EX-99.2 3 a52786892ex99_2.htm EXHIBIT 99.2
 
 Exhibit 99.2


EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2022


TABLE OF CONTENTS

BALANCE SHEET DATA
S-2
   
AVERAGE BALANCE SHEET DATA
S-3
   
INCOME STATEMENT DATA
S-4
   
SELECTED DATA AND RATIOS
S-5
   
LOAN COMPOSITION
S-6
   
ALLOWANCE FOR CREDIT LOSSES ON LOANS
S-6
   
CREDIT QUALITY DATA AND RATIOS
S-7
   
SEGMENT DATA
S-8
   
FOOTNOTES
S-11


S-1


Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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
 
   
Jun. 30, 2022
   
Mar. 31, 2022
   
Dec. 31, 2021
   
Sep. 30, 2021
   
Jun. 30, 2021
 
Assets:
                             
Cash and cash equivalents
 
$
795,143
   
$
1,077,158
   
$
756,971
   
$
1,011,247
   
$
747,007
 
Investment securities, net of allowance for credit losses
   
655,296
     
614,836
     
542,045
     
543,449
     
573,027
 
Loans held for sale
   
39,727
     
28,037
     
52,077
     
40,546
     
56,833
 
Loans
   
4,362,233
     
4,390,243
     
4,496,562
     
4,343,806
     
4,554,221
 
Allowance for credit losses
   
(64,449
)
   
(71,656
)
   
(64,577
)
   
(63,024
)
   
(60,291
)
Loans, net
   
4,297,784
     
4,318,587
     
4,431,985
     
4,280,782
     
4,493,930
 
Federal Home Loan Bank stock, at cost
   
10,311
     
10,311
     
10,311
     
10,311
     
11,670
 
Premises and equipment, net
   
33,886
     
34,358
     
36,073
     
37,499
     
38,682
 
Right-of-use assets
   
41,364
     
42,402
     
38,825
     
39,257
     
40,698
 
Goodwill
   
16,300
     
16,300
     
16,300
     
16,300
     
16,300
 
Other real estate owned ("OREO")
   
1,687
     
1,740
     
1,792
     
1,845
     
1,898
 
Bank owned life insurance ("BOLI")
   
100,396
     
99,773
     
99,161
     
99,634
     
99,008
 
Other assets and accrued interest receivable
   
120,582
     
106,367
     
108,092
     
106,764
     
104,257
 
Total assets
 
$
6,112,476
   
$
6,349,869
   
$
6,093,632
   
$
6,187,634
   
$
6,183,310
 
                                         
Liabilities and Stockholders' Equity:
                                       
Deposits:
                                       
Noninterest-bearing
 
$
2,094,436
   
$
2,226,714
   
$
1,990,781
   
$
2,086,548
   
$
2,062,433
 
Interest-bearing
   
2,733,093
     
2,860,392
     
2,849,637
     
2,861,399
     
2,955,145
 
Total deposits
   
4,827,529
     
5,087,106
     
4,840,418
     
4,947,947
     
5,017,578
 
                                         
Securities sold under agreements to
                                       
   repurchase ("SSUAR") and other short-term borrowings
   
303,315
     
287,818
     
290,967
     
260,583
     
142,895
 
Operating lease liabilities
   
42,163
     
43,204
     
39,672
     
40,151
     
41,621
 
Federal Home Loan Bank advances
   
20,000
     
20,000
     
25,000
     
25,000
     
25,000
 
Subordinated note
   
     
     
     
     
41,240
 
Other liabilities and accrued interest payable
   
77,295
     
71,412
     
63,343
     
75,296
     
69,886
 
Total liabilities
   
5,270,302
     
5,509,540
     
5,259,400
     
5,348,977
     
5,338,220
 
                                         
Stockholders' equity
   
842,174
     
840,329
     
834,232
     
838,657
     
845,090
 
Total liabilities and stockholders' equity
 
$
6,112,476
   
$
6,349,869
   
$
6,093,632
   
$
6,187,634
   
$
6,183,310
 


S-2

Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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
   
