REPUBLIC BANCORP INC /KY/

Listed Company

RBCAACIK 0000921557NasdaqAcceleratedState Commercial BanksKentuckyFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$131.32M

Total Assets

$7.04B

Equity

$1.10B

Shares Out

—

Op. Cash Flow

$168.21M

Business

REPUBLIC BANCORP INC /KY/ is a financial holding company that directs, plans and coordinates the business activities of its banking subsidiary, providing a full range of banking and financial services. The company offers traditional deposit and lending products, mortgage origination and servicing, warehouse lending, tax refund advance and refund transfer products, prepaid and debit card issuing, payments services, and unsecured small-dollar consumer and healthcare receivable loans. Republic reports five principal segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions (TRS), Republic Payment Solutions (RPS), and Republic Credit Solutions (RCS). The company operates physical banking centers across multiple states and also distributes services nationally through internet, mobile, branchless RBMAX, correspondent channels, and third-party tax and payment providers.

Summary from filing dated 2025-03-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Loans, including fees	387	388	325	221	220
Taxable investment securities	27	17	19	11	7
Federal Home Loan Bank stock and other	24	28	12	—	—
Total interest income	439	433	356	244	228
Deposits	86	102	51	7	5
Securities sold under agreements to repurchase and other short-term borrowings	504,000	546,000	574,000	397,000	63,000
Federal Home Loan Bank advances	18	18	15	339,000	57,000
Total interest expense	104	121	67	7	—
NET INTEREST INCOME	335	312	289	237	223
Provision for expected credit loss expense on loans	32	54	48	22	15
NET INTEREST INCOME AFTER PROVISION	303	258	241	214	208
Mortgage banking income	7	5	4	6	20
Program fees	18	18	16	16	14
Increase in cash surrender value of bank owned life insurance	4	3	3	3	2
Death benefits in excess of cash surrender value of life insurance	—	—	2	—	979,000
Gain on sale of Visa Class B-1 shares	4	—	—	—	—
Total noninterest income	83	73	71	90	87
Salaries and employee benefits	127	119	116	111	110
Technology, equipment, and communication	35	31	29	29	29
Occupancy	14	14	14	13	13
Marketing and development	8	9	8	7	4
FDIC insurance expense	3	3	3	2	2
Interchange related expense	6	6	6	5	5
Legal and professional fees	4	3	3	4	5
Core conversion and related contract consulting fees	6	—	—	—	—
Merger expense	—	41,000	2	—	—
Other	17	18	18	17	15
Total noninterest expense	220	203	199	187	183
INCOME BEFORE INCOME TAX EXPENSE	166	128	113	117	111
INCOME TAX EXPENSE	34	26	23	26	24
NET INCOME	131	101	90	91	88

