SEC Form 11-K filed by Republic Bancorp Inc.

6/26/26 10:55:38 AM ET

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REPUBLIC BANCORP, INC.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

ANNUAL REPORT PURSUANT TO SECTION 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

Commission file number 0-24649

REPUBLIC BANCORP INC. 401(K) RETIREMENT PLAN

(Full title of the plan)

REPUBLIC BANCORP, INC.

(Name of issuer of the securities held pursuant to the plan)

601 West Market Street

Louisville, Kentucky 40202

(Address of principal executive office)

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REPUBLIC BANCORP INC. 401(k) RETIREMENT PLAN

Louisville, Kentucky

FINANCIAL STATEMENTS

December 31, 2025 and 2024

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REPUBLIC BANCORP INC. 401(k) RETIREMENT PLAN

Louisville, Kentucky

FINANCIAL STATEMENTS

December 31, 2025 and 2024

CONTENTS


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Forvis Mazars, LLP, Charleston, West Virginia, PCAOB ID 686)		4


FINANCIAL STATEMENTS:
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS		5
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS		6
NOTES TO FINANCIAL STATEMENTS		7

SUPPLEMENTAL SCHEDULE:
SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)		14

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Report of Independent Registered Public Accounting Firm

Participants of Republic Bancorp, Inc. 401(k) Retirement Plan

and Audit Committee of Republic Bancorp, Inc.

Louisville, Kentucky

Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of the Republic Bancorp Inc. 401(k) Retirement Plan (the “Plan”) as of December 31, 2025 and 2024, the related statements of changes in net assets available for benefits for the years then ended, and the related notes to the financial statements (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2025 and 2024, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis of Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Report on Supplemental Information

The supplemental information in the accompanying schedule of assets (held at end of year) as of December 31, 2025, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciled to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

/s/ Forvis Mazars, LLP

We have served as the Plan’s auditor since 2025.

Charleston, West Virginia

June 26, 2026

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REPUBLIC BANCORP INC. 401(k) RETIREMENT PLAN

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

DECEMBER 31, 2025 and 2024


		December 31,
		2025		2024

Assets:
Investments at fair value:
Republic Bancorp, Inc. Common Stock (Class A)	$	12,044,596	$	12,093,677
Mutual funds		138,789,413		124,618,883
Pooled separate accounts		1,429,415		—
Participant self-directed brokerage accounts:
Republic Bancorp, Inc. Common Stock (Class A and B)		2,956,427		3,242,106
Other stocks		1,517,298		1,534,684
Certificates of deposit		217,057		309,056
Corporate debt instruments		265,780		297,398
Mutual funds		3,344,230		3,138,148
Total investments, at fair value		160,564,216		145,233,952

Guaranteed interest contract, at contract value		7,833,034		7,890,003
Total investments		168,397,250		153,123,955

Receivables and other assets:
Notes receivable from participants		1,450,355		1,313,863
Contribution receivable from Employer		99,162		39,755
Total receivables and other assets		1,549,517		1,353,618

Total assets	$	169,946,767	$	154,477,573

Liabilities:
Other liabilities	$	—	$	47

Total liabilities	$	—	$	47

Total net assets available for benefits	$	169,946,767	$	154,477,526

See accompanying notes to financial statements.

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REPUBLIC BANCORP INC. 401(k) RETIREMENT PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

YEARS ENDED DECEMBER 31, 2025 and 2024


	Years Ended December 31,
		2025		2024

Additions to net assets attributed to:
Investment income:
Net appreciation in fair value of investments	$	16,481,997	$	17,863,721
Interest and dividends		3,419,464		3,059,771
Total investment income		19,901,461		20,923,492

Interest income on notes receivable from participants:		114,736		88,587

Contributions:
Employer		3,339,812		3,113,737
Participants		7,290,155		6,918,224
Rollover		817,891		820,556
Total contributions		11,447,858		10,852,517

Total additions		31,464,055		31,864,596

Deductions from net assets attributed to:
Benefits paid to participants:
Qualified rollover		9,116,925		7,089,855
Other benefits		6,549,964		2,405,880
Administrative expenses		327,925		327,228
Total deductions		15,994,814		9,822,963

Net increase		15,469,241		22,041,633

Net assets available for benefits:
Beginning of year		154,477,526		132,435,893

End of year	$	169,946,767	$	154,477,526

See accompanying notes to financial statements.

