Republic Bancorp (RBCAA) 8-K Republic Bancorp, Inc. Reports Fourth Quarter 2024 Net Income of $19.0 Million and Full Year Net Income of $101.4 million

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FOURTH 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

Fourth 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
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023
Assets:
Cash and cash equivalents	$	432,151	$	530,865	$	400,059	$	546,363	$	316,567
Investment securities, net of allowance for credit losses		595,626		478,064		557,459		664,294		667,874
Loans held for sale		32,387		34,407		41,904		100,060		27,235
Loans		5,439,466		5,296,917		5,264,270		5,224,292		5,239,861
Allowance for credit losses		(91,978)		(82,158)		(80,687)		(108,702)		(82,130)
Loans, net		5,347,488		5,214,759		5,183,583		5,115,590		5,157,731
Federal Home Loan Bank stock, at cost		24,478		23,981		23,840		43,729		23,770
Premises and equipment, net		32,309		33,007		33,224		33,557		33,411
Right-of-use assets		36,182		35,897		31,720		33,210		34,691
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,160		1,212		1,265		1,486		1,370
Bank owned life insurance ("BOLI")		107,125		106,288		105,462		104,670		103,916
Other assets and accrued interest receivable		197,245		193,474		197,542		192,117		187,810
Total assets	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,207,764	$	1,260,086	$	1,279,390	$	1,359,516	$	1,676,998
Interest-bearing		4,002,782		3,841,610		3,789,657		4,061,133		3,376,165
Total deposits		5,210,546		5,101,696		5,069,047		5,420,649		5,053,163
Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		103,318		79,383		72,598		84,522		97,618
Operating lease liabilities		37,121		36,797		32,602		34,076		35,539
Federal Home Loan Bank advances		395,000		370,000		370,000		270,000		380,000
Other liabilities and accrued interest payable		108,653		124,889		116,904		130,762		115,815
Total liabilities		5,854,638		5,712,765		5,661,151		5,940,009		5,682,135
Stockholders' equity		992,029		979,705		955,423		935,583		912,756
Total liabilities and stockholders' equity	$	6,846,667	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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										Years Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Assets:
Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	583,672	$	457,797	$	393,095	$	454,426	$	201,206	$	472,512	$	183,647
Investment securities, including FHLB stock		594,567		593,449		670,114		732,678		769,016		647,409		772,104
Loans, including loans held for sale		5,313,234		5,261,173		5,262,719		5,454,344		5,111,263		5,322,672		4,923,215
Total interest-earning assets		6,491,473		6,312,419		6,325,928		6,641,448		6,081,485		6,442,593		5,878,966
Allowance for credit losses		(82,301)		(81,567)		(108,194)		(96,446)		(75,747)		(92,071)		(82,230)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		93,927		82,969		102,712		280,618		101,119		139,775		150,785
Premises and equipment, net		32,933		33,319		33,452		33,889		33,940		33,397		33,544
Bank owned life insurance		106,814		105,974		105,128		104,305		103,557		105,560		102,750
Other assets		257,780		258,704		247,858		255,758		231,207		255,041		212,228
Total assets	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,884,295	$	6,296,043
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits	$	3,921,291	$	3,820,078	$	3,848,238	$	4,004,846	$	3,210,495	$	3,898,460	$	2,924,691
SSUARs and other short-term borrowings		142,007		73,660		88,326		102,592		141,861		101,680		134,632
Federal Home Loan Bank advances		370,780		387,989		305,604		536,209		357,321		400,032		325,678
Total interest-bearing liabilities		4,434,078		4,281,727		4,242,168		4,643,647		3,709,677		4,400,172		3,385,001
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,328,885		1,313,207		1,366,862		1,490,048		1,715,408		1,374,457		1,880,471
Other liabilities		140,228		140,761		144,108		152,835		144,194		144,461		135,882
Stockholders' equity		997,435		976,123		953,746		933,042		906,282		965,205		894,689
Total liabilities and stockholders’ equity	$	6,900,626	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,884,295	$	6,296,043

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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 December 31, 2024						Three Months Ended December 31, 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	$	583,672	$	7,051	4.81	%	$	201,206	$	2,765	5.45	%
Investment securities, including FHLB stock (a)		594,567		4,716	3.16			769,016		5,856	3.02
RCS LOC products (b)		46,447		12,569	107.66			40,539		10,514	102.90
Other RPG loans (c) (f)		144,707		4,500	12.37			120,849		2,116	6.95
Outstanding Warehouse lines of credit (d) (f)		552,856		10,333	7.44			370,169		7,301	7.83
All other Core Bank loans (e) (f)		4,569,224		63,939	5.57			4,560,572		61,138	5.32
Total interest-earning assets		6,491,473		103,108	6.32			6,081,485		90,785	5.92
Allowance for credit losses		(82,301)						(75,747)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		93,927						101,119
Premises and equipment, net		32,933						33,940
Bank owned life insurance		106,814						103,557
Other assets (a)		257,780						231,207
Total assets	$	6,900,626					$	6,475,561
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction accounts	$	1,726,893	$	4,358	1.00	%	$	1,412,405	$	3,576	1.00	%
Money market accounts		1,320,103		10,286	3.10			1,003,713		7,914	3.13
Time deposits		397,671		3,988	3.99			350,535		3,215	3.64
Reciprocal money market and time deposits		336,110		3,110	3.68			300,468		3,063	4.04
Brokered deposits		140,514		1,783	5.05			143,374		1,955	5.41
Total interest-bearing deposits		3,921,291		23,525	2.39			3,210,495		19,723	2.44
SSUARs and other short-term borrowings		142,007		143	0.40			141,861		123	0.34
Federal Home Loan Bank advances and other long-term borrowings		370,780		4,046	4.34			357,321		4,157	4.62
Total interest-bearing liabilities		4,434,078		27,714	2.49			3,709,677		24,003	2.57
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,328,885						1,715,408
Other liabilities		140,228						144,194
Stockholders’ equity		997,435						906,282
Total liabilities and stockholders’ equity	$	6,900,626					$	6,475,561
Net interest income			$	75,394					$	66,782
Net interest spread					3.83	%					3.35	%
Net interest margin					4.62	%					4.36	%

(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 $0 for both the three months ended December 31, 2024 and 2023.

(d) Interest income includes loan fees of $308,000 and $235,000 for the three months ended December 31, 2024 and 2023.

(e) Interest income includes loan fees of $1.2million and $1.5 million for the three months ended December 31, 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

Fourth 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										Years Ended
	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Total interest income (1)	$	103,108	$	101,546	$	97,700	$	130,632	$	90,785	$	432,986	$	356,063
Total interest expense		27,714		30,241		29,164		33,713		24,003		120,832		67,285
Net interest income		75,394		71,305		68,536		96,919		66,782		312,154		288,778
Provision (2)		12,951		5,660		5,143		30,622		10,989		54,376		47,624
Noninterest income:
Service charges on deposit accounts		3,654		3,693		3,526		3,313		3,470		14,186		13,855
Net refund transfer fees		143		582		3,811		10,820		220		15,356		15,748
Mortgage banking income (3)		1,454		2,062		1,612		310		983		5,438		3,542
Interchange fee income		3,173		3,286		3,351		3,157		3,305		12,967		13,057
Program fees (3)		4,279		4,962		4,398		4,179		4,561		17,818		15,582
Increase in cash surrender value of BOLI		836		826		792		754		705		3,208		2,719
Death benefits in excess of cash surrender value of life insurance		—		—		—		—		—		—		1,728
Net losses on OREO		(52)		(53)		(48)		(53)		(53)		(206)		(211)
Other*		631		1,455		904		893		1,589		3,883		5,437
Total noninterest income*		14,118		16,813		18,346		23,373		14,780		72,650		71,457
Noninterest expense:
Salaries and employee benefits		30,999		28,792		29,143		29,716		26,397		118,650		115,869
Technology, equipment, and communication		8,316		7,544		7,340		7,490		7,648		30,690		29,107
Occupancy		3,401		3,224		3,409		3,822		3,467		13,856		13,967
Marketing and development		2,827		1,983		2,705		1,924		2,304		9,439		8,446
FDIC insurance expense		728		764		748		772		690		3,012		2,728
Interchange related expense		1,595		1,540		1,412		1,298		1,536		5,845		5,965
Legal and professional fees		794		870		770		1,055		511		3,489		3,204
Merger expense		—		—		—		41		92		41		2,160
Other (2)*		4,851		3,892		4,107		4,853		4,409		17,703		17,952
Total noninterest expense*		53,511		48,609		49,634		50,971		47,054		202,725		199,398
Income before income tax expense		23,050		33,849		32,105		38,699		23,519		127,703		113,213
Income tax expense		4,034		7,306		6,899		8,093		3,860		26,332		22,839
Net income	$	19,016	$	26,543	$	25,206	$	30,606	$	19,659	$	101,371	$	90,374

(*) 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

Fourth 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 Years Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Per Share Data:
Basic weighted average shares outstanding		19,672			19,654			19,633			19,607			19,586			19,650			19,792
Diluted weighted average shares outstanding		19,778			19,735			19,714			19,694			19,673			19,736			19,853
Period-end shares outstanding:
Class A Common Stock		17,298			17,293			17,275			17,260			17,203			17,298			17,203
Class B Common Stock		2,150			2,150			2,150			2,151			2,155			2,150			2,155
Book value per share (4)	$	51.01		$	50.39		$	49.19		$	48.20		$	47.15		$	51.01		$	47.15
Tangible book value per share (4)		48.47			47.84			46.62			45.63			44.55			48.47			44.55
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.99		$	1.37		$	1.31		$	1.59		$	1.01		$	5.24		$	4.64
Basic EPS - Class B Common Stock		0.89			1.25			1.18			1.44			0.93			4.76			4.21
Diluted EPS - Class A Common Stock		0.98			1.37			1.30			1.58			1.01			5.21			4.62
Diluted EPS - Class B Common Stock		0.89			1.24			1.18			1.43			0.92			4.74			4.20
Cash dividends declared per Common share:
Class A Common Stock	$	0.407		$	0.407		$	0.407		$	0.407		$	0.374		$	1.628		$	1.496
Class B Common Stock		0.370			0.370			0.370			0.370			0.340			1.480			1.360
Performance Ratios:
Return on average assets		1.10	%		1.58	%		1.50	%		1.70	%		1.21	%		1.47	%		1.44	%
Return on average equity		7.63			10.88			10.57			13.12			8.68			10.50			10.10
Efficiency ratio (5)		60			55			57			42			58			53			55
Yield on average interest-earning assets (1)		6.32			6.40			6.21			7.91			5.92			6.72			6.06
Cost of average interest-bearing liabilities		2.49			2.81			2.77			2.92			2.57			2.75			1.99
Cost of average deposits (6)		1.79			2.01			1.98			1.97			1.60			1.94			1.07
Net interest spread (1)		3.83			3.59			3.44			4.99			3.35			3.97			4.07
Net interest margin - Total Company (1)		4.62			4.49			4.36			5.87			4.36			4.85			4.91
Net interest margin - Core Bank		3.64			3.53			3.46			3.30			3.40			3.48			3.61
Other Information:
End of period FTEs (7) - Total Company		989			992			999			1,011			1,019			989			1,019
End of period FTEs - Core Bank		933			935			943			952			962			933			962
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Loan Composition
Traditional Banking:
Residential real estate:
Owner occupied	$	1,032,459		$	1,046,385		$	1,058,139		$	1,064,071		$	1,144,684
Nonowner occupied		318,096			326,273			331,954			342,481			345,965
Commercial real estate		1,813,177			1,813,303			1,821,798			1,800,801			1,785,289
Construction & land development		244,121			247,730			239,615			237,998			217,338
Commercial & industrial		460,245			437,911			452,815			453,971			464,078
Lease financing receivables		93,304			89,653			88,529			88,272			88,591
Aircraft		226,179			235,327			240,275			246,060			250,051
Home equity		353,441			341,204			325,086			309,083			295,133
Consumer:
Credit cards		16,464			16,762			16,547			16,858			16,654
Overdrafts		982			827			746			629			694
Automobile loans		1,156			1,340			1,599			2,054			2,664
Other consumer		9,555			10,181			12,064			11,372			7,428
Total Traditional Banking		4,569,179			4,566,896			4,589,167			4,573,650			4,618,569
Warehouse lines of credit		550,760			595,163			549,011			463,249			339,723
Total Core Banking		5,119,939			5,162,059			5,138,178			5,036,899			4,958,292
Republic Processing Group:
Tax Refund Solutions:
Refund Advances		138,614			—			—			52,101			103,115
Other TRS commercial & industrial loans		52,180			302			92			5,396			46,092
Republic Credit Solutions		128,733			134,556			126,000			129,896			132,362
Total Republic Processing Group		319,527			134,858			126,092			187,393			281,569
Total loans - Total Company	$	5,439,466		$	5,296,917		$	5,264,270		$	5,224,292		$	5,239,861
Allowance for Credit Losses on Loans ("Allowance")
Traditional Banking	$	59,756		$	59,549		$	59,865		$	59,176		$	58,998
Warehouse Lending		1,374			1,486			1,370			1,156			847
Total Core Banking		61,130			61,035			61,235			60,332			59,845
Tax Refund Solutions		9,861			1			—			30,069			3,990
Republic Credit Solutions		20,987			21,122			19,452			18,301			18,295
Total Republic Processing Group		30,848			21,123			19,452			48,370			22,285
Total Allowance - Total Company	$	91,978		$	82,158		$	80,687		$	108,702		$	82,130
Allowance to Total Loans
Traditional Banking		1.31	%		1.30	%		1.30	%		1.29	%		1.28	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.19			1.18			1.19			1.20			1.21
Tax Refund Solutions		5.17			0.33			—			52.30			2.67
Republic Credit Solutions		16.30			15.70			15.44			14.09			13.82
Total Republic Processing Group		9.65			15.66			15.43			25.81			7.91
Total Company		1.69			1.55			1.53			2.08			1.57

