Republic Bancorp, the Louisville lender that in January snapped up some Tennessee Commerce Bancorp assets and liabilities, reported its nice second-quarter profit growth Thursday morning. Its numbers included some details of the Tennessee Commerce situation, chief among them is word that — after shedding $20 million in loans in Q1 — it has unloaded more of the acquired local assets since March.
From Republic’s first-quarter report: “RB&T purchased approximately $99 million in loans with a fair value of approximately $73 million. Subsequent to the Acquisition Date, the FDIC agreed to repurchase approximately $20 million of these loans at a price of approximately $17 million.”
And from its Q2 earnings release: “Overall, the contractual amount of the loans purchased reduced from $79 million as of March 31, 2012 to $52 million as of June 30, 2012.”