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Last10K.com | 10-K Annual Report Thu Mar 14 2019
Exhibit 99.1
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News Release
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Republic First Bancorp, Inc.
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January 28, 2019
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REPUBLIC FIRST BANCORP, INC. REPORTS FOURTH QUARTER FINANCIAL RESULTS
LOANS INCREASE BY 24% AND DEPOSITS GROW 16%
Philadelphia, PA, January 28, 2019 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank,
today announced its financial results for the period ended December 31, 2018.
Q4-2018 Highlights
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Income before tax increased by 70% to $10.2 million for the twelve months ended December 31, 2018 compared to $6.0 million for
the twelve months ended December 31, 2017. We continue to open new stores and increase profitability despite the additional costs associated with the expansion strategy.
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Total deposits increased by $330 million, or 16%, to $2.4 billion as of December 31, 2018 compared to $2.1 billion as of December
31, 2017.
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New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an
average rate of $27 million per year, while the average deposit growth for all stores over the last twelve months was approximately $14 million per store.
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Total loans grew $274 million, or 24%, to $1.4 billion as of December 31, 2018 compared to $1.2 billion at December 31, 2017.
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Total revenue grew by 24% during the year ended December 31, 2018 while non-interest expense increased by 11% when compared to
the year ended December 31, 2017.
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“The Power of Red is Back” expansion
strategy continues to build momentum. As recently announced, Republic Bank is moving forward with plans to expand into New York City. Sites for several new stores have been identified in Manhattan with two to four stores projected to open during
2019.
Vernon W. Hill, II, Chairman of Republic First Bancorp said:
“2018 was another exceptional year for ‘The Power of Red is Back’ growth campaign. Four new stores were opened during 2018 using our distinctive glass prototype building. Despite the significant investments required to execute our growth and expansion strategy, we were able to demonstrate significant improvement in profitability as net income before taxes increased by 70% year over year.
Loans increased by 24% and deposits grew by 16%. Customer accounts increased 29% as we continue to welcome new Fans every day. With the momentum we have generated in the Metro Philadelphia market combined with our expansion in to New York City
during 2019 we believe the best is yet to come.”
The following information was filed by Republic First Bancorp Inc (FRBK) on Monday, January 28, 2019 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 2019 10-K Annual Report includes:
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Financial - Earnings Highlight
Negative evidence evaluated when considering the need for a valuation allowance included: profitability metrics including return on average assets and return on average equity remain below industry standards; the Banks net interest margin declined during 2018 as a result of the challenging interest rate environment; and past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors.
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Financial - Earnings Highlight
Negative evidence evaluated when considering the need for a valuation allowance included: profitability metrics including return on average assets and return on average equity remain below industry standards; and past earnings have been heavily dependent upon the success of the SBA Lending Team which has recently experienced reduced loan volumes and the recently acquired Mortgage Division which can be significantly impacted by a changing interest rate environment and other various economic factors.
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Other - Other Highlight
A positive GAP occurs when interest-sensitive assets exceed interest-sensitive liabilities re-pricing in the same time periods, and a negative GAP occurs when interest-sensitive liabilities exceed interest-sensitive assets re-pricing in the same time periods.
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Financial - Expense Highlight
The Company and Republics ability to maintain the required levels of capital is substantially dependent upon the success of their capital and business plans, the impact of future economic events on Republics loan customers and Republics ability to manage its interest rate risk, growth and other operating expenses.
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Financial - Expense Highlight
Interest expense increased $7.4 million, or 84.1%, primarily due to an increase in the cost of average interest-bearing liabilities and the balance of average interest-bearing liabilities.
