Republic Bancorp (RBCAA) 8-K Results of Operations and Financial Condition

EXHIBIT 99.1

Republic Announces First Quarter Net Income of $8.3 Million with Diluted Earnings per Class A Common Stock
of $0.39

April 19, 2007

Contact: Kevin Sipes

Executive Vice President & CFO

Louisville, KY — Republic Bancorp, Inc. (Republic or the Company) (NASDAQ: RBCAA), the holding company for Republic Bank & Trust Company and Republic Bank, posted net income of $8.3 million for the first quarter of 2007, with diluted earnings per Class A Common Stock of $0.39. This compares to net income of $9.7 million and diluted earnings per Class A Common Stock of $0.46 for the same period in 2006. “The first quarter at Republic was one of continued transition as we diversified our focus toward building both our commercial and consumer client base while enhancing our tax business. While the Company’s income fell short of expectations, we were pleased that we achieved early success building our customer base to over 89,000 households at quarter-end,” commented Steve Trager, President & CEO of Republic.

Overall asset quality remained very strong during the first quarter of 2007. The Company’s level of delinquencies and non-performing loans were very good compared to peer with non-performing loans remaining under one-half of one percent of outstanding loans at 0.30% as of March 31, 2007. These positive factors helped support a provision for loan losses of only $209,000 for the first quarter of 2007 in the Company’s traditional banking segment. “There has been a tremendous amount of national focus on the sub-prime mortgage loan market and the negative effects it could have on the future of the banking industry. I am very glad to say that Republic chose to maintain its strict underwriting standards and not enter the sub-prime mortgage loan market or compromise our underwriting standards during the last few years while many institutions did so due to pressure to produce higher volumes. Even now in an extremely difficult growth environment, we continue to adhere to our very strict underwriting standards, maintaining our commitment to not sacrifice long-term value for the benefit of short-term gain,” commented Scott Trager, President of Republic Bank & Trust Company.

The end of the first quarter brought the completion of the 2007 tax season for Tax Refund Solutions (“TRS”). Refund anticipation loan (“RAL”) volume increased 38% compared to the first quarter of 2006, while overall earnings were lower compared to the same period due to expected higher losses associated with the RALs. Altogether, the Company reserved $6.6 million for current year RAL losses during the first quarter of 2007 compared to $2.7 million reserved during the first quarter of 2006. During both 2007 and 2006, a portion of these loss reserves were included as a reduction to Net RAL securitization income. “We fell short of our earnings goals for the tax business during the first quarter primarily due to a dramatic increase in loss reserves resulting from a greater uncertainty in funding from the IRS,” noted Steve Trager.

4

Total net interest income for the first quarter increased $1.9 million compared to the same period in 2006 while net interest income within the traditional Banking segment increased $1.1 million or 6% for the same period. The increase in net interest income in the traditional banking segment was driven by year over year growth in the loan portfolio. Residential real estate loans increased $88 million from March 31, 2006, while commercial real estate loans increased $57 million during the same period. To moderate the continued contraction on its margin, the Company refinanced $100 million in overnight borrowings from the Federal Home Loan Bank with an approximate cost of 5.25% into a 10-year fixed rate advance with a 3-year put option at an average cost of 4.39%.

Non interest income increased $1.3 million, or 12%, for the first quarter of 2007 compared to the same period in 2006. Net RAL securitization income increased $593,000 for the first quarter of 2007 compared to 2006, while deposit fee income increased $489,000, or 13%, for the same periods. The increase in deposit fee income resulted from growth in the Company’s retail checking account base, which surpassed 71,000 accounts at March 31, 2007. “Growing non interest income, in particular deposit fee income remains a strategic initiative in 2007 as we continue to work to offset the on-going pressure on our net interest margin resulting from the inverted yield curve,” further commented Scott Trager.

Non interest expense increased 16% for the first quarter of 2007 to $23.0 million. The increase in non interest expense primarily resulted from an increase in personnel and occupancy costs related to additional sales staff and new banking center locations. In addition, the Company recorded a charge of approximately $550,000 associated with an adverse judgment of a previously disclosed lawsuit.

