Republic Bancorp, Inc. Reports Second Quarter 2024 Net Income of $25.2 Million
Republic Bancorp reported strong Q2 2024 results, with net income of $25.2 million and Diluted EPS of $1.30, representing increases of 20% and 22% over Q2 2023. Key highlights include:
- Core Bank net income increased 24% to $15.0 million
- Net interest income rose 3% to $52.8 million
- Noninterest expenses decreased 6% to $42.6 million
- Republic Processing Group net income grew 14% to $10.2 million
The company maintained excellent asset quality with net charge-offs to average loans of only 0.02%. While loan growth slowed due to pricing discipline, the bank achieved a high Net Promoter Score of 67.2, significantly above the industry average. Management remains focused on deposit growth and creating long-term shareholder value.
- Net income increased 20% to $25.2 million in Q2 2024
- Diluted EPS rose 22% to $1.30 per share
- Core Bank net income grew 24% to $15.0 million
- Net interest income increased 3% to $52.8 million
- Noninterest expenses decreased 6% to $42.6 million
- Republic Processing Group net income increased 14% to $10.2 million
- Excellent asset quality with net charge-offs to average loans of only 0.02%
- Achieved a high Net Promoter Score of 67.2, well above industry average of 23.9
- Net interest margin decreased from 3.65% in Q2 2023 to 3.46% in Q2 2024
- Average noninterest-bearing deposits decreased from $1.5 billion in Q2 2023 to $1.2 billion in Q2 2024
- Traditional Bank loan growth slowed, with spot balances decreasing $29 million from December 31, 2023 to June 30, 2024
Insights
Republic Bancorp, Inc.'s recent financial performance shows strong growth, with net income increasing by 20% and diluted EPS rising by 22% year-over-year. This positive trajectory is underpinned by a number of strategic adjustments and operational efficiencies.
The significant increase in net interest income by
Moreover, the 4% reduction in noninterest expenses signals tightened cost controls, enhancing overall profitability. While the investment in new banking centers, technology and talent seems substantial, the corresponding decline in noninterest expenses shows robust management efficiency.
In the short term, the strategic borrowing from the Federal Home Loan Bank at a lower cost of 4.42% annually is a smart move to leverage the inverted yield curve and reduce borrowing costs. However, the shift in funding sources could affect their liquidity levels, demanding vigilant monitoring in upcoming quarters.
Long-term, the emphasis on maintaining a balanced loan portfolio and focusing on moderately priced deposit growth is essential for sustainable expansion. Republic Bancorp’s approach to recycling proceeds from lower-yielding mortgage loans into higher-yielding opportunities also indicates a proactive earnings optimization strategy.
Republic Bancorp's strong performance in customer service, evidenced by an industry-leading Net Promoter Score (NPS) of 67.2 compared to the industry average of 23.9, is a testament to their client-centric approach. This metric is critical as it often translates to customer loyalty and potential for business growth through positive word-of-mouth.
From a market perspective, the sale of $67 million in lower-yielding mortgage loans and the focus on higher-yielding loan opportunities show a keen awareness of market conditions and a proactive strategy to enhance returns. This move aligns with current market trends where optimizing asset yield is important amidst fluctuating interest rates.
The segmented performance of their Republic Processing Group (RPG) reveals the diversification of income streams, with notable growth in Republic Credit Solutions (RCS) and Tax Refund Solutions (TRS). This diversification reduces dependency on traditional banking and offers stability against sector-specific volatilities.
Looking ahead, the strategy to focus on deposit growth, coupled with their strong digital and technological capabilities, positions Republic Bancorp to capture a larger market share, especially in the digital banking space where consumer preferences are rapidly shifting.
Logan Pichel, President & CEO of the Republic Bank & Trust Company commented, “We are very pleased with our strong performance in the second quarter, which reflects our continued focus on providing best-in-class service to our clients, the on-going success of our diversified business model, and growing our core banking franchise, while also prudently and effectively managing our risks and expenses,” said Logan Pichel, President and CEO of Republic Bank. “Perhaps as much as anything, I am most proud that we reached an industry strong Net Promoter Score (“NPS”) of 67.2 during the second quarter versus an industry average of 23.9. Our strong NPS Score further affirms our passion for delivering exceptional customer experiences across all channels and all parts of the Bank.
