Republic Bancorp in Louisville, Ky., reported lower quarterly profit after losing a big tax provider contract.
The $7.3 billion-asset company said in a press release that its first-quarter earnings fell by 10% from a year earlier, to $42.6 million.
Republic reported a nearly $10 million decrease in revenue in its tax refund solutions business that largely reflected the nonrenewal of a large tax provider contract. The company also had a $1.8 million after-tax hit from the early payoff of long-term FHLB advances.
The company partially offset those hits by recording a $4.4 million after-tax gain from selling Republic Bank Finance.