REPUBLIC BANCORP INC /KY/ (Form: 8-K, Received: 01/30/2026 08:00:48)

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
(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	Republic Bancorp, Inc. Earnings Release dated January 30, 2026.
	99.2	Earnings Release Financial Supplement – Fourth Quarter 2025.
	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

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⁽²⁾. 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⁽⁹⁾, 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⁽³⁾ 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⁽¹⁰⁾. 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
		Three Months Ended Dec. 31,						$		%		Years Ended Dec. 31,						$		%
(dollars in thousands, except per share data)		2025			2024			Change		Change		2025			2024			Change		Change

Income Before Income Tax Expense		$	27,595		$	23,050		$	4,545	20	%	$	165,709		$	127,703		$	38,006	30	%
Net Income			22,821			19,016			3,805	20			131,317			101,371			29,946	30
Diluted EPS			1.17			0.98			0.19	19			6.72			5.21			1.51	29
Return on Average Assets ("ROA")			1.28	%		1.10	%		NA	16			1.84	%		1.47	%		NA	25
Return on Average Equity ("ROE")			8.20			7.63			NA	8			12.31			10.50			NA	17

NA – Not applicable

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

Core Bank⁽¹⁾

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 Margin
(dollars in thousands)	Three Months Ended Dec. 31,						Three Months Ended Dec. 31,
Reportable Segment	2025		2024		Change		2025		2024		Change

Traditional Banking	$	59,483	$	53,942	$	5,541	3.99	%	3.73	%	0.26	%
Warehouse Lending		4,238		3,718		520	2.69		2.68		0.01
Total Core Bank	$	63,721	$	57,660	$	6,061	3.87		3.64		0.23



	Average Loan Balances								Period-End Loan Balances
(dollars in thousands)	Three Months Ended Dec. 31,									Dec. 31,		Dec. 31,
Reportable Segment		2025		2024	$ Change		% Change			2025		2024	$ Change		% Change

Traditional Banking	$	4,601,183	$	4,569,224	$	31,959	1	%	$	4,546,297	$	4,569,179	$	(22,882)	(1)	%
Warehouse Lending		624,655		552,856		71,799	13			754,090		550,760		203,330	37
Total Core Bank	$	5,225,838	$	5,122,080	$	103,758	2		$	5,300,387	$	5,119,939	$	180,448	4

Provision for Expected Credit Losses – The Core Bank’s Provision⁽²⁾ 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⁽²⁾ 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, 2024						Year-over-Year Change
(dollars in thousands)					Allowance						Allowance		Allowance
Reportable Segment	Gross Loans		Allowance		to Loans		Gross Loans		Allowance		to Loans		to Loans		% Change

Traditional Bank	$	4,546,297	$	63,662	1.40	%	$	4,569,179	$	59,756	1.31	%	0.09	%	7	%
Warehouse Lending		754,090		1,882	0.25			550,760		1,374	0.25		—		—
Total Core Bank		5,300,387		65,544	1.24			5,119,939		61,130	1.19		0.05		4

Tax Refund Solutions		32,397		333	1.03			190,794		9,861	5.17		(4.14)		(80)
Republic Credit Solutions		113,545		19,475	17.15			128,733		20,987	16.30		0.85		5
Total Republic Processing Group		145,942		19,808	13.57			319,527		30,848	9.65		3.92		41

Total Company	$	5,446,329	$	85,352	1.57	%	$	5,439,466	$	91,978	1.69	%	(0.12)	%	(7)	%


	Allowance for Credit Losses on Loans Roll-Forward
	Three Months Ended December 31,
	2025										2024
(in thousands)	Beginning				Charge-				Ending		Beginning				Charge-				Ending
Reportable Segment	Balance		Provision		offs		Recoveries		Balance		Balance		Provision		offs		Recoveries		Balance

Traditional Bank	$	58,479	$	6,062	$	(961)	$	82	$	63,662	$	59,549	$	484	$	(441)	$	164	$	59,756
Warehouse Lending		1,522		360		—		—		1,882		1,486		(112)		—		—		1,374
Total Core Bank		60,001		6,422		(961)		82		65,544		61,035		372		(441)		164		61,130

Tax Refund Solutions		1		(562)		—		894		333		1		7,701		—		2,159		9,861
Republic Credit Solutions		19,863		4,219		(4,989)		382		19,475		21,122		4,883		(5,357)		339		20,987
Total Republic Processing Group		19,864		3,657		(4,989)		1,276		19,808		21,123		12,584		(5,357)		2,498		30,848

Total Company	$	79,865	$	10,079	$	(5,950)	$	1,358	$	85,352	$	82,158	$	12,956	$	(5,798)	$	2,662	$	91,978

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


	As of and for the:
	Quarters Ended:								Years Ended:
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2025		2025		2025		2025		2025		2024		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
(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⁽³⁾

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:

Tax Refund Solutions

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.

