LOUISVILLE, Ky.--(BUSINESS WIRE)--
Republic Bancorp, Inc. is pleased to report net income of $87.9 million
for the first nine months of 2011, representing a $27.6 million, or 46%,
increase over the first nine months of 2010. Return on average assets
(“ROA”) and return on average equity (“ROE”) were both industry-strong
at 3.37% and 26.98%, respectively, for the first nine months of 2011.
For the third quarter of 2011, Republic earned $7.9 million, an 8%
increase over the third quarter of 2010. Diluted Earnings per Class A
Common Share increased to $0.38 for the quarter, while ROA and ROE were
both solid during the quarter at 1.00% and 7.01%, respectively.
Steve Trager, Republic’s President and CEO, commented: “I am pleased to
report that we had another successful quarter, as our Core Bank’s net
interest income and provision for loan losses compared favorably to the
same quarter in 2010, while our Core Bank overhead expenses remained
flat during the same period. In addition, we continued to improve upon
our industry-solid credit quality during the quarter as our ratio of
delinquent loans to total loans positively moved below 1% for the first
time since the first quarter of 2008. We’ve been able to continue this
improvement in credit quality even as the economic environment remains
unstable for many.”
Republic Bancorp, Inc.(“Republic” or the “Company”) (NASDAQ:
RBCAA), headquartered in Louisville, Kentucky, is the holding company
for Republic Bank & Trust Company and Republic Bank.
The following chart highlights Republic’s third quarter and year-to-date
2011 financial performance compared to the same period in 2010:
|
|
| Three Months Ended |
|
| % |
|
| Nine Months Ended |
|
| % |
| (dollars in thousands, except per share data) | | | 9/30/11 |
|
| 9/30/10 | | | Change | | | 9/30/11 |
|
| 9/30/10 | | | Change |
| | | | | | | | | | | | | | | | | |
|
| Net Income | | | $ | 7,870 | | | | $ | 7,310 | | | | 8 | % | | | $ | 87,945 | | | | $ | 60,335 | | | | 46 | % |
| Diluted Earnings per Class A Share | | | $ | 0.38 | | | | $ | 0.35 | | | | 9 | % | | | $ | 4.19 | | | | $ | 2.89 | | | | 45 | % |
| ROA | | | | 1.00 | % | | | | 0.92 | % | | | 9 | % | | | | 3.37 | % | | | | 2.25 | % | | | 50 | % |
| ROE | | | | 7.01 | % | | | | 7.92 | % | | | -11 | % | | | | 26.98 | % | | | | 22.50 | % | | | 20 | % |
| | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | |
|
Results of Operations for the Third Quarter of
2011 Compared to the Third Quarter of 2010
Traditional Banking and Mortgage Banking (collectively “Core Banking”)
Net income from Core Banking rose from $6.3 million during the third
quarter of 2010 to $9.3 million during the third quarter of 2011, an
increase of 48%. In addition to its positive operating results within
net interest income, provision for loan losses and non interest
expenses, the Core Bank’s net income for the quarter also benefitted
from a gain on sale related to the Bank’s Bowling Green, Kentucky
banking center.
Net interest income within the Core Bank rose to $27.2 million for the
third quarter of 2011, an increase of $720,000, or 3%, from the third
quarter of 2010. The primary drivers of this increase were the growth in
the Core Bank’s loan portfolio for the first nine months of the year, in
combination with the redeployment of excess cash into higher-yielding
investment securities. Overall, total loans for the first nine months of
2011 increased $45 million with Bank-originated growth of $25 million
occurring during the first nine months of 2011, supplemented by the
purchase of $33 million in commercial real estate loans during the
second quarter of 2011. These increases were partially offset by the
sale of $13 million of loans associated with the Bowling Green banking
center transaction. The growth in the loan portfolio during the first
nine months of 2011 was complemented by Republic’s strategic deployment
of its excess cash into higher-yielding investment alternatives, such as
5/1 agency hybrid mortgage-backed securities and callable agency
securities. As a result of the Core Bank’s loan growth and strategic
investment decisions, net interest margin increased from 3.49% for the
third quarter of 2010 to 3.61% for the third quarter of 2011.
The Core Bank’s provision for loan losses decreased $1.2 million during
the third quarter of 2011 compared to the third quarter of 2010.
Generally, the lower provision was the result of continued improvement
in the Core Bank’s credit quality metrics. Notable improvements were
recorded in the Core Bank’s delinquent loans past due 30-days or more as
a percentage of total loans, which were 0.90% at September 30, 2011
compared to 1.69% at September 30, 2010. In addition, the Core Bank’s
nonperforming loans as a percentage of total loans declined 62 basis
points from September 30, 2010 to 1.07% at September 30, 2011. “Though
unemployment remains high and borrowers’ ability to repay remains
strained locally and nationally, the unwavering focus Republic places on
loan quality and credit-worthiness continues to pay dividends for our
Company,” said Trager.
Non-interest income within the Core Banking segment increased by $2.6
million, or 34%, during the third quarter of 2011 compared to the third
quarter of 2010. Contributing to the Bank’s growth in non-interest
income during the third quarter was a gain on sale related to Republic’s
Bowling Green, Kentucky banking center. As a result of the sale, which
was completed September 30, 2011, the Company recorded a pre-tax gain of
$2.9 million. Republic sold its Bowling Green banking center to enable
the Company to more efficiently deploy its capital in order to achieve
its long-term growth and performance goals.
Other areas of notable activity within non-interest income during the
quarter included mortgage banking income and service charges on
deposits. While slightly lower compared to the third quarter of 2010,
the Bank’s mortgage banking income was a solid contributor during the
quarter at $1.4 million as Republic capitalized on an increase in
consumer demand for 15 and 30-year fixed interest rate mortgage
products, resulting from the low interest rate environment. The Core
Bank also recorded approximately $459,000 in additional deposit fee
income during the third quarter of 2011 resulting from its retail
deposit account restructuring, which implemented new fees for many
accounts based on transaction activities and account balances. These new
fees were primarily implemented on August 1, 2011 and helped partially
offset a reduction in the Bank’s other deposit fee categories compared
to the third quarter of 2010.
Tax Refund Solutions (“TRS”)
TRS, which derives substantially all of its revenues during the first
and second quarters of the year, historically operates at a net loss
during the third and fourth quarters as the Company prepares for the
upcoming tax season. The net loss for TRS was $1.5 million for the third
quarter of 2011 compared to net income of $1.0 million for the same
period in 2010. Net income during the third quarter of 2010 included a
large credit to the provision for loan losses, which resulted from a
large dollar amount of payments received from the Internal Revenue
Service during the period related to customers’ tax refunds. These
payments, which were significantly large by historical standards,
represented recoveries of previously charged-off Refund Anticipation
Loans (“RALs”). In total, Republic recorded a net credit of $687,000 to
the provision for loan losses within the TRS segment during the third
quarter of 2011 compared to $3.5 million during the third quarter of
2010.
In addition to the large recoveries from the third quarter of 2010,
other items impacting the comparability of financial results for TRS
during the third quarter of 2011 included higher legal fees associated
with the Company’s disagreement with the FDIC regarding RALs and higher
salary costs for TRS staff.
