Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered
in Louisville, Kentucky, is the holding company of Republic Bank
& Trust Company (the “Bank”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20190719005009/en/
Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased
to report second quarter net income of $18.0 million, a 15%
increase over the second quarter of 2018, resulting in Diluted
Earnings per Class A Common Share (“Diluted EPS”) of $0.86.
Year-to-date net income was $47.5 million, a $4.4 million, or 10%,
increase from the same period in 2018, resulting in return on
average assets (“ROA”) and return on average equity (“ROE”) of
1.73% and 13.24% for the first six months of 2019.
Steve Trager, Chairman & CEO of Republic commented, “We are
pleased to report another solid quarter of net income for the
Company, as continued strong net interest income along with notable
growth in Mortgage Banking income drove our quarterly results.
Within the Republic Processing Group (“RPG”), Republic Credit
Solutions (“RCS”) continued to have strong operating results with a
97% increase in net income for the second quarter of 2019 compared
to the same period in 2018, thanks in large part to a reduction in
provision expense resulting from the discontinuance of the
Company’s subprime credit card portfolio in January of this
year.”
The following table highlights Republic’s financial performance
for the second quarters and six months ended June 30, 2019 and
2018:
Total Company Financial
Performance Highlights
Three Months Ended Jun.
30,
Six Months Ended Jun.
30,
(dollars in thousands, except per share
data)
2019
2018
$ Change
% Change
2019
2018
$ Change
% Change
Income Before Income Taxes*
$
21,183
$
19,816
$
1,367
7
%
$
58,159
$
54,726
$
3,433
6
%
Net Income*
18,007
15,666
2,341
15
47,523
43,135
4,388
10
Diluted Earnings per Class A Common
Stock
0.86
0.74
0.12
16
2.28
2.06
0.22
11
Return on Average Assets
1.31
%
1.23
%
NA
7
1.73
%
1.67
%
NA
4
Return on Average Equity
9.88
9.45
NA
5
13.24
13.22
NA
0
NA – Not applicable *See segment data at the end of this
earnings release
Results of Operations for the Second
Quarter of 2019 Compared to the Second Quarter of
2018
Core Bank(1)
Net income from Core Banking was $13.0 million for the second
quarter of 2019, a $1.4 million, or 12%, increase from the second
quarter of 2018. Core Bank pre-tax net income increased 1% over a
strong second quarter in 2018, with benefits from continued growth
in net interest income and mortgage banking income offset by a
higher provision for loan losses (“Provision”) and higher overhead
costs. As discussed in the section titled “Total Company Income Tax
Expense” later in this release, the Core Bank received the benefit
of certain infrequent income tax items during the second quarter of
2019, positively impacting the net income comparability to the
second quarter of 2018.
Net Interest Income – Core Bank net interest income and net
interest margin were generally impacted in opposite fashion by the
performance of its two major net-interest-income producing segments
during the second quarter of 2019. Within the Traditional Banking
segment, strong year-over-year loan growth primarily drove an
overall increase in net interest income and was complemented by
further margin expansion. Within the Warehouse Lending
(“Warehouse”) segment, however, the benefit of robust
average-balance growth was more than offset by net interest margin
compression during the quarter.
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:
(dollars in thousands)
Three Months Ended Jun.
30,
2019
2018
Change
Reportable Segment
Net Interest Income
Net Interest Margin
Net Interest Income
Net Interest Margin
Net Interest Income
Net Interest Margin
Traditional Banking
$
41,877
3.75
%
$
39,348
3.71
%
$
2,529
0.04
%
Warehouse Lending
3,957
2.49
4,164
3.08
(207
)
(0.59
)
Mortgage Banking
170
NM
103
NM
67
NM
Total Core Bank
$
46,004
3.62
$
43,615
3.64
$
2,389
(0.02
)
Average Loan Balances
Period-End Loan
Balances
(dollars in thousands)
Three Months Ended Jun.
30,
Jun. 30,
Reportable Segment
2019
2018
$ Change
% Change
2019
2018
$ Change
% Change
Traditional Banking
$
3,651,630
$
3,455,432
$
196,198
6
%
$
3,699,576
$
3,476,426
$
223,150
6
%
Warehouse Lending*
634,688
541,537
93,151
17
737,794
634,841
102,953
16
Mortgage Banking*
12,153
6,752
5,401
80
13,883
12,653
1,230
10
Total Core Bank*
$
4,298,471
$
4,003,721
$
294,750
7
$
4,451,253
$
4,123,920
$
327,333
8
*Includes loans held for sale NM – Not meaningful
The primary drivers of the changes in the Core Bank’s net
interest income for the second quarter of 2019, as compared to the
second quarter of 2018, follow:
Traditional Banking
The Traditional Banking segment’s net interest income increased
$2.5 million, or 6%, over the second quarter of 2018. The rise in
net interest income was generally driven by the following
items:
- Average loans during the second quarter of 2019 were $196
million, or 6%, higher than the comparable period in 2018. The
primary contributors for the increase in the quarter-over-quarter
average balances were commercial and industrial loans, which grew
$80 million, and commercial real estate loans, which grew $56
million.
- Despite a 31-basis-point increase in the Traditional Banking
segment’s cost of interest-bearing liabilities, its net interest
margin continued to expand due to the increased value from its
noninterest-bearing funding. The difference between the Traditional
Banking segment’s net interest margin and net interest spread was
18 basis points during the second quarter of 2019 compared to 14
basis points during the second quarter of 2018, with the
differential representing the increased value to the net interest
margin of noninterest-bearing deposits and stockholders’ equity.
