EX-99.2 3 a53384187ex99_2.htm EXHIBIT 99.2
Exhibit 99.2



EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST 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
First 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
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
    
From Dec. 31,2022
    
From Mar. 31, 2022
  
Assets:
                                          
Cash and cash equivalents
  
$
249,289
    
$
313,689
    
$
754,393
    
$
795,143
    
$
1,077,158
    
$
(64,400
)
  
$
(827,869
)
Investment securities, net of allowance for credit losses
    
725,163
      
707,862
      
662,750
      
655,296
      
614,836
      
17,301
      
110,327
  
Loans held for sale
    
18,466
      
19,177
      
24,387
      
39,727
      
28,037
      
(711
)
    
(9,571
)
Loans
    
4,774,234
      
4,515,802
      
4,289,450
      
4,362,233
      
4,390,243
      
258,432
      
383,991
  
Allowance for credit losses
    
(96,121
)
    
(70,413
)
    
(64,919
)
    
(64,449
)
    
(71,656
)
    
(25,708
)
    
(24,465
)
Loans, net
    
4,678,113
      
4,445,389
      
4,224,531
      
4,297,784
      
4,318,587
      
232,724
      
359,526
  
Federal Home Loan Bank stock, at cost
    
25,939
      
9,146
      
8,568
      
10,311
      
10,311
      
16,793
      
15,628
  
Premises and equipment, net
    
33,672
      
31,978
      
32,813
      
33,886
      
34,358
      
1,694
      
(686
)
Right-of-use assets
    
36,245
      
37,017
      
41,303
      
41,364
      
42,402
      
(772
)
    
(6,157
)
Goodwill
    
41,618
      
16,300
      
16,300
      
16,300
      
16,300
      
25,318
      
25,318
  
Other real estate owned ("OREO")
    
1,529
      
1,581
      
1,634
      
1,687
      
1,740
      
(52
)
    
(211
)
Bank owned life insurance ("BOLI")
    
102,322
      
101,687
      
101,013
      
100,396
      
99,773
      
635
      
2,549
  
Low-income housing tax credit investments
    
73,901
      
75,324
      
63,319
      
58,446
      
49,427
      
(1,423
)
    
24,474
  
Other assets and accrued interest receivable
    
87,834
      
76,393
      
68,652
      
62,136
      
56,940
      
11,441
      
30,894
  
Total assets
  
$
6,074,091
    
$
5,835,543
    
$
5,999,663
    
$
6,112,476
    
$
6,349,869
    
$
238,548
    
$
(275,778
)
                                                         
Liabilities and Stockholders' Equity:
                                                        
Deposits:
                                                        
Noninterest-bearing
  
$
2,013,957
    
$
1,908,768
    
$
2,013,337
    
$
2,093,853
    
$
2,226,160
    
$
105,189
    
$
(212,203
)
Interest-bearing
    
2,785,711
      
2,629,077
      
2,786,385
      
2,733,093
      
2,860,392
      
156,634
      
(74,681
)
Total deposits
    
4,799,668
      
4,537,845
      
4,799,722
      
4,826,946
      
5,086,552
      
261,823
      
(286,884
)
                                                         
Securities sold under agreements to repurchase ("SSUAR") and other short-term borrowings
    
134,412
      
216,956
      
209,376
      
303,315
      
287,818
      
(82,544
)
    
(153,406
)
Operating lease liabilities
    
37,031
      
37,809
      
42,109
      
42,163
      
43,204
      
(778
)
    
(6,173
)
Federal Home Loan Bank advances
    
108,000
      
95,000
      
20,000
      
20,000
      
20,000
      
13,000
      
88,000
  
Low-income housing tax credit obligations
    
42,437
      
43,609
      
32,224
      
27,974
      
19,738
      
(1,172
)
    
22,699
  
Other liabilities and accrued interest payable
    
70,341
      
47,711
      
53,169
      
48,212
      
50,981
      
22,630
      
19,360
  
Total liabilities
    
5,191,889
      
4,978,930
      
5,156,600
      
5,268,610
      
5,508,293
      
212,959
      
(316,404
)
                                                         
Stockholders' equity
    
882,202
      
856,613
      
843,063
      
843,866
      
841,576
      
25,589
      
40,626
  
Total liabilities and stockholders' equity
  
$
6,074,091
    
$
5,835,543
    
$
5,999,663
    
$
6,112,476
    
$
6,349,869
    
$
238,548
    
$
(275,778
)
                                                         

S-2
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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
      
Three Months Ended
    
$ Change (8)
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
    
3M to 3M
  
Assets:
                                                  
                                                   
Interest-earning assets:
                                                  
Federal funds sold and other interest-earning deposits
  
$
241,211
    
$
553,695
    
$
727,626
    
$
813,956
    
$
861,822
      
$
241,211
    
$
861,822
    
$
(620,611
)
Investment securities, including FHLB stock
    
773,172
      
693,825
      
694,781
      
691,427
      
606,182
        
773,172
      
606,182
      
166,990
  
Loans, including loans held for sale
    
4,665,543
      
4,353,256
      
4,306,169
      
4,339,432
      
4,355,255
        
4,665,543
      
4,355,255
      
310,288
  
Total interest-earning assets
    
5,679,926
      
5,600,776
      
5,728,576
      
5,844,815
      
5,823,259
        
5,679,926
      
5,823,259
      
(143,333
)
                                                                   
