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

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2023

TABLE OF CONTENTS

BALANCE SHEET DATA	S-2
AVERAGE BALANCE SHEET DATA	S-3
TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES	S-4
INCOME STATEMENT DATA	S-5
SELECTED DATA AND RATIOS	S-6
LOAN COMPOSITION	S-7
ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-7
CREDIT QUALITY DATA AND RATIOS	S-8
SEGMENT DATA	S-9
FOOTNOTES	S-12

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		From Dec. 31,2022		From Sep. 30, 2022
Assets:
Cash and cash equivalents	$	219,653	$	241,967	$	249,289	$	313,689	$	754,393	$	(94,036)	$	(534,740)
Investment securities, net of allowance for credit losses		703,007		706,238		725,163		707,862		662,750		(4,855)		40,257
Loans held for sale		24,683		25,582		18,466		19,177		24,387		5,506		296
Loans		5,081,099		5,053,142		4,774,234		4,515,802		4,289,450		565,297		791,649
Allowance for credit losses		(74,576)		(72,202)		(96,121)		(70,413)		(64,919)		(4,163)		(9,657)
Loans, net		5,006,523		4,980,940		4,678,113		4,445,389		4,224,531		561,134		781,992
Federal Home Loan Bank stock, at cost		31,420		29,395		25,939		9,146		8,568		22,274		22,852
Premises and equipment, net		33,926		33,840		33,672		31,978		32,813		1,948		1,113
Right-of-use assets		35,907		34,939		36,245		37,017		41,303		(1,110)		(5,396)
Goodwill		40,516		40,516		41,618		16,300		16,300		24,216		24,216
Other real estate owned ("OREO")		1,423		1,478		1,529		1,581		1,634		(158)		(211)
Bank owned life insurance ("BOLI")		103,211		102,521		102,322		101,687		101,013		1,524		2,198
Low-income housing tax credit investments		76,047		77,426		73,901		75,324		63,319		723		12,728
Other assets and accrued interest receivable		110,159		94,937		87,834		76,393		68,652		33,766		41,507
Total assets	$	6,386,475	$	6,369,779	$	6,074,091	$	5,835,543	$	5,999,663	$	550,932	$	386,812
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,702,979	$	1,854,907	$	2,013,957	$	1,908,768	$	2,013,337	$	(205,789)	$	(310,358)
Interest-bearing		3,090,603		2,874,374		2,785,711		2,629,077		2,786,385		461,526		304,218
Total deposits		4,793,582		4,729,281		4,799,668		4,537,845		4,799,722		255,737		(6,140)
Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		80,797		92,093		134,412		216,956		209,376		(136,159)		(128,579)
Operating lease liabilities		36,726		35,721		37,031		37,809		42,109		(1,083)		(5,383)
Federal Home Loan Bank advances		465,000		520,000		108,000		95,000		20,000		370,000		445,000
Low-income housing tax credit obligations		58,858		55,998		42,437		43,609		32,224		15,249		26,634
Other liabilities and accrued interest payable		58,112		49,715		70,341		47,711		53,169		10,401		4,943
Total liabilities		5,493,075		5,482,808		5,191,889		4,978,930		5,156,600		514,145		336,475
Stockholders' equity		893,400		886,971		882,202		856,613		843,063		36,787		50,337
Total liabilities and stockholders' equity	$	6,386,475	$	6,369,779	$	6,074,091	$	5,835,543	$	5,999,663	$	550,932	$	386,812

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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										$ Change  (8)		Nine Months Ended				$ Change  (8)
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Q3 to Q3		Sep. 30, 2023		Sep. 30, 2022		9M to 9M
Assets:
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	177,003	$	114,368	$	241,211	$	553,695	$	727,626	$	(550,623)	$	177,292	$	800,643	$	(623,351)
Investment securities, including FHLB stock		771,453		774,829		773,172		693,825		694,781		76,672		773,145		664,455		108,690
Loans, including loans held for sale		5,006,081		4,904,167		4,665,543		4,353,256		4,306,169		699,912		4,859,845		4,333,439		526,406
Total interest-earning assets		5,954,537		5,793,364		5,679,926		5,600,776		5,728,576		225,961		5,810,282		5,798,537		11,745
Allowance for credit losses		(73,438)		(96,720)		(83,195)		(65,290)		(65,262)		(8,176)		(84,415)		(68,847)		(15,568)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		96,303		113,865		295,905		115,416		108,069		(11,766)		167,960		210,637		(42,677)
Premises and equipment, net		34,013		33,967		32,232		32,518		33,307		706		33,411		34,355		(944)
Bank owned life insurance		102,825		102,599		102,004		101,361		100,740		2,085		102,479		100,146		2,333
Other assets		220,387		210,350		186,169		153,721		171,392		48,995		205,758		171,819		33,939
Total assets	$	6,334,627	$	6,157,425	$	6,213,041	$	5,938,502	$	6,076,822	$	257,805	$	6,235,475	$	6,246,647	$	(11,172)
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits	$	2,976,852	$	2,828,733	$	2,663,099	$	2,704,764	$	2,777,124	$	199,728	$	2,824,043	$	2,794,669	$	29,374
SSUARs and other short-term borrowings		90,063		117,852		202,910		247,123		220,149		(130,086)		136,528		271,276		(134,748)
Federal Home Loan Bank advances		441,543		256,000		245,344		21,630		20,000		421,543		315,015		21,099		293,916
Total interest-bearing liabilities		3,508,458		3,202,585		3,111,353		2,973,517		3,017,273		491,185		3,275,586		3,087,044		188,542
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,794,874		1,927,486		2,089,162		1,994,233		2,096,206		(301,332)		1,936,096		2,200,953		(264,857)
Other liabilities		133,029		132,687		133,321		114,196		108,964		24,065		133,011		107,214		25,797
Stockholders' equity		898,266		894,667		879,205		856,556		854,379		43,887		890,782		851,436		39,346
Total liabilities and stockholders’ equity	$	6,334,627	$	6,157,425	$	6,213,041	$	5,938,502	$	6,076,822	$	257,805	$	6,235,475	$	6,246,647	$	(11,172)

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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)

Total Company Average Balance Sheet and Interest Rates

	Three Months Ended September 30, 2023						Three Months Ended September 30, 2022
	Average				Average		Average				Average		$ Change (8)
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate		Q3 to Q3
ASSETS
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	177,003	$	2,395	5.41	%	$	727,626	$	4,175	2.30	%	$	(550,623)
Investment securities, including FHLB stock (1)		771,453		5,298	2.75			694,781		3,273	1.88			76,672
TRS Refund Advance loans (2)		(357)		31	(34.73)			(465)		80	(68.82)			108
RCS LOC products (2)		37,319		9,762	104.63			30,919		7,196	93.09			6,400
Other RPG loans (3) (6)		99,393		2,048	8.24			77,894		1,022	5.25			21,499
Outstanding Warehouse lines of credit (4) (6)		423,141		8,154	7.71			473,923		5,491	4.63			(50,782)
All other Core Bank loans (5) (6)		4,446,585		58,180	5.23			3,723,898		39,379	4.23			722,687
Total interest-earning assets		5,954,537		85,868	5.77			5,728,576		60,616	4.23			225,961
Allowance for credit losses		(73,438)						(65,262)						(8,176)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		96,303						108,069						(11,766)
Premises and equipment, net		34,013						33,307						706
Bank owned life insurance		102,825						100,740						2,085
Other assets (1)		220,387						170,693						49,694
Total assets	$	6,334,627					$	6,076,123					$	258,504
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction accounts	$	1,455,193	$	3,552	0.98	%	$	1,703,020	$	497	0.12	%	$	(247,827)
Money market accounts		905,089		6,391	2.82			787,523		601	0.31			117,566
Time deposits		328,071		2,706	3.30	��		238,149		703	1.18			89,922
Reciprocal money market and time deposits		281,277		2,748	3.91			48,432		31	0.26			232,845
Brokered deposits		7,222		100	5.54			—		—	—			7,222
Total interest-bearing deposits		2,976,852		15,497	2.08			2,777,124		1,832	0.26			199,728
SSUARs and other short-term borrowings		90,063		197	0.87			220,149		94	0.17			(130,086)
Federal Home Loan Bank advances and other long-term borrowings		441,543		5,349	4.85			20,000		95	1.90			421,543
Total interest-bearing liabilities		3,508,458		21,043	2.40			3,017,273		2,021	0.27			491,185
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,794,874						2,096,206						(301,332)
Other liabilities		133,029						108,966						24,063
Stockholders’ equity		898,266						853,679						44,587
Total liabilities and stockholders’ equity	$	6,334,627					$	6,076,124					$
Net interest income			$	64,825					$	58,595				—
Net interest spread					3.37	%					3.96	%		(0.59)	%
Net interest margin					4.35	%					4.09	%		0.26	%

(1) For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.

(2) Interest income for Refund Advances and RCS line-of-credit products is composed entirely of loan fees.

(3) Interest income includes loan fees of $0 and $0 for the three months ended September 30, 2023 and 2022.

(4) Interest income includes loan fees of $254,000 and $402,000 for the three months ended September 30, 2023 and 2022.

(5) Interest income includes loan fees of $1.7 million and $911,000 for the three months ended September 30, 2023 and 2022.

(6) Average balances for loans include the principal balance of nonaccrual loans and loans held for sale, and are inclusive of all loan premiums, discounts, fees and costs.

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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										$ Change (8)		Nine Months Ended				$ Change (8)
	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Q3 to Q3		Sep. 30, 2023		Sep. 30, 2022		9M to 9M
Total interest income (1)	$	85,868	$	79,054	$	100,356	$	66,555	$	60,617	$	25,251	$	265,278	$	177,629	$	87,649
Total interest expense		21,043		14,525		7,714		3,442		2,020		19,023		43,282		4,051		39,231
Net interest income		64,825		64,529		92,642		63,113		58,597		6,228		221,996		173,578		48,418
Provision (2)		3,730		6,139		26,766		7,844		1,573		2,157		36,635		14,504		22,131
Noninterest income:
Service charges on deposit accounts		3,559		3,527		3,299		3,428		3,409		150		10,385		9,998		387
Net refund transfer fees		242		4,479		10,807		486		593		(351)		15,528		16,594		(1,066)
Mortgage banking income (3)		852		907		800		622		1,154		(302)		2,559		5,574		(3,015)
Interchange fee income		3,282		3,419		3,051		3,272		3,322		(40)		9,752		9,853		(101)
Program fees (3)		4,041		3,739		3,241		3,501		4,932		(891)		11,021		12,671		(1,650)
Increase in cash surrender value of BOLI		690		689		635		674		617		73		2,014		1,852		162
Net losses on OREO		(53)		(52)		(53)		(53)		(53)		—		(158)		(158)		—
Contract termination fee		—		—		—		—		—		—		—		5,000		(5,000)
Legal settlement		—		—		—		—		—		—		—		13,000		(13,000)
Other		1,406		2,943		901		1,194		1,134		272		5,250		2,302		2,948
Total noninterest income		14,019		19,651		22,681		13,124		15,108		(1,089)		56,351		76,686		(20,335)
Noninterest expense:
Salaries and employee benefits		28,747		30,764		29,961		25,763		27,269		1,478		89,472		85,477		3,995
Technology, equipment, and communication		7,311		6,920		7,228		7,276		7,235		76		21,459		21,678		(219)
Occupancy		3,503		3,591		3,406		3,139		3,211		292		10,500		9,875		625
Marketing and development		2,055		2,513		1,574		1,856		1,951		104		6,142		5,019		1,123
FDIC insurance expense		677		724		637		427		423		254		2,038		1,241		797
Interchange related expense		1,580		1,350		1,499		1,171		1,221		359		4,429		3,602		827
Legal and professional fees		803		829		1,061		951		904		(101)		2,693		3,073		(380)
Merger expense		(132)		127		2,073		—		—		(132)		2,068		—		2,068
Other (2)		3,498		4,715		5,004		4,322		3,952		(454)		13,217		12,438		779
Total noninterest expense		48,042		51,533		52,443		44,905		46,166		1,876		152,018		142,403		9,615
Income before income tax expense		27,072		26,508		36,114		23,488		25,966		1,106		89,694		93,357		(3,663)
Income tax expense		5,501		5,456		8,022		4,975		6,070		(569)		18,979		20,764		(1,785)
Net income	$	21,571	$	21,052	$	28,092	$	18,513	$	19,896	$	1,675	$	70,715	$	72,593	$	(1,878)

