Page 1

Republic Bancorp , Inc. Reports 51 % Increase in Second Quarter Net Income Exhibit 99.1 LOUISVILLE , Ky .-- ( BUSINESS WIRE ) -- July 23 , 2021 -- Republic Bancorp , Inc. ( NASDAQ : RBCAA ) , headquartered in Louisville , Kentucky , is the holding company of Republic Bank & Trust Company ( the " Bank ” ) . Republic Bancorp , Inc. ( " Republic " or the " Company " ) is pleased to report second quarter 2021 net income of $ 23.9 million , a 51 % increase over the second quarter of 2020 , resulting in Diluted Earnings per Class A Common Share ( " Diluted EPS " ) of $ 1.16 . Year - to - date net income was $ 50.0 million , a $ 7.5 million , or 18 % , increase from the same period in 2020 , resulting in return on average assets ( " ROA ” ) and return on average equity ( " ROE " ) of 1.57 % and 11.86 % for the first six months of 2021 . Steve Trager , Chair & CEO of Republic commented , “ The impact of the COVID - 19 pandemic has created , and continues to create , a challenging operating environment for all banks across the country . Despite these challenges , we continued to produce solid results during the quarter , as our overall net income increased substantially over the second quarter of 2020 . During the quarter we announced an agreement to sell our Tax Refund Solutions ( “ TRS " ) ( 1 ) business to Green Dot Corporation ( " Green Dot " ) for $ 165 million . As a result of the Green Dot agreement , the TRS business is presented as discontinued operations in our financial results . In addition to the announced Green Dot agreement , TRS's second quarter 2021 results of operations had a positive , significant increase over the linked first quarter of 2021 and the second quarter of 2020. As a result of various stimulus - related responses to the COVID - 19 pandemic , TRS refund transfer ( " RT " ) volume and Easy Advance ( " EA " ) loan volume for the first quarter of 2021 were down materially from the first quarter of 2020. In addition , the season began approximately two weeks later than its normal start date and EA loan payoffs received from the U.S. Treasury were substantially behind the first quarter of 2020. During the second quarter of 2021 , however , EA payoffs received from the U.S. Treasury increased dramatically , and as a result , we refined our EA loan loss estimates and credited our EA Provision ( 2 ) by $ 5.8 million , creating a $ 10.2 million positive swing in EA Provision from the second quarter of 2020 to the second quarter of 2021 .