XML 113 R101.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SEGMENT INFORMATION (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Disclosure information          
Number of reportable segments | segment     5    
Segment information          
Net interest income $ 68,536 $ 64,529 $ 165,455 $ 157,171  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 5,143 6,139 35,765 32,905  
Mortgage banking income 1,612 907 1,922 1,707  
Program fees 4,398 3,739 8,577 6,980  
Death benefits in excess of cash surrender value of life insurance   1,728   1,728  
Other noninterest income 8,525 8,798 16,589 16,631  
Total noninterest income 18,346 19,651 41,719 42,332  
Total noninterest expense 49,634 51,533 100,605 103,976  
INCOME BEFORE INCOME TAX EXPENSE 32,105 26,508 70,804 62,622  
Income tax expense (benefit) 6,899 5,456 14,992 13,478  
NET INCOME 25,206 21,052 55,812 49,144  
Period-end assets $ 6,616,574 $ 6,369,779 $ 6,616,574 $ 6,369,779 $ 6,594,891
Net interest margin (as percent) 4.36% 4.46% 5.13% 5.48%  
Net-revenue concentration (as percent) 100.00% 100.00% 100.00% 100.00%  
Core Banking Activities          
Segment Disclosure information          
Number of reportable segments | segment     2    
Segment information          
Net interest income $ 52,829 $ 51,385 $ 103,345 $ 103,640  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 1,129 2,062 1,796 5,181  
Mortgage banking income 1,612 907 1,922 1,707  
Death benefits in excess of cash surrender value of life insurance   1,728   1,728  
Other noninterest income 8,448 8,640 16,447 16,322  
Total noninterest income 10,060 11,275 18,369 19,757  
Total noninterest expense 42,639 45,483 84,911 89,857  
INCOME BEFORE INCOME TAX EXPENSE 19,121 15,115 35,007 28,359  
Income tax expense (benefit) 4,111 2,971 6,875 5,907  
NET INCOME 15,010 12,144 28,132 22,452  
Period-end assets $ 6,081,433 $ 5,827,303 $ 6,081,433 $ 5,827,303  
Net interest margin (as percent) 3.46% 3.65% 3.38% 3.81%  
Net-revenue concentration (as percent) 73.00% 74.00% 59.00% 62.00%  
Traditional Banking          
Segment information          
Net interest income $ 49,915 $ 48,743 $ 98,174 $ 98,911  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 915 1,860 1,273 4,844  
Mortgage banking income 1,612 907 1,922 1,707  
Death benefits in excess of cash surrender value of life insurance   1,728   1,728  
Other noninterest income 8,435 8,629 16,421 16,300  
Total noninterest income 10,047 11,264 18,343 19,735  
Total noninterest expense 41,712 44,475 83,106 87,881  
INCOME BEFORE INCOME TAX EXPENSE 17,335 13,672 32,138 25,921  
Income tax expense (benefit) 3,708 2,649 6,228 5,362  
NET INCOME 13,627 11,023 25,910 20,559  
Period-end assets $ 5,531,961 $ 5,287,197 $ 5,531,961 $ 5,287,197  
Net interest margin (as percent) 3.53% 3.77% 3.43% 3.92%  
Net-revenue concentration (as percent) 70.00% 71.00% 56.00% 60.00%  
Warehouse Lending          
Segment information          
Net interest income $ 2,914 $ 2,642 $ 5,171 $ 4,729  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 214 202 523 337  
Other noninterest income 13 11 26 22  
Total noninterest income 13 11 26 22  
Total noninterest expense 927 1,008 1,805 1,976  
INCOME BEFORE INCOME TAX EXPENSE 1,786 1,443 2,869 2,438  
Income tax expense (benefit) 403 322 647 545  
NET INCOME 1,383 1,121 2,222 1,893  
Period-end assets $ 549,472 $ 540,106 $ 549,472 $ 540,106  
Net interest margin (as percent) 2.57% 2.28% 2.61% 2.39%  
Net-revenue concentration (as percent) 3.00% 3.00% 3.00% 2.00%  
Republic Processing Group          
Segment Disclosure information          
Number of reportable segments | segment     3    
Segment information          
Net interest income $ 15,707 $ 13,144 $ 62,110 $ 53,531  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 4,014 4,077 33,969 27,724  
Program fees 4,398 3,739 8,577 6,980  
Other noninterest income 77 158 142 309  
Total noninterest income 8,286 8,376 23,350 22,575  
Total noninterest expense 6,995 6,050 15,694 14,119  
INCOME BEFORE INCOME TAX EXPENSE 12,984 11,393 35,797 34,263  
Income tax expense (benefit) 2,788 2,485 8,117 7,571  
NET INCOME 10,196 8,908 27,680 26,692  
Period-end assets $ 535,141 $ 542,476 $ 535,141 $ 542,476  
Net-revenue concentration (as percent) 27.00% 26.00% 41.00% 38.00%  
Tax Refund Solutions          
Segment information          
Net interest income $ 823 $ 70 $ 31,733 $ 28,377  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) (1,182) (219) 24,592 21,589  
Other noninterest income 75 127 138 242  
Total noninterest income 3,886 4,606 14,769 15,528  
Total noninterest expense 2,024 2,160 6,536 6,942  
INCOME BEFORE INCOME TAX EXPENSE 3,867 2,735 15,374 15,374  
Income tax expense (benefit) 796 573 3,510 3,379  
NET INCOME 3,071 2,162 11,864 11,995  
Period-end assets $ 32,106 $ 39,234 $ 32,106 $ 39,234  
Net-revenue concentration (as percent) 5.00% 6.00% 22.00% 22.00%  
Republic Payment Solutions          
Segment information          
Net interest income $ 2,930 $ 3,940 $ 6,438 $ 7,398  
Program fees 760 728 1,533 1,435  
Other noninterest income 1 (9) 2 2  
Total noninterest income 761 719 1,535 1,437  
Total noninterest expense 1,018 983 1,972 1,849  
INCOME BEFORE INCOME TAX EXPENSE 2,673 3,676 6,001 6,986  
Income tax expense (benefit) 574 818 1,335 1,553  
NET INCOME 2,099 2,858 4,666 5,433  
Period-end assets $ 362,410 $ 376,194 $ 362,410 $ 376,194  
Net interest margin (as percent) 5.03% 4.52% 5.05% 4.17%  
Net-revenue concentration (as percent) 4.00% 6.00% 4.00% 4.00%  
Republic Credit Solutions          
Segment information          
Net interest income $ 11,954 $ 9,134 $ 23,939 $ 17,756  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 5,196 4,296 9,377 6,135  
Program fees 3,638 3,011 7,044 5,545  
Other noninterest income 1 40 2 65  
Total noninterest income 3,639 3,051 7,046 5,610  
Total noninterest expense 3,953 2,907 7,186 5,328  
INCOME BEFORE INCOME TAX EXPENSE 6,444 4,982 14,422 11,903  
Income tax expense (benefit) 1,418 1,094 3,272 2,639  
NET INCOME 5,026 3,888 11,150 9,264  
Period-end assets $ 140,625 $ 127,048 $ 140,625 $ 127,048  
Net-revenue concentration (as percent) 18.00% 14.00% 15.00% 12.00%  
Net refund transfer fees          
Segment information          
Revenue under 606 $ 3,811 $ 4,479 $ 14,631 $ 15,286  
Net refund transfer fees | Republic Processing Group          
Segment information          
Revenue under 606 3,811 4,479 14,631 15,286  
Net refund transfer fees | Tax Refund Solutions          
Segment information          
Revenue under 606 $ 3,811 4,479 $ 14,631 15,286  
Contract termination fee          
Segment information          
Death benefits in excess of cash surrender value of life insurance   $ 1,728   $ 1,728