# EDGAR Filing Document

**Accession Number:** 0000921557
**File Stem:** 0001104659-26-008308
**Filing Date:** 2026-1
**Character Count:** 83854
**Document Hash:** 873ea199ded13b81949380754dad8dfa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-008308.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001104659-26-008308

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260130

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24649
- **FILM NUMBER:** 26580566

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

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

?xml version='1.0' encoding='ASCII'? REPUBLIC BANCORP, INC._January 30, 2026

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**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): January 30, 2026

**REPUBLIC BANCORP, INC.**

(Exact name of registrant as specified in its charter)

---

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

---

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

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

NOT APPLICABLE

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

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

On January 30, 2026, Republic Bancorp, Inc. announced its results of operations for the quarter ended December 31, 2025. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

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

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. |  |
|  | Exhibit No. |  |
|  | [99.1](rbcaa-20260130xex99d1.htm) | [Republic Bancorp, Inc. Earnings Release dated January 30, 2026.](rbcaa-20260130xex99d1.htm) |
|  | [99.2](rbcaa-20260130xex99d2.htm) | [Earnings Release Financial Supplement – Fourth Quarter 2025.](rbcaa-20260130xex99d2.htm) |
|  | 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |

---

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  |  | Republic Bancorp, Inc. |
|  |  | (Registrant) |
| Date: January 30, 2026 | By: | /s/ Kevin Sipes |
|  |  | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Republic Bancorp Reports a 20% Increase in Fourth Quarter Net Income and**

**Record Net Income for the Year**

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

Louisville, KY – Republic Bancorp, Inc. ("Republic" or the "Company") reported fourth quarter 2025 net income and Diluted Earnings per Class A Common Share ("Diluted EPS") of $22.8 million and $1.17 per share, representing increases of 20% and 19%, over the $19.0 million and $0.98 per share reported for the fourth quarter of 2024. As a result, the Company achieved a return on average assets ("ROA") and a return on average equity ("ROE") of 1.28% and 8.20% for the fourth quarter of 2025.

Logan Pichel, President & CEO of Republic Bank & Trust Company, stated: "We delivered strong fourth-quarter results with net income of $22.8 million, up 20% from the prior year and representing another solid all-around quarter. Strategic actions—including disciplined loan and deposit pricing, as well as an on-going reallocation of interest-earning cash into higher-yielding investment alternatives — continued to drive meaningful net interest margin ("NIM") growth within our Core Bank<sup>(2)</sup>. The quarter also featured strong loan production across both Warehouse Lending and the Traditional Bank.

In addition to our solid Core Bank net interest income results, our credit quality metrics remained solid throughout 2025 and at year-end. For the year, the Core Bank's net charge-offs to average loans was 0.03%, while nonperforming loans and delinquent loans represented just 0.45% and 0.26% of total loans as of December 31, 2025. These ratios remain among the best in the industry and underscore the strength and resilience of our Core Bank portfolio.

We continued to enhance our balance sheet liquidity during 2025, as Core Bank period-end deposits<sup>(9)</sup>, excluding wholesale brokered deposits and listing service deposits, increased by $218 million, or 5%, during the year. In addition, Total Company period-end loans increased $7 million during the year, as an increase of $203 million in period-end Warehouse loan balances was substantially offset by a decline of $23 million in Traditional Bank balances, a $158 million decrease in TRS loan balances and a $15 million decline in RCS loan balances. Excluding an $82 million reclassification<sup>(3)</sup> of Republic Bank Finance ("RBF") loans and leases into the HFS category during December 2025, total Traditional Bank loans would have expanded $59 million for the year<sup>(10)</sup>. These loan and deposit balance fluctuations resulted in Total Company quarterly average loan-to-deposit ratio of 100% for the fourth quarter of 2025 compared to 101% for the fourth quarter of 2024.

As it relates to the $82 million reclassification of RBF loans and leases into the HFS portfolio, the Company entered into an agreement to sell its St. Louis-based RBF operations during December. This transaction aligns with our strategic balance sheet goals, is capital accretive, and will allow us to recycle these proceeds into other lending opportunities within the Company. We expect this transaction to close in the first quarter of 2026 and to record a gain, net of broker commissions, of approximately $6 million as a result of the sale.

In addition to our strong fourth-quarter results, we achieved record net income for 2025, exceeding 2024 by $30.0 million. Other notable highlights for the year include:

● We achieved year-over-year net income growth across all five SEC reporting segments;

● We converted our core operating system in just eight months;

------

● We surpassed $1.0 billion in Total Stockholders' Equity, a milestone that reflects our disciplined growth strategy, strong financial performance, and unwavering commitment to maintaining industry-strong capital ratios;

● We received numerous national and regional recognitions for the overall financial strength and performance of our Company, our philanthropy within our communities, and the workplace environment we provide for our associates;

● We recorded a Net Promoter Score from our clients during the third quarter of 2025 of 73, placing us in the "Excellent" category for companies; and

● We recorded an overall associate engagement score of 81%, placing us in the "Great" category for associate engagement.

We enter 2026 with industry-strong credit quality and capital ratios, along with one of the best liquidity positions in the history of our Company. As such, we believe we are well-positioned for another strong year ahead, as we remain focused on disciplined growth, operational excellence and efficiency, while delivering best-in-class services to our clients. While the interest rate environment and economic conditions will always continuously evolve, we believe our diversified business model and focus on the fundamentals of banking will allow the Company, its shareholders, associates and clients to continue to **Thrive** together," Pichel concluded.

The following table highlights Republic's key metrics for the three and twelve months ended December 31, 2025, and 2024. Additional financial details, including segment-level data, are provided in the financial supplement to this release. *The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company's Form 8-K filed with the SEC on January 30, 2026.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **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)* | **2025** | **2024** | $**%**<br>**Change** | **2025** | **2024** | $**%**<br>**Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Before Income Tax Expense | $27595 | $23050 | 20% | $165709 | $127703 | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | 22821 | 19016 | 20 | 131317 | 101371 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | 1.17 | 0.98 | 19 | 6.72 | 5.21 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Assets ("ROA") | 1.28% | 1.10% | 16 | 1.84% | 1.47% | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Equity ("ROE") | 8.20 | 7.63 | 8 | 12.31 | 10.50 | 17 |

---

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

------

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

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

Net income for the Core Bank was $15.9 million for the fourth quarter of 2025, a $1.7 million, or 10%, decrease from the $17.6 million earned for the fourth quarter of 2024. As discussed in detail below, solid increases in net interest income and noninterest income, were offset by higher loan loss provisioning and increased noninterest expenses.

*Net Interest Income* –Core Bank net interest income was $63.7 million for the fourth quarter of 2025, a $6.1 million, or 11%, increase over the $57.7 million achieved during the fourth quarter of 2024. The rise in net interest income for the quarter was driven by a notable increase in the Core Bank's NIM. Overall, the Core Bank's NIM rose from 3.64% during the fourth quarter of 2024 to 3.87% during the fourth quarter of 2025, led by a meaningful decrease in the Core Bank's cost of deposits complemented by growth in average interest-earning assets.

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

**Interest-Earning Assets**

● Core Bank average interest-earning cash was $407 million with a weighted-average yield of 3.86% during the fourth quarter of 2025 compared to $584 million with a weighted-average yield of 4.81% for the fourth quarter of 2024.

● Average investments totaled $901 million with a weighted-average yield of 4.09% during the fourth quarter of 2025 compared to $595 million with a weighted-average yield of 3.16% for the fourth quarter of 2024. The growth in average investment balances and the increase in investment yield occurred as, throughout 2025, the Company deployed a higher percentage of its excess cash into longer-term investment securities, which provided more attractive yields than overnight, interest-earning cash alternatives.

