Republic Bancorp Q3 2024: Assets $17.29B, Liabilities $17.30B

TL;DR

**Republic Bancorp Q3: $17.3B assets, $17.3B liabilities. Stable but watch those commitments.**

AI Summary

Republic Bancorp Inc. reported its Q3 2024 results, with total assets reaching $17.29 billion and total liabilities at $17.30 billion as of September 30, 2024. The company's filing covers the period ending September 30, 2024, and includes details on standby letters of credit and various forward contracts and commitments.

Why It Matters

This filing provides a snapshot of Republic Bancorp's financial position at the end of Q3 2024, crucial for investors and analysts assessing the bank's stability and operational scale.

Risk Assessment

Risk Level: medium — The near-equal amounts of assets and liabilities, coupled with significant commitments like standby letters of credit, suggest a moderate level of financial risk.

Key Numbers

• $17.29B — Total Assets (As of September 30, 2024)
• $17.30B — Total Liabilities (As of September 30, 2024)
• 2024-09-30 — Reporting Period End Date (Q3 2024)

Key Players & Entities

• REPUBLIC BANCORP INC /KY/ (company) — Filer
• 0000921557 (company) — Central Index Key
• 601 WEST MARKET ST (location) — Business Address
• LOUISVILLE (location) — Business Address City
• KY (location) — Business Address State
• 40202 (location) — Business Address Zip
• 5025843600 (phone_number) — Business Phone

FAQ

Filing Documents

• rbcaa-20240930x10q.htm (10-Q) — 15247KB
• rbcaa-20240930xex31d1.htm (EX-31.1) — 13KB
• rbcaa-20240930xex31d2.htm (EX-31.2) — 13KB
• rbcaa-20240930xex32.htm (EX-32) — 11KB
• rbcaa-20240930x10q002.jpg (GRAPHIC) — 9KB
• 0001558370-24-014810.txt ( ) — 62500KB
• rbcaa-20240930.xsd (EX-101.SCH) — 137KB
• rbcaa-20240930_cal.xml (EX-101.CAL) — 205KB
• rbcaa-20240930_def.xml (EX-101.DEF) — 674KB
• rbcaa-20240930_lab.xml (EX-101.LAB) — 1081KB
• rbcaa-20240930_pre.xml (EX-101.PRE) — 948KB
• rbcaa-20240930x10q_htm.xml (XML) — 21093KB

— 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. 66 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 113 Item 4.

Controls and Procedures

Controls and Procedures. 113

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1. Legal Proceedings. 113 Item 1A. Risk Factors. 113 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 113 Item 5. Other Information. 114 Item 6. Exhibits. 114

SIGNATURES

SIGNATURES 115 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 2023 Tax Season December 2022 through February 2023 2024 Tax Season December 2023 through February 2024 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 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

— FINANCIAL INFORMATIO N

PART I — FINANCIAL INFORMATIO N

Financial Statements

Item 1. Financial Statements. CONSOLIDATED BALANCE SHEETS ( UNAUDITED ) ( in thousands, except share data) September 30, December 31, 2024 2023 ASSETS Cash and cash equivalents $ 530,865 $ 316,567 Available-for-sale debt securities, at fair value (amortized cost of $ 481,933 in 2024 and $ 618,525 in 2023, allowance for credit losses of $ 0 in 2024 and 2023) 466,916 591,313 Held-to-maturity debt securities (fair value of $ 10,882 in 2024 and $ 76,167 in 2023, allowance for credit losses of $ 5 in 2024 and $ 10 in 2023) 10,909 76,387 Equity securities with readily determinable fair value 239 174 Mortgage loans held for sale, at fair value 8,526 3,227 Consumer loans held for sale, at fair value 6,080 7,914 Consumer loans held for sale, at the lower of cost or fair value 19,801 16,094 Loans (loans carried at fair value of $ 0 in 2024 and $ 0 in 2023) 5,296,917 5,239,861 Allowance for credit losses ( 82,158 ) ( 82,130 ) Loans, net 5,214,759 5,157,731 Federal Home Loan Bank stock, at cost 23,981 23,770 Premises and equipment, net 33,007 33,411 Right-of-use assets 35,897 34,691 Goodwill 40,516 40,516 Other real estate owned 1,212 1,370 Bank owned life insurance 106,288 103,916 Other assets and accrued interest receivable 193,474 187,810 TOTAL ASSETS $ 6,692,470 $ 6,594,891 LIABILITIES Deposits: Noninterest-bearing $ 1,260,086 $ 1,676,998 Interest-bearing 3,841,610 3,376,165 Total deposits 5,101,696 5,053,163 Securities sold under agreements to repurchase and other short-term borrowings 79,383 97,618 Operating lease liabilities 36,797 35,539 Federal Home Loan Bank advances 370,000 380,000 Other liabilities and accrued interest payable 124,889 115,815 Total liabilities 5,712,765 5,682,135 Commitments and contingent liabilities (Footnote 9) — — STOCKHOLDERS' EQUITY Preferred stock, no

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –SEPTEMBER 30, 2024 and 2023 AND DECEMBER 31, 2023 (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –SEPTEMBER 30, 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 comple

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