Republic First Bancorp, Inc.

Thank you for holding. Your conference call will be beginning shortly. Thank you for your patience. Once again, thank you for holding. Your conference call will be beginning shortly. Welcome to the second quarter 2021 earnings conference call. My name is Adrienne, and I'll be your operator for today's call. At this time, all participants are in listen-only mode. Later, we'll conduct a question-and-answer session. During the question-and-answer session, if you have a question, please press star, then 1 on your touch-tone phone. Please note this conference is being recorded. I'll turn the call over to Vernon Hill. Vernon Hill, you may begin.

Thank you. Good morning to each of you. With me is CFO Frank Cavallari, Andy Loeb, the President of Republic Bank. So I'll go through the press release and we'll open it to the floor. The Power of Red had a great quarter in Q2. For the quarter, income was $5.9 million or $0.08, up 136% over the second quarter of last year. For the six months, income was $13 million or $0.17 a share. That's 500% over the first half of last year. The revenue growth was strong. We've controlled costs, as we said, in the last quarter. The deposits on a 12-month basis grew, Frank, help me here, $916 million or 25%. And the growth per store in the core deposits was, counting our new stores only, it was $34 million a store. When you add all the stores, including the ones we haven't converted yet, the growth was $29 million per branch. PPP loans were important. in the first half of this year. Frank, go ahead on those.

Yeah, if you exclude the PPP loans from our loan growth, loans grew $252 million, or 13%, to $2.1 billion. We continue to see the paydowns and payoffs of the PPP loans, so we extracted that when we presented these numbers.