UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): April 25, 2024
REPUBLIC BANCORP, INC.
(Exact name of registrant as specified in its charter)
Kentucky |
0-24649 |
61-0862051 |
(State or other jurisdiction |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
of incorporation) |
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601 West Market Street, Louisville, Kentucky |
40202 |
(Address of principal executive offices) |
(zip code) |
Registrant’s telephone number, including area code: (502) 584-3600
NOT APPLICABLE
(Former Name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
Class A Common |
RBCAA |
The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On April 25, 2024, Republic Bancorp, Inc. announced its results of operations for the quarter ended March 31, 2024. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(d) |
Exhibits. |
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Exhibit No. |
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Republic Bancorp, Inc. Earnings Release dated April 25, 2024. |
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104 |
Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Republic Bancorp, Inc. |
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(Registrant) |
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Date: April 25, 2024 |
By: |
/s/ Kevin Sipes |
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Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
2
Exhibit 99.1
Republic Bancorp, Inc. Reports First Quarter 2024 Net Income of $30.6 Million
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).
Louisville, KY – Republic Bancorp, Inc. (“Republic” or the “Company”) reported first quarter 2024 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $30.6 million and $1.58 per share, representing increases of 9% and 11% over the first quarter of 2023.
Logan Pichel, President and CEO of the Bank commented, “Diversification of revenue streams once again played a meaningful role in our success as we reported a solid first quarter to start 2024. Altogether, three of our five reportable business segments generated increases in net income for the first quarter of 2024 compared to the first quarter of 2023. We are certainly proud of our diversified business model as this strategy has continued to produce solid results for us over our many years, and we think it is one of the primary differentiators between us and other banks our size.
As has been widely publicized in the media, we are now in the midst of the longest inverted yield curve in U.S. history, which continues to create notable net interest margin and funding challenges for banks across the country. With a relative high cost of incremental interest-bearing deposits and overnight borrowings to fund new loan growth for all banks, we continued to exercise strong pricing discipline for new loan opportunities during the first quarter. While this pricing discipline contributed to rising yields for the Traditional Bank’s overall loan portfolio, it did reduce our new loan volume during the quarter, and as a result, the overall growth in our Traditional Bank’s loan portfolio since year-end. While this strategy may make growing the Traditional Bank’s total dollars of net interest income more difficult in the near term, we always try to make decisions with the long-term future of the Company in mind and do not believe making new loans with ultra-thin margins for short-term gain is a sound long-term strategy for our shareholders.
In addition to the pricing discipline of our new loans, we also continued to display good expense discipline. On a pure GAAP-accounting basis, Core Bank noninterest expenses were down $2.1 million, or 5%, from the first quarter of 2023 to the first quarter of 2024. The first quarter of 2023, however, did include $2.1 million of merger-related expenses associated with our CBank acquisition in March 2023. Excluding the impact of these merger-related expenses, our Core Bank noninterest expenses were flat at $42.3 million for both quarters. We are proud of these results as moderating our noninterest expenses has been a focus for our Company over the past year, and we continue to make solid progress in becoming a more efficient overall organization.
As it relates to our nontraditional division, the Republic Processing Group (“RPG”), the first quarter of each year is the most impactful quarter for the Tax Refund Solutions (“TRS”) segment of RPG. While we made several revenue enhancements at TRS for the current tax season to mitigate the negative impact of higher funding costs, the level of payments received from the U.S. Treasury through March 31, 2024 to fund federal tax refunds declined from the payment levels received through March 31, 2023. This decrease in the level of payments was a primary driver for the higher Provision for loan losses at TRS for the first quarter of 2024 compared to the first quarter of 2023, more than offsetting the expected benefit of the revenue enhancements. We are optimistic that this decline in payments from the U.S. Treasury represents a temporary lag compared to last year, and believe we have a good chance to end the year as good as, if not better than, 2023 related to our Provision expense as a percentage of loans originated at TRS.
We are certainly proud of our first quarter accomplishments and the financial results we continue to produce on a quarter-after-quarter basis. With industry-leading credit quality, capital levels and client satisfaction ratings, along with a well-diversified business model, we look forward to the remainder of 2024 with optimism. As always, I want to thank our clients for their business with us and our associates for their tremendous efforts in serving our clients. Without them, we would not be able to produce such solid results” concluded Pichel.
The following table highlights Republic’s key metrics for the three months ended March 31, 2024 and 2023. Additional financial details, including segment-level data, are provided in the financial supplement to this release. The attached digital
version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company’s Form 8-K filed with the SEC on April 25, 2024.
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Three Months Ended Mar. 31, |
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(dollars in thousands, except per share data) |
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2024 |
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2023 |
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$ Change |
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% Change |
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Income Before Income Tax Expense |
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$ |
38,699 |
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$ |
36,114 |
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$ |
2,585 |
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7 |
% |
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Net Income |
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30,606 |
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28,092 |
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2,514 |
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9 |
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Diluted EPS |
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1.58 |
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1.42 |
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0.16 |
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11 |
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Return on Average Assets ("ROA") |
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1.70 |
% |
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1.81 |
% |
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NA |
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(6) |
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Return on Average Equity ("ROE") |
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13.12 |
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12.78 |
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NA |
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3 |
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NA – Not applicable
Results of Operations for the First Quarter of 2024 Compared to the First Quarter of 2023
Core Bank(1)
Net income for the Core Bank was $13.1 million for the first quarter of 2024 compared to $10.3 million for the first quarter of 2023. As further outlined in the following discussion, a decrease in provision expense and noninterest expense more than offset the Core Bank’s decline in net interest income when comparing the first quarter of 2024 to the first quarter of 2023.
Net Interest Income – Core Bank net interest income was $50.5 million for the first quarter of 2024, a $1.7 million, or 3%, decrease from the $52.3 million recorded during first quarter of 2023. In addition, the Core Bank’s net interest margin (“NIM”) decreased from 3.98% during the first quarter of 2023 to 3.30% during the first quarter of 2024.
The primary driver of this decrease in net interest income and net interest margin at the Core Bank was an on-going shift in funding mix away from noninterest-bearing deposit balances into higher-costing, interest-bearing deposits and Federal Home Loan Bank borrowings. As a continuance in trend from 2023, the Core Bank’s average noninterest-bearing deposits decreased from $1.5 billion during the first quarter of 2023 to $1.2 billion for the first quarter of 2024. In addition to this change in funding mix, the Core Bank’s cost of interest-bearing liabilities increased 227 basis points from the first quarter of 2023 to the first quarter of 2024, notably more than the 87-basis-point increase to its yield on interest-earning assets for the same periods.
Further impacting the Core Bank’s change in net interest income and NIM between the first quarter of 2023 and the first quarter of 2024 were the following:
● | Average outstanding Warehouse balances increased from $330 million during the first quarter of 2023 to $340 million for the first quarter of 2024. Committed Warehouse lines declined from $1.0 billion to $932 million from March 31, 2023 to March 31, 2024, while a modest up-tick in demand caused average usage rates for Warehouse lines to increase from 31% during the first quarter of 2023 to 37% for the first quarter of 2024. |
● | Traditional Bank average loans grew from $3.9 billion with a weighted-average yield of 4.59% during the first quarter of 2023 to $4.6 billion with a weighted average yield of 5.45% during the first quarter of 2024. In general, the growth in average loan balances was primarily attributable to loan growth achieved during the last nine months of 2023, as the spot balances for Traditional Bank loans decreased $45 million, or 1%, from December 31, 2023 to March 31, 2024. |
● | Average investments were $733 million with a weighted-average yield of 2.98% during the first quarter of 2024 compared to $773 million with a weighted-average yield of 2.61% for the first quarter of 2023. During the first quarter of 2024, the Core Bank continued to maintain an investment portfolio with a generally short overall duration, as part of its interest rate risk management strategy. As a result of this short duration, the Core Bank has |
2
approximately $210 million of investment securities scheduled to mature over the remaining nine months of 2024 with a weighted-average yield of 3.11%. |
● | Further segmenting the Core Bank’s increased cost of interest-bearing liabilities: |
o | The weighted-average cost of interest-bearing deposits increased from 0.74% during the first quarter of 2023 to 2.68% for the first quarter of 2024, while average interest-bearing deposits grew $746 million for the same periods. In addition to offsetting the decrease in its noninterest bearing deposits since 2023, the Core Bank also strategically raised additional non-retail, higher-costing interest-bearing deposits since the first quarter of 2023 to maintain strong liquidity. |
o | The average balance of FHLB borrowings increased from $245 million for the first quarter of 2023 to $536 million for the first quarter of 2024. In addition, the weighted-average cost of these borrowings increased from 4.22% to 4.94% for the same time periods. This increase in the average balance of borrowings was generally driven by the above noted growth in period-to-period average loans. |
● | Average interest-earning cash was $454 million with a weighted-average yield of 5.57% during the first quarter of 2024 compared to $241 million with a weighted-average yield of 4.48% for the first quarter of 2023. The increase in average cash balances was a strategic decision for additional on-balance sheet liquidity above required minimums in response to the uncertainty of the economic environment. |
3
The following tables present by reportable segment the overall changes in the Core Bank’s net interest income, net interest margin, as well as average and period-end loan balances:
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Net Interest Income |
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Net Interest Margin |
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(dollars in thousands) |
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Three Months Ended Mar. 31, |
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Three Months Ended Mar. 31, |
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Reportable Segment |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Traditional Banking |
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$ |
48,259 |
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$ |
50,168 |
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$ |
(1,909) |
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3.33 |
% |
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4.07 |
% |
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(0.74) |
% |
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Warehouse Lending |
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2,257 |
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2,087 |
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170 |
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2.67 |
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2.53 |
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0.14 |
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Total Core Bank |
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$ |
50,516 |
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$ |
52,255 |
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$ |
(1,739) |
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3.30 |
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3.98 |
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(0.68) |
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Average Loan Balances |
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Period-End Loan Balances |
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(dollars in thousands) |
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Three Months Ended Mar. 31, |
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Mar. 31, |
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Mar. 31, |
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Reportable Segment |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Traditional Banking |
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$ |
4,634,948 |
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$ |
3,913,388 |
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$ |
721,560 |
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18 |
% |
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$ |
4,573,650 |
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$ |
4,165,177 |
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$ |
408,473 |
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10 |
% |
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Warehouse Lending |
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340,433 |
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329,716 |
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10,717 |
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3 |
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463,249 |
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457,365 |
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5,884 |
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1 |
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Total Core Bank |
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$ |
4,975,381 |
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$ |
4,243,104 |
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$ |
732,277 |
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17 |
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$ |
5,036,899 |
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$ |
4,622,542 |
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$ |
414,357 |
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9 |
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*Includes loans held for sale
NM – Not meaningful
Provision for Expected Credit Loss Expense – The Core Bank’s Provision (2) was a net charge of $667,000 during the first quarter of 2024 compared to a net charge of $3.1 million for the first quarter of 2023.
