REPUBLIC BANCORP, INC._April 23, 2026

Exhibit 99.1

Republic Bancorp Reports Solid First Quarter Results

Highlighted by Strong Core Bank Net Interest Income Expansion

LOUISVILLE, Ky.--(BUSINESS WIRE)--April 23, 2026--Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company of Republic Bank & Trust Company (the “Bank”).

Republic Bancorp, Inc. (“Republic” or the “Company”) reported first quarter 2026 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $42.6 million and $2.18 per share.

Logan Pichel, President and Chief Executive Officer of the Bank, commented, “We delivered a strong start to 2026, achieving net income of $42.6 million, due largely to the solid underlying performance of our Core Banking franchise. Strong Traditional Banking and Warehouse Lending results, combined with disciplined balance sheet management, net interest income growth, and continued net interest margin resilience, more than offset the expected headwinds associated with the nonrenewal of a large Tax Refund Solutions (“TRS”) Tax Provider contract. Comparability between the two first-quarter periods was significantly impacted by several nonrecurring or infrequent items, both favorable and unfavorable. These items, net of income taxes, were as follows:

(i)

a $4.4 million after-tax favorable impact from the 2026 gain on sale of Republic Bank Finance (“RBF”);

(ii)

a $1.8 million after-tax unfavorable impact from a 2026 penalty incurred in connection with the strategic early payoff of long-term Federal Home Loan Bank (“FHLB”) advances;

(iii)

a $8.4 million after-tax unfavorable impact in 2026 associated with the nonrenewal of a large TRS Tax Provider contract;

(iv)

a $3.3 million after-tax unfavorable impact for a 2025 gain on sale of Visa Class B-1 common shares;

(v)

a $1.3 million after-tax unfavorable impact related to a 2025 insurance recovery; and

(vi)

a $4.6 million after-tax favorable impact related to the 2025 core system deconversion and related consulting fees.”

The following table illustrates the Total Company⁽¹⁾, Core Bank, and Republic Processing Group (“RPG”) actual and adjusted net income (non-GAAP) results for the first quarters of 2026 and 2025. Adjusted net income reflects management’s internal view of the Company’s operating performance.



	Total Company Net Income								Total Company Diluted Earnings Per Class A Common Share
	Three Months Ended Mar. 31,				$		%		Three Months Ended Mar. 31,				$		%
(dollars in thousands, except per share data)	2026		2025		Change		Change		2026		2025		Change		Change

Net Income, As Reported (GAAP)	$	42,569	$	47,268	$	(4,699)	(10)	%	$	2.18	$	2.42	$	(0.24)	(10)	%
Gain on sale of Republic Bank Finance, net of tax		(4,435)		-		(4,435)	-			(0.24)		-		(0.24)	-
Early Termination Penalty - FHLB Advances, net of tax		1,757		-		1,757	-			0.10		-		0.10	-
Nonrenewal of a Large Tax Provider Contract, net of tax		-		(8,438)		8,438	-			-		(0.44)		0.44	-
Gain on sale of Visa Class B-1 shares, net of tax		-		(3,287)		3,287	-			-		(0.17)		0.17	-
Insurance Recovery, net of tax		-		(1,263)		1,263	-			-		(0.06)		0.06	-
Core System Deconversion and Consulting Fees, net of tax		-		4,593		(4,593)	-			-		0.24		(0.24)	-
Adjusted Net Income (Non-GAAP)	$	39,891	$	38,873	$	1,018	3	%	$	2.04	$	1.99	$	0.05	3	%



	Core Bank Net Income								Republic Processing Group Net Income
	Three Months Ended Mar. 31,				$		%		Three Months Ended Mar. 31,				$		%
(dollars in thousands, except per share data)	2026		2025		Change		Change		2026		2025		Change		Change

Net Income, As Reported (GAAP)	$	23,759	$	17,361	$	6,398	37	%	$	18,810	$	29,907	$	(11,097)	(37)	%
Gain on sale of Republic Bank Finance, net of tax		(4,435)		-		(4,435)	-			-		-		-	-
Early Termination Penalty - FHLB Advances, net of tax		1,757		-		1,757	-			-		-		-	-
Nonrenewal of a Large Tax Provider Contract, net of tax		-		-		-	-			-		(8,438)		8,438	-
Gain on sale of Visa Class B-1 shares, net of tax		-		(3,287)		3,287	-			-		-		-	-
Insurance Recovery, net of tax		-		(1,263)		1,263	-			-		-		-	-
Core System Deconversion and Consulting Fees, net of tax		-		4,593		(4,593)	-			-		-		-	-
Adjusted Net Income (Non-GAAP)	$	21,081	$	17,404	$	3,677	21	%	$	18,810	$	21,469	$	(2,659)	(12)	%

Pichel further commented, “As reflected in the table above, adjusted net income increased 3% from the first quarter of 2025 to the first quarter of 2026 after excluding nonrecurring or infrequent items. Adjusted net income for the Core Bank was $21.1 million for the first quarter of 2026, representing an increase of $3.7 million, or 21%, over the first quarter of 2025,

while adjusted net income for RPG declined 12% for the same periods to $18.8 million.

Our first quarter 2026 results highlighted the strength of our core banking fundamentals, including disciplined expense management, solid credit performance, and strong Core Bank net interest income and net interest margin expansion. Our Core Banking segments, particularly Traditional Banking and Warehouse Lending, delivered a strong start to the year and were the primary drivers of overall performance. These results underscore our ability to generate sustainable net interest income growth in a dynamic rate environment and reflect the resilience of our business model and the effectiveness of our interest rate risk management strategies.

In addition to our solid quarterly operating results, we were recognized during the first quarter for our continued strong performance. In January, Newsweek and Plant A Insights Group named us one of America’s Best Regional Banks 2025 for the third consecutive year. This recognition—based on an evaluation of more than 9,000 financial institutions, over 70,000 customer surveys, and millions of social media reviews—underscores our ongoing commitment to customer service and community-focused, relationship-based banking. While we are proud of this accolade and our first-quarter accomplishments, we remain intensely focused on delivering a consistent, high-quality operating performance. I want to thank our clients for their continued trust and our associates for their dedication and commitment, which are fundamental to our success,” concluded Pichel.

The following table highlights Republic’s key metrics for the three months ended March 31, 2026, and 2025. Additional financial details, including segment-level data, are provided in the financial supplement to this release. The attached digital version of this release includes the financial supplement as an appendix. The financial supplement may also be found as Exhibit 99.2 of the Company’s Form 8-K filed with the SEC on April 23, 2026.



	Total Company Financial Performance Highlights
	Three Months Ended Mar. 31,						$		%
(dollars in thousands, except per share data)	2026			2025			Change		Change

Income Before Income Tax Expense	$	55,385		$	59,962		$	(4,577)	(8)	%
Net Income		42,569			47,268			(4,699)	(10)
Diluted EPS		2.18			2.42			(0.24)	(10)
Return on Average Assets ("ROA")		2.40	%		2.61	%		NA	(8)
Return on Average Equity ("ROE")		15.28			18.74			NA	(18)

Results of Operations for the First Quarter of 2026 Compared to the First Quarter of 2025

Core Bank⁽¹⁾

Net income for the Core Bank was $23.8 million for the first quarter of 2026, a $6.4 million, or 37%, increase from the $17.4 million earned for the first quarter of 2025. Adjusted net income for the Core Bank was $21.1 million for the first quarter of 2026, a $3.7 million, or 21%, increase from the $17.4 million earned for the first quarter of 2025. Adjusted net income for the Core Bank includes the adjustments for the following:

(i)

a $4.4 million after-tax 2026 gain on sale of RBF;

(ii)

a $1.8 million after-tax 2026 penalty incurred in connection with the strategic early payoff of FHLB advances;

(iii)

a $3.3 million after-tax 2025 gain on sale of Visa Class B-1 shares;

(iv)

a $1.3 million after-tax 2025 impact related to an insurance recovery; and

(v)

a $4.6 million after-tax 2025 impact related to the core system deconversion and related consulting fees.

As discussed in detail below, a solid increase in net interest income was further complemented by flat adjusted noninterest expenses, driving the overall Core Bank performance for the quarter.

Net Interest Income – Core Bank net interest income was $63.2 million for the first quarter of 2026, an increase of $6.9 million, or 12%, over the $56.3 million reported for the first quarter of 2025. This growth was driven by net interest margin expansion, as the Core Bank’s net interest margin rose 26 basis points to 3.96%. The margin improvement primarily reflected a decline in the cost of deposits, combined with higher yields on and growth in average interest-earning assets.

Significant items of note impacting the Core Bank’s net interest income and net interest margin expansion between the first quarter of 2026 and the first quarter of 2025 were as follows:

Interest-Earning Assets

●

Core Bank average interest-earning cash declined to $344 million with a weighted-average yield of 3.66% during the first quarter of 2026, compared to $517 million and a 4.45% yield for the first quarter of 2025. The decrease in average balances primarily reflected the deployment of excess liquidity into the investment portfolio, which offered more attractive yields due to a steeper yield curve, while the decline in yield was directly tied to the decrease in the overnight Federal Funds Target Rate.

●

Average investments increased to $907 million with a weighted-average yield of 4.24% during the first quarter of 2026, compared to $620 million and a 3.48% yield for the first quarter of 2025. The growth in average balances and higher yields reflect the Company’s ongoing deployment of excess liquidity into longer-term investment securities over recent quarters, which offered more attractive yields than overnight, interest-earning cash alternatives.

●

Average outstanding Warehouse lines of credit increased $152 million, or 33%, from $458 million during the first quarter of 2025 to $610 million for the first quarter of 2026, while the weighted-average yield declined 72 basis

points to 6.34%. Average committed Warehouse lines expanded from $968 million to $1.22 billion over the same period, as average usage rates increased from 47% to 50%.

●

Traditional Bank average loans increased $42 million from $4.58 billion during the first quarter of 2025 to $4.62 billion during the first quarter of 2026, while the weighted-average yield increased 3 basis points to 5.64%. The period-over-period increase in loan yield reflected the replacement of lower-yielding loans through principal amortization and payoffs with new originations that generally earned higher yields. In addition, the year-over-year comparison of average loans was negatively impacted by the sale of $81 million of loans and lease financing receivables from RBF during the first quarter of 2026 that were previously held for investment.

Funding Liabilities (Deposits and Borrowings)

As it relates to the Core Bank’s decrease in interest expense and the cost of its interest-bearing liabilities:

●

The weighted-average cost of total interest-bearing deposits declined from 2.26% during the first quarter of 2025 to 1.98% for the first quarter of 2026, while average interest-bearing deposit balances increased $277 million, or 8%. The growth in balances was led by a combined $326 million increase in business and consumer money market accounts, time deposits, brokered deposits, and reciprocal deposits, all of which generally carry higher rates. These increases were partially offset by a $49 million decrease in average transaction account balances, including an $11 million decline in third-party listing service deposits.

●

Average FHLB advances declined $94 million from the first quarter of 2025 to the first quarter of 2026, while the weighted-average cost decreased 20 basis points to 4.19%. The lower cost primarily reflected reduced usage of overnight borrowings and a decline in overnight borrowing rates driven by the decrease in the Federal Funds Target Rate. In addition, the Core Bank prepaid $220 million of higher-cost FHLB advances in late March 2026, which carried a weighted-average rate of 4.57%, and incurred a $2.3 million pre-tax early termination penalty. Based on the current interest rate environment, management expects to recoup this penalty within approximately 1.2 years through a combination of reducing overnight cash or borrowing at lower overnight rates.

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



	Net Interest Income						Net Interest Margin
(dollars in thousands)	Three Months Ended Mar. 31,						Three Months Ended Mar. 31,
Reportable Segment	2026		2025		Change		2026		2025		Change

Traditional Banking	$	59,327	$	53,321	$	6,006	4.10	%	3.79	%	0.31	%
Warehouse Lending		3,900		3,028		872	2.59		2.68		(0.09)
Total Core Bank	$	63,227	$	56,349	$	6,878	3.96		3.70		0.26



	Average Loan Balances								Period-End Loan Balances
(dollars in thousands)	Three Months Ended Mar. 31,									Mar. 31,		Mar. 31,
Reportable Segment		2026		2025	$ Change		% Change			2026		2025	$ Change		% Change

Traditional Banking	$	4,618,228	$	4,575,790	$	42,438	1	%	$	4,596,291	$	4,566,359	$	29,932	1	%
Warehouse Lending		610,442		458,657		151,785	33			629,848		569,502		60,346	11
Total Core Bank	$	5,228,670	$	5,034,447	$	194,223	4		$	5,226,139	$	5,135,861	$	90,278	2

Provision for Expected Credit Losses⁽²⁾ – The Core Bank’s Provision was a net charge of $394,000 for the first quarter of 2026 compared to a net credit of $722,000 for the first quarter of 2025.

