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Republic Bancorp Inc (RBCAA) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA

Exhibit 99.1

Republic Bancorp, Inc. Reports 37% Year-Over-Year Increase in First Quarter Net Income

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 19, 2018--

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 first quarter net income of $27.5 million, a 37% increase over the first quarter of 2017, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $1.32. Return on average assets (“ROA”) and return on average equity (“ROE”) were 2.08% and 17.12%, respectively, for the first quarter of 2018.

The Company’s performance metrics for the first quarter of 2018 were positively impacted by the 2017 Tax Cuts and Jobs Act (“TCJA”)(1), which, among other things, lowered the federal corporate tax rate from 35% to 21%, effective January 1, 2018. Pre-tax earnings increased 16% year over year, as the Company estimates that the lower effective tax rate benefitted its first quarter 2018 metrics by increasing net income approximately $4.0 million, Diluted EPS by $0.19, ROA by 0.30%, and ROE by 2.47%.

Steve Trager, Chairman & CEO of Republic commented, “I am delighted to see continued growth in our overall net income for the quarter. While we certainly welcome the after-tax benefits of the lower tax rate, I am particularly pleased with the 16% year-over-year growth in our pre-tax earnings, which reflects positively on our ability to execute our long-term growth strategies.

“As is typically the case during the first quarter of each year, our seasonally strong Tax Refund Solutions (‘TRS’) segment of our Republic Processing Group(2) (‘RPG’) operations made a substantial contribution. TRS earned net income of $12.4 million for the first quarter of 2018 while completing the bulk of our tax season. Additionally, the Republic Credit Solutions (‘RCS’) segment of RPG continued to produce solid earnings, contributing $3.9 million to RPG’s net income for the quarter.

“In addition to the solid net income at RPG, first quarter 2018 Core Banking(3) net income grew 31% over the first quarter of 2017, driven by net interest margin expansion, which was complemented by solid year-over-year growth in average outstanding loan balances,” concluded Steve Trager.


The following information was filed by Republic Bancorp Inc (RBCAA) on Thursday, April 19, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statement Of Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Basis Of Presentation And Summary Of Significant Accounting Policies (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies - Asus (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Operations (details)
Basis Of Presentation And Summary Of Significant Accounting Policies - Segments (details)
Deposits
Deposits (tables)
Deposits - Balances (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 - Premises And Equipment (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)
Income Taxes
Income Taxes (tables)
Income Taxes - Provision And Deferred Tax (details)
Interest Rate Swaps
Interest Rate Swaps (tables)
Interest Rate Swaps - Cash Flow Hedges (details)
Interest Rate Swaps - Gains (losses) (details)
Interest Rate Swaps - Interest Expense (details)
Interest Rate Swaps - Non-hedge (details)
Investment Securities
Investment Securities (tables)
Investment Securities - Afs (details)
Investment Securities - Amortized Cost And Fv (details)
Investment Securities - Equity Securities (details)
Investment Securities - Htm (details)
Investment Securities - Investment Category (details)
Investment Securities - Pledged Debt Securities (details)
Investment Securities - Rollforward Of Credit Losses (details)
Investment Securities - Sales Of Afs (details)
Investment Securities - Trust Preferred Security (details)
Loans And Allowance For Loan And Lease Losses
Loans And Allowance For Loan And Lease Losses (tables)
Loans And Allowance For Loan And Lease Losses - Aging (details)
Loans And Allowance For Loan And Lease Losses - Allowance Activity (details)
Loans And Allowance For Loan And Lease Losses - Composition Of Loans (details)
Loans And Allowance For Loan And Lease Losses - Delinquent Loans (details)
Loans And Allowance For Loan And Lease Losses - Easy Advances (details)
Loans And Allowance For Loan And Lease Losses - Foreclosed Properties (details)
Loans And Allowance For Loan And Lease Losses - Foreclosure Recorded Investment (details)
Loans And Allowance For Loan And Lease Losses - Impaired Loans (details)
Loans And Allowance For Loan And Lease Losses - Loans Evaluated For Impairment By Class Of Loans (details)
Loans And Allowance For Loan And Lease Losses - Non-performing Loans (details)
Loans And Allowance For Loan And Lease Losses - Pci Reconciliation Of Loans (details)
Loans And Allowance For Loan And Lease Losses - Portfolio Class (details)
Loans And Allowance For Loan And Lease Losses - Reconciliation Of Loans (details)
Loans And Allowance For Loan And Lease Losses - Risk Category (details)
Loans And Allowance For Loan And Lease Losses - Tdr Accrual Status (details)
Loans And Allowance For Loan And Lease Losses - Tdr Modifications (details)
Loans And Allowance For Loan And Lease Losses - Tdr Modified Class (details)
Loans Held For Sale
Loans Held For Sale (details)
Loans Held For Sale (tables)
Mortgage Banking Activities
Mortgage Banking Activities (tables)
Mortgage Banking Activities - Capitalized Mortgage Servicing Rights (details)
Mortgage Banking Activities - Components Of Income (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)
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)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (details)
Revenue From Contracts With Customers (tables)
Securities Sold Under Agreements To Repurchase And Other Short-term Borrowings
Securities Sold Under Agreements To Repurchase And Other Short-term Borrowings (details)
Securities Sold Under Agreements To Repurchase And Other Short-term Borrowings (tables)
Segment Information
Segment Information (details)
Segment Information (tables)
Stock Plans And Stock Based Compensation
Stock Plans And Stock Based Compensation (details)
Stock Plans And Stock Based Compensation (tables)

Material Contracts, Statements, Certifications & more

Republic Bancorp Inc provided additional information to their SEC Filing as exhibits

Ticker: RBCAA
CIK: 921557
Form Type: 10-Q Quarterly Report
Accession Number: 0000921557-18-000021
Submitted to the SEC: Thu May 10 2018 8:44:35 AM EST
Accepted by the SEC: Thu May 10 2018
Period: Saturday, March 31, 2018
Industry: State Commercial Banks

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