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Republic Bancorp Inc (RBCAA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA
 
 Exhibit 99.1

Republic Bancorp, Inc. Finishes 2021 with Fourth Quarter Net Income of $16.8 Million and Full Year Net Income of $86.8 Million

LOUISVILLE, Ky.--(BUSINESS WIRE)--January 28, 2022--

Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).

Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report fourth quarter 2021 net income of $16.8 million, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.84. Full year 2021 net income was $86.8 million, a $3.5 million, or 4%, increase from the same period in 2020, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.38% and 10.27%.

Logan Pichel, President and CEO of Republic Bank & Trust Company, commented, “I am very proud of what we accomplished during 2021, as we continue on our mission to enable our clients, Company, associates, and the communities we serve to thrive. Included among our accomplishments for the year were:

  • A solid year of earnings in 2021, finishing the year with a 4% increase in net income over 2020;
  • A successful CEO transition due to the continued leadership of our current Executive Chair Steve Trager;
  • Pristine credit quality metrics at our Core Bank(1) that continue to place us among the very best banks in the country;
  • Continued support for our communities by providing $210 million of COVID relief loans and over 5,500 volunteer hours from our associates;
  • Enhanced focus on diversity and inclusion;
  • Promoted technology and innovation through the expanded use of Interactive Teller Machines to increase hours of service for clients and improve efficiency;
  • Generated record earnings in our Warehouse Lending segment;
  • Produced the second best year of mortgage banking revenue in our Company’s history;
  • Grew our noninterest-bearing deposits by another $100 million, or 5%;
  • Prudently managed our noninterest expense, with a 2% year-over-year decrease;
  • Effectively transitioned to a flexible work environment that has benefitted our associate recruiting and retention efforts; and
  • Positioned our balance sheet for the emerging change in the interest rate environment by paying off our Trust Preferred debt, while maintaining large cash balances on the balance sheet.

