Business
Republic Bancorp, Inc. Reports Third Quarter Net Income of $19.5 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/20221021005004/en/\nRepublic Bancorp, Inc. (“Republic” or the “Company”) reported third quarter 2022 net income of $19.5 million, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.99. Year-to-date net income was $71.3 million, a $1.3 million, or 2%, increase from the same period in 2021, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.52% and 11.19% for the nine months ended September 30, 2022.\n\nLogan Pichel, President and CEO of Republic Bank & Trust Company, commented, “We are very proud of our strong third quarter earnings. Disciplined overhead expense management and expansion in our net interest margin were able to substantially offset a decrease in our nonrecurring PPP(2) revenues and rate-driven reductions in our Mortgage Banking and Warehouse Lending income. As a result, we have strengthened our core franchise earnings, which should continue to benefit us in the future.\n\n“We are particularly pleased with our non-PPP Traditional Bank loan growth, as we grew this portfolio another $81 million during the third quarter of 2022, bringing our total growth for the first nine months of the year to almost $300 million, or 9%. That year-to-date number includes growth in almost all our geographic markets and business lines. Loan growth, however, has been particularly strong during the first nine months of the year in our Louisville-based Corporate Banking, Private Banking and Commercial Banking business lines, as well as our Tampa, Florida and Northern Kentucky/Cincinnati markets. We are excited about the strong momentum across our Company.\n\n“Our continued success is dependent on the successes of the communities we serve, and this quarter we learned that we were one of just seven banks in the U.S. honored with the 2022 Community Commitment Award from the American Bankers Association Foundation. We are grateful for this recognition from the preeminent voice of the banking industry. It creates great pride that they called us an inspiration for banks nationwide on how to make...