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

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2023

TABLE OF CONTENTS

BALANCE SHEET DATA	S-2
AVERAGE BALANCE SHEET DATA	S-3
INCOME STATEMENT DATA	S-4
SELECTED DATA AND RATIOS	S-5
LOAN COMPOSITION	S-6
ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-6
CREDIT QUALITY DATA AND RATIOS	S-7
SEGMENT DATA	S-8
FOOTNOTES	S-10

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023

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

Balance Sheet Data
	As of															$ Change			$ Change
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			From Dec. 31,2022			From Mar. 31, 2022
Assets:
Cash and cash equivalents	$	249,289		$	313,689		$	754,393		$	795,143		$	1,077,158		$	(64,400	)	$	(827,869	)
Investment securities, net of allowance for credit losses		725,163			707,862			662,750			655,296			614,836			17,301			110,327
Loans held for sale		18,466			19,177			24,387			39,727			28,037			(711	)		(9,571	)
Loans		4,774,234			4,515,802			4,289,450			4,362,233			4,390,243			258,432			383,991
Allowance for credit losses		(96,121	)		(70,413	)		(64,919	)		(64,449	)		(71,656	)		(25,708	)		(24,465	)
Loans, net		4,678,113			4,445,389			4,224,531			4,297,784			4,318,587			232,724			359,526
Federal Home Loan Bank stock, at cost		25,939			9,146			8,568			10,311			10,311			16,793			15,628
Premises and equipment, net		33,672			31,978			32,813			33,886			34,358			1,694			(686	)
Right-of-use assets		36,245			37,017			41,303			41,364			42,402			(772	)		(6,157	)
Goodwill		41,618			16,300			16,300			16,300			16,300			25,318			25,318
Other real estate owned ("OREO")		1,529			1,581			1,634			1,687			1,740			(52	)		(211	)
Bank owned life insurance ("BOLI")		102,322			101,687			101,013			100,396			99,773			635			2,549
Low-income housing tax credit investments		73,901			75,324			63,319			58,446			49,427			(1,423	)		24,474
Other assets and accrued interest receivable		87,834			76,393			68,652			62,136			56,940			11,441			30,894
Total assets	$	6,074,091		$	5,835,543		$	5,999,663		$	6,112,476		$	6,349,869		$	238,548		$	(275,778	)
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	2,013,957		$	1,908,768		$	2,013,337		$	2,093,853		$	2,226,160		$	105,189		$	(212,203	)
Interest-bearing		2,785,711			2,629,077			2,786,385			2,733,093			2,860,392			156,634			(74,681	)
Total deposits		4,799,668			4,537,845			4,799,722			4,826,946			5,086,552			261,823			(286,884	)
Securities sold under agreements to repurchase ("SSUAR") and other short-term borrowings		134,412			216,956			209,376			303,315			287,818			(82,544	)		(153,406	)
Operating lease liabilities		37,031			37,809			42,109			42,163			43,204			(778	)		(6,173	)
Federal Home Loan Bank advances		108,000			95,000			20,000			20,000			20,000			13,000			88,000
Low-income housing tax credit obligations		42,437			43,609			32,224			27,974			19,738			(1,172	)		22,699
Other liabilities and accrued interest payable		70,341			47,711			53,169			48,212			50,981			22,630			19,360
Total liabilities		5,191,889			4,978,930			5,156,600			5,268,610			5,508,293			212,959			(316,404	)
Stockholders' equity		882,202			856,613			843,063			843,866			841,576			25,589			40,626
Total liabilities and stockholders' equity	$	6,074,091		$	5,835,543		$	5,999,663		$	6,112,476		$	6,349,869		$	238,548		$	(275,778	)

