Republic Bancorp (RBCAA) 8-K Republic Bancorp, Inc. Reports Second Quarter 2024 Net Income of $25.2 Million

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2024

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

Second quarter 2024

(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
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		From Dec. 31,2023		From Jun. 30, 2023
Assets:
Cash and cash equivalents	$	400,059	$	546,363	$	316,567	$	219,653	$	241,967	$	83,492	$	158,092
Investment securities, net of allowance for credit losses		557,459		664,294		667,874		703,007		706,238		(110,415)		(148,779)
Loans held for sale		41,904		100,060		27,235		24,683		25,582		14,669		16,322
Loans		5,264,270		5,224,292		5,239,861		5,081,099		5,053,142		24,409		211,128
Allowance for credit losses		(80,687)		(108,702)		(82,130)		(74,576)		(72,202)		1,443		(8,485)
Loans, net		5,183,583		5,115,590		5,157,731		5,006,523		4,980,940		25,852		202,643
Federal Home Loan Bank stock, at cost		23,840		43,729		23,770		31,420		29,395		70		(5,555)
Premises and equipment, net		33,224		33,557		33,411		33,926		33,840		(187)		(616)
Right-of-use assets		31,720		33,210		34,691		35,907		34,939		(2,971)		(3,219)
Goodwill		40,516		40,516		40,516		40,516		40,516		—		—
Other real estate owned ("OREO")		1,265		1,486		1,370		1,423		1,478		(105)		(213)
Bank owned life insurance ("BOLI")		105,462		104,670		103,916		103,211		102,521		1,546		2,941
Other assets and accrued interest receivable		197,542		192,117		187,810		186,206		172,363		9,732		25,179
Total assets	$	6,616,574	$	6,875,592	$	6,594,891	$	6,386,475	$	6,369,779	$	21,683	$	246,795
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,279,390	$	1,359,516	$	1,676,998	$	1,702,979	$	1,854,907	$	(397,608)	$	(575,517)
Interest-bearing		3,789,657		4,061,133		3,376,165		3,090,603		2,874,374		413,492		915,283
Total deposits		5,069,047		5,420,649		5,053,163		4,793,582		4,729,281		15,884		339,766
Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		72,598		84,522		97,618		80,797		92,093		(25,020)		(19,495)
Operating lease liabilities		32,602		34,076		35,539		36,726		35,721		(2,937)		(3,119)
Federal Home Loan Bank advances		370,000		270,000		380,000		465,000		520,000		(10,000)		(150,000)
Other liabilities and accrued interest payable		116,904		130,762		115,815		116,970		105,713		1,089		11,191
Total liabilities		5,661,151		5,940,009		5,682,135		5,493,075		5,482,808		(20,984)		178,343
Stockholders' equity		955,423		935,583		912,756		893,400		886,971		42,667		68,452
Total liabilities and stockholders' equity	$	6,616,574	$	6,875,592	$	6,594,891	$	6,386,475	$	6,369,779	$	21,683	$	246,795

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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										Six Months Ended				$ Change (8)
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		6M to 6M
Assets:
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	393,095	$	454,426	$	201,206	$	177,003	$	114,368	$	423,761	$	177,439	$	246,322
Investment securities, including FHLB stock		670,114		732,678		769,016		771,453		774,829		701,396		774,006		(72,610)
Loans, including loans held for sale		5,262,719		5,454,344		5,111,263		5,006,081		4,904,167		5,358,531		4,785,513		573,018
Total interest-earning assets		6,325,928		6,641,448		6,081,485		5,954,537		5,793,364		6,483,688		5,736,958		746,730
Allowance for credit losses		(108,194)		(96,446)		(75,747)		(73,438)		(96,720)		(102,320)		(89,995)		(12,325)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		102,712		280,618		101,119		96,303		113,865		191,665		204,382		(12,717)
Premises and equipment, net		33,452		33,889		33,940		34,013		33,967		33,671		33,104		567
Bank owned life insurance		105,128		104,305		103,557		102,825		102,599		104,716		102,303		2,413
Other assets		247,858		255,758		231,207		220,595		210,350		251,809		198,327		53,482
Total assets	$	6,706,884	$	7,219,572	$	6,475,561	$	6,334,835	$	6,157,425	$	6,963,229	$	6,185,079	$	778,150
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits	$	3,848,238	$	4,004,846	$	3,210,495	$	2,976,852	$	2,828,733	$	3,926,542	$	2,746,373	$	1,180,169
SSUARs and other short-term borrowings		88,326		102,592		141,861		90,063		117,852		95,459		160,146		(64,687)
Federal Home Loan Bank advances		305,604		536,209		357,321		441,543		256,000		420,907		250,702		170,205
Total interest-bearing liabilities		4,242,168		4,643,647		3,709,677		3,508,458		3,202,585		4,442,908		3,157,221		1,285,687
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,366,862		1,490,048		1,715,408		1,794,874		1,927,486		1,428,455		2,007,877		(579,422)
Other liabilities		144,108		152,835		144,194		133,237		132,687		148,472		133,002		15,470
Stockholders' equity		953,746		933,042		906,282		898,266		894,667		943,394		886,979		56,415
Total liabilities and stockholders’ equity	$	6,706,884	$	7,219,572	$	6,475,561	$	6,334,835	$	6,157,425	$	6,963,229	$	6,185,079	$	778,150

