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Republic Bank of Arizona Announces Unaudited Financial Results For the Quarter Ending March 31, 2020

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

PHOENIX, May 01, 2020 (GLOBE NEWSWIRE) — Republic Bank of Arizona (OTCBB:RBAZ) (“RBAZ”) (“Bank”) announced a net income of $12,000, or $0.01 per share, for the quarter ended March 31, 2020 as compared to a net income of $237,000, or $0.13 per share, for the quarter ended March 31, 2019. Prior year earnings of $0.13 per share were comprised of $0.08 per share attributable to core operations and $0.05 per share due to net one-time items.
President and CEO Brian Ruisinger stated, “The first quarter was a transitional one for the Bank with the change in leadership that took place in the fourth quarter. We expected earnings to lag our actions as we made some staffing changes and launched new initiatives. In support of our primary strategic priorities and prior to the COVID-19 economic shutdown, we achieved strong growth in earning assets and deposits, outpacing budget, that will serve to bolster performance in the coming quarters. The second quarter will prominently feature the Paycheck Protection Program which, while it will benefit all participating banks, RBAZ elected to participate at a much higher level than its relative size benefitting both customer and non-customer small businesses in our community.”Mr. Ruisinger continued, “Unprecedented events marked the end of the first quarter for all Americans, and Banks were no exception. Although deemed an essential service, we were forced to adjust our methods of delivery and our staff didn’t skip a beat. Our locations have remained open every day of the government shutdown. We enacted procedures to keep employees and customers, alike, safe while providing access to all banking services.”March 31, 2020 Highlights Include:Total loans of $73,601,000 increased $3,409,000 or 4.9% from December 31, 2019 as the first quarter began with a strong pipeline to put the Bank ahead of pace toward its annual loan growth goal.Total deposits of $97,674,000 increased $7,268,000 or 8.0% from December 31, 2019 as the Bank achieved early results from new initiatives launched as part of its strategic plan for 2020.Total interest income is down $95,000 to $1,273,000 for the quarter ended March 31, 2020 compared to $1,368,000 for the quarter ended March 31, 2019 due to a reduction of excess cash balance and interest rate decreases by the Federal Reserve.Total non-interest expense is up $174,000 to $988,000 for the quarter ended March 31, 2020 compared to $814,000 for the quarter ended March 31, 2019 due to the addition of production personnel and dedicated staff for the Scottsdale branch, and other branch related costs.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 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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