LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

6 Months Ended

Jun. 30, 2025

LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

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

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

													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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


													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


													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

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.


	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.

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.


							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.

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.


	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.

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

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:

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	%

(in thousands)

June 30, 2025

December 31, 2024

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