Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): October 18, 2024

REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)


Kentucky	0-24649	61-0862051
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer Identification No.)
of incorporation)


601 West Market Street, Louisville, Kentucky	40202
(Address of principal executive offices)	(zip code)

Registrant’s telephone number, including area code: (502) 584-3600

NOT APPLICABLE
(Former Name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common	RBCAA	The Nasdaq Stock Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On October 18, 2024, Republic Bancorp, Inc. announced its results of operations for the quarter ended September 30, 2024. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.

Item 9.01.Financial Statements and Exhibits.


(d)	Exhibits.

	Exhibit No.
	99.1	Republic Bancorp, Inc. Earnings Release dated October 18, 2024.
	99.2	Earnings Release Financial Supplement – Third Quarter 2024.
	104	Cover Page Interactive Data File (embedded within the inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		Republic Bancorp, Inc.
		(Registrant)


Date: October 18, 2024	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Exhibit 99.1

Republic Bancorp, Inc. Reports Third Quarter 2024 Net Income of $26.5 Million, a 23% increase over the Third Quarter of 2023

Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).

Louisville, KY – Republic Bancorp, Inc. (“Republic” or the “Company”) reported third quarter 2024 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $26.5 million and $1.37 per share, representing increases of 23% and 25% over the third quarter of 2023. Year-to-date net income was $82.4 million, an $11.6 million, or 16%, increase from the same period in 2023, resulting in return on average assets (“ROA”) and return on average equity (“ROE”) of 1.60% and 11.53% for the first nine months of 2024.

Logan Pichel, President & CEO of the Republic Bank & Trust Company commented, “We are proud to report another strong performance for the third quarter. Our third quarter results reflect our on-going strategic initiatives to enhance revenue, while maintaining our expense discipline. Our success is particularly evident within our Core Bank, as our net interest margin (“NIM”) showed a marked expansion over the third quarter of 2023, while our total noninterest expenses were flat from the same period. Additionally, the diversification of our business segments remained a key component to our long-term strategy and our current success. Overall, four of our five reportable business segments produced solid increases in net income for the third quarter of 2024 versus the third quarter of 2023.

The Company’s balance sheet during the quarter continued to trend in a positive direction. Deposits grew by $33 million from June 30, 2024 to the September 30, 2024, while we prudently grew the loan portfolio during the quarter by $46 million in Warehouse lending and $9 million in Republic Credit Solutions. Within our Traditional Bank, total loans declined $22 million from June 30, 2024 to $4.6 billion as of September 30, 2024 as our focus remained on pricing discipline. This on-going focus of growing deposits, combined with selective loan portfolio growth, reduced our period-end Total Company loan-to-deposit ratio to 104% as of September 30, 2024 compared to 106% as of September 30, 2023. Steadily reducing our loan-to-deposit ratio, over time, will remain a key focus as we increase our flexibility for key strategic decisions.

We believe we are well-positioned to finish the year on a high note, as our capital levels remain strong, and our credit quality remains favorable. While we are proud of our past results, we remain optimistic about our future, given the strength of our balance sheet. We are focused on our mission of creating lasting value for our clients, our shareholders, our associates, and the communities we serve.” Pichel concluded.

The following table highlights Republic’s key metrics for the three months ended September 30, 2024 and 2023. Additional financial details, including segment-level data, are provided in the financial supplement to this release. The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company’s Form 8-K filed with the SEC on October 18, 2024.



	Total Company Financial Performance Highlights
		Three Months Ended Sep. 30,										Nine Months Ended Sep. 30,
(dollars in thousands, except per share data)		2024			2023			$ Change		% Change		2024			2023			$ Change		% Change

Income Before Income Tax Expense		$	33,849		$	27,072		$	6,777	25	%	$	104,653		$	89,694		$	14,959	17	%
Net Income			26,543			21,571			4,972	23			82,355			70,715			11,640	17
Diluted EPS			1.37			1.10			0.27	25			4.24			3.60			0.64	18
Return on Average Assets ("ROA")			1.58	%		1.36	%		NA	16			1.60	%		1.51	%		NA	6
Return on Average Equity ("ROE")			10.88			9.61			NA	13			11.53			10.58			NA	9

NA – Not applicable

Results of Operations for the Third Quarter of 2024 Compared to the Third Quarter of 2023

Core Bank⁽¹⁾

Net income for the Core Bank was $17.2 million for the third quarter of 2024, a $4.0 million, or 30%, increase over the $13.2 million for the third quarter of 2023. Solid increases in net interest income and noninterest income combined with flat noninterest expenses and a minimal increase in the Provision were all drivers for the growth in net income and GOP from the third quarter of 2023 to the third quarter of 2024.

Net Interest Income – Core Bank net interest income was $54.6 million for the third quarter of 2024, a $4.6 million, or 9%, increase from $50.0 million achieved during the third quarter of 2023. The rise in net interest income for the quarter was driven, in general, by period-over-period growth in average interest-earning assets and a higher net interest margin. The increase in the Core Bank’s total dollars of net interest income represented the second consecutive quarter-over-same-quarter-last-year increase following two consecutive quarterly declines in net interest income for the fourth quarter of 2023 and the first quarter of 2024.

The Core Bank’s NIM increased from 3.43% during the third quarter of 2023 to 3.53% during the third quarter of 2024. This increase represented the first rise in the Core Bank’s quarter-over-same-quarter-last-year NIM since the second quarter of 2023. The increase in the Core Bank’s NIM occurred as the rise in its interest-earning asset yields outpaced the rise in its funding costs. While the Core Bank’s cost of interest bearing liabilities did demonstrate a notable increase of 46 basis points from the third quarter of 2023 to the third quarter of 2024, the pace of the increase on a linked-quarter basis began to slow meaningfully during the second quarter of 2024, growing 13 basis points from the first quarter of 2024 to the second quarter of 2024 and only 3 basis points from the second quarter of 2024 to the third quarter of 2024.

Specific items of note impacting the Core Bank’s change in net interest income and NIM between the third quarter of 2023 and the third quarter of 2024 were as follows:

●

Average outstanding Warehouse balances increased from $423 million during the third quarter of 2023 to $528 million for the third quarter of 2024. Committed Warehouse lines declined from $1.0 billion to $902 million during these same periods, while an up-tick in demand caused average usage rates for

Warehouse lines to increase from 42% during the third quarter of 2023 to 56% for the third quarter of 2024.

