Detailed financial statements for Republic Bancorp, Inc. (RBCAA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Republic Bancorp, Inc., a financial holding company established in Louisville, Kentucky in 1974, provides a comprehensive suite of banking products and services throughout the United States. Its operations are strategically divided into five segments: Traditional Banking, Warehouse, Mortgage Banking, Tax Refund Solutions, and Republic Credit Solutions.
Analysis Summary
Republic Bancorp, Inc. reported revenue of $521.3M in the most recent fiscal year, growing at a 5-year CAGR of 9.2%. Net income reached $131.3M, with a 9.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 75.8%, operating margin 33.6%, net margin 25.4%. Free cash flow grew at 17.5% CAGR over 5 years.
At the current price of $94.09, RBCAA trades at a P/E of 14.67 and an ROE of 11.44%. Market capitalisation stands at $1.6B.
Balance sheet quality for RBCAA: current ratio of 0.7, net debt of $406.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $161.1M represents 123% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $227.4M | $273.2M | $315.1M | $343.2M | $335.0M | $310.0M | $316.2M | $421.6M | $499.8M | $521.3M |
| Cost of Revenue | $32.4M | $48.0M | $61.5M | $70.5M | $51.2M | $20.5M | $29.8M | $114.9M | $175.2M | $135.4M |
| Gross Profit | $194.9M | $225.2M | $253.6M | $272.7M | $283.8M | $289.5M | $286.4M | $306.6M | $324.6M | $385.9M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $87.2M | $102.9M | $113.0M | $104.9M | $111.2M | $116.1M | $119.8M | $127.0M | $131.1M | $149.0M |
| Operating Expenses | $126.0M | $146.9M | $159.4M | $159.5M | $181.2M | $178.1M | $169.5M | $193.4M | $196.9M | $220.2M |
| Operating Income | $69.0M | $78.4M | $94.3M | $113.2M | $102.6M | $111.4M | $116.8M | $113.2M | $127.7M | $165.7M |
| EBITDA | $78.0M | $88.4M | $105.0M | $124.2M | $116.1M | $129.8M | $134.9M | $128.2M | $142.3M | $180.4M |
| Interest Expense | $17.9M | $20.3M | $30.1M | $44.8M | $19.9M | $5.7M | $7.5M | $67.3M | $120.8M | $103.8M |
| Pre-tax Income | $69.0M | $78.4M | $94.3M | $113.2M | $102.6M | $111.4M | $116.8M | $113.2M | $127.7M | $165.7M |
| Income Tax | $23.1M | $32.8M | $16.4M | $21.5M | $19.4M | $23.8M | $25.7M | $22.8M | $26.3M | $34.4M |
| Net Income | $45.9M | $45.6M | $77.9M | $91.7M | $83.2M | $87.6M | $91.1M | $90.4M | $101.4M | $131.3M |
| EPS | $2.19 | $2.18 | $3.76 | $4.40 | $3.99 | $4.25 | $4.59 | $4.61 | $5.21 | $6.65 |
| EPS (Diluted) | $2.19 | $2.17 | $3.74 | $4.39 | $3.99 | $4.26 | $4.57 | $4.55 | $5.18 | $6.63 |
| Shares Outstanding (Diluted) | $21.0M | $21.0M | $21.1M | $20.9M | $20.9M | $20.6M | $19.9M | $19.9M | $19.5M | $19.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $118.2M | $118.7M | $139.1M | $128.7M |
| Gross Profit | $89.9M | $84.2M | $106.0M | $102.8M |
| Operating Income | $37.8M | $27.6M | $55.4M | $49.1M |
| EBITDA | $41.3M | $31.3M | $59.3M | $49.1M |
| Net Income | $29.7M | $22.8M | $42.6M | $32.9M |
| EPS | $1.53 | $1.16 | $2.15 | $1.66 |
