# EDGAR Filing Document

**Accession Number:** 0000921557
**File Stem:** 0001558370-25-009288
**Filing Date:** 2025-7
**Character Count:** 80060
**Document Hash:** 87c57d0db62b344c80c7ecc2972c8ee4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-25-009288.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001558370-25-009288

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250718

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**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:** 251132636

**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'? RBCAA Reports an __% Increase In Core earning and announces a stock repurchase program

------

**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): July 18, 2025

**REPUBLIC BANCORP, INC.**

(Exact name of registrant as specified in its charter)

---

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

---

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

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

NOT APPLICABLE

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

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

On July 18, 2025, Republic Bancorp, Inc. announced its results of operations for the quarter ended June 30, 2025. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

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

---

| | | |
|:---|:---|:---|
| (d) | Exhibits. |  |
|  | Exhibit No. |  |
|  | [99.1](rbcaa-20250718xex99d1.htm) | [Republic Bancorp, Inc. Earnings Release dated July 18, 2025.](rbcaa-20250718xex99d1.htm) |
|  | [99.2](rbcaa-20250718xex99d2.htm) | [Earnings Release Financial Supplement – Second Quarter 2025.](rbcaa-20250718xex99d2.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: July 18, 2025 | By: | /s/ Kevin Sipes |
|  |  | Executive Vice President, Chief Financial Officer & Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**Republic Bancorp Reports a 25% Increase in Second Quarter Net Income**

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

Louisville, KY – Republic Bancorp, Inc. ("Republic" or the "Company") reported second quarter 2025 net income and Diluted Earnings per Class A Common Share ("Diluted EPS") of $31.5 million and $1.61 per share, representing increases of 25% and 24%, over the $25.2 million and $1.30 per share reported for the second quarter of 2024. As a result, the Company achieved a return on average assets ("ROA") and a return on average equity ("ROE") of 1.79% and 11.96% for the second quarter of 2025.

Logan Pichel, President & CEO of Republic Bank & Trust Company commented, "We are pleased to report strong second quarter operating results, highlighted by (1) solid earnings metrics, (2) Core Bank balance sheet expansion, (3) robust capital levels and solid liquidity, and most importantly, (4) continued favorably low loan charge-offs within our Core Bank. Our second quarter results benefited from our diversified earnings platform, with all five of our reporting segments posting strong results for the quarter. Within our Core Bank, our strategic pricing discipline continued to produce results – driving increased asset yields and cost of funds moderation. As a result, we achieved solid Core Bank Net Interest Margin ("NIM") expansion during the quarter, a feat that we are extremely proud of in a challenging interest rate environment.

In addition to the strong financial results for the quarter, we also introduced our new branding initiative, tag line and marketing campaign during June that illustrates our unyielding commitment to our clients, Company, associates, and the communities we proudly serve. **Republic Bank. Time to Thrive.™** perfectly encapsulates our mission, underscoring the importance of the community relationships the Bank has established, nurtured, and helped thrive since its founding," Pichel concluded.

The following table highlights Republic's key metrics for the three and six months ended June 30, 2025, and 2024. Additional financial details, including segment-level data, are provided in the financial supplement to this release. *The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company's Form 8-K filed with the SEC on July 18, 2025.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** | **Total Company Financial Performance Highlights** |
| | **Three Months Ended Jun. 30,** | **Three Months Ended Jun. 30,** | | **Six Months Ended Jun. 30,** | **Six Months Ended Jun. 30,** | |
| <br>*(dollars in thousands, except per share data)* | **2025** | **2024** | $**%**<br>**Change** | **2025** | **2024** | $**%**<br>**Change** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Before Income Tax Expense | $40390 | $32105 | 26% | $100352 | $70804 | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Income | 31484 | 25206 | 25 | 78752 | 55812 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | 1.61 | 1.30 | 24 | 4.03 | 2.87 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Assets ("ROA") | 1.79% | 1.50% | 19 | 2.21% | 1.61% | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return on Average Equity ("ROE") | 11.96 | 10.57 | 13 | 15.28 | 11.90 | 28 |

---

&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 Second Quarter of 2025 Compared to the Second Quarter of 2024**

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

------

Net income for the Core Bank was $18.7 million for the second quarter of 2025, a $3.7 million, or 25%, increase over the $15.0 million earned for the second quarter of 2024. As discussed in more detail below, a solid increase in net interest income combined with a modest Provision in both periods drove the quarter-over-quarter net income growth.

*Net Interest Income –* Core Bank net interest income was $59.9 million for the second quarter of 2025, a $7.1 million, or 13%, increase over the $52.8 million achieved during the second quarter of 2024. The rise in net interest income for the quarter was driven primarily by a meaningful increase in the Core Bank's NIM. Overall, the Core Bank's NIM rose from 3.46% during the second quarter of 2024 to 3.72% during the second quarter of 2025 benefiting from a notable decrease in the Core Bank's cost of deposits, further complemented by an increase in Core Bank's interest-earning asset yield.

Specific items of note impacting the Core Bank's change in net interest income and NIM between the second quarter of 2025 and the second quarter of 2024 were as follows:

**Interest-Earning Assets**

● Average outstanding Warehouse balances increased $110 million, or 24%, from $457 million during the second quarter of 2024 to $567 million for the second quarter of 2025. Average committed Warehouse lines increased from $940 million to $995 million during these same periods, while higher demand caused average usage rates for Warehouse lines to increase from 49% during the second quarter of 2024 to 57% for the second quarter of 2025.

● Traditional Bank average loans declined from $4.62 billion with a weighted-average yield of 5.57% during the second quarter of 2024 to $4.59 billion with a weighted average yield of 5.69% during the second quarter of 2025. The comparison of average loans for the Traditional Bank was negatively impacted by the sale of residential real estate loans during the second quarter of 2024 that were previously held for investment.

● Average interest-earning cash was $623 million with a weighted-average yield of 4.45% during the second quarter of 2025 compared to $393 million with a weighted-average yield of 5.46% for the second quarter of 2024. In addition, average investments totaled $686 million with a weighted-average yield of 3.71% during the second quarter of 2025 compared to $670 million with a weighted-average yield of 3.09 % for the second quarter of 2024. In general, the Company strategically deployed a higher percentage of its proceeds from deposit growth over the past year into interest-earning cash.

**Funding Liabilities (Deposits and Borrowings)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The weighted-average cost of total interest-bearing deposits decreased from 2.79% during the second quarter of 2024 to 2.34% for the second quarter of 2025, while average interest-bearing deposit balances grew $224 million, or 6%, for the same periods. Included within this growth in interest-bearing deposits was a $280 million net increase in the average balances for business and consumer money market accounts, which generally pay premium rates. The increase in money market balances was partially offset by an $85 million decrease in the average balance of third-party listing service deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The average balance of FHLB borrowings increased from $306 million for the second quarter of 2024 to $370 million for the second quarter of 2025, while the weighted-average cost of these borrowings increased from 4.29% to 4.35% for the same time periods.