The net charge of $394,000 for the first quarter of 2026 was driven by the following:

●

The Traditional Bank recorded a net charge to the Provision of $705,000 during the first quarter of 2026 primarily related to general formula reserves tied to period-end loan growth of $50 million.

●

Warehouse Lending recorded a net credit to the Provision of $311,000 resulting from general formula reserves applied to a $124 million, or 16%, decrease in the outstanding Warehouse spot balances during the first quarter of 2026.

The net credit of $722,000 for the first quarter of 2025 was driven by the following:

●

The Traditional Bank recorded a credit to the Provision of $414,000 as a result of a reclassification of $5 million of consumer credit cards from loans held for investment into loans held for sale during the first quarter of 2025.

●

The Traditional Bank recorded a net credit to the Provision of $491,000 during the first quarter of 2025 primarily related to a general improvement in the life-of-loan historical loss rates within certain categories of the Traditional Bank loan portfolio combined with a minimal net change in the Traditional Bank period-end loan balances for the quarter.

●

Warehouse Lending recorded a net charge to the Provision of $47,000 resulting from general formula reserves applied to a $19 million increase in the outstanding Warehouse spot balances during the first quarter of 2025.

As a percentage of total loans, the Core Bank’s Allowance⁽²⁾ increased 9 basis points from March 31, 2025, to March 31, 2026. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.



	As of Mar. 31, 2026						As of Mar. 31, 2025						Year-over-Year Change
(dollars in thousands)					Allowance						Allowance		Allowance
Reportable Segment	Gross Loans		Allowance		to Loans		Gross Loans		Allowance		to Loans		to Loans		% Change

Traditional Bank	$	4,596,291	$	64,041	1.39	%	$	4,566,359	$	58,851	1.29	%	0.10	%	8	%
Warehouse Lending		629,848		1,571	0.25			569,502		1,421	0.25		—		—
Total Core Bank		5,226,139		65,612	1.26			5,135,861		60,272	1.17		0.09		8

Tax Refund Solutions		9,159		6,344	69.27			36,185		25,981	71.80		(2.53)		(4)
Republic Credit Solutions		131,675		19,884	15.10			117,747		20,050	17.03		(1.93)		(11)
Total Republic Processing Group		140,834		26,228	18.62			153,932		46,031	29.90		(11.28)		(38)

Total Company	$	5,366,973	$	91,840	1.71	%	$	5,289,793	$	106,303	2.01	%	(0.30)	%	(15)	%


	Allowance for Credit Losses on Loans Roll-Forward
	Three Months Ended March 31,
	2026										2025
(in thousands)	Beginning				Charge-				Ending		Beginning				Charge-				Ending
Reportable Segment	Balance		Provision		offs		Recoveries		Balance		Balance		Provision		offs		Recoveries		Balance

Traditional Bank	$	63,662	$	705	$	(481)	$	155	$	64,041	$	59,756	$	(769)	$	(271)	$	135	$	58,851
Warehouse Lending		1,882		(311)		—		—		1,571		1,374		47		—		—		1,421
Total Core Bank		65,544		394		(481)		155		65,612		61,130		(722)		(271)		135		60,272

Tax Refund Solutions		333		5,342		—		669		6,344		9,861		15,427		—		693		25,981
Republic Credit Solutions		19,475		4,044		(3,936)		301		19,884		20,987		2,967		(4,254)		350		20,050
Total Republic Processing Group		19,808		9,386		(3,936)		970		26,228		30,848		18,394		(4,254)		1,043		46,031

Total Company	$	85,352	$	9,780	$	(4,417)	$	1,125	$	91,840	$	91,978	$	17,672	$	(4,525)	$	1,178	$	106,303

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



	Quarters Ended:				Years Ended:
	Mar. 31,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2026		2025		2025		2024		2023

Nonperforming loans to total loans	0.61	%	0.44	%	0.45	%	0.44	%	0.39	%

Nonperforming assets to total loans (including OREO)	0.63		0.46		0.47		0.46		0.41

Delinquent loans* to total loans	0.63		0.18		0.26		0.20		0.16

Net charge-offs to average loans	0.03		0.01		0.03		0.05		0.01
(Quarterly rates annualized)

OREO = Other Real Estate Owned

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

Noninterest Income – Core Bank noninterest income increased $415,000 from $15.4 million for the first quarter of 2025 to $15.8 million for the first quarter of 2026. Adjusted noninterest income⁽³⁾ was $10.0 million for the first quarter of 2026, an increase of $231,000, or 2%, from $9.7 million for the first quarter of 2025. Adjusted noninterest income⁽³⁾ reflects the exclusion of the following items:

(i)

a $5.9 million pre-tax 2026 gain on sale of RBF;

(ii)

a $4.1 million pre-tax 2025 gain on sale of Visa Class B-1 shares; and

(iii)

a $1.6 million pre-tax 2025 related to an insurance recovery.

The primary driver of the increase in adjusted noninterest income was service charges on deposits, which increased $422,000, or 12%, driven by an increased volume of activity related fees, particularly for payments made for insufficient funds.

Noninterest Expense – The Core Bank’s noninterest expenses were $47.3 million for the first quarter of 2026, a decrease of $3.5 million, or 7%, from the first quarter of 2025. Adjusted noninterest expenses⁽⁴⁾ were $45.0 million for the first quarter of 2026 compared to $45.1 million for the first quarter of 2025. Adjusted noninterest expense⁽⁴⁾ reflects the exclusion of the following items:

(i)

a $2.3 million pre-tax 2026 penalty incurred in connection with the strategic early payoff of FHLB advances and

(ii)

a $5.7 million pre-tax 2025 impact related to the core system deconversion and related consulting fees.

Notable fluctuations for adjusted noninterest expense were as follows:

●

Salaries and Benefits increased $411,000, or 2%, as a slight decrease in full-time equivalent employees was more than offset by annual merit based salary increases and higher bonus accruals.

●

Core Bank Technology expense declined $632,000, or 8%, driven by cost savings realized following the core system conversion completed in mid-October 2025.

●

Interchange related expense decreased $238,000 due primarily to lower debit card and credit card processing costs driven primarily by savings from the core system conversion.

Republic Processing Group⁽¹⁾

RPG reported net income of $18.8 million for the first quarter of 2026, an $11.1 million decrease from the $29.9 million reported for the first quarter of 2025. Notable net income fluctuations within RPG’s operating segments were as follows:

Tax Refund Solutions

The TRS segment derives substantially all of its revenues during the first and second quarters of the year. TRS recorded net income of $9.7 million for the first quarter of 2026 compared to $19.6 million for the same period in 2025, with the decline primarily reflecting the previously disclosed nonrenewal of a large Tax Provider contract. Excluding the impact of this contract nonrenewal, TRS net income declined $1.5 million, or 13%, from the first quarter of 2025 to the first quarter of 2026. This decrease was generally due to modest declines in both Refunds Advance and funded Refund Transfer activity.

