Republic Bancorp, Inc. Reports Record 2012 Net Income Of $119.3 Million, A 27% Increase Over 2011. Fourth Quarter 2012 Net Income Increases 7% Over Fourth Quarter 2011

Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report its fifth consecutive year of increased earnings by ending 2012 with net income of $119.3 million, representing a $25.2 million, or 27%, increase over 2011. Annual return on average assets (“ROA”) and return on average equity (“ROE”) during 2012 were both industry-strong at 3.35% and 22.51%. Diluted Earnings per Class A Common Share increased 27% for 2012 to $5.69 for the year ended December 31, 2012.

Republic earned fourth quarter net income of $6.6 million, a $417,000 increase over the fourth quarter of 2011. Diluted Earnings per Class A Common Share increased to $0.33 for the fourth quarter of 2012. ROA and ROE were both solid during the quarter at 0.77% and 4.95%. Steve Trager, Republic’s Chairman and CEO, commented: “In addition to strong earnings, we generated solid loan and deposit growth during 2012 with loans increasing $365 million, or 16%, and deposits growing $249 million, or 14%, while maintaining strong credit quality and plentiful capital.”

Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company (“RB&T”) and Republic Bank (“RB”).

The following chart highlights Republic’s fourth quarter and year-to-date 2012 financial performance compared to the same period in 2011:
 
  Three Months Ended   %   Year Ended   %
(dollars in thousands, except per share data) 12/31/12   12/31/11 Change 12/31/12   12/31/11 Change
 
Income Before Income Tax Expense $ 10,186 $ 8,363 22 % $ 183,945 $ 144,197 28 %
Net Income $ 6,621 $ 6,204 7 % $ 119,339 $ 94,149 27 %
Diluted Earnings per Class A Share $ 0.33 $ 0.30 10 % $ 5.69 $ 4.49 27 %
ROA 0.77 % 0.76 % 1 % 3.35 % 2.76 % 21 %
ROE 4.95 % 5.46 % -9 % 22.51 % 21.42 % 5 %
 

Year in Review

The year 2012 represented a record year for Republic. In addition to strong earnings results, the Company also achieved many other successes while positioning itself well for the future. Following are a few highlights from this past year:

Acquisitions – On January 27, 2012, Republic entered the Nashville, Tennessee market by acquiring selected assets and substantially all deposits of Tennessee Commerce Bank (“TCB”). On September 7, 2012, Republic entered the Minneapolis, Minnesota market by acquiring substantially all assets and assuming all liabilities of First Commercial Bank (“FCB”). Both transactions were Federal Deposit Insurance Corporation (“FDIC”) assisted transactions without loss share agreements. As a result of the significant discount in both transactions, Republic recorded total bargain purchase gains of $55.4 million in 2012.

Special Cash Dividend – Republic paid a one-time special cash dividend on December 21, 2012 of $1.10 per share on its Class A common stock and $1.00 per share on its Class B common stock for its shareholders of record on November 30, 2012. The total payout by the Company for this special dividend was $22.9 million. The special dividend was not only a reward for past successes, but also represents the confidence that management and the board of directors have for the Company’s future prospects. After the special dividend, Republic’s capital ratios continue to be very strong, as the Company remains well-positioned to support continued organic balance sheet growth and expansion through future acquisitions, should opportunities arise.

Increased Quarterly Cash Dividends – Despite continued uncertainty in the economic environment, Republic once again increased its cash dividend by 7% in the second quarter of 2012 thanks to its strong earnings and capital position. This represented the 12th consecutive year that the Company increased its quarterly cash dividend.

Stock Repurchase Program – The Company increased its repurchase activity of the Company’s stock during the fourth quarter of 2012 through its board authorized repurchase program. During the fourth quarter, the Company bought back 63,000 shares of Republic’s stock with 524,000 shares still authorized for repurchase by the Company’s board of directors.

National Recognition – In February 2012, Republic was identified as the best performing bank in the United States by Bank Director magazine. Republic’s top rating was based on its core return on tangible common equity and its ratio of average tangible common equity to tangible assets. Data was collected by the New York-based investment banking firm Sandler O’Neill + Partners from 484 publicly traded U.S. banks from July 1, 2009 through June 30, 2011.

Industry-solid Credit Quality – As it has throughout the Company’s history, credit quality remains a primary focus at Republic. The Company continued to dedicate many resources and high level associates to improving its already industry solid credit metrics in 2012. As a result of the efforts of all Republic associates, the Core Banking credit metrics continue to place it among the best in its peer group as illustrated below:

 
  Peer(1)   As of and for the Year Ending
Core Banking Credit Quality Ratios 09/30/12 12/31/12   12/31/11   12/31/10
 
Non-performing loans / Total loans 2.52 % 0.82 % 1.02 % 1.30 %
 
Non-performing assets / Total loans (including OREO) (2) 3.17 % 1.79 % 1.49 % 1.84 %
 
Delinquent loans / Total loans 3.35 % 0.79 % 1.07 % 1.24 %
 
Net loan charge-offs / Average loans 0.62 % 0.34 % 0.24 % 0.51 %
 
(1) Peer information obtained from the Uniform Bank Performance Report, Peer Group #1 - Insured Commercial Banks having assets greater than $3 billion.
(2) OREO = Other Real Estate Owned
 

Traditional Bank Deposit Growth – The year 2012 represented another solid year of core deposit growth. Despite historically low interest rates, the Traditional Bank was able to grow its low cost core deposit account base by $227 million during the year, with $54 million of this growth attributable to its newly acquired banks. The Company was able to attract these low cost deposit accounts by capitalizing on its attractive technology offerings, such as business on-site deposit and business on-line banking, in combination with superior customer service and the safety and soundness of a high performing institution.

Mortgage Warehouse Lending - In June 2011, the Bank began offering its new warehouse lending product. With this product, the Bank provides short-term, revolving credit facilities to mortgage banking companies secured by single family first lien residential real estate loans. As of December 31, 2012, after 19 months of operations, warehouse lines of credit outstanding were $217 million from total credit commitments of $331 million.

