Republic Bancorp Inc-A 2025年度报告

The year 2025 was a momentous year for Republic Bancorp, Inc. (“Republic”or the “Company”), powered by record-setting earnings, industry leadingclient satisfaction scores, elevation into the “Great” category for associatesatisfaction and a continued level of community support that Republic Bankis known for.I am equally proud to share that we surpassed $1.0 billion inTotal Stockholders’ Equity — a milestone that underscores our disciplinedgrowth strategy, strong financial performance, and steadfast dedication tomaintaining industry leading capital strength. These achievements are theresult of our unwavering commitment to helping our associates, clients,communities, and shareholders trulyTHRIVE. scoring scale. While we are pleased that our associatesconsider us “Great”, our goal is to achieve and maintain ascore that places us in the highest category of “Excellent”,which will require an overall score of 90% or better. Whileachieving such a goal will not be easy, we are dedicatedto doing so. Enabling Our Company to THRIVEFor the year ended December 31, 2025, we achieved netincome of$131.3 million,representing a 30%increaseover 2024 and the highest net income inour Company’s history. All five of our SEC reportingsegments — Traditional Banking, Warehouse Lending,Tax Refund Solutions, Republic Credit Solutions, andRepublic Payment Solutions — delivered year-over-yearnet income growth.Our diversified business modelonce again proved resilient and adaptive, supportedby strong credit discipline, balanced revenue streams,and thoughtful management in a shifting interest rateenvironment. Enabling Our Communities to THRIVEWe are equally committed to helping our communities THRIVE. In August, Republic Bank and the Republic BankFoundation (the “Foundation”) were recognized as oneof Louisville’s Top 10 Corporate Philanthropists for 2025(our 11th consecutive year), reflecting our longstandingdedication to making a meaningful community impact.During2025,we contributed$3.3 million from theBank and the Foundation supporting 475 organizationsthroughout the various communities across our footprint.Our associates also played a vital role in our communities,volunteering over 5,500 hours in service to nearly 400organizations—demonstrating the deep compassion andcivic spirit that defines Republic Bank. Enabling Our Clients to THRIVEWerecently received our third quarter 2025 Net Promoter Score (“NPS”). The NPS asks a basic question,how likely are you to recommend a friend or a colleagueto Republic Bank? With a scale of +/- 100, the averageNPS for a bank in the U.S. is 31(1). Republic’s NPS of 73is considered “Excellent,” and means our clients are 2.4times more likely to recommend Republic to a friendor colleague as compared to an average bank client.A score of 80 is considered to be “World Class”(2)andachieving this score remains one of our primary missions. Enabling Our Associates to THRIVEWeremain committed to creating an environment where our associates can trulyTHRIVE. In May, we werehonored to be named one of the Best Places to Work inKentucky for the 10th consecutive year — a testament toour culture and the dedication of our teams. We also have lofty goals when it comes to our ownassociateengagement scores.In May,we receivedour 2025 evaluation. In total, 88% of our associatesparticipated in the survey, and we achieved an overallscore of 81%, which is a three-point increase over our2024score and considered“Great”on the survey’s 2025 Financial Highlights The underlying engine that allows us to enable our associates, clients, communities, and shareholders toTHRIVEaresustainable financial results. Just a few of our more significant highlights for 2025 are noted below. Core Bank Our Core Bank delivered strong performance in 2025, with net income rising 14% over the prior year, further buildingupon a 22% increase in net income from 2023 to 2024. This momentum reflects disciplined execution, strategic loanand deposit pricing, and a consistent focus on meeting our clients needs. Key drivers for the Core Bank’s overall strong performance included: Traditional Bank Net Interest Margin(“NIM”) expanded 33 basis points (“bps”)to 3.88%, driven by: Healthy second half of the year TraditionalBank loan production •a 41 bp year-over-year decrease in theCompany’s cost of interest-bearing deposits;•an 8 bp year-over-year increase in interest-earning asset yields, despite a 175 bp decreasein the Federal Funds Target Rate over the past15 months; and•a strong liquidity position that allowed theCompany to take advantage of a steepeningyield curve. Traditional Bank loan growth was muted in thefirst half of the year, due to a variety of factors.Momentum strengthened in the back half of theyear, with the origination of well priced creditsthat positioned the Company on a solid pathheading into 2026. Solid and steadyWarehouse Lending growth A lift in mortgage banking income As market interest rates declined late in the year,mortgage ac