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

EXHIBIT 99.1

Republic Posts Third Quarter Net Income of $4.5 Million, a 6% Increase Over the Third Quarter of 2007 with the Best Nine Month’s Net Income in the Company’s History of $33.0 Million, a 79% Increase Over the First Nine Months of 2007

October 16, 2008

Contact: Kevin Sipes

Executive Vice President and Chief Financial Officer

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 $4.5 million for the third quarter of 2008, a $270,000, or 6%, increase over the same period in 2007. Net income within the Company’s traditional Banking segment was strong at $5.1 million during the third quarter of 2008, an increase of $333,000, or 7%, over the third quarter of 2007.

The Company also experienced its best ever first nine months for the period ending September 30, 2008, recording net income of $33.0 million, a 79% increase over the first nine months of 2007. “Despite the incredible turmoil in the current economic climate, I continue to be extremely pleased with our performance and prospects for the remainder of this year and beyond,” said Steve Trager, President and Chief Executive Officer of Republic. “During the quarter, we achieved a very significant milestone, celebrating our ten year anniversary as a publicly traded company on the NASDAQ stock exchange. Our significant growth over these past ten years is attributable to our solid business model and the consistently sound lending practices that we employ. Our strong position allows our bankers to remain focused on our clients and our prospects, providing them the guidance needed in today’s difficult times,” added Trager.

	Qtr. Ended		Qtr. Ended		YTD		YTD
(dollars in thousands, except per share data)	09/30/08		09/30/07		09/30/08		09/30/07
Net Income	$	4,502	$	4,232	$	33,048	$	18,507
Diluted Earnings per Class A Share	$	0.22	$	0.21	$	1.59	$	0.88

Total Company net interest income increased $6.2 million, or 29%, for the third quarter of 2008 compared to the third quarter of 2007. Republic was able to generate the strong increase in net interest income despite some contraction in its loan portfolio during 2008, as the Company maintained its traditional focus on credit quality. The increase in net interest income was attributable to a significant reduction in Republic’s cost of funds. Overall, Republic experienced a 98 basis point increase in its net interest margin to 3.86% for the third quarter of 2008 compared to 2.88% for the same period in 2007.

Non interest income decreased $4.1 million for the third quarter of 2008 compared to the third quarter of 2007. As previously disclosed, the Company recorded a pre-tax other-than-temporary impairment charge of $5.3 million during the third quarter of 2008 related to one “non-agency” mortgage backed security and the Company’s Freddie Mac (“FHLMC”) preferred stock investment. “These non-cash impairment charges are the result of extraordinarily unsettled and illiquid financial markets, and more than offset the solid contribution from the rest of our non interest income categories,” commented Steve Trager.

Total Company non interest expense increased $2.7 million for the third quarter of 2008 to $24.0 million. Approximately $1.8 million of the increase related to the traditional banking segment and resulted from an increase in personnel and occupancy costs associated with growth in the Company’s banking center network. The Company has opened nine new banking centers since September 30, 2007. The remaining increase related to the Tax Refund Solutions (“TRS”) segment and arose from the year over year growth in the program. “The increase in our non interest expense within our traditional Banking segment remains modest despite the tremendous growth in our infrastructure over the past 12 months. In fact, we continue to be very proud of our expense control measures, as overhead costs within our traditional Banking segment remained better than the Company’s original internal projections for both the quarter and nine months ended September 30, 2008,” Trager further commented.

The Company’s provision for loan losses favorably declined from $1.4 million during the third quarter of 2007 to $324,000 during the third quarter of 2008. The lower estimated provision for loan losses during the quarter was attributable to a favorable decline in loan balances that the Company considers “substandard” within its allowance calculation. This compares to an unfavorable increase in loan balances that the Company considered “substandard” during the third quarter of 2007.

Compared to the second quarter ended June 30, 2008, the Company’s non performing loans to total loans ratio favorably declined to 0.69% from 0.82%. Total non performing loans decreased $3.2 million from the second quarter, as Republic charged off $2.5 million associated with one land development loan that the Company had previously provided for during the first half of the year. “Given the current economic environment, we are especially pleased that our loan quality remains strong and continues to compare favorably to our peer group’s average. In addition, our traditional banking segment’s annualized net loan charge-offs as a percentage of average loans during the first nine months of 2008 was 0.26%, also a favorable comparison to peer,” Trager further noted.

