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EXHIBIT (12)

Page 1

Republic Bancorp Inc.
Calculations of Ratios of Earnings to Combined Fixed Charges and Dividends on Trust
Preferred Securities and Preferred Stock of Subsidiary

|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |        |         | 
|----------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------- | -------------------------------------------- | ---- | ------------------ | -------- |  | ---------------- | ------ | ------ | ---- | ---- | ------ | ------- |  | ---- | ------ | ------- | 
|                                                                                                                                                                  |                                                                           |                                              |      | Three Months Ended |          |  | Six Months Ended |       
|(in thousands)                                                                                                                                                    |                                                                           | June 30,                                     |      |                    | June 30, | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          | 
|                                                                                                                                                                  |                                                                           |                                              |      | 2003               |          |  | 2002             |        |        | 2003 |      |        | 2002    | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         | 
|Including Interest on Deposits:                                                                                                                                   |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|Fixed charges:                                                                                                                                                    |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                                                                                                                  | Total interest expense                                                    |                                              | $    | 29,902             |          |  | $                | 33,815 |        |      | $    | 60,052 |         |  | $    | 69,688 |        
|                                                                                                                                                                  | Interest portion of rent expense                                          |                                              |      | 185                |          |  |                  | 184    |        |      |      | 381    |         |  |      | 368    |        
|                                                                                                                                                                  | Dividends on trust preferred securities and
preferred stock of subsidiary |                                              |      | 1,075              |          |  |                  | 1,755  |        |      |      | 2,150  |         |  |      | 3,511  |        
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                                                                                                                  |                                                                           | Fixed charges including interest on deposits |      | $                  | 31,162   |  |                  | $      | 35,754 |      |      | $      | 62,583  |  |      | $      | 73,567  | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|Earnings:                                                                                                                                                         |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                                                                                                                  | Net income                                                                |                                              | $    | 15,158             |          |  | $                | 14,534 |        |      | $    | 30,311 |         |  | $    | 28,652 |        
|                                                                                                                                                                  | Income taxes                                                              |                                              |      | 6,503              |          |  |                  | 6,487  |        |      |      | 13,354 |         |  |      | 12,655 |        
|                                                                                                                                                                  | Fixed charges, as above                                                   |                                              |      | 31,162             |          |  |                  | 35,754 |        |      |      | 62,583 |         |  |      | 73,567 |        
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                                                                                                                  |                                                                           | Earnings for purposes of calculation         |      | $                  | 52,823   |  |                  | $      | 56,775 |      |      | $      | 106,248 |  |      | $      | 114,874 | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|Ratio of earnings to combined fixed charges and
dividends on trust preferred securities and preferred
stock of subsidiary including interest on deposits          |                                                                           |                                              | 1.70 | x                  |          |  | 1.59             | x      |        |      | 1.70 | x      |         |  | 1.56 |       
|Excluding Interest on Deposits:                                                                                                                                   |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|Fixed charges:                                                                                                                                                    |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                                                                                                                  | Total interest expense excluding interest on deposits                     |                                              | $    | 15,470             |          |  | $                | 14,751 |        |      | $    | 30,126 |         |  | $    | 29,984 |        
|                                                                                                                                                                  | Interest portion of rent expense                                          |                                              |      | 185                |          |  |                  | 184    |        |      |      | 381    |         |  |      | 368    |        
|                                                                                                                                                                  | Dividends on trust preferred securities and preferred
stock of subsidiary |                                              |      | 1,075              |          |  |                  | 1,755  |        |      |      | 2,150  |         |  |      | 3,511  |        
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                                                                                                                  |                                                                           | Fixed charges excluding interest on deposits |      | $                  | 16,730   |  |                  | $      | 16,690 |      |      | $      | 32,657  |  |      | $      | 33,863  | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|Earnings:                                                                                                                                                         |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                                                                                                                  | Net income                                                                |                                              | $    | 15,158             |          |  | $                | 14,534 |        |      | $    | 30,311 |         |  | $    | 28,652 |        
|                                                                                                                                                                  | Income taxes                                                              |                                              |      | 6,503              |          |  |                  | 6,487  |        |      |      | 13,354 |         |  |      | 12,655 |        
|                                                                                                                                                                  | Fixed charges, as above                                                   |                                              |      | 16,730             |          |  |                  | 16,690 |        |      |      | 32,657 |         |  |      | 33,863 |        
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                                                                                                                  |                                                                           | Earnings for purposes of calculation         |      | $                  | 38,391   |  |                  | $      | 37,711 |      |      | $      | 76,322  |  |      | $      | 75,170  | 
|                                                                                                                                                                  |                                                                           |                                              |      |                    |          |  |                  |        |        |      |      |       
|Ratio of earnings to combined fixed charges and dividends
on trust preferred securities and preferred stock of
stock of subsidiary excluding interest on deposits |                                                                           |                                              | 2.29 | x                  |          |  | 2.26             | x      |        |      | 2.34 | x      |         |  | 2.22 | x     





