We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Republic Bancorp Inc | NASDAQ:RBCAA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.40 | 36.52 | 84.90 | 0 | 09:09:57 |
|
|
|
(State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
of incorporation) |
|
|
(Address of principal executive offices) | (zip code) |
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
|
|
|
Exhibit Number
|
|
Description
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL).
|
Republic Bancorp, Inc.
|
|||
(Registrant)
|
|||
Date: January 26, 2024
|
By:
|
/s/ Kevin Sipes
|
|
Executive Vice President, Chief Financial Officer & Chief Accounting Officer
|
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).
LOUISVILLE, Ky.--(BUSINESS WIRE)--January 26, 2024--Republic Bancorp, Inc. (“Republic” or the “Company”) reported fourth quarter 2023 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $19.7 million and $1.01 per share, representing increases of 6% and 7% over the fourth quarter of 2022.
Logan Pichel, President and CEO of the Bank commented, “We are proud to report the completion of another successful year at Republic Bank as we continue our mission to enable our clients, Company, associates, and the communities we serve to thrive. Included among our accomplishments for the year were:
The diversity of our Bank’s business model continues to drive a strong overall performance for the Company. Our Core Banking operations reported net income of $15.8 million for the quarter, representing a $486,000, or 3%, decrease in net income from the fourth quarter of 2022. Meanwhile, net income within our Republic Processing Group (“RPG”) increased $1.6 million, or 74%, from the fourth quarter of 2022 to the fourth quarter of 2023 driven by the strong performance of our Republic Payments Solutions prepaid card division.
As was the case for the first three quarters of 2023, our industry continued to face the challenges of an inverted yield curve and tremendous competition for deposits and liquidity during the fourth quarter. These challenges continued to exert pressure on the net interest margins of banks across the United States, including our own Core Banking operations. As we move forward into 2024, we will combat these challenges in net interest income by seeking to further diversify our revenue streams and fortify our liquidity, while continuing to become more efficient in our operations across the Company.
We are proud of the job we have done across the Company of growing our deposits. As a result of the strong efforts of our associates, our Core Bank deposits, excluding wholesale brokered deposits, ended the year at $4.3 billion, an increase of $219 million, or 5%, from December 31, 2022. In addition, we added capacity at the Federal Home Loan Bank, increasing our borrowing line by $111 million from December 31, 2022 to December 31, 2023. The growth in our deposits did come at the cost of higher funding expenses for our total deposit portfolio, but we believe it was a cost worth absorbing given the environment in which we currently operate.
Our dedication to industry leading credit quality and capital remained staples during 2023. Among our many favorable credit quality metrics, we ended the fourth quarter of 2023 with a delinquency ratio of 0.16% within our Core Bank. In addition, our capital ratios at Republic Bank & Trust Company continued to be significantly above the minimums to be considered well-capitalized as of December 31, 2023.
We are proud of our many accomplishments over the past year and are optimistic about our future. We believe our focus on creating Best-in-Class client experiences, our strong capital and liquidity position, and our continued commitment to supporting all parts of the communities we serve, make us well-positioned to grow our relationships with existing clients and attract new clients. We are very proud of the good work of our over 1,000 Republic Bank associates and are much appreciative of the trust and support that each of our clients and shareholders place in Republic Bank.” concluded Pichel.
The following table highlights Republic’s key metrics for the three and twelve months ended December 31, 2023 and 2022. 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 January 26, 2023.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Total Company Financial Performance Highlights |
||||||||||||||||||||||||||||||
|
|
|
Three Months Ended Dec. 31, |
|
|
|
|
Years Ended Dec. 31, |
|
|
|
|||||||||||||||||||||
(dollars in thousands, except per share data) |
|
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income Before Income Tax Expense |
|
|
$ |
23,519 |
|
|
$ |
23,488 |
|
|
$ |
31 |
|
— |
% |
|
|
$ |
113,213 |
|
|
$ |
116,845 |
|
|
$ |
(3,632 |
) |
|
(3 |
)% |
|
Net Income |
|
|
|
19,659 |
|
|
|
18,513 |
|
|
|
1,146 |
|
6 |
|
|
|
|
90,374 |
|
|
|
91,106 |
|
|
|
(732 |
) |
|
(1 |
) |
|
Diluted EPS |
|
|
|
1.01 |
|
|
|
0.94 |
|
|
|
0.07 |
|
7 |
|
|
|
|
4.62 |
|
|
|
4.59 |
|
|
|
0.03 |
|
|
1 |
|
|
Return on Average Assets ("ROA") |
|
|
|
1.21 |
% |
|
|
1.25 |
% |
|
|
NA |
|
(3 |
) |
|
|
|
1.44 |
% |
|
|
1.48 |
% |
|
|
NA |
|
(3 |
) |
|
|
Return on Average Equity ("ROE") |
|
|
|
8.68 |
|
|
|
8.65 |
|
|
|
NA |
|
— |
|
|
|
|
10.10 |
|
|
|
10.68 |
|
|
|
NA |
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
NA – Not applicable |
Results of Operations for the Fourth Quarter of 2023 Compared to the Fourth Quarter of 2022
Core Bank(1)
Net income for the Core Bank was $15.8 million for the fourth quarter of 2023 compared to $16.3 million for the fourth quarter of 2022. As further outlined in the following discussion, an increase in provision expense and noninterest expense combined with a decline in net interest income were the primary drivers for the change in net income from the fourth quarter of 2022 to the fourth quarter of 2023.
Net Interest Income – Core Bank net interest income was $50.6 million for the fourth quarter of 2023, a $1.4 million, or 3%, decrease from $52.0 million during the fourth quarter of 2022. In addition, the Core Bank’s net interest margin (“NIM”) decreased from 3.82% during the fourth quarter of 2022 to 3.40% during the fourth quarter of 2023.
The decrease in net interest income for the fourth quarter of 2023 was the first quarter-to-same-quarter-last-year decline for the Core Bank during 2023. While net interest income was higher for each of the first three quarters of 2023 compared to the same quarter in 2022, each quarter experienced a diminishing magnitude of increase. This diminishing magnitude occurred as the Core Bank’s cost of funds increased at a faster pace than its yield on interest earning assets.
The primary driver of this diminishing benefit was a reduction in interest-earning cash balances combined with an on-going shift in funding mix away from noninterest-bearing deposit balances to higher-costing, interest-bearing deposits and FHLB borrowings. As a result of these factors, the Core Bank’s cost of interest-bearing liabilities increased 225 basis points from the fourth quarter of 2022 to the fourth quarter of 2023, more than offsetting the 101 basis point increase to its yield on interest earning assets for the same periods.
Further detailing this change in net interest income and NIM between the fourth quarter of 2022 and the fourth quarter of 2023 were the following:
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Net Interest Income |
|
|
Net Interest Margin |
|
|||||||||||||||
(dollars in thousands) |
|
|
Three Months Ended Dec. 31, |
|
|
|
|
|
Three Months Ended Dec. 31, |
|
|
|
||||||||||
Reportable Segment |
|
|
2023 |
|
2022 |
|
Change |
|
|
2023 |
|
2022 |
|
Change |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Traditional Banking |
|
|
$ |
48,318 |
|
$ |
49,675 |
|
$ |
(1,357 |
) |
|
|
3.47 |
% |
|
3.94 |
% |
|
(0.47 |
)% |
|
Warehouse Lending |
|
|
|
2,251 |
|
|
2,317 |
|
|
(66 |
) |
|
|
2.41 |
|
|
2.28 |
|
|
0.13 |
|
|
Mortgage Banking* |
|
|
|
76 |
|
|
50 |
|
|
26 |
|
|
|
NM |
|
|
NM |
|
|
NM |
|
|
Total Core Bank |
|
|
$ |
50,645 |
|
$ |
52,042 |
|
$ |
(1,397 |
) |
|
|
3.40 |
|
|
3.82 |
|
|
(0.42 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Average Loan Balances |
|
|
Period-End Loan Balances |
|
||||||||||||||||||||||
(dollars in thousands) |
|
Three Months Ended Dec. 31, |
|
|
|
|
Dec. 31, |
|
Dec. 31, |
|
|
|
||||||||||||||||
Reportable Segment |
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Traditional Banking |
|
$ |
4,557,099 |
|
$ |
3,799,278 |
|
$ |
757,821 |
|
|
20 |
% |
|
|
$ |
4,618,569 |
|
$ |
3,855,142 |
|
$ |
763,427 |
|
|
20 |
% |
|
Warehouse Lending |
|
|
370,169 |
|
|
406,903 |
|
|
(36,734 |
) |
|
(9 |
) |
|
|
|
339,723 |
|
|
403,560 |
|
|
(63,837 |
) |
|
(16 |
) |
|
Mortgage Banking* |
|
|
3,473 |
|
2,092 |
|
1,381 |
|
66 |
|
|
|
|
3,227 |
|
1,302 |
|
1,925 |
|
148 |
|
|
||||||
Total Core Bank |
|
$ |
4,930,741 |
|
$ |
4,208,273 |
|
$ |
722,468 |
|
|
17 |
|
|
|
$ |
4,961,519 |
|
$ |
4,260,004 |
|
$ |
701,515 |
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
*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 $2.0 million during the fourth quarter of 2023 compared to a net charge of $1.6 million for the fourth quarter of 2022.
