Republic Bancorp Q2 2024 net income $25.2M (+20% YoY); EPS $1.30 (+22%)

REPUBLIC BANCORP INC /KY/

Core Bank net interest income $52.8M (+3% YoY); NIM 3.46% vs 3.65% due to funding mix shift.
RPG net income $10.2M (+14% YoY); RCS up 29% to $5.0M, TRS up to $3.1M.
Noninterest expenses down 6% to $42.6M on 42 FTE reduction; provision expense $1.1M vs $2.1M.
Sold $67M of lower-yielding mortgage loans; borrowed $100M from FHLB at 4.42% to lower funding costs.
Core Bank asset quality strong: net charge-offs 0.02% annualized, nonperforming loans 0.39% of total loans.

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