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The following chart briefly highlights Republic's first quarter 2009 financial performance compared to the first quarter of 2008.
(dollars in thousands, except per share data) Three Months Three Months Percent
Ended Ended Change
3/31/09 3/31/08
Total Company
Pre Tax Net Income $ 42,011 $ 34,393 22%
Net Income 25,759 22,123 16%
Diluted Earnings per Class A Share 1.24 1.07 16%
Republic Bancorp, Inc. ("Republic" or the "Company") (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company and Republic Bank.
Tax Refund Solutions
Net income at TRS increased from $16.5 million during the first quarter of 2008 to $20.9 million for the first quarter of 2009. The rise in net income resulted primarily from a healthy increase in volume as the Company processed $7.6 billion in electronic refunds for 2.1 million customers during the first quarter of 2009, a 47% increase over the amount processed during the first quarter of 2008.
Electronic Refund Check ("ERC") volume grew substantially during the quarter resulting in a 64% increase in net ERC fee income to $22.9 million for the first quarter of 2009. Refund Anticipation Loan ("RAL") volume, which represented 32% of all refunds processed during the first quarter, grew nicely as well, contributing to a 42% increase in net RAL fees for the first three months of 2009. Overall, the average RAL originated by the Company was $3,500 with an average fee of $102 during the first quarter of the year.
The increase in fee income from the higher product origination volume during the first quarter of 2009 was partially offset by higher anticipated losses for RALs, as profitability at TRS is significantly influenced by the loss rate incurred on RALs. As of March 31, 2009, $34.9 million of total RALs originated were outstanding past their expected funding date from the IRS compared to $19.2 million at March 31, 2008, representing 1.43% and 1.11% of total gross RALs originated. The higher year-over-year "unfunded" RAL rate was primarily related to an increase in the amount of refunds held by the IRS for reasons such as audits and liens from prior debts.
The Company expects the actual loss rate realized will be less than the current uncollected amount, as the Company will continue to receive payments from the IRS throughout the year and make other collection efforts to obtain repayment on the loans. As a result of the higher current overall RAL uncollected rate, the TRS segment's provision for loan losses increased from $7.5 million during the first quarter of 2008 to $22.0 million during the first quarter of 2009. The Company's gross loss reserves for RALs equaled 1.10% and 0.87% of total RALs originated during the first quarter of each year. Based on the Company's 2009 RAL volume, each 0.10% increase in the loss rate for RALs represents approximately $2.5 million in additional provision for loan loss expense.
"We are extremely pleased with the overall performance of our tax business. As with all of our non traditional banking products, none of their successes would be possible without the sound performance of our Bank," further noted Trager.
Mortgage Banking and Traditional Banking
The Company's Mortgage Banking segment had exceptionally strong performance during the first quarter of 2009, with mortgage banking income increasing $2.6 million, or 161%. Consistent with the overall decline in long-term rates during December of 2008 and into the first quarter of 2009, the Company experienced a $114 million increase in the origination of 15- and 30-year fixed rate loans that were sold into the secondary market. In addition, the Company's pipeline of 15-, 20- and 30-year fixed rate secondary market loans in process increased to $268 million at March 31, 2009.
Mortgage banking income also benefited during the first quarter of 2009 by $1.1 million for an increase in the fair value of its Mortgage Servicing Rights ("MSRs"). The increase in the fair value of its MSRs was primarily due to a decline in the expected prepayment speed of the Company's sold loan portfolio which it services. As a result, the Company reduced a previously established valuation allowance for its MSRs to $122,000 at quarter end.
Net interest income within the traditional Banking segment increased $2.8 million, or 11%, for the quarter to $28.0 million. Net interest income within the traditional Banking segment continued to benefit from a lowering cost of funds and disciplined pricing within the Company's loan portfolio. Overall, the Banking segment's net interest margin increased to 3.85% for the first quarter of 2009. "We are pleased with our net interest margin results for our traditional Banking segment during the first quarter of 2009. With slowing commercial and adjustable rate retail loan demand in our markets, however, it is unlikely that we will be able to continue to grow our net interest margin as we have in the past. Instead, while consumer demand for long-term fixed rate loans remains strong, the Company will continue to focus its efforts on generating secondary market loan volume, retaining the servicing on these loans while attracting a valuable long-term core deposit," further commented Steve Trager.