● Average noninterest-bearing deposits decreased $29 million from the second quarter of 2024 to the second quarter of 2025. The decline in noninterest-bearing deposits is an ongoing trend for banks, in general, dating back to the fourth quarter of 2022, as the overall interest rate environment highlighted by an inverted yield curve, combined with the competition for deposits, continued to make premium-rate interest-bearing checking and savings deposits 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 Jun. 30,** | **Three Months Ended Jun. 30,** |  | **Three Months Ended Jun. 30,** | **Three Months Ended Jun. 30,** |  |
| **Reportable Segment** | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Traditional Banking | $56380 | $49915 | $6465 | 3.84% | 3.53% | 0.31% |
| Warehouse Lending | 3549 | 2914 | 635 | 2.51 | 2.57 | (0.06) |
| &nbsp;&nbsp;Total Core Bank | $59929 | $52829 | $7100 | 3.72 | 3.46 | 0.26 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Jun. 30,** | **Three Months Ended Jun. 30,** |  |  | **Jun. 30,** | **Jun. 30,** |  |  |
| **Reportable Segment** | **2025** | **2024** | **$ Change** | **% Change** | **2025** | **2024** | **$ Change** | **% Change** |
| Traditional Banking | $4587342 | $4622655 | $(35313) | (1)% | $4582152 | $4589167 | $(7015) | (0)% |
| Warehouse Lending | 566707 | 456908 | 109799 | 24 | 671773 | 549011 | 122762 | 22 |
| &nbsp;&nbsp;&nbsp;Total Core Bank | $5154049 | $5079563 | $74486 | 1 | $5253925 | $5138178 | $115747 | 2 |

---

*Provision for Expected Credit Losses* – The Core Bank's Provision<sup>(2)</sup> was a net charge of $772,000 for the second quarter of 2025 compared to a net charge of $1.1 million for the second quarter of 2024.

The net charge of $772,000 for the <u>second quarter of 2025</u> was driven by the following:

● The Traditional Bank recorded a net charge to the Provision of $517,000 during the second quarter of 2025 related to a change in loan mix toward loans with higher formula reserve requirements in addition to $313,000 in net charge-offs. While loan balances at the Traditional Bank increased only $16 million during the second quarter, growth occurred in categories such as construction and land development, with higher loan loss reserve requirements.

● Warehouse recorded a net charge to the Provision of $255,000 resulting from general formula reserves applied to a $102 million increase in the outstanding Warehouse period-end balances during the second quarter of 2025.

The net charge of $1.1 million during the <u>second quarter of 2024</u> was driven by the following:

● The Traditional Bank recorded a net charge to the Provision of $915,000 during the second quarter of 2024 substantially related to general formula reserves in addition to $232,000 in net charge-offs. While loan balances at the Traditional Bank increased only $16 million during the second quarter, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements.

● The Core Bank recorded a net charge to the Provision of $214,000 resulting from general formula reserves applied to an $86 million increase in outstanding Warehouse balances during the quarter.

------

As a percentage of total loans, the Core Bank's Allowance<sup>(</sup><sup>2)</sup> decreased 3 basis points from June 30, 2024, to June 30, 2025. The table below provides a view of the Company's percentage of Allowance-to-total-loans by reportable segment.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of Jun. 30, 2025** | **As of Jun. 30, 2025** | **As of Jun. 30, 2025** | **As of Jun. 30, 2024** | **As of Jun. 30, 2024** | **As of Jun. 30, 2024** | **Year-over-Year Change** | **Year-over-Year Change** |
| *(dollars in thousands)* |  |  | **Allowance** |  |  | **Allowance** | **Allowance** |  |
| **Reportable Segment** | **Gross Loans** | **Allowance** | **to Loans** | **Gross Loans** | **Allowance** | **to Loans** | **to Loans** | **% Change** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $4582152 | $59055 | 1.29% | $4589167 | $59865 | 1.30% | (0.01)% | (1)% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 671773 | 1676 | 0.25 | 549011 | 1370 | 0.25 |  |  |
| **Total Core Bank** | 5253925 | 60731 | 1.16 | 5138178 | 61235 | 1.19 | (0.03) | (3) |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 95 |  |  | 92 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 119000 | 21029 | 17.67 | 126000 | 19452 | 15.44 | 2.23 | 14 |
| **Total Republic Processing Group** | 119095 | 21029 | 17.66 | 126092 | 19452 | 15.43 | 2.23 | 14 |
| **Total Company** | $5373020 | $81760 | 1.52% | $5264270 | $80687 | 1.53% | (0.01)% | (1)% |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  | **Three Months Ended June 30,**  |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2024** | **2024** |
| *(dollars in thousands)* | **Beginning**  |  | **Charge-** |  | **Ending** | **Beginning**  |  | **Charge-** |  | **Ending** |
| **Reportable Segment** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** | **Balance** | **Provision** | **offs** | **Recoveries** | **Balance** |
| &nbsp;&nbsp;&nbsp;Traditional Bank | $58851 | $517 | $(470) | $157 | $59055 | $59176 | $921 | $(332) | $100 | $59865 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1421 | 255 |  |  | 1676 | 1156 | 214 |  |  | 1370 |
| **Total Core Bank** | 60272 | 772 | (470) | 157 | 60731 | 60332 | 1135 | (332) | 100 | 61235 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions | 25981 | (3932) | (25059) | 3010 |  | 30069 | (1182) | (32693) | 3806 |  |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 20050 | 4983 | (4384) | 380 | 21029 | 18301 | 5196 | (4315) | 270 | 19452 |
| **Total Republic Processing Group** | 46031 | 1051 | (29443) | 3390 | 21029 | 48370 | 4014 | (37008) | 4076 | 19452 |
| **Total Company** | $106303 | $1823 | $(29913) | $3547 | $81760 | $108702 | $5149 | $(37340) | $4176 | $80687 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Quarters Ended:** | **Quarters Ended:** | **Years Ended:** | **Years Ended:** | **Years Ended:** |
| <br>**Core Banking Credit Quality Ratios** | **Jun. 30,**<br>**2025** | **Jun. 30,**<br>**2024** | **Dec. 31,**<br>**2024** | **Dec. 31,**<br>**2023** | **Dec. 31,**<br>**2022** |
| Nonperforming loans to total loans | 0.41% | 0.39% | 0.44% | 0.39% | 0.37% |
| Nonperforming assets to total loans (including OREO) | 0.43 | 0.41 | 0.46 | 0.41 | 0.40 |
| Delinquent loans\* to total loans | 0.19 | 0.18 | 0.20 | 0.16 | 0.14 |
| Net charge-offs to average loans | 0.02 | 0.02 | 0.05 | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quarterly rates annualized) |  |  |  |  |  |
| *OREO = Other Real Estate Owned* |  |  |  |  |  |

---

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

*Noninterest Income* – Core Bank noninterest income increased by $409,000 from $10.1 million in the second quarter of 2024 to $10.5 million for the second quarter of 2025. The drivers of this increase were as follows:

● Mortgage Banking income increased $284,000 from the second quarter of 2024 to the second quarter of 2025, as the Bank experienced a modest period-over-period improvement in pricing received on fixed rate loans sold into the secondary market.

● Other income increased $281,000 for the quarter and was driven primarily by a $328,000 net gain on sale of the Bank's consumer credit card portfolio which was completed during the second quarter of 2025.