The net charge during the fourth quarter of 2023 was primarily driven by the following:
The net charge during the fourth quarter of 2022 was primarily driven by the following:
As a percentage of total loans, the Core Bank’s Allowance(2) remained at 1.21% from December 31, 2022 to December 31, 2023. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
As of Dec. 31, 2023 |
|
|
As of Dec. 31, 2022 |
|
|
Year-over-Year Change |
|
||||||||||||||||||
(dollars in thousands) |
|
|
|
|
|
|
|
Allowance |
|
|
|
|
|
|
|
|
Allowance |
|
|
Allowance |
|
|
|
||||
Reportable Segment |
|
Gross Loans |
|
Allowance |
|
to Loans |
|
|
Gross Loans |
|
Allowance |
|
to Loans |
|
|
to Loans |
|
% Change |
|
||||||||
|
|
|
|
|
|
|
|||||||||||||||||||||
Traditional Bank |
|
$ |
4,618,569 |
|
$ |
58,998 |
1.28 |
% |
|
$ |
3,855,142 |
|
$ |
50,709 |
1.32 |
% |
|
(0.04 |
)% |
(3 |
)% |
|
|||||
Warehouse Lending |
|
|
339,723 |
|
|
847 |
|
0.25 |
|
|
|
|
403,560 |
|
|
1,009 |
|
0.25 |
|
|
|
— |
|
|
— |
|
|
Total Core Bank |
|
|
4,958,292 |
|
|
59,845 |
|
1.21 |
|
|
|
|
4,258,702 |
|
|
51,718 |
|
1.21 |
|
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Tax Refund Solutions |
|
|
149,207 |
|
|
3,990 |
|
2.67 |
|
|
|
|
149,272 |
|
|
3,888 |
|
2.60 |
|
|
|
0.07 |
|
|
3 |
|
|
Republic Credit Solutions |
|
|
132,362 |
|
|
18,295 |
|
13.82 |
|
|
|
|
107,828 |
|
|
14,807 |
|
13.73 |
|
|
|
0.09 |
|
|
1 |
|
|
Total Republic Processing Group |
|
|
281,569 |
|
|
22,285 |
|
7.91 |
|
|
|
|
257,100 |
|
|
18,695 |
|
7.27 |
|
|
|
0.64 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total Company |
|
$ |
5,239,861 |
|
$ |
82,130 |
1.57 |
% |
|
$ |
4,515,802 |
|
$ |
70,413 |
1.56 |
% |
|
0.01 |
% |
1 |
% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
ACLL Roll-Forward |
||||||||||||||||||||||||||||||||
|
|
Three Months Ended December 31, |
||||||||||||||||||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
||||||||||||||||||||||||||
(dollars in thousands) |
|
Beginning |
|
|
|
|
Charge- |
|
|
|
Ending |
|
Beginning |
|
|
|
|
Charge- |
|
|
|
Ending |
||||||||||||
Reportable Segment |
|
Balance |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
|
Balance |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Traditional Bank |
|
$ |
56,931 |
|
$ |
2,287 |
|
|
$ |
(449 |
) |
|
$ |
229 |
|
$ |
58,998 |
|
$ |
49,231 |
|
$ |
1,716 |
|
|
$ |
(459 |
) |
|
$ |
221 |
|
$ |
50,709 |
Warehouse Lending |
|
|
1,143 |
|
|
(296 |
) |
|
|
— |
|
|
|
— |
|
|
847 |
|
|
1,105 |
|
|
(96 |
) |
|
|
— |
|
|
|
— |
|
|
1,009 |
Total Core Bank |
|
|
58,074 |
|
|
1,991 |
|
|
|
(449 |
) |
|
|
229 |
|
|
59,845 |
|
|
50,336 |
|
|
1,620 |
|
|
|
(459 |
) |
|
|
221 |
|
|
51,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tax Refund Solutions |
|
|
1 |
|
|
2,937 |
|
|
|
— |
|
|
|
1,052 |
|
|
3,990 |
|
|
— |
|
|
2,979 |
|
|
|
— |
|
|
|
909 |
|
|
3,888 |
Republic Credit Solutions |
|
|
16,501 |
|
|
6,061 |
|
|
|
(4,453 |
) |
|
|
186 |
|
|
18,295 |
|
|
14,583 |
|
|
3,245 |
|
|
|
(3,385 |
) |
|
|
364 |
|
|
14,807 |
Total Republic Processing Group |
|
|
16,502 |
|
|
8,998 |
|
|
|
(4,453 |
) |
|
|
1,238 |
|
|
22,285 |
|
|
14,583 |
|
|
6,224 |
|
|
|
(3,385 |
) |
|
|
1,273 |
|
|
18,695 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Total Company |
|
$ |
74,576 |
|
$ |
10,989 |
|
|
$ |
(4,902 |
) |
|
$ |
1,467 |
|
$ |
82,130 |
|
$ |
64,919 |
|
$ |
7,844 |
|
|
$ |
(3,844 |
) |
|
$ |
1,494 |
|
$ |
70,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below presents the Core Bank’s credit quality metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the: |
|||||||||||||
|
Quarters Ended: |
Years Ended: |
||||||||||||
|
Dec. 31, |
|
Sep. 30, |
|
Jun. 30, |
|
Mar. 31, |
|
Dec. 31, |
Dec. 31, |
Dec. 31, |
|||
Core Banking Credit Quality Ratios |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
2022 |
2021 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
0.39 |
% |
0.37 |
% |
0.34 |
% |
0.34 |
% |
0.39 |
% |
0.37 |
% |
0.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total loans (including OREO) |
0.41 |
|
0.39 |
|
0.37 |
|
0.38 |
|
0.41 |
|
0.40 |
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans* to total loans |
0.16 |
|
0.14 |
|
0.12 |
|
0.12 |
|
0.16 |
|
0.14 |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans |
0.02 |
|
0.02 |
|
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 increased $828,000 to $9.8 million for the fourth quarter of 2023 compared to the fourth quarter of 2022. The increase was primarily driven by a $361,000 increase in Mortgage Banking income and a $484,000 net recapture of loss reserves for Republic’s Nevada-based insurance captive, which was fully dissolved during the fourth quarter of 2023.
Noninterest Expense – As previously noted, the Core Bank’s noninterest expense was $39.7 million for the fourth quarter of 2023 compared to $38.5 million for the fourth quarter of 2022, an increase of $1.2 million, or 3% for the quarter. Noninterest expenses for the fourth quarter of 2023 included $1.4 million of expense associated with the former CBank operations, which was acquired in March 2023.
Core Bank legacy noninterest expenses, which excludes those of the acquired CBank operations, were flat versus the fourth quarter of 2022 at $38.3 million for the quarter. While noninterest expenses were generally higher across most categories during the fourth quarter of 2023, the fourth quarter of 2023 did benefit from a $1.3 million positive swing in estimated bonus expenses as the fourth quarter of 2022 contained a net charge of $796,000 for bonus expense accruals, while the fourth quarter of 2023 contained a net credit of $478,000. The net credit of $478,000 recorded for the fourth quarter of 2023 reduced the liability for accrued bonuses to be in-line with expected payouts scheduled for the first quarter of 2024.
Republic Processing Group(3)
The Republic Processing Group (“RPG”) reported net income of $3.8 million for the fourth quarter of 2023 compared to $2.2 million for the same period in 2022. RPG’s performance for the fourth quarter of 2023 compared to the fourth quarter of 2022, by operating segment, is as follows:
Republic Payment Solutions (“RPS”)
The Company began reporting RPS as a separate reportable segment for its fourth quarter 2023 reporting period. Prior to the fourth quarter of 2023, RPS was reported as a component of the TRS segment.
Net income at RPS was $3.2 million for the fourth quarter of 2023, an increase of $1.4 million, or 82%, from the fourth quarter of 2022. The $1.4 million increase in RPS net income was driven by a higher interest yield of 5.08% applied to the $342 million average of prepaid program balances for the fourth quarter of 2023 compared to an applied yield of 2.82% for the $337 million in average prepaid card balances for the fourth quarter of 2022.
Tax Refund Solutions (“TRS”)
TRS experienced a net loss of $3.6 million during the fourth quarter of 2023 compared to a net loss of $3.5 million for the fourth quarter of 2022. As with the fourth quarter of 2022, the net loss at TRS for the fourth quarter of 2023 was driven by a large, estimated Provision expense applied to the Early Season Refund Advance loans (“ERAs”) originated during the quarter. Altogether, TRS originated $103 million of
ERAs during the fourth quarter of 2023 compared to $98 million originated during the fourth quarter of 2022. The Company applied an estimated loss rate of approximately 3.81% of total ERAs originated during the fourth quarter of 2023 and an estimated loss rate of 3.89% during the fourth quarter of 2022.
Republic Credit Solutions (“RCS”)
Net income at RCS increased $236,000, or 6% from $4.0 million during the fourth quarter of 2022 to $4.2 million during the fourth quarter of 2023. The increase was primarily due to a $1.1 million increase in gain on sale of RCS loans, which was driven by increased volume in the fourth quarter of 2023. The increase in gain on sale of loan revenue was partially offset by an $883,000 increase in noninterest expenses resulting from elevated marketing fees.
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. As of December 31, 2023, the Company had approximately $6.6 billion in assets and is headquartered in Louisville, Kentucky. 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, 2022. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.
