Exhibit 99.1

Company Release – 10/23/15

First Priority Financial Corp. Reports a 23% Increase in Third Quarter, 2015 Net Income Compared to Second Quarter 2015.

Malvern, Pa., October 23, 2015 – First Priority Financial Corp. (“First Priority” or the “Company”), parent of First Priority Bank, today reported increased core operating results for the three and nine months ended September 30, 2015.

For the three months ended September 30, 2015, First Priority reported consolidated income before income taxes of $828 thousand, an increase of 16% compared to $715 thousand for the second quarter of 2015 and a 36% increase compared to $608 thousand earned in the third quarter of 2014. Net income for the three months ended September 30, 2015 increased 23% to $588 thousand, or $0.06 per basic and diluted common share, compared to $479 thousand, or $0.04 per basic and diluted common share in the second quarter of 2015, after preferred dividends totaling $212 thousand and $211 thousand for each period, respectively. During the third quarter of 2014, the Company reversed the valuation allowance related to net deferred tax assets and accordingly, recognized a tax benefit in the quarter of $4.71 million. As a result, net income for the three months ended September 30, 2014 was $5.32 million, or $0.80 per basic and diluted common share, after preferred dividends and net warrant amortization totaling $166 thousand.

For the nine months ended September 30, 2015, First Priority’s consolidated income before income taxes was $2.17 million compared to $1.82 million for the same period of 2014. Net income for the nine months ended September 30, 2015 totaled $1.48 million, or $0.14 per basic and diluted common share after preferred dividends totaling $589 thousand. Net income for the nine months ended September 30, 2014, including a tax benefit totaling $4.70 million as explained above, totaled $6.52 million, or $0.95 per basic and diluted common share after preferred dividends totaling $414 thousand paid during the period.

David E. Sparks, Chairman and CEO, commented: “First Priority’s improvement of its core operating performance reflects the quality and strength of our Company as we continue to grow by identifying new customers and by broadening our relationships with existing clients.” Sparks continued: “Total assets reached $509 million, loans outstanding totaled approximately $400 million, and the underlying credit quality of our loan portfolio continues to improve as reflected in lower non-performing loans and non-performing assets ratios, which declined to 0.89% of total loans and 0.99% of total assets, respectively, as of September 30, 2015.”

Balance Sheet and Capital Highlights:

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Operating Results Highlights:

For the nine months ended September 30, 2015, non-interest expenses totaled $10.31 million, an increase of $247 thousand, or 2.5% from $10.06 million for the same period in 2014. These increases primarily reflect incremental staffing costs related to enhancing business development opportunities within our current markets as well as a higher level of costs related to other real estate owned.

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Asset Quality Highlights:

About First Priority

First Priority Financial Corp. is a bank holding company, which along with its bank subsidiary, First Priority Bank, is headquartered in Malvern, Pennsylvania. First Priority Bank, with $508 million in assets, was chartered in November, 2005 and opened for business to the public in January, 2006 as a full service commercial bank providing personal and business lending, deposit products and wealth management services through its eight offices in Berks, Bucks, Chester and Montgomery Counties, Pennsylvania. The common stock of First Priority Financial Corp. trades on the OTCQX marketplace, under the symbol FPBK. First Priority’s website can be accessed at http://www.fpbk.com.

This release contains forward-looking statements, which can be identified by reference to a future period or periods or by the use of words such as “would be,” “will,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “plan,” “seek,” “expect,” and similar expressions or the negative thereof. These forward-looking statements include: statements of goals, intentions and expectations; statements regarding prospects and business strategy; statements regarding asset quality and market risk; and estimates of future costs, benefits and results. These forward-looking statements are subject to significant risks, assumptions and uncertainties, including, among other things, the following: (1) general economic conditions, (2) competitive pressures among financial services companies, (3) changes in interest rates, (4) deposit flows, (5) loan demand, (6) changes in legislation or regulation, (7) changes in accounting principles, policies and guidelines, (8) litigation liabilities, including costs, expenses, settlements and judgments and (9) other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services. Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. We have no obligation to update or revise any forward-looking statements to reflect any changed assumptions, unanticipated events or any changes in the future.

The Company cautions that the foregoing list of important factors is not exclusive. Readers are also cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. 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 to reflect events or circumstances occurring after the date of this press release.

For a discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review our filings with the Securities and Exchange Commission (“SEC”), including our most recent annual report on Form 10-K, as supplemented by our quarterly or other reports subsequently filed with the SEC.

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First Priority Financial Corp.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

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First Priority Financial Corp.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)

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First Priority Financial Corp.

Selected Financial Data

(Unaudited, dollars in thousands, except per share data)

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