分组1 - Republic Bancorp reported quarterly earnings of $1.17 per share, missing the Zacks Consensus Estimate of $1.3 per share, but showing an increase from $0.98 per share a year ago, resulting in an earnings surprise of -10.00% [1] - The company posted revenues of $94.27 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.37% and increasing from $89.51 million year-over-year [2] - Republic Bancorp shares have gained approximately 3.5% since the beginning of the year, outperforming the S&P 500's gain of 1.8% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $2.12 on revenues of $128 million, and for the current fiscal year, it is $6.15 on revenues of $415 million [7] - The Zacks Industry Rank for Banks - Southeast is currently in the top 16% of over 250 Zacks industries, indicating a favorable outlook for the sector [8]

Financial Performance - Total assets as of December 31, 2025, increased to $7,042,061, up from $7,014,919 as of September 30, 2025, reflecting a growth of 0.39%[4] - Total interest income for Q4 2025 was $103,233,000, slightly up from $103,108,000 in Q4 2024, resulting in a year-over-year increase of 0.12%[10] - Net interest income for Q4 2025 reached $78,810,000, compared to $75,394,000 in Q4 2024, reflecting a year-over-year growth of 4.8%[10] - Net income for Q4 2025 was $22,821,000, up from $19,016,000 in Q4 2024, which is an increase of 20.5%[10] - Net income for the year ended December 31, 2025, was $131,317, compared to $101,371 for the year ended December 31, 2024, reflecting a year-over-year increase of 29.5%[21] - Total net revenue for Q4 2025 was $94.269 million, an increase from $89.512 million in Q4 2024, representing a year-over-year growth of 5.5%[27] Asset and Liability Management - The total liabilities stood at $5,939,768, slightly up from $5,930,399, reflecting a marginal increase of 0.02%[4] - Stockholders' equity increased to $1,102,293 from $1,084,520, representing a growth of 1.56%[4] - Tangible stockholders' equity as of December 31, 2025, was $1,053.431 million, up from $942.581 million a year earlier, representing a growth of 11.8%[26] - The total stockholders' equity to total assets ratio was 15.65% as of December 31, 2025, compared to 14.49% a year prior, indicating improved capital adequacy[26] Loan and Deposit Activity - Loans held for sale rose significantly to $117,350 from $40,206 in the previous quarter, marking an increase of 192.5%[4] - Total loans increased to $5,446,329 in Q4 2025 from $5,281,374 in Q3 2025, reflecting a growth of 3.13%[12] - Total deposits decreased to $5,203,147 from $5,338,345 in the previous quarter, a decline of 2.52%[4] - Noninterest-bearing deposits were $1,173,461, down from $1,239,023, a decrease of 5.3%[4] - Total Core Bank Deposits increased to $4,809,179, a 4% increase from $4,606,457 in 2024[29] - Adjusted Core Bank Deposits reached $4,709,845, reflecting a 5% increase from $4,491,411 in 2024[29] Credit Quality and Losses - The allowance for credit losses on loans was $85,352 as of December 31, 2025, compared to $79,865 as of September 30, 2025, indicating a 6.2% increase[4] - Provision for credit losses increased to $10,079,000 in Q4 2025 from $12,951,000 in Q4 2024, indicating a decrease of 22.5%[10] - Total nonperforming loans increased to $23,967 thousand in Q4 2025 from $21,709 thousand in Q3 2025, representing a 10.4% increase[13] - Total nonperforming assets rose to $25,244 thousand in Q4 2025, up from $21,709 thousand in Q3 2025, indicating a 16.5% increase[13] - Delinquent loans for the total company reached $22,863 thousand in Q4 2025, compared to $19,382 thousand in Q3 2025, marking an increase of 12.8%[13] - The allowance for credit losses to total loans ratio was 1.57% in Q4 2025, up from 1.51% in Q3 2025[13] Operational Efficiency - The efficiency ratio increased to 59.8% in Q4 2025 from 57.4% in Q3 2025, indicating a decline in operational efficiency[11] - The efficiency ratio for Q4 2025 was 60.0%, an increase from 59.8% in Q4 2024, indicating a slight decline in operational efficiency[27] Segment Performance - The company operates through five reportable segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions[15] - The Republic Processing Group's primary revenue drivers include net interest income and program fees from tax refund solutions and consumer credit products[15] Interest and Expense Management - Total interest expense decreased to $24,423,000 in Q4 2025 from $27,714,000 in Q4 2024, a reduction of 11.6%[10] - The net interest margin improved to 4.69% in Q4 2025 from 4.62% in Q4 2024[10] - The net interest margin for the total company improved to 4.69% in Q4 2025 from 4.65% in Q3 2025[11] - The cost of average deposits decreased to 1.50% in Q4 2025 from 1.64% in Q3 2025[11] Miscellaneous - The number of full-service banking centers remained stable at 47 as of Q4 2025[11] - RAs and ERAs originated amounted to $12,924 thousand in Q4 2025, a significant decrease from $662,556 thousand in Q4 2024[13] - Net credit charge to the provision for RAs and ERAs was $(598) thousand in Q4 2025, compared to $(1,454) thousand in Q3 2025[13]

Core Viewpoint - Republic Bank & Trust Company has announced the promotion of Brad Comer to Chief Investment Officer, highlighting his significant contributions over the past two decades and the organization's commitment to its values and standards [1]. Company Summary - Brad Comer has been recognized as an invaluable member of the Republic Bank family, indicating his importance to the organization [1]. - Logan Pichel, President and CEO of Republic Bank, expressed pride in Comer's work and looks forward to collaborating closely with him in his new role [1].

Core Viewpoint - Republic Bank & Trust Company has promoted Emily Miller to Managing Director of Retail Banking, highlighting her embodiment of the organization's values and her consistent delivery of outstanding results [1] Group 1: Promotion Announcement - Emily Miller has been promoted to Managing Director of Retail Banking at Republic Bank & Trust Company [1] - The promotion reflects her strong leadership and ability to elevate team performance [1] - Logan Pichel, President and CEO of Republic Bank, praised Miller for fostering strong working relationships within her team [1]

Core Viewpoint - Republic Bank & Trust Company has appointed Robert W. Etherington as Senior Vice President and Market Manager for Butler, Warren, and Clermont County markets, bringing 34 years of banking experience to the role [1][3] Group 1: Appointment and Role - Etherington will assist the local management team with market strategy, strengthen commercial and community banking relationships, and support the bank's growth in southwest Ohio [2] - His previous experience includes 17 years at CenterBank, now First Commonwealth Bank, where he held various leadership roles [1][3] Group 2: Leadership and Community Engagement - Etherington is recognized for his relationship-focused leadership, community engagement, and consistent performance, having driven commercial portfolio growth and supported local business development initiatives at his previous institution [3] - He expressed excitement about joining Republic Bank, highlighting the alignment of the bank's culture and community commitment with his values [4] Group 3: Company Overview - Republic Bancorp, Inc. is the parent company of Republic Bank & Trust Company, which operates 47 banking centers across five states [5] - As of September 30, 2025, the company had approximately $7.01 billion in total assets and is listed on the NASDAQ Global Select Market under the symbol "RBCAA" [5]

Core Viewpoint - Republic Bancorp (RBCAA) has been upgraded to a Zacks Rank 2 (Buy), reflecting an upward trend in earnings estimates, which significantly influences stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system tracks the Zacks Consensus Estimate, which is a measure of EPS estimates from sell-side analysts, for the current and following years [1]. - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [4]. - Institutional investors utilize earnings estimates to calculate the fair value of a company's shares, leading to stock price movements based on their buying or selling activities [4]. Business Outlook for Republic Bancorp - The upgrade in rating suggests an improvement in Republic Bancorp's underlying business, which should lead to an increase in stock price as investors respond positively [5]. - The Zacks Consensus Estimate for Republic Bancorp is projected at $6.85 per share for the fiscal year ending December 2025, with a 2.7% increase in estimates over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7]. - Republic Bancorp's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Financial Performance - Total Company net income for Q3 2025 was $29.7 million, an increase of $3.2 million, or 12%, compared to Q3 2024 [298]. - Diluted EPS increased 11% to $1.52 for Q3 2025 compared to $1.37 for the same period in 2024 [298]. - Total Company net income for the first nine months of 2025 was $108.5 million, a $26.1 million, or 32%, increase from the same period in 2024 [357]. - Diluted EPS increased 32% to $5.55 for the first nine months of 2025 compared to $4.24 for the same period in 2024 [357]. - Net income increased by $4.2 million, or 24%, for the first nine months of 2025 compared to the same period in 2024 [364]. Net Interest Income - Total Company net interest income increased by $5.7 million, or 8%, to $77.0 million in Q3 2025 compared to $71.3 million in Q3 2024 [308]. - Traditional Bank net interest income rose by $6.4 million, or 13%, to $57.4 million in Q3 2025 from $51.0 million in Q3 2024, driven by growth in average interest-earning assets and NIM expansion [309]. - Net interest income for the third quarter of 2025 was $76,970 thousand, up from $71,305 thousand in the third quarter of 2024, representing an increase of 8.73% [325]. - Total Company net interest income was $255.9 million during the first nine months of 2025, an increase of $19.1 million, or 8%, from the first nine months of 2024 [368]. - Traditional Bank net interest income increased by $17.9 million, or 12%, to $167.1 million for the first nine months of 2025 [369]. Loan Performance and Provisions - The Bank maintains an Allowance for Credit Losses on Loans (ACLL) for expected credit losses, which is evaluated monthly and discussed quarterly with the Audit Committee and Board of Directors [227]. - Provision for loan losses was a net charge of $4.0 million in Q3 2025, down from a net charge of $6.4 million in Q3 2024 [311]. - The total provision for credit losses was a net charge of $2.0 million in Q3 2025, significantly lower than the $5.7 million charge in Q3 2024, marking a decrease of 64.91% [329]. - The Traditional Banking segment recorded a net credit to the provision of $325,000 in Q3 2025, compared to a net charge of $1.5 million in Q3 2024, reflecting improved asset quality [330]. - The provision for credit losses decreased to $21.5 million in 2025 from $41.4 million in 2024, indicating a reduction of 48.00% [388]. Segment Performance - The Traditional Banking segment's performance is primarily driven by net interest income, which is the difference between interest income and fees on interest-earning assets and interest expense on interest-bearing liabilities [238]. - Traditional Banking segment net income increased $2.3 million, or 15%, from Q3 2024 to Q3 2025 [303]. - Republic Payment Solutions segment reported a decrease in noninterest income of $576,000, or 5%, from Q3 2024 to Q3 2025 [303]. - Republic Credit Solutions segment net income increased $72,000 from Q3 2024 to Q3 2025 [304]. - Tax Refund Solutions segment's net interest income decreased by $2.0 million, or 6%, from the first nine months of 2024 to the first nine months of 2025 [376]. Asset and Deposit Growth - Total assets increased to $6,991,878 thousand as of September 30, 2025, compared to $6,711,818 thousand in the same period of 2024, reflecting a growth of 4.16% [325]. - Total Traditional Bank deposits increased $337 million, or 7%, from December 31, 2024, to $4.91 billion as of September 30, 2025 [360]. - Average interest-bearing deposit balances grew by $260 million, or 7%, while the weighted-average cost of these deposits decreased from 2.77% in Q3 2024 to 2.32% in Q3 2025 [315]. Credit Quality - The RCS allowance for credit losses (ACLL) was 17.59% as of September 30, 2025, up from 15.70% a year earlier, reflecting a shift towards higher risk loan categories [341]. - Nonperforming loans to total loans for the RCS segment was 0.12% as of September 30, 2025, compared to 0.11% as of December 31, 2024 [364]. - Delinquent loans to total loans for the RCS segment decreased to 7.69% as of September 30, 2025, from 8.00% as of December 31, 2024 [364]. Tax Refund Solutions - The Bank's Tax Refund Solutions segment generates most of its revenue during the first half of the year, with RT revenue recognized immediately after the taxpayer's refund is disbursed [269][272]. - The ERA loan product allows taxpayers to borrow funds as an advance of their tax refund, with a maximum advance amount of $6,500 for the 2024 Tax Season [273]. - Total ERA/RA origination volume for the 2025 tax filing season totaled $802 million, representing a $72 million, or 8%, decline from $874 million originated for the 2024 tax filing season [361]. - RA origination volume totaled $663 million during the first nine months of 2025, a decrease from $771 million in the same period of 2024 [364].

分组1 - Republic Bancorp reported quarterly earnings of $1.52 per share, exceeding the Zacks Consensus Estimate of $1.38 per share, and showing an increase from $1.37 per share a year ago, resulting in an earnings surprise of +10.14% [1] - The company posted revenues of $93.54 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.67%, and an increase from $88.12 million year-over-year [2] - Over the last four quarters, Republic Bancorp has surpassed consensus EPS estimates two times and topped consensus revenue estimates two times [2] 分组2 - The stock has underperformed the market, losing about 2.1% since the beginning of the year compared to the S&P 500's gain of 12.7% [3] - The current consensus EPS estimate for the coming quarter is $1.27 on $92 million in revenues, and for the current fiscal year, it is $6.67 on $408 million in revenues [7] - The Zacks Industry Rank for Banks - Southeast is currently in the top 29% of over 250 Zacks industries, indicating a favorable outlook for the industry [8]

[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]