Footnotes:
(1) |
“Core Bank” or “Core Banking” operations consist of the Traditional Banking, Warehouse Lending, and Mortgage Banking segments. |
|
(2) |
Provision – Provision for Expected Credit Loss Expense |
|
(3) |
Republic Processing Group operations consist of the TRS, Republic Payment Solutions (“RPS”), and Republic Credit Solutions (“RCS”) segments. |
|
NM – Not meaningful |
||
|
||
NA – Not applicable |
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
BALANCE SHEET DATA
|
S-2
|
AVERAGE BALANCE SHEET DATA
|
S-3
|
TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES
|
S-4
|
INCOME STATEMENT DATA
|
S-5
|
SELECTED DATA AND RATIOS
|
S-6
|
LOAN COMPOSITION
|
S-7
|
ALLOWANCE FOR CREDIT LOSSES ON LOANS
|
S-7
|
CREDIT QUALITY DATA AND RATIOS
|
S-8
|
SEGMENT DATA
|
S-9
|
FOOTNOTES
|
S-12
|
Balance Sheet Data
|
||||||||||||||||||||||||
As of
|
$ Change
|
|||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022
|
|||||||||||||||||||
Assets:
|
||||||||||||||||||||||||
Cash and cash equivalents
|
$
|
316,567
|
$
|
219,653
|
$
|
241,967
|
$
|
249,289
|
$
|
313,689
|
$
|
2,878
|
||||||||||||
Investment securities, net of allowance for credit losses
|
667,874
|
703,007
|
706,238
|
725,163
|
707,862
|
(39,988
|
)
|
|||||||||||||||||
Loans held for sale
|
27,235
|
24,683
|
25,582
|
18,466
|
19,177
|
8,058
|
||||||||||||||||||
Loans
|
5,239,861
|
5,081,099
|
5,053,142
|
4,774,234
|
4,515,802
|
724,059
|
||||||||||||||||||
Allowance for credit losses
|
(82,130
|
)
|
(74,576
|
)
|
(72,202
|
)
|
(96,121
|
)
|
(70,413
|
)
|
(11,717
|
)
|
||||||||||||
Loans, net
|
5,157,731
|
5,006,523
|
4,980,940
|
4,678,113
|
4,445,389
|
712,342
|
||||||||||||||||||
Federal Home Loan Bank stock, at cost
|
23,770
|
31,420
|
29,395
|
25,939
|
9,146
|
14,624
|
||||||||||||||||||
Premises and equipment, net
|
33,411
|
33,926
|
33,840
|
33,672
|
31,978
|
1,433
|
||||||||||||||||||
Right-of-use assets
|
34,691
|
35,907
|
34,939
|
36,245
|
37,017
|
(2,326
|
)
|
|||||||||||||||||
Goodwill
|
40,516
|
40,516
|
40,516
|
41,618
|
16,300
|
24,216
|
||||||||||||||||||
Other real estate owned ("OREO")
|
1,371
|
1,423
|
1,478
|
1,529
|
1,581
|
(210
|
)
|
|||||||||||||||||
Bank owned life insurance ("BOLI")
|
103,916
|
103,211
|
102,521
|
102,322
|
101,687
|
2,229
|
||||||||||||||||||
Low-income housing tax credit investments
|
75,055
|
76,047
|
77,426
|
73,901
|
75,324
|
(269
|
)
|
|||||||||||||||||
Other assets and accrued interest receivable
|
112,754
|
110,159
|
94,937
|
87,834
|
76,393
|
36,361
|
||||||||||||||||||
Total assets
|
$
|
6,594,891
|
$
|
6,386,475
|
$
|
6,369,779
|
$
|
6,074,091
|
$
|
5,835,543
|
$
|
759,348
|
||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Noninterest-bearing
|
$
|
1,676,998
|
$
|
1,702,979
|
$
|
1,854,907
|
$
|
2,013,957
|
$
|
1,908,768
|
$
|
(231,770
|
)
|
|||||||||||
Interest-bearing
|
3,376,165
|
3,090,603
|
2,874,374
|
2,785,711
|
2,629,077
|
747,088
|
||||||||||||||||||
Total deposits
|
5,053,163
|
4,793,582
|
4,729,281
|
4,799,668
|
4,537,845
|
515,318
|
||||||||||||||||||
Securities sold under agreements to
|
||||||||||||||||||||||||
repurchase ("SSUAR") and other short-term borrowings
|
97,618
|
80,797
|
92,093
|
134,412
|
216,956
|
(119,338
|
)
|
|||||||||||||||||
Operating lease liabilities
|
35,539
|
36,726
|
35,721
|
37,031
|
37,809
|
(2,270
|
)
|
|||||||||||||||||
Federal Home Loan Bank advances
|
380,000
|
465,000
|
520,000
|
108,000
|
95,000
|
285,000
|
||||||||||||||||||
Low-income housing tax credit obligations
|
58,619
|
58,858
|
55,998
|
42,437
|
43,609
|
15,010
|
||||||||||||||||||
Other liabilities and accrued interest payable
|
57,196
|
58,112
|
49,715
|
70,341
|
47,711
|
9,485
|
||||||||||||||||||
Total liabilities
|
5,682,135
|
5,493,075
|
5,482,808
|
5,191,889
|
4,978,930
|
703,205
|
||||||||||||||||||
Stockholders' equity
|
912,756
|
893,400
|
886,971
|
882,202
|
856,613
|
56,143
|
||||||||||||||||||
Total liabilities and stockholders' equity
|
$
|
6,594,891
|
$
|
6,386,475
|
$
|
6,369,779
|
$
|
6,074,091
|
$
|
5,835,543
|
$
|
759,348
|
||||||||||||
Average Balance Sheet Data
|
||||||||||||||||||||||||||||||||||||
Three Months Ended
|
$ Change (8)
|
Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
12M to 12M
|
||||||||||||||||||||||||||||
Assets:
|
||||||||||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Federal funds sold and other interest-earning deposits
|
$
|
201,206
|
$
|
177,003
|
$
|
114,368
|
$
|
241,211
|
$
|
553,695
|
$
|
(352,489
|
)
|
$
|
183,647
|
$
|
738,399
|
$
|
(554,752
|
)
|
||||||||||||||||
Investment securities, including FHLB stock
|
769,016
|
771,453
|
774,829
|
773,172
|
693,825
|
75,191
|
772,104
|
671,858
|
100,246
|
|||||||||||||||||||||||||||
Loans, including loans held for sale
|
5,111,263
|
5,006,081
|
4,904,167
|
4,665,543
|
4,353,256
|
758,007
|
4,923,215
|
4,338,433
|
584,782
|
|||||||||||||||||||||||||||
Total interest-earning assets
|
6,081,485
|
5,954,537
|
5,793,364
|
5,679,926
|
5,600,776
|
480,709
|
5,878,966
|
5,748,690
|
130,276
|
|||||||||||||||||||||||||||
Allowance for credit losses
|
(75,747
|
)
|
(73,438
|
)
|
(96,720
|
)
|
(83,195
|
)
|
(65,290
|
)
|
(10,457
|
)
|
(82,230
|
)
|
(67,951
|
)
|
(14,279
|
)
|
||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||||||||||||||
Noninterest-earning cash and cash equivalents
|
101,119
|
96,303
|
113,865
|
295,905
|
115,416
|
(14,297
|
)
|
150,785
|
186,636
|
(35,851
|
)
|
|||||||||||||||||||||||||
Premises and equipment, net
|
33,940
|
34,013
|
33,967
|
32,232
|
32,518
|
1,422
|
33,544
|
33,892
|
(348
|
)
|
||||||||||||||||||||||||||
Bank owned life insurance
|
103,557
|
102,825
|
102,599
|
102,004
|
101,361
|
2,196
|
102,750
|
100,452
|
2,298
|
|||||||||||||||||||||||||||
Other assets
|
231,207
|
220,595
|
210,350
|
186,169
|
153,721
|
77,486
|
212,228
|
167,251
|
44,977
|
|||||||||||||||||||||||||||
Total assets
|
$
|
6,475,561
|
$
|
6,334,835
|
$
|
6,157,425
|
$
|
6,213,041
|
$
|
5,938,502
|
$
|
537,059
|
$
|
6,296,043
|
$
|
6,168,970
|
$
|
127,073
|
||||||||||||||||||
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||||||
Interest-bearing deposits
|
$
|
3,210,495
|
$
|
2,976,852
|
$
|
2,828,733
|
$
|
2,663,099
|
$
|
2,704,764
|
$
|
505,731
|
$
|
2,924,691
|
$
|
2,772,009
|
$
|
152,682
|
||||||||||||||||||
SSUARs and other short-term borrowings
|
141,861
|
90,063
|
117,852
|
202,910
|
247,123
|
(105,262
|
)
|
134,632
|
265,188
|
(130,556
|
)
|
|||||||||||||||||||||||||
Federal Home Loan Bank advances
|
357,321
|
441,543
|
256,000
|
245,344
|
21,630
|
335,691
|
325,678
|
21,233
|
304,445
|
|||||||||||||||||||||||||||
Total interest-bearing liabilities
|
3,709,677
|
3,508,458
|
3,202,585
|
3,111,353
|
2,973,517
|
736,160
|
3,385,001
|
3,058,430
|
326,571
|
|||||||||||||||||||||||||||
Noninterest-bearing liabilities and Stockholders’ equity:
|
||||||||||||||||||||||||||||||||||||
Noninterest-bearing deposits
|
1,715,408
|
1,794,874
|
1,927,486
|
2,089,162
|
1,994,233
|
(278,825
|
)
|
1,880,471
|
2,148,848
|
(268,377
|
)
|
|||||||||||||||||||||||||
Other liabilities
|
144,194
|
133,237
|
132,687
|
133,321
|
114,196
|
29,998
|
135,882
|
108,965
|
26,917
|
|||||||||||||||||||||||||||
Stockholders' equity
|
906,282
|
898,266
|
894,667
|
879,205
|
856,556
|
49,726
|
894,689
|
852,727
|
41,962
|
|||||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,475,561
|
$
|
6,334,835
|
$
|
6,157,425
|
$
|
6,213,041
|
$
|
5,938,502
|
$
|
537,059
|
$
|
6,296,043
|
$
|
6,168,970
|
$
|
127,073
|
||||||||||||||||||
Three Months Ended December 31, 2023
|
Three Months Ended December 31, 2022
|
|||||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
$ Change (8)
|
||||||||||||||||||||||||
(dollars in thousands)
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
Q4 to Q4
|
|||||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||||||
Federal funds sold and other interest-earning deposits
|
$
|
201,206
|
$
|
2,765
|
5.45
|
%
|
$
|
553,695
|
$
|
5,128
|
3.70
|
%
|
$
|
(352,489
|
)
|
|||||||||||||
Investment securities, including FHLB stock (a)
|
769,016
|
5,856
|
3.02
|
693,825
|
3,587
|
2.07
|
75,191
|
|||||||||||||||||||||
TRS Refund Advance loans (b)
|
19,134
|
1,095
|
22.70
|
16,629
|
875
|
21.05
|
2,505
|
|||||||||||||||||||||
RCS LOC products (b)
|
40,539
|
10,514
|
102.90
|
31,549
|
7,501
|
95.10
|
8,990
|
|||||||||||||||||||||
Other RPG loans (c) (f)
|
120,849
|
2,116
|
6.95
|
96,805
|
1,352
|
5.59
|
24,044
|
|||||||||||||||||||||
Outstanding Warehouse lines of credit (d) (f)
|
370,169
|
7,301
|
7.83
|
406,903
|
5,907
|
5.81
|
(36,734
|
)
|
||||||||||||||||||||
All other Core Bank loans (e) (f)
|
4,560,572
|
61,138
|
5.32
|
3,801,370
|
42,205
|
4.44
|
759,202
|
|||||||||||||||||||||
Total interest-earning assets
|
6,081,485
|
90,785
|
5.92
|
5,600,776
|
66,555
|
4.75
|
480,709
|
|||||||||||||||||||||
Allowance for credit losses
|
(75,747
|
)
|
(65,290
|
)
|
(10,457
|
)
|
||||||||||||||||||||||
Noninterest-earning assets:
|
||||||||||||||||||||||||||||
Noninterest-earning cash and cash equivalents
|
101,119
|
115,416
|
(14,297
|
)
|
||||||||||||||||||||||||
Premises and equipment, net
|
33,940
|
32,518
|
1,422
|
|||||||||||||||||||||||||
Bank owned life insurance
|
103,557
|
101,361
|
2,196
|
|||||||||||||||||||||||||
Other assets (a)
|
231,207
|
153,721
|
77,486
|
|||||||||||||||||||||||||
Total assets
|
$
|
6,475,561
|
$
|
5,938,502
|
$
|
537,059
|
||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||
Transaction accounts
|
$
|
1,412,405
|
$
|
3,576
|
1.00
|
%
|
$
|
1,693,259
|
$
|
1,212
|
0.29
|
%
|
$
|
(280,854
|
)
|
|||||||||||||
Money market accounts
|
1,003,713
|
7,914
|
3.13
|
743,352
|
1,137
|
0.61
|
260,361
|
|||||||||||||||||||||
Time deposits
|
350,535
|
3,215
|
3.64
|
229,687
|
720
|
1.25
|
120,848
|
|||||||||||||||||||||
Reciprocal money market and time deposits
|
300,468
|
3,063
|
4.04
|
38,466
|
34
|
0.35
|
262,002
|
|||||||||||||||||||||
Brokered deposits
|
143,374
|
1,955
|
5.41
|
—
|
—
|
—
|
143,374
|
|||||||||||||||||||||
Total interest-bearing deposits
|
3,210,495
|
19,723
|
2.44
|
2,704,764
|
3,103
|
0.46
|
505,731
|
|||||||||||||||||||||
SSUARs and other short-term borrowings
|
141,861
|
123
|
0.34
|
247,123
|
226
|
0.37
|
(105,262
|
)
|
||||||||||||||||||||
Federal Home Loan Bank advances and other long-term borrowings
|
357,321
|
4,157
|
4.62
|
21,630
|
113
|
2.09
|
335,691
|
|||||||||||||||||||||
Total interest-bearing liabilities
|
3,709,677
|
24,003
|
2.57
|
2,973,517
|
3,442
|
0.46
|
736,160
|
|||||||||||||||||||||
Noninterest-bearing liabilities and Stockholders’ equity:
|
||||||||||||||||||||||||||||
Noninterest-bearing deposits
|
1,715,408
|
1,994,233
|
(278,825
|
)
|
||||||||||||||||||||||||
Other liabilities
|
144,194
|
114,196
|
29,998
|
|||||||||||||||||||||||||
Stockholders’ equity
|
906,282
|
856,556
|
49,726
|
|||||||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$
|
6,475,561
|
$
|
5,938,502
|
$
|
537,059
|
||||||||||||||||||||||
Net interest income
|
$
|
66,782
|
$
|
63,113
|
3,669
|
|||||||||||||||||||||||
Net interest spread
|
3.35
|
%
|
4.29
|
%
|
(0.94
|
)%
|
||||||||||||||||||||||
Net interest margin
|
4.36
|
%
|
4.51
|
%
|
(0.15
|
)%
|
||||||||||||||||||||||
(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 $0 for both the three months ended December 31, 2023 and 2022.
