1 min

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒   Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2025

or

◻   Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 0-24649

REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

Kentucky	61-0862051
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

601 West Market Street, Louisville, Kentucky	40202
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (502) 584-3600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol	Name of each exchange on which registered
Class A Common	RBCAA	The Nasdaq Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ⌧ Yes   ◻ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  ⌧ Yes  ◻ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ◻	Accelerated filer ⌧	Non-accelerated filer ◻	Smaller reporting company ◻
Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ◻ Yes  ☒ No

The number of shares outstanding of the registrant’s Class A Common Stock and Class B Common Stock, as of October 31, 2025 was 17,388,491 and 2,148,876.

TABLE OF CONTENTS

PART I — FINANCIAL INFORMATION
Item 1.	Financial Statements.	4
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	61
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	113
Item 4.	Controls and Procedures.	113
PART II — OTHER INFORMATION
Item 1.	Legal Proceedings.	113
Item 1A.	Risk Factors.	113
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	114
Item 5.	Other Information.	114
Item 6.	Exhibits.	115
	SIGNATURES	116

2

GLOSSARY OF TERMS

The terms identified in alphabetical order below are used throughout this Form 10-Q. You may find it helpful to refer to this page as you read this report.

Term	Definition
2024 Tax Season	December 2023 through February 2024
2025 Tax Season	December 2024 through February 2025
ACH	Automated Clearing House
ACL	Allowance for Credit Losses
ACLC	Allowance for Credit Losses on Off-Balance Sheet Credit Exposures
ACLL	Allowance for Credit Losses on Loans
AFS	Available for Sale
AOCI	Accumulated Other Comprehensive Income
ARM	Adjustable Rate Mortgage
ASC	Accounting Standards Codification
ASU	Accounting Standards Update
Basic EPS	Basic earnings per Class A Common Share
BOLI	Bank Owned Life Insurance
BPO	Brokered Price Opinion
C&LD	Construction and Land Development
C&I	Commercial and Industrial
CCAD	Commercial Credit Administration Department
CD	Certificate of Deposit
CDI	Core Deposit Intangible
CECL	Current Expected Credit Losses
CMO	Collateralized Mortgage Obligation
CODM	Chief Operating Decision Maker
Core Bank	The Traditional Banking and Warehouse Lending reportable segments of the Company
CRE	Commercial Real Estate
DDA	Demand Deposit Account
Diluted EPS	Diluted earnings per Class A Common Share
DTA	Deferred Tax Asset
EPS	Earnings Per Share
ERA	Early Season Refund Advance
ESPP	Employee Stock Purchase Plan
FDIC	Federal Deposit Insurance Corporation
FFTR	Federal Funds Target Rate
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FICO	Fair Isaac Corporation
FNMA	Federal National Mortgage Association
FOMC	Federal Open Market Committee
FRB	Federal Reserve Bank
FTP	Funds Transfer Pricing
GAAP	Generally Accepted Accounting Principles in the United States
HEAL	Home Equity Amortizing Loan
HELOC	Home Equity Line of Credit
HFS	Held for Sale
HTM	Held to Maturity
LOC	Line of Credit
LOC I	RCS product introduced in 2014 for which the Bank participates out a 90% interest and holds a 10% interest
LOC II	RCS product introduced in 2021 for which the Bank participates out a 95% interest and holds a 5% interest
MBS	Mortgage Backed Security
MSR	Mortgage Servicing Right
NA	Not Applicable
NIM	Net Interest Margin
NM	Not Meaningful
OBS	Off-Balance Sheet
OCI	Other Comprehensive Income
OREO	Other Real Estate Owned
PCD	Purchased Credit Deteriorated
Prime	The Wall Street Journal Prime Interest Rate
Provision	Provision for Expected Credit Loss Expense
RA	Refund Advance
RB&T / the Bank	Republic Bank & Trust Company
RCS	Republic Credit Solutions segment
Republic / the Company	Republic Bancorp, Inc.
RPG	Republic Processing Group segment
RPS	Republic Payment Solutions segment
RT	Refund Transfer
SBA	U.S. Small Business Administration
SEC	Securities and Exchange Commission
SOFR	Secured Overnight Financing Right
SSUAR	Securities Sold Under Agreements to Repurchase
Tax Provider	Third-party tax preparers located throughout the U.S., as well as tax-preparation software providers that offer Republic Bank ERAs, RAs, and RTs
TBA	To Be Announced
TRS	Tax Refund Solutions segment
TRUP	Trust Preferred Security Investment
Warehouse	Warehouse Lending segment

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share data)

	September 30,		December 31,
	2025		2024
ASSETS
Cash and cash equivalents	$	484,238	$	432,151
Available-for-sale debt securities, at fair value (amortized cost of $849,734 in 2025 and $602,493 in 2024)		843,171		584,155
Held-to-maturity debt securities (fair value of $5,087 in 2025 and $10,735 in 2024)		5,110		10,778
Equity securities with readily determinable fair value		945		693
Mortgage loans held for sale, at fair value		15,338		8,312
Consumer loans held for sale, at fair value		8,444		5,443
Consumer loans held for sale, at the lower of cost or fair value		16,424		18,632
Loans		5,281,374		5,439,466
Allowance for credit losses		(79,865)		(91,978)
Loans, net		5,201,509		5,347,488
Federal Home Loan Bank stock, at cost		25,849		24,478
Premises and equipment, net		37,884		32,309
Right-of-use assets		32,804		36,182
Goodwill		40,516		40,516
Other real estate owned		1,246		1,160
Bank owned life insurance		109,773		107,125
Other assets and accrued interest receivable		191,668		197,245
TOTAL ASSETS	$	7,014,919	$	6,846,667
LIABILITIES
Deposits:
Noninterest-bearing	$	1,239,023	$	1,207,764
Interest-bearing		4,099,322		4,002,782
Total deposits		5,338,345		5,210,546
Securities sold under agreements to repurchase and other short-term borrowings		74,522		103,318
Operating lease liabilities		33,833		37,121
Federal Home Loan Bank advances		375,000		395,000
Other liabilities and accrued interest payable		108,699		108,653
Total liabilities		5,930,399		5,854,638
Commitments and contingent liabilities (Footnote 8)		—		—
STOCKHOLDERS’ EQUITY
Preferred stock, no par value		—		—
Class A Common Stock, no par value, 30,000,000 shares authorized, 17,387,179 shares (2025) and 17,297,878 shares (2024) issued and outstanding; Class B Common Stock, no par value, 5,000,000 shares authorized, 2,148,876 shares (2025) and 2,150,090 shares (2024) issued and outstanding		4,600		4,587
Additional paid in capital		154,978		148,053
Retained earnings		932,042		853,627
Accumulated other comprehensive loss		(7,100)		(14,238)
Total stockholders’ equity		1,084,520		992,029
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	7,014,919	$	6,846,667

See accompanying footnotes to consolidated financial statements.

