# EDGAR Filing Document

**Accession Number:** 0000921557
**File Stem:** 0001157523-23-000107
**Filing Date:** 2023-1
**Character Count:** 100093
**Document Hash:** 04bf9c589dcbb7775c6bfa12d74fa958
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001157523-23-000107.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001157523-23-000107

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230127

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC BANCORP INC /KY/
- **CENTRAL INDEX KEY:** 0000921557
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 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:** 23559695

**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

------

### 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): <u>January 27, 2023</u>

### REPUBLIC BANCORP, INC.
(Exact name of registrant as specified in its charter)

<u>Kentucky</u> <br> <u>0-24649</u> <u>61-0862051</u> <br>(State or other jurisdiction (Commission File Number) (I.R.S. Employer Identification No.) <br> of incorporation)

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

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

<u>NOT APPLICABLE</u>

(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:

<u> Title of each class </u> <u> Trading Symbol </u> <u> Name of each exchange on which registered </u> <br> <u> Class A Common </u> <u> RBCAA </u> <u> The Nasdaq Stock Market </u>

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.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On January 27, 2023, Republic Bancorp, Inc. announced its results of operations for the quarter ended December 31, 2023. 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.**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **FINANCIAL STATEMENTS AND EXHIBITS.**

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. |  |
|  | <u>Exhibit No.</u> | <u>Exhibit No.</u> |
|  | [99.1](a53291310ex99_1.htm) | [Republic Bancorp, Inc. Earnings Release dated January 27, 2023](a53291310ex99_1.htm). |
|  | [99.2](a53291310ex99_2.htm) | [Earnings Release Financial Supplement – Fourth Quarter 2022](a53291310ex99_2.htm). |
|  | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

The information in this Form 8-K, including Exhibit 99.1 and Exhibit 99.2 attached hereto, is being furnished under Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of Republic Bancorp, Inc. under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.

#### 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.

---

| | | |
|:---|:---|:---|
|  |  | <u>Republic Bancorp, Inc.</u> |
|  |  | (Registrant) |
| Date: <u>January 27, 2023</u> | By: | /s/ Kevin Sipes |
|  |  | Kevin Sipes |
|  |  | Executive Vice President, Chief Financial<br> Officer & Chief Accounting Officer  |

---

## Exhibit 99.1

**Exhibit 99.1**<br>

# **Republic Bancorp, Inc. Reports Fourth Quarter 2022 Net Income of $18.5 Million, an 8% increase over the Fourth Quarter of 2021** 
LOUISVILLE, Ky.--(BUSINESS WIRE)--January 27, 2023--**Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the "Bank").**

Republic Bancorp, Inc. ("Republic" or the "Company") reported fourth quarter 2022 net income and Diluted Earnings per Class A Common Share ("Diluted EPS") of $18.5 million and $0.94 per share, representing increases of 8%<sup>(5)</sup> and 9%<sup>(5)</sup> over the comparable figures for the fourth quarter of 2021. Fiscal year 2022 net income and Diluted EPS were $91.1 million<sup>(5)</sup> and $4.59 per share<sup>(5)</sup>, representing increases of 4%<sup>(5)</sup> and 7%<sup>(5)</sup>over 2021.

Logan Pichel, President, and CEO of the Bank commented, "We are pleased with the strong results we are reporting for the fourth quarter of 2022. We are also proud of the accomplishments we achieved while providing solid returns to our shareholders. Some of the more significant accomplishments and accolades we received during 2022 are noted below.

Enhancing the long-term value of our Core Banking Franchise continues to produce positive quarterly results. Expansion of our Core Bank<sup>(1)</sup> net interest margin is among our most notable achievements during 2022, as we ended the fourth quarter of the year with a net interest margin of 3.82%, a 74-basis-point increase over the fourth quarter of 2021. Total Company non-interest expenses decreased $129,000 from the fourth quarter of 2021 to the fourth quarter of 2022 and increased a modest 2% for the 2022 fiscal year compared to 2021. For 2023, we expect to broaden our focus on efficiently expanding and increasing our revenue streams with a maintained discipline in controlling our non-interest expenses as we seek to further grow the long-term value of the Company.

Loan growth, credit quality and maintaining a strong capital position were additional highlights for 2022. Portfolio loan growth within our Traditional Banking segment reached $404 million for the year, an all-time high figure for this segment. Commercial related loan growth, drove the majority of this increase for the year, especially within our collective Louisville-based CRE Lending, Private Banking and Commercial Banking business lines, as well as our Northern Kentucky/Cincinnati and Florida markets. These business units and markets grew their total loan portfolios $117 million, $89 million, and $45 million, respectively. Additionally, our Aircraft Lending division contributed $37 million of loan growth for the year.

------

Our credit quality and capital ratios remained strong. For our Core Bank<sup>(1)</sup>, our ratios of 0.14% for delinquent loans to total loans and 0.37% for non-performing loans to total loans were near all-time favorable lows as of December 31, 2022. As of December 31, 2022, we project our consolidated capital ratios will place us among the best capitalized bank holding companies across the country. These safety and soundness measurements for credit quality and capital firmly position us in the event of an economic downturn in 2023 that some are predicting.

Our primary mission at Republic is to help our clients, our associates and our communities thrive, and we are certainly proud of the awards we received and the examples we set in fulfilling this mission. During 2022, through our Republic Bank Foundation (the "Foundation"), we were one of only seven recipients in the nation to receive a <u>2022 American Bankers Association Foundation Community Commitment Award</u> for our Foundation's leadership to help complete the funding for the Louisville Urban League's Norton Healthcare Sports and Learning Center facility opened in 2021. In addition to this prestigious acknowledgement, our Company also received following recognitions during the year:

* <u>Louisville Business First's 2022 Business Impact Award</u>. This award recognizes companies that further racial justice and equality in their community. We were selected based on the impact of our Community
 Loan Fund. 

* <u>Newsweek's Best Banks in America 2022</u>. As part of this recognition Newsweek and Lending Tree collaborated to review more than 50 key factors of a financial institution to determine their ranking,
 including overall health of the bank, customer service performance and features, digital and branch presence, account and loan options, interest rate offerings, and fees. 

* <u>2022 Best Places to Work in Kentucky</u>. We received this recognition for the sixth year in a row. This program was developed to identify and recognize Kentucky businesses that represent the ideal workplace
 environment through dedication and creativity. 

This year represented the 40-year anniversary for Republic Bank & Trust Company. As part of our celebration for this significant milestone, our associates overwhelmingly voted to celebrate by increasing our acts of volunteerism throughout our various communities. In July, we began a Company-wide internal campaign encouraging associates to enhance their volunteer activities within their respective communities. Just three short months after that campaign began, our associates had participated in over 90 acts of volunteerism. This initiative captured the true essence of Republic Bank, which is our people are the cornerstone of our business and our communities. It is our people that allow us to achieve our mission of enabling our clients, our Company, our associates, and the communities we serve to thrive, and I couldn't be prouder to be part of such a wonderful, caring group of associates," concluded Pichel.

The following table highlights Republic's key metrics for the three months and years ended December 31, 2022, and 2021, as revised<sup>(5)</sup>. 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 January 27, 2023.*

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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**  | **Total Company Financial Performance Highlights**  | **Total Company Financial Performance Highlights**  |
| | **Three Months Ended Dec. 31,**  | **Three Months Ended Dec. 31,**  |  |  | **Years Ended Dec. 31,**  | **Years Ended Dec. 31,**  |  |  |
| <br>*(dollars in thousands, except per share data)*  | **2022**  | **2021 (5)**  | **$ Change (5)**  | **% Change**  | **2022 (5)**  | **2021 (5)**  | **$ Change (5)**  | **% Change**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income Before Income Tax Expense  | $23488  | $20367  | $3121  | 15% | $116845  | $111442  | $5403  | 5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Income  | 18513  | 17218  | 1295  | 8  | 91106  | 87611  | 3495  | 4  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS  | 0.94  | 0.86  | 0.08  | 9  | 4.59  | 4.28  | 0.31  | 7  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on Average Assets ("ROA")  | 1.25% | 1.11% | NA  | 13  | 1.48% | 1.39% | NA  | 6  |
| &nbsp;&nbsp;&nbsp;&nbsp; Return on Average Equity ("ROE")  | 8.65  | 8.15  | NA  | 6  | 10.68  | 10.37  | NA  | 3  |
| *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  | *NA – Not applicable*  |

---

 **<u>Results of Operations for the Fourth quarter of 2022 Compared to the Fourth quarter of 2021</u>**

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

Net income from Core Banking was $16.3 million for the fourth quarter of 2022 compared to $14.0 million for the fourth quarter of 2021. An increase of $11.4 million in pre-tax, non-PPP Traditional Bank net interest income was a strong, positive driver to the Core Bank's earnings for the quarter and helped to offset pre-tax declines of $3.0 million in PPP loan revenue, $2.7 million of Mortgage Banking income, and $3.5 million of net interest income within the Warehouse Lending ("Warehouse") segment. Within the noninterest expense category, our Core Bank noninterest expenses decreased 2% from the fourth quarter of 2021 to the fourth quarter of 2022 and increased less than 1% for 2022 fiscal year compared to 2021.

 *Net Interest Income* *****–* Core Bank net interest income was $52.0 million for the fourth quarter of 2022, an $8.4 million, or 19%, increase over the fourth quarter of 2021. In addition, the Core Bank's net interest margin ("NIM") increased from 3.08% during the fourth quarter of 2021 to 3.82% during the fourth quarter of 2022. This increase was driven primarily by the following in each Core Bank segment:

 <u>Traditional Bank</u>

Overall, Traditional Bank net interest income was $49.7 million for the fourth quarter of 2022, a $12.1 million, or 32%, increase over the fourth quarter of 2021, while the Traditional Bank's NIM increased from 3.08% during the fourth quarter of 2021 to 3.94% for the fourth quarter of 2022.

Excluding PPP<sup>(2)</sup> loan fees and interest, the Traditional Bank's net interest income increased $15.1 million, or 44%, and its NIM expanded 106 basis points to 3.94% from the fourth quarter of 2021 to the fourth quarter of 2022. This increase in net interest income and related expansion in NIM resulted primarily from the Company's balance sheet management strategy of maintaining large interest earning cash balances, which benefited from increases in the Federal Funds Target Rate ("FFTR"). Notable changes in specific categories included the following:

* Average interest-earning cash was $550 million with a weighted-average yield of 3.73% during the fourth quarter of 2022 compared to $845 million with a weighted-average yield of 0.16% for the fourth quarter of 2021. 

* Average investments grew to $694 million with a weighted-average yield of 2.07% during the fourth quarter of 2022 from $540 million with a weighted-average yield of 1.37% for the fourth quarter of 2021. 

