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Republic Bancorp (RBCAA) in Louisville, Ky., fell well short of analysts' expectations after it slogged through legal disputes with some business partners.
January 17 -
Republic Bancorp (RBCAA) in Louisville, Ky., is planning to shut down its only Minneapolis branch just 14 months after entering the market.
November 18 -
Republic Bancorp's deal to buy the bank operations of H&R Block collapsed because of regulators' apparent concerns about the mixing of banking and tax-refund processing. The deal would have helped restore a business already bruised by conflicts with regulators.
October 9
Republic Bancorp (RBCAA) in Louisville, Ky., reported a slight bump in second-profits due to modest loan growth but results were tempered somewhat by a sharp drop in mortgage banking income.
The $3.4 billion-asset company said Friday that its second-quarter earnings increased 3% from the same period last year, to $6.3 million. It attributed the gains to a 6% increase in loans that was driven in part by activity in its correspondent and warehouse lending units.
Its earnings per share of 30 cents, however, fell two cents shy of consensus estimates. The company said that fee income fell 11% year over year, to $9.5 million, due primarily to a 63% drop in mortgage banking revenue.
Earnings were also aided by improved expense control. Noninterest expenses decreased 10%, to $26.7 million, as the company reduced its headcount. Furthermore, a decline in problem assets helped lower legal expenses and costs of maintaining foreclosed properties.