“Contrary to the perception that banks are not actively lending, our loan function continued to generate activity with $620 million in loan originations through the first nine months of 2008. Despite the continued strength in our origination volume, total loans outstanding decreased $79 million during the year, as disciplined pricing measures for our retail portfolio loan products shifted consumer demand to fixed rate loan products which were sold into the secondary market. In the case of our secondary market products, unlike our mortgage company competitors, Republic continues to service those products and our customers over the life of the loan. In addition, we also maintained similarly disciplined pricing measures in the commercial lending area, which, in combination with our traditional underwriting standards and some large maturities during the year, caused a decline in commercial real estate balances,” further stated Trager.

“With regard to deposit gathering, our strategy remains similar to that on the lending side. We continue to maintain disciplined pricing standards, not spending our calories on gathering funds from those who simply chase the highest rates. Instead, our bank officers continue to focus on building long-term relationships, as we offer our clients a safe and secure place for their hard earned dollars. This strategy appears to be paying dividends as activity in our banking centers and our Treasury Management function has grown significantly during the last few weeks of the quarter,” Trager further commented.

2

“In addition to our solid earnings results, one other piece of very exciting news for the quarter includes the addition of Ted Parker as the Chief Executive of Acquisitions and Corporate Strategy. With over 20 years of banking industry experience, Ted will be responsible for exploring and managing acquisition and expansion plans and other important company strategic initiatives. With Ted’s addition, we look forward to becoming a player in the mergers and acquisitions arena as we currently seek opportunities in the Tampa, Florida and Cincinnati, Ohio markets,” Trager further stated.

“In conclusion, our strong performance is separating us from the pack in this uncertain banking environment. The reasons for our success are no secret. It all starts with a culture of strong credit quality combined with local decision makers who are accountable to our clients and our shareholders. Our culture has positioned us well for future growth. Our platform is solid, our balance sheet is strong, our franchise is growing, and our performance is indicative of our commitment to successfully deliver quality products and services time and again. I share the commitment of everyone at Republic to always keep the safety of our depositors as our highest priority. This commitment means that we do not follow the latest banking fads; instead, we keep our focus centered on prudent long term growth. As I like to remind our clients, our associates and our shareholders, ‘We were here for you yesterday, we are here for you today, and we will be here for you tomorrow,’” concluded Steve Trager.

Republic Bancorp, Inc. (Republic) currently has 45 banking centers and is the parent company of: Republic Bank & Trust Company with 36 banking centers in 14 Kentucky communities - Bowling Green, Covington, Crestwood, Elizabethtown, Florence, Fort Wright, Frankfort, Georgetown, Independence Lexington, Louisville, Owensboro, Shelbyville and Shepherdsville and three banking centers in southern Indiana: Floyds Knobs, Jeffersonville and New Albany. Republic Bank has banking centers in Hudson, Palm Harbor, Port Richey, New Port Richey and Temple Terrace, Florida as well as Cincinnati, Ohio. Republic Bank & Trust Company operates Tax Refund Solutions, a nationwide tax refund loan and check provider. Republic offers internet banking at www.republicbank.com. Republic has $3 billion in assets and $1 billion in trust assets under custody and management. Republic is headquartered in Louisville, Kentucky, and Republic's 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 2007 Form 10-K and subsequent 10-Qs filed with the Securities and Exchange Commission.

3

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release

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

Balance Sheet Data
	Sept. 30, 2008			Dec. 31, 2007			Sept. 30, 2007
Assets:
Cash and cash equivalents	$	72,735		$	86,177		$	73,674
Investment securities		546,328			580,636			600,263
Mortgage loans held for sale		6,758			4,278			4,430
Loans		2,318,373			2,397,073			2,394,584
Allowance for loan losses		(14,247	)		(12,735	)		(12,102	)
Federal Home Loan Bank stock, at cost		25,082			23,955			23,955
Premises and equipment, net		42,225			39,706			38,587
Goodwill		10,168			10,168			10,025
Other assets and accrued interest receivable		37,632			36,101			37,501
Total assets	$	3,045,054		$	3,165,359		$	3,170,917
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing	$	279,260		$	279,457		$	289,699
Interest-bearing		1,521,607			1,689,355			1,444,610
Total deposits		1,800,867			1,968,812			1,734,309
Securities sold under agreements to
repurchase and other short-term borrowings		322,608			398,296			353,283
Federal Home Loan Bank advances		577,294			478,550			769,637
Subordinated note		41,240			41,240			41,240
Other liabilities and accrued interest payable		25,808			29,601			28,478
Total liabilities		2,767,817			2,916,499			2,926,947
Stockholders' equity		277,237			248,860			243,970
Total liabilities and Stockholders' equity	$	3,045,054		$	3,165,359		$	3,170,917