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NOTES TO FINANCIAL STATEMENTS – DECEMBER 31, 2025 and 2024

NOTE 1 – PLAN DESCRIPTION

The following description of the Republic Bancorp Inc. 401(k) Retirement Plan (the “Plan”) is provided for general information. Participants should refer to the plan agreement for a complete description of the Plan’s provisions. The sponsor of the Plan is Republic Bancorp, Inc. (the “Company” or “Employer”).

The Plan was amended and restated effective May 1, 2021. The amendment and restatement of the Plan was required by the Internal Revenue Service (“IRS”) and incorporates prior amendments since the last restatement of the Plan in order to comply with the IRS’s requirements.

General: The Plan, which is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”), is a Safe-Harbor Qualified Automatic Enrollment Contribution Account (“QACA”) plan covering all eligible employees of the Company. Except for excluded job classifications, all employees of the Company and its participating affiliate are eligible to participate in the Plan as soon as administratively feasible following their date of hire.

The following are considered job classifications excluded from participation in the Plan:

●

leased employees;

●

non-resident aliens;

●

employees covered by a collective bargaining agreement, unless the terms of the bargaining agreement otherwise provide;

●

employees in co-op placements;

●

individuals who for any period are classified by the Company as independent contractors, regardless of any subsequent reclassification by the Company, a government agency or a court; and

●

employees employed in a temporary job classification.

Contributions: The Plan allows for both traditional and Roth contributions. Unless otherwise elected, employees are automatically enrolled in the Plan following 30 days of employment with a pre-tax contribution rate of 6% of pay. Contributions are invested into the Plan’s default fund unless participant-directed investments are made. Unless otherwise elected, the deferral percentage automatically escalates 1% each year up to 10%. Participants in the Plan may contribute up to the lower of 1) 75% of eligible compensation or 2) the annual maximum legal limit, as defined by the IRS, including catch-up contributions on or after attaining age 50.

The Employer makes Safe-Harbor Enhanced Matching Contributions on behalf of each Plan participant in an amount equal to 100% of the first 1% of the participant's compensation contributed as elective deferrals, plus 75% of the elective deferrals of such participant to the extent that such elective deferrals exceed 1% but do not exceed 5% of the participant's compensation.

In addition, the Employer may award a discretionary bonus match to eligible participants for meeting certain corporate financial performance goals. For the years ended December 31, 2025 and 2024, no discretionary bonus match was awarded.

Participant Accounts: Each participant’s account is credited with the participant’s contribution, any applicable Employer matching or bonus contribution, and an allocation of plan earnings. Each participant’s account is also charged with withdrawals and an allocation of administrative expenses.

Forfeitures of terminated participants’ non-vested accounts are used to offset Plan expenses (including Employer contributions). Income is allocated on a basis proportional to account balances. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.

In-Service Distributions: Participants may receive a distribution from the Plan prior to termination of employment if they have attained age 59 ½ or if they incur a financial hardship, as defined by the Plan.

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NOTE 1 – PLAN DESCRIPTION (Continued)

Retirement, Death, and Disability: Participants are entitled to 100% of their account balance upon retirement (on or after attaining age 65), death, or permanent and total disability.

Vesting: Participants are immediately vested in their contributions plus actual earnings thereon. After two years of employment, participants are 100% vested in Company contributions plus earnings thereon.

