Exhibit 99.1

        News Release Republic First Bancorp, Inc. January 28, 2020

REPUBLIC FIRST BANCORP, INC. REPORTS FOURTH QUARTER FINANCIAL RESULTS

DEPOSITS INCREASE BY 25% AND LOANS GROW 22%

Philadelphia, PA, January 28, 2020 (GlobeNewswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the period ended December 31, 2019.

Q4-2019 Highlights
	Total deposits increased by $606 million, or 25%, to $3.0 billion as of December 31, 2019 compared to $2.4 billion as of December 31, 2018.
	New stores opened since the beginning of the “Power of Red is Back” expansion campaign are currently growing deposits at an average rate of $30 million per year, while the average deposit growth for all stores over the last twelve months was approximately $22 million per store.
	Expansion into New York City continued with the opening of our second store located on the corner of 51st Street and 3rd Avenue during the fourth quarter.
	Total loans grew $312 million, or 22%, to $1.7 billion as of December 31, 2019 compared to $1.4 billion at December 31, 2018.
	Profitability declined to a net loss of $2.5 million, or ($0.04) per share, during the fourth quarter of 2019 compared to net income of $2.2 million, or $0.04 per share during the fourth quarter of 2018.

“The Power of Red is Back” expansion campaign continues to produce impressive results from a balance sheet perspective. During 2019 total assets grew by $588 million or 21% driven by the success of our customer centric banking philosophy of turning customers into FANS. Deposit balances increased by 25% as our network of stores continues to drive new customer relationships. Loan production was also significant as outstanding balances increased by 22%.

Earnings during 2019 were negatively impacted by compression of our net interest margin caused by a flat and, at times, an inverted yield curve. The shape of the yield curve is driving lower yields on interest earning assets and higher rates on interest bearing liabilities. In the midst of this challenging interest rate environment we have also incurred costs required to expand into New York City. In addition to new hires, training, advertising, and occupancy expenses for the opening of our first two stores in New York this year, we have also established a management and lending team for this new market.

As we enter the new year a number of cost control measures have been implemented to offset the challenges faced in growing revenue as a result of compression in the net interest margin. These measures will begin to take effect during the first quarter of 2020.

We are pleased to announce the recent addition of Jack Allison to the Republic Bank management team. Jack will serve as the Company’s Chief Technology Information Officer. He has more than 30 years of technology experience in the financial services industry including time as the Head of the Commerce Bank Technology Group from 1991 – 2010. The addition of Jack demonstrates the commitment to enhance the total Republic Bank experience not only through the store network, but the on-line and mobile options as well.

Vernon W. Hill, II, Chairman of Republic First Bancorp said:

“The fourth quarter caps off another tremendous year in balance sheet growth for “The Power of Red is Back” expansion campaign. Since the launch of our first glass prototype store six years ago deposits have grown at an average rate of 23% each year as a result of our denovo expansion strategy. Loan growth has also been strong as balances grew in excess of 20% for the third consecutive year. However, profitability continues to be hampered due to compression in our net interest margin. We are taking the steps necessary to reduce expenses and improve earnings in this challenging interest rate environment.”

Harry D. Madonna, President and Chief Executive Officer of Republic First Bancorp added:

“During the fourth quarter we continued our expansion into New York City with the opening of our second store on the corner of 51st Street and 3rd Avenue. And in early January we celebrated the grand opening of another prototype store in Northfield, NJ. At a time when most banks are closing branches and retreating from the communities they serve, Republic Bank continues in its relentless pursuit to deliver an unmatched banking experience across every delivery channel.”

A summary of the financial results for the period ended December 31, 2019 can be found in the following tables:

($ in millions, except per share data)
	12/31/19		12/31/18		YOY Change		09/30/19		QTD Change
Assets	$	3,341	$	2,753		21%	$	3,086		8%
Loans		1,748		1,437		22%		1,569		11%
Deposits		2,999		2,393		25%		2,740		9%

	Three Months Ended									Twelve Months Ended
	12/31/19			12/31/18			Change			12/31/19			12/31/18			Change
Total Revenue	$	32.1		$	30.2			6	%	$	128.6		$	112.4			14	%
Net Income (Loss)		(2.5	)		2.2			(215	%)		(3.5	)		8.6			(141	%)
Net Income (Loss) per Share	$	(0.04	)	$	0.04			(200	%)	$	(0.06	)	$	0.15			(140	%)
Net Interest Margin		2.67	%		3.10	%					2.85	%		3.16	%

