Republic Bancorp Inc. of Louisville reported Thursday that its first-quarter net income rose 20% from a year earlier, to $13.3 million.
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The $2.7 billion-asset company attributed the increase to gains in interest and noninterest income. Net interest income rose 7%, to $29.6 million, while noninterest income - fueled by fees from Republic's tax-refund- anticipation loans - rose 13.4%, to $10.4 million.
Republic is one of a handful of banking companies that make loans on behalf of payday lenders. The Federal Deposit Insurance Corp. recently issued guidelines that will put some restrictions on such relationships, and Republic said Thursday that it was evaluating how the guidelines will affect its earnings.
