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Republic Bancorp Inc (RBCAA) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2009

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA

EXHIBIT 99.1

Republic Bancorp, Inc. Reports a Substantial Increase in Net Income for the Fourth Quarter of 2009 and a 25% Increase in Net Income for 2009

January 14, 2010

Contact: Kevin Sipes
Executive Vice President and Chief Financial Officer
(502) 560-8628

Louisville, KY – Republic Bancorp, Inc. is pleased to report net income of $3.8 million for the fourth quarter of 2009, a $3.2 million increase over the fourth quarter of 2008. Diluted Earnings per Class A Common Share increased to $0.19 for the quarter. For the year ended December 31, 2009, the Company achieved net income of $42.1 million, an $8.5 million, or 25%, increase over the same period in 2008. Diluted Earnings per Class A Common Share increased 25% for the year ended December 31, 2009 to $2.02. “While the banking sector continues to experience many challenges resulting from the current economic environment, the Company once again reported solid results for the fourth quarter and for the year. Republic’s success in 2009 is a reflection of the Company’s diligent asset quality administration, our strategic focus across all business segments, a strong capital position and our dedication to superior customer service,” commented Steve Trager, Republic’s President and Chief Executive Officer.

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

The following chart highlights Republic’s fourth quarter and year ended December 31, 2009 financial performance compared to the same periods in 2008:

   
Quarter Ended
   
Year
   
%
 
(dollars in thousands, except per share data)
 
12/31/09
   
12/31/08
   
2009
   
2008
   
Increase
 
                               
Net Income
  $ 3,844     $ 604     $ 42,131     $ 33,652       25 %
Diluted Earnings per Class A Share
  $ 0.19     $ 0.03     $ 2.02     $ 1.62       25 %
Return on Average Assets ("ROA")
    0.48 %     0.07 %     1.23 %     1.04 %     18 %
Return on Average Equity ("ROE")
    4.85 %     0.87 %     13.77 %     12.58 %     9 %

Results of Operations for the Fourth Quarter of 2009 Compared to the Fourth Quarter of 2008

Traditional Banking and Mortgage Banking (collectively “Core Banking”)

Net income derived from the Company’s Core Banking operations increased from $3.6 million during the fourth quarter of 2008 to $5.3 million during the fourth quarter of 2009.

Core Banking net interest income declined by $2.6 million for the fourth quarter of 2009 compared to the same period in 2008, as the Core Banking’s net interest margin decreased to a still solid 3.79% for the quarter. “One of the most important components of our success during the past year was our solid net interest margin and our ability to attract low cost checking and money market accounts, growing these account balances $150 million during 2009. While we remained focused on lowering our cost of funds throughout the year, we also took advantage of the historically low interest rate environment and bought future protection from rising rates by extending maturities on Federal Home Loan Bank advances. Additionally, we continued to keep much of our excess cash invested in very short-term, immediately repricing cash-like instruments throughout the year. While we sacrificed short-term net interest margin with these strategies, we better positioned the Company for a future rise in interest rates,” noted Steve Trager.
 
 
 

The following information was filed by Republic Bancorp Inc (RBCAA) on Thursday, January 14, 2010 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.

View differences made from one year to another to evaluate Republic Bancorp Inc's financial trajectory

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Sample 10-K Year-over-Year (YoY) Comparison

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Definitive Proxy Statement (Form DEF 14A)
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Republic Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Ticker: RBCAA
CIK: 921557
Form Type: 10-K Annual Report
Accession Number: 0001104659-10-013610
Submitted to the SEC: Thu Mar 11 2010 7:46:01 AM EST
Accepted by the SEC: Thu Mar 11 2010
Period: Thursday, December 31, 2009
Industry: State Commercial Banks

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