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Republic Bank of Arizona Announces Unaudited Financial Results For the Quarter Ending June 30, 2020

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

PHOENIX, July 29, 2020 (GLOBE NEWSWIRE) — Republic Bank of Arizona (OTCBB:RBAZ) (“RBAZ”) (“Bank”) announced a net income of $159,000, or $0.09 per share, for the quarter ended June 30, 2020 and $171,000, or $0.10 per share, for the six months ended June 30, 2020 as compared to a net income of $123,000, or $0.07 per share, for the quarter ended June 30, 2019 and $358,000, or $0.20 per share, for the six months ended June 30, 2019. Current year earnings of $0.10 per share were comprised of $0.06 per share attributable to core operations and $0.04 per share due to impacts from the Paycheck Protection Program (PPP). Prior year earnings of $0.20 per share were comprised of $0.15 per share attributable to core operations and $0.05 per share due to net one-time items.
President and CEO Brian Ruisinger stated “The Paycheck Protection Program dominated the economic and banking headlines in the second quarter as the world struggled with the COVID-19 pandemic impacts. Our team showed tremendous commitment and worked tirelessly to originate 250 PPP loans for $25.4 million to small businesses in our community. Significant in our effort is that over two-thirds of our loans were made to non-customers, many of which have opened deposit accounts and moved their relationships to RBAZ as a result of our responsiveness and commitment to small businesses.”Mr. Ruisinger continued “Separate from PPP, RBAZ had a strong quarter in its core operations as we saw the positive impacts of new initiatives and cost reductions implemented in Q1. Interest income increased while deposit interest and non-interest expenses decreased, driving greater core earnings over the prior quarter.  Also exclusive of PPP, loans and deposits grew significantly in Q2, outpacing budget year-to-date. Our team’s work continues to be reflected in our Bauer Five-Star bank rating.”June 30, 2020 Highlights Include:Total interest income of $1,435,000 for the quarter ended June 30, 2020 outpaced total interest income of $1,317,000 for the same period of the prior year and equates to an increase of 9.0%.Total non-interest expense is down $4,000 to $948,000 for the quarter ended June 30, 2020 compared to $952,000 for the quarter ended June 30, 2019 despite the increase in personnel and other costs related to the Scottsdale branch, which opened in July 2019.Total loans of $106,317,000 increased $36,125,000 or 51.5% from December 31, 2019. Of this increase, $25,395,000 was attributable to PPP loans and the remaining $10,730,000, or 15.3%, were portfolio loans.Total deposits of $116,335,000 were up $25,929,000 or 28.7% from December 31, 2019 as the Bank achieved results from new initiatives launched as part of its strategic plan for 2020 and gained new deposit relationships with PPP loan recipients who were not previous customers.The Bank capitalized on low-cost borrowing opportunities through Federal relief programs consisting of $15,524,000 in Paycheck Protection Program Liquidity Facility through the Federal Reserve Bank matched against PPP loans and $14,667,000 in low or no-cost Federal Home Loan Bank advances.             
The Bank remains “Well Capitalized” as follows:About the Company
Republic Bank of Arizona is a locally owned, community bank in Phoenix and Scottsdale, Arizona.  RBAZ is a full service, community bank providing deposit and loan products and convenient, on-line and mobile banking to individuals, businesses and professionals.  The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Our second location is at 6909 E. Greenway Parkway, Suite 150, Scottsdale, AZ. The Bank is traded over-the-counter as RBAZ.  For further information, please visit our web site: www.republicbankaz.com.Forward-looking Statements
This press release may include forward-looking statements about RBAZ, for which the Bank claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Bank’s possible or assumed future financial condition, and its results of operations and business.  Forward-looking statements are subject to risks and uncertainties.  A number of important factors could cause actual results to differ materially from those in the forward-looking statements.  Those factors include fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Bank conducts its operations.  All forward-looking statements included in this press release are based on information available at the time of the release, and the Bank assumes no obligation to update any forward-looking statement.
Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: 602.280.9404
Email: bruisinger@republicaz.com

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