SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

SEGMENT INFORMATION

Schedule of segment information


		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


		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