Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 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 January 24, 2025, Republic Bancorp, Inc. announced its results of operations for the quarter ended December 31, 2024. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

Item 9.01.Financial Statements and Exhibits.


(d)	Exhibits.

	Exhibit No.
	99.1	Republic Bancorp, Inc. Earnings Release dated January 24, 2025.
	99.2	Earnings Release Financial Supplement – Fourth Quarter 2024.
	104	Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		Republic Bancorp, Inc.
		(Registrant)


Date: January 24, 2025	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Exhibit 99.1

Republic Bancorp, Inc. Reports Fourth Quarter 2024 Net Income of $19.0 Million and Full Year Net Income of $101.4 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 fourth quarter 2024 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $19.0 million and $0.98 per share. Year-to-date net income was $101.4 million, an $11.0 million, or 12%, increase over 2023, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.47% and 10.50% for 2024.

Logan Pichel, President & CEO of the Republic Bank & Trust Company commented, “We are pleased to report another strong performance for the fourth quarter, particularly within our Core Bank, as its net income increased 11% over the fourth quarter of 2023. Our Core Bank includes the operations of our Traditional Bank and Warehouse Lending, whose combined assets represent approximately 90% of the Company’s total assets. The growth in our Core Bank net income primarily resulted from a $7.0 million increase in net interest income, which was driven by strong growth in our net interest margin (“NIM”) from 3.40% for the fourth quarter of 2023 to 3.64% for the fourth quarter of 2024. The growth in our quarterly NIM reflected the success of a strong interest rate risk management function, combined with solid growth in our core deposits, and on-going pricing discipline for our new loan originations.

In addition to our solid Core Bank net interest income, credit quality continued to remain solid at the Core Bank. The Core Bank’s net charge-offs to average loans was 0.02% for the fourth quarter, while its period-end nonperforming loans to total loans was 0.44% and its period-end delinquent loans to total loans was 0.20%. These strong ratios helped contribute to a $1.6 million positive decline in our Core Bank Provision⁽²⁾ for loan losses from the fourth quarter of 2023 to the fourth quarter of 2024.

Net income from our Republic Processing Group (“RPG”) declined $2.4 million from the fourth quarter of 2023 to the fourth quarter of 2024. While the Republic Credit Solutions (“RCS”) and Republic Processing Solutions (“RPS”) components of RPG collectively reported a $416,000, or 6%, increase in net income from the fourth quarter of 2023 to the fourth quarter of 2024, Tax Refund Solutions (“TRS”) reported a $2.8 million additional net loss for the same time periods. As a result of the final performance of the December 2023 Early Season Refund Advances (“ERAs”) within TRS, we recorded a larger Allowance⁽²⁾ for these early season tax loans of $9.8 million during the fourth quarter of 2024 compared to $3.9 million during the fourth quarter of 2023. Approximately $2.3 million of the increase over the fourth quarter 2023 Allowance amount was due to increased volume, with the remaining difference predominately due to an increased loss estimate due to our experience from the prior tax season.

Based on the prior tax season economics, during the fourth quarter of 2024 we revised our agreement with our largest third-party marketer-servicer for Refund Advances (“RAs”) and ERAs for the current tax filing season beginning in December 2024. Under this revised agreement:

●

we received a loss cap guarantee specific to ERAs for the current tax filing season;

●

we will receive an enhanced fee specific to ERAs for the current tax filing season; and

●

we will receive a reduced fee applicable to in-season RAs for the current tax filing season.

We are pleased with this new arrangement as we believe it provides better alignment between the economics and the downside risk to the Company. We estimate the revised contract will provide approximately $2.8 million of additional fee income for the current tax season of December 2024 through March 2025 compared to the prior tax season of December 2023 through March 2024. The Company earned approximately $1.4 million of this increased fee income during the fourth quarter of 2024. We do not anticipate recording any

additional loss estimates for the December 2024 ERA originations through this marketer-servicer as a result of the new loss guarantee cap.

We continued to add additional on-balance-sheet liquidity during the year with our Total Company period-end deposits, excluding wholesale brokered deposits, growing by a net $157 million. Core Bank period-end deposits, excluding wholesale brokered deposits, represented $209 million of that net growth. Total Company period-end loans increased by a net $200 million for the year, with Warehouse comprising $211 million of that increase, RPG increasing $38 million and the Traditional Bank declining $49 million. These growth dynamics maintained our Total Company period-end loan-to-deposit ratio at 104% as of December 31, 2023 and December 31, 2024.

In regards to our total year, we had many notable highlights for the year. These highlights include the following:

●

Increased Total Company Net Income for 2024 by $11.0 million, or 12%, over 2023.

●

Generated a one-year total return on our stock of 30.3% in 2024 versus a total return of 20.6% for the NASDAQ Bank Index during the same period. Additionally, Republic generated a two-year total return of 81.5% as of December 31, 2024 compared to the NASDAQ Bank Index of 16.4% for the same period. We are very proud of the recognition the market has given us through the performance of our stock price.

●

Continued to drive strong performance for the Total Company through our diversified business model as three of our five business segments reported an increase in net income for the year. These increases included:

o

Traditional Banking reported net income of $56.4 million for the year, representing a $9.7 million, or 21%, increase in net income over 2023.

o

Warehouse Lending reported net income of $6.5 million for the year, representing a $1.8 million, or 37%, increase in net income over 2023.

o

Republic Credit Solutions (“RCS”) reported net income of $23.5 million for 2024, representing a $5.2 million, or 28%, increase in net income over 2023.

●

Grew December 31, 2024 Traditional Bank period-end deposits, excluding wholesale brokered deposits, 5% over December 31, 2023 period-end balances.

●

Managed expenses prudently with Total Company non-interest expenses increasing 1.7% from 2023, while our Core Bank noninterest expenses increased just 0.7% for the same time period.

●

Achieved a Total Company efficiency ratio, which measures the amount of noninterest expense it takes to generate one dollar of net revenue, of 52.68%, a 267-basis-point positive decrease from the 55.35% result for 2023.

●

Increased our 2024 Total Company operating leverage, which measures the growth of revenue to the growth of noninterest expense, by 5% over 2023.

●

Maintained industry-strong credit quality with Core Bank net charge-offs for the year of 0.05%.