------

*Noninterest Expense* – The Core Bank's noninterest expenses were $45.6 million for the second quarter of 2025, an increase of $2.9 million over the second quarter of 2024. Notable line-item variances within the noninterest expense category included:

● Salaries and employee benefits increased by a combined $1.2 million, or 5%, driven by a $691,000 increase in estimated bonus-related expenses and a $524,000 increase in health insurance claims. The larger estimated bonus-related expenses for the second quarter of 2025 were due to an increased probability of a larger bonus payout for the year based on the Company's strong operating results.

● Technology expenses increased $1.0 million, or 16%, over the second quarter of 2024. The increase in Technology expense was driven by enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system. Management expects to incur a net benefit in technology and communication costs in the future as a result of the new call center management system.

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

RPG reported net income of $12.8 million for the second quarter of 2025, a $2.6 million, or 25%, increase over the $10.2 million reported for the second quarter of 2024. RPG's performance for the second quarter of 2025 compared to the second quarter of 2024, by operating segment, was as follows:

<u>Tax Refund Solutions</u> 

TRS recorded net income of $3.3 million during the second quarter of 2025 compared to net income of $3.1 million for the second quarter of 2024. The overall increase in TRS net income for the quarter was driven by a $3.9 million net credit to the Provision, as net charge-offs for Refund Advances ("RAs") during the quarter were favorably lower than the Company's preliminary estimated loan loss reserves as of March 31, 2025. The positive benefit TRS received from a lower Provision was partially offset by a $1.2 million decrease in Net Refund Transfer ("RT") fees, as well as a $560,000 yield enhancement payment received during the second quarter of 2024, which was eliminated for 2025. The lower Net RT Fees collected was attributed to the decline in the number of tax refunds processed during the second quarter of 2025 versus the second quarter of 2024 and a greater percentage of the RTs received and processed during 2025 occurring in the first quarter.

<u>Republic Payment Solutions</u> 

Net income at RPS was $2.4 million for the second quarter of 2025, a $342,000 increase from the second 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 second quarter of 2025 compared to $1.3 million recorded during the second quarter of 2024.

Partially offsetting the positive benefit of the change in revenue share, RPS earned a lower yield of 4.28% for its $350 million in average prepaid program balances for the second quarter of 2025 compared to a yield of 5.03% for the $360 million in average prepaid card balances for the second quarter of 2024. The lower yield was driven by a decrease in the Federal Funds Target Rate of 100 basis points from the second quarter of 2024 to the second quarter of 2025.

<u>Republic Credit Solutions</u> 

Net income at RCS increased $2.0 million, or 40% from $5.0 million for the second quarter of 2024 to $7.0 million for the second quarter of 2025. The increase in RCS net income was primarily due to growth in profitability of one of its Line-of-Credit ("LOC") products, which had an increase in net income of $1.9 million from the second quarter of 2024 to the second quarter of 2025. The rise in net income for this LOC product was driven primarily by $388,000 period-over-period increase in net interest income, a $436,000 favorable decline in Provision, and a $1.7 million favorable decline in marketing expenses. The favorable decline in Marketing expenses included a $763,000 reimbursement for a prior period billing dispute.

------

*Republic Bancorp, Inc. (the "Company") is the parent company of Republic Bank & Trust Company (the "Bank"). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas ("MSAs") across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri. The Bank offers online banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of June 30, 2025, had approximately $7.0 billion in total assets. The Company's Class A Common Stock is listed under the symbol "RBCAA" on the NASDAQ Global Select Market.*

**Republic Bank. Time to Thrive.**™

***Forward-Looking Statements***

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

**Footnotes:**

 

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

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

*Allowance – Allowance for credit losses*

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

*NM – Not meaningful*

*NA – Not applicable*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

------

## Exhibit 99.2

**Exhibit 99.2**

![Graphic](rbcaa-20250718xex99d2001.jpg)

**EARNINGS RELEASE FINANCIAL SUPPLEMENT**

**SECOND QUARTER 2025** 

**TABLE OF CONTENTS**

---

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

---

------

**Republic Bancorp, Inc.** 

<sup>Earnings Release Financial Supplement</sup>

**Second 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**  |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| **Assets:** |  |  |  |  |  |
| Cash and cash equivalents | $484808 | $793020 | $432151 | $530865 | $400059 |
| Investment securities | 711906 | 615663 | 595626 | 478064 | 557459 |
| Loans held for sale | 36802 | 41265 | 32387 | 34407 | 41904 |
| Loans | 5373020 | 5289793 | 5439466 | 5296917 | 5264270 |
| Allowance for credit losses | (81760) | (106303) | (91978) | (82158) | (80687) |
| &nbsp;&nbsp;&nbsp;Loans, net | 5291260 | 5183490 | 5347488 | 5214759 | 5183583 |
| Federal Home Loan Bank ("FHLB") stock, at cost | 24568 | 26748 | 24478 | 23981 | 23840 |
| Premises and equipment, net | 36651 | 31996 | 32309 | 33007 | 33224 |
| Right-of-use assets | 34327 | 35857 | 36182 | 35897 | 31720 |
| Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| Other real estate owned ("OREO") | 1054 | 1107 | 1160 | 1212 | 1265 |
| Bank owned life insurance ("BOLI") | 108738 | 107918 | 107125 | 106288 | 105462 |
| Other assets and accrued interest receivable | 200287 | 197975 | 197245 | 193474 | 197542 |
| Total assets | $6970917 | $7075555 | $6846667 | $6692470 | $6616574 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing  | $1223016 | $1375234 | $1207764 | $1260086 | $1279390 |
| &nbsp;&nbsp;&nbsp;Interest-bearing  | 4094223 | 4030658 | 4002782 | 3841610 | 3789657 |
| Total deposits | 5317239 | 5405892 | 5210546 | 5101696 | 5069047 |
| Securities sold under agreements to |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;repurchase ("SSUAR") and other short-term borrowings  | 72103 | 89718 | 103318 | 79383 | 72598 |
| Operating lease liabilities | 35335 | 36831 | 37121 | 36797 | 32602 |
| Federal Home Loan Bank advances | 370000 | 370000 | 395000 | 370000 | 370000 |
| Other liabilities and accrued interest payable | 116134 | 139025 | 108653 | 124889 | 116904 |
| Total liabilities | 5910811 | 6041466 | 5854638 | 5712765 | 5661151 |
| Stockholders' equity | 1060106 | 1034089 | 992029 | 979705 | 955423 |
| Total liabilities and stockholders' equity | $6970917 | $7075555 | $6846667 | $6692470 | $6616574 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second Quarter 2025 *(continued)***

