Exhibit 99.2

EARNINGS RELEASE FINANCIAL SUPPLEMENT

FIRST QUARTER 2021

TABLE OF CONTENTS

YEAR TO YEAR COMPARISON	S-2
Balance Sheet Data	S-2
Average Balance Sheet Data	S-2
Income Statement Data	S-3
Selected Data and Ratios	S-4
Credit Quality Data and Ratios	S-5
QUARTERLY COMPARISON	S-6
Balance Sheet Data	S-6
Average Balance Sheet Data	S-6
Income Statement Data	S-7
Selected Data and Ratios	S-8
Credit Quality Data and Ratios	S-9
SEGMENT DATA	S-10
Quarter to Date Income Statement by Segment	S-11
FOOTNOTES	S-12

S-1

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021

(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
	Mar. 31, 2021			Dec. 31, 2020			Mar. 31, 2020
Assets:
Cash and cash equivalents	$	984,857		$	485,587		$	316,263
Investment securities, net of allowance for credit losses		532,443			580,270			608,330
Loans held for sale		79,307			51,643			54,904
Loans		4,666,593			4,813,103			4,515,599
Allowance for credit losses		(82,682	)		(61,067	)		(70,431	)
Loans, net		4,583,911			4,752,036			4,445,168
Federal Home Loan Bank stock, at cost		13,153			17,397			38,900
Premises and equipment, net		38,324			39,512			44,215
Right-of-use assets		41,911			43,345			34,349
Goodwill		16,300			16,300			16,300
Other real estate owned ("OREO")		2,015			2,499			85
Bank owned life insurance ("BOLI")		68,408			68,018			66,822
Other assets and accrued interest receivable		109,482			111,718			96,697
Total assets	$	6,470,111		$	6,168,325		$	5,722,033
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	2,276,348		$	1,890,416		$	1,300,891
Interest-bearing		2,995,144			2,842,765			2,770,566
Total deposits		5,271,492			4,733,181			4,071,457
Securities sold under agreements to repurchase and other short-term borrowings		175,580			211,026			126,080
Operating lease liabilities		42,854			44,340			35,537
Federal Home Loan Bank advances		25,000			235,000			572,500
Subordinated note		41,240			41,240			41,240
Other liabilities and accrued interest payable		81,841			80,215			91,173
Total liabilities		5,638,007			5,345,002			4,937,987
Stockholders' equity		832,104			823,323			784,046
Total liabilities and stockholders' equity	$	6,470,111		$	6,168,325		$	5,722,033

Average Balance Sheet Data
	Three Months Ended Mar. 31,
	2021		2020
Assets:
Federal funds sold and other interest-earning deposits	$	510,433	$	207,335
Investment securities, including FHLB stock		563,985		519,726
Loans, including loans held for sale		4,745,656		4,493,137
Total interest-earning assets		5,820,074		5,220,198
Total assets		6,302,294		5,626,946
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	2,146,036	$	1,249,025
Interest-bearing deposits		2,909,017		2,855,332
Securities sold under agreements to
repurchase and other short-term borrowings		192,669		208,969
Federal Home Loan Bank advances		43,167		371,319
Subordinated note		41,240		41,240
Total interest-bearing liabilities		3,186,093		3,476,860
Stockholders' equity		836,212		778,900

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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,
	2021			2020
Total interest income (1)	$	69,557		$	81,159
Total interest expense		1,777			8,421
Net interest income		67,780			72,738
Provision for expected credit loss expense		22,608			22,760
Noninterest income:
Service charges on deposit accounts		2,873			3,136
Net refund transfer fees		12,721			15,823
Mortgage banking income		7,193			4,795
Interchange fee income		3,027			2,552
Program fees		2,225			2,624
Increase in cash surrender value of BOLI		390			389
Net gains (losses) on OREO		(11	)		3
Other		619			1,247
Total noninterest income		29,037			30,569
Noninterest expense:
Salaries and employee benefits		29,337			26,622
Technology, equipment, and communication		7,043			6,870
Occupancy		3,559			3,217
Marketing and development		773			833
FDIC insurance expense		446			—
Bank franchise tax expense		328			2,506
Interchange related expense		1,144			1,076
Other real estate owned and other repossession expense		(34	)		18
Legal and professional fees		1,214			1,237
Other		4,001			4,590
Total noninterest expense		47,811			46,969
Income before income tax expense		26,398			33,578
Income tax expense		5,965			6,881
Net income	$	20,433		$	26,697

