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STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS
 12 Months Ended
Dec. 31, 2024
STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS  
STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS

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13.

STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL MATTERS

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Common Stock — The Company’s Class A Common shares are entitled to cash dividends equal to 110% of the cash dividend paid per share on Class B Common Stock. Class A Common shares have one vote per share and Class B Common shares have ten votes per share. Class B Common shares may be converted, at the option of the holder, to Class A Common shares on a share-for-share basis. The Class A Common shares are not convertible into any other class of Republic’s capital stock.

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Dividend Restrictions — The Parent Company’s principal source of funds for dividend payments are dividends received from the Bank. Banking regulations limit the amount of dividends that may be paid to the Parent Company by the Bank without prior approval of the respective states’ banking regulators. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years. As of January 1, 2025, the Bank could, without prior approval, declare dividends of approximately $95 million. Any payment of dividends in the future will depend, in large part, on the Company’s earnings, capital requirements, financial condition, and other factors considered relevant by the Company’s Board of Directors.

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Regulatory Capital Requirements — The Parent Company and the Bank are subject to various regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Republic’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Parent Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities and certain off-balance sheet items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors.

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Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2024 and 2023, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category.

For prompt corrective action, the regulations in accordance with Basel III define “well capitalized” as a 10.0% Total Risk-Based Capital ratio, a 6.5% Common Equity Tier 1 Risk-Based Capital ratio, an 8.0% Tier 1 Risk-Based Capital ratio, and a 5.0% Tier 1 Leverage ratio. Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain

discretionary bonus payments to executive officers, the Company and Bank must hold a capital conservation buffer of 2.5% composed of Common Equity Tier 1 Risk-Based Capital above their minimum risk-based capital requirements.

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Minimum Requirement

 

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to be Well Capitalized

 

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Minimum Requirement

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Under Prompt

 

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for Capital Adequacy

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Corrective Action

 

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Actual

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Purposes

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Provisions

 

(dollars in thousands)

    

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

 

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As of December 31, 2024

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Total capital to risk-weighted assets

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Republic Bancorp, Inc.

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$

1,042,149

 

16.98

%  

$

490,967

 

8.00

%  

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NA

 

NA

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Republic Bank & Trust Company

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989,800

 

16.14

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490,567

 

8.00

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$

613,209

 

10.00

%

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Common equity tier 1 capital to risk-weighted assets

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Republic Bancorp, Inc.

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965,243

 

15.73

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276,169

 

4.50

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NA

 

NA

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Republic Bank & Trust Company

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912,968

 

14.89

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275,944

 

4.50

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398,586

 

6.50

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Tier 1 (core) capital to risk-weighted assets

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Republic Bancorp, Inc.

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965,243

 

15.73

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368,225

 

6.00

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NA

 

NA

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Republic Bank & Trust Company

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912,968

 

14.89

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367,925

 

6.00

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490,567

 

8.00

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Tier 1 leverage capital to average assets

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Republic Bancorp, Inc.

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965,243

 

14.07

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274,384

 

4.00

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NA

 

NA

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Republic Bank & Trust Company

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912,968

 

13.29

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274,789

 

4.00

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343,486

 

5.00

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Minimum Requirement

 

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​

​

​

​

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​

​

​

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​

​

to be Well Capitalized

 

​

​

​

​

​

​

​

Minimum Requirement

​

Under Prompt

 

​

​

​

​

​

​

​

for Capital Adequacy

​

Corrective Action

 

​

​

Actual

​

Purposes

​

Provisions

 

(dollars in thousands)

    

Amount

    

Ratio

    

Amount

    

Ratio

    

Amount

    

Ratio

 

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As of December 31, 2023

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Total capital to risk-weighted assets

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​

Republic Bancorp, Inc.

​

$

968,844

 

16.10

%  

$

481,522

 

8.00

%  

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NA

 

NA

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Republic Bank & Trust Company

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931,923

 

15.50

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481,147

 

8.00

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$

601,433

 

10.00

%

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Common equity tier 1 capital to risk-weighted assets

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Republic Bancorp, Inc.

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893,658

 

14.85

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270,856

 

4.50

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NA

 

NA

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Republic Bank & Trust Company

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856,744

 

14.25

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270,645

 

4.50

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390,932

 

6.50

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Tier 1 (core) capital to risk-weighted assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Bancorp, Inc.

​

 

893,658

 

14.85

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361,141

 

6.00

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NA

 

NA

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Republic Bank & Trust Company

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856,744

 

14.25

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360,860

 

6.00

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481,147

 

8.00

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​

​

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​

​

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Tier 1 leverage capital to average assets

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Republic Bancorp, Inc.

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893,658

 

13.89

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257,442

 

4.00

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NA

 

NA

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Republic Bank & Trust Company

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856,744

 

13.25

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258,697

 

4.00

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323,371

 

5.00

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