リパブリックバンコープの適時開示・決算・その他

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): October 17, 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 October 17, 2025, Republic Bancorp, Inc. announced its results of operations for the quarter ended September 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 October 17, 2025.
	99.2	Earnings Release Financial Supplement – Third 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: October 17, 2025	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EX-99.1 2 rbcaa-20251017xex99d1.htm EX-99.1 3Q

Exhibit 99.1

Republic Bancorp Reports a 12% Increase in Third 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 third quarter 2025 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $29.7 million and $1.52 per share, representing increases of 12% and 11%, over the $26.5 million and $1.37 per share reported for the third quarter of 2024. As a result, the Company achieved a return on average assets (“ROA”) and a return on average equity (“ROE”) of 1.69% and 10.91% for the third quarter of 2025.

Logan Pichel, President & CEO of Republic Bank & Trust Company commented, “We delivered another strong quarter, fueled by a 15% increase in Core Bank net income, underscoring the continued momentum of our strategy and the dedication of our entire team. Our Core Bank, which includes our Traditional Bank and Warehouse Lending operations, represents approximately 94% of the Company’s total assets. Our disciplined approach to pricing across the Core Bank balance sheet continued to generate significant Net Interest Margin (“NIM”) expansion - from 3.53% in the third quarter of 2024, to 3.78% in the third quarter of 2025. On a Total Company basis, NIM expanded 16 basis points from 4.49% in the third quarter of 2024 to 4.65% in the third quarter of 2025. With Total Company interest-earning assets of $6.26 billion, each additional basis point of margin expansion contributes meaningfully to our net interest income.

Our balance sheet liquidity remained strong at quarter-end and continued to gain strength during the quarter. Overall, deposits grew by $21 million from June 30, 2025 to September 30, 2025, while the total Company loan portfolio declined slightly by $92 million for the quarter. Within our Traditional Bank, total loans declined $24 million from June 30, 2025 to $4.56 billion as of September 30, 2025, consistent with our ongoing focus on pricing discipline. Steadily moderating our loan-to-deposit ratio to enhance flexibility for key strategic decisions has been a key focus of the Company over the past several quarters.

In addition to our solid Core Bank net income growth, credit quality remained solid at the Core Bank. The Core Bank’s net charge-offs to average loans was 0.02% for the third quarter, while period-end nonperforming loans to total loans was 0.42% and period-end delinquent loans to total loans ended at 0.21%.

In addition to our strong third quarter performance, we are also proud that we recently received two distinguished accolades highlighting our Company’s performance. In September, we were ranked among Bank Director’s Top 25 publicly traded banks based on profitability, capital adequacy, and credit quality. The analysis included all 300 publicly traded banks in the U.S. with assets greater than $2 billion utilizing year-end 2024 data. In August, we were awarded the 2024 Raymond James Community Bankers Cup, which honors the top 10% of community banks across the U.S. with assets between $500 million and $10 billion based on various profitability, operational efficiency, and balance sheet metrics. These recognitions are a powerful testament to the results of our Company’s mission to enable our associates, customers, communities, and shareholders to thrive,” Pichel concluded.

The following table highlights Republic’s key metrics for the three and nine months ended September 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 October 17, 2025.



	Total Company Financial Performance Highlights											Total Company Financial Performance Highlights
		Three Months Ended Sep. 30,						$		%			Nine Months Ended Sep. 30,						$		%
(dollars in thousands, except per share data)		2025			2024			Change		Change			2025			2024			Change		Change

Income Before Income Tax Expense		$	37,762		$	33,849		$	3,913	12	%		$	138,114		$	104,653		$	33,461	32	%
Net Income			29,744			26,543			3,201	12				108,496			82,355			26,141	32
Diluted EPS			1.52			1.37			0.15	11				5.55			4.24			1.31	31
Return on Average Assets ("ROA")			1.69	%		1.58	%		NA	7				2.03	%		1.60	%		NA	27
Return on Average Equity ("ROE")			10.91			10.88			NA	0				13.77			11.53			NA	19

NA – Not applicable

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

Core Bank(1)

Net income for the Core Bank was $19.8 million for the third quarter of 2025, a $2.7 million, or 15%, increase over the $17.2 million earned for the third quarter of 2024. As discussed in more detail below, a solid increase in net interest income, combined with lower credit loss provisioning, was partially offset by lower noninterest income and higher noninterest expenses.

Net Interest Income – Core Bank net interest income was $61.2 million for the third quarter of 2025, a $6.6 million, or 12%, increase over the $54.6 million achieved during the third 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 3.53% during the third quarter of 2024 to 3.78% during the third quarter of 2025, benefiting from a meaningful decrease in the Core Bank’s cost of deposits.

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

Interest-Earning Assets

●

Average outstanding Warehouse balances increased $47 million, or 9%, from $528 million during the third quarter of 2024 to $575 million for the third quarter of 2025, while the weighted-average yield declined 102 basis points to 7.02%. Average committed Warehouse lines increased from $940 million to $1.06 billion during the same periods, as average usage rates for Warehouse lines fluctuated from 56% during the third quarter of 2024 to 54% for the third quarter of 2025.

While Traditional Bank average loans declined slightly from $4.58 billion during the third quarter of 2024 to $4.57 billion during the third quarter of 2025, the weighted-average yield expanded 8 basis points to 5.71% during the third quarter of 2025.