* Average non-PPP Traditional Bank loans grew from $3.4 billion with a weighted-average yield of 3.88% during the fourth quarter of 2021 to $3.8 billion with a weighted average yield of 4.44% during the fourth quarter of 2022. 

------

The Traditional Bank recognized $77,000 of combined fees and interest on its PPP portfolio during the fourth quarter of 2022 compared to $3.1 million of similar fees and interest during the fourth quarter of 2021. The $3.0 million decrease in combined PPP fees and interest primarily highlighted the short-term nature of the PPP, as approximately 97% of all fees and interest eligible to be recognized under the program by the Traditional Bank were recognized during 2020 and 2021. As of December 31, 2022, total PPP loans of $5 million remained on the Traditional Bank's balance sheet out of the original $738 million originated during 2020 and 2021.

 <u>Warehouse Lending</u>

Net interest income within the Warehouse segment decreased $3.5 million, or 60%, from the fourth quarter of 2021 to the fourth quarter of 2022, driven by decreases in both average outstanding balances and net interest margin. Overall average outstanding Warehouse balances declined from $758 million during the fourth quarter of 2021 to $407 million for the fourth quarter of 2022, driven largely by the sharp rise in long-term interest rates during 2022, which depressed mortgage-refinancing demand and resulted in a sharp drop in Warehouse line usage.

In addition, the Warehouse net interest margin decreased 80 basis points from 3.08% during the fourth quarter of 2021 to 2.28% during the fourth quarter of 2022. The decline in the Warehouse net interest margin occurred as its funding costs, as charged through the Company's funds-transfer-pricing methodology, generally rose in tandem with the increase in short-term interest rates during the year, while its yield increases were delayed until the adjustable rates on its clients' lines of credit surpassed their contractual interest rate floors during mid-2022. These interest rate floors benefited Warehouse's net interest margin substantially during 2020 and 2021 when market rates declined to historical lows but have produced margin compression since the onset of the FFTR increases during 2022.

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 Dec. 31,**  | **Three Months Ended Dec. 31,**  |  | **Three Months Ended Dec. 31,**  | **Three Months Ended Dec. 31,**  |  |
| **Reportable Segment**  | **2022**  | **2021**  | **Change**  | **2022**  | **2021**  | **Change**  |
| Traditional Banking - excluding PPP  | $49598  | $34492  | $15106  | 3.94% | 2.88% | 1.06% |
| Traditional Banking - PPP  | 77  | 3080  | (3003 )  | NM  | NM  | NM  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Traditional Banking  | 49675  | 37572  | 12103  | 3.94  | 3.08  | 0.86  |
| Warehouse Lending  | 2317  | 5831  | (3514 ) | 2.28  | 3.08  | (0.80 ) |
| Mortgage Banking\*  | 50  | 279  | (229 )  | NM  | NM  | NM  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Core Bank  | $52042  | $43682  | $8360  | 3.82  | 3.08  | 0.74  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Dec. 31,**  | **Three Months Ended Dec. 31,**  |  |  | **Dec. 31,**  | **Dec. 31,**  |  |  |
| **Reportable Segment**  | **2022**  | **2021**  | **$ Change**  | **% Change**  | **2022**  | **2021**  | **$ Change**  | **% Change**  |
| Traditional Banking - excluding PPP  | $3792476  | $3408322  | $384154  | 11% | $3850162  | $3445945  | $404217  | 12% |
| Traditional Banking - PPP  | 6802  | 89156  | (82354 )  | (92 ) | 4980  | 56014  | (51034 )  | (91 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Traditional Banking  | 3799278  | 3497478  | 301800  | 9  | 3855142  | 3501959  | 353183  | 10  |
| Warehouse Lending  | 406903  | 757688  | (350785 ) | (46 ) | 403560  | 850550  | (446990 ) | (53 ) |
| Mortgage Banking\*  | 2092  | 25227  | (23135 )  | (92 ) | 1302  | 29393  | (28091 )  | (96 ) |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Bank  | $4208273  | $4280393  | $(72120 )  | (2 ) | $4260004  | $4381902  | $(121898 )  | (3 ) |
| \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  | \**Includes loans held for sale*  |
| *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  | *NM – Not meaningful*  |

---

------

 *Provision for Expected Credit Loss Expense* – The Core Bank's Provision<sup>(3)</sup> was a net charge of $1.6 million during the fourth quarter of 2022 compared to a net charge of $337,000 for the fourth quarter of 2021. The net charge during the fourth quarter of 2022 was primarily driven by a $1.4 million Provision resulting primarily from general formula reserves applied to $109 million of growth in non-PPP Traditional Bank loans during the quarter. The net charge during the fourth quarter of 2021 was primarily driven by growth in outstanding Warehouse balances from September 30, 2021, to December 31, 2021.

As of December 31, 2022, while its credit metrics remained solid, the Core Bank's Allowance remained generally elevated compared to historical levels due to continued economic uncertainty resulting from continued inflation.

As a percentage of total loans, the Core Bank's Allowance<sup>(3)</sup> increased from 1.18% as of December 31, 2021, to 1.21% as of December 31, 2022. The table below provides a view of the Company's percentage of Allowance-to-total-loans by reportable segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of Dec. 31, 2022**  | **As of Dec. 31, 2022**  | **As of Dec. 31, 2022**  | **As of Dec. 31, 2021**  | **As of Dec. 31, 2021**  | **As of Dec. 31, 2021**  | **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**  |
| **Traditional Bank, Less PPP**  | $**3850162**  | $**50709**  | **1.32%** <br>  | $**3445945**  | $**49407**  | **1.43%** <br>  | **(0.11)%** <br>  | **(8)%** <br>  |
| Plus: Paycheck Protection Program  | 4980  | —  |  | 56014  | —  |  |  |  |
| **Traditional Bank**  | $**3855142**  | $**50709**  | **1.32**  | **3501959**  | **49407**  | **1.41**  | **(0.09)** <br>  | **(6)** <br>  |
| Warehouse Lending  | 403560  | 1009  | 0.25  | 850550  | 2126  | 0.25  | —  | —  |
| **Total Core Bank**  | **4258702**  | **51718**  | **1.21**  | **4352509**  | **51533**  | **1.18**  | **0.03**  | **3**  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Refund Solutions  | 149272  | 3888  | 2.60  | 50987  | 96  | 0.19  | 2.41  | 1268  |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Credit Solutions  | 107828  | 14807  | 13.73  | 93066  | 12948  | 13.91  | (0.18 ) | (1 ) |
| **Total Republic Processing Group**  | 257100  | 18695  | 7.27  | 144053  | 13044  | 9.06  | (1.79 ) | (20 ) |
| **Total Company**  | $**4515802**  | $**70413**  | **1.56**  | $**4496562**  | $**64577**  | **1.44**  | **0.12**  | **8**  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the:**  | **As of and for the:**  | **As of and for the:**  | **As of and for the:**  | **As of and for the:**  | **As of and for the:**  | **As of and for the:**  |
| |  | **Quarters Ended:**  | **Quarters Ended:**  | **Quarters Ended:**  | **Years Ended:**  | **Years Ended:**  | **Years Ended:**  |
| <br>**Core Banking Credit Quality Ratios**  | **Dec. 31,** <br>**2022**  | **Sep. 30,** <br> **2022**  | **Jun. 30,** <br>**2022**  | **Mar. 31,** <br>**2022**  | **Dec. 31,** <br> **2022**  | **Dec. 31,** <br> **2021**  | **Dec. 31,** <br> **2020**  |
| Nonperforming loans to total loans  | 0.37% | 0.39% | 0.38% | 0.40% | 0.37% | 0.47% | 0.50% |
| Nonperforming assets to total loans (including OREO)  | 0.40  | 0.43  | 0.42  | 0.44  | 0.40  | 0.51  | 0.56  |
| Delinquent loans\* to total loans  | 0.14  | 0.10  | 0.13  | 0.14  | 0.14  | 0.17  | 0.21  |
| Net charge-offs to average loans  | 0.02  | (0.02 ) | 0.00  | 0.01  | 0.00  | 0.01  | 0.03  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Quarterly rates annualized)  |  |  |  |  |  |  |  |
| *OREO = Other Real Estate Owned*  |  |  |  |  |  |  |  |
| *\*Loans 30-days-or-more past due*  |  |  |  |  |  |  |  |

---

 *Noninterest Income* – Core Bank noninterest income was $9.0 million during the fourth quarter of 2022, a decrease of $3.0 million, or 25%, from the fourth quarter of 2021. The decrease in non-interest income was driven primarily by a reduction in Mortgage Banking income of $2.7 million for the quarter.

* Mortgage Banking income decreased $2.7 million for the quarter. The decrease in Mortgage banking income was caused by the rise in long-term interest rates during 2022, which led to a significant slowdown in the origination of
 mortgage loans to be sold into the secondary market. During the fourth quarter of 2022, the 30-year mortgage rate hovered near levels not generally seen since 2008. As a result, the Core Bank sold only $12 million of loans into the
 secondary market during the fourth quarter of 2022 compared to sales of $155 million during the fourth quarter of 2021. 

* Partially offsetting the decrease above was $452,000 of customer-related loan swap fee revenue recorded during the fourth quarter of 2022 within Other Income related to two large swap transactions. Conversely, the Company did not
 have any swap transactions during the fourth quarter of 2021. 

------

 *Noninterest Expense* – Core Bank noninterest expense was $38.4 million for the fourth quarter of 2022 compared to $39.2 million for the fourth quarter of 2021, a decrease of 2%. Notable changes within noninterest expense categories were as follows:

* Salaries and Benefits expense decreased $923,000, or 5%, to $19.3 million for the fourth quarter of 2022. The most notable changes within this category were as follows:
 
 Commissions related to mortgage originations decreased by $1.0 million due to the previously discussed slowdown in mortgage origination volume. 
 Base salaries and wages decreased $225,000, or 1%, from $17.9 million during the fourth quarter of 2021 to $17.7 million for the fourth quarter of 2022, as the additional cost of approximately 4% for annual merit increases during
 the year was substantially offset by a 53-count reduction in Core Bank full-time equivalent employees. 
 In accordance with FASB Accounting Standards Codification ("ASC") 310-20, the Company records a credit offset to salary expense for each loan it originates and recognizes the cost of that credit as an adjustment to the loan's
 yield over its estimated life. The amount of this credit for the Core Bank decreased $709,000, thus increasing expense, from the fourth quarter of 2021 to the fourth quarter of 2022 and was driven primarily by the substantial
 decline in secondary market loan origination volume from period to period. 

* Other expenses increased $398,000. Meals, Entertainment, and Travel expenses represented the most notable increase for the quarter, growing $194,000, with these expenses reverting back nearer to pre-pandemic levels, in combination
 with inflationary pressures on their costs. 

