XML 23 R12.htm IDEA: XBRL DOCUMENT

LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

9 Months Ended

Sep. 30, 2025

LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

4. LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

The composition of the loan portfolio follows:


(in thousands)	September 30, 2025		December 31, 2024

Traditional Banking:
Residential real estate:
Owner-occupied	$	1,044,737	$	1,032,459
Nonowner-occupied		291,373		318,096
Commercial real estate:
Owner-occupied		643,519		659,216
Nonowner-occupied		801,644		840,517
Multi-family		321,453		313,444
Construction & land development		246,065		244,121
Commercial & industrial		488,786		460,245
Lease financing receivables		96,605		93,304
Aircraft*		202,742		226,179
Home equity		399,691		353,441
Consumer:
Credit cards		10,787		16,464
Overdrafts		881		982
Automobile loans		813		1,156
Other consumer		9,210		9,555
Total Traditional Banking		4,558,306		4,569,179
Warehouse lines of credit*		609,826		550,760
Total Core Banking		5,168,132		5,119,939

*Republic Processing Group:**
Tax Refund Solutions:
Refund Advances		—		138,614
Other TRS commercial & industrial loans		292		52,180
Republic Credit Solutions		112,950		128,733
Total Republic Processing Group		113,242		319,527

Total loans**		5,281,374		5,439,466
Allowance for credit losses		(79,865)		(91,978)

Total loans, net	$	5,201,509	$	5,347,488

*Identifies loans to borrowers located primarily outside of the Bank’s market footprint.

**Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. See the following table for expanded detail.

The following table reconciles the contractually receivable and carrying amounts of loans:


(in thousands)	September 30, 2025		December 31, 2024

Contractually receivable	$	5,289,347	$	5,445,531
Unearned income		(3,126)		(2,932)
Unamortized premiums		144		184
Unaccreted discounts		(1,238)		(1,619)
Other net unamortized deferred origination (fees) and costs		(3,753)		(1,698)
Carrying value of loans	$	5,281,374	$	5,439,466

Credit Quality Indicators

The following tables include loans by segment, risk category, and, for non-revolving loans, based upon year of origination. Loan segments and risk categories as of September 30, 2025 changed from those defined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as the CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. Regarding origination year, loan extensions and renewals are generally considered originated in the year extended or renewed unless the loan is classified as a loan modification. Loan extensions and renewals classified as loan modifications generally receive no change in origination date upon extension or renewal.


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total

Residential real estate owner-occupied:
Risk Rating
Pass or not rated	$	116,527	$	60,041	$	214,910	$	167,712	$	139,824	$	312,329	$	—	$	9,051	$	1,020,394
Special Mention		—		—		—		1,657		—		3,719		—		—		5,376
Substandard		182		556		2,082		2,693		2,513		10,941		—		—		18,967
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	116,709	$	60,597	$	216,992	$	172,062	$	142,337	$	326,989	$	—	$	9,051	$	1,044,737
YTD Gross Charge-offs	$	—	$	—	$	—	$	18	$	17	$	45	$	—	$	—	$	80

Residential real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	10,335	$	13,252	$	50,310	$	51,121	$	64,798	$	98,277	$	—	$	2,740	$	290,833
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		540		—		—		540
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	10,335	$	13,252	$	50,310	$	51,121	$	64,798	$	98,817	$	—	$	2,740	$	291,373
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate owner-occupied:
Risk Rating
Pass or not rated	$	57,325	$	40,557	$	65,885	$	104,309	$	94,985	$	186,287	$	14,572	$	66,051	$	629,971
Special Mention		759		1,118		949		5,165		597		2,225		—		429		11,242
Substandard		339		—		—		—		—		1,967		—		—		2,306
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	58,423	$	41,675	$	66,834	$	109,474	$	95,582	$	190,479	$	14,572	$	66,480	$	643,519
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	31,536	$	49,047	$	104,084	$	134,881	$	103,403	$	247,295	$	19,283	$	90,543	$	780,072
Special Mention		—		—		—		—		—		712		—		—		712
Substandard		—		—		—		—		4,000		16,860		—		—		20,860
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	31,536	$	49,047	$	104,084	$	134,881	$	107,403	$	264,867	$	19,283	$	90,543	$	801,644
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate multi-family:
Risk Rating
Pass or not rated	$	8,973	$	12,905	$	47,926	$	68,386	$	46,894	$	61,209	$	4,491	$	70,669	$	321,453
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	8,973	$	12,905	$	47,926	$	68,386	$	46,894	$	61,209	$	4,491	$	70,669	$	321,453
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction & land development:
Risk Rating
Pass or not rated	$	57,705	$	59,654	$	85,876	$	23,898	$	13,257	$	4,349	$	1,326	$	—	$	246,065
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	57,705	$	59,654	$	85,876	$	23,898	$	13,257	$	4,349	$	1,326	$	—	$	246,065
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		—

