REPUBLIC FIRST BANCORP INC - FORM 8-K - EX-99.1 - EXHIBIT 99.1

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8-K - REPUBLIC FIRST BANCORP, INC. FORM 8-K - REPUBLIC FIRST BANCORP INC	rfb8k.htm

Exhibit 99.1

News Release

Republic First Bancorp, Inc.

February 1, 2012

REPUBLIC FIRST BANCORP, INC. REPORTS FINANCIAL RESULTS FOR QUARTER AND YEAR ENDED DECEMBER 31, 2011

Philadelphia, PA, February 1, 2012 (PR Newswire) – Republic First Bancorp, Inc. (NASDAQ: FRBK), the holding company for Republic Bank, today announced its financial results for the quarter and year ended December 31, 2011. The Company completed the transformation of its balance sheet through the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale substantially reduced non-performing asset balances and immediately improved credit quality metrics during the period.

The Company also recorded a valuation allowance related to its deferred tax assets in the amount of $14.4 million during the fourth quarter of 2011. The recording of this allowance had no impact on regulatory capital ratios. The valuation allowance represents $14.4 million in unrecorded tax assets that can be used to increase future earnings.

“Strengthening the balance sheet and improving asset quality has been the main focus of our organization over the last two years,” said Harry D. Madonna, the Company’s Chairman and Chief Executive Officer. “The loan sale completed that process and will now enable us to redirect our focus on growth and improved earnings going forward. This transaction represents the final step in the transformation of Republic into a new bank with a new brand, new management team, improved stores, and a retail model focused on extraordinary customer service.”

A summary of earnings for the three and twelve months ended December 31, 2011 are as follows (dollars in thousands):

	Quarter Ended 12/31/11			Year Ended 12/31/11

Income (Loss) From Operations	$	1,315		$	(1,716	)
Loss on Loan Sale		14,795			14,795
Income (Loss) Before Income Taxes		(13,480	)		(16,511	)
Provision (Benefit) for Income Taxes		(4,792	)		(6,199	)
Provision for DTA Valuation Allowance		14,390			14,390
Net Income (Loss)	$	(23,078	)	$	(24,702	)

Highlights for the Period Ending December 31, 2011

Ø	Asset quality trends improved for a sixth consecutive quarter. Non-performing asset balances decreased significantly by $37.4 million, or 68%, to $17.8 million as of December 31, 2011 compared to $55.2 million as of December 31, 2010.

Ø	Non-performing asset and loan ratios improved significantly year over year.

	12/31/11			12/31/10
Non-Performing Loans / Total Loans		1.92	%		6.45	%
Non-Performing Assets / Total Assets		1.70	%		6.30	%
Loan Loss Reserve / Total Loans		2.04	%		1.84	%
Loan Loss Reserve / Non-Performing Loans		106.52	%		28.62	%
Non-Performing Assets / Capital and Reserves		23.13	%		55.46	%

Ø	Total assets increased to $1.0 billion as of December 31, 2011 compared to $876.1 million as of December 31, 2010 which represents growth of $171.3 million, or 20%.

Ø	Total deposits increased by $194.9 million, or 26%, to $952.6 million as of December 31, 2011 compared to $757.7 million as of December 31, 2010. Core deposits grew by $83.5 million, or 12%, to a total of $785.2 million during the year ended December 31, 2011.

Ø	Capital levels remain strong with a Total Risk-Based Capital ratio of 13.09% and a Tier I Leverage Ratio of 8.70% at December 31, 2011.

The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months ended December 31, 2010. Cost of funds decreased by 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010.

The SBA Lending Team continued to establish itself as a strong component of the Company’s operating results with the origination of $11 million in new loans during the fourth quarter of 2011. This team is now ranked as the #1 SBA lender in New Jersey and the #39 lender in the nation based on the dollar volume of loan originations.

Ø	Non-interest income grew to $10.6 million for the year ended December 31, 2011 compared to $2.8 million for the year ended December 31, 2010. This represents a year over year increase of $7.7 million, or 273%, primarily due to the gains recognized on the sale of SBA loans.

Income Statement

Income from operations was approximately $1.3 million for the three month period ended December 31, 2011 compared to $0.2 million for the three month period ended December 31, 2010. The Company reported a loss from operations of $1.7 million for the twelve month period ended December 31, 2011 compared to a loss from operations of $16.8 million for the twelve month period ended December 31, 2010. Please refer to “Non-GAAP Financial Measures” below for a reconciliation of GAAP to non-GAAP items.

Earnings for the three and twelve month periods ended December 31, 2011 were significantly impacted by non-recurring items in the amount of $14.8 million related to the loan sale and $14.4 million for the deferred tax asset valuation allowance. The Company reported a net loss of $23.1 million, or $0.89 per share, for the three months ended December 31, 2011, compared to net income of $1.4 million, or $0.05 per share, for the three months ended September 30, 2011 and net income of $0.2 million, or $0.01 per share, for the three months ended December 31, 2010. On a year to date basis, the Company reported a net loss of $24.7 million for the twelve months ended December 31, 2011 compared to a net loss of $10.7 million for the twelve months ended December 31, 2010.

The loan loss provision increased to $10.3 million for the quarter ended December 31, 2011 compared to $0.6 million for the quarter ended September 30, 2011 due to the sale of loans and foreclosed properties completed in December that dramatically reduced non-performing asset balances and significantly improved credit quality metrics. On a year to date basis the loan loss provision decreased by $0.6 million, or 4%, to $16.0 million for the twelve month period ended December 31, 2011 compared to $16.6 million for the twelve month period ended December 31, 2010. The loan loss provision recorded during both 2011 and 2010 was primarily driven by the loan sale and updated appraisals of collateral associated with troubled loans all of which were originated prior to 2008.

The Company continues to lower its cost of funds as evidenced by a decrease of 10 basis points to 0.95% for the three months ended December 31, 2011, compared to 1.05% for the three months ended December 31, 2010. The net interest margin increased to 3.59% for the twelve month period ended December 31, 2011 compared to 3.50% for the twelve months ended December 31, 2010.

Non-interest income increased to $3.4 million for the three months ended December 31, 2011 compared to $1.6 million for the three months ended December 31, 2010, primarily as a result of a settlement in the amount of $2.0 million related to the resolution of a legal dispute. Non-interest income increased to $10.6 million for the twelve months ended December 31, 2011 compared to $2.8 million for the twelve months ended December 31, 2010 mainly due to the $2.0 million legal settlement along with gains recognized on the sale of SBA loans during 2011.

Non-interest expense increased to $14.1 million for the three months ended December 31, 2011 compared to $9.1 million for the three months ended December 31, 2010 mainly due to other real estate write-downs and expenses totaling $4.8 million which were associated with the disposition of foreclosed assets included in the loan sale completed during the fourth quarter of 2011. Non-interest expense increased to $41.2 million for the twelve months ended December 31, 2011 compared to $33.1 million for the twelve months ended December 31, 2010 as a result of the disposition of foreclosed assets in the loan sale combined with expenses related to the SBA lending team that joined the Company during 2011.

In accordance with the applicable accounting guidance a deferred tax asset valuation allowance was recorded during the period ended December 31, 2011. The Company recorded a provision for income taxes in the amount of $9.6 million for the three month period ended December 31, 2011. This amount was the net result of a $4.8 million tax benefit calculated based on the operating results during the fourth quarter of 2011 offset by a tax provision in the amount of $14.4 million related to a deferred tax asset valuation allowance recorded during the fourth quarter of 2011.

Balance Sheet

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

Description	December 31, 2011		September 30, 2011		% Change			December 31, 2010		% Change

Total assets	$	1,047,353	$	952,801		10	%	$	876,097		20	%

Total loans (net)		577,442		621,256		(7	%)		608,911		(5	%)

Total deposits		952,611		833,289		14	%		757,730		26	%

Total core deposits		785,246		762,275		3	%		701,779		12	%

Total assets grew by $171.3 million, or 20%, as of December 31, 2011 when compared to December 31, 2010. The growth in assets was driven by an increase in total deposits to $952.6 million as of December 31, 2011 compared to $757.7 million as of December 31, 2010. Core deposits increased by $23.0 million, or 3%, as of December 31, 2011 compared to September 30, 2011 and increased $83.5 million, or 12%, when compared to December 31, 2010 as a result of the Company’s retail strategy which focuses on relationship banking.

