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LOANS AND ALLOWANCE FOR CREDIT LOSSES ON LOANS

3 Months Ended

Mar. 31, 2026

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)		March 31, 2026			December 31, 2025

Traditional Banking:
Residential real estate:
Owner-occupied		$	1,028,473		$	1,040,080
Nonowner-occupied			280,777			283,246
Commercial real estate:
Owner-occupied			684,405			666,948
Nonowner-occupied			819,363			799,420
Multi-family			328,154			331,370
Construction & land development			245,423			238,455
Commercial & industrial			541,646			528,873
Lease financing receivables			20,710			20,523
Aircraft*			202,388			203,120
Home equity			425,662			413,638
Consumer:
Credit cards			11,659			10,711
Overdrafts			802			971
Automobile loans			678			738
Other consumer			6,151			8,204
Total Traditional Banking			4,596,291			4,546,297
Warehouse lines of credit*			629,848			754,090
Total Core Banking			5,226,139			5,300,387

*Republic Processing Group:**
Tax Refund Solutions:
Refund Advances			8,458			12,924
Other TRS commercial & industrial loans			701			19,473
Republic Credit Solutions			131,675			113,545
Total Republic Processing Group			140,834			145,942

Total loans**			5,366,973			5,446,329
Allowance for credit losses			(91,840)			(85,352)

Total loans, net		$	5,275,133		$	5,360,977

*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 table directly below for expanded detail.

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


(in thousands)		March 31, 2026			December 31, 2025

Contractually receivable		$	5,375,799		$	5,454,833
Unearned income			(3,307)			(3,137)
Unamortized premiums			136			142
Unaccreted discounts			(803)			(1,003)
Other net unamortized deferred origination (fees) and costs			(4,852)			(4,506)
Carrying value of loans		$	5,366,973		$	5,446,329

Credit Quality Indicators

The following tables include loans by segment, risk category, and, for non-revolving loans, origination year. 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 March 31, 2026	2026		2025		2024		2023		2022		Prior		Cost Basis		to Term		Total

Residential real estate owner-occupied:
Risk Rating
Pass or not rated	$	47,406	$	130,768	$	55,537	$	191,280	$	158,502	$	411,030	$	—	$	10,335	$	1,004,858
Special Mention		—		—		390		—		1,561		790		—		—		2,741
Substandard		—		610		1,437		2,788		3,138		12,901		—		—		20,874
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	47,406	$	131,378	$	57,364	$	194,068	$	163,201	$	424,721	$	—	$	10,335	$	1,028,473
YTD Gross Charge-offs	$	—	$	12	$	—	$	—	$	—	$	42	$	—	$	—	$	54

Residential real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	12,151	$	19,240	$	12,202	$	42,696	$	46,326	$	144,558	$	—	$	3,094	$	280,267
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		510		—		—		510
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	12,151	$	19,240	$	12,202	$	42,696	$	46,326	$	145,068	$	—	$	3,094	$	280,777
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate owner-occupied:
Risk Rating
Pass or not rated	$	32,585	$	96,595	$	39,436	$	60,729	$	96,776	$	249,952	$	16,332	$	74,685	$	667,090
Special Mention		—		6,932		1,104		—		—		678		—		406		9,120
Substandard		—		5,427		—		932		—		1,836		—		—		8,195
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	32,585	$	108,954	$	40,540	$	61,661	$	96,776	$	252,466	$	16,332	$	75,091	$	684,405
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	51,971	$	70,979	$	21,885	$	101,993	$	128,108	$	318,251	$	20,106	$	89,306	$	802,599
Special Mention		—		206		—		—		16,558		—		—		—		16,764
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	51,971	$	71,185	$	21,885	$	101,993	$	144,666	$	318,251	$	20,106	$	89,306	$	819,363
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate multi-family:
Risk Rating
Pass or not rated	$	7,594	$	11,105	$	12,759	$	47,467	$	62,685	$	96,882	$	5,149	$	83,280	$	326,921
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		1,233		—		—		—		1,233
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	7,594	$	11,105	$	12,759	$	47,467	$	63,918	$	96,882	$	5,149	$	83,280	$	328,154
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction & land development:
Risk Rating
Pass or not rated	$	11,316	$	109,556	$	45,422	$	74,876	$	578	$	3,070	$	605	$	—	$	245,423
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	11,316	$	109,556	$	45,422	$	74,876	$	578	$	3,070	$	605	$	—	$	245,423
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		—

Commercial & industrial:
Risk Rating
Pass or not rated	$	38,473	$	136,528	$	49,531	$	38,891	$	36,122	$	38,223	$	164,472	$	17,520	$	519,760
Special Mention		—		—		92		—		15		3,652		134		—		3,893
Substandard		358		25		310		67		1,485		10,993		4,411		344		17,993
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	38,831	$	136,553	$	49,933	$	38,958	$	37,622	$	52,868	$	169,017	$	17,864	$	541,646
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Lease financing receivables:
Risk Rating
Pass or not rated	$	3,263	$	5,203	$	4,178	$	6,401	$	1,172	$	82	$	—	$	—	$	20,299
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		151		—		35		55		103		67		—		—		411
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	3,414	$	5,203	$	4,213	$	6,456	$	1,275	$	149	$	—	$	—	$	20,710
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	—	$	1


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year (Continued)												Amortized		Converted
As of March 31, 2026	2026		2025		2024		2023		2022		Prior		Cost Basis		to Term		Total

Aircraft:
Risk Rating
Pass or not rated	$	12,026	$	33,670	$	22,284	$	43,825	$	33,191	$	57,392	$	—	$	—	$	202,388
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	12,026	$	33,670	$	22,284	$	43,825	$	33,191	$	57,392	$	—	$	—	$	202,388
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	420,412	$	—	$	420,412
Special Mention		—		—		—		—		—		—		1,776		—		1,776
Substandard		—		—		—		—		—		—		3,474		—		3,474
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	425,662	$	—	$	425,662
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer:
Risk Rating
Pass or not rated	$	311	$	1,421	$	3,836	$	1,705	$	42	$	550	$	11,424	$	—	$	19,289
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		1		—		—		1
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	311	$	1,421	$	3,836	$	1,705	$	42	$	551	$	11,424	$	—	$	19,290
YTD Gross Charge-offs	$	—	$	11	$	1	$	—	$	—	$	1	$	413	$	—	$	426

Warehouse:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	629,848	$	—	$	629,848
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	629,848	$	—	$	629,848
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

TRS:
Risk Rating
Pass or not rated	$	8,251	$	908	$	—	$	—	$	—	$	—	$	—	$	—	$	9,159
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	8,251	$	908	$	—	$	—	$	—	$	—	$	—	$	—	$	9,159
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

RCS:
Risk Rating
Pass or not rated	$	—	$	678	$	2,763	$	3,702	$	585	$	168	$	123,779	$	—	$	131,675
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	678	$	2,763	$	3,702	$	585	$	168	$	123,779	$	—	$	131,675
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	3,936	$	—	$	3,936

Grand Total:
Risk Rating
Pass or not rated	$	225,347	$	616,651	$	269,833	$	613,565	$	564,087	$	1,320,158	$	1,392,127	$	278,220	$	5,279,988
Special Mention		—		7,138		1,586		—		18,134		5,120		1,910		406		34,294
Substandard		509		6,062		1,782		3,842		5,959		26,308		7,885		344		52,691
Doubtful		—		—		—		—		—		—		—		—		—
Grand Total	$	225,856	$	629,851	$	273,201	$	617,407	$	588,180	$	1,351,586	$	1,401,922	$	278,970	$	5,366,973
YTD Gross Charge-offs	$	—	$	23	$	1	$	—	$	1	$	43	$	4,349	$	—	$	4,417


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total

Residential real estate owner-occupied:
Risk Rating
Pass or not rated	$	153,758	$	57,359	$	208,250	$	162,417	$	134,290	$	292,708	$	—	$	9,745	$	1,018,527
Special Mention		—		—		—		1,610		—		582		—		—		2,192
Substandard		182		1,063		2,185		3,130		2,729		10,072		—		—		19,361
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	153,940	$	58,422	$	210,435	$	167,157	$	137,019	$	303,362	$	—	$	9,745	$	1,040,080
YTD Gross Charge-offs	$	—	$	43	$	—	$	18	$	17	$	50	$	—	$	—	$	128