4

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

(in thousands, except per share data)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
INTEREST INCOME:
Loans, including fees	$	89,675	$	90,594	$	297,472	$	296,723
Taxable investment securities		7,698		4,167		18,033		13,147
Federal Home Loan Bank stock and other		5,866		6,785		19,775		20,008
Total interest income		103,239		101,546		335,280		329,878
INTEREST EXPENSE:
Deposits		22,094		25,802		65,322		78,571
Securities sold under agreements to repurchase and other short-term borrowings		116		141		393		403
Federal Home Loan Bank advances		4,059		4,298		13,705		14,144
Total interest expense		26,269		30,241		79,420		93,118
NET INTEREST INCOME		76,970		71,305		255,860		236,760
Provision for expected credit loss expense on loans		2,023		5,660		21,518		41,425
NET INTEREST INCOME AFTER PROVISION		74,947		65,645		234,342		195,335
NONINTEREST INCOME:
Service charges on deposit accounts		3,646		3,693		10,611		10,532
Net refund transfer fees		1,117		582		17,577		15,213
Mortgage banking income		2,064		2,062		5,781		3,984
Interchange fee income		3,030		3,286		9,307		9,794
Program fees		4,888		4,962		13,161		13,539
Increase in cash surrender value of bank owned life insurance		1,035		826		2,649		2,372
Net losses on other real estate owned		(52)		(53)		(158)		(154)
Gain on sale of Visa Class B-1 shares		—		—		4,090		—
Other		840		1,455		4,348		3,252
Total noninterest income		16,568		16,813		67,366		58,532
NONINTEREST EXPENSE:
Salaries and employee benefits		31,027		28,792		92,897		87,651
Technology, equipment, and communication		8,710		7,544		26,037		22,374
Occupancy		3,547		3,224		10,502		10,455
Marketing and development		2,668		1,983		5,298		6,612
FDIC insurance expense		763		764		2,313		2,284
Interchange related expense		1,640		1,540		4,764		4,250
Legal and professional fees		1,100		870		2,884		2,695
Core conversion and contract consulting fees		97		—		5,993		—
Merger expense		—		—		—		41
Other		4,201		3,892		12,906		12,852
Total noninterest expense		53,753		48,609		163,594		149,214
INCOME BEFORE INCOME TAX EXPENSE		37,762		33,849		138,114		104,653
INCOME TAX EXPENSE		8,018		7,306		29,618		22,298
NET INCOME	$	29,744	$	26,543	$	108,496	$	82,355
BASIC EARNINGS PER SHARE:
Class A Common Stock	$	1.53	$	1.37	$	5.57	$	4.25
Class B Common Stock		1.39		1.25		5.07		3.87
DILUTED EARNINGS PER SHARE:
Class A Common Stock	$	1.52	$	1.37	$	5.55	$	4.24
Class B Common Stock		1.39		1.24		5.05		3.85

See accompanying footnotes to consolidated financial statements.

5

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

(in thousands)

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Net income	$	29,744	$	26,543	$	108,496	$	82,355
OTHER COMPREHENSIVE INCOME
Change in fair value of derivatives		51		(3,134)		(2,122)		(3,580)
Reclassification amount for net derivative losses realized in income		(47)		(289)		(138)		(380)
Unrealized gain on AFS debt securities		3,275		9,503		11,775		12,195
Total other comprehensive income before income tax		3,279		6,080		9,515		8,235
Income tax expense related to items of other comprehensive income		(818)		(1,520)		(2,377)		(2,060)
Total other comprehensive income, net of tax		2,461		4,560		7,138		6,175
COMPREHENSIVE INCOME	$	32,205	$	31,103	$	115,634	$	88,530

See accompanying footnotes to consolidated financial statements.

6

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

	Three Months Ended September 30, 2025
	Common Stock								Accumulated
	Class A	Class B			Additional				Other		Total
	Shares	Shares			Paid In		Retained		Comprehensive		Stockholders’
(in thousands, except per share data)	Outstanding	Outstanding	Amount		Capital		Earnings		Income (Loss)		Equity
Balance, July 1, 2025	17,378	2,149	$	4,597	$	153,733	$	911,337	$	(9,561)	$	1,060,106
Net income	—	—		—		—		29,744		—		29,744
Net change in AOCI	—	—		—		—		—		2,461		2,461
Dividends declared on Common Stock:
Class A Shares ($0.451 per share)	—	—		—		—		(7,802)		—		(7,802)
Class B Shares ($0.410 per share)	—	—		—		—		(881)		—		(881)
Stock options exercised, net of shares withheld	7	—		2		366		(325)		—		43
Conversion of Class B to Class A Common Shares	—	—		—		—		—		—		—
Repurchase of Class A Common Stock	—	—		—		—		—		—		—
Net change in notes receivable on Class A Common Stock	—	—		—		(17)		—		—		(17)
Deferred compensation - Class A Common Stock:
Directors	—	—		—		135		—		—		135
Designated key employees	—	—		—		147		—		—		147
Employee stock purchase plan - Class A Common Stock	2	—		1		162		—		—		163
Stock-based awards - Class A Common Stock:
Performance stock units	—	—		—		36		—		—		36
Restricted stock, net of shares withheld	—	—		—		264		(31)		—		233
Stock options	—	—		—		152		—		—		152
Balance, September 30, 2025	17,387	2,149	$	4,600	$	154,978	$	932,042	$	(7,100)	$	1,084,520