Within the Company's traditional Banking segment, non interest income declined $3.3 million to $2.8 million. During the first quarter of 2009, the Company recorded an Other-Than-Temporary Impairment charge of $3.1 million related to its private label securities portfolio.
Total non interest expense within the traditional Banking segment increased $3.4 million, or 16%, during the first quarter of 2009 compared to the first quarter of 2008. The increase in non interest expense was modest despite a significant growth in banking centers from the prior year, as well as a $619,000 increase in FDIC insurance assessments. The Company recorded $1.7 million in write-downs during the first quarter of 2009 for its Other Real Estate Owned ("OREO") properties. Also included in the Banking segment's non interest expense number for the quarter was a pre-tax charge in occupancy and equipment of $138,000 associated with remaining scheduled lease payments and acceleration of depreciation for leasehold improvements for one of the Company's northern Kentucky banking centers that it elected to close during the quarter.
Despite traditional Banking credit quality numbers that remain significantly better than peer, Republic continued to experience an increase in its non-performing loan portfolio during the quarter. Compared to December 31, 2008, Republic's non performing loans to total loans ratio increased from 0.58% to 1.06% at March 31, 2009. The increase in non performing loans was spread across several loan categories, with the largest increases in the real estate construction and commercial real estate categories. As a result of the increase in non performing loans, the Company recorded a loan loss provision of $3.7 million in the Banking segment during the first quarter, increasing its allowance to total loan ratio for traditional Banking loans to 0.77% as of March 31, 2009. "As always, credit quality remains our number one focus at Republic. We continue to deploy significant resources, including those at the most senior levels within the Company, in order to maintain our credit quality standards," noted Trager.
CONCLUSION
"As we conclude another successful quarter, we look ahead to the remainder of 2009 with much optimism. While the economy continues to weaken and more Americans struggle to meet their monthly payment obligations, Republic remains committed to serving credit-worthy clients, including small businesses and homeowners. While others in the industry are incurring significant losses for activities that we largely avoided, the Company's capital position has grown stronger and our credit quality remains better than peer, as we continue to be a sanctuary for our clients' hard earned dollars in these uncertain economic times. As we do each year, we look forward to meeting our challenges head-on, seeking to capitalize on opportunities that create long-term shareholder value. As we are proud to remind our clients, our associates and our shareholders, 'we were here for you yesterday, we are here for you today, and we will be here for you tomorrow,(TM)'"concluded Steve Trager.
Republic Bancorp, Inc. (Republic) has 45 banking centers and is the parent company of: Republic Bank & Trust Company with 36 banking centers in 14 Kentucky communities - Bowling Green, Covington, Crestwood, Elizabethtown, Florence, Fort Wright, Frankfort, Georgetown, Independence Lexington, Louisville, Owensboro, Shelbyville and Shepherdsville and three banking centers in southern Indiana: Floyds Knobs, Jeffersonville and New Albany. Republic Bank has banking centers in Hudson, Palm Harbor, Port Richey, New Port Richey and Temple Terrace, Florida as well as Cincinnati, Ohio. Republic operates Tax Refund Solutions, a nationwide tax refund loan and check provider. Republic offers internet banking at www.republicbank.com. Republic has $3.3 billion in assets and $1 billion in trust assets under custody and management. Republic is headquartered in Louisville, Kentucky, and Republic's Class A Common Stock is listed under the symbol 'RBCAA' on the NASDAQ Global Select Market.
Statements in this press release relating to Republic's plans, objectives, or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations. Republic's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed in Republic's 2008 Form 10-K and subsequent 10-Qs filed with the Securities and Exchange Commission.