Republic Payment Solutions

Net income at RPS was $2.1 million for the first quarter of 2026, an $835,000 decrease compared to the first quarter of 2025. The decline in net income at RPS was driven primarily by lower net interest income, as the segment earned a reduced yield of 3.69% on its $347 million average of deposit balances during the first quarter of 2026, compared to a yield of 4.55% on $373 million in average deposit balances for the first quarter of 2025. The lower earnings rate reflected the 75-basis point decline in the Federal Funds Target Rate between the first quarter of 2025 and the first quarter of 2026.

Republic Credit Solutions

RCS net income declined by $362,000, or 5%, to $7.0 million for the first quarter of 2026, compared to $7.4 million for the first quarter of 2025. The decrease was primarily driven by the negative impact of higher Provisions within the segment’s line of credit products, reflecting a change in mix toward the LOC II product, which carries significantly higher provisioning requirements over the other RCS products. Partially offset the higher Provisions, RCS Program fees expanded generally due to increased originations across the different product lines.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 47 banking centers in communities within five metropolitan statistical areas (“MSAs”) across five states: 22 banking centers located within the Louisville MSA in Louisville, Prospect, Shelbyville, and Shepherdsville in Kentucky, and Floyds Knobs, Jeffersonville, and New Albany in Indiana; six banking centers within the Lexington MSA in Georgetown and Lexington in Kentucky; eight banking centers within the Cincinnati MSA in Cincinnati and West Chester in Ohio, and Bellevue, Covington, Crestview Hills, and Florence in Kentucky; seven banking centers within the Tampa MSA in Largo, New Port Richey, St. Petersburg, Seminole, and Tampa in Florida; and four banking centers within the Nashville MSA in Franklin, Murfreesboro, Nashville and Spring Hill, Tennessee. The Bank offers online banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky, and as of March 31, 2026, had approximately $7.25 billion in total assets. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

Republic Bank. Time to Thrive.™

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in the preceding paragraphs are based on our current expectations and assumptions regarding our business, the future impact to our balance sheet and income statement resulting from changes in interest rates, the yield curve, the future ability of the Core Bank to recoup its FHLB early termination fee based on the current interest rate environment, the ability to develop products and strategies in order to meet the Company’s long-term strategic goals and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by forward-looking statements. We caution you therefore against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Actual results could differ materially based upon factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2025. The Company undertakes no obligation to update any forward-looking statements, except as required by applicable law.

Footnotes:

(1)

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

(2)

Provision or Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans with changes reflected in the Allowance, or Allowance for credit losses on loans. Provision expense for off-balance sheet credit exposures is recorded as a component of other noninterest expense, with changes reflected in the Allowance for credit losses on off-balance sheet credit exposures, a component of other liabilities on the Company’s balance sheet.

(3)	The following table provides a reconciliation of Core Bank’s pre-tax noninterest income in accordance with GAAP, to an adjusted pre-tax noninterest income, a non-GAAP disclosure. Adjusted noninterest income reflects management’s internal view of the Company’s operating performance.


	Core Bank Noninterest Income
	Three Months Ended Mar. 31,				$		%
(dollars in thousands, except per share data)	2026		2025		Change		Change

Noninterest Income, As Reported (GAAP)	$	15,799	$	15,384	$	415	3	%
Gain on sale of Republic Bank Finance		(5,845)		-		(5,845)	-
Gain on sale of Visa Class B-1 shares		-		(4,090)		4,090	-
Insurance Recovery		-		(1,571)		1,571	-
Adjusted Noninterest Income (Non-GAAP)	$	9,954	$	9,723	$	231	2	%

(4)	The following table provides a reconciliation of Core Bank’s pre-tax noninterest expense in accordance with GAAP, to an adjusted pre-tax noninterest expense, a non-GAAP disclosure. Adjusted noninterest expense reflects management’s internal view of the Company’s operating performance.


	Core Bank Noninterest Expense
	Three Months Ended Mar. 31,				$		%
(dollars in thousands, except per share data)	2026		2025		Change		Change

Noninterest Expense, As Reported (GAAP)	$	47,324	$	50,778	$	(3,454)	(7)	%
Early Termination Penalty - FHLB Advances		(2,316)		-		(2,316)	-
Core System Deconversion and Consulting Fees		-		(5,714)		5,714	-
Adjusted Noninterest Expense (Non-GAAP)	$	45,008	$	45,064	$	(56)	-	%

NM – Not meaningful

NA – Not applicable

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2026

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.

Earnings Release Financial Supplement

First Quarter 2026

(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
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025
Assets:
Cash and cash equivalents	$	599,105	$	219,972	$	484,238	$	484,808	$	793,020
Investment securities		886,641		890,582		849,226		711,906		615,663
Loans held for sale (1)		41,782		117,350		40,206		36,802		41,265
Loans		5,366,973		5,446,329		5,281,374		5,373,020		5,289,793
Allowance for credit losses		(91,840)		(85,352)		(79,865)		(81,760)		(106,303)
Loans, net		5,275,133		5,360,977		5,201,509		5,291,260		5,183,490
Federal Home Loan Bank ("FHLB") stock, at cost		27,014		32,114		25,849		24,568		26,748
Premises and equipment, net		40,843		35,986		37,884		36,651		31,996
Right-of-use assets		30,443		31,330		32,804		34,327		35,857
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		896		1,277		1,246		1,054		1,107
Bank owned life insurance ("BOLI")		111,272		110,721		109,773		108,738		107,918
Other assets and accrued interest receivable		199,634		201,236		191,668		200,287		197,975
Total assets	$	7,253,279	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,275,427	$	1,173,461	$	1,239,023	$	1,223,016	$	1,375,234
Interest-bearing		4,233,693		4,029,686		4,099,322		4,094,223		4,030,658
Total deposits		5,509,120		5,203,147		5,338,345		5,317,239		5,405,892

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		81,337		88,504		74,522		72,103		89,718
Operating lease liabilities		31,492		32,370		33,833		35,335		36,831
Federal Home Loan Bank advances		366,500		506,000		375,000		370,000		370,000
Other liabilities and accrued interest payable		131,443		109,747		108,699		116,134		139,025
Total liabilities		6,119,892		5,939,768		5,930,399		5,910,811		6,041,466

