REPUBLIC BANCORP INC KY

For the period ended Oct 17, 2025. Filed Oct 17, 2025.

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Oct 17, 2025 · Filed Oct 17, 2025

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RBCAA$90.91-0.2%Stored close · as of Nov 6, 2026

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Contents

EX-99.2 · 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.

As of September 30, 2025, 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 Company’s Executive Chair and Chief Executive Officer serve as the Company’s CODM. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM regularly reviews and uses to allocate resources and assess performance.

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 primarily via its network of banking centers 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 United States.	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 in the Company’s most recent Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

Segment information for the quarters and nine months ended September 30, 2025, and 2024 follows:


· · 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	4.06%	NM	NM	4.65%

Net-revenue concentration*	72%	4%	76%	2%	4%	18%	24%	100%


· · Three Months Ended September 30, 2024
· · Core Banking · · · Republic Processing Group · · · · ·
			Total	Tax	Republic	Republic
	Traditional	Warehouse	Core	Refund	Payment	Credit	Total	Total
(dollars in thousands)	Banking	Lending	Banking	Solutions	Solutions	Solutions	RPG	Company

Net interest income	$51,023	$3,580	$54,603	$440	$2,783	$13,479	$16,702	$71,305

Provision for expected credit loss expense	1,489	116	1,605	(2,310)	—	6,365	4,055	5,660

Net refund transfer fees	—	—	—	582	—	—	582	582
Mortgage banking income	2,062	—	2,062	—	—	—	—	2,062
Program fees	—	—	—	—	786	4,176	4,962	4,962
Other noninterest income	9,016	16	9,032	27	147	1	175	9,207
Total noninterest income	11,078	16	11,094	609	933	4,177	5,719	16,813

Total noninterest expense	41,266	889	42,155	2,251	947	3,256	6,454	48,609

Income before income tax expense	19,346	2,591	21,937	1,108	2,769	8,035	11,912	33,849
Income tax expense	4,189	584	4,773	189	595	1,749	2,533	7,306

Net income	$15,157	$2,007	$17,164	$919	$2,174	$6,286	$9,379	$26,543

Period-end assets	$5,559,357	$595,624	$6,154,981	$26,503	$367,857	$143,129	$537,489	$6,692,470

Net interest margin	3.61%	2.70%	3.53%	NM	4.91%	NM	NM	4.49%

Net-revenue concentration*	71%	4%	75%	1%	4%	20%	25%	100%

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


· · 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	4.31%	NM	NM	5.18%

Net-revenue concentration*	63%	3%	66%	15%	4%	15%	34%	100%


· · Nine Months Ended September 30, 2024
· · Core Banking · · · Republic Processing Group · · · · ·
			Total	Tax	Republic	Republic
	Traditional	Warehouse	Core	Refund	Payment	Credit	Total	Total
(dollars in thousands)	Banking	Lending	Banking	Solutions	Solutions	Solutions	RPG	Company

Net interest income	$149,197	$8,751	$157,948	$32,173	$9,221	$37,418	$78,812	$236,760

Provision for expected credit loss expense	2,762	639	3,401	22,282	—	15,742	38,024	41,425

Net refund transfer fees	—	—	—	15,213	—	—	15,213	15,213
Mortgage banking income	3,984	—	3,984	—	—	—	—	3,984
Program fees	—	—	—	—	2,319	11,220	13,539	13,539
Other noninterest income	25,437	42	25,479	165	149	3	317	25,796
Total noninterest income	29,421	42	29,463	15,378	2,468	11,223	29,069	58,532

Total noninterest expense	124,372	2,694	127,066	8,787	2,919	10,442	22,148	149,214

Income before income tax expense	51,484	5,460	56,944	16,482	8,770	22,457	47,709	104,653
Income tax expense	10,417	1,231	11,648	3,699	1,930	5,021	10,650	22,298

Net income	$41,067	$4,229	$45,296	$12,783	$6,840	$17,436	$37,059	$82,355

Period-end assets	$5,559,357	$595,624	$6,154,981	$26,503	$367,857	$143,129	$537,489	$6,692,470

Net interest margin	3.49%	2.64%	3.43%	NM	5.01%	NM	NM	4.92%

Net-revenue concentration*	61%	3%	64%	16%	4%	16%	36%	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.*

Footnotes:

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