0000921557--12-312025Q2falsehttp://fasb.org/us-gaap/2025#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2025#IncomeTaxExpenseBenefithttp://fasb.org/us-gaap/2025#IncomeTaxExpenseBenefit173782941729787821488762150090P15DP3DP3Dhttp://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2025#IncomeTaxExpenseBenefit0000921557us-gaap:StandbyLettersOfCreditMember2025-06-300000921557us-gaap:StandbyLettersOfCreditMember2024-12-310000921557us-gaap:InterestRateLockCommitmentsMember2025-04-012025-06-300000921557us-gaap:ForwardContractsMember2025-04-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2025-04-012025-06-300000921557us-gaap:InterestRateLockCommitmentsMember2025-01-012025-06-300000921557us-gaap:ForwardContractsMember2025-01-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2025-01-012025-06-300000921557us-gaap:InterestRateLockCommitmentsMember2024-04-012024-06-300000921557us-gaap:ForwardContractsMember2024-04-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2024-04-012024-06-300000921557us-gaap:InterestRateLockCommitmentsMember2024-01-012024-06-300000921557us-gaap:ForwardContractsMember2024-01-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2024-01-012024-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-04-012025-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-01-012025-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-04-012024-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-01-012024-06-300000921557us-gaap:RetainedEarningsMember2025-06-300000921557us-gaap:CommonStockMember2025-06-300000921557us-gaap:AdditionalPaidInCapitalMember2025-06-300000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-06-300000921557us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-300000921557us-gaap:RetainedEarningsMember2025-03-310000921557us-gaap:CommonStockMember2025-03-310000921557us-gaap:AdditionalPaidInCapitalMember2025-03-310000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310000921557us-gaap:RetainedEarningsMember2024-12-310000921557us-gaap:CommonStockMember2024-12-310000921557us-gaap:AdditionalPaidInCapitalMember2024-12-310000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000921557us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000921557us-gaap:RetainedEarningsMember2024-06-300000921557us-gaap:CommonStockMember2024-06-300000921557us-gaap:AdditionalPaidInCapitalMember2024-06-300000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-06-300000921557us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-300000921557us-gaap:RetainedEarningsMember2024-03-310000921557us-gaap:CommonStockMember2024-03-310000921557us-gaap:AdditionalPaidInCapitalMember2024-03-310000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000921557us-gaap:RetainedEarningsMember2023-12-310000921557us-gaap:CommonStockMember2023-12-310000921557us-gaap:AdditionalPaidInCapitalMember2023-12-310000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2025-03-310000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-03-310000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-12-310000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-12-310000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-06-300000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2024-03-310000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-03-310000921557us-gaap:CommonClassBMemberus-gaap:CommonStockMember2023-12-310000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2023-12-310000921557us-gaap:InterestRateSwapMember2025-01-012025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMember2025-01-012025-06-300000921557us-gaap:TransferAgentMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557us-gaap:TransferAgentMemberrbcaa:RepublicProcessingGroupMember2025-04-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:RepublicProcessingGroupMember2025-04-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:CoreBankingActivitiesMember2025-04-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:WarehouseLendingMember2025-04-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:CoreBankingActivitiesMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicProcessingGroupMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicPaymentSolutionsSegmentMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:CoreBankingActivitiesMember2025-04-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:CoreBankingActivitiesMember2025-04-012025-06-300000921557us-gaap:TransferAgentMember2025-04-012025-06-300000921557us-gaap:FinancialServiceOtherMember2025-04-012025-06-300000921557us-gaap:DepositAccountMember2025-04-012025-06-300000921557us-gaap:CreditAndDebitCardMember2025-04-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMember2025-04-012025-06-300000921557us-gaap:TransferAgentMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:TransferAgentMemberrbcaa:RepublicProcessingGroupMember2025-01-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:RepublicProcessingGroupMember2025-01-012025-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:WarehouseLendingMember2025-01-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:RepublicProcessingGroupMember2025-01-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557us-gaap:DepositAccountMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicProcessingGroupMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicPaymentSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557us-gaap:TransferAgentMember2025-01-012025-06-300000921557us-gaap:FinancialServiceOtherMember2025-01-012025-06-300000921557us-gaap:DepositAccountMember2025-01-012025-06-300000921557us-gaap:CreditAndDebitCardMember2025-01-012025-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMember2025-01-012025-06-300000921557us-gaap:TransferAgentMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557us-gaap:TransferAgentMemberrbcaa:RepublicProcessingGroupMember2024-04-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:RepublicProcessingGroupMember2024-04-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:CoreBankingActivitiesMember2024-04-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:WarehouseLendingMember2024-04-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:CoreBankingActivitiesMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicProcessingGroupMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicPaymentSolutionsSegmentMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:CoreBankingActivitiesMember2024-04-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:CoreBankingActivitiesMember2024-04-012024-06-300000921557us-gaap:TransferAgentMember2024-04-012024-06-300000921557us-gaap:FinancialServiceOtherMember2024-04-012024-06-300000921557us-gaap:DepositAccountMember2024-04-012024-06-300000921557us-gaap:CreditAndDebitCardMember2024-04-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMember2024-04-012024-06-300000921557us-gaap:TransferAgentMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:TransferAgentMemberrbcaa:RepublicProcessingGroupMember2024-01-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:RepublicProcessingGroupMember2024-01-012024-06-300000921557us-gaap:FinancialServiceOtherMemberrbcaa:CoreBankingActivitiesMember2024-01-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:WarehouseLendingMember2024-01-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:RepublicProcessingGroupMember2024-01-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-01-012024-06-300000921557us-gaap:DepositAccountMemberrbcaa:CoreBankingActivitiesMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicProcessingGroupMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicPaymentSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMemberrbcaa:CoreBankingActivitiesMember2024-01-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMemberrbcaa:CoreBankingActivitiesMember2024-01-012024-06-300000921557us-gaap:TransferAgentMember2024-01-012024-06-300000921557us-gaap:FinancialServiceOtherMember2024-01-012024-06-300000921557us-gaap:DepositAccountMember2024-01-012024-06-300000921557us-gaap:CreditAndDebitCardMember2024-01-012024-06-300000921557rbcaa:GainLossOnOtherRealEstateOwnedMember2024-01-012024-06-300000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-06-300000921557us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-01-012025-06-300000921557us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-06-300000921557us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-012024-06-300000921557us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000921557us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-12-310000921557us-gaap:LoanOriginationCommitmentsMember2025-04-012025-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2025-04-012025-06-300000921557rbcaa:UnusedRcsLinesOfCreditMember2025-04-012025-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2025-04-012025-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2025-04-012025-06-300000921557us-gaap:LoanOriginationCommitmentsMember2025-01-012025-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2025-01-012025-06-300000921557rbcaa:UnusedRcsLinesOfCreditMember2025-01-012025-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2025-01-012025-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2025-01-012025-06-300000921557us-gaap:LoanOriginationCommitmentsMember2024-04-012024-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2024-04-012024-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2024-04-012024-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2024-04-012024-06-300000921557us-gaap:LoanOriginationCommitmentsMember2024-01-012024-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2024-01-012024-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2024-01-012024-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2024-01-012024-06-300000921557us-gaap:LoanOriginationCommitmentsMember2025-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2025-06-300000921557rbcaa:UnusedRcsLinesOfCreditMember2025-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2025-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2025-06-300000921557us-gaap:LoanOriginationCommitmentsMember2025-03-310000921557rbcaa:UnusedWarehouseLinesOfCreditMember2025-03-310000921557rbcaa:UnusedRcsLinesOfCreditMember2025-03-310000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2025-03-310000921557rbcaa:UnusedConstructionLinesOfCreditMember2025-03-310000921557us-gaap:LoanOriginationCommitmentsMember2024-12-310000921557rbcaa:UnusedWarehouseLinesOfCreditMember2024-12-310000921557rbcaa:UnusedRcsLinesOfCreditMember2024-12-310000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2024-12-310000921557rbcaa:UnusedConstructionLinesOfCreditMember2024-12-310000921557us-gaap:LoanOriginationCommitmentsMember2024-06-300000921557rbcaa:UnusedWarehouseLinesOfCreditMember2024-06-300000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2024-06-300000921557rbcaa:UnusedConstructionLinesOfCreditMember2024-06-300000921557us-gaap:LoanOriginationCommitmentsMember2024-03-310000921557rbcaa:UnusedWarehouseLinesOfCreditMember2024-03-310000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2024-03-310000921557rbcaa:UnusedConstructionLinesOfCreditMember2024-03-310000921557us-gaap:LoanOriginationCommitmentsMember2023-12-310000921557rbcaa:UnusedWarehouseLinesOfCreditMember2023-12-310000921557rbcaa:UnusedHomeEquityLinesOfCreditMember2023-12-310000921557rbcaa:UnusedConstructionLinesOfCreditMember2023-12-310000921557srt:MinimumMemberrbcaa:ShortTermInstallmentLoanMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557srt:MaximumMemberrbcaa:ShortTermInstallmentLoanMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:LineOfCreditProductTwoMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:LineOfCreditProductOneMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMemberus-gaap:MeasurementInputDiscountRateMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMemberrbcaa:MeasurementInputNetPremiumMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMemberus-gaap:MeasurementInputDiscountRateMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMemberrbcaa:MeasurementInputNetPremiumMember2024-12-310000921557rbcaa:OtherLinesOfCreditMember2025-06-300000921557rbcaa:OtherLinesOfCreditMember2024-12-310000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:FhlbAdvancesInterestRateSwapsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557us-gaap:FairValueMeasurementsNonrecurringMember2025-04-012025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMember2024-04-012024-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMember2024-01-012024-06-300000921557us-gaap:AssetPledgedAsCollateralMember2025-06-300000921557us-gaap:AssetPledgedAsCollateralMember2024-12-310000921557us-gaap:FinanceLeasesPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2025-04-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2025-04-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMember2025-04-012025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMember2025-04-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2025-04-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2024-04-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-04-012024-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2024-04-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2024-04-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMember2024-01-012024-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2024-01-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2025-04-012025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2025-01-012025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2024-04-012024-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2024-01-012024-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TaxRefundSolutionsSegmentMember2025-06-300000921557rbcaa:PersonalPropertyMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:PersonalPropertyMemberrbcaa:AircraftPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SpecialMentionMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:PassMember2025-06-300000921557rbcaa:WarehousePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:WarehouseLendingMember2025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2025-06-300000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2025-06-300000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2025-06-300000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2025-06-300000921557us-gaap:FinancialAssetPastDueMemberrbcaa:RepublicProcessingGroupMember2025-06-300000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:RepublicProcessingGroupMember2025-06-300000921557rbcaa:WarehousePortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557rbcaa:ForeclosureProceedingsInProcessMemberus-gaap:ResidentialPortfolioSegmentMember2025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:SpecialMentionMember2025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:SubstandardMember2025-06-300000921557rbcaa:WarehousePortfolioSegmentMember2025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TaxRefundSolutionsSegmentMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TaxRefundSolutionsSegmentMember2024-12-310000921557rbcaa:PersonalPropertyMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:PersonalPropertyMemberrbcaa:AircraftPortfolioSegmentMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberus-gaap:PassMember2024-12-310000921557rbcaa:WarehousePortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:WarehouseLendingMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancialAssetPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2024-12-310000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2024-12-310000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2024-12-310000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:RepublicProcessingGroupMember2024-12-310000921557us-gaap:FinancialAssetPastDueMemberrbcaa:RepublicProcessingGroupMember2024-12-310000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:RepublicProcessingGroupMember2024-12-310000921557rbcaa:WarehousePortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000921557rbcaa:ForeclosureProceedingsInProcessMemberus-gaap:ResidentialPortfolioSegmentMember2024-12-310000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:SpecialMentionMember2024-12-310000921557rbcaa:WarehousePortfolioSegmentMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMember2025-01-012025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMember2025-01-012025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMember2024-01-012024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-01-012024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMember2024-01-012024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMember2024-01-012024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMember2024-01-012024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-04-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-04-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-01-012024-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-01-012024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberrbcaa:TraditionalBankingMember2025-03-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-03-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-03-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2025-03-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-03-310000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2025-03-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-03-310000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2025-03-310000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-03-310000921557rbcaa:RepublicProcessingGroupMember2025-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-12-310000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-06-300000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2024-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2024-06-300000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2024-03-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-03-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-03-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2024-03-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-03-310000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2024-03-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2024-03-310000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2024-03-310000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2024-03-310000921557rbcaa:RepublicProcessingGroupMember2024-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:CreditCardReceivablesMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:AutomobileLoanMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:OtherConsumerFinancingReceivableMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberrbcaa:ConsumerOverdraftFinancingReceivableMemberrbcaa:TraditionalBankingMember2023-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberrbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2023-12-310000921557rbcaa:TaxRefundSolutionsPortfolioSegmentMemberrbcaa:OtherTrsLoansMemberrbcaa:TaxRefundSolutionsSegmentMember2023-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:WarehousePortfolioSegmentMemberrbcaa:WarehouseLendingMember2023-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberrbcaa:RepublicCreditSolutionsDivisionMember2023-12-310000921557rbcaa:ConstructionAndLandDevelopmentMemberrbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:AircraftPortfolioSegmentMemberrbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:RepublicProcessingGroupMember2023-12-310000921557us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetPledgedAsCollateralMember2025-06-300000921557us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetPledgedAsCollateralMember2025-06-300000921557us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:AssetPledgedAsCollateralMember2024-12-310000921557us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:AssetPledgedAsCollateralMember2024-12-310000921557rbcaa:FederalHomeLoanBankAdvancesFixedRateMember2024-06-300000921557us-gaap:HomeEquityMember2025-06-300000921557us-gaap:FirstMortgageMember2025-06-300000921557rbcaa:MultiFamilyCommercialMortgageMember2025-06-300000921557rbcaa:CommercialRealEstateExcludingMultiFamilyMember2025-06-300000921557us-gaap:HomeEquityMember2024-12-310000921557us-gaap:FirstMortgageMember2024-12-310000921557rbcaa:MultiFamilyCommercialMortgageMember2024-12-310000921557rbcaa:CommercialRealEstateExcludingMultiFamilyMember2024-12-310000921557us-gaap:FederalHomeLoanBankAdvancesMember2024-04-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberus-gaap:InterestIncomeMember2025-04-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2025-04-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberus-gaap:InterestIncomeMember2025-04-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2025-04-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2025-04-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMember2025-04-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberus-gaap:InterestIncomeMember2025-01-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2025-01-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberus-gaap:InterestIncomeMember2025-01-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2025-01-012025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMember2025-01-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberus-gaap:InterestIncomeMember2024-04-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2024-04-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberus-gaap:InterestIncomeMember2024-04-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2024-04-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2024-04-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMember2024-04-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberus-gaap:InterestIncomeMember2024-01-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2024-01-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberus-gaap:InterestIncomeMember2024-01-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMemberrbcaa:ChangeInFairValueMember2024-01-012024-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2024-01-012024-06-300000921557rbcaa:ConsumerLoansHeldForSaleMember2024-01-012024-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-03-310000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-03-310000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-06-300000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-03-310000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2023-12-310000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-04-012025-06-300000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-04-012024-06-300000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-01-012024-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-04-012025-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-04-012024-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-01-012024-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ConsumerLoanMember2025-01-012025-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-01-012025-06-300000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-01-012025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-01-012025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMember2025-01-012025-06-300000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-01-012024-12-310000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2025-04-012025-06-300000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2025-01-012025-06-300000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-04-012024-06-300000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-01-012024-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberrbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2025-06-300000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberrbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberrbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-12-310000921557rbcaa:FederalHomeLoanMortgageCorporationCertificatesAndObligationsFhlmcPreferredStockMember2024-12-310000921557us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2025-04-012025-06-300000921557us-gaap:CommonClassAMemberus-gaap:RetainedEarningsMember2025-04-012025-06-300000921557us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2025-01-012025-06-300000921557us-gaap:CommonClassAMemberus-gaap:RetainedEarningsMember2025-01-012025-06-300000921557us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2024-04-012024-06-300000921557us-gaap:CommonClassAMemberus-gaap:RetainedEarningsMember2024-04-012024-06-300000921557us-gaap:CommonClassBMemberus-gaap:RetainedEarningsMember2024-01-012024-06-300000921557us-gaap:CommonClassAMemberus-gaap:RetainedEarningsMember2024-01-012024-06-300000921557rbcaa:MortgageDerivativeMember2025-01-012025-06-300000921557us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000921557us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-06-300000921557us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-06-300000921557us-gaap:ForwardContractsMember2025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-12-310000921557us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-12-310000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-06-300000921557rbcaa:BankClientsMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-06-300000921557us-gaap:InterestRateLockCommitmentsMember2025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2025-06-300000921557rbcaa:BankClientsMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000921557us-gaap:InterestRateLockCommitmentsMember2024-12-310000921557us-gaap:ForwardContractsMember2024-12-310000921557rbcaa:MortgageLoansHeldForSaleMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberrbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberrbcaa:NonInterestBearingDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:BankTimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557rbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557rbcaa:NonInterestBearingDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557rbcaa:NonInterestBearingDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberrbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberrbcaa:NonInterestBearingDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:BankTimeDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:BankTimeDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000921557rbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:TransactionAndMoneyMarketDepositsLiabilitiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000921557rbcaa:NonInterestBearingDepositsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:NonInterestBearingDepositsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000921557srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2025-06-300000921557srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2025-06-300000921557srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2025-06-300000921557srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2025-06-300000921557srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2024-12-310000921557srt:MinimumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-12-310000921557srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputDefaultRateMember2024-12-310000921557srt:MaximumMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputConstantPrepaymentRateMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:MeasurementInputLossSeverityMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2025-06-300000921557us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2025-06-300000921557us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-12-310000921557us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateBondSecuritiesMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedMortgageObligationsMember2024-12-310000921557us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-04-012025-06-300000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-01-012025-06-300000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-04-012024-06-300000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-01-012024-06-300000921557us-gaap:CommonClassBMember2025-06-300000921557us-gaap:CommonClassAMember2025-06-300000921557us-gaap:CommonClassBMember2024-12-310000921557us-gaap:CommonClassAMember2024-12-310000921557us-gaap:CommonClassBMember2025-04-012025-06-300000921557us-gaap:CommonClassAMember2025-04-012025-06-300000921557us-gaap:CommonClassBMember2025-01-012025-06-300000921557us-gaap:CommonClassBMember2024-04-012024-06-300000921557us-gaap:CommonClassAMember2024-04-012024-06-300000921557us-gaap:CommonClassBMember2024-01-012024-06-300000921557us-gaap:CommonClassAMember2024-01-012024-06-300000921557us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:CounterpartyMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:AssetPledgedAsCollateralMember2025-06-300000921557rbcaa:CounterpartyMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberus-gaap:AssetPledgedAsCollateralMember2024-12-310000921557rbcaa:MortgageBackedSecuritiesAndCollateralizedMortgageObligationMember2025-01-012025-06-300000921557rbcaa:MortgageBackedSecuritiesAndCollateralizedMortgageObligationMember2024-01-012024-12-310000921557us-gaap:CorporateBondSecuritiesMember2025-06-300000921557us-gaap:USTreasuryAndGovernmentMember2025-06-300000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2025-06-300000921557us-gaap:ResidentialMortgageBackedSecuritiesMember2025-06-300000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-06-300000921557us-gaap:CollateralizedMortgageObligationsMember2025-06-300000921557us-gaap:USTreasuryAndGovernmentMember2024-12-310000921557us-gaap:TrustPreferredSecuritiesSubjectToMandatoryRedemptionMember2024-12-310000921557us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000921557us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-12-310000921557us-gaap:CorporateBondSecuritiesMember2024-12-310000921557us-gaap:CollateralizedMortgageObligationsMember2024-12-310000921557srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557rbcaa:RepublicPaymentSolutionsSegmentMember2025-06-300000921557rbcaa:RepublicPaymentSolutionsSegmentMember2024-06-300000921557srt:WeightedAverageMemberus-gaap:EmployeeStockOptionMember2025-04-012025-06-300000921557us-gaap:EmployeeStockOptionMember2025-04-012025-06-300000921557srt:WeightedAverageMemberus-gaap:EmployeeStockOptionMember2025-01-012025-06-300000921557us-gaap:EmployeeStockOptionMember2025-01-012025-06-300000921557srt:WeightedAverageMemberus-gaap:EmployeeStockOptionMember2024-04-012024-06-300000921557us-gaap:EmployeeStockOptionMember2024-04-012024-06-300000921557srt:WeightedAverageMemberus-gaap:EmployeeStockOptionMember2024-01-012024-06-300000921557us-gaap:EmployeeStockOptionMember2024-01-012024-06-300000921557rbcaa:FederalHomeLoanBankAdvancesFixedRateMember2025-06-300000921557rbcaa:FederalHomeLoanBankAdvancesOvernightRateMember2024-12-310000921557rbcaa:FederalHomeLoanBankAdvancesFixedRateMember2024-12-310000921557srt:MaximumMemberrbcaa:ShortTermInstallmentLoanMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557us-gaap:RetainedEarningsMember2025-04-012025-06-300000921557us-gaap:CommonStockMember2025-04-012025-06-300000921557us-gaap:RetainedEarningsMember2024-04-012024-06-300000921557us-gaap:RetainedEarningsMember2024-01-012024-06-300000921557us-gaap:CommonStockMember2024-01-012024-06-300000921557us-gaap:CommonStockMember2024-04-012024-06-300000921557us-gaap:RetainedEarningsMember2025-01-012025-06-300000921557us-gaap:CommonStockMember2025-01-012025-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-04-012025-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-04-012024-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2025-01-012025-06-300000921557us-gaap:CommonClassAMemberus-gaap:CommonStockMember2024-01-012024-06-300000921557us-gaap:ConsumerLoanMember2025-01-012025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2025-01-012025-06-300000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557srt:MinimumMember2025-01-012025-06-300000921557srt:MaximumMember2025-01-012025-06-300000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557srt:MinimumMemberrbcaa:ShortTermLineOfCreditAndCreditCardMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557srt:MaximumMemberrbcaa:ShortTermLineOfCreditAndCreditCardMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMember2025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2024-12-310000921557us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2024-12-310000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-06-300000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300000921557us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-06-300000921557rbcaa:ShortTermLineOfCreditMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557stpr:TN2025-06-300000921557stpr:OH2025-06-300000921557stpr:KY2025-06-300000921557stpr:IN2025-06-300000921557stpr:FL2025-06-300000921557rbcaa:SouthernIndianaMember2025-06-300000921557rbcaa:NorthernKentuckyMember2025-06-300000921557rbcaa:NewAlbanyMember2025-06-300000921557rbcaa:MetropolitanTampaFloridaMember2025-06-300000921557rbcaa:MetropolitanNashvilleTennesseeMember2025-06-300000921557rbcaa:MetropolitanLouisvilleMember2025-06-300000921557rbcaa:MetropolitanCincinnatiOhioMember2025-06-300000921557rbcaa:LexingtonMember2025-06-300000921557rbcaa:JeffersonvilleMember2025-06-300000921557rbcaa:GeorgetownMember2025-06-300000921557rbcaa:FloydsKnobsMember2025-06-300000921557rbcaa:FlorenceMember2025-06-300000921557rbcaa:CrestviewHillsMember2025-06-300000921557rbcaa:CovingtonMember2025-06-300000921557rbcaa:CentralKentuckyMember2025-06-300000921557rbcaa:BellevueMember2025-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2025-04-012025-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2024-04-012024-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-06-300000921557us-gaap:FinanceLeasesPortfolioSegmentMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:WarehouseLendingMember2025-04-012025-06-300000921557rbcaa:WarehouseLendingMember2025-01-012025-06-300000921557rbcaa:WarehouseLendingMember2024-04-012024-06-300000921557rbcaa:WarehouseLendingMember2024-01-012024-06-300000921557rbcaa:EarlySeasonRefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557rbcaa:BankClientsAndInstitutionalInterestRateSwapsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-3100009215572025-03-012025-03-310000921557rbcaa:MortgageLoansHeldForSaleMember2025-06-300000921557rbcaa:ConsumerLoansHeldForSaleMember2025-06-300000921557rbcaa:MortgageLoansHeldForSaleMember2024-12-310000921557rbcaa:ConsumerLoansHeldForSaleMember2024-12-310000921557rbcaa:RepublicProcessingGroupMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2025-01-012025-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SpecialMentionMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:PassMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:PassMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:PassMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:PassMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberus-gaap:PassMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2025-06-300000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMember2025-06-300000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:PassMember2025-06-300000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:PassMember2025-06-300000921557us-gaap:ConsumerPortfolioSegmentMember2025-06-300000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMember2025-06-300000921557rbcaa:ConstructionAndLandDevelopmentMember2025-06-300000921557rbcaa:AircraftPortfolioSegmentMember2025-06-300000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:PassMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMemberus-gaap:PassMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMemberus-gaap:PassMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMemberus-gaap:PassMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMemberus-gaap:PassMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-12-310000921557us-gaap:ResidentialPortfolioSegmentMemberrbcaa:NonOwnerOccupiedResidentialRealEstateLoansMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateNonOwnerOccupiedMember2024-12-310000921557us-gaap:CommercialRealEstatePortfolioSegmentMemberrbcaa:CommercialRealEstateMultiFamilyMember2024-12-310000921557us-gaap:CommercialPortfolioSegmentMemberrbcaa:CommercialAndIndustrialPortfolioSegmentMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557rbcaa:ConstructionAndLandDevelopmentMemberus-gaap:PassMember2024-12-310000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:SubstandardMember2024-12-310000921557rbcaa:AircraftPortfolioSegmentMemberus-gaap:PassMember2024-12-310000921557us-gaap:ConsumerPortfolioSegmentMember2024-12-310000921557rbcaa:RepublicCreditSolutionsPortfolioSegmentMember2024-12-310000921557rbcaa:ConstructionAndLandDevelopmentMember2024-12-310000921557rbcaa:AircraftPortfolioSegmentMember2024-12-310000921557us-gaap:RealEstateMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:PersonalPropertyMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2025-06-300000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2025-06-300000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2025-06-300000921557us-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancialAssetPastDueMemberrbcaa:CoreBankingActivitiesMember2025-06-300000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2025-06-300000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:CoreBankingActivitiesMember2025-06-300000921557us-gaap:SubstandardMember2025-06-300000921557us-gaap:SpecialMentionMember2025-06-300000921557us-gaap:PassMember2025-06-300000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2025-06-300000921557us-gaap:FinancingReceivables60To89DaysPastDueMember2025-06-300000921557us-gaap:FinancingReceivables30To59DaysPastDueMember2025-06-300000921557us-gaap:FinancialAssetPastDueMember2025-06-300000921557us-gaap:FinancialAssetNotPastDueMember2025-06-300000921557rbcaa:WarehouseLendingMember2025-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2025-06-300000921557rbcaa:RepublicProcessingGroupMember2025-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2025-06-300000921557us-gaap:RealEstateMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:PersonalPropertyMemberus-gaap:AssetPledgedAsCollateralMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2024-12-310000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancingReceivables60To89DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2024-12-310000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancingReceivables30To59DaysPastDueMemberrbcaa:CoreBankingActivitiesMember2024-12-310000921557us-gaap:FinancialAssetPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancialAssetPastDueMemberrbcaa:CoreBankingActivitiesMember2024-12-310000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:TraditionalBankingMember2024-12-310000921557us-gaap:FinancialAssetNotPastDueMemberrbcaa:CoreBankingActivitiesMember2024-12-310000921557us-gaap:SubstandardMember2024-12-310000921557us-gaap:SpecialMentionMember2024-12-310000921557us-gaap:PassMember2024-12-310000921557us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-12-310000921557us-gaap:FinancingReceivables60To89DaysPastDueMember2024-12-310000921557us-gaap:FinancingReceivables30To59DaysPastDueMember2024-12-310000921557us-gaap:FinancialAssetPastDueMember2024-12-310000921557us-gaap:FinancialAssetNotPastDueMember2024-12-310000921557rbcaa:WarehouseLendingMember2024-06-300000921557rbcaa:TaxRefundSolutionsSegmentMember2024-06-300000921557rbcaa:RepublicProcessingGroupMember2024-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2024-06-3000009215572024-01-012024-12-310000921557rbcaa:TraditionalBankingMember2024-04-012024-06-300000921557rbcaa:CoreBankingActivitiesMember2024-04-012024-06-300000921557rbcaa:TraditionalBankingMember2024-01-012024-06-300000921557rbcaa:CoreBankingActivitiesMember2024-01-012024-06-300000921557rbcaa:TraditionalBankingMember2025-06-300000921557rbcaa:CoreBankingActivitiesMember2025-06-300000921557rbcaa:TraditionalBankingMember2025-03-310000921557rbcaa:CoreBankingActivitiesMember2025-03-310000921557rbcaa:TraditionalBankingMember2024-12-310000921557rbcaa:CoreBankingActivitiesMember2024-12-310000921557rbcaa:TraditionalBankingMember2024-06-300000921557rbcaa:CoreBankingActivitiesMember2024-06-300000921557rbcaa:TraditionalBankingMember2024-03-310000921557rbcaa:CoreBankingActivitiesMember2024-03-310000921557us-gaap:ResidentialPortfolioSegmentMemberus-gaap:HomeEquityMemberrbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:TraditionalBankingMember2023-12-310000921557rbcaa:CoreBankingActivitiesMember2023-12-310000921557rbcaa:RepublicProcessingGroupMember2025-04-012025-06-300000921557rbcaa:RepublicPaymentSolutionsSegmentMember2025-04-012025-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2025-04-012025-06-300000921557rbcaa:RepublicProcessingGroupMember2025-01-012025-06-300000921557rbcaa:RepublicPaymentSolutionsSegmentMember2025-01-012025-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557rbcaa:RepublicProcessingGroupMember2024-04-012024-06-300000921557rbcaa:RepublicPaymentSolutionsSegmentMember2024-04-012024-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2024-04-012024-06-300000921557rbcaa:RepublicProcessingGroupMember2024-01-012024-06-300000921557rbcaa:RepublicPaymentSolutionsSegmentMember2024-01-012024-06-300000921557rbcaa:RepublicCreditSolutionsDivisionMember2024-01-012024-06-300000921557rbcaa:FederalHomeLoanBankAdvancesFixedRateMember2024-05-012024-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMember2025-01-012025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMember2024-01-012024-06-300000921557us-gaap:USTreasuryAndGovernmentMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-06-300000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2025-06-300000921557us-gaap:USTreasuryAndGovernmentMemberus-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-12-310000921557us-gaap:SecuritiesSoldUnderAgreementsToRepurchaseMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMember2025-04-012025-06-300000921557us-gaap:FairValueMeasurementsRecurringMember2025-01-012025-06-300000921557us-gaap:FairValueMeasurementsRecurringMember2024-04-012024-06-300000921557us-gaap:FairValueMeasurementsRecurringMember2024-01-012024-06-300000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-01-012025-02-280000921557rbcaa:EarlySeasonRefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-12-012025-01-310000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2024-01-012024-02-290000921557rbcaa:EarlySeasonRefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2023-12-012024-01-310000921557us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-04-012025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2025-01-012025-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-04-012024-06-300000921557us-gaap:FederalHomeLoanBankAdvancesMemberus-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2024-01-012024-06-300000921557rbcaa:CounterpartyMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-06-300000921557rbcaa:CounterpartyMemberus-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000921557rbcaa:TraditionalBankingMember2025-04-012025-06-300000921557rbcaa:CoreBankingActivitiesMember2025-04-012025-06-300000921557rbcaa:TraditionalBankingMember2025-01-012025-06-300000921557rbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557rbcaa:ShortTermHealthcareReceivablesMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557rbcaa:LineOfCreditProductOneMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557rbcaa:LineOfCreditProductTwoMemberrbcaa:RepublicCreditSolutionsDivisionMember2025-01-012025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:ConsumerLoansHeldForSaleMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueMeasurementsRecurringMember2025-06-3000009215572025-03-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:FairValueMeasurementsRecurringMember2024-12-3100009215572024-06-3000009215572024-03-3100009215572023-12-310000921557us-gaap:CommonClassAMember2025-01-012025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CommercialRealEstateOwnerOccupiedMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-06-300000921557us-gaap:FairValueMeasurementsNonrecurringMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-12-310000921557us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000921557us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310000921557srt:MinimumMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557srt:MaximumMemberrbcaa:CoreBankingActivitiesMember2025-01-012025-06-300000921557srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2025-06-300000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557srt:WeightedAverageMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:CollateralDependentLoansMemberus-gaap:ResidentialPortfolioSegmentMemberrbcaa:OwnerOccupiedResidentialRealEstateLoansMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberrbcaa:OtherRealEstateOwnedMemberus-gaap:CommercialRealEstatePortfolioSegmentMemberus-gaap:MeasurementInputComparabilityAdjustmentMemberus-gaap:MarketApproachValuationTechniqueMember2024-12-310000921557rbcaa:RefundAdvancesMemberrbcaa:TaxRefundSolutionsSegmentMember2025-06-3000009215572025-06-3000009215572024-12-310000921557us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300000921557us-gaap:AdditionalPaidInCapitalMember2025-01-012025-06-300000921557us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000009215572024-04-012024-06-300000921557us-gaap:AdditionalPaidInCapitalMember2024-01-012024-06-3000009215572024-01-012024-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-06-300000921557us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-06-300000921557us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000921557us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000921557rbcaa:OtherAssetsAndAccruedInterestReceivableMember2025-06-300000921557rbcaa:OtherAssetsAndAccruedInterestReceivableMember2024-12-3100009215572025-04-012025-06-300000921557us-gaap:CommonClassBMember2025-07-310000921557us-gaap:CommonClassAMember2025-07-3100009215572025-01-012025-06-30xbrli:sharesiso4217:USDxbrli:purerbcaa:itemrbcaa:loaniso4217:USDxbrli:sharesrbcaa:DerivativeInstrumentrbcaa:segment

Table of Contents

1 min

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2025

or

   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-24649

Graphic

REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

Kentucky

61-0862051

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

601 West Market Street, Louisville, Kentucky

40202

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (502) 584-3600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common

RBCAA

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer

Smaller reporting company 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No

The number of shares outstanding of the registrant’s Class A Common Stock and Class B Common Stock, as of July 31, 2025 was 17,381,648 and 2,148,876.

Table of Contents

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements.

4

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

59

Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

110

Item 4.

Controls and Procedures.

110

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings.

110

Item 1A.

Risk Factors.

110

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

111

Item 5.

Other Information.

111

Item 6.

Exhibits.

112

SIGNATURES

113

2

Table of Contents

GLOSSARY OF TERMS

The terms identified in alphabetical order below are used throughout this Form 10-Q. You may find it helpful to refer to this page as you read this report.

Term

   

Definition

2024 Tax Season

December 2023 through February 2024

2025 Tax Season

December 2024 through February 2025

ACH

Automated Clearing House

ACL

Allowance for Credit Losses

ACLC

Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

ACLL

Allowance for Credit Losses on Loans

ACLS

Allowance for Credit Losses on Securities

AFS

Available for Sale

AOCI

Accumulated Other Comprehensive Income

ARM

Adjustable Rate Mortgage

ASC

Accounting Standards Codification

ASU

Accounting Standards Update

Basic EPS

Basic earnings per Class A Common Share

BOLI

Bank Owned Life Insurance

BPO

Brokered Price Opinion

C&D

Construction and Development

C&I

Commercial and Industrial

CCAD

Commercial Credit Administration Department

CD

Certificate of Deposit

CDI

Core Deposit Intangible

CECL

Current Expected Credit Losses

CMO

Collateralized Mortgage Obligation

CODM

Chief Operating Decision Maker

Core Bank

The Traditional Banking and Warehouse Lending reportable segments of the Company

CRE

Commercial Real Estate

DDA

Demand Deposit Account

Diluted EPS

Diluted earnings per Class A Common Share

DTA

Deferred Tax Asset

EPS

Earnings Per Share

ERA

Early Season Refund Advance

ESPP

Employee Stock Purchase Plan

FDIC

Federal Deposit Insurance Corporation

FFTR

Federal Funds Target Rate

FHLB

Federal Home Loan Bank

FHLMC

Federal Home Loan Mortgage Corporation

FICO

Fair Isaac Corporation

FNMA

Federal National Mortgage Association

FOMC

Federal Open Market Committee

FRB

Federal Reserve Bank

FTP

Funds Transfer Pricing

GAAP

Generally Accepted Accounting Principles in the United States

HEAL

Home Equity Amortizing Loan

HELOC

Home Equity Line of Credit

HFS

Held for Sale

HTM

Held to Maturity

LOC

Line of Credit

LOC I

RCS product introduced in 2014 for which the Bank participates out a 90% interest and holds a 10% interest

LOC II

RCS product introduced in 2021 for which the Bank participates out a 95% interest and holds a 5% interest

MBS

Mortgage Backed Securities

MSRs

Mortgage Servicing Rights

NA

Not Applicable

NIM

Net Interest Margin

NM

Not Meaningful

OBS

Off-Balance Sheet

OCI

Other Comprehensive Income

OREO

Other Real Estate Owned

PCD

Purchased Credit Deteriorated

Prime

The Wall Street Journal Prime Interest Rate

Provision

Provision for Expected Credit Loss Expense

RA

Refund Advance

RB&T / the Bank

Republic Bank & Trust Company

RCS

Republic Credit Solutions segment

Republic / the Company

Republic Bancorp, Inc.

RPG

Republic Processing Group

RPS

Republic Payment Solutions

RT

Refund Transfer

SBA

U.S. Small Business Administration

SEC

Securities and Exchange Commission

SOFR

Secured Overnight Financing Right

SSUAR

Securities Sold Under Agreements to Repurchase

Tax Provider

Third-party tax preparers located throughout the U.S., as well as tax-preparation software providers that offer Republic Bank ERAs, RAs, and RTs

TBA

To Be Announced

TRS

Tax Refund Solutions segment

TRUP

Trust Preferred Security Investment

Warehouse

Warehouse Lending segment

3

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data)

    

June 30, 

    

December 31, 

2025

2024

ASSETS

Cash and cash equivalents

$

484,808

$

432,151

Available-for-sale debt securities, at fair value (amortized cost of $715,554 in 2025 and $602,493 in 2024, allowance for credit losses of $0 in 2025 and 2024)

 

705,716

 

584,155

Held-to-maturity debt securities (fair value of $5,408 in 2025 and $10,735 in 2024, allowance for credit losses of $0 in 2025 and 2024)

 

5,434

 

10,778

Equity securities with readily determinable fair value

756

693

Mortgage loans held for sale, at fair value

 

8,850

 

8,312

Consumer loans held for sale, at fair value

8,312

5,443

Consumer loans held for sale, at the lower of cost or fair value

19,640

18,632

Loans

 

5,373,020

 

5,439,466

Allowance for credit losses

 

(81,760)

 

(91,978)

Loans, net

 

5,291,260

 

5,347,488

Federal Home Loan Bank stock, at cost

 

24,568

 

24,478

Premises and equipment, net

 

36,651

 

32,309

Right-of-use assets

34,327

36,182

Goodwill

 

40,516

 

40,516

Other real estate owned

 

1,054

 

1,160

Bank owned life insurance

 

108,738

 

107,125

Other assets and accrued interest receivable

 

200,287

 

197,245

TOTAL ASSETS

$

6,970,917

$

6,846,667

LIABILITIES

Deposits:

Noninterest-bearing

$

1,223,016

$

1,207,764

Interest-bearing

 

4,094,223

 

4,002,782

Total deposits

 

5,317,239

 

5,210,546

Securities sold under agreements to repurchase and other short-term borrowings

 

72,103

 

103,318

Operating lease liabilities

35,335

37,121

Federal Home Loan Bank advances

 

370,000

 

395,000

Other liabilities and accrued interest payable

 

116,134

 

108,653

Total liabilities

 

5,910,811

 

5,854,638

Commitments and contingent liabilities (Footnote 8)

 

 

STOCKHOLDERS’ EQUITY

Preferred stock, no par value

 

 

Class A Common Stock, no par value, 30,000,000 shares authorized, 17,378,294 shares (2025) and 17,297,878 shares (2024) issued and outstanding; Class B Common Stock, no par value, 5,000,000 shares authorized, 2,148,876 shares (2025) and 2,150,090 shares (2024) issued and outstanding

 

4,597

 

4,587

Additional paid in capital

 

153,733

 

148,053

Retained earnings

 

911,337

 

853,627

Accumulated other comprehensive loss

 

(9,561)

 

(14,238)

Total stockholders’ equity

 

1,060,106

 

992,029

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

6,970,917

$

6,846,667

See accompanying footnotes to consolidated financial statements.

4

Table of Contents

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

2025

2024

2025

2024

INTEREST INCOME:

Loans, including fees

$

88,940

$

87,222

$

207,797

$

206,129

Taxable investment securities

 

5,778

 

4,528

 

10,335

 

8,980

Federal Home Loan Bank stock and other

 

7,485

 

5,950

 

13,909

 

13,223

Total interest income

 

102,203

 

97,700

 

232,041

 

228,332

INTEREST EXPENSE:

Deposits

 

21,850

 

25,773

 

43,228

 

52,769

Securities sold under agreements to repurchase and other short-term borrowings

 

140

 

132

 

277

 

262

Federal Home Loan Bank advances

 

4,011

 

3,259

 

9,646

 

9,846

Total interest expense

 

26,001

 

29,164

 

53,151

 

62,877

NET INTEREST INCOME

 

76,202

 

68,536

 

178,890

 

165,455

Provision for expected credit loss expense on loans

 

1,823

 

5,143

 

19,495

 

35,765

NET INTEREST INCOME AFTER PROVISION

 

74,379

 

63,393

 

159,395

 

129,690

NONINTEREST INCOME:

Service charges on deposit accounts

 

3,505

 

3,526

 

6,965

 

6,839

Net refund transfer fees

 

2,567

 

3,811

 

16,460

 

14,631

Mortgage banking income

 

1,896

 

1,612

 

3,717

 

1,922

Interchange fee income

 

3,200

 

3,351

 

6,277

 

6,508

Program fees

 

4,451

 

4,398

 

8,273

 

8,577

Increase in cash surrender value of bank owned life insurance

 

821

 

792

 

1,614

 

1,546

Net losses on other real estate owned

 

(53)

 

(48)

 

(106)

 

(101)

Gain on sale of Visa Class B-1 shares

4,090

Other

 

1,257

 

904

 

3,508

 

1,797

Total noninterest income

 

17,644

 

18,346

 

50,798

 

41,719

NONINTEREST EXPENSE:

Salaries and employee benefits

 

30,801

 

29,143

 

61,870

 

58,859

Technology, equipment, and communication

 

8,684

 

7,340

 

17,327

 

14,830

Occupancy

 

3,391

 

3,409

 

6,955

 

7,231

Marketing and development

 

1,243

 

2,705

 

2,630

 

4,629

FDIC insurance expense

 

731

 

748

 

1,550

 

1,520

Interchange related expense

 

1,488

 

1,412

 

3,124

 

2,710

Legal and professional fees

666

770

1,784

1,825

Core conversion and contract consulting fees

182

5,896

Merger expense

41

Other

 

4,447

 

4,107

 

8,705

 

8,960

Total noninterest expense

 

51,633

 

49,634

 

109,841

 

100,605

INCOME BEFORE INCOME TAX EXPENSE

 

40,390

 

32,105

 

100,352

 

70,804

INCOME TAX EXPENSE

 

8,906

 

6,899

 

21,600

 

14,992

NET INCOME

$

31,484

$

25,206

$

78,752

$

55,812

BASIC EARNINGS PER SHARE:

Class A Common Stock

$

1.62

$

1.31

$

4.04

$

2.88

Class B Common Stock

1.47

1.18

3.68

2.62

DILUTED EARNINGS PER SHARE:

Class A Common Stock

$

1.61

$

1.30

$

4.03

$

2.87

Class B Common Stock

1.47

1.18

3.66

2.61

See accompanying footnotes to consolidated financial statements.

5

Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

2025

    

2024

2025

    

2024

Net income

$

31,484

$

25,206

$

78,752

$

55,812

OTHER COMPREHENSIVE INCOME

Change in fair value of derivatives

 

(733)

 

(446)

 

(2,173)

 

(446)

Reclassification amount for net derivative losses realized in income

 

(45)

 

(91)

 

(91)

 

(91)

Unrealized gain on AFS debt securities

 

3,583

 

2,043

 

8,500

 

2,692

Total other comprehensive income before income tax

 

2,805

 

1,506

 

6,236

 

2,155

Income tax expense related to items of other comprehensive income

 

(701)

 

(377)

 

(1,559)

 

(540)

Total other comprehensive income, net of tax

 

2,104

 

1,129

 

4,677

 

1,615

COMPREHENSIVE INCOME

$

33,588

$

26,335

$

83,429

$

57,427

See accompanying footnotes to consolidated financial statements.

6

Table of Contents

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

Three Months Ended June 30, 2025

Common Stock

Accumulated

    

Class A

    

Class B

    

    

    

Additional

    

    

    

Other

    

Total

Shares

Shares

Paid In

Retained

Comprehensive

Stockholders’

(in thousands, except per share data)

Outstanding

Outstanding

Amount

Capital

Earnings

Income (Loss)

Equity

Balance, April 1, 2025

 

17,368

2,150

$

4,594

$

151,473

$

889,687

$

(11,665)

$

1,034,089

Net income

 

 

 

 

 

31,484

 

 

31,484

Net change in AOCI

 

 

 

 

 

 

2,104

 

2,104

Dividends declared on Common Stock:

Class A Shares ($0.451 per share)

 

 

 

 

 

(7,803)

 

 

(7,803)

Class B Shares ($0.410 per share)

 

 

 

 

 

(881)

 

 

(881)

Stock options exercised, net of shares withheld

 

10

 

 

2

 

937

 

(949)

 

 

(10)

Conversion of Class B to Class A Common Shares

1

 

(1)

 

 

 

 

 

Repurchase of Class A Common Stock

(1)

 

 

 

(8)

 

(64)

 

 

(72)

Deferred compensation - Class A Common Stock:

 

Directors

 

 

 

159

 

 

 

159

Designated key employees

 

 

 

(11)

 

 

 

(11)

Employee stock purchase plan - Class A Common Stock

3

 

 

 

191

 

 

 

191

Stock-based awards - Class A Common Stock:

Performance stock units

 

 

 

 

36

 

 

 

36

Restricted stock, net of shares withheld

 

(3)

 

 

1

 

797

 

(137)

 

 

661

Stock options

 

 

 

 

159

 

 

 

159

Balance, June 30, 2025

17,378

2,149

$

4,597

$

153,733

$

911,337

$

(9,561)

$

1,060,106

Three Months Ended June 30, 2024

Common Stock

Accumulated

    

Class A

    

Class B

    

    

    

Additional

    

    

    

Other

    

Total

Shares

Shares

Paid In

Retained

Comprehensive

Stockholders’

(in thousands, except per share data)

Outstanding

Outstanding

Amount

Capital

Earnings

Income (Loss)

Equity

Balance, April 1, 2024

 

17,260

2,151

$

4,578

$

142,091

$

808,836

$

(19,922)

$

935,583

Net income

 

 

 

 

 

25,206

 

 

25,206

Net change in AOCI

 

 

 

 

 

 

1,129

 

1,129

Dividends declared on Common Stock:

Class A Shares ($0.407 per share)

 

 

 

 

 

(6,996)

 

 

(6,996)

Class B Shares ($0.370 per share)

 

 

 

 

 

(796)

 

 

(796)

Stock options exercised, net of shares withheld

 

10

 

 

2

 

706

 

(472)

 

 

236

Conversion of Class B to Class A Common Shares

 

1

 

(1)

 

 

 

 

 

Net change in notes receivable on Class A Common Stock

 

 

 

 

46

 

 

 

46

Deferred compensation - Class A Common Stock:

 

Directors

 

 

1

 

376

 

 

 

377

Designated key employees

 

 

 

229

 

 

 

229

Employee stock purchase plan - Class A Common Stock

4

 

 

1

 

213

 

 

 

214

Stock-based awards - Class A Common Stock:

Performance stock units

 

 

 

 

36

 

 

 

36

Restricted stock, net of shares withheld

 

 

 

(1)

 

279

 

(282)

 

 

(4)

Stock options

 

 

 

 

163

 

 

 

163

Balance, June 30, 2024

 

17,275

 

2,150

$

4,581

$

144,139

$

825,496

$

(18,793)

$

955,423

7

Table of Contents

Six Months Ended June 30, 2025

Common Stock

Accumulated

    

Class A

    

Class B

    

    

    

Additional

    

    

    

Other

    

Total

Shares

Shares

Paid In

Retained

Comprehensive

Stockholders’

(in thousands, except per share data)

Outstanding

Outstanding

Amount

Capital

Earnings

Income (Loss)

Equity

Balance, January 1, 2025

 

17,298

2,150

$

4,587

$

148,053

$

853,627

$

(14,238)

$

992,029

Net income

 

 

 

 

 

78,752

 

 

78,752

Net change in AOCI

 

 

 

 

 

 

4,677

 

4,677

Dividends declared on Common Stock:

Class A Shares ($0.902 per share)

 

 

 

 

 

(15,602)

 

 

(15,602)

Class B Shares ($0.820 per share)

 

 

 

 

 

(1,763)

 

 

(1,763)

Stock options exercised, net of shares withheld

 

46

 

 

10

 

3,608

 

(3,253)

 

 

365

Conversion of Class B to Class A Common Shares

1

 

(1)

 

 

 

 

 

Repurchase of Class A Common Stock

(1)

 

 

 

(8)

 

(64)

 

 

(72)

Net change in notes receivable on Class A Common Stock

 

 

 

 

(48)

 

 

 

(48)

Deferred compensation - Class A Common Stock:

 

Directors

 

 

 

302

 

 

 

302

Designated key employees

18

 

 

(1)

 

258

 

(179)

 

 

78

Employee stock purchase plan - Class A Common Stock

6

 

 

1

 

367

 

 

 

368

Stock-based awards - Class A Common Stock:

Performance stock units

 

 

 

 

72

 

 

 

72

Restricted stock, net of shares withheld

 

10

 

 

 

814

 

(181)

 

 

633

Stock options

 

 

 

 

315

 

 

 

315

Balance, June 30, 2025

17,378

2,149

$

4,597

$

153,733

$

911,337

$

(9,561)

$

1,060,106

Six Months Ended June 30, 2024

Common Stock

Accumulated

    

Class A

    

Class B

    

    

    

Additional

    

    

    

Other

    

Total

Shares

Shares

Paid In

Retained

Comprehensive

Stockholders’

(in thousands, except per share data)

Outstanding

Outstanding

Amount

Capital

Earnings

Income (Loss)

Equity

Balance, January 1, 2024

 

17,203

2,155

$

4,553

$

142,124

$

786,487

$

(20,408)

$

912,756

Net income

 

 

 

 

 

55,812

 

 

55,812

Net change in AOCI

 

 

 

 

 

 

1,615

 

1,615

Dividends declared on Common Stock:

Class A Shares ($0.814 per share)

 

 

 

 

 

(13,982)

 

 

(13,982)

Class B Shares ($0.740 per share)

 

 

 

 

 

(1,592)

 

 

(1,592)

Stock options exercised, net of shares withheld

 

47

 

 

28

 

17

 

(909)

 

 

(864)

Conversion of Class B to Class A Common Shares

 

5

 

(5)

 

 

 

 

 

Net change in notes receivable on Class A Common Stock

 

 

 

 

46

 

 

 

46

Deferred compensation - Class A Common Stock:

 

Directors

 

 

 

511

 

 

 

511

Designated key employees

11

 

 

 

396

 

 

 

396

Employee stock purchase plan - Class A Common Stock

8

 

 

2

 

396

 

 

 

398

Stock-based awards - Class A Common Stock:

Performance stock units

 

 

 

 

72

 

 

 

72

Restricted stock, net of shares withheld

 

1

 

 

(2)

 

245

 

(320)

 

 

(77)

Stock options

 

 

 

 

332

 

 

 

332

Balance, June 30, 2024

 

17,275

 

2,150

$

4,581

$

144,139

$

825,496

$

(18,793)

$

955,423

See accompanying footnotes to consolidated financial statements.

8

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

  

Six Months Ended

June 30, 

    

2025

    

2024

OPERATING ACTIVITIES:

Net income

$

78,752

$

55,812

Adjustments to reconcile net income to net cash provided by operating activities:

Net amortization on investment securities and low-income housing investments

 

4,269

 

3,025

Net accretion and amortization on loans and deposits

 

(1,947)

 

(1,442)

Unrealized and realized losses on equity securities with readily determinable fair value

(63)

(107)

Depreciation of premises and equipment

 

3,540

 

3,565

Amortization of mortgage servicing rights

 

827

 

849

Provision for on-balance sheet exposures

 

19,495

 

35,765

Provision for off-balance sheet exposures

10

(230)

Net gain on sale of mortgage loans held for sale

 

(2,894)

 

(1,017)

Origination of mortgage loans held for sale

 

(93,021)

 

(79,752)

Proceeds from sale of mortgage loans held for sale

 

95,377

 

75,290

Net gain on sale of consumer loans held for sale

(7,100)

(7,044)

Origination of consumer loans held for sale

(587,778)

(590,488)

Proceeds from sale of consumer loans held for sale

590,673

589,339

Net gain realized on sale of other real estate owned

 

 

(4)

Writedowns of other real estate owned

 

106

 

105

Deferred compensation expense - Class A Common Stock

 

380

 

907

Stock-based awards and ESPP expense - Class A Common Stock

 

1,075

 

387

Amortization of right-of-use assets

 

3,049

2,971

Repayment of operating lease liabilities

(2,985)

 

(2,937)

Increase in cash surrender value of bank owned life insurance

 

(1,614)

 

(1,546)

Net change in other assets and liabilities:

Accrued interest receivable

 

(651)

 

(1,089)

Accrued interest payable

 

(676)

 

(237)

Other assets

 

(5,085)

 

(5,647)

Other liabilities

 

7,899

 

(1,270)

Net cash provided by operating activities

 

101,638

 

75,205

INVESTING ACTIVITIES:

Purchases of available-for-sale debt securities

 

(318,782)

 

(50,000)

Proceeds from calls, maturities and paydowns of equity and available-for-sale debt securities

 

205,765

 

163,090

Proceeds from calls, maturities and paydowns of held-to-maturity debt securities

 

5,344

 

284

Net change in outstanding warehouse lines of credit

 

(121,013)

 

(209,288)

Net change in other loans, net of allowance

 

154,886

 

81,063

Proceeds from sale of mortgage loans transferred to held for sale

67,176

Net proceeds from sale of consumer loans transferred to held for sale

 

5,305

 

Purchases of Federal Home Loan Bank stock

(90)

(70)

Proceeds from sale of other real estate owned

 

 

173

Investments in low-income housing tax partnerships

(10,085)

(6,190)

Net purchases of premises and equipment

 

(4,909)

 

(3,378)

Net cash (used in) provided by investing activities

 

(83,579)

 

42,860

FINANCING ACTIVITIES:

Net change in deposits

 

106,693

 

15,884

Net change in securities sold under agreements to repurchase and other short-term borrowings

 

(31,215)

 

(25,020)

Payments of Federal Home Loan Bank advances

 

(503,000)

 

(760,000)

Proceeds from Federal Home Loan Bank advances

 

478,000

 

750,000

Repurchase of Class A Common Stock

 

(72)

 

Net proceeds from Class A Common Stock purchased through employee stock purchase plan

313

338

Net proceeds from option exercises and equity awards vested - Class A Common Stock

 

365

 

(864)

Cash dividends paid

 

(16,486)

 

(14,911)

Net cash (used in) provided by financing activities

 

34,598

 

(34,573)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

52,657

 

83,492

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

 

432,151

 

316,567

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

484,808

$

400,059

SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION:

Cash paid during the period for:

Interest

$

53,827

$

63,115

Income taxes

 

16,128

 

16,050

SUPPLEMENTAL NONCASH DISCLOSURES:

Mortgage servicing rights capitalized

$

693

$

468

Transfers from loans to real estate acquired in settlement of loans

169

Net transfers from loans held for investment to loans held for sale

4,977

68,173

New unfunded obligations in low-income-housing investments

7,000

11,000

Right-of-use assets obtained in exchange for new operating lease liabilities

1,194

Premises and equipment obtained through the use of vendor credits

2,973

See accompanying footnotes to consolidated financial statements.

9

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –JUNE 30, 2025 and 2024 AND DECEMBER 31, 2024 (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the “Parent Company”) and its wholly owned subsidiary, Republic Bank & Trust Company. As used in this filing, the terms “Republic,” the “Company,” “we,” “our,” and “us” refer to Republic Bancorp, Inc., and, where the context requires, Republic Bancorp, Inc., and its subsidiary. The term the “Bank” refers to the Company’s subsidiary bank, Republic Bank & Trust Company, as well as, its wholly owned subsidiary, RBT Insurance Agency LLC. All significant intercompany balances and transactions are eliminated in consolidation.

Republic is a financial holding company headquartered in Louisville, Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products through five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographical market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. For further information, refer to the consolidated financial statements and footnotes thereto included in Republic’s Form 10-K for the year ended December 31, 2024. Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported prior periods’ net income or shareholders’ equity.

BUSINESS SEGMENT COMPOSITION

As of June 30, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, TRS, RPS, and RCS. Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute RPG operations.

The Company’s Executive Chair and Chief Executive Officer serve as the Company’s CODM’s. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM’s regularly review and utilize to allocate resources and assess performance.

Core Bank

The Core Bank consists of the Traditional Banking and Warehouse Lending segments.

(I)Traditional Banking segment

The Traditional Banking segment provides traditional banking products primarily to customers in the Company’s market footprint ,with all products and services generally offered under the Company’s traditional RB&T brand. As of June 30, 2025, Republic had 47 full-service banking centers with locations as follows:

Kentucky — 29

Metropolitan Louisville — 19

Central Kentucky — 6

Georgetown — 1

Lexington — 5

Northern Kentucky (Metropolitan Cincinnati) — 4

Bellevue— 1

Covington — 1

Crestview Hills — 1

Florence — 1

Indiana — 3

10

Table of Contents

Southern Indiana (Metropolitan Louisville) — 3

Floyds Knobs — 1

Jeffersonville — 1

New Albany — 1

Florida — 7

Metropolitan Tampa — 7

Ohio — 4

Metropolitan Cincinnati — 4

Tennessee — 4

Metropolitan Nashville — 4

Republic’s headquarters are in Louisville, which is the largest city in Kentucky based on population.

Traditional Banking results of operations are primarily dependent upon net interest income, which represents the difference between the interest income and fees on interest-earning assets and the interest expense on interest-bearing liabilities. Principal interest-earning Traditional Banking assets represent investment securities and commercial and consumer loans primarily secured by real estate and/or personal property. Interest-bearing liabilities primarily consist of interest-bearing deposit accounts, SSUAR, as well as short-term and long-term borrowing sources. FHLB advances have traditionally served as a significant borrowing and liquidity source for the Bank.

Other sources of Traditional Banking income include service charges on deposit accounts, mortgage banking income, debit and credit card interchange fee income, title insurance commissions, swap fee income and increases in the cash surrender value of BOLI.

Traditional Banking operating expenses consist primarily of salaries and employee benefits; technology, equipment, and communication; occupancy; interchange related expense; marketing and development; FDIC insurance expense, and various other general and administrative costs. Traditional Banking results of operations are significantly impacted by general economic and competitive conditions, particularly changes in market interest rates, government laws and policies, and actions of regulatory agencies.

(II)Warehouse Lending segment

The Core Bank provides short-term, revolving credit facilities to mortgage bankers across the U.S. through mortgage warehouse lines of credit. These credit facilities are primarily secured by single-family, first-lien residential real estate loans. The credit facility enables the mortgage banking clients to close single-family, first-lien residential real estate loans in their own name and temporarily fund their inventory of these closed loans until the loans are sold to investors approved by the Bank. Individual loans are expected to remain on the warehouse LOC for an average of 15 to 30 days. Advances for reverse mortgage loans and construction loans typically remain on the LOC longer than conventional mortgage loans. Interest income and loan fees are accrued for each individual advance during the time the advance remains on the warehouse LOC and collected when the loan is sold. The Core Bank receives the sale proceeds of each loan directly from the investor and applies the funds to pay off the warehouse advance and related accrued interest and fees. The remaining proceeds are credited to the mortgage banking client.

Republic Processing Group

(III)Tax Refund Solutions segment

Through the TRS segment, the Bank facilitates the receipt and payment of federal and state tax refund products and offers a credit product through third-party tax preparers located throughout the U.S., as well as tax-preparation software providers that offer Republic Bank ERAs, RAs, and RTs (collectively, the “Tax Providers”). The majority of the business generated by the TRS business occurs during the first half of each year. During the second half of each year, TRS generates limited revenue and incurs costs preparing for the next year’s tax season. During December 2024 and 2003, TRS originated ERAs related to tax returns that were anticipated to be filed during the first quarter of the following tax filing season.

RTs are fee-based products whereby a tax refund is issued to the taxpayer after the Bank has received the refund from the federal or state government. There is no credit risk or borrowing cost associated with these products because they are only delivered to the taxpayer upon receipt of the tax refund directly from the governmental paying authority. Fees earned by the Company on RTs, net of revenue share, are reported as noninterest income under the line item “Net refund transfer fees.”

11

Table of Contents

The RA product is a loan made in conjunction with the filing of a taxpayer’s federal tax return, which allows the taxpayer to borrow funds as an advance of a portion of their tax refund. The RA product had the following features during the 2024 and 2025 Tax Seasons:

Offered only during the first two months of each year;
The taxpayer was given the option to choose from multiple loan-amount tiers, subject to underwriting, up to a maximum advance amount of $6,500 for the 2024 Tax Season and $6,250 for the 2025 Tax Season;
No requirement that the taxpayer pays for another bank product, such as an RT;
Multiple disbursement methods were available through most Tax Providers, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election;
Repayment of the RA to the Bank is deducted from the taxpayer’s tax refund proceeds; and
If an insufficient refund to repay the RA occurs:
there is no recourse to the taxpayer,
no negative credit reporting on the taxpayer, and
no collection efforts against the taxpayer.

Since its introduction in December of 2022, the ERA loan product has been structured similarly to the RA, with the primary differences being the timing of when the ERAs are originated and the documentation available to underwrite the ERAs. The ERA is originated prior to the taxpayer receiving their fiscal year taxable income documentation, e.g., W-2, and the filing of the taxpayer’s final federal tax return. As such, the Company generally uses paystub information to underwrite the ERA. The repayment of the ERA is incumbent upon the taxpayer client returning to the Bank’s Tax Provider for the filing of their final federal tax return in order for the tax refund to potentially be received by the Bank from the federal government to pay off the advance. The ERA product had the following features during the 2024 and 2025 Tax Seasons:

Only offered during December and the up-coming January in connection with the upcoming first quarter tax business for each period;
The taxpayer had the option to choose from multiple loan tiers, subject to underwriting, up to a maximum advance amount of $1,000 for the 2024 Tax Season and $2,000 for the 2025 Tax Season;
No requirement that the taxpayer pays for another bank product, such as an RT;
Multiple disbursement methods available through most Tax Providers, including direct deposit or prepaid card, based on the taxpayer-customer’s election;
Repayment of the ERA to the Bank via deduction from the taxpayer’s tax refund proceeds; and
If a tax refund is insufficient to repay the ERA, including but not limited to the failure to file a final federal tax return through a Republic Tax Provider:
there is no recourse to the taxpayer,
no negative credit reporting on the taxpayer, and
no collection efforts against the taxpayer.

The Company reports fees paid for RAs, including ERAs, as “Interest income on loans.” The number of days for delinquency eligibility is based on management’s annual analysis of tax return processing times. RAs, including ERAs that were originated related to the first quarter 2024 tax filing season were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. Since RAs do not have a contractual due date, the Company considered an RA delinquent during 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

Provisions on RAs are estimated when advances are made. Unpaid RAs, including ERAs, related to the first quarter tax filing season of a given year are considered delinquent at June 30th of that year and charged-off. In addition, as of June 30, 2025, RAs that were subject to Tax Provider loan loss guarantees were charged-off and immediately recorded as recoveries of previously charged-off loans with corresponding receivables recorded in other assets for the Tax Provider guarantees. Those corresponding receivables are expected to be settled during the third quarter of 2025. RAs collected during the second half of the year, not subject to loan loss guarantee arrangements, are recorded as recoveries of previously charged-off loans.

Related to the overall credit losses on RAs, including ERAs, the Bank’s ability to control losses is highly dependent upon its ability to predict the taxpayer’s likelihood to receive the tax refund as claimed on the taxpayer’s tax return. In addition, the Bank’s ability to control losses for the ERA product is highly dependent upon the taxpayer returning to a Tax Provider for the filing of their final tax return. Each year, the Bank’s RA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the RA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent

12

Table of Contents

underwriting changes made, credit losses during a current year could be higher than management’s predictions if tax refund payment patterns change materially between years.

In response to changes in the legal, regulatory, and competitive environment, management annually reviews and revises the RA, including the ERA, product parameters. Further changes in the RA product parameters do not ensure positive results and could have an overall material negative impact on the performance of all RA product offerings and therefore on the Company’s financial condition and results of operations.

(IV)Republic Payment Solutions segment

The RPS segment offers a range of payment-related products and services to consumers through third-party service providers. Through the Bank, the RPS segment offers both issuing solutions and money movement capabilities.

Issuing Solutions:

The RPS segment offers prepaid and debit solutions primarily marketed to the consumer industry. Prepaid solutions include the issuing of payroll and general purpose reloadable cards. Characteristics of these cards include the following:

Similar to a traditional debit card with features including traditional point of sale purchasing, automatic teller machine withdrawals and direct deposit;
Funds associated with these products are typically held in pooled accounts at the Bank, with the Bank maintaining records of individual balances within these pooled accounts; and
Payroll cards facilitate the loading of an employer’s payroll onto a card via direct deposit, with payroll and general purpose reloadable cards generally distributed through retail locations and reloadable through participating retail load networks.

Debit solutions include the issuing of DDAs, savings accounts and/or debit cards. In addition to offering traditional point of sale purchasing, automated teller machine withdrawals, and direct deposit options, these accounts may include overdraft protection.

Money Movement:

Through the Bank, the RPS segment participates in traditional money movement solutions including ACH transactions, wire transfer, check processing, and the Mastercard Remote Payment and Presentment Service. These capabilities are also complementary products facilitating the movement of money for other RPG divisions.

The Company reports its share of client-related charges and fees for RPS programs under RPS program fees. Additionally, the Company’s portion of interchange revenue generated by prepaid card transactions is reported as noninterest income under “Interchange fee income.” The Company began sharing interest income revenue with its largest prepaid marketer-servicer during 2024, with the interest shared reported as “Interest expense on deposits.” The Company has not shared interest income revenue with its largest prepaid marketer-servicer for the three and six months ended June 30, 2025, as minimum deposit balance thresholds were not met.

(V)Republic Credit Solutions segment

Through the Bank, the RCS segment offers consumer credit products. In general, the credit products are unsecured, small dollar consumer loans that are dependent on various factors. RCS loans typically earn a higher yield but also have higher credit risk compared to loans originated through the Traditional Banking segment, with a significant portion of RCS clients considered subprime or near-prime borrowers. Through the Bank, RCS uses third-party service providers for certain services such as marketing and loan servicing for (1) RCS’ LOC products, (2) RCS’ installment loan product and (3) RCS’ healthcare receivables products.

LOC Products:

Through the Bank, RCS uses third-party service providers to originate two LOC products to generally subprime borrowers or near-prime borrowers. in multiple states. Elastic Marketing, LLC and Elevate Decision Sciences, LLC are third-party service providers for the LOC I product and are subject to the Bank’s oversight and supervision. Together, these companies provide certain marketing, servicing, technology, and support services, while a separate third-party provides customer support, servicing, and other services on the Bank’s behalf. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of the product.

13

Table of Contents

The Bank sells participation interests in this product. These participation interests are a 90% interest in advances made to borrowers under the borrower’s LOC account, and the participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 10% participation interest in each advance, it maintains 100% ownership of the underlying LOC I account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Similar to its LOC I product, the Bank provides oversight and supervision to a third-party for its LOC II product. In return, this third-party provides the Bank with marketing services and loan servicing for the LOC II product. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this product.

The Bank sells 95% participation interests in the LOC II product. These participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 5% participation interest in each advance, it maintains 100% ownership of the underlying LOC II account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Installment Loan Product:

Through RCS, the Bank offers installment loans with terms ranging from 12 to 60 months to borrowers in multiple states. The same third-party service provider for RCS’s LOC II is the third-party provider for the installment loans. This third-party provider is subject to the Bank’s oversight and supervision and provides the Bank with marketing services and loan servicing for these RCS installment loans. The Bank is the lender for these loans and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this RCS installment loan product. Currently, all loan balances originated under this RCS installment loan program are carried as HFS on the Bank’s balance sheet, with the intention to sell these loans to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within 16 days following the Bank’s origination of the loans. Loans originated under this RCS installment loan program are carried at fair value under a fair-value option, with the portfolio marked to market monthly.

Healthcare Receivables Products:

Through RCS, Bank originates healthcare receivables products across the U.S. through three different third-party service providers.

For two of the programs, the Bank retains 100% of the receivables, with recourse in the event of default.

For the remaining program, in some instances the Bank retains 100% of the receivables originated, with recourse in the event of default, and in other instances, the Bank sells 100% of the receivables generally within one month of origination. Loan balances HFS through this program are carried at the lower of cost or fair value.

For the RCS LOC and healthcare receivable products, the Company reports interest income and loan origination fees earned on RCS loans under “Loans, including fees,” while any net gains or losses on sale and mark-to-market adjustments of RCS loans are reported as noninterest income under “Program fees.” The Company has elected fair value accounting for its RCS installment loan product that it sells after an initial holding period. As a result, interest income on loans, loan origination fees, net gains or losses on sale, and mark-to-market adjustments for the RCS installment product are reported as noninterest income under “Program fees.”

14

Table of Contents

Recently Adopted Accounting Standards

The following ASUs were adopted by the Company during the six months ended June 30, 2025:

Method of

Financial

ASU. No.

    

Topic

    

Nature of Update

    

Date Adopted

    

Adoption

    

Statement Impact

2024-02

Codification Improvements—Amendments to Remove References to the Concepts Statements

This ASU contains amendments to the Codification that remove references to various Concepts Statements. In most instances the references are extraneous and not required to understand or apply the guidance. In other instances, the references were used in prior Statements to provide guidance in certain topical areas.

January 1, 2025

Prospectively

Immaterial

Accounting Standards Update

The following not-yet-effective ASUs are considered relevant to the Company’s financial statements.

Date Adoption

Adoption

Expected

ASU. No.

Topic

Nature of Update

Required

Method

Financial Impact

2023-09

Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and income tax paid information and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate).

Annual reporting periods beginning after Dec. 15, 2024.

Prospectively

The Company will update its income tax disclosures upon adoption within its 2025 Form 10-K.

2024-03

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period.

Annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027.

Retrospectively

The Company is currently analyzing the impact of this ASU on its financial statements.











2025-01

Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

This ASU amends the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

Annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027.

Retrospectively

The Company is currently analyzing the impact of this ASU on its financial statements.










15

Table of Contents

2. INVESTMENT SECURITIES

Available-for-Sale Debt Securities

The following tables summarize the amortized cost and fair value of AFS debt securities along with the corresponding amounts of related gross unrealized gains and losses recognized in AOCI:

    

    

Gross

    

Gross

 

    

Amortized

Unrealized

Unrealized

 

Fair

June 30, 2025 (in thousands)

Cost

Gains

Losses

 

Value

U.S. Treasury securities and U.S. Government agencies

$

309,918

$

71

$

(3,566)

$

306,423

Private label mortgage-backed security

 

48

 

1,441

 

 

1,489

Mortgage-backed securities - residential

 

381,853

 

1,533

 

(8,788)

 

374,598

Collateralized mortgage obligations

 

18,837

 

25

 

(732)

 

18,130

Corporate bonds

 

1,003

 

 

(2)

 

1,001

Trust preferred security

 

3,895

 

180

 

 

4,075

Total available-for-sale debt securities

$

715,554

$

3,250

$

(13,088)

$

705,716

    

    

Gross

    

Gross

 

    

Amortized

Unrealized

Unrealized

 

Fair

December 31, 2024 (in thousands)

Cost

Gains

Losses

 

Value

U.S. Treasury securities and U.S. Government agencies

$

395,609

$

4

$

(6,527)

$

389,086

Private label mortgage-backed security

 

121

 

1,429

 

 

1,550

Mortgage-backed securities - residential

 

180,765

 

193

 

(12,725)

 

168,233

Collateralized mortgage obligations

 

20,127

 

27

 

(911)

 

19,243

Corporate bonds

 

2,008

 

1

 

 

2,009

Trust preferred security

 

3,863

 

171

 

 

4,034

Total available-for-sale debt securities

$

602,493

$

1,825

$

(20,163)

$

584,155

Held-to-Maturity Debt Securities

The following tables summarize the amortized cost and fair value of HTM debt securities along with the corresponding amounts of related gross unrecognized gains and losses:

    

    

    

Gross

    

Gross

    

    

Amortized

Unrecognized

Unrecognized

Fair

June 30, 2025 (in thousands)

Cost

Gains

Losses

Value

Mortgage-backed securities - residential

$

14

$

$

$

14

Collateralized mortgage obligations

 

5,420

 

30

 

(56)

 

5,394

Total held-to-maturity debt securities

$

5,434

$

30

$

(56)

$

5,408

    

    

    

Gross

    

Gross

    

    

Amortized

Unrecognized

Unrecognized

Fair

December 31, 2024 (in thousands)

Cost

Gains

Losses

Value

Mortgage-backed securities - residential

$

23

$

1

$

$

24

Collateralized mortgage obligations

 

5,756

 

36

 

(86)

 

5,706

Corporate bonds

 

4,999

 

6

 

 

5,005

Total held-to-maturity debt securities

$

10,778

$

43

$

(86)

$

10,735

Sales and Calls of Available-for-Sale Debt Securities

During the three and six months ended June 30, 2025, and 2024, there were no material gains or losses on sales or calls of AFS debt securities.

16

Table of Contents

Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities by contractual maturity as of June 30, 2025, follow. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are detailed separately.

Available-for-Sale

Held-to-Maturity

Debt Securities

Debt Securities

    

Amortized

    

Fair

    

Amortized

    

Fair

June 30, 2025 (in thousands)

Cost

Value

Cost

Value

Due in one year or less

$

100,964

$

100,536

$

$

Due from one year to five years

 

209,957

 

206,888

 

 

Due from five years to ten years

 

 

 

 

Due beyond ten years

 

3,895

 

4,075

 

 

Private label mortgage-backed security

 

48

 

1,489

 

 

Mortgage-backed securities - residential

 

381,853

 

374,598

 

14

 

14

Collateralized mortgage obligations

 

18,837

 

18,130

 

5,420

 

5,394

Total debt securities

$

715,554

$

705,716

$

5,434

$

5,408

Unrealized Loss Analysis on Debt Securities

The following tables summarize AFS debt securities in an unrealized loss position for which an ACLS had not been recorded as of June 30, 2025, and December 31, 2024, aggregated by investment category and length of time in a continuous unrealized loss position:

Less than 12 months

12 months or more

Total

    

    

Unrealized

    

    

Unrealized

    

    

Unrealized

June 30, 2025 (in thousands)

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Available-for-sale debt securities:

U.S. Treasury securities and U.S. Government agencies

$

124,835

$

(130)

$

156,540

$

(3,436)

$

281,375

$

(3,566)

Mortgage-backed securities - residential

23,761

(198)

95,000

(8,590)

118,761

(8,788)

Collateralized mortgage obligations

433

(1)

15,156

(731)

15,589

(732)

Corporate bonds

1,001

(2)

1,001

(2)

Total available-for-sale debt securities

$

150,030

$

(331)

$

266,696

$

(12,757)

$

416,726

$

(13,088)

Less than 12 months

12 months or more

Total

    

    

Unrealized

    

    

Unrealized

    

    

Unrealized

December 31, 2024 (in thousands)

Fair Value

Losses

Fair Value

Losses

Fair Value

Losses

Available-for-sale debt securities:

U.S. Treasury securities and U.S. Government agencies

$

145,048

$

(212)

$

209,033

$

(6,315)

$

354,081

$

(6,527)

Mortgage-backed securities - residential

52,347

(874)

104,453

(11,851)

156,800

(12,725)

Collateralized mortgage obligations

700

(8)

15,951

(903)

16,651

(911)

Total available-for-sale debt securities

$

198,095

$

(1,094)

$

329,437

$

(19,069)

$

527,532

$

(20,163)

As of June 30, 2025, the Bank’s security portfolio consisted of 185 securities, 98 of which were in an unrealized loss position.

As of December 31, 2024, the Bank’s security portfolio consisted of 182 securities, 114 of which were in an unrealized loss position.

As of June 30, 2025, and December 31, 2024, there were no holdings of debt securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

Mortgage-Backed Securities and Collateralized Mortgage Obligations

As of June 30, 2025, with the exception of the $1.5 million private label MBS, all other MBS and CMOs held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily the FHLMC and FNMA. As of June 30, 2025, and December 31, 2024, there were gross unrealized losses of approximately $10 million and $14 million related to AFS MBS and CMOs. Because these unrealized losses are attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery, management does not consider these securities to have credit-related impairment that would require a provision adjustment to the ACLS.

17

Table of Contents

There were no HTM debt securities on nonaccrual or past due 90 days or more as of June 30, 2025, and December 31, 2024. All of the Company’s HTM corporate bonds were rated investment grade as of June 30, 2025, and December 31, 2024. There were no HTM debt securities considered collateral dependent as of June 30, 2025, and December 31, 2024.

Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet and is excluded from the ACLS, if applicable. Accrued interest on AFS debt securities totaled $4 million and $3 million as of June 30, 2025, and December 31, 2024. Accrued interest receivable on HTM debt securities totaled $14,000 as of June 30, 2025, and $60,000 as of December 31, 2024.

Pledged Debt Securities

Debt securities pledged to secure public deposits, SSUAR, and debt securities held for other purposes, as required or permitted by law, were as follows:

As of

(in thousands)

    

June 30, 2025

    

December 31, 2024

Amortized cost

$

192,816

$

205,160

Fair value

 

189,031

 

199,607

Carrying amount

189,031

199,607

Equity Securities

The amortized cost, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values were as follows:

    

    

Gross

    

Gross

    

    

Amortized

Unrealized

Unrealized

Fair

June 30, 2025 (in thousands)

Cost

Gains

Losses

Value

Freddie Mac preferred stock

$

$

756

$

$

756

Total equity securities

$

$

756

$

$

756

    

    

Gross

    

Gross

    

    

Amortized

Unrealized

Unrealized

Fair

December 31, 2024 (in thousands)

Cost

Gains

Losses

Value

Freddie Mac preferred stock

$

$

693

$

$

693

Total equity securities

$

$

693

$

$

693

For equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized in the Company’s consolidated statements of income were as follows:

Gains (Losses) Recognized on Equity Securities

Three Months Ended June 30, 2025

    

Three Months Ended June 30, 2024

    

(in thousands)

    

Realized

    

Unrealized

    

Total

    

Realized

    

Unrealized

    

Total

Freddie Mac preferred stock

$

$

32

$

32

$

$

46

$

46

Total equity securities

$

$

32

$

32

$

$

46

$

46

Gains (Losses) Recognized on Equity Securities

Six Months Ended June 30, 2025

    

Six Months Ended June 30, 2024

(in thousands)

Realized

Unrealized

Total

Realized

Unrealized

Total

Freddie Mac preferred stock

$

$

63

$

63

$

$

107

$

107

Total equity securities

$

$

63

$

63

$

$

107

$

107

18

Table of Contents

3. LOANS HELD FOR SALE

In the ordinary course of business, the Bank originates for sale mortgage loans and consumer loans. Mortgage loans originated for sale are primarily originated and sold into the secondary market through the Bank’s Traditional Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment.

Mortgage Loans Held for Sale, at Fair Value

See additional detail regarding mortgage loans originated for sale, at fair value under Footnote 10 “Mortgage Banking Activities” of this section of the filing.

Consumer Loans Held for Sale, at Fair Value

The Bank offers RCS installment loans with terms ranging from 12 to 60 months to borrowers in multiple states. Balances originated under this RCS installment loan program are carried as HFS on the Bank’s balance sheet, with the intent to sell generally within 16 days following the Bank’s origination of the loans. Loans originated under the RCS installment loan program are carried at fair value under a fair-value option, with the portfolio marked to market monthly.

Activity for consumer loans HFS and carried at fair value was as follows:

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Balance, beginning of period

$

8,602

$

6,093

$

5,443

$

7,914

Origination of consumer loans held for sale

 

48,465

 

42,241

 

82,812

 

77,400

Proceeds from the sale of consumer loans held for sale

 

(49,880)

 

(41,080)

 

(81,900)

 

(79,091)

Net gain on sale of consumer loans held for sale

 

1,125

 

1,087

 

1,957

 

2,118

Balance, end of period

$

8,312

$

8,341

$

8,312

$

8,341

Consumer Loans Held for Sale, at the Lower of Cost or Fair Value

RCS originates for sale 90% or 95% of the balances from its LOC products and 100% for some of its healthcare receivables products. Ordinary gains or losses on the sale of these RCS products are reported as a component of “Program fees.” During March 2025, Management reached an agreement to sell $5 million of consumer credit cards, and as a result, these balances were transferred from held for investment to HFS as of March 31, 2025. The sale of these credit cards was completed during the second quarter of 2025.

Activity for consumer loans HFS and carried at the lower of cost or market value was as follows:

    

Three Months Ended

 

Six Months Ended

    

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Balance, beginning of period

$

23,523

$

13,083

$

18,632

$

16,094

Origination of consumer loans held for sale

 

272,662

 

359,900

 

504,966

 

513,088

Transferred from held for investment to held for sale

4,977

Proceeds from the sale of consumer loans held for sale

 

(279,465)

 

(351,675)

 

(514,078)

 

(510,248)

Net gain on sale of consumer loans held for sale

 

2,920

 

2,552

 

5,143

 

4,926

Balance, end of period

$

19,640

$

23,860

$

19,640

$

23,860

19

Table of Contents

4. LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

The composition of the loan portfolio follows:

(in thousands)

   

June 30, 2025

    

December 31, 2024

 

Traditional Banking:

Residential real estate:

Owner-occupied

$

1,031,898

$

1,032,459

Nonowner-occupied

 

303,357

 

318,096

Commercial real estate:

 

 

Owner-occupied

650,771

659,216

Nonowner-occupied

818,367

840,517

Multi-family

319,905

313,444

Construction & land development

 

258,817

 

244,121

Commercial & industrial

 

481,219

 

460,245

Lease financing receivables

 

96,547

 

93,304

Aircraft*

211,910

226,179

Home equity

 

387,599

 

353,441

Consumer:

Credit cards

 

10,315

 

16,464

Overdrafts

 

826

 

982

Automobile loans

 

916

 

1,156

Other consumer

 

9,705

 

9,555

Total Traditional Banking

4,582,152

4,569,179

Warehouse lines of credit*

 

671,773

 

550,760

Total Core Banking

5,253,925

5,119,939

Republic Processing Group*:

 

Tax Refund Solutions:

Refund Advances

138,614

Other TRS commercial & industrial loans

95

52,180

Republic Credit Solutions

119,000

 

128,733

Total Republic Processing Group

119,095

319,527

Total loans**

 

5,373,020

 

5,439,466

Allowance for credit losses

 

(81,760)

 

(91,978)

Total loans, net

$

5,291,260

$

5,347,488

*Identifies loans to borrowers located primarily outside of the Bank’s market footprint.

**Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. See the following table for expanded detail.

The following table reconciles the contractually receivable and carrying amounts of loans:

(in thousands)

    

June 30, 2025

    

December 31, 2024

 

Contractually receivable

$

5,379,595

$

5,445,531

Unearned income

 

(3,304)

 

(2,932)

Unamortized premiums

 

140

 

184

Unaccreted discounts

 

(1,273)

 

(1,619)

Other net unamortized deferred origination (fees) and costs

 

(2,138)

 

(1,698)

Carrying value of loans

$

5,373,020

$

5,439,466

20

Table of Contents

Credit Quality Indicators

The following tables include loans by segment, risk category, and, for non-revolving loans, based upon year of origination. Loan segments and risk categories as of June 30, 2025 remain unchanged from those defined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Regarding origination year, loan extensions and renewals are generally considered originated in the year extended or renewed unless the loan is classified as a loan modification. Loan extensions and renewals classified as loan modifications generally receive no change in origination date upon extension or renewal.

Revolving Loans

Revolving Loans

(in thousands)

Term Loans Amortized Cost Basis by Origination Year

Amortized

Converted

As of June 30, 2025

2025

2024

2023

2022

2021

Prior

Cost Basis

to Term

Total

Residential real estate owner-occupied:

Risk Rating

Pass or not rated

$

70,696

$

65,890

$

223,622

$

172,813

$

145,734

$

318,978

$

$

8,012

$

1,005,745

Special Mention

1,704

4,088

5,792

Substandard

352

1,127

2,589

3,016

13,277

20,361

Doubtful

Total

$

70,696

$

66,242

$

224,749

$

177,106

$

148,750

$

336,343

$

$

8,012

$

1,031,898

YTD Gross Charge-offs

$

$

$

$

18

$

$

11

$

$

$

29

Residential real estate nonowner-occupied:

Risk Rating

Pass or not rated

$

8,004

$

13,455

$

51,776

$

53,954

$

66,659

$

106,958

$

$

2,417

$

303,223

Special Mention

Substandard

134

134

Doubtful

Total

$

8,004

$

13,455

$

51,776

$

53,954

$

66,659

$

107,092

$

$

2,417

$

303,357

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Commercial real estate owner-occupied:

Risk Rating

Pass or not rated

$

28,279

$

41,034

$

66,427

$

106,676

$

98,396

$

213,996

$

14,119

$

67,378

$

636,305

Special Mention

765

1,165

5,193

352

4,033

312

11,820

Substandard

360

2,286

2,646

Doubtful

Total

$

29,404

$

42,199

$

66,427

$

111,869

$

98,748

$

220,315

$

14,431

$

67,378

$

650,771

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Commercial real estate nonowner-occupied:

Risk Rating

Pass or not rated

$

17,265

$

49,806

$

106,467

$

134,344

$

106,281

$

264,913

$

20,060

$

97,479

$

796,615

Special Mention

746

746

Substandard

4,000

17,006

21,006

Doubtful

Total

$

17,265

$

49,806

$

106,467

$

134,344

$

110,281

$

282,665

$

20,060

$

97,479

$

818,367

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Commercial real estate multi-family:

Risk Rating

Pass or not rated

$

6,614

$

14,217

$

39,751

$

75,223

$

48,939

$

74,660

$

3,800

$

56,701

$

319,905

Special Mention

Substandard

Doubtful

Total

$

6,614

$

14,217

$

39,751

$

75,223

$

48,939

$

74,660

$

3,800

$

56,701

$

319,905

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Construction & land development:

Risk Rating

Pass or not rated

$

28,259

$

57,694

$

100,442

$

52,551

$

13,368

$

4,781

$

1,312

$

$

258,407

Special Mention

410

410

Substandard

Doubtful

Total

$

28,259

$

57,694

$

100,852

$

52,551

$

13,368

$

4,781

$

1,312

$

$

258,817

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

Commercial & industrial:

Risk Rating

Pass or not rated

$

49,251

$

79,249

$

68,431

$

54,750

$

42,369

$

43,402

$

129,743

$

8,168

$

475,363

Special Mention

610

29

301

2,196

798

106

4,040

Substandard

66

87

1

1,318

344

1,816

Doubtful

Total

$

49,251

$

79,859

$

68,526

$

55,138

$

44,566

$

45,518

$

129,849

$

8,512

$

481,219

YTD Gross Charge-offs

$

$

$

$

18

$

$

$

$

$

18

Lease financing receivables:

Risk Rating

Pass or not rated

$

20,615

$

28,579

$

29,718

$

11,879

$

3,513

$

1,481

$

$

$

95,785

Special Mention

42

74

90

2

208

Substandard

42

268

234

10

554

Doubtful

Total

$

20,615

$

28,621

$

30,028

$

12,187

$

3,613

$

1,483

$

$

$

96,547

YTD Gross Charge-offs

$

$

$

107

$

31

$

$

$

$

$

138

21

Table of Contents

Revolving Loans

Revolving Loans

(in thousands)

Term Loans Amortized Cost Basis by Origination Year (Continued)

Amortized

Converted

As of June 30, 2025

2025

2024

2023

2022

2021

Prior

Cost Basis

to Term

Total

Aircraft:

Risk Rating

Pass or not rated

$

8,063

$

32,891

$

62,927

$

37,504

$

32,815

$

37,405

$

$

$

211,605

Special Mention

Substandard

305

305

Doubtful

Total

$

8,063

$

32,891

$

62,927

$

37,504

$

33,120

$

37,405

$

$

$

211,910

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Home equity:

Risk Rating

Pass or not rated

$

$

$

$

$

$

$

384,195

$

$

384,195

Special Mention

325

325

Substandard

3,079

3,079

Doubtful

Total

$

$

$

$

$

$

$

387,599

$

$

387,599

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Consumer:

Risk Rating

Pass or not rated

$

1,244

$

5,455

$

1,835

$

151

$

45

$

737

$

12,144

$

$

21,611

Special Mention

Substandard

4

147

151

Doubtful

Total

$

1,244

$

5,455

$

1,835

$

151

$

45

$

741

$

12,291

$

$

21,762

YTD Gross Charge-offs

$

19

$

1

$

2

$

$

1

$

1

$

532

$

$

556

Warehouse:

Risk Rating

Pass or not rated

$

$

$

$

$

$

$

671,773

$

$

671,773

Special Mention

Substandard

Doubtful

Total

$

$

$

$

$

$

$

671,773

$

$

671,773

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

TRS:

Risk Rating

Pass or not rated

$

95

$

$

$

$

$

$

$

$

95

Special Mention

Substandard

Doubtful

Total

$

95

$

$

$

$

$

$

$

$

95

YTD Gross Charge-offs

$

15,501

$

9,557

$

$

$

$

$

$

$

25,058

RCS:

Risk Rating

Pass or not rated

$

1,162

$

5,331

$

6,673

$

945

$

80

$

214

$

104,595

$

$

119,000

Special Mention

Substandard

Doubtful

Total

$

1,162

$

5,331

$

6,673

$

945

$

80

$

214

$

104,595

$

$

119,000

YTD Gross Charge-offs

$

$

$

$

$

$

$

8,638

$

$

8,638

Grand Total:

Risk Rating

Pass or not rated

$

239,547

$

393,601

$

758,069

$

700,790

$

558,199

$

1,067,525

$

1,341,741

$

240,155

$

5,299,627

Special Mention

765

1,775

481

7,272

2,638

9,667

743

23,341

Substandard

360

394

1,461

2,910

7,332

34,025

3,226

344

50,052

Doubtful

Grand Total

$

240,672

$

395,770

$

760,011

$

710,972

$

568,169

$

1,111,217

$

1,345,710

$

240,499

$

5,373,020

YTD Gross Charge-offs

$

15,520

$

9,558

$

109

$

67

$

1

$

12

$

9,170

$

$

34,437

Revolving Loans

Revolving Loans

(in thousands)

Term Loans Amortized Cost Basis by Origination Year

Amortized

Converted

As of December 31, 2024

2024

2023

2022

2021

2020

Prior

Cost Basis

to Term

Total

Residential real estate owner-occupied:

Risk Rating

Pass or not rated

$

79,874

$

236,681

$

181,703

$

157,834

$

150,449

$

191,013

$

$

8,840

$

1,006,394

Special Mention

83

4,343

4,426

Substandard

875

1,052

2,566

2,806

4,099

10,241

21,639

Doubtful

Total

$

80,749

$

237,733

$

184,269

$

160,640

$

154,631

$

205,597

$

$

8,840

$

1,032,459

YTD Gross Charge-offs

$

$

10

$

39

$

13

$

$

$

$

$

62

Residential real estate nonowner-occupied:

Risk Rating

Pass or not rated

$

15,147

$

53,718

$

58,776

$

69,355

$

57,310

$

59,130

$

$

2,431

$

315,867

Special Mention

1,795

20

1,815

Substandard

414

414

Doubtful

Total

$

15,147

$

53,718

$

60,571

$

69,355

$

57,310

$

59,564

$

$

2,431

$

318,096

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

22

Table of Contents

Revolving Loans

Revolving Loans

(in thousands)

Term Loans Amortized Cost Basis by Origination Year

Amortized

Converted

As of December 31, 2024

2024

2023

2022

2021

2020

Prior

Cost Basis

to Term

Total

Commercial real estate owner-occupied:

Risk Rating

Pass or not rated

$

44,982

$

68,442

$

113,338

$

101,216

$

114,208

$

120,576

$

16,503

$

64,832

$

644,097

Special Mention

1,177

5,324

832

545

5,897

317

14,092

Substandard

785

242

1,027

Doubtful

Total

$

46,159

$

68,442

$

118,662

$

102,048

$

115,538

$

126,715

$

16,820

$

64,832

$

659,216

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Commercial real estate nonowner-occupied:

Risk Rating

Pass or not rated

$

50,179

$

106,785

$

139,026

$

112,082

$

144,363

$

148,481

$

16,337

$

97,321

$

814,574

Special Mention

4,000

4,171

17,592

25,763

Substandard

180

180

Doubtful

Total

$

50,179

$

106,785

$

139,026

$

116,082

$

148,534

$

166,253

$

16,337

$

97,321

$

840,517

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Commercial real estate multi-family:

Risk Rating

Pass or not rated

$

13,766

$

41,171

$

79,181

$

56,993

$

38,908

$

41,422

$

5,054

$

36,949

$

313,444

Special Mention

Substandard

Doubtful

Total

$

13,766

$

41,171

$

79,181

$

56,993

$

38,908

$

41,422

$

5,054

$

36,949

$

313,444

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Construction & land development:

Risk Rating

Pass or not rated

$

52,732

$

105,616

$

63,117

$

15,741

$

1,689

$

3,740

$

1,161

$

$

243,796

Special Mention

325

325

Substandard

Doubtful

Total

$

52,732

$

105,941

$

63,117

$

15,741

$

1,689

$

3,740

$

1,161

$

$

244,121

YTD Gross Charge-offs

Commercial & industrial:

Risk Rating

Pass or not rated

$

82,096

$

77,333

$

63,187

$

48,621

$

25,608

$

25,286

$

125,002

$

4,722

$

451,855

Special Mention

1,225

34

359

2,126

922

2,022

843

7,531

Substandard

81

73

2

333

26

344

859

Doubtful

Total

$

83,321

$

77,448

$

63,619

$

50,749

$

26,530

$

27,641

$

125,871

$

5,066

$

460,245

YTD Gross Charge-offs

$

$

27

$

$

$

$

$

27

Lease financing receivables:

Risk Rating

Pass or not rated

$

34,335

$

34,370

$

15,427

$

5,759

$

2,226

$

451

$

$

$

92,568

Special Mention

23

46

41

73

48

231

Substandard

115

360

30

505

Doubtful

Total

$

34,335

$

34,508

$

15,833

$

5,830

$

2,299

$

499

$

$

$

93,304

YTD Gross Charge-offs

$

45

$

124

$

$

4

$

32

$

$

205

Aircraft:

Risk Rating

Pass or not rated

$

36,972

$

71,706

$

40,778

$

35,652

$

23,933

$

16,380

$

$

$

225,421

Special Mention

Substandard

312

446

758

Doubtful

Total

$

36,972

$

71,706

$

40,778

$

35,964

$

23,933

$

16,826

$

$

$

226,179

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

Home equity:

Risk Rating

Pass or not rated

$

$

$

$

$

$

$

350,828

$

$

350,828

Special Mention

100

100

Substandard

2,513

2,513

Doubtful

Total

$

$

$

$

$

$

$

353,441

$

$

353,441

YTD Gross Charge-offs

$

$

$

$

$

$

$

64

$

$

64

Consumer:

Risk Rating

Pass or not rated

$

5,156

$

2,403

$

240

$

94

$

19

$

1,256

$

18,426

$

$

27,594

Special Mention

Substandard

556

7

563

Doubtful

Total

$

5,712

$

2,403

$

240

$

94

$

19

$

1,263

$

18,426

$

$

28,157

YTD Gross Charge-offs

$

828

$

1,170

$

2

$

1

$

$

1

$

1,103

$

$

3,105

23

Table of Contents

Revolving Loans

Revolving Loans

(in thousands)

Term Loans Amortized Cost Basis by Origination Year

Amortized

Converted

As of December 31, 2024

2024

2023

2022

2021

2020

Prior

Cost Basis

to Term

Total

Warehouse:

Risk Rating

Pass or not rated

$

$

$

$

$

$

$

550,760

$

$

550,760

Special Mention

Substandard

Doubtful

Total

$

$

$

$

$

$

$

550,760

$

$

550,760

YTD Gross Charge-offs

$

$

$

$

$

$

$

$

$

TRS:

Risk Rating

Pass or not rated

$

190,794

$

$

$

$

$

$

$

$

190,794

Special Mention

Substandard

Doubtful

Total

$

190,794

$

$

$

$

$

$

$

$

190,794

YTD Gross Charge-offs

$

23,534

$

9,158

$

$

$

$

$

$

$

32,692

RCS:

Risk Rating

Pass or not rated

$

8,625

$

9,954

$

3,000

$

295

$

247

$

47,383

$

58,959

$

$

128,463

Special Mention

Substandard

270

270

Doubtful

Total

$

8,625

$

9,954

$

3,000

$

295

$

247

$

47,383

$

59,229

$

$

128,733

YTD Gross Charge-offs

$

$

$

$

$

$

$

19,239

$

$

19,239

Grand Total:

Risk Rating

Pass or not rated

$

614,658

$

808,179

$

757,773

$

603,642

$

558,960

$

655,118

$

1,143,030

$

215,095

$

5,356,455

Special Mention

2,402

382

7,524

6,999

5,794

29,922

1,260

54,283

Substandard

1,431

1,248

2,999

3,150

4,884

11,863

2,809

344

28,728

Doubtful

Grand Total

$

618,491

$

809,809

$

768,296

$

613,791

$

569,638

$

696,903

$

1,147,099

$

215,439

$

5,439,466

YTD Gross Charge-offs

$

24,362

$

10,383

$

192

$

14

$

4

$

33

$

20,406

$

$

55,394

24

Table of Contents

Allowance for Credit Losses on Loans

The following tables present the activity in the ACLL by portfolio class:

ACLL Roll-forward

Three Months Ended June 30, 

2025

2024

Beginning

Charge-

Ending

Beginning

Charge-

Ending

(in thousands)

Balance

Provision

offs

Recoveries

Balance

Balance

Provision

offs

Recoveries

Balance

Traditional Banking:

Residential real estate:

Owner-occupied

$

10,756

$

(142)

$

(11)

$

23

$

10,626

$

9,582

$

(20)

$

(39)

$

21

$

9,544

Nonowner-occupied

4,025

(142)

3,883

3,051

(94)

2,957

Commercial real estate*:

Owner-occupied*

7,334

(191)

7,143

Nonowner-occupied*

12,179

(230)

3

11,952

Multi-Family*

2,807

(56)

2,751

Total commercial real estate*

22,320

(477)

3

21,846

25,995

163

3

26,161

Construction & land development

8,027

698

8,725

6,700

222

6,922

Commercial & industrial

2,616

(143)

(18)

2,455

4,158

(26)

1

4,133

Lease financing receivables

1,054

39

(127)

17

983

1,072

69

(34)

9

1,116

Aircraft

554

(24)

530

615

(14)

601

Home equity

7,626

454

26

8,106

5,749

310

6,059

Consumer:

Credit cards

937

78

(56)

31

990

1,087

26

(50)

4

1,067

Overdrafts

687

170

(250)

49

656

563

234

(189)

50

658

Automobile loans

8

(7)

1

2

24

(6)

1

19

Other consumer

241

13

(8)

7

253

580

57

(20)

11

628

Total Traditional Banking

58,851

517

(470)

157

59,055

59,176

921

(332)

100

59,865

Warehouse lines of credit

1,421

255

1,676

1,156

214

1,370

Total Core Banking

60,272

772

(470)

157

60,731

60,332

1,135

(332)

100

61,235

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

25,819

(3,934)

(24,893)

3,008

29,922

(1,158)

(32,556)

3,792

Other TRS commercial & industrial loans

162

2

(166)

2

147

(24)

(137)

14

Republic Credit Solutions

20,050

4,983

(4,384)

380

21,029

18,301

5,196

(4,315)

270

19,452

Total Republic Processing Group

46,031

1,051

(29,443)

3,390

21,029

48,370

4,014

(37,008)

4,076

19,452

Total

$

106,303

$

1,823

$

(29,913)

$

3,547

$

81,760

$

108,702

$

5,149

$

(37,340)

$

4,176

$

80,687

* The CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. For the three months ended June 30, 2024 presented above, the Total CRE line represents the ACLL Roll-forward information for the total CRE loan pool, as previously presented.

25

Table of Contents

ACLL Roll-forward

Six Months Ended June 30, 

2025

2024

Beginning

Charge-

Ending

Beginning

Charge-

Ending

(in thousands)

Balance

Provision

offs

Recoveries

Balance

Balance

Provision

offs

Recoveries

Balance

Traditional Banking:

Residential real estate:

Owner-occupied

$

10,849

$

(257)

$

(29)

$

63

$

10,626

$

10,337

$

(820)

$

(52)

$

79

$

9,544

Nonowner-occupied

4,140

(257)

3,883

3,047

(91)

1

2,957

Commercial real estate*:

Owner-occupied*

7,319

(176)

7,143

Nonowner-occupied*

12,523

(574)

3

11,952

Multi-Family*

2,714

37

2,751

Total commercial real estate*

22,556

(713)

3

21,846

25,830

308

23

26,161

Construction & land development

8,227

498

8,725

6,060

862

6,922

Commercial & industrial

2,527

(54)

(18)

2,455

4,236

(105)

2

4,133

Lease financing receivables

1,117

(18)

(138)

22

983

1,061

91

(58)

22

1,116

Aircraft

565

(35)

530

625

(24)

601

Home equity

7,378

701

27

8,106

5,501

557

1

6,059

Consumer:

Credit cards

1,379

(347)

(92)

50

990

1,074

109

(131)

15

1,067

Overdrafts

724

269

(440)

103

656

694

260

(426)

130

658

Automobile loans

11

(11)

2

2

32

(16)

3

19

Other consumer

283

(28)

(24)

22

253

501

148

(47)

26

628

Total Traditional Banking

59,756

(252)

(741)

292

59,055

58,998

1,279

(714)

302

59,865

Warehouse lines of credit

1,374

302

1,676

847

523

1,370

Total Core Banking

61,130

50

(741)

292

60,731

59,845

1,802

(714)

302

61,235

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

9,793

11,401

(24,893)

3,699

3,929

24,560

(32,556)

4,067

Other TRS commercial & industrial loans

68

94

(165)

3

61

32

(137)

44

Republic Credit Solutions

20,987

7,950

(8,638)

730

21,029

18,295

9,377

(8,860)

640

19,452

Total Republic Processing Group

30,848

19,445

(33,696)

4,432

21,029

22,285

33,969

(41,553)

4,751

19,452

Total

$

91,978

$

19,495

$

(34,437)

$

4,724

$

81,760

$

82,130

$

35,771

$

(42,267)

$

5,053

$

80,687

* The CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. For the six months ended June 30, 2024 presented above, the Total CRE line represents the ACLL Roll-forward information for the total CRE loan pool, as previously presented.

During the first quarter of 2025, the Company further segmented its Commercial Real Estate portfolio into Owner Occupied Commercial Real Estate, Nonowner Occupied Commercial Real Estate, and Multi-family.  The Company believes this additional portfolio segmentation will provide better granularity to the ACLL in the future.  Given the loss history for each of these portfolio segments over the past several years, this additional segmentation did not have a material impact to the Company’s ACLL as of June 30, 2025.  This additional segmentation could have material impacts to the ACLL in the future, however, depending upon the overall credit performance of each of these individual portfolios on a go-forward basis.

The cumulative loss rate used as the basis for the estimate of the Company’s ACLL as of June 30, 2025, was primarily based on a static pool analysis of each of the Company’s loan pools using the Company’s loss experience from 2013 through 2024, supplemented by qualitative factor adjustments for current and forecasted conditions. The Company employs one-year forecasts of unemployment and CRE values within its ACLL model, with reversion to long-term averages following the forecasted period. The cumulative loss rate within the Company’s ACLL also includes estimated losses based on an individual evaluation of loans which are either collateral dependent or which do not share risk characteristics with pooled loans, e.g., loan modifications. During the three months ended June 30, 2025, the Company implemented a minimum loan balance threshold, as a practical expedient, for assessing individual loans for impairment. This threshold applies to loans with a risk rating of Special Mention or worse. The application of this new practical expedient resulted in a $518,000 net credit to the Provision during the three months ended June 30, 2025.

26

Table of Contents

Nonperforming Loans and Nonperforming Assets

Detail of nonperforming loans, nonperforming assets, and select credit quality ratios follows:

(dollars in thousands)

    

June 30, 2025

December 31, 2024

    

Loans on nonaccrual status*

$

21,537

$

22,619

Loans past due 90-days-or-more and still on accrual**

 

105

 

141

Total nonperforming loans

 

21,642

 

22,760

Other real estate owned

 

1,054

 

1,160

Total nonperforming assets

$

22,696

$

23,920

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans

 

0.40

%  

 

0.42

%

Nonperforming assets to total loans (including OREO)

 

0.42

 

0.44

Nonperforming assets to total assets

 

0.33

 

0.35

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans

 

0.41

%  

 

0.44

%

Nonperforming assets to total loans (including OREO)

 

0.43

 

0.46

Nonperforming assets to total assets

 

0.35

 

0.39

*

Loans on nonaccrual status include collateral-dependent loans.

**

Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.

The following tables present nonaccrual loans and loans past due 90-days-or-more and still on accrual by class of loans:

Past Due 90-Days-or-More

Nonaccrual

and Still Accruing Interest*

(in thousands)

    

June 30, 2025

    

December 31, 2024

  

  

June 30, 2025

    

December 31, 2024

Traditional Banking:

Residential real estate:

Owner-occupied

$

17,095

$

17,331

$

$

Nonowner-occupied

 

54

 

81

 

 

Commercial real estate:

 

 

 

 

Owner-occupied

706

 

424

 

 

Nonowner-occupied

 

799

 

 

Multi-family

Construction & land development

 

 

 

 

Commercial & industrial

 

635

 

860

 

 

Lease financing receivables

 

91

 

147

 

 

Aircraft

56

Home equity

 

2,953

 

2,359

 

 

Consumer:

Credit cards

 

 

 

 

Overdrafts

 

 

 

 

Automobile loans

 

3

 

5

 

 

Other consumer

 

 

557

 

 

Total Traditional Banking

21,537

22,619

Warehouse lines of credit

 

 

 

 

Total Core Banking

21,537

22,619

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

Other TRS commercial & industrial loans

 

 

 

 

Republic Credit Solutions

105

141

Total Republic Processing Group

105

141

Total

$

21,537

$

22,619

$

105

$

141

* Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.

27

Table of Contents

Three Months Ended

Six Months Ended

As of June 30, 2025

June 30, 2025

June 30, 2025

    

Nonaccrual

    

Nonaccrual

    

Total

Interest Income

    

Interest Income

Loans with

Loans without

Nonaccrual

Recognized

Recognized

(in thousands)

ACLL

ACLL

Loans

on Nonaccrual Loans*

on Nonaccrual Loans*

Residential real estate:

Owner-occupied

$

$

17,095

$

17,095

$

307

$

675

Nonowner-occupied

 

54

54

3

20

Commercial real estate:

 

Owner-occupied

443

263

706

24

72

Nonowner-occupied

4

8

Multi-family

4

4

Construction & land development

 

Commercial & industrial

 

344

291

635

16

21

Lease financing receivables

 

91

91

Aircraft

Home equity

 

2,953

2,953

104

179

Consumer

3

3

37

58

Total

$

787

$

20,750

$

21,537

$

499

$

1,037

* Includes interest income for loans on nonaccrual as of the beginning of the period that were paid off during the period.

Three Months Ended

Six Months Ended

As of December 31, 2024

June 30, 2024

June 30, 2024

    

Nonaccrual

    

Nonaccrual

    

Total

Interest Income

    

Interest Income

Loans with

Loans without

Nonaccrual

Recognized

Recognized

(in thousands)

ACLL

ACLL

Loans

on Nonaccrual Loans*

on Nonaccrual Loans*

Residential real estate:

Owner-occupied

$

688

$

16,643

$

17,331

$

294

$

540

Nonowner-occupied

 

25

56

81

15

Commercial real estate:

 

Owner-occupied

180

244

424

27

69

Nonowner-occupied

524

275

799

Multi-family

Construction & land development

 

Commercial & industrial

 

726

134

860

Lease financing receivables

 

147

147

Aircraft

56

56

Home equity

 

2,359

2,359

108

157

Consumer

562

562

1

1

Total

$

2,705

$

19,914

$

22,619

$

430

$

782

* Includes interest income for loans on nonaccrual as of the beginning of the period that were paid off during the period.

Nonaccrual loans and loans past due 90-days-or-more and still on accrual both include smaller balance, primarily retail, homogeneous loans. Nonaccrual loans are typically returned to accrual status when all the principal and interest amounts contractually due are brought current and held current for six consecutive months and future contractual payments are reasonably assured. Modified loans classified as nonaccrual are reviewed for return to accrual status on an individual basis, with additional consideration given to performance under modified terms.

28

Table of Contents

Delinquent Loans

The following tables present the aging of the recorded investment in loans by class of loans:

    

30 - 59

    

60 - 89

    

90 or More

    

    

    

    

    

    

Days

Days

Days

Total

Total

June 30, 2025 (dollars in thousands)

Delinquent

Delinquent

Delinquent*

Delinquent**

Current

Total

Traditional Banking:

Residential real estate:

Owner-occupied

$

4,155

$

1,587

$

1,593

$

7,335

$

1,024,563

$

1,031,898

Nonowner-occupied

 

 

 

 

 

303,357

 

303,357

Commercial real estate:

 

 

Owner-occupied

263

263

650,508

650,771

Nonowner-occupied

818,367

818,367

Multi-family

319,905

319,905

Construction & land development

 

 

 

 

 

258,817

 

258,817

Commercial & industrial

 

26

 

1

 

634

 

661

 

480,558

 

481,219

Lease financing receivables

 

5

 

6

 

103

 

114

 

96,433

 

96,547

Aircraft

211,910

211,910

Home equity

 

622

 

346

 

429

 

1,397

 

386,202

 

387,599

Consumer:

Credit cards

 

11

 

2

 

 

13

 

10,302

 

10,315

Overdrafts

 

120

 

2

 

1

 

123

 

703

 

826

Automobile loans

 

 

 

 

 

916

 

916

Other consumer

 

35

 

12

 

 

47

 

9,658

 

9,705

Total Traditional Banking

4,974

1,956

3,023

9,953

4,572,199

4,582,152

Warehouse lines of credit

 

 

 

 

 

671,773

 

671,773

Total Core Banking

4,974

1,956

3,023

9,953

5,243,972

5,253,925

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

 

 

 

 

 

Other TRS commercial & industrial loans

 

 

 

 

 

95

 

95

Republic Credit Solutions

7,319

 

1,709

 

105

 

9,133

 

109,867

 

119,000

Total Republic Processing Group

7,319

1,709

105

9,133

109,962

119,095

Total

$

12,293

$

3,665

$

3,128

$

19,086

$

5,353,934

$

5,373,020

Delinquency ratio***

 

0.23

%  

 

0.07

%  

 

0.06

%  

 

0.36

%  

*       All loans past due 90-days-or-more, excluding small balance consumer loans, were on nonaccrual status as of June 30, 2025.

**     Delinquent status may be determined by either the number of days past due or number of payments past due.

***   Represents total loans 30-days-or-more past due by aging category divided by total loans.

29

Table of Contents

    

30 - 59

    

60 - 89

    

90 or More

    

    

    

    

    

    

Days

Days

Days

Total

Total

December 31, 2024 (dollars in thousands)

Delinquent

Delinquent

Delinquent*

Delinquent**

Current

Total

Traditional Banking:

Residential real estate:

Owner-occupied

$

2,320

$

2,292

$

2,403

$

7,015

$

1,025,444

$

1,032,459

Nonowner-occupied

 

 

 

21

 

21

 

318,075

 

318,096

Commercial real estate:

 

 

 

 

 

 

Owner-occupied

244

244

658,972

659,216

Nonowner-occupied

275

275

840,242

840,517

Multi-family

313,444

313,444

Construction & land development

 

 

 

 

 

244,121

 

244,121

Commercial & industrial

 

104

 

15

 

785

 

904

 

459,341

 

460,245

Lease financing receivables

 

8

 

14

 

53

 

75

 

93,229

 

93,304

Aircraft

226,179

226,179

Home equity

 

714

 

204

 

478

 

1,396

 

352,045

 

353,441

Consumer:

Credit cards

 

25

 

3

 

 

28

 

16,436

 

16,464

Overdrafts

 

163

 

10

 

 

173

 

809

 

982

Automobile loans

 

11

 

 

 

11

 

1,145

 

1,156

Other consumer

 

41

 

1

 

1

 

43

 

9,512

 

9,555

Total Traditional Banking

3,386

2,814

3,985

10,185

4,558,994

4,569,179

Warehouse lines of credit

 

 

 

 

 

550,760

 

550,760

Total Core Banking

3,386

2,814

3,985

10,185

5,109,754

5,119,939

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

 

 

 

 

138,614

 

138,614

Other TRS commercial & industrial loans

 

 

 

 

 

52,180

 

52,180

Republic Credit Solutions

7,915

 

2,248

 

141

 

10,304

 

118,429

 

128,733

Total Republic Processing Group

7,915

2,248

141

10,304

309,223

319,527

Total

$

11,301

$

5,062

$

4,126

$

20,489

$

5,418,977

$

5,439,466

Delinquency ratio***

 

0.21

%  

 

0.09

%  

 

0.08

%  

 

0.38

%  

*       All loans past due 90-days-or-more, excluding smaller balance consumer loans, were on nonaccrual status as of December 31, 2024.

**    Delinquent status may be determined by either the number of days past due or number of payments past due.

***  Represents total loans 30-days-or-more past due by aging category divided by total loans.

30

Table of Contents

Collateral-Dependent Loans

The following table presents the amortized cost basis of collateral-dependent loans by class of loans:

June 30, 2025

December 31, 2024

Secured

    

Secured

Secured

    

Secured

by Real

by Personal

by Real

by Personal

(in thousands)

Estate

Property

Estate

Property

Traditional Banking:

Residential real estate:

Owner-occupied

$

20,361

$

$

23,116

$

Nonowner-occupied

 

134

 

 

414

 

Commercial real estate:

 

 

 

 

Owner-occupied

2,646

149

Nonowner-occupied

21,006

1,061

Multi-family

Construction & land development

 

 

 

 

Commercial & industrial

 

1,816

 

 

859

 

Lease financing receivables

 

 

554

 

 

504

Aircraft

 

305

 

758

Home equity

 

3,079

 

 

2,513

 

Consumer

 

4

 

563

Total Traditional Banking

$

49,042

$

863

$

28,112

$

1,825

Collateral-dependent loans are generally secured by real estate or personal property. If there is insufficient collateral value to secure the Company’s recorded investment in these loans, they are charged down to collateral value less estimated selling costs, when selling costs are applicable. Selling costs range from 10% to 13%, with those percentages based on annual studies performed by the Company.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The ACLL incorporates an estimate of lifetime expected credit losses using historical loss information. The Company uses a static pool loss rate method to determine an estimate which is recorded for each asset upon origination. Occasionally, the Company has reason to modify certain terms of loans for borrowers experiencing financial distress by providing the following forms of relief: forgiveness of loan principal, extension of repayment terms, interest rate reduction or an other than insignificant payment delay. The Company can make any or all of these types of concessions as part of such modifications. Since an estimate for historical losses is already included as a component of the ACLL, a change to the ACLL is generally not recorded at the time of such modifications unless the loan is individually analyzed and the modification changes the specific reserve allocation. In the event forgiveness of principal is provided, the amount of the forgiveness is charged off against the ACLL.

During the three months ended June 30, 2025, the Company modified one loan for a borrower experiencing financial difficulty. The term of the loan was extended 12 months. The amortized cost basis of the loan was $4 million. There were no other material modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, the Company had no material modifications made to borrowers experiencing financial difficulty. There were no modified loans that had a payment default during the three and six months ended June 30, 2025 and 2024 that were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

Foreclosures

The following table presents the carrying amount of foreclosed properties held as a result of the Bank obtaining physical possession of such properties:

(in thousands)

June 30, 2025

December 31, 2024

 

Commercial real estate:

Owner-occupied

$

 

$

Nonowner-occupied

1,054

1,160

Multi-family

Total other real estate owned

$

1,054

 

$

1,160

31

Table of Contents

The following table presents the recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to requirements of the applicable jurisdiction:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Recorded investment in consumer residential real estate mortgage loans in the process of foreclosure

 

$

2,592

 

$

1,562

Refund Advances

The Company’s TRS segment offered (i) its RA product during the first two months of 2025, along with its ERA product during December 2024 for the 2025 Tax Season and (ii) its RA product during the first two months of 2024, along with its ERA product during December 2023 for the 2024 Tax Season. The ERA originations during December 2024 and the first two weeks of 2025 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2025 tax season, while the ERA originations during December 2023 and the first two weeks of 2024 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2024 tax season. Each year, all unpaid RAs, including ERAs, are charged off by June 30th, and each quarter thereafter, any credits to the Provision for RAs, including ERAs, are recorded as recoveries of previously charged-off accounts.

Information regarding calendar year activities for RAs follows:

Three Months Ended

Six Months Ended

    

June 30, 

    

June 30, 

(dollars in thousands)

    

2025

2024

    

2025

  

2024

Refund Advances originated

 

$

$

 

$

662,556

$

771,091

Net charge (credit) to the Provision for RAs, including ERAs

 

(3,934)

(1,158)

 

11,401

24,560

Provision as a percentage of RAs originated, including ERAs

NA

NA

1.72

%  

3.19

%  

Refund Advances net charge-offs

 

$

21,885

$

28,764

 

$

21,194

$

28,489

Refund Advances net charge-offs to total Refund Advances originated

NA

NA

3.20

%  

3.69

%  

32

Table of Contents

5. DEPOSITS

The composition of the deposit portfolio follows:

(in thousands)

    

June 30, 2025

    

December 31, 2024

 

Core Bank:

Demand

$

1,132,866

$

1,166,517

Money market

 

1,387,704

 

1,295,024

Savings

 

228,469

 

238,596

Reciprocal money market

 

237,668

 

212,033

Individual retirement accounts (1)

 

35,042

 

34,543

Time deposits, $250 and over (1)

 

144,867

 

129,593

Other certificates of deposit (1)

 

275,271

 

239,643

Reciprocal time deposits (1)

 

75,104

 

80,016

Wholesale brokered deposits (1)

218,746

87,285

Total Core Bank interest-bearing deposits

 

3,735,737

 

3,483,250

Total Core Bank noninterest-bearing deposits

1,151,511

1,123,208

Total Core Bank deposits

4,887,248

4,606,458

Republic Processing Group:

Wholesale brokered deposits (1)

14,341

199,964

Interest-bearing prepaid card deposits

320,056

296,921

Money market

24,089

22,647

Total RPG interest-bearing deposits

358,486

519,532

Noninterest-bearing prepaid card deposits

4,285

2,842

Other noninterest-bearing deposits

67,220

81,714

Total RPG noninterest-bearing deposits

71,505

84,556

Total RPG deposits

429,991

604,088

Total deposits

$

5,317,239

$

5,210,546

(1)Represents time deposits.

33

Table of Contents

6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

SSUAR consist of short-term excess funds from correspondent banks, repurchase agreements, and overnight liabilities to deposit clients arising from the Bank’s treasury management program. While comparable to deposits in their transactional nature, these overnight liabilities to clients are in the form of repurchase agreements. Repurchase agreements collateralized by securities are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. Should the fair value of currently pledged securities fall below the associated repurchase agreements, the Bank would be required to pledge additional securities. To mitigate the risk of under collateralization, the Bank typically pledges at least two percent more in securities than the associated repurchase agreements. All such securities are under the Bank’s control.

As of June 30, 2025 and December 31, 2024, all SSUAR had overnight maturities. Additional information regarding SSUAR and other short-term borrowings follows:

(dollars in thousands)

    

June 30, 2025

  

  

December 31, 2024

    

Outstanding balance at end of period

$

72,103

$

103,318

Weighted average interest rate at end of period

 

0.65

%  

 

0.53

%  

Fair value of securities pledged:

U.S. Treasury securities and U.S. Government agencies

$

113,867

$

151,972

Total securities pledged

$

113,867

$

151,972

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

2025

    

2024

    

  

2025

  

  

2024

Average outstanding balance during the period

$

87,760

 

$

88,326

$

98,202

 

$

95,459

Weighted average interest rate during the period

0.64

%  

0.60

%  

0.57

%  

0.55

%  

Maximum outstanding at any month end during the period

$

94,775

 

$

102,407

$

112,826

 

$

113,281

34

Table of Contents

7. FEDERAL HOME LOAN BANK ADVANCES

FHLB advances were as follows:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Overnight advances

$

$

25,000

Fixed interest rate advances

 

370,000

 

370,000

Total FHLB advances

$

370,000

$

395,000

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances that are paid off earlier than maturity.

FHLB advances are collateralized by a blanket pledge of eligible real estate loans. As of June 30, 2025, and December 31, 2024, Republic had available borrowing capacity of $735 million and $755 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $100 million available through various other financial institutions as of June 30, 2025, and December 31, 2024.

Aggregate future principal payments on FHLB advances based on contractual maturity and the weighted average cost of such advances are detailed below:

    

    

    

Weighted

 

Average

 

Year (dollars in thousands)

Principal

Rate

 

2026

 

$

130,000

 

4.65

%

2027

 

80,000

 

4.01

2028

 

160,000

 

4.39

Total

$

370,000

 

4.40

%

As more fully disclosed in Footnote 11 “Interest Rate Swaps” in this section of the filing, the Bank elected to extend $100 million of FHLB advances during May and June of 2024 through a third-party, fixed rate swap to take advantage of the then-inverted yield curve and lower its overall borrowing costs. As a result of this swap, the Bank was able to lock in an annualized cost of 4.42% for this $100 million over a five-year term. The total weighted average cost of all advances, including the impact of any corresponding swaps, is 4.35%.

Due to their nature, the Bank considers average balance information more meaningful than period-end balances for its overnight borrowings from the FHLB. Information regarding overnight FHLB advances follows:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

    

2025

    

2024

    

2025

    

2024

Average outstanding balance during the period

 

$

 

$

4,835

 

$

74,972

 

$

135,522

Weighted average interest rate during the period

%

5.47

%

4.45

%

5.44

%

Maximum outstanding at any month end during the period

 

$

 

$

 

$

428,000

 

$

760,000

The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB:

(in thousands)

    

June 30, 2025

    

December 31, 2024

 

First-lien, single family residential real estate

$

1,165,788

$

1,177,113

Home equity lines of credit

 

331,995

 

312,168

Multi-family commercial real estate

 

91,324

 

94,334

Commercial real estate

308,075

330,911

35

Table of Contents

8. OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES

Commitments to Extend Credit

The Company, in the normal course of business, is party to financial instruments with off balance sheet risk. These financial instruments primarily include commitments to extend credit and standby letters of credit. The contract or notional amounts of these instruments reflect the potential future obligations of the Company pursuant to those financial instruments. Creditworthiness for all instruments is evaluated on a case-by-case basis in accordance with the Company’s credit policies. Collateral from the client may be required based on the Company’s credit evaluation of the client and may include business assets of commercial clients, as well as personal property and real estate of individual clients or guarantors.

The Company also extends binding commitments to clients and prospective clients. Such commitments assure a borrower of financing for a specified period of time at a specified rate. The risk to the Company under such loan commitments is limited by the terms of the contracts. For example, the Company may not be obligated to advance funds if the client’s financial condition deteriorates or if the client fails to meet specific covenants.

An approved but unfunded loan commitment represents a potential credit risk and a liquidity risk, since the Company’s client(s) may demand immediate cash that would require funding. In addition, unfunded loan commitments represent interest rate risk as market interest rates may rise above the rate committed to the Company’s client. Since a portion of these loan commitments normally expire unused, the total amount of outstanding commitments at any point in time may not require future funding.

The following table presents the Company’s commitments, exclusive of mortgage banking loan commitments, for each period ended:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Unused warehouse lines of credit

$

363,726

$

404,240

Unused home equity lines of credit

 

480,341

 

478,040

Unused loan commitments - other

 

1,167,249

 

1,093,990

Standby letters of credit

 

11,964

 

11,282

Total commitments

$

2,023,280

$

1,987,552

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third-party. The terms and risk of loss involved in issuing standby letters of credit are similar to those involved in issuing loan commitments and extending credit. In addition to credit risk, the Company also has liquidity risk associated with standby letters of credit because funding for these obligations could be required immediately. The Company does not deem this risk to be material.

