Exhibit 99.1

Company Release – October 20, 2017

First Priority Financial Corp. Reports an Increase in Net Income of 51% for the Current Quarter and 45% for the Nine Months Ended September 30, 2017 Over the Comparable 2016 Periods

Malvern, Pa., October 20, 2017 – First Priority Financial Corp. (“First Priority” or the “Company”), parent of First Priority Bank (the “Bank”), today reported that net income for the nine months ended September 30, 2017 increased 45% to $2.27 million, or $0.31 per basic common share and $0.30 per fully diluted common share versus $1.56 million, or $0.19 per basic and fully diluted common share for the same period in 2016.

Quarterly net income totaled $719 thousand, or $0.10 per basic common share and $0.09 per fully diluted common share for the third quarter of 2017, a 51% increase compared to $476 thousand, or $0.06 per basic and fully diluted common share in the third quarter of 2016. Third quarter net income compares to second quarter net income of $766 thousand, or $0.11 per basic common share and $0.10 per fully diluted common share.

For the first nine months of 2017, income to common shareholders, after preferred dividends, totaled $2.04 million, a 65% increase over the prior year nine month period of $1.23 million. Third quarter of 2017 income to common shareholders, after preferred dividends, totaled $642 thousand, an increase of 61% over $400 thousand reported in the third quarter of the prior year period.

Additionally, asset quality remains strong as non-performing loans were 0.16% of total loans, non-performing assets were 0.22% of total assets and the total delinquency ratio, including past due loans, totaled 0.30% of total loans as of September 30, 2017.

David E. Sparks, Chairman and CEO, stated: “Our Company’s operating performance for the current quarter and first nine months of 2017 has increased significantly from the comparable 2016 periods, reflecting the impact of the $64 million loan and relationship purchase completed in August, 2016. We have also continued to experience strong asset quality as non-performing loans totaled 0.16% of total loans, strong deposit growth as total deposits exceeded $500 million for the first time, and we have maintained our focus on prudent expense control. In addition, book value per common share increased to $7.16 per common share and tangible book value increased 5% during 2017 to $6.71 per common share as of the end of the current quarter.”

Sparks continued: “Loan growth has been steady for the first nine months of 2017 as new loans booked totaled $58 million or 12% versus year end loan balances; however, significant payoffs totaling $48 million, resulting primarily from unscheduled loan payoffs due in a large part to asset sales, have impacted the net loan growth achieved. Competition for loan growth within our marketplace remains strong. During the current environment of rising interest rates and strong competition for loans, we will not compromise our underwriting and pricing disciplines which may impact future performance. Additionally, we continue to focus our efforts on strengthening our deposit base in existing and new markets, including deeper penetration in Chester County, which we anticipate from the opening of our new West Chester branch office in the first quarter of 2018.”

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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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Balance Sheet and Capital Review:

Asset Quality Highlights:

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Operating Results Review:

Net interest income for the nine months ended September 30, 2017 totaled $13.60 million compared to $12.21 million in the prior year, an increase of $1.39 million, or 11.4%. Average interest earning assets increased $67.6 million, or 13.9% when comparing these periods. For the nine months ended September 30, 2017 the rate on average earning assets increased 4 basis points while the average cost of funds increased 13 basis points which resulted in a decline in net interest margin of 7 basis points from 3.34% at September 30, 2016 to 3.27% at September 30, 2017.

For the nine months ended September 30, 2017, non-interest income decreased $738 thousand, as investment securities gains totaled $187 thousand in the current year, a decrease of $608 thousand compared to $795 thousand in the prior year, and wealth management fees declined $148 thousand from $251 thousand in the prior year to $103 thousand for the first nine months of 2017.

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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 $612 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 seven banking offices and one loan production office located throughout 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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