PHILADELPHIA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Republic First Bancorp, Inc. (NASDAQ:FRBK), the holding company for Republic Bank, today announced its financial results for the period ended September 30, 2021.

Q3-2021 Financial Highlights

Net income for the nine-month period ended September 30, 2021 increased to $19.1 million, or $0.25 per diluted share, compared to net income of $1.0 million, or $0.02 per diluted share, for the nine month period ended September 30, 2020.
Net income for the quarter ended September 30, 2021 increased to $6.1 million, or $0.08 per diluted share, compared to a net loss of $1.0 million, or $(0.02) per diluted share, for the quarter ended September 30, 2020.
The improvement in earnings was driven by the strong growth in revenue while our focus on cost control initiatives continues to limit expense growth. In addition, earnings during 2020 were impacted by a one-time goodwill impairment charge that did not recur in 2021. During the first nine months of 2021 total revenue increased 30% and non-interest expense, excluding the goodwill impairment charge, increased by 9% compared to the first nine months of 2020.
Total deposits increased by $1.1 billion, or 27%, to $5.0 billion as of September 30, 2021 compared to $3.9 billion as of September 30, 2020. New stores opened since the beginning of the "Power of Red is Back" expansion campaign are currently growing deposits at an average rate of $42 million per year, while the average deposit growth for all stores over the last twelve months was approximately $33 million per store.
We have achieved this significant growth in deposits while driving down the overall cost of funds for the Bank. The cost of funds decreased to 0.36% during the third quarter of 2021 compared to 0.59% in the third quarter of 2020.
Excluding the impact of PPP loans, total loans grew $296 million, or 15%, to $2.3 billion as of September 30, 2021 compared to $2.0 billion at September 30, 2020.
Asset quality remains strong as the ratio of non-performing assets to total assets declined to 0.25% as of September 30, 2021. No loan customers were deferring loan payments at the end of the third quarter. All customers that were granted deferrals to assist during the height of the COVID pandemic have resumed contractual payments.

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

"The Power of Red is Back expansion strategy continues to build momentum and deliver strong results across all fronts at Republic. Earnings have improved significantly over the last twelve months. Deposits continue to grow at rates far above industry standards and loan growth remains robust despite the challenges experienced by most financial institutions across the country as we move forward from the economic impact of the COVID-19 pandemic."

"As we grow, we remain laser focused on our commitment to deliver the best experience across every channel that our customers have access to….in-store, online, mobile, or by phone. This approach creates FANS throughout our footprint who join our brand, remain loyal and refer their friends which is driving tremendous organic growth quarter after quarter."

Financial Summary for the Period Ended September 30, 2021

The changes in the balance sheet as of September 30, 2021 were impacted by the effect of the PPP loan program. A portion of the increase in cash balances, outstanding loans, and outside borrowings will be short-term in nature and will change as the borrowers that received PPP loans submit applications for forgiveness to the SBA. A summary of the balance sheet presented with and without the impact of the PPP loan program for the period ended September 30, 2021 can be found in the following table:


($ in millions)	Actual		Actual		Actual		YOY Growth
	09/30/21		06/30/21		09/30/20		($)			(%)
Assets	$	5,406	$	5,377	$	4,959	$	447		9	%
Assets (excluding PPP)*		5,157		4,997		4,275		882		21	%
Loans		2,497		2,521		2,629		(132	)	(5	%)
Loans (excluding PPP)*		2,258		2,141		1,962		296		15	%
Deposits		4,972		4,560		3,906		1,066		27	%
PPPLF Borrowings	-			388		646		(646	)	(100	%)

*Note: See disclosure related to non-GAAP financial measures at the end of this release.

A summary of the income statement for the period ended September 30, 2021 can be found in the following table:


($ in millions, except	Three Months Ended							Nine Months Ended
per share data)	09/30/21		09/30/20			Change		09/30/21		09/30/20		Change
Total Revenue	$	38.8	$	33.0		18	%	$	118.8	$	91.1	30	%
Non-Interest Expense (excl Goodwill Imp)		29.8		28.6		4	%		89.6		82.5	9	%
Goodwill Impairment	-			5.0		(100	%)	-			5.0	(100	%)
Income (Loss) Before Tax		8.1		(1.5	)	640	%		25.2		0.8	3,050	%
Net Income (Loss)		6.1		(1.0	)	710	%		19.1		1.0	1,810	%
Earnings (Loss) per share (diluted)	$	0.08	$	(0.02	)	500	%	$	0.25	$	0.02	1,150	%

