EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2023

TABLE OF CONTENTS

BALANCE SHEET DATA	S-2

AVERAGE BALANCE SHEET DATA	S-3

INCOME STATEMENT DATA	S-4

SELECTED DATA AND RATIOS	S-5

LOAN COMPOSITION	S-6

ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-6

CREDIT QUALITY DATA AND RATIOS	S-7

SEGMENT DATA	S-8

FOOTNOTES	S-10

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		From Dec. 31,2022		From Jun. 30, 2022
Assets:
Cash and cash equivalents	$	241,967	$	249,289	$	313,689	$	754,393	$	795,143	$	(71,722)	$	(553,176)
Investment securities, net of allowance for credit losses		706,238		725,163		707,862		662,750		655,296		(1,624)		50,942
Loans held for sale		25,582		18,466		19,177		24,387		39,727		6,405		(14,145)
Loans		5,053,142		4,774,234		4,515,802		4,289,450		4,362,233		537,340		690,909
Allowance for credit losses		(72,202)		(96,121)		(70,413)		(64,919)		(64,449)		(1,789)		(7,753)
Loans, net		4,980,940		4,678,113		4,445,389		4,224,531		4,297,784		535,551		683,156
Federal Home Loan Bank stock, at cost		29,395		25,939		9,146		8,568		10,311		20,249		19,084
Premises and equipment, net		33,840		33,672		31,978		32,813		33,886		1,862		(46)
Right-of-use assets		34,939		36,245		37,017		41,303		41,364		(2,078)		(6,425)
Goodwill		40,516		41,618		16,300		16,300		16,300		24,216		24,216
Other real estate owned ("OREO")		1,478		1,529		1,581		1,634		1,687		(103)		(209)
Bank owned life insurance ("BOLI")		102,521		102,322		101,687		101,013		100,396		834		2,125
Low-income housing tax credit investments		77,426		73,901		75,324		63,319		58,446		2,102		18,980
Other assets and accrued interest receivable		94,937		87,834		76,393		68,652		62,136		18,544		32,801
Total assets	$	6,369,779	$	6,074,091	$	5,835,543	$	5,999,663	$	6,112,476	$	534,236	$	257,303

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,854,907	$	2,013,957	$	1,908,768	$	2,013,337	$	2,093,853	$	(53,861)	$	(238,946)
Interest-bearing		2,874,374		2,785,711		2,629,077		2,786,385		2,733,093		245,297		141,281
Total deposits		4,729,281		4,799,668		4,537,845		4,799,722		4,826,946		191,436		(97,665)

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		92,093		134,412		216,956		209,376		303,315		(124,863)		(211,222)
Operating lease liabilities		35,721		37,031		37,809		42,109		42,163		(2,088)		(6,442)
Federal Home Loan Bank advances		520,000		108,000		95,000		20,000		20,000		425,000		500,000
Low-income housing tax credit obligations		55,998		42,437		43,609		32,224		27,974		12,389		28,024
Other liabilities and accrued interest payable		49,715		70,341		47,711		53,169		48,212		2,004		1,503
Total liabilities		5,482,808		5,191,889		4,978,930		5,156,600		5,268,610		503,878		214,198

Stockholders' equity		886,971		882,202		856,613		843,063		843,866		30,358		43,105
Total liabilities and stockholders' equity	$	6,369,779	$	6,074,091	$	5,835,543	$	5,999,663	$	6,112,476	$	534,236	$	257,303

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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										Six Months Ended				$ Change (8)
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022		6M to 6M
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	114,368	$	241,211	$	553,695	$	727,626	$	813,956	$	177,439	$	837,757	$	(660,318)
Investment securities, including FHLB stock		774,829		773,172		693,825		694,781		691,427		774,006		649,040		124,966
Loans, including loans held for sale		4,904,167		4,665,543		4,353,256		4,306,169		4,339,432		4,785,513		4,347,299		438,214
Total interest-earning assets		5,793,364		5,679,926		5,600,776		5,728,576		5,844,815		5,736,958		5,834,096		(97,138)

Allowance for credit losses		(96,720)		(83,195)		(65,290)		(65,262)		(72,037)		(89,995)		(70,670)		(19,325)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		113,865		295,905		115,416		108,069		172,382		204,382		262,772		(58,390)
Premises and equipment, net		33,967		32,232		32,518		33,307		34,322		33,104		34,888		(1,784)
Bank owned life insurance		102,599		102,004		101,361		100,740		100,152		102,303		99,844		2,459
Other assets		210,350		186,169		153,721		171,392		161,548		198,327		172,388		25,939

Total assets	$	6,157,425	$	6,213,041	$	5,938,502	$	6,076,822	$	6,241,182	$	6,185,079	$	6,333,318	$	(148,239)

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	2,828,733	$	2,663,099	$	2,704,764	$	2,777,124	$	2,779,941	$	2,746,373	$	2,803,587	$	(57,214)
SSUARs and other short-term borrowings		117,852		202,910		247,123		220,149		294,388		160,146		297,263		(137,117)
Federal Home Loan Bank advances		256,000		245,344		21,630		20,000		20,000		250,702		21,657		229,045
Total interest-bearing liabilities		3,202,585		3,111,353		2,973,517		3,017,273		3,094,329		3,157,221		3,122,507		34,714

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,927,486		2,089,162		1,994,233		2,096,206		2,196,794		2,007,877		2,254,194		(246,317)
Other liabilities		132,687		133,321		114,196		108,964		100,118		133,002		106,320		26,682
Stockholders' equity		894,667		879,205		856,556		854,379		849,941		886,979		850,297		36,682

Total liabilities and stockholders’ equity	$	6,157,425	$	6,213,041	$	5,938,502	$	6,076,822	$	6,241,182	$	6,185,079	$	6,333,318	$	(148,239)

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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										Six Months Ended				$ Change (8)
	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022		6M to 6M

Total interest income (1)	$	79,054	$	100,356	$	66,555	$	60,617	$	52,902	$	179,410	$	117,012	$	62,398
Total interest expense		14,525		7,714		3,442		2,020		1,088		22,239		2,031		20,208
Net interest income		64,529		92,642		63,113		58,597		51,814		157,171		114,981		42,190

Provision (2)		6,139		26,766		7,844		1,573		3,705		32,905		12,931		19,974

Noninterest income:
Service charges on deposit accounts		3,527		3,299		3,428		3,409		3,363		6,826		6,589		237
Net refund transfer fees		4,479		10,807		486		593		3,950		15,286		16,001		(715)
Mortgage banking income (3)		907		800		622		1,154		1,763		1,707		4,420		(2,713)
Interchange fee income		3,419		3,051		3,272		3,322		3,461		6,470		6,531		(61)
Program fees (3)		3,739		3,241		3,501		4,932		3,885		6,980		7,739		(759)
Increase in cash surrender value of BOLI		689		635		674		617		623		1,324		1,235		89
Net losses on OREO		(52)		(53)		(53)		(53)		(52)		(105)		(105)		—
Contract termination fee		—		—		—		—		—		—		5,000		(5,000)
Legal settlement		—		—		—		—		13,000		—		—		—
Other		2,943		901		1,194		1,134		576		3,844		14,168		(10,324)
Total noninterest income		19,651		22,681		13,124		15,108		30,569		42,332		61,578		(19,246)

Noninterest expense:
Salaries and employee benefits		30,764		29,961		25,763		27,269		28,896		60,725		58,208		2,517
Technology, equipment, and communication		6,920		7,228		7,276		7,235		7,229		14,148		14,443		(295)
Occupancy		3,591		3,406		3,139		3,211		3,224		6,997		6,664		333
Marketing and development		2,513		1,574		1,856		1,951		1,720		4,087		3,068		1,019
FDIC insurance expense		724		637		427		423		399		1,361		818		543
Interchange related expense		1,350		1,499		1,171		1,221		1,264		2,849		2,381		468
Legal and professional fees		829		1,061		951		904		804		1,890		2,169		(279)
Merger expense		127		2,073		—		—		—		2,200		—		2,200
Other (2)		4,715		5,004		4,322		3,952		4,120		9,719		8,486		1,233
Total noninterest expense		51,533		52,443		44,905		46,166		47,656		103,976		96,237		7,739

Income before income tax expense		26,508		36,114		23,488		25,966		31,022		62,622		67,391		(4,769)
Income tax expense		5,456		8,022		4,975		6,070		6,675		13,478		14,694		(1,216)

Net income	$	21,052	$	28,092	$	18,513	$	19,896	$	24,347	$	49,144	$	52,697	$	(3,553)

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2023 (continued)

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



Selected Data and Ratios
		As of and for the Three Months Ended														As of and for the Six Months Ended						Change (8)
		Jun. 30, 2023		Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Jun. 30, 2023			Jun. 30, 2022			From Jun. 30, 2022 or 6M to 6M
Per Share Data:

Basic weighted average shares outstanding		19,884			19,935			19,929			19,919			20,107			19,909			20,131			(222)
Diluted weighted average shares outstanding		19,906			19,990			19,981			19,981			20,169			19,961			20,202			(241)

Period-end shares outstanding:
Class A Common Stock		17,447			17,598			17,587			17,587			17,629			17,447			17,629			(182)
Class B Common Stock		2,157			2,160			2,160			2,160			2,161			2,157			2,161			(4)

Book value per share (4)	$	45.24		$	44.65		$	43.38		$	42.69		$	42.64		$	45.24		$	42.64		$	2.60
Tangible book value per share (4)		42.63			41.98			42.11			41.40			41.34			42.63			41.34			1.29

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.07		$	1.42		$	0.94		$	1.01		$	1.23		$	2.50		$	2.65		$	(0.15)
Basic EPS - Class B Common Stock		0.98			1.30			0.86			0.92			1.12			2.27			2.41			(0.14)
Diluted EPS - Class A Common Stock		1.07			1.42			0.94			1.01			1.22			2.50			2.64			(0.14)
Diluted EPS - Class B Common Stock		0.98			1.29			0.85			0.92			1.11			2.27			2.40			(0.13)

Cash dividends declared per Common share:
Class A Common Stock	$	0.374		$	0.374		$	0.341		$	0.341		$	0.341		$	0.748		$	0.682		$	0.066
Class B Common Stock		0.340			0.340			0.310			0.310			0.310			0.680			0.620			0.060

Performance Ratios:

Return on average assets		1.37	%		1.81	%		1.25	%		1.28	%		1.53	%		1.59	%		1.66	%		(0.07)	%
Return on average equity		9.41			12.78			8.65			9.15			11.23			11.08			12.39			(1.31)
Efficiency ratio (5)		62			45			59			63			68			53			60			(7)
Yield on average interest-earning assets (1)		5.46			7.07			4.75			4.19			3.58			6.25			4.01			2.24
Cost of average interest-bearing liabilities		1.81			0.99			0.46			0.27			0.14			1.41			0.13			1.28
Cost of average deposits (6)		0.94			0.41			0.26			0.15			0.08			0.68			0.07			0.61
Net interest spread (1)		3.65			6.08			4.29			3.92			3.44			4.84			3.88			0.96
Net interest margin - Total Company (1)		4.46			6.52			4.51			4.05			3.51			5.48			3.94			1.54
Net interest margin - Core Bank		3.65			3.98			3.82			3.54			3.02			3.81			2.97			0.83

Other Information:

End of period FTEs (7) - Total Company		1,043			1,031			998			1,009			1,020			1,043			1,020			23
End of period FTEs - Core Bank		985			972			932			916			929			985			929			56
Number of full-service banking centers		45			44			42			42			42			45			42			3

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			From Dec. 31,2022			From Jun. 30, 2022
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	1,086,751		$	972,214		$	911,427		$	863,899		$	832,137		$	175,324		$	254,614
Nonowner occupied		350,390			328,529			321,358			321,037			313,534			29,032			36,856
Commercial real estate		1,727,092			1,682,573			1,599,510			1,571,593			1,569,119			127,582			157,973
Construction & land development		179,479			167,829			153,875			147,418			137,452			25,604			42,027
Commercial & industrial		478,759			478,101			413,387			412,826			408,832			65,372			69,927
Lease financing receivables		79,804			73,270			10,505			11,333			11,345			69,299			68,459
Aircraft		208,512			184,344			179,785			166,313			159,958			28,727			48,554
Home equity		255,755			250,050			241,739			229,038			214,069			14,016			41,686
Consumer:
Credit cards		17,134			16,775			15,473			14,897			15,419			1,661			1,715
Overdrafts		706			775			726			723			901			(20)			(195)
Automobile loans		4,177			5,267			6,731			7,890			9,579			(2,554)			(5,402)
Other consumer		6,109			5,450			626			973			1,245			5,483			4,864
Total Traditional Banking		4,394,668			4,165,177			3,855,142			3,747,940			3,673,590			539,526			721,078
Warehouse lines of credit		539,560			457,365			403,560			442,238			596,678			136,000			(57,118)
Total Core Banking		4,934,228			4,622,542			4,258,702			4,190,178			4,270,268			675,526			663,960

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			31,665			97,505			—			—			(97,505)			—
Other TRS commercial & industrial loans		193			8,327			51,767			295			149			(51,574)			44
Republic Credit Solutions		118,721			111,700			107,828			98,977			91,816			10,893			26,905
Total Republic Processing Group		118,914			151,692			257,100			99,272			91,965			(138,186)			26,949

Total loans - Total Company	$	5,053,142		$	4,774,234		$	4,515,802		$	4,289,450		$	4,362,233		$	537,340		$	690,909

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	55,567		$	55,216		$	50,709		$	49,231		$	49,727		$	4,858		$	5,840
Warehouse Lending		1,346			1,144			1,009			1,105			1,491			337			(145)
Total Core Banking		56,913			56,360			51,718			50,336			51,218			5,195			5,695

Tax Refund Solutions		—			25,981			3,888			—			—			(3,888)			—
Republic Credit Solutions		15,289			13,780			14,807			14,583			13,231			482			2,058
Total Republic Processing Group		15,289			39,761			18,695			14,583			13,231			(3,406)			2,058

Total Allowance - Total Company	$	72,202		$	96,121		$	70,413		$	64,919		$	64,449		$	1,789		$	7,753

Allowance to Total Loans

Traditional Banking		1.26	%		1.33	%		1.32	%		1.31	%		1.35	%		(0.06)	%		(0.09)	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25			—			—
Total Core Banking		1.15			1.22			1.21			1.20			1.20			(0.06)			(0.05)

Tax Refund Solutions		—			64.97			2.60			—			—			(2.60)			—
Republic Credit Solutions		12.88			12.34			13.73			14.73			14.41			(0.85)			(1.53)
Total Republic Processing Group		12.86			26.21			7.27			14.69			14.39			5.59			(1.53)

Total Company		1.43			2.01			1.56			1.51			1.48			(0.13)			(0.05)

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2023 (continued)

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



Credit Quality Data and Ratios
	As of and for the Three Months Ended															As of and for the Six Months Ended						Change (8)
	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Jun. 30, 2023			Jun. 30, 2022			From Jun. 30, 2022 or 6M to 6M
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	16,957		$	15,833		$	15,562		$	16,322		$	16,168		$	16,957		$	16,168		$	789
Loans past due 90-days-or-more and still on accrual		547			777			756			37			42			547			42			505
Total nonperforming loans		17,504			16,610			16,318			16,359			16,210			17,504			16,210			1,294
OREO		1,478			1,529			1,581			1,634			1,687			1,478			1,687			(209)
Total nonperforming assets	$	18,982		$	18,139		$	17,899		$	17,993		$	17,897		$	18,982		$	17,897		$	1,085

