Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report record net income of $82.5 million for the first quarter of 2012, an $11.1 million, or 15%, increase over the first quarter of 2011. Diluted Earnings per Class A Common Share increased to $3.92 for the quarter. Return on average assets (“ROA”) and return on average equity (“ROE”) were both strong, ending the quarter at 7.94% and 64.47%, respectively.
During the first quarter of 2012, Republic was named the best performing bank in the country by Bank Director magazine. In addition, Republic entered the Nashville, Tennessee market by acquiring selected assets and substantially all deposits of Tennessee Commerce Bank (“TCB”) from the FDIC on January 27 th.
Steve Trager, Republic’s President and CEO, commented: “The TCB acquisition has been an excellent experience for our associates and a solid long-term growth opportunity for our shareholders. In the near-term the Company hopes to continue growing through, to the extent available, FDIC-assisted acquisitions. We plan to focus primarily on opportunities in the southeast and south central portions of the United States and secondarily on opportunities in other geographic areas. The Company is seeking acquisitions that are immediately accretive to net income and diluted earnings per share, or strategic in location, or both.”
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company and Republic Bank.The following table highlights Republic’s first quarter financial performance for 2012 compared to the same period in 2011:
|Three Months Ended||%|
|(dollars in thousands, except per share data)||3/31/12||3/31/11||Change|
|Pre-Tax Net Income||$||127,706||$||110,383||16%|
|Diluted Earnings per Class A Share||$||3.92||$||3.40||15%|