XML 115 R105.htm IDEA: XBRL DOCUMENT v3.23.2
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
segment
Jun. 30, 2022
USD ($)
Dec. 31, 2022
USD ($)
Segment Disclosure information          
Number of reportable segments | segment     5    
Segment information          
Net interest income $ 64,529 $ 51,814 $ 157,171 $ 114,981  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 6,139 3,705 32,905 12,931  
Mortgage banking income 907 1,763 1,707 4,420  
Program fees 3,739 3,885 6,980 7,739  
Other noninterest income 10,526 7,971 18,359 15,418  
Total noninterest income 19,651 30,569 42,332 61,578  
Total noninterest expense 51,533 47,656 103,976 96,237  
INCOME BEFORE INCOME TAX EXPENSE 26,508 31,022 62,622 67,391  
Income tax expense (benefit) 5,456 6,675 13,478 14,694  
NET INCOME 21,052 24,347 49,144 52,697  
Period-end assets $ 6,369,779 $ 6,112,476 $ 6,369,779 $ 6,112,476 $ 5,835,543
Net interest margin (as percent) 4.46% 3.55% 5.48% 3.94%  
Net-revenue concentration (as percent) 100.00% 100.00% 100.00% 100.00%  
Core Banking Activities          
Segment Disclosure information          
Number of reportable segments | segment     3    
Segment information          
Net interest income $ 51,385 $ 43,197 $ 103,640 $ 84,064  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 2,062 (88) 5,181 (169)  
Mortgage banking income 907 1,763 1,707 4,420  
Other noninterest income 10,368 7,792 18,050 15,081  
Total noninterest income 11,275 9,555 19,757 19,501  
Total noninterest expense 45,483 42,184 89,857 84,053  
INCOME BEFORE INCOME TAX EXPENSE 15,115 10,656 28,359 19,681  
Income tax expense (benefit) 2,971 2,153 5,907 3,570  
NET INCOME 12,144 8,503 22,452 16,111  
Period-end assets $ 5,827,303 $ 5,616,107 $ 5,827,303 $ 5,616,107  
Net interest margin (as percent) 3.65% 3.02% 3.81% 2.97%  
Net-revenue concentration (as percent) 75.00% 64.00% 62.00% 59.00%  
Traditional Banking          
Segment information          
Net interest income $ 48,682 $ 39,158 $ 98,789 $ 75,306  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 1,860 146 4,844 466  
Other noninterest income 10,330 7,734 17,984 14,976  
Total noninterest income 10,330 7,734 17,984 14,976  
Total noninterest expense 42,153 38,317 83,005 76,544  
INCOME BEFORE INCOME TAX EXPENSE 14,999 8,429 28,924 13,272  
Income tax expense (benefit) 2,941 1,652 6,023 2,120  
NET INCOME 12,058 6,777 22,901 11,152  
Period-end assets $ 5,271,050 $ 4,997,734 $ 5,271,050 $ 4,997,734  
Net interest margin (as percent) 3.77% 3.06% 3.92% 2.98%  
Net-revenue concentration (as percent) 71.00% 57.00% 59.00% 51.00%  
Warehouse Lending          
Segment information          
Net interest income $ 2,642 $ 3,886 $ 4,729 $ 8,401  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 202 (234) 337 (635)  
Other noninterest income 11 12 22 25  
Total noninterest income 11 12 22 25  
Total noninterest expense 1,008 1,035 1,976 1,987  
INCOME BEFORE INCOME TAX EXPENSE 1,443 3,097 2,438 7,074  
Income tax expense (benefit) 322 692 545 1,596  
NET INCOME 1,121 2,405 1,893 5,478  
Period-end assets $ 540,106 $ 596,031 $ 540,106 $ 596,031  
Net interest margin (as percent) 2.28% 2.69% 2.39% 2.89%  
Net-revenue concentration (as percent) 3.00% 5.00% 2.00% 5.00%  
Mortgage Banking          
Segment information          
Net interest income $ 61 $ 153 $ 122 $ 357  
Mortgage banking income 907 1,763 1,707 4,420  
Other noninterest income 27 46 44 80  
Total noninterest income 934 1,809 1,751 4,500  
