Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report solid net income of $12.0 million for the first quarter of 2014 resulting in Diluted Earnings per Class A Common Share of $0.58. Return on average assets (“ROA”) and return on average equity (“ROE”) were 1.34% and 8.69%, respectively, for the first quarter of 2014.
Steve Trager, Republic’s Chairman and Chief Executive Officer, commented: “While the first quarter of 2014 presented many of the same challenges the industry faced in 2013, we experienced positive earnings momentum in our Republic Processing Group segment and were able to maintain our strong credit quality metrics, which continued to place us among the best in our peer group. Although we were not able to announce an acquisition during the first quarter of 2014, we continue to look at opportunities and remain optimistic that we will identify a long-term partner. Growth through acquisition will remain a primary focus for us into the foreseeable future.”
Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company (“RB&T”) and Republic Bank (“RB”), (collectively the “Bank”).
The following table highlights Republic’s financial performance for the first quarter of 2014 compared to the same period in 2013:
|Three Months Ended|
(dollars in thousands, except per share data)
|Income Before Income Tax Expense||$||18,523||$||20,978|
|Diluted Earnings per Class A Share||$||0.58||
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