“Controlling non-interest expense will remain a major focus for the Company as we continue our investment in the future through the opening of new locations and introduction of new technology. During the first quarter, the Company completed testing of its ‘Remote Deposit Capture’ product, which will allow our clients to make customer check deposits electronically instead of driving the deposits to a Republic banking center. The Company, which has 47,000 of its clients who utilize internet banking and receives an average of 74,000 calls per month in its Telebanking center, also began the process of replacing its telephone system and business on-line banking system. In addition, management also began a project during the first quarter to identify a replacement for its core operating system by the end of 2008. All of these technology investments are being made to not only enhance the client’s experience with the Bank, but to make the Company more efficient and more profitable over the long-term,” further commented Steve Trager.

“Although we have many challenges, we believe challenges provide great opportunity. The Company continues to make significant investments for the future, particularly in Florida where we have successfully transitioned GulfStream Community Bank’s associates, clients, systems, and products into Republic. We will work hard in 2007 to implement our long-term growth strategy there as well. In addition, we believe there is a tremendous amount of opportunity in the tax business, which represents a meaningful portion of our Company’s on-going earnings. I think Republic is uniquely positioned to benefit from this opportunity as we remain steadfast in our disciplined approach and focus on strong traditional banking fundamentals — the foundation of our Company. We will continue to operate our long-term strategic plan while being mindful of why we have achieved our success in the past,” concluded Steve Trager.

5

Republic Bancorp, Inc. (Republic) has 38 banking centers, and is the parent company of: Republic Bank & Trust Company with 34 banking centers in ten Kentucky communities — Bowling Green, Covington, Elizabethtown, Fort Wright, Frankfort, Georgetown, Lexington, Louisville, Owensboro, and Shelbyville and two banking centers in Jeffersonville and New Albany, Indiana. Republic Bank has two banking centers in Port Richey and New Port Richey, Florida. Republic Bank & Trust Company operates two Republic Finance offices in Louisville, as well as Tax Refund Solutions, a nationwide tax refund loan and check provider. Republic Bank offers internet banking at www.republicbank.com. Republic has $3.0 billion in assets and $1 billion in trust assets under custody and management. Republic is headquartered in Louisville, Kentucky, and Republic Class A Common Stock is listed under the symbol ‘RBCAA’ on the NASDAQ Global Select Market.

Statements in this press release relating to Republic’s plans, objectives, or future performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations. Republic’s actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties, including those discussed in Republic’s 2006 Form 10-K and subsequent 10-Qs filed with the Securities and Exchange Commission.

6

Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release

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

Balance Sheet Data

	March 31, 2007			Dec. 31, 2006			March 31, 2006
Assets:
Cash and cash equivalents	$	78,447		$	81,613		$	74,952
Investment securities	525,077			561,772			462,611
Mortgage loans held for sale	12,914			5,724			6,756
Loans	2,309,121			2,300,888			2,120,422
Allowance for loan losses	(11,487		)	(11,218		)	(11,023		)
Federal Home Loan Bank stock, at cost	23,453			23,111			21,905
Premises and equipment, net	36,019			36,560			32,198
Goodwill	10,025			10,016			—
Other assets and accrued interest receivable	38,268			38,321			31,102
Total assets	$	3,021,837		$	3,046,787		$	2,738,923
Liabilities and Stockholders’ Equity:
Non interest-bearing deposits	$	306,923		$	279,026		$	300,142
Interest-bearing deposits	1,398,240			1,413,696			1,336,253
Total deposits	1,705,163			1,692,722			1,636,395
Securities sold under agreements to repurchase and other short-term borrowings	445,055			401,886			314,671
Federal Home Loan Bank advances	548,528			646,572			494,513
Subordinated note	41,240			41,240			41,240
Other liabilities and accrued interest payable	37,418			27,019			30,556
Total liabilities	2,777,404			2,809,439			2,517,375
Stockholders’ equity	244,433			237,348			221,548
Total liabilities and Stockholders’ equity	$	3,021,837		$	3,046,787		$	2,738,923

Average Balance Sheet Data from Continuing Operations

	Three Months Ended March 31,
Assets:	2007		2006
Federal funds sold and other	$	10,266	$	5,713
Investment securities	579,516		524,139
Loans and fees	2,333,647		2,103,869
Total earning assets	2,923,429		2,633,721
Total assets	3,050,905		2,746,757
Liabilities and Stockholders’ Equity:
Non interest-bearing deposits	$	307,179	$	302,954
Interest-bearing deposits	1,387,040		1,318,936
Securities sold under agreements to repurchase and other short-term borrowings	432,698		329,233
Federal Home Loan Bank advances	607,375		504,719
Subordinated note	41,240		41,240
Total interest-bearing liabilities	2,468,353		2,194,128
Stockholders’ equity	239,182		219,847

7

Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release (continued)

Income Statement Data
	Three Months Ended  March 31,
	2007		2006
Total interest income (1)	$	52,426	$	44,373
Total interest expense	25,177		19,004
Net interest income	27,249		25,369
Provision for loan losses	3,680		1,330
Service charges on deposit accounts	4,152		3,663
Electronic refund check fees	3,429		3,428
Net RAL securitization income	2,607		2,014
Mortgage banking income	542		455
Debit card interchange fee income	1,004		840
Other	400		439
Total non interest income	12,134		10,839
Salaries and employee benefits	12,343		11,368
Occupancy and equipment, net	4,047		3,723
Communication and transportation	948		707
Marketing and development	821		580
Bankshares tax	663		556
Data processing	586		530
Debit card interchange expense	517		388
Supplies	458		348
Other	2,587		1,641
Total non interest expenses	22,970		19,841
Income from continuing operations before income tax expense	12,733		15,037
Income tax expense from continuing operations	4,427		5,176
Income from continuing operations before discontinued operations, net of income tax expense	8,306		9,861
Loss from discontinued operations before income tax expense	—		(174		)
Income tax benefit from discontinued operations	—		(60		)
Loss from discontinued operations, net of income tax benefit (2)	—		(114		)
Net income	$	8,306	$	9,747

8

Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release (continued)

	Three Months Ended March 31,
	2007			2006
Per Share Data (3):
Basic average shares outstanding	20,602			20,457
Diluted average shares outstanding	21,196			21,023
End of period shares outstanding:
Class A Common Stock	18,266			18,127
Class B Common Stock	2,350			2,359
Book value per share	$	11.86		$	10.84
Earnings per share from continuing operations:
Basic earnings per Class A Common Stock	0.40			0.48
Basic earnings per Class B Common Stock	0.40			0.48
Diluted earnings per Class A Common Stock	0.39			0.47
Diluted earnings per Class B Common Stock	0.38			0.46
Earnings per share from discontinued operations (2):
Basic earnings per Class A Common Stock	0.00			0.00
Basic earnings per Class B Common Stock	0.00			(0.01		)
Diluted earnings per Class A Common Stock	0.00			(0.01		)
Diluted earnings per Class B Common Stock	0.00			0.00
Earnings per share:
Basic earnings per Class A Common Stock	0.40			0.48
Basic earnings per Class B Common Stock	0.40			0.47
Diluted earnings per Class A Common Stock	0.39			0.46
Diluted earnings per Class B Common Stock	0.38			0.46
Cash dividends declared per share:
Class A Common Stock	0.094			0.080
Class B Common Stock	0.086			0.073
Performance Ratios:
Return on average assets (ROA) from continuing operations	1.09		%	1.44		%
Return on average assets	1.09			1.42
Return on average equity (ROE) from continuing operations	13.89			17.95
Return on average equity	13.89			17.73
Efficiency ratio from continuing operations (4)	58			55
Yield on average earning assets	7.17			6.74
Cost of interest-bearing liabilities	4.08			3.46
Net interest spread	3.09			3.28
Net interest margin	3.73			3.85
Asset Quality Ratios:
Loans on non-accrual status	6,039			5,530
Loans past due 90 days or more and still on accrual	815			470
Total non-performing loans	6,854			6,000
Other real estate owned	213			499
Total non-performing assets	7,067			6,499
Non-performing loans to total loans	0.30		%	0.28		%
Allowance for loan losses to total loans	0.50			0.52
Allowance for loan losses to non-performing loans	168			184
Net loan charge-offs to average loans (from continuing operations)	0.58			0.13
Delinquent loans to total loans (5)	0.50			0.37
Other Information:
End of period full-time equivalent employees	769			662
Number of banking centers	38			35

