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Republic First Bancorp Inc (FRBK) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Republic First Bancorp Inc

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CIK: 834285 Ticker: FRBK
 
Exhibit 99.1
 

 


 
 
 
News Release
Republic First Bancorp, Inc.
January 22, 2018

REPUBLIC FIRST BANCORP, INC. REPORTS 80% INCREASE IN NET INCOME
AND DEPOSIT GROWTH OF 23%

Philadelphia, PA, January 22, 2018 (GLOBE NEWSWIRE) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2017.
 
   
Twelve Months Ended
($ in millions, except per share data)
  
12/31/17
    
12/31/16
    
% Change
                   
Assets
  
$
2,322.3
    
$
1,923.9
      
21
%
Loans
    
1,162.3
      
965.0
      
20
%
Deposits
    
2,063.3
      
1,677.7
      
23
%
Total Revenue
  
$
90.9
    
$
69.5
      
31
%
Net Income
    
8.9
      
4.9
      
80
%
Net Income per Diluted Share
  
$
0.15
    
$
0.12
      
25
%

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

"2017 was another tremendous year for 'The Power of Red is Back' growth campaign. Deposits and loans continued to grow at exceptional rates. Our store network expanded to twenty-three convenient locations and we solidified our position as one of the top residential mortgage lenders in our market through the successful integration of the Oak Mortgage team. I am excited over the opportunities we see in 2018 and beyond to build on the success achieved to this point. We are clearly giving customers a reason to Love Their Bank Again."

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

"The momentum of our expansion strategy continues to build as we attract new FANS throughout our footprint. We believe we've put ourselves in perfect position to capitalize on opportunities that arise as our competition continues to alienate customers with declining levels of service, higher fees and fewer locations. In addition, the reduction in the corporate tax rate included in Tax Cuts and Jobs Act of 2017 will result in a significant benefit for us in the years to come. We intend on utilizing the savings generated by this Act to invest in our growth and expansion which will result in the creation of new jobs, improvements in technology and the ability to further contribute to the communities which we serve."
 
 
 
The following information was filed by Republic First Bancorp Inc (FRBK) on Monday, January 22, 2018 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.

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Republic First Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:

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Inside Republic First Bancorp Inc's 10-K Annual Report:

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 (loss)
Consolidated Statements Of Comprehensive Income (loss) (parentheticals)
Consolidated Statements Of Income
Note 1 - Nature Of Operations
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 13 - Regulatory Capital - Required Capital Ratios With Conversion Buffers (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 23 - Goodwill And Other Intangibles
Note 23 - Goodwill And Other Intangibles (details Textual)
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 - Loans By Internal Risk Rating (details)
Note 5 - Allowances For Loan Losses
Note 5 - Allowances For Loan Losses (details Textual)
Note 5 - Allowances For Loan Losses (tables)
Note 5 - Allowances For Loan Losses - Activity In Allowance For Loan Losses (details)
Note 5 - Allowances For Loan Losses - Impaired Loans (details)
Note 5 - Allowances For Loan Losses - Non-accrual Loans (details)
Note 5 - Allowances For Loan Losses - Past Due Loans (details)
Note 5 - Allowances For Loan Losses - Troubled Debt Restructurings (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)
Ticker: FRBK
CIK: 834285
Form Type: 10-K Annual Report
Accession Number: 0000950159-18-000099
Submitted to the SEC: Tue Mar 13 2018 6:05:52 PM EST
Accepted by the SEC: Wed Mar 14 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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