Republic Bancorp, Inc. Reports Second Quarter 2023 Net Income of $21.1 Million
Republic Bancorp, Inc. (“Republic” or the “Company”) reported second quarter 2023 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of
The following table reconciles Republic’s Total Company GAAP and non-GAAP net incomes as described in the paragraph above.
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Diluted Earnings Per Class A Common Share |
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Three Months Ended |
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Three Months Ended |
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(dollars in thousands, except per share data) |
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Jun. 30, 2023 |
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Jun. 30, 2022 |
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$ Change |
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% Change |
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Jun. 30, 2023 |
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Jun. 30, 2022 |
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$ Change |
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% Change |
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Total Company Net Income, As Reported (GAAP) |
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$ |
21,052 |
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$ |
24,347 |
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$ |
(3,295 |
) |
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(14) |
% |
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$ |
1.07 |
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$ |
1.22 |
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$ |
(0.15 |
) |
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(12) |
% |
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Adjustments: |
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Add Back the Impact of CBank Merger Expenses, Net of Taxes |
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99 |
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— |
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99 |
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— |
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— |
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— |
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— |
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— |
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Reduce for the Impact of the Bank Owned Life Insurance ("BOLI") Benefit Payment Received, Net of Taxes |
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(1,347 |
) |
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— |
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(1,347 |
) |
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— |
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(0.07 |
) |
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— |
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(0.07 |
) |
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— |
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Reduce for the Impact of the Legal Settlement Received, Net of Taxes |
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— |
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(9,523 |
) |
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9,523 |
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— |
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— |
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(0.47 |
) |
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0.47 |
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— |
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Total Company Operating Net Income - non-GAAP |
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$ |
19,804 |
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$ |
14,824 |
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$ |
4,980 |
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34 |
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$ |
1.00 |
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$ |
0.75 |
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$ |
0.25 |
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34 |
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Republic’s Core Bank net income was
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Core Bank |
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Three Months Ended Jun. 30, |
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$ |
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% |
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(dollars in thousands) |
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2023 |
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2022 |
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Change |
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Change |
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Core Bank, Net Income, as reported (GAAP) |
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$ |
12,143 |
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$ |
8,503 |
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$ |
3,640 |
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43 |
% |
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Adjustments: |
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Add Back the Impact of CBank Merger Expenses, Net of Taxes |
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99 |
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- |
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99 |
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- |
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Reduce for the Impact of the BOLI Benefit Payment Received, Net of Taxes |
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(1,347 |
) |
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- |
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(1,347 |
) |
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- |
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Core Bank Adjusted Operating Net Income - Non GAAP |
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$ |
10,895 |
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$ |
8,503 |
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$ |
2,392 |
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28 |
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Logan Pichel, President and CEO of the Bank commented, “Despite the uncertainty and headwinds in the current economic environment, we were able to produce solid operating results during the second quarter and first six months of 2023. Adjusting our 2022 and 2023 second quarter net incomes for the infrequent items we previously noted, our Operating net incomes for Total Company and the Core Bank during the second quarter of 2023 were significantly better than the comparable Operating net incomes for the same period in the prior year.
A contributing factor to our year-over-year earnings growth is the prudent loan growth within our Traditional Banking segment. Loan growth within this segment has maintained a positive trend since the fourth quarter of 2021. In addition to the
In addition to the loan growth within our Traditional Bank, our average loan yield in this segment has also risen steadily since market interest rates generally began to rise in March of 2022. Overall, the Traditional Bank’s weighted-average loan yield was
We also continued to have disciplined expense control. Overall, Core Bank noninterest expense for the second quarter of 2023 increased
The biggest challenge that the banking industry has faced this year has been the competition for customer deposits, and even more specifically, low-cost deposits. Republic has not been immune from this challenge, as we also experienced a decline in deposit balances from mid-2022 into the second quarter of this year. This decline stabilized during the second quarter of 2023 as our Core Bank legacy deposits grew again in June. To achieve this, we did meaningfully raise the rates we pay on our deposits. As a result, our Core Bank’s net interest income and net interest margin, on linked-quarter basis, trended lower from the first quarter of 2023 to the second quarter of 2023, as our Core Bank’s overall funding costs rose more than the yields on our interest earning assets. These increased funding costs for deposits will likely continue to negatively impact our net interest margin and net interest income into the future.