Residential real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	18,769	$	13,367	$	46,289	$	48,701	$	62,996	$	89,968	$	—	$	2,640	$	282,730
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		516		—		—		516
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	18,769	$	13,367	$	46,289	$	48,701	$	62,996	$	90,484	$	—	$	2,640	$	283,246
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate owner-occupied:
Risk Rating
Pass or not rated	$	103,994	$	40,027	$	64,149	$	101,727	$	103,722	$	162,831	$	13,894	$	56,250	$	646,594
Special Mention		752		1,112		—		—		594		9,191		—		409		12,058
Substandard		5,448		—		942		—		—		1,906		—		—		8,296
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	110,194	$	41,139	$	65,091	$	101,727	$	104,316	$	173,928	$	13,894	$	56,659	$	666,948
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	77,928	$	22,179	$	104,436	$	134,803	$	101,477	$	230,556	$	19,700	$	90,983	$	782,062
Special Mention		676		—		—		16,682		—		—		—		—		17,358
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	78,604	$	22,179	$	104,436	$	151,485	$	101,477	$	230,556	$	19,700	$	90,983	$	799,420
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate multi-family:
Risk Rating
Pass or not rated	$	11,117	$	12,841	$	49,881	$	66,953	$	45,347	$	56,668	$	4,910	$	83,653	$	331,370
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	11,117	$	12,841	$	49,881	$	66,953	$	45,347	$	56,668	$	4,910	$	83,653	$	331,370
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction & land development:
Risk Rating
Pass or not rated	$	99,673	$	47,328	$	86,555	$	593	$	522	$	3,303	$	481	$	—	$	238,455
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	99,673	$	47,328	$	86,555	$	593	$	522	$	3,303	$	481	$	—	$	238,455
YTD Gross Charge-offs		—		—		—		—		—		—		—		—		—

Commercial & industrial:
Risk Rating
Pass or not rated	$	139,641	$	62,991	$	44,005	$	41,331	$	17,176	$	33,515	$	153,706	$	15,935	$	508,300
Special Mention		—		569		—		—		1,556		—		64		—		2,189
Substandard		88		334		73		1,618		—		11,516		4,411		344		18,384
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	139,729	$	63,894	$	44,078	$	42,949	$	18,732	$	45,031	$	158,181	$	16,279	$	528,873
YTD Gross Charge-offs		—	$	13	$	216	$	18	$	—	$	15	$	—	$	—		262

Lease financing receivables:
Risk Rating
Pass or not rated	$	5,931	$	4,909	$	7,469	$	1,433	$	190	$	83	$	—	$	—	$	20,015
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		7		69		87		274		71		—		—		—		508
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	5,938	$	4,978	$	7,556	$	1,707	$	261	$	83	$	—	$	—	$	20,523
YTD Gross Charge-offs		—	$	49	$	297	$	31	$	10	$	3	$	—	$	—		390


													Revolving Loans		Revolving Loans
(in thousands)	Term Loans Amortized Cost Basis by Origination Year												Amortized		Converted
As of December 31, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total

Aircraft:
Risk Rating
Pass or not rated	$	31,154	$	26,092	$	47,389	$	35,121	$	29,828	$	33,239	$	—	$	—	$	202,823
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		297		—		—		—		297
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	31,154	$	26,092	$	47,389	$	35,121	$	30,125	$	33,239	$	—	$	—	$	203,120
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	408,021	$	—	$	408,021
Special Mention		—		—		—		—		—		—		1,957		—		1,957
Substandard		—		—		—		—		—		—		3,660		—		3,660
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	413,638	$	—	$	413,638
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	56	$	—	$	56

Consumer:
Risk Rating
Pass or not rated	$	1,799	$	3,984	$	1,840	$	58	$	25	$	566	$	12,267	$	—	$	20,539
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		1		84		—		85
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,799	$	3,984	$	1,840	$	58	$	25	$	567	$	12,351	$	—	$	20,624
YTD Gross Charge-offs	$	31	$	2	$	3	$	—	$	1	$	6	$	1,154	$	—	$	1,197

