| Exhibit 99.2 |
EARNINGS RELEASE FINANCIAL SUPPLEMENT
FOURTH QUARTER 2022
TABLE OF CONTENTS
S-1
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless
otherwise noted)
|
Balance Sheet Data
|
||||||||||||||||||||||||
|
As of
|
$ Change
|
|||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
From Dec. 31, 2021
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Cash and cash equivalents
|
$
|
313,689
|
$
|
754,393
|
$
|
795,143
|
$
|
1,077,158
|
$
|
756,971
|
$
|
(443,282
|
)
|
|||||||||||
|
Investment securities, net of allowance for credit losses
|
707,862
|
662,750
|
655,296
|
614,836
|
542,045
|
165,817
|
||||||||||||||||||
|
Loans held for sale
|
19,177
|
24,387
|
39,727
|
28,037
|
52,077
|
(32,900
|
)
|
|||||||||||||||||
|
Loans
|
4,515,802
|
4,289,450
|
4,362,233
|
4,390,243
|
4,496,562
|
19,240
|
||||||||||||||||||
|
Allowance for credit losses
|
(70,413
|
)
|
(64,919
|
)
|
(64,449
|
)
|
(71,656
|
)
|
(64,577
|
)
|
(5,836
|
)
|
||||||||||||
|
Loans, net
|
4,445,389
|
4,224,531
|
4,297,784
|
4,318,587
|
4,431,985
|
13,404
|
||||||||||||||||||
|
Federal Home Loan Bank stock, at cost
|
9,146
|
8,568
|
10,311
|
10,311
|
10,311
|
(1,165
|
)
|
|||||||||||||||||
|
Premises and equipment, net
|
31,978
|
32,813
|
33,886
|
34,358
|
36,073
|
(4,095
|
)
|
|||||||||||||||||
|
Right-of-use assets
|
37,017
|
41,303
|
41,364
|
42,402
|
38,825
|
(1,808
|
)
|
|||||||||||||||||
|
Goodwill
|
16,300
|
16,300
|
16,300
|
16,300
|
16,300
|
—
|
||||||||||||||||||
|
Other real estate owned ("OREO")
|
1,581
|
1,634
|
1,687
|
1,740
|
1,792
|
(211
|
)
|
|||||||||||||||||
|
Bank owned life insurance ("BOLI")
|
101,687
|
101,013
|
100,396
|
99,773
|
99,161
|
2,526
|
||||||||||||||||||
|
Other assets and accrued interest receivable
|
150,705
|
131,971
|
120,582
|
106,367
|
108,092
|
42,613
|
||||||||||||||||||
|
Total assets
|
$
|
5,834,531
|
$
|
5,999,663
|
$
|
6,112,476
|
$
|
6,349,869
|
$
|
6,093,632
|
$
|
(259,101
|
)
|
|||||||||||
|
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||
|
Deposits:
|
||||||||||||||||||||||||
|
Noninterest-bearing
|
$
|
1,908,768
|
$
|
2,013,337
|
$
|
2,093,853
|
$
|
2,226,160
|
$
|
1,989,679
|
$
|
(80,911
|
)
|
|||||||||||
|
Interest-bearing
|
2,629,077
|
2,786,385
|
2,733,093
|
2,860,392
|
2,849,637
|
(220,560
|
)
|
|||||||||||||||||
|
Total deposits
|
4,537,845
|
4,799,722
|
4,826,946
|
5,086,552
|
4,839,316
|
(301,471
|
)
|
|||||||||||||||||
|
Securities sold under agreements to repurchase ("SSUAR") and other short-term borrowings
|
216,956
|
209,376
|
303,315
|
287,818
|
290,967
|
(74,011
|
)
|
|||||||||||||||||
|
Operating lease liabilities
|
37,809
|
42,109
|
42,163
|
43,204
|
39,672
|
(1,863
|
)
|
|||||||||||||||||
|
Federal Home Loan Bank advances
|
95,000
|
20,000
|
20,000
|
20,000
|
25,000
|
70,000
|
||||||||||||||||||
|
Other liabilities and accrued interest payable
|
90,308
|
85,393
|
76,186
|
70,719
|
63,623
|
26,685
|
||||||||||||||||||
|
Total liabilities
|
4,977,918
|
5,156,600
|
5,268,610
|
5,508,293
|
5,258,578
|
(280,660
|
)
|
|||||||||||||||||
|
Stockholders' equity
|
856,613
|
843,063
|
843,866
|
841,576
|
835,054
|
21,559
|
||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$
|
5,834,531
|
$
|
5,999,663
|
$
|
6,112,476
|
$
|
6,349,869
|
$
|
6,093,632
|
$
|
(259,101
|
)
|
|||||||||||
S-2
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers
are expressed in thousands unless otherwise noted)
|
Average Balance Sheet Data
|
||||||||||||||||||||||||||||||||
|
Three Months Ended
|
Years Ended
|
$ Change (8)
|
||||||||||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
12M to 12M
|
|||||||||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||||||||||
|
Federal funds sold and other interest-earning deposits
|
$
|
553,695
|
$
|
727,626
|
$
|
813,956
|
$
|
861,822
|
$
|
848,215
|
$
|
738,399
|
$
|
806,811
|
$
|
(68,412
|
)
|
|||||||||||||||
|
Investment securities, including FHLB stock
|
693,825
|
694,781
|
691,427
|
606,182
|
540,227
|
671,858
|
555,599
|
116,259
|
||||||||||||||||||||||||
|
Loans, including loans held for sale
|
4,353,256
|
4,306,169
|
4,339,432
|
4,355,255
|
4,385,547
|
4,338,433
|
4,519,277
|
(180,844
|
)
|
|||||||||||||||||||||||
|
Total interest-earning assets
|
5,600,776
|
5,728,576
|
5,844,815
|
5,823,259
|
5,773,989
|
5,748,690
|
5,881,687
|
(132,997
|
)
|
|||||||||||||||||||||||
|
Allowance for credit losses
|
(65,290
|
)
|
(65,262
|
)
|
(72,037
|
)
|
(69,287
|
)
|
(63,711
|
)
|
(67,951
|
)
|
(66,481
|
)
|
(1,470
|
)
|
||||||||||||||||
|
Noninterest-earning assets:
|
||||||||||||||||||||||||||||||||
|
Noninterest-earning cash and cash equivalents
|
115,416
|
108,069
|
172,382
|
354,165
|
137,556
|
186,636
|
167,556
|
19,080
|
||||||||||||||||||||||||
|
Premises and equipment, net
|
32,518
|
33,307
|
34,322
|
35,460
|
37,055
|
33,892
|
38,428
|
(4,536
|
)
|
|||||||||||||||||||||||
|
Bank owned life insurance
|
101,361
|
100,740
|
100,152
|
99,532
|
99,978
|
100,452
|
91,329
|
9,123
|
||||||||||||||||||||||||
|
Other assets
|
153,721
|
171,392
|
161,548
|
180,913
|
192,393
|
167,251
|
189,339
|
(22,088
|
)
|
|||||||||||||||||||||||
|
Total assets
|
$
|
5,938,502
|
$
|
6,076,822
|
$
|
6,241,182
|
$
|
6,424,042
|
$
|
6,177,260
|
$
|
6,168,970
|
$
|
6,301,858
|
$
|
(132,888
|
)
|
|||||||||||||||
|
Liabilities and Stockholders' Equity:
|
||||||||||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||||||||||
|
Interest-bearing deposits
|
$
|
2,704,764
|
$
|
2,777,124
|
$
|
2,779,941
|
$
|
2,827,496
|
$
|
2,857,403
|
$
|
2,772,009
|
$
|
2,923,497
|
$
|
(151,488
|
)
|
|||||||||||||||
|
SSUARs and other short-term borrowings
|
247,123
|
220,149
|
294,388
|
300,169
|
318,785
|
265,188
|
231,430
|
33,758
|
||||||||||||||||||||||||
|
Federal Home Loan Bank advances
|
21,630
|
20,000
|
20,000
|
23,333
|
25,000
|
21,233
|
29,479
|
(8,246
|
)
|
|||||||||||||||||||||||
|
Subordinated note
|
—
|
—
|
—
|
—
|
—
|
—
|
30,732
|
(30,732
|
)
|
|||||||||||||||||||||||
|
Total interest-bearing liabilities
|
2,973,517
|
3,017,273
|
3,094,329
|
3,150,998
|
3,201,188
|
3,058,430
|
3,215,138
|
(156,708
|
)
|
|||||||||||||||||||||||
|
Noninterest-bearing liabilities and Stockholders’ equity:
|
||||||||||||||||||||||||||||||||
|
Noninterest-bearing deposits
|
1,994,233
|
2,096,206
|
2,196,794
|
2,312,233
|
2,028,206
|
2,148,848
|
2,129,222
|
19,626
|
||||||||||||||||||||||||
|
Other liabilities
|
114,196
|
108,964
|
100,118
|
112,699
|
102,506
|
108,965
|
112,466
|
(3,501
|
)
|
|||||||||||||||||||||||
|
Stockholders' equity
|
856,556
|
854,379
|
849,941
|
848,112
|
845,360
|
852,727