Six Months Ended
 
   
Jun. 30, 2022
   
Mar. 31, 2022
   
Dec. 31, 2021
   
Sep. 30, 2021
   
Jun. 30, 2021
   
Jun. 30, 2022
   
Jun. 30, 2021
 
Assets:
                                         
                                           
Interest-earning assets:
                                         
Federal funds sold and other interest-earning deposits
 
$
813,956
   
$
861,822
   
$
848,215
   
$
924,859
   
$
938,728
   
$
837,757
   
$
725,764
 
Investment securities, including FHLB stock
   
691,427
     
606,182
     
540,227
     
555,934
     
562,509
     
649,040
     
563,243
 
Loans, including loans held for sale
   
4,339,432
     
4,355,255
     
4,385,547
     
4,404,270
     
4,546,747
     
4,347,299
     
4,645,662
 
Total interest-earning assets
   
5,844,815
     
5,823,259
     
5,773,989
     
5,885,063
     
6,047,984
     
5,834,096
     
5,934,669
 
                                                         
Allowance for credit losses
   
(72,037
)
   
(69,287
)
   
(63,711
)
   
(61,562
)
   
(74,258
)
   
(70,670
)
   
(70,390
)
                                                         
Noninterest-earning assets:
                                                       
Noninterest-earning cash and cash equivalents
   
172,382
     
354,165
     
137,556
     
140,037
     
144,327
     
262,772
     
196,793
 
Premises and equipment, net
   
34,322
     
35,460
     
37,055
     
38,377
     
39,119
     
34,888
     
39,152
 
Bank owned life insurance
   
100,152
     
99,532
     
99,978
     
99,386
     
97,257
     
99,844
     
82,837
 
Other assets
   
164,090
     
180,779
     
192,755
     
187,286
     
186,133
     
172,389
     
188,785
 
                                                         
Total assets
 
$
6,243,724
   
$
6,423,908
   
$
6,177,622
   
$
6,288,587
   
$
6,440,562
   
$
6,333,319
   
$
6,371,846
 
                                                         
Liabilities and Stockholders' Equity:
                                                       
                                                         
Interest-bearing liabilities:
                                                       
Interest-bearing deposits
 
$
2,779,941
   
$
2,827,496
   
$
2,857,403
   
$
2,908,135
   
$
3,020,168
   
$
2,803,587
   
$
2,964,900
 
SSUARs and other short-term borrowings
   
294,388
     
300,169
     
318,785
     
242,867
     
169,888
     
297,263
     
181,216
 
Federal Home Loan Bank advances
   
20,000
     
23,333
     
25,000
     
25,000
     
25,000
     
21,657
     
34,033
 
Subordinated note
   
     
     
     
40,791
     
41,240
     
     
41,240
 
Total interest-bearing liabilities
   
3,094,329
     
3,150,998
     
3,201,188
     
3,216,793
     
3,256,296
     
3,122,507
     
3,221,389
 
                                                         
Noninterest-bearing liabilities and Stockholders’ equity:
                                                       
Noninterest-bearing deposits
   
2,197,300
     
2,313,549
     
2,028,910
     
2,118,200
     
2,226,070
     
2,255,104
     
2,186,274
 
Other liabilities
   
100,937
     
112,331
     
102,694
     
104,659
     
108,891
     
106,603
     
121,357
 
Stockholders' equity
   
851,158
     
847,030
     
844,830
     
848,935
     
849,305
     
849,105
     
842,826
 
                                                         
Total liabilities and stock-holders’ equity
 
$
6,243,724
   
$
6,423,908
   
$
6,177,622
   
$
6,288,587
   
$
6,440,562
   
$
6,333,319
   
$
6,371,846
 


S-3


Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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
   
Six Months Ended
 
   
Jun. 30, 2022
   
Mar. 31, 2022
   
Dec. 31, 2021
   
Sep. 30, 2021
   
Jun. 30, 2021
   
Jun. 30, 2022
   
Jun. 30, 2021
 
                                           
Total interest income (1)
 