Despite the headwinds in our industry, we are excited about our Company’s long-term outlook as we enter the second half of 2023. The credit quality of our Core Bank loan portfolio remains pristine, and each of our regulatory capital ratios place us well above those required to be considered “well capitalized”. While there remain hurdles ahead for financial institutions across the country, these safety and soundness measures continue to place us among the industry’s best and give us great optimism for whatever challenges the future might bring,” concluded Pichel.
The following table highlights Republic’s key metrics for the three and six months ended June 30, 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 July 21, 2023.
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Total Company Financial Performance Highlights |
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Three Months Ended Jun. 30, |
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Six Months Ended Jun. 30, |
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(dollars in thousands, except per share data) |
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2023 |
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2022 |
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$ Change |
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% Change |
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2023 |
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2022 |
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$ Change |
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% Change |
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Income Before Income Tax Expense |
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$ |
26,508 |
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$ |
31,022 |
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$ |
(4,514 |
) |
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(15 |
)% |
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$ |
62,622 |
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$ |
67,391 |
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$ |
(4,769 |
) |
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(7 |
)% |
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Net Income |
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21,052 |
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24,347 |
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(3,295 |
) |
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(14 |
) |
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49,144 |
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52,697 |
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(3,553 |
) |
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(7 |
) |
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Diluted EPS |
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1.07 |
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1.22 |
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(0.15 |
) |
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(12 |
) |
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1.07 |
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1.22 |
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(0.15 |
) |
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(12 |
) |
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Return on Average Assets ("ROA") |
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1.37 |
% |
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1.56 |
% |
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NA |
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(12 |
) |
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1.59 |
% |
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1.66 |
% |
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NA |
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(4 |
) |
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Return on Average Equity ("ROE") |
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9.41 |
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11.42 |
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NA |
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(18 |
) |
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11.08 |
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12.39 |
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NA |
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(11 |
) |
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NA – Not applicable |
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Results of Operations for the Second Quarter of 2023 Compared to the Second Quarter of 2022
Core Bank(1)
Net income for the Core Bank was
Net Interest Income – Core Bank net interest income was
Traditional Bank
Net interest income and NIM within the Traditional Bank were substantially higher from the second quarter of 2022 to the second quarter of 2023 as the increase in yield for its interest-earning assets substantially outpaced the increased cost of its interest-bearing liabilities on a year-over-year basis. Overall, the Traditional Bank’s net interest income increased
-
Traditional Bank average loans grew from
$3.6 billion 3.92% during the second quarter of 2022 to$4.3 billion 4.98% during the second quarter of 2023. As previously noted, loan growth remained particularly strong within the Traditional Bank during the first six months of 2023, while the acquisition of CBank added approximately$217 million
-
Average investments grew to
$775 million 2.73% during the second quarter of 2023 from$691 million 1.60% for the second quarter of 2022. As part of its overall interest rate risk management strategy, the Traditional Bank generally maintains an investment portfolio with a shorter overall duration as compared to its peers. This strategy is generally favorable to net interest income in a rising interest rate environment.
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The Traditional Bank’s average noninterest-bearing deposits decreased from
$1.6 billion $1.4 billion
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The Traditional Bank’s weighted-average cost of interest-bearing liabilities increased from
0.09% during the second quarter of 2022 to1.43% for the second quarter of 2023. Further segmenting the Traditional Bank’s interest-bearing liabilities:
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The weighted-average cost of total interest-bearing deposits increased from
0.14% during the second quarter of 2022 to1.59% for the second quarter of 2023. In addition, average interest-bearing deposits grew$53 million
-
The average balance of FHLB borrowings increased from
$20 million $256 million 1.88% to4.90% for the same time periods. As noted above, this increase in the average balance of borrowings was generally driven by a period-to-period decline in average deposit balances.
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The weighted-average cost of total interest-bearing deposits increased from
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Average interest-earning cash was
$111 million 5.63% during the second quarter of 2023 compared to$810 million 0.81% for the second quarter of 2022. The decline in average cash balances was driven generally by an increase in average loans for the same periods.
