10-Q 1 rbcaa-20240331x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2024

or

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

Commission File Number: 0-24649

Graphic

REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

Kentucky

61-0862051

(State or other jurisdiction of incorporation or organization)

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

601 West Market Street, Louisville, Kentucky

40202

(Address of principal executive offices)

(Zip Code)

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

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common

RBCAA

The Nasdaq Stock Market

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

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

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

Large accelerated filer 

Accelerated filer 

Non-accelerated filer

Smaller reporting company 

Emerging growth company 

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

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

The number of shares outstanding of the registrant’s Class A Common Stock and Class B Common Stock, as of April 30, 2024 was 17,261,545 and 2,150,669.

GLOSSARY OF TERMS

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

Term

   

Definition

ACH

Automated Clearing House

ACL

Allowance for Credit Losses

ACLC

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

ACLL

Allowance for Credit Losses on Loans

ACLS

Allowance for Credit Losses on Securities

AFS

Available for Sale

AOCI

Accumulated Other Comprehensive Income

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

Basic EPS

Basic earnings per Class A Common Share

BOLI

Bank Owned Life Insurance

BPO

Brokered Price Opinion

C&D

Construction and Development

C&I

Commercial and Industrial

CARES Act

Coronavirus Aid, Relief, and Economic Security Act

CBank Agreement

Agreement and Plan of Merger between Republic Bancorp, Inc., CBank, and RB&T

CECL

Current Expected Credit Losses

CMO

Collateralized Mortgage Obligation

Core Bank

The Traditional Banking and Warehouse Lending reportable segments of the Company

COVID

Coronavirus Disease of 2019

CRE

Commercial Real Estate

DDA

Demand Deposit Account

Diluted EPS

Diluted earnings per Class A Common Share

Economic Aid Act

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

ERA

Early Season Refund Advance

ESPP

Employee Stock Purchase Plan

EVP

Executive Vice President

FASB

Financial Accounting Standards Board

FDIC

Federal Deposit Insurance Corporation

FFTR

Federal Funds Target Rate

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FICO

Fair Isaac Corporation

FNMA

Federal National Mortgage Association

FOMC

Federal Open Market Committee

FRB

Federal Reserve Bank

FTE

Full Time Equivalent

FTP

Funds Transfer Pricing

GAAP

Generally Accepted Accounting Principles in the United States

HEAL

Home Equity Amortizing Loan

HELOC

Home Equity Line of Credit

HTM

Held to Maturity

IRS

Internal Revenue Service

ITM

Interactive Teller Machine

LGD

Loss Given Default

LIBOR

London Interbank Offered Rate

LOC

Line of Credit

LOC I

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

LOC II

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

LTV

Loan to Value

MBS

Mortgage Backed Securities

MSRs

Mortgage Servicing Rights

NA

Not Applicable

NIM

Net Interest Margin

NM

Not Meaningful

OBS

Off-Balance Sheet

OCI

Other Comprehensive Income

OREO

Other Real Estate Owned

OTTI

Other than Temporary Impairment

PCD

Purchased with Credit Deterioration

PD

Probability of Default

PPP

SBA's Paycheck Protection Program

Prime

The Wall Street Journal Prime Interest Rate

Provision

Provision for Expected Credit Loss Expense

PSU

Performance Stock Unit

RA

Refund Advance

RB&T / the Bank

Republic Bank & Trust Company

RCS

Republic Credit Solutions segment

Republic / the Company

Republic Bancorp, Inc.

RPG

Republic Processing Group

RPS

Republic Payment Solutions

RT

Refund Transfer

SBA

U.S. Small Business Administration

SEC

Securities and Exchange Commission

SSUAR

Securities Sold Under Agreements to Repurchase

TDR

Troubled Debt Restructuring

The Captive

Republic Insurance Services, Inc.

TRS

Tax Refund Solutions segment

TRUP

Trust Preferred Security Investment

Warehouse

Warehouse Lending segment

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CONSOLIDATED BALANCE SHEETS (in thousands)

    

March 31, 

    

December 31, 

2024

2023

ASSETS

(Unaudited)

(Audited)

Cash and cash equivalents

$

546,363

$

316,567

Available-for-sale debt securities, at fair value (amortized cost of $614,368 in 2024 and $618,525 in 2023, allowance for credit losses of $0 in 2024 and 2023)

 

587,805

 

591,313

Held-to-maturity debt securities (fair value of $76,119 in 2024 and $76,167 in 2023, allowance for credit losses of $10 in 2024 and $10 in 2023)