We also had another positive quarter in moderating our operating costs as our Total Company noninterest expenses declined nearly
Some of our additional highlights for the second quarter of 2024 include:
-
Core Bank asset quality remained excellent, with net charge-offs to average loans of only 0.
02% for the quarter and nonperforming loans to total loans of0.39% as of June 30, 2024. -
We completed the sale of
$67 million -
Our Traditional Bank loan portfolio grew by
$16 million -
To take advantage of the currently inverted yield curve and lower our overall borrowing costs during the second quarter of 2024, we borrowed
$100 million 4.42% for these borrowings over the five-year term compared to an annualized cost of5.55% for overnight borrowings.
As it relates to our diversification of revenue streams, our Republic Processing Group (“RPG) continued to produce positive results during the second quarter of 2024. While Republic Payment Solutions (“RPS”) was down slightly for the quarter due to a revenue share arrangement implemented during the first quarter of 2024, both Republic Credit Solutions (“RCS”) and Tax Refund Solutions (“TRS”) had solid increases in net income contributing to a
As we look ahead to the second half of 2024, achieving moderately priced deposit growth will remain a major focus. With our superior customer service, competitive products, convenient locations, and solid digital capabilities, we believe we are well-armed to effectively and efficiently grow our loyal customer base. I am optimistic about our future and the potential for us to create long-term value for our shareholders, our clients, our associates, and the communities we serve,” Pichel concluded.
The following table highlights Republic’s key metrics for the three months ended June 30, 2024 and 2023. 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 19, 2024.
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Total Company Financial Performance Highlights |
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Three Months Ended
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Six Months Ended
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(dollars in thousands, except per share data) |
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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Income Before Income Tax Expense |
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$ |
32,105 |
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$ |
26,508 |
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$ |
5,597 |
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21 |
% |
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$ |
70,804 |
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$ |
62,622 |
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$ |
8,182 |
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13 |
% |
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Net Income |
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25,206 |
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21,052 |
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4,154 |
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20 |
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55,812 |
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49,144 |
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6,668 |
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14 |
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Diluted EPS |
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1.30 |
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1.07 |
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0.23 |
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22 |
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2.87 |
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2.50 |
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0.37 |
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15 |
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Return on Average Assets ("ROA") |
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1.50 |
% |
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1.37 |
% |
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NA |
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10 |
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1.61 |
% |
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1.60 |
% |
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NA |
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1 |
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Return on Average Equity ("ROE") |
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10.57 |
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9.41 |
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NA |
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12 |
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11.90 |
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11.14 |
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NA |
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7 |
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NA – Not applicable |
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Results of Operations for the Second Quarter of 2024 Compared to the Second Quarter of 2023
Core Bank(1)
Net income for the Core Bank was
Net Interest Income – Core Bank net interest income was
While net interest income did increase in terms of overall dollars, the Core Bank’s net interest margin (“NIM”) decreased from
Additional items of note impacting the Core Bank’s change in net interest income and NIM between the second quarter of 2023 and the second quarter of 2024 were as follows:
-
Average outstanding Warehouse balances decreased from
$462 million $457 million $980 million $957 million 47% during the second quarter of 2023 to49% for the second quarter of 2024. -
Traditional Bank average loans grew from
$4.3 billion 4.98% during the second quarter of 2023 to$4.6 billion 5.57% during the second quarter of 2024. In general, the growth in average loan balances was primarily attributable to loan growth achieved during the last six months of 2023, as the spot balances for Traditional Bank loans decreased$29 million 1% , from December 31, 2023 to June 30, 2024. -
Average interest-earning cash, which is managed as a separate but complementary component of the Company’s overall investment portfolio, was
$393 million 5.46% during the second quarter of 2024 compared to$115 million 5.43% for the second quarter of 2023. The increase in average interest-earning cash balances was the continuance of a strategic decision over the past year for additional on-balance sheet liquidity above required minimums in response to the uncertainty of the economic environment. -
Average investments were
$670 million 3.09% during the second quarter of 2024 compared to$775 million 2.73% for the second quarter of 2023. The Core Bank continued to maintain an investment portfolio during the second quarter of 2024 with a short overall duration as part of its interest rate risk management strategy. As a result of this short duration, the Core Bank has approximately$111 million 3.69% . -
Further segmenting the Core Bank’s increased cost of interest-bearing liabilities:
-
The weighted-average cost of total interest-bearing deposits increased from
1.59% during the second quarter of 2023 to2.79% for the second quarter of 2024, while average interest-bearing deposits grew$668 million $668 million $251 million -
The average balance of FHLB borrowings increased from
$256 million $306 million 4.90% to4.29% for the same time periods. The increase in the average balance of borrowings was driven, in general, by the above noted growth in period-to-period average loans, while the decrease in the overall weighted-average cost of FHLB borrowings resulted from term-extension strategies to take advantage of the currently inverted yield curve.
