Buy Or Sell Opportunity • May 07
Now 20% undervalued Over the last 90 days, the stock has risen 3.6% to US$76.82. The fair value is estimated to be US$96.13, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.3% over the last 3 years. Earnings per share has grown by 16%. Revenue is forecast to grow by 10.0% in a year. Earnings are forecast to grow by 4.2% in the next year. Reported Earnings • Apr 24
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$2.15 (down from US$2.40 in 1Q 2025). Revenue: US$104.8m (down 11% from 1Q 2025). Net income: US$42.6m (down 9.9% from 1Q 2025). Profit margin: 41% (in line with 1Q 2025). Revenue exceeded analyst estimates by 4.1%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 8.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Apr 13
Now 21% undervalued Over the last 90 days, the stock has risen 6.1% to US$73.87. The fair value is estimated to be US$93.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 15%. Revenue is forecast to grow by 7.3% in 2 years. Earnings are forecast to decline by 7.1% in the next 2 years. Announcement • Mar 16
Republic Bancorp, Inc., Annual General Meeting, Apr 23, 2026 Republic Bancorp, Inc., Annual General Meeting, Apr 23, 2026. Location: republic bank building, lower level 9600, brownsboro road, kentucky 40241, louisville, United States Upcoming Dividend • Mar 13
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 20 March 2026. Payment date: 17 April 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (2.6%). Reported Earnings • Mar 08
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$6.65 (up from US$5.16 in FY 2024). Revenue: US$385.9m (up 17% from FY 2024). Net income: US$131.3m (up 30% from FY 2024). Profit margin: 34% (up from 31% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 5.05% (up from 4.85% in FY 2024). Cost-to-income ratio: 52.0% (down from 52.7% in FY 2024). Non-performing loans: 0.44% (up from 0.42% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 3.6% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Feb 01
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: US$6.65 (up from US$5.16 in FY 2024). Revenue: US$385.9m (up 17% from FY 2024). Net income: US$131.3m (up 30% from FY 2024). Profit margin: 34% (up from 31% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 5.05% (up from 4.85% in FY 2024). Non-performing loans: 0.44% (up from 0.42% in FY 2024). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 4.0% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 16% per year. Announcement • Jan 30
Republic Bancorp, Inc. Reports Charge-Off for the Fourth Quarter Ended December 31, 2025 Republic Bancorp, Inc. reported net charge-off for the fourth quarter ended December 31, 2025. For the quarter, the company reported total company charge - off of $4,592,000 against $3,136,000 a year ago. Declared Dividend • Jan 25
Third quarter dividend increased to US$0.49 Dividend of US$0.49 is 9.8% higher than last year. Ex-date: 20th March 2026 Payment date: 17th April 2026 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.6% over the next 2 years. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • Jan 22
Republic Bancorp, Inc. Declares Quarterly Cash Dividend on Class A and Class B Shares, Payable on April 17, 2026 Republic Bancorp, Inc. announced a 10% increase in the company’s quarterly cash dividends. The quarterly cash dividend of $0.495 per share of Class A Common Stock and $0.45 per share on Class B Common Stock will be payable April 17, 2026, to shareholders of record as of March 20, 2026. The increased cash dividend results in an annualized dividend yield for the Class A Common stock of 2.77% based upon the stock’s closing price on January 20, 2026. Recent Insider Transactions Derivative • Jan 07
Director exercised options and sold US$437k worth of stock On the 2nd of January, Logan Pichel exercised 21.51k options at around US$42.74, then sold 17k of the shares acquired at an average of US$68.01 per share and kept the remainder. Since March 2025, Logan's direct individual holding has increased from 53.40k shares to 56.90k. Company insiders have collectively sold US$789k more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 12
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 19 December 2025. Payment date: 16 January 2026. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (2.4%). Declared Dividend • Nov 23
Third quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 19th December 2025 Payment date: 16th January 2026 Dividend yield will be 2.7%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (27% payout ratio) and is expected to be well covered in 3 years' time (32% forecast payout ratio). The dividend has increased by an average of 9.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.1% over the next 2 years. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Announcement • Nov 20
Republic Bancorp, Inc. Declares Common Stock Dividend, Payable on January 16, 2026 Republic Bancorp, Inc. declared a cash dividend of $0.451 per share on Class A Common Stock and $0.41 per share on Class B Common Stock, payable January 16, 2026, to shareholders of record as of December 19, 2025. Reported Earnings • Oct 20
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.51 (up from US$1.35 in 3Q 2024). Revenue: US$91.5m (up 11% from 3Q 2024). Net income: US$29.7m (up 12% from 3Q 2024). Profit margin: 33% (in line with 3Q 2024). Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.2%. Revenue is forecast to grow 3.2% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 17% per year. Upcoming Dividend • Sep 12
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 19 September 2025. Payment date: 17 October 2025. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (2.4%). Declared Dividend • Jul 21
Second quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 19th September 2025 Payment date: 17th October 2025 Dividend yield will be 2.3%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 9.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.9% over the next year. However, it would need to fall by 70% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jul 20
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$1.61 (up from US$1.28 in 2Q 2024). Revenue: US$92.0m (up 13% from 2Q 2024). Net income: US$31.5m (up 25% from 2Q 2024). Profit margin: 34% (up from 31% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 4.9% p.a. on average during the next 2 years, compared to a 7.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 16% per year. Announcement • Jul 17
Republic Bancorp, Inc. Declares Class A and Class B Common Stock Dividends, Payable on October 17, 2025 Republic Bancorp, Inc. declared a cash dividend of $0.451 per share on Class A Common Stock and $0.41 per share on Class B Common Stock, payable October 17, 2025, to shareholders of record as of September 19, 2025. Upcoming Dividend • Jun 13
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 20 June 2025. Payment date: 18 July 2025. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (2.7%). Declared Dividend • May 25
First quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 20th June 2025 Payment date: 18th July 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 9.2% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next year, which should provide adequate earnings cover for the dividend. Announcement • May 22
Republic Bancorp, Inc. Declares Class A and Class B Common Stock Dividends, Payable on July 18, 2025 Republic Bancorp, Inc. declared a cash dividend of $0.451 per share on Class A Common Stock and $0.41 per share on Class B Common Stock, payable July 18, 2025, to shareholders of record as of June 20, 2025. Price Target Changed • Apr 27
Price target increased by 7.8% to US$69.00 Up from US$64.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$67.01. Stock is up 33% over the past year. The company is forecast to post earnings per share of US$6.38 for next year compared to US$5.16 last year. Reported Earnings • Apr 25
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$2.43 (up from US$1.56 in 1Q 2024). Revenue: US$118.2m (up 32% from 1Q 2024). Net income: US$47.3m (up 54% from 1Q 2024). Profit margin: 40% (up from 34% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.0%. Earnings per share (EPS) also surpassed analyst estimates by 30%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 09
Price target decreased by 11% to US$64.00 Down from US$72.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of US$62.93. Stock is up 29% over the past year. The company is forecast to post earnings per share of US$5.56 for next year compared to US$5.16 last year. Announcement • Mar 17
Republic Bancorp, Inc., Annual General Meeting, Apr 24, 2025 Republic Bancorp, Inc., Annual General Meeting, Apr 24, 2025. Location: republic bank building, lower level, 9600 brownsboro road, kentucky 40241, louisville United States Upcoming Dividend • Mar 14
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 21 March 2025. Payment date: 18 April 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.9%). Reported Earnings • Mar 07
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: US$5.16 (up from US$4.57 in FY 2023). Revenue: US$330.4m (up 6.3% from FY 2023). Net income: US$101.4m (up 12% from FY 2023). Profit margin: 31% (up from 29% in FY 2023). The increase in margin was driven by higher revenue. Net interest margin (NIM): 4.85% (down from 4.91% in FY 2023). Non-performing loans: 0.42% (up from 0.39% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 4.4%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions Derivative • Feb 03
Director exercised options and sold US$263k worth of stock On the 29th of January, Logan Pichel exercised 19.47k options at around US$51.39, then sold 17k of the shares acquired at an average of US$66.80 per share and kept the remainder. Since March 2024, Logan's direct individual holding has increased from 46.60k shares to 50.53k. Company insiders have collectively sold US$2.1m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Feb 02