The increase in this value resulted from a 30-basis-point rise in
the yield on the Traditional Banking segment’s interest-earning
assets from period to period.
Warehouse Lending
Despite a 17% increase in average outstanding Warehouse balances
during the second quarter of 2019 compared to the second quarter of
2018, a 59-basis-point compression in its net interest margin
during the same period drove a $207,000 decrease in its net
interest income. The following factors led to the overall changes
in the Warehouse segment’s net interest income and net interest
margin:
- Pricing pressure to the Bank on Warehouse lines of credit
resulting from the negative impact of an inverted yield curve on
Warehouse clients primarily drove the 59-basis-point compression in
the Warehouse segment’s net interest margin.
- A sharp decline in long-term fixed mortgage rates drove
increased client usage of the Bank’s Warehouse lines of credit,
driving average outstanding Warehouse balances from $542 million
during the second quarter of 2018 to $635 million during the second
quarter of 2019.
Provision Expense – The Core Bank’s Provision increased to $1.8
million for the second quarter of 2019 from $773,000 for the same
period in 2018. The difference in the Provision between the two
periods was primarily related to a $1.2 million estimated specific
loan loss reserve for one commercial-related client that defaulted
during the second quarter of 2019. Despite personal guarantees
associated with this relationship, the Bank recorded a large
estimated Provision due to the potential for a prolonged workout
horizon and the general uncertainty associated with these types of
circumstances.
The table below presents the Core Bank’s credit quality
metrics:
As of and for the:
Quarters Ended:
Years Ended:
Jun. 30,
Mar. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Core Banking Credit Quality
Ratios
2019
2019
2018
2017
2016
Nonperforming loans to total loans
0.43
%
0.37
%
0.40
%
0.36
%
0.42
%
Nonperforming assets to total loans
(including OREO)
0.46
0.37
0.40
0.36
0.46
Delinquent loans to total loans(2)
0.28
0.18
0.22
0.21
0.18
Net charge-offs to average loans
0.04
0.04
0.06
0.04
0.05
(Quarterly rates annualized)
OREO = Other Real Estate Owned
Noninterest Income – Core Bank noninterest income was $10.3
million during the second quarter of 2019, a $1.2 million, or 14%,
increase from the $9.1 million achieved during the second quarter
of 2018. Driving the increase in noninterest income was a $1.1
million rise in mortgage banking income, which resulted from a $27
million increase in secondary market loans originated from period
to period combined with a $33 million increase in the Bank’s
pipeline of secondary market loans in process from June 30, 2018 to
June 30, 2019. Over the previous 12 months, the Bank has continued
to invest in staffing and other resources for the mortgage banking
function. A sharp decline in long-term mortgage rates during the
quarter, combined with the Bank’s continued investments in mortgage
resources, contributed to the increased quarter-over-quarter
mortgage activity.
Noninterest Expense – Core Bank noninterest expense increased
$2.5 million, or 7%, during the second quarter of 2019 compared to
the second quarter of 2018 resulting primarily from a $2.1 million,
or 10%, increase in salaries and benefits expense. Annual merit
increases and the addition of 79 Core Bank full-time-equivalent
employees (“FTEs”) from June 30, 2018 to June 30, 2019 primarily
drove the increase.
Republic Processing Group(3)
Republic Processing Group (“RPG”) reported net income of $5.1
million for the second quarter of 2019 compared to $4.1 million for
the same period in 2018, with a $2.0 million increase in net income
at RPG’s Republic Credit Solutions (“RCS”) segment partially offset
by a $1.0 million reduction in net income at its Tax Refund
Solutions (“TRS”) segment.
Republic Credit Solutions
RCS’s increase in net income primarily reflects a $2.8 million
reduction in Provision expense resulting from lower Provisions of
$1.2 million and $1.6 million, respectively, for RCS’s
line-of-credit product and its discontinued credit card product.
The overall improvement in the Provision for the line-of-credit
product was driven by a decline in its annualized historical loss
rate combined with a year-to-year decrease in average outstanding
balances. The decrease in losses within the RCS credit-card
portfolio was due to the discontinuance of the program, effective
January of this year.
Tax Refund Solutions
Related to the profitability of TRS, a negative change in
Provision expense from a net credit of $888,000 during the second
quarter of 2018 to a net charge of $392,000 during the second
quarter of 2019 drove the segment’s overall change in net income.
The net credit during the second quarter of 2018 resulted from
better than expected paydowns from the US Treasury on unpaid Easy
Advance (“EA”) loans, allowing the Company to reverse a portion of
the loan loss provisions it recorded during the first quarter of
2018. Conversely, loan paydowns from the US Treasury during the
second quarter of 2019 approximated the Company’s estimate from the
first quarter of 2019, causing the Company’s loan loss reserve for
EA loans to remain materially the same from the first quarter.
With the second quarter EA paydowns, the percent of unpaid EAs
to total EAs originated dropped to 3.45% at June 30, 2019. This
compares to 2.88% at June 30, 2018, a gap of 57 basis points. By
comparison, the unpaid EA percentage was 5.84% at March 31, 2019,
compared to 4.49% at March 31, 2018, representing a gap of 135
basis points. Management remains optimistic that this gap can
continue to shrink through the remainder of 2019. With all unpaid
EAs having been charged off as of June 30, 2019, any EA payments
received throughout the remainder of 2019 will represent recovery
credits directly to income.
