Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

SECOND QUARTER 2022

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-11

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022

(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
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021
Assets:
Cash and cash equivalents	$	795,143		$	1,077,158		$	756,971		$	1,011,247		$	747,007
Investment securities, net of allowance for credit losses		655,296			614,836			542,045			543,449			573,027
Loans held for sale		39,727			28,037			52,077			40,546			56,833
Loans		4,362,233			4,390,243			4,496,562			4,343,806			4,554,221
Allowance for credit losses		(64,449	)		(71,656	)		(64,577	)		(63,024	)		(60,291	)
Loans, net		4,297,784			4,318,587			4,431,985			4,280,782			4,493,930
Federal Home Loan Bank stock, at cost		10,311			10,311			10,311			10,311			11,670
Premises and equipment, net		33,886			34,358			36,073			37,499			38,682
Right-of-use assets		41,364			42,402			38,825			39,257			40,698
Goodwill		16,300			16,300			16,300			16,300			16,300
Other real estate owned ("OREO")		1,687			1,740			1,792			1,845			1,898
Bank owned life insurance ("BOLI")		100,396			99,773			99,161			99,634			99,008
Other assets and accrued interest receivable		120,582			106,367			108,092			106,764			104,257
Total assets	$	6,112,476		$	6,349,869		$	6,093,632		$	6,187,634		$	6,183,310

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	2,094,436		$	2,226,714		$	1,990,781		$	2,086,548		$	2,062,433
Interest-bearing		2,733,093			2,860,392			2,849,637			2,861,399			2,955,145
Total deposits		4,827,529			5,087,106			4,840,418			4,947,947			5,017,578

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		303,315			287,818			290,967			260,583			142,895
Operating lease liabilities		42,163			43,204			39,672			40,151			41,621
Federal Home Loan Bank advances		20,000			20,000			25,000			25,000			25,000
Subordinated note		—			—			—			—			41,240
Other liabilities and accrued interest payable		77,295			71,412			63,343			75,296			69,886
Total liabilities		5,270,302			5,509,540			5,259,400			5,348,977			5,338,220

Stockholders' equity		842,174			840,329			834,232			838,657			845,090
Total liabilities and stockholders' equity	$	6,112,476		$	6,349,869		$	6,093,632		$	6,187,634		$	6,183,310

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	813,956		$	861,822		$	848,215		$	924,859		$	938,728		$	837,757		$	725,764
Investment securities, including FHLB stock		691,427			606,182			540,227			555,934			562,509			649,040			563,243
Loans, including loans held for sale		4,339,432			4,355,255			4,385,547			4,404,270			4,546,747			4,347,299			4,645,662
Total interest-earning assets		5,844,815			5,823,259			5,773,989			5,885,063			6,047,984			5,834,096			5,934,669

Allowance for credit losses		(72,037	)		(69,287	)		(63,711	)		(61,562	)		(74,258	)		(70,670	)		(70,390	)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		172,382			354,165			137,556			140,037			144,327			262,772			196,793
Premises and equipment, net		34,322			35,460			37,055			38,377			39,119			34,888			39,152
Bank owned life insurance		100,152			99,532			99,978			99,386			97,257			99,844			82,837
Other assets		164,090			180,779			192,755			187,286			186,133			172,389			188,785

Total assets	$	6,243,724		$	6,423,908		$	6,177,622		$	6,288,587		$	6,440,562		$	6,333,319		$	6,371,846

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	2,779,941		$	2,827,496		$	2,857,403		$	2,908,135		$	3,020,168		$	2,803,587		$	2,964,900
SSUARs and other short-term borrowings		294,388			300,169			318,785			242,867			169,888			297,263			181,216
Federal Home Loan Bank advances		20,000			23,333			25,000			25,000			25,000			21,657			34,033
Subordinated note		—			—			—			40,791			41,240			—			41,240
Total interest-bearing liabilities		3,094,329			3,150,998			3,201,188			3,216,793			3,256,296			3,122,507			3,221,389