● Average outstanding Warehouse line of credit balances increased $72 million, or 13%, from $553 million during the fourth quarter of 2024 to $625 million for the fourth quarter of 2025, while the weighted-average yield declined 72 basis points to 6.72%. Average committed Warehouse lines increased from $942 million to $1.17 billion during the same periods, as average usage rates for Warehouse lines fluctuated from 59% during the fourth quarter of 2024 to 54% for the fourth quarter of 2025.

● Traditional Bank average loans increased $32 million from $4.57 billion during the fourth quarter of 2024 to $4.60 billion during the fourth quarter of 2025, while the weighted-average yield expanded 15 basis points to 5.72% during the same period.

**Funding Liabilities (Deposits and Borrowings)**

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

● The weighted-average cost of total interest-bearing deposits decreased from 2.43% during the fourth quarter of 2024 to 2.12% for the fourth quarter of 2025, while average interest-bearing deposit balances grew $228 million, or 6%, for the same period. Included within this growth in interest-bearing deposits was a $223 million increase in the average balances for business and consumer money market accounts, which generally pay premium rates. The increase in money market balances was partially offset by a $61 million decrease in average transaction accounts, including a $22 million decrease in the average balance of third-party listing service deposits.

● Average noninterest-bearing deposits decreased $35 million from the fourth quarter of 2024 to the fourth quarter of 2025, as premium-rate interest-bearing checking and savings deposits continued to be a more attractive alternative for consumer and business clients.

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Interest Income** | **Net Interest Income** | **Net Interest Income** | **Net Interest Margin** | **Net Interest Margin** | **Net Interest Margin** |
| *(dollars in thousands)* | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** |  | **Three Months Ended Dec. 31,** | **Three Months Ended Dec. 31,** |  |
| **Reportable Segment** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Traditional Banking | $59483 | $53942 | $5541 | 3.99% | 3.73% | 0.26% |
| Warehouse Lending | 4238 | 3718 | 520 | 2.69 | 2.68 | 0.01 |
| &nbsp;&nbsp;Total Core Bank | $63721 | $57660 | $6061 | 3.87 | 3.64 | 0.23 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| Traditional Banking | $4601183 | $4569224 | $31959 | 1% | $4546297 | $4569179 | $(22882) | (1)% |
| Warehouse Lending | 624655 | 552856 | 71799 | 13 | 754090 | 550760 | 203330 | 37 |
| &nbsp;&nbsp;&nbsp;Total Core Bank | $5225838 | $5122080 | $103758 | 2 | $5300387 | $5119939 | $180448 | 4 |

---

*Provision for Expected Credit Losses* – The Core Bank's Provision<sup>(2)</sup> was a net charge of $6.4 million for the fourth quarter of 2025 compared to a net charge of $367,000 for the fourth quarter of 2024.

The net charge of $6.4 million for the fourth quarter of 2025 was driven by the following:

● The Traditional Bank recorded a $4.8 million specific allocation related to a $16 million C&I participation relationship in which Republic is not the lead bank.

● The Core Bank recorded a charge to the Provision of $879,000 related to net charge-offs on loans.

● The Core Bank recorded a net charge to the Provision of $360,000 resulting from general formula reserves applied to a $144 million increase in the outstanding period-end balances at the end of the quarter for Warehouse.

The net charge of $367,000 for the fourth quarter of 2024 was driven, primarily, by the following:

● The Core Bank recorded a charge to the Provision of $277,000 related to net charge-offs on loans.

● Consistent with a nominal increase in Traditional Bank loan balances, a net charge of $270,000 was recorded for the fourth quarter of 2024.

● Outstanding Warehouse balances declined $44 million during the quarter, driving a $112,000 net credit to the Provision.

------

As a percentage of total loans, the Core Bank's Allowance<sup>(</sup><sup>2)</sup> increased 5 basis points from December 31, 2024, to December 31, 2025. The table below provides a view of the Company's percentage of Allowance-to-total-loans by reportable segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of Dec. 31, 2025** | **As of Dec. 31, 2025** | **As of Dec. 31, 2025** | **As of Dec. 31, 2024** | **As of Dec. 31, 2024** | **As of Dec. 31, 2024** | **Year-over-Year Change** | **Year-over-Year Change** |
| *(dollars in thousands)* |  |  | **Allowance** |  |  | **Allowance** | **Allowance** |  |
| **Reportable Segment** | **Gross Loans** | **Allowance** | **to Loans** | **Gross Loans** | **Allowance** | **to Loans** | **to Loans** | **% Change** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $4546297 | $63662 | 1.40% | $4569179 | $59756 | 1.31% | 0.09% | 7% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 754090 | 1882 | 0.25 | 550760 | 1374 | 0.25 |  |  |
| **Total Core Bank** | 5300387 | 65544 | 1.24 | 5119939 | 61130 | 1.19 | 0.05 | 4 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 32397 | 333 | 1.03 | 190794 | 9861 | 5.17 | (4.14) | (80) |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 113545 | 19475 | 17.15 | 128733 | 20987 | 16.30 | 0.85 | 5 |
| **Total Republic Processing Group** | 145942 | 19808 | 13.57 | 319527 | 30848 | 9.65 | 3.92 | 41 |
| **Total Company** | $5446329 | $85352 | 1.57% | $5439466 | $91978 | 1.69% | (0.12)% | (7)% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** | **Allowance for Credit Losses on Loans Roll-Forward** |
|  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(in thousands)* | **Beginning**  |  | **Charge-** |  | **Ending** | **Beginning**  |  | **Charge-** |  | **Ending** |
| **Reportable Segment** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $58479 | $6062 | $(961) | $82 | $63662 | $59549 | $484 | $(441) | $164 | $59756 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1522 | 360 |  |  | 1882 | 1486 | (112) |  |  | 1374 |
| **Total Core Bank** | 60001 | 6422 | (961) | 82 | 65544 | 61035 | 372 | (441) | 164 | 61130 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 1 | (562) |  | 894 | 333 | 1 | 7701 |  | 2159 | 9861 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 19863 | 4219 | (4989) | 382 | 19475 | 21122 | 4883 | (5357) | 339 | 20987 |
| **Total Republic Processing Group** | 19864 | 3657 | (4989) | 1276 | 19808 | 21123 | 12584 | (5357) | 2498 | 30848 |
| **Total Company** | $79865 | $10079 | $(5950) | $1358 | $85352 | $82158 | $12956 | $(5798) | $2662 | $91978 |

---

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:** | **Quarters Ended:** | **Years Ended:** | **Years Ended:** | **Years Ended:** |
| <br>**Core Banking Credit Quality Ratios** | **Dec. 31,**<br>**2025** | **Sep. 30,**<br>**2025** | **Jun. 30,**<br>**2025** | **Mar. 31,**<br>**2025** | **Dec. 31,**<br>**2025** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2023** |
| Nonperforming loans to total loans | 0.45% | 0.42% | 0.41% | 0.44% | 0.45% | 0.44% | 0.39% |
| Nonperforming assets to total loans (including OREO) | 0.47 | 0.44 | 0.43 | 0.46 | 0.47 | 0.46 | 0.41 |
| Delinquent loans\* to total loans | 0.26 | 0.21 | 0.19 | 0.18 | 0.26 | 0.20 | 0.16 |
| Net charge-offs to average loans | 0.07 | 0.02 | 0.02 | 0.01 | 0.03 | 0.05 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quarterly rates annualized) |  |  |  |  |  |  |  |
| *OREO = Other Real Estate Owned* |  |  |  |  |  |  |  |

---

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

*Noninterest Income* – Core Bank noninterest income increased by $1.0 million from $9.7 million for the fourth quarter of 2024 to $10.7 million for the fourth quarter of 2025. Included within the increase for noninterest income was a $900,000 increase within Other noninterest income. During the fourth quarter of 2025, the Company recorded $744,000 of annual credit card and debit card incentives based on customer spending volume, with the comparable payment during 2024 being received and recorded during the third quarter.