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Average Balance Sheet Data** |  |  |  |  |  |  |  |
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended**  | **Six Months Ended**  |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| **Assets:** |  |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Federal funds sold and other interest-earning deposits | $622909 | $516785 | $583672 | $457797 | $393095 | $570140 | $423761 |
| &nbsp;&nbsp;&nbsp;Investment securities, including FHLB stock | 686223 | 619525 | 594567 | 593449 | 670114 | 653058 | 701396 |
| &nbsp;&nbsp;&nbsp;Loans, including loans held for sale | 5318666 | 5497968 | 5313234 | 5261173 | 5262719 | 5407821 | 5358531 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 6627798 | 6634278 | 6491473 | 6312419 | 6325928 | 6631019 | 6483688 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses | (105726) | (102271) | (82301) | (81567) | (108194) | (104008) | (102320) |
| **Noninterest-earning assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-earning cash and cash equivalents | 125098 | 389994 | 93927 | 82969 | 102712 | 256814 | 191665 |
| &nbsp;&nbsp;&nbsp;Premises and equipment, net | 33250 | 32513 | 32933 | 33319 | 33452 | 32883 | 33671 |
| &nbsp;&nbsp;&nbsp;Bank owned life insurance | 108416 | 107599 | 106814 | 105974 | 105128 | 108010 | 104716 |
| &nbsp;&nbsp;&nbsp;Other assets | 273195 | 273643 | 257780 | 258704 | 247858 | 273420 | 251809 |
| Total assets | $7062031 | $7335756 | $6900626 | $6711818 | $6706884 | $7198138 | $6963229 |
| **Liabilities and Stockholders' Equity:** |  |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits | $4081209 | $4041991 | $3921291 | $3820078 | $3848238 | $4061709 | $3926542 |
| &nbsp;&nbsp;&nbsp;SSUARs and other short-term borrowings | 87760 | 108760 | 142007 | 73660 | 88326 | 98202 | 95459 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank advances | 370000 | 520778 | 370780 | 387989 | 305604 | 444972 | 420907 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 4538969 | 4671529 | 4434078 | 4281727 | 4242168 | 4604883 | 4442908 |
| **Noninterest-bearing liabilities and Stockholders' equity:** | **Noninterest-bearing liabilities and Stockholders' equity:** | **Noninterest-bearing liabilities and Stockholders' equity:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 1323622 | 1491084 | 1328885 | 1313207 | 1366862 | 1406890 | 1428455 |
| &nbsp;&nbsp;&nbsp;Other liabilities | 143941 | 150299 | 140228 | 140761 | 144108 | 147103 | 148472 |
| &nbsp;&nbsp;&nbsp;Stockholders' equity | 1055499 | 1022844 | 997435 | 976123 | 953746 | 1039262 | 943394 |
| Total liabilities and stockholders' equity | $7062031 | $7335756 | $6900626 | $6711818 | $6706884 | $7198138 | $6963229 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second 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 June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** | **Average**<br>**Balance** | <br>**Interest** | **Average**<br>**Rate** |
| **ASSETS** |  |  |  |  |  |  |
| **Interest-earning assets:** |  |  |  |  |  |  |
| Federal funds sold and other interest-earning deposits | $622909 | $6917 | 4.45% | $393095 | $5334 | 5.46% |
| Investment securities, including FHLB stock (a) | 686223 | 6346 | 3.71 | 670114 | 5144 | 3.09 |
| TRS Refund Advances (b) | 26353 | 25 | 0.38 | 37103 | 742 | 8.04 |
| RCS LOC products (b)  | 46252 | 12434 | 107.83 | 42011 | 11272 | 107.91 |
| Other RPG loans | 92012 | 1559 | 6.80 | 104042 | 2069 | 8.00 |
| Outstanding Warehouse lines of credit | 566707 | 9803 | 6.94 | 456908 | 9064 | 7.98 |
| Traditional Bank loans (c) | 4587342 | 65119 | 5.69 | 4622655 | 64075 | 5.57 |
| Total loans (d) | 5318666 | 88940 | 6.71 | 5262719 | 87222 | 6.67 |
| Total interest-earning assets | 6627798 | 102203 | 6.19 | 6325928 | 97700 | 6.21 |
| Allowance for credit losses | (105726) |  |  | (108194) |  |  |
| **Noninterest-earning assets:** |  |  |  |  |  |  |
| Noninterest-earning cash and cash equivalents | 125098 |  |  | 102712 |  |  |
| Premises and equipment, net | 33250 |  |  | 33452 |  |  |
| Bank owned life insurance | 108416 |  |  | 105128 |  |  |
| Other assets (a) | 273195 |  |  | 247858 |  |  |
| Total assets | $7062031 |  |  | $6706884 |  |  |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |  |
| **Interest-bearing liabilities:** |  |  |  |  |  |  |
| Transaction accounts | $1699450 | $2557 | 0.60% | $1821025 | $6323 | 1.40% |
| Money market accounts | 1406053 | 10183 | 2.90 | 1120833 | 9652 | 3.46 |
| Time deposits | 445129 | 4168 | 3.76 | 387150 | 3859 | 4.01 |
| Reciprocal money market and time deposits | 318576 | 2622 | 3.30 | 334496 | 3514 | 4.23 |
| Brokered deposits | 212001 | 2320 | 4.39 | 184734 | 2425 | 5.28 |
| Total interest-bearing deposits | 4081209 | 21850 | 2.15 | 3848238 | 25773 | 2.69 |
| SSUARs and other short-term borrowings | 87760 | 140 | 0.64 | 88326 | 132 | 0.60 |
| Federal Home Loan Bank advances | 370000 | 4011 | 4.35 | 305604 | 3259 | 4.29 |
| Total interest-bearing liabilities | 4538969 | 26001 | 2.30 | 4242168 | 29164 | 2.77 |
| **Noninterest-bearing liabilities and Stockholders' equity:** |  |  |  |  |  |  |
| Noninterest-bearing deposits | 1323622 |  |  | 1366862 |  |  |
| Other liabilities | 143941 |  |  | 144108 |  |  |
| Stockholders' equity | 1055499 |  |  | 953746 |  |  |
| Total liabilities and stockholders' equity | $7062031 |  |  | $6706884 |  |  |
| Net interest income |  | $76202 |  |  | $68536 |  |
| Net interest spread |  |  | 3.89% |  |  | 3.44% |
| Net interest margin |  |  | 4.61% |  |  | 4.36% |

