SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

SEGMENT INFORMATION

Schedule of segment information

	Three Months Ended September 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	$	51,023		$	3,580		$	54,603		$	440		$	2,783		$	13,479		$	16,702		$	71,305
Provision for expected credit loss expense		1,489			116			1,605			(2,310)			—			6,365			4,055			5,660
Net refund transfer fees		—			—			—			582			—			—			582			582
Mortgage banking income		2,062			—			2,062			—			—			—			—			2,062
Program fees		—			—			—			—			786			4,176			4,962			4,962
Other noninterest income		9,016			16			9,032			27			147			1			175			9,207
Total noninterest income		11,078			16			11,094			609			933			4,177			5,719			16,813
Total noninterest expense		41,266			889			42,155			2,251			947			3,256			6,454			48,609
Income (loss) before income tax expense		19,346			2,591			21,937			1,108			2,769			8,035			11,912			33,849
Income tax expense (benefit)		4,189			584			4,773			189			595			1,749			2,533			7,306
																				—
Net income (loss)	$	15,157		$	2,007		$	17,164		$	919		$	2,174		$	6,286		$	9,379		$	26,543
Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470
Net interest margin		3.61	%		2.70	%		3.53	%		NM			4.91	%		NM			NM			4.49	%
Net-revenue concentration*		71	%		4	%		75	%		1	%		4	%		20	%		25	%		100	%

	Three Months Ended September 30, 2023
	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	$	47,493		$	2,467		$	49,960		$	401		$	4,124		$	10,340		$	14,865		$	64,825
Provision for expected credit loss expense		1,567			(203)			1,364			(1,967)			—			4,333			2,366			3,730
Net refund transfer fees		—			—			—			242			—			—			242			242
Mortgage banking income		852			—			852			—			—			—			—			852
Program fees		—			—			—			—			705			3,336			4,041			4,041
Death benefits in excess of cash surrender value of life insurance		—			—			—			—			—			—			—			—
Other noninterest income		9,089			11			9,100			72			10			28			110			9,210
Total noninterest income		9,941			11			9,952			314			715			3,364			4,393			14,345
Total noninterest expense		41,500			640			42,140			2,242			874			3,112			6,228			48,368
Income before income tax expense		14,367			2,041			16,408			440			3,965			6,259			10,664			27,072
Income tax expense		2,757			456			3,213			22			874			1,392			2,288			5,501
Net income	$	11,610		$	1,585		$	13,195		$	418		$	3,091		$	4,867		$	8,376		$	21,571
Period-end assets	$	5,390,105		$	458,542		$	5,848,647		$	32,747		$	370,986		$	134,095		$	537,828		$	6,386,475
Net interest margin		3.52	%		2.33	%		3.43	%		NM			4.97	%		NM			NM			4.35	%
Net-revenue concentration*		73	%		3	%		76	%		1	%		6	%		17	%		24	%		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.

	Nine Months Ended September 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	$	149,197		$	8,751		$	157,948		$	32,173		$	9,221		$	37,418		$	78,812		$	236,760
Provision for expected credit loss expense		2,762			639			3,401			22,282			—			15,742			38,024			41,425
Net refund transfer fees		—			—			—			15,213			—			—			15,213			15,213
Mortgage banking income		3,984			—			3,984			—			—			—			—			3,984
Program fees		—			—			—			—			2,319			11,220			13,539			13,539
Other noninterest income		25,437			42			25,479			165			149			3			317			25,796
Total noninterest income		29,421			42			29,463			15,378			2,468			11,223			29,069			58,532
Total noninterest expense		124,372			2,694			127,066			8,787			2,919			10,442			22,148			149,214
Income (loss) before income tax expense		51,484			5,460			56,944			16,482			8,770			22,457			47,709			104,653
Income tax expense (benefit)		10,417			1,231			11,648			3,699			1,930			5,021			10,650			22,298
Net income (loss)	$	41,067		$	4,229		$	45,296		$	12,783		$	6,840		$	17,436		$	37,059		$	82,355
Period-end assets	$	5,559,357		$	595,624		$	6,154,981		$	26,503		$	367,857		$	143,129		$	537,489		$	6,692,470
Net interest margin		3.49	%		2.64	%		3.43	%		NM			5.01	%		NM			NM			4.92	%
Net-revenue concentration*		61	%		3	%		64	%		16	%		4	%		16	%		36	%		100	%

	Nine Months Ended September 30, 2023
	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	$	146,404		$	7,196		$	153,600		$	28,778		$	11,522		$	28,096		$	68,396		$	221,996
Provision for expected credit loss expense		6,411			134			6,545			19,622			—			10,468			30,090			36,635
Net refund transfer fees		—			—			—			15,528			—			—			15,528			15,528
Mortgage banking income		2,559			—			2,559			—			—			—			—			2,559
Program fees		—			—			—			—			2,140			8,881			11,021			11,021
Death benefits in excess of cash surrender value of life insurance		1,728			—			1,728			—			—			—			—			1,728
Other noninterest income		25,389			33			25,422			314			12			93			419			25,841
Total noninterest income		29,676			33			29,709			15,842			2,152			8,974			26,968			56,677
Total noninterest expense		129,381			2,616			131,997			9,184			2,723			8,440			20,347			152,344
Income before income tax expense		40,288			4,479			44,767			15,814			10,951			18,162			44,927			89,694
Income tax expense		8,119			1,001			9,120			3,401			2,427			4,031			9,859			18,979
Net income	$	32,169		$	3,478		$	35,647		$	12,413		$	8,524		$	14,131		$	35,068		$	70,715
Period-end assets	$	5,390,105		$	458,542		$	5,848,647		$	32,747		$	370,986		$	134,095		$	537,828		$	6,386,475
Net interest margin		3.78	%		2.37	%		3.68	%		NM			4.43	%		NM			NM			5.09	%
Net-revenue concentration*		63	%		3	%		66	%		16	%		5	%		13	%		34	%		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.