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SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

SEGMENT INFORMATION

Schedule of segment information

Year Ended December 31, 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

$

203,139

$

12,469

$

215,608

$

34,420

$

11,811

$

50,315

$

96,546

$

312,154

Provision for expected credit loss expense

3,241

527

3,768

29,983

—

20,625

50,608

54,376

Net refund transfer fees

—

—

—

15,356

—

—

15,356

15,356

Mortgage banking income

5,438

—

5,438

—

—

—

—

5,438

Program fees

—

—

—

—

3,121

14,697

17,818

17,818

Other noninterest income (1)

33,641

62

33,703

180

151

4

335

34,038

Total noninterest income

39,079

62

39,141

15,536

3,272

14,701

33,509

72,650

Salaries and employee benefits

100,298

2,845

103,143

7,785

3,267

4,455

15,507

118,650

Technology, Equipment, and Communication

26,467

145

26,612

430

4

3,644

4,078

30,690

Occupancy

13,387

71

13,458

342

28

28

398

13,856

Marketing and development

3,617

—

3,617

398

95

5,329

5,822

9,439

Other noninterest expense (2)

25,529

550

26,079

2,650

707

654

4,011

30,090

Total noninterest expense

169,298

3,611

172,909

11,605

4,101

14,110

29,816

202,725

Income (loss) before income tax expense

69,679

8,393

78,072

8,368

10,982

30,281

49,631

127,703

Income tax expense (benefit)

13,306

1,892

15,198

1,970

2,427

6,737

11,134

26,332

Net income (loss)

$

56,373

$

6,501

$

62,874

$

6,398

$

8,555

$

23,544

$

38,497

$

101,371

Period-end assets

$

5,608,110

$

551,747

$

6,159,857

$

217,662

$

335,369

$

133,779

$

686,810

$

6,846,667

Period-end loans

4,569,179

550,760

5,119,939

190,794

—

128,733

319,527

5,439,466

Period-end deposits

$

4,572,044

$

34,414

$

4,606,458

$

216,998

$

334,989

$

52,101

$

604,088

$

5,210,546

Net interest margin

3.55

%

2.65

%

3.48

%

NM

4.85

%

NM

NM

4.85

%

Net-revenue concentration*

63

%

3

%

66

%

13

%

4

%

17

%

34

%

100

%


		Year Ended December 31, 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		$	194,798		$	9,447			$	204,245			$	29,557		$	15,729		$	39,247			$	84,533				$	288,778

Provision for expected credit loss expense			8,698			(162)				8,536				22,559			—			16,529				39,088					47,624

Net refund transfer fees			—			—				—				15,748			—			—				15,748					15,748
Mortgage banking income			3,542			—				3,542				—			—			—				—					3,542
Program fees			—			—				—				—			2,827			12,755				15,582					15,582
Death benefits in excess of cash surrender value of life insurance			1,728			—				1,728				—			—			—				—					1,728
Other noninterest income (1)			34,231			44				34,275				341			158			83				582					34,857
Total noninterest income			39,501			44				39,545				16,089			2,985			12,838				31,912					71,457

Salaries and employee benefits			97,522			2,924				100,446				8,011			3,070			4,342				15,423					115,869
Technology, Equipment, and Communication			26,393			87				26,480				406			12			2,209				2,627					29,107
Occupancy			13,523			68				13,591				326			25			25				376					13,967
Marketing and development			3,193			—				3,193				523			1			4,729				5,253					8,446
Other noninterest expense (2)			27,489			468				27,957				2,769			602			681				4,052					32,009
Total noninterest expense			168,120			3,547				171,667				12,035			3,710			11,986				27,731					199,398

Income before income tax expense			57,481			6,106				63,587				11,052			15,004			23,570				49,626					113,213
Income tax expense			10,766			1,365				12,131				2,196			3,307			5,205				10,708					22,839

Net income		$	46,715		$	4,741			$	51,456			$	8,856		$	11,697		$	18,365			$	38,918				$	90,374

Period-end assets		$	5,519,632		$	340,224			$	5,859,856			$	228,738		$	366,117		$	140,180			$	735,035				$	6,594,891

Period-end loans			4,618,569			339,723				4,958,292				149,207			—			132,362				281,569					5,239,861

Period-end deposits		$	4,362,959		$	34,048			$	4,397,007			$	228,371		$	366,118		$	61,667			$	656,156				$	5,053,163

Net interest margin			3.70	%		2.38	%			3.61	%			NM			4.59	%		NM				NM					4.91	%

Net-revenue concentration*			65	%		3	%			68	%			13	%		5	%		14	%			32	%				100	%


		Year Ended December 31, 2022
		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		$	172,062		$	13,729			$	185,791			$	16,896		$	4,819		$	29,185			$	50,900				$	236,691

Provision for expected credit loss expense			1,429			(1,117)				312				9,955			—			12,081				22,036					22,348

Net refund transfer fees			—			—				—				17,080			—			—				17,080					17,080
Mortgage banking income			6,196			—				6,196				—			—			—				—					6,196
Program fees			—			—				—				—			2,872			13,300				16,172					16,172
Contract termination fee			—			—				—				5,000			—			—				5,000					5,000
Legal settlement			—			—				—				13,000			—			—				13,000					13,000
Other noninterest income (1)			31,784			50				31,834				424			104			—				528					32,362
Total noninterest income			37,980			50				38,030				35,504			2,976			13,300				51,780					89,810

Salaries and employee benefits			92,925			2,933				95,858				8,880			2,778			3,724				15,382					111,240
Technology, Equipment, and Communication			26,958			200				27,158				429			—			1,367				1,796					28,954
Occupancy			12,593			64				12,657				311			23			23				357					13,014
Marketing and development			3,798			—				3,798				470			—			2,607				3,077					6,875
Other noninterest expense (2)			23,319			407				23,726				2,287			539			673				3,499					27,225
Total noninterest expense			159,593			3,604				163,197				12,377			3,340			8,394				24,111					187,308

Income before income tax expense			49,020			11,292				60,312				30,068			4,455			22,010				56,533					116,845
Income tax expense			10,431			2,539				12,970				6,905			942			4,922				12,769					25,739
Net income		$	38,589		$	8,753			$	47,342			$	23,163		$	3,513		$	17,088			$	43,764				$	91,106

Period-end assets		$	4,908,711		$	405,052			$	5,313,763			$	46,192		$	363,067		$	112,521			$	521,780				$	5,835,543

Period-end loans			3,855,142			403,560				4,258,702				149,272			—			107,828				257,100					4,515,802

Period-end deposits		$	4,056,215		$	33,506			$	4,089,721			$	46,076		$	363,067		$	38,981			$	448,124				$	4,537,845

Net interest margin			3.38	%		2.69				3.32	%			NM			1.37	%		NM				NM					4.12	%

Net-revenue concentration*			65	%		4	%			69	%			16			2	%		13	%			31	%				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.

(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of bank owned life insurance, Net losses on other real estate owned, and Other noninterest income.

(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, Merger expense, and Other noninterest expense.

NM - Not Meaningful