Republic First exits mortgage original business, stock rises in premarket

Republic First Bancorp Inc.

said Friday it’s exiting its legacy mortgage origination business because it no longer aligns with the bank’s preference for “shorter duration and better risk-adjusted return asset classes.” The bank said its traditional businss of long-term jumbo mortgages, priced at aggressive rates “is no longer consistent with the company’s strategy for enhancing profitability and dedicating more resources to core business lines.

said Friday it’s exiting its legacy mortgage origination business because it no longer aligns with the bank’s preference for “shorter duration and better risk-adjusted return asset classes.” The bank said its traditional businss of long-term jumbo mortgages, priced at aggressive rates “is no longer consistent with the company’s strategy for enhancing profitability and dedicating more resources to core business lines.

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