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EXHIBIT (12)

Page 2

Republic Bancorp Inc.
Calculations of Ratios of Earnings to Combined Fixed Charges

|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |        |         | 
|-------------------------------------------------------------------------- | ----------------------------------------------------- | -------------------------------------------- | ---- | ------------------ | -------- |  | ---------------- | ------ | ------ | ---- | ---- | ------ | ------- |  | ---- | ------ | ------- | 
|                                                                           |                                                       |                                              |      | Three Months Ended |          |  | Six Months Ended |       
|(in thousands)                                                             |                                                       | June 30,                                     |      |                    | June 30, | 
|                                                                           |                                                       |                                              |      |                    |          | 
|                                                                           |                                                       |                                              |      | 2003               |          |  | 2002             |        |        | 2003 |      |        | 2002    | 
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         | 
|Including Interest on Deposits:                                            |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|Fixed charges:                                                             |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                           | Total interest expense                                |                                              | $    | 29,902             |          |  | $                | 33,815 |        |      | $    | 60,052 |         |  | $    | 69,688 |        
|                                                                           | Interest portion of rent expense                      |                                              |      | 185                |          |  |                  | 184    |        |      |      | 381    |         |  |      | 368    |        
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                           |                                                       | Fixed charges including interest on deposits |      | $                  | 30,087   |  |                  | $      | 33,999 |      |      | $      | 60,433  |  |      | $      | 70,056  | 
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|Earnings:                                                                  |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                           | Net income                                            |                                              | $    | 15,158             |          |  | $                | 14,534 |        |      | $    | 30,311 |         |  | $    | 28,652 |        
|                                                                           | Income taxes                                          |                                              |      | 6,503              |          |  |                  | 6,487  |        |      |      | 13,354 |         |  |      | 12,655 |        
|                                                                           | Fixed charges, as above                               |                                              |      | 30,087             |          |  |                  | 33,999 |        |      |      | 60,433 |         |  |      | 70,056 |        
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                           |                                                       | Earnings for purposes of calculation         |      | $                  | 51,748   |  |                  | $      | 55,020 |      |      | $      | 104,098 |  |      | $      | 111,363 | 
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|Ratio of earnings to combined fixed charges including
interest on deposits |                                                       |                                              | 1.72 | x                  |          |  | 1.62             | x      |        |      | 1.72 | x      |         |  | 1.59 | x     
|Excluding Interest on Deposits:                                            |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|Fixed charges:                                                             |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                           | Total interest expense excluding interest on deposits |                                              | $    | 15,470             |          |  | $                | 14,751 |        |      | $    | 30,126 |         |  | $    | 29,984 |        
|                                                                           | Interest portion of rent expense                      |                                              |      | 185                |          |  |                  | 184    |        |      |      | 381    |         |  |      | 368    |        
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                           |                                                       | Fixed charges excluding interest on deposits |      | $                  | 15,655   |  |                  | $      | 14,935 |      |      | $      | 30,507  |  |      | $      | 30,352  | 
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|Earnings:                                                                  |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |        |         |  |      |       
|                                                                           | Net income                                            |                                              | $    | 15,158             |          |  | $                | 14,534 |        |      | $    | 30,311 |         |  | $    | 28,652 |        
|                                                                           | Income taxes                                          |                                              |      | 6,503              |          |  |                  | 6,487  |        |      |      | 13,354 |         |  |      | 12,655 |        
|                                                                           | Fixed charges, as above                               |                                              |      | 15,655             |          |  |                  | 14,935 |        |      |      | 30,507 |         |  |      | 30,352 |        
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|                                                                           |                                                       | Earnings for purposes of calculation         |      | $                  | 37,316   |  |                  | $      | 35,956 |      |      | $      | 74,172  |  |      | $      | 71,659  | 
|                                                                           |                                                       |                                              |      |                    |          |  |                  |        |        |      |      |       
|Ratio of earnings to combined fixed charges excluding
interest on deposits |                                                       |                                              | 2.38 | x                  |          |  | 2.41             | x      |        |      | 2.43 | x      |         |  | 2.36 | x