36

Table of Contents

The following tables present a roll-forward of the ACLC for the three and six months ended June 30, 2025 and 2024:

ACLC Roll-forward

Three Months Ended June 30, 

2025

2024

Beginning

Charge-

Ending

Beginning

Charge-

Ending

(in thousands)

Balance

Provision

offs

Recoveries

Balance

Balance

Provision

offs

Recoveries

Balance

Loan Commitments

Unused warehouse lines of credit

$

105

$

(13)

$

$

$

92

$

108

$

(31)

$

$

$

77

Unused home equity lines of credit

199

(4)

195

86

24

110

Unused construction lines of credit

737

(34)

703

641

(50)

591

Unused RCS lines of credit

190

30

220

Unused loan commitments - other

279

11

290

395

(63)

332

Total

$

1,510

$

(10)

$

$

$

1,500

$

1,230

$

(120)

$

$

$

1,110

ACLC Roll-forward

Six Months Ended June 30, 

2025

2024

Beginning

Charge-

Ending

Beginning

Charge-

Ending

(in thousands)

Balance

Provision

offs

Recoveries

Balance

Balance

Provision

offs

Recoveries

Balance

Loan Commitments

Unused warehouse lines of credit

$

79

$

13

$

$

$

92

$

116

$

(39)

$

$

$

77

Unused home equity lines of credit

183

12

195

55

55

110

Unused construction lines of credit

677

26

703

820

(229)

591

Unused RCS lines of credit

300

(80)

220

Unused loan commitments - other

251

39

290

349

(17)

332

Total

$

1,490

$

10

$

$

$

1,500

$

1,340

$

(230)

$

$

$

1,110

37

Table of Contents

9. FAIR VALUE

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity 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 a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no observable market data, the Company derives its own estimates by generally considering characteristics of the asset/liability, the current economic and competitive environment and other factors. For this reason, results cannot be determined with precision and may not be realized on an actual sale or immediate settlement of the asset or liability.

The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

Available-for-sale debt securities: Except for the Bank’s U.S. Treasury securities, its private label MBS, and its TRUP investment, the fair value of AFS debt securities is typically determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

The Bank’s U.S. Treasury securities are based on quoted market prices (Level 1 inputs) and considered highly liquid.

The Bank’s private label MBS remains illiquid, and as such, the Bank classifies this security as a Level 3 security in accordance with ASC Topic 820, Fair Value Measurement. Based on this determination, the Bank utilized an income valuation model (present value model) approach in determining the fair value of this security.

See Footnote 2 “Investment Securities” for additional discussion regarding the Bank’s private label MBS.

The Company acquired its TRUP investment in 2015 and considers the most recent bid price for the same instrument to approximate market value as of June 30, 2025. The Company’s TRUP investment is considered highly illiquid and also valued using Level 3 inputs, as the most recent bid price for this instrument is not always considered generally observable.

Equity securities with readily determinable fair value: The fair value of the Company’s Freddie Mac preferred stock is determined based on market prices of similar securities, as described above (Level 2 inputs).

Mortgage loans held for sale, at fair value: The fair value of mortgage loans HFS is determined using quoted secondary market prices. Mortgage loans HFS are classified as Level 2 in the fair value hierarchy.

Consumer loans held for sale, at fair value: The fair value for these loans is based on contractual sales terms, Level 3 inputs.

Consumer loans held for investment, at fair value: The Bank held an immaterial amount of consumer loans at fair value through a consumer loan program the Company is currently unwinding. The fair value of these loans was based on the discounted cash flows of the underlying loans, Level 3 inputs. Further disclosure of these loans is considered immaterial and thus omitted.

38

Table of Contents

Mortgage banking derivatives: Mortgage banking derivatives used in the ordinary course of business primarily consist of mandatory forward sales contracts (“forward contracts”) and interest rate lock loan commitments. The fair value of the Bank’s derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. The pricing is derived from market observable inputs that can generally be verified and do not typically involve significant judgment by the Bank. Forward contracts and rate lock loan commitments are classified as Level 2 in the fair value hierarchy.

Interest rate swap agreements: Interest rate swaps are recorded at fair value on a recurring basis. The Company values its interest rate swaps using a third-party valuation service and classifies such valuations as Level 2. Valuations of these interest rate swaps are also received from the relevant dealer counterparty and validated against the Company’s calculations. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities.

Discussion of assets measured at fair value on a non-recurring basis follows:

Collateral-dependent loans: Collateral-dependent loans generally reflect partial charge-downs to their respective fair value, which is commonly based on recent real estate appraisals or BPOs. These appraisals or BPOs may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the process by the independent experts to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral-dependent loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

Other real estate owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals or BPOs. These appraisals or BPOs may utilize a single approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the process by the independent experts to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value.

Appraisals for collateral-dependent loans, impaired premises and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Bank. Once the appraisal is received, a member of the Bank’s CCAD reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value in comparison with independent data sources, such as recent market data or industry-wide statistics. On at least an annual basis, the Bank performs a back test of collateral appraisals by comparing actual selling prices on recent collateral sales to the most recent appraisal of such collateral. Back tests are performed for each collateral class, e.g., residential real estate or CRE, and may lead to additional adjustments to the value of unliquidated collateral of similar class.

Mortgage servicing rights: At least quarterly, MSRs are evaluated for impairment based upon the fair value of the MSRs as compared to carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded, and the respective individual tranche is carried at fair value. If the carrying amount of an individual tranche does not exceed fair value, impairment is reversed if previously recognized and the carrying value of the individual tranche is based on the amortization method. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and can generally be validated against available market data (Level 2).

39

Table of Contents

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Bank has elected the fair value option, are summarized below.

Fair Value Measurements at 

June 30, 2025 Using:

    

Quoted Prices in

    

Significant

    

    

    

    

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Total

Assets

Inputs

Inputs

Fair

(in thousands)

(Level 1)

(Level 2)

(Level 3)

Value

Financial assets:

Available-for-sale debt securities:

U.S. Treasury securities and U.S. Government agencies

$

54,593

$

251,830

$

$

306,423

Private label mortgage-backed security

 

 

 

1,489

 

1,489

Mortgage-backed securities - residential

 

 

374,598

 

 

374,598

Collateralized mortgage obligations

 

 

18,130

 

 

18,130

Corporate bonds

1,001

1,001

Trust preferred security

 

 

 

4,075

 

4,075

Total available-for-sale debt securities

$

54,593

$

645,559

$

5,564

$

705,716

Equity securities with readily determinable fair value:

Freddie Mac preferred stock

$

$

756

$

$

756

Total equity securities with readily determinable fair value

$

$

756

$

$

756

Mortgage loans held for sale

$

$

8,850

$

$

8,850

Consumer loans held for sale

8,312

8,312

Rate lock commitments

 

 

701

 

 

701

Interest rate swap agreements - Bank clients and institutional swap dealer

6,850

6,850

Financial liabilities:

Mandatory forward contracts

$

$

132

$

$

132

Interest rate swap agreements - Bank clients and institutional swap dealer

6,850

6,850

Interest rate swap agreements on FHLB advances

2,911

2,911

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

(in thousands)

(Level 1)

(Level 2)

(Level 3)

Value

Financial assets:

Available-for-sale debt securities:

U.S. Treasury securities and U.S. Government agencies

$

84,775

$

304,311

$

$

389,086

Private label mortgage-backed security

 

 

 

1,550

 

1,550

Mortgage-backed securities - residential

 

 

168,233

 

 

168,233

Collateralized mortgage obligations

 

 

19,243

 

 

19,243

Corporate bonds

2,009

2,009

Trust preferred security

 

 

 

4,034

 

4,034

Total available-for-sale debt securities

$

84,775

$

493,796

$

5,584

$

584,155

Equity securities with readily determinable fair value:

Freddie Mac preferred stock

$

$

693

$

$

693

Total equity securities with readily determinable fair value

$

$

693

$

$

693

Mortgage loans held for sale

$

$

8,312

$

$

8,312

Consumer loans held for sale

5,443

5,443

Rate lock commitments

 

 

223

 

 

223

Mandatory forward contracts

70

70

Interest rate swap agreements - Bank clients and institutional swap dealer

6,588

6,588

Financial liabilities:

Interest rate swap agreements - Bank clients and institutional swap dealer

$

$

6,588

$

$

6,588

Interest rate swap agreements on FHLB advances

647

 

647

All transfers between levels are generally recognized at the end of each quarter. There were no transfers into or out of Level 1, 2, or 3 assets during the three and six months ended June 30, 2025 and 2024.

40

Table of Contents

Private Label Mortgage-Backed Security

The following table presents a reconciliation of the Bank’s private label MBS measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

Three Months Ended

  

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

2025

2024

2025

2024

Balance, beginning of period

$

1,516

$

1,772

$

1,550

$

1,773

Total gains or losses included in earnings:

Net change in unrealized gain (loss)

 

 

(8)

 

12

 

49

Principal paydowns

 

(27)

 

(48)

 

(73)

 

(106)

Balance, end of period

$

1,489

$

1,716

$

1,489

$

1,716

The fair value of the Bank’s single private label MBS is supported by analysis prepared by an independent third-party. The third-party’s approach to determining fair value involved several steps: 1) detailed collateral analysis of the underlying mortgages, including consideration of geographic location, original loan-to-value, and the weighted average FICO score of the borrowers; 2) collateral performance projections for each pool of mortgages underlying the security (probability of default, severity of default, and prepayment probabilities) and 3) discounted cash flow modeling.

The significant unobservable inputs in the fair value measurement of the Bank’s single private label MBS are prepayment rates, probability of default, and loss severity in the event of default. Significant fluctuations in any of those inputs in isolation would result in a significantly different fair value measurement.

Quantitative information about recurring Level 3 fair value measurement inputs for the Bank’s single private label MBS follows:

    

    

    

    

    

 

June 30, 2025 (dollars in thousands)

Fair Value

Valuation Technique

Unobservable Inputs

Range (1)

 

Private label mortgage-backed security

$

1,489

 

Discounted cash flow

 

(1) Constant prepayment rate

 

2.3% - 4.4%

 

(2) Probability of default

 

0.5% - 9.3%

 

(3) Loss severity

 

25%

(1) The bank owns one private label mortgage-back security; therefore, the range presented is equivalent to the weighted average range.

    

Fair

    

Valuation

    

    

    

 

December 31, 2024 (dollars in thousands)

Value

Technique

Unobservable Inputs

Range (1)

 

Private label mortgage-backed security

$

1,550

 

Discounted cash flow

 

(1) Constant prepayment rate

 

1.5% - 2.6%

 

(2) Probability of default

 

0.5% - 9.1%

 

(3) Loss severity

 

25%

(1) The bank owns one private label mortgage-back security; therefore, the range presented is equivalent to the weighted average range.

41

Table of Contents

Trust Preferred Security

The following table presents a reconciliation of the Company’s TRUP measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

2025

2024

2025

2024

Balance, beginning of period

$

4,073

$

4,027

$

4,034

$

4,118

Total gains or losses included in earnings:

Discount accretion

16

15

32

30

Net change in unrealized gain (loss)

 

(14)

 

51

 

9

 

(55)

Balance, end of period

$

4,075

$

4,093

$

4,075

$

4,093

The fair value of the Company’s TRUP investment is based on the most recent bid price for this instrument, as provided by a third-party broker.

Mortgage Loans Held for Sale

The Bank has elected the fair value option for mortgage loans HFS. These loans are intended for sale and the Bank believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loans and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more or on nonaccrual as of June 30, 2025, and December 31, 2024.

The aggregate fair value, contractual balance, and unrealized gain were as follows:

(in thousands)

    

June 30, 2025

    

December 31, 2024

 

Aggregate fair value

$

8,850

$

8,312

Contractual balance

 

8,674

 

8,117

Unrealized gain

 

176

 

195

The total amount of net gains from changes in fair value included in earnings for mortgage loans HFS, at fair value, are presented in the following table:

    

Three Months Ended

Six Months Ended

    

June 30, 

June 30, 

(dollars in thousands)

2025

    

2024

    

2025

    

2024

Interest income

$

221

$

191

$

337

$

277

Change in fair value

 

26

 

(38)

 

(19)

 

107

Total included in earnings

$

247

$

153

$

318

$

384

Consumer Loans Held for Sale

RCS carries loans originated through its installment loan program at fair value. Interest income is recorded based on the contractual terms of the loan and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more or on nonaccrual as of June 30, 2025, and December 31, 2024.

The significant unobservable inputs in the fair value measurement of the Bank’s short-term installment loans are the net contractual premiums and level of loans sold at a discount price. Significant fluctuations in any of those inputs in isolation would result in a significantly lower/higher fair value measurement.

42

Table of Contents

The following table presents quantitative information about recurring Level 3 fair value measurement inputs for installment loans:

    

Fair

    

Valuation

    

    

    

June 30, 2025 (dollars in thousands)

Value

Technique

Unobservable Inputs

Rate

Consumer loans held for sale

$

8,312

 

Contract Terms

 

(1) Net Premium

 

0.15%

 

(2) Discounted Sales

 

10.00%

    

Fair

    

Valuation

    

    

    

December 31, 2024 (dollars in thousands)

Value

Technique

Unobservable Inputs

Rate

Consumer loans held for sale

$

5,443

 

Contract Terms

 

(1) Net Premium

 

0.15%

 

(2) Discounted Sales

 

10.00%

The aggregate fair value, contractual balance, and unrealized gain on consumer loans HFS, at fair value, were as follows:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Aggregate fair value

$

8,312

$

5,443

Contractual balance

 

8,370

 

5,476

Unrealized loss

 

(58)

 

(33)

The total amount of net gains from changes in fair value included in earnings for consumer loans HFS, at fair value, are presented in the following table:

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(dollars in thousands)

2025

    

2024

    

2025

    

2024

Interest income

$

1,664

$

1,358

$

2,742

$

2,531

Change in fair value

 

(4)

 

(17)

 

(25)

 

(3)

Total included in earnings

$

1,660

$

1,341

$

2,717

$

2,528

Assets measured at fair value on a non-recurring basis are summarized below:

Fair Value Measurements at

June 30, 2025 Using:

    

Quoted Prices in

    

Significant

    

    

    

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Total

Assets

Inputs

Inputs

Fair

(in thousands)

(Level 1)

(Level 2)

(Level 3)

Value

Collateral-dependent loans:

Commercial real estate:

 

Owner-occupied

$

$

$

360

$

360

Total collateral-dependent loans

$

$

$

360

$

360

Other real estate owned:

Commercial real estate:

Nonowner-occupied

$

$

$

1,054

$

1,054

Total other real estate owned

$

$

$

1,054

$

1,054

43

Table of Contents

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

(in thousands)

(Level 1)

(Level 2)

(Level 3)

Value

Collateral-dependent loans:

Residential real estate:

Owner-occupied

$

$

$

201

$

201

Total collateral-dependent loans

$

$

$

201

$

201

Other real estate owned:

Commercial real estate

Nonowner-occupied

$

$

$

1,160

$

1,160

Total other real estate owned

$

$

$

1,160

$

1,160

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis:

    

    

    

    

    

    

    

Range

Fair

Valuation

Unobservable

(Weighted

June 30, 2025 (dollars in thousands)

Value

Technique

Inputs

Average)

Collateral-dependent loans - commercial real estate owner-occupied

$

360

 

Appraisal

 

Appraisal discounts

 

13% (13%)

Other real estate owned - commercial real estate nonowner-occupied

$

1,054

 

Appraisal

 

Appraisal discounts

 

61% (61%)

    

    

    

    

    

    

    

Range

Fair

Valuation

Unobservable

(Weighted

December 31, 2024 (dollars in thousands)

Value

Technique

Inputs

Average)

Collateral-dependent loans - residential real estate owner-occupied

$

201

 

Appraisal

 

Appraisal discounts

 

3% (3%)

Other real estate owned - commercial real estate

$

1,160

 

Appraisal

 

Appraisal discounts

 

57% (57%)

Collateral-Dependent Loans

Collateral-dependent loans are generally measured for loss using the fair value for reasonable disposition of the underlying collateral. The Bank’s practice is to obtain new or updated appraisals or BPOs on the loans subject to the initial review and then to evaluate the need for an update to this value on an as necessary or possibly annual basis thereafter (depending on the market conditions impacting the value of the collateral). The Bank may discount the valuation amount as necessary for selling costs and past due real estate taxes. If a new or updated appraisal or BPO is not available at the time of a loan’s loss review, the Bank may apply a discount to the existing value of an old valuation to reflect the property’s current estimated value if it is believed to have deteriorated in either: (i) the physical or economic aspects of the subject property or (ii) material changes in market conditions. The review generally results in a partial charge-off of the loan if fair value, less selling costs, are below the loan’s carrying value. Collateral-dependent loans are valued within Level 3 of the fair value hierarchy.

During the three and six months ended June 30, 2025, and 2024, the Provision on collateral-dependent loans was not material.

Other Real Estate Owned

Details of OREO carrying value and write downs follows:

    

(in thousands)

June 30, 2025

    

December 31, 2024

    

Other real estate owned carried at fair value

$

1,054

$

1,160

Total carrying value of other real estate owned

$

1,054

$

1,160

44

Table of Contents

    

Three Months Ended

Six Months Ended

    

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Other real estate owned write-downs during the period

$

53

$

52

$

106

$

105

The carrying amounts and estimated exit price fair values of all financial instruments follow:

Fair Value Measurements at

June 30, 2025:

    

    

    

    

    

    

    

    

Total

Carrying

Fair

(in thousands)

Value

Level 1

Level 2

Level 3

Value

Assets:

Cash and cash equivalents

$

484,808

$

484,808

$

$

$

484,808

Available-for-sale debt securities

 

705,716

 

54,593

 

645,559

 

5,564

 

705,716

Held-to-maturity debt securities

 

5,434

 

 

5,408

 

 

5,408

Equity securities with readily determinable fair values

756

756

756

Mortgage loans held for sale, at fair value

 

8,850

 

 

8,850

 

 

8,850

Consumer loans held for sale, at fair value

8,312

8,312

8,312

Consumer loans held for sale, at the lower of cost or fair value

19,640

19,748

19,748

Loans, net

 

5,291,260

 

 

 

5,168,712

 

5,168,712

Federal Home Loan Bank stock

 

24,568

 

 

 

 

NA

Accrued interest receivable

 

20,779

 

 

20,779

 

 

20,779

Mortgage servicing rights

6,841

17,157

17,157

Rate lock commitments

701

701

701

Interest rate swap agreements - Bank clients and institutional swap dealer

6,850

6,850

6,850

Liabilities:

Noninterest-bearing deposits

$

1,223,016

$

$

1,223,016

$

$

1,223,016

Transaction deposits

 

3,330,852

 

 

3,330,852

 

 

3,330,852

Time deposits

 

763,371

 

 

751,820

 

 

751,820

Securities sold under agreements to repurchase and other short-term borrowings

 

72,103

 

 

72,103

 

 

72,103

Federal Home Loan Bank advances

 

370,000

 

 

374,748

 

 

374,748

Accrued interest payable

 

4,477

 

 

4,477

 

 

4,477

Mandatory forward contracts

132

132

132

Interest rate swap agreements - Bank clients and institutional swap dealer

6,850

6,850

6,850

Interest rate swap agreements on FHLB advances

2,911

2,911

2,911

Fair Value Measurements at

December 31, 2024:

    

    

    

    

    

    

    

    

    

Total

Carrying

Fair

(in thousands)

Value

Level 1

Level 2

Level 3

Value

Assets:

Cash and cash equivalents

$

432,151

$

432,151

$

$

$

432,151

Available-for-sale debt securities

 

584,155

 

84,775

 

493,796

 

5,584

 

584,155

Held-to-maturity debt securities

 

10,778

 

 

10,735

 

 

10,735

Equity securities with readily determinable fair values

693

693

693

Mortgage loans held for sale, at fair value

 

8,312

 

 

8,312

 

 

8,312

Consumer loans held for sale, at fair value

5,443

5,443

5,443

Consumer loans held for sale, at the lower of cost or fair value

18,632

18,714

18,714

Loans, net

 

5,347,488

 

 

 

5,209,571

 

5,209,571

Federal Home Loan Bank stock

 

24,478

 

 

 

 

NA

Accrued interest receivable

 

20,128

 

 

20,128

 

 

20,128

Mortgage servicing rights

6,975

17,159

17,159

Rate lock commitments

223

223

223

Mandatory forward contracts

70

70

70

Interest rate swap agreements - Bank clients and institutional swap dealer

6,588

6,588

6,588

Liabilities:

Noninterest-bearing deposits

$

1,207,764

$

$

1,207,764

$

$

1,207,764

Transaction deposits

 

3,231,738

 

 

3,231,738

 

 

3,231,738

Time deposits

 

771,044

 

 

773,415

 

 

773,415

Deposits of discontinued operations

Securities sold under agreements to repurchase and other short-term borrowings

 

103,318

 

 

103,318

 

 

103,318

Federal Home Loan Bank advances

 

395,000

 

 

395,814

 

 

395,814

Accrued interest payable

 

5,153

 

 

5,153

 

 

5,153

Interest rate swap agreements - Bank clients and institutional swap dealer

6,588

6,588

6,588

Interest rate swap agreements on FHLB advances

647

647

647

45

Table of Contents

10. MORTGAGE BANKING ACTIVITIES

Mortgage banking activities primarily include residential mortgage originations and servicing.

Activity for mortgage loans HFS, at fair value, was as follows:

    

Three Months Ended

Six Months Ended

    

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Balance, beginning of period

$

9,140

$

80,884

$

8,312

$

3,227

Origination of mortgage loans held for sale

 

51,788

 

52,706

 

93,021

 

79,752

Transferred from held for investment to held for sale

(1,291)

68,173

Proceeds from the sale of mortgage loans held for sale

 

(53,561)

 

(123,693)

 

(95,377)

 

(142,466)

Net gain on mortgage loans held for sale

 

1,483

 

1,097

 

2,894

 

1,017

Balance, end of period

$

8,850

$

9,703

$

8,850

$

9,703

The following table presents the components of mortgage banking income:

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

(in thousands)

2025

    

2024

2025

    

2024

Net gain realized on sale of mortgage loans held for sale

$

1,354

$

1,120

$

2,637

$

1,685

Fair value adjustment for correspondent loans reclassified to held for sale

(997)

Net change in fair value recognized on loans held for sale

 

26

 

(38)

 

(19)

 

107

Net change in fair value recognized on rate lock loan commitments

 

166

 

(21)

 

478

 

202

Net change in fair value recognized on forward contracts

 

(63)

 

36

 

(202)

 

20

Net gain recognized

 

1,483

 

1,097

 

2,894

 

1,017

Loan servicing income

 

825

 

938

 

1,650

 

1,754

Amortization of mortgage servicing rights

 

(412)

 

(423)

 

(827)

 

(849)

Net servicing income recognized

 

413

 

515

 

823

 

905

Total mortgage banking income

$

1,896

$

1,612

$

3,717

$

1,922

Activity for capitalized MSRs was as follows:

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Balance, beginning of period

$

6,876

$

7,103

$

6,975

$

7,411

Additions

 

377

 

350

 

693

 

468

Amortized to expense

 

(412)

 

(423)

 

(827)

 

(849)

Balance, end of period

$

6,841

$

7,030

$

6,841

$

7,030

There was no valuation allowance for capitalized MSRs for the three and six months ended June 30, 2025 and 2024.

46

Table of Contents

Other information relating to MSRs follows:

(dollars in thousands)

    

June 30, 2025

  

  

December 31, 2024

 

Fair value of mortgage servicing rights portfolio

$

17,157

$

17,159

Monthly weighted average prepayment rate of unpaid principal balance*

 

126

%

 

125

%

Discount rate

9.84

%

10.25

%

Weighted average foreclosure rate

0.08

%

0.06

%

Weighted average life in years

 

7.55

 

7.51

*

Rates are applied to individual tranches with similar characteristics.

Mortgage banking derivatives used in the ordinary course of business primarily consist of mandatory forward sales contracts and interest rate lock loan commitments. Mandatory forward contracts represent future commitments to deliver loans at a specified price and date and are used to manage interest rate risk on loan commitments and mortgage loans HFS. Interest rate lock loan commitments represent commitments to fund loans at a specific rate. These derivatives involve underlying items, such as interest rates, and are designed to transfer risk. Substantially all of these instruments expire within 90 days from the date of issuance. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure is limited to the amounts required to be received or paid.

Mandatory forward contracts also contain an element of risk in that the counterparties may be unable to meet the terms of such agreements. In the event the counterparties fail to deliver commitments or are unable to fulfill their obligations, the Bank could potentially incur significant additional costs by replacing the positions at then current market rates. The Bank manages its risk of exposure by limiting counterparties to those banks and institutions deemed appropriate by management and the Board of Directors. The Bank does not expect any counterparty to default on their obligations and therefore, the Bank does not expect to incur any cost related to counterparty default.

The Bank is exposed to interest rate risk on loans HFS and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans held HFS and rate lock commitments will decline or increase. To offset this interest rate risk the Bank enters into derivatives, such as mandatory forward contracts to sell loans or purchase TBA securities. The fair value of these mandatory forward contracts will fluctuate as market interest rates fluctuate, and the change in the value of these instruments is expected to largely, though not entirely, offset the change in fair value of loans HFS and rate lock commitments. The objective of this activity is to minimize the exposure to losses on rate loan lock commitments and loans HFS due to market interest rate fluctuations. The net effect of derivatives on earnings will depend on risk management activities and a variety of other factors, including market interest rate volatility; the amount of rate lock commitments that close; the ability to fill the forward contracts before expiration; and the time period required to close and sell loans.

The following table includes the notional amounts and fair values of mortgage loans HFS and mortgage banking derivatives as of the period ends presented:

June 30, 2025

    

December 31, 2024

Notional

Notional

(in thousands)

Amount

    

Fair Value

Amount

    

Fair Value

Included in Mortgage loans held for sale:

Mortgage loans held for sale, at fair value

$

8,674

$

8,850

$

8,117

$

8,312

Included in other assets:

Rate lock loan commitments

$

26,703

$

701

$

12,592

$

223

Mandatory forward contracts

18,776

70

Included in other liabilities:

Mandatory forward contracts

$

25,583

$

132

$

$

47

Table of Contents

11. INTEREST RATE SWAPS

Interest rate swap derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies for hedge accounting as part of a cash flow hedging relationship. For a derivative designated as a cash flow hedge, the effective portion of the derivative’s unrealized gain or loss is recorded as a component of OCI. The amount included in AOCI would be reclassified to current earnings should the hedge no longer be considered effective. Derivatives not designated as hedges are economic derivatives with the gain or loss recognized in current period earnings.

Interest Rate Swaps Used as Cash Flow Hedges

The Bank entered into three interest rate swap agreements (“swaps”) during the second quarter of 2024 related to FHLB advances tied to 1-month SOFR. The counterparty for all three swaps met the Bank’s credit standards and the Bank believes that the credit risk inherent in the swap contracts is not significant. As of August 8, 2024 the Bank designated the swaps to be effective for hedge accounting purposes. The Bank expects the hedges to remain fully effective during the remaining term of the swaps.

The following tables reflect information about swaps designated as cash flow hedges as of June 30, 2025 and December 31, 2024:

June 30, 2025

December 31, 2024

Notional

Notional

(in thousands)

    

Bank Position

    

Amount

    

Fair Value

    

Amount

    

Fair Value

Interest rate swaps on FHLB advances - Other liabilities and accrued interest payable

 

Pay fixed/receive variable

 

$

100,000

 

$

(2,911)

 

$

100,000

 

$

(647)

Total

 

$

100,000

$

(2,911)

$

100,000

$

(647)

June 30, 2025

December 31, 2024

Unrealized

Unrealized

Notional

Pay

Receive

Assets /

Gain (Loss)

Assets /

Gain (Loss)

(dollars in thousands)

    

Amount

    

Rate

    

Rate

    

Term

Bank Position

    

(Liabilities)

    

in AOCI

    

(Liabilities)

    

in AOCI

Interest rate swaps on FHLB advances - Other liabilities and accrued interest payable

 

$

100,000

 

4.14

%

 

1M SOFR

 

5/2024 - 6/2029

Pay fixed/receive variable

 

$

100,000

 

$

(2,911)

 

$

100,000

 

$

(647)

Total

 

$

100,000

$

100,000

$

(2,911)

$

100,000

$

(647)

The following table reflects the total interest expense recorded on these swap transactions in the consolidated statements of income for the three and six months ended June 30, 2025 and 2024:

    

Three Months Ended

Six Months Ended

    

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Interest rate swaps on FHLB advances

$

(45)

$

(91)

$

(91)

$

(91)

Total interest (benefit) expense on swap transactions

$

(45)

$

(91)

$

(91)

$

(91)

The following table presents the net gains (losses) recorded in OCI and the consolidated statements of income relating to the swaps designated as cash flow hedges for the three and six months ended June 30, 2025:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands)

    

2025

    

2025

Losses recognized in OCI on derivative (effective portion)

 

$

(733)

 

$

(2,173)

Losses reclassified from OCI on derivative (effective portion)

(45)

 

(91)

Gains (losses) recognized in income on derivative (ineffective portion)

 

48

Table of Contents

Non-hedge Interest Rate Swaps

The Bank also enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments, the Bank enters into offsetting positions in order to minimize the Bank’s interest rate risk. These swaps are derivatives, but are not designated as hedging instruments, and therefore changes in fair value are reported in current year earnings.

Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or client owes the Bank, and results in credit risk to the Bank. When the fair value of a derivative instrument contract is negative, the Bank owes the client or counterparty, and therefore, has no credit risk.

A summary of the Bank’s interest rate swaps related to clients is included in the following table:

    

June 30, 2025

December 31, 2024

Notional

Notional

(in thousands)

    

Bank Position

Amount

    

Fair Value

    

Amount

    

Fair Value

Interest rate swaps with Bank clients - Other assets and accrued interest receivable

 

Pay variable/receive fixed

 

$

153,816

$

3,872

 

$

103,707

$

1,070

Interest rate swaps with Bank clients - Other liabilities and accrued interest payable

 

Pay variable/receive fixed

 

75,127

 

(2,978)

 

128,621

 

(5,518)

Interest rate swaps with Bank clients - Total

 

Pay variable/receive fixed

 

$

228,943

 

$

894

 

$

232,328

 

$

(4,448)

Offsetting interest rate swaps with institutional swap dealer - Other assets and accrued interest receivable

Pay fixed/receive variable

75,127

2,978

128,621

5,518

Offsetting interest rate swaps with institutional swap dealer - Other liabilities and accrued interest payable

Pay fixed/receive variable

153,816

(3,872)

103,707

(1,070)

Offsetting interest rate swaps with institutional swap dealer - Total

Pay fixed/receive variable

$

228,943

 

$

(894)

 

$

232,328

 

$

4,448

Total

 

$

457,886

$

 

$

464,656

$

The Bank and its counterparties are required to pledge securities or cash as collateral when either party is in a net loss position exceeding $250,000 with the other party. As of June 30, 2025 and December 31, 2024, the Bank’s counterparties had cash of $0 and $4 million pledged to the Bank, which were included in Interest-bearing deposits on the Company’s Balance Sheet. Conversely, the Bank had $3 million and $0 pledged to its counterparties as of June 30, 2025 and December 31, 2024, which were included in Cash and cash equivalents on the Company’s Balance Sheet.

49

Table of Contents

12. EARNINGS PER SHARE

The Company calculates EPS under the two-class method. Under the two-class method, earnings available to common shareholders for the period are allocated between Class A Common Stock and Class B Common Stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. The difference in EPS between the two classes of common stock results from the 10% per share cash dividend premium paid on Class A Common Stock over that paid on Class B Common Stock.

A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the basic and diluted EPS computations is presented below:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands, except per share data)

2025

    

2024

    

2025

    

2024

Net income

$

31,484

$

25,206

$

78,752

$

55,812

Dividends declared on Common Stock:

Class A Shares

(7,803)

(6,996)

(15,602)

(13,982)

Class B Shares

(881)

(796)

(1,763)

(1,592)

Undistributed net income for basic earnings per share

22,800

17,414

61,387

40,238

Weighted average potential dividends on Class A shares upon exercise of dilutive options

(28)

(33)

(67)

(56)

Undistributed net income for diluted earnings per share

$

22,772

$

17,381

$

61,320

$

40,182

Weighted average shares outstanding:

Class A Shares

 

17,571

 

17,483

 

17,571

 

17,475

Class B Shares

2,150

2,150

2,150

2,151

Effect of dilutive securities on Class A Shares outstanding

 

63

 

81

 

74

 

71

Weighted average shares outstanding including dilutive securities

 

19,784

 

19,714

 

19,795

 

19,697

Basic earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.81

Undistributed earnings per share*

1.17

0.90

3.14

2.07

Total basic earnings per share - Class A Common Stock

$

1.62

$

1.31

$

4.04

$

2.88

Class B Common Stock:

Per share dividends distributed

$

0.41

$

0.37

$

0.82

$

0.74

Undistributed earnings per share*

1.06

0.81

2.86

1.88

Total basic earnings per share - Class B Common Stock

$

1.47

$

1.18

$

3.68

$

2.62

Diluted earnings per share:

Class A Common Stock:

Per share dividends distributed

$

0.45

$

0.41

$

0.90

$

0.81

Undistributed earnings per share*

1.16

0.89

3.13

2.06

Total diluted earnings per share - Class A Common Stock

$

1.61

$

1.30

$

4.03

$

2.87

Class B Common Stock:

Per share dividends distributed

$

0.41

$

0.37

$

0.82

$

0.74

Undistributed earnings per share*

1.06

0.81

2.84

1.87

Total diluted earnings per share - Class B Common Stock

$

1.47

$

1.18

$

3.66

$

2.61

*

To arrive at undistributed earnings per share, undistributed net income is first prorated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium. The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class.

Stock options excluded from the detailed EPS calculation because their impact was antidilutive are as follows:

Three Months Ended

Six Months Ended

June 30, 

June 30, 

2025

    

2024

    

2025

    

2024

Antidilutive stock options

39,395

 

71,169

 

37,145

72,669

Average antidilutive stock options

39,395

 

71,169

 

34,050

72,669

50

Table of Contents

13. OTHER COMPREHENSIVE INCOME

OCI components and related tax effects were as follows:

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Available-for-Sale Debt Securities:

Unrealized gain on AFS debt securities

$

3,583

$

2,043

$

8,500

$

2,692

Income tax expense related to items of other comprehensive income

 

(896)

 

(511)

 

(2,125)

 

(674)

Net of tax

 

2,687

 

1,532

$

6,375

$

2,018

Derivatives:

Change in fair value of derivatives

 

(733)

 

(446)

 

(2,173)

 

(446)

Reclassification amount for net derivative losses realized in income

 

(45)

 

(91)

 

(91)

 

(91)

Net losses

 

(778)

 

(537)

 

(2,264)

 

(537)

Tax effect

 

195

 

134

 

566

 

134

Net of tax

 

(583)

 

(403)

 

(1,698)

 

(403)

Total other comprehensive income components, net of tax

$

2,104

$

1,129

$

4,677

$

1,615

The following is a summary of the AOCI balances, net of tax:

    

    

Change

    

(in thousands)

December 31, 2024

Six Months Ended June 30, 2025

June 30, 2025

Unrealized gain (loss) on AFS debt securities

$

(13,753)

$

6,375

$

(7,378)

Unrealized loss on derivatives

 

(485)

 

(1,698)

 

(2,183)

Total unrealized gain (loss)

$

(14,238)

$

4,677

$

(9,561)

    

    

Change

    

(in thousands)

December 31, 2023

Six Months Ended June 30, 2024

June 30, 2024

Unrealized gain (loss) on AFS debt securities

$

(20,408)

$

2,018

$

(18,390)

Unrealized gain (loss) on derivatives

(403)

(403)

Total unrealized gain (loss)

$

(20,408)

$

1,615

$

(18,793)

51

Table of Contents

14. REVENUE FROM CONTRACTS WITH CUSTOMERS

The following tables present the Company’s net revenue and net revenue concentration by reportable segment:

Three Months Ended June 30, 2025

 

Core Banking

Republic Processing Group

 

Total

Tax

Republic

Republic

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income (1)

$

56,380

$

3,549

   

$

59,929

$

62

$

3,563

$

12,648

$

16,273

$

76,202

Noninterest income:

Service charges on deposit accounts

3,482

23

3,505

3,505

Net refund transfer fees

 

 

 

 

2,567

 

 

 

2,567

 

2,567

Mortgage banking income (1)

 

1,896

 

 

1,896

 

 

 

 

 

1,896

Interchange fee income

3,157

3,157

42

1

43

3,200

Program fees (1)

735

3,716

4,451

4,451

Increase in cash surrender value of BOLI (1)

821

821

821

Net losses on OREO

(53)

(53)

(53)

Gain on sale of Visa Class B-1 Shares (1)

Other

 

1,143

 

 

1,143

 

114

 

 

 

114

 

1,257

Total noninterest income

 

10,446

 

23

 

10,469

 

2,723

 

736

 

3,716

 

7,175

 

17,644

Total net revenue

$

66,826

$

3,572

$

70,398

$

2,785

$

4,299

$

16,364

$

23,448

$

93,846

Net-revenue concentration (2)

71

%  

4

%  

75

%  

3

%  

5

%  

17

%  

25

%  

100

%  

Three Months Ended June 30, 2024

 

Core Banking

Republic Processing Group

 

Total

Tax

Republic

Republic

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income (1)

$

49,915

$

2,914

   

$

52,829

$

823

$

2,930

$

11,954

$

15,707

$

68,536

Noninterest income:

Service charges on deposit accounts

3,513

13

3,526

3,526

Net refund transfer fees

 

 

 

 

3,811

 

 

 

3,811

 

3,811

Mortgage banking income (1)

 

1,612

 

 

1,612

 

 

 

 

 

1,612

Interchange fee income

3,313

3,313

36

1

1

38

3,351

Program fees (1)

760

3,638

4,398

4,398

Increase in cash surrender value of BOLI (1)

792

792

792

Net losses on OREO

(48)

(48)

(48)

Other

 

865

 

 

865

 

39

 

 

 

39

 

904

Total noninterest income

 

10,047

 

13

 

10,060

 

3,886

 

761

 

3,639

 

8,286

 

18,346

Total net revenue

$

59,962

$

2,927

$

62,889

$

4,709

$

3,691

$

15,593

$

23,993

$

86,882

Net-revenue concentration (2)

70

%  

3

%  

73

%  

5

%  

4

%  

18

%  

27

%  

100

%  

(1)This revenue is not subject to ASC 606.
(2)Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

52

Table of Contents

Six Months Ended June 30, 2025

 

Core Banking

Republic Processing Group

 

Total

Tax

Republic

Republic

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income (1)

$

109,701

$

6,577

   

$

116,278

$

29,874

$

7,557

$

25,181

$

62,612

$

178,890

Noninterest income:

Service charges on deposit accounts

6,921

43

6,964

1

1

6,965

Net refund transfer fees

 

 

 

 

16,460

 

 

 

16,460

 

16,460

Mortgage banking income (1)

 

3,717

 

 

3,717

 

 

 

 

 

3,717

Interchange fee income

6,201

6,201

75

1

76

6,277

Program fees (1)

1,502

6,771

8,273

8,273

Increase in cash surrender value of BOLI (1)

1,614

1,614

1,614

Net losses on OREO

(106)

(106)

(106)

Gain on sale of Visa Class B-1 Shares (1)

4,090

4,090

4,090

Other

 

3,373

 

 

3,373

 

135

 

 

 

135

 

3,508

Total noninterest income

 

25,810

 

43

 

25,853

 

16,670

 

1,503

 

6,772

 

24,945

 

50,798

Total net revenue

$

135,511

$

6,620

$

142,131

$

46,544

$

9,060

$

31,953

$

87,557

$

229,688

Net-revenue concentration (2)

59

%  

3

%  

62

%  

20

%  

4

%  

14

%  

38

%  

100

%  

Six Months Ended June 30, 2024

 

Core Banking

Republic Processing Group

 

Total

Tax

Republic

Republic

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income (1)

$

98,174

$

5,171

   

$

103,345

$

31,733

$

6,438

$

23,939

$

62,110

$

165,455

Noninterest income:

Service charges on deposit accounts

6,812

26

6,838

1

1

6,839

Net refund transfer fees

 

 

 

 

14,631

 

 

 

14,631

 

14,631

Mortgage banking income (1)

 

1,922

 

 

1,922

 

 

 

 

 

1,922

Interchange fee income

6,430

6,430

75

2

1

78

6,508

Program fees (1)

1,533

7,044

8,577

8,577

Increase in cash surrender value of BOLI (1)

1,546

1,546

1,546

Net losses on OREO

(101)

(101)

(101)

Other

 

1,734

 

 

1,734

 

63

 

 

 

63

 

1,797

Total noninterest income

 

18,343

 

26

 

18,369

 

14,769

 

1,535

 

7,046

 

23,350

 

41,719

Total net revenue

$

116,517

$

5,197

$

121,714

$

46,502

$

7,973

$

30,985

$

85,460

$

207,174

Net-revenue concentration (2)

56

%  

3

%  

59

%  

22

%  

4

%  

15

%  

41

%  

100

%  

(1)This revenue is not subject to ASC 606.
(2)Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

The following represents information for significant revenue streams subject to ASC 606:

Service charges on deposit accounts – The Company earns revenue for account-based and event-driven services on its retail and commercial deposit accounts. Contracts for these services are generally in the form of deposit agreements, which disclose fees for deposit services. Revenue for event-driven services is recognized in close proximity or simultaneously with service performance. Revenue for certain account-based services may be recognized at a point in time or over the period the service is rendered, typically no longer than a month. Examples of account-based and event-driven service charges on deposits include per item fees, paper-statement fees, check-cashing fees, and analysis fees.