Stockholders' equity		1,133,387		1,102,293		1,084,520		1,060,106		1,034,089
Total liabilities and stockholders' equity	$	7,253,279	$	7,042,061	$	7,014,919	$	6,970,917	$	7,075,555

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	344,353	$	407,022	$	476,681	$	622,909	$	516,785
Investment securities, including FHLB stock		906,692		901,006		806,304		686,223		619,525
Loans, including loans held for sale		5,464,500		5,365,734		5,281,369		5,318,666		5,497,968
Total interest-earning assets		6,715,545		6,673,762		6,564,354		6,627,798		6,634,278

Allowance for credit losses		(89,017)		(79,832)		(81,196)		(105,726)		(102,271)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		132,446		70,289		82,616		125,098		389,994
Premises and equipment, net		37,907		38,868		37,557		33,250		32,513
Bank owned life insurance		111,300		110,385		109,381		108,416		107,599
Other assets		286,831		273,906		279,166		273,195		273,643

Total assets	$	7,195,012	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,157,622	$	4,084,332	$	4,078,925	$	4,081,209	$	4,041,991
SSUARs and other short-term borrowings		89,307		133,851		73,135		87,760		108,760
Federal Home Loan Bank advances		426,794		377,793		372,283		370,000		520,778
Total interest-bearing liabilities		4,673,723		4,595,976		4,524,343		4,538,969		4,671,529

Noninterest-bearing liabilities and Stockholders’ Equity:
Noninterest-bearing deposits		1,257,977		1,261,600		1,254,609		1,323,622		1,491,084
Other liabilities		133,479		125,515		131,269		143,941		150,299
Stockholders' equity		1,129,833		1,104,287		1,081,657		1,055,499		1,022,844

Total liabilities and stockholders’ equity	$	7,195,012	$	7,087,378	$	6,991,878	$	7,062,031	$	7,335,756

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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 March 31, 2026								Three Months Ended March 31, 2025
		Average						Average		Average						Average
		Balance			Interest			Rate		Balance			Interest			Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits		$	344,353		$	3,107		3.66	%	$	516,785		$	5,670		4.45	%
Investment securities, including FHLB stock (a)			906,692			9,469		4.24			619,525			5,311		3.48
TRS Refund Advances (b)			82,159			12,351		60.97			276,877			33,290		48.76
RCS LOC products (b)			44,239			12,441		114.05			45,514			12,237		109.04
Other RPG loans (c)			109,432			2,626		9.73			141,130			2,004		5.76
Outstanding Warehouse lines of credit			610,442			9,549		6.34			458,657			7,991		7.07
Traditional Bank loans (c)			4,618,228			64,244		5.64			4,575,790			63,335		5.61
Total loans (d)			5,464,500			101,211		7.51			5,497,968			118,857		8.77

Total interest-earning assets			6,715,545			113,787		6.87			6,634,278			129,838		7.94

Allowance for credit losses			(89,017)								(102,271)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents			132,446								389,994
Premises and equipment, net			37,907								32,513
Bank owned life insurance			111,300								107,599
Other assets (a)			286,831								273,643
Total assets		$	7,195,012							$	7,335,756

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts		$	1,665,041		$	1,810		0.44	%	$	1,736,500		$	2,667		0.62	%
Money market accounts			1,551,952			9,096		2.38			1,348,717			9,475		2.85
Time deposits			497,607			4,478		3.65			413,082			3,972		3.90
Reciprocal money market and time deposits			327,066			2,180		2.70			296,373			2,478		3.39
Brokered deposits			115,956			1,268		4.43			247,319			2,786		4.57

Total interest-bearing deposits			4,157,622			18,832		1.84			4,041,991			21,378		2.14

SSUARs and other short-term borrowings			89,307			89		0.40			108,760			137		0.51
Federal Home Loan Bank advances			426,794			4,414		4.19			520,778			5,635		4.39

Total interest-bearing liabilities			4,673,723			23,335		2.02			4,671,529			27,150		2.36

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits			1,257,977								1,491,084
Other liabilities			133,479								150,299
Stockholders’ equity			1,129,833								1,022,844
Total liabilities and stockholders’ equity		$	7,195,012							$	7,335,756

Net interest income					$	90,452							$	102,688

Net interest spread								4.85	%							5.58	%

Net interest margin								5.46	%							6.28	%

(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 is composed either entirely or predominantly of loan fees.

(c)	The average balance includes the principal balance of nonaccrual loans and loans HFS (not carried at fair value), and are inclusive of all loan premiums, discounts, fees and costs.

(d)	See Footnote 2 titled “Loan Fee Income.”

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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
	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025

Total interest income (2)	$	113,787	$	103,233	$	103,239	$	102,203	$	129,838
Total interest expense		23,335		24,423		26,269		26,001		27,150
Net interest income		90,452		78,810		76,970		76,202		102,688

Provision		9,780		10,079		2,023		1,823		17,672

Noninterest income:
Service charges on deposit accounts		3,883		3,825		3,646		3,505		3,460
Net refund transfer fees		9,525		108		1,117		2,567		13,893
Mortgage banking income (1)		1,825		1,620		2,064		1,896		1,821
Interchange fee income		2,873		2,884		3,030		3,200		3,077
Program fees (1)		4,549		4,444		4,888		4,451		3,822
Increase in cash surrender value of BOLI		930		947		1,035		821		793
Net losses on OREO		(50)		(53)		(52)		(53)		(53)
Gain on sale of Republic Bank Finance loans/leases (1)		5,845		—		—		—		—
Gain on sale of Visa Class B-1 shares		—		—		—		—		4,090
Other (1)		579		1,684		840		1,257		2,251
Total noninterest income		29,959		15,459		16,568		17,644		33,154

Noninterest expense:
Salaries and employee benefits		32,117		34,163		31,027		30,801		31,069
Technology, equipment, and communication		7,946		8,581		8,710		8,684		8,643
Occupancy		3,648		3,673		3,547		3,391		3,564
Marketing and development		1,778		2,422		2,668		1,243		1,387
FDIC insurance expense		832		751		763		731		819
Interchange related expense		1,401		1,609		1,640		1,488		1,636
Legal and professional fees		450		825		1,100		666		1,118
Core conversion and related contract consulting fees		—		220		97		182		5,714
FHLB advances early termination penalties		2,316		—		—		—		—
Other		4,758		4,351		4,201		4,447		4,258
Total noninterest expense		55,246		56,595		53,753		51,633		58,208

Income before income tax expense		55,385		27,595		37,762		40,390		59,962
Income tax expense		12,816		4,774		8,018		8,906		12,694

Net income	$	42,569	$	22,821	$	29,744	$	31,484	$	47,268

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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
	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
Per Share Data:

Basic weighted average shares outstanding		19,795			19,744			19,733			19,721			19,711
Diluted weighted average shares outstanding		19,830			19,799			19,791			19,784			19,797

Period-end shares outstanding:
Class A Common Stock		17,467			17,393			17,387			17,378			17,368
Class B Common Stock		2,148			2,148			2,149			2,149			2,150

Book value per share (3)	$	57.78		$	56.41		$	55.51		$	54.29		$	52.98
Tangible book value per share (3)		55.30			53.91			53.01			51.78			50.46

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	2.18		$	1.17		$	1.53		$	1.62		$	2.43
Basic EPS - Class B Common Stock		1.98			1.07			1.39			1.47			2.21
Diluted EPS - Class A Common Stock		2.18			1.17			1.52			1.61			2.42
Diluted EPS - Class B Common Stock		1.98			1.06			1.39			1.47			2.20

Cash dividends declared per Common share:
Class A Common Stock	$	0.495		$	0.451		$	0.451		$	0.451		$	0.451
Class B Common Stock		0.450			0.410			0.410			0.410			0.410

Performance Ratios:

Return on average assets		2.40	%		1.28	%		1.69	%		1.79	%		2.61	%
Return on average equity		15.28			8.20			10.91			11.96			18.74
Efficiency ratio (4)		46.2			59.8			57.4			55.0			44.0
Yield on average interest-earning assets (2)		6.87			6.14			6.24			6.19			7.94
Cost of average interest-bearing liabilities		2.02			2.11			2.30			2.30			2.36
Cost of average deposits (5)		1.41			1.50			1.64			1.62			1.57
Net interest spread (2)		4.85			4.03			3.94			3.89			5.58
Net interest margin - Total Company (2)		5.46			4.69			4.65			4.61			6.28
Net interest margin - Core Bank (2)		3.96			3.87			3.78			3.72			3.70

Other Information:

End of period FTEs (6) - Total Company		966			973			978			974			981
End of period FTEs (6) - Core Bank		907			911			918			917			923
Number of full-service banking centers		47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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
		Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025
Loan Composition:

Traditional Banking:
Residential real estate:
Owner-occupied		$	1,028,473		$	1,040,080		$	1,044,737		$	1,031,898		$	1,025,461
Nonowner-occupied			280,777			283,246			291,373			303,357			311,955
Commercial real estate
Owner-occupied			684,405			666,948			643,519			650,771			651,531
Nonowner-occupied			819,363			799,420			801,644			818,367			832,504
Multi-Family			328,154			331,370			321,453			319,905			322,725
Construction & land development			245,423			238,455			246,065			258,817			238,562
Commercial & industrial			541,646			528,873			488,786			481,219			482,955
Lease financing receivables			20,710			20,523			96,605			96,547			93,159
Aircraft			202,388			203,120			202,742			211,910			219,292
Home equity			425,662			413,638			399,691			387,599			365,631
Consumer:
Credit cards			11,659			10,711			10,787			10,315			11,136
Overdrafts			802			971			881			826			779
Automobile loans			678			738			813			916			1,031
Other consumer			6,151			8,204			9,210			9,705			9,638
Total Traditional Banking			4,596,291			4,546,297			4,558,306			4,582,152			4,566,359
Warehouse lines of credit			629,848			754,090			609,826			671,773			569,502
Total Core Banking			5,226,139			5,300,387			5,168,132			5,253,925			5,135,861

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			8,458			12,924			—			—			30,344
Other TRS commercial & industrial loans			701			19,473			292			95			5,841
Republic Credit Solutions			131,675			113,545			112,950			119,000			117,747
Total Republic Processing Group			140,834			145,942			113,242			119,095			153,932

Total Loans - Total Company		$	5,366,973		$	5,446,329		$	5,281,374		$	5,373,020		$	5,289,793

Allowance for Credit Losses on Loans:

Traditional Banking		$	64,041		$	63,662		$	58,479		$	59,055		$	58,851
Warehouse Lending			1,571			1,882			1,522			1,676			1,421
Total Core Banking			65,612			65,544			60,001			60,731			60,272

Tax Refund Solutions			6,344			333			1			—			25,981
Republic Credit Solutions			19,884			19,475			19,863			21,029			20,050
Total Republic Processing Group			26,228			19,808			19,864			21,029			46,031

Total Allowance - Total Company		$	91,840		$	85,352		$	79,865		$	81,760		$	106,303

Allowance to Total Loans:

Traditional Banking			1.39	%		1.40	%		1.28	%		1.29	%		1.29
Warehouse Lending			0.25			0.25			0.25			0.25			0.25
Total Core Banking			1.26			1.24			1.16			1.16			1.17

Tax Refund Solutions			69.27			1.03			0.34			—			71.80
Republic Credit Solutions			15.10			17.15			17.59			17.67			17.03
Total Republic Processing Group			18.62			13.57			17.54			17.66			29.90

Total Company			1.71			1.57			1.51			1.52			2.01

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (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
	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	31,784		$	23,806		$	21,572		$	21,537		$	22,730
Loans past due 90-days-or-more and still on accrual		68			161			137			105			120
Total nonperforming loans		31,852			23,967			21,709			21,642			22,850
OREO		896			1,277			1,246			1,054			1,107
Total nonperforming assets	$	32,748		$	25,244		$	22,955		$	22,696		$	23,957

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	31,784		$	23,806		$	21,572		$	21,537		$	22,730
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—
Total nonperforming loans		31,784			23,806			21,572			21,537			22,730
OREO		896			1,277			1,246			1,054			1,107
Total nonperforming assets	$	32,680		$	25,083		$	22,818		$	22,591		$	23,837

Delinquent Loans:
Core Bank	$	33,052		$	13,925		$	10,691		$	9,953		$	9,031
RPG		9,690			8,938			8,691			9,133			8,282
Total delinquent loans - Total Company	$	42,742		$	22,863		$	19,382		$	19,086		$	17,313

NCOs (Recoveries) by Segment:
Traditional Bank	$	326		$	879		$	251		$	313		$	136
Warehouse Lending		—			—			—			—			—
Core Bank		326			879			251			313			136
Tax Refund Solutions		(669)			(894)			(1,468)			22,049			(693)
Republic Credit Solutions		3,635			4,607			5,135			4,004			3,904
RPG		2,966			3,713			3,667			26,053			3,211
Total NCOs (recoveries) - Total Company	$	3,292		$	4,592		$	3,918		$	26,366		$	3,347

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.59	%		0.44	%		0.41	%		0.40	%		0.43	%
Nonperforming assets to total loans (including OREO)		0.61			0.46			0.43			0.42			0.45
Nonperforming assets to total assets		0.45			0.36			0.33			0.33			0.34
Allowance for credit losses to total loans		1.71			1.57			1.51			1.52			2.01
Allowance for credit losses to nonperforming loans		288			356			368			378			465
Delinquent loans to total loans (7)		0.80			0.42			0.37			0.36			0.33
Annualized NCOs (recoveries) to average loans		0.24			0.34			0.29			1.99			0.25

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.61	%		0.45	%		0.42	%		0.41	%		0.44	%
Nonperforming assets to total loans (including OREO)		0.63			0.47			0.44			0.43			0.46
Nonperforming assets to total assets		0.49			0.38			0.35			0.35			0.37
Allowance for credit losses to total loans		1.26			1.24			1.16			1.16			1.17
Allowance for credit losses to nonperforming loans		206			275			278			282			265
Delinquent loans to total loans (7)		0.63			0.26			0.21			0.19			0.18
Annualized NCOs (recoveries) to average loans		0.03			0.07			0.02			0.02			0.01

TRS Refund Advances ("RAs and ERAs")

RAs and ERAs originated	$	246,396		$	12,924		$	—		$	—		$	662,556
Net (credit) charge to the Provision for RAs and ERAs		5,318			(598)			(1,454)			(3,934)			15,335
RAs and ERAs NCOs (recoveries)		(669)			(894)			(1,454)			21,885			(691)

S-8

Republic Bancorp, Inc.

Earnings Release

Financial Supplement

First Quarter 2026 (continued)

Segment Data:

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker (“CODM”), who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar. The Company’s Executive Chair/Chief Executive Officer serves as the Company’s CODM. Income before income tax expense is the reportable measure of segment profit or loss that the CODM regularly reviews and utilizes to allocate resources and evaluate performance.

As of March 31, 2026, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, Tax Refund Solutions, Republic Payment Solutions, and Republic Credit Solutions. Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute Republic Processing Group operations.

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


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

Core Banking:

Traditional Banking	Provides traditional banking products to clients in its market footprint 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

The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies. Segment performance is evaluated using operating income before income taxes. Goodwill is allocated to the Traditional Banking segment. Income taxes are generally allocated based on income before income tax expense unless specific segment allocations can be reasonably made.

Transactions among reportable segments are made at carrying value. Net Interest income is reflected within each applicable business segment based on the underlying financial instruments assigned to each segment as well as the impact of the Company’s internal Funds Transfer Processing (“FTP”) applied to each instrument. FTP is allocated from the Traditional Bank to each segment based on the assumed terms of the underlying financial instruments within that segment in combination with applicable market interest rates matching the assumed terms of each instrument.

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2026 (continued)

Segment information for the quarters ended March 31, 2026, and 2025 follows:


	Three Months Ended March 31, 2026
	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	$	59,327		$	3,900		$	63,227		$	11,430		$	3,037		$	12,758		$	27,225		$	90,452

Provision for expected credit loss expense		705			(311)			394			5,342			—			4,044			9,386			9,780

Net refund transfer fees		—			—			—			9,525			—			—			9,525			9,525
Mortgage banking income		1,825			—			1,825			—			—			—			—			1,825
Program fees		—			—			—			—			776			3,773			4,549			4,549
Gain on sale of Republic Bank Finance loans/leases		5,845			—			5,845			—			—			—			—			5,845
Other noninterest income		8,105			24			8,129			83			2			1			86			8,215
Total noninterest income		15,775			24			15,799			9,608			778			3,774			14,160			29,959

Total noninterest expense		46,388			936			47,324			3,265			1,179			3,478			7,922			55,246

Income before income tax expense		28,009			3,299			31,308			12,431			2,636			9,010			24,077			55,385
Income tax expense		6,757			792			7,549			2,720			576			1,971			5,267			12,816

Net income	$	21,252		$	2,507		$	23,759		$	9,711		$	2,060		$	7,039		$	18,810		$	42,569

Period-end assets	$	6,060,972		$	629,878		$	6,690,850		$	69,707		$	349,831		$	142,891		$	562,429		$	7,253,279

Net interest margin		4.10	%		2.59	%		3.96	%		NM			NM			NM			NM			5.46	%

Net-revenue concentration*		63	%		3	%		66	%		17	%		3	%		14	%		34	%		100	%


	Three Months Ended March 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	$	53,321		$	3,028		$	56,349		$	29,812		$	3,994		$	12,533		$	46,339		$	102,688

Provision for expected credit loss expense		(769)			47			(722)			15,427			—			2,967			18,394			17,672

Net refund transfer fees		—			—			—			13,893			—			—			13,893			13,893
Mortgage banking income		1,821			—			1,821			—			—			—			—			1,821
Program fees		—			—			—			—			767			3,055			3,822			3,822
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		9,453			20			9,473			54			—			1			55			9,528
Total noninterest income		15,364			20			15,384			13,947			767			3,056			17,770			33,154

Total noninterest expense		49,906			872			50,778			3,223			1,060			3,147			7,430			58,208

Income before income tax expense		19,548			2,129			21,677			25,109			3,701			9,475			38,285			59,962
Income tax expense		3,836			480			4,316			5,498			806			2,074			8,378			12,694

Net income	$	15,712		$	1,649		$	17,361		$	19,611		$	2,895		$	7,401		$	29,907		$	47,268

Period-end assets	$	5,797,416		$	569,862		$	6,367,278		$	192,037		$	386,362		$	129,878		$	708,277		$	7,075,555

Net interest margin		3.79	%		2.68	%		3.70	%		NM			NM			NM			NM			6.28	%

Net-revenue concentration*		51	%		2	%		53	%		32	%		4	%		11	%		47	%		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

First Quarter 2026 (continued)

Footnotes:

(1)

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 consumer loans 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 RBF loans and lease financing receivables. As a result, these loans and lease financing receivables were transferred from held for investment to other loans HFS. The gain on the sale of the RBF loans and leases was recorded as a component of noninterest income during the first quarter of 2026.



	As of and for the Three Months Ended
(dollars in thousands)	Mar. 31, 2026			Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025

Mortgage Loans Held for Sale

Balance, beginning of period	$	7,516		$	15,338	$	8,850	$	9,140	$	8,312
Originations		47,990			58,417		59,494		51,788		41,233
Transferred from held for investment to held for sale		—			—		—		—		—
Proceeds from sales		(44,042)			(67,560)		(54,716)		(53,561)		(41,816)
Net gain on sale		1,489			1,321		1,710		1,483		1,411
Balance, end of period	$	12,953		$	7,516	$	15,338	$	8,850	$	9,140

Consumer Loans Held for Sale

Balance, beginning of period	$	27,995		$	24,868	$	27,952	$	32,125	$	24,075
Originations		291,165			277,273		271,718		321,127		266,651
Transferred from held for investment to held for sale		—			—		—		—		4,977
Proceeds from sales		(294,104)			(277,926)		(278,908)		(329,345)		(266,633)
Net gain on sale		3,773			3,780		4,106		4,045		3,055
Balance, end of period	$	28,829		$	27,995	$	24,868	$	27,952	$	32,125

Other Loans Held for Sale

Balance, beginning of period	$	81,839		$	—	$	—	$	—	$	—
Transferred from held for investment to held for sale		—			81,839		—		—		—
Proceeds from sales		(87,684)			—		—		—		—
Net gain on sale		5,845			—		—		—		—
Balance, end of period	$	—		$	81,839	$	—	$	—	$	—

(2)	The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest income, net interest margin, and net interest spread. The following table presents total loan fees by reportable segment:



	Three Months Ended
(in thousands)	Mar. 31, 2026		Dec. 31, 2025		Sep. 30, 2025		Jun. 30, 2025		Mar. 31, 2025

Traditional Banking	$	1,304	$	2,003	$	1,393	$	1,367	$	1,291
Warehouse Lending		396		362		364		369		310
Total Core Bank		1,700		2,365		1,757		1,736		1,601
Tax Refund Solutions		13,528		288		17		25		33,675
Republic Credit Solutions		12,441		11,411		12,123		12,434		12,237
Total Republic Processing Group		25,969		11,699		12,140		12,459		45,912

Total Loan Fees	$	27,669	$	14,064	$	13,897	$	14,195	$	47,513

S-11

(3)

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.


	As of
(dollars in thousands, except per share data)	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025

Total stockholders' equity - GAAP (a)	$	1,133,387		$	1,102,293		$	1,084,520		$	1,060,106		$	1,034,089
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,693			6,811			6,798			6,840			6,875
Less: Core deposit intangible		1,432			1,535			1,637			1,739			1,841
Tangible stockholders' equity - Non-GAAP (c)	$	1,084,746		$	1,053,431		$	1,035,569		$	1,011,011		$	984,857

Total assets - GAAP (b)	$	7,253,279		$	7,042,061		$	7,014,919		$	6,970,917		$	7,075,555
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,693			6,811			6,798			6,840			6,875
Less: Core deposit intangible		1,432			1,535			1,637			1,739			1,841
Tangible assets - Non-GAAP (d)	$	7,204,638		$	6,993,199		$	6,965,968		$	6,921,822		$	7,026,323

Total stockholders' equity to total assets - GAAP (a/b)		15.63	%		15.65	%		15.46	%		15.21	%		14.61	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		15.06	%		15.06	%		14.87	%		14.61	%		14.02	%

Number of shares outstanding (e)		19,615			19,541			19,536			19,527			19,518

Book value per share - GAAP (a/e)	$	57.78		$	56.41		$	55.51		$	54.29		$	52.98
Tangible book value per share - Non-GAAP (c/e)		55.30			53.91			53.01			51.78			50.46

(4)

The efficiency ratio, a non-GAAP measure, 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 infrequent or nonrecurring revenues and expenses related to the following: the gain on sale of Republic Bank Finance, the nonrenewal of a large tax provider contract, the gain on the sale of Visa Class B-1 shares, the gain on sale of consumer credit cards, insurance proceeds received, early termination penalties on FHLB advances and core system deconversion and related consulting fees.



	Three Months Ended
(dollars in thousands)	Mar. 31, 2026			Dec. 31, 2025			Sep. 30, 2025			Jun. 30, 2025			Mar. 31, 2025

Net interest income - GAAP (a)	$	90,452		$	78,810		$	76,970		$	76,202		$	102,688
Noninterest income - GAAP (b)		29,959			15,459			16,568			17,644			33,154
Total net revenue - GAAP (c)	$	120,411		$	94,269		$	93,538		$	93,846		$	135,842
Less: Gain on sale of Republic Bank Finance	$	5,845		$	—		$	—		$	—		$	—
Less: Nonrenewal of a large tax provider contract		—			—			—			—			10,803
Less: Gain on sale of Visa Class B-1 shares		—			—			—			—			4,090
Less: Gain on sale of consumer credit card portfolio		—			—			—			328			—
Less: Insurance recovery		—			—			—			—			1,571
Total adjusted revenue - Non-GAAP (e)	$	114,566		$	94,269		$	93,538		$	93,518		$	119,378


Noninterest expense - GAAP (d)	$	55,246		$	56,595		$	53,753		$	51,633		$	58,208
Less: Early termination penalty - FHLB advances		2,316			—			—			—			—
Less: Core system deconversion and consulting fees		—			220			97			182			5,714
Total adjusted noninterest expense - Non-GAAP (f)	$	52,930		$	56,375		$	53,656		$	51,451		$	52,494

Efficiency Ratio - GAAP (d/c)		45.9	%		60.0	%		57.5	%		55.0	%		42.8	%
Adjusted Efficiency Ratio - Non-GAAP (f/e)		46.2	%		59.8	%		57.4	%		55.0	%		44.0	%

S-12

(5)	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.

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

(7)

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. As of March 31, 2026, delinquent loans for the Republic Processing Group segment included $0 of Early Season Refund Advances and Refund Advances, which do not have a contractual due date, but the Company considered delinquent in 2026 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority. All unpaid Early Season Refund Advances and Refund Advances are charged-off by the end of the second quarter of each year.

NM – Not meaningful

NA – Not applicable

QTD – Quarter-to-date

YTD – Year-to-date

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-13


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


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



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


(d)	Exhibits.

	Exhibit No.
	99.1	Republic Bancorp, Inc. Earnings Release dated April 23, 2026.
	99.2	Earnings Release Financial Supplement – First Quarter 2026.
	104	Cover Page Interactive Data File (embedded within the inline XBRL document)


		Republic Bancorp, Inc.
		(Registrant)


Date: April 23, 2026	By:	/s/ Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer