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Republic Bancorp, Inc. Reports First Quarter Net Income of $26.7 Million Amid COVID-19 Considerations

Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the "Bank").

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200423005038/en/

Republic Bancorp, Inc. ("Republic" or the "Company") reports net income of $26.7 million for the first quarter of 2020, resulting in Diluted Earnings per Class A Common Share ("Diluted EPS") of $1.28, return on average assets ("ROA") of 1.90%, and return on average equity ("ROE") of 13.71%. Net income was down 10% from the first quarter of 2019 primarily as a result of an increase in the Company’s estimated Allowance for Credit Losses in response to the potential impact of the COVID-19 pandemic.

Steve Trager, Chairman & CEO of Republic commented, "While we are proud of many of our operating metrics for the quarter, certainly the last month of the quarter was primarily focused on the impact of the COVID-19 pandemic and our corporate response to it. In that regard, our primary focus in response to the pandemic has been:

(1) safeguarding the health of our associates and our clients;

(2) cushioning our clients from the pandemic’s negative economic impact;

(3) mitigating our risk of loss; and

(4) measuring, forecasting and planning for the negative financial impact of the pandemic on a go-forward basis.

"With respect to safeguarding of our associates and our clients, we quickly and successfully enacted a social distancing protocol, which allowed the substantial majority of our back-office operations to work from home. For those personnel not able to work from home, we have physically distanced these associates from each other within our office space. Within our banking centers, we changed our in-person client service hours to be by appointment-only in order to limit the number of people within the banking centers at any point in time. In addition, we diverted much of our client service interaction to our drive-thru operations, with many of our drive-thru transactions facilitated through interactive teller machines ("ITMs").

"To help cushion the impact of the pandemic on our deposit clients, we suspended certain deposit fees for transaction accounts for a yet-to-be-determined period of time. In addition, we also began waiving early withdrawal penalties for our term certificates of deposits ("CDs") during the crisis so our clients can access this source of funds at no additional cost. For our consumer and commercial loan clients, we began offering various payment relief options depending on the loan program. Perhaps most importantly, we quickly refocused our salesforce and many of our back-office operations to facilitate the U.S. Small Business Administration’s ("SBA") Paycheck Protection Program ("PPP"). We are extremely proud of our Company-wide PPP effort, as we were up and running the first day of the program and accepted over $200 million in applications for our small business clients during the program’s first weekend.

"In order to mitigate future risks and uncertainties, we have increased our communications across the organization. We started with our Business Continuity Planning team, enacting a seven-day-a-week daily call with our sales and operational areas to ensure that everyone is aware of the major issues at hand and that we are protecting the Company’s assets while providing proper service and attention to our clients.

"In addition to our daily operational calls, we have added a second Asset-Liability Committee ("ALCO") meeting each week to ensure our liquidity monitoring remains diligent and our loan and deposit pricing remains appropriate for the current risk environment. We also took steps during the quarter to fortify our liquidity position over the near term for any possible unanticipated cash-flow needs.

"While our regulatory capital currently remains well above "well capitalized" levels and our asset mix is well diversified and sound as of March 31, 2020, we are certainly not immune from the inherent risk in our loan portfolio. As a result, we have made changes to our overall underwriting matrices, including revisions to many of our minimum credit score requirements as well as our loan-to-value maximums for newly underwritten commercial and residential clients. With the on-going fluidity in the pandemic situation, we will continue to closely monitor our underwriting standards and make appropriate revisions as facts and circumstances warrant.

"Finally, we are very early in the process with respect to measuring, forecasting and planning for the negative financial impact of the pandemic. As we have previously disclosed, we adopted the Current Expected Credit Loss ("CECL") accounting method on January 1st of this year. Upon adoption, we increased our Allowance for Credit Losses ("Allowance") by approximately $6.7 million in order to account for the expected life-of-loan credit losses within our portfolio. This increase was offset with a tax-effected decrease to retained earnings. With the onset of the COVID-19 pandemic, Congress provided companies with an option to delay adoption of CECL within the recently enacted Coronavirus Aid, Relief, and Economic Security Act ("CARES" Act). We understand that the financial impact to the banking industry may not be truly known for months; however, we chose to move forward with CECL as previously planned due to the uncertainty around future adoption later this year. As a result, the Company recorded an additional $7.2 million charge to its credit loss expense during the first quarter of 2020 to account for potential losses within the portfolio brought about by the impact of the pandemic. Our credit loss expense could be subject to future fluctuations, up and down, as additional information becomes available about this very uncertain pandemic situation.

