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Republic Bancorp, Inc. Reports Third Quarter Net Income Of $4.6 Million And Year To Date Net Income Of $24.1 Million

Stocks in this article: RBCAA

Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report net income of $4.6 million for the third quarter of 2013 resulting in Diluted Earnings per Class A Common Share of $0.22. Return on average assets (“ROA”) and return on average equity (“ROE”) were 0.55% and 3.36%, respectively, for the quarter. Net income for the first nine months of 2013 was $24.1 million, with Diluted Earnings per Class A Common share of $1.16. ROA and ROE for the first nine months of 2013 were 0.95% and 5.87%, respectively.

On October 8, 2013 Republic filed a Form 8K announcing that it was withdrawing its applications to the Office of the Comptroller of the Currency (the “OCC”) to merge and consolidate its Republic Bank & Trust (“RB&T”) and Republic Bank (“RB”) charters into one national bank charter and to acquire certain assets and assume all of the deposits of H&R Block Bank (the “Agreement”). As a result of RB&T withdrawing its application with the OCC, H&R Block Bank terminated the Agreement with RB&T.

Steve Trager, Chairman and CEO of Republic made the following comment in regards to that announcement:

“We are disappointed that we were not able to consummate a relationship with an industry leader and quality provider like H&R Block. We remain one of the most significant and long lasting financial institutions in the tax industry given our great history in the business over the last 20 years. We continue to be well positioned to pursue opportunities as we have been recognized as one of the best capitalized, top performing and most community minded banks in the country. I am very proud that 22 community and industry leaders submitted public letters of support to the Office of the Comptroller of Currency as it relates to our acquisition of H&R Block Bank, including: the Mayor of Louisville; the Presidents of the Universities of Louisville and Kentucky; the President of the Louisville Urban League; the Attorney General of Kentucky; the Executive Director of the Louisville Asset Building Coalition; the President of the Metro United Way; the President and CEO of the WHAS Crusade for Children; the President of the Federal Home Loan Bank of Cincinnati; the CEO of Habitat For Humanity; the Executive Director of Community Action of Southern Indiana; and the Chief Business Officer of Girl Scouts of Kentuckiana, among many others.

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