*Noninterest Expense* – The Core Bank's noninterest expenses were $49.3 million for the fourth quarter of 2025, an increase of $3.5 million over the fourth quarter of 2024. Driving the higher noninterest expenses for the quarter was a combined $2.4 million, or 9%, increase in Salaries and employee benefits, with health insurance claims rising $1.0 million for the quarter, while estimated bonus-related expenses rose $866,000 for the same period.

------

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

RPG reported net income of $6.9 million for the fourth quarter of 2025, a $5.5 million increase over the $1.4 million reported for the fourth quarter of 2024. Notable net income fluctuations for the quarter within RPG's operating segments were as follows:

<u>Tax Refund Solutions</u>

TRS recorded net loss of $1.4 million during the fourth quarter of 2025, which compared to a net loss of $6.4 million for the fourth quarter of 2024. A net loss for TRS is customary during the fourth quarter of each year as the segment ramps up its operations for the subsequent year's first quarter tax season.

The positive variance in net loss for TRS from the fourth quarter of 2024 to the fourth quarter of 2025 primarily reflected the impact of the previously-disclosed non-renewal of a large tax preparer contract, which significantly impacted period-to-period comparability. During the fourth quarter of 2024, Early Season Refund Advance ("ERA") originations from this contract were $123 million, which generated approximately $1.8 million in net interest income and $9.5 million in Provision expense during the that quarter. ERAs are primarily originated during December of each year in connection with the upcoming first quarter tax business for each period.

<u>Republic Payment Solutions</u>

Net income at RPS was $2.0 million for the fourth quarter of 2025, a $298,000 increase over the fourth quarter of 2024. The increase in net income at RPS was primarily the result of the favorable impact of no revenue-share being recorded during the fourth quarter of 2025 compared to $1.1 million paid during the fourth quarter of 2024. Partially offsetting the positive benefit of the change in revenue share, RPS earned a lower yield for average prepaid program balances driven by the decline in the overnight Federal Funds Target Rate over the past 15 months.

<u>Republic Credit Solutions</u>

RCS net income rose by $200,000 to $6.3 million for the fourth quarter of 2025, compared to $6.1 million for the fourth quarter of 2024. The increase was primarily driven by lower Provision within the segment's line of credit products, reflecting reduced net charge-offs and lower Provisioning requirements resulting from a decline in outstanding loan balances. Additionally, RCS Program fees grew due to increased originations within its installment loan product, while marketing costs declined in-line with lower line of credit origination volume.

*Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas ("MSAs") across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. The Bank offers online banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of December 31, 2025, had approximately $7.04 billion in total assets. The Company's Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.*

**Republic Bank. Time to Thrive.**™

***Forward-Looking Statements***

*This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the ability to develop products and strategies in order to meet the Company's long-term strategic goals, the ability of Republic Bank Finance's ("RBF") potential acquiror to attain financing and close on its acquisition of RBF; and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including those factors set forth as "Risk Factors" in the Company's Annual Report on Form 10-K for the period ended December 31, 2024. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.*

------

**Footnotes:**

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

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

*Allowance – Allowance for credit losses*

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

*NM – Not meaningful*

*NA – Not applicable*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

------

## Exhibit 99.2

**Exhibit 99.2**

![Graphic](rbcaa-20260130xex99d2001.jpg)

