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Republic Bancorp Inc (RBCAA) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA

Exhibit 99.1

Republic Bancorp, Inc. Reports Fourth Quarter 2013 Net Income of $1.3 Million and Annual Net Income for 2013 of $25.4 Million

LOUISVILLE, Ky.--(BUSINESS WIRE)--January 17, 2014--Republic Bancorp, Inc. (“Republic” or the “Company”) concluded 2013 with annual net income of $25.4 million resulting in Diluted Earnings per Class A Common share of $1.22. Return on average assets (“ROA”) and return on average equity (“ROE”) in 2013 were 0.75% and 4.65%, respectively. Net income for the fourth quarter of 2013 was $1.3 million resulting in Diluted Earnings per Class A Common Share of $0.07 with ROA and ROE of 0.16% and 0.98%, respectively.

Steve Trager, Chairman and CEO of Republic, made the following comment in regards to that announcement:

“This past year was challenging in many regards, but we managed to maintain beneficial returns despite industry-wide margin compression. With our industry-strong credit quality and capital levels, we remain well-positioned to take advantage of emerging opportunities in an ever-changing marketplace. While FDIC-assisted bank acquisitions did not materialize for us in 2013, growing our Bank and leveraging our capital through acquisition(s) remains a high priority for our Company in 2014.”

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

Results of Operations for the Fourth Quarter of 2013 Compared to the Fourth Quarter of 2012

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

Net income from Core Banking was $5.1 million for the fourth quarter of 2013, a decrease of $3.7 million from the fourth quarter of 2012. In general, the decline in net income at the Core Bank was largely attributable to lower net interest income and lower Mortgage Banking income, which was partially offset by improvement in the Core Bank’s provision for loan losses.

Net interest income within the Core Bank for the fourth quarter of 2013 was $26.7 million compared to $30.5 million for the fourth quarter of 2012. The Core Bank’s net interest margin for the fourth quarter of 2013 was 3.27% compared to 3.69% for the fourth quarter of 2012. As expected, the Core Bank’s net interest income continued to benefit from its 2012 FDIC-assisted acquisitions, although to a lesser degree than the fourth quarter of 2012. Overall, the total contribution to net interest income from the Bank’s Tennessee and Minnesota portfolios for the fourth quarter of 2013 was $2.4 million, a decline of $1.0 million from the fourth quarter of 2012. The decline in net interest income from the Tennessee and Minnesota markets was due to a $42 million decrease in their combined portfolios from year-end 2012, as the Bank’s Special Assets group continued to successfully reduce its problem credits from the 2012 FDIC-assisted acquisitions. For the fourth quarter of 2013, the Bank’s 2012 FDIC-assisted acquisitions added approximately 18 basis points to the Core Bank’s net interest margin, as compared to a 20 basis point contribution for the fourth quarter of 2012.


The following information was filed by Republic Bancorp Inc (RBCAA) on Friday, January 17, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Consolidated Statements Of Stockholders' Equity (parenthetical)
2012 Fdic-assisted Acquisitions
2012 Fdic-assisted Acquisitions (details 2)
2012 Fdic-assisted Acquisitions (details 3)
2012 Fdic-assisted Acquisitions (details 4)
2012 Fdic-assisted Acquisitions (details 5)
2012 Fdic-assisted Acquisitions (details 6)
2012 Fdic-assisted Acquisitions (details)
2012 Fdic-assisted Acquisitions (tables)
Benefit Plans
Benefit Plans (details 2)
Benefit Plans (details)
Benefit Plans (tables)
Deposits
Deposits (details)
Deposits (tables)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Fair Value
Fair Value (details 10)
Fair Value (details 2)
Fair Value (details 3)
Fair Value (details 4)
Fair Value (details 5)
Fair Value (details 6)
Fair Value (details 7)
Fair Value (details 8)
Fair Value (details 9)
Fair Value (details)
Fair Value (tables)
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances (details 2)
Federal Home Loan Bank Advances (details 3)
Federal Home Loan Bank Advances (details)
Federal Home Loan Bank Advances (tables)
Goodwill And Core Deposit Intangible Assets
Goodwill And Core Deposit Intangible Assets (details 2)
Goodwill And Core Deposit Intangible Assets (details)
Goodwill And Core Deposit Intangible Assets (tables)
Income Taxes
Income Taxes (details 2)
Income Taxes (details 3)
Income Taxes (details)
Income Taxes (tables)
Interest Rate Swaps
Interest Rate Swaps (details)
Interest Rate Swaps (tables)
Investment Securities
Investment Securities (details 2)
Investment Securities (details 3)
Investment Securities (details 4)
Investment Securities (details 5)
Investment Securities (details 6)
Investment Securities (details 7)
Investment Securities (details)
Investment Securities (tables)
Loans And Allowance For Loan Losses
Loans And Allowance For Loan Losses (details 10)
Loans And Allowance For Loan Losses (details 11)
Loans And Allowance For Loan Losses (details 12)
Loans And Allowance For Loan Losses (details 13)
Loans And Allowance For Loan Losses (details 14)
Loans And Allowance For Loan Losses (details 15)
Loans And Allowance For Loan Losses (details 16)
Loans And Allowance For Loan Losses (details 2)
Loans And Allowance For Loan Losses (details 3)
Loans And Allowance For Loan Losses (details 4)
Loans And Allowance For Loan Losses (details 5)
Loans And Allowance For Loan Losses (details 6)
Loans And Allowance For Loan Losses (details 7)
Loans And Allowance For Loan Losses (details 8)
Loans And Allowance For Loan Losses (details 9)
Loans And Allowance For Loan Losses (details)
Loans And Allowance For Loan Losses (tables)
Mortgage Banking Activities
Mortgage Banking Activities (details 2)
Mortgage Banking Activities (details 3)
Mortgage Banking Activities (details 4)
Mortgage Banking Activities (details 5)
Mortgage Banking Activities (details 6)
Mortgage Banking Activities (details 7)
Mortgage Banking Activities (details)
Mortgage Banking Activities (tables)
Off Balance Sheet Risks, Commitments And Contingent Liabilities
Off Balance Sheet Risks, Commitments And Contingent Liabilities (details 2)
Off Balance Sheet Risks, Commitments And Contingent Liabilities (details)
Off Balance Sheet Risks, Commitments And Contingent Liabilities (tables)
Other Comprehensive Income
Other Comprehensive Income (details)
Other Comprehensive Income (tables)
Parent Company Condensed Financial Information
Parent Company Condensed Financial Information (details)
Parent Company Condensed Financial Information (details2)
Parent Company Condensed Financial Information (details3)
Parent Company Condensed Financial Information (tables)
Premises And Equipment
Premises And Equipment (details)
Premises And Equipment (tables)
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 (details 2)
Stock Plans And Stock Based Compensation (details)
Stock Plans And Stock Based Compensation (tables)
Stockholders' Equity And Regulatory Capital Matters
Stockholders' Equity And Regulatory Capital Matters (details 2)
Stockholders' Equity And Regulatory Capital Matters (details)
Stockholders' Equity And Regulatory Capital Matters (tables)
Subordinated Note
Subordinated Note (details)
Summary Of Quarterly Financial Data (unaudited)
Summary Of Quarterly Financial Data (unaudited) (details 2)
Summary Of Quarterly Financial Data (unaudited) (details)
Summary Of Quarterly Financial Data (unaudited) (tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details 2)
Summary Of Significant Accounting Policies (details 3)
Summary Of Significant Accounting Policies (details 4)
Summary Of Significant Accounting Policies (details 5)
Summary Of Significant Accounting Policies (details 6)
Summary Of Significant Accounting Policies (details 7)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
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: 0001104659-14-019549
Submitted to the SEC: Fri Mar 14 2014 8:07:30 AM EST
Accepted by the SEC: Fri Mar 14 2014
Period: Tuesday, December 31, 2013
Industry: State Commercial Banks

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