●

Our Net Promoter Score (“NPS”) increased from 38 in 1st quarter 2023 to 75 in 3rd quarter 2024. Our score of 75 is three times (3x) the Banking Industry average. A score of 80 is considered World Class, and we have our sights set on achieving this lofty score.

2024 was a year in which we made continuous enhancements to our client experiences, saw a marked improvement in our client satisfaction scores, generated strong financial results, and enjoyed tremendous stockholder returns. Without the strong support of our shareholders, our clients and our associates, our success would not be possible. We do not take this support for granted and we will continue to do our absolute best to earn your loyalty each and every day,” Pichel concluded.

The following table highlights Republic’s key metrics for the three months ended December 31, 2024 and 2023. Additional financial details, including segment-level data, are provided in the financial supplement to this release. The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company’s Form 8-K filed with the SEC on January 24, 2025.



	Total Company Financial Performance Highlights
		Three Months Ended Dec. 31,						$		%		Years Ended Dec. 31,						$		%
(dollars in thousands, except per share data)		2024			2023			Change		Change		2024			2023			Change		Change

Income Before Income Tax Expense		$	23,050		$	23,519		$	(469)	(2)	%	$	127,703		$	113,213		$	14,490	13	%
Net Income			19,016			19,659			(643)	(3)			101,371			90,374			10,997	12
Diluted EPS			0.98			1.01			(0.03)	(3)			5.21			4.62			0.59	13
Return on Average Assets ("ROA")			1.10	%		1.21	%		NA	(9)			1.47	%		1.44	%		NA	2
Return on Average Equity ("ROE")			7.63			8.68			NA	(12)			10.50			10.10			NA	4

NA – Not applicable

Results of Operations for the Fourth quarter of 2024 Compared to the Fourth quarter of 2023

Core Bank⁽¹⁾

Net income for the Core Bank was $17.6 million for the fourth quarter of 2024, a $1.8 million, or 11%, increase over the $15.8 million for the fourth quarter of 2023. A solid increase in net interest income combined with a minimal Provision, which was driven by continued strong Core Bank credit quality, were both drivers for the strong growth in net income for the quarter.

Net Interest Income – Core Bank net interest income was $57.7 million for the fourth quarter of 2024, a $7.0 million, or 14%, increase from the $50.6 million achieved during the fourth quarter of 2023. The rise in net interest income for the quarter was driven by period-over-period growth in average interest-earning assets and a notable increase in the Core Bank’s NIM. The increase in the Core Bank’s total dollars of net interest income represented the third consecutive quarter-over-same-quarter-last-year increase following two consecutive quarter-over-same-quarter-last-year declines for the fourth quarter of 2023 and the first quarter of 2024.

The Core Bank’s NIM increased from 3.40% during the fourth quarter of 2023 to 3.64% during the fourth quarter of 2024. This increase represented the second consecutive rise in the Core Bank’s quarter-over-same-quarter-last-year NIM. The increase in the Core Bank’s NIM occurred as its yield on its interest earning assets increased 25 basis points over the fourth quarter of 2023, while its cost of funds increased only one basis point for the same time periods.

Specific items of note impacting the Core Bank’s change in net interest income and NIM between the fourth quarter of 2023 and the fourth quarter of 2024 were as follows:

●

Average outstanding Warehouse balances increased from $370 million during the fourth quarter of 2023 to $552 million for the fourth quarter of 2024. Average committed Warehouse lines declined from $1.0 billion to $942 million during these same periods, while an up-tick in demand caused average usage rates for Warehouse lines to increase from 37% during the fourth quarter of 2023 to 59% for the fourth quarter of 2024.

●

Traditional Bank average loans grew from $4.56 billion with a weighted-average yield of 5.32% during the fourth quarter of 2023 to $4.57 billion with a weighted average yield of 5.57% during the fourth quarter of 2024. Average Loans for the fourth quarter of 2024 were negatively impacted by the sale in early 2024 of $67 million of residential real estate loans, previously held for investment.

●

Average interest-earning cash was $584 million with a weighted-average yield of 4.81% during the fourth quarter of 2024 compared to $201 million with a weighted-average yield of 5.45% for the fourth quarter of 2023. During the first nine months of 2024, the Company maintained higher cash balances due to the inverted yield curve and the more attractive pricing for interest-earning cash as compared to longer-term securities. While the yield curve began to steepen during the fourth quarter of 2024, the Company continued to maintain higher cash balances during the quarter, in general, due to near-term funding requirements for tax loans related to the upcoming first quarter 2025 tax season.

●

Average investments were $595 million with a weighted-average yield of 3.16% during the fourth quarter of 2024 compared to $769 million with a weighted-average yield of 3.02% for the fourth quarter of 2023. As noted in the paragraph above, the Company generally deployed its proceeds from maturing investments during 2024 into interest-earning cash for better yield and near-term liquidity needs.

●

As it relates to the Core Bank’s total dollar increase for its cost of interest-bearing liabilities:

o

The weighted-average cost of total interest-bearing deposits increased from 2.36% during the fourth quarter of 2023 to 2.43% for the fourth quarter of 2024, while average interest-bearing deposit balances grew $410 million over the same periods. Included within this growth in interest-bearing deposits was a $309 million increase in the average balances for business and consumer money market accounts, which generally paid premium rates.

o

The average balance of FHLB borrowings increased from $357 million for the fourth quarter of 2023 to $371 million for the fourth quarter of 2024, while the weighted-average cost of these borrowings decreased from 4.62% to 4.34% for the same time periods. The decrease in the overall weighted-average cost of FHLB borrowings resulted from previous term-extension strategies implemented earlier in 2024 to take advantage of the then-inverted yield curve.

●

Average noninterest-bearing deposits decreased $68 million from the fourth quarter of 2023 to the fourth quarter of 2024. The decline in noninterest-bearing deposits is an on-going trend dating back to the fourth quarter of 2022, as the overall interest rate environment combined with the competition for deposits continued to make interest-bearing deposits a more attractive alternative for consumer and business deposit accounts.

