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): April 24, 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 April 24, 2025, Republic Bancorp, Inc. announced its results of operations for the quarter ended March 31, 2025. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

Item 9.01.Financial Statements and Exhibits.


(d)	Exhibits.

	Exhibit No.
	99.1	Republic Bancorp, Inc. Earnings Release dated April 24, 2025.
	99.2	Earnings Release Financial Supplement – First 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: April 24, 2025	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

EX-99.1 2 rbcaa-20250424xex99d1.htm EX-99.1 3Q

Exhibit 99.1

Republic Bancorp, Inc. Reports First Quarter 2025 Net Income of $47.3 Million

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 first quarter 2025 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $47.3 million and $2.42 per share, representing increases of 54% and 53%, over the $30.6 million and $1.58 per share reported for the first quarter of 2024. As a result, the Company achieved a return on average assets (“ROA”) and a return on average equity (“ROE”) of 2.61% and 18.74% for the first quarter of 2025.

Logan Pichel, President & CEO of Republic Bank & Trust Company commented, “We are pleased to report one of the best all-around performances in our Company’s history with a 54% increase in our first quarter 2025 net income. In addition to the increase in net income for the total Company, all five of our SEC reporting segments are reporting an increase in net income for the first quarter of 2025 compared to the first quarter of 2024. Additionally, we finished the quarter with solid liquidity, industry-strong capital levels, and Core Bank credit quality metrics that we expect to place us among the best in our peer group. We are extremely proud of our first quarter 2025 performance, as well as the solid safety and soundness metrics we continue to report as we enter a period of economic uncertainty.

With it being the first quarter of the year, Tax Refund Solutions (“TRS”) certainly played a meaningful role in our overall results. TRS had a very successful first quarter of 2025, reporting a 123% increase in net income over the first quarter of 2024. The increase in TRS’s net income was the result of a significant, positive reduction in the segment’s estimated Provision(2) compared to the first quarter of 2024, combined with revenue enhancements made to its Refund Transfer (“RT”) product. We are proud of TRS’s first quarter 2025 operating results and I would like to personally acknowledge the TRS associates for their efforts over the past year bringing this increase in earnings to fruition.

In addition to the strong start at TRS, our Core Bank is reporting a $4.2 million, or 32%, increase in net income over the first quarter of 2024, driven by solid increases in net income for both our Traditional Bank and Warehouse segments. The growth in our Core Bank net income primarily resulted from a $5.8 million increase in net interest income driven by strong growth in its net interest margin (“NIM”) combined with a notable decrease in the Core Bank’s Provision. The growth in our Core Bank quarterly NIM reflected the continued pricing discipline within our loan and deposit origination functions combined with the positive NIM contributions on a year-over-year basis from our investment and borrowing portfolios resulting from our strong interest rate risk management function.

Credit quality at our Core Bank remained solid during the quarter. Our Core Bank’s net charge-offs to average loans were 0.01% for the first quarter, while the Core Bank’s period-end nonperforming loans to total loans was 0.44% and period-end delinquent loans to total loans was 0.18%. These strong ratios, combined with a minimal change in our Traditional Bank’s loan balances, contributed to a $1.4 million positive reduction in our Core Bank Provision from the first quarter of 2024 to the first quarter of 2025.

We couldn’t be more excited about our strong start to the year, but the threat of global tariff uncertainty gives us some level of concern for the future of the US economy. We believe, however, that our capital and liquidity levels are in strong positions as we enter these uncertain times, and we pledge to prudently manage our business with the long-term horizon in mind. As always, I’d like to thank all our stakeholders for the confidence and long-term trust they have placed in us, and pledge to them that we will never waver in our efforts to warrant that trust in the future,” Pichel concluded.

The following table highlights Republic’s key metrics for the three months ended March 31, 2025 and 2024. Additional financial details, including segment-level data, are provided in the financial supplement to this release. The attached digital

version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company’s Form 8-K filed with the SEC on April 24, 2025.



	Total Company Financial Performance Highlights
	Three Months Ended Mar. 31,						$		%
(dollars in thousands, except per share data)	2025			2024			Change		Change

Income Before Income Tax Expense	$	59,962		$	38,699		$	21,263	55	%
Net Income		47,268			30,606			16,662	54
Diluted EPS		2.42			1.58			0.84	53
Return on Average Assets ("ROA")		2.61	%		1.70	%		NA	54
Return on Average Equity ("ROE")		18.74			13.12			NA	43

NA – Not applicable

Results of Operations for the First quarter of 2025 Compared to the Fourth quarter of 2024

Core Bank(1)

Net income for the Core Bank was $17.4 million for the first quarter of 2025, a $4.2 million, or 32%, increase over the $13.1 million for the first quarter of 2024. A solid increase in net interest income combined with a modest credit to the Provision were both drivers for the strong growth in net income for the quarter.

Net Interest Income – Core Bank net interest income was $56.3 million for the first quarter of 2025, a $5.8 million, or 12%, increase over the $50.5 million achieved during the first quarter of 2024. The rise in net interest income for the quarter was driven primarily by a significant increase in the Core Bank’s NIM. The Core Bank’s NIM rose from 3.30% during the first quarter of 2024 to 3.70% during the first quarter of 2025 and was generally driven by a notable decrease in the Core Bank’s cost of deposits, while the yield on the Core Bank’s interest-earning assets slightly increased.

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

Interest-Earning Assets

●

Average outstanding Warehouse balances increased 35% from $340 million during the first quarter of 2024 to $459 million for the first quarter of 2025. Average committed Warehouse lines increased from $929 million to $968 million during these same periods, while higher demand caused average usage rates for Warehouse lines to increase from 37% during the first quarter of 2024 to 47% for the first quarter of 2025.

●

Traditional Bank average loans declined from $4.63 billion with a weighted-average yield of 5.45% during the first quarter of 2024 to $4.58 billion with a weighted average yield of 5.61% during the first 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 $517 million with a weighted-average yield of 4.45% during the first quarter of 2025 compared to $454 million with a weighted-average yield of 5.57% for the first quarter of 2024. In addition, average investments were $620 million with a weighted-average yield of 3.48% during the first quarter of 2025 compared to $733 million with a weighted-average yield of 2.98% for the first quarter of 2024. In general, the Company strategically deployed a higher percentage of its proceeds from maturing investments over the past year into interest-earning cash in order to achieve a better overall yield due to the inverted yield curve.

Funding Liabilities (Deposits and Borrowings)

●

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

o

The weighted-average cost of total interest-bearing deposits decreased from 2.68% during the first quarter of 2024 to 2.26% for the first quarter of 2025, while average interest-bearing deposit balances grew $108 million for the same periods. Included within this growth in interest-bearing deposits was a $278 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 $66 million decrease in the average balance of third-party listing service deposits and a $105 million decrease in the average balance of wholesale brokered deposits.

o

The average balance of FHLB borrowings decreased from $536 million for the first quarter of 2024 to $521 million for the first quarter of 2025, while the weighted-average cost of these borrowings decreased from 4.94% to 4.39% for the same time periods. The decrease in the overall weighted-average cost of FHLB borrowings resulted primarily from previous term-extension strategies implemented in mid-2024 to take advantage of the inverted yield curve. In addition, the cost of overnight borrowings experienced an approximate 100-basis point decrease from the first quarter of 2024 to the first quarter of 2025 as a result of Federal Reserve decreases to the Federal Funds Target Rate.

●

Average noninterest-bearing deposits decreased $86 million from the first quarter of 2024 to the first quarter of 2025. The decline in noninterest-bearing deposits is an on-going trend for banks, in general, dating back to the fourth quarter of 2022, as the overall interest rate environment highlighted by an inverted yield curve, combined with the competition for deposits, continued to make premium-rate, interest-bearing checking and savings deposits a more attractive alternative for consumer and business clients.

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



	Net Interest Income						Net Interest Margin
(dollars in thousands)	Three Months Ended Mar. 31,						Three Months Ended Mar. 31,
Reportable Segment	2025		2024		Change		2025		2024		Change

Traditional Banking	$	53,321	$	48,259	$	5,062	3.79	%	3.33	%	0.46	%
Warehouse Lending		3,028		2,257		771	2.68		2.67		0.01
Total Core Bank	$	56,349	$	50,516	$	5,833	3.70		3.30		0.40



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

Traditional Banking	$	4,575,790	$	4,634,948	$	(59,158)	(1)	%	$	4,566,359	$	4,573,650	$	(7,291)	(0)	%
Warehouse Lending		458,657		340,433		118,224	35			569,502		463,249		106,253	23
Total Core Bank	$	5,034,447	$	4,975,381	$	59,066	1		$	5,135,861	$	5,036,899	$	98,962	2

Provision for Expected Credit Losses – The Core Bank’s Provision(2) was a net credit of $722,000 for the first quarter of 2025 compared to a net charge of $667,000 for the first quarter of 2024.

The net credit of $722,000 for the first quarter of 2025 was generally driven by the following:

●

The Traditional Bank recorded a credit to the Provision of $414,000 as a result of a reclassification of $5 million of consumer credit cards from loans held for investment into loans held for sale. The consumer credit card sale is expected to be completed during the second quarter of 2025.

●

The Traditional Bank recorded a net credit to the Provision of $491,000 during the first quarter of 2025 primarily related to a general improvement in the life-of-loan historical loss rates within certain categories of the Traditional Bank loan portfolio combined with a minimal net change in the Traditional Bank period-end loan balances for the quarter.

●

Warehouse Lending recorded a net charge to the Provision of $47,000 resulting from general formula reserves applied to a $19 million increase in the outstanding Warehouse spot balances during the first quarter of 2025.

The net charge of $667,000 during the first quarter of 2024 was generally driven by the following:

●

The Traditional Bank recorded a net charge to the Provision of $820,000 during the first quarter of 2024 related to general formula reserves applied to Traditional Bank loans. While loan balances at the Traditional Bank decreased in total during the first quarter, the segment experienced a change in loan mix generally growing in loan categories with higher loan loss reserve requirements.

●

Warehouse Lending recorded a net charge to the Provision of $309,000 resulting from general formula reserves applied to a $124 million increase in the outstanding Warehouse spot balances during the first quarter of 2024.

●

Offsetting the above charges to Provision, the Traditional Bank recorded a credit to the Provision of $631,000 during the first quarter of 2024 as a result of a reclassification of $69 million of correspondent mortgage loans from loans held for investment into loans held for sale.

As a percentage of total loans, the Core Bank’s Allowance(2) decreased 3 basis points from March 31, 2024 to March 31, 2025, driven by a change in loan mix, generally growing in loan categories with lower overall reserve requirements. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.



	As of Mar. 31, 2025						As of Mar. 31, 2024						Year-over-Year Change
(dollars in thousands)					Allowance						Allowance		Allowance
Reportable Segment	Gross Loans		Allowance		to Loans		Gross Loans		Allowance		to Loans		to Loans		% Change

Traditional Bank	$	4,566,359	$	58,851	1.29	%	$	4,573,650	$	59,176	1.29	%	—	%	—	%
Warehouse Lending		569,502		1,421	0.25			463,249		1,156	0.25		—		—
Total Core Bank		5,135,861		60,272	1.17			5,036,899		60,332	1.20		(0.03)		(3)

Tax Refund Solutions		36,185		25,981	71.80			57,497		30,069	52.30		19.50		37
Republic Credit Solutions		117,747		20,050	17.03			129,896		18,301	14.09		2.94		21
Total Republic Processing Group		153,932		46,031	29.90			187,393		48,370	25.81		4.09		16

Total Company	$	5,289,793	$	106,303	2.01	%	$	5,224,292	$	108,702	2.08	%	(0.07)	%	(3)	%


	Allowance for Credit Losses on Loans Roll-Forward
	Three Months Ended March 31,
	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	$	59,756	$	(769)	$	(271)	$	135	$	58,851	$	58,998	$	358	$	(382)	$	202	$	59,176
Warehouse Lending		1,374		47		—		—		1,421		847		309		—		—		1,156
Total Core Bank		61,130		(722)		(271)		135		60,272		59,845		667		(382)		202		60,332

Tax Refund Solutions		9,861		15,427		—		693		25,981		3,990		25,774		—		305		30,069
Republic Credit Solutions		20,987		2,967		(4,254)		350		20,050		18,295		4,181		(4,545)		370		18,301
Total Republic Processing Group		30,848		18,394		(4,254)		1,043		46,031		22,285		29,955		(4,545)		675		48,370

Total Company	$	91,978	$	17,672	$	(4,525)	$	1,178	$	106,303	$	82,130	$	30,622	$	(4,927)	$	877	$	108,702

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



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

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

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

Delinquent loans* to total loans	0.18		0.15		0.20		0.16		0.14

Net charge-offs to average loans	0.01		0.01		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 $7.1 million from $8.3 million in the first quarter of 2024 to $15.4 million for the first quarter of 2025. The primary drivers of this increase were as follows:

●

Mortgage Banking income increased $1.5 million from the first quarter of 2024 to the first quarter of 2025. Approximately $1.0 million of the increase was the result of a negative fair value adjustment recorded during the first quarter of 2024 related to the $69 million of correspondent loans that were redesignated from held for investment to held for sale during the quarter. The remaining $500,000 of the increase was primarily related to a $23 million increase in the volume of fixed rate loans that were sold into the secondary market during the first quarter of 2025 compared to the first quarter of 2024.

●

The Core Bank recorded a $4.1 million gain on sale of Visa Class B-1 shares during the quarter. The Visa Class B-1 common stock was issued to Visa’s U.S. member banks during 2008 in connection with a reorganization and Initial Public Offering.

●

The Core Bank recorded a $1.6 million insurance recovery related to a $1.9 million charge-off from the third quarter of 2024.

Noninterest Expense – The Core Bank’s noninterest expenses were $50.8 million for the first quarter of 2025, an increase of $8.5 million over the first quarter of 2024. Notable line-item variances within the noninterest expense category included:

●

Salaries and employee benefits increased by a combined $1.6 million, or 6%, driven by a $1.5 million increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for the first quarter of 2025 were due to an increased probability of a larger bonus payout for the year based on the Company’s strong first quarter operating results.

●

The Core Bank recorded $5.7 million during the first quarter of 2025 for Core Contract deconversion and consulting fees. Included within these costs were the following:

o

Approximately $4.1 million of this expense was for contract negotiation assistance from a third-party consultant and was determined based on a percentage of anticipated savings over the five-year term of the new contract. Republic projects a savings in excess of $16 million over the contract’s five-year term. The Company is targeting the third quarter of 2025 to launch the new core system.

o

Approximately $1.6 million of this expense was related to data conversion and secondary system migration costs in preparation for the conversion to the new Core.

●

Equipment expenses increased $296,000, or 24%, over the first quarter of 2024. The higher expenses were primarily caused by an increase in depreciation expense due to the write-down of obsolete fixed assets related to the Company’s existing core operating system.

●

Technology expenses increased $625,000, or 13%, over the first quarter of 2024. The increase in Technology expense was generally driven by enhanced security and new ancillary systems, including approximately $229,000 in 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 $29.9 million for the first quarter of 2025, a $12.4 million increase from the $17.5 million reported for the first quarter of 2024. RPG’s performance for the first quarter of 2025 compared to the first quarter of 2024, by operating segment, was as follows:

Tax Refund Solutions

TRS recorded net income of $19.6 million during the first quarter of 2025 compared to net income of $8.8 million for the first quarter of 2024. The higher net income at TRS for the first quarter of 2025 was primarily driven by:

A positive $10.3 million decrease in the estimated Provision for RAs and Early Season RAs (“ERAs”) compared to the first quarter of 2024. The lower first quarter 2025 estimated Provision was driven by better tax refund payment activity from the US Treasury. As of March 31, 2025, approximately 3.8% of all originated RAs/ERAs remained outstanding compared to approximately 6.0% as of March 31, 2024; and

A 30% increase in the average per-unit profitability for Refund Transfers (“RTs”). The better per-unit profitability was generally brought about by select increases in prices for the product combined with a minimal change in revenue sharing arrangements.

Republic Payment Solutions

Net income at RPS was $2.9 million for the first quarter of 2025, a $328,000 increase from the first 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 first quarter of 2025 compared to $969,000 recorded during the first quarter of 2024.

Partially offsetting the positive benefit of the change in revenue share, RPS earned a lower yield of 4.55% for its $373 million in average prepaid program balances for the first quarter of 2025 compared to a yield of 5.07% for the $375 million in average prepaid card balances for the first quarter of 2024. The lower yield was driven by a decrease in the Federal Funds target rate of 100 basis points from the first quarter of 2024 to the first quarter of 2025.

Republic Credit Solutions

Net income at RCS increased $1.3 million, or 21% from $6.1 million for the first quarter of 2024 to $7.4 million for the first quarter of 2025. The rise in RCS net income was primarily due to growth in one of its line-of-credit (“LOC”) products, which had an increase in net income of $1.1 million for the quarter driven by a

a $1.1 million favorable reduction in its Provision from the first quarter of 2024 to the first 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 March 31, 2025, had approximately $7.1 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. It’s just easier here. ®

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 successfully implement its new core operating system including the successful integration of various internal secondary systems to the new core, the ability of the Company to successfully transition existing client accounts to the new core operating system, the ability for the Company to achieve its projected savings from a new core system contract, the ability to begin the new core system contract during the Company’s third quarter 2025 target date, 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 Losses

Allowance – Allowance for Credit Losses on Loans

(3)	Republic Processing Group operations consist of the TRS, RPS, and RCS 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-20250424xex99d2.htm EX-99.2 3Q

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST 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-11

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement‌

First 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
	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024
Assets:
Cash and cash equivalents	$	793,020	$	432,151	$	530,865	$	400,059	$	546,363
Investment securities, net of allowance for credit losses		615,663		595,626		478,064		557,459		664,294
Loans held for sale		41,265		32,387		34,407		41,904		100,060
Loans		5,289,793		5,439,466		5,296,917		5,264,270		5,224,292
Allowance for credit losses		(106,303)		(91,978)		(82,158)		(80,687)		(108,702)
Loans, net		5,183,490		5,347,488		5,214,759		5,183,583		5,115,590
Federal Home Loan Bank stock, at cost		26,748		24,478		23,981		23,840		43,729
Premises and equipment, net		31,996		32,309		33,007		33,224		33,557
Right-of-use assets		35,857		36,182		35,897		31,720		33,210
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,107		1,160		1,212		1,265		1,486
Bank owned life insurance ("BOLI")		107,918		107,125		106,288		105,462		104,670
Other assets and accrued interest receivable		197,975		197,245		193,474		197,542		192,117
Total assets	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,375,234	$	1,207,764	$	1,260,086	$	1,279,390	$	1,359,516
Interest-bearing		4,030,658		4,002,782		3,841,610		3,789,657		4,061,133
Total deposits		5,405,892		5,210,546		5,101,696		5,069,047		5,420,649

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		89,718		103,318		79,383		72,598		84,522
Operating lease liabilities		36,831		37,121		36,797		32,602		34,076
Federal Home Loan Bank advances		370,000		395,000		370,000		370,000		270,000
Other liabilities and accrued interest payable		139,025		108,653		124,889		116,904		130,762
Total liabilities		6,041,466		5,854,638		5,712,765		5,661,151		5,940,009

Stockholders' equity		1,034,089		992,029		979,705		955,423		935,583
Total liabilities and stockholders' equity	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2025 (continued)

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


Average Balance Sheet Data
	Three Months Ended										Three Months Ended
	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Mar. 31, 2025		Mar. 31, 2024
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	516,785	$	583,672	$	457,797	$	393,095	$	454,426	$	516,785	$	454,426
Investment securities, including FHLB stock		619,525		594,567		593,449		670,114		732,678		619,525		732,678
Loans, including loans held for sale		5,497,968		5,313,234		5,261,173		5,262,719		5,454,344		5,497,968		5,454,344
Total interest-earning assets		6,634,278		6,491,473		6,312,419		6,325,928		6,641,448		6,634,278		6,641,448

Allowance for credit losses		(102,271)		(82,301)		(81,567)		(108,194)		(96,446)		(102,271)		(96,446)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		389,994		93,927		82,969		102,712		280,618		389,994		280,618
Premises and equipment, net		32,513		32,933		33,319		33,452		33,889		32,513		33,889
Bank owned life insurance		107,599		106,814		105,974		105,128		104,305		107,599		104,305
Other assets		273,643		257,780		258,704		247,858		255,758		273,643		255,758

Total assets	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	7,335,756	$	7,219,572

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,041,991	$	3,921,291	$	3,820,078	$	3,848,238	$	4,004,846	$	4,041,991	$	4,004,846
SSUARs and other short-term borrowings		108,760		142,007		73,660		88,326		102,592		108,760		102,592
Federal Home Loan Bank advances		520,778		370,780		387,989		305,604		536,209		520,778		536,209
Total interest-bearing liabilities		4,671,529		4,434,078		4,281,727		4,242,168		4,643,647		4,671,529		4,643,647

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,491,084		1,328,885		1,313,207		1,366,862		1,490,048		1,491,084		1,490,048
Other liabilities		150,299		140,228		140,761		144,108		152,835		150,299		152,835
Stockholders' equity		1,022,844		997,435		976,123		953,746		933,042		1,022,844		933,042

Total liabilities and stockholders’ equity	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	7,335,756	$	7,219,572

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First 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 March 31, 2025						Three Months Ended March 31, 2024
	Average				Average		Average				Average		$ Change (8)
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Q1 to Q1

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	516,785	$	5,670	4.45	%	$	454,426	$	6,289	5.57	%	$	62,359
Investment securities, including FHLB stock (a)		619,525		5,311	3.48			732,678		5,436	2.98			(113,153)
TRS Refund Advance loans (b)		276,877		33,290	48.76			287,806		34,652	48.42			(10,929)
RCS LOC products (b)		45,514		12,237	109.04			41,339		11,372	110.64			4,175
Other RPG loans (c) (f)		141,130		2,004	5.76			149,818		3,295	8.85			(8,688)
Outstanding Warehouse lines of credit (d) (f)		458,657		7,991	7.07			340,433		6,753	7.98			118,224
All other Core Bank loans (e) (f)		4,575,790		63,335	5.61			4,634,948		62,835	5.45			(59,158)

Total interest-earning assets		6,634,278		129,838	7.94			6,641,448		130,632	7.91			(7,170)

Allowance for credit losses		(102,271)						(96,446)						(5,825)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		389,994						280,618						109,376
Premises and equipment, net		32,513						33,889						(1,376)
Bank owned life insurance		107,599						104,305						3,294
Other assets (a)		273,643						255,758						17,885
Total assets	$	7,335,756					$	7,219,572					$	116,184

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,736,500	$	2,667	0.62	%	$	1,833,566	$	5,729	1.26	%	$	(97,066)
Money market accounts		1,348,717		9,475	2.85			1,066,046		8,807	3.32			282,671
Time deposits		413,082		3,972	3.90			373,240		3,581	3.86			39,842
Reciprocal money market and time deposits		296,373		2,478	3.39			310,898		3,232	4.18			(14,525)
Brokered deposits		247,319		2,786	4.57			421,096		5,647	5.39			(173,777)

Total interest-bearing deposits		4,041,991		21,378	2.14			4,004,846		26,996	2.71			37,145

SSUARs and other short-term borrowings		108,760		137	0.51			102,592		130	0.51			6,168
Federal Home Loan Bank advances and other long-term borrowings		520,778		5,635	4.39			536,209		6,587	4.94			(15,431)

Total interest-bearing liabilities		4,671,529		27,150	2.36			4,643,647		33,713	2.92			27,882

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,491,084						1,490,048						1,036
Other liabilities		150,299						152,835						(2,536)
Stockholders’ equity		1,022,844						933,042						89,802
Total liabilities and stockholders’ equity	$	7,335,756					$	7,219,572					$	116,184

Net interest income			$	102,688					$	96,919				5,769

Net interest spread					5.58	%					4.99	%		0.59	%

Net interest margin					6.28	%					5.87	%		0.41	%

(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 Refund Advances and RCS line-of-credit products is composed entirely of loan fees.

(c)	Interest income includes loan fees of $384,000 and $1.2 million for the three months ended March 31, 2025 and 2024.

(d)	Interest income includes loan fees of $310,000 and $263,000 for the three months ended March 31, 2025 and 2024.

(e)	Interest income includes loan fees of $1.3 million and $1.4 million for the three months ended March 31, 2025 and 2024.

(f)	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.

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2025 (continued)

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



Income Statement Data
	Three Months Ended										Three Months Ended
	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Mar. 31, 2025		Mar. 31, 2024

Total interest income (1)	$	129,838	$	103,108	$	101,546	$	97,700	$	130,632	$	129,838	$	130,632
Total interest expense		27,150		27,714		30,241		29,164		33,713		27,150		33,713
Net interest income		102,688		75,394		71,305		68,536		96,919		102,688		96,919

Provision (2)		17,672		12,951		5,660		5,143		30,622		17,672		30,622

Noninterest income:
Service charges on deposit accounts		3,460		3,654		3,693		3,526		3,313		3,460		3,313
Net refund transfer fees		13,893		143		582		3,811		10,820		13,893		10,820
Mortgage banking income (3)		1,821		1,454		2,062		1,612		310		1,821		310
Interchange fee income		3,077		3,173		3,286		3,351		3,157		3,077		3,157
Program fees (3)		3,822		4,279		4,962		4,398		4,179		3,822		4,179
Increase in cash surrender value of BOLI		793		836		826		792		754		793		754
Net losses on OREO		(53)		(52)		(53)		(48)		(53)		(53)		(53)
Gain on sale of Visa Class B-1 Shares		4,090		—		—		—		—		4,090		—
Other		2,251		631		1,455		904		893		2,251		893
Total noninterest income		33,154		14,118		16,813		18,346		23,373		33,154		23,373

Noninterest expense:
Salaries and employee benefits		31,069		30,999		28,792		29,143		29,716		31,069		29,716
Technology, equipment, and communication		8,643		8,316		7,544		7,340		7,490		8,643		7,490
Occupancy		3,564		3,401		3,224		3,409		3,822		3,564		3,822
Marketing and development		1,387		2,827		1,983		2,705		1,924		1,387		1,924
FDIC insurance expense		819		728		764		748		772		819		772
Interchange related expense		1,636		1,595		1,540		1,412		1,298		1,636		1,298
Legal and professional fees		1,118		794		870		770		1,055		1,118		1,055
Core conversion & contract consulting fees		5,714		—		—		—		—		5,714		—
Merger expense		—		—		—		—		41		—		41
Other (2)		4,258		4,851		3,892		4,107		4,853		4,258		4,853
Total noninterest expense		58,208		53,511		48,609		49,634		50,971		58,208		50,971

Income before income tax expense		59,962		23,050		33,849		32,105		38,699		59,962		38,699
Income tax expense		12,694		4,034		7,306		6,899		8,093		12,694		8,093

Net income	$	47,268	$	19,016	$	26,543	$	25,206	$	30,606	$	47,268	$	30,606

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

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

Basic weighted average shares outstanding		19,711			19,672			19,654			19,633			19,607			19,711			19,607
Diluted weighted average shares outstanding		19,797			19,778			19,735			19,714			19,694			19,797			19,694

Period-end shares outstanding:
Class A Common Stock		17,368			17,298			17,293			17,275			17,260			17,368			17,260
Class B Common Stock		2,150			2,150			2,150			2,150			2,151			2,150			2,151

Book value per share (4)	$	52.98		$	51.01		$	50.39		$	49.19		$	48.20		$	52.98		$	48.20
Tangible book value per share (4)		50.46			48.47			47.84			46.62			45.63			50.46			45.63

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	2.43		$	0.99		$	1.37		$	1.31		$	1.59		$	2.43		$	1.59
Basic EPS - Class B Common Stock		2.21			0.89			1.25			1.18			1.44			2.21			1.44
Diluted EPS - Class A Common Stock		2.42			0.98			1.37			1.30			1.58			2.42			1.58
Diluted EPS - Class B Common Stock		2.20			0.89			1.24			1.18			1.43			2.20			1.43

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

Performance Ratios:

Return on average assets		2.61	%		1.10	%		1.58	%		1.50	%		1.70	%		2.61	%		1.70	%
Return on average equity		18.74			7.63			10.88			10.57			13.12			18.74			13.12
Efficiency ratio (5)		40.3			59.8			55.2			57.1			42.3			40.3			42.3
Yield on average interest-earning assets (1)		7.94			6.32			6.40			6.21			7.91			7.94			7.91
Cost of average interest-bearing liabilities		2.36			2.49			2.81			2.77			2.92			2.36			2.92
Cost of average deposits (6)		1.57			1.79			2.01			1.98			1.97			1.57			1.97
Net interest spread (1)		5.58			3.83			3.59			3.44			4.99			5.58			4.99
Net interest margin - Total Company (1)		6.28			4.62			4.49			4.36			5.87			6.28			5.87
Net interest margin - Core Bank		3.70			3.64			3.53			3.46			3.30			3.70			3.30

Other Information:

End of period FTEs (7) - Total Company		981			989			992			999			1,011			981			1,011
End of period FTEs - Core Bank		923			933			935			943			952			923			952
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

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

Traditional Banking:
Residential real estate:
Owner occupied	$	1,025,461		$	1,032,459		$	1,046,385		$	1,058,139		$	1,064,071
Nonowner occupied		311,955			318,096			326,273			331,954			342,481
Commercial real estate:		1,806,760			1,813,177			1,813,303			1,821,798			1,800,801
Construction & land development		238,562			244,121			247,730			239,615			237,998
Commercial & industrial		482,955			460,245			437,911			452,815			453,971
Lease financing receivables		93,159			93,304			89,653			88,529			88,272
Aircraft		219,292			226,179			235,327			240,275			246,060
Home equity		365,631			353,441			341,204			325,086			309,083
Consumer:
Credit cards		11,136			16,464			16,762			16,547			16,858
Overdrafts		779			982			827			746			629
Automobile loans		1,031			1,156			1,340			1,599			2,054
Other consumer		9,638			9,555			10,181			12,064			11,372
Total Traditional Banking		4,566,359			4,569,179			4,566,896			4,589,167			4,573,650
Warehouse lines of credit		569,502			550,760			595,163			549,011			463,249
Total Core Banking		5,135,861			5,119,939			5,162,059			5,138,178			5,036,899

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		30,344			138,614			—			—			52,101
Other TRS commercial & industrial loans		5,841			52,180			302			92			5,396
Republic Credit Solutions		117,747			128,733			134,556			126,000			129,896
Total Republic Processing Group		153,932			319,527			134,858			126,092			187,393

Total loans - Total Company	$	5,289,793		$	5,439,466		$	5,296,917		$	5,264,270		$	5,224,292

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	58,851		$	59,756		$	59,549		$	59,865		$	59,176
Warehouse Lending		1,421			1,374			1,486			1,370			1,156
Total Core Banking		60,272			61,130			61,035			61,235			60,332

Tax Refund Solutions		25,981			9,861			1			—			30,069
Republic Credit Solutions		20,050			20,987			21,122			19,452			18,301
Total Republic Processing Group		46,031			30,848			21,123			19,452			48,370

Total Allowance - Total Company	$	106,303		$	91,978		$	82,158		$	80,687		$	108,702

Allowance to Total Loans

Traditional Banking		1.29	%		1.31	%		1.30	%		1.30	%		1.29	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.17			1.19			1.18			1.19			1.20

Tax Refund Solutions		71.80			5.17			0.33			—			52.30
Republic Credit Solutions		17.03			16.30			15.70			15.44			14.09
Total Republic Processing Group		29.90			9.65			15.66			15.43			25.81

Total Company		2.01			1.69			1.55			1.53			2.08

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First 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 Three Months Ended
	Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Mar. 31, 2025			Mar. 31, 2024
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	22,730		$	22,619		$	19,381		$	19,910		$	19,258		$	22,730		$	19,258
Loans past due 90-days-or-more and still on accrual		120			141			164			631			2,116			120			2,116
Total nonperforming loans		22,850			22,760			19,545			20,541			21,374			22,850			21,374
OREO		1,107			1,160			1,212			1,265			1,486			1,107			1,486
Total nonperforming assets	$	23,957		$	23,920		$	20,757		$	21,806		$	22,860		$	23,957		$	22,860

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	22,730		$	22,619		$	19,381		$	19,910		$	19,258		$	22,730		$	19,258
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		22,730			22,619			19,381			19,910			19,258			22,730			19,258
OREO		1,107			1,160			1,212			1,265			1,486			1,107			1,486
Total nonperforming assets	$	23,837		$	23,779		$	20,593		$	21,175		$	20,744		$	23,837		$	20,744

Delinquent Loans:
Delinquent loans - Core Bank	$	9,031		$	10,185		$	10,048		$	9,313		$	7,796		$	9,031		$	7,796
RPG		8,282			10,304			10,902			9,970			13,616			8,282			13,616
Total delinquent loans - Total Company	$	17,313		$	20,489		$	20,950		$	19,283		$	21,412		$	17,313		$	21,412

NCOs (Recoveries) by Segment:
Traditional Bank	$	136		$	277		$	1,804		$	232		$	180		$	136		$	180
Warehouse Lending loans		—			—			—			—			—			—			—
Core Bank loans		136			277			1,804			232			180			136			180
Tax Refund Solutions		(693)			(2,159)			(2,311)			28,887			(305)			(693)			(305)
Republic Credit Solutions		3,904			5,018			4,695			4,045			4,175			3,904			4,175
RPG		3,211			2,859			2,384			32,932			3,870			3,211			3,870
Total NCOs (recoveries) - Total Company	$	3,347		$	3,136		$	4,188		$	33,164		$	4,050		$	3,347		$	4,050

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.43	%		0.42	%		0.37	%		0.39	%		0.41	%		0.43	%		0.41	%
Nonperforming assets to total loans (including OREO)		0.45			0.44			0.39			0.41			0.44			0.45			0.44
Nonperforming assets to total assets		0.34			0.35			0.31			0.33			0.33			0.34			0.33
Allowance for credit losses to total loans		2.01			1.69			1.55			1.53			2.08			2.01			2.08
Allowance for credit losses to nonperforming loans		465			404			420			393			509			465			509
Delinquent loans to total loans (9)		0.33			0.38			0.40			0.37			0.41			0.33			0.41
NCOs (recoveries) to average loans (annualized)		0.24			0.24			0.32			2.52			0.30			0.25			0.30

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.44	%		0.44	%		0.38	%		0.39	%		0.38	%		0.44	%		0.38	%
Nonperforming assets to total loans (including OREO)		0.46			0.46			0.40			0.41			0.41			0.46			0.41
Nonperforming assets to total assets		0.37			0.39			0.33			0.35			0.33			0.37			0.33
Allowance for credit losses to total loans		1.17			1.19			1.18			1.19			1.20			1.17			1.20
Allowance for credit losses to nonperforming loans		265			270			315			308			313			265			313
Delinquent loans to total loans		0.18			0.20			0.19			0.18			0.15			0.18			0.15
Annualized NCOs (recoveries) to average loans		0.01			0.02			0.14			0.02			0.01			0.01			0.01

TRS Refund Advances ("RAs and ERAs")

RAs and ERAs originated	$	662,556		$	138,614		$	—		$	—		$	771,091		$	662,556		$	771,091
Net (credit) charge to the Provision for RAs and ERAs		15,335			7,637			(2,311)			(1,158)			25,718			15,335			25,718
RAs and ERAs NCOs (recoveries)		(691)			(2,156)			(2,311)			28,764			(275)			(691)			(275)

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First 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, 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 March 31, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Tax Refund Solutions (“TRS”), Republic Payment Solutions (“RPS”), and Republic Credit Solutions (“RCS”). 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 (“RPG”) operations.

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	TRS 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	RPS 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 2024 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

First quarter 2025 (continued)

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


		Three Months Ended March 31, 2025
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total		Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG		Company

Net interest income	$	53,321		$	3,028		$	56,349		$	29,812		$	3,994		$	12,533		$	46,339		$	102,688

Provision for expected credit loss expense		(769)			47			(722)			15,427			—			2,967			18,394			17,672

Net refund transfer fees		—			—			—			13,893			—			—			13,893			13,893
Mortgage banking income		1,821			—			1,821			—			—			—			—			1,821
Program fees		—			—			—			—			767			3,055			3,822			3,822
Gain on sale of Visa Class B-1 Shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		9,453			20			9,473			54			—			1			55			9,528
Total noninterest income		15,364			20			15,384			13,947			767			3,056			17,770			33,154

Total noninterest expense		49,906			872			50,778			3,223			1,060			3,147			7,430			58,208

Income (loss) before income tax expense		19,548			2,129			21,677			25,109			3,701			9,475			38,285			59,962
Income tax expense (benefit)		3,836			480			4,316			5,498			806			2,074			8,378			12,694

Net income (loss)	$	15,712		$	1,649		$	17,361		$	19,611		$	2,895		$	7,401		$	29,907		$	47,268

Period-end assets	$	5,797,416		$	569,862		$	6,367,278		$	192,037		$	386,362		$	129,878		$	708,277		$	7,075,555

Net interest margin		3.79	%		2.68	%		3.70	%		NM			4.55	%		NM			NM			6.28	%

Net-revenue concentration*		51	%		2	%		53	%		32	%		4	%		11	%		47	%		100	%


		Three Months Ended March 31, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	48,259		$	2,257		$	50,516		$	30,910		$	3,508		$	11,985		$	46,403		$	96,919

Provision for expected credit loss expense		358			309			667			25,774			—			4,181			29,955			30,622

Net refund transfer fees		—			—			—			10,820			—			—			10,820			10,820
Mortgage banking income		310			—			310			—			—			—			—			310
Program fees		—			—			—			—			773			3,406			4,179			4,179
Other noninterest income		7,986			13			7,999			63			1			1			65			8,064
Total noninterest income		8,296			13			8,309			10,883			774			3,407			15,064			23,373

Total noninterest expense		41,394			878			42,272			4,512			954			3,233			8,699			50,971

Income before income tax expense		14,803			1,083			15,886			11,507			3,328			7,978			22,813			38,699
Income tax expense		2,520			244			2,764			2,714			761			1,854			5,329			8,093

Net income	$	12,283		$	839		$	13,122		$	8,793		$	2,567		$	6,124		$	17,484		$	30,606

Period-end assets	$	5,766,166		$	463,664		$	6,229,830		$	106,401		$	406,847		$	132,514		$	645,762		$	6,875,592

Net interest margin		3.33	%		2.67	%		3.30	%		NM			5.11	%		NM			NM			5.87	%

Net-revenue concentration*		46	%		2	%		48	%		35	%		4	%		13	%		52	%		100	%

S-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

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

Traditional Banking	$	1,291	$	1,161	$	1,518	$	1,281	$	1,366	$	1,291	$	1,366
Warehouse Lending		310		308		392		322		263		310		263
Total Core Bank		1,601		1,469		1,910		1,603		1,629		1,601		1,629
TRS		33,675		2,605		42		756		35,871		33,675		35,871
RCS		12,237		12,569		12,935		11,272		11,372		12,237		11,372
Total RPG		45,912		15,174		12,977		12,028		47,243		45,912		47,243

Total loan fees - Total Company	$	47,513	$	16,643	$	14,887	$	13,631	$	48,872	$	47,513	$	48,872

(2)	Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment securities. 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 mortgage loans with the intent to sell and consumer loans. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Bank’s 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 Bank’s Traditional Banking segment entered into an agreement to sell $5.0 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. In the ordinary course of business, gains on sale of consumer loans are recorded as a component of Program Fees through the RCS segment but any future gains or losses on the sale of the $5.0 million of consumer credit cards will be recorded as a component of Other noninterest income through the Bank’s Traditional Banking segment.



