Republic Bancorp (RBCAA) came out with quarterly earnings of $1.52 per share, beating the Zacks Consensus Estimate of $1.38 per share. This compares to earnings of $1.37 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +10.14%. A quarter ago, it was expected that this holding company for Republic Bank & Trust would post earnings of $1.42 per share when it actually produced earnings of $1.61, delivering a surprise of +13.38%.Ove ...

[Balance Sheet Data](index=2&type=section&id=BALANCE%20SHEET%20DATA) Republic Bancorp, Inc.'s balance sheet data for the third quarter of 2025 shows a slight increase in total assets and stockholders' equity compared to the previous quarter, while total deposits also saw a modest rise | Metric (in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | | :-------------------- | :------------ | :------------ | :------------ | | Total assets | $7,014,919 | $6,970,917 | $6,692,470 | | Loans, net | $5,201,509 | $5,291,260 | $5,214,759 | | Total deposits | $5,338,345 | $5,317,239 | $5,101,696 | | Stockholders' equity | $1,084,520 | $1,060,106 | $979,705 | - Total assets increased by **$44.0 million (0.63%)** from June 30, 2025, to September 30, 2025, and by **$322.4 million (4.82%)** year-over-year from September 30, 2024[4](index=4&type=chunk) - Total deposits increased by **$21.1 million (0.40%)** from June 30, 2025, to September 30, 2025, and by **$236.6 million (4.64%)** year-over-year from September 30, 2024[4](index=4&type=chunk) [Average Balance Sheet Data](index=3&type=section&id=AVERAGE%20BALANCE%20SHEET%20DATA) The average balance sheet data for the third quarter of 2025 shows a slight decrease in total average assets and interest-earning assets compared to the previous quarter, but an increase year-over-year | Metric (in thousands) | Three Months Ended Sep. 30, 2025 | Three Months Ended Jun. 30, 2025 | Three Months Ended Sep. 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :------------------------------- | | Total assets | $6,991,878 | $7,062,031 | $6,711,818 | | Total interest-earning assets | $6,564,354 | $6,627,798 | $6,312,419 | | Total interest-bearing liabilities | $4,524,343 | $4,538,969 | $4,281,727 | - Average total assets decreased by **$70.2 million (1.0%)** quarter-over-quarter but increased by **$280.1 million (4.2%)** year-over-year[6](index=6&type=chunk) - Average total interest-earning assets decreased by **$63.4 million (1.0%)** quarter-over-quarter but increased by **$251.9 million (4.0%)** year-over-year[6](index=6&type=chunk) [Total Company Average Balance Sheets and Interest Rates](index=4&type=section&id=TOTAL%20COMPANY%20AVERAGE%20BALANCE%20SHEETS%20AND%20INTEREST%20RATES) For the three months ended September 30, 2025, Republic Bancorp reported an increase in net interest income and net interest margin compared to the same period in 2024, driven by higher yields on investment securities and traditional bank loans | Metric | Three Months Ended Sep. 30, 2025 | Three Months Ended Sep. 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | | Net interest income (in thousands) | $76,970 | $71,305 | | Net interest spread | 3.94 % | 3.59 % | | Net interest margin | 4.65 % | 4.49 % | | Average Rate - Total interest-earning assets | 6.24 % | 6.40 % | | Average Rate - Total interest-bearing liabilities | 2.30 % | 2.81 % | - Net interest income increased by **$5.665 million (7.9%)** year-over-year[7](index=7&type=chunk) - Net interest margin improved by **0.16 percentage points** year-over-year, reaching **4.65%**[7](index=7&type=chunk) - The average rate on total interest-earning assets decreased from **6.40% to 6.24%** year-over-year, while the cost of average interest-bearing liabilities decreased from **2.81% to 2.30%** year-over-year[7](index=7&type=chunk) [Income Statement Data](index=5&type=section&id=INCOME%20STATEMENT%20DATA) Republic Bancorp's Q3 2025 income statement shows a slight quarter-over-quarter net income decrease but a significant year-over-year increase, driven by improved net interest income and year-to-date noninterest income growth | Metric (in thousands) | Three Months Ended Sep. 30, 2025 | Three Months Ended Jun. 30, 2025 | Three Months Ended Sep. 30, 2024 | Nine Months Ended Sep. 30, 2025 | Nine Months Ended Sep. 30, 2024 | | :-------------------- | :------------------------------- | :------------------------------- | :------------------------------- | :------------------------------ | :------------------------------ | | Total interest income | $103,239 | $102,203 | $101,546 | $335,280 | $329,878 | | Total interest