Republic Bancorp, Inc. (“Republic” or the “Company”) reported
fourth quarter 2024 net income and Diluted Earnings per Class A
Common Share (“Diluted EPS”) of $19.0 million and $0.98 per share.
Year-to-date net income was $101.4 million, an $11.0 million, or
12%, increase over 2023, resulting in return on average assets
(“ROA”) and return on average equity (“ROE”) of 1.47% and 10.50%
for 2024.
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Logan Pichel, President & CEO of Republic Bank & Trust
Company commented, “We are pleased to report another strong
performance for the fourth quarter, particularly within our Core
Bank, as its net income increased 11% over the fourth quarter of
2023. Our Core Bank includes the operations of our Traditional Bank
and Warehouse Lending, whose combined assets represent
approximately 90% of the Company’s total assets. The growth in our
Core Bank net income primarily resulted from a $7.0 million
increase in net interest income, which was driven by strong growth
in our net interest margin (“NIM”) from 3.40% for the fourth
quarter of 2023 to 3.64% for the fourth quarter of 2024. The growth
in our quarterly NIM reflected the success of a strong interest
rate risk management function, combined with solid growth in our
core deposits, and on-going pricing discipline for our new loan
originations.
In addition to our solid Core Bank net interest income, credit
quality continued to remain solid at the Core Bank. The Core Bank’s
net charge-offs to average loans was 0.02% for the fourth quarter,
while its period-end nonperforming loans to total loans was 0.44%
and its period-end delinquent loans to total loans was 0.20%. These
strong ratios helped contribute to a $1.6 million positive decline
in our Core Bank Provision(2) for loan losses from the fourth
quarter of 2023 to the fourth quarter of 2024.
Net income from our Republic Processing Group (“RPG”) declined
$2.4 million from the fourth quarter of 2023 to the fourth quarter
of 2024. While the Republic Credit Solutions (“RCS”) and Republic
Processing Solutions (“RPS”) components of RPG collectively
reported a $416,000, or 6%, increase in net income from the fourth
quarter of 2023 to the fourth quarter of 2024, Tax Refund Solutions
(“TRS”) reported a $2.8 million additional net loss for the same
time periods. As a result of the final performance of the December
2023 Early Season Refund Advances (“ERAs”) within TRS, we recorded
a larger Allowance(2) for these early season tax loans of $9.8
million during the fourth quarter of 2024 compared to $3.9 million
during the fourth quarter of 2023. Approximately $2.3 million of
the increase over the fourth quarter 2023 Allowance amount was due
to increased volume, with the remaining difference predominately
due to an increased loss estimate due to our experience from the
prior tax season.
Based on the prior tax season economics, during the fourth
quarter of 2024 we revised our agreement with our largest
third-party marketer-servicer for Refund Advances (“RAs”) and ERAs
for the current tax filing season beginning in December 2024. Under
this revised agreement:
- we received a loss cap guarantee specific to ERAs for the
current tax filing season;
- we will receive an enhanced fee specific to ERAs for the
current tax filing season; and
- we will receive a reduced fee applicable to in-season RAs for
the current tax filing season.
We are pleased with this new arrangement as we believe it
provides better alignment between the economics and the downside
risk to the Company. We estimate the revised contract will provide
approximately $2.8 million of additional fee income for the current
tax season of December 2024 through March 2025 compared to the
prior tax season of December 2023 through March 2024. The Company
earned approximately $1.4 million of this increased fee income
during the fourth quarter of 2024. We do not anticipate recording
any additional loss estimates for the December 2024 ERA
originations through this marketer-servicer as a result of the new
loss guarantee cap.
We continued to add additional on-balance-sheet liquidity during
the year with our Total Company period-end deposits, excluding
wholesale brokered deposits, growing by a net $157 million. Core
Bank period-end deposits, excluding wholesale brokered deposits,
represented $209 million of that net growth. Total Company
period-end loans increased by a net $200 million for the year, with
Warehouse comprising $211 million of that increase, RPG increasing
$38 million and the Traditional Bank declining $49 million. These
growth dynamics maintained our Total Company period-end
loan-to-deposit ratio at 104% as of December 31, 2023 and December
31, 2024.