	Three Months Ended September 30, 2024
	Common Stock								Accumulated
	Class A	Class B			Additional				Other		Total
	Shares	Shares			Paid In		Retained		Comprehensive		Stockholders’
(in thousands, except per share data)	Outstanding	Outstanding	Amount		Capital		Earnings		Income (Loss)		Equity
Balance, July 1, 2024	17,275	2,150	$	4,581	$	144,139	$	825,496	$	(18,793)	$	955,423
Net income	—	—		—		—		26,543		—		26,543
Net change in AOCI	—	—		—		—		—		4,560		4,560
Dividends declared on Common Stock:
Class A Shares ($0.407 per share)	—	—		—		—		(7,007)		—		(7,007)
Class B Shares ($0.370 per share)	—	—		—		—		(796)		—		(796)
Stock options exercised, net of shares withheld	17	—		4		1,767		(1,601)		—		170
Conversion of Class B to Class A Common Shares	—	—		—		—		—		—		—
Net change in notes receivable on Class A Common Stock	—	—		—		60		—		—		60
Deferred compensation - Class A Common Stock:
Directors	—	—		—		109		—		—		109
Designated key employees	—	—		—		164		—		—		164
Employee stock purchase plan - Class A Common Stock	3	—		1		177		—		—		178
Stock-based awards - Class A Common Stock:
Performance stock units	—	—		—		36		—		—		36
Restricted stock, net of shares withheld	(2)	—		(1)		262		(120)		—		141
Stock options	—	—		—		124		—		—		124
Balance, September 30, 2024	17,293	2,150	$	4,585	$	146,838	$	842,515	$	(14,233)	$	979,705

7

	Nine Months Ended September 30, 2025
	Common Stock								Accumulated
	Class A	Class B			Additional				Other		Total
	Shares	Shares			Paid In		Retained		Comprehensive		Stockholders’
(in thousands, except per share data)	Outstanding	Outstanding	Amount		Capital		Earnings		Income (Loss)		Equity
Balance, January 1, 2025	17,298	2,150	$	4,587	$	148,053	$	853,627	$	(14,238)	$	992,029
Net income	—	—		—		—		108,496		—		108,496
Net change in AOCI	—	—		—		—		—		7,138		7,138
Dividends declared on Common Stock:
Class A Shares ($1.353 per share)	—	—		—		—		(23,404)		—		(23,404)
Class B Shares ($1.230 per share)	—	—		—		—		(2,644)		—		(2,644)
Stock options exercised, net of shares withheld	53	—		12		3,974		(3,578)		—		408
Conversion of Class B to Class A Common Shares	1	(1)		—		—		—		—		—
Repurchase of Class A Common Stock	(1)	—		—		(8)		(64)		—		(72)
Net change in notes receivable on Class A Common Stock	—	—		—		(65)		—		—		(65)
Deferred compensation - Class A Common Stock:
Directors	—	—		—		437		—		—		437
Designated key employees	18	—		(1)		405		(179)		—		225
Employee stock purchase plan - Class A Common Stock	8	—		2		529		—		—		531
Stock-based awards - Class A Common Stock:
Performance stock units	—	—		—		108		—		—		108
Restricted stock, net of shares withheld	10	—		—		1,078		(212)		—		866
Stock options	—	—		—		467		—		—		467
Balance, September 30, 2025	17,387	2,149	$	4,600	$	154,978	$	932,042	$	(7,100)	$	1,084,520

	Nine Months Ended September 30, 2024
	Common Stock								Accumulated
	Class A	Class B			Additional				Other		Total
	Shares	Shares			Paid In		Retained		Comprehensive		Stockholders’
(in thousands, except per share data)	Outstanding	Outstanding	Amount		Capital		Earnings		Income (Loss)		Equity
Balance, January 1, 2024	17,203	2,155	$	4,553	$	142,124	$	786,487	$	(20,408)	$	912,756
Net income	—	—		—		—		82,355		—		82,355
Net change in AOCI	—	—		—		—		—		6,175		6,175
Dividends declared on Common Stock:
Class A Shares ($1.221 per share)	—	—		—		—		(20,989)		—		(20,989)
Class B Shares ($1.110 per share)	—	—		—		—		(2,388)		—		(2,388)
Stock options exercised, net of shares withheld	65	—		32		1,784		(2,510)		—		(694)
Conversion of Class B to Class A Common Shares	5	(5)		—		—		—		—		—
Net change in notes receivable on Class A Common Stock	—	—		—		106		—		—		106
Deferred compensation - Class A Common Stock:
Directors	—	—		—		620		—		—		620
Designated key employees	11	—		—		560		—		—		560
Employee stock purchase plan - Class A Common Stock	10	—		3		573		—		—		576
Stock-based awards - Class A Common Stock:
Performance stock units	—	—		—		108		—		—		108
Restricted stock, net of shares withheld	(1)	—		(3)		507		(440)		—		64
Stock options	—	—		—		456		—		—		456
Balance, September 30, 2024	17,293	2,150	$	4,585	$	146,838	$	842,515	$	(14,233)	$	979,705

See accompanying footnotes to consolidated financial statements.