|
845,032
|
7,695
|
||||||||||||||||||||||||
|
Total liabilities and stockholders’ equity
|
$
|
5,938,502
|
$
|
6,076,822
|
$
|
6,241,182
|
$
|
6,424,042
|
$
|
6,177,260
|
$
|
6,168,970
|
$
|
6,301,858
|
$
|
(132,888
|
)
|
|||||||||||||||
S-3
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
(all amounts other than per share amounts, number of employees, and number of banking
centers are expressed in thousands unless otherwise noted)
|
Income Statement Data
|
||||||||||||||||||||||||||||||||||||
|
Three Months Ended
|
$ Change (8)
|
Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
Q4 to Q4
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
12M to 12M
|
||||||||||||||||||||||||||||
|
Total interest income (1)
|
$
|
66,555
|
$
|
60,617
|
$
|
52,902
|
$
|
64,110
|
$
|
51,937
|
$
|
14,618
|
$
|
244,184
|
$
|
228,406
|
$
|
15,778
|
||||||||||||||||||
|
Total interest expense
|
3,442
|
2,020
|
1,088
|
943
|
1,038
|
2,404
|
7,493
|
5,666
|
1,827
|
|||||||||||||||||||||||||||
|
Net interest income
|
63,113
|
58,597
|
51,814
|
63,167
|
50,899
|
12,214
|
236,691
|
222,740
|
13,951
|
|||||||||||||||||||||||||||
|
Provision (2)
|
7,844
|
1,573
|
3,705
|
9,226
|
2,577
|
5,267
|
22,348
|
14,808
|
7,540
|
|||||||||||||||||||||||||||
|
Noninterest income:
|
||||||||||||||||||||||||||||||||||||
|
Service charges on deposit accounts
|
3,428
|
3,409
|
3,363
|
3,226
|
3,332
|
96
|
13,426
|
12,553
|
873
|
|||||||||||||||||||||||||||
|
Net refund transfer fees
|
486
|
593
|
3,950
|
12,051
|
326
|
160
|
17,080
|
20,248
|
(3,168
|
)
|
||||||||||||||||||||||||||
|
Mortgage banking income (3)
|
622
|
1,154
|
1,763
|
2,657
|
3,339
|
(2,717
|
)
|
6,196
|
19,994
|
(13,798
|
)
|
|||||||||||||||||||||||||
|
Interchange fee income
|
3,272
|
3,322
|
3,461
|
3,070
|
3,291
|
(19
|
)
|
13,125
|
13,062
|
63
|
||||||||||||||||||||||||||
|
Program fees (3)
|
3,501
|
4,932
|
3,885
|
3,854
|
4,668
|
(1,167
|
)
|
16,172
|
14,237
|
1,935
|
||||||||||||||||||||||||||
|
Increase in cash surrender value of BOLI
|
674
|
617
|
623
|
612
|
626
|
48
|
2,526
|
2,242
|
284
|
|||||||||||||||||||||||||||
|
Net losses on OREO
|
(53
|
)
|
(53
|
)
|
(52
|
)
|
(53
|
)
|
(53
|
)
|
—
|
(211
|
)
|
(160
|
)
|
(51
|
)
|
|||||||||||||||||||
|
Contract termination fee
|
—
|
—
|
—
|
5,000
|
—
|
—
|
5,000
|
—
|
5,000
|
|||||||||||||||||||||||||||
|
Legal settlement
|
—
|
—
|
13,000
|
—
|
—
|
—
|
13,000
|
—
|
13,000
|
|||||||||||||||||||||||||||
|
Other
|
1,194
|
1,134
|
576
|
592
|
1,550
|
(356
|
)
|
3,496
|
4,399
|
(903
|
)
|
|||||||||||||||||||||||||
|
Total noninterest income
|
13,124
|
15,108
|
30,569
|
31,009
|
17,079
|
(3,955
|
)
|
89,810
|
86,575
|
3,235
|
||||||||||||||||||||||||||
|
Noninterest expense:
|
||||||||||||||||||||||||||||||||||||
|
Salaries and employee benefits
|
25,763
|
27,269
|
28,896
|
29,312
|
26,350
|
(587
|
)
|
111,240
|
110,088
|
1,152
|
||||||||||||||||||||||||||
|
Technology, equipment, and communication
|
7,276
|
7,235
|
7,229
|
7,214
|
7,342
|
(66
|
)
|
28,954
|
29,351
|
(397
|
)
|
|||||||||||||||||||||||||
|
Occupancy
|
3,139
|
3,211
|
3,224
|
3,440
|
3,188
|
(49
|
)
|
13,014
|
13,193
|
(179
|
)
|
|||||||||||||||||||||||||
|
Marketing and development
|
1,856
|
1,951
|
1,720
|
1,348
|
1,291
|
565
|
6,875
|
4,390
|
2,485
|
|||||||||||||||||||||||||||
|
FDIC insurance expense
|
427
|
423
|
399
|
419
|
402
|
25
|
1,668
|
1,591
|
77
|
|||||||||||||||||||||||||||
|
Interchange related expense
|
1,171
|
1,221
|
1,264
|
1,117
|
1,253
|
(82
|
)
|
4,773
|
4,960
|
(187
|
)
|
|||||||||||||||||||||||||
|
Legal and professional fees
|
951
|
904
|
804
|
1,365
|
1,360
|
(409
|
)
|
4,024
|
4,924
|
(900
|
)
|
|||||||||||||||||||||||||
|
Other (2)
|
4,322
|
3,952
|
4,120
|
4,366
|
3,848
|
474
|
16,760
|
14,568
|
2,192
|
|||||||||||||||||||||||||||
|
Total noninterest expense
|
44,905
|
46,166
|
47,656
|
48,581
|
45,034
|
(129
|
)
|
187,308
|
183,065
|
4,243
|
||||||||||||||||||||||||||
|
Income before income tax expense
|
23,488
|
25,966
|
31,022
|
36,369
|
20,367
|
3,121
|
116,845
|
111,442
|
5,403
|
|||||||||||||||||||||||||||
|
Income tax expense
|
4,975
|
6,070
|
6,675
|
8,019
|
3,149
|
1,826
|
25,739
|
23,831
|
1,908
|
|||||||||||||||||||||||||||
|
Net income
|
$
|
18,513
|
$
|
19,896
|
$
|
24,347
|
$
|
28,350
|
$
|
17,218
|
$
|
1,295
|
$
|
91,106
|
$
|
87,611
|
$
|
3,495
|
||||||||||||||||||
S-4
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless
otherwise noted)
|
Selected Data and Ratios
|
||||||||||||||||||||||||||||||||||||
|
As of and for the Three Months Ended
|
Change (8)
|
As of and for the Years Ended
|
Change (8)
|
|||||||||||||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
From Dec. 31, 2021 or Q4 to Q4 (10)
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
From Dec. 31, 2021 or 12M to 12M (10)
|
||||||||||||||||||||||||||||
|
Per Share Data:
|
||||||||||||||||||||||||||||||||||||
|
Basic weighted average shares outstanding
|
19,929
|
19,919
|
20,107
|
20,145
|
20,270
|
(341
|
)
|
20,037
|
20,675
|
(638
|
)
|
|||||||||||||||||||||||||
|
Diluted weighted average shares outstanding
|
19,981
|
19,981
|
20,169
|
20,225
|
20,379
|
(398
|
)
|
20,101
|
20,757
|
(656
|
)
|
|||||||||||||||||||||||||
|
Period-end shares outstanding:
|
||||||||||||||||||||||||||||||||||||
|
Class A Common Stock
|
17,587
|
17,587
|
17,629
|
17,834
|
17,816
|
(229
|
)
|
17,587
|
17,816
|
(229
|
)
|
|||||||||||||||||||||||||
|
Class B Common Stock
|
2,160
|
2,160
|
2,161
|
2,165
|
2,165
|
(5
|
)
|
2,160
|
2,165
|
(5
|
)
|
|||||||||||||||||||||||||
|
Book value per share (4)
|
$
|
43.38
|
$
|
42.69
|
$
|
42.64
|
$
|
42.08
|
$
|
41.79
|
$
|
1.59
|
$
|
43.38
|
$
|
41.79
|
$
|
1.59
|
||||||||||||||||||
|
Tangible book value per share (4)
|
42.11
|
41.40
|
41.34
|
40.79
|
40.52
|
1.59
|
42.11
|
40.52
|
1.59
|
|||||||||||||||||||||||||||
|
Earnings per share ("EPS"):
|
||||||||||||||||||||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
0.94
|
$
|
1.01
|
$
|
1.23
|
$
|
1.42
|
$
|
0.87
|
$
|
0.07
|
$
|
4.60
|
$
|
4.29
|
$
|
0.31
|
||||||||||||||||||
|
Basic EPS - Class B Common Stock
|
0.86
|
0.92
|
1.12
|
1.29
|
0.78
|
0.08
|
4.19
|
3.90
|
0.29
|
|||||||||||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
0.94
|
1.01
|
1.22
|
1.42
|
0.86
|
0.08
|
4.59
|
4.28
|
0.31
|
|||||||||||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
0.85
|
0.92
|
1.11
|
1.29
|
0.78
|
0.07
|
4.17
|
3.89
|
0.28
|
|||||||||||||||||||||||||||
|
Cash dividends declared per Common share:
|
||||||||||||||||||||||||||||||||||||
|
Class A Common Stock
|
$
|
0.341
|
$
|
0.341
|
$
|
0.341
|
$
|
0.341
|
$
|
0.308
|
$
|
0.033
|
$
|
1.364
|
$
|
1.232
|
$
|
0.132
|
||||||||||||||||||
|
Class B Common Stock
|
0.310
|
0.310
|
0.310
|
0.310
|
0.280
|
0.030
|
1.240
|
1.120
|
0.120
|
|||||||||||||||||||||||||||
|
Performance Ratios:
|
||||||||||||||||||||||||||||||||||||
|
Return on average assets
|
1.25
|
%
|
1.28
|
%
|
1.53
|
%
|
1.74
|
%
|
1.11
|
%
|
0.14
|
%
|
1.48
|
%
|
1.39
|
%
|
0.09
|
%
|
||||||||||||||||||
|
Return on average equity
|
8.65
|
9.15
|
11.23
|
13.19
|
8.15
|
0.50
|
10.68
|
10.37
|
0.31
|
|||||||||||||||||||||||||||
|
Efficiency ratio (5)
|
59
|
63
|
68
|
54
|
65
|
(6
|
)
|
60
|
59
|
1
|
||||||||||||||||||||||||||
|
Yield on average interest-earning assets (1)
|
4.75
|
4.19
|
3.58
|
4.37
|
3.60
|
1.15
|
4.25
|
3.88
|
0.37
|
|||||||||||||||||||||||||||
|
Cost of average interest-bearing liabilities
|
0.46
|
0.27
|
0.14
|
0.12
|
0.13
|
0.33
|
0.24
|
0.18
|
0.06
|
|||||||||||||||||||||||||||
|
Cost of average deposits (6)
|
0.26
|
0.15
|
0.08
|
0.07
|
0.08
|
0.18
|
0.14
|
0.10
|
0.04
|
|||||||||||||||||||||||||||
|
Net interest spread (1)
|
4.29
|
3.92
|
3.44
|
4.25
|
3.47
|
0.82
|
4.01
|
3.70
|
0.31
|
|||||||||||||||||||||||||||
|
Net interest margin - Total Company (1)
|
4.51
|
4.05
|
3.51
|
4.30
|
3.53
|
0.98
|
4.12
|
3.79
|
0.33
|
|||||||||||||||||||||||||||
|
Net interest margin - Core Bank
|
3.82
|
3.54
|
3.02
|
2.92
|
3.08
|
0.73
|
3.32
|
3.20
|
0.12
|
|||||||||||||||||||||||||||
|
Other Information:
|
||||||||||||||||||||||||||||||||||||
|
End of period FTEs (7) - Total Company
|
998
|
1,009
|
1,020
|
1,040
|
1,045
|
(47
|
)
|
998
|
1,045
|
(47
|
)
|
|||||||||||||||||||||||||
|
End of period FTEs - Core Bank
|
932
|
916
|
929
|
955
|
985
|
(53
|
)
|
932
|
985
|
(53
|
)
|
|||||||||||||||||||||||||
|
Number of full-service banking centers
|
42
|
42
|
42
|
42
|
42
|
—
|
42
|
42
|
—
|
|||||||||||||||||||||||||||
S-5
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
(all amounts other than per
share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)
|
Loan Composition and Allowance for Credit Losses on Loans
|
||||||||||||||||||||||||
|
As of
|
Change
|
|||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022
|
Jun. 30, 2022
|
Mar. 31, 2022
|
Dec. 31, 2021
|
From Dec. 31, 2021
|
|||||||||||||||||||
|
Loan Composition
|
||||||||||||||||||||||||
|
Traditional Banking:
|
||||||||||||||||||||||||
|
Residential real estate:
|
||||||||||||||||||||||||
|
Owner occupied
|
$
|
911,427
|
$
|
863,899
|
$
|
832,137
|
$
|
808,658
|
$
|
820,731
|
$
|
90,696
|
||||||||||||
|
Nonowner occupied
|
321,358
|
321,037
|
313,534
|
314,933
|
306,323
|
15,035
|
||||||||||||||||||
|
Commercial real estate
|
1,599,510
|
1,571,593
|
1,569,119
|
1,556,575
|
1,456,009
|
143,501
|
||||||||||||||||||
|
Construction & land development
|
153,875
|
147,418
|
137,452
|
129,970
|
129,337
|
24,538
|
||||||||||||||||||
|
Commercial & industrial
|
310,902
|
404,971
|
394,175
|
342,175
|
340,363
|
(29,461
|
)
|
|||||||||||||||||
|
Paycheck Protection Program
|
4,980
|
7,855
|
14,657
|
18,276
|
56,014
|
(51,034
|
)
|
|||||||||||||||||
|
Lease financing receivables
|
10,505
|
11,333
|
11,345
|
10,396
|
8,637
|
1,868
|
||||||||||||||||||
|
Aircraft
|
179,785
|
166,313
|
159,958
|
151,284
|
142,894
|
36,891
|
||||||||||||||||||
|
Home equity
|
241,739
|
229,038
|
214,069
|
210,364
|
210,578
|
31,161
|
||||||||||||||||||
|
Consumer:
|
||||||||||||||||||||||||
|
Credit cards
|
15,473
|
14,897
|
15,419
|
14,654
|
14,510
|
963
|
||||||||||||||||||
|
Overdrafts
|
726
|
723
|
901
|
716
|
683
|
43
|
||||||||||||||||||
|
Automobile loans
|
6,731
|
7,890
|
9,579
|
11,846
|
14,448
|
(7,717
|
)
|
|||||||||||||||||
|
Other consumer
|
98,131
|
973
|
1,245
|
939
|
1,432
|
96,699
|
||||||||||||||||||
|
Total Traditional Banking
|
3,855,142
|
3,747,940
|
3,673,590
|
3,570,786
|
3,501,959
|
353,183
|
||||||||||||||||||
|
Warehouse lines of credit
|
403,560
|
442,238
|
596,678
|
690,200
|
850,550
|
(446,990
|
)
|
|||||||||||||||||
|
Total Core Banking
|
4,258,702
|
4,190,178
|
4,270,268
|
4,260,986
|
4,352,509
|
(93,807
|
)
|
|||||||||||||||||
|
Republic Processing Group:
|
||||||||||||||||||||||||
|
Tax Refund Solutions:
|
||||||||||||||||||||||||
|
Refund Advances
|
—
|
—
|
—
|
16,475
|
—
|
—
|
||||||||||||||||||
|
Other TRS loans
|
149,272
|
295
|
149
|
25,132
|
50,987
|
98,285
|
||||||||||||||||||
|
Republic Credit Solutions
|
107,828
|
98,977
|
91,816
|
87,650
|
93,066
|
14,762
|
||||||||||||||||||
|
Total Republic Processing Group
|
257,100
|
99,272
|
91,965
|
129,257
|
144,053
|
113,047
|
||||||||||||||||||
|
Total loans - Total Company
|
$
|
4,515,802
|
$
|
4,289,450
|
$
|
4,362,233
|
$
|
4,390,243
|
$
|
4,496,562
|
$
|
19,240
|
||||||||||||
|
Allowance for Credit Losses on Loans ("Allowance")
|
||||||||||||||||||||||||
|
Traditional Banking
|
$
|
50,709
|
$
|
49,231
|
$
|
49,727
|
$
|
49,616
|
$
|
49,407
|
$
|
1,302
|
||||||||||||
|
Warehouse Lending
|
1,009
|
1,105
|
1,491
|
1,725
|
2,126
|
(1,117
|
)
|
|||||||||||||||||
|
Total Core Banking
|
51,718
|
50,336
|
51,218
|
51,341
|
51,533
|
185
|
||||||||||||||||||
|
Tax Refund Solutions
|
3,888
|
—
|
—
|
8,370
|
96
|
3,792
|
||||||||||||||||||
|
Republic Credit Solutions
|
14,807
|
14,583
|
13,231
|
11,945
|
12,948
|
1,859
|
||||||||||||||||||
|
Total Republic Processing Group
|
18,695
|
14,583
|
13,231
|
20,315
|
13,044
|
5,651
|
||||||||||||||||||
|
Total Allowance - Total Company
|
$
|
70,413
|
$
|
64,919
|
$
|
64,449
|
$
|
71,656
|
$
|
64,577
|
$
|
5,836
|
||||||||||||
|
Allowance to Total Loans
|
||||||||||||||||||||||||
|
Traditional Banking
|
1.32
|
%
|
1.31
|
%
|
1.35
|
%
|
1.39
|
%
|
1.41
|
%
|
(0.09
|
)%
|
||||||||||||
|
Warehouse Lending
|
0.25
|
0.25
|
0.25
|
0.25
|
0.25
|
—
|
||||||||||||||||||
|
Total Core Banking
|
1.21
|
1.20
|
1.20
|
1.20
|
1.18
|
0.03
|
||||||||||||||||||
|
Tax Refund Solutions
|
2.60
|
—
|
—
|
20.12
|
0.19
|
2.41
|
||||||||||||||||||
|
Republic Credit Solutions
|
13.73
|
14.73
|
14.41
|
13.63
|
13.91
|
(0.18
|
)
|
|||||||||||||||||
|
Total Republic Processing Group
|
7.27
|
14.69
|
14.39
|
15.72
|
9.06
|
(1.79
|
)
|
|||||||||||||||||
|
Total Company
|
1.56
|
1.51
|
1.48
|
1.63
|
1.44
|
0.12
|
||||||||||||||||||
S-6
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless
otherwise noted)
|
Credit Quality Data and Ratios
|
||||||||||||||||||||||||||||||||||||
|
As of and for the Three Months Ended
|
Change (8)
|
As of and for the Years Ended
|
Change (8)
|
|||||||||||||||||||||||||||||||||
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