●

Core Bank average interest-earning cash was $477 million with a weighted-average yield of 4.40% during the third quarter of 2025 compared to $458 million with a weighted-average yield of 5.36% for the third quarter of 2024. In addition, average investments totaled $806 million with a weighted-average yield of 4.07% during the third quarter of 2025 compared to $593 million with a weighted-average yield of 3.20% for the third quarter of 2024. In general, throughout the past several months, the Company has deployed a higher percentage of its excess cash into longer-term investment securities that provided more attractive yields than overnight interest-earning cash options.

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 2.77% during the third quarter of 2024 to 2.32% for the third quarter of 2025, while average interest-bearing deposit balances grew $260 million, or 7%, for the same periods. Included within this growth in interest-bearing deposits was a $277 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 a $74 million decrease in average transaction accounts and a $38 million decrease in the average balance of third-party listing service deposits.

●

Average noninterest-bearing deposits decreased $27 million from the third quarter of 2024 to the third 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 Sep. 30,						Three Months Ended Sep. 30,
Reportable Segment	2025		2024		Change		2025		2024		Change

Traditional Banking	$	57,424	$	51,023	$	6,401	3.89	%	3.61	%	0.28	%
Warehouse Lending		3,805		3,580		225	2.62		2.70		(0.08)
Total Core Bank	$	61,229	$	54,603	$	6,626	3.78		3.53		0.25



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

Traditional Banking	$	4,569,970	$	4,579,371	$	(9,401)	(0)	%	$	4,558,306	$	4,566,896	$	(8,590)	(0)	%
Warehouse Lending		575,273		528,363		46,910	9			609,826		595,163		14,663	2
Total Core Bank	$	5,145,243	$	5,107,734	$	37,509	1		$	5,168,132	$	5,162,059	$	6,073	0

Provision for Expected Credit Losses – The Core Bank’s Provision(2) was a net credit of $479,000 for the third quarter of 2025 compared to a net charge of $1.6 million for the third quarter of 2024.

The net credit of $479,000 for the third quarter of 2025 was driven by the following:

●

The Traditional Bank recorded a net credit to the Provision of $325,000 during the third quarter of 2025 related primarily to minimal net charge-offs and a $24 million reduction in loan balances.

●

Warehouse recorded a net credit to the Provision of $154,000 resulting from general formula reserves applied to a $62 million decline in the outstanding Warehouse period-end balances at the end of the quarter.

As a percentage of total loans, the Core Bank’s Allowance(2) decreased 2 basis points from September 30, 2024, to September 30, 2025. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.



	As of Sep. 30, 2025						As of Sep. 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	$	4,558,306	$	58,479	1.28	%	$	4,566,896	$	59,549	1.30	%	(0.02)	%	(2)	%
Warehouse Lending		609,826		1,522	0.25			595,163		1,486	0.25		—		—
Total Core Bank		5,168,132		60,001	1.16			5,162,059		61,035	1.18		(0.02)		(2)

Tax Refund Solutions		292		1	0.34			302		1	0.33		0.01		3
Republic Credit Solutions		112,950		19,863	17.59			134,556		21,122	15.70		1.89		12
Total Republic Processing Group		113,242		19,864	17.54			134,858		21,123	15.66		1.88		12

Total Company	$	5,281,374	$	79,865	1.51	%	$	5,296,917	$	82,158	1.55	%	(0.04)	%	(3)	%


	Allowance for Credit Losses on Loans Roll-Forward
	Three Months Ended September 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	$	59,055	$	(325)	$	(332)	$	81	$	58,479	$	59,865	$	1,488	$	(2,308)	$	504	$	59,549
Warehouse Lending		1,676		(154)		—		—		1,522		1,370		116		—		—		1,486
Total Core Bank		60,731		(479)		(332)		81		60,001		61,235		1,604		(2,308)		504		61,035

Tax Refund Solutions		—		(1,467)		—		1,468		1		—		(2,310)		—		2,311		1
Republic Credit Solutions		21,029		3,969		(5,504)		369		19,863		19,452		6,365		(5,022)		327		21,122
Total Republic Processing Group		21,029		2,502		(5,504)		1,837		19,864		19,452		4,055		(5,022)		2,638		21,123

Total Company	$	81,760	$	2,023	$	(5,836)	$	1,918	$	79,865	$	80,687	$	5,659	$	(7,330)	$	3,142	$	82,158

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



	Quarters Ended:				Years Ended:
	Sep. 30,		Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2025		2024		2024		2023		2022

Nonperforming loans to total loans	0.42	%	0.38	%	0.44	%	0.39	%	0.37	%

Nonperforming assets to total loans (including OREO)	0.44		0.40		0.46		0.41		0.40

Delinquent loans* to total loans	0.21		0.19		0.20		0.16		0.14

Net charge-offs to average loans	0.02		0.14		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 decreased by $571,000 from $11.1 million in the third quarter of 2024 to $10.5 million for the third quarter of 2025. Other noninterest income decreased $481,000 from the third quarter of 2024 to the third quarter of 2025. During the third quarter of 2024, the Company recorded $610,000 of annual volume incentives from MasterCard. The Company’s 2025 annual volume incentives from MasterCard are currently expected to be finalized and received during the fourth quarter of 2025.