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



	Net Interest Income						Net Interest Margin
(dollars in thousands)	Three Months Ended Dec. 31,						Three Months Ended Dec. 31,
Reportable Segment	2024		2023		Change		2024		2023		Change

Traditional Banking	$	53,942	$	48,394	$	5,548	3.73	%	3.47	%	0.26	%
Warehouse Lending		3,718		2,251		1,467	2.68		2.41		0.27
Total Core Bank	$	57,660	$	50,645	$	7,015	3.64		3.40		0.24



	Average Loan Balances								Period-End Loan Balances
(dollars in thousands)	Three Months Ended Dec. 31,									Dec. 31,		Dec. 31,
Reportable Segment		2024		2023	$ Change		% Change			2024		2023	$ Change		% Change

Traditional Banking	$	4,569,224	$	4,560,572	$	8,652	0	%	$	4,569,179	$	4,618,569	$	(49,390)	(1)	%
Warehouse Lending		552,856		370,169		182,687	49			550,760		339,723		211,037	62
Total Core Bank	$	5,122,080	$	4,930,741	$	191,339	4		$	5,119,939	$	4,958,292	$	161,647	3

Provision for Expected Credit Loss Expense – The Core Bank’s Provision⁽²⁾ was a net charge of $367,000 for the fourth quarter of 2024 compared to a net charge of $2.0 million for the fourth quarter of 2023.

The net charge of $367,000 for the fourth quarter of 2024 was driven, primarily, by the following:

●

The Core Bank recorded a net charge to the Provision of $277,000 during the fourth quarter of 2024 related to net charge-offs on loans and overdrafts.

●

The Core Bank recorded a net charge to the Provision of $270,000 during the fourth quarter of 2024 primarily related to the nominal increase in Traditional Bank loan balances for the quarter of $2 million.

●

The Core Bank recorded a net credit to the Provision of $112,000 resulting from general formula reserves applied to an $44 million decrease in outstanding Warehouse balances during the quarter.

The net charge during the fourth quarter of 2023 was primarily driven by the following:

●

The Core Bank recorded a net charge to the Provision of $2.1 million during the fourth quarter of 2023 related to general formula reserves applied to $123 million of Traditional Bank loan growth for the fourth quarter of 2023.

●

The Core Bank recorded a net credit to the Provision of $296,000 resulting from general formula reserves applied to an $118 million decline in outstanding Warehouse balances for the fourth quarter of 2023.

As a percentage of total loans, the Core Bank’s Allowance⁽²⁾ decreased 2 basis points from December 31, 2023 to December 31, 2024, driven by a change in loan mix toward loans 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 Dec. 31, 2024						As of Dec. 31, 2023						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	$	4,569,179	$	59,756	1.31	%	$	4,618,569	$	58,998	1.28	%	0.03	%	2	%
Warehouse Lending		550,760		1,374	0.25			339,723		847	0.25		—		—
Total Core Bank		5,119,939		61,130	1.19			4,958,292		59,845	1.21		(0.02)		(2)

Tax Refund Solutions		190,794		9,861	5.17			149,207		3,990	2.67		2.50		94
Republic Credit Solutions		128,733		20,987	16.30			132,362		18,295	13.82		2.48		18
Total Republic Processing Group		319,527		30,848	9.65			281,569		22,285	7.91		1.74		22

Total Company	$	5,439,466	$	91,978	1.69	%	$	5,239,861	$	82,130	1.57	%	0.12	%	8	%


	ACLL Roll-Forward
	Three Months Ended December 31,
	2024										2023
(dollars in thousands)	Beginning				Charge-				Ending		Beginning				Charge-				Ending
Reportable Segment	Balance		Provision		offs		Recoveries		Balance		Balance		Provision		offs		Recoveries		Balance

Traditional Bank	$	59,549	$	484	$	(441)	$	164	$	59,756	$	56,931	$	2,287	$	(449)	$	229	$	58,998
Warehouse Lending		1,486		(112)		—		—		1,374		1,143		(296)		—		—		847
Total Core Bank		61,035		372		(441)		164		61,130		58,074		1,991		(449)		229		59,845

Tax Refund Solutions		1		7,701		—		2,159		9,861		1		2,937		—		1,052		3,990
Republic Credit Solutions		21,122		4,883		(5,357)		339		20,987		16,501		6,061		(4,453)		186		18,295
Total Republic Processing Group		21,123		12,584		(5,357)		2,498		30,848		16,502		8,998		(4,453)		1,238		22,285

Total Company	$	82,158	$	12,956	$	(5,798)	$	2,662	$	91,978	$	74,576	$	10,989	$	(4,902)	$	1,467	$	82,130

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


	As of and for the:
	Quarters Ended:								Years Ended:
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2024		2024		2024		2023		2024		2023		2022

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

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

Delinquent loans* to total loans	0.20		0.19		0.18		0.15		0.20		0.16		0.14

Net charge-offs to average loans	0.02		0.14		0.02		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 slightly decreased by $157,000 from $9.8 million in the fourth quarter of 2023 to $9.7 million for the fourth quarter of 2024, as nominal increases related to mortgage banking income, BOLI income and service charges on deposits were offset by declines in swap fees and insurance captive income.

Noninterest Expense – The Core Bank’s noninterest expenses were $45.8 million for the fourth quarter of 2024, an increase of $6.2 million, or 16%, over the fourth quarter of 2023. Notable line-item variances within the noninterest expense category included:

●

Salaries and benefits increased $4.6 million over the fourth quarter of 2023. The fourth quarter of 2024 was negatively impacted primarily by a $3.9 million swing in estimated bonus expenses as the

fourth quarter of 2023 contained a net credit of $342,000 for bonus expense accruals, while the fourth quarter of 2024 contained a net charge of $3.6 million.

The net credit during the fourth quarter of 2023 adjusted the liability for accrued bonuses to be in-line with lower expected payouts related to the 2023 calendar year. Conversely, the higher net charge during the fourth quarter of 2024 adjusted the liability for accrued bonuses to be in-line with greater payouts related to the 2024 calendar year as the Company’s second half results allowed it to reach higher full-year 2024 payout targets than previously projected earlier in the year.

