# EDGAR Filing Document

**Accession Number:** 0000921557
**File Stem:** 0001104659-25-100262
**Filing Date:** 2025-10
**Character Count:** 80794
**Document Hash:** 75c03ed17e495111d63538c0b63718e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-100262.hdr.sgml**: 20251017

**ACCESSION NUMBER**: 0001104659-25-100262

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251017

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251017

**DATE AS OF CHANGE**: 20251017

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC BANCORP INC /KY/
- **CENTRAL INDEX KEY:** 0000921557
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 610862051
- **STATE OF INCORPORATION:** KY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24649
- **FILM NUMBER:** 251398999

**BUSINESS ADDRESS:**
- **STREET 1:** REPUBLIC CORPORATE CENTER
- **STREET 2:** 601 WEST MARKET ST
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202
- **BUSINESS PHONE:** 5025843600

**MAIL ADDRESS:**
- **STREET 1:** 601 W MARKET ST
- **CITY:** LOUISVILLE
- **STATE:** KY
- **ZIP:** 40202

?xml version='1.0' encoding='ASCII'? REPUBLIC BANCORP, INC._October 17, 2025

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 17, 2025

**REPUBLIC BANCORP, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Kentucky | 0-24649 | 61-0862051 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer Identification No.) |
| of incorporation) |  |  |

---

601 West Market Street, Louisville, Kentucky 40202 <br> (Address of principal executive offices) (zip code)

Registrant's telephone number, including area code: (502) 584-3600

NOT APPLICABLE

(Former Name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Class A Common  | RBCAA | The Nasdaq Stock Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On October 17, 2025, Republic Bancorp, Inc. announced its results of operations for the quarter ended September 30, 2025. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

**Item 9.01.** **Financial Statements and Exhibits.** 

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. |  |
|  | Exhibit No. |  |
|  | [99.1](rbcaa-20251017xex99d1.htm) | [Republic Bancorp, Inc. Earnings Release dated October 17, 2025.](rbcaa-20251017xex99d1.htm) |
|  | [99.2](rbcaa-20251017xex99d2.htm) | [Earnings Release Financial Supplement – Third Quarter 2025.](rbcaa-20251017xex99d2.htm) |
|  | 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

#### 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: October 17, 2025 | By: | /s/ Kevin Sipes |
|  |  | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Republic Bancorp Reports a 12% Increase in Third Quarter Net Income**

**Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the "Bank").**

Louisville, KY – Republic Bancorp, Inc. ("Republic" or the "Company") reported third quarter 2025 net income and Diluted Earnings per Class A Common Share ("Diluted EPS") of $29.7 million and $1.52 per share, representing increases of 12% and 11%, over the $26.5 million and $1.37 per share reported for the third quarter of 2024. As a result, the Company achieved a return on average assets ("ROA") and a return on average equity ("ROE") of 1.69% and 10.91% for the third quarter of 2025.

Logan Pichel, President & CEO of Republic Bank & Trust Company commented, "We delivered another strong quarter, fueled by a 15% increase in Core Bank net income, underscoring the continued momentum of our strategy and the dedication of our entire team. Our Core Bank, which includes our Traditional Bank and Warehouse Lending operations, represents approximately 94% of the Company's total assets. Our disciplined approach to pricing across the Core Bank balance sheet continued to generate significant Net Interest Margin ("NIM") expansion - from 3.53% in the third quarter of 2024, to 3.78% in the third quarter of 2025. On a Total Company basis, NIM expanded 16 basis points from 4.49% in the third quarter of 2024 to 4.65% in the third quarter of 2025. With Total Company interest-earning assets of $6.26 billion, each additional basis point of margin expansion contributes meaningfully to our net interest income.

Our balance sheet liquidity remained strong at quarter-end and continued to gain strength during the quarter. Overall, deposits grew by $21 million from June 30, 2025 to September 30, 2025, while the total Company loan portfolio declined slightly by $92 million for the quarter. Within our Traditional Bank, total loans declined $24 million from June 30, 2025 to $4.56 billion as of September 30, 2025, consistent with our ongoing focus on pricing discipline. Steadily moderating our loan-to-deposit ratio to enhance flexibility for key strategic decisions has been a key focus of the Company over the past several quarters.

In addition to our solid Core Bank net income growth, credit quality remained solid at the Core Bank. The Core Bank's net charge-offs to average loans was 0.02% for the third quarter, while period-end nonperforming loans to total loans was 0.42% and period-end delinquent loans to total loans ended at 0.21%.

In addition to our strong third quarter performance, we are also proud that we recently received two distinguished accolades highlighting our Company's performance. In September, we were ranked among **Bank Director's Top 25** publicly traded banks based on profitability, capital adequacy, and credit quality. The analysis included all 300 publicly traded banks in the U.S. with assets greater than $2 billion utilizing year-end 2024 data. In August, we were awarded the **2024 Raymond James Community Bankers Cup,** which honors the top 10% of community banks across the U.S. with assets between $500 million and $10 billion based on various profitability, operational efficiency, and balance sheet metrics. These recognitions are a powerful testament to the results of our Company's mission to enable our associates, customers, communities, and shareholders to thrive," Pichel concluded.

The following table highlights Republic's key metrics for the three and nine months ended September 30, 2025, and 2024. Additional financial details, including segment-level data, are provided in the financial supplement to this release. 

*The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company's Form 8-K filed with the SEC on October 17, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** |
| | **Three Months Ended Sep. 30,** | **Three Months Ended Sep. 30,** | | **Nine Months Ended Sep. 30,** | **Nine Months Ended Sep. 30,** | |
| <br>*(dollars in thousands, except per share data)* | **2025** | **2024** | $**%**<br>**Change** | **2025** | **2024** | $**%**<br>**Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Before Income Tax Expense | $37762 | $33849 | 12% | $138114 | $104653 | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | 29744 | 26543 | 12 | 108496 | 82355 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | 1.52 | 1.37 | 11 | 5.55 | 4.24 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Assets ("ROA") | 1.69% | 1.58% | 7 | 2.03% | 1.60% | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Equity ("ROE") | 10.91 | 10.88 | 0 | 13.77 | 11.53 | 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*NA – Not applicable* 

------

**Results of Operations for the Third Quarter of 2025 Compared to the Third Quarter of 2024**

**Core Bank**<sup>(1)</sup>

Net income for the Core Bank was $19.8 million for the third quarter of 2025, a $2.7 million, or 15%, increase over the $17.2 million earned for the third quarter of 2024. As discussed in more detail below, a solid increase in net interest income, combined with lower credit loss provisioning, was partially offset by lower noninterest income and higher noninterest expenses.

*Net Interest Income –* Core Bank net interest income was $61.2 million for the third quarter of 2025, a $6.6 million, or 12%, increase over the $54.6 million achieved during the third quarter of 2024. The rise in net interest income for the quarter was driven by a notable increase in the Core Bank's NIM. Overall, the Core Bank's NIM rose from 3.53% during the third quarter of 2024 to 3.78% during the third quarter of 2025, benefiting from a meaningful decrease in the Core Bank's cost of deposits.

Significant items of note impacting the Core Bank's expansion in net interest income and NIM between the third quarter of 2025 and the third quarter of 2024 were as follows:

**Interest-Earning Assets**

● Average outstanding Warehouse balances increased $47 million, or 9%, from $528 million during the third quarter of 2024 to $575 million for the third quarter of 2025, while the weighted-average yield declined 102 basis points to 7.02%. Average committed Warehouse lines increased from $940 million to $1.06 billion during the same periods, as average usage rates for Warehouse lines fluctuated from 56% during the third quarter of 2024 to 54% for the third quarter of 2025.