Noninterest Expense – The Core Bank’s noninterest expenses were $47.1 million for the third quarter of 2025, an increase of $5.0 million over the third quarter of 2024. Notable line-item variances within the noninterest expense category included:

●

Salaries and employee benefits increased by a combined $1.9 million, or 8%, driven primarily by a $737,000 increase in health insurance claims and a $559,000 increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for the third quarter of 2025 were due to a larger expected bonus payout for 2025 based on the Company’s strong operating results through the first nine months of the year.

●

Technology expenses increased $1.1 million, or 18%, over the third quarter of 2024. The increase in technology expenses was related to the following:

●

Core system operating expenses rose, as the Company operates on a month-to-month contract basis with its current provider, while it works toward a conversion to a new core system provider in the fourth quarter. Under a month-to-month contract situation with its current Core System provider, the Company pays a 25% premium above its previous contractual run rate.

●

The Company also incurred additional expenses for expanded data storage, enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system.

●

Marketing expenses rose $972,000 due to additional costs associated with a new branding campaign, which began during the second quarter of 2025. The new branding campaign and overall marketing expenses near current levels are expected to continue into the foreseeable future.

Republic Processing Group(3)

RPG reported net income of $9.9 million for the third quarter of 2025, a $548,000, or 6%, increase over the $9.4 million reported for the third quarter of 2024. Notable net income fluctuations for the quarter within RPG’s operating segments were as follows:

Tax Refund Solutions

TRS recorded net income of $459,000 during the third quarter of 2025 compared to net income of $919,000 for the third quarter of 2024. The decrease in TRS net income for the quarter was driven primarily by a $843,000 decrease in recoveries of prior period charge-offs for Refund Advances (“RAs”) as the paydowns of RAs during the first six months of 2025 were notably better than the paydowns of RAs during the first six months of 2024. The better paydown experience during the first six months of 2025 has led to fewer recovery opportunities during the second half of 2025 as compared to the second half of 2024.

Republic Payment Solutions

Net income at RPS was $2.2 million for the third quarter of 2025, a $72,000 increase from the third 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 third quarter of 2025 compared to $1.3 million recorded during the third 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 a decrease in the Federal Funds Target Rate over the past twelve months.

Republic Credit Solutions

Net income at RCS increased $936,000, or 15% from $6.3 million for the third quarter of 2024 to $7.2 million for the third quarter of 2025. The increase in RCS net income was primarily due to growth in profitability of two of its Line-of-Credit (“LOC”) products, which had a combined increase in net income of $843,000 from the third quarter of 2024 to the third quarter of 2025.

The rise in the combined net income for these two LOC products was primarily driven by a period-to-period decrease in their combined Provision expense, as a combined quarterly loan balance decline drove a $1.2 million decrease in their formula loan loss reserves for the third quarter of 2025. Conversely an increase in their combined quarterly loan balances for these two LOC products during the third quarter of 2024 drove a $1.7 million increase in their formula loan loss reserves for that period.

The rise in the combined net income for these two LOC products related to their lower Provision expense was partially offset by a decrease in their net interest income and program fees resulting from a decline in their loan balances during the third quarter of 2025.

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 September 30, 2025, had approximately $7.01 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

EX-99.2 3 rbcaa-20251017xex99d2.htm EX-99.2 3Q

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD 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

Third 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
	Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024
Assets:
Cash and cash equivalents	$	484,238	$	484,808	$	793,020	$	432,151	$	530,865
Investment securities		849,226		711,906		615,663		595,626		478,064
Loans held for sale		40,206		36,802		41,265		32,387		34,407
Loans		5,281,374		5,373,020		5,289,793		5,439,466		5,296,917
Allowance for credit losses		(79,865)		(81,760)		(106,303)		(91,978)		(82,158)
Loans, net		5,201,509		5,291,260		5,183,490		5,347,488		5,214,759
Federal Home Loan Bank ("FHLB") stock, at cost		25,849		24,568		26,748		24,478		23,981
Premises and equipment, net		37,884		36,651		31,996		32,309		33,007
Right-of-use assets		32,804		34,327		35,857		36,182		35,897
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,246		1,054		1,107		1,160		1,212
Bank owned life insurance ("BOLI")		109,773		108,738		107,918		107,125		106,288
Other assets and accrued interest receivable		191,668		200,287		197,975		197,245		193,474
Total assets	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,239,023	$	1,223,016	$	1,375,234	$	1,207,764	$	1,260,086
Interest-bearing		4,099,322		4,094,223		4,030,658		4,002,782		3,841,610
Total deposits		5,338,345		5,317,239		5,405,892		5,210,546		5,101,696

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		74,522		72,103		89,718		103,318		79,383
Operating lease liabilities		33,833		35,335		36,831		37,121		36,797
Federal Home Loan Bank advances		375,000		370,000		370,000		395,000		370,000
Other liabilities and accrued interest payable		108,699		116,134		139,025		108,653		124,889
Total liabilities		5,930,399		5,910,811		6,041,466		5,854,638		5,712,765