8

^{CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)}

^{(in thousands)}​

	Nine Months Ended
	September 30,
	2025		2024
OPERATING ACTIVITIES:
Net income	$	108,496	$	82,355
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization on investment securities and low-income housing investments		6,379		4,617
Net accretion and amortization on loans and deposits		(2,999)		(2,266)
Unrealized and realized gains on equity securities with readily determinable fair value		(252)		(65)
Depreciation of premises and equipment		5,069		5,278
Amortization of mortgage servicing rights		1,306		1,271
Provision for on-balance sheet exposures		21,518		41,425
Provision for off-balance sheet exposures		(10)		(340)
Net gain on sale of mortgage loans held for sale		(4,604)		(2,430)
Origination of mortgage loans held for sale		(152,515)		(136,894)
Proceeds from sale of mortgage loans held for sale		150,093		135,022
Net gain on sale of consumer loans held for sale		(11,206)		(11,221)
Origination of consumer loans held for sale		(859,496)		(940,901)
Proceeds from sale of consumer loans held for sale		869,581		950,249
Net gain realized on sale of other real estate owned		—		(4)
Writedowns of other real estate owned		158		158
Deferred compensation expense - Class A Common Stock		662		1,180
Stock-based awards and ESPP expense - Class A Common Stock		1,521		714
Amortization of right-of-use assets		4,590		4,076
Repayment of operating lease liabilities		(4,505)		(4,024)
Increase in cash surrender value of bank owned life insurance		(2,649)		(2,372)
Gain on sale of Visa Class B-1 shares		(4,090)		—
Net change in other assets and liabilities:
Accrued interest receivable		(669)		557
Accrued interest payable		(670)		1,106
Other assets		(9,071)		(7,687)
Other liabilities		18,281		6,666
Net cash provided by operating activities		134,918		126,470
INVESTING ACTIVITIES:
Purchases of available-for-sale debt securities		(636,155)		(110,000)
Proceeds from calls, maturities and paydowns of equity and available-for-sale debt securities		388,947		246,769
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities		5,668		65,483
Net change in outstanding warehouse lines of credit		(59,066)		(255,440)
Net change in other loans, net of allowance		181,560		91,380
Proceeds from sale of mortgage loans transferred to held for sale		—		67,176
Net proceeds from sale of consumer loans transferred to held for sale		5,305		—
Purchases of Federal Home Loan Bank stock		(1,371)		(211)
Proceeds from sale of other real estate owned		—		172
Proceeds from sale of Visa Class B-1 shares		4,090		—
Investments in low-income housing tax partnerships		(19,054)		(10,018)
Net purchases of premises and equipment		(7,380)		(4,874)
Net cash (used in) provided by investing activities		(137,456)		90,437
FINANCING ACTIVITIES:
Net change in deposits		127,799		48,533
Net change in securities sold under agreements to repurchase and other short-term borrowings		(28,796)		(18,235)
Payments of Federal Home Loan Bank advances		(503,000)		(815,000)
Proceeds from Federal Home Loan Bank advances		483,000		805,000
Repurchase of Class A Common Stock		(72)		—
Net proceeds from Class A Common Stock purchased through employee stock purchase plan		451		490
Net proceeds from option exercises and equity awards vested - Class A Common Stock		408		(694)
Cash dividends paid		(25,165)		(22,703)
Net cash (used in) provided by financing activities		54,625		(2,609)
NET CHANGE IN CASH AND CASH EQUIVALENTS		52,087		214,298
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		432,151		316,567
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	484,238	$	530,865
SUPPLEMENTAL DISCLOSURES OF CASHFLOW INFORMATION:
Cash paid during the period for:
Interest	$	80,089	$	92,013
Income taxes		19,953		20,955
SUPPLEMENTAL NONCASH DISCLOSURES:
Mortgage servicing rights capitalized	$	1,129	$	913
Transfers from loans to real estate acquired in settlement of loans		212		169
Loans provided for sale of other real estate owned		244		—
Net transfers from loans held for investment to loans held for sale		4,977		68,173
New unfunded obligations in low-income-housing investments		7,000		11,000
Right-of-use assets obtained in exchange for new operating lease liabilities		1,212		5,282
Premises and equipment obtained through the use of vendor credits		3,264		—

See accompanying footnotes to consolidated financial statements.

9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS –SEPTEMBER 30, 2025 and 2024 AND DECEMBER 31, 2024 (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation — The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the “Parent Company”) and its wholly owned subsidiary, Republic Bank & Trust Company. As used in this filing, the terms “Republic,” the “Company,” “we,” “our,” and “us” refer to Republic Bancorp, Inc., and, where the context requires, Republic Bancorp, Inc., and its subsidiary. The term the “Bank” refers to the Company’s subsidiary bank, Republic Bank & Trust Company, as well as, its wholly owned subsidiary, RBT Insurance Agency LLC. All significant intercompany balances and transactions are eliminated in consolidation.

Republic is a financial holding company headquartered in Louisville, Kentucky. The Bank is a Kentucky-based, state-chartered non-member financial institution that provides both traditional and non-traditional banking products through five reportable segments using a multitude of delivery channels. While the Bank operates primarily in its geographical market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S.

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the three and nine months ended September 30, 2025, are not necessarily indicative of the results that may be expected for the full year ending December 31, 2025. For further information, refer to the consolidated financial statements and footnotes thereto included in Republic’s Form 10-K for the year ended December 31, 2024. Certain amounts presented in prior periods have been reclassified to conform to the current period presentation. These reclassifications had no impact on previously reported prior periods’ net income or shareholders’ equity.

BUSINESS SEGMENT COMPOSITION

As of September 30, 2025, the Company was divided into five reportable segments: (I) Traditional Banking, (II) Warehouse Lending, (III) TRS, (IV) RPS, and (V) RCS. Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute RPG operations.

The Company’s Executive Chair and Chief Executive Officer serve as the Company’s CODM’s. Income (loss) before income tax expense is the reportable measure of segment profit or loss that the CODM’s regularly review and utilize to allocate resources and assess performance.

Core Bank

The Core Bank consists of the Traditional Banking and Warehouse Lending segments.

(I) Traditional Banking segment

The Traditional Banking segment, which also includes the results of the former mortgage banking segment, provides traditional banking products primarily to customers in the Company’s market footprint ,with all products and services generally offered under the Company’s traditional RB&T brand. As of September 30, 2025, Republic had 47 full-service banking centers with locations as follows:

● Kentucky — 29

● Metropolitan Louisville — 19

● Central Kentucky — 6

● Georgetown — 1

● Lexington — 5

● Northern Kentucky (Metropolitan Cincinnati) — 4

●Bellevue— 1

● Covington — 1

● Crestview Hills — 1

● Florence — 1

● Indiana — 3

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● Southern Indiana (Metropolitan Louisville) — 3

● Floyds Knobs — 1

● Jeffersonville — 1

● New Albany — 1

● Florida — 7

● Metropolitan Tampa — 7

● Ohio — 4

● Metropolitan Cincinnati — 4

● Tennessee — 4

● Metropolitan Nashville — 4

Republic’s headquarters are in Louisville, which is the largest city in Kentucky based on population.

Traditional Banking results of operations are primarily dependent upon net interest income, which represents the difference between the interest income and fees on interest-earning assets and the interest expense on interest-bearing liabilities. Principal interest-earning Traditional Banking assets represent investment securities and commercial and consumer loans primarily secured by real estate and/or personal property. Interest-bearing liabilities primarily consist of interest-bearing deposit accounts, SSUAR, as well as short-term and long-term borrowing sources. FHLB advances have traditionally served as a significant borrowing and liquidity source for the Bank.

Other sources of Traditional Banking income include service charges on deposit accounts, mortgage banking income, debit and credit card interchange fee income, title insurance commissions, swap fee income and increases in the cash surrender value of BOLI.

Traditional Banking operating expenses consist primarily of salaries and employee benefits; technology, equipment, and communication; occupancy; interchange related expense; marketing and development; FDIC insurance expense, and various other general and administrative costs. Traditional Banking results of operations are significantly impacted by general economic and competitive conditions, particularly changes in market interest rates, government laws and policies, and actions of regulatory agencies.

(II) Warehouse Lending segment

The Core Bank provides short-term, revolving credit facilities to mortgage bankers across the U.S. through mortgage warehouse lines of credit. These credit facilities are primarily secured by single-family, first-lien residential real estate loans. The credit facility enables the mortgage banking clients to close single-family, first-lien residential real estate loans in their own name and temporarily fund their inventory of these closed loans until the loans are sold to investors approved by the Bank. Individual loans are expected to remain on the warehouse LOC for an average of 15 to 30 days. Advances for reverse mortgage loans and construction loans typically remain on the LOC longer than conventional mortgage loans. Interest income and loan fees are accrued for each individual advance during the time the advance remains on the warehouse LOC and collected when the loan is sold. The Core Bank receives the sale proceeds of each loan directly from the investor and applies the funds to pay off the warehouse advance and related accrued interest and fees. The remaining proceeds are credited to the mortgage banking client.

Republic Processing Group

(III) Tax Refund Solutions segment

Through the TRS segment, the Bank facilitates the receipt and payment of federal and state tax refund products and offers a credit product through third-party tax preparers located throughout the U.S., as well as tax-preparation software providers that offer Republic Bank RTs, RAs, and ERAs (collectively, the “Tax Providers”). The majority of the business generated by the TRS business occurs during the first half of each year. During the second half of each year, TRS generates limited revenue and incurs costs preparing for the next year’s tax season. During December 2024 and 2003, TRS originated ERAs related to tax returns that were anticipated to be filed during the first quarter of the following tax filing season.

RTs are fee-based products whereby a tax refund is issued to the taxpayer after the Bank has received the refund from the federal or state government. There is no credit risk or borrowing cost associated with these products, as they are only delivered to the taxpayer upon receipt of the tax refund directly from the governmental paying authority. An RT allows a taxpayer to pay any applicable tax preparation and filing related fees directly from their federal or state government tax refund, with the remainder of the tax refund disbursed directly to the taxpayer. RT fees and all applicable tax preparation, transmitter, audit, and any other taxpayer authorized amounts are deducted from the tax refund by either the Bank or the Bank’s service provider and automatically forwarded to the appropriate party as authorized by the taxpayer. RT fees generally receive first priority when applying fees against the taxpayer’s refund,

11

with the Bank’s share of RT fees generally superior to the claims of other third-party service providers, including the Tax Providers. The remainder of the refund is disbursed to the taxpayer by a Bank check, direct deposit to the taxpayer’s personal bank account, or loaded to a prepaid card.

The Company executes contracts with individual Tax Providers to offer RTs to their taxpayer customers. RT revenue is recognized by the Bank immediately after the taxpayer’s refund is disbursed in accordance with the RT contract with the taxpayer customer. The fee paid by the taxpayer for the RT is shared between the Bank and the Tax Providers based on contracts executed between the parties.

The Company presents RT revenue net of any amounts shared with the Tax Providers. The Bank’s share of RT revenue is generally based on the obligations undertaken by the Tax Provider for each individual RT program, with more obligations generally corresponding to higher RT revenue share. The significant majority of net RT revenue is recognized and obligations under RT contracts fulfilled by the Bank during the first half of each year. Incremental expenses associated with the fulfilment of RT contracts are generally expensed during the first half of the year. Fees earned by the Company on RTs, net of revenue share, are reported as noninterest income under the line item “Net refund transfer fees.”

The RA product is a loan made in conjunction with the filing of a taxpayer’s federal tax return, which allows the taxpayer to borrow funds as an advance of a portion of their tax refund. The RA product had the following features during the 2024 and 2025 Tax Seasons:

● Offered only during the first two months of each year;

● The taxpayer was given the option to choose from multiple loan-amount tiers, subject to underwriting, up to a maximum advance amount of $6,500 for the 2024 Tax Season and $6,250 for the 2025 Tax Season;

● No requirement that the taxpayer pays for another bank product, such as an RT;

● Multiple disbursement methods were available through most Tax Providers, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election;

● Repayment of the RA to the Bank via deduction from the taxpayer’s tax refund proceeds; and

● If a tax refund is insufficient to repay the RA:

● there is no recourse to the taxpayer,

● no negative credit reporting on the taxpayer, and

● no collection efforts against the taxpayer.

Since its introduction in December of 2022, the ERA product has been structured similarly to the RA, with the primary differences being the timing of when the ERAs are originated and the documentation available to underwrite the ERAs. The ERA is originated prior to the taxpayer receiving their fiscal year taxable income documentation, e.g., W-2, and the filing of the taxpayer’s final federal tax return. As such, the Company generally uses paystub information to underwrite the ERA. The repayment of the ERA is incumbent upon the taxpayer client returning to the Bank’s Tax Provider for the filing of their final federal tax return in order for the tax refund to potentially be received by the Bank from the federal government to pay off the advance. The ERA product had the following features during the 2024 and 2025 Tax Seasons:

● Only offered during December and the following January in connection with the upcoming first quarter tax business for each period;

● The taxpayer was given the option to choose from multiple loan-amount tiers, subject to underwriting, up to a maximum advance amount of $1,000 for the 2024 Tax Season and $2,000 for the 2025 Tax Season;

● No requirement that the taxpayer pays for another bank product, such as an RT;

● Multiple disbursement methods available through most Tax Providers, including direct deposit or prepaid card, based on the taxpayer-customer’s election;

● Repayment of the ERA to the Bank via deduction from the taxpayer’s tax refund proceeds; and

● If a tax refund is insufficient to repay the ERA, including but not limited to the failure to file a final federal tax return through a Republic Tax Provider:

● there is no recourse to the taxpayer,

● no negative credit reporting on the taxpayer, and

● no collection efforts against the taxpayer.

The Company reports fees paid ERAs/RAs, as “Interest income on loans.” The number of days for delinquency eligibility is based on management’s annual analysis of tax return processing times. RAs, including ERAs that were originated related to the first quarter 2024 tax filing season were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

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Since ERAs/RAs do not have a contractual due date, the Company considered the advance delinquent during 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

Provisions on ERAs/RAs are estimated when advances are made. Unpaid ERAs/RAs related to the first quarter tax filing season of a given year are considered delinquent at June 30^th of that year and charged-off. In addition, as of June 30, 2025, RAs that were subject to Tax Provider loan loss guarantees were charged-off and immediately recorded as recoveries of previously charged-off loans with corresponding receivables recorded in other assets for the Tax Provider guarantees. Corresponding receivables are settled during the third quarter of each year. RAs collected during the second half of each year, not subject to loan loss guarantee arrangements, are recorded as recoveries of previously charged-off loans.

Related to the overall credit losses on ERAs/RAs, the Bank’s ability to control losses is highly dependent upon its ability to predict the taxpayer’s likelihood to receive the tax refund as claimed on the taxpayer’s tax return. In addition, the Bank’s ability to control losses for the ERA product is highly dependent upon the taxpayer returning to a Tax Provider for the filing of their final tax return. Each year, the Bank’s RA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the RA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent underwriting changes made, credit losses during a current year could be higher than management’s predictions if tax refund payment patterns change materially between years.

In response to changes in the legal, regulatory, and competitive environment, management annually reviews and revises ERA/RA product parameters. Changes in product parameters do not ensure positive results and could have an overall material negative impact on the performance of all ERA/RA product offerings and therefore on the Company’s financial condition and results of operations.

(IV)Republic Payment Solutions segment

The RPS segment offers a range of payment-related products and services to consumers through third-party service providers. Through the Bank, the RPS segment offers both (1) issuing solutions and (2) money movement capabilities.

Issuing Solutions:

The RPS segment offers prepaid and debit solutions primarily marketed to the consumer industry. Prepaid solutions include the issuing of payroll and general purpose reloadable cards. Characteristics of these cards include the following:

● Similar to a traditional debit card with features including traditional point of sale purchasing, automated teller machine withdrawals and direct deposit;

● Funds associated with these products are typically held in pooled accounts at the Bank, with the Bank maintaining records of individual balances within these pooled accounts; and

● Payroll cards facilitate the loading of an employer’s payroll onto a card via direct deposit, with payroll and general purpose reloadable cards generally distributed through retail locations and reloadable through participating retail load networks.

Debit solutions include the issuing of DDAs, savings accounts and/or debit cards. In addition to offering traditional point of sale purchasing, automated teller machine withdrawals, and direct deposit options, these accounts may include overdraft protection.

Money Movement Capabilities:

Through the Bank, the RPS segment participates in traditional money movement solutions including ACH transactions, wire transfer, check processing, and the Mastercard Remote Payment and Presentment Service. These capabilities are also complementary products facilitating the movement of money for other RPG divisions.

The Company reports its share of client-related charges and fees for RPS programs as noninterest income under “Program fees.” Additionally, the Company’s portion of interchange revenue generated by prepaid card transactions is reported as noninterest income under “Interchange fee income.” The Company began sharing interest income revenue with its largest prepaid marketer-servicer during 2024, with the interest shared reported as “Interest expense on deposits.” The Company has not shared interest income revenue with its largest prepaid marketer-servicer for the three and nine months ended September 30, 2025, as minimum deposit balance thresholds were not met.

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(V) Republic Credit Solutions segment

Through the Bank, the RCS segment offers consumer credit products. In general, the credit products are unsecured, small dollar consumer loans that are dependent on various factors. RCS loans typically earn a higher yield but also have higher credit risk compared to loans originated through the Traditional Banking segment, with a significant portion of RCS clients considered subprime or near-prime borrowers. Ordinary gains or losses on the sale of RCS products are reported as a component of “Program fees.” Through the Bank, RCS uses third-party service providers for certain services such as marketing and loan servicing for RCS’ (1) LOC products, (2) Installment loan product and (3) Healthcare receivables products.

LOC Products:

Through the Bank, RCS uses third-party service providers to originate two LOC products to generally subprime or near-prime borrowers. in multiple states. Elastic Marketing, LLC and Elevate Decision Sciences, LLC are third-party service providers for the LOC I product and are subject to the Bank’s oversight and supervision. Together, these companies provide certain marketing, servicing, technology, and support services, while a separate third-party provides customer support, servicing, and other services on the Bank’s behalf. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of the product.

The Bank sells participation interests in this product. These participation interests are a 90% interest in advances made to borrowers under the borrower’s LOC account, and the participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 10% participation interest in each advance, it maintains 100% ownership of the underlying LOC I account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Similar to its LOC I product, the Bank provides oversight and supervision to a third-party for its LOC II product. In return, this third-party provides the Bank with marketing services and loan servicing for the LOC II product. The Bank is the lender for this product and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this product.

The Bank sells 95% participation interests in the LOC II product. These participation interests are generally sold three business days following the Bank’s funding of the associated advances. Although the Bank retains a 5% participation interest in each advance, it maintains 100% ownership of the underlying LOC II account with each borrower. Loan balances HFS through this program are carried at the lower of cost or fair value.

Installment Loan Product:

Through RCS, the Bank offers installment loans with terms ranging from 12 to 60 months to borrowers in multiple states. The same third-party service provider for RCS’s LOC II is the third-party provider for the installment loan product. This third-party provider is subject to the Bank’s oversight and supervision and provides the Bank with marketing services and loan servicing for these RCS installment loans. The Bank is the lender for these loans and is marketed as such. Furthermore, the Bank controls the loan terms and underwriting guidelines, and the Bank exercises consumer compliance oversight of this RCS installment loan product. Currently, all loan balances originated under this RCS installment loan program are carried as HFS on the Bank’s balance sheet, with the intent to sell loans to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within 16 days following the Bank’s origination of the loans. Loans originated under this RCS installment loan program are carried at fair value under a fair-value option, with the portfolio marked to market monthly.

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Healthcare Receivables Products:

Through RCS, Bank originates healthcare receivables products across the U.S. through three different third-party service providers. For two of the programs, the Bank retains 100% of the receivables, with recourse in the event of default. For the remaining program, in some instances the Bank retains 100% of the receivables originated, with recourse in the event of default, and in other instances, the Bank sells 100% of the receivables generally within one month of origination. Loan balances HFS through this program are carried at the lower of cost or fair value.

For the RCS LOC and healthcare receivable products, the Company reports interest income and loan origination fees under “Loans, including fees,” while any net gains or losses on sale and mark-to-market adjustments of RCS loans are reported as noninterest income under “Program fees.” The Company has elected fair value accounting for its RCS installment loan product that it sells after an initial holding period. As a result, interest income on loans, loan origination fees, net gains or losses on sale, and mark-to-market adjustments for the RCS installment product are reported as noninterest income under “Program fees.”

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Recently Adopted Accounting Standards

The following ASUs were adopted by the Company during the nine months ended September 30, 2025:

				Method of	Financial
ASU. No.	Topic	Nature of Update	Date Adopted	Adoption	Statement Impact
2024-02	Codification Improvements—Amendments to Remove References to the Concepts Statements	This ASU contains amendments to the Codification that remove references to various Concepts Statements. In most instances the references are extraneous and not required to understand or apply the guidance. In other instances the references were used in prior Statements to provide guidance in certain topical areas.	January 1, 2025	Prospectively	Immaterial

Accounting Standards Update

The following not-yet-effective ASUs are considered relevant to the Company’s financial statements.

			Date Adoption	Adoption	Expected
ASU. No.	Topic	Nature of Update	Required	Method	Financial Impact
2023-09	Income Taxes (Topic 740): Improvements to Income Tax Disclosures	Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and income tax paid information and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate).	Annual reporting periods beginning after Dec. 15, 2024.	Prospectively	The Company will update its income tax disclosures upon adoption within its 2025 Form 10-K.
2024-03	Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	This ASU requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period.	Annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027.	Retrospectively	The Company is currently analyzing the impact of this ASU on its financial statements.
2025-01	Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date	This ASU amends the effective date of ASU No. 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.	Annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027.	Retrospectively	The Company is currently analyzing the impact of this ASU on its financial statements.
2025-05	Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets	This ASU provides a practical expedient to assume that current conditions as of the balance sheet date will persist through the reasonable and supportable forecast period for eligible assets.	Annual reporting periods beginning after Dec. 15, 2025, and interim reporting periods within those annual reporting periods.	Prospectively	Immaterial
2025-06	Intangibles—Goodwill and Other— Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.	This ASU modernizes and clarifies the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended.	Annual reporting periods beginning after Dec. 15, 2027, and interim reporting periods within those annual reporting periods.	Prospectively	The Company is currently analyzing the impact of this ASU on its financial statements.
2025-07	Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract	This ASU refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments from a customer in a revenue contract.	Annual reporting periods beginning after Dec. 15, 2026, and interim reporting periods within those annual reporting periods.	Prospectively	The Company is currently analyzing the impact of this ASU on its financial statements.

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2. INVESTMENT SECURITIES

Available-for-Sale Debt Securities

The following tables summarize the amortized cost and fair value of AFS debt securities along with the corresponding amounts of related gross unrealized gains and losses recognized in AOCI:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2025 (in thousands)	Cost		Gains		Losses		Value
U.S. Treasury securities and U.S. Government agencies	$	265,913	$	109	$	(2,296)	$	263,726
Private label mortgage-backed security		—		1,452		—		1,452
Mortgage-backed securities - residential		560,809		2,655		(8,011)		555,453
Collateralized mortgage obligations		18,100		24		(656)		17,468
Corporate bonds		1,002		—		—		1,002
Trust preferred security		3,910		160		—		4,070
Total available-for-sale debt securities	$	849,734	$	4,400	$	(10,963)	$	843,171

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2024 (in thousands)	Cost		Gains		Losses		Value
U.S. Treasury securities and U.S. Government agencies	$	395,609	$	4	$	(6,527)	$	389,086
Private label mortgage-backed security		121		1,429		—		1,550
Mortgage-backed securities - residential		180,765		193		(12,725)		168,233
Collateralized mortgage obligations		20,127		27		(911)		19,243
Corporate bonds		2,008		1		—		2,009
Trust preferred security		3,863		171		—		4,034
Total available-for-sale debt securities	$	602,493	$	1,825	$	(20,163)	$	584,155

Held-to-Maturity Debt Securities

The following tables summarize the amortized cost and fair value of HTM debt securities along with the corresponding amounts of related gross unrecognized gains and losses:

			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
September 30, 2025 (in thousands)	Cost		Gains		Losses		Value
Mortgage-backed securities - residential	$	14	$	—	$	—	$	14
Collateralized mortgage obligations		5,096		31		(54)		5,073
Total held-to-maturity debt securities	$	5,110	$	31	$	(54)	$	5,087

			Gross		Gross
	Amortized		Unrecognized		Unrecognized		Fair
December 31, 2024 (in thousands)	Cost		Gains		Losses		Value
Mortgage-backed securities - residential	$	23	$	1	$	—	$	24
Collateralized mortgage obligations		5,756		36		(86)		5,706
Corporate bonds		4,999		6		—		5,005
Total held-to-maturity debt securities	$	10,778	$	43	$	(86)	$	10,735

Sales and Calls of Available-for-Sale Debt Securities

During the three and nine months ended September 30, 2025, and 2024, there were no material gains or losses on sales or calls of AFS debt securities.