 **<u>Republic Processing Group<sup>(4)</sup></u>**

The Republic Processing Group ("RPG") reported net income of $2.2 million for the fourth quarter of 2022, a decrease of $1.0 million from the fourth quarter of 2021. The most notable items driving the quarter-to-quarter change in net income at RPG was within the Tax Refund Solutions ("TRS") segment.

The TRS segment derives substantially all its revenues during the first half of the year. TRS recorded a net loss of $1.8 million for the fourth quarter of 2022 compared to a net loss of $1.3 million for the same period in 2021.

The change in profitability at TRS was primarily timing in nature as TRS began offering a new early season refund advance ("ERA") product during the fourth quarter of 2022, which it did not offer during the fourth quarter of 2021. As such, the financial impact of the ERA is new to Republic for the fourth quarter of 2022. As a result, TRS recorded an estimated pre-tax provision of $3.8 million for the product during the fourth quarter of 2022, representing 4% of the $98 million of balances originated during the quarter, while recording only $825,000 of pre-tax revenue for the product during the quarter, as much of the revenue will be recognized over its life during the first quarter of 2023.

Partially offsetting the decrease to income above, TRS's net interest income increased a pre-tax $2.7 million from the fourth quarter of 2021 to the same period in 2022 resulting primarily from a higher crediting rate applied through the Company's funds-transfer-pricing methodology to TRS's prepaid card deposits offered through its Republic Payment Solutions division.

------

Within the RCS division, net income decreased $511,000 from the revised<sup>(5)</sup> net income for the fourth quarter of 2021. The overall decline in net income at RCS was concentrated within its installment loan product and was driven by a decrease in new loan origination volume and the corresponding sales of these loans, which caused a decline in RCS program fees for the quarter.

 *Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 42 full-service banking centers throughout five states: twenty-eight banking centers in eight Kentucky communities – Covington, Crestview Hills, Florence, Georgetown, Lexington, Louisville, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, New Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace; two banking centers in two Tennessee communities (Nashville MSA) – Cool Springs and Green Hills; and two banking centers in two Ohio communities (Cincinnati MSA) – Norwood and West Chester. The Bank offers internet banking at www.republicbank.com. The Company has $5.8 billion in assets as of December 31, 2022, and is headquartered in Louisville, Kentucky. The Company's Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.*

 **Republic Bank. It's just easier here. <sup>®</sup>**

 ***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 economy, 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, 2021. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.*

------

 **Footnotes:**

---

| | |
|:---|:---|
| (1) | *"Core Bank" or "Core Banking" operations consist of the Traditional Banking, Warehouse Lending, and Mortgage Banking segments.*  |
| (2) | *PPP – The U.S. Small Business Administration's <u>P</u>aycheck <u>P</u>rotection <u>P</u>rogram* <br>|
|  | *The Company earns lender fees and 1.0% coupon interest on its PPP portfolio. Due to the short-term nature of the PPP, management believes Traditional Bank net interest income excluding PPP fees and interest is a more appropriate measure to analyze the Traditional Bank's net interest income and net interest margin. The following table reconciles Traditional Bank net interest income and net interest margin to Traditional Bank net interest income and net interest margin excluding PPP fees and interest, a non-GAAP measure.*  |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Interest Income**  | **Net Interest Income**  | **Net Interest Income**  | **Net Interest Income**  | **Interest-Earning Assets**  | **Interest-Earning Assets**  | **Interest-Earning Assets**  | **Interest-Earning Assets**  | **Net Interest Margin**  | **Net Interest Margin**  | **Net Interest Margin**  |
| | **Three Months Ended Dec. 31,**  | **Three Months Ended Dec. 31,**  | | | **Three Months Ended Dec. 31,**  | **Three Months Ended Dec. 31,**  | | | **Three Months Ended Dec. 31,**  | **Three Months Ended Dec. 31,**  | |
| <br>*(dollars in thousands)*  | **2022**  | **2021**  | <br> **$ Change**  | <br> **% Change**  | **2022**  | **2021**  | <br> **$ Change**  | <br> **% Change**  | **2022**  | **2021**  | <br> **% Change**  |
| Traditional Banking - GAAP  | $49675  | $37572  | $12103  | 32% | $5043145  | $4882268  | $160877  | 3% | 3.94% | 3.08% | 0.86% |
| Less: Impact of PPP fees and interest  | 77  | 3080  | (3003 )  | (98)  | 6802  | 89156  | (82354 )  | (92)  | -  | 0.20  | (0.20 ) |
| Traditional Banking ex PPP fees and interest - non-GAAP  | $49598  | $34492  | $15106  | 44  | $5036343  | $4793112  | $243231  | 5  | 3.94  | 2.88  | 1.06  |

---

---

| | |
|:---|:---|
| (3)  | *Provision – Provision for Expected Credit Loss Expense*  |
|  | *Allowance – Allowance for Credit Losses on Loans*  |
| (4)  | *Republic Processing Group operations consist of the TRS and Republic Credit Solutions ("RCS") segments.*  |
| (5)  | *During the fourth quarter of 2022, the Company identified a prior period accounting error in the form of an immaterial understatement of revenue, solely related to one RCS line of credit product. The financial reporting periods affected by this error include the Company's previously reported audited consolidated financial statements for the fiscal year ended December 31, 2021, and the Company's previously reported interim unaudited consolidated financial statements for each of the quarterly and fiscal year-to-date periods ended June 30, 2021; September 30, 2021; March 31, 2022; June 30, 2022; and September 30, 2022; and the unaudited consolidated quarterly financial data for the quarter ending December 31, 2021 (collectively the "previously reported financial statements"). The three-month period ended December 31, 2021, and the year-end period December 31, 2021, also reflected certain immaterial revisions to reclassify certain gains and losses on the sale of the same RCS line of credit product. This reclassification impacts noninterest income, noninterest expense, and interest income with no impact to net income.*  |
|  | *Based on the Company's evaluation of this error in consideration of the Financial Accounting Standards Board ("FASB) Accounting Standards Codification ("ASC") 250 and the SEC Staff's Accounting Bulletins Nos. 99 ("SAB 99") and 108 ("SAB 108") and interpretations therewith, the Company concluded this error was not material, on an individual or aggregate basis, to the Company's previously reported financial statements and correction of the error would not be material to the current year financial statements, including any interim periods. However, the Company corrected this error as a voluntary immaterial revision to the accompanying earnings release, as of and for the fiscal years ended December 31, 2022, and 2021, in the periods in which the error occurred. In addition, the Company expects to present the corrected interim 2022 amounts in its 2023 consolidated interim financial statements upon the filing of its Quarterly Reports on Form 10-Q on a quarterly basis and a year-to-date basis as a voluntary immaterial revision to all applicable 2022 periods. The Company also expects to present the corrected 2021 and 2022 amounts upon the filing of the Annual Report on Form 10-K for the year ended December 31, 2022, as a voluntary immaterial revision to all applicable 2021 and 2022 periods.*  |
| *NM – Not meaningful* | *NM – Not meaningful* |
| *NA – Not applicable* | *NA – Not applicable* |

---

## Contacts
Republic Bancorp, Inc. <br> Kevin Sipes <br> Executive Vice President & Chief Financial Officer <br> (502) 560-8628

## Exhibit 99.2

**Exhibit 99.2**<br>

![](logo.jpg)

#### EARNINGS RELEASE FINANCIAL SUPPLEMENT

#### FOURTH QUARTER 2022

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **[BALANCE SHEET DATA](#BalanceSheetData)** | [S-2](#BalanceSheetData) |
| **[AVERAGE BALANCE SHEET DATA](#AverageBalanceSheetData)** | [S-3](#AverageBalanceSheetData) |
| **[INCOME STATEMENT DATA](#IncomeStatementData)** | [S-4](#IncomeStatementData) |
| **[SELECTED DATA AND RATIOS](#SelectedDataandRatios)** | [S-5](#SelectedDataandRatios) |
| **[LOAN COMPOSITION](#LoanComposition)** | [S-6](#LoanComposition) |
| **[ALLOWANCE FOR CREDIT LOSSES ON LOANS](#AllowanceforCreditLosseso)** | [S-6](#AllowanceforCreditLosseso) |
| **[CREDIT QUALITY DATA AND RATIOS](#CreditQualityDataandRatio)** | [S-7](#CreditQualityDataandRatio) |
| **[SEGMENT DATA](#SegmentData:)** | [S-8](#SegmentData:) |
| **[FOOTNOTES](#Footnotes:)** | [S-11](#Footnotes:) |

---

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022
 *(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** | ***$ Change*** |
|  | **Dec. 31, 2022** | **Sep. 30, 2022<sub> (10)</sub>** | **Jun. 30, 2022<sub> (10)</sub>** | **Mar. 31, 2022<sub> (10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***From Dec. 31, 2021*** |
| **Assets:** | | | | | | |
| Cash and cash equivalents | $313689 | $754393 | $795143 | $1077158 | $756971 | $(443282) |
| Investment securities, net of allowance for credit losses | 707862 | 662750 | 655296 | 614836 | 542045 | 165817 |
| Loans held for sale | 19177 | 24387 | 39727 | 28037 | 52077 | (32900) |
| Loans | 4515802 | 4289450 | 4362233 | 4390243 | 4496562 | 19240 |
| Allowance for credit losses | (70413) | (64919) | (64449) | (71656) | (64577) | (5836) |
| &nbsp;&nbsp; Loans, net | 4445389 | 4224531 | 4297784 | 4318587 | 4431985 | 13404 |
| Federal Home Loan Bank stock, at cost | 9146 | 8568 | 10311 | 10311 | 10311 | (1165) |
| Premises and equipment, net | 31978 | 32813 | 33886 | 34358 | 36073 | (4095) |
| Right-of-use assets | 37017 | 41303 | 41364 | 42402 | 38825 | (1808) |
| Goodwill | 16300 | 16300 | 16300 | 16300 | 16300 |  |
| Other real estate owned ("OREO") | 1581 | 1634 | 1687 | 1740 | 1792 | (211) |
| Bank owned life insurance ("BOLI") | 101687 | 101013 | 100396 | 99773 | 99161 | 2526 |
| Other assets and accrued interest receivable | 150705 | 131971 | 120582 | 106367 | 108092 | 42613 |
| Total assets | $5834531 | $5999663 | $6112476 | $6349869 | $6093632 | $(259101) |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |
| Deposits: |  |  |  |  |  |  |
| &nbsp;&nbsp; Noninterest-bearing | $1908768 | $2013337 | $2093853 | $2226160 | $1989679 | $(80911) |
| &nbsp;&nbsp; Interest-bearing | 2629077 | 2786385 | 2733093 | 2860392 | 2849637 | (220560) |
| Total deposits | 4537845 | 4799722 | 4826946 | 5086552 | 4839316 | (301471) |
| Securities sold under agreements to repurchase ("SSUAR") and other short-term borrowings | 216956 | 209376 | 303315 | 287818 | 290967 | (74011) |
| Operating lease liabilities | 37809 | 42109 | 42163 | 43204 | 39672 | (1863) |
| Federal Home Loan Bank advances | 95000 | 20000 | 20000 | 20000 | 25000 | 70000 |
| Other liabilities and accrued interest payable | 90308 | 85393 | 76186 | 70719 | 63623 | 26685 |
| Total liabilities | 4977918 | 5156600 | 5268610 | 5508293 | 5258578 | (280660) |
| Stockholders' equity | 856613 | 843063 | 843866 | 841576 | 835054 | 21559 |
| Total liabilities and stockholders' equity | $5834531 | $5999663 | $6112476 | $6349869 | $6093632 | $(259101) |