While Traditional Bank average loans declined slightly from $4.58 billion during the third quarter of 2024 to $4.57 billion during the third quarter of 2025, the weighted-average yield expanded 8 basis points to 5.71% during the third quarter of 2025.

● Core Bank average interest-earning cash was $477 million with a weighted-average yield of 4.40% during the third quarter of 2025 compared to $458 million with a weighted-average yield of 5.36% for the third quarter of 2024. In addition, average investments totaled $806 million with a weighted-average yield of 4.07% during the third quarter of 2025 compared to $593 million with a weighted-average yield of 3.20 % for the third quarter of 2024. In general, throughout the past several months, the Company has deployed a higher percentage of its excess cash into longer-term investment securities that provided more attractive yields than overnight interest-earning cash options.

**Funding Liabilities (Deposits and Borrowings)**

● As it relates to the Core Bank's decrease in interest expense and cost of interest-bearing liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The weighted-average cost of total interest-bearing deposits decreased from 2.77% during the third quarter of 2024 to 2.32% for the third quarter of 2025, while average interest-bearing deposit balances grew $260 million, or 7%, for the same periods. Included within this growth in interest-bearing deposits was a $277 million net increase in the average balances for business and consumer money market accounts, which generally pay premium rates. The increase in money market balances was partially offset by a $74 million decrease in average transaction accounts and a $38 million decrease in the average balance of third-party listing service deposits.

● Average noninterest-bearing deposits decreased $27 million from the third quarter of 2024 to the third quarter of 2025, as premium-rate interest-bearing checking and savings deposits continued to be a more attractive alternative for consumer and business clients.

------

The following tables present by reportable segment the overall changes in the Core Bank's net interest income, net interest margin, as well as average and period-end loan balances:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Interest Income** | **Net Interest Income** | **Net Interest Income** | **Net Interest Margin** | **Net Interest Margin** | **Net Interest Margin** |
| *(dollars in thousands)* | **Three Months Ended Sep. 30,** | **Three Months Ended Sep. 30,** |  | **Three Months Ended Sep. 30,** | **Three Months Ended Sep. 30,** |  |
| **Reportable Segment** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Traditional Banking | $57424 | $51023 | $6401 | 3.89% | 3.61% | 0.28% |
| Warehouse Lending | 3805 | 3580 | 225 | 2.62 | 2.70 | (0.08) |
| &nbsp;&nbsp;Total Core Bank | $61229 | $54603 | $6626 | 3.78 | 3.53 | 0.25 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Loan Balances** | **Average Loan Balances** | **Average Loan Balances** | **Average Loan Balances** | **Period-End Loan Balances** | **Period-End Loan Balances** | **Period-End Loan Balances** | **Period-End Loan Balances** |
| *(dollars in thousands)* | **Three Months Ended Sep. 30,** | **Three Months Ended Sep. 30,** |  |  | **Sep. 30,** | **Sep. 30,** |  |  |
| **Reportable Segment** | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| Traditional Banking | $4569970 | $4579371 | $(9401) | (0)% | $4558306 | $4566896 | $(8590) | (0)% |
| Warehouse Lending | 575273 | 528363 | 46910 | 9 | 609826 | 595163 | 14663 | 2 |
| &nbsp;&nbsp;&nbsp;Total Core Bank | $5145243 | $5107734 | $37509 | 1 | $5168132 | $5162059 | $6073 | 0 |

---

*Provision for Expected Credit Losses* – The Core Bank's Provision<sup>(2)</sup> was a net credit of $479,000 for the third quarter of 2025 compared to a net charge of $1.6 million for the third quarter of 2024.

The net credit of $479,000 for the <u>third quarter of 2025</u> was driven by the following:

● The Traditional Bank recorded a net credit to the Provision of $325,000 during the third quarter of 2025 related primarily to minimal net charge-offs and a $24 million reduction in loan balances.

● Warehouse recorded a net credit to the Provision of $154,000 resulting from general formula reserves applied to a $62 million decline in the outstanding Warehouse period-end balances at the end of the quarter.

As a percentage of total loans, the Core Bank's Allowance<sup>(</sup><sup>2)</sup> decreased 2 basis points from September 30, 2024, to September 30, 2025. The table below provides a view of the Company's percentage of Allowance-to-total-loans by reportable segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of Sep. 30, 2025** | **As of Sep. 30, 2025** | **As of Sep. 30, 2025** | **As of Sep. 30, 2024** | **As of Sep. 30, 2024** | **As of Sep. 30, 2024** | **Year-over-Year Change** | **Year-over-Year Change** |
| *(dollars in thousands)* |  |  | **Allowance** |  |  | **Allowance** | **Allowance** |  |
| **Reportable Segment** | **Gross Loans** | **Allowance** | **to Loans** | **Gross Loans** | **Allowance** | **to Loans** | **to Loans** | **% Change** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $4558306 | $58479 | 1.28% | $4566896 | $59549 | 1.30% | (0.02)% | (2)% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 609826 | 1522 | 0.25 | 595163 | 1486 | 0.25 |  |  |
| **Total Core Bank** | 5168132 | 60001 | 1.16 | 5162059 | 61035 | 1.18 | (0.02) | (2) |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 292 | 1 | 0.34 | 302 | 1 | 0.33 | 0.01 | 3 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 112950 | 19863 | 17.59 | 134556 | 21122 | 15.70 | 1.89 | 12 |
| **Total Republic Processing Group** | 113242 | 19864 | 17.54 | 134858 | 21123 | 15.66 | 1.88 | 12 |
| **Total Company** | $5281374 | $79865 | 1.51% | $5296917 | $82158 | 1.55% | (0.04)% | (3)% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** |
|  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  | **Three Months Ended September 30,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(dollars in thousands)* | **Beginning**  |  | **Charge-** |  | **Ending** | **Beginning**  |  | **Charge-** |  | **Ending** |
| **Reportable Segment** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $59055 | $(325) | $(332) | $81 | $58479 | $59865 | $1488 | $(2308) | $504 | $59549 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1676 | (154) |  |  | 1522 | 1370 | 116 |  |  | 1486 |
| **Total Core Bank** | 60731 | (479) | (332) | 81 | 60001 | 61235 | 1604 | (2308) | 504 | 61035 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions |  | (1467) |  | 1468 | 1 |  | (2310) |  | 2311 | 1 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 21029 | 3969 | (5504) | 369 | 19863 | 19452 | 6365 | (5022) | 327 | 21122 |
| **Total Republic Processing Group** | 21029 | 2502 | (5504) | 1837 | 19864 | 19452 | 4055 | (5022) | 2638 | 21123 |
| **Total Company** | $81760 | $2023 | $(5836) | $1918 | $79865 | $80687 | $5659 | $(7330) | $3142 | $82158 |

---

------

The table below presents the Core Bank's credit quality metrics:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarters Ended:** | **Quarters Ended:** | **Years Ended:** | **Years Ended:** | **Years Ended:** |
| <br>**Core Banking Credit Quality Ratios** | **Sep. 30,**<br>**2025** | **Sep. 30,**<br>**2024** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2023** | **Dec. 31,**<br>**2022** |
| Nonperforming loans to total loans | 0.42% | 0.38% | 0.44% | 0.39% | 0.37% |
| Nonperforming assets to total loans (including OREO) | 0.44 | 0.40 | 0.46 | 0.41 | 0.40 |
| Delinquent loans\* to total loans | 0.21 | 0.19 | 0.20 | 0.16 | 0.14 |
| Net charge-offs to average loans | 0.02 | 0.14 | 0.05 | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quarterly rates annualized) |  |  |  |  |  |
| *OREO = Other Real Estate Owned* |  |  |  |  |  |

---

*\*Loans 30-days-or-more past due at the time the second contractual payment is past due.*

*Noninterest Income* – Core Bank noninterest income decreased by $571,000 from $11.1 million in the third quarter of 2024 to $10.5 million for the third quarter of 2025. Other noninterest income decreased $481,000 from the third quarter of 2024 to the third quarter of 2025. During the third quarter of 2024, the Company recorded $610,000 of annual volume incentives from MasterCard. The Company's 2025 annual volume incentives from MasterCard are currently expected to be finalized and received during the fourth quarter of 2025.

*Noninterest Expense* – The Core Bank's noninterest expenses were $47.1 million for the third quarter of 2025, an increase of $5.0 million over the third quarter of 2024. Notable line-item variances within the noninterest expense category included:

● Salaries and employee benefits increased by a combined $1.9 million, or 8 %, driven primarily by a $737,000 increase in health insurance claims and a $559,000 increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for the third quarter of 2025 were due to a larger expected bonus payout for 2025 based on the Company's strong operating results through the first nine months of the year.

● Technology expenses increased $1.1 million, or 18 %, over the third quarter of 2024. The increase in technology expenses was related to the following:

● Core system operating expenses rose, as the Company operates on a month-to-month contract basis with its current provider, while it works toward a conversion to a new core system provider in the fourth quarter. Under a month-to-month contract situation with its current Core System provider, the Company pays a 25% premium above its previous contractual run rate.

● The Company also incurred additional expenses for expanded data storage, enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system.

● Marketing expenses rose $972,000 due to additional costs associated with a new branding campaign, which began during the second quarter of 2025. The new branding campaign and overall marketing expenses near current levels are expected to continue into the foreseeable future.

------

**Republic Processing Group**<sup>(3)</sup>

RPG reported net income of $9.9 million for the third quarter of 2025, a $548,000, or 6%, increase over the $9.4 million reported for the third quarter of 2024. Notable net income fluctuations for the quarter within RPG's operating segments were as follows:

<u>Tax Refund Solutions</u>

TRS recorded net income of $459,000 during the third quarter of 2025 compared to net income of $919,000 for the third quarter of 2024. The decrease in TRS net income for the quarter was driven primarily by a $843,000 decrease in recoveries of prior period charge-offs for Refund Advances ("RAs") as the paydowns of RAs during the first six months of 2025 were notably better than the paydowns of RAs during the first six months of 2024. The better paydown experience during the first six months of 2025 has led to fewer recovery opportunities during the second half of 2025 as compared to the second half of 2024.

<u>Republic Payment Solutions</u>

Net income at RPS was $2.2 million for the third quarter of 2025, a $72,000 increase from the third quarter of 2024. The increase in net income at RPS was primarily the result of the favorable impact of no revenue-share being recorded during the third quarter of 2025 compared to $1.3 million recorded during the third quarter of 2024. Partially offsetting the positive benefit of the change in revenue share, RPS earned a lower yield for average prepaid program balances driven by a decrease in the Federal Funds Target Rate over the past twelve months.

<u>Republic Credit Solutions</u>

Net income at RCS increased $936,000, or 15% from $6.3 million for the third quarter of 2024 to $7.2 million for the third quarter of 2025. The increase in RCS net income was primarily due to growth in profitability of two of its Line-of-Credit ("LOC") products, which had a combined increase in net income of $843,000 from the third quarter of 2024 to the third quarter of 2025.

The rise in the combined net income for these two LOC products was primarily driven by a period-to-period decrease in their combined Provision expense, as a combined quarterly loan balance decline drove a $1.2 million decrease in their formula loan loss reserves for the third quarter of 2025. Conversely an increase in their combined quarterly loan balances for these two LOC products during the third quarter of 2024 drove a $1.7 million increase in their formula loan loss reserves for that period.

The rise in the combined net income for these two LOC products related to their lower Provision expense was partially offset by a decrease in their net interest income and program fees resulting from a decline in their loan balances during the third quarter of 2025.

*Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas ("MSAs") across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri. The Bank offers online banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of September 30, 2025, had approximately $7.01 billion in total assets. The Company's Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.*

**Republic Bank. Time to Thrive.**™

***Forward-Looking Statements***

*This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the ability to develop products and strategies in order to meet the Company's long-term strategic goals, the ability of the Company to* 

------

*achieve savings from its new call center management system; and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including those factors set forth as "Risk Factors" in the Company's Annual Report on Form 10-K for the period ended December 31, 2024. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.* 

**Footnotes:**

 

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *"Core Bank" or "Core Banking" operations consist of the Traditional Banking and Warehouse Lending segments.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Provision – Provision for expected credit loss expense* 

*Allowance – Allowance for credit losses*

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *Republic Processing Group operations consist of the Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions segments.* 

*NM – Not meaningful*

*NA – Not applicable*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

------

## Exhibit 99.2

**Exhibit 99.2**

![Graphic](rbcaa-20251017xex99d2001.jpg)

**EARNINGS RELEASE FINANCIAL SUPPLEMENT**

**THIRD QUARTER 2025** 

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**BALANCE SHEET DATA**](#Balance_Sheets) | S-2 |
| [**AVERAGE BALANCE SHEET DATA**](#AverageBalanceSheetData) | S-3 |
| [**TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES**](#TotalCompanyAverageBalanceSheetand) | S-4 |
| [**INCOME STATEMENT DATA**](#IncomeStatementData) | S-5 |
| [**SELECTED DATA AND RATIOS**](#SelectedDataandRatios) | S-6 |
| [**LOAN COMPOSITION**](#LoanComposition) | S-7 |
| [**ALLOWANCE FOR CREDIT LOSSES ON LOANS**](#LoanComposition) | S-7 |
| [**CREDIT QUALITY DATA AND RATIOS**](#CreditQualityDataandRatios) | S-8 |
| [**SEGMENT DATA**](#SegmentData_933452) | S-9 |
| [**FOOTNOTES**](#Footnotes) | S-12 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025** 

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet Data** |  |  |  |  |  |
|  | **As of**  | **As of**  | **As of**  | **As of**  | **As of**  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** |
| **Assets:** |  |  |  |  |  |
| Cash and cash equivalents | $484238 | $484808 | $793020 | $432151 | $530865 |
| Investment securities | 849226 | 711906 | 615663 | 595626 | 478064 |
| Loans held for sale | 40206 | 36802 | 41265 | 32387 | 34407 |
| Loans | 5281374 | 5373020 | 5289793 | 5439466 | 5296917 |
| Allowance for credit losses | (79865) | (81760) | (106303) | (91978) | (82158) |
| &nbsp;&nbsp;&nbsp;Loans, net | 5201509 | 5291260 | 5183490 | 5347488 | 5214759 |
| Federal Home Loan Bank ("FHLB") stock, at cost | 25849 | 24568 | 26748 | 24478 | 23981 |
| Premises and equipment, net | 37884 | 36651 | 31996 | 32309 | 33007 |
| Right-of-use assets | 32804 | 34327 | 35857 | 36182 | 35897 |
| Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| Other real estate owned ("OREO") | 1246 | 1054 | 1107 | 1160 | 1212 |
| Bank owned life insurance ("BOLI") | 109773 | 108738 | 107918 | 107125 | 106288 |
| Other assets and accrued interest receivable | 191668 | 200287 | 197975 | 197245 | 193474 |
| Total assets | $7014919 | $6970917 | $7075555 | $6846667 | $6692470 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing  | $1239023 | $1223016 | $1375234 | $1207764 | $1260086 |
| &nbsp;&nbsp;&nbsp;Interest-bearing  | 4099322 | 4094223 | 4030658 | 4002782 | 3841610 |
| Total deposits | 5338345 | 5317239 | 5405892 | 5210546 | 5101696 |
| Securities sold under agreements to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;repurchase ("SSUAR") and other short-term borrowings  | 74522 | 72103 | 89718 | 103318 | 79383 |
| Operating lease liabilities | 33833 | 35335 | 36831 | 37121 | 36797 |
| Federal Home Loan Bank advances | 375000 | 370000 | 370000 | 395000 | 370000 |
| Other liabilities and accrued interest payable | 108699 | 116134 | 139025 | 108653 | 124889 |
| Total liabilities | 5930399 | 5910811 | 6041466 | 5854638 | 5712765 |
| Stockholders' equity | 1084520 | 1060106 | 1034089 | 992029 | 979705 |
| Total liabilities and stockholders' equity | $7014919 | $6970917 | $7075555 | $6846667 | $6692470 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

***&nbsp;&nbsp;&nbsp;&nbsp;***

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Balance Sheet Data** |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| **Assets:** |  |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold and other interest-earning deposits | $476681 | $622909 | $516785 | $583672 | $457797 | $538644 | $435189 |
| &nbsp;&nbsp;&nbsp;Investment securities, including FHLB stock | 806304 | 686223 | 619525 | 594567 | 593449 | 704701 | 665151 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5281369 | 5318666 | 5497968 | 5313234 | 5261173 | 5365207 | 5325841 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 6564354 | 6627798 | 6634278 | 6491473 | 6312419 | 6608552 | 6426181 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (81196) | (105726) | (102271) | (82301) | (81567) | (96320) | (95352) |
| **Noninterest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning cash and cash equivalents | 82616 | 125098 | 389994 | 93927 | 82969 | 198110 | 155169 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 37557 | 33250 | 32513 | 32933 | 33319 | 34458 | 33553 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 109381 | 108416 | 107599 | 106814 | 105974 | 108472 | 105138 |
| &nbsp;&nbsp;&nbsp;Other assets | 279166 | 273195 | 273643 | 257780 | 258704 | 275358 | 254126 |
| Total assets | $6991878 | $7062031 | $7335756 | $6900626 | $6711818 | $7128630 | $6878815 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $4078925 | $4081209 | $4041991 | $3921291 | $3820078 | $4067511 | $3890796 |
| &nbsp;&nbsp;&nbsp;SSUARs and other short-term borrowings | 73135 | 87760 | 108760 | 142007 | 73660 | 89755 | 88140 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 372283 | 370000 | 520778 | 370780 | 387989 | 420476 | 409854 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4524343 | 4538969 | 4671529 | 4434078 | 4281727 | 4577742 | 4388790 |
| **Noninterest-bearing liabilities and Stockholders' Equity:** | **Noninterest-bearing liabilities and Stockholders' Equity:** | **Noninterest-bearing liabilities and Stockholders' Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 1254609 | 1323622 | 1491084 | 1328885 | 1313207 | 1355572 | 1389759 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 131269 | 143941 | 150299 | 140228 | 140761 | 141767 | 145883 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | 1081657 | 1055499 | 1022844 | 997435 | 976123 | 1053549 | 954383 |
| Total liabilities and stockholders' equity | $6991878 | $7062031 | $7335756 | $6900626 | $6711818 | $7128630 | $6878815 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

**Total Company Average Balance Sheet and Interest Rates**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
|  | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** |
| **ASSETS** |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Federal funds sold and other interest-earning deposits | $476681 | $5292 | 4.40% | $457797 | $6172 | 5.36% |
| Investment securities, including FHLB stock (a) | 806304 | 8272 | 4.07 | 593449 | 4780 | 3.20 |
| RCS LOC products (b)  | 45764 | 12123 | 105.10 | 46805 | 12935 | 109.94 |
| Other RPG loans | 90362 | 1591 | 6.99 | 106634 | 2133 | 7.96 |
| Outstanding Warehouse lines of credit | 575273 | 10180 | 7.02 | 528363 | 10672 | 8.04 |
| Traditional Bank loans (c) | 4569970 | 65781 | 5.71 | 4579371 | 64854 | 5.63 |
| Total loans (d) | 5281369 | 89675 | 6.74 | 5261173 | 90594 | 6.85 |
| Total interest-earning assets | 6564354 | 103239 | 6.24 | 6312419 | 101546 | 6.40 |
| Allowance for credit losses | (81196) |  |  | (81567) |  |  |
| **Noninterest-earning assets:** |  |  |  |  |  |  |
| Noninterest-earning cash and cash equivalents | 82616 |  |  | 82969 |  |  |
| Premises and equipment, net | 37557 |  |  | 33319 |  |  |
| Bank owned life insurance | 109381 |  |  | 105974 |  |  |
| Other assets (a) | 279166 |  |  | 258704 |  |  |
| Total assets | $6991878 |  |  | $6711818 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Transaction accounts | $1667600 | $2600 | 0.62% | $1754355 | $5882 | 1.33% |
| Money market accounts | 1490557 | 10969 | 2.92 | 1215354 | 10770 | 3.53 |
| Time deposits | 463657 | 4363 | 3.73 | 390413 | 3952 | 4.03 |
| Reciprocal money market and time deposits | 334939 | 2763 | 3.27 | 372725 | 4030 | 4.30 |
| Brokered deposits | 122172 | 1399 | 4.54 | 87231 | 1168 | 5.33 |
| Total interest-bearing deposits | 4078925 | 22094 | 2.15 | 3820078 | 25802 | 2.69 |
| SSUARs and other short-term borrowings | 73135 | 116 | 0.63 | 73660 | 141 | 0.76 |
| Federal Home Loan Bank advances | 372283 | 4059 | 4.33 | 387989 | 4298 | 4.41 |
| Total interest-bearing liabilities | 4524343 | 26269 | 2.30 | 4281727 | 30241 | 2.81 |
| **Noninterest-bearing liabilities and Stockholders' equity:** |  |  |  |  |  |  |
| Noninterest-bearing deposits | 1254609 |  |  | 1313207 |  |  |
| Other liabilities | 131269 |  |  | 140761 |  |  |
| Stockholders' equity | 1081657 |  |  | 976123 |  |  |
| Total liabilities and stockholders' equity | $6991878 |  |  | $6711818 |  |  |
| Net interest income |  | $76970 |  |  | $71305 |  |
| Net interest spread |  |  | 3.94% |  |  | 3.59% |
| Net interest margin |  |  | 4.65% |  |  | 4.49% |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Interest income for TRS Refund Advances and RCS LOC products is composed entirely of loan fees.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Average balances for loans include the principal balance of nonaccrual loans and loans held for sale, and are inclusive of all loan premiums, discounts, fees, and costs.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *See Footnote 1 for detail of loan fees by reporting segment.* 