"As it relates to the diversification of our overall loan portfolio, the following table exhibits our top 20 loan concentrations by industry as of March 31, 2020," concluded Steve Trager.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(dollars in thousands)

 

 

Mar. 31, 2020

 

Industry

 

 

Outstanding

 

 

Available to Draw

 

Total Committed

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real Estate Credit (primarily Warehouse Lines of Credit)

 

 

$

854,191

 

 

$

319,334

 

$

1,173,525

 

Lessors of Nonresidential Buildings (except Miniwarehouses)

 

 

 

588,503

 

 

 

28,404

 

 

616,907

 

Lessors of Residential Buildings and Dwellings

 

 

 

440,979

 

 

 

40,953

 

 

481,932

 

Commercial Banking

 

 

 

52,997

 

 

 

34,753

 

 

87,750

 

Hotels (except Casino Hotels) and Motels

 

 

 

76,665

 

 

 

3,443

 

 

80,108

 

Offices of Physicians (except Mental Health Specialists)

 

 

 

62,823

 

 

 

16,075

 

 

78,898

 

Limited-Service Restaurants

 

 

 

63,004

 

 

 

596

 

 

63,600

 

Full-Service Restaurants

 

 

 

49,384

 

 

 

4,307

 

 

53,691

 

Used Car Dealers

 

 

 

20,731

 

 

 

19,867

 

 

40,598

 

Religious Organizations

 

 

 

30,125

 

 

 

3,789

 

 

33,914

 

Fitness and Recreational Sports Centers

 

 

 

30,954

 

 

 

1,455

 

 

32,409

 

Offices of Lawyers

 

 

 

22,558

 

 

 

6,910

 

 

29,468

 

New Housing For-Sale Builders

 

 

 

17,537

 

 

 

7,403

 

 

24,940

 

Lessors of Other Real Estate Property

 

 

 

22,104

 

 

 

1,219

 

 

23,323

 

Offices of Dentists

 

 

 

21,656

 

 

 

1,411

 

 

23,067

 

Line-Haul Railroads

 

 

 

10,816

 

 

 

10,000

 

 

20,816

 

Commercial and Institutional Building Construction

 

 

 

13,221

 

 

 

7,285

 

 

20,506

 

Elementary and Secondary Schools

 

 

 

16,564

 

 

 

3,454

 

 

20,018

 

Fresh Fruit and Vegetable Merchant Wholesalers

 

 

 

10,372

 

 

 

9,249

 

 

19,621

 

Legislative Bodies

 

 

 

18,704

 

 

 

 

 

18,704

 

Total Top 20 Industry Concentrations

 

 

$

2,423,888

 

 

$

519,907

 

$

2,943,795

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The following table highlights Republic’s financial performance for the first quarter of 2020 compared to the first quarter of 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Company Financial Performance Highlights

 

 

 

Three Months Ended Mar. 31,

 

 

 

(dollars in thousands, except per share data)

 

 

2020

 

2019

 

$ Change

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Before Income Tax Expense*

 

 

$

33,578

 

 

$

36,976

 

 

$

(3,398)

 

(9)

%

 

Net Income *

 

 

 

26,697

 

 

 

29,516

 

 

 

(2,819)

 

(10)

 

 

Diluted Earnings per Class A Common Share

 

 

 

1.28

 

 

 

1.41

 

 

 

(0.13)

 

(9)

 

 

Return on Average Assets

 

 

 

1.90

%

 

 

2.16

%

 

 

NA

 

(12)

 

 

Return on Average Equity

 

 

 

13.71

 

 

 

16.70

 

 

 

NA

 

(18)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Results by reportable segment provided near the end of this earnings release.
NA – Not applicable

Notable first quarter 2020 financial information for the Company by operating segment follows:

Core Bank(1)

  • Traditional Bank net income declined $5.6 million, primarily due to a $5.4 million increase in credit loss expense driven largely by economic concerns of the COVID-19 pandemic. The increase in credit loss expense during the quarter related to the COVID-19 pandemic was partially offset by a large $470,000 loan recovery during the period, as well as the formula impact of a $60 million decrease in Traditional Bank spot balances from December 31, 2019 to March 31, 2020.