In regards to our total year, we had many notable highlights for
the year. These highlights include the following:
- Increased Total Company Net Income for 2024 by $11.0 million,
or 12%, over 2023.
- Generated a one-year total return on our stock of 30.3% in 2024
versus a total return of 20.6% for the NASDAQ Bank Index during the
same period. Additionally, Republic generated a two-year total
return of 81.5% as of December 31, 2024 compared to the NASDAQ Bank
Index of 16.4% for the same period. We are very proud of the
recognition the market has given us through the performance of our
stock price.
- Continued to drive strong performance for the Total Company
through our diversified business model as three of our five
business segments reported an increase in net income for the year.
These increases included:
- Traditional Banking reported net income of $56.4 million for
the year, representing a $9.7 million, or 21%, increase in net
income over 2023.
- Warehouse Lending reported net income of $6.5 million for the
year, representing a $1.8 million, or 37%, increase in net income
over 2023.
- Republic Credit Solutions (“RCS”) reported net income of $23.5
million for 2024, representing a $5.2 million, or 28%, increase in
net income over 2023.
- Grew December 31, 2024 Traditional Bank period-end deposits,
excluding wholesale brokered deposits, 5% over December 31, 2023
period-end balances.
- Managed expenses prudently with Total Company non-interest
expenses increasing 1.7% from 2023, while our Core Bank noninterest
expenses increased just 0.7% for the same time period.
- Achieved a Total Company efficiency ratio, which measures the
amount of noninterest expense it takes to generate one dollar of
net revenue, of 52.68%, a 267-basis-point positive decrease from
the 55.35% result for 2023.
- Increased our 2024 Total Company operating leverage, which
measures the growth of revenue to the growth of noninterest
expense, by 5% over 2023.
- Maintained industry-strong credit quality with Core Bank net
charge-offs for the year of 0.05%.
- Our Net Promoter Score (“NPS”) increased from 38 in 1st quarter
2023 to 75 in 3rd quarter 2024. Our score of 75 is three times (3x)
the Banking Industry average. A score of 80 is considered World
Class, and we have our sights set on achieving this lofty
score.
2024 was a year in which we made continuous enhancements to our
client experiences, saw a marked improvement in our client
satisfaction scores, generated strong financial results, and
enjoyed tremendous stockholder returns. Without the strong support
of our shareholders, our clients and our associates, our success
would not be possible. We do not take this support for granted and
we will continue to do our absolute best to earn your loyalty each
and every day,” Pichel concluded.
The following table highlights Republic’s key metrics for the
three months ended December 31, 2024 and 2023. Additional financial
details, including segment-level data, are provided in the
financial supplement to this release. The attached digital version
of this release includes the financial supplement as an appendix.
The financial supplement may also be found as Exhibit 99.2 of the
Company’s Form 8-K filed with the SEC on January 24, 2025.
Total Company Financial
Performance Highlights
Three Months Ended Dec.
31,
$
%
Years Ended Dec. 31,
$
%
(dollars in thousands, except per share
data)
2024
2023
Change
Change
2024
2023
Change
Change
Income Before Income Tax Expense
$
23,050
$
23,519
$
(469
)
(2)
%
$
127,703
$
113,213
$
14,490
13
%
Net Income
19,016
19,659
(643
)
(3)
101,371
90,374
10,997
12
Diluted EPS
0.98
1.01
(0.03
)
(3)
5.21
4.62
0.59
13
Return on Average Assets ("ROA")
1.10
%
1.21
%
NA
(9)
1.47
%
1.44
%
NA
2
Return on Average Equity ("ROE")
7.63
8.68
NA
(12)
10.50
10.10
NA
4
NA – Not applicable
Results of Operations for the Fourth quarter of 2024 Compared
to the Fourth quarter of 2023
Core Bank(1)
Net income for the Core Bank was $17.6 million for the fourth
quarter of 2024, a $1.8 million, or 11%, increase over the $15.8
million for the fourth quarter of 2023. A solid increase in net
interest income combined with a minimal Provision, which was driven
by continued strong Core Bank credit quality, were both drivers for
the strong growth in net income for the quarter.