Mortgage Banking – Mortgage banking income increased $4.5 million for 2012, as the Company’s application volume increased from $585 million during 2011 to $782 million during 2012. Republic experienced increased demand over the prior year primarily due to a lower rate environment and favorable secondary market conditions. As the Company enters 2013, it hopes to continue to capitalize on a favorable interest rate environment for long-term fixed rate loans through a new $0 closing cost promotion.

Republic Bank Foundation – The Republic Bank Foundation was created in March 2010 to ensure the on-going legacy of giving that Republic has displayed throughout its 30-year history. An initial $5 million contribution was made to the Foundation in 2010, with an additional $5 million contributed in 2011. Thanks to another strong year in 2012, Republic was able to further its support of the Foundation with a $2.5 million contribution during the first quarter of the year.

Republic Processing Group (“RPG”) and Tax Refund Solutions (“TRS”) – The TRS division, which is part of the larger RPG segment, completed another strong year in 2012 generating net income of $60.8 million, as it processed over $10.7 billion in tax refunds for 3.5 million clients across the United States.

As part of its discontinuance of the Refund Anticipation Loan (“RAL”) product during 2012, the Company realigned its TRS segment to become a division of the newly formed RPG. Along with the TRS division, the Company operates Republic Payment Solutions (“RPS”) and Republic Credit Solutions (“RCS”) as divisions of RPG, which were formed in 2012 to capitalize on the internal resources of TRS by expanding the Company’s consumer product offerings in 2013 and beyond.

During the first half of 2013, through the RPS division, RB plans to become an issuing bank which offers general purpose reloadable prepaid debit, payroll, gift and incentive cards through third party program managers, while through the RCS division, RB&T plans to pilot short-term consumer credit products through on-line channels.

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

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

Net income from Core Banking increased from $7.8 million during the fourth quarter of 2011 to $8.7 million during the fourth quarter of 2012. The increase in the Core Bank’s earnings was primarily driven by higher net interest income and another solid quarter in mortgage banking.

Net interest income within the Core Bank rose to $30.5 million for the fourth quarter of 2012, an increase of $3.7 million, or 14%, over the fourth quarter of 2011. The increase in net interest income for the quarter was primarily attributable to year-over-year growth in loans of $365 million. Included in the year-over-year growth in loans was approximately $139 million in loans outstanding as of December 31, 2012 related to the TCB and FCB acquisitions. In addition, Republic’s existing franchise grew loans by $226 million during 2012 with $176 million of that growth attributable to the Company’s mortgage warehouse lending product. As a result, the Traditional Bank’s net interest margin remained healthy at 3.69% for the fourth quarter of 2012, compared to 3.56% for the fourth quarter of 2011.

The Core Bank’s provision for loan losses was higher during the fourth quarter of 2012, increasing from $952,000 during the fourth quarter of 2011 to $1.7 million during the fourth quarter of 2012. The overall higher provision was a result of provisions from successful refinance activity to retail borrowers displaying weaknesses in their ability to make payments under their previous contractual loan terms. These additional provisions were partially offset by a decrease in the Bank’s general allowance for loan losses resulting from improved credit metrics. Overall, the Core Bank’s credit metrics continue to place it among the highest performers in the banking industry. The Core Bank’s delinquent loans to total loans and non-performing loans to total loans ratios remained near their lowest levels since 2007. In addition, the Core Bank’s net charge-offs continued to trend in a favorable direction since its peak in 2009.

Non-interest income for the Core Bank was $9.1 million for the fourth quarter of 2012 compared to $6.3 million for the fourth quarter of 2011. The Core Bank had a solid quarter of mortgage banking income, which increased $2.1 million over the fourth quarter of 2011, as overall application volume during the quarter increased from $133 million during the fourth quarter of 2011 to $175 million during the fourth quarter of 2012. Also contributing to the increase in non-interest income was a positive adjustment of $712,000 to the FCB bargain purchase gain as additional information relative to the acquisition date fair values became available.

Core Banking non-interest expenses increased $3.9 million for the fourth quarter of 2012 to $24.5 million. Primarily driving this increase was an increase of $3.2 million in the salaries and employee benefits category. The Core Bank experienced growth in its number of associates due to the new staff added from the two banks acquired during 2012 in addition to the increase in support staff to facilitate its on-going acquisition strategy. The increased staffing costs were partially offset during the fourth quarter of 2012 by a $1.3 million credit to salary expense for reduced incentive compensation accruals as the Company finalized its incentive compensation payouts for the year. By comparison, the Company recorded a credit to salary expense for reduced incentive compensation accruals of $1.9 million during the fourth quarter of 2011.

RPG

RPG, which derives substantially all of its revenues during the first and second quarters of the year, historically operates at a net loss during the third and fourth quarters, as the Company prepares for the upcoming tax season. For the fourth quarter of 2012, RPG recorded a net loss of $2.1 million compared to a net loss of $1.5 million for the fourth quarter of 2011. RPG’s net loss during the fourth quarter of 2011 benefited from a $1.1 million credit to non-interest expense related to the positive resolution of certain previously accrued penalties assessed to TRS by the FDIC.

Acquisition Integration

Continuing operations in Tennessee (formerly TCB) reached profitability on a monthly basis when the Company converted its operating systems in July of 2012. During the fourth quarter of 2012, the Company’s Tennessee market contributed $556,000 to the Company’s income before income tax expense.

Overall, the contractual amount of the loans purchased through the TCB acquisition was reduced from $79 million as of the acquisition date to $42 million as of December 31, 2012. The carrying value of the loans purchased in the TCB transaction was $57 million as of the acquisition date compared to $31 million as of December 31, 2012.

With a market president firmly in place, Republic will now seek to grow its franchise in the Nashville market using the same business principles that brought the Company success in the past. In addition, the Company will also seek to expand its footprint in the market beyond its current location.

During the fourth quarter of 2012, Minnesota (formerly FCB) contributed $1.2 million to the Company’s overall income before income tax expense due to the profitability of its on-going operations in combination with a positive adjustment to the bargain purchase gain of $712,000 as previously mentioned.

Overall, the contractual amount of the loans purchased through the FCB acquisition was reduced from $172 million as of the acquisition date to $139 million as of December 31, 2012. The carrying value of the loans purchased in the FCB transaction was $128 million as of the acquisition date compared to $108 million as of December 31, 2012.

The operating systems of Minnesota will be converted during the middle of the first quarter of 2013. After the system conversion, Minnesota, which has been profitable since acquisition, is expected to marginally increase its contribution to the gross operating profit of the Core Bank.

Conclusion

“As we complete another solid year at Republic, we look forward once again to a new year with great optimism. With strong capital, solid asset quality and 750+ associates that are second to none, we are ready to tackle the challenges and take advantage of the opportunities the new year will undoubtedly bring. We are enthusiastic about our new markets in Tennessee and Minnesota and are extremely excited with the thought of adding more markets in 2013 through additional acquisitions. We are also optimistic about the future opportunities with RPG. Despite the fact that the Company will likely experience a substantial decrease in earnings during 2013 as a result of the projected decline in business at RPG, we are excited about the growth and diversification opportunities that RPG’s expanded product offerings will create if we are successful with our plans. It is the great pride I have in our past success and the optimism that I have for our future which allows me to say to our associates, our clients and our shareholders: ‘We were here for you yesterday. We are here for you today. We will be here for you tomorrow,’” concluded Trager.

Republic Bancorp, Inc. (Republic) has 44 banking centers and is the parent company of Republic Bank & Trust Company and Republic Bank. Republic Bank & Trust Company has 34 banking centers in 12 Kentucky communities - Covington, Crestwood, Elizabethtown, Florence, Frankfort, Georgetown, Independence, Lexington, Louisville, Owensboro, Shelbyville and Shepherdsville, three banking centers in southern Indiana – Floyds Knobs, Jeffersonville and New Albany, one banking center in Franklin (Nashville), Tennessee, and one banking center in Bloomington (Minneapolis), Minnesota. Republic Bank has banking centers in Hudson, Palm Harbor, Port Richey and Temple Terrace, Florida as well as Blue Ash (Cincinnati), Ohio. Republic offers internet banking at www.republicbank.com . Republic has $3.4 billion in assets and is headquartered in Louisville, Kentucky. Republics Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

We were here for you yesterday. We are here for you today. We will be here for you tomorrow. ®

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, future acquisitions, current expectations and assumptions regarding its business, the economy and other future conditions. Forward-looking statements can be identified by the use of the words “expect,” “anticipate,” “believe,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore against relying on any of these forward-looking statements, which speak only as of the date on which they are made. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as “Risk Factors” in the Company’s Form 10-Q for the period ended September 30, 2012. The Company undertakes no obligation to update any forward-looking statements. These forward-looking statements are made only as of the date of this release, and the Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

 
 
 

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2012 Earnings Release

(all amounts other than per share amounts and number of employees and number of banking centers are expressed in thousands unless otherwise noted)
 
Balance Sheet Data        
Dec. 31, 2012 Dec. 31, 2011
Assets:
Cash and cash equivalents $ 137,691 $ 362,971
Investment securities 484,256 674,022
Mortgage loans held for sale 10,614 4,392
Loans 2,650,197 2,285,295
Allowance for loan losses (23,729 ) (24,063 )
Federal Home Loan Bank stock, at cost 28,377 25,980
Premises and equipment, net 33,197 34,681
Goodwill 10,168 10,168
Other real estate owned 26,203 10,956
Other assets and accrued interest receivable   37,425     35,589  
Total assets $ 3,394,399   $ 3,419,991  
 
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing $ 479,046 $ 408,483
Interest-bearing   1,503,882     1,325,495  
Total deposits 1,982,928 1,733,978
 
Securities sold under agreements to repurchase and other short-term borrowings 250,884 230,231
Federal Home Loan Bank advances 542,600 934,630
Subordinated note 41,240 41,240
Other liabilities and accrued interest payable   40,045     27,545  
Total liabilities 2,857,697 2,967,624
 
Stockholders' equity   536,702     452,367  
Total liabilities and Stockholders' equity $ 3,394,399   $ 3,419,991  
 
 
Average Balance Sheet Data        
Three Months Ended Dec. 31, Year Ended Dec. 31,
2012 2011 2012 2011
Assets:
Investment securities, including FHLB stock $ 564,272 $ 735,336 $ 640,830 $ 678,804
Federal funds sold and other interest-earning deposits 106,359 126,045 187,790 315,530
Loans and fees, including loans held for sale 2,650,267 2,255,757 2,504,150 2,246,259
Total earning assets 3,320,898 3,117,138 3,332,770 3,240,593
Total assets 3,448,191 3,246,296 3,560,739 3,416,921
 
Liabilities and Stockholders' Equity:
Non interest-bearing deposits $ 542,973 $ 430,705 $ 624,053 $ 509,457
Interest-bearing deposits 1,505,108 1,379,159 1,512,455 1,540,515

Securities sold under agreements to repurchase and other short-term borrowings
220,279 275,085 237,414 278,861
Federal Home Loan Bank advances 570,147 625,047 560,659 558,249
Subordinated note 41,240 41,240 41,240 41,240
Total interest-bearing liabilities 2,336,774 2,320,531 2,351,768 2,418,865
Stockholders' equity 534,724 454,343 530,096 439,636

 
 
 

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2012 Earnings Release (continued)
 
Income Statement Data        
Three Months Ended Dec. 31, Year Ended Dec. 31,
2012 2011 2012 2011
 
Total interest income(1) $ 35,930 $ 33,607 $ 183,459 $ 195,115
Total interest expense   5,379   6,710     22,804   30,255
 
Net interest income 30,551 26,897 160,655 164,860
 
Provision for loan losses 1,324 463 15,043 17,966
 
Non interest income:
Service charges on deposit accounts 3,469 3,524 13,496 14,105
Refund transfer fees 177 124 78,304 88,195
Mortgage banking income 2,856 807 8,447 3,899
Debit card interchange fee income 1,430 1,399 5,817 5,791
Bargain purchase gain - TCB - - 27,614 -
Bargain purchase gain - FCB 712 - 27,824 -
Gain on sale of banking center - - - 2,856
Net gain on sales, calls and impairment of securities - 77 56 2,006
Other   694   537     3,520   2,772
Total non interest income   9,338   6,468     165,078   119,624
 
Non interest expenses:
Salaries and employee benefits 14,428 11,332 60,633 54,966
Occupancy and equipment, net 5,538 5,277 22,474 21,713
Communication and transportation 1,139 1,227 5,806 5,695
Marketing and development 759 729 3,429 3,237
FDIC insurance expense 395 707 1,403 4,425
Bank franchise tax expense 553 653 3,916 3,645
Data processing 863 855 4,309 3,207
Debit card interchange expense 553 549 2,462 2,239
Supplies 366 736 2,114 2,353
Other real estate owned expense 1,049 889 3,537 2,356
Charitable contributions 231 223 3,341 5,933
Legal expense 583 846 1,866 3,969
FDIC civil money penalty - (1,100 ) - 900
FHLB advance prepayment penalty - - 2,436 -
Other   1,922   1,616     9,019   7,683
Total non interest expenses   28,379   24,539     126,745   122,321
 
Income before income tax expense 10,186 8,363 183,945 144,197
Income tax expense   3,565   2,159     64,606   50,048
 
Net income $ 6,621 $ 6,204   $ 119,339 $ 94,149

 
 
 

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2012 Earnings Release (continued)
 
Selected Data and Statistics        
As of and for the As of and for the
Three Months Ended Dec. 31, Year Ended Dec. 31,
2012 2011 2012 2011
Per Share Data:
 
Basic average shares outstanding 20,971 20,954 20,959 20,945
Diluted average shares outstanding 21,020 20,996 21,028 20,993
 
End of period shares outstanding:
Class A Common Stock 18,694 18,652 18,694 18,652
Class B Common Stock 2,271 2,300 2,271 2,300
 
Book value per share $ 25.60 $ 21.59 $ 25.60 $ 21.59
Tangible book value per share(2) 24.86 20.81 24.86 20.81
 
Earnings per share:
Basic earnings per Class A Common Stock $ 0.33 $ 0.30 $ 5.71 $ 4.50
Basic earnings per Class B Common Stock 0.21 0.28 5.55 4.45
Diluted earnings per Class A Common Stock 0.33 0.30 5.69 4.49
Diluted earnings per Class B Common Stock 0.21 0.28 5.53 4.44
 
Cash dividends declared per share:
Class A Common Stock $ 1.265 $ 0.154 $ 1.749 $ 0.605
Class B Common Stock 1.150 0.140 1.590 0.550
 
Performance Ratios:
 
Return on average assets 0.77 % 0.76 % 3.35 % 2.76 %
Return on average equity 4.95 5.46 22.51 21.42
Efficiency ratio(3) 71 74 39 43
Yield on average interest-earning assets 4.33 4.31 5.50 6.02
Cost of interest-bearing liabilities 0.92 1.16 0.97 1.25
Net interest spread 3.41 3.15

4.53
4.77
Net interest margin - Total Company 3.68 3.45 4.82 5.09
Net interest margin - Traditional Bank 3.69 3.56 3.64 3.55
 
Other Information:
 
End of period full-time equivalent employees 797 710 797 710
Number of banking centers 44 42 44 42

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
Credit Quality Data and Statistics   As of and for the   As of and for the
Three Months Ended Dec. 31, Year Ended Dec. 31,
2012   2011 2012   2011
Asset Balances - Total Company:
 
Loans on non-accrual status $ 18,506 $ 23,306 $ 18,506 $ 23,306
Loans past due 90 days or more and still on accrual 3,173 - 3,173 -
Total non-performing loans 21,679 23,306 21,679 23,306
Other real estate owned 26,203 10,956 26,203 10,956
Total non-performing assets 47,882 34,262 47,882 34,262
Total delinquent loans 20,844 24,433 20,844 20,844
 
Asset Balances - Acquired Banks:
 
Loans on non-accrual status $ - NA $ - NA
Loans past due 90 days or more and still on accrual 3,173 NA 3,173 NA
Total non-performing loans 3,173 NA 3,173 NA
Other real estate owned 14,498 NA 14,498 NA
Total non-performing assets 17,671 NA 17,671 NA
Total delinquent loans 5,967 NA 5,967 NA
 
Credit Quality Ratios - Total Company:
 
Non-performing loans to total loans 0.82 % 1.02 % 0.82 % 1.02 %
Non-performing assets to total loans (including OREO) 1.79 1.49 1.79 1.49
Non-performing assets to total assets 1.41 1.00 1.41 1.00
Allowance for loan losses to total loans 0.90 1.05 0.90 1.05
Allowance and non-accretable yield to total GCLPR(4) 2.34 1.05 2.34 1.05
Allowance for loan losses to non-performing loans 109 103 109 103
Delinquent loans to total loans(5) 0.79 1.07 0.79 1.07
Net loan charge-offs to average loans (annualized) 0.26 0.06 0.61 0.76
 
Credit Quality Ratios - Core Bank:
 
Non-performing loans to total loans 0.82 % 1.02 % 0.82 % 1.02 %
Non-performing assets to total loans (including OREO) 1.79 1.49 1.79 1.49
Non-performing assets to total assets 1.41 1.10 1.41 1.10
Allowance for loan losses to total loans 0.90 1.05 0.90 1.05
Allowance and non-accretable yield to total GCLPR(4) 2.34 1.05 2.34 1.05
Allowance for loan losses to non-performing loans 109 103 109 103
Delinquent loans to total loans(5) 0.79 1.07 0.79 1.07
Net loan charge-offs to average loans (annualized) 0.31 0.15 0.34 0.24
 
Credit Quality Ratios - Core Bank Excluding Acquired Banks:
 
Non-performing loans to total loans 0.74 % 1.02 % 0.74 % 1.02 %
Non-performing assets to total loans (including OREO) 1.20 1.49 1.20 1.49
Non-performing assets to total assets 0.95 1.10 0.95 1.10
Allowance for loan losses to total loans 0.94 1.05 0.94 1.05
Allowance for loan losses to non-performing loans 127 103 127 103
Delinquent loans to total loans(5) 0.59 1.07 0.59 1.07
Net loan charge-offs to average loans (annualized) 0.33 0.15 0.35 0.24
 
Credit Quality Ratios - Acquired Banks:
 
Non-performing loans to total loans 2.29 % NA 2.29 % NA
Non-performing assets to total loans (including OREO) 11.54 NA 11.54 NA
Non-performing assets to total assets 8.73 NA 8.73 NA
Allowance for loan losses to total loans 0.15 NA 0.15 NA
Allowance and non-accretable yield to total GCLPR(4) 21.83 NA 21.83 NA
Allowance for loan losses to non-performing loans 7 NA 7 NA
Delinquent loans to total loans(5) 4.30 NA 4.30 NA
Net loan charge-offs to average loans (annualized) - NA - NA

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
Balance Sheet Data          
Quarterly Comparison
Dec. 31, 2012 Sept. 30, 2012 June 30, 2012 March 31, 2012 Dec. 31, 2011
Assets:
Cash and cash equivalents $ 137,691 $ 96,187 $ 124,357 $ 186,504 $ 362,971
Investment securities 484,256 581,262 608,090 630,298 674,022
Mortgage loans held for sale 10,614 3,385 4,093 4,459 4,392
Loans held for sale - - - 17,003 -
Loans 2,650,197 2,642,357 2,440,394 2,394,787 2,285,295
Allowance for loan losses (23,729 ) (24,100 ) (22,510 ) (23,732 ) (24,063 )
Federal Home Loan Bank stock, at cost 28,377 28,784 28,391 28,439 25,980
Premises and Equipment, net 33,197 32,984 32,962 34,321 34,681
Goodwill 10,168 10,168 10,168 10,168 10,168
Other real estate owned 26,203 25,148 18,345 24,149 10,956
Other assets and interest receivable   37,425     39,601     34,510     38,438     35,589  
Total assets $ 3,394,399   $ 3,435,776   $ 3,278,800   $ 3,344,834   $ 3,419,991  
 
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing $ 479,046 $ 514,893 $ 513,136 $ 595,498 $ 408,483
Interest-bearing   1,503,882     1,540,717     1,392,155     1,453,301     1,325,495  
Total deposits 1,982,928 2,055,610 1,905,291 2,048,799 1,733,978
 

Securities sold under agreements to repurchase and other short-term borrowings
250,884 169,839 194,412 225,719 230,231
Federal Home Loan Bank advances 542,600 553,487 538,555 413,593 934,630
Subordinated note 41,240 41,240 41,240 41,240 41,240
Other liabilities and accrued interest payable   40,045     57,844     59,589     81,990     27,545  
Total liabilities 2,857,697 2,878,020 2,739,087 2,811,341 2,967,624
 
Stockholders' equity   536,702     557,756     539,713     533,493     452,367  
Total liabilities and Stockholders' equity $ 3,394,399   $ 3,435,776   $ 3,278,800   $ 3,344,834   $ 3,419,991  
 
 
 
Average Balance Sheet Data
Quarterly Comparison
Dec. 31, 2012 Sept. 30, 2012 June 30, 2012 March 31, 2012 Dec. 31, 2011
Assets:
Investment securities, including FHLB stock $ 564,272 $ 629,542 $ 680,134 $ 690,328 $ 735,336
Federal funds sold and other interest-earning deposits 106,359 82,404 100,407 645,863 126,045
Loans and fees, including loans held for sale 2,650,267 2,520,174 2,406,180 2,439,331 2,255,757
Total earning assets 3,320,898 3,232,120 3,186,721 3,775,523 3,117,138
Total assets 3,448,191 3,322,077 3,309,764 4,153,256 3,246,296
 
Liabilities and Stockholders' Equity:
Non interest-bearing deposits $ 542,973 $ 505,127 $ 533,649 $ 922,628 $ 430,705
Interest-bearing deposits 1,505,108 1,462,069 1,414,427 1,670,167 1,379,159

Securities sold under agreements to repurchase and other short-term borrowings
220,279 208,051 250,515 271,322 275,085
Federal Home Loan Bank advances 570,147 523,053 479,064 681,518 625,047
Subordinated note 41,240 41,240 41,240 41,240 41,240
Total interest-bearing liabilities 2,336,774 2,234,413 2,185,246 2,664,247 2,320,531
Stockholders' equity 534,724 539,863 534,576 511,694 454,343

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
Income Statement Data          
Three Months Ended
Dec. 31, 2012 Sept. 30, 2012 June 30, 2012 March 31, 2012 Dec. 31, 2011
 
Total interest income (1) $ 35,930 $ 34,128 $ 33,814 $ 79,587 $ 33,607
Total interest expense   5,379   5,556     5,502     6,367   6,710  
Net interest income 30,551 28,572 28,312 73,220 26,897
 
Provision for loan losses 1,324 2,083 466 11,170 463
 
Non interest income:
Service charges on deposit accounts 3,469 3,438 3,286 3,303 3,524
Refund transfer fees 177 231 6,147 71,749 124
Mortgage banking income 2,856 2,274 1,963 1,354 807
Debit card interchange fee income 1,430 1,390 1,441 1,556 1,399
Bargain purchase gain - TCB - (189 ) (96 ) 27,899 -
Bargain purchase gain - FCB 712 27,112 - - -
Gain on sale of banking center - - - - -

Net gain on sales, calls and impairment of securities
- - - 56 77
Other   694   589     1,345     892   537  
Total non interest income   9,338   34,845     14,086     106,809   6,468  
 
