Exhibit 99.1

Republic Bancorp, Inc. Reports Second Quarter 2014 Net Income of $6.3 Million and Year-to-Date Net Income of $18.3 Million

LOUISVILLE, Ky.--(BUSINESS WIRE)--July 18, 2014--Republic Bancorp, Inc. (NASDAQ: RBCAA), headquartered in Louisville, Kentucky, is the holding company for Republic Bank & Trust Company (the “Bank”).

Republic Bancorp, Inc. (“Republic” or the “Company”) is pleased to report solid net income of $6.3 million for the second quarter of 2014, an increase of 3.3% over the second quarter of 2013, while Diluted Earnings per Class A Common Share remained level at $0.30 for both quarters. Return on average assets (“ROA”) and return on average equity (“ROE”) were 0.73% and 4.54%, respectively, for the second quarter of 2014. For the first six months of 2014, net income was $18.3 million, with Diluted Earnings per Class A Common Share of $0.88 and an ROA and ROE of 1.04% and 6.60%, respectively.

Steve Trager, Republic’s Chairman and Chief Executive Officer, commented: “We made meaningful strides during the second quarter of 2014 in reinvesting cash from lower-yielding overnight investments into higher yielding loan products, growing total loans by $151 million for the second quarter alone. The overall growth in our loan portfolio came from multiple sources including our Mortgage Warehouse line-of-credit product, as well as new production from our Correspondent Lending division, which began purchasing loans during the second quarter of 2014. After three months of operation, this new division has purchased $12 million of conforming and jumbo 5/1 and 7/1 adjustable rate mortgage (“ARM”) loans from a small portion of the Company’s existing Mortgage Warehouse clients. The Company is excited about the growth potential in the correspondent channel, as its new loan pipeline continues to grow and the Company continues the process of approving additional Mortgage Warehouse clients as correspondent originators.”

The following chart highlights Republic’s second quarter and year-to-date 2014 financial performance compared to the same period in 2013:

Quarterly Results of Operations

Traditional Banking and Mortgage Banking (collectively “Core Banking”)

Net income from Core Banking was $5.9 million for the second quarter of 2014, a decrease of $1.1 million, or 15%, from the second quarter of 2013. Compared to the second quarter of 2013, the decline in net income at the Core Bank was largely attributable to lower net interest income and lower mortgage banking income. On a linked quarter basis, however, the Core Bank’s net income increased $513,000 from the $5.4 million achieved during the first quarter of 2014. The increase in net income on a linked quarter basis occurred primarily as a result of the aforementioned $151 million growth in the Core Bank’s loan portfolio and an uptick in customer demand for secondary market loan products stemming from a rise in home purchase activity.

Net interest income within the Core Bank decreased $1.3 million, or 4%, to $27.5 million for the second quarter of 2014 compared to the same period in 2013. On a linked quarter basis, net interest income increased $331,000 from the $27.2 million achieved during the first quarter of 2014. The Core Bank’s net interest margin was 3.35% during the second quarter of 2014, decreasing 22 basis points from 3.57% during the second quarter of 2013 but increasing six basis points from 3.29% achieved for the first quarter of 2014. Net interest income at the Core Bank continued to benefit from discount accretion on loans acquired from the Company’s 2012 FDIC-assisted acquisitions (the “Legacy” loans). Altogether, the Company recorded discount accretion of $1.4 million during the second quarter of 2014, $1.8 million during the second quarter of 2013 and $2.1 million during the first quarter of 2014. The discount accretion added approximately 17, 22 and 25 basis points, respectively, to the Core Bank’s net interest margin for these periods.

On a linked quarter basis, the Company’s Mortgage Warehouse lines-of-credit outstanding increased $108 million from March 31, 2014 to June 30, 2014 due to increases in total line-of-credit commitments and usage of those lines by Republic’s Mortgage Warehouse clients. Overall, outstanding Mortgage Warehouse commitments increased $59 million during the second quarter to $395 million. Usage of these lines-of-credit grew during the quarter as a result of increased origination activity among the Company’s Mortgage Warehouse clients. The average usage rate among all Mortgage Warehouse clients was 47% for the second quarter of 2014, up from 34% for the first quarter of 2014. While the growth in commitments for the second quarter and first six months of 2014 is in line with Company’s internal projections for the year, the usage rate of these lines exceeded the Company’s expectations. Republic’s management is optimistic that the Company can continue to modestly grow this program during the remainder of the year as it continues to add new clients.

Also on a linked quarter basis, the Core Bank’s residential real estate and commercial and industrial loans increased $21 million and $19 million, respectively, from March 31, 2014 to June 30, 2014, as economic activity within the Core Bank’s footprint expanded. Aiding the increase in the residential real estate portfolio during the quarter was the Company’s previously discussed Correspondent Lending division.

The Core Bank’s provision for loan losses was $710,000 for the second quarter of 2014 compared to $1.0 million during the second quarter of 2013. The Core Bank’s required provisions for the second quarter of 2014 and 2013 were both positively low and compared favorably to peer in both quarters. The second quarter 2014 provision was reflective of an increase in general loan loss reserves driven by the growth in the Core Bank’s loan portfolio during the quarter. The Core Bank experienced no individually large loan impairment charges within its loan loss provision during the second quarters of 2014 or 2013, with minimal impact in both periods related to its aforementioned Legacy loans.

The table below illustrates the Core Bank’s continuing well-regarded credit quality ratios for the most recent quarter ends and the previous three calendar year ends:

Non-interest income for the Core Bank was $7.2 million for the second quarter of 2014 compared to $8.9 million for the second quarter of 2013. Primarily driving the overall decrease in non-interest income was a $1.4 million decline in mortgage banking income, as the Core Bank achieved a solid $2.2 million during the second quarter of 2013, the last quarter of significant refinance volume on a national basis for long-term fixed-rate mortgage loans. The decrease in mortgage banking income was partially offset by a $379,000 increase in the cash surrender value of the Company’s Bank Owned Life Insurance (“BOLI”). The increase in the cash surrender value of the Company’s BOLI represents tax advantaged income, which is used to offset employee-related expenses.

Core Bank non-interest expenses decreased $1.4 million from the second quarter of 2013 to $24.9 million during the same period in 2014. As previously disclosed, the Bank implemented a modest reduction in force during the fourth quarter of 2013, which drove an $898,000 decrease in salaries and benefits expense from the second quarter of 2013 to the same period in 2014. Additionally, other real estate owned (“OREO”) expense and legal expenses decreased $385,000 and $459,000, respectively, from the second quarter of 2013. The reduction in OREO and legal expenses was the result of a further decrease in the Company’s non-performing assets on a year-to-year basis.

Republic Processing Group (“RPG”) – RPG’s second quarter 2014 net income was $421,000 compared to a net loss of $862,000 during the second quarter of 2013. The higher profitability was primarily driven by an increase in net Refund Transfer (“RT”) fees, lower salary costs and reduced legal fees within RPG’s Tax Refund Solutions (“TRS”) division. The TRS division of RPG derives substantially all of its revenues during the first and second quarters of the year and historically operates at a net loss during the second half of the year as the Company prepares for the next tax season.

Conclusion

“With solid loan growth and economic activity in our core footprint appearing to expand during the second quarter, we look ahead to the remainder of 2014 with great optimism. As always, our number one priority going forward will be to grow our existing business lines while maintaining our industry-strong credit quality. In addition, we focused a significant amount of time during the first half of 2014 seeking an acquisition in the traditional mergers and acquisition market. We plan to continue our search until we find the right bank with which to partner and deploy our excess capital.

"Lastly, as we disclosed in our first quarter earnings release, we kicked off our first branding marketing campaign during the second quarter of 2014. We believe the campaign has been well received and has accomplished our goal of further enhancing the public’s awareness of our Company and the industry-leading products and services we offer. The campaign’s message is simple - Republic Bank. It’s just easier here ^SM. It represents a message that we successfully fulfilled to our clients yesterday, are fulfilling to our clients today, and plan to fulfill to them tomorrow and for many years to come,” concluded Trager.

Republic Bancorp, Inc. (the “Company”) is the parent company of Republic Bank & Trust Company (the “Bank”). The Bank currently has 42 total banking centers: 33 banking centers in 12 Kentucky communities - Covington, Crestwood, Elizabethtown, Florence, Frankfort, Georgetown, Independence, Lexington, Louisville, Owensboro, Shelbyville and Shepherdsville; three banking centers in southern Indiana – Floyds Knobs, Jeffersonville and New Albany; three banking centers in Florida – Hudson, Port Richey and Temple Terrace; two banking centers in Tennessee – Cool Springs (Franklin) and Green Hills (Nashville); and one banking center in Blue Ash (Cincinnati), Ohio. The Bank offers internet banking at www.republicbank.com. The Company has $3.5 billion in assets and is headquartered in Louisville, Kentucky. The Company’s Class A Common Stock is listed under the symbol “RBCAA” on the NASDAQ Global Select Market.

Republic Bank. It’s just easier here ^SM.

Forward-Looking Statements

This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, future acquisitions, future challenges of growing or maintaining non interest income, net interest income and net interest margin in the Company’s Core Bank operations, the future impact of expense reduction initiatives, the future strength of the Core Bank’s overall credit quality, the future growth in outstanding loan balances from the Core Bank’s mortgage warehouse lines-of-credit, the future growth of loans from the Core Bank’s Correspondent Lending division, and the future growth and performance of the Republic Processing Group, as well as current expectations and assumptions regarding its business, the economy and other future conditions. Forward-looking statements can be identified by the use of the words “expect,” “appear,” “anticipate,” “believe,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated by the forward-looking statements. The Company cautions you therefore against relying on any of these forward-looking statements, which speak only as of the date on which they are made. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include factors disclosed from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those factors set forth as “Risk Factors” in the Company’s Annual Report on Form 10-K for the period ended December 31, 2013. The Company undertakes no obligation to update any forward-looking statements. These forward-looking statements are made only as of the date of this release, and the Company undertakes no obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this release.

CONTACT:
Republic Bancorp, Inc.
Kevin Sipes, 502-560-8628
Executive Vice President and Chief Financial Officer