CONCLUSION
“Adding to our financial success during the quarter, I am also pleased
we were able to continue to give back to the communities that support
us,” said CEO Steve Trager. “In the third quarter we expressed this
gratitude through our annual ‘We CARE’ awards for Lexington and
Louisville. CARE stands for Community, Activity, Recognition
and Enterprise, and all the firms nominated live by those words.
These awards have rightly garnered a tremendous amount of attention for
their winners and we are happy to help shine a light on the good work
being done by so many in our home state. This year’s awards had the
strongest field of candidates ever, and it encourages us that so many
businesses believe, as we do, that what we make here should stay here.
“In addition to the We CARE awards, our charitable Foundation began the
new academic year in August by announcing the first recipients of the
Republic Bank Foundation Commonwealth Scholarships. These 20
scholarships provide each winning student with $2,500 per school year,
as they start their educational careers at the University of Kentucky.
During hard economic times a college degree remains perhaps the best
investment to be found.
“Despite headwinds facing all banks nationwide, we are thrilled that the
values we bring to work every day have helped us complete a successful,
positive quarter. As I review our results, many factors contributing to
our performance continue to trend in the right direction, including:
fewer delinquencies, fewer charge-offs, strong capital and liquidity
ratios, as well as an industry-solid net interest margin. These factors
enable us to not only be a strong performer compared to our peers, but
also a strong corporate citizen in our local communities. It is these
reasons that allow us to say: 'We were here for you yesterday. We are
here for you today. We will be here for you tomorrow,'” concluded
Trager.
Republic Bancorp, Inc. (Republic) has 42 banking centers and is the
parent company of Republic Bank & Trust Company and Republic Bank.
Republic Bank & Trust Company has 34 banking centers in 12 Kentucky
communities - Covington, Crestwood, Elizabethtown, Florence, Frankfort,
Georgetown, Independence, Lexington, Louisville, Owensboro, Shelbyville
and Shepherdsville and three banking centers in southern Indiana –
Floyds Knobs, Jeffersonville and New Albany. Republic Bank has banking
centers in Hudson, Palm Harbor, Port Richey and Temple Terrace, Florida
as well as Cincinnati, Ohio. Republic operates Tax Refund Solutions, a
nationwide tax refund loan and check provider. Republic offers internet
banking at www.republicbank.com.
Republic has $3.1 billion in assets and $1 billion in trust assets under
custody and management. Republic is headquartered in Louisville,
Kentucky and Republic's Class A Common Stock is listed under the symbol
“RBCAA” on the NASDAQ Global Select Market.
We were here for you yesterday. We are here for you today. We will
be here for you tomorrow.®
Statements in this press release relating to Republic’s plans,
objectives, or future performance are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements are based on management’s current expectations.
Republic’s actual strategies and results in future periods may differ
materially from those currently expected due to various risks and
uncertainties, including those discussed in Republic’s 2010 Form 10-K
filed with the Securities and Exchange Commission.
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release |
(all amounts other than per share amounts and number of
employees and number of banking centers are expressed in thousands
unless otherwise noted) |
|
|
|
|
| Balance Sheet Data |
| |
| |
| |
| | Sept. 30, 2011 | | Dec. 31, 2010 | | Sept. 30, 2010 |
| Assets: | | | | | | |
|
Cash and cash equivalents
| |
$
|
75,573
| | |
$
|
786,371
| | |
$
|
171,024
| |
|
Investment securities
| | |
702,142
| | | |
542,694
| | | |
600,834
| |
|
Mortgage loans held for sale
| | |
4,721
| | | |
15,228
| | | |
5,783
| |
|
Loans
| | |
2,219,916
| | | |
2,175,240
| | | |
2,157,330
| |
|
Allowance for loan losses
| | |
(23,945
|
)
| | |
(23,079
|
)
| | |
(24,566
|
)
|
| Federal Home Loan Bank stock, at cost
| | |
26,153
| | | |
26,212
| | | |
26,274
| |
|
Premises and equipment, net
| | |
34,044
| | | |
37,770
| | | |
38,171
| |
|
Goodwill
| | |
10,168
| | | |
10,168
| | | |
10,168
| |
|
Other assets and accrued interest receivable
| |
|
46,369
|
| |
|
52,099
|
| |
|
50,751
|
|
|
Total assets
| |
$
|
3,095,141
|
| |
$
|
3,622,703
|
| |
$
|
3,035,769
|
|
| | | | | |
|
| Liabilities and Stockholders' Equity: | | | | | | |
|
Deposits:
| | | | | | |
|
Non interest-bearing
| |
$
|
385,511
| | |
$
|
325,375
| | |
$
|
328,083
| |
|
Interest-bearing
| |
|
1,416,887
|
| |
|
1,977,317
|
| |
|
1,409,019
|
|
|
Total deposits
| | |
1,802,398
| | | |
2,302,692
| | | |
1,737,102
| |
| | | | | |
|
|
Securities sold under agreements to repurchase and other short-term
borrowings
| | |
227,504
| | | |
319,246
| | | |
286,510
| |
| Federal Home Loan Bank advances
| | |
524,731
| | | |
564,877
| | | |
565,424
| |
|
Subordinated note
| | |
41,240
| | | |
41,240
| | | |
41,240
| |
|
Other liabilities and accrued interest payable
| |
|
46,197
|
| |
|
23,272
|
| |
|
34,668
|
|
|
Total liabilities
| | |
2,642,070
| | | |
3,251,327
| | | |
2,664,944
| |
| | | | | |
|
|
Stockholders' equity
| |
|
453,071
|
| |
|
371,376
|
| |
|
370,825
|
|
|
Total liabilities and Stockholders' equity
| |
$
|
3,095,141
|
| |
$
|
3,622,703
|
| |
$
|
3,035,769
|
|
|
| |
| |
| |
| |
| | | | | | | |
|
