Republic Bancorp Inc/KY - RBCAA STOCK NEWS

Republic Bancorp (NASDAQ: RBCAA) has successfully completed its merger with CBank and its subsidiary, Commercial Industrial Finance, Inc., for approximately $51 million in cash. This strategic move enhances Republic's presence in the Cincinnati area, expanding its services in commercial lending, private banking, and equipment financing.

The combined assets of both institutions as of December 31, 2022, are estimated at $6.1 billion. The merger is projected to positively impact Republic’s diluted earnings per share within the first year. Republic now operates 44 banking centers across five states.

Republic Bank & Trust Company has partnered with Nest Egg, a digital platform connecting clients to financial advisors. This collaboration aims to simplify financial planning and investment for clients, allowing them to set goals and receive personalized advice. Clients can initiate contact with Nest Egg advisors with no obligation and open investment accounts starting at $1,000. The partnership addresses the low percentage of Americans who seek financial advice, with studies showing that those who do can significantly increase their savings. Nest Egg offers access to investment advice through physical kiosks and online resources.

Republic Bancorp, Inc. (NASDAQ: RBCAA) has announced a 10% increase in its quarterly cash dividends, marking the 25th consecutive year of dividend growth. Shareholders will receive $0.374 per share for Class A Common Stock and $0.34 for Class B Common Stock, payable on April 21, 2023, to those on record as of March 17, 2023. This increase results in an annualized dividend yield of 3.50% based on the stock's closing price on January 26, 2023. The company cites strong earnings and capital position as key factors enabling this increase.

Republic Bancorp, Inc. (NASDAQ: RBCAA) reported a fourth quarter 2022 net income of $18.5 million and diluted earnings per share (EPS) of $0.94, marking increases of 8% and 9% respectively compared to Q4 2021. For FY 2022, net income totaled $91.1 million, with diluted EPS at $4.59, reflecting growth of 4% and 7%. Key highlights include a net interest margin increase to 3.82%, a $404 million loan growth in the Traditional Banking segment, and strong credit quality metrics. The Core Bank's provision for expected credit loss was $1.6 million. Non-interest expenses decreased by $129,000 year-over-year, indicating efficient cost management.

Republic Bancorp, Inc. (NASDAQ: RBCAA) has declared a cash dividend of $0.341 per share on Class A Common Stock and $0.31 on Class B Common Stock. The dividends are payable on January 20, 2023, to shareholders of record as of December 16, 2022. The company operates 42 full-service banking centers across five states and holds $6.0 billion in assets. The company's strong financial position reflects its continued commitment to returning value to shareholders.

Republic Bancorp (NASDAQ: RBCAA) announced a definitive agreement to acquire CBank in a cash merger valued at approximately $51 million. This acquisition includes CBank’s subsidiary, Commercial Industrial Finance, Inc., which specializes in equipment leasing. As of September 30, 2022, CBank reported total assets of $271 million and loans of $214 million. Upon completion, Republic Bank will enhance its presence in the Cincinnati area and significantly expand leasing operations.

Republic Bancorp reported a third quarter 2022 net income of $19.5 million, with Diluted EPS of $0.99. Year-to-date, net income stands at $71.3 million, a 2% increase from 2021. Key metrics include a return on average assets (ROA) of 1.52% and return on average equity (ROE) of 11.19%. Loan growth was significant, with an increase of $81 million in non-PPP Traditional Bank loans in Q3, totaling $300 million year-to-date. The company earned a 2022 Community Commitment Award from the American Bankers Association.

Republic Bancorp, Inc. (NASDAQ: RBCAA) reported a net income of $23.9 million for Q2 2022, matching the same period in 2021, leading to a diluted EPS of $1.20. Year-to-date net income increased by 4% to $51.8 million. One-time legal payments offset declines in PPP fee income, mortgage banking, and warehouse lending revenues due to rising interest rates. Key growth indicators included a 51% increase in net income from traditional banking, a loan growth of $213 million, and improved net interest margin. The outlook remains optimistic for the second half of 2022.