Net refund transfer fees – An RT is a fee-based product offered by the Bank through third-party tax preparers located throughout the U.S., as well as tax-preparation software providers (collectively, the “Tax Providers”), with the Bank acting as an independent contractor of the Tax Providers. An RT allows a taxpayer to pay any applicable tax preparation and filing related fees directly from his federal or state government tax refund, with the remainder of the tax refund disbursed directly to the taxpayer. RT fees and all applicable tax preparation, transmitter, audit, and any other taxpayer authorized amounts are deducted from the tax refund by either the Bank or the Bank’s service provider and automatically forwarded to the appropriate party as authorized by the taxpayer. RT fees generally receive first priority when applying fees against the taxpayer’s refund, with the Bank’s share of RT fees generally superior to the claims of other

53

Table of Contents

third-party service providers, including the Tax Providers. The remainder of the refund is disbursed to the taxpayer by a Bank check, direct deposit to the taxpayer’s personal bank account, or loaded to a prepaid card.

The Company executes contracts with individual Tax Providers to offer RTs to their taxpayer customers. RT revenue is recognized by the Bank immediately after the taxpayer’s refund is disbursed in accordance with the RT contract with the taxpayer customer. The fee paid by the taxpayer for the RT is shared between the Bank and the Tax Providers based on contracts executed between the parties.

The Company presents RT revenue net of any amounts shared with the Tax Providers. The Bank’s share of RT revenue is generally based on the obligations undertaken by the Tax Provider for each individual RT program, with more obligations generally corresponding to higher RT revenue share. The significant majority of net RT revenue is recognized and obligations under RT contracts fulfilled by the Bank during the first half of each year. Incremental expenses associated with the fulfilment of RT contracts are generally expensed during the first half of the year.

Interchange fee income – As an “issuing bank” for card transactions, the Company earns interchange fee income on transactions executed by its cardholders with various third-party merchants. Through third-party intermediaries, merchants compensate the Company for each transaction for the ability to efficiently settle the transaction, and for the Company’s willingness to accept certain risks inherent in the transaction. There is no written contract between the merchant and the Company, but a contract is implied between the two parties by customary business practices. Interchange fee income is recognized almost simultaneously by the Company upon the completion of a related card transaction.

The Company compensates its cardholders by way of cash or other “rewards” for generating card transactions. These rewards are disclosed in cardholder agreements between the Company and its cardholders. Reward costs are accrued over time based on card transactions generated by the cardholder. Interchange fee income is presented net of reward costs within noninterest income.

Net gains/(losses) on other real estate – The Company routinely sells OREO it has acquired through loan foreclosure. Net gains/(losses) on OREO reflect both 1) the gain or loss recognized upon an executed deed and 2) mark-to-market write-downs the Company takes on its OREO inventory.

The Company generally recognizes gains or losses on OREO at the time of an executed deed, although gains may be recognized over a financing period if the Company finances the sale. For financed OREO sales, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on sale, the Company adjusts the transaction price and related gain/(loss) on sale if a significant financing component is present.

Mark-to-market write-downs taken by the Company during the holding period are generally at least 10% per year but may be higher based on updated real estate appraisals or BPOs. Incremental expenditures to bring OREO to salable condition are generally expensed as-incurred.

54

Table of Contents

15. SEGMENT INFORMATION

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.

As of June 30, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, TRS, RPS, and RCS. Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute RPG operations.

The Company’s Executive Chair and Chief Executive Officer serve as the Company’s CODM’s. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM’s regularly review and utilize to allocate resources and assess performance.

The nature of segment operations and the primary drivers of net revenue by reportable segment are provided below:

Reportable Segment:

Nature of Operations:

Primary Drivers of Net Revenue:

Core Banking:

Traditional Banking

Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels.

Net interest income

Warehouse Lending

Provides short-term, revolving credit facilities to mortgage bankers across the United States.

Net interest income

Republic Processing Group:

Tax Refund Solutions

Offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint.

Net interest income and Net refund transfer fees

Republic Payment Solutions

Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.

Net interest income and Program fees

Republic Credit Solutions

Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers.

Net interest income and Program fees

The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies. Segment performance is evaluated using operating income before income taxes. Goodwill is allocated to the Traditional Banking segment. Income taxes are generally allocated based on income before income tax expense unless specific segment allocations can be reasonably made.

Transactions among reportable segments are made at carrying value. Net Interest income is reflected within each applicable business segment based on the underlying financial instruments assigned to each segment as well as the impact of the Company’s internal FTP applied to each instrument. FTP is allocated from the Traditional Bank to each segment based on the assumed terms of the underlying financial instruments within that segment in combination with applicable market interest rates matching the assumed terms of each instrument.

55

Table of Contents

Segment information follows:

Three Months Ended June 30, 2025

 

Core Banking

Republic Processing Group

 

Total

Tax

Republic

Republic

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income

$

56,380

$

3,549

   

$

59,929

$

62

$

3,563

$

12,648

$

16,273

$

76,202

Provision for expected credit loss expense

 

517

 

255

 

772

 

(3,932)

 

 

4,983

 

1,051

 

1,823

Net refund transfer fees

 

 

 

 

2,567

 

 

 

2,567

 

2,567

Mortgage banking income

 

1,896

 

 

1,896

 

 

 

 

 

1,896

Program fees

735

3,716

4,451

4,451

Gain on sale of Visa Class B-1 shares

Other noninterest income (1)

 

8,550

 

23

 

8,573

 

156

 

1

 

 

157

 

8,730

Total noninterest income

 

10,446

 

23

 

10,469

 

2,723

 

736

 

3,716

 

7,175

 

17,644

Salaries and employee benefits

25,866

735

26,601

1,963

1,035

1,202

4,200

30,801

Technology, Equipment, and Communication

7,427

45

7,472

132

27

1,053

1,212

8,684

Occupancy

3,291

30

3,321

60

5

5

70

3,391

Marketing and development

1,150

1,150

103

(10)

93

1,243

Core conversion and contract consulting fees

182

182

182

Other noninterest expense (2)

6,717

141

6,858

246

112

116

474

7,332

Total noninterest expense

 

44,633

 

951

 

45,584

 

2,504

 

1,179

 

2,366

 

6,049

 

51,633

Income (loss) before income tax expense

 

21,676

 

2,366

 

24,042

 

4,213

 

3,120

 

9,015

 

16,348

 

40,390

Income tax expense (benefit)

4,820

533

5,353

901

679

1,973

3,553

8,906

Net income (loss)

$

16,856

$

1,833

$

18,689

$

3,312

$

2,441

$

7,042

$

12,795

$

31,484

Period-end assets

$

5,788,697

$

672,166

$

6,460,863

$

32,771

$

346,586

$

130,697

$

510,054

$

6,970,917

Period-end loans

$

4,582,152

$

671,773

5,253,925

$

95

$

$

119,000

$

119,095

$

5,373,020

Period-end deposits

$

4,849,544

$

37,704

4,887,248

$

31,374

$

346,586

$

52,031

$

429,991

$

5,317,239

Net interest margin

 

3.84

%  

 

2.51

%  

 

3.72

%  

 

NM

 

4.28

%  

 

NM

 

NM

 

4.61

%  

Net-revenue concentration*

71

%  

4

%  

75

%  

3

%  

5

%  

17

%  

25

%  

100

%  

Three Months Ended June 30, 2024

 

Core Banking

Republic Processing Group

 

    

    

    

    

Total

    

    

Tax

Republic

Republic

    

    

 

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income

$

49,915

$

2,914

$

52,829

$

823

$

2,930

$

11,954

$

15,707

$

68,536

Provision for expected credit loss expense

 

915

 

214

 

1,129

 

(1,182)

 

 

5,196

 

4,014

 

5,143

Net refund transfer fees

 

 

 

 

3,811

 

 

 

3,811

 

3,811

Mortgage banking income

 

1,612

 

 

1,612

 

 

 

 

 

1,612

Program fees

760

3,638

4,398

4,398

Other noninterest income (1)

 

8,435

 

13

 

8,448

 

75

 

1

 

1

 

77

 

8,525

Total noninterest income

 

10,047

 

13

 

10,060

 

3,886

 

761

 

3,639

 

8,286

 

18,346

Salaries and employee benefits

24,638

728

25,366

1,721

858

1,198

3,777

29,143

Technology, Equipment, and Communication

6,381

42

6,423

52

865

917

7,340

Occupancy

3,287

23

3,310

85

7

7

99

3,409

Marketing and development

958

958

(21)

30

1,738

1,747

2,705

Other noninterest expense (2)

6,448

134

6,582

187

123

145

455

7,037

Total noninterest expense

 

41,712

 

927

 

42,639

 

2,024

 

1,018

 

3,953

 

6,995

 

49,634

Income before income tax expense

 

17,335

 

1,786

 

19,121

 

3,867

 

2,673

 

6,444

 

12,984

 

32,105

Income tax expense

 

3,708

 

403

 

4,111

 

796

 

574

 

1,418

 

2,788

 

6,899

Net income

$

13,627

$

1,383

$

15,010

$

3,071

$

2,099

$

5,026

$

10,196

$

25,206

Period-end assets

$

5,531,961

$

549,472

$

6,081,433

$

32,106

$

362,410

$

140,625

$

535,141

$

6,616,574

Period-end loans

$

4,589,167

$

549,011

$

5,138,178

$

92

$

$

126,000

$

126,092

$

5,264,270

Period-end deposits

$

4,565,297

$

34,663

$

4,599,960

$

31,945

$

361,980

$

75,162

$

469,087

$

5,069,047

Net interest margin

 

3.53

%  

 

2.57

%  

 

3.46

%  

 

NM

 

5.03

%  

 

NM

 

NM

 

4.36

%  

Net-revenue concentration*

70

%  

3

%  

73

%  

5

%  

4

%  

18

%  

27

%  

100

%  

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of BOLI, Net losses on OREO and Other noninterest income.

(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, and Other noninterest expense.

NM – Not Meaningful

56

Table of Contents

Six Months Ended June 30, 2025

 

Core Banking

Republic Processing Group

 

    

    

    

    

Total

    

    

Tax

Republic

Republic

    

    

 

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income

$

109,701

$

6,577

$

116,278

$

29,874

$

7,557

$

25,181

$

62,612

$

178,890

Provision for expected credit loss expense

 

(252)

 

302

 

50

 

11,495

 

 

7,950

 

19,445

 

19,495

Net refund transfer fees

 

 

 

 

16,460

 

 

 

16,460

 

16,460

Mortgage banking income

 

3,717

 

 

3,717

 

 

 

 

 

3,717

Program fees

1,502

6,771

8,273

8,273

Gain on sale of Visa Class B-1 shares

4,090

4,090

4,090

Other noninterest income (1)

 

18,003

 

43

 

18,046

 

210

 

1

 

1

 

212

 

18,258

Total noninterest income

 

25,810

 

43

 

25,853

 

16,670

 

1,503

 

6,772

 

24,945

 

50,798

Salaries and employee benefits

52,124

1,428

53,552

4,161

1,902

2,255

8,318

61,870

Technology, Equipment, and Communication

14,874

80

14,954

317

44

2,012

2,373

17,327

Occupancy

6,754

60

6,814

121

10

10

141

6,955

Marketing and development

1,438

1,438

178

1,014

1,192

2,630

Core conversion and contract consulting fees

5,896

5,896

5,896

Other noninterest expense (2)

13,453

255

13,708

950

283

222

1,455

15,163

Total noninterest expense

 

94,539

 

1,823

 

96,362

 

5,727

 

2,239

 

5,513

 

13,479

 

109,841

Income (loss) before income tax expense

 

41,224

 

4,495

 

45,719

 

29,322

 

6,821

 

18,490

 

54,633

 

100,352

Income tax expense (benefit)

8,656

1,013

9,669

6,399

1,485

4,047

11,931

21,600

Net income (loss)

$

32,568

$

3,482

$

36,050

$

22,923

$

5,336

$

14,443

$

42,702

$

78,752

Period-end assets

$

5,788,697

$

672,166

$

6,460,863

$

32,771

$

346,586

$

130,697

$

510,054

$

6,970,917

Period-end loans

$

4,582,152

$

671,773

5,253,925

$

95

$

$

119,000

$

119,095

$

5,373,020

Period-end deposits

$

4,849,544

$

37,704

$

4,887,248

$

31,374

$

346,586

$

52,031

$

429,991

$

5,317,239

Net interest margin

 

3.81

%  

 

2.59

%  

 

3.71

%  

 

NM

 

4.42

%  

 

NM

 

NM

 

5.44

%  

Net-revenue concentration*

59

%  

3

%  

62

%  

20

%

4

%  

14

%  

38

%  

100

%  

Six Months Ended June 30, 2024

 

Core Banking

Republic Processing Group

 

    

    

    

    

Total

    

    

Tax

Republic

Republic

    

    

 

Traditional

Warehouse

Core

Refund

Payment

Credit

Total

Total

 

(dollars in thousands)

Banking

Lending

Banking

Solutions

Solutions

Solutions

RPG

Company

 

Net interest income

$

98,174

$

5,171

$

103,345

$

31,733

$

6,438

$

23,939

$

62,110

$

165,455

Provision for expected credit loss expense

 

1,273

 

523

 

1,796

 

24,592

 

 

9,377

 

33,969

 

35,765

Net refund transfer fees

 

 

 

 

14,631

 

 

 

14,631

 

14,631

Mortgage banking income

 

1,922

 

 

1,922

 

 

 

 

 

1,922

Program fees

1,533

7,044

8,577

8,577

Other noninterest income (1)

 

16,421

 

26

 

16,447

 

138

 

2

 

2

 

142

 

16,589

Total noninterest income

 

18,343

 

26

 

18,369

 

14,769

 

1,535

 

7,046

 

23,350

 

41,719

Salaries and employee benefits

49,267

1,433

50,700

4,271

1,626

2,262

8,159

58,859

Technology, Equipment, and Communication

12,866

64

12,930

220

4

1,676

1,900

14,830

Occupancy

6,987

41

7,028

175

14

14

203

7,231

Marketing and development

1,442

1,442

134

30

3,023

3,187

4,629

Other noninterest expense (2)

12,544

267

12,811

1,736

298

211

2,245

15,056

Total noninterest expense

 

83,106

 

1,805

 

84,911

 

6,536

 

1,972

 

7,186

 

15,694

 

100,605

Income before income tax expense

 

32,138

 

2,869

 

35,007

 

15,374

 

6,001

 

14,422

 

35,797

 

70,804

Income tax expense

 

6,228

 

647

 

6,875

 

3,510

 

1,335

 

3,272

 

8,117

 

14,992

Net income

$

25,910

$

2,222

$

28,132

$

11,864

$

4,666

$

11,150

$

27,680

$

55,812

Period-end assets

$

5,531,961

$

549,472

$

6,081,433

$

32,106

$

362,410

$

140,625

$

535,141

$

6,616,574

Period-end loans

$

4,589,167

$

549,011

$

5,138,178

$

92

$

$

126,000

$

126,092

$

5,264,270

Period-end deposits

$

4,565,297

$

34,663

$

4,599,960

$

31,945

$

361,980

$

75,162

$

469,087

$

5,069,047

Net interest margin

 

3.43

%  

 

2.61

%  

 

3.38

%  

 

NM

 

5.05

%  

 

NM

 

NM

 

5.13

%  

Net-revenue concentration*

56

%  

3

%  

59

%  

22

%

4

%  

15

%  

41

%  

100

%  

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of BOLI, Net losses on OREO, and Other noninterest income.

(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, and Other noninterest expense.

NM – Not Meaningful

57

Table of Contents

16. LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

The Company is a limited partner in several low-income housing partnerships whose purpose is to invest in qualified affordable housing. The Company expects to recover its remaining investments in these partnerships through the use of tax credits that are generated by the investments. These investments are included in other assets and accrued interest receivable on the Consolidated Balance Sheets, with any unfunded obligations included in other liabilities and accrued interest payable. The investments are amortized as a component of income tax expense.

The following table summarizes information related to the Company’s qualified low-income housing investments and obligations:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Unfunded

Unfunded

Investment

Accounting Method

Investments

Obligations (2)

Investments

Obligations (1)

Low-income housing tax credit - Gross

Proportional amortization

$

82,500

$

51,712

$

72,415

$

54,797

Life-to-date amortization

(26,212)

NA

(21,899)

NA

Low-income housing tax credit - Net

$

56,288

$

51,712

$

50,516

$

54,797

(1)All obligations will be paid by the Company by December 31, 2038.
(2)All obligations will be paid by the Company by December 31, 2039.

The following table summarizes the amortization expense and tax credits recognized in income tax expense for the Company’s qualified low-income housing investments for the three and six months ended June 30, 2025 and 2024, respectively:

    

Three Months Ended June 30, 

    

Six Months Ended June 30, 

(in thousands)

2025

2024

2025

2024

Amortization expense

$

2,008

$

1,561

$

4,313

$

3,179

Tax credits recognized

(2,803)

(2,326)

(5,978)

(4,852)

58

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the “Parent Company”) and its wholly owned subsidiary, Republic Bank & Trust Company. As used in this filing, the terms “Republic,” the “Company,” “we,” “our,” and “us” refer to Republic Bancorp, Inc., and, where the context requires, Republic Bancorp, Inc., and its subsidiary. The term the “Bank” refers to the Company’s subsidiary bank, Republic Bank & Trust Company, as well as, its wholly owned subsidiary, RBT Insurance Agency LLC. All significant intercompany balances and transactions are eliminated in consolidation.

Republic is a financial holding company headquartered in Louisville, Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products through five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographical market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S.

Management’s Discussion and Analysis of Financial Condition and Results of Operations of Republic should be read in conjunction with Part I Item 1 “Financial Statements.”

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the statement. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or other similar expressions. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control.

Forward-looking statements detail management’s expectations regarding the future and are based on information known to management only as of the date the statements are made and management undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date forward-looking statements are made, except as required by applicable law.

There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future;
long-term and short-term interest rate fluctuations and the overall shape of the U.S. Treasury yield curve, as well as the corresponding impact on the Company’s net interest income and mortgage banking operations;
the magnitude and frequency of changes to the FFTR implemented by the FOMC of the FRB;
changes in fiscal, monetary, and/or regulatory policies;
changes in tax policies including, but not limited to, changes in federal and state statutory rates;
changes in, or forecasts of, future political and economic conditions, inflation or recession and efforts to control related developments;
ability to effectively navigate an economic slowdown or other economic or market disruptions;
behavior of securities and capital markets, including changes in interest rates, market volatility and liquidity;
ability to effectively manage capital and liquidity;
accuracy of assumptions and estimates used in establishing the ACLL, ACLC, credit exposures and other estimates;
changes in the credit quality of the Company’s customers and counterparties, deteriorating asset quality and charge-off levels;
impairment of investment securities, goodwill, MSRs, other intangible assets and/or DTAs;
competitive product and pricing pressures in each of the Company’s five reportable segments;
projections of revenue, expenses, capital expenditures, losses, EPS, dividends, capital structure, etc.;
integration of acquired financial institutions, businesses, or future acquisitions;
changes in technology instituted by the Company, its counterparties, or competitors;
changes to or the effectiveness of the Company’s overall internal control environment;
adequacy of the Company’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
changes in applicable ASUs, including the introduction of new ASUs;
changes in investor sentiment or behavior;

59

Table of Contents

changes in consumer/business spending or savings behavior;
ability to appropriately address social, environmental and sustainability concerns that may arise from business activities;
occurrence of natural or human-caused disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, and the Company’s ability to deal effectively with disruptions caused by the foregoing;
ability to maintain the security of the Company’s financial, accounting, technology, data processing and other operational systems and facilities;
ability to withstand disruptions that may be caused by any failure of the Company’s operational systems or those of third- parties;
the Company’s ability to effectively defend itself against cyberattacks or other attempts by unauthorized parties to access information of its vendors, or its customers or to disrupt systems;
the Company’s ability to qualify for future research and development federal tax credits;
the ability for Tax Providers to successfully market and realize the expected RA and RT volume anticipated by TRS;
the impacts of actual or proposed tariffs to the U.S. economy, market interest rates, and the Company’s results of operations;
the ability of the Company to achieve savings from its new call center management system;
the ability for the Company to achieve its projected savings from a new core system contract;
the ability to launch the new core system by the Company’s fourth quarter 2025 target date;
the ability of RPS’ largest segment marketer-servicer to meet minimum contractual average deposit thresholds to earn revenue share payments;
the overall future impact of the non-renewal of the Company’s contract with its largest marketer-servicer within TRS;
the Company’s ability to replace RA and RT volume and revenue related to the above contract non-renewal; and
other risks and uncertainties reported from time to time in the Company’s filings with the SEC, including Part 1 Item 1A “Risk Factors.” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and Part II Item 1A “Risk Factors” of the current filing.

ACCOUNTING STANDARDS UPDATE

For disclosure regarding the impact to the Company’s financial statements of ASUs, see Footnote 1 “Basis of Presentation and Summary of Significant Accounting Policies” of Part I Item 1 “Financial Statements.”

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Republic’s consolidated financial statements and accompanying footnotes have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods.

A summary of the Company's significant accounting policies is set forth in Part II “Item 8. Financial Statements and Supplementary Data” of its Annual Report on Form 10-K for the year ended December 31, 2024.

Management continually evaluates the Company’s accounting policies and estimates that it uses to prepare the consolidated financial statements. In general, management’s estimates and assumptions are based on historical experience, accounting and regulatory guidance, and information obtained from independent third-party professionals. Actual results may differ from those estimates made by management.

Critical accounting policies are those that management believes are the most important to the portrayal of the Company’s financial condition and operating results and require management to make estimates that are difficult, subjective, and complex. Most accounting policies are not considered by management to be critical accounting policies. Several factors are considered in determining whether or not a policy is critical in the preparation of the financial statements. These factors include, among other things, whether the estimates have a significant impact on the financial statements, the nature of the estimates, the ability to readily validate the estimates with other information including independent third-parties or available pricing, sensitivity of the estimates to changes in economic conditions and whether alternative methods of accounting may be utilized under GAAP. Management has discussed each critical accounting policy and the methodology for the identification and determination of critical accounting policies with the Company’s Audit Committee.

Republic believes its critical accounting policies and estimates relate to its ACLL and Provision.

60

Table of Contents

ACLL and Provision — As of June 30, 2025, the Bank maintains an ACLL for expected credit losses inherent in the Bank’s loan portfolio, which includes overdrawn deposit accounts. Management evaluates the adequacy of the ACLL monthly and presents and discusses the ACLL with the Audit Committee and the Board of Directors quarterly.

Management’s evaluation of the appropriateness of the ACLL is often the most critical accounting estimate for a financial institution, as the ACLL requires significant reliance on the use of estimates and significant judgment as to the reliance on historical loss rates, consideration of quantitative and qualitative economic factors, and the reliance on a reasonable and supportable forecast.

Within the ACLL model, the Company utilizes the “static-pool” method. This method analyzes historical closed pools of loans over their expected lives to attain a loss rate, which is then adjusted for current conditions and reasonable, supportable forecasts prior to being applied to the current balance of the analyzed pools. Due to its reasonably strong correlation to the Company's historical net loan losses, the Company has chosen to use the U.S. national unemployment rate as its primary forecasting tool. For its CRE loan pool, the Company employs a one-year forecast of general CRE values.

Adjustments to the historical loss rate for current conditions include differences in underwriting standards, portfolio mix or term, delinquency level, as well as for changes in environmental conditions, such as changes in property values or other relevant factors. One-year forecast adjustments to the historical loss rate are based on the U.S. national unemployment rate and CRE values. Subsequent to the one-year forecasts, loss rates are assumed to immediately revert back to long-term historical averages.

The impact of utilizing the CECL approach to calculate the ACLL is significantly influenced by the composition, characteristics, and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the ACLL, and therefore, greater volatility to the Company’s reported earnings.

During the first quarter of 2025, the Company further segmented its CRE portfolio into Owner Occupied CRE, Nonowner Occupied CRE, and Multi-family. The Multi-family portfolio consists of properties with five or more dwelling units in structures (including apartment buildings and apartment hotels) used primarily to accommodate households on a more-or-less permanent basis. The Company believes this additional portfolio segmentation will provide better granularity to the ACLL in the future. Given the loss history for each of these portfolio segments over the past several years, this additional segmentation did not have a material impact to the Company’s ACLL. This additional segmentation could have material impacts to the ACLL in the future, however, depending upon the overall credit performance of each of these individual portfolios on a go-forward basis.

BUSINESS SEGMENT COMPOSITION

As of June 30, 2025, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, TRS, RPS, and RCS. Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute RPG operations.

The Company’s Executive Chair and Chief Executive Officer serve as the Company’s CODM’s. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM’s regularly review and utilize to allocate resources and assess performance.

Prior to the first quarter of 2024, Republic had reported mortgage banking as a separate reportable segment under Core Banking. Due to the quantitative and qualitative immateriality of this division, Management concluded its mortgage banking operations no longer constituted a separate reportable segment for SEC reporting purposes and now includes these results in the Traditional Banking segment. All prior period mortgage banking results of operations have been reclassified into the Traditional Banking segment.

61

Table of Contents

Core Bank

The Core Bank consists of the Traditional Banking and Warehouse Lending segments.

(I)Traditional Banking segment

The Traditional Banking segment, which also includes the results of the former mortgage banking segment, provides traditional banking products primarily to customers in the Company’s market footprint ,with all products and services generally offered under the Company’s traditional RB&T brand. As of June 30, 2025, Republic had 47 full-service banking centers with locations as follows:

Kentucky — 29

Metropolitan Louisville — 19

Central Kentucky — 6

Georgetown — 1

Lexington — 5

Northern Kentucky (Metropolitan Cincinnati) — 4

Bellevue— 1

Covington — 1

Crestview Hills — 1

Florence — 1

Indiana — 3

Southern Indiana (Metropolitan Louisville) — 3

Floyds Knobs — 1

Jeffersonville — 1

New Albany — 1

Florida — 7

Metropolitan Tampa — 7

Ohio — 4

Metropolitan Cincinnati — 4

Tennessee — 4

Metropolitan Nashville — 4

Republic’s headquarters are in Louisville, which is the largest city in Kentucky based on population.

Traditional Banking results of operations are primarily dependent upon net interest income, which represents the difference between the interest income and fees on interest-earning assets and the interest expense on interest-bearing liabilities. Principal interest-earning Traditional Banking assets represent investment securities and commercial and consumer loans primarily secured by real estate and/or personal property. Interest-bearing liabilities primarily consist of interest-bearing deposit accounts, SSUAR, as well as short-term and long-term borrowing sources. FHLB advances have traditionally served as a significant borrowing and liquidity source for the Bank.

Other sources of Traditional Banking income include service charges on consumer and commercial deposit accounts, mortgage banking income, debit and credit card interchange fee income, title insurance commissions, swap fee income and increases in the cash surrender value of BOLI.

Traditional Banking operating expenses consist primarily of salaries and employee benefits; technology, equipment, and communication; occupancy; interchange related expense; marketing and development; FDIC insurance expense, and various other general and administrative costs. Traditional Banking results of operations are significantly impacted by general economic and competitive conditions, particularly changes in market interest rates, government laws and policies, and actions of regulatory agencies.

Traditional Bank lending activities consist of the following:

Retail Mortgage Lending — Through its retail banking centers and its online Consumer Direct channel, the Bank originates single-family, residential real estate loans and HELOCs. In addition, the Bank originates HEALs through its retail banking centers. Such loans are generally collateralized by owner-occupied, residential real estate properties. For those loans originated through the Bank’s retail banking centers, the collateral is predominately located in the Bank’s market footprint, while loans originated through its Consumer Direct channel are generally secured by owner-occupied collateral located outside of the Bank’s market footprint.

62

Table of Contents

During 2023, the Bank purchased a block of single-family, first-lien mortgage loans for investment through its Correspondent Lending Channel, with these loans secured by owner-occupied collateral generally located outside of the Bank’s market footprint. During the first quarter of 2024, Management elected to sell $67 million of these loans and the sale was completed during the second quarter of 2024.

The Bank offers single-family, first-lien residential real estate ARMs with interest rate adjustments tied to various market indices with specified minimum and maximum adjustments. The Bank generally charges a premium interest rate for its ARMs if the property is nonowner-occupied. The interest rates on the majority of ARMs are adjusted after their fixed rate periods on an annual or semi-annual basis, with most having annual and lifetime limitations on upward rate adjustments to the loan. These loans typically feature amortization periods of up to 30 years and have fixed interest-rate periods generally ranging from five to ten years, with demand dependent upon market conditions. While there is no requirement for clients to refinance their loans at the end of the fixed-rate period, clients have historically done so the majority of the time, as most clients are interest-rate-risk averse on their first mortgage loans.

Single-family, first-lien residential real estate loans with fixed-rate periods of 15, 20, and 30 years are primarily originated and sold into the secondary market. MSRs attached to the sold portfolio are either sold along with the loan or retained. Loans sold into the secondary market, along with their corresponding MSRs, are included as a component of the Company’s Traditional Banking segment, as discussed elsewhere in this filing. The Bank, as it has in the past, may retain such longer-term, fixed-rate loans from time to time in the future to help combat NIM compression. Any such loans retained on the Company’s balance sheet would be reported as a component of the Traditional Banking segment.

As part of the sale of loans with servicing retained, the Bank records MSRs. MSRs represent an estimate of the present value of future cash servicing income, net of estimated costs, which the Bank expects to receive on loans sold with servicing retained by the Bank. MSRs are capitalized as separate assets. This transaction is posted to net gain on sale of loans, a component of “mortgage banking income” in the income statement. Management considers all relevant factors, in addition to pricing considerations from other servicers, to estimate the fair value of the MSRs to be recorded when the loans are initially sold with servicing retained by the Bank. The carrying value of MSRs is initially amortized in proportion to and over the estimated period of net servicing income and subsequently adjusted quarterly based on the weighted average remaining life of the underlying loans. The MSR amortization is recorded as a reduction to net servicing income, a component of “mortgage banking income.”

With the assistance of an independent third-party, the MSRs asset is reviewed at least quarterly for impairment based on the fair value of the MSRs using groupings of the underlying loans based on predominant risk characteristics. Any impairment of a grouping is reported as a valuation allowance. A primary factor influencing the fair value is the estimated life of the underlying loans serviced. The estimated life of the loans serviced is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs is expected to decline due to increased anticipated prepayment speeds within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSRs would be expected to increase as prepayment speeds on the underlying loans would be expected to decline.

The Bank does, on occasion, purchase single-family, first-lien residential real estate loans made to low-to-moderate income borrowers and/or secured by property located in low-to-moderate income areas, which assists the Bank in meeting its obligations under the CRA. In connection with loan purchases, the Bank receives various representations and warranties from the sellers regarding the quality and characteristics of the loans.

Commercial Lending — As described in detail below, the Bank conducts commercial lending activities primarily through the following groups/divisions: Corporate Banking, CRE Banking, Commercial Banking, Business Banking, Private Banking, and Retail Banking channels and clients are primarily located within the Bank’s market footprint or in an adjoining market. In general, all commercial lending credit approvals and processing are prepared and underwritten through the Bank’s centralized CCAD.

Credit opportunities are generally driven by the following: companies expanding their businesses; companies acquiring new businesses; and/or companies refinancing existing debt from other institutions. The Bank has a primary focus on C&I lending, CRE, and multi-family lending.

C&I loans typically include those secured by general business assets, which consist of equipment, accounts receivable, inventory, and other business assets owned by the borrower/guarantor. Credit facilities include annually renewable LOCs and term loans with maturities typically from three to five years and may also involve financial covenant requirements. These requirements are monitored by the Bank’s CCAD. Underwriting for C&I loans is based on the borrower’s capacity to repay

63

Table of Contents

these loans from operating cash flows, typically measured by EBITDA (earnings before interest, taxes, depreciation and amortization), with capital strength, collateral, and management experience also important underwriting considerations. The targeted C&I credit size for client relationships is typically between $1 million and $10 million, with higher targets between $10 million and $35 million targeted by the Corporate Banking group.

CRE and multi-family loans are typically secured by improved property such as office buildings, medical facilities, retail centers, warehouses, apartment buildings, condominiums, schools, religious institutions, and other types of commercial use property. The CRE Banking group, which launched in 2022, focuses on large CRE projects, typically in amounts from $5 million to $25 million. Borrowers are generally single-asset entities, mostly nonowner-occupied CRE. Primary underwriting considerations are cash flow projections (current and historical), financial capacity of sponsors, and collateral value financed. Fixed rate financing and reciprocal interest rate swaps are used as well. Given the size of these credits, the Bank generally seeks established, well-known borrowers and projects with low credit risk.

The Commercial Banking group focuses on small and medium sized C&I and owner-occupied CRE opportunities. Borrowers are generally single-asset entities and loan sizes typically range from $1 million to $5 million. As with Corporate Banking, the primary underwriting considerations are cash flow projections (current and historical), quality of leases, financial capacity of sponsors, and collateral value of property financed. Interest rates offered are based on both fixed and variable interest-rate formulas.

The Business Banking group, reporting under Retail Banking in most markets, focuses on locally based small businesses in the Bank’s market footprint with primary annual revenues up to $10 million and borrowings between $350,000 and $1 million. The needs of these clients range from expansion or acquisition financing, equipment financing, owner-occupied real estate financing, and smaller operating lines of credit.

The Bank is an SBA Preferred Lending Partner, which allows the Bank to underwrite and approve its own SBA loans in an expedited manner. The Bank makes loans to borrowers generally up to $3 million under the SBA “7A Program,” as well as utilize the “504 Program” for owner-occupied CRE opportunities. The Bank’s lenders utilize programs of the SBA to reduce credit risk exposure.

Construction & Land Development Lending — The Bank originates business loans for the construction of both single-family, residential properties and commercial properties (apartment complexes, shopping centers, office buildings) to borrowers primarily located within the Bank’s market footprint or in an adjoining market. While not a focus for the Bank, the Bank may originate loans for the acquisition and development of residential or commercial land into buildable lots.

Single-family, residential-construction loans are made in the Bank’s market area to established homebuilders with solid financial records. The majority of these loans are made for “contract” homes that the builder has already pre-sold to a homebuyer.

Commercial-construction loans are made in the Bank’s market to established commercial builders/developers with solid financial records. Typically, these loans are made for investment properties and have tenants pre-committed for some or all of the space. Generally, commercial-construction loans are made for the duration of the construction period and slightly beyond and will either convert to permanent financing with the Bank or with another lender at or before maturity.

Construction-to-permanent loans are another type of construction-related financing that the Bank offers. These loans are made to borrowers who are going to build a property and retain it for ownership after construction completion. These loans are offered on both owner-occupied and nonowner-occupied CRE.

Consumer Lending — Traditional Banking consumer loans include home improvement and home equity loans, other secured and unsecured personal loans, and credit cards originated to borrowers primarily located within the Bank’s market footprint or in an adjoining market. In 2024, the Traditional Bank ceased originating new consumer credit cards and sold its $5 million portfolio in the second quarter of 2025. Except for home equity loans, which are actively marketed in conjunction with single family, first lien residential real estate loans, other Traditional Banking consumer loan products while available, are not and have not been actively promoted in the Bank’s markets.

Aircraft Lending — Aircraft loans are typically made to purchase or refinance personal aircrafts, along with engine overhauls and avionic upgrades with borrowers across the U.S. Loans typically range between $200,000 and $4 million in size and have terms up to 20 years. The credit characteristics of an aircraft borrower are higher than a typical consumer in that they must demonstrate and indicate a higher degree of credit worthiness for approval.

64

Table of Contents

The Bank’s other Traditional Banking activities generally consist of the following:

Private Banking — The Bank provides financial products and services to high-net-worth individuals through its Private Banking department. The Bank’s Private Banking officers have extensive banking experience and are trained to meet the unique financial needs of this clientele.

Treasury Management Services — The Bank provides various deposit products designed for commercial business clients located throughout its market footprint. Lockbox processing, remote deposit capture, business on-line banking, account reconciliation, and ACH processing are additional services offered to commercial businesses through the Bank’s Treasury Management department. Treasury Management officers work closely with commercial and retail officers to support the cash management needs of Bank clients.

Correspondent Lending — During 2023, the Bank purchased a block of single family, first-lien mortgage loans for investment through its Correspondent Lending channel. The Bank had previously purchased Correspondent loans dating back to 2014 and 2015. Correspondent Lending generally involves the Bank purchasing, primarily from its Warehouse Lending clients, closed loans that meet the Bank’s specifications. Substantially all loans purchased through the Correspondent Lending channel are purchased at a premium. Premiums on loans held for investment acquired though the Correspondent Lending channel will be amortized into interest income over the expected life of the loan utilizing the level-yield. Loans acquired through the Correspondent Lending channel are generally made to borrowers outside of the Bank’s historical market footprint. During the first quarter of 2024, Management elected to sell $67 million of these loans and the sale was completed during the second quarter of 2024.

Internet Banking — The Bank expands its market penetration and service delivery of its RB&T brand by offering clients Internet Banking services and products through its website, www.republicbank.com.

Mobile Banking — The Bank allows clients to securely access and manage their accounts through its mobile banking application.

Other Banking Services — The Bank also provides title insurance and other financial institution related products and services.

Bank Acquisitions — The Bank maintains an acquisition strategy to selectively grow its franchise as a complement to its organic growth strategies.

See additional detail regarding the Traditional Banking segment under Footnote 15 “Segment Information” of Part I Item 1 “Financial Statements.”

(II) Warehouse Lending segment

The Core Bank provides short-term, revolving credit facilities to mortgage bankers across the U.S. through mortgage warehouse lines of credit. These credit facilities are primarily secured by single-family, first-lien residential real estate loans. The credit facility enables the mortgage banking clients to close single-family, first-lien residential real estate loans in their own name and temporarily fund their inventory of these closed loans until the loans are sold to investors approved by the Bank. Individual advances for loans are expected to remain on the warehouse LOC for an average of 15 to 30 days. Advances for reverse mortgage loans and construction loans typically remain on the LOC longer than conventional mortgage loans. Interest income and loan fees are accrued for each individual advance during the time the advance remains on the warehouse LOC and is collected when the loan is sold. The Core Bank receives the sale proceeds of each loan directly from the investor and applies the funds to pay off the warehouse advance and related accrued interest and fees. The remaining proceeds are credited to the mortgage banking client.

See additional detail regarding the Warehouse Lending segment under Footnote 15 “Segment Information” of Part I Item 1 “Financial Statements.”

Republic Processing Group

(III) Tax Refund Solutions segment

Through the TRS segment, the Bank facilitates the receipt and payment of federal and state tax refund products and offers a credit product through third-party tax preparers located throughout the U.S., as well as tax-preparation software providers that offer Republic Bank ERAs, RAs, and RTs (collectively, the “Tax Providers”). The majority of the business generated by the TRS business occurs during the first half of each year. During the second half of each year, TRS generates limited revenue and incurs costs preparing for the

65

Table of Contents

next year’s tax season. During December 2024 and 2003, TRS originated ERAs related to tax returns that were anticipated to be filed during the first quarter of the following tax filing season.

RTs are fee-based products whereby a tax refund is issued to the taxpayer after the Bank has received the refund from the federal or state government. There is no credit risk or borrowing cost associated with these products because they are only delivered to the taxpayer upon receipt of the tax refund directly from the governmental paying authority. Fees earned by the Company on RTs, net of revenue share, are reported as noninterest income under the line item “Net refund transfer fees.”

The RA product is a loan made in conjunction with the filing of a taxpayer’s federal tax return, which allows the taxpayer to borrow funds as an advance of a portion of their tax refund. The RA product had the following features during the 2024 and 2025 Tax Seasons:

Offered only during the first two months of each year;
The taxpayer was given the option to choose from multiple loan-amount tiers, subject to underwriting, up to a maximum advance amount of $6,500 for the 2024 Tax Season and $6,250 for the 2025 Tax Season;
No requirement that the taxpayer pays for another bank product, such as an RT;
Multiple disbursement methods were available through most Tax Providers, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election;
Repayment of the RA to the Bank is deducted from the taxpayer’s tax refund proceeds; and
If an insufficient refund to repay the RA occurs:
there is no recourse to the taxpayer,
no negative credit reporting on the taxpayer, and
no collection efforts against the taxpayer.

Since its introduction in December of 2022, the ERA loan product has been structured similarly to the RA, with the primary differences being the timing of when the ERAs are originated and the documentation available to underwrite the ERAs. The ERA is originated prior to the taxpayer receiving their fiscal year taxable income documentation, e.g., W-2, and the filing of the taxpayer’s final federal tax return. As such, the Company generally uses paystub information to underwrite the ERA. The repayment of the ERA is incumbent upon the taxpayer client returning to the Bank’s Tax Provider for the filing of their final federal tax return in order for the tax refund to potentially be received by the Bank from the federal government to pay off the advance. The ERA product had the following features during the 2024 and 2025 Tax Seasons:

Only offered during December and the up-coming January in connection with the upcoming first quarter tax business for each period;
The taxpayer had the option to choose from multiple loan tiers, subject to underwriting, up to a maximum advance amount of $1,000 for the 2024 Tax Season and $2,000 for the 2025 Tax Season;
No requirement that the taxpayer pays for another bank product, such as an RT;
Multiple disbursement methods available through most Tax Providers, including direct deposit or prepaid card, based on the taxpayer-customer’s election;
Repayment of the ERA to the Bank via deduction from the taxpayer’s tax refund proceeds; and
If a tax refund is insufficient to repay the ERA, including but not limited to the failure to file a final federal tax return through a Republic Tax Provider:

there is no recourse to the taxpayer,
no negative credit reporting on the taxpayer, and
no collection efforts against the taxpayer.

The Company reports fees paid for RAs, including ERAs, as “Interest income on loans.” The number of days for delinquency eligibility is based on management’s annual analysis of tax return processing times. RAs, including ERAs that were originated related to the first quarter 2024 tax filing season were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. Since RAs do not have a contractual due date, the Company considered an RA delinquent during 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

Provisions on RAs are estimated when advances are made. Unpaid RAs, including ERAs, related to the first quarter tax filing season of a given year are considered delinquent at June 30th of that year and charged-off. In addition, as of June 30, 2025, RAs that were subject to Tax Provider loan loss guarantees were charged-off and immediately recorded as recoveries of previously charged-off loans with corresponding receivables recorded in other assets for the Tax Provider guarantees. Those corresponding receivables are expected to be

66

Table of Contents

settled during the third quarter of 2025. RAs collected during the second half of the year, not subject to loan loss guarantee arrangements, are recorded as recoveries of previously charged-off loans.