2

Financial Highlights for the Period Ended December 31, 2019

	Total assets increased by $588 million, or 21%, to $3.3 billion as of December 31, 2019 compared to $2.8 billion as of December 31, 2018.
	We have thirty convenient store locations open today. During the fourth quarter of 2019 we celebrated the grand opening of our second store in New York City located at 51st Street and 3rd Avenue. And just after the start of the new year we opened a new store in Northfield, NJ.
	Construction on a new store in Bensalem, PA is ongoing and expected to be complete during the second quarter of 2020. There are also multiple sites in various stages of development for future store locations.
	Profitability declined during the fourth quarter. The Company recorded a net loss of $2.5 million, or ($0.04) per share, for the three months ended December 31, 2019 compared to a net loss of $1.8 million, or ($0.03) per share for the three months ended September 30, 2019 and net income of $2.2 million, or $0.04 per share, for the three months ended December 31, 2018.
	The net interest margin decreased by 43 basis points to 2.67% for the three months ended December 31, 2019 compared to 3.10% for the three months ended December 31, 2018. Margin compression was driven by a flat yield curve experienced during the fourth quarter of 2019.
	The ratio of non-performing assets to total assets declined to 0.42% as of December 31, 2019 compared to 0.60% as of December 31, 2018. The Company was able to successfully liquidate the single largest non-performing asset on its books during the fourth quarter of 2019.
	The Company’s residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. The Oak Mortgage team has originated more than $450 million in mortgage loans over the last twelve months.
	Meeting the needs of small business customers continued to be an important part of the Company’s lending strategy. More than $55 million in new SBA loans were originated during the twelve month period ended December 31, 2019. Republic Bank continues to be a top SBA lender in our market area based on the dollar volume of loan originations.
	The Company’s Total Risk-Based Capital ratio was 12.37% and Tier I Leverage Ratio was 7.83% at December 31, 2019.
	Book value per common share increased to $4.23 as of December 31, 2019 compared to $4.17 as of December 31, 2018.

3

Income Statement

The major components of the income statement are as follows (dollars in thousands, except per share data):

	Three Months Ended
	12/31/19			09/30/19			% Change			12/31/18		% Change
Net Interest Income	$	19,914		$	19,382			3	%	$	19,980		-	%
Non-interest Income		5,213			6,554			(20	%)		4,888		7	%
Provision for Loan Losses		1,155			450			157	%		600		93	%
Non-interest Expense		27,488			27,824			(1	%)		22,057		25	%
Income (Loss) Before Taxes		(3,516	)		(2,338	)		(50	%)		2,211		(259	%)
Provision (Benefit) for Taxes		(1,031	)		(516	)		(100	%)		54		(2,009	%)
Net Income (Loss)		(2,485	)		(1,822	)		(36	%)		2,157		(215	%)
Net Income (Loss) per Share	$	(0.04	)	$	(0.03	)		(33	%)	$	0.04		(200%	)

	Twelve Months Ended
	12/31/19			12/31/18		% Change
Net Interest Income	$	77,807		$	75,904		3	%
Non-interest Income		23,738			20,322		17	%
Provision for Loan Losses		1,905			2,300		(17	%)
Non-interest Expense		104,490			83,721		25	%
Income (Loss) Before Taxes		(4,850	)		10,205		(148	%)
Provision (Benefit) for Taxes		(1,350	)		1,578		(186	%)
Net Income (Loss)		(3,500	)		8,627		(141	%)
Net Income (Loss) per Share	$	(0.06	)	$	0.15		(140	%)

The Company reported a net loss of $2.5 million, or ($0.04) per share, for the three month period ended December 31, 2019, compared to a net loss of $1.8 million, or ($0.03) per share for the three month period ended September 30, 2019 and net income of $2.2 million, or $0.04 per share, for the three month period ended December 31, 2018. The net loss for the twelve month period ended December 31, 2019 was $3.5 million, or ($0.06) per share, compared to net income of $8.6 million, or $0.15 per share, for the twelve months ended December 31, 2018.

4

Current year profitability has been impacted by the expenses incurred to expand into the New York market and continued compression of the net interest margin.

