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SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2023

SEGMENT INFORMATION

Schedule of segment information


		Three Months Ended September 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		$	47,409		$	2,467		$	84			$	49,960			$	4,525		$	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
Other noninterest income			8,748			11			15				8,774				82			28				110					8,884
Total noninterest income			8,748			11			867				9,626				1,029			3,364				4,393					14,019

Total noninterest expense			39,381			640			1,793				41,814				3,116			3,112				6,228					48,042

Income (loss) before income tax expense			15,209			2,041			(842)				16,408				4,405			6,259				10,664					27,072
Income tax expense (benefit)			2,942			456			(185)				3,213				896			1,392				2,288					5,501

Net income (loss)		$	12,267		$	1,585		$	(657)			$	13,195			$	3,509		$	4,867			$	8,376				$	21,571

Period-end assets		$	5,375,648		$	458,542		$	14,457			$	5,848,647			$	403,733		$	134,095			$	537,828				$	6,386,475

Net interest margin			3.52	%		2.33	%		NM				3.43	%			NM			NM				NM					4.35	%

Net-revenue concentration*			72	%		3	%		1	%			76	%			7	%		17	%			24	%				100	%


		Three Months Ended September 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		$	46,562		$	3,011		$	112			$	49,685			$	1,709		$	7,203			$	8,912				$	58,597

Provision for expected credit loss expense			(753)			(386)			—				(1,139)				(1,296)			4,008				2,712					1,573

Net refund transfer fees			—			—			—				—				593			—				593					593
Mortgage banking income			—			—			1,154				1,154				—			—				—					1,154
Program fees			—			—			—				—				724			4,208				4,932					4,932
Other noninterest income			8,321			13			33				8,367				62			—				62					8,429
Total noninterest income			8,321			13			1,187				9,521				1,379			4,208				5,587					15,108

Total noninterest expense			37,838			851			2,005				40,694				3,248			2,224				5,472					46,166

Income before income tax expense			17,798			2,559			(706)				19,651				1,136			5,179				6,315					25,966
Income tax expense			4,299			572			(156)				4,715				202			1,153				1,355					6,070

Net income		$	13,499		$	1,987		$	(550)			$	14,936			$	934		$	4,026			$	4,960				$	19,896

Period-end assets		$	5,036,343		$	441,885		$	16,418			$	5,494,646			$	395,873		$	109,144			$	505,017				$	5,999,663

Net interest margin			3.63	%		2.54	%		NM				3.54	%			NM			NM				NM					4.09	%

Net-revenue concentration*			75	%		4	%		2	%			81	%			4	%		15	%			19	%				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, 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		$	146,198		$	7,196		$	206			$	153,600			$	40,300		$	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
Contract termination fee			—			—			—				—				—			—				—					—
Legal settlement			—			—			—				—				—			—				—					—
Other noninterest income			26,732			33			59				26,824				326			93				419					27,243
Total noninterest income			26,732			33			2,618				29,383				17,994			8,974				26,968					56,351

Total noninterest expense			122,386			2,616			6,669				131,671				11,907			8,440				20,347					152,018

Income (loss) before income tax expense			44,133			4,479			(3,845)				44,767				26,765			18,162				44,927					89,694
Income tax expense (benefit)			8,965			1,001			(846)				9,120				5,828			4,031				9,859					18,979

Net income (loss)		$	35,168		$	3,478		$	(2,999)			$	35,647			$	20,937		$	14,131			$	35,068				$	70,715

Period-end assets		$	5,375,648		$	458,542		$	14,457			$	5,848,647			$	403,733		$	134,095			$	537,828				$	6,386,475

Net interest margin			3.76	%		2.37	%		NM				3.68	%			NM			NM				NM					5.09	%

Net-revenue concentration*			62	%		3	%		1	%			66	%			21	%		13	%			34	%				100	%


		Nine Months Ended September 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		$	121,868		$	11,412		$	469			$	133,749			$	18,751		$	21,078			$	39,829				$	173,578

Provision for expected credit loss expense			(287)			(1,021)			—				(1,308)				6,976			8,836				15,812					14,504

Net refund transfer fees			—			—			—				—				16,594			—				16,594					16,594
Mortgage banking income			—			—			5,574				5,574				—			—				—					5,574
Program fees			—			—			—				—				2,187			10,484				12,671					12,671
Contract termination fee			—			—			—				—				5,000			—				5,000					5,000
Legal settlement			—			—			—				—				13,000			—				13,000					13,000
Other noninterest income			23,297			38			113				23,448				399			—				399					23,847
Total noninterest income			23,297			38			5,687				29,022				37,180			10,484				47,664					76,686

Total noninterest expense			114,381			2,838			7,527				124,746				11,928			5,729				17,657					142,403

Income before income tax expense			31,071			9,633			(1,371)				39,333				37,027			16,997				54,024					93,357
Income tax expense			6,419			2,168			(302)				8,285				8,573			3,906				12,479					20,764

Net income		$	24,652		$	7,465		$	(1,069)			$	31,048			$	28,454		$	13,091			$	41,545				$	72,593

Period-end assets		$	5,036,343		$	441,885		$	16,418			$	5,494,646			$	395,873		$	109,144			$	505,017				$	5,999,663

Net interest margin			3.20	%		2.79	%		NM				3.16	%			NM			NM				NM					3.99	%

Net-revenue concentration*			58	%		5	%		2	%			65	%			22	%		13	%			35	%				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.