**EARNINGS RELEASE FINANCIAL SUPPLEMENT**

**FOURTH QUARTER 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**BALANCE SHEET DATA**](#BALANCE_SHEET_SPOT) | S-2 |
| [**AVERAGE BALANCE SHEET DATA**](#AverageBalanceSheetData_952565) | S-3 |
| [**TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES**](#BALANCE_SHEET_AVG_INTRATES) | S-4 |
| [**INCOME STATEMENT DATA**](#INCOME_STATEMENT_DATA_NEW) | S-5 |
| [**SELECTED DATA AND RATIOS**](#SDR) | S-6 |
| [**LOAN COMPOSITION**](#LOANS)  | S-7 |
| [**ALLOWANCE FOR CREDIT LOSSES ON LOANS**](#LOANS) | S-7 |
| [**CREDIT QUALITY DATA AND RATIOS**](#CreditQualityDataandRatios_85933) | S-8 |
| [**SEGMENT DATA**](#SEGMENT_DATA) | S-9 |
| [**FOOTNOTES**](#FOOTNOTES) | S-12 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Balance Sheet Data** |  |  |  |  |  |
|  | **As of**  | **As of**  | **As of**  | **As of**  | **As of**  |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** |
| **Assets:** |  |  |  |  |  |
| Cash and cash equivalents | $219972 | $484238 | $484808 | $793020 | $432151 |
| Investment securities | 890582 | 849226 | 711906 | 615663 | 595626 |
| Loans held for sale | 117350 | 40206 | 36802 | 41265 | 32387 |
| Loans | 5446329 | 5281374 | 5373020 | 5289793 | 5439466 |
| Allowance for credit losses | (85352) | (79865) | (81760) | (106303) | (91978) |
| &nbsp;&nbsp;&nbsp;Loans, net | 5360977 | 5201509 | 5291260 | 5183490 | 5347488 |
| Federal Home Loan Bank ("FHLB") stock, at cost | 32114 | 25849 | 24568 | 26748 | 24478 |
| Premises and equipment, net | 35986 | 37884 | 36651 | 31996 | 32309 |
| Right-of-use assets | 31330 | 32804 | 34327 | 35857 | 36182 |
| Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| Other real estate owned ("OREO") | 1277 | 1246 | 1054 | 1107 | 1160 |
| Bank owned life insurance ("BOLI") | 110721 | 109773 | 108738 | 107918 | 107125 |
| Other assets and accrued interest receivable | 201236 | 191668 | 200287 | 197975 | 197245 |
| Total assets | $7042061 | $7014919 | $6970917 | $7075555 | $6846667 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing  | $1173461 | $1239023 | $1223016 | $1375234 | $1207764 |
| &nbsp;&nbsp;&nbsp;Interest-bearing  | 4029686 | 4099322 | 4094223 | 4030658 | 4002782 |
| Total deposits | 5203147 | 5338345 | 5317239 | 5405892 | 5210546 |
| Securities sold under agreements to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;repurchase ("SSUAR") and other short-term borrowings  | 88504 | 74522 | 72103 | 89718 | 103318 |
| Operating lease liabilities | 32370 | 33833 | 35335 | 36831 | 37121 |
| Federal Home Loan Bank advances | 506000 | 375000 | 370000 | 370000 | 395000 |
| Other liabilities and accrued interest payable | 109747 | 108699 | 116134 | 139025 | 108653 |
| Total liabilities | 5939768 | 5930399 | 5910811 | 6041466 | 5854638 |
| Stockholders' equity | 1102293 | 1084520 | 1060106 | 1034089 | 992029 |
| Total liabilities and stockholders' equity | $7042061 | $7014919 | $6970917 | $7075555 | $6846667 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Balance Sheet Data** |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended**  | **Years Ended**  |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Assets:** |  |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold and other interest-earning deposits | $407022 | $476681 | $622909 | $516785 | $583672 | $505468 | $472512 |
| &nbsp;&nbsp;&nbsp;Investment securities, including FHLB stock | 901006 | 806304 | 686223 | 619525 | 594567 | 754181 | 647409 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5365734 | 5281369 | 5318666 | 5497968 | 5313234 | 5365340 | 5322672 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 6673762 | 6564354 | 6627798 | 6634278 | 6491473 | 6624989 | 6442593 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (79832) | (81196) | (105726) | (102271) | (82301) | (92164) | (92071) |
| **Noninterest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning cash and cash equivalents | 70289 | 82616 | 125098 | 389994 | 93927 | 165892 | 139775 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 38868 | 37557 | 33250 | 32513 | 32933 | 35570 | 33397 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 110385 | 109381 | 108416 | 107599 | 106814 | 108954 | 105560 |
| &nbsp;&nbsp;&nbsp;Other assets | 273906 | 279166 | 273195 | 273643 | 257780 | 275181 | 255041 |
| Total assets | $7087378 | $6991878 | $7062031 | $7335756 | $6900626 | $7118422 | $6884295 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $4084332 | $4078925 | $4081209 | $4041991 | $3921291 | $4071750 | $3898460 |
| &nbsp;&nbsp;&nbsp;SSUARs and other short-term borrowings | 133851 | 73135 | 87760 | 108760 | 142007 | 100869 | 101680 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 377793 | 372283 | 370000 | 520778 | 370780 | 409718 | 400032 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4595976 | 4524343 | 4538969 | 4671529 | 4434078 | 4582337 | 4400172 |
| **Noninterest-bearing liabilities and Stockholders' Equity:** | **Noninterest-bearing liabilities and Stockholders' Equity:** | **Noninterest-bearing liabilities and Stockholders' Equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 1261600 | 1254609 | 1323622 | 1491084 | 1328885 | 1331886 | 1374457 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 125515 | 131269 | 143941 | 150299 | 140228 | 137670 | 144461 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | 1104287 | 1081657 | 1055499 | 1022844 | 997435 | 1066529 | 965205 |
| Total liabilities and stockholders' equity | $7087378 | $6991878 | $7062031 | $7335756 | $6900626 | $7118422 | $6884295 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
|  | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** |
| **ASSETS** |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Federal funds sold and other interest-earning deposits | $407022 | $3965 | 3.86% | $583672 | $7051 | 4.81% |
| Investment securities, including FHLB stock (a) | 901006 | 9296 | 4.09 | 594567 | 4716 | 3.16 |
| TRS Refund Advances (b) | 2559 | 288 | 44.65 | 23219 | 2604 | 44.62 |
| RCS LOC products (b)  | 43931 | 11411 | 103.05 | 46447 | 12569 | 107.66 |
| Other RPG loans | 93406 | 1399 | 5.94 | 121488 | 1896 | 6.21 |
| Outstanding Warehouse lines of credit | 624655 | 10587 | 6.72 | 552856 | 10333 | 7.44 |
| Traditional Bank loans (c) | 4601183 | 66287 | 5.72 | 4569224 | 63939 | 5.57 |
| Total loans (d) | 5365734 | 89972 | 6.65 | 5313234 | 91341 | 6.84 |
| Total interest-earning assets | 6673762 | 103233 | 6.14 | 6491473 | 103108 | 6.32 |
| Allowance for credit losses | (79832) |  |  | (82301) |  |  |
| **Noninterest-earning assets:** |  |  |  |  |  |  |
| Noninterest-earning cash and cash equivalents | 70289 |  |  | 93927 |  |  |
| Premises and equipment, net | 38868 |  |  | 32933 |  |  |
| Bank owned life insurance | 110385 |  |  | 106814 |  |  |
| Other assets (a) | 273906 |  |  | 257780 |  |  |
| Total assets | $7087378 |  |  | $6900626 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Transaction accounts | $1643909 | $2229 | 0.54% | $1726893 | $4358 | 1.00% |
| Money market accounts | 1539777 | 10027 | 2.58 | 1320103 | 10286 | 3.10 |
| Time deposits | 479839 | 4483 | 3.71 | 397671 | 3988 | 3.99 |
| Reciprocal money market and time deposits | 319758 | 2347 | 2.91 | 336110 | 3110 | 3.68 |
| Brokered deposits | 101049 | 1176 | 4.62 | 140514 | 1783 | 5.05 |
| Total interest-bearing deposits | 4084332 | 20262 | 1.97 | 3921291 | 23525 | 2.39 |
| SSUARs and other short-term borrowings | 133851 | 111 | 0.33 | 142007 | 143 | 0.40 |
| Federal Home Loan Bank advances | 377793 | 4050 | 4.25 | 370780 | 4046 | 4.34 |
| Total interest-bearing liabilities | 4595976 | 24423 | 2.11 | 4434078 | 27714 | 2.49 |
| **Noninterest-bearing liabilities and Stockholders' equity:** |  |  |  |  |  |  |
| Noninterest-bearing deposits | 1261600 |  |  | 1328885 |  |  |
| Other liabilities | 125515 |  |  | 140228 |  |  |
| Stockholders' equity | 1104287 |  |  | 997435 |  |  |
| Total liabilities and stockholders' equity | $7087378 |  |  | $6900626 |  |  |
| Net interest income |  | $78810 |  |  | $75394 |  |
| Net interest spread |  |  | 4.03% |  |  | 3.83% |
| Net interest margin |  |  | 4.69% |  |  | 4.62% |

---

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Average balances for loans include the principal balance of nonaccrual loans and loans held for sale (not carried at fair value), and are inclusive of all loan premiums, discounts, fees, and costs.* 