Core Deposits

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

Description	December 31, 2011		September 30, 2011		% Change			December 31, 2010		% Change			4th Qtr 2011 Cost of Funds

Demand noninterest-bearing	$	129,684	$	126,310		3	%	$	128,578		1	%		0.00	%

Demand interest-bearing		109,243		98,293		11	%		66,283		65	%		0.64	%

Money market and savings		400,143		371,293		8	%		329,742		21	%		0.96	%

Certificates of deposit		146,176		166,379		(12	%)		177,176		(17	%)		1.25	%

Total core deposits	$	785,246	$	762,275		3	%	$	701,779		12	%		0.82	%

Core deposits increased to $785.2 million at December 31, 2011 compared to $701.8 million at December 31, 2010 as the Company continues to focus its effort on the gathering of low-cost core deposits. At the same time, the Company reduced the overall deposit cost of funds to 0.84% for the three month period ending December 31, 2011 compared to 0.94% for the three month period ending December 31, 2010. Core deposits, excluding certificates of deposit, grew by $114.5 million, or 22%, as of December 31, 2011 compared to December 31, 2010.

The retail banking strategy has enabled the company to significantly reduce its dependence on wholesale funding sources in the brokered and public fund certificate of deposit market. Liquidity remains strong as the Company has also currently eliminated the need for outside borrowings.

Lending

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

Description	Dec 31, 2011			% of Total			Sept 30, 2011			% of Total			Dec 31, 2010			% of Total

Commercial real estate	$	353,529			60	%	$	393,652			62	%	$	374,935			60	%
Construction and land development		35,061			6	%		52,681			8	%		73,795			12	%
Commercial and industrial		87,668			15	%		79,162			12	%		78,428			13	%
Owner occupied real estate		93,625			16	%		88,677			14	%		70,833			11	%
Consumer and other		16,683			3	%		16,636			3	%		17,808			3	%
Residential mortgage		3,150			0	%		3,175			1	%		5,026			1	%
Deferred costs (fees)		(224	)					(347	)					(470	)

Gross loans	$	589,492			100	%	$	633,636			100	%	$	620,355			100	%

Asset Quality

The Company’s asset quality ratios are highlighted below:

	Quarter Ended
Ratio	December 31, 2011	September 30, 2011	December 31, 2010

Non-performing assets/total assets	1.70%	4.83%	6.30%

Quarterly net loan charge-offs (recoveries)/average loans	6.83%	2.08%	(0.58%)

Allowance for loan losses/gross loans	2.04%	1.95%	1.84%

Allowance for loan losses/non-performing loans	107%	39%	29%

Non-performing assets/capital and reserves	23%	46%	55%

Non-performing assets trended lower for a sixth consecutive quarter. During the fourth quarter of 2011, the Company completed the sale of $59.0 million of commercial real estate loans and foreclosed properties to a single investor. This sale dramatically reduced non-performing asset balances and significantly improved credit quality metrics for the period ended December 31, 2011. The loans and foreclosed properties had a book balance of $45.1 million and included $28.4 million of non-accrual loans and other real estate owned.

On a year to date basis, non-performing assets decreased by $37.4 million to $17.8 million, or 1.70% of total assets, at December 31, 2011, compared to $55.2 million, or 6.30% of total assets, as of December 31, 2010. Non-performing assets decreased by $28.2 million on a linked quarter basis as well. The allowance for loan losses as a percentage of total loans increased to 2.04% as of December 31, 2011, compared to 1.84% as of December 31, 2010.

Every non-performing asset included in the loan sale or currently remaining on the books was originated under the old bank model prior to December 31, 2007.

Capital

The Company’s capital regulatory ratios at December 31, 2011 were as follows:

	Republic First Bancorp, Inc.	Regulatory Guidelines “Well Capitalized”

Leverage Ratio	8.70%	5.00%

Tier 1 Risk Based Capital	11.71%	6.00%

Total Risk Based Capital	13.09%	10.00%

Total shareholders’ equity was $64.9 million at December 31, 2011 which represented a book value per share of $2.50, based on common shares outstanding of approximately 26.0 million.

The Company, along with its banking subsidiary, continue to maintain strong capital ratios and are considered well capitalized under the regulatory guidelines as established by federal banking agencies.