Average Balance Sheet Data
	Third Quarter Ended Sept. 30,				Nine Months Ended Sept. 30,
	2008		2007		2008		2007
Assets:
Investment securities	$	538,270	$	628,712	$	574,886	$	597,383
Federal funds sold and other		7,723		8,247		44,850		7,897
Loans and fees		2,340,007		2,372,182		2,387,926		2,344,320
Total earning assets		2,886,000		3,009,141		3,007,662		2,949,600
Total assets		3,010,211		3,135,008		3,152,532		3,071,241
Liabilities and Stockholders' Equity:
Non interest-bearing deposits	$	279,061	$	278,836	$	338,569	$	291,142
Interest-bearing deposits		1,413,704		1,456,983		1,484,740		1,409,488
Securities sold under agreements to
repurchase and other short-term borrowings		352,498		423,694		373,655		435,019
Federal Home Loan Bank advances		622,011		664,279		605,914		625,380
Subordinated note		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		2,429,453		2,586,196		2,505,549		2,511,127
Stockholders' equity		272,500		241,720		264,524		241,910

4

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

Income Statement Data
	Third Quarter Ended Sept. 30,					Nine Months Ended Sept. 30,
	2008			2007		2008			2007
Total interest income (1)	$	43,927		$	49,033	$	157,360		$	149,392
Total interest expense		16,081			27,368		55,613			78,469
Net interest income		27,846			21,665		101,747			70,923
Provision for loan losses		324			1,376		14,452			5,203
Non interest income:
Service charges on deposit accounts		5,117			4,870		14,595			13,680
Electronic refund check fees		738			77		17,668			4,189
Net RAL securitization income		157			11		13,030			3,713
Mortgage banking income		1,071			905		3,806			2,051
Debit card interchange fee income		1,194			1,105		3,589			3,216
Net loss on sales, calls and impairment of securities		(5,273	)		-		(8,880	)		-
Other		410			538		1,086			1,599
Total non interest income		3,414			7,506		44,894			28,448
Non interest expenses:
Salaries and employee benefits		12,611			11,051		39,726			34,703
Occupancy and equipment, net		4,878			4,461		14,304			12,795
Communication and transportation		1,024			859		3,246			2,561
Marketing and development		853			815		8,342			2,482
Bank franchise tax expense		599			629		2,025			1,922
Data processing		646			679		2,032			1,907
Debit card interchange expense		624			591		1,812			1,681
Supplies		328			391		1,257			1,299
Other		2,420			1,802		8,546			6,428
Total non interest expenses		23,983			21,278		81,290			65,778
Income before income tax expense		6,953			6,517		50,899			28,390
Income tax expense		2,451			2,285		17,851			9,883
Net income	$	4,502		$	4,232	$	33,048		$	18,507

5

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

	Third Quarter Ended Sept. 30,						Nine Months Ended Sept. 30,
	2008			2007			2008			2007
Per Share Data:
Basic average shares outstanding		20,591			20,336			20,485			20,516
Diluted average shares outstanding		20,978			20,617			20,799			20,936
End of period shares outstanding:
Class A Common Stock		18,283			17,930			18,283			17,930
Class B Common Stock		2,322			2,347			2,322			2,347
Book value per share	$	13.45		$	12.03		$	13.45		$	12.03
Earnings per share:
Basic earnings per Class A Common Stock		0.22			0.21			1.62			0.91
Basic earnings per Class B Common Stock		0.21			0.20			1.59			0.88
Diluted earnings per Class A Common Stock		0.22			0.21			1.59			0.88
Diluted earnings per Class B Common Stock		0.20			0.20			1.56			0.86
Cash dividends declared per share:
Class A Common Stock		0.121			0.110			0.352			0.314
Class B Common Stock		0.110			0.100			0.320			0.286
Performance Ratios:
Return on average assets		0.60	%		0.54	%		1.40	%		0.80	%
Return on average equity		6.61			7.00			16.66			10.20
Efficiency ratio (2)		77		��	73			55			66
Yield on average earning assets		6.09			6.52			6.98			6.75
Cost of interest-bearing liabilities		2.65			4.23			2.96			4.17
Net interest spread		3.44			2.29			4.02			2.58
Net interest margin		3.86			2.88			4.51			3.21
Asset Quality Ratios:
Loans on non-accrual status		14,763			9,156			14,763			9,156
Loans past due 90 days or more and still on accrual		1,217			2,948			1,217			2,948
Total non-performing loans		15,980			12,104			15,980			12,104
Other real estate owned		2,017			102			2,017			102
Total non-performing assets		17,997			12,206			17,997			12,206
Non-performing loans to total loans		0.69	%		0.51	%		0.69	%		0.51	%
Allowance for loan losses to total loans		0.61			0.51			0.61			0.51
Allowance for loan losses to non-performing loans		89			100			89			100
Net loan charge-offs to average loans - Total Company		0.70			0.07			0.72			0.25
Net loan charge-offs to average loans - Traditional Banking Segment		0.51			0.10			0.26			0.18
Delinquent loans to total loans (3)		1.05			0.76			1.05			0.76
Other Information:
End of period full-time equivalent employees		720			719			720			719
Number of banking centers at period end		45			38			45			38

