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Republic Bank of Arizona Announces Unaudited Financial Results For the Quarter Ending September 30, 2019

Written by Customer Service on . Posted in Public Companies.

PHOENIX, Oct. 25, 2019 (GLOBE NEWSWIRE) — Republic Bank of Arizona, (OTCBB:RBAZ) (“RBAZ”) (“Bank”) announced a net income of $71,000, or $0.04 per share, for the quarter ended September 30, 2019 and $430,000, or $0.24 per share, for the nine months ended September 30, 2019 as compared to a net income of $172,000, or $0.10 per share, for the quarter ended September 30, 2018 and $781,000, or $0.46 per share, for the nine months ended September 30, 2018. Prior year earnings of $0.46 per share were comprised of $0.38 per share attributable to core operations and $0.08 per share due to net one-time items. Current year earnings reflect the impact of the strategic decision to open our second location.
President and CEO Ralph Tapscott stated “We have invested in the future geography of RBAZ in Q3 with a new branch staffed with four new bankers. We are excited to announce we have opened our new branch in the Kierland area of North Scottsdale as we look to deploy our excess capital and seek to expand our market convenience in the Phoenix Metropolitan Area. The work of our commercial bankers is showing by way of increased activity and a strong pipeline heading in to Q4.”Mr. Tapscott continued “Our capital is strong and will support continued growth, our asset quality is exceptional, and our team is committed to growing relationships that will manifest in loan and core deposit growth, with a corresponding growth in core earnings. Our team’s work continues to be reflected in our Bauer Five-Star bank rating. On or about November 4th, I will be leaving the Bank to relocate to Lake Havasu City, AZ. Brian Ruisinger, our current CFO, has been chosen by the Board of Directors to succeed me as President and CEO. I have enjoyed my time with RBAZ and wish the organization nothing but the best in the future.”September 30, 2019 Highlights Include:Total loans of $67,754,000 increased $5,737,000 or 9.3% from December 31, 2018.Total interest income is down $46,000 to $1,265,000 for the quarter ended September 30, 2019 compared to $1,311,000 for the quarter ended September 30, 2018 primarily due to a reduction of excess cash balance coupled with decreases in the Federal Reserve rate paid on excess cash.Total non-interest expense is up $51,000 to $954,000 for the quarter ended September 30, 2019 compared to $903,000 for the quarter ended September 30, 2018 due to an increase in personnel and other costs associated with the Scottsdale branch.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 at 6909 E. Greenway Parkway, Suite 150, Scottsdale, AZ opened mid-July. 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:  Ralph Tapscott,
President and Chief Executive Officer
Phone:  602.280.9403
Email:  rtapscott@republicaz.com

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