 

76,254

 

76,387

Equity securities with readily determinable fair value

235

174

Mortgage loans held for sale, at fair value

 

80,884

 

3,227

Consumer loans held for sale, at fair value

6,093

7,914

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

13,083

16,094

Loans (loans carried at fair value of $0 in 2024 and $0 in 2023)

 

5,224,292

 

5,239,861

Allowance for credit losses

 

(108,702)

 

(82,130)

Loans, net

 

5,115,590

 

5,157,731

Federal Home Loan Bank stock, at cost

 

43,729

 

23,770

Premises and equipment, net

 

33,557

 

33,411

Right-of-use assets

33,210

34,691

Goodwill

 

40,516

 

40,516

Other real estate owned

 

1,486

 

1,370

Bank owned life insurance

 

104,670

 

103,916

Low-income housing tax credit investments

73,621

75,055

Other assets and accrued interest receivable

 

118,496

 

112,755

TOTAL ASSETS

$

6,875,592

$

6,594,891

LIABILITIES

Deposits:

Noninterest-bearing

$

1,359,516

$

1,676,998

Interest-bearing

 

4,061,133

 

3,376,165

Total deposits

 

5,420,649

 

5,053,163

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

 

84,522

 

97,618

Operating lease liabilities

34,076

35,539

Federal Home Loan Bank advances

 

270,000

 

380,000

Low-income housing tax credit obligations

56,093

58,619

Other liabilities and accrued interest payable

 

74,669

 

57,196

Total liabilities

 

5,940,009

 

5,682,135

Commitments and contingent liabilities (Footnote 9)

 

 

STOCKHOLDERS’ EQUITY

Preferred stock, no par value

 

 

Class A Common Stock, no par value, 30,000,000 shares authorized, 17,260,406 shares (2024) and 17,203,355 shares (2023) issued and outstanding; Class B Common Stock, no par value, 5,000,000 shares authorized, 2,150,669 shares (2024) and 2,154,562 shares (2023) issued and outstanding

 

4,578

 

4,553

Additional paid in capital

 

142,091

 

142,124

Retained earnings

 

808,836

 

786,487

Accumulated other comprehensive (loss) income

 

(19,922)

 

(20,408)

Total stockholders’ equity

 

935,583

 

912,756

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

6,875,592

$

6,594,891

See accompanying footnotes to consolidated financial statements.

4

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

    

March 31, 

2024

2023

INTEREST INCOME:

Loans, including fees

$

118,907

$

92,609

Taxable investment securities

 

4,452

 

4,603

Federal Home Loan Bank stock and other

 

7,273

 

3,144

Total interest income

 

130,632

 

100,356

INTEREST EXPENSE:

Deposits

 

26,996

 

4,878

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

 

130

 

248

Federal Home Loan Bank advances

 

6,587

 

2,588

Total interest expense

 

33,713

 

7,714

NET INTEREST INCOME

 

96,919

 

92,642

Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities)

 

30,622

 

26,766

NET INTEREST INCOME AFTER PROVISION

 

66,297

 

65,876

NONINTEREST INCOME:

Service charges on deposit accounts

 

3,313

 

3,299

Net refund transfer fees

 

10,820

 

10,807

Mortgage banking income

 

310

 

800

Interchange fee income

 

3,157

 

3,051

Program fees

 

4,179

 

3,241

Increase in cash surrender value of bank owned life insurance

 

754

 

635

Net losses on other real estate owned

 

(53)

 

(53)

Other

 

893

 

901

Total noninterest income

 

23,373

 

22,681

NONINTEREST EXPENSE:

Salaries and employee benefits

 

29,716

 

29,961

Technology, equipment, and communication

 

7,490

 

7,228

Occupancy

 

3,822

 

3,406

Marketing and development

 

1,924

 

1,574

FDIC insurance expense

 

772

 

637

Interchange related expense

 

1,298

 

1,499

Legal and professional fees

1,055

1,061

Merger expense

41

2,073

Other

 

4,853

 

5,004

Total noninterest expense

 

50,971

 

52,443

INCOME BEFORE INCOME TAX EXPENSE

 

38,699

 

36,114

INCOME TAX EXPENSE

 

8,093

 

8,022

NET INCOME

$

30,606

$

28,092

BASIC EARNINGS PER SHARE:

Class A Common Stock

$

1.59

$

1.42

Class B Common Stock

1.44

1.30

DILUTED EARNINGS PER SHARE:

Class A Common Stock

$