Related to the overall credit losses on RAs, including ERAs, the Bank’s ability to control losses is highly dependent upon its ability to predict the taxpayer’s likelihood to receive the tax refund as claimed on the taxpayer’s tax return. In addition, the Bank’s ability to control losses for the ERA product is highly dependent upon the taxpayer returning to a Tax Provider for the filing of their final tax return. Each year, the Bank’s RA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the RA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent underwriting changes made, credit losses during a current year could be higher than management’s predictions if tax refund payment patterns change materially between years.

In response to changes in the legal, regulatory, and competitive environment, management annually reviews and revises the RA, including the ERA, product parameters. Further changes in the RA product parameters do not ensure positive results and could have an overall material negative impact on the performance of all RA product offerings and therefore on the Company’s financial condition and results of operations.

See additional detail regarding the RA product under Footnote 4 “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements.”

(IV) Republic Payment Solutions segment

The RPS segment offers a range of payment-related products and services to consumers through third-party service providers. Through the Bank, the RPS segment offers both issuing solutions and money movement capabilities.

Issuing Solutions:

The RPS segment offers prepaid and debit solutions primarily marketed to the consumer industry. Prepaid solutions include the issuing of payroll and general purpose reloadable cards. Characteristics of these cards include the following:

Similar to a traditional debit card with features including traditional point of sale purchasing, automatic teller machine withdrawals and direct deposit;
Funds associated with these products are typically held in pooled accounts at the Bank, with the Bank maintaining records of individual balances within these pooled accounts; and
Payroll cards facilitate the loading of an employer’s payroll onto a card via direct deposit, with payroll and general purpose reloadable cards generally distributed through retail locations and reloadable through participating retail load networks.

Debit solutions include the issuing of DDAs, savings accounts and/or debit cards. In addition to offering traditional point of sale purchasing, automated teller machine withdrawals, and direct deposit options, these accounts may include overdraft protection.

Money Movement:

Through the Bank, the RPS segment participates in traditional money movement solutions including ACH transactions, wire transfer, check processing, and the Mastercard Remote Payment and Presentment Service. These capabilities are also complementary products facilitating the movement of money for other RPG divisions.

The Company reports its share of client-related charges and fees for RPS programs under RPS program fees. Additionally, the Company’s portion of interchange revenue generated by prepaid card transactions is reported as noninterest income under “Interchange fee income.” The Company began sharing interest income revenue with its largest prepaid marketer-servicer during 2024, with the interest shared reported as “Interest expense on deposits.” The Company has not shared interest income revenue with its largest prepaid marketer-servicer for the three and six months ended June 30, 2025, as minimum deposit balance thresholds were not met.

(V) Republic Credit Solutions segment

Through the Bank, the RCS segment offers consumer credit products. In general, the credit products are unsecured, small dollar consumer loans that are dependent on various factors. RCS loans typically earn a higher yield but also have higher credit risk compared

67

Table of Contents

to loans originated through the Traditional Banking segment, with a significant portion of RCS clients considered subprime or near-prime borrowers. Through the Bank, RCS uses third-party service providers for certain services such as marketing and loan servicing for (1) RCS’ LOC products, (2) RCS’ installment loan product and (3) RCS’ healthcare receivables products.

LOC Products:

Through the Bank, RCS uses third-party service providers, to originate two LOC products to generally subprime or near-prime borrowers. borrowers in multiple states. Elastic Marketing, LLC and Elevate Decision Sciences, LLC are third-party service providers for the LOC I product and are subject to the Bank’s oversight and supervision. Together, these companies provide certain marketing, servicing, technology, and support services, while a separate third-party provides customer support, servicing, and other services on the Bank’s behalf. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of the product.

The Bank sells participation interests in this product. These participation interests are a 90% interest in advances made to borrowers under the borrower’s LOC account, and the participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 10% participation interest in each advance, it maintains 100% ownership of the underlying LOC I account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Similar to its LOC I product, the Bank provides oversight and supervision to a third-party for its LOC II product. In return, this third-party provides the Bank with marketing services and loan servicing for the LOC II product. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this product.

The Bank sells 95% participation interests in the LOC II product. These participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 5% participation interest in each advance, it maintains 100% ownership of the underlying LOC II account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Installment Loan Product:

Through RCS, the Bank offers installment loans with terms ranging from 12 to 60 months to borrowers in multiple states. The same third-party service provider for RCS’s LOC II is the third-party provider for the installment loans. This third-party provider is subject to the Bank’s oversight and supervision and provides the Bank with marketing services and loan servicing for these RCS installment loans. The Bank is the lender for these loans and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this RCS installment loan product. Currently, all loan balances originated under this RCS installment loan program are carried as HFS on the Bank’s balance sheet, with the intention to sell these loans to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within 16 days following the Bank’s origination of the loans. Loans originated under this RCS installment loan program are carried at fair value under a fair-value option, with the portfolio marked to market monthly.

Healthcare Receivables Products:

Through RCS, Bank originates healthcare receivables products across the U.S. through three different third-party service providers.

For two of the programs, the Bank retains 100% of the receivables, with recourse in the event of default.

For the remaining program, in some instances the Bank retains 100% of the receivables originated, with recourse in the event of default, and in other instances, the Bank sells 100% of the receivables generally within one month of origination. Loan balances HFS through this program are carried at the lower of cost or fair value.

For the RCS LOC and healthcare receivable products, the Company reports interest income and loan origination fees earned on RCS loans under “Loans, including fees,” while any net gains or losses on sale and mark-to-market adjustments of RCS loans are reported as noninterest income under “Program fees.” The Company has elected fair value accounting for its RCS installment loan product that it sells after an initial holding period. As a result, interest income on loans, loan origination fees, net gains or losses on sale, and mark-to-market adjustments for the RCS installment product are reported as noninterest income under “Program fees.”

68

Table of Contents

RECENT DEVELOPMENTS

The One Big Beautiful Bill Act

On July 4, 2025, the President signed H.R. 1, the “One Big Beautiful Bill Act,” into law. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the restoration of immediate expensing of domestic research and development expenditures, reinstatement of 100% bonus depreciation, and more favorable rules for determining the limitation on business interest expense. These changes were not reflected in the income tax provision for the period ended June 30, 2025, as enactment occurred after the balance sheet date. The Company is currently evaluating the impact on future periods.

Expiration of Largest Tax Provider Contract

All ERAs and RAs originated through TRS are done during the three-month period of December through February each year. As previously disclosed, the Company’s largest Tax Provider contract within TRS in terms of product volume expires in October 2025 and the Company does not expect to enter into a new contract with this Tax Provider to replace its existing contract.  For the 2025 calendar year, Management estimates that this existing large Tax Provider contract will contribute pre-tax net income equating to approximately 27% of the total TRS pre-tax net income for the previous 12 months as of June 30, 2025.  

Other notable items in the Company’s financial statements impacted by this contract not being renewed include the following:

ERAs and RAs originated through this Tax Provider represented approximately 63% of the total dollars of ERAs and RAs originated through TRS from December 2024 through February 2025. As a result of these originations, RA/ERA fee income reported in interest income on loans related to this Tax Provider represented 63% of total RA/ERA fee income for the first six months of 2025, and 89% for the fourth quarter of 2024. Net RA/ERA fee income during the second quarter of 2025 was immaterial.

Provision for RAs/ERAs originated through this Tax Provider represented 72% of the TRS Provision for the second quarter of 2025 (the Provision for the second quarter of 2025 was a net credit for both TRS, as a whole, and for RAs/ERAs originated through this Tax Provider). The Provision for this Tax Provider was 56% of the total TRS Provision for the first six months of 2025, and 96% of the total TRS Provision for the fourth quarter of 2024.

Net RT revenue generated through this Tax Provider during the second quarter and first six months of 2025 represented approximately 6% and 20% of the total net RT revenue generated through TRS for the respective periods. Net RT revenue during the fourth quarter of 2024 was immaterial.

OVERVIEW (Three Months Ended June 30, 2025, Compared to Three Months Ended June 30, 2024)

Total Company net income for the second quarter of 2025 was $31.5 million, an increase of $6.3 million, or 25%, over the same period in 2024. Diluted EPS also increased to $1.61 for the second quarter of 2025 compared to $1.30 for the same period in 2024. The increase in net income primarily reflected the following by reportable segment:

Traditional Banking segment

Net income increased $3.2 million, or 24%, from the second quarter of 2024 to the second quarter of 2025.

Net interest income increased $6.5 million, or 13%, from the second quarter of 2024 to the second quarter of 2025.

Provision was a net charge of $517,000 for the second quarter of 2025 compared to a net charge of $915,000 for the same period in 2024.

Noninterest income increased $399,000, or 4%, from the second quarter of 2024 to the second quarter of 2025.

Noninterest expense increased $2.9 million, or 7%, from the second quarter of 2024 to the second quarter of 2025.

69

Table of Contents

Warehouse Lending segment

Net income increased $450,000, or 33%, from the second quarter of 2024 to the second quarter of 2025.

Net interest income increased $635,000, or 22%, from the second quarter of 2024 to the second quarter of 2025.

The Warehouse Provision was a net charge of $255,000 for the second quarter of 2025 compared to a net charge of $214,000 for the same period in 2024.

Average committed Warehouse lines of credit increased to $995 million for the second quarter of 2025 from $940 million for the second quarter of 2024.

Average LOC usage was 57% during the second quarter of 2025 compared to 49% during the same period in 2024.

Tax Refund Solutions segment

Net income increased $241,000, or 8%, from the second quarter of 2024 to the second quarter of 2025.

Net interest income decreased $761,000 from the second quarter of 2024 to the second quarter of 2025.

TRS recorded a net credit to the Provision of $3.9 million during the second quarter of 2025 compared to a net credit of $1.2 million for the same period in 2024.

Noninterest income decreased $1.2 million, or 30%, from the second quarter of 2024 to the second quarter of 2025.

Within noninterest income, net RT revenue decreased $1.2 million, or 33%, from the second quarter of 2024 to the second quarter of 2025.

Noninterest expense was $2.5 million for the second quarter of 2025 compared to $2.0 million for the same period in 2024.

Republic Payment Solutions segment

Net income increased $342,000, or 16%, from the second quarter of 2024 to the second quarter of 2025.

Net interest income increased $633,000, or 22%, from the second quarter of 2024 to the second quarter of 2025.

Noninterest income was $736,000 for the second quarter of 2025 compared to $761,000 for the second quarter of 2024.

Noninterest expense was $1.2 million for the second quarter of 2025 compared to $1.0 million for the second quarter of 2024.

Republic Credit Solutions segment

Net income increased $2.0 million, or 40%, from the second quarter of 2024 to the second quarter of 2025.

Net interest income increased $694,000, or 6%, from the second quarter of 2024 to the second quarter of 2025.

Overall, RCS recorded a net charge to the Provision of $5.0 million during the second quarter of 2025 compared to a net charge of $5.2 million for the same period in 2024.

Noninterest income increased $77,000, or 2%, from the second quarter of 2024 to the second quarter of 2025.

Noninterest expense was $2.4 million for the second quarter of 2025 and $4.0 million for the same period in 2024.

70

Table of Contents

RESULTS OF OPERATIONS (Three Months Ended June 30, 2025, Compared to Three Months Ended June 30, 2024)

Net Interest Income

See the section titled “Asset/Liability Management and Market Risk” in this section of the filing regarding the Bank’s interest rate sensitivity.

Banking operations are significantly dependent upon net interest income. Net interest income is the difference between interest income on interest-earning assets, such as loans and investment securities and the interest expense on interest-bearing liabilities used to fund those assets, such as interest-bearing deposits, SSUAR and FHLB advances. Net interest income is impacted by both changes in the amount and composition of interest-earning assets and interest-bearing liabilities, as well as market interest rates.

Since April 2025, when the President proposed the implementation of broad-based sweeping tariffs against many of the U.S.’s global trading partners, there have been numerous policy changes that have triggered ongoing financial volatility. While the FRB has maintained its FFTR at a range of 4.25% to 4.50%, recent FOMC commentary has indicated possible rate cuts in the second half of 2025.

Total Company net interest income was $76.2 million during the second quarter of 2025 compared to $68.5 million during the second quarter of 2024, representing a $7.7 million or 11% increase. The Total Company NIM increased 25 basis points to 4.61% during the second quarter of 2025 compared to 4.36% during the second quarter of 2024.

The following were the most significant components affecting the Company’s net interest income by reportable segment:

Traditional Banking segment

The Traditional Bank’s net interest income was $56.4 million for the second quarter of 2025, a $6.5 million, or 13%, increase from $49.9 million during the second quarter of 2024 and was driven primarily by NIM expansion.

The Traditional Bank’s NIM increased from 3.53% during the second quarter of 2024 to 3.84% during the second quarter of 2025, the rise in its interest-earning asset yields outpacing the rise in funding costs.

Items of note impacting the Traditional Bank’s change in net interest income and NIM between the second quarter of 2024 and the second quarter of 2025 were as follows:

Traditional Bank average loans declined from $4.62 billion with a weighted-average yield of 5.57% during the second quarter of 2024 to $4.59 billion with a weighted average yield of 5.69% during the second quarter of 2025. The comparison of average loans for the Traditional Bank was negatively impacted by the sale of $67 million in residential real estate loans during the second quarter of 2024 that were previously held for investment. The increased period-over-period yield on loans was driven by the replacement of lower yielding loans in the portfolio through principal amortization and payoffs with new originations at a higher yield. For additional discussion of the stricter pricing strategy for new loan originations, see section titled “Loan Portfolio” in the “COMPARISON OF FINANCIAL CONDITION” of this document.

Average interest-earning cash was $623 million with a weighted-average yield of 4.45% during the second quarter of 2025 compared to $393 million with a weighted-average yield of 5.46% for the second quarter of 2024. The lower yield on cash for the quarter was driven by a 100-basis-point decrease in the FFTR from the second quarter of 2024 to the second quarter of 2025. The growth in cash balances was primarily driven by excess funds from interest-bearing deposit growth, including cash from a $131 million short-term brokered CD obtained during April 2025 that matures in July 2025.

Average investments totaled $686 million with a weighted-average yield of 3.71% during the second quarter of 2025 compared to $670 million with a weighted-average yield of 3.09% for the second quarter of 2024. The increased period-over-period yield on investments was driven by the redeployment of cash from maturing investments into new purchases with longer durations and higher yields. The Company began buying investment securities with longer durations, such MBS’s, during 2025 as a result of a more favorable yield curve and the more attractive yield for these longer-duration securities above the overnight cash yield.

The weighted-average cost of total interest-bearing deposits decreased from 2.79% during the second quarter of 2024 to 2.34% for the second quarter of 2025, while average interest-bearing deposit balances grew $223 million, or 6%, for the same periods. Included within this growth in interest-bearing deposits was a $280 million net increase in the average balances for business

71

Table of Contents

and consumer money market accounts, which generally pay premium rates. The increase in money market balances was partially offset by an $85 million decrease in the average balance of third-party listing service deposits. In addition, the Company obtained a $131 million brokered CD during April 2025 that added $110 million to average deposit balances during the second quarter of 2025. This CD matures in July 2025.

Average noninterest-bearing deposits decreased $38 million from the second quarter of 2024 to the second quarter of 2025. The decline in noninterest-bearing deposits is an on-going trend for banks, in general, dating back to the fourth quarter of 2022, as the overall interest rate environment highlighted by the then-inverted yield curve, combined with the competition for deposits, continued to make premium-rate, interest-bearing checking and savings deposits a more attractive alternative for consumer and business clients.

Management believes that any future reductions to the FFTR will likely not benefit the Traditional Bank’s net interest income and NIM. The amount of such impact to the Traditional Bank’s net interest income and NIM resulting from the most recent change and any future changes to the FFTR will be dependent upon many factors including, but not limited to, the magnitude of the continuing shift from noninterest-bearing deposits into interest-bearing deposits, the actual steepness and shape of the yield curve, future demand for the Company’s financial products, the Company’s ability to lower its deposit costs in conjunction with, and in line with the magnitude to, the decreases to the FFTR, as well as the Company’s overall future liquidity needs.

For additional discussion of the factors impacting interest-earning cash and deposit balances as well as deposit betas, see sections titled “Cash and Cash Equivalents” and “Deposits” in the “COMPARISON OF FINANCIAL CONDITION” of this document.

Warehouse Lending segment

Net interest income within Warehouse increased $635,000, or 22%, from the second quarter of 2024 to the second quarter of 2025.

The rise in Warehouse net interest income was primarily driven by a $110 million, or 24%, increase in average outstanding Warehouse balances from $457 million during the second quarter of 2024 to $567 million for the second quarter of 2025. Average committed Warehouse LOCs increased from $940 million to $995 million during these same periods, while higher demand caused average usage rates for Warehouse LOC to increase from 49% during the second quarter of 2024 to 57% for the second quarter of 2025.

Because consumer mortgage demand drives the usage of Warehouse LOCs, overall LOC usage for the Warehouse segment has been sensitive, historically, to changes in interest rates on the long-end of the yield curve. As a result, a decreasing interest rate environment for the long end of the yield curve could positively impact Warehouse demand if the long term interest rate declines are substantial. Alternatively, if interest rates only decline on the short-end of the yield curve, Warehouse demand would not likely be materially impacted.

Tax Refund Solutions segment

TRS’s net interest income decreased $761,000 for the second quarter of 2025 compared to the same period in 2024. Loan-related interest and fees decreased $731,000 for the quarter and was driven primarily by a $560,000 payment received during the second quarter of 2024 representing a Tax Provider yield enhancement for the RA program to help offset the Company’s higher funding costs. This yield enhancement was new for the 2024 tax season and eliminated for the 2025 tax season.

Republic Payment Solutions segment

Net interest income from the Company’s prepaid card division increased $633,000 from the second quarter of 2024 to the second quarter of 2025. Driving this increase at RPS was a reduction in the segment’s revenue share component, as the Company’s largest marketer-servicer did not achieve the minimal contractual thresholds for average deposit balances in order to earn a revenue share for the second quarter of 2025. By contrast, this revenue share equated to $1.3 million during the second quarter of 2024 and was recorded as interest expense in the segment’s income statement. At this time, Management is uncertain how much the revenue share component may be in the future, as deposit balances originated through this marketer-servicer are at levels near the thresholds necessary to achieve a revenue share, making a future revenue share possible, but not certain.

Partially offsetting the positive benefit of the decreased revenue share, RPS earned a lower yield of 4.28% for its $350 million average of prepaid program balances for the second quarter of 2025 compared to a yield of 5.03% for the $360 million in average prepaid card balances for the second quarter of 2024. The lower earnings rate was driven by a decrease in the FFTR of 100 basis points from the second quarter of 2024 to the second quarter of 2025.

72

Table of Contents

Overall customer demand for the RPS segment has historically not been interest rate sensitive and therefore management does not believe a changing interest rate environment would impact origination volume for its prepaid card products. A decreasing interest rate environment, however, would likely negatively impact the Company’s internal FTP credit more than it would impact any revenue share the Company pays for the product, decreasing the segment's NIM.

Republic Credit Solutions segment

RCS’s net interest income increased $694,000, or 6%, from the second quarter of 2024 to the second quarter of 2025. The increase was driven primarily by an increase in fee income from RCS’s LOC II product, as net interest income increased $388,000 to $7.1 million from the second quarter of 2024 to the second quarter of 2025. The rise in net interest income for this LOC product was driven primarily by a period-to-period increase in average outstanding loan balances of approximately $3 million.

Overall customer demand for the RCS segment’s products has historically not been interest rate sensitive and therefore management does not believe a changing interest rate environment would materially impact origination volume for its various consumer loan products. A decreasing interest rate environment would positively impact the Company’s internal FTP cost allocated to this segment, which would increase the NIM for the segment. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume and mix of loans the segment generates.

73

Table of Contents

The following table presents the average balance sheets for the three-month periods ended June 30, 2025, and 2024, along with the related calculations of tax-equivalent net interest income, NIM and net interest spread for the related periods.

Table 1 — Total Company Average Balance Sheets and Interest Rates

Three Months Ended June 30, 2025

Three Months Ended June 30, 2024

    

Average

    

    

Average

Average

    

    

Average

(dollars in thousands)

    

Balance

    

Interest

    

Rate

Balance

    

Interest

    

Rate

ASSETS

Interest-earning assets:

 

Federal funds sold and other interest-earning deposits

$

622,909

$

6,917

 

4.45

%  

  

  

$

393,095

$

5,334

 

5.46

%  

Investment securities, including FHLB stock (a)

686,223

6,346

 

3.71

670,114

5,144

 

3.09

TRS Refund Advances (b)

26,353

25

0.38

37,103

742

8.04

RCS LOC products (b)

46,252

12,434

107.83

42,011

11,272

107.91

Other RPG loans

 

92,012

 

1,559

 

6.80

 

104,042

 

2,069

 

8.00

Outstanding Warehouse lines of credit

566,707

9,803

6.94

456,908

9,064

7.98

Traditional Bank loans (c)

 

4,587,342

 

65,119

 

5.69

 

4,622,655

 

64,075

 

5.57

Total loans (d)

5,318,666

88,940

6.71

5,262,719

87,222

6.67

Total interest-earning assets

 

6,627,798

 

102,203

 

6.19

 

6,325,928

 

97,700

 

6.21

Allowance for credit losses

 

(105,726)

 

(108,194)

Noninterest-earning assets:

Noninterest-earning cash and cash equivalents

 

125,098

 

102,712

Premises and equipment, net

 

33,250

 

33,452

Bank owned life insurance

 

108,416

 

105,128

Other assets (a)

 

273,195

 

247,858

Total assets

$

7,062,031

$

6,706,884

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:

Transaction accounts

$

1,699,450

$

2,557

 

0.60

%  

$

1,821,025

$

6,323

 

1.40

%  

Money market accounts

 

1,406,053

10,183

 

2.90

 

1,120,833

9,652

 

3.46

Time deposits

 

445,129

4,168

 

3.76

 

387,150

3,859

 

4.01

Reciprocal money market and time deposits

318,576

 

2,622

 

3.30

 

334,496

 

3,514

 

4.23

Brokered deposits

 

212,001

 

2,320

 

4.39

 

184,734

 

2,425

 

5.28

Total interest-bearing deposits

 

4,081,209

 

21,850

 

2.15

 

3,848,238

25,773

 

2.69

SSUARs and other short-term borrowings

 

87,760

140

 

0.64

 

88,326

132

 

0.60

Federal Home Loan Bank advances

 

370,000

4,011

 

4.35

 

305,604

3,259

 

4.29

Total interest-bearing liabilities

 

4,538,969

 

26,001

 

2.30

 

4,242,168

29,164

 

2.77

Noninterest-bearing liabilities and Stockholders’ equity:

Noninterest-bearing deposits

 

1,323,622

 

1,366,862

Other liabilities

 

143,941

 

144,108

Stockholders’ equity

 

1,055,499

 

953,746

Total liabilities and stockholders’ equity

$

7,062,031

$

6,706,884

Net interest income

$

76,202

$

68,536

Net interest spread

 

3.89

%  

 

3.44

%  

Net interest margin

 

4.61

%  

 

4.36

%  

a)For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.
b)Interest income for TRS Refund Advances and RCS LOC products is composed entirely of loan fees.
c)Average balances for loans include the principal balance of nonaccrual loans and loans HFS, and are inclusive of all loan premiums, discounts, fees and costs.
d)See table 2 for detail of loan fees by reporting segment.

74

Table of Contents

The following table illustrates loan fees recorded as interest income on loans, by segment, for the second quarters ended June 30, 2025, and 2024.

Table 2 — Loan Fee Income

Three months ended June 30, 

(dollars in thousands)

2025

2024

Traditional Banking

$

1,367

$

1,281

Warehouse Lending

369

322

Total Core Bank

1,736

1,603

TRS

25

756

RCS

12,434

11,272

Total RPG

12,459

12,028

Total loan fees - Total Company

$

14,195

$

13,631

The following table illustrates the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities impacted Republic’s interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.

Table 3 — Total Company Volume/Rate Variance Analysis

Three Months Ended June 30, 2025

Compared to

Three Months Ended June 30, 2024

Total Net

Increase / (Decrease) Due to

(in thousands)

    

Change

    

Volume

    

Rate

    

Interest income:

Federal funds sold and other interest-earning deposits

$

1,583

$

2,683

$

(1,100)

Investment securities, including FHLB stock

1,202

126

1,076

TRS Refund Advance loans*

(717)

(167)

(550)

RCS LOC products

1,162

1,140

22

Other RPG loans

 

(510)

 

(223)

 

(287)

Outstanding Warehouse lines of credit

739

1,992

(1,253)

Traditional Bank loans

 

1,044

 

(492)

 

1,536

Net change in interest income

 

4,503

 

5,059

 

(556)

Interest expense:

Transaction accounts

 

(3,766)

 

(396)

(3,370)

Money market accounts

 

531

 

2,213

(1,682)

Time deposits

 

309

 

552

(243)

Reciprocal money market and time deposits

(892)

 

(160)

(732)

Brokered deposits

(105)

148

 

(253)

SSUARs and other short-term borrowings

 

8

 

(1)

9

Federal Home Loan Bank advances

 

752

 

696

 

56

Net change in interest expense

 

(3,163)

 

3,052

 

(6,215)

Net change in net interest income

$

7,666

$

2,007

$

5,659

* Since interest income for RAs is composed entirely of loan fees and RAs are only offered during the first two months of each year, volume and rate measurements for this product are not a meaningful metric for the periods presented above.

75

Table of Contents

Provision

Total Company Provision was a net charge of $1.8 million for the second quarter of 2025 compared to a net charge of $5.1 million for the same period in 2024.

The following were the most significant components comprising the Company’s Provision by reportable segment:

Traditional Banking segment

The Traditional Banking Provision during the second quarter of 2025 was a net charge of $517,000 compared to a net charge of $915,000 for the second quarter of 2024.

The net charge of $517,000 for the second quarter of 2025 was driven by the following:

The Traditional Bank recorded a net charge to the Provision of $722,000 during the second quarter of 2025 related to a change in loan mix toward loans with higher formula reserve requirements in addition to $313,000 in net charge-offs. While loan balances at the Traditional Bank increased only $16 million during the second quarter, growth occurred in categories such as C&D, with higher loan loss reserve requirements.

Partially offsetting the above, in the second quarter of 2025, as a practical expedient, the Company established a minimum loan balance threshold in assessing credits for impairment that resulted in a $518,000 credit to Provision.

The net charge of $915,000 for the second quarter of 2024 was primarily driven by the following:

Traditional Bank provisioning during the second quarter of 2024 substantially related to general formula reserves in addition to $232,000 in net charge-offs. While loan balances at the Traditional Bank increased only $16 million during the second quarter, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements.

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.29% as of June 30, 2025, compared to 1.31% as of December 31, 2024, and 1.30% as of June 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Traditional Banking loan losses as of June 30, 2025.

See the sections titled “Allowance for Credit Losses on Loans” and “Asset Quality” in this section of the filing under “Comparison of Financial Condition” for additional discussion regarding the Provision and the Bank’s credit quality.

Warehouse Lending segment

Warehouse recorded a net charge to the Provision of $255,000 for the second quarter of 2025 compared to a net charge of $214,000 for the same period in 2024. Provision for both periods reflected changes in general reserves consistent with changes in outstanding period-end balances. Outstanding Warehouse period-end balances increased $102 million during the second quarter of 2025 compared to an increase of $86 million during the second quarter of 2024.

As a percentage of total Warehouse outstanding balances, the Warehouse ACLL was 0.25% as of June 30, 2025, December 31, 2024, and June 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Warehouse loan losses as of June 30, 2025.

Tax Refund Solutions segment

TRS recorded a net credit to the Provision of $3.9 million during the second quarter of 2025 compared to a net credit of $1.2 million for the same period in 2024. Substantially all TRS Provision in both periods was related to its RA and ERAs products.

RAs related to the 2025 tax filing season were only originated during December of 2024 and the first two months of 2025, while RAs related to the 2024 tax filing season were only originated during December of 2023 and the first two months of 2024. As is the case each year as of March 31st, the ACLL related to RAs is an estimate with that estimate finalized during the second quarter when all uncollected RAs are ultimately charged off as of June 30th. The final charge-offs posted during the second quarter of a calendar year can be different (higher or lower) than the Company’s March 31st Provision estimate based on actual paydowns received during the second quarter. RAs

76

Table of Contents

collected during the second half of the year are recorded as recoveries of previously charged-off loans unless they are covered under a loss guaranty arrangement. Any RAs subject to a loss guaranty arrangement that are recovered during the second half of the year are distributed to the guarantor.

For the second quarter of 2025, TRS recorded a net credit to the Provision of $3.9 million to bring its preliminary March 31, 2025, ACLL estimate in-line with its final June 30, 2025, charge-offs. TRS’s incurred loss rate for unguaranteed RAs as of June 30, 2025, was 2.81% of total of the $801 million of the total loans originated during December 2024 and the first two months of 2025.

During the second quarter of 2024, TRS recorded a net credit to the Provision of $1.2 million. TRS’s incurred loss rate for unguaranteed RAs as of June 30, 2024, was 3.30% of total of the $874 million of the total loans originated during December 2023 and the first two months of 2024.

In-line with its customary June 30th charge-off policy for RA loans, the Company completely charged-off all remaining unpaid RAs as of June 30, 2025, with approximately $2.3 million of the RAs that are expected to be recovered under loan-loss guaranty arrangements with Tax Providers recorded as receivables in other assets on the balance sheet.

For factors affecting the comparison of the TRS results of operations for the second quarter of 2025 and the second quarter of 2024, see section titled “OVERVIEW (Three Months Ended June 30, 2025, Compared to Three Months Ended June 30, 2024) - Tax Refund Solutions.”

See additional detail regarding the RA product under Footnote 4 “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements.”

Republic Payment Solutions segment

There is no ACLL or Provision for RPS, as the segment offers prepaid and debit solutions to consumers.

Republic Credit Solutions segment

As illustrated in the following table, RCS recorded a net charge to the Provision of $5.0 million during the second quarter of 2025 compared to a net charge to the Provision of $5.2 million for the same period in 2024. RCS recorded net charge-offs of $4.0 million during the second quarters of 2025 of 2024.

RCS ending loan balances decreased by $10 million during the first six months of 2025, driven by declines in the healthcare receivables programs.

While RCS loans generally return higher yields, they also present a greater credit risk than Traditional Banking loan products. As a percentage of total RCS loans, the RCS ACLL was 17.67% as of June 30, 2025, 16.30% as of December 31, 2024, and 15.44% as of June 30, 2024. The segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher ACLL for the quarter. The Company believes, based on information presently available, that it has adequately provided for RCS loan losses as of June 30, 2025.

The following table presents net charges to the RCS Provision by product:

Table 4 — Republic Credit Solutions Provision by Product

Three Months Ended June 30, 

(dollars in thousands)

2025

2024

$ Change

% Change

Product:

Lines of credit

$

4,985

$

5,211

$

(226)

(4)

%

Healthcare receivables

(2)

(15)

13

(87)

Total

$

4,983

$

5,196

$

(213)

(4)

%

77

Table of Contents

Table 5 — Summary of Loan and Lease Loss Experience

    

Three Months Ended

June 30, 

(dollars in thousands)

    

2025

2024

ACLL at beginning of period

$

106,303

$

108,702

Charge-offs:

Traditional Banking:

Residential real estate

(11)

 

(39)

Commercial & industrial

 

(18)

 

Lease financing receivables

 

(127)

 

(34)

Home equity

 

 

Consumer

(314)

(259)

Total Traditional Banking

(470)

(332)

Warehouse lines of credit

 

 

Total Core Banking

(470)

(332)

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

(24,893)

 

(32,556)

Other TRS loans

(166)

 

(137)

Republic Credit Solutions

(4,384)

 

(4,315)

Total Republic Processing Group

(29,443)

(37,008)

Total charge-offs

 

(29,913)

 

(37,340)

Recoveries:

Traditional Banking:

Residential real estate

23

21

Commercial real estate

 

3

 

3

Commercial & industrial

 

 

1

Lease financing receivables

 

17

 

9

Home equity

 

26

 

Consumer

88

66

Total Traditional Banking

157

100

Warehouse lines of credit

 

 

Total Core Banking

157

100

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

3,008

 

3,792

Other TRS commercial & industrial loans

2

 

14

Republic Credit Solutions

380

 

270

Total Republic Processing Group

3,390

4,076

Total recoveries

 

3,547

 

4,176

Net loan recoveries (charge-offs)

 

(26,366)

 

(33,164)

Provision - Core Bank Loans

 

772

 

1,135

Provision - RPG Loans

 

1,051

 

4,014

Total Provision for All Loans

 

1,823

 

5,149

ACLL at end of period

$

81,760

$

80,687

Credit Quality Ratios - Total Company:

ACLL to total loans

 

1.52

%  

 

1.53

%  

ACLL to nonperforming loans

 

378

 

393

Net loan charge-offs (recoveries) to average loans

1.99

 

2.52

Credit Quality Ratios - Core Banking:

ACLL to total loans

 

1.16

%  

 

1.19

%  

ACLL to nonperforming loans

 

282

 

308

Net loan charge-offs (recoveries) to average loans

0.02

0.02

78

Table of Contents

Table 6 — Annualized Net Loan Charge-offs (Recoveries) to Average Loans by Loan Category

Net Loan Charge-Offs (Recoveries) to Average Loans

Three Months Ended

June 30, 

2025

2024

Traditional Banking:

Residential real estate:

Owner-occupied

%  

0.01

%  

Nonowner-occupied

Commercial real estate:

Owner-occupied

Nonowner-occupied

Multi-Family

Construction & land development

Commercial & industrial

0.01

Lease financing receivables

0.47

0.11

Aircraft

Home equity

(0.03)

Consumer:

Credit cards

0.85

1.02

Overdrafts

100.67

70.66

Automobile loans

(1.88)

(0.34)

Other consumer

0.04

0.41

Total Traditional Banking

0.0.3

0.02

Warehouse lines of credit

Total Core Banking

0.02

0.02

Republic Processing Group:

Tax Refund Solutions:

Refund Advances*

332.17

310.07

Other TRS commercial & industrial loans

62.93

55.22

Republic Credit Solutions

12.86

3.04

Total Republic Processing Group

63.31

19.26

Total

1.99

%  

2.52

%  

*     All loss rates above are based on net charge-offs as a function of average outstanding portfolio balances. RAs are originated during the first two months of each year, with all RAs charged-off by June 30th of each year. Due to their relatively short life, RA net charge-offs are typically analyzed by the Company as a percentage of total RA originations, not as a percentage of average outstanding balances.

Total Company’s net charge-offs to average total Company loans decreased from 2.52% during the second quarter of 2024 to 1.99% during the second quarter of 2025, with net charge-offs decreasing $6.8 million, or 20%, and average total Company loans increasing $56 million, or 1%. The decrease in net charge-offs was driven by a $6.7 million decline in net charge-offs within the TRS segment related to significantly better payments received from the U.S. Treasury to pay off RAs and ERAs through June 30, 2025, compared to the same period in the prior year.

79

Table of Contents

Noninterest Income

Total Company noninterest income decreased $702,000, or 4%, during the second quarter of 2025 compared to the same period in 2024.

The following were the most significant components comprising the total Company’s noninterest income by reportable segment:

Traditional Banking segment

Traditional Banking’s noninterest income increased $399,000, or 4%, from the second quarter of 2024 compared to the second quarter of 2025. The increase in noninterest income was primarily driven by a $284,000 increase in mortgage banking income, which resulted a modest period-over-period improvement in pricing received on fixed rate loans sold into the secondary market. Other income also increased $280,000 for the second quarter of 2025 compared to the second quarter of 2024 and was driven primarily by a $328,000 net gain on sale of the Bank’s consumer credit card portfolio which was completed during the quarter.

The Traditional Bank earns a substantial majority of its fee income related to its overdraft service program from the per item fee it assesses its customers for each insufficient-funds check or electronic debit presented for payment. The total per item fees, net of refunds, included in service charges on deposits for the three months ended June 30, 2025, and 2024 were $1.7 million and $1.8 million. The total daily overdraft charges, net of refunds, included in interest income for the three months ended June 30, 2025, and 2024 were $287,000 and $298,000.

Tax Refund Solutions segment

TRS’s noninterest income decreased from $3.9 million for the second quarter of 2024 to $2.7 million for the second quarter of 2025, led by a $1.2 million decline in Net RT fees. The lower Net RT Fees collected was attributable to a 17% decline in number tax refunds funded during the second quarter of 2025 versus the second quarter of 2024, with a greater percentage of RT volume received and funded during the first quarter 2025 as compared to 2024.

For factors affecting the comparison of the TRS results of operations for the first quarter of 2024 and the first quarter of 2023, see section titled “OVERVIEW (Three Months Ended June 30, 2025, Compared to Three Months Ended June 30, 2024) - Tax Refund Solutions.”

Noninterest Expense

Total Company noninterest expense increased $2.0 million, or 4%, during the second quarter of 2025 compared to the same period in 2024.

The following were the most significant components comprising the increase in noninterest expense by reportable segment:

Traditional Banking segment

Traditional Banking noninterest expense increased $2.9 million, or 7%, for the second quarter of 2025 compared to the same period in 2024. Notable variances within the noninterest expense category included:

Salaries and benefits increased $1.2 million, or 5%, driven by a $691,000 increase in estimated bonus-related expenses and a $524,000 increase in health insurance claims. The larger estimated bonus-related expenses for the second quarter of 2025 were due to an increased probability of a larger bonus payout for the year based on the Company’s strong operating results.

Technology expenses increased $1.0 million, or 16%, over the second quarter of 2024. The increase in Technology expense was driven by enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system. Management expects to incur a net benefit in technology and communication costs in the future as a result of the new call center management system.

Republic Credit Solutions segment

Noninterest expense at the RCS segment decreased $1.6 million, or 40%, during the second quarter of 2025 compared to the same period in 2024, driven by a $1.7 million reduction in marketing expenses. The favorable decline in Marketing expenses included a $763,000 reimbursement for a prior period billing dispute.

80

Table of Contents

OVERVIEW (Six months ended June 30, 2025, Compared to Six months ended June 30, 2024)

Total Company net income for the first six months of 2025 was $78.8 million, and $22.9 million, or 41%, increase from the same period in 2024. Diluted EPS increased to $4.03 for the first six months of 2025 compared to $2.87 for the same period in 2024. The increase in net income primarily reflected the following:

Traditional Banking segment

Net income increased $6.7 million, or 26%, for the first six months of 2025 compared to the same period in 2024.

Net interest income increased $11.5 million, or 12%, for the first six months of 2025 compared to the same period in 2024.

Provision was a net credit of $252,000 for the first six months of 2025 compared to a net charge of $1.3 million for the same period in 2024.

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.29% as of June 30, 2025, compared to 1.30% as of June 30, 2024.

Noninterest income increased $7.5 million, or 41%, for the first six months of 2025 compared to the same period in 2024.

Noninterest expense increased $11.4 million, or 14%, for the first six months of 2025 compared to the same period in 2024.

Total Traditional Bank loans outstanding increased $13 million during the first six months of 2025.

Total nonperforming loans to total loans for the Traditional Banking segment was 0.47% as of June 30, 2025, compared to 0.50% as of December 31, 2024.

Delinquent loans to total loans for the Traditional Banking segment was 0.22% as of June 30, 2025, unchanged from 0.22% as of December 31, 2024.

Total Traditional Bank deposits increased $278 million, or 6%, from December 31, 2024, to $4.85 billion as of June 30, 2025.

Warehouse Lending segment

Net income increased $1.3 million, or 57%, for the first six months of 2025 compared to the same period in 2024.

Net interest income increased $1.4 million, or 27%, for the first six months of 2025 compared to the same period in 2024.

The Warehouse Provision was a net charge of $302,000 for the first six months of 2025 compared to a net charge of $523,000 for the same period in 2024.

Average committed Warehouse lines of credit increased to $981 million for the first six months of 2025 from $935 million for first six months of 2024.

Average LOC usage increased to 52% during the first six months of 2025 compared to 43% during the same period in 2024.

Tax Refund Solutions segment

Net income increased $11.1 million, or 93%, for the first six months of 2025 compared to the same period in 2024.

Net interest income decreased $1.9 million, or 6%, for the first six months of 2025 compared to the same period in 2024.

Total RA originations were $663 million during the first six months of 2025 compared to $771 million for the first six months of 2024. Originations for both six month periods occurred during the first quarter of the respective periods.

81

Table of Contents

TRS originated $139 million of ERAs during the fourth quarter of 2024 related to the anticipated filing of tax returns for the upcoming first quarter 2025 tax filing season compared to $103 million during the fourth quarter of 2023 related to the anticipated filing of tax returns for the first quarter of 2024.

TRS recorded a net charge to the Provision of $11.5 million during the first six months of 2025 compared to a net charge to the Provision of $24.6 million for the same period in 2024.

Noninterest income increased $1.9 million, or 13%, for the first six months of 2025 compared to the same period in 2024.

Within noninterest income, net RT revenue increased $1.8 million, or 13% for the first six months of 2025 compared to the same period in 2024.

Noninterest expense totaled $5.7 million for the first six months of 2025 compared to $6.5 million for the same period in 2024.

Republic Payment Solutions segment

Net income increased $670,000, or 14%, for the first six months of 2025 compared to the same period in 2024.

Net interest income increased $1.1 million, or 17%, for the first six months of 2025 compared to the same period in 2024.

Noninterest income was $1.5 million for the first six months of 2025 unchanged from $1.5 million for the first six months of 2024.

Noninterest expense totaled $2.2 million for the first six months of 2025 compared to $2.0 million for the first six months of 2024.

Republic Credit Solutions segment

Net income increased $3.3 million, or 30%, for the first six months of 2025 compared to the same period in 2024.