---

------

**#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (continued)
 *(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

#### <br>
 *---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Average Balance Sheet Data |  |  |  |  |  |  |  |  |
|  | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Three Months Ended | Years Ended | Years Ended | *$ Change (8)* |
|  | Dec. 31, 2022 | Sep. 30, 2022<sub> (10)</sub> | Jun. 30, 2022 <sub>(10)</sub> | Mar. 31, 2022 <sub>(10)</sub> | Dec. 31, 2021<sub> (10)</sub> | Dec. 31, 2022<sub> (10)</sub> | Dec. 31, 2021<sub> (10)</sub> | *12M to 12M* |
| Assets: |  |  |  |  |  |  |  |  |
| Interest-earning assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Federal funds sold and other interest-earning deposits | $553695 | $727626 | $813956 | $861822 | $848215 | $738399 | $806811 | $(68412) |
| &nbsp;&nbsp; Investment securities, including FHLB stock | 693825 | 694781 | 691427 | 606182 | 540227 | 671858 | 555599 | 116259 |
| &nbsp;&nbsp; Loans, including loans held for sale | 4353256 | 4306169 | 4339432 | 4355255 | 4385547 | 4338433 | 4519277 | (180844) |
| &nbsp;&nbsp; Total interest-earning assets | 5600776 | 5728576 | 5844815 | 5823259 | 5773989 | 5748690 | 5881687 | (132997) |
| &nbsp;&nbsp; Allowance for credit losses | (65290) | (65262) | (72037) | (69287) | (63711) | (67951) | (66481) | (1470) |
| Noninterest-earning assets: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Noninterest-earning cash and cash equivalents | 115416 | 108069 | 172382 | 354165 | 137556 | 186636 | 167556 | 19080 |
| &nbsp;&nbsp; Premises and equipment, net | 32518 | 33307 | 34322 | 35460 | 37055 | 33892 | 38428 | (4536) |
| &nbsp;&nbsp; Bank owned life insurance | 101361 | 100740 | 100152 | 99532 | 99978 | 100452 | 91329 | 9123 |
| &nbsp;&nbsp; Other assets | 153721 | 171392 | 161548 | 180913 | 192393 | 167251 | 189339 | (22088) |
| Total assets | $5938502 | $6076822 | $6241182 | $6424042 | $6177260 | $6168970 | $6301858 | $(132888) |
| Liabilities and Stockholders' Equity: |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Interest-bearing deposits | $2704764 | $2777124 | $2779941 | $2827496 | $2857403 | $2772009 | $2923497 | $(151488) |
| &nbsp;&nbsp; SSUARs and other short-term borrowings | 247123 | 220149 | 294388 | 300169 | 318785 | 265188 | 231430 | 33758 |
| &nbsp;&nbsp; Federal Home Loan Bank advances | 21630 | 20000 | 20000 | 23333 | 25000 | 21233 | 29479 | (8246) |
| &nbsp;&nbsp; Subordinated note |  |  |  |  |  |  | 30732 | (30732) |
| &nbsp;&nbsp; Total interest-bearing liabilities | 2973517 | 3017273 | 3094329 | 3150998 | 3201188 | 3058430 | 3215138 | (156708) |
| Noninterest-bearing liabilities and Stockholders' equity: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Noninterest-bearing deposits | 1994233 | 2096206 | 2196794 | 2312233 | 2028206 | 2148848 | 2129222 | 19626 |
| &nbsp;&nbsp; Other liabilities | 114196 | 108964 | 100118 | 112699 | 102506 | 108965 | 112466 | (3501) |
| &nbsp;&nbsp; Stockholders' equity | 856556 | 854379 | 849941 | 848112 | 845360 | 852727 | 845032 | 7695 |
| Total liabilities and stockholders' equity | $5938502 | $6076822 | $6241182 | $6424042 | $6177260 | $6168970 | $6301858 | $(132888) |

---

*

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (continued)
 *(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*** 

<br> ---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Statement Data** | | | | | | | | | |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | ***$ Change (8)*** | **Years Ended** | **Years Ended** | ***$ Change (8)*** |
|  | **Dec. 31, 2022** | **Sep. 30, 2022 <sub>(10)</sub>** | **Jun. 30, 2022 <sub>(10)</sub>** | **Mar. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***Q4 to Q4*** | **Dec. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***12M to 12M*** |
| Total interest income (1) | $66555 | $60617 | $52902 | $64110 | $51937 | $14618 | $244184 | $228406 | $15778 |
| Total interest expense | 3442 | 2020 | 1088 | 943 | 1038 | 2404 | 7493 | 5666 | 1827 |
| Net interest income | 63113 | 58597 | 51814 | 63167 | 50899 | 12214 | 236691 | 222740 | 13951 |
| Provision (2) | 7844 | 1573 | 3705 | 9226 | 2577 | 5267 | 22348 | 14808 | 7540 |
| Noninterest income: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Service charges on deposit accounts | 3428 | 3409 | 3363 | 3226 | 3332 | 96 | 13426 | 12553 | 873 |
| &nbsp;&nbsp; Net refund transfer fees | 486 | 593 | 3950 | 12051 | 326 | 160 | 17080 | 20248 | (3168) |
| &nbsp;&nbsp; Mortgage banking income (3) | 622 | 1154 | 1763 | 2657 | 3339 | (2717) | 6196 | 19994 | (13798) |
| &nbsp;&nbsp; Interchange fee income | 3272 | 3322 | 3461 | 3070 | 3291 | (19) | 13125 | 13062 | 63 |
| &nbsp;&nbsp; Program fees (3) | 3501 | 4932 | 3885 | 3854 | 4668 | (1167) | 16172 | 14237 | 1935 |
| &nbsp;&nbsp; Increase in cash surrender value of BOLI | 674 | 617 | 623 | 612 | 626 | 48 | 2526 | 2242 | 284 |
| &nbsp;&nbsp; Net losses on OREO | (53) | (53) | (52) | (53) | (53) |  | (211) | (160) | (51) |
| &nbsp;&nbsp; Contract termination fee |  |  |  | 5000 |  |  | 5000 |  | 5000 |
| &nbsp;&nbsp; Legal settlement |  |  | 13000 |  |  |  | 13000 |  | 13000 |
| &nbsp;&nbsp; Other | 1194 | 1134 | 576 | 592 | 1550 | (356) | 3496 | 4399 | (903) |
| Total noninterest income | 13124 | 15108 | 30569 | 31009 | 17079 | (3955) | 89810 | 86575 | 3235 |
| Noninterest expense: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Salaries and employee benefits | 25763 | 27269 | 28896 | 29312 | 26350 | (587) | 111240 | 110088 | 1152 |
| &nbsp;&nbsp; Technology, equipment, and communication | 7276 | 7235 | 7229 | 7214 | 7342 | (66) | 28954 | 29351 | (397) |
| &nbsp;&nbsp; Occupancy | 3139 | 3211 | 3224 | 3440 | 3188 | (49) | 13014 | 13193 | (179) |
| &nbsp;&nbsp; Marketing and development | 1856 | 1951 | 1720 | 1348 | 1291 | 565 | 6875 | 4390 | 2485 |
| &nbsp;&nbsp; FDIC insurance expense | 427 | 423 | 399 | 419 | 402 | 25 | 1668 | 1591 | 77 |
| &nbsp;&nbsp; Interchange related expense | 1171 | 1221 | 1264 | 1117 | 1253 | (82) | 4773 | 4960 | (187) |
| &nbsp;&nbsp; Legal and professional fees | 951 | 904 | 804 | 1365 | 1360 | (409) | 4024 | 4924 | (900) |
| &nbsp;&nbsp; Other (2) | 4322 | 3952 | 4120 | 4366 | 3848 | 474 | 16760 | 14568 | 2192 |
| Total noninterest expense | 44905 | 46166 | 47656 | 48581 | 45034 | (129) | 187308 | 183065 | 4243 |
| Income before income tax expense | 23488 | 25966 | 31022 | 36369 | 20367 | 3121 | 116845 | 111442 | 5403 |
| Income tax expense | 4975 | 6070 | 6675 | 8019 | 3149 | 1826 | 25739 | 23831 | 1908 |
| Net income | $18513 | $19896 | $24347 | $28350 | $17218 | $1295 | $91106 | $87611 | $3495 |

