REPUBLIC BANCORP INC /KY/ (Form: 8-K, Received: 07/18/2025 08:00:53)

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
(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	Republic Bancorp, Inc. Earnings Release dated July 18, 2025.
	99.2	Earnings Release Financial Supplement – Second 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: July 18, 2025	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

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
		Three Months Ended Jun. 30,						$		%			Six Months Ended Jun. 30,						$		%
(dollars in thousands, except per share data)		2025			2024			Change		Change			2025			2024			Change		Change

Income Before Income Tax Expense		$	40,390		$	32,105		$	8,285	26	%		$	100,352		$	70,804		$	29,548	42	%
Net Income			31,484			25,206			6,278	25				78,752			55,812			22,940	41
Diluted EPS			1.61			1.30			0.31	24				4.03			2.87			1.16	40
Return on Average Assets ("ROA")			1.79	%		1.50	%		NA	19				2.21	%		1.61	%		NA	37
Return on Average Equity ("ROE")			11.96			10.57			NA	13				15.28			11.90			NA	28

NA – Not applicable

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

Core Bank⁽¹⁾

S-1

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:

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.

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.

S-2

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 Jun. 30,						Three Months Ended Jun. 30,
Reportable Segment	2025		2024		Change		2025		2024		Change

Traditional Banking	$	56,380	$	49,915	$	6,465	3.84	%	3.53	%	0.31	%
Warehouse Lending		3,549		2,914		635	2.51		2.57		(0.06)
Total Core Bank	$	59,929	$	52,829	$	7,100	3.72		3.46		0.26



	Average Loan Balances								Period-End Loan Balances
(dollars in thousands)	Three Months Ended Jun. 30,									Jun. 30,		Jun. 30,
Reportable Segment		2025		2024	$ Change		% Change			2025		2024	$ Change		% Change

Traditional Banking	$	4,587,342	$	4,622,655	$	(35,313)	(1)	%	$	4,582,152	$	4,589,167	$	(7,015)	(0)	%
Warehouse Lending		566,707		456,908		109,799	24			671,773		549,011		122,762	22
Total Core Bank	$	5,154,049	$	5,079,563	$	74,486	1		$	5,253,925	$	5,138,178	$	115,747	2

Provision for Expected Credit Losses – The Core Bank’s Provision⁽²⁾ 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 second quarter of 2025 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 second quarter of 2024 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.

S-3

As a percentage of total loans, the Core Bank’s Allowance⁽²⁾ 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, 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	$	4,582,152	$	59,055	1.29	%	$	4,589,167	$	59,865	1.30	%	(0.01)	%	(1)	%
Warehouse Lending		671,773		1,676	0.25			549,011		1,370	0.25		—		—
Total Core Bank		5,253,925		60,731	1.16			5,138,178		61,235	1.19		(0.03)		(3)

Tax Refund Solutions		95		—	—			92		—	—		—		—
Republic Credit Solutions		119,000		21,029	17.67			126,000		19,452	15.44		2.23		14
Total Republic Processing Group		119,095		21,029	17.66			126,092		19,452	15.43		2.23		14

Total Company	$	5,373,020	$	81,760	1.52	%	$	5,264,270	$	80,687	1.53	%	(0.01)	%	(1)	%


	Allowance for Credit Losses on Loans Roll-Forward
	Three Months Ended June 30,
	2025										2024
(dollars in thousands)	Beginning				Charge-				Ending		Beginning				Charge-				Ending
Reportable Segment	Balance		Provision		offs		Recoveries		Balance		Balance		Provision		offs		Recoveries		Balance

Traditional Bank	$	58,851	$	517	$	(470)	$	157	$	59,055	$	59,176	$	921	$	(332)	$	100	$	59,865
Warehouse Lending		1,421		255		—		—		1,676		1,156		214		—		—		1,370
Total Core Bank		60,272		772		(470)		157		60,731		60,332		1,135		(332)		100		61,235

