Business
Republic Bancorp, Inc. Reports First Quarter 2024 Net Income of $30.6 Million
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).
About this update from Republic Bancorp, Inc.
[{"type":"text","content":"\nRepublic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).\n\n\n LOUISVILLE, Ky.--(BUSINESS WIRE)--\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported first quarter 2024 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $30.6 million and $1.58 per share, representing increases of 9% and 11% over the first quarter of 2023.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240425707368/en/\nLogan Pichel, President and CEO of the Bank commented, “Diversification of revenue streams once again played a meaningful role in our success as we reported a solid first quarter to start 2024. Altogether, three of our five reportable business segments generated increases in net income for the first quarter of 2024 compared to the first quarter of 2023. We are certainly proud of our diversified business model as this strategy has continued to produce solid results for us over our many years, and we think it is one of the primary differentiators between us and other banks our size.\n\n\nAs has been widely publicized in the media, we are now in the midst of the longest inverted yield curve in U.S. history, which continues to create notable net interest margin and funding challenges for banks across the country. With a relative high cost of incremental interest-bearing deposits and overnight borrowings to fund new loan growth for all banks, we continued to exercise strong pricing discipline for new loan opportunities during the first quarter. While this pricing discipline contributed to rising yields for the Traditional Bank’s overall loan portfolio, it did reduce our new loan volume during the quarter, and as a result, the overall growth in our Traditional Bank’s loan portfolio since year-end. While this strategy may make growing the Traditional Bank’s total dollars of net interest income more difficult in the near term, we always try to make decisions with the long-term future of the Company in mind and do not believe making new loans with ultra-thin margins for short-term gain is a sound long-term strategy for our shareholders.\n\n\nIn addition to the pricing discipline of our new loans, we also continued to display good expense discipline. On a pure GAAP-...