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		2,197,300			2,313,549			2,028,910			2,118,200			2,226,070			2,255,104			2,186,274
Other liabilities		100,937			112,331			102,694			104,659			108,891			106,603			121,357
Stockholders' equity		851,158			847,030			844,830			848,935			849,305			849,105			842,826

Total liabilities and stock-holders’ equity	$	6,243,724		$	6,423,908		$	6,177,622		$	6,288,587		$	6,440,562		$	6,333,319		$	6,371,846

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021

Total interest income (1)	$	52,320		$	63,555		$	51,379		$	54,469		$	51,815		$	115,875		$	121,458
Total interest expense		1,088			943			1,038			1,340			1,511			2,031			3,288
Net interest income		51,232			62,612			50,341			53,129			50,304			113,844			118,170

Provision for expected credit loss expense (2)		3,705			9,226			2,577			1,292			(4,323	)		12,931			10,939

Noninterest income:
Service charges on deposit accounts		3,363			3,226			3,332			3,277			3,071			6,589			5,944
Net refund transfer fees		3,950			12,051			326			1,280			5,923			16,001			18,644
Mortgage banking income (3)		1,763			2,657			3,339			5,280			4,182			4,420			11,375
Interchange fee income		3,461			3,070			3,291			3,263			3,481			6,531			6,508
Program fees (3)		3,885			3,854			4,668			4,018			3,342			7,739			5,551
Increase in cash surrender value of BOLI		623			612			626			626			600			1,235			990
Net losses on OREO		(52	)		(53	)		(53	)		(52	)		(44	)		(105	)		(55	)
Contract termination fee		—			5,000			—			—			—			5,000			—
Legal settlement		13,000			—			—			—			—			13,000			—
Other		573			584			1,552			1,133			1,093			1,157			1,712
Total noninterest income		30,566			31,001			17,081			18,825			21,648			61,567			50,669

Noninterest expense:
Salaries and employee benefits		28,896			29,312			26,350			26,991			27,410			58,208			56,747
Technology, equipment, and communication		7,229			7,214			7,342			7,498			7,444			14,443			14,511
Occupancy		3,224			3,440			3,188			3,195			3,251			6,664			6,810
Marketing and development		1,720			1,348			1,291			1,233			1,094			3,068			1,866
FDIC insurance expense		399			419			402			325			418			818			864
Interchange related expense		1,264			1,117			1,253			1,275			1,288			2,381			2,432
Legal and professional fees		804			1,365			1,360			884			1,466			2,169			2,680
Other (2)		4,117			4,358			3,850			3,034			3,343			8,475			7,685
Total noninterest expense		47,653			48,573			45,036			44,435			45,714			96,226			93,595

Income before income tax expense		30,440			35,814			19,809			26,227			30,561			66,254			64,305
Income tax expense		6,539			7,888			3,004			6,218			6,639			14,427			14,330

Net income	$	23,901		$	27,926		$	16,805		$	20,009		$	23,922		$	51,827		$	49,975

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021
Per Share Data:

Basic weighted average shares outstanding		20,107			20,145			20,270			20,508			20,894			20,131			20,951
Diluted weighted average shares outstanding		20,169			20,225			20,379			20,591			20,949			20,202			21,016

Period-end shares outstanding:
Class A Common Stock		17,629			17,834			17,816			18,040			18,421			17,629			18,421
Class B Common Stock		2,161			2,165			2,165			2,165			2,166			2,161			2,166

Book value per share (4)	$	42.56		$	42.02		$	41.75		$	41.51		$	41.05		$	42.56		$	41.05
Tangible book value per share (4)		41.26			40.73			40.48			40.26			39.85			41.26			39.85

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.20		$	1.40		$	0.84		$	0.99		$	1.16		$	2.60		$	2.42
Basic EPS - Class B Common Stock		1.09			1.27			0.77			0.90			1.05			2.37			2.20
Diluted EPS - Class A Common Stock		1.20			1.40			0.84			0.99			1.16			2.59			2.41
Diluted EPS - Class B Common Stock		1.09			1.27			0.76			0.90			1.05			2.36			2.19

Cash dividends declared per Common share:
Class A Common Stock	$	0.341		$	0.341		$	0.308		$	0.308		$	0.308		$	0.682		$	0.616
Class B Common Stock		0.310			0.310			0.280			0.280			0.280			0.620			0.560

Performance Ratios:

Return on average assets		1.53	%		1.74	%		1.09	%		1.27	%		1.49	%		1.64	%		1.57	%
Return on average equity		11.23			13.19			7.96			9.43			11.27			12.21			11.86
Efficiency ratio (5)		68			55			66			61			62			61			55
Yield on average interest-earning assets (1)		3.58			4.37			3.56			3.65			3.41			3.97			4.09
Cost of average interest-bearing liabilities		0.14			0.12			0.13			0.17			0.19			0.13			0.20
Cost of average deposits (6)		0.08			0.07			0.08			0.09			0.10			0.07			0.11
Net interest spread (1)		3.44			4.25			3.43			3.48			3.22			3.84			3.89
Net interest margin - Total Company (1)		3.51			4.30			3.49			3.56			3.33			3.90			3.98
Net interest margin - Core Bank		3.02			2.92			3.08			3.25			3.03			2.97			3.24

Other Information:

End of period FTEs (7) - Total Company		1,020			1,040			1,045			1,052			1,072			1,020			1,072
End of period FTEs - Core Bank		929			955			958			966			981			929			981
Number of full-service banking centers		42			42			42			42			42			42			42

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
	Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2021
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	832,137	$	808,658	$	820,731	$	827,898	$	852,947
Nonowner occupied		313,534		314,933		306,323		294,818		289,290
Commercial real estate		1,569,119		1,556,575		1,456,009		1,393,241		1,389,003
Construction & land development		137,452		129,970		129,337		105,968		95,180
Commercial & industrial		394,175		342,175		340,363		333,795		330,302
Paycheck Protection Program		14,657		18,276		56,014		126,271		250,933
Lease financing receivables		11,345		10,396		8,637		9,427		9,249
Aircraft		159,958		151,284		142,894		130,398		121,112
Home equity		214,069		210,364		210,578		215,282		217,621
Consumer:
Credit cards		15,419		14,654		14,510		14,781		14,754
Overdrafts		901		716		683		753		717
Automobile loans		9,579		11,846		14,448		17,533		21,190
Other consumer		1,245		939		1,432		6,223		6,796
Total Traditional Banking		3,673,590		3,570,786		3,501,959		3,476,388		3,599,094
Warehouse lines of credit		596,678		690,200		850,550		750,682		840,155
Total Core Banking		4,270,268		4,260,986		4,352,509		4,227,070		4,439,249

Republic Processing Group:
Tax Refund Solutions:
Easy Advances		—		16,475		—		—		—
Other TRS loans		149		25,132		50,987		25		23
Republic Credit Solutions		91,816		87,650		93,066		116,711		114,949
Total Republic Processing Group		91,965		129,257		144,053		116,736		114,972

Total loans - Total Company	$	4,362,233	$	4,390,243	$	4,496,562	$	4,343,806	$	4,554,221


Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	49,727	$	49,616	$	49,407	$	49,487	$	49,362
Warehouse Lending		1,491		1,725		2,126		1,877		2,100
Total Core Banking		51,218		51,341		51,533		51,364		51,462

Tax Refund Solutions		—		8,370		96		—		—
Republic Credit Solutions		13,231		11,945		12,948		11,660		8,829
Total Republic Processing Group		13,231		20,315		13,044		11,660		8,829

Total Allowance - Total Company	$	64,449	$	71,656	$	64,577	$	63,024	$	60,291


Allowance to Total Loans

Traditional Banking	1.35	%	1.39	%	1.41	%	1.42	%	1.37	%
Warehouse Lending	0.25		0.25		0.25		0.25		0.25
Total Core Banking	1.20		1.20		1.18		1.22		1.16

Tax Refund Solutions	—		20.12		0.19		—		—
Republic Credit Solutions	14.41		13.63		13.91		9.99		7.68
Total Republic Processing Group	14.39		15.72		9.06		9.99		7.68

Total Company	1.48		1.63		1.44		1.45		1.32

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	16,168		$	16,935		$	20,504		$	20,252		$	21,621		$	16,168		$	21,621
Loans past due 90-days-or-more and still on accrual		42			31			48			691			723			42			723
Total nonperforming loans		16,210			16,966			20,552			20,943			22,344			16,210			22,344
OREO		1,687			1,740			1,792			1,845			1,898			1,687			1,898
Total nonperforming assets	$	17,897		$	18,706		$	22,344		$	22,788		$	24,242		$	17,897		$	24,242

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	16,168		$	16,935		$	20,504		$	20,252		$	21,621		$	16,168		$	21,621
Loans past due 90-days-or-more and still on accrual		—			—			1			—			—			—			—
Total nonperforming loans		16,168			16,935			20,505			20,252			21,621			16,168			21,621
OREO		1,687			1,740			1,792			1,845			1,898			1,687			1,898
Total nonperforming assets	$	17,855		$	18,675		$	22,297		$	22,097		$	23,519		$	17,855		$	23,519

Delinquent Loans:
Delinquent loans - Core Bank	$	5,352		$	5,863		$	7,430		$	7,692		$	9,909		$	5,352		$	9,909
RPG		6,099			10,352			6,035			9,701			8,809			6,099			8,809
Total delinquent loans - Total Company	$	11,451		$	16,215		$	13,465		$	17,393		$	18,718		$	11,451		$	18,718

NCOs (Recoveries) by Segment:
Traditional Bank	$	(5	)	$	118		$	175		$	(167	)	$	(5	)	$	113		$	377
Warehouse Lending loans		—			—			—			—			—			—			—
Core Bank loans		(5	)		118			175			(167	)		(5	)		113			377
Tax Refund Solutions		8,728			(362	)		(1,263	)		(2,261	)		10,256			8,366			10,269
Republic Credit Solutions		2,149			2,398			2,119			989			518			4,547			1,191
RPG		10,877			2,036			856			(1,272	)		10,774			12,913			11,460
Total NCOs (recoveries) - Total Company	$	10,872		$	2,154		$	1,031		$	(1,439	)	$	10,769		$	13,026		$	11,837

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.37	%		0.39	%		0.46	%		0.48	%		0.49	%		0.37	%		0.49	%
Nonperforming assets to total loans (including OREO)		0.41			0.43			0.50			0.52			0.53			0.41			0.53
Nonperforming assets to total assets		0.29			0.29			0.37			0.37			0.39			0.29			0.39
Allowance for credit losses to total loans		1.48			1.63			1.44			1.45			1.32			1.48			1.32
Allowance for credit losses to nonperforming loans		398			422			314			301			270			398			270
Delinquent loans to total loans (8)		0.26			0.37			0.30			0.40			0.41			0.26			0.41
NCOs (recoveries) to average loans (annualized)		1.00			0.20			0.09			(0.13	)		0.95			0.60			0.51

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.38	%		0.40	%		0.47	%		0.48	%		0.49	%		0.38	%		0.49	%
Nonperforming assets to total loans (including OREO)		0.42			0.44			0.51			0.52			0.53			0.42			0.53
Nonperforming assets to total assets		0.32			0.33			0.40			0.39			0.42			0.32			0.42
Allowance for credit losses to total loans		1.20			1.20			1.18			1.22			1.16			1.20			1.16
Allowance for credit losses to nonperforming loans		317			303			251			254			238			317			238
Delinquent loans to total loans		0.13			0.14			0.17			0.18			0.22			0.13			0.22
NCOs (recoveries) to average loans (annualized)		—			0.01			0.02			(0.02	)		—			0.01			0.02