---

------

#### <br>

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (continued)
 *(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | ***Change (8)*** | **As of and for the Years Ended** | **As of and for the Years Ended** | ***Change (8)*** |
|  | **Dec. 31, 2022** | **Sep. 30, 2022 <sub>(10)</sub>** | **Jun. 30, 2022 <sub>(10)</sub>** | **Mar. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***From Dec. 31, 2021 or Q4 to Q4 <sub>(10)</sub>*** | **Dec. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***From Dec. 31, 2021 or 12M to 12M <sub>(10)</sub>*** |
| **Per Share Data:** | | | | | | | | | |
| Basic weighted average shares outstanding | 19929 | 19919 | 20107 | 20145 | 20270 | (341) | 20037 | 20675 | (638) |
| Diluted weighted average shares outstanding | 19981 | 19981 | 20169 | 20225 | 20379 | (398) | 20101 | 20757 | (656) |
| Period-end shares outstanding: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Common Stock | 17587 | 17587 | 17629 | 17834 | 17816 | (229) | 17587 | 17816 | (229) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B Common Stock | 2160 | 2160 | 2161 | 2165 | 2165 | (5) | 2160 | 2165 | (5) |
| Book value per share (4) | $43.38 | $42.69 | $42.64 | $42.08 | $41.79 | $1.59 | $43.38 | $41.79 | $1.59 |
| Tangible book value per share (4) | 42.11 | 41.40 | 41.34 | 40.79 | 40.52 | 1.59 | 42.11 | 40.52 | 1.59 |
| Earnings per share ("EPS"): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic EPS - Class A Common Stock | $0.94 | $1.01 | $1.23 | $1.42 | $0.87 | $0.07 | $4.60 | $4.29 | $0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic EPS - Class B Common Stock | 0.86 | 0.92 | 1.12 | 1.29 | 0.78 | 0.08 | 4.19 | 3.90 | 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS - Class A Common Stock | 0.94 | 1.01 | 1.22 | 1.42 | 0.86 | 0.08 | 4.59 | 4.28 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diluted EPS - Class B Common Stock | 0.85 | 0.92 | 1.11 | 1.29 | 0.78 | 0.07 | 4.17 | 3.89 | 0.28 |
| Cash dividends declared per Common share: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A Common Stock | $0.341 | $0.341 | $0.341 | $0.341 | $0.308 | $0.033 | $1.364 | $1.232 | $0.132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class B Common Stock | 0.310 | 0.310 | 0.310 | 0.310 | 0.280 | 0.030 | 1.240 | 1.120 | 0.120 |
| **Performance Ratios:** |  |  |  |  |  |  |  |  |  |
| Return on average assets | 1.25% | 1.28% | 1.53% | 1.74% | 1.11% | 0.14% | 1.48% | 1.39% | 0.09% |
| Return on average equity | 8.65 | 9.15 | 11.23 | 13.19 | 8.15 | 0.50 | 10.68 | 10.37 | 0.31 |
| Efficiency ratio (5) | 59 | 63 | 68 | 54 | 65 | (6) | 60 | 59 | 1 |
| Yield on average interest-earning assets (1) | 4.75 | 4.19 | 3.58 | 4.37 | 3.60 | 1.15 | 4.25 | 3.88 | 0.37 |
| Cost of average interest-bearing liabilities | 0.46 | 0.27 | 0.14 | 0.12 | 0.13 | 0.33 | 0.24 | 0.18 | 0.06 |
| Cost of average deposits (6) | 0.26 | 0.15 | 0.08 | 0.07 | 0.08 | 0.18 | 0.14 | 0.10 | 0.04 |
| Net interest spread (1) | 4.29 | 3.92 | 3.44 | 4.25 | 3.47 | 0.82 | 4.01 | 3.70 | 0.31 |
| Net interest margin - Total Company (1) | 4.51 | 4.05 | 3.51 | 4.30 | 3.53 | 0.98 | 4.12 | 3.79 | 0.33 |
| Net interest margin - Core Bank | 3.82 | 3.54 | 3.02 | 2.92 | 3.08 | 0.73 | 3.32 | 3.20 | 0.12 |
| **Other Information:** |  |  |  |  |  |  |  |  |  |
| End of period FTEs (7) - Total Company | 998 | 1009 | 1020 | 1040 | 1045 | (47) | 998 | 1045 | (47) |
| End of period FTEs - Core Bank | 932 | 916 | 929 | 955 | 985 | (53) | 932 | 985 | (53) |
| Number of full-service banking centers | 42 | 42 | 42 | 42 | 42 |  | 42 | 42 |  |

---

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (continued)
*(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | ***Change*** |
|  | **Dec. 31, 2022** | **Sep. 30, 2022** | **Jun. 30, 2022** | **Mar. 31, 2022** | **Dec. 31, 2021** | ***From Dec. 31, 2021*** |
| **Loan Composition** | | | | | | |
| **Traditional Banking:** | | | | | | |
| &nbsp;&nbsp; Residential real estate: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owner occupied | $911427 | $863899 | $832137 | $808658 | $820731 | $90696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nonowner occupied | 321358 | 321037 | 313534 | 314933 | 306323 | 15035 |
| &nbsp;&nbsp; Commercial real estate | 1599510 | 1571593 | 1569119 | 1556575 | 1456009 | 143501 |
| &nbsp;&nbsp; Construction & land development | 153875 | 147418 | 137452 | 129970 | 129337 | 24538 |
| &nbsp;&nbsp; Commercial & industrial | 310902 | 404971 | 394175 | 342175 | 340363 | (29461) |
| &nbsp;&nbsp; Paycheck Protection Program | 4980 | 7855 | 14657 | 18276 | 56014 | (51034) |
| &nbsp;&nbsp; Lease financing receivables | 10505 | 11333 | 11345 | 10396 | 8637 | 1868 |
| &nbsp;&nbsp; Aircraft | 179785 | 166313 | 159958 | 151284 | 142894 | 36891 |
| &nbsp;&nbsp; Home equity | 241739 | 229038 | 214069 | 210364 | 210578 | 31161 |
| &nbsp;&nbsp; Consumer: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit cards | 15473 | 14897 | 15419 | 14654 | 14510 | 963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdrafts | 726 | 723 | 901 | 716 | 683 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile loans | 6731 | 7890 | 9579 | 11846 | 14448 | (7717) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other consumer | 98131 | 973 | 1245 | 939 | 1432 | 96699 |
| **Total Traditional Banking** | 3855142 | 3747940 | 3673590 | 3570786 | 3501959 | 353183 |
| &nbsp;&nbsp; Warehouse lines of credit | 403560 | 442238 | 596678 | 690200 | 850550 | (446990) |
| **Total Core Banking** | 4258702 | 4190178 | 4270268 | 4260986 | 4352509 | (93807) |
| **Republic Processing Group:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Tax Refund Solutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refund Advances |  |  |  | 16475 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other TRS loans | 149272 | 295 | 149 | 25132 | 50987 | 98285 |
| &nbsp;&nbsp; Republic Credit Solutions | 107828 | 98977 | 91816 | 87650 | 93066 | 14762 |
| **Total Republic Processing Group** | 257100 | 99272 | 91965 | 129257 | 144053 | 113047 |
| **Total loans - Total Company** | $4515802 | $4289450 | $4362233 | $4390243 | $4496562 | $19240 |
| **Allowance for Credit Losses on Loans ("Allowance")** | **Allowance for Credit Losses on Loans ("Allowance")** | **Allowance for Credit Losses on Loans ("Allowance")** |  |  |  |  |
| &nbsp;&nbsp; Traditional Banking | $50709 | $49231 | $49727 | $49616 | $49407 | $1302 |
| &nbsp;&nbsp; Warehouse Lending | 1009 | 1105 | 1491 | 1725 | 2126 | (1117) |
| **Total Core Banking** | 51718 | 50336 | 51218 | 51341 | 51533 | 185 |
| &nbsp;&nbsp; Tax Refund Solutions | 3888 |  |  | 8370 | 96 | 3792 |
| &nbsp;&nbsp; Republic Credit Solutions | 14807 | 14583 | 13231 | 11945 | 12948 | 1859 |
| **Total Republic Processing Group** | 18695 | 14583 | 13231 | 20315 | 13044 | 5651 |
| **Total Allowance - Total Company** | $70413 | $64919 | $64449 | $71656 | $64577 | $5836 |
| **Allowance to Total Loans** |  |  |  |  |  |  |
| &nbsp;&nbsp; Traditional Banking | 1.32% | 1.31% | 1.35% | 1.39% | 1.41% | (0.09)% |
| &nbsp;&nbsp; Warehouse Lending | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |  |
| **Total Core Banking** | 1.21 | 1.20 | 1.20 | 1.20 | 1.18 | 0.03 |
| &nbsp;&nbsp; Tax Refund Solutions | 2.60 |  |  | 20.12 | 0.19 | 2.41 |
| &nbsp;&nbsp; Republic Credit Solutions | 13.73 | 14.73 | 14.41 | 13.63 | 13.91 | (0.18) |
| **Total Republic Processing Group** | 7.27 | 14.69 | 14.39 | 15.72 | 9.06 | (1.79) |
| **Total Company** | 1.56 | 1.51 | 1.48 | 1.63 | 1.44 | 0.12 |

---

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (continued)
*&nbsp;&nbsp;&nbsp;&nbsp;(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)*

