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Republic Bancorp Inc (RBCAA) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA
Exhibit 99.1


Republic Bancorp, Inc. Reports a 15% Increase in Second Quarter 2019 Net Income

LOUISVILLE, Ky.--(BUSINESS WIRE)--July 19, 2019--

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 second quarter net income of $18.0 million, a 15% increase over the second quarter of 2018, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.86. Year-to-date net income was $47.5 million, a $4.4 million, or 10%, increase from the same period in 2018, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.73% and 13.24% for the first six months of 2019.

Steve Trager, Chairman & CEO of Republic commented, “We are pleased to report another solid quarter of net income for the Company, as continued strong net interest income along with notable growth in Mortgage Banking income drove our quarterly results. Within the Republic Processing Group (“RPG”), Republic Credit Solutions (“RCS”) continued to have strong operating results with a 97% increase in net income for the second quarter of 2019 compared to the same period in 2018, thanks in large part to a reduction in provision expense resulting from the discontinuance of the Company’s subprime credit card portfolio in January of this year.”

The following table highlights Republic’s financial performance for the second quarters and six months ended June 30, 2019 and 2018:

 

 

















 


Total Company Financial Performance Highlights

 


Three Months Ended Jun. 30,


 




Six Months Ended Jun. 30,


 



(dollars in thousands, except per share data)


2019


2018


$ Change


% Change


2019


2018


$ Change


% Change

 

















Income Before Income Taxes*


$

21,183

 


$

19,816

 


$

1,367


7

%


$

58,159

 


$

54,726

 


$

3,433


6

%

Net Income*


 

18,007

 


 

15,666

 


 

2,341


15

 


 

47,523

 


 

43,135

 


 

4,388


10

 

Diluted Earnings per Class A Common Stock


 

0.86

 


 

0.74

 


 

0.12


16

 


 

2.28

 


 

2.06

 


 

0.22


11

 

Return on Average Assets


 

1.31

%


 

1.23

%


NA


7

 


 

1.73

%


 

1.67

%


NA


4

 

Return on Average Equity


 

9.88

 


 

9.45

 


NA


5

 


 

13.24

 


 

13.22

 


NA


0

 

















 

NA – Not applicable
*See segment data at the end of this earnings release


The following information was filed by Republic Bancorp Inc (RBCAA) on Friday, July 19, 2019 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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Republic Bancorp Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

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Inside Republic Bancorp Inc's 10-Q Quarterly Report:

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 Statement Of Stockholders' Equity (Parenthetical)
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)
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 - Policies (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 - Narrative (Details)
Income Taxes - Provision (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 - 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 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 (Tables)
Loans Held For Sale - Consumer Loans (Details)
Loans Held For Sale - Mortgage Loans (Details)
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)
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 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)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies - Asus (Details)
Summary Of Significant Accounting Policies - Operations (Details)
Summary Of Significant Accounting Policies - Segments (Details)

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: 0001558370-19-007829
Submitted to the SEC: Fri Aug 09 2019 5:18:17 AM EST
Accepted by the SEC: Fri Aug 09 2019
Period: Sunday, June 30, 2019
Industry: State Commercial Banks

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