Republic Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Republic Bancorp, Inc. (RBCAA) has submitted its 2023 annual report (10-K), detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

REPUBLIC BANCORP INC /KY/ (RBCAA) filed a Annual Report (10-K) with the SEC on March 14, 2024. Republic Bancorp, Inc. (RBCAA) filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Kentucky (KY) and operates under SIC code 6022 (State Commercial Banks). Key financial statement data points such as retained earnings, common stock, and additional paid-in capital are reported for fiscal years 2021, 2022, and 2023. The report includes details on various financial instruments and commitments, including standby letters of credit and forward contracts.

Why It Matters

For investors and stakeholders tracking REPUBLIC BANCORP INC /KY/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Republic Bancorp's financial health, operational activities, and risk factors for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including equity components and commitments, allows stakeholders to analyze trends, compare performance against prior years, and make informed investment decisions.

Risk Assessment

Risk Level: medium — REPUBLIC BANCORP INC /KY/ shows moderate risk based on this filing. The company operates in the banking sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by the SIC code 6022 and the nature of financial instruments reported.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Republic Bancorp's performance and potential challenges in the current economic environment.

Key Numbers

• 17,203,355 — Value (Associated with a financial metric for FY 2023)
• 17,584,928 — Value (Associated with a financial metric for FY 2023)
• 2,154,562 — Value (Associated with a financial metric for FY 2023)
• 2,159,495 — Value (Associated with a financial metric for FY 2023)
• 2023-12-31 — Date (End of fiscal year)
• 2022-12-31 — Date (Previous fiscal year end)
• 2021-12-31 — Date (Prior fiscal year end)
• 5025843600 — Phone Number (Business phone)

Key Players & Entities

• REPUBLIC BANCORP INC /KY/ (company) — Filer name
• RBCAA (company) — Ticker symbol
• 20240314 (date) — Filing date
• 20231231 (date) — Fiscal year end
• 601 WEST MARKET ST (address) — Business address
• LOUISVILLE (location) — City
• KY (location) — State of incorporation
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Environment [medium — regulatory]: The company operates in a highly regulated industry, subject to federal and state banking laws and regulations.
• Interest Rate Risk [medium — market]: Changes in interest rates can significantly impact the company's net interest income and the fair value of its financial instruments.
• Credit Risk [medium — financial]: The company is exposed to credit risk from its loan portfolio and other credit-sensitive instruments.

Key Financial Figures

• $6.6 b — 31, 2023, Republic had total assets of $6.6 billion, total deposits of $5.1 billion,
• $5.1 b — sets of $6.6 billion, total deposits of $5.1 billion, and total stockholders' equity o
• $913 million — lion, and total stockholders' equity of $913 million. Based on total assets as of December 3
• $250,000 — ts HEAL product with loan amounts under $250,000, the Bank requires mortgagee's title in
• $1 million — ient relationships is typically between $1 million and $10 million, with higher targets be
• $10 m — ips is typically between $1 million and $10 million, with higher targets between $10
• $10 million — 10 million, with higher targets between $10 million and $35 million for large Corporate Ban
• $35 million — higher targets between $10 million and $35 million for large Corporate Banking. The credit
• $5 million — k's CRE Division borrowers is typically $5 million and higher and exhibit higher credit qu
• $25 million — typically in amounts from $5 million to $25 million. Borrowers are generally single-asset e
• $350,000 — p to $10 million and borrowings between $350,000 and $1 million. The needs of these clie
• $3 million — akes loans to borrowers generally up to $3 million under the SBA "7A Program," as well as

Filing Documents

• rbcaa-20231231x10k.htm (10-K) — 17075KB
• rbcaa-20231231xex10d79.htm (EX-10.79) — 27KB
• rbcaa-20231231xex10d80.htm (EX-10.80) — 32KB
• rbcaa-20231231xex21.htm (EX-21) — 11KB
• rbcaa-20231231xex23.htm (EX-23) — 5KB
• rbcaa-20231231xex31d1.htm (EX-31.1) — 14KB
• rbcaa-20231231xex31d2.htm (EX-31.2) — 11KB
• rbcaa-20231231xex32.htm (EX-32) — 9KB
• rbcaa-20231231xex97.htm (EX-97) — 39KB
• rbcaa-20231231x10k002.jpg (GRAPHIC) — 9KB
• rbcaa-20231231x10k005.jpg (GRAPHIC) — 66KB
• rbcaa-20231231x10k023.jpg (GRAPHIC) — 7KB
• 0001558370-24-003170.txt (&nbsp;) — 68679KB
• rbcaa-20231231.xsd (EX-101.SCH) — 201KB
• rbcaa-20231231_cal.xml (EX-101.CAL) — 251KB
• rbcaa-20231231_def.xml (EX-101.DEF) — 935KB
• rbcaa-20231231_lab.xml (EX-101.LAB) — 1628KB
• rbcaa-20231231_pre.xml (EX-101.PRE) — 1353KB
• rbcaa-20231231x10k_htm.xml (XML) — 21503KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 87 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 87 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. 174 Item 9A.

