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Dec 31, 2020
Republic Bancorp Q4 2020 Earnings Report
Republic Bancorp reported an increase in net income for the fourth quarter of 2020, driven by diversity of revenue sources among its various operating segments.
Key Takeaways
Republic Bancorp, Inc. reported a net income of $20.3 million for the fourth quarter of 2020, resulting in Diluted Earnings Per Class A Common Share of $0.98. The company's net income results for the fourth quarter of 2020 represents an 11% increase over the company's fourth quarter 2019 adjusted net income of $18.3 million.
Net income for the quarter was $20.3 million, with diluted EPS of $0.98.
Core Bank net interest income increased by $3.6 million, or 8%, driven by PPP portfolio fee income and Warehouse segment growth.
Mortgage Banking income increased by $5.4 million, driven by improved origination volume and pricing.
The company's effective tax rate decreased to 13.9% due to recording additional deferred tax assets from Kentucky HB354.