Republic Processing Group⁽³⁾

RPG reported net income of $1.4 million for the fourth quarter of 2024, a $2.4 million decrease from the $3.8 million for the fourth quarter of 2023. RPG’s performance for the fourth quarter of 2024 compared to the fourth quarter of 2023, by operating segment, was as follows:

Tax Refund Solutions

TRS experienced a net loss of $6.4 million during the fourth quarter of 2024 compared to a net loss of $3.6 million for the fourth quarter of 2023. The higher net loss at TRS for the fourth quarter of 2024 was primarily driven by a higher estimated Provision expense compared to the fourth quarter of 2023 for ERAs.

Altogether, TRS originated $139 million of ERAs during the fourth quarter of 2024 compared to $103 million originated during the fourth quarter of 2023. The Company applied an estimated loss rate of approximately 7.07% of total ERAs originated during the fourth quarter of 2024 and an estimated loss rate of 3.81% of total ERAs originated during the fourth quarter of 2023. The higher Provision rate applied to ERAs during the fourth quarter of 2024 was based on a higher final loss rate realized during 2024 for the ERAs that were originated during the fourth quarter of 2023. The higher Provision for the quarter was partially offset by a $1.4 million increase in loan fee income for the ERA product comparing the fourth quarter of 2024 to the fourth quarter of 2023.

Republic Payment Solutions

Net income at RPS was $1.7 million for the fourth quarter of 2024, a $1.5 million decrease from the fourth quarter of 2023. Driving this decrease, RPS earned a lower yield of 4.39% for its $357 million average of prepaid program balances for the fourth quarter of 2024 compared to a yield of 5.10% for the $342 million in average prepaid card balances for the fourth quarter of 2023. In addition, net interest income at RPS was also negatively impacted by a $1.1 million charge to interest expense for a revenue sharing arrangement that began in January 2024.

Republic Credit Solutions

Net income at RCS increased $1.9 million, or 44%, from $4.2 million for the fourth quarter of 2023 to $6.1 million for the fourth quarter of 2024. The increase in RCS net income was primarily due to an 18% growth in the average balances of its two higher-yielding small dollar loan products, which contributed $1.9 million of additional net interest income to the overall segment. In addition, Provision expense for these two products declined $1.2 million for the same periods primarily related to formula reserves tied to spot balance growth for the quarters.

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 internet banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of December 31, 2024, had approximately $6.8 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, future loan fees to be earned, and future loan losses, related to ERAs and RAs originated through the Company’s largest marketer-servicer within TRS; the ability of the Company to enforce the loss cap guarantee related to ERAs from its largest marketer-servicer within TRS; the economy, 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, 2023. 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 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

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH QUARTER 2024

TABLE OF CONTENTS


		BALANCE SHEET DATA	S-2

		AVERAGE BALANCE SHEET DATA	S-3

		TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES	S-4

		INCOME STATEMENT DATA	S-5

		SELECTED DATA AND RATIOS	S-6

		LOAN COMPOSITION	S-7

		ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-7

		CREDIT QUALITY DATA AND RATIOS	S-8

		SEGMENT DATA	S-9

		FOOTNOTES	S-12

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024

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



Balance Sheet Data
	As of
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Assets:
Cash and cash equivalents	$	432,151	$	530,865	$	400,059	$	546,363	$	316,567
Investment securities, net of allowance for credit losses		595,626		478,064		557,459		664,294		667,874
Loans held for sale		32,387		34,407		41,904		100,060		27,235
Loans		5,439,466		5,296,917		5,264,270		5,224,292		5,239,861
Allowance for credit losses		(91,978)		(82,158)		(80,687)		(108,702)		(82,130)
Loans, net		5,347,488		5,214,759		5,183,583		5,115,590		5,157,731
Federal Home Loan Bank stock, at cost		24,478		23,981		23,840		43,729		23,770
Premises and equipment, net		32,309		33,007		33,224		33,557		33,411
Right-of-use assets		36,182		35,897		31,720		33,210		34,691
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,160		1,212		1,265		1,486		1,370
Bank owned life insurance ("BOLI")		107,125		106,288		105,462		104,670		103,916
Other assets and accrued interest receivable		197,245		193,474		197,542		192,117		187,810
Total assets	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,207,764	$	1,260,086	$	1,279,390	$	1,359,516	$	1,676,998
Interest-bearing		4,002,782		3,841,610		3,789,657		4,061,133		3,376,165
Total deposits		5,210,546		5,101,696		5,069,047		5,420,649		5,053,163

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		103,318		79,383		72,598		84,522		97,618
Operating lease liabilities		37,121		36,797		32,602		34,076		35,539
Federal Home Loan Bank advances		395,000		370,000		370,000		270,000		380,000
Other liabilities and accrued interest payable		108,653		124,889		116,904		130,762		115,815
Total liabilities		5,854,638		5,712,765		5,661,151		5,940,009		5,682,135

Stockholders' equity		992,029		979,705		955,423		935,583		912,756
Total liabilities and stockholders' equity	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

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


Average Balance Sheet Data
	Three Months Ended										Years Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	583,672	$	457,797	$	393,095	$	454,426	$	201,206	$	472,512	$	183,647
Investment securities, including FHLB stock		594,567		593,449		670,114		732,678		769,016		647,409		772,104
Loans, including loans held for sale		5,313,234		5,261,173		5,262,719		5,454,344		5,111,263		5,322,672		4,923,215
Total interest-earning assets		6,491,473		6,312,419		6,325,928		6,641,448		6,081,485		6,442,593		5,878,966

Allowance for credit losses		(82,301)		(81,567)		(108,194)		(96,446)		(75,747)		(92,071)		(82,230)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		93,927		82,969		102,712		280,618		101,119		139,775		150,785
Premises and equipment, net		32,933		33,319		33,452		33,889		33,940		33,397		33,544
Bank owned life insurance		106,814		105,974		105,128		104,305		103,557		105,560		102,750
Other assets		257,780		258,704		247,858		255,758		231,207		255,041		212,228

Total assets	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,884,295	$	6,296,043

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	3,921,291	$	3,820,078	$	3,848,238	$	4,004,846	$	3,210,495	$	3,898,460	$	2,924,691
SSUARs and other short-term borrowings		142,007		73,660		88,326		102,592		141,861		101,680		134,632
Federal Home Loan Bank advances		370,780		387,989		305,604		536,209		357,321		400,032		325,678
Total interest-bearing liabilities		4,434,078		4,281,727		4,242,168		4,643,647		3,709,677		4,400,172		3,385,001