$
52,320
   
$
63,555
   
$
51,379
   
$
54,469
   
$
51,815
   
$
115,875
   
$
121,458
 
Total interest expense
   
1,088
     
943
     
1,038
     
1,340
     
1,511
     
2,031
     
3,288
 
Net interest income
   
51,232
     
62,612
     
50,341
     
53,129
     
50,304
     
113,844
     
118,170
 
                                                         
Provision for expected credit loss expense (2)
   
3,705
     
9,226
     
2,577
     
1,292
     
(4,323
)
   
12,931
     
10,939
 
                                                         
Noninterest income:
                                                       
Service charges on deposit accounts
   
3,363
     
3,226
     
3,332
     
3,277
     
3,071
     
6,589
     
5,944
 
Net refund transfer fees
   
3,950
     
12,051
     
326
     
1,280
     
5,923
     
16,001
     
18,644
 
Mortgage banking income (3)
   
1,763
     
2,657
     
3,339
     
5,280
     
4,182
     
4,420
     
11,375
 
Interchange fee income
   
3,461
     
3,070
     
3,291
     
3,263
     
3,481
     
6,531
     
6,508
 
Program fees (3)
   
3,885
     
3,854
     
4,668
     
4,018
     
3,342
     
7,739
     
5,551
 
Increase in cash surrender value of BOLI
   
623
     
612
     
626
     
626
     
600
     
1,235
     
990
 
Net losses on OREO
   
(52
)
   
(53
)
   
(53
)
   
(52
)
   
(44
)
   
(105
)
   
(55
)
Contract termination fee
   
     
5,000
     
     
     
     
5,000
     
 
Legal settlement
   
13,000
     
     
     
     
     
13,000
     
 
Other
   
573
     
584
     
1,552
     
1,133
     
1,093
     
1,157
     
1,712
 
Total noninterest income
   
30,566
     
31,001
     
17,081
     
18,825
     
21,648
     
61,567
     
50,669
 
                                                         
Noninterest expense:
                                                       
Salaries and employee benefits
   
28,896
     
29,312
     
26,350
     
26,991
     
27,410
     
58,208
     
56,747
 
Technology, equipment, and communication
   
7,229
     
7,214
     
7,342
     
7,498
     
7,444
     
14,443
     
14,511
 
Occupancy
   
3,224
     
3,440
     
3,188
     
3,195
     
3,251
     
6,664
     
6,810
 
Marketing and development
   
1,720
     
1,348
     
1,291
     
1,233
     
1,094
     
3,068
     
1,866
 
FDIC insurance expense
   
399
     
419
     
402
     
325
     
418
     
818
     
864
 
Interchange related expense
   
1,264
     
1,117
     
1,253
     
1,275
     
1,288
     
2,381
     
2,432
 
Legal and professional fees
   
804
     
1,365
     
1,360
     
884
     
1,466
     
2,169
     
2,680
 
Other (2)
   
4,117
     
4,358
     
3,850
     
3,034
     
3,343
     
8,475
     
7,685
 
Total noninterest expense
   
47,653
     
48,573
     
45,036
     
44,435
     
45,714
     
96,226
     
93,595
 
                                                         
Income before income tax expense
   
30,440
     
35,814
     
19,809
     
26,227
     
30,561
     
66,254
     
64,305
 
Income tax expense
   
6,539
     
7,888
     
3,004
     
6,218
     
6,639
     
14,427
     
14,330
 
                                                         
Net income
 
$
23,901
   
$
27,926
   
$
16,805
   
$
20,009
   
$
23,922
   
$
51,827
   
$
49,975
 


S-4


Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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
   
As of and for the Six Months Ended
 
   
Jun. 30, 2022
   
Mar. 31, 2022
   
Dec. 31, 2021
   
Sep. 30, 2021
   
Jun. 30, 2021
   
Jun. 30, 2022
   
Jun. 30, 2021
 
Per Share Data:
                                         
