NasdaqGM:FRBK

Stock Analysis Report

Republic First Bancorp

Executive Summary

Republic First Bancorp, Inc. operates as the holding company for Republic First Bank that provides a range of credit and depository banking products and services to individuals and businesses primarily in Greater Philadelphia and Southern New Jersey.

Snowflake

Fundamentals

Excellent balance sheet and overvalued.


Similar Companies

Share Price & News

How has Republic First Bancorp's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.5%

FRBK

2.9%

US Banks

0.07%

US Market


1 Year Return

-38.7%

FRBK

8.6%

US Banks

8.9%

US Market

Return vs Industry: FRBK underperformed the US Banks industry which returned 8.6% over the past year.

Return vs Market: FRBK underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

FRBKIndustryMarket
7 Day2.5%2.9%0.07%
30 Day-8.2%3.4%-0.3%
90 Day-9.7%2.1%-1.6%
1 Year-38.7%-38.7%11.8%8.6%11.3%8.9%
3 Year3.0%3.0%54.8%44.1%46.3%36.8%
5 Year11.2%11.2%70.2%51.6%62.1%44.3%

Price Volatility Vs. Market

How volatile is Republic First Bancorp's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Republic First Bancorp undervalued compared to its fair value and its price relative to the market?

46.39x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: FRBK ($4.17) is trading above our estimate of fair value ($0.34)

Significantly Below Fair Value: FRBK is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: FRBK is poor value based on its PE Ratio (46.4x) compared to the Banks industry average (12.6x).

PE vs Market: FRBK is poor value based on its PE Ratio (46.4x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FRBK's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FRBK is good value based on its PB Ratio (1x) compared to the US Banks industry average (1.2x).


Next Steps

Future Growth

How is Republic First Bancorp forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

0.6%

Forecasted Banks industry annual growth in earnings


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if FRBK's forecast earnings growth is above the savings rate (2.7%).

Earnings vs Market: Insufficient data to determine if FRBK's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: Insufficient data to determine if FRBK's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if FRBK's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FRBK's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Republic First Bancorp performed over the past 5 years?

39.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FRBK has become profitable over the past 5 years, growing earnings by 39% per year.

Accelerating Growth: FRBK's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FRBK had negative earnings growth (-42.6%) over the past year, making it difficult to compare to the Banks industry average (29.7%).


Return on Equity

High ROE: FRBK's Return on Equity (2.1%) is considered low.


Return on Assets

ROA vs Industry: FRBK's Return on Assets is below or equal to the Banks industry average last year.


Return on Capital Employed

ROCE Improving: Insufficient data to calculate FRBK's Return on Capital Employed to determine if it has improved over the past 3 years.


Next Steps

Financial Health

How is Republic First Bancorp's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: FRBK has a low level of unsold assets or inventory.

Debt Coverage by Assets: FRBK's debt is covered by short term assets (assets are 2.098860x debt).


Financial Institutions Analysis

Asset Level: FRBK's level of assets compared to its equity is moderate.

Allowance for Bad Loans: FRBK has a low allowance for bad loans.

Low Risk Liabilities: FRBK's liabilities are made up of primarily low risk sources of funding.

Loan Level: FRBK has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FRBK's loans are broadly funded by customer deposits.

Level of Bad Loans: FRBK has an appropriate level of bad loans (0.62%)


Next Steps

Dividend

What is Republic First Bancorp's current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

companyn/amarketbottom25%1.4%markettop25%3.7%industryaverage2.9%forecastin3Yearsn/a

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: Unable to evaluate FRBK's dividend yield against the bottom 25% of dividend payers, as the company has not reported any payouts.

High Dividend: Unable to evaluate FRBK's dividend yield against the top 25% of dividend payers, as the company has not reported any payouts.

Stable Dividend: Insufficient data to determine if FRBK's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if FRBK's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of FRBK's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of Republic First Bancorp's salary, the management and board of directors tenure and is there insider trading?

10.2yrs

Average management tenure


CEO

Harry Madonna (76yo)

18.8yrs

Tenure

US$863,328

Compensation

Mr. Harry D. Madonna Founded Republic First BanCorp, Inc and has been its Chief Executive Officer since 2001 and as its President since 2001. Mr. Madonna has been the Chief Executive Officer of Republic Fi ...


CEO Compensation Analysis

Compensation vs. Market: Harry's total compensation ($USD863.33K) is about average for companies of similar size in the US market ($USD1.22M).

