Republic Bancorp (RBCAA) 8-K Republic Bancorp, Inc. Reports a Substantial Increase in Net Income for the Fourth Quarter of 2009 and a 25% Increase in Net Income for 2009

EXHIBIT 99.1

Republic Bancorp, Inc. Reports a Substantial Increase in Net Income for the Fourth Quarter of 2009 and a 25% Increase in Net Income for 2009

January 14, 2010

Contact: Kevin Sipes

Executive Vice President and Chief Financial Officer

(502) 560-8628

Louisville, KY – Republic Bancorp, Inc. is pleased to report net income of $3.8 million for the fourth quarter of 2009, a $3.2 million increase over the fourth quarter of 2008. Diluted Earnings per Class A Common Share increased to $0.19 for the quarter. For the year ended December 31, 2009, the Company achieved net income of $42.1 million, an $8.5 million, or 25%, increase over the same period in 2008. Diluted Earnings per Class A Common Share increased 25% for the year ended December 31, 2009 to $2.02. “While the banking sector continues to experience many challenges resulting from the current economic environment, the Company once again reported solid results for the fourth quarter and for the year. Republic’s success in 2009 is a reflection of the Company’s diligent asset quality administration, our strategic focus across all business segments, a strong capital position and our dedication to superior customer service,” commented Steve Trager, Republic’s President and Chief Executive Officer.

Republic Bancorp, Inc.(“Republic” or the “Company”) (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company and Republic Bank.

The following chart highlights Republic’s fourth quarter and year ended December 31, 2009 financial performance compared to the same periods in 2008:

	Quarter Ended						Year						%
(dollars in thousands, except per share data)	12/31/09			12/31/08			2009			2008			Increase
Net Income	$	3,844		$	604		$	42,131		$	33,652			25	%
Diluted Earnings per Class A Share	$	0.19		$	0.03		$	2.02		$	1.62			25	%
Return on Average Assets ("ROA")		0.48	%		0.07	%		1.23	%		1.04	%		18	%
Return on Average Equity ("ROE")		4.85	%		0.87	%		13.77	%		12.58	%		9	%

Results of Operations for the Fourth Quarter of 2009 Compared to the Fourth Quarter of 2008

Traditional Banking and Mortgage Banking (collectively “Core Banking”)

Net income derived from the Company’s Core Banking operations increased from $3.6 million during the fourth quarter of 2008 to $5.3 million during the fourth quarter of 2009.

Core Banking net interest income declined by $2.6 million for the fourth quarter of 2009 compared to the same period in 2008, as the Core Banking’s net interest margin decreased to a still solid 3.79% for the quarter. “One of the most important components of our success during the past year was our solid net interest margin and our ability to attract low cost checking and money market accounts, growing these account balances $150 million during 2009. While we remained focused on lowering our cost of funds throughout the year, we also took advantage of the historically low interest rate environment and bought future protection from rising rates by extending maturities on Federal Home Loan Bank advances. Additionally, we continued to keep much of our excess cash invested in very short-term, immediately repricing cash-like instruments throughout the year. While we sacrificed short-term net interest margin with these strategies, we better positioned the Company for a future rise in interest rates,” noted Steve Trager.

Core Banking non interest income increased by $7.7 million during the fourth quarter of 2009 to $8.3 million. Mortgage banking income increased by $1.9 million during the fourth quarter, as the Company continued to produce a high level of secondary market mortgage originations. For the year, total secondary market mortgage originations more than doubled to $556 million from $235 million in 2008. In addition, the Company incurred no impairment charges during the fourth quarter of 2009, while during the fourth quarter of 2008 the Company incurred a $1.2 million impairment charge for its Mortgage Servicing Rights (“MSRs”) and a $6.9 million impairment charge associated with its small private label security portfolio.

Core Banking non interest expenses decreased $965,000, or 4%, for the fourth quarter of 2009 to $21.9 million. For the fourth quarter of 2009, the Company recorded a credit to its incentive compensation accruals of $1.8 million compared to a credit of only $575,000 for the fourth quarter of 2008.

“Although the Company’s nonperforming loans and charge-offs remained substantially better than peer averages, we continued to increase our general loss reserves through higher loan loss provisioning during the fourth quarter in cautious recognition of the current economic environment. Unemployment at modern high levels continued to negatively impact borrowers’ abilities to pay across all loan types. As a result, the Core Banking provision for loan losses rose from $2.1 million during the fourth quarter of 2008 to $6.5 million during the fourth quarter of 2009, raising the Company’s allowance for loan losses as a percent of total loans to 1.01% at year end,” added Steve Trager.

Tax Refund Solutions (“TRS”)

TRS, which derives substantially all of its revenues during the first and second quarters of the year, historically operates at a net loss during the third and fourth quarters of the year, as the Company prepares for the upcoming tax season. TRS’ net loss was $1.5 million for the fourth quarter of 2009 compared to a net loss of $3.0 million for the same period in 2008.

As in the prior year, the Company will once again utilize its traditional funding sources to fund its first quarter 2010 refund anticipation loan volume. In order to ensure that the funding is in place, Republic began additional borrowing during the fourth quarter of 2009, primarily in the form of brokered deposits. As a result, the Company incurred funding costs for the first quarter 2010 program in the 2009 calendar year. Overall, TRS contributed negative net interest income of $173,000 for the fourth quarter of 2009 compared to negative net interest income of $2.2 million for the fourth quarter of 2008. The improvement from the fourth quarter of 2008 was due to the current low interest rate environment.

CONCLUSION

“In this difficult economic environment, I am pleased to say that our commitment to growing the Company in a safe and sound manner is as strong as ever. We continue to execute our fundamental strategy, which is to build long-term client relationships, as we seek the opportunities to grow our franchise that comes with disruption in the market. This is the main reason we have continued to perform at high levels during stressed economic times such as the current environment,” further commented Steve Trager.

“As we close 2009, we look to the promise of a new year and a new decade. Our goals for the coming year are simple: sustain our strong net interest margin, grow our low cost deposits and loan portfolio, maintain our good credit quality, seek potential acquisition opportunities and expand our customer base, all in order to provide a sound, long-term investment for our shareholders. All of our associates, with the support of our loyal shareholders, are ready to face the challenges of the coming year head-on as we strive to remain one of the highest performing financial institutions in the country. As always, ‘We were here for you yesterday. We are here for you today. We will be here for you tomorrow.™’”concluded Steve Trager.

Republic Bancorp, Inc. (Republic) has 44 banking centers and is the parent company of: Republic Bank & Trust Company with 35 banking centers in 13 Kentucky communities - Bowling Green, Covington, Crestwood, Elizabethtown, Florence, 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 operates Tax Refund Solutions, a nationwide tax refund loan and check provider. Republic offers internet banking at www.republicbank.com. Republic has $3.9 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.

We were here for you yesterday. We are here for you today. We will be here for you tomorrow. ®

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 2008 Form 10-K and subsequent 10-Qs filed with the Securities and Exchange Commission.

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 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

	Dec. 31, 2009			Dec. 31, 2008
Assets:
Cash and cash equivalents	$	1,068,179		$	616,303
Investment securities		467,235			904,674
Mortgage loans held for sale		5,445			11,298
Loans		2,268,232			2,303,857
Allowance for loan losses		(22,879	)		(14,832	)
Federal Home Loan Bank stock, at cost		26,248			25,082
Premises and equipment, net		39,380			42,885
Goodwill		10,168			10,168
Other assets and accrued interest receivable		56,760			39,933
Total assets	$	3,918,768		$	3,939,368
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing	$	318,275		$	273,203
Interest-bearing		2,284,206			2,470,166
Total deposits		2,602,481			2,743,369
Securities sold under agreements to repurchase and other short-term borrowings		299,580			339,012
Federal Home Loan Bank advances		637,607			515,234
Subordinated note		41,240			41,240
Other liabilities and accrued interest payable		21,840			24,591
Total liabilities		3,602,748			3,663,446
Stockholders' equity		316,020			275,922
Total liabilities and Stockholders' equity	$	3,918,768		$	3,939,368

Average Balance Sheet Data

	Fourth Quarter Ended Dec. 31,				Year Ended Dec. 31,
	2009		2008		2009		2008
Assets:
Investment securities	$	522,783	$	792,641	$	536,996	$	629,626
Federal funds sold and other interest-earning deposits		301,090		232,591		341,126		92,978
Loans and fees, including loans held for sale		2,287,368		2,315,382		2,372,008		2,369,691
Total earning assets		3,111,241		3,340,614		3,250,130		3,092,295
Total assets		3,232,793		3,470,788		3,415,725		3,232,435
Liabilities and Stockholders' Equity:
Non interest-bearing deposits	$	324,797	$	269,903	$	381,665	$	321,308
Interest-bearing deposits		1,544,941		1,940,405		1,684,277		1,599,280
Securities sold under agreements to repurchase and other short-term borrowings		327,056		381,695		323,688		375,676
Federal Home Loan Bank advances		653,747		536,161		630,294		588,381
Subordinated note		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		2,566,984		2,899,501		2,679,499		2,604,577
Stockholders' equity		316,855		276,663		305,864		267,578

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

Income Statement Data

	Fourth Quarter Ended Dec. 31,					Year Ended Dec. 31,
	2009		2008			2009			2008
Total interest income (1)	$	37,477	$	44,782		$	212,605		$	202,142
Total interest expense		10,087		16,805			48,742			72,418
Net interest income		27,390		27,977			163,863			129,724
Provision for loan losses		5,197		1,753			33,975			16,205
Non interest income:
Service charges on deposit accounts		4,752		4,809			19,156			19,404
Electronic refund check fees		17		88			25,289			17,756
Net RAL securitization income		16		317			514			13,347
Mortgage banking income		1,663		(270	)		11,021			3,536
Debit card interchange fee income		1,322		1,187			5,114			4,776
Net gain / loss on sales, calls and impairment of securities		49		(5,484	)		(5,822	)		(14,364	)
Other		505		343			2,349			1,505
Total non interest income		8,324		990			57,621			45,960
Non interest expenses:
Salaries and employee benefits		11,358		12,392			51,173			52,118
Occupancy and equipment, net		5,559		5,456			22,370			19,760
Communication and transportation		1,354		1,426			5,354			4,672
Marketing and development		784		866			13,146			9,208
FDIC insurance expense		940		880			4,993			1,152
Bank franchise tax expense		686		573			2,643			2,598
Data processing		702		739			3,017			2,771
Debit card interchange expense		1,026		590			3,096			2,402
Supplies		659		392			2,398			1,649
Other real estate owned expense		188		69			2,253			238
Other		2,294		2,843			11,042			11,024
Total non interest expenses		25,550		26,226			121,485			107,592
Income before income tax expense		4,967		988			66,024			51,887
Income tax expense		1,123		384			23,893			18,235
Net income	$	3,844	$	604		$	42,131		$	33,652

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

	Fourth Quarter Ended Dec. 31,						Year Ended Dec. 31,
	2009			2008			2009			2008
Per Share Data:
Basic average shares outstanding		20,802			20,615			20,749			20,518
Diluted average shares outstanding		20,890			20,886			20,884			20,824
End of period shares outstanding:
Class A Common Stock		18,499			18,318			18,499			18,318
Class B Common Stock		2,309			2,310			2,309			2,310
Book value per share	$	15.19		$	13.38		$	15.19		$	13.38
Earnings per share:
Basic earnings per Class A Common Stock		0.19			0.03			2.04			1.65
Basic earnings per Class B Common Stock		0.17			0.02			1.99			1.60
Diluted earnings per Class A Common Stock		0.19			0.03			2.02			1.62
Diluted earnings per Class B Common Stock		0.17			0.02			1.98			1.58
Cash dividends declared per share:
Class A Common Stock		0.132			0.121			0.517			0.473
Class B Common Stock		0.120			0.110			0.470			0.430
Performance Ratios:
Return on average assets		0.48	%		0.07	%		1.23	%		1.04	%
Return on average equity		4.85			0.87			13.77			12.58
Efficiency ratio (2)		71			76			53			61
Yield on average earning assets		4.82			5.36			6.54			6.54
Cost of interest-bearing liabilities		1.57			2.32			1.82			2.78
Net interest spread		3.25			3.04			4.72			3.76
Net interest margin		3.52			3.35			5.04			4.20
Asset Quality Ratios:
Loans on non-accrual status		43,136			11,324			43,136			11,324
Loans past due 90 days or more and still on accrual		8			2,133			8			2,133
Total non-performing loans		43,144			13,457			43,144			13,457
Other real estate owned		4,772			5,737			4,772			5,737
Total non-performing assets		47,916			19,194			47,916			19,194
Non-performing loans to total loans		1.90	%		0.58	%		1.90	%		0.58	%
Non-performing assets to total loans (including OREO)		2.11			0.83			2.11			0.83
Allowance for loan losses to total loans		1.01			0.64			1.01			0.64
Allowance for loan losses to non-performing loans		53			110			53			110
Net loan charge-offs to average loans - Total Company		0.37			0.20			1.09			0.60
Net loan charge-offs to average loans - Banking Segment		0.59			0.25			0.34			0.26
Delinquent loans to total loans (3)		1.98			1.07			1.98			1.07
Other Information:
End of period full-time equivalent employees		747			724			747			724
Number of banking centers		44			45			44			45

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

Balance Sheet Data

	Quarterly Comparison
	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Assets:
Cash and cash equivalents	$	1,068,179		$	138,906		$	165,042		$	442,039		$	616,303
Investment securities		467,235			498,329			519,376			452,782			904,674
Mortgage loans held for sale		5,445			8,597			33,287			11,499			11,298
Loans		2,268,232			2,292,913			2,287,178			2,314,689			2,303,857
Allowance for loan losses		(22,879	)		(19,793	)		(19,886	)		(17,878	)		(14,832	)
Federal Home Loan Bank stock, at cost		26,248			26,248			26,248			26,248			25,082
Premises and Equipment, net		39,380			39,629			40,369			40,700			42,885
Goodwill		10,168			10,168			10,168			10,168			10,168
Other assets and interest receivable		56,760			42,424			42,558			57,398			39,933
Total assets	$	3,918,768		$	3,037,421		$	3,104,340		$	3,337,645		$	3,939,368
Liabilities and Stockholders' Equity:
Deposits:
Non interest-bearing	$	318,275		$	325,641		$	338,806		$	380,039		$	273,203
Interest-bearing		2,284,206			1,352,792			1,415,982			1,588,756			2,470,166
Total deposits		2,602,481			1,678,433			1,754,788			1,968,795			2,743,369
Securities sold under agreements to repurchase and other short-term borrowings		299,580			280,841			299,028			325,214			339,012
Federal Home Loan Bank advances		637,607			699,689			659,732			635,191			515,234
Subordinated note		41,240			41,240			41,240			41,240			41,240
Other liabilities and accrued interest payable		21,840			22,295			40,008			63,622			24,591
Total liabilities		3,602,748			2,722,498			2,794,796			3,034,062			3,663,446
Stockholders' equity		316,020			314,923			309,544			303,583			275,922
Total liabilities and Stockholders' equity	$	3,918,768		$	3,037,421		$	3,104,340		$	3,337,645		$	3,939,368
Average Balance Sheet Data
	Quarterly Comparison
	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Assets:
Investment securities	$	522,783		$	533,202		$	519,902		$	572,694		$	792,641
Federal funds sold and other interest-earning deposits		301,090			87,202			188,604			795,834			232,591
Loans and fees, including loans held for sale		2,287,368			2,308,156			2,316,494			2,612,313			2,315,382
Total earning assets		3,111,241			2,928,560			3,025,000			3,980,841			3,340,614
Total assets		3,232,793			3,056,269			3,216,869			4,174,783			3,470,788
Liabilities and Stockholders' Equity:
Non interest-bearing deposits	$	324,797		$	327,173		$	346,065		$	531,496		$	269,903
Interest-bearing deposits		1,544,941			1,376,461			1,475,972			2,355,747			1,940,405
Securities sold under agreements to repurchase and other short-term borrowings		327,056			311,867			328,951			327,006			381,695
Federal Home Loan Bank advances		653,747			655,791			662,652			547,540			536,161
Subordinated note		41,240			41,240			41,240			41,240			41,240
Total interest-bearing liabilities		2,566,984			2,385,359			2,508,815			3,271,533			2,899,501
Stockholders' equity		316,855			318,704			311,831			293,456			276,663

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

Income Statement Data

	Quarterly Comparison
	Dec. 31, 2009		Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Total interest income (4)	$	37,477	$	38,265		$	39,506		$	97,357		$	44,782
Total interest expense		10,087		10,529			11,585			16,541			16,805
Net interest income		27,390		27,736			27,921			80,816			27,977
Provision for loan losses		5,197		1,427			1,686			25,665			1,753
Non interest income:
Service charges on deposit accounts		4,752		4,990			4,992			4,422			4,809
Electronic refund check fees		17		137			2,230			22,905			88
Net RAL securitization income		16		26			60			412			317
Mortgage banking income		1,663		1,667			3,517			4,174			(270	)
Debit card interchange fee income		1,322		1,321			1,312			1,159			1,187
Net gain / loss on sales, calls and impairment of securities		49		(850	)		(1,896	)		(3,125	)		(5,484	)
Other		505		597			692			555			343
Total non interest income		8,324		7,888			10,907			30,502			990
Non interest expenses:
Salaries and employee benefits		11,358		12,652			12,647			14,516			12,392
Occupancy and equipment, net		5,559		5,474			5,428			5,909			5,456
Communication and transportation		1,354		1,056			1,021			1,923			1,426
Marketing and development		784		722			663			10,977			866
FDIC insurance expense		940		999			2,004			1,050			880
Bank franchise tax expense		686		685			637			635			573
Data processing		702		766			779			770			739
Debit card interchange expense		1,026		702			694			674			590
Supplies		659		463			398			878			392
Other real estate owned expense		188		82			272			1,711			69
Other		2,294		2,138			2,011			4,599			2,843
Total non interest expenses		25,550		25,739			26,554			43,642			26,226
Income before income tax expense		4,967		8,458			10,588			42,011			988
Income tax expense		1,123		2,797			3,721			16,252			384
Net income	$	3,844	$	5,661		$	6,867		$	25,759		$	604

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

	Quarterly Comparison
	Dec. 31, 2009			Sept. 30, 2009			June 30, 2009			March 31, 2009			Dec. 31, 2008
Per Share Data:
Basic average shares outstanding		20,802			20,779			20,749			20,662			20,615
Diluted average shares outstanding		20,890			20,922			20,910			20,832			20,886
End of period shares outstanding:
Class A Common Stock		18,499			18,485			18,439			18,412			18,318
Class B Common Stock		2,309			2,309			2,310			2,310			2,310
Book value per share	$	15.19		$	15.14		$	14.92		$	14.65		$	13.38
Earnings per share:
Basic earnings per Class A Common Stock		0.19			0.27			0.33			1.25			0.03
Basic earnings per Class B Common Stock		0.17			0.26			0.32			1.24			0.02
Diluted earnings per Class A Common Stock		0.19			0.27			0.33			1.24			0.03
Diluted earnings per Class B Common Stock		0.17			0.26			0.32			1.23			0.02
Cash dividends declared per share:
Class A Common Stock		0.132			0.132			0.132			0.121			0.121
Class B Common Stock		0.120			0.120			0.120			0.110			0.110
Performance Ratios:
Return on average assets		0.48	%		0.74	%		0.85	%		2.47	%		0.07	%
Return on average equity		4.85			7.11			8.81			35.11			0.87
Efficiency ratio (2)		71			71			65			38			76
Yield on average earning assets		4.82			5.23			5.22			9.78			5.36
Cost of interest-bearing liabilities		1.57			1.77			1.85			2.02			2.32
Net interest spread		3.25			3.46			3.37			7.76			3.04
Net interest margin		3.52			3.79			3.69			8.12			3.35
Asset Quality Data:
Loans on non-accrual status		43,136			40,355			31,094			24,133			11,324
Loans past due 90 days or more and still on accrual		8			2			318			352			2,133
Total non-performing loans		43,144			40,357			31,412			24,485			13,457
Other real estate owned		4,772			3,239			2,723			6,386			5,737
Total non-performing assets		47,916			43,596			34,135			30,871			19,194
Non-performing loans to total loans		1.90	%		1.76	%		1.37	%		1.06	%		0.58	%
Non-performing assets to total loans (including OREO)		2.11			1.90			1.49			1.33			0.83
Allowance for loan losses to total loans		1.01			0.86			0.87			0.77			0.64
Allowance for loan losses to non-performing loans		53			49			64			73			110
Net loan charge-offs to average loans - Total Company		0.37			0.26			(0.06	)		3.46			0.20
Net loan charge-offs to average loans - Banking Segment		0.59			0.42			0.23			0.13			0.25
Delinquent loans to total loans (3)		1.98			2.23			1.71			1.53			1.07
Other Information:
End of period full-time equivalent employees		747			752			745			742			724
Number of banking centers		44			44			44			45			45

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

Segment Data:

The reportable segments are determined by the type of products and services offered, distinguished between Traditional Banking, Mortgage Banking and Tax Refund Solutions (“TRS”). Loans, investments and deposits provide the majority of revenue from traditional 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 quarter and year ended December 31, 2009 and 2008 follows:

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

	Three Months Ended December 31, 2009
(dollars in thousands)	Traditional Banking			Tax Refund Solutions			Mortgage Banking		Total Company
Net interest income	$	27,447		$	(173	)	$	116	$	27,390
Provision for loan losses		6,460			(1,263	)		-		5,197
Electronic Refund Check fees		-			17			-		17
Net RAL securitization income		-			16			-		16
Mortgage banking income		-			-			1,663		1,663
Net gain on sales, calls and impairment
of securities		49			-			-		49
Other non interest income		6,555			2			22		6,579
Total non interest income		6,604			35			1,685		8,324
Total non interest expenses		21,301			3,686			563		25,550
Gross operating profit		6,290			(2,561	)		1,238		4,967
Income tax expense		1,809			(1,115	)		429		1,123
Net income	$	4,481		$	(1,446	)	$	809	$	3,844
Segment assets	$	3,908,942		$	4,079		$	5,747	$	3,918,768
Net interest margin		3.79	%	NM			NM			3.52	%

	Three Months Ended December 31, 2008
(dollars in thousands)	Traditional Banking			Tax Refund Solutions			Mortgage Banking			Total Company
Net interest income	$	30,107		$	(2,207	)	$	77		$	27,977
Provision for loan losses		2,060			(307	)		-			1,753
Electronic Refund Check fees		-			88			-			88
Net RAL securitization income		-			317			-			317
Mortgage banking income		-			-			(270	)		(270	)
Net loss on sales, calls and impairment
of securities		(5,484	)		-			-			(5,484	)
Other non interest income		6,357			2			(20	)		6,339
Total non interest income		873			407			(290	)		990
Total non interest expenses		22,626			3,397			203			26,226
Gross operating profit		6,294			(4,890	)		(416	)		988
Income tax expense		2,462			(1,917	)		(161	)		384
Net income	$	3,832		$	(2,973	)	$	(255	)	$	604
Segment assets	$	2,773,238		$	1,154,777		$	11,353		$	3,939,368
Net interest margin		4.12	%	NM			NM				3.35	%

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

	Year Ended December 31, 2009
(dollars in thousands)	Traditional Banking			Tax Refund Solutions		Mortgage Banking		Total Company
Net interest income	$	110,352		$	52,707	$	804	$	163,863
Provision for loan losses		15,885			18,090		-		33,975
Electronic Refund Check fees		-			25,289		-		25,289
Net RAL securitization income		-			514		-		514
Mortgage banking income		-			-		11,021		11,021
Net loss on sales, calls and impairment
of securities		(5,822	)		-		-		(5,822	)
Other non interest income		26,467			52		100		26,619
Total non interest income		20,645			25,855		11,121		57,621
Total non interest expenses		92,513			27,318		1,654		121,485
Gross operating profit		22,599			33,154		10,271		66,024
Income tax expense		7,237			13,175		3,481		23,893
Net income	$	15,362		$	19,979	$	6,790	$	42,131
Segment assets	$	3,908,942		$	4,079	$	5,747	$	3,918,768
Net interest margin		3.79	%	NM		NM			5.04	%

	Year Ended December 31, 2008
(dollars in thousands)	Traditional Banking			Tax Refund Solutions		Mortgage Banking			Total Company
Net interest income	$	111,193		$	18,166	$	365		$	129,724
Provision for loan losses		8,154			8,051		-			16,205
Electronic Refund Check fees		-			17,756		-			17,756
Net RAL securitization income		-			13,347		-			13,347
Mortgage banking income		-			-		3,536			3,536
Net loss on sales, calls and impairment
of securities		(14,364	)		-		-			(14,364	)
Other non interest income		25,766			31		(112	)		25,685
Total non interest income		11,402			31,134		3,424			45,960
Total non interest expenses		85,829			20,942		821			107,592
Gross operating profit		28,612			20,307		2,968			51,887
Income tax expense		10,180			7,049		1,006			18,235
Net income	$	18,432		$	13,258	$	1,962		$	33,652
Segment assets	$	2,773,238		$	1,154,777	$	11,353		$	3,939,368
Net interest margin		3.96	%	NM		NM				4.20	%

Republic Bancorp, Inc. Financial Information

Fourth Quarter 2009 Earnings Release (continued)

(1) – The amount of loan fee income included in total interest income was $900,000 and $1.4 million for the quarters ended December 31, 2009 and 2008. The amount of loan fee income included in total interest income was $60.7 million and $24.4 million for the years ended December 31, 2009 and 2008.

(2) – Equals total non-interest expense divided by the sum of net interest income and non interest income. The ratio excludes net loss on sales, calls and impairment of investment securities.

(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: $900,000 (quarter ended December 31, 2009), $763,000 (quarter ended September 30, 2009), $1.2 million (quarter ended June 30, 2009), $57.8 million (quarter ended March 31, 2009) and $1.4 million (quarter ended December 31, 2008).

NM – Not meaningful