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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 June 30, 2024						Three Months Ended June 30, 2023
	Average				Average		Average				Average
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate
ASSETS
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	393,095	$	5,334	5.46	%	$	114,368	$	1,558	5.45	%
Investment securities, including FHLB stock (a)		670,114		5,144	3.09			774,829		5,296	2.73
TRS Refund Advance loans (b)		37,103		742	8.04			28,203		40	0.57
RCS LOC products (b)		42,011		11,272	107.91			32,876		8,417	102.41
Other RPG loans (c) (f)		104,042		2,069	8.00			100,960		1,948	7.72
Outstanding Warehouse lines of credit (d) (f)		456,908		9,064	7.98			462,755		8,520	7.36
All other Core Bank loans (e) (f)		4,622,655		64,075	5.57			4,279,373		53,275	4.98
Total interest-earning assets		6,325,928		97,700	6.21			5,793,364		79,054	5.46
Allowance for credit losses		(108,194)						(96,720)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		102,712						113,865
Premises and equipment, net		33,452						33,967
Bank owned life insurance		105,128						102,599
Other assets (a)		247,858						210,350
Total assets	$	6,706,884					$	6,157,425
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction accounts	$	1,821,025	$	6,323	1.40	%	$	1,481,583	$	2,564	0.69	%
Money market accounts		1,120,833		9,652	3.46			836,763		4,740	2.27
Time deposits		387,150		3,859	4.01			287,102		1,900	2.65
Reciprocal money market and time deposits		334,496		3,514	4.23			186,707		1,550	3.32
Brokered deposits		184,734		2,425	5.28			36,578		462	5.05
Total interest-bearing deposits		3,848,238		25,773	2.69			2,828,733		11,216	1.59
SSUARs and other short-term borrowings		88,326		132	0.60			117,852		174	0.59
Federal Home Loan Bank advances and other long-term borrowings		305,604		3,259	4.29			256,000		3,135	4.90
Total interest-bearing liabilities		4,242,168		29,164	2.77			3,202,585		14,525	1.81
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,366,862						1,927,486
Other liabilities		144,108						132,687
Stockholders’ equity		953,746						894,667
Total liabilities and stockholders’ equity	$	6,706,884					$	6,157,425
Net interest income			$	68,536					$	64,529
Net interest spread					3.44	%					3.65	%
Net interest margin					4.36	%					4.46	%

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

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

(c) Interest income includes loan fees of $15,000 and $24,000 for the three months ended June 30, 2024 and 2023.

(d) Interest income includes loan fees of $322,000 and $300,000 for the three months ended June 30, 2024 and 2023.

(e) Interest income includes loan fees of $1.3million and $1.4 million for the three months ended June 30, 2024 and 2023.