Stockholders' equity		1,084,520		1,060,106		1,034,089		992,029		979,705
Total liabilities and stockholders' equity	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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										Nine Months Ended
	Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Sep. 30, 2025		Sep. 30, 2024
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	476,681	$	622,909	$	516,785	$	583,672	$	457,797	$	538,644	$	435,189
Investment securities, including FHLB stock		806,304		686,223		619,525		594,567		593,449		704,701		665,151
Loans, including loans held for sale		5,281,369		5,318,666		5,497,968		5,313,234		5,261,173		5,365,207		5,325,841
Total interest-earning assets		6,564,354		6,627,798		6,634,278		6,491,473		6,312,419		6,608,552		6,426,181

Allowance for credit losses		(81,196)		(105,726)		(102,271)		(82,301)		(81,567)		(96,320)		(95,352)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		82,616		125,098		389,994		93,927		82,969		198,110		155,169
Premises and equipment, net		37,557		33,250		32,513		32,933		33,319		34,458		33,553
Bank owned life insurance		109,381		108,416		107,599		106,814		105,974		108,472		105,138
Other assets		279,166		273,195		273,643		257,780		258,704		275,358		254,126

Total assets	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	7,128,630	$	6,878,815

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,078,925	$	4,081,209	$	4,041,991	$	3,921,291	$	3,820,078	$	4,067,511	$	3,890,796
SSUARs and other short-term borrowings		73,135		87,760		108,760		142,007		73,660		89,755		88,140
Federal Home Loan Bank advances		372,283		370,000		520,778		370,780		387,989		420,476		409,854
Total interest-bearing liabilities		4,524,343		4,538,969		4,671,529		4,434,078		4,281,727		4,577,742		4,388,790

Noninterest-bearing liabilities and Stockholders’ Equity:
Noninterest-bearing deposits		1,254,609		1,323,622		1,491,084		1,328,885		1,313,207		1,355,572		1,389,759
Other liabilities		131,269		143,941		150,299		140,228		140,761		141,767		145,883
Stockholders' equity		1,081,657		1,055,499		1,022,844		997,435		976,123		1,053,549		954,383

Total liabilities and stockholders’ equity	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	7,128,630	$	6,878,815

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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 September 30, 2025						Three Months Ended September 30, 2024
	Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	476,681	$	5,292	4.40	%	$	457,797	$	6,172	5.36	%
Investment securities, including FHLB stock (a)		806,304		8,272	4.07			593,449		4,780	3.20

RCS LOC products (b)		45,764		12,123	105.10			46,805		12,935	109.94
Other RPG loans		90,362		1,591	6.99			106,634		2,133	7.96
Outstanding Warehouse lines of credit		575,273		10,180	7.02			528,363		10,672	8.04
Traditional Bank loans (c)		4,569,970		65,781	5.71			4,579,371		64,854	5.63
Total loans (d)		5,281,369		89,675	6.74			5,261,173		90,594	6.85

Total interest-earning assets		6,564,354		103,239	6.24			6,312,419		101,546	6.40

Allowance for credit losses		(81,196)						(81,567)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		82,616						82,969
Premises and equipment, net		37,557						33,319
Bank owned life insurance		109,381						105,974
Other assets (a)		279,166						258,704
Total assets	$	6,991,878					$	6,711,818

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,667,600	$	2,600	0.62	%	$	1,754,355	$	5,882	1.33	%
Money market accounts		1,490,557		10,969	2.92			1,215,354		10,770	3.53
Time deposits		463,657		4,363	3.73			390,413		3,952	4.03
Reciprocal money market and time deposits		334,939		2,763	3.27			372,725		4,030	4.30
Brokered deposits		122,172		1,399	4.54			87,231		1,168	5.33

Total interest-bearing deposits		4,078,925		22,094	2.15			3,820,078		25,802	2.69

SSUARs and other short-term borrowings		73,135		116	0.63			73,660		141	0.76
Federal Home Loan Bank advances		372,283		4,059	4.33			387,989		4,298	4.41

Total interest-bearing liabilities		4,524,343		26,269	2.30			4,281,727		30,241	2.81

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,254,609						1,313,207
Other liabilities		131,269						140,761
Stockholders’ equity		1,081,657						976,123
Total liabilities and stockholders’ equity	$	6,991,878					$	6,711,818

Net interest income			$	76,970					$	71,305

Net interest spread					3.94	%					3.59	%

Net interest margin					4.65	%					4.49	%

(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

Third 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										Nine Months Ended
	Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Sep. 30, 2025		Sep. 30, 2024

Total interest income (1)	$	103,239	$	102,203	$	129,838	$	103,108	$	101,546	$	335,280	$	329,878
Total interest expense		26,269		26,001		27,150		27,714		30,241		79,420		93,118
Net interest income		76,970		76,202		102,688		75,394		71,305		255,860		236,760

Provision (2)		2,023		1,823		17,672		12,951		5,660		21,518		41,425

Noninterest income:
Service charges on deposit accounts		3,646		3,505		3,460		3,654		3,693		10,611		10,532
Net refund transfer fees		1,117		2,567		13,893		143		582		17,577		15,213
Mortgage banking income (3)		2,064		1,896		1,821		1,454		2,062		5,781		3,984
Interchange fee income		3,030		3,200		3,077		3,173		3,286		9,307		9,794
Program fees (3)		4,888		4,451		3,822		4,279		4,962		13,161		13,539
Increase in cash surrender value of BOLI		1,035		821		793		836		826		2,649		2,372
Net losses on OREO		(52)		(53)		(53)		(52)		(53)		(158)		(154)
Gain on sale of Visa Class B-1 shares		—		—		4,090		—		—		4,090		—
Other (3)		840		1,257		2,251		631		1,455		4,348		3,252
Total noninterest income		16,568		17,644		33,154		14,118		16,813		67,366		58,532