9

Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release (continued)

Balance Sheet Data

	Quarterly Comparison
Assets:	March 31, 2007			Dec. 31, 2006			Sept. 30 2006			June 30, 2006			March 31, 2006
Cash and cash equivalents	$	78,447		$	81,613		$	66,145		$	74,843		$	74,952
Investment securities	525,077			561,772			510,974			442,373			462,611
Mortgage loans held for sale	12,914			5,724			1,530			4,162			6,756
Loans	2,309,121			2,300,888			2,223,509			2,204,733			2,120,422
Allowance for loan losses	(11,487		)	(11,218		)	(10,857		)	(10,760		)	(11,023		)
Federal Home Loan Bank stock, at cost	23,453			23,111			22,666			22,351			21,905
Premises and Equipment, net	36,019			36,560			31,981			32,062			32,198
Goodwill	10,025			10,016			—			—			—
Other assets and interest receivable	38,268			38,321			30,796			29,174			31,102
Total assets	$	3,021,837		$	3,046,787		$	2,876,744		$	2,798,938		$	2,738,923
Liabilities and Stockholders’ Equity:
Non interest-bearing deposits	$	306,923		$	279,026		$	282,134		$	279,800		$	300,142
Interest-bearing deposits	1,398,240			1,413,696			1,265,120			1,321,336			1,336,253
Total deposits	1,705,163			1,692,722			1,547,254			1,601,136			1,636,395
Securities sold under agreements to repurchase and other short-term borrowings	445,055			401,886			304,246			323,334			314,671
Federal Home Loan Bank advances	548,528			646,572			725,732			582,378			494,513
Subordinated note	41,240			41,240			41,240			41,240			41,240
Other liabilities and accrued interest payable	37,418			27,019			25,825			25,765			30,556
Total liabilities	2,777,404			2,809,439			2,644,297			2,573,853			2,517,375
Stockholders’ equity	244,433			237,348			232,477			225,085			221,548
Total liabilities and Stockholders’ equity	$	3,021,837		$	3,046,787		$	2,876,774		$	2,798,938		$	2,738,923

Average Balance Sheet Data from Continuing Operations

	Quarterly Comparison
Assets:	March 31, 2007		Dec. 31, 2006		Sept. 30 2006		June 30, 2006		March 31, 2006
Federal funds sold and other	$	10,266	$	21,076	$	15,474	$	20,867	$	5,713
Investment securities	579,516		594,836		492,363		484,970		524,139
Loans and fees	2,333,647		2,275,539		2,204,309		2,156,678		2,103,869
Total earning assets	2,923,429		2,891,451		2,712,146		2,662,515		2,633,721
Total assets	3,050,905		3,019,196		2,825,716		2,775,527		2,746,757
Liabilities and Stockholders’ Equity:
Non interest-bearing deposits	$	307,179	$	279,144	$	275,426	$	286,620	$	302,954
Interest-bearing deposits	1,387,040		1,372,028		1,299,197		1,305,983		1,318,936
Securities sold under agreements to repurchase and other short-term borrowings	432,698		427,736		345,156		342,753		329,233
Federal Home Loan Bank advances	607,375		638,459		609,548		547,211		504,719
Subordinated note	41,240		41,240		41,240		41,240		41,240
Total interest-bearing liabilities	2,468,353		2,479,463		2,295,141		2,237,187		2,194,128
Stockholders’ equity	239,182		234,613		228,112		223,853		219,847

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Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release (continued)