	As of and for the Three Months Ended										As of and for the Three Months Ended
(dollars in thousands)	Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Mar. 31, 2025		Mar. 31, 2024

Mortgage Loans Held for Sale

Balance, beginning of period	$	8,312	$	8,526	$	9,703	$	80,884	$	3,227	$	8,312	$	3,227
Originations		41,233		50,065		57,142		52,706		27,046		41,233		27,046
Transferred from held for investment to held for sale		—		—		—		(1,291)		69,464		—		69,464
Proceeds from sales		(41,816)		(51,724)		(59,732)		(123,693)		(18,773)		(41,816)		(18,773)
Fair value adjustment for correspondent loans reclassified to held for sale		—		—		—		—		(997)		—		(997)
Net gain on sale		1,411		1,445		1,413		1,097		917		1,411		917
Balance, end of period	$	9,140	$	8,312	$	8,526	$	9,703	$	80,884	$	9,140	$	80,884

Consumer Loans Held for Sale

Balance, beginning of period	$	24,075	$	25,881	$	32,201	$	19,176	$	24,008	$	24,075	$	24,008
Originations		266,651		290,881		350,413		402,141		188,347		266,651		188,347
Transferred from held for investment to held for sale		4,977		—		—		—		—		4,977		—
Proceeds from sales		(266,633)		(296,163)		(360,910)		(392,755)		(196,584)		(266,633)		(196,584)
Net gain on sale		3,055		3,476		4,177		3,639		3,405		3,055		3,405
Balance, end of period	$	32,125	$	24,075	$	25,881	$	32,201	$	19,176	$	32,125	$	19,176

S-11

(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 as a means to evaluate capital adequacy.


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

Total stockholders' equity - GAAP (a)	$	1,034,089		$	992,029		$	979,705		$	955,423		$	935,583
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,875			6,975			7,052			7,030			7,102
Less: Core deposit intangible		1,841			1,957			2,072			2,187			2,302
Tangible stockholders' equity - Non-GAAP (c)	$	984,857		$	942,581		$	930,065		$	905,690		$	885,663

Total assets - GAAP (b)	$	7,075,555		$	6,846,667		$	6,692,470		$	6,616,574		$	6,875,592
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,875			6,975			7,052			7,030			7,102
Less: Core deposit intangible		1,841			1,957			2,072			2,187			2,302
Tangible assets - Non-GAAP (d)	$	7,026,323		$	6,797,219		$	6,642,830		$	6,566,841		$	6,825,672

Total stockholders' equity to total assets - GAAP (a/b)		14.61	%		14.49	%		14.64	%		14.44	%		13.61	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		14.02	%		13.87	%		14.00	%		13.79	%		12.98	%

Number of shares outstanding (e)		19,518			19,448			19,443			19,425			19,411

Book value per share - GAAP (a/e)	$	52.98		$	51.01		$	50.39		$	49.19		$	48.20
Tangible book value per share - Non-GAAP (c/e)		50.46			48.47			47.84			46.62			45.63

(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 material nonrecurring revenues and expenses related to the CBank merger, the gain on the sale of Visa Class B-1 shares, the expenses related to the Bank’s planned core system conversion, as well as insurance proceeds related to a previous charge-off from the third quarter of 2024.



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

Net interest income - GAAP (a)	$	102,688		$	75,394		$	71,305		$	68,536		$	96,919		$	102,688		$	96,919
Noninterest income - GAAP (b)		33,154			14,118			16,813			18,346			23,373			33,154			23,373
Total net revenue - GAAP (c)	$	135,842		$	89,512		$	88,118		$	86,882		$	120,292		$	135,842		$	120,292
Less: Gain on sale of Visa Class B-1 shares		4,090			—			—			—			—			4,090			—
Less: Insurance proceeds		1,571			—			—			—			—			1,571			—
Total adjusted income - Non-GAAP (e)	$	130,181		$	89,512		$	88,118		$	86,882		$	120,292		$	130,181		$	120,292


Noninterest expense - GAAP (d)	$	58,208		$	53,511		$	48,609		$	49,634		$	50,971		$	58,208		$	50,971
Less: Expenses related to CBank acquisition		—			—			—			—			41			—			41
Less: Core conversion & contract consulting fees		5,714			—			—			—			—			5,714			—
Adjusted noninterest expense - Non-GAAP (f)	$	52,494		$	53,511		$	48,609		$	49,634		$	50,930		$	52,494		$	50,930

Efficiency Ratio - GAAP-derived (d/c)		42.8	%		59.8	%		55.2	%		57.1	%		42.4	%		42.8	%		42.4	%
Adjusted Efficiency Ratio - Non-GAAP (f/e)		40.3	%		59.8	%		55.2	%		57.1	%		42.3	%		40.3	%		42.3	%

(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)

Quarter (“Q”) to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M (three months), 6M to 6M (six months), 9M to 9M (nine months), or 12M to 12M (twelve months).

(9)

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 March 31, 2025, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

S-12

NM – Not meaningful

NA – Not applicable

YTD – Year to date

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-13