Net Interest Income – Core Bank net interest income was $57.7
million for the fourth quarter of 2024, a $7.0 million, or 14%,
increase from the $50.6 million achieved during the fourth quarter
of 2023. The rise in net interest income for the quarter was driven
by period-over-period growth in average interest-earning assets and
a notable increase in the Core Bank’s NIM. The increase in the Core
Bank’s total dollars of net interest income represented the third
consecutive quarter-over-same-quarter-last-year increase following
two consecutive quarter-over-same-quarter-last-year declines for
the fourth quarter of 2023 and the first quarter of 2024.
The Core Bank’s NIM increased from 3.40% during the fourth
quarter of 2023 to 3.64% during the fourth quarter of 2024. This
increase represented the second consecutive rise in the Core Bank’s
quarter-over-same-quarter-last-year NIM. The increase in the Core
Bank’s NIM occurred as its yield on its interest earning assets
increased 25 basis points over the fourth quarter of 2023, while
its cost of funds increased only one basis point for the same time
periods.
Specific items of note impacting the Core Bank’s change in net
interest income and NIM between the fourth quarter of 2023 and the
fourth quarter of 2024 were as follows:
- Average outstanding Warehouse balances increased from $370
million during the fourth quarter of 2023 to $552 million for the
fourth quarter of 2024. Average committed Warehouse lines declined
from $1.0 billion to $942 million during these same periods, while
an up-tick in demand caused average usage rates for Warehouse lines
to increase from 37% during the fourth quarter of 2023 to 59% for
the fourth quarter of 2024.
- Traditional Bank average loans grew from $4.56 billion with a
weighted-average yield of 5.32% during the fourth quarter of 2023
to $4.57 billion with a weighted average yield of 5.57% during the
fourth quarter of 2024. Average Loans for the fourth quarter of
2024 were negatively impacted by the sale in early 2024 of $67
million of residential real estate loans, previously held for
investment.
- Average interest-earning cash was $584 million with a
weighted-average yield of 4.81% during the fourth quarter of 2024
compared to $201 million with a weighted-average yield of 5.45% for
the fourth quarter of 2023. During the first nine months of 2024,
the Company maintained higher cash balances due to the inverted
yield curve and the more attractive pricing for interest-earning
cash as compared to longer-term securities. While the yield curve
began to steepen during the fourth quarter of 2024, the Company
continued to maintain higher cash balances during the quarter, in
general, due to near-term funding requirements for tax loans
related to the upcoming first quarter 2025 tax season.
- Average investments were $595 million with a weighted-average
yield of 3.16% during the fourth quarter of 2024 compared to $769
million with a weighted-average yield of 3.02% for the fourth
quarter of 2023. As noted in the paragraph above, the Company
generally deployed its proceeds from maturing investments during
2024 into interest-earning cash for better yield and near-term
liquidity needs.
- As it relates to the Core Bank’s total dollar increase for its
cost of interest-bearing liabilities:
- The weighted-average cost of total interest-bearing deposits
increased from 2.36% during the fourth quarter of 2023 to 2.43% for
the fourth quarter of 2024, while average interest-bearing deposit
balances grew $410 million over the same periods. Included within
this growth in interest-bearing deposits was a $309 million
increase in the average balances for business and consumer money
market accounts, which generally paid premium rates.
- The average balance of FHLB borrowings increased from $357
million for the fourth quarter of 2023 to $371 million for the
fourth quarter of 2024, while the weighted-average cost of these
borrowings decreased from 4.62% to 4.34% for the same time periods.
The decrease in the overall weighted-average cost of FHLB
borrowings resulted from previous term-extension strategies
implemented earlier in 2024 to take advantage of the then-inverted
yield curve.
- Average noninterest-bearing deposits decreased $68 million from
the fourth quarter of 2023 to the fourth quarter of 2024. The
decline in noninterest-bearing deposits is an on-going trend dating
back to the fourth quarter of 2022, as the overall interest rate
environment combined with the competition for deposits continued to
make interest-bearing deposits a more attractive alternative for
consumer and business deposit accounts.