| | | | | | | |
|
| Average Balance Sheet Data | | | | | | | | |
| | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, |
| | 2011 | | 2010 | | 2011 | | 2010 |
| Assets: | | | | | | | | |
|
Investment securities, including FHLB stock
| |
$
|
711,050
| |
$
|
623,758
| |
$
|
659,753
| |
$
|
538,977
|
|
Federal funds sold and other interest-earning deposits
| | |
68,108
| | |
229,125
| | |
379,713
| | |
519,489
|
|
Loans and fees, including loans held for sale
| | |
2,237,559
| | |
2,180,565
| | |
2,243,059
| | |
2,389,558
|
|
Total earning assets
| | |
3,016,717
| | |
3,033,448
| | |
3,282,525
| | |
3,448,024
|
|
Total assets
| | |
3,147,230
| | |
3,163,734
| | |
3,474,431
| | |
3,578,249
|
| | | | | | | |
|
| Liabilities and Stockholders' Equity: | | | | | | | | |
|
Non interest-bearing deposits
| |
$
|
396,568
| |
$
|
345,970
| |
$
|
536,007
| |
$
|
447,989
|
|
Interest-bearing deposits
| | |
1,444,577
| | |
1,471,806
| | |
1,594,889
| | |
1,775,299
|
Securities sold under agreements to repurchase and other
short-term borrowings
| | |
249,002
| | |
333,299
| | |
280,133
| | |
322,492
|
| Federal Home Loan Bank advances
| | |
517,739
| | |
565,445
| | |
535,738
| | |
577,170
|
|
Subordinated note
| | |
41,240
| | |
41,240
| | |
41,240
| | |
41,240
|
|
Total interest-bearing liabilities
| | |
2,252,558
| | |
2,411,790
| | |
2,452,000
| | |
2,716,201
|
|
Stockholders' equity
| | |
449,177
| | |
369,279
| | |
434,687
| | |
357,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
| Income Statement Data |
| |
| |
| |
| |
| | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, |
| | 2011 | | 2010 | | 2011 | | 2010 |
| | | | | | | |
|
|
Total interest income (1)
| |
$
|
34,426
| | |
$
|
35,270
| | |
$
|
161,508
| |
$
|
159,386
| |
|
Total interest expense
| |
|
7,263
|
| |
|
8,818
|
| |
|
23,545
| |
|
28,009
|
|
| | | | | | | |
|
|
Net interest income
| | |
27,163
| | | |
26,452
| | | |
137,963
| | |
131,377
| |
| | | | | | | |
|
|
Provision for loan losses
| | |
(140
|
)
| | |
(1,804
|
)
| | |
17,503
| | |
17,966
| |
| | | | | | | |
|
|
Non interest income:
| | | | | | | | |
|
Service charges on deposit accounts
| | |
3,421
| | | |
3,847
| | | |
10,581
| | |
11,728
| |
|
Electronic refund check fees
| | |
425
| | | |
293
| | | |
88,071
| | |
58,513
| |
|
Net RAL securitization income
| | |
5
| | | |
8
| | | |
203
| | |
228
| |
|
Mortgage banking income
| | |
1,352
| | | |
1,679
| | | |
3,092
| | |
4,094
| |
|
Debit card interchange fee income
| | |
1,415
| | | |
1,213
| | | |
4,392
| | |
3,745
| |
|
Gain on sale of banking center
| | |
2,856
| | | |
-
| | | |
2,856
| | |
-
| |
|
Net gain (loss) on sales, calls and impairment of securities
| | |
301
| | | |
-
| | | |
1,929
| | |
(126
|
)
|
|
Other
| |
|
701
|
| |
|
783
|
| |
|
2,032
| |
|
1,822
|
|
|
Total non interest income
| |
|
10,476
|
| |
|
7,823
|
| |
|
113,156
| |
|
80,004
|
|
| | | | | | | |
|
|
Non interest expenses:
| | | | | | | | |
|
Salaries and employee benefits
| | |
13,145
| | | |
13,399
| | | |
43,634
| | |
43,743
| |
|
Occupancy and equipment, net
| | |
5,138
| | | |
5,114
| | | |
16,436
| | |
16,585
| |
|
Communication and transportation
| | |
1,081
| | | |
887
| | | |
4,468
| | |
4,075
| |
|
Marketing and development
| | |
736
| | | |
722
| | | |
2,508
| | |
10,116
| |
| FDIC insurance expense
| | |
918
| | | |
586
| | | |
3,718
| | |
2,485
| |
|
Bank franchise tax expense
| | |
713
| | | |
642
| | | |
2,992
| | |
2,432
| |
|
Data processing
| | |
787
| | | |
660
| | | |
2,352
| | |
1,978
| |
|
Debit card interchange expense
| | |
566
| | | |
299
| | | |
1,690
| | |
1,234
| |
|
Supplies
| | |
409
| | | |
219
| | | |
1,617
| | |
1,597
| |
|
Other real estate owned expense
| | |
608
| | | |
562
| | | |
1,467
| | |
1,365
| |
|
Charitable contributions
| | |
178
| | | |
282
| | | |
5,710
| | |
6,064
| |
|
Legal expense
| | |
784
| | | |
365
| | | |
3,123
| | |
1,105
| |
|
Accrued FDIC civil money penalty
| | |
-
| | | |
-
| | | |
2,000
| | |
-
| |
|
FHLB advance prepayment penalty
| | |
-
| | | |
-
| | | |
-
| | |
1,531
| |
|
Other
| |
|
1,375
|
| |
|
1,385
|
| |
|
6,067
| |
|
6,596
|
|
|
Total non interest expenses
| |
|
26,438
|
| |
|
25,122
|
| |
|
97,782
| |
|
100,906
|
|
| | | | | | | |
|
|
Income before income tax expense
| | |
11,341
| | | |
10,957
| | | |
135,834
| | |
92,509
| |
|
Income tax expense
| |
|
3,471
|
| |
|
3,647
|
| |
|
47,889
| |
|
32,174
|
|
| | | | | | | |
|
|
Net income
| |
$
|
7,870
|
| |
$
|
7,310
|
| |
$
|
87,945
| |
$
|
60,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
|
| As of and for the |
| As of and for the |
| | Three Months Ended Sept. 30, | | Nine Months Ended Sept. 30, |
| | 2011 |
| 2010 | | 2011 |
| 2010 |
| Per Share Data: | | | | | | | | |
|
Basic average shares outstanding
| | |
20,953
| | | |
20,917
| | | |
20,942
| | | |
20,857
| |
|
Diluted average shares outstanding
| | |
20,994
| | | |
20,988
| | | |
20,992
| | | |
20,945
| |
| | | | | | | |
|
|
End of period shares outstanding:
| | | | | | | | |
|
Class A Common Stock
| | |
18,655
| | | |
18,627
| | | |
18,655
| | | |
18,627
| |
|
Class B Common Stock
| | |
2,300
| | | |
2,308
| | | |
2,300
| | | |
2,308
| |
| | | | | | | |
|
|
Book value per share
| |
$
|
21.62
| | |
$
|
17.71
| | |
$
|
21.62
| | |
$
|
17.71
| |
|
Tangible book value per share (2)
| | |
20.81
| | | |
16.84
| | | |
20.81
| | | |
16.84
| |
| | | | | | | |
|
|
Earnings per share:
| | | | | | | | |
|
Basic earnings per Class A Common Stock
| | |
0.38
| | | |
0.35
| | | |
4.20
| | | |
2.90
| |
|
Basic earnings per Class B Common Stock
| | |
0.36
