Note 19 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

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

1

9

. 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

7

and

201

6

(Dollars in thousands)

	December 31, 201 7		December 31, 201 6
ASSETS
Cash	$	60,309	$	61,011
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation		676		676
Investment in subsidiaries		181,256		170,868
Other assets		5,931		4,589
Total Assets	$	248,172	$	237,144
LIABILITIES AND SHAREHOLDER S ’ EQUITY
Liabilities
Accrued expenses	$	31	$	210
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation		21,681		21,881
Total Liabilities		21,712		22,091
Shareholders ’ Equity
Total Shareholders ’ Equity		226,460		215,053
Total Liabilities and Shareholders ’ Equity	$	248,172	$	237,144

Statements of Income

, Comprehensive Income (Loss),

and Changes in Shareholders’ Equity

For the years ended

December 31,

201

7

,

201

6

,

and

201

5

(Dollars in thousands)

	201 7			201 6			201 5
Interest income	$	37		$	35		$	34
Total income		37			35			34
Trust preferred interest expense		1,225			1,160			1,114
Other e xpenses		1,424			717			572
Total expenses		2,649			1,877			1,686
Net loss before taxes		(2,612	)		(1,842	)		(1,652	)
Benefit for income taxes		(914	)		(645	)		(578	)
L oss before undistributed income of subsidiaries		(1,698	)		(1,197	)		(1,074	)
E quity in undistributed income of subsidiaries		10,603			6,142			3,507
Net income	$	8,905		$	4,945		$	2,433
Net income	$	8,905		$	4,945		$	2,433
Total o ther comprehensive loss		(215	)		(4,129	)		(2,533	)
T otal comprehensive income (loss)	$	8,690		$	816		$	(100	)
Shareholders ’ equity, beginning of year	$	215,053		$	113,375		$	112,811
Shares issued under common stock offering		-			99,175			-
Stock based compensation		1,842			759			600
Stock options issued in acquisition		-			202			-
Exercise of stock options		646			726			64
Conversion of subordinated debt to common shares		229			-			-
Net income		8,905			4,945			2,433
To tal other comprehensive loss		(215	)		(4,129	)		(2,533	)
Shareholders ’ equity, end of year	$	226,460		$	215,053		$	113,375

Statements of Cash Flows

For the years ended

December 31,

201

7

,

201

6

,

and

201

6

(Dollars in thousands)

	201 7			201 6			201 5
Cash flows from operating activities:
Net income	$	8,905		$	4,945		$	2,433
Adjustments to reconcile net income to net cash used in operating activities:
Share based compensation		1,842			961			600
Amortization of debt issuance costs		29			24			24
Increase in other assets		(1,342	)		(716	)		(636	)
Net (decrease) increase in other liabilities		(179	)		190			2
Equity in undistributed income of subsidiaries		(10,603	)		(6,142	)		(3,507	)
Net cash used in operating activities		(1,348	)		(738	)		(1,084	)
Cash flows from investing activities:
Investment in subsidiary		-			(40,203	)		(6,400	)
Net cash used in investing activities		-			(40,203	)		(6,400	)
Cash flows from financing activities:
Net proceeds from stock offering		-			99,175			-
Exercise of stock options		646			726			64
Net cash provided by financing activities		646			99,901			64
Increase (decrease) in cash		(702	)		58,960			(7,420	)
Cash, beginning of period		61,011			2,051			9,471
Cash, end of period	$	60,309		$	61,011		$	2,051