Republic Bancorp, Inc. Financial Information
First
Quarter 2009 Earnings Release
(all amounts other than
per share amounts and number of employees and number of banking
centers are expressed in thousands unless otherwise noted)
Balance Sheet Data
Mar. 31, 2009 Dec. 31, 2008 Mar. 31, 2008
Assets:
Cash and cash equivalents $ 442,039 $ 616,303 $ 102,726
Investment securities 452,782 904,674 552,320
Mortgage loans held for sale 11,499 11,298 10,866
Loans 2,314,689 2,303,857 2,360,610
Allowance for loan losses (17,878 ) (14,832 ) (15,025 )
Federal Home Loan Bank stock, at cost 26,248 25,082 24,433
Premises and equipment, net 40,700 42,885 39,373
Goodwill 10,168 10,168 10,168
Other assets and accrued interest receivable 57,398 39,933 38,560
Total assets $ 3,337,645 $ 3,939,368 $ 3,124,031
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing $ 380,039 $ 273,203 $ 324,279
Interest-bearing 1,588,756 2,470,166 1,481,157
Total deposits 1,968,795 2,743,369 1,805,436
Securities sold under agreements to repurchase and other 325,214 339,012 329,472
short-term borrowings
Federal Home Loan Bank advances 635,191 515,234 623,580
Subordinated note 41,240 41,240 41,240
Other liabilities and accrued interest payable 63,622 24,591 61,398
Total liabilities 3,034,062 3,663,446 2,861,126
Stockholders' equity 303,583 275,922 262,905
Total liabilities and Stockholders' equity $ 3,337,645 $ 3,939,368 $ 3,124,031
Average Balance Sheet Data
Three Months Ended March 31,
2009 2008
Assets:
Investment securities $ 572,694 $ 624,470
Federal funds sold and other 795,834 119,573
Loans and fees 2,612,313 2,463,090
Total earning assets 3,980,841 3,207,133
Total assets 4,174,783 3,393,186
Liabilities and Stockholders' Equity:
Non interest-bearing deposits $ 531,496 $ 435,867
Interest-bearing deposits 2,355,747 1,680,480
Securities sold under agreements to repurchase and other 327,006 405,214
short-term borrowings
Federal Home Loan Bank advances 547,540 519,637
Subordinated note 41,240 41,240
Total interest-bearing liabilities 3,271,533 2,646,571
Stockholders' equity 293,456 254,736
Income Statement Data
Three Months Ended March 31,
2009 2008
Total interest income (1) $ 97,357 $ 67,760
Total interest expense 16,541 23,132
Net interest income 80,816 44,628
Provision for loan losses 25,665 10,499
Non interest income:
Service charges on deposit accounts 4,422 4,545
Electronic refund check fees 22,905 13,960
Net RAL securitization income 412 12,587
Mortgage banking income 4,174 1,602
Debit card interchange fee income 1,159 1,149
Net loss on sales, calls and impairment of securities (3,125 ) (219 )
Other 555 320
Total non interest income 30,502 33,944
Non interest expenses:
Salaries and employee benefits 14,516 14,500
Occupancy and equipment, net 5,909 4,672
Communication and transportation 1,923 1,338
Marketing and development 10,977 6,759
FDIC insurance assessment 1,050 59
Bank franchise tax expense 635 723
Data processing 770 717
Debit card interchange expense 674 576
Supplies 878 556
Other 6,310 3,780
Total non interest expenses 43,642 33,680
Income before income tax expense 42,011 34,393
Income tax expense 16,252 12,270
Net income $ 25,759 $ 22,123
Three Months Ended March 31,
2009 2008
Per Share Data:
Basic average shares outstanding 20,662 20,339
Diluted average shares outstanding 20,832 20,615
End of period shares outstanding:
Class A Common Stock 18,412 18,057
Class B Common Stock 2,310 2,344
Book value per share $ 14.65 $ 12.89
Earnings per share:
Basic earnings per Class A Common Stock 1.25 1.09
Basic earnings per Class B Common Stock 1.24 1.08