Tax Refund Solutions		25,981		(3,932)		(25,059)		3,010		—		30,069		(1,182)		(32,693)		3,806		—
Republic Credit Solutions		20,050		4,983		(4,384)		380		21,029		18,301		5,196		(4,315)		270		19,452
Total Republic Processing Group		46,031		1,051		(29,443)		3,390		21,029		48,370		4,014		(37,008)		4,076		19,452

Total Company	$	106,303	$	1,823	$	(29,913)	$	3,547	$	81,760	$	108,702	$	5,149	$	(37,340)	$	4,176	$	80,687

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



	Quarters Ended:				Years Ended:
	Jun. 30,		Jun. 30,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2025		2024		2024		2023		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
(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.

S-4

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⁽³⁾

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:

Tax Refund Solutions

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.

Republic Payment Solutions

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.

Republic Credit Solutions

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.

S-5

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:

(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

S-6

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND 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

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
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024
Assets:
Cash and cash equivalents	$	484,808	$	793,020	$	432,151	$	530,865	$	400,059
Investment securities		711,906		615,663		595,626		478,064		557,459
Loans held for sale		36,802		41,265		32,387		34,407		41,904
Loans		5,373,020		5,289,793		5,439,466		5,296,917		5,264,270
Allowance for credit losses		(81,760)		(106,303)		(91,978)		(82,158)		(80,687)
Loans, net		5,291,260		5,183,490		5,347,488		5,214,759		5,183,583
Federal Home Loan Bank ("FHLB") stock, at cost		24,568		26,748		24,478		23,981		23,840
Premises and equipment, net		36,651		31,996		32,309		33,007		33,224
Right-of-use assets		34,327		35,857		36,182		35,897		31,720
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,054		1,107		1,160		1,212		1,265
Bank owned life insurance ("BOLI")		108,738		107,918		107,125		106,288		105,462
Other assets and accrued interest receivable		200,287		197,975		197,245		193,474		197,542
Total assets	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,223,016	$	1,375,234	$	1,207,764	$	1,260,086	$	1,279,390
Interest-bearing		4,094,223		4,030,658		4,002,782		3,841,610		3,789,657
Total deposits		5,317,239		5,405,892		5,210,546		5,101,696		5,069,047

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		72,103		89,718		103,318		79,383		72,598
Operating lease liabilities		35,335		36,831		37,121		36,797		32,602
Federal Home Loan Bank advances		370,000		370,000		395,000		370,000		370,000
Other liabilities and accrued interest payable		116,134		139,025		108,653		124,889		116,904
Total liabilities		5,910,811		6,041,466		5,854,638		5,712,765		5,661,151

Stockholders' equity		1,060,106		1,034,089		992,029		979,705		955,423
Total liabilities and stockholders' equity	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574

S-2

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)


Average Balance Sheet Data
	Three 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:
Federal funds sold and other interest-earning deposits	$	622,909	$	516,785	$	583,672	$	457,797	$	393,095	$	570,140	$	423,761
Investment securities, including FHLB stock		686,223		619,525		594,567		593,449		670,114		653,058		701,396
Loans, including loans held for sale		5,318,666		5,497,968		5,313,234		5,261,173		5,262,719		5,407,821		5,358,531
Total interest-earning assets		6,627,798		6,634,278		6,491,473		6,312,419		6,325,928		6,631,019		6,483,688

Allowance for credit losses		(105,726)		(102,271)		(82,301)		(81,567)		(108,194)		(104,008)		(102,320)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		125,098		389,994		93,927		82,969		102,712		256,814		191,665
Premises and equipment, net		33,250		32,513		32,933		33,319		33,452		32,883		33,671
Bank owned life insurance		108,416		107,599		106,814		105,974		105,128		108,010		104,716
Other assets		273,195		273,643		257,780		258,704		247,858		273,420		251,809

Total assets	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,198,138	$	6,963,229