Interest income increased by $1.6 million, or 6%, to $26.9 million for the quarter ended December 31, 2019 compared to $25.3 million for the quarter ended December 31, 2018. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the Company’s “Power of Red is Back” expansion strategy. However, interest expense increased by $1.7 million, or 31%, to $7.0 million for the quarter ended December 31, 2019 compared to $5.3 million for the quarter ended December 31, 2018. The increase in interest expense was driven by growth in short term interest rates which resulted in a higher cost of funds on deposit balances and led to compression in the net interest margin.

On a linked quarter basis, the deposit cost of funds has begun to decline as a result of three reductions in the fed funds rate during the third and fourth quarters of 2019. The total cost of funds declined to 0.95% during the fourth quarter of 2019 compared to 1.02% during the third quarter of 2019. However, the net interest margin for the three month period ended December 31, 2019 decreased by 43 basis points to 2.67% compared to 3.10% for the three month period ended December 31, 2018.

Non-interest income increased by $325 thousand, or 7%, to $5.2 million for the three month period ended December 31, 2019, compared to $4.9 million for the three month period ended December 31, 2018. The increase is primarily attributable to higher service fees on deposit accounts which is driven by growth in deposit balances and an increase in the number of deposit accounts.

Non-interest expenses increased by 25%, to $27.5 million during the quarter ended December 31, 2019 compared to $22.1 million during the quarter ended December 31, 2018. The growth in expenses was driven by an increase in salaries and employee benefits as a result of annual merit increases along with increased staffing levels related to our growth and expansion strategy. Occupancy and equipment expenses associated with the growth strategy also contributed to the increase in non-interest expenses. Throughout 2019, we’ve incurred costs related to our expansion into the New York market. We opened our first two stores in New York City during 2019 and we’ve hired a management and lending team to operate in this new market. Rent payments have commenced for our store locations and we’ve initiated a marketing and advertising campaign to announce our expansion.

The benefit for income taxes was $1.0 million for the three month period ended December 31, 2019 compared to a provision for income taxes in the amount of $54 thousand for the three month period ended December 31, 2018.

5

Balance Sheet

The major components of the balance sheet are as follows (dollars in thousands):

Description	12/31/19		12/31/18		% Change			09/30/19		% Change
Total assets	$	3,341,290	$	2,753,297		21	%	$	3,085,921		8	%
Total loans (net)		1,738,929		1,427,983		22	%		1,560,913		11	%
Total deposits		2,999,163		2,392,867		25	%		2,740,032		9	%

Total assets increased by $588 million, or 21%, as of December 31, 2019 when compared to December 31, 2018. Deposits grew by $606 million to $3.0 billion as of December 31, 2019 compared to $2.4 billion as of December 31, 2018. The number of deposit accounts has grown by 27% during the past twelve months. The strong growth in assets, loans and deposits has been driven by the addition of new stores and the successful execution of our aggressive growth strategy referred to as “The Power of Red is Back.”

Deposits

Deposits by type of account are as follows (dollars in thousands):

Description	12/31/19		12/31/18		% Change			09/30/19		% Change			4th Qtr 2019 Cost of Funds
Demand noninterest-bearing	$	661,431	$	519,056		27	%	$	595,869		11	%		0.00	%
Demand interest-bearing		1,352,360		1,042,561		30	%		1,227,969		10	%		1.13	%
Money market and savings		761,793		676,993		13	%		698,991		9	%		1.01	%
Certificates of deposit		223,579		154,257		45	%		217,203		3	%		2.22	%
Total deposits	$	2,999,163	$	2,392,867		25	%	$	2,740,032		9	%		0.94	%

Deposits increased to $3.0 billion at December 31, 2019 compared to $2.4 billion at December 31, 2018 as the we move forward with our growth strategy to increase the number of stores and expand the reach of our banking model which focuses on high levels of customer service and convenience and drives the gathering of low-cost, core deposits. We recognized strong growth in demand deposit balances, money market and savings, and certificates of deposit, year over year as a result of the successful execution of our strategy.

