Republic Bancorp(RBCAA)2025-01-24 13:00Financial Performance - Total interest income for Q4 2024 was 90,785,000 in Q4 2023, representing a 13.5% year-over-year growth[9] - Net interest income for Q4 2024 reached 66,782,000 in Q4 2023, marking a 12.2% increase[9] - Net income for Q4 2024 was 19,659,000 in Q4 2023, a decrease of 3.3%[9] - Net interest income for the year ended December 31, 2024, was 288,778,000 in 2023, representing an increase of 8.1%[19] - Net income for the year ended December 31, 2024, was 90,374,000 in 2023, reflecting a growth of 12.2%[19] Asset and Liability Management - Total assets increased to 6,692,470 thousand at September 30, 2024, representing a growth of 2.3%[4] - Total liabilities increased to 5,712,765 thousand, representing a rise of 2.5%[4] - Total deposits reached 5,101,696 thousand in the prior quarter[4] - Total interest-bearing liabilities were 3,709,677,000 in Q4 2023, reflecting a 19.5% increase[9] Credit Quality and Allowance for Losses - The allowance for credit losses was 82,158 thousand in the previous quarter, reflecting a rise of 12.2%[4] - The provision for credit losses in Q4 2024 was 10,989,000 in Q4 2023, indicating increased risk management measures[9] - Total nonperforming loans increased to 20,618,000 as of December 31, 2023, reflecting a 10.4% increase[13] - The allowance for credit losses to total loans ratio improved to 1.69% as of December 31, 2024, compared to 1.57% a year earlier[13] Equity and Shareholder Value - Stockholders' equity increased to 979,705 thousand in the prior quarter, marking a growth of 1.3%[4] - Book value per share increased to 50.39 in Q3 2024, an increase of 1.3%[11] - Total stockholders' equity increased to 912,756 thousand a year earlier, representing a growth of 8.7%[26] - Tangible book value per share increased to 44.55 a year prior, marking a growth of 8.7%[26] Operational Efficiency - Total noninterest expense increased to 47,054,000 in Q4 2023, representing a 13.6% rise[9] - The efficiency ratio improved to 60% in Q4 2024 from 55% in Q3 2024, indicating a decrease in operational efficiency[11] - Adjusted noninterest expense for the year ended December 31, 2024, was 197,238 thousand in the previous year, representing an increase of 2.3%[27] Interest Margin and Profitability - The net interest margin improved to 4.62% in Q4 2024, compared to 4.36% in Q4 2023, indicating better asset yield management[9] - The company maintained a strong capital position with a net interest margin of 3.64% in core banking for Q4 2024[18] - The net interest margin for the year ended December 31, 2024, was 4.85%, slightly down from 4.91% in 2023[19] Loan Growth and Activity - Loans net of allowance for credit losses rose to 5,214,759 thousand in the previous quarter, reflecting an increase of 2.6%[4] - Total loans increased to 5,296,917 in Q3 2024, reflecting a growth of 2.7%[12] - The company originated 756,714,000 in 2023, reflecting a substantial increase of 62.5%[23] Noninterest Income - Noninterest income for Q4 2024 was 14,780,000 in Q4 2023, a decrease of 4.5%[9] - Total noninterest income for 2024 was 71,457,000 in 2023, showing an increase of 1.7%[19]