Republic Bank Named One of the Best-Performing Large Community Banks in the U.S. by S&P Global Market Intelligence
Republic Bank, based in Kentucky, has been named a top-50 best-performing bank by S&P Global Market Intelligence. The bank achieved this ranking due to its strong financial performance, growth, and funding. Republic Bank stands out as the highest-ranked bank in Kentucky, showcasing its stability and commitment to clients.
03/27/2024 - 09:33 AM
Republic ranked highest among banks headquartered in Kentucky
LOUISVILLE, Ky. --(BUSINESS WIRE)--
Republic Bank today announced it has been named a top-50 best-performing bank in the S&P Global Market Intelligence Top 50 Community Banks with assets of $3 Kentucky . The rankings assess the performance of banking institutions based on returns, growth and funding, while placing a premium on the strength and risk profile of balance sheets.
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Republic Bank named a best-performing bank by S&P Global Market Intelligence (Graphic: Business Wire)
Republic Bank Executive Chair Steve Trager said, “This notable designation is a testament to the strength and stability we’ve built over more than 40 years, which fosters peace of mind and confidence among our clients, associates and all those we serve.”
To compile this ranking, S&P Global Market Intelligence calculated scores based on seven metrics: pretax return on average assets; year-over-year change in operating revenue; adjusted tangible common equity to tangible assets; cost of funds; net charge-offs to average loans and leases ratio; nonperforming assets and loans 90 days or more past due as a percentage of total assets and gross loans and leases plus held-to-maturity securities to total deposits.
“We’re honored to be named a Top-50 community bank and to be ranked highest in the Commonwealth of Kentucky,” said Logan Pichel, president and chief executive officer, Republic Bank. “Combining this recognition of our safety and security with recent recognition for our customer service – and a Net Promoter Score nearly 2-1/2 times* the industry average – shows our efforts to meet clients’ needs are working.”
Nathan Stovall, director of financial institutions research at S&P Global Market Intelligence said, “As banks and credit unions weather a higher for longer interest rate environment, we are delighted to see them continue serving their local markets.”
S&P Global Market Intelligence’s announcement can be found at: https://www.spglobal.com/marketintelligence/en/media-center/press-release/sp-global-market-intelligence-ranks-the-best-performing-us-credit-unions-community-and-public-banks-and-community-banks-by-regio
*Source: Republic Bank Q3 2023 NPS® (Net Promoter Score) compared to Qualtrics XM Institute 2023 U.S. Consumer Benchmark Study banking industry average NPS®. NPS® is a common metric used by organizations to measure how they are perceived by their customers. See https://www.xminstitute.com/data-snippets/xmi-ratings-nps-2023/ .
About Republic Bank
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within the Louisville MSA in Louisville , Prospect , Shelbyville , and Shepherdsville in Kentucky , and Floyds Knobs , Jeffersonville , and New Albany in Indiana ; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky ; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio , and Bellevue , Covington , Crestview Hills , and Florence in Kentucky ; seven banking centers within the Tampa MSA in Largo , New Port Richey , St. Petersburg , Seminole , and Tampa in Florida ; and four banking centers within the Nashville MSA in Franklin , Murfreesboro , Nashville and Spring Hill, Tennessee . In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri . The Bank offers internet banking at www.republicbank.com . As of December 31, 2023, the Company had approximately $6.6 billion Louisville, Kentucky . The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.
Republic Bank. It’s just easier here. ®
View source version on businesswire.com: https://www.businesswire.com/news/home/20240326045340/en/
Jim Ensign, Senior Vice President & Chief Brand Officer
Source: Republic Bancorp, Inc.
Why was Republic Bank ranked among the top 50 best-performing banks?
Republic Bank was ranked among the top 50 best-performing banks by S&P Global Market Intelligence based on its financial performance, growth, and funding metrics.
What factors contributed to Republic Bank's high ranking?
Republic Bank's high ranking was attributed to metrics such as pretax return on average assets, year-over-year change in operating revenue, adjusted tangible common equity to tangible assets, cost of funds, net charge-offs to average loans and leases ratio, nonperforming assets, and loans 90 days or more past due.
Who is the Executive Chair of Republic Bank?
The Executive Chair of Republic Bank is Steve Trager.
What is the Net Promoter Score (NPS) of Republic Bank compared to the industry average?
Republic Bank's NPS is nearly 2-1/2 times higher than the industry average, as per the Q3 2023 data.
Where can the full press release from S&P Global Market Intelligence be found?
The full press release from S&P Global Market Intelligence can be found at the following link: https://www.spglobal.com/marketintelligence/en/media-center/press-release/sp-global-market-intelligence-ranks-the-best-performing-us-credit-unions-community-and-public-banks-and-community-banks-by-regio