#### <br>

**---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | *Change (8)* | As of and for the Years Ended | As of and for the Years Ended | *Change (8)* |
|  | Dec. 31, 2022 | Sep. 30, 2022(10) | Jun. 30, 2022(10) | Mar. 31, 2022(10) | Dec. 31, 2021(10) | *From Dec. 31, 2021 or Q4 to Q4(10)* | Dec. 31, 2022(10) | Dec. 31, 2021(10) | *From Dec. 31, 2021 or 12M to 12M(10)* |
| Credit Quality Asset Balances and Net Charge-off ("NCO") Data: | Credit Quality Asset Balances and Net Charge-off ("NCO") Data: | Credit Quality Asset Balances and Net Charge-off ("NCO") Data: |  |  |  |  |  |  |  |
| Nonperforming Assets - Total Company: |  |  |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $15562 | $16322 | $16168 | $16935 | $20504 | $(4942) | $15562 | $20504 | $(4942) |
| Loans past due 90-days-or-more and still on accrual | 756 | 37 | 42 | 31 | 48 | 708 | 756 | 48 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming loans | 16318 | 16359 | 16210 | 16966 | 20552 | (4234) | 16318 | 20552 | (4234) |
| OREO | 1581 | 1634 | 1687 | 1740 | 1792 | (211) | 1581 | 1792 | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming assets | $17899 | $17993 | $17897 | $18706 | $22344 | $(4445) | $17899 | $22344 | $(4445) |
| Nonperforming Assets - Core Bank: |  |  |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $15562 | $16322 | $16168 | $16935 | $20504 | $(4942) | $15562 | $20504 | $(4942) |
| Loans past due 90-days-or-more and still on accrual |  |  |  |  | 1 | (1) |  | 1 | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming loans | 15562 | 16322 | 16168 | 16935 | 20505 | (4943) | 15562 | 20505 | (4943) |
| OREO | 1581 | 1634 | 1687 | 1740 | 1792 | (211) | 1581 | 1792 | (211) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total nonperforming assets | $17143 | $17956 | $17855 | $18675 | $22297 | $(5154) | $17143 | $22297 | $(5154) |
| Delinquent Loans: |  |  |  |  |  |  |  |  |  |
| Delinquent loans - Core Bank | $6060 | $4368 | $5352 | $5863 | $7430 | $(1370) | $6060 | $7430 | $(1370) |
| RPG | 9200 | 7522 | 6099 | 10352 | 6035 | 3165 | 9200 | 6035 | 3165 |
| &nbsp;&nbsp; Total delinquent loans - Total Company | $15260 | $11890 | $11451 | $16215 | $13465 | $1795 | $15260 | $13465 | $1795 |
| NCOs (Recoveries) by Segment: |  |  |  |  |  |  |  |  |  |
| Traditional Bank | $238 | $(187) | $(5) | $118 | $175 | $63 | $164 | $385 | $(221) |
| Warehouse Lending loans |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Core Bank loans | 238 | (187) | (5) | 118 | 175 | 63 | 164 | 385 | (221) |
| Tax Refund Solutions | (909) | (1296) | 8730 | (362) | (1263) | 354 | 6163 | 6745 | (582) |
| Republic Credit Solutions | 3021 | 2656 | 2147 | 2398 | 2119 | 902 | 10222 | 4299 | 5923 |
| &nbsp;&nbsp; RPG | 2112 | 1360 | 10877 | 2036 | 856 | 1256 | 16385 | 11044 | 5341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total NCOs (recoveries) - Total Company | $2350 | $1173 | $10872 | $2154 | $1031 | $1319 | $16549 | $11429 | $5120 |
| Credit Quality Ratios - Total Company: |  |  |  |  |  |  |  |  |  |
| Nonperforming loans to total loans | 0.36% | 0.38% | 0.37% | 0.39% | 0.46% | (0.10)% | 0.36% | 0.46% | (0.10)% |
| Nonperforming assets to total loans (including OREO) | 0.40 | 0.42 | 0.41 | 0.43 | 0.50 | (0.10) | 0.40 | 0.50 | (0.10) |
| Nonperforming assets to total assets | 0.31 | 0.30 | 0.29 | 0.29 | 0.37 | (0.06) | 0.31 | 0.37 | (0.06) |
| Allowance for credit losses to total loans | 1.56 | 1.51 | 1.48 | 1.63 | 1.44 | 0.12 | 1.56 | 1.44 | 0.12 |
| Allowance for credit losses to nonperforming loans | 432 | 397 | 398 | 422 | 314 | 118 | 432 | 314 | 118 |
| Delinquent loans to total loans (9) | 0.34 | 0.28 | 0.26 | 0.37 | 0.30 | 0.04 | 0.34 | 0.30 | 0.04 |
| NCOs (recoveries) to average loans (annualized) | 0.22 | 0.11 | 1.00 | 0.20 | 0.09 | 0.13 | 0.38 | 0.25 | 0.13 |
| Credit Quality Ratios - Core Bank: |  |  |  |  |  |  |  |  |  |
| Nonperforming loans to total loans | 0.37% | 0.39% | 0.38% | 0.40% | 0.47% | (0.10)% | 0.37% | 0.47% | (0.10)% |
| Nonperforming assets to total loans (including OREO) | 0.40 | 0.43 | 0.42 | 0.44 | 0.51 | (0.11) | 0.40 | 0.51 | (0.11) |
| Nonperforming assets to total assets | 0.32 | 0.33 | 0.32 | 0.33 | 0.40 | (0.08) | 0.32 | 0.40 | (0.08) |
| Allowance for credit losses to total loans | 1.21 | 1.20 | 1.20 | 1.20 | 1.18 | 0.03 | 1.21 | 1.18 | 0.03 |
| Allowance for credit losses to nonperforming loans | 332 | 308 | 317 | 303 | 251 | 81 | 332 | 251 | 81 |
| Delinquent loans to total loans | 0.14 | 0.10 | 0.13 | 0.14 | 0.17 | (0.03) | 0.14 | 0.17 | (0.03) |
| NCOs (recoveries) to average loans (annualized) | 0.02 | (0.02) |  | 0.01 | 0.02 |  |  | 0.01 | (0.01) |
| TRS Refund Advances ("RAs") |  |  |  |  |  |  |  |  |  |
| RAs originated | $97505 | $— | $- | $311207 | $— | $97505 | $408712 | $250045 | $158667 |
| Net (credit) charge to the Provision for RAs | 2888 | (1296) | 564 | 8315 | (1261) | 4149 | 10471 | 6723 | 3748 |
| RAs NCOs (recoveries) | $(909) | $(1296) | $8879 | $- | $(1261) | $352 | $6674 | $6723 | $(49) |

---

**

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (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, 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 December 31, 2022, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending ("Warehouse"), Mortgage Banking, Tax Refund Solutions ("TRS"), and Republic Credit Solutions ("RCS"). Management considers the first three segments to collectively constitute "Core Bank" or "Core Banking" operations, while the last two segments collectively constitute Republic Processing Group ("RPG") operations.

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

---

| | | |
|:---|:---|:---|
| **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. | Loans, investments, and deposits |
| &nbsp;&nbsp;&nbsp;&nbsp; Warehouse Lending | Provides short-term, revolving credit facilities to mortgage bankers across the United States. | Mortgage warehouse lines of credit |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Banking | Primarily originates, sells, and services long-term, single-family, first-lien residential real estate loans primarily to clients in the Bank's market footprint. | Loan sales and servicing |
| **Republic Processing Group:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Refund Solutions | TRS offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. The RPS division of TRS offers general-purpose reloadable cards. TRS and RPS products are primarily provided to clients outside of the Bank's market footprint. | Loans, refund transfers, and prepaid cards. |
| &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. | Unsecured, consumer loans |

---

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 2021 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

#### Fourth quarter 2022 (continued)

Segment information for the quarters and years ended December 31, 2022 and 2021 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** | **Three Months Ended December 31, 2022** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
|  | | | | **Total** | Tax | Republic | | |
|  | Traditional | Warehouse | Mortgage | **Core** | Refund | Credit | **Total** | **Total** |
| *(dollars in thousands)* | Banking | Lending | Banking | **Banking** | Solutions | Solutions | **RPG** | **Company** |
| Net interest income | $49675 | $2317 | $50 | $**52042** | $2964 | $8107 | $**11071** | $**63113** |
| Provision for expected credit loss expense | 1716 | (96) |  | **1620** | 2979 | 3245 | **6224** | **7844** |
| &nbsp;&nbsp;&nbsp;&nbsp; Net refund transfer fees |  |  |  | **—** | 486 |  | **486** | **486** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage banking income |  |  | 622 | **622** |  |  | **—** | **622** |
| &nbsp;&nbsp;&nbsp;&nbsp; Program fees |  |  |  | **—** | 685 | 2816 | **3501** | **3501** |
| &nbsp;&nbsp;&nbsp;&nbsp; Other noninterest income | 8351 | 12 | 23 | **8386** | 129 |  | **129** | **8515** |
| Total noninterest income | 8351 | 12 | 645 | **9008** | 1300 | 2816 | **4116** | **13124** |
| Total noninterest expense | 35299 | 766 | 2385 | **38450** | 3791 | 2664 | **6455** | **44905** |
| Income (loss) before income tax expense | 21011 | 1659 | (1690) | **20980** | (2506) | 5014 | **2508** | **23488** |
| Income tax expense (benefit) | 4685 | 371 | (371) | **4685** | (726) | 1016 | **290** | **4975** |
| Net income (loss) | $16326 | $1288 | $(1319) | $**16295** | $(1780) | $3998 | $**2218** | $**18513** |
| Period-end assets | $4893761 | $405052 | $13938 | $**5312751** | $409259 | $112521 | $**521780** | $**5834531** |
| Net interest margin | 3.94% | 2.28% | NM | 3.82<br>**%** | NM | NM | **NM** | 4.51<br>**%** |
| Net-revenue concentration\* | 76% | 3% | 1% | **80%** | 6% | 14% | **20%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** | **Three Months Ended December 31, 2021** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
|  | | | | **Total** | Tax | Republic | | |
|  | Traditional | Warehouse | Mortgage | **Core** | Refund | Credit | **Total** | **Total** |
| *(dollars in thousands)* | Banking | Lending | Banking | **Banking** | Solutions | Solutions<br> (10)  | **RPG** | **Company** |
| Net interest income | $37572 | $5831 | $279 | $**43682** | $244 | $6973 | $**7217** | $**50899** |
| Provision for expected credit loss expense | 88 | 249 |  | **337** | (1167) | 3407 | **2240** | **2577** |
| &nbsp;&nbsp; Net refund transfer fees |  |  |  | **—** | 326 |  | **326** | **326** |
| &nbsp;&nbsp; Mortgage banking income |  |  | 3339 | **3339** |  |  | **—** | **3339** |
| &nbsp;&nbsp; Program fees |  |  |  | **—** | 797 | 3869 | **4666** | **4666** |
| &nbsp;&nbsp; Other noninterest income | 8630 | 14 | 51 | **8695** | 53 |  | **53** | **8748** |
| Total noninterest income | 8630 | 14 | 3390 | **12034** | 1176 | 3869 | **5045** | **17079** |
| Total noninterest expense | 35184 | 1060 | 2972 | **39216** | 4379 | 1439 | **5818** | **45034** |
| Income before income tax expense | 10930 | 4536 | 697 | **16163** | (1792) | 5996 | **4204** | **20367** |
| Income tax expense | 969 | 1043 | 153 | **2165** | (503) | 1487 | **984** | **3149** |
| Net income | $9961 | $3493 | $544 | $**13998** | $(1289) | $4509 | $**3220** | $**17218** |
| Period-end assets | $4717836 | $850703 | $43929 | $**5612468** | $371647 | $109517 | $**481164** | $**6093632** |
| Net interest margin | 3.08% | 3.08% | NM | 3.08<br>**%** | NM | NM | **NM** | 3.53<br>**%** |
| Net-revenue concentration\* | 68% | 9% | 5% | **82%** | 2% | 16% | **18%** | **100%** |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
|  | | | | **Total** | Tax | Republic | | |
|  | Traditional | Warehouse | Mortgage | **Core** | Refund | Credit | **Total** | **Total** |
| *(dollars in thousands)* | Banking | Lending | Banking | **Banking** | Solutions | Solutions | **RPG** | **Company** |
| Net interest income | $171543 | $13729 | $519 | $**185791** | $21715 | $29185 | $**50900** | $**236691** |
| Provision for expected credit loss expense | 1429 | (1117) |  | **312** | 9955 | 12081 | **22036** | **22348** |
| &nbsp;&nbsp; Net refund transfer fees |  |  |  | **—** | 17080 |  | **17080** | **17080** |
| &nbsp;&nbsp; Mortgage banking income |  |  | 6196 | **6196** |  |  | **—** | **6196** |
| &nbsp;&nbsp; Program fees |  |  |  | **—** | 2872 | 13300 | **16172** | **16172** |
| &nbsp;&nbsp; Contract termination fee |  |  |  | **—** | 5000 |  | **5000** | **5000** |
| &nbsp;&nbsp; Legal settlement |  |  |  | **—** | 13000 |  | **13000** | **13000** |
| &nbsp;&nbsp; Other noninterest income | 31648 | 50 | 136 | **31834** | 528 |  | **528** | **32362** |
| Total noninterest income | 31648 | 50 | 6332 | **38030** | 38480 | 13300 | **51780** | **89810** |
| Total noninterest expense | 149681 | 3604 | 9912 | **163197** | 15717 | 8394 | **24111** | **187308** |
| Income (loss) before income tax expense | 52081 | 11292 | (3061) | **60312** | 34523 | 22010 | **56533** | **116845** |
| Income tax expense (benefit) | 11104 | 2539 | (673) | **12970** | 7847 | 4922 | **12769** | **25739** |
| Net income (loss) | $40977 | $8753 | $(2388) | $**47342** | $26676 | $17088 | $**43764** | $**91106** |
| Period-end assets | $4893761 | $405052 | $13938 | $**5312751** | $409259 | $112521 | $**521780** | $**5834531** |
| Net interest margin | 3.38% | 2.69% | NM | 3.32<br>**%** | NM | NM | **NM** | 4.12<br>**%** |
| Net-revenue concentration\* | 63% | 4% | 2% | **69%** | 18% | 13% | **31%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
|  | | | | **Total** | Tax | Republic | | |
|  | Traditional | Warehouse | Mortgage | **Core** | Refund | Credit | **Total** | **Total** |
| *(dollars in thousands)* | Banking | Lending | Banking | **Banking** | Solutions | Solutions<br> (10)  | **RPG** | **Company** |
| Net interest income | $157249 | $25218 | $1081 | $**183548** | $15837 | $23355 | $**39192** | $**222740** |
| Provision for expected credit loss expense | (38) | (281) |  | **(319)** | 6683 | 8444 | **15127** | **14808** |
| &nbsp;&nbsp; Net refund transfer fees |  |  |  | **—** | 20248 |  | **20248** | **20248** |
| &nbsp;&nbsp; Mortgage banking income |  |  | 19994 | **19994** |  |  | **—** | **19994** |
| &nbsp;&nbsp; Program fees |  |  |  | **—** | 3171 | 11066 | **14237** | **14237** |
| &nbsp;&nbsp; Other noninterest income | 31492 | 57 | 191 | **31740** | 356 |  | **356** | **32096** |
| Total noninterest income | 31492 | 57 | 20185 | **51734** | 23775 | 11066 | **34841** | **86575** |
| Total noninterest expense | 145376 | 4210 | 12356 | **161942** | 16344 | 4779 | **21123** | **183065** |
| Income before income tax expense | 43403 | 21346 | 8910 | **73659** | 16585 | 21198 | **37783** | **111442** |
| Income tax expense | 7685 | 4962 | 1960 | **14607** | 3964 | 5260 | **9224** | **23831** |
| Net income | $35718 | $16384 | $6950 | $**59052** | $12621 | $15938 | $**28559** | $**87611** |
| Period-end assets | $4717836 | $850703 | $43929 | $**5612468** | $371647 | $109517 | $**481164** | $**6093632** |
| Net interest margin | 3.18% | 3.37% | NM | 3.20<br>**%** | NM | NM | **NM** | 3.79<br>**%** |
| Net-revenue concentration\* | 61% | 8% | 7% | **76%** | 13% | 11% | **24%** | **100%** |