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

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Statement Data** |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended**  | **Years Ended**  |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Total interest income (1) | $103233 | $103239 | $102203 | $129838 | $103108 | $438513 | $432986 |
| Total interest expense | 24423 | 26269 | 26001 | 27150 | 27714 | 103843 | 120832 |
| **Net interest income** | 78810 | 76970 | 76202 | 102688 | 75394 | 334670 | 312154 |
| **Provision (2)** | 10079 | 2023 | 1823 | 17672 | 12951 | 31597 | 54376 |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3825 | 3646 | 3505 | 3460 | 3654 | 14436 | 14186 |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees | 108 | 1117 | 2567 | 13893 | 143 | 17685 | 15356 |
| &nbsp;&nbsp;&nbsp;Mortgage banking income (3) | 1620 | 2064 | 1896 | 1821 | 1454 | 7401 | 5438 |
| &nbsp;&nbsp;&nbsp;Interchange fee income | 2884 | 3030 | 3200 | 3077 | 3173 | 12191 | 12967 |
| &nbsp;&nbsp;&nbsp;Program fees (3) | 4444 | 4888 | 4451 | 3822 | 4279 | 17605 | 17818 |
| &nbsp;&nbsp;&nbsp;Increase in cash surrender value of BOLI | 947 | 1035 | 821 | 793 | 836 | 3596 | 3208 |
| &nbsp;&nbsp;&nbsp;Net losses on OREO | (53) | (52) | (53) | (53) | (52) | (211) | (206) |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares |  |  |  | 4090 |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Other (3) | 1684 | 840 | 1257 | 2251 | 631 | 6032 | 3883 |
| Total noninterest income | 15459 | 16568 | 17644 | 33154 | 14118 | 82825 | 72650 |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 34163 | 31027 | 30801 | 31069 | 30999 | 127060 | 118650 |
| &nbsp;&nbsp;&nbsp;Technology, equipment, and communication | 8581 | 8710 | 8684 | 8643 | 8316 | 34618 | 30690 |
| &nbsp;&nbsp;&nbsp;Occupancy | 3673 | 3547 | 3391 | 3564 | 3401 | 14175 | 13856 |
| &nbsp;&nbsp;&nbsp;Marketing and development | 2422 | 2668 | 1243 | 1387 | 2827 | 7720 | 9439 |
| &nbsp;&nbsp;&nbsp;FDIC insurance expense | 751 | 763 | 731 | 819 | 728 | 3064 | 3012 |
| &nbsp;&nbsp;&nbsp;Interchange related expense | 1609 | 1640 | 1488 | 1636 | 1595 | 6373 | 5845 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 825 | 1100 | 666 | 1118 | 794 | 3709 | 3489 |
| &nbsp;&nbsp;&nbsp;Core conversion and contract consulting fees | 220 | 97 | 182 | 5714 |  | 6213 |  |
| &nbsp;&nbsp;&nbsp;Merger expense |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Other (2) | 4351 | 4201 | 4447 | 4258 | 4851 | 17257 | 17703 |
| Total noninterest expense | 56595 | 53753 | 51633 | 58208 | 53511 | 220189 | 202725 |
| **Income before income tax expense** | 27595 | 37762 | 40390 | 59962 | 23050 | 165709 | 127703 |
| **Income tax expense** | 4774 | 8018 | 8906 | 12694 | 4034 | 34392 | 26332 |
| **Net income**  | $22821 | $29744 | $31484 | $47268 | $19016 | $131317 | $101371 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data and Ratios** |  |  |  |  |  |  |  |
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Years Ended**  | **As of and for the Years Ended**  |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Per Share Data:** |  |  |  |  |  |  |  |
| Basic weighted average shares outstanding | 19744 | 19733 | 19721 | 19711 | 19672 | 19744 | 19650 |
| Diluted weighted average shares outstanding | 19799 | 19791 | 19784 | 19797 | 19778 | 19809 | 19736 |
| Period-end shares outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | 17393 | 17387 | 17378 | 17368 | 17298 | 17393 | 17298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 2148 | 2149 | 2149 | 2150 | 2150 | 2148 | 2150 |
| Book value per share (4) | $56.41 | $55.51 | $54.29 | $52.98 | $51.01 | $56.41 | $51.01 |
| Tangible book value per share (4) | 53.91 | 53.01 | 51.78 | 50.46 | 48.47 | 53.91 | 48.47 |
| Earnings per share ("EPS"): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class A Common Stock | $1.17 | $1.53 | $1.62 | $2.43 | $0.99 | $6.74 | $5.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class B Common Stock | 1.07 | 1.39 | 1.47 | 2.21 | 0.89 | 6.13 | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class A Common Stock | 1.17 | 1.52 | 1.61 | 2.42 | 0.98 | 6.72 | 5.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class B Common Stock | 1.06 | 1.39 | 1.47 | 2.20 | 0.89 | 6.11 | 4.74 |
| Cash dividends declared per Common share: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $0.451 | $0.451 | $0.451 | $0.451 | $0.407 | $1.804 | $1.628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 0.410 | 0.410 | 0.410 | 0.410 | 0.370 | 1.640 | 1.480 |
| **Performance Ratios:** |  |  |  |  |  |  |  |
| Return on average assets | 1.28% | 1.69% | 1.79% | 2.61% | 1.10% | 1.84% | 1.47% |
| Return on average equity  | 8.20 | 10.91 | 11.96 | 18.74 | 7.63 | 12.31 | 10.50 |
| Efficiency ratio (5)  | 59.8 | 57.4 | 55.0 | 40.3 | 59.8 | 52.0 | 52.7 |
| Yield on average interest-earning assets (1) | 6.14 | 6.24 | 6.19 | 7.94 | 6.32 | 6.62 | 6.72 |
| Cost of average interest-bearing liabilities | 2.11 | 2.30 | 2.30 | 2.36 | 2.49 | 2.27 | 2.75 |
| Cost of average deposits (6) | 1.50 | 1.64 | 1.62 | 1.57 | 1.79 | 1.58 | 1.94 |
| Net interest spread (1) | 4.03 | 3.94 | 3.89 | 5.58 | 3.83 | 4.35 | 3.97 |
| Net interest margin - Total Company (1) | 4.69 | 4.65 | 4.61 | 6.28 | 4.62 | 5.05 | 4.85 |
| Net interest margin - Core Bank (1) | 3.87 | 3.78 | 3.72 | 3.70 | 3.64 | 3.77 | 3.48 |
| **Other Information:** |  |  |  |  |  |  |  |
| End of period FTEs (7) - Total Company | 973 | 978 | 974 | 981 | 989 | 973 | 989 |
| End of period FTEs (7) - Core Bank | 911 | 918 | 917 | 923 | 933 | 911 | 933 |
| Number of full-service banking centers  | 47 | 47 | 47 | 47 | 47 | 47 | 47 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Loan Composition and Allowance for Credit Losses on Loans** | **Loan Composition and Allowance for Credit Losses on Loans** | **Loan Composition and Allowance for Credit Losses on Loans** |  |  |  |
|  | **As of** | **As of** | **As of** | **As of** | **As of** |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** |
| **Loan Composition:** |  |  |  |  |  |
| **Traditional Banking:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner-occupied | $1040080 | $1044737 | $1031898 | $1025461 | $1032459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonowner-occupied | 283246 | 291373 | 303357 | 311955 | 318096 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1797738 | 1766616 | 1789043 | 1806760 | 1813177 |
| &nbsp;&nbsp;&nbsp;Construction & land development | 238455 | 246065 | 258817 | 238562 | 244121 |
| &nbsp;&nbsp;&nbsp;Commercial & industrial | 528873 | 488786 | 481219 | 482955 | 460245 |
| &nbsp;&nbsp;&nbsp;Lease financing receivables | 20523 | 96605 | 96547 | 93159 | 93304 |