Non interest expenses:
Salaries and employee benefits 14,428 14,921 14,313 16,971 11,332
Occupancy and equipment, net 5,538 5,718 5,144 6,074 5,277
Communication and transportation 1,139 1,045 961 2,661 1,227
Marketing and development 759 828 904 938 729
FDIC insurance expense 395 287 291 430 707
Bank franchise tax expense 553 729 703 1,931 653
Data processing 863 1,030 1,195 1,221 855
Debit card interchange expense 553 648 660 601 549
Supplies 366 270 529 949 736
Other real estate owned expense 1,049 1,328 555 605 889
Charitable contributions 231 232 200 2,678 223
Legal expense 583 388 527 368 846
FDIC civil money penalty - - - - (1,100 )
FHLB advance prepayment penalty - - - 2,436 -
Other   1,922   2,338     1,469     3,290   1,616  
Total non interest expenses   28,379   29,762     27,451     41,153   24,539  
 
Income before income tax expense 10,186 31,572 14,481 127,706 8,363
Income tax expense   3,565   10,904     4,903     45,234   2,159  
 
Net income $ 6,621 $ 20,668   $ 9,578   $ 82,472 $ 6,204  

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
Selected Data and Statistics          
As of and for the Three Months Ended
Dec. 31, 2012 Sept. 30, 2012 June 30, 2012 March 31, 2012 Dec. 31, 2011
Per Share Data:
 
Basic average shares outstanding 20,971 20,948 20,958 20,956 20,954
Diluted average shares outstanding 21,020 21,029 21,017 21,055 20,996
 
End of period shares outstanding:
Class A Common Stock 18,694 18,673 18,658 18,662 18,652
Class B Common Stock 2,271 2,271 2,299 2,299 2,300
 
Book value per share $ 25.60 $ 26.63 $ 25.75 $ 25.45 $ 21.59
Tangible book value per share(2) 24.86 25.88 25.01 24.69 20.81
 
Earnings per share:
Basic earnings per Class A Common Stock $ 0.33 $ 0.99 $ 0.46 $ 3.94 $ 0.30
Basic earnings per Class B Common Stock 0.21 0.97 0.44 3.92 0.28
Diluted earnings per Class A Common Stock 0.33 0.98 0.46 3.92 0.30
Diluted earnings per Class B Common Stock 0.21 0.97 0.44 3.90 0.28
 
Cash dividends declared per share:
Class A Common Stock $ 1.265 $ 0.165 $ 0.165 $ 0.154 $ 0.154
Class B Common Stock 1.150 0.150 0.150 0.140 0.140
 
Performance Ratios:
 
Return on average assets 0.77 % 2.49 % 1.16 % 7.94 % 0.76 %
Return on average equity 4.95 15.31 7.17 64.47 5.46
Efficiency ratio(3) 71 47 65 23 74
Yield on average interest-earning assets 4.33 4.22 4.22 8.56 4.31
Cost of interest-bearing liabilities 0.92 0.99 1.01 0.96 1.16
Net interest spread 3.41 3.23 3.21 7.60 3.15
Net interest margin - Total Company 3.68 3.54 3.53 7.87 3.45
Net interest margin - Traditional Bank 3.69 3.54 3.57 3.58 3.56
 
Other Information:
 
End of period full-time equivalent employees 797 772 749 723 710
Number of banking centers 44 44 43 43 42

 
 
 

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2012 Earnings Release (continued)
 
Credit Quality Data and Statistics
  As of and for the Three Months Ended
Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   March 31, 2012   Dec. 31, 2011
Asset Balances - Total Company:
Loans on non-accrual status $ 18,506 $ 20,436 $ 21,819 $ 23,370 $ 23,306
Loans past due 90 days or more and still on accrual 3,173 616 50 - -
Total non-performing loans 21,679 21,052 21,869 23,370 23,306
Other real estate owned 26,203 25,148 18,345 24,149 10,956
Total non-performing assets 47,882 46,200 40,214 47,519 34,262
Total delinquent loans 20,844 17,892 18,120 27,189 24,433
 
Non Performing Asset Balances - Acquired Banks:
Loans on non-accrual status $ - $ 22 $ 177 $ 333 NA
Loans past due 90 days or more and still on accrual 3,173 616 50 - NA
Total non-performing loans 3,173 638 227 333 NA
Other real estate owned 14,498 12,398 3,272 6,188 NA
Total non-performing assets 17,671 13,036 3,499 6,521 NA
Total delinquent loans 5,967 711 672 997 NA
 
Credit Quality Ratios - Total Company:
Non-performing loans to total loans 0.82 % 0.80 % 0.90 % 0.98 % 1.02 %
Non-performing assets to total loans (including OREO) 1.79 1.73 1.64 1.96 1.49
Non-performing assets to total assets 1.41 1.34 1.23 1.42 1.00
Allowance for loan losses to total loans 0.90 0.91 0.92 0.99 1.05
Allowance and non-accretable yield to total GCLPR(4) 2.34 2.56 1.42

 
1.59

 
1.05
Allowance for loan losses to non-performing loans 109 114 103 102 103
Delinquent loans to total loans(5) 0.79 0.68 0.74 1.14 1.07
Net loan charge-offs to average loans (annualized) 0.26 0.08 0.28 1.89 0.06
 
Credit Quality Ratios - Core Bank:
Non-performing loans to total loans 0.82 % 0.80 % 0.90 % 0.98 % 1.02 %
Non-performing assets to total loans (including OREO) 1.79 1.73 1.64 1.96 1.49
Non-performing assets to total assets 1.41 1.34 1.23 1.42 1.10
Allowance for loan losses to total loans 0.90 0.91 0.92 0.99 1.05
Allowance and non-accretable yield to total GCLPR(4) 2.34 2.56 1.42

 
1.59

 
1.05
Allowance for loan losses to non-performing loans 109 114 103 102 103
Delinquent loans to total loans(5) 0.79 0.68 0.74 1.14 1.07
Net loan charge-offs to average loans (annualized) 0.31 0.15 0.28 0.65 0.15
 