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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														Change (8)			As of and for the Nine Months Ended						Change (8)
		Sep. 30, 2023		Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			From Dec. 31,2022 or Q3 to Q3			Sep. 30, 2023			Sep. 30, 2022			From Jun. 30,2022 or 6M to 6M
Per Share Data:
Basic weighted average shares outstanding		19,706			19,884			19,935			19,929			19,919			(213)			19,855			20,066			(211)
Diluted weighted average shares outstanding		19,774			19,906			19,990			19,981			19,981			(207)			19,910			20,134			(224)
Period-end shares outstanding:
Class A Common Stock		17,300			17,449			17,598			17,587			17,587			(287)			17,449			17,587			(138)
Class B Common Stock		2,154			2,157			2,160			2,160			2,160			(6)			2,157			2,160			(3)
Book value per share (4)	$	45.92		$	45.24		$	44.65		$	43.38		$	42.69		$	3.23		$	45.92		$	42.69		$	3.23
Tangible book value per share (4)		43.31			42.63			41.98			42.11			41.40			1.91			43.31			41.40			1.91
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.11		$	1.07		$	1.42		$	0.94		$	1.01		$	0.10		$	3.61		$	3.66		$	(0.05)
Basic EPS - Class B Common Stock		1.01			0.98			1.30			0.86			0.92			0.09			3.28			3.33			(0.05)
Diluted EPS - Class A Common Stock		1.10			1.07			1.42			0.94			1.01			0.09			3.60			3.65			(0.05)
Diluted EPS - Class B Common Stock		1.01			0.98			1.29			0.85			0.92			0.09			3.27			3.32			(0.05)
Cash dividends declared per Common share:
Class A Common Stock	$	0.374		$	0.374		$	0.374		$	0.341		$	0.341		$	0.033		$	1.122		$	1.023		$	0.099
Class B Common Stock		0.340			0.340			0.340			0.310			0.310			0.030			1.020			0.930			0.090
Performance Ratios:
Return on average assets		1.36	%		1.37	%		1.81	%		1.25	%		1.28	%		0.08	%		1.51	%		1.55	%		(0.04)	%
Return on average equity		9.61			9.41			12.78			8.65			9.15			0.46			10.58			11.37			(0.79)
Efficiency ratio (5)		61			62			45			59			63			(2)			55			61			(6)
Yield on average interest-earning assets (1)		5.77			5.46			7.07			4.75			4.19			1.58			6.09			4.08			2.01
Cost of average interest-bearing liabilities		2.40			1.81			0.99			0.46			0.27			2.13			1.76			0.18			1.58
Cost of average deposits (6)		1.30			0.94			0.41			0.26			0.15			1.15			0.88			0.10			0.78
Net interest spread (1)		3.37			3.65			6.08			4.29			3.92			(0.55)			4.33			3.90			0.43
Net interest margin - Total Company (1)		4.35			4.46			6.52			4.51			4.05			0.30			5.09			3.99			1.10
Net interest margin - Core Bank		3.43			3.65			3.98			3.82			3.54			(0.10)			3.68			3.16			0.52
Other Information:
End of period FTEs (7) - Total Company		1,033			1,043			1,031			998			1,009			24			1,033			1,009			24
End of period FTEs - Core Bank		976			985			972			932			916			60			976			916			60
Number of full-service banking centers		46			45			44			42			42			4			46			42			4

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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
	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			From Dec. 31,2022			From Sep. 30, 2022
Loan Composition
Traditional Banking:
Residential real estate:
Owner occupied	$	1,128,745		$	1,086,751		$	972,214		$	911,427		$	863,899		$	217,318		$	264,846
Nonowner occupied		344,682			350,390			328,529			321,358			321,037			23,324			23,645
Commercial real estate		1,745,187			1,727,092			1,682,573			1,599,510			1,571,593			145,677			173,594
Construction & land development		189,756			179,479			167,829			153,875			147,418			35,881			42,338
Commercial & industrial		473,790			478,759			478,101			413,387			412,826			60,403			60,964
Lease financing receivables		85,242			79,804			73,270			10,505			11,333			74,737			73,909
Aircraft		226,947			208,512			184,344			179,785			166,313			47,162			60,634
Home equity		275,750			255,755			250,050			241,739			229,038			34,011			46,712
Consumer:
Credit cards		16,950			17,134			16,775			15,473			14,897			1,477			2,053
Overdrafts		640			706			775			726			723			(86)			(83)
Automobile loans		3,380			4,177			5,267			6,731			7,890			(3,351)			(4,510)
Other consumer		5,674			6,109			5,450			626			973			5,048			4,701
Total Traditional Banking		4,496,743			4,394,668			4,165,177			3,855,142			3,747,940			641,601			748,803
Warehouse lines of credit		457,033			539,560			457,365			403,560			442,238			53,473			14,795
Total Core Banking		4,953,776			4,934,228			4,622,542			4,258,702			4,190,178			695,074			763,598
Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			31,665			97,505			—			(97,505)			—
Other TRS commercial & industrial loans		354			193			8,327			51,767			295			(51,413)			59
Republic Credit Solutions		126,969			118,721			111,700			107,828			98,977			19,141			27,992
Total Republic Processing Group		127,323			118,914			151,692			257,100			99,272			(129,777)			28,051
Total loans - Total Company	$	5,081,099		$	5,053,142		$	4,774,234		$	4,515,802		$	4,289,450		$	565,297		$	791,649
Allowance for Credit Losses on Loans  ("Allowance")
Traditional Banking	$	56,931		$	55,567		$	55,216		$	50,709		$	49,231		$	6,222		$	7,700
Warehouse Lending		1,143			1,346			1,144			1,009			1,105			134			38
Total Core Banking		58,074			56,913			56,360			51,718			50,336			6,356			7,738
Tax Refund Solutions		1			—			25,981			3,888			—			(3,887)			1
Republic Credit Solutions		16,501			15,289			13,780			14,807			14,583			1,694			1,918
Total Republic Processing Group		16,502			15,289			39,761			18,695			14,583			(2,193)			1,919
Total Allowance - Total Company	$	74,576		$	72,202		$	96,121		$	70,413		$	64,919		$	4,163		$	9,657
Allowance to Total Loans
Traditional Banking		1.27	%		1.26	%		1.33	%		1.32	%		1.31	%		(0.05)	%		(0.04)	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25			—			—
Total Core Banking		1.17			1.15			1.22			1.21			1.20			(0.04)			(0.03)
Tax Refund Solutions		0.28			—			64.97			2.60			—			(2.32)			0.28
Republic Credit Solutions		13.00			12.88			12.34			13.73			14.73			(0.73)			(1.73)
Total Republic Processing Group		12.96			12.86			26.21			7.27			14.69			5.69			(1.73)
Total Company		1.47			1.43			2.01			1.56			1.51			(0.09)			(0.04)

