Business
Republic Bancorp, Inc. Reports Second Quarter Net Income of $15.8 Million
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/20200717005041/en/\n\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported solid second quarter net income of $15.8 million resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.76. Year-to-date (“YTD”) net income for the first six months of 2020 was $42.5 million resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.45% and 10.79%. Net income for the second quarter and first six months of 2020 was negatively impacted by estimated Provisions for Expected Credit Loss Expense (“Provision”) directly related to the on-going COVID-19 pandemic.\n\n\nSteve Trager, Chairman & CEO of Republic commented, “With 2020 halfway over, I think we can all say that it will go down as one of the most unforgettable years in our lifetimes. As the CEO of a publicly traded company, I am proud of our operating performance during these challenging times, and I believe our financial results speak for themselves. In addition, I am also extremely proud of our organizational response to the COVID-19 pandemic. We were able to support our client base at an elite level while also protecting our associates and the communities we serve during a very scary time. I cannot stress enough how incredible the efforts were, and continue to be, from all of our associates in this endeavor, with nearly 80% of our workforce working from home through much of the pandemic. With the world slowly returning to normal business operations, we reopened our banking centers to foot traffic on June 4th, and on June 15th began bringing back up to 25% of our back-office support staff. Our “return-to-work” team continues to refine its plan to bring all of our associates back to the office over an extended period of time, provided we can do so in a safe-and-sound manner.”\n\n\nTrager continued, “Just as important at this time, all of us at Republic are heartbroken by recent events that led to the current protests and demands for change. Our Executive Team has spent many hours listening – first to our Black and African-American as...