Republic Payment Solutions

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.

Republic Credit Solutions

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:

(1)	“Core Bank” or “Core Banking” operations consist of the Traditional Banking and Warehouse Lending segments.

(2)	Provision – Provision for expected credit loss expense

Allowance – Allowance for credit losses

(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

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2025

TABLE OF CONTENTS


		BALANCE SHEET DATA	S-2

		AVERAGE BALANCE SHEET DATA	S-3

		TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES	S-4

		INCOME STATEMENT DATA	S-5

		SELECTED DATA AND RATIOS	S-6

		LOAN COMPOSITION	S-7

		ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-7

		CREDIT QUALITY DATA AND RATIOS	S-8

		SEGMENT DATA	S-9

		FOOTNOTES	S-12

S-1

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
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Assets:
Cash and cash equivalents	$	219,972	$	484,238	$	484,808	$	793,020	$	432,151
Investment securities		890,582		849,226		711,906		615,663		595,626
Loans held for sale		117,350		40,206		36,802		41,265		32,387
Loans		5,446,329		5,281,374		5,373,020		5,289,793		5,439,466
Allowance for credit losses		(85,352)		(79,865)		(81,760)		(106,303)		(91,978)
Loans, net		5,360,977		5,201,509		5,291,260		5,183,490		5,347,488
Federal Home Loan Bank ("FHLB") stock, at cost		32,114		25,849		24,568		26,748		24,478
Premises and equipment, net		35,986		37,884		36,651		31,996		32,309
Right-of-use assets		31,330		32,804		34,327		35,857		36,182
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,277		1,246		1,054		1,107		1,160
Bank owned life insurance ("BOLI")		110,721		109,773		108,738		107,918		107,125
Other assets and accrued interest receivable		201,236		191,668		200,287		197,975		197,245
Total assets	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,173,461	$	1,239,023	$	1,223,016	$	1,375,234	$	1,207,764
Interest-bearing		4,029,686		4,099,322		4,094,223		4,030,658		4,002,782
Total deposits		5,203,147		5,338,345		5,317,239		5,405,892		5,210,546

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		88,504		74,522		72,103		89,718		103,318
Operating lease liabilities		32,370		33,833		35,335		36,831		37,121
Federal Home Loan Bank advances		506,000		375,000		370,000		370,000		395,000
Other liabilities and accrued interest payable		109,747		108,699		116,134		139,025		108,653
Total liabilities		5,939,768		5,930,399		5,910,811		6,041,466		5,854,638

Stockholders' equity		1,102,293		1,084,520		1,060,106		1,034,089		992,029
Total liabilities and stockholders' equity	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667

S-2

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										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:
Federal funds sold and other interest-earning deposits	$	407,022	$	476,681	$	622,909	$	516,785	$	583,672	$	505,468	$	472,512
Investment securities, including FHLB stock		901,006		806,304		686,223		619,525		594,567		754,181		647,409
Loans, including loans held for sale		5,365,734		5,281,369		5,318,666		5,497,968		5,313,234		5,365,340		5,322,672
Total interest-earning assets		6,673,762		6,564,354		6,627,798		6,634,278		6,491,473		6,624,989		6,442,593

Allowance for credit losses		(79,832)		(81,196)		(105,726)		(102,271)		(82,301)		(92,164)		(92,071)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		70,289		82,616		125,098		389,994		93,927		165,892		139,775
Premises and equipment, net		38,868		37,557		33,250		32,513		32,933		35,570		33,397
Bank owned life insurance		110,385		109,381		108,416		107,599		106,814		108,954		105,560
Other assets		273,906		279,166		273,195		273,643		257,780		275,181		255,041

Total assets	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	7,118,422	$	6,884,295