The net charge for the first quarter of 2024 was primarily driven by the following:
● | The Core Bank recorded a net charge to the Provision of $820,000 during the first quarter of 2024 related to general formula reserves applied to Traditional Bank loans. While loan balances at the Traditional Bank decreased in total during the first quarter, the segment experienced a change in loan mix growing in loan categories, such as construction and land development, with higher loan loss reserve requirements. |
● | The Core Bank recorded a net charge to the Provision of $309,000 resulting from general formula reserves applied to a $124 million increase in outstanding Warehouse balances during the quarter. |
● | Offsetting the above charges to Provision, the Core Bank recorded a credit to the Provision of $631,000 as a result of a reclass of $69 million of correspondent mortgage loans from loans held for investment into loans held for sale. |
The net charge during the first quarter of 2023 was primarily driven by the following:
● | The Core Bank recorded a net charge to the Provision of $430,000 during the first quarter of 2023 related to general formula reserves applied to $92 million of Traditional Bank loan growth for the quarter. |
● | The Core Bank recorded a Day-1 net charge to the Provision of $2.7 million during the first quarter of 2023 related to its acquisition of CBank. |
4
As a percentage of total loans, the Core Bank’s Allowance(2) decreased 2 basis points from December 31, 2023 to March 31, 2024. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.
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As of Mar. 31, 2024 |
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As of Mar. 31, 2023 |
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Year-over-Year Change |
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(dollars in thousands) |
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Allowance |
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Allowance |
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Allowance |
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Reportable Segment |
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Gross Loans |
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Allowance |
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to Loans |
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Gross Loans |
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Allowance |
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to Loans |
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to Loans |
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% Change |
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Traditional Bank |
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$ |
4,573,650 |
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$ |
59,176 |
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1.29 |
% |
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$ |
4,165,177 |
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$ |
55,216 |
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1.33 |
% |
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(0.04) |
% |
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(3) |
% |
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Warehouse Lending |
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463,249 |
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1,156 |
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0.25 |
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457,365 |
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1,144 |
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0.25 |
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— |
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— |
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Total Core Bank |
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5,036,899 |
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60,332 |
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1.20 |
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4,622,542 |
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56,360 |
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1.22 |
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(0.02) |
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(2) |
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Tax Refund Solutions |
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57,497 |
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30,069 |
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52.30 |
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39,992 |
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25,981 |
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64.97 |
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(12.67) |
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(20) |
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Republic Credit Solutions |
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129,896 |
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18,301 |
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14.09 |
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111,700 |
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13,780 |
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12.34 |
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1.75 |
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14 |
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Total Republic Processing Group |
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187,393 |
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48,370 |
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25.81 |
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151,692 |
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39,761 |
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26.21 |
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(0.40) |
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(2) |
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Total Company |
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$ |
5,224,292 |
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$ |
108,702 |
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2.08 |
% |
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$ |
4,774,234 |
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$ |
96,121 |
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2.01 |
% |
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0.07 |
% |
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3 |
% |
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ACLL Roll-Forward |
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Three Months Ended March 31, |
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2024 |
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2023 |
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(dollars in thousands) |
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Beginning |
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Charge- |
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Ending |
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Beginning |
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CBank |
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Charge- |
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Ending |
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Reportable Segment |
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Balance |
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Provision |
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offs |
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Recoveries |
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Balance |
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Balance |
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Adjustment* |
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Provision |
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offs |
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Recoveries |
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Balance |
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Traditional Bank |
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$ |
58,998 |
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$ |
358 |
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$ |
(382) |
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$ |
202 |
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$ |
59,176 |
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$ |
50,709 |
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$ |
— |
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$ |
2,984 |
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$ |
(331) |
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$ |
254 |
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$ |
53,616 |
Warehouse Lending |
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847 |
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309 |
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— |
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— |
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1,156 |
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1,009 |
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1,600 |
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135 |
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— |
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— |
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2,744 |
Total Core Bank |
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59,845 |
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667 |
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(382) |
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202 |
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60,332 |
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51,718 |
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1,600 |
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3,119 |
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(331) |
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254 |
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56,360 |
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Tax Refund Solutions |
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3,990 |
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25,774 |
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— |
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305 |
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30,069 |
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3,888 |
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— |
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21,808 |
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— |
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285 |
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25,981 |
Republic Credit Solutions |
|
|
18,295 |
|
|
4,181 |
|
|
(4,545) |
|
|
370 |
|
|
18,301 |
|
|
14,807 |
|
|
— |
|
|
1,839 |
|
|
(3,099) |
|
|
233 |
|
|
13,780 |
Total Republic Processing Group |
|
|
22,285 |
|
|
29,955 |
|
|
(4,545) |
|
|
675 |
|
|
48,370 |
|
|
18,695 |
|
|
— |
|
|
23,647 |
|
|
(3,099) |
|
|
518 |
|
|
39,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
$ |
82,130 |
|
$ |
30,622 |
|
$ |
(4,927) |
|
$ |
877 |
|
$ |
108,702 |
|
$ |
70,413 |
|
$ |
1,600 |
|
$ |
26,766 |
|
$ |
(3,430) |
|
$ |
772 |
|
$ |
96,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The net fair value adjustment to ACLL includes an estimate of lifetime credit losses for Purchased Credit Deteriorated loans.
The table below presents the Core Bank’s credit quality metrics:
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended: |
Years Ended: |
||||||||
|
Mar. 31, |
|
Mar. 31, |
|
Dec. 31, |
Dec. 31, |
Dec. 31, |
|||
Core Banking Credit Quality Ratios |
2024 |
|
2023 |
|
2023 |
2022 |
2021 |
|||
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
0.38 |
% |
0.34 |
% |
0.39 |
% |
0.37 |
% |
0.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total loans (including OREO) |
0.41 |
|
0.38 |
|
0.41 |
|
0.40 |
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans* to total loans |
0.15 |
|
0.12 |
|
0.16 |
|
0.14 |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans |
0.01 |
|
0.01 |
|
0.01 |
|
0.00 |
|
0.01 |
|
(Quarterly rates annualized) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OREO = Other Real Estate Owned |
|
|
|
|
|
|
|
|
|
|
*Loans 30-days-or-more past due at the time the second contractual payment is past due.
Noninterest Income – Core Bank noninterest income decreased $173,000 from the first quarter of 2023 to $8.3 million for the first quarter of 2024. The decrease was primarily driven by a $490,000 decline in Mortgage Banking income as the Bank reclassified $69 million of its correspondent loan portfolio into loans held-for-sale and recorded a $1.0 million reduction to mortgage banking income as a result of the mark-to-market accounting upon the reclassification.
Noninterest Expense – As previously noted, the Core Bank’s noninterest expense was $42.3 million for the first quarter of 2024 compared to $44.4 million for the first quarter of 2023, a decrease of $2.1 million, or 5% for the quarter. Noninterest expenses for the first quarter of 2023 included $2.1 million of Day-1 expenses associated with the former CBank operations. Without these Day-1 merger related expenses, total noninterest expenses were flat across the Core Bank.
5
Republic Processing Group(3)
RPG reported net income of $17.5 million for the first quarter of 2024 compared to $17.8 million for the same period in 2023. RPG’s performance for the first quarter of 2024 compared to the first quarter of 2023, by operating segment, was as follows:
Republic Payment Solutions (“RPS”)
Net income at RPS was $2.6 million for the first quarter of 2024, a decrease of $8,000, or less than 1%, from the first quarter of 2023. RPS earned a higher yield of 5.07% applied to the $375 million average of prepaid program balances for the first quarter of 2024 compared to a yield of 3.84% for the $77 million in average prepaid card balances for the first quarter of 2023. The increase in interest income resulting from the higher yield, however, was substantially offset by a $969,000 charge to interest expense for a new revenue sharing arrangement with one of the segment’s large marketer/servicer providers that became effective in January 2024.
Tax Refund Solutions (“TRS”)
TRS recorded net income of $8.8 million during the first quarter of 2024 compared to net income of $9.8 million for the first quarter of 2023. The decrease in net income for the quarter was driven primarily by a higher Provision for Refund Advances recorded during 2024 as the level of payments the Company received from the U.S. Treasury to fund federal tax refunds through March 31, 2024 lagged the level of payments the Company received through March 31, 2023. This lag in payments also negatively impacted the Refund Transfer revenue as the number of funded RTs were approximately 5% lower during the first quarter of 2024 compared to the first quarter of 2023.
Republic Credit Solutions (“RCS”)
Net income at RCS increased $748,000, or 14% from $5.4 million during the first quarter of 2023 to $6.1 million during the first quarter of 2024. The increase was primarily due to growth in the segment’s small dollar line of credit products, which had a combined increase in average outstanding balances of $10 million from the first quarter of 2023 to the first quarter of 2024.
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri. The Bank offers internet banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of March 31, 2024, had approximately $6.9 billion in total assets. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.
Republic Bank. It’s just easier here. ®
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the ability to develop products and strategies in order to meet the Company’s long-term strategic goals, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.
6
Footnotes:
(1) | “Core Bank” or “Core Banking” operations consist of the Traditional Banking and Warehouse Lending segments. |
(2) | Provision – Provision for Expected Credit Loss Expense |
Allowance – Allowance for Credit Losses on Loans
(3) | Republic Processing Group operations consist of the TRS, RPS, and RCS segments. |
NM – Not meaningful
NA – Not applicable
CONTACT:
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
7
Exhibit 99.2
EARNINGS RELEASE FINANCIAL SUPPLEMENT
FIRST QUARTER 2024
TABLE OF CONTENTS
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S-2 |
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S-3 |
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S-4 |
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S-5 |
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S-6 |
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S-7 |
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S-7 |
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S-8 |
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S-9 |
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S-11 |
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|
|
|
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|
S-1
Republic Bancorp, Inc.