Allowance for credit losses
    
(83,195
)
    
(65,290
)
    
(65,262
)
    
(72,037
)
    
(69,287
)
      
(83,195
)
    
(69,287
)
    
(13,908
)
                                                                   
Noninterest-earning assets:
                                                                  
Noninterest-earning cash and cash equivalents
    
295,905
      
115,416
      
108,069
      
172,382
      
354,165
        
295,905
      
354,165
      
(58,260
)
Premises and equipment, net
    
32,232
      
32,518
      
33,307
      
34,322
      
35,460
        
32,232
      
35,460
      
(3,228
)
Bank owned life insurance
    
102,004
      
101,361
      
100,740
      
100,152
      
99,532
        
102,004
      
99,532
      
2,472
  
Other assets
    
186,169
      
153,721
      
171,392
      
161,548
      
180,913
        
186,169
      
180,913
      
5,256
  
                                                                   
Total assets
  
$
6,213,041
    
$
5,938,502
    
$
6,076,822
    
$
6,241,182
    
$
6,424,042
      
$
6,213,041
    
$
6,424,042
    
$
(211,001
)
                                                                   
Liabilities and Stockholders' Equity:
                                                                  
                                                                   
Interest-bearing liabilities:
                                                                  
Interest-bearing deposits
  
$
2,663,099
    
$
2,704,764
    
$
2,777,124
    
$
2,779,941
    
$
2,827,496
      
$
2,663,099
    
$
2,827,496
    
$
(164,397
)
SSUARs and other short-term borrowings
    
202,910
      
247,123
      
220,149
      
294,388
      
300,169
        
202,910
      
300,169
      
(97,259
)
Federal Home Loan Bank advances
    
245,344
      
21,630
      
20,000
      
20,000
      
23,333
        
245,344
      
23,333
      
222,011
  
Total interest-bearing liabilities
    
3,111,353
      
2,973,517
      
3,017,273
      
3,094,329
      
3,150,998
        
3,111,353
      
3,150,998
      
(39,645
)
                                                                   
Noninterest-bearing liabilities and Stockholders’ equity:
                                                                  
Noninterest-bearing deposits
    
2,089,162
      
1,994,233
      
2,096,206
      
2,196,794
      
2,312,233
        
2,089,162
      
2,312,233
      
(223,071
)
Other liabilities
    
133,321
      
114,196
      
108,964
      
100,118
      
112,699
        
133,321
      
112,699
      
20,622
  
Stockholders' equity
    
879,205
      
856,556
      
854,379
      
849,941
      
848,112
        
879,205
      
848,112
      
31,093
  
                                                                   
Total liabilities and stockholders’ equity
  
$
6,213,041
    
$
5,938,502
    
$
6,076,822
    
$
6,241,182
    
$
6,424,042
      
$
6,213,041
    
$
6,424,042
    
$
(211,001
)
                                                                   

S-3
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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
      
Three Months Ended
    
$ Change (8)
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
    
3M to 3M
  
                                                   
Total interest income (1)
  
$
100,356
    
$
66,555
    
$
60,617
    
$
52,902
    
$
64,110
      
$
100,356
    
$
64,110
    
$
36,246
  
Total interest expense
    
7,714
      
3,442
      
2,020
      
1,088
      
943
        
7,714
      
943
      
6,771
  
Net interest income
    
92,642
      
63,113
      
58,597
      
51,814
      
63,167
        
92,642
      
63,167
      
29,475
  
                                                                   
Provision (2)
    
26,766
      
7,844
      
1,573
      
3,705
      
9,226
        
26,766
      
9,226
      
17,540
  
                                                                   
Noninterest income:
                                                                  
Service charges on deposit accounts
    
3,299
      
3,428
      
3,409
      
3,363
      
3,226
        
3,299
      
3,226
      
73
  
Net refund transfer fees
    
10,807
      
486
      
593
      
3,950
      
12,051
        
10,807
      
12,051
      
(1,244
)
Mortgage banking income (3)
    
800
      
622
      
1,154
      
1,763
      
2,657
        
800
      
2,657
      
(1,857
)
Interchange fee income
    
3,051
      
3,272
      
3,322
      
3,461
      
3,070
        
3,051
      
3,070
      
(19
)
Program fees (3)
    
3,241
      
3,501
      
4,932
      
3,885
      
3,854
        
3,241
      
3,854
      
(613
)
Increase in cash surrender value of BOLI
    
635
      
674
      
617
      
623
      
612
        
635
      
612
      
23
  
Net losses on OREO
    
(53
)
    
(53
)
    
(53
)
    
(52
)
    
(53
)
      
(53
)
    
(53
)
    
—
  
Contract termination fee
    
—
      
—
      
—
      
—
      
5,000
        
—
      
5,000
      
(5,000
)
Legal settlement
    
—
      
—
      
—
      
13,000
      
—
        
—
      
—
      
—
  
Other
    
901
      
1,194
      
1,134
      
576
      
592
        
901
      
592
      
309
  
Total noninterest income
    
22,681
      
13,124
      
15,108
      
30,569
      
31,009
        
22,681
      
31,009
      
(8,328
)
                                                                   