Diluted earnings per Class A Common Stock 1.24 1.07
Diluted earnings per Class B Common Stock 1.23 1.06
Cash dividends declared per share:
Class A Common Stock 0.121 0.110
Class B Common Stock 0.110 0.100
Performance Ratios:
Return on average assets 2.47 % 2.61 %
Return on average equity 35.11 34.74
Efficiency ratio (2) 38 43
Yield on average earning assets 9.78 8.45
Cost of interest-bearing liabilities 2.02 3.50
Net interest spread 7.76 4.95
Net interest margin 8.12 5.57
Asset Quality Ratios:
Loans on non-accrual status 24,133 16,791
Loans past due 90 days or more and still on accrual 352 1,340
Total non-performing loans 24,485 18,131
Other real estate owned 6,386 950
Total non-performing assets 30,871 19,081
Non-performing loans to total loans 1.06 % 0.77 %
Non-performing assets to total loans (including OREO) 1.33 0.81
Allowance for loan losses to total loans 0.77 0.64
Allowance for loan losses to non-performing loans 73 83
Net loan charge-offs to average loans - Total Company 3.46 1.32
Net loan charge-offs to average loans - Banking Segment 0.13 0.14
Delinquent loans to total loans (3) 1.53 0.70
Other Information:
End of period full-time equivalent employees 742 717
Number of banking centers at period end 45 39
Balance Sheet Data
Quarterly Comparison
March 31, 2009 Dec. 31, 2008 Sept. 30, 2008 June 30, 2008 March 31, 2008
Assets:
Cash and cash equivalents $ 442,039 $ 616,303 $ 72,735 $ 88,565 $ 102,726
Investment securities 452,782 904,674 546,328 510,661 552,320
Mortgage loans held for sale 11,499 11,298 6,758 11,621 10,866
Loans 2,314,689 2,303,857 2,318,373 2,348,509 2,360,610
Allowance for loan losses (17,878 ) (14,832 ) (14,247 ) (17,995 ) (15,025 )
Federal Home Loan Bank stock, at cost 26,248 25,082 25,082 24,754 24,433
Premises and Equipment, net 40,700 42,885 42,225 39,859 39,373
Goodwill 10,168 10,168 10,168 10,168 10,168
Other assets and interest receivable 57,398 39,933 37,632 37,067 38,560
Total assets $ 3,337,645 $ 3,939,368 $ 3,045,054 $ 3,053,209 $ 3,124,031
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing $ 380,039 $ 273,203 $ 279,260 $ 293,210 $ 324,279
Interest-bearing 1,588,756 2,470,166 1,521,607 1,335,743 1,481,157
Total deposits 1,968,795 2,743,369 1,800,867 1,628,953 1,805,436
Securities sold under agreements to repurchase and other 325,214 339,012 322,608 330,730 329,472
short-term borrowings
Federal Home Loan Bank advances 635,191 515,234 577,294 749,837 623,580
Subordinated note 41,240 41,240 41,240 41,240 41,240
Other liabilities and accrued interest payable 63,622 24,591 25,808 31,461 61,398
Total liabilities 3,034,062 3,663,446 2,767,817 2,782,221 2,861,126
Stockholders' equity 303,583 275,922 277,237 270,988 262,905
Total liabilities and Stockholders' equity $ 3,337,645 $ 3,939,368 $ 3,045,054 $ 3,053,209 $ 3,124,031
Average Balance Sheet Data
Quarterly Comparison
March 31, 2009 Dec. 31, 2008 Sept. 30, 2008 June 30, 2008 March 31, 2008
Assets:
Investment securities $ 572,694 $ 792,641 $ 538,270 $ 562,322 $ 624,470
Federal funds sold and other 795,834 232,591 7,723 7,661 119,573
Loans and fees 2,612,313 2,315,382 2,340,007 2,361,208 2,463,090
Total earning assets 3,980,841 3,340,614 2,886,000 2,931,191 3,207,133
Total assets 4,174,783 3,470,788 3,010,211 3,055,623 3,393,186
Liabilities and Stockholders' Equity:
Non interest-bearing deposits $ 531,496 $ 269,903 $ 279,061 $ 301,421 $ 435,867
Interest-bearing deposits 2,355,747 1,940,405 1,413,704 1,360,818 1,680,480
Securities sold under agreements to repurchase and other 327,006 381,695 352,498 363,485 405,214
short-term borrowings
