Republic First Bancorp, Inc. Reports First Quarter Financial Results

PHILADELPHIA, April 20, 2017

		Three Months Ended
($ in millions, except per share data)		03/31/17	03/31/16	% Change
Assets ARIVA.DE Börsen-Geflüster Kurse Republic First Bancorp 0,03 $ +140,0%		$ 1,968.6	$    1,482.1	33%
Loans		1,026.1	899.1	14%
Deposits		1,720.5	1,337.6	29%
Total Revenue		$     20.5	$        15.2	35%
Net Income		1.8	1.1	65%
Net Income per Share		$     0.03	$        0.03	-%

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

"The momentum from The Power of Red is Back expansion program continues to build as we enter into 2017. Our primary goal at Republic is to create an emotional and legendary brand. Achieving this goal turns Customers into FANS, who not only remain loyal to our brand, but share their Republic experience with family, friends and neighbors. I am extremely pleased with our progress to date, but truly believe the best is yet to come."

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

"I am pleased to report another quarter of strong financial results to kick off 2017. Progress with our growth and expansion plan has clearly carried into the new year. Total assets have grown by 33% and net income improved by 65% year over year. We currently have three new stores under construction and are hard at work developing sites for future openings. We are not only investing in our store network, but continue to make improvements in technology and infrastructure to provide world class service and convenience across all delivery channels."

Highlights for the Period Ended March 31, 2017

• The Company completed a $100 million common stock offering during the fourth quarter of 2016. As a result, Shareholders' Equity increased to $218.3 million as of March 31, 2017 compared to $116.6 million as of March 31, 2016. This capital raise will allow the Company to execute its aggressive expansion plan over the next several years.

• Total deposits increased by $383 million, or 29%, to $1.7 billion as of March 31, 2017 compared to $1.3 billion as of March 31, 2016. On a linked quarter basis deposits grew $43 million, or 3%, when compared to December 31, 2016.

• New stores opened since the beginning of the "Power of Red is Back" expansion campaign in 2014 are currently growing deposits at an average rate of $32 million per year, while the average deposit growth for all stores over the last twelve months was approximately $20 million per store.

• Net income increased by 65% to $1.8 million, or $0.03 per share, for the three months ended March 31, 2017 compared to $1.1 million, or $0.03 per share, for the three months ended March 31, 2016. The Company continues to open new stores and increase net income despite the additional costs associated with the expansion strategy. The acquisition of Oak Mortgage has also contributed to improved earnings.

• There are nineteen stores open today. A new location now under construction in Cherry Hill, NJ is scheduled to be completed in the second quarter of 2017. Ground has been broken on sites in Medford and Sicklerville, NJ. There are also several additional sites in various stages of development for future store locations.

• Total assets increased by $487 million, or 33%, to $2.0 billion as of March 31, 2017 compared to $1.5 billion as of March 31, 2016.

• Total loans grew $127 million, or 14%, to $1.0 billion as of March 31, 2017 compared to $899 million at March 31, 2016.

• SBA lending continued to be an important part of the Company's lending strategy. More than $11 million in new SBA loans were originated during the three month period ended March 31, 2017. Our team is currently ranked as the #1 SBA lender in the New Jersey and southeastern Pennsylvania market based on the dollar volume of loan originations.

• The Company's Total Risk-Based Capital ratio was 18.27% and Tier I Leverage Ratio was 12.21% at March 31, 2017.

• Book value per common share increased to $3.84 as of March 31, 2017 compared to $3.08  as of March 31, 2016.

Income Statement

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

The Company reported net income of $1.8 million, or $0.03 per share, for the three month period ended March 31, 2017, compared to net income of $1.1 million, or $0.03 per share, for the three month period ended March 31, 2016.

Total revenue increased by $5.4 million, or 35%, to $20.5 million for the three month period ended March 31, 2017, compared to $15.2 million for the three month period ended March 31, 2016.  This increase is primarily attributable to revenue from the residential mortgage division which was acquired in July 2016. Revenue also in increased due to higher interest income as a result of the strong growth in interest-earning assets over the last twelve months driven by the Company's "Power of Red is Back" expansion program.

Non-interest income increased to $4.3 million for the three month period ended March 31, 2017 compared to $2.4 million for the three month period ended March 31, 2016.  This increase was due to $2.4 million in mortgage banking income, driven primarily by loan sales. 

Non-interest expenses increased by $4.5 million, or 36%, to $16.8 million during the three month period ended March 31, 2017 compared to $12.3 million during the three months ended March 31, 2016. This increase was mainly caused by the addition of expenses related to the residential mortgage division. Salaries and employee benefits were also higher at the Bank as a result of annual merit increases along with increased staffing levels related to our growth strategy of adding and relocating stores. Occupancy and equipment expenses associated with the growth and relocation strategy also contributed to the increase in non-interest expenses.

Balance Sheet

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

Description	03/31/17	03/31/16	% Change	12/31/16	% Change
Total assets	$ 1,968,588	$ 1,482,061	33%	$ 1,923,931	2%
Total loans (net)	1,016,962	890,088	15%	955,817	7%
Total deposits	1,720,512	1,337,607	29%	1,677,670	3%
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