First quarter 2024
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of |
|
|
$ Change |
|
|
|
$ Change |
|
|||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
From Dec. 31,2023 |
|
|
|
From Mar. 31, 2023 |
|
|||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
546,363 |
|
$ |
316,567 |
|
$ |
219,653 |
|
$ |
241,967 |
|
$ |
249,289 |
|
|
$ |
229,796 |
|
|
|
$ |
297,074 |
|
Investment securities, net of allowance for credit losses |
|
|
664,294 |
|
|
667,874 |
|
|
703,007 |
|
|
706,238 |
|
|
725,163 |
|
|
|
(3,580) |
|
|
|
|
(60,869) |
|
Loans held for sale |
|
|
100,060 |
|
|
27,235 |
|
|
24,683 |
|
|
25,582 |
|
|
18,466 |
|
|
|
72,825 |
|
|
|
|
81,594 |
|
Loans |
|
|
5,224,292 |
|
|
5,239,861 |
|
|
5,081,099 |
|
|
5,053,142 |
|
|
4,774,234 |
|
|
|
(15,569) |
|
|
|
|
450,058 |
|
Allowance for credit losses |
|
|
(108,702) |
|
|
(82,130) |
|
|
(74,576) |
|
|
(72,202) |
|
|
(96,121) |
|
|
|
(26,572) |
|
|
|
|
(12,581) |
|
Loans, net |
|
|
5,115,590 |
|
|
5,157,731 |
|
|
5,006,523 |
|
|
4,980,940 |
|
|
4,678,113 |
|
|
|
(42,141) |
|
|
|
|
437,477 |
|
Federal Home Loan Bank stock, at cost |
|
|
43,729 |
|
|
23,770 |
|
|
31,420 |
|
|
29,395 |
|
|
25,939 |
|
|
|
19,959 |
|
|
|
|
17,790 |
|
Premises and equipment, net |
|
|
33,557 |
|
|
33,411 |
|
|
33,926 |
|
|
33,840 |
|
|
33,672 |
|
|
|
146 |
|
|
|
|
(115) |
|
Right-of-use assets |
|
|
33,210 |
|
|
34,691 |
|
|
35,907 |
|
|
34,939 |
|
|
36,245 |
|
|
|
(1,481) |
|
|
|
|
(3,035) |
|
Goodwill |
|
|
40,516 |
|
|
40,516 |
|
|
40,516 |
|
|
40,516 |
|
|
41,618 |
|
|
|
— |
|
|
|
|
(1,102) |
|
Other real estate owned ("OREO") |
|
|
1,486 |
|
|
1,370 |
|
|
1,423 |
|
|
1,478 |
|
|
1,529 |
|
|
|
116 |
|
|
|
|
(43) |
|
Bank owned life insurance ("BOLI") |
|
|
104,670 |
|
|
103,916 |
|
|
103,211 |
|
|
102,521 |
|
|
102,322 |
|
|
|
754 |
|
|
|
|
2,348 |
|
Low-income housing tax credit investments |
|
|
73,621 |
|
|
75,055 |
|
|
76,047 |
|
|
77,426 |
|
|
73,901 |
|
|
|
(1,434) |
|
|
|
|
(280) |
|
Other assets and accrued interest receivable |
|
|
118,496 |
|
|
112,755 |
|
|
110,159 |
|
|
94,937 |
|
|
87,834 |
|
|
|
5,741 |
|
|
|
|
30,662 |
|
Total assets |
|
$ |
6,875,592 |
|
$ |
6,594,891 |
|
$ |
6,386,475 |
|
$ |
6,369,779 |
|
$ |
6,074,091 |
|
|
$ |
280,701 |
|
|
|
$ |
801,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,359,516 |
|
$ |
1,676,998 |
|
$ |
1,702,979 |
|
$ |
1,854,907 |
|
$ |
2,013,957 |
|
|
$ |
(317,482) |
|
|
|
$ |
(654,441) |
|
Interest-bearing |
|
|
4,061,133 |
|
|
3,376,165 |
|
|
3,090,603 |
|
|
2,874,374 |
|
|
2,785,711 |
|
|
|
684,968 |
|
|
|
|
1,275,422 |
|
Total deposits |
|
|
5,420,649 |
|
|
5,053,163 |
|
|
4,793,582 |
|
|
4,729,281 |
|
|
4,799,668 |
|
|
|
367,486 |
|
|
|
|
620,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
repurchase ("SSUAR") and other short-term borrowings |
|
|
84,522 |
|
|
97,618 |
|
|
80,797 |
|
|
92,093 |
|
|
134,412 |
|
|
|
(13,096) |
|
|
|
|
(49,890) |
|
Operating lease liabilities |
|
|
34,076 |
|
|
35,539 |
|
|
36,726 |
|
|
35,721 |
|
|
37,031 |
|
|
|
(1,463) |
|
|
|
|
(2,955) |
|
Federal Home Loan Bank advances |
|
|
270,000 |
|
|
380,000 |
|
|
465,000 |
|
|
520,000 |
|
|
108,000 |
|
|
|
(110,000) |
|
|
|
|
162,000 |
|
Low-income housing tax credit obligations |
|
|
56,093 |
|
|
58,619 |
|
|
58,858 |
|
|
55,998 |
|
|
42,437 |
|
|
|
(2,526) |
|
|
|
|
13,656 |
|
Other liabilities and accrued interest payable |
|
|
74,669 |
|
|
57,196 |
|
|
58,112 |
|
|
49,715 |
|
|
70,341 |
|
|
|
17,473 |
|
|
|
|
4,328 |
|
Total liabilities |
|
|
5,940,009 |
|
|
5,682,135 |
|
|
5,493,075 |
|
|
5,482,808 |
|
|
5,191,889 |
|
|
|
257,874 |
|
|
|
|
748,120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
935,583 |
|
|
912,756 |
|
|
893,400 |
|
|
886,971 |
|
|
882,202 |
|
|
|
22,827 |
|
|
|
|
53,381 |
|
Total liabilities and stockholders' equity |
|
$ |
6,875,592 |
|
$ |
6,594,891 |
|
$ |
6,386,475 |
|
$ |
6,369,779 |
|
$ |
6,074,091 |
|
|
$ |
280,701 |
|
|
|
$ |
801,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-2
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
$ Change (8) |
|
||||||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
3M to 3M |
|
||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other interest-earning deposits |
|
$ |
454,426 |
|
$ |
201,206 |
|
$ |
177,003 |
|
$ |
114,368 |
|
$ |
241,211 |
|
|
$ |
454,426 |
|
$ |
241,211 |
|
|
$ |
213,215 |
|
Investment securities, including FHLB stock |
|
|
732,678 |
|
|
769,016 |
|
|
771,453 |
|
|
774,829 |
|
|
773,172 |
|
|
|
732,678 |
|
|
773,172 |
|
|
|
(40,494) |
|
Loans, including loans held for sale |
|
|
5,454,344 |
|
|
5,111,263 |
|
|
5,006,081 |
|
|
4,904,167 |
|
|
4,665,543 |
|
|
|
5,454,344 |
|
|
4,665,543 |
|
|
|
788,801 |
|
Total interest-earning assets |
|
|
6,641,448 |
|
|
6,081,485 |
|
|
5,954,537 |
|
|
5,793,364 |
|
|
5,679,926 |
|
|
|
6,641,448 |
|
|
5,679,926 |
|
|
|
961,522 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(96,446) |
|
|
(75,747) |
|
|
(73,438) |
|
|
(96,720) |
|
|
(83,195) |
|
|
|
(96,446) |
|
|
(83,195) |
|
|
|
(13,251) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning cash and cash equivalents |
|
|
280,618 |
|
|
101,119 |
|
|
96,303 |
|
|
113,865 |
|
|
295,905 |
|
|
|
280,618 |
|
|
295,905 |
|
|
|
(15,287) |
|
Premises and equipment, net |
|
|
33,889 |
|
|
33,940 |
|
|
34,013 |
|
|
33,967 |
|
|
32,232 |
|
|
|
33,889 |
|
|
32,232 |
|
|
|
1,657 |
|
Bank owned life insurance |
|
|
104,305 |
|
|
103,557 |
|
|
102,825 |
|
|
102,599 |
|
|
102,004 |
|
|
|
104,305 |
|
|
102,004 |
|
|
|
2,301 |
|
Other assets |
|
|
255,758 |
|
|
231,207 |
|
|
220,595 |
|
|
210,350 |
|
|
186,169 |
|
|
|
255,758 |
|
|
186,169 |
|
|
|
69,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
7,219,572 |
|
$ |
6,475,561 |
|
$ |
6,334,835 |
|
$ |
6,157,425 |
|
$ |
6,213,041 |
|
|
$ |
7,219,572 |
|
$ |
6,213,041 |
|
|
$ |
1,006,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits |
|
$ |
4,004,846 |
|
$ |
3,210,495 |
|
$ |
2,976,852 |
|
$ |
2,828,733 |
|
$ |
2,663,099 |
|
|
$ |
4,004,846 |
|
$ |
2,663,099 |
|
|
$ |
1,341,747 |
|
SSUARs and other short-term borrowings |
|
|
102,592 |
|
|
141,861 |
|
|
90,063 |
|
|
117,852 |
|
|
202,910 |
|
|
|
102,592 |
|
|
202,910 |
|
|
|
(100,318) |
|
Federal Home Loan Bank advances |
|
|
536,209 |
|
|
357,321 |
|
|
441,543 |
|
|
256,000 |
|
|
245,344 |
|
|
|
536,209 |
|
|
245,344 |
|
|
|
290,865 |
|
Total interest-bearing liabilities |
|
|
4,643,647 |
|
|
3,709,677 |
|
|
3,508,458 |
|
|
3,202,585 |
|
|
3,111,353 |
|
|
|
4,643,647 |
|
|
3,111,353 |
|
|
|
1,532,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities and Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing deposits |
|
|
1,490,048 |
|
|
1,715,408 |
|
|
1,794,874 |
|
|
1,927,486 |
|
|
2,089,162 |
|
|
|
1,490,048 |
|
|
2,089,162 |
|
|
|
(599,114) |
|
Other liabilities |
|
|
152,835 |
|
|
144,194 |
|
|
133,237 |
|
|
132,687 |
|
|
133,321 |
|
|
|
152,835 |
|
|
133,321 |
|
|
|
19,514 |
|
Stockholders' equity |
|
|
933,042 |
|
|
906,282 |
|
|
898,266 |
|
|
894,667 |
|
|
879,205 |
|
|
|
933,042 |
|
|
879,205 |
|
|
|
53,837 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
7,219,572 |
|
$ |
6,475,561 |
|
$ |
6,334,835 |
|
$ |
6,157,425 |
|
$ |
6,213,041 |
|
|
$ |
7,219,572 |
|
$ |
6,213,041 |
|
|
$ |
1,006,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-3
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
Total Company Average Balance Sheet and Interest Rates
|
|
Three Months Ended March 31, 2024 |
|
|
|
Three Months Ended March 31, 2023 |
|
|
||||||||||||
|
|
Average |
|
|
|
|
Average |
|
|
|
Average |
|
|
|
|
Average |
|
|
||
(dollars in thousands) |
|
Balance |
|
Interest |
|
Rate |
|
|
|
Balance |
|
Interest |
|
Rate |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold and other interest-earning deposits |
|
$ |
454,426 |
|
$ |
6,289 |
|