TRS Easy Advances ("EAs")

EAs originated	$	—		$	311,207		$	—		$	—		$	—		$	311,207		$	250,045
Net (credit) charge to the Provision for EAs		564			8,315			(1,261	)		(2,242	)		(5,793	)		8,879			10,226
Net Provision to YTD EAs originated		0.18	%		2.67	%		(0.50	)%		(0.90	)%		(2.32	)%		2.85	%		4.09	%
EAs NCOs (recoveries)	$	8,879		$	—		$	(1,261	)	$	(2,242	)	$	10,226		$	8,879		$	10,226
EA NCOs (recoveries) to YTD EAs originated		2.85	%		—	%		(0.50	)%		(0.90	)%		4.09	%		2.85	%		4.09	%

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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, 2022, 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 2021 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 2022 (continued)

Segment information for the quarters and six months ended June 30, 2022 and 2021 follows:


	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		$	6,397		$	8,035		$	51,232

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
Legal settlement		—			—			—			—			13,000			—			13,000			13,000
Other noninterest income		7,731			12			46			7,789			179			—			179			7,968
Total noninterest income		7,731			12			1,809			9,552			17,865			3,149			21,014			30,566

Total noninterest expense		38,314			1,035			2,832			42,181			3,533			1,939			5,472			47,653

Income (loss) before income tax expense		8,429			3,097			(870	)		10,656			15,610			4,174			19,784			30,440
Income tax expense (benefit)		1,647			692			(191	)		2,148			3,465			926			4,391			6,539

Net income (loss)	$	6,782		$	2,405		$	(679	)	$	8,508		$	12,145		$	3,248		$	15,393		$	23,901

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				3.51	%

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


	Three Months Ended June 30, 2021
	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	$	38,278		$	6,324		$	140		$	44,742		$	623		$	4,939		$	5,562		$	50,304

Provision for expected credit loss expense		(77	)		(65	)		—			(142	)		(5,773	)		1,592			(4,181	)		(4,323	)

Net refund transfer fees		2			—			—			2			5,921			—			5,921			5,923
Mortgage banking income		—			—			4,182			4,182			—			—			—			4,182
Program fees		—			—			—			—			715			2,627			3,342			3,342
Other noninterest income		7,970			14			50			8,034			167			—			167			8,201
Total noninterest income		7,972			14			4,232			12,218			6,803			2,627			9,430			21,648

Total noninterest expense		36,939			1,066			3,006			41,011			3,697			1,006			4,703			45,714

Income before income tax expense		9,388			5,337			1,366			16,091			9,502			4,968			14,470			30,561
Income tax expense		1,555			1,227			301			3,083			2,326			1,230			3,556			6,639

Net income	$	7,833		$	4,110		$	1,065		$	13,008		$	7,176		$	3,738		$	10,914		$	23,922

Period-end assets	$	4,774,765		$	840,083		$	46,816		$	5,661,664		$	389,999		$	131,647		$	521,646		$	6,183,310

Net interest margin		2.97	%		3.48	%	NM				3.03	%	NM			NM			NM				3.33	%

Net-revenue concentration*		64	%		9	%		6	%		79	%		10	%		11	%		21	%		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

	Six 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	$	75,306		$	8,401		$	357		$	84,064		$	17,042		$	12,738		$	29,780		$	113,844

Provision for expected credit loss expense		466			(635	)		—			(169	)		8,272			4,828			13,100			12,931