From Dec. 31, 2021 or Q4 to Q4 (10)
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
From Dec. 31, 2021 or 12M to 12M (10)
|
||||||||||||||||||||||||||||
|
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
|
||||||||||||||||||||||||||||||||||||
|
Nonperforming Assets - Total Company:
|
||||||||||||||||||||||||||||||||||||
|
Loans on nonaccrual status
|
$
|
15,562
|
$
|
16,322
|
$
|
16,168
|
$
|
16,935
|
$
|
20,504
|
$
|
(4,942
|
)
|
$
|
15,562
|
$
|
20,504
|
$
|
(4,942
|
)
|
||||||||||||||||
|
Loans past due 90-days-or-more and still on accrual
|
756
|
37
|
42
|
31
|
48
|
708
|
756
|
48
|
708
|
|||||||||||||||||||||||||||
|
Total nonperforming loans
|
16,318
|
16,359
|
16,210
|
16,966
|
20,552
|
(4,234
|
)
|
16,318
|
20,552
|
(4,234
|
)
|
|||||||||||||||||||||||||
|
OREO
|
1,581
|
1,634
|
1,687
|
1,740
|
1,792
|
(211
|
)
|
1,581
|
1,792
|
(211
|
)
|
|||||||||||||||||||||||||
|
Total nonperforming assets
|
$
|
17,899
|
$
|
17,993
|
$
|
17,897
|
$
|
18,706
|
$
|
22,344
|
$
|
(4,445
|
)
|
$
|
17,899
|
$
|
22,344
|
$
|
(4,445
|
)
|
||||||||||||||||
|
Nonperforming Assets - Core Bank:
|
||||||||||||||||||||||||||||||||||||
|
Loans on nonaccrual status
|
$
|
15,562
|
$
|
16,322
|
$
|
16,168
|
$
|
16,935
|
$
|
20,504
|
$
|
(4,942
|
)
|
$
|
15,562
|
$
|
20,504
|
$
|
(4,942
|
)
|
||||||||||||||||
|
Loans past due 90-days-or-more and still on accrual
|
—
|
—
|
—
|
—
|
1
|
(1
|
)
|
—
|
1
|
(1
|
)
|
|||||||||||||||||||||||||
|
Total nonperforming loans
|
15,562
|
16,322
|
16,168
|
16,935
|
20,505
|
(4,943
|
)
|
15,562
|
20,505
|
(4,943
|
)
|
|||||||||||||||||||||||||
|
OREO
|
1,581
|
1,634
|
1,687
|
1,740
|
1,792
|
(211
|
)
|
1,581
|
1,792
|
(211
|
)
|
|||||||||||||||||||||||||
|
Total nonperforming assets
|
$
|
17,143
|
$
|
17,956
|
$
|
17,855
|
$
|
18,675
|
$
|
22,297
|
$
|
(5,154
|
)
|
$
|
17,143
|
$
|
22,297
|
$
|
(5,154
|
)
|
||||||||||||||||
|
Delinquent Loans:
|
||||||||||||||||||||||||||||||||||||
|
Delinquent loans - Core Bank
|
$
|
6,060
|
$
|
4,368
|
$
|
5,352
|
$
|
5,863
|
$
|
7,430
|
$
|
(1,370
|
)
|
$
|
6,060
|
$
|
7,430
|
$
|
(1,370
|
)
|
||||||||||||||||
|
RPG
|
9,200
|
7,522
|
6,099
|
10,352
|
6,035
|
3,165
|
9,200
|
6,035
|
3,165
|
|||||||||||||||||||||||||||
|
Total delinquent loans - Total Company
|
$
|
15,260
|
$
|
11,890
|
$
|
11,451
|
$
|
16,215
|
$
|
13,465
|
$
|
1,795
|
$
|
15,260
|
$
|
13,465
|
$
|
1,795
|
||||||||||||||||||
|
NCOs (Recoveries) by Segment:
|
||||||||||||||||||||||||||||||||||||
|
Traditional Bank
|
$
|
238
|
$
|
(187
|
)
|
$
|
(5
|
)
|
$
|
118
|
$
|
175
|
$
|
63
|
$
|
164
|
$
|
385
|
$
|
(221
|
)
|
|||||||||||||||
|
Warehouse Lending loans
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
|||||||||||||||||||||||||||
|
Core Bank loans
|
238
|
(187
|
)
|
(5
|
)
|
118
|
175
|
63
|
164
|
385
|
(221
|
)
|
||||||||||||||||||||||||
|
Tax Refund Solutions
|
(909
|
)
|
(1,296
|
)
|
8,730
|
(362
|
)
|
(1,263
|
)
|
354
|
6,163
|
6,745
|
(582
|
)
|
||||||||||||||||||||||
|
Republic Credit Solutions
|
3,021
|
2,656
|
2,147
|
2,398
|
2,119
|
902
|
10,222
|
4,299
|
5,923
|
|||||||||||||||||||||||||||
|
RPG
|
2,112
|
1,360
|
10,877
|
2,036
|
856
|
1,256
|
16,385
|
11,044
|
5,341
|
|||||||||||||||||||||||||||
|
Total NCOs (recoveries) - Total Company
|
$
|
2,350
|
$
|
1,173
|
$
|
10,872
|
$
|
2,154
|
$
|
1,031
|
$
|
1,319
|
$
|
16,549
|
$
|
11,429
|
$
|
5,120
|
||||||||||||||||||
|
Credit Quality Ratios - Total Company:
|
||||||||||||||||||||||||||||||||||||
|
Nonperforming loans to total loans
|
0.36
|
%
|
0.38
|
%
|
0.37
|
%
|
0.39
|
%
|
0.46
|
%
|
(0.10
|
)%
|
0.36
|
%
|
0.46
|
%
|
(0.10
|
)%
|
||||||||||||||||||
|
Nonperforming assets to total loans (including OREO)
|
0.40
|
0.42
|
0.41
|
0.43
|
0.50
|
(0.10
|
)
|
0.40
|
0.50
|
(0.10
|
)
|
|||||||||||||||||||||||||
|
Nonperforming assets to total assets
|
0.31
|
0.30
|
0.29
|
0.29
|
0.37
|
(0.06
|
)
|
0.31
|
0.37
|
(0.06
|
)
|
|||||||||||||||||||||||||
|
Allowance for credit losses to total loans
|
1.56
|
1.51
|
1.48
|
1.63
|
1.44
|
0.12
|
1.56
|
1.44
|
0.12
|
|||||||||||||||||||||||||||
|
Allowance for credit losses to nonperforming loans
|
432
|
397
|
398
|
422
|
314
|
118
|
432
|
314
|
118
|
|||||||||||||||||||||||||||
|
Delinquent loans to total loans (9)
|
0.34
|
0.28
|
0.26
|
0.37
|
0.30
|
0.04
|
0.34
|
0.30
|
0.04
|
|||||||||||||||||||||||||||
|
NCOs (recoveries) to average loans (annualized)
|
0.22
|
0.11
|
1.00
|
0.20
|
0.09
|
0.13
|
0.38
|
0.25
|
0.13
|
|||||||||||||||||||||||||||
|
Credit Quality Ratios - Core Bank:
|
||||||||||||||||||||||||||||||||||||
|
Nonperforming loans to total loans
|
0.37
|
%
|
0.39
|
%
|
0.38
|
%
|
0.40
|
%
|
0.47
|
%
|
(0.10
|
)%
|
0.37
|
%
|
0.47
|
%
|
(0.10
|
)%
|
||||||||||||||||||
|
Nonperforming assets to total loans (including OREO)
|
0.40
|
0.43
|
0.42
|
0.44
|
0.51
|
(0.11
|
)
|
0.40
|
0.51
|
(0.11
|
)
|
|||||||||||||||||||||||||
|
Nonperforming assets to total assets
|
0.32
|
0.33
|
0.32
|
0.33
|
0.40
|
(0.08
|
)
|
0.32
|
0.40
|
(0.08
|
)
|
|||||||||||||||||||||||||
|
Allowance for credit losses to total loans
|
1.21
|
1.20
|
1.20
|
1.20
|
1.18
|
0.03
|
1.21
|
1.18
|
0.03
|
|||||||||||||||||||||||||||
|
Allowance for credit losses to nonperforming loans
|
332
|
308
|
317
|
303
|
251
|
81
|
332
|
251
|
81
|
|||||||||||||||||||||||||||
|
Delinquent loans to total loans
|
0.14
|
0.10
|
0.13
|
0.14
|
0.17
|
(0.03
|
)
|
0.14
|
0.17
|
(0.03
|
)
|
|||||||||||||||||||||||||
|
NCOs (recoveries) to average loans (annualized)
|
0.02
|
(0.02
|
)
|
—
|
0.01
|
0.02
|
—
|
—
|
0.01
|
(0.01
|
)
|
|||||||||||||||||||||||||
|
TRS Refund Advances ("RAs")
|
||||||||||||||||||||||||||||||||||||
|
RAs originated
|
$
|
97,505
|
$
|
—
|
$
|
-
|
$
|
311,207
|
$
|
—
|
$
|
97,505
|
$
|
408,712
|
$
|
250,045
|
$
|
158,667
|
||||||||||||||||||
|
Net (credit) charge to the Provision for RAs
|
2,888
|
(1,296
|
)
|
564
|
8,315
|
(1,261
|
)
|
4,149
|
10,471
|
6,723
|
3,748
|
|||||||||||||||||||||||||
|
RAs NCOs (recoveries)
|
$
|
(909
|
)
|
$
|
(1,296
|
)
|
$
|
8,879
|
$
|
-
|
$
|
(1,261
|
)
|
$
|
352
|
$
|
6,674
|
$
|
6,723
|
$
|
(49
|
)
|
||||||||||||||
S-7
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
Segment Data:
Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision
maker, who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.
As of December 31, 2022, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Mortgage
Banking, Tax Refund Solutions (“TRS”), and Republic Credit Solutions (“RCS”). Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two segments collectively
constitute Republic Processing Group (“RPG”) operations.
