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

PHOENIX, July 26, 2019 (GLOBE NEWSWIRE) -- Republic Bank of Arizona, (OTCBB:RBAZ) (“RBAZ”) (“Bank”) announced 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 as compared to a net income of $479,000, or $0.28 per share, for the quarter ended June 30, 2018 and $609,000, or $0.36 per share, for the six months ended June 30, 2018. Prior year earnings were positively influenced by net non-recurring items with an impact of $0.08 per share. 

President and CEO Ralph Tapscott stated, “We have invested in resources in Q2 with two new commercial bankers, a cash management officer and a new branch. 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, after just 90 days, is showing by way of increased activity and a strong pipeline heading in to Q3. We expect to be at or near our annual budgeted growth by the end of the 3^rd quarter.”

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. The second quarter featured the Bank’s first dividend in its history of $0.28 per share in addition to the inception of a stock repurchase program. Our team’s work continues to be reflected in our Bauer Five-Star bank rating.”

June 30, 2019 Highlights Include:

• Total interest income of $1,317,000 for the quarter ended June 30, 2019 outpaced total interest income of $1,305,000 for the same period of the prior year, and equates to an increase of 0.9%.
• Total non-interest expense is up $85,000 to $952,000 for the quarter ended June 30, 2019 compared to $867,000 for the quarter ended June 30, 2018 due to an increase in personnel and other associated costs for the Scottsdale branch.
• Total deposits of $90,020,000 were up $1,776,000 or 2.0% from December 31, 2018, while total deposits were down $11,604,000 or 11.4% from June 30, 2018 to June 30, 2019 due to some large payments made for capital expenditures and tax payments in April.
• Total loans of $63,131,000 increased $1,114,000 or 1.8% from December 31, 2018, while total loans were down $1,599,000 or 2.5% from June 30, 2018 to June 30, 2019.

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: .

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: