Republic Bancorp (RBCAA) 8-K Republic Bancorp, Inc. Reports a 56% Year-Over-Year Increase in Second Quarter Net Income

Exhibit 99.1

Republic Bancorp, Inc. Reports a 56% Year-Over-Year Increase in Second Quarter Net Income

LOUISVILLE, Ky.--(BUSINESS WIRE)--July 20, 2018--Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).

Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report second quarter net income of $15.7 million, a 56% increase over the second quarter of 2017, resulting in Diluted Earnings per Class A Common Share (“Diluted EPS”) of $0.74. Year-to-date net income was $43.1 million, a $13.0 million, or 43%, increase from the same period in 2017, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.67% and 13.22% for the first six months of 2018.

Pre-tax income increased 30% from the second quarter of 2017 to the second quarter of 2018, as the Company’s net interest margin remained strong. As will be the case for each quarter in 2018, a reduction in the federal corporate tax rate from 35% to 21%, effective January 1, 2018, positively impacted the comparability of the Company’s performance metrics between the second quarter of 2018 and the second quarter of 2017.⁽¹⁾ The Company estimates that the lower effective tax rate for 2018 benefited its second quarter 2018 and year-to-date Diluted EPS by approximately $0.10 and $0.29 per share, respectively.

Steve Trager, Chairman & CEO of Republic commented, “While we continue to be pleased with the benefits to our bottom line of the recent corporate tax cuts, we remain most excited about our continued strong operating performance, as our pre-tax earnings for the second quarter of 2018 grew significantly over the second quarter of 2017. A solid increase in net interest income, driven by robust net interest margin expansion over the previous year’s second quarter, was the primary contributor to the Company’s growth in pre-tax earnings. In addition to our sound earnings performance, our Core Bank’s⁽²⁾ balance sheet growth remained steady during the first half of 2018 while our Core Bank’s credit quality statistics continued to compare favorably to peer.

“In addition to the strong performance of our Core Bank, the Republic Processing Group⁽³⁾ (“RPG”) also contributed nicely to the Company’s bottom line, as both Republic Credit Solutions (“RCS”) and Tax Refund Solutions (“TRS”) experienced solid quarters with meaningful increases in pre-tax earnings over the second quarter of 2017. Heading into the second half of the year, the Company is performing well across its major business lines, providing us with great optimism for the remainder of 2018,” concluded Steve Trager.

The following table highlights Republic’s financial performance for the second quarters and six months ended June 30, 2018 and 2017:

	(dollars in thousands, except per share data)
		Total Company Financial Performance Highlights
			Three Months Ended Jun. 30,										Six Months Ended Jun. 30,
			2018			2017			$ Change		% Change		2018			2017			$ Change		% Change
	Income Before Income Taxes*		$	19,816		$	15,269		$	4,547	30	%	$	54,726		$	45,340		$	9,386	21	%
	Net Income*			15,666			10,071			5,595	56			43,135			30,088			13,047	43
	Diluted Earnings per Class A Common Stock			0.74			0.48			0.26	54			2.06			1.45			0.61	42
	Return on Average Assets			1.23	%		0.86	%		NA	43			1.67	%		1.26	%		NA	33
	Return on Average Equity			9.45			6.42			NA	47			13.22			9.72			NA	36
NA – Not applicable
*Segment-level data is presented at the end of this earnings release.

Results of Operations for the Second Quarter of 2018 Compared to the Second Quarter of 2017

Core Banking⁽²⁾

Net income from Core Banking was $11.6 million for the second quarter of 2018, an increase of $3.7 million, or 47%, over the second quarter of 2017. Strong growth in net interest income, which increased $5.7 million, or 15%, over the second quarter of 2017 drove the increase in the Core Bank’s net income. In addition, the Core Bank’s bottom line benefited by approximately $1.7 million due to the previously mentioned lower 2018 effective tax rate.

The growth in net interest income was driven by an 18-basis-point expansion of the Core Bank’s net interest margin to 3.64% for the second quarter of 2018 and further complemented by a $313 million, or 8%, increase in the Core Bank’s quarterly average loans.

The table below presents the overall change in the Core Bank’s net interest income, as well as average and period-end loan balances by origination channel:

	Net Interest Income
	for the
(dollars in thousands)	Three Months Ended Jun. 30,
Origination Channel	2018			2017	$ Change			% Change
Traditional Network	$	39,095	$	33,047	$	6,048		18		%
Warehouse Lending		4,164		4,435		(271	)	(6	)
Correspondent Lending		271		229		42		18
2012-FDIC Acquired Loans		85		244		(159	)	(65	)
Total Core Bank	$	43,615	$	37,955	$	5,660		15

	Average Loan Balances										Period-End Loan Balances
(dollars in thousands)	Three Months Ended Jun. 30,										Jun. 30,
Origination Channel		2018		2017	$ Change			% Change				2018		2017	$ Change			% Change
Traditional Network	$	3,347,622	$	3,050,247	$	297,375		10		%	$	3,365,350	$	3,131,535	$	233,815		7		%
Warehouse Lending		541,537		489,384		52,153		11				634,841		600,630		34,211		6
Correspondent Lending		108,576		137,270		(28,694	)	(21	)			105,170		129,792		(24,622	)	(19	)
2012-FDIC Acquired Loans		5,986		13,659		(7,673	)	(56	)			5,906		12,253		(6,347	)	(52	)
Total Core Bank	$	4,003,721	$	3,690,560	$	313,161		8			$	4,111,267	$	3,874,210	$	237,057		6

The primary drivers of the changes in the Core Bank’s average loan balances and net interest income for the second quarter of 2018, as compared to the second quarter of 2017 follow:

• The Traditional Network experienced solid growth in average loan balances of $297 million, or 10%, from the second quarter of 2017 to the second quarter of 2018. This growth was largely concentrated in the commercial loan sector, with average commercial real estate balances growing $173 million, or 16%, and average commercial and industrial balances growing $73 million, or 29%.
• The difference between the Core Bank’s net interest margin and net interest spread was 29 basis points during the second quarter of 2018 compared to 21 basis points during the second quarter of 2017. The differential between the net interest margin and net interest spread represents the value of the Core Bank’s noninterest-bearing deposits and stockholders’ equity to its net interest margin. Due to rising short-term interest rates from June 30, 2017 to June 30, 2018, as measured by the increase of 75 basis points in the Federal Funds Target Rate during this period, the contribution of the Core Bank’s noninterest-bearing deposits and stockholders’ equity to the net interest margin increased significantly.
• An internal change in the way the Company assigns cost of funds to its Warehouse Lending (“Warehouse”) segment through its Funds Transfer Pricing (“FTP”) methodology resulted in the Warehouse segment’s fluctuation in net interest income. The Company changed its Warehouse FTP methodology to be more consistent with that used for other Core Bank loan products with similar pricing and duration characteristics. This change had a $304,000 negative comparable impact on the Warehouse segment’s net interest income for the second quarter of 2018 and a corresponding positive comparable impact of $304,000 to the Traditional Banking segment’s net interest income.

The Core Bank’s provision for loan and lease losses (“Provision”) decreased to $773,000 for the second quarter of 2018 from $1.7 million for the same period in 2017, with the Provision for both periods primarily reflecting general reserves for loan growth. Overall, the Core Bank’s credit quality metrics remained strong from period to period with the Core Bank’s ratios of nonperforming loans to total loans and delinquent loans to total loans remaining near historically low levels.

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

	As of and for the:
	Quarters Ended:				Years Ended:
	Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2018		2018		2017		2016		2015
Nonperforming loans to total loans	0.43	%	0.37	%	0.36	%	0.42	%	0.66	%
Nonperforming assets to total loans (including OREO)	0.43		0.38		0.36		0.46		0.70
Delinquent loans to total loans (4)	0.21		0.21		0.21		0.18		0.35
Net charge-offs to average loans	—		0.06		0.04		0.05		0.05
(Quarterly rates annualized)
OREO = Other Real Estate Owned

Noninterest income for the Core Bank was $9.1 million during the second quarter of 2018, a $562,000, or 7%, increase from the $8.5 million achieved during the second quarter of 2017. The following primarily drove this increase:

• Service charges on deposits increased $184,000, or 5%, driven by a 9% increase in active checking accounts from June 30, 2017 to June 30, 2018.
• Interchange fee income increased $336,000, or 14%, with debit card interchange fees up $211,000, or 10%, and credit card interchange fees up $125,000, or 46%. Increases of 11% in active debit cards and 18% in active credit cards over the previous 12 months, as well as the corresponding usage on those cards, drove the increase in interchange fees.

Core Bank noninterest expenses increased $4.5 million, or 13%, during the second quarter of 2018 compared to the second quarter of 2017. The following primarily drove the increase:

• Salaries and employee benefits expense increased $2.4 million, or 14%, driven partially by an increase of approximately 29 Core Bank full-time-equivalent employees (“FTEs”) over the previous 12 months and an $823,000 increase in healthcare benefits. The Company added FTEs primarily to support Core Bank strategic initiatives.
• A 15% increase in depreciation expense associated with facility expansions and renovations from the previous year primarily drove an occupancy expense increase of $531,000, or 9%.
• New and upgraded technology implemented in the previous 12 months to support several key strategic Core Bank initiatives caused data processing expenses to increase $527,000, or 34%. Such initiatives include improving the Company’s client relationship management system, its online banking functionality, and its overall security of client information and assets.

Republic Processing Group ⁽³⁾

RPG reported net income of $4.1 million for the second quarter of 2018 compared to $2.2 million for the same period in 2017, with the previously mentioned lower 2018 effective tax rate contributing approximately $537,000 to the increase. Revenue growth within the RCS segment drove the increase in RPG’s net income. RCS profitability remains concentrated in its line-of-credit product, with revenues for this product increasing $2.0 million, or 37%, from the second quarter of 2017.

In addition to the strong performance at RCS, the TRS segment experienced an $852,000, or 74%, increase in net income for the quarter, as the pace of client tax refunds received during the second quarter of 2018 accelerated compared to the second quarter of 2017. The accelerated pace of tax refunds received by TRS during the quarter contributed to a 25% increase in net Refund Transfer fee income as well as an $888,000 net credit to the TRS Provision, as the estimated losses for Easy Advance (“EA”) loans at TRS decreased from the first quarter’s estimated losses.

As of March 31, 2018, unpaid EAs were approximately 4.49% of total EA originations for the first quarter of 2018 compared to 3.50% of total EA originations for the first quarter of 2017. As of June 30, 2018, unpaid EAs had decreased to 3.05% of total originations, a decline of 144 basis points from the March 31, 2018 unpaid amount. This compares to unpaid EAs of 2.40% at June 30, 2017, a decline of 110 basis points from the March 31, 2017 unpaid amount. As of June 30, 2018 and 2017, all unpaid EAs originated during each year had been charged-off. Each 0.10% in estimated loan loss reserves for EAs during 2018 equates to approximately $430,000 in Provision expense, while each 0.10% during 2017 equated to approximately $329,000.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 45 full-service banking centers and one loan production office throughout five states: 32 banking centers in 11 Kentucky communities - Covington, Crestview Hills, Elizabethtown, Florence, Frankfort, Georgetown, Lexington, Louisville, Owensboro, Shelbyville, and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville, and New Albany; seven banking centers in six Florida communities (Tampa MSA) – Largo, Port Richey, St. Petersburg, Seminole, Tampa, and Temple Terrace; two banking centers in Tennessee – Cool Springs (Franklin) and Green Hills (Nashville) and one loan production office in Brentwood (Nashville); and one banking center in Norwood (Cincinnati), Ohio. The Bank offers internet banking at www.republicbank.com. The Bank also offers separately branded, nation-wide digital banking at www.mymemorybank.com. The Company has $5.3 billion in assets and is headquartered in Louisville, Kentucky. 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 ability to develop products and strategies in order to meet the Company’s long-term strategic goals, 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, 2017. The Company undertakes no obligation to update any forward-looking statements. These forward-looking statements are made only as of the date of this release, and the Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release
(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
	Jun. 30, 2018			Dec. 31, 2017			Jun. 30, 2017
Assets:
Cash and cash equivalents	$	386,956		$	299,351		$	332,695
Investment securities		485,622			591,458			525,684
Loans held for sale		26,337			16,989			11,756
Loans		4,195,984			4,014,034			3,916,320
Allowance for loan and lease losses		(45,047	)		(42,769	)		(37,898	)
Loans, net		4,150,937			3,971,265			3,878,422
Federal Home Loan Bank stock, at cost		32,067			32,067			32,067
Premises and equipment, net		46,485			45,605			44,255
Goodwill		16,300			16,300			16,300
Other real estate owned ("OREO")		—			115			300
Bank owned life insurance ("BOLI")		64,106			63,356			62,578
Other assets and accrued interest receivable		57,135			48,856			51,604
Total assets	$	5,265,945		$	5,085,362		$	4,955,661
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,061,182		$	1,022,042		$	1,061,637
Interest-bearing		2,412,187			2,411,116			2,072,301
Total deposits		3,473,369			3,433,158			3,133,938
Securities sold under agreements to repurchase and other short-term borrowings		175,291			204,021			113,334
Federal Home Loan Bank advances		860,000			737,500			1,002,500
Subordinated note		41,240			41,240			41,240
Other liabilities and accrued interest payable		52,037			37,019			37,758
Total liabilities		4,601,937			4,452,938			4,328,770
Stockholders' equity		664,008			632,424			626,891
Total liabilities and stockholders' equity	$	5,265,945		$	5,085,362		$	4,955,661

Average Balance Sheet Data
	Three Months Ended Jun. 30,				Six Months Ended Jun. 30,
	2018		2017		2018		2017
Assets:
Investment securities, including FHLB stock	$	506,209	$	597,818	$	529,356	$	592,250
Federal funds sold and other interest-earning deposits		276,246		130,650		279,684		157,181
Loans, including loans held for sale		4,092,388		3,730,379		4,087,247		3,740,004
Total interest-earning assets		4,874,843		4,458,847		4,896,287		4,489,435
Total assets		5,074,781		4,668,048		5,175,927		4,757,395
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	1,146,403	$	1,063,215	$	1,232,652	$	1,097,711
Interest-bearing deposits		2,410,330		2,224,127		2,413,220		2,218,205
Securities sold under agreements to repurchase and other short-term borrowings		178,063		179,594		217,532		198,896
Federal Home Loan Bank advances		593,187		500,027		569,613		548,826
Subordinated note		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		3,222,820		2,944,988		3,241,605		3,007,167
Stockholders' equity		663,077		627,940		652,407		619,229

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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 Jun. 30,				Six Months Ended Jun. 30,
	2018		2017		2018		2017
Total interest income(5)	$	58,356	$	47,821	$	132,189	$	108,704
Total interest expense		7,272		4,684		13,440		9,129
Net interest income		51,084		43,137		118,749		99,575
Provision for loan and lease losses		4,932		5,061		22,187		17,412
Noninterest income:
Service charges on deposit accounts		3,574		3,390		7,129		6,637
Net refund transfer fees		3,473		2,770		19,825		18,152
Mortgage banking income		1,316		1,445		2,336		2,605
Interchange fee income		2,891		2,547		5,558		4,873
Program fees		1,323		1,284		3,019		2,375
Increase in cash surrender value of BOLI		379		393		750		784
Net gains on OREO		320		249		452		391
Other		1,020		849		2,772		2,033
Total noninterest income		14,296		12,927		41,841		37,850
Noninterest expense:
Salaries and employee benefits		22,766		20,015		46,600		41,226
Occupancy and equipment, net		6,391		5,903		12,612		11,870
Communication and transportation		1,241		939		2,623		2,211
Marketing and development		1,283		1,409		2,199		2,413
FDIC insurance expense		345		300		870		750
Bank franchise tax expense		860		790		3,378		3,225
Data processing		2,443		1,695		4,829		3,347
Interchange related expense		1,098		1,071		2,105		2,129
Supplies		303		261		684		788
OREO expense		16		132		61		229
Legal and professional fees		728		596		1,771		1,348
Other		3,158		2,623		5,945		5,137
Total noninterest expense		40,632		35,734		83,677		74,673
Income before income tax expense		19,816		15,269		54,726		45,340
Income tax expense(1)		4,150		5,198		11,591		15,252
Net income	$	15,666	$	10,071	$	43,135	$	30,088

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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
	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2018			2017			2018			2017
Per Share Data:
Basic weighted average shares outstanding		21,187			21,151			20,939			20,918
Diluted weighted average shares outstanding		21,331			21,230			21,072			20,996
Period-end shares outstanding:
Class A Common Stock		18,677			18,618			18,677			18,618
Class B Common Stock		2,215			2,243			2,215			2,243
Book value per share(6)	$	31.78		$	30.05		$	31.78		$	30.05
Tangible book value per share(6)		30.73			28.98			30.73			28.98
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.75		$	0.48		$	2.08		$	1.45
Basic EPS - Class B Common Stock		0.68			0.44			1.89			1.32
Diluted EPS - Class A Common Stock		0.74			0.48			2.06			1.45
Diluted EPS - Class B Common Stock		0.68			0.44			1.88			1.32
Cash dividends declared per Common share:
Class A Common Stock	$	0.242		$	0.220		$	0.484		$	0.429
Class B Common Stock		0.220			0.200			0.440			0.390
Performance Ratios:
Return on average assets		1.23	%		0.86	%		1.67	%		1.26	%
Return on average equity		9.45			6.42			13.22			9.72
Efficiency ratio(7)		62			64			52			54
Yield on average interest-earning assets(5)		4.79			4.29			5.40			4.84
Cost of average interest-bearing liabilities		0.90			0.64			0.83			0.61
Cost of average deposits(8)		0.44			0.28			0.40			0.25
Net interest spread(5)		3.89			3.65			4.57			4.23
Net interest margin - Total Company(5)		4.19			3.87			4.85			4.44
Net interest margin - Core Bank(2)		3.64			3.46			3.60			3.39
Other Information:
End of period FTEs(9) - Total Company		1,013			976			1,013			976
End of period FTEs - Core Bank		933			904			933			904
Number of full-service banking centers		45			45			45			45

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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						As of and for the
	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2018			2017			2018			2017
Credit Quality Asset Balances:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	17,502		$	15,467		$	17,502		$	15,467
Loans past due 90-days-or-more and still on accrual		858			335			858			335
Total nonperforming loans		18,360			15,802			18,360			15,802
OREO		—			300			—			300
Total nonperforming assets	$	18,360		$	16,102		$	18,360		$	16,102
Nonperforming Assets - Core Bank(2):
Loans on nonaccrual status	$	17,502		$	15,467		$	17,502		$	15,467
Loans past due 90-days-or-more and still on accrual		22			33			22			33
Total nonperforming loans		17,524			15,500			17,524			15,500
OREO		—			300			—			300
Total nonperforming assets	$	17,524		$	15,800		$	17,524		$	15,800
Delinquent loans:
Delinquent loans - Core Bank	$	8,703		$	6,844		$	8,703		$	6,844
Delinquent loans - RPG(3)		4,429			2,169			4,429			2,169
Total delinquent loans - Total Company	$	13,132		$	9,013		$	13,132		$	9,013
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.44	%		0.40	%		0.44	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.44			0.41			0.44			0.41
Nonperforming assets to total assets		0.35			0.32			0.35			0.32
Allowance for loan and lease losses to total loans		1.07			0.97			1.07			0.97
Allowance for loan and lease losses to nonperforming loans		245			240			245			240
Delinquent loans to total loans(4)		0.31			0.23			0.31			0.23
Net charge-offs to average loans (annualized)		1.19			1.02			0.97			0.66
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.43	%		0.40	%		0.43	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.43			0.41			0.43			0.41
Nonperforming assets to total assets		0.34			0.32			0.34			0.32
Allowance for loan and lease losses to total loans		0.76			0.76			0.76			0.76
Allowance for loan and lease losses to nonperforming loans		179			189			179			189
Delinquent loans to total loans		0.21			0.18			0.21			0.18
Net charge-offs to average loans (annualized)		—			0.05			0.03			0.04

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (continued)
(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
		Quarterly Comparison
	Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017
Assets:
Cash and cash equivalents	$	386,956		$	362,122		$	299,351		$	329,862		$	332,695
Investment securities		485,622			483,573			591,458			523,896			525,684
Loans held for sale		26,337			14,295			16,989			13,135			11,756
Loans		4,195,984			4,052,500			4,014,034			3,957,512			3,916,320
Allowance for loan and lease losses		(45,047	)		(52,341	)		(42,769	)		(40,191	)		(37,898	)
Loans, net		4,150,937			4,000,159			3,971,265			3,917,321			3,878,422
Federal Home Loan Bank stock, at cost		32,067			32,067			32,067			32,067			32,067
Premises and equipment, net		46,485			46,792			45,605			44,845			44,255
Goodwill		16,300			16,300			16,300			16,300			16,300
Other real estate owned		—			160			115			167			300
Bank owned life insurance		64,106			63,727			63,356			62,972			62,578
Other assets and accrued interest receivable		57,135			59,139			48,856			52,609			51,604
Total assets	$	5,265,945		$	5,078,334		$	5,085,362		$	4,993,174		$	4,955,661
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,061,182		$	1,241,127		$	1,022,042		$	1,040,414		$	1,061,637
Interest-bearing		2,412,187			2,476,496			2,411,116			2,309,315			2,072,301
Total deposits		3,473,369			3,717,623			3,433,158			3,349,729			3,133,938
Securities sold under agreements to repurchase and other short-term borrowings		175,291			175,682			204,021			173,311			113,334
Federal Home Loan Bank advances		860,000			440,000			737,500			757,500			1,002,500
Subordinated note		41,240			41,240			41,240			41,240			41,240
Other liabilities and accrued interest payable		52,037			50,535			37,019			38,107			37,758
Total liabilities		4,601,937			4,425,080			4,452,938			4,359,887			4,328,770
Stockholders' equity		664,008			653,254			632,424			633,287			626,891
Total liabilities and stockholders' equity	$	5,265,945		$	5,078,334		$	5,085,362		$	4,993,174		$	4,955,661
Average Balance Sheet Data
		Quarterly Comparison
	Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017
Assets:
Investment securities, including FHLB stock	$	506,209		$	552,760		$	559,381		$	552,821		$	597,818
Federal funds sold and other interest-earning deposits		276,246			283,161			229,638			208,688			130,650
Loans, including loans held for sale		4,092,388			4,082,050			3,967,211			3,875,420			3,730,379
Total interest-earning assets		4,874,843			4,917,971			4,756,230			4,636,929			4,458,847
Total assets		5,074,781			5,278,204			4,953,134			4,834,653			4,668,048
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	1,146,403		$	1,319,860		$	1,045,939		$	1,052,162		$	1,063,215
Interest-bearing deposits		2,410,330			2,416,142			2,383,196			2,249,436			2,224,127
Securities sold under agreements to repurchase and other short-term borrowings		178,063			257,439			271,434			208,160			179,594
Federal Home Loan Bank advances		593,187			545,778			537,326			618,750			500,027
Subordinated note		41,240			41,240			41,240			41,240			41,240
Total interest-bearing liabilities		3,222,820			3,260,599			3,233,196			3,117,586			2,944,988
Stockholders' equity		663,077			641,624			640,686			633,874			627,940

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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
	Jun. 30, 2018			Mar. 31, 2018		Dec. 31, 2017	Sep. 30, 2017		Jun. 30, 2017
Total interest income(5)	$	58,356	$	73,833	$	56,349	$	53,725	$	47,821
Total interest expense		7,272		6,168		5,711		5,418		4,684
Net interest income		51,084		67,665		50,638		48,307		43,137
Provision for loan and lease losses		4,932		17,255		6,071		4,221		5,061
Noninterest income:
Service charges on deposit accounts		3,574		3,555		3,325		3,395		3,390
Net refund transfer fees		3,473		16,352		171		177		2,770
Mortgage banking income		1,316		1,020		935		1,102		1,445
Interchange fee income		2,891		2,667		2,533		2,475		2,547
Program fees		1,323		1,696		1,851		1,597		1,284
Increase in cash surrender value of BOLI		379		371		384		394		393
Losses on available-for-sale debt securities		—		—		(136)		—		—
Net gains on OREO		320		132		254		31		249
Other		1,020		1,752		873		1,203		849
Total noninterest income		14,296		27,545		10,190		10,374		12,927
Noninterest expense:
Salaries and employee benefits		22,766		23,834		20,502		20,505		20,015
Occupancy and equipment, net		6,391		6,221		6,518		6,806		5,903
Communication and transportation		1,241		1,382		1,261		1,239		939
Marketing and development		1,283		916		1,098		1,677		1,409
FDIC insurance expense		345		525		328		300		300
Bank franchise tax expense		860		2,518		652		749		790
Data processing		2,443		2,386		2,606		1,795		1,695
Interchange related expense		1,098		1,007		931		928		1,071
Supplies		303		381		565		241		261
OREO expense		16		45		104		55		132
Legal and professional fees		728		1,043		616		446		596
Other		3,158		2,787		2,964		3,285		2,623
Total noninterest expense		40,632		43,045		38,145		38,026		35,734
Income before income tax expense		19,816		34,910		16,612		16,434		15,269
Income tax expense(1)		4,150		7,441		11,774		5,728		5,198
Net income	$	15,666	$	27,469	$	4,838	$	10,706	$	10,071

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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
		Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017
Per Share Data:
Basic weighted average shares outstanding		21,187			20,920			21,149			21,153			21,151
Diluted weighted average shares outstanding		21,331			21,018			21,258			21,236			21,230
Period-end shares outstanding:
Class A Common Stock		18,677			18,645			18,607			18,618			18,618
Class B Common Stock		2,215			2,243			2,243			2,243			2,243
Book value per share(6)	$	31.78		$	31.27		$	30.33		$	30.36		$	30.05
Tangible book value per share(6)		30.73			30.22			29.27			29.29			28.98
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.75		$	1.32		$	0.23		$	0.51		$	0.48
Basic EPS - Class B Common Stock		0.68			1.21			0.21			0.47			0.44
Diluted EPS - Class A Common Stock		0.74			1.32			0.23			0.51			0.48
Diluted EPS - Class B Common Stock		0.68			1.20			0.21			0.47			0.44
Cash dividends declared per Common share:
Class A Common Stock	$	0.242		$	0.242		$	0.220		$	0.220		$	0.220
Class B Common Stock		0.220			0.220			0.200			0.200			0.200
Performance Ratios:
Return on average assets		1.23	%		2.08	%		0.39	%		0.89	%		0.86	%
Return on average equity		9.45			17.12			3.02			6.76			6.42
Efficiency ratio(7)		62			45			63			65			64
Yield on average interest-earning assets(5)		4.79			6.01			4.74			4.63			4.29
Cost of average interest-bearing liabilities		0.90			0.76			0.71			0.70			0.64
Cost of average deposits(8)		0.44			0.36			0.35			0.31			0.28
Net interest spread(5)		3.89			5.25			4.03			3.93			3.65
Net interest margin - Total Company(5)		4.19			5.50			4.26			4.17			3.87
Net interest margin - Core Bank(2)		3.64			3.55			3.72			3.68			3.46
Other Information:
End of period FTEs(9) - Total Company		1,013			1,003			997			970			976
End of period FTEs - Core Bank		933			922			915			896			904
Number of full-service banking centers		45			45			45			45			45

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (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
	Jun. 30, 2018			Mar. 31, 2018			Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017
Credit Quality Asset Balances:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	17,502		$	14,849		$	14,118		$	15,475		$	15,467
Loans past due 90-days-or-more and still on accrual		858			1,279			956			906			335
Total nonperforming loans		18,360			16,128			15,074			16,381			15,802
OREO		—			160			115			167			300
Total nonperforming assets	$	18,360		$	16,288		$	15,189		$	16,548		$	16,102
Nonperforming Assets - Core Bank(2):
Loans on nonaccrual status	$	17,502		$	14,849		$	14,118		$	15,475		$	15,467
Loans past due 90-days-or-more and still on accrual		22			27			19			55			33
Total nonperforming loans		17,524			14,876			14,137			15,530			15,500
OREO		—			160			115			167			300
Total nonperforming assets	$	17,524		$	15,036		$	14,252		$	15,697		$	15,800
Delinquent Loans:
Delinquent loans - Core Bank	$	8,703		$	8,303		$	8,460		$	7,756		$	6,844
Delinquent loans - RPG(3)(10)		4,429			17,530			5,641			4,270			2,169
Total delinquent loans - Total Company	$	13,132		$	25,833		$	14,101		$	12,026		$	9,013
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.44	%		0.40	%		0.38	%		0.41	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.44			0.40			0.38			0.42			0.41
Nonperforming assets to total assets		0.35			0.32			0.30			0.33			0.32
Allowance for loan and lease losses to total loans		1.07			1.29			1.07			1.02			0.97
Allowance for loan and lease losses to nonperforming loans		245			325			284			245			240
Delinquent loans to total loans(4)(10)		0.31			0.64			0.35			0.30			0.23
Net charge-offs to average loans (annualized)		1.19			0.75			0.35			0.20			1.02
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.43	%		0.37	%		0.36	%		0.40	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.43			0.38			0.36			0.40			0.41
Nonperforming assets to total assets		0.34			0.31			0.28			0.32			0.32
Allowance for loan and lease losses to total loans		0.76			0.77			0.77			0.76			0.76
Allowance for loan and lease losses to nonperforming loans		179			205			213			190			189
Delinquent loans to total loans		0.21			0.21			0.21			0.20			0.18
Net charge-offs to average loans (annualized)		—			0.06			0.06			0.03			0.05

Republic Bancorp, Inc. Financial Information

Second Quarter 2018 Earnings Release (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 June 30, 2018, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Mortgage Banking, Tax Refund Solutions (“TRS”), and Republic Credit Solutions (“RCS”). Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two segments collectively constitute Republic Processing Group (“RPG) operations. The Bank’s Correspondent Lending channel and the Company’s national branchless banking platform, MemoryBank^®, are considered part of the Traditional Banking segment.

Prior to the third quarter of 2017, management reported RPG as a segment consisting of its largest division, TRS, along with its relatively smaller divisions, Republic Payment Solutions (“RPS”), and RCS. During the third quarter of 2017, due to RCS’s growth in revenues relative to the total Company’s revenues, management identified TRS and RCS as separate reportable segments under the newly classified RPG operations. Also, as part of the updated segmentation, management is reporting the RPS division, which remained below thresholds to be classified a separate reportable segment, within the newly classified TRS segment. The reportable segments within RPG operations and divisions within those segments operate through the Bank. The Company has reclassified all prior periods to conform to the current presentation.

The table below provides the nature of segment operations and the primary drivers of net revenues by reportable segment:

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 and Correspondent Lending 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.
Mortgage Banking	Primarily originates, sells and services long-term, single family, first lien residential real estate loans primarily to clients in the Bank's market footprint.	Loan sales and servicing.
Republic Processing Group:
Tax Refund Solutions	TRS offers tax-related credit products and facilitates the receipt and payment of federal and state tax refund products. The RPS division of TRS offers general-purpose reloadable cards. TRS and RPS products are primarily provided to clients outside of the Bank’s market footprint.	Loans, refund transfers, and 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 2017 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 Republic can reasonably make specific segment allocations. The Company makes transactions among reportable segments at carrying value.

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (continued)
Segment information for the quarters and six months ended June 30, 2018 and 2017 follows:
		Three Months Ended June 30, 2018
		Core Banking											Republic Processing Group ("RPG")
											Total			Tax				Republic
		Traditional			Warehouse			Mortgage			Core			Refund				Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Banking			Solutions				Solutions			RPG			Company
Net interest income	$	39,348		$	4,164		$	103		$	43,615		$	328			$	7,141		$	7,469		$	51,084
Provision for loan and lease losses		523			250			—			773			(888	)			5,047			4,159			4,932
Net refund transfer fees		—			—			—			—			3,473				—			3,473			3,473
Mortgage banking income		—			—			1,316			1,316			—				—			—			1,316
Program fees		—			—			—			—			124				1,199			1,323			1,323
Other noninterest income		7,725			11			49			7,785			80				319			399			8,184
Total noninterest income		7,725			11			1,365			9,101			3,677				1,518			5,195			14,296
Total noninterest expense		35,415			850			1,176			37,441			2,273				918			3,191			40,632
Income before income tax expense		11,135			3,075			292			14,502			2,620				2,694			5,314			19,816
Income tax expense		2,168			702			62			2,932			609				609			1,218			4,150
Net income	$	8,967		$	2,373		$	230		$	11,570		$	2,011			$	2,085		$	4,096		$	15,666
Period-end assets	$	4,501,539		$	634,452		$	17,998		$	5,153,989		$	27,192			$	84,764		$	111,956		$	5,265,945
Net interest margin		3.71	%		3.08	%		NM			3.64	%		NM				NM			NM			4.19	%
Net-revenue concentration*		73	%		6	%		2	%		81	%		6		%		13	%		19	%		100	%
		Three Months Ended June 30, 2017
		Core Banking											Republic Processing Group ("RPG")
											Total			Tax				Republic
		Traditional			Warehouse			Mortgage			Core			Refund				Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Banking			Solutions				Solutions			RPG			Company
Net interest income	$	33,434		$	4,435		$	86		$	37,955		$	157			$	5,025		$	5,182		$	43,137
Provision for loan and lease losses		1,461			264			—			1,725			(738	)			4,074			3,336			5,061
Net refund transfer fees		—			—			—			—			2,770				—			2,770			2,770
Mortgage banking income		—			—			1,445			1,445			—				—			—			1,445
Program fees		—			—			—			—			56				1,228			1,284			1,284
Other noninterest income		6,969			10			115			7,094			69				265			334			7,428
Total noninterest income		6,969			10			1,560			8,539			2,895				1,493			4,388			12,927
Total noninterest expense		31,185			822			984			32,991			1,971				772			2,743			35,734
Income before income tax expense		7,757			3,359			662			11,778			1,819				1,672			3,491			15,269
Income tax expense		2,471			1,228			232			3,931			660				607			1,267			5,198
Net income	$	5,286		$	2,131		$	430		$	7,847		$	1,159			$	1,065		$	2,224		$	10,071
Period-end assets	$	4,283,741		$	600,060		$	13,920		$	4,897,721		$	18,849			$	39,091		$	57,940		$	4,955,661
Net interest margin		3.44	%		3.62	%		NM			3.46	%		NM				NM			NM			3.87	%
Net-revenue concentration*		72	%		8	%		3	%		83	%		5		%		12	%		17	%		100	%
___________________
* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

		Six Months Ended June 30, 2018
		Core Banking											Republic Processing Group ("RPG")
											Total			Tax			Republic
		Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total				Total
(dollars in thousands)		Banking			Lending			Banking			Banking			Solutions			Solutions			RPG				Company
Net interest income	$	77,536		$	7,755		$	175		$	85,466		$	19,014		$	14,269		$	33,283			$	118,749
Provision for loan and lease losses		1,462			271			—			1,733			12,501			7,953			20,454				22,187
Net refund transfer fees		—			—			—			—			19,825			—			19,825				19,825
Mortgage banking income		—			—			2,336			2,336			—			—			—				2,336
Program fees		—			—			—			—			183			2,836			3,019				3,019
Other noninterest income		14,727			19			87			14,833			1,190			638			1,828				16,661
Total noninterest income		14,727			19			2,423			17,169			21,198			3,474			24,672				41,841
Total noninterest expense		68,807			1,689			2,380			72,876			8,798			2,003			10,801				83,677
Income before income tax expense		21,994			5,814			218			28,026			18,913			7,787			26,700				54,726
Income tax expense		3,940			1,329			46			5,315			4,463			1,813			6,276				11,591
Net income	$	18,054		$	4,485		$	172		$	22,711		$	14,450		$	5,974		$	20,424			$	43,135
Period-end assets	$	4,501,539		$	634,452		$	17,998		$	5,153,989		$	27,192		$	84,764		$	111,956			$	5,265,945
Net interest margin		3.65	%		3.13	%		NM			3.60	%		NM			NM			NM				4.85	%
Net-revenue concentration*		57	%		5	%		2	%		64	%		25	%		11	%		36	%			100	%
		Six Months Ended June 30, 2017
		Core Banking											Republic Processing Group ("RPG")
											Total			Tax			Republic
		Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total				Total
(dollars in thousands)		Banking			Lending			Banking			Banking			Solutions			Solutions			RPG				Company
Net interest income	$	66,095		$	8,335		$	153		$	74,583		$	15,119		$	9,873		$	24,992			$	99,575
Provision for loan and lease losses		1,928			38			—			1,966			7,603			7,843			15,446				17,412
Net refund transfer fees		—			—			—			—			18,152			—			18,152				18,152
Mortgage banking income		—			—			2,605			2,605			—			—			—				2,605
Program fees		—			—			—			—			39			2,336			2,375				2,375
Other noninterest income		13,488			16			127			13,631			137			950			1,087				14,718
Total noninterest income		13,488			16			2,732			16,236			18,328			3,286			21,614				37,850
Total noninterest expense		61,273			1,599			2,198			65,070			8,040			1,563			9,603				74,673
Income before income tax expense		16,382			6,714			687			23,783			17,804			3,753			21,557				45,340
Income tax expense		4,733			2,455			241			7,429			6,461			1,362			7,823				15,252
Net income	$	11,649		$	4,259		$	446		$	16,354		$	11,343		$	2,391		$	13,734			$	30,088
Period-end assets	$	4,283,741		$	600,060		$	13,920		$	4,897,721		$	18,849		$	39,091		$	57,940			$	4,955,661
Net interest margin		3.37	%		3.60	%		NM			3.39	%		NM			NM			NM				4.44	%
Net-revenue concentration*		58	%		6	%		2	%		66	%		24	%		10	%		34		%		100	%
___________________
* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (continued)
(1)	The 2017 Tax Cuts and Jobs Act (“TCJA”), enacted on December 22, 2017, lowered the federal corporate tax rate from 35% to 21%, effective January 1, 2018. With the TCJA’s meaningful impact on the first and second quarter of 2018 and the fourth quarter of 2017, the Company’s effective tax rate per quarter was as follows: 20.9% (quarter ended June 30, 2018); 21.3% (quarter ended March 31, 2018); 70.9% (quarter ended December 31, 2017); 34.9% (quarter ended September 30, 2017); and 34.0% (quarter ended June 30, 2017).
	A $6.3 million charge to income tax expense upon remeasurement of the Company’s deferred tax assets and liabilities at a 21% corporate tax rate drove the relatively high effective tax rate for the fourth quarter of 2017.
(2)	“Core Bank” or “Core Banking” operations consist of the Traditional Banking, Warehouse Lending, and Mortgage Banking segments.
(3)	Republic Processing Group operations consist of the Tax Refund Solutions and Republic Credit Solutions segments.
(4)	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.
(5)	The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The amount of loan fee income included in total interest income was $8.5 million and $6.4 million for the quarters ended June 30, 2018 and 2017. The amount of loan fee income included in total interest income was $35.4 million and $27.7 million for the six months ended June 30, 2018 and 2017.
	The amount of loan fee income included in total interest income per quarter was as follows: $8.5 million (quarter ended June 30, 2018); $26.9 million (quarter ended March 31, 2018); $9.4 million (quarter ended December 31, 2017); $9.1 million (quarter ended September 30, 2017); and $6.4 million (quarter ended June 30, 2017).
	Interest income for Easy Advances (“EAs”) is composed entirely of loan fees. The loan fees disclosed above included EA fees of $17.8 million and $14.2 million for the six months ended June 30, 2018 and 2017. EAs are only offered during the first two months of each year.
(6)	The following table provides a reconciliation of total stockholders’ equity in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) to tangible stockholders’ equity in accordance with applicable regulatory requirements, 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.

	Quarterly Comparison
(dollars in thousands, except per share data)	Jun. 30, 2018			Mar. 31, 2018				Dec. 31, 2017			Sep. 30, 2017			Jun. 30, 2017
Total stockholders' equity - GAAP (a)	$	664,008		$	653,254		$	632,424		$	633,287		$	626,891
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		4,914			4,925			5,044			5,128			5,159
Less: Core deposit intangible		756			807			858			911			964
Tangible stockholders' equity - Non-GAAP (c)	$	642,038		$	631,222		$	610,222		$	610,948		$	604,468
Total assets - GAAP (b)	$	5,265,945		$	5,078,334		$	5,085,362		$	4,993,174		$	4,955,661
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		4,914			4,925			5,044			5,128			5,159
Less: Core deposit intangible		756			807			858			911			964
Tangible assets - Non-GAAP (d)	$	5,243,975		$	5,056,302		$	5,063,160		$	4,970,835		$	4,933,238
Total stockholders' equity to total assets - GAAP (a/b)		12.61	%		12.86	%		12.44	%		12.68	%		12.65	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		12.24	%		12.48	%		12.05	%		12.29	%		12.25	%
Number of shares outstanding (e)		20,892			20,888			20,850			20,861			20,861
Book value per share - GAAP (a/e)	$	31.78		$	31.27		$	30.33		$	30.36		$	30.05
Tangible book value per share - Non-GAAP (c/e)		30.73			30.22			29.27			29.29			28.98

Republic Bancorp, Inc. Financial Information
Second Quarter 2018 Earnings Release (continued)
(7)	The efficiency ratio, a non-GAAP measure, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities, if applicable.
(8)	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.
(9)	FTEs – Full-time-equivalent employees.
(10)	Delinquent loans for the RPG segment included $13 million of EAs at March 31, 2018. EAs were only offered during the first two months of 2018. EAs do not have a contractual due date but the Company considers an EA delinquent if it remains unpaid three weeks after the taxpayer customer’s tax return is submitted to the applicable taxing authority. All unpaid EAs are charged-off by the end of the second quarter of each year.
NM – Not meaningful

CONTACT:
Republic Bancorp, Inc.
Kevin Sipes, 502-560-8628
Executive Vice President & Chief Financial Officer