| | | |
0.34
| | | |
4.16
| | | |
2.86
| |
|
Diluted earnings per Class A Common Stock
| | |
0.38
| | | |
0.35
| | | |
4.19
| | | |
2.89
| |
|
Diluted earnings per Class B Common Stock
| | |
0.36
| | | |
0.34
| | | |
4.15
| | | |
2.85
| |
| | | | | | | |
|
|
Cash dividends declared per share:
| | | | | | | | |
|
Class A Common Stock
| | |
0.154
| | | |
0.143
| | | |
0.451
| | | |
0.418
| |
|
Class B Common Stock
| | |
0.140
| | | |
0.130
| | | |
0.410
| | | |
0.380
| |
| | | | | | | |
|
| Performance Ratios: | | | | | | | | |
|
Return on average assets
| | |
1.00
|
%
| | |
0.92
|
%
| | |
3.37
|
%
| | |
2.25
|
%
|
|
Return on average equity
| | |
7.01
| | | |
7.92
| | | |
26.98
| | | |
22.50
| |
|
Efficiency ratio (3)
| | |
71
| | | |
73
| | | |
39
| | | |
48
| |
| | | | | | | |
|
|
Yield on average earning assets
| | |
4.56
| | | |
4.65
| | | |
6.56
| | | |
6.16
| |
|
Cost of interest-bearing liabilities
| | |
1.29
| | | |
1.46
| | | |
1.28
| | | |
1.37
| |
|
Net interest spread
| | |
3.27
| | | |
3.19
| | | |
5.28
| | | |
4.79
| |
|
Net interest margin
| | |
3.60
| | | |
3.49
| | | |
5.60
| | | |
5.08
| |
| | | | | | | |
|
| Asset Quality Ratios: | | | | | | | | |
|
Loans on non-accrual status
| |
$
|
23,822
| | |
$
|
36,358
| | |
$
|
23,822
| | |
$
|
36,358
| |
|
Loans past due 90 days or more and still on accrual
| |
| - |
| |
| - |
| |
| - |
| |
| - |
|
|
Total non-performing loans
| | |
23,822
| | | |
36,358
| | | |
23,822
| | | |
36,358
| |
|
Other real estate owned
| |
| 11,185 |
| |
| 6,203 |
| |
| 11,185 |
| |
| 6,203 |
|
|
Total non-performing assets
| | $ | 35,007 |
| | $ | 42,561 |
| | $ | 35,007 |
| | $ | 42,561 |
|
| | | | | | | |
|
|
Non-performing loans to total loans
| | |
1.07
|
%
| | |
1.69
|
%
| | |
1.07
|
%
| | |
1.69
|
%
|
|
Non-performing loans to total loans - Traditional Banking
| | |
1.07
| | | |
1.69
| | | |
1.07
| | | |
1.69
| |
|
Non-performing assets to total loans (including OREO)
| | |
1.57
| | | |
1.97
| | | |
1.57
| | | |
1.97
| |
|
Non-performing assets to total assets
| | |
1.13
| | | |
1.40
| | | |
1.13
| | | |
1.40
| |
|
Allowance for loan losses to total loans
| | |
1.08
| | | |
1.14
| | | |
1.08
| | | |
1.14
| |
|
Allowance for loan losses to total loans - Traditional Banking
| | |
1.08
| | | |
1.14
| | | |
1.08
| | | |
1.14
| |
|
Allowance for loan losses to non-performing loans
| | |
101
| | | |
68
| | | |
101
| | | |
68
| |
|
Net loan charge-offs to average loans (annualized)
| | |
0.33
| | | |
0.05
| | | |
0.99
| | | |
0.91
| |
Net loan charge-offs to average loans - Traditional Banking
(annualized)
| | |
0.45
| | | |
0.70
| | | |
0.28
| | | |
0.46
| |
|
Delinquent loans to total loans (4)
| | |
0.90
| | | |
1.69
| | | |
0.90
| | | |
1.69
| |
|
Delinquent loans to total loans - Traditional Banking (4)
| | |
0.90
| | | |
1.69
| | | |
0.90
| | | |
1.69
| |
| | | | | | | |
|
| Other Information: | | | | | | | | |
|
End of period full-time equivalent employees
| | |
705
| | | |
738
| | | |
705
| | | |
738
| |
|
Number of banking centers
| | |
42
| | | |
44
| | | |
42
| | | |
44
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
| Balance Sheet Data |
| |
| |
| |
| |
| |
| | Quarterly Comparison |
| | Sept. 30, 2011 | | June 30, 2011 | | March 31, 2011 | | Dec. 31, 2010 | | Sept. 30, 2010 |
| Assets: | | | | | | | | | | |
|
Cash and cash equivalents
| |
$
|
75,573
| | |
$
|
130,262
| | |
$
|
472,315
| | |
$
|
786,371
| | |
$
|
171,024
| |
|
Investment securities
| | |
702,142
| | | |
633,959
| | | |
645,636
| | | |
542,694
| | | |
600,834
| |
|
Loans held for sale
| | |
4,721
| | | |
21,456
| | | |
1,381
| | | |
15,228
| | | |
5,783
| |
|
Loans
| | |
2,219,916
| | | |
2,222,697
| | | |
2,178,886
| | | |
2,175,240
| | | |
2,157,330
| |
|
Allowance for loan losses
| | |
(23,945
|
)
| | |
(25,931
|
)
| | |
(29,144
|
)
| | |
(23,079
|
)
| | |
(24,566
|
)
|
| Federal Home Loan Bank stock, at cost
| | |
26,153
| | | |
26,153
| | | |
26,213
| | | |
26,212
| | | |
26,274
| |
|
Premises and Equipment, net
| | |
34,044
| | | |
36,183
| | | |
36,734
| | | |
37,770
| | | |
38,171
| |
|
Goodwill
| | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| |
|
Other assets and interest receivable
| |
|
46,369
|
| |
|
49,623
|
| |
|
53,555
|
| |
|
52,099
|
| |
|
50,751
|
|
|
Total assets
| |
$
|
3,095,141
|
| |
$
|
3,104,570
|
| |
$
|
3,395,744
|
| |
$
|
3,622,703
|
| |
$
|
3,035,769
|
|
| | | | | | | | | |
|
| Liabilities and Stockholders' Equity: | | | | | | | | | | |
|
Deposits:
| | | | | | | | | | |
|
Non interest-bearing
| |
$
|
385,511
| | |
$
|
380,970
| | |
$
|
561,095
| | |
$
|
325,375
| | |
$
|
328,083
| |
|
Interest-bearing
| |
|
1,416,887
|
| |
|
1,409,691
|
| |
|
1,463,616
|
| |
|
1,977,317
|
| |
|
1,409,019
|
|
|
Total deposits
| | |
1,802,398
| | | |
1,790,661
| | | |
2,024,711
| | | |
2,302,692
| | | |
1,737,102
| |
| | | | | | | | | |
|
|
Deposits held for sale
| | |
-
| | | |
35,383
| | | |
-
| | | |
-
| | | |
-
| |
Securities sold under agreements to repurchase and other
short-term borrowings
| | |
227,504
| | | |
218,227
| | | |
259,722
| | | |
319,246
| | | |
286,510
| |
| Federal Home Loan Bank advances
| | |
524,731
| | | |
519,799
| | | |
554,837
| | | |
564,877
| | | |
565,424
| |
|
Subordinated note
| | |
41,240
| | | |
41,240
| | | |
41,240
| | | |
41,240
| | | |
41,240
| |
|
Other liabilities and accrued interest payable
| |
|
46,197
|
| |
|
53,517
|
| |
|
74,799
|
| |
|
23,272
|
| |
|
34,668
|
|
|
Total liabilities
| | |
2,642,070
| | | |
2,658,827
| | | |
2,955,309
| | | |
3,251,327
| | | |
2,664,944
| |
| | | | | | | | | |
|
|