expense | $26,269 | $26,001 | $30,241 | $79,420 | $93,118 | | Net interest income | $76,970 | $76,202 | $71,305 | $255,860 | $236,760 | | Total noninterest income | $16,568 | $17,644 | $16,813 | $67,366 | $58,532 | | Total noninterest expense | $53,753 | $51,633 | $48,609 | $163,594 | $149,214 | | Net income | $29,744 | $31,484 | $26,543 | $108,496 | $82,355 | - Net income for Q3 2025 was **$29.744 million**, a decrease from **$31.484 million** in Q2 2025, but an increase from **$26.543 million** in Q3 2024[10](index=10&type=chunk) - Year-to-date net income for Sep 30, 2025, was **$108.496 million**, a significant increase from **$82.355 million** for the same period in 2024[10](index=10&type=chunk) - Provision for expected credit loss expense decreased significantly year-to-date, from **$41.425 million** in 2024 to **$21.518 million** in 2025[10](index=10&type=chunk) [Selected Data and Ratios](index=6&type=section&id=SELECTED%20DATA%20AND%20RATIOS) Republic Bancorp's selected data and ratios for Q3 2025 indicate improved profitability and capital adequacy year-over-year, with higher book value per share and return on average assets, despite a slight increase in the efficiency ratio quarter-over-quarter [Per Share Data](index=6&type=section&id=Per%20Share%20Data) Book value per share and tangible book value per share continued to increase, reflecting growth in stockholders' equity, while basic and diluted EPS for Class A Common Stock showed a decrease quarter-over-quarter but a strong increase year-to-date | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :-------------------------- | :------------ | :------------ | :------------ | :------------------ | :------------------ | | Book value per share | $55.51 | $54.29 | $50.39 | $55.51 | $50.39 | | Tangible book value per share | $53.01 | $51.78 | $47.84 | $53.01 | $47.84 | | Basic EPS - Class A Common Stock | $1.53 | $1.62 | $1.37 | $5.57 | $4.25 | | Diluted EPS - Class A Common Stock | $1.52 | $1.61 | $1.37 | $5.55 | $4.24 | | Cash dividends declared per Class A Common share | $0.451 | $0.451 | $0.407 | $1.353 | $1.221 | - Book value per share increased by **$1.22 (2.25%)** quarter-over-quarter and **$5.12 (10.16%)** year-over-year[11](index=11&type=chunk) - Basic EPS for Class A Common Stock decreased from **$1.62** in Q2 2025 to **$1.53** in Q3 2025, but the year-to-date figure increased from **$4.25** in 2024 to **$5.57** in 2025[11](index=11&type=chunk) [Performance Ratios](index=6&type=section&id=Performance%20Ratios) Key performance ratios show an improvement in profitability metrics year-over-year, with Return on Average Assets and Return on Average Equity increasing, while the efficiency ratio slightly increased quarter-over-quarter but improved year-to-date | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :----------------------------------- | :------------ | :------------ | :------------ | :------------------ | :------------------ | | Return on average assets | 1.69 % | 1.79 % | 1.58 % | 2.03 % | 1.60 % | | Return on average equity | 10.91 % | 11.96 % | 10.88 % | 13.77 % | 11.53 % | | Efficiency ratio | 57.4 % | 55.0 % | 55.2 % | 49.7 % | 50.5 % | | Net interest margin - Total Company | 4.65 % | 4.61 % | 4.49 % | 5.18 % | 4.92 % | - Return on average assets increased from **1.58%** in Q3 2024 to **1.69%** in Q3 2025, and year-to-date from **1.60% to 2.03%**[11](index=11&type=chunk) - The efficiency ratio for Q3 2025 was **57.4%**, an increase from **55.0%** in Q2 2025, but the year-to-date efficiency ratio improved from **50.5%** in 2024 to **49.7%** in 2025[11](index=11&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) The company maintained a stable number of full-time equivalent employees (FTEs) and banking centers, indicating consistent operational infrastructure | Metric | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | | :-------------------------- | :------------ | :------------ | :------------ | | End of period FTEs - Total Company | 978 | 974 | 992 | | Number of full-service banking centers | 47 | 47 | 47 | - Total Company FTEs slightly increased quarter-over-quarter from **974 to 978**, but decreased from **992** year-over-year[11](index=11&type=chunk) [Loan Composition and Allowance for Credit Losses on Loans](index=7&type=section&id=LOAN%20COMPOSITION) Republic Bancorp's loan portfolio shows a slight decrease in total loans quarter-over-quarter, primarily driven by a reduction in Warehouse lines of credit and Republic Processing Group loans, while the Allowance for Credit Losses on Loans also decreased [Loan Composition](index=7&type=section&id=Loan%20Composition) Traditional Banking loans remained relatively stable, while Warehouse lines of credit decreased, and Republic Processing Group loans saw a significant reduction, particularly in Tax Refund Solutions, compared to previous quarters | Loan Category (in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | | :--------------------------- | :------------ | :------------ | :------------ | | Total Traditional Banking | $4,558,306 | $4,582,152 | $4,566,896 | | Warehouse lines of credit | $609,826 | $671,773 | $595,163 | | Total Core Banking | $5,168,132 | $5,253,925 | $5,162,059 | | Total Republic Processing Group | $113,242 | $119,095 | $134,858 | | Total Loans - Total Company | $5,281,374 | $5,373,020 | $5,296,917 | - Total loans decreased by **$91.6 million (1.7%)** quarter-over-quarter and by **$15.5 million (0.3%)** year-over-year[12](index=12&type=chunk) - Warehouse lines of credit decreased by **$61.9 million (9.2%)** quarter-over-quarter[12](index=12&type=chunk) [Allowance for Credit Losses on Loans](index=7&type=section&id=Allowance%20for%20Credit%20Losses%20on%20Loans) The total allowance for credit losses decreased quarter-over-quarter and year-over-year, with the allowance to total loans ratio for the Total Company remaining relatively stable, while the Tax Refund Solutions segment showed significant fluctuations | Metric (in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | | :-------------------- | :------------ | :------------ | :------------ | | Total Allowance - Total Company | $79,865 | $81,760 | $82,158 | | Allowance to Total Loans - Total Company | 1.51 % | 1.52 % | 1.55 % | | Allowance to Total Loans - Tax Refund Solutions | 0.34 % | — % | 0.33 % | | Allowance to Total Loans - Republic Credit Solutions | 17.59 % | 17.67 % | 15.70 % | - Total Allowance for Credit Losses decreased by **$1.895 million (2.3%)** quarter-over-quarter and by **$2.293 million (2.8%)** year-over-year[12](index=12&type=chunk) - The Allowance to Total Loans for the Total Company slightly decreased from **1.52% to 1.51%** quarter-over-quarter and from **1.55%** year-over-year[12](index=12&type=chunk) [Credit Quality Data and Ratios](index=8&type=section&id=CREDIT%20QUALITY%20DATA%20AND%20RATIOS) Republic Bancorp's credit quality data for Q3 2025 shows a slight increase in nonperforming assets and delinquent loans quarter-over-quarter for the Total Company, but a decrease in annualized net charge-offs year-to-date, with the Core Bank generally maintaining stable credit quality | Metric (in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :-------------------- | :------------ | :------------ | :------------ | :------------------ | :------------------ | | Total nonperforming assets - Total Company | $22,955 | $22,696 | $20,757 | $22,955 | $20,757 | | Total delinquent loans - Total Company | $19,382 | $19,086 | $20,950 | $19,382 | $20,950 | | Total NCOs (recoveries) - Total Company | $3,918 | $26,366 | $4,188 | $33,631 | $41,402 | | Nonperforming loans to total loans - Total Company | 0.41 % | 0.40 % | 0.37 % | 0.41 % | 0.37 % | | Annualized NCOs (recoveries) to average loans - Total Company | 0.29 % | 1.99 % | 0.32 % | 0.84 % | 1.04 % | - Total nonperforming assets for the Total Company increased by **$259 thousand (1.1%)** quarter-over-quarter and by **$2.198 million (10.6%)** year-over-year[14](index=14&type=chunk) - Total delinquent loans for the Total Company increased by **$296 thousand (1.6%)** quarter-over-quarter but decreased by **$1.568 million (7.5%)** year-over-year[14](index=14&type=chunk) - Annualized Net Charge-offs (NCOs) to average loans for the Total Company decreased significantly year-to-date from **1.04%** in 2024 to **0.84%** in 2025[14](index=14&type=chunk) [Segment Data](index=9&type=section&id=SEGMENT%20DATA) Republic Bancorp operates through five reportable segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions, with performance evaluated based on income before tax expense [Reportable Segments Overview](index=9&type=section&id=Reportable%20Segments%20Overview) The company's segments are categorized into Core Banking and Republic Processing Group, each with distinct operations and primary revenue drivers - Core Banking includes Traditional Banking (traditional products, net interest income) and Warehouse Lending (short-term revolving credit, net interest income)[18](index=18&type=chunk) - Republic Processing Group includes Tax Refund Solutions (tax-related credit, net interest income and net refund transfer fees), Republic