SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 1, 1998
Republic Bancorp, Inc.
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(Exact name of registrant as specified in its charter)
Kentucky 33-77324 61-0862051
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State or other Commission File Number I.R.S. Employer
jurisdiction of incorporation Identification Number
601 West Market Street, Louisville, Kentucky 40202
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (502)584-3600
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Not Applicable
(Former name or former address, if changed since last report)
ITEM 5. OTHER EVENTS.
Effective July 1, 1998, Republic Bancorp, Inc. (the "Company")
amended its Articles of Incorporation to, among other things: increase the
number of authorized shares of Class A Common Stock and Class B Common Stock
of the Company to 30,000,000 and 5,000,000, respectively; effect a
two-for-one stock split of the outstanding shares of Class A Common Stock and
Class B Common Stock; add a provision to the Articles of Incorporation
limiting the personal liability of directors of the Company to the maximum
extent permitted by law; and increase to a majority the percentage of the
voting power required to be held by shareholders to call a special meeting of
shareholders and increase to a majority of the voting power the shareholder
vote required to amend this provision of the Articles of Incorporation.
These amendments to the Articles of Incorporation were adopted at a special
meeting of shareholders of the Company held June 30, 1998.
The following table presents certain unaudited financial information
for the Company for the second quarter of 1998 and for the six months then
ended. Share information has been restated to reflect the two-for-one split of
the Class A Common Stock and Class B Common Stock effective July 1, 1998.
Operating results for the three months and six months ended June 30, 1998, are
not necessarily indicative of the results that may be expected for the entire
year ending December 31, 1998.
AS OF AND FOR THE AS OF AND FOR THE
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
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1998 1997 1998 1997
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(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
INCOME STATEMENT DATA:
Interest income................................... $ 23,029 $ 23,242 $ 45,814 $ 45,852
Interest expense.................................. 12,712 13,002 25,127 25,605
Net interest income............................... 10,317 10,240 20,687 20,247
Provision for loan losses......................... 741 1,416 1,384 2,714
Non-interest income............................... 3,073 1,747 5,869 3,843
Gain on sale of deposits.......................... 4,116
Gain on sale of Bankcard.......................... 3,410 3,410
Non-interest expense.............................. 8,595 8,291 16,669 16,286
Income before taxes............................... 4,054 5,690 12,619 8,500
Net Income........................................ 2,602 3,656 8,126 5,536
BALANCE SHEET DATA:
Total assets...................................... 1,161,723 1,109,713
Total securities.................................. 230,146 221,958
Total loans, net.................................. 828,556 796,403
Allowance for loan losses......................... 8,234 6,281
Total deposits.................................... 745,553 830,325
Repurchase agreements and other short-term
borrowings....................................... 102,597 86,080
Other borrowed funds.............................. 219,020 110,065
Total stockholders' equity........................ 75,742 63,444
PER SHARE DATA:
Net income per Class A common..................... $ .17 $ .25 $ .54 $ .37
Net income per Class B common..................... .17 .24 .54 .36
Book value........................................ 5.06 4.05 5.06 4.05
Cash dividends per Class A common................. .0275 .0275 .055 .055
Cash dividends per Class B common................. .0250 .0250 .050 .050
PERFORMANCE RATIOS:
Return on average assets.......................... .89% .73%(1) 1.19%(2) .81%(1)
Return on average common equity................... 13.59 13.22(1) 18.30(2) 14.75(1)
Net interest margin............................... 3.76 3.88 3.84 3.85
Efficiency ratio.................................. 64 69(3) 63(4) 68(3)
ASSET QUALITY RATIOS:
Nonperforming assets to total loans............... .88% .80%
Net loan charge-offs to average loans............. .34 .68
Allowance for loan losses to total loans.......... .98 .78
Allowance for loan losses to non-performing
loans............................................ 117 105
CAPITAL RATIOS:
Leverage ratio.................................... 7.24% 6.38% 7.24% 6.38%
Average stockholders' equity to average total
assets........................................... 6.53 5.55 6.51 5.49
Dividend payout ratio............................. 16 11 10 15
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(1) For purposes of calculation, pre-tax gain on sale of Bankcard of $3.4
million is not annualized.
(2) For purposes of calculation, pre-tax gain on sale of deposits of $4.1
million is not annualized.
(3) Excludes pre-tax gain on sale of Bankcard of $3.4 million.
(4) Excludes pre-tax gain on sale of deposits of $4.1 million.
ITEM 7. FINANCIAL STATEMENTS AND PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
The following exhibit is filed with this report:
3(i) Articles of Incorporation of Republic Bancorp, Inc., restated to
reflect the amendments reported in Item 5 above
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
REPUBLIC BANCORP, INC.
(Registrant)
Date: July 7, 1998 By /s/ STEVEN E. TRAGER
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Steven E. Trager,
President and Chief Executive Officer
EXHIBIT INDEX
Exhibit Description
3(i) Articles of Incorporation of Republic Bancorp, Inc., restated in
accordance with Regulation S-T.