REPUBLIC BANCORP INC KY

For the period ended Apr 25, 2024. Filed Apr 25, 2024.

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Apr 25, 2024 · Filed Apr 25, 2024

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

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EX-99.2 · SEGMENT DATA

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, 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 March 31, 2024, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), 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.

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.	Loans, investments, and deposits

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the United States.	Mortgage warehouse lines of credit

Republic Processing Group:

Tax Refund Solutions	TRS 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.	Loans and refund transfers

Republic Payment Solutions	RPS offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	Prepaid cards

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.	Unsecured, consumer loans

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 2023 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 years ended March 31, 2024 and 2023 follows:


· · Three Months Ended March 31, 2024 ·
· · Core Banking · · · Republic Processing Group · · · · ·
			Total	Tax	Republic	Republic
	Traditional	Warehouse	Core	Refund	Payment	Credit	Total	Total
(dollars in thousands)	Banking	Lending	Banking	Solutions	Solutions	Solutions	RPG	Company

Net interest income	$48,259	$2,257	$50,516	$30,910	$3,508	$11,985	$46,403	$96,919

Provision for expected credit loss expense	358	309	667	25,774	—	4,181	29,955	30,622

Net refund transfer fees	—	—	—	10,820	—	—	10,820	10,820
Mortgage banking income	310	—	310	—	—	—	—	310
Program fees	—	—	—	—	773	3,406	4,179	4,179
Other noninterest income	7,986	13	7,999	63	1	1	65	8,064
Total noninterest income	8,296	13	8,309	10,883	774	3,407	15,064	23,373

Total noninterest expense	41,394	878	42,272	4,512	954	3,233	8,699	50,971

Income (loss) before income tax expense	14,803	1,083	15,886	11,507	3,328	7,978	22,813	38,699
Income tax expense (benefit)	2,520	244	2,764	2,714	761	1,854	5,329	8,093

Net income (loss)	$12,283	$839	$13,122	$8,793	$2,567	$6,124	$17,484	$30,606

Period-end assets	$5,766,166	$463,664	$6,229,830	$106,401	$406,847	$132,514	$645,762	$6,875,592

Net interest margin	3.33%	2.67%	3.30%	NM	5.07%	NM	NM	5.87%

Net-revenue concentration*	46%	2%	48%	35%	4%	13%	52%	100%


· · Three Months Ended March 31, 2023 ·
· · 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	$50,168	$2,087	$52,255	$28,307	$3,458	$8,622	$40,387	$92,642

Provision for expected credit loss expense	2,984	135	3,119	21,808	—	1,839	23,647	26,766

Net refund transfer fees	—	—	—	10,807	—	—	10,807	10,807
Mortgage banking income	800	—	800	—	—	—	—	800
Program fees	—	—	—	—	707	2,534	3,241	3,241
Other noninterest income	7,671	11	7,682	115	11	25	151	7,833
Total noninterest income	8,471	11	8,482	10,922	718	2,559	14,199	22,681

Total noninterest expense	43,406	968	44,374	4,782	866	2,421	8,069	52,443

Income before income tax expense	12,249	995	13,244	12,639	3,310	6,921	22,870	36,114
Income tax expense	2,713	223	2,936	2,806	735	1,545	5,086	8,022

Net income	$9,536	$772	$10,308	$9,833	$2,575	$5,376	$17,784	$28,092

Period-end assets	$4,987,423	$458,675	$5,446,098	$95,462	$415,688	$116,843	$627,993	$6,074,091

Net interest margin	4.07%	2.53%	3.98%	NM	3.84%	NM	NM	6.52%

Net-revenue concentration*	50%	2%	52%	34%	4%	10%	48%	100%

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