| EPS (Diluted) | $1.52 | $1.15 | $2.15 | $1.65 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $289.3M | $299.4M | $351.5M | $385.3M | $485.6M | $757.0M | $313.7M | $316.6M | $432.2M | $220.0M |
| Short-term Investments | $481.3M | $527.2M | $475.7M | $471.4M | $523.9M | $495.1M | $620.4M | $591.3M | $342.9M | 0 |
| Receivables | $13.6M | $16.6M | $15.0M | $13.9M | $10.0M | $8.5M | $10.4M | $87.5M | $92.2M | $22.3M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $784.2M | $840.2M | $842.2M | $870.6M | $1.02B | $1.26B | $944.4M | $995.4M | $867.3M | $242.3M |
| Property, Plant & Equipment | $40.5M | $42.6M | $43.1M | $81.4M | $82.9M | $74.9M | $69.0M | $68.1M | $68.5M | $67.3M |
| Goodwill | $16.3M | $16.3M | $16.3M | $16.3M | $16.3M | $16.3M | $16.3M | $40.5M | $40.5M | $40.5M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.82B | $5.09B | $5.24B | $5.62B | $6.17B | $6.09B | $5.83B | $6.59B | $6.85B | $7.04B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $173.5M | $204.0M | $183.0M | $167.6M | $211.0M | $291.0M | $217.0M | $97.6M | $103.3M | $355.5M |
| Total Current Liabilities | $3.33B | $3.64B | $3.64B | $3.95B | $4.94B | $5.13B | $4.75B | $5.15B | $5.31B | $355.5M |
| Long-term Debt | $843.7M | $778.7M | $851.2M | $791.2M | $276.2M | $25.0M | $95.0M | $380.0M | $395.0M | $246.0M |
| Total Liabilities | $4.21B | $4.45B | $4.55B | $4.86B | $5.35B | $5.26B | $4.98B | $5.68B | $5.85B | $5.94B |
| Retained Earnings | $460.6M | $487.7M | $545.0M | $614.2M | $666.3M | $687.7M | $742.2M | $786.5M | $853.6M | $945.4M |
| Total Equity | $604.4M | $632.4M | $689.9M | $764.2M | $823.3M | $834.2M | $856.6M | $912.8M | $992.0M | $1.10B |
| Total Debt | $1.02B | $982.8M | $1.03B | $995.4M | $531.6M | $355.6M | $349.8M | $513.2M | $535.4M | $626.9M |
| Net Debt | $246.6M | $156.2M | $207.0M | $138.7M | -$477.8M | -$896.5M | -$584.3M | -$394.7M | -$239.6M | $406.9M |
| Working Capital | -$2.55B | -$2.80B | -$2.80B | -$3.08B | -$3.92B | -$3.87B | -$3.81B | -$4.16B | -$4.45B | -$113.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $484.2M | $220.0M | $599.1M | $354.1M |
| Total Assets | $7.01B | $7.04B | $7.25B | $7.06B |
| Total Liabilities | $5.93B | $5.94B | $6.12B | $5.91B |
| Total Equity | $1.08B | $1.10B | $1.13B | $1.16B |
| Total Debt | $483.4M | $626.9M | $479.3M | $255.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $45.9M | $45.6M | $77.9M | $91.7M | $83.2M | $87.6M | $91.1M | $90.4M | $101.4M | $131.3M |
| Depreciation & Amortization | $9.1M | $10.0M | $10.8M | $11.1M | $13.5M | $18.3M | $18.1M | $15.0M | $14.6M | $14.7M |
| Stock-based Compensation | $1.2M | $1.3M | $1.6M | $1.6M | $1.9M | $2.6M | $3.0M | $2.7M | $2.8M | $3.1M |
| Change in Working Capital | -$7.6M | $2.0M | $8.3M | -$2.0M | -$25.7M | -$3.6M | -$3.6M | -$30.3M | -$12.9M | $876000 |
| Operating Cash Flow | $47.7M | $77.8M | $119.2M | $105.2M | $75.4M | $100.3M | $154.8M | $108.5M | $149.0M | $168.2M |
| Capital Expenditure | -$7.0M | -$12.4M | -$9.8M | -$12.9M | -$3.6M | -$5.8M | -$3.5M | -$6.9M | -$5.8M | -$7.1M |
| Acquisitions | -$9.1M | 0 | 0 | $6.1M | 0 | 0 | 0 | -$41.0M | 0 | 0 |
