Note 19 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

19.

Parent Company Financial Information

The following financial statements for Republic First Bancorp, Inc. (Parent Company) should be read in conjunction with the consolidated financial statements and the other notes related to the consolidated financial statements.

Balance Sheet

December

31,

201

6

and

201

5

(Dollars in thousands)

	December 31, 201 6		December 31, 201 5
ASSETS
Cash	$	61,011	$	2,051
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation		676		676
Investment in subsidiaries		170,868		128,652
Other assets		4,589		3,873
Total Assets	$	237,144	$	135,252
LIABILITIES AND SHAREHOLDER S ’ EQUITY
Liabilities
Accrued expenses	$	210	$	20
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation		21,881		21,857
Total Liabilities		22,091		21,877
Shareholders’ Equity
Total Shareholders’ Equity		215,053		113,375
Total Liabilities and Shareholders’ Equity	$	237,144	$	135,252

Statements of Income, Comprehensive Income (Loss),

and Changes in Shareholders’ Equity

For the years ended

December

31,

201

6

,

201

5,

and

201

4

(Dollars in thousands)

	2016			201 5			201 4
Interest income	$	35		$	34		$	33
Total income		35			34			33
Trust preferred interest expense		1,160			1,114			1,107
Expenses		717			572			424
Total expenses		1,877			1,686			1,531
Net loss before taxes		(1,842	)		(1,652	)		(1,498	)
Benefit for income taxes		(645	)		(578	)		(524	)
Loss before undistributed income of subsidiaries		(1,197	)		(1,074	)		(974	)
Equity in undistributed income of subsidiaries		6,142			3,507			3,416
Net income	$	4,945		$	2,433		$	2,442
Net income	$	4,945		$	2,433		$	2,442
Total other comprehensive income (loss)		(4,129	)		(2,533	)		2,196
T otal comprehensive income (loss)	$	816		$	(100	)	$	4,638
Shareholders’ equity, beginning of year	$	113,375		$	112,811		$	62,899
Shares issued under common stock offering		99,175			-			44,853
Stock based compensation		759			600			420
Stock options issued in acquisition		202			-			-
Exercise of stock options		726			64			1
Net income		4,945			2,433			2,442
Total other comprehensive income (loss)		(4,129	)		(2,533	)		2,196
Shareholders’ equity, end of year	$	215,053		$	113,375		$	112,811

Statements of Cash Flows

For the years ended

December

31,

201

6

,

201

5,

and

201

4

(Dollars in thousands)

	201 6			201 5			201 4
Cash flows from operating activities:
Net income	$	4,945		$	2,433		$	2,442
Adjustments to reconcile net income to net cash used in operating activities:
Share based compensation		961			600			420
Amortization of debt issuance costs		24			24			24
Increase in other assets		(716	)		(636	)		(550	)
Net increase in other liabilities		190			2			-
Equity in undistributed income of subsidiaries		(6,142	)		(3,507	)		(3,416	)
Net cash used in operating activities		(738	)		(1,084	)		(1,080	)
Cash flows from investing activities:
Investment in subsidiary		(40,203	)		(6,400	)		(35,000	)
Net cash used in investing activities		(40,203	)		(6,400	)		(35,000	)
Cash flows from financing activities:
Net proceeds from stock offering		99,175			-			44,853
Exercise of stock options		726			64			1
Net cash provided by financing activities		99,901			64			44,854
Increase (decrease) in cash		58,960			(7,420	)		8,774
Cash, beginning of period		2,051			9,471			697
Cash, end of period	$	61,011		$	2,051		$	9,471