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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
	Three Months Ended Mar. 31,
	2021			2020
Per Share Data:
Basic weighted average shares outstanding		20,997			21,035
Diluted weighted average shares outstanding		21,062			21,094
Period-end shares outstanding:
Class A Common Stock		18,628			18,687
Class B Common Stock		2,198			2,200
Book value per share (2)	$	39.96		$	37.54
Tangible book value per share (2)		38.80			36.45
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.99		$	1.29
Basic EPS - Class B Common Stock		0.90			1.17
Diluted EPS - Class A Common Stock		0.98			1.28
Diluted EPS - Class B Common Stock		0.89			1.16
Cash dividends declared per Common share:
Class A Common Stock	$	0.308		$	0.286
Class B Common Stock		0.280			0.260
Performance Ratios:
Return on average assets		1.30	%		1.90	%
Return on average equity		9.77			13.71
Efficiency ratio (3)		49			45
Yield on average interest-earning assets (1)		4.78			6.22
Cost of average interest-bearing liabilities		0.22			0.97
Cost of average deposits (4)		0.12			0.61
Net interest spread (1)		4.56			5.25
Net interest margin - Total Company (1)		4.66			5.57
Net interest margin - Core Bank (5)		3.46			3.65
Other Information:
End of period FTEs (6) - Total Company		1,086			1,077
End of period FTEs - Core Bank		990			994
Number of full-service banking centers		42			42

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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,
	2021			2020
Credit Quality Asset Balances:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	22,004		$	20,358
Loans past due 90-days-or-more and still on accrual		517			495
Total nonperforming loans		22,521			20,853
OREO		2,015			85
Total nonperforming assets	$	24,536		$	20,938
Nonperforming Assets - Core Bank (5):
Loans on nonaccrual status	$	22,004		$	20,358
Loans past due 90-days-or-more and still on accrual		—			—
Total nonperforming loans		22,004			20,358
OREO		2,015			85
Total nonperforming assets	$	24,019		$	20,443
Delinquent loans:
Delinquent loans - Core Bank	$	8,560		$	11,863
Delinquent loans - RPG (7) (9)		6,426			30,764
Total delinquent loans - Total Company	$	14,986		$	42,627
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.48	%		0.46	%
Nonperforming assets to total loans (including OREO)		0.53			0.46
Nonperforming assets to total assets		0.38			0.37
Allowance for credit losses to total loans		1.77			1.56
Allowance for credit losses to nonperforming loans		367			338
Delinquent loans to total loans (8) (9)		0.32			0.94
Net charge-offs to average loans (annualized)		0.09			0.19
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.49	%		0.46	%
Nonperforming assets to total loans (including OREO)		0.53			0.47
Nonperforming assets to total assets		0.42			0.38
Allowance for credit losses to total loans		1.14			0.97
Allowance for credit losses to nonperforming loans		234			210
Delinquent loans to total loans		0.19			0.27
Net charge-offs (recoveries) to average loans (annualized)		0.03			(0.03	)

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (continued)

 (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
	Quarterly Comparison
	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Assets:
Cash and cash equivalents	$	984,857		$	485,587		$	342,028		$	560,195		$	316,263
Investment securities, net of allowance for credit losses		532,443			580,270			607,556			545,607			608,330
Loans held for sale		79,307			51,643			56,752			52,992			54,904
Loans		4,666,593			4,813,103			4,994,374			5,065,092			4,515,599
Allowance for credit losses		(82,682	)		(61,067	)		(59,891	)		(55,097	)		(70,431	)
Loans, net		4,583,911			4,752,036			4,934,483			5,009,995			4,445,168
Federal Home Loan Bank stock, at cost		13,153			17,397			19,634			25,629			38,900
Premises and equipment, net		38,324			39,512			40,946			42,753			44,215
Right-of-use assets		41,911			43,345			43,643			34,450			34,349
Goodwill		16,300			16,300			16,300			16,300			16,300
Other real estate owned		2,015			2,499			2,056			2,194			85
Bank owned life insurance		68,408			68,018			67,617			67,217			66,822
Other assets and accrued interest receivable		109,482			111,718			109,431			103,243			96,697
Total assets	$	6,470,111		$	6,168,325		$	6,240,446		$	6,460,575		$	5,722,033
Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	2,276,348		$	1,890,416		$	1,876,418		$	1,821,400		$	1,300,891
Interest-bearing		2,995,144			2,842,765			3,115,911			3,196,685			2,770,566
Total deposits		5,271,492			4,733,181			4,992,329			5,018,085			4,071,457
Securities sold under agreements to
repurchase and other short-term borrowings		175,580			211,026			126,172			177,397			126,080
Operating lease liabilities		42,854			44,340			44,710			35,571			35,537
Federal Reserve Paycheck Protection Program Liquidity Facility		—			—			—			169,209			—
Federal Home Loan Bank advances		25,000			235,000			132,500			137,500			572,500
Subordinated note		41,240			41,240			41,240			41,240			41,240
Other liabilities and accrued interest payable		81,841			80,215			93,133			85,954			91,173
Total liabilities		5,638,007			5,345,002			5,430,084			5,664,956			4,937,987
Stockholders' equity		832,104			823,323			810,362			795,619			784,046
Total liabilities and stockholders' equity	$	6,470,111		$	6,168,325		$	6,240,446		$	6,460,575		$	5,722,033