Payment Solutions (general-purpose reloadable cards, net interest income and program fees), and Republic Credit Solutions (consumer credit products, net interest income and program fees)[18](index=18&type=chunk) - Management considers Traditional Banking and Warehouse Lending as 'Core Bank' operations, while Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions constitute 'Republic Processing Group' operations[16](index=16&type=chunk) [Segment Performance - Three Months Ended September 30, 2025](index=10&type=section&id=Segment%20Performance%20-%20Three%20Months%20Ended%20September%2030%2C%202025) For Q3 2025, Core Banking contributed the majority of net interest income and income before tax, with Republic Credit Solutions also showing significant contributions within the Republic Processing Group | Segment (in thousands) | Net interest income | Provision for expected credit loss expense | Income before income tax expense | Net income | Net-revenue concentration | | :--------------------- | :------------------ | :----------------------------------------- | :------------------------------- | :--------- | :------------------------ | | Traditional Banking | $57,424 | $(325) | $22,057 | $17,466 | 72 % | | Warehouse Lending | $3,805 | $(154) | $3,035 | $2,351 | 4 % | | Tax Refund Solutions | $280 | $(1,467) | $554 | $459 | 2 % | | Republic Payment Solutions | $3,193 | — | $2,870 | $2,246 | 4 % | | Republic Credit Solutions | $12,268 | $3,969 | $9,246 | $7,222 | 18 % | | Total Company | $76,970 | $2,023 | $37,762 | $29,744 | 100 % | - Core Banking segments (Traditional Banking and Warehouse Lending) generated **$61.229 million** in net interest income and **$25.092 million** in income before income tax expense[20](index=20&type=chunk) - Republic Credit Solutions was the largest contributor within the Republic Processing Group, with **$12.268 million** in net interest income and **$9.246 million** in income before income tax expense[20](index=20&type=chunk) [Segment Performance - Nine Months Ended September 30, 2025](index=11&type=section&id=Segment%20Performance%20-%20Nine%20Months%20Ended%20September%2030%2C%202025) For the nine months ended September 30, 2025, Core Banking remained the dominant segment, while Tax Refund Solutions and Republic Credit Solutions significantly contributed to overall company performance within the Republic Processing Group | Segment (in thousands) | Net interest income | Provision for expected credit loss expense | Income before income tax expense | Net income | Net-revenue concentration | | :--------------------- | :------------------ | :----------------------------------------- | :------------------------------- | :--------- | :------------------------ | | Traditional Banking | $167,125 | $(577) | $63,281 | $50,034 | 63 % | | Warehouse Lending | $10,382 | $148 | $7,530 | $5,833 | 3 % | | Tax Refund Solutions | $30,154 | $10,028 | $29,876 | $23,382 | 15 % | | Republic Payment Solutions | $10,750 | — | $9,691 | $7,582 | 4 % | | Republic Credit Solutions | $37,449 | $11,919 | $27,736 | $21,665 | 15 % | | Total Company | $255,860 | $21,518 | $138,114 | $108,496 | 100 % | - Core Banking segments contributed **$177.507 million** to net interest income and **$70.811 million** to income before income tax expense for the nine-month period[22](index=22&type=chunk) - Tax Refund Solutions showed a significant net interest income of **$30.154 million** and income before tax of **$29.876 million**, with a net-revenue concentration of **15%**[22](index=22&type=chunk) [Footnotes](index=12&type=section&id=FOOTNOTES) The footnotes provide crucial details on loan fee income, the nature of provision for credit loss expense, the treatment of mortgage and consumer loans held for sale, and reconciliations of non-GAAP financial measures [Loan Fee Income by Segment](index=12&type=section&id=Loan%20Fee%20Income%20by%20Segment) Loan fee income significantly impacts interest income and margins, with Republic Processing Group segments, particularly RCS and TRS, generating a substantial portion of total loan fees | Segment (in thousands) | Sep. 30, 2025 (QTD) | Sep. 30, 2024 (QTD) | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :--------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Traditional Banking | $1,393 | $1,518 | $4,051 | $4,165 | | Warehouse Lending | $364 | $392 | $1,043 | $977 | | TRS | $17 | $42 | $33,717 | $36,669 | | RCS | $12,123 | $12,935 | $36,794 | $35,579 | | Total loan fees - Total Company | $13,897 | $14,887 | $75,605 | $77,390 | - Total loan fees for the Total Company