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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 Years Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	22,619		$	19,381		$	19,910		$	19,258		$	19,150		$	22,619		$	19,150
Loans past due 90-days-or-more and still on accrual		141			164			631			2,116			1,468			141			1,468
Total nonperforming loans		22,760			19,545			20,541			21,374			20,618			22,760			20,618
OREO		1,160			1,212			1,265			1,486			1,370			1,160			1,370
Total nonperforming assets	$	23,920		$	20,757		$	21,806		$	22,860		$	21,988		$	23,920		$	21,988
Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	22,619		$	19,381		$	19,910		$	19,258		$	19,150		$	22,619		$	19,150
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		22,619			19,381			19,910			19,258			19,150			22,619			19,150
OREO		1,160			1,212			1,265			1,486			1,370			1,160			1,370
Total nonperforming assets	$	23,779		$	20,593		$	21,175		$	20,744		$	20,520		$	23,779		$	20,520
Delinquent Loans:
Delinquent loans - Core Bank	$	10,185		$	10,048		$	9,313		$	7,796		$	8,176		$	10,185		$	8,176
RPG		10,304			10,902			9,970			13,616			13,916			10,304			13,916
Total delinquent loans - Total Company	$	20,489		$	20,950		$	19,283		$	21,412		$	22,092		$	20,489		$	22,092
NCOs (Recoveries) by Segment:
Traditional Bank	$	277		$	1,804		$	232		$	180		$	220		$	2,493		$	625
Warehouse Lending loans		—			—			—			—			—			—			—
Core Bank loans		277			1,804			232			180			220			2,493			625
Tax Refund Solutions		(2,159)			(2,311)			28,887			(305)			(1,052)			24,112			22,457
Republic Credit Solutions		5,018			4,695			4,045			4,175			4,267			17,933			13,041
RPG		2,859			2,384			32,932			3,870			3,215			42,045			35,498
Total NCOs (recoveries) - Total Company	$	3,136		$	4,188		$	33,164		$	4,050		$	3,435		$	44,538		$	36,123
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.42	%		0.37	%		0.39	%		0.41	%		0.39	%		0.42	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.44			0.39			0.41			0.44			0.42			0.44			0.42
Nonperforming assets to total assets		0.35			0.31			0.33			0.33			0.33			0.35			0.33
Allowance for credit losses to total loans		1.69			1.55			1.53			2.08			1.57			1.69			1.57
Allowance for credit losses to nonperforming loans		404			420			393			509			398			404			398
Delinquent loans to total loans (9)		0.38			0.40			0.37			0.41			0.42			0.38			0.42
NCOs (recoveries) to average loans (annualized)		0.24			0.32			2.52			0.30			0.27			0.84			0.73
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.44	%		0.38	%		0.39	%		0.38	%		0.39	%		0.44	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.46			0.40			0.41			0.41			0.41			0.46			0.41
Nonperforming assets to total assets		0.39			0.33			0.35			0.33			0.35			0.39			0.35
Allowance for credit losses to total loans		1.19			1.18			1.19			1.20			1.21			1.19			1.21
Allowance for credit losses to nonperforming loans		270			315			308			313			313			270			313
Delinquent loans to total loans		0.20			0.19			0.18			0.15			0.16			0.20			0.16
Annualized NCOs (recoveries) to average loans		0.02			0.14			0.02			0.01			0.02			0.05			0.01
TRS Refund Advances ("RAs and ERAs")
RAs and ERAs originated	$	138,614		$	—		$	—		$	771,091		$	103,115		$	909,705		$	840,162
Net (credit) charge to the Provision for RAs and ERAs		7,637			(2,311)			(1,158)			25,718			2,877			29,886			22,492
RAs and ERAs NCOs (recoveries)		(2,156)			(2,311)			28,764			(275)			(1,052)			24,022			22,360

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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 December 31, 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

Fourth quarter 2024 (continued)

Segment information for the quarters and years ended December 31, 2024 and 2023 follows:

		Three Months Ended December 31, 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	$	53,942		$	3,718		$	57,660		$	2,247		$	2,590		$	12,897		$	17,734		$	75,394
Provision for expected credit loss expense		479			(112)			367			7,701			—			4,883			12,584			12,951
Net refund transfer fees		—			—			—			143			—			—			143			143
Mortgage banking income		1,454			—			1,454			—			—			—			—			1,454
Program fees		—			—			—			—			802			3,477			4,279			4,279
Other noninterest income		8,204			20			8,224			15			2			1			18			8,242
Total noninterest income		9,658			20			9,678			158			804			3,478			4,440			14,118
Total noninterest expense		44,926			917			45,843			2,818			1,182			3,668			7,668			53,511
Income (loss) before income tax expense		18,195			2,933			21,128			(8,114)			2,212			7,824			1,922			23,050
Income tax expense (benefit)		2,889			661			3,550			(1,729)			497			1,716			484			4,034
Net income (loss)	$	15,306		$	2,272		$	17,578		$	(6,385)		$	1,715		$	6,108		$	1,438		$	19,016
Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667
Net interest margin		3.73	%		2.68	%		3.64	%		NM			4.39	%		NM			NM			4.62	%
Net-revenue concentration*		71	%		4	%		75	%		3	%		4	%		18	%		25	%		100	%

		Three Months Ended December 31, 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	$	48,394		$	2,251		$	50,645		$	779		$	4,207		$	11,151		$	16,137		$	66,782
Provision for expected credit loss expense		2,287			(296)			1,991			2,937			—			6,061			8,998			10,989
Net refund transfer fees		—			—			—			220			—			—			220			220
Mortgage banking income		983			—			983			—			—			—			—			983
Program fees		—			—			—			—			687			3,874			4,561			4,561
Other noninterest income		8,842			11			8,853			27			146			(10)			163			9,016
Total noninterest income		9,825			11			9,836			247			833			3,864			4,944			14,780
Total noninterest expense		38,739			931			39,670			2,851			987			3,546			7,384			47,054
Income before income tax expense		17,193			1,627			18,820			(4,762)			4,053			5,408			4,699			23,519
Income tax expense		2,647			364			3,011			(1,205)			880			1,174			849			3,860
Net income	$	14,546		$	1,263		$	15,809		$	(3,557)		$	3,173		$	4,234		$	3,850		$	19,659
Period-end assets	$	5,519,632		$	340,224		$	5,859,856		$	228,738		$	366,117		$	140,180		$	735,035		$	6,594,891
Net interest margin		3.47	%		2.41	%		3.40	%		NM			5.10	%		NM			NM			4.36	%
Net-revenue concentration*		72	%		3	%		75	%		1	%		6	%		18	%		25	%		100	%