---

------

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

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

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

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

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second 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** | **Six Months Ended**  | **Six Months Ended**  |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| Total interest income (1) | $102203 | $129838 | $103108 | $101546 | $97700 | $232041 | $228332 |
| Total interest expense | 26001 | 27150 | 27714 | 30241 | 29164 | 53151 | 62877 |
| **Net interest income** | 76202 | 102688 | 75394 | 71305 | 68536 | 178890 | 165455 |
| **Provision (2)** | 1823 | 17672 | 12951 | 5660 | 5143 | 19495 | 35765 |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges on deposit accounts | 3505 | 3460 | 3654 | 3693 | 3526 | 6965 | 6839 |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees | 2567 | 13893 | 143 | 582 | 3811 | 16460 | 14631 |
| &nbsp;&nbsp;&nbsp;Mortgage banking income (3) | 1896 | 1821 | 1454 | 2062 | 1612 | 3717 | 1922 |
| &nbsp;&nbsp;&nbsp;Interchange fee income | 3200 | 3077 | 3173 | 3286 | 3351 | 6277 | 6508 |
| &nbsp;&nbsp;&nbsp;Program fees (3) | 4451 | 3822 | 4279 | 4962 | 4398 | 8273 | 8577 |
| &nbsp;&nbsp;&nbsp;Increase in cash surrender value of BOLI | 821 | 793 | 836 | 826 | 792 | 1614 | 1546 |
| &nbsp;&nbsp;&nbsp;Net losses on OREO | (53) | (53) | (52) | (53) | (48) | (106) | (101) |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares |  | 4090 |  |  |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Other (3) | 1257 | 2251 | 631 | 1455 | 904 | 3508 | 1797 |
| Total noninterest income | 17644 | 33154 | 14118 | 16813 | 18346 | 50798 | 41719 |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 30801 | 31069 | 30999 | 28792 | 29143 | 61870 | 58859 |
| &nbsp;&nbsp;&nbsp;Technology, equipment, and communication | 8684 | 8643 | 8316 | 7544 | 7340 | 17327 | 14830 |
| &nbsp;&nbsp;&nbsp;Occupancy | 3391 | 3564 | 3401 | 3224 | 3409 | 6955 | 7231 |
| &nbsp;&nbsp;&nbsp;Marketing and development | 1243 | 1387 | 2827 | 1983 | 2705 | 2630 | 4629 |
| &nbsp;&nbsp;&nbsp;FDIC insurance expense | 731 | 819 | 728 | 764 | 748 | 1550 | 1520 |
| &nbsp;&nbsp;&nbsp;Interchange related expense | 1488 | 1636 | 1595 | 1540 | 1412 | 3124 | 2710 |
| &nbsp;&nbsp;&nbsp;Legal and professional fees | 666 | 1118 | 794 | 870 | 770 | 1784 | 1825 |
| &nbsp;&nbsp;&nbsp;Core conversion and contract consulting fees | 182 | 5714 |  |  |  | 5896 |  |
| &nbsp;&nbsp;&nbsp;Merger expense |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Other (2) | 4447 | 4258 | 4851 | 3892 | 4107 | 8705 | 8960 |
| Total noninterest expense | 51633 | 58208 | 53511 | 48609 | 49634 | 109841 | 100605 |
| **Income before income tax expense** | 40390 | 59962 | 23050 | 33849 | 32105 | 100352 | 70804 |
| **Income tax expense** | 8906 | 12694 | 4034 | 7306 | 6899 | 21600 | 14992 |
| **Net income**  | $31484 | $47268 | $19016 | $26543 | $25206 | $78752 | $55812 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second 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 Six Months Ended**  | **As of and for the Six Months Ended**  |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| **Per Share Data:** |  |  |  |  |  |  |  |
| Basic weighted average shares outstanding | 19721 | 19711 | 19672 | 19654 | 19633 | 19721 | 19626 |
| Diluted weighted average shares outstanding | 19784 | 19797 | 19778 | 19735 | 19714 | 19795 | 19697 |
| Period-end shares outstanding: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | 17378 | 17368 | 17298 | 17293 | 17275 | 17378 | 17275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 2149 | 2150 | 2150 | 2150 | 2150 | 2149 | 2150 |
| Book value per share (4) | $54.29 | $52.98 | $51.01 | $50.39 | $49.19 | $54.29 | $49.19 |
| Tangible book value per share (4) | 51.78 | 50.46 | 48.47 | 47.84 | 46.62 | 51.78 | 46.62 |
| Earnings per share ("EPS"): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class A Common Stock | $1.62 | $2.43 | $0.99 | $1.37 | $1.31 | $4.04 | $2.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic EPS - Class B Common Stock | 1.47 | 2.21 | 0.89 | 1.25 | 1.18 | 3.68 | 2.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class A Common Stock | 1.61 | 2.42 | 0.98 | 1.37 | 1.30 | 4.03 | 2.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS - Class B Common Stock | 1.47 | 2.20 | 0.89 | 1.24 | 1.18 | 3.66 | 2.61 |
| Cash dividends declared per Common share: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A Common Stock | $0.451 | $0.451 | $0.407 | $0.407 | $0.407 | $0.902 | $0.814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B Common Stock | 0.410 | 0.410 | 0.370 | 0.370 | 0.370 | 0.820 | 0.740 |
| **Performance Ratios:** |  |  |  |  |  |  |  |
| Return on average assets | 1.79% | 2.61% | 1.10% | 1.58% | 1.50% | 2.21% | 1.61% |
| Return on average equity  | 11.96 | 18.74 | 7.63 | 10.88 | 10.57 | 15.28 | 11.90 |
| Efficiency ratio (5)  | 55.0 | 40.3 | 59.8 | 55.2 | 57.1 | 46.5 | 48.5 |
| Yield on average interest-earning assets (1) | 6.19 | 7.94 | 6.32 | 6.40 | 6.21 | 7.06 | 7.08 |
| Cost of average interest-bearing liabilities | 2.30 | 2.36 | 2.49 | 2.81 | 2.77 | 2.33 | 2.85 |
| Cost of average deposits (6) | 1.62 | 1.57 | 1.79 | 2.01 | 1.98 | 1.59 | 1.98 |
| Net interest spread (1) | 3.89 | 5.58 | 3.83 | 3.59 | 3.44 | 4.73 | 4.23 |
| Net interest margin - Total Company (1) | 4.61 | 6.28 | 4.62 | 4.49 | 4.36 | 5.44 | 5.13 |
| Net interest margin - Core Bank (1) | 3.72 | 3.70 | 3.64 | 3.53 | 3.46 | 3.71 | 3.38 |
| **Other Information:** |  |  |  |  |  |  |  |
| End of period FTEs (7) - Total Company | 974 | 981 | 989 | 992 | 999 | 974 | 999 |
| End of period FTEs (7) - Core Bank | 917 | 923 | 933 | 935 | 943 | 917 | 943 |
| Number of full-service banking centers  | 47 | 47 | 47 | 47 | 47 | 47 | 47 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second 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)*

  ** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| **Loan Composition** |  |  |  |  |  |
| **Traditional Banking:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Residential real estate: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owner occupied | $1031898 | $1025461 | $1032459 | $1046385 | $1058139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nonowner occupied | 303357 | 311955 | 318096 | 326273 | 331954 |
| &nbsp;&nbsp;&nbsp;Commercial real estate | 1789043 | 1806760 | 1813177 | 1813303 | 1821798 |
| &nbsp;&nbsp;&nbsp;Construction & land development | 258817 | 238562 | 244121 | 247730 | 239615 |
| &nbsp;&nbsp;&nbsp;Commercial & industrial | 481219 | 482955 | 460245 | 437911 | 452815 |
| &nbsp;&nbsp;&nbsp;Lease financing receivables | 96547 | 93159 | 93304 | 89653 | 88529 |
| &nbsp;&nbsp;&nbsp;Aircraft | 211910 | 219292 | 226179 | 235327 | 240275 |
| &nbsp;&nbsp;&nbsp;Home equity | 387599 | 365631 | 353441 | 341204 | 325086 |
| &nbsp;&nbsp;&nbsp;Consumer: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit cards | 10315 | 11136 | 16464 | 16762 | 16547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overdrafts | 826 | 779 | 982 | 827 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automobile loans | 916 | 1031 | 1156 | 1340 | 1599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other consumer | 9705 | 9638 | 9555 | 10181 | 12064 |
| **Total Traditional Banking** | 4582152 | 4566359 | 4569179 | 4566896 | 4589167 |
| &nbsp;&nbsp;&nbsp;Warehouse lines of credit | 671773 | 569502 | 550760 | 595163 | 549011 |
| **Total Core Banking** | 5253925 | 5135861 | 5119939 | 5162059 | 5138178 |
| **Republic Processing Group:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refund Advances |  | 30344 | 138614 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other TRS commercial & industrial loans | 95 | 5841 | 52180 | 302 | 92 |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 119000 | 117747 | 128733 | 134556 | 126000 |
| **Total Republic Processing Group** | 119095 | 153932 | 319527 | 134858 | 126092 |
| **Total Loans - Total Company** | $5373020 | $5289793 | $5439466 | $5296917 | $5264270 |
| **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 | $59055 | $58851 | $59756 | $59549 | $59865 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 1676 | 1421 | 1374 | 1486 | 1370 |
| **Total Core Banking** | 60731 | 60272 | 61130 | 61035 | 61235 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions |  | 25981 | 9861 | 1 |  |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 21029 | 20050 | 20987 | 21122 | 19452 |
| **Total Republic Processing Group** | 21029 | 46031 | 30848 | 21123 | 19452 |
| **Total Allowance - Total Company** | $81760 | $106303 | $91978 | $82158 | $80687 |
| **Allowance to Total Loans** | **Allowance to Total Loans** | **Allowance to Total Loans** |  |  |  |
| &nbsp;&nbsp;&nbsp;Traditional Banking | 1.29% | 1.29% | 1.31% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 0.25 | 0.25 | 0.25 | 0.25 | 0.25 |
| **Total Core Banking** | 1.16 | 1.17 | 1.19 | 1.18 | 1.19 |
| &nbsp;&nbsp;&nbsp;Tax Refund Solutions |  | 71.80 | 5.17 | 0.33 |  |
| &nbsp;&nbsp;&nbsp;Republic Credit Solutions | 17.67 | 17.03 | 16.30 | 15.70 | 15.44 |
| **Total Republic Processing Group** | 17.66 | 29.90 | 9.65 | 15.66 | 15.43 |
| **Total Company** | 1.52 | 2.01 | 1.69 | 1.55 | 1.53 |