Noninterest expense:
Salaries and employee benefits		31,027		30,801		31,069		30,999		28,792		92,897		87,651
Technology, equipment, and communication		8,710		8,684		8,643		8,316		7,544		26,037		22,374
Occupancy		3,547		3,391		3,564		3,401		3,224		10,502		10,455
Marketing and development		2,668		1,243		1,387		2,827		1,983		5,298		6,612
FDIC insurance expense		763		731		819		728		764		2,313		2,284
Interchange related expense		1,640		1,488		1,636		1,595		1,540		4,764		4,250
Legal and professional fees		1,100		666		1,118		794		870		2,884		2,695
Core conversion and contract consulting fees		97		182		5,714		—		—		5,993		—
Merger expense		—		—		—		—		—		—		41
Other (2)		4,201		4,447		4,258		4,851		3,892		12,906		12,852
Total noninterest expense		53,753		51,633		58,208		53,511		48,609		163,594		149,214

Income before income tax expense		37,762		40,390		59,962		23,050		33,849		138,114		104,653
Income tax expense		8,018		8,906		12,694		4,034		7,306		29,618		22,298

Net income	$	29,744	$	31,484	$	47,268	$	19,016	$	26,543	$	108,496	$	82,355

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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 Nine Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Sep. 30, 2025			Sep. 30, 2024
Per Share Data:

Basic weighted average shares outstanding		19,733			19,721			19,711			19,672			19,654			19,734			19,637
Diluted weighted average shares outstanding		19,791			19,784			19,797			19,778			19,735			19,803			19,709

Period-end shares outstanding:
Class A Common Stock		17,387			17,378			17,368			17,298			17,293			17,387			17,293
Class B Common Stock		2,149			2,149			2,150			2,150			2,150			2,149			2,150

Book value per share (4)	$	55.51		$	54.29		$	52.98		$	51.01		$	50.39		$	55.51		$	50.39
Tangible book value per share (4)		53.01			51.78			50.46			48.47			47.84			53.01			47.84

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.53		$	1.62		$	2.43		$	0.99		$	1.37		$	5.57		$	4.25
Basic EPS - Class B Common Stock		1.39			1.47			2.21			0.89			1.25			5.07			3.87
Diluted EPS - Class A Common Stock		1.52			1.61			2.42			0.98			1.37			5.55			4.24
Diluted EPS - Class B Common Stock		1.39			1.47			2.20			0.89			1.24			5.05			3.85

Cash dividends declared per Common share:
Class A Common Stock	$	0.451		$	0.451		$	0.451		$	0.407		$	0.407		$	1.353		$	1.221
Class B Common Stock		0.410			0.410			0.410			0.370			0.370			1.230			1.110

Performance Ratios:

Return on average assets		1.69	%		1.79	%		2.61	%		1.10	%		1.58	%		2.03	%		1.60	%
Return on average equity		10.91			11.96			18.74			7.63			10.88			13.77			11.53
Efficiency ratio (5)		57.4			55.0			40.3			59.8			55.2			49.7			50.5
Yield on average interest-earning assets (1)		6.24			6.19			7.94			6.32			6.40			6.78			6.86
Cost of average interest-bearing liabilities		2.30			2.30			2.36			2.49			2.81			2.32			2.83
Cost of average deposits (6)		1.64			1.62			1.57			1.79			2.01			1.61			1.99
Net interest spread (1)		3.94			3.89			5.58			3.83			3.59			4.46			4.03
Net interest margin - Total Company (1)		4.65			4.61			6.28			4.62			4.49			5.18			4.92
Net interest margin - Core Bank (1)		3.78			3.72			3.70			3.64			3.53			3.73			3.43

Other Information:

End of period FTEs (7) - Total Company		978			974			981			989			992			978			992
End of period FTEs (7) - Core Bank		918			917			923			933			935			918			935
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024
Loan Composition:

Traditional Banking:
Residential real estate:
Owner-occupied	$	1,044,737		$	1,031,898		$	1,025,461		$	1,032,459		$	1,046,385
Nonowner-occupied		291,373			303,357			311,955			318,096			326,273
Commercial real estate		1,766,616			1,789,043			1,806,760			1,813,177			1,813,303
Construction & land development		246,065			258,817			238,562			244,121			247,730
Commercial & industrial		488,786			481,219			482,955			460,245			437,911
Lease financing receivables		96,605			96,547			93,159			93,304			89,653
Aircraft		202,742			211,910			219,292			226,179			235,327
Home equity		399,691			387,599			365,631			353,441			341,204
Consumer:
Credit cards		10,787			10,315			11,136			16,464			16,762
Overdrafts		881			826			779			982			827
Automobile loans		813			916			1,031			1,156			1,340
Other consumer		9,210			9,705			9,638			9,555			10,181
Total Traditional Banking		4,558,306			4,582,152			4,566,359			4,569,179			4,566,896
Warehouse lines of credit		609,826			671,773			569,502			550,760			595,163
Total Core Banking		5,168,132			5,253,925			5,135,861			5,119,939			5,162,059