S-10

		Year Ended December 31, 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	$	203,139		$	12,469		$	215,608		$	34,420		$	11,811		$	50,315		$	96,546		$	312,154
Provision for expected credit loss expense		3,241			527			3,768			29,983			—			20,625			50,608			54,376
Net refund transfer fees		—			—			—			15,356			—			—			15,356			15,356
Mortgage banking income		5,438			—			5,438			—			—			—			—			5,438
Program fees		—			—			—			—			3,121			14,697			17,818			17,818
Other noninterest income		33,641			62			33,703			180			151			4			335			34,038
Total noninterest income		39,079			62			39,141			15,536			3,272			14,701			33,509			72,650
Total noninterest expense		169,298			3,611			172,909			11,605			4,101			14,110			29,816			202,725
Income (loss) before income tax expense		69,679			8,393			78,072			8,368			10,982			30,281			49,631			127,703
Income tax expense (benefit)		13,306			1,892			15,198			1,970			2,427			6,737			11,134			26,332
Net income (loss)	$	56,373		$	6,501		$	62,874		$	6,398		$	8,555		$	23,544		$	38,497		$	101,371
Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667
Net interest margin		3.55	%		2.65	%		3.48	%		NM			4.85	%		NM			NM			4.85	%
Net-revenue concentration*		63	%		3	%		66	%		13	%		4	%		17	%		34	%		100	%

		Year Ended December 31, 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	$	194,798		$	9,447		$	204,245		$	29,557		$	15,729		$	39,247		$	84,533		$	288,778
Provision for expected credit loss expense		8,698			(162)			8,536			22,559			—			16,529			39,088			47,624
Net refund transfer fees		—			—			—			15,748			—			—			15,748			15,748
Mortgage banking income		3,542			—			3,542			—			—			—			—			3,542
Program fees		—			—			—			—			2,827			12,755			15,582			15,582
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		34,231			44			34,275			341			158			83			582			34,857
Total noninterest income		39,501			44			39,545			16,089			2,985			12,838			31,912			71,457
Total noninterest expense		168,120			3,547			171,667			12,035			3,710			11,986			27,731			199,398
Income before income tax expense		57,481			6,106			63,587			11,052			15,004			23,570			49,626			113,213
Income tax expense		10,766			1,365			12,131			2,196			3,307			5,205			10,708			22,839
Net income	$	46,715		$	4,741		$	51,456		$	8,856		$	11,697		$	18,365		$	38,918		$	90,374
Period-end assets	$	5,519,632		$	340,224		$	5,859,856		$	228,738		$	366,117		$	140,180		$	735,035		$	6,594,891
Net interest margin		3.70	%		2.38	%		3.61	%		NM			4.59	%		NM			NM			4.91	%
Net-revenue concentration*		65	%		3	%		68	%		13	%		5	%		14	%		32	%		100	%

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth 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										Years Ended
(dollars in thousands)	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Traditional Banking	$	1,161	$	1,518	$	1,281	$	1,366	$	1,400	$	5,326	$	5,357
Warehouse Lending		308		392		322		263		235		1,285		1,031
Total Core Bank		1,469		1,910		1,603		1,629		1,635		6,611		6,388
TRS		2,605		42		756		35,871		1,096		39,274		33,529
RCS		12,569		12,935		11,272		11,372		10,514		48,148		36,655
Total RPG		15,174		12,977		12,028		47,243		11,610		87,422		81,677
Total loan fees - Total Company	$	16,643	$	14,887	$	13,631	$	48,872	$	13,245	$	94,033	$	88,065