Commercial & industrial:
Risk Rating
Pass or not rated	$	72,259	$	72,934	$	65,005	$	49,067	$	39,663	$	42,313	$	129,508	$	11,178	$	481,927
Special Mention		—		926		78		1,964		1,626		—		292		—		4,886
Substandard		—		—		250		92		—		1,287		—		344		1,973
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	72,259	$	73,860	$	65,333	$	51,123	$	41,289	$	43,600	$	129,800	$	11,522	$	488,786
YTD Gross Charge-offs	$	—	$	—	$	—	$	18	$	—	$	—	$	—	$	—	$	18

Lease financing receivables:
Risk Rating
Pass or not rated	$	28,234	$	26,356	$	27,068	$	10,362	$	2,723	$	1,208	$	—	$	—	$	95,951
Special Mention		—		—		37		68		144		—		—		—		249
Substandard		—		42		227		120		8		8		—		—		405
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	28,234	$	26,398	$	27,332	$	10,550	$	2,875	$	1,216	$	—	$	—	$	96,605
YTD Gross Charge-offs	$	—	$	—	$	107	$	31	$	—	$	—	$	—	$	—	$	138



													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year (Continued)												Amortized		Converted
As of September 30, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total

Aircraft:
Risk Rating
Pass or not rated	$	13,752	$	28,804	$	58,116	$	35,708	$	30,917	$	35,144	$	—	$	—	$	202,441
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		301		—		—		—		301
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	13,752	$	28,804	$	58,116	$	35,708	$	31,218	$	35,144	$	—	$	—	$	202,742
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	394,928	$	—	$	394,928
Special Mention		—		—		—		—		—		—		1,742		—		1,742
Substandard		—		—		—		—		—		—		3,021		—		3,021
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	399,691	$	—	$	399,691
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3	$	—	$	3

Consumer:
Risk Rating
Pass or not rated	$	1,860	$	5,068	$	1,896	$	71	$	37	$	651	$	12,024	$	—	$	21,607
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		1		83		—		84
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,860	$	5,068	$	1,896	$	71	$	37	$	652	$	12,107	$	—	$	21,691
YTD Gross Charge-offs	$	27	$	1	$	2	$	—	$	1	$	5	$	798	$	—	$	834

Warehouse:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	609,826	$	—	$	609,826
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	609,826	$	—	$	609,826
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

TRS:
Risk Rating
Pass or not rated	$	292	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	292
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	292	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	292
YTD Gross Charge-offs	$	15,501	$	9,557	$	—	$	—	$	—	$	—	$	—	$	—	$	25,058

RCS:
Risk Rating
Pass or not rated	$	1,007	$	4,235	$	5,456	$	791	$	57	$	196	$	101,208	$	—	$	112,950
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,007	$	4,235	$	5,456	$	791	$	57	$	196	$	101,208	$	—	$	112,950
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	14,142	$	—	$	14,142

Grand Total:
Risk Rating
Pass or not rated	$	399,805	$	372,853	$	726,532	$	646,306	$	536,558	$	989,258	$	1,287,166	$	250,232	$	5,208,710
Special Mention		759		2,044		1,064		8,854		2,367		6,656		2,034		429		24,207
Substandard		521		598		2,559		2,905		6,822		31,604		3,104		344		48,457
Doubtful		—		—		—		—		—		—		—		—		—
Grand Total	$	401,085	$	375,495	$	730,155	$	658,065	$	545,747	$	1,027,518	$	1,292,304	$	251,005	$	5,281,374
YTD Gross Charge-offs	$	15,528	$	9,558	$	109	$	67	$	18	$	50	$	14,943	$	—	$	40,273


