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Last10K.com | 10-K Annual Report Fri Mar 10 2017
Exhibit 99.1
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News Release
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Republic First Bancorp, Inc.
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January 23, 2017
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REPUBLIC FIRST BANCORP, INC. REPORTS FOURTH QUARTER FINANCIAL RESULTS
NET INCOME INCREASES 103% AND DEPOSITS GROW 34%
Philadelphia, PA, January 23, 2017 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2016.
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Twelve Months Ended
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($ in millions, except per share data)
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12/31/16
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12/31/15
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% Change
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Assets
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$
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1,924.5
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$
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1,439.4
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34
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%
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Loans
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965.0
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874.8
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10
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%
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Deposits
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1,677.7
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1,249.3
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34
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%
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Total Revenue
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$
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62.5
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$
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50.0
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25
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%
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Net Income
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4.9
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2.4
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103
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%
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Diluted Net Income per Share
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$
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0.12
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$
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0.06
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100
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%
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Vernon W. Hill, II, Chairman of Republic First Bancorp said:
"Our unique, customer-oriented model has again proven to be successful. Our relentless commitment to world class customer service and convenience will continue to attract and convert Customers into Fans. Our fourth quarter results are in line with the Five Year Strategic Goals announced last year. I look forward to continued success as we push forward with the "Power of Red is Back" expansion campaign into 2017."
Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp said:
"The fourth quarter brings to a close a tremendously successful year for our organization. Our expansion strategy continued to build momentum with the opening of three new stores during 2016. The completion of our common stock offering during the fourth quarter, combined with our proven model and the announcement of Vernon Hill as Chairman of the Board of Directors sets us up for an incredibly bright future."
The following information was filed by Republic First Bancorp Inc (FRBK) on Monday, January 23, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Republic First Bancorp Inc's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Republic First Bancorp Inc.
Assess how Republic First Bancorp Inc's management team is paid from their Annual Proxy
Republic First Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors
SEC Filing Tools
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
Note 24 - Derivatives And Risk Management Activities
Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (parentheticals)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (parentheticals)
Consolidated Statements Of Income
Note 1 - Nature Of Operations
Note 1 - Nature Of Operations (details Textual)
Note 10 - Income Taxes
Note 10 - Income Taxes (details Textual)
Note 10 - Income Taxes (tables)
Note 10 - Income Taxes - Deferred Tax Assets And Liabilities (details)
Note 10 - Income Taxes - Income Tax Expense (benefit) (details)
Note 10 - Income Taxes - Income Tax Reconciliation (details)
Note 11 - Financial Instruments With Off-balance Sheet Risk
Note 11 - Financial Instruments With Off-balance Sheet Risk (details Textual)
Note 12 - Commitments And Contingencies
Note 12 - Commitments And Contingencies (details Textual)
Note 12 - Commitments And Contingencies (tables)
Note 12 - Commitments And Contingencies - Minimum Annual Rental Payments (details)
Note 13 - Regulatory Capital
Note 13 - Regulatory Capital (details Textual)
Note 13 - Regulatory Capital (tables)
Note 13 - Regulatory Capital - Capital Regulatory Ratios (details)
Note 14 - Benefit Plans