Controls and Procedures

Controls and Procedures. 174 Item 9B. Other Information. 176 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 176 PART III Item 10. Directors, Executive Officers and Corporate Governance. 176 Item 11.

Executive Compensation

Executive Compensation. 178 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 178 Item 13. Certain Relationships and Related Transactions, and Director Independence. 178 Item 14. Principal Accountant Fees and Services. 178 PART IV Item 15. Exhibits, Financial Statement Schedules. 179 Item 16. Form 10-K Summary. 179 Index to Exhibits 180

Signatures

Signatures 187 2 Table of Contents GLOSSARY OF TERMS The terms identified in alphabetical order below are used throughout this Form 10-K. You may find it helpful to refer to this page as you read this report. Term Definition Term Definition Term Definition ACH Automated Clearing House EFTA Electronic Fund Transfers Act OREO Other Real Estate Owned ACL Allowance for Credit Losses EITC Earned Income Tax Credit PATH Act Protecting Americans from Tax Hikes Act of 2015 ACLC Allowance for Credit Losses on Off-Balance Sheet Credit Exposures ERA Early Season Refund Advance Patriot Act U.S. Patriot Act ACLL Allowance for Credit Losses on Loans ESPP Employee Stock Purchase Plan PCD Purchased Credit Deteriorated ACLS Allowance for Credit Losses on Securities EVP Executive Vice President PCI Purchased Credit Impaired AFS Available for Sale FASB Financial Accounting Standards Board PD Probability of Default Allowance Allowance for Credit Losses FCA Financial Conduct Authority POS Point of Sale AML Anti-Money Laundering FCRA Fair Credit Reporting Act PPP Paycheck Protection Program AOCI Accumulated Other Comprehensive Income FDIA Federal Deposit Insurance Act Prime The Wall Street Journal Prime Interest Rate ARM Adjustable Rate Mortgage FDICIA Federal Deposit Insurance Corporation Improvement Act Provision Provision for Expected Credit Loss Expense ASC Accounting Standards Codification FFTR Federal Funds Target Rate PSU Performance Stock Unit ASU Accounting Standards Update FHA Federal Housing Administration Purchase Agreement May 13, 2021 Asset Purchase Agreement for the sale of substantially all of the Bank's TRS assets and operations to Green Dot ATM Automated Teller Machine FHC Financial Holding Company RA Refund Advance ATR Ability to Repay FHLB Federal Home Loan Bank R&D Research and Development Basic EPS Basic earnings per Class A Common Share FHLMC Federal Home L

Business

Item 1. Business . Republic is a financial holding company headquartered in Louisville, Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products through six reportable segments using a multitude of delivery channels. While the Bank operates primarily in its market footprint, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. During the fourth quarter of 2023, the Company dissolved its Captive, a Nevada-based, wholly owned insurance subsidiary of the Company. The Captive provided property and casualty insurance coverage to the Company and the Bank, as well as a group of unrelated third-party insurance captives. As of December 31, 2023, Republic had 47 full-service banking centers with locations as follows: Kentucky — 29 Metropolitan Louisville — 19 Central Kentucky — 6 Georgetown — 1 Lexington — 5 Northern Kentucky (Metropolitan Cincinnati) — 4 Bellevue— 1 Covington — 1 Crestview Hills — 1 Florence — 1 Indiana — 3 Southern Indiana (Metropolitan Louisville) — 3 Floyds Knobs — 1 Jeffersonville — 1 New Albany — 1 Florida — 7 Metropolitan Tampa — 7 Ohio — 4 Metropolitan Cincinnati — 4 Tennessee — 4 Metropolitan Nashville — 4 Republic's headquarters are in Louisville, which is the largest city in Kentucky based on population. The principal business of Republic is directing, planning, and coordinating the business activities of the Bank. The financial condition and results of operations of Republic are primarily dependent upon the results of operations of the Bank. As of December 31, 2023, Republic had total assets of $6.6 billion, total deposits of $5.1 billion, and total stockholders' equity of $913 million. Based on total assets as of December 31, 2023, Republic ranked as the second largest Kentucky-based financial holding company. The executive offices of Republic are located at 601 West Market Street, Louisvi

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View this 10-K filing on SEC EDGAR