| Stock Repurchased | -$1.2M | -$1.0M | -$827000 | -$1.4M | -$3.9M | -$47.5M | -$12.6M | -$20.3M | 0 | -$72000 |
| Dividends Paid | -$16.8M | -$17.7M | -$19.5M | -$21.4M | -$23.2M | -$24.7M | -$26.1M | -$28.4M | -$30.5M | -$33.9M |
| Free Cash Flow | $40.6M | $65.4M | $109.4M | $92.3M | $71.8M | $94.5M | $151.3M | $101.6M | $143.2M | $161.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $33.3M | $33.3M | $73.0M | $1.1M |
| Capital Expenditure | -$2.5M | $276000 | -$4.9M | -$1.2M |
| Free Cash Flow | $30.8M | $33.6M | $68.1M | -$120000 |
| Dividends Paid | -$8.7M | -$8.7M | -$8.7M | -$9.6M |
| Stock-based Compensation | $728000 | 0 | $855000 | $1.3M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +20.2% | +15.3% | +8.9% | -2.4% | -7.5% | +2.0% | +33.3% | +18.6% | +4.3% | |
| Net Income Growth (YoY) | -0.6% | +70.6% | +17.8% | -9.2% | +5.2% | +4.0% | -0.8% | +12.2% | +29.5% | |
| EPS Growth (YoY) | -0.5% | +72.5% | +17.0% | -9.3% | +6.5% | +8.0% | +0.4% | +13.0% | +27.6% | |
| Shares Change (YoY) | +0.3% | +0.3% | -0.6% | -0.3% | -1.5% | -3.2% | -0.3% | -1.6% | +1.4% | |
| FCF Growth (YoY) | +60.9% | +67.3% | -15.6% | -22.2% | +31.5% | +60.1% | -32.8% | +40.9% | +12.5% | |
| Gross Margin | 85.7% | 82.4% | 80.5% | 79.5% | 84.7% | 93.4% | 90.6% | 72.7% | 64.9% | 74.0% |
| Operating Margin | 30.3% | 28.7% | 29.9% | 33.0% | 30.6% | 35.9% | 37.0% | 26.9% | 25.6% | 31.8% |
| EBITDA Margin | 34.3% | 32.3% | 33.3% | 36.2% | 34.7% | 41.9% | 42.7% | 30.4% | 28.5% | 34.6% |
| Net Margin | 20.2% | 16.7% | 24.7% | 26.7% | 24.8% | 28.3% | 28.8% | 21.4% | 20.3% | 25.2% |
| FCF Margin | 17.9% | 23.9% | 34.7% | 26.9% | 21.4% | 30.5% | 47.8% | 24.1% | 28.6% | 30.9% |
| Effective Tax Rate | 33.4% | 41.8% | 17.4% | 19.0% | 18.9% | 21.4% | 22.0% | 20.2% | 20.6% | 20.8% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $1.94 | $3.11 | $5.19 | $4.41 | $3.44 | $4.59 | $7.60 | $5.12 | $7.33 | $8.13 |
| Dividends Per Share | $0.80 | $0.84 | $0.93 | $1.02 | $1.11 | $1.20 | $1.31 | $1.43 | $1.56 | $1.71 |
| Shares Outstanding (Basic) | $20.9M | $20.9M | $21.0M | $20.8M | $20.8M | $20.5M | $19.8M | $19.6M | $19.5M | $19.7M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 11.44% |
| Return on Invested Capital | 1.89% |
| Return on Assets | 1.81% |
| Gross Margin | 75.85% |
| Operating Margin | 33.65% |
| Net Margin | 25.36% |
Financial Health
| Debt / Equity | 0.22 |
| Current Ratio | 3.81 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 18.05 | 17.44 | 10.30 | 10.64 | 9.04 | 11.96 | 8.92 | 11.97 | 13.41 | 10.37 |
| P/B | 1.37 | 1.26 | 1.18 | 1.28 | 0.91 | 1.25 | 0.95 | 1.18 | 1.37 | 1.24 |
| P/S | 3.64 | 2.91 | 2.58 | 2.84 | 2.24 | 3.36 | 2.57 | 2.56 | 2.72 | 2.61 |
| Gross Margin | 85.7% | 82.4% | 80.5% | 79.5% | 84.7% | 93.4% | 90.6% | 72.7% | 64.9% | 74.0% |
| Operating Margin | 30.3% | 28.7% | 29.9% | 33.0% | 30.6% | 35.9% | 37.0% | 26.9% | 25.6% | 31.8% |
| Net Margin | 20.2% | 16.7% | 24.7% | 26.7% | 24.8% | 28.3% | 28.8% | 21.4% | 20.3% | 25.2% |
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