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ELVT - Alternative Financial Services Are A Major Source Of Earnings For Republic Bancorp
Elevate Credit Inc.
At first glance, Republic Bancorp, Inc. (RBCAA) looks like an ordinary regional bank. With $5,601 million in assets, it was Kentucky’s biggest bank at the end of 2019. Republic was also America’s 172nd largest bank.
As with other regional banks, most of Republic’s loans are real estate loans. Its 2019 annual report listed $1,208 million in residential real estate loans and $1,303 million in commercial real estate loans. This was 58.2% of the company’s loans.
Unlike most regional banks, though, Republic Bancorp earns around 30% of its net income from alternative