●

Traditional Bank average loans grew from $4.4 billion with a weighted-average yield of 5.23% during the third quarter of 2023 to $4.6 billion with a weighted average yield of 5.63% during the third quarter of 2024. In general, the growth in average loan balances was primarily attributable to loan growth achieved during the last three months of 2023, as the spot balances for Traditional Bank loans decreased $52 million, or 1%, from December 31, 2023 to September 30, 2024.

●

Average interest-earning cash, which is managed as a separate but complementary component of the Company’s overall investment portfolio, was $458 million with a weighted-average yield of 5.36% during the third quarter of 2024 compared to $178 million with a weighted-average yield of 5.38% for the third quarter of 2023.

The increase in average interest-earning cash was a strategic decision primarily resulting from the inverted yield curve as the yield for overnight cash remained a more appealing option throughout the first nine months of 2024 than longer-term investment alternatives. Additionally, management also chose to maintain supplemental on-balance sheet liquidity during the first nine months of the year, above required minimums, in response to the uncertainty of the economic environment.

●

Average investments were $593 million with a weighted-average yield of 3.20% during the third quarter of 2024 compared to $771 million with a weighted-average yield of 2.75% for the third quarter of 2023. As noted above, the more attractive yield for cash generally led to a decrease in the Core Bank’s average investments throughout 2024. Overall, the Core Bank continued to maintain an investment portfolio with a short overall duration as part of its total balance sheet interest rate risk management strategy.

●

Further segmenting the Core Bank’s increased cost of interest-bearing liabilities:

o

The weighted-average cost of total interest-bearing deposits increased from 2.08% during the third quarter of 2023 to 2.77% for the third quarter of 2024, while average interest-bearing deposits grew $510 million over the same periods. Included within this growth in interest-bearing deposits was an $145 million increase in the average balances for higher-costing, short-term brokered deposits and third-party listing service deposits, which the Company utilized for excess liquidity purposes.

o

The average balance of FHLB borrowings decreased from $442 million for the third quarter of 2023 to $388 million for the third quarter of 2024. In addition, the weighted-average cost of these borrowings decreased from 4.85% to 4.41% for the same time periods. The decrease in the average balance of borrowings was driven primarily by the above noted growth in period-to-period average interest-bearing deposits, while the decrease in the overall weighted-average cost of FHLB borrowings resulted from term-extension strategies to take advantage of the inverted yield curve.

●

Average noninterest-bearing deposits decreased $176 million from the third quarter of 2023 to the third quarter of 2024. The decline in noninterest-bearing deposits continued a trend dating back to the fourth quarter of 2022, as the inverted yield curve and competition for deposits continued to make interest-bearing deposits a more attractive on-going alternative for consumer and business deposit accounts.

The following tables present by reportable segment the overall changes in the Core Bank’s net interest income, net interest margin, as well as average and period-end loan balances:



	Net Interest Income						Net Interest Margin
(dollars in thousands)	Three Months Ended Sep. 30,						Three Months Ended Sep. 30,
Reportable Segment	2024		2023		Change		2024		2023		Change

Traditional Banking	$	51,023	$	47,493	$	3,530	3.61	%	3.52	%	0.09	%
Warehouse Lending		3,580		2,467		1,113	2.70		2.33		0.37
Total Core Bank	$	54,603	$	49,960	$	4,643	3.53		3.43		0.10



	Average Loan Balances								Period-End Loan Balances
(dollars in thousands)	Three Months Ended Sep. 30,									Sep. 30,		Sep. 30,
Reportable Segment		2024		2023	$ Change		% Change			2024		2023	$ Change		% Change

Traditional Banking	$	4,579,371	$	4,446,585	$	132,786	3	%	$	4,566,896	$	4,496,743	$	70,153	2	%
Warehouse Lending		528,363		423,141		105,222	25			595,163		457,033		138,130	30
Total Core Bank	$	5,107,734	$	4,869,726	$	238,008	5		$	5,162,059	$	4,953,776	$	208,283	4

Provision for Expected Credit Loss Expense – The Core Bank’s Provision⁽²⁾ was a net charge of $1.6 million for the third quarter of 2024 compared to a net charge of $1.4 million for the third quarter of 2023.

The net charge of $1.6 million for the third quarter of 2024 was driven, primarily, by the following:

●

The Core Bank recorded a net credit to the Provision of $442,000 during the third quarter of 2024 primarily related to a decline in Traditional Bank loan balances, which decreased by $22 million for the quarter.

●

The Core Bank recorded a loan loss Provision of $1.9 million for the charge-off of three linked, marine-related consumer loans.

●

The Core Bank recorded a net charge to the Provision of $116,000 resulting from general formula reserves applied to an $46 million increase in outstanding Warehouse balances during the quarter.

The net charge during the third quarter of 2023 was primarily driven by the following:

●

The Core Bank recorded a net charge to the Provision of $1.6 million during the third quarter of 2023 related to general formula reserves applied to $101 million of Traditional Bank loan growth for the quarter.

●

The Core Bank recorded a net credit to the Provision of $203,000 resulting from general formula reserves applied to an $82 million decline in outstanding Warehouse balances for the quarter.

As a percentage of total loans, the Core Bank’s Allowance⁽²⁾ increased 1 basis point from September 30, 2023 to September 30, 2024. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.