Insider recently sold US$203k worth of stock On the 30th of January, John Rippy sold around 3k shares on-market at roughly US$65.99 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$2.0m more than they bought in the last 12 months. Declared Dividend • Jan 26
Fourth quarter dividend increased to US$0.45 Dividend of US$0.45 is 11% higher than last year. Ex-date: 21st March 2025 Payment date: 18th April 2025 Dividend yield will be 2.5%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (33% forecast payout ratio). The dividend has increased by an average of 8.1% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.5% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 23
Republic Bancorp, Inc. Declares Common Stock Dividend, Payable on April 18, 2025 Republic Bancorp, Inc. announced an 11% increase in the Company’s quarterly cash dividends. The quarterly cash dividend of $0.451 per share of Class A Common Stock and $0.41 per share on Class B Common Stock will be payable April 18, 2025, to shareholders of record as of March 21, 2025. The increased cash dividend results in an annualized dividend yield for the Class A Common stock of 2.61% based upon the stock’s closing price on January 21, 2025. Price Target Changed • Jan 10
Price target decreased by 7.7% to US$72.00 Down from US$78.00, the current price target is provided by 1 analyst. New target price is 8.0% above last closing price of US$66.65. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$5.45 for next year compared to US$4.57 last year. Upcoming Dividend • Dec 13
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 20 December 2024. Payment date: 17 January 2025. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.3%). Lower than average of industry peers (2.6%). Declared Dividend • Nov 25
Third quarter dividend of US$0.41 announced Shareholders will receive a dividend of US$0.41. Ex-date: 20th December 2024 Payment date: 17th January 2025 Dividend yield will be 2.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (31% payout ratio) and is expected to be well covered in 3 years' time (29% forecast payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 6.9% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 21
Republic Bancorp, Inc. Declares Common Stock Dividend, Payable on January 17, 2025 Republic Bancorp, Inc. declared a cash dividend of $0.407 per share on Class A Common Stock and $0.37 per share on Class B Common Stock, payable January 17, 2025, to shareholders of record as of December 20, 2024. Reported Earnings • Oct 18
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.37 (up from US$1.10 in 3Q 2023). Revenue: US$82.5m (up 9.8% from 3Q 2023). Net income: US$26.5m (up 23% from 3Q 2023). Profit margin: 32% (up from 29% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.7%. Earnings per share (EPS) also surpassed analyst estimates by 12%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 13
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 18 October 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.0%). Recent Insider Transactions • Aug 30
Insider recently sold US$174k worth of stock On the 28th of August, Juan Montano sold around 3k shares on-market at roughly US$63.37 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$656k. Insiders have been net sellers, collectively disposing of US$1.8m more than they bought in the last 12 months. Recent Insider Transactions • Jul 29
Executive VP recently sold US$656k worth of stock On the 24th of July, Kevin Sipes sold around 10k shares on-market at roughly US$65.07 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kevin's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Jul 25
Executive VP notifies of intention to sell stock Kevin Sipes intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of July. If the sale is conducted around the recent share price of US$66.77, it would amount to US$673k. Since September 2023, Kevin's direct individual holding has increased from 78.23k shares to 78.43k. Company insiders have collectively sold US$1.5m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Jul 21
First quarter 2024 earnings released: EPS: US$1.56 (vs US$1.41 in 1Q 2023) First quarter 2024 results: EPS: US$1.56 (up from US$1.41 in 1Q 2023). Revenue: US$89.7m (up 1.3% from 1Q 2023). Net income: US$30.6m (up 8.9% from 1Q 2023). Profit margin: 34% (up from 32% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • Jul 21
First quarter dividend of US$0.41 announced Shareholders will receive a dividend of US$0.41. Ex-date: 20th September 2024 Payment date: 18th October 2024 Dividend yield will be 2.6%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 2.7% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 18
Republic Bancorp, Inc. Declares Quarterly Cash Dividend of Class A Common Stock, Class B Common Stock, Payable October 18, 2024 Republic Bancorp, Inc. declared a cash dividend of $0.407 per share on Class A Common Stock and $0.37 per share on Class B Common Stock, payable October 18, 2024, to shareholders of record as of September 20, 2024. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to US$61.73, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Banks industry in the US. Total returns to shareholders of 45% over the past three years. Upcoming Dividend • Jun 14
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 21 June 2024. Payment date: 19 July 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.1%). Declared Dividend • May 19
First quarter dividend of US$0.41 announced Shareholders will receive a dividend of US$0.41. Ex-date: 21st June 2024 Payment date: 19th July 2024 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 8.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 1.6% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • May 16
Republic Bancorp, Inc. Declares Quarterly Cash Dividend of Class A Common Stock, Class B Common Stock, Payable July 19, 2024 Republic Bancorp, Inc. declared a cash dividend of $0.407 per share on Class A Common Stock and $0.37 per share on Class B Common Stock, payable July 19, 2024, to shareholders of record as of June 21, 2024. Announcement • Apr 28
Republic Bancorp, Inc. Elects Yoania Cannon as Director Nominee to the Board Republic Bancorp, Inc. at its AGM held on April 25, 2024, elected Yoania Cannon as director nominee to the Board to serve until the Company’s 2025 annual meeting of shareholders and their successors are elected and qualified or their earlier resignation or removal. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: US$1.58 (vs US$1.41 in 1Q 2023) First quarter 2024 results: EPS: US$1.58 (up from US$1.41 in 1Q 2023). Revenue: US$89.7m (up 1.3% from 1Q 2023). Net income: US$30.6m (up 8.9% from 1Q 2023). Profit margin: 34% (up from 32% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 9.9% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has increased by 4% per year. Announcement • Mar 16
Republic Bancorp, Inc., Annual General Meeting, Apr 25, 2024 Republic Bancorp, Inc., Annual General Meeting, Apr 25, 2024, at 10:00 Eastern Daylight. Location: Springhurst location, 9600 Brownsboro Road Louisville Kentucky United States Agenda: To elect 15 directors to serve until the 2025 annual meeting of shareholders and their successors are elected and qualified or their earlier resignation or removal; and to ratify the appointment of FORVIS, LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. Reported Earnings • Mar 15
Full year 2023 earnings released: EPS: US$4.57 (vs US$4.55 in FY 2022) Full year 2023 results: EPS: US$4.57. Revenue: US$310.9m (up 8.6% from FY 2022). Net income: US$90.4m (flat on FY 2022). Profit margin: 29% (down from 32% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 4.91% (up from 4.12% in FY 2022). Non-performing loans: 0.39% (up from 0.36% in FY 2022). Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Upcoming Dividend • Mar 07
Upcoming dividend of US$0.41 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 19 April 2024. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.7%). In line with average of industry peers (3.0%). Declared Dividend • Jan 28
Fourth quarter dividend increased to US$0.41 Dividend of US$0.41 is 8.8% higher than last year. Ex-date: 14th March 2024 Payment date: 19th April 2024 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 7.8% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 4.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: US$4.65 (vs US$4.55 in FY 2022) Full year 2023 results: EPS: US$4.65. Revenue: US$312.6m (up 9.2% from FY 2022). Net income: US$90.4m (flat on FY 2022). Profit margin: 29% (down from 32% in FY 2022). The decrease in margin was driven by higher expenses. Announcement • Jan 25
Republic Bancorp, Inc. Increases Quarterly Cash Dividend of Class A Common Stock, Class B Common Stock, Payable April 19, 2024 Republic Bancorp, Inc. announced a 9% increase in the Company’s quarterly cash dividends. The quarterly cash dividend of $0.407 per share of Class A Common Stock and $0.37 per share on Class B Common Stock will be payable April 19, 2024, to shareholders of record as of March 15, 2024. The increased cash dividend results in an annualized dividend yield for the Class A Common stock of 3.20% based upon the stock’s closing price on January 23, 2024. Recent Insider Transactions Derivative • Jan 04
Director exercised options and sold US$1.8m worth of stock On the 1st of January, Logan Pichel exercised 107.25k options at around US$32.61, then sold 85k of the shares acquired at an average of US$53.99 per share and kept the remainder. Since March 2023, Logan's direct individual holding has increased from 21.34k shares to 21.45k. Company insiders have collectively sold US$1.5m more than they bought, via options and on-market transactions in the last 12 months. Upcoming Dividend • Dec 07
Upcoming dividend of US$0.37 per share at 3.1% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 19 January 2024. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.5%). Recent Insider Transactions • Nov 17
Insider recently sold US$255k worth of stock On the 14th of November, Juan Montano sold around 6k shares on-market at roughly US$46.38 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$222k more than they bought in the last 12 months. Announcement • Nov 17
Republic Bancorp, Inc. Declares Common Stock Dividends, Payable on January 19, 2024 Republic Bancorp, Inc. declared a cash dividend of $0.374 per share on Class A Common Stock and $0.34 per share on Class B Common Stock, payable January 19, 2024, to shareholders of record as of December 15, 2023. Reported Earnings • Oct 22
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: US$1.11 (up from US$0.98 in 3Q 2022). Revenue: US$75.1m (up 5.0% from 3Q 2022). Net income: US$21.6m (up 11% from 3Q 2022). Profit margin: 29% (up from 27% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Announcement • Oct 22
Republic Bancorp, Inc. to Report Q3, 2023 Results on Oct 20, 2023 Republic Bancorp, Inc. announced that they will report Q3, 2023 results on Oct 20, 2023 Upcoming Dividend • Sep 07
Upcoming dividend of US$0.37 per share at 3.4% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.9%). In line with average of industry peers (3.7%). Announcement • Jul 22
Republic Bancorp, Inc. Declares Common Stock Dividends, Payable on October 20, 2023 Republic Bancorp, Inc. declared a cash dividend of $0.374 per share on Class A Common Stock and $0.34 per share on Class B Common Stock, payable October 20, 2023, to shareholders of record as of September 15, 2023. Reported Earnings • Jul 21
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: US$1.07 (down from US$1.19 in 2Q 2022). Revenue: US$78.0m (up 20% from 2Q 2022). Net income: US$21.1m (down 12% from 2Q 2022). Profit margin: 27% (down from 37% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Earnings per share (EPS) missed analyst estimates by 8.2%. Revenue is forecast to grow 5.7% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of US$0.37 per share at 3.1% yield Eligible shareholders must have bought the stock before 15 June 2023. Payment date: 21 July 2023. Payout ratio is a comfortable 31% and this is well supported by cash flows. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (5.0%). Lower than average of industry peers (3.6%). Announcement • May 18
Republic Bancorp, Inc. Declares Common Stock Dividends, Payable July 21, 2023 Republic Bancorp, Inc. declared a cash dividend of $0.374 per share on Class A Common Stock and $0.34 per share on Class B Common Stock, payable July 21, 2023, to shareholders of record as of June 16, 2023. Reported Earnings • May 08
First quarter 2023 earnings: EPS and revenues miss analyst expectations First quarter 2023 results: EPS: US$1.41. Revenue: US$88.6m (up 11% from 1Q 2022). Net income: US$28.1m (flat on 1Q 2022). Profit margin: 32% (down from 36% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 13%. Earnings per share (EPS) also missed analyst estimates by 19%. Revenue is forecast to grow 3.7% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Banks industry in the US. Upcoming Dividend • Mar 09
Upcoming dividend of US$0.37 per share at 3.5% yield Eligible shareholders must have bought the stock before 16 March 2023. Payment date: 21 April 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of American dividend payers (4.4%). Higher than average of industry peers (3.1%). Major Estimate Revision • Feb 03
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from US$269.5m to US$297.4m. EPS estimate increased from US$4.47 to US$4.64 per share. Net income forecast to grow 1.0% next year vs 9.4% growth forecast for Banks industry in the US. Consensus price target of US$50.50 unchanged from last update. Share price rose 7.7% to US$46.09 over the past week. Announcement • Jan 28
Republic Bancorp, Inc. Declares Quarterly Dividend on Class A Common Stock and Class B Common Stock, Payable April 21, 2023 Republic Bancorp, Inc. announced a 10% increase in the Company’s quarterly cash dividends. The quarterly cash dividend of $0.374 per share of Class A Common Stock and $0.34 per share on Class B Common Stock will be payable April 21, 2023, to shareholders of record as of March 17, 2023. The increased cash dividend results in an annualized dividend yield for the Class A Common stock of 3.50% based upon the stock’s closing price on January 26, 2023. Reported Earnings • Jan 27
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: US$4.55 (up from US$4.20 in FY 2021). Revenue: US$291.2m (flat on FY 2021). Net income: US$91.1m (up 5.0% from FY 2021). Profit margin: 31% (up from 30% in FY 2021). Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 1.9%. Revenue is expected to decline by 2.0% p.a. on average during the next 2 years, while revenues in the Banks industry in the US are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 1% per year. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 15 December 2022. Payment date: 20 January 2023. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.1%). Announcement • Nov 19
Craig Greenberg to Resign from Republic Bancorp, Inc. and Republic Bank & Trust Company Board of Directors and All Committees On November 14, 2022, Craig Greenberg notified the Executive Chair and Chief Executive Officer of Republic Bancorp, Inc. of his intent to resign from the Company's Board of Directors and the Company's subsidiary Republic Bank & Trust Company's (the Bank") Board of Directors and all committees thereof effective December 31, 2022. Mr. Greenberg's decision to resign was due to his recent election as mayor of Louisville, Kentucky. Announcement • Nov 17
Republic Bancorp, Inc. Declares Cash Dividend, Payable on January 20, 2023 Republic Bancorp, Inc. declared a cash dividend of $0.341 per share on Class A Common Stock and $0.31 per share on Class B Common Stock, payable January 20, 2023, to shareholders of record as of December 16, 2022. Reported Earnings • Oct 22
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: US$0.98 (up from US$0.90 in 3Q 2021). Revenue: US$71.5m (up 7.1% from 3Q 2021). Net income: US$19.5m (up 5.8% from 3Q 2021). Profit margin: 27% (in line with 3Q 2021). Revenue exceeded analyst estimates by 8.2%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Sep 29
Price target decreased to US$48.25 Down from US$52.00, the current price target is an average from 2 analysts. New target price is 25% above last closing price of US$38.74. Stock is down 24% over the past year. The company is forecast to post earnings per share of US$4.12 for next year compared to US$4.20 last year. Upcoming Dividend • Sep 08
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 15 September 2022. Payment date: 21 October 2022. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.2%). Reported Earnings • Jul 22
Second quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2022 results: EPS: US$1.09 (up from US$0.79 in 2Q 2021). Revenue: US$65.1m (up 1.8% from 2Q 2021). Net income: US$23.9m (up 45% from 2Q 2021). Profit margin: 37% (up from 26% in 2Q 2021). Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Over the next year, revenue is expected to shrink by 1.2% compared to a 15% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has remained flat. Announcement • Jul 21
Republic Bancorp, Inc. Declares Common Stock Dividends, Payable October 21, 2022 Republic Bancorp, Inc. declared a cash dividend of $0.341 per share on Class A Common Stock and $0.31 per share on Class B Common Stock, payable October 21, 2022, to shareholders of record as of September 16, 2022. Announcement • Jun 14
Republic Bancorp, Inc. and Republic Bank & Trust Company Appoint Jennifer N. Green and Timothy S. Huval to Board The Officers and Directors of Republic Bancorp, Inc. (the ‘company’) and Republic Bank & Trust Company (the ‘Bank’, collectively, ‘Republic’) announced the appointment of Jennifer N. Green and Timothy S. Huval to both Boards. Green is currently Vice President of Global Mergers & Acquisitions for YUM! Brands. Huval is Chief Administrative Officer for Humana Inc. Green's managerial, business and legal background, as well as her deep involvement in community initiatives will add to Republic’s already strong Boards. Prior to her current role, Green served as YUM! Brands’ Director of Transformation & Chief of Staff from 2020 to 2021 and Director, Corporate Counsel from 2016 to 2020. Before joining YUM!, she served as the Vice President and Counsel, Corporate Secretary Americas for Credit Suisse from 2014 to 2016 and practiced law at Davis Polk & Wardwell LLP from 2012 to 2014. Green obtained her Juris Doctor degree from Columbia Law School and received a Bachelor of Arts in Government & French Language Citation from Harvard University. She is heavily involved in the community and is a member of the City of Louisville’s Civilian Review & Accountability Board and Greater Louisville Inc.’s Business Council to End Racism. Huval's human resources, information systems and operations experience in the technology and banking industries will further expand the Republic Boards’ collective expertise. Before assuming his current role, Huval served as Chief Human Resources officer at Humana Inc. since 2013. Prior to joining Humana Inc., Huval held a number of positions at Bank of America, including Human Resources Executive, Chief Information Officer, and Head of Operations for various lines of business from 2002 to 2013. Huval also served in senior human resources and operations roles at Gateway Computers from 1997 to 2002. He received an associate degree from Salt Lake City Community College, a Bachelor of Arts from Weber State University, and a Master’s in Public Administration from Brigham Young University. Huval currently serves on the advisory board for MyCareGorithm, LLC and was a member of the Seacoast Banking Corporation Board of Directors from 2016 to 2019. Upcoming Dividend • Jun 09
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 16 June 2022. Payment date: 15 July 2022. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (3.9%). In line with average of industry peers (2.8%).