                                           
Basic weighted average shares outstanding
   
20,107
     
20,145
     
20,270
     
20,508
     
20,894
     
20,131
     
20,951
 
Diluted weighted average shares outstanding
   
20,169
     
20,225
     
20,379
     
20,591
     
20,949
     
20,202
     
21,016
 
                                                         
Period-end shares outstanding:
                                                       
     Class A Common Stock
   
17,629
     
17,834
     
17,816
     
18,040
     
18,421
     
17,629
     
18,421
 
     Class B Common Stock
   
2,161
     
2,165
     
2,165
     
2,165
     
2,166
     
2,161
     
2,166
 
                                                         
Book value per share (4)
 
$
42.56
   
$
42.02
   
$
41.75
   
$
41.51
   
$
41.05
   
$
42.56
   
$
41.05
 
Tangible book value per share (4)
   
41.26
     
40.73
     
40.48
     
40.26
     
39.85
     
41.26
     
39.85
 
                                                         
Earnings per share ("EPS"):
                                                       
     Basic EPS - Class A Common Stock
 
$
1.20
   
$
1.40
   
$
0.84
   
$
0.99
   
$
1.16
   
$
2.60
   
$
2.42
 
     Basic EPS - Class B Common Stock
   
1.09
     
1.27
     
0.77
     
0.90
     
1.05
     
2.37
     
2.20
 
     Diluted EPS - Class A Common Stock
   
1.20
     
1.40
     
0.84
     
0.99
     
1.16
     
2.59
     
2.41
 
     Diluted EPS - Class B Common Stock
   
1.09
     
1.27
     
0.76
     
0.90
     
1.05
     
2.36
     
2.19
 
                                                         
Cash dividends declared per Common share:
                                                       
     Class A Common Stock
 
$
0.341
   
$
0.341
   
$
0.308
   
$
0.308
   
$
0.308
   
$
0.682
   
$
0.616
 
     Class B Common Stock
   
0.310
     
0.310
     
0.280
     
0.280
     
0.280
     
0.620
     
0.560
 
                                                         
Performance Ratios:
                                                       
                                                         
Return on average assets
   
1.53
%
   
1.74
%
   
1.09
%
   
1.27
%
   
1.49
%
   
1.64
%
   
1.57
%
Return on average equity
   
11.23
     
13.19
     
7.96
     
9.43
     
11.27
     
12.21
     
11.86
 
Efficiency ratio (5)
   
68
     
55
     
66
     
61
     
62
     
61
     
55
 
Yield on average interest-earning assets (1)
   
3.58
     
4.37
     
3.56
     
3.65
     
3.41
     
3.97
     
4.09
 
Cost of average interest-bearing liabilities
   
0.14
     
0.12
     
0.13
     
0.17
     
0.19
     
0.13
     
0.20
 
Cost of average deposits (6)
   
0.08
     
0.07
     
0.08
     
0.09
     
0.10
     
0.07
     
0.11
 
Net interest spread (1)
   
3.44
     
4.25
     
3.43
     
3.48
     
3.22
     
3.84
     
3.89
 
Net interest margin - Total Company (1)
   
3.51
     
4.30
     
3.49
     
3.56
     
3.33
     
3.90
     
3.98
 
Net interest margin - Core Bank
   
3.02
     
2.92
     
3.08
     
3.25
     
3.03
     
2.97
     
3.24
 
                                                         
Other Information:
                                                       
                                                         
End of period FTEs (7) - Total Company
   
1,020
     
1,040
     
1,045
     
1,052
     
1,072
     
1,020
     
1,072
 
End of period FTEs - Core Bank
   
929
     
955
     
958
     
966
     
981
     
929
     
981
 
Number of full-service banking centers
   
42
     
42
     
42
     
42
     
42
     
42
     
42
 


S-5

Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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
 
   
Jun. 30, 2022
   
Mar. 31, 2022
   
Dec. 31, 2021
   
Sep. 30, 2021
   
Jun. 30, 2021
 
Loan Composition
                             
                               
Traditional Banking:
                             
Residential real estate:
                             