(f) 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

Second quarter 2024 (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										Six Months Ended				$ Change (8)
	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		6M to 6M
Total interest income (1)	$	97,700	$	130,632	$	90,785	$	85,868	$	79,054	$	228,332	$	179,410	$	48,922
Total interest expense		29,164		33,713		24,003		21,043		14,525		62,877		22,239		40,638
Net interest income		68,536		96,919		66,782		64,825		64,529		165,455		157,171		8,284
Provision (2)		5,143		30,622		10,989		3,730		6,139		35,765		32,905		2,860
Noninterest income:
Service charges on deposit accounts		3,526		3,313		3,470		3,559		3,527		6,839		6,826		13
Net refund transfer fees		3,811		10,820		220		242		4,479		14,631		15,286		(655)
Mortgage banking income (3)		1,612		310		983		852		907		1,922		1,707		215
Interchange fee income		3,351		3,157		3,305		3,282		3,419		6,508		6,470		38
Program fees (3)		4,398		4,179		4,561		4,041		3,739		8,577		6,980		1,597
Increase in cash surrender value of BOLI		792		754		705		690		689		1,546		1,324		222
Death benefits in excess of cash surrender value of life insurance		—		—		—		—		1,728		—		1,728		(1,728)
Net losses on OREO		(48)		(53)		(53)		(53)		(52)		(101)		(105)		4
Other*		904		893		1,589		1,732		1,215		1,797		2,116		(319)
Total noninterest income*		18,346		23,373		14,780		14,345		19,651		41,719		42,332		(613)
Noninterest expense:
Salaries and employee benefits		29,143		29,716		26,397		28,747		30,764		58,859		60,725		(1,866)
Technology, equipment, and communication		7,340		7,490		7,648		7,311		6,920		14,830		14,148		682
Occupancy		3,409		3,822		3,467		3,503		3,591		7,231		6,997		234
Marketing and development		2,705		1,924		2,304		2,055		2,513		4,629		4,087		542
FDIC insurance expense		748		772		690		677		724		1,520		1,361		159
Interchange related expense		1,412		1,298		1,536		1,580		1,350		2,710		2,849		(139)
Legal and professional fees		770		1,055		511		803		829		1,825		1,890		(65)
Merger expense		—		41		92		(132)		127		41		2,200		(2,159)
Other (2)*		4,107		4,853		4,409		3,824		4,715		8,960		9,719		(759)
Total noninterest expense*		49,634		50,971		47,054		48,368		51,533		100,605		103,976		(3,371)
Income before income tax expense		32,105		38,699		23,519		27,072		26,508		70,804		62,622		8,182
Income tax expense		6,899		8,093		3,860		5,501		5,456		14,992		13,478		1,514
Net income	$	25,206	$	30,606	$	19,659	$	21,571	$	21,052	$	55,812	$	49,144	$	6,668

(*) For the three months ended September 30, 2023 management has reclassified certain items between noninterest income and noninterest expense.

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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 Six Months Ended						Change (8)
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Jun. 30, 2024			Jun. 30, 2023			From Jun. 30, 2023 or 6M to 6M
Per Share Data:
Basic weighted average shares outstanding		19,633			19,607			19,586			19,706			19,884			19,626			19,909			(283)
Diluted weighted average shares outstanding		19,714			19,694			19,673			19,774			19,906			19,694			19,961			(267)
Period-end shares outstanding:
Class A Common Stock		17,271			17,260			17,203			17,296			17,449			17,271			17,449			(178)
Class B Common Stock		2,151			2,151			2,155			2,157			2,157			2,151			2,157			(6)
Book value per share (4)	$	49.19		$	48.20		$	47.15		$	45.93		$	45.24		$	49.19		$	45.24		$	3.95
Tangible book value per share (4)		46.63			45.63			44.55			43.31			42.63			46.63			42.63			4.00
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.31		$	1.59		$	1.01		$	1.11		$	1.07		$	2.88		$	2.50		$	0.38
Basic EPS - Class B Common Stock		1.18			1.44			0.93			1.01			0.98			2.62			2.27			0.35
Diluted EPS - Class A Common Stock		1.30			1.58			1.01			1.10			1.07			2.87			2.50			0.37
Diluted EPS - Class B Common Stock		1.18			1.43			0.92			1.01			0.98			2.61			2.27			0.34
Cash dividends declared per Common share:
Class A Common Stock	$	0.407		$	0.407		$	0.374		$	0.374		$	0.374		$	0.814		$	0.748		$	0.066
Class B Common Stock		0.370			0.370			0.340			0.340			0.340			0.740			0.680			0.060
Performance Ratios:
Return on average assets		1.50	%		1.70	%		1.21	%		1.36	%		1.37	%		1.61	%		1.60	%		0.01	%
Return on average equity		10.57			13.12			8.68			9.61			9.41			11.90			11.14			0.76
Efficiency ratio (5)		57			42			58			61			62			49			51			(2)
Yield on average interest-earning assets (1)		6.21			7.91			5.92			5.77			5.46			7.08			6.25			0.83
Cost of average interest-bearing liabilities		2.77			2.92			2.57			2.40			1.81			2.85			1.41			1.44
Cost of average deposits (6)		1.98			1.97			1.60			1.30			0.94			1.98			0.68			1.30
Net interest spread (1)		3.44			4.99			3.35			3.37			3.65			4.23			4.84			(0.61)
Net interest margin - Total Company (1)		4.36			5.87			4.36			4.35			4.46			5.13			5.48			(0.35)
Net interest margin - Core Bank		3.46			3.30			3.40			3.43			3.65			3.38			3.81			(0.43)
Other Information:
End of period FTEs (7) - Total Company		999			1,011			1,019			1,033			1,043			999			1,043			(44)
End of period FTEs - Core Bank		943			952			962			976			985			943			985			(42)
Number of full-service banking centers		47			47			47			46			45			47			45			2

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			From Dec. 31,2023			From Jun. 30, 2023
Loan Composition
Traditional Banking:
Residential real estate:
Owner occupied	$	1,058,139		$	1,064,071		$	1,144,684		$	1,128,745		$	1,086,751		$	(86,545)		$	(28,612)
Nonowner occupied		331,954			342,481			345,965			344,682			350,390			(14,011)			(18,436)
Commercial real estate		1,821,798			1,800,801			1,785,289			1,745,187			1,727,092			36,509			94,706
Construction & land development		239,615			237,998			217,338			189,756			179,479			22,277			60,136
Commercial & industrial		452,815			453,971			464,078			473,790			478,759			(11,263)			(25,944)
Lease financing receivables		88,529			88,272			88,591			85,242			79,804			(62)			8,725
Aircraft		240,275			246,060			250,051			226,947			208,512			(9,776)			31,763
Home equity		325,086			309,083			295,133			275,750			255,755			29,953			69,331
Consumer:
Credit cards		16,547			16,858			16,654			16,950			17,134			(107)			(587)
Overdrafts		746			629			694			640			706			52			40
Automobile loans		1,599			2,054			2,664			3,380			4,177			(1,065)			(2,578)
Other consumer		12,064			11,372			7,428			5,674			6,109			4,636			5,955
Total Traditional Banking		4,589,167			4,573,650			4,618,569			4,496,743			4,394,668			(29,402)			194,499
Warehouse lines of credit		549,011			463,249			339,723			457,033			539,560			209,288			9,451
Total Core Banking		5,138,178			5,036,899			4,958,292			4,953,776			4,934,228			179,886			203,950
Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			52,101			103,115			—			—			(103,115)			—
Other TRS commercial & industrial loans		92			5,396			46,092			354			193			(46,000)			(101)
Republic Credit Solutions		126,000			129,896			132,362			126,969			118,721			(6,362)			7,279
Total Republic Processing Group		126,092			187,393			281,569			127,323			118,914			(155,477)			7,178
Total loans - Total Company	$	5,264,270		$	5,224,292		$	5,239,861		$	5,081,099		$	5,053,142		$	24,409		$	211,128
Allowance for Credit Losses on Loans ("Allowance")
Traditional Banking	$	59,865		$	59,176		$	58,998		$	56,931		$	55,567		$	867		$	4,298
Warehouse Lending		1,370			1,156			847			1,143			1,346			523			24
Total Core Banking		61,235			60,332			59,845			58,074			56,913			1,390			4,322
Tax Refund Solutions		—			30,069			3,990			1			—			(3,990)			—
Republic Credit Solutions		19,452			18,301			18,295			16,501			15,289			1,157			4,163
Total Republic Processing Group		19,452			48,370			22,285			16,502			15,289			(2,833)			4,163
Total Allowance - Total Company	$	80,687		$	108,702		$	82,130		$	74,576		$	72,202		$	(1,443)		$	8,485
Allowance to Total Loans
Traditional Banking		1.30	%		1.29	%		1.28	%		1.27	%		1.26	%		0.02	%		0.04	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25			—			—
Total Core Banking		1.19			1.20			1.21			1.17			1.15			(0.02)			0.04
Tax Refund Solutions		—			52.30			2.67			0.28			—			(2.67)			—
Republic Credit Solutions		15.44			14.09			13.82			13.00			12.88			1.62			2.56
Total Republic Processing Group		15.43			25.81			7.91			12.96			12.86			7.52			2.57
Total Company		1.53			2.08			1.57			1.47			1.43			(0.04)			0.10

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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 Six Months Ended						Change (8)
	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Jun. 30, 2024			Jun. 30, 2023			From Jun. 30, 2023 or 6M to 6M
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	19,910		$	19,258		$	19,150		$	18,127		$	16,957		$	19,910		$	16,957		$	2,953
Loans past due 90-days-or-more and still on accrual		631			2,116			1,468			1,037			547			631			547			84
Total nonperforming loans		20,541			21,374			20,618			19,164			17,504			20,541			17,504			3,037
OREO		1,265			1,486			1,370			1,423			1,478			1,265			1,478			(213)
Total nonperforming assets	$	21,806		$	22,860		$	21,988		$	20,587		$	18,982		$	21,806		$	18,982		$	2,824
Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	19,910		$	19,258		$	19,150		$	18,127		$	16,957		$	19,910		$	16,957		$	2,953
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—			—
Total nonperforming loans		19,910			19,258			19,150			18,127			16,957			19,910			16,957			2,953
OREO		1,265			1,486			1,370			1,423			1,478			1,265			1,478			(213)
Total nonperforming assets	$	21,175		$	20,744		$	20,520		$	19,550		$	18,435		$	21,175		$	18,435		$	2,740
Delinquent Loans:
Delinquent loans - Core Bank	$	9,313		$	7,796		$	8,176		$	6,806		$	5,875		$	9,313		$	5,875		$	3,438
RPG		9,970			13,616			13,916			12,328			10,043			9,970			10,043			(73)
Total delinquent loans - Total Company	$	19,283		$	21,412		$	22,092		$	19,134		$	15,918		$	19,283		$	15,918		$	3,365
NCOs (Recoveries) by Segment:
Traditional Bank	$	232		$	180		$	220		$	203		$	125		$	412		$	202		$	210
Warehouse Lending loans		—			—			—			—			—			—			—			—
Core Bank loans		232			180			220			203			125			412			202			210
Tax Refund Solutions		28,887			(305)			(1,052)			(1,968)			25,762			28,582			25,477			3,105
Republic Credit Solutions		4,045			4,175			4,267			3,121			2,787			8,220			5,653			2,567
RPG		32,932			3,870			3,215			1,153			28,549			36,802			31,130			5,672
Total NCOs (recoveries) - Total Company	$	33,164		$	4,050		$	3,435		$	1,356		$	28,674		$	37,214		$	31,332		$	5,882
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.39	%		0.41	%		0.39	%		0.38	%		0.35	%		0.39	%		0.35	%		0.04	%
Nonperforming assets to total loans (including OREO)		0.41			0.44			0.42			0.41			0.38			0.41			0.38			0.03
Nonperforming assets to total assets		0.33			0.33			0.33			0.32			0.30			0.33			0.30			0.03
Allowance for credit losses to total loans		1.53			2.08			1.57			1.47			1.43			1.53			1.43			0.10
Allowance for credit losses to nonperforming loans		393			509			398			389			412			393			412			(19)
Delinquent loans to total loans (9)		0.37			0.41			0.42			0.38			0.32			0.37			0.32			0.05
NCOs (recoveries) to average loans (annualized)		2.52			0.30			0.27			0.11			2.34			1.40			1.32			0.08
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.39	%		0.38	%		0.39	%		0.37	%		0.34	%		0.39	%		0.34	%		0.05	%
Nonperforming assets to total loans (including OREO)		0.41			0.41			0.41			0.39			0.37			0.41			0.37			0.04
Nonperforming assets to total assets		0.35			0.33			0.35			0.33			0.32			0.35			0.32			0.03
Allowance for credit losses to total loans		1.19			1.20			1.21			1.17			1.15			1.19			1.15			0.04
Allowance for credit losses to nonperforming loans		308			313			313			320			336			308			336			(28)
Delinquent loans to total loans		0.18			0.15			0.16			0.14			0.12			0.18			0.12			0.06
Annualized NCOs (recoveries) to average loans		0.02			0.01			0.02			0.02			0.01			0.02			0.01			0.01
TRS Refund Advances ("RAs")
RAs originated	$	—		$	771,091		$	103,115		$	—		$	—		$	771,091		$	737,047		$	34,044
Net (credit) charge to the Provision for RAs		(1,158)			25,718			2,877			(1,939)			(161)			24,560			21,554			3,006
RAs NCOs (recoveries)		28,764			(275)			(1,052)			(1,939)			25,636			28,489			25,351			3,138