decreased by **$990 thousand (6.6%)** quarter-over-quarter and by **$1.785 million (2.3%)** year-to-date[23](index=23&type=chunk) - RCS consistently generated the largest portion of loan fees within the RPG segment, contributing **$12.123 million** in Q3 2025[23](index=23&type=chunk) [Mortgage and Consumer Loans Held for Sale](index=12&type=section&id=Mortgage%20and%20Consumer%20Loans%20Held%20for%20Sale) The company originates both mortgage and consumer loans with the intent to sell, primarily through the Traditional Banking and RCS segments, with net gains on sale contributing to noninterest income | Metric (in thousands) | Sep. 30, 2025 (QTD) | Sep. 30, 2024 (QTD) | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :-------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Mortgage Loans Held for Sale - Originations | $59,494 | $57,142 | $152,515 | $136,894 | | Mortgage Loans Held for Sale - Net gain on sale | $1,710 | $1,413 | $4,604 | $2,430 | | Consumer Loans Held for Sale - Originations | $271,718 | $350,413 | $859,496 | $940,901 | | Consumer Loans Held for Sale - Net gain on sale | $4,106 | $4,177 | $11,206 | $11,221 | - Mortgage loan originations held for sale increased by **$2.352 million (4.1%)** quarter-over-quarter and by **$15.621 million (11.4%)** year-to-date[25](index=25&type=chunk) - Consumer loan originations held for sale decreased by **$49.409 million (15.4%)** quarter-over-quarter and by **$81.405 million (8.7%)** year-to-date[25](index=25&type=chunk) [Reconciliation of GAAP to Non-GAAP Measures](index=13&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) The company provides reconciliations for non-GAAP measures like tangible stockholders' equity and adjusted efficiency ratio, offering a clearer view of capital adequacy and operational efficiency | Metric (in thousands) | Sep. 30, 2025 | Jun. 30, 2025 | Sep. 30, 2024 | | :-------------------- | :------------ | :------------ | :------------ | | Total stockholders' equity - GAAP | $1,084,520 | $1,060,106 | $979,705 | | Tangible stockholders' equity - Non-GAAP | $1,035,569 | $1,011,011 | $930,065 | | Book value per share - GAAP | $55.51 | $54.29 | $50.39 | | Tangible book value per share - Non-GAAP | $53.01 | $51.78 | $47.84 | - Tangible stockholders' equity increased by **$24.558 million (2.4%)** quarter-over-quarter and by **$105.504 million (11.3%)** year-over-year[28](index=28&type=chunk) | Metric | Sep. 30, 2025 (QTD) | Sep. 30, 2024 (QTD) | Sep. 30, 2025 (YTD) | Sep. 30, 2024 (YTD) | | :-------------------------- | :------------------ | :------------------ | :------------------ | :------------------ | | Efficiency Ratio - GAAP-derived | 57.5 % | 55.2 % | 50.6 % | 50.5 % | | Adjusted Efficiency Ratio - Non-GAAP | 57.4 % | 55.2 % | 49.7 % | 50.5 % | - The Adjusted Efficiency Ratio for Q3 2025 was **57.4%**, an increase from **55.2%** in Q3 2024, but the year-to-date ratio improved from **50.5%** in 2024 to **49.7%** in 2025[29](index=29&type=chunk)

Group 1 - Investors in Republic Bancorp, Inc. (RBCAA) should monitor the stock due to significant activity in the options market, particularly the Sep 19, 2025 $70.00 Put, which has high implied volatility [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that a significant event may be anticipated that could lead to a major price change [2] - Republic Bancorp is currently rated as Zacks Rank 3 (Hold) in the Banks - Southeast industry, which is in the top 5% of the Zacks Industry Rank [3] Group 2 - Over the past 30 days, one analyst has raised earnings estimates for the current quarter, increasing the Zacks Consensus Estimate from $1.35 to $1.38 per share [3] - The high implied volatility may indicate a developing trade opportunity, as options traders often seek to sell premium on options with high implied volatility to capture decay [4]

For the quarterly period ended June 30, 2025 or ◻ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 0-24649 REPUBLIC BANCORP, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (I.R.S. Em ...

Exhibit 99.2 EARNINGS RELEASE FINANCIAL SUPPLEMENT SECOND QUARTER 2025 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. Second Quarter 2025 Earn ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2025 or ◻ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 0-24649 REPUBLIC BANCORP, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports ...

Exhibit 99.2 EARNINGS RELEASE FINANCIAL SUPPLEMENT FIRST QUARTER 2025 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-11 | S-1 Republic Bancorp, Inc. First quarter 2025 Earnin ...