The following tables present by reportable segment the overall
changes in the Core Bank’s net interest income, net interest
margin, as well as average and period-end loan balances:
Net Interest Income
Net Interest Margin
(dollars in thousands)
Three Months Ended Dec.
31,
Three Months Ended Dec.
31,
Reportable Segment
2024
2023
Change
2024
2023
Change
Traditional Banking
$
53,942
$
48,394
$
5,548
3.73
%
3.47
%
0.26
%
Warehouse Lending
3,718
2,251
1,467
2.68
2.41
0.27
Total Core Bank
$
57,660
$
50,645
$
7,015
3.64
3.40
0.24
Average Loan Balances
Period-End Loan
Balances
(dollars in thousands)
Three Months Ended Dec.
31,
Dec. 31,
Dec. 31,
Reportable Segment
2024
2023
$ Change
% Change
2024
2023
$ Change
% Change
Traditional Banking
$
4,569,224
$
4,560,572
$
8,652
0
%
$
4,569,179
$
4,618,569
$
(49,390
)
(1
)%
Warehouse Lending
552,856
370,169
182,687
49
550,760
339,723
211,037
62
Total Core Bank
$
5,122,080
$
4,930,741
$
191,339
4
$
5,119,939
$
4,958,292
$
161,647
3
Provision for Expected Credit Loss Expense – The Core Bank’s
Provision was a net charge of $367,000 for the fourth quarter of
2024 compared to a net charge of $2.0 million for the fourth
quarter of 2023.
The net charge of $367,000 for the fourth quarter of 2024 was
driven, primarily, by the following:
- The Core Bank recorded a net charge to the Provision of
$277,000 during the fourth quarter of 2024 related to net
charge-offs on loans and overdrafts.
- The Core Bank recorded a net charge to the Provision of
$270,000 during the fourth quarter of 2024 primarily related to the
nominal increase in Traditional Bank loan balances for the quarter
of $2 million.
- The Core Bank recorded a net credit to the Provision of
$112,000 resulting from general formula reserves applied to an $44
million decrease in outstanding Warehouse balances during the
quarter.
The net charge during the fourth quarter of 2023 was primarily
driven by the following:
- The Core Bank recorded a net charge to the Provision of $2.1
million during the fourth quarter of 2023 related to general
formula reserves applied to $123 million of Traditional Bank loan
growth for the fourth quarter of 2023.
- The Core Bank recorded a net credit to the Provision of
$296,000 resulting from general formula reserves applied to an $118
million decline in outstanding Warehouse balances for the fourth
quarter of 2023.
As a percentage of total loans, the Core Bank’s Allowance(2)
decreased 2 basis points from December 31, 2023 to December 31,
2024, driven by a change in loan mix toward loans with lower
overall reserve requirements. The table below provides a view of
the Company’s percentage of Allowance-to-total-loans by reportable
segment.
As of Dec. 31, 2024
As of Dec. 31, 2023
Year-over-Year Change
(dollars in thousands)
Allowance
Allowance
Allowance
Reportable Segment
Gross Loans
Allowance
to Loans
Gross Loans
Allowance
to Loans
to Loans
% Change
Traditional Bank
$
4,569,179
$
59,756
1.31
%
$
4,618,569
$
58,998
1.28
%
0.03
%
2
%
Warehouse Lending
550,760
1,374
0.25
339,723
847
0.25
—
—
Total Core Bank
5,119,939
61,130
1.19
4,958,292
59,845
1.21
(0.02
)
(2
)
Tax Refund Solutions
190,794
9,861
5.17
149,207
3,990
2.67
2.50
94
Republic Credit Solutions
128,733
20,987
16.30
132,362
18,295
13.82
2.48
18
Total Republic Processing Group
319,527
30,848
9.65
281,569
22,285
7.91
1.74
22
Total Company
$
5,439,466
$
91,978
1.69
%
$
5,239,861
$
82,130
1.57
%
0.12
%
8
%
ACLL Roll-Forward
Three Months Ended December
31,
2024
2023
(dollars in thousands)
Beginning
Charge-
Ending