Stockholders' equity
| |
|
453,071
|
| |
|
445,743
|
| |
|
440,435
|
| |
|
371,376
|
| |
|
370,825
|
|
|
Total liabilities and Stockholders' equity
| |
$
|
3,095,141
|
| |
$
|
3,104,570
|
| |
$
|
3,395,744
|
| |
$
|
3,622,703
|
| |
$
|
3,035,769
|
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| | | | | | | | | |
|
| Average Balance Sheet Data | | | | | | | | | | |
| | Quarterly Comparison |
| | Sept. 30, 2011 | | June 30, 2011 | | March 31, 2011 | | Dec. 31, 2010 | | Sept. 30, 2010 |
| Assets: | | | | | | | | | | |
|
Investment securities, including FHLB stock
| |
$
|
711,050
| | |
$
|
652,693
| | |
$
|
614,454
| | |
$
|
627,434
| | |
$
|
623,758
| |
|
Federal funds sold and other interest-earning deposits
| | |
68,108
| | | |
221,695
| | | |
856,579
| | | |
335,593
| | | |
229,125
| |
|
Loans and fees, including loans held for sale
| | |
2,237,559
| | | |
2,192,819
| | | |
2,299,479
| | | |
2,188,937
| | | |
2,180,565
| |
|
Total earning assets
| | |
3,016,717
| | | |
3,067,207
| | | |
3,770,512
| | | |
3,151,964
| | | |
3,033,448
| |
|
Total assets
| | |
3,147,230
| | | |
3,208,936
| | | |
4,077,318
| | | |
3,283,198
| | | |
3,163,734
| |
| | | | | | | | | |
|
| Liabilities and Stockholders' Equity: | | | | | | | | | | |
|
Non interest-bearing deposits
| |
$
|
396,568
| | |
$
|
409,391
| | |
$
|
806,532
| | |
$
|
341,556
| | |
$
|
345,970
| |
|
Interest-bearing deposits
| | |
1,444,577
| | | |
1,454,006
| | | |
1,890,993
| | | |
1,579,281
| | | |
1,471,806
| |
Securities sold under agreements to repurchase and other
short-term borrowings
| | |
249,002
| | | |
274,074
| | | |
318,083
| | | |
352,890
| | | |
333,299
| |
| Federal Home Loan Bank advances
| | |
517,739
| | | |
527,669
| | | |
562,294
| | | |
565,314
| | | |
565,445
| |
|
Subordinated note
| | |
41,240
| | | |
41,240
| | | |
41,240
| | | |
41,240
| | | |
41,240
| |
|
Total interest-bearing liabilities
| | |
2,252,558
| | | |
2,296,989
| | | |
2,812,610
| | | |
2,538,725
| | | |
2,411,790
| |
|
Stockholders' equity
| | |
449,177
| | | |
446,132
| | | |
408,328
| | | |
372,222
| | | |
369,279
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
| Income Statement Data |
| |
| |
| |
| |
| |
| | Three Months Ended |
| | Sept. 30, 2011 | | June 30, 2011 | | March 31, 2011 | | Dec. 31, 2010 | | Sept. 30, 2010 |
| | | | | | | | | |
|
|
Total interest income (5)
| |
$
|
34,426
| | |
$
|
34,459
| | |
$
|
92,623
| | |
$
|
34,087
| | |
$
|
35,270
| |
|
Total interest expense
| |
|
7,263
|
| |
|
7,630
|
| |
|
8,652
|
| |
|
8,652
|
| |
|
8,818
|
|
|
Net interest income
| | |
27,163
| | | |
26,829
| | | |
83,971
| | | |
25,435
| | | |
26,452
| |
| | | | | | | | | |
|
|
Provision for loan losses
| | |
(140
|
)
| | |
(439
|
)
| | |
18,082
| | | |
1,748
| | | |
(1,804
|
)
|
| | | | | | | | | |
|
|
Non interest income:
| | | | | | | | | | |
|
Service charges on deposit accounts
| | |
3,421
| | | |
3,736
| | | |
3,424
| | | |
3,860
| | | |
3,847
| |
|
Electronic refund check fees
| | |
425
| | | |
6,584
| | | |
81,062
| | | |
276
| | | |
293
| |
|
Net RAL securitization income
| | |
5
| | | |
19
| | | |
179
| | | |
37
| | | |
8
| |
|
Mortgage banking income
| | |
1,352
| | | |
924
| | | |
816
| | | |
1,703
| | | |
1,679
| |
|
Debit card interchange fee income
| | |
1,415
| | | |
1,493
| | | |
1,484
| | | |
1,322
| | | |
1,213
| |
|
Gain on sale of banking center
| | |
2,856
| | | |
-
| | | |
-
| | | |
-
| | | |
-
| |
Net gain (loss) on sales, calls and impairment of securities
| | |
301
| | | |
1,907
| | | |
(279
|
)
| | |
(95
|
)
| | |
-
| |
|
Other
| |
|
701
|
| |
|
705
|
| |
|
626
|
| |
|
551
|
| |
|
783
|
|
|
Total non interest income
| |
|
10,476
|
| |
|
15,368
|
| |
|
87,312
|
| |
|
7,654
|
| |
|
7,823
|
|
| | | | | | | | | |
|
|
Non interest expenses:
| | | | | | | | | | |
|
Salaries and employee benefits
| | |
13,145
| | | |
13,250
| | | |
17,239
| | | |
11,503
| | | |
13,399
| |
|
Occupancy and equipment, net
| | |
5,138
| | | |
5,001
| | | |
6,297
| | | |
5,373
| | | |
5,114
| |
|
Communication and transportation
| | |
1,081
| | | |
878
| | | |
2,509
| | | |
1,343
| | | |
887
| |
|
Marketing and development
| | |
736
| | | |
868
| | | |
904
| | | |
697
| | | |
722
| |
| FDIC insurance expense
| | |
918
| | | |
1,165
| | | |
1,635
| | | |
670
| | | |
586
| |
|
Bank franchise tax expense
| | |
713
| | | |
714
| | | |
1,565
| | | |
755
| | | |
642
| |
|
Data processing
| | |
787
| | | |
817
| | | |
748
| | | |
719
| | | |
660
| |
|
Debit card interchange expense
| | |
566
| | | |
601
| | | |
523
| | | |
507
| | | |
299
| |
|
Supplies
| | |
409
| | | |
314
| | | |
894
| | | |
762
| | | |
219
| |
|
Other real estate owned expense
| | |
608
| | | |
378
| | | |
481
| | | |
464
| | | |
562
| |
|
Charitable contributions
| | |
178
| | | |
234
| | | |
5,298
| | | |
168
| | | |
282
| |
|
Legal expense
| | |
784
| | | |
979
| | | |
1,360
| | | |
727
| | | |
365
| |
|
Accrued FDIC civil money penalty
| | |
-
| | | |
2,000
| | | |
-
| | | |
-
| | | |
-
| |
|
Other
| |
|
1,375
|
| |
|
1,327
|
| |
|
3,365
|
| |
|
1,729
|
| |
|
1,385
|
|
|
Total non interest expenses
| |
|
26,438
|
| |
|
28,526
|
| |
|
42,818
|
| |
|
25,417
|
| |
|
25,122
|
|
| | | | | | | | | |
|
|
Income before income tax expense
| | |
11,341
| | | |
14,110
| | | |
110,383
| | | |
5,924
| | | |
10,957
| |
|
Income tax expense
| |
|
3,471
|
| |
|
5,447
|
| |
|
38,971
|
| |
|
1,506
|
| |
|
3,647
|
|
| | | | | | | | | |
|
|
Net income
| |
$
|
7,870
|
| |
$
|
8,663
|
| |
$
|
71,412
|
| |
$
|
4,418
|
| |
$
|
7,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
|