	As of Sep. 30, 2024						As of Sep. 30, 2023						Year-over-Year Change
(dollars in thousands)					Allowance						Allowance		Allowance
Reportable Segment	Gross Loans		Allowance		to Loans		Gross Loans		Allowance		to Loans		to Loans		% Change

Traditional Bank	$	4,566,896	$	59,549	1.30	%	$	4,496,743	$	56,931	1.27	%	0.03	%	2	%
Warehouse Lending		595,163		1,486	0.25			457,033		1,143	0.25		—		—
Total Core Bank		5,162,059		61,035	1.18			4,953,776		58,074	1.17		0.01		1

Tax Refund Solutions		302		1	0.33			354		1	0.28		0.05		18
Republic Credit Solutions		134,556		21,122	15.70			126,969		16,501	13.00		2.70		21
Total Republic Processing Group		134,858		21,123	15.66			127,323		16,502	12.96		2.70		21

Total Company	$	5,296,917	$	82,158	1.55	%	$	5,081,099	$	74,576	1.47	%	0.08	%	5	%


	ACLL Roll-Forward
	Three Months Ended September 30,
	2024										2023
(dollars in thousands)	Beginning				Charge-				Ending		Beginning				Charge-				Ending
Reportable Segment	Balance		Provision		offs		Recoveries		Balance		Balance		Provision		offs		Recoveries		Balance

Traditional Bank	$	59,865	$	1,488	$	(2,308)	$	504	$	59,549	$	55,567	$	1,567	$	(332)	$	129	$	56,931
Warehouse Lending		1,370		116		—		—		1,486		1,346		(203)		—		—		1,143
Total Core Bank		61,235		1,604		(2,308)		504		61,035		56,913		1,364		(332)		129		58,074

Tax Refund Solutions		—		(2,310)		—		2,311		1		—		(1,967)		—		1,968		1
Republic Credit Solutions		19,452		6,365		(5,022)		327		21,122		15,289		4,333		(3,340)		219		16,501
Total Republic Processing Group		19,452		4,055		(5,022)		2,638		21,123		15,289		2,366		(3,340)		2,187		16,502

Total Company	$	80,687	$	5,659	$	(7,330)	$	3,142	$	82,158	$	72,202	$	3,730	$	(3,672)	$	2,316	$	74,576

The table below presents the Core Bank’s credit quality metrics:



	Quarters Ended:				Years Ended:
	Sep. 30,		Sep. 30,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2024		2023		2023		2022		2021

Nonperforming loans to total loans	0.38	%	0.37	%	0.39	%	0.37	%	0.47	%

Nonperforming assets to total loans (including OREO)	0.40		0.39		0.41		0.40		0.51

Delinquent loans* to total loans	0.19		0.14		0.16		0.14		0.17

Net charge-offs to average loans	0.14		0.02		0.01		0.00		0.01
(Quarterly rates annualized)

OREO = Other Real Estate Owned

*Loans 30-days-or-more past due at the time the second contractual payment is past due.

Noninterest Income – Core Bank noninterest income increased $1.1 million from $10.0 million in the third quarter of 2023 to $11.1 million for the third quarter of 2024. The increase in noninterest income was primarily driven by a $1.2 million increase in mortgage banking income, which resulted from a reduction in long-term interest rates during the third quarter of 2024 leading to an up-tick in consumer loan demand for 15-and 30-year fixed rate mortgage loans. Altogether, the Core Bank experienced a $47.5 million, or 99%, increase in fixed-rate, secondary market loan rate-lock applications from the third quarter of 2023 to the third quarter of 2024.

Noninterest Expense – The Core Bank’s noninterest expenses were essentially flat at $42.2 million for the third quarter of 2024, an increase of only $15,000 over the third quarter of 2023. Notable line-item variances within the noninterest expense category included:

●

Salaries and benefits were flat as a 41-count reduction in Core Bank FTEs from September 30, 2023 to September 30, 2024 was able to substantially offset the increase in salaries over the same periods resulting from annual merit increases.

●

Technology expenses declined $358,000 from period-to-period, primarily the result of a $450,000 credit the Core Bank received during the third quarter of 2024 for a contract billing dispute with one of its technology providers.

Republic Processing Group⁽³⁾

RPG reported net income of $9.4 million for the third quarter of 2024, a $1.0 million, or 12% increase over the $8.4 million for the third quarter of 2023. RPG’s performance for the third quarter of 2024 compared to the third quarter of 2023, by operating segment, was as follows:

Tax Refund Solutions

TRS recorded net income of $919,000 during the third quarter of 2024 compared to net income of $418,000 for the third quarter of 2023. The overall increase in TRS net income for the quarter was driven primarily by a $387,000 increase in recoveries of prior period charge-offs for Refund Advances (“RAs”) and a $340,000 increase in net refund transfer fees. Both of these increases were the positive result of a pick-up in the pace of tax refund payments received from the federal government as compared to third quarter of 2023.

Republic Payment Solutions

Net income at RPS was $2.2 million for the third quarter of 2024, a $917,000 decrease from the third quarter of 2023. During the quarter, RPS earned a slightly lower yield of 4.91% applied to the $351 million average of prepaid program balances for the third quarter of 2024 compared to a yield of 4.97% for the $343 million in average prepaid card balances for the third quarter of 2023. In addition, net interest income at RPS was also negatively impacted by a $1.3 million charge to interest expense for a revenue sharing arrangement that began in January 2024.

Republic Credit Solutions

Net income at RCS increased $1.4 million, or 29% from $4.9 million for the third quarter of 2023 to $6.3 million for the third quarter of 2024. The increase in RCS net income was primarily due to growth in profitability of one of its Line-of-Credit (“LOC”) products, which had an increase in net income of $959,000 from the third quarter of 2023 to the third quarter of 2024. The rise in net income for this LOC product was driven primarily by a period-to-period increase in average outstanding loan balances of approximately $8 million.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. In addition, Republic Bank Finance has one loan production office in St. Louis, Missouri. The Bank offers internet banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of September 30, 2024, had approximately $6.7 billion in total assets. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

Republic Bank. It’s just easier here. ^®

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the ability to develop products and strategies in order to meet the Company’s long-term strategic goals, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Footnotes:

(1)	“Core Bank” or “Core Banking” operations consist of the Traditional Banking and Warehouse Lending segments.

(2)	Provision – Provision for Expected Credit Loss Expense

Allowance – Allowance for Credit Losses on Loans

(3)	Republic Processing Group operations consist of the TRS, RPS, and RCS segments.