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Statement Data** |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended**  | **Nine Months Ended**  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| Total interest income (1) | $103239 | $102203 | $129838 | $103108 | $101546 | $335280 | $329878 |
| Total interest expense | 26269 | 26001 | 27150 | 27714 | 30241 | 79420 | 93118 |
| **Net interest income** | 76970 | 76202 | 102688 | 75394 | 71305 | 255860 | 236760 |
| **Provision (2)** | 2023 | 1823 | 17672 | 12951 | 5660 | 21518 | 41425 |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3646 | 3505 | 3460 | 3654 | 3693 | 10611 | 10532 |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees | 1117 | 2567 | 13893 | 143 | 582 | 17577 | 15213 |
| &nbsp;&nbsp;&nbsp;Mortgage banking income (3) | 2064 | 1896 | 1821 | 1454 | 2062 | 5781 | 3984 |
| &nbsp;&nbsp;&nbsp;Interchange fee income | 3030 | 3200 | 3077 | 3173 | 3286 | 9307 | 9794 |
| &nbsp;&nbsp;&nbsp;Program fees (3) | 4888 | 4451 | 3822 | 4279 | 4962 | 13161 | 13539 |
| &nbsp;&nbsp;&nbsp;Increase in cash surrender value of BOLI | 1035 | 821 | 793 | 836 | 826 | 2649 | 2372 |
| &nbsp;&nbsp;&nbsp;Net losses on OREO | (52) | (53) | (53) | (52) | (53) | (158) | (154) |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares |  |  | 4090 |  |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Other (3) | 840 | 1257 | 2251 | 631 | 1455 | 4348 | 3252 |
| Total noninterest income | 16568 | 17644 | 33154 | 14118 | 16813 | 67366 | 58532 |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 31027 | 30801 | 31069 | 30999 | 28792 | 92897 | 87651 |
| &nbsp;&nbsp;&nbsp;Technology, equipment, and communication | 8710 | 8684 | 8643 | 8316 | 7544 | 26037 | 22374 |
| &nbsp;&nbsp;&nbsp;Occupancy | 3547 | 3391 | 3564 | 3401 | 3224 | 10502 | 10455 |
| &nbsp;&nbsp;&nbsp;Marketing and development | 2668 | 1243 | 1387 | 2827 | 1983 | 5298 | 6612 |
| &nbsp;&nbsp;&nbsp;FDIC insurance expense | 763 | 731 | 819 | 728 | 764 | 2313 | 2284 |
| &nbsp;&nbsp;&nbsp;Interchange related expense | 1640 | 1488 | 1636 | 1595 | 1540 | 4764 | 4250 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 1100 | 666 | 1118 | 794 | 870 | 2884 | 2695 |
| &nbsp;&nbsp;&nbsp;Core conversion and contract consulting fees | 97 | 182 | 5714 |  |  | 5993 |  |
| &nbsp;&nbsp;&nbsp;Merger expense |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Other (2) | 4201 | 4447 | 4258 | 4851 | 3892 | 12906 | 12852 |
| Total noninterest expense | 53753 | 51633 | 58208 | 53511 | 48609 | 163594 | 149214 |
| **Income before income tax expense** | 37762 | 40390 | 59962 | 23050 | 33849 | 138114 | 104653 |
| **Income tax expense** | 8018 | 8906 | 12694 | 4034 | 7306 | 29618 | 22298 |
| **Net income**  | $29744 | $31484 | $47268 | $19016 | $26543 | $108496 | $82355 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

*&nbsp;&nbsp;&nbsp;&nbsp;* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data and Ratios** |  |  |  |  |  |  |  |
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| **Per Share Data:** |  |  |  |  |  |  |  |
| Basic weighted average shares outstanding | 19733 | 19721 | 19711 | 19672 | 19654 | 19734 | 19637 |
| Diluted weighted average shares outstanding | 19791 | 19784 | 19797 | 19778 | 19735 | 19803 | 19709 |
| Period-end shares outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | 17387 | 17378 | 17368 | 17298 | 17293 | 17387 | 17293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 2149 | 2149 | 2150 | 2150 | 2150 | 2149 | 2150 |
| Book value per share (4) | $55.51 | $54.29 | $52.98 | $51.01 | $50.39 | $55.51 | $50.39 |
| Tangible book value per share (4) | 53.01 | 51.78 | 50.46 | 48.47 | 47.84 | 53.01 | 47.84 |
| Earnings per share ("EPS"): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class A Common Stock | $1.53 | $1.62 | $2.43 | $0.99 | $1.37 | $5.57 | $4.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class B Common Stock | 1.39 | 1.47 | 2.21 | 0.89 | 1.25 | 5.07 | 3.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class A Common Stock | 1.52 | 1.61 | 2.42 | 0.98 | 1.37 | 5.55 | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class B Common Stock | 1.39 | 1.47 | 2.20 | 0.89 | 1.24 | 5.05 | 3.85 |
| Cash dividends declared per Common share: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $0.451 | $0.451 | $0.451 | $0.407 | $0.407 | $1.353 | $1.221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 0.410 | 0.410 | 0.410 | 0.370 | 0.370 | 1.230 | 1.110 |
| **Performance Ratios:** |  |  |  |  |  |  |  |
| Return on average assets | 1.69% | 1.79% | 2.61% | 1.10% | 1.58% | 2.03% | 1.60% |
| Return on average equity  | 10.91 | 11.96 | 18.74 | 7.63 | 10.88 | 13.77 | 11.53 |
| Efficiency ratio (5)  | 57.4 | 55.0 | 40.3 | 59.8 | 55.2 | 49.7 | 50.5 |
| Yield on average interest-earning assets (1) | 6.24 | 6.19 | 7.94 | 6.32 | 6.40 | 6.78 | 6.86 |
| Cost of average interest-bearing liabilities | 2.30 | 2.30 | 2.36 | 2.49 | 2.81 | 2.32 | 2.83 |
| Cost of average deposits (6) | 1.64 | 1.62 | 1.57 | 1.79 | 2.01 | 1.61 | 1.99 |
| Net interest spread (1) | 3.94 | 3.89 | 5.58 | 3.83 | 3.59 | 4.46 | 4.03 |
| Net interest margin - Total Company (1) | 4.65 | 4.61 | 6.28 | 4.62 | 4.49 | 5.18 | 4.92 |
| Net interest margin - Core Bank (1) | 3.78 | 3.72 | 3.70 | 3.64 | 3.53 | 3.73 | 3.43 |
| **Other Information:** |  |  |  |  |  |  |  |
| End of period FTEs (7) - Total Company | 978 | 974 | 981 | 989 | 992 | 978 | 992 |
| End of period FTEs (7) - Core Bank | 918 | 917 | 923 | 933 | 935 | 918 | 935 |
| Number of full-service banking centers  | 47 | 47 | 47 | 47 | 47 | 47 | 47 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