| As of and for the Three Months Ended |
| | Sept. 30, 2011 |
| June 30, 2011 |
| March 31, 2011 |
| Dec. 31, 2010 |
| Sept. 30, 2010 |
| Per Share Data: | | | | | | | | | | |
|
Basic average shares outstanding
| | |
20,953
| | | |
20,936
| | | |
20,938
| | | |
20,935
| | | |
20,917
| |
|
Diluted average shares outstanding
| | |
20,994
| | | |
20,994
| | | |
20,991
| | | |
21,001
| | | |
20,988
| |
| | | | | | | | | |
|
|
End of period shares outstanding:
| | | | | | | | | | |
|
Class A Common Stock
| | |
18,655
| | | |
18,635
| | | |
18,633
| | | |
18,628
| | | |
18,627
| |
|
Class B Common Stock
| | |
2,300
| | | |
2,300
| | | |
2,304
| | | |
2,307
| | | |
2,308
| |
| | | | | | | | | |
|
|
Book value per share
| |
$
|
21.62
| | |
$
|
21.29
| | |
$
|
21.04
| | |
$
|
17.74
| | |
$
|
17.71
| |
|
Tangible book value per share (2)
| | |
20.81
| | | |
20.46
| | | |
20.18
| | | |
16.88
| | | |
16.84
| |
| | | | | | | | | |
|
|
Earnings per share:
| | | | | | | | | | |
|
Basic earnings per Class A Common Stock
| | |
0.38
| | | |
0.42
| | | |
3.41
| | | |
0.21
| | | |
0.35
| |
|
Basic earnings per Class B Common Stock
| | |
0.36
| | | |
0.40
| | | |
3.40
| | | |
0.20
| | | |
0.34
| |
|
Diluted earnings per Class A Common Stock
| | |
0.38
| | | |
0.41
| | | |
3.40
| | | |
0.21
| | | |
0.35
| |
|
Diluted earnings per Class B Common Stock
| | |
0.36
| | | |
0.40
| | | |
3.39
| | | |
0.20
| | | |
0.34
| |
| | | | | | | | | |
|
|
Cash dividends declared per share:
| | | | | | | | | | |
|
Class A Common Stock
| | |
0.154
| | | |
0.154
| | | |
0.143
| | | |
0.143
| | | |
0.143
| |
|
Class B Common Stock
| | |
0.140
| | | |
0.140
| | | |
0.130
| | | |
0.130
| | | |
0.130
| |
| | | | | | | | | |
|
| Performance Ratios: | | | | | | | | | | |
|
Return on average assets
| | |
1.00
|
%
| | |
1.08
|
%
| | |
7.01
|
%
| | |
0.54
|
%
| | |
0.92
|
%
|
|
Return on average equity
| | |
7.01
| | | |
7.77
| | | |
69.96
| | | |
4.75
| | | |
7.92
| |
|
Efficiency ratio (3)
| | |
71
| | | |
71
| | | |
25
| | | |
77
| | | |
73
| |
| | | | | | | | | |
|
|
Yield on average earning assets
| | |
4.56
| | | |
4.49
| | | |
9.83
| | | |
4.33
| | | |
4.65
| |
|
Cost of interest-bearing liabilities
| | |
1.29
| | | |
1.33
| | | |
1.23
| | | |
1.36
| | | |
1.46
| |
|
Net interest spread
| | |
3.27
| | | |
3.16
| | | |
8.60
| | | |
2.97
| | | |
3.19
| |
|
Net interest margin
| | |
3.60
| | | |
3.50
| | | |
8.91
| | | |
3.23
| | | |
3.49
| |
| | | | | | | | | |
|
| Asset Quality Data: | | | | | | | | | | |
|
Loans on non-accrual status
| |
$
|
23,822
| | |
$
|
28,499
| | |
$
|
26,668
| | |
$
|
28,317
| | |
$
|
36,358
| |
|
Loans past due 90 days or more and still on accrual
| |
| - |
| |
| - |
| |
| - |
| |
| - |
| |
| - |
|
|
Total non-performing loans
| | |
23,822
| | | |
28,499
| | | |
26,668
| | | |
28,317
| | | |
36,358
| |
|
Other real estate owned
| |
| 11,185 |
| |
| 12,012 |
| |
| 14,761 |
| |
| 11,969 |
| |
| 6,203 |
|
|
Total non-performing assets
| | $ | 35,007 |
| | $ | 40,511 |
| | $ | 41,429 |
| | $ | 40,286 |
| | $ | 42,561 |
|
| | | | | | | | | |
|
|
Non-performing loans to total loans
| | |
1.07
|
%
| | |
1.28
|
%
| | |
1.22
|
%
| | |
1.30
|
%
| | |
1.69
|
%
|
|
Non-performing loans to total loans - Traditional Banking
| | |
1.07
| | | |
1.28
| | | |
1.23
| | | |
1.30
| | | |
1.69
| |
|
Non-performing assets to total loans (including OREO)
| | |
1.57
| | | |
1.81
| | | |
1.89
| | | |
1.84
| | | |
1.97
| |
|
Non-performing assets to total assets
| | |
1.13
| | | |
1.30
| | | |
1.22
| | | |
1.11
| | | |
1.40
| |
|
Allowance for loan losses to total loans
| | |
1.08
| | | |
1.17
| | | |
1.34
| | | |
1.06
| | | |
1.14
| |
|
Allowance for loan losses to total loans - Traditional Banking
| | |
1.08
| | | |
1.17
| | | |
1.21
| | | |
1.06
| | | |
1.14
| |
|
Allowance for loan losses to non-performing loans
| | |
101
| | | |
91
| | | |
109
| | | |
82
| | | |
68
| |
|
Net loan charge-offs to average loans (annualized)
| | |
0.33
| | | |
0.51
| | | |
2.09
| | | |
0.59
| | | |
0.05
| |
|
Net loan charge-offs to average loans-Trad. Banking (annualized)
| | |
0.45
| | | |
0.17
| | | |
0.21
| | | |
0.65
| | | |
0.70
| |
|
Delinquent loans to total loans (4)
| | |
0.90
| | | |
1.28
| | | |
1.04
| | | |
1.24
| | | |
1.69
| |
|
Delinquent loans to total loans - Traditional Banking (4)
| | |
0.90
| | | |
1.28
| | | |
1.04
| | | |
1.24
| | | |
1.69
| |
| | | | | | | | | |
|
| Other Information: | | | | | | | | | | |
|
End of period full-time equivalent employees
| | |
705
| | | |
733
| | | |
758
| | | |
744
| | | |
738
| |
|
Number of banking centers
| | |
42
| | | |
43
| | | |
43
| | | |
43
| | | |
44
| |
| | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | |
|
Republic Bancorp, Inc. Financial Information
Third
Quarter 2011 Earnings Release (continued)
Segment Data:
The reportable segments are determined by the type of products and
services offered, distinguished among Traditional Banking, Mortgage
Banking and Tax Refund Solutions (“TRS”). They are also distinguished by
the level of information provided to the chief operating decision maker,
who uses such information to review performance of various components of
the business (such as branches and subsidiary banks), which are then
aggregated if operating performance, products/services, and customers
are similar. Loans, investments and deposits provide the majority of the
net revenue from Traditional Banking operations; servicing fees and loan
sales provide the majority of revenue from Mortgage Banking operations;
RAL fees and ERC/ERD fees provide the majority of the revenue from TRS.