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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, 2024, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Tax Refund Solutions (“TRS”), Republic Payment Solutions (“RPS”), and Republic Credit Solutions (“RCS”). Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three 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
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. TRS products are primarily provided to clients outside of the Bank’s market footprint.	Loans and refund transfers
Republic Payment Solutions	RPS offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	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 2023 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

Second quarter 2024 (continued)

Segment information for the quarters and years ended June 30, 2024 and 2023 follows:

		Three Months Ended June 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company
Net interest income	$	49,915		$	2,914		$	52,829		$	823		$	2,930		$	11,954		$	15,707		$	68,536
Provision for expected credit loss expense		915			214			1,129			(1,182)			—			5,196			4,014			5,143
Net refund transfer fees		—			—			—			3,811			—			—			3,811			3,811
Mortgage banking income		1,612			—			1,612			—			—			—			—			1,612
Program fees		—			—			—			—			760			3,638			4,398			4,398
Other noninterest income		8,435			13			8,448			75			1			1			77			8,525
Total noninterest income		10,047			13			10,060			3,886			761			3,639			8,286			18,346
Total noninterest expense		41,712			927			42,639			2,024			1,018			3,953			6,995			49,634
Income (loss) before income tax expense		17,335			1,786			19,121			3,867			2,673			6,444			12,984			32,105
Income tax expense (benefit)		3,708			403			4,111			796			574			1,418			2,788			6,899
Net income (loss)	$	13,627		$	1,383		$	15,010		$	3,071		$	2,099		$	5,026		$	10,196		$	25,206
Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574
Net interest margin		3.53	%		2.57	%		3.46	%		NM			5.03	%		NM			NM			4.36	%
Net-revenue concentration*		70	%		3	%		73	%		5	%		4	%		18	%		27	%		100	%

		Three Months Ended June 30, 2023
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company
Net interest income	$	48,743		$	2,642		$	51,385		$	70		$	3,940		$	9,134		$	13,144		$	64,529
Provision for expected credit loss expense		1,860			202			2,062			(219)			—			4,296			4,077			6,139
Net refund transfer fees		—			—			—			4,479			—			—			4,479			4,479
Mortgage banking income		907			—			907			—			—			—			—			907
Program fees		—			—			—			—			728			3,011			3,739			3,739
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		8,629			11			8,640			127			(9)			40			158			8,798
Total noninterest income		11,264			11			11,275			4,606			719			3,051			8,376			19,651
Total noninterest expense		44,475			1,008			45,483			2,160			983			2,907			6,050			51,533
Income before income tax expense		13,672			1,443			15,115			2,735			3,676			4,982			11,393			26,508
Income tax expense		2,649			322			2,971			573			818			1,094			2,485			5,456
Net income	$	11,023		$	1,121		$	12,144		$	2,162		$	2,858		$	3,888		$	8,908		$	21,052
Period-end assets	$	5,287,197		$	540,106		$	5,827,303		$	39,234		$	376,194		$	127,048		$	542,476		$	6,369,779
Net interest margin		3.77	%		2.28	%		3.65	%		NM			4.52	%		NM			NM			4.46	%
Net-revenue concentration*		71	%		3	%		74	%		6	%		6	%		14	%		26	%		100	%

S-10

		Six Months Ended June 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company
Net interest income	$	98,174		$	5,171		$	103,345		$	31,733		$	6,438		$	23,939		$	62,110		$	165,455
Provision for expected credit loss expense		1,273			523			1,796			24,592			—			9,377			33,969			35,765
Net refund transfer fees		—			—			—			14,631			—			—			14,631			14,631
Mortgage banking income		1,922			—			1,922			—			—			—			—			1,922
Program fees		—			—			—			—			1,533			7,044			8,577			8,577
Other noninterest income		16,421			26			16,447			138			2			2			142			16,589
Total noninterest income		18,343			26			18,369			14,769			1,535			7,046			23,350			41,719
Total noninterest expense		83,106			1,805			84,911			6,536			1,972			7,186			15,694			100,605
Income (loss) before income tax expense		32,138			2,869			35,007			15,374			6,001			14,422			35,797			70,804
Income tax expense (benefit)		6,228			647			6,875			3,510			1,335			3,272			8,117			14,992
Net income (loss)	$	25,910		$	2,222		$	28,132		$	11,864		$	4,666		$	11,150		$	27,680		$	55,812
Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574
Net interest margin		3.43	%		2.61	%		3.38	%		NM			5.05	%		NM			NM			5.13	%
Net-revenue concentration*		56	%		3	%		59	%		22	%		4	%		15	%		41	%		100	%

		Six Months Ended June 30, 2023
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company
Net interest income	$	98,911		$	4,729		$	103,640		$	28,377		$	7,398		$	17,756		$	53,531		$	157,171
Provision for expected credit loss expense		4,844			337			5,181			21,589			—			6,135			27,724			32,905
Net refund transfer fees		—			—			—			15,286			—			—			15,286			15,286
Mortgage banking income		1,707			—			1,707			—			—			—			—			1,707
Program fees		—			—			—			—			1,435			5,545			6,980			6,980
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		16,300			22			16,322			242			2			65			309			16,631
Total noninterest income		19,735			22			19,757			15,528			1,437			5,610			22,575			42,332
Total noninterest expense		87,881			1,976			89,857			6,942			1,849			5,328			14,119			103,976
Income before income tax expense		25,921			2,438			28,359			15,374			6,986			11,903			34,263			62,622
Income tax expense		5,362			545			5,907			3,379			1,553			2,639			7,571			13,478
Net income	$	20,559		$	1,893		$	22,452		$	11,995		$	5,433		$	9,264		$	26,692		$	49,144
Period-end assets	$	5,287,197		$	540,106		$	5,827,303		$	39,234		$	376,194		$	127,048		$	542,476		$	6,369,779
Net interest margin		3.92	%		2.39	%		3.81	%		NM			4.17	%		NM			NM			5.48	%
Net-revenue concentration*		60	%		2	%		62	%		22	%		4	%		12	%		38	%		100	%

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second quarter 2024 (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										Six Months Ended				$ Change (8)
(dollars in thousands)	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		6M to 6M
Traditional Banking	$	1,281	$	1,366	$	1,400	$	1,703	$	1,311	$	2,647	$	2,254	$	393
Warehouse Lending		322		263		235		254		294		585		542		43
Total Core Bank		1,603		1,629		1,635		1,957		1,605		3,232		2,796		436
TRS - Refund Advances		741		34,652		7		25		41		35,393		31,446		3,947
TRS - Other Loan Fees		15		1,219		1,089		6		24		1,234		956		278
RCS		11,272		11,372		10,514		9,763		8,416		22,644		16,378		6,266
Total RPG		12,028		47,243		11,610		9,794		8,481		59,271		48,780		10,491
Total loan fees - Total Company	$	13,631	$	48,872	$	13,245	$	11,751	$	10,086	$	62,503	$	51,576	$	10,927