*&nbsp;&nbsp;&nbsp;&nbsp;*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan Composition and Allowance for Credit Losses on Loans** | **Loan Composition and Allowance for Credit Losses on Loans** | **Loan Composition and Allowance for Credit Losses on Loans** |  |  |  |
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** |
| **Loan Composition:** |  |  |  |  |  |
| **Traditional Banking:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied | $1044737 | $1031898 | $1025461 | $1032459 | $1046385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonowner-occupied | 291373 | 303357 | 311955 | 318096 | 326273 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1766616 | 1789043 | 1806760 | 1813177 | 1813303 |
| &nbsp;&nbsp;&nbsp;Construction & land development | 246065 | 258817 | 238562 | 244121 | 247730 |
| &nbsp;&nbsp;&nbsp;Commercial & industrial | 488786 | 481219 | 482955 | 460245 | 437911 |
| &nbsp;&nbsp;&nbsp;Lease financing receivables | 96605 | 96547 | 93159 | 93304 | 89653 |
| &nbsp;&nbsp;&nbsp;Aircraft | 202742 | 211910 | 219292 | 226179 | 235327 |
| &nbsp;&nbsp;&nbsp;Home equity | 399691 | 387599 | 365631 | 353441 | 341204 |
| &nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 10787 | 10315 | 11136 | 16464 | 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overdrafts | 881 | 826 | 779 | 982 | 827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile loans | 813 | 916 | 1031 | 1156 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 9210 | 9705 | 9638 | 9555 | 10181 |
| **Total Traditional Banking** | 4558306 | 4582152 | 4566359 | 4569179 | 4566896 |
| &nbsp;&nbsp;&nbsp;Warehouse lines of credit | 609826 | 671773 | 569502 | 550760 | 595163 |
| **Total Core Banking** | 5168132 | 5253925 | 5135861 | 5119939 | 5162059 |
| **Republic Processing Group:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund Advances |  |  | 30344 | 138614 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other TRS commercial & industrial loans | 292 | 95 | 5841 | 52180 | 302 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 112950 | 119000 | 117747 | 128733 | 134556 |
| **Total Republic Processing Group** | 113242 | 119095 | 153932 | 319527 | 134858 |
| **Total Loans - Total Company** | $5281374 | $5373020 | $5289793 | $5439466 | $5296917 |
| **Allowance for Credit Losses on Loans ("Allowance"):** | **Allowance for Credit Losses on Loans ("Allowance"):** | **Allowance for Credit Losses on Loans ("Allowance"):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Traditional Banking | $58479 | $59055 | $58851 | $59756 | $59549 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1522 | 1676 | 1421 | 1374 | 1486 |
| **Total Core Banking** | 60001 | 60731 | 60272 | 61130 | 61035 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 1 |  | 25981 | 9861 | 1 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 19863 | 21029 | 20050 | 20987 | 21122 |
| **Total Republic Processing Group** | 19864 | 21029 | 46031 | 30848 | 21123 |
| **Total Allowance - Total Company** | $79865 | $81760 | $106303 | $91978 | $82158 |
| **Allowance to Total Loans:** | **Allowance to Total Loans:** | **Allowance to Total Loans:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Traditional Banking | 1.28% | 1.29% | 1.29% | 1.31% | 1.30% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| **Total Core Banking** | 1.16 | 1.16 | 1.17 | 1.19 | 1.18 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 0.34 |  | 71.80 | 5.17 | 0.33 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 17.59 | 17.67 | 17.03 | 16.30 | 15.70 |
| **Total Republic Processing Group** | 17.54 | 17.66 | 29.90 | 9.65 | 15.66 |
| **Total Company** | 1.51 | 1.52 | 2.01 | 1.69 | 1.55 |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

**&nbsp;&nbsp;&nbsp;&nbsp;** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Quality Data and Ratios** |  |  |  |  |  |  |  |
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
|  | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| **Nonperforming Assets - Total Company:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $21572 | $21537 | $22730 | $22619 | $19381 | $21572 | $19381 |
| Loans past due 90-days-or-more and still on accrual | 137 | 105 | 120 | 141 | 164 | 137 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 21709 | 21642 | 22850 | 22760 | 19545 | 21709 | 19545 |
| OREO | 1246 | 1054 | 1107 | 1160 | 1212 | 1246 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $22955 | $22696 | $23957 | $23920 | $20757 | $22955 | $20757 |
| **Nonperforming Assets - Core Bank:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $21572 | $21537 | $22730 | $22619 | $19381 | $21572 | $19381 |
| Loans past due 90-days-or-more and still on accrual |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 21572 | 21537 | 22730 | 22619 | 19381 | 21572 | 19381 |
| OREO | 1246 | 1054 | 1107 | 1160 | 1212 | 1246 | 1212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $22818 | $22591 | $23837 | $23779 | $20593 | $22818 | $20593 |
| **Delinquent Loans:** |  |  |  |  |  |  |  |
| Core Bank | $10691 | $9953 | $9031 | $10185 | $10048 | $10691 | $10048 |
| RPG | 8691 | 9133 | 8282 | 10304 | 10902 | 8691 | 10902 |
| &nbsp;&nbsp;&nbsp;Total delinquent loans - Total Company | $19382 | $19086 | $17313 | $20489 | $20950 | $19382 | $20950 |
| **NCOs (Recoveries) by Segment:** |  |  |  |  |  |  |  |
| Traditional Bank | $251 | $313 | $136 | $277 | $1804 | $700 | $2216 |
| Warehouse Lending |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Core Bank | 251 | 313 | 136 | 277 | 1804 | 700 | 2216 |
| Tax Refund Solutions | (1468) | 22049 | (693) | (2159) | (2311) | 19888 | 26271 |
| Republic Credit Solutions | 5135 | 4004 | 3904 | 5018 | 4695 | 13043 | 12915 |
| &nbsp;&nbsp;&nbsp;RPG | 3667 | 26053 | 3211 | 2859 | 2384 | 32931 | 39186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NCOs (recoveries) - Total Company | $3918 | $26366 | $3347 | $3136 | $4188 | $33631 | $41402 |
| **Credit Quality Ratios - Total Company:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.41% | 0.40% | 0.43% | 0.42% | 0.37% | 0.41% | 0.37% |
| Nonperforming assets to total loans (including OREO) | 0.43 | 0.42 | 0.45 | 0.44 | 0.39 | 0.43 | 0.39 |
| Nonperforming assets to total assets | 0.33 | 0.33 | 0.34 | 0.35 | 0.31 | 0.33 | 0.31 |
| Allowance for credit losses to total loans  | 1.51 | 1.52 | 2.01 | 1.69 | 1.55 | 1.51 | 1.55 |
| Allowance for credit losses to nonperforming loans | 368 | 378 | 465 | 404 | 420 | 368 | 420 |
| Delinquent loans to total loans (8) | 0.37 | 0.36 | 0.33 | 0.38 | 0.40 | 0.37 | 0.40 |
| Annualized NCOs (recoveries) to average loans | 0.29 | 1.99 | 0.24 | 0.24 | 0.32 | 0.84 | 1.04 |
| **Credit Quality Ratios - Core Bank:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.42% | 0.41% | 0.44% | 0.44% | 0.38% | 0.42% | 0.38% |
| Nonperforming assets to total loans (including OREO) | 0.44 | 0.43 | 0.46 | 0.46 | 0.40 | 0.44 | 0.40 |
| Nonperforming assets to total assets | 0.35 | 0.35 | 0.37 | 0.39 | 0.33 | 0.35 | 0.33 |
| Allowance for credit losses to total loans  | 1.16 | 1.16 | 1.17 | 1.19 | 1.18 | 1.16 | 1.18 |
| Allowance for credit losses to nonperforming loans | 278 | 282 | 265 | 270 | 315 | 278 | 315 |
| Delinquent loans to total loans (8) | 0.21 | 0.19 | 0.18 | 0.20 | 0.19 | 0.21 | 0.19 |
| Annualized NCOs (recoveries) to average loans | 0.02 | 0.02 | 0.01 | 0.02 | 0.14 | 0.02 | 0.06 |
| **TRS Refund Advances ("RAs and ERAs")** |  |  |  |  |  |  |  |
| RAs and ERAs originated | $— | $— | $662556 | $138614 | $— | $662556 | $771091 |
| Net (credit) charge to the Provision for RAs and ERAs | (1454) | (3934) | 15335 | 7637 | (2311) | 9947 | 22249 |
| RAs and ERAs NCOs (recoveries) | (1454) | 21885 | (691) | (2156) | (2311) | 19740 | 26178 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release**

**Financial Supplement**

**Third Quarter 2025 *(continued)***

**Segment Data:**

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker ("CODM"), who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.

As of September 30, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions. Management considers the first two segments to collectively constitute "Core Bank" or "Core Banking" operations, while the last three segments collectively constitute Republic Processing Group operations.

The Company's Executive Chair and Chief Executive Officer serve as the Company's CODM. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM regularly reviews and uses to allocate resources and assess performance.