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

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

Average Balance Sheet Data
	Three Months Ended															Three Months Ended						$ Change (8)
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022			3M to 3M
Assets:
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	241,211		$	553,695		$	727,626		$	813,956		$	861,822		$	241,211		$	861,822		$	(620,611	)
Investment securities, including FHLB stock		773,172			693,825			694,781			691,427			606,182			773,172			606,182			166,990
Loans, including loans held for sale		4,665,543			4,353,256			4,306,169			4,339,432			4,355,255			4,665,543			4,355,255			310,288
Total interest-earning assets		5,679,926			5,600,776			5,728,576			5,844,815			5,823,259			5,679,926			5,823,259			(143,333	)
Allowance for credit losses		(83,195	)		(65,290	)		(65,262	)		(72,037	)		(69,287	)		(83,195	)		(69,287	)		(13,908	)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		295,905			115,416			108,069			172,382			354,165			295,905			354,165			(58,260	)
Premises and equipment, net		32,232			32,518			33,307			34,322			35,460			32,232			35,460			(3,228	)
Bank owned life insurance		102,004			101,361			100,740			100,152			99,532			102,004			99,532			2,472
Other assets		186,169			153,721			171,392			161,548			180,913			186,169			180,913			5,256
Total assets	$	6,213,041		$	5,938,502		$	6,076,822		$	6,241,182		$	6,424,042		$	6,213,041		$	6,424,042		$	(211,001	)
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits	$	2,663,099		$	2,704,764		$	2,777,124		$	2,779,941		$	2,827,496		$	2,663,099		$	2,827,496		$	(164,397	)
SSUARs and other short-term borrowings		202,910			247,123			220,149			294,388			300,169			202,910			300,169			(97,259	)
Federal Home Loan Bank advances		245,344			21,630			20,000			20,000			23,333			245,344			23,333			222,011
Total interest-bearing liabilities		3,111,353			2,973,517			3,017,273			3,094,329			3,150,998			3,111,353			3,150,998			(39,645	)
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		2,089,162			1,994,233			2,096,206			2,196,794			2,312,233			2,089,162			2,312,233			(223,071	)
Other liabilities		133,321			114,196			108,964			100,118			112,699			133,321			112,699			20,622
Stockholders' equity		879,205			856,556			854,379			849,941			848,112			879,205			848,112			31,093
Total liabilities and stockholders’ equity	$	6,213,041		$	5,938,502		$	6,076,822		$	6,241,182		$	6,424,042		$	6,213,041		$	6,424,042		$	(211,001	)

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (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															Three Months Ended						$ Change (8)
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022			3M to 3M
Total interest income (1)	$	100,356		$	66,555		$	60,617		$	52,902		$	64,110		$	100,356		$	64,110		$	36,246
Total interest expense		7,714			3,442			2,020			1,088			943			7,714			943			6,771
Net interest income		92,642			63,113			58,597			51,814			63,167			92,642			63,167			29,475
Provision (2)		26,766			7,844			1,573			3,705			9,226			26,766			9,226			17,540
Noninterest income:
Service charges on deposit accounts		3,299			3,428			3,409			3,363			3,226			3,299			3,226			73
Net refund transfer fees		10,807			486			593			3,950			12,051			10,807			12,051			(1,244	)
Mortgage banking income (3)		800			622			1,154			1,763			2,657			800			2,657			(1,857	)
Interchange fee income		3,051			3,272			3,322			3,461			3,070			3,051			3,070			(19	)
Program fees (3)		3,241			3,501			4,932			3,885			3,854			3,241			3,854			(613	)
Increase in cash surrender value of BOLI		635			674			617			623			612			635			612			23
Net losses on OREO		(53	)		(53	)		(53	)		(52	)		(53	)		(53	)		(53	)		—
Contract termination fee		—			—			—			—			5,000			—			5,000			(5,000	)
Legal settlement		—			—			—			13,000			—			—			—			—
Other		901			1,194			1,134			576			592			901			592			309
Total noninterest income		22,681			13,124			15,108			30,569			31,009			22,681			31,009			(8,328	)
Noninterest expense:
Salaries and employee benefits		29,961			25,763			27,269			28,896			29,312			29,961			29,312			649
Technology, equipment, and communication		7,228			7,276			7,235			7,229			7,214			7,228			7,214			14
Occupancy		3,406			3,139			3,211			3,224			3,440			3,406			3,440			(34	)
Marketing and development		1,574			1,856			1,951			1,720			1,348			1,574			1,348			226
FDIC insurance expense		637			427			423			399			419			637			419			218
Interchange related expense		1,499			1,171			1,221			1,264			1,117			1,499			1,117			382
Legal and professional fees		1,061			951			904			804			1,365			1,061			1,365			(304	)
Merger expense		2,073			—			—			—			—			2,073			—			2,073
Other (2)		5,004			4,322			3,952			4,120			4,366			5,004			4,366			638
Total noninterest expense		52,443			44,905			46,166			47,656			48,581			52,443			48,581			3,862
Income before income tax expense		36,114			23,488			25,966			31,022			36,369			36,114			36,369			(255	)
Income tax expense		8,022			4,975			6,070			6,675			8,019			8,022			8,019			3
Net income	$	28,092		$	18,513		$	19,896		$	24,347		$	28,350		$	28,092		$	28,350		$	(258	)

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

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

Selected Data and Ratios
	As of and for the Three Months Ended															As of and for the Three Months Ended						Change (8)
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022			From Mar. 31,2022 or 3M to 3M
Per Share Data:
Basic weighted average shares outstanding		19,935			19,929			19,919			20,107			20,145			19,935			20,145			(210	)
Diluted weighted average shares outstanding		19,990			19,981			19,981			20,169			20,225			19,990			20,225			(235	)
Period-end shares outstanding:
Class A Common Stock		17,585			17,587			17,587			17,629			17,834			17,585			17,834			(249	)
Class B Common Stock		2,160			2,160			2,160			2,161			2,165			2,160			2,165			(5	)
Book value per share (4)	$	44.68		$	43.38		$	42.69		$	42.64		$	42.08		$	44.68		$	42.08		$	2.60
Tangible book value per share (4)		42.00			42.11			41.40			41.34			40.79			42.00			40.79			1.21
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.42		$	0.94		$	1.01		$	1.23		$	1.42		$	1.42		$	1.42		$	-
Basic EPS - Class B Common Stock		1.30			0.86			0.92			1.12			1.29			1.30			1.29			0.01
Diluted EPS - Class A Common Stock		1.42			0.94			1.01			1.22			1.42			1.42			1.42			-
Diluted EPS - Class B Common Stock		1.29			0.85			0.92			1.11			1.29			1.29			1.29			-
Cash dividends declared per Common share:
Class A Common Stock	$	0.374		$	0.341		$	0.341		$	0.341		$	0.341		$	0.374		$	0.341		$	0.033
Class B Common Stock		0.340			0.310			0.310			0.310			0.310			0.340			0.310			0.030
Performance Ratios:
Return on average assets		1.81	%		1.25	%		1.28	%		1.53	%		1.74	%		1.81	%		1.77	%		0.04	%
Return on average equity		12.78			8.65			9.15			11.23			13.19			12.78			13.37			(0.59	)
Efficiency ratio (5)		45			59			63			68			54			45			54			(9	)
Yield on average interest-earning assets (1)		7.07			4.75			4.19			3.58			4.37			7.07			4.40			2.67
Cost of average interest-bearing liabilities		0.99			0.46			0.27			0.14			0.12			0.99			0.12			0.87
Cost of average deposits (6)		0.41			0.26			0.15			0.08			0.07			0.41			0.07			0.34
Net interest spread (1)		6.08			4.29			3.92			3.44			4.25			6.08			4.28			1.80
Net interest margin - Total Company (1)		6.52			4.51			4.05			3.51			4.30			6.52			4.34			2.18
Net interest margin - Core Bank		3.98			3.82			3.54			3.02			2.92			3.98			2.92			1.05
Other Information:
End of period FTEs (7) - Total Company		1,031			998			1,009			1,020			1,040			1,031			1,040			(9	)
End of period FTEs - Core Bank		972			932			916			929			955			972			955			17
Number of full-service banking centers		45			42			42			42			42			42			42			3

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

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

Loan Composition and Allowance for Credit Losses on Loans
	As of															Change			Change
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			From Dec. 31,2022			From Mar. 31, 2022
Loan Composition
Traditional Banking:
Residential real estate:
Owner occupied	$	972,214		$	911,427		$	863,899		$	832,137		$	808,658		$	60,787		$	163,556
Nonowner occupied		328,529			321,358			321,037			313,534			314,933			7,171			13,596
Commercial real estate		1,682,573			1,599,510			1,571,593			1,569,119			1,556,575			83,063			125,998
Construction & land development		167,829			153,875			147,418			137,452			129,970			13,954			37,859
Commercial & industrial		478,101			413,387			412,826			408,832			360,451			64,714			117,650
Lease financing receivables		73,270			10,505			11,333			11,345			10,396			62,765			62,874
Aircraft		184,344			179,785			166,313			159,958			151,284			4,559			33,060
Home equity		250,050			241,739			229,038			214,069			210,364			8,311			39,686
Consumer:
Credit cards		16,775			15,473			14,897			15,419			14,654			1,302			2,121
Overdrafts		775			726			723			901			716			49			59
Automobile loans		5,267			6,731			7,890			9,579			11,846			(1,464	)		(6,579	)
Other consumer		5,450			626			973			1,245			939			4,824			4,511
Total Traditional Banking		4,165,177			3,855,142			3,747,940			3,673,590			3,570,786			310,035			594,391
Warehouse lines of credit		457,365			403,560			442,238			596,678			690,200			53,805			(232,835	)
Total Core Banking		4,622,542			4,258,702			4,190,178			4,270,268			4,260,986			363,840			361,556
Republic Processing Group:
Tax Refund Solutions:
Refund Advances		31,665			97,505			—			—			16,475			(65,840	)		15,190
Other TRS commercial & industrial loans		8,327			51,767			295			149			25,132			(43,440	)		(16,805	)
Republic Credit Solutions		111,700			107,828			98,977			91,816			87,650			3,872			24,050
Total Republic Processing Group		151,692			257,100			99,272			91,965			129,257			(105,408	)		22,435
Total loans - Total Company	$	4,774,234		$	4,515,802		$	4,289,450		$	4,362,233		$	4,390,243		$	258,432		$	383,991
Allowance for Credit Losses on Loans ("Allowance")
Traditional Banking	$	55,216		$	50,709		$	49,231		$	49,727		$	49,616		$	4,507		$	5,600
Warehouse Lending		1,144			1,009			1,105			1,491			1,725			135			(581	)
Total Core Banking		56,360			51,718			50,336			51,218			51,341			4,642			5,019
Tax Refund Solutions		25,981			3,888			—			—			8,370			22,093			17,611
Republic Credit Solutions		13,780			14,807			14,583			13,231			11,945			(1,027	)		1,835
Total Republic Processing Group		39,761			18,695			14,583			13,231			20,315			21,066			19,446
Total Allowance - Total Company	$	96,121		$	70,413		$	64,919		$	64,449		$	71,656		$	25,708		$	24,465
Allowance to Total Loans
Traditional Banking		1.33	%		1.32	%		1.31	%		1.35	%		1.39	%		0.01	%		(0.06	)%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25			—			—
Total Core Banking		1.22			1.21			1.20			1.20			1.20			0.01			0.02
Tax Refund Solutions		64.97			2.60			—			—			20.12			62.37			44.85
Republic Credit Solutions		12.34			13.73			14.73			14.41			13.63			(1.39	)		(1.29	)
Total Republic Processing Group		26.21			7.27			14.69			14.39			15.72			18.94			10.49
Total Company		2.01			1.56			1.51			1.48			1.63			0.45			0.38

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

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

Credit Quality Data and Ratios
	As of and for the Three Months Ended															As of and for the Three Months Ended						Change (8)
	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022			From Mar. 31,2022 or 3M to 3M
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	15,833		$	15,562		$	16,322		$	16,168		$	16,935		$	15,833		$	16,935		$	(1,102	)
Loans past due 90-days-or-more and still on accrual		777			756			37			42			31			777			31			746
Total nonperforming loans		16,610			16,318			16,359			16,210			16,966			16,610			16,966			(356	)
OREO		1,529			1,581			1,634			1,687			1,740			1,529			1,740			(211	)
Total nonperforming assets	$	18,139		$	17,899		$	17,993		$	17,897		$	18,706		$	18,139		$	18,706		$	(567	)
Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	15,833		$	15,562		$	16,322		$	16,168		$	16,935		$	15,833		$	16,935		$	(1,102	)
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—			—
Total nonperforming loans		15,833			15,562			16,322			16,168			16,935			15,833			16,935			(1,102	)
OREO		1,529			1,581			1,634			1,687			1,740			1,529			1,740			(211	)
Total nonperforming assets	$	17,362		$	17,143		$	17,956		$	17,855		$	18,675		$	17,362		$	18,675		$	(1,313	)
Delinquent Loans:
Delinquent loans - Core Bank	$	5,537		$	6,060		$	4,368		$	5,352		$	5,863		$	5,537		$	5,863		$	(326	)
RPG		30,587			9,200			7,522			6,099			10,352			30,587			10,352			20,235
Total delinquent loans - Total Company	$	36,124		$	15,260		$	11,890		$	11,451		$	16,215		$	36,124		$	16,215		$	19,909
NCOs (Recoveries) by Segment:
Traditional Bank	$	77		$	238		$	(187	)	$	(5	)	$	118		$	77		$	118		$	(41	)
Warehouse Lending loans		—			—			—			—			—			—			—			—
Core Bank loans		77			238			(187	)		(5	)		118			77			118			(41	)
Tax Refund Solutions		(285	)		(909	)		(1,296	)		8,730			(362	)		(285	)		(362	)		77
Republic Credit Solutions		2,866			3,021			2,656			2,147			2,398			2,866			2,398			468
RPG		2,581			2,112			1,360			10,877			2,036			2,581			2,036			545
Total NCOs (recoveries) - Total Company	$	2,658		$	2,350		$	1,173		$	10,872		$	2,154		$	2,658		$	2,154		$	504
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.35	%		0.36	%		0.38	%		0.37	%		0.39	%		0.35	%		0.39	%		(0.04	)%
Nonperforming assets to total loans (including OREO)		0.38			0.40			0.42			0.41			0.43			0.38			0.43			(0.05	)
Nonperforming assets to total assets		0.30			0.31			0.30			0.29			0.29			0.30			0.29			0.01
Allowance for credit losses to total loans		2.01			1.56			1.51			1.48			1.63			2.01			1.63			0.38
Allowance for credit losses to nonperforming loans		579			432			397			398			422			579			422			157
Delinquent loans to total loans (9)		0.76			0.34			0.28			0.26			0.37			0.76			0.37			0.39
NCOs (recoveries) to average loans (annualized)		0.23			0.22			0.11			1.00			0.20			0.23			0.20			0.03
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.34	%		0.37	%		0.39	%		0.38	%		0.40	%		0.34	%		0.40	%		(0.06	)%
Nonperforming assets to total loans (including OREO)		0.38			0.40			0.43			0.42			0.44			0.38			0.44			(0.06	)
Nonperforming assets to total assets		0.32			0.32			0.33			0.32			0.33			0.32			0.33			(0.01	)
Allowance for credit losses to total loans		1.22			1.21			1.20			1.20			1.20			1.22			1.20			0.02
Allowance for credit losses to nonperforming loans		356			332			308			317			303			356			303			53
Delinquent loans to total loans		0.12			0.14			0.10			0.13			0.14			0.12			0.14			(0.02	)
NCOs (recoveries) to average loans (annualized)		0.01			0.02			(0.02	)		—			0.01			0.01			0.01			(0.00	)
TRS Refund Advances ("RAs")
RAs originated	$	737,047		$	97,505		$	—		$	—		$	311,207		$	737,047		$	311,207		$	425,840
Net (credit) charge to the Provision for RAs		21,715			2,888			(1,296	)		564			8,315			21,715			8,315			13,400
RAs NCOs (recoveries)	$	(285	)	$	(909	)	$	(1,296	)	$	8,879		$	—		$	(285	)	$	—		$	(285	)

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (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 March 31, 2023, 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 nature of segment operations and the primary drivers of net revenues by reportable segment are provided below:

Reportable Segment:	Nature of Operations:	Primary Drivers of Net Revenue:
Core Banking:
Traditional Banking	Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels.	Loans, investments, and deposits
Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the United States.	Mortgage warehouse lines of credit
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 refunds through Refund Transfer 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 2022 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

Segment information for the quarters and years ended March 31, 2023 and 2022 follows:

	Three Months Ended March 31, 2023
	Core Banking												Republic Processing Group
										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	$	50,107		$	2,087		$	61		$	52,255		$	31,765		$	8,622		$	40,387		$	92,642
Provision for expected credit loss expense		2,984			135			—			3,119			21,808			1,839			23,647			26,766
Net refund transfer fees		—			—			—			—			10,807			—			10,807			10,807
Mortgage banking income		—			—			800			800			—			—			—			800
Program fees		—			—			—			—			707			2,534			3,241			3,241
Other noninterest income		7,654			11			17			7,682			126			25			151			7,833
Total noninterest income		7,654			11			817			8,482			11,640			2,559			14,199			22,681
Total noninterest expense		40,852			968			2,554			44,374			5,648			2,421			8,069			52,443
Income (loss) before income tax expense		13,925			995			(1,676	)		13,244			15,949			6,921			22,870			36,114
Income tax expense (benefit)		3,082			223			(369	)		2,936			3,541			1,545			5,086			8,022
Net income (loss)	$	10,843		$	772		$	(1,307	)	$	10,308		$	12,408		$	5,376		$	17,784		$	28,092
Period-end assets	$	4,974,002		$	458,675		$	13,421		$	5,446,098		$	511,150		$	116,843		$	627,993		$	6,074,091
Net interest margin		4.07	%		2.53	%	NM				3.98	%	NM			NM			NM				6.52	%
Net-revenue concentration*		49	%		2	%		1	%		52	%		38	%		10	%		48	%		100	%