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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															Change (8)			As of and for the Nine Months Ended						Change (8)
	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			From Dec. 31, 2022 or Q4 to Q3			Sep. 30, 2023			Sep. 30, 2022			From Sep. 30,2022 or 9M to 9M
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	18,127		$	16,957		$	15,833		$	15,562		$	16,322		$	2,565		$	18,127		$	16,322		$	1,805
Loans past due 90-days-or-more and still on accrual		1,037			547			777			756			37			281			1,037			37			1,000
Total nonperforming loans		19,164			17,504			16,610			16,318			16,359			2,846			19,164			16,359			2,805
OREO		1,423			1,478			1,529			1,581			1,634			(158)			1,423			1,634			(211)
Total nonperforming assets	$	20,587		$	18,982		$	18,139		$	17,899		$	17,993		$	2,688		$	20,587		$	17,993		$	2,594
Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	18,127		$	16,957		$	15,833		$	15,562		$	16,322		$	2,565		$	18,127		$	16,322		$	1,805
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—			—			—
Total nonperforming loans		18,127			16,957			15,833			15,562			16,322			2,565			18,127			16,322			1,805
OREO		1,423			1,478			1,529			1,581			1,634			(158)			1,423			1,634			(211)
Total nonperforming assets	$	19,550		$	18,435		$	17,362		$	17,143		$	17,956		$	2,407		$	19,550		$	17,956		$	1,594
Delinquent Loans:
Delinquent loans - Core Bank	$	6,806		$	5,875		$	5,537		$	6,060		$	4,368		$	746		$	6,806		$	4,368		$	2,438
RPG		12,328			10,043			30,587			9,200			7,522			3,128			12,328			7,522			4,806
Total delinquent loans - Total Company	$	19,134		$	15,918		$	36,124		$	15,260		$	11,890		$	3,874		$	19,134		$	11,890		$	7,244
NCOs (Recoveries) by Segment:
Traditional Bank	$	203		$	125		$	77		$	238		$	(187)		$	(35)		$	405		$	(74)		$	479
Warehouse Lending loans		—			—			—			—			—			—			—			—			—
Core Bank loans		203			125			77			238			(187)			(35)			405			(74)			479
Tax Refund Solutions		(1,968)			25,762			(285)			(909)			(1,296)			(1,059)			23,509			7,072			16,437
Republic Credit Solutions		3,121			2,787			2,866			3,021			2,656			100			8,774			7,201			1,573
RPG		1,153			28,549			2,581			2,112			1,360			(959)			32,283			14,273			18,010
Total NCOs (recoveries) - Total Company	$	1,356		$	28,674		$	2,658		$	2,350		$	1,173		$	(994)		$	32,688		$	14,199		$	18,489
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.38	%		0.35	%		0.35	%		0.36	%		0.38	%		0.02	%		0.38	%		0.38	%		-	%
Nonperforming assets to total loans (including OREO)		0.41			0.38			0.38			0.40			0.42			0.01			0.41			0.42			(0.01)
Nonperforming assets to total assets		0.32			0.30			0.30			0.31			0.30			0.01			0.32			0.30			0.02
Allowance for credit losses to total loans		1.47			1.43			2.01			1.56			1.51			(0.09)			1.47			1.51			(0.04)
Allowance for credit losses to nonperforming loans		389			412			579			432			397			(43)			389			397			(8)
Delinquent loans to total loans (9)		0.38			0.32			0.76			0.34			0.28			0.04			0.38			0.28			0.10
NCOs (recoveries) to average loans (annualized)		0.11			2.34			0.23			0.22			0.11			(0.11)			0.90			0.44			0.46
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.37	%		0.34	%		0.34	%		0.37	%		0.39	%		-	%		0.37	%		0.39	%		(0.02)	%
Nonperforming assets to total loans (including OREO)		0.39			0.37			0.38			0.40			0.43			(0.01)			0.39			0.43			(0.04)
Nonperforming assets to total assets		0.33			0.32			0.32			0.32			0.33			0.01			0.33			0.33			-
Allowance for credit losses to total loans		1.17			1.15			1.22			1.21			1.20			(0.04)			1.17			1.20			(0.03)
Allowance for credit losses to nonperforming loans		320			336			356			332			308			(12)			320			308			12
Delinquent loans to total loans		0.14			0.12			0.12			0.14			0.10			-			0.14			0.10			0.04
Annualized NCOs (recoveries) to average loans		0.02			0.01			0.01			0.02			(0.02)			—			0.01			(0.00)			0.01
TRS Refund Advances ("RAs")
RAs originated	$	—		$	—		$	737,047		$	97,505		$	—		$	(97,505)		$	737,047		$	311,207		$	425,840
Net (credit) charge to the Provision for RAs		(1,939)			(161)			21,715			2,888			(1,296)			(4,827)			19,615			7,583			12,032
RAs NCOs (recoveries)		(1,939)			25,636			(285)			(909)			(1,296)		$	(1,030)			23,412			7,583			15,829

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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 September 30, 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-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2023 (continued)

Segment information for the quarters and years ended September 30, 2023 and 2022 follows:

		Three Months Ended September 30, 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	$	47,409		$	2,467		$	84		$	49,960		$	4,525		$	10,340		$	14,865		$	64,825
Provision for expected credit loss expense		1,567			(203)			—			1,364			(1,967)			4,333			2,366			3,730
Net refund transfer fees		(1)			—			—			(1)			243			—			243			242
Mortgage banking income		—			—			852			852			—			—			—			852
Program fees		—			—			—			—			705			3,336			4,041			4,041
Other noninterest income		8,749			11			15			8,775			81			28			109			8,884
Total noninterest income		8,748			11			867			9,626			1,029			3,364			4,393			14,019
Total noninterest expense		39,381			640			1,793			41,814			3,116			3,112			6,228			48,042
Income (loss) before income tax expense		15,209			2,041			(842)			16,408			4,405			6,259			10,664			27,072
Income tax expense (benefit)		2,942			456			(185)			3,213			896			1,392			2,288			5,501
Net income (loss)	$	12,267		$	1,585		$	(657)		$	13,195		$	3,509		$	4,867		$	8,376		$	21,571
Period-end assets	$	5,375,648		$	458,542		$	14,457		$	5,848,647		$	403,733		$	134,095		$	537,828		$	6,386,475
Net interest margin		3.50	%		2.33	%		NM			3.43	%		NM			NM			NM			4.35	%
Net-revenue concentration*		72	%		3	%		1	%		76	%		7	%		17	%		24	%		100	%

		Three Months Ended September 30, 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	$	46,562		$	3,011		$	112		$	49,685		$	1,709		$	7,203		$	8,912		$	58,597
Provision for expected credit loss expense		(753)			(386)			—			(1,139)			(1,296)			4,008			2,712			1,573
Net refund transfer fees		—			—			—			—			593			—			593			593
Mortgage banking income		—			—			1,154			1,154			—			—			—			1,154
Program fees		—			—			—			—			724			4,208			4,932			4,932
Contract termination fee		—			—			—			—			—			—			—			—
Legal settlement		—			—			—			—			—			—			—			—
Other noninterest income		8,260			13			33			8,306			62			—			62			8,368
Total noninterest income		8,260			13			1,187			9,460			1,379			4,208			5,587			15,047
Total noninterest expense		37,777			851			2,005			40,633			3,248			2,224			5,472			46,105
Income before income tax expense		17,798			2,559			(706)			19,651			1,136			5,179			6,315			25,966
Income tax expense		4,278			572			(156)			4,694			202			1,153			1,355			6,049
Net income	$	13,520		$	1,987		$	(550)		$	14,957		$	934		$	4,026		$	4,960		$	19,917
Period-end assets	$	5,036,343		$	441,885		$	16,418		$	5,494,646		$	395,873		$	109,144		$	505,017		$	5,999,663
Net interest margin		3.63	%		2.54	%		NM			3.54	%		NM			NM			NM			4.09	%
Net-revenue concentration*		75	%		4	%		2	%		81	%		4	%		15	%		19	%		100	%

S-10

		Nine Months Ended September 30, 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	$	146,198		$	7,196		$	206		$	153,600		$	40,300		$	28,096		$	68,396		$	221,996
Provision for expected credit loss expense		6,411			134			—			6,545			19,622			10,468			30,090			36,635
Net refund transfer fees		(1)			—			—			(1)			15,529			—			15,529			15,528
Mortgage banking income		—			—			2,559			2,559			—			—			—			2,559
Program fees		—			—			—			—			2,140			8,881			11,021			11,021
Other noninterest income		26,733			33			59			26,825			325			93			418			27,243
Total noninterest income		26,732			33			2,618			29,383			17,994			8,974			26,968			56,351
Total noninterest expense		122,386			2,616			6,669			131,671			11,907			8,440			20,347			152,018
Income (loss) before income tax expense		44,133			4,479			(3,845)			44,767			26,765			18,162			44,927			89,694
Income tax expense (benefit)		8,965			1,001			(846)			9,120			5,828			4,031			9,859			18,979
Net income (loss)	$	35,168		$	3,478		$	(2,999)		$	35,647		$	20,937		$	14,131		$	35,068		$	70,715
Period-end assets	$	5,375,648		$	458,542		$	14,457		$	5,848,647		$	403,733		$	134,095		$	537,828		$	6,386,475
Net interest margin		3.76	%		2.37	%		NM			3.68	%		NM			NM			NM			5.09	%
Net-revenue concentration*		62	%		3	%		1	%		66	%		21	%		13	%		34	%		100	%

		Nine Months Ended September 30, 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	$	121,868		$	11,412		$	469		$	133,749		$	18,751		$	21,078		$	39,829		$	173,578
Provision for expected credit loss expense		(287)			(1,021)			—			(1,308)			6,976			8,836			15,812			14,504
Net refund transfer fees		—			—			—			—			16,594			—			16,594			16,594
Mortgage banking income		—			—			5,574			5,574			—			—			—			5,574
Program fees		—			—			—			—			2,187			10,484			12,671			12,671
Contract termination fee		—			—			—			—			5,000			—			5,000			5,000
Legal settlement		—			—			—			—			13,000			—			13,000			13,000
Other noninterest income		23,225			38			113			23,376			399			—			399			23,775
Total noninterest income		23,225			38			5,687			28,950			37,180			10,484			47,664			76,614
Total noninterest expense		114,310			2,838			7,527			124,675			11,928			5,729			17,657			142,332
Income before income tax expense		31,070			9,633			(1,371)			39,332			37,027			16,997			54,024			93,356
Income tax expense		6,397			2,168			(302)			8,263			8,573			3,906			12,479			20,742
Net income	$	24,673		$	7,465		$	(1,069)		$	31,069		$	28,454		$	13,091		$	41,545		$	72,614
Period-end assets	$	5,036,343		$	441,885		$	16,418		$	5,494,646		$	395,873		$	109,144		$	505,017		$	5,999,663
Net interest margin		3.20	%		2.79	%		NM			3.16	%		NM			NM			NM			3.99	%
Net-revenue concentration*		58	%		5	%		2	%		65	%		22	%		13	%		35	%		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-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third 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										$ Change (8)		Nine Months Ended				$ Change (8)
(dollars in thousands)	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Q3 to Q3		Sep. 30, 2023		Sep. 30, 2022		9M to 9M
Traditional Banking	$	1,703	$	1,311	$	943	$	943	$	1,063	$	640	$	3,957	$	5,062	$	(1,105)
Warehouse Lending		254		294		248		272		402		(148)		796		1,476		(680)
Total Core Bank		1,957		1,605		1,191		1,215		1,465		492		4,753		6,538		(1,785)
TRS - Refund Advances		25		41		31,404		50		81		(56)		31,470		13,606		17,864
TRS - Other Loan Fees		6		24		933		825		(1)		7		963		663		300
RCS		9,763		8,416		7,962		7,501		7,196		2,567		26,141		18,119		8,022
Total RPG		9,794		8,481		40,299		8,376		7,276		2,518		58,574		32,388		26,186
Total loan fees - Total Company	$	11,751	$	10,086	$	41,490	$	9,591	$	8,741	$	3,010	$	63,327	$	38,926	$	24,401