6

Lending

Loans by type are as follows (dollars in thousands):

Description	12/31/19		% of Total			12/31/18		% of Total			09/30/19		% of Total
Commercial and industrial	$	223,906		13	%	$	200,423		14	%	$	187,837		12	%
Owner occupied real estate		424,400		24	%		367,895		26	%		397,843		26	%
Commercial real estate		613,631		35	%		515,738		36	%		570,327		36	%
Construction and land development		121,395		7	%		121,042		8	%		109,582		7	%
Residential mortgage		263,444		15	%		140,364		10	%		205,498		13	%
Consumer and other		101,419		6	%		91,136		6	%		98,293		6	%
Gross loans	$	1,748,195		100	%	$	1,436,598		100	%	$	1,569,380		100	%

Gross loans increased by $312 million, or 22%, to $1.7 billion at December 31, 2019 compared to $1.4 billion at December 31, 2018 as a result of the steady flow in quality loan demand over the last twelve months and continued success with the relationship banking model. We experienced strongest growth in commercial real estate, owner occupied real estate and residential mortgage loans year over year.

Asset Quality

Asset quality ratios are highlighted below:

	Three Months Ended
	12/31/19			09/30/19			12/31/18
Non-performing assets / capital and reserves		5	%		7	%		7	%
Non-performing assets / total assets		0.42	%		0.61	%		0.60	%
Quarterly net loan charge-offs / average loans		0.09	%		0.01	%		0.02	%
Allowance for loan losses / gross loans		0.53	%		0.54	%		0.60	%
Allowance for loan losses / non-performing loans		75	%		70	%		83	%

The percentage of non-performing assets to total assets decreased to 0.42% at December 31, 2019, compared to 0.60% at December 31, 2018. The ratio of non-performing assets to capital and reserves decreased to 5% at December 31, 2019 compared to 7% at December 31, 2018 primarily as a result of decreases in non-performing assets over the last 12 months.

7

Capital

The Company’s capital ratios at December 31, 2019 were as follows:

	Actual 12/31/19 Bancorp			Actual 12/31/19 Bank			Regulatory Guidelines “Well Capitalized”
Leverage Ratio		7.83	%		7.54	%		5.00	%
Common Equity Ratio		11.41	%		11.50	%		6.50	%
Tier 1 Risk Based Capital		11.93	%		11.50	%		8.00	%
Total Risk Based Capital		12.37	%		11.94	%		10.00	%
Tangible Common Equity		7.32	%		7.22	%		n/a

Total shareholders’ equity increased to $249 million at December 31, 2019 compared to $245 million at December 31, 2018. Book value per common share increased to $4.23 at December 31, 2019 compared to $4.17 per share at December 31, 2018.

Analyst and Investor Call

An analyst and investor call will be held on the following date and time:

Date:	January 28, 2020
Time:	10:00am (EDT)
From the U.S. dial:	(888) 517-2513 [Toll Free] or (847) 619-6533
Participant Pin:	6827559#
An operator will assist you in joining the call.

About Republic Bank

Republic Bank, a subsidiary of Republic First Bancorp, Inc., is a full-service, state-chartered commercial bank, whose deposits are insured up to the applicable limits by the Federal Deposit Insurance Corporation (FDIC). The Bank provides diversified financial products through its thirty stores located in the Greater Philadelphia, Southern New Jersey and New York City markets. Republic Bank stores are open 7 days a week, 361 days a year, with extended lobby and drive-thru hours providing customers with some of the most convenient hours compared to any bank in its market. The Bank offers free checking, free coin counting, ATM/Debit cards issued on the spot and access to more than 55,000 surcharge free ATMs worldwide via the Allpoint Network. The Bank also offers a wide range of residential mortgage products through its mortgage division which does business under the name of Oak Mortgage Company. For more information about Republic Bank, visit www.myrepublicbank.com.

8

Forward Looking Statements

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. The forward-looking statements contained herein, are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. For example, risks and uncertainties can arise with changes in: general economic conditions, including turmoil in the financial markets and related efforts of government agencies to stabilize the financial system; the adequacy of our allowance for loan losses and our methodology for determining such allowance; adverse changes in our loan portfolio and credit risk-related losses and expenses; concentrations within our loan portfolio, including our exposure to commercial real estate loans, and to our primary service area; changes in interest rates; business conditions in the financial services industry, including competitive pressure among financial services companies, new service and product offerings by competitors, price pressures and similar items; deposit flows; loan demand; the regulatory environment, including evolving banking industry standards, changes in legislation or regulation; impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act; our securities portfolio and the valuation of our securities; accounting principles, policies and guidelines as well as estimates and assumptions used in the preparation of our financial statements; rapidly changing technology; litigation liabilities, including costs, expenses, settlements and judgments; and other economic, competitive, governmental, regulatory and technological factors affecting our operations, pricing, products and services. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2018 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “would be,” “could be,” “should be,” “probability,” “risk,” “target,” “objective,” “may,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect” and similar expressions or variations on such 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 U.S. 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, except as may be required by applicable law or regulations.