|
(d)
|
Interest income includes loan fees of $235,000 and $272,000 for the three months ended December 31, 2023 and 2022.
|
(e)
|
Interest income includes loan fees of $1.5 million and $943,000 for the three months ended December 31, 2023 and 2022.
|
(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.
|
Income Statement Data
|
||||||||||||||||||||||||||||||||||||
Three Months Ended
|
$ Change (8)
|
Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
12M to 12M
|
||||||||||||||||||||||||||||
Total interest income (1)
|
$
|
90,785
|
$
|
85,868
|
$
|
79,054
|
$
|
100,356
|
$
|
66,555
|
$
|
24,230
|
$
|
356,063
|
$
|
244,184
|
$
|
111,879
|
||||||||||||||||||
Total interest expense
|
24,003
|
21,043
|
14,525
|
7,714
|
3,442
|
20,561
|
67,285
|
7,493
|
59,792
|
|||||||||||||||||||||||||||
Net interest income
|
66,782
|
64,825
|
64,529
|
92,642
|
63,113
|
3,669
|
288,778
|
236,691
|
52,087
|
|||||||||||||||||||||||||||
Provision (2)
|
10,989
|
3,730
|
6,139
|
26,766
|
7,844
|
3,145
|
47,624
|
22,348
|
25,276
|
|||||||||||||||||||||||||||
Noninterest income:
|
||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts
|
3,470
|
3,559
|
3,527
|
3,299
|
3,428
|
42
|
13,855
|
13,426
|
429
|
|||||||||||||||||||||||||||
Net refund transfer fees
|
220
|
242
|
4,479
|
10,807
|
486
|
(266
|
)
|
15,748
|
17,080
|
(1,332
|
)
|
|||||||||||||||||||||||||
Mortgage banking income (3)
|
983
|
852
|
907
|
800
|
622
|
361
|
3,542
|
6,196
|
(2,654
|
)
|
||||||||||||||||||||||||||
Interchange fee income
|
3,305
|
3,282
|
3,419
|
3,051
|
3,272
|
33
|
13,057
|
13,125
|
(68
|
)
|
||||||||||||||||||||||||||
Program fees (3)
|
4,561
|
4,041
|
3,739
|
3,241
|
3,501
|
1,060
|
15,582
|
16,172
|
(590
|
)
|
||||||||||||||||||||||||||
Increase in cash surrender value of BOLI
|
705
|
690
|
689
|
635
|
674
|
31
|
2,719
|
2,526
|
193
|
|||||||||||||||||||||||||||
Net losses on OREO
|
(53
|
)
|
(53
|
)
|
(52
|
)
|
(53
|
)
|
(53
|
)
|
—
|
(211
|
)
|
(211
|
)
|
—
|
||||||||||||||||||||
Contract termination fee
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
5,000
|
(5,000
|
)
|
||||||||||||||||||||||||||
Legal settlement
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
13,000
|
(13,000
|
)
|
||||||||||||||||||||||||||
Other*
|
1,589
|
1,732
|
2,943
|
901
|
1,194
|
395
|
7,165
|
3,496
|
3,669
|
|||||||||||||||||||||||||||
Total noninterest income*
|
14,780
|
14,345
|
19,651
|
22,681
|
13,124
|
1,656
|
71,457
|
89,810
|
(18,353
|
)
|
||||||||||||||||||||||||||
Noninterest expense:
|
||||||||||||||||||||||||||||||||||||
Salaries and employee benefits
|
26,397
|
28,747
|
30,764
|
29,961
|
25,763
|
634
|
115,869
|
111,240
|
4,629
|
|||||||||||||||||||||||||||
Technology, equipment, and communication
|
7,648
|
7,311
|
6,920
|
7,228
|
7,276
|
372
|
29,107
|
28,954
|
153
|
|||||||||||||||||||||||||||
Occupancy
|
3,467
|
3,503
|
3,591
|
3,406
|
3,139
|
328
|
13,967
|
13,014
|
953
|
|||||||||||||||||||||||||||
Marketing and development
|
2,304
|
2,055
|
2,513
|
1,574
|
1,856
|
448
|
8,446
|
6,875
|
1,571
|
|||||||||||||||||||||||||||
FDIC insurance expense
|
690
|
677
|
724
|
637
|
427
|
263
|
2,728
|
1,668
|
1,060
|
|||||||||||||||||||||||||||
Interchange related expense
|
1,536
|
1,580
|
1,350
|
1,499
|
1,171
|
365
|
5,965
|
4,773
|
1,192
|
|||||||||||||||||||||||||||
Legal and professional fees
|
511
|
803
|
829
|
1,061
|
951
|
(440
|
)
|
3,204
|
4,024
|
(820
|
)
|
|||||||||||||||||||||||||
Merger expense
|
92
|
(132
|
)
|
127
|
2,073
|
—
|
92
|
2,160
|
—
|
2,160
|
||||||||||||||||||||||||||
Other (2)*
|
4,409
|
3,824
|
4,715
|
5,004
|
4,322
|
87
|
17,952
|
16,760
|
1,192
|
|||||||||||||||||||||||||||
Total noninterest expense*
|
47,054
|
48,368
|
51,533
|
52,443
|
44,905
|
2,149
|
199,398
|
187,308
|
12,090
|
|||||||||||||||||||||||||||
Income before income tax expense
|
23,519
|
27,072
|
26,508
|
36,114
|
23,488
|
31
|
113,213
|
116,845
|
(3,632
|
)
|
||||||||||||||||||||||||||
Income tax expense
|
3,860
|
5,501
|
5,456
|
8,022
|
4,975
|
(1,115
|
)
|
22,839
|
25,739
|
(2,900
|
)
|
|||||||||||||||||||||||||
Net income
|
$
|
19,659
|
$
|
21,571
|
$
|
21,052
|
$
|
28,092
|
$
|
18,513
|
$
|
1,146
|
$
|
90,374
|
$
|
91,106
|
$
|
(732
|
)
|
|||||||||||||||||
Selected Data and Ratios
|
||||||||||||||||||||||||||||||||||||
As of and for the Three Months Ended
|
Change (8)
|
As of and for the Years Ended
|
Change (8)
|
|||||||||||||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022 or Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022 or 12M to 12M
|
||||||||||||||||||||||||||||
Per Share Data:
|
||||||||||||||||||||||||||||||||||||
Basic weighted average shares outstanding
|
19,586
|
19,706
|
19,884
|
19,935
|
19,929
|
(343
|
)
|
19,792
|
20,037
|
(245
|
)
|
|||||||||||||||||||||||||
Diluted weighted average shares outstanding
|
19,673
|
19,774
|
19,906
|
19,990
|
19,981
|
(308
|
)
|
19,853
|
20,101
|
(248
|
)
|
|||||||||||||||||||||||||
Period-end shares outstanding:
|
||||||||||||||||||||||||||||||||||||
Class A Common Stock
|
17,203
|
17,296
|
17,449
|
17,598
|
17,587
|
(384
|
)
|
17,203
|
17,587
|
(384
|
)
|
|||||||||||||||||||||||||
Class B Common Stock
|
2,155
|
2,157
|
2,157
|
2,160
|
2,160
|
(5
|
)
|
2,155
|
2,160
|
(5
|
)
|
|||||||||||||||||||||||||
Book value per share (4)
|
$
|
47.15
|
$
|
45.93
|
$
|
45.24
|
$
|
44.65
|
$
|
43.38
|
$
|
3.77
|
$
|
47.15
|
$
|
43.38
|
$
|
3.77
|
||||||||||||||||||
Tangible book value per share (4)
|
44.55
|
43.31
|
42.63
|
41.98
|
42.11
|
2.44
|
44.55
|
42.11
|
2.44
|
|||||||||||||||||||||||||||
Earnings per share ("EPS"):
|
||||||||||||||||||||||||||||||||||||
Basic EPS - Class A Common Stock
|
$
|
1.01
|
$
|
1.11
|
$
|
1.07
|
$
|
1.42
|
$
|
0.94
|
$
|
0.07
|
$
|
4.64
|
$
|
4.60
|
$
|
0.04
|
||||||||||||||||||
Basic EPS - Class B Common Stock
|
0.93
|
1.01
|
0.98
|
1.30
|
0.86
|
0.07
|
4.21
|
4.19
|
0.02
|
|||||||||||||||||||||||||||
Diluted EPS - Class A Common Stock
|
1.01
|
1.10
|
1.07
|
1.42
|
0.94
|
0.07
|
4.62
|
4.59
|
0.03
|
|||||||||||||||||||||||||||
Diluted EPS - Class B Common Stock
|
0.92
|
1.01
|
0.98
|
1.29
|
0.85
|
0.07
|
4.20
|
4.17
|
0.03
|
|||||||||||||||||||||||||||
Cash dividends declared per Common share:
|
||||||||||||||||||||||||||||||||||||
Class A Common Stock
|
$
|
0.374
|
$
|
0.374
|
$
|
0.374
|
$
|
0.374
|
$
|
0.341
|
$
|
0.033
|
$
|
1.496
|
$
|
1.364
|
$
|
0.132
|
||||||||||||||||||
Class B Common Stock
|
0.340
|
0.340
|
0.340
|
0.340
|
0.310
|
0.030
|
1.360
|
1.240
|
0.120
|
|||||||||||||||||||||||||||
Performance Ratios:
|
||||||||||||||||||||||||||||||||||||
Return on average assets
|
1.21
|
%
|
1.36
|
%
|
1.37
|
%
|
1.81
|
%
|
1.25
|
%
|
(0.04
|
)%
|
1.44
|
%
|
1.48
|
%
|
(0.04
|
)%
|
||||||||||||||||||
Return on average equity
|
8.68
|
9.61
|
9.41
|
12.78
|
8.65
|
0.03
|
10.10
|
10.68
|
(0.58
|
)
|
||||||||||||||||||||||||||
Efficiency ratio (5)
|
58
|
61
|
62
|
45
|
59
|
(1
|
)
|
55
|
60
|
(5
|
)
|
|||||||||||||||||||||||||
Yield on average interest-earning assets (1)
|
5.92
|
5.77
|
5.46
|
7.07
|
4.75
|
1.17
|
6.06
|
4.25
|
1.81
|
|||||||||||||||||||||||||||
Cost of average interest-bearing liabilities
|
2.57
|
2.40
|
1.81
|
0.99
|
0.46
|
2.11
|
1.99
|
0.24
|
1.75
|
|||||||||||||||||||||||||||
Cost of average deposits (6)
|
1.60
|
1.30
|
0.94
|
0.41
|
0.26
|
1.34
|
1.07
|
0.14
|
0.93
|
|||||||||||||||||||||||||||
Net interest spread (1)
|
3.35
|
3.37
|
3.65
|
6.08
|
4.29
|
(0.94
|
)
|
4.07
|
4.01
|
0.06
|
||||||||||||||||||||||||||
Net interest margin - Total Company (1)
|
4.36
|
4.35
|
4.46
|
6.52
|
4.51
|
(0.15
|
)
|
4.91
|
4.12
|
0.79
|
||||||||||||||||||||||||||
Net interest margin - Core Bank
|
3.40
|
3.43
|
3.65
|
3.98
|
3.82
|
(0.42
|
)
|
3.61
|
3.32
|
0.29
|
||||||||||||||||||||||||||
Other Information:
|
||||||||||||||||||||||||||||||||||||
End of period FTEs (7) - Total Company
|
1,019
|
1,033
|
1,043
|
1,031
|
998
|
21
|
1,019
|
998
|
21
|
|||||||||||||||||||||||||||
End of period FTEs - Core Bank
|
962
|
976
|
985
|
972
|
932
|
30
|
962
|
932
|
30
|
|||||||||||||||||||||||||||
Number of full-service banking centers
|
47
|
46
|
45
|
44
|
42
|
5
|
47
|
42
|
5
|
|||||||||||||||||||||||||||
Loan Composition and Allowance for Credit Losses on Loans
|
||||||||||||||||||||||||
As of
|
Change
|
|||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022
|
|||||||||||||||||||
Loan Composition
|
||||||||||||||||||||||||
Traditional Banking:
|
||||||||||||||||||||||||
Residential real estate:
|
||||||||||||||||||||||||
Owner occupied
|
$
|
1,144,684
|
$
|
1,128,745
|
$
|
1,086,751
|
$
|
972,214
|
$
|
911,427
|
$
|
233,257
|
||||||||||||
Nonowner occupied
|
345,965
|
344,682
|
350,390
|
328,529
|
321,358
|
24,607
|
||||||||||||||||||
Commercial real estate
|
1,785,289
|
1,745,187
|
1,727,092
|
1,682,573
|
1,599,510
|
185,779
|
||||||||||||||||||
Construction & land development
|
217,338
|
189,756
|
179,479
|
167,829
|
153,875
|
63,463
|
||||||||||||||||||
Commercial & industrial
|
464,078
|
473,790
|
478,759
|
478,101
|
413,387
|
50,691
|
||||||||||||||||||
Lease financing receivables
|
88,591
|
85,242
|
79,804
|
73,270
|
10,505
|
78,086
|
||||||||||||||||||
Aircraft
|
250,051
|
226,947
|
208,512
|
184,344
|
179,785
|
70,266
|
||||||||||||||||||
Home equity
|
295,133
|
275,750
|
255,755
|
250,050
|
241,739
|
53,394
|
||||||||||||||||||
Consumer:
|
||||||||||||||||||||||||
Credit cards
|
16,654
|
16,950
|
17,134
|
16,775
|
15,473
|
1,181
|
||||||||||||||||||
Overdrafts
|
694
|
640
|
706
|
775
|
726
|
(32
|
)
|
|||||||||||||||||
Automobile loans
|
2,664
|
3,380
|
4,177
|
5,267
|
6,731
|
(4,067
|
)
|
|||||||||||||||||
Other consumer
|
7,428
|
5,674
|
6,109
|
5,450
|
626
|
6,802
|
||||||||||||||||||
Total Traditional Banking
|
4,618,569
|
4,496,743
|
4,394,668
|
4,165,177
|
3,855,142
|
763,427
|
||||||||||||||||||
Warehouse lines of credit
|
339,723
|
457,033
|
539,560
|
457,365
|
403,560
|
(63,837
|
)
|
|||||||||||||||||
Total Core Banking
|
4,958,292
|
4,953,776
|
4,934,228
|
4,622,542
|
4,258,702
|
699,590
|
||||||||||||||||||
Republic Processing Group:
|
||||||||||||||||||||||||
Tax Refund Solutions:
|
||||||||||||||||||||||||
Refund Advances
|
103,115
|
—
|
—
|
31,665
|
97,505
|
5,610
|
||||||||||||||||||
Other TRS commercial & industrial loans
|
46,092
|
354
|
193
|
8,327
|
51,767
|
(5,675
|
)
|
|||||||||||||||||
Republic Credit Solutions
|
132,362
|
126,969
|
118,721
|
111,700
|
107,828
|
24,534
|
||||||||||||||||||
Total Republic Processing Group
|
281,569
|
127,323
|
118,914
|
151,692
|
257,100
|
24,469
|
||||||||||||||||||
Total loans - Total Company
|
$
|
5,239,861
|
$
|
5,081,099
|
$
|
5,053,142
|
$
|
4,774,234
|
$
|
4,515,802
|
$
|
724,059
|
||||||||||||
Allowance for Credit Losses on Loans ("Allowance")
|
||||||||||||||||||||||||
Traditional Banking
|
$
|
58,998
|
$
|
56,931
|
$
|
55,567
|
$
|
55,216
|
$
|
50,709
|
$
|
8,289
|
||||||||||||
Warehouse Lending
|
847
|
1,143
|
1,346
|
1,144
|
1,009
|
(162
|
)
|
|||||||||||||||||
Total Core Banking
|
59,845
|
58,074
|
56,913
|
56,360
|
51,718
|
8,127
|
||||||||||||||||||
Tax Refund Solutions
|
3,990
|
1
|
—
|
25,981
|
3,888
|
102
|
||||||||||||||||||
Republic Credit Solutions
|
18,295
|
16,501
|
15,289
|
13,780
|
14,807
|
3,488
|
||||||||||||||||||
Total Republic Processing Group
|
22,285
|
16,502
|
15,289
|
39,761
|
18,695
|
3,590
|
||||||||||||||||||
Total Allowance - Total Company
|
$
|
82,130
|
$
|
74,576
|
$
|
72,202
|
$
|
96,121
|
$
|
70,413
|
$
|
11,717
|
||||||||||||
Allowance to Total Loans
|
||||||||||||||||||||||||
Traditional Banking
|
1.28
|
%
|
1.27
|
%
|
1.26
|
%
|
1.33
|
%
|
1.32
|
%
|
(0.04
|
)%
|
||||||||||||
Warehouse Lending
|
0.25
|
0.25
|
0.25
|
0.25
|
0.25
|
—
|
||||||||||||||||||
Total Core Banking
|
1.21
|
1.17
|
1.15
|
1.22
|
1.21
|
—
|
||||||||||||||||||
Tax Refund Solutions
|
2.67
|
0.28
|
—
|
64.97
|
2.60
|
0.07
|
||||||||||||||||||
Republic Credit Solutions
|
13.82
|
13.00
|
12.88
|
12.34
|
13.73
|
0.09
|
||||||||||||||||||
Total Republic Processing Group
|
7.91
|
12.96
|
12.86
|
26.21
|
7.27
|
0.64
|
||||||||||||||||||
Total Company
|
1.57
|
1.47
|
1.43
|
2.01
|
1.56
|
0.01
|
||||||||||||||||||
Credit Quality Data and Ratios
|
||||||||||||||||||||||||||||||||||||
As of and for the Three Months Ended
|
Change (8)
|
As of and for the Years Ended
|
Change (8)
|
|||||||||||||||||||||||||||||||||
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022 or
Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
From Dec. 31, 2022 or
12M to 12M
|
||||||||||||||||||||||||||||
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
|
||||||||||||||||||||||||||||||||||||
Nonperforming Assets - Total Company:
|
||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status
|
$
|
19,150
|
$
|
18,127
|
$
|
16,957
|
$
|
15,833
|
$
|
15,562
|
$
|
3,588
|
$
|
19,150
|
$
|
15,562
|
$
|
3,588
|
||||||||||||||||||
Loans past due 90-days-or-more and still on accrual
|
1,468
|
1,037
|
547
|
777
|
756
|
712
|
1,468
|
756
|
712
|
|||||||||||||||||||||||||||
Total nonperforming loans
|
20,618
|
19,164
|
17,504
|
16,610
|
16,318
|
4,300
|
20,618
|
16,318
|
4,300
|
|||||||||||||||||||||||||||
OREO
|
1,371
|
1,423
|
1,478
|
1,529
|
1,581
|
(210
|
)
|
1,371
|
1,581
|
(210
|
)
|
|||||||||||||||||||||||||
Total nonperforming assets
|
$
|
21,989
|
$
|
20,587
|
$
|
18,982
|
$
|
18,139
|
$
|
17,899
|
$
|
4,090
|
$
|
21,989
|
$
|
17,899
|
$
|
4,090
|
||||||||||||||||||
Nonperforming Assets - Core Bank:
|
||||||||||||||||||||||||||||||||||||
Loans on nonaccrual status
|
$
|
19,150
|
$
|
18,127
|
$
|
16,957
|
$
|
15,833
|
$
|
15,562
|
$
|
3,588
|
$
|
19,150
|
$
|
15,562
|
$
|
3,588
|
||||||||||||||||||
Loans past due 90-days-or-more and still on accrual
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Total nonperforming loans
|
19,150
|
18,127
|
16,957
|
15,833
|
15,562
|
3,588
|
19,150
|
15,562
|
3,588
|
|||||||||||||||||||||||||||
OREO
|
1,371
|
1,423
|
1,478
|
1,529
|
1,581
|
(210
|
)
|
1,371
|
1,581
|
(210
|
)
|
|||||||||||||||||||||||||
Total nonperforming assets
|
$
|
20,521
|
$
|
19,550
|
$
|
18,435
|
$
|
17,362
|
$
|
17,143
|
$
|
3,378
|
$
|
20,521
|
$
|
17,143
|
$
|
3,378
|
||||||||||||||||||
Delinquent Loans:
|
||||||||||||||||||||||||||||||||||||
Delinquent loans - Core Bank
|
$
|
8,176
|
$
|
6,806
|
$
|
5,875
|
$
|
5,537
|
$
|
6,060
|
$
|
2,116
|
$
|
8,176
|
$
|
6,060
|
$
|
2,116
|
||||||||||||||||||
RPG
|
13,916
|
12,328
|
10,043
|
30,587
|
9,200
|
4,716
|
13,916
|
9,200
|
4,716
|
|||||||||||||||||||||||||||
Total delinquent loans - Total Company
|
$
|
22,092
|
$
|
19,134
|
$
|
15,918
|
$
|
36,124
|
$
|
15,260
|
$
|
6,832
|
$