Beginning
Charge-
Ending
Reportable Segment
Balance
Provision
offs
Recoveries
Balance
Balance
Provision
offs
Recoveries
Balance
Traditional Bank
$
59,549
$
484
$
(441
)
$
164
$
59,756
$
56,931
$
2,287
$
(449
)
$
229
$
58,998
Warehouse Lending
1,486
(112
)
—
—
1,374
1,143
(296
)
—
—
847
Total Core Bank
61,035
372
(441
)
164
61,130
58,074
1,991
(449
)
229
59,845
Tax Refund Solutions
1
7,701
—
2,159
9,861
1
2,937
—
1,052
3,990
Republic Credit Solutions
21,122
4,883
(5,357
)
339
20,987
16,501
6,061
(4,453
)
186
18,295
Total Republic Processing Group
21,123
12,584
(5,357
)
2,498
30,848
16,502
8,998
(4,453
)
1,238
22,285
Total Company
$
82,158
$
12,956
$
(5,798
)
$
2,662
$
91,978
$
74,576
$
10,989
$
(4,902
)
$
1,467
$
82,130
The table below presents the Core Bank’s credit quality
metrics:
As of and for the:
Quarters Ended:
Years Ended:
Dec. 31,
Sep. 30,
Jun. 30,
Mar. 31,
Dec. 31,
Dec. 31,
Dec. 31,
Core Banking Credit Quality
Ratios
2024
2024
2024
2023
2024
2023
2022
Nonperforming loans to total loans
0.44
%
0.38
%
0.39
%
0.38
%
0.44
%
0.39
%
0.37
%
Nonperforming assets to total loans
(including OREO)
0.46
0.40
0.41
0.41
0.46
0.41
0.40
Delinquent loans* to total loans
0.20
0.19
0.18
0.15
0.20
0.16
0.14
Net charge-offs to average loans
0.02
0.14
0.02
0.01
0.05
0.01
0.00
(Quarterly rates annualized)
OREO = Other Real Estate Owned
*Loans 30-days-or-more past due at the
time the second contractual payment is past due.
Noninterest Income – Core Bank noninterest income slightly
decreased by $157,000 from $9.8 million in the fourth quarter of
2023 to $9.7 million for the fourth quarter of 2024, as nominal
increases related to mortgage banking income, BOLI income and
service charges on deposits were offset by declines in swap fees
and insurance captive income.
Noninterest Expense – The Core Bank’s noninterest expenses were
$45.8 million for the fourth quarter of 2024, an increase of $6.2
million, or 16%, over the fourth quarter of 2023. Notable line-item
variances within the noninterest expense category included:
- Salaries and benefits increased $4.6 million over the fourth
quarter of 2023. The fourth quarter of 2024 was negatively impacted
primarily by a $3.9 million swing in estimated bonus expenses as
the fourth quarter of 2023 contained a net credit of $342,000 for
bonus expense accruals, while the fourth quarter of 2024 contained
a net charge of $3.6 million.
The net credit during the fourth quarter of
2023 adjusted the liability for accrued bonuses to be in-line with
lower expected payouts related to the 2023 calendar year.
Conversely, the higher net charge during the fourth quarter of 2024
adjusted the liability for accrued bonuses to be in-line with
greater payouts related to the 2024 calendar year as the Company’s
second half results allowed it to reach higher full-year 2024
payout targets than previously projected earlier in the year.
Republic Processing Group(3)
RPG reported net income of $1.4 million for the fourth quarter
of 2024, a $2.4 million decrease from the $3.8 million for the
fourth quarter of 2023. RPG’s performance for the fourth quarter of
2024 compared to the fourth quarter of 2023, by operating segment,
was as follows:
Tax Refund Solutions
TRS experienced a net loss of $6.4 million during the fourth
quarter of 2024 compared to a net loss of $3.6 million for the
fourth quarter of 2023. The higher net loss at TRS for the fourth
quarter of 2024 was primarily driven by a higher estimated
Provision expense compared to the fourth quarter of 2023 for
ERAs.
