Republic Bancorp Inc-A 2024年度报告

As we reflect on 2024, we are very proud of the work we have done in continuing to advanceour Mission at Republic Bank ofEnabling our Clients, Associates, Communities and Companyto THRIVE. Our Mission is bigger than banking. It is about people, communities, and companies. We arein an industry that provides us the opportunity to positively impact each of these stakeholders,and we embrace this opportunity with passion, energy, and enthusiasm. Logan PichelPresident & CEOover 5,500 hours of community service in 2024, including servingonphilanthropic boards,participating in schools,volunteeringwith social needs organizations, and supporting all parts of ourwonderfully diverse communities. In addition, we distributed nearly$2.9 million in charitable donations during 2024 to over 450different organizations through our Bank and the Republic BankFoundation.We were once again recognized as one of the Top 10most Philanthropic companies in Louisville and the only bank inthe Top 10 despite many larger national banks with a presence inour community.Republic’s history is built on supporting all partsof the community and being a leader in supporting those that havehistorically been underserved. We are proud of this history and willcontinue to be an example for all businesses in this regard. Enabling our Company to THRIVEHaving our Company THRIVE is what allows our Clients, Associates and Communities to THRIVE.We are proud that 2024 providedone of the best financial performances in our Company’s history andthat our stock provided a one-year total return to our shareholdersof 30.3% in 2024 and a two-year total return of 81.5% for 2023and 2024. Enabling our Clients to THRIVEWe measure how positively our Company impacts our clients through our Net Promoter Score.Our Net Promoter Score(“NPS”) increased from 38 in 1st quarter 2023 to 75 in 3rd quarter2024. At 75, we are nearly three times (3x) the Banking Industryaverage with our sights set on a lofty, world class score of 80. Now, I’d like to take a moment to share a few more detailed highlightsfrom 2024 with you. We believe the ascension in our Net Promoter Score is directlyrelated to our annual focus of identifying and enhancing specificclient facing areas throughout our Company. This annual endeavortypically involves a full redesign of multiple processes and proceduresacross our Company, involving enhancements to technology, andrequiring the full attention and dedication of many of our associates.Over the past few years, we have enhanced several client experiencesassociated with our interactive teller machines, commercial lending,retail banking, commercial credit cards, and our client contactcenter.We will continue this focus as we strive to create best-in-class client experiences for all that do business with Republic Bank. NOTABLE 2024 HIGHLIGHTS •Increased Total Company Net Income for 2024 by $11.0 million, or12%, over 2023.•Continued to drive strong performance for the Total Companythrough our diversified business model, as three of our five operatingsegments reported solid increases in net income for 2024 over2023.•Grew December 31, 2024 Traditional Bank deposits, excludingwholesale brokered deposits(1), 5% over December 31, 2023 balances.•Managed expenses prudently with Total Company non-interestexpenses increasing only 1.7% over 2023 despite another year ofchallenging inflation for all.•Grew our 2024 operating leverage(5)by 5% over 2023.•Achieved a Total Company efficiency ratio(2)of 52.68%, a267-basis-point improvement from the 55.35% achieved for 2023.An efficiency ratio measures the amount of noninterest expense ittakes to generate one dollar of net revenue, and we are extremelyproud of the progress we have made in lowering our ratio.•Maintained industry-strong credit quality with Core Bank netcharge-offs to average total loans for 2024 remaining favorably lowat 0.05%.•Re-located another 20+ associates to our downtown Louisvilleoffices, further supporting downtown economic development.This brings our total associates relocated to downtown Louisville toapproximately 120 over the past two years. Enabling our Associates to THRIVEWe measure how positively our Company impacts our associates through our annual Associate Engagement survey.This year’sresults show that 78% of our associates’ responses were exceedinglyfavorable,revealing a high level of engagement by industrystandards.We are proud that in 9 of the 33 survey questions wesaw a positive increase in our scores with no decreased scores in anyof the 33 survey questions. We believe the continued advancementin our favorability scores is a result of creating transparent, frequentcommunication throughout the organization so that all associatesvoices are heard, and their individual talents are acknowledged,appreciated, and developed.We believe that we have a culturewhere all associates matter. Enabling our Communities to THRIVEWe measure how positively our Company impacts our community through our time, t