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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

SEGMENT INFORMATION

Schedule of segment information


		Three Months Ended June 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		$	49,915		$	2,914			$	52,829			$	823		$	2,930		$	11,954			$	15,707				$	68,536

Provision for expected credit loss expense			915			214				1,129				(1,182)			—			5,196				4,014					5,143

Net refund transfer fees			—			—				—				3,811			—			—				3,811					3,811
Mortgage banking income			1,612			—				1,612				—			—			—				—					1,612
Program fees			—			—				—				—			760			3,638				4,398					4,398
Other noninterest income			8,435			13				8,448				75			1			1				77					8,525
Total noninterest income			10,047			13				10,060				3,886			761			3,639				8,286					18,346

Total noninterest expense			41,712			927				42,639				2,024			1,018			3,953				6,995					49,634

Income (loss) before income tax expense			17,335			1,786				19,121				3,867			2,673			6,444				12,984					32,105
Income tax expense (benefit)			3,708			403				4,111				796			574			1,418				2,788					6,899
																								—
Net income (loss)		$	13,627		$	1,383			$	15,010			$	3,071		$	2,099		$	5,026			$	10,196				$	25,206

Period-end assets		$	5,531,961		$	549,472			$	6,081,433			$	32,106		$	362,410		$	140,625			$	535,141				$	6,616,574

Net interest margin			3.53	%		2.57	%			3.46	%			NM			5.03	%		NM				NM					4.36	%

Net-revenue concentration*			70	%		3	%			73	%			5	%		4	%		18	%			27	%				100	%


		Three Months Ended June 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		$	48,743		$	2,642			$	51,385			$	70		$	3,940		$	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
Death benefits in excess of cash surrender value of life insurance			1,728			—				1,728				—			—			—				—					1,728
Other noninterest income			8,629			11				8,640				127			(9)			40				158					8,798
Total noninterest income			11,264			11				11,275				4,606			719			3,051				8,376					19,651

Total noninterest expense			44,475			1,008				45,483				2,160			983			2,907				6,050					51,533

Income before income tax expense			13,672			1,443				15,115				2,735			3,676			4,982				11,393					26,508
Income tax expense			2,649			322				2,971				573			818			1,094				2,485					5,456

Net income		$	11,023		$	1,121			$	12,144			$	2,162		$	2,858		$	3,888			$	8,908				$	21,052

Period-end assets		$	5,287,197		$	540,106			$	5,827,303			$	39,234		$	376,194		$	127,048			$	542,476				$	6,369,779

Net interest margin			3.77	%		2.28	%			3.65	%			NM			4.52	%		NM				NM					4.46	%

Net-revenue concentration*			71	%		3	%			74	%			6	%		6	%		14	%			26	%				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, 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		$	98,174		$	5,171			$	103,345			$	31,733		$	6,438		$	23,939			$	62,110				$	165,455

Provision for expected credit loss expense			1,273			523				1,796				24,592			—			9,377				33,969					35,765

Net refund transfer fees			—			—				—				14,631			—			—				14,631					14,631
Mortgage banking income			1,922			—				1,922				—			—			—				—					1,922
Program fees			—			—				—				—			1,533			7,044				8,577					8,577
Other noninterest income			16,421			26				16,447				138			2			2				142					16,589
Total noninterest income			18,343			26				18,369				14,769			1,535			7,046				23,350					41,719

Total noninterest expense			83,106			1,805				84,911				6,536			1,972			7,186				15,694					100,605

Income (loss) before income tax expense			32,138			2,869				35,007				15,374			6,001			14,422				35,797					70,804
Income tax expense (benefit)			6,228			647				6,875				3,510			1,335			3,272				8,117					14,992

Net income (loss)		$	25,910		$	2,222			$	28,132			$	11,864		$	4,666		$	11,150			$	27,680				$	55,812

Period-end assets		$	5,531,961		$	549,472			$	6,081,433			$	32,106		$	362,410		$	140,625			$	535,141				$	6,616,574

Net interest margin			3.43	%		2.61	%			3.38	%			NM			5.05	%		NM				NM					5.13	%

Net-revenue concentration*			56	%		3	%			59	%			22	%		4	%		15	%			41	%				100	%


		Six Months Ended June 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		$	98,911		$	4,729			$	103,640			$	28,377		$	7,398		$	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
Death benefits in excess of cash surrender value of life insurance			1,728			—				1,728				—			—			—				—					1,728
Other noninterest income			16,300			22				16,322				242			2			65				309					16,631
Total noninterest income			19,735			22				19,757				15,528			1,437			5,610				22,575					42,332

Total noninterest expense			87,881			1,976				89,857				6,942			1,849			5,328				14,119					103,976

Income before income tax expense			25,921			2,438				28,359				15,374			6,986			11,903				34,263					62,622
Income tax expense			5,362			545				5,907				3,379			1,553			2,639				7,571					13,478

Net income		$	20,559		$	1,893			$	22,452			$	11,995		$	5,433		$	9,264			$	26,692				$	49,144

Period-end assets		$	5,287,197		$	540,106			$	5,827,303			$	39,234		$	376,194		$	127,048			$	542,476				$	6,369,779

Net interest margin			3.92	%		2.39	%			3.81	%			NM			4.17	%		NM				NM					5.48	%

Net-revenue concentration*			60	%		2	%			62	%			22	%		4	%		12	%			38	%				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.