8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): September 30, 2006

Republic First Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Pennsylvania	000-17007	23-2486815
(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(I.R.S. Employer Identification No.)

1608 Walnut Street, Suite 1000, Philadelphia, PA	19103
(Address of principal executive offices)	(Zip Code)

(215)-735-4422

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year,

if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02Results of Operations and Financial Condition

On October 18, 2006, Republic First Bancorp, Inc. issued a press release announcing its results of operations and financial condition for the fiscal quarter ending September 30, 2006. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in this Report, including the exhibit attached hereto, is furnished solely pursuant to Item 2.02 of this Form 8-K. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

Item 9.01Financial Statements and Exhibits.

(c)	Exhibits
	99.1	Press Release issued October 18, 2006 regarding financial results for the fiscal quarter ended September 30, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	REPUBLIC FIRST BANCORP, INC.
Dated: October 18, 2006	/s/ Paul Frenkiel
	Name: Paul Frenkiel
	Title: Chief Financial Officer

EX-99.1

NEWS RELEASE

FOR RELEASE IMMEDIATELY

Contact: Paul Frenkiel, CFO

(215) 735-4422 ext. 5255

REPUBLIC FIRST BANCORP, INC.

REPORTS 14% INCREASE IN THIRD QUARTER EARNINGS

OVER THE THIRD QUARTER OF 2005 AND

21% INCREASE IN NINE MONTH EARNINGS FOR THE SAME PERIOD IN 2005

Philadelphia, PA, October 18, 2006 - Republic First Bancorp, Inc. (NASDAQ:FRBK), (the “Company”) the holding company for Republic First Bank (PA), today reported third quarter 2006 earnings of $2.4 million or $.25 per diluted share, a 14% increase over the same quarter in 2005. Earnings for the nine month period ending September 30, 2006 were $7.6 million or $.79 per diluted share, compared to $6.3 million or $.65* per diluted share, a 21% increase over the comparable prior year period. The improvement in 2006 earnings reflected commercial loan and deposit growth. Average loans grew in excess of 22% in third quarter 2006 compared to the third quarter of 2005.

President Harry Madonna stated, “We are very pleased with the continuing improvement in earnings of the Company and look forward to continued growth. Earnings growth was due to the significant increase in commercial loans outstanding. We anticipate continued improvement in all areas of the Company. We look forward to future earnings in excess of our peer group, and further increasing shareholder value.”

Total shareholders’ equity stood at $72.1 million with a book value per share of $7.59 at September 30, 2006, based on outstanding common shares of approximately 9.5 million. As of that date, the Company continued to be well capitalized.

Republic First Bank (PA) is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its eleven offices located in Abington, Ardmore, Bala Cynwyd, East Norriton, Media, and Philadelphia, Pennsylvania and Voorhees, New Jersey.

The Company may from time to time make written or oral “forward-looking statements”, including statements contained in this release and in the Company's filings with the Securities and Exchange Commission. These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Company pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

# # #

* Per share and book value amounts were restated to reflect the 10% stock dividend paid May 17, 2006.

Republic First Bancorp, Inc.
Condensed Income Statement
(Dollar amounts in thousands
except per share data)
(unaudited)
	Three Months Ended						Nine Months Ended
	September 30						September 30
	2006			2005 (1)			2006		2005 (1)
Net Interest Income	$	8,327		$	7,257		$	25,822	$	21,386
Provision for Loan Losses		-			315			1,374		1,137
Non-interest Income		874			904			2,833		2,806
Non-interest Expenses		5,503			4,603			15,666		13,614
Provision for income taxes		1,263			1,102			3,982		3,144
Net Income	$	2,435		$	2,141		$	7,633	$	6,297
Diluted EPS	$	0.25		$	0.22		$	0.79	$	0.65
Republic First Bancorp, Inc.
Condensed Balance Sheet
(Dollar amounts in thousands)
(unaudited)
Assets		September 30,			September 30,
		2006			2005
Federal Funds Sold and Other Interest Bearing Cash	$	98,322		$	66,413
Investment Securities		83,237			66,097
Commercial and Other Loans		761,803			645,614
Allowance for Loan Losses		(7,934	)		(7,401	)
Other Assets		44,916			48,777
Total Assets	$	980,344		$	819,500
Liabilities and Shareholders' Equity:
Transaction Accounts	$	368,121		$	356,820
Time Deposit Accounts		374,870			228,162
FHLB Advances and Trust Preferred Securities		151,980			166,999
Other Liabilities		13,306			6,686
Shareholders' Equity		72,067			60,833
Total Liabilities and Shareholders' Equity	$	980,344		$	819,500
(1) EPS has been restated for the 10% stock dividend paid May 17, 2006.