5.57 |
% |
|
|
$ |
241,211 |
|
$ |
2,700 |
|
4.48 |
% |
|
Investment securities, including FHLB stock (a) |
|
|
732,678 |
|
|
5,436 |
|
2.98 |
|
|
|
|
773,172 |
|
|
5,047 |
|
2.61 |
|
|
TRS Refund Advance loans (b) |
|
|
287,806 |
|
|
34,652 |
|
48.42 |
|
|
|
|
249,378 |
|
|
31,405 |
|
50.37 |
|
|
RCS LOC products (b) |
|
|
41,339 |
|
|
11,372 |
|
110.64 |
|
|
|
|
31,086 |
|
|
7,962 |
|
102.45 |
|
|
Other RPG loans (c) (f) |
|
|
149,818 |
|
|
3,295 |
|
8.85 |
|
|
|
|
141,975 |
|
|
2,625 |
|
7.40 |
|
|
Outstanding Warehouse lines of credit (d) (f) |
|
|
340,433 |
|
|
6,753 |
|
7.98 |
|
|
|
|
329,716 |
|
|
5,720 |
|
6.94 |
|
|
All other Core Bank loans (e) (f) |
|
|
4,634,948 |
|
|
62,835 |
|
5.45 |
|
|
|
|
3,913,388 |
|
|
44,897 |
|
4.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-earning assets |
|
|
6,641,448 |
|
|
130,632 |
|
7.91 |
|
|
|
|
5,679,926 |
|
|
100,356 |
|
7.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
|
(96,446) |
|
|
|
|
|
|
|
|
|
(83,195) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-earning cash and cash equivalents |
|
|
280,618 |
|
|
|
|
|
|
|
|
|
295,905 |
|
|
|
|
|
|
|
Premises and equipment, net |
|
|
33,889 |
|
|
|
|
|
|
|
|
|
32,232 |
|
|
|
|
|
|
|
Bank owned life insurance |
|
|
104,305 |
|
|
|
|
|
|
|
|
|
102,004 |
|
|
|
|
|
|
|
Other assets (a) |
|
|
255,758 |
|
|
|
|
|
|
|
|
|
186,169 |
|
|
|
|
|
|
|
Total assets |
|
$ |
7,219,572 |
|
|
|
|
|
|
|
|
$ |
6,213,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction accounts |
|
$ |
1,833,566 |
|
$ |
5,729 |
|
1.26 |
% |
|
|
$ |
1,644,777 |
|
$ |
1,742 |
|
0.42 |
% |
|
Money market accounts |
|
|
1,066,046 |
|
|
8,807 |
|
3.32 |
|
|
|
|
748,623 |
|
|
2,105 |
|
1.12 |
|
|
Time deposits |
|
|
373,240 |
|
|
3,581 |
|
3.86 |
|
|
|
|
225,847 |
|
|
860 |
|
1.52 |
|
|
Reciprocal money market and time deposits |
|
|
310,898 |
|
|
3,232 |
|
4.18 |
|
|
|
|
43,852 |
|
|
171 |
|
1.56 |
|
|
Brokered deposits |
|
|
421,096 |
|
|
5,647 |
|
5.39 |
|
|
|
|
— |
|
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing deposits |
|
|
4,004,846 |
|
|
26,996 |
|
2.71 |
|
|
|
|
2,663,099 |
|
|
4,878 |
|
0.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SSUARs and other short-term borrowings |
|
|
102,592 |
|
|
130 |
|
0.51 |
|
|
|
|
202,910 |
|
|
248 |
|
0.49 |
|
|
Federal Home Loan Bank advances and other long-term borrowings |
|
|
536,209 |
|
|
6,587 |
|
4.94 |
|
|
|
|
245,344 |
|
|
2,588 |
|
4.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest-bearing liabilities |
|
|
4,643,647 |
|
|
33,713 |
|
2.92 |
|
|
|
|
3,111,353 |
|
|
7,714 |
|
0.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing liabilities and Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
1,490,048 |
|
|
|
|
|
|
|
|
|
2,089,162 |
|
|
|
|
|
|
|
Other liabilities |
|
|
152,835 |
|
|
|
|
|
|
|
|
|
133,321 |
|
|
|
|
|
|
|
Stockholders’ equity |
|
|
933,042 |
|
|
|
|
|
|
|
|
|
879,205 |
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
7,219,572 |
|
|
|
|
|
|
|
|
$ |
6,213,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
|
|
|
|
$ |
96,919 |
|
|
|
|
|
|
|
|
$ |
92,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest spread |
|
|
|
|
|
|
|
4.99 |
% |
|
|
|
|
|
|
|
|
6.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
|
|
|
|
|
|
5.87 |
% |
|
|
|
|
|
|
|
|
6.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets. |
(b) | Interest income for Refund Advances and RCS line-of-credit products is composed entirely of loan fees. |
(c) | Interest income includes loan fees of $1.2 million and $933,000 for the three months ended March 31, 2024 and 2023. |
(d) | Interest income includes loan fees of $263,000 and $248,000 for the three months ended March 31, 2024 and 2023. |
(e) | Interest income includes loan fees of $1.4 million and $946,000 for the three months ended March 31, 2024 and 2023. |
(f) | Average balances for loans include the principal balance of nonaccrual loans and loans held for sale, and are inclusive of all loan premiums, discounts, fees and costs. |
S-4
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
$ Change (8) |
|
||||||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
3M to 3M |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total interest income (1) |
|
$ |
130,632 |
|
$ |
90,785 |
|
$ |
85,868 |
|
$ |
79,054 |
|
$ |
100,356 |
|
|
$ |
130,632 |
|
$ |
100,356 |
|
|
$ |
30,276 |
|
Total interest expense |
|
|
33,713 |
|
|
24,003 |
|
|
21,043 |
|
|
14,525 |
|
|
7,714 |
|
|
|
33,713 |
|
|
7,714 |
|
|
|
25,999 |
|
Net interest income |
|
|
96,919 |
|
|
66,782 |
|
|
64,825 |
|
|
64,529 |
|
|
92,642 |
|
|
|
96,919 |
|
|
92,642 |
|
|
|
4,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (2) |
|
|
30,622 |
|
|
10,989 |
|
|
3,730 |
|
|
6,139 |
|
|
26,766 |
|
|
|
30,622 |
|
|
26,766 |
|
|
|
3,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
|
3,313 |
|
|
3,470 |
|
|
3,559 |
|
|
3,527 |
|
|
3,299 |
|
|
|
3,313 |
|
|
3,299 |
|
|
|
14 |
|
Net refund transfer fees |
|
|
10,820 |
|
|
220 |
|
|
242 |
|
|
4,479 |
|
|
10,807 |
|
|
|
10,820 |
|
|
10,807 |
|
|
|
13 |
|
Mortgage banking income (3) |
|
|
310 |
|
|
983 |
|
|
852 |
|
|
907 |
|
|
800 |
|
|
|
310 |
|
|
800 |
|
|
|
(490) |
|
Interchange fee income |
|
|
3,157 |
|
|
3,305 |
|
|
3,282 |
|
|
3,419 |
|
|
3,051 |
|
|
|
3,157 |
|
|
3,051 |
|
|
|
106 |
|
Program fees (3) |
|
|
4,179 |
|
|
4,561 |
|
|
4,041 |
|
|
3,739 |
|
|
3,241 |
|
|
|
4,179 |
|
|
3,241 |
|
|
|
938 |
|
Increase in cash surrender value of BOLI |
|
|
754 |
|
|
705 |
|
|
690 |
|
|
689 |
|
|
635 |
|
|
|
754 |
|
|
635 |
|
|
|
119 |
|
Net losses on OREO |
|
|
(53) |
|
|
(53) |
|
|
(53) |
|
|
(52) |
|
|
(53) |
|
|
|
(53) |
|
|
(53) |
|
|
|
— |
|
Other* |
|
|
893 |
|
|
1,589 |
|
|
1,732 |
|
|
2,943 |
|
|
901 |
|
|
|
893 |
|
|
901 |
|
|
|
(8) |
|
Total noninterest income* |
|
|
23,373 |
|
|
14,780 |
|
|
14,345 |
|
|
19,651 |
|
|
22,681 |
|
|
|
23,373 |
|
|
22,681 |
|
|
|
692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
29,716 |
|
|
26,397 |
|
|
28,747 |
|
|
30,764 |
|
|
29,961 |
|
|
|
29,716 |
|
|
29,961 |
|
|
|
(245) |
|
Technology, equipment, and communication |
|
|
7,490 |
|
|
7,648 |
|
|
7,311 |
|
|
6,920 |
|
|
7,228 |
|
|
|
7,490 |
|
|
7,228 |
|
|
|
262 |
|
Occupancy |
|
|
3,822 |
|
|
3,467 |
|
|
3,503 |
|
|
3,591 |
|
|
3,406 |
|
|
|
3,822 |
|
|
3,406 |
|
|
|
416 |
|
Marketing and development |
|
|
1,924 |
|
|
2,304 |
|
|
2,055 |
|
|
2,513 |
|
|
1,574 |
|
|
|
1,924 |
|
|
1,574 |
|
|
|
350 |
|
FDIC insurance expense |
|
|
772 |
|
|
690 |
|
|
677 |
|
|
724 |
|
|
637 |
|
|
|
772 |
|
|
637 |
|
|
|
135 |
|
Interchange related expense |
|
|
1,298 |
|
|
1,536 |
|
|
1,580 |
|
|
1,350 |
|
|
1,499 |
|
|
|
1,298 |
|
|
1,499 |
|
|
|
(201) |
|
Legal and professional fees |
|
|
1,055 |
|
|
511 |
|
|
803 |
|
|
829 |
|
|
1,061 |
|
|
|
1,055 |
|
|
1,061 |
|
|
|
(6) |
|
Merger expense |
|
|
41 |
|
|
92 |
|
|
(132) |
|
|
127 |
|
|
2,073 |
|
|
|
41 |
|
|
2,073 |
|
|
|
(2,032) |
|
Other (2)* |
|
|
4,853 |
|
|
4,409 |
|
|
3,824 |
|
|
4,715 |
|
|
5,004 |
|
|
|
4,853 |
|
|
5,004 |
|
|
|
(151) |
|
Total noninterest expense* |
|
|
50,971 |
|
|
47,054 |
|
|
48,368 |
|
|
51,533 |
|
|
52,443 |
|
|
|
50,971 |
|
|
52,443 |
|
|
|
(1,472) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
|
38,699 |
|
|
23,519 |
|
|
27,072 |
|
|
26,508 |
|
|
36,114 |
|
|
|
38,699 |
|
|
36,114 |
|
|
|
2,585 |
|
Income tax expense |
|
|
8,093 |
|
|
3,860 |
|
|
5,501 |
|
|
5,456 |
|
|
8,022 |
|
|
|
8,093 |
|
|
8,022 |
|
|
|
71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
30,606 |
|
$ |
19,659 |
|
$ |
21,571 |
|
$ |
21,052 |
|
$ |
28,092 |
|
|
$ |
30,606 |
|
$ |
28,092 |
|
|
$ |
2,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) For the three months ended September 30, 2023 management has reclassified certain items between noninterest income and noninterest expense.
