This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Republic Bancorp, Inc. Reports A 15% Increase In Year-to-Date Net Income With An 11% Increase In Second Quarter Net Income

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 %
Net Income $ 9,578 $ 8,663 11 % $ 92,050 $ 80,075 15 %
Diluted Earnings per Class A Share $ 0.46 $ 0.41 12 % $ 4.38 $ 3.82 15 %
ROA 1.16 % 1.08 % 7 % 4.94 % 4.40 % 12 %
ROE 7.17 % 7.77 % -8 % 35.19 % 37.48 % -6 %

Results of Operations for the Second Quarter of 2012 Compared to the Second Quarter of 2011

Traditional Banking and Mortgage Banking (collectively “Core Banking”)

Net income from Core Banking decreased slightly from $7.4 million during the second quarter of 2011 to $7.2 million during the second quarter of 2012. The decrease in Core Bank earnings was primarily the result of the pre-conversion operational costs associated with the TCB acquisition during the second quarter of 2012 and a $1.9 million security gain that the Company recorded during the second quarter of 2011. The Core Bank’s operations achieved positive results during the second quarter of 2012 from increased net interest income driven by solid year-over-year loan growth.

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,863.70 -112.61 -0.63%
S&P 500 2,075.53 -10.71 -0.51%
NASDAQ 4,920.1210 -27.32 -0.55%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs