Republic Bancorp(RBCAA) - 2024 Q2 - Quarterly Results

Financial Performance - Total assets as of June 30, 2024, were $6,616,574, an increase of $21,683 from December 31, 2023, and an increase of $246,795 from June 30, 2023[3]. - Total assets increased to $6,706,884,000 in Q2 2024, compared to $6,157,425,000 in Q2 2023, marking a growth of 8.9%[10]. - Net income for Q2 2024 was $25,206,000, an increase of 19.4% from $21,052,000 in Q2 2023[10]. - Net income for the first half of 2024 was $55,812,000, up from $49,144,000 in the first half of 2023, reflecting an increase of approximately 13.6%[21]. - Total noninterest income for Q2 2024 totaled $18,346,000, a decrease from $19,651,000 in Q2 2023[10]. - Total noninterest expense for Q2 2024 was $49,634,000, down from $51,533,000 in Q2 2023, reflecting a decrease of 3.7%[10]. - The efficiency ratio for the second quarter of 2024 was reported at 57%, compared to 42% in the previous quarter, indicating a significant increase in operational efficiency[28]. Loans and Credit Quality - Loans increased to $5,264,270 as of June 30, 2024, up by $24,409 from March 31, 2024, and up by $211,128 from June 30, 2023[3]. - The average balance of loans, including loans held for sale, was $5,262,719 for the three months ended June 30, 2024, a decrease of $191,625 from the previous quarter[4]. - The allowance for credit losses on loans was $80,687 as of June 30, 2024, a decrease of $1,443 from December 31, 2023, and an increase of $8,485 from June 30, 2023[3]. - Total nonperforming loans increased to $20,541, up from $17,504 a year ago, representing a 17.3% increase[14]. - Delinquent loans in the Core Bank segment rose to $9,313, a 59.5% increase from $5,875 a year ago[14]. - The allowance for credit losses to total loans ratio decreased to 1.53% from 2.08% in the previous quarter, indicating improved credit quality[14]. Stockholders' Equity and Book Value - Stockholders' equity increased to $955,423 as of June 30, 2024, up by $42,667 from March 31, 2024, and up by $68,452 from June 30, 2023[3]. - Book value per share increased to $49.19, up $3.95 or 8.8% compared to $45.24 a year ago[12]. - Total stockholders' equity under GAAP increased to $955.423 million as of June 30, 2024, compared to $886.971 million a year earlier[27]. - Tangible stockholders' equity was reported at $905.690 million, reflecting a year-over-year increase from $835.747 million[27]. Interest Income and Margin - Total interest income for Q2 2024 was $97,700,000, an increase of 23.4% compared to $79,054,000 in Q2 2023[10]. - Net interest income for Q2 2024 reached $68,536,000, up from $64,529,000 in Q2 2023, reflecting a growth of 6.2%[10]. - The net interest margin for Q2 2024 was 4.36%, slightly down from 4.46% in Q2 2023[10]. - The yield on average interest-earning assets decreased to 6.21% from 7.91% in the previous quarter, a decline of 21.5%[12]. Operational Metrics - The number of full-time employees (FTEs) decreased to 999 from 1,011 in the previous quarter, a reduction of 1.2%[12]. - The company maintains a diversified operational structure with five reportable segments, enhancing its market reach and revenue generation capabilities[16]. - The Core Banking operations, which include Traditional Banking and Warehouse Lending, are critical for the company's overall performance and stability[17]. - The company continues to focus on improving credit quality metrics while expanding its product offerings in the consumer credit space[17].