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,081,209	$	4,041,991	$	3,921,291	$	3,820,078	$	3,848,238	$	4,061,709	$	3,926,542
SSUARs and other short-term borrowings		87,760		108,760		142,007		73,660		88,326		98,202		95,459
Federal Home Loan Bank advances		370,000		520,778		370,780		387,989		305,604		444,972		420,907
Total interest-bearing liabilities		4,538,969		4,671,529		4,434,078		4,281,727		4,242,168		4,604,883		4,442,908

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,323,622		1,491,084		1,328,885		1,313,207		1,366,862		1,406,890		1,428,455
Other liabilities		143,941		150,299		140,228		140,761		144,108		147,103		148,472
Stockholders' equity		1,055,499		1,022,844		997,435		976,123		953,746		1,039,262		943,394

Total liabilities and stockholders’ equity	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,198,138	$	6,963,229

S-3

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

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	622,909	$	6,917	4.45	%	$	393,095	$	5,334	5.46	%
Investment securities, including FHLB stock (a)		686,223		6,346	3.71			670,114		5,144	3.09

TRS Refund Advances (b)		26,353		25	0.38			37,103		742	8.04
RCS LOC products (b)		46,252		12,434	107.83			42,011		11,272	107.91
Other RPG loans		92,012		1,559	6.80			104,042		2,069	8.00
Outstanding Warehouse lines of credit		566,707		9,803	6.94			456,908		9,064	7.98
Traditional Bank loans (c)		4,587,342		65,119	5.69			4,622,655		64,075	5.57
Total loans (d)		5,318,666		88,940	6.71			5,262,719		87,222	6.67

Total interest-earning assets		6,627,798		102,203	6.19			6,325,928		97,700	6.21

Allowance for credit losses		(105,726)						(108,194)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		125,098						102,712
Premises and equipment, net		33,250						33,452
Bank owned life insurance		108,416						105,128
Other assets (a)		273,195						247,858
Total assets	$	7,062,031					$	6,706,884

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,699,450	$	2,557	0.60	%	$	1,821,025	$	6,323	1.40	%
Money market accounts		1,406,053		10,183	2.90			1,120,833		9,652	3.46
Time deposits		445,129		4,168	3.76			387,150		3,859	4.01
Reciprocal money market and time deposits		318,576		2,622	3.30			334,496		3,514	4.23
Brokered deposits		212,001		2,320	4.39			184,734		2,425	5.28

Total interest-bearing deposits		4,081,209		21,850	2.15			3,848,238		25,773	2.69

SSUARs and other short-term borrowings		87,760		140	0.64			88,326		132	0.60
Federal Home Loan Bank advances		370,000		4,011	4.35			305,604		3,259	4.29

Total interest-bearing liabilities		4,538,969		26,001	2.30			4,242,168		29,164	2.77

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,323,622						1,366,862
Other liabilities		143,941						144,108
Stockholders’ equity		1,055,499						953,746
Total liabilities and stockholders’ equity	$	7,062,031					$	6,706,884

Net interest income			$	76,202					$	68,536

Net interest spread					3.89	%					3.44	%

Net interest margin					4.61	%					4.36	%

(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, 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

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										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)	$	102,203	$	129,838	$	103,108	$	101,546	$	97,700	$	232,041	$	228,332
Total interest expense		26,001		27,150		27,714		30,241		29,164		53,151		62,877
Net interest income		76,202		102,688		75,394		71,305		68,536		178,890		165,455

Provision (2)		1,823		17,672		12,951		5,660		5,143		19,495		35,765

Noninterest income:
Service charges on deposit accounts		3,505		3,460		3,654		3,693		3,526		6,965		6,839
Net refund transfer fees		2,567		13,893		143		582		3,811		16,460		14,631
Mortgage banking income (3)		1,896		1,821		1,454		2,062		1,612		3,717		1,922
Interchange fee income		3,200		3,077		3,173		3,286		3,351		6,277		6,508
Program fees (3)		4,451		3,822		4,279		4,962		4,398		8,273		8,577
Increase in cash surrender value of BOLI		821		793		836		826		792		1,614		1,546
Net losses on OREO		(53)		(53)		(52)		(53)		(48)		(106)		(101)
Gain on sale of Visa Class B-1 shares		—		4,090		—		—		—		4,090		—
Other (3)		1,257		2,251		631		1,455		904		3,508		1,797
Total noninterest income		17,644		33,154		14,118		16,813		18,346		50,798		41,719