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total

Residential real estate owner-occupied:
Risk Rating
Pass or not rated	$	79,874	$	236,681	$	181,703	$	157,834	$	150,449	$	191,013	$	—	$	8,840	$	1,006,394
Special Mention		—		—		—		—		83		4,343		—		—		4,426
Substandard		875		1,052		2,566		2,806		4,099		10,241		—		—		21,639
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	80,749	$	237,733	$	184,269	$	160,640	$	154,631	$	205,597	$	—	$	8,840	$	1,032,459
YTD Gross Charge-offs	$	—	$	10	$	39	$	13	$	—	$	—	$	—	$	—	$	62

Residential real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	15,147	$	53,718	$	58,776	$	69,355	$	57,310	$	59,130	$	—	$	2,431	$	315,867
Special Mention		—		—		1,795		—		—		20		—		—		1,815
Substandard		—		—		—		—		—		414		—		—		414
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	15,147	$	53,718	$	60,571	$	69,355	$	57,310	$	59,564	$	—	$	2,431	$	318,096
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total

Commercial real estate owner-occupied:
Risk Rating
Pass or not rated	$	44,982	$	68,442	$	113,338	$	101,216	$	114,208	$	120,576	$	16,503	$	64,832	$	644,097
Special Mention		1,177		—		5,324		832		545		5,897		317		—		14,092
Substandard		—		—		—		—		785		242		—		—		1,027
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	46,159	$	68,442	$	118,662	$	102,048	$	115,538	$	126,715	$	16,820	$	64,832	$	659,216
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	50,179	$	106,785	$	139,026	$	112,082	$	144,363	$	148,481	$	16,337	$	97,321	$	814,574
Special Mention		—		—		—		4,000		4,171		17,592		—		—		25,763
Substandard		—		—		—		—		—		180		—		—		180
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	50,179	$	106,785	$	139,026	$	116,082	$	148,534	$	166,253	$	16,337	$	97,321	$	840,517
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate multi-family:
Risk Rating
Pass or not rated	$	13,766	$	41,171	$	79,181	$	56,993	$	38,908	$	41,422	$	5,054	$	36,949	$	313,444
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	13,766	$	41,171	$	79,181	$	56,993	$	38,908	$	41,422	$	5,054	$	36,949	$	313,444
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction & land development:
Risk Rating
Pass or not rated	$	52,732	$	105,616	$	63,117	$	15,741	$	1,689	$	3,740	$	1,161	$	—	$	243,796
Special Mention		—		325		—		—		—		—		—		—		325
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	52,732	$	105,941	$	63,117	$	15,741	$	1,689	$	3,740	$	1,161	$	—	$	244,121
YTD Gross Charge-offs		—		—		—		—		—		—		—		—		—

Commercial & industrial:
Risk Rating
Pass or not rated	$	82,096	$	77,333	$	63,187	$	48,621	$	25,608	$	25,286	$	125,002	$	4,722	$	451,855
Special Mention		1,225		34		359		2,126		922		2,022		843		—		7,531
Substandard		—		81		73		2		—		333		26		344		859
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	83,321	$	77,448	$	63,619	$	50,749	$	26,530	$	27,641	$	125,871	$	5,066	$	460,245
YTD Gross Charge-offs		—	$	—	$	27	$	—	$	—	$	—	$	—	$	—		27

Lease financing receivables:
Risk Rating
Pass or not rated	$	34,335	$	34,370	$	15,427	$	5,759	$	2,226	$	451	$	—	$	—	$	92,568
Special Mention		—		23		46		41		73		48		—		—		231
Substandard		—		115		360		30		—		—		—		—		505
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	34,335	$	34,508	$	15,833	$	5,830	$	2,299	$	499	$	—	$	—	$	93,304
YTD Gross Charge-offs		—	$	45	$	124	$	—	$	4	$	32	$	—	$	—		205

Aircraft:
Risk Rating
Pass or not rated	$	36,972	$	71,706	$	40,778	$	35,652	$	23,933	$	16,380	$	—	$	—	$	225,421
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		312		—		446		—		—		758
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	36,972	$	71,706	$	40,778	$	35,964	$	23,933	$	16,826	$	—	$	—	$	226,179
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	350,828	$	—	$	350,828
Special Mention		—		—		—		—		—		—		100		—		100
Substandard		—		—		—		—		—		—		2,513		—		2,513
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	353,441	$	—	$	353,441
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	64	$	—	$	64

Consumer:
Risk Rating
Pass or not rated	$	5,156	$	2,403	$	240	$	94	$	19	$	1,256	$	18,426	$	—	$	27,594
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		556		—		—		—		—		7		—		—		563
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	5,712	$	2,403	$	240	$	94	$	19	$	1,263	$	18,426	$	—	$	28,157
YTD Gross Charge-offs	$	828	$	1,170	$	2	$	1	$	—	$	1	$	1,103	$	—	$	3,105