NM – Not meaningful

NA – Not applicable

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

THIRD QUARTER 2024

TABLE OF CONTENTS


		BALANCE SHEET DATA	S-2

		AVERAGE BALANCE SHEET DATA	S-3

		TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES	S-4

		INCOME STATEMENT DATA	S-5

		SELECTED DATA AND RATIOS	S-6

		LOAN COMPOSITION	S-7

		ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-7

		CREDIT QUALITY DATA AND RATIOS	S-8

		SEGMENT DATA	S-9

		FOOTNOTES	S-12

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024

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



Balance Sheet Data
	As of
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023
Assets:
Cash and cash equivalents	$	530,865	$	400,059	$	546,363	$	316,567	$	219,653
Investment securities, net of allowance for credit losses		478,064		557,459		664,294		667,874		703,007
Loans held for sale		34,407		41,904		100,060		27,235		24,683
Loans		5,296,917		5,264,270		5,224,292		5,239,861		5,081,099
Allowance for credit losses		(82,158)		(80,687)		(108,702)		(82,130)		(74,576)
Loans, net		5,214,759		5,183,583		5,115,590		5,157,731		5,006,523
Federal Home Loan Bank stock, at cost		23,981		23,840		43,729		23,770		31,420
Premises and equipment, net		33,007		33,224		33,557		33,411		33,926
Right-of-use assets		35,897		31,720		33,210		34,691		35,907
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,212		1,265		1,486		1,370		1,423
Bank owned life insurance ("BOLI")		106,288		105,462		104,670		103,916		103,211
Other assets and accrued interest receivable		193,474		197,542		192,117		187,810		186,206
Total assets	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891	$	6,386,475

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,260,086	$	1,279,390	$	1,359,516	$	1,676,998	$	1,702,979
Interest-bearing		3,841,610		3,789,657		4,061,133		3,376,165		3,090,603
Total deposits		5,101,696		5,069,047		5,420,649		5,053,163		4,793,582

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		79,383		72,598		84,522		97,618		80,797
Operating lease liabilities		36,797		32,602		34,076		35,539		36,726
Federal Home Loan Bank advances		370,000		370,000		270,000		380,000		465,000
Other liabilities and accrued interest payable		124,889		116,904		130,762		115,815		116,970
Total liabilities		5,712,765		5,661,151		5,940,009		5,682,135		5,493,075

Stockholders' equity		979,705		955,423		935,583		912,756		893,400
Total liabilities and stockholders' equity	$	6,692,470	$	6,616,574	$	6,875,592	$	6,594,891	$	6,386,475

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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


Average Balance Sheet Data
	Three Months Ended										Nine Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	457,797	$	393,095	$	454,426	$	201,206	$	177,003	$	435,189	$	177,292
Investment securities, including FHLB stock		593,449		670,114		732,678		769,016		771,453		665,151		773,145
Loans, including loans held for sale		5,261,173		5,262,719		5,454,344		5,111,263		5,006,081		5,325,841		4,859,845
Total interest-earning assets		6,312,419		6,325,928		6,641,448		6,081,485		5,954,537		6,426,181		5,810,282

Allowance for credit losses		(81,567)		(108,194)		(96,446)		(75,747)		(73,438)		(95,352)		(84,415)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		82,969		102,712		280,618		101,119		96,303		155,169		167,960
Premises and equipment, net		33,319		33,452		33,889		33,940		34,013		33,553		33,411
Bank owned life insurance		105,974		105,128		104,305		103,557		102,825		105,138		102,479
Other assets		258,704		247,858		255,758		231,207		220,595		254,126		205,828

Total assets	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,334,835	$	6,878,815	$	6,235,545

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	3,820,078	$	3,848,238	$	4,004,846	$	3,210,495	$	2,976,852	$	3,890,796	$	2,824,043
SSUARs and other short-term borrowings		73,660		88,326		102,592		141,861		90,063		88,140		136,528
Federal Home Loan Bank advances		387,989		305,604		536,209		357,321		441,543		409,854		315,015
Total interest-bearing liabilities		4,281,727		4,242,168		4,643,647		3,709,677		3,508,458		4,388,790		3,275,586

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,313,207		1,366,862		1,490,048		1,715,408		1,794,874		1,389,759		1,936,096
Other liabilities		140,761		144,108		152,835		144,194		133,237		145,883		133,081
Stockholders' equity		976,123		953,746		933,042		906,282		898,266		954,383		890,782

Total liabilities and stockholders’ equity	$	6,711,818	$	6,706,884	$	7,219,572	$	6,475,561	$	6,334,835	$	6,878,815	$	6,235,545

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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

Total Company Average Balance Sheet and Interest Rates


	Three Months Ended September 30, 2024						Three Months Ended September 30, 2023
	Average				Average		Average				Average
(dollars in thousands)	Balance		Interest		Rate		Balance		Interest		Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	457,797	$	6,172	5.36	%	$	177,003	$	2,395	5.41	%
Investment securities, including FHLB stock (a)		593,449		4,780	3.20			771,453		5,298	2.75
RCS LOC products (b)		46,805		12,935	109.94			37,319		9,762	104.63
Other RPG loans (c) (f)		106,634		2,133	7.96			99,036		2,079	8.40
Outstanding Warehouse lines of credit (d) (f)		528,363		10,672	8.04			423,141		8,154	7.71
All other Core Bank loans (e) (f)		4,579,371		64,854	5.63			4,446,585		58,180	5.23

Total interest-earning assets		6,312,419		101,546	6.40			5,954,537		85,868	5.77

Allowance for credit losses		(81,567)						(73,438)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		82,969						96,303
Premises and equipment, net		33,319						34,013
Bank owned life insurance		105,974						102,825
Other assets (a)		258,704						220,595
Total assets	$	6,711,818					$	6,334,835

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,754,355	$	5,882	1.33	%	$	1,455,193	$	3,719	0.98	%
Money market accounts		1,215,354		10,770	3.53			905,089		6,391	2.82
Time deposits		390,413		3,952	4.03			328,071		2,706	3.30
Reciprocal money market and time deposits		372,725		4,030	4.30			281,277		2,748	3.91
Brokered deposits		87,231		1,168	5.33			7,222		100	5.54

Total interest-bearing deposits		3,820,078		25,802	2.69			2,976,852		15,664	2.08

SSUARs and other short-term borrowings		73,660		141	0.76			90,063		29	0.87
Federal Home Loan Bank advances and other long-term borrowings		387,989		4,298	4.41			441,543		5,350	4.85

Total interest-bearing liabilities		4,281,727		30,241	2.81			3,508,458		21,043	2.40

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,313,207						1,794,874
Other liabilities		140,761						133,237
Stockholders’ equity		976,123						898,266
Total liabilities and stockholders’ equity	$	6,711,818					$	6,334,835

Net interest income			$	71,305					$	64,825

Net interest spread					3.59	%					3.37	%

Net interest margin					4.49	%					4.35	%

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

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

(c)	Interest income includes loan fees of $0 and $0 for the three months ended September 30, 2024 and 2023.

(d)	Interest income includes loan fees of $392,000 and $254,000 for the three months ended September 30, 2024 and 2023.

(e)	Interest income includes loan fees of $1.5 million and $1.7 million for the three months ended September 30, 2024 and 2023.

(f)	Average balances for loans include the principal balance of nonaccrual loans and loans held for sale, and are inclusive of all loan premiums, discounts, fees and costs.

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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



Income Statement Data
	Three Months Ended										Nine Months Ended
	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023

Total interest income (1)	$	101,546	$	97,700	$	130,632	$	90,785	$	85,868	$	329,878	$	265,278
Total interest expense		30,241		29,164		33,713		24,003		21,043		93,118		43,282
Net interest income		71,305		68,536		96,919		66,782		64,825		236,760		221,996

Provision (2)		5,660		5,143		30,622		10,989		3,730		41,425		36,635

Noninterest income:
Service charges on deposit accounts		3,693		3,526		3,313		3,470		3,559		10,532		10,385
Net refund transfer fees		582		3,811		10,820		220		242		15,213		15,528
Mortgage banking income (3)		2,062		1,612		310		983		852		3,984		2,559
Interchange fee income		3,286		3,351		3,157		3,305		3,282		9,794		9,752
Program fees (3)		4,962		4,398		4,179		4,561		4,041		13,539		11,021
Increase in cash surrender value of BOLI		826		792		754		705		690		2,372		2,014
Death benefits in excess of cash surrender value of life insurance		—		—		—		—		—		—		1,728
Net losses on OREO		(53)		(48)		(53)		(53)		(53)		(154)		(158)
Other*		1,455		904		893		1,589		1,732		3,252		3,848
Total noninterest income*		16,813		18,346		23,373		14,780		14,345		58,532		56,677

Noninterest expense:
Salaries and employee benefits		28,792		29,143		29,716		26,397		28,747		87,651		89,472
Technology, equipment, and communication		7,544		7,340		7,490		7,648		7,311		22,374		21,459
Occupancy		3,224		3,409		3,822		3,467		3,503		10,455		10,500
Marketing and development		1,983		2,705		1,924		2,304		2,055		6,612		6,142
FDIC insurance expense		764		748		772		690		677		2,284		2,038
Interchange related expense		1,540		1,412		1,298		1,536		1,580		4,250		4,429
Legal and professional fees		870		770		1,055		511		803		2,695		2,693
Merger expense		—		—		41		92		(132)		41		2,068
Other (2)*		3,892		4,107		4,853		4,409		3,824		12,852		13,543
Total noninterest expense*		48,609		49,634		50,971		47,054		48,368		149,214		152,344

Income before income tax expense		33,849		32,105		38,699		23,519		27,072		104,653		89,694
Income tax expense		7,306		6,899		8,093		3,860		5,501		22,298		18,979

Net income	$	26,543	$	25,206	$	30,606	$	19,659	$	21,571	$	82,355	$	70,715

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

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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



Selected Data and Ratios
	As of and for the Three Months Ended															As of and for the Nine Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023
Per Share Data:

Basic weighted average shares outstanding		19,654			19,633			19,607			19,586			19,706			19,637			19,855
Diluted weighted average shares outstanding		19,735			19,714			19,694			19,673			19,774			19,709			19,910

Period-end shares outstanding:
Class A Common Stock		17,293			17,275			17,260			17,203			17,296			17,293			17,296
Class B Common Stock		2,150			2,150			2,151			2,155			2,158			2,150			2,158

Book value per share (4)	$	50.39		$	49.19		$	48.20		$	47.15		$	45.93		$	50.39		$	45.93
Tangible book value per share (4)		47.84			46.62			45.63			44.55			43.31			47.84			43.31

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.37		$	1.31		$	1.59		$	1.01		$	1.10		$	4.25		$	3.61
Basic EPS - Class B Common Stock		1.25			1.18			1.44			0.93			1.00			3.87			3.28
Diluted EPS - Class A Common Stock		1.37			1.30			1.58			1.01			1.10			4.24			3.60
Diluted EPS - Class B Common Stock		1.24			1.18			1.43			0.92			1.00			3.85			3.27

Cash dividends declared per Common share:
Class A Common Stock	$	0.407		$	0.407		$	0.407		$	0.374		$	0.374		$	1.221		$	1.122
Class B Common Stock		0.370			0.370			0.370			0.340			0.340			1.110			1.020

Performance Ratios:

Return on average assets		1.58	%		1.50	%		1.70	%		1.21	%		1.36	%		1.60	%		1.51	%
Return on average equity		10.88			10.57			13.12			8.68			9.61			11.53			10.58
Efficiency ratio (5)		55			57			42			58			61			51			54
Yield on average interest-earning assets (1)		6.40			6.21			7.91			5.92			5.77			6.86			6.09
Cost of average interest-bearing liabilities		2.81			2.77			2.92			2.57			2.40			2.83			1.76
Cost of average deposits (6)		2.01			1.98			1.97			1.60			1.30			1.99			0.89
Net interest spread (1)		3.59			3.44			4.99			3.35			3.37			4.03			4.33
Net interest margin - Total Company (1)		4.49			4.36			5.87			4.36			4.35			4.92			5.09
Net interest margin - Core Bank		3.53			3.46			3.30			3.40			3.43			3.43			3.68

Other Information:

End of period FTEs (7) - Total Company		992			999			1,011			1,019			1,033			992			1,033
End of period FTEs - Core Bank		935			943			952			962			976			935			976
Number of full-service banking centers		47			47			47			47			46			47			46

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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


Loan Composition and Allowance for Credit Losses on Loans
	As of
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	1,046,385		$	1,058,139		$	1,064,071		$	1,144,684		$	1,128,745
Nonowner occupied		326,273			331,954			342,481			345,965			344,682
Commercial real estate		1,813,303			1,821,798			1,800,801			1,785,289			1,745,187
Construction & land development		247,730			239,615			237,998			217,338			189,756
Commercial & industrial		437,911			452,815			453,971			464,078			473,790
Lease financing receivables		89,653			88,529			88,272			88,591			85,242
Aircraft		235,327			240,275			246,060			250,051			226,947
Home equity		341,204			325,086			309,083			295,133			275,750
Consumer:
Credit cards		16,762			16,547			16,858			16,654			16,950
Overdrafts		827			746			629			694			640
Automobile loans		1,340			1,599			2,054			2,664			3,380
Other consumer		10,181			12,064			11,372			7,428			5,674
Total Traditional Banking		4,566,896			4,589,167			4,573,650			4,618,569			4,496,743
Warehouse lines of credit		595,163			549,011			463,249			339,723			457,033
Total Core Banking		5,162,059			5,138,178			5,036,899			4,958,292			4,953,776

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			52,101			103,115			—
Other TRS commercial & industrial loans		302			92			5,396			46,092			354
Republic Credit Solutions		134,556			126,000			129,896			132,362			126,969
Total Republic Processing Group		134,858			126,092			187,393			281,569			127,323

Total loans - Total Company	$	5,296,917		$	5,264,270		$	5,224,292		$	5,239,861		$	5,081,099

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	59,549		$	59,865		$	59,176		$	58,998		$	56,931
Warehouse Lending		1,486			1,370			1,156			847			1,143
Total Core Banking		61,035			61,235			60,332			59,845			58,074

Tax Refund Solutions		1			—			30,069			3,990			1
Republic Credit Solutions		21,122			19,452			18,301			18,295			16,501
Total Republic Processing Group		21,123			19,452			48,370			22,285			16,502

Total Allowance - Total Company	$	82,158		$	80,687		$	108,702		$	82,130		$	74,576

Allowance to Total Loans

Traditional Banking		1.30	%		1.30	%		1.29	%		1.28	%		1.27	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.18			1.19			1.20			1.21			1.17

Tax Refund Solutions		0.33			—			52.30			2.67			0.28
Republic Credit Solutions		15.70			15.44			14.09			13.82			13.00
Total Republic Processing Group		15.66			15.43			25.81			7.91			12.96

Total Company		1.55			1.53			2.08			1.57			1.47

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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



Credit Quality Data and Ratios
	As of and for the Three Months Ended															As of and for the Nine Months Ended
	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023
Credit Quality Asset Balances and Net Charge-off ("NCO") Data:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	19,381		$	19,910		$	19,258		$	19,150		$	18,127		$	19,381		$	18,127
Loans past due 90-days-or-more and still on accrual		164			631			2,116			1,468			1,037			164			1,037
Total nonperforming loans		19,545			20,541			21,374			20,618			19,164			19,545			19,164
OREO		1,212			1,265			1,486			1,370			1,423			1,212			1,423
Total nonperforming assets	$	20,757		$	21,806		$	22,860		$	21,988		$	20,587		$	20,757		$	20,587

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	19,381		$	19,910		$	19,258		$	19,150		$	18,127		$	19,381		$	18,127
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		19,381			19,910			19,258			19,150			18,127			19,381			18,127
OREO		1,212			1,265			1,486			1,370			1,423			1,212			1,423
Total nonperforming assets	$	20,593		$	21,175		$	20,744		$	20,520		$	19,550		$	20,593		$	19,550

Delinquent Loans:
Delinquent loans - Core Bank	$	10,048		$	9,313		$	7,796		$	8,176		$	6,806		$	10,048		$	6,806
RPG		10,902			9,970			13,616			13,916			12,328			10,902			12,328
Total delinquent loans - Total Company	$	20,950		$	19,283		$	21,412		$	22,092		$	19,134		$	20,950		$	19,134

NCOs (Recoveries) by Segment:
Traditional Bank	$	1,804		$	232		$	180		$	220		$	203		$	2,216		$	405
Warehouse Lending loans		—			—			—			—			—			—			—
Core Bank loans		1,804			232			180			220			203			2,216			405
Tax Refund Solutions		(2,311)			28,887			(305)			(1,052)			(1,968)			26,271			23,509
Republic Credit Solutions		4,695			4,045			4,175			4,267			3,121			12,915			8,774
RPG		2,384			32,932			3,870			3,215			1,153			39,186			32,283
Total NCOs (recoveries) - Total Company	$	4,188		$	33,164		$	4,050		$	3,435		$	1,356		$	41,402		$	32,688

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.37	%		0.39	%		0.41	%		0.39	%		0.38	%		0.37	%		0.38	%
Nonperforming assets to total loans (including OREO)		0.39			0.41			0.44			0.42			0.41			0.39			0.41
Nonperforming assets to total assets		0.31			0.33			0.33			0.33			0.32			0.31			0.32
Allowance for credit losses to total loans		1.55			1.53			2.08			1.57			1.47			1.55			1.47
Allowance for credit losses to nonperforming loans		420			393			509			398			389			420			389
Delinquent loans to total loans (9)		0.40			0.37			0.41			0.42			0.38			0.40			0.38
NCOs (recoveries) to average loans (annualized)		0.32			2.52			0.30			0.27			0.11			1.04			0.90

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.38	%		0.39	%		0.38	%		0.39	%		0.37	%		0.38	%		0.37	%
Nonperforming assets to total loans (including OREO)		0.40			0.41			0.41			0.41			0.39			0.40			0.39
Nonperforming assets to total assets		0.33			0.35			0.33			0.35			0.33			0.33			0.33
Allowance for credit losses to total loans		1.18			1.19			1.20			1.21			1.17			1.18			1.17
Allowance for credit losses to nonperforming loans		315			308			313			313			320			315			320
Delinquent loans to total loans		0.19			0.18			0.15			0.16			0.14			0.19			0.14
Annualized NCOs (recoveries) to average loans		0.14			0.02			0.01			0.02			0.02			0.06			0.01

TRS Refund Advances ("RAs")

RAs originated	$	—		$	—		$	771,091		$	103,115		$	—		$	771,091		$	737,047
Net (credit) charge to the Provision for RAs		(2,311)			(1,158)			25,718			2,877			(1,939)			22,249			19,615
RAs NCOs (recoveries)		(2,311)			28,764			(275)			(1,052)			(1,939)			26,178			23,412

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

Segment Data:

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.

As of September 30, 2024, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Tax Refund Solutions (“TRS”), Republic Payment Solutions (“RPS”), and Republic Credit Solutions (“RCS”). Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute Republic Processing Group (“RPG”) operations.

The nature of segment operations and the primary drivers of net revenues by reportable segment are provided below:


Reportable Segment:	Nature of Operations:	Primary Drivers of Net Revenue:

Core Banking:

Traditional Banking	Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels.	Loans, investments, and deposits

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the United States.	Mortgage warehouse lines of credit

Republic Processing Group:

Tax Refund Solutions	TRS offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint.	Loans and refund transfers

Republic Payment Solutions	RPS offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	Prepaid cards

Republic Credit Solutions	Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers.	Unsecured, consumer loans

The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies in the Company’s 2023 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

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


		Three Months Ended September 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total		Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG		Company

Net interest income	$	51,023		$	3,580		$	54,603		$	440		$	2,783		$	13,479		$	16,702		$	71,305

Provision for expected credit loss expense		1,489			116			1,605			(2,310)			—			6,365			4,055			5,660

Net refund transfer fees		—			—			—			582			—			—			582			582
Mortgage banking income		2,062			—			2,062			—			—			—			—			2,062
Program fees		—			—			—			—			786			4,176			4,962			4,962
Other noninterest income		9,016			16			9,032			27			147			1			175			9,207
Total noninterest income		11,078			16			11,094			609			933			4,177			5,719			16,813

Total noninterest expense		41,266			889			42,155			2,251			947			3,256			6,454			48,609

Income (loss) before income tax expense		19,346			2,591			21,937			1,108			2,769			8,035			11,912			33,849
Income tax expense (benefit)		4,189			584			4,773			189			595			1,749			2,533			7,306

Net income (loss)	$	15,157		$	2,007		$	17,164		$	919		$	2,174		$	6,286		$	9,379		$	26,543

Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470

Net interest margin		3.61	%		2.70	%		3.53	%		NM			4.91	%		NM			NM			4.49	%

Net-revenue concentration*		71	%		4	%		75	%		1	%		4	%		20	%		25	%		100	%


		Three Months Ended September 30, 2023
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	47,493		$	2,467		$	49,960		$	401		$	4,124		$	10,340		$	14,865		$	64,825

Provision for expected credit loss expense		1,567			(203)			1,364			(1,967)			—			4,333			2,366			3,730

Net refund transfer fees		—			—			—			242			—			—			242			242
Mortgage banking income		852			—			852			—			—			—			—			852
Program fees		—			—			—			—			705			3,336			4,041			4,041
Other noninterest income		9,089			11			9,100			72			10			28			110			9,210
Total noninterest income		9,941			11			9,952			314			715			3,364			4,393			14,345

Total noninterest expense		41,500			640			42,140			2,242			874			3,112			6,228			48,368

Income before income tax expense		14,367			2,041			16,408			440			3,965			6,259			10,664			27,072
Income tax expense		2,757			456			3,213			22			874			1,392			2,288			5,501

Net income	$	11,610		$	1,585		$	13,195		$	418		$	3,091		$	4,867		$	8,376		$	21,571

Period-end assets	$	5,390,105		$	458,542		$	5,848,647		$	32,747		$	370,986		$	134,095		$	537,828		$	6,386,475

Net interest margin		3.52	%		2.33	%		3.43	%		NM			4.97	%		NM			NM			4.35	%

Net-revenue concentration*		73	%		3	%		76	%		1	%		6	%		17	%		24	%		100	%

S-10


		Nine Months Ended September 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	149,197		$	8,751		$	157,948		$	32,173		$	9,221		$	37,418		$	78,812		$	236,760

Provision for expected credit loss expense		2,762			639			3,401			22,282			—			15,742			38,024			41,425

Net refund transfer fees		—			—			—			15,213			—			—			15,213			15,213
Mortgage banking income		3,984			—			3,984			—			—			—			—			3,984
Program fees		—			—			—			—			2,319			11,220			13,539			13,539
Other noninterest income		25,437			42			25,479			165			149			3			317			25,796
Total noninterest income		29,421			42			29,463			15,378			2,468			11,223			29,069			58,532

Total noninterest expense		124,372			2,694			127,066			8,787			2,919			10,442			22,148			149,214

Income (loss) before income tax expense		51,484			5,460			56,944			16,482			8,770			22,457			47,709			104,653
Income tax expense (benefit)		10,417			1,231			11,648			3,699			1,930			5,021			10,650			22,298

Net income (loss)	$	41,067		$	4,229		$	45,296		$	12,783		$	6,840		$	17,436		$	37,059		$	82,355

Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470

Net interest margin		3.49	%		2.64	%		3.43	%		NM			5.01	%		NM			NM			4.92	%

Net-revenue concentration*		61	%		3	%		64	%		16	%		4	%		16	%		36	%		100	%


		Nine Months Ended September 30, 2023
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	146,404		$	7,196		$	153,600		$	28,778		$	11,522		$	28,096		$	68,396		$	221,996

Provision for expected credit loss expense		6,411			134			6,545			19,622			—			10,468			30,090			36,635

Net refund transfer fees		—			—			—			15,528			—			—			15,528			15,528
Mortgage banking income		2,559			—			2,559			—			—			—			—			2,559
Program fees		—			—			—			—			2,140			8,881			11,021			11,021
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		25,389			33			25,422			314			12			93			419			25,841
Total noninterest income		29,676			33			29,709			15,842			2,152			8,974			26,968			56,677

Total noninterest expense		129,381			2,616			131,997			9,184			2,723			8,440			20,347			152,344

Income before income tax expense		40,288			4,479			44,767			15,814			10,951			18,162			44,927			89,694
Income tax expense		8,119			1,001			9,120			3,401			2,427			4,031			9,859			18,979

Net income	$	32,169		$	3,478		$	35,647		$	12,413		$	8,524		$	14,131		$	35,068		$	70,715

Period-end assets	$	5,390,105		$	458,542		$	5,848,647		$	32,747		$	370,986		$	134,095		$	537,828		$	6,386,475

Net interest margin		3.78	%		2.37	%		3.68	%		NM			4.43	%		NM			NM			5.09	%

Net-revenue concentration*		63	%		3	%		66	%		16	%		5	%		13	%		34	%		100	%

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Third quarter 2024 (continued)

Footnotes:

(1)	The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company’s loan fees by segment:



	Three Months Ended										Nine Months Ended
(dollars in thousands)	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023

Traditional Banking	$	1,518	$	1,281	$	1,366	$	1,400	$	1,703	$	4,165	$	3,957
Warehouse Lending		392		322		263		235		254		977		796
Total Core Bank		1,910		1,603		1,629		1,635		1,957		5,142		4,753
TRS - Refund Advances		42		741		34,652		7		25		35,435		31,470
TRS - Other Loan Fees		—		15		1,219		1,089		6		1,234		963
RCS		12,935		11,272		11,372		10,514		9,763		35,579		26,141
Total RPG		12,977		12,028		47,243		11,610		9,794		72,248		58,574

Total loan fees - Total Company	$	14,887	$	13,631	$	48,872	$	13,245	$	11,751	$	77,390	$	63,327

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

(3)

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



	As of and for the Three Months Ended										As of and for the Nine Months Ended
(dollars in thousands)	Sep. 30, 2024		Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Sep. 30, 2024		Sep. 30, 2023

Mortgage Loans Held for Sale

Balance, beginning of period	$	9,703	$	80,884	$	3,227	$	2,711	$	4,038	$	3,227	$	1,302
Originations		57,142		53,703		27,046		24,050		23,860		137,891		53,750
Transferred from held for investment to held for sale		—		(2,288)		69,464		—		—		67,176		—
Proceeds from sales		(59,732)		(123,693)		(18,773)		(24,134)		(25,681)		(202,198)		(53,794)
Fair value adjustment for correspondent loans reclassified to held for sale		—		—		(997)		—		—		(997)		—
Net gain on sale		1,413		1,097		917		600		494		3,427		1,453
Balance, end of period	$	8,526	$	9,703	$	80,884	$	3,227	$	2,711	$	8,526	$	2,711

RCS Consumer Loans Held for Sale

Balance, beginning of period	$	32,201	$	19,176	$	24,008	$	21,972	$	21,544	$	24,008	$	17,875
Originations		350,413		402,141		188,347		300,281		287,088		940,901		756,714
Proceeds from sales		(360,910)		(392,755)		(196,584)		(302,118)		(289,997)		(950,249)		(761,497)
Net gain on sale		4,177		3,639		3,405		3,873		3,337		11,221		8,880
Balance, end of period	$	25,881	$	32,201	$	19,176	$	24,008	$	21,972	$	25,881	$	21,972

S-12

(4)

The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.


	As of
(dollars in thousands, except per share data)	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023

Total stockholders' equity - GAAP (a)	$	979,705		$	955,423		$	935,583		$	912,756		$	893,400
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		7,052			7,030			7,102			7,411			7,710
Less: Core deposit intangible		2,072			2,187			2,302			2,439			2,576
Tangible stockholders' equity - Non-GAAP (c)	$	930,065		$	905,690		$	885,663		$	862,390		$	842,598

Total assets - GAAP (b)	$	6,692,470		$	6,616,574		$	6,875,592		$	6,594,891		$	6,386,475
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		7,052			7,030			7,102			7,411			7,710
Less: Core deposit intangible		2,072			2,187			2,302			2,439			2,576
Tangible assets - Non-GAAP (d)	$	6,642,830		$	6,566,841		$	6,825,672		$	6,544,525		$	6,335,673

Total stockholders' equity to total assets - GAAP (a/b)		14.64	%		14.44	%		13.61	%		13.84	%		13.99	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		14.00	%		13.79	%		12.98	%		13.18	%		13.30	%

Number of shares outstanding (e)		19,443			19,425			19,411			19,358			19,453

Book value per share - GAAP (a/e)	$	50.39		$	49.19		$	48.20		$	47.15		$	45.93
Tangible book value per share - Non-GAAP (c/e)		47.84			46.62			45.63			44.55			43.31

(5)

The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes material nonrecurring revenues and expenses related to the CBank merger, the BOLI benefit payment received, as well as net gains (losses) on sales, calls, and impairment of investment securities.



	Three Months Ended															Nine Months Ended
(dollars in thousands)	Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Sep. 30, 2024			Sep. 30, 2023

Net interest income - GAAP	$	71,305		$	68,536		$	96,919		$	66,782		$	64,825		$	236,760		$	221,996
Noninterest income - GAAP		16,813			18,346			23,373			14,780			14,345			58,532			56,677
Less: BOLI benefit payment received		—			—			—			—			—			—			1,728
Less: Net gain (loss) on securities		1			1			—			6			2			2			6
Total adjusted income - Non-GAAP (a)	$	88,117		$	86,881		$	120,292		$	81,556		$	79,168		$	295,290		$	278,667


Noninterest expense - GAAP	$	48,609		$	49,634		$	50,971		$	47,054		$	48,368		$	149,214		$	152,344
Less: Merger expenses related to CBank acquisition		—			—			41			92			(132)			41			2,068
Adjusted noninterest expense - Non-GAAP (b)	$	48,609		$	49,634		$	50,930		$	46,962		$	48,500		$	149,173		$	150,276

Efficiency Ratio - Non-GAAP (b/a)		55	%		57	%		42	%		58	%		61	%		51	%		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 September 30, 2024, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2024 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

NM – Not meaningful

NA – Not applicable

YTD – Year to date

S-13

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-14

Document and Entity Information	Oct. 18, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Oct. 18, 2024
Entity Registrant Name	REPUBLIC BANCORP, INC.
Entity Incorporation, State or Country Code	KY
Entity File Number	0-24649
Entity Tax Identification Number	61-0862051
Entity Address, Address Line One	601 West Market Street
Entity Address, City or Town	Louisville
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	40202
City Area Code	502
Local Phone Number	584-3600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common
Trading Symbol	RBCAA
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000921557
Amendment Flag	false