Noninterest expense:
Salaries and employee benefits		30,801		31,069		30,999		28,792		29,143		61,870		58,859
Technology, equipment, and communication		8,684		8,643		8,316		7,544		7,340		17,327		14,830
Occupancy		3,391		3,564		3,401		3,224		3,409		6,955		7,231
Marketing and development		1,243		1,387		2,827		1,983		2,705		2,630		4,629
FDIC insurance expense		731		819		728		764		748		1,550		1,520
Interchange related expense		1,488		1,636		1,595		1,540		1,412		3,124		2,710
Legal and professional fees		666		1,118		794		870		770		1,784		1,825
Core conversion and contract consulting fees		182		5,714		—		—		—		5,896		—
Merger expense		—		—		—		—		—		—		41
Other (2)		4,447		4,258		4,851		3,892		4,107		8,705		8,960
Total noninterest expense		51,633		58,208		53,511		48,609		49,634		109,841		100,605

Income before income tax expense		40,390		59,962		23,050		33,849		32,105		100,352		70,804
Income tax expense		8,906		12,694		4,034		7,306		6,899		21,600		14,992

Net income	$	31,484	$	47,268	$	19,016	$	26,543	$	25,206	$	78,752	$	55,812

S-5

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)



Selected Data and Ratios
	As of and for the Three 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		19,721			19,711			19,672			19,654			19,633			19,721			19,626
Diluted weighted average shares outstanding		19,784			19,797			19,778			19,735			19,714			19,795			19,697

Period-end shares outstanding:
Class A Common Stock		17,378			17,368			17,298			17,293			17,275			17,378			17,275
Class B Common Stock		2,149			2,150			2,150			2,150			2,150			2,149			2,150

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"):
Basic EPS - Class A Common Stock	$	1.62		$	2.43		$	0.99		$	1.37		$	1.31		$	4.04		$	2.88
Basic EPS - Class B Common Stock		1.47			2.21			0.89			1.25			1.18			3.68			2.62
Diluted EPS - Class A Common Stock		1.61			2.42			0.98			1.37			1.30			4.03			2.87
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:
Class A Common Stock	$	0.451		$	0.451		$	0.407		$	0.407		$	0.407		$	0.902		$	0.814
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

S-6

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
	As of
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	1,031,898		$	1,025,461		$	1,032,459		$	1,046,385		$	1,058,139
Nonowner occupied		303,357			311,955			318,096			326,273			331,954
Commercial real estate		1,789,043			1,806,760			1,813,177			1,813,303			1,821,798
Construction & land development		258,817			238,562			244,121			247,730			239,615
Commercial & industrial		481,219			482,955			460,245			437,911			452,815
Lease financing receivables		96,547			93,159			93,304			89,653			88,529
Aircraft		211,910			219,292			226,179			235,327			240,275
Home equity		387,599			365,631			353,441			341,204			325,086
Consumer:
Credit cards		10,315			11,136			16,464			16,762			16,547
Overdrafts		826			779			982			827			746
Automobile loans		916			1,031			1,156			1,340			1,599
Other consumer		9,705			9,638			9,555			10,181			12,064
Total Traditional Banking		4,582,152			4,566,359			4,569,179			4,566,896			4,589,167
Warehouse lines of credit		671,773			569,502			550,760			595,163			549,011
Total Core Banking		5,253,925			5,135,861			5,119,939			5,162,059			5,138,178

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			30,344			138,614			—			—
Other TRS commercial & industrial loans		95			5,841			52,180			302			92
Republic Credit Solutions		119,000			117,747			128,733			134,556			126,000
Total Republic Processing Group		119,095			153,932			319,527			134,858			126,092