-
The weighted-average cost of total interest-bearing deposits increased from
The following tables present by reportable segment the overall changes in the Core Bank’s net interest income, net interest margin, as well as average and period-end loan balances:
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Net Interest Income |
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Net Interest Margin |
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(dollars in thousands) |
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Three Months Ended Jun. 30, |
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Three Months Ended Jun. 30, |
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Reportable Segment |
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2024 |
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2023 |
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Change |
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2024 |
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2023 |
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Change |
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Traditional Banking |
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$ |
49,915 |
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$ |
48,743 |
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$ |
1,172 |
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3.53 |
% |
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3.77 |
% |
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(0.24) |
% |
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Warehouse Lending |
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2,914 |
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2,642 |
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272 |
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2.57 |
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2.28 |
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0.29 |
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Total Core Bank |
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$ |
52,829 |
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$ |
51,385 |
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$ |
1,444 |
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3.46 |
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3.65 |
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(0.19) |
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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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2024 |
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2023 |
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$ Change |
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% Change |
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2024 |
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2023 |
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$ Change |
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% Change |
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Traditional Banking |
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$ |
4,622,655 |
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$ |
4,279,373 |
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$ |
343,282 |
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8 |
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% |
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$ |
4,589,167 |
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$ |
4,394,668 |
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$ |
194,499 |
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4 |
% |
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Warehouse Lending |
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456,908 |
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|
462,755 |
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(5,847 |
) |
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(1 |
) |
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549,011 |
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|
539,560 |
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|
9,451 |
|
2 |
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Total Core Bank |
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$ |
5,079,563 |
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$ |
4,742,128 |
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$ |
337,435 |
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7 |
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$ |
5,138,178 |
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$ |
4,934,228 |
|
$ |
203,950 |
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4 |
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*Includes loans held for sale |
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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 of
-
The Core Bank recorded a net charge to the Provision of
$681,000 $16 million
-
The Core Bank recorded a net charge to the Provision of
$214,000 $86 million
The net charge of
-
The Core Bank recorded a net charge to the Provision of
$3.9 million $229 million
-
Offsetting the above, the Core Bank recognized a
$2.0 million $1.5 million
-
The Core Bank recorded a net charge to the Provision of
$202,000 $81 million
