Republic Bancorp in Louisville, Ky., reported a quadrupling in profit due to higher interest income and lower expenses during the fourth quarter of 2014.

Republic reported that its net income of $5.2 million rose so significantly from a year earlier because of a 17% increase in gross loans and a decrease in Federal Home Loan Bank borrowing costs. The bank's warehouse and correspondent lending businesses contributed mightily to the loan growth.

Net interest income from core banking activities increased 10%, to $29.4 million. The net interest margin widened nine basis points to 3.36%.

Noninterest income dipped 3.1% to slightly under $6.2 million, while noninterest expense fell about 11% to $26.4 million.

Earnings per share were $0.25, slightly lower than the $0.255 average estimate of analysts polled by Bloomberg.

Republic Bank reported approximately $3.75 billion in total assets, up about $376 million from the same time a year before.

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