Republic Bancorp Q2 2023 op net income up 34% to $19.8M; GAAP net income $21.1M ($1.07 EPS)

REPUBLIC BANCORP INC /KY/

GAAP net income $21.1M ($1.07 diluted EPS) vs $24.3M ($1.22) in Q2 2022; non-GAAP operating net income $19.8M, up 34% YoY.
Core Bank net income $12.1M, up 43% GAAP; net interest income $51.4M, up 19%; net interest margin expanded 63 bps to 3.65%.
Traditional Bank average loans $4.28B, +18% YoY; weighted-average loan yield 4.98% vs 3.92% in prior year.
Provision for credit losses was a $2.1M charge; Core Bank allowance-to-loans 1.15%; nonperforming loans to total loans 0.34%.
RPG adjusted net income $8.9M (excluding prior-year legal settlement) vs $6.2M; prepaid card product drove net interest income growth.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

REPUBLIC BANCORP INC /KY/ reported second quarter 2023 results: net income $21.1 million, EPS $1.07 per share.

Period: second quarter 2023
Net income: $21.1 million
EPS: $1.07 per share
Result: reported results

Exact text from the filing

Republic Bancorp, Inc. (“Republic” or the “Company”) reported second quarter 2023 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $21.1 million and $1.07 per share compared to $24.3 million and $1.22 per share for the second quarter of 2022.

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Source: SEC EDGAR

accession 0001157523-23-001122

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