Business
Republic Bancorp, Inc. Reports Fourth Quarter 2023 Net Income of $19.7 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 fourth quarter 2023 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $19.7 million and $1.01 per share, representing increases of 6% and 7% over the fourth quarter of 2022.\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240126373595/en/\nLogan Pichel, President and CEO of the Bank commented, “We are proud to report the completion of another successful year at Republic Bank as we continue our mission to enable our clients, Company, associates, and the communities we serve to thrive. Included among our accomplishments for the year were:\n\n\n\nIncreased Adjusted Net Income(10), a Non-GAAP metric, 21% for 2023 over 2022, adjusting for the Day-1 merger related expenses associated with the CBank acquisition and the net benefit in 2022 from the termination penalty and legal settlements received from Green Dot.\n\n\n\nGenerated a total return on Republic’s stock of 39% in 2023 versus a decline of 1% by the KBW NASDAQ Bank Index during the same period.\n\n\n\nGrew Traditional Bank loans 20% overall, or 14% excluding the acquired operations of CBank for the year.\n\n\n\nManaged expenses prudently with Core Bank non-interest expenses, excluding the acquired CBank operations, increasing only 1% for the year vs 2022.\n\n\n\nMaintained strong credit quality with Core Bank net charge-offs for the year of 1 basis point.\n\n\n\nImproved our Net Promoter Score to over 2x Banking industry average during 2023.\n\n\n\nRecognized by Newsweek as one of America’s Best Online Mortgage Lenders.\n\n\n\nRecognized by Forbes as one of Kentucky’s Best Banks.\n\n\n\nRecognized for the seventh consecutive year as one of Kentucky’s Best Places to Work.\n\n\n\nRecognized as one of Louisville’s Top Corporate Philanthropists.\n\n\n\nImproved our Interactive Teller Machine service levels to the best in Company history.\n\n\n\nExpanded client connections by making over 12,000 client relationship calls.\n\n\n\nEnhanced our digital banking capabilities supporting our industry-leading online banking scores.\n\n\n\nAcquired CBan...