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			30,344			138,614			—
Other TRS commercial & industrial loans		292			95			5,841			52,180			302
Republic Credit Solutions		112,950			119,000			117,747			128,733			134,556
Total Republic Processing Group		113,242			119,095			153,932			319,527			134,858

Total Loans - Total Company	$	5,281,374		$	5,373,020		$	5,289,793		$	5,439,466		$	5,296,917

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

Traditional Banking	$	58,479		$	59,055		$	58,851		$	59,756		$	59,549
Warehouse Lending		1,522			1,676			1,421			1,374			1,486
Total Core Banking		60,001			60,731			60,272			61,130			61,035

Tax Refund Solutions		1			—			25,981			9,861			1
Republic Credit Solutions		19,863			21,029			20,050			20,987			21,122
Total Republic Processing Group		19,864			21,029			46,031			30,848			21,123

Total Allowance - Total Company	$	79,865		$	81,760		$	106,303		$	91,978		$	82,158

Allowance to Total Loans:

Traditional Banking		1.28	%		1.29	%		1.29	%		1.31	%		1.30	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.16			1.16			1.17			1.19			1.18

Tax Refund Solutions		0.34			—			71.80			5.17			0.33
Republic Credit Solutions		17.59			17.67			17.03			16.30			15.70
Total Republic Processing Group		17.54			17.66			29.90			9.65			15.66

Total Company		1.51			1.52			2.01			1.69			1.55

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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 Nine Months Ended
	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Sep. 30, 2025			Sep. 30, 2024

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	21,572		$	21,537		$	22,730		$	22,619		$	19,381		$	21,572		$	19,381
Loans past due 90-days-or-more and still on accrual		137			105			120			141			164			137			164
Total nonperforming loans		21,709			21,642			22,850			22,760			19,545			21,709			19,545
OREO		1,246			1,054			1,107			1,160			1,212			1,246			1,212
Total nonperforming assets	$	22,955		$	22,696		$	23,957		$	23,920		$	20,757		$	22,955		$	20,757

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	21,572		$	21,537		$	22,730		$	22,619		$	19,381		$	21,572		$	19,381
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		21,572			21,537			22,730			22,619			19,381			21,572			19,381
OREO		1,246			1,054			1,107			1,160			1,212			1,246			1,212
Total nonperforming assets	$	22,818		$	22,591		$	23,837		$	23,779		$	20,593		$	22,818		$	20,593

Delinquent Loans:
Core Bank	$	10,691		$	9,953		$	9,031		$	10,185		$	10,048		$	10,691		$	10,048
RPG		8,691			9,133			8,282			10,304			10,902			8,691			10,902
Total delinquent loans - Total Company	$	19,382		$	19,086		$	17,313		$	20,489		$	20,950		$	19,382		$	20,950

NCOs (Recoveries) by Segment:
Traditional Bank	$	251		$	313		$	136		$	277		$	1,804		$	700		$	2,216
Warehouse Lending		—			—			—			—			—			—			—
Core Bank		251			313			136			277			1,804			700			2,216
Tax Refund Solutions		(1,468)			22,049			(693)			(2,159)			(2,311)			19,888			26,271
Republic Credit Solutions		5,135			4,004			3,904			5,018			4,695			13,043			12,915
RPG		3,667			26,053			3,211			2,859			2,384			32,931			39,186
Total NCOs (recoveries) - Total Company	$	3,918		$	26,366		$	3,347		$	3,136		$	4,188		$	33,631		$	41,402

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.41	%		0.40	%		0.43	%		0.42	%		0.37	%		0.41	%		0.37	%
Nonperforming assets to total loans (including OREO)		0.43			0.42			0.45			0.44			0.39			0.43			0.39
Nonperforming assets to total assets		0.33			0.33			0.34			0.35			0.31			0.33			0.31
Allowance for credit losses to total loans		1.51			1.52			2.01			1.69			1.55			1.51			1.55
Allowance for credit losses to nonperforming loans		368			378			465			404			420			368			420
Delinquent loans to total loans (8)		0.37			0.36			0.33			0.38			0.40			0.37			0.40
Annualized NCOs (recoveries) to average loans		0.29			1.99			0.24			0.24			0.32			0.84			1.04

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.42	%		0.41	%		0.44	%		0.44	%		0.38	%		0.42	%		0.38	%
Nonperforming assets to total loans (including OREO)		0.44			0.43			0.46			0.46			0.40			0.44			0.40
Nonperforming assets to total assets		0.35			0.35			0.37			0.39			0.33			0.35			0.33
Allowance for credit losses to total loans		1.16			1.16			1.17			1.19			1.18			1.16			1.18
Allowance for credit losses to nonperforming loans		278			282			265			270			315			278			315
Delinquent loans to total loans (8)		0.21			0.19			0.18			0.20			0.19			0.21			0.19
Annualized NCOs (recoveries) to average loans		0.02			0.02			0.01			0.02			0.14			0.02			0.06

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		(1,454)			(3,934)			15,335			7,637			(2,311)			9,947			22,249
RAs and ERAs NCOs (recoveries)		(1,454)			21,885			(691)			(2,156)			(2,311)			19,740			26,178

S-8

Republic Bancorp, Inc.