Income Statement Data

	Quarterly Comparison
	March 31, 2007		Dec. 31, 2006		Sept. 30, 2006		June 30, 2006			March 31, 2006
Total interest income (6)	$	52,426	$	46,614	$	43,778	$	41,775		$	44,373
Total interest expense	25,177		25,590		22,925		20,723			19,004
Net interest income	27,249		21,024		20,853		21,052			25,369
Provision for loan losses	3,680		289		110		573			1,330
Service charges on deposit accounts	4,152		4,462		4,291		4,089			3,663
Electronic refund check fees	3,429		148		3		523			3,428
Net RAL securitization income	2,607		240		113		404			2,014
Mortgage banking income	542		717		657		487			455
Debit card interchange fee income	1,004		970		935		899			840
Gain on sale of securities	—		300		—		—			—
Other	400		526		483		614			439
Total non interest income	12,134		7,363		6,482		7,016			10,839
Salaries and employee benefits	12,343		9,447		9,541		10,056			11,368
Occupancy and equipment, net	4,047		4,608		3,550		3,660			3,723
Communication and transportation	948		855		593		595			707
Marketing and development	821		731		543		605			580
Bankshares tax	663		254		546		546			556
Data processing	586		541		536		564			530
Debit card interchange expense	517		465		425		385			388
Supplies	458		324		289		310			348
Other	2,587		2,041		1,539		1,472			1,641
Total non interest expenses	22,970		19,266		17,562		18,193			19,841
Income from continuing operations before income tax expense	12,733		8,832		9,663		9,302			15,037
Income tax expense from continuing operations	4,427		2,896		3,309		3,337			5,176
Income from continuing operations before discontinued operations, net of income tax expense	8,306		5,936		6,354		5,965			9,861
Income (loss) from discontinued operations before income tax expense (benefit)			14		522		(3		)	(174		)
Income tax expense (benefit) from discontinued operations	—		4		182		(2		)	(60		)
Income (loss) from discontinued operations, net of income tax expense (benefit) (2)	—		10		340		(1		)	(114		)
Net income	$	8,306	$	5,946	$	6,694	$	5,964		$	9,747

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Republic Bancorp, Inc. Financial Information

First Quarter 2007 Earnings Release (continued)

	Four Quarter Comparison
	March 31, 2007			Dec. 31, 2006			Sept. 30, 2006			June 30, 2006
Per Share Data (3):
Basic average shares outstanding	20,602			20,537			20,510			20,493
Diluted average shares outstanding	21,196			21,161			21,060			21,032
End of period shares outstanding:
Class A Common Stock	18,266			18,242			18,171			18,139
Class B Common Stock	2,350			2,350			2,351			2,356
Book value per share	$	11.86		$	11.53		$	11.33		$	10.98
Earnings per share from continuing operations:
Basic earnings per Class A Common Stock	0.40			0.29			0.31			0.29
Basic earnings per Class B Common Stock	0.40			0.28			0.30			0.28
Diluted earnings per Class A Common Stock	0.39			0.28			0.30			0.28
Diluted earnings per Class B Common Stock	0.38			0.27			0.29			0.28
Earnings per share from discontinued operations (2):
Basic earnings per Class A Common Stock	0.00			0.00			0.02			0.00
Basic earnings per Class B Common Stock	0.00			0.00			0.02			0.00
Diluted earnings per Class A Common Stock	0.00			0.00			0.02			0.00
Diluted earnings per Class B Common Stock	0.00			0.00			0.02			0.00
Earnings per share:
Basic earnings per Class A Common Stock	0.40			0.29			0.33			0.29
Basic earnings per Class B Common Stock	0.40			0.28			0.32			0.28
Diluted earnings per Class A Common Stock	0.39			0.28			0.32			0.28
Diluted earnings per Class B Common Stock	0.38			0.27			0.31			0.28
Cash dividends declared per share:
Class A Common Stock	0.094			0.094			0.094			0.094
Class B Common Stock	0.086			0.086			0.086			0.086
Performance Ratios:
Return on average assets (ROA) from continuing operations	1.09		%	0.79		%	0.90		%	0.86		%
Return on average assets	1.09			0.79			0.95			0.86
Return on average equity (ROE) from continuing operations	13.89			10.12			11.14			10.66
Return on average equity	13.89			10.14			11.74			10.66
Efficiency ratio from continuing operations (4)	58			68			64			65
Yield on average earning assets	7.17			6.45			6.46			6.28
Cost of interest-bearing liabilities	4.08			4.13			4.00			3.71
Net interest spread	3.09			2.32			2.46			2.57
Net interest margin	3.73			2.91			3.08			3.16
Asset Quality Data:
Loans on non-accrual status	6,039			5,980			5,435			6,569
Loans past due 90 days or more and still on accrual	815			413			205			564
Total non-performing loans	6,854			6,393			5,640			7,133
Other real estate owned	213			547			256			55
Total non-performing assets	7,067			6,940			5,896			7,188
Non-performing loans to total loans	0.30		%	0.28		%	0.25		%	0.33		%
Allowance for loan losses to total loans	0.50			0.49			0.49			0.49
Allowance for loan losses to non-performing loans	168			175			193			151
Net loan charge-offs to average loans (from continuing operations)	0.58			(0.01		)	—			0.15
Delinquent loans to total loans (5)	0.50			0.49			0.53			0.41
Other Information:
End of period full-time equivalent employees	769			739			672			640
Number of banking centers	38			38			35			35