(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 Years Ended
(dollars in thousands)	Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Dec. 31, 2024		Dec. 31, 2023
Mortgage Loans Held for Sale
Balance, beginning of period	$	8,526	$	9,703	$	80,884	$	3,227	$	2,711	$	3,227	$	1,302
Originations		50,065		57,142		53,703		27,046		24,050		187,956		53,750
Transferred from held for investment to held for sale		—		—		(2,288)		69,464		—		67,176		—
Proceeds from sales		(51,152)		(59,732)		(123,693)		(18,773)		(24,134)		(253,350)		(53,794)
Fair value adjustment for correspondent loans reclassified to held for sale		—		—		—		(997)		—		(997)		—
Net gain on sale		873		1,413		1,097		917		600		4,300		1,453
Balance, end of period	$	8,312	$	8,526	$	9,703	$	80,884	$	3,227	$	8,312	$	2,711
RCS Consumer Loans Held for Sale
Balance, beginning of period	$	25,881	$	32,201	$	19,176	$	24,008	$	21,972	$	24,008	$	17,875
Originations		290,881		350,413		402,141		188,347		300,281		1,231,782		756,714
Proceeds from sales		(296,163)		(360,910)		(392,755)		(196,584)		(302,118)		(1,246,412)		(761,497)
Net gain on sale		3,476		4,177		3,639		3,405		3,873		14,697		8,880
Balance, end of period	$	24,075	$	25,881	$	32,201	$	19,176	$	24,008	$	24,075	$	21,972

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)	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023
Total stockholders' equity - GAAP (a)	$	992,029		$	979,705		$	955,423		$	935,583		$	912,756
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,975			7,052			7,030			7,102			7,411
Less: Core deposit intangible		1,957			2,072			2,187			2,302			2,439
Tangible stockholders' equity - Non-GAAP (c)	$	942,581		$	930,065		$	905,690		$	885,663		$	862,390
Total assets - GAAP (b)	$	6,846,667		$	6,692,470		$	6,616,574		$	6,875,592		$	6,594,891
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,975			7,052			7,030			7,102			7,411
Less: Core deposit intangible		1,957			2,072			2,187			2,302			2,439
Tangible assets - Non-GAAP (d)	$	6,797,219		$	6,642,830		$	6,566,841		$	6,825,672		$	6,544,525
Total stockholders' equity to total assets - GAAP (a/b)		14.49	%		14.64	%		14.44	%		13.61	%		13.84	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.87	%		14.00	%		13.79	%		12.98	%		13.18	%
Number of shares outstanding (e)		19,448			19,443			19,425			19,411			19,358
Book value per share - GAAP (a/e)	$	51.01		$	50.39		$	49.19		$	48.20		$	47.15
Tangible book value per share - Non-GAAP (c/e)		48.47			47.84			46.62			45.63			44.55

(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															Years Ended
(dollars in thousands)	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Dec. 31, 2024			Dec. 31, 2023
Net interest income - GAAP	$	75,394		$	71,305		$	68,536		$	96,919		$	66,782		$	312,154		$	288,778
Noninterest income - GAAP		14,118			16,813			18,346			23,373			14,780			72,650			71,457
Less: BOLI benefit payment received		—			—			—			—			—			—			1,728
Less: Net gain (loss) on securities		—			1			1			—			6			2			12
Total adjusted income - Non-GAAP (a)	$	89,512		$	88,117		$	86,881		$	120,292		$	81,556		$	384,802		$	358,495
Noninterest expense - GAAP	$	53,511		$	48,609		$	49,634		$	50,971		$	47,054		$	202,725		$	199,398
Less: Expenses related to CBank acquisition		—			—			—			41			92			41			2,160
Adjusted noninterest expense - Non-GAAP (b)	$	53,511		$	48,609		$	49,634		$	50,930		$	46,962		$	202,684		$	197,238
Efficiency Ratio - Non-GAAP (b/a)		60	%		55	%		57	%		42	%		58	%		53	%		55	%

(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 December 31, 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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