Warehouse:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	754,090	$	—	$	754,090
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	754,090	$	—	$	754,090
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

TRS:
Risk Rating
Pass or not rated	$	32,397	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	32,397
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	32,397	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	32,397
YTD Gross Charge-offs	$	15,501	$	9,557	$	—	$	—	$	—	$	—	$	—	$	—	$	25,058

RCS:
Risk Rating
Pass or not rated	$	862	$	3,448	$	4,490	$	674	$	42	$	310	$	103,719	$	—	$	113,545
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	862	$	3,448	$	4,490	$	674	$	42	$	310	$	103,719	$	—	$	113,545
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	19,131	$	—	$	19,131

Grand Total:
Risk Rating
Pass or not rated	$	677,023	$	294,525	$	664,753	$	593,811	$	495,615	$	903,747	$	1,470,788	$	259,206	$	5,359,468
Special Mention		1,428		1,681		—		18,292		2,150		9,773		2,021		409		35,754
Substandard		5,725		1,466		3,287		5,022		3,097		24,011		8,155		344		51,107
Doubtful		—		—		—		—		—		—		—		—		—
Grand Total	$	684,176	$	297,672	$	668,040	$	617,125	$	500,862	$	937,531	$	1,480,964	$	259,959	$	5,446,329
YTD Gross Charge-offs	$	15,532	$	9,664	$	516	$	67	$	28	$	74	$	20,341	$	—	$	46,222

Allowance for Credit Losses on Loans

The following table presents the activity in the ACLL by portfolio class:


	ACLL Roll-forward
	Three Months Ended March 31,
	2026										2025
	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	$	10,844	$	(233)	$	(54)	$	52	$	10,609	$	10,849	$	(115)	$	(18)	$	40	$	10,756
Nonowner-occupied		3,542		(34)		—		—		3,508		4,140		(115)		—		—		4,025
Commercial real estate:
Owner-occupied		7,207		375		—		2		7,584		7,319		15		—		—		7,334
Nonowner-occupied		11,690		283		—		—		11,973		12,523		(344)		—		—		12,179
Multi-Family		2,860		(48)		—		—		2,812		2,714		93		—		—		2,807
Total commercial real estate		21,757		610		—		2		22,369		22,556		(236)		—		—		22,320
Construction & land development		8,117		139		—		—		8,256		8,227		(200)		—		—		8,027
Commercial & industrial		7,403		75		—		3		7,481		2,527		89		—		—		2,616
Lease financing receivables		718		(112)		(1)		19		624		1,117		(57)		(11)		5		1,054
Aircraft		507		(1)		—		—		506		565		(11)		—		—		554
Home equity		8,629		238		—		6		8,873		7,378		247		—		1		7,626
Consumer:
Credit cards		957		2		(3)		1		957		1,379		(425)		(36)		19		937
Overdrafts		971		72		(410)		68		701		724		99		(190)		54		687
Automobile loans		—		(2)		—		2		—		11		(4)		—		1		8
Other consumer		217		(49)		(13)		2		157		283		(41)		(16)		15		241
Total Traditional Banking		63,662		705		(481)		155		64,041		59,756		(769)		(271)		135		58,851
Warehouse lines of credit		1,882		(311)		—		—		1,571		1,374		47		—		—		1,421
Total Core Banking		65,544		394		(481)		155		65,612		61,130		(722)		(271)		135		60,272

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		296		5,318		—		669		6,283		9,793		15,335		—		691		25,819
Other TRS commercial & industrial loans		37		24		—		—		61		68		92		—		2		162
Republic Credit Solutions		19,475		4,044		(3,936)		301		19,884		20,987		2,967		(4,254)		350		20,050
Total Republic Processing Group		19,808		9,386		(3,936)		970		26,228		30,848		18,394		(4,254)		1,043		46,031

Total	$	85,352	$	9,780	$	(4,417)	$	1,125	$	91,840	$	91,978	$	17,672	$	(4,525)	$	1,178	$	106,303

