Form 8-K
8-K — REPUBLIC BANCORP INC /KY/
Accession: 0001104659-26-118297
Filed: 2026-10-23
Period: 2026-10-23
CIK: 0000921557
SIC: 6022 (STATE COMMERCIAL BANKS)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — rbcaa-20261023x8k.htm (Primary)
EX-99.1 (rbcaa-ex99d1.htm)
EX-99.2 (rbcaa-ex99d2.htm)
GRAPHIC (rbcaa-ex99d2001.jpg)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: rbcaa-20261023x8k.htm · Sequence: 1
REPUBLIC BANCORP, INC._October 23, 2026
0000921557false00009215572026-10-232026-10-23
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): October 23, 2026
REPUBLIC BANCORP, INC.
(Exact name of registrant as specified in its charter)
Kentucky
0-24649
61-0862051
(State or other jurisdiction
(Commission File Number)
(I.R.S. Employer Identification No.)
of incorporation)
601 West Market Street, Louisville, Kentucky
40202
(Address of principal executive offices)
(zip code)
Registrant’s telephone number, including area code: (502) 584-3600
NOT APPLICABLE
(Former Name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common
RBCAA
The Nasdaq Stock Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 23, 2026, Republic Bancorp, Inc. announced its results of operations for the quarter and nine months ended September 30, 2026. The public announcement was made by means of an earnings release, the text of which is set forth in Exhibit 99.1 hereto. A financial supplement to this earnings release is attached as Exhibit 99.2 hereto.
Item 9.01.Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
99.1
Republic Bancorp, Inc. Earnings Release dated October 23, 2026.
99.2
Earnings Release Financial Supplement – Third Quarter 2026.
104
Cover Page Interactive Data File (embedded within the inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Republic Bancorp, Inc.
(Registrant)
Date: October 23, 2026
By:
/s/ Kevin Sipes
Executive Vice President, Chief Financial Officer & Chief Accounting Officer
2
EX-99.1
EX-99.1
Filename: rbcaa-ex99d1.htm · Sequence: 2
3Q
Exhibit 99.1
Republic Bancorp Reports Solid Third Quarter Results
Highlighted by Continued Strong Core Banking Net Interest Income Expansion
LOUISVILLE, Ky.--(BUSINESS WIRE)—October 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 third quarter 2026 net income and Diluted Earnings per Class A Common Share (“Diluted EPS”) of $31.1 million and $1.59, representing increases of 4% and 5% from the $29.7 million and $1.52 reported for the third quarter of 2025. As a result, the Company achieved a return on average assets (“ROA”) and a return on average equity (“ROE”) of 1.74% and 10.48% for the third quarter of 2026.
Logan Pichel, President and Chief Executive Officer of the Bank, commented, “Republic delivered another quarter of solid financial performance, reflecting the strength, consistency and earnings power of our Core Banking(1) franchise. Our Core Bank’s outstanding financial performance was driven by strong loan growth across our core markets and lending categories, combined with net interest income expansion, disciplined expense management, and solid credit quality. Our relationship-driven business model, exceptional client engagement, and consistent execution continue to differentiate Republic and position us for sustained success. As we enter the final quarter of the year, we remain well-positioned to capitalize on growth opportunities, deepen client relationships, and build on this momentum as we work toward another year of exceptional financial performance.
Despite operating in a lower-rate environment for most of the past year, our Core Banking segment increased its third quarter 2026 net interest income by $4.8 million, or 8%, over the third quarter of 2025, while expanding its net interest margin 25 basis points to 4.03%. These results reflected lower funding costs, a favorable shift in earning assets, disciplined pricing actions, and proactive balance sheet management.
On September 16, 2026, the Federal Reserve increased the Federal Funds Target Rate by 25 basis points to a range of 3.75%-4.00%, marking its first rate increase since July 2023 and the first monetary policy change since December 2025. This return to a tightening cycle reinforces the importance of strong balance sheet management and effective pricing execution. Based on the Company’s current interest rate risk position, we believe the higher-rate environment will provide incremental growth to our Core Bank’s net interest income over the near-term.
During the third quarter, we began realizing the benefits of a new Republic Payment Solutions (“RPS”)(1) program launched late in the second quarter, following several years of strategic planning and successful cross-functional execution. The program generated approximately $180 million of lower-cost average deposits during the quarter, enhancing liquidity, diversifying our funding base, favorably lowering our loan-to-deposit ratio, and contributing incremental fee income.
In addition to our strong financial performance, Republic was recognized during the third quarter as one of Bank Director’s Top 25 publicly traded banks for the second consecutive year, based on profitability, capital adequacy, and credit quality. The ranking evaluated approximately 300 publicly traded U.S. banks with assets exceeding $2 billion using year end 2025 financial data. This recognition reflects the dedication of our associates, the loyalty of our clients, and our longstanding commitment to disciplined execution and sound risk management.”
Pichel concluded, “Our third-quarter results reflect the strength of Republic’s franchise, the resilience of our business model, and the disciplined execution of our long-term strategy. Strong organic loan growth, expanding net interest income, and the successful launch of our new RPS program demonstrate our ability to generate high-quality earnings and create value across market cycles. These achievements would not be possible without the dedication, talent, and commitment of our exceptional associates, whose efforts continue to drive our success and distinguish Republic in the markets we serve. As we approach 2027, we are well-positioned to capitalize on growth opportunities, navigate an evolving economic environment, and deliver sustainable long-term value for our shareholders, clients, and communities.”
The following table highlights key metrics for the three and nine months ended September 30, 2026 and 2025. Additional financial information, including segment-level results, is provided in the financial supplement accompanying this release. The digital version of this release includes the supplement as an appendix, and it is also available as Exhibit 99.2 to the Company’s Form 8-K filed with the SEC on October 23, 2026.
Total Company Financial Performance Highlights
Total Company Financial Performance Highlights
Three Months Ended Sep. 30,
$
%
Nine Months Ended Sep. 30,
$
%
(dollars in thousands, except per share data)
2026
2025
Change
Change
2026
2025
Change
Change
Income Before Income Tax Expense
$
39,633
$
37,762
$
1,871
5
%
$
137,568
$
138,114
$
(546)
—
%
Net Income
31,071
29,744
1,327
4
106,506
108,496
(1,990)
(2)
Diluted EPS
1.59
1.52
0.07
5
5.44
5.55
(0.11)
(2)
Return on Average Assets ("ROA")
1.74
%
1.69
%
NA
3
2.01
%
2.03
%
NA
(1)
Return on Average Equity ("ROE")
10.48
10.91
NA
(4)
12.34
13.77
NA
(10)
Results of Operations for the Third Quarter of 2026 Compared to the Third Quarter of 2025
Core Banking(1) Segment
Net income – Core Banking net income totaled $22.8 million for the third quarter of 2026, an increase of $3.0 million, or 15%, from the $19.8 million recorded in the third quarter of 2025. The increase reflects strong net interest income growth, expanding noninterest income streams, and continued expense discipline.
