Republic Bancorp Q3 net income rises on loan growth
Republic Bancorp's third-quarter net income rose 4% year over year to $31.07 million, while diluted EPS increased 5% to $1.59. Net interest income grew 8%, driven by loan growth and lower funding costs.
1. Earnings and lending
Republic Bancorp reported third-quarter net income of $31.07 million, up 4% year over year, and diluted EPS of $1.59, up 5%. Net interest income increased 8%, with the company citing loan growth across its core markets and lending categories.
2. Funding and outlook
The company said a 35-basis-point reduction in funding costs and disciplined pricing actions expanded its net interest margin. Its Republic Payment Solutions program generated $180 million in lower-cost deposits and contributed incremental fee income. Republic Bancorp expects higher interest rates to provide near-term incremental net interest income growth.