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,084,332	$	4,078,925	$	4,081,209	$	4,041,991	$	3,921,291	$	4,071,750	$	3,898,460
SSUARs and other short-term borrowings		133,851		73,135		87,760		108,760		142,007		100,869		101,680
Federal Home Loan Bank advances		377,793		372,283		370,000		520,778		370,780		409,718		400,032
Total interest-bearing liabilities		4,595,976		4,524,343		4,538,969		4,671,529		4,434,078		4,582,337		4,400,172

Noninterest-bearing liabilities and Stockholders’ Equity:
Noninterest-bearing deposits		1,261,600		1,254,609		1,323,622		1,491,084		1,328,885		1,331,886		1,374,457
Other liabilities		125,515		131,269		143,941		150,299		140,228		137,670		144,461
Stockholders' equity		1,104,287		1,081,657		1,055,499		1,022,844		997,435		1,066,529		965,205

Total liabilities and stockholders’ equity	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	7,118,422	$	6,884,295

S-3

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, 2024
		Average						Average		Average						Average
		Balance			Interest			Rate		Balance			Interest			Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits		$	407,022		$	3,965		3.86	%	$	583,672		$	7,051		4.81	%
Investment securities, including FHLB stock (a)			901,006			9,296		4.09			594,567			4,716		3.16
TRS Refund Advances (b)			2,559			288		44.65			23,219			2,604		44.62
RCS LOC products (b)			43,931			11,411		103.05			46,447			12,569		107.66
Other RPG loans			93,406			1,399		5.94			121,488			1,896		6.21
Outstanding Warehouse lines of credit			624,655			10,587		6.72			552,856			10,333		7.44
Traditional Bank loans (c)			4,601,183			66,287		5.72			4,569,224			63,939		5.57
Total loans (d)			5,365,734			89,972		6.65			5,313,234			91,341		6.84

Total interest-earning assets			6,673,762			103,233		6.14			6,491,473			103,108		6.32

Allowance for credit losses			(79,832)								(82,301)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents			70,289								93,927
Premises and equipment, net			38,868								32,933
Bank owned life insurance			110,385								106,814
Other assets (a)			273,906								257,780
Total assets		$	7,087,378							$	6,900,626

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts		$	1,643,909		$	2,229		0.54	%	$	1,726,893		$	4,358		1.00	%
Money market accounts			1,539,777			10,027		2.58			1,320,103			10,286		3.10
Time deposits			479,839			4,483		3.71			397,671			3,988		3.99
Reciprocal money market and time deposits			319,758			2,347		2.91			336,110			3,110		3.68
Brokered deposits			101,049			1,176		4.62			140,514			1,783		5.05

Total interest-bearing deposits			4,084,332			20,262		1.97			3,921,291			23,525		2.39

SSUARs and other short-term borrowings			133,851			111		0.33			142,007			143		0.40
Federal Home Loan Bank advances			377,793			4,050		4.25			370,780			4,046		4.34

Total interest-bearing liabilities			4,595,976			24,423		2.11			4,434,078			27,714		2.49

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits			1,261,600								1,328,885
Other liabilities			125,515								140,228
Stockholders’ equity			1,104,287								997,435
Total liabilities and stockholders’ equity		$	7,087,378							$	6,900,626

Net interest income					$	78,810							$	75,394

Net interest spread								4.03	%							3.83	%

Net interest margin								4.69	%							4.62	%

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

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

(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.

(d)	See Footnote 1 for detail of loan fees by reporting segment.

S-4

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										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)	$	103,233	$	103,239	$	102,203	$	129,838	$	103,108	$	438,513	$	432,986
Total interest expense		24,423		26,269		26,001		27,150		27,714		103,843		120,832
Net interest income		78,810		76,970		76,202		102,688		75,394		334,670		312,154

Provision (2)		10,079		2,023		1,823		17,672		12,951		31,597		54,376

Noninterest income:
Service charges on deposit accounts		3,825		3,646		3,505		3,460		3,654		14,436		14,186
Net refund transfer fees		108		1,117		2,567		13,893		143		17,685		15,356
Mortgage banking income (3)		1,620		2,064		1,896		1,821		1,454		7,401		5,438
Interchange fee income		2,884		3,030		3,200		3,077		3,173		12,191		12,967
Program fees (3)		4,444		4,888		4,451		3,822		4,279		17,605		17,818
Increase in cash surrender value of BOLI		947		1,035		821		793		836		3,596		3,208
Net losses on OREO		(53)		(52)		(53)		(53)		(52)		(211)		(206)
Gain on sale of Visa Class B-1 shares		—		—		—		4,090		—		4,090		—
Other (3)		1,684		840		1,257		2,251		631		6,032		3,883
Total noninterest income		15,459		16,568		17,644		33,154		14,118		82,825		72,650

