Republic Bancorp Authorizes $25M Stock Repurchase Program
Ticker: RBCAA · Form: 8-K · Filed: Apr 26, 2024 · CIK: 921557
| Field | Detail |
|---|---|
| Company | Republic Bancorp Inc /Ky/ (RBCAA) |
| Form Type | 8-K |
| Filed Date | Apr 26, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: stock-repurchase, shareholder-return, board-authorization
Related Tickers: RBCAA
TL;DR
RBCAA board OK'd a $25M buyback, good for 1 year.
AI Summary
Republic Bancorp, Inc. announced on April 25, 2024, that its Board of Directors has authorized a new stock repurchase program. This program allows the company to buy back up to $25 million of its common stock through April 25, 2025.
Why It Matters
This stock repurchase program signals management's confidence in the company's valuation and can potentially increase earnings per share by reducing the number of outstanding shares.
Risk Assessment
Risk Level: low — The filing is a routine announcement of a stock repurchase program, which is a common corporate action and does not indicate any immediate or significant risks.
Key Numbers
- $25.0M — Stock Repurchase Authorization (The company is authorized to buy back up to $25 million of its common stock.)
Key Players & Entities
- Republic Bancorp, Inc. (company) — Registrant
- $25 million (dollar_amount) — Stock repurchase authorization
- April 25, 2025 (date) — Expiration of stock repurchase program
- April 25, 2024 (date) — Date of board authorization
FAQ
What is the maximum amount Republic Bancorp, Inc. is authorized to repurchase under the new program?
Republic Bancorp, Inc. is authorized to repurchase up to $25 million of its common stock.
What is the duration of the new stock repurchase program?
The stock repurchase program is authorized through April 25, 2025.
On what date was the stock repurchase program authorized by the Board of Directors?
The stock repurchase program was authorized on April 25, 2024.
What type of security is authorized for repurchase?
The company is authorized to repurchase its common stock.
Does this filing indicate any specific reasons for the stock repurchase?
The filing does not specify the exact reasons for the stock repurchase, but such programs are often undertaken when management believes the stock is undervalued or to return capital to shareholders.
Filing Stats: 641 words · 3 min read · ~2 pages · Grade level 10.2 · Accepted 2024-04-26 16:00:14
Filing Documents
- rbcaa-20240425x8k.htm (8-K) — 74KB
- 0001558370-24-005890.txt ( ) — 190KB
- rbcaa-20240425.xsd (EX-101.SCH) — 3KB
- rbcaa-20240425_lab.xml (EX-101.LAB) — 15KB
- rbcaa-20240425_pre.xml (EX-101.PRE) — 10KB
- rbcaa-20240425x8k_htm.xml (XML) — 5KB
07 Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders. On April 25, 2024, Republic Bancorp, Inc. (the "Company") held its 2024 Annual Meeting of Shareholders (the "Meeting"). At the Meeting, the Company's shareholders voted and: (1) elected each of the Company's nominees for director to the Company's Board of Directors (the "Board"); and (2) ratified the appointment of FORVIS, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Set forth below are the final voting results for each of the proposals submitted to a vote of the Company's shareholders at the Meeting. Proposal 1: To elect the 15 director nominees to the Board, each to serve until the Company's 2025 annual meeting of shareholders and their successors are elected and qualified or their earlier resignation or removal. Votes Broker Nominee Votes For Withheld Non-Votes Yoania Cannon 34,168,594 178,444 1,510,737 David P. Feaster 32,133,458 2,213,580 1,510,737 Jennifer N. Green 32,176,861 2,170,177 1,510,737 Heather V. Howell 32,094,206 2,252,832 1,510,737 Timothy S. Huval 32,183,538 2,163,500 1,510,737 Ernest W. Marshall, Jr. 31,902,999 2,444,039 1,510,737 W. Patrick Mulloy, II 32,189,982 2,157,057 1,510,737 W. Kennett Oyler, III 32,161,981 2,185,057 1,510,737 Logan M. Pichel 32,148,713 2,198,325 1,510,737 Vidya Ravichandran 32,166,589 2,180,449 1,510,737 Alejandro M. Sanchez 34,162,200 184,838 1,510,737 A. Scott Trager 32,137,613 2,209,425 1,510,737 Steven E. Trager 31,885,758 2,461,281 1,510,737 Andrew Trager-Kusman 32,100,831 2,246,207 1,510,737 Mark A. Vogt 31,840,640 2,506,399 1,510,737 Proposal 2: To ratify the appointment of FORVIS, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Votes For 35,730,446 Votes Against 67,751 Votes Abstained 59,578
SIGNATURES
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: April 26, 2024 By: /s/ Kevin Sipes Executive Vice President, Chief Financial Officer & Chief Accounting Officer 3