Business
Republic Bancorp, Inc. Reports 49% Rise in Fourth Quarter Net Income
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank &
About this update from Republic Bancorp, Inc.
[{"type":"text","content":" LOUISVILLE, Ky.--(BUSINESS WIRE)--\nRepublic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200124005014/en/\n\nRepublic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report fourth quarter net income of $25.8 million, a 49% increase over the fourth quarter of 2018, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $1.23. Fiscal year 2019 net income was $91.7 million, an 18% increase from the same period in 2018, resulting in Diluted EPS of $4.39, return on average assets (“ROA”) of 1.64%, and return on average equity (“ROE”) of 12.49%.\n\n\nFourth quarter 2019 adjusted net income(1), which excludes one-time benefits from the Company’s November 2019 sale of four branches in Owensboro, Elizabethtown and Frankfort, Kentucky, was $18.8 million, a 9% increase over the same period in 2018, resulting in adjusted Diluted EPS(1) of $0.89. Fiscal year 2019 adjusted net income(1), which excludes the same one-time benefits, was $84.8 million, a 9% increase over 2018, resulting in adjusted Diluted EPS(1) of $4.06, adjusted ROA(1) of 1.51%, and adjusted ROE(1) of 11.55%. These adjusted results, which management believes improve comparability between periods, are considered non-GAAP(1) measures. A reconciliation to comparable GAAP(1) measures is provided in Footnote 1. Also impacting comparability, the income tax expense line item for the fourth quarter and year ended December 31, 2018 contained items that positively impacted the Company’s overall effective tax rate in 2018(2).\n\n\nSteve Trager, Chairman & CEO of Republic commented, “I am very excited to say that we posted another year of solid growth in net income, with continued strong balance sheet growth and on-going favorable asset quality. We are proud to say that these results reflect our focused balance sheet management strategies, which along with our investments in mortgage-banking talent and technology, positioned us to produce our solid results despite a mixed landscape of conditions for growth opportunities.\n\n\n“Looking ahead to 2020, we are cautiously optimistic. Our balance sheet and capital levels are well-positioned for an uncertain inter...