UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On July 21, 2021, the Compensation Committee of the Board of Directors of Republic Bancorp, Inc. (“Republic” or the “Company”) approved a supplemental discretionary bonus for multiple associates, including two named executive officers, Steven E. Trager and Kevin D. Sipes. These bonuses, which are based on the Traditional Bank’s credit performance during the first half of 2021, are being paid to all associates whose 2020 annual bonus compensation was tied to “Total Company” gross operating profit or “Core Bank” gross operating profit and was negatively impacted by the COVID-related estimated loan loss provisions taken during 2020.
The supplemental bonus payout to each associate was set at 15% of the associate’s 2020 bonus potential, which represented $37,500 to Mr. Trager and $26,250 to Mr. Sipes. These payouts, which total approximately $390,000, will be made on August 13, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Republic Bancorp, Inc. | ||
(Registrant) | ||
Date: July 21, 2021 | By: | /s/ Kevin Sipes |
Executive Vice President, Chief Financial Officer & Chief Accounting Officer |
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Document and Entity Information |
Jul. 21, 2021 |
|---|---|
| Document and Entity Information [Abstract] | |
| Document Type | 8-K |
| Document Period End Date | Jul. 21, 2021 |
| Entity Registrant Name | REPUBLIC BANCORP, INC. |
| Entity Incorporation, State or Country Code | KY |
| Entity File Number | 0-24649 |
| Entity Tax Identification Number | 61-0862051 |
| Entity Address, Address Line One | 601 West Market Street |
| Entity Address, City or Town | Louisville |
| Entity Address, State or Province | KY |
| Entity Address, Postal Zip Code | 40202 |
| City Area Code | 502 |
| Local Phone Number | 584-3600 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Class A Common |
| Trading Symbol | RBCAA |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0000921557 |
| Amendment Flag | false |