| &nbsp;&nbsp;&nbsp;Aircraft | 203120 | 202742 | 211910 | 219292 | 226179 |
| &nbsp;&nbsp;&nbsp;Home equity | 413638 | 399691 | 387599 | 365631 | 353441 |
| &nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 10711 | 10787 | 10315 | 11136 | 16464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overdrafts | 971 | 881 | 826 | 779 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile loans | 738 | 813 | 916 | 1031 | 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 8204 | 9210 | 9705 | 9638 | 9555 |
| **Total Traditional Banking** | 4546297 | 4558306 | 4582152 | 4566359 | 4569179 |
| &nbsp;&nbsp;&nbsp;Warehouse lines of credit | 754090 | 609826 | 671773 | 569502 | 550760 |
| **Total Core Banking** | 5300387 | 5168132 | 5253925 | 5135861 | 5119939 |
| **Republic Processing Group:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund Advances | 12924 |  |  | 30344 | 138614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other TRS commercial & industrial loans | 19473 | 292 | 95 | 5841 | 52180 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 113545 | 112950 | 119000 | 117747 | 128733 |
| **Total Republic Processing Group** | 145942 | 113242 | 119095 | 153932 | 319527 |
| **Total Loans - Total Company** | $5446329 | $5281374 | $5373020 | $5289793 | $5439466 |
| **Allowance for Credit Losses on Loans ("Allowance"):** | **Allowance for Credit Losses on Loans ("Allowance"):** | **Allowance for Credit Losses on Loans ("Allowance"):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Traditional Banking | $63662 | $58479 | $59055 | $58851 | $59756 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1882 | 1522 | 1676 | 1421 | 1374 |
| **Total Core Banking** | 65544 | 60001 | 60731 | 60272 | 61130 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 333 | 1 |  | 25981 | 9861 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 19475 | 19863 | 21029 | 20050 | 20987 |
| **Total Republic Processing Group** | 19808 | 19864 | 21029 | 46031 | 30848 |
| **Total Allowance - Total Company** | $85352 | $79865 | $81760 | $106303 | $91978 |
| **Allowance to Total Loans:** | **Allowance to Total Loans:** | **Allowance to Total Loans:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Traditional Banking | 1.40% | 1.28% | 1.29% | 1.29% | 1.31% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| **Total Core Banking** | 1.24 | 1.16 | 1.16 | 1.17 | 1.19 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 1.03 | 0.34 |  | 71.80 | 5.17 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 17.15 | 17.59 | 17.67 | 17.03 | 16.30 |
| **Total Republic Processing Group** | 13.57 | 17.54 | 17.66 | 29.90 | 9.65 |
| **Total Company** | 1.57 | 1.51 | 1.52 | 2.01 | 1.69 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Credit Quality Data and Ratios** |  |  |  |  |  |  |  |
|  | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Years Ended**  | **As of and for the Years Ended**  |
|  | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Nonperforming Assets - Total Company:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $23806 | $21572 | $21537 | $22730 | $22619 | $23806 | $22619 |
| Loans past due 90-days-or-more and still on accrual | 161 | 137 | 105 | 120 | 141 | 161 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 23967 | 21709 | 21642 | 22850 | 22760 | 23967 | 22760 |
| OREO | 1277 |  | 1054 | 1107 | 1160 | 1277 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $25244 | $21709 | $22696 | $23957 | $23920 | $25244 | $23920 |
| **Nonperforming Assets - Core Bank:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $23806 | $21572 | $21537 | $22730 | $22619 | $23806 | $22619 |
| Loans past due 90-days-or-more and still on accrual |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 23806 | 21572 | 21537 | 22730 | 22619 | 23806 | 22619 |
| OREO | 1277 |  | 1054 | 1107 | 1160 | 1277 | 1160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $25083 | $21572 | $22591 | $23837 | $23779 | $25083 | $23779 |
| **Delinquent Loans:** |  |  |  |  |  |  |  |
| Core Bank | $13925 | $10691 | $9953 | $9031 | $10185 | $13925 | $10185 |
| RPG | 8938 | 8691 | 9133 | 8282 | 10304 | 8938 | 10304 |
| &nbsp;&nbsp;&nbsp;Total delinquent loans - Total Company | $22863 | $19382 | $19086 | $17313 | $20489 | $22863 | $20489 |
| **NCOs (Recoveries) by Segment:** |  |  |  |  |  |  |  |
| Traditional Bank | $879 | $251 | $313 | $136 | $277 | $1579 | $2493 |
| Warehouse Lending |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Core Bank | 879 | 251 | 313 | 136 | 277 | 1579 | 2493 |
| Tax Refund Solutions | (894) | (1468) | 22049 | (693) | (2159) | 18994 | 24112 |
| Republic Credit Solutions | 4607 | 5135 | 4004 | 3904 | 5018 | 17650 | 17933 |
| &nbsp;&nbsp;&nbsp;RPG | 3713 | 3667 | 26053 | 3211 | 2859 | 36644 | 42045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NCOs (recoveries) - Total Company | $4592 | $3918 | $26366 | $3347 | $3136 | $38223 | $44538 |
| **Credit Quality Ratios - Total Company:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.44% | 0.41% | 0.40% | 0.43% | 0.42% | 0.44% | 0.42% |
| Nonperforming assets to total loans (including OREO) | 0.46 | 0.43 | 0.42 | 0.45 | 0.44 | 0.46 | 0.44 |
| Nonperforming assets to total assets | 0.36 | 0.33 | 0.33 | 0.34 | 0.35 | 0.36 | 0.35 |
| Allowance for credit losses to total loans  | 1.57 | 1.51 | 1.52 | 2.01 | 1.69 | 1.57 | 1.69 |
| Allowance for credit losses to nonperforming loans | 356 | 368 | 378 | 465 | 404 | 356 | 404 |
| Delinquent loans to total loans (8) | 0.42 | 0.37 | 0.36 | 0.33 | 0.38 | 0.42 | 0.38 |
| Annualized NCOs (recoveries) to average loans | 0.34 | 0.29 | 1.99 | 0.24 | 0.24 | 0.71 | 0.84 |
| **Credit Quality Ratios - Core Bank:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.45% | 0.42% | 0.41% | 0.44% | 0.44% | 0.45% | 0.44% |
| Nonperforming assets to total loans (including OREO) | 0.47 | 0.44 | 0.43 | 0.46 | 0.46 | 0.47 | 0.46 |
| Nonperforming assets to total assets | 0.38 | 0.35 | 0.35 | 0.37 | 0.39 | 0.38 | 0.39 |
| Allowance for credit losses to total loans  | 1.24 | 1.16 | 1.16 | 1.17 | 1.19 | 1.24 | 1.19 |
| Allowance for credit losses to nonperforming loans | 275 | 278 | 282 | 265 | 270 | 275 | 270 |
| Delinquent loans to total loans (8) | 0.26 | 0.21 | 0.19 | 0.18 | 0.20 | 0.26 | 0.20 |
| Annualized NCOs (recoveries) to average loans | 0.07 | 0.02 | 0.02 | 0.01 | 0.02 | 0.03 | 0.05 |
| **TRS Refund Advances ("RAs and ERAs")** |  |  |  |  |  |  |  |
| RAs and ERAs originated | $12924 | $— | $— | $662556 | $138614 | $675480 | $909705 |
| Net (credit) charge to the Provision for RAs and ERAs | (598) | (1454) | (3934) | 15335 | 7637 | 9349 | 29886 |
| RAs and ERAs NCOs (recoveries) | (894) | (1454) | 21885 | (691) | (2156) | 18846 | 24022 |

---

------

**Republic Bancorp, Inc.**

**Earnings Release**

**Financial Supplement**

**Fourth Quarter 2025 *(continued)***

**Segment Data:**

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

As of December 31, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions. Management considers the first two segments to collectively constitute "Core Bank" or "Core Banking" operations, while the last three segments collectively constitute Republic Processing Group operations.

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

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

---

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

---

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

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

Segment information for the quarters and years ended December 31, 2025, and 2024 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** | **Three Months Ended December 31, 2025** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $59483 | $4238 | $**63721** | $335 | $3060 | $11694 | $**15089** | $**78810** |
| **Provision for expected credit loss expense** | 6062 | 360 | **6422** | (562) |  | 4219 | **3657** | **10079** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 108 |  |  | **108** | **108** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 1620 |  | **1620** |  |  |  | **—** | **1620** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 665 | 3779 | **4444** | **4444** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | 9100 | 19 | **9119** | 17 | 150 | 1 | **168** | **9287** |
| **Total noninterest income** | 10720 | 19 | **10739** | 125 | 815 | 3780 | **4720** | **15459** |
| **Total noninterest expense** | 48347 | 1000 | **49347** | 2790 | 1293 | 3165 | **7248** | **56595** |
| **Income before income tax expense** | 15794 | 2897 | **18691** | (1768) | 2582 | 8090 | **8904** | **27595** |
| **Income tax expense** | 2148 | 653 | **2801** | (378) | 569 | 1782 | **1973** | **4774** |
| **Net income** | $13646 | $2244 | $**15890** | $(1390) | $2013 | $6308 | $**6931** | $**22821** |
| **Period-end assets** | $5817278 | $754564 | $**6571842** | $32165 | $314814 | $123240 | $**470219** | $**7042061** |
| **Net interest margin** | 3.99% | 2.69% | **3.87%** | NM | NM% | NM | **NM** | **4.69%** |
| **Net-revenue concentration\*** | 75% | 5% | **80%** | -% | 4% | 16% | **20%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** | **Three Months Ended December 31, 2024** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $53942 | $3718 | $**57660** | $2247 | $2590 | $12897 | $**17734** | $**75394** |
| **Provision for expected credit loss expense** | 479 | (112) | **367** | 7701 |  | 4883 | **12584** | **12951** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 143 |  |  | **143** | **143** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 1454 |  | **1454** |  |  |  | **—** | **1454** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 802 | 3477 | **4279** | **4279** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 8204 | 20 | **8224** | 15 | 2 | 1 | **18** | **8242** |
| **Total noninterest income** | 9658 | 20 | **9678** | 158 | 804 | 3478 | **4440** | **14118** |
| **Total noninterest expense** | 44926 | 917 | **45843** | 2818 | 1182 | 3668 | **7668** | **53511** |
| **Income before income tax expense** | 18195 | 2933 | **21128** | (8114) | 2212 | 7824 | **1922** | **23050** |
| **Income tax expense** | 2889 | 661 | **3550** | (1729) | 497 | 1716 | **484** | **4034** |
| **Net income** | $15306 | $2272 | $**17578** | $(6385) | $1715 | $6108 | $**1438** | $**19016** |
| **Period-end assets** | $5608110 | $551747 | $**6159857** | $217662 | $335369 | $133779 | $**686810** | $**6846667** |
| **Net interest margin** | 3.73% | 2.68% | **3.64%** | NM | NM% | NM | **NM** | **4.62%** |
| **Net-revenue concentration\*** | 71% | 4% | **75%** | 3% | 4% | 18% | **25%** | **100%** |

---

------

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

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $226608 | $14620 | $**241228** | $30489 | $13810 | $49143 | $**93442** | $**334670** |
| **Provision for expected credit loss expense** | 5485 | 508 | **5993** | 9466 |  | 16138 | **25604** | **31597** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 17685 |  |  | **17685** | **17685** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 7401 |  | **7401** |  |  |  | **—** | **7401** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 2948 | 14657 | **17605** | **17605** |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares | 4090 |  | **4090** |  |  |  | **—** | **4090** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 35541 | 83 | **35624** | 265 | 152 | 3 | **420** | **36044** |
| **Total noninterest income** | 47032 | 83 | **47115** | 17950 | 3100 | 14660 | **35710** | **82825** |
| **Total noninterest expense** | 189080 | 3768 | **192848** | 10865 | 4637 | 11839 | **27341** | **220189** |
| **Income before income tax expense** | 79075 | 10427 | **89502** | 28108 | 12273 | 35826 | **76207** | **165709** |
| **Income tax expense** | 15395 | 2350 | **17745** | 6116 | 2678 | 7853 | **16647** | **34392** |
| **Net income** | $63680 | $8077 | $**71757** | $21992 | $9595 | $27973 | $**59560** | $**131317** |
| **Period-end assets** | $5817278 | $754564 | $**6571842** | $32165 | $314814 | $123240 | $**470219** | $**7042061** |
| **Net interest margin** | 3.88% | 2.63% | **3.77%** | NM | NM% | NM | **NM** | **5.05%** |
| **Net-revenue concentration\*** | 65% | 4% | **69%** | 12% | 4% | 15% | **31%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | |
| <br>***(dollars in thousands)*** | <br>**Traditional**<br>**Banking** | <br>**Warehouse**<br>**Lending** | **Total**<br>**Core**<br>**Banking** | **Tax**<br>**Refund**<br>**Solutions** | **Republic**<br>**Payment**<br>**Solutions** | **Republic**<br>**Credit** <br>**Solutions** | <br>**Total**<br>**RPG** | <br>**Total**<br>**Company** |
| **Net interest income** | $203139 | $12469 | $**215608** | $34420 | $11811 | $50315 | $**96546** | $**312154** |
| **Provision for expected credit loss expense** | 3241 | 527 | **3768** | 29983 |  | 20625 | **50608** | **54376** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 15356 |  |  | **15356** | **15356** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 5438 |  | **5438** |  |  |  | **—** | **5438** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 3121 | 14697 | **17818** | **17818** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 33641 | 62 | **33703** | 180 | 151 | 4 | **335** | **34038** |
| **Total noninterest income** | 39079 | 62 | **39141** | 15536 | 3272 | 14701 | **33509** | **72650** |
| **Total noninterest expense** | 169298 | 3611 | **172909** | 11605 | 4101 | 14110 | **29816** | **202725** |
| Income before income tax expense | 69679 | 8393 | **78072** | 8368 | 10982 | 30281 | **49631** | **127703** |
| Income tax expense | 13306 | 1892 | **15198** | 1970 | 2427 | 6737 | **11134** | **26332** |
| **Net income**  | $56373 | $6501 | $**62874** | $6398 | $8555 | $23544 | $**38497** | $**101371** |
| **Period-end assets** | $5608110 | $551747 | $**6159857** | $217662 | $335369 | $133779 | $**686810** | $**6846667** |
| **Net interest margin** | 3.55% | 2.65% | **3.48%** | NM | NM% | NM | **NM** | **4.85%** |
| **Net-revenue concentration\*** | 63% | 3% | **66%** | 13% | 4% | 17% | **34%** | **100%** |

---

------

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

------

**Republic Bancorp, Inc.**

**Earnings Release Financial Supplement**

**Fourth Quarter 2025 *(continued)***

**Footnotes:**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended**  | **Years Ended**  |
| <br>*(in thousands)* | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| &nbsp;&nbsp;&nbsp;Traditional Banking | $2003 | $1393 | $1367 | $1291 | $1161 | $6054 | $5326 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 362 | 364 | 369 | 310 | 308 | 1405 | 1285 |
| **Total Core Bank** | 2365 | 1757 | 1736 | 1601 | 1469 | 7459 | 6611 |
| &nbsp;&nbsp;&nbsp;TRS | 288 | 17 | 25 | 33675 | 2605 | 34005 | 39274 |
| &nbsp;&nbsp;&nbsp;RCS | 11411 | 12123 | 12434 | 12237 | 12569 | 48205 | 48148 |
| **Total RPG** | 11699 | 12140 | 12459 | 45912 | 15174 | 82210 | 87422 |
| **Total loan fees - Total Company** | $14064 | $13897 | $14195 | $47513 | $16643 | $89669 | $94033 |

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

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *In the ordinary course of business, the Bank originates both mortgage and consumer loans with the intent to sell. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Traditional Banking segment, while consumer loans originated with the intent to sell are originated and sold through the RCS segment. Gains on sale of mortgage loans are recorded as a* *component of "Mortgage Banking" income. Gains on sale of RCS consumer loans are recorded as a* *component of "Program Fees." During the first quarter of 2025, the Traditional Banking segment entered into an agreement to sell approximately $5 million of consumer credit cards. As a result, these loans were transferred from held for investment to HFS. The gain on the sale of the consumer credit cards was recorded as a component of "Other" noninterest income during the second quarter of 2025. During the fourth quarter of 2025, the Traditional Banking segment entered into an agreement to sell approximately $82 million of loans and lease financing receivables. As a result, these loans and lease financing receivables were transferred from held for investment to HFS at December 31, 2025.* 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Three Months Ended** | **As of and for the Years Ended**  | **As of and for the Years Ended**  |
| <br>*(dollars in thousands)* | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| **Mortgage Loans Held for Sale** | **Mortgage Loans Held for Sale** |  |  |  |  |  |  |
| Balance, beginning of period | $15338 | $8850 | $9140 | $8312 | $8526 | $8312 | $3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 58417 | 59494 | 51788 | 41233 | 50065 | 210932 | 186959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale |  |  |  |  |  |  | 68173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | (67560) | (54716) | (53561) | (41816) | (51724) | (217653) | (253922) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 1321 | 1710 | 1483 | 1411 | 1445 | 5925 | 3875 |
| Balance, end of period | $7516 | $15338 | $8850 | $9140 | $8312 | $7516 | $8312 |
| **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** |  |  |  |  |  |
| Balance, beginning of period | $24868 | $27952 | $32125 | $24075 | $25881 | $24075 | $24008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 277273 | 271718 | 321127 | 266651 | 290881 | 1136769 | 940901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale |  |  |  | 4977 |  | 4977 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | (277926) | (278908) | (329345) | (266633) | (296163) | (1152812) | (950249) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 3780 | 4106 | 4045 | 3055 | 3476 | 14986 | 11221 |
| Balance, end of period | $27995 | $24868 | $27952 | $32125 | $24075 | $27995 | $25881 |
| **Other Loans Held for Sale** | **Other Loans Held for Sale** | **Other Loans Held for Sale** |  |  |  |  |  |
| Balance, beginning of period | $— | $— | $— | $— | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale | 81839 |  |  |  |  | 81839 |  |
| Balance, end of period | $81839 | $— | $— | $— | $— | $81839 | $— |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| <br>*(dollars in thousands, except per share data)* | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** |
| Total stockholders' equity - GAAP (a) | $1102293 | $1084520 | $1060106 | $1034089 | $992029 |
| &nbsp;&nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;&nbsp;Less: Mortgage servicing rights | 6811 | 6798 | 6840 | 6875 | 6975 |
| &nbsp;&nbsp;&nbsp;Less: Core deposit intangible | 1535 | 1637 | 1739 | 1841 | 1957 |
| Tangible stockholders' equity - Non-GAAP (c) | $1053431 | $1035569 | $1011011 | $984857 | $942581 |
| Total assets - GAAP (b) | $7042061 | $7014919 | $6970917 | $7075555 | $6846667 |
| &nbsp;&nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;&nbsp;Less: Mortgage servicing rights | 6811 | 6798 | 6840 | 6875 | 6975 |
| &nbsp;&nbsp;&nbsp;Less: Core deposit intangible | 1535 | 1637 | 1739 | 1841 | 1957 |
| Tangible assets - Non-GAAP (d) | $6993199 | $6965968 | $6921822 | $7026323 | $6797219 |
| Total stockholders' equity to total assets - GAAP (a/b) | 15.65% | 15.46% | 15.21% | 14.61% | 14.49% |
| Tangible stockholders' equity to tangible assets - Non-GAAP (c/d) | 15.06% | 14.87% | 14.61% | 14.02% | 13.87% |
| Number of shares outstanding (e) | 19541 | 19536 | 19527 | 19518 | 19448 |
| Book value per share - GAAP (a/e) | $56.41 | $55.51 | $54.29 | $52.98 | $51.01 |
| Tangible book value per share - Non-GAAP (c/e) | 53.91 | 53.01 | 51.78 | 50.46 | 48.47 |

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Years Ended**  | **Years Ended**  |
| <br>*(dollars in thousands)* | **Dec. 31, 2025** | **Sep. 30, 2025** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Dec. 31, 2025** | **Dec. 31, 2024** |
| Net interest income - GAAP (a) | $78810 | $76970 | $76202 | $102688 | $75394 | $334670 | $312154 |
| Noninterest income - GAAP (b) | 15459 | 16568 | 17644 | 33154 | 14118 | 82825 | 72650 |
| Total net revenue - GAAP (c) | $94269 | $93538 | $93846 | $135842 | $89512 | $417495 | $384804 |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of Visa Class B-1 shares |  |  |  | 4090 |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of consumer credit card portfolio |  |  | 328 |  |  | 328 |  |
| &nbsp;&nbsp;&nbsp;Less: Insurance proceeds |  |  |  | 1571 |  | 1571 |  |
| Total adjusted revenue - Non-GAAP (e) | $94269 | $93538 | $93518 | $130181 | $89512 | $411506 | $384804 |
| Noninterest expense - GAAP (d) | $56595 | $53753 | $51633 | $58208 | $53511 | $220189 | $202725 |
| &nbsp;&nbsp;&nbsp;Less: Merger expenses |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Less: Core conversion and contract consulting fees | 220 | 97 | 182 | 5714 |  | 6213 |  |
| Total adjusted noninterest expense - Non-GAAP (f) | $56375 | $53656 | $51451 | $52494 | $53511 | $213976 | $202684 |
| Efficiency Ratio - GAAP (d/c) | 60.0% | 57.5% | 55.0% | 42.8% | 59.8% | 52.7% | 52.7% |
| Adjusted Efficiency Ratio - Non-GAAP (f/e) | 59.8% | 57.4% | 55.0% | 40.3% | 59.8% | 52.0% | 52.7% |

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(8)* *The delinquent loans to total loans ratio* *equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is* *determined by either the number of days or the number of payments past due. Delinquent loans as of December 31, 2025, included $0 of Refund Advances ("RA"), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid* *35 days after the taxpayer's tax return was* *submitted to the applicable taxing authority.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(9)* *The following table presents the calculation of adjusted Core Bank period - end deposits, a non - GAAP measure. Core Bank deposits have been adjusted to exclude wholesale brokered deposits and listing - service deposits. These deposits have been excluded because these funding sources behave very differently from relationship - based funding, as they are obtained from third parties.* 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Years Ended**  | **Years Ended**  | | |
| <br>*(dollars in thousands)* | **2025** | **2024** | <br>**$ Change** | <br>**% Change** |
| Total Core Bank Deposits - GAAP | $4809179 | $4606457 | $202722 | 4% |
| &nbsp;&nbsp;&nbsp;Less: Core Bank Wholesale Brokered Deposits and listing service deposits | 99334 | 115046 | (15712) | (14) |
| Total adjusted Core Bank Deposits - Non-GAAP | $4709845 | $4491411 | $218434 | 5% |

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&nbsp;&nbsp;&nbsp;&nbsp;*(10)* *The following table presents the calculation of adjusted Traditional Bank period - end loans, a non - GAAP measure. Traditional Bank loans have been adjusted for loans and lease financing receivables that were transferred from held for investment to HFS at December 31, 2025.* 

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended**  | **Years Ended**  | |
| <br>*(dollars in thousands)* | **2025** | **2024** | <br>**$ Change** |
| Total Traditional Bank Loans - GAAP | $4546297 | $4569178 | $(22881) |
| &nbsp;&nbsp;&nbsp;Add: Traditional Bank loans transferred from held for investment to held for sale | 81839 |  | 81839 |
| Total adjusted Traditional Bank Loans - Non-GAAP | $4628136 | $4569178 | $58958 |

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*NM – Not meaningful*

*NA – Not applicable*

*QTD – Quarter-to-date*

*YTD – Year-to-date*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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