Republic First Bancorp, Inc.
September 30, 2006
(unaudited)
	At or For the				At or For the
	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
Financial Data:	2006		2005		2006		2005
Return on average assets	1.13	%	1.19	%	1.24	%	1.18	%
Return on average equity	13.66	%	14.24	%	15.01	%	14.71	%
Share information:
Book value per share	$7.59		$6.54	(1)	$7.59		$6.54	(1)
Actual shares outstanding at period end, net of
treasury shares (250,555)	9,493,000		9,301,000	(1)	9,493,000		9,301,000	(1)
Average diluted shares outstanding	9,749,000		9,647,000	(1)	9,713,000		9,577,000	(1)
(1) EPS has been restated for the 10% stock dividend paid May 17, 2006.

Republic First Bancorp, Inc.
September 30, 2006
(Dollars in thousands)
(unaudited)
Credit Quality Ratios:
	September 30			September 30
	2006			2005
Non-accrual and loans accruing,
but past due 90 days or more	$	9,972		$	2,872
Restructured loans		-			-
Total non-performing loans		9,972			2,872
Other real estate owned		499			137
Total non-performing assets	$	10,471		$	3,009
Non-performing loans as
a percentage of total loans		1.31	%		0.44	%
Nonperforming assets as
a percentage of total assets		1.07	%		0.37	%
Allowance for loan losses
to total loans		1.04	%		1.15	%
Allowance for loan losses
to total non-performing loans		79.56	%		257.69	%

Republic First Bancorp, Inc.
September 30, 2006
(Dollars in thousands )
(unaudited)
			Quarter-to-Date
			Average Balance Sheet
	Three months ended							Three months ended
	September 30, 2006							September 30, 2005
					Average							Average
Interest-Earning Assets:	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Commercial and other loans	$	742,420	$	14,868		7.95	%	$	604,531	$	10,576		6.94	%
Investment securities		59,736		915		6.13			48,752		465		3.82
Federal funds sold		18,524		248		5.31			20,952		192		3.64
Total interest-earning assets		820,680		16,031		7.75			674,235		11,233		6.61
Other assets		36,593							39,460
Total assets	$	857,273	$	16,031				$	713,695	$	11,233
Interest-bearing liabilities:
Interest-bearing deposits	$	582,072	$	6,078		4.14	%	$	485,511	$	3,219		2.63	%
Borrowed funds		114,227		1,626		5.65			74,441		757		4.03
Interest-bearing liabilities		696,299		7,704		4.39			559,952		3,976		2.82
Non-interest and
interest-bearing funding		775,241		7,704		3.94			645,967		3,976		2.44
Other liabilities:		11,309							8,022
Total liabilities		786,550							653,989
Shareholders' equity		70,723							59,706
Total liabilities &
shareholders' equity	$	857,273						$	713,695
Net interest income			$	8,327						$	7,257
Net interest margin						4.03	%						4.27	%

 

Republic First Bancorp, Inc.
September 30, 2006
(Dollars in thousands )
(unaudited)
			Year-to-Date
			Average Balance Sheet
	Nine months ended							Nine months ended
	September 30, 2006							September 30, 2005
					Average							Average
Interest-Earning Assets:	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Commercial and other loans	$	714,695	$	42,773		8.00	%	$	583,033	$	30,347		6.96	%
Investment securities		48,300		1,991		5.50			47,526		1,350		3.79
Federal funds sold		25,039		900		4.81			41,885		863		2.75
Total interest-earning assets		788,034		45,664		7.75			672,444		32,560		6.47
Other assets		36,940							41,205
Total assets	$	824,974	$	45,664				$	713,649	$	32,560
Interest-bearing liabilities:
Interest-bearing deposits	$	576,972	$	16,281		3.77	%	$	492,752	$	9,235		2.51	%
Borrowed funds		86,603		3,561		5.50			67,353		1,939		3.85
Interest-bearing liabilities		663,575		19,842		4.00			560,105		11,174		2.67
Non-interest and
interest-bearing funding		746,806		19,842		3.55			648,151		11,174		2.30
Other liabilities:		10,194							8,211
Total liabilities		757,000							656,362
Shareholders' equity		67,974							57,287
Total liabilities &
shareholders' equity	$	824,974						$	713,649
Net interest income			$	25,822						$	21,386
Net interest margin						4.38	%						4.25	%