---

------

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

------

#### Republic Bancorp, Inc.

#### Earnings Release Financial Supplement

#### Fourth quarter 2022 (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** | ***$ Change (8)*** | **Years Ended** | **Years Ended** | ***$ Change (8)*** |
| *(dollars in thousands)* | **Dec. 31, 2022** | **Sep. 30, 2022 <sub>(10)</sub>** | **Jun. 30, 2022 <sub>(10)</sub>** | **Mar. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***Q4 to Q4*** | **Dec. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***12M to 12M*** |
| &nbsp;&nbsp; Traditional Bank excluding PPP fees | $883 | $911 | $1545 | $1451 | $1126 | $(243) | $4790 | $4136 | $654 |
| &nbsp;&nbsp; Traditional Bank - PPP fees | 60 | 152 | 124 | 879 | 2850 | (2790) | 1215 | 17465 | (16250) |
| &nbsp;&nbsp; Warehouse Lending | 272 | 402 | 500 | 574 | 662 | (390) | 1748 | 3101 | (1353) |
| **Total Core Bank** | 1215 | 1465 | 2169 | 2904 | 4638 | (3423) | 7753 | 24702 | (16949) |
| &nbsp;&nbsp; TRS - Refund Advances | 50 | 81 | 81 | 13444 | 43 | 7 | 13656 | 13202 | 454 |
| &nbsp;&nbsp; TRS - Other Loan Fees | 825 | (1) | 2 | 662 |  | 825 | 1488 | 1656 | (168) |
| &nbsp;&nbsp; RCS | 7501 | 7196 | 6364 | 6257 | 5695 | 1806 | 27318 | 19345 | 7973 |
| **Total RPG** | 8376 | 7276 | 6447 | 20363 | 5738 | 2638 | 42462 | 34203 | 8259 |
| **Total loan fees - Total Company** | $9591 | $8741 | $8616 | $23267 | $10376 | $(785) | $50215 | $58905 | $(8690) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(2) *Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment securities. 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 for sale mortgage loans and consumer loans. Mortgage loans originated for sale are primarily originated and sold into the secondary market through the Bank's Mortgage Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment. Gains on sale of mortgage loans are recorded as a component of Mortgage Banking income. Gains on sale of consumer loans are recorded as a component of Program Fees.* 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | ***$ Change (8)*** | **As of and for the Years Ended** | **As of and for the Years Ended** | ***$ Change (8)*** |
| *(dollars in thousands)* | **Dec. 31, 2022** | **Sep. 30, 2022 <sub>(10)</sub>** | **Jun. 30, 2022 <sub>(10)</sub>** | **Mar. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***Q4 to Q4*** | **Dec. 31, 2022 <sub>(10)</sub>** | **Dec. 31, 2021 <sub>(10)</sub>** | ***12M to 12M*** |
| **Mortgage Loans Held for Sale** |  |  |  |  |  |  |  |  |  |
| Balance, beginning of period | $2912 | $8491 | $13302 | $29393 | $25791 | $(22879) | $29393 | $46867 | $(17474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Originations | 10359 | 32856 | 61489 | 100661 | 155468 | (145109) | 205365 | 680714 | (475349) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales | (12207) | (39220) | (67759) | (119212) | (155186) | 142979 | (238398) | (717847) | 479449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on sale | 238 | 785 | 1459 | 2460 | 3320 | (3082) | 4942 | 19659 | (14717) |
| Balance, end of period | $1302 | $2912 | $8491 | $13302 | $29393 | $(28091) | $1302 | $29393 | $(28091) |
| **RCS Consumer Loans Held for Sale** |  |  |  |  |  |  |  |  |  |
| Balance, beginning of period | $21475 | $31236 | $14735 | $22684 | $14755 | $6720 | $22684 | $4776 | $17908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Originations | 225588 | 292131 | 282782 | 245214 | 321118 | (95530) | 1045715 | 882180 | 163535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales | (231999) | (306093) | (269429) | (256280) | (316597) | 84598 | (1063801) | (875570) | (188231) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on sale | 2811 | 4201 | 3148 | 3117 | 3408 | (597) | 13277 | 11298 | 1979 |
| Balance, end of period | $17875 | $21475 | $31236 | $14735 | $22684 | $(4809) | $17875 | $22684 | $(4809) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(4) *The following table provides a reconciliation of total stockholders' equity in accordance with GAAP to tangible stockholders' equity in accordance with applicable regulatory requirements, 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 as a means to evaluate capital adequacy.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
| *(dollars in thousands, except per share data)* | **Dec. 31, 2022** | **Sep. 30, 2022(10)** | **Jun. 30, 2022(10)** | **Mar. 31, 2022(10)** | **Dec. 31, 2021(10)** |
| Total stockholders' equity - GAAP (a) | $856613 | $843063 | $843866 | $841576 | $835054 |
| &nbsp;&nbsp; Less: Goodwill | 16300 | 16300 | 16300 | 16300 | 16300 |
| &nbsp;&nbsp; Less: Mortgage servicing rights | 8769 | 9177 | 9407 | 9502 | 9196 |
| Tangible stockholders' equity - Non-GAAP (c) | $831544 | $817586 | $818159 | $815774 | $809558 |
| Total assets - GAAP (b) | $5834531 | $5999663 | $6112476 | $6349869 | $6093632 |
| &nbsp;&nbsp; Less: Goodwill | 16300 | 16300 | 16300 | 16300 | 16300 |
| &nbsp;&nbsp; Less: Mortgage servicing rights | 8769 | 9177 | 9407 | 9502 | 9196 |
| Tangible assets - Non-GAAP (d) | $5809462 | $5974186 | $6086769 | $6324067 | $6068136 |
| Total stockholders' equity to total assets - GAAP (a/b) | 14.68% | 14.05% | 13.81% | 13.25% | 13.70% |
| Tangible stockholders' equity to tangible assets - Non-GAAP (c/d) | 14.31% | 13.69% | 13.44% | 12.90% | 13.34% |
| Number of shares outstanding (e) | 19747 | 19747 | 19790 | 19999 | 19981 |
| Book value per share - GAAP (a/e) | $43.38 | $42.69 | $42.64 | $42.08 | $41.79 |
| Tangible book value per share - Non-GAAP (c/e) | 42.11 | 41.40 | 41.34 | 40.79 | 40.52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(5) *The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes material nonrecurring revenues and expenses related to the now-cancelled TRS Transaction, as well as net gains (losses) on sales, calls, and impairment of investment securities.* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended December 31, 2022** | **Year Ended December 31, 2022** |
| *(dollars in thousands)* | **Dec. 31, 2022** | **Sep. 30, 2022(10)** | **Jun. 30, 2022(10)** | **Mar. 31, 2022(10)** | **Dec. 31, 2021(10)** | **Dec. 31, 2022(10)** | **Dec. 31, 2021(10)** |
| Net interest income - GAAP | $63113 | $58597 | $51814 | $63167 | $50899 | $236691 | $222740 |
| Noninterest income - GAAP | 13124 | 15108 | 30569 | 31009 | 17079 | 89810 | 86575 |
| &nbsp;&nbsp; Less: Contract termination fee related to TRS Transaction |  |  |  | 5000 |  | 5000 |  |
| &nbsp;&nbsp; Less: Legal settlement related to TRS Transaction |  |  | 13000 |  |  | 13000 |  |
| &nbsp;&nbsp; Less: Net gain (loss) on securities | 1 | 2 | (102) | (120) | (23) | (219) | (69) |
| Total adjusted income - Non-GAAP (a) | $76236 | $73703 | $69485 | $89296 | $68001 | $308720 | $309384 |
| Noninterest expense - GAAP | $44905 | $46166 | $47656 | $48581 | $45034 | $187308 | $183065 |
| &nbsp;&nbsp; Less: Expenses related to TRS Transaction |  | 88 | 699 | 127 | 611 | 914 | 1300 |
| Adjusted noninterest expense - Non-GAAP (b) | $44905 | $46078 | $46957 | $48454 | $44423 | $186394 | $181765 |
| Efficiency Ratio - Non-GAAP (b/a) | 59% | 63% | 68% | 54% | 65% | 60% | 59% |