  • Warehouse Lending net income was strong during the first quarter of 2020, increasing 66% over the first quarter of 2019. As mortgage rates fell during the first quarter of 2020, a surge in consumer refinance volume for Warehouse clients drove a 58% increase in average Warehouse loans for the quarter, which more than offset a 16-basis point decline in the Warehouse net interest margin.

  • Mortgage banking revenue was $4.8 million for the first quarter of 2020 compared to $1.5 million for the first quarter of 2019. As mortgage rates fell during the first quarter of 2020, the Company experienced strong growth in consumer refinance activity, particularly within the Company’s relatively new Consumer Direct channel. Overall, the Company originated $125 million of secondary market mortgage loans during the first quarter of 2020 compared to $41 million for the first quarter of 2019.

The following table presents the overall changes in the Core Bank’s net interest income and net interest margin by reportable segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income

 

 

Net Interest Margin

 

(dollars in thousands)

 

 

Three Months Ended Mar. 31,

 

 

 

 

 

Three Months Ended Mar. 31,

 

 

 

 

Reportable Segment

 

 

2020

 

2019

 

Change

 

 

2020

 

2019

 

Change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Traditional Banking

 

 

$

40,620

 

$

41,347

 

$

(727)

 

 

3.80

%

 

3.84

%

 

(0.04)

%

 

Warehouse Lending

 

 

 

4,307

 

 

2,895

 

 

1,412

 

 

2.68

 

 

2.84

 

 

(0.16)

 

 

Mortgage Banking*

 

 

 

214

 

 

102

 

 

112

 

 

NM

 

 

NM

 

 

NM

 

 

Core Bank

 

 

$

45,141

 

$

44,344

 

$

797

 

 

3.65

 

 

3.76

 

 

(0.11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*Includes loans held for sale
NM – Not meaningful

Republic Processing Group(2)

  • Our seasonal tax business continued to provide its traditional first quarter lift, with net income from our Tax Refund Solutions ("TRS") segment remaining strong at $11.5 million despite a $1.7 million increase in credit loss expense.

  • TRS’s credit loss expense for Easy Advance ("EA") loans was $15.2 million, or 3.93% of its $387 million in EAs originated during the first quarter of 2020 compared to credit loss expense of $13.4 million, or 3.44% of its $389 million of EAs originated during the first quarter of 2019. The increased credit loss expense for the first quarter of 2020 was due to slower refund payments received from the U.S. Treasury for 2020 as compared to 2019. While the Company is uncertain how much the COVID-19 pandemic contributed to the slower refund payments for 2020, management believes it has adequately adjusted its expected loss rate to absorb EA losses based on information known through the date of this release.

    EAs are only originated during the first two months of each year, with all uncollected EAs charged off by June 30th of each year. EAs collected during the second half of each year are recorded as recoveries of previously charged-off loans. TRS’s loss rate as of June 30, 2019 was 3.45% of total originations and it finished 2019 with an EA loss rate of 2.74% of total EAs originated.

  • Net income for our Republic Credit Solutions ("RCS") grew 38% over the first quarter of 2019. The increase in net income primarily reflects a decrease in credit loss expense on RCS’s line-of-credit product. Credit loss expense for RCS decreased despite $665,000 of additional reserves during the first quarter of 2020 related to the COVID-19 pandemic, as a decrease in net charge-offs and a decrease in outstanding balances for its line-of-credit product drove down credit loss expense.

Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 42 full-service banking centers and two loan production offices throughout five states: 28 banking centers in 8 Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace, and one loan production office in Oldsmar; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills, and one loan production office in Brentwood; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Bank also offers separately branded, nation-wide digital banking at www.mymemorybank.com. The Company has $5.7 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.

Republic Bank. It’s just easier here. ®

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the ability to develop products and strategies in order to meet the Company’s long-term strategic goals, the economy, and other future conditions, including, but not limited to, the impact of the COVID-19 pandemic. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as "Risk Factors" in the Company’s Annual Report on Form 10-K for the period ended December 31, 2019. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

 

Republic Bancorp, Inc. Financial Information

First Quarter 2020 Earnings Release

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet Data

 

 

 

 

 

 

 

 

 

 

 

 

Mar. 31, 2020

 

Dec. 31, 2019

 

Mar. 31, 2019

 

Assets:

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

316,263

 

$

385,303

 

$

345,512

 

Investment securities, net of allowance for credit losses (3)

 

 

608,330

 

 

537,074

 

 

498,318

 

Loans held for sale

 

 

54,904

 

 

31,468

 

 

24,177

 

Loans

 

 

4,515,599

 

 

4,433,151

 

 

4,298,710

 

Allowance for credit losses (3)

 

 

(70,431)

 

 

(43,351)

 

 

(57,961)

 

Loans, net

 

 

4,445,168

 

 

4,389,800

 

 

4,240,749

 

Federal Home Loan Bank stock, at cost

 

 

38,900

 

 

30,831

 

 

29,965

 

Premises and equipment, net

 

 

44,215

 

 

46,196

 

 

43,527

 

Right-of-use assets

 

 

34,349

 

 

35,206

 

 

38,738

 

Goodwill

 

 

16,300

 

 

16,300

 

 

16,300

 

Other real estate owned ("OREO")

 

 

85

 

 

113

 

 

216

 

Bank owned life insurance ("BOLI")

 

 

66,822

 

 

66,433

 

 

65,265

 

Other assets and accrued interest receivable

 

 

96,697

 

 

81,595

 

 

63,001

 

Total assets

 

$

5,722,033

 

$

5,620,319

 

$

5,365,768

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,300,891

 

$

1,033,379

 

$

1,184,480

 

Interest-bearing

 

 

2,770,566

 

 

2,752,629

 

 

2,589,836

 

Total deposits

 

 

4,071,457

 

 

3,786,008

 

 

3,774,316

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase and other short-term borrowings

 

 

126,080

 

 

167,617

 

 

173,168

 

Operating lease liabilities

 

 

35,537

 

 

36,530

 

 

40,203

 

Federal Home Loan Bank advances

 

 

572,500

 

 

750,000

 

 

560,000

 

Subordinated note

 

 

41,240

 

 

41,240

 

 

41,240

 

Other liabilities and accrued interest payable

 

 

91,173

 

 

74,680

 

 

59,750

 

Total liabilities

 

 

4,937,987

 

 

4,856,075

 

 

4,648,677

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

784,046

 

 

764,244

 

 

717,091

 

Total liabilities and stockholders' equity

 

$

5,722,033

 

$

5,620,319

 

$

5,365,768

 

Average Balance Sheet Data

 

 

 

 

 

 

 

 

 

Three Months Ended Mar. 31,

 

 

 

2020

 

2019

 

Assets:

 

 

 

 

 

 

 

Federal funds sold and other interest-earning deposits

 

$

207,335

 

$

289,928

 

Investment securities, including FHLB stock

 

 

519,726

 

 

563,752

 

Loans, including loans held for sale

 

 

4,493,137

 

 

4,256,673

 

Total interest-earning assets

 

 

5,220,198

 

 

5,110,353

 

Total assets

 

 

5,626,946

 

 

5,476,671

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity:

 

 

 

 

 

 

 

Noninterest-bearing deposits, including those held for assumption

 

$

1,249,025

 

$

1,258,461

 

Interest-bearing deposits, including those held for assumption

 

 

2,855,332

 

 

2,629,765

 

Securities sold under agreements to repurchase and other short-term borrowings

 

 

208,969

 

 

231,602

 

Federal Home Loan Bank advances

 

 

371,319

 

 

511,408

 

Subordinated note

 

 

41,240

 

 

41,240

 

Total interest-bearing liabilities

 

 

3,476,860

 

 

3,414,015

 

Stockholders' equity

 

 

778,900

 

 

706,833

 

Republic Bancorp, Inc. Financial Information

First Quarter 2020 Earnings Release (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)

 

 

 

 

 

 

 

 

Income Statement Data

 

 

 

 

 

 

 

 

 

Three Months Ended Mar. 31,

 

 

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Total interest income (4)

 

$

81,159

 

$

82,633

 

Total interest expense

 

 

8,421

 

 

10,334

 

Net interest income

 

 

72,738

 

 

72,299

 

 

 

 

 

 

 

 

 

Credit loss expense (3)

 

 

22,760

 

 

17,231

 

 

 

 

 

 

 

 

 

Noninterest income:

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

3,136

 

 

3,303

 

Net refund transfer fees

 

 

15,823

 

 

17,100

 

Mortgage banking income

 

 

4,795

 

 

1,539

 

Interchange fee income

 

 

2,552

 

 

2,757

 

Program fees

 

 

2,624

 

 

1,074

 

Increase in cash surrender value of BOLI

 

 

389

 

 

382

 

Net gains on OREO

 

 

3

 

 

130

 

Other

 

 

1,247

 

 

1,132

 

Total noninterest income

 

 

30,569

 

 

27,417

 

 

 

 

 

 

 

 

 

Noninterest expense:

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

26,622

 

 

25,076

 

Occupancy and equipment, net

 

 

6,846

 

 

6,584

 

Communication and transportation

 

 

1,289

 

 

1,161

 

Marketing and development

 

 

833

 

 

1,102

 

FDIC insurance expense

 

 

 

 

448

 

Bank franchise tax expense

 

 

2,506

 

 

2,496

 

Data processing

 

 

2,539

 

 

2,096

 

Interchange related expense

 

 

1,076

 

 

1,315

 

Supplies

 

 

452

 

 

484

 

Other real estate owned and other repossession expense

 

 

18

 

 

46

 

Legal and professional fees

 

 

1,237

 

 

886

 

Other

 

 

3,551

 

 

3,815

 

Total noninterest expense

 

 

46,969

 

 

45,509

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

33,578

 

 

36,976

 

Income tax expense

 

 

6,881

 

 

7,460

 

Net income

 

$

26,697

 

$

29,516

 

Republic Bancorp, Inc. Financial Information

First Quarter 2020 Earnings Release (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)

 

 

 

 

 

 

 

 

 

Selected Data and Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended Mar. 31,

 

 

2020

 

2019

Per Share Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

21,035

 

 

 

20,973

 

Diluted weighted average shares outstanding

 

 

21,094

 

 

 

21,106

 

 

 

 

 

 

 

 

 

 

Period-end shares outstanding:

 

 

 

 

 

 

 

 

Class A Common Stock

 

 

18,687

 

 

 

18,698

 

Class B Common Stock

 

 

2,200

 

 

 

2,213

 

 

 

 

 

 

 

 

 

 

Book value per share (5)

 

$

37.54

 

 

$

34.29

 

Tangible book value per share (5)

 

 

36.45

 

 

 

33.25

 

 

 

 

 

 

 

 

 

 

Earnings per share ("EPS"):

 

 

 

 

 

 

 

 

Basic EPS - Class A Common Stock

 

$

1.29

 

 

$

1.42

 

Basic EPS - Class B Common Stock

 

 

1.17

 

 

 

1.29

 

Diluted EPS - Class A Common Stock

 

 

1.28

 

 

 

1.41

 

Diluted EPS - Class B Common Stock

 

 

1.16

 

 

 

1.28

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per Common share:

 

 

 

 

 

 

 

 

Class A Common Stock

 

$

0.286

 

 

$

0.264

 

Class B Common Stock

 

 

0.260

 

 

 

0.240

 

 

 

 

 

 

 

 

 

 

Performance Ratios:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

 

1.90

%

 

 

2.16

%

Return on average equity

 

 

13.71

 

 

 

16.70

 

Efficiency ratio (6)

 

 

45

 

 

 

46

 

Yield on average interest-earning assets (4)

 

 

6.22

 

 

 

6.47

 

Cost of average interest-bearing liabilities

 

 

0.97

 

 

 

1.21

 

Cost of average deposits (7)

 

 

0.61

 

 

 

0.69

 

Net interest spread (4)

 

 

5.25

 

 

 

5.26

 

Net interest margin - Total Company (4)

 

 

5.57

 

 

 

5.66

 

Net interest margin - Core Bank (1)

 

 

3.65

 

 

 

3.76

 

 

 

 

 

 

 

 

 

 

Other Information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

End of period FTEs (8) - Total Company

 

 

1,077

 

 

 

1,073

 

End of period FTEs - Core Bank

 

 

994

 

 

 

997

 

Number of full-service banking centers

 

 

42

 

 

 

45

 

Republic Bancorp, Inc. Financial Information

First Quarter 2020 Earnings Release (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)