Noninterest expense:
                                                                  
Salaries and employee benefits
    
29,961
      
25,763
      
27,269
      
28,896
      
29,312
        
29,961
      
29,312
      
649
  
Technology, equipment, and communication
    
7,228
      
7,276
      
7,235
      
7,229
      
7,214
        
7,228
      
7,214
      
14
  
Occupancy
    
3,406
      
3,139
      
3,211
      
3,224
      
3,440
        
3,406
      
3,440
      
(34
)
Marketing and development
    
1,574
      
1,856
      
1,951
      
1,720
      
1,348
        
1,574
      
1,348
      
226
  
FDIC insurance expense
    
637
      
427
      
423
      
399
      
419
        
637
      
419
      
218
  
Interchange related expense
    
1,499
      
1,171
      
1,221
      
1,264
      
1,117
        
1,499
      
1,117
      
382
  
Legal and professional fees
    
1,061
      
951
      
904
      
804
      
1,365
        
1,061
      
1,365
      
(304
)
Merger expense
    
2,073
      
—
      
—
      
—
      
—
        
2,073
      
—
      
2,073
  
Other (2)
    
5,004
      
4,322
      
3,952
      
4,120
      
4,366
        
5,004
      
4,366
      
638
  
Total noninterest expense
    
52,443
      
44,905
      
46,166
      
47,656
      
48,581
        
52,443
      
48,581
      
3,862
  
                                                                   
Income before income tax expense
    
36,114
      
23,488
      
25,966
      
31,022
      
36,369
        
36,114
      
36,369
      
(255
)
Income tax expense
    
8,022
      
4,975
      
6,070
      
6,675
      
8,019
        
8,022
      
8,019
      
3
  
                                                                   
Net income
  
$
28,092
    
$
18,513
    
$
19,896
    
$
24,347
    
$
28,350
      
$
28,092
    
$
28,350
    
$
(258
)
                                                                   

S-4
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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 Three Months Ended
    
Change (8)
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
    
From Mar. 31,
2022 or 3M to 3M
  
Per Share Data:
                                                  
                                                   
Basic weighted average shares outstanding
    
19,935
      
19,929
      
19,919
      
20,107
      
20,145
        
19,935
      
20,145
      
(210
)
Diluted weighted average shares outstanding
    
19,990
      
19,981
      
19,981
      
20,169
      
20,225
        
19,990
      
20,225
      
(235
)
                                                                   
Period-end shares outstanding:
                                                                  
     Class A Common Stock
    
17,585
      
17,587
      
17,587
      
17,629
      
17,834
        
17,585
      
17,834
      
(249
)
     Class B Common Stock
    
2,160
      
2,160
      
2,160
      
2,161
      
2,165
        
2,160
      
2,165
      
(5
)
                                                                   
Book value per share (4)
  
$
44.68
    
$
43.38
    
$
42.69
    
$
42.64
    
$
42.08
      
$
44.68
    
$
42.08
    
$
2.60
  
Tangible book value per share (4)
    
42.00
      
42.11
      
41.40
      
41.34
      
40.79
        
42.00
      
40.79
      
1.21
  
                                                                   
Earnings per share ("EPS"):
                                                                  
     Basic EPS - Class A Common Stock
  
$
1.42
    
$
0.94
    
$
1.01
    
$
1.23
    
$
1.42
      
$
1.42
    
$
1.42
    
$
-
  
     Basic EPS - Class B Common Stock
    
1.30
      
0.86
      
0.92
      
1.12
      
1.29
        
1.30
      
1.29
      
0.01
  
     Diluted EPS - Class A Common Stock
    
1.42
      
0.94
      
1.01
      
1.22
      
1.42
        
1.42
      
1.42
      
-
  
     Diluted EPS - Class B Common Stock
    
1.29
      
0.85
      
0.92
      
1.11
      
1.29
        
1.29
      
1.29
      
-
  
                                                                   
Cash dividends declared per Common share:
                                                                  
     Class A Common Stock
  
$
0.374
    
$
0.341
    
$
0.341
    
$
0.341
    
$
0.341
      
$
0.374
    
$
0.341
    
$
0.033
  
     Class B Common Stock
    
0.340
      
0.310
      
0.310
      
0.310
      
0.310
        
0.340
      
0.310
      
0.030
  
                                                                   
Performance Ratios:
                                                                  
                                                                   
Return on average assets
    
1.81
%
    
1.25
%
    
1.28
%
    
1.53
%
    
1.74
%
      
1.81
%
    
1.77
%
    
0.04
%
Return on average equity
    
12.78
      
8.65
      
9.15
      
11.23
      
13.19
        
12.78
      
13.37
      
(0.59
)
Efficiency ratio (5)
    
45
      
59
      
63
      
68
      
54
        
45
      
54
      
(9
)
Yield on average interest-earning assets (1)
    
7.07
      
4.75
      
4.19
      
3.58
      
4.37
        
7.07
      
4.40
      
2.67
  
Cost of average interest-bearing liabilities
    
0.99
      
0.46
      
0.27
      
0.14
      
0.12
        
0.99
      
0.12
      
0.87
  
Cost of average deposits (6)
    
0.41
      
0.26
      
0.15
      
0.08
      
0.07
        
0.41
      
0.07
      
0.34
  
Net interest spread (1)
    
6.08
      
4.29
      
3.92
      
3.44
      
4.25
        
6.08
      
4.28
      
1.80
  
Net interest margin - Total Company (1)
    
6.52
      
4.51
      
4.05
      
3.51
      
4.30
        
6.52
      
4.34
      
2.18
  
Net interest margin - Core Bank
    
3.98
      
3.82
      
3.54
      
3.02
      
2.92
        
3.98
      
2.92
      
1.05
  
                                                                   
Other Information:
                                                                  
                                                                   
End of period FTEs (7) - Total Company
    
1,031
      
998
      
1,009
      
1,020
      
1,040
        
1,031
      
1,040
      
(9
)
End of period FTEs - Core Bank
    
972
      
932
      
916
      
929
      
955
        
972
      
955
      
17
  
Number of full-service banking centers
    
45
      
42
      
42
      
42
      
42
        
42
      
42
      
3
  
                                                                   

S-5
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
From Dec. 31,2022
    
From Mar. 31, 2022
  
Loan Composition
                                            
                                             
Traditional Banking:
                                            
Residential real estate:
                                            
Owner occupied
  
$
972,214
    
$
911,427
    
$
863,899
    
$
832,137
    
$
808,658
      
$
60,787
    
$
163,556
  
Nonowner occupied
    
328,529
      
321,358
      
321,037
      
313,534
      
314,933
        
7,171
      
13,596
  
Commercial real estate
    
1,682,573
      
1,599,510
      
1,571,593
      
1,569,119
      
1,556,575
        
83,063
      
125,998
  
Construction & land development
    
167,829
      
153,875
      
147,418
      
137,452
      
129,970
        
13,954
      
37,859
  
Commercial & industrial
    
478,101
      
413,387
      
412,826
      
408,832
      
360,451
        
64,714
      
117,650
  
Lease financing receivables
    
73,270
      
10,505
      
11,333
      
11,345
      
10,396
        
62,765
      
62,874
  
Aircraft
    
184,344
      
179,785
      
166,313
      
159,958
      
151,284
        
4,559
      
33,060
  
Home equity
    
250,050
      
241,739
      
229,038
      
214,069
      
210,364
        
8,311
      
39,686
  
Consumer:
                                                          
Credit cards
    
16,775
      
15,473
      
14,897
      
15,419
      
14,654
        
1,302
      
2,121
  
Overdrafts
    
775
      
726
      
723
      
901
      
716
        
49
      
59
  
Automobile loans
    
5,267
      
6,731
      
7,890
      
9,579
      
11,846
        
(1,464
)
    
(6,579
)
Other consumer
    
5,450
      
626
      
973
      
1,245
      
939
        
4,824
      
4,511
  
Total Traditional Banking
    
4,165,177
      
3,855,142
      
3,747,940
      
3,673,590
      
3,570,786
        
310,035
      
594,391
  
Warehouse lines of credit
    
457,365
      
403,560
      
442,238
      
596,678
      
690,200
        
53,805
      
(232,835
)
Total Core Banking
    
4,622,542
      
4,258,702
      
4,190,178
      
4,270,268
      
4,260,986
        
363,840
      
361,556
  
                                                           
Republic Processing Group:
                                                          
Tax Refund Solutions:
                                                          
Refund Advances
    
31,665
      
97,505
      
—
      
—
      
16,475
        
(65,840
)
    
15,190
  
Other TRS commercial & industrial loans
    
8,327
      
51,767
      
295
      
149
      
25,132
        
(43,440
)
    
(16,805
)
Republic Credit Solutions
    
111,700
      
107,828
      
98,977
      
91,816
      
87,650
        
3,872
      
24,050
  
Total Republic Processing Group
    
151,692
      
257,100
      
99,272
      
91,965
      
129,257
        
(105,408
)
    
22,435
  
                                                           
Total loans - Total Company
  
$
4,774,234
    
$
4,515,802
    
$
4,289,450
    
$
4,362,233
    
$
4,390,243
      
$
258,432
    
$
383,991
  
                                                           
Allowance for Credit Losses on Loans ("Allowance")
                                                          
                                                           
Traditional Banking
  
$
55,216
    
$
50,709
    
$
49,231
    
$
49,727
    
$
49,616
      
$
4,507
    
$
5,600
  
Warehouse Lending
    
1,144
      
1,009
      
1,105
      
1,491
      
1,725
        
135
      
(581
)
Total Core Banking
    
56,360
      
51,718
      
50,336
      
51,218
      
51,341
        
4,642
      
5,019
  
                                                           
Tax Refund Solutions
    
25,981
      
3,888
      
—
      
—
      
8,370
        
22,093
      
17,611
  
Republic Credit Solutions
    
13,780
      
14,807
      
14,583
      
13,231
      
11,945
        
(1,027
)
    
1,835
  
Total Republic Processing Group
    
39,761
      
18,695
      
14,583
      
13,231
      
20,315
        
21,066
      
19,446
  
                                                           
Total Allowance - Total Company
  
$
96,121
    
$
70,413
    
$
64,919
    
$
64,449
    
$
71,656
      
$
25,708
    
$
24,465
  
                                                           
Allowance to Total Loans
                                                          
                                                           
Traditional Banking
    
1.33
%
    
1.32
%
    
1.31
%
    
1.35
%
    
1.39
%
      
0.01
%
    
(0.06
)%
Warehouse Lending
    
0.25
      
0.25
      
0.25
      
0.25
      
0.25
        
—
      
—
  
Total Core Banking
    
1.22
      
1.21
      
1.20
      
1.20
      
1.20
        
0.01
      
0.02
  
                                                           
Tax Refund Solutions
    
64.97
      
2.60
      
—
      
—
      
20.12
        
62.37
      
44.85
  
Republic Credit Solutions
    
12.34
      
13.73
      
14.73
      
14.41
      
13.63
        
(1.39
)
    
(1.29
)
Total Republic Processing Group
    
26.21
      
7.27
      
14.69
      
14.39
      
15.72
        
18.94
      
10.49
  
                                                           
Total Company
    
2.01
      
1.56
      
1.51
      
1.48
      
1.63
        
0.45
      
0.38
  
                                                           

S-6
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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 Three Months Ended
    
Change (8)
  
   
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
    
From Mar. 31,
2022 or 3M to 3M
  
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:
                                                    
                                                     
Nonperforming Assets - Total Company:
                                                    
Loans on nonaccrual status
  
$
15,833
    
$
15,562
    
$
16,322
    
$
16,168
    
$
16,935
      
$
15,833
    
$
16,935
    
$
(1,102
)
Loans past due 90-days-or-more and still on accrual
    
777
      
756
      
37
      
42
      
31
        
777
      
31
      
746
  
     Total nonperforming loans
    
16,610
      
16,318
      
16,359
      
16,210
      
16,966
        
16,610
      
16,966
      
(356
)
OREO
    
1,529
      
1,581
      
1,634
      
1,687
      
1,740
        
1,529
      
1,740
      
(211
)
     Total nonperforming assets
  
$
18,139
    
$
17,899
    
$
17,993
    
$
17,897
    
$
18,706
      
$
18,139
    
$
18,706
    
$
(567
)
                                                                   
Nonperforming Assets - Core Bank:
                                                                  
Loans on nonaccrual status
  
$
15,833
    
$
15,562
    
$
16,322
    
$
16,168
    
$
16,935
      
$
15,833
    
$
16,935
    
$
(1,102
)
Loans past due 90-days-or-more and still on accrual
    
—
      
—
      
—
      
—
      
—
        
—
      
—
      
—
  
     Total nonperforming loans
    
15,833
      
15,562
      
16,322
      
16,168
      
16,935
        
15,833
      
16,935
      
(1,102
)
OREO
    
1,529
      
1,581
      
1,634
      
1,687
      
1,740
        
1,529
      
1,740
      
(211
)
     Total nonperforming assets
  
$
17,362
    
$
17,143
    
$
17,956
    
$
17,855
    
$
18,675
      
$
17,362
    
$
18,675
    
$
(1,313
)
                                                                   
Delinquent Loans:
                                                                  
Delinquent loans - Core Bank
  
$
5,537
    
$
6,060
    
$
4,368
    
$
5,352
    
$
5,863
      
$
5,537
    
$
5,863
    
$
(326
)
RPG
    
30,587
      
9,200
      
7,522
      
6,099
      
10,352
        
30,587
      
10,352
      
20,235
  
Total delinquent loans - Total Company
  
$
36,124
    
$
15,260
    
$
11,890
    
$
11,451
    
$
16,215
      
$
36,124
    
$
16,215
    
$
19,909
  
                                                                   
NCOs (Recoveries) by Segment:
                                                                  
Traditional Bank
  
$
77
    
$
238
    
$
(187
)
  
$
(5
)
  
$
118
      
$
77
    
$
118
    
$
(41
)
Warehouse Lending loans
    
—
      
—
      
—
      
—
      
—
        
—
      
—
      
—
  
Core Bank loans
    
77
      
238
      
(187
)
    
(5
)
    
118
        
77
      
118
      
(41
)
Tax Refund Solutions
    
(285
)
    
(909
)
    
(1,296
)
    
8,730
      
(362
)
      
(285
)
    
(362
)
    
77
  
Republic Credit Solutions
    
2,866
      
3,021
      
2,656
      
2,147
      
2,398
        
2,866
      
2,398
      
468
  
RPG
    
2,581
      
2,112
      
1,360
      
10,877
      
2,036
        
2,581
      
2,036
      
545
  
     Total NCOs (recoveries) - Total Company
  
$
2,658
    
$
2,350
    
$
1,173
    
$
10,872
    
$
2,154
      
$
2,658
    
$
2,154
    
$
504
  
                                                                   
Credit Quality Ratios - Total Company:
                                                                  
                                                                   
Nonperforming loans to total loans
    
0.35
%
    
0.36
%
    
0.38
%
    
0.37
%
    
0.39
%
      
0.35
%
    
0.39
%
    
(0.04
)%
Nonperforming assets to total loans (including OREO)
    