All Company operations are domestic.
Segment information for the three and nine months ended September 30,
2011 and 2010 follows:
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
|
|
|
Three Months Ended September 30, 2011 |
| (dollars in thousands) |
|
|
Traditional Banking
|
|
|
Tax Refund Solutions
|
|
|
Mortgage Banking
|
|
| Total Company |
| | | |
|
| |
|
| |
|
| |
|
Net interest income
| | |
$
|
27,059
| | | |
$
|
4
| | | |
$
|
100
| | |
$
|
27,163
| |
| | | | | | | | | | | |
|
|
Provision for loan losses
| | | |
547
| | | | |
(687
|
)
| | | |
-
| | | |
(140
|
)
|
| | | | | | | | | | | |
|
|
Electronic refund check fees
| | | |
-
| | | | |
425
| | | | |
-
| | | |
425
| |
|
Net RAL securitization income
| | | |
-
| | | | |
5
| | | | |
-
| | | |
5
| |
|
Mortgage banking income
| | | |
-
| | | | |
-
| | | | |
1,352
| | | |
1,352
| |
Net gain on sales, calls and impairment of securities
| | | |
301
| | | | |
-
| | | | |
-
| | | |
301
| |
|
Other non interest income
| | |
|
8,367
|
|
|
|
|
-
|
|
|
|
|
26
|
|
|
|
8,393
|
|
|
Total non interest income
| | | |
8,668
| | | | |
430
| | | | |
1,378
| | | |
10,476
| |
| | | | | | | | | | | |
|
|
Total non interest expenses
| | |
|
22,065
|
|
|
|
|
3,668
|
|
|
|
|
705
|
|
|
|
26,438
|
|
| | | | | | | | | | | |
|
|
Gross operating profit (loss)
| | | |
13,115
| | | | |
(2,547
|
)
| | | |
773
| | | |
11,341
| |
|
Income tax expense (benefit)
| | |
|
4,293
|
|
|
|
|
(1,092
|
)
|
|
|
|
270
|
|
|
|
3,471
|
|
|
Net income (loss)
| | |
$
|
8,822
|
|
|
|
$
|
(1,455
|
)
|
|
|
$
|
503
|
|
|
$
|
7,870
|
|
| | | | | | | | | | | |
|
|
Segment end of period assets
| | |
$
|
3,067,504
| | | |
$
|
15,827
| | | |
$
|
11,810
| | |
$
|
3,095,141
| |
| | | | | | | | | | | |
|
|
Net interest margin
| | | |
3.61
|
%
| | | |
NM
| | | | |
NM
| | | |
3.60
|
%
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| | | | | | | | | | | |
|
| | |
Three Months Ended September 30, 2010 |
| (dollars in thousands) |
|
|
Traditional Banking
|
|
|
Tax Refund Solutions
|
|
|
Mortgage Banking
|
|
| Total Company |
| | | | | | | | | | | |
|
|
Net interest income
| | |
$
|
26,341
| | | |
$
|
13
| | | |
$
|
98
| | |
$
|
26,452
| |
| | | | | | | | | | | |
|
|
Provision for loan losses
| | | |
1,726
| | | | |
(3,530
|
)
| | | |
-
| | | |
(1,804
|
)
|
| | | | | | | | | | | |
|
|
Electronic refund check fees
| | | |
-
| | | | |
293
| | | | |
-
| | | |
293
| |
|
Net RAL securitization income
| | | |
-
| | | | |
8
| | | | |
-
| | | |
8
| |
|
Mortgage banking income
| | | |
-
| | | | |
-
| | | | |
1,679
| | | |
1,679
| |
Net loss on sales, calls and impairment of securities
| | | |
-
| | | | |
-
| | | | |
-
| | | |
-
| |
|
Other non interest income
| | |
|
5,764
|
|
|
|
|
43
|
|
|
|
|
36
|
|
|
|
5,843
|
|
|
Total non interest income
| | | |
5,764
| | | | |
344
| | | | |
1,715
| | | |
7,823
| |
| | | | | | | | | | | |
|
|
Total non interest expenses
| | |
|
22,277
|
|
|
|
|
2,279
|
|
|
|
|
566
|
|
|
|
25,122
|
|
| | | | | | | | | | | |
|
|
Gross operating profit
| | | |
8,102
| | | | |
1,608
| | | | |
1,247
| | | |
10,957
| |
|
Income tax expense
| | |
|
2,610
|
|
|
|
|
600
|
|
|
|
|
437
|
|
|
|
3,647
|
|
|
Net income
| | |
$
|
5,492
|
|
|
|
$
|
1,008
|
|
|
|
$
|
810
|
|
|
$
|
7,310
|
|
| | | | | | | | | | | |
|
|
Segment end of period assets
| | |
$
|
3,008,349
| | | |
$
|
13,412
| | | |
$
|
14,008
| | |
$
|
3,035,769
| |
| | | | | | | | | | | |
|
|
Net interest margin
| | | |
3.49
|
%
| | | |
NM
| | | | |
NM
| | | |
3.49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
|
|
|
|
Nine Months Ended Sept. 30, 2011 |
| (dollars in thousands) |
|
|
Traditional Banking
|
|
|
Tax Refund Solutions
|
|
|
Mortgage Banking
|
|
| Total Company |
| | | |
|
| |
|
| |
|
| |
|
Net interest income
| | |
$
|
78,580
| | | |
$
|
59,092
| | |
$
|
291
| | |
$
|
137,963
| |
| | | | | | | | | | | |
|
|
Provision for loan losses
| | | |
5,454
| | | | |
12,049
| | | |
-
| | | |
17,503
| |
| | | | | | | | | | | |
|
|
Electronic refund check fees
| | | |
-
| | | | |
88,071
| | | |
-
| | | |
88,071
| |
|
Net RAL securitization income
| | | |
-
| | | | |
203
| | | |
-
| | | |
203
| |
|
Mortgage banking income
| | | |
-
| | | | |
-
| | | |
3,092
| | | |
3,092
| |
Net gain on sales, calls and impairment of securities
| | | |
1,929
| | | | |
-
| | | |
-
| | | |
1,929
| |
|
Other non interest income
| | |
|
19,663
|
|
|
|
|
147
|
|
|
|
51
|
|
|
|
19,861
|
|
|
Total non interest income
| | | |
21,592
| | | | |
88,421
| | | |
3,143
| | | |
113,156
| |
| | | | | | | | | | | |
|
|
Total non interest expenses
| | |
|
67,840
|
|
|
|
|
27,187
|
|
|
|
2,755
|
|
|
|
97,782
|
|
| | | | | | | | | | | |
|
|
Gross operating profit
| | | |
26,878
| | | | |
108,277
| | | |
679
| | | |
135,834
| |
|
Income tax expense
| | |
|
8,263
|
|
|
|
|
39,389
|
|
|
|
237
|
|
|
|
47,889
|
|
|
Net income
| | |
$
|
18,615
|
|
|
|
$
|
68,888
|
|
|
$
|
442
|
|
|
$
|
87,945
|
|
| | | | | | | | | | | |
|
|
Segment end of period assets
| | |
$
|
3,067,504
| | | |
$
|
15,827
| | |
$
|
11,810
| | |
$
|
3,095,141
| |
| | | | | | | | | | | |
|
|
Net interest margin
| | | |
3.48
|
%
| | | |
NM
| | | |
NM
| | | |
5.60
|
%
|
|
|
|
|
|
|
|
|
| | |
Nine Months Ended Sept. 30, 2010 |
| (dollars in thousands) |
|
|
Traditional Banking
|
|
|
Tax Refund Solutions
|
|
|
Mortgage Banking
|
|
| Total Company |
| | | | | | | | | | | |
|
|
Net interest income
| | |
$
|
80,364
| | | |
$
|
50,729
| | |
$
|
284
| | |
$
|
131,377
| |
| | | | | | | | | | | |
|
|
Provision for loan losses
| | | |
9,502
| | | | |
8,464
| | | |
-
| | | |
17,966
| |
| | | | | | | | | | | |
|
|
Electronic refund check fees
| | | |
-
| | | | |
58,513
| | | |
-
| | | |
58,513
| |
|
Net RAL securitization income
| | | |
-
| | | | |
228
| | | |
-
| | | |
228
| |
|
Mortgage banking income
| | | |
-
| | | | |
-
| | | |
4,094
| | | |
4,094
| |
Net loss on sales, calls and impairment of securities
| | | |
(126
|
)
| | | |
-
| | | |
-
| | | |
(126
|
)
|
|
Other non interest income
| | |
|
17,183
|
|
|
|
|
53
|
|
|
|
59
|
|
|
|
17,295
|
|
|
Total non interest income
| | | |
17,057
| | | | |
58,794
| | | |
4,153
| | | |
80,004
| |
| | | | | | | | | | | |
|
|
Total non interest expenses
| | |
|
70,567
|
|
|
|
|
28,273
|
|
|
|
2,066
|
|
|
|
100,906
|
|
| | | | | | | | | | | |
|
|
Gross operating profit
| | | |
17,352
| | | | |
72,786
| | | |
2,371
| | | |
92,509
| |
|
Income tax expense
| | |
|
5,177
|
|
|
|
|
26,167
|
|
|
|
830
|
|
|
|
32,174
|
|
|
Net income
| | |
$
|
12,175
|
|
|
|
$
|
46,619
|
|
|
$
|
1,541
|
|
|
$
|
60,335
|
|
| | | | | | | | | | | |
|
|
Segment end of period assets
| | |
$
|
3,008,349
| | | |
$
|
13,412
| | |
$
|
14,008
| | |
$
|
3,035,769
| |
| | | | | | | | | | | |
|
|
Net interest margin
| | | |
3.62
|
%
| | | |
NM
| | | |
NM
| | | |
5.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Republic Bancorp, Inc. Financial Information |
Third Quarter 2011 Earnings Release (continued) |
|
|
|
| |
(1) – The amount of loan fee income included in total interest
income was $1.1 million and $924,000 for the quarters ended
September 30, 2011 and 2010. The amount of loan fee income
included in total interest income was $61.5 million and $54.2
million for the nine months ended September 30, 2011 and 2010. |
|
|
(2) – The following table provides a reconciliation of total
stockholders' equity in accordance with GAAP to tangible
stockholders’ equity in accordance with applicable regulatory
requirements. The Company provides the tangible common equity
ratio, in addition to those defined by banking regulators, because
of its widespread use by investors as a means to evaluate capital
adequacy. |
|
|
|
|
|
| Quarterly Comparison |
| (in thousands, except per share data) | | Sept. 30, 2011 |
| June 30, 2011 |
| March 31, 2011 |
| Dec. 31, 2010 |
| Sept. 30, 2010 |
|
Total stockholders' equity (a)
| |
$
|
453,071
| | |
$
|
445,743
| | |
$
|
440,435
| | |
$
|
371,376
| | |
$
|
370,825
| |
|
Less: Goodwill
| | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| |
|
Less: Core deposit intangible
| | |
73
| | | |
87
| | | |
102
| | | |
117
| | | |
137
| |
|
Less: Mortgage servicing rights
| |
|
6,688
|
| |
|
7,169
|
| |
|
7,573
|
| |
|
7,800
|
| |
|
7,901
|
|
Tangible stockholders' equity (c)
| |
$
|
436,142
|
| |
$
|
428,319
|
| |
$
|
422,592
|
| |
$
|
353,291
|
| |
$
|
352,619
|
|
| | | | | | | | | |
|
|
Total assets (b)
| |
$
|
3,095,141
| | |
$
|
3,104,570
| | |
$
|
3,395,744
| | |
$
|
3,622,703
| | |
$
|
3,035,769
| |
|
Less: Goodwill
| | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| | | |
10,168
| |
|
Less: Core deposit intangible
| | |
73
| | | |
87
| | | |
102
| | | |
117
| | | |
137
| |
|
Less: Mortgage servicing rights
| |
|
6,688
|
| |
|
7,169
|
| |
|
7,573
|
| |
|
7,800
|
| |
|
7,901
|
|
|
Tangible assets (d)
| |
$
|
3,078,212
|
| |
$
|
3,087,146
|
| |
$
|
3,377,901
|
| |
$
|
3,604,618
|
| |
$
|
3,017,563
|
|
| | | | | | | | | |
|
|
Total stockholders' equity to total assets (a/b)
| | |
14.64
|
%
| | |
14.36
|
%
| | |
12.97
|
%
| | |
10.25
|
%
| | |
12.22
|
%
|
|
Tangible stockholders' equity to tangible assets (c/d)
| | |
14.17
|
%
| | |
13.87
|
%
| | |
12.51
|
%
| | |
9.80
|
%
| | |
11.69
|
%
|
| | | | | | | | | |
|
|
Number of shares outstanding (e)
| |
|
20,955
|
| |
|
20,935
|
| |
|
20,937
|
| |
|
20,935
|
| |
|
20,935
|
|
| | | | | | | | | |
|
|
Book value per share (a/e)
| |
$
|
21.62
| | |
$
|
21.29
| | |
$
|
21.04
| | |
$
|
17.74
| | |
$
|
17.71
| |
|
Tangible book value per share (c/e)
| |
$
|
20.81
| | |
$
|
20.46
| | |
$
|
20.18
| | |
$
|
16.88
| | |
$
|
16.84
| |
|
|
|
|
(3) – Equals total non-interest expense divided by the sum of
net interest income and non interest income. The ratio excludes
net gain (loss) on sales, calls and impairment of investment
securities. |
|
|
(4) – Equals total loans over 30 days past due divided by total
loans. |
|
|
(5) – The amount of loan fee income included in total interest
income per quarter was as follows: $1.1 million (quarter ended
September 30, 2011), $1.1 million (quarter ended June 30, 2011),
$59.3 million (quarter ended March 31, 2011), $726,000 (quarter
ended December 31, 2010) and $924,000 (quarter ended September 30,
2010). |
|
|
NM – Not meaningful |
|
|
|
|
|
|
Republic Bancorp, Inc.
Kevin Sipes
Executive
Vice President and Chief Financial Officer
502-560-8628
Source: Republic Bancorp, Inc.