---

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

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second 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 Six Months Ended**  | **As of and for the Six Months Ended**  |
|  | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| **Nonperforming Assets - Total Company:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $21537 | $22730 | $22619 | $19381 | $19910 | $21537 | $19910 |
| Loans past due 90-days-or-more and still on accrual | 105 | 120 | 141 | 164 | 631 | 105 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 21642 | 22850 | 22760 | 19545 | 20541 | 21642 | 20541 |
| OREO | 1054 | 1107 | 1160 | 1212 | 1265 | 1054 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $22696 | $23957 | $23920 | $20757 | $21806 | $22696 | $21806 |
| **Nonperforming Assets - Core Bank:** |  |  |  |  |  |  |  |
| Loans on nonaccrual status | $21537 | $22730 | $22619 | $19381 | $19910 | $21537 | $19910 |
| Loans past due 90-days-or-more and still on accrual |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming loans | 21537 | 22730 | 22619 | 19381 | 19910 | 21537 | 19910 |
| OREO | 1054 | 1107 | 1160 | 1212 | 1265 | 1054 | 1265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total nonperforming assets | $22591 | $23837 | $23779 | $20593 | $21175 | $22591 | $21175 |
| **Delinquent Loans:** |  |  |  |  |  |  |  |
| Core Bank | $9953 | $9031 | $10185 | $10048 | $9313 | $9953 | $9313 |
| RPG | 9133 | 8282 | 10304 | 10902 | 9970 | 9133 | 9970 |
| &nbsp;&nbsp;&nbsp;Total delinquent loans - Total Company | $19086 | $17313 | $20489 | $20950 | $19283 | $19086 | $19283 |
| **NCOs (Recoveries) by Segment:** |  |  |  |  |  |  |  |
| Traditional Bank | $313 | $136 | $277 | $1804 | $232 | $449 | $412 |
| Warehouse Lending |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Core Bank | 313 | 136 | 277 | 1804 | 232 | 449 | 412 |
| Tax Refund Solutions | 22049 | (693) | (2159) | (2311) | 28887 | 21356 | 28582 |
| Republic Credit Solutions | 4004 | 3904 | 5018 | 4695 | 4045 | 7908 | 8220 |
| &nbsp;&nbsp;&nbsp;RPG | 26053 | 3211 | 2859 | 2384 | 32932 | 29264 | 36802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NCOs (recoveries) - Total Company | $26366 | $3347 | $3136 | $4188 | $33164 | $29713 | $37214 |
| **Credit Quality Ratios - Total Company:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.40% | 0.43% | 0.42% | 0.37% | 0.39% | 0.40% | 0.39% |
| Nonperforming assets to total loans (including OREO) | 0.42 | 0.45 | 0.44 | 0.39 | 0.41 | 0.42 | 0.41 |
| Nonperforming assets to total assets | 0.33 | 0.34 | 0.35 | 0.31 | 0.33 | 0.33 | 0.33 |
| Allowance for credit losses to total loans  | 1.52 | 2.01 | 1.69 | 1.55 | 1.53 | 1.52 | 1.53 |
| Allowance for credit losses to nonperforming loans | 378 | 465 | 404 | 420 | 393 | 378 | 393 |
| Delinquent loans to total loans (8) | 0.36 | 0.33 | 0.38 | 0.40 | 0.37 | 0.36 | 0.37 |
| Annualized NCOs (recoveries) to average loans | 1.99 | 0.24 | 0.24 | 0.32 | 2.52 | 1.11 | 1.40 |
| **Credit Quality Ratios - Core Bank:** |  |  |  |  |  |  |  |
| Nonperforming loans to total loans  | 0.41% | 0.44% | 0.44% | 0.38% | 0.39% | 0.41% | 0.39% |
| Nonperforming assets to total loans (including OREO) | 0.43 | 0.46 | 0.46 | 0.40 | 0.41 | 0.43 | 0.41 |
| Nonperforming assets to total assets | 0.35 | 0.37 | 0.39 | 0.33 | 0.35 | 0.35 | 0.35 |
| Allowance for credit losses to total loans  | 1.16 | 1.17 | 1.19 | 1.18 | 1.19 | 1.16 | 1.19 |
| Allowance for credit losses to nonperforming loans | 282 | 265 | 270 | 315 | 308 | 282 | 308 |
| Delinquent loans to total loans (8) | 0.19 | 0.18 | 0.20 | 0.19 | 0.18 | 0.19 | 0.18 |
| Annualized NCOs (recoveries) to average loans | 0.02 | 0.01 | 0.02 | 0.14 | 0.02 | 0.02 | 0.02 |
| **TRS Refund Advances ("RAs and ERAs")** |  |  |  |  |  |  |  |
| RAs and ERAs originated | $— | $662556 | $138614 | $— | $— | $662556 | $771091 |
| Net (credit) charge to the Provision for RAs and ERAs | (3934) | 15335 | 7637 | (2311) | (1158) | 11401 | 24560 |
| RAs and ERAs NCOs (recoveries) | 21885 | (691) | (2156) | (2311) | 28764 | 21194 | 28489 |