Warehouse Lending
Net interest income within the Warehouse segment decreased
In addition, the Warehouse net interest margin decreased 41 basis points from
The following tables present by reportable segment the overall changes in the Core Bank’s net interest income, net interest margin, as well as average and period-end loan balances:
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Net Interest Income |
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Net Interest Margin |
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(dollars in thousands) |
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Three Months Ended Jun. 30, |
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Three Months Ended Jun. 30, |
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Reportable Segment |
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2023 |
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2022 |
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Change |
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2023 |
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2022 |
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Change |
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Traditional Banking |
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$ |
48,682 |
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$ |
39,158 |
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$ |
9,524 |
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3.77 |
% |
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3.06 |
% |
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0.71 |
% |
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Warehouse Lending |
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2,642 |
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3,886 |
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(1,244 |
) |
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2.28 |
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2.69 |
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(0.41 |
) |
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Mortgage Banking* |
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61 |
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153 |
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(92 |
) |
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NM |
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NM |
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NM |
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Total Core Bank |
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$ |
51,385 |
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$ |
43,197 |
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$ |
8,188 |
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3.65 |
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3.02 |
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0.63 |
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Average Loan Balances |
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Period-End Loan Balances |
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(dollars in thousands) |
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Three Months Ended Jun. 30, |
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Jun. 30, |
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Jun. 30, |
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Reportable Segment |
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2023 |
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2022 |
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$ Change |
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% Change |
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2023 |
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2022 |
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$ Change |
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% Change |
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Traditional Banking |
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$ |
4,277,004 |
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$ |
3,619,761 |
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$ |
657,243 |
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18 |
% |
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$ |
4,394,668 |
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$ |
3,665,099 |
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$ |
729,569 |
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20 |
% |
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Warehouse Lending |
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462,755 |
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|
578,676 |
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(115,921 |
) |
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(20 |
) |
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539,560 |
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596,678 |
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(57,118 |
) |
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(10 |
) |
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Mortgage Banking* |
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|
2,369 |
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|
10,189 |
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|
(7,820 |
) |
(77 |
) |
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|
4,038 |
|
|
8,491 |
|
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(4,453 |
) |
(52 |
) |
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Total Core Bank |
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$ |
4,742,128 |
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$ |
4,208,626 |
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|
$ |
533,502 |
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13 |
|
|
|
$ |
4,938,266 |
|
|
$ |
4,270,268 |
|
|
$ |
667,998 |
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16 |
|
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*Includes loans held for sale NM – Not meaningful |
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Provision for Expected Credit Loss Expense – The Core Bank’s Provision(2) was a net charge of
The net charge during the second quarter of 2023 was primarily driven by general formula reserves applied to
As a percentage of total loans, the Core Bank’s Allowance(2) decreased to
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As of Jun. 30, 2023 |
