3Q

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025

(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
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024
Assets:
Cash and cash equivalents	$	219,972	$	484,238	$	484,808	$	793,020	$	432,151
Investment securities		890,582		849,226		711,906		615,663		595,626
Loans held for sale		117,350		40,206		36,802		41,265		32,387
Loans		5,446,329		5,281,374		5,373,020		5,289,793		5,439,466
Allowance for credit losses		(85,352)		(79,865)		(81,760)		(106,303)		(91,978)
Loans, net		5,360,977		5,201,509		5,291,260		5,183,490		5,347,488
Federal Home Loan Bank ("FHLB") stock, at cost		32,114		25,849		24,568		26,748		24,478
Premises and equipment, net		35,986		37,884		36,651		31,996		32,309
Right-of-use assets		31,330		32,804		34,327		35,857		36,182
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,277		1,246		1,054		1,107		1,160
Bank owned life insurance ("BOLI")		110,721		109,773		108,738		107,918		107,125
Other assets and accrued interest receivable		201,236		191,668		200,287		197,975		197,245
Total assets	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,173,461	$	1,239,023	$	1,223,016	$	1,375,234	$	1,207,764
Interest-bearing		4,029,686		4,099,322		4,094,223		4,030,658		4,002,782
Total deposits		5,203,147		5,338,345		5,317,239		5,405,892		5,210,546

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		88,504		74,522		72,103		89,718		103,318
Operating lease liabilities		32,370		33,833		35,335		36,831		37,121
Federal Home Loan Bank advances		506,000		375,000		370,000		370,000		395,000
Other liabilities and accrued interest payable		109,747		108,699		116,134		139,025		108,653
Total liabilities		5,939,768		5,930,399		5,910,811		6,041,466		5,854,638

Stockholders' equity		1,102,293		1,084,520		1,060,106		1,034,089		992,029
Total liabilities and stockholders' equity	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555	$	6,846,667

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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										Years Ended
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	407,022	$	476,681	$	622,909	$	516,785	$	583,672	$	505,468	$	472,512
Investment securities, including FHLB stock		901,006		806,304		686,223		619,525		594,567		754,181		647,409
Loans, including loans held for sale		5,365,734		5,281,369		5,318,666		5,497,968		5,313,234		5,365,340		5,322,672
Total interest-earning assets		6,673,762		6,564,354		6,627,798		6,634,278		6,491,473		6,624,989		6,442,593

Allowance for credit losses		(79,832)		(81,196)		(105,726)		(102,271)		(82,301)		(92,164)		(92,071)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		70,289		82,616		125,098		389,994		93,927		165,892		139,775
Premises and equipment, net		38,868		37,557		33,250		32,513		32,933		35,570		33,397
Bank owned life insurance		110,385		109,381		108,416		107,599		106,814		108,954		105,560
Other assets		273,906		279,166		273,195		273,643		257,780		275,181		255,041

Total assets	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	7,118,422	$	6,884,295

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,084,332	$	4,078,925	$	4,081,209	$	4,041,991	$	3,921,291	$	4,071,750	$	3,898,460
SSUARs and other short-term borrowings		133,851		73,135		87,760		108,760		142,007		100,869		101,680
Federal Home Loan Bank advances		377,793		372,283		370,000		520,778		370,780		409,718		400,032
Total interest-bearing liabilities		4,595,976		4,524,343		4,538,969		4,671,529		4,434,078		4,582,337		4,400,172

Noninterest-bearing liabilities and Stockholders’ Equity:
Noninterest-bearing deposits		1,261,600		1,254,609		1,323,622		1,491,084		1,328,885		1,331,886		1,374,457
Other liabilities		125,515		131,269		143,941		150,299		140,228		137,670		144,461
Stockholders' equity		1,104,287		1,081,657		1,055,499		1,022,844		997,435		1,066,529		965,205

Total liabilities and stockholders’ equity	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756	$	6,900,626	$	7,118,422	$	6,884,295