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,328,885		1,313,207		1,366,862		1,490,048		1,715,408		1,374,457		1,880,471
Other liabilities		140,228		140,761		144,108		152,835		144,194		144,461		135,882
Stockholders' equity		997,435		976,123		953,746		933,042		906,282		965,205		894,689

Total liabilities and stockholders’ equity	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,884,295	$	6,296,043

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

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

Total Company Average Balance Sheet and Interest Rates


	Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
	Average				Average		Average				Average
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	583,672	$	7,051	4.81	%	$	201,206	$	2,765	5.45	%
Investment securities, including FHLB stock (a)		594,567		4,716	3.16			769,016		5,856	3.02
RCS LOC products (b)		46,447		12,569	107.66			40,539		10,514	102.90
Other RPG loans (c) (f)		144,707		4,500	12.37			120,849		2,116	6.95
Outstanding Warehouse lines of credit (d) (f)		552,856		10,333	7.44			370,169		7,301	7.83
All other Core Bank loans (e) (f)		4,569,224		63,939	5.57			4,560,572		61,138	5.32

Total interest-earning assets		6,491,473		103,108	6.32			6,081,485		90,785	5.92

Allowance for credit losses		(82,301)						(75,747)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		93,927						101,119
Premises and equipment, net		32,933						33,940
Bank owned life insurance		106,814						103,557
Other assets (a)		257,780						231,207
Total assets	$	6,900,626					$	6,475,561

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,726,893	$	4,358	1.00	%	$	1,412,405	$	3,576	1.00	%
Money market accounts		1,320,103		10,286	3.10			1,003,713		7,914	3.13
Time deposits		397,671		3,988	3.99			350,535		3,215	3.64
Reciprocal money market and time deposits		336,110		3,110	3.68			300,468		3,063	4.04
Brokered deposits		140,514		1,783	5.05			143,374		1,955	5.41

Total interest-bearing deposits		3,921,291		23,525	2.39			3,210,495		19,723	2.44

SSUARs and other short-term borrowings		142,007		143	0.40			141,861		123	0.34
Federal Home Loan Bank advances and other long-term borrowings		370,780		4,046	4.34			357,321		4,157	4.62

Total interest-bearing liabilities		4,434,078		27,714	2.49			3,709,677		24,003	2.57

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,328,885						1,715,408
Other liabilities		140,228						144,194
Stockholders’ equity		997,435						906,282
Total liabilities and stockholders’ equity	$	6,900,626					$	6,475,561

Net interest income			$	75,394					$	66,782

Net interest spread					3.83	%					3.35	%

Net interest margin					4.62	%					4.36	%

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

(b)	Interest income for Refund Advances and RCS line-of-credit products is composed entirely of loan fees.

(c)	Interest income includes loan fees of $0 for both the three months ended December 31, 2024 and 2023.

(d)	Interest income includes loan fees of $308,000 and $235,000 for the three months ended December 31, 2024 and 2023.

(e)	Interest income includes loan fees of $1.2 million and $1.5 million for the three months ended December 31, 2024 and 2023.

(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

Fourth quarter 2024 (continued)

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



Income Statement Data
	Three Months Ended										Years Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023

Total interest income (1)	$	103,108	$	101,546	$	97,700	$	130,632	$	90,785	$	432,986	$	356,063
Total interest expense		27,714		30,241		29,164		33,713		24,003		120,832		67,285
Net interest income		75,394		71,305		68,536		96,919		66,782		312,154		288,778

Provision (2)		12,951		5,660		5,143		30,622		10,989		54,376		47,624

Noninterest income:
Service charges on deposit accounts		3,654		3,693		3,526		3,313		3,470		14,186		13,855
Net refund transfer fees		143		582		3,811		10,820		220		15,356		15,748
Mortgage banking income (3)		1,454		2,062		1,612		310		983		5,438		3,542
Interchange fee income		3,173		3,286		3,351		3,157		3,305		12,967		13,057
Program fees (3)		4,279		4,962		4,398		4,179		4,561		17,818		15,582
Increase in cash surrender value of BOLI		836		826		792		754		705		3,208		2,719
Death benefits in excess of cash surrender value of life insurance		—		—		—		—		—		—		1,728
Net losses on OREO		(52)		(53)		(48)		(53)		(53)		(206)		(211)
Other*		631		1,455		904		893		1,589		3,883		5,437
Total noninterest income*		14,118		16,813		18,346		23,373		14,780		72,650		71,457

Noninterest expense:
Salaries and employee benefits		30,999		28,792		29,143		29,716		26,397		118,650		115,869
Technology, equipment, and communication		8,316		7,544		7,340		7,490		7,648		30,690		29,107
Occupancy		3,401		3,224		3,409		3,822		3,467		13,856		13,967
Marketing and development		2,827		1,983		2,705		1,924		2,304		9,439		8,446
FDIC insurance expense		728		764		748		772		690		3,012		2,728
Interchange related expense		1,595		1,540		1,412		1,298		1,536		5,845		5,965
Legal and professional fees		794		870		770		1,055		511		3,489		3,204
Merger expense		—		—		—		41		92		41		2,160
Other (2)*		4,851		3,892		4,107		4,853		4,409		17,703		17,952
Total noninterest expense*		53,511		48,609		49,634		50,971		47,054		202,725		199,398

Income before income tax expense		23,050		33,849		32,105		38,699		23,519		127,703		113,213
Income tax expense		4,034		7,306		6,899		8,093		3,860		26,332		22,839

Net income	$	19,016	$	26,543	$	25,206	$	30,606	$	19,659	$	101,371	$	90,374

(*) For the three months ended September 30, 2023 management has reclassified certain items between noninterest income and noninterest expense.