---

&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) *Quarter ("Q") to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M (three months), 6M to 6M (six months), 9M to 9M (nine months), or 12M to 12M (twelve months).* 

&nbsp;&nbsp;&nbsp;&nbsp;(9) *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 March 31, 2022, included $4.7 million of Refund Advances ("RA"), which do not have a contractual due date, but the Company considered an RA delinquent in 2022 if it remained unpaid 35 days after the taxpayer's tax return was submitted to the applicable taxing authority.* 

&nbsp;&nbsp;&nbsp;&nbsp;(10) *During the fourth quarter of 2022, the Company identified a prior period accounting error in the form of an immaterial understatement of revenue, solely related to one RCS line of credit product. The financial reporting periods affected by this error include the Company's previously reported audited consolidated financial statements for the fiscal year ended December 31, 2021, and the Company's previously reported interim unaudited consolidated financial statements for each of the quarterly and fiscal year-to-date periods ended June 30, 2021; September 30, 2021; March 31, 2022; June 30, 2022; and September 30, 2022; and the unaudited consolidated quarterly financial data for the quarter ending December 31, 2021 (collectively the "previously reported financial statements"). The three-month period ended December 31, 2021, and the year-end period December 31, 2021, also reflected certain immaterial revisions to reclassify certain gains and losses on the sale of the same RCS line of credit product. This reclassification impacts noninterest income, noninterest expense, and interest income with no impact to net income.* 

------

*Based on the Company's evaluation of this error in consideration of the Financial Accounting Standards Board ("FASB) Accounting Standards Codification ("ASC") 250 and the SEC Staff's Accounting Bulletins Nos. 99 ("SAB 99") and 108 ("SAB 108") and interpretations therewith, the Company concluded this error was not material, on an individual or aggregate basis, to the Company's previously reported financial statements and correction of the error would not be material to the current year financial statements, including any interim periods. However, the Company corrected this error as a voluntary immaterial revision to the accompanying financial supplement, as of and for the fiscal years ended December 31, 2022, and 2021, in the periods in which the error occurred. In addition, the Company expects to present the corrected interim 2022 amounts in its 2023 consolidated interim financial statements upon the filing of its Quarterly Reports on Form 10-Q on a quarterly basis and a year-to-date basis as a voluntary immaterial revision to all applicable 2022 periods. The Company also expects to present the corrected 2021 and 2022 amounts upon the filing of the Annual Report on Form 10-K for the year ended December 31, 2022, as a voluntary immaterial revision to all applicable 2021 and 2022 periods.* <br>

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended March 31, 2022 (Unaudited)** | **Period Ended March 31, 2022 (Unaudited)** | **Period Ended March 31, 2022 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $63555 | $555 | $64110 |
| &nbsp;&nbsp; Net Interest Income | 62612 | 555 | 63167 |
| &nbsp;&nbsp; Income before income taxes | 35814 | 555 | 36369 |
| &nbsp;&nbsp; Income tax expense | 7888 | 131 | 8019 |
| &nbsp;&nbsp; Net income | 27926 | 424 | 28350 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $1.40 | $0.02 | $1.42 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 1.27 | 0.02 | 1.29 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 1.40 | 0.02 | 1.42 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 1.27 | 0.02 | 1.29 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended March 31, 2022 (Unaudited)** | **Period Ended March 31, 2022 (Unaudited)** | **Period Ended March 31, 2022 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5509540 | $(1247) | $5508293 |
| &nbsp;&nbsp; Total Stockholders' Equity | 840329 | 1247 | 841576 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** | **6 Months** | **Immaterial** | **6 Months** |
|  | **As Reported** | **Revision** | **Revised** | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $52320 | $582 | $52902 | $115875 | $1137 | $117012 |
| &nbsp;&nbsp; Net Interest Income | 51232 | 582 | 51814 | 113844 | 1137 | 114981 |
| &nbsp;&nbsp; Income before income taxes | 30440 | 582 | 31022 | 66254 | 1137 | 67391 |
| &nbsp;&nbsp; Income tax expense | 6539 | 136 | 6675 | 14427 | 267 | 14694 |
| &nbsp;&nbsp; Net income | 23901 | 446 | 24347 | 51827 | 870 | 52697 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $1.20 | $0.03 | $1.23 | $2.60 | $0.05 | $2.65 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 1.09 | 0.03 | 1.12 | 2.37 | 0.04 | 2.41 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 1.20 | 0.02 | 1.22 | 2.59 | 0.05 | 2.64 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 1.09 | 0.02 | 1.11 | 2.36 | 0.04 | 2.40 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** | **Period Ended June 30, 2022 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5270302 | $(1692) | $5268610 |
| &nbsp;&nbsp; Total Stockholders' Equity | 842174 | 1692 | 843866 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** | **9 Months** | **Immaterial** | **9 Months** |
|  | **As Reported** | **Revision** | **Revised** | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $60056 | $561 | $60617 | $175931 | $1698 | $177629 |
| &nbsp;&nbsp; Net Interest Income | 58036 | 561 | 58597 | 171880 | 1698 | 173578 |
| &nbsp;&nbsp; Income before income taxes | 25405 | 561 | 25966 | 91659 | 1698 | 93357 |
| &nbsp;&nbsp; Income tax expense | 5922 | 148 | 6070 | 20349 | 415 | 20764 |
| &nbsp;&nbsp; Net income | 19483 | 413 | 19896 | 71310 | 1283 | 72593 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $0.99 | $0.02 | $1.01 | $3.60 | $0.06 | $3.66 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 0.90 | 0.02 | 0.92 | 3.27 | 0.06 | 3.33 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 0.99 | 0.02 | 1.01 | 3.58 | 0.07 | 3.65 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 0.90 | 0.02 | 0.92 | 3.26 | 0.06 | 3.32 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** | **Period Ended September 30, 2022 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5158705 | $(2105) | $5156600 |
| &nbsp;&nbsp; Total Stockholders' Equity | 840958 | 2105 | 843063 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** | **6 Months** | **Immaterial** | **6 Months** |
|  | **As Reported** | **Revision** | **Revised** | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $51815 | $45 | $51860 | $121458 | $45 | $121503 |
| &nbsp;&nbsp; Net Interest Income | 50304 | 45 | 50349 | 118170 | 45 | 118215 |
| &nbsp;&nbsp; Income before income taxes | 30561 | 45 | 30606 | 64305 | 45 | 64350 |
| &nbsp;&nbsp; Income tax expense | 6639 | 9 | 6648 | 14330 | 9 | 14339 |
| &nbsp;&nbsp; Net income | 23922 | 36 | 23958 | 49975 | 36 | 50011 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $1.16 | $— | $1.16 | $2.42 | $— | $2.42 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 1.05 | 0.01 | 1.06 | 2.20 |  | 2.20 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 1.16 |  | 1.16 | 2.41 |  | 2.41 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 1.05 |  | 1.05 | 2.19 |  | 2.19 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** | **Period Ended June 30, 2021 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5338220 | $(36) | $5338184 |
| &nbsp;&nbsp; Total Stockholders' Equity | 845090 | 36 | 845126 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** | **9 Months** | **Immaterial** | **9 Months** |
|  | **As Reported** | **Revision** | **Revised** | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $54469 | $497 | $54966 | $175927 | $542 | $176469 |
| &nbsp;&nbsp; Net Interest Income | 53129 | 497 | 53626 | 171299 | 542 | 171841 |
| &nbsp;&nbsp; Income before income taxes | 26227 | 497 | 26724 | 90532 | 542 | 91074 |
| &nbsp;&nbsp; Income tax expense | 6218 | 124 | 6342 | 20548 | 133 | 20681 |
| &nbsp;&nbsp; Net income | 20009 | 373 | 20382 | 69984 | 409 | 70393 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $0.99 | $0.02 | $1.01 | $3.40 | $0.02 | $3.42 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 0.90 | 0.02 | 0.92 | 3.10 | 0.02 | 3.12 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 0.99 | 0.02 | 1.01 | 3.39 | 0.02 | 3.41 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 0.90 | 0.01 | 0.91 | 3.09 | 0.01 | 3.10 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** | **Period Ended September 30, 2021 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5348977 | $(409) | $5348568 |
| &nbsp;&nbsp; Total Stockholders' Equity | 838657 | 409 | 839066 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Income Statement** | | | | | | |
| &nbsp;&nbsp; *($ in thousands, except per share data)* | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** |
|  | **3 Months** | **Immaterial** | **3 Months** | **12 Months** | **Immaterial** | **12 Months** |
|  | **As Reported** | **Revision** | **Revised** | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Interest Income | $51379 | $558 | $51937 | $226260 | $2146 | $228406 |
| &nbsp;&nbsp; Net Interest Income | 50341 | 558 | 50899 | 220594 | 2146 | 222740 |
| &nbsp;&nbsp; Noninterest Income | 16630 | 449 | 17079 | 86859 | (284) | 86575 |
| &nbsp;&nbsp; Noninterest Expense | 44585 | 449 | 45034 | 182304 | 761 | 183065 |
| &nbsp;&nbsp; Income before income taxes | 19809 | 558 | 20367 | 110341 | 1101 | 111442 |
| &nbsp;&nbsp; Income tax expense | 3004 | 145 | 3149 | 23552 | 279 | 23831 |
| &nbsp;&nbsp; Net income | 16805 | 413 | 17218 | 86789 | 822 | 87611 |
| &nbsp;&nbsp; Basic EPS - Class A Common Stock | $0.84 | $0.03 | $0.87 | $4.25 | $0.04 | $4.29 |
| &nbsp;&nbsp; Basic EPS - Class B Common Stock | 0.77 | 0.01 | 0.78 | 3.87 | 0.03 | 3.90 |
| &nbsp;&nbsp; Diluted EPS - Class A Common Stock | 0.84 | 0.02 | 0.86 | 4.24 | 0.04 | 4.28 |
| &nbsp;&nbsp; Diluted EPS - Class B Common Stock | 0.76 | 0.02 | 0.78 | 3.85 | 0.04 | 3.89 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Balance Sheet** | | | |
| &nbsp;&nbsp; *($ in thousands)* | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** | **Period Ended December 31, 2021 (Unaudited)** |
|  | **Period End Balance** | **Immaterial** | **Period End Balance** |
|  | **As Reported** | **Revision** | **Revised** |
| &nbsp;&nbsp; Total Liabilities | $5259400 | $(822) | $5258578 |
| &nbsp;&nbsp; Total Stockholders' Equity | 834232 | 822 | 835054 |

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*NM – Not meaningful*

*NA – Not applicable*

*YTD – Year to date*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

<br>