Financial Overview - As of December 31, 2024, Republic Bancorp, Inc. had total assets of $6.8 billion, total deposits of $5.2 billion, and total stockholders' equity of $992 million[19]. - Republic Bancorp, Inc. ranks as the second largest Kentucky-based financial holding company based on total assets as of December 31, 2024[19]. - As of December 31, 2024, the Bank employed 989 full-time equivalent employees, with a focus on employee retention and well-being[78]. - The Company reported a Total Risk-Based Capital ratio of 16.98%, up from 16.10% in 2023[137]. - The Common Equity Tier 1 Risk-Based Capital ratio for Republic Bancorp, Inc. increased to 15.73% in 2024 from 14.85% in 2023[137]. - Republic Bank & Trust Company maintained a Tier 1 leverage capital ratio of 13.29% in 2024, compared to 13.25% in 2023[137]. - The Company and the Bank are categorized as well-capitalized under Basel III regulations, meeting all required capital ratios[136]. Banking Operations - The company operates 47 full-service banking centers, primarily located in Kentucky, with a significant presence in Metropolitan Louisville[18][21]. - The Traditional Banking segment now includes mortgage banking results, which were previously reported separately, reflecting a strategic reclassification[23]. - The bank's commercial lending activities focus on C&I lending and CRE lending, with targeted credit sizes typically between $1 million and $35 million[33][35]. - The bank is an SBA Preferred Lending Partner, allowing it to expedite the underwriting and approval of SBA loans, generally up to $3 million[41]. - The bank's CRE Division, launched in 2022, focuses on large CRE projects typically ranging from $5 million to $25 million[36]. - The bank's lending activities include construction loans for both residential and commercial properties, with a focus on established builders with solid financial records[42][44]. - The Bank's Private Banking division provides financial products and services tailored to high-net-worth individuals, leveraging the extensive experience of its Private Banking officers[50]. - The Core Bank provides short-term, revolving credit facilities to mortgage bankers, with individual advances expected to remain on the warehouse line for an average of 15 to 30 days[56]. Loan and Credit Products - In 2023, the bank sold $67 million of correspondent loans that were previously classified as held for investment, completing the sale in the second quarter of 2024[25]. - The Republic Credit Solutions (RCS) segment offers unsecured, small dollar consumer loans, with a significant portion of clients considered subprime or near-prime borrowers[74]. - The Bank offers RCS installment loans with terms ranging from 12 to 60 months, with all loan balances carried as "held for sale" on the balance sheet, intended to be sold within sixteen days of origination[81]. - The Bank originates healthcare-receivables products across the U.S., retaining 100% of receivables in some programs, while others are sold within one month of origination[81]. - The ERA loan product, introduced in December 2022, allows taxpayers to borrow funds as an advance of a portion of their tax refund, with a maximum advance amount of $6,500[60]. Regulatory Environment - The Company is subject to extensive federal and state banking laws and regulations, which primarily protect clients and depositors rather than stockholders[93]. - The Dodd-Frank Act and EGRRCPA provide certain exemptions for the Company and Bank, including limitations on interchange fees and regulatory capital requirements[101]. - The Company must obtain prior approval from the FRB for significant transactions, including mergers and acquisitions, which may affect its strategic planning[103]. - The Company and Bank must maintain well-capitalized and well-managed status to retain FHC status, which allows for a broader range of financial activities[107]. - The Bank is subject to federal laws designed to counter money laundering and terrorist financing, including the BSA and the Anti-Money Laundering Act of 2020[119]. - The Bank received an "Outstanding" CRA Performance Evaluation in March 2024, indicating strong compliance with community reinvestment obligations[124]. - The Bank's compliance with consumer protection laws is overseen by the CFPB, which regulates unfair, deceptive, or abusive acts in consumer financial services[122]. Market and Competitive Landscape - The Company faces intense competition from various financial institutions, including local and regional banks, credit unions, and fintech companies, impacting its ability to attract deposits and originate loans[84]. - The small-dollar consumer loan industry is highly competitive, with competitors including payday lenders and fintech companies, which may lead to challenges in retaining clients[91]. - The Bank emphasizes personalized service and local management philosophy to enhance its competitive edge in the market[85]. Financial Risks and Challenges - The Bank's earnings are significantly influenced by the difference between interest earned on loans and investments and interest paid on deposits[146]. - Fluctuations in interest rates could materially affect the Bank's profitability and net interest margin due to the sensitivity of its assets and liabilities[159]. - Approximately 37% of the Bank's total deposits as of December 31, 2024, were uninsured, which may expose the Bank to enhanced liquidity and earnings risks during financial distress[163]. - The Bank's reliance on large deposit relationships could increase funding costs if significant balances are withdrawn, potentially leading to higher overall operational costs[162]. - Mortgage interest rates remained elevated throughout 2024, leading to low mortgage refinance activity and continued low Warehouse demand, which may further decrease earnings in 2025[166]. - The Bank's ability to attract depositors may be limited during periods of market distress, impacting its net interest margin negatively[165]. - The Bank's credit risk associated with Refund Anticipation Loans (RAs) could materially impact financial condition if a significant portion of RAs cannot be collected[168]. - The Allowance for Credit Losses (ACLL) may be insufficient to cover actual loan losses, which could lead to increased provisions and negatively affect financial results[178]. - The Bank's operational risks are heightened by reliance on third-party data, and any failure in these systems could materially impact earnings[186]. - The Bank retains 100% of the balances it originates on certain credit products if it exits those product lines, increasing credit risk significantly[190]. - The Bank's revenue generation from mortgage loan sales is highly dependent on programs administered by Freddie Mac and Fannie Mae, which could materially affect its financial position if changes occur[191]. - Any significant reduction in the operation of Freddie Mac or Fannie Mae would likely prevent the Bank from originating and selling most of its mortgage loans, adversely impacting its business[192]. - A decrease in client deposits due to perceived superior returns from alternative investments could increase the Bank's funding costs and negatively impact its operations[193]. - Prepayment of loans by clients could reduce the Bank's interest income, adversely affecting its financial condition[194]. - The Company is exposed to credit risk from transactions with various financial institutions, which could materially affect its financial condition if defaults occur[195]. - The Company relies on key management personnel, and the loss of these individuals could adversely affect its growth and operational prospects[196]. - Regulatory compliance failures could lead to significant penalties and adversely affect the Bank's earnings, particularly concerning its RPG products[205]. - The Company is significantly impacted by regulatory policies that could negatively affect its liquidity position and earnings, influencing its cost of funds and net interest margin[210].

Financial Performance - Total interest income for Q4 2024 was $103,108,000, an increase from $90,785,000 in Q4 2023, representing a 13.5% year-over-year growth[9] - Net interest income for Q4 2024 reached $75,394,000, compared to $66,782,000 in Q4 2023, marking a 12.2% increase[9] - Net income for Q4 2024 was $19,016,000, compared to $19,659,000 in Q4 2023, a decrease of 3.3%[9] - Net interest income for the year ended December 31, 2024, was $312,154,000, an increase from $288,778,000 in 2023, representing an increase of 8.1%[19] - Net income for the year ended December 31, 2024, was $101,371,000, compared to $90,374,000 in 2023, reflecting a growth of 12.2%[19] Asset and Liability Management - Total assets increased to $6,846,667 thousand as of December 31, 2024, up from $6,692,470 thousand at September 30, 2024, representing a growth of 2.3%[4] - Total liabilities increased to $5,854,638 thousand from $5,712,765 thousand, representing a rise of 2.5%[4] - Total deposits reached $5,210,546 thousand, a 2.1% increase from $5,101,696 thousand in the prior quarter[4] - Total interest-bearing liabilities were $4,434,078,000 in Q4 2024, compared to $3,709,677,000 in Q4 2023, reflecting a 19.5% increase[9] Credit Quality and Allowance for Losses - The allowance for credit losses was $91,978 thousand, an increase from $82,158 thousand in the previous quarter, reflecting a rise of 12.2%[4] - The provision for credit losses in Q4 2024 was $12,951,000, significantly higher than $10,989,000 in Q4 2023, indicating increased risk management measures[9] - Total nonperforming loans increased to $22,760,000 as of December 31, 2024, compared to $20,618,000 as of December 31, 2023, reflecting a 10.4% increase[13] - The allowance for credit losses to total loans ratio improved to 1.69% as of December 31, 2024, compared to 1.57% a year earlier[13] Equity and Shareholder Value - Stockholders' equity increased to $992,029 thousand, compared to $979,705 thousand in the prior quarter, marking a growth of 1.3%[4] - Book value per share increased to $51.01 in Q4 2024 from $50.39 in Q3 2024, an increase of 1.3%[11] - Total stockholders' equity increased to $992,029 thousand as of December 31, 2024, up from $912,756 thousand a year earlier, representing a growth of 8.7%[26] - Tangible book value per share increased to $48.47 as of December 31, 2024, compared to $44.55 a year prior, marking a growth of 8.7%[26] Operational Efficiency - Total noninterest expense increased to $53,511,000 in Q4 2024 from $47,054,000 in Q4 2023, representing a 13.6% rise[9] - The efficiency ratio improved to 60% in Q4 2024 from 55% in Q3 2024, indicating a decrease in operational efficiency[11] - Adjusted noninterest expense for the year ended December 31, 2024, was $202,684 thousand, up from $197,238 thousand in the previous year, representing an increase of 2.3%[27] Interest Margin and Profitability - The net interest margin improved to 4.62% in Q4 2024, compared to 4.36% in Q4 2023, indicating better asset yield management[9] - The company maintained a strong capital position with a net interest margin of 3.64% in core banking for Q4 2024[18] - The net interest margin for the year ended December 31, 2024, was 4.85%, slightly down from 4.91% in 2023[19] Loan Growth and Activity - Loans net of allowance for credit losses rose to $5,347,488 thousand, compared to $5,214,759 thousand in the previous quarter, reflecting an increase of 2.6%[4] - Total loans increased to $5,439,466 in Q4 2024 from $5,296,917 in Q3 2024, reflecting a growth of 2.7%[12] - The company originated $1,231,782,000 in consumer loans for sale in 2024, compared to $756,714,000 in 2023, reflecting a substantial increase of 62.5%[23] Noninterest Income - Noninterest income for Q4 2024 was $14,118,000, down from $14,780,000 in Q4 2023, a decrease of 4.5%[9] - Total noninterest income for 2024 was $72,650,000, compared to $71,457,000 in 2023, showing an increase of 1.7%[19]

Company Structure and Operations - The Company dissolved its wholly owned insurance subsidiary, Republic Insurance Services, Inc., during the last quarter of 2023[238]. - The Bank operates through five reportable segments: Traditional Banking, Warehouse Lending, TRS, RPS, and RCS, with Traditional Banking being the primary segment[252]. - The Traditional Banking segment includes 47 banking centers across various locations, primarily in Kentucky and Florida[254]. - The Bank's principal lending activities include retail mortgage lending, commercial lending, and consumer lending, with a focus on residential real estate loans[255][259][261]. - The Bank's Correspondent Lending channel began acquiring single-family, first-lien mortgage loans for investment in Q1 2023, primarily from Warehouse Lending clients[265]. - The Bank's acquisition strategy aims to selectively grow its franchise alongside organic growth strategies[268]. Financial Performance - Total Company net income for Q3 2024 was $26.5 million, an increase of $5.0 million compared to Q3 2023[291]. - Diluted EPS increased to $1.37 in Q3 2024 from $1.10 in Q3 2023[291]. - Traditional Banking segment net income rose by $3.5 million, or 31%, from Q3 2023 to Q3 2024[292]. - Net interest income in the Traditional Banking segment increased by $3.5 million, or 7%, from Q3 2023 to Q3 2024[292]. - Warehouse segment net income increased by $422,000, or 27%, from Q3 2023 to Q3 2024[294]. - Tax Refund Solutions segment net income increased by $501,000 from Q3 2023 to Q3 2024[296]. - Total Company net interest income was $71.3 million in Q3 2024, a $6.5 million, or 10%, increase from Q3 2023[306]. - Total Company net income for the first nine months of 2024 was $82.4 million, an increase of $11.6 million, or 16%, from the same period in 2023[357]. - Diluted EPS increased to $4.24 for the first nine months of 2024 compared to $3.60 for the same period in 2023[357]. Income and Expense Analysis - Noninterest income in the Traditional Banking segment increased by $1.1 million, or 11%, from Q3 2023 to Q3 2024[292]. - Noninterest income increased by $295,000, or approximately 41%, from Q3 2023 to Q3 2024[297]. - Total Company noninterest income increased by $2.5 million during the third quarter of 2024 compared to the same period in 2023, with Traditional Banking's noninterest income increasing by $1.1 million, or 11%[349]. - Total Company noninterest expense increased by $241,000 during the third quarter of 2024 compared to the same period in 2023[353]. - Traditional Banking's noninterest expense decreased by $234,000, or 1%, for the third quarter of 2024 compared to the same period in 2023[353]. - Total company noninterest expense decreased by $3.1 million, or 2%, during the first nine months of 2024 compared to the same period in 2023[427]. - Traditional Bank noninterest expense decreased by $5.0 million, with a notable reduction in merger-related expenses[429]. Credit Losses and Provisions - As of September 30, 2024, the Company maintained an Allowance for Credit Losses (ACLL) for expected credit losses inherent in its loan portfolio[247]. - The net charge for the total company provision was $5.7 million for Q3 2024, compared to $3.7 million for the same period in 2023, indicating a 54% increase[331]. - The Traditional Banking segment recorded a net charge of $1.5 million in Q3 2024, slightly down from $1.6 million in Q3 2023[332]. - The allowance for credit losses (ACLL) for Traditional Banking was 1.30% as of September 30, 2024, compared to 1.27% as of September 30, 2023[334]. - The ACLL for RCS as a percentage of total loans was 15.70% as of September 30, 2024, up from 13.82% as of December 31, 2023[342]. - The company's net charge-offs to average total loans increased from 0.11% during the third quarter of 2023 to 0.32% during the third quarter of 2024, with net charge-offs increasing by $2.8 million, or 209%[347]. - Total charge-offs for the company reached $49.6 million in the first nine months of 2024, compared to $36.3 million in the same period of 2023[419]. Asset and Liability Management - Total interest-earning assets increased to $6,312,419 thousand for the three months ended September 30, 2024, compared to $5,954,537 thousand for the same period in 2023, reflecting a growth of 6%[328]. - The average rate on total interest-earning assets increased to 6.40% for Q3 2024, up from 5.77% in Q3 2023[328]. - Total liabilities and stockholders' equity reached $6,711,818 thousand as of September 30, 2024, compared to $6,334,835 thousand in the previous year, marking a growth of 6%[328]. - Total interest-bearing liabilities increased to $4,388,790 thousand with an interest expense of $93,118 thousand for the nine months ended September 30, 2024[396]. - The company's net interest spread decreased to 4.03% for the nine months ended September 30, 2024, down from 4.33% in the same period of 2023[396]. Market and Economic Conditions - The Company anticipates potential impacts from inflation on operations and credit losses, which may affect future performance[240]. - The fair value of Mortgage Servicing Rights (MSRs) is influenced by market interest rates, with expected declines during periods of falling rates due to increased prepayment speeds[258]. - The increase in average interest-earning cash was driven by the inverted yield curve, making overnight cash a more appealing option[435]. - The company maintained supplemental on-balance sheet liquidity above required minimums in response to economic uncertainty during the first nine months of 2024[435].