Source: Republic First Bancorp, Inc.

Contact: Frank A. Cavallaro, CFO (215) 735-4422

9

Republic First Bancorp, Inc.

Consolidated Balance Sheets

(Unaudited)

	December 31,			September 30,			December 31,
(dollars in thousands, except per share amounts)	2019			2019			2018
ASSETS
Cash and due from banks	$	41,928		$	57,562		$	35,685
Interest-bearing deposits and federal funds sold		126,391			143,915			36,788
Total cash and cash equivalents		168,319			201,477			72,473
Securities - Available for sale		539,042			379,962			321,014
Securities - Held to maturity		644,842			687,425			761,563
Restricted stock		2,746			2,371			5,754
Total investment securities		1,186,630			1,069,758			1,088,331
Loans held for sale		13,349			21,210			26,291
Loans receivable		1,748,195			1,569,380			1,436,598
Allowance for loan losses		(9,266	)		(8,467	)		(8,615	)
Net loans		1,738,929			1,560,913			1,427,983
Premises and equipment		116,956			111,573			87,661
Other real estate owned		1,730			6,653			6,223
Other assets		115,377			114,337			44,335
Total Assets	$	3,341,290		$	3,085,921		$	2,753,297
LIABILITIES
Non-interest bearing deposits	$	661,431		$	595,869		$	519,056
Interest bearing deposits		2,337,732			2,144,163			1,873,811
Total deposits		2,999,163			2,740,032			2,392,867
Short-term borrowings		-			-			91,422
Subordinated debt		11,265			11,263			11,259
Other liabilities		81,694			83,783			12,560
Total Liabilities		3,092,122			2,835,078			2,508,108
SHAREHOLDERS' EQUITY
Common stock - $0.01 par value		594			594			593
Additional paid-in capital		272,039			271,412			269,147
Accumulated deficit		(12,216	)		(9,731	)		(8,716	)
Treasury stock at cost		(3,725	)		(3,725	)		(3,725	)
Stock held by deferred compensation plan		(183	)		(183	)		(183	)
Accumulated other comprehensive loss		(7,341	)		(7,524	)		(11,927	)
Total Shareholders' Equity		249,168			250,843			245,189
Total Liabilities and Shareholders' Equity	$	3,341,290		$	3,085,921		$	2,753,297

10

Republic First Bancorp, Inc.

Consolidated Statements of Income

(Unaudited)

	Three Months Ended									Twelve Months Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
(in thousands, except per share amounts)	2019			2019			2018			2019			2018
INTEREST INCOME
Interest and fees on loans	$	19,421		$	18,707		$	17,555		$	74,497		$	64,045
Interest and dividends on investment securities		6,531			6,724			7,279			27,796			27,182
Interest on other interest earning assets		940			777			459			2,571			847
Total interest income		26,892			26,208			25,293			104,864			92,074
INTEREST EXPENSE
Interest on deposits		6,869			6,689			5,103			26,267			14,432
Interest on borrowed funds		109			137			210			790			1,738
Total interest expense		6,978			6,826			5,313			27,057			16,170
Net interest income		19,914			19,382			19,980			77,807			75,904
Provision for loan losses		1,155			450			600			1,905			2,300
Net interest income after provision for loan losses		18,759			18,932			19,380			75,902			73,604
NON-INTEREST INCOME
Service fees on deposit accounts		2,091			1,990			1,589			7,541			5,476
Mortgage banking income		2,077			2,797			2,285			10,125			10,233
Gain on sale of SBA loans		594			944			451			3,187			3,105
Gain (loss) on sale of investment securities		-			520			(66	)		1,103			(67	)
Other non-interest income		451			303			629			1,782			1,575
Total non-interest income		5,213			6,554			4,888			23,738			20,322
NON-INTEREST EXPENSE
Salaries and employee benefits		13,510			14,314			11,351			53,888			44,082
Occupancy and equipment		5,077			4,734			3,410			18,047			13,493
Legal and professional fees		1,036			1,123			642			3,924			3,033
Foreclosed real estate		456			799			707			2,109			1,588
Regulatory assessments and related fees		324			62			417			1,228			1,675
Other operating expenses		7,085			6,792			5,530			25,294			19,850
Total non-interest expense		27,488			27,824			22,057			104,490			83,721
Income (loss) before provision (benefit) for income taxes		(3,516	)		(2,338	)		2,211			(4,850	)		10,205
Provision (benefit) for income taxes		(1,031	)		(516	)		54			(1,350	)		1,578
Net income (loss)	$	(2,485	)	$	(1,822	)	$	2,157		$	(3,500	)	$	8,627
Net Income (Loss) per Common Share
Basic	$	(0.04	)	$	(0.03	)	$	0.04		$	(0.06	)	$	0.15
Diluted	$	(0.04	)	$	(0.03	)	$	0.04		$	(0.06	)	$	0.15
Average Common Shares Outstanding
Basic		58,843			58,843			58,789			58,833			58,358
Diluted		58,843			58,843			59,672			58,833		59,407

