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Republic Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total assets of $6,692,470,000, an increase from $6,594,891,000 at the end of the previous year.
Total deposits increased to $5,101,696,000 from $5,053,163,000 at the end of the previous year, with noninterest-bearing deposits decreasing and interest-bearing deposits increasing.
The company reported net income of $26,543,000 for the quarter, compared to $21,571,000 in the same quarter of the previous year.
Interest income for the quarter was $101,546,000, up from $85,868,000 in the previous year, while interest expense increased to $30,241,000 from $21,043,000.
Net interest income after provision for credit losses was $65,645,000, compared to $61,095,000 in the previous year.
Noninterest income for the quarter was $16,813,000, compared to $14,345,000 in the previous year, with increases in mortgage banking income and program fees.
Noninterest expense for the quarter was $48,609,000, slightly up from $48,368,000 in the previous year.
Republic Bancorp's total stockholders' equity was $979,705,000 at the end of the quarter, an increase from $912,756,000 at the end of the previous year.
The company reported total loans of $5,296,917,000, with an allowance for credit losses of $82,158,000.
Republic Bancorp does not anticipate cash dividend payments to common stockholders in the near future.
The filing also details various financial agreements, including Federal Home Loan Bank advances and securities sold under agreements to repurchase.
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 quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.