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 thirteen offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees and Haddonfield, New Jersey. For more information about Republic Bank, visit myrepublicbank.com.

Non-GAAP Financial Measures

Income (loss) from operations is not a measure of financial performance under generally accepted accounting principles (GAAP) and should not be construed as substitutes for, or superior to, GAAP net income (loss) as a measure of financial performance. However, management uses both GAAP financial measures and the disclosed non-GAAP financial measures internally to evaluate and manage the Company’s operations and to better understand its business. Further, management believes the inclusion of non-GAAP financial measures provides meaningful supplementary information to and facilitates analysis by investors in evaluating the Company’s financial performance and results of operations. Income (loss) from operations as presented herein is not necessarily comparable to similarly titled measures of other companies.

The following table reconciles reported income (loss) from operations to net income (loss) (dollars in thousands):

	For the Three Months Ended					For the Twelve Months Ended
	2011			2010		2011			2010
Income (loss) from operations	$	1,315		$	171	$	(1,716	)	$	(16,764	)
Loss on sale of loans		14,795			-		14,795			-
Income (loss) before income taxes		(13,480	)		171		(16,511	)		(16,764	)
Provision (benefit) for income taxes		(4,792	)		12		(6,199	)		(6,074	)
Provision for deferred tax asset valuation allowance		14,390			-		14,390			-
Net income (loss)	$	(23,078	)	$	159	$	(24,702	)	$	(10,690	)

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 their impact on capital expenditures; new service and product offerings by competitors and price pressures; and similar items. You should carefully review the risk factors described in the Form 10-K for the year ended December 31, 2010 and other documents the Company files from time to time with the Securities and Exchange Commission. The words “may”, “believes,” “expect,” “estimate,” “project,” “anticipate,” “should,” “intend,” “probability,” “risk,” “target,” “objective,” 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.
Selected Consolidated Financial Data
(Unaudited)

	Three months ended															Twelve months ended
(dollars in thousands, except per share amounts)	12/31/11			9/30/11			% Change			12/31/10			% Change			12/31/11			12/31/10			% Change

Income Statement Data:
Net interest income	$	7,489		$	7,639			(2	%)	$	7,223			4	%	$	30,074		$	30,064			0	%
Provision for loan losses		10,300			616			1,572	%		(350	)		3,043	%		15,966			16,600			(4	%)
Non-interest income		3,423			3,955			(13	%)		1,589			115	%		10,581			2,839			273	%
Total revenues		10,912			11,594			(6	%)		8,812			24	%		40,655			32,903			24	%
Non-interest expenses		14,092			9,105			55	%		8,991			57	%		41,200			33,067			25	%
Provision (benefit) for income taxes		9,598			509			1,786	%		12			79,883	%		8,191			(6,074	)		235	%
Net income (loss)		(23,078	)		1,364			(1,792	%)		159			(14,614	%)		(24,702	)		(10,690	)		(131	%)

Per Common Share Data:
Net income (loss): Basic	$	(0.89	)	$	0.05			(1,880	%)	$	0.01			(9,000	%)	$	(0.95	)	$	(0.57	)		(67	%)
Net income (loss): Diluted		(0.89	)		0.05			(1,880	%)		0.01			(9,000	%)		(0.95	)		(0.57	)		(67	%)
Book Value	$	2.50		$	3.40					$	3.39					$	2.50		$	3.39
Weighted average shares outstanding:
Basic		25,973			25,973						25,967						25,973			18,593
Diluted		25,973			25,973						25,967						25,973			18,593

Balance Sheet Data:
Total assets	$	1,047,353		$	952,801			10	%	$	876,097			20	%	$	1,047,353		$	876,097			20	%
Loans (net)		577,442			621,256			(7	%)		608,911			(5	%)		577,442			608,911			(5	%)
Allowance for loan losses		12,050			12,380			(3	%)		11,444			5	%		12,050			11,444			5	%
Investment securities		179,784			159,992			12	%		150,087			20	%		179,784			150,087			20	%
Total deposits		952,611			833,289			14	%		757,730			26	%		952,611			757,730			26	%
Core deposits*		785,246			762,275			3	%		701,779			12	%		785,246			701,779			12	%
Public and brokered certificates of deposit		70,765			71,014			(0	%)		55,951			26	%		70,765			55,951			26	%
Other borrowed money		-			-						-			-			-			-			-
Subordinated debt		22,476			22,476			-			22,476			-			22,476			22,476			-
Stockholders' equity		64,851			88,304			(27	%)		88,146			(26	%)		64,851			88,146			(26	%)

