"

Estimated reading time: 0 minutes, 42 seconds

Filing Drop Hurts Republic Bank's Income

Republic BankThe decline in the number of returns received by the Internal Revenue Service this year led to a drop in income at Republic Bancorp for the first quarter ended March 31.

The Louisville Ky.-based parent of Republic Bank said recently the decline in refund transfer products was directly related to the IRS results. Republic reported $15.4 million in RT fees for the most recently ended period, down 10 percent from $17.1 million a year earlier

However, growth in the bank’s Easy Advance program help offset the decline. Income from EAs was up $4 million as a result of a $205-million increase in EAs originated year-over-year. Both programs are part of the Tax Refund Solutions group.

As a result of the improved loan volume, TRS net income grew to $10.5 million for the first quarter of 2017 compared, up 6 percent from $9.9 million for prior year’s corresponding period.

Read 2658 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.