Total Company - Income Tax Expense
In April 2019, Kentucky enacted HB458, which allows for combined
filing for Republic Bancorp and the Bank. Republic Bancorp had
previously filed a separate company income tax return for Kentucky
and generated net operating losses, for which it had maintained a
valuation allowance against the related deferred tax asset. HB458
also allows for certain net operating losses to be utilized on a
combined return. Republic Bancorp expects to file a combined return
beginning in 2021 and to utilize these previously generated net
operating losses. The tax benefit to reverse the valuation
allowance on the deferred tax asset for these losses is expected to
be approximately $815,000. This benefit was recorded in the second
quarter of 2019, with 100% of this benefit attributed to the Core
Bank.
In addition to the tax benefit recognized during the quarter
associated with passage of HB458, the Company also received
$388,000 in income tax benefit during the second quarter of 2019
associated with equity compensation. Substantially all of this
benefit was attributed to the Core Bank.
Republic Bancorp, Inc. (the “Company”) is the parent company of
Republic Bank & Trust Company (the “Bank”). The Bank currently
has 45 full-service banking centers and two loan production offices
throughout five states: 32 banking centers in 11 Kentucky
communities - Covington, Crestview Hills, Elizabethtown, Florence,
Frankfort, Georgetown, Lexington, Louisville, Owensboro,
Shelbyville, and Shepherdsville; three banking centers in southern
Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven
banking centers in six Florida communities (Tampa MSA) – Largo,
Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace
and one loan production office in Oldsmar; two banking centers in
Tennessee (Nashville MSA) – Cool Springs (Franklin) and Green Hills
(Nashville), and one loan production office in Brentwood; and one
banking center in Norwood (Cincinnati), Ohio. The Bank offers
internet banking at www.republicbank.com. The Bank also offers
separately branded, nation-wide digital banking at
www.mymemorybank.com. The Company has $5.7 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 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, 2018. The Company
undertakes no obligation to update any forward-looking statements.
These forward-looking statements are made only as of the date of
this release, and the Company undertakes no obligation to release
revisions to these forward-looking statements to reflect events or
conditions after the date of this release.
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
Jun. 30, 2019
Dec. 31, 2018
Jun. 30, 2018
Assets:
Cash and cash equivalents
$
473,779
$
351,474
$
386,956
Investment securities
447,512
543,771
485,622
Loans held for sale
63,949
21,809
26,337
Loans
4,522,414
4,148,227
4,195,984
Allowance for loan and lease losses
(45,983
)
(44,675
)
(45,047
)
Loans, net
4,476,431
4,103,552
4,150,937
Federal Home Loan Bank stock, at cost
32,242
32,067
32,067
Premises and equipment, net
44,199
44,820
46,485
Right-of-use assets(4)
37,450
—
—
Goodwill
16,300
16,300
16,300
Other real estate owned ("OREO")
1,095
160
—
Bank owned life insurance ("BOLI")
65,642
64,883
64,106
Other assets and accrued interest
receivable
64,535
61,568
57,135
Total assets
$
5,723,134
$
5,240,404
$
5,265,945
Liabilities and Stockholders'
Equity:
Deposits:
Noninterest-bearing
$
1,052,177
$
1,003,969
$
1,061,182
Interest-bearing
2,661,697
2,452,176
2,412,187
Total deposits
3,713,874
3,456,145
3,473,369
Securities sold under agreements to
repurchase and other short-term borrowings
226,002
182,990
175,291
Operating lease liabilities(4)
38,852
—
—
Federal Home Loan Bank advances
915,000
810,000
860,000
Subordinated note
41,240
41,240
41,240
Other liabilities and accrued interest
payable
56,738
60,095
52,037
Total liabilities
4,991,706
4,550,470
4,601,937
Stockholders' equity
731,428
689,934
664,008
Total liabilities and stockholders'
equity
$
5,723,134
$
5,240,404
$
5,265,945
Average Balance Sheet Data
Three Months Ended Jun.
30,
Six Months Ended Jun.
30,
2019
2018
2019
2018
Assets:
Federal funds sold and other
interest-earning deposits
$
297,205
$
276,246
$
293,587
$
279,684
Investment securities, including FHLB
stock
514,366
506,209
538,923
529,356
Loans, including loans held for sale
4,424,905
4,092,388
4,341,254
4,087,247
Total interest-earning assets
5,236,476
4,874,843
5,173,764
4,896,287
Total assets
5,480,525
5,074,781
5,478,609
5,175,927
Liabilities and Stockholders'
Equity:
Noninterest-bearing deposits
$
1,098,817
$
1,146,403
$
1,178,198
$
1,232,652
Interest-bearing deposits
2,588,836
2,410,330
2,609,188
2,413,220
Securities sold under agreements to
repurchase and other short-term borrowings
220,189
178,063
225,864
217,532
Federal Home Loan Bank advances
710,879
593,187
611,695
569,613
Subordinated note
41,240
41,240
41,240
41,240
Total interest-bearing liabilities
3,561,144
3,222,820
3,487,987
3,241,605
Stockholders' equity
728,723
663,077
717,838
652,407
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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 Jun.
30,
Six Months Ended Jun.