Net interest income increased $1.2 million, or 5%, for the first six months of 2025 compared to the same period in 2024.

RCS recorded a net charge to the Provision of $8.0 million during the first six months of 2025 compared to a net charge of $9.4 million for the same period in 2024.

Noninterest income decreased $274,000, or 4%, from the first six months of 2024 to the first six months of 2025.

Noninterest expense totaled $5.5 million for the first six months of 2025 and $7.2 million for the same period in 2024.

Total nonperforming loans to total loans for the RCS segment was 0.09% as of June 30, 2025, compared to 0.11% as of December 31, 2024.

Delinquent loans to total loans for the RCS segment was 7.67% as of June 30, 2025, compared to 8.00% as of December 31, 2024.

82

Table of Contents

RESULTS OF OPERATIONS (Six months ended June 30, 2025, Compared to Six months ended June 30, 2024)

Net Interest Income

See the section titled “Asset/Liability Management and Market Risk” in this section of the filing regarding the Bank’s interest rate sensitivity.

Banking operations are significantly dependent upon net interest income. Net interest income is the difference between interest income on interest-earning assets, such as loans and investment securities and the interest expense on interest-bearing liabilities used to fund those assets, such as interest-bearing deposits, SSUAR and FHLB advances. Net interest income is impacted by both changes in the amount and composition of interest-earning assets and interest-bearing liabilities, as well as market interest rates.

Since April 2025, when the President proposed the implementation of broad-based sweeping tariffs against many of the U.S.’s global trading partners, there have been numerous policy changes that have triggered ongoing financial volatility. While the FRB has maintained its FFTR at a range of 4.25% to 4.50%, recent FOMC commentary has indicated possible rate cuts in the second half of 2025.

Total Company net interest income was $178.9 million during the first six months of 2025 and represented an increase of $13.4 million, or 8%, from the first six months of 2024. Total Company NIM increased to 5.44% during the first six months of 2025 from 5.13% for the first six months of 2024.

The following were the most significant components affecting the Company’s net interest income by reportable segment:

Traditional Banking segment

The Traditional Bank’s net interest income increased $11.5 million, or 12%, for the first six months of 2025 compared to the same period in 2024, benefitted from period-over-period growth in average interest-earning assets and a NIM expansion. Traditional Banking’s NIM was 3.81% for the first six months of 2025, an increase of 38 basis points from the first six months of 2024, as the rise in its interest-earning asset yields outpacing the rise in funding costs.

The increase in the Traditional Bank’s net interest income and NIM during the first six months of 2025 was primarily attributable to the following factors:

Traditional Bank average loans declined from $4.63 billion with a weighted-average yield of 5.51% during the first six months of 2024 to $4.58 billion with a weighted average yield of 5.65% during the first six months of 2025. While the weighted-average yield earned on Traditional Bank loans increased 14 basis points, the average balance was impacted by the second quarter 2024 sale of $67 million in residential real estate loans that were previously held for investment. For additional discussion of the stricter pricing strategy for new loan originations, see section titled “Loan Portfolio” in the “COMPARISON OF FINANCIAL CONDITION” section of this document.

Average interest-earning cash, which is managed as a separate but complementary component of the Company’s overall investment portfolio, was $570 million with a weighted-average yield of 4.45% during the first six months of 2025 compared to $424 million with a weighted-average yield of 5.52% for the first six months of 2024. The lower yield on cash for the first six months of 2025 was driven by a 100-basis-point decrease in the FFTR from the second quarter of 2024 to the second quarter of 2025. The growth in cash balances was primarily driven by excess funds from interest-bearing deposit growth, including cash from a $131 million short-term brokered CD obtained during April 2025 that matures in July 2025.

Average investments decreased to $653 million with a weighted-average yield of 3.60% during the first six months of 2025 from $701 million with a weighted-average yield of 3.03% for the first six months of 2024. The increased period-over-period yield on investments was driven by the redeployment of cash from maturing investments into new purchases with longer durations and higher yields. The Company began buying investment securities with longer durations, such MBS’s, during 2025 as a result of a more favorable yield curve and the more attractive yield for these longer-duration securities above the overnight cash yield.

The Traditional Bank’s average cost of interest-bearing liabilities decreased from 2.59% during the first six months of 2024 to 2.09% for the first six months of 2025.

83

Table of Contents

oWhile the weighted-average cost of total interest-bearing deposits decreased from 2.74% during the first six months of 2024 to 2.30% for the first six months of 2025, average interest-bearing deposits expanded $163 million, or 5%, from the first six months of 2024 to the first six months of 2025. Average balance growth of $275 million in business and consumer money market accounts, which generally pay premium rates, was partially offset by $100 million of contraction in lower-costing transaction accounts.

oThe average balance of FHLB advances increased from $421 million for the first six months of 2024 to $445 million for the first six months of 2025. The weighted-average cost of these borrowings decreased from 4.70% to 4.37% for the same time periods. The decrease in the overall weighted-average cost of FHLB advances resulted primarily from previous term extension strategies implemented earlier in 2024 to take advantage of the then-inverted yield curve.

The Traditional Bank’s average noninterest-bearing deposits decreased from $1.21 billion during the first six months of 2024 to $1.14 billion for the first six months of 2025, as the then-inverted yield curve and competition for deposits continued to make interest-bearing deposits a more attractive on-going alternative for consumer and business deposit accounts.

Management believes that any future reductions to the FFTR will likely not benefit the Traditional Bank’s net interest income and NIM. The amount of such impact to the Traditional Bank’s net interest income and NIM resulting from the most recent change and any future changes to the FFTR will be dependent upon many factors including, but not limited to, the magnitude of the continuing shift from noninterest-bearing deposits into interest-bearing deposits, the actual steepness and shape of the yield curve, future demand for the Company’s financial products, the Company’s ability to lower its deposit costs in conjunction with, and in line with the magnitude to, the decreases to the FFTR, as well as the Company’s overall future liquidity needs.

Warehouse Lending segment

Net interest income within Warehouse rose $1.4 million, or 27%, from the first six months of 2024 to the first six months of 2025, as total interest income increased $2.1 million and total interest expense increased $699,000. While Warehouse NIM and loan yields declined two basis points and 99 basis points, respectively during the first six months of 2025 compared to the same period in 2024, average outstanding balances expanded $114 million, or 29%, driving the overall increase in net interest income. Average committed Warehouse lines of credit increased from $935 million as June 30, 2024, to $981 million as of June 30, 2025, while average usage rates for Warehouse lines increased from 43% to 52% during the same periods.

Consumer mortgage demand drives Warehouse LOC usage and the Warehouse segment has historically been sensitive to changes in interest rates on the long-end of the yield curve. As a result, a decreasing interest rate environment for the long-end of the yield curve could positively impact Warehouse demand if the long-term interest rate declines are substantial. Alternatively, if interest rates only decline substantially on the short-end of the yield curve, Warehouse demand would not likely be materially impacted.

Tax Refund Solutions segment

TRS’s net interest income decreased $1.9 million, or 6%, from the first six months of 2024 to the first six months of 2025. Loan-related interest and fees decreased $2.9 million for the first six months of 2025, consistent with 8% decline in tax season origination volume. In addition, TRS received a $560,000 payment during the second quarter of 2024 representing a Tax Provider yield enhancement for the RA program to help offset the Company’s higher funding costs. This yield enhancement was new for the 2024 tax season and eliminated for the 2025 tax season.

Republic Payment Solutions

Net interest income from the Company’s prepaid card division increased $1.1 million for the first six months of 2025 compared to the same period in 2024. Driving this increase at RPS was a reduction in the segment’s revenue share component for the first six months of 2025, as the RPS’s largest marketer-servicer did not achieve the minimal contractual thresholds for average deposit balances in order to earn a revenue share for the current year. By contrast, this revenue share totaled $2.3 million during the first six months of 2024 and was recorded as interest expense in the segment’s income statement. At this time, Management is uncertain how much the revenue share component may be in the future, as deposit balances originated through this marketer-servicer are at levels near the thresholds necessary to achieve a revenue share, making a future revenue share possible, but not certain.

Partially offsetting the positive benefit of the decreased revenue share, RPS earned a lower yield of 4.42% applied to the $362 million average of prepaid program balances for the first six months of 2025 compared to a yield of 5.05% for the $368 million in average

84

Table of Contents

prepaid card balances for the first six months of 2024. The lower earnings rate was driven by a decrease in the FFTR of 100 basis points from the first six months of 2024 to the first six months of 2025.

Overall customer demand for the RPS segment has historically not been interest rate sensitive and therefore management does not believe a changing interest rate environment would impact origination volume for its prepaid card products. A decreasing interest rate environment, however, would likely negatively impact the Company’s internally assigned net FTP funding credit more than it would impact any revenue share the Company pays for the product, decreasing the segment's NIM.

Republic Credit Solutions segment

RCS’s net interest income increased $1.2 million, or 5%, from the first six months of 2024 to the first six months of 2025. The increase was driven primarily by an increase in fee income from RCS’s LOC II product as net interest income increased $550,000 to $13.9 million from the first six months of 2024 to the same period in 2025. The rise in net interest income for this LOC product was driven primarily by a period-to-period increase in average outstanding loan balances.

Overall customer demand for the RCS segment’s products has historically not been interest rate sensitive and therefore management does not believe a changing interest rate environment would materially impact origination volume for its various consumer loan products. A decreasing interest rate environment would positively impact the Company’s internal FTP cost allocated to this segment, which would increase the NIM for the segment. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume and mix of loans the segment generates.

85

Table of Contents

The following table presents the average balance sheets for the six-month periods ended June 30, 2025, and 2024, along with the related calculations of net interest income, NIM and net interest spread for the related periods.

Table 7 — Total Company Average Balance Sheets and Interest Rates

Six Months Ended June 30, 2025

Six Months Ended June 30, 2024

Average

    

    

Average

Average

    

    

Average

(dollars in thousands)

Balance

Interest

Rate

Balance

Interest

Rate

ASSETS

Interest-earning assets:

Federal funds sold and other interest-earning deposits

$

570,140

$

12,587

 

4.45

%  

  

$

423,761

$

11,623

 

5.52

%  

Investment securities, including FHLB stock (a)

653,058

11,657

 

3.60

701,396

10,580

 

3.03

TRS Refund Advance loans (b)

150,923

33,315

44.51

162,454

35,393

43.81

RCS LOC products (b)

45,885

24,671

108.43

41,675

22,644

109.27

Other RPG loans

 

116,435

3,563

 

6.17

 

126,930

5,365

 

8.50

Outstanding Warehouse lines of credit

512,980

17,793

6.99

398,670

15,817

7.98

Traditional Bank loans (c)

 

4,581,598

128,455

 

5.65

 

4,628,802

126,910

 

5.51

Total loans (d)

5,407,821

207,797

7.75

5,358,531

206,129

7.74

Total interest-earning assets

 

6,631,019

 

232,041

 

7.06

 

6,483,688

 

228,332

 

7.08

Allowance for credit loss

 

(104,008)

 

(102,320)

Noninterest-earning assets:

Noninterest-earning cash and cash equivalents

 

256,814

 

191,665

Premises and equipment, net

 

32,883

 

33,671

Bank owned life insurance

 

108,010

 

104,716

Other assets (a)

 

273,420

 

251,809

Total assets

$

7,198,138

$

6,963,229

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:

Transaction accounts

$

1,717,873

$

5,224

 

0.61

%  

$

1,827,296

$

12,053

 

1.33

%  

Money market accounts

 

1,377,543

19,658

 

2.88

 

1,093,439

18,459

 

3.39

Time deposits

 

429,194

8,140

 

3.82

 

380,195

7,440

 

3.94

Reciprocal money market and time deposits

307,536

5,100

3.34

322,697

6,746

4.20

Brokered deposits

 

229,563

5,106

 

4.49

 

302,915

8,071

 

5.36

Total interest-bearing deposits

 

4,061,709

 

43,228

 

2.15

 

3,926,542

 

52,769

 

2.70

SSUARs and other short-term borrowings

 

98,202

 

277

 

0.57

 

95,459

 

262

 

0.55

Federal Home Loan Bank advances

 

444,972

 

9,646

 

4.37

 

420,907

 

9,846

 

4.70

Total interest-bearing liabilities

 

4,604,883

 

53,151

 

2.33

 

4,442,908

 

62,877

 

2.85

Noninterest-bearing liabilities and Stockholders’ equity:

Noninterest-bearing deposits

 

1,406,890

 

1,428,455

Other liabilities

 

147,103

 

148,472

Stockholders’ equity

 

1,039,262

 

943,394

Total liabilities and stock-holders’ equity

$

7,198,138

$

6,963,229

Net interest income

$

178,890

$

165,455

Net interest spread

 

4.73

%  

 

4.23

%  

Net interest margin

 

5.44

%  

 

5.13

%  

a)For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.
b)Interest income for TRS RAs and RCS LOC products is composed entirely of loan fees.
c)Average balances for loans include the principal balance of nonaccrual loans and loans HFS, and are inclusive of all loan premiums, discounts, fees and costs.
d)See table 8 for detail of loan fees by reporting segment.

86

Table of Contents

The following table illustrates loan fees recorded as interest income on loans, by segment, for the six months ended June 30, 2025, and 2024.

Table 8 — Loan Fee Income

Six months ended June 30, 

(dollars in thousands)

2025

2024

Traditional Banking

$

2,658

$

2,647

Warehouse Lending

679

585

Total Core Bank

3,337

3,232

TRS

33,700

36,627

RCS

24,671

22,644

Total RPG

58,371

59,271

Total loan fees - Total Company

$

61,708

$

62,503

The following table illustrates the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities impacted Republic’s interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.

Table 9 — Total Company Volume/Rate Variance Analysis

Six Months Ended June 30, 2025

Compared to

Six Months Ended June 30, 2024

Total Net

Increase / (Decrease) Due to

(in thousands)

Change

    

Volume

    

Rate

Interest income:

Federal funds sold and other interest-earning deposits

$

964

$

3,497

$

(2,533)

Investment securities, including FHLB stock

1,077

(760)

1,837

TRS Refund Advance loans*

(2,078)

(2,533)

455

RCS LOC products

2,027

2,264

(237)

Other RPG loans

 

(1,802)

 

(412)

 

(1,390)

Outstanding Warehouse lines of credit

1,976

4,118

(2,142)

Traditional Bank loans

 

1,545

 

(1,293)

 

2,838

Net change in interest income

 

3,709

 

4,881

 

(1,172)

Interest expense:

Transaction accounts

 

(6,829)

 

(677)

(6,152)

Money market accounts

 

1,199

 

4,309

(3,110)

Time deposits

 

700

 

933

(233)

Reciprocal money market and time deposits

(1,646)

 

(302)

(1,344)

Brokered deposits

(2,965)

(2,028)

 

(937)

SSUARs and other short-term borrowings

 

15

 

7

8

Federal Home Loan Bank advances

 

(200)

 

542

 

(742)

Net change in interest expense

 

(9,726)

 

2,784

 

(12,510)

Net change in net interest income

$

13,435

$

2,097

$

11,338

* Since interest income for RAs is composed entirely of loan fees and RAs are only offered during the first two months of each year, volume and rate measurements for this product are not a meaningful metric for the periods presented above.

87

Table of Contents

Provision

Total Company Provision was a net charge of $19.5 million for the first six months of 2025 compared to a net charge of $35.8 million for the same period in 2024.

The following were the most significant components comprising the Company’s Provision by reportable segment:

Traditional Banking segment

The Traditional Banking Provision during the first six months of 2025 was a net credit of $252,000 compared to a net charge of $1.3 million for the first six months of 2024. An analysis of the Provision for the first six months of 2025 compared to the same period in 2024 follows:

For the first six months of 2025, the net credit of $252,000 to the Provision for the Traditional Bank primarily reflected the following:

In the second quarter of 2025, as a practical expedient, the Company established a minimum loan balance threshold in assessing credits for impairment resulting in a $518,000 credit to Provision.

During the first quarter of 2025, approximately $5 million of consumer credit cards were reclassified from held for investment into HFS, which generated a credit to Provision of $414,000. The consumer credit card sale was completed during the second quarter of 2025.

While loan balances at the Traditional Bank increased slightly, or $13 million, during the first six months of 2025, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements.

The Traditional Bank recorded net charge-offs of $449,000 during the first six months of 2025.

For the first six months of 2024, the net charge of $1.3 million to the Provision for the Traditional Bank primarily reflected the following:

The Traditional Bank recorded a net charge to the Provision of $860,000 during the first six months of 2024 related to general formula reserves applied to Traditional Bank loans. While loan balances at the Traditional Bank decreased by $29 million during the first six months of 2024, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving the Provision fluctuation for the period.

The Traditional Bank recorded net charge-offs of $412,000 during the first six months of 2024.

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.29% as of June 30, 2025, compared to 1.31% as of December 31, 2024, and 1.30% as of June 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Traditional Banking loan losses as of June 30, 2025.

See the sections titled “Allowance for Credit Losses on Loans” and “Asset Quality” in this section of the filing under “Comparison of Financial Condition” for additional discussion regarding the Provision and the Bank’s credit quality.

Warehouse Lending segment

Warehouse recorded a net charge to the Provision of $302,000 for the first six months of 2025 compared to a net charge of $523,000 for the same period in 2024. Provision for both periods reflected changes in general reserves consistent with changes in outstanding period-end balances. Outstanding Warehouse period-end balances increased $121 million during the first six months of 2025 compared to an increase of $209 million during the first six months of 2024.

As a percentage of total Warehouse outstanding balances, the Warehouse ACLL was 0.25% as of June 30, 2025, December 31, 2024, and June 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Warehouse loan losses as of June 30, 2025.

88

Table of Contents

Tax Refund Solutions segment

TRS recorded a net charge to the Provision of $11.5 million during the first six months of 2025 compared to a net charge of $24.6 million for the same period in 2024.

ERAs/RAs related to the first quarter 2025 tax filing season were only originated during December of 2024 and the first two months of 2025, while ERAs/RAs related to the first quarter 2024 tax filing season were only originated during December of 2023 and the first two months of 2024. As is the case each year, as of March 31st the ACLL related to ERAs/RAs represented an estimate to be finalized on June 30th when all uncollected ERAs/RAs are ultimately charged-off. ERAs/RAs collected during the second half of each year are recorded as recoveries of previously charged-off loans unless they are covered under a loss guaranty arrangement. Any ERAs subject to a loss guaranty arrangement that are recovered during the second half of the year would be distributed to the guarantor.

During the fourth quarter of 2024, the Company revised its agreement with its largest third-party marketer-servicer for ERAs/RAs for the 2025 Tax Season. In addition to a new loss cap guarantee specific to ERAs for the 2025 Tax Season, the fee specific to ERAs for the 2025 Tax Season was increased with the fee applicable to in-season RAs for the 2025 Tax Season being reduced.

Total ERA/RA volume for the 2025 tax filing season totaled $801 million, representing a $73 million, or 8%, decline from the $874 million originated for the 2024 tax filing season. RA origination volume totaled $663 million during the first six months of 2025 compared to $771 million for the first six months of 2024. ERA origination volume totaled $139 million during the fourth quarter of 2024 related to the anticipated filing of tax returns for the upcoming first quarter 2025 tax filing season compared to $103 million during the fourth quarter of 2023 related to the anticipated filing of tax returns for the first quarter of 2024.

The lower Provision during the first six months of 2025 compared to the same period in 2024 related to the following factors:

The fee structure changes, and total ERA/RA volume decline detailed above;

A significant improvement in payments received from the U.S. Treasury to fund federal tax refunds for the first quarter 2025 tax filing season; and

TRS recorded a larger percentage of its total ERA Provision during the fourth quarter of 2024 than it did for ERAs during the fourth quarter of 2023, effectively leading to a lower Provision during the first six months of 2025 than the first six months of 2024. TRS recorded a larger percentage of its total ERA Provision during the fourth quarter of 2024 versus the fourth quarter of 2023 due to the final loss rate realized from the ERAs originated December 2023, with that final loss rate applied to the ERAs originated during December 2024 in the Company’s fourth quarter 2024 ACLL calculation.

As of June 30, 2025, TRS’s incurred loss rate related to unguaranteed loans associated with the first quarter 2025 tax filing season was 2.81% of the $801 million total originations. In-line with its customary June 30th charge-off policy for TRS loans, the Company completely charged-off all remaining unpaid ERAa/RAs as of June 30, 2025, with approximately $2.3 million of loans expected to be recovered under loan-loss guarantee arrangements with Tax Providers recorded as receivables in other assets on the balance sheet.

As of June 30, 2024, TRS’s incurred loss rate related to unguaranteed loans associated with the first quarter 2024 tax filing season was 3.30% of the $874 million of total originations. In June 2024, the Company charged off all unpaid TRS loans which equated to 3.22% of total originations. The final loss rate of unguaranteed RAs/ERAs for the 2024 Tax Season was 2.81% of originations.

See additional detail regarding the ERA/RA products under Footnote 4 “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements.”

Republic Credit Solutions segment

As illustrated in the following table, RCS recorded a net charge to the Provision of $8.0 million during the first six months of 2025 compared to a net charge to the Provision of $9.4 million for the same period in 2024. RCS recorded net charge-offs of $7.9 million during the first six months of 2025 compared to net charge-offs of $8.2 million during the first six months of 2024.

RCS ending loan balances decreased by $10 million during the first six months of 2025, entirely related to the healthcare receivables programs. During the first six months of 2024, loan balances decreased by $6 million also led by the healthcare receivables programs.

89

Table of Contents

While RCS loans generally return higher yields, they also present a greater credit risk than Traditional Banking loan products. As a percentage of total RCS loans, the RCS ACLL was 17.67% as of June 30, 2025, 16.30% as of December 31, 2024, and 15.44% as of June 30, 2024. The RCS segment has continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher ACLL for the first six months of 2025. The Company believes, based on information presently available, that it has adequately provided for RCS loan losses as of June 30, 2025.

The following table presents net charges to the RCS Provision by product:

Table 10 — Republic Credit Solutions Provision by Product

Six Months Ended June 30, 

(dollars in thousands)

2025

2024

$ Change

% Change

Product:

Lines of credit

$

7,975

$

9,395

$

(1,420)

(15)

%

Healthcare receivables

(25)

(18)

(7)

39

Total

$

7,950

$

9,377

$

(1,427)

(15)

%

90

Table of Contents

Table 11 — Summary of Loan and Lease Loss Experience

Six Months Ended

June 30, 

(dollars in thousands)

2025

2024

ACLL at beginning of period

$

91,978

$

82,130

Charge-offs:

Traditional Banking:

Residential real estate

(29)

 

(52)

Commercial & industrial

 

(18)

 

Lease financing receivables

 

(138)

 

(58)

Consumer

(556)

(604)

Total Traditional Banking

(741)

(714)

Warehouse lines of credit

 

 

Total Core Banking

(741)

(714)

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

(24,893)

 

(32,556)

Other TRS commercial & industrial loans

(165)

 

(137)

Republic Credit Solutions

(8,638)

 

(8,860)

Total Republic Processing Group

(33,696)

(41,553)

Total charge-offs

 

(34,437)

 

(42,267)

Recoveries:

Traditional Banking:

Residential real estate

63

80

Commercial real estate

 

3

 

23

Commercial & industrial

 

 

2

Lease financing receivables

 

22

 

22

Home equity

 

27

 

1

Consumer

177

174

Total Traditional Banking

292

302

Warehouse lines of credit

 

 

Total Core Banking

292

302

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

3,699

 

4,067

Other TRS commercial & industrial loans

3

 

44

Republic Credit Solutions

730

 

640

Total Republic Processing Group

4,432

4,751

Total recoveries

 

4,724

 

5,053

Net loan charge-offs

 

(29,713)

 

(37,214)

Provision - Core Banking

 

50

 

1,802

Provision - RPG

 

19,445

 

33,969

Total Provision

 

19,495

 

35,771

ACLL at end of period

$

81,760

$

80,687

Credit Quality Ratios - Total Company:

ACLL to total loans

 

1.52

%  

 

1.53

%  

ACLL to nonperforming loans

 

378

 

393

Net loan charge-offs to average loans

 

1.11

 

1.40

Credit Quality Ratios - Core Banking:

ACLL to total loans

 

1.16

%  

 

1.19

%  

ACLL to nonperforming loans

 

282

 

308

Net loan charge-offs to average loans

0.02

0.02

91

Table of Contents

Table 12 — Annualized Net Loan Charge-offs (Recoveries) to Average Loans by Loan Category

Net Loan Charge-Offs (Recoveries) to Average Loans

Six Months Ended

June 30, 

2025

2024

Traditional Banking:

Residential real estate:

Owner occupied

(0.01)

%  

%  

Nonowner occupied

Commercial real estate:

Owner-occupied

Nonowner-occupied

Multi-Family

Construction & land development

Commercial & industrial

0.01

Lease financing receivables

0.25

0.08

Aircraft

Home equity

Consumer:

Credit cards

0.58

1.28

Overdrafts

83.63

74.84

Automobile loans

(1.41)

(0.43)

Other consumer

0.07

0.44

Total Traditional Banking

0.02

0.02

Warehouse lines of credit

Total Core Banking

0.02

0.02

Republic Processing Group:

Tax Refund Solutions:

Refund Advances*

27.34

34.58

Other TRS loans

1.34

0.78

Republic Credit Solutions

12.56

12.19

Total Republic Processing Group

19.18

22.76

Total

1.11

%  

1.40

%  

*     All loss rates above are based on net charge-offs as a function of average outstanding portfolio balances. RAs are originated during the first two months of each year, with all RAs charged-off by June 30th of each year. Due to their relatively short life, RA net charge-offs are typically analyzed by the Company as a percentage of total RA originations, not as a percentage of average outstanding balances.

The Company’s net charge-offs to average total Company loans decreased from 1.40% during the first six months of 2024 to 1.11% during the first six months of 2025, with net charge-offs decreasing $7.5 million, or 20%, and average total Company loans increasing $49 million, or 1% over the same periods. As discussed in more detail above, the decrease in net charge-offs was primarily driven by a $7.3 million decrease in period-over-period net charge-offs within the Company’s TRS segment related to significantly better payments received from the U.S. Treasury to pay off ERAs/RAs during the 2025 tax season.

92

Table of Contents

Noninterest Income

Total Company noninterest income increased $9.1 million, or 22%, during the first six months of 2025 compared to the same period in 2024.

The following were the most significant components comprising the total Company’s noninterest income by reportable segment:

Traditional Banking segment

Traditional Banking’s noninterest income increased $7.5 million, or 41%, for the first six months of 2025 compared to the same period in 2024, driven by the following:

Mortgage Banking income increased $1.8 million from the first six months of 2024 to the first six months of 2025. Approximately $1.0 million of the increase was the result of a negative fair value adjustment recorded during the first quarter of 2024 related to $67 million of correspondent loans that were re-designated from held for investment to HFS during the period. The remaining $800,000 increase related to a $20 million increase in the volume of fixed rate loans that were sold into the secondary market during the first six months of 2025 compared to the first six months of 2024 in addition to better pricing received on loans sold, especially during the second quarter.

The Traditional Bank recorded a $4.1 million gain on sale of Visa Class B-1 shares during the first quarter of 2025. The Visa Class B-1 common stock was issued to Visa’s U.S. member banks during 2008 in connection with a reorganization and Initial Public Offering.

The Traditional Bank recorded a $1.6 million insurance recovery during the first quarter of 2025 related to a $1.9 million charge-off recorded during the third quarter of 2024.

The Traditional Bank also earns a substantial majority of its fee income related to its overdraft service program from the per item fee it assesses its customers for each insufficient-funds check or electronic debit presented for payment. The total per item fees, net of refunds, included in service charges on deposits for the six months ended June 30, 2025, and 2024 were $3.5 million and $3.5 million. The total daily overdraft charges, net of refunds, included in interest income for the six months ended June 30, 2025, and 2024 were $582,000 and $599,000.

Tax Refund Solutions segment

TRS’s noninterest income increased $1.9 million, or 13%, during the first six months of 2025 compared to the same period in 2024 with RT fees representing the majority of noninterest income for each period. Total RT fees increased $1.8 million during these periods, consistent with a 30% increase in the net revenue earned for each RT product, which more than offset a 5% decline in funded RT volume. The better per-unit profitability was generally brought about by a select increase in prices for the product combined with a minimal change in the revenue being shared.

For factors affecting the comparison of the TRS results of operations for the first six months of 2025 and the first six months of 2024, see section titled “OVERVIEW (Six Months Ended March 31, 2025, Compared to Six Months Ended March 31, 2024) - Tax Refund Solutions.”

Noninterest Expense

Total Company noninterest expense increased $9.2 million, or 9%, during the first six months of 2025 compared to the same period in 2024.

The following were the most significant components comprising the increase in noninterest expense by reportable segment:

Traditional Banking segment

Traditional Bank noninterest expense increased $11.4 million, or 14%, for the first six months of 2025 compared to the same period in 2024. The following drove the change in noninterest expense:

Salaries and employee benefits increased by a combined $2.9 million, or 6%, driven by a $1.7 million increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for the first six months of 2025 were attributable to an increased

93

Table of Contents

probability of a larger bonus payout for the year based on the Company’s strong operating results. Additionally, elevated health insurance claims activity during the first six months of 2025 led to a $771,000 increase in employee benefits expense.

Technology, equipment and communication expenses increased $2.0 million, or 16%, over the first six months of 2024. The increase in Technology expense was driven by enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system. Management expects to incur a net benefit in technology and communication costs in the future as a result of the new call center management system.

The Traditional Bank recorded $5.9 million of expense during the six months of 2025 for Core Contract deconversion and consulting fees, with $5.7 million of the expense recorded during the first quarter of 2025. Approximately $1.8 million of this expense was related to data conversion and secondary system migration costs in preparation for the conversion to the new Core. Approximately $4.1 million of the expense related to contract negotiation assistance from a third-party consultant determined based on a percentage of anticipated savings over the five-year term of the new contract. Republic projects total savings in excess of $16 million over the contract’s five-year term. The Company is currently targeting the fourth quarter of 2025 to launch a new core system.

Republic Credit Solutions segment

Noninterest expense at the RCS segment decreased $1.7 million, or 23%, during the first six months of 2025 compared to the same period in 2024. The most notable items driving this increase were in the LOC II product, including a $282,000 increase in third-party servicing costs for growth in the product and a $2.0 million decrease in marketing and development expenses. Approximately $763,000 of the marketing and development expense decline related to reimbursement for a prior period billing dispute.

94

Table of Contents

COMPARISON OF FINANCIAL CONDITION AS OF JUNE 30, 2025, AND DECEMBER 31, 2024

Cash and Cash Equivalents

Cash and cash equivalents include cash, deposits with other financial institutions with original maturities less than 90 days, and federal funds sold. Republic had $485 million in cash and cash equivalents as of June 30, 2025, compared to $432 million as of December 31, 2024. Comparing average balances for the first six months of 2025 and 2024, the Company had average interest-earning cash and cash equivalent balances of $570 million for the first six months of 2025 compared to $424 million for the first six months of 2024.

For cash held at the FRB, the Bank earns a yield on amounts more than required reserves. This cash earned a weighted-average yield of 4.45% during the first six months of 2025. For cash held within the Bank’s banking center and automated teller machine networks, the Bank does not earn interest.

Investment Securities

Table 13 — Purchases of Investment Securities

    

Six Months Ended June 30, 2025

Purchase

Yield to

Estimated Weighted

(dollars in thousands)

Cost

Maturity

Average Life

Purchases by Class for the Three Months Ended March 31, 2025

U.S. Government Agencies

$

55,000

5.01

%

4.86

yrs

Mortgage-backed securities - residential

79,584

5.20

5.53

Total

$

134,584

5.12

5.26

yrs

Purchases by Class for the Three Months Ended June 30, 2025

U.S. Government Agencies

$

35,000

4.71

%

3.00

yrs

Mortgage-backed securities - residential

149,198

5.11

3.62

Total

$

184,198

5.04

3.50

yrs

Total Purchases for the Six Months Ended June 30,  2025

$

318,782

5.07

%

3.77

yrs

Republic’s total investment portfolio increased $116 million, or 20%, from December 31, 2024, to June 30, 2025. The increase was driven by $319 million of securities purchases, partially offset by $211 million in calls and maturities of debt securities and paydowns on MBS. During 2025, the Company began buying MBS investment securities with longer durations, as a result of a more favorable yield curve and the more attractive yield for these longer-duration securities above the overnight cash yield.

The Company’s overall investment management strategy for the remainder of 2025 and beyond will be dependent upon many factors including, but not limited to, the Company’s overall current and projected liquidity positions, its customers’ demand for its loans and deposit products, the Company’s overall interest rate risk position, the steepness of the yield curve and the overall interest rate environment at the time, as well as the projected interest rate environment for the near-term and the long-term.

Federal Home Loan Bank Stock

FHLB stock holdings were unchanged at $25 million at June 30, 2025, and December 31, 2024. FHLB members are required to hold certain levels of FHLB stock in relation to the amount of their borrowings, thus FHLB stock holdings will fluctuate consistently with borrowing activity from period to period.

95

Table of Contents

Loans

 

The composition of the loan portfolio follows:

Table 14 — Loan Portfolio Composition

(dollars in thousands)

    

    

June 30, 2025

    

December 31, 2024

$ Change

% Change

Traditional Banking:

Residential real estate:

Owner-occupied

$

1,031,898

$

1,032,459

$

(561)

(0)

%  

Nonowner-occupied

 

303,357

 

318,096

 

(14,739)

(5)

Commercial real estate:

 

Owner-occupied

650,771

 

659,216

 

(8,445)

(1)

Nonowner-occupied

818,367

 

840,517

 

(22,150)

(3)

Multi-Family

319,905

 

313,444

 

6,461

2

Construction & land development

 

258,817

 

244,121

 

14,696

6

Commercial & industrial

 

481,219

 

460,245

 

20,974

5

Lease financing receivables

 

96,547

 

93,304

 

3,243

3

Aircraft*

 

211,910

 

226,179

 

(14,269)

(6)

Home equity

 

387,599

 

353,441

 

34,158

10

Consumer:

Credit cards

10,315

 

16,464

 

(6,149)

(37)

Overdrafts

826

 

982

 

(156)

(16)

Automobile loans

916

 

1,156

 

(240)

(21)

Other consumer

9,705

 

9,555

 

150

2

Total Traditional Banking

4,582,152

4,569,179

12,973

0

Warehouse lines of credit*

 

671,773

 

550,760

 

121,013

22

Total Core Banking

5,253,925

5,119,939

133,986

3

Republic Processing Group*:

Tax Refund Solutions:

 

 

 

Refund Advances

 

 

138,614

 

(138,614)

(100)

Other TRS commercial & industrial loans

95

52,180

(52,085)

(100)

Republic Credit Solutions

 

119,000

 

128,733

 

(9,733)

(8)

Total Republic Processing Group

 

119,095

 

319,527

 

(200,432)

(63)

Total loans**

5,373,020

5,439,466

(66,446)

(1)

Allowance for credit losses

 

(81,760)

 

(91,978)

 

10,218

(11)

Total loans, net

$

5,291,260

$

5,347,488

$

(56,228)

(1)

*Identifies loans to borrowers located primarily outside of the Bank’s market footprint.

**Total loans are presented inclusive of premiums, discounts and net loan origination fees and costs.

Gross loans decreased by $66 million, or 1%, during the first six months of 2025 to $5.37 billion as of June 30, 2025. The most significant components comprising the change in loans by reportable segment follow:

Traditional Banking segment

Period-end Traditional Banking loan balances increased $13 million from December 31, 2024, to June 30, 2025, highlighted by increased LOC usage within the HELOC and C&I portfolios. During March 2025, the Company reached an agreement to sell approximately $5 million of consumer credit cards that were previously classified as held for investment. The sale of these credit cards was completed during the second quarter of 2025.

In addition, Management has continued to generally maintain a stricter pricing strategy across all loan types due to the at times less-favorable yield curve and elevated funding costs in the market. This stricter pricing strategy has continued to lead to slower overall origination volume across most product types. Management believes it will maintain a generally stricter pricing strategy as long as the

96

Table of Contents

yield curve remains inverted, or flat, and incremental funding costs remain elevated. It is possible a stricter pricing policy could cause loan payoffs and paydowns to outpace new originations, leading to a possible decline in the Traditional Bank’s loan balances during the remainder of 2025.

Warehouse Lending segment

Outstanding Warehouse period-end balances increased $121 million, or 22%, from December 31, 2024, to June 30, 2025, representing the highest level achieved since March of 2022. Average committed Warehouse lines of credit increased from $938 million for the year ended December 31, 2024, to $981 million during the six months ended June 30, 2025, with higher demand driving average usage rates for Warehouse lines of credit from 50% during to 52% for the respective periods.

Due to mortgage market volatility and seasonality, it is challenging to accurately project future outstanding balances of Warehouse lines of credit, however expansion within the portfolio has historically followed industry trends. Since its entrance into this business during 2011, the Bank has experienced volatility in the Warehouse portfolio consistent with overall demand for mortgage products. Weighted average quarterly usage rates on the Bank’s Warehouse lines of credit ranged from a low of 31% during the first quarter of 2023 to a high of 71% during the fourth quarter of 2019. On an annual basis, weighted-average usage rates on the Bank’s Warehouse lines of credit have ranged from a low of 39% during 2022 to a high of 66% during 2020.

Tax Refund Solutions segment

TRS loan balances as of December 31, 2024, included ERAs of $139 million originated during December 2024 and $52 million of Commercial-related loan balances to tax providers during the fourth quarter of 2024 to assist Tax Providers with their short-term cashflow needs. These balances paid down to $0 as of June 30, 2025, or were charged off in line with the Company’s charge-off policy.

Allowance for Credit Losses on Loans

As of June 30, 2025, the Bank maintained an ACLL for expected credit losses inherent in the Bank’s loan portfolio, which includes overdrawn deposit accounts. The Bank also maintained an ACLC for expected OBS credit exposure losses. Management evaluates the adequacy of the ACLL monthly, and the adequacy of the ACLC quarterly. All ACLs are presented and discussed with the Audit Committee and the Board of Directors quarterly.

The Company’s ACLL decreased to $82 million at June 30, 2025, compared to $92 million at December 31, 2024, with the total Company ACLL percent of total loans decreased to 1.52% as of June 30, 2025, compared to 1.69% as of December 31, 2024. An analysis of the ACLL by reportable segment follows:

Traditional Banking segment

While loan balances at the Traditional Bank increased slightly, or $13 million, during the first six months of 2025, the ACLL decreased $701,000 to $59 million as of June 30, 2025. In the second quarter of 2025, as a practical expedient, the Company established a minimum loan balance threshold in assessing credits for impairment that resulted in a $518,000 reduction in both the ACLL and Provision.

Warehouse Lending segment

The Warehouse ACLL increased $302,000, or 22%, to $2 million, while Warehouse ACLL to total Warehouse loans remained at 0.25% when comparing June 30, 2025, to December 31, 2024. Outstanding Warehouse period-end balances increased $121 million, or 22%, from December 31, 2024, to June 30, 2025, representing the highest level achieved since March of 2022. As of June 30, 2025, the Warehouse ACLL was entirely qualitative in nature with no adjustments to the qualitative reserve percentage required for the first six months of 2025.

97

Table of Contents

Tax Refund Solutions segment

The TRS ACLL decreased $10 million from December 31, 2024, to $0 as of June 30, 2025, with this decrease driven by the June 30, 2025, charge-off of all unpaid ERAs and Commercial-related loan balances to tax providers originated in December 2024.

Republic Credit Solutions segment

The RCS ACLL increased $42,000 to $21 million as of June 30, 2025, driven by an increase in the RCS LOC II spot loan balances and a change in the RCS loan mix as the outstanding RCS LOC I and healthcare receivables spot loan balances decreased.

RCS maintained an ACLL for two distinct credit products offered as of June 30, 2025, including its LOC products and its healthcare receivables products. As of March 31, 2025, the ACLL to total loans estimated for each RCS product ranged from as low as 0.25% for its healthcare receivables products to as high as 70.63% for its LOC products. The lower reserve percentage of 0.25% was provided for RCS’s healthcare receivables, as such receivables have recourse back to the third-party providers.

The following table sets forth management’s allocation of the ACLL by loan class. The ACLL allocation is based on management’s assessment of economic conditions, historical loss experience, forecasting for unemployment and vacancy rates, and various other life-of-loan and forecast considerations, as well as qualitative factors.

Table 15 — Management’s Allocation of the Allowance for Credit Losses on Loans

June 30, 2025

December 31, 2024

    

Percent of

    

    

Percent of

    

Percent of

    

    

Percent of

Loans to

ACLL to

Loans to

ACLL to

Total

Total

Total

Total

(dollars in thousands)

  

ACLL

Loans*

Loan Class

  

ACLL

Loans*

Loan Class*

Traditional Banking:

Residential real estate:

Owner-occupied

$

10,626

19

%  

1.03

%  

$

10,849

 

20

%  

 

1.05

%

Nonowner-occupied

 

3,883

6

1.28

 

4,140

 

6

 

1.30

Commercial real estate

 

Owner-occupied

7,143

12

1.10

7,425

12

1.13

Nonowner-occupied

11,952

15

1.46

12,474

16

1.48

Multi-Family

2,751

6

0.86

2,657

6

0.85

Total commercial real estate

21,846

33

1.22

22,556

 

34

 

1.24

Construction & land development

 

8,725

5

3.37

 

8,227

 

4

 

3.37

Commercial & industrial

2,455

9

0.51

2,527

8

0.55

Lease financing receivables

983

2

1.02

1,117

2

1.20

Aircraft

530

4

0.25

565

4

0.25

Home equity

8,106

7

2.09

7,378

6

2.09

Consumer:

Credit cards

990

9.60

1,379

8.38

Overdrafts

656

79.42

724

73.73

Automobile loans

2

0.22

11

0.95

Other consumer

253

2.61

283

2.96

Total Traditional Banking

59,055

85

1.29

59,756

84

1.31

Warehouse lines of credit

1,676

13

0.25

1,374

10

0.25

Total Core Banking

60,731

98

1.16

61,130

94

1.19

Republic Processing Group:

Tax Refund Solutions:

 

 

Refund Advances

 

 

9,793

 

3

 

7.06

Other TRS commercial & industrial loans

 

 

68

 

1

 

0.13

Republic Credit Solutions

21,029

2

17.67

20,987

2

16.30

Total Republic Processing Group

21,029

2

17.66

30,848

6

9.65

Total

$

81,760

100

1.52

$

91,978

 

100

 

1.69

* Values of less than 50 basis points are rounded down to zero.

