REPUBLIC BANCORP INC /KY/

For the period ended Apr 24, 2025. Filed Apr 24, 2025.

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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.

Apr 24, 2025 · Filed Apr 24, 2025

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

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EX-99.2 · FOOTNOTES

Footnotes:

(1)	The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company’s loan fees by segment:



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

Traditional Banking	$1,291	$1,161	$1,518	$1,281	$1,366	$1,291	$1,366
Warehouse Lending	310	308	392	322	263	310	263
Total Core Bank	1,601	1,469	1,910	1,603	1,629	1,601	1,629
TRS	33,675	2,605	42	756	35,871	33,675	35,871
RCS	12,237	12,569	12,935	11,272	11,372	12,237	11,372
Total RPG	45,912	15,174	12,977	12,028	47,243	45,912	47,243

Total loan fees - Total Company	$47,513	$16,643	$14,887	$13,631	$48,872	$47,513	$48,872

(2)	Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans and investment securities. Provision expense for off-balance sheet credit exposures is a component of “Other” noninterest expense.

(3)

In the ordinary course of business, the Bank originates mortgage loans with the intent to sell and consumer loans. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Bank’s Traditional Banking segment, while consumer loans originated with the intent to sell are originated and sold through the RCS segment. During the first quarter of 2025, the Bank’s Traditional Banking segment entered into an agreement to sell $5.0 million of consumer credit cards. As a result, these loans were transferred from held for investment to held for sale. Gains on sale of mortgage loans are recorded as a component of Mortgage Banking income. In the ordinary course of business, gains on sale of consumer loans are recorded as a component of Program Fees through the RCS segment but any future gains or losses on the sale of the $5.0 million of consumer credit cards will be recorded as a component of Other noninterest income through the Bank’s Traditional Banking segment.



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

Mortgage Loans Held for Sale · · · · · · · · · · · · · · · · · · ·

Balance, beginning of period	$8,312	$8,526	$9,703	$80,884	$3,227	$8,312	$3,227
Originations	41,233	50,065	57,142	52,706	27,046	41,233	27,046
Transferred from held for investment to held for sale	—	—	—	(1,291)	69,464	—	69,464
Proceeds from sales	(41,816)	(51,724)	(59,732)	(123,693)	(18,773)	(41,816)	(18,773)
Fair value adjustment for correspondent loans reclassified to held for sale	—	—	—	—	(997)	—	(997)
Net gain on sale	1,411	1,445	1,413	1,097	917	1,411	917
Balance, end of period	$9,140	$8,312	$8,526	$9,703	$80,884	$9,140	$80,884

Consumer Loans Held for Sale

Balance, beginning of period	$24,075	$25,881	$32,201	$19,176	$24,008	$24,075	$24,008
Originations	266,651	290,881	350,413	402,141	188,347	266,651	188,347
Transferred from held for investment to held for sale	4,977	—	—	—	—	4,977	—
Proceeds from sales	(266,633)	(296,163)	(360,910)	(392,755)	(196,584)	(266,633)	(196,584)
Net gain on sale	3,055	3,476	4,177	3,639	3,405	3,055	3,405
Balance, end of period	$32,125	$24,075	$25,881	$32,201	$19,176	$32,125	$19,176

(4)

The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors as a means to evaluate capital adequacy.


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

Total stockholders' equity - GAAP (a)	$1,034,089	$992,029	$979,705	$955,423	$935,583
Less: Goodwill	40,516	40,516	40,516	40,516	40,516
Less: Mortgage servicing rights	6,875	6,975	7,052	7,030	7,102
Less: Core deposit intangible	1,841	1,957	2,072	2,187	2,302
Tangible stockholders' equity - Non-GAAP (c)	$984,857	$942,581	$930,065	$905,690	$885,663

Total assets - GAAP (b)	$7,075,555	$6,846,667	$6,692,470	$6,616,574	$6,875,592
Less: Goodwill	40,516	40,516	40,516	40,516	40,516
Less: Mortgage servicing rights	6,875	6,975	7,052	7,030	7,102
Less: Core deposit intangible	1,841	1,957	2,072	2,187	2,302
Tangible assets - Non-GAAP (d)	$7,026,323	$6,797,219	$6,642,830	$6,566,841	$6,825,672

Total stockholders' equity to total assets - GAAP (a/b)	14.61%	14.49%	14.64%	14.44%	13.61%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)	14.02%	13.87%	14.00%	13.79%	12.98%

Number of shares outstanding (e)	19,518	19,448	19,443	19,425	19,411

Book value per share - GAAP (a/e)	$52.98	$51.01	$50.39	$49.19	$48.20
Tangible book value per share - Non-GAAP (c/e)	50.46	48.47	47.84	46.62	45.63

(5)

The efficiency ratio equals total noninterest expense divided by the sum of net interest income and noninterest income. The adjusted efficiency ratio, a non-GAAP measure with no GAAP comparable, excludes material nonrecurring revenues and expenses related to the CBank merger, the gain on the sale of Visa Class B-1 shares, the expenses related to the Bank’s planned core system conversion, as well as insurance proceeds related to a previous charge-off from the third quarter of 2024.



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

Net interest income - GAAP (a)	$102,688	$75,394	$71,305	$68,536	$96,919	$102,688	$96,919
Noninterest income - GAAP (b)	33,154	14,118	16,813	18,346	23,373	33,154	23,373
Total net revenue - GAAP (c)	$135,842	$89,512	$88,118	$86,882	$120,292	$135,842	$120,292
Less: Gain on sale of Visa Class B-1 shares	4,090	—	—	—	—	4,090	—
Less: Insurance proceeds	1,571	—	—	—	—	1,571	—
Total adjusted income - Non-GAAP (e)	$130,181	$89,512	$88,118	$86,882	$120,292	$130,181	$120,292


Noninterest expense - GAAP (d)	$58,208	$53,511	$48,609	$49,634	$50,971	$58,208	$50,971
Less: Expenses related to CBank acquisition	—	—	—	—	41	—	41
Less: Core conversion & contract consulting fees	5,714	—	—	—	—	5,714	—
Adjusted noninterest expense - Non-GAAP (f)	$52,494	$53,511	$48,609	$49,634	$50,930	$52,494	$50,930

Efficiency Ratio - GAAP-derived (d/c)	42.8%	59.8%	55.2%	57.1%	42.4%	42.8%	42.4%
Adjusted Efficiency Ratio - Non-GAAP (f/e)	40.3%	59.8%	55.2%	57.1%	42.3%	40.3%	42.3%

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

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

(8)

Quarter (“Q”) to Quarter changes compare the most recent quarter or quarter end to the same quarter or quarter end of a year prior. Year-to-date changes compare the most recent period or period end to the same period or period end of a year prior. Year-to-date changes are expressed as either 3M to 3M (three months), 6M to 6M (six months), 9M to 9M (nine months), or 12M to 12M (twelve months).

(9)

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 the number of days or the number of payments past due. Delinquent loans as of March 31, 2025, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

NM – Not meaningful

NA – Not applicable

YTD – Year to date

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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