30,
2019
2018
2019
2018
Total interest income(5)
$
65,664
$
58,356
$
148,297
$
132,189
Total interest expense
11,718
7,272
22,052
13,440
Net interest income
53,946
51,084
126,245
118,749
Provision for loan and lease losses
4,460
4,932
21,691
22,187
Noninterest income:
Service charges on deposit accounts
3,598
3,574
6,901
7,129
Net refund transfer fees
3,629
3,473
20,729
19,825
Mortgage banking income
2,416
1,316
3,955
2,336
Interchange fee income
3,257
2,891
6,014
5,558
Program fees
1,037
1,323
2,111
3,019
Increase in cash surrender value of
BOLI
377
379
759
750
Net gains on OREO
90
320
220
452
Other
721
1,020
1,853
2,772
Total noninterest income
15,125
14,296
42,542
41,841
Noninterest expense:
Salaries and employee benefits
25,286
22,766
50,362
46,600
Occupancy and equipment, net
6,472
6,391
13,056
12,612
Communication and transportation
1,071
1,241
2,232
2,623
Marketing and development
1,278
1,283
2,380
2,199
FDIC insurance expense
295
345
743
870
Bank franchise tax expense
935
860
3,431
3,378
Data processing
2,217
2,443
4,313
4,829
Interchange related expense
1,302
1,098
2,617
2,105
Supplies
582
303
1,066
684
OREO expense
148
16
194
61
Legal and professional fees
844
728
1,730
1,771
Other
2,998
3,158
6,813
5,945
Total noninterest expense
43,428
40,632
88,937
83,677
Income before income tax expense
21,183
19,816
58,159
54,726
Income tax expense
3,176
4,150
10,636
11,591
Net income
$
18,007
$
15,666
$
47,523
$
43,135
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
Three Months Ended Jun.
30,
Six Months Ended Jun.
30,
2019
2018
2019
2018
Per Share Data:
Basic weighted average shares
outstanding
21,016
21,187
20,997
20,939
Diluted weighted average shares
outstanding
21,138
21,331
21,125
21,072
Period-end shares outstanding:
Class A Common Stock
18,740
18,677
18,740
18,677
Class B Common Stock
2,208
2,215
2,208
2,215
Book value per share(6)
$
34.92
$
31.78
$
34.92
$
31.78
Tangible book value per share(6)
33.87
30.73
33.87
30.73
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock
$
0.86
$
0.75
$
2.29
$
2.08
Basic EPS - Class B Common Stock
0.79
0.68
2.08
1.89
Diluted EPS - Class A Common Stock
0.86
0.74
2.28
2.06
Diluted EPS - Class B Common Stock
0.78
0.68
2.07
1.88
Cash dividends declared per Common
share:
Class A Common Stock
$
0.264
$
0.242
$
0.528
$
0.484
Class B Common Stock
0.240
0.220
0.480
0.440
Performance Ratios:
Return on average assets
1.31
%
1.23
%
1.73
%
1.67
%
Return on average equity
9.88
9.45
13.24
13.22
Efficiency ratio(7)
63
62
53
52
Yield on average interest-earning
assets(5)
5.02
4.79
5.73
5.40
Cost of average interest-bearing
liabilities
1.32
0.90
1.26
0.83
Cost of average deposits(8)
0.75
0.44
0.72
0.40
Net interest spread(5)
3.70
3.89
4.47
4.57
Net interest margin - Total Company(5)
4.12
4.19
4.88
4.85
Net interest margin - Core Bank(1)
3.62
3.64
3.69
3.60
Other Information:
End of period FTEs(9) - Total Company
1,089
1,013
1,089
1,013
End of period FTEs - Core Bank
1,012
933
1,012
933
Number of full-service banking centers
45
45
45
45
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
As of and for the
Three Months Ended Jun.
30,
Six Months Ended Jun.
30,
2019
2018
2019
2018
Credit Quality Asset Balances:
Nonperforming Assets - Total
Company:
Loans on nonaccrual status
$
19,238
$
17,502
$
19,238
$
17,502
Loans past due 90-days-or-more and still
on accrual
166
858
166
858
Total nonperforming loans
19,404
18,360
19,404
18,360
OREO
1,095
—
1,095
—
Total nonperforming assets
$
20,499
$
18,360
$
20,499
$
18,360
Nonperforming Assets - Core
Bank(1):
Loans on nonaccrual status
$
19,238
$
17,502
$
19,238
$
17,502
Loans past due 90-days-or-more and still
on accrual
—
22
—
22
Total nonperforming loans
19,238
17,524
19,238
17,524
OREO
1,095
—
1,095
—
Total nonperforming assets
$
20,333
$
17,524
$
20,333
$
17,524
Delinquent loans:
Delinquent loans - Core Bank
$
12,524
$
8,703
$
12,524
$
8,703
Delinquent loans - RPG(3)
6,802
4,429
6,802
4,429
Total delinquent loans - Total Company
$
19,326
$
13,132
$
19,326
$
13,132
Credit Quality Ratios - Total
Company:
Nonperforming loans to total loans
0.43
%
0.44
%
0.43
%
0.44
%
Nonperforming assets to total loans
(including OREO)
0.45
0.44
0.45
0.44
Nonperforming assets to total assets
0.36
0.35
0.36
0.35
Allowance for loan and lease losses to
total loans
1.02
1.07
1.02
1.07
Allowance for loan and lease losses to
nonperforming loans
237
245
237
245
Delinquent loans to total loans(2)
0.43
0.31
0.43
0.31
Net charge-offs to average loans
(annualized)
1.49
1.19
0.94
0.97
Credit Quality Ratios - Core
Bank:
Nonperforming loans to total loans
0.43
%
0.43
%
0.43
%
0.43
%
Nonperforming assets to total loans
(including OREO)
0.46
0.43
0.46
0.43
Nonperforming assets to total assets
0.37
0.34
0.37
0.34
Allowance for loan and lease losses to
total loans
0.75
0.76
0.75
0.76
Allowance for loan and lease losses to
nonperforming loans
171
179
171
179
Delinquent loans to total loans
0.28
0.21
0.28
0.21
Net charge-offs to average loans
(annualized)
0.04
—
0.04
0.03
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (continued) (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
Quarterly Comparison
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Assets:
Cash and cash equivalents
$
473,779
$
345,512
$
351,474
$
365,512
$
386,956
Investment securities
447,512
498,318
543,771
513,766
485,622
Loans held for sale
63,949
24,177
21,809
28,899
26,337
Loans
4,522,414
4,298,710
4,148,227
4,136,195
4,195,984
Allowance for loan and lease losses
(45,983)
(57,961)
(44,675)
(43,824)
(45,047)
Loans, net
4,476,431
4,240,749
4,103,552
4,092,371
4,150,937
Federal Home Loan Bank stock, at cost
32,242
29,965
32,067
32,067
32,067
Premises and equipment, net
44,199
43,527
44,820
45,945
46,485
Right-of-use assets(4)
37,450
38,738
—
—
—
Goodwill
16,300
16,300
16,300
16,300
16,300
Other real estate owned
1,095
216
160
70
—
Bank owned life insurance
65,642
65,265
64,883
64,491
64,106
Other assets and accrued interest
receivable
64,535
63,001
61,568
62,933
57,135
Total assets
$
5,723,134
$
5,365,768
$
5,240,404
$
5,222,354
$
5,265,945
Liabilities and Stockholders'
Equity:
Deposits:
Noninterest-bearing
$
1,052,177
$
1,184,480
$
1,003,969
$
1,103,461
$
1,061,182
Interest-bearing
2,661,697
2,589,836
2,452,176
2,463,224
2,412,187
Total deposits
3,713,874
3,774,316
3,456,145
3,566,685
3,473,369
Securities sold under agreements to
repurchase and other short-term borrowings
226,002
173,168
182,990
163,768
175,291
Operating lease liabilities(4)
38,852
40,203
—
—
—
Federal Home Loan Bank advances
915,000
560,000
810,000
715,000
860,000
Subordinated note
41,240
41,240
41,240
41,240
41,240
Other liabilities and accrued interest
payable
56,738
59,750
60,095
58,851
52,037
Total liabilities
4,991,706
4,648,677
4,550,470
4,545,544
4,601,937
Stockholders' equity
731,428
717,091
689,934
676,810
664,008
Total liabilities and stockholders'
equity
$
5,723,134
$
5,365,768
$
5,240,404
$
5,222,354
$
5,265,945
Average Balance Sheet Data
Quarterly Comparison
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Assets:
Federal funds sold and other
interest-earning deposits
$
297,205
$
289,928
$
199,134
$
265,111
$
276,246
Investment securities, including FHLB
stock
514,366
563,752
579,429
530,468
506,209
Loans, including loans held for sale
4,424,905
4,256,673
4,092,004
4,112,926
4,092,388
Total interest-earning assets
5,236,476
5,110,353
4,870,567
4,908,505
4,874,843
Total assets
5,480,525
5,476,671
5,070,845
5,101,286
5,074,781
Liabilities and Stockholders'
Equity:
Noninterest-bearing deposits
$
1,098,817
$
1,258,461
$
1,050,236
$
1,076,967
$
1,146,403
Interest-bearing deposits
2,588,836
2,629,765
2,477,962
2,476,088
2,410,330
Securities sold under agreements to
repurchase and other short-term borrowings
220,189
231,602
252,073
213,195
178,063
Federal Home Loan Bank advances
710,879
511,408
515,413
574,130
593,187
Subordinated note
41,240
41,240
41,240
41,240
41,240
Total interest-bearing liabilities
3,561,144
3,414,015
3,286,688
3,304,653
3,222,820
Stockholders' equity
728,723
706,833
687,156
675,470
663,077
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Total interest income(5)
$
65,664
$
82,633
$
62,902
$
61,090
$
58,356
Total interest expense
11,718
10,334
8,626
8,057
7,272
Net interest income
53,946
72,299
54,276
53,033
51,084
Provision for loan and lease losses
4,460
17,231
5,104
4,077
4,932
Noninterest income:
Service charges on deposit accounts
3,598
3,303
3,565
3,579
3,574
Net refund transfer fees
3,629
17,100
55
149
3,473
Mortgage banking income
2,416
1,539
1,129
1,360
1,316
Interchange fee income
3,257
2,757
2,844
2,757
2,891
Program fees
1,037
1,074
1,520
1,686
1,323
Increase in cash surrender value of
BOLI
377
382
392
385
379
Net gains on OREO
90
130
29
248
320
Other
721
1,132
585
1,301
1,020
Total noninterest income
15,125
27,417
10,119
11,465
14,296
Noninterest expense:
Salaries and employee benefits
25,286
25,076
21,743
22,846
22,766
Occupancy and equipment, net
6,472
6,584
6,474
6,279
6,391
Communication and transportation
1,071
1,161
1,115
1,047
1,241
Marketing and development
1,278
1,102
784
1,449
1,283
FDIC insurance expense
295
448
264
360
345
Bank franchise tax expense
935
2,496
863
710
860
Data processing
2,217
2,096
2,434
2,350
2,443
Interchange related expense
1,302
1,315
1,237
1,138
1,098
Supplies
582
484
446
314
303
OREO expense
148
46
31
2
16
Legal and professional fees
844
886
753
935
728
Other
2,998
3,815
2,819
3,782
3,158
Total noninterest expense
43,428
45,509
38,963
41,212
40,632
Income before income tax expense
21,183
36,976
20,328
19,209
19,816
Income tax expense
3,176
7,460
3,022
1,798
4,150
Net income
$
18,007
$
29,516
$
17,306
$
17,411
$
15,666
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Per Share Data:
Basic weighted average shares
outstanding
21,016
20,973
20,975
20,962
21,187
Diluted weighted average shares
outstanding
21,138
21,106
21,113
21,120
21,331
Period-end shares outstanding:
Class A Common Stock
18,740
18,698
18,675
18,682
18,677
Class B Common Stock
2,208
2,213
2,213
2,213
2,215
Book value per share(6)
$
34.92
$
34.29
$
33.03
$
32.39
$
31.78
Tangible book value per share(6)
33.87
33.25
31.98
31.34
30.73
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock
$
0.86
$
1.42
$
0.83
$
0.84
$
0.75
Basic EPS - Class B Common Stock
0.79
1.29
0.76
0.76
0.68
Diluted EPS - Class A Common Stock
0.86
1.41
0.83
0.83
0.74
Diluted EPS - Class B Common Stock
0.78
1.28
0.75
0.76
0.68
Cash dividends declared per Common
share:
Class A Common Stock
$
0.264
$
0.264
$
0.242
$
0.242
$
0.242
Class B Common Stock
0.240
0.240
0.220
0.220
0.220
Performance Ratios:
Return on average assets
1.31
%
2.16
%
1.37
%
1.37
%
1.23
%
Return on average equity
9.88
16.70
10.07
10.31
9.45
Efficiency ratio(7)
63
46
61
64
62
Yield on average interest-earning
assets(5)
5.02
6.47
5.17
4.98
4.79
Cost of average interest-bearing
liabilities
1.32
1.21
1.05
0.98
0.90
Cost of average deposits(8)
0.75
0.69
0.59
0.51
0.44
Net interest spread(5)
3.70
5.26
4.12
4.00
3.89
Net interest margin - Total Company(5)
4.12
5.66
4.46
4.32
4.19
Net interest margin - Core Bank(1)
3.62
3.76
3.85
3.76
3.64
Other Information:
End of period FTEs(9) - Total Company
1,089
1,073
1,051
1,034
1,013
End of period FTEs - Core Bank
1,012
997
968
953
933
Number of full-service banking centers
45
45
45
45
45
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (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
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Credit Quality Asset Balances:
Nonperforming Assets - Total
Company:
Loans on nonaccrual status
$
19,238
$
15,361
$
15,993
$
17,015
$
17,502
Loans past due 90-days-or-more and still
on accrual
166
199
145
254
858
Total nonperforming loans
19,404
15,560
16,138
17,269
18,360
OREO
1,095
216
160
70
—
Total nonperforming assets
$
20,499
$
15,776
$
16,298
$
17,339
$
18,360
Nonperforming Assets - Core
Bank(1):
Loans on nonaccrual status
$
19,238
$
15,361
$
15,993
$
17,015
$
17,502
Loans past due 90-days-or-more and still
on accrual
—
4
13
5
22
Total nonperforming loans
19,238
15,365
16,006
17,020
17,524
OREO
1,095
216
160
70
—
Total nonperforming assets
$
20,333
$
15,581
$
16,166
$
17,090
$
17,524
Delinquent Loans:
Delinquent loans - Core Bank
$
12,524
$
7,727
$
8,875
$
11,840
$
8,703
Delinquent loans - RPG(3)(10)
6,802
26,460
7,087
5,986
4,429
Total delinquent loans - Total Company
$
19,326
$
34,187
$
15,962
$
17,826
$
13,132
Credit Quality Ratios - Total
Company:
Nonperforming loans to total loans
0.43
%
0.36
%
0.39
%
0.42
%
0.44
%
Nonperforming assets to total loans
(including OREO)
0.45
0.37
0.39
0.42
0.44
Nonperforming assets to total assets
0.36
0.29
0.31
0.33
0.35
Allowance for loan and lease losses to
total loans
1.02
1.35
1.08
1.06
1.07
Allowance for loan and lease losses to
nonperforming loans
237
373
277
254
245
Delinquent loans to total loans(2)(10)
0.43
0.80
0.38
0.43
0.31
Net charge-offs to average loans
(annualized)
1.49
0.37
0.42
0.52
1.19
Credit Quality Ratios - Core
Bank:
Nonperforming loans to total loans
0.43
%
0.37
%
0.40
%
0.42
%
0.43
%
Nonperforming assets to total loans
(including OREO)
0.46
0.37
0.40
0.42
0.43
Nonperforming assets to total assets
0.37
0.31
0.31
0.33
0.34
Allowance for loan and lease losses to
total loans
0.75
0.75
0.78
0.78
0.76
Allowance for loan and lease losses to
nonperforming loans
171
205
197
184
179
Delinquent loans to total loans
0.28
0.18
0.22
0.29
0.21
Net charge-offs to average loans
(annualized)
0.04
0.04
0.12
0.04
—
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (continued)
Segment Data:
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 June 30, 2019, the Company was divided into five
reportable segments: Traditional Banking, Warehouse Lending
(“Warehouse”), Mortgage Banking, Tax Refund Solutions (“TRS”), and
Republic Credit Solutions (“RCS”). Management considers the first
three segments to collectively constitute “Core Bank” or “Core
Banking” operations, while the last two segments collectively
constitute Republic Processing Group (“RPG”) operations. The Bank’s
Correspondent Lending channel and the Company’s national branchless
banking platform, MemoryBank®, are considered part of the
Traditional Banking segment.
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 and Correspondent Lending 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. The RPS division of TRS
offers general-purpose reloadable cards. TRS and RPS products are
primarily provided to clients outside of the Bank’s market
footprint.
Loans, refund transfers, and 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 2018 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.