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

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



Selected Data and Ratios
	As of and for the Three Months Ended															As of and for the Years Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Per Share Data:

Basic weighted average shares outstanding		19,672			19,654			19,633			19,607			19,586			19,650			19,792
Diluted weighted average shares outstanding		19,778			19,735			19,714			19,694			19,673			19,736			19,853

Period-end shares outstanding:
Class A Common Stock		17,298			17,293			17,275			17,260			17,203			17,298			17,203
Class B Common Stock		2,150			2,150			2,150			2,151			2,155			2,150			2,155

Book value per share (4)	$	51.01		$	50.39		$	49.19		$	48.20		$	47.15		$	51.01		$	47.15
Tangible book value per share (4)		48.47			47.84			46.62			45.63			44.55			48.47			44.55

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.99		$	1.37		$	1.31		$	1.59		$	1.01		$	5.24		$	4.64
Basic EPS - Class B Common Stock		0.89			1.25			1.18			1.44			0.93			4.76			4.21
Diluted EPS - Class A Common Stock		0.98			1.37			1.30			1.58			1.01			5.21			4.62
Diluted EPS - Class B Common Stock		0.89			1.24			1.18			1.43			0.92			4.74			4.20

Cash dividends declared per Common share:
Class A Common Stock	$	0.407		$	0.407		$	0.407		$	0.407		$	0.374		$	1.628		$	1.496
Class B Common Stock		0.370			0.370			0.370			0.370			0.340			1.480			1.360

Performance Ratios:

Return on average assets		1.10	%		1.58	%		1.50	%		1.70	%		1.21	%		1.47	%		1.44	%
Return on average equity		7.63			10.88			10.57			13.12			8.68			10.50			10.10
Efficiency ratio (5)		60			55			57			42			58			53			55
Yield on average interest-earning assets (1)		6.32			6.40			6.21			7.91			5.92			6.72			6.06
Cost of average interest-bearing liabilities		2.49			2.81			2.77			2.92			2.57			2.75			1.99
Cost of average deposits (6)		1.79			2.01			1.98			1.97			1.60			1.94			1.07
Net interest spread (1)		3.83			3.59			3.44			4.99			3.35			3.97			4.07
Net interest margin - Total Company (1)		4.62			4.49			4.36			5.87			4.36			4.85			4.91
Net interest margin - Core Bank		3.64			3.53			3.46			3.30			3.40			3.48			3.61

Other Information:

End of period FTEs (7) - Total Company		989			992			999			1,011			1,019			989			1,019
End of period FTEs - Core Bank		933			935			943			952			962			933			962
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

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


Loan Composition and Allowance for Credit Losses on Loans
	As of
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	1,032,459		$	1,046,385		$	1,058,139		$	1,064,071		$	1,144,684
Nonowner occupied		318,096			326,273			331,954			342,481			345,965
Commercial real estate		1,813,177			1,813,303			1,821,798			1,800,801			1,785,289
Construction & land development		244,121			247,730			239,615			237,998			217,338
Commercial & industrial		460,245			437,911			452,815			453,971			464,078
Lease financing receivables		93,304			89,653			88,529			88,272			88,591
Aircraft		226,179			235,327			240,275			246,060			250,051
Home equity		353,441			341,204			325,086			309,083			295,133
Consumer:
Credit cards		16,464			16,762			16,547			16,858			16,654
Overdrafts		982			827			746			629			694
Automobile loans		1,156			1,340			1,599			2,054			2,664
Other consumer		9,555			10,181			12,064			11,372			7,428
Total Traditional Banking		4,569,179			4,566,896			4,589,167			4,573,650			4,618,569
Warehouse lines of credit		550,760			595,163			549,011			463,249			339,723
Total Core Banking		5,119,939			5,162,059			5,138,178			5,036,899			4,958,292

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		138,614			—			—			52,101			103,115
Other TRS commercial & industrial loans		52,180			302			92			5,396			46,092
Republic Credit Solutions		128,733			134,556			126,000			129,896			132,362
Total Republic Processing Group		319,527			134,858			126,092			187,393			281,569

Total loans - Total Company	$	5,439,466		$	5,296,917		$	5,264,270		$	5,224,292		$	5,239,861

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	59,756		$	59,549		$	59,865		$	59,176		$	58,998
Warehouse Lending		1,374			1,486			1,370			1,156			847
Total Core Banking		61,130			61,035			61,235			60,332			59,845

Tax Refund Solutions		9,861			1			—			30,069			3,990
Republic Credit Solutions		20,987			21,122			19,452			18,301			18,295
Total Republic Processing Group		30,848			21,123			19,452			48,370			22,285

Total Allowance - Total Company	$	91,978		$	82,158		$	80,687		$	108,702		$	82,130

Allowance to Total Loans

Traditional Banking		1.31	%		1.30	%		1.30	%		1.29	%		1.28	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.19			1.18			1.19			1.20			1.21

Tax Refund Solutions		5.17			0.33			—			52.30			2.67
Republic Credit Solutions		16.30			15.70			15.44			14.09			13.82
Total Republic Processing Group		9.65			15.66			15.43			25.81			7.91

Total Company		1.69			1.55			1.53			2.08			1.57

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

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



Credit Quality Data and Ratios
	As of and for the Three Months Ended															As of and for the Years Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	22,619		$	19,381		$	19,910		$	19,258		$	19,150		$	22,619		$	19,150
Loans past due 90-days-or-more and still on accrual		141			164			631			2,116			1,468			141			1,468
Total nonperforming loans		22,760			19,545			20,541			21,374			20,618			22,760			20,618
OREO		1,160			1,212			1,265			1,486			1,370			1,160			1,370
Total nonperforming assets	$	23,920		$	20,757		$	21,806		$	22,860		$	21,988		$	23,920		$	21,988

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	22,619		$	19,381		$	19,910		$	19,258		$	19,150		$	22,619		$	19,150
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		22,619			19,381			19,910			19,258			19,150			22,619			19,150
OREO		1,160			1,212			1,265			1,486			1,370			1,160			1,370
Total nonperforming assets	$	23,779		$	20,593		$	21,175		$	20,744		$	20,520		$	23,779		$	20,520

Delinquent Loans:
Delinquent loans - Core Bank	$	10,185		$	10,048		$	9,313		$	7,796		$	8,176		$	10,185		$	8,176
RPG		10,304			10,902			9,970			13,616			13,916			10,304			13,916
Total delinquent loans - Total Company	$	20,489		$	20,950		$	19,283		$	21,412		$	22,092		$	20,489		$	22,092

NCOs (Recoveries) by Segment:
Traditional Bank	$	277		$	1,804		$	232		$	180		$	220		$	2,493		$	625
Warehouse Lending loans		—			—			—			—			—			—			—
Core Bank loans		277			1,804			232			180			220			2,493			625
Tax Refund Solutions		(2,159)			(2,311)			28,887			(305)			(1,052)			24,112			22,457
Republic Credit Solutions		5,018			4,695			4,045			4,175			4,267			17,933			13,041
RPG		2,859			2,384			32,932			3,870			3,215			42,045			35,498
Total NCOs (recoveries) - Total Company	$	3,136		$	4,188		$	33,164		$	4,050		$	3,435		$	44,538		$	36,123

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.42	%		0.37	%		0.39	%		0.41	%		0.39	%		0.42	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.44			0.39			0.41			0.44			0.42			0.44			0.42
Nonperforming assets to total assets		0.35			0.31			0.33			0.33			0.33			0.35			0.33
Allowance for credit losses to total loans		1.69			1.55			1.53			2.08			1.57			1.69			1.57
Allowance for credit losses to nonperforming loans		404			420			393			509			398			404			398
Delinquent loans to total loans (9)		0.38			0.40			0.37			0.41			0.42			0.38			0.42
NCOs (recoveries) to average loans (annualized)		0.24			0.32			2.52			0.30			0.27			0.84			0.73

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.44	%		0.38	%		0.39	%		0.38	%		0.39	%		0.44	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.46			0.40			0.41			0.41			0.41			0.46			0.41
Nonperforming assets to total assets		0.39			0.33			0.35			0.33			0.35			0.39			0.35
Allowance for credit losses to total loans		1.19			1.18			1.19			1.20			1.21			1.19			1.21
Allowance for credit losses to nonperforming loans		270			315			308			313			313			270			313
Delinquent loans to total loans		0.20			0.19			0.18			0.15			0.16			0.20			0.16
Annualized NCOs (recoveries) to average loans		0.02			0.14			0.02			0.01			0.02			0.05			0.01

TRS Refund Advances ("RAs and ERAs")

RAs and ERAs originated	$	138,614		$	—		$	—		$	771,091		$	103,115		$	909,705		$	840,162
Net (credit) charge to the Provision for RAs and ERAs		7,637			(2,311)			(1,158)			25,718			2,877			29,886			22,492
RAs and ERAs NCOs (recoveries)		(2,156)			(2,311)			28,764			(275)			(1,052)			24,022			22,360

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (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 December 31, 2024, 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.	Loans, investments, and deposits

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

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.	Loans and refund transfers

Republic Payment Solutions	RPS offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	Prepaid cards

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.	Unsecured, consumer loans

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 2023 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (continued)

Segment information for the quarters and years ended December 31, 2024 and 2023 follows:


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

Net interest income	$	53,942		$	3,718		$	57,660		$	2,247		$	2,590		$	12,897		$	17,734		$	75,394

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

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

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

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

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

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

Net interest margin		3.73	%		2.68	%		3.64	%		NM			4.39	%		NM			NM			4.62	%

Net-revenue concentration*		71	%		4	%		75	%		3	%		4	%		18	%		25	%		100	%


		Three Months Ended December 31, 2023
		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	$	48,394		$	2,251		$	50,645		$	779		$	4,207		$	11,151		$	16,137		$	66,782

Provision for expected credit loss expense		2,287			(296)			1,991			2,937			—			6,061			8,998			10,989

Net refund transfer fees		—			—			—			220			—			—			220			220
Mortgage banking income		983			—			983			—			—			—			—			983
Program fees		—			—			—			—			687			3,874			4,561			4,561
Other noninterest income		8,842			11			8,853			27			146			(10)			163			9,016
Total noninterest income		9,825			11			9,836			247			833			3,864			4,944			14,780

Total noninterest expense		38,739			931			39,670			2,851			987			3,546			7,384			47,054

Income before income tax expense		17,193			1,627			18,820			(4,762)			4,053			5,408			4,699			23,519
Income tax expense		2,647			364			3,011			(1,205)			880			1,174			849			3,860

Net income	$	14,546		$	1,263		$	15,809		$	(3,557)		$	3,173		$	4,234		$	3,850		$	19,659

Period-end assets	$	5,519,632		$	340,224		$	5,859,856		$	228,738		$	366,117		$	140,180		$	735,035		$	6,594,891

Net interest margin		3.47	%		2.41	%		3.40	%		NM			5.10	%		NM			NM			4.36	%

Net-revenue concentration*		72	%		3	%		75	%		1	%		6	%		18	%		25	%		100	%

S-10


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

Net interest income	$	203,139		$	12,469		$	215,608		$	34,420		$	11,811		$	50,315		$	96,546		$	312,154

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

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

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

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

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

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

Net interest margin		3.55	%		2.65	%		3.48	%		NM			4.85	%		NM			NM			4.85	%

Net-revenue concentration*		63	%		3	%		66	%		13	%		4	%		17	%		34	%		100	%


		Year Ended December 31, 2023
		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	$	194,798		$	9,447		$	204,245		$	29,557		$	15,729		$	39,247		$	84,533		$	288,778

Provision for expected credit loss expense		8,698			(162)			8,536			22,559			—			16,529			39,088			47,624

Net refund transfer fees		—			—			—			15,748			—			—			15,748			15,748
Mortgage banking income		3,542			—			3,542			—			—			—			—			3,542
Program fees		—			—			—			—			2,827			12,755			15,582			15,582
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		34,231			44			34,275			341			158			83			582			34,857
Total noninterest income		39,501			44			39,545			16,089			2,985			12,838			31,912			71,457

Total noninterest expense		168,120			3,547			171,667			12,035			3,710			11,986			27,731			199,398

Income before income tax expense		57,481			6,106			63,587			11,052			15,004			23,570			49,626			113,213
Income tax expense		10,766			1,365			12,131			2,196			3,307			5,205			10,708			22,839

Net income	$	46,715		$	4,741		$	51,456		$	8,856		$	11,697		$	18,365		$	38,918		$	90,374

Period-end assets	$	5,519,632		$	340,224		$	5,859,856		$	228,738		$	366,117		$	140,180		$	735,035		$	6,594,891

