Business
Republic Bancorp, Inc. Reports First Quarter 2025 Net Income of $47.3 Million
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Republic Bancorp, Inc. (“Republic” or the “Company”) reported first quarter 2025 net income and Diluted Earnings per Class
About this update from Republic Bancorp, Inc.
[{"type":"text","content":" LOUISVILLE, Ky.--(BUSINESS WIRE)--\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported first quarter 2025 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $47.3 million and $2.42 per share, representing increases of 54% and 53%, over the $30.6 million and $1.58 per share reported for the first quarter of 2024. As a result, the Company achieved a return on average assets (“ROA”) and a return on average equity (“ROE”) of 2.61% and 18.74% for the first quarter of 2025.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250424593295/en/\nLogan Pichel, President & CEO of Republic Bank & Trust Company commented, “We are pleased to report one of the best all-around performances in our Company’s history with a 54% increase in our first quarter 2025 net income. In addition to the increase in net income for the total Company, all five of our SEC reporting segments are reporting an increase in net income for the first quarter of 2025 compared to the first quarter of 2024. Additionally, we finished the quarter with solid liquidity, industry-strong capital levels, and Core Bank credit quality metrics that we expect to place us among the best in our peer group. We are extremely proud of our first quarter 2025 performance, as well as the solid safety and soundness metrics we continue to report as we enter a period of economic uncertainty.\n\nWith it being the first quarter of the year, Tax Refund Solutions (“TRS”) certainly played a meaningful role in our overall results. TRS had a very successful first quarter of 2025, reporting a 123% increase in net income over the first quarter of 2024. The increase in TRS’s net income was the result of a significant, positive reduction in the segment’s estimated Provision(2) compared to the first quarter of 2024, combined with revenue enhancements made to its Refund Transfer (“RT”) product. We are proud of TRS’s first quarter 2025 operating results and I would like to personally acknowledge the TRS associates for their efforts over the past year bringing this increase in earnings to fruition.\n\nIn addition to the strong start at TRS, our Core Bank is reporting a $4.2 million, or 32%, increase in net income over the first quarter of 2024, driven by solid increases in net income for both our Traditional Bank a...