Credit Quality Ratios - Core Bank Excluding Acquired Banks:
Non-performing loans to total loans 0.74 % 0.82 % 0.90 % 0.98 % 1.02 %
Non-performing assets to total loans (including OREO) 1.20 1.33 1.52 1.74 1.49
Non-performing assets to total assets 0.95 1.04 1.16 1.29 1.10
Allowance for loan losses to total loans 0.94 0.97 0.94 1.01 1.05
Allowance for loan losses to non-performing loans 127 118 104 103 103
Delinquent loans to total loans(5) 0.59 0.69 0.73 1.12 1.07
Net loan charge-offs to average loans (annualized) 0.33 0.16 0.29 0.67 0.15
 
Credit Quality Ratios - Acquired Banks:
Non-performing loans to total loans 2.29 % 0.38 % 0.59 % 0.67 % NA
Non-performing assets to total loans (including OREO) 11.54 7.53 8.38 11.62 NA
Non-performing assets to total assets 8.73 5.40 3.20 3.72 NA
Allowance for loan losses to total loans 0.15 - - - NA
Allowance and non-accretable yield to total GCLPR(4) 21.83 21.49 24.03 22.41 NA
Allowance for loan losses to non-performing loans 7 - - - NA
Delinquent loans to total loans(5) 4.30 0.44 1.75 2.00 NA
Net loan charge-offs to average loans (annualized) - - - -

NA
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)

Segment Data:

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business (such as branches and subsidiary banks), which are then aggregated if operating performance, products/services, and customers are similar.

As of December 31, 2012, the Company was divided into three distinct business operating segments: Traditional Banking, Mortgage Banking and Republic Processing Group (“RPG”). During 2012, the Company realigned the previously reported Tax Refund Solutions (“TRS”) segment as a division of the newly formed RPG segment. Along with the TRS division, Republic Payment Solutions (“RPS”) and Republic Credit Solutions (“RCS”) were created to operate as divisions of the RPG segment.

Nationally, through Republic Bank & Trust Company (“RB&T”), RPG facilitates the receipt and payment of federal and state tax refund products under the TRS division. Nationally, through Republic Bank, the RPS division is preparing to become an issuing bank to offer general purpose reloadable prepaid debit, payroll, gift and incentive cards through third party program managers. Nationally, through RB&T, the RCS division is preparing to pilot short-term consumer credit products through multiple channels, including the internet and retail locations. For the projected near-term, as the programs are established, the operating results of the RPS and RCS divisions are expected to be immaterial to the Company’s overall results of operations and will therefore not be reported as a separate business operating segment until such time, if any, that they become material to the Company’s overall results of operations.

Loans, investments and deposits provide the majority of the net revenue from Traditional Banking operations; servicing fees and loan sales provide the majority of revenue from Mortgage Banking operations; Refund Anticipation Loan (“RAL”) fees and Refund Transfer fees (“RTs”) (formerly referred to as Electronic Refund Checks/Electronic Refund Deposits or “ERCs/ERDs” or “ARs/ARDs”) provide the majority of the revenue from TRS. All Company operations are domestic.

The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies. Segment performance is evaluated using operating income. Goodwill is not allocated. Income taxes which are not segment specific are allocated based on income before income tax expense. Transactions among reportable segments are made at fair value.

Segment information for the three months and years ended December 31, 2012 and 2011 follows:

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
  Three Months Ended December 31, 2012
(dollars in thousands)  

TraditionalBanking
 

MortgageBanking
 

RepublicProcessing Group
  Total Company
     
Net interest income $ 30,425 $ 117 $ 9 $ 30,551
 
Provision for loan losses 1,662 - (338 ) 1,324
 
Refund transfer fees - - 177 177
Mortgage banking income - 2,856 - 2,856
Bargain purchase gains 712 - - 712
Other non interest income   5,569       12       12       5,593  
Total non interest income 6,281 2,868 189 9,338
 
Total non interest expenses   23,628       914       3,837       28,379  
 
Income (loss) before income tax expense 11,416 2,071 (3,301 ) 10,186
Income tax expense (benefit)   4,028       724       (1,187 )     3,565  
Net income (loss) $ 7,388     $ 1,347     $ (2,114 )   $ 6,621  
 
Segment end of period assets $ 3,371,934 $ 15,752 $ 6,713 $ 3,394,399
 
Net interest margin 3.69 % NM NM 3.68 %
 
 
 
Three Months Ended December 31, 2011
(dollars in thousands)  

TraditionalBanking
 

MortgageBanking
 

RepublicProcessing Group
  Total Company
 
Net interest income $ 26,766 $ 110 $ 21 $ 26,897
 
Provision for loan losses 952 - (489 ) 463
 
Refund transfer fees - - 124 124
Mortgage banking income - 807 - 807

Net gain on sales, calls and impairment of securities
77 - - 77
Other non interest income   5,426       27       7       5,460  
Total non interest income 5,503 834 131 6,468
 
Total non interest expenses   19,549       1,094       3,896       24,539  
 
Income (loss) before income tax expense 11,768 (150 ) (3,255 ) 8,363
Income tax expense (benefit)   3,920       (52 )     (1,709 )     2,159  
Net income (loss) $ 7,848     $ (98 )   $ (1,546 )   $ 6,204  
 
Segment end of period assets $ 3,099,426 $ 10,880 $ 309,685 $ 3,419,991
 
Net interest margin 3.56 % NM NM 3.45 %

 
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)
 
  Year Ended December 31, 2012
(dollars in thousands)  

TraditionalBanking
 

MortgageBanking
 

RepublicProcessing Group
  Total Company
     
Net interest income $ 114,831 $ 400 $ 45,424 $ 160,655
 
Provision for loan losses 8,167 - 6,876 15,043
 
Refund transfer fees - - 78,304 78,304
Mortgage banking income - 8,447 - 8,447

Net gain on sales, calls and impairment of securities
56 - - 56
Bargain purchase gains 55,438 - - 55,438
Other non interest income   22,574       39     220     22,833  
Total non interest income 78,068 8,486 78,524 165,078
 
Total non interest expenses   100,380       3,842     22,523     126,745  
 
Income before income tax expense 84,352 5,044 94,549 183,945
Income tax expense   29,178       1,765     33,663     64,606  
Net income $ 55,174     $ 3,279   $ 60,886   $ 119,339  
 