The cumulative loss rate used as the basis for the estimate of the Company’s ACLL as of March 31, 2026, was primarily based on a static pool analysis of each of the Company’s loan pools using the Company’s loss experience from 2014 through 2026, supplemented by qualitative factor adjustments for current and forecasted conditions. The Company employs a one-year forecast for unemployment and commercial vacancy rates within its ACLL model. 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)		March 31, 2026			December 31, 2025

Loans on nonaccrual status*		$	31,784		$	23,806
Loans past due 90-days-or-more and still on accrual**			68			161
Total nonperforming loans			31,852			23,967
Other real estate owned			896			1,277
Total nonperforming assets		$	32,748		$	25,244

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans			0.59	%		0.44	%
Nonperforming assets to total loans (including OREO)			0.61			0.46
Nonperforming assets to total assets			0.45			0.36

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans			0.61	%		0.45	%
Nonperforming assets to total loans (including OREO)			0.63			0.47
Nonperforming assets to total assets			0.49			0.38

*	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)		March 31, 2026			December 31, 2025		March 31, 2026			December 31, 2025

Traditional Banking:
Residential real estate:
Owner-occupied		$	20,524		$	18,894	$	—		$	—
Nonowner-occupied			510			119		—			—
Commercial real estate:
Owner-occupied			5,474			377		—			—
Nonowner-occupied			—			—		—			—
Multi-family			1,259			—		—			—
Construction & land development			—			—		—			—
Commercial & industrial			369			344		—			—
Lease financing receivables			—			49		—			—
Aircraft			—			—		—			—
Home equity			3,635			3,727		—			—
Consumer:
Credit cards			—			—		—			—
Overdrafts			—			—		—			—
Automobile loans			—			—		—			—
Other consumer			13			296		—			—
Total Traditional Banking			31,784			23,806		—			—
Warehouse lines of credit			—			—		—			—
Total Core Banking			31,784			23,806		—			—

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			—			—		—			—
Other TRS commercial & industrial loans			—			—		—			—
Republic Credit Solutions			—			—		68			161
Total Republic Processing Group			—			—		68			161

Total		$	31,784		$	23,806	$	68		$	161

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


										Three Months Ended
		As of March 31, 2026								March 31, 2026
		Nonaccrual			Nonaccrual				Total	Interest Income
		Loans with			Loans without				Nonaccrual	Recognized
(in thousands)		ACLL			ACLL				Loans	on Nonaccrual Loans*

Residential real estate:
Owner-occupied		$	359		$	20,165		$	20,524	$	239
Nonowner-occupied			397			113			510		17
Commercial real estate:
Owner-occupied			344			5,130			5,474		20
Nonowner-occupied			—			—			—		—
Multi-family			—			1,259			1,259		26
Construction & land development			—			—			—		—
Commercial & industrial			344			25			369		—
Lease financing receivables			—			—			—		—
Aircraft			—			—			—		—
Home equity			—			3,635			3,635		87
Consumer			—			13			13		—
Total		$	1,444		$	30,340		$	31,784	$	389

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


										Three Months Ended
		As of December 31, 2025								March 31, 2025
		Nonaccrual			Nonaccrual				Total	Interest Income
		Loans with			Loans without				Nonaccrual	Recognized
(in thousands)		ACLL			ACLL				Loans	on Nonaccrual Loans*

Residential real estate:
Owner-occupied		$	—		$	18,894		$	18,894	$	368
Nonowner-occupied			—			119			119		17
Commercial real estate:
Owner-occupied			377			—			377		48
Nonowner-occupied			—			—			—		4
Multi-family			—			—			—		—
Construction & land development			—			—			—		—
Commercial & industrial			344			—			344		5
Lease financing receivables			—			49			49		—
Aircraft			—			—			—		—
Home equity			—			3,727			3,727		—
Consumer			—			296			296		21
Total		$	721		$	23,085		$	23,806	$	463

* 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
March 31, 2026 (dollars in thousands)		Delinquent			Delinquent			Delinquent*			Delinquent**			Current			Total