Noninterest expense:
Salaries and employee benefits		34,163		31,027		30,801		31,069		30,999		127,060		118,650
Technology, equipment, and communication		8,581		8,710		8,684		8,643		8,316		34,618		30,690
Occupancy		3,673		3,547		3,391		3,564		3,401		14,175		13,856
Marketing and development		2,422		2,668		1,243		1,387		2,827		7,720		9,439
FDIC insurance expense		751		763		731		819		728		3,064		3,012
Interchange related expense		1,609		1,640		1,488		1,636		1,595		6,373		5,845
Legal and professional fees		825		1,100		666		1,118		794		3,709		3,489
Core conversion and contract consulting fees		220		97		182		5,714		—		6,213		—
Merger expense		—		—		—		—		—		—		41
Other (2)		4,351		4,201		4,447		4,258		4,851		17,257		17,703
Total noninterest expense		56,595		53,753		51,633		58,208		53,511		220,189		202,725

Income before income tax expense		27,595		37,762		40,390		59,962		23,050		165,709		127,703
Income tax expense		4,774		8,018		8,906		12,694		4,034		34,392		26,332

Net income	$	22,821	$	29,744	$	31,484	$	47,268	$	19,016	$	131,317	$	101,371

S-5

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)



Selected Data and Ratios
	As of and for the Three Months 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		19,744			19,733			19,721			19,711			19,672			19,744			19,650
Diluted weighted average shares outstanding		19,799			19,791			19,784			19,797			19,778			19,809			19,736

Period-end shares outstanding:
Class A Common Stock		17,393			17,387			17,378			17,368			17,298			17,393			17,298
Class B Common Stock		2,148			2,149			2,149			2,150			2,150			2,148			2,150

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"):
Basic EPS - Class A Common Stock	$	1.17		$	1.53		$	1.62		$	2.43		$	0.99		$	6.74		$	5.24
Basic EPS - Class B Common Stock		1.07			1.39			1.47			2.21			0.89			6.13			4.76
Diluted EPS - Class A Common Stock		1.17			1.52			1.61			2.42			0.98			6.72			5.21
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:
Class A Common Stock	$	0.451		$	0.451		$	0.451		$	0.451		$	0.407		$	1.804		$	1.628
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

S-6

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)


Loan Composition and Allowance for Credit Losses on Loans
		As of
		Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Loan Composition:

Traditional Banking:
Residential real estate:
Owner-occupied		$	1,040,080		$	1,044,737		$	1,031,898		$	1,025,461		$	1,032,459
Nonowner-occupied			283,246			291,373			303,357			311,955			318,096
Commercial real estate			1,797,738			1,766,616			1,789,043			1,806,760			1,813,177
Construction & land development			238,455			246,065			258,817			238,562			244,121
Commercial & industrial			528,873			488,786			481,219			482,955			460,245
Lease financing receivables			20,523			96,605			96,547			93,159			93,304
Aircraft			203,120			202,742			211,910			219,292			226,179
Home equity			413,638			399,691			387,599			365,631			353,441
Consumer:
Credit cards			10,711			10,787			10,315			11,136			16,464
Overdrafts			971			881			826			779			982
Automobile loans			738			813			916			1,031			1,156
Other consumer			8,204			9,210			9,705			9,638			9,555
Total Traditional Banking			4,546,297			4,558,306			4,582,152			4,566,359			4,569,179
Warehouse lines of credit			754,090			609,826			671,773			569,502			550,760
Total Core Banking			5,300,387			5,168,132			5,253,925			5,135,861			5,119,939

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			12,924			—			—			30,344			138,614
Other TRS commercial & industrial loans			19,473			292			95			5,841			52,180
Republic Credit Solutions			113,545			112,950			119,000			117,747			128,733
Total Republic Processing Group			145,942			113,242			119,095			153,932			319,527

Total Loans - Total Company		$	5,446,329		$	5,281,374		$	5,373,020		$	5,289,793		$	5,439,466

Allowance for Credit Losses on Loans ("Allowance"):

Traditional Banking		$	63,662		$	58,479		$	59,055		$	58,851		$	59,756
Warehouse Lending			1,882			1,522			1,676			1,421			1,374
Total Core Banking			65,544			60,001			60,731			60,272			61,130

Tax Refund Solutions			333			1			—			25,981			9,861
Republic Credit Solutions			19,475			19,863			21,029			20,050			20,987
Total Republic Processing Group			19,808			19,864			21,029			46,031			30,848

Total Allowance - Total Company		$	85,352		$	79,865		$	81,760		$	106,303		$	91,978

Allowance to Total Loans:

Traditional Banking			1.40	%		1.28	%		1.29	%		1.29	%		1.31	%
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

Tax Refund Solutions			1.03			0.34			—			71.80			5.17
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

S-7

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)



Credit Quality Data and Ratios
	As of and for the Three Months 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	$	23,806		$	21,572		$	21,537		$	22,730		$	22,619		$	23,806		$	22,619
Loans past due 90-days-or-more and still on accrual		161			137			105			120			141			161			141
Total nonperforming loans		23,967			21,709			21,642			22,850			22,760			23,967			22,760
OREO		1,277			—			1,054			1,107			1,160			1,277			1,160
Total nonperforming assets	$	25,244		$	21,709		$	22,696		$	23,957		$	23,920		$	25,244		$	23,920

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	23,806		$	21,572		$	21,537		$	22,730		$	22,619		$	23,806		$	22,619
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		23,806			21,572			21,537			22,730			22,619			23,806			22,619
OREO		1,277			—			1,054			1,107			1,160			1,277			1,160
Total nonperforming assets	$	25,083		$	21,572		$	22,591		$	23,837		$	23,779		$	25,083		$	23,779

Delinquent Loans:
Core Bank	$	13,925		$	10,691		$	9,953		$	9,031		$	10,185		$	13,925		$	10,185
RPG		8,938			8,691			9,133			8,282			10,304			8,938			10,304
Total delinquent loans - Total Company	$	22,863		$	19,382		$	19,086		$	17,313		$	20,489		$	22,863		$	20,489

NCOs (Recoveries) by Segment:
Traditional Bank	$	879		$	251		$	313		$	136		$	277		$	1,579		$	2,493
Warehouse Lending		—			—			—			—			—			—			—
Core Bank		879			251			313			136			277			1,579			2,493
Tax Refund Solutions		(894)			(1,468)			22,049			(693)			(2,159)			18,994			24,112
Republic Credit Solutions		4,607			5,135			4,004			3,904			5,018			17,650			17,933
RPG		3,713			3,667			26,053			3,211			2,859			36,644			42,045
Total NCOs (recoveries) - Total Company	$	4,592		$	3,918		$	26,366		$	3,347		$	3,136		$	38,223		$	44,538

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	$	12,924		$	—		$	—		$	662,556		$	138,614		$	675,480		$	909,705
Net (credit) charge to the Provision for RAs and ERAs		(598)			(1,454)			(3,934)			15,335			7,637			9,349			29,886
RAs and ERAs NCOs (recoveries)		(894)			(1,454)			21,885			(691)			(2,156)			18,846			24,022

S-8

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:

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

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the U.S.	Net interest income

Republic Processing Group:

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

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

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.

S-9

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
		Core Banking								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	$	59,483		$	4,238		$	63,721		$	335		$	3,060		$	11,694		$	15,089		$	78,810

Provision for expected credit loss expense		6,062			360			6,422			(562)			—			4,219			3,657			10,079

Net refund transfer fees		—			—			—			108			—			—			108			108
Mortgage banking income		1,620			—			1,620			—			—			—			—			1,620
Program fees		—			—			—			—			665			3,779			4,444			4,444
Other noninterest income		9,100			19			9,119			17			150			1			168			9,287
Total noninterest income		10,720			19			10,739			125			815			3,780			4,720			15,459

Total noninterest expense		48,347			1,000			49,347			2,790			1,293			3,165			7,248			56,595

Income before income tax expense		15,794			2,897			18,691			(1,768)			2,582			8,090			8,904			27,595
Income tax expense		2,148			653			2,801			(378)			569			1,782			1,973			4,774

Net income	$	13,646		$	2,244		$	15,890		$	(1,390)		$	2,013		$	6,308		$	6,931		$	22,821

Period-end assets	$	5,817,278		$	754,564		$	6,571,842		$	32,165		$	314,814		$	123,240		$	470,219		$	7,042,061

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
		Core Banking								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	$	53,942		$	3,718		$	57,660		$	2,247		$	2,590		$	12,897		$	17,734		$	75,394