Payment of Benefits upon Termination: On termination of service, if a participant’s account balance exceeds $5,000, no portion of the account balance is distributed without the participant’s consent. If the participant’s account balances is equal to or less than $5,000, the balance is automatically rolled over into an Individual Retirement Account (“IRA”) product outside of the Plan as soon as administratively possible unless the participant makes a timely election to have the balance distributed or rolled over to an eligible IRA or another eligible retirement plan.

Investment Options: Except for contributions that default into the Plan’s default fund, all investment accounts are participant directed to either a) investments offered through the Plan or b) other permissible investments by way of participant self-directed brokerage accounts (“Self-Directed”). Employer matching and bonus contributions are allocated ratably based on each participant’s contribution to their investment options.

Investments offered through the Plan include a guaranteed interest account, certain mutual funds, pooled separate accounts and shares of the Company’s common stock. Participants are able to adjust their investment allocation and may direct employee contributions in 1% increments to a maximum of 75%.

Self-Directed investment options include any specific assets or investments permitted to be acquired by the trustee under the Plan. Self-Directed accounts are charged a transaction fee for any direct investments a participant makes, other than the investment options provided by the Plan.

Republic Bancorp, Inc. Common Stock: The Company’s Class A Common shares are entitled to cash dividends equal to 110% of the cash dividend paid per share on its Class B Common Stock. Class A Common shares have one vote per share and Class B Common shares have ten votes per share. Class B Common Stock may be converted, at the option of the holder, to Class A Common Stock on a share-for-share basis. The Class A Common Stock is not convertible into any other class of the Company’s capital stock. Class A and Class B shares participate equally in undistributed earnings.

Forfeitures: As of December 31, 2025 and 2024, approximately $142,000 and $128,000 of forfeited employer matching contributions were available to offset future plan expenses including Employer contributions.

Notes Receivable from Participants: Participants may borrow up to 50% of the value of their vested account balance (including any funds from rollovers into the Plan). Participants may borrow a minimum of $500 up to a maximum of the lesser of $50,000, or 50% of the participant’s vested account balance. Only one loan may be outstanding at one time. The highest outstanding balance for prior loans plus any new loans may not exceed $50,000 in a 12-month period. Loan repayment periods typically ranged from one to five years. Loans are secured by the balance in the participant's account and bear interest at the same rate throughout the life of the loan. Interest rates on loans are fixed based on the The Wall Street Journal Prime Rate plus 1.00% on the day loans are originated. Principal and interest are generally paid through bi-weekly payroll deductions. A $50 loan-origination fee and an annual loan-maintenance fee of $25 are deducted from the participant’s account for each new loan.

Loan repayments may be suspended for up to one year in the case of an approved leave of absence. Loans to participants on a leave of absence due to a qualified military leave may be automatically suspended for the period of the qualified military leave.

Participants who terminate employment at the time a loan is outstanding may be permitted to continue making loan payments, subject to the terms of the loan agreement and promissory note or may choose to pay off the loan in full. Loan payments may be made electronically or by check.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting: The financial statements of the Plan are prepared under the accrual basis of accounting.

Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect assets, liabilities, and changes therein, and disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Reclassifications: Certain amounts in the 2024 financial statements have been reclassified to conform to the 2025 presentation. These reclassifications had no effect on net assets available for benefits.

Investment Valuation and Income Recognition: The Plan’s investments, other than its fully benefit-responsive investment contract, are reported at fair value. Purchases and sales of securities are recorded on a trade date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold, as well as, held during the year. Pooled separate accounts held within group annuity contracts are valued at unit values provided by the insurance company. Such unit values are based on the fair value of the underlying investments and are determined in accordance with the terms of the annuity contract. These investments are not traded on a public exchange; therefore, valuation is based on observable inputs other than quoted market prices (Level 2 inputs).

Payment of Benefits: Benefits are recorded when paid.