Additional Financial Highlights

Total assets increased by $447 million, or 9%, to $5.4 billion as of September 30, 2021 compared to $5.0 billion as of September 30, 2020. Excluding the short-term impact of the PPP loan program total assets increased by $882 million, or 21%, year over year.
The net interest margin increased by 18 basis points to 2.71% for the nine months ended September 30, 2021 compared to 2.53% for the nine months ended September 30, 2020. This increase was primarily driven by a decline in the cost of funds during the first nine months of 2021.
The cost of funds declined to 0.36% for the three-month period ended September 30, 2021 compared to 0.59% for the three month period ended September 30, 2020. This decrease was driven by the lower cost of deposits which has occurred while deposit balances have grown by more than $1.0 billion year over year.
We have thirty-two convenient store locations open today. We are currently building a new store location in Ocean City, NJ which we expect to open during the fourth quarter of 2021.
Our residential mortgage division, Oak Mortgage, is serving the home financing needs of customers throughout its footprint. The Oak Mortgage team originated more than $713 million in mortgage loans over the last twelve months which continues to be near record highs for the Oak Mortgage Team.
Total Risk-Based Capital ratio was 12.53% and Tier I Leverage Ratio was 6.50% at September 30, 2021.
Book value per common share increased to $4.67 as of September 30, 2021 compared to $4.33 as of September 30, 2020.

Income Statement

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

	Three Months Ended
	09/30/21		06/30/21		% Change		09/30/20			% Change
Net Interest Income	$	31,442	$	30,639	3	%	$	22,930		37	%
Non-interest Income		7,317		7,680	(5	%)		10,031		(27	%)
Total Revenue		38,759		38,319	1	%		32,961		18	%
Provision for Loan Losses		900		-	100	%		850		6	%
Non-interest Expense		29,775		30,518	(2	%)		28,569		4	%
Income (Loss) Before Goodwill Impairment		8,084		7,801	4	%		3,542		128	%
Goodwill Impairment	-		-		-	%		5,011		(100	%)
Income (Loss) Before Taxes		8,084		7,801	4	%		(1,469	)	650	%
Provision (Benefit) for Taxes		1,988		1,867	6	%		(503	)	495	%
Net Income (Loss)		6,096		5,934	3	%		(966	)	731	%
Preferred Stock Dividend		875		875	0	%		-		100	%
Net Income (Loss) Attributable to Common Shareholders		5,221		5,059	3	%		(966	)	640	%
Earnings (Loss) per share	$	0.08	$	0.08	0	%	$	(0.02	)	500	%

Net income increased to $6.1 million, or $0.08 per share, for the three-month period ended September 30, 2021, compared to a net loss of $1.0 million, or $(0.02) per share, for the three-month period ended September 30, 2020.

We continue to demonstrate progress with operating leverage which drives improved earnings. Total revenue increased by 18% while non-interest expense excluding goodwill impairment increased by 4% during the third quarter of 2021 compared to the third quarter of 2020. Earnings during the prior year were impacted by a goodwill impairment charge in the amount of $5.0 million which did not recur in 2021.

Net interest income increased to $31.4 million during the third quarter of 2021 compared to $22.9 million during the third quarter of 2020. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the "Power of Red is Back" expansion strategy. We also continue to amortize the fees associated with the origination of PPP loans which is reported as interest income and is recognized over the life of the loans. Approximately $9 million in origination fees related to the PPP loan program have been deferred as of September 30, 2021 and will be recognized over the remaining life of the loans in future periods.

The net interest margin for the three-month period ended September 30, 2021 increased by 19 basis points to 2.54% compared to 2.35% for the three month period ended September 30, 2020. The net interest margin declined by 10 basis points on a linked quarter basis primarily as a result of higher cash balances held during the third quarter of 2021.

Non-interest income declined to $7.3 million during the quarter ended September 30, 2021, compared to $10.0 million during the quarter ended September 30, 2020. The decrease is primarily attributable to the decrease in mortgage banking income year over year as a result of a decline in residential mortgage loan originations driven by lower refinancing activity in the current year.

Excluding the goodwill impairment charge in 2020, non-interest expense increased by 4%, to $29.8 million during the quarter ended September 30, 2021, compared to $28.6 million during the quarter ended September 30, 2020. The year over year growth was spread across all expense categories driven by the overall growth of the Bank.

A dividend on the outstanding shares of preferred stock in the amount of $0.9 million was declared and paid during the third quarter of 2021. The preferred stock was initially issued in August 2020 and pays a dividend at an annual rate of 7.00%.

	Nine Months Ended
	09/30/21		09/30/20			% Change
Net Interest Income	$	93,513	$	66,111		41	%
Non-interest Income		25,272		25,000		1	%
Total Revenue		118,785		91,111		30	%
Provision for Loan Losses		3,900		2,800		39	%
Non-interest Expense		89,640		82,505		9	%
Income (Loss) Before Goodwill Impairment		25,245		5,806		335	%
Goodwill Impairment	-			5,011		(100	%)
Income Before Taxes		25,245		795		3,075	%
Provision (Benefit) for Taxes		6,147		(158	)	3,991	%
Net Income		19,098		953		1,904	%
Preferred Stock Dividend		2,625		-		100	%
Net Income Attributable to Common Shareholders		16,473		953		1,629	%
Earnings per share	$	0.25	$	0.02		1,150	%

Net income increased to $19.1 million, or $0.25 per share, for the nine-month period ended September 30, 2021, compared to net income of $1.0 million, or $0.02 per share, for the nine-month period ended September 30, 2020. Similar to the results for the three-month period ended September 30, 2021, improved operating leverage also drove better earnings during the nine-month period ended September 30, 2021. Total revenue increased by 30% while non-interest expense excluding the goodwill impairment charge increased by 9%, during the first nine months of 2021 compared to the first nine months of 2020.

Net interest income increased to $93.5 million during the nine-month period ended September 30, 2021 compared to $66.1 million during the nine month period ended September 30, 2020. The increase in interest income is attributable to the growth in interest-earning assets over the last twelve months driven by the "Power of Red is Back" expansion strategy. We also continue to amortize the fees associated with the origination of PPP loans which is reported as interest income and is recognized over the life of the loans. The net interest margin for the nine-month period ended September 30, 2021 increased by 18 basis points to 2.71% compared to 2.53% for the nine month period ended September 30, 2020. The improvement in the margin was primarily a result of a decline in the cost of funds to 0.42% during 2021 compared to 0.69% during 2020.

Non-interest income increased by $0.3 million, or 1%, to $25.3 million for the nine-month period ended September 30, 2021, compared to $25.0 million for the nine-month period ended September 30, 2020. Growth in service fees and gains on the sale of SBA loans were offset by decreases in mortgage banking income, gains on the sale of investment securities and other non-interest income.

Excluding goodwill impairment, non-interest expense increased by 9%, to $89.6 million during the nine months ended September 30, 2021, compared to $82.5 million during the nine months ended September 30, 2020. The year over year growth was spread across all expense categories driven by the overall growth of the Bank.

Deposits

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

Description	09/30/21		09/30/20		% Change		06/30/21		% Change

Demand noninterest-bearing	$	1,346,353	$	1,049,169	28	%	$	1,258,162	7	%
Demand interest-bearing		2,162,324		1,618,342	34	%		1,945,833	11	%
Money market and savings		1,265,926		1,034,799	22	%		1,168,516	8	%
Certificates of deposit		197,478		203,296	(3	%)		187,357	5	%
Total deposits	$	4,972,081	$	3,905,606	27	%	$	4,559,868	9	%

Deposits increased by $1.1 billion, or 27%, to $5.0 billion at September 30, 2021 compared to $3.9 billion at September 30, 2020. This increase can be attributed to our strategy to expand the reach of our banking model which focuses on enhancing the total customer experience including in-store, on-line and mobile banking options. High levels of customer service and convenience across all delivery channels drives the gathering of low-cost, core deposits. We recognized strong growth in demand deposit balances, including an increase in non-interest bearing demand deposits of 28%, year over year as a result of the successful execution of our strategy. The increase in demand deposits over the last twelve months is also a result of our participation in the PPP loan program. Many of the PPP loans originated were for small businesses that were previously not customers of Republic Bank. Many of these small businesses have chosen to move their primary banking relationship to Republic as a result of the outstanding level of service and cooperation they experienced during the PPP loan process. Commercial deposits were 45% of total deposits as of September 30, 2021.