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2022 2022-09-30
Cash and cash equivalents	220	432	317	314	—
Available-for-sale debt securities, at fair value (amortized cost of $887,884 in 2025 and $602,493 in 2024)	885	584	591	620	—
Held-to-maturity debt securities (fair value of $4,929 in 2025 and $10,735 in 2024)	5	11	76	—	—
Equity securities with a readily determinable fair values	945,000	693,000	174,000	111,000	—
Mortgage loans held for sale, at fair value	8	8	3	1	—
Consumer loans held for sale, at fair value	11	5	8	5	—
Loans	5,446	5,439	5,240	4,516	—
Allowance for credit losses	−85	−92	−82	−70	—
Loans, net	5,361	5,347	5,158	4,445	—
Federal Home Loan Bank stock, at cost	32	24	24	9	—
Premises and equipment, net	36	32	33	32	—
Right-of-use assets	31	36	35	37	—
Goodwill	41	41	41	16	—
Other real estate owned	1	1	1	2	—
Bank owned life insurance	111	107	104	102	—
Other assets and accrued interest receivable	201	197	188	76	—
TOTAL ASSETS	7,042	6,847	6,595	5,836	—
Noninterest-bearing	1,173	1,208	1,677	1,909	—
Interest-bearing	4,030	4,003	3,376	2,629	—
Total deposits	5,203	5,211	5,053	4,538	—
Securities sold under agreements to repurchase and other short-term borrowings	89	103	98	217	—
Operating lease liabilities	32	37	36	38	—
Federal Home Loan Bank advances	506	395	380	95	—
Other liabilities and accrued interest payable	110	109	116	48	—
Total liabilities	5,940	5,855	5,682	4,979	5,157
Commitments and contingent liabilities (Footnote 12)	—	—	—	—	—
Preferred stock, no par value	—	—	—	—	—
Class A Common Stock, no par value, 30,000,000 shares authorized, 17,393,095 shares (2025) and 17,297,878 shares (2024) issued and outstanding; Class B Common Stock, no par value, 5,000,000 shares authorized, 2,148,269 shares (2025) and 2,150,090 shares (2024) issued and outstanding	5	5	5	5	—
Additional paid in capital	157	148	142	142	—
Retained earnings	945	854	786	742	—
Accumulated other comprehensive loss	−4	−14	−20	−32	—
Total stockholders' equity	1,102	992	913	857	843
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	7,042	6,847	6,595	5,836	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	131	101	90	91	88
Net amortization on investment securities and low-income housing investments	8	6	5	5	4
Net accretion and amortization on loans and deposits	−4	−3	−4	−4	—
Unrealized and realized gains on equity securities with a readily determinable fair value	−252,000	−519,000	−63,000	263,000	463,000
Depreciation of premises and equipment	7	7	7	8	9
Amortization of mortgage servicing rights	2	2	2	2	3
Provision for off-balance sheet exposures	−40,000	150,000	90,000	198,000	63,000
Net gain on sale of mortgage loans held for sale	−6	−4	−2	−5	−20
Origination of mortgage loans held for sale	−211	−187	−78	−205	−681
Proceeds from sale of mortgage loans held for sale	218	186	78	238	718
Net gain on sale of consumer loans held for sale	−15	−15	−13	−13	−11
Origination of consumer loans held for sale	−1,137	−1,232	−1,057	−1,046	−882
Proceeds from sale of consumer loans held for sale	1,148	1,246	1,064	1,064	876
Net gain realized on sale of other real estate owned	—	−4,000	—	—	−51,000
Writedowns of other real estate owned	211,000	210,000	211,000	211,000	211,000
Deferred compensation expense - Class A Common Stock	995,000	2	1	1	1
Stock-based awards and ESPP expense - Class A Common Stock	2	1	1	2	2
Amortization of right-of-use assets	6	6	6	8	6
Repayment of operating lease liabilities	−6	−6	−6	−8	—
Increase in cash surrender value of BOLI	−4	−3	−3	−3	−2
Gain from death benefit received in excess of cash surrender value of BOLI	—	—	−2	—	−979,000
Accrued interest receivable	−2	−2	−5	−4	3
Accrued interest payable	−2	1	4	80,000	−183,000
Other assets	−11	−13	−25	−4	−792,000
Other liabilities	15	614,000	−4	4	−6
Net cash provided by operating activities	168	149	109	155	100
Net cash proceeds paid in acquisition	—	—	−41	—	—
Purchases of available-for-sale debt securities	−840	−300	−45	−330	−212
Purchases of held-to-maturity debt securities	—	—	−25	−75	—
Proceeds from calls, maturities and paydowns of equity and available-for-sale debt securities	555	316	106	162	230
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities	6	66	36	32	9
Net change in outstanding warehouse lines of credit	−203	−211	65	447	112
Purchase of correspondent loans, including premiums paid	—	—	−111	−30,000	−54,000
Net change in other loans, net of allowance	76	−98	−493	−479	207
Proceeds from sale of mortgage loans transferred to held for sale	—	67	—	—	—
Net proceeds from sale of consumer loans transferred to held for sale	5	—	—	—	—
Net purchases of Federal Home Loan Bank stock	−8	−708,000	−15	—	—
Proceeds from sale of other real estate owned	—	173,000	—	—	611,000
Proceeds of principal and earnings from BOLI	—	—	2	—	−29
Proceeds from sale of Visa Class B-1 shares	4	—	—	—	—
Investments in low-income housing tax partnerships	−24	−15	10	−9	−15
Net purchases of premises and equipment	−7	−6	−7	−4	−6
Net cash used in investing activities	−436	−181	−517	−255	307
Net change in deposits	−7	157	294	−301	106
Net change in securities sold under agreements to repurchase and other short-term borrowings	−15	6	−119	−74	80
Payments of Federal Home Loan Bank advances	−528	−815	−733	−25	−235
Proceeds from Federal Home Loan Bank advances	639	830	1,018	95	25
Repurchase of Class A Common Stock	−72,000	—	−20	−13	−48
Net proceeds from Class A Common Stock purchased through employee stock purchase plan	620,000	672,000	627,000	590,000	591,000
Net proceeds from option exercises and equity awards vested - Class A Common Stock	248,000	−638,000	−2,000	52,000	−142,000
Cash dividends paid	−34	−31	−28	−26	−25
Net cash provided by financing activities	56	148	411	−344	−135
NET CHANGE IN CASH AND CASH EQUIVALENTS	−212	116	3	−443	271
Interest	106	120	63	7	6
Income taxes	22	27	21	22	20
Mortgage servicing rights capitalized	2	1	522,000	2	5
Transfers from loans to real estate acquired in settlement of loans	328,000	169,000	—	—	64,000
Net transfers from loans held for investment to loans held for sale	87	68	—	—	—
New unfunded obligations in low-income-housing investments	12	11	30	29	10
Right-of-use assets obtained in exchange for new operating lease liabilities	1	7	4	6	1
Premises and equipment obtained through the use of vendor credits	3	—	—	—	—

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