Earnings Release

Financial Supplement

Third 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 September 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

Third Quarter 2025 (continued)

Segment information for the quarters and nine months ended September 30, 2025, and 2024 follows:


		Three Months Ended September 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	$	57,424		$	3,805		$	61,229		$	280		$	3,193		$	12,268		$	15,741		$	76,970

Provision for expected credit loss expense		(325)			(154)			(479)			(1,467)			—			3,969			2,502			2,023

Net refund transfer fees		—			—			—			1,117			—			—			1,117			1,117
Mortgage banking income		2,064			—			2,064			—			—			—			—			2,064
Program fees		—			—			—			—			781			4,107			4,888			4,888
Other noninterest income		8,438			21			8,459			38			1			1			40			8,499
Total noninterest income		10,502			21			10,523			1,155			782			4,108			6,045			16,568

Total noninterest expense		46,194			945			47,139			2,348			1,105			3,161			6,614			53,753

Income before income tax expense		22,057			3,035			25,092			554			2,870			9,246			12,670			37,762
Income tax expense		4,591			684			5,275			95			624			2,024			2,743			8,018

Net income	$	17,466		$	2,351		$	19,817		$	459		$	2,246		$	7,222		$	9,927		$	29,744

Period-end assets	$	5,952,561		$	610,155		$	6,562,716		$	22,673		$	310,220		$	119,310		$	452,203		$	7,014,919

Net interest margin		3.89	%		2.62	%		3.78	%		NM			4.06	%		NM			NM			4.65	%

Net-revenue concentration*		72	%		4	%		76	%		2	%		4	%		18	%		24	%		100	%


		Three Months Ended September 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	$	51,023		$	3,580		$	54,603		$	440		$	2,783		$	13,479		$	16,702		$	71,305

Provision for expected credit loss expense		1,489			116			1,605			(2,310)			—			6,365			4,055			5,660

Net refund transfer fees		—			—			—			582			—			—			582			582
Mortgage banking income		2,062			—			2,062			—			—			—			—			2,062
Program fees		—			—			—			—			786			4,176			4,962			4,962
Other noninterest income		9,016			16			9,032			27			147			1			175			9,207
Total noninterest income		11,078			16			11,094			609			933			4,177			5,719			16,813

Total noninterest expense		41,266			889			42,155			2,251			947			3,256			6,454			48,609

Income before income tax expense		19,346			2,591			21,937			1,108			2,769			8,035			11,912			33,849
Income tax expense		4,189			584			4,773			189			595			1,749			2,533			7,306

Net income	$	15,157		$	2,007		$	17,164		$	919		$	2,174		$	6,286		$	9,379		$	26,543

Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470

Net interest margin		3.61	%		2.70	%		3.53	%		NM			4.91	%		NM			NM			4.49	%

Net-revenue concentration*		71	%		4	%		75	%		1	%		4	%		20	%		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

Third Quarter 2025 (continued)


		Nine Months Ended September 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	$	167,125		$	10,382		$	177,507		$	30,154		$	10,750		$	37,449		$	78,353		$	255,860

Provision for expected credit loss expense		(577)			148			(429)			10,028			—			11,919			21,947			21,518

Net refund transfer fees		—			—			—			17,577			—			—			17,577			17,577
Mortgage banking income		5,781			—			5,781			—			—			—			—			5,781
Program fees		—			—			—			—			2,283			10,878			13,161			13,161
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		26,441			64			26,505			248			2			2			252			26,757
Total noninterest income		36,312			64			36,376			17,825			2,285			10,880			30,990			67,366

Total noninterest expense		140,733			2,768			143,501			8,075			3,344			8,674			20,093			163,594

Income before income tax expense		63,281			7,530			70,811			29,876			9,691			27,736			67,303			138,114
Income tax expense		13,247			1,697			14,944			6,494			2,109			6,071			14,674			29,618

Net income	$	50,034		$	5,833		$	55,867		$	23,382		$	7,582		$	21,665		$	52,629		$	108,496

Period-end assets	$	5,952,561		$	610,155		$	6,562,716		$	22,673		$	310,220		$	119,310		$	452,203		$	7,014,919

Net interest margin		3.84	%		2.60	%		3.73	%		NM			4.31	%		NM			NM			5.18	%

Net-revenue concentration*		63	%		3	%		66	%		15	%		4	%		15	%		34	%		100	%


		Nine Months Ended September 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	$	149,197		$	8,751		$	157,948		$	32,173		$	9,221		$	37,418		$	78,812		$	236,760

Provision for expected credit loss expense		2,762			639			3,401			22,282			—			15,742			38,024			41,425

Net refund transfer fees		—			—			—			15,213			—			—			15,213			15,213
Mortgage banking income		3,984			—			3,984			—			—			—			—			3,984
Program fees		—			—			—			—			2,319			11,220			13,539			13,539
Other noninterest income		25,437			42			25,479			165			149			3			317			25,796
Total noninterest income		29,421			42			29,463			15,378			2,468			11,223			29,069			58,532

Total noninterest expense		124,372			2,694			127,066			8,787			2,919			10,442			22,148			149,214

