Republic Bancorp Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2013
January 17, 2014 at 06:35 pm IST
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Republic Bancorp Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2013. Total interest income was $32,039,000 against $35,930,000 for the same period of last year. Net interest income was $26,739,000 against $30,551,000 for the same period of last year. Income before income tax expense was $3,021,000 against $10,186,000 for the same period of last year. Net income was $1,345,000 against $6,621,000 for the same period of last year. Book value per share was $26.09 against $25.60 for the same period of last year. Tangible book value per share was $25.35 against $24.86 for the same period of last year. Diluted earnings per Class A Common Stock was $0.07 against $0.33 for the same period of last year. Diluted earnings per Class B Common Stock was $0.05 against $0.21 for the same period of last year. Return on average assets was 0.16% against 0.77% for the same period of last year. Return on average equity was 0.98% against 4.95 for the same period of last year. Net income from Core Banking was $5.1 million for the fourth quarter of 2013, a decrease of $3.7 million from the fourth quarter of 2012. In general, the decline in net income at the Core Bank was largely attributable to lower net interest income and lower Mortgage Banking income, which was partially offset by improvement in the Core Bank's provision for loan losses. Net interest income within the Core Bank for the fourth quarter of 2013 was $26.7 million compared to $30.5 million for the fourth quarter of 2012.
Total interest income was $134,568,000 against $183,459,000 for the same period of last year. Net interest income was $113,175,000 against $160,655,000 for the same period of last year. Income before income tax expense was $40,498,000 against $183,945,000 for the same period of last year. Net income was $25,423,000 against $119,339,000 for the same period of last year. Book value per share was $26.09 against $25.60 for the same period of last year. Tangible book value per share was $25.35 against $24.86 for the same period of last year. Diluted earnings per Class A Common Stock was $1.22 against $5.69 for the same period of last year. Diluted earnings per Class B Common Stock was $1.16 against $5.53 for the same period of last year. Return on average assets was 0.75% against 3.35% for the same period of last year. Return on average equity was 4.65% against 22.51 for the same period of last year.
Republic Bancorp, Inc. is a financial holding company of Republic Bank & Trust Company (the Bank) and Republic Insurance Services, Inc (the Captive). The Bank provides both traditional and non-traditional banking products. Its segments include Traditional Banking, Warehouse, Mortgage Banking, Tax Refund Solutions (TRS), Republic Payment Solutions (RPS), and Republic Credit Solutions (RCS). Its Traditional Banking products and services are offered through the Company's traditional RB&T brand. The Warehouse segment provides short-term, revolving credit facilities to mortgage bankers across the United States. Mortgage Banking activities primarily include fixed-term single-family, first-lien residential real estate loans. Through the TRS segment, the Bank facilitates the receipt and payment of federal and state tax refund products and offers a credit product through third-party tax preparers. The RPS segment offers a range of payments-related products and services to consumers.