FRBK - Republic First Bancorp says capital position adequate
2023-05-15 08:29:47 ET
Republic First Bancorp ( NASDAQ: FRBK ) said Monday its capital position is adequate after taking into account the "positive impact" of winding down both its New York City commercial lending business and mortgage origination business.
Additional initiatives will be taken in the coming weeks and months to accelerate the Philadelphia-based bank's overall realignment, it noted.
FRBK dipped 2% to $0.98 a share in premarket trading. Shares were worth just over $4 a year ago.
On May 5, FRBK said it's exiting its legacy mortgage origination business as it does not align with the regional lender's preference for shorter-maturity and better risk-adjusted return asset classes. That's in addition to streamlining its commercial lending activities in New York City, including reducing the size of its workforce within New York Lending and Credit teams.
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Republic First Bancorp says capital position adequate