98

Table of Contents

Asset Quality

Classified and Special Mention Loans

The Bank applies credit quality indicators, or ratings, to individual loans based on internal Bank policies. Such internal policies are informed by regulatory standards. Loans rated “Loss,” “Doubtful,” “Substandard,” and PCD-Substandard are considered “Classified.” The Bank’s Classified loans increased by $21 million while Special Mention loans decreased approximately $31 million during the first six months of 2025.

In the second quarter of 2025, the Company downgraded a $22 million hospitality relationship from Special Mention to Substandard based on the overall performance of the underlying operations. Based on the value of the collateral securing the relationship and current exit strategy, no future loss is currently expected. The Company does not have a material concentration of hospitality credits.

See Footnote 4 “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” for additional discussion regarding Classified and Special Mention loans.

Table 16 — Classified and Special Mention Loans

(dollars in thousands)

    

June 30, 2025

    

December 31, 2024

$ Change

% Change

Loss

$

$

$

%

Doubtful

 

 

Substandard

 

49,148

 

27,350

21,798

80

PCD - Substandard

 

904

 

1,378

(474)

(34)

Total Classified Loans

 

50,052

 

28,728

21,324

74

Special Mention

 

23,341

 

53,924

(30,583)

(57)

PCD - Special Mention

 

 

359

(359)

(100)

Total Special Mention Loans

 

23,341

 

54,283

(30,942)

(57)

Total Classified and Special Mention Loans

$

73,393

$

83,011

$

(9,618)

(12)

%

Nonperforming Loans

Nonperforming loans include loans on nonaccrual status and loans past due 90-days-or-more and still accruing. Nonperforming loans to total loans decreased to 0.40% as of June 30, 2025, from 0.42% as of December 31, 2024, as the total balance of nonperforming loans decreased by $1 million, or 5%, while total loans decreased $66 million during the first six months of 2025.

The ACLL to total nonperforming loans decreased to 378% as of June 30, 2025, from 404% as of December 31, 2024, as the total ACLL decreased $10 million and the balance of nonperforming loans decreased by $1 million.

99

Table of Contents

Table 17 — Nonperforming Loans and Nonperforming Assets Summary

(dollars in thousands)

    

June 30, 2025

    

December 31, 2024

    

Loans on nonaccrual status*

$

21,537

$

22,619

Loans past due 90-days-or-more and still on accrual**

 

105

 

141

Total nonperforming loans

 

21,642

 

22,760

Other real estate owned

 

1,054

 

1,160

Total nonperforming assets

$

22,696

$

23,920

Credit Quality Ratios - Total Company:

ACLL to total loans

1.52

%  

1.69

%

Nonaccrual loans to total loans

0.40

0.42

ACLL to nonperforming loans

378

404

Nonperforming loans to total loans

 

0.40

 

0.42

Nonperforming assets to total loans (including OREO)

 

0.42

 

0.44

Nonperforming assets to total assets

 

0.33

 

0.35

Credit Quality Ratios - Core Bank:

ACLL to total loans

 

1.16

%  

1.19

%

Nonaccrual loans to total loans

0.41

0.44

ACLL to nonperforming loans

282

270

Nonperforming loans to total loans

 

0.41

0.44

Nonperforming assets to total loans (including OREO)

 

0.43

 

0.46

Nonperforming assets to total assets

 

0.35

 

0.39

*

Loans on nonaccrual status include collateral-dependent loans. See Footnote 4 “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” for additional discussion regarding collateral-dependent loans.

**

Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.

Table 18 — Nonperforming Loan Composition

June 30, 2025

December 31, 2024

Percent of

Percent of

   

Total

Total

(dollars in thousands)

Balance

Loan Class

Balance

Loan Class

   

Traditional Banking:

Residential real estate:

   

Owner-occupied

   

$

17,095

1.66

%  

  

$

17,331

1.68

%  

Nonowner-occupied

 

   

 

54

0.02

 

81

0.03

Commercial real estate:

 

   

 

 

Owner-occupied

706

0.11

424

0.06

Nonowner-occupied

799

0.10

Multi-Family

Construction & land development

 

   

 

 

Commercial & industrial

 

   

 

635

0.13

 

860

0.19

Lease financing receivables

 

   

 

91

0.09

 

147

0.16

Aircraft

 

56

0.02

Home equity

 

   

 

2,953

0.76

  

 

2,359

0.67

Consumer:

   

Credit cards

Overdrafts

Automobile loans

3

0.33

5

0.43

Other consumer

557

5.83

Total Traditional Banking

21,537

0.47

22,619

0.50

Warehouse lines of credit

 

   

 

 

Total Core Banking

21,537

0.41

22,619

0.44

Republic Processing Group:

Tax Refund Solutions:

 

   

 

 

Refund Advances

 

   

 

 

Other TRS commercial & industrial loans

Republic Credit Solutions

 

   

 

105

0.09

 

141

0.11

Total Republic Processing Group

   

 

105

0.09

 

141

0.04

   

Total nonperforming loans

   

$

21,642

0.40

%  

$

22,760

0.42

%  

   

100

Table of Contents

Table 19 — Stratification of Nonperforming Loans

Number of Nonperforming Loans and Recorded Investment

 

    

    

    

    

Balance

    

    

    

    

 

Balance

> $100 &

Balance 

Total

 

June 30, 2025 (dollars in thousands)

No.

<= $100

No.

<= $500

No.

> $500

No.

Balance

 

 

 

 

 

Traditional Banking:

Residential real estate:

Owner-occupied

 

137

$

4,887

 

69

$

10,381

 

2

$

1,827

 

208

$

17,095

Nonowner-occupied

 

2

 

54

 

 

 

 

 

2

 

54

Commercial real estate:

 

 

 

 

 

 

 

 

Owner-occupied

2

706

 

2

 

706

Nonowner-occupied

 

 

Multi-Family

 

 

Construction & land development

 

 

 

 

 

 

 

 

Commercial & industrial

 

2

 

19

 

2

 

616

 

 

 

4

 

635

Lease financing receivables

 

5

 

91

 

 

 

 

 

5

 

91

Aircraft

 

 

 

 

 

 

 

Home equity

 

44

 

1,488

 

9

 

1,465

 

 

 

53

 

2,953

Consumer:

Credit cards

 

 

 

 

 

 

 

 

Overdrafts

 

 

 

 

 

 

 

Automobile loans

1

 

3

 

 

 

 

 

1

 

3

Other consumer

 

 

Total Traditional Banking

191

6,542

82

13,168

2

1,827

275

21,537

Warehouse lines of credit

 

 

 

 

 

 

 

 

Total Core Banking

191

6,542

82

13,168

2

1,827

275

21,537

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

 

Other TRS commercial & industrial loans

 

Republic Credit Solutions

NM

105

NM

 

105

Total Republic Processing Group

NM

105

NM

105

Total

 

191

$

6,647

 

82

$

13,168

 

2

$

1,827

 

275

$

21,642

Number of Nonperforming Loans and Recorded Investment

 

    

    

    

    

Balance

    

    

    

    

 

Balance

> $100 &

Balance 

Total

 

December 31, 2024 (dollars in thousands)

No.

<= $100

No.

<= $500

No.

> $500

No.

Balance

 

Traditional Banking:

Residential real estate:

Owner-occupied

 

140

$

5,119

 

65

$

10,247

 

2

$

1,965

 

207

$

17,331

Nonowner-occupied

 

3

 

81

 

 

 

 

 

3

 

81

Commercial real estate:

 

 

 

 

 

 

 

 

Owner-occupied

2

424

2

424

Nonowner-occupied

1

275

1

524

2

799

Multi-Family

Construction & land development

 

 

 

 

 

 

 

 

Commercial & industrial

 

4

 

182

 

2

 

678

 

 

 

6

 

860

Lease financing receivables

 

 

 

1

 

147

 

 

 

1

 

147

Aircraft

1

 

56

 

 

 

 

 

1

 

56

Home equity

 

37

 

1,288

 

7

 

1,071

 

 

 

44

 

2,359

Consumer:

Credit cards

 

 

 

 

 

 

 

 

Overdrafts

 

 

 

 

 

 

 

Automobile loans

1

 

5

 

 

 

 

 

1

 

5

Other consumer

2

57

 

1

556

3

 

613

Total Traditional Banking

188

6,788

78

12,842

4

3,045

270

22,675

Warehouse lines of credit

 

 

 

 

 

 

 

 

Total Core Banking

188

6,788

78

12,842

4

3,045

270

22,675

Republic Processing Group:

Tax Refund Solutions:

Refund Advances

 

Other TRS commercial & industrial loans

 

Republic Credit Solutions

1

141

1

 

141

Total Republic Processing Group

1

141

1

141

Total

 

188

$

6,788

 

79

$

12,983

 

4

$

3,045

 

271

$

22,816

101

Table of Contents

Table 20 — Roll-forward of Nonperforming Loans

    

Three Months Ended

    

Six Months Ended

 

June 30, 

June 30, 

(in thousands)

2025

2024

2025

2024

    

Nonperforming loans at the beginning of the period

$

22,850

$

21,374

$

22,760

$

20,618

Loans added to nonperforming status during the period that remained nonperforming at the end of the period

 

1,862

 

2,978

 

4,111

 

4,656

Loans removed from nonperforming status during the period that were nonperforming at the beginning of the period (see table below)

 

(2,518)

 

(1,902)

 

(4,191)

 

(2,573)

Principal balance paydowns of loans nonperforming at both period ends

(536)

(408)

(946)

(1,323)

Net change in principal balance of other nonperforming loans*

 

(16)

 

(1,501)

 

(92)

 

(837)

Nonperforming loans at the end of the period

$

21,642

$

20,541

$

21,642

$

20,541

*

Includes small consumer portfolios, e.g., RCS loans.

Table 21 — Detail of Loans Removed from Nonperforming Status

    

Three Months Ended

    

Six Months Ended

June 30, 

June 30, 

(in thousands)

    

2025

    

2024

    

2025

    

2024

Loans charged-off

$

$

$

$

(13)

Loans transferred to OREO

 

 

 

 

(169)

Loan payoffs and paydowns

 

(1,727)

 

 

(2,571)

 

(155)

Loans returned to accrual status

 

(791)

 

(1,902)

 

(1,620)

 

(2,236)

Total loans removed from nonperforming status during the period that were nonperforming at the beginning of the period

$

(2,518)

$

(1,902)

$

(4,191)

$

(2,573)

Based on the Bank’s review as of June 30, 2025, management believes that its reserves are adequate to absorb expected losses on all nonperforming loans.

Delinquent Loans

Total Company delinquent loans to total loans decreased to 0.36% as of June 30, 2025, from 0.38% as of December 31, 2024. Core Bank delinquent loans to total Core Bank loans decreased to 0.19% as of June 30, 2025, from 0.20% as of December 31, 2024. Except for small-dollar consumer loans, all Traditional Bank loans past due 90-days-or-more as of June 30, 2025, and December 31, 2024, were on nonaccrual status.

102

Table of Contents

Table 22 — Delinquent Loan Composition* 

June 30, 2025

December 31, 2024

Percent of

Percent of

Total

Total

(dollars in thousands)

    

Balance

Loan Class

Balance

Loan Class

Traditional Banking:

Residential real estate:

Owner-occupied

   

$

7,335

0.71

%  

   

$

7,015

0.68

%  

Nonowner-occupied

   

 

   

 

21

0.01

Commercial real estate:

   

 

   

 

Owner-occupied

263

0.04

244

0.04

Nonowner-occupied

275

0.03

Multi-Family

Construction & land development

   

 

   

 

Commercial & industrial

   

 

661

0.14

   

 

904

0.20

Lease financing receivables

114

0.12

75

0.08

Aircraft

Home equity

1,397

0.36

1,396

0.39

Consumer:

Credit cards

13

0.13

28

0.17

Overdrafts

123

14.89

173

17.62

Automobile loans

11

0.95

Other consumer

47

0.48

43

0.45

Total Traditional Banking

9,953

0.22

10,185

0.22

Warehouse lines of credit

Total Core Banking

9,953

0.19

10,185

0.20

Republic Processing Group:

   

 

Tax Refund Solutions:

   

 

Refund Advances

   

 

   

 

Other TRS commercial & industrial loans

   

 

   

 

Republic Credit Solutions

   

 

9,133

7.67

   

 

10,304

8.00

Total Republic Processing Group

   

 

9,133

7.67

   

 

10,304

3.22

   

   

Total delinquent loans

   

$

19,086

0.36

%  

   

$

20,489

0.38

%  

*     Represents total loans 30-days-or-more past due. Delinquent status may be determined by either the number of days past due or number of payments past due.

103

Table of Contents

Table 23 — Roll-forward of Delinquent Loans

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

Delinquent loans at the beginning of the period

$

17,313

$

21,412

$

20,489

$

22,092

Loans added to delinquency status during the period and remained in delinquency status at the end of the period

 

4,283

 

3,455

 

5,010

 

4,296

Loans removed from delinquency status during the period that were in delinquency status at the beginning of the period (see table below)

 

(3,192)

 

(1,866)

 

(5,029)

 

(2,438)

Principal balance paydowns of loans delinquent at both period ends

(111)

(99)

(187)

(716)

Net change in principal balance of other delinquent loans*

 

793

 

(3,619)

 

(1,197)

 

(3,951)

Delinquent loans at the end of period

$

19,086

$

19,283

$

19,086

$

19,283

*

Includes small consumer portfolios, e.g., RCS loans.

Table 24 — Detail of Loans Removed from Delinquent Status

    

Three Months Ended

Six Months Ended

June 30, 

June 30, 

(in thousands)

    

2025

    

2024

    

2025

    

2024

    

Loans charged-off

$

$

$

$

(15)

Loans transferred to OREO

 

 

 

 

(169)

Loan payoffs and paydowns

 

(475)

 

(360)

 

(1,631)

 

(426)

Loans paid current

 

(2,717)

 

(1,506)

 

(3,398)

 

(1,828)

Total loans removed from delinquency status during the period that were in delinquency status at the beginning of the period

$

(3,192)

$

(1,866)

$

(5,029)

$

(2,438)

Premises and Equipment

Premises and equipment are presented on the consolidated balance sheets net of related accumulated depreciation on the respective assets, as well as fair value adjustments associated with purchase accounting. Premises and equipment increased $4 million, or 13%, between December 31, 2024, and June 30, 2025. The Company’s branch network currently consists of 47 locations throughout Kentucky, Indiana, Florida, Ohio, and Tennessee.

Right-of-Use Assets and Operating Lease Liabilities

The Company records right-of-use assets for the underlying leased property. Operating lease liabilities represent the present value of its required minimum lease payments plus any amounts probable of being owed under a residual value guarantee.

Goodwill

At June 30, 2025, and December 31, 2024, the Company had $41 million in goodwill recorded on its balance sheet. Goodwill of $24 million is attributed to the 2023 CBank acquisition. Additionally, goodwill totaling $6 million and $10 million is attributed to the acquisitions of Cornerstone Community Bank and GulfStream Community Bank in 2016 and 2006, respectively. The acquisitions of Tennessee Commerce Bank and First Commercial Bank in 2012 resulted in bargain purchase gains.

Events that may trigger goodwill impairment include deterioration in economic conditions, a decline in market-dependent multiples or metrics (i.e., stock price declining below tangible book value), negative trends in overall financial performance and regulatory actions. At September 30, 2024, the Company performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

Bank Owned Life Insurance

BOLI assets increased $2 million, or 2%, to $109 million at June 30, 2025, compared to $107 million at December 31, 2024, the increase being attributed to general appreciation of the cash surrender values within the policy plans experienced during the first six months of 2025.

104

Table of Contents

Core Deposit Intangibles

CDIs arising from business acquisitions are initially measured at fair value and are then amortized on an accelerated method based on their useful lives. As of June 30, 2025, and December 31, 2024, the Company’s CDI assets totaled $1.7 million and $2.0 million, respectively.

Other Assets and Other Liabilities

Other assets increased $3.0 million, or 2%, to $200 million between December 31, 2024, and June 30, 2025. Other liabilities increased $7 million, or 7%, to $116 million over the same period. The increase in other assets stems from the largely offsetting impact of recording additional tax credit investment assets. The increase in other liabilities was driven largely by a reduction in various accrued liabilities, such as employee incentive compensation and other benefit-related accruals.

Deposits

Table 25 — Deposit Composition

(dollars in thousands)

    

June 30, 2025

    

December 31, 2024

$ Change

% Change

Core Bank:

Demand

$

1,132,866

$

1,166,517

$

(33,651)

(3)

%

Money market

 

1,387,704

 

1,295,024

92,680

7

Savings

 

228,469

 

238,596

(10,127)

(4)

Reciprocal money market

 

237,668

 

212,033

25,635

12

Individual retirement accounts (1)

 

35,042

 

34,543

499

1

Time deposits, $250 and over (1)

 

144,867

 

129,593

15,274

12

Other certificates of deposit (1)

 

275,271

 

239,643

35,628

15

Reciprocal time deposits (1)

75,104

80,016

(4,912)

(6)

Wholesale brokered deposits (1)

 

218,746

 

87,285

131,461

151

Total Core Bank interest-bearing deposits

3,735,737

3,483,250

252,487

7

Total Core Bank noninterest-bearing deposits

 

1,151,511

 

1,123,208

28,303

3

Total Core Bank deposits

 

4,887,248

 

4,606,458

280,790

6

Republic Processing Group:

Wholesale brokered deposits (1)

14,341

199,964

(185,623)

(93)

Interest-bearing prepaid card deposits

320,056

296,921

23,135

8

Money market accounts

24,089

22,647

1,442

6

Total RPG interest-bearing deposits

358,486

519,532

(161,046)

(31)

Noninterest-bearing prepaid card deposits

4,285

2,842

1,443

51

Other noninterest-bearing deposits

67,220

81,714

(14,494)

(18)

Total RPG noninterest-bearing deposits

71,505

84,556

(13,051)

(15)

Total RPG deposits

429,991

604,088

(174,097)

(29)

Total deposits

$

5,317,239

$

5,210,546

$

106,693

2

%

(1)Represents time deposits

Total deposits increased $107 million, or 2%, from December 31, 2024, to $5.32 billion as of June 30, 2025.

Total Core Bank deposits increased by $281 million, or 6%, from December 31, 2024. Within the Core Bank’s deposits, interest-bearing deposits increased $253 million and noninterest-bearing deposits increased $28 million.

Total Core Bank time deposits increased $178 million during the first six months of 2025, with $131 million of the increase attributed to a brokered CD with a 4.15% APY and 3-month maturity purchased in April for short-term liquidity purposes. In addition, consumer and money market accounts, which pay premium rates, increased $93 million, or 7% during the first six months of 2025, as the Core Bank continues to experience general migration from low and noninterest-bearing accounts to higher costing accounts.

While the Core Bank period-end noninterest-bearing deposits increased $28 million for the first six months of 2025, the average balances of Core Bank noninterest-bearing deposits for the first six months of 2025 decreased $27 million compared to the fourth quarter of 2024. Overall, the Core Bank’s noninterest-bearing deposits have experienced a general quarterly decline in balances dating back to the fourth quarter of 2022.

105

Table of Contents

RPG Deposits

Within RPG, period-end total deposit balances decreased $174 million, or 29%. Interest-bearing deposits at TRS declined $200 million due to the maturity of short-term brokered deposits used to partially fund RA and ERA loan volume for the 2025 Tax Season, while Prepaid card balances increased by approximately $12 million, or 3%, due primarily to growth in balances from the segment’s largest marketer-servicer.

As previously disclosed, RPS began sharing a sizable portion of the interest revenue it earns on its prepaid card balances with its prepaid card marketer-servicers during the first quarter of 2024. This revenue share is reported as interest expense on deposits. As a result, all prepaid card deposit balances subject to a revenue share arrangement will be reported as interest-bearing deposits on an on-going basis, as long as they remain subject to a revenue share arrangement. Conversely, for any periods reported prior to 2024, these deposits will remain noninterest-bearing as they were not subject to a revenue share arrangement during those periods.

Securities Sold Under Agreements to Repurchase and Other Short-term Borrowings

SSUARs are collateralized by securities and are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. All securities underlying the agreements are under the Bank’s control.

SSUARs decreased $31 million, or 30%, during 2025 to $72 million as of June 30, 2025. SSUARs represent large customer relationships deposited into the Bank that require security collateral above the $250,000 FDIC insurance limit of the Bank. Due to the size of the underlying relationships, large fluctuations in the underlying account balances from period to period are common.

Federal Home Loan Bank Advances

FHLB advances totaled $370 million as of June 30, 2025, compared to $395 million as of December 31, 2024. There were no overnight borrowings as of June 30, 2025, compared to $25 million as of December 31, 2024. The Company has utilized FHLB advances over the past year to partially fund its noninterest-bearing deposit outflow and overall loan growth.

As of June 30, 2025, the Company’s $370 million of FHLB advances had a weighted-average maturity of just over 3 years and a weighted-average cost of 4.35%, both including the impact of the related swaps. Overall use of FHLB advances during a given year is dependent upon many factors including asset growth, deposit growth, current earnings, and expectations of future interest rates, among others.

Interest Rate Swaps

The Bank enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments, the Bank enters into offsetting positions to minimize the Bank’s interest rate risk. These swaps are derivatives, but are not designated as hedging instruments, and therefore changes in fair value are reported in current year’s earnings.

In addition, as noted in the section above, the Company entered into $100 million of notional amount balance sheet related interest rate swaps during the second quarter of 2024 in order to take advantage of the more attractive long-term pricing resulting from the inverted yield.

See Footnote 11 “Interest Rate Swaps” of Part I Item 1 “Financial Statements” for additional discussion regarding the Bank’s interest rate swaps.

Liquidity

The Bank maintains sufficient liquidity to fund routine loan demand and routine deposit withdrawal activity. Liquidity is managed by maintaining sufficient liquid assets, primarily in the form of cash, cash equivalents, and unencumbered investment securities. Funding and cash flows can also be realized through deposit product promotions, the sale of AFS debt securities, principal paydowns on loans and mortgage-backed securities, and proceeds realized from loans HFS.

106

Table of Contents

Table 26 — Liquid Assets and Borrowing Capacity

The Bank’s liquid assets and borrowing capacity included the following:

(in thousands)

    

June 30, 2025

    

December 31, 2024

Cash and cash equivalents

$

484,808

$

432,151

Unencumbered debt securities

 

516,685

 

432,183

Total liquid assets

1,001,493

864,334

Available borrowing capacity with the FHLB

 

734,538

 

755,288

Available borrowing capacity with the FRB

 

46,759

 

45,880

Available borrowing capacity through unsecured credit lines

 

100,000

 

100,000

Total available borrowing capacity

881,297

901,168

Total liquid assets and available borrowing capacity

$

1,882,790

$

1,765,502

The Bank had a period-end loan-to-deposit ratio (excluding brokered deposits) of 106% as of June 30, 2025, and 111% as of December 31, 2024. Republic’s banking centers and its website, www.republicbank.com, provide access to retail deposit markets. These retail deposit products, if offered at attractive rates, have historically been a source of additional funding when needed. If the Bank were to lose a significant funding source, such as a few major depositors, or if any of its lines of credit were cancelled, or if the Bank cannot obtain brokered deposits, the Bank would be compelled to offer market leading deposit interest rates to meet its funding and liquidity needs.

As of June 30, 2025, the Bank had approximately $1.1 billion in deposits from 235 large non-sweep deposit relationships, including reciprocal deposits, where the individual relationship exceeded $2 million for a depositor’s taxpayer identification number. Total uninsured deposits for the Bank were $2.0 billion, or 37%, of total deposits as of June 30, 2025. The 20 largest non-sweep deposit relationships represented approximately $321 million, or 6%, of the Company’s total deposit balances as of June 30, 2025. These accounts do not require collateral; therefore, cash from these accounts can generally be utilized to fund the loan portfolio. If any of these balances were moved from the Bank, the Bank would likely utilize overnight borrowing lines in the short-term to replace the balances. On a longer-term basis, the Bank would likely utilize wholesale-brokered deposits to replace withdrawn balances, or alternatively, higher-cost internet-sourced deposits. Based on experience utilizing brokered deposits and internet-sourced deposits, the Bank believes it can quickly obtain these types of deposits if needed. The overall cost of gathering these types of deposits, however, could be substantially higher than the Traditional Bank deposits they replace, potentially decreasing the Bank’s earnings.

The Bank’s liquidity is impacted by its ability to sell certain investment securities, which is limited due to the level of investment securities that are needed to secure public deposits, SSUAR, FHLB advances, and for other purposes, as required by law. As of June 30, 2025, and December 31, 2024, these pledged investment securities had a fair value of $114 million and $152 million.

Capital

Total stockholders’ equity increased from $992 million as of December 31, 2024, to $1.1 billion as of June 30, 2025. The increase in stockholders’ equity was attributable to net income earned during the first six months of 2025 reduced primarily by cash dividends declared.

Common Stock The Class A Common shares are entitled to cash dividends equal to 110% of the cash dividend paid per share on 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 shares may be converted, at the option of the holder, to Class A Common shares on a share for share basis. The Class A Common shares are not convertible into any other class of Republic’s capital stock.

Dividend Restrictions — The Parent Company’s principal source of funds for dividend payments are dividends received from RB&T. Banking regulations limit the amount of dividends that may be paid to the Parent Company by the Bank without prior approval of the respective states’ banking regulators. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years. As of July 1, 2025, RB&T could, without prior approval, declare dividends of approximately $151 million. Any payment of dividends in the future will depend, in large part, on the Company’s earnings, capital requirements, financial condition, and other factors considered relevant by the Company’s Board of Directors.

107

Table of Contents

Regulatory Capital Requirements — The Company and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Republic’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Parent Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain OBS items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings, and other factors.

Banking regulators have categorized the Bank as well capitalized. For prompt corrective action, the regulations in accordance with Basel III define “well capitalized” as a 10.0% Total Risk-Based Capital ratio, a 6.5% Common Equity Tier 1 Risk-Based Capital ratio, an 8.0% Tier 1 Risk-Based Capital ratio, and a 5.0% Tier 1 Leverage ratio. Additionally, to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, the Company and Bank must hold a capital conservation buffer of 2.5% composed of Common Equity Tier 1 Risk-Based Capital above their minimum risk-based capital requirements.

Republic continues to exceed the regulatory requirements for Total Risk-Based Capital, Common Equity Tier I Risk-Based Capital, Tier I Risk Based-Capital, and Tier I Leverage Capital. Republic and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the Capital Conservation Buffer. Republic’s average stockholders’ equity to average assets ratio was 14.44% as of June 30, 2025, and 14.02% as of December 31, 2024. Formal measurements of the capital ratios for Republic and the Bank are performed by the Company at each quarter end.

Table 27 — Capital Ratios (1)

As of June 30, 2025

As of December 31, 2024

(dollars in thousands)

    

Amount

    

Ratio

Amount

    

Ratio

Total capital to risk-weighted assets

Republic Bancorp, Inc.

$

1,102,805

 

17.86

%  

$

1,042,149

 

16.98

%

Republic Bank & Trust Company

 

1,045,586

 

16.95

 

989,800

 

16.14

Common equity tier 1 capital to risk-weighted assets

Republic Bancorp, Inc.

$

1,026,876

 

16.63

%  

$

965,243

 

15.73

%

Republic Bank & Trust Company

 

968,413

 

15.70

 

912,968

 

14.89

Tier 1 (core) capital to risk-weighted assets

Republic Bancorp, Inc.

$

1,026,876

 

16.63

%  

$

965,243

 

15.73

%

Republic Bank & Trust Company

 

968,413

 

15.70

 

912,968

 

14.89

Tier 1 leverage capital to average assets

Republic Bancorp, Inc.

$

1,026,876

 

14.63

%  

$

965,243

 

14.07

%

Republic Bank & Trust Company

 

968,413

 

13.78

 

912,968

 

13.29

(1)The Company and the Bank elected in 2020 to defer the impact of CECL on regulatory capital. The deferral period is five years, with the total estimated CECL impact 100% deferred for the first two years, then phased in over the next three years. If not for this election, the Company’s regulatory capital ratios would have been  approximately 3 basis points lower than those presented in the table above as of December 31, 2024. This five-year transition option is no longer applicable for periods subsequent to December 31, 2024.

Asset/Liability Management and Market Risk

Asset/liability management is designed to ensure safety and soundness, maintain liquidity, meet regulatory capital standards, and achieve acceptable net interest income based on the Bank’s risk tolerance. Interest rate risk is the exposure to adverse changes in net interest income as a result of market fluctuations in interest rates. The Bank, on an ongoing basis, monitors interest rate and liquidity risk to implement appropriate funding and balance sheet strategies. Management considers interest rate risk to be a significant risk to the Bank’s overall earnings and balance sheet.

108

Table of Contents

The interest sensitivity profile of the Bank at any point in time will be impacted by a number of factors. These factors include the mix of interest sensitive assets and liabilities, as well as their relative pricing schedules. It is also influenced by changes in market interest rates, deposit and loan balances, and other factors.

The Bank utilizes earnings simulation models as tools to measure interest rate sensitivity, including both a static and dynamic earnings simulation model. A static simulation model is based on current exposures and assumes a constant balance sheet. In contrast, a dynamic simulation model relies on detailed assumptions regarding changes in existing business lines, new business, and changes in management and customer behavior. While the Bank runs the static simulation model as one measure of interest rate risk, historically, the Bank has utilized its dynamic earnings simulation model as its primary interest rate risk tool to measure the potential changes in market interest rates and their subsequent effects on net interest income for a one-year time period. This dynamic model projects a “Base” case net interest income over the next 12 months and the effect on net interest income of instantaneous movements in interest rates between various basis point increments equally across all points on the yield curve. Many assumptions based on growth expectations and on the historical behavior of the Bank’s deposit and loan rates and their related balances in relation to changes in interest rates are incorporated into this dynamic model. These assumptions are inherently uncertain and, as a result, the dynamic model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to the actual timing, magnitude and frequency of interest rate changes, the actual timing and magnitude of changes in loan and deposit balances, as well as the actual changes in market conditions and the application and timing of various management strategies as compared to those projected in the various simulated models. Additionally, actual results could differ materially from the model if interest rates do not move equally across all points on the yield curve.

As of June 30, 2025, a dynamic simulation model was run for interest rate changes from “Down 400” basis points to “Up 400” basis points. The following table illustrates the Bank’s projected percent change from its Base net interest income over the period beginning July 1, 2025, and ending June 30, 2026, based on instantaneous movements in interest rates from Down 400 to Up 400 basis points equally across all points on the yield curve. The Bank’s dynamic earnings simulation model includes secondary market loan fees, which are a component of mortgage banking income within noninterest income and excludes Traditional Bank loan fees.

Table 28 — Bank Interest Rate Sensitivity

Change in Rates

-400

    

-300

    

-200

    

-100

    

+100

    

+200

    

+300

    

+400

    

Basis Points

Basis Points

Basis Points

Basis Points

Basis Points

Basis Points

Basis Points

Basis Points

% Change from base net interest income as of June 30, 2025

(2.1)

%  

(2.6)

%  

(5.0)

%  

(2.6)

%  

2.7

%  

5.5

%  

8.1

%

10.8

%

% Change from base net interest income as of December 31, 2024

3.4

%  

4.4

%  

(0.2)

%  

0.2

%  

1.5

%  

3.1

%  

4.4

%

6.0

%

The results of the interest rate sensitivity analysis performed as of June 30, 2025, were derived from subjective assumptions the Company uses in its earnings simulation model, particularly in relation to deposit betas, which measure how responsive management’s deposit repricing may be to changes in market rates based on historical data. Management uses different betas in the rising and falling rate scenarios to better simulate expected earnings trends.

The Company’s current interest rate sensitivity analysis projects that increases in market interest rates (in all illustrated scenarios) would have a positive effect on net interest income, while decreases in market interest rates (in all illustrated scenarios) would have a negative impact. These results depict an asset-sensitive interest rate risk profile.

In comparing the Company’s interest rate sensitivity projections from December 31, 2024, to June 30, 2025, there were notable changes in all illustrated scenarios. In declining market interest rate scenarios, the Company projects that the rates the Company pays for its non-maturity, interest-bearing deposits cannot be lowered sufficiently to offset the decrease in interest income associated with its declining asset yields. Conversely, the Company projects a notable improvement in all illustrated scenarios, as the yield the Company projects it will earn for its interest-earning assets is expected to increase more than the increase in its projected funding costs.

More specifically, driving the period-to-period improvement in net interest income in the illustrated up-rate scenarios are the following:

The Company had higher average interest-earning cash balances as of June 30, 2025, with yields that increase immediately in up-rate scenarios; and

The Company had higher floating rate loan balances as of June 30, 2025, most notably within the Warehouse lending portfolio, with yields that increase immediately in an up-rate scenario.

109

Table of Contents

More specifically, driving the period-to-period deterioration in net interest income in the illustrated down-rate scenarios are the following:

The elevated average interest-earning cash balances that are projected to benefit net interest income in the illustrated up-rate scenarios is projected to drive corresponding declines to net interest income in the illustrated down-rate rate scenarios; and

Management lowered its deposit beta assumptions to assume that, due to greater competition for deposits and liquidity, it will not be able to sufficiently lower the rates the Company pays for its premium rate, non-maturity interest-bearing deposits in order to offset the projected decline in the Company’s interest-earning assets yields.

For additional discussion regarding the Bank’s net interest income, see the sections titled “Net Interest Income” in this section of the filing under “RESULTS OF OPERATIONS (Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024) and “RESULTS OF OPERATIONS (Six months ended June 30, 2025 Compared to Six months ended June 30, 2024).”

Item 3.Quantitative and Qualitative Disclosures about Market Risk.

Information required by this item is included under Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Item 4.Controls and Procedures.

As of the end of the period covered by this report, an evaluation was carried out by Republic Bancorp, Inc.’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II — OTHER INFORMATION

Item 1.Legal Proceedings.

In the ordinary course of operations, Republic and the Bank are defendants in various legal proceedings. There is no proceeding, pending, or threatened litigation in which Republic and the Bank are a defendant, to the knowledge of management, in which an adverse decision could result in a material adverse change in the business or consolidated financial position of Republic or the Bank.

Item 1A.Risk Factors.

FACTORS THAT MAY AFFECT FUTURE RESULTS

Except for the additional risk factor information described below, there have been no material changes in the Company’s risk factors as previously disclosed in Part 1, “Item 1A. Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2024. You should carefully consider the risk factors discussed below and in Republic’s 2024 Form 10-K, which could materially affect the Company’s business, financial condition, and results of operations in the future.

The Company plans to convert its core customer operating system during the fourth quarter of 2025 and could encounter significant adverse developments. The Company plans to replace its core customer operating system (the “Core System”). The Core System, among many other functions, is used to track customer relationships, deposit accounts, and loan accounts. The Core System is integrated with many other customer-facing applications and ancillary back-office systems that are used to service customers. Changing the Core System will subject the Company to operational risks during and after the conversion, which may adversely impact the Company’s customers, including, but not limited to, possible disruptions to technology systems, loss of data, improperly posted transactions and the inability to correct transaction errors. While the Company has plans and procedures designed to prevent or limit the risks of a failure during and after the conversion of our Core System, there can be no assurance that any such adverse development(s) will not occur or, if they do occur, that they will be timely and adequately remediated. The ultimate impact of any adverse development could result in the write-off of unidentified outages, damage the Company's reputation, result in a loss of customer business, subject the Company to regulatory

110

Table of Contents

scrutiny, and expose it to civil litigation and possible financial liability, any of which could have a material adverse effect on the Company’s business, financial condition, and results of operations.

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

Details of Republic’s Class A Common Stock purchases during the second quarter of 2025 are included in the following table:

Total Number of

Maximum Number

Shares Purchased

of Shares that May

as Part of Publicly

Yet Be Purchased

Total Number of

Average Price

Announced Plans

Under the Plan

Three Months Ended June 30, 2025

    

Shares Purchased

    

Paid Per Share

    

or Programs

    

or Programs

April 1 - April 30

 

 

$

 

434,410

May 1 - May 31

 

1,015

 

70.62

 

1,015

433,395

June 1 - June 30

 

 

 

433,395

Total

 

1,015

 

$

 

1,015

 

433,395

The Company repurchased 1,015 shares of its Class A Common Stock during the second quarter of 2025. In addition, in connection with employee stock awards, there were 1,988 shares withheld upon exercise of stock options to satisfy the withholding taxes. On January 24, 2024, the Board of Directors of Republic Bancorp, Inc. increased the Company’s existing authorization to purchase shares of its Class A Common Stock by 400,000 shares. The repurchase program will remain effective until the total number of shares authorized is repurchased or until Republic’s Board of Directors terminates the program. As of June 30, 2025 the Company had 433,395 shares which could be repurchased under its current share repurchase programs.

During the second quarter of 2025, there were 1,214 shares of Class A Common Stock issued upon conversion of shares of Class B Common Stock by stockholders of Republic in accordance with the share-for-share conversion option of the Class B Common Stock. The exemption from registration of newly issued Class A Common Stock relies upon Section (3)(a)(9) of the Securities Act of 1933.

There were no equity securities of the registrant sold without registration during the quarter covered by this report.

Item 5.Other Information.

Rule 10b5-1 Trading Plans

During the three months ended June 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

111

Table of Contents

Item 6.Exhibits.

The following exhibits are filed or furnished as a part of this report:

Exhibit Number

Description of Exhibit

10.1

Republic Bancorp, Inc. 2025 Stock Incentive Plan (Incorporated by reference to Exhibit 4.3 to the Registration Statement on Form S-8 filed May 21, 2025)

31.1

Certification of Principal Executive Officer pursuant to the Sarbanes-Oxley Act of 2002

31.2

Certification of Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002

32*

Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101

The following financial statements from the Company’s quarterly report on Form 10-Q were formatted in iXBRL(Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024, (ii) Consolidated Statements of Income and Comprehensive Income for the Three and six months ended June 30, 2025 and 2024, (iii) Consolidated Statements of Stockholders’ Equity for the Three and six months ended June 30, 2025 and 2024, (iv) Consolidated Statements of Cash Flows for the Six months ended June 30, 2025 and 2024 and (v) Notes to Consolidated Financial Statements

104

Cover Page Interactive Data File formatted in iXBRL and contained in Exhibit 101.

*

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

112

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

REPUBLIC BANCORP, INC.

(Registrant)

Principal Executive Officer:

Date: August 7, 2025

     

     

/s/ Steven E. Trager

By: Steven E. Trager

Executive Chair and Chief Executive Officer

Principal Financial Officer:

Date: August 7, 2025

/s/ Kevin Sipes

By: Kevin Sipes

Executive Vice President, Chief Financial

Officer and Chief Accounting Officer

113


ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-31.1

EX-31.2

EX-32

EX-101.SCH

EX-101.CAL

EX-101.DEF

EX-101.LAB

EX-101.PRE

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: R4.htm

IDEA: R5.htm

IDEA: R6.htm

IDEA: R7.htm

IDEA: R8.htm

IDEA: R9.htm

IDEA: R10.htm

IDEA: R11.htm

IDEA: R12.htm

IDEA: R13.htm

IDEA: R14.htm

IDEA: R15.htm

IDEA: R16.htm

IDEA: R17.htm

IDEA: R18.htm

IDEA: R19.htm

IDEA: R20.htm

IDEA: R21.htm

IDEA: R22.htm

IDEA: R23.htm

IDEA: R24.htm

IDEA: R25.htm

IDEA: R26.htm

IDEA: R27.htm

IDEA: R28.htm

IDEA: R29.htm

IDEA: R30.htm

IDEA: R31.htm

IDEA: R32.htm

IDEA: R33.htm

IDEA: R34.htm

IDEA: R35.htm

IDEA: R36.htm

IDEA: R37.htm

IDEA: R38.htm

IDEA: R39.htm

IDEA: R40.htm

IDEA: R41.htm

IDEA: R42.htm

IDEA: R43.htm

IDEA: R44.htm

IDEA: R45.htm

IDEA: R46.htm

IDEA: R47.htm

IDEA: R48.htm

IDEA: R49.htm

IDEA: R50.htm

IDEA: R51.htm

IDEA: R52.htm

IDEA: R53.htm

IDEA: R54.htm

IDEA: R55.htm

IDEA: R56.htm

IDEA: R57.htm

IDEA: R58.htm

IDEA: R59.htm

IDEA: R60.htm

IDEA: R61.htm

IDEA: R62.htm

IDEA: R63.htm

IDEA: R64.htm

IDEA: R65.htm

IDEA: R66.htm

IDEA: R67.htm

IDEA: R68.htm

IDEA: R69.htm

IDEA: R70.htm

IDEA: R71.htm

IDEA: R72.htm

IDEA: R73.htm

IDEA: R74.htm

IDEA: R75.htm

IDEA: R76.htm

IDEA: R77.htm

IDEA: R78.htm

IDEA: R79.htm

IDEA: R80.htm

IDEA: R81.htm

IDEA: R82.htm

IDEA: R83.htm

IDEA: R84.htm

IDEA: R85.htm

IDEA: R86.htm

IDEA: R87.htm

IDEA: R88.htm

IDEA: R89.htm

IDEA: R90.htm

IDEA: R91.htm

IDEA: R92.htm

IDEA: R93.htm

IDEA: R94.htm

IDEA: R95.htm

IDEA: R96.htm

IDEA: R97.htm

IDEA: R98.htm

IDEA: R99.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: rbcaa-20250630x10q_htm.xml