Republic Bancorp reported a net income of $23.9 million for the second quarter of 2021, a 51% increase compared to the second quarter of 2020. Diluted earnings per Class A Common Share were $1.16.
Net income for Q2 2021 was $23.9 million, a 51% increase year-over-year.
Diluted EPS for Q2 2021 was $1.16.
An agreement to sell the Tax Refund Solutions (TRS) business to Green Dot Corporation for $165 million was announced.
Core Bank net income was approximately level with the first quarter of 2020, despite industry-wide headwinds.
Republic Bancorp is focusing on completing the TRS sale to Green Dot and finding the optimal opportunity for the $165 million in proceeds. Within Core Banking operations, the focus is on overhead expense control and combating the impact of the low interest rate environment on the net interest margin.
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