Net interest margin		3.70	%		2.38	%		3.61	%		NM			4.59	%		NM			NM			4.91	%

Net-revenue concentration*		65	%		3	%		68	%		13	%		5	%		14	%		32	%		100	%

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth quarter 2024 (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										Years Ended
(dollars in thousands)	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023

Traditional Banking	$	1,161	$	1,518	$	1,281	$	1,366	$	1,400	$	5,326	$	5,357
Warehouse Lending		308		392		322		263		235		1,285		1,031
Total Core Bank		1,469		1,910		1,603		1,629		1,635		6,611		6,388
TRS		2,605		42		756		35,871		1,096		39,274		33,529
RCS		12,569		12,935		11,272		11,372		10,514		48,148		36,655
Total RPG		15,174		12,977		12,028		47,243		11,610		87,422		81,677

Total loan fees - Total Company	$	16,643	$	14,887	$	13,631	$	48,872	$	13,245	$	94,033	$	88,065

(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 for sale mortgage loans and consumer loans. Mortgage loans originated for sale are primarily originated and sold into the secondary market through the Bank’s Traditional Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment. Gains on sale of mortgage loans are recorded as a component of Mortgage Banking income. Gains on sale of consumer loans are recorded as a component of Program Fees.



	As of and for the Three Months Ended										As of and for the Years Ended
(dollars in thousands)	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023

Mortgage Loans Held for Sale

Balance, beginning of period	$	8,526	$	9,703	$	80,884	$	3,227	$	2,711	$	3,227	$	1,302
Originations		50,065		57,142		53,703		27,046		24,050		187,956		53,750
Transferred from held for investment to held for sale		—		—		(2,288)		69,464		—		67,176		—
Proceeds from sales		(51,152)		(59,732)		(123,693)		(18,773)		(24,134)		(253,350)		(53,794)
Fair value adjustment for correspondent loans reclassified to held for sale		—		—		—		(997)		—		(997)		—
Net gain on sale		873		1,413		1,097		917		600		4,300		1,453
Balance, end of period	$	8,312	$	8,526	$	9,703	$	80,884	$	3,227	$	8,312	$	2,711

RCS Consumer Loans Held for Sale

Balance, beginning of period	$	25,881	$	32,201	$	19,176	$	24,008	$	21,972	$	24,008	$	17,875
Originations		290,881		350,413		402,141		188,347		300,281		1,231,782		756,714
Proceeds from sales		(296,163)		(360,910)		(392,755)		(196,584)		(302,118)		(1,246,412)		(761,497)
Net gain on sale		3,476		4,177		3,639		3,405		3,873		14,697		8,880
Balance, end of period	$	24,075	$	25,881	$	32,201	$	19,176	$	24,008	$	24,075	$	21,972

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 as a means to evaluate capital adequacy.


	As of
(dollars in thousands, except per share data)	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023

Total stockholders' equity - GAAP (a)	$	992,029		$	979,705		$	955,423		$	935,583		$	912,756
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,975			7,052			7,030			7,102			7,411
Less: Core deposit intangible		1,957			2,072			2,187			2,302			2,439
Tangible stockholders' equity - Non-GAAP (c)	$	942,581		$	930,065		$	905,690		$	885,663		$	862,390

Total assets - GAAP (b)	$	6,846,667		$	6,692,470		$	6,616,574		$	6,875,592		$	6,594,891
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,975			7,052			7,030			7,102			7,411
Less: Core deposit intangible		1,957			2,072			2,187			2,302			2,439
Tangible assets - Non-GAAP (d)	$	6,797,219		$	6,642,830		$	6,566,841		$	6,825,672		$	6,544,525

Total stockholders' equity to total assets - GAAP (a/b)		14.49	%		14.64	%		14.44	%		13.61	%		13.84	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.87	%		14.00	%		13.79	%		12.98	%		13.18	%

Number of shares outstanding (e)		19,448			19,443			19,425			19,411			19,358

Book value per share - GAAP (a/e)	$	51.01		$	50.39		$	49.19		$	48.20		$	47.15
Tangible book value per share - Non-GAAP (c/e)		48.47			47.84			46.62			45.63			44.55

(5)

The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes material nonrecurring revenues and expenses related to the CBank merger, the BOLI benefit payment received, as well as net gains (losses) on sales, calls, and impairment of investment securities.



	Three Months Ended															Years Ended
(dollars in thousands)	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023

Net interest income - GAAP	$	75,394		$	71,305		$	68,536		$	96,919		$	66,782		$	312,154		$	288,778
Noninterest income - GAAP		14,118			16,813			18,346			23,373			14,780			72,650			71,457
Less: BOLI benefit payment received		—			—			—			—			—			—			1,728
Less: Net gain (loss) on securities		—			1			1			—			6			2			12
Total adjusted income - Non-GAAP (a)	$	89,512		$	88,117		$	86,881		$	120,292		$	81,556		$	384,802		$	358,495


Noninterest expense - GAAP	$	53,511		$	48,609		$	49,634		$	50,971		$	47,054		$	202,725		$	199,398
Less: Expenses related to CBank acquisition		—			—			—			41			92			41			2,160
Adjusted noninterest expense - Non-GAAP (b)	$	53,511		$	48,609		$	49,634		$	50,930		$	46,962		$	202,684		$	197,238

Efficiency Ratio - Non-GAAP (b/a)		60	%		55	%		57	%		42	%		58	%		53	%		55	%

(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 December 31, 2024, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2024 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

YTD – Year to date

S-13

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-14

Document and Entity Information	Jan. 24, 2025
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Jan. 24, 2025
Entity Registrant Name	REPUBLIC BANCORP, INC.
Entity Incorporation, State or Country Code	KY
Entity File Number	0-24649
Entity Tax Identification Number	61-0862051
Entity Address, Address Line One	601 West Market Street
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40202
City Area Code	502
Local Phone Number	584-3600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common
Trading Symbol	RBCAA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000921557
Amendment Flag	false

Republic Bancorp (NASDAQ:RBCAA)
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From Dec 2024 to Jan 2025

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Republic Bancorp (NASDAQ:RBCAA)
Historical Stock Chart
From Jan 2024 to Jan 2025

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