Republic Bancshares, Inc. Reports 1st Quarter 2000 Net Income of $.15 Per Share

Business Wire, April 18, 2000

Business Editors

ST. PETERSBURG, Fla.--(BUSINESS WIRE)--April 18, 2000

Republic Bancshares Inc. (the "Company") (Nasdaq:REPB) today announced first quarter 2000 net income of $1.6 million, or $.15 per share on a diluted basis, compared with net income of $2.9 million, or $.25 per share, for the same period of 1999. In the current quarter the Company recorded a loan loss provision of $4.4 million, in part based on events and circumstances occurring in the first quarter of 2000 regarding the Company's warehouse lending operation. The amount of loss realized on the warehouse lending matter, if any, is yet to be determined but based on available information, management believes that the potential loss from this matter is covered by its loan loss allowance at March 31, 2000.

A summary of results of operations is as follows ($ in thousands, except per share data):

Quarter ended March 31st:            2000            1999

Net income (loss)                  $ 1,649         $ 2,855
Avg. shares outstanding         11,318,488      10,386,952
Earnings (loss) per share -
 diluted                       $       .15     $       .25

At March 31, 2000, the Company had total assets of $2.63 billion, stockholders' equity of $170.5 million and a book value per share of $15.08, compared with total assets of $2.57 billion, stockholders equity of $170.2 million and a book value per share of $15.06 at December 31, 1999. Loans, net of allowances for loan losses, were $1.85 billion at March 31, 2000, compared with $1.86 billion at December 31, 1999, while total deposits were $2.33 billion, an increase of $23.8 million from $2.28 billion at year end 1999.

Financial highlights for the first quarter of 2000 included the following (see "Selected Quarterly Consolidated Financial & Other Data"):

--  Net interest income increased by $1.2 million or 5.6% to $23.7
    million in 2000 from $22.4 million for 1999. The average yield on
    earning assets in 2000 was 8.16% compared to 8.07% for 1999. The
    average yield on the Company's loan portfolio increased 24 basis
    points from 8.52% to 8.76%. Average earning assets grew by $113.4
    million. The average cost of interest-bearing funds was 4.66% for
    2000 compared to 4.61% for 1999. Net interest margin, the
    difference between the yield on earning assets and the cost of
    funds, including noninterest bearing sources, was 3.86% for 2000
    compared to 3.81% for 1999.

--  General and administrative expenses were $19.3 million in 2000
    compared to $22.3 million in 1999, a decline of $3.0 million.
    Salaries and employee benefits declined by $2.7 million from the
    same period a year ago.

--  Nonperforming assets were $29.9 million at March 31, 2000, a
    decrease of $1.3 million from $31.2 million at year-end 1999.
    Nonperforming loans were $23.7 million at March 31, 2000 compared
    to $25.2 million at the end of 1999.

--  The allowance for loan losses at March 31, 2000 was $30.5 million
    or 1.62% of total loans, compared to $28.2 million or 1.49% of
    total loans at year-end 1999.

The common stock of Republic Bancshares is traded on the Nasdaq National Market under the trading symbol "REPB." Through its banking subsidiary, Republic Bank, the Company operates 81 full service banking offices throughout Florida and at $2.63 billion in total assets is one of the largest banking organizations headquartered in Florida. The Bank offers Internet banking services at its website address, www.republicbankfl.com. Shareholder inquiries can be made to (727) 823-7300 or via e-mail at shareholders@republicbankfl.com. The Company's transfer agent is ChaseMellon Shareholder Services. Inquiries to the transfer agent can be made via phone to (412) 236-8172 or via facsimile transmission to (412) 236-8157.

Statements in this release may constitute forward-looking statements that are based on the current beliefs and expectations of the Company's management, as well as assumptions made by, and information currently available to, the Company's management. Forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to economic, competitive and other factors affecting the Company and its operations.