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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 December 31, 2025								Three Months Ended December 31, 2024
		Average						Average		Average						Average
		Balance			Interest			Rate		Balance			Interest			Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits		$	407,022		$	3,965		3.86	%	$	583,672		$	7,051		4.81	%
Investment securities, including FHLB stock (a)			901,006			9,296		4.09			594,567			4,716		3.16
TRS Refund Advances (b)			2,559			288		44.65			23,219			2,604		44.62
RCS LOC products (b)			43,931			11,411		103.05			46,447			12,569		107.66
Other RPG loans			93,406			1,399		5.94			121,488			1,896		6.21
Outstanding Warehouse lines of credit			624,655			10,587		6.72			552,856			10,333		7.44
Traditional Bank loans (c)			4,601,183			66,287		5.72			4,569,224			63,939		5.57
Total loans (d)			5,365,734			89,972		6.65			5,313,234			91,341		6.84

Total interest-earning assets			6,673,762			103,233		6.14			6,491,473			103,108		6.32

Allowance for credit losses			(79,832)								(82,301)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents			70,289								93,927
Premises and equipment, net			38,868								32,933
Bank owned life insurance			110,385								106,814
Other assets (a)			273,906								257,780
Total assets		$	7,087,378							$	6,900,626

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts		$	1,643,909		$	2,229		0.54	%	$	1,726,893		$	4,358		1.00	%
Money market accounts			1,539,777			10,027		2.58			1,320,103			10,286		3.10
Time deposits			479,839			4,483		3.71			397,671			3,988		3.99
Reciprocal money market and time deposits			319,758			2,347		2.91			336,110			3,110		3.68
Brokered deposits			101,049			1,176		4.62			140,514			1,783		5.05

Total interest-bearing deposits			4,084,332			20,262		1.97			3,921,291			23,525		2.39

SSUARs and other short-term borrowings			133,851			111		0.33			142,007			143		0.40
Federal Home Loan Bank advances			377,793			4,050		4.25			370,780			4,046		4.34

Total interest-bearing liabilities			4,595,976			24,423		2.11			4,434,078			27,714		2.49

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits			1,261,600								1,328,885
Other liabilities			125,515								140,228
Stockholders’ equity			1,104,287								997,435
Total liabilities and stockholders’ equity		$	7,087,378							$	6,900,626

Net interest income					$	78,810							$	75,394

Net interest spread								4.03	%							3.83	%

Net interest margin								4.69	%							4.62	%

(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 TRS Refund Advances and RCS LOC products is composed entirely of loan fees.

(c)	Average balances for loans include the principal balance of nonaccrual loans and loans held for sale (not carried at fair value), and are inclusive of all loan premiums, discounts, fees, and costs.

(d)	See Footnote 1 for detail of loan fees by reporting segment.

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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										Years Ended
	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024

Total interest income (1)	$	103,233	$	103,239	$	102,203	$	129,838	$	103,108	$	438,513	$	432,986
Total interest expense		24,423		26,269		26,001		27,150		27,714		103,843		120,832
Net interest income		78,810		76,970		76,202		102,688		75,394		334,670		312,154

Provision (2)		10,079		2,023		1,823		17,672		12,951		31,597		54,376

Noninterest income:
Service charges on deposit accounts		3,825		3,646		3,505		3,460		3,654		14,436		14,186
Net refund transfer fees		108		1,117		2,567		13,893		143		17,685		15,356
Mortgage banking income (3)		1,620		2,064		1,896		1,821		1,454		7,401		5,438
Interchange fee income		2,884		3,030		3,200		3,077		3,173		12,191		12,967
Program fees (3)		4,444		4,888		4,451		3,822		4,279		17,605		17,818
Increase in cash surrender value of BOLI		947		1,035		821		793		836		3,596		3,208
Net losses on OREO		(53)		(52)		(53)		(53)		(52)		(211)		(206)
Gain on sale of Visa Class B-1 shares		—		—		—		4,090		—		4,090		—
Other (3)		1,684		840		1,257		2,251		631		6,032		3,883
Total noninterest income		15,459		16,568		17,644		33,154		14,118		82,825		72,650