Compensation vs Earnings: Harry's compensation has been consistent with company performance over the past year.


Management Age and Tenure

10.2yrs

Average Tenure

62yo

Average Age

Experienced Management: FRBK's management team is seasoned and experienced (10.2 years average tenure).


Board Age and Tenure

9.9yrs

Average Tenure

67.5yo

Average Age

Experienced Board: FRBK's board of directors are considered experienced (9.9 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$51,01723 May 19
Harry Madonna
EntityIndividual
Role
Chief Executive Officer
President
Shares10,000
Max PriceUS$5.10
BuyUS$24,85016 May 19
Harris Wildstein
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$4.97
BuyUS$29,52016 May 19
Brian Tierney
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares6,000
Max PriceUS$4.92
BuyUS$24,16716 May 19
Barry Spevak
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$4.84
BuyUS$24,34216 May 19
Theodore Flocco
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares5,000
Max PriceUS$4.88
BuyUS$14,02616 May 19
Lisa Jacobs
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,900
Max PriceUS$4.84
BuyUS$7,50009 May 19
Lisa Jacobs
EntityIndividual
Role
Member of the Board of Directors
Director
Shares1,500
Max PriceUS$5.00
BuyUS$11,98002 Jan 19
Lisa Jacobs
EntityIndividual
Role
Member of the Board of Directors
Director
Shares2,000
Max PriceUS$5.99
BuyUS$67,92405 Nov 18
Theodore Flocco
EntityIndividual
Role
Member of the Board of Directors
Independent Director
Shares10,000
Max PriceUS$6.81

Ownership Breakdown


Management Team

  • Harry Madonna (76yo)

    President

    • Tenure: 18.8yrs
    • Compensation: US$863.33k
  • Frank Cavallaro (50yo)

    Executive VP & CFO

    • Tenure: 10.2yrs
    • Compensation: US$440.16k
  • Janine Zangrilli

    Human Resource Manager

    • Tenure: 0yrs
  • Ed Ryan (63yo)

    Controller and Controller of Republic First Bank

    • Tenure: 14yrs
    • Compensation: US$111.67k
  • Steve McWilliams (57yo)

    Senior Vice President and Senior Commercial Lender

    • Tenure: 10.5yrs
  • Rob Worley (62yo)

    Senior VP & New Jersey Market Manager

    • Tenure: 0yrs
  • Donald Reardon

    Senior Vice President and Director of Cash Management

    • Tenure: 0yrs
  • Sharon Hammel

    Chief Retail Officer

    • Tenure: 2.7yrs
  • Leslie Diluigi

    Senior Vice President and Retail Market Manager for South Jersey

    • Tenure: 2.5yrs
  • Jennifer MacMullen

    Senior VP & Retail Market Manager - Pennsylvania

    • Tenure: 0.4yrs

Board Members

  • Harry Madonna (76yo)

    President

    • Tenure: 18.8yrs
    • Compensation: US$863.33k
  • Vernon Hill (73yo)

    Chairman of the Board

    • Tenure: 2.8yrs
    • Compensation: US$647.00k
  • Harris Wildstein (73yo)

    Independent Director

    • Tenure: 31.8yrs
    • Compensation: US$141.75k
  • Brian Tierney (62yo)

    Independent Director

    • Tenure: 8.5yrs
    • Compensation: US$120.25k
  • Barry Spevak (59yo)

    Independent Director

    • Tenure: 15.5yrs
    • Compensation: US$148.50k
  • Andrew Cohen (47yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: US$118.75k
  • Theodore Flocco (75yo)

    Independent Director

    • Tenure: 11.3yrs
    • Compensation: US$145.50k
  • Lisa Jacobs (60yo)

    Director

    • Tenure: 2.7yrs
    • Compensation: US$138.50k

Company Information

Republic First Bancorp, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Republic First Bancorp, Inc.
  • Ticker: FRBK
  • Exchange: NasdaqGM
  • Founded: 1987
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$245.374m
  • Shares outstanding: 58.84m
  • Website: https://www.myrepublicbank.com

Number of Employees


Location

  • Republic First Bancorp, Inc.
  • 50 South 16th Street
  • Philadelphia
  • Pennsylvania
  • 19102
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FRBKNasdaqGM (Nasdaq Global Market)YesCommon StockUSUSDJun 1996

Biography

Republic First Bancorp, Inc. operates as the holding company for Republic First Bank that provides a range of credit and depository banking products and services to individuals and businesses primarily in  ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/22 23:40
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.