6

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

Balance Sheet Data
	Quarterly Comparison
	Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007
Assets:
Cash and cash equivalents	$	72,735		$	88,565		$	102,726		$	86,177		$	73,674
Investment securities		546,328			510,661			552,320			580,636			600,263
Mortgage loans held for sale		6,758			11,621			10,866			4,278			4,430
Loans		2,318,373			2,348,509			2,360,610			2,397,073			2,394,584
Allowance for loan losses		(14,247	)		(17,995	)		(15,025	)		(12,735	)		(12,102	)
Federal Home Loan Bank stock, at cost		25,082			24,754			24,433			23,955			23,955
Premises and Equipment, net		42,225			39,859			39,373			39,706			38,587
Goodwill		10,168			10,168			10,168			10,168			10,025
Other assets and interest receivable		37,632			37,067			38,560			36,101			37,501
Total assets	$	3,045,054		$	3,053,209		$	3,124,031		$	3,165,359		$	3,170,917
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing	$	279,260		$	293,210		$	324,279		$	279,457		$	289,699
Interest-bearing		1,521,607			1,335,743			1,481,157			1,689,355			1,444,610
Total deposits		1,800,867			1,628,953			1,805,436			1,968,812			1,734,309
Securities sold under agreements to
repurchase and other short-term borrowings		322,608			330,730			329,472			398,296			353,283
Federal Home Loan Bank advances		577,294			749,837			623,580			478,550			769,637
Subordinated note		41,240			41,240			41,240			41,240			41,240
Other liabilities and accrued interest payable		25,808			31,461			61,398			29,601			28,478
Total liabilities		2,767,817			2,782,221			2,861,126			2,916,499			2,926,947
Stockholders' equity		277,237			270,988			262,905			248,860			243,970
Total liabilities and Stockholders' equity	$	3,045,054		$	3,053,209		$	3,124,031		$	3,165,359		$	3,170,917

Average Balance Sheet Data
	Quarterly Comparison
	Sept. 30, 2008		June 30, 2008		March 31, 2008		Dec. 31, 2007		Sept. 30, 2007
Assets:
Investment securities	$	538,270	$	562,322	$	624,470	$	637,760	$	628,712
Federal funds sold and other		7,723		7,661		119,573		6,073		8,247
Loans and fees		2,340,007		2,361,208		2,463,090		2,405,011		2,372,182
Total earning assets		2,886,000		2,931,191		3,207,133		3,048,844		3,009,141
Total assets		3,010,211		3,055,623		3,393,186		3,172,261		3,135,008
Liabilities and Stockholders' Equity:
Non interest-bearing deposits	$	279,061	$	301,421	$	435,867	$	272,872	$	278,836
Interest-bearing deposits		1,413,704		1,360,818		1,680,480		1,536,054		1,456,983
Securities sold under agreements to
repurchase and other short-term borrowings		352,498		363,485		405,214		430,248		423,694
Federal Home Loan Bank advances		622,011		675,918		519,637		616,134		664,279
Subordinated note		41,240		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		2,429,453		2,441,461		2,646,571		2,623,676		2,586,196
Stockholders' equity		272,500		266,148		254,736		246,084		241,720