Noninterest expense:
Salaries and employee benefits		34,163		31,027		30,801		31,069		30,999		127,060		118,650
Technology, equipment, and communication		8,581		8,710		8,684		8,643		8,316		34,618		30,690
Occupancy		3,673		3,547		3,391		3,564		3,401		14,175		13,856
Marketing and development		2,422		2,668		1,243		1,387		2,827		7,720		9,439
FDIC insurance expense		751		763		731		819		728		3,064		3,012
Interchange related expense		1,609		1,640		1,488		1,636		1,595		6,373		5,845
Legal and professional fees		825		1,100		666		1,118		794		3,709		3,489
Core conversion and contract consulting fees		220		97		182		5,714		—		6,213		—
Merger expense		—		—		—		—		—		—		41
Other (2)		4,351		4,201		4,447		4,258		4,851		17,257		17,703
Total noninterest expense		56,595		53,753		51,633		58,208		53,511		220,189		202,725

Income before income tax expense		27,595		37,762		40,390		59,962		23,050		165,709		127,703
Income tax expense		4,774		8,018		8,906		12,694		4,034		34,392		26,332

Net income	$	22,821	$	29,744	$	31,484	$	47,268	$	19,016	$	131,317	$	101,371

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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 Years Ended
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Dec. 31, 2025			Dec. 31, 2024
Per Share Data:

Basic weighted average shares outstanding		19,744			19,733			19,721			19,711			19,672			19,744			19,650
Diluted weighted average shares outstanding		19,799			19,791			19,784			19,797			19,778			19,809			19,736

Period-end shares outstanding:
Class A Common Stock		17,393			17,387			17,378			17,368			17,298			17,393			17,298
Class B Common Stock		2,148			2,149			2,149			2,150			2,150			2,148			2,150

Book value per share (4)	$	56.41		$	55.51		$	54.29		$	52.98		$	51.01		$	56.41		$	51.01
Tangible book value per share (4)		53.91			53.01			51.78			50.46			48.47			53.91			48.47

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.17		$	1.53		$	1.62		$	2.43		$	0.99		$	6.74		$	5.24
Basic EPS - Class B Common Stock		1.07			1.39			1.47			2.21			0.89			6.13			4.76
Diluted EPS - Class A Common Stock		1.17			1.52			1.61			2.42			0.98			6.72			5.21
Diluted EPS - Class B Common Stock		1.06			1.39			1.47			2.20			0.89			6.11			4.74

Cash dividends declared per Common share:
Class A Common Stock	$	0.451		$	0.451		$	0.451		$	0.451		$	0.407		$	1.804		$	1.628
Class B Common Stock		0.410			0.410			0.410			0.410			0.370			1.640			1.480

Performance Ratios:

Return on average assets		1.28	%		1.69	%		1.79	%		2.61	%		1.10	%		1.84	%		1.47	%
Return on average equity		8.20			10.91			11.96			18.74			7.63			12.31			10.50
Efficiency ratio (5)		59.8			57.4			55.0			40.3			59.8			52.0			52.7
Yield on average interest-earning assets (1)		6.14			6.24			6.19			7.94			6.32			6.62			6.72
Cost of average interest-bearing liabilities		2.11			2.30			2.30			2.36			2.49			2.27			2.75
Cost of average deposits (6)		1.50			1.64			1.62			1.57			1.79			1.58			1.94
Net interest spread (1)		4.03			3.94			3.89			5.58			3.83			4.35			3.97
Net interest margin - Total Company (1)		4.69			4.65			4.61			6.28			4.62			5.05			4.85
Net interest margin - Core Bank (1)		3.87			3.78			3.72			3.70			3.64			3.77			3.48

Other Information:

End of period FTEs (7) - Total Company		973			978			974			981			989			973			989
End of period FTEs (7) - Core Bank		911			918			917			923			933			911			933
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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
		Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024
Loan Composition:

Traditional Banking:
Residential real estate:
Owner-occupied		$	1,040,080		$	1,044,737		$	1,031,898		$	1,025,461		$	1,032,459
Nonowner-occupied			283,246			291,373			303,357			311,955			318,096
Commercial real estate			1,797,738			1,766,616			1,789,043			1,806,760			1,813,177
Construction & land development			238,455			246,065			258,817			238,562			244,121
Commercial & industrial			528,873			488,786			481,219			482,955			460,245
Lease financing receivables			20,523			96,605			96,547			93,159			93,304
Aircraft			203,120			202,742			211,910			219,292			226,179
Home equity			413,638			399,691			387,599			365,631			353,441
Consumer:
Credit cards			10,711			10,787			10,315			11,136			16,464
Overdrafts			971			881			826			779			982
Automobile loans			738			813			916			1,031			1,156
Other consumer			8,204			9,210			9,705			9,638			9,555
Total Traditional Banking			4,546,297			4,558,306			4,582,152			4,566,359			4,569,179
Warehouse lines of credit			754,090			609,826			671,773			569,502			550,760
Total Core Banking			5,300,387			5,168,132			5,253,925			5,135,861			5,119,939

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			12,924			—			—			30,344			138,614
Other TRS commercial & industrial loans			19,473			292			95			5,841			52,180
Republic Credit Solutions			113,545			112,950			119,000			117,747			128,733
Total Republic Processing Group			145,942			113,242			119,095			153,932			319,527

Total Loans - Total Company		$	5,446,329		$	5,281,374		$	5,373,020		$	5,289,793		$	5,439,466

Allowance for Credit Losses on Loans ("Allowance"):

Traditional Banking		$	63,662		$	58,479		$	59,055		$	58,851		$	59,756
Warehouse Lending			1,882			1,522			1,676			1,421			1,374
Total Core Banking			65,544			60,001			60,731			60,272			61,130

Tax Refund Solutions			333			1			—			25,981			9,861
Republic Credit Solutions			19,475			19,863			21,029			20,050			20,987
Total Republic Processing Group			19,808			19,864			21,029			46,031			30,848

Total Allowance - Total Company		$	85,352		$	79,865		$	81,760		$	106,303		$	91,978

Allowance to Total Loans:

Traditional Banking			1.40	%		1.28	%		1.29	%		1.29	%		1.31	%
Warehouse Lending			0.25			0.25			0.25			0.25			0.25
Total Core Banking			1.24			1.16			1.16			1.17			1.19

Tax Refund Solutions			1.03			0.34			—			71.80			5.17
Republic Credit Solutions			17.15			17.59			17.67			17.03			16.30
Total Republic Processing Group			13.57			17.54			17.66			29.90			9.65

Total Company			1.57			1.51			1.52			2.01			1.69

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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 Years Ended
	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Dec. 31, 2025			Dec. 31, 2024

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	23,806		$	21,572		$	21,537		$	22,730		$	22,619		$	23,806		$	22,619
Loans past due 90-days-or-more and still on accrual		161			137			105			120			141			161			141
Total nonperforming loans		23,967			21,709			21,642			22,850			22,760			23,967			22,760
OREO		1,277			—			1,054			1,107			1,160			1,277			1,160
Total nonperforming assets	$	25,244		$	21,709		$	22,696		$	23,957		$	23,920		$	25,244		$	23,920

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	23,806		$	21,572		$	21,537		$	22,730		$	22,619		$	23,806		$	22,619
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		23,806			21,572			21,537			22,730			22,619			23,806			22,619
OREO		1,277			—			1,054			1,107			1,160			1,277			1,160
Total nonperforming assets	$	25,083		$	21,572		$	22,591		$	23,837		$	23,779		$	25,083		$	23,779

Delinquent Loans:
Core Bank	$	13,925		$	10,691		$	9,953		$	9,031		$	10,185		$	13,925		$	10,185
RPG		8,938			8,691			9,133			8,282			10,304			8,938			10,304
Total delinquent loans - Total Company	$	22,863		$	19,382		$	19,086		$	17,313		$	20,489		$	22,863		$	20,489

NCOs (Recoveries) by Segment:
Traditional Bank	$	879		$	251		$	313		$	136		$	277		$	1,579		$	2,493
Warehouse Lending		—			—			—			—			—			—			—
Core Bank		879			251			313			136			277			1,579			2,493
Tax Refund Solutions		(894)			(1,468)			22,049			(693)			(2,159)			18,994			24,112
Republic Credit Solutions		4,607			5,135			4,004			3,904			5,018			17,650			17,933
RPG		3,713			3,667			26,053			3,211			2,859			36,644			42,045
Total NCOs (recoveries) - Total Company	$	4,592		$	3,918		$	26,366		$	3,347		$	3,136		$	38,223		$	44,538

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.44	%		0.41	%		0.40	%		0.43	%		0.42	%		0.44	%		0.42	%
Nonperforming assets to total loans (including OREO)		0.46			0.43			0.42			0.45			0.44			0.46			0.44
Nonperforming assets to total assets		0.36			0.33			0.33			0.34			0.35			0.36			0.35
Allowance for credit losses to total loans		1.57			1.51			1.52			2.01			1.69			1.57			1.69
Allowance for credit losses to nonperforming loans		356			368			378			465			404			356			404
Delinquent loans to total loans (8)		0.42			0.37			0.36			0.33			0.38			0.42			0.38
Annualized NCOs (recoveries) to average loans		0.34			0.29			1.99			0.24			0.24			0.71			0.84

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.45	%		0.42	%		0.41	%		0.44	%		0.44	%		0.45	%		0.44	%
Nonperforming assets to total loans (including OREO)		0.47			0.44			0.43			0.46			0.46			0.47			0.46
Nonperforming assets to total assets		0.38			0.35			0.35			0.37			0.39			0.38			0.39
Allowance for credit losses to total loans		1.24			1.16			1.16			1.17			1.19			1.24			1.19
Allowance for credit losses to nonperforming loans		275			278			282			265			270			275			270
Delinquent loans to total loans (8)		0.26			0.21			0.19			0.18			0.20			0.26			0.20
Annualized NCOs (recoveries) to average loans		0.07			0.02			0.02			0.01			0.02			0.03			0.05

TRS Refund Advances ("RAs and ERAs")

RAs and ERAs originated	$	12,924		$	—		$	—		$	662,556		$	138,614		$	675,480		$	909,705
Net (credit) charge to the Provision for RAs and ERAs		(598)			(1,454)			(3,934)			15,335			7,637			9,349			29,886
RAs and ERAs NCOs (recoveries)		(894)			(1,454)			21,885			(691)			(2,156)			18,846			24,022

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (continued)

Segment information for the quarters and years ended December 31, 2025, and 2024 follows:


		Three Months Ended December 31, 2025
		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	$	59,483		$	4,238		$	63,721		$	335		$	3,060		$	11,694		$	15,089		$	78,810

Provision for expected credit loss expense		6,062			360			6,422			(562)			—			4,219			3,657			10,079

Net refund transfer fees		—			—			—			108			—			—			108			108
Mortgage banking income		1,620			—			1,620			—			—			—			—			1,620
Program fees		—			—			—			—			665			3,779			4,444			4,444
Other noninterest income		9,100			19			9,119			17			150			1			168			9,287
Total noninterest income		10,720			19			10,739			125			815			3,780			4,720			15,459

Total noninterest expense		48,347			1,000			49,347			2,790			1,293			3,165			7,248			56,595

Income before income tax expense		15,794			2,897			18,691			(1,768)			2,582			8,090			8,904			27,595
Income tax expense		2,148			653			2,801			(378)			569			1,782			1,973			4,774

Net income	$	13,646		$	2,244		$	15,890		$	(1,390)		$	2,013		$	6,308		$	6,931		$	22,821

Period-end assets	$	5,817,278		$	754,564		$	6,571,842		$	32,165		$	314,814		$	123,240		$	470,219		$	7,042,061

Net interest margin		3.99	%		2.69	%		3.87	%		NM			NM	%		NM			NM			4.69	%

Net-revenue concentration*		75	%		5	%		80	%		-	%		4	%		16	%		20	%		100	%


		Three Months Ended December 31, 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	$	53,942		$	3,718		$	57,660		$	2,247		$	2,590		$	12,897		$	17,734		$	75,394

Provision for expected credit loss expense		479			(112)			367			7,701			—			4,883			12,584			12,951

Net refund transfer fees		—			—			—			143			—			—			143			143
Mortgage banking income		1,454			—			1,454			—			—			—			—			1,454
Program fees		—			—			—			—			802			3,477			4,279			4,279
Other noninterest income		8,204			20			8,224			15			2			1			18			8,242
Total noninterest income		9,658			20			9,678			158			804			3,478			4,440			14,118

Total noninterest expense		44,926			917			45,843			2,818			1,182			3,668			7,668			53,511

Income before income tax expense		18,195			2,933			21,128			(8,114)			2,212			7,824			1,922			23,050
Income tax expense		2,889			661			3,550			(1,729)			497			1,716			484			4,034

Net income	$	15,306		$	2,272		$	17,578		$	(6,385)		$	1,715		$	6,108		$	1,438		$	19,016

Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667

Net interest margin		3.73	%		2.68	%		3.64	%		NM			NM	%		NM			NM			4.62	%

Net-revenue concentration*		71	%		4	%		75	%		3	%		4	%		18	%		25	%		100	%

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

S-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (continued)


		Year Ended December 31, 2025
		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	$	226,608		$	14,620		$	241,228		$	30,489		$	13,810		$	49,143		$	93,442		$	334,670

Provision for expected credit loss expense		5,485			508			5,993			9,466			—			16,138			25,604			31,597

Net refund transfer fees		—			—			—			17,685			—			—			17,685			17,685
Mortgage banking income		7,401			—			7,401			—			—			—			—			7,401
Program fees		—			—			—			—			2,948			14,657			17,605			17,605
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		35,541			83			35,624			265			152			3			420			36,044
Total noninterest income		47,032			83			47,115			17,950			3,100			14,660			35,710			82,825

Total noninterest expense		189,080			3,768			192,848			10,865			4,637			11,839			27,341			220,189

Income before income tax expense		79,075			10,427			89,502			28,108			12,273			35,826			76,207			165,709
Income tax expense		15,395			2,350			17,745			6,116			2,678			7,853			16,647			34,392

Net income	$	63,680		$	8,077		$	71,757		$	21,992		$	9,595		$	27,973		$	59,560		$	131,317

Period-end assets	$	5,817,278		$	754,564		$	6,571,842		$	32,165		$	314,814		$	123,240		$	470,219		$	7,042,061

Net interest margin		3.88	%		2.63	%		3.77	%		NM			NM	%		NM			NM			5.05	%

Net-revenue concentration*		65	%		4	%		69	%		12	%		4	%		15	%		31	%		100	%


		Year Ended December 31, 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	$	203,139		$	12,469		$	215,608		$	34,420		$	11,811		$	50,315		$	96,546		$	312,154

Provision for expected credit loss expense		3,241			527			3,768			29,983			—			20,625			50,608			54,376

Net refund transfer fees		—			—			—			15,356			—			—			15,356			15,356
Mortgage banking income		5,438			—			5,438			—			—			—			—			5,438
Program fees		—			—			—			—			3,121			14,697			17,818			17,818
Other noninterest income		33,641			62			33,703			180			151			4			335			34,038
Total noninterest income		39,079			62			39,141			15,536			3,272			14,701			33,509			72,650

Total noninterest expense		169,298			3,611			172,909			11,605			4,101			14,110			29,816			202,725

Income before income tax expense		69,679			8,393			78,072			8,368			10,982			30,281			49,631			127,703
Income tax expense		13,306			1,892			15,198			1,970			2,427			6,737			11,134			26,332

Net income	$	56,373		$	6,501		$	62,874		$	6,398		$	8,555		$	23,544		$	38,497		$	101,371

Period-end assets	$	5,608,110		$	551,747		$	6,159,857		$	217,662		$	335,369		$	133,779		$	686,810		$	6,846,667

Net interest margin		3.55	%		2.65	%		3.48	%		NM			NM	%		NM			NM			4.85	%

Net-revenue concentration*		63	%		3	%		66	%		13	%		4	%		17	%		34	%		100	%

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Fourth Quarter 2025 (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 total loan fees by segment:



	Three Months Ended										Years Ended
(in thousands)	Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024

Traditional Banking	$	2,003	$	1,393	$	1,367	$	1,291	$	1,161	$	6,054	$	5,326
Warehouse Lending		362		364		369		310		308		1,405		1,285
Total Core Bank		2,365		1,757		1,736		1,601		1,469		7,459		6,611
TRS		288		17		25		33,675		2,605		34,005		39,274
RCS		11,411		12,123		12,434		12,237		12,569		48,205		48,148
Total RPG		11,699		12,140		12,459		45,912		15,174		82,210		87,422

Total loan fees - Total Company	$	14,064	$	13,897	$	14,195	$	47,513	$	16,643	$	89,669	$	94,033

(2)	Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans. 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 both mortgage and consumer loans with the intent to sell. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Traditional Banking segment, while consumer loans originated with the intent to sell 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 RCS consumer loans are recorded as a component of “Program Fees.” During the first quarter of 2025, the Traditional Banking segment entered into an agreement to sell approximately $5 million of consumer credit cards. As a result, these loans were transferred from held for investment to HFS. The gain on the sale of the consumer credit cards was recorded as a component of “Other” noninterest income during the second quarter of 2025. During the fourth quarter of 2025, the Traditional Banking segment entered into an agreement to sell approximately $82 million of loans and lease financing receivables. As a result, these loans and lease financing receivables were transferred from held for investment to HFS at December 31, 2025.



	As of and for the Three Months Ended											As of and for the Years Ended
(dollars in thousands)	Dec. 31, 2025			Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Dec. 31, 2025		Dec. 31, 2024

Mortgage Loans Held for Sale

Balance, beginning of period	$	15,338		$	8,850	$	9,140	$	8,312	$	8,526	$	8,312	$	3,227
Originations		58,417			59,494		51,788		41,233		50,065		210,932		186,959
Transferred from held for investment to held for sale		—			—		—		—		—		—		68,173
Proceeds from sales		(67,560)			(54,716)		(53,561)		(41,816)		(51,724)		(217,653)		(253,922)
Net gain on sale		1,321			1,710		1,483		1,411		1,445		5,925		3,875
Balance, end of period	$	7,516		$	15,338	$	8,850	$	9,140	$	8,312	$	7,516	$	8,312

Consumer Loans Held for Sale

Balance, beginning of period	$	24,868		$	27,952	$	32,125	$	24,075	$	25,881	$	24,075	$	24,008
Originations		277,273			271,718		321,127		266,651		290,881		1,136,769		940,901
Transferred from held for investment to held for sale		—			—		—		4,977		—		4,977		—
Proceeds from sales		(277,926)			(278,908)		(329,345)		(266,633)		(296,163)		(1,152,812)		(950,249)
Net gain on sale		3,780			4,106		4,045		3,055		3,476		14,986		11,221
Balance, end of period	$	27,995		$	24,868	$	27,952	$	32,125	$	24,075	$	27,995	$	25,881

Other Loans Held for Sale

Balance, beginning of period	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Transferred from held for investment to held for sale		81,839			—		—		—		—		81,839		—
Balance, end of period	$	81,839		$	—	$	—	$	—	$	—	$	81,839	$	—

(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 to evaluate capital adequacy.

S-12


	As of
(dollars in thousands, except per share data)	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024

Total stockholders' equity - GAAP (a)	$	1,102,293		$	1,084,520		$	1,060,106		$	1,034,089		$	992,029
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,811			6,798			6,840			6,875			6,975
Less: Core deposit intangible		1,535			1,637			1,739			1,841			1,957
Tangible stockholders' equity - Non-GAAP (c)	$	1,053,431		$	1,035,569		$	1,011,011		$	984,857		$	942,581

Total assets - GAAP (b)	$	7,042,061		$	7,014,919		$	6,970,917		$	7,075,555		$	6,846,667
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,811			6,798			6,840			6,875			6,975
Less: Core deposit intangible		1,535			1,637			1,739			1,841			1,957
Tangible assets - Non-GAAP (d)	$	6,993,199		$	6,965,968		$	6,921,822		$	7,026,323		$	6,797,219