Capital:
Stockholders' equity to total assets		6.19	%		9.27	%					10.06	%					6.19	%		10.06	%
Leverage ratio		8.70	%		10.66	%					11.01	%					8.70	%		11.01	%
Risk based capital ratios:
Tier 1		11.71	%		12.72	%					13.68	%					11.71	%		13.68	%
Total Capital		13.09	%		13.97	%					14.93	%					13.09	%		14.93	%

Performance Ratios:
Cost of funds		0.95	%		0.99	%					1.05	%					0.99	%		1.20	%
Deposit cost of funds		0.84	%		0.88	%					0.94	%					0.88	%		1.07	%
Net interest margin		3.38	%		3.57	%					3.45	%					3.59	%		3.50	%
Return on average assets		(9.51	%)		0.58	%					0.07	%					(2.68	%)		(1.14	%)
Return on average total stockholders' equity		(110.48	%)		6.17	%					0.71	%					(28.68	%)		(13.42	%)

Asset Quality
Net charge-offs to average loans outstanding		6.83	%		2.08	%					(0.58	%)					2.44	%		2.73	%
Nonperforming assets to total period-end assets		1.70	%		4.83	%					6.30	%					1.70	%		6.30	%
Allowance for loan losses to total period-end loans		2.04	%		1.95	%					1.84	%					2.04	%		1.84	%
Allowance for loan losses to nonperforming loans		106.52	%		38.68	%					28.62	%					106.52	%		28.62	%
Nonperforming assets to capital and reserves		23.13	%		45.68	%					55.46	%					23.13	%		55.46	%


* Core deposits equal total deposits less public and brokered certificates of deposit and temporary demand deposits.

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

(dollars in thousands)	For the three months ended December 31, 2011							For the three months ended September 30, 2011							For the three months ended December 31, 2010

			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	$	108,488	$	63		0.23	%	$	72,214	$	34		0.19	%	$	62,508	$	40		0.25	%
Securities		163,999		1,384		3.38	%		151,120		1,268		3.36	%		151,510		1,296		3.42	%
Loans receivable		617,856		8,211		5.27	%		637,477		8,528		5.31	%		622,913		8,093		5.15	%
Total interest-earning assets		890,343		9,658		4.30	%		860,811		9,830		4.53	%		836,931		9,429		4.47	%

Other assets		72,205							71,649							75,300

Total assets	$	962,548						$	932,460						$	912,231

Interest-bearing liabilities:

Demand non interest-bearing	$	127,842						$	120,443						$	114,540
Demand interest-bearing		102,960	$	165		0.64	%		100,516	$	159		0.63	%		61,010	$	101		0.66	%
Money market & savings		385,553		930		0.96	%		347,727		868		0.99	%		336,752		888		1.05	%
Time deposits		228,751		690		1.20	%		245,083		781		1.26	%		278,900		878		1.25	%
Total deposits		845,106		1,785		0.84	%		813,769		1,808		0.88	%		791,202		1,867		0.94	%

Total interest-bearing deposits		717,264		1,785		0.99	%		693,326		1,808		1.03	%		676,662		1,867		1.09	%

Other borrowings		22,476		282		4.98	%		22,552		279		4.91	%		22,508		279		4.92	%


Total interest-bearing liabilities	$	739,740	$	2,067		1.11	%	$	715,878	$	2,087		1.16	%	$	699,170	$	2,146		1.22	%
Total deposits and
other borrowings		867,582		2,067		0.95	%		836,321		2,087		0.99	%		813,710		2,146		1.05	%


Non interest-bearing liabilities		12,092							8,468							9,052
Shareholders' equity		82,874							87,671							89,469
Total liabilities and
shareholders' equity	$	962,548						$	932,460						$	912,231

Net interest income			$	7,591						$	7,743						$	7,283
Net interest spread						3.19	%						3.37	%						3.25	%

Net interest margin						3.38	%						3.57	%						3.45	%

The above tables are presented on a tax equivalent basis.

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, 2011							December 31, 2010

			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	$	62,082	$	145		0.23	%	$	31,313	$	80		0.26	%
Securities		156,367		5,119		3.27	%		175,074		6,176		3.53	%
Loans receivable		630,309		33,417		5.30	%		659,882		34,293		5.20	%
Total interest-earning assets		848,758		38,681		4.56	%		866,269		40,549		4.68	%

Other assets		73,053							73,961

Total assets	$	921,811						$	940,230

Interest-bearing liabilities:

Demand non interest-bearing	$	119,189						$	116,895
Demand interest-bearing		91,577	$	590		0.64	%		58,467	$	427		0.73	%
Money market & savings		345,885		3,457		1.00	%		320,296		3,689		1.15	%
Time deposits		244,741		3,017		1.23	%		320,194		4,621		1.44	%
Total deposits		801,392		7,064		0.88	%		815,852		8,737		1.07	%

Total interest-bearing deposits		682,203		7,064		1.04	%		698,957		8,737		1.25	%

Other borrowings		24,831		1,135		4.57	%		35,930		1,508		4.20	%


Total interest-bearing liabilities		707,034		8,199		1.16	%		734,887		10,245		1.39	%
Total deposits and
other borrowings		826,223		8,199		0.99	%		851,782		10,245		1.20	%


Non interest-bearing liabilities		9,472							8,781
Shareholders' equity		86,116							79,667
Total liabilities and
shareholders' equity	$	921,811						$	940,230

Net interest income			$	30,482						$	30,304
Net interest spread						3.40	%						3.29	%

Net interest margin						3.59	%						3.50	%


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)

	Three months ended									Twelve months ended
(dollars in thousands)	12/31/11			9/30/11			12/31/10			12/31/11			12/31/10

Balance at beginning of period	$	12,380		$	15,108		$	10,889		$	11,444		$	12,841
Provisions/(recoveries) charged to operating
expense		10,300			616			(350	)		15,966			16,600
		22,680			15,724			10,539			27,410			29,441

Recoveries on loans charged-off:
Commercial		59			-			905			70			1,168
Consumer		-			1			-			39			3
Total recoveries		59			1			905			109			1,171

Loans charged-off:
Commercial		(10,682	)		(3,342	)		-			(15,428	)		(19,126	)
Consumer		(7	)		(3	)		-			(41	)		(42	)

Total charged-off		(10,689	)		(3,345	)		-			(15,469	)		(19,168	)

Net charge-offs		(10,630	)		(3,344	)		905			(15,360	)		(17,997	)

Balance at end of period	$	12,050		$	12,380		$	11,444		$	12,050		$	11,444

Net charge-offs/(recoveries) as a percentage
average loans outstanding		6.83	%		2.08	%		(0.58	%)		2.44	%		2.73	%

Allowance for loan losses as a percentage of
period-end loans		2.04	%		1.95	%		1.84	%		2.04	%		1.84	%

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)	2011			2011			2011			2011			2010

Non-accrual loans:
Commercial real estate	$	9,667		$	31,096		$	36,642		$	38,187		$	39,302
Consumer and other		897			910			949			974			690
Total non-accrual loans		10,564			32,006			37,591			39,161			39,992

Loans past due 90 days or more
and still accruing		748			-			1,338			-			-
Renegotiated loans		-			-			-			-			-

Total non-performing loans		11,312			32,006			38,929			39,161			39,992

Other real estate owned		6,479			13,988			13,109			14,077			15,237

Total non-performing assets	$	17,791		$	45,994		$	52,038		$	53,238		$	55,229

Non-performing loans to total loans		1.92	%		5.05	%		6.09	%		6.21	%		6.45	%

Non-performing assets to total assets		1.70	%		4.83	%		5.78	%		6.07	%		6.30	%

Non-performing loan coverage		106.52	%		38.68	%		38.81	%		36.90	%		28.62	%

Allowance for loan losses as a percentage
of total period-end loans		2.04	%		1.95	%		2.36	%		2.29	%		1.84	%

Non-performing assets/capital plus
allowance for loan losses		23.13	%		45.68	%		50.88	%		52.80	%		55.46	%

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REPUBLIC FIRST BANCORP INC Reports