Peer Analysis

Performance Ratios (%)	FRBK	Peer Median	Peer Average
ROAA	0.38	0.92	1.00
ROAE	4.00	8.92	9.36
Net Interest Margin	3.18	3.53	3.41
Efficiency Ratio	85.18	61.57	61.40
Loans / Deposits	57.44	95.45	95.96
Asset Quality Ratios (%)
NPAs / Assets	1.00	0.92	0.94
NCOs / Avg Loans	0.18	0.08	0.11
Reserves / Loans	0.57	0.89	0.89
Reserves / NPAs	30.39	79.38	86.56
Capital Ratios (%)
Tier 1 Capital	14.91	12.70	14.48
Tangible Equity / Tangible Assets	8.54	9.35	9.82
Total Equity / Total Assets	8.87	10.78	11.25
Market Ratios
Price / Earnings (x)	39.69	13.81	15.23
Price / Book (%)	158.30	126.70	124.99
Dividend Yield (%)	0.00	2.91	2.53

Data for trailing four quarters

Republic First Bancorp, Inc.'s peer group consists of the following: Bryn Mawr Bank Corporation (BMTC), Citizens & Northern Corporation (CZNC), DNB Financial Corporation (DNBF), ESSA Bancorp, Inc. (ESSA), Harleysville Financial Corporation (HARL), Ocean Shore Holding Co. (OSHC), OceanFirst Financial Corp. (OCFC), Parke Bancorp, Inc. (PKBK), Peapack-Gladstone Financial Corporation (PGC), QNB Corp. (QNBC), Royal Bancshares of Pennsylvania, Inc. (RBPA.A), Sun Bancorp, Inc. (SNBC), Univest Financial Corporation (UVSP)

Republic First Bancorp, Inc.'s financial data is as of 9/30/2018.

Peer financial data is as of 9/30/2018 except for these companies:

Bryn Mawr Bank Corporation's financial data is as of 12/31/2018.
Royal Bancshares of Pennsylvania, Inc.'s financial data is as of 9/30/2017.
Citizens & Northern Corporation's financial data is as of 12/31/2018.
Sun Bancorp, Inc.'s financial data is as of 12/31/2017.
Ocean Shore Holding Co.'s financial data is as of 9/30/2016.