Republic Bancorp, Inc. · NASDAQ:RBCAA
Republic Bancorp — Shareholder Meeting (April 2025)
38 slides from Republic Bancorp's shareholder meeting presentation, Apr 24, 2025
Slide 1: Annual Meeting of Shareholders
P a g e Annual Meeting of Shareholders April 24, 2025 Springhurst Lower Level | Louisville, KY
Slide 2: Safe Harbor Statement
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 2 During this presentation, we will be providing you with a discussion of some of the factors we currently anticipate may influence the future results of Republic B
Slide 3: Meeting Agenda
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 3 M E E T I N G AGENDA STRATEGIC PRIORITIES Logan Pichel, President & CEO Republic Bank & Trust Company 2025 Q1 RESULTS (Quarter ended March 31, 2025) Logan Pichel, Preside
Slide 4: Steve Trager, Executive Chair & CEO
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 4 Steve Trager Executive Chair & CEO Republic Bancorp 2024 FINANCIAL HIGHLIGHTS Steve Trager, Executive Chair & CEO Republic Bancorp STRATEGIC PRIORITIES Logan Pichel, Pres
Slide 5: Overview of Republic Bancorp
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e Overview of Republic Bancorp 5 IN-3 OH-4 TN-4 KY-29 Retail Footprint FL-7 47 banking centers in FIVE states Largest market share is 8% in Louisville, KY MSA as of 6
Slide 6: Purpose Architecture / Company Mission
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 6 2025 Purpose Architecture COMPANY MISSION To enable our clients, company, associates and the communities we serve to THRIVE. Innovate for the future Make it easy Provide
Slide 7: 2024 Financial Highlights
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 7 Steve Trager Executive Chair & CEO Republic Bancorp STRATEGIC PRIORITIES Logan Pichel, President & CEO Republic Bank & Trust Company 2025 Q1 RESULTS (Quarter ended March
Slide 8: 2024 Financial Results
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 8 2024 Financial Results Diluted Earnings per Class A Common Share increased 13% to $5.21 in 2024 Net revenue grew 6.9% while noninterest expenses only grew 1.7%, c
Slide 9: Loan-to-Deposit Ratio & Cost of Deposits
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e ` 9 Total Company Favorable decrease in Loan-to-Deposit Ratio & Cost of Deposits Strong growth in average quarterly deposits as measured by 4Q 2025 average deposits
Slide 10: Total Company Non-Interest Income
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 10 Total Company Non-Interest Income ($K) Non-interest Income increased 1.7% versus 2023 Mortgage Banking Income increased to $5.4M, or 54% Diversified revenue sour
Slide 11: Total Company Non-Interest Expense
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 11 Noninterest Expense increased only 1.7% versus 2023 Salaries and Employee Benefits increased $2.8M, or 2.4% 58% Salaries and Employee Benefits $118,650 15% Techn
Slide 12: Core Bank Highlights
CORE A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 12 Core Bank Highlights Core Bank Net Income growth of 22% driven primarily by 6% increase in Net Interest Income versus 2023 Three consecutive linked quarters of grow
Slide 13: Core Bank Highlights: Net Interest Margin
CORE A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 13 Core Bank Highlights 2024 Annual Net Interest Margin declined 13 basis points from 2023 Quarterly NIM grew substantially on a linked quarter basis from 1Q 2024 thru
Slide 14: Core Bank Highlights: Loan Yields and Deposit Costs
CORE A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 14 Core Bank Highlights Steady increase in quarterly loan yield from 4Q 2023 thru 3Q 2024 4Q 2024 loan yield moderated slightly coinciding with the decrease to the Fed
Slide 15: RPG Highlights
RPG A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 15 RPG Highlights Total Republic Processing Group (“RPG”) net income of $38.5M, down 1% from 2023 Decline in TRS net income primarily the result of higher loss rates on
Slide 16: Strong Liquidity
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 16 Strong Liquidity Cash represents 6% of total assets at 12-31-24 Uninsured deposits grew only 9% versus 4Q23 compared to 18% for US Commercial Banks $5B-$10B Cash
Slide 17: Credit Quality: Net Charge-Offs
CORE A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 17 Credit Quality: Net Charge-Offs Net charge-offs remain historically low and significantly better than similar-sized banks 0.00% 0.01% 0.05% 0.05% 0.11% 0.13% 0.05%
Slide 18: Balance Sheet
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 18 Balance Sheet
Slide 19: Total Company Loans
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 19 Total Company Loans Total loans of $5.4B, an increase of $200M, or 3.8%, over 2023 Total Core Bank loan growth of $162M, or 3.3%, over 2023 Well diversified loan
Slide 20: Total Company Deposits
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e Core Bank Interest Bearing 67% $3,483 RPG Interest Bearing 9% $520 20 Total Company Deposits Total deposits of $5.2B, an increase of $157M, or 3.1% versus 2023 Tota
Slide 21: Capital Levels – RB&TC
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 21 Capital Levels – RB&TC Capital levels remain among the best in the industry 14.1% 13.3% 13.3% 9.9% 10.1% 10.3% 5.0% Tier-1 Leverage Ratio RB&TC UBPR Peer Well-ca
Slide 22: Dividends
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 22 Dividends 2024 Compounded Annual Growth Rate (“CAGR”) of 11.78% since 1999 $2.00 $1.80 $1.60 $1.40 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0 1999 2024 2025* $0.09 $
Slide 23: Logan Pichel, President & CEO
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 23 Logan Pichel President & CEO Republic Bank & Trust Company STRATEGIC PRIORITIES Logan Pichel, President & CEO Republic Bank & Trust Company 2025 Q1 RESULTS (Quarter ende
Slide 24: Total Company Highlights 1Q25
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 24 Total Company Highlights 1Q25 Net Income for 1Q25 was $47.3M, a $16.7M, or 54% increase in Net Income versus 1Q24 Diluted Earnings Per Class A Common Share incre
Slide 25: Total Company Highlights 1Q25: Net Interest Income and Margin
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 25 Total Company Highlights 1Q25 Net Interest Income increased $5.8M, or 6% versus 1Q24 Core Bank Net Interest Margin improved 40 basis points, or 12% Net Interest
Slide 26: Total Company Highlights 1Q25: Non-Interest Income and Expense
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 26 Total Company Highlights 1Q25 Non-Interest Income, excluding infrequent items of $5.7M, increased 17.5% versus 1Q24 driven by growth in mortgage banking and net
Slide 27: Strategic Priorities
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 27 Logan Pichel President & CEO Republic Bank & Trust Company STRATEGIC PRIORITIES Logan Pichel, President & CEO Republic Bank & Trust Company 2025 Q1 RESULTS (Quarter ende
Slide 28: 2025 Strategic Priorities
P a g e 28 2025STRATEGIC priorities CREATE A BEST-IN-CLASS CLIENT EXPERIENCE CONTINUED INVESTMENT IN ASSOCIATE DEVELOPMENT INCREASE PRUDENT + PROFITABLE REVENUE-GENERATING ACTIVITIES CONTINUALLY IMPROVE OPERATIONAL EFFICIENCY CONTINUE TO STRENGTHEN INCLUSION & CORPORATE GOVERNANCE
Slide 29: Net Promoter Score
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 29 NET PROMOTER SCORE (“NPS”) NPS measures “How likely are you to recommend Republic Bank to a friend or colleague?” by computing difference between % Promoters and % Detra
Slide 30: Associate Engagement Survey Scores
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 30 Associate Engagement Survey Scores / Year 2024 2023 2022 78.1% 76.3% 75.8% • Associate Engagement Survey shows overall 78% favorability score • 9 out of 33 survey questi
Slide 31: Community Impact
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 31 Republic Bank one of 3 companies recognized for their impact to the community. This is the 4th time Republic has received the BIA (more than any company!) $2.9M in chari
Slide 32: Total Shareholder Return vs. Peers
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 32 company AVERAGE 38.5% 20.3% MEDIAN 36.6% 16.9% FINANCIAL INSTITUTION 2 YR Total Return 1 YR Total Return TICKER 2 YR Total Return Rank 1 YR Total Return Rank RBCCA 2 59.
Slide 33: Awards and Recognition
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e Awards and Recognition 33 2 0 2 4 America’s Best Regional Banks and Credit Unions 2024 from Newsweek (the only Louisville-based bank on the list) America’s Best Onl
Slide 34: Our Mission: Why We Exist
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 34 OUR MISSION W H Y W E E X I S T : clients NPS scores = 75 (3x Industry Average) associates Engagement favorability=78% Kentucky’s Best Place to Work (9 consecutive years
Slide 35: It's just easier here
REPUBLIC BANK REPUBLIC BANCORP. REPUBLIC BANK. 9 ie: cnsies: It’s just easier here?
Slide 36: Appendix
A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 36 Appendix
Slide 37: Appendix - Internal Peer Banks
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 37 Appendix - Internal Peer Banks Annual Net Charge-offs Company Ticker 2022 2023 2024 Lakeland Financial Corp LKFN 0.10% 0.13% 0.05% Community Trust Bancorp CTBI 0
Slide 38: Appendix – Non-GAAP Disclosures
COMPANY A N N U A L M E E T I N G O F S H A R E H O L D E R S | A p r i l 2 4 , 2 0 2 5 | L o u i s v i l l e , K e n t u c k y P a g e 38 Appendix – Non-GAAP Disclosures Three Months Ended March 31, (in millions) 2024 2025 Noninterest income - GAAP (a) $ 23.4 $ 33.2 Less: Gain on sale of Visa Class