Republic Bancorp(RBCAA) - 2024 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2024 was $30,606,000, an increase of $2,514,000 or 8.9% compared to Q1 2023[10] - Net income for the first quarter of 2024 was $30.606 million, an increase from $28.092 million in the same period of 2023, representing a growth of 8.9%[20] - Total noninterest income for Q1 2024 was $23,373,000, up from $22,681,000 in Q1 2023, marking a rise of 3.1%[20] - Total interest income for Q1 2024 was $130,632,000, an increase of $30,276,000 or 30.1% compared to Q1 2023[10] - Net interest income for Q1 2024 was $96,919,000, up from $92,642,000 in Q1 2023, reflecting a $4,277,000 increase[10] - Total adjusted income, a non-GAAP measure, rose to $120,292 thousand for the quarter, up 4.1% from $115,322 thousand year-over-year[26] Assets and Liabilities - Total assets increased by $280,701 thousand from December 31, 2023, to $6,875,592 thousand, and by $801,501 thousand from March 31, 2023[4] - Total assets grew to $7,219,572,000 in Q1 2024, compared to $6,213,041,000 in Q1 2023, marking a year-over-year increase of 16.2%[10] - Total deposits grew by $367,486 thousand from December 31, 2023, to $5,420,649 thousand, and by $620,981 thousand from March 31, 2023[4] - Total interest-bearing liabilities rose to $4,643,647 thousand, an increase of $1,532,294 thousand compared to the same period last year[5] - The average balance of interest-earning assets increased to $6,641,448,000 in Q1 2024 from $5,679,926,000 in Q1 2023, reflecting a growth of 16.9%[10] Loans and Credit Losses - Total loans for the company decreased to $5,224,292, down $15,569 from the previous quarter and up $450,058 from the same quarter last year[13] - The allowance for credit losses on loans increased by $26,572 thousand from December 31, 2023, to $108,702 thousand, and by $12,581 thousand from March 31, 2023[4] - Provision for credit losses increased to $30,622,000 in Q1 2024 from $26,766,000 in Q1 2023, representing a $3,856,000 increase[10] - The allowance for credit losses to total loans ratio increased to 2.08% from 1.57% as of March 31, 2023, reflecting a rise of 0.51 percentage points[15] - The company reported a decrease in automobile loans to $2,054, down $610 from the previous quarter and down $3,213 year-over-year[13] Stockholders' Equity - Stockholders' equity increased by $22,827 thousand from December 31, 2023, to $935,583 thousand, and by $53,381 thousand from March 31, 2023[4] - Total stockholders' equity increased to $935,583 thousand as of March 31, 2024, up from $882,202 thousand a year earlier, representing a growth of 6.04%[25] - Tangible stockholders' equity reached $885,663 thousand as of March 31, 2024, up from $829,365 thousand a year earlier, marking a growth of 6.8%[25] - Book value per share rose to $48.20, an increase of $3.55 or 7.95% from $44.65 a year ago[12] Efficiency and Ratios - The efficiency ratio improved to 42% from 44% year-over-year, indicating better operational efficiency[12] - The net interest margin decreased to 5.87% in Q1 2024 from 6.52% in Q1 2023[10] - The net interest margin for Q1 2024 was 5.87%, down from 6.52% in Q1 2023, reflecting a decrease of 10%[20] - Return on average assets improved to 1.70% compared to 1.81% in the previous year, reflecting a decrease of 0.11%[12] Employee and Operational Metrics - Total employees at the end of the period decreased to 1,011, down by 20 from 1,031 a year ago[12] - Number of full-service banking centers increased to 47, up by 3 from 44 a year ago[12] Nonperforming Assets - As of March 31, 2024, total nonperforming assets increased to $22,859,000 from $18,139,000 a year earlier, representing a change of $4,720,000 or 26.0%[15] - Total nonperforming loans rose to $21,374,000, up from $16,610,000, marking an increase of $4,764,000 or 28.7% year-over-year[15] - The ratio of nonperforming loans to total loans was 0.41% as of March 31, 2024, compared to 0.35% a year earlier, reflecting an increase of 0.06 percentage points[15]