UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
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Item 2.02. Results of Operations and Financial Condition.
On April 22, 2021, Republic Bancorp, Inc. (“Republic” or the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2021. Subsequent to the release of its preliminary earnings, and in conjunction with the preparation of its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021 (the “10-Q”), the Company positively refined its estimate for its March 31, 2021 Allowance for Credit Losses for its Easy Advance (“EA”) loans based on better-than-expected payments on these loans the Company received from the U.S. Treasury through May 5, 2021. As a result, the Company recorded incremental decreases in its Allowance for Credit Losses on EAs and for its Provision for Expected Credit Loss Expense on EAs by $7.3 million for the first quarter of 2021. Refer to the below tables for a summary of the refinements to the results discussed above.
Total Company Financial Performance Highlights | ||||||||||||||||
| Three Months Ended Mar. 31, 2021 | |||||||||||||||
(dollars in thousands, except per share data) |
| As Reported in 10-Q | Preliminary | $ Change | % Change |
| ||||||||||
Income Before Income Tax Expense | $ | 33,744 | $ | 26,398 | $ | 7,346 | 28 | % | ||||||||
Net Income | 26,053 | 20,433 | 5,620 | 28 | ||||||||||||
Diluted Earnings per Class A Common Share | 1.25 | 0.98 | 0.27 | 28 | ||||||||||||
Return on Average Assets | 1.65 | % | 1.30 | % | NA | 27 | ||||||||||
Return on Average Equity | 12.46 | 9.77 | NA | 28 | ||||||||||||
Income Statement Data | ||||||
Three Months Ended Mar. 31, 2021 | ||||||
As Reported in 10-Q | Preliminary | |||||
Net interest income | $ | 67,780 | $ | 67,780 | ||
Provision for expected credit loss expense | 15,262 | 22,608 | ||||
Noninterest income | 29,037 | 29,037 | ||||
Noninterest expense: | 47,811 | 47,811 | ||||
Income before income tax expense | 33,744 | 26,398 | ||||
Income tax expense | 7,691 | 5,965 | ||||
Net income | $ | 26,053 | $ | 20,433 | ||
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Balance Sheet Data | As Reported in 10-Q | Preliminary | ||||
Mar. 31, 2021 | Mar. 31, 2021 | |||||
Assets: | ||||||
Cash and cash equivalents | $ | 984,857 | $ | 984,857 | ||
Investment securities, net of allowance for credit losses | 532,443 | 532,443 | ||||
Loans held for sale | 79,307 | 79,307 | ||||
Loans | 4,666,593 | 4,666,593 | ||||
Allowance for credit losses | (75,336) | (82,682) | ||||
Loans, net | 4,591,257 | 4,583,911 | ||||
Federal Home Loan Bank stock, at cost | 13,153 | 13,153 | ||||
Premises and equipment, net | 38,324 | 38,324 | ||||
Right-of-use assets | 41,911 | 41,911 | ||||
Goodwill | 16,300 | 16,300 | ||||
Other real estate owned ("OREO") | 2,015 | 2,015 | ||||
Bank owned life insurance ("BOLI") | 68,408 | 68,408 | ||||
Other assets and accrued interest receivable | 108,565 | 109,482 | ||||
Total assets | $ | 6,476,540 | $ | 6,470,111 | ||
Liabilities and Stockholders' Equity: | ||||||
Deposits: | ||||||
Noninterest-bearing | $ | 2,276,348 | $ | 2,276,348 | ||
Interest-bearing | 2,995,144 | 2,995,144 | ||||
Total deposits | 5,271,492 | 5,271,492 | ||||
Securities sold under agreements to repurchase and other short-term borrowings | 175,580 | 175,580 | ||||
Operating lease liabilities | 42,854 | 42,854 | ||||
Federal Home Loan Bank advances | 25,000 | 25,000 | ||||
Subordinated note | 41,240 | 41,240 | ||||
Other liabilities and accrued interest payable | 82,665 | 81,841 | ||||
Total liabilities | 5,638,831 | 5,638,007 | ||||
Stockholders' equity | 837,709 | 832,104 | ||||
Total liabilities and stockholders' equity | $ | 6,476,540 | $ | 6,470,111 | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Republic Bancorp, Inc. | ||
(Registrant) | ||
Date: May 6, 2021 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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Document and Entity Information |
May 06, 2021 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | May 06, 2021 |
| Entity Registrant Name | REPUBLIC BANCORP, INC. |
| Entity Incorporation, State or Country Code | KY |
| Entity File Number | 0-24649 |
| Entity Tax Identification Number | 61-0862051 |
| Entity Address, Address Line One | 601 West Market Street |
| Entity Address, City or Town | Louisville |
| Entity Address, State or Province | KY |
| Entity Address, Postal Zip Code | 40202 |
| City Area Code | 502 |
| Local Phone Number | 584-3600 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Class A Common |
| Trading Symbol | RBCAA |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000921557 |
| Amendment Flag | false |