Federal Home Loan Bank advances 547,540 536,161 622,011 675,918 519,637
Subordinated note 41,240 41,240 41,240 41,240 41,240
Total interest-bearing liabilities 3,271,533 2,899,501 2,429,453 2,441,461 2,646,571
Stockholders' equity 293,456 276,663 272,500 266,148 254,736
Income Statement Data
Quarterly Comparison
March 31, 2009 Dec. 31, 2008 Sept. 30, 2008 June 30, 2008 March 31, 2008
Total interest income (4) $ 97,357 $ 44,782 $ 43,927 $ 45,673 $ 67,760
Total interest expense 16,541 16,805 16,081 16,400 23,132
Net interest income 80,816 27,977 27,846 29,273 44,628
Provision for loan losses 25,665 1,753 324 3,629 10,499
Non interest income:
Service charges on deposit accounts 4,422 4,809 5,117 4,933 4,545
Electronic refund check fees 22,905 88 738 2,970 13,960
Net RAL securitization income 412 317 157 286 12,587
Mortgage banking income 4,174 (270 ) 1,071 1,133 1,602
Debit card interchange fee income 1,159 1,187 1,194 1,246 1,149
Net loss on sales, calls and impairment of securities (3,125 ) (5,484 ) (5,273 ) (3,388 ) (219 )
Other 555 313 410 356 320
Total non interest income 30,502 960 3,414 7,536 33,944
Non interest expenses:
Salaries and employee benefits 14,516 12,392 12,611 12,615 14,500
Occupancy and equipment, net 5,909 5,456 4,878 4,754 4,672
Communication and transportation 1,923 1,426 1,024 884 1,338
Marketing and development 10,977 866 853 730 6,759
FDIC insurance assessment 1,050 880 150 63 59
Bank franchise tax expense 635 573 599 703 723
Data processing 770 739 646 669 717
Debit card interchange expense 674 590 624 612 576
Supplies 878 392 328 373 556
Other 6,310 2,882 2,270 2,224 3,780
Total non interest expenses 43,642 26,196 23,983 23,627 33,680
Income before income tax expense 42,011 988 6,953 9,553 34,393
Income tax expense 16,252 384 2,451 3,130 12,270
Net income $ 25,759 $ 604 $ 4,502 $ 6,423 $ 22,123
Quarterly Comparison
March 31, 2009 Dec. 31, 2008 Sept. 30, 2008 June 30, 2008 March 31, 2008
Per Share Data:
Basic average shares outstanding 20,662 20,615 20,591 20,525 20,339
Diluted average shares outstanding 20,832 20,886 20,978 20,839 20,615
End of period shares outstanding:
Class A Common Stock 18,412 18,318 18,283 18,221 18,057
Class B Common Stock 2,310 2,310 2,322 2,339 2,344
Book value per share $ 14.65 $ 13.38 $ 13.45 $ 13.18 $ 12.89
Earnings per share:
Basic earnings per Class A Common Stock 1.25 0.03 0.22 0.31 1.09
Basic earnings per Class B Common Stock 1.24 0.02 0.21 0.30 1.08
Diluted earnings per Class A Common Stock 1.24 0.03 0.22 0.31 1.07
Diluted earnings per Class B Common Stock 1.23 0.02 0.20 0.30 1.06
Cash dividends declared per share:
Class A Common Stock 0.121 0.121 0.121 0.121 0.110
Class B Common Stock 0.110 0.110 0.110 0.110 0.100
Performance Ratios:
Return on average assets 2.47 % 0.07 % 0.60 % 0.84 % 2.61 %
Return on average equity 35.11 0.87 6.61 9.65 34.74
Efficiency ratio (2) 38 76 66 59 43
Yield on average earning assets 9.78 5.36 6.09 6.23 8.45
Cost of interest-bearing liabilities 2.02 2.32 2.65 2.69 3.50
Net interest spread 7.76 3.04 3.44 3.54 4.95
Net interest margin 8.12 3.35 3.86 3.99 5.57
Asset Quality Data:
Loans on non-accrual status 24,133 11,324 14,763 17,688 16,791
Loans past due 90 days or more and still on accrual 352 2,133 1,217 1,476 1,340
Total non-performing loans 24,485 13,457 15,980 19,164 18,131
Other real estate owned 6,386 5,737 2,017 2,160 950
Total non-performing assets 30,871 19,194 17,997 21,324 19,081
Non-performing loans to total loans 1.06 % 0.58 % 0.69 % 0.82 % 0.77 %
Non-performing assets to total loans (including OREO) 1.33 0.83 0.78 0.91 0.81