7

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

Income Statement Data
	Quarterly Comparison
	Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007		Sept. 30, 2007
Total interest income (4)	$	43,927		$	45,673		$	67,760		$	49,705	$	49,033
Total interest expense		16,081			16,400			23,132			26,150		27,368
Net interest income		27,846			29,273			44,628			23,555		21,665
Provision for loan losses		324			3,629			10,499			1,617		1,376
Non interest income:
Service charges on deposit accounts		5,117			4,933			4,545			4,897		4,870
Electronic refund check fees		738			2,970			13,960			-		77
Net RAL securitization income		157			286			12,587			59		11
Mortgage banking income		1,071			1,133			1,602			922		905
Debit card interchange fee income		1,194			1,246			1,149			1,171		1,105
Insurance settlement gain		-			-			-			1,877		-
Net gain (loss) on sales, calls and
impairment of securities		(5,273	)		(3,388	)		(219	)		8		-
Other		410			356			320			410		538
Total non interest income		3,414			7,536			33,944			9,344		7,506
Non interest expenses:
Salaries and employee benefits		12,611			12,615			14,500			9,459		11,051
Occupancy and equipment, net		4,878			4,754			4,672			5,109		4,461
Communication and transportation		1,024			884			1,338			1,224		859
Marketing and development		853			730			6,759			805		815
Bank franchise tax expense		599			703			723			630		629
Data processing		646			669			717			768		679
Debit card interchange expense		624			612			576			582		591
Supplies		328			373			556			450		391
Other		2,420			2,287			3,839			2,451		1,802
Total non interest expenses		23,983			23,627			33,680			21,478		21,278
Income before income tax expense		6,953			9,553			34,393			9,804		6,517
Income tax expense		2,451			3,130			12,270			3,398		2,285
Net income	$	4,502		$	6,423		$	22,123		$	6,406	$	4,232

8

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

	Quarterly Comparison
	Sept. 30, 2008			June 30, 2008			March 31, 2008			Dec. 31, 2007			Sept. 30, 2007
Per Share Data:
Basic average shares outstanding		20,591			20,525			20,339			20,284			20,336
Diluted average shares outstanding		20,978			20,839			20,615			20,573			20,617
End of period shares outstanding:
Class A Common Stock		18,283			18,221			18,057			17,958			17,930
Class B Common Stock		2,322			2,339			2,344			2,344			2,347
Book value per share	$	13.45		$	13.18		$	12.89		$	12.26		$	12.03
Earnings per share:
Basic earnings per Class A Common Stock		0.22			0.31			1.09			0.32			0.21
Basic earnings per Class B Common Stock		0.21			0.30			1.08			0.31			0.20
Diluted earnings per Class A Common Stock		0.22			0.31			1.07			0.31			0.21
Diluted earnings per Class B Common Stock		0.20			0.30			1.06			0.30			0.20
Cash dividends declared per share:
Class A Common Stock		0.121			0.121			0.110			0.110			0.110
Class B Common Stock		0.110			0.110			0.100			0.100			0.100
Performance Ratios:
Return on average assets		0.60	%		0.84	%		2.61	%		0.81	%		0.54	%
Return on average equity		6.61			9.65			34.74			10.41			7.00
Efficiency ratio (2)		77			64			43			65			73
Yield on average earning assets		6.09			6.23			8.45			6.52			6.52
Cost of interest-bearing liabilities		2.65			2.69			3.50			3.99			4.23
Net interest spread		3.44			3.54			4.95			2.53			2.29
Net interest margin		3.86			3.99			5.57			3.09			2.88
Asset Quality Data:
Loans on non-accrual status		14,763			17,688			16,791			8,303			9,156
Loans past due 90 days or more and still on accrual		1,217			1,476			1,340			1,318			2,948
Total non-performing loans		15,980			19,164			18,131			9,621			12,104
Other real estate owned		2,017			2,160			950			795			102
Total non-performing assets		17,997			21,324			19,081			10,416			12,206
Non-performing loans to total loans		0.69	%		0.82	%		0.77	%		0.40	%		0.51	%
Allowance for loan losses to total loans		0.61			0.77			0.64			0.53			0.51
Allowance for loan losses to non-performing loans		89			94			83			132			100
Net loan charge-offs to average loans - Total Company		0.70			0.11			1.32			0.16			0.07
Net loan charge-offs to average loans - Traditional Banking Segment		0.51			0.12			0.14			0.22			0.10
Delinquent loans to total loans (3)		1.05			1.01			0.70			0.69			0.76
Other Information:
End of period full-time equivalent employees		720			710			717			727			719
Number of banking centers at period end		45			42			39			40			38

9

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

Segment Data:

The reportable segments are determined by the type of products and services offered, distinguished between banking operations, mortgage banking operations and Tax Refund Solutions (“TRS”). 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”)/ Electronic Refund Deposit (“ERD”) fees and Net RAL securitization income provide the majority of the revenue from TRS. All Company segments are domestic. Segment information for the three and nine months ended September 30, 2008 and 2007 follows:

