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.