Traditional Banking:
Residential real estate:
Owner-occupied		$	3,386		$	1,041		$	4,151		$	8,578		$	1,019,895		$	1,028,473
Nonowner-occupied			—			—			397			397			280,380			280,777
Commercial real estate:
Owner-occupied			—			—			5,131			5,131			679,274			684,405
Nonowner-occupied			—			—			—			—			819,363			819,363
Multi-family			—			—			—			—			328,154			328,154
Construction & land development			—			—			—			—			245,423			245,423
Commercial & industrial			15,595			—			369			15,964			525,682			541,646
Lease financing receivables			—			—			—			—			20,710			20,710
Aircraft			—			—			—			—			202,388			202,388
Home equity			1,853			262			560			2,675			422,987			425,662
Consumer:
Credit cards			106			5			—			111			11,548			11,659
Overdrafts			115			31			36			182			620			802
Automobile loans			2			—			—			2			676			678
Other consumer			11			1			—			12			6,139			6,151
Total Traditional Banking			21,068			1,340			10,644			33,052			4,563,239			4,596,291
Warehouse lines of credit			—			—			—			—			629,848			629,848
Total Core Banking			21,068			1,340			10,644			33,052			5,193,087			5,226,139

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			—			—			—			—			8,458			8,458
Other TRS commercial & industrial loans			—			—			—			—			701			701
Republic Credit Solutions			7,718			1,905			67			9,690			121,985			131,675
Total Republic Processing Group			7,718			1,905			67			9,690			131,144			140,834

Total		$	28,786		$	3,245		$	10,711		$	42,742		$	5,324,231		$	5,366,973
Delinquency ratio***			0.54	%		0.06	%		0.20	%		0.80	%

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

** 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, 2025 (dollars in thousands)		Delinquent			Delinquent			Delinquent*			Delinquent**			Current			Total

Traditional Banking:
Residential real estate:
Owner-occupied		$	4,770		$	2,140		$	2,118		$	9,028		$	1,031,052		$	1,040,080
Nonowner-occupied			—			—			—			—			283,246			283,246
Commercial real estate:
Owner-occupied			—			—			—			—			666,948			666,948
Nonowner-occupied			—			—			—			—			799,420			799,420
Multi-family			—			—			—			—			331,370			331,370
Construction & land development			—			—			—			—			238,455			238,455
Commercial & industrial			11			—			344			355			528,518			528,873
Lease financing receivables			4			—			49			53			20,470			20,523
Aircraft			—			—			—			—			203,120			203,120
Home equity			3,082			327			937			4,346			409,292			413,638
Consumer:
Credit cards			—			—			—			—			10,711			10,711
Overdrafts			67			52			4			123			848			971
Automobile loans			—			—			—			—			738			738
Other consumer			17			3			—			20			8,184			8,204
Total Traditional Banking			7,951			2,522			3,452			13,925			4,532,372			4,546,297
Warehouse lines of credit			—			—			—			—			754,090			754,090
Total Core Banking			7,951			2,522			3,452			13,925			5,286,462			5,300,387

Republic Processing Group:
Tax Refund Solutions:
Refund Advances			—			—			—			—			12,924			12,924
Other TRS commercial & industrial loans			—			—			—			—			19,473			19,473
Republic Credit Solutions			6,947			1,830			161			8,938			104,607			113,545
Total Republic Processing Group			6,947			1,830			161			8,938			137,004			145,942

Total		$	14,898		$	4,352		$	3,613		$	22,863		$	5,423,466		$	5,446,329
Delinquency ratio***			0.27	%		0.08	%		0.07	%		0.42	%

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

** 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:


	March 31, 2026					December 31, 2025
	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	$	20,874		$	—	$	19,343		$	—
Nonowner-occupied		510			—		535			—
Commercial real estate:
Owner-occupied		8,195			—		8,296			—
Nonowner-occupied		—			—		—			—
Multi-family		1,233			—		—			—
Construction & land development		—			—		—			—
Commercial & industrial		—			—		—			—
Lease financing receivables		—			411		—			508
Aircraft		—			—		—			297
Home equity		3,474			—		3,659			—
Consumer		—			1		—			1
Total Traditional Banking	$	34,286		$	412	$	31,833		$	806

Collateral-Dependent Loans and Loan Modifications

When management determines that a loan is collateral dependent and that foreclosure is probable, expected credit losses are measured using the fair value of the collateral as of the reporting date, adjusted for estimated selling costs, when applicable. 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.