The nature of segment operations and the primary drivers of net revenues by reportable segment are provided below:
|
Reportable Segment:
|
Nature of Operations:
|
Primary Drivers of Net Revenue:
|
||
|
Core Banking:
|
||||
|
Traditional Banking
|
Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to
clients outside of its market footprint primarily via its digital delivery channels.
|
Loans, investments, and deposits
|
||
|
Warehouse Lending
|
Provides short-term, revolving credit facilities to mortgage bankers across the United States.
|
Mortgage warehouse lines of credit
|
||
|
Mortgage Banking
|
Primarily originates, sells, and services long-term, single-family, first-lien residential real estate loans primarily to
clients in the Bank's market footprint.
|
Loan sales and servicing
|
||
|
Republic Processing Group:
|
||||
|
Tax Refund Solutions
|
TRS offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer
products. The RPS division of TRS offers general-purpose reloadable cards. TRS and RPS products are primarily provided to clients outside of the Bank’s market footprint.
|
Loans, refund transfers, and prepaid cards.
|
||
|
Republic Credit Solutions
|
Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS
clients considered subprime or near-prime borrowers.
|
Unsecured, consumer loans
|
The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies in
the Company’s 2021 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income
before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.
S-8
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
Segment information for the quarters and years ended December 31, 2022 and 2021 follows:
|
Three Months Ended December 31, 2022
|
||||||||||||||||||||||||||||||||
|
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||
|
Total
|
Tax
|
Republic
|
||||||||||||||||||||||||||||||
|
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Credit
|
Total
|
Total
|
|||||||||||||||||||||||||
|
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
RPG
|
Company
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
49,675
|
$
|
2,317
|
$
|
50
|
$
|
52,042
|
$
|
2,964
|
$
|
8,107
|
$
|
11,071
|
$
|
63,113
|
||||||||||||||||
|
Provision for expected credit loss expense
|
1,716
|
(96
|
)
|
—
|
1,620
|
2,979
|
3,245
|
6,224
|
7,844
|
|||||||||||||||||||||||
|
Net refund transfer fees
|
—
|
—
|
—
|
—
|
486
|
—
|
486
|
486
|
||||||||||||||||||||||||
|
Mortgage banking income
|
—
|
—
|
622
|
622
|
—
|
—
|
—
|
622
|
||||||||||||||||||||||||
|
Program fees
|
—
|
—
|
—
|
—
|
685
|
2,816
|
3,501
|
3,501
|
||||||||||||||||||||||||
|
Other noninterest income
|
8,351
|
12
|
23
|
8,386
|
129
|
—
|
129
|
8,515
|
||||||||||||||||||||||||
|
Total noninterest income
|
8,351
|
12
|
645
|
9,008
|
1,300
|
2,816
|
4,116
|
13,124
|
||||||||||||||||||||||||
|
Total noninterest expense
|
35,299
|
766
|
2,385
|
38,450
|
3,791
|
2,664
|
6,455
|
44,905
|
||||||||||||||||||||||||
|
Income (loss) before income tax expense
|
21,011
|
1,659
|
(1,690
|
)
|
20,980
|
(2,506
|
)
|
5,014
|
2,508
|
23,488
|
||||||||||||||||||||||
|
Income tax expense (benefit)
|
4,685
|
371
|
(371
|
)
|
4,685
|
(726
|
)
|
1,016
|
290
|
4,975
|
||||||||||||||||||||||
|
Net income (loss)
|
$
|
16,326
|
$
|
1,288
|
$
|
(1,319
|
)
|
$
|
16,295
|
$
|
(1,780
|
)
|
$
|
3,998
|
$
|
2,218
|
$
|
18,513
|
||||||||||||||
|
Period-end assets
|
$
|
4,893,761
|
$
|
405,052
|
$
|
13,938
|
$
|
5,312,751
|
$
|
409,259
|
$
|
112,521
|
$
|
521,780
|
$
|
5,834,531
|
||||||||||||||||
|
Net interest margin
|
3.94
|
%
|
2.28
|
%
|
NM
|
3.82
|
%
|
NM
|
NM
|
NM
|
4.51
|
%
|
||||||||||||||||||||
|
Net-revenue concentration*
|
76
|
%
|
3
|
%
|
1
|
%
|
80
|
%
|
6
|
%
|
14
|
%
|
20
|
%
|
100
|
%
|
||||||||||||||||
|
Three Months Ended December 31, 2021
|
||||||||||||||||||||||||||||||||
|
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||
|
Total
|
Tax
|
Republic
|
||||||||||||||||||||||||||||||
|
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Credit
|
Total
|
Total
|
|||||||||||||||||||||||||
|
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
(10)
|
RPG
|
Company
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
37,572
|
$
|
5,831
|
$
|
279
|
$
|
43,682
|
$
|
244
|
$
|
6,973
|
$
|
7,217
|
$
|
50,899
|
||||||||||||||||
|
Provision for expected credit loss expense
|
88
|
249
|
—
|
337
|
(1,167
|
)
|
3,407
|
2,240
|
2,577
|
|||||||||||||||||||||||
|
Net refund transfer fees
|
—
|
—
|
—
|
—
|
326
|
—
|
326
|
326
|
||||||||||||||||||||||||
|
Mortgage banking income
|
—
|
—
|
3,339
|
3,339
|
—
|
—
|
—
|
3,339
|
||||||||||||||||||||||||
|
Program fees
|
—
|
—
|
—
|
—
|
797
|
3,869
|
4,666
|
4,666
|
||||||||||||||||||||||||
|
Other noninterest income
|
8,630
|
14
|
51
|
8,695
|
53
|
—
|
53
|
8,748
|
||||||||||||||||||||||||
|
Total noninterest income
|
8,630
|
14
|
3,390
|
12,034
|
1,176
|
3,869
|
5,045
|
17,079
|
||||||||||||||||||||||||
|
Total noninterest expense
|
35,184
|
1,060
|
2,972
|
39,216
|
4,379
|
1,439
|
5,818
|
45,034
|
||||||||||||||||||||||||
|
Income before income tax expense
|
10,930
|
4,536
|
697
|
16,163
|
(1,792
|
)
|
5,996
|
4,204
|
20,367
|
|||||||||||||||||||||||
|
Income tax expense
|
969
|
1,043
|
153
|
2,165
|
(503
|
)
|
1,487
|
984
|
3,149
|
|||||||||||||||||||||||
|
Net income
|
$
|
9,961
|
$
|
3,493
|
$
|
544
|
$
|
13,998
|
$
|
(1,289
|
)
|
$
|
4,509
|
$
|
3,220
|
$
|
17,218
|
|||||||||||||||
|
Period-end assets
|
$
|
4,717,836
|
$
|
850,703
|
$
|
43,929
|
$
|
5,612,468
|
$
|
371,647
|
$
|
109,517
|
$
|
481,164
|
$
|
6,093,632
|
||||||||||||||||
|
Net interest margin
|
3.08
|
%
|
3.08
|
%
|
NM
|
3.08
|
%
|
NM
|
NM
|
NM
|
3.53
|
%
|
||||||||||||||||||||
|
Net-revenue concentration*
|
68
|
%
|
9
|
%
|
5
|
%
|
82
|
%
|
2
|
%
|
16
|
%
|
18
|
%
|
100
|
%
|
||||||||||||||||
S-9
|
Year Ended December 31, 2022
|
||||||||||||||||||||||||||||||||
|
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||
|
Total
|
Tax
|
Republic
|
||||||||||||||||||||||||||||||
|
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Credit
|
Total
|
Total
|
|||||||||||||||||||||||||
|
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
|
RPG
|
Company
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
171,543
|
$
|
13,729
|
$
|
519
|
$
|
185,791
|
$
|
21,715
|
$
|
29,185
|
$
|
50,900
|
$
|
236,691
|
||||||||||||||||
|
Provision for expected credit loss expense
|
1,429
|
(1,117
|
)
|
—
|
312
|
9,955
|
12,081
|
22,036
|
22,348
|
|||||||||||||||||||||||
|
Net refund transfer fees
|
—
|
—
|
—
|
—
|
17,080
|
—
|
17,080
|
17,080
|
||||||||||||||||||||||||
|
Mortgage banking income
|
—
|
—
|
6,196
|
6,196
|
—
|
—
|
—
|
6,196
|
||||||||||||||||||||||||
|
Program fees
|
—
|
—
|
—
|
—
|
2,872
|
13,300
|
16,172
|
16,172
|
||||||||||||||||||||||||
|
Contract termination fee
|
—
|
—
|
—
|
—
|
5,000
|
—
|
5,000
|
5,000
|
||||||||||||||||||||||||
|
Legal settlement
|
—
|
—
|
—
|
—
|
13,000
|
—
|
13,000
|
13,000
|
||||||||||||||||||||||||
|
Other noninterest income
|
31,648
|
50
|
136
|
31,834
|
528
|
—
|
528
|
32,362
|
||||||||||||||||||||||||
|
Total noninterest income
|
31,648
|
50
|
6,332
|
38,030
|
38,480
|
13,300
|
51,780
|
89,810
|
||||||||||||||||||||||||
|
Total noninterest expense
|
149,681
|
3,604
|
9,912
|
163,197
|
15,717
|
8,394
|
24,111
|
187,308
|
||||||||||||||||||||||||
|
Income (loss) before income tax expense
|
52,081
|
11,292
|
(3,061
|
)
|
60,312
|
34,523
|
22,010
|
56,533
|
116,845
|
|||||||||||||||||||||||
|
Income tax expense (benefit)
|
11,104
|
2,539
|
(673
|
)
|
12,970
|
7,847
|
4,922
|
12,769
|
25,739
|
|||||||||||||||||||||||
|
Net income (loss)