Segment end of period assets $ 3,371,934 $ 15,752 $ 6,713 $ 3,394,399
 
Net interest margin 3.64 % NM NM 4.82 %
 
 
 
Year Ended December 31, 2011
(dollars in thousands)  

TraditionalBanking
 

MortgageBanking
 

RepublicProcessing Group
  Total Company
 
Net interest income $ 105,346 $ 401 $ 59,113 $ 164,860
 
Provision for loan losses 6,406 - 11,560 17,966
 
Refund transfer fees - - 88,195 88,195
Mortgage banking income - 3,899 - 3,899

Net gain on sales, calls and impairment of securities
2,006 - - 2,006
Other non interest income   25,089       78     357     25,524  
Total non interest income 27,095 3,977 88,552 119,624
 
Total non interest expenses   87,389       3,849     31,083     122,321  
 
Income before income tax expense 38,646 529 105,022 144,197
Income tax expense   12,183       185     37,680     50,048  
Net income $ 26,463     $ 344   $ 67,342   $ 94,149  
 
Segment end of period assets $ 3,099,426 $ 10,880 $ 309,685 $ 3,419,991
 
Net interest margin 3.55 % NM NM 5.09 %
 
 

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)

_____________________________________ (1) – The amount of loan fee income included in total interest income was $2.4 million and $788,000 for the quarters ended December 31, 2012 and 2011. The amount of loan fee income included in total interest income was $50.8 million and $62.3 million for the years ended December 31, 2012 and 2011.

The amount of loan fee income included in total interest income per quarter was as follows: $2.4 million (quarter ended December 31, 2012), $1.1 million (quarter ended September 30, 2012), $1.3 million (quarter ended June 30, 2012), $46.0 million (quarter ended March 31, 2012) and $788,000 (quarter ended December 31, 2011).

(2) – The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity in accordance with applicable regulatory requirements. The Company provides the tangible common equity ratio, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.
 
  Quarterly Comparison
(in thousands, except per share data) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   March 31, 2012   Dec. 31, 2011
Total stockholders' equity (a) $ 536,702 $ 557,756 $ 539,713 $ 533,493 $ 452,367
Less: Goodwill 10,168 10,168 10,168 10,168 10,168
Less: Core deposit intangible 510 589 104 113 58
Less: Mortgage servicing rights   4,777     4,980     5,351     5,606     6,087  

Tangible stockholders' equity (c)
$ 521,247   $ 542,019   $ 524,090   $ 517,606   $ 436,054  
 
Total assets (b) $ 3,394,399 $ 3,435,776 $ 3,278,800 $ 3,344,834 $ 3,419,991
Less: Goodwill 10,168 10,168 10,168 10,168 10,168
Less: Core deposit intangible 510 589 104 113 58
Less: Mortgage servicing rights   4,777     4,980     5,351     5,606     6,087  
Tangible assets (d) $ 3,378,944   $ 3,420,039   $ 3,263,177   $ 3,328,947   $ 3,403,678  
 
Total stockholders' equity to total assets (a/b) 15.81 % 16.23 % 16.46 % 15.95 % 13.23 %
Tangible stockholders' equity to tangible assets (c/d) 15.43 % 15.85 % 16.06 % 15.55 % 12.81 %
 
Number of shares outstanding (e)   20,965     20,944     20,957     20,961     20,952  
 
Book value per share (a/e) $ 25.60 $ 26.63 $ 25.75 $ 25.45 $ 21.59
Tangible book value per share (c/e) 24.86 25.88 25.01 24.69 20.81
 

(3) – Equals total non-interest expense divided by the sum of net interest income and non interest income. The ratio excludes net gain (loss) on sales, calls and impairment of investment securities.

Republic Bancorp, Inc. Financial Information Fourth Quarter 2012 Earnings Release (continued)

(4) – The following tables reflect the calculation of the allowance for loan losses plus non-accretable yield on purchased, credit impaired loans as a percentage of total gross contractual loan principal receivable (“GCLPR”). While this ratio is not considered in accordance with GAAP, it provides additional insight regarding the Bank’s ability to absorb impairment of contractual loan principal receivable.
 
  Quarterly Comparison - Total Company
(in thousands, except per share data) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   March 31, 2012   Dec. 31, 2011
Allowance for loan losses $ 23,729 $ 24,100 $ 22,510 $ 23,732 $ 24,063
Non-accretable yield   39,264     44,660     12,404     14,615     -  
Total (f) $ 62,993   $ 68,760   $ 34,914   $ 38,347   $ 24,063  
 
Total loans $ 2,650,197 $ 2,642,357 $ 2,440,394 $ 2,394,787 $ 2,285,295
Non-accretable yield 39,264 44,660 12,404 14,615 -
Accretable yield   2,953     2,830     700     679     -  
Total GCLPR (g) $ 2,692,414   $ 2,689,847   $ 2,453,498   $ 2,410,081   $ 2,285,295  
 

Allowance and non-accretable yield to total GCLPR (f/g)
2.34 % 2.56 % 1.42 % 1.59 % 1.05 %
 
 
  Quarterly Comparison - Acquired Banks
(in thousands, except per share data) Dec. 31, 2012   Sept. 30, 2012   June 30, 2012   March 31, 2012
Allowance for loan losses $ 214 $ - $ - $ -
Non-accretable yield   39,264     44,660     12,404     14,615  
Total (h) $ 39,478   $ 44,660   $ 12,404   $ 14,615  
 
Total loans $ 138,616 $ 160,341 $ 38,506 $ 49,933
Non-accretable yield 39,264 44,660 12,404 14,615
Accretable yield   2,953     2,830     700     679  
Total GCLPR (i) $ 180,833   $ 207,831   $ 51,610   $ 65,227  
 

Allowance and non-accretable yield to total GCLPR (h/i)
21.83 % 21.49 % 24.03 % 22.41 %
 

(5) – Equals total loans exceeding 30 days past due divided by total loans.

NA – Not applicable NM – Not meaningful

Copyright Business Wire 2010

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