Republic Bancorp Inc/KY - RBCAA STOCK NEWS

Republic Bank & Trust Company announced that Logan Pichel will become the Chief Executive Officer on October 1, 2021, in addition to his current role as President. Steve Trager will transition to Executive Chair but remain CEO of the parent company. Pichel's appointment follows a strong financial performance, with a 51% increase in net income for the second quarter of 2021 compared to 2020. The leadership changes aim to ensure continuity and commitment to high-quality service and community engagement.

Republic Bancorp, Inc. reported a strong second quarter 2021 with net income of $23.9 million, a significant 51% increase compared to Q2 2020. This resulted in a Diluted EPS of $1.16. Year-to-date income reached $50.0 million, an 18% increase. Notably, the company aims to sell its Tax Refund Solutions business to Green Dot for $165 million, reflecting a focus on optimizing operations. Despite industry challenges impacting net interest margins, the company achieved a 6% growth in deposits, totaling $5.0 billion. ROA and ROE stood at 1.57% and 11.86%, respectively.

Republic Bancorp, Inc. (NASDAQ: RBCAA) announced a cash dividend of $0.308 per share for Class A Common Stock and $0.28 for Class B Common Stock. The dividend is payable on October 15, 2021 to shareholders on record as of September 17, 2021. Republic Bancorp is the parent of Republic Bank & Trust Company, which operates 42 banking centers across five states, boasting assets of $6.5 billion. The company is headquartered in Louisville, Kentucky.

Republic Bank & Trust Company has appointed Jeff Starke as Executive Vice President and Chief Information Officer. Starke, who previously served as Chief Technology Officer at Bank OZK, will lead the Bank's IT strategy, focusing on innovative and secure services for employees and customers. His extensive experience includes managing technology resources, data center operations, and technology integration during acquisitions. Logan Pichel, President of Republic Bank, expressed confidence in Starke's ability to enhance the Bank's technology initiatives.

Republic Bank has partnered with Mastercard to introduce the True Name™ feature, allowing transgender and non-binary customers to use their chosen name on debit cards without needing a legal name change. This initiative, launching on June 1 for Pride Month, emphasizes the bank's commitment to diversity and inclusion. Ashley Duncan, VP of Inclusion & Diversity, highlights the importance of identity, stating that this feature reflects their values. Republic Bank, headquartered in Louisville, Kentucky, operates 42 branches across five states, with approximately $6.5 billion in assets.

Republic Bancorp, Inc. (NASDAQ: RBCAA) has announced a cash dividend of $0.308 per share for Class A Common Stock and $0.28 for Class B Common Stock. This dividend will be payable on July 16, 2021 to shareholders on record as of June 18, 2021. With $6.5 billion in assets, Republic Bank operates 42 full-service banking centers across five states including Kentucky, Indiana, Florida, Tennessee, and Ohio, showcasing its expansive footprint in the banking sector.

Republic Bancorp, Inc. (NASDAQ: RBCAA) reported a 23% decrease in first quarter net income to $20.4 million, with diluted EPS of $0.98. This decline was driven primarily by its Tax Refund Solutions (TRS) segment, which experienced an $11.6 million negative swing due to a delayed tax season and reduced demand amid economic stimulus payments. Conversely, net income from Core Banking operations rose 64% to $16.4 million, benefiting from increased mortgage banking and PPP loan activities. Core deposits grew by $232 million, enhancing long-term financial prospects.

Republic Bancorp, Inc. (NASDAQ: RBCAA) reported its fourth-quarter 2020 results, showing a 21% decline in net income to $20.4 million, with diluted earnings per share of $0.98, down 20% from 2019. Despite overall challenges, adjusted net income increased by 11% year-over-year. Total assets rose, but the return on average assets fell to 1.32%, down 28%. The company experienced record mortgage loan production over $1 billion, mainly driven by secondary market sales. Additionally, deposit growth reached record levels, with a 53% increase in noninterest-bearing core deposits.

Republic Bancorp, Inc. (NASDAQ: RBCAA) announced an 8% increase in quarterly cash dividends, now set at $0.308 per Class A share and $0.28 per Class B share. Payment is scheduled for April 16, 2021, to shareholders of record by March 19, 2021. This marks the 23rd consecutive year of dividend increases, showcasing the company's strong earnings and capital position. The annualized dividend yield for Class A shares is 3.26%.