The nature of segment operations and the primary drivers of net revenues by reportable segment are provided below:

---

| | | |
|:---|:---|:---|
| **Reportable Segment:** | **Nature of Operations:** | **Primary Drivers of Net Revenue:** |
| **Core Banking:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Traditional Banking | Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels. | Net interest income |
| &nbsp;&nbsp;&nbsp;&nbsp;Warehouse Lending | Provides short-term, revolving credit facilities to mortgage bankers across the United States. | Net interest income |
| **Republic Processing Group:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax Refund Solutions | Offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank's market footprint. | Net interest income and Net refund transfer fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Payment Solutions | Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank's market footprint. | Net interest income and Program fees |
| &nbsp;&nbsp;&nbsp;&nbsp;Republic Credit Solutions | Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank's market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers. | Net interest income and Program fees |

---

The accounting policies used for Republic's reportable segments are the same as those described in the summary of significant accounting policies in the Company's most recent Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

Segment information for the quarters and nine months ended September 30, 2025, and 2024 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** | **Three Months Ended September 30, 2025** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $57424 | $3805 | $**61229** | $280 | $3193 | $12268 | $**15741** | $**76970** |
| **Provision for expected credit loss expense** | (325) | (154) | **(479)** | (1467) |  | 3969 | **2502** | **2023** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 1117 |  |  | **1117** | **1117** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 2064 |  | **2064** |  |  |  | **—** | **2064** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 781 | 4107 | **4888** | **4888** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | 8438 | 21 | **8459** | 38 | 1 | 1 | **40** | **8499** |
| **Total noninterest income** | 10502 | 21 | **10523** | 1155 | 782 | 4108 | **6045** | **16568** |
| **Total noninterest expense** | 46194 | 945 | **47139** | 2348 | 1105 | 3161 | **6614** | **53753** |
| **Income before income tax expense** | 22057 | 3035 | **25092** | 554 | 2870 | 9246 | **12670** | **37762** |
| **Income tax expense** | 4591 | 684 | **5275** | 95 | 624 | 2024 | **2743** | **8018** |
| **Net income** | $17466 | $2351 | $**19817** | $459 | $2246 | $7222 | $**9927** | $**29744** |
| **Period-end assets** | $5952561 | $610155 | $**6562716** | $22673 | $310220 | $119310 | $**452203** | $**7014919** |
| **Net interest margin** | 3.89% | 2.62% | **3.78%** | NM | 4.06% | NM | **NM** | **4.65%** |
| **Net-revenue concentration\*** | 72% | 4% | **76%** | 2% | 4% | 18% | **24%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** | **Three Months Ended September 30, 2024** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $51023 | $3580 | $**54603** | $440 | $2783 | $13479 | $**16702** | $**71305** |
| **Provision for expected credit loss expense** | 1489 | 116 | **1605** | (2310) |  | 6365 | **4055** | **5660** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 582 |  |  | **582** | **582** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 2062 |  | **2062** |  |  |  | **—** | **2062** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 786 | 4176 | **4962** | **4962** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 9016 | 16 | **9032** | 27 | 147 | 1 | **175** | **9207** |
| **Total noninterest income** | 11078 | 16 | **11094** | 609 | 933 | 4177 | **5719** | **16813** |
| **Total noninterest expense** | 41266 | 889 | **42155** | 2251 | 947 | 3256 | **6454** | **48609** |
| **Income before income tax expense** | 19346 | 2591 | **21937** | 1108 | 2769 | 8035 | **11912** | **33849** |
| **Income tax expense** | 4189 | 584 | **4773** | 189 | 595 | 1749 | **2533** | **7306** |
| **Net income** | $15157 | $2007 | $**17164** | $919 | $2174 | $6286 | $**9379** | $**26543** |
| **Period-end assets** | $5559357 | $595624 | $**6154981** | $26503 | $367857 | $143129 | $**537489** | $**6692470** |
| **Net interest margin** | 3.61% | 2.70% | **3.53%** | NM | 4.91% | NM | **NM** | **4.49%** |
| **Net-revenue concentration\*** | 71% | 4% | **75%** | 1% | 4% | 20% | **25%** | **100%** |

---

------

*\* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.*

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** | **Nine Months Ended September 30, 2025** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $167125 | $10382 | $**177507** | $30154 | $10750 | $37449 | $**78353** | $**255860** |
| **Provision for expected credit loss expense** | (577) | 148 | **(429)** | 10028 |  | 11919 | **21947** | **21518** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 17577 |  |  | **17577** | **17577** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 5781 |  | **5781** |  |  |  | **—** | **5781** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 2283 | 10878 | **13161** | **13161** |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares | 4090 |  | **4090** |  |  |  | **—** | **4090** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 26441 | 64 | **26505** | 248 | 2 | 2 | **252** | **26757** |
| **Total noninterest income** | 36312 | 64 | **36376** | 17825 | 2285 | 10880 | **30990** | **67366** |
| **Total noninterest expense** | 140733 | 2768 | **143501** | 8075 | 3344 | 8674 | **20093** | **163594** |
| **Income before income tax expense** | 63281 | 7530 | **70811** | 29876 | 9691 | 27736 | **67303** | **138114** |
| **Income tax expense** | 13247 | 1697 | **14944** | 6494 | 2109 | 6071 | **14674** | **29618** |
| **Net income** | $50034 | $5833 | $**55867** | $23382 | $7582 | $21665 | $**52629** | $**108496** |
| **Period-end assets** | $5952561 | $610155 | $**6562716** | $22673 | $310220 | $119310 | $**452203** | $**7014919** |
| **Net interest margin** | 3.84% | 2.60% | **3.73%** | NM | 4.31% | NM | **NM** | **5.18%** |
| **Net-revenue concentration\*** | 63% | 3% | **66%** | 15% | 4% | 15% | **34%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** | **Nine Months Ended September 30, 2024** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $149197 | $8751 | $**157948** | $32173 | $9221 | $37418 | $**78812** | $**236760** |
| **Provision for expected credit loss expense** | 2762 | 639 | **3401** | 22282 |  | 15742 | **38024** | **41425** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 15213 |  |  | **15213** | **15213** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 3984 |  | **3984** |  |  |  | **—** | **3984** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 2319 | 11220 | **13539** | **13539** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 25437 | 42 | **25479** | 165 | 149 | 3 | **317** | **25796** |
| **Total noninterest income** | 29421 | 42 | **29463** | 15378 | 2468 | 11223 | **29069** | **58532** |
| **Total noninterest expense** | 124372 | 2694 | **127066** | 8787 | 2919 | 10442 | **22148** | **149214** |
| Income before income tax expense | 51484 | 5460 | **56944** | 16482 | 8770 | 22457 | **47709** | **104653** |
| Income tax expense | 10417 | 1231 | **11648** | 3699 | 1930 | 5021 | **10650** | **22298** |
| **Net income**  | $41067 | $4229 | $**45296** | $12783 | $6840 | $17436 | $**37059** | $**82355** |
| **Period-end assets** | $5559357 | $595624 | $**6154981** | $26503 | $367857 | $143129 | $**537489** | $**6692470** |
| **Net interest margin** | 3.49% | 2.64% | **3.43%** | NM | 5.01% | NM | **NM** | **4.92%** |
| **Net-revenue concentration\*** | 61% | 3% | **64%** | 16% | 4% | 16% | **36%** | **100%** |

---

------

*\* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.*

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Third Quarter 2025 *(continued)***