|
$
|
40,977
|
$
|
8,753
|
$
|
(2,388
|
)
|
$
|
47,342
|
$
|
26,676
|
$
|
17,088
|
$
|
43,764
|
$
|
91,106
|
|||||||||||||||
|
Period-end assets
|
$
|
4,893,761
|
$
|
405,052
|
$
|
13,938
|
$
|
5,312,751
|
$
|
409,259
|
$
|
112,521
|
$
|
521,780
|
$
|
5,834,531
|
||||||||||||||||
|
Net interest margin
|
3.38
|
%
|
2.69
|
%
|
NM
|
3.32
|
%
|
NM
|
NM
|
NM
|
4.12
|
%
|
||||||||||||||||||||
|
Net-revenue concentration*
|
63
|
%
|
4
|
%
|
2
|
%
|
69
|
%
|
18
|
%
|
13
|
%
|
31
|
%
|
100
|
%
|
||||||||||||||||
|
Year Ended December 31, 2021
|
||||||||||||||||||||||||||||||||
|
Core Banking
|
Republic Processing Group
|
|||||||||||||||||||||||||||||||
|
Total
|
Tax
|
Republic
|
||||||||||||||||||||||||||||||
|
Traditional
|
Warehouse
|
Mortgage
|
Core
|
Refund
|
Credit
|
Total
|
Total
|
|||||||||||||||||||||||||
|
(dollars in thousands)
|
Banking
|
Lending
|
Banking
|
Banking
|
Solutions
|
Solutions
(10)
|
RPG
|
Company
|
||||||||||||||||||||||||
|
Net interest income
|
$
|
157,249
|
$
|
25,218
|
$
|
1,081
|
$
|
183,548
|
$
|
15,837
|
$
|
23,355
|
$
|
39,192
|
$
|
222,740
|
||||||||||||||||
|
Provision for expected credit loss expense
|
(38
|
)
|
(281
|
)
|
—
|
(319
|
)
|
6,683
|
8,444
|
15,127
|
14,808
|
|||||||||||||||||||||
|
Net refund transfer fees
|
—
|
—
|
—
|
—
|
20,248
|
—
|
20,248
|
20,248
|
||||||||||||||||||||||||
|
Mortgage banking income
|
—
|
—
|
19,994
|
19,994
|
—
|
—
|
—
|
19,994
|
||||||||||||||||||||||||
|
Program fees
|
—
|
—
|
—
|
—
|
3,171
|
11,066
|
14,237
|
14,237
|
||||||||||||||||||||||||
|
Other noninterest income
|
31,492
|
57
|
191
|
31,740
|
356
|
—
|
356
|
32,096
|
||||||||||||||||||||||||
|
Total noninterest income
|
31,492
|
57
|
20,185
|
51,734
|
23,775
|
11,066
|
34,841
|
86,575
|
||||||||||||||||||||||||
|
Total noninterest expense
|
145,376
|
4,210
|
12,356
|
161,942
|
16,344
|
4,779
|
21,123
|
183,065
|
||||||||||||||||||||||||
|
Income before income tax expense
|
43,403
|
21,346
|
8,910
|
73,659
|
16,585
|
21,198
|
37,783
|
111,442
|
||||||||||||||||||||||||
|
Income tax expense
|
7,685
|
4,962
|
1,960
|
14,607
|
3,964
|
5,260
|
9,224
|
23,831
|
||||||||||||||||||||||||
|
Net income
|
$
|
35,718
|
$
|
16,384
|
$
|
6,950
|
$
|
59,052
|
$
|
12,621
|
$
|
15,938
|
$
|
28,559
|
$
|
87,611
|
||||||||||||||||
|
Period-end assets
|
$
|
4,717,836
|
$
|
850,703
|
$
|
43,929
|
$
|
5,612,468
|
$
|
371,647
|
$
|
109,517
|
$
|
481,164
|
$
|
6,093,632
|
||||||||||||||||
|
Net interest margin
|
3.18
|
%
|
3.37
|
%
|
NM
|
3.20
|
%
|
NM
|
NM
|
NM
|
3.79
|
%
|
||||||||||||||||||||
|
Net-revenue concentration*
|
61
|
%
|
8
|
%
|
7
|
%
|
76
|
%
|
13
|
%
|
11
|
%
|
24
|
%
|
100
|
%
|
||||||||||||||||
*Net revenues represent total net interest income plus noninterest income. Net-revenue concentration equals segment-level net
revenue divided by total Company net revenue.
S-10
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Fourth quarter 2022 (continued)
|
(1)
|
The amount of loan fee income can meaningfully impact total interest income, loan yields, net
interest margin, and net interest spread. The following table presents the Company’s loan fees by segment:
|
|
Three Months Ended
|
$ Change (8)
|
Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
|
(dollars in thousands)
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
Q4 to Q4
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
12M to 12M
|
|||||||||||||||||||||||||||
|
Traditional Bank excluding PPP fees
|
$
|
883
|
$
|
911
|
$
|
1,545
|
$
|
1,451
|
$
|
1,126
|
$
|
(243
|
)
|
$
|
4,790
|
$
|
4,136
|
$
|
654
|
|||||||||||||||||
|
Traditional Bank - PPP fees
|
60
|
152
|
124
|
879
|
2,850
|
(2,790
|
)
|
1,215
|
17,465
|
(16,250
|
)
|
|||||||||||||||||||||||||
|
Warehouse Lending
|
272
|
402
|
500
|
574
|
662
|
(390
|
)
|
1,748
|
3,101
|
(1,353
|
)
|
|||||||||||||||||||||||||
|
Total Core Bank
|
1,215
|
1,465
|
2,169
|
2,904
|
4,638
|
(3,423
|
)
|
7,753
|
24,702
|
(16,949
|
)
|
|||||||||||||||||||||||||
|
TRS - Refund Advances
|
50
|
81
|
81
|
13,444
|
43
|
7
|
13,656
|
13,202
|
454
|
|||||||||||||||||||||||||||
|
TRS - Other Loan Fees
|
825
|
(1
|
)
|
2
|
662
|
—
|
825
|
1,488
|
1,656
|
(168
|
)
|
|||||||||||||||||||||||||
|
RCS
|
7,501
|
7,196
|
6,364
|
6,257
|
5,695
|
1,806
|
27,318
|
19,345
|
7,973
|
|||||||||||||||||||||||||||
|
Total RPG
|
8,376
|
7,276
|
6,447
|
20,363
|
5,738
|
2,638
|
42,462
|
34,203
|
8,259
|
|||||||||||||||||||||||||||
|
Total loan fees - Total Company
|
$
|
9,591
|
$
|
8,741
|
$
|
8,616
|
$
|
23,267
|
$
|
10,376
|
$
|
(785
|
)
|
$
|
50,215
|
$
|
58,905
|
$
|
(8,690
|
)
|
||||||||||||||||
|
(2)
|
Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment
securities. Provision expense for off-balance sheet credit exposures is a component of “Other” noninterest expense.
|
|
(3)
|
In the ordinary course of business, the Bank originates for sale mortgage loans and consumer loans. Mortgage loans
originated for sale are primarily originated and sold into the secondary market through the Bank’s Mortgage Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment. Gains on
sale of mortgage loans are recorded as a component of Mortgage Banking income. Gains on sale of consumer loans are recorded as a component of Program Fees.
|
|
As of and for the Three Months Ended
|
$ Change (8)
|
As of and for the Years Ended
|
$ Change (8)
|
|||||||||||||||||||||||||||||||||
|
(dollars in thousands)
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
Q4 to Q4
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
12M to 12M
|
|||||||||||||||||||||||||||
|
Mortgage Loans Held for Sale
|
||||||||||||||||||||||||||||||||||||
|
Balance, beginning of period
|
$
|
2,912
|
$
|
8,491
|
$
|
13,302
|
$
|
29,393
|
$
|
25,791
|
$
|
(22,879
|
)
|
$
|
29,393
|
$
|
46,867
|
$
|
(17,474
|
)
|
||||||||||||||||
|
Originations
|
10,359
|
32,856
|
61,489
|
100,661
|
155,468
|
(145,109
|
)
|
205,365
|
680,714
|
(475,349
|
)
|
|||||||||||||||||||||||||
|
Proceeds from sales
|
(12,207
|
)
|
(39,220
|
)
|
(67,759
|
)
|
(119,212
|
)
|
(155,186
|
)
|
142,979
|
(238,398
|
)
|
(717,847
|
)
|
479,449
|
||||||||||||||||||||
|
Net gain on sale
|
238
|
785
|
1,459
|
2,460
|
3,320
|
(3,082
|
)
|
4,942
|
19,659
|
(14,717
|
)
|
|||||||||||||||||||||||||
|
Balance, end of period
|
$
|
1,302
|
$
|
2,912
|
$
|
8,491
|
$
|
13,302
|
$
|
29,393
|
$
|
(28,091
|
)
|
$
|
1,302
|
$
|
29,393
|
$
|
(28,091
|
)
|
||||||||||||||||
|
RCS Consumer Loans Held for Sale
|
||||||||||||||||||||||||||||||||||||
|
Balance, beginning of period
|
$
|
21,475
|
$
|
31,236
|
$
|
14,735
|
$
|
22,684
|
$
|
14,755
|
$
|
6,720
|
$
|
22,684
|
$
|
4,776
|
$
|
17,908
|
||||||||||||||||||
|
Originations
|
225,588
|
292,131
|
282,782
|
245,214
|
321,118
|
(95,530
|
)
|
1,045,715
|
882,180
|
163,535
|
||||||||||||||||||||||||||
|
Proceeds from sales
|
(231,999
|
)
|
(306,093
|
)
|
(269,429
|
)
|
(256,280
|
)
|
(316,597
|
)
|
84,598
|
(1,063,801
|
)
|
(875,570
|
)
|
(188,231
|
)
|
|||||||||||||||||||
|
Net gain on sale
|
2,811
|
4,201
|
3,148
|
3,117
|
3,408
|
(597
|
)
|
13,277
|
11,298
|
1,979
|
||||||||||||||||||||||||||
|
Balance, end of period
|
$
|
17,875
|
$
|
21,475
|
$
|
31,236
|
$
|
14,735
|
$
|
22,684
|
$
|
(4,809
|
)
|
$
|
17,875
|
$
|
22,684
|
$
|
(4,809
|
)
|
||||||||||||||||
S-11
|
(4)
|
The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible
stockholders’ equity in accordance with applicable regulatory requirements, a non-GAAP disclosure. The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking
regulators, because of its widespread use by investors as a means to evaluate capital adequacy.