---

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

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

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

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

---

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

---

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

------

**Republic Bancorp, Inc.** 

**Earnings Release Financial Supplement**

**Second Quarter 2025 *(continued)***

Segment information for the quarters and six months ended June 30, 2025, and 2024 follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** |  |
|  |  |  | **Total** | Tax | Republic | Republic |  |  |
|  | Traditional | Warehouse | **Core** | Refund | Payment | Credit  | **Total** | **Total** |
| ***(dollars in thousands)*** | Banking | Lending | **Banking** | Solutions | Solutions | Solutions | **RPG** | **Company** |
| **Net interest income** | $56380 | $3549 | $**59929** | $62 | $3563 | $12648 | $**16273** | $**76202** |
| **Provision for expected credit loss expense** | 517 | 255 | **772** | (3932) |  | 4983 | **1051** | **1823** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 2567 |  |  | **2567** | **2567** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage banking income | 1896 |  | **1896** |  |  |  | **—** | **1896** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 735 | 3716 | **4451** | **4451** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noninterest income | 8550 | 23 | **8573** | 156 | 1 |  | **157** | **8730** |
| **Total noninterest income** | 10446 | 23 | **10469** | 2723 | 736 | 3716 | **7175** | **17644** |
| **Total noninterest expense** | 44633 | 951 | **45584** | 2504 | 1179 | 2366 | **6049** | **51633** |
| **Income before income tax expense** | 21676 | 2366 | **24042** | 4213 | 3120 | 9015 | **16348** | **40390** |
| **Income tax expense** | 4820 | 533 | **5353** | 901 | 679 | 1973 | **3553** | **8906** |
| **Net income** | $16856 | $1833 | $**18689** | $3312 | $2441 | $7042 | $**12795** | $**31484** |
| **Period-end assets** | $5788697 | $672166 | $**6460863** | $32771 | $346586 | $130697 | $**510054** | $**6970917** |
| **Net interest margin** | 3.84% | 2.51% | **3.72%** | NM | 4.28% | NM | **NM** | **4.61%** |
| **Net-revenue concentration\*** | 71% | 4% | **75%** | 3% | 5% | 17% | **25%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** |  |
|  |  |  | **Total** | Tax | Republic | Republic |  |  |
|  | Traditional | Warehouse | **Core** | Refund | Payment | Credit  | **Total** | **Total** |
| ***(dollars in thousands)*** | Banking | Lending | **Banking** | Solutions | Solutions | Solutions | **RPG** | **Company** |
| **Net interest income** | $49915 | $2914 | $**52829** | $823 | $2930 | $11954 | $**15707** | $**68536** |
| **Provision for expected credit loss expense** | 915 | 214 | **1129** | (1182) |  | 5196 | **4014** | **5143** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 3811 |  |  | **3811** | **3811** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 1612 |  | **1612** |  |  |  | **—** | **1612** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 760 | 3638 | **4398** | **4398** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 8435 | 13 | **8448** | 75 | 1 | 1 | **77** | **8525** |
| **Total noninterest income** | 10047 | 13 | **10060** | 3886 | 761 | 3639 | **8286** | **18346** |
| **Total noninterest expense** | 41712 | 927 | **42639** | 2024 | 1018 | 3953 | **6995** | **49634** |
| **Income before income tax expense** | 17335 | 1786 | **19121** | 3867 | 2673 | 6444 | **12984** | **32105** |
| **Income tax expense** | 3708 | 403 | **4111** | 796 | 574 | 1418 | **2788** | **6899** |
| **Net income** | $13627 | $1383 | $**15010** | $3071 | $2099 | $5026 | $**10196** | $**25206** |
| **Period-end assets** | $5531961 | $549472 | $**6081433** | $32106 | $362410 | $140625 | $**535141** | $**6616574** |
| **Net interest margin** | 3.53% | 2.57% | **3.46%** | NM | 5.03% | NM | **NM** | **4.36%** |
| **Net-revenue concentration\*** | 70% | 3% | **73%** | 5% | 4% | 18% | **27%** | **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**

**Second Quarter 2025 *(continued)***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** |  |
|  |  |  | **Total** | Tax | Republic | Republic |  |  |
|  | Traditional | Warehouse | **Core** | Refund | Payment | Credit  | **Total** | **Total** |
| ***(dollars in thousands)*** | Banking | Lending | **Banking** | Solutions | Solutions | Solutions | **RPG** | **Company** |
| **Net interest income** | $109701 | $6577 | $**116278** | $29874 | $7557 | $25181 | $**62612** | $**178890** |
| **Provision for expected credit loss expense** | (252) | 302 | **50** | 11495 |  | 7950 | **19445** | **19495** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 16460 |  |  | **16460** | **16460** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 3717 |  | **3717** |  |  |  | **—** | **3717** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 1502 | 6771 | **8273** | **8273** |
| &nbsp;&nbsp;&nbsp;Gain on sale of Visa Class B-1 shares | 4090 |  | **4090** |  |  |  | **—** | **4090** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 18003 | 43 | **18046** | 210 | 1 | 1 | **212** | **18258** |
| **Total noninterest income** | 25810 | 43 | **25853** | 16670 | 1503 | 6772 | **24945** | **50798** |
| **Total noninterest expense** | 94539 | 1823 | **96362** | 5727 | 2239 | 5513 | **13479** | **109841** |
| **Income before income tax expense** | 41224 | 4495 | **45719** | 29322 | 6821 | 18490 | **54633** | **100352** |
| **Income tax expense** | 8656 | 1013 | **9669** | 6399 | 1485 | 4047 | **11931** | **21600** |
| **Net income** | $32568 | $3482 | $**36050** | $22923 | $5336 | $14443 | $**42702** | $**78752** |
| **Period-end assets** | $5788697 | $672166 | $**6460863** | $32771 | $346586 | $130697 | $**510054** | $**6970917** |
| **Net interest margin** | 3.81% | 2.59% | **3.71%** | NM | 4.42% | NM | **NM** | **5.44%** |
| **Net-revenue concentration\*** | 59% | 3% | **62%** | 20% | 4% | 14% | **38%** | **100%** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
|  | **Core Banking** | **Core Banking** | **Core Banking** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** | **Republic Processing Group** |  |
|  |  |  | **Total** | Tax | Republic | Republic |  |  |
|  | Traditional | Warehouse | **Core** | Refund | Payment | Credit  | **Total** | **Total** |
| ***(dollars in thousands)*** | Banking | Lending | **Banking** | Solutions | Solutions | Solutions | **RPG** | **Company** |
| **Net interest income** | $98174 | $5171 | $**103345** | $31733 | $6438 | $23939 | $**62110** | $**165455** |
| **Provision for expected credit loss expense** | 1273 | 523 | **1796** | 24592 |  | 9377 | **33969** | **35765** |
| &nbsp;&nbsp;&nbsp;Net refund transfer fees |  |  | **—** | 14631 |  |  | **14631** | **14631** |
| &nbsp;&nbsp;&nbsp;Mortgage banking income | 1922 |  | **1922** |  |  |  | **—** | **1922** |
| &nbsp;&nbsp;&nbsp;Program fees |  |  | **—** |  | 1533 | 7044 | **8577** | **8577** |
| &nbsp;&nbsp;&nbsp;Other noninterest income | 16421 | 26 | **16447** | 138 | 2 | 2 | **142** | **16589** |
| **Total noninterest income** | 18343 | 26 | **18369** | 14769 | 1535 | 7046 | **23350** | **41719** |
| **Total noninterest expense** | 83106 | 1805 | **84911** | 6536 | 1972 | 7186 | **15694** | **100605** |
| Income before income tax expense | 32138 | 2869 | **35007** | 15374 | 6001 | 14422 | **35797** | **70804** |
| Income tax expense | 6228 | 647 | **6875** | 3510 | 1335 | 3272 | **8117** | **14992** |
| **Net income**  | $25910 | $2222 | $**28132** | $11864 | $4666 | $11150 | $**27680** | $**55812** |
| **Period-end assets** | $5531961 | $549472 | $**6081433** | $32106 | $362410 | $140625 | $**535141** | $**6616574** |
| **Net interest margin** | 3.43% | 2.61% | **3.38%** | NM | 5.05% | NM | **NM** | **5.13%** |
| **Net-revenue concentration\*** | 56% | 3% | **59%** | 22% | 4% | 15% | **41%** | **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**