Altogether, TRS originated $139 million of ERAs during the
fourth quarter of 2024 compared to $103 million originated during
the fourth quarter of 2023. The Company applied an estimated loss
rate of approximately 7.07% of total ERAs originated during the
fourth quarter of 2024 and an estimated loss rate of 3.81% of total
ERAs originated during the fourth quarter of 2023. The higher
Provision rate applied to ERAs during the fourth quarter of 2024
was based on a higher final loss rate realized during 2024 for the
ERAs that were originated during the fourth quarter of 2023. The
higher Provision for the quarter was partially offset by a $1.4
million increase in loan fee income for the ERA product comparing
the fourth quarter of 2024 to the fourth quarter of 2023.
Republic Payment
Solutions
Net income at RPS was $1.7 million for the fourth quarter of
2024, a $1.5 million decrease from the fourth quarter of 2023.
Driving this decrease, RPS earned a lower yield of 4.39% for its
$357 million average of prepaid program balances for the fourth
quarter of 2024 compared to a yield of 5.10% for the $342 million
in average prepaid card balances for the fourth quarter of 2023. In
addition, net interest income at RPS was also negatively impacted
by a $1.1 million charge to interest expense for a revenue sharing
arrangement that began in January 2024.
Republic Credit
Solutions
Net income at RCS increased $1.9 million, or 44%, from $4.2
million for the fourth quarter of 2023 to $6.1 million for the
fourth quarter of 2024. The increase in RCS net income was
primarily due to an 18% growth in the average balances of its two
higher-yielding small dollar loan products, which contributed $1.9
million of additional net interest income to the overall segment.
In addition, Provision expense for these two products declined $1.2
million for the same periods primarily related to formula reserves
tied to spot balance growth for the quarters.
Republic Bancorp, Inc. (the “Company”) is the parent company of
Republic Bank & Trust Company (the “Bank”). The Bank currently
has 47 banking centers in communities within five metropolitan
statistical areas (“MSAs”) across five states: 22 banking centers
located within the Louisville MSA in Louisville, Prospect,
Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs,
Jeffersonville, and New Albany in Indiana; six banking centers
within the Lexington MSA in Georgetown and Lexington in Kentucky;
eight banking centers within the Cincinnati MSA in Cincinnati and
West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and
Florence in Kentucky; seven banking centers within the Tampa MSA in
Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in
Florida; and four banking centers within the Nashville MSA in
Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In
addition, Republic Bank Finance has one loan production office in
St. Louis, Missouri. The Bank offers internet banking at
www.republicbank.com. The Company is headquartered in Louisville,
Kentucky, and as of December 31, 2024, had approximately $6.8
billion in total assets. The Company’s Class A Common Stock is
listed under the symbol “RBCAA” on the NASDAQ Global Select
Market.
Republic Bank. It’s just easier here. ®
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. The forward-looking statements in the preceding paragraphs
are based on our current expectations and assumptions regarding our
business, the future impact to our balance sheet and income
statement resulting from changes in interest rates, the yield
curve, the ability to develop products and strategies in order to
meet the Company’s long-term strategic goals, future loan fees to
be earned, and future loan losses, related to ERAs and RAs
originated through the Company’s largest marketer-servicer within
TRS; the ability of the Company to enforce the loss cap guarantee
related to ERAs from its largest marketer-servicer within TRS; the
economy, and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by forward-looking statements. We caution you
therefore against relying on any of these forward-looking
statements. They are neither statements of historical fact nor
guarantees or assurances of future performance. Actual results
could differ materially based upon factors disclosed from time to
time in the Company’s filings with the U.S. Securities and Exchange
Commission, including those factors set forth as “Risk Factors” in
the Company’s Annual Report on Form 10-K for the period ended
December 31, 2023. The Company undertakes no obligation to update
any forward-looking statements, except as required by applicable
law.
Footnotes:
(1)
“Core Bank” or “Core Banking” operations
consist of the Traditional Banking and Warehouse Lending
segments.
(2)
Provision – Provision for Expected Credit Loss Expense
Allowance – Allowance for Credit Losses on
Loans
(3)
Republic Processing Group operations
consist of the TRS, RPS, and RCS segments.
NM – Not meaningful
NA – Not applicable
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250124606677/en/
Republic Bancorp, Inc. Kevin Sipes Executive Vice President
& Chief Financial Officer (502) 560-8628
Republic Bancorp (NASDAQ:RBCAA)
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