Net refund transfer fees		—			—			—			—			16,001			—			16,001			16,001
Mortgage banking income		—			—			4,420			4,420			—			—			—			4,420
Program fees		—			—			—			—			1,463			6,276			7,739			7,739
Contract termination fee		—			—			—			—			5,000			—			5,000			5,000
Legal settlement		—			—			—			—			13,000			—			13,000			13,000
Other noninterest income		14,965			25			80			15,070			337			—			337			15,407
Total noninterest income		14,965			25			4,500			19,490			35,801			6,276			42,077			61,567

Total noninterest expense		76,533			1,987			5,522			84,042			8,678			3,506			12,184			96,226

Income (loss) before income tax expense		13,272			7,074			(665	)		19,681			35,893			10,680			46,573			66,254
Income tax expense (benefit)		2,119			1,596			(146	)		3,569			8,371			2,487			10,858			14,427

Net income (loss)	$	11,153		$	5,478		$	(519	)	$	16,112		$	27,522		$	8,193		$	35,715		$	51,827

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		2.98	%		2.89	%	NM				2.97	%	NM			NM			NM				3.90	%

Net-revenue concentration*		51	%		5	%		3	%		59	%		30	%		11	%		41	%		100	%


	Six Months Ended June 30, 2021
	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	$	79,380		$	13,096		$	549		$	93,025		$	15,299		$	9,846		$	25,145		$	118,170

Provision for expected credit loss expense		(82	)		(307	)		—			(389	)		10,111			1,217			11,328			10,939

Net refund transfer fees		2			—			—			2			18,642			—			18,642			18,644
Mortgage banking income		—			—			11,375			11,375			—			—			—			11,375
Program fees		—			—			—			—			1,611			3,940			5,551			5,551
Other noninterest income		14,754			28			78			14,860			239			—			239			15,099
Total noninterest income		14,756			28			11,453			26,237			20,492			3,940			24,432			50,669

Total noninterest expense		74,267			2,094			6,127			82,488			8,999			2,108			11,107			93,595

Income before income tax expense		19,951			11,337			5,875			37,163			16,681			10,461			27,142			64,305
Income tax expense		3,680			2,661			1,293			7,634			4,096			2,600			6,696			14,330

Net income	$	16,271		$	8,676		$	4,582		$	29,529		$	12,585		$	7,861		$	20,446		$	49,975

Period-end assets	$	4,774,765		$	840,083		$	46,816		$	5,661,664		$	389,999		$	131,647		$	521,646		$	6,183,310

Net interest margin		3.21	%		3.45	%	NM				3.24	%	NM			NM			NM				3.98	%

Net-revenue concentration*		56	%		8	%		7	%		71	%		21	%		8	%		29	%		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-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2022 (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
(dollars in thousands)	Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2021		Jun. 30, 2022		Jun. 30, 2021

Traditional Bank excluding PPP fees	$	1,545	$	1,451	$	1,126	$	1,152	$	963	$	2,996	$	1,858
Traditional Bank - PPP fees		124		879		2,850		5,182		3,676		1,003		9,433
Warehouse Lending		500		574		662		779		789		1,074		1,660
Total Core Bank		2,169		2,904		4,638		7,113		5,428		5,073		12,951
TRS - Easy Advances		81		13,444		43		76		294		13,525		13,083
TRS - Other Loan Fees		2		662		—		—		4		664		1,656
RCS		5,782		5,702		5,695		4,862		3,832		11,484		7,688
Total RPG		5,865		19,808		5,738		4,938		4,130		25,673		22,427

Total loan fees - Total Company	$	8,034	$	22,712	$	10,376	$	12,051	$	9,558	$	30,746	$	35,378

(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
(dollars in thousands)	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021

