Business
Republic Bancorp, Inc. Reports Second Quarter Net Income of $23.9 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":" 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/20220722005009/en/\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported second quarter 2022 net income of $23.9 million, equaling its net income for the second quarter of 2021 and resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $1.20. Year-to-date net income was $51.8 million, a $1.9 million, or 4%, increase from the same period in 2021, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.64% and 12.21% for the first six months of 2022.\n\nLogan Pichel, President and CEO of Republic Bank & Trust Company, commented, “Our second quarter results benefitted from a one-time payment received as a result of concluding our legal issue with Green Dot. That payment helped offset the expected decline in PPP(3) fee income and reductions in mortgage banking and Warehouse Lending revenues resulting from significantly higher interest rates.”\n\nThe following chart presents the Company’s second quarter 2022 net income for each operating segment compared to the second quarter of 2021.\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\nNET INCOME\n\n\n\n\n\n(dollars in thousands)\n\n\n\n \n\n\n\n \n\n\n\nThree Months Ended Jun. 30,\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nReportable Segment\n\n\n\n \n\n\n\n \n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\n$ Change\n\n\n\n \n\n\n\n% Change\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nTraditional Banking - excluding PPP net income impact*\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n6,657\n\n\n\n \n\n\n\n$\n\n\n\n4,396\n\n\n\n \n\n\n\n$\n\n\n\n2,261\n\n\n\n \n\n\n\n51\n\n\n\n%\n\n\n\n \n\n\n\n\n\nTraditional Banking - PPP net income impact*\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n125\n\n\n\n \n\n\n\n \n\n\n\n3,437\n\n\n\n \n\n\n\n \n\n\n\n(3,312)\n\n\n\n \n\n\n\n(96)\n\n\n\n \n\n\n\n \n\n\n\n\n\nTotal Traditional Bank\n\n\n\n \n\n\n\n ...