Business
Republic Bancorp, Inc. Reports Fourth Quarter 2022 Net Income of $18.5 Million, an 8% increase over the Fourth Quarter of 2021
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":"\n \n\n 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/20230127005009/en/\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported fourth quarter 2022 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $18.5 million and $0.94 per share, representing increases of 8%(5) and 9%(5) over the comparable figures for the fourth quarter of 2021. Fiscal year 2022 net income and Diluted EPS were $91.1 million(5) and $4.59 per share(5), representing increases of 4%(5) and 7%(5)over 2021.\n\nLogan Pichel, President, and CEO of the Bank commented, “We are pleased with the strong results we are reporting for the fourth quarter of 2022. We are also proud of the accomplishments we achieved while providing solid returns to our shareholders. Some of the more significant accomplishments and accolades we received during 2022 are noted below.\n\nEnhancing the long-term value of our Core Banking Franchise continues to produce positive quarterly results. Expansion of our Core Bank(1) net interest margin is among our most notable achievements during 2022, as we ended the fourth quarter of the year with a net interest margin of 3.82%, a 74-basis-point increase over the fourth quarter of 2021. Total Company non-interest expenses decreased $129,000 from the fourth quarter of 2021 to the fourth quarter of 2022 and increased a modest 2% for the 2022 fiscal year compared to 2021. For 2023, we expect to broaden our focus on efficiently expanding and increasing our revenue streams with a maintained discipline in controlling our non-interest expenses as we seek to further grow the long-term value of the Company.\n\nLoan growth, credit quality and maintaining a strong capital position were additional highlights for 2022. Portfolio loan growth within our Traditional Banking segment reached $404 million for the year, an all-time high figure for this segment. Commercial related loan growth, drove the majority of this increase for the year, especially within our collective Louisville-based CRE Lending, Private Banking and Commercial Banking business lines, as well as our Northern Kentucky/Cincin...