|
|
As of
|
||||||||||||||||||||
|
(dollars in thousands, except per share data)
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
|||||||||||||||
|
Total stockholders' equity - GAAP (a)
|
$
|
856,613
|
$
|
843,063
|
$
|
843,866
|
$
|
841,576
|
$
|
835,054
|
||||||||||
|
Less: Goodwill
|
16,300
|
16,300
|
16,300
|
16,300
|
16,300
|
|||||||||||||||
|
Less: Mortgage servicing rights
|
8,769
|
9,177
|
9,407
|
9,502
|
9,196
|
|||||||||||||||
|
Tangible stockholders' equity - Non-GAAP (c)
|
$
|
831,544
|
$
|
817,586
|
$
|
818,159
|
$
|
815,774
|
$
|
809,558
|
||||||||||
|
Total assets - GAAP (b)
|
$
|
5,834,531
|
$
|
5,999,663
|
$
|
6,112,476
|
$
|
6,349,869
|
$
|
6,093,632
|
||||||||||
|
Less: Goodwill
|
16,300
|
16,300
|
16,300
|
16,300
|
16,300
|
|||||||||||||||
|
Less: Mortgage servicing rights
|
8,769
|
9,177
|
9,407
|
9,502
|
9,196
|
|||||||||||||||
|
Tangible assets - Non-GAAP (d)
|
$
|
5,809,462
|
$
|
5,974,186
|
$
|
6,086,769
|
$
|
6,324,067
|
$
|
6,068,136
|
||||||||||
|
Total stockholders' equity to total assets - GAAP (a/b)
|
14.68
|
%
|
14.05
|
%
|
13.81
|
%
|
13.25
|
%
|
13.70
|
%
|
||||||||||
|
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)
|
14.31
|
%
|
13.69
|
%
|
13.44
|
%
|
12.90
|
%
|
13.34
|
%
|
||||||||||
|
Number of shares outstanding (e)
|
19,747
|
19,747
|
19,790
|
19,999
|
19,981
|
|||||||||||||||
|
Book value per share - GAAP (a/e)
|
$
|
43.38
|
$
|
42.69
|
$
|
42.64
|
$
|
42.08
|
$
|
41.79
|
||||||||||
|
Tangible book value per share - Non-GAAP (c/e)
|
42.11
|
41.40
|
41.34
|
40.79
|
40.52
|
|||||||||||||||
|
(5)
|
The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by
the sum of net interest income and noninterest income. The ratio excludes material nonrecurring revenues and expenses related to the now-cancelled TRS Transaction, as well as net gains (losses) on sales, calls, and
impairment of investment securities.
|
|
Three Months Ended
|
Year Ended December 31, 2022
|
||||||||||||||||||||||||||||
|
(dollars in thousands)
|
Dec. 31, 2022
|
Sep. 30, 2022 (10)
|
Jun. 30, 2022 (10)
|
Mar. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
Dec. 31, 2022 (10)
|
Dec. 31, 2021 (10)
|
||||||||||||||||||||||
|
Net interest income - GAAP
|
$
|
63,113
|
$
|
58,597
|
$
|
51,814
|
$
|
63,167
|
$
|
50,899
|
$
|
236,691
|
$
|
222,740
|
|||||||||||||||
|
Noninterest income - GAAP
|
13,124
|
15,108
|
30,569
|
31,009
|
17,079
|
89,810
|
86,575
|
||||||||||||||||||||||
|
Less: Contract termination fee related to TRS Transaction
|
—
|
—
|
—
|
5,000
|
—
|
5,000
|
—
|
||||||||||||||||||||||
|
Less: Legal settlement related to TRS Transaction
|
—
|
—
|
13,000
|
—
|
—
|
13,000
|
—
|
||||||||||||||||||||||
|
Less: Net gain (loss) on securities
|
1
|
2
|
(102
|
)
|
(120
|
)
|
(23
|
)
|
(219
|
)
|
(69
|
)
|
|||||||||||||||||
|
Total adjusted income - Non-GAAP (a)
|
$
|
76,236
|
$
|
73,703
|
$
|
69,485
|
$
|
89,296
|
$
|
68,001
|
$
|
308,720
|
$
|
309,384
|
|||||||||||||||
|
Noninterest expense - GAAP
|
$
|
44,905
|
$
|
46,166
|
$
|
47,656
|
$
|
48,581
|
$
|
45,034
|
$
|
187,308
|
$
|
183,065
|
|||||||||||||||
|
Less: Expenses related to TRS Transaction
|
—
|
88
|
699
|
127
|
611
|
914
|
1,300
|
||||||||||||||||||||||
|
Adjusted noninterest expense - Non-GAAP (b)
|
$
|
44,905
|
$
|
46,078
|
$
|
46,957
|
$
|
48,454
|
$
|
44,423
|
$
|
186,394
|
$
|
181,765
|
|||||||||||||||
|
Efficiency Ratio - Non-GAAP (b/a)
|
59
|
%
|
63
|
%
|
68
|
%
|
54
|
%
|
65
|
%
|
60
|
%
|
59
|
%
|
|||||||||||||||
|
(6)
|
The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average
interest-bearing deposits plus total average noninterest-bearing deposits.
|
|
(7)
|
FTEs – Full-time-equivalent employees.
|
|
(8)
|
Quarter (“Q”) to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter
end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M (three months), 6M to 6M (six
months), 9M to 9M (nine months), or 12M to 12M (twelve months).
|
|
(9)
|
The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans.
Depending on loan class, loan delinquency is determined by the number of days or the number of payments past due. Delinquent loans as of March 31, 2022, included $4.7 million of Refund Advances (“RA”), which do not have a
contractual due date, but the Company considered an RA delinquent in 2022 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.
|
|
(10)
|
During the fourth quarter of 2022, the Company identified a prior period accounting error in the form of
an immaterial understatement of revenue, solely related to one RCS line of credit product. The financial reporting periods affected by this error include the Company’s previously reported audited consolidated financial
statements for the fiscal year ended December 31, 2021, and the Company’s previously reported interim unaudited consolidated financial statements for each of the quarterly and fiscal year-to-date periods ended June 30, 2021;
September 30, 2021; March 31, 2022; June 30, 2022; and September 30, 2022; and the unaudited consolidated quarterly financial data for the quarter ending December 31, 2021 (collectively the “previously reported financial
statements”). The three-month period ended December 31, 2021, and the year-end period December 31, 2021, also reflected certain immaterial revisions to reclassify certain gains and losses on the sale of the same RCS
line of credit product. This reclassification impacts noninterest income, noninterest expense, and interest income with no impact to net income.
|
S-12
Based on the Company’s evaluation of this error in consideration of the Financial
Accounting Standards Board (“FASB) Accounting Standards Codification (“ASC”) 250 and the SEC Staff’s Accounting Bulletins Nos. 99 (“SAB 99”) and 108 (“SAB 108”) and interpretations therewith, the Company concluded this error was not
material, on an individual or aggregate basis, to the Company’s previously reported financial statements and correction of the error would not be material to the current year financial statements, including any interim periods. However,
the Company corrected this error as a voluntary immaterial revision to the accompanying financial supplement, as of and for the fiscal years ended December 31, 2022, and 2021, in the periods in which the error occurred. In addition, the
Company expects to present the corrected interim 2022 amounts in its 2023 consolidated interim financial statements upon the filing of its Quarterly Reports on Form 10-Q on a quarterly basis and a year-to-date basis as a voluntary
immaterial revision to all applicable 2022 periods. The Company also expects to present the corrected 2021 and 2022 amounts upon the filing of the Annual Report on Form 10-K for the year ended December 31, 2022, as a voluntary
immaterial revision to all applicable 2021 and 2022 periods.