Average Balance Sheet Data
	Quarterly Comparison
	Mar. 31, 2021		Dec. 31, 2020		Sep. 30, 2020		Jun. 30, 2020		Mar. 31, 2020
Assets:
Federal funds sold and other interest-earning deposits	$	510,433	$	311,584	$	313,281	$	299,760	$	207,335
Investment securities, including FHLB stock		563,985		610,287		600,943		605,776		519,726
Loans, including loans held for sale		4,745,656		4,916,968		4,907,106		4,867,622		4,493,137
Total interest-earning assets		5,820,074		5,838,839		5,821,330		5,773,158		5,220,198
Total assets		6,302,294		6,170,766		6,152,043		6,094,421		5,626,946
Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	2,146,036	$	1,892,259	$	1,846,552	$	1,697,603	$	1,249,025
Interest-bearing deposits		2,909,017		2,977,579		2,939,063		2,880,988		2,855,332
Securities sold under agreements to
repurchase and other short-term borrowings		192,669		220,406		213,010		176,541		208,969
Federal Reserve Paycheck Protection Program Liquidity Facility		—		—		53,338		122,769		—
Federal Home Loan Bank advances		43,167		88,533		126,250		263,296		371,319
Subordinated note		41,240		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		3,186,093		3,327,758		3,372,901		3,484,834		3,476,860
Stockholders' equity		836,212		823,109		811,351		797,227		778,900

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020		Mar. 31, 2020
Total interest income (1)	$	69,557		$	57,970		$	56,038		$	57,091	$	81,159
Total interest expense		1,777			2,850			3,786			4,886		8,421
Net interest income		67,780			55,120			52,252			52,205		72,738
Provision for expected credit loss expense		22,608			484			1,500			6,534		22,760
Noninterest income:
Service charges on deposit accounts		2,873			3,011			3,017			2,451		3,136
Net refund transfer fees		12,721			409			1,152			2,913		15,823
Mortgage banking income		7,193			7,879			10,775			8,398		4,795
Interchange fee income		3,027			2,917			2,911			2,808		2,552
Program fees		2,225			1,846			1,487			1,138		2,624
Increase in cash surrender value of BOLI		390			401			400			395		389
Net gains (losses) on OREO		(11	)		(30	)		(14	)		1		3
Other		619			703			869			647		1,247
Total noninterest income		29,037			17,136			20,597			18,751		30,569
Noninterest expense:
Salaries and employee benefits		29,337			26,553			26,667			26,324		26,622
Technology, equipment, and communication		7,043			7,701			7,533			7,024		6,870
Occupancy		3,559			3,546			3,367			3,308		3,217
Marketing and development		773			1,261			919			1,018		833
FDIC insurance expense		446			366			345			299		—
Bank franchise tax expense		328			975			974			914		2,506
Interchange related expense		1,144			998			1,056			1,173		1,076
Other real estate owned and other repossession expense		(34	)		1			6			21		18
Legal and professional fees		1,214			734			1,248			1,025		1,237
FHLB advance prepayment penalties		—			2,108			—			—		—
Other		4,001			3,897			3,408			3,719		4,590
Total noninterest expense		47,811			48,140			45,523			44,825		46,969
Income before income tax expense		26,398			23,632			25,826			19,597		33,578
Income tax expense		5,965			3,276			5,437			3,793		6,881
Net income	$	20,433		$	20,356		$	20,389		$	15,804	$	26,697

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Per Share Data:
Basic weighted average shares outstanding		20,997			21,037			21,026			21,004			21,035
Diluted weighted average shares outstanding		21,062			21,072			21,046			21,029			21,094
Period-end shares outstanding:
Class A Common Stock		18,628			18,697			18,715			18,708			18,687
Class B Common Stock		2,198			2,199			2,200			2,200			2,200
Book value per share (2)	$	39.96		$	39.40		$	38.75		$	38.05		$	37.54
Tangible book value per share (2)		38.80			38.27			37.63			36.93			36.45
Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.99		$	0.98		$	0.98		$	0.77		$	1.29
Basic EPS - Class B Common Stock		0.90			0.89			0.89			0.69			1.17
Diluted EPS - Class A Common Stock		0.98			0.98			0.98			0.76			1.28
Diluted EPS - Class B Common Stock		0.89			0.89			0.89			0.69			1.16
Cash dividends declared per Common share:
Class A Common Stock	$	0.308		$	0.286		$	0.286		$	0.286		$	0.286
Class B Common Stock		0.280			0.260			0.260			0.260			0.260
Performance Ratios:
Return on average assets		1.30	%		1.32	%		1.33	%		1.04	%		1.90	%
Return on average equity		9.77			9.89			10.05			7.93			13.71
Efficiency ratio (3)		49			67			62			63			45
Yield on average interest-earning assets (1)		4.78			3.97			3.85			3.96			6.22
Cost of average interest-bearing liabilities		0.22			0.34			0.45			0.56			0.97
Cost of average deposits (4)		0.12			0.19			0.24			0.32			0.61
Net interest spread (1)		4.56			3.63			3.40			3.40			5.25
Net interest margin - Total Company (1)		4.66			3.78			3.59			3.62			5.57
Net interest margin - Core Bank (5)		3.46			3.48			3.25			3.23			3.65
Other Information:
End of period FTEs (6) - Total Company		1,086			1,094			1,085			1,094			1,077
End of period FTEs - Core Bank		990			997			993			1,001			994
Number of full-service banking centers		42			42			42			42			42

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Credit Quality Asset Balances:
Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	22,004		$	23,548		$	20,910		$	19,884		$	20,358
Loans past due 90-days-or-more and still on accrual		517			47			175			535			495
Total nonperforming loans		22,521			23,595			21,085			20,419			20,853
OREO		2,015			2,499			2,056			2,194			85
Total nonperforming assets	$	24,536		$	26,094		$	23,141		$	22,613		$	20,938
Nonperforming Assets - Core Bank (5):
Loans on nonaccrual status	$	22,004		$	23,548		$	20,910		$	19,884		$	20,358
Loans past due 90-days-or-more and still on accrual		—			5			—			—			—
Total nonperforming loans		22,004			23,553			20,910			19,884			20,358
OREO		2,015			2,499			2,056			2,194			85
Total nonperforming assets	$	24,019		$	26,052		$	22,966		$	22,078		$	20,443
Delinquent Loans:
Delinquent loans - Core Bank	$	8,560		$	9,713		$	11,069		$	7,861		$	11,863
Delinquent loans - RPG (7) (9)		6,426			10,234			5,984			6,185			30,764
Total delinquent loans - Total Company	$	14,986		$	19,947		$	17,053		$	14,046		$	42,627
Credit Quality Ratios - Total Company:
Nonperforming loans to total loans		0.48	%		0.49	%		0.42	%		0.40	%		0.46	%
Nonperforming assets to total loans (including OREO)		0.53			0.54			0.46			0.45			0.46
Nonperforming assets to total assets		0.38			0.42			0.37			0.35			0.37
Allowance for credit losses to total loans		1.77			1.27			1.20			1.09			1.56
Allowance for credit losses to nonperforming loans		367			259			284			270			338
Delinquent loans to total loans (8) (9)		0.32			0.41			0.34			0.28			0.94
Net charge-offs (recoveries) to average loans (annualized)		0.09			(0.04	)		(0.27	)		1.80			0.19
Credit Quality Ratios - Core Bank:
Nonperforming loans to total loans		0.49	%		0.50	%		0.43	%		0.40	%		0.46	%
Nonperforming assets to total loans (including OREO)		0.53			0.56			0.47			0.44			0.47
Nonperforming assets to total assets		0.42			0.45			0.39			0.36			0.38
Allowance for credit losses to total loans		1.14			1.11			1.05			0.92			0.97
Allowance for credit losses to nonperforming loans		234			221			245			230			210
Delinquent loans to total loans		0.19			0.21			0.23			0.16			0.27
Net charge-offs (recoveries) to average loans (annualized)		0.03			0.07			0.03			0.04			(0.03	)

S-9

Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (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, 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, 2021, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending (“Warehouse”), Mortgage Banking, Tax Refund Solutions (“TRS”), and Republic Credit Solutions (“RCS”). Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two 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.
Mortgage Banking	Primarily originates, sells and services long-term, single-family, first-lien residential real estate loans primarily to clients in the Bank's market footprint.	Loan sales and servicing.
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. The RPS division of TRS offers general-purpose reloadable cards. TRS and RPS products are primarily provided to clients outside of the Bank’s market footprint.	Loans, refund transfers, and 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 2020 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.

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Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (continued)

Segment information for the quarters ended March 31, 2021 and 2020 follows:

	Three Months Ended March 31, 2021
	Core Banking												Republic Processing Group ("RPG")
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	41,102		$	6,772		$	409		$	48,283		$	14,676		$	4,821		$	19,497		$	67,780
Provision for expected credit loss expense		(5	)		(242	)		—			(247	)		23,230			(375	)		22,855			22,608
Net refund transfer fees		—			—			—			—			12,721			—			12,721			12,721
Mortgage banking income		—			—			7,193			7,193			—			—			—			7,193
Program fees		—			—			—			—			896			1,329			2,225			2,225
Other noninterest income		6,784			14			28			6,826			72			—			72			6,898
Total noninterest income		6,784			14			7,221			14,019			13,689			1,329			15,018			29,037
Total noninterest expense		37,328			1,028			3,121			41,477			5,302			1,032			6,334			47,811
Income (loss) before income tax expense		10,563			6,000			4,509			21,072			(167	)		5,493			5,326			26,398
Income tax expense (benefit)		2,239			1,434			992			4,665			(70	)		1,370			1,300			5,965
Net income (loss)	$	8,324		$	4,566		$	3,517		$	16,407		$	(97	)	$	4,123		$	4,026		$	20,433
Period-end assets	$	4,783,411		$	865,655		$	78,760		$	5,727,826		$	625,690		$	116,595		$	742,285		$	6,470,111
Net interest margin		3.47	%		3.43	%	NM				3.46	%	NM			NM			NM				4.66	%
Net-revenue concentration*		50	%		7	%		8	%		65	%		29	%		6	%		35	%		100	%

	Three Months Ended March 31, 2020
	Core Banking												Republic Processing Group ("RPG")
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	40,620		$	4,307		$	214		$	45,141		$	20,525		$	7,072		$	27,597		$	72,738
Provision for expected credit loss expense		5,589			332			—			5,921			15,133			1,706			16,839			22,760
Net refund transfer fees		—			—			—			—			15,823			—			15,823			15,823
Mortgage banking income		—			—			4,795			4,795			—			—			—			4,795
Program fees		—			—			—			—			312			2,312			2,624			2,624
Other noninterest income		7,235			11			24			7,270			57			—			57			7,327
Total noninterest income		7,235			11			4,819			12,065			16,192			2,312			18,504			30,569
Total noninterest expense		36,647			803			1,996			39,446			6,629			894			7,523			46,969
Income before income tax expense		5,619			3,183			3,037			11,839			14,955			6,784			21,739			33,578
Income tax expense		460			716			638			1,814			3,497			1,570			5,067			6,881
Net income	$	5,159		$	2,467		$	2,399		$	10,025		$	11,458		$	5,214		$	16,672		$	26,697
Period-end assets	$	4,471,235		$	851,405		$	53,298		$	5,375,938		$	240,898		$	105,197		$	346,095		$	5,722,033
Net interest margin		3.80	%		2.68	%	NM				3.65	%	NM			NM			NM				5.57	%
Net-revenue concentration*		46	%		4	%		5	%		55	%		36	%		9	%		45	%		100	%

_________________________

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

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Republic Bancorp, Inc.

Earnings Release Financial Supplement

First Quarter 2021 (continued)

Footnotes:

(1) The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The amount of loan fee income included in total interest income was $25.7 million and $28.5 million for the quarters ended March 31, 2021 and 2020.

The amount of loan fee income included in total interest income per quarter was as follows: $25.7 million (quarter ended March 31, 2021); $10.8 million (quarter ended December 31, 2020); $7.9 million (quarter ended September 30, 2020); $7.8 million (quarter ended June 30, 2020); and $28.5 million (quarter ended March 31, 2020).

Included in the above totals, fee income recognized on PPP loans totaled $5.6 million (quarter ended March 31, 2021); $4.8 million (quarter ended December 31, 2020); $2.1 million (quarter ended September 30, 2020); and $1.6 million (quarter ended June 30, 2020).

Interest income for Easy Advances (“EAs”) is composed entirely of loan fees. The loan fees disclosed above included EA fees of $12.8 million and $19.3 million for the quarters ended March 31, 2021 and 2020.  EAs are only offered during the first two months of each year.

(2) The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity in accordance with applicable regulatory requirements, 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.

	Quarterly Comparison
(dollars in thousands, except per share data)	Mar. 31, 2021			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020
Total stockholders' equity - GAAP (a)	$	832,104		$	823,323		$	810,362		$	795,619		$	784,046
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		7,711			7,095			6,674			6,711			5,994
Less: Core deposit intangible		53			189			283			377			423
Tangible stockholders' equity - Non-GAAP (c)	$	808,040		$	799,739		$	787,105		$	772,231		$	761,329
Total assets - GAAP (b)	$	6,470,111		$	6,168,325		$	6,240,446		$	6,460,575		$	5,722,033
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		7,711			7,095			6,674			6,711			5,994
Less: Core deposit intangible		53			189			283			377			423
Tangible assets - Non-GAAP (d)	$	6,446,047		$	6,144,741		$	6,217,189		$	6,437,187		$	5,699,316
Total stockholders' equity to total assets - GAAP (a/b)		12.86	%		13.35	%		12.99	%		12.31	%		13.70	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		12.54	%		13.02	%		12.66	%		12.00	%		13.36	%
Number of shares outstanding (e)		20,826			20,896			20,915			20,908			20,887
Book value per share - GAAP (a/e)	$	39.96		$	39.40		$	38.75		$	38.05		$	37.54
Tangible book value per share - Non-GAAP (c/e)		38.80			38.27			37.63			36.93			36.45

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(3) The efficiency ratio, a non-GAAP measure with no GAAP comparable, equals total noninterest expense divided by the sum of net interest income and noninterest income. The ratio excludes net gains (losses) on sales, calls, and impairment of investment securities. The following tables present the calculation of Company's efficiency ratio:

	Three Months Ended Mar. 31,
(dollars in thousands)	2021			2020
Net interest income - GAAP	$	67,780		$	72,738
Noninterest income - GAAP		29,037			30,569
Less: Net gain (loss) on sales, calls, and impairment of debt and equity securities		(35	)		40
Total adjusted income - Non-GAAP (a)	$	96,852		$	103,267
Noninterest expense - GAAP (b)	$	47,811		$	46,969
Efficiency Ratio - Non-GAAP (b/a)		49	%		45	%

	Three Months Ended
(dollars in thousands)	Mar. 31, 2021*			Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020			Mar. 31, 2020*
Net interest income - GAAP	$	67,780		$	55,120		$	52,252		$	52,205		$	72,738
Noninterest income - GAAP		29,037			17,136			20,597			18,751			30,569
Less: Net gain (loss) on sales, calls, and impairment of debt and equity securities		(35	)		(12	)		5			16			40
Total adjusted income - Non-GAAP (a)	$	96,852		$	72,268		$	72,844		$	70,940		$	103,267
Noninterest expense - GAAP (b)	$	47,811		$	48,140		$	45,523		$	44,825		$	46,969
Efficiency Ratio - Non-GAAP (b/a)		49	%		67	%		62	%		63	%		45	%

*The Company’s efficiency ratio for the first quarter of each year traditionally benefits from seasonal revenues from its TRS segment.

(4) 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.

(5) “Core Bank” or “Core Banking” operations consist of the Traditional Banking, Warehouse Lending, and Mortgage Banking segments.

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

(7) Republic Processing Group operations consist of the Tax Refund Solutions and Republic Credit Solutions segments.

(8) 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.

(9) Delinquent loans for the RPG segment included $23 million of EAs at March 31, 2020. EAs are only offered during the first two months of each year. EAs do not have a contractual due date but were eligible for delinquency consideration 21 days (in 2020) and 35 days (in 2021) after the taxpayer-customer’s tax return was submitted to the applicable tax authority. The number of days for delinquency eligibility is based on an analysis of tax return processing times.  All unpaid EAs are charged-off by the end of the second quarter of each year.

NM – Not meaningful

NA – Not applicable

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

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