Note 14 - Benefit Plans (details Textual)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments (details Textual)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments (tables)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Assets Measured On A Nonrecurring Basis (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Assets Measured On A Recurring Basis Using Significant Unobservable Inputs (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Disclosure Of Mortgage Held For Sale (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Fair Values Of Financial Instruments (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Financial Assets Measured At On A Recurring Basis (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Quantitative Information About Level 3 Assets (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Sba Servicing Assets Activity (details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Sba Servicing Assets Sensitivity Analysis (details)
Note 16 - Stock Based Compensation
Note 16 - Stock Based Compensation (details Textual)
Note 16 - Stock Based Compensation (tables)
Note 16 - Stock Based Compensation - Options Outstanding (details)
Note 16 - Stock Based Compensation - Roll-forward Of Non-vested Options (details)
Note 16 - Stock Based Compensation - Stock Option Activity (details)
Note 16 - Stock Based Compensation - Stock Option Exercises (details)
Note 16 - Stock Based Compensation - Stock-based Compensation (details)
Note 16 - Stock Based Compensation - Valuation Assumptions (details)
Note 17 - Segment Reporting
Note 17 - Segment Reporting (details Textual)
Note 18 - Transactions With Affiliates And Related Parties
Note 18 - Transactions With Affiliates And Related Parties (details Textual)
Note 19 - Parent Company Financial Information
Note 19 - Parent Company Financial Information (tables)
Note 19 - Parent Company Financial Information - Balance Sheet (details)
Note 19 - Parent Company Financial Information - Statements Of Cash Flows (details)
Note 19 - Parent Company Financial Information - Statements Of Income, Comprehensive Income (loss), And Changes In Shareholders' Equity (details)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (details Textual)
Note 2 - Summary Of Significant Accounting Policies (tables)
Note 2 - Summary Of Significant Accounting Policies - Anti-dilutive Securities (details)
Note 2 - Summary Of Significant Accounting Policies - Calculation Of Eps (details)
Note 20 - Quarterly Financial Data (unaudited)
Note 20 - Quarterly Financial Data (unaudited) (tables)
Note 20 - Quarterly Financial Data (unaudited) - Summary Of Selected Quarterly Financial Data (details)
Note 21 - Changes In Accumulated Other Comprehensive Income (loss) By Component (1)
Note 21 - Changes In Accumulated Other Comprehensive Income (loss) By Component (1) (tables)
Note 21 - Changes In Accumulated Other Comprehensive Income (loss) By Component (1) - Accumulated Other Comprehensive Loss (details)
Note 22 - Business Combination
Note 22 - Business Combination (details Textual)
Note 22 - Business Combination (tables)
Note 22 - Business Combination - Consideration Paid And Assets Acquired And Liabilities Assumed (details)
Note 22 - Business Combination - Pro Forma Information (details)
Note 23 - Goodwill And Other Intangibles
Note 23 - Goodwill And Other Intangibles (tables)
Note 23 - Goodwill And Other Intangibles - Summary Of Goodwill And Other Intangibles (details)
Note 24 - Derivatives And Risk Management Activities (tables)
Note 24 - Derivatives And Risk Management Activities - Amounts Recorded In Statement To Financial Condition (details)
Note 24 - Derivatives And Risk Management Activities - Derivative Instrument Gain (loss) Recorded In Statement Of Income (details)
Note 3 - Investment Securities
Note 3 - Investment Securities (details Textual)
Note 3 - Investment Securities (tables)
Note 3 - Investment Securities - Credit-related Impairment Losses On Securities (details)
Note 3 - Investment Securities - Investment Securities By Contractual Maturity (details)
Note 3 - Investment Securities - Securities In A Continuous Unrealized Loss Position (details)
Note 3 - Investment Securities - Trust Preferred Securities (details)
Note 3 - Investment Securities - Unrealized Gain (loss) On Investments (details)
Note 4 - Loans Receivable
Note 4 - Loans Receivable (details Textual)
Note 4 - Loans Receivable (tables)
Note 4 - Loans Receivable - Gross Loans By Major Categories (details)
Note 4 - Loans Receivable - Related Party Loans (details)
Note 5 - Allowance For Loan Losses
Note 5 - Allowance For Loan Losses (details Textual)
Note 5 - Allowance For Loan Losses (tables)
Note 5 - Allowance For Loan Losses - Activity In Allowance For Loan Losses (details)
Note 5 - Allowance For Loan Losses - Loans By Internal Risk Rating (details)
Note 5 - Allowance For Loan Losses - Non-accrual Loans (details)
Note 5 - Allowance For Loan Losses - Past Due Loans (details)
Note 5 - Allowance For Loan Losses - Troubled Debt Restructurings (details)
Note 5 - Allowances For Loan Losses - Impaired Loans (details)
Note 5 - Allowances For Loan Losses - Impaired Loans Additional Information (details)
Note 6 - Other Real Estate Owned
Note 6 - Other Real Estate Owned (tables)
Note 6 - Other Real Estate Owned - Reconciliation Of Other Real Estate Owned (details)
Note 7 - Premises And Equipment
Note 7 - Premises And Equipment (details Textual)
Note 7 - Premises And Equipment (tables)
Note 7 - Premises And Equipment - Premises And Equipment (details)
Note 8 - Borrowings
Note 8 - Borrowings (details Textual)
Note 9 - Deposits
Note 9 - Deposits (details Textual)
Note 9 - Deposits (tables)
Note 9 - Deposits - Contractual Maturities Of The Certificates Of Deposit (details)
Significant Accounting Policies (policies)
Material Contracts, Statements, Certifications & more
Republic First Bancorp Inc provided additional information to their SEC Filing as exhibits
Exhibit 3.1: Articles Of Incorporation
Exhibit 10.7: Material Contract
Exhibit 21.1: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: FRBK
CIK: 834285
Form Type: 10-K Annual Report
Accession Number: 0000950159-17-000077
Submitted to the SEC: Fri Mar 10 2017 4:13:44 PM EST
Accepted by the SEC: Fri Mar 10 2017
Period: Saturday, December 31, 2016
Industry: State Commercial Banks
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