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Republic Bancorp Inc (RBCAA) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Republic Bancorp Inc

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CIK: 921557 Ticker: RBCAA
Exhibit 99.1

Republic Bancorp, Inc.’s First Quarter Net Income Increases 7% to $27.9 Million With Strong EPS of $1.40, ROA of 1.74%, and ROE of 13.19%

 

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 21, 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”) reported first quarter 2022 net income of $27.9 million, a $1.9 million, or 7% increase over the first quarter of 2021, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $1.40. Return on average assets (“ROA”) and return on average equity (“ROE”) were 1.74% and 13.19% for the first quarter of 2022.

Logan Pichel, President and CEO of Republic Bank & Trust Company, commented, “Our first quarter operating results reflected the benefit of Republic Bank’s business-line diversity. Strong loan and deposit growth within our Traditional Bank, disciplined expense management, and a solid quarter within our nontraditional business lines all helped to mitigate the expected revenue declines related to Paycheck Protection Program (“PPP”) loans and mortgage banking.

“Within our Traditional Bank, we had another strong quarter of non-PPP loan growth to piggyback on top of the $96 million of non-PPP loan growth achieved during the fourth quarter of 2021. Relative to previous first quarters, our 2022 loan growth was particularly strong, as loan originations tend to historically lag during the first quarter timeframe. Overall, the Traditional Bank grew its non-PPP loan portfolio by $107 million during the first quarter of 2022 compared to a net decrease of $51 million in non-PPP loans during the first quarter of 2021. The Traditional Bank’s Corporate Banking division and its Northern Kentucky/Cincinnati market were our growth leaders during the first quarter of 2022, with the Corporate Banking portfolio growing almost $50 million, or 16%, and the Northern Kentucky/Cincinnati market growing $28 million, or 7%.

“In addition to loan growth, our Traditional Bank also grew its total deposits by $94 million, or 2%, for the first quarter of the year, with noninterest-bearing deposits representing $84 million of that growth. Thanks in large part to our continued deposit growth, the Company was able to maintain its cash balances near record levels, giving us tremendous flexibility in our daily balance sheet management in the face of rapidly rising interest rates.

“Within our nontraditional business lines, our Tax Refunds Solutions (“TRS”) segment reached $15.4 million of net income for the first quarter of 2022. Net income at TRS for the first quarter of 2022 included a $5.0 million pre-tax termination fee resulting from the cancellation of the previously announced sale of TRS assets and operations to Green Dot Corporation. Excluding the impact of this fee, TRS net income still rose $6.2 million(1), or 114%, over the comparable adjusted net income for the first quarter of 2021, in large part, due to a lower estimate for Easy Advance loan losses as compared to the estimate recorded during the first quarter of last year.

The following information was filed by Republic Bancorp Inc (RBCAA) on Thursday, April 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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☒   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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For the quarterly period ended March 31, 2022

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or

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◻   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

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Commission File Number: 0-24649

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Graphic

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REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

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Kentucky

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61-0862051

(State of other jurisdiction of incorporation or organization)

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(I.R.S. Employer Identification No.)

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601 West Market Street, Louisville, Kentucky

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40202

(Address of principal executive offices)

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(Zip Code)

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Registrant’s telephone number, including area code: (502) 584-3600

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common

RBCAA

The Nasdaq Stock Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ⌧ Yes ◻ No

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ⌧ Yes ◻ No

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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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Large accelerated filer ◻

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Accelerated filer ⌧

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Non-accelerated filer ◻

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Smaller reporting company ◻

Emerging growth company ◻

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ◻ Yes ☒ No

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The number of shares outstanding of the registrant’s Class A Common Stock and Class B Common Stock, as of April 30, 2022 was 17,834,212 and 2,164,903.

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GLOSSARY OF TERMS

The terms identified in alphabetical order below are used throughout this Form 10-Q. You may find it helpful to refer to this page as you read this report.

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Term

   

Definition

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ACH

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Automated Clearing House

ACL

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Allowance for Credit Losses

ACLC

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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

ACLL

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Allowance for Credit Losses on Loans

ACLS

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Allowance for Credit Losses on Securities

AFS

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Available for Sale

AOCI

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Accumulated Other Comprehensive Income

ASC

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Accounting Standards Codification

ASU

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Accounting Standards Update

Basic EPS

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Basic earnings per Class A Common Share

BOLI

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Bank Owned Life Insurance

BPO

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Brokered Price Opinion

C&D

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Construction and Development

C&I

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Commercial and Industrial

CARES Act

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Coronavirus Aid, Relief, and Economic Security Act

CECL

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Current Expected Credit Losses

CMO

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Collateralized Mortgage Obligation

Core Bank

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The Traditional Banking, Warehouse Lending, and Mortgage Banking reportable segments of the Company

COVID

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Coronavirus Disease of 2019

CRE

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Commercial Real Estate

Diluted EPS

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Diluted earnings per Class A Common Share

EA

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Easy Advance

Economic Aid Act

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Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act

ESPP

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Employee Stock Purchase Plan

EVP

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Executive Vice President

FASB

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Financial Accounting Standards Board

FDIC

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Federal Deposit Insurance Corporation

