Republic Bancorp Inc/KY - RBCAA STOCK NEWS

Republic Bancorp, Inc. announces the appointment of Vidya Ravichandran to its Board of Directors. Ravichandran, founder and CEO of GlowTouch, LLC, has extensive experience in technology and management, bringing valuable insights to Republic. Under her leadership, GlowTouch has expanded to over 3,000 employees across multiple countries. Her involvement in community initiatives and advocacy for improved STEM education further aligns with Republic's mission to positively impact communities. Republic Bank operates 45 banking centers across five states with approximately $6.1 billion in assets as of March 31, 2023, and is listed on NASDAQ under the symbol RBCAA.

Republic Bancorp, Inc. (NASDAQ: RBCAA) reported first quarter 2023 net income of $28.1 million, corresponding to a Diluted EPS of $1.42. Total Company Operating net income was $31.8 million, reflecting a 29% increase from the previous year. Core Bank net income also rose 35% year-over-year to $10.3 million, with adjusted Operating net income climbing 84% to $14.0 million. Notably, net interest income for the Core Bank increased 28% to $52.3 million, bolstered by strong loan growth and a net interest margin of 3.98%. However, noninterest income decreased 15% primarily due to lower Mortgage Banking revenue. The company maintains a solid capital position despite a 1% decline in reported net income compared to Q1 2022.

Gridiron Capital announced that Ernest Marshall will join the board of Leaf Home, enhancing its focus on talent development and human resources. With over 22 years of experience, including as EVP and CHRO at Eaton, Marshall aims to cultivate an inclusive work environment at Leaf Home. His background includes global HR leadership at GE Aviation and law and MBA degrees from Indiana University. The board aims to leverage his expertise to develop a culture that retains top talent as Leaf Home continues its growth. This decision reflects Gridiron Capital's commitment to fostering strong leadership within its portfolio companies.

Republic Bank & Trust Company has opened a new banking center in Bellevue, Kentucky on March 14, 2023. This expansion into Campbell County increases the Bank’s presence in the Greater Cincinnati area, bringing its total banking centers to 44 across five states. The new center features an Interactive Teller Machine for extended access and has hired new associates to enhance service delivery. An official grand opening is scheduled for May 19, 2023. The Bank aims to integrate more into the local community, emphasizing growth in Northern Kentucky and Greater Cincinnati.

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.