Risks and Uncertainties: The Plan provides for various investment options such as a guaranteed interest account, certain mutual funds, shares of the Company’s stock, and other securities. The investments are exposed to various risks, such as interest rate, market, liquidity and credit risk. Due to the level of risk associated with certain investments and the level of uncertainty related to changes in the value of investments, it is at least reasonably possible that changes in the value of investments will occur in the near term and that such changes could materially affect the amounts reported in the Statements of Net Assets Available for Benefits and participants’ individual account balances.

Concentrations: Republic Bancorp, Inc. common stock represented 9% and 10% of the Plan’s net assets available for benefits as of December 31, 2025 and 2024. A change in the value of the Company’s common stock can cause the value of the Plan’s net assets available for benefits to change significantly due to this concentration.

Fully Benefit-Responsive Investment Contracts: The Plan holds a direct interest in a fully benefit-responsive contract and reports this investment at contract value. Contract value represents contributions made to a contract, plus earnings, less participant withdrawals and administrative expenses. Participants in fully benefit-responsive contracts may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

Notes Receivable: Loans are valued at unpaid principal plus accrued but unpaid interest. Delinquent participant loans are recorded as distributions based on the terms of the Plan. No allowance for credit losses was recorded as of December 31, 2025 and 2024.

Administrative Expenses – Plan participants pay administrative expenses incurred in connection with the operation of the Plan. Administrative expenses generally include management, consulting, and loan processing fees.

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NOTE 3 – FAIR VALUE

Fair value is the price that would be received by the Plan for an asset or paid by the Plan to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date in the Plan’s principal or most advantageous market for the asset or liability. The effect of a change in valuation technique or its application on a fair value estimate is accounted for prospectively as a change in accounting estimate. When evaluating indications of fair value resulting from the use of multiple valuation techniques, the Plan is to select the point within the resulting range of reasonable estimates of fair value that is most representative of fair value under current market conditions. Fair value measurements are determined by maximizing the use of observable inputs and minimizing the use of unobservable inputs.

The hierarchy places the highest priority on unadjusted quoted market prices in active markets for identical assets or liabilities (Level 1 measurements) and gives the lowest priority to unobservable inputs (Level 3 measurements). The three levels of inputs within the fair value hierarchy are defined as follows:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the Plan has the ability to access as of the measurement date.

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3: Significant unobservable inputs that reflect the Plan’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

In some cases, a valuation technique used to measure fair value may include inputs from multiple levels of the fair value hierarchy. The lowest level of significant input determines the placement of the entire fair value measurement in the hierarchy. The Plan recognizes transfers into and out of fair value hierarchy levels, if applicable, at the beginning of the period.

The following descriptions of the valuation methods and assumptions used by the Plan to estimate the fair values of investments apply to investments held directly by the Plan.

Mutual funds: The fair values of mutual fund investments are determined by obtaining quoted prices on nationally recognized securities exchanges (Level 1 inputs).

Pooled separate accounts: The fair value of pooled separate accounts is determined using unit values provided by the insurance company based on the fair value of underlying investments (Level 2 inputs).

Common stock: The fair values of Republic Bancorp, Inc. common stock and other common stocks are determined by obtaining quoted prices from nationally recognized exchanges (Level 1 inputs).

Certificates of deposit: The fair values of certificates of deposit is estimated using discounted cashflows based on observable market interest rates for similar maturities (Level 2 inputs).

Corporate debt instruments: The fair values of corporate debt instruments are determined by obtaining quoted prices for similar debt instruments (Level 2 inputs).

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

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NOTE 3 – FAIR VALUE (Continued)

Investments measured at fair value on a recurring basis as of December 31, 2025 and 2024 are summarized below:


		Fair Value Measurements at
		December 31, 2025 Using:
		Quoted Prices in		Significant
		Active Markets		Other		Significant
		for Identical		Observable		Unobservable		Total
		Assets		Inputs		Inputs		Fair
		(Level 1)		(Level 2)		(Level 3)		Value

Participant-Directed Investments, Other Than Self-Directed Brokerage Accounts:

Republic Bancorp, Inc. Common Stock (Class A)	$	12,044,596	$	—	$	—	$	12,044,596
Mutual funds		138,789,413		—		—		138,789,413
Pooled separate accounts		—		1,429,415		—		1,429,415

Participant Self-Directed Brokerage Accounts:

Republic Bancorp, Inc. Common Stock (Class A and B)		2,956,427		—		—		2,956,427
Other stocks		1,517,298		—		—		1,517,298
Certificates of deposit		—		217,057		—		217,057
Corporate debt instruments		—		265,780		—		265,780
Mutual funds		3,344,230		—		—		3,344,230

Total	$	158,651,964	$	1,912,252	$	—	$	160,564,216

There were no transfers between Level 1 and Level 2 investments in 2025.


		Fair Value Measurements at
		December 31, 2024 Using:
		Quoted Prices in		Significant
		Active Markets		Other		Significant
		for Identical		Observable		Unobservable		Total
		Assets		Inputs		Inputs		Fair
		(Level 1)		(Level 2)		(Level 3)		Value

Participant-Directed Investments, Other Than Self-Directed Brokerage Accounts:

Republic Bancorp, Inc. Common Stock Class (Class A)	$	12,093,677	$	—	$	—	$	12,093,677
Mutual funds		124,618,883		—		—		124,618,883

Participant Self-Directed Brokerage Accounts:

Republic Bancorp, Inc. Common Stock (Class A and B)		3,242,106		—		—		3,242,106
Other stocks		1,534,684		—		—		1,534,684
Certificates of deposit		—		309,056		—		309,056
Corporate debt instruments		—		297,398		—		297,398
Mutual funds		3,138,148		—		—		3,138,148

Total	$	144,627,498	$	606,454	$	—	$	145,233,952

With the exception of Certificates of Deposit and Corporate Debt Instruments, there were no other transfers between Level 1 and Level 2 investments in 2024.

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NOTE 4 – INVESTMENTS

Empower Trust Company, LLC, an affiliate of Empower Retirement, LLC (“Empower”), served as the Plan’s Custodian and Trustee for the years ended December 31, 2025 and 2024. The Custodian of the Plan held investment assets and executed transactions therein.

NOTE 5 – PARTY-IN-INTEREST TRANSACTIONS

Parties-in-interest are defined under the Department of Labor’s Rules and Regulations as any of the following:

●

any fiduciary of the Plan;

●

any party rendering service to the Plan;

●

the Employer;

●

and certain others.

As previously mentioned, Empower was the Plan Custodian and Trustee for the years ended December 31, 2025 and 2024. Transactions of the Plan, which are managed by affiliates of the Trustee, qualify as party-in-interest transactions. Professional fees of approximately $245,000 and $208,000 were paid by the Plan to Empower as Custodian for the years ended December 31, 2025 and 2024.

Investment management fees and operating expenses charged to the Plan for investments are deducted from the assets held by the participant. Consequently, investment management fees and operating expenses paid to parties-in-interest are reflected as a reduction to the investment return of such investments. The Plan also holds a guaranteed interest contract administered by Empower Annuity Insurance Company of America (“EAICA”).

For Plan years 2025 and 2024, Creative Planning HoldCo LLC (“CPH”) performed investment consulting services for the Plan and qualified as a party-in-interest. CPH fees for such investment services were $83,000 and $74,000 for the years December 31, 2025 and 2024. Such fees were not paid directly to CPH by the Plan but were remitted to them by the Plan’s Custodian and Trustee directly from the fees paid to the Plan’s Custodian and Trustee during the years ended December 31, 2025 and 2024.

For Plan years 2025 and 2024, Charles Schwab (“Schwab”) provided participant self-directed brokerage accounts associated with the Plan and is considered a party-in-interest. Schwab fees for advisory and management services were $291 for the year ended December 31, 2025 and $330 for the year ended December 31, 2024.

The Plan had outstanding notes receivable from participants totaling $1.5 million and $1.3 million, respectively as of December 31, 2025 and 2024.

The Plan held 228,914 and 1,215 shares of Republic Bancorp, Inc. Class A and Class B Common Stock, as of December 31, 2025 and recorded dividend income and net realized gains of approximately $409,000 and $1,000 from its investments in the Employer’s common stock during the 2025 plan year. The Plan held 230,966 and 1,215 shares of Republic Bancorp, Inc. Class A and Class B Common Stock, as of December 31, 2024 and recorded dividend income and net realized gains of approximately $378,000 and $105,000 from its investments in the Employer’s common stock during the 2024 plan year.

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NOTE 6 – PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA and its related regulations. In the event of plan termination, participants will become 100% vested in their accounts.

NOTE 7 – INCOME TAX STATUS

The IRS issued an opinion letter dated November 14, 2022 indicating that the prototype adopted by the Plan, as then designed, was in compliance with applicable requirements of the Internal Revenue Code. Although the Plan has been amended from the original prototype document, Plan management believes that the Plan is currently being operated in accordance with the Internal Revenue Code.

The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2025 and 2024, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by various taxing authorities; however, there are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax examinations for years prior to and including 2022.

NOTE 8 – INVESTMENT CONTRACT WITH INSURANCE COMPANY

In August 2020, the Plan entered into a fully benefit-responsive investment contract (the “2020 Investment Contract”) with EAICA. The 2020 Investment Contract is a participating group annuity contract with funds held in a general account of EAICA.

The 2020 Investment Contract is considered a “traditional” contract, meaning that the Plan owns the contract itself and not the underlying assets of the investment contract. The terms of the 2020 Investment Contract prohibit transfer or assignment of rights under the contract and provide for participant-initiated distributions at contract value, frequent re-setting of contractual interest rates based upon market conditions. Generally, there are no events that could limit the ability of the Plan to transact at contract value. Additionally, there are no events that allow the EAICA to terminate the 2020 Investment Contract and which require the Plan to settle at an amount different than contract value.

For the 2020 Investment Contract, the Plan’s general account is credited with contributions and earnings, including interest and dividends, on the underlying investments and is charged for participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investments at contract value. There are no reserves against contract value for credit risk of the EAICA or otherwise.

The crediting interest rate of the 2020 Investment Contract is based on the EAICA’s rate-setting process. Such interest rates are reset quarterly but cannot be less than 0%. The key factors that influence future interest-crediting rates could include the following: the level of market interest rates; the amount and timing of participant contributions, transfers and withdrawals into/out of the contracts; and the duration of the underlying investments backing the contract.

The Plan may terminate the 2020 Investment Contract with 60 days prior written notice to EAICA; however, the Plan must provide EAICA 12 months prior written notice of termination to avoid a market value adjustment, which could result in a terminating distribution above or below contract value.

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SUPPLEMENTAL SCHEDULE

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REPUBLIC BANCORP INC. 401(k) RETIREMENT PLAN

SCHEDULE H, LINE 4i – SCHEDULE OF ASSETS (HELD AT END OF YEAR)

DECEMBER 31, 2025

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three Digit Plan Number: 001


(a)	(b)	(c)	(d)		(e)

Party	Identity of Issue,
in	Borrower, Lessor				Fair
Interest	or Similar Party	Description of Assets	Cost**		Value

	Plan Investments:

*	Republic Bancorp, Inc.	Class A Common Stock		$	12,044,596
*	Empower Annuity Insurance Company of America	Guaranteed Interest Account			7,833,034
	Prudential Global Investment Management	Pooled Separate Accounts - High Yield Bond Fund			1,429,415

		Mutual Funds:
	BlackRock	BlackRock Strategic Income Opps Port Institutional			2,063,731
	Fidelity	Fidelity Emerging Markets Index Fund			4,073,998
	Fidelity	Fidelity Inflation-Protected Bond Index Fund			1,420,294
	Fidelity	Fidelity International Index Fund			13,669,557
	Fidelity	Fidelity International Sustainability Index Fund			1,459,676
	Fidelity	Fidelity Short-Term Bond Index			3,180,610
	Fidelity	Fidelity Total Market Index Fund			26,492,726
	Fidelity	Fidelity US Bond Index Fund			12,119,628
	Vanguard	Vanguard FTSE Social Index Fund Admiral			1,140,416
	Vanguard	Vanguard GNMA Fund Institutional			6,972,719
	Vanguard	Vanguard Growth Index Fund Institutional			27,115,097
	Vanguard	Vanguard Mid-Cap Index Fund Institutional			11,640,728
	Vanguard	Vanguard Real Estate Index Fund Admiral			1,376,018
	Vanguard	Vanguard Small-Cap Index Fund Institutional			9,812,036
	Vanguard	Vanguard Total International Bond Index Fund Admiral			2,349,785
	Vanguard	Vanguard Value Index Fund Institutional			13,902,394
		Total Mutual Funds			138,789,413

	Total Plan Investments				160,096,458

*	Republic Bancorp, Inc.	Class A and B Common Stock			2,956,427
*	Schwab	Self-Directed Brokerage			5,344,365

	Total Participant Self-Directed Brokerage Accounts				8,300,792

	Participant Loans:
*	Participant Loans	Interest Rates: 3.25% - 9.50%, with maturity dates: 2026-2040			1,450,355

	Total Participant Loans				1,450,355

	Total Assets Held for Investment			$	169,847,605

*Denotes party-in-interest.

**Investments are participant directed, therefore, historical cost is not required.

***The accompanying financial statements classify participant loans as notes receivable from participants.

See accompanying report of independent registered public accounting firm.

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Exhibit Index



23		Consent of Forvis Mazars LLP, Independent Registered Public Accounting Firm
101 104		The following financial information from the Republic Bancorp, Inc. 401(k) Retirement Plan’s Annual Report on Form 11-K for the fiscal year ended December 31, 2025 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Statements of Net Assets Available for Benefits, (ii) the Statements of Changes in Net Assets Available for Benefits, and (iii) related notes to these financial statements. Cover page interactive data file formatted as Inline XBRL (included in Exhibit 101)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


		REPUBLIC BANCORP, INC. 401(K) RETIREMENT PLAN
		(Name of Plan)



June 26, 2026		/s/ Kevin Sipes
	By:	Kevin Sipes
		Executive Vice President & Chief Financial Officer
		Republic Bancorp, Inc.

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Date	Price Target	Rating	Analyst
6/27/2025		Mkt Perform	Raymond James
4/25/2025	$64.00 → $69.00	Market Perform	Hovde Group
1/27/2025	$72.00 → $70.00	Market Perform	Hovde Group
11/13/2024	$78.00 → $80.00	Outperform → Market Perform	Hovde Group
10/18/2024	$68.00 → $78.00	Outperform	Hovde Group
3/4/2024		Outperform	Hovde Group
7/25/2022		Overweight → Neutral	Piper Sandler
3/14/2022		Overweight	Piper Sandler

SEC Form 11-K filed by Republic Bancorp Inc.

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Recent Analyst Ratings for
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Raymond James initiated coverage on Republic Bancorp

Hovde Group reiterated coverage on Republic Bancorp with a new price target

Hovde Group reiterated coverage on Republic Bancorp with a new price target

$RBCAA
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EVP, CHIEF LENDING OFFICER Powell Anthony T sold $250,613 worth of shares (3,000 units at $83.54), decreasing direct ownership by 11% to 24,691 units (SEC Form 4)

EVP, GENERAL COUNSEL Ames Christy sold $29,886 worth of shares (340 units at $87.90), decreasing direct ownership by 5% to 6,145 units (SEC Form 4)

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