Income before income tax expense		51,484			5,460			56,944			16,482			8,770			22,457			47,709			104,653
Income tax expense		10,417			1,231			11,648			3,699			1,930			5,021			10,650			22,298

Net income	$	41,067		$	4,229		$	45,296		$	12,783		$	6,840		$	17,436		$	37,059		$	82,355

Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470

Net interest margin		3.49	%		2.64	%		3.43	%		NM			5.01	%		NM			NM			4.92	%

Net-revenue concentration*		61	%		3	%		64	%		16	%		4	%		16	%		36	%		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

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

Traditional Banking	$	1,393	$	1,367	$	1,291	$	1,161	$	1,518	$	4,051	$	4,165
Warehouse Lending		364		369		310		308		392		1,043		977
Total Core Bank		1,757		1,736		1,601		1,469		1,910		5,094		5,142
TRS		17		25		33,675		2,605		42		33,717		36,669
RCS		12,123		12,434		12,237		12,569		12,935		36,794		35,579
Total RPG		12,140		12,459		45,912		15,174		12,977		70,511		72,248

Total loan fees - Total Company	$	13,897	$	14,195	$	47,513	$	16,643	$	14,887	$	75,605	$	77,390

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

Mortgage Loans Held for Sale

Balance, beginning of period	$	8,850	$	9,140	$	8,312	$	8,526	$	9,703	$	8,312	$	3,227
Originations		59,494		51,788		41,233		50,065		57,142		152,515		136,894
Transferred from held for investment to held for sale		—		—		—		—		—		—		68,173
Proceeds from sales		(54,716)		(53,561)		(41,816)		(51,724)		(59,732)		(150,093)		(202,198)
Net gain on sale		1,710		1,483		1,411		1,445		1,413		4,604		2,430
Balance, end of period	$	15,338	$	8,850	$	9,140	$	8,312	$	8,526	$	15,338	$	8,526

Consumer Loans Held for Sale

Balance, beginning of period	$	27,952	$	32,125	$	24,075	$	25,881	$	32,201	$	24,075	$	24,008
Originations		271,718		321,127		266,651		290,881		350,413		859,496		940,901
Transferred from held for investment to held for sale		—		—		4,977		—		—		4,977		—
Proceeds from sales		(278,908)		(329,345)		(266,633)		(296,163)		(360,910)		(874,886)		(950,249)
Net gain on sale		4,106		4,045		3,055		3,476		4,177		11,206		11,221
Balance, end of period	$	24,868	$	27,952	$	32,125	$	24,075	$	25,881	$	24,868	$	25,881

S-12

(4)

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


	As of
(dollars in thousands, except per share data)	Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024

Total stockholders' equity - GAAP (a)	$	1,084,520		$	1,060,106		$	1,034,089		$	992,029		$	979,705
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,798			6,840			6,875			6,975			7,052
Less: Core deposit intangible		1,637			1,739			1,841			1,957			2,072
Tangible stockholders' equity - Non-GAAP (c)	$	1,035,569		$	1,011,011		$	984,857		$	942,581		$	930,065

Total assets - GAAP (b)	$	7,014,919		$	6,970,917		$	7,075,555		$	6,846,667		$	6,692,470
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,798			6,840			6,875			6,975			7,052
Less: Core deposit intangible		1,637			1,739			1,841			1,957			2,072
Tangible assets - Non-GAAP (d)	$	6,965,968		$	6,921,822		$	7,026,323		$	6,797,219		$	6,642,830

Total stockholders' equity to total assets - GAAP (a/b)		15.46	%		15.21	%		14.61	%		14.49	%		14.64	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		14.87	%		14.61	%		14.02	%		13.87	%		14.00	%

Number of shares outstanding (e)		19,536			19,527			19,518			19,448			19,443

Book value per share - GAAP (a/e)	$	55.51		$	54.29		$	52.98		$	51.01		$	50.39
Tangible book value per share - Non-GAAP (c/e)		53.01			51.78			50.46			48.47			47.84

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

Net interest income - GAAP (a)	$	76,970		$	76,202		$	102,688		$	75,394		$	71,305		$	255,860		$	236,760
Noninterest income - GAAP (b)		16,568			17,644			33,154			14,118			16,813			67,366			58,532
Total net revenue - GAAP (c)	$	93,538		$	93,846		$	135,842		$	89,512		$	88,118		$	323,226		$	295,292
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)	$	93,538		$	93,518		$	130,181		$	89,512		$	88,118		$	317,237		$	295,292


Noninterest expense - GAAP (d)	$	53,753		$	51,633		$	58,208		$	53,511		$	48,609		$	163,594		$	149,214
Less: Expenses related to CBank acquisition		—			—			—			—			—			—			41
Less: Core conversion & contract consulting fees		97			182			5,714			—			—			5,993			—
Adjusted noninterest expense - Non-GAAP (f)	$	53,656		$	51,451		$	52,494		$	53,511		$	48,609		$	157,601		$	149,173

Efficiency Ratio - GAAP-derived (d/c)		57.5	%		55.0	%		42.8	%		59.8	%		55.2	%		50.6	%		50.5	%
Adjusted Efficiency Ratio - Non-GAAP (f/e)		57.4	%		55.0	%		40.3	%		59.8	%		55.2	%		49.7	%		50.5	%

(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 September 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

S-13

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-14