S-5
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Data and Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|
|
As of and for the Three Months Ended |
|
|
Change (8) |
|
|||||||||||||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
From Mar. 31, 2023 or 3M to 3M |
|
|||||||||||||||
Per Share Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
19,607 |
|
|
|
19,586 |
|
|
|
19,706 |
|
|
|
19,884 |
|
|
|
19,935 |
|
|
|
|
19,607 |
|
|
|
19,935 |
|
|
|
|
(328) |
|
|
Diluted weighted average shares outstanding |
|
|
19,694 |
|
|
|
19,673 |
|
|
|
19,774 |
|
|
|
19,906 |
|
|
|
19,990 |
|
|
|
|
19,694 |
|
|
|
19,990 |
|
|
|
|
(296) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
|
17,260 |
|
|
|
17,203 |
|
|
|
17,296 |
|
|
|
17,449 |
|
|
|
17,598 |
|
|
|
|
17,260 |
|
|
|
17,598 |
|
|
|
|
(338) |
|
|
Class B Common Stock |
|
|
2,151 |
|
|
|
2,155 |
|
|
|
2,157 |
|
|
|
2,157 |
|
|
|
2,160 |
|
|
|
|
2,151 |
|
|
|
2,160 |
|
|
|
|
(9) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share (4) |
|
$ |
48.20 |
|
|
$ |
47.15 |
|
|
$ |
45.93 |
|
|
$ |
45.24 |
|
|
$ |
44.65 |
|
|
|
$ |
48.20 |
|
|
$ |
44.65 |
|
|
|
$ |
3.55 |
|
|
Tangible book value per share (4) |
|
|
45.63 |
|
|
|
44.55 |
|
|
|
43.31 |
|
|
|
42.63 |
|
|
|
41.98 |
|
|
|
|
45.63 |
|
|
|
41.98 |
|
|
|
|
3.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share ("EPS"): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS - Class A Common Stock |
|
$ |
1.59 |
|
|
$ |
1.01 |
|
|
$ |
1.11 |
|
|
$ |
1.07 |
|
|
$ |
1.42 |
|
|
|
$ |
1.59 |
|
|
$ |
1.42 |
|
|
|
$ |
0.17 |
|
|
Basic EPS - Class B Common Stock |
|
|
1.44 |
|
|
|
0.93 |
|
|
|
1.01 |
|
|
|
0.98 |
|
|
|
1.30 |
|
|
|
|
1.44 |
|
|
|
1.30 |
|
|
|
|
0.14 |
|
|
Diluted EPS - Class A Common Stock |
|
|
1.58 |
|
|
|
1.01 |
|
|
|
1.10 |
|
|
|
1.07 |
|
|
|
1.42 |
|
|
|
|
1.58 |
|
|
|
1.42 |
|
|
|
|
0.16 |
|
|
Diluted EPS - Class B Common Stock |
|
|
1.43 |
|
|
|
0.92 |
|
|
|
1.01 |
|
|
|
0.98 |
|
|
|
1.29 |
|
|
|
|
1.43 |
|
|
|
1.29 |
|
|
|
|
0.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per Common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
$ |
0.407 |
|
|
$ |
0.374 |
|
|
$ |
0.374 |
|
|
$ |
0.374 |
|
|
$ |
0.374 |
|
|
|
$ |
0.407 |
|
|
$ |
0.374 |
|
|
|
$ |
0.033 |
|
|
Class B Common Stock |
|
|
0.370 |
|
|
|
0.340 |
|
|
|
0.340 |
|
|
|
0.340 |
|
|
|
0.340 |
|
|
|
|
0.370 |
|
|
|
0.340 |
|
|
|
|
0.030 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets |
|
|
1.70 |
% |
|
|
1.21 |
% |
|
|
1.36 |
% |
|
|
1.37 |
% |
|
|
1.81 |
% |
|
|
|
1.70 |
% |
|
|
1.81 |
% |
|
|
|
(0.11) |
% |
|
Return on average equity |
|
|
13.12 |
|
|
|
8.68 |
|
|
|
9.61 |
|
|
|
9.41 |
|
|
|
12.78 |
|
|
|
|
13.12 |
|
|
|
12.78 |
|
|
|
|
0.34 |
|
|
Efficiency ratio (5) |
|
|
42 |
|
|
|
58 |
|
|
|
61 |
|
|
|
62 |
|
|
|
44 |
|
|
|
|
42 |
|
|
|
44 |
|
|
|
|
(2) |
|
|
Yield on average interest-earning assets (1) |
|
|
7.91 |
|
|
|
5.92 |
|
|
|
5.77 |
|
|
|
5.46 |
|
|
|
7.07 |
|
|
|
|
7.91 |
|
|
|
7.07 |
|
|
|
|
0.84 |
|
|
Cost of average interest-bearing liabilities |
|
|
2.92 |
|
|
|
2.57 |
|
|
|
2.40 |
|
|
|
1.81 |
|
|
|
0.99 |
|
|
|
|
2.92 |
|
|
|
0.99 |
|
|
|
|
1.93 |
|
|
Cost of average deposits (6) |
|
|
1.97 |
|
|
|
1.60 |
|
|
|
1.30 |
|
|
|
0.94 |
|
|
|
0.41 |
|
|
|
|
1.97 |
|
|
|
0.41 |
|
|
|
|
1.56 |
|
|
Net interest spread (1) |
|
|
4.99 |
|
|
|
3.35 |
|
|
|
3.37 |
|
|
|
3.65 |
|
|
|
6.08 |
|
|
|
|
4.99 |
|
|
|
6.08 |
|
|
|
|
(1.09) |
|
|
Net interest margin - Total Company (1) |
|
|
5.87 |
|
|
|
4.36 |
|
|
|
4.35 |
|
|
|
4.46 |
|
|
|
6.52 |
|
|
|
|
5.87 |
|
|
|
6.52 |
|
|
|
|
(0.65) |
|
|
Net interest margin - Core Bank |
|
|
3.30 |
|
|
|
3.40 |
|
|
|
3.43 |
|
|
|
3.65 |
|
|
|
3.98 |
|
|
|
|
3.30 |
|
|
|
3.98 |
|
|
|
|
(0.68) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period FTEs (7) - Total Company |
|
|
1,011 |
|
|
|
1,019 |
|
|
|
1,033 |
|
|
|
1,043 |
|
|
|
1,031 |
|
|
|
|
1,011 |
|
|
|
1,031 |
|
|
|
|
(20) |
|
|
End of period FTEs - Core Bank |
|
|
952 |
|
|
|
962 |
|
|
|
976 |
|
|
|
985 |
|
|
|
972 |
|
|
|
|
952 |
|
|
|
972 |
|
|
|
|
(20) |
|
|
Number of full-service banking centers |
|
|
47 |
|
|
|
47 |
|
|
|
46 |
|
|
|
45 |
|
|
|
44 |
|
|
|
|
47 |
|
|
|
44 |
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-6
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
Loan Composition and Allowance for Credit Losses on Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
As of |
|
|
|
Change |
|
|
|
Change |
|
|||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
|
From Dec. 31,2023 |
|
|
|
From Mar. 31, 2023 |
|
|||||||
Loan Composition |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Residential real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied |
|
$ |
1,064,071 |
|
$ |
1,144,684 |
|
$ |
1,128,745 |
|
$ |
1,086,751 |
|
$ |
972,214 |
|
|
|
$ |
(80,613) |
|
|
|
$ |
91,857 |
|
Nonowner occupied |
|
|
342,481 |
|
|
345,965 |
|
|
344,682 |
|
|
350,390 |
|
|
328,529 |
|
|
|
|
(3,484) |
|
|
|
|
13,952 |
|
Commercial real estate |
|
|
1,800,801 |
|
|
1,785,289 |
|
|
1,745,187 |
|
|
1,727,092 |
|
|
1,682,573 |
|
|
|
|
15,512 |
|
|
|
|
118,228 |
|
Construction & land development |
|
|
237,998 |
|
|
217,338 |
|
|
189,756 |
|
|
179,479 |
|
|
167,829 |
|
|
|
|
20,660 |
|
|
|
|
70,169 |
|
Commercial & industrial |
|
|
453,971 |
|
|
464,078 |
|
|
473,790 |
|
|
478,759 |
|
|
478,101 |
|
|
|
|
(10,107) |
|
|
|
|
(24,130) |
|
Lease financing receivables |
|
|
88,272 |
|
|
88,591 |
|
|
85,242 |
|
|
79,804 |
|
|
73,270 |
|
|
|
|
(319) |
|
|
|
|
15,002 |
|
Aircraft |
|
|
246,060 |
|
|
250,051 |
|
|
226,947 |
|
|
208,512 |
|
|
184,344 |
|
|
|
|
(3,991) |
|
|
|
|
61,716 |
|
Home equity |
|
|
309,083 |
|
|
295,133 |
|
|
275,750 |
|
|
255,755 |
|
|
250,050 |
|
|
|
|
13,950 |
|
|
|
|
59,033 |
|
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit cards |
|
|
16,858 |
|
|
16,654 |
|
|
16,950 |
|
|
17,134 |
|
|
16,775 |
|
|
|
|
204 |
|
|
|
|
83 |
|
Overdrafts |
|
|
629 |
|
|
694 |
|
|
640 |
|
|
706 |
|
|
775 |
|
|
|
|
(65) |
|
|
|
|
(146) |
|
Automobile loans |
|
|
2,054 |
|
|
2,664 |
|
|
3,380 |
|
|
4,177 |
|
|
5,267 |
|
|
|
|
(610) |
|
|
|
|
(3,213) |
|
Other consumer |
|
|
11,372 |
|
|
7,428 |
|
|
5,674 |
|
|
6,109 |
|
|
5,450 |
|
|
|
|
3,944 |
|
|
|
|
5,922 |
|
Total Traditional Banking |
|
|
4,573,650 |
|
|
4,618,569 |
|
|
4,496,743 |
|
|
4,394,668 |
|
|
4,165,177 |
|
|
|
|
(44,919) |
|
|
|
|
408,473 |
|
Warehouse lines of credit |
|
|
463,249 |
|
|
339,723 |
|
|
457,033 |
|
|
539,560 |
|
|
457,365 |
|
|
|
|
123,526 |
|
|
|
|
5,884 |
|
Total Core Banking |
|
|
5,036,899 |
|
|
4,958,292 |
|
|
4,953,776 |
|
|
4,934,228 |
|
|
4,622,542 |
|
|
|
|
78,607 |
|
|
|
|
414,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Processing Group: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Refund Solutions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Refund Advances |
|
|
52,101 |
|
|
103,115 |
|
|
— |
|
|
— |
|
|
31,665 |
|
|
|
|
(51,014) |
|
|
|
|
20,436 |
|
Other TRS commercial & industrial loans |
|
|
5,396 |
|
|
46,092 |
|
|
354 |
|
|
193 |
|
|
8,327 |
|
|
|
|
(40,696) |
|
|
|
|
(2,931) |
|
Republic Credit Solutions |
|
|
129,896 |
|
|
132,362 |
|
|
126,969 |
|
|
118,721 |
|
|
111,700 |
|
|
|
|
(2,466) |
|
|
|
|
18,196 |
|
Total Republic Processing Group |
|
|
187,393 |
|
|
281,569 |
|
|
127,323 |
|
|
118,914 |
|
|
151,692 |
|
|
|
|
(94,176) |
|
|
|
|
35,701 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans - Total Company |
|
$ |
5,224,292 |
|
$ |
5,239,861 |
|
$ |
5,081,099 |
|
$ |
5,053,142 |
|
$ |
4,774,234 |
|
|
|
$ |
(15,569) |
|
|
|
$ |
450,058 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Banking |
|
$ |
59,176 |
|
$ |
58,998 |
|
$ |
56,931 |
|
$ |
55,567 |
|
$ |
55,216 |
|
|
|
$ |
178 |
|
|
|
$ |
3,960 |
|
Warehouse Lending |
|
|
1,156 |
|
|
847 |
|
|
1,143 |
|
|
1,346 |
|
|
1,144 |
|
|
|
|
309 |
|
|
|
|
12 |
|
Total Core Banking |
|
|
60,332 |
|
|
59,845 |
|
|
58,074 |
|
|
56,913 |
|
|
56,360 |
|
|
|
|
487 |
|
|
|
|
3,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Refund Solutions |
|
|
30,069 |
|
|
3,990 |
|
|
1 |
|
|
— |
|
|
25,981 |
|
|
|
|
26,079 |
|
|
|
|
4,088 |
|
Republic Credit Solutions |
|
|
18,301 |
|
|
18,295 |
|
|
16,501 |
|
|
15,289 |
|
|
13,780 |
|
|
|
|
6 |
|
|
|
|
4,521 |
|
Total Republic Processing Group |
|
|
48,370 |
|
|
22,285 |
|
|
16,502 |
|
|
15,289 |
|
|
39,761 |
|
|
|
|
26,085 |
|
|
|
|
8,609 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Allowance - Total Company |
|
$ |
108,702 |
|
$ |
82,130 |
|
$ |
74,576 |
|
$ |
72,202 |
|
$ |
96,121 |
|
|
|
$ |
26,572 |
|
|
|
$ |
12,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance to Total Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Banking |
|
|
1.29 |
% |
|
1.28 |
% |
|
1.27 |
% |
|
1.26 |
% |
|
1.33 |
% |
|
|
|
0.01 |
% |
|
|
|
(0.04) |
% |
Warehouse Lending |
|
|
0.25 |
|
|
0.25 |
|
|
0.25 |
|
|
0.25 |
|
|
0.25 |
|
|
|
|
— |
|
|
|
|
— |
|
Total Core Banking |
|
|
1.20 |
|
|
1.21 |
|
|
1.17 |
|
|
1.15 |
|
|
1.22 |
|
|
|
|
(0.01) |
|
|
|
|
(0.02) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax Refund Solutions |
|
|
52.30 |
|
|
2.67 |
|
|
0.28 |
|
|
— |
|
|
64.97 |
|
|
|
|
49.63 |
|
|
|
|
(12.67) |
|
Republic Credit Solutions |
|
|
14.09 |
|
|
13.82 |
|
|
13.00 |
|
|
12.88 |
|
|
12.34 |
|
|
|
|
0.27 |
|
|
|
|
1.75 |
|
Total Republic Processing Group |
|
|
25.81 |
|
|
7.91 |
|
|
12.96 |
|
|
12.86 |
|
|
26.21 |
|
|
|
|
17.90 |
|
|
|
|
(0.40) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Company |
|
|
2.08 |
|
|
1.57 |
|
|
1.47 |
|
|
1.43 |
|
|
2.01 |
|
|
|
|
0.51 |
|
|
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-7
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Data and Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|
As of and for the Three Months Ended |
|
|
Change (8) |
|
|||||||||||||||||||||||||
|
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
From Mar. 31, 2023 or 3M to 3M |
|
|||||||||||||||
Credit Quality Asset Balances and Net Charge-off ("NCO") Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets - Total Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans on nonaccrual status |
|
$ |
19,258 |
|
|
$ |
19,150 |
|
|
$ |
18,127 |
|
|
$ |
16,957 |
|
|
$ |
15,833 |
|
|
|
$ |
19,258 |
|
|
$ |
15,833 |
|
|
|
$ |
3,425 |
|
Loans past due 90-days-or-more and still on accrual |
|
|
2,116 |
|
|
|
1,468 |
|
|
|
1,037 |
|
|
|
547 |
|
|
|
777 |
|
|
|
|
2,116 |
|
|
|
777 |
|
|
|
|
1,339 |
|
Total nonperforming loans |
|
|
21,374 |
|
|
|
20,618 |
|
|
|
19,164 |
|
|
|
17,504 |
|
|
|
16,610 |
|
|
|
|
21,374 |
|
|
|
16,610 |
|
|
|
|
4,764 |
|
OREO |
|
|
1,485 |
|
|
|
1,370 |
|
|
|
1,423 |
|
|
|
1,478 |
|
|
|
1,529 |
|
|
|
|
1,485 |
|
|
|
1,529 |
|
|
|
|
(44) |
|
Total nonperforming assets |
|
$ |
22,859 |
|
|
$ |
21,988 |
|
|
$ |
20,587 |
|
|
$ |
18,982 |
|
|
$ |
18,139 |
|
|
|
$ |
22,859 |
|
|
$ |
18,139 |
|
|
|
$ |
4,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Assets - Core Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans on nonaccrual status |
|
$ |
19,258 |
|
|
$ |
19,150 |
|
|
$ |
18,127 |
|
|
$ |
16,957 |
|
|
$ |
15,833 |
|
|
|
$ |
19,258 |
|
|
$ |
15,833 |
|
|
|
$ |
3,425 |
|
Loans past due 90-days-or-more and still on accrual |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Total nonperforming loans |
|
|
19,258 |
|
|
|
19,150 |
|
|
|
18,127 |
|
|
|
16,957 |
|
|
|
15,833 |
|
|
|
|
19,258 |
|
|
|
15,833 |
|
|
|
|
3,425 |
|
OREO |
|
|
1,485 |
|
|
|
1,370 |
|
|
|
1,423 |
|
|
|
1,478 |
|
|
|
1,529 |
|
|
|
|
1,485 |
|
|
|
1,529 |
|
|
|
|
(44) |
|
Total nonperforming assets |
|
$ |
20,743 |
|
|
$ |
20,520 |
|
|
$ |
19,550 |
|
|
$ |
18,435 |
|
|
$ |
17,362 |
|
|
|
$ |
20,743 |
|
|
$ |
17,362 |
|
|
|
$ |
3,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans - Core Bank |
|
$ |
7,796 |
|
|
$ |
8,176 |
|
|
$ |
6,806 |
|
|
$ |
5,875 |
|
|
$ |
5,537 |
|
|
|
$ |
7,796 |
|
|
$ |
5,537 |
|
|
|
$ |
2,259 |
|
RPG |
|
|
13,616 |
|
|
|
13,916 |
|
|
|
12,328 |
|
|
|
10,043 |
|
|
|
30,587 |
|
|
|
|
13,616 |
|
|
|
30,587 |
|
|
|
|
(16,971) |
|
Total delinquent loans - Total Company |
|
$ |
21,412 |
|
|
$ |
22,092 |
|
|
$ |
19,134 |
|
|
$ |
15,918 |
|
|
$ |
36,124 |
|
|
|
$ |
21,412 |
|
|
$ |
36,124 |
|
|
|
$ |
(14,712) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NCOs (Recoveries) by Segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Bank |
|
$ |
180 |
|
|
$ |
220 |
|
|
$ |
203 |
|
|
$ |
125 |
|
|
$ |
77 |
|
|
|
$ |
180 |
|
|
$ |
77 |
|
|
|
$ |
103 |
|
Warehouse Lending loans |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
— |
|
Core Bank loans |
|
|
180 |
|
|
|
220 |
|
|
|
203 |
|
|
|
125 |
|
|
|
77 |
|
|
|
|
180 |
|
|
|
77 |
|
|
|
|
103 |
|
Tax Refund Solutions |
|
|
(305) |
|
|
|
(1,052) |
|
|
|
(1,968) |
|
|
|
25,762 |
|
|
|
(285) |
|
|
|
|
(305) |
|
|
|
(285) |
|
|
|
|
(20) |
|
Republic Credit Solutions |
|
|
4,175 |
|
|
|
4,267 |
|
|
|
3,121 |
|
|
|
2,787 |
|
|
|
2,866 |
|
|
|
|
4,175 |
|
|
|
2,866 |
|
|
|
|
1,309 |
|
RPG |
|
|
3,870 |
|
|
|
3,215 |
|
|
|
1,153 |
|
|
|
28,549 |
|
|
|
2,581 |
|
|
|
|
3,870 |
|
|
|
2,581 |
|
|
|
|
1,289 |
|
Total NCOs (recoveries) - Total Company |
|
$ |
4,050 |
|
|
$ |
3,435 |
|
|
$ |
1,356 |
|
|
$ |
28,674 |
|
|
$ |
2,658 |
|
|
|
$ |
4,050 |
|
|
$ |
2,658 |
|
|
|
$ |
1,392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Ratios - Total Company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
0.41 |
% |
|
|
0.39 |
% |
|
|
0.38 |
% |
|
|
0.35 |
% |
|
|
0.35 |
% |
|
|
|
0.41 |
% |
|
|
0.35 |
% |
|
|
|
0.06 |
% |
Nonperforming assets to total loans (including OREO) |
|
|
0.44 |
|
|
|
0.42 |
|
|
|
0.41 |
|
|
|
0.38 |
|
|
|
0.38 |
|
|
|
|
0.44 |
|
|
|
0.38 |
|
|
|
|
0.06 |
|
Nonperforming assets to total assets |
|
|
0.33 |
|
|
|
0.33 |
|
|
|
0.32 |
|
|
|
0.30 |
|
|
|
0.30 |
|
|
|
|
0.33 |
|
|
|
0.30 |
|
|
|
|
0.03 |
|
Allowance for credit losses to total loans |
|
|
2.08 |
|
|
|
1.57 |
|
|
|
1.47 |
|
|
|
1.43 |
|
|
|
2.01 |
|
|
|
|
2.08 |
|
|
|
2.01 |
|
|
|
|
0.07 |
|
Allowance for credit losses to nonperforming loans |
|
|
509 |
|
|
|
398 |
|
|
|
389 |
|
|
|
412 |
|
|
|
579 |
|
|
|
|
509 |
|
|
|
579 |
|
|
|
|
(70) |
|
Delinquent loans to total loans (9) |
|
|
0.41 |
|
|
|
0.42 |
|
|
|
0.38 |
|
|
|
0.32 |
|
|
|
0.76 |
|
|
|
|
0.41 |
|
|
|
0.76 |
|
|
|
|
(0.35) |
|
NCOs (recoveries) to average loans (annualized) |
|
|
0.30 |
|
|
|
0.27 |
|
|
|
0.11 |
|
|
|
2.34 |
|
|
|
0.23 |
|
|
|
|
0.30 |
|
|
|
0.23 |
|
|
|
|
0.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Quality Ratios - Core Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
|
|
0.38 |
% |
|
|
0.39 |
% |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
0.34 |
% |
|
|
|
0.38 |
% |
|
|
0.34 |
% |
|
|
|
0.04 |
% |
Nonperforming assets to total loans (including OREO) |
|
|
0.41 |
|
|
|
0.41 |
|
|
|
0.39 |
|
|
|
0.37 |
|
|
|
0.38 |
|
|
|
|
0.41 |
|
|
|
0.38 |
|
|
|
|
0.03 |
|
Nonperforming assets to total assets |
|
|
0.33 |
|
|
|
0.35 |
|
|
|
0.33 |
|
|
|
0.32 |
|
|
|
0.32 |
|
|
|
|
0.33 |
|
|
|
0.32 |
|
|
|
|
0.01 |
|
Allowance for credit losses to total loans |
|
|
1.20 |
|
|
|
1.21 |
|
|
|
1.17 |
|
|
|
1.15 |
|
|
|
1.22 |
|
|
|
|
1.20 |
|
|
|
1.22 |
|
|
|
|
(0.02) |
|
Allowance for credit losses to nonperforming loans |
|
|
313 |
|
|
|
313 |
|
|
|
320 |
|
|
|
336 |
|
|
|
356 |
|
|
|
|
313 |
|
|
|
356 |
|
|
|
|
(43) |
|
Delinquent loans to total loans |
|
|
0.15 |
|
|
|
0.16 |
|
|
|
0.14 |
|
|
|
0.12 |
|
|
|
0.12 |
|
|
|
|
0.15 |
|
|
|
0.12 |
|
|
|
|
0.03 |
|
Annualized NCOs (recoveries) to average loans |
|
|
0.01 |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
0.01 |
|
|
|
0.01 |
|
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRS Refund Advances ("RAs") |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAs originated |
|
$ |
771,091 |
|
|
$ |
103,115 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
737,047 |
|
|
|
$ |
771,091 |
|
|
$ |
737,047 |
|
|
|
$ |
34,044 |
|
Net (credit) charge to the Provision for RAs |
|
|
25,718 |
|
|
|
2,877 |
|
|
|
(1,939) |
|
|
|
(161) |
|
|
|
21,715 |
|
|
|
|
25,718 |
|
|
|
21,715 |
|
|
|
|
4,003 |
|
RAs NCOs (recoveries) |
|
|
(275) |
|
|
|
(1,052) |
|
|
|
(1,939) |
|
|
|
25,636 |
|
|
|
(285) |
|
|
|
|
(275) |
|
|
|
(285) |
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-8
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.