11

Republic First Bancorp, Inc.

Average Balances and Net Interest Income

(unaudited)

	For the three months ended							For the three months ended							For the three months ended
(dollars in thousands)	December 31, 2019							September 30, 2019							December 31, 2018
			Interest							Interest							Interest
	Average		Income/		Yield/			Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Rate			Balance		Expense		Rate			Balance		Expense		Rate
Interest-earning assets:
Federal funds sold and other interest-earning assets	$	228,292	$	940		1.63	%	$	146,446	$	777		2.10	%	$	80,416	$	459		2.26	%
Securities		1,090,736		6,539		2.40	%		1,055,154		6,743		2.56	%		1,068,065		7,315		2.74	%
Loans receivable		1,658,917		19,538		4.67	%		1,540,834		18,816		4.84	%		1,427,260		17,660		4.91	%
Total interest-earning assets		2,977,945		27,017		3.60	%		2,742,434		26,336		3.81	%		2,575,741		25,434		3.92	%
Other assets		261,875							247,682							134,411
Total assets	$	3,239,820						$	2,990,116						$	2,710,152
Interest-bearing liabilities:
Demand non interest-bearing	$	619,075						$	563,691						$	528,568
Demand interest-bearing		1,309,205		3,725		1.13	%		1,168,404		3,752		1.27	%		1,073,140		3,192		1.18	%
Money market & savings		745,707		1,902		1.01	%		702,547		1,814		1.02	%		702,322		1,444		0.82	%
Time deposits		222,116		1,242		2.22	%		208,624		1,123		2.14	%		133,675		467		1.39	%
Total deposits		2,896,103		6,869		0.94	%		2,643,266		6,689		1.00	%		2,437,705		5,103		0.83	%
Total interest-bearing deposits		2,277,028		6,869		1.20	%		2,079,575		6,689		1.28	%		1,909,137		5,103		1.06	%
Other borrowings		11,264		109		3.84	%		14,037		137		3.87	%		24,354		210		3.42	%
Total interest-bearing liabilities		2,288,292		6,978		1.21	%		2,093,612		6,826		1.29	%		1,933,491		5,313		1.09	%
Total deposits and other borrowings		2,907,367		6,978		0.95	%		2,657,303		6,826		1.02	%		2,462,059		5,313		0.86	%
Non interest-bearing liabilities		82,515							81,872							9,690
Shareholders' equity		249,938							250,941							238,403
Total liabilities and shareholders' equity	$	3,239,820						$	2,990,116						$	2,710,152
Net interest income			$	20,039						$	19,510						$	20,121
Net interest spread						2.39	%						2.52	%						2.83	%
Net interest margin						2.67	%						2.82	%						3.10	%

Note: The above tables are presented on a tax equivalent basis.

12

Republic First Bancorp, Inc.

Average Balances and Net Interest Income

(unaudited)

	For the twelve months ended							For the twelve months ended
(dollars in thousands)	December 31, 2019							December 31, 2018
			Interest							Interest
	Average		Income/		Yield/			Average		Income/		Yield/
	Balance		Expense		Rate			Balance		Expense		Rate
Interest-earning assets:
Federal funds sold and other interest-earning assets	$	129,528	$	2,571		1.98	%	$	40,931	$	847		2.07	%
Securities		1,074,706		27,886		2.59	%		1,037,810		27,316		2.63	%
Loans receivable		1,544,904		74,946		4.85	%		1,340,117		64,455		4.81	%
Total interest-earning assets		2,749,138		105,403		3.83	%		2,418,858		92,618		3.83	%
Other assets		229,767							131,369
Total assets	$	2,978,905						$	2,550,227
Interest-bearing liabilities:
Demand non interest-bearing	$	555,385						$	488,995
Demand interest-bearing		1,184,530		15,621		1.32	%		918,508		7,946		0.87	%
Money market & savings		705,445		6,796		0.96	%		697,135		4,898		0.70	%
Time deposits		190,567		3,850		2.02	%		128,892		1,588		1.23	%
Total deposits		2,635,927		26,267		1.00	%		2,233,530		14,432		0.65	%
Total interest-bearing deposits		2,080,542		26,267		1.26	%		1,744,535		14,432		0.83	%
Other borrowings		22,911		790		3.45	%		73,573		1,738		2.36	%
Total interest-bearing liabilities		2,103,453		27,057		1.29	%		1,818,108		16,170		0.89	%
Total deposits and other borrowings		2,658,838		27,057		1.02	%		2,307,103		16,170		0.70	%
Non interest-bearing liabilities		71,131							9,431
Shareholders' equity		248,936							233,693
Total liabilities and shareholders' equity	$	2,978,905						$	2,550,227
Net interest income			$	78,346						$	76,448
Net interest spread						2.54	%						2.94	%
Net interest margin						2.85	%						3.16	%

Note: The above tables are presented on a tax equivalent basis.

13

Republic First Bancorp, Inc.

Summary of Allowance for Loan Losses and Other Related Data

(unaudited)

	Three months ended									Twelve months ended
	December 31,			September 30,			December 31,			December 31,			December 31,
(dollars in thousands)	2019			2019			2018			2019			2018
Balance at beginning of period	$	8,467		$	8,056		$	8,084		$	8,615		$	8,599
Provision charged to operating expense		1,155			450			600			1,905			2,300
		9,622			8,506			8,684			10,520			10,899
Recoveries on loans charged-off:
Commercial		5			59			5			219			152
Consumer		2			3			-			9			2
Total recoveries		7			62			5			228			154
Loans charged-off:
Commercial		(354	)		(72	)		(68	)		(1,356	)		(2,219	)
Consumer		(9	)		(29	)		(6	)		(126	)		(219	)
Total charged-off		(363	)		(101	)		(74	)		(1,482	)		(2,438	)
Net charge-offs		(356	)		(39	)		(69	)		(1,254	)		(2,284	)
Balance at end of period	$	9,266		$	8,467		$	8,615		$	9,266		$	8,615
Net charge-offs as a percentage of average loans outstanding		0.09	%		0.01	%		0.02	%		0.08	%		0.17	%
Allowance for loan losses as a percentage of period-end loans		0.53	%		0.54	%		0.60	%		0.53	%		0.60	%

14

Republic First Bancorp, Inc.

Summary of Non-Performing Loans and Assets

(unaudited)

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollars in thousands)	2019			2019			2019			2019			2018
Non-accrual loans:
Commercial real estate	$	10,569		$	10,180		$	7,545		$	8,096		$	9,463
Consumer and other		1,844			1,743			1,777			836			878
Total non-accrual loans		12,413			11,923			9,322			8,932			10,341
Loans past due 90 days or more and still accruing		-			129			-			1,744			-
Total non-performing loans		12,413			12,052			9,322			10,676			10,341
Other real estate owned		1,730			6,653			6,406			6,088			6,223
Total non-performing assets	$	14,143		$	18,705		$	15,728		$	16,764		$	16,564
Non-performing loans to total loans		0.71	%		0.77	%		0.62	%		0.72	%		0.72	%
Non-performing assets to total assets		0.42	%		0.61	%		0.53	%		0.60	%		0.60	%
Non-performing loan coverage		74.65	%		70.25	%		86.42	%		74.00	%		83.31	%
Allowance for loan losses as a percentage of total period-end loans		0.53	%		0.54	%		0.53	%		0.53	%		0.60	%
Non-performing assets / capital plus allowance for loan losses		5.47	%		7.21	%		6.06	%		6.54	%		6.53	%

15