Provision for expected credit loss expense		479			(112)			367			7,701			—			4,883			12,584			12,951

Net refund transfer fees		—			—			—			143			—			—			143			143
Mortgage banking income		1,454			—			1,454			—			—			—			—			1,454
Program fees		—			—			—			—			802			3,477			4,279			4,279
Other noninterest income		8,204			20			8,224			15			2			1			18			8,242
Total noninterest income		9,658			20			9,678			158			804			3,478			4,440			14,118

Total noninterest expense		44,926			917			45,843			2,818			1,182			3,668			7,668			53,511

Income before income tax expense		18,195			2,933			21,128			(8,114)			2,212			7,824			1,922			23,050
Income tax expense		2,889			661			3,550			(1,729)			497			1,716			484			4,034

Net income	$	15,306		$	2,272		$	17,578		$	(6,385)		$	1,715		$	6,108		$	1,438		$	19,016

Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667

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.

S-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (continued)


		Year Ended December 31, 2025
		Core Banking								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	$	226,608		$	14,620		$	241,228		$	30,489		$	13,810		$	49,143		$	93,442		$	334,670

Provision for expected credit loss expense		5,485			508			5,993			9,466			—			16,138			25,604			31,597

Net refund transfer fees		—			—			—			17,685			—			—			17,685			17,685
Mortgage banking income		7,401			—			7,401			—			—			—			—			7,401
Program fees		—			—			—			—			2,948			14,657			17,605			17,605
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		35,541			83			35,624			265			152			3			420			36,044
Total noninterest income		47,032			83			47,115			17,950			3,100			14,660			35,710			82,825

Total noninterest expense		189,080			3,768			192,848			10,865			4,637			11,839			27,341			220,189

Income before income tax expense		79,075			10,427			89,502			28,108			12,273			35,826			76,207			165,709
Income tax expense		15,395			2,350			17,745			6,116			2,678			7,853			16,647			34,392

Net income	$	63,680		$	8,077		$	71,757		$	21,992		$	9,595		$	27,973		$	59,560		$	131,317

Period-end assets	$	5,817,278		$	754,564		$	6,571,842		$	32,165		$	314,814		$	123,240		$	470,219		$	7,042,061

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
		Core Banking								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	$	203,139		$	12,469		$	215,608		$	34,420		$	11,811		$	50,315		$	96,546		$	312,154

Provision for expected credit loss expense		3,241			527			3,768			29,983			—			20,625			50,608			54,376

Net refund transfer fees		—			—			—			15,356			—			—			15,356			15,356
Mortgage banking income		5,438			—			5,438			—			—			—			—			5,438
Program fees		—			—			—			—			3,121			14,697			17,818			17,818
Other noninterest income		33,641			62			33,703			180			151			4			335			34,038
Total noninterest income		39,079			62			39,141			15,536			3,272			14,701			33,509			72,650

Total noninterest expense		169,298			3,611			172,909			11,605			4,101			14,110			29,816			202,725

Income before income tax expense		69,679			8,393			78,072			8,368			10,982			30,281			49,631			127,703
Income tax expense		13,306			1,892			15,198			1,970			2,427			6,737			11,134			26,332

Net income	$	56,373		$	6,501		$	62,874		$	6,398		$	8,555		$	23,544		$	38,497		$	101,371

Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667

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.

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (continued)

Footnotes:

(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										Years Ended
(in thousands)	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024

Traditional Banking	$	2,003	$	1,393	$	1,367	$	1,291	$	1,161	$	6,054	$	5,326
Warehouse Lending		362		364		369		310		308		1,405		1,285
Total Core Bank		2,365		1,757		1,736		1,601		1,469		7,459		6,611
TRS		288		17		25		33,675		2,605		34,005		39,274
RCS		11,411		12,123		12,434		12,237		12,569		48,205		48,148
Total RPG		11,699		12,140		12,459		45,912		15,174		82,210		87,422

Total loan fees - Total Company	$	14,064	$	13,897	$	14,195	$	47,513	$	16,643	$	89,669	$	94,033

(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.

(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.



