Republic Bancorp, Inc. (NASDAQ:RBCAA) shares were firmly in the plus column Friday, after it reported third-quarter 2024 net income and Diluted Earnings per Class A Common Share of $26.5 million and $1.37 per share, representing increases of 23% and 25% over the third quarter of 2023. Year-to-date net income was $82.4 million, an $11.6 million, or 16%, increase from the same period in 2023, resulting in return on average assets and return on average equity of 1.60% and 11.53% for the first nine months of 2024.
CEO Logan Pichel commented, “We are proud to report another strong performance for the third quarter. Our third quarter results reflect our on-going strategic initiatives to enhance revenue, while maintaining our expense discipline. Our success is particularly evident within our Core Bank, as our net interest margin showed a marked expansion over the third quarter of 2023, while our total noninterest expenses were flat from the same period. Additionally, the diversification of our business segments remained a key component to our long-term strategy and our current success. Overall, four of our five reportable business segments produced solid increases in net income for the third quarter of 2024 versus the third quarter of 2023.
The Company’s balance sheet during the quarter continued to trend in a positive direction. Deposits grew by $33 million from June 30, 2024 to the September 30, 2024, while we prudently grew the loan portfolio during the quarter by $46 million in Warehouse lending and $9 million in Republic Credit Solutions.
RBCAA shares climbed $1.33, or 2%, to $69.08.