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Cautionary Statement Regarding Forward-Looking Statements
This Annual Report on Form 10-K contains statements relating to future results of Republic Bancorp, Inc. that are considered “forward-looking” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements are principally, but not exclusively, contained in Part I Item 1 “Business,” Part I Item 1A “Risk Factors” and Part II Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
As used in this filing, the terms “Republic,” the “Company,” “we,” “our” and “us” refer to Republic Bancorp, Inc., and, where the context requires, Republic Bancorp, Inc. and its subsidiaries; and the term the “Bank” refers to the Company’s subsidiary banks: Republic Bank & Trust Company and Republic Bank.
Republic and its subsidiaries operate in a heavily regulated industry. These regulatory requirements can and do affect the Company’s results of operations and financial condition. For an update on regulatory matters affecting the Company and its subsidiaries, see Footnote 22 “Regulatory Matters” in Part II Item 8 “Financial Statements and Supplementary Data.”
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties, including, but not limited to, changes in political and economic conditions, interest rate fluctuations, competitive product and pricing pressures, equity and fixed income market fluctuations, personal and corporate customers’ bankruptcies, inflation, recession, acquisitions and integrations of acquired businesses, technological changes, changes in law and regulations or the interpretation and enforcement thereof, changes in fiscal, monetary, regulatory and tax policies, monetary fluctuations, success in gaining regulatory approvals when required, as well as other risks and uncertainties reported from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”) including under Part 1 Item 1A “Risk Factors.”
Broadly speaking, forward-looking statements include:
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projections of revenue, expenses, income, losses, earnings per share, capital expenditures, dividends, capital structure or other financial items;
projections of revenue, expenses, income, losses, earnings per share, capital expenditures, dividends, capital structure or other financial items;
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descriptions of plans or objectives for future operations, products or services;
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descriptions of plans or objectives for future operations, products or services;
descriptions of plans or objectives for future operations, products or services;
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forecasts of future economic performance; and
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forecasts of future economic performance; and
forecasts of future economic performance; and
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descriptions of assumptions underlying or relating to any of the foregoing.
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descriptions of assumptions underlying or relating to any of the foregoing.
descriptions of assumptions underlying or relating to any of the foregoing.
The Company may make forward-looking statements discussing management’s expectations about various matters, including:
loan delinquencies, future credit losses, non-performing loans and non-performing assets;
further developments in the Bank’s ongoing review of and efforts to resolve possible problem credit relationships, which could result in, among other things, additional provision for loans losses;
deteriorating credit quality, including changes in the interest rate environment and reducing interest margins;
the overall adequacy of the allowance for loans losses;
future short-term and long-term interest rates and the respective impact on net interest margin, net interest spread, net income, liquidity and capital;
the future regulatory viability of the Tax Refund Solutions (“TRS”) segment;
the future operating performance of TRS, including the impact of the cessation of Refund Anticipation Loans (“RALs”);
future RAL volume;
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future Electronic Refund Check/Electronic Refund Deposit (“ERC/ERD” or “AR/ARD”) volume for TRS;
future revenues associated with ERCs/ERDs at TRS;
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future credit losses associated with RALs;
anticipated future funding sources for TRS;
potential impairment of investment securities;
the future value of mortgage servicing rights;
the impact of new accounting pronouncements;
legal and regulatory matters including results and consequences of regulatory guidance, litigation, administrative proceedings, rule-making, interpretations, actions and examinations;
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the extent to which regulations written and implemented by the newly created Federal Bureau of Consumer Financial Protection, and other federal, state and local governmental regulation of consumer lending and related financial products and services may limit or prohibit the operation of the Company’s business;
financial services reform and other current, pending or future legislation or regulation that could have a negative effect on the Company’s revenue and businesses, including the Dodd-Frank Act and legislation and regulation relating to overdraft fees (and changes to the Bank’s overdraft practices as a result thereof), debit card interchange fees, credit cards, and other bank services;
future capital expenditures;
the strength of the U.S. economy in general and the strength of the local economies in which the Company conducts operations;
the Bank’s ability to maintain current deposit and loan levels at current interest rates and
The Company’s ability to successfully implement future growth plans.