Total noninterest expense 2,322 2,832 4,876 5,522  
INCOME BEFORE INCOME TAX EXPENSE (1,327) (870) (3,003) (665)  
Income tax expense (benefit) (292) (191) (661) (146)  
NET INCOME (1,035) (679) (2,342) (519)  
Period-end assets $ 16,147 $ 22,342 $ 16,147 $ 22,342  
Net-revenue concentration (as percent) 1.00% 2.00% 1.00% 3.00%  
Republic Processing Group          
Segment Disclosure information          
Number of reportable segments | segment     2    
Segment information          
Net interest income $ 13,144 $ 8,617 $ 53,531 $ 30,917  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 4,077 3,793 27,724 13,100  
Program fees 3,739 3,885 6,980 7,739  
Other noninterest income 158 179 309 337  
Total noninterest income 8,376 21,014 22,575 42,077  
Total noninterest expense 6,050 5,472 14,119 12,184  
INCOME BEFORE INCOME TAX EXPENSE 11,393 20,366 34,263 47,710  
Income tax expense (benefit) 2,485 4,522 7,571 11,124  
NET INCOME 8,908 15,844 26,692 36,586  
Period-end assets $ 542,476 $ 496,369 $ 542,476 $ 496,369  
Net-revenue concentration (as percent) 25.00% 36.00% 38.00% 41.00%  
Tax Refund Solutions          
Segment information          
Net interest income $ 4,010 $ 1,638 $ 35,775 $ 17,042  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) (219) 360 21,589 8,272  
Program fees 728 736 1,435 1,463  
Other noninterest income 118 179 244 337  
Total noninterest income 5,325 17,865 16,965 35,801  
Total noninterest expense 3,143 3,533 8,791 8,678  
INCOME BEFORE INCOME TAX EXPENSE 6,411 15,610 22,360 35,893  
Income tax expense (benefit) 1,391 3,465 4,932 8,371  
NET INCOME 5,020 12,145 17,428 27,522  
Period-end assets $ 415,428 $ 382,156 $ 415,428 $ 382,156  
Net-revenue concentration (as percent) 11.00% 24.00% 26.00% 30.00%  
Republic Credit Solutions          
Segment information          
Net interest income $ 9,134 $ 6,979 $ 17,756 $ 13,875  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 4,296 3,433 6,135 4,828  
Program fees 3,011 3,149 5,545 6,276  
Other noninterest income 40   65    
Total noninterest income 3,051 3,149 5,610 6,276  
Total noninterest expense 2,907 1,939 5,328 3,506  
INCOME BEFORE INCOME TAX EXPENSE 4,982 4,756 11,903 11,817  
Income tax expense (benefit) 1,094 1,057 2,639 2,753  
NET INCOME 3,888 3,699 9,264 9,064  
Period-end assets $ 127,048 $ 114,213 $ 127,048 $ 114,213  
Net-revenue concentration (as percent) 14.00% 12.00% 12.00% 11.00%  
Net refund transfer fees          
Segment information          
Revenue under 606 $ 4,479 $ 3,950 $ 15,286 $ 16,001  
Net refund transfer fees | Republic Processing Group          
Segment information          
Revenue under 606 4,479 3,950 15,286 16,001  
Net refund transfer fees | Tax Refund Solutions          
Segment information          
Revenue under 606 $ 4,479 3,950 $ 15,286 16,001  
Contract termination fee          
Segment information          
Revenue under 606       5,000  
Contract termination fee | Republic Processing Group          
Segment information          
Revenue under 606       5,000  
Contract termination fee | Tax Refund Solutions          
Segment information          
Revenue under 606       5,000  
Legal settlement          
Segment information          
Revenue under 606   13,000   13,000  
Legal settlement | Republic Processing Group          
Segment information          
Revenue under 606   13,000   13,000  
Legal settlement | Tax Refund Solutions          
Segment information          
Revenue under 606   $ 13,000   $ 13,000