Republic Bancorp Q1 2023 operating net income rises 29% to $31.8M; Core Bank NIM 3.98%

REPUBLIC BANCORP INC /KY/

Q1 2023 net income $28.1M ($1.42 diluted EPS flat YoY); operating net income (non-GAAP) $31.8M ($1.61 EPS) up 29%.
Core Bank net income $10.3M, up 35% YoY; operating net income $14.0M, up 84% YoY. NIM expanded to 3.98% from 2.92%.
Traditional Bank loan growth $92M (ex-CBank) in Q1; CBank acquisition added $218M in loans, closed March 15, 2023.
TRS segment net income $12.4M, down from $15.4M due to prior year termination fee and higher RA provision of $21.7M on $737M originations.
Credit quality stable: Core Bank nonperforming loans/total loans 0.34% (vs 0.40% prior year); allowance to loans 1.22%.

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