0.38
      
0.40
      
0.42
      
0.41
      
0.43
        
0.38
      
0.43
      
(0.05
)
Nonperforming assets to total assets
    
0.30
      
0.31
      
0.30
      
0.29
      
0.29
        
0.30
      
0.29
      
0.01
  
Allowance for credit losses to total loans
    
2.01
      
1.56
      
1.51
      
1.48
      
1.63
        
2.01
      
1.63
      
0.38
  
Allowance for credit losses to nonperforming loans
    
579
      
432
      
397
      
398
      
422
        
579
      
422
      
157
  
Delinquent loans to total loans (9)
    
0.76
      
0.34
      
0.28
      
0.26
      
0.37
        
0.76
      
0.37
      
0.39
  
NCOs (recoveries) to average loans (annualized)
    
0.23
      
0.22
      
0.11
      
1.00
      
0.20
        
0.23
      
0.20
      
0.03
  
                                                                   
Credit Quality Ratios - Core Bank:
                                                                  
                                                                   
Nonperforming loans to total loans
    
0.34
%
    
0.37
%
    
0.39
%
    
0.38
%
    
0.40
%
      
0.34
%
    
0.40
%
    
(0.06
)%
Nonperforming assets to total loans (including OREO)
    
0.38
      
0.40
      
0.43
      
0.42
      
0.44
        
0.38
      
0.44
      
(0.06
)
Nonperforming assets to total assets
    
0.32
      
0.32
      
0.33
      
0.32
      
0.33
        
0.32
      
0.33
      
(0.01
)
Allowance for credit losses to total loans
    
1.22
      
1.21
      
1.20
      
1.20
      
1.20
        
1.22
      
1.20
      
0.02
  
Allowance for credit losses to nonperforming loans
    
356
      
332
      
308
      
317
      
303
        
356
      
303
      
53
  
Delinquent loans to total loans
    
0.12
      
0.14
      
0.10
      
0.13
      
0.14
        
0.12
      
0.14
      
(0.02
)
NCOs (recoveries) to average loans (annualized)
    
0.01
      
0.02
      
(0.02
)
    
—
      
0.01
        
0.01
      
0.01
      
(0.00
)
                                                                   
TRS Refund Advances ("RAs")
                                                                  
                                                                   
RAs originated
  
$
737,047
    
$
97,505
    
$
—
    
$
—
    
$
311,207
      
$
737,047
    
$
311,207
    
$
425,840
  
Net (credit) charge to the Provision for RAs
    
21,715
      
2,888
      
(1,296
)
    
564
      
8,315
        
21,715
      
8,315
      
13,400
  
RAs NCOs (recoveries)
  
$
(285
)
  
$
(909
)
  
$
(1,296
)
  
$
8,879
    
$
—
      
$
(285
)
  
$
—
    
$
(285
)
                                                                   
                                                                   

S-7
Republic Bancorp, Inc.
Earnings Release Financial Supplement
First 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 March 31, 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
First quarter 2023 (continued)

Segment information for the quarters and years ended March 31, 2023 and 2022 follows:

                                                 
   
Three Months Ended March 31, 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
  
$
50,107
    
$
2,087
    
$
61
    
$
52,255
    
$
31,765
    
$
8,622
    
$
40,387
    
$
92,642
  
                                                                 
Provision for expected credit loss expense
    
2,984
      
135
      
—
      
3,119
      
21,808
      
1,839
      
23,647
      
26,766
  
                                                                 
Net refund transfer fees
    
—
      
—
      
—
      
—
      
10,807
      
—
      
10,807
      
10,807
  
Mortgage banking income
    
—
      
—
      
800
      
800
      
—
      
—
      
—
      
800
  
Program fees
    
—
      
—
      
—
      
—
      
707
      
2,534
      
3,241
      
3,241
  
Other noninterest income
    
7,654
      
11
      
17
      
7,682
      
126
      
25
      
151
      
7,833
  
Total noninterest income
    
7,654
      
11
      
817
      
8,482
      
11,640
      
2,559
      
14,199
      
22,681
  
                                                                 
Total noninterest expense
    
40,852
      
968
      
2,554
      
44,374
      
5,648
      
2,421
      
8,069
      
52,443
  
                                                                 
Income (loss) before income tax expense
    
13,925
      
995
      
(1,676
)
    
13,244
      
15,949
      
6,921
      
22,870
      
36,114
  
Income tax expense (benefit)
    
3,082
      
223
      
(369
)
    
2,936
      
3,541
      
1,545
      
5,086
      
8,022
  
                                                                 
Net income (loss)
  
$
10,843
    
$
772
    
$
(1,307
)
  
$
10,308
    
$
12,408
    
$
5,376
    
$
17,784
    
$
28,092
  
                                                                 
Period-end assets
  
$
4,974,002
    
$
458,675
    
$
13,421
    
$
5,446,098
    
$
511,150
    
$
116,843
    
$
627,993
    
$
6,074,091
  
                                                                 
Net interest margin
    
4.07
%
    
2.53
%
  
NM
      
3.98
%
  
NM
    
NM
    
NM
      
6.52
%
                                                                 
Net-revenue concentration*
    
49
%
    
2
%
    
1
%
    
52
%
    
38
%
    
10
%
    
48
%
    
100
%

                                                 
   
Three Months Ended March 31, 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
  
$
36,148
    
$
4,515
    
$
204
    
$
40,867
    
$
15,404
    
$
6,896
    
$
22,300
    
$
63,167
  
                                                                 
Provision for expected credit loss expense
    
320
      
(401
)
    
—
      
(81
)
    
7,912
      
1,395
      
9,307
      
9,226
  
                                                                 
Net refund transfer fees
    
—
      
—
      
—
      
—
      
12,051
      
—
      
12,051
      
12,051
  
Mortgage banking income
    
—
      
—
      
2,657
      
2,657
      
—
      
—
      
—
      
2,657
  
Program fees
    
—
      
—
      
—
      
—
      
727
      
3,127
      
3,854
      
3,854
  
Contract termination fee
    
—
      
—
      
—
      
—
      
5,000
      
—
      
5,000
      
5,000
  
Legal settlement
    
5,000
      
—
      
—
      
5,000
      
—
      
—
      
—
      
5,000
  
Other noninterest income
    
2,242
      
13
      
34
      
2,289
      
158
      
—
      
158
      
2,447
  
Total noninterest income
    
7,242
      
13
      
2,691
      
9,946
      
17,936
      
3,127
      
21,063
      
31,009
  
                                                                 
Total noninterest expense
    
38,227
      
952
      
2,690
      
41,869
      
5,145
      
1,567
      
6,712
      
48,581
  
                                                                 
Income before income tax expense
    
4,843
      
3,977
      
205
      
9,025
      
20,283
      
7,061
      
27,344
      
36,369
  
Income tax expense
    
468
      
904
      
45
      
1,417
      
4,906
      
1,696
      
6,602
      
8,019
  
                                                                 
Net income
  
$
4,375
    
$
3,073
    
$
160
    
$
7,608
    
$
15,377
    
$
5,365
    
$
20,742
    
$
28,350
  
                                                                 
Period-end assets
  
$
4,984,918
    
$
689,204
    
$
28,573
    
$
5,702,695
    
$
552,101
    
$
95,073
    
$
647,174
    
$
6,349,869
  
                                                                 
Net interest margin
    
2.90
%
    
3.09
%
  
NM
      
2.92
%
  
NM
    
NM
    
NM
      
4.34
%
                                                                 
Net-revenue concentration*
    
46
%
    
5
%
    
3
%
    
54
%
    
35
%
    
11
%
    
46
%
    
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
First 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
      
Three Months Ended
      
$ Change (8)
  
(dollars in thousands)
  
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
      
3M to 3M
  
                                                     
Traditional Bank excluding PPP fees
  
$
936
    
$
883
    
$
911
    
$
1,545
    
$
1,451
      
$
936
    
$
1,451
      
$
(515
)
Traditional Bank - PPP fees
    
7
      
60
      
152
      
124
      
879
        
7
      
879
        
(872
)
Warehouse Lending
    
248
      
272
      
402
      
500
      
574
        
248
      
574
        
(326
)
Total Core Bank
    
1,191
      
1,215
      
1,465
      
2,169
      
2,904
        
1,191
      
2,904
        
(1,713
)
TRS - Refund Advances
    
31,404
      
50
      
81
      
81
      
13,444
        
31,404
      
13,444
        
17,960
  
TRS - Other Loan Fees
    
933
      
825
      
(1
)
    
2
      
662
        
933
      
662
        
271
  
RCS
    
7,962
      
7,501
      
7,196
      
6,364
      
6,257
        
7,962
      
6,257
        
1,705
  
Total RPG
    
40,299
      
8,376
      
7,276
      
6,447
      
20,363
        
40,299
      
20,363
        
19,936
  
                                                                     
Total loan fees - Total Company
  
$
41,490
    
$
9,591
    
$
8,741
    
$
8,616
    
$
23,267
      
$
41,490
    
$
23,267
      
$
18,223
  
                                                                     

(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 Three Months Ended
      
$ Change (8)
  
(dollars in thousands)
  
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
      
3M to 3M
  
                                                     
Mortgage Loans Held for Sale
                                                
                                                     
Balance, beginning of period
  
$
1,302
    
$
2,912
    
$
8,491
    
$
13,302
    
$
29,393
      
$
1,302
    
$
29,393
      
$
(28,091
)
Originations
    
15,942
      
10,359
      
32,856
      
61,489
      
100,661
        
15,942
      
100,661
        
(84,719
)
Proceeds from sales
    
(16,630
)
    
(12,207
)
    
(39,220
)
    
(67,759
)
    
(119,212
)
      
(16,630
)
    
(119,212
)
      
102,582
  
Net gain on sale
    
420
      
238
      
785
      
1,459
      
2,460
        
420
      
2,460
        
(2,040
)
Balance, end of period
  
$
1,034
    
$
1,302
    
$
2,912
    
$
8,491
    
$
13,302
      
$
1,034
    
$
13,302
      
$
(12,268
)
                                                                     
RCS Consumer Loans Held for Sale
                                                      
                                                                     
Balance, beginning of period
  
$
17,875
    
$
21,475
    
$
31,236
    
$
14,735
    
$
22,684
      
$
17,875
    
$
22,684
      
$
(4,809
)
Originations
    
207,222
      
225,588
      
292,131
      
282,782
      
245,214
        
207,222
      
245,214
        
(37,992
)
Proceeds from sales
    
(210,199
)
    
(231,999
)
    
(306,093
)
    
(269,429
)
    
(256,280
)
      
(210,199
)
    
(256,280
)
      
46,081
  
Net gain on sale
    
2,534
      
2,811
      
4,201
      
3,148
      
3,117
        
2,534
      
3,117
        
(583
)
Balance, end of period
  
$
17,432
    
$
17,875
    
$
21,475
    
$
31,236
    
$
14,735
      
$
17,432
    
$
14,735
      
$
2,697
  
                                                                     

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)
  
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
  
                               
Total stockholders' equity - GAAP (a)
  
$
882,202
    
$
856,613
    
$
843,063
    
$
843,866
    
$
841,576
  
Less: Goodwill
    
41,618
      
16,300
      
16,300
      
16,300
      
16,300
  
Less: Mortgage servicing rights
    
8,406
      
8,769
      
9,177
      
9,407
      
9,502
  
Less: Core deposit intangible
    
2,813
      
—
      
—
      
—
      
—
  
Tangible stockholders' equity - Non-GAAP (c)
  
$
829,365
    
$
831,544
    
$
817,586
    
$
818,159
    
$
815,774
  
                                         
Total assets - GAAP (b)
  
$
6,074,091
    
$
5,835,543
    
$
5,999,663
    
$
6,112,476
    
$
6,349,869
  
Less: Goodwill
    
41,618
      
16,300
      
16,300
      
16,300
      
16,300
  
Less: Mortgage servicing rights
    
8,406
      
8,769
      
9,177
      
9,407
      
9,502
  
Less: Core deposit intangible
    
2,813
      
—
      
—
      
—
      
—
  
Tangible assets - Non-GAAP (d)
  
$
6,021,254
    
$
5,810,474
    
$
5,974,186
    
$
6,086,769
    
$
6,324,067
  
                                         
Total stockholders' equity to total assets - GAAP (a/b)
    
14.52
%
    
14.68
%
    
14.05
%
    
13.81
%
    
13.25
%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)
    
13.77
%
    
14.31
%
    
13.69
%
    
13.44
%
    
12.90
%
                                         
Number of shares outstanding (e)
    
19,745
      
19,747
      
19,747
      
19,790
      
19,999
  
                                         
Book value per share - GAAP (a/e)
  
$
44.68
    
$
43.38
    
$
42.69
    
$
42.64
    
$
42.08
  
Tangible book value per share - Non-GAAP (c/e)
    
42.00
      
42.11
      
41.40
      
41.34
      
40.79
  

(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 now-cancelled TRS Transaction, as well as net gains (losses) on sales, calls, and impairment of investment securities.

                                             
                                             
   
Three Months Ended
      
Three Months Ended
  
(dollars in thousands)
  
Mar. 31, 2023
    
Dec. 31, 2022
    
Sep. 30, 2022
    
Jun. 30, 2022
    
Mar. 31, 2022
      
Mar. 31, 2023
    
Mar. 31, 2022
  
                                             
Net interest income - GAAP
  
$
92,642
    
$
63,113
    
$
58,597
    
$
51,814
    
$
63,167
      
$
92,642
    
$
63,167
  
Noninterest income - GAAP
    
22,681
      
13,124
      
15,108
      
30,569
      
31,009
        
22,681
      
31,009
  
Less: Contract termination fee related to TRS Transaction
    
—
      
—
      
—
      
—
      
5,000
        
—
      
5,000
  
Less: Legal settlement related to TRS Transaction
    
—
      
—
      
—
      
13,000
      
—
        
—
      
—
  
Less: Net gain (loss) on securities
    
1
      
1
      
2
      
(102
)
    
(120
)
      
1
      
(120
)
Total adjusted income - Non-GAAP (a)
  
$
115,322
    
$
76,236
    
$
73,703
    
$
69,485
    
$
89,296
      
$
115,322
    
$
89,296
  
                                                           
                                                           
Noninterest expense - GAAP
  
$
52,443
    
$
44,905
    
$
46,166
    
$
47,656
    
$
48,581
      
$
52,443
    
$
48,581
  
Less: Expenses related to TRS Transaction
    
—
      
—
      
88
      
699
      
127
        
—
      
127
  
Adjusted noninterest expense - Non-GAAP (b)
  
$
52,443
    
$
44,905
    
$
46,078
    
$
46,957
    
$
48,454
      
$
52,443
    
$
48,454
  
                                                           
Efficiency Ratio - Non-GAAP (b/a)
    
45
%
    
59
%
    
63
%
    
68
%
    
54
%
      
45
%
    
54
%
                                                           

(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 March 31, 2023, included $18.5 million 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.

NM – Not meaningful
S-11
NA – Not applicable

YTD – Year to date

CONTACT:
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628


S-12