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Republic First Bancorp Inc (FRBK) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Republic First Bancorp Inc

CIK: 834285 Ticker: FRBK

Exhibit 99.1



News Release
 
Republic First Bancorp, Inc.
 
January 28, 2019


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

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.

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.

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.

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.

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.


“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.

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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
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)
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

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