NEWS RELEASE

FOR RELEASE IMMEDIATELY

Contact:  Paul Frenkiel, CFO

(215) 735-4422  ext. 5255

REPUBLIC FIRST BANCORP, INC.

REPORTS FIRST QUARTER EARNINGS

Philadelphia, PA, April 25, 2008 – Republic First Bancorp, Inc. (NASDAQ:FRBK), (the “Company”) the holding company for Republic First Bank (PA), today reported that first quarter 2008 earnings were impacted by an increased loan loss provision and OREO charges which amounted to $4.4 million or $.41 per  share on an after-tax basis.  Without those provisions and charges, earnings would have been $1.6 million or $.15 per diluted share compared to $2.1 million or $.20 per diluted share for the same quarter in 2007.  The referenced loan loss provision and OREO charges reduced net income to a negative $2.8 million or a loss of $.26 per share.

Harry D. Madonna, Chairman and Chief Executive Officer, stated, “As we advised in past press releases and in regulatory filings, the Bank experienced a significant increase in non-performing loans during the second half of 2007.  The non-performing loan numbers were exacerbated by the problems in the general economy and the deterioration of real estate values which represent a substantial portion of the collateral for the non-performing loans.  Management has been working to take control of all collateral securing the non-performing loans.  This process includes working through bankruptcy and foreclosure proceedings, as well as obtaining “deeds in lieu” from borrowers.  We also have been carefully reviewing our entire loan portfolio for potential problems.

The first quarter numbers reflect the Bank’s progress in selling a number of the properties collateralizing non-performing loans, moving collateral into real estate owned, taking appropriate charge offs to reflect present market value of all real estate owned, and making significant additions to our allowance for loan losses, which should mitigate further losses from such loans.  We will continue the process of selling the real estate owned and the assets which collateralize the remaining non-performing loans.

Total shareholders’ equity stood at $77.7 million with a book value per share of $7.48 at March 31, 2008, based on outstanding common shares of approximately 10.4 million.  The Company continues to be well capitalized.

Republic First Bank (PA) is a full-service, state-chartered commercial bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC).  The Bank provides diversified financial products through its eleven offices located in Abington, Ardmore, Bala Cynwyd, Plymouth Meeting, Media and Philadelphia, Pennsylvania and Voorhees, New Jersey.

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.  These forward-looking statements include statements with respect to the Company's beliefs, plans, objectives, goals, expectations, anticipations, estimates, and intentions that are subject to significant risks and uncertainties and are subject to change based on various factors, many of which are beyond the Company's control. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, and similar 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 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.

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Attachment  #1
Republic First Bancorp, Inc.
Condensed Income Statement
(Dollar amounts in thousands
except per share data)
(unaudited)
	Three Months Ended
	March 31,
	2008			2007
Net Interest Income	$	7,222		$	7,565
Provision for Loan Losses		5,812			80
Non-interest Income		665			640
Non-interest Expenses		6,448			4,995
Provision for income taxes (benefit)		(1,595	)		1,026
Net Income (Loss)	$	(2,778	)	$	2,104
Diluted EPS	$	(0.26	)	$	0.20
Republic First Bancorp, Inc.
Condensed Balance Sheet
(Dollar amounts in thousands)
(unaudited)
Assets	March 31,			December 31,			March 31,
	2008			2007			2007
Federal Funds Sold and Other Interest Bearing Cash	$	55,734		$	62,229		$	27,138
Investment Securities		86,360			90,299			109,518
Commercial and Other Loans		797,501			821,549			832,442
Allowance for Loan Losses		(10,156	)		(8,508	)		(8,355	)
Other Assets		69,724			50,739			46,277
Total Assets	$	999,163		$	1,016,308		$	1,007,020
Liabilities and Shareholders' Equity:
Transaction Accounts	$	322,433		$	357,920		$	457,903
Time Deposit Accounts		427,099			422,935			356,225
FHLB Advances and Trust Preferred Securities		164,008			144,774			102,982
Other Liabilities		7,946			10,212			12,984
Shareholders' Equity		77,677			80,467			76,926
Total Liabilities and Shareholders' Equity	$	999,163		$	1,016,308		$	1,007,020

Attachment #2
Republic First Bancorp, Inc.
March 31, 2008
(unaudited)
	At or For the
	Three Months Ended
	March 31,			March 31,
Financial Data:	2008			2007
Return on average assets		-1.16	%		0.88	%
Return on average equity		-13.90	%		11.26	%
Share information:
Book value per share	$	7.48		$	7.36
Actual shares outstanding at period end, net of
treasury shares (416,303)		10,384,000			10,446,000
Average diluted shares outstanding		10,504,000			10,758,000

Attachment #3
Republic First Bancorp, Inc.
March 31, 2008
(Dollars in thousands)
(unaudited)
Credit Quality Ratios:
	March 31,			December 31,			March 31,
	2008			2007			2007
Non-accrual and loans accruing,
but past due 90 days or more	$	3,067		$	22,280		$	9,089
Restructured loans		-			-			-
Total non-performing loans		3,067			22,280			9,089
Other real estate owned		16,378			3,681			572
Total non-performing assets	$	19,445		$	25,961		$	9,661
	Three Months			Twelve Months			Three Months
	Ended			Ended			Ended
	March 31,			December 31,			March 31,
	2008			2007			2007
Allowance for Loan Losses
Balance at beginning of period	$	8,508		$	8,058		$	8,058
Charge-offs:
Commercial and construction		4,344			1,503			-
Tax refund loans		-			-			-
Consumer		8			3			-
Total charge-offs		4,352			1,506			-
Recoveries:
Commercial and construction		117			81			9
Tax refund loans		69			283			207
Consumer		2			2			1
Total recoveries		188			366			217
Net charge-offs (recoveries)		4,164			1,140			(217	)
Provision for loan losses		5,812			1,590			80
Balance at end of period	$	10,156		$	8,508		$	8,355
Non-performing loans as
a percentage of total loans		0.38	%		2.71	%		1.09	%
Nonperforming assets as
a percentage of total assets		1.95	%		2.55	%		0.96	%
Allowance for loan losses
to total loans		1.27	%		1.04	%		1.00	%
Allowance for loan losses
to total non-performing loans		331.14	%		38.19	%		91.92	%

Attachment #4
Republic First Bancorp, Inc.
March 31, 2008
(Dollars in thousands )
(unaudited)
			Quarter-to-Date
			Average Balance Sheet
	Three months ended							Three months ended
	March 31, 2008							March 31, 2007
					Average							Average
Interest-Earning Assets:	Average				Yield/			Average				Yield/
	Balance		Interest		Cost			Balance		Interest		Cost
Commercial and other loans	$	817,702	$	13,453		6.62	%	$	798,716	$	15,300		7.77	%
Investment securities		87,545		1,252		5.72			109,568		1,542		5.63
Federal funds sold		12,271		96		3.15			19,767		235		4.82
Total interest-earning assets		917,518		14,801		6.49			928,051		17,077		7.46
Other assets		42,977							37,416
Total assets	$	960,495	$	14,801				$	965,467	$	17,077
Interest-Bearing Liabilities:
Interest-bearing deposits	$	633,604	$	6,253		3.97	%	$	642,386	$	7,393		4.67	%
Borrowed funds		151,552		1,326		3.52			155,348		2,119		5.53
Interest-bearing liabilities		785,156		7,579		3.88			797,734		9,512		4.84
Non-interest and
interest-bearing funding		868,549		7,579		3.51			875,553		9,512		4.41
Other liabilities:		11,558							14,118
Total liabilities		880,107							889,671
Shareholders' equity		80,388							75,796
Total liabilities &
shareholders' equity	$	960,495						$	965,467
Net interest income			$	7,222						$	7,565
Net interest margin						3.17	%						3.31	%