Republic Bancorp, Inc. reported significant financial performance improvements for the third quarter and the first nine months of 2024 compared to the same periods in 2023. As of September 30, 2024, the company’s total assets increased to $6.69 billion from $6.59 billion at the end of 2023. Cash and cash equivalents rose sharply to $530.87 million, up from $316.57 million, reflecting a strategic decision to maintain higher liquidity amid economic uncertainty.

For the three months ended September 30, 2024, Republic Bancorp achieved net income of $26.54 million, a 23% increase from $21.57 million in the same quarter of 2023. Basic earnings per share for Class A Common Stock rose to $1.37, up from $1.11. The nine-month net income also saw a substantial increase, reaching $82.36 million compared to $70.72 million in the prior year.

Interest income for the third quarter surged to $101.55 million, up from $85.87 million, driven by higher average interest-earning assets and improved rates. Net interest income for the quarter was $71.31 million, a 10% increase from $64.83 million in Q3 2023. The net interest margin improved to 4.49%, up from 4.35%. For the nine months ended September 30, 2024, total net revenue reached $295.29 million, compared to $278.67 million in the same period of 2023.

The company’s Traditional Banking segment reported a net income increase of 31% for Q3 2024, with net interest income rising by 7%. Noninterest income in this segment also grew by 11%, attributed to increased mortgage banking income. Conversely, the Republic Payment Solutions segment experienced a decline in net income and net interest income, primarily due to a new revenue-sharing arrangement.

Republic Bancorp's total deposits increased slightly to $5.10 billion, up from $5.05 billion at the end of 2023. The Core Bank's interest-bearing deposits rose by 11%, driven by growth in money market deposits. However, noninterest-bearing deposits continued to decline.

The company also made strategic adjustments, including the dissolution of its captive insurance subsidiary in Q4 2023 and the reclassification of mortgage banking operations into the Traditional Banking segment. The Allowance for Credit Losses (ACLL) remained stable at approximately $82.16 million, reflecting a cautious approach to credit risk management.

Overall, Republic Bancorp's financial results indicate a robust performance, with strategic initiatives aimed at enhancing liquidity and managing credit risk effectively in a challenging economic environment.