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Financial - Shares
The book value per share...Read more
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Financial - Income
The following summary shows the...Read more
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Financial - Income
The increase in interest income...Read more
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Financial - Income
The increase in interest income...Read more
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Other - Other
In times of economic slowdown,...Read more
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Other - Other
Because the allowance for loan...Read more
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Other - Other
This growth was the result...Read more
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Other - Other
This growth was the result...Read more
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Other - Other
Partial charge-offs of non-performing and...Read more
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Other - Other
A GAP analysis is the...Read more
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Other - Other
We constantly focus our efforts...Read more
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Financial - Shares
The loan portfolio consists of...Read more
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Financial - Income
An increase in the valuation...Read more
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Financial - Income
However, the interest rate sensitivity...Read more
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Financial - Expense
The increase in interest rates...Read more
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Revenue - Product
Allowance for Loan Losses -...Read more
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Revenue - Product
This writedown was driven by...Read more
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Financial - Expense
Increases in expenses related to...Read more
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Financial - Earnings
The net interest margin for...Read more
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Financial - Earnings
Net Income and Net Income...Read more
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Revenue - Product
This increase was driven by...Read more
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Revenue - Product
This increase was driven by...Read more
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Financial - Earnings
Positive evidence evaluated when considering...Read more
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Other - Other
All identified losses are immediately...Read more
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Financial - Expense
The $12.7 million increase was...Read more
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Other - Other
The allocation of the allowance...Read more
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Financial - Income
Net Interest Income and Net...Read more
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Financial - Income
Net Interest Income and Net...Read more
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Other - Other
The factors supporting the allowance...Read more
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Other - Other
Interest rate risk management involves...Read more
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Other - Other
Capital Resources We have sponsored...Read more
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Other - Other
Our expansion plans will not...Read more
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M & A - Other
As a result of the...Read more
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Financial - Expense
Other real estate owned expenses...Read more
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Financial - Cash Flow
Management establishes an allowance on...Read more
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Financial - Expense
The increase for the twelve...Read more
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Financial - Expense
Other real estate owned expenses...Read more
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Other - Other
At December 31, 2018, the...Read more
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Financial - Income
The $6.1 million increase was...Read more
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Other - Other
The decrease in non-performing loans...Read more
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Financial - Income
Accordingly, although the NPV measurements...Read more
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Other - Other
The provision for loan losses...Read more
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Other - Other
The provision for loan losses...Read more
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Other - Other
The provision for loan losses...Read more
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Other - Other
The higher provision recorded for...Read more
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Financial - Income
The $4.8 million increase was...Read more
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Other - Other
Net unrealized losses in the...Read more
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Other - Other
Loan Portfolio Our loan portfolio...Read more
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Other - Other
These deposits grew by $315...Read more
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Other - Other
The provision recorded for the...Read more
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Other - Other
An unallocated component is maintained...Read more
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Other - Other
The likelihood of possible recoveries...Read more
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Financial - Income
The allowance for loan losses...Read more
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Financial - Earnings
Net Income and Net Income...Read more
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Financial - Income
These assumptions require management to...Read more
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Financial - Debt
The non-consolidation results in the...Read more
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Financial - Cash Flow
The timing on charge-offs of...Read more
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Financial - Expense
Non-Interest Expenses Non-interest expenses increased...Read more
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Financial - Expense
Non-Interest Expenses Non-interest expenses increased...Read more
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Revenue - Product
The fair value of securities...Read more
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Financial - Income
Interest income on interest-earning assets...Read more
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Financial - Income
Interest income on interest-earning assets...Read more
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Other - Other
This decrease was primarily driven...Read more
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Financial - Earnings
Net interest rate spread is...Read more
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Financial - Earnings
Net interest rate spread is...Read more
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Other - Other
As of December 31, 2018,...Read more
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Other - Other
At December 31, 2017, we...Read more
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Revenue - Product
We had proceeds from the...Read more
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Other - Other
The allowance for loan losses...Read more
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Other - Other
We evaluate the carrying amount...Read more
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Other - Other
We evaluate the carrying amount...Read more
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Revenue - Product
Our investment securities classified as...Read more
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Financial - Cash Flow
For such loans, an allowance...Read more
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Financial - Expense
The increase in total deposits...Read more
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Other - Other
These obligations include the payment...Read more
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Other - Other
Financial Condition December 31, 2018...Read more
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Other - Other
Historical loss experience is analyzed...Read more
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Financial - Income
Interest income increased $21.2 million,...Read more
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Financial - Income
Interest income increased $16.6 million,...Read more
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Financial - Earnings
Despite the significant investments required...Read more
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Revenue - Product
Total SBA loans held for...Read more
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Financial - Expense
Interest expense on deposits increased...Read more
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Financial - Shares
Shareholders? Equity Total shareholders? equity...Read more
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Revenue - Product
Proceeds associated with the sale...Read more
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Revenue - Product
Proceeds associated with the sale...Read more
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Financial - Expense
Non-interest expenses increased $8.4 million...Read more
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Financial - Expense
All other non-interest expenses for...Read more
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Financial - Expense
Non-interest expenses increased $19.0 million...Read more
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Financial - Expense
All other non-interest expenses for...Read more
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Financial - Expense
Increases in expenses related to...Read more
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Other - Other
Goodwill is recognized as an...Read more
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Other - Other
Service fees on deposit accounts...Read more
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Other - Other
The increase in the provision...Read more
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Revenue - Product
The following table presents a...Read more
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Other - Other
However, there can be no...Read more
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Financial - Income
The following table provides an...Read more
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Financial - Expense
Interest expense on deposits increased...Read more
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Financial - Expense
Occupancy related expenses increased by...Read more
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Financial - Expense
Deferred issuance costs in the...Read more
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Other - Other
We segregate these loans by...Read more
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Other - Other
The calculations used to determine...Read more
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Other - Other
Demand deposits represent the fastest...Read more
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Other - Other
The $12.7 million net deferred...Read more
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Financial - Cash Flow
Mortgage-backed securities and amortizing loans...Read more
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Financial - Income
Non-Interest Income Total non-interest income...Read more
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Financial - Income
Non-Interest Income Total non-interest income...Read more
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Other - Other
Provision for Loan Losses We...Read more
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Other - Other
At December 31, 2018, all...Read more
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Financial - Income
Service charges, fees, and other...Read more
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Financial - Income
Non-interest income increased $225,000 to...Read more
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Financial - Income
Non-interest income increased $4.8 million...Read more
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Other - Other
New stores opened since the...Read more
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Financial - Income
The decrease for the twelve...Read more
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Financial - Shares
Tangible book value per share...Read more
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Other - Other
The increase in the coverage...Read more
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Other - Other
The entire allowance for loan...Read more
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Financial - Expense
Total interest expense for the...Read more
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Financial - Expense
Salary expenses and employee benefits...Read more
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Other - Other
The increase was primarily a...Read more
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Other - Other
Management uses non-GAAP measures to...Read more
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Other - Other
Disclosures of this type should...Read more
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Other - Other
The effective tax rates for...Read more
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Financial - Expense
Salary expenses and employee benefits...Read more
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Financial - Income
In determining future taxable income,...Read more
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Other - Other
The momentum of our expansion...Read more
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Financial - Income
For purposes of this table,...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Document And Entity Information
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 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 Value Of Financial Instruments
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments (Details Textual)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments (Tables)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Assets Measured On A Nonrecurring Basis (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Assets Measured On A Recurring Basis Using Significant Unobservable Inputs (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Fair Values Of Financial Instruments (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Financial Assets Measured At On A Recurring Basis (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Mortgage Loans Held For Sale (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Quantitative Information About Level 3 Assets (Details)
Note 15 - Fair Value Measurements And Fair Value Of Financial Instruments - Sba Servicing Assets Activity (Details)
Note 15 - Fair Value Measurements And Fair Value 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 (Tables)
Note 23 - Goodwill And Other Intangibles - Summary Of Goodwill And Other Intangibles (Details)
Note 24 - Derivatives And Risk Management Activities
Note 24 - Derivatives And Risk Management Activities (Details Textual)
Note 24 - Derivatives And Risk Management Activities (Tables)
Note 24 - Derivatives And Risk Management Activities - Amounts Recorded In Statement Of Financial Condition (Details)
Note 24 - Derivatives And Risk Management Activities - Derivative Instrument Gain (Loss) Recorded In Statement Of Income (Details)
Note 25 - Revenue Recognition
Note 25 - Revenue Recognition (Details Textual)
Note 25 - Revenue Recognition (Tables)
Note 25 - Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (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 - 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 - 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 - Loans By Internal Risk Rating (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)
Material Contracts, Statements, Certifications & more
Republic First Bancorp Inc provided additional information to their SEC Filing as exhibits
Ticker: FRBK
CIK: 834285
Form Type: 10-K Annual Report
Accession Number: 0000950159-19-000038
Submitted to the SEC: Thu Mar 14 2019 5:18:29 PM EST
Accepted by the SEC: Thu Mar 14 2019
Period: Monday, December 31, 2018
Industry: State Commercial Banks
External Resources:
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