Owner occupied
 
$
832,137
   
$
808,658
   
$
820,731
   
$
827,898
   
$
852,947
 
Nonowner occupied
   
313,534
     
314,933
     
306,323
     
294,818
     
289,290
 
Commercial real estate
   
1,569,119
     
1,556,575
     
1,456,009
     
1,393,241
     
1,389,003
 
Construction & land development
   
137,452
     
129,970
     
129,337
     
105,968
     
95,180
 
Commercial & industrial
   
394,175
     
342,175
     
340,363
     
333,795
     
330,302
 
Paycheck Protection Program
   
14,657
     
18,276
     
56,014
     
126,271
     
250,933
 
Lease financing receivables
   
11,345
     
10,396
     
8,637
     
9,427
     
9,249
 
Aircraft
   
159,958
     
151,284
     
142,894
     
130,398
     
121,112
 
Home equity
   
214,069
     
210,364
     
210,578
     
215,282
     
217,621
 
Consumer:
                                       
Credit cards
   
15,419
     
14,654
     
14,510
     
14,781
     
14,754
 
Overdrafts
   
901
     
716
     
683
     
753
     
717
 
Automobile loans
   
9,579
     
11,846
     
14,448
     
17,533
     
21,190
 
Other consumer
   
1,245
     
939
     
1,432
     
6,223
     
6,796
 
Total Traditional Banking
   
3,673,590
     
3,570,786
     
3,501,959
     
3,476,388
     
3,599,094
 
Warehouse lines of credit
   
596,678
     
690,200
     
850,550
     
750,682
     
840,155
 
Total Core Banking
   
4,270,268
     
4,260,986
     
4,352,509
     
4,227,070
     
4,439,249
 
                                         
Republic Processing Group:
                                       
Tax Refund Solutions:
                                       
Easy Advances
   
     
16,475
     
     
     
 
Other TRS loans
   
149
     
25,132
     
50,987
     
25
     
23
 
Republic Credit Solutions
   
91,816
     
87,650
     
93,066
     
116,711
     
114,949
 
Total Republic Processing Group
   
91,965
     
129,257
     
144,053
     
116,736
     
114,972
 
                                         
Total loans - Total Company
 
$
4,362,233
   
$
4,390,243
   
$
4,496,562
   
$
4,343,806
   
$
4,554,221
 

    
                               
Allowance for Credit Losses on Loans ("Allowance")
                   
                               
Traditional Banking
 
$
49,727
   
$
49,616
   
$
49,407
   
$
49,487
   
$
49,362
 
Warehouse Lending
   
1,491
     
1,725
     
2,126
     
1,877
     
2,100
 
Total Core Banking
   
51,218
     
51,341
     
51,533
     
51,364
     
51,462
 
                                         
Tax Refund Solutions
   
     
8,370
     
96
     
     
 
Republic Credit Solutions
   
13,231
     
11,945
     
12,948
     
11,660
     
8,829
 
Total Republic Processing Group
   
13,231
     
20,315
     
13,044
     
11,660
     
8,829
 
                                         
Total Allowance - Total Company
 
$
64,449
   
$
71,656
   
$
64,577
   
$
63,024
   
$
60,291
 

                               
Allowance to Total Loans
                   
                               
Traditional Banking
   
1.35
%
   
1.39
%
   
1.41
%
   
1.42
%
   
1.37
%
Warehouse Lending
   
0.25
     
0.25
     
0.25
     
0.25
     
0.25
 
Total Core Banking
   
1.20
     
1.20
     
1.18
     
1.22
     
1.16
 
                                         
Tax Refund Solutions
   
     
20.12
     
0.19
     
     
 
Republic Credit Solutions
   
14.41
     
13.63
     
13.91
     
9.99
     
7.68
 
Total Republic Processing Group
   
14.39
     
15.72
     
9.06
     
9.99
     
7.68
 
                                         
Total Company
   
1.48
     
1.63
     
1.44
     
1.45
     
1.32
 

S-6


Republic Bancorp, Inc.
Earnings Release Financial Supplement
Second 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