Republic Bancorp(RBCAA) - 2024 Q4 - Annual Results

Financial Performance - Total interest income for Q4 2024 was $103,108,000, an increase from $90,785,000 in Q4 2023, representing a 13.5% year-over-year growth[9] - Net interest income for Q4 2024 reached $75,394,000, compared to $66,782,000 in Q4 2023, marking a 12.2% increase[9] - Net income for Q4 2024 was $19,016,000, compared to $19,659,000 in Q4 2023, a decrease of 3.3%[9] - Net interest income for the year ended December 31, 2024, was $312,154,000, an increase from $288,778,000 in 2023, representing an increase of 8.1%[19] - Net income for the year ended December 31, 2024, was $101,371,000, compared to $90,374,000 in 2023, reflecting a growth of 12.2%[19] Asset and Liability Management - Total assets increased to $6,846,667 thousand as of December 31, 2024, up from $6,692,470 thousand at September 30, 2024, representing a growth of 2.3%[4] - Total liabilities increased to $5,854,638 thousand from $5,712,765 thousand, representing a rise of 2.5%[4] - Total deposits reached $5,210,546 thousand, a 2.1% increase from $5,101,696 thousand in the prior quarter[4] - Total interest-bearing liabilities were $4,434,078,000 in Q4 2024, compared to $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 $91,978 thousand, an increase from $82,158 thousand in the previous quarter, reflecting a rise of 12.2%[4] - The provision for credit losses in Q4 2024 was $12,951,000, significantly higher than $10,989,000 in Q4 2023, indicating increased risk management measures[9] - Total nonperforming loans increased to $22,760,000 as of December 31, 2024, compared 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 $992,029 thousand, compared to $979,705 thousand in the prior quarter, marking a growth of 1.3%[4] - Book value per share increased to $51.01 in Q4 2024 from $50.39 in Q3 2024, an increase of 1.3%[11] - Total stockholders' equity increased to $992,029 thousand as of December 31, 2024, up from $912,756 thousand a year earlier, representing a growth of 8.7%[26] - Tangible book value per share increased to $48.47 as of December 31, 2024, compared to $44.55 a year prior, marking a growth of 8.7%[26] Operational Efficiency - Total noninterest expense increased to $53,511,000 in Q4 2024 from $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 $202,684 thousand, up from $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 $5,347,488 thousand, compared to $5,214,759 thousand in the previous quarter, reflecting an increase of 2.6%[4] - Total loans increased to $5,439,466 in Q4 2024 from $5,296,917 in Q3 2024, reflecting a growth of 2.7%[12] - The company originated $1,231,782,000 in consumer loans for sale in 2024, compared to $756,714,000 in 2023, reflecting a substantial increase of 62.5%[23] Noninterest Income - Noninterest income for Q4 2024 was $14,118,000, down from $14,780,000 in Q4 2023, a decrease of 4.5%[9] - Total noninterest income for 2024 was $72,650,000, compared to $71,457,000 in 2023, showing an increase of 1.7%[19]