|
22,092
|
$
|
15,260
|
$
|
6,832
|
||||||||||||||||||
NCOs (Recoveries) by Segment:
|
||||||||||||||||||||||||||||||||||||
Traditional Bank
|
$
|
220
|
$
|
203
|
$
|
125
|
$
|
77
|
$
|
238
|
$
|
(18
|
)
|
$
|
625
|
$
|
164
|
$
|
461
|
|||||||||||||||||
Warehouse Lending loans
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
Core Bank loans
|
220
|
203
|
125
|
77
|
238
|
(18
|
)
|
625
|
164
|
461
|
||||||||||||||||||||||||||
Tax Refund Solutions
|
(1,052
|
)
|
(1,968
|
)
|
25,762
|
(285
|
)
|
(909
|
)
|
(143
|
)
|
22,457
|
6,163
|
16,294
|
||||||||||||||||||||||
Republic Credit Solutions
|
4,267
|
3,121
|
2,787
|
2,866
|
3,021
|
1,246
|
13,041
|
10,222
|
2,819
|
|||||||||||||||||||||||||||
RPG
|
3,215
|
1,153
|
28,549
|
2,581
|
2,112
|
1,103
|
35,498
|
16,385
|
19,113
|
|||||||||||||||||||||||||||
Total NCOs (recoveries) - Total Company
|
$
|
3,435
|
$
|
1,356
|
$
|
28,674
|
$
|
2,658
|
$
|
2,350
|
$
|
1,085
|
$
|
36,123
|
$
|
16,549
|
$
|
19,574
|
||||||||||||||||||
Credit Quality Ratios - Total Company:
|
||||||||||||||||||||||||||||||||||||
Nonperforming loans to total loans
|
0.39
|
%
|
0.38
|
%
|
0.35
|
%
|
0.35
|
%
|
0.36
|
%
|
0.03
|
%
|
0.39
|
%
|
0.36
|
%
|
0.03
|
%
|
||||||||||||||||||
Nonperforming assets to total loans (including OREO)
|
0.42
|
0.41
|
0.38
|
0.38
|
0.40
|
0.02
|
0.42
|
0.40
|
0.02
|
|||||||||||||||||||||||||||
Nonperforming assets to total assets
|
0.33
|
0.32
|
0.30
|
0.30
|
0.31
|
0.02
|
0.33
|
0.31
|
0.02
|
|||||||||||||||||||||||||||
Allowance for credit losses to total loans
|
1.57
|
1.47
|
1.43
|
2.01
|
1.56
|
0.01
|
1.57
|
1.56
|
0.01
|
|||||||||||||||||||||||||||
Allowance for credit losses to nonperforming loans
|
398
|
389
|
412
|
579
|
432
|
(34
|
)
|
398
|
432
|
(34
|
)
|
|||||||||||||||||||||||||
Delinquent loans to total loans (9)
|
0.42
|
0.38
|
0.32
|
0.76
|
0.34
|
0.08
|
0.42
|
0.34
|
0.08
|
|||||||||||||||||||||||||||
NCOs (recoveries) to average loans (annualized)
|
0.27
|
0.11
|
2.34
|
0.23
|
0.22
|
0.05
|
0.73
|
0.38
|
0.35
|
|||||||||||||||||||||||||||
Credit Quality Ratios - Core Bank:
|
||||||||||||||||||||||||||||||||||||
Nonperforming loans to total loans
|
0.39
|
%
|
0.37
|
%
|
0.34
|
%
|
0.34
|
%
|
0.37
|
%
|
0.02
|
%
|
0.39
|
%
|
0.37
|
%
|
0.02
|
%
|
||||||||||||||||||
Nonperforming assets to total loans (including OREO)
|
0.41
|
0.39
|
0.37
|
0.38
|
0.40
|
0.01
|
0.41
|
0.40
|
0.01
|
|||||||||||||||||||||||||||
Nonperforming assets to total assets
|
0.35
|
0.33
|
0.32
|
0.32
|
0.32
|
0.03
|
0.35
|
0.32
|
0.03
|
|||||||||||||||||||||||||||
Allowance for credit losses to total loans
|
1.21
|
1.17
|
1.15
|
1.22
|
1.21
|
—
|
1.21
|
1.21
|
—
|
|||||||||||||||||||||||||||
Allowance for credit losses to nonperforming loans
|
313
|
320
|
336
|
356
|
332
|
(19
|
)
|
313
|
332
|
(19
|
)
|
|||||||||||||||||||||||||
Delinquent loans to total loans
|
0.16
|
0.14
|
0.12
|
0.12
|
0.14
|
0.02
|
0.16
|
0.14
|
0.02
|
|||||||||||||||||||||||||||
Annualized NCOs (recoveries) to average loans
|
0.02
|
0.02
|
0.01
|
0.01
|
0.02
|
—
|
0.01
|
0.00
|
0.01
|
|||||||||||||||||||||||||||
TRS Refund Advances ("RAs")
|
||||||||||||||||||||||||||||||||||||
RAs originated
|
$
|
103,115
|
$
|
—
|
$
|
—
|
$
|
737,047
|
$
|
97,505
|
$
|
5,610
|
$
|
840,162
|
$
|
408,712
|
$
|
431,450
|
||||||||||||||||||
Net (credit) charge to the Provision for RAs
|
2,877
|
(1,939
|
)
|
(161
|
)
|
21,715
|
2,888
|
(11
|
)
|
22,492
|
10,471
|
12,021
|
||||||||||||||||||||||||
RAs NCOs (recoveries)
|
(1,052
|
)
|
(1,939
|
)
|
25,636
|
(285
|
)
|
(909
|
)
|
$
|
(143
|
)
|
22,360
|
6,674
|
15,686
|
|||||||||||||||||||||
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
|
||
Mortgage Banking
|
Primarily originates, sells, and services long-term, single-family, first-lien residential real estate loans primarily to clients in the Bank's
market footprint.
|
Loan sales and servicing
|
||
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
|
Three Months Ended December 31, 2023
|
||||||||||||||||||||||||||||||||||||
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||||||
Total
|
Tax
|
Republic
|
Republic
|
|||||||||||||||||||||||||||||||||
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Payment
|
Credit
|
Total
|
Total
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
Solutions
|
RPG
|
Company
|
|||||||||||||||||||||||||||
Net interest income
|
$
|
48,318
|
$
|
2,251
|
$
|
76
|
$
|
50,645
|
$
|
779
|
$
|
4,207
|
$
|
11,151
|
$
|
16,137
|
$
|
66,782
|
||||||||||||||||||
Provision for expected credit loss expense
|
2,287
|
(296
|
)
|
—
|
1,991
|
2,937
|
—
|
6,061
|
8,998
|
10,989
|
||||||||||||||||||||||||||
Net refund transfer fees
|
—
|
—
|
—
|
—
|
220
|
—
|
—
|
220
|
220
|
|||||||||||||||||||||||||||
Mortgage banking income
|
—
|
—
|
983
|
983
|
—
|
—
|
—
|
—
|
983
|
|||||||||||||||||||||||||||
Program fees
|
—
|
—
|
—
|
—
|
—
|
687
|
3,874
|
4,561
|
4,561
|
|||||||||||||||||||||||||||
Other noninterest income
|
8,827
|
11
|
15
|
8,853
|
27
|
146
|
(10
|
)
|
163
|
9,016
|
||||||||||||||||||||||||||
Total noninterest income
|
8,827
|
11
|
998
|
9,836
|
247
|
833
|
3,864
|
4,944
|
14,780
|
|||||||||||||||||||||||||||
Total noninterest expense
|
37,389
|
931
|
1,350
|
39,670
|
2,851
|
987
|
3,546
|
7,384
|
47,054
|
|||||||||||||||||||||||||||
Income (loss) before income tax expense
|
17,469
|
1,627
|
(276
|
)
|
18,820
|
(4,762
|
)
|
4,053
|
5,408
|
4,699
|
23,519
|
|||||||||||||||||||||||||
Income tax expense (benefit)
|
2,708
|
364
|
(61
|
)
|
3,011
|
(1,205
|
)
|
880
|
1,174
|
849
|
3,860
|
|||||||||||||||||||||||||
Net income (loss)
|
$
|
14,761
|
$
|
1,263
|
$
|
(215
|
)
|
$
|
15,809
|
$
|
(3,557
|
)
|
$
|
3,173
|
$
|
4,234
|
$
|
3,850
|
$
|
19,659
|
||||||||||||||||
Period-end assets
|
$
|
5,504,886
|
$
|
340,224
|
$
|
14,746
|
$
|
5,859,856
|
$
|
228,738
|
$
|
366,117
|
$
|
140,180
|
$
|
735,035
|
$
|
6,594,891
|
||||||||||||||||||
Net interest margin
|
3.47
|
%
|
2.41
|
%
|
4.24
|
%
|
3.40
|
%
|
NM
|
5.08
|
%
|
NM
|
NM
|
4.36
|
%
|
|||||||||||||||||||||
Net-revenue concentration*
|
71
|
%
|
3
|
%
|
1
|
%
|
75
|
%
|
1
|
%
|
6
|
%
|
18
|
%
|
25
|
%
|
100
|
%
|
Three Months Ended December 31, 2022
|
||||||||||||||||||||||||||||||||||||
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||||||
Total
|
Tax
|
Republic
|
Republic
|
|||||||||||||||||||||||||||||||||
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Payment
|
Credit
|
Total
|
Total
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
Solutions
|
RPG
|
Company
|
|||||||||||||||||||||||||||
Net interest income
|
$
|
49,675
|
$
|
2,317
|
$
|
50
|
$
|
52,042
|
$
|
652
|
$
|
2,312
|
$
|
8,107
|
$
|
11,071
|
$
|
63,113
|
||||||||||||||||||
Provision for expected credit loss expense
|
1,716
|
(96
|
)
|
—
|
1,620
|
2,979
|
—
|
3,245
|
6,224
|
7,844
|
||||||||||||||||||||||||||
Net refund transfer fees
|
—
|
—
|
—
|
—
|
486
|
—
|
—
|
486
|
486
|
|||||||||||||||||||||||||||
Mortgage banking income
|
—
|
—
|
622
|
622
|
—
|
—
|
—
|
—
|
622
|
|||||||||||||||||||||||||||
Program fees
|
—
|
—
|
—
|
—
|
—
|
685
|
2,816
|
3,501
|
3,501
|
|||||||||||||||||||||||||||
Other noninterest income
|
8,351
|
12
|
23
|
8,386
|
29
|
100
|
—
|
129
|
8,515
|
|||||||||||||||||||||||||||
Total noninterest income
|
8,351
|
12
|
645
|
9,008
|
515
|
785
|
2,816
|
