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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, 2021

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 of 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, 2021, was 18,593,543 and 2,197,634.

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

CECL

Current Expected Credit Loss

CMO

Collateralized Mortgage Obligation

Core Bank

The Traditional Banking, Warehouse Lending, and Mortgage Banking reportable segments

COVID-19

Coronavirus Disease of 2019

CRE

Commercial Real Estate

Diluted EPS

Diluted earnings per Class A Common Share

EA

Easy Advance

Economic Aid Act

The Economic Aid to Hard Hit Small Business, Not for Profits and Venues Act

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

LPO

Loan Production Office

LTV

Loan to Value

MBS

Mortgage-backed Securities

MSRs

Mortgage Servicing Rights

NA

Not Applicable

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

PCI

Purchased Credit Impaired

PD

Probability of Default

PPP

SBA's Paycheck Protection Program

PPPLF

The FRB's Paycheck Protection Program Liquidity Facility

Prime

The Wall Street Journal Prime Interest Rate

Provision

Provision for Expected Credit Loss Expense

PSU

Performance Stock Unit

QF

Qualitative Factor

R&D

Research and Development

RB&T / the Bank

Republic Bank & Trust Company

RBCT

Republic Bancorp Capital Trust

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

SVP

Senior Vice President

TDR

Troubled Debt Restructuring

The Captive

Republic Insurance Services, Inc.

TPS

Trust Preferred Securities

TRS

Tax Refund Solutions segment

TRUP

TPS Investment

Warehouse

Warehouse Lending segment

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands)

    

March 31, 

    

December 31, 

2021

2020

ASSETS

Cash and cash equivalents

$

984,857

$

485,587

Available-for-sale debt securities, at fair value (amortized cost of $468,144 in 2021 and $512,518 in 2020, allowance for credit losses of $0 in 2021 and $0 in 2020)

 

477,475

 

523,863

Held-to-maturity debt securities (fair value of $52,909 in 2021 and $54,190 in 2020, allowance for credit losses of $103 in 2021 and $178 in 2020)

 

52,147

 

53,324

Equity securities with readily determinable fair value

2,821

3,083

Mortgage loans held for sale, at fair value

 

63,636

 

46,867

Consumer loans held for sale, at fair value

3,970

3,298

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

11,701

1,478

Loans (loans carried at fair value of $417 in 2021 and $497 in 2020)

 

4,666,593

 

4,813,103

Allowance for credit losses

 

(75,336)

 

(61,067)

Loans, net

 

4,591,257

 

4,752,036

Federal Home Loan Bank stock, at cost

 

13,153

 

17,397

Premises and equipment, net

 

38,324

 

39,512

Right-of-use assets

41,911

43,345

Goodwill

 

16,300

 

16,300

Other real estate owned

 

2,015

 

2,499

Bank owned life insurance

 

68,408

 

68,018

Other assets and accrued interest receivable

 

108,565

 

111,718

TOTAL ASSETS

$

6,476,540

$

6,168,325

LIABILITIES

Deposits:

Noninterest-bearing

$

2,276,348

$

1,890,416

Interest-bearing

 

2,995,144

 

2,842,765

Total deposits

 

5,271,492

 

4,733,181

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

 

175,580

 

211,026

Operating lease liabilities

42,854

44,340

Federal Home Loan Bank advances

 

25,000

 

235,000

Subordinated note

 

41,240

 

41,240

Other liabilities and accrued interest payable

 

82,665

 

80,215

Total liabilities

 

5,638,831

 

5,345,002

Commitments and contingent liabilities (Footnote 9)

 

 

STOCKHOLDERS’ EQUITY

Preferred stock, no par value

 

 

Class A Common Stock and Class B Common Stock, no par value

 

4,884

 

4,899

Additional paid in capital

 

143,563

 

143,637

Retained earnings

 

682,264

 

666,278

Accumulated other comprehensive income

 

6,998

 

8,509

Total stockholders’ equity

 

837,709

 

823,323

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

6,476,540

$

6,168,325

See accompanying footnotes to consolidated financial statements.

4

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

<

Three Months Ended

March 31, 

2021

2020

INTEREST INCOME:

Loans, including fees

$

67,386

$

77,513

Taxable investment securities

 

1,952

 

2,783

Federal Home Loan Bank stock and other

 

219

 

863

Total interest income

 

69,557

 

81,159

INTEREST EXPENSE:

Deposits

 

1,565

 

6,302

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

 

9

 

119

Federal Home Loan Bank advances

 

31

 

1,648

Subordinated note

 

172

 

352

Total interest expense

 

1,777

 

8,421

NET INTEREST INCOME

 

67,780

 

72,738

Provision for expected credit loss expense

 

15,262

 

22,760

NET INTEREST INCOME AFTER PROVISION

 

52,518

 

49,978

NONINTEREST INCOME:

Service charges on deposit accounts

 

2,873

 

3,136

Net refund transfer fees

 

12,721

 

15,823

Mortgage banking income

 

7,193

 

4,795

Interchange fee income

 

3,027

 

2,552

Program fees

 

2,225

 

2,624

Increase in cash surrender value of bank owned life insurance

 

390

 

389

Net gains (losses) on other real estate owned

 

(11)

 

3

Other

 

619