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2024	2024		2023		2022		2021		2020		Prior		Cost Basis		to Term		Total

Warehouse:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	550,760	$	—	$	550,760
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	550,760	$	—	$	550,760
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

TRS:
Risk Rating
Pass or not rated	$	190,794	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	190,794
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	190,794	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	190,794
YTD Gross Charge-offs	$	23,534	$	9,158	$	—	$	—	$	—	$	—	$	—	$	—	$	32,692

RCS:
Risk Rating
Pass or not rated	$	8,625	$	9,954	$	3,000	$	295	$	247	$	47,383	$	58,959	$	—	$	128,463
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		270		—		270
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	8,625	$	9,954	$	3,000	$	295	$	247	$	47,383	$	59,229	$	—	$	128,733
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	19,239	$	—	$	19,239

Grand Total:
Risk Rating
Pass or not rated	$	614,658	$	808,179	$	757,773	$	603,642	$	558,960	$	655,118	$	1,143,030	$	215,095	$	5,356,455
Special Mention		2,402		382		7,524		6,999		5,794		29,922		1,260		—		54,283
Substandard		1,431		1,248		2,999		3,150		4,884		11,863		2,809		344		28,728
Doubtful		—		—		—		—		—		—		—		—		—
Grand Total	$	618,491	$	809,809	$	768,296	$	613,791	$	569,638	$	696,903	$	1,147,099	$	215,439	$	5,439,466
YTD Gross Charge-offs	$	24,362	$	10,383	$	192	$	14	$	4	$	33	$	20,406	$	—	$	55,394

Allowance for Credit Losses on Loans

The following tables present the activity in the ACLL by portfolio class:


	ACLL Roll-forward
	Three Months Ended September 30,
	2025										2024
	Beginning				Charge-				Ending			Beginning			Charge-				Ending
(in thousands)	Balance		Provision		offs		Recoveries		Balance			Balance	Provision		offs		Recoveries		Balance

Traditional Banking:
Residential real estate:
Owner-occupied	$	10,626	$	274	$	(51)	$	5	$	10,854	$	9,544	$	(141)	$	(10)	$	24	$	9,417
Nonowner-occupied		3,883		(177)		—		—		3,706		2,957		(52)		—		1		2,906
Commercial real estate*:
Owner-occupied*		7,143		(32)		—		—		7,111
Nonowner-occupied*		11,952		(330)		—		—		11,622
Multi-Family*		2,751		14		—		—		2,765
Total commercial real estate*		21,846		(348)		—		—		21,498		26,161		(135)		—		313		26,339
Construction & land development		8,725		(475)		—		—		8,250		6,922		(261)		—		—		6,661
Commercial & industrial		2,455		30		—		—		2,485		4,133		(122)		—		1		4,012
Lease financing receivables		983		47		—		—		1,030		1,116		8		(32)		24		1,116
Aircraft		530		(23)		—		—		507		601		(13)		—		—		588
Home equity		8,106		208		(3)		1		8,312		6,059		310		(29)		10		6,350
Consumer:																				—
Credit cards		990		(1)		(37)		14		966		1,067		24		(59)		48		1,080
Overdrafts		656		157		(229)		51		635		658		181		(231)		51		659
Automobile loans		2		1		(3)		1		1		19		(25)		—		20		14
Other consumer		253		(18)		(9)		9		235		628		1,714		(1,947)		12		407
Total Traditional Banking		59,055		(325)		(332)		81		58,479		59,865		1,488		(2,308)		504		59,549
Warehouse lines of credit		1,676		(154)		—		—		1,522		1,370		116		—		—		1,486
Total Core Banking		60,731		(479)		(332)		81		60,001		61,235		1,604		(2,308)		504		61,035

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—		(1,454)		—		1,454		—		—		(2,311)		—		2,311		—
Other TRS commercial & industrial loans		—		(13)		—		14		1		—		1		—		—		1
Republic Credit Solutions		21,029		3,969		(5,504)		369		19,863		19,452		6,365		(5,022)		327		21,122
Total Republic Processing Group		21,029		2,502		(5,504)		1,837		19,864		19,452		4,055		(5,022)		2,638		21,123

Total	$	81,760	$	2,023	$	(5,836)	$	1,918	$	79,865	$	80,687	$	5,659	$	(7,330)	$	3,142	$	82,158

* The CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. For the three months ended September 30, 2024 presented above, the Total CRE line represents the ACLL Roll-forward information for the total CRE loan pool, as previously presented.


