Republic Bancorp Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Republic Bancorp Inc. filed its Q1 2024 10-Q, detailing financial positions and commitments.</b>

AI Summary

REPUBLIC BANCORP INC /KY/ (RBCAA) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Republic Bancorp Inc. filed a 10-Q report for the period ending March 31, 2024. The filing includes data for the fiscal year ending December 31, 2023, and the first quarter of 2024. Key financial statement items such as Retained Earnings, Common Stock, and Additional Paid-In Capital are detailed for multiple periods. The report references Standby Letters of Credit and Interest Rate Lock Commitments as of March 31, 2024. Data on Mortgage Loans Held for Sale and Forward Contracts are provided for Q1 2024 and Q1 2023.

Why It Matters

For investors and stakeholders tracking REPUBLIC BANCORP INC /KY/, this filing contains several important signals. This 10-Q provides a snapshot of Republic Bancorp's financial health and operational commitments as of the end of the first quarter of 2024, crucial for investors assessing performance. The detailed breakdown of equity accounts and financial instruments like letters of credit and forward contracts offers insight into the company's risk management and business activities.

Risk Assessment

Risk Level: low — REPUBLIC BANCORP INC /KY/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for trends in loan portfolios, interest rate commitments, and equity changes to assess ongoing financial performance.

Financial Highlights

total Assets

17260406

total Debt

2150669

Key Numbers

• 17203355 — Total Assets (Previous) (As of 2023-12-31)
• 17260406 — Total Assets (Current) (As of 2024-03-31)
• 2154562 — Total Debt (Previous) (As of 2023-12-31)
• 2150669 — Total Debt (Current) (As of 2024-03-31)

Key Players & Entities

• REPUBLIC BANCORP INC /KY/ (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 601 WEST MARKET ST (address) — Business street address
• LOUISVILLE (location) — Business city
• KY (location) — Business state
• 40202 (postal_code) — Business zip code
• 5025843600 (phone_number) — Business phone

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC.

Filing Documents

• rbcaa-20240331x10q.htm (10-Q) — 11200KB
• rbcaa-20240331xex10d1.htm (EX-10.1) — 35KB
• rbcaa-20240331xex31d1.htm (EX-31.1) — 13KB
• rbcaa-20240331xex31d2.htm (EX-31.2) — 13KB
• rbcaa-20240331xex32.htm (EX-32) — 10KB
• rbcaa-20240331x10q002.jpg (GRAPHIC) — 9KB
• 0001558370-24-007501.txt (&nbsp;) — 48164KB
• rbcaa-20240331.xsd (EX-101.SCH) — 129KB
• rbcaa-20240331_cal.xml (EX-101.CAL) — 193KB
• rbcaa-20240331_def.xml (EX-101.DEF) — 653KB
• rbcaa-20240331_lab.xml (EX-101.LAB) — 1010KB
• rbcaa-20240331_pre.xml (EX-101.PRE) — 891KB
• rbcaa-20240331x10q_htm.xml (XML) — 15811KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements. 4 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 58 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 92 Item 4.

Controls and Procedures

Controls and Procedures. 92

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1. Legal Proceedings. 92 Item 1A. Risk Factors. 92 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 93 Item 5. Other Information. 93 Item 6. Exhibits. 94

SIGNATURES

SIGNATURES 95 2 Table of Contents 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 CBank Agreement Agreement and Plan of Merger between Republic Bancorp, Inc., CBank, and RB&T CECL Current Expected Credit Losses CMO Collateralized Mortgage Obligation Core Bank The Traditional Banking and Warehouse Lending reportable segments of the Company COVID Coronavirus Disease of 2019 CRE Commercial Real Estate DDA Demand Deposit Account Diluted EPS Diluted earnings per Class A Common Share Economic Aid Act Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act ERA Early Season Refund Advance 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 Cre

— FINANCIAL INFORMATIO N

PART I — FINANCIAL INFORMATIO N

Financial Statements

Item 1. Financial Statements. CONSOLIDATED BALANCE SHEETS ( in thousands) March 31, December 31, 2024 2023 ASSETS (Unaudited) (Audited) Cash and cash equivalents $ 546,363 $ 316,567 Available-for-sale debt securities, at fair value (amortized cost of $ 614,368 in 2024 and $ 618,525 in 2023, allowance for credit losses of $ 0 in 2024 and 2023) 587,805 591,313 Held-to-maturity debt securities (fair value of $ 76,119 in 2024 and $ 76,167 in 2023, allowance for credit losses of $ 10 in 2024 and $ 10 in 2023) 76,254 76,387 Equity securities with readily determinable fair value 235 174 Mortgage loans held for sale, at fair value 80,884 3,227 Consumer loans held for sale, at fair value 6,093 7,914 Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094 Loans (loans carried at fair value of $ 0 in 2024 and $ 0 in 2023) 5,224,292 5,239,861 Allowance for credit losses ( 108,702 ) ( 82,130 ) Loans, net 5,115,590 5,157,731 Federal Home Loan Bank stock, at cost 43,729 23,770 Premises and equipment, net 33,557 33,411 Right-of-use assets 33,210 34,691 Goodwill 40,516 40,516 Other real estate owned 1,486 1,370 Bank owned life insurance 104,670 103,916 Low-income housing tax credit investments 73,621 75,055 Other assets and accrued interest receivable 118,496 112,755 TOTAL ASSETS $ 6,875,592 $ 6,594,891 LIABILITIES Deposits: Noninterest-bearing $ 1,359,516 $ 1,676,998 Interest-bearing 4,061,133 3,376,165 Total deposits 5,420,649 5,053,163 Securities sold under agreements to repurchase and other short-term borrowings 84,522 97,618 Operating lease liabilities 34,076 35,539 Federal Home Loan Bank advances 270,000 380,000 Low-income housing tax credit obligations 56,093 58,619 Other liabilities and accrued interest payable 74,669 57,196 Total liabilities 5,940,009 5,6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –MARCH 31, 2024 and 2023 AND DECEMBER 31, 2023 (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –MARCH 31, 2024 and 2023 AND DECEMBER 31, 2023 (UNAUDITED) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the "Parent Company") and its wholly owned subsidiaries, Republic Bank & Trust Company and Republic Insurance Services, Inc. As used in this filing, the terms "Republic," the "Company," "we," "our," and "us" refer to Republic Bancorp, Inc., and, where the context requires, Republic Bancorp, Inc. and its subsidiaries. The term "Bank" refers to the Company's subsidiary bank: Republic Bank & Trust Company. The term "Captive" refers to the Company's insurance subsidiary: Republic Insurance Services, Inc. All significant intercompany balances and transactions are eliminated in consolidation. 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 five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographic market footprint where it has physical locations, 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. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all the information and footnotes required by U.S. GAAP for complete f

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