As of March 31, 2024, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Tax Refund Solutions (“TRS”), Republic Payment Solutions (“RPS”), and Republic Credit Solutions (“RCS”). Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute Republic Processing Group (“RPG”) operations.
The nature of segment operations and the primary drivers of net revenues by reportable segment are provided below:
Reportable Segment: |
|
Nature of Operations: |
|
Primary Drivers of Net Revenue: |
|
|
|
|
|
Core Banking: |
|
|
|
|
|
|
|
|
|
Traditional Banking |
|
Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels. |
|
Loans, investments, and deposits |
|
|
|
|
|
Warehouse Lending |
|
Provides short-term, revolving credit facilities to mortgage bankers across the United States. |
|
Mortgage warehouse lines of credit |
|
|
|
|
|
Republic Processing Group: |
|
|
|
|
|
|
|
|
|
Tax Refund Solutions |
|
TRS offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint. |
|
Loans and refund transfers |
|
|
|
|
|
Republic Payment Solutions |
|
RPS offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint. |
|
Prepaid cards |
|
|
|
|
|
Republic Credit Solutions |
|
Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers. |
|
Unsecured, consumer loans |
The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies in the Company’s 2023 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.
S-9
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
Segment information for the quarters and years ended March 31, 2024 and 2023 follows:
|
|
Three Months Ended March 31, 2024 |
|
|||||||||||||||||||||||||
|
|
Core Banking |
|
|
Republic Processing Group |
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
Tax |
|
|
Republic |
|
|
Republic |
|
|
|
|
|
|
|
|
|
|
Traditional |
|
|
|
Warehouse |
|
|
|
Core |
|
|
|
Refund |
|
|
Payment |
|
|
Credit |
|
|
Total |
|
|
|
Total |
|
(dollars in thousands) |
|
Banking |
|
|
|
Lending |
|
|
|
Banking |
|
|
|
Solutions |
|
|
Solutions |
|
|
Solutions |
|
|
RPG |
|
|
|
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
48,259 |
|
|
$ |
2,257 |
|
|
$ |
50,516 |
|
|
$ |
30,910 |
|
$ |
3,508 |
|
$ |
11,985 |
|
$ |
46,403 |
|
|
$ |
96,919 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for expected credit loss expense |
|
358 |
|
|
|
309 |
|
|
|
667 |
|
|
|
25,774 |
|
|
— |
|
|
4,181 |
|
|
29,955 |
|
|
|
30,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net refund transfer fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,820 |
|
|
— |
|
|
— |
|
|
10,820 |
|
|
|
10,820 |
|
Mortgage banking income |
|
310 |
|
|
|
— |
|
|
|
310 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
310 |
|
Program fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
773 |
|
|
3,406 |
|
|
4,179 |
|
|
|
4,179 |
|
Other noninterest income |
|
7,986 |
|
|
|
13 |
|
|
|
7,999 |
|
|
|
63 |
|
|
1 |
|
|
1 |
|
|
65 |
|
|
|
8,064 |
|
Total noninterest income |
|
8,296 |
|
|
|
13 |
|
|
|
8,309 |
|
|
|
10,883 |
|
|
774 |
|
|
3,407 |
|
|
15,064 |
|
|
|
23,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
41,394 |
|
|
|
878 |
|
|
|
42,272 |
|
|
|
4,512 |
|
|
954 |
|
|
3,233 |
|
|
8,699 |
|
|
|
50,971 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax expense |
|
14,803 |
|
|
|
1,083 |
|
|
|
15,886 |
|
|
|
11,507 |
|
|
3,328 |
|
|
7,978 |
|
|
22,813 |
|
|
|
38,699 |
|
Income tax expense (benefit) |
|
2,520 |
|
|
|
244 |
|
|
|
2,764 |
|
|
|
2,714 |
|
|
761 |
|
|
1,854 |
|
|
5,329 |
|
|
|
8,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
12,283 |
|
|
$ |
839 |
|
|
$ |
13,122 |
|
|
$ |
8,793 |
|
$ |
2,567 |
|
$ |
6,124 |
|
$ |
17,484 |
|
|
$ |
30,606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end assets |
$ |
5,766,166 |
|
|
$ |
463,664 |
|
|
$ |
6,229,830 |
|
|
$ |
106,401 |
|
$ |
406,847 |
|
$ |
132,514 |
|
$ |
645,762 |
|
|
$ |
6,875,592 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
3.33 |
% |
|
|
2.67 |
% |
|
|
3.30 |
% |
|
|
NM |
|
|
5.07 |
% |
|
NM |
|
|
NM |
|
|
|
5.87 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-revenue concentration* |
|
46 |
% |
|
|
2 |
% |
|
|
48 |
% |
|
|
35 |
% |
|
4 |
% |
|
13 |
% |
|
52 |
% |
|
|
100 |
% |
|
|
Three Months Ended March 31, 2023 |
|
|||||||||||||||||||||||||
|
|
Core Banking |
|
|
Republic Processing Group |
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
Tax |
|
|
Republic |
|
|
Republic |
|
|
|
|
|
|
|
|
|
|
Traditional |
|
|
|
Warehouse |
|
|
|
Core |
|
|
|
Refund |
|
|
Payment |
|
|
Credit |
|
|
Total |
|
|
|
Total |
|
(dollars in thousands) |
|
Banking |
|
|
|
Lending |
|
|
|
Banking |
|
|
|
Solutions |
|
|
Solutions |
|
|
Solutions |
|
|
RPG |
|
|
|
Company |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
50,168 |
|
|
$ |
2,087 |
|
|
$ |
52,255 |
|
|
$ |
28,307 |
|
$ |
3,458 |
|
$ |
8,622 |
|
$ |
40,387 |
|
|
$ |
92,642 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for expected credit loss expense |
|
2,984 |
|
|
|
135 |
|
|
|
3,119 |
|
|
|
21,808 |
|
|
— |
|
|
1,839 |
|
|
23,647 |
|
|
|
26,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net refund transfer fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
10,807 |
|
|
— |
|
|
— |
|
|
10,807 |
|
|
|
10,807 |
|
Mortgage banking income |
|
800 |
|
|
|
— |
|
|
|
800 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
800 |
|
Program fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
707 |
|
|
2,534 |
|
|
3,241 |
|
|
|
3,241 |
|
Other noninterest income |
|
7,671 |
|
|
|
11 |
|
|
|
7,682 |
|
|
|
115 |
|
|
11 |
|
|
25 |
|
|
151 |
|
|
|
7,833 |
|
Total noninterest income |
|
8,471 |
|
|
|
11 |
|
|
|
8,482 |
|
|
|
10,922 |
|
|
718 |
|
|
2,559 |
|
|
14,199 |
|
|
|
22,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
43,406 |
|
|
|
968 |
|
|
|
44,374 |
|
|
|
4,782 |
|
|
866 |
|
|
2,421 |
|
|
8,069 |
|
|
|
52,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax expense |
|
12,249 |
|
|
|
995 |
|
|
|
13,244 |
|
|
|
12,639 |
|
|
3,310 |
|
|
6,921 |
|
|
22,870 |
|
|
|
36,114 |
|
Income tax expense |
|
2,713 |
|
|
|
223 |
|
|
|
2,936 |
|
|
|
2,806 |
|
|
735 |
|
|
1,545 |
|
|
5,086 |
|
|
|
8,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
9,536 |
|
|
$ |
772 |
|
|
$ |
10,308 |
|
|
$ |
9,833 |
|
$ |
2,575 |
|
$ |
5,376 |
|
$ |
17,784 |
|
|
$ |
28,092 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end assets |
$ |
4,987,423 |
|
|
$ |
458,675 |
|
|
$ |
5,446,098 |
|
|
$ |
95,462 |
|
$ |
415,688 |
|
$ |
116,843 |
|
$ |
627,993 |
|
|
$ |
6,074,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest margin |
|
4.07 |
% |
|
|
2.53 |
% |
|
|
3.98 |
% |
|
|
NM |
|
|
3.84 |
% |
|
NM |
|
|
NM |
|
|
|
6.52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net-revenue concentration* |
|
50 |
% |
|
|
2 |
% |
|
|
52 |
% |
|
|
34 |
% |
|
4 |
% |
|
10 |
% |
|
48 |
% |
|
|
100 |
% |
S-10
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First quarter 2024 (continued)
(1) | The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company’s loan fees by segment: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
$ Change (8) |
|
||||||||||||||||||
(dollars in thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
3M to 3M |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Banking |
|
$ |
1,366 |
|
$ |
1,400 |
|
$ |
1,703 |
|
$ |
1,311 |
|
$ |
943 |
|
|
$ |
1,366 |
|
$ |
943 |
|
|
$ |
423 |
|
Warehouse Lending |
|
|
263 |
|
|
235 |
|
|
254 |
|
|
294 |
|
|
248 |
|
|
|
263 |
|
|
248 |
|
|
|
15 |
|
Total Core Bank |
|
|
1,629 |
|
|
1,635 |
|
|
1,957 |
|
|
1,605 |
|
|
1,191 |
|
|
|
1,629 |
|
|
1,191 |
|
|
|
438 |
|
TRS - Refund Advances |
|
|
34,652 |
|
|
7 |
|
|
25 |
|
|
41 |
|
|
31,404 |
|
|
|
34,652 |
|
|
31,404 |
|
|
|
3,248 |
|
TRS - Other Loan Fees |
|
|
1,219 |
|
|
1,089 |
|
|
6 |
|
|
24 |
|
|
933 |
|
|
|
1,219 |
|
|
933 |
|
|
|
286 |
|
RCS |
|
|
11,372 |
|
|
10,514 |
|
|
9,763 |
|
|
8,416 |
|
|
7,962 |
|
|
|
11,372 |
|
|
7,962 |
|
|
|
3,410 |
|
Total RPG |
|
|
47,243 |
|
|
11,610 |
|
|
9,794 |
|
|
8,481 |
|
|
40,299 |
|
|
|
47,243 |
|
|
40,299 |
|
|
|
6,944 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loan fees - Total Company |
|
$ |
48,872 |
|
$ |
13,245 |
|
$ |
11,751 |
|
$ |
10,086 |
|
$ |
41,490 |
|
|
$ |
48,872 |
|
$ |
41,490 |
|
|
$ |
7,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) | Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment securities. Provision expense for off-balance sheet credit exposures is a component of “Other” noninterest expense. |