	As of and for the Three Months Ended											As of and for the Years Ended
(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

Balance, beginning of period	$	15,338		$	8,850	$	9,140	$	8,312	$	8,526	$	8,312	$	3,227
Originations		58,417			59,494		51,788		41,233		50,065		210,932		186,959
Transferred from held for investment to held for sale		—			—		—		—		—		—		68,173
Proceeds from sales		(67,560)			(54,716)		(53,561)		(41,816)		(51,724)		(217,653)		(253,922)
Net gain on sale		1,321			1,710		1,483		1,411		1,445		5,925		3,875
Balance, end of period	$	7,516		$	15,338	$	8,850	$	9,140	$	8,312	$	7,516	$	8,312

Consumer Loans Held for Sale

Balance, beginning of period	$	24,868		$	27,952	$	32,125	$	24,075	$	25,881	$	24,075	$	24,008
Originations		277,273			271,718		321,127		266,651		290,881		1,136,769		940,901
Transferred from held for investment to held for sale		—			—		—		4,977		—		4,977		—
Proceeds from sales		(277,926)			(278,908)		(329,345)		(266,633)		(296,163)		(1,152,812)		(950,249)
Net gain on sale		3,780			4,106		4,045		3,055		3,476		14,986		11,221
Balance, end of period	$	27,995		$	24,868	$	27,952	$	32,125	$	24,075	$	27,995	$	25,881

Other Loans Held for Sale

Balance, beginning of period	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Transferred from held for investment to held for sale		81,839			—		—		—		—		81,839		—
Balance, end of period	$	81,839		$	—	$	—	$	—	$	—	$	81,839	$	—

(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.

S-12


	As of
(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)	$	1,102,293		$	1,084,520		$	1,060,106		$	1,034,089		$	992,029
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,811			6,798			6,840			6,875			6,975
Less: Core deposit intangible		1,535			1,637			1,739			1,841			1,957
Tangible stockholders' equity - Non-GAAP (c)	$	1,053,431		$	1,035,569		$	1,011,011		$	984,857		$	942,581

Total assets - GAAP (b)	$	7,042,061		$	7,014,919		$	6,970,917		$	7,075,555		$	6,846,667
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,811			6,798			6,840			6,875			6,975
Less: Core deposit intangible		1,535			1,637			1,739			1,841			1,957
Tangible assets - Non-GAAP (d)	$	6,993,199		$	6,965,968		$	6,921,822		$	7,026,323		$	6,797,219

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)		19,541			19,536			19,527			19,518			19,448

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

(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.



	Three Months Ended															Years Ended
(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)	$	78,810		$	76,970		$	76,202		$	102,688		$	75,394		$	334,670		$	312,154
Noninterest income - GAAP (b)		15,459			16,568			17,644			33,154			14,118			82,825			72,650
Total net revenue - GAAP (c)	$	94,269		$	93,538		$	93,846		$	135,842		$	89,512		$	417,495		$	384,804
Less: Gain on sale of Visa Class B-1 shares		—			—			—			4,090			—			4,090			—
Less: Gain on sale of consumer credit card portfolio		—			—			328			—			—			328			—
Less: Insurance proceeds		—			—			—			1,571			—			1,571			—
Total adjusted revenue - Non-GAAP (e)	$	94,269		$	93,538		$	93,518		$	130,181		$	89,512		$	411,506		$	384,804


Noninterest expense - GAAP (d)	$	56,595		$	53,753		$	51,633		$	58,208		$	53,511		$	220,189		$	202,725
Less: Merger expenses		—			—			—			—			—			—			41
Less: Core conversion and contract consulting fees		220			97			182			5,714			—			6,213			—
Total adjusted noninterest expense - Non-GAAP (f)	$	56,375		$	53,656		$	51,451		$	52,494		$	53,511		$	213,976		$	202,684

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	%

(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.

(7)	FTEs – Full-time-equivalent employees.

(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.

(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.


	Years Ended
(dollars in thousands)	2025		2024		$ Change		% Change

Total Core Bank Deposits - GAAP	$	4,809,179	$	4,606,457	$	202,722		4	%
Less: Core Bank Wholesale Brokered Deposits and listing service deposits		99,334		115,046		(15,712)		(14)
Total adjusted Core Bank Deposits - Non-GAAP	$	4,709,845	$	4,491,411	$	218,434		5	%

S-13

(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.


	Years Ended
(dollars in thousands)	2025		2024		$ Change

Total Traditional Bank Loans - GAAP	$	4,546,297	$	4,569,178	$	(22,881)
Add: Traditional Bank loans transferred from held for investment to held for sale		81,839		—		81,839
Total adjusted Traditional Bank Loans - Non-GAAP	$	4,628,136	$	4,569,178	$	58,958

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

S-14