Skip to content

Phila. bank posts loss tied to housing woes

Republic First Bancorp Inc. said today a higher loan loss provision stemming from the declining housing market caused it to post a loss of $2.8 million, or 26 cents per share, for the first quarter.

Republic First Bancorp Inc. said today a higher loan loss provision stemming from the declining housing market caused it to post a loss of $2.8 million, or 26 cents per share, for the first quarter.

The Philadelphia holding company for Republic First Bank said the increase in its loss provision and other charges amounted to $4.4 million or 41 cents per share.

In last year's first quarter, the company earned $2.1 million, or 20 cents per share.

Assets at the close of the first quarter were $999.2 million, down 1.7 percent from the previous quarter and 0.8 percent from the first quarter of 2007.

The bank has 11 branches in Philadelphia and the suburbs.