Net Interest Income – Core Banking net interest income increased $4.8 million, or 8%, to $66.1 million for the third quarter of 2026 from $61.2 million for the third quarter of 2025, driven by notable Core Banking net interest margin expansion. Overall, the Core Bank’s net interest margin expanded 25 basis points to 4.03%, benefiting from a 35 basis point reduction in funding costs, combined with favorable earning asset mix trends and disciplined pricing execution.
Significant factors impacting Core Banking net interest income and net interest margin between the third quarter of 2026 and the third quarter of 2025 were as follows:
Interest-Earning Assets
● Core Banking average interest-earning cash declined to $302 million, with a weighted-average yield of 3.69% for the third quarter of 2026 compared to $477 million with a yield of 4.40% during the third quarter of 2025. The decline in average balances reflected the strategic deployment of excess liquidity into higher-yielding loan growth and investment securities, which offered more attractive risk-adjusted returns than overnight liquid alternatives.
● Core Banking average investments increased to $919 million, with a weighted-average yield of 4.11% for the third quarter of 2026 compared to $806 million with a yield of 4.07% during the third quarter of 2025. The higher average balances were driven by the strategic deployment of excess liquidity into higher-yielding securities. This repositioning supported net interest income growth while maintaining our strong liquidity position.
● Traditional Banking average loans increased $125 million, or 3%, from $4.57 billion for the third quarter of 2025 to $4.70 billion for the third quarter of 2026. Concurrently, the weighted-average yield of the portfolio increased to 5.77% for the third quarter of 2026, an increase of 6 basis points from the 5.71% yield realized during the third quarter of 2025. Growth in average loan balances was driven primarily by strong demand across commercial lending categories. In addition, the continued reinvestment of cash flows from lower-yielding loan runoff into higher-yielding new loan originations, coupled with a favorable shift toward higher-spread lending categories, contributed to the increase in the portfolio’s weighted-average yield.
Period-over-period comparisons were negatively impacted by the sale of approximately $82 million of loans and lease financing receivables during the first quarter of 2026. These loans were transferred from held-for-investment to held-for-sale in December 2025 and contributed an estimated 5 basis points to portfolio yield during the third quarter of 2025.
● Average outstanding Warehouse(1) lines of credit increased $10 million, or 2%, to $585 million during the third quarter of 2026 from $575 million during the third quarter of 2025. During the same periods, the weighted-average yield of the portfolio declined 69 basis points to 6.33%, primarily reflecting the lower short-term interest rate environment that existed during the third quarter of 2026 as compared to the third quarter of 2025.
Average committed Warehouse lines increased to $1.19 billion for the third quarter of 2026 compared to $1.06 billion for the third quarter of 2025, demonstrating continued success in expanding customer relationships and available lending capacity. Average utilization moderated to 49% from 54%, as commitment growth outpaced the increase in outstanding balances. Despite the lower utilization rate, outstanding balances remained strong and continued to provide meaningful contributions to net interest income.
Funding Liabilities (Deposits and Borrowings)
The decline in interest expense and cost of interest-bearing liabilities was primarily attributable to the following factors:
● Core Banking interest-bearing deposits carried a weighted-average cost of 1.99% during the third quarter of 2026, a decrease of 33 basis points from 2.32% during the third quarter of 2025. In addition, average interest-bearing deposit balances increased a net $127 million, or 3%, during the same periods driven primarily by a combined $167 million increase in money market and time deposit balances, which were partially offset by a $59 million decline in brokered and reciprocal deposits. Notwithstanding the shift toward certain higher-cost funding categories, generally lower market rates and disciplined deposit pricing initiatives drove a meaningful reduction in the overall cost of deposits from the third quarter of 2025 to the third quarter of 2026.
● Average Federal Home Loan Bank (“FHLB”) advances declined $235 million, or 63%, from the third quarter of 2025 to the third quarter of 2026, while the weighted-average cost decreased 49 basis points to 3.84%. The decline in average balances reflected the March 2026 prepayment of $220 million of higher-cost FHLB advances that carried a weighted-average rate of 4.57%. As a result, the Core Banking segment benefited from a notably lower borrowing cost structure during the second and third quarters of 2026, supporting net interest income growth and contributing to net interest margin expansion.
The following tables present, by reportable segment, the key drivers of Core Banking performance, including net interest income, net interest margin, and average and period-end loan balances for the periods presented.
Net Interest Income
Net Interest Margin
(dollars in thousands)
Three Months Ended Sep. 30,
Three Months Ended Sep. 30,
Reportable Segment
2026
2025
$ Change
2026
2025
% Change
Traditional Banking
$
62,346
$
57,424
$
4,922
4.18
%
3.89
%
0.29
%
Warehouse Lending
3,711
3,805
(94)
2.51
2.62
(0.11)
Total Core Bank
$
66,057
$
61,229
$
4,828
4.03
3.78
0.25
Average Loan Balances
Period-End Loan Balances
(dollars in thousands)
Three Months Ended Sep. 30,
Sep. 30,
Sep. 30,
Reportable Segment
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Traditional Banking
$
4,695,106
$
4,569,970
$
125,136
3
%
$
4,693,952
$
4,558,306
$
135,646
3
%
Warehouse Lending
585,494
575,273
10,221
2
537,585
609,826
(72,241)
(12)
Total Core Bank
$
5,280,600
$
5,145,243
$
135,357
3
$
5,231,537
$
5,168,132
$
63,405
1
Provision for Expected Credit Losses(2) – Core Banking provision expense was a net charge of $2.0 million for the third quarter of 2026 compared to a net credit of $479,000 for the third quarter of 2025.
The net charge of $2.0 million for the third quarter of 2026 was driven by the following:
● The Traditional Banking segment recorded a net charge to the provision of $2.2 million during the third quarter of 2026, primarily reflecting the impact of a $38 million increase in period-end loan balances and a shift in portfolio composition toward categories with higher formula-related reserve requirements. Construction and Land Development loans were the primary driver of quarterly growth, increasing $43 million, and represented the largest contributor to the increase in formula-driven, required reserves.
● Warehouse Lending recorded a net credit to the provision of $192,000 for the third quarter of 2026 resulting from general formula reserves applied to a $77 million, or 13%, decrease in outstanding Warehouse period-end balances.
The net credit of $479,000 for the third quarter of 2025 was driven by the following:
● The Traditional Banking segment recorded a net credit to the provision of $325,000 during the third quarter of 2025 related primarily to the impact of minimal net charge-offs and a $24 million reduction in net loan balances.
● Warehouse Lending recorded a net credit to the provision of $154,000 for the third quarter of 2025 resulting from general formula reserves applied to a $62 million, or 9%, decrease in outstanding Warehouse period-end balances.
As a percentage of total loans, the Core Banking Allowance(2) increased 12 basis points from September 30, 2025, to September 30, 2026. The table below provides a view of the Company’s percentage of Allowance-to-total-loans by reportable segment.
As of Sep. 30, 2026
As of Sep. 30, 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 Banking
$
4,693,952
$
65,430
1.39
%
$
4,558,306
$
58,479
1.28
%
0.11
%
9
%
Warehouse Lending
537,585
1,341
0.25
609,826
1,522
0.25
—
—
Total Core Bank
5,231,537
66,771
1.28
5,168,132
60,001
1.16
0.12
10
Tax Refund Solutions
309
1
0.32
292
1
0.34
(0.02)
(6)
Republic Payment Solutions
6,445
—
—
—
—
—
—
—
Republic Credit Solutions
147,858
26,321
17.80
112,950
19,863
17.59
0.21
1
Total Republic Processing Group
154,612
26,322
17.02
113,242
19,864
17.54
(0.52)
(3)
Total Company
$
5,386,149
$
93,093
1.73
%
$
5,281,374
$
79,865
1.51
%
0.22
%
15
%
Allowance for Credit Losses on Loans Roll-Forward
Three Months Ended September 30,
2026
2025
(in thousands)
Beginning
Charge-
Ending
Beginning
Charge-
Ending
Reportable Segment
Balance
Provision
offs
Recoveries
Balance
Balance
Provision
offs
Recoveries
Balance
Traditional Banking
$
63,806
$
2,188
$
(725)
$
161
$
65,430
$
59,055
$
(325)
$
(332)
$
81
$
58,479
Warehouse Lending
1,533
(192)
—
—
1,341
1,676
(154)
—
—
1,522
Total Core Bank
65,339
1,996
(725)
161
66,771
60,731
(479)
(332)
81
60,001
Tax Refund Solutions
1
(550)
—
550
1
—
(1,467)
—
1,468
1
Republic Credit Solutions
22,427
9,068
(5,570)
396
26,321
21,029
3,969
(5,504)
369
19,863
Total Republic Processing Group
22,428
8,518
(5,570)
946
26,322
21,029
2,502
(5,504)
1,837
19,864
Total Company
$
87,767
$
10,514
$
(6,295)
$
1,107
$
93,093
$
81,760
$
2,023
$
(5,836)
$
1,918
$
79,865
The table below presents Core Banking credit quality metrics:
Quarters Ended:
Years Ended:
Sep. 30,
Sep. 30,
Dec. 31,
Dec. 31,
Dec. 31,
Core Banking Credit Quality Ratios
2026
2025
2025
2024
2023
Nonperforming loans to total loans
0.63
%
0.42
%
0.45
%
0.44
%
0.39
%
Nonperforming assets to total loans (including OREO)
0.65
0.44
0.47
0.46
0.41
Delinquent loans* to total loans
0.27
0.21
0.26
0.20
0.16
Net charge-offs to average loans
0.04
0.02
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 Banking noninterest income increased $384,000, or 4%, from the third quarter of 2025 to $10.9 million for the third quarter of 2026. Notable fluctuations from the third quarter of 2025 to the third quarter of 2026 included the following:
● Service charges on deposits increased $935,000, or 26%, driven primarily by higher activity-based fee volumes, particularly international margin and insufficient funds fees.
● Mortgage banking income decreased $842,000, or 41%, primarily due to lower mortgage origination activity resulting from a significant increase in long-term interest rates during the quarter.
Noninterest Expense – Core Banking noninterest expenses were $45.9 million for the third quarter of 2026, a decrease of $1.2 million, or 3%, from the third quarter of 2025. The decline reflects the Company’s continued focus on expense discipline and operational efficiency while supporting ongoing business growth and strategic initiatives. The most notable fluctuations from the third quarter of 2025 to the third quarter of 2026 were within technology and interchange-related expenses, which decreased a combined $639,000, or 7%. The reduction was driven primarily by the Company’s new core operating system contract implemented in October 2025, which lowered ongoing technology and processing costs while enhancing operational capabilities.
Republic Processing Group(1)
RPG reported net income of $8.3 million for the third quarter of 2026, compared with net income of $9.9 million for the third quarter of 2025. The most notable items impacting the RPG operating segment were as follows:
Republic Credit Solutions(1)
RCS reported net income of $6.2 million for the third quarter of 2026, a decrease of $1.1 million, or 15%, from the $7.2 million recorded for the third quarter of 2025. Growth in RCS net interest income and program fees was more than offset by higher non-interest expenses and higher provisions driven by growth in outstanding period-end balances within the segment’s line of credit (“LOC”) portfolios.
Net interest income and program fees benefited from strong origination growth across both RCS LOC products. However, provision expense increased specifically due to growth in the segment’s LOC II product, which carries substantially higher provisioning requirements than the segment’s other lending products.
Noninterest expense also increased during the quarter, driven primarily by higher marketing costs, which generally fluctuate in-line with overall origination volume. In summary, the combined impact of higher provision and operating expenses more than offset the benefit of revenue growth, resulting in lower net income for the quarter.
Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank operates 47 banking centers across five metropolitan statistical areas (“MSAs”) in five states. These include 22 banking centers in the Louisville MSA, serving Louisville, Prospect, Shelbyville, and Shepherdsville, Kentucky, and Floyds Knobs, Jeffersonville, and New Albany, Indiana; six banking centers in the Lexington MSA, serving Georgetown and Lexington, Kentucky; eight banking centers in the Cincinnati MSA, serving Kenwood, Norwood, and West Chester, Ohio, and Bellevue, Covington, Crestview Hills, and Florence, Kentucky; seven banking centers in the Tampa MSA, serving Largo, New Port Richey, Seminole, St. Petersburg, Tampa, and Temple Terrace, Florida; and four banking centers in the Nashville MSA, serving Cool Springs, Murfreesboro, Nashville, and Spring Hill, Tennessee. The Bank also offers online banking at www.republicbank.com. The Company is headquartered in Louisville, Kentucky and, as of September 30, 2026, had approximately $7.08 billion in total assets. The Company’s Class A Common Stock is listed on the NASDAQ Global Select Market under the symbol “RBCAA.”
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 higher interest rates, the yield curve, and 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 future events, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Actual results may differ materially from those expressed or implied by these forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on such statements. Forward-looking statements are neither historical facts nor guarantees of future performance.
Factors that could cause actual results to differ materially from those described in forward-looking statements are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including the Risk Factors section of the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The Company undertakes no obligation to update any forward-looking statement, 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 Traditional Banking and Warehouse Lending to collectively constitute “Core Bank” or “Core Banking” operations, while TRS, RPS, and RCS collectively constitute Republic Processing Group (“RPG”) operations.
(2) Provision or Provision for expected credit loss expense includes provisions for on-balance-sheet loans, with changes reflected in the Allowance, or Allowance for credit losses. 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, which is included in other liabilities on the Company’s balance sheet.
NM – Not meaningful
NA – Not applicable
CONTACT:
Republic Bancorp, Inc.