(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										$ Change (8)		As of and for the Nine Months Ended				$ Change (8)
(dollars in thousands)	Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Q3 to Q3		Sep. 30, 2023		Sep. 30, 2022		9M to 9M
Mortgage Loans Held for Sale
Balance, beginning of period	$	4,038	$	1,034	$	1,302	$	2,912	$	8,491	$	(4,453)	$	1,302	$	29,393	$	(28,091)
Originations		23,860		13,948		15,942		10,359		32,856		(8,996)		53,750		195,006		(141,256)
Proceeds from sales		(25,681)		(11,483)		(16,630)		(12,207)		(39,220)		13,539		(53,794)		(226,191)		172,397
Net gain on sale		494		539		420		238		785		(291)		1,453		4,704		(3,251)
Balance, end of period	$	2,711	$	4,038	$	1,034	$	1,302	$	2,912	$	(201)	$	2,711	$	2,912	$	(201)
RCS Consumer Loans Held for Sale
Balance, beginning of period	$	21,544	$	17,432	$	17,875	$	21,475	$	31,236	$	(9,692)	$	17,875	$	22,684	$	(4,809)
Originations		287,088		262,404		207,222		225,588		292,131		(5,043)		756,714		820,127		(63,413)
Proceeds from sales		(289,997)		(261,301)		(210,199)		(231,999)		(306,093)		16,096		(761,497)		(831,802)		70,305
Net gain on sale		3,337		3,009		2,534		2,811		4,201		(864)		8,880		10,466		(1,586)
Balance, end of period	$	21,972	$	21,544	$	17,432	$	17,875	$	21,475	$	497	$	21,972	$	21,475	$	497

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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)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022
Total stockholders' equity - GAAP (a)	$	893,400		$	886,971		$	882,202		$	856,613		$	843,063
Less: Goodwill		40,516			40,516			41,618			16,300			16,300
Less: Mortgage servicing rights		7,710			7,995			8,406			8,769			9,177
Less: Core deposit intangible		2,576			2,713			2,813			—			—
Tangible stockholders' equity - Non-GAAP (c)	$	842,598		$	835,747		$	829,365		$	831,544		$	817,586
Total assets - GAAP (b)	$	6,386,475		$	6,369,779		$	6,074,091		$	5,835,543		$	5,999,663
Less: Goodwill		40,516			40,516			41,618			16,300			16,300
Less: Mortgage servicing rights		7,710			7,995			8,406			8,769			9,177
Less: Core deposit intangible		2,576			2,713			2,813			—			—
Tangible assets - Non-GAAP (d)	$	6,335,673		$	6,318,555		$	6,021,254		$	5,810,474		$	5,974,186
Total stockholders' equity to total assets - GAAP (a/b)		13.99	%		13.92	%		14.52	%		14.68	%		14.05	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.30	%		13.23	%		13.77	%		14.31	%		13.69	%
Number of shares outstanding (e)		19,454			19,606			19,758			19,747			19,747
Book value per share - GAAP (a/e)	$	45.92		$	45.24		$	44.65		$	43.38		$	42.69
Tangible book value per share - Non-GAAP (c/e)		43.31			42.63			41.98			42.11			41.40

(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 CBank merger, the now-cancelled TRS Transaction, the BOLI benefit payment received, as well as net gains (losses) on sales, calls, and impairment of investment securities.

	Three Months Ended															Nine Months Ended September 30, 2023
(dollars in thousands)	Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Sep. 30, 2023			Sep. 30, 2022
Net interest income - GAAP	$	64,825		$	64,529		$	92,642		$	63,113		$	58,597		$	221,996		$	173,578
Noninterest income - GAAP		14,019			19,651			22,681			13,124			15,108			56,351			76,686
Less: Contract termination fee related to TRS Transaction		—			—			—			—			—			—			5,000
Less: Legal settlement related to TRS Transaction		—			—			—			—			—			—			13,000
Less: BOLI benefit payment received		—			1,728			—			—			—			1,728			—
Less: Net gain (loss) on securities		2			3			1			1			2			6			(222)
Total adjusted income - Non-GAAP (a)	$	78,842		$	82,449		$	115,322		$	76,236		$	73,703		$	276,613		$	232,486
Noninterest expense - GAAP	$	48,042		$	51,533		$	52,443		$	44,905		$	46,166		$	152,018		$	142,403
Less: Expenses related to CBank acquisition		—			127			2,073
Less: Expenses related to TRS Transaction		—			—			—			—			88			—			914
Adjusted noninterest expense - Non-GAAP (b)	$	48,042		$	51,406		$	50,370		$	44,905		$	46,078		$	152,018		$	141,489
Efficiency Ratio - Non-GAAP (b/a)		61	%		62	%		44	%		59	%		63	%		55	%		61	%

(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 (nine 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 September 30, 2023, included $0 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.

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NM – Not meaningful

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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