4,116
|
13,124
|
|||||||||||||||||||||||||||
Total noninterest expense
|
35,299
|
766
|
2,385
|
38,450
|
2,904
|
887
|
2,664
|
6,455
|
44,905
|
|||||||||||||||||||||||||||
Income before income tax expense
|
21,011
|
1,659
|
(1,690
|
)
|
20,980
|
(4,716
|
)
|
2,210
|
5,014
|
2,508
|
23,488
|
|||||||||||||||||||||||||
Income tax expense
|
4,685
|
371
|
(371
|
)
|
4,685
|
(1,191
|
)
|
465
|
1,016
|
290
|
4,975
|
|||||||||||||||||||||||||
Net income
|
$
|
16,326
|
$
|
1,288
|
$
|
(1,319
|
)
|
$
|
16,295
|
$
|
(3,525
|
)
|
$
|
1,745
|
$
|
3,998
|
$
|
2,218
|
$
|
18,513
|
||||||||||||||||
Period-end assets
|
$
|
4,894,773
|
$
|
405,052
|
$
|
13,938
|
$
|
5,313,763
|
$
|
46,192
|
$
|
363,067
|
$
|
112,521
|
$
|
521,780
|
$
|
5,835,543
|
||||||||||||||||||
Net interest margin
|
3.94
|
%
|
2.28
|
%
|
3.44
|
%
|
3.82
|
%
|
NM
|
2.82
|
%
|
NM
|
NM
|
4.51
|
%
|
|||||||||||||||||||||
Net-revenue concentration*
|
76
|
%
|
3
|
%
|
1
|
%
|
80
|
%
|
2
|
%
|
4
|
%
|
14
|
%
|
20
|
%
|
100
|
%
|
Year Ended December 31, 2023
|
||||||||||||||||||||||||||||||||||||
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||||||
Total
|
Tax
|
Republic
|
Republic
|
|||||||||||||||||||||||||||||||||
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Payment
|
Credit
|
Total
|
Total
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
Solutions
|
RPG
|
Company
|
|||||||||||||||||||||||||||
Net interest income
|
$
|
194,516
|
$
|
9,447
|
$
|
282
|
$
|
204,245
|
$
|
29,557
|
$
|
15,729
|
$
|
39,247
|
$
|
84,533
|
$
|
288,778
|
||||||||||||||||||
Provision for expected credit loss expense
|
8,698
|
(162
|
)
|
—
|
8,536
|
22,559
|
—
|
16,529
|
39,088
|
47,624
|
||||||||||||||||||||||||||
Net refund transfer fees
|
—
|
—
|
—
|
—
|
15,748
|
—
|
—
|
15,748
|
15,748
|
|||||||||||||||||||||||||||
Mortgage banking income
|
—
|
—
|
3,542
|
3,542
|
—
|
—
|
—
|
—
|
3,542
|
|||||||||||||||||||||||||||
Program fees
|
—
|
—
|
—
|
—
|
—
|
2,827
|
12,755
|
15,582
|
15,582
|
|||||||||||||||||||||||||||
Other noninterest income
|
35,885
|
44
|
74
|
36,003
|
341
|
158
|
83
|
582
|
36,585
|
|||||||||||||||||||||||||||
Total noninterest income
|
35,885
|
44
|
3,616
|
39,545
|
16,089
|
2,985
|
12,838
|
31,912
|
71,457
|
|||||||||||||||||||||||||||
Total noninterest expense
|
160,101
|
3,547
|
8,019
|
171,667
|
12,035
|
3,710
|
11,986
|
27,731
|
199,398
|
|||||||||||||||||||||||||||
Income (loss) before income tax expense
|
61,602
|
6,106
|
(4,121
|
)
|
63,587
|
11,052
|
15,004
|
23,570
|
49,626
|
113,213
|
||||||||||||||||||||||||||
Income tax expense (benefit)
|
11,673
|
1,365
|
(907
|
)
|
12,131
|
2,196
|
3,307
|
5,205
|
10,708
|
22,839
|
||||||||||||||||||||||||||
Net income (loss)
|
$
|
49,929
|
$
|
4,741
|
$
|
(3,214
|
)
|
$
|
51,456
|
$
|
8,856
|
$
|
11,697
|
$
|
18,365
|
$
|
38,918
|
$
|
90,374
|
|||||||||||||||||
Period-end assets
|
$
|
5,504,886
|
$
|
340,224
|
$
|
14,746
|
$
|
5,859,856
|
$
|
228,738
|
$
|
366,117
|
$
|
140,180
|
$
|
735,035
|
$
|
6,594,891
|
||||||||||||||||||
Net interest margin
|
3.69
|
%
|
2.38
|
%
|
4.19
|
%
|
3.61
|
%
|
NM
|
4.59
|
%
|
NM
|
NM
|
4.91
|
%
|
|||||||||||||||||||||
Net-revenue concentration*
|
64
|
%
|
3
|
%
|
1
|
%
|
68
|
%
|
13
|
%
|
5
|
%
|
14
|
%
|
32
|
%
|
100
|
%
|
Year Ended December 31, 2022
|
||||||||||||||||||||||||||||||||||||
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||||||
Total
|
Tax
|
Republic
|
Republic
|
|||||||||||||||||||||||||||||||||
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Payment
|
Credit
|
Total
|
Total
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
Solutions
|
RPG
|
Company
|
|||||||||||||||||||||||||||
Net interest income
|
$
|
171,543
|
$
|
13,729
|
$
|
519
|
$
|
185,791
|
$
|
16,896
|
$
|
4,819
|
$
|
29,185
|
$
|
50,900
|
$
|
236,691
|
||||||||||||||||||
Provision for expected credit loss expense
|
1,429
|
(1,117
|
)
|
—
|
312
|
9,955
|
—
|
12,081
|
22,036
|
22,348
|
||||||||||||||||||||||||||
Net refund transfer fees
|
—
|
—
|
—
|
—
|
17,080
|
—
|
—
|
17,080
|
17,080
|
|||||||||||||||||||||||||||
Mortgage banking income
|
—
|
—
|
6,196
|
6,196
|
—
|
—
|
—
|
—
|
6,196
|
|||||||||||||||||||||||||||
Program fees
|
—
|
—
|
—
|
—
|
—
|
2,872
|
13,300
|
16,172
|
16,172
|
|||||||||||||||||||||||||||
Contract termination fee
|
—
|
—
|
—
|
—
|
5,000
|
—
|
—
|
5,000
|
5,000
|
|||||||||||||||||||||||||||
Legal settlement
|
—
|
—
|
—
|
—
|
13,000
|
—
|
—
|
13,000
|
13,000
|
|||||||||||||||||||||||||||
Other noninterest income
|
31,648
|
50
|
136
|
31,834
|
424
|
104
|
—
|
528
|
32,362
|
|||||||||||||||||||||||||||
Total noninterest income
|
31,648
|
50
|
6,332
|
38,030
|
35,504
|
2,976
|
13,300
|
51,780
|
89,810
|
|||||||||||||||||||||||||||
Total noninterest expense
|
149,681
|
3,604
|
9,912
|
163,197
|
12,377
|
3,340
|
8,394
|
24,111
|
187,308
|
|||||||||||||||||||||||||||
Income before income tax expense
|
52,081
|
11,292
|
(3,061
|
)
|
60,312
|
30,068
|
4,455
|
22,010
|
56,533
|
116,845
|
||||||||||||||||||||||||||
Income tax expense
|
11,104
|
2,539
|
(673
|
)
|
12,970
|
6,905
|
942
|
4,922
|
12,769
|
25,739
|
||||||||||||||||||||||||||
Net income
|
$
|
40,977
|
$
|
8,753
|
$
|
(2,388
|
)
|
$
|
47,342
|
$
|
23,163
|
$
|
3,513
|
$
|
17,088
|
$
|
43,764
|
$
|
91,106
|
|||||||||||||||||
Period-end assets
|
$
|
4,894,773
|
$
|
405,052
|
$
|
13,938
|
$
|
5,313,763
|
$
|
46,192
|
$
|
363,067
|
$
|
112,521
|
$
|
521,780
|
$
|
5,835,543
|
||||||||||||||||||
Net interest margin
|
3.38
|
%
|
2.69
|
%
|
4.01
|
%
|
3.32
|
%
|
NM
|
1.37
|
%
|
NM
|
NM
|
4.12
|
%
|
|||||||||||||||||||||
Net-revenue concentration*
|
63
|
%
|
4
|
%
|
2
|
%
|
69
|
%
|
16
|
%
|
2
|
%
|
13
|
%
|
31
|
%
|
100
|
%
|
(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
|
$ Change (8)
|
Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
12M to 12M
|
|||||||||||||||||||||||||||
Traditional Banking
|
$
|
1,400
|
$
|
1,703
|
$
|
1,311
|
$
|
943
|
$
|
943
|
$
|
457
|
$
|
5,357
|
$
|
6,005
|
$
|
(648
|
)
|
|||||||||||||||||
Warehouse Lending
|
235
|
254
|
294
|
248
|
272
|
(37
|
)
|
1,031
|
1,748
|
(717
|
)
|
|||||||||||||||||||||||||
Total Core Bank
|
1,635
|
1,957
|
1,605
|
1,191
|
1,215
|
420
|
6,388
|
7,753
|
(1,365
|
)
|
||||||||||||||||||||||||||
TRS - Refund Advances
|
7
|
25
|
41
|
31,404
|
50
|
(43
|
)
|
31,477
|
13,656
|
17,821
|
||||||||||||||||||||||||||
TRS - Other Loan Fees
|
1,089
|
6
|
24
|
933
|
825
|
264
|
2,052
|
1,488
|
564
|
|||||||||||||||||||||||||||
RCS
|
10,514
|
9,763
|
8,416
|
7,962
|
7,501
|
3,013
|
36,655
|
27,318
|
9,337
|
|||||||||||||||||||||||||||
Total RPG
|
11,610
|
9,794
|
8,481
|
40,299
|
8,376
|
3,234
|
70,184
|
42,462
|
27,722
|
|||||||||||||||||||||||||||
Total loan fees - Total Company
|
$
|
13,245
|
$
|
11,751
|
$
|
10,086
|
$
|
41,490
|
$
|
9,591
|
$
|
3,654
|
$
|
76,572
|
$
|
50,215
|
$
|
26,357
|
||||||||||||||||||
(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 Mortgage 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
|
$ Change (8)
|
As of and for the Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
(dollars in thousands)
|
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
Q4 to Q4
|
Dec. 31, 2023
|
Dec. 31, 2022
|
12M to 12M
|
|||||||||||||||||||||||||||
Mortgage Loans Held for Sale
|
||||||||||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
2,711