Allowance for loan losses to total loans 0.77 0.64 0.61 0.77 0.64
Allowance for loan losses to non-performing loans 73 110 89 94 83
Net loan charge-offs to average loans - Total Company 3.46 0.20 0.70 0.11 1.32
Net loan charge-offs to average loans - Banking Segment 0.13 0.25 0.51 0.12 0.14
Delinquent loans to total loans (3) 1.53 1.07 1.05 1.01 0.70
Other Information:
End of period full-time equivalent employees 742 724 720 710 717
Number of banking centers at period end 45 45 45 42 39
Segment Data:
The reportable segments are determined by the type of products and services offered, distinguished between banking operations, mortgage banking operations and Tax Refund Solutions ("TRS"). Loans, investments and deposits provide the majority of revenue from banking operations; servicing fees and loan sales provide the majority of revenue from mortgage banking operations; Refund Anticipation Loan ("RAL") fees, Electronic Refund Check ("ERC")/ Electronic Refund Deposit ("ERD") fees and Net RAL securitization income provide the majority of the revenue from TRS. All Company segments are domestic. Segment information for the three months ended March 31, 2009 and 2008 follows:
Three Months Ended March 31, 2009
(dollars in thousands) Banking Tax Refund Mortgage Banking Total Company
Solutions
Net interest income $ 27,958 $ 52,574 $ 284 $ 80,816
Provision for loan losses 3,657 22,008 - 25,665
Electronic Refund Check fees - 22,905 - 22,905
Net RAL securitization income - 412 - 412
Mortgage banking income - - 4,174 4,174
Other revenue 2,834 15 162 3,011
Total non interest income 2,834 23,332 4,336 30,502
Total non interest expenses 24,307 18,901 434 43,642
Gross operating profit 2,828 34,997 4,186 42,011
Income tax expense 697 14,112 1,443 16,252
Net income $ 2,131 $ 20,885 $ 2,743 $ 25,759
Segment assets $ 3,187,188 $ 137,555 $ 12,902 $ 3,337,645
Net interest margin 3.85 % NM NM 8.12 %
Three Months Ended March 31, 2008
(dollars in thousands) Banking Tax Refund Mortgage Banking Total Company
Solutions
Net interest income $ 25,130 $ 19,396 $ 102 $ 44,628
Provision for loan losses 3,046 7,453 - 10,499
Electronic Refund Check fees - 13,960 - 13,960
Net RAL securitization income - 12,587 - 12,587
Mortgage banking income - - 1,602 1,602
Other revenue 6,121 9 (335 ) 5,795
Total non interest income 6,121 26,556 1,267 33,944
Total non interest expenses 20,877 12,564 239 33,680
Gross operating profit 7,328 25,935 1,130 34,393
Income tax expense 2,499 9,385 386 12,270
Net income $ 4,829 $ 16,550 $ 744 $ 22,123
Segment assets $ 2,852,709 $ 260,379 $ 10,943 $ 3,124,031
Net interest margin 3.84 % NM NM 5.57 %
_____________________________________
(1) - The amount of loan fee income included in total interest income was $57.8 million and $19.4 million for the quarters ended March 31, 2009 and 2008.
(2) - Equals total non-interest expense divided by the sum of net interest income and non interest income. The ratio excludes net loss on sales, calls and impairment of investment securities.
(3) - Equals total loans over 30 days past due divided by total loans.
(4) - The amount of loan fee income included in total interest income per quarter was as follows: $57.8 million (quarter ended March 31, 2009), $1.4 million (quarter ended December 31, 2008), $1.3 million (quarter ended September 30, 2008), $2.2 million (quarter ended June 30, 2008) and $19.4 million (quarter ended March 31, 2008).
SOURCE: Republic Bancorp, Inc.
Republic Bancorp, Inc. Kevin Sipes, 502-560-8628 Executive Vice President and Chief Financial Officer
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