Total Loans - Total Company	$	5,373,020		$	5,289,793		$	5,439,466		$	5,296,917		$	5,264,270

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	59,055		$	58,851		$	59,756		$	59,549		$	59,865
Warehouse Lending		1,676			1,421			1,374			1,486			1,370
Total Core Banking		60,731			60,272			61,130			61,035			61,235

Tax Refund Solutions		—			25,981			9,861			1			—
Republic Credit Solutions		21,029			20,050			20,987			21,122			19,452
Total Republic Processing Group		21,029			46,031			30,848			21,123			19,452

Total Allowance - Total Company	$	81,760		$	106,303		$	91,978		$	82,158		$	80,687

Allowance to Total Loans

Traditional Banking		1.29	%		1.29	%		1.31	%		1.30	%		1.30	%
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

Tax Refund Solutions		—			71.80			5.17			0.33			—
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

S-7

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)



Credit Quality Data and Ratios
	As of and for the Three 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	$	21,537		$	22,730		$	22,619		$	19,381		$	19,910		$	21,537		$	19,910
Loans past due 90-days-or-more and still on accrual		105			120			141			164			631			105			631
Total nonperforming loans		21,642			22,850			22,760			19,545			20,541			21,642			20,541
OREO		1,054			1,107			1,160			1,212			1,265			1,054			1,265
Total nonperforming assets	$	22,696		$	23,957		$	23,920		$	20,757		$	21,806		$	22,696		$	21,806

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	21,537		$	22,730		$	22,619		$	19,381		$	19,910		$	21,537		$	19,910
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		21,537			22,730			22,619			19,381			19,910			21,537			19,910
OREO		1,054			1,107			1,160			1,212			1,265			1,054			1,265
Total nonperforming assets	$	22,591		$	23,837		$	23,779		$	20,593		$	21,175		$	22,591		$	21,175

Delinquent Loans:
Core Bank	$	9,953		$	9,031		$	10,185		$	10,048		$	9,313		$	9,953		$	9,313
RPG		9,133			8,282			10,304			10,902			9,970			9,133			9,970
Total delinquent loans - Total Company	$	19,086		$	17,313		$	20,489		$	20,950		$	19,283		$	19,086		$	19,283

NCOs (Recoveries) by Segment:
Traditional Bank	$	313		$	136		$	277		$	1,804		$	232		$	449		$	412
Warehouse Lending		—			—			—			—			—			—			—
Core Bank		313			136			277			1,804			232			449			412
Tax Refund Solutions		22,049			(693)			(2,159)			(2,311)			28,887			21,356			28,582
Republic Credit Solutions		4,004			3,904			5,018			4,695			4,045			7,908			8,220
RPG		26,053			3,211			2,859			2,384			32,932			29,264			36,802
Total NCOs (recoveries) - Total Company	$	26,366		$	3,347		$	3,136		$	4,188		$	33,164		$	29,713		$	37,214

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	$	—		$	662,556		$	138,614		$	—		$	—		$	662,556		$	771,091
Net (credit) charge to the Provision for RAs and ERAs		(3,934)			15,335			7,637			(2,311)			(1,158)			11,401			24,560
RAs and ERAs NCOs (recoveries)		21,885			(691)			(2,156)			(2,311)			28,764			21,194			28,489

S-8

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:

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

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the United States.	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

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
		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	$	56,380		$	3,549		$	59,929		$	62		$	3,563		$	12,648		$	16,273		$	76,202

Provision for expected credit loss expense		517			255			772			(3,932)			—			4,983			1,051			1,823

Net refund transfer fees		—			—			—			2,567			—			—			2,567			2,567
Mortgage banking income		1,896			—			1,896			—			—			—			—			1,896
Program fees		—			—			—			—			735			3,716			4,451			4,451
Other noninterest income		8,550			23			8,573			156			1			—			157			8,730
Total noninterest income		10,446			23			10,469			2,723			736			3,716			7,175			17,644

Total noninterest expense		44,633			951			45,584			2,504			1,179			2,366			6,049			51,633

