Republic First Bancorp in Philadelphia is delaying plans to raise more capital.
Executives of the $5.6 billion-asset company made the disclosure during a Thursday conference call to discuss fourth-quarter results.
“As the quarter progressed, we made the decision that it would be in the best interest of not only the bank but our shareholders to do that raise at a time that would be most optable from a stock price perspective,” Frank Cavallaro, Republic First’s chief financial officer, said during the call.
“We’ll continue to monitor market conditions and assess alternative strategies as we get into” 2022, Cavallaro added. “At this time, we are comfortable with our capital levels at the levels they’re at today.”
“We have actually slowed our growth rate down,” Hill said during the call.
The disclosure comes a month after an activist investor voiced his objections to the capital raise.
Driver Management has said it will nominate three candidates for the company’s board at the next annual meeting. Driver wants the company to replace Hill with an independent chairman.
Republic First’s earnings increased by 49% in the fourth quarter from a year earlier, to $6.1 million.