	ACLL Roll-forward
	Nine Months Ended September 30,
	2025										2024
	Beginning				Charge-				Ending			Beginning			Charge-				Ending
(in thousands)	Balance		Provision		offs		Recoveries		Balance			Balance	Provision		offs		Recoveries		Balance

Traditional Banking:
Residential real estate:
Owner-occupied	$	10,849	$	17	$	(80)	$	68	$	10,854	$	10,337	$	(961)	$	(62)	$	103	$	9,417
Nonowner-occupied		4,140		(434)		—		—		3,706		3,047		(143)		—		2		2,906
Commercial real estate*:
Owner-occupied*		7,319		(208)		—		—		7,111
Nonowner-occupied*		12,523		(904)		—		3		11,622
Multi-Family*		2,714		51		—		—		2,765
Total commercial real estate*		22,556		(1,061)		—		3		21,498		25,830		173		—		336		26,339
Construction & land development		8,227		23		—		—		8,250		6,060		601		—		—		6,661
Commercial & industrial		2,527		(24)		(18)		—		2,485		4,236		(227)		—		3		4,012
Lease financing receivables		1,117		29		(138)		22		1,030		1,061		99		(90)		46		1,116
Aircraft		565		(58)		—		—		507		625		(37)		—		—		588
Home equity		7,378		909		(3)		28		8,312		5,501		867		(29)		11		6,350
Consumer:
Credit cards		1,379		(348)		(129)		64		966		1,074		133		(190)		63		1,080
Overdrafts		724		426		(669)		154		635		694		443		(658)		180		659
Automobile loans		11		(10)		(3)		3		1		32		(41)		—		23		14
Other consumer		283		(46)		(33)		31		235		501		1,860		(1,993)		39		407
Total Traditional Banking		59,756		(577)		(1,073)		373		58,479		58,998		2,767		(3,022)		806		59,549
Warehouse lines of credit		1,374		148		—		—		1,522		847		639		—		—		1,486
Total Core Banking		61,130		(429)		(1,073)		373		60,001		59,845		3,406		(3,022)		806		61,035

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		9,793		9,947		(24,893)		5,153		—		3,929		22,249		(32,555)		6,377		—
Other TRS commercial & industrial loans		68		81		(165)		17		1		61		33		(137)		44		1
Republic Credit Solutions		20,987		11,919		(14,142)		1,099		19,863		18,295		15,742		(13,882)		967		21,122
Total Republic Processing Group		30,848		21,947		(39,200)		6,269		19,864		22,285		38,024		(46,574)		7,388		21,123

Total	$	91,978	$	21,518	$	(40,273)	$	6,642	$	79,865	$	82,130	$	41,430	$	(49,596)	$	8,194	$	82,158

* The CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. For the nine months ended September 30, 2024 presented above, the Total CRE line represents the ACLL Roll-forward information for the total CRE loan pool, as previously presented.

During the first quarter of 2025, the Company further segmented its CRE portfolio into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family. The Company believes this additional portfolio segmentation will provide better granularity to the ACLL on a go-forward basis. Given the loss history for each of these portfolio segments over the past several years, this additional segmentation did not have a material impact to the Company’s ACLL as of September 30, 2025. This additional segmentation could have material impacts to the ACLL in the future, however, depending upon the overall credit performance of each of these individual portfolios on a go-forward basis.

The cumulative loss rate used as the basis for the estimate of the Company’s ACLL as of September 30, 2025, was primarily based on a static pool analysis of each of the Company’s loan pools using the Company’s loss experience from 2013 through 2024, supplemented by qualitative factor adjustments for current and forecasted conditions. The Company employs one-year forecasts of unemployment and CRE values within its ACLL model, with reversion to long-term averages following the forecasted period. The cumulative loss rate within the Company’s ACLL also includes estimated losses based on an individual evaluation of loans which are either collateral dependent or which do not share risk characteristics with pooled loans, e.g., loan modifications. During the second quarter of 2025, the Company implemented a minimum loan balance threshold, as a practical expedient, for assessing individual loans for impairment. This threshold applies to loans with a risk rating of Special Mention or worse. The application of this new practical expedient resulted in a $518,000 net credit to the Provision during the second quarter of 2025.

Nonperforming Loans and Nonperforming Assets

Detail of nonperforming loans, nonperforming assets, and select credit quality ratios follows:


(dollars in thousands)	September 30, 2025			December 31, 2024

Loans on nonaccrual status*	$	21,572		$	22,619
Loans past due 90-days-or-more and still on accrual**		137			141
Total nonperforming loans		21,709			22,760
Other real estate owned		1,246			1,160
Total nonperforming assets	$	22,955		$	23,920

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.41	%		0.42	%
Nonperforming assets to total loans (including OREO)		0.43			0.44
Nonperforming assets to total assets		0.33			0.35

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.42	%		0.44	%
Nonperforming assets to total loans (including OREO)		0.44			0.46
Nonperforming assets to total assets		0.35			0.39

*	Loans on nonaccrual status include collateral-dependent loans.

**	Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.

The following tables present nonaccrual loans and loans past due 90-days-or-more and still on accrual by portfolio class:


					Past Due 90-Days-or-More
	Nonaccrual				and Still Accruing Interest*
(in thousands)	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024

Traditional Banking:
Residential real estate:
Owner-occupied	$	17,510	$	17,331	$	—	$	—
Nonowner-occupied		126		81		—		—
Commercial real estate:
Owner-occupied		421		424		—		—
Nonowner-occupied		—		799		—		—
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		588		860		—		—
Lease financing receivables		87		147		—		—
Aircraft		—		56		—		—
Home equity		2,837		2,359		—		—
Consumer:
Credit cards		—		—		—		—
Overdrafts		—		—		—		—
Automobile loans		3		5		—		—
Other consumer		—		557		—		—
Total Traditional Banking		21,572		22,619		—		—
Warehouse lines of credit		—		—		—		—
Total Core Banking		21,572		22,619		—		—

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—		—		—		—
Other TRS commercial & industrial loans		—		—		—		—
Republic Credit Solutions		—		—		137		141
Total Republic Processing Group		—		—		137		141

Total	$	21,572	$	22,619	$	137	$	141

* Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.


							Three Months Ended		Nine Months Ended
	As of September 30, 2025						September 30, 2025		September 30, 2025
	Nonaccrual		Nonaccrual			Total	Interest Income		Interest Income
	Loans with		Loans without			Nonaccrual	Recognized		Recognized
(in thousands)	ACLL		ACLL			Loans	on Nonaccrual Loans*		on Nonaccrual Loans*

Residential real estate:
Owner-occupied	$	—	$	17,510	$	17,510	$	364	$	1,039
Nonowner-occupied		—		126		126		3		23
Commercial real estate:
Owner-occupied		421		—		421		47		119
Nonowner-occupied		—		—		—		4		12
Multi-family		—		—		—		—		4
Construction & land development		—		—		—		—		—
Commercial & industrial		344		244		588		1		22
Lease financing receivables		—		87		87		—		—
Aircraft		—		—		—		—		—
Home equity		—		2,837		2,837		107		286
Consumer		—		3		3		9		67
Total	$	765	$	20,807	$	21,572	$	535	$	1,572

* Includes interest income for loans on nonaccrual as of the beginning of the period that were paid off during the period.


							Three Months Ended		Nine Months Ended
	As of December 31, 2024						September 30, 2024		September 30, 2024
	Nonaccrual		Nonaccrual			Total	Interest Income		Interest Income
	Loans with		Loans without			Nonaccrual	Recognized		Recognized
(in thousands)	ACLL		ACLL			Loans	on Nonaccrual Loans*		on Nonaccrual Loans*

Residential real estate:
Owner-occupied	$	688	$	16,643	$	17,331	$	273	$	813
Nonowner-occupied		25		56		81		—		15
Commercial real estate:
Owner-occupied		180		244		424		43		112
Nonowner-occupied		524		275		799		—		—
Multi-family		—		—		—		—		—
Construction & land development		—		—		—		—		—
Commercial & industrial		726		134		860		9		9
Lease financing receivables		—		147		147		—		—
Aircraft		—		56		56		—		—
Home equity		—		2,359		2,359		84		241
Consumer		562		—		562		100		101
Total	$	2,705	$	19,914	$	22,619	$	509	$	1,291

* Includes interest income for loans on nonaccrual as of the beginning of the period that were paid off during the period.

Nonaccrual loans and loans past due 90-days-or-more and still on accrual both include smaller balance, primarily retail, homogeneous loans. Nonaccrual loans are typically returned to accrual status when all the principal and interest amounts contractually due are brought current and held current for six consecutive months and future contractual payments are reasonably assured. Modified loans classified as nonaccrual are reviewed for return to accrual status on an individual basis, with additional consideration given to performance under modified terms.

Delinquent Loans

The following tables present the aging of the recorded investment in loans by portfolio class:


	30 - 59			60 - 89			90 or More
	Days			Days			Days			Total			Total
September 30, 2025 (dollars in thousands)	Delinquent			Delinquent			Delinquent*			Delinquent**			Current		Total

Traditional Banking:
Residential real estate:
Owner-occupied	$	3,844		$	1,749		$	2,013		$	7,606		$	1,037,131	$	1,044,737
Nonowner-occupied		—			—			—			—			291,373		291,373
Commercial real estate:
Owner-occupied		—			—			—			—			643,519		643,519
Nonowner-occupied		—			—			—			—			801,644		801,644
Multi-family		—			—			—			—			321,453		321,453
Construction & land development		—			—			—			—			246,065		246,065
Commercial & industrial		548			—			344			892			487,894		488,786
Lease financing receivables		8			13			95			116			96,489		96,605
Aircraft		—			—			—			—			202,742		202,742
Home equity		547			406			926			1,879			397,812		399,691
Consumer:
Credit cards		7			17			—			24			10,763		10,787
Overdrafts		109			6			1			116			765		881
Automobile loans		—			—			—			—			813		813
Other consumer		57			1			—			58			9,152		9,210
Total Traditional Banking		5,120			2,192			3,379			10,691			4,547,615		4,558,306
Warehouse lines of credit		—			—			—			—			609,826		609,826
Total Core Banking		5,120			2,192			3,379			10,691			5,157,441		5,168,132

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			—			—			—		—
Other TRS commercial & industrial loans		—			—			—			—			292		292
Republic Credit Solutions		6,880			1,675			136			8,691			104,259		112,950
Total Republic Processing Group		6,880			1,675			136			8,691			104,551		113,242

Total	$	12,000		$	3,867		$	3,515		$	19,382		$	5,261,992	$	5,281,374
Delinquency ratio***		0.23	%		0.07	%		0.07	%		0.37	%

* All loans past due 90-days-or-more, excluding small balance consumer loans, were on nonaccrual status as of September 30, 2025.

** Delinquent status may be determined by either the number of days past due or number of payments past due.

*** Represents total loans 30-days-or-more past due by aging category divided by total loans.


	30 - 59			60 - 89			90 or More
	Days			Days			Days			Total			Total
December 31, 2024 (dollars in thousands)	Delinquent			Delinquent			Delinquent*			Delinquent**			Current		Total

Traditional Banking:
Residential real estate:
Owner-occupied	$	2,320		$	2,292		$	2,403		$	7,015		$	1,025,444	$	1,032,459
Nonowner-occupied		—			—			21			21			318,075		318,096
Commercial real estate:
Owner-occupied		—			—			244			244			658,972		659,216
Nonowner-occupied		—			275			—			275			840,242		840,517
Multi-family		—			—			—			—			313,444		313,444
Construction & land development		—			—			—			—			244,121		244,121
Commercial & industrial		104			15			785			904			459,341		460,245
Lease financing receivables		8			14			53			75			93,229		93,304
Aircraft		—			—			—			—			226,179		226,179
Home equity		714			204			478			1,396			352,045		353,441
Consumer:
Credit cards		25			3			—			28			16,436		16,464
Overdrafts		163			10			—			173			809		982
Automobile loans		11			—			—			11			1,145		1,156
Other consumer		41			1			1			43			9,512		9,555
Total Traditional Banking		3,386			2,814			3,985			10,185			4,558,994		4,569,179
Warehouse lines of credit		—			—			—			—			550,760		550,760
Total Core Banking		3,386			2,814			3,985			10,185			5,109,754		5,119,939

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			—			—			138,614		138,614
Other TRS commercial & industrial loans		—			—			—			—			52,180		52,180
Republic Credit Solutions		7,915			2,248			141			10,304			118,429		128,733
Total Republic Processing Group		7,915			2,248			141			10,304			309,223		319,527

Total	$	11,301		$	5,062		$	4,126		$	20,489		$	5,418,977	$	5,439,466
Delinquency ratio***		0.21	%		0.09	%		0.08	%		0.38	%

* All loans past due 90-days-or-more, excluding smaller balance consumer loans, were on nonaccrual status as of December 31, 2024.

** Delinquent status may be determined by either the number of days past due or number of payments past due.

*** Represents total loans 30-days-or-more past due by aging category divided by total loans.

Collateral-Dependent Loans

The following table presents the amortized cost basis of collateral-dependent loans by portfolio class:


	September 30, 2025				December 31, 2024
	Secured		Secured		Secured		Secured
	by Real		by Personal		by Real		by Personal
(in thousands)	Estate		Property		Estate		Property

Traditional Banking:
Residential real estate:
Owner-occupied	$	18,967	$	—	$	23,116	$	—
Nonowner-occupied		540		—		414		—
Commercial real estate:
Owner-occupied		2,307		—		149		—
Nonowner-occupied		20,860		—		1,061		—
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		1,973		—		859		—
Lease financing receivables		—		405		—		504
Aircraft		—		301		—		758
Home equity		3,021		—		2,513		—
Consumer		—		1		—		563
Total Traditional Banking	$	47,668	$	707	$	28,112	$	1,825

Collateral-dependent loans are generally secured by real estate or personal property. If there is insufficient collateral value to secure the Company’s recorded investment in these loans, they are charged down to collateral value less estimated selling costs, when selling costs are applicable. Estimated selling costs range from 10% to 13%, with those percentages based on annual studies performed by the Company.

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

The ACLL incorporates an estimate of lifetime expected credit losses using historical loss information. The Company uses a static pool loss rate method to determine an estimate which is recorded for each asset upon origination. Occasionally, the Company has reason to modify certain terms of loans for borrowers experiencing financial distress by providing the following forms of relief: forgiveness of loan principal, extension of repayment terms, interest rate reduction or an other than insignificant payment delay. The Company may make any or all of these types of concessions as part of such modifications. Since an estimate for historical losses is already included as a component of the ACLL, a change to the ACLL is generally not recorded at the time of such modifications unless the loan is individually analyzed and the modification changes the specific reserve allocation. In the event forgiveness of principal is provided, the amount of the forgiveness is charged off against the ACLL.

During the second quarter of 2025, the Company modified one loan for a borrower experiencing financial difficulty with an amortized cost basis of $4 million. The term of the loan was extended 12 months. There were no other material modifications made to borrowers experiencing financial difficulty during the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2024, the Company made no material modifications to borrowers experiencing financial difficulty.

During the three and nine months ended September 30, 2025 and 2024, there were no payment defaults by borrowers experiencing financial difficulty related to loans that were modified in the prior 12 months.

Foreclosures

The following table presents the carrying amount of foreclosed properties held as a result of the Bank obtaining physical possession of such properties:


(in thousands)	September 30, 2025		December 31, 2024

Residential real estate:
Owner-occupied	$	244	$	—
Commercial real estate:
Owner-occupied		—		—
Nonowner-occupied		1,002		1,160
Multi-family		—		—
Total other real estate owned	$	1,246	$	1,160

The following table presents the recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to requirements of the applicable jurisdiction:

Refund Advances

The Company’s TRS segment offered (i) its RA product during the first two months of 2025, along with its ERA product during December 2024 for the 2025 Tax Season and (ii) its RA product during the first two months of 2024, along with its ERA product during December 2023 for the 2024 Tax Season. The ERA originations during December 2024 and the first two weeks of 2025 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2025 tax season, while the ERA originations during December 2023 and the first two weeks of 2024 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2024 tax season. Each year, all unpaid RAs, including ERAs, are charged off by June 30^th, and each quarter thereafter, any credits to the Provision for ERAs/RAs, are recorded as recoveries of previously charged-off accounts.

Information regarding calendar year activities for ERAs/RAs follows:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in thousands)	2025		2024		2025			2024

Refund Advances originated	$	—	$	—	$	662,556		$	771,091
Net charge (credit) to the Provision for RAs, including ERAs		(1,454)		(2,311)		9,947			22,249
Provision as a percentage of RAs originated, including ERAs		NA		NA		1.50	%		2.89	%
Refund Advances net charge-offs	$	(1,454)	$	(2,311)	$	19,740		$	26,178
Refund Advances net charge-offs to total Refund Advances originated		NA		NA		2.98	%		3.39	%

(in thousands)

September 30, 2025

December 31, 2024

Recorded investment in consumer residential real estate mortgage loans in the process of foreclosure