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	16,957		$	15,833		$	15,562		$	16,322		$	16,168		$	16,957		$	16,168		$	789
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—			—
Total nonperforming loans		16,957			15,833			15,562			16,322			16,168			16,957			16,168			789
OREO		1,478			1,529			1,581			1,634			1,687			1,478			1,687			(209)
Total nonperforming assets	$	18,435		$	17,362		$	17,143		$	17,956		$	17,855		$	18,435		$	17,855		$	580

Delinquent Loans:
Delinquent loans - Core Bank	$	5,875		$	5,537		$	6,060		$	4,368		$	5,352		$	5,875		$	5,352		$	523
RPG		10,043			30,587			9,200			7,522			6,099			10,043			6,099			3,944
Total delinquent loans - Total Company	$	15,918		$	36,124		$	15,260		$	11,890		$	11,451		$	15,918		$	11,451		$	4,467

NCOs (Recoveries) by Segment:
Traditional Bank	$	125		$	77		$	238		$	(187)		$	(5)		$	202		$	113		$	89
Warehouse Lending loans		—			—			—			—			—			—			—			—
Core Bank loans		125			77			238			(187)			(5)			202			113			89
Tax Refund Solutions		25,762			(285)			(909)			(1,296)			8,730			25,477			8,368			17,109
Republic Credit Solutions		2,787			2,866			3,021			2,656			2,147			5,653			4,545			1,108
RPG		28,549			2,581			2,112			1,360			10,877			31,130			12,913			18,217
Total NCOs (recoveries) - Total Company	$	28,674		$	2,658		$	2,350		$	1,173		$	10,872		$	31,332		$	13,026		$	18,306

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.35	%		0.35	%		0.36	%		0.38	%		0.37	%		0.35	%		0.37	%		(0.02)	%
Nonperforming assets to total loans (including OREO)		0.38			0.38			0.40			0.42			0.41			0.38			0.41			(0.03)
Nonperforming assets to total assets		0.30			0.30			0.31			0.30			0.29			0.30			0.29			0.01
Allowance for credit losses to total loans		1.43			2.01			1.56			1.51			1.48			1.43			1.48			(0.05)
Allowance for credit losses to nonperforming loans		412			579			432			397			398			412			398			14
Delinquent loans to total loans (9)		0.32			0.76			0.34			0.28			0.26			0.32			0.26			0.06
NCOs (recoveries) to average loans (annualized)		2.34			0.23			0.22			0.11			1.00			1.31			0.60			0.71

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.34	%		0.34	%		0.37	%		0.39	%		0.38	%		0.34	%		0.38	%		(0.04)	%
Nonperforming assets to total loans (including OREO)		0.37			0.38			0.40			0.43			0.42			0.37			0.42			(0.05)
Nonperforming assets to total assets		0.32			0.32			0.32			0.33			0.32			0.32			0.32			-
Allowance for credit losses to total loans		1.15			1.22			1.21			1.20			1.20			1.15			1.20			(0.05)
Allowance for credit losses to nonperforming loans		336			356			332			308			317			336			317			19
Delinquent loans to total loans		0.12			0.12			0.14			0.10			0.13			0.12			0.13			(0.01)
Annualized NCOs (recoveries) to average loans		0.01			0.01			0.02			(0.02)			—			0.01			0.01			0.00

TRS Refund Advances ("RAs")

RAs originated	$	—		$	737,047		$	97,505		$	—		$	—		$	737,047		$	311,207		$	425,840
Net (credit) charge to the Provision for RAs		(161)			21,715			2,888			(1,296)			564			21,554			8,879			12,675
RAs NCOs (recoveries)		25,636			(285)			(909)			(1,296)			8,879			25,351			8,879			16,472

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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 June 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-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2023 (continued)

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


		Three Months Ended June 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	$	48,682		$	2,642		$	61		$	51,385		$	4,010		$	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		(1)			—			—			(1)			729			3,011			3,740			3,739
Other noninterest income		10,330			11			27			10,368			118			40			158			10,526
Total noninterest income		10,329			11			934			11,274			5,326			3,051			8,377			19,651

Total noninterest expense		42,153			1,008			2,322			45,483			3,143			2,907			6,050			51,533

Income (loss) before income tax expense		14,998			1,443			(1,327)			15,114			6,412			4,982			11,394			26,508
Income tax expense (benefit)		2,941			322			(292)			2,971			1,391			1,094			2,485			5,456

Net income (loss)	$	12,057		$	1,121		$	(1,035)		$	12,143		$	5,021		$	3,888		$	8,909		$	21,052

Period-end assets	$	5,271,050		$	540,106		$	16,147		$	5,827,303		$	415,428		$	127,048		$	542,476		$	6,369,779

Net interest margin		3.77	%		2.28	%		NM			3.65	%		NM			NM			NM			4.46	%

Net-revenue concentration*		71	%		3	%		1	%		75	%		11	%		14	%		25	%		100	%


		Three Months Ended June 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	$	39,158		$	3,886		$	153		$	43,197		$	1,638		$	6,979		$	8,617		$	51,814

Provision for expected credit loss expense		146			(234)			—			(88)			360			3,433			3,793			3,705

Net refund transfer fees		—			—			—			—			3,950			—			3,950			3,950
Mortgage banking income		—			—			1,763			1,763			—			—			—			1,763
Program fees		—			—			—			—			736			3,149			3,885			3,885
Contract termination fee		—			—			—			—			5,000			—			5,000			5,000
Legal settlement		5,000			—			—			5,000			—			—			—			5,000
Other noninterest income		2,734			12			46			2,792			8,179			—			8,179			10,971
Total noninterest income		7,734			12			1,809			9,555			17,865			3,149			21,014			30,569

Total noninterest expense		38,317			1,035			2,832			42,184			3,533			1,939			5,472			47,656

Income before income tax expense		8,429			3,097			(870)			10,656			15,610			4,756			20,366			31,022
Income tax expense		1,652			692			(191)			2,153			3,465			1,057			4,522			6,675

Net income	$	6,777		$	2,405		$	(679)		$	8,503		$	12,145		$	3,699		$	15,844		$	24,347

Period-end assets	$	4,997,734		$	596,031		$	22,342		$	5,616,107		$	382,156		$	114,213		$	496,369		$	6,112,476

Net interest margin		3.06	%		2.69	%		NM			3.02	%		NM			NM			NM			3.55	%

Net-revenue concentration*		57	%		5	%		2	%		64	%		24	%		12	%		36	%		100	%

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

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second 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										Six Months Ended				$ Change (8)
(dollars in thousands)	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022		6M to 6M

Traditional Banking	$	1,311	$	943	$	943	$	1,063	$	1,669	$	2,254	$	3,999	$	(1,745)
Warehouse Lending		294		248		272		402		500		542		1,074		(532)
Total Core Bank		1,605		1,191		1,215		1,465		2,169		2,796		5,073		(2,277)
TRS - Refund Advances		41		31,404		50		81		81		31,446		13,525		17,921
TRS - Other Loan Fees		24		933		825		(1)		2		956		664		292
RCS		8,416		7,962		7,501		7,196		6,364		16,378		16,621		(243)
Total RPG		8,481		40,299		8,376		7,276		6,447		48,780		30,810		17,970

Total loan fees - Total Company	$	10,086	$	41,490	$	9,591	$	8,741	$	8,616	$	51,576	$	35,883	$	15,693

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

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



	As of and for the Three Months Ended										As of and for the Six Months Ended				$ Change (8)
(dollars in thousands)	Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Jun. 30, 2023		Jun. 30, 2022		6M to 6M

Mortgage Loans Held for Sale

Balance, beginning of period	$	1,034	$	1,302	$	2,912	$	8,491	$	13,302	$	1,302	$	29,393	$	(28,091)
Originations		13,948		15,942		10,359		32,856		61,489		29,890		162,150		(132,260)
Proceeds from sales		(11,483)		(16,630)		(12,207)		(39,220)		(67,759)		(28,113)		(186,971)		158,858
Net gain on sale		539		420		238		785		1,459		959		3,919		(2,960)
Balance, end of period	$	4,038	$	1,034	$	1,302	$	2,912	$	8,491	$	4,038	$	8,491	$	(4,453)

RCS Consumer Loans Held for Sale

Balance, beginning of period	$	17,432	$	17,875	$	21,475	$	31,236	$	14,735	$	17,875	$	22,684	$	(4,809)
Originations		262,404		207,222		225,588		292,131		282,782		469,626		527,996		(58,370)
Proceeds from sales		(261,301)		(210,199)		(231,999)		(306,093)		(269,429)		(471,500)		(525,709)		54,209
Net gain on sale		3,009		2,534		2,811		4,201		3,148		5,543		6,265		(722)
Balance, end of period	$	21,544	$	17,432	$	17,875	$	21,475	$	31,236	$	21,544	$	31,236	$	(9,692)

S-10

(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)	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022

Total stockholders' equity - GAAP (a)	$	886,971		$	882,202		$	856,613		$	843,063		$	843,866
Less: Goodwill		40,516			41,618			16,300			16,300			16,300
Less: Mortgage servicing rights		7,995			8,406			8,769			9,177			9,407
Less: Core deposit intangible		2,713			2,813			—			—			—
Tangible stockholders' equity - Non-GAAP (c)	$	835,747		$	829,365		$	831,544		$	817,586		$	818,159

Total assets - GAAP (b)	$	6,369,779		$	6,074,091		$	5,835,543		$	5,999,663		$	6,112,476
Less: Goodwill		40,516			41,618			16,300			16,300			16,300
Less: Mortgage servicing rights		7,995			8,406			8,769			9,177			9,407
Less: Core deposit intangible		2,713			2,813			—			—			—
Tangible assets - Non-GAAP (d)	$	6,318,555		$	6,021,254		$	5,810,474		$	5,974,186		$	6,086,769

Total stockholders' equity to total assets - GAAP (a/b)		13.92	%		14.52	%		14.68	%		14.05	%		13.81	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.23	%		13.77	%		14.31	%		13.69	%		13.44	%

Number of shares outstanding (e)		19,604			19,758			19,747			19,747			19,790

Book value per share - GAAP (a/e)	$	45.24		$	44.65		$	43.38		$	42.69		$	42.64
Tangible book value per share - Non-GAAP (c/e)		42.63			41.98			42.11			41.40			41.34

(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															Six Months Ended June 30, 2023
(dollars in thousands)	Jun. 30, 2023			Mar. 31, 2023			Dec. 31, 2022			Sep. 30, 2022			Jun. 30, 2022			Jun. 30, 2023			Jun. 30, 2022

Net interest income - GAAP	$	64,529		$	92,642		$	63,113		$	58,597		$	51,814		$	157,171		$	114,981
Noninterest income - GAAP		19,651			22,681			13,124			15,108			30,569			42,332			61,578
Less: Contract termination fee related to TRS Transaction		—			—			—			—			—			—			5,000
Less: Legal settlement related to TRS Transaction		—			—			—			—			13,000			—			13,000
Less: BOLI benefit payment received		1,728			—			—			—			—			1,728			—
Less: Net gain (loss) on securities		3			1			1			2			(102)			4			(222)
Total adjusted income - Non-GAAP (a)	$	82,449		$	115,322		$	76,236		$	73,703		$	69,485		$	197,771		$	158,781


Noninterest expense - GAAP	$	51,533		$	52,443		$	44,905		$	46,166		$	47,656		$	103,976		$	96,237
Less: Expenses related to CBank acquisition		127			2,073
Less: Expenses related to TRS Transaction		—			—			—			88			699			—			699
Adjusted noninterest expense - Non-GAAP (b)	$	51,406		$	50,370		$	44,905		$	46,078		$	46,957		$	103,976		$	95,538

Efficiency Ratio - Non-GAAP (b/a)		62	%		44	%		59	%		63	%		68	%		53	%		60	%

(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, 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.

S-11

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