As a percentage of total loans, the Core Bank’s Allowance(2) increased 4 basis points from June 30, 2023 to June 30, 2024. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.
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As of Jun. 30, 2024 |
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As of Jun. 30, 2023 |
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Year-over-Year 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 |
|
$ |
4,589,167 |
|
$ |
59,865 |
1.30 |
% |
|
$ |
4,394,668 |
|
$ |
55,567 |
1.26 |
% |
|
0.04 |
% |
3 |
% |
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Warehouse Lending |
|
|
549,011 |
|
|
1,370 |
|
0.25 |
|
|
|
|
539,560 |
|
|
1,346 |
|
0.25 |
|
|
|
— |
|
|
— |
|
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Total Core Bank |
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|
5,138,178 |
|
|
61,235 |
|
1.19 |
|
|
|
|
4,934,228 |
|
|
56,913 |
|
1.15 |
|
|
|
0.04 |
|
|
3 |
|
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Tax Refund Solutions |
|
|
92 |
|
|
— |
|
— |
|
|
|
|
193 |
|
|
— |
|
— |
|
|
|
— |
|
|
— |
|
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Republic Credit Solutions |
|
|
126,000 |
|
|
19,452 |
|
15.44 |
|
|
|
|
118,721 |
|
|
15,289 |
|
12.88 |
|
|
|
2.56 |
|
|
20 |
|
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Total Republic Processing Group |
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|
126,092 |
|
|
19,452 |
|
15.43 |
|
|
|
|
118,914 |
|
|
15,289 |
|
12.86 |
|
|
|
2.57 |
|
|
20 |
|
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Total Company |
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$ |
5,264,270 |
|
$ |
80,687 |
1.53 |
% |
|
$ |
5,053,142 |
|
$ |
72,202 |
1.43 |
% |
|
0.10 |
% |
7 |
% |
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ACLL Roll-Forward |
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Three Months Ended June 30, |
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2024 |
|
2023 |
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(dollars in thousands) |
|
Beginning |
|
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|
|
Charge- |
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Ending |
|
Beginning |
|
CBank |
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Charge- |
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Ending |
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Reportable Segment |
|
Balance |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
|
Balance |
|
Adjustment* |
|
Provision |
|
offs |
|
Recoveries |
|
Balance |
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Traditional Bank |
|
$ |
59,176 |
|
$ |
921 |
|
|
$ |
(332 |
) |
|
$ |
100 |
|
$ |
59,865 |
|
$ |
55,216 |
|
$ |
(1,384 |
) |
|
$ |
1,860 |
|
|
$ |
(239 |
) |
|
$ |
114 |
|
$ |
55,567 |
Warehouse Lending |
|
|
1,156 |
|
|
214 |
|
|
|
— |
|
|
|
— |
|
|
1,370 |
|
|
1,144 |
|
|
— |
|
|
|
202 |
|
|
|
— |
|
|
|
— |
|
|
1,346 |
Total Core Bank |
|
|
60,332 |
|
|
1,135 |
|
|
|
(332 |
) |
|
|
100 |
|
|
61,235 |
|
|
56,360 |
|
|
(1,384 |
) |
|
|
2,062 |
|
|
|
(239 |
) |
|
|
114 |
|
|
56,913 |
|
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|
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Tax Refund Solutions |
|
|
30,069 |
|
|
(1,182 |
) |
|
|
(32,693 |
) |
|
|
3,806 |
|
|
— |
|
|
25,981 |
|
|
— |
|
|
|
(219 |
) |
|
|
(25,950 |
) |
|
|
188 |
|
|
— |
Republic Credit Solutions |
|
|
18,301 |
|
|
5,196 |
|
|
|
(4,315 |
) |
|
|
270 |
|
|
19,452 |
|
|
13,780 |
|
|
— |
|
|
|
4,296 |
|
|
|
(3,018 |
) |
|
|
231 |
|
|
15,289 |
Total Republic Processing Group |
|
|
48,370 |
|
|
4,014 |
|
|
|
(37,008 |
) |
|
|
4,076 |
|
|
19,452 |
|
|
39,761 |
|
|
— |
|
|
|
4,077 |
|
|
|
(28,968 |
) |
|
|
419 |
|
|
15,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Company |
|
$ |
108,702 |
|
$ |
5,149 |
|
|
$ |
(37,340 |
) |
|
$ |
4,176 |
|
$ |
80,687 |
|
$ |
96,121 |
|
$ |
(1,384 |
) |
|
$ |
6,139 |
|
|
$ |
(29,207 |
) |
|
$ |
533 |
|
$ |
72,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
* 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 |
2024 |
2023 |
2023 |
2022 |
2021 |
|||||
|
|
|
|
|
|
|
|
|
|
|
Nonperforming loans to total loans |
0.39 |
% |
0.34 |
% |
0.39 |
% |
0.37 |
% |
0.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total loans (including OREO) |
0.41 |
|
0.37 |
|
0.41 |
|
0.40 |
|
0.51 |
|
|
|
|
|
|
|
|
|
|
|
|
Delinquent loans* to total loans |
0.18 |
|
0.12 |
|
0.16 |
|
0.14 |
|
0.17 |
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans |
0.02 |
|
0.01 |
|
0.01 |
|
0.00 |
|
0.01 |
|
(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 decreased
Noninterest Expense – The Core Bank’s noninterest expenses were
Republic Processing Group(3)
RPG reported net income of
Tax Refund Solutions
TRS recorded net income of
Republic Payment Solutions
Net income at RPS was
Republic Credit Solutions
Net income at RCS increased
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within 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 and Warehouse Lending 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, RPS, and RCS segments. |
|
NM – Not meaningful |
|
NA – Not applicable |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240719431470/en/
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
Source: Republic Bancorp, Inc.
FAQ
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