Republic Bancorp reports record full year net income $101.4M; Q4 EPS $0.98 vs $1.01

REPUBLIC BANCORP INC /KY/

Full year net income $101.4M ($5.21 diluted EPS), up 12% YoY; Q4 net income $19.0M ($0.98 EPS), down 3% YoY.
Core Bank net income rose 11% to $17.6M in Q4 as NIM improved to 3.64% from 3.40%; credit quality remains strong with net charge-offs 0.02%.
RPG net income fell $2.4M to $1.4M due to higher TRS loss provision of $9.8M vs $3.9M a year ago on $139M ERA originations.
Revised third-party marketer-servicer agreement provides loss cap guarantee for ERAs; expects $2.8M additional fee income for current tax season.
Traditional Bank, Warehouse, and RCS all posted net income increases for 2024 of 21%, 37%, and 28% respectively.

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