(3) | In the ordinary course of business, the Bank originates for sale mortgage loans and consumer loans. Mortgage loans originated for sale are primarily originated and sold into the secondary market through the Bank’s Traditional Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment. Gains on sale of mortgage loans are recorded as a component of Mortgage Banking income. Gains on sale of consumer loans are recorded as a component of Program Fees. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the Three Months Ended |
|
|
As of and for the Three Months Ended |
|
|
$ Change (8) |
|
||||||||||||||||||
(dollars in thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
Mar. 31, 2023 |
|
|
3M to 3M |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage Loans Held for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
3,227 |
|
$ |
2,711 |
|
$ |
4,038 |
|
$ |
1,034 |
|
$ |
1,302 |
|
|
$ |
3,227 |
|
$ |
1,302 |
|
|
$ |
1,925 |
|
Originations |
|
|
27,046 |
|
|
24,050 |
|
|
23,860 |
|
|
13,948 |
|
|
15,942 |
|
|
|
27,046 |
|
|
15,942 |
|
|
|
11,104 |
|
Transferred from held for investment to held for sale |
|
|
69,464 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
69,464 |
|
|
— |
|
|
|
69,464 |
|
Proceeds from sales |
|
|
(18,773) |
|
|
(24,134) |
|
|
(25,681) |
|
|
(11,483) |
|
|
(16,630) |
|
|
|
(18,773) |
|
|
(16,630) |
|
|
|
(2,143) |
|
Fair value adjustment for correspondent loans reclassified to held for sale |
|
|
(997) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
(997) |
|
|
— |
|
|
|
(997) |
|
Net gain on sale |
|
|
917 |
|
|
600 |
|
|
494 |
|
|
539 |
|
|
420 |
|
|
|
917 |
|
|
420 |
|
|
|
497 |
|
Balance, end of period |
|
$ |
80,884 |
|
$ |
3,227 |
|
$ |
2,711 |
|
$ |
4,038 |
|
$ |
1,034 |
|
|
$ |
80,884 |
|
$ |
1,034 |
|
|
$ |
79,850 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RCS Consumer Loans Held for Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, beginning of period |
|
$ |
24,008 |
|
$ |
21,972 |
|
$ |
21,544 |
|
$ |
17,432 |
|
$ |
17,875 |
|
|
$ |
24,008 |
|
$ |
17,875 |
|
|
$ |
6,133 |
|
Originations |
|
|
188,347 |
|
|
300,281 |
|
|
287,088 |
|
|
262,404 |
|
|
207,222 |
|
|
|
188,347 |
|
|
207,222 |
|
|
|
(18,875) |
|
Proceeds from sales |
|
|
(196,584) |
|
|
(302,118) |
|
|
(289,997) |
|
|
(261,301) |
|
|
(210,199) |
|
|
|
(196,584) |
|
|
(210,199) |
|
|
|
13,615 |
|
Net gain on sale |
|
|
3,405 |
|
|
3,873 |
|
|
3,337 |
|
|
3,009 |
|
|
2,534 |
|
|
|
3,405 |
|
|
2,534 |
|
|
|
871 |
|
Balance, end of period |
|
$ |
19,176 |
|
$ |
24,008 |
|
$ |
21,972 |
|
$ |
21,544 |
|
$ |
17,432 |
|
|
$ |
19,176 |
|
$ |
17,432 |
|
|
$ |
1,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-11
(4) | The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy. |
|
|
As of |
||||||||||||||||||
(dollars in thousands, except per share data) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity - GAAP (a) |
|
$ |
935,583 |
|
|
$ |
912,756 |
|
|
$ |
893,400 |
|
|
$ |
886,971 |
|
|
$ |
882,202 |
|
Less: Goodwill |
|
|
40,516 |
|
|
|
40,516 |
|
|
|
40,516 |
|
|
|
40,516 |
|
|
|
41,618 |
|
Less: Mortgage servicing rights |
|
|
7,102 |
|
|
|
7,411 |
|
|
|
7,710 |
|
|
|
7,995 |
|
|
|
8,406 |
|
Less: Core deposit intangible |
|
|
2,302 |
|
|
|
2,439 |
|
|
|
2,576 |
|
|
|
2,713 |
|
|
|
2,813 |
|
Tangible stockholders' equity - Non-GAAP (c) |
|
$ |
885,663 |
|
|
$ |
862,390 |
|
|
$ |
842,598 |
|
|
$ |
835,747 |
|
|
$ |
829,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets - GAAP (b) |
|
$ |
6,875,592 |
|
|
$ |
6,594,891 |
|
|
$ |
6,386,475 |
|
|
$ |
6,369,779 |
|
|
$ |
6,074,091 |
|
Less: Goodwill |
|
|
40,516 |
|
|
|
40,516 |
|
|
|
40,516 |
|
|
|
40,516 |
|
|
|
41,618 |
|
Less: Mortgage servicing rights |
|
|
7,102 |
|
|
|
7,411 |
|
|
|
7,710 |
|
|
|
7,995 |
|
|
|
8,406 |
|
Less: Core deposit intangible |
|
|
2,302 |
|
|
|
2,439 |
|
|
|
2,576 |
|
|
|
2,713 |
|
|
|
2,813 |
|
Tangible assets - Non-GAAP (d) |
|
$ |
6,825,672 |
|
|
$ |
6,544,525 |
|
|
$ |
6,335,673 |
|
|
$ |
6,318,555 |
|
|
$ |
6,021,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity to total assets - GAAP (a/b) |
|
|
13.61 |
% |
|
|
13.84 |
% |
|
|
13.99 |
% |
|
|
13.92 |
% |
|
|
14.52 |
% |
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d) |
|
|
12.98 |
% |
|
|
13.18 |
% |
|
|
13.30 |
% |
|
|
13.23 |
% |
|
|
13.77 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding (e) |
|
|
19,411 |
|
|
|
19,358 |
|
|
|
19,453 |
|
|
|
19,606 |
|
|
|
19,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share - GAAP (a/e) |
|
$ |
48.20 |
|
|
$ |
47.15 |
|
|
$ |
45.93 |
|
|
$ |
45.24 |
|
|
$ |
44.65 |
|
Tangible book value per share - Non-GAAP (c/e) |
|
|
45.63 |
|
|
|
44.55 |
|
|
|
43.31 |
|
|
|
42.63 |
|
|
|
41.98 |
|
(5) | The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes material nonrecurring revenues and expenses related to the CBank merger, the BOLI benefit payment received, as well as net gains (losses) on sales, calls, and impairment of investment securities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Three Months Ended |
||||||||||||||||||||||||
(dollars in thousands) |
|
Mar. 31, 2024 |
|
Dec. 31, 2023 |
|
Sep. 30, 2023 |
|
Jun. 30, 2023 |
|
Mar. 31, 2023 |
|
|
Mar. 31, 2024 |
|
|
Mar. 31, 2023 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income - GAAP |
|
$ |
96,919 |
|
|
$ |
66,782 |
|
|
$ |
64,825 |
|
|
$ |
64,529 |
|
|
$ |
92,642 |
|
|
|
$ |
96,919 |
|
|
$ |
92,642 |
|
Noninterest income - GAAP |
|
|
23,373 |
|
|
|
14,780 |
|
|
|
14,345 |
|
|
|
19,651 |
|
|
|
22,681 |
|
|
|
|
23,373 |
|
|
|
22,681 |
|
Less: BOLI benefit payment received |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,728 |
|
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
Less: Net gain (loss) on securities |
|
|
— |
|
|
|
6 |
|
|
|
2 |
|
|
|
3 |
|
|
|
1 |
|
|
|
|
— |
|
|
|
1 |
|
Total adjusted income - Non-GAAP (a) |
|
$ |
120,292 |
|
|
$ |
81,556 |
|
|
$ |
79,168 |
|
|
$ |
82,449 |
|
|
$ |
115,322 |
|
|
|
$ |
120,292 |
|
|
$ |
115,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense - GAAP |
|
$ |
50,971 |
|
|
$ |
47,054 |
|
|
$ |
48,368 |
|
|
$ |
51,533 |
|
|
$ |
52,443 |
|
|
|
$ |
50,971 |
|
|
$ |
52,443 |
|
Less: Merger expenses related to CBank acquisition |
|
|
41 |
|
|
|
92 |
|
|
|
(132) |
|
|
|
127 |
|
|
|
2,073 |
|
|
|
|
41 |
|
|
|
2,073 |
|
Adjusted noninterest expense - Non-GAAP (b) |
|
$ |
50,930 |
|
|
$ |
46,962 |
|
|
$ |
48,500 |
|
|
$ |
51,406 |
|
|
$ |
50,370 |
|
|
|
$ |
50,930 |
|
|
$ |
50,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio - Non-GAAP (b/a) |
|
|
42 |
% |
|
|
58 |
% |
|
|
61 |
% |
|
|
62 |
% |
|
|
44 |
% |
|
|
|
42 |
% |
|
|
44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6) | The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average interest-bearing deposits plus total average noninterest-bearing deposits. |
(7) | FTEs – Full-time-equivalent employees. |
(8) | Quarter (“Q”) to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M (three months), 6M to 6M (six months), 9M to 9M (nine months), or 12M to 12M (twelve months). |
(9) | The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is determined by the number of days or the number of payments past due. Delinquent loans as of March 31, 2024, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2024 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority. |
(10) | The following table provides a reconciliation of Net Income in accordance with GAAP to Adjusted Net Income, a non-GAAP disclosure. The Company provides the Adjusted Net Income, a non-GAAP measure, in addition to GAAP Net Income, because of its widespread use |
S-12
by investors as a means to evaluate company performance. The Adjusted Net Income figure excludes material nonrecurring revenues and expenses related to the CBank merger. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
|
|
|
||||||
(dollars in thousands) |
|
Mar. 31, 2024 |
|
|
Mar. 31, 2023 |
|
|
$ Change |
|
|
% Change |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income - GAAP |
|
$ |
30,606 |
|
|
$ |
28,092 |
|
$ |
2,514 |
|
|
9 |
% |
Add: Expenses related to CBank acquisition |
|
|
41 |
|
|
|
2,073 |
|
|
(2,032) |
|
|
NM |
|
Add: Provision expense related to CBank acquisition |
|
|
— |
|
|
|
2,689 |
|
|
(2,689) |
|
|
NM |
|
Subtotal: Adjusted Items |
|
$ |
41 |
|
|
$ |
4,762 |
|
$ |
(4,721) |
|
|
NM |
|
Add: Applicable Income Tax Impact on the above items |
|
|
(9) |
|
|
|
(1,360) |
|
|
1,351 |
|
|
NM |
|
Total adjusted net income - Non-GAAP (a) |
|
$ |
30,638 |
|
|
$ |
31,494 |
|
$ |
(856) |
|
|
(3) |
% |
NM – Not meaningful
NA – Not applicable
YTD – Year to date
CONTACT:
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
S-13