|
$
|
4,038
|
$
|
1,034
|
$
|
1,302
|
$
|
2,912
|
$
|
(201
|
)
|
$
|
1,302
|
$
|
29,393
|
$
|
(28,091
|
)
|
||||||||||||||||
Originations
|
24,050
|
23,860
|
13,948
|
15,942
|
10,359
|
13,691
|
77,800
|
205,365
|
(127,565
|
)
|
||||||||||||||||||||||||||
Proceeds from sales
|
(24,134
|
)
|
(25,681
|
)
|
(11,483
|
)
|
(16,630
|
)
|
(12,207
|
)
|
(11,927
|
)
|
(77,928
|
)
|
(238,398
|
)
|
160,470
|
|||||||||||||||||||
Net gain on sale
|
600
|
494
|
539
|
420
|
238
|
362
|
2,053
|
4,942
|
(2,889
|
)
|
||||||||||||||||||||||||||
Balance, end of period
|
$
|
3,227
|
$
|
2,711
|
$
|
4,038
|
$
|
1,034
|
$
|
1,302
|
$
|
1,925
|
$
|
3,227
|
$
|
1,302
|
$
|
1,925
|
||||||||||||||||||
RCS Consumer Loans Held for Sale
|
||||||||||||||||||||||||||||||||||||
Balance, beginning of period
|
$
|
21,972
|
$
|
21,544
|
$
|
17,432
|
$
|
17,875
|
$
|
21,475
|
$
|
497
|
$
|
17,875
|
$
|
22,684
|
$
|
(4,809
|
)
|
|||||||||||||||||
Originations
|
300,281
|
287,088
|
262,404
|
207,222
|
225,588
|
74,693
|
1,056,995
|
1,045,715
|
11,280
|
|||||||||||||||||||||||||||
Proceeds from sales
|
(302,118
|
)
|
(289,997
|
)
|
(261,301
|
)
|
(210,199
|
)
|
(231,999
|
)
|
(70,119
|
)
|
(1,063,615
|
)
|
(1,063,801
|
)
|
186
|
|||||||||||||||||||
Net gain on sale
|
3,873
|
3,337
|
3,009
|
2,534
|
2,811
|
1,062
|
12,753
|
13,277
|
(524
|
)
|
||||||||||||||||||||||||||
Balance, end of period
|
$
|
24,008
|
$
|
21,972
|
$
|
21,544
|
$
|
17,432
|
$
|
17,875
|
$
|
6,133
|
$
|
24,008
|
$
|
17,875
|
$
|
6,133
|
||||||||||||||||||
(4)
|
The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible
stockholders’ equity in accordance with applicable regulatory requirements, 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)
|
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
|||||||||||||||
Total stockholders' equity - GAAP (a)
|
$
|
912,756
|
$
|
893,400
|
$
|
886,971
|
$
|
882,202
|
$
|
856,613
|
||||||||||
Less: Goodwill
|
40,516
|
40,516
|
40,516
|
41,618
|
16,300
|
|||||||||||||||
Less: Mortgage servicing rights
|
7,411
|
7,710
|
7,995
|
8,406
|
8,769
|
|||||||||||||||
Less: Core deposit intangible
|
2,439
|
2,576
|
2,713
|
2,813
|
—
|
|||||||||||||||
Tangible stockholders' equity - Non-GAAP (c)
|
$
|
862,390
|
$
|
842,598
|
$
|
835,747
|
$
|
829,365
|
$
|
831,544
|
||||||||||
Total assets - GAAP (b)
|
$
|
6,594,891
|
$
|
6,386,475
|
$
|
6,369,779
|
$
|
6,074,091
|
$
|
5,835,543
|
||||||||||
Less: Goodwill
|
40,516
|
40,516
|
40,516
|
41,618
|
16,300
|
|||||||||||||||
Less: Mortgage servicing rights
|
7,411
|
7,710
|
7,995
|
8,406
|
8,769
|
|||||||||||||||
Less: Core deposit intangible
|
2,439
|
2,576
|
2,713
|
2,813
|
—
|
|||||||||||||||
Tangible assets - Non-GAAP (d)
|
$
|
6,544,525
|
$
|
6,335,673
|
$
|
6,318,555
|
$
|
6,021,254
|
$
|
5,810,474
|
||||||||||
Total stockholders' equity to total assets - GAAP (a/b)
|
13.84
|
%
|
13.99
|
%
|
13.92
|
%
|
14.52
|
%
|
14.68
|
%
|
||||||||||
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)
|
13.18
|
%
|
13.30
|
%
|
13.23
|
%
|
13.77
|
%
|
14.31
|
%
|
||||||||||
Number of shares outstanding (e)
|
19,358
|
19,453
|
19,606
|
19,758
|
19,747
|
|||||||||||||||
Book value per share - GAAP (a/e)
|
$
|
47.15
|
$
|
45.93
|
$
|
45.24
|
$
|
44.65
|
$
|
43.38
|
||||||||||
Tangible book value per share - Non-GAAP (c/e)
|
44.55
|
43.31
|
42.63
|
41.98
|
42.11
|
(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 now-cancelled TRS Transaction, the BOLI benefit payment received, as well as net gains (losses)
on sales, calls, and impairment of investment securities.
|
Three Months Ended
|
Year Ended
|
||||||||||||||||||||||||||||
(dollars in thousands)
|
Dec. 31, 2023
|
Sep. 30, 2023
|
Jun. 30, 2023
|
Mar. 31, 2023
|
Dec. 31, 2022
|
Dec. 31, 2023
|
Dec. 31, 2022
|
||||||||||||||||||||||
Net interest income - GAAP
|
$
|
66,782
|
$
|
64,825
|
$
|
64,529
|
$
|
92,642
|
$
|
63,113
|
$
|
288,778
|
$
|
236,691
|
|||||||||||||||
Noninterest income - GAAP
|
14,780
|
14,345
|
19,651
|
22,681
|
13,124
|
71,457
|
89,810
|
||||||||||||||||||||||
Less: Contract termination fee related to TRS Transaction
|
—
|
—
|
—
|
—
|
—
|
—
|
5,000
|
||||||||||||||||||||||
Less: Legal settlement related to TRS Transaction
|
—
|
—
|
—
|
—
|
—
|
—
|
13,000
|
||||||||||||||||||||||
Less: BOLI benefit payment received
|
—
|
—
|
1,728
|
—
|
—
|
1,728
|
—
|
||||||||||||||||||||||
Less: Net gain (loss) on securities
|
6
|
2
|
3
|
1
|
1
|
12
|
(222
|
)
|
|||||||||||||||||||||
Total adjusted income - Non-GAAP (a)
|
$
|
81,556
|
$
|
79,168
|
$
|
82,449
|
$
|
115,322
|
$
|
76,236
|
$
|
358,495
|
$
|
308,723
|
|||||||||||||||
Noninterest expense - GAAP
|
$
|
47,054
|
$
|
48,368
|
$
|
51,533
|
$
|
52,443
|
$
|
44,905
|
$
|
199,398
|
$
|
187,308
|
|||||||||||||||
Less: Expenses related to CBank acquisition
|
92
|
(132
|
)
|
127
|
2,073
|
—
|
2,160
|
—
|
|||||||||||||||||||||
Less: Expenses related to TRS Transaction
|
—
|
—
|
—
|
—
|
—
|
—
|
914
|
||||||||||||||||||||||
Adjusted noninterest expense - Non-GAAP (b)
|
$
|
46,962
|
$
|
48,500
|
$
|
51,406
|
$
|
50,370
|
$
|
44,905
|
$
|
197,238
|
$
|
186,394
|
|||||||||||||||
Efficiency Ratio - Non-GAAP (b/a)
|
58
|
%
|
61
|
%
|
62
|
%
|
44
|
%
|
59
|
%
|
55
|
%
|
60
|
%
|
|||||||||||||||
(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 December 31, 2023, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the
Company considered an RA delinquent in 2023 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 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 and the now-cancelled TRS Transaction.
|
Year Ended
|
||||||||||||||||
(dollars in thousands)
|
Dec. 31, 2023
|
Dec. 31, 2022
|
$ Change
|
% Change
|
||||||||||||
Net income - GAAP
|
$
|
90,374
|
$
|
91,106
|
$
|
(732
|
)
|
(1
|
)%
|
|||||||
Add: Expenses related to CBank acquisition
|
2,160
|
—
|
2,160
|
NM
|
||||||||||||
Add: Provision expense related to CBank acquisition
|
2,689
|
—
|
2,689
|
NM
|
||||||||||||
Less: Contract termination fee related to TRS Transaction
|
—
|
(5,000
|
)
|
5,000
|
NM
|
|||||||||||
Less: Legal settlement related to TRS Transaction
|
—
|
(13,000
|
)
|
13,000
|
NM
|
|||||||||||
Add: Expenses related to TRS Transaction
|
—
|
914
|
(914
|
)
|
NM
|
|||||||||||
Subtotal: Adjusted Items
|
$
|
4,849
|
$
|
(17,086
|
)
|
$
|
21,935
|
NM
|
||||||||
Add: Applicable Income Tax Impact on the above items
|
(978
|
)
|
3,859
|
(4,837
|
)
|
NM
|
||||||||||
Total adjusted net income - Non-GAAP (a)
|
$
|
94,245
|
$
|
77,879
|
$
|
16,366
|
21
|
%
|
Document and Entity Information |
Jan. 26, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jan. 26, 2024 |
Entity Registrant Name | REPUBLIC BANCORP, INC. |
Entity Incorporation, State or Country Code | KY |
Entity File Number | 0-24649 |
Entity Tax Identification Number | 61-0862051 |
Entity Address, Address Line One | 601 West Market Street |
Entity Address, City or Town | Louisville |
Entity Address, State or Province | KY |
Entity Address, Postal Zip Code | 40202 |
City Area Code | 502 |
Local Phone Number | 584-3600 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0000921557 |
Title of 12(b) Security | Class A Common |
Trading Symbol | RBCAA |
Security Exchange Name | NASDAQ |
1 Year Republic Bancorp Chart |
1 Month Republic Bancorp Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions