Clayton Rulli
Long/short equity, value, momentum, options

Republic First Bancorp Inc.: 64% Growth Led By A Banking Legend

The Backdrop:

Republic First Bancorp Inc. (NASDAQ:FRBK) is just a tiny 166 M market cap bank with just $973 M in assets. In Q1 2014, the bank had just 14 locations, most of which are in Pennsylvania in and around Philadelphia. Q1 2014 results were relatively unimpressive and what else would you expect, it's a bank. However, the situation is improving: Tangible book value per share was 2.50, Core deposits increased by 7% to $869.6 M, total loans increased by 11% to $696.8 M. Loan portfolio was mostly geared towards commercial properties and mortgages, as you'd probably expect:

Increasing deposits and loans look attractive, but the company has also taken big steps to improve its financial situation. From...

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