Republic Bank 2Q
Republic Bancorp, Inc. is pleased to report net income of $8.4 million for the second quarter of 2010, a $1.5 million increase over the second quarter of 2009.
Non-performing loans favorably declined nearly $6 million since year end and $2.3 million from March 31, 2010 to $38 million at June 30, 2010. The Traditional Bank’s delinquency ratio improved 26 basis points from year end and 6 basis points from March 31, 2010 to 1.72% at June 30, 2010. Charge-offs within the Traditional Banking segment continued to trend higher during the first six months of 2010. As a result of the on-going volatility in the economic environment, the Company increased its Traditional Bank’s allowance for loan losses during the quarter to 1.21% of total loans, compared to 1.01% at December 31, 2009 and 1.07% at March 31, 2010.
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