In accordance with the Bank’s charge-off policy, the Bank will charge off all, or the portion of, its recorded investment in a collateral-dependent loan when it concludes that the full amount of contractual principal and interest is not expected to be collected.

A loan modification occurs when, due to a borrower’s financial difficulties, the Bank grants a concession that it would not otherwise consider. Most modifications involve restructuring the loan’s original terms, including—depending on the borrower’s circumstances—a temporary payment reduction requiring only interest and escrow (if applicable), a reduction in the contractual interest rate, and/or an extension of the loan’s maturity date.

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.

Accruing loans that are modified are evaluated for nonaccrual classification based on a current assessment of the borrower’s financial condition and their demonstrated ability and willingness to repay under the modified terms. Loans on nonaccrual status that are subsequently modified continue to remain on nonaccrual and are reported as nonperforming until the borrower demonstrates sustained repayment capacity in accordance with the modified terms.

There were no collateral-dependent loan modifications made during the first three months of 2026 and there were $35 million collateral-dependent loans outstanding on the Company’s balance sheet at March 31, 2026.

During the first quarter of 2026, the Company modified five loans for borrowers experiencing financial difficulty with an amortized cost basis of $9 million. One CRE owner-occupied loan, with an amortized cost basis of $7 million, was extended seven months. One CRE nonowner-occupied loan, with an amortized cost basis of $206,000, was extended four months. One C&I loan, with an amortized cost basis of $2 million, was extended 40 months. One C&I loan, with an amortized cost basis of $64,000, was extended 13 months. One HELOC loan, with an amortized cost basis of $152,000, was extended 13 months.

Collateral-dependent loan modifications made during 2025 totaled $5 million and there were $33 million collateral-dependent loans outstanding on the Company’s balance sheet at December 31, 2025. During the second quarter of 2025, the Company modified two loans for borrowers experiencing financial difficulty with an amortized cost basis of $4 million. One CRE owner-occupied loan, with an amortized cost basis of $250,000, was extended three months. One CRE nonowner-occupied loan, with an amortized cost basis of $4 million, was extended 12 months. During the fourth quarter of 2025, the Company modified seven loans for borrowers experiencing financial difficulty with a total amortized cost basis of $13 million. Two CRE owner-occupied loans, with a total amortized cost basis of $5 million, were extended three months. One CRE nonowner-occupied loan, with an amortized cost basis of $380,000, was extended three months. One C&I loan, with an amortized cost basis of $25,000, was extended three months. One CRE owner-occupied loan, with an amortized cost basis of $7 million, was extended six months. One C&I loan, with an amortized cost basis of $47,000, was extended 12 months. One C&I loan, with an amortized cost basis of $200,000, received a 12 month forbearance. There were no other material modifications made to borrowers experiencing financial difficulty during 2025.

During the three months ended March 31, 2026 and 2025, 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)	March 31, 2026		December 31, 2025

Residential real estate	$	—	$	244
Commercial real estate		896		1,033
Total other real estate owned	$	896	$	1,277

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


(in thousands)		March 31, 2026			December 31, 2025

Recorded investment in consumer residential real estate mortgage loans in the process of foreclosure		$	3,994		$	3,148

Refund Advances

The Company’s TRS segment offered (i) its RA product during the first two months of 2026, along with its ERA product during December 2025 and the first two weeks of 2026 for the 2026 Tax Season and (ii) its RA product during the first two months of 2025, along with its ERA product during December 2024 and the first two weeks of 2025 for the 2025 Tax Season. The ERA originations during December 2025 and the first two weeks of 2026 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2026 tax season, while 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. Each year, all unpaid RAs, including ERAs, are charged-off at 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 ERA/RA follows:


		Three Months Ended
		March 31,
(dollars in thousands)		2026			2025

ERAs/RAs originated		$	246,396		$	662,556
Net charge to the Provision for ERAs/RAs			5,318			15,335
Provision as a percentage of ERAs/RAs originated			2.16	%		2.31	%
Net ERA/RA charge-offs (recoveries)		$	(669)		$	(691)
Net ERA/RA charge-offs (recoveries) to total originations			(0.27)	%		(0.10)	%