Lending

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

Description	09/30/21		09/30/20		% Growth		06/30/21		% Growth

Commercial and industrial	$	250,650	$	228,145	10	%	$	212,003	18	%
Owner occupied real estate		496,301		427,026	16	%		478,547	4	%
Commercial real estate		775,168		676,460	15	%		736,293	5	%
Construction and land development		153,132		164,671	(7	%)		160,945	(5	%)
Residential mortgage		496,963		365,279	36	%		459,712	8	%
Consumer and other		85,680		99,975	(13	%)		93,125	(7	%)
Sub-total (excl PPP Loans)		2,257,894		1,961,556	15	%		2,140,625	5	%
Paycheck protection program		239,120		667,842	(64	%)		380,798	(37	%)
Total Loans	$	2,497,014	$	2,629,398	(5	%)	$	2,521,423	(1	%)

Gross loans decreased by $132 million, or 5%, at September 30, 2021 compared to September 30, 2020. Loans originated through the PPP loan program continue to be repaid or forgiven by the SBA which offsets the growth experienced in other categories in the portfolio. Excluding the impact of the PPP loans, gross loans increased by $296 million, or 15%, to $2.3 billion at September 30, 2021 compared to $2.0 billion at September 30, 2020. We continue to see results from the continued success with our relationship banking model which has driven a steady flow in quality loan demand. We experienced strongest growth in the owner-occupied real estate, commercial real estate and residential mortgage categories over the last twelve months.

Asset Quality

The Company's asset quality ratios are highlighted below:

	Three Months Ended
	09/30/21		06/30/21		09/30/20

Non-performing assets / capital and reserves	4	%	4	%	4	%
Non-performing assets / total assets	0.25	%	0.26	%	0.27	%
Quarterly net loan charge-offs / average loans*	0.00	%	0.00	%	0.01	%
Allowance for loan losses / gross loans*	0.77	%	0.75	%	0.45	%
Allowance for loan losses / non-performing loans	133	%	123	%	95	%

*Note: PPP loans excluded when calculating % of total loan balances. See disclosure related to non-GAAP financial measures at the end of this release.

The percentage of non-performing assets to total assets decreased to 0.25% at September 30, 2021, compared to 0.27% at September 30, 2020. The allowance for loan losses as a percentage of total loans excluding PPP loans increased to 0.77% as of September 30, 2021 compared to 0.45% as of September 30, 2020. The allowance for loan losses as a percentage of non-performing loans increased to 133% at September 30, 2021 compared to 95% at September 30, 2020 as a result of the increase the allowance for loan losses over the last 12 months.

Capital

The Company's capital ratios at September 30, 2021 were as follows:

	Actual 09/30/21 Bancorp	Actual 09/30/21 Bank	Regulatory Guidelines "Well Capitalized"

Leverage Ratio	6.50%	6.24%	5.00%
Common Equity Ratio	9.81%	11.45%	6.50%
Tier 1 Risk Based Capital	11.92%	11.45%	8.00%
Total Risk Based Capital	12.53%	12.07%	10.00%
Tangible Common Equity	5.09%	5.94%	n/a

Total shareholders' equity increased to $324 million at September 30, 2021 compared to $303 million at September 30, 2020. The increase was primarily due to growth in retained earnings driven by net income over the last twelve months. Book value per common share increased to $4.67 at September 30, 2021 compared to $4.33 per share at September 30, 2020.

Non-GAAP Financial Measures

In addition to evaluating the Company's financial results of operations in accordance with accounting principles generally accepted in the U.S. ("GAAP"), management periodically supplements its evaluation with an analysis of certain non-GAAP financial measures that are intended to provide the reader with additional perspectives on operating results, financial conditions, and performance trends, while facilitating comparisons with the performance of other financial institutions. Non-GAAP financial measures are not a substitute for GAAP measures, rather, they should be read and used in conjunction with the Company's GAAP financial information.

The Company believes that disclosing non-GAAP financial measures is both useful internally and is expected by our investors and analysts in order to better understand the overall performance of the Company. Other companies may calculate and define their non-GAAP financial measures and supplemental data differently.

Analyst and Investor Call

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


Date:	October 27, 2021
Time:	11:00am (EDT)
From the U.S. dial:	(800) 774-6070 [US Toll Free] or
	(630) 691-2753 [US Toll]
Participant Pin:	9216 154#

An operator will assist you in joining the call.

About Republic First Bancorp, Inc.

Republic First Bancorp, Inc. is the holding company for Republic First Bank which does business under the name Republic Bank. Republic Bank 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-two stores located in Greater Philadelphia, Southern New Jersey, and New York City. 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.

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; the effects of health emergencies, including the spread of infectious diseases and pandemics; 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, 2020 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

Republic First Bancorp, Inc.
Consolidated Balance Sheets
(Unaudited)

			September 30,			June 30,			September 30,
(dollars in thousands, except per share amounts)				2021			2021			2020

ASSETS
	Cash and due from banks		$	15,560		$	16,371		$	43,689
	Interest-bearing deposits and federal funds sold			368,408			750,328			874,472
		Total cash and cash equivalents		383,968			766,699			918,161

	Securities - Available for sale			889,725			773,977			440,655
	Securities - Held to maturity			1,377,253			1,057,842			688,939
	Restricted stock			3,510			3,510			3,789
		Total investment securities		2,270,488			1,835,329			1,133,383

	Loans held for sale			16,991			14,408			42,549

	Loans receivable			2,497,014			2,521,423			2,629,398
	Allowance for loan losses			(17,218	)		(16,110	)		(11,851	)
		Net loans		2,479,796			2,505,313			2,617,547

	Premises and equipment			125,301			123,675			124,034
	Other real estate owned			532			852			1,113
	Other assets			128,502			131,162			121,969

	Total Assets		$	5,405,578		$	5,377,438		$	4,958,756



LIABILITIES
	Non-interest bearing deposits		$	1,346,353		$	1,258,162		$	1,049,169
	Interest bearing deposits			3,625,728			3,301,706			2,856,437
		Total deposits		4,972,081			4,559,868			3,905,606

	Short-term borrowings			-			387,509			646,267
	Subordinated debt			11,276			11,274			11,270
	Other liabilities			98,708			98,346			92,675

	Total Liabilities			5,082,065			5,056,997			4,655,818

SHAREHOLDERS' EQUITY
	Preferred stock			20			20			20
	Common stock			594			594			594
	Additional paid-in capital			324,023			323,442			321,915
	Retained earnings (accumulated deficit)			8,388			3,167			(11,263	)
	Treasury stock at cost			(3,725	)		(3,725	)		(3,725	)
	Stock held by deferred compensation plan			(183	)		(183	)		(183	)
	Accumulated other comprehensive loss			(5,604	)		(2,874	)		(4,420	)

	Total Shareholders' Equity			323,513			320,441			302,938


	Total Liabilities and Shareholders' Equity		$	5,405,578		$	5,377,438		$	4,958,756

Republic First Bancorp, Inc.
Consolidated Statements of Operations
(Unaudited)
		Three Months Ended							Nine Months Ended
		September 30,		June 30,		September 30,			September 30,		September 30,
(in thousands, except per share amounts)		2021		2021		2020			2021		2020

INTEREST INCOME
	Interest and fees on loans	$	27,380	$	28,460	$	24,683		$	85,743	$	67,593
	Interest and dividends on investment securities		8,217		6,830		3,778			21,515		15,671
	Interest on other interest earning assets		181		64		99			294		438
	Total interest income		35,778		35,354		28,560			107,552		83,702

INTEREST EXPENSE
	Interest on deposits		4,283		4,641		5,553			13,839		17,298
	Interest on borrowed funds		53		74		77			200		293
	Total interest expense		4,336		4,715		5,630			14,039		17,591

	Net interest income		31,442		30,639		22,930			93,513		66,111
	Provision for loan losses		900		-		850			3,900		2,800

	Net interest income after provision for loan losses		30,542		30,639		22,080			89,613		63,311

NON-INTEREST INCOME
	Service fees on deposit accounts		3,283		3,260		2,134			10,503		6,166
	Mortgage banking income		2,397		2,908		4,962			9,869		10,809
	Gain on sale of SBA loans		641		633		649			2,035		1,567
	Gain on sale of investment securities		-		2		279			2		2,760
	Other non-interest income		996		877		2,007			2,863		3,698
	Total non-interest income		7,317		7,680		10,031			25,272		25,000

NON-INTEREST EXPENSE
	Salaries and employee benefits		14,639		14,855		14,596			44,216		41,154
	Occupancy and equipment		5,689		5,846		5,524			17,606		16,375
	Legal and professional fees		1,074		1,048		940			3,147		2,879
	Foreclosed real estate		120		492		80			710		437
	Regulatory assessments and related fees		904		881		625			2,511		1,930
	Goodwill impairment		-		-		5,011			-		5,011
	Other operating expenses		7,349		7,396		6,804			21,450		19,730
	Total non-interest expense		29,775		30,518		33,580			89,640		87,516

Income (loss) before provision (benefit) for income taxes			8,084		7,801		(1,469	)		25,245		795

Provision (benefit) for income taxes			1,988		1,867		(503	)		6,147		(158	)

Net income (loss)			6,096		5,934		(966	)		19,098		953

Preferred stock dividends			875		875		-			2,625		-

Net income (loss) attributable to common shareholders		$	5,221	$	5,059	$	(966	)	$	16,473	$	953

Net Income (Loss) per Common Share
	Basic	$	0.09	$	0.09	$	(0.02	)	$	0.28	$	0.02
	Diluted	$	0.08	$	0.08	$	(0.02	)	$	0.25	$	0.02

Average Common Shares Outstanding
	Basic		58,895		58,875		58,853			58,877		58,851
	Diluted		75,876		76,164		64,432			75,946		60,751

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)	September 30, 2021						June 30, 2021						September 30, 2020

			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	$	480,166	$	181	0.15	%	$	306,222	$	64	0.08	%	$	383,632	$	99	0.10	%
Investment securities		1,948,532		8,240	1.69	%		1,688,807		6,830	1.62	%		908,166		3,784	1.67	%
Loans receivable		2,495,611		27,493	4.37	%		2,658,540		28,460	4.29	%		2,617,981		24,829	3.77	%
Total interest-earning assets		4,924,309		35,914	2.89	%		4,653,569		35,354	3.05	%		3,909,779		28,712	2.92	%

Other assets		248,095						262,404						269,071

Total assets	$	5,172,404					$	4,915,973					$	4,178,850

Interest-bearing liabilities:

Demand non interest-bearing	$	1,301,102					$	1,230,690					$	1,043,116
Demand interest-bearing		2,022,477		3,165	0.62	%		1,963,848		3,283	0.67	%		1,541,837		3,056	0.79	%
Money market & savings		1,219,009		837	0.27	%		1,098,340		932	0.34	%		980,979		1,613	0.65	%
Time deposits		193,816		281	0.58	%		187,093		425	0.91	%		217,554		884	1.62	%
Total deposits		4,736,404		4,283	0.36	%		4,479,971		4,640	0.42	%		3,783,486		5,553	0.58	%

Total interest-bearing deposits		3,435,302		4,283	0.49	%		3,249,281		4,641	0.57	%		2,740,370		5,553	0.81	%

Other borrowings		11,276		53	1.86	%		21,104		74	1.41	%		32,343		77	0.95	%
																	.

Total interest-bearing liabilities		3,446,578		4,336	0.50	%		3,270,385		4,715	0.58	%		2,772,713		5,630	0.81	%
Total deposits and
other borrowings		4,747,680		4,336	0.36	%		4,501,075		4,715	0.42	%		3,815,829		5,630	0.59	%


Non interest-bearing liabilities		100,773						100,272						88,773
Shareholders' equity		323,951						314,626						274,248
Total liabilities and
shareholders' equity	$	5,172,404					$	4,915,973					$	4,178,850

Net interest income			$	31,578					$	30,639					$	23,082
Net interest spread					2.39	%					2.47	%					2.11	%

Net interest margin					2.54	%					2.64	%					2.35	%



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

Republic First Bancorp, Inc.
Average Balances and Net Interest Income
(unaudited)

	For the nine months ended						For the nine months ended
(dollars in thousands)	September 30, 2021						September 30, 2020

			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	$	332,590	$	294	0.12	%	$	221,698	$	438	0.26	%
Securities		1,691,294		21,579	1.70	%		1,032,289		15,687	2.03	%
Loans receivable		2,609,622		86,086	4.41	%		2,255,283		68,032	4.03	%
Total interest-earning assets		4,633,506		107,959	3.12	%		3,509,270		84,157	3.20	%