	Three Months Ended September 30, 2008
(dollars in thousands)	Banking			Tax Refund Solutions			Mortgage Banking			Total Company
Net interest income	$	27,520		$	229		$	97		$	27,846
Provision for loan losses		191			133			-			324
Electronic Refund Check fees		-			738			-			738
Net RAL securitization income		-			157			-			157
Mortgage banking income		-			-			1,071			1,071
Other revenue		1,867			25			(444	)		1,448
Total non interest income		1,867			920			627			3,414
Total non interest expenses		21,250			2,574			159			23,983
Gross operating profit		7,946			(1,558	)		565			6,953
Income tax expense / (benefit)		2,840			(591	)		202			2,451
Net income / (loss)	$	5,106		$	(967	)	$	363		$	4,502
Segment assets	$	2,981,809		$	56,428		$	6,817		$	3,045,054
Net interest margin		3.83	%		NM			NM			3.86	%

	Three Months Ended September 30, 2007
(dollars in thousands)	Banking			Tax Refund Solutions			Mortgage Banking			Total Company
Net interest income	$	21,517		$	52		$	96		$	21,665
Provision for loan losses		1,530			(154	)		-			1,376
Electronic Refund Check fees		-			77			-			77
Net RAL securitization income		-			11			-			11
Mortgage banking income		-			-			905			905
Other revenue		6,689			32			(208	)		6,513
Total non interest income		6,689			120			697			7,506
Total non interest expenses		19,436			1,637			205			21,278
Gross operating profit		7,240			(1,311	)		588			6,517
Income tax expense / (benefit)		2,467			(387	)		205			2,285
Net income / (loss)	$	4,773		$	(924	)	$	383		$	4,232
Segment assets	$	3,162,834		$	3,570		$	4,513		$	3,170,917
Net interest margin		2.87	%		NM			NM			2.88	%

10

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

	Nine Months Ended September 30, 2008
(dollars in thousands)	Banking			Tax Refund Solutions		Mortgage Banking			Total Company
Net interest income	$	81,086		$	20,373	$	288		$	101,747
Provision for loan losses		6,094			8,358		-			14,452
Electronic Refund Check fees		-			17,668		-			17,668
Net RAL securitization income		-			13,030		-			13,030
Mortgage banking income		-			-		3,806			3,806
Other revenue		11,663			29		(1,302	)		10,390
Total non interest income		11,663			30,727		2,504			44,894
Total non interest expenses		63,127			17,545		618			81,290
Gross operating profit		23,528			25,197		2,174			50,899
Income tax expense		8,135			8,966		750			17,851
Net income	$	15,393		$	16,231	$	1,424		$	33,048
Segment assets	$	2,981,809		$	56,428	$	6,817		$	3,045,054
Net interest margin		3.65	%		NM		NM			4.51	%

	Nine Months Ended September 30, 2007
(dollars in thousands)	Banking			Tax Refund Solutions		Mortgage Banking			Total Company
Net interest income	$	63,669		$	6,948	$	306		$	70,923
Provision for loan losses		1,910			3,293		-			5,203
Electronic Refund Check fees		-			4,189		-			4,189
Net RAL securitization income		-			3,713		-			3,713
Mortgage banking income		-			-		2,051			2,051
Other revenue		19,069			138		(712	)		18,495
Total non interest income		19,069			8,040		1,339			28,448
Total non interest expenses		60,484			4,635		659			65,778
Gross operating profit		20,344			7,060		986			28,390
Income tax expense		6,877			2,663		343			9,883
Net income	$	13,467		$	4,397	$	643		$	18,507
Segment assets	$	3,162,834		$	3,570	$	4,513		$	3,170,917
Net interest margin		2.91	%		NM		NM		��	3.21	%

11

Republic Bancorp, Inc. Financial Information

Third Quarter 2008 Earnings Release (continued)

_____________________________________

(1) - The amount of loan fee income included in total interest income was $1.3 million and $980,000 for the quarters ended September 30, 2008 and 2007. The amount of loan fee income included in total interest income was $23.0 million and $9.0 million for the nine months ended September 30, 2008 and 2007.

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

(3) - Equals total loans over 30 days past due divided by total loans.

(4) - The amount of loan fee income included in total interest income per quarter was as follows: $1.3 million (quarter ended September 30, 2008), $2.2 million (quarter ended June 30, 2008), $19.4 million (quarter ended March 31, 2008), $1.3 million (quarter ended December 31, 2007), and $980,000 (quarter ended September 30, 2007).

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