Republic Bancorp Inc (RBCAA) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Republic Bancorp Inc

CIK: 921557 Ticker: RBCAA
 Exhibit 99.1

Republic Bancorp, Inc. Finishes 2021 with Fourth Quarter Net Income of $16.8 Million and Full Year Net Income of $86.8 Million

LOUISVILLE, Ky.--(BUSINESS WIRE)--January 28, 2022--

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 fourth quarter 2021 net income of $16.8 million, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.84. Full year 2021 net income was $86.8 million, a $3.5 million, or 4%, increase from the same period in 2020, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.38% and 10.27%.

Logan Pichel, President and CEO of Republic Bank & Trust Company, commented, “I am very proud of what we accomplished during 2021, as we continue on our mission to enable our clients, Company, associates, and the communities we serve to thrive. Included among our accomplishments for the year were:

  • A solid year of earnings in 2021, finishing the year with a 4% increase in net income over 2020;
  • A successful CEO transition due to the continued leadership of our current Executive Chair Steve Trager;
  • Pristine credit quality metrics at our Core Bank(1) that continue to place us among the very best banks in the country;
  • Continued support for our communities by providing $210 million of COVID relief loans and over 5,500 volunteer hours from our associates;
  • Enhanced focus on diversity and inclusion;
  • Promoted technology and innovation through the expanded use of Interactive Teller Machines to increase hours of service for clients and improve efficiency;
  • Generated record earnings in our Warehouse Lending segment;
  • Produced the second best year of mortgage banking revenue in our Company’s history;
  • Grew our noninterest-bearing deposits by another $100 million, or 5%;
  • Prudently managed our noninterest expense, with a 2% year-over-year decrease;
  • Effectively transitioned to a flexible work environment that has benefitted our associate recruiting and retention efforts; and
  • Positioned our balance sheet for the emerging change in the interest rate environment by paying off our Trust Preferred debt, while maintaining large cash balances on the balance sheet.

The following information was filed by Republic Bancorp Inc (RBCAA) on Friday, January 28, 2022 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.