|
Consolidated Income Statement
|
||||||||||||
|
($ in thousands, except per share data)
|
Period Ended March 31, 2022 (Unaudited)
|
|||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Interest Income
|
$
|
63,555
|
$
|
555
|
$
|
64,110
|
||||||
|
Net Interest Income
|
62,612
|
555
|
63,167
|
|||||||||
|
Income before income taxes
|
35,814
|
555
|
36,369
|
|||||||||
|
Income tax expense
|
7,888
|
131
|
8,019
|
|||||||||
|
Net income
|
27,926
|
424
|
28,350
|
|||||||||
|
Basic EPS - Class A Common Stock
|
$
|
1.40
|
$
|
0.02
|
$
|
1.42
|
||||||
|
Basic EPS - Class B Common Stock
|
1.27
|
0.02
|
1.29
|
|||||||||
|
Diluted EPS - Class A Common Stock
|
1.40
|
0.02
|
1.42
|
|||||||||
|
Diluted EPS - Class B Common Stock
|
1.27
|
0.02
|
1.29
|
|||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended March 31, 2022 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,509,540
|
$
|
(1,247
|
)
|
$
|
5,508,293
|
|||||
|
Total Stockholders' Equity
|
840,329
|
1,247
|
841,576
|
|||||||||
|
Consolidated Income Statement
|
||||||||||||||||||||||||
|
($ in thousands, except per share data)
|
Period Ended June 30, 2022 (Unaudited)
|
|||||||||||||||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
6 Months
|
Immaterial
|
6 Months
|
|||||||||||||||||||
|
As Reported
|
Revision
|
Revised
|
As Reported
|
Revision
|
Revised
|
|||||||||||||||||||
|
Interest Income
|
$
|
52,320
|
$
|
582
|
$
|
52,902
|
$
|
115,875
|
$
|
1,137
|
$
|
117,012
|
||||||||||||
|
Net Interest Income
|
51,232
|
582
|
51,814
|
113,844
|
1,137
|
114,981
|
||||||||||||||||||
|
Income before income taxes
|
30,440
|
582
|
31,022
|
66,254
|
1,137
|
67,391
|
||||||||||||||||||
|
Income tax expense
|
6,539
|
136
|
6,675
|
14,427
|
267
|
14,694
|
||||||||||||||||||
|
Net income
|
23,901
|
446
|
24,347
|
51,827
|
870
|
52,697
|
||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
1.20
|
$
|
0.03
|
$
|
1.23
|
$
|
2.60
|
$
|
0.05
|
$
|
2.65
|
||||||||||||
|
Basic EPS - Class B Common Stock
|
1.09
|
0.03
|
1.12
|
2.37
|
0.04
|
2.41
|
||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
1.20
|
0.02
|
1.22
|
2.59
|
0.05
|
2.64
|
||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
1.09
|
0.02
|
1.11
|
2.36
|
0.04
|
2.40
|
||||||||||||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended June 30, 2022 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,270,302
|
$
|
(1,692
|
)
|
$
|
5,268,610
|
|||||
|
Total Stockholders' Equity
|
842,174
|
1,692
|
843,866
|
|||||||||
S-13
|
Consolidated Income Statement
|
||||||||||||||||||||||||
|
($ in thousands, except per share data)
|
Period Ended September 30, 2022 (Unaudited)
|
|||||||||||||||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
9 Months
|
Immaterial
|
9 Months
|
|||||||||||||||||||
|
As Reported
|
Revision
|
Revised
|
As Reported
|
Revision
|
Revised
|
|||||||||||||||||||
|
Interest Income
|
$
|
60,056
|
$
|
561
|
$
|
60,617
|
$
|
175,931
|
$
|
1,698
|
$
|
177,629
|
||||||||||||
|
Net Interest Income
|
58,036
|
561
|
58,597
|
171,880
|
1,698
|
173,578
|
||||||||||||||||||
|
Income before income taxes
|
25,405
|
561
|
25,966
|
91,659
|
1,698
|
93,357
|
||||||||||||||||||
|
Income tax expense
|
5,922
|
148
|
6,070
|
20,349
|
415
|
20,764
|
||||||||||||||||||
|
Net income
|
19,483
|
413
|
19,896
|
71,310
|
1,283
|
72,593
|
||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
0.99
|
$
|
0.02
|
$
|
1.01
|
$
|
3.60
|
$
|
0.06
|
$
|
3.66
|
||||||||||||
|
Basic EPS - Class B Common Stock
|
0.90
|
0.02
|
0.92
|
3.27
|
0.06
|
3.33
|
||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
0.99
|
0.02
|
1.01
|
3.58
|
0.07
|
3.65
|
||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
0.90
|
0.02
|
0.92
|
3.26
|
0.06
|
3.32
|
||||||||||||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended September 30, 2022 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,158,705
|
$
|
(2,105
|
)
|
$
|
5,156,600
|
|||||
|
Total Stockholders' Equity
|
840,958
|
2,105
|
843,063
|
|||||||||
|
Consolidated Income Statement
|
||||||||||||||||||||||||
|
($ in thousands, except per share data)
|
Period Ended June 30, 2021 (Unaudited)
|
|||||||||||||||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
6 Months
|
Immaterial
|
6 Months
|
|||||||||||||||||||
|
As Reported
|
Revision
|
Revised
|
As Reported
|
Revision
|
Revised
|
|||||||||||||||||||
|
Interest Income
|
$
|
51,815
|
$
|
45
|
$
|
51,860
|
$
|
121,458
|
$
|
45
|
$
|
121,503
|
||||||||||||
|
Net Interest Income
|
50,304
|
45
|
50,349
|
118,170
|
45
|
118,215
|
||||||||||||||||||
|
Income before income taxes
|
30,561
|
45
|
30,606
|
64,305
|
45
|
64,350
|
||||||||||||||||||
|
Income tax expense
|
6,639
|
9
|
6,648
|
14,330
|
9
|
14,339
|
||||||||||||||||||
|
Net income
|
23,922
|
36
|
23,958
|
49,975
|
36
|
50,011
|
||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
1.16
|
$
|
—
|
$
|
1.16
|
$
|
2.42
|
$
|
—
|
$
|
2.42
|
||||||||||||
|
Basic EPS - Class B Common Stock
|
1.05
|
0.01
|
1.06
|
2.20
|
—
|
2.20
|
||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
1.16
|
—
|
1.16
|
2.41
|
—
|
2.41
|
||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
1.05
|
—
|
1.05
|
2.19
|
—
|
2.19
|
||||||||||||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended June 30, 2021 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,338,220
|
$
|
(36
|
)
|
$
|
5,338,184
|
|||||
|
Total Stockholders' Equity
|
845,090
|
36
|
845,126
|
|||||||||
|
Consolidated Income Statement
|
||||||||||||||||||||||||
|
($ in thousands, except per share data)
|
Period Ended September 30, 2021 (Unaudited)
|
|||||||||||||||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
9 Months
|
Immaterial
|
9 Months
|
|||||||||||||||||||
|
As Reported
|
Revision
|
Revised
|
As Reported
|
Revision
|
Revised
|
|||||||||||||||||||
|
Interest Income
|
$
|
54,469
|
$
|
497
|
$
|
54,966
|
$
|
175,927
|
$
|
542
|
$
|
176,469
|
||||||||||||
|
Net Interest Income
|
53,129
|
497
|
53,626
|
171,299
|
542
|
171,841
|
||||||||||||||||||
|
Income before income taxes
|
26,227
|
497
|
26,724
|
90,532
|
542
|
91,074
|
||||||||||||||||||
|
Income tax expense
|
6,218
|
124
|
6,342
|
20,548
|
133
|
20,681
|
||||||||||||||||||
|
Net income
|
20,009
|
373
|
20,382
|
69,984
|
409
|
70,393
|
||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
0.99
|
$
|
0.02
|
$
|
1.01
|
$
|
3.40
|
$
|
0.02
|
$
|
3.42
|
||||||||||||
|
Basic EPS - Class B Common Stock
|
0.90
|
0.02
|
0.92
|
3.10
|
0.02
|
3.12
|
||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
0.99
|
0.02
|
1.01
|
3.39
|
0.02
|
3.41
|
||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
0.90
|
0.01
|
0.91
|
3.09
|
0.01
|
3.10
|
||||||||||||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended September 30, 2021 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,348,977
|
$
|
(409
|
)
|
$
|
5,348,568
|
|||||
|
Total Stockholders' Equity
|
838,657
|
409
|
839,066
|
|||||||||
S-14
|
Consolidated Income Statement
|
||||||||||||||||||||||||
|
($ in thousands, except per share data)
|
Period Ended December 31, 2021 (Unaudited)
|
Period Ended December 31, 2021 (Unaudited)
|
||||||||||||||||||||||
|
3 Months
|
Immaterial
|
3 Months
|
12 Months
|
Immaterial
|
12 Months
|
|||||||||||||||||||
|
As Reported
|
Revision
|
Revised
|
As Reported
|
Revision
|
Revised
|
|||||||||||||||||||
|
Interest Income
|
$
|
51,379
|
$
|
558
|
$
|
51,937
|
$
|
226,260
|
$
|
2,146
|
$
|
228,406
|
||||||||||||
|
Net Interest Income
|
50,341
|
558
|
50,899
|
220,594
|
2,146
|
222,740
|
||||||||||||||||||
|
Noninterest Income
|
16,630
|
449
|
17,079
|
86,859
|
(284
|
) |
86,575
|
|||||||||||||||||
|
Noninterest Expense
|
44,585
|
449
|
45,034
|
182,304
|
761
|
183,065
|
||||||||||||||||||
|
Income before income taxes
|
19,809
|
558
|
20,367
|
110,341
|
1,101
|
111,442
|
||||||||||||||||||
|
Income tax expense
|
3,004
|
145
|
3,149
|
23,552
|
279
|
23,831
|
||||||||||||||||||
|
Net income
|
16,805
|
413
|
17,218
|
86,789
|
822
|
87,611
|
||||||||||||||||||
|
Basic EPS - Class A Common Stock
|
$
|
0.84
|
$
|
0.03
|
$
|
0.87
|
$
|
4.25
|
$
|
0.04
|
$
|
4.29
|
||||||||||||
|
Basic EPS - Class B Common Stock
|
0.77
|
0.01
|
0.78
|
3.87
|
0.03
|
3.90
|
||||||||||||||||||
|
Diluted EPS - Class A Common Stock
|
0.84
|
0.02
|
0.86
|
4.24
|
0.04
|
4.28
|
||||||||||||||||||
|
Diluted EPS - Class B Common Stock
|
0.76
|
0.02
|
0.78
|
3.85
|
0.04
|
3.89
|
||||||||||||||||||
|
Consolidated Balance Sheet
|
||||||||||||
|
($ in thousands)
|
Period Ended December 31, 2021 (Unaudited)
|
|||||||||||
|
Period End Balance
|
Immaterial
|
Period End Balance
|
||||||||||
|
As Reported
|
Revision
|
Revised
|
||||||||||
|
Total Liabilities
|
$
|
5,259,400
|
$
|
(822
|
)
|
$
|
5,258,578
|
|||||
|
Total Stockholders' Equity
|
834,232
|
822
|
835,054
|
|||||||||
NM – Not meaningful
NA – Not applicable
YTD – Year to date
CONTACT:
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628