Income before income tax expense		21,676			2,366			24,042			4,213			3,120			9,015			16,348			40,390
Income tax expense		4,820			533			5,353			901			679			1,973			3,553			8,906

Net income	$	16,856		$	1,833		$	18,689		$	3,312		$	2,441		$	7,042		$	12,795		$	31,484

Period-end assets	$	5,788,697		$	672,166		$	6,460,863		$	32,771		$	346,586		$	130,697		$	510,054		$	6,970,917

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
		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	$	49,915		$	2,914		$	52,829		$	823		$	2,930		$	11,954		$	15,707		$	68,536

Provision for expected credit loss expense		915			214			1,129			(1,182)			—			5,196			4,014			5,143

Net refund transfer fees		—			—			—			3,811			—			—			3,811			3,811
Mortgage banking income		1,612			—			1,612			—			—			—			—			1,612
Program fees		—			—			—			—			760			3,638			4,398			4,398
Other noninterest income		8,435			13			8,448			75			1			1			77			8,525
Total noninterest income		10,047			13			10,060			3,886			761			3,639			8,286			18,346

Total noninterest expense		41,712			927			42,639			2,024			1,018			3,953			6,995			49,634

Income before income tax expense		17,335			1,786			19,121			3,867			2,673			6,444			12,984			32,105
Income tax expense		3,708			403			4,111			796			574			1,418			2,788			6,899

Net income	$	13,627		$	1,383		$	15,010		$	3,071		$	2,099		$	5,026		$	10,196		$	25,206

Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574

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.

S-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)


		Six Months Ended June 30, 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	$	109,701		$	6,577		$	116,278		$	29,874		$	7,557		$	25,181		$	62,612		$	178,890

Provision for expected credit loss expense		(252)			302			50			11,495			—			7,950			19,445			19,495

Net refund transfer fees		—			—			—			16,460			—			—			16,460			16,460
Mortgage banking income		3,717			—			3,717			—			—			—			—			3,717
Program fees		—			—			—			—			1,502			6,771			8,273			8,273
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		18,003			43			18,046			210			1			1			212			18,258
Total noninterest income		25,810			43			25,853			16,670			1,503			6,772			24,945			50,798

Total noninterest expense		94,539			1,823			96,362			5,727			2,239			5,513			13,479			109,841

Income before income tax expense		41,224			4,495			45,719			29,322			6,821			18,490			54,633			100,352
Income tax expense		8,656			1,013			9,669			6,399			1,485			4,047			11,931			21,600

Net income	$	32,568		$	3,482		$	36,050		$	22,923		$	5,336		$	14,443		$	42,702		$	78,752

Period-end assets	$	5,788,697		$	672,166		$	6,460,863		$	32,771		$	346,586		$	130,697		$	510,054		$	6,970,917

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
		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	$	98,174		$	5,171		$	103,345		$	31,733		$	6,438		$	23,939		$	62,110		$	165,455

Provision for expected credit loss expense		1,273			523			1,796			24,592			—			9,377			33,969			35,765

Net refund transfer fees		—			—			—			14,631			—			—			14,631			14,631
Mortgage banking income		1,922			—			1,922			—			—			—			—			1,922
Program fees		—			—			—			—			1,533			7,044			8,577			8,577
Other noninterest income		16,421			26			16,447			138			2			2			142			16,589
Total noninterest income		18,343			26			18,369			14,769			1,535			7,046			23,350			41,719

Total noninterest expense		83,106			1,805			84,911			6,536			1,972			7,186			15,694			100,605

Income before income tax expense		32,138			2,869			35,007			15,374			6,001			14,422			35,797			70,804
Income tax expense		6,228			647			6,875			3,510			1,335			3,272			8,117			14,992

Net income	$	25,910		$	2,222		$	28,132		$	11,864		$	4,666		$	11,150		$	27,680		$	55,812

Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574

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.

