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Republic Bancorp Inc (RBCAA) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA

Exhibit 99.1

Republic Bancorp, Inc. Reports an 11% Increase to Fourth Quarter Pre-Tax Earnings

LOUISVILLE, Ky.--(BUSINESS WIRE)--January 26, 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 pre-tax earnings of $16.6 million for the fourth quarter of 2017, an 11% increase from the same period in 2016. The Company’s fourth quarter 2017 net income and Diluted Earnings per Class A Common Share both decreased 52% to $4.8 million and $0.23, with comparability to the prior period of both key metrics significantly impacted by a $6.3 million charge to income tax expense upon remeasurement of the Company’s net deferred tax assets (“DTAs”)(1) precipitated by tax reform and common among financial institutions. Without this charge, net income and Diluted Earnings per Class A Common Share for the fourth quarter of 2017 would have been $11.2 million and $0.53, with these non-GAAP(2) metrics representing increases of 12% and 10% over the fourth quarter of 2016.

As it relates to the Company’s charge to income tax expense upon remeasurement of its net DTAs during the quarter, on December 22, 2017, President Donald Trump signed into law the “Tax Cuts and Jobs Act” (the “TCJA”). The TCJA, among other things, reduces the federal corporate tax rate from 35% to 21%, effective January 1, 2018. As a result of the reduced tax rate, Republic and many other financial institutions incurred charges to income tax expense representing the decrease in the value of their net DTAs. In general, net DTAs represent the future benefits of tax deductions that the Company has recognized in a current or prior period for its GAAP-based financial statements, as compared to what it expects to record in the future for its income tax returns when those deductions can be realized for tax purposes.

Fiscal year 2017 net income was $45.6 million, a less than 1% decrease from fiscal 2016, resulting in Diluted Earnings per Class A Common Share of $2.20. As with the comparability between the fourth quarters of 2017 and 2016, comparability between the fiscal years of 2017 and 2016 was also significantly impacted by the TCJA-driven charge to income tax expense of $6.3 million as mentioned above. Excluding the impact of this charge, net income for 2017 would have been $52.0 million with Diluted Earnings per Class A Common Share of $2.50, with both of these non-GAAP metrics representing an increase of 13% over 2016.

Steve Trager, Chairman & Chief Executive Officer of Republic, commented, “Before addressing tax reform, let me say that I am very excited to see solid growth in our pre-tax earnings from the same quarter a year ago. Largely driven by loan growth and complemented by expansion in our net interest margin, our top-line revenue for the fourth quarter of 2017 increased a strong $9.0 million, or 22%, over the same period in 2016. Furthermore, credit quality metrics within our Core Banking(3) operations continue to remain quite strong from period to period. On the other side of the ledger, I am thrilled about our $272 million, or 9%, growth in deposits during 2017, with $195 million of that growth representing ‘core deposits’(4). We set deposit growth as one of our main goals for 2017, and I would like to acknowledge the entire Republic team for their efforts in this growth.


The following information was filed by Republic Bancorp Inc (RBCAA) on Friday, January 26, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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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
2016 Acquisition Of Cornerstone Bancorp, Inc.
2016 Acquisition Of Cornerstone Bancorp, Inc. (tables)
2016 Acquisition Of Cornerstone Bancorp, Inc. - Acquisition Summary (details)
Benefit Plans
Benefit Plans (details)
Benefit Plans (tables)
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 - 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)
Goodwill And Core Deposit Intangible Assets
Goodwill And Core Deposit Intangible Assets (tables)
Goodwill And Core Deposit Intangible Assets - Goodwill (details)
Goodwill And Core Deposit Intangible Assets - Intangibles (details)
Income Taxes
Income Taxes (tables)
Income Taxes - Operating Loss Carryforward (details)
Income Taxes - Provision And Deferred Tax (details)
Income Taxes - Unrecognized Tax Benefits (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 - Htm (details)
Investment Securities - Investment Category (details)
Investment Securities - Pledged Investment 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 - Loan Purchases (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 - Recorded Investment (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 - Amortization Expense Of Msr Portfolio (details)
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)
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)
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)
Stock Plans And Stock Based Compensation (tables)
Stock Plans And Stock Based Compensation - Additional Disclosures (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 - Asus (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 - 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: 0001558370-18-001768
Submitted to the SEC: Fri Mar 09 2018 9:08:10 AM EST
Accepted by the SEC: Fri Mar 09 2018
Period: Sunday, December 31, 2017
Industry: State Commercial Banks

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