FFTR

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Federal Funds Target Rate

FHLB

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Federal Home Loan Bank

FHLMC

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Federal Home Loan Mortgage Corporation

FICO

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Fair Isaac Corporation

FNMA

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Federal National Mortgage Association

FOMC

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Federal Open Market Committee

FRB

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Federal Reserve Bank

FTE

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Full Time Equivalent

FTP

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Funds Transfer Pricing

GAAP

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Generally Accepted Accounting Principles in the United States

Green Dot

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Green Dot Corporation

HEAL

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Home Equity Amortizing Loan

HELOC

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Home Equity Line of Credit

HTM

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Held to Maturity

IRS

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Internal Revenue Service

ITM

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Interactive Teller Machine

LGD

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Loss Given Default

LIBOR

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London Interbank Offered Rate

LOC

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Line of Credit

LOC I

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RCS product introduced in 2014 for which the Bank participates out a 90% interest and holds a 10% interest

LOC II

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RCS product introduced in 2021 for which the Bank participates out a 95% interest and holds a 5% interest

LTV

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Loan to Value

MBS

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Mortgage Backed Securities

MSRs

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Mortgage Servicing Rights

NA

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Not Applicable

NM

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Not Meaningful

OBS

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Off-Balance Sheet

OCI

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Other Comprehensive Income

OREO

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Other Real Estate Owned

OTTI

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Other than Temporary Impairment

PCD

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Purchased with Credit Deterioration

PD

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Probability of Default

PPP

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SBA's Paycheck Protection Program

Prime

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The Wall Street Journal Prime Interest Rate

Provision

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Provision for Expected Credit Loss Expense

PSU

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Performance Stock Unit

Purchase Agreement

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May 13, 2021 Asset Purchase Agreement for the sale of substantially all of the Bank's TRS assets and operations to Green Dot

RB&T / the Bank

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Republic Bank & Trust Company

RCS

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Republic Credit Solutions segment

Republic / the Company

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Republic Bancorp, Inc.

RPG

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Republic Processing Group

RPS

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Republic Payment Solutions

RT

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Refund Transfer

Sale Transaction

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Sale contemplated in the May 13, 2021 Asset Purchase Agreement between the Bank and Green Dot

SBA

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U.S. Small Business Administration

SEC

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Securities and Exchange Commission

SSUAR

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Securities Sold Under Agreements to Repurchase

TDR

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Troubled Debt Restructuring

The Captive

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Republic Insurance Services, Inc.

TRS

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Tax Refund Solutions segment

TRUP

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Trust Preferred Security Investment

Warehouse

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Warehouse Lending segment

3

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PART I — FINANCIAL INFORMATION

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Item 1. Financial Statements.

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CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)

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March 31, 

    

December 31, 

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2022

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2021

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ASSETS

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​

​

Cash and cash equivalents

​

$

1,077,158

​

$

756,971

​

​

Available-for-sale debt securities, at fair value (amortized cost of $592,264 in 2022 and $492,626 in 2021, allowance for credit losses of $0 in 2022 and $0 in 2021)

​

 

573,539

​

 

495,126

​

​

Held-to-maturity debt securities (fair value of $39,087 in 2022 and $44,764 in 2021, allowance for credit losses of $40 in 2022 and $47 in 2021)

​

 

38,795

​

 

44,299

​

​

Equity securities with readily determinable fair value

​

​

2,502

​

​

2,620

​

​

Mortgage loans held for sale, at fair value

​

 

13,302

​

 

29,393

​

​

Consumer loans held for sale, at fair value

​

​

11,709

​

​

19,747

​

​

Consumer loans held for sale, at the lower of cost or fair value

​

​

3,026

​

​

2,937

​

​

Loans (loans carried at fair value of $107 in 2022 and $170 in 2021)

​

 

4,390,243

​

 

4,496,562

​

​

Allowance for credit losses

​

 

(71,656)

​

 

(64,577)

​

​

Loans, net

​

 

4,318,587

​

 

4,431,985

​

​

Federal Home Loan Bank stock, at cost

​

 

10,311

​

 

10,311

​

​

Premises and equipment, net

​

 

34,358

​

 

36,073

​

​

Right-of-use assets

​

​

42,402

​

​

38,825

​

​

Goodwill

​

 

16,300

​

 

16,300

​

​

Other real estate owned

​

 

1,740

​

 

1,792

​

​

Bank owned life insurance

​

 

99,773

​

 

99,161

​

​

Other assets and accrued interest receivable

​

 

106,367

​

 

108,092

​

​

​

​

​

​

​

​

​

​

​

TOTAL ASSETS

​

$

6,349,869

​

$

6,093,632

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

​

​

​

​

​

​

​

​

Noninterest-bearing

​

$

2,226,714

​

$

1,990,781

​

​

Interest-bearing

​

 

2,860,392

​

 

2,849,637

​

​

Total deposits

​

 

5,087,106

​

 

4,840,418

​

​

​

​

​

​

​

​

​

​

​

Securities sold under agreements to repurchase and other short-term borrowings

​

 

287,818

​

 

290,967

​

​

Operating lease liabilities

​

​

43,204

​

​

39,672

​

​

Federal Home Loan Bank advances