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (continued)
Segment information for the quarters and six months ended June
30, 2019 and 2018 follows:
Three Months Ended June 30,
2019
Core Banking
Republic Processing Group
("RPG")
Total
Tax
Republic
Traditional
Warehouse
Mortgage
Core
Refund
Credit
Total
Total
(dollars in thousands)
Banking
Lending
Banking
Banking
Solutions
Solutions
RPG
Company
Net interest income
$
41,877
$
3,957
$
170
$
46,004
$
710
$
7,232
$
7,942
$
53,946
Provision for loan and lease losses
1,427
417
—
1,844
392
2,224
2,616
4,460
Net refund transfer fees
—
—
—
—
3,629
—
3,629
3,629
Mortgage banking income
—
—
2,416
2,416
—
—
—
2,416
Program fees
—
—
—
—
50
987
1,037
1,037
Other noninterest income
7,853
13
56
7,922
89
32
121
8,043
Total noninterest income
7,853
13
2,472
10,338
3,768
1,019
4,787
15,125
Total noninterest expense
37,764
792
1,354
39,910
2,849
669
3,518
43,428
Income before income tax expense
10,539
2,761
1,288
14,588
1,237
5,358
6,595
21,183
Income tax expense
744
621
270
1,635
288
1,253
1,541
3,176
Net income
$
9,795
$
2,140
$
1,018
$
12,953
$
949
$
4,105
$
5,054
$
18,007
Period-end assets
$
4,805,449
$
738,300
$
20,568
$
5,564,317
$
36,834
$
121,983
$
158,817
$
5,723,134
Net interest margin
3.75
%
2.49
%
NM
3.62
%
NM
NM
NM
4.12
%
Net-revenue concentration*
72
%
6
%
4
%
82
%
6
%
12
%
18
%
100
%
Three Months Ended June 30,
2018
Core Banking
Republic Processing Group
("RPG")
Total
Tax
Republic
Traditional
Warehouse
Mortgage
Core
Refund
Credit
Total
Total
(dollars in thousands)
Banking
Lending
Banking
Banking
Solutions
Solutions
RPG
Company
Net interest income
$
39,348
$
4,164
$
103
$
43,615
$
328
$
7,141
$
7,469
$
51,084
Provision for loan and lease losses
523
250
—
773
(888)
5,047
4,159
4,932
Net refund transfer fees
—
—
—
—
3,473
—
3,473
3,473
Mortgage banking income
—
—
1,316
1,316
—
—
—
1,316
Program fees
—
—
—
—
124
1,199
1,323
1,323
Other noninterest income
7,725
11
49
7,785
80
319
399
8,184
Total noninterest income
7,725
11
1,365
9,101
3,677
1,518
5,195
14,296
Total noninterest expense
35,415
850
1,176
37,441
2,273
918
3,191
40,632
Income before income tax expense
11,135
3,075
292
14,502
2,620
2,694
5,314
19,816
Income tax expense
2,168
702
62
2,932
609
609
1,218
4,150
Net income
$
8,967
$
2,373
$
230
$
11,570
$
2,011
$
2,085
$
4,096
$
15,666
Period-end assets
$
4,501,539
$
634,452
$
17,998
$
5,153,989
$
27,192
$
84,764
$
111,956
$
5,265,945
Net interest margin
3.71
%
3.08
%
NM
3.64
%
NM
NM
NM
4.19
%
Net-revenue concentration*
73
%
6
%
2
%
81
%
6
%
13
%
19
%
100
%
*Net revenues represent total net interest income plus
noninterest income.
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (continued)
Six Months Ended June 30,
2019
Core Banking
Republic Processing Group
("RPG")
Total
Tax
Republic
Traditional
Warehouse
Mortgage
Core
Refund
Credit
Total
Total
(dollars in thousands)
Banking
Lending
Banking
Banking
Solutions
Solutions
RPG
Company
Net interest income
$
83,224
$
6,852
$
272
$
90,348
$
21,148
$
14,749
$
35,897
$
126,245
Provision for loan and lease losses
1,616
642
—
2,258
13,826
5,607
19,433
21,691
Net refund transfer fees
—
—
—
—
20,729
—
20,729
20,729
Mortgage banking income
—
—
3,955
3,955
—
—
—
3,955
Program fees
—
—
—
—
196
1,915
2,111
2,111
Other noninterest income
14,749
23
96
14,868
220
659
879
15,747
Total noninterest income
14,749
23
4,051
18,823
21,145
2,574
23,719
42,542
Total noninterest expense
73,314
1,550
2,674
77,538
9,963
1,436
11,399
88,937
Income before income tax expense
23,043
4,683
1,649
29,375
18,504
10,280
28,784
58,159
Income tax expense
2,509
1,054
346
3,909
4,318
2,409
6,727
10,636
Net income
$
20,534
$
3,629
$
1,303
$
25,466
$
14,186
$
7,871
$
22,057
$
47,523
Period-end assets
$
4,805,449
$
738,300
$
20,568
$
5,564,317
$
36,834
$
121,983
$
158,817
$
5,723,134
Net interest margin
3.81
%
2.63
%
NM
3.69
%
NM
NM
NM
4.88
%
Net-revenue concentration*
58
%
4
%
3
%
65
%
25
%
10
%
35
%
100
%
Six Months Ended June 30,
2018
Core Banking
Republic Processing Group
("RPG")
Total
Tax
Republic
Traditional
Warehouse
Mortgage
Core
Refund
Credit
Total
Total
(dollars in thousands)
Banking
Lending
Banking
Banking
Solutions
Solutions
RPG
Company
Net interest income
$
77,536
$
7,755
$
175
$
85,466
$
19,014
$
14,269
$
33,283
$
118,749
Provision for loan and lease losses
1,462
271
—
1,733
12,501
7,953
20,454
22,187
Net refund transfer fees
—
—
—
—
19,825
—
19,825
19,825
Mortgage banking income
—
—
2,336
2,336
—
—
—
2,336
Program fees
—
—
—
—
183
2,836
3,019
3,019
Other noninterest income
14,727
19
87
14,833
1,190
638
1,828
16,661
Total noninterest income
14,727
19
2,423
17,169
21,198
3,474
24,672
41,841
Total noninterest expense
68,807
1,689
2,380
72,876
8,798
2,003
10,801
83,677
Income before income tax expense
21,994
5,814
218
28,026
18,913
7,787
26,700
54,726
Income tax expense
3,940
1,329
46
5,315
4,463
1,813
6,276
11,591
Net income
$
18,054
$
4,485
$
172
$
22,711
$
14,450
$
5,974
$
20,424
$
43,135
Period-end assets
$
4,501,539
$
634,452
$
17,998
$
5,153,989
$
27,192
$
84,764
$
111,956
$
5,265,945
Net interest margin
3.65
%
3.13
%
NM
3.60
%
NM
NM
NM
4.85
%
Net-revenue concentration*
57
%
5
%
2
%
64
%
25
%
11
%
36
%
100
%
*Net revenues represent total net interest income plus
noninterest income.
