Republic Bancorp, Inc. (“Republic” or the “Company”),is pleased to report net income of $92.1 million for the first six months of 2012, representing a $12.0 million, or 15%, increase over the first six months of 2011. Diluted Earnings per Class A Common Share increased to $4.38 for the first six months of 2012, while return on average assets (“ROA”) and return on average equity (“ROE”) during the same period were both industry-strong at 4.94% and 35.19%, respectively.
For the second quarter of 2012, Republic earned net income of $9.6 million, a $915,000, or 11%, increase over the second quarter of 2011. Diluted Earnings per Class A Common Share increased to $0.46 for the quarter. ROA and ROE were both solid during the quarter at 1.16% and 7.17%, respectively. As a result of Republic’s continued strong performance, the Company announced a 7% increase to its regular quarterly cash dividend payable in July. This represents the 12 th consecutive year Republic has raised dividend payouts to its shareholders.
Steve Trager, Republic’s President and CEO, commented: “We are pleased with the second quarter results as we continue to experience solid organic loan growth while maintaining our conservative lending standards and strong capital base. Also, during the second quarter, we made great progress in integrating our recent acquisition of the loans and deposits of Tennessee Commerce Bank (“TCB”) and look forward to growing our customer base in the Nashville, Tennessee market. Not only was the TCB acquisition an immediate positive impact to our strong capital base the day we acquired it, it has also allowed the Company to gain valuable experience and knowledge that we look forward to utilizing in future acquisitions.”
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company (“RB&T”) and Republic Bank.The following chart highlights Republic’s second quarter and year-to-date 2012 financial performance compared to the same period in 2011:
|Three Months Ended||%||Six Months Ended||%|
|(dollars in thousands, except per share data)||6/30/12||6/30/11||Change||6/30/12||6/30/11||Change|
|Pre-Tax Net Income||$||14,481||$||14,110||3||%||$||142,187||$||124,493||14||%|
|Diluted Earnings per Class A Share||$||0.46||$||0.41||12||%||$||4.38||$||3.82||15||%|