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Republic First Bancorp Inc (FRBK) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Republic First Bancorp Inc

CIK: 834285 Ticker: FRBK

Exhibit 99.1

 

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News Release

Republic First Bancorp, Inc.

January 25, 2021

 

 

REPUBLIC FIRST BANCORP, INC. REPORTS FOURTH QUARTER FINANCIAL RESULTS

DEPOSITS GROW 34% AND EARNINGS CONTINUE TO IMPROVE AS MOMENTUM BUILDS

 

Philadelphia, PA, January 25, 2021 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2020.

 

Q4-2020 Financial Highlights
   
a1.jpg
Net income was $4.1 million, or $0.05 per share, during the fourth quarter of 2020 compared to a net loss of $2.5 million, or ($0.04) per share, during the fourth quarter of 2019. This represents an increase of 265% when comparing the two quarters. Core earnings improved for the fourth consecutive quarter as positive momentum continues to build.
   
a1.jpg Net income for the year ended December 31, 2020 was $5.1 million, or $0.07 per share, compared to a net loss of $3.5 million, or $(0.06) per share, for the year ended December 31, 2019 representing improvement of 244% year over year.
   
a1.jpg Results for the twelve month period ended December 31, 2020 were impacted by a one-time goodwill impairment charge of $5.0 million. Excluding this charge, core earnings before tax were $11.5 million during the year ended December 31, 2020 compared to a net loss before tax of $4.9 million during the year ended December 31, 2019.
   
a1.jpg The improvement in earnings was driven by the Company’s focus on cost control initiatives while driving revenue growth. During the fourth quarter of 2020 total revenue increased 48% and non-interest expense increased 10% compared to the fourth quarter of 2019. During the twelve month period ended December 31, 2020 total revenue increased 26% and non-interest expense, excluding goodwill impairment, increased by 8% compared to the twelve month period ended December 31, 2019.
   
a1.jpg Total deposits increased by $1.0 billion, or 34%, to $4.0 billion as of December 31, 2020 compared to $3.0 billion as of December 31, 2019.
   
a1.jpg Total loans grew $897 million, or 51%, to $2.6 billion as of December 31, 2020 compared to $1.7 billion at December 31, 2019. This growth includes more that $600 million in PPP loans. Excluding the impact of the PPP loan program loans grew $273 million, or 16%, year over year.
   
a1.jpg Asset quality remains strong as the ratio of non-performing assets to total assets declined to 0.28% as of December 31, 2020. Only twenty-one loan customers were deferring loan payments at the end of the year. These deferrals relate to approximately $16 million of outstanding loan balances which is less than 1% of total loans.
   

 

 

The following information was filed by Republic First Bancorp Inc (FRBK) on Monday, January 25, 2021 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 Operations
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 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 - Fair Values Of Financial Instruments (Details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Financial Assets Measured On A Recurring Basis (Details)
Note 15 - Fair Value Measurements And Fair Values Of Financial Instruments - Mortgage Loans Held For Sale (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 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 Cash Flows (Details) (Parentheticals)
Note 19 - Parent Company Financial Information - Statements Of Income, Comprehensive Income (Loss), And Changes In Shareholders' Equity (Details)
Note 19 - Parent Company Financial Information - Statements Of Income, Comprehensive Income (Loss), And Changes In Shareholders' Equity (Details) (Parentheticals)
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 - Goodwill
Note 22 - Goodwill (Tables)
Note 22 - Goodwill - Summary Of Goodwill (Details)
Note 23 - Derivatives And Risk Management Activities
Note 23 - Derivatives And Risk Management Activities (Details Textual)
Note 23 - Derivatives And Risk Management Activities (Tables)
Note 23 - Derivatives And Risk Management Activities - Amounts Recorded In Statement Of Financial Condition (Details)
Note 23 - Derivatives And Risk Management Activities - Derivative Instrument Gain (Loss) Recorded In Statement Of Income (Details)
Note 24 - Revenue Recognition
Note 24 - Revenue Recognition (Details Textual)
Note 24 - Revenue Recognition (Tables)
Note 24 - Revenue Recognition - Non-Interest Income Segregated By Revenue Streams (Details)
Note 25 - Leases
Note 25 - Leases (Details Textual)
Note 25 - Leases (Tables)
Note 25 - Leases - Maturity Analysis Of Operating Lease Liability Obligations (Details)
Note 25 - Leases - Operating Lease Costs (Details)
Note 26 - Preferred Stock
Note 26 - Preferred Stock (Details Textual)
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 Category (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 - Impaired Loans, Additional Information (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: 0001437749-21-005735
Submitted to the SEC: Thu Mar 11 2021 5:30:34 PM EST
Accepted by the SEC: Thu Mar 11 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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