12

Segment Data:

The reportable segments are determined by the type of products and services offered, distinguished between (I) Banking operations, (II) Mortgage banking operations, (III) Tax Refund Solutions and (IV) Deferred Deposits or “Payday Loans.” The Company substantially exited the deferred deposit business during the first quarter of 2006; therefore, its segment operations are presented as discontinued operations. Loans, investments and deposits provide the majority of revenue from banking operations; servicing fees and loan sales provide the majority of revenue from mortgage banking operations; Refund Anticipation Loan (“RAL”) fees, Electronic Refund Check (“ERC”) fees and Net RAL securitization income provide the majority of the revenue from Tax Refund Solutions; and fees for providing deferred deposits or payday loans have historically represented the primary revenue source for the deferred deposit segment. All Company segments are domestic. Segment information for the three months ended March 31, 2007 and 2006 follows:

	Three Months Ended March 31, 2007
(in thousands)	Banking		Tax Refund Solutions		Mortgage Banking			Total Continuing Operations		Discontinued Operations
Net interest income	$	21,231	$	5,919	$	99		$	27,249	$	—
Provision for loan losses	209		3,471		—			3,680		—
Electronic Refund Check fees	—		3,429		—			3,429		—
Net RAL securitization income	—		2,607		—			2,607		—
Mortgage banking income	—		—		542			542		—
Other revenue	5,779		1		(224		)	5,556		—
Income tax expense	2,108		2,251		68			4,427		—
Net income	3,956		4,223		127			8,306		—
Segment assets	2,998,214		10,644		12,979			3,021,837		—

	Three Months Ended March 31, 2006
(in thousands)	Banking		Tax Refund Solutions		Mortgage Banking			Total  Continuing Operations		Discontinued Operations
Net interest income	$	20,112	$	5,211	$	46		$	25,369	$	481
Provision for loan losses	447		883		—			1,330		(293		)
Electronic Refund Check fees	—		3,428		—			3,428		—
Net RAL securitization income	—		2,014		—			2,014		—
Mortgage banking income	—		—		455			455		—
Other revenue	5,072		2		(132		)	4,942		—
Income tax expense (benefit)	2,519		2,600		57			5,176		(60		)
Net income (loss)	4,798		4,954		109			9,861		(114		)
Segment assets	2,724,823		7,414		5,596			2,737,833		1,090

Detail of Net RAL securitization income follows:

March 31, (in thousands)	2007		2006
Gain on sale of RALs	$	2,607	$	2,022
Loss on securitization residual	—		(8		)
Net RAL securitization income	$	2,607	$	2,014

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(1) — The amount of loan fee income included in total interest income was $6.3 million and $5.7 million for the quarters ended March 31, 2007 and 2006.

(2) — Represents the Company substantially exiting the payday loan segment of business during the first quarter of 2006.

(3) — Prior period amounts have been restated to reflect the 5% stock dividend declared in the first quarter of 2007.

(4) — Equals total non-interest expense divided by the sum of net interest income and non interest income.

(5) — Equals total loans over 30 days past due divided by total loans.

(6) — The amount of loan fee income included in total interest income was as follows: $6.3 million (March 31, 2007), $888,000 (December 31, 2006), $971,000 (September 30, 2006), $1.2 million (June 30, 2006), and $5.7 million (March 31, 2006).

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