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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 the Company’s loan fees by segment:



	Three Months Ended										Six Months Ended
(dollars in thousands)	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024

Traditional Banking	$	1,367	$	1,291	$	1,161	$	1,518	$	1,281	$	2,658	$	2,647
Warehouse Lending		369		310		308		392		322		679		585
Total Core Bank		1,736		1,601		1,469		1,910		1,603		3,337		3,232
TRS		25		33,675		2,605		42		756		33,700		36,627
RCS		12,434		12,237		12,569		12,935		11,272		24,671		22,644
Total RPG		12,459		45,912		15,174		12,977		12,028		58,371		59,271

Total loan fees - Total Company	$	14,195	$	47,513	$	16,643	$	14,887	$	13,631	$	61,708	$	62,503

(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. 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 Six Months Ended
(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

Balance, beginning of period	$	9,140	$	8,312	$	8,526	$	9,703	$	80,884	$	8,312	$	3,227
Originations		51,788		41,233		50,065		57,142		52,706		93,021		79,752
Transferred from held for investment to held for sale		—		—		—		—		(1,291)		—		68,173
Proceeds from sales		(53,561)		(41,816)		(51,724)		(59,732)		(123,693)		(95,377)		(142,466)
Net gain on sale		1,483		1,411		1,445		1,413		1,097		2,894		1,017
Balance, end of period	$	8,850	$	9,140	$	8,312	$	8,526	$	9,703	$	8,850	$	9,703

Consumer Loans Held for Sale

Balance, beginning of period	$	32,125	$	24,075	$	25,881	$	32,201	$	19,176	$	24,075	$	24,008
Originations		321,127		266,651		290,881		350,413		402,141		587,778		590,488
Transferred from held for investment to held for sale		—		4,977		—		—		—		4,977		—
Proceeds from sales		(329,345)		(266,633)		(296,163)		(360,910)		(392,755)		(595,978)		(589,339)
Net gain on sale		4,045		3,055		3,476		4,177		3,639		7,100		7,044
Balance, end of period	$	27,952	$	32,125	$	24,075	$	25,881	$	32,201	$	27,952	$	32,201

(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)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024

Total stockholders' equity - GAAP (a)	$	1,060,106		$	1,034,089		$	992,029		$	979,705		$	955,423
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,840			6,875			6,975			7,052			7,030
Less: Core deposit intangible		1,739			1,841			1,957			2,072			2,187
Tangible stockholders' equity - Non-GAAP (c)	$	1,011,011		$	984,857		$	942,581		$	930,065		$	905,690

Total assets - GAAP (b)	$	6,970,917		$	7,075,555		$	6,846,667		$	6,692,470		$	6,616,574
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,840			6,875			6,975			7,052			7,030
Less: Core deposit intangible		1,739			1,841			1,957			2,072			2,187
Tangible assets - Non-GAAP (d)	$	6,921,822		$	7,026,323		$	6,797,219		$	6,642,830		$	6,566,841

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)		19,527			19,518			19,448			19,443			19,425

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

(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															Six Months Ended
(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)	$	76,202		$	102,688		$	75,394		$	71,305		$	68,536		$	178,890		$	165,455
Noninterest income - GAAP (b)		17,644			33,154			14,118			16,813			18,346			50,798			41,719
Total net revenue - GAAP (c)	$	93,846		$	135,842		$	89,512		$	88,118		$	86,882		$	229,688		$	207,174
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 income - Non-GAAP (e)	$	93,518		$	130,181		$	89,512		$	88,118		$	86,882		$	223,699		$	207,174


Noninterest expense - GAAP (d)	$	51,633		$	58,208		$	53,511		$	48,609		$	49,634		$	109,841		$	100,605
Less: Expenses related to CBank acquisition		—			—			—			—			—			—			41
Less: Core conversion & contract consulting fees		182			5,714			—			—			—			5,896			—
Adjusted noninterest expense - Non-GAAP (f)	$	51,451		$	52,494		$	53,511		$	48,609		$	49,634		$	103,945		$	100,564

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	%

(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 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

S-13