Republic Bancorp, Inc. Financial Information Second
Quarter 2019 Earnings Release (continued)
1) “Core Bank” or “Core Banking” operations consist of the
Traditional Banking, Warehouse Lending, and Mortgage Banking
segments.
2) 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.
3) Republic Processing Group operations consist of the Tax
Refund Solutions and Republic Credit Solutions segments.
4) The Company adopted Accounting Standard Update 2016-02,
effective January 1, 2019. ASU 2016-02 requires the Company, as
lessee, record the present value of its expected operating lease
payments on its balance sheet as operating lease liabilities, with
offsetting right-of-use assets for the respective leased property.
Prior to January 1, 2019, operating leases were not recorded on a
lessee’s balance sheets in this manner.
5) The amount of loan fee income can meaningfully impact total
interest income, loan yields, net interest margin, and net interest
spread. The amount of loan fee income included in total interest
income was $8.4 million and $8.5 million for the quarters ended
June 30, 2019 and 2018. The amount of loan fee income included in
total interest income was $37.0 million and $35.4 million for the
six months ended June 30, 2019 and 2018.
The amount of loan fee income included in total interest income
per quarter was as follows: $8.4 million (quarter ended June 30,
2019); $28.6 million (quarter ended March 31, 2019); $9.4 million
(quarter ended December 31, 2018); $9.0 million (quarter ended
September 30, 2018); and $8.5 million (quarter ended June 30,
2018).
Interest income for Easy Advances (“EAs”) is composed entirely
of loan fees. The loan fees disclosed above included EA fees of
$19.1 million and $17.8 million for the first six months ended June
30, 2019 and 2018. EAs are only offered during the first two months
of each year.
6) The following table provides a reconciliation of total
stockholders’ equity in accordance with U.S. Generally Accepted
Accounting Principles (“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.
Quarterly Comparison
(dollars in thousands, except per share
data)
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Total stockholders' equity - GAAP (a)
$
731,428
$
717,091
$
689,934
$
676,810
$
664,008
Less: Goodwill
16,300
16,300
16,300
16,300
16,300
Less: Mortgage servicing rights
5,158
4,935
4,919
4,925
4,914
Less: Core deposit intangible
562
608
654
705
756
Tangible stockholders' equity - Non-GAAP
(c)
$
709,408
$
695,248
$
668,061
$
654,880
$
642,038
Total assets - GAAP (b)
$
5,723,134
$
5,365,768
$
5,240,404
$
5,222,354
$
5,265,945
Less: Goodwill
16,300
16,300
16,300
16,300
16,300
Less: Mortgage servicing rights
5,158
4,935
4,919
4,925
4,914
Less: Core deposit intangible
562
608
654
705
756
Tangible assets - Non-GAAP (d)
$
5,701,114
$
5,343,925
$
5,218,531
$
5,200,424
$
5,243,975
Total stockholders' equity to total assets
- GAAP (a/b)
12.78
%
13.36
%
13.17
%
12.96
%
12.61
%
Tangible stockholders' equity to tangible
assets - Non-GAAP (c/d)
12.44
%
13.01
%
12.80
%
12.59
%
12.24
%
Number of shares outstanding (e)
20,948
20,911
20,888
20,895
20,892
Book value per share - GAAP (a/e)
$
34.92
$
34.29
$
33.03
$
32.39
$
31.78
Tangible book value per share - Non-GAAP
(c/e)
33.87
33.25
31.98
31.34
30.73
7) The efficiency ratio, a non-GAAP measure, equals total
noninterest expense divided by the sum of net interest income and
noninterest income. The ratio excludes net gains (losses) on sales,
calls, and impairment of investment securities, if applicable.
8) 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.
9) FTEs – Full-time-equivalent employees.
10) Delinquent loans for the RPG segment included $19 million of
EAs at March 31, 2019. EAs are only offered during the first two
months of each year. EAs do not have a contractual due date but are
eligible for delinquency consideration three weeks after the
taxpayer-customer’s tax return is submitted to the applicable tax
authority. All unpaid EAs are charged-off by the end of the second
quarter of each year.
NM – Not meaningful
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190719005009/en/
Republic Bancorp, Inc. Kevin Sipes Executive Vice President
& Chief Financial Officer (502) 560-8628
Republic Bancorp (NASDAQ:RBCAA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Republic Bancorp (NASDAQ:RBCAA)
Historical Stock Chart
From Apr 2023 to Apr 2024