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Republic Bancorp Inc. Class A Common Stock (RBCAA+0.24%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The company reported net income of $101.4 million for 2024, an increase from $90.4 million in 2023. Diluted earnings per share rose to $5.21 from $4.62 in the previous year.
Net interest income was $312.2 million, up from $288.8 million in 2023. The net interest margin decreased slightly to 4.85% from 4.91%.
The provision for credit losses was a net charge of $54.4 million, compared to $47.6 million in 2023. This increase was primarily due to higher provisions in the Tax Refund Solutions and Republic Credit Solutions segments.
Noninterest income increased slightly to $72.7 million from $71.5 million, with service charges on deposit accounts and mortgage banking income contributing to the rise.
Noninterest expense rose to $202.7 million from $199.4 million, driven by increases in salaries and employee benefits.
Total loans grew to $5.4 billion from $5.2 billion at the end of 2023. The allowance for credit losses increased to $92 million, representing 1.69% of total loans.
Nonperforming loans were 0.42% of total loans, up from 0.39% at the end of 2023. The allowance for credit losses to nonperforming loans ratio was 404%, compared to 398% in the previous year.
The company's total assets increased to $6.9 billion from $6.3 billion. Total deposits rose to $5.3 billion from $4.8 billion.
Republic Bancorp Inc. operates through five segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Republic Bancorp Inc. Class A Common Stock annual 10-K report dated March 6, 2025. To report an error, please email earnings@qz.com.