**Second Quarter 2025 *(continued)***

**Footnotes:**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended**  | **Six Months Ended**  |
| <br>***(dollars in thousands)*** | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| &nbsp;&nbsp;&nbsp;Traditional Banking | $1367 | $1291 | $1161 | $1518 | $1281 | $2658 | $2647 |
| &nbsp;&nbsp;&nbsp;Warehouse Lending | 369 | 310 | 308 | 392 | 322 | 679 | 585 |
| **Total Core Bank** | 1736 | 1601 | 1469 | 1910 | 1603 | 3337 | 3232 |
| &nbsp;&nbsp;&nbsp;TRS | 25 | 33675 | 2605 | 42 | 756 | 33700 | 36627 |
| &nbsp;&nbsp;&nbsp;RCS | 12434 | 12237 | 12569 | 12935 | 11272 | 24671 | 22644 |
| **Total RPG** | 12459 | 45912 | 15174 | 12977 | 12028 | 58371 | 59271 |
| **Total loan fees - Total Company** | $14195 | $47513 | $16643 | $14887 | $13631 | $61708 | $62503 |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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 Six Months Ended**  | **As of and for the Six Months Ended**  |
| <br>*(dollars in thousands)* | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| **Mortgage Loans Held for Sale** | **Mortgage Loans Held for Sale** |  |  |  |  |  |  |
| Balance, beginning of period | $9140 | $8312 | $8526 | $9703 | $80884 | $8312 | $3227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 51788 | 41233 | 50065 | 57142 | 52706 | 93021 | 79752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transferred from held for investment to held for sale |  |  |  |  | (1291) |  | 68173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sales | (53561) | (41816) | (51724) | (59732) | (123693) | (95377) | (142466) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 1483 | 1411 | 1445 | 1413 | 1097 | 2894 | 1017 |
| Balance, end of period | $8850 | $9140 | $8312 | $8526 | $9703 | $8850 | $9703 |
| **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** | **Consumer Loans Held for Sale** |  |  |  |  |  |
| Balance, beginning of period | $32125 | $24075 | $25881 | $32201 | $19176 | $24075 | $24008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations | 321127 | 266651 | 290881 | 350413 | 402141 | 587778 | 590488 |
| &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 | (329345) | (266633) | (296163) | (360910) | (392755) | (595978) | (589339) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale | 4045 | 3055 | 3476 | 4177 | 3639 | 7100 | 7044 |
| Balance, end of period | $27952 | $32125 | $24075 | $25881 | $32201 | $27952 | $32201 |

---

&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.* 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of** | **As of** | **As of** | **As of** | **As of** |
| <br>*(dollars in thousands, except per share data)* | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** |
| Total stockholders' equity - GAAP (a) | $1060106 | $1034089 | $992029 | $979705 | $955423 |
| &nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;Less: Mortgage servicing rights | 6840 | 6875 | 6975 | 7052 | 7030 |
| &nbsp;&nbsp;Less: Core deposit intangible | 1739 | 1841 | 1957 | 2072 | 2187 |
| Tangible stockholders' equity - Non-GAAP (c) | $1011011 | $984857 | $942581 | $930065 | $905690 |
| Total assets - GAAP (b) | $6970917 | $7075555 | $6846667 | $6692470 | $6616574 |
| &nbsp;&nbsp;Less: Goodwill | 40516 | 40516 | 40516 | 40516 | 40516 |
| &nbsp;&nbsp;Less: Mortgage servicing rights | 6840 | 6875 | 6975 | 7052 | 7030 |
| &nbsp;&nbsp;Less: Core deposit intangible | 1739 | 1841 | 1957 | 2072 | 2187 |
| Tangible assets - Non-GAAP (d) | $6921822 | $7026323 | $6797219 | $6642830 | $6566841 |
| Total stockholders' equity to total assets - GAAP (a/b) | 15.21% | 14.61% | 14.49% | 14.64% | 14.44% |
| Tangible stockholders' equity to tangible assets - Non-GAAP (c/d) | 14.61% | 14.02% | 13.87% | 14.00% | 13.79% |
| Number of shares outstanding (e) | 19527 | 19518 | 19448 | 19443 | 19425 |
| Book value per share - GAAP (a/e) | $54.29 | $52.98 | $51.01 | $50.39 | $49.19 |
| Tangible book value per share - Non-GAAP (c/e) | 51.78 | 50.46 | 48.47 | 47.84 | 46.62 |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended**  | **Six Months Ended**  |
| <br>*(dollars in thousands)* | **Jun. 30, 2025** | **Mar. 31, 2025** | **Dec. 31, 2024** | **Sep. 30, 2024** | **Jun. 30, 2024** | **Jun. 30, 2025** | **Jun. 30, 2024** |
| Net interest income - GAAP (a) | $76202 | $102688 | $75394 | $71305 | $68536 | $178890 | $165455 |
| Noninterest income - GAAP (b) | 17644 | 33154 | 14118 | 16813 | 18346 | 50798 | 41719 |
| Total net revenue - GAAP (c) | $93846 | $135842 | $89512 | $88118 | $86882 | $229688 | $207174 |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of Visa Class B-1 shares |  | 4090 |  |  |  | 4090 |  |
| &nbsp;&nbsp;&nbsp;Less: Gain on sale of consumer credit card portfolio | 328 |  |  |  |  | 328 |  |
| &nbsp;&nbsp;&nbsp;Less: Insurance proceeds |  | 1571 |  |  |  | 1571 |  |
| Total adjusted income - Non-GAAP (e) | $93518 | $130181 | $89512 | $88118 | $86882 | $223699 | $207174 |
| Noninterest expense - GAAP (d) | $51633 | $58208 | $53511 | $48609 | $49634 | $109841 | $100605 |
| &nbsp;&nbsp;&nbsp;Less: Expenses related to CBank acquisition  |  |  |  |  |  |  | 41 |
| &nbsp;&nbsp;&nbsp;Less: Core conversion & contract consulting fees | 182 | 5714 |  |  |  | 5896 |  |
| Adjusted noninterest expense - Non-GAAP (f) | $51451 | $52494 | $53511 | $48609 | $49634 | $103945 | $100564 |
| Efficiency Ratio - GAAP-derived (d/c) | 55.0% | 42.8% | 59.8% | 55.2% | 57.1% | 47.8% | 48.6% |
| Adjusted Efficiency Ratio - Non-GAAP (f/e) | 55.0% | 40.3% | 59.8% | 55.2% | 57.1% | 46.5% | 48.5% |

---

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

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

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

*NM – Not meaningful*

*NA – Not applicable*

*QTD – Quarter-to-date*

*YTD – Year-to-date*

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

------