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As of Jun. 30, 2022 |
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Quarterly Change |
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(dollars in thousands) |
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Allowance |
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Allowance |
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Allowance |
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Reportable Segment |
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Gross Loans |
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Allowance |
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to Loans |
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Gross Loans |
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Allowance |
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to Loans |
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to Loans |
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% Change |
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Traditional Bank |
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$ |
4,394,668 |
|
$ |
55,567 |
1.26 |
% |
|
$ |
3,673,590 |
|
$ |
49,727 |
1.35 |
% |
|
(0.09 |
)% |
(7 |
)% |
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Warehouse Lending |
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|
539,560 |
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|
1,346 |
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|
0.25 |
|
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|
596,678 |
|
|
|
1,491 |
|
|
0.25 |
|
|
|
— |
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|
— |
|
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Total Core Bank |
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|
4,934,228 |
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|
|
56,913 |
|
|
1.15 |
|
|
|
|
4,270,268 |
|
|
|
51,218 |
|
|
1.20 |
|
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|
(0.05 |
) |
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(4 |
) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Tax Refund Solutions |
|
|
193 |
|
|
|
— |
|
|
— |
|
|
|
|
149 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
Republic Credit Solutions |
|
|
118,721 |
|
|
|
15,289 |
|
|
12.88 |
|
|
|
|
91,816 |
|
|
|
13,231 |
|
|
14.41 |
|
|
|
(1.53 |
) |
|
(11 |
) |
|
Total Republic Processing Group |
|
|
118,914 |
|
|
|
15,289 |
|
|
12.86 |
|
|
|
|
91,965 |
|
|
|
13,231 |
|
|
14.39 |
|
|
|
(1.53 |
) |
|
(11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total Company |
|
$ |
5,053,142 |
|
|
$ |
72,202 |
|
1.43 |
% |
|
$ |
4,362,233 |
|
|
$ |
64,449 |
|
1.48 |
% |
|
(0.05 |
)% |
(3 |
)% |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
ACLL Roll-Forward |
||||||||||||||||||||||||||||||||||||||||||
|
|
Three Months Ended June 30, |
||||||||||||||||||||||||||||||||||||||||||
|
|
2023 |
|
|
|
|
|
2022 |
|
|||||||||||||||||||||||||||||||||||
(dollars in thousands) |
|
Beginning |
|
CBank |
|
|
|
|
Charge- |
|
|
|
Ending |
|
Beginning |
|
|
|
|
Charge- |
|
|
|
Ending |
||||||||||||||||||||
Reportable Segment |
|
Balance |
|
Adjustment* |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
|
Balance |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Traditional Bank |
|
$ |
55,216 |
|
$ |
(1,384 |
) |
|
$ |
1,860 |
|
|
$ |
(239 |
) |
|
$ |
114 |
|
$ |
55,567 |
|
$ |
49,616 |
|
$ |
106 |
|
|
$ |
(245 |
) |
|
$ |
250 |
|
$ |
49,727 |
||||||
Warehouse Lending |
|
|
1,144 |
|
|
|
— |
|
|
|
202 |
|
|
|
— |
|
|
|
— |
|
|
|
1,346 |
|
|
|
1,725 |
|
|
|
(234 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,491 |
|
Total Core Bank |
|
|
56,360 |
|
|
|
(1,384 |
) |
|
|
2,062 |
|
|
|
(239 |
) |
|
|
114 |
|
|
|
56,913 |
|
|
|
51,341 |
|
|
|
(128 |
) |
|
|
(245 |
) |
|
|
250 |
|
|
|
51,218 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Tax Refund Solutions |
|
|
25,981 |
|
|
|
— |
|
|
|
(219 |
) |
|
|
(25,950 |
) |
|
|
188 |
|
|
|
— |
|
|
|
8,370 |
|
|
|
360 |
|
|
|
(11,658 |
) |
|
|
2,928 |
|
|
|
— |
|
Republic Credit Solutions |
|
|
13,780 |
|
|
|
— |
|
|
|
4,296 |
|
|
|
(3,018 |
) |
|
|
231 |
|
|
|
15,289 |
|
|
|
11,945 |
|
|
|
3,433 |
|
|
|
(2,411 |
) |
|
|
264 |
|
|
|
13,231 |
|
Total Republic Processing Group |
|
|
39,761 |
|
|
|
— |
|
|
|
4,077 |
|
|
|
(28,968 |
) |
|
|
419 |
|
|
|
15,289 |
|
|
|
20,315 |
|
|
|
3,793 |
|
|
|
(14,069 |
) |
|
|
3,192 |
|
|
|
13,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Company |
|
$ |
96,121 |
|
|
$ |
(1,384 |
) |
|
$ |
6,139 |
|
|
$ |
(29,207 |
) |
|
$ |
533 |
|
|
$ |
72,202 |
|
|
$ |
71,656 |
|
|
$ |
3,665 |
|
|
$ |
(14,314 |
) |
|
$ |
3,442 |
|
|
$ |
64,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
* The net fair value adjustment to ACLL includes an estimate of lifetime credit losses for Purchased Credit Deteriorated loans. |
||||||||||||||||||||||||||||||||||||||||||||
The table below presents the Core Bank’s credit quality metrics:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarters Ended: |
Years Ended: |
||||||||
|
Jun. 30, |
|
Jun. 30, |
|
Dec. 31, |
Dec. 31, |
Dec. 31, |
|||
Core Banking Credit Quality Ratios |
2023 |
|
2022 |
|
2022 |
2021 |
2020 |
|||
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
0.34 |
% |
0.38 |
% |
0.37 |
% |
0.47 |
% |
0.50 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total loans (including OREO) |
0.37 |
|
0.42 |
|
0.40 |
|
0.51 |
|
0.56 |
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans* to total loans |
0.12 |
|
0.13 |
|
0.14 |
|
0.17 |
|
0.21 |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans |
0.01 |
|
— |
|
0.00 |
|
0.01 |
|
0.03 |
|
(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 was
Noninterest Expense – As previously noted, the Core Bank’s noninterest expense was
Republic Processing Group(3)
The Republic Processing Group (“RPG”) reported net income of
Net interest income within the TRS segment was up
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 46 banking centers in communities in four metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located in the Louisville MSA in
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
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 |
|
Allowance – Allowance for Credit Losses on Loans |
|
|
(3) |
Republic Processing Group operations consist of the TRS and Republic Credit Solutions (“RCS”) segments. |
|
|
NM – Not meaningful |
|
|
|
NA – Not applicable |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20230721204384/en/
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
Source: Republic Bancorp, Inc.