The following information was filed by Republic Bancorp Inc (RBCAA) on Friday, January 28, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Republic Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Republic Bancorp Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statement Of Stockholders' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Benefit Plans
Benefit Plans (Details)
Benefit Plans (Tables)
Branch Divestiture
Branch Divestiture - Narrative (Details)
Deposits
Deposits (Tables)
Deposits - Balances (Details)
Deposits - Maturities (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets Measured On Non-Recurring Basis (Details)
Fair Value - Carrying Amounts And Fv Of Financial Instruments (Details)
Fair Value - Gains And Losses (Details)
Fair Value - Impaired Loans (Details)
Fair Value - Non-Recurring Level 3 Measurements (Details)
Fair Value - Other Real Estate Owned (Details)
Fair Value - Policies (Details)
Fair Value - Reconciliation Using Significant Unobservable Inputs (Details)
Fair Value - Recurring Basis (Details)
Fair Value - Recurring Level 3 Measurements (Details)
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances (Tables)
Federal Home Loan Bank Advances - Fhlb Advances (Details)
Federal Home Loan Bank Advances - Loans Pledged (Details)
Federal Home Loan Bank Advances - Maturities (Details)
Federal Home Loan Bank Advances - Short-Term Fhlb Advances (Details)
Goodwill And Core Deposit Intangible Assets
Goodwill And Core Deposit Intangible Assets (Tables)
Goodwill And Core Deposit Intangible Assets - Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Deferred Taxes And Operating Loss Carryforward (Details)
Income Taxes - Low Income Housing Tax Credits (Details)
Income Taxes - Reconciliation (Details)
Income Taxes - Unrecognized Tax Benefits (Details)
Interest Rate Swaps
Interest Rate Swaps (Tables)
Interest Rate Swaps - Cash Flow Hedges (Details)
Interest Rate Swaps - Non-Hedge (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Acls Rollforward (Details)
Investment Securities - Afs (Details)
Investment Securities - Amortized Cost And Fv (Details)
Investment Securities - Corporate Bonds And Mortgage Backed Securities (Details)
Investment Securities - Equity Securities (Details)
Investment Securities - Htm (Details)
Investment Securities - Investment Category (Details)
Investment Securities - Other Than Temporary Impairment (Details)
Investment Securities - Pledged Debt Securities (Details)
Investment Securities - Sales Of Afs (Details)
Investment Securities - Trust Preferred Security (Details)
Loans And Allowance For Credit Losses
Loans And Allowance For Credit Losses (Tables)
Loans And Allowance For Credit Losses - Allowance Activity (Details)
Loans And Allowance For Credit Losses - Collateral Dependent Loans (Details)
Loans And Allowance For Credit Losses - Composition Of Loans (Details)
Loans And Allowance For Credit Losses - Covid-19 Related Loan Modifications (Details)
Loans And Allowance For Credit Losses - Delinquent Loans (Details)
Loans And Allowance For Credit Losses - Easy Advances (Details)
Loans And Allowance For Credit Losses - Foreclosed Properties (Details)
Loans And Allowance For Credit Losses - Foreclosure Recorded Investment (Details)
Loans And Allowance For Credit Losses - Loans Evaluated For Impairment By Class Of Loans (Details)
Loans And Allowance For Credit Losses - Non-Performing Loans (Details)
Loans And Allowance For Credit Losses - Nonaccrual (Details)
Loans And Allowance For Credit Losses - Paycheck Protection Program (Details)
Loans And Allowance For Credit Losses - Reconciliation Of Loans (Details)
Loans And Allowance For Credit Losses - Risk Category (Details)
Loans And Allowance For Credit Losses - Tdr Accrual Status (Details)
Loans And Allowance For Credit Losses - Tdr Modifications (Details)
Loans And Allowance For Credit Losses - Tdr Modified Class (Details)
Loans Held For Sale
Loans Held For Sale (Tables)
Loans Held For Sale - Consumer Loans - Held For Sale (Details)
Loans Held For Sale - Consumer Loans - Lower Cost (Details)
Mortgage Banking Activities
Mortgage Banking Activities (Tables)
Mortgage Banking Activities - Amortization Expense Of Msr Portfolio (Details)
Mortgage Banking Activities - Capitalized Mortgage Servicing Rights (Details)
Mortgage Banking Activities - Components Of Income (Details)
Mortgage Banking Activities - Loans Serviced By Bank (Details)
Mortgage Banking Activities - Mortgage Loans Held For Sale (Details)
Mortgage Banking Activities - Notional Amounts And Fv (Details)
Mortgage Banking Activities - Other Information Relating To Msrs (Details)
Mortgage Banking Activities - Valuation Of Capitalized Mortgage Servicing Rights (Details)
Off Balance Sheet Risks, Commitments And Contingent Liabilities
Off Balance Sheet Risks, Commitments And Contingent Liabilities (Details)
Off Balance Sheet Risks, Commitments And Contingent Liabilities (Tables)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Other Comprehensive Income - Aoci Changes (Details)
Other Comprehensive Income - Components (Details)
Other Comprehensive Income - Reclassification (Details)
Parent Company Condensed Financial Information
Parent Company Condensed Financial Information (Tables)
Parent Company Condensed Financial Information - Assets (Details)
Parent Company Condensed Financial Information - Cash Flows (Details)
Parent Company Condensed Financial Information - Income And Comprehensive Income (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Details)
Revenue From Contracts With Customers (Tables)
Right-Of-Use Assets And Operating Lease Liabilities
Right-Of-Use Assets And Operating Lease Liabilities (Details)
Right-Of-Use Assets And Operating Lease Liabilities (Tables)
Right-Of-Use Assets And Operating Lease Liabilities - Operating Lease Expense (Details)
Right-Of-Use Assets And Operating Lease Liabilities - Operating Lease Liabilities (Details)
Securities Sold Under Agreements To Repurchase
Securities Sold Under Agreements To Repurchase (Details)
Securities Sold Under Agreements To Repurchase (Tables)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Stock Plans And Stock Based Compensation
Stock Plans And Stock Based Compensation (Tables)
Stock Plans And Stock Based Compensation - Activity (Details)
Stock Plans And Stock Based Compensation - Deferred Compensation (Details)
Stock Plans And Stock Based Compensation - Employee Stock Purchase Plan (Details)
Stock Plans And Stock Based Compensation - Key- Employee Deferred Compensation Expense (Details)
Stock Plans And Stock Based Compensation - Narrative (Details)
Stockholders' Equity And Regulatory Capital Matters
Stockholders' Equity And Regulatory Capital Matters (Tables)
Stockholders' Equity And Regulatory Capital Matters - Equity (Details)
Stockholders' Equity And Regulatory Capital Matters - Regulatory (Details)
Subordinated Note
Subordinated Note (Details)
Summary Of Quarterly Financial Data (Unaudited)
Summary Of Quarterly Financial Data (Unaudited) (Details)
Summary Of Quarterly Financial Data (Unaudited) (Tables)
Summary Of Quarterly Financial Data (Unaudited) - Additional Disclosures (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Disclosures (Details)
Summary Of Significant Accounting Policies - Concentration (Details)
Summary Of Significant Accounting Policies - Credit Solutions And Oreo (Details)
Summary Of Significant Accounting Policies - Intangibles (Details)
Summary Of Significant Accounting Policies - Loans (Details)
Summary Of Significant Accounting Policies - Operations (Details)
Summary Of Significant Accounting Policies - Other Policies (Details)
Summary Of Significant Accounting Policies - Premises And Equipment (Details)
Summary Of Significant Accounting Policies - Segments (Details)
Transactions With Related Parties And Their Affiliates
Transactions With Related Parties And Their Affiliates (Details)
Transactions With Related Parties And Their Affiliates (Tables)
Ticker: RBCAA
CIK: 921557
Form Type: 10-K Annual Report
Accession Number: 0001558370-22-002537
Submitted to the SEC: Tue Mar 01 2022 2:59:49 PM EST
Accepted by the SEC: Tue Mar 01 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks

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