Mortgage Loans Held for Sale

Balance, beginning of period	$	13,302		$	29,393		$	25,791		$	32,401		$	63,636		$	29,393		$	46,867
Originations		61,489			100,661			155,468			170,482			141,177			162,150			354,764
Proceeds from sales		(67,759	)		(119,212	)		(155,186	)		(182,422	)		(176,424	)		(186,971	)		(380,239	)
Net gain on sale		1,459			2,460			3,320			5,330			4,012			3,919			11,009
Balance, end of period	$	8,491		$	13,302		$	29,393		$	25,791		$	32,401		$	8,491		$	32,401

RCS Consumer Loans Held for Sale

Balance, beginning of period	$	14,735		$	22,684		$	14,755		$	24,432		$	15,671		$	22,684		$	4,776
Originations		282,782			245,214			321,118			257,018			186,771			527,996			304,045
Proceeds from sales		(269,429	)		(256,280	)		(316,597	)		(270,463	)		(180,826	)		(525,709	)		(288,510	)
Net gain on sale		3,148			3,117			3,408			3,768			2,816			6,265			4,121
Balance, end of period	$	31,236		$	14,735		$	22,684		$	14,755		$	24,432		$	31,236		$	24,432

S-11

(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, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021

Total stockholders' equity - GAAP (a)	$	842,174		$	840,329		$	834,232		$	838,657		$	845,090
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		9,407			9,502			9,196			8,867			8,335
Tangible stockholders' equity - Non-GAAP (c)	$	816,467		$	814,527		$	808,736		$	813,490		$	820,455

Total assets - GAAP (b)	$	6,112,476		$	6,349,869		$	6,093,632		$	6,187,634		$	6,183,310
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		9,407			9,502			9,196			8,867			8,335
Tangible assets - Non-GAAP (d)	$	6,086,769		$	6,324,067		$	6,068,136		$	6,162,467		$	6,158,675

Total stockholders' equity to total assets - GAAP (a/b)		13.78	%		13.23	%		13.69	%		13.55	%		13.67	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.41	%		12.88	%		13.33	%		13.20	%		13.32	%

Number of shares outstanding (e)		19,790			19,999			19,981			20,205			20,587

Book value per share - GAAP (a/e)	$	42.56		$	42.02		$	41.75		$	41.51		$	41.05
Tangible book value per share - Non-GAAP (c/e)		41.26			40.73			40.48			40.26			39.85

(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 a non-recurring contract termination fee and net gains (losses) on sales, calls, and impairment of investment securities.


	Three Months Ended															Six Months Ended June 30, 2022
(dollars in thousands)	Jun. 30, 2022			Mar. 31, 2022			Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Jun. 30, 2022			Jun. 30, 2021

Net interest income - GAAP	$	51,232		$	62,612		$	50,341		$	53,129		$	50,304		$	113,844		$	118,170
Noninterest income - GAAP		30,566			31,001			17,081			18,825			21,648			61,567			50,669
Less: Contract termination fee related to TRS Transaction		—			5,000			—			—			—			5,000			—
Less: Legal settlement related to TRS Transaction		13,000			—			—			—			—			13,000			—
Less: Net gain (loss) on securities		(102	)		(120	)		(23	)		(10	)		(1	)		(222	)		(35	)
Total adjusted income - Non-GAAP (a)	$	68,900		$	88,733		$	67,445		$	71,964		$	71,953		$	157,633		$	168,874


Noninterest expense - GAAP	$	47,653		$	48,573		$	45,036		$	44,435		$	45,714		$	96,226		$	93,595
Less: Expenses related to TRS Transaction		699			127			611			300			1,000			826			1,000
Adjusted noninterest expense - Non-GAAP (b)	$	46,954		$	48,446		$	44,425		$	44,135		$	44,714		$	95,400		$	92,595

Efficiency Ratio - Non-GAAP (b/a)		68	%		55	%		66	%		61	%		62	%		61	%		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)

The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is determined by the number of days or the number of payments past due. Delinquent loans as of March 31, 2022 included $4.7 million of Easy Advances, which do not have a contractual due date but the Company considered an EA delinquent in 2022 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

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628