**Footnotes:**

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *The amount of loan fee income can meaningfully* *impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company's loan fees by segment:* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended**  | **Nine Months Ended**  |
| <br>*(dollars in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| &nbsp;&nbsp;&nbsp;Traditional Banking | $1393 | $1367 | $1291 | $1161 | $1518 | $4051 | $4165 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 364 | 369 | 310 | 308 | 392 | 1043 | 977 |
| **Total Core Bank** | 1757 | 1736 | 1601 | 1469 | 1910 | 5094 | 5142 |
| &nbsp;&nbsp;&nbsp;TRS | 17 | 25 | 33675 | 2605 | 42 | 33717 | 36669 |
| &nbsp;&nbsp;&nbsp;RCS | 12123 | 12434 | 12237 | 12569 | 12935 | 36794 | 35579 |
| **Total RPG** | 12140 | 12459 | 45912 | 15174 | 12977 | 70511 | 72248 |
| **Total loan fees - Total Company** | $13897 | $14195 | $47513 | $16643 | $14887 | $75605 | $77390 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans. Provision expense for off-balance sheet credit exposures is a* *component of "Other" noninterest expense.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *In the ordinary course of business, the Bank originates both mortgage and consumer loans with the intent to sell. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Traditional Banking segment, while consumer loans originated with the intent to sell are originated and sold through the RCS segment. During the first quarter of 2025, the Traditional Banking segment entered into an agreement to sell $5 million of consumer credit cards. As a result, these loans were transferred from held for investment to held for sale. Gains on sale of mortgage loans are recorded as a* *component of "Mortgage Banking" income. Gains on sale of RCS consumer loans are recorded as a* *component of "Program Fees." The gain on the sale of the consumer credit cards was recorded as a component of "Other" noninterest income during the second quarter of 2025.* 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Nine Months Ended**  | **As of and for the Nine Months Ended**  |
| <br>*(dollars in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| **Mortgage Loans Held for Sale** | **Mortgage Loans Held for Sale** |  |  |  |  |  |  |
| Balance, beginning of period | $8850 | $9140 | $8312 | $8526 | $9703 | $8312 | $3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 59494 | 51788 | 41233 | 50065 | 57142 | 152515 | 136894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale |  |  |  |  |  |  | 68173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | (54716) | (53561) | (41816) | (51724) | (59732) | (150093) | (202198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 1710 | 1483 | 1411 | 1445 | 1413 | 4604 | 2430 |
| Balance, end of period | $15338 | $8850 | $9140 | $8312 | $8526 | $15338 | $8526 |
| **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** |  |  |  |  |  |
| Balance, beginning of period | $27952 | $32125 | $24075 | $25881 | $32201 | $24075 | $24008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 271718 | 321127 | 266651 | 290881 | 350413 | 859496 | 940901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale |  |  | 4977 |  |  | 4977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | (278908) | (329345) | (266633) | (296163) | (360910) | (874886) | (950249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 4106 | 4045 | 3055 | 3476 | 4177 | 11206 | 11221 |
| Balance, end of period | $24868 | $27952 | $32125 | $24075 | $25881 | $24868 | $25881 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *The following table provides a reconciliation of total stockholders' equity* *in accordance with GAAP to tangible stockholders' equity, a non-GAAP disclosure.* *The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors to evaluate capital adequacy.* 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| <br>*(dollars in thousands, except per share data)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** |
| Total stockholders' equity - GAAP (a) | $1084520 | $1060106 | $1034089 | $992029 | $979705 |
| &nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;Less: Mortgage servicing rights | 6798 | 6840 | 6875 | 6975 | 7052 |
| &nbsp;&nbsp;Less: Core deposit intangible | 1637 | 1739 | 1841 | 1957 | 2072 |
| Tangible stockholders' equity - Non-GAAP (c) | $1035569 | $1011011 | $984857 | $942581 | $930065 |
| Total assets - GAAP (b) | $7014919 | $6970917 | $7075555 | $6846667 | $6692470 |
| &nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;Less: Mortgage servicing rights | 6798 | 6840 | 6875 | 6975 | 7052 |
| &nbsp;&nbsp;Less: Core deposit intangible | 1637 | 1739 | 1841 | 1957 | 2072 |
| Tangible assets - Non-GAAP (d) | $6965968 | $6921822 | $7026323 | $6797219 | $6642830 |
| Total stockholders' equity to total assets - GAAP (a/b) | 15.46% | 15.21% | 14.61% | 14.49% | 14.64% |
| Tangible stockholders' equity to tangible assets - Non-GAAP (c/d) | 14.87% | 14.61% | 14.02% | 13.87% | 14.00% |
| Number of shares outstanding (e) | 19536 | 19527 | 19518 | 19448 | 19443 |
| Book value per share - GAAP (a/e) | $55.51 | $54.29 | $52.98 | $51.01 | $50.39 |
| Tangible book value per share - Non-GAAP (c/e) | 53.01 | 51.78 | 50.46 | 48.47 | 47.84 |

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&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *The efficiency ratio equals total noninterest expense divided by the sum of net interest income and noninterest income. The adjusted efficiency ratio, a non-GAAP measure with no GAAP comparable, excludes notable nonrecurring revenues and expenses related to the gain on the sale of Visa Class B-1 shares, gain on sale of consumer credit cards, insurance proceeds, expenses related to the Bank's planned core system conversion, as well as merger expenses.* 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Nine Months Ended**  | **Nine Months Ended**  |
| <br>*(dollars in thousands)* | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Sep. 30, 2025** | **Sep. 30, 2024** |
| Net interest income - GAAP (a) | $76970 | $76202 | $102688 | $75394 | $71305 | $255860 | $236760 |
| Noninterest income - GAAP (b) | 16568 | 17644 | 33154 | 14118 | 16813 | 67366 | 58532 |
| Total net revenue - GAAP (c) | $93538 | $93846 | $135842 | $89512 | $88118 | $323226 | $295292 |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of Visa Class B-1 shares |  |  | 4090 |  |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of consumer credit card portfolio |  | 328 |  |  |  | 328 |  |
| &nbsp;&nbsp;&nbsp;Less: Insurance proceeds |  |  | 1571 |  |  | 1571 |  |
| Total adjusted income - Non-GAAP (e) | $93538 | $93518 | $130181 | $89512 | $88118 | $317237 | $295292 |
| Noninterest expense - GAAP (d) | $53753 | $51633 | $58208 | $53511 | $48609 | $163594 | $149214 |
| &nbsp;&nbsp;&nbsp;Less: Expenses related to CBank acquisition  |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Less: Core conversion & contract consulting fees | 97 | 182 | 5714 |  |  | 5993 |  |
| Adjusted noninterest expense - Non-GAAP (f) | $53656 | $51451 | $52494 | $53511 | $48609 | $157601 | $149173 |
| Efficiency Ratio - GAAP-derived (d/c) | 57.5% | 55.0% | 42.8% | 59.8% | 55.2% | 50.6% | 50.5% |
| Adjusted Efficiency Ratio - Non-GAAP (f/e) | 57.4% | 55.0% | 40.3% | 59.8% | 55.2% | 49.7% | 50.5% |

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&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average interest-bearing deposits plus total average noninterest-bearing deposits.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *FTEs – Full-time-equivalent employees.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(8)* *The delinquent loans to total loans ratio* *equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is* *determined by the number of days or the number of payments past due. Delinquent loans as of September 30, 2025, included $0 of Refund Advances ("RA"), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid* *35 days after the taxpayer's tax return was* *submitted to the applicable taxing authority.* 

*NM – Not meaningful*

*NA – Not applicable*

*QTD – Quarter-to-date*

*YTD – Year-to-date*

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CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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