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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2023

SEGMENT INFORMATION

Schedule of segment information


		Three Months Ended June 30, 2023
		Core Banking														Republic Processing Group
												Total				Tax			Republic
		Traditional			Warehouse			Mortgage				Core				Refund			Credit				Total					Total
(dollars in thousands)		Banking			Lending			Banking				Banking				Solutions			Solutions				RPG					Company

Net interest income		$	48,682		$	2,642		$	61			$	51,385			$	4,010		$	9,134			$	13,144				$	64,529

Provision for expected credit loss expense			1,860			202			—				2,062				(219)			4,296				4,077					6,139

Net refund transfer fees			—			—			—				—				4,479			—				4,479					4,479
Mortgage banking income			—			—			907				907				—			—				—					907
Program fees			—			—			—				—				728			3,011				3,739					3,739
Other noninterest income			10,330			11			27				10,368				118			40				158					10,526
Total noninterest income			10,330			11			934				11,275				5,325			3,051				8,376					19,651

Total noninterest expense			42,153			1,008			2,322				45,483				3,143			2,907				6,050					51,533

Income (loss) before income tax expense			14,999			1,443			(1,327)				15,115				6,411			4,982				11,393					26,508
Income tax expense (benefit)			2,941			322			(292)				2,971				1,391			1,094				2,485					5,456

Net income (loss)		$	12,058		$	1,121		$	(1,035)			$	12,144			$	5,020		$	3,888			$	8,908				$	21,052

Period-end assets		$	5,271,050		$	540,106		$	16,147			$	5,827,303			$	415,428		$	127,048			$	542,476				$	6,369,779

Net interest margin			3.77	%		2.28	%		NM				3.65	%			NM			NM				NM					4.46	%

Net-revenue concentration*			71	%		3	%		1	%			75	%			11	%		14	%			25	%				100	%


		Three Months Ended June 30, 2022
		Core Banking														Republic Processing Group
												Total				Tax			Republic
		Traditional			Warehouse			Mortgage				Core				Refund			Credit				Total					Total
(dollars in thousands)		Banking			Lending			Banking				Banking				Solutions			Solutions				RPG					Company

Net interest income		$	39,158		$	3,886		$	153			$	43,197			$	1,638		$	6,979			$	8,617				$	51,814

Provision for expected credit loss expense			146			(234)			—				(88)				360			3,433				3,793					3,705

Net refund transfer fees			—			—			—				—				3,950			—				3,950					3,950
Mortgage banking income			—			—			1,763				1,763				—			—				—					1,763
Program fees			—			—			—				—				736			3,149				3,885					3,885
Legal settlement			—			—			—				—				13,000			—				13,000					13,000
Other noninterest income			7,734			12			46				7,792				179			—				179					7,971
Total noninterest income			7,734			12			1,809				9,555				17,865			3,149				21,014					30,569

Total noninterest expense			38,317			1,035			2,832				42,184				3,533			1,939				5,472					47,656

Income before income tax expense			8,429			3,097			(870)				10,656				15,610			4,756				20,366					31,022
Income tax expense			1,652			692			(191)				2,153				3,465			1,057				4,522					6,675

Net income		$	6,777		$	2,405		$	(679)			$	8,503			$	12,145		$	3,699			$	15,844				$	24,347

Period-end assets		$	4,997,734		$	596,031		$	22,342			$	5,616,107			$	382,156		$	114,213			$	496,369				$	6,112,476

Net interest margin			3.06	%		2.69	%		NM				3.02	%			NM			NM				NM					3.55	%

Net-revenue concentration*			57	%		5	%		2	%			64	%			24	%		12	%			36	%				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.


		Six Months Ended June 30, 2023
		Core Banking														Republic Processing Group
												Total				Tax			Republic
		Traditional			Warehouse			Mortgage				Core				Refund			Credit				Total					Total
(dollars in thousands)		Banking			Lending			Banking				Banking				Solutions			Solutions				RPG					Company

Net interest income		$	98,789		$	4,729		$	122			$	103,640			$	35,775		$	17,756			$	53,531				$	157,171

Provision for expected credit loss expense			4,844			337			—				5,181				21,589			6,135				27,724					32,905

Net refund transfer fees			—			—			—				—				15,286			—				15,286					15,286
Mortgage banking income			—			—			1,707				1,707				—			—				—					1,707
Program fees			—			—			—				—				1,435			5,545				6,980					6,980
Other noninterest income			17,984			22			44				18,050				244			65				309					18,359
Total noninterest income			17,984			22			1,751				19,757				16,965			5,610				22,575					42,332

Total noninterest expense			83,005			1,976			4,876				89,857				8,791			5,328				14,119					103,976

Income (loss) before income tax expense			28,924			2,438			(3,003)				28,359				22,360			11,903				34,263					62,622
Income tax expense (benefit)			6,023			545			(661)				5,907				4,932			2,639				7,571					13,478

Net income (loss)		$	22,901		$	1,893		$	(2,342)			$	22,452			$	17,428		$	9,264			$	26,692				$	49,144

Period-end assets		$	5,271,050		$	540,106		$	16,147			$	5,827,303			$	415,428		$	127,048			$	542,476				$	6,369,779

Net interest margin			3.92	%		2.39	%		NM				3.81	%			NM			NM				NM					5.48	%

Net-revenue concentration*			59	%		2	%		1	%			62	%			26	%		12	%			38	%				100	%


		Six Months Ended June 30, 2022
		Core Banking														Republic Processing Group
												Total				Tax			Republic
		Traditional			Warehouse			Mortgage				Core				Refund			Credit				Total					Total
(dollars in thousands)		Banking			Lending			Banking				Banking				Solutions			Solutions				RPG					Company

Net interest income		$	75,306		$	8,401		$	357			$	84,064			$	17,042		$	13,875			$	30,917				$	114,981

Provision for expected credit loss expense			466			(635)			—				(169)				8,272			4,828				13,100					12,931

Net refund transfer fees			—			—			—				—				16,001			—				16,001					16,001
Mortgage banking income			—			—			4,420				4,420				—			—				—					4,420
Program fees			—			—			—				—				1,463			6,276				7,739					7,739
Contract termination fee			—			—			—				—				5,000			—				5,000					5,000
Legal settlement			—			—			—				—				13,000			—				13,000					13,000
Other noninterest income			14,976			25			80				15,081				337			—				337					15,418
Total noninterest income			14,976			25			4,500				19,501				35,801			6,276				42,077					61,578

Total noninterest expense			76,544			1,987			5,522				84,053				8,678			3,506				12,184					96,237

Income before income tax expense			13,272			7,074			(665)				19,681				35,893			11,817				47,710					67,391
Income tax expense			2,120			1,596			(146)				3,570				8,371			2,753				11,124					14,694

Net income		$	11,152		$	5,478		$	(519)			$	16,111			$	27,522		$	9,064			$	36,586				$	52,697

Period-end assets		$	4,997,734		$	596,031		$	22,342			$	5,616,107			$	382,156		$	114,213			$	496,369				$	6,112,476

Net interest margin			2.98	%		2.89	%		NM				2.97	%			NM			NM				NM					3.94	%

Net-revenue concentration*			51	%		5	%		3	%			59	%			30	%		11	%			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.