Peer Analysis

Performance Ratios (%)	FRBK	Peer Median	Peer Average
ROAA	$0.28	$1.07	$1.10
ROAE	$3.05	$9.85	$10.29
Net Interest Margin	$3.10	$3.43	$3.40
Efficiency Ratio	$87.04	$60.85	$61.26
Loans / Deposits	$59.59	$95.45	$95.96
Asset Quality Ratios (%)
NPAs / Assets	0.76	0.72	0.77
NCOs / Avg Loans	0.07	0.05	0.08
Reserves / Loans	0.53	0.78	0.88
Reserves / NPAs	37.09	105.26	101.51
Capital Ratios (%)
Tier 1 Capital	13.97	12.51	14.25
Tangible Equity / Tangible Assets	8.54	9.47	9.95
Total Equity / Total Assets	8.85	10.34	11.31
Market Ratios
Price / Earnings (x)	35.46	13.08	13.20
Price / Book (%)	109.20	117.37	126.81
Dividend Yield (%)	0.00	2.69	2.50

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 3/31/2019.

Peer financial data is as of 3/31/2019 except for these companies:

Bryn Mawr Bank Corporation's financial data is as of 6/30/2019.
Royal Bancshares of Pennsylvania, Inc.'s financial data is as of 9/30/2017.
Citizens & Northern Corporation's financial data is as of 6/30/2019.
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.
Harleysville Financial Corporation's financial data is as of 6/30/2019.