Kevin Sipes
Executive Vice President & Chief Financial Officer
(502) 560-8628
EX-99.2
EX-99.2
Filename: rbcaa-ex99d2.htm · Sequence: 3
3Q
Exhibit 99.2
EARNINGS RELEASE FINANCIAL SUPPLEMENT
THIRD 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-12
S-1
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Balance Sheet Data
As of
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Assets:
Cash and cash equivalents
$
399,342
$
354,091
$
599,105
$
219,972
$
484,238
Investment securities
885,051
892,116
886,641
890,582
849,226
Loans held for sale (1)
68,634
57,997
41,782
117,350
40,206
Loans
5,386,149
5,410,406
5,366,973
5,446,329
5,281,374
Allowance for credit losses
(93,093)
(87,767)
(91,840)
(85,352)
(79,865)
Loans, net
5,293,056
5,322,639
5,275,133
5,360,977
5,201,509
Federal Home Loan Bank ("FHLB") stock, at cost
17,508
18,149
27,014
32,114
25,849
Premises and equipment, net
40,885
42,253
40,843
35,986
37,884
Right-of-use assets
27,497
29,042
30,443
31,330
32,804
Goodwill
40,516
40,516
40,516
40,516
40,516
Other real estate owned ("OREO")
1,072
843
896
1,277
1,246
Bank owned life insurance ("BOLI")
113,179
112,216
111,272
110,721
109,773
Other assets and accrued interest receivable
195,045
191,967
199,634
201,236
191,668
Total assets
$
7,081,785
$
7,061,829
$
7,253,279
$
7,042,061
$
7,014,919
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing
$
1,246,317
$
1,248,704
$
1,275,427
$
1,173,461
$
1,239,023
Interest-bearing
4,343,924
4,303,038
4,233,693
4,029,686
4,099,322
Total deposits
5,590,241
5,551,742
5,509,120
5,203,147
5,338,345
Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings
69,673
68,615
81,337
88,504
74,522
Operating lease liabilities
28,518
30,077
31,492
32,370
33,833
Federal Home Loan Bank advances
127,000
157,000
366,500
506,000
375,000
Other liabilities and accrued interest payable
102,488
97,598
131,443
109,747
108,699
Total liabilities
5,917,920
5,905,032
6,119,892
5,939,768
5,930,399
Stockholders' equity
1,163,865
1,156,797
1,133,387
1,102,293
1,084,520
Total liabilities and stockholders' equity
$
7,081,785
$
7,061,829
$
7,253,279
$
7,042,061
$
7,014,919
S-2
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Average Balance Sheet Data
Three Months Ended
Nine Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Assets:
Interest-earning assets:
Federal funds sold and other interest-earning deposits
$
302,058
$
256,961
$
344,353
$
407,022
$
476,681
$
300,969
$
538,644
Investment securities, including FHLB stock
919,470
912,466
906,692
901,006
806,304
912,923
704,701
Loans, including loans held for sale
5,467,594
5,396,640
5,464,500
5,365,734
5,281,369
5,442,931
5,365,207
Total interest-earning assets
6,689,122
6,566,067
6,715,545
6,673,762
6,564,354
6,656,823
6,608,552
Allowance for credit losses
(89,797)
(92,164)
(89,017)
(79,832)
(81,196)
(90,329)
(96,320)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents
80,227
100,038
132,446
70,289
82,616
104,046
198,110
Premises and equipment, net
41,835
41,741
37,907
38,868
37,557
40,509
34,458
Bank owned life insurance
112,638
111,718
111,300
110,385
109,381
111,890
108,472
Other assets
265,440
273,948
286,831
273,906
279,166
275,326
275,358
Total assets
$
7,099,465
$
7,001,348
$
7,195,012
$
7,087,378
$
6,991,878
$
7,098,265
$
7,128,630
Liabilities and Stockholders' Equity:
Interest-bearing liabilities:
Interest-bearing deposits
$
4,361,287
$
4,192,067
$
4,157,622
$
4,084,332
$
4,078,925
$
4,237,737
$
4,067,511
SSUARs and other short-term borrowings
72,168
82,507
89,307
133,851
73,135
81,264
89,755
Federal Home Loan Bank advances
137,543
158,654
426,794
377,793
372,283
239,938
420,476
Total interest-bearing liabilities
4,570,998
4,433,228
4,673,723
4,595,976
4,524,343
4,558,939
4,577,742
Noninterest-bearing liabilities and Stockholders’ Equity:
Noninterest-bearing deposits
1,235,277
1,289,710
1,257,977
1,261,600
1,254,609
1,260,913
1,355,572
Other liabilities
116,729
123,813
133,479
125,515
131,269
124,612
141,767
Stockholders' equity
1,176,461
1,154,597
1,129,833
1,104,287
1,081,657
1,153,801
1,053,549
Total liabilities and stockholders’ equity
$
7,099,465
$
7,001,348
$
7,195,012
$
7,087,378
$
6,991,878
$
7,098,265
$
7,128,630
S-3
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Total Company Average Balance Sheet and Interest Rates
Three Months Ended September 30, 2026
Three Months Ended September 30, 2025
Average
Average
Average
Average
(in thousands)
Balance
Interest
Rate
Balance
Interest
Rate
ASSETS
Interest-earning assets:
Federal funds sold and other interest-earning deposits
$
302,058
$
2,808
3.69
%
$
476,681
$
5,292
4.40
%
Investment securities, including FHLB stock (a)
919,470
9,524
4.11
806,304
8,272
4.07
RCS LOC products (b)
56,201
16,121
113.80
45,764
12,123
105.10
Other RPG loans (c)
130,793
1,587
4.81
90,362
1,591
6.99
Outstanding Warehouse lines of credit
585,494
9,340
6.33
575,273
10,180
7.02
Traditional Banking loans (c)
4,695,106
68,311
5.77
4,569,970
65,781
5.71
Total loans (d)
5,467,594
95,359
6.92
5,281,369
89,675
6.74
Total interest-earning assets
6,689,122
107,691
6.39
6,564,354
103,239
6.24
Allowance for credit losses
(89,797)
(81,196)
Noninterest-earning assets:
Noninterest-earning cash and cash equivalents
80,227
82,616
Premises and equipment, net
41,835
37,557
Bank owned life insurance
112,638
109,381
Other assets (a)
265,440
279,166
Total assets
$
7,099,465
$
6,991,878
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing liabilities:
Transaction accounts
$
1,846,012
$
3,088
0.66
%
$
1,667,600
$
2,600
0.62
%
Money market accounts
1,598,487
9,749
2.42
1,490,557
10,969
2.92
Time deposits
518,084
4,603
3.52
463,657
4,363
3.73
Reciprocal money market and time deposits
297,578
1,996
2.66
334,939
2,763
3.27
Brokered deposits
101,126
1,172
4.60
122,172
1,399
4.54
Total interest-bearing deposits
4,361,287
20,608
1.87
4,078,925
22,094
2.15
SSUARs and other short-term borrowings
72,168
81
0.45
73,135
116
0.63
Federal Home Loan Bank advances
137,543
1,330
3.84
372,283
4,059
4.33
Total interest-bearing liabilities
4,570,998
22,019
1.91
4,524,343
26,269
2.30
Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits
1,235,277
1,254,609
Other liabilities
116,729
131,269
Stockholders’ equity
1,176,461
1,081,657
Total liabilities and stockholders’ equity
$
7,099,465
$
6,991,878
Net interest income
$
85,672
$
76,970
Net interest spread
4.48
%
3.94
%
Net interest margin
5.08
%
4.65
%
(a) For the purpose of this calculation, the fair 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) Average balances include the principal balance of nonaccrual loans and loans held for sale that are not carried at fair value and are inclusive of all loan premiums, discounts, fees and costs.
(d) See Footnote 2 of the Earnings Release Financial Supplement for detail of total loan fees by reporting segment.
S-4
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Income Statement Data
Three Months Ended
Nine Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Total interest income (2)
$
107,691
$
102,531
$
113,787
$
103,233
$
103,239
$
324,009
$
335,280
Total interest expense
22,019
20,829
23,335
24,423
26,269
66,183
79,420
Net interest income
85,672
81,702
90,452
78,810
76,970
257,826
255,860
Provision
10,514
5,157
9,780
10,079
2,023
25,451
21,518
Noninterest income:
Service charges on deposit accounts
4,585
4,068
3,883
3,825
3,646
12,536
10,611
Net refund transfer fees
1,403
3,208
9,525
108
1,117
14,136
17,577
Mortgage banking income (1)
1,222
1,799
1,825
1,620
2,064
4,846
5,781
Interchange fee income
3,506
3,623
2,873
2,884
3,030
10,002
9,307
Program fees (1)
5,913
5,058
4,549
4,444
4,888
15,520
13,161
Increase in cash surrender value of BOLI
964
943
930
947
1,035
2,837
2,649
Net losses on OREO
(52)
(41)
(50)
(53)
(52)
(143)
(158)
Gain on sale of Republic Bank Finance loans/leases (1)
—
—
5,845
—
—
5,845
—
Gain on sale of Visa Class B-1 shares
—
—
—
—
—
—
4,090
Other (1)
721
911
579
1,684
840
2,211
4,348
Total noninterest income
18,262
19,569
29,959
15,459
16,568
67,790
67,366
Noninterest expense:
Salaries and employee benefits
31,220
30,943
32,117
34,163
31,027
94,280
92,897
Technology, equipment, and communication
8,658
8,686
7,946
8,581
8,710
25,290
26,037
Occupancy
3,596
3,460
3,648
3,673
3,547
10,704
10,502
Marketing and development
3,227
3,097
1,778
2,422
2,668
8,102
5,298
FDIC insurance expense
762
720
832
751
763
2,314
2,313
Interchange related expense
1,415
1,405
1,401
1,609
1,640
4,221
4,764
Legal and professional fees
800
836
450
825
1,100
2,086
2,884
Core conversion and related contract consulting fees
—
—
—
220
97
—
5,993
FHLB advances early termination penalties
—
—
2,316
—
—
2,316
—
Other
4,109
4,417
4,758
4,351
4,201
13,284
12,906
Total noninterest expense
53,787
53,564
55,246
56,595
53,753
162,597
163,594
Income before income tax expense
39,633
42,550
55,385
27,595
37,762
137,568
138,114
Income tax expense
8,562
9,684
12,816
4,774
8,018
31,062
29,618
Net income
$
31,071
$
32,866
$
42,569
$
22,821
$
29,744
$
106,506
$
108,496
S-5
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Selected Data and Ratios
As of and for the Three Months Ended
As of and for the Nine Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Per Share Data:
Basic weighted average shares outstanding
19,843
19,833
19,795
19,744
19,733
19,827
19,734
Diluted weighted average shares outstanding
19,888
19,864
19,830
19,799
19,791
19,865
19,803
Period-end shares outstanding:
Class A Common Stock
17,485
17,498
17,467
17,393
17,387
17,485
17,387
Class B Common Stock
2,137
2,137
2,148
2,148
2,149
2,137
2,149
Book value per share (3)
$
59.31
$
58.92
$
57.78
$
56.41
$
55.51
$
59.31
$
55.51
Tangible book value per share (3)
56.83
56.44
55.30
53.91
53.01
56.83
53.01
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock
$
1.59
$
1.69
$
2.18
$
1.17
$
1.53
$
5.45
$
5.57
Basic EPS - Class B Common Stock
1.44
1.53
1.98
1.07
1.39
4.95
5.07
Diluted EPS - Class A Common Stock
1.59
1.68
2.18
1.17
1.52
5.44
5.55
Diluted EPS - Class B Common Stock
1.44
1.53
1.98
1.06
1.39
4.94
5.05
Cash dividends declared per Common share:
Class A Common Stock
$
0.495
$
0.495
$
0.495
$
0.451
$
0.451
$
1.485
$
1.353
Class B Common Stock
0.450
0.450
0.450
0.410
0.410
1.350
1.230
Performance Ratios:
Return on average assets
1.74
%
1.88
%
2.40
%
1.28
%
1.69
%
2.01
%
2.03
%
Return on average equity
10.48
11.42
15.28
8.20
10.91
12.34
13.77
Efficiency ratio (4)
51.8
52.9
45.9
60.0
57.5
49.9
50.6
Yield on average interest-earning assets (2)
6.39
6.26
6.87
6.14
6.24
6.51
6.78
Cost of average interest-bearing liabilities
1.91
1.88
2.02
2.11
2.30
1.94
2.32
Cost of average deposits (5)
1.46
1.40
1.41
1.50
1.64
1.42
1.61
Net interest spread (2)
4.48
4.38
4.85
4.03
3.94
4.57
4.46
Net interest margin - Total Company (2)
5.08
4.99
5.46
4.69
4.65
5.18
5.18
Net interest margin - Core Bank (2)
4.03
4.02
3.96
3.87
3.78
4.00
3.73
Other Information:
End of period FTEs (6) - Total Company
958
958
966
973
978
958
978
End of period FTEs (6) - Core Bank
898
897
907
911
918
898
918
Number of full-service banking centers
47
47
47
47
47
47
47
S-6
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Loan Composition and Allowance for Credit Losses on Loans
As of
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Loan Composition:
Traditional Banking:
Residential real estate:
Owner-occupied
$
1,048,995
$
1,042,149
$
1,028,473
$
1,040,080
$
1,044,737
Nonowner-occupied
275,690
275,983
280,777
283,246
291,373
Commercial real estate
Owner-occupied
713,901
704,806
684,405
666,948
643,519
Nonowner-occupied
832,094
819,996
819,363
799,420
801,644
Multi-Family
347,108
377,392
328,154
331,370
321,453
Construction & land development
258,116
215,341
245,423
238,455
246,065
Commercial & industrial
542,480
547,145
541,646
528,873
488,786
Lease financing receivables
21,259
21,572
20,710
20,523
96,605
Aircraft
199,248
202,729
202,388
203,120
202,742
Home equity
436,148
429,812
425,662
413,638
399,691
Consumer:
Credit cards
11,860
11,422
11,659
10,711
10,787
Overdrafts
876
825
802
971
881
Automobile loans
815
645
678
738
813
Other consumer
5,362
5,692
6,151
8,204
9,210
Total Traditional Banking
4,693,952
4,655,509
4,596,291
4,546,297
4,558,306
Warehouse lines of credit
537,585
614,696
629,848
754,090
609,826
Total Core Banking
5,231,537
5,270,205
5,226,139
5,300,387
5,168,132
Republic Processing Group:
Tax Refund Solutions:
Refund Advances
—
—
8,458
12,924
—
Other TRS commercial & industrial loans
309
156
701
19,473
292
Republic Payment Solutions
6,445
—
—
—
—
Republic Credit Solutions
147,858
140,045
131,675
113,545
112,950
Total Republic Processing Group
154,612
140,201
140,834
145,942
113,242
Total Loans - Total Company
$
5,386,149
$
5,410,406
$
5,366,973
$
5,446,329
$
5,281,374
Allowance for Credit Losses on Loans:
Traditional Banking
$
65,430
$
63,806
$
64,041
$
63,662
$
58,479
Warehouse Lending
1,341
1,533
1,571
1,882
1,522
Total Core Banking
66,771
65,339
65,612
65,544
60,001
Tax Refund Solutions
1
1
6,344
333
1
Republic Credit Solutions
26,321
22,427
19,884
19,475
19,863
Total Republic Processing Group
26,322
22,428
26,228
19,808
19,864
Total Allowance - Total Company
$
93,093
$
87,767
$
91,840
$
85,352
$
79,865
Allowance to Total Loans:
Traditional Banking
1.39
%
1.37
%
1.39
%
1.40
%
1.28
Warehouse Lending
0.25
0.25
0.25
0.25
0.25
Total Core Banking
1.28
1.24
1.26
1.24
1.16
Tax Refund Solutions
0.32
0.64
69.27
1.03
0.34
Republic Credit Solutions
17.80
16.01
15.10
17.15
17.59
Total Republic Processing Group
17.02
16.00
18.62
13.57
17.54
Total Company
1.73
1.62
1.71
1.57
1.51
S-7
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
(Dollars in thousands, except per-share amounts, number of employees, and number of banking centers.)
Credit Quality Data and Ratios
As of and for the Three Months Ended
As of and for the Nine Months Ended
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Nonperforming Assets - Total Company:
Loans on nonaccrual status
$
33,010
$
30,645
$
31,784
$
23,806
$
21,572
$
33,010
$
21,572
Loans past due 90-days-or-more and still on accrual
145
83
68
161
137
145
137
Total nonperforming loans
33,155
30,728
31,852
23,967
21,709
33,155
21,709
OREO
1,072
843
896
1,277
1,246
1,072
1,246
Total nonperforming assets
$
34,227
$
31,571
$
32,748
$
25,244
$
22,955
$
34,227
$
22,955
Nonperforming Assets - Core Bank:
Loans on nonaccrual status
$
33,010
$
30,645
$
31,784
$
23,806
$
21,572
$
33,010
$
21,572
Loans past due 90-days-or-more and still on accrual
—
4
—
—
—
—
—
Total nonperforming loans
33,010
30,649
31,784
23,806
21,572
33,010
21,572
OREO
1,072
843
896
1,277
1,246
1,072
1,246
Total nonperforming assets
$
34,082
$
31,492
$
32,680
$
25,083
$
22,818
$
34,082
$
22,818
Delinquent Loans:
Core Bank
$
14,235
$
18,436
$
33,052
$
13,925
$
10,691
$
14,235
$
10,691
RPG
11,594
10,054
9,690
8,938
8,691
11,594
8,691
Total delinquent loans - Total Company
$
25,829
$
28,490
$
42,742
$
22,863
$
19,382
$
25,829
$
19,382
NCOs (Recoveries) by Segment:
Traditional Banking
$
564
$
92
$
326
$
879
$
251
$
982
$
700
Warehouse Lending
—
—
—
—
—
—
—
Core Bank
564
92
326
879
251
982
700
Tax Refund Solutions
(550)
5,297
(669)
(894)
(1,468)
4,078
19,888
Republic Credit Solutions
5,174
3,841
3,635
4,607
5,135
12,650
13,043
RPG
4,624
9,138
2,966
3,713
3,667
16,728
32,931
Total NCOs (recoveries) - Total Company
$
5,188
$
9,230
$
3,292
$
4,592
$
3,918
$
17,710
$
33,631
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans
0.62
%
0.57
%
0.59
%
0.44
%
0.41
%
0.62
%
0.41
%
Nonperforming assets to total loans (including OREO)
0.64
0.58
0.61
0.46
0.43
0.64
0.43
Nonperforming assets to total assets
0.48
0.45
0.45
0.36
0.33
0.48
0.33
Allowance for credit losses to total loans
1.73
1.62
1.71
1.57
1.51
1.73
1.51
Allowance for credit losses to nonperforming loans
281
286
288
356
368
281
368
Delinquent loans to total loans (7)
0.48
0.53
0.80
0.42
0.37
0.48
0.37
Annualized NCOs (recoveries) to average loans
0.38
0.69
0.24
0.34
0.29
0.44
0.84
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans
0.63
%
0.58
%
0.61
%
0.45
%
0.42
%
0.63
%
0.42
%
Nonperforming assets to total loans (including OREO)
0.65
0.60
0.63
0.47
0.44
0.65
0.44
Nonperforming assets to total assets
0.53
0.49
0.49
0.38
0.35
0.53
0.35
Allowance for credit losses to total loans
1.28
1.24
1.26
1.24
1.16
1.28
1.16
Allowance for credit losses to nonperforming loans
202
213
206
275
278
202
278
Delinquent loans to total loans (7)
0.27
0.35
0.63
0.26
0.21
0.27
0.21
Annualized NCOs (recoveries) to average loans
0.04
0.01
0.03
0.07
0.02
0.03
0.02
TRS Refund Advances ("RAs and ERAs")
RAs and ERAs originated
$
—
$
—
$
246,396
$
12,924
$
—
$
246,396
$
662,556
Net (credit) charge to the Provision for RAs and ERAs
(547)
(1,056)
5,318
(598)
(1,454)
3,715
9,947
RAs and ERAs NCOs (recoveries)
(547)
5,227
(669)
(894)
(1,454)
4,011
19,740
S-8
Republic Bancorp, Inc.
Earnings Release
Financial Supplement
Third Quarter 2026 (continued)
Segment Data:
Reportable segments are determined based on the products and services offered and the level of information provided to the chief operating decision maker (“CODM”). The CODM uses this information to review the performance of various components of the business, including banking centers and business units, which are aggregated when their operating performance, products and services, and clients are similar. The Company’s Executive Chair and Chief Executive Officer serves as the Company’s CODM. Income before income tax expense is the measure of segment profit or loss regularly reviewed by the CODM and used to allocate resources and evaluate performance.
As of September 30, 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 each segment’s operations and the primary drivers of net revenues by reportable segment are described 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 consistent with those described in the summary of significant accounting policies. Segment performance is evaluated based on 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 determined.
Transactions among reportable segments are recorded at carrying value. Net interest income is reflected within each applicable business segment based on the underlying financial instruments assigned to that segment and the impact of the Company’s internal funds transfer pricing process applied to each instrument. Funds transfer pricing is allocated from the Traditional Banking segment to each segment based on the assumed terms of the underlying financial instruments within that segment and applicable market interest rates corresponding to those assumed terms.
S-9
Republic Bancorp, Inc.
Earnings Release Financial Supplement
Third Quarter 2026 (continued)
Segment information for the three and nine months ended September 30, 2026, and 2025 follows:
Three Months Ended September 30, 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
$
62,346
$
3,711
$
66,057
$
(256)
$
3,326
$
16,545
$
19,615
$
85,672
Provision for expected credit loss expense
2,188
(192)
1,996
(550)
—
9,068
8,518
10,514
Net refund transfer fees
—
—
—
1,403
—
—
1,403
1,403
Mortgage banking income
1,222
—
1,222
—
—
—
—
1,222
Program fees
—
—
—
—
866
5,047
5,913
5,913
Other noninterest income
9,659
26
9,685
34
4
1
39
9,724
Total noninterest income
10,881
26
10,907
1,437
870
5,048
7,355
18,262
Total noninterest expense
44,968
945
45,913
2,019
1,229
4,626
7,874
53,787
Income before income tax expense
26,071
2,984
29,055
(288)
2,967
7,899
10,578
39,633
Income tax expense
5,549
716
6,265
(79)
648
1,728
2,297
8,562
Net income
$
20,522
$
2,268
$
22,790
$
(209)
$
2,319
$
6,171
$
8,281
$
31,071
Period-end assets
$
5,848,728
$
538,079
$
6,386,807
$
17,497
$
495,552
$
181,929
$
694,978
$
7,081,785
Net interest margin
4.18
%
2.51
%
4.03
%
NM
NM
NM
NM
5.08
%
Net-revenue concentration*
70
%
4
%
74
%
1
%
4
%
21
%
26
%
100
%
Three Months Ended September 30, 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
$
57,424
$
3,805
$
61,229
$
280
$
3,193
$
12,268
$
15,741
$
76,970
Provision for expected credit loss expense
(325)
(154)
(479)
(1,467)
—
3,969
2,502
2,023
Net refund transfer fees
—
—
—
1,117
—
—
1,117
1,117
Mortgage banking income
2,064
—
2,064
—
—
—
—
2,064
Program fees
—
—
—
—
781
4,107
4,888
4,888
Other noninterest income
8,438
21
8,459
38
1
1
40
8,499
Total noninterest income
10,502
21
10,523
1,155
782
4,108
6,045
16,568
Total noninterest expense
46,194
945
47,139
2,348
1,105
3,161
6,614
53,753
Income before income tax expense
22,057
3,035
25,092
554
2,870
9,246
12,670
37,762
Income tax expense
4,591
684
5,275
95
624
2,024
2,743
8,018
Net income
$
17,466
$
2,351
$
19,817
$
459
$
2,246
$
7,222
$
9,927
$
29,744
Period-end assets
$
5,952,561
$
610,155
$
6,562,716
$
22,673
$
310,220
$
119,310
$
452,203
$
7,014,919
Net interest margin
3.89
%
2.62
%
3.78
%
NM
NM
NM
NM
4.65
%
Net-revenue concentration*
72
%
4
%
76
%
2
%
4
%
18
%
24
%
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
Third Quarter 2026 (continued)
Nine Months Ended September 30, 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
$
182,048
$
11,355
$
193,403
$
11,201
$
9,369
$
43,853
$
64,423
$
257,826
Provision for expected credit loss expense
2,750
(541)
2,209
3,746
—
19,496
23,242
25,451
Net refund transfer fees
—
—
—
14,136
—
—
14,136
14,136
Mortgage banking income
4,846
—
4,846
—
—
—
—
4,846
Program fees
—
—
—
—
2,385
13,135
15,520
15,520
Gain on sale of Republic Bank Finance loans/leases
5,845
—
5,845
—
—
—
—
5,845
Other noninterest income
27,207
73
27,280
154
7
2
163
27,443
Total noninterest income
37,898
73
37,971
14,290
2,392
13,137
29,819
67,790
Total noninterest expense
136,234
2,868
139,102
7,384
3,701
12,410
23,495
162,597
Income before income tax expense
80,962
9,101
90,063
14,361
8,060
25,084
47,505
137,568
Income tax expense
18,518
2,184
20,702
3,114
1,759
5,487
10,360
31,062
Net income
$
62,444
$
6,917
$
69,361
$
11,247
$
6,301
$
19,597
$
37,145
$
106,506
Period-end assets
$
5,848,728
$
538,079
$
6,386,807
$
17,497
$
495,552
$
181,929
$
694,978
$
7,081,785
Net interest margin
4.15
%
2.56
%
4.00
%
NM
NM
NM
NM
5.18
%
Net-revenue concentration*
68
%
3
%
71
%
8
%
4
%
17
%
29
%
100
%
Nine Months Ended September 30, 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
$
167,125
$
10,382
$
177,507
$
30,154
$
10,750
$
37,449
$
78,353
$
255,860
Provision for expected credit loss expense
(577)
148
(429)
10,028
—
11,919
21,947
21,518
Net refund transfer fees
—
—
—
17,577
—
—
17,577
17,577
Mortgage banking income
5,781
—
5,781
—
—
—
—
5,781
Program fees
—
—
—
—
2,283
10,878
13,161
13,161
Gain on sale of Visa Class B-1 shares
4,090
—
4,090
—
—
—
—
4,090
Other noninterest income
26,441
64
26,505
248
2
2
252
26,757
Total noninterest income
36,312
64
36,376
17,825
2,285
10,880
30,990
67,366
Total noninterest expense
140,733
2,768
143,501
8,075
3,344
8,674
20,093
163,594
Income before income tax expense
63,281
7,530
70,811
29,876
9,691
27,736
67,303
138,114
Income tax expense
13,247
1,697
14,944
6,494
2,109
6,071
14,674
29,618
Net income
$
50,034
$
5,833
$
55,867
$
23,382
$
7,582
$
21,665
$
52,629
$
108,496
Period-end assets
$
5,952,561
$
610,155
$
6,562,716
$
22,673
$
310,220
$
119,310
$
452,203
$
7,014,919
Net interest margin
3.84
%
2.60
%
3.73
%
NM
NM
NM
NM
5.18
%
Net-revenue concentration*
63
%
3
%
66
%
15
%
4
%
15
%
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
Earnings Release Financial Supplement
Footnotes:
(1) In the ordinary course of business, the Bank originates both mortgage and consumer loans with the intent to sell. Mortgage loans held for sale are primarily originated and sold into the secondary market through the Traditional Banking segment, while consumer loans held for sale are originated and sold through the Republic Credit Solutions segment. Gains on the sale of mortgage loans are recorded as a component of “Mortgage Banking” income. Gains on the sale of Republic Credit Solutions consumer loans are recorded as a component of “Program Fees.”
During the second quarter of 2025, the Traditional Banking segment entered into an agreement to sell its consumer credit card portfolio. As a result, these loans were transferred from held for investment to loans held for sale, and the related gain 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 Republic Bank Finance loans and lease financing receivables. As a result, these loans and lease financing receivables were transferred from held for investment to loans held for sale, and the related gain was recorded as a component of noninterest income during the first quarter of 2026.
As of and for the Three Months Ended
As of and for the Nine Months Ended
(dollars in thousands)
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Mortgage Loans Held for Sale
Balance, beginning of period
$
16,566
$
12,953
$
7,516
$
15,338
$
8,850
$
7,516
$
8,312
Originations
52,046
67,334
47,990
58,417
59,494
167,370
152,515
Proceeds from sales
(59,898)
(65,182)
(44,042)
(67,560)
(54,716)
(169,122)
(150,093)
Net gain on sale
870
1,461
1,489
1,321
1,710
3,820
4,604
Balance, end of period
$
9,584
$
16,566
$
12,953
$
7,516
$
15,338
$
9,584
$
15,338
Consumer Loans Held for Sale
Balance, beginning of period
$
41,431
$
28,829
$
27,995
$
24,868
$
27,952
$
27,995
$
24,075
Originations
428,879
379,542
291,165
277,273
271,718
1,099,586
859,496
Transferred from held for investment to held for sale
—
—
—
—
—
—
4,977
Proceeds from sales
(416,308)
(371,254)
(294,104)
(277,926)
(278,908)
(1,081,666)
(874,886)
Net gain on sale
5,048
4,314
3,773
3,780
4,106
13,135
11,206
Balance, end of period
$
59,050
$
41,431
$
28,829
$
27,995
$
24,868
$
59,050
$
24,868
Other Loans Held for Sale
Balance, beginning of period
$
—
$
—
$
81,839
$
—
$
—
$
81,839
$
—
Transferred from held for investment to held for sale
—
—
—
81,839
—
—
—
Proceeds from sales
—
—
(87,684)
—
—
(87,684)
—
Net gain on sale
—
—
5,845
—
—
5,845
—
Balance, end of period
$
—
$
—
$
—
$
81,839
$
—
$
—
$
—
(2) 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
Nine Months Ended
(in thousands)
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Traditional Banking
$
1,907
$
1,264
$
1,304
$
2,003
$
1,393
$
4,475
$
4,051
Warehouse Lending
360
361
396
362
364
1,117
1,043
Total Core Bank
2,267
1,625
1,700
2,365
1,757
5,592
5,094
Tax Refund Solutions
(393)
77
13,528
288
17
13,212
33,717
Republic Credit Solutions
16,121
14,036
12,441
11,411
12,123
42,598
36,794
Total Republic Processing Group
15,728
14,113
25,969
11,699
12,140
55,810
70,511
Total Loan Fees
$
17,995
$
15,738
$
27,669
$
14,064
$
13,897
$
61,402
$
75,605
S-12
(3) The following table reconciles total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP measure. The Company provides tangible book value per share, a non-GAAP measure, in addition to measures defined by banking regulators, because it is widely used by investors to evaluate capital adequacy.
As of
(dollars in thousands, except per share data)
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Total stockholders' equity - GAAP (a)
$
1,163,865
$
1,156,797
$
1,133,387
$
1,102,293
$
1,084,520
Less: Goodwill
40,516
40,516
40,516
40,516
40,516
Less: Mortgage servicing rights
6,915
6,783
6,693
6,811
6,798
Less: Core deposit intangible
1,253
1,343
1,432
1,535
1,637
Tangible stockholders' equity - Non-GAAP (c)
$
1,115,181
$
1,108,155
$
1,084,746
$
1,053,431
$
1,035,569
Total assets - GAAP (b)
$
7,081,785
$
7,061,829
$
7,253,279
$
7,042,061
$
7,014,919
Less: Goodwill
40,516
40,516
40,516
40,516
40,516
Less: Mortgage servicing rights
6,915
6,783
6,693
6,811
6,798
Less: Core deposit intangible
1,253
1,343
1,432
1,535
1,637
Tangible assets - Non-GAAP (d)
$
7,033,101
$
7,013,187
$
7,204,638
$
6,993,199
$
6,965,968
Total stockholders' equity to total assets - GAAP (a/b)
16.43
%
16.38
%
15.63
%
15.65
%
15.46
%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)
15.86
%
15.80
%
15.06
%
15.06
%
14.87
%
Number of shares outstanding (e)
19,622
19,635
19,615
19,541
19,536
Book value per share - GAAP (a/e)
$
59.31
$
58.92
$
57.78
$
56.41
$
55.51
Tangible book value per share - Non-GAAP (c/e)
56.83
56.44
55.30
53.91
53.01
(4) The efficiency ratio equals total noninterest expense divided by total revenue, which is the sum of net interest income and noninterest income. The adjusted efficiency ratio, a non-GAAP measure, excludes notable infrequent or nonrecurring revenues and expenses related to 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, the early termination penalty on Federal Home Loan Bank advances and core system deconversion and related consulting fees.
Three Months Ended
Nine Months Ended
(dollars in thousands)
Sep. 30, 2026
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Net interest income - GAAP (a)
$
85,672
$
81,702
$
90,452
$
78,810
$
76,970
$
257,826
$
255,860
Noninterest income - GAAP (b)
18,262
19,569
29,959
15,459
16,568
67,790
67,366
Total net revenue - GAAP (c)
$
103,934
$
101,271
$
120,411
$
94,269
$
93,538
$
325,616
$
323,226
Less: Gain on sale of Republic Bank Finance
$
—
$
—
$
5,845
$
—
$
—
5,845
—
Less: Nonrenewal of a large tax provider contract
—
—
—
(280)
580
—
13,584
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)
$
103,934
$
101,271
$
114,566
$
94,549
$
92,958
$
319,771
$
303,653
Noninterest expense - GAAP (d)
$
53,787
$
53,564
$
55,246
$
56,595
$
53,753
$
162,597
$
163,594
Less: Early termination penalty - FHLB advances
—
—
2,316
—
—
2,316
—
Less: Core system deconversion and consulting fees
—
—
—
220
97
—
5,993
Total adjusted noninterest expense - Non-GAAP (f)
$
53,787
$
53,564
$
52,930
$
56,375
$
53,656
$
160,281
$
157,601
Efficiency Ratio - GAAP (d/c)
51.8
%
52.9
%
45.9
%
60.0
%
57.5
%
49.9
%
50.6
%
Adjusted Efficiency Ratio - Non-GAAP (f/e)
51.8
%
52.9
%
46.2
%
59.6
%
57.7
%
50.1
%
51.9
%
S-13
(5) The cost of average deposits ratio equals annualized total interest expense on deposits divided by the sum of total average interest-bearing deposits and 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 the loan class, delinquency is determined based on either the number of days or the number of payments past due.
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-14
GRAPHIC
GRAPHIC
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v3.26.3
Document and Entity Information
Oct. 23, 2026
Document and Entity Information [Abstract]
Document Type
8-K
Document Period End Date
Oct. 23, 2026
Entity Registrant Name
REPUBLIC BANCORP, INC.
Entity Incorporation, State or Country Code
KY
Entity File Number
0-24649
Entity Tax Identification Number
61-0862051
Entity Address, Address Line One
601 West Market Street
Entity Address, City or Town
Louisville
Entity Address, State or Province
KY
Entity Address, Postal Zip Code
40202
City Area Code
502
Local Phone Number
584-3600
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RBCAA
Security Exchange Name
NASDAQ
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