Republic Bancorp, Inc. is pleased to announce its fourth consecutive year of increased earnings by completing 2011 with net income of $94.1 million, a $29.4 million, or 45%, increase over 2010. Diluted Earnings per Class A Common Share increased 45% for the year ended December 31, 2011 to $4.49. For the fourth quarter of 2011, Republic earned net income of $6.2 million, a 40% increase over the fourth quarter of 2010. Diluted Earnings per Class A Common Share increased 43% to $0.30 for the quarter.
Steve Trager, Republic’s President and CEO, commented: “It gives me great pleasure to report another solid quarter of operating results, capping off a good year of earnings in 2011. In addition, I’m proud that our associates were able to generate core deposit and loan growth of 9% and 5% during the year, while maintaining good credit quality and high capital standards. With core capital and credit quality among the very best in the banking industry, we remain well-positioned to take advantage of unique opportunities that often arise in an uncertain economy.”
Republic Bancorp, Inc. (“Republic” or the “Company”) (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company (“RB&T”)and Republic Bank.
The following table highlights Republic’s fourth quarter and annual financial performance for 2011 compared to the same periods in 2010:
|Three Months Ended||%||Year Ended||%|
|(dollars in thousands, except per share data)||12/31/11||12/31/10||Increase||12/31/11||12/31/10||Increase|
|Diluted Earnings per Class A Share||$||0.30||$||0.21||43||%||$||4.49||$||3.10||45||%|