	Three Months Ended March 31, 2022
	Core Banking												Republic Processing Group
										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	$	36,148		$	4,515		$	204		$	40,867		$	15,404		$	6,896		$	22,300		$	63,167
Provision for expected credit loss expense		320			(401	)		—			(81	)		7,912			1,395			9,307			9,226
Net refund transfer fees		—			—			—			—			12,051			—			12,051			12,051
Mortgage banking income		—			—			2,657			2,657			—			—			—			2,657
Program fees		—			—			—			—			727			3,127			3,854			3,854
Contract termination fee		—			—			—			—			5,000			—			5,000			5,000
Legal settlement		5,000			—			—			5,000			—			—			—			5,000
Other noninterest income		2,242			13			34			2,289			158			—			158			2,447
Total noninterest income		7,242			13			2,691			9,946			17,936			3,127			21,063			31,009
Total noninterest expense		38,227			952			2,690			41,869			5,145			1,567			6,712			48,581
Income before income tax expense		4,843			3,977			205			9,025			20,283			7,061			27,344			36,369
Income tax expense		468			904			45			1,417			4,906			1,696			6,602			8,019
Net income	$	4,375		$	3,073		$	160		$	7,608		$	15,377		$	5,365		$	20,742		$	28,350
Period-end assets	$	4,984,918		$	689,204		$	28,573		$	5,702,695		$	552,101		$	95,073		$	647,174		$	6,349,869
Net interest margin		2.90	%		3.09	%	NM				2.92	%	NM			NM			NM				4.34	%
Net-revenue concentration*		46	%		5	%		3	%		54	%		35	%		11	%		46	%		100	%

*Net revenues represent total net interest income plus noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First quarter 2023 (continued)

Footnotes:

(1) The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company’s loan fees by segment:

	Three Months Ended											Three Months Ended				$ Change (8)
(dollars in thousands)	Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022			Jun. 30, 2022		Mar. 31, 2022		Mar. 31, 2023		Mar. 31, 2022		3M to 3M
Traditional Bank excluding PPP fees	$	936	$	883	$	911		$	1,545	$	1,451	$	936	$	1,451	$	(515	)
Traditional Bank - PPP fees		7		60		152			124		879		7		879		(872	)
Warehouse Lending		248		272		402			500		574		248		574		(326	)
Total Core Bank		1,191		1,215		1,465			2,169		2,904		1,191		2,904		(1,713	)
TRS - Refund Advances		31,404		50		81			81		13,444		31,404		13,444		17,960
TRS - Other Loan Fees		933		825		(1	)		2		662		933		662		271
RCS		7,962		7,501		7,196			6,364		6,257		7,962		6,257		1,705
Total RPG		40,299		8,376		7,276			6,447		20,363		40,299		20,363		19,936
Total loan fees - Total Company	$	41,490	$	9,591	$	8,741		$	8,616	$	23,267	$	41,490	$	23,267	$	18,223

(2)

Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment securities. Provision expense for off-balance sheet credit exposures is a component of “Other” noninterest expense.

(3)

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

	As of and for the Three Months Ended															As of and for the Three Months Ended						$ Change (8)
(dollars in thousands)	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022			3M to 3M
Mortgage Loans Held for Sale
Balance, beginning of period	$	1,302		$	2,912		$	8,491		$	13,302		$	29,393		$	1,302		$	29,393		$	(28,091	)
Originations		15,942			10,359			32,856			61,489			100,661			15,942			100,661			(84,719	)
Proceeds from sales		(16,630	)		(12,207	)		(39,220	)		(67,759	)		(119,212	)		(16,630	)		(119,212	)		102,582
Net gain on sale		420			238			785			1,459			2,460			420			2,460			(2,040	)
Balance, end of period	$	1,034		$	1,302		$	2,912		$	8,491		$	13,302		$	1,034		$	13,302		$	(12,268	)
RCS Consumer Loans Held for Sale
Balance, beginning of period	$	17,875		$	21,475		$	31,236		$	14,735		$	22,684		$	17,875		$	22,684		$	(4,809	)
Originations		207,222			225,588			292,131			282,782			245,214			207,222			245,214			(37,992	)
Proceeds from sales		(210,199	)		(231,999	)		(306,093	)		(269,429	)		(256,280	)		(210,199	)		(256,280	)		46,081
Net gain on sale		2,534			2,811			4,201			3,148			3,117			2,534			3,117			(583	)
Balance, end of period	$	17,432		$	17,875		$	21,475		$	31,236		$	14,735		$	17,432		$	14,735		$	2,697

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(4) The following table provides a reconciliation of total stockholders’ equity in accordance with 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.

	As of
(dollars in thousands, except per share data)	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022
Total stockholders' equity - GAAP (a)	$	882,202		$	856,613		$	843,063		$	843,866		$	841,576
Less: Goodwill		41,618			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		8,406			8,769			9,177			9,407			9,502
Less: Core deposit intangible		2,813			—			—			—			—
Tangible stockholders' equity - Non-GAAP (c)	$	829,365		$	831,544		$	817,586		$	818,159		$	815,774
Total assets - GAAP (b)	$	6,074,091		$	5,835,543		$	5,999,663		$	6,112,476		$	6,349,869
Less: Goodwill		41,618			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		8,406			8,769			9,177			9,407			9,502
Less: Core deposit intangible		2,813			—			—			—			—
Tangible assets - Non-GAAP (d)	$	6,021,254		$	5,810,474		$	5,974,186		$	6,086,769		$	6,324,067
Total stockholders' equity to total assets - GAAP (a/b)		14.52	%		14.68	%		14.05	%		13.81	%		13.25	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.77	%		14.31	%		13.69	%		13.44	%		12.90	%
Number of shares outstanding (e)		19,745			19,747			19,747			19,790			19,999
Book value per share - GAAP (a/e)	$	44.68		$	43.38		$	42.69		$	42.64		$	42.08
Tangible book value per share - Non-GAAP (c/e)		42.00			42.11			41.40			41.34			40.79

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

	Three Months Ended															Three Months Ended
(dollars in thousands)	Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Mar. 31, 2022			Mar. 31, 2023			Mar. 31, 2022
Net interest income - GAAP	$	92,642		$	63,113		$	58,597		$	51,814		$	63,167		$	92,642		$	63,167
Noninterest income - GAAP		22,681			13,124			15,108			30,569			31,009			22,681			31,009
Less: Contract termination fee related to TRS Transaction		—			—			—			—			5,000			—			5,000
Less: Legal settlement related to TRS Transaction		—			—			—			13,000			—			—			—
Less: Net gain (loss) on securities		1			1			2			(102	)		(120	)		1			(120	)
Total adjusted income - Non-GAAP (a)	$	115,322		$	76,236		$	73,703		$	69,485		$	89,296		$	115,322		$	89,296
Noninterest expense - GAAP	$	52,443		$	44,905		$	46,166		$	47,656		$	48,581		$	52,443		$	48,581
Less: Expenses related to TRS Transaction		—			—			88			699			127			—			127
Adjusted noninterest expense - Non-GAAP (b)	$	52,443		$	44,905		$	46,078		$	46,957		$	48,454		$	52,443		$	48,454
Efficiency Ratio - Non-GAAP (b/a)		45	%		59	%		63	%		68	%		54	%		45	%		54	%

(6)	The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average interest-bearing deposits plus total average noninterest-bearing deposits.
(7)	FTEs – Full-time-equivalent employees.
(8)	Quarter (“Q”) to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M  (three months), 6M to 6M (six months), 9M to 9M (nine months), or 12M to 12M (twelve months).
(9)	The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is determined by the number of days or the number of payments past due. Delinquent loans as of March 31, 2023, included $18.5 million of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2023 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

NM – Not meaningful

S-11

NA – Not applicable

YTD – Year to date

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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