By Stephanie Smith, Building Kentucky
Republic Bank announced on Wednesday, March 27, 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 -10 billion, with the highest ranking of any bank headquartered in 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.
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/.
