Note 19 - Parent Company Financial Information

12 Months Ended

Dec. 31, 2018

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

8

and

201

7

(Dollars in thousands)

	December 31, 201 8		December 31, 201 7
ASSETS
Cash	$	27,722	$	60,309
Corporation-obligated mandatorily redeemable capital securities of subsidiary trust holding junior obligations of the corporation		341		676
Investment in subsidiaries		220,864		181,256
Other assets		7,572		5,931
Total Assets	$	256,499	$	248,172
LIABILITIES AND SHAREHOLDER S ’ EQUITY
Liabilities
Accrued expenses	$	51	$	31
Corporation-obligated mandatorily redeemable securities of subsidiary trust holding solely junior subordinated debentures of the corporation		11,259		21,681
Total Liabilities		11,310		21,712
Shareholders’ Equity
Total Shareholders’ Equity		245,189		226,460
Total Liabilities and Shareholders’ Equity	$	256,499	$	248,172

Statements of Income, Comprehensive Income (Loss),

and Changes in Shareholders’ Equity

For the years ended

December 31,

201

8

,

201

7

,

and

201

6

(Dollars in thousands)

	201 8			201 7			201 6
Interest income	$	13		$	37		$	35
Total income		13			37			35
Trust preferred interest expense		441			1,225			1,160
Other expenses		4,972			1,424			717
Total expenses		5,413			2,649			1,877
Net loss before taxes		(5,400	)		(2,612	)		(1,842	)
Benefit for income taxes		(1,640	)		(914	)		(645	)
Loss before undistributed income of subsidiaries		(3,760	)		(1,698	)		(1,197	)
Equity in undistributed income of subsidiaries		12,387			10,603			6,142
Net income	$	8,627		$	8,905		$	4,945
Net income	$	8,627		$	8,905		$	4,945
Total other comprehensive loss		(2,778	)		(215	)		(4,129	)
T otal comprehensive income (loss)	$	5,849		$	8,690		$	816
Shareholders’ equity, beginning of year	$	226,460		$	215,053		$	113,375
Shares issued under common stock offering		-			-			99,175
Stock based compensation		2,116			1,842			759
Stock options issued in acquisition		-			-			202
Exercise of stock options		670			646			726
Conversion of subordinated debt to common shares		10,094			229			-
Net income		8,627			8,905			4,945
Total other comprehensive loss		(2,778	)		(215	)		(4,129	)
Shareholders’ equity, end of year	$	245,189		$	226,460		$	215,053

Statements of Cash Flows

For the years ended

December 31,

201

8

,

201

7

,

and

201

6

(Dollars in thousands)

	201 8			201 7			201 6
Cash flows from operating activities:
Net income	$	8,627		$	8,905		$	4,945
Adjustments to reconcile net income to net cash used in operating activities:
Share based compensation		2,116			1,842			961
Amortization of debt issuance costs		6			29			24
Increase in other assets		(1,639	)		(1,342	)		(716	)
Net increase (decrease) in other liabilities		20			(179	)		190
Equity in undistributed income of subsidiaries		(12,387	)		(10,603	)		(6,142	)
Net cash used in operating activities		(3,257	)		(1,348	)		(738	)
Cash flows from investing activities:
Investment in subsidiary		(30,000	)		-			(40,203	)
Net cash used in investing activities		(30,000	)		-			(40,203	)
Cash flows from financing activities:
Net proceeds from stock offering		-			-			99,175
Exercise of stock options		670			646			726
Net cash provided by financing activities		670			646			99,901
Increase (decrease) in cash		(32,587	)		(702	)		58,960
Cash, beginning of period		60,309			61,011			2,051
Cash, end of period	$	27,722		$	60,309		$	61,011