Other assets		262,383						265,484

Total assets	$	4,895,889					$	3,774,754

Interest-bearing liabilities:

Demand non interest-bearing	$	1,207,065					$	891,385
Demand interest-bearing		1,945,074		9,706	0.67	%		1,426,181		9,333	0.87	%
Money market & savings		1,110,962		2,888	0.35	%		864,517		4,827	0.75	%
Time deposits		188,613		1,245	0.88	%		217,526		3,138	1.93	%
Total deposits		4,451,714		13,839	0.42	%		3,399,609		17,298	0.68	%

Total interest-bearing deposits		3,244,649		13,839	0.57	%		2,508,224		17,298	0.92	%

Other borrowings		26,019		200	1.03	%		29,932		293	1.31	%


Total interest-bearing liabilities		3,270,668		14,039	0.57	%		2,538,156		17,591	0.93	%
Total deposits and
other borrowings		4,477,733		14,039	0.42	%		3,429,541		17,591	0.69	%


Non interest-bearing liabilities		101,678						85,841
Shareholders' equity		316,478						259,372
Total liabilities and
shareholders' equity	$	4,895,889					$	3,774,754

Net interest income			$	93,920					$	66,566
Net interest spread					2.55	%					2.27	%

Net interest margin					2.71	%					2.53	%



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

Republic First Bancorp, Inc.
Summary of Allowance for Loan Losses and Other Related Data
(unaudited)

										Year
	Three months ended									ended			Nine months ended
	September 30,			June 30,			September 30,			Dec 31			September 30,			September 30,
(dollars in thousands)		2021			2021			2020			2020			2021			2020


Balance at beginning of period	$	16,110		$	16,091		$	11,040		$	9,266		$	12,975		$	9,266

Provision charged to operating expense		900			-			850			4,200			3,900			2,800
		17,010			16,091			11,890			13,466			16,875			12,066

Recoveries on loans charged-off:
Commercial		60			43			10			51			250			41
Consumer		149			49			3			13			201			10
Total recoveries		209			92			13			64			451			51

Loans charged-off:
Commercial		1			(61	)		(50	)		(448	)		(60	)		(199	)
Consumer		(2	)		(12	)		(2	)		(107	)		(48	)		(67	)

Total charged-off		(1	)		(73	)		(52	)		(555	)		(108	)		(266	)

Net (charge-offs) recoveries		208			19			(39	)		(491	)		343			(215	)

Balance at end of period	$	17,218		$	16,110		$	11,851		$	12,975		$	17,218		$	11,851


Net (charge-offs) recoveries as a percentage of
average loans outstanding		(0.03	%)		(0.00	%)		0.01	%		0.02	%		(0.02	%)		0.01	%

Allowance for loan losses as a percentage
of period-end loans		0.69	%		0.64	%		0.45	%		0.49	%		0.69	%		0.45	%

Republic First Bancorp, Inc.
Summary of Non-Performing Loans and Assets
(unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
(dollars in thousands)		2021			2021			2021			2020			2020

Non-accrual loans:
Commercial real estate	$	10,040		$	10,069		$	10,628		$	10,232		$	10,641
Consumer and other		2,892			1,982			2,562			2,014			1,808
Total non-accrual loans		12,932			12,051			13,190			12,246			12,449

Loans past due 90 days or more
and still accruing		13			996			-			612			-

Total non-performing loans		12,945			13,047			13,190			12,858			12,449

Other real estate owned		532			852			1,188			1,188			1,113

Total non-performing assets	$	13,477		$	13,899		$	14,378		$	14,046		$	13,562


Non-performing loans to total loans		0.52	%		0.52	%		0.49	%		0.49	%		0.47	%

Non-performing assets to total assets		0.25	%		0.26	%		0.27	%		0.28	%		0.27	%

Non-performing loan coverage		133.01	%		123.48	%		121.99	%		100.91	%		95.20	%

Allowance for loan losses as a percentage
of total period-end loans		0.69	%		0.64	%		0.59	%		0.49	%		0.45	%

Non-performing assets / capital plus
allowance for loan losses		3.96	%		4.13	%		4.44	%		4.37	%		4.31	%

Republic First Bancorp, Inc. Reports Third Quarter Financial Results