(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 Traditional 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 Six Months Ended				$ Change (8)
(dollars in thousands)	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Jun. 30, 2024		Jun. 30, 2023		6M to 6M
Mortgage Loans Held for Sale
Balance, beginning of period	$	80,884	$	3,227	$	2,711	$	4,038	$	1,034	$	3,227	$	1,302	$	1,925
Originations		53,703		27,046		24,050		23,860		13,948		80,749		29,890		50,859
Transferred from held for investment to held for sale		(2,288)		69,464		—		—		—		67,176		—		67,176
Proceeds from sales		(123,693)		(18,773)		(24,134)		(25,681)		(11,483)		(142,466)		(28,113)		(114,353)
Fair value adjustment for correspondent loans reclassified to held for sale		997		(997)		—		—		—		—		—		—
Loss on correspondent loan sale		(1,012)		—		—		—		—		(1,012)		—		(1,012)
Net gain on sale		1,112		917		600		494		539		2,029		959		1,070
Balance, end of period	$	9,703	$	80,884	$	3,227	$	2,711	$	4,038	$	9,703	$	4,038	$	5,665
RCS Consumer Loans Held for Sale
Balance, beginning of period	$	19,176	$	24,008	$	21,972	$	21,544	$	17,432	$	24,008	$	17,875	$	6,133
Originations		402,141		188,347		300,281		287,088		262,404		590,488		469,626		120,862
Proceeds from sales		(392,755)		(196,584)		(302,118)		(289,997)		(261,301)		(589,339)		(471,500)		(117,839)
Net gain on sale		3,639		3,405		3,873		3,337		3,009		7,044		5,543		1,501
Balance, end of period	$	32,201	$	19,176	$	24,008	$	21,972	$	21,544	$	32,201	$	21,544	$	10,657

S-12

(4) The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, 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)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023
Total stockholders' equity - GAAP (a)	$	955,423		$	935,583		$	912,756		$	893,400		$	886,971
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		7,030			7,102			7,411			7,710			7,995
Less: Core deposit intangible		2,187			2,302			2,439			2,576			2,713
Tangible stockholders' equity - Non-GAAP (c)	$	905,690		$	885,663		$	862,390		$	842,598		$	835,747
Total assets - GAAP (b)	$	6,616,574		$	6,875,592		$	6,594,891		$	6,386,475		$	6,369,779
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		7,030			7,102			7,411			7,710			7,995
Less: Core deposit intangible		2,187			2,302			2,439			2,576			2,713
Tangible assets - Non-GAAP (d)	$	6,566,841		$	6,825,672		$	6,544,525		$	6,335,673		$	6,318,555
Total stockholders' equity to total assets - GAAP (a/b)		14.44	%		13.61	%		13.84	%		13.99	%		13.92	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.79	%		12.98	%		13.18	%		13.30	%		13.23	%
Number of shares outstanding (e)		19,422			19,411			19,358			19,453			19,606
Book value per share - GAAP (a/e)	$	49.19		$	48.20		$	47.15		$	45.93		$	45.24
Tangible book value per share - Non-GAAP (c/e)		46.63			45.63			44.55			43.31			42.63

(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 BOLI benefit payment received, as well as net gains (losses) on sales, calls, and impairment of investment securities.

	Three Months Ended															Six Months Ended
(dollars in thousands)	Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Jun. 30, 2024			Jun. 30, 2023
Net interest income - GAAP	$	68,536		$	96,919		$	66,782		$	64,825		$	64,529		$	165,455		$	157,171
Noninterest income - GAAP		18,346			23,373			14,780			14,345			19,651			41,719			42,332
Less: BOLI benefit payment received		—			—			—			—			1,728			—			—
Less: Net gain (loss) on securities		1			—			6			2			3			1			1
Total adjusted income - Non-GAAP (a)	$	86,881		$	120,292		$	81,556		$	79,168		$	82,449		$	207,173		$	199,502
Noninterest expense - GAAP	$	49,634		$	50,971		$	47,054		$	48,368		$	51,533		$	100,605		$	103,976
Less: Merger expenses related to CBank acquisition		—			41			92			(132)			127			41			2,073
Adjusted noninterest expense - Non-GAAP (b)	$	49,634		$	50,930		$	46,962		$	48,500		$	51,406		$	100,564		$	101,903
Efficiency Ratio - Non-GAAP (b/a)		57	%		42	%		58	%		61	%		62	%		49	%		51	%

(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 June 30, 2024, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2024 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

NM – Not meaningful

NA – Not applicable

YTD – Year to date

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CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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