Total stockholders' equity to total assets - GAAP (a/b)		15.65	%		15.46	%		15.21	%		14.61	%		14.49	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		15.06	%		14.87	%		14.61	%		14.02	%		13.87	%

Number of shares outstanding (e)		19,541			19,536			19,527			19,518			19,448

Book value per share - GAAP (a/e)	$	56.41		$	55.51		$	54.29		$	52.98		$	51.01
Tangible book value per share - Non-GAAP (c/e)		53.91			53.01			51.78			50.46			48.47

(5)

The efficiency ratio equals total noninterest expense divided by the sum of net interest income and noninterest income (total revenue). The adjusted efficiency ratio, a non-GAAP measure with no GAAP comparable, excludes notable nonrecurring revenues and expenses related to the gain on the sale of Visa Class B-1 shares, gain on sale of consumer credit cards, insurance proceeds, expenses related to the Bank’s planned core system conversion, as well as merger expenses.



	Three Months Ended															Years Ended
(dollars in thousands)	Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Dec. 31, 2025			Dec. 31, 2024

Net interest income - GAAP (a)	$	78,810		$	76,970		$	76,202		$	102,688		$	75,394		$	334,670		$	312,154
Noninterest income - GAAP (b)		15,459			16,568			17,644			33,154			14,118			82,825			72,650
Total net revenue - GAAP (c)	$	94,269		$	93,538		$	93,846		$	135,842		$	89,512		$	417,495		$	384,804
Less: Gain on sale of Visa Class B-1 shares		—			—			—			4,090			—			4,090			—
Less: Gain on sale of consumer credit card portfolio		—			—			328			—			—			328			—
Less: Insurance proceeds		—			—			—			1,571			—			1,571			—
Total adjusted revenue - Non-GAAP (e)	$	94,269		$	93,538		$	93,518		$	130,181		$	89,512		$	411,506		$	384,804


Noninterest expense - GAAP (d)	$	56,595		$	53,753		$	51,633		$	58,208		$	53,511		$	220,189		$	202,725
Less: Merger expenses		—			—			—			—			—			—			41
Less: Core conversion and contract consulting fees		220			97			182			5,714			—			6,213			—
Total adjusted noninterest expense - Non-GAAP (f)	$	56,375		$	53,656		$	51,451		$	52,494		$	53,511		$	213,976		$	202,684

Efficiency Ratio - GAAP (d/c)		60.0	%		57.5	%		55.0	%		42.8	%		59.8	%		52.7	%		52.7	%
Adjusted Efficiency Ratio - Non-GAAP (f/e)		59.8	%		57.4	%		55.0	%		40.3	%		59.8	%		52.0	%		52.7	%

(6)	The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average interest-bearing deposits plus total average noninterest-bearing deposits.

(7)	FTEs – Full-time-equivalent employees.

(8)

The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is determined by either the number of days or the number of payments past due. Delinquent loans as of December 31, 2025, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

(9)

The following table presents the calculation of adjusted Core Bank period‑end deposits, a non‑GAAP measure. Core Bank deposits have been adjusted to exclude wholesale brokered deposits and listing‑service deposits. These deposits have been excluded because these funding sources behave very differently from relationship‑based funding, as they are obtained from third parties.


	Years Ended
(dollars in thousands)	2025		2024		$ Change		% Change

Total Core Bank Deposits - GAAP	$	4,809,179	$	4,606,457	$	202,722		4	%
Less: Core Bank Wholesale Brokered Deposits and listing service deposits		99,334		115,046		(15,712)		(14)
Total adjusted Core Bank Deposits - Non-GAAP	$	4,709,845	$	4,491,411	$	218,434		5	%

S-13


		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


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

Core Banking:

Traditional Banking	Provides traditional banking products to clients in its market footprint via its banking center network and to clients outside of its market footprint primarily via its digital delivery channels.	Net interest income

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the U.S.	Net interest income

Republic Processing Group:

Tax Refund Solutions	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.	Net interest income and Net refund transfer fees

Republic Payment Solutions	Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	Net interest income and Program fees

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.	Net interest income and Program fees