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Debt Securities by Contractual Maturity

The amortized cost and fair value of debt securities by contractual maturity as of September 30, 2025, follows. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are detailed separately.

	Available-for-Sale				Held-to-Maturity
	Debt Securities				Debt Securities
	Amortized		Fair		Amortized		Fair
September 30, 2025 (in thousands)	Cost		Value		Cost		Value
Due in one year or less	$	11,002	$	10,780	$	—	$	—
Due from one year to five years		255,913		253,948		—		—
Due from five years to ten years		—		—		—		—
Due beyond ten years		3,910		4,070		—		—
Private label mortgage-backed security		—		1,452		—		—
Mortgage-backed securities - residential		560,809		555,453		14		14
Collateralized mortgage obligations		18,100		17,468		5,096		5,073
Total debt securities	$	849,734	$	843,171	$	5,110	$	5,087

Unrealized Loss Analysis on Debt Securities

The following tables summarize AFS debt securities in an unrealized loss position for which an ACLS had not been recorded, aggregated by investment category and length of time in a continuous unrealized loss position:

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
September 30, 2025 (in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-sale debt securities:
U.S. Treasury securities and U.S. Government agencies	$	50,939	$	(30)	$	77,717	$	(2,266)	$	128,656	$	(2,296)
Mortgage-backed securities - residential		87,466		(362)		89,791		(7,649)		177,257		(8,011)
Collateralized mortgage obligations		664		(1)		14,647		(655)		15,311		(656)
Total available-for-sale debt securities	$	139,069	$	(393)	$	182,155	$	(10,570)	$	321,224	$	(10,963)

	Less than 12 months				12 months or more				Total
			Unrealized				Unrealized				Unrealized
December 31, 2024 (in thousands)	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Available-for-sale debt securities:
U.S. Treasury securities and U.S. Government agencies	$	145,048	$	(212)	$	209,033	$	(6,315)	$	354,081	$	(6,527)
Mortgage-backed securities - residential		52,347		(874)		104,453		(11,851)		156,800		(12,725)
Collateralized mortgage obligations		700		(8)		15,951		(903)		16,651		(911)
Total available-for-sale debt securities	$	198,095	$	(1,094)	$	329,437	$	(19,069)	$	527,532	$	(20,163)

As of September 30, 2025, the Bank’s security portfolio consisted of 198 securities, 93 of which were in an unrealized loss position.

As of December 31, 2024, the Bank’s security portfolio consisted of 182 securities, 114 of which were in an unrealized loss position.

As of September 30, 2025, and December 31, 2024, there were no holdings of debt securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity.

Mortgage-Backed Securities and Collateralized Mortgage Obligations

As of September 30, 2025, with the exception of the $1.5 million private label MBS, all other MBS’s and CMO’s held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily the FHLMC and FNMA. As of September 30, 2025, and December 31, 2024, there were gross unrealized losses of approximately $9 million and $14 million related to AFS MBS’s and CMO’s. Because these unrealized losses are attributable to changes in interest rates and illiquidity, and not credit quality, and because the Bank does not have the intent to sell these securities, and it is likely that it will not be required to sell the securities before their anticipated recovery, management does not consider these securities to have credit-related impairment that would require a provision adjustment to the ACLS.

18

There were no HTM debt securities on nonaccrual or past due 90 days or more as of September 30, 2025, and December 31, 2024. All of the Company’s HTM corporate bonds were rated investment grade as of December 31, 2024. There were no HTM debt securities considered collateral dependent as of September 30, 2025, and December 31, 2024.

Accrued interest receivable on AFS debt securities is presented as a component of other assets on the Company’s balance sheet and is excluded from the ACLS, if applicable. Accrued interest on AFS debt securities totaled $4 million and $3 million as of September 30, 2025, and December 31, 2024. Accrued interest receivable on HTM debt securities totaled $13,000 as of September 30, 2025, and $60,000 as of December 31, 2024.

Pledged Debt Securities

Debt securities pledged to secure public deposits, SSUAR, and debt securities held for other purposes, as required or permitted by law, were as follows:

	As of
(in thousands)	September 30, 2025		December 31, 2024
Amortized cost	$	137,382	$	205,160
Fair value		135,151		199,607
Carrying amount		135,151		199,607

Equity Securities

The amortized cost, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values were as follows:

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
September 30, 2025 (in thousands)	Cost		Gains		Losses		Value
Freddie Mac preferred stock	$	—	$	945	$	—	$	945
Total equity securities	$	—	$	945	$	—	$	945

			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
December 31, 2024 (in thousands)	Cost		Gains		Losses		Value
Freddie Mac preferred stock	$	—	$	693	$	—	$	693
Total equity securities	$	—	$	693	$	—	$	693

For equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized in the Company’s consolidated statements of income were as follows:

	Gains (Losses) Recognized on Equity Securities
	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(in thousands)	Realized		Unrealized		Total		Realized		Unrealized		Total
Freddie Mac preferred stock	$	—	$	189	$	189	$	—	$	42	$	42
Total equity securities	$	—	$	189	$	189	$	—	$	42	$	42

	Gains (Losses) Recognized on Equity Securities
	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(in thousands)	Realized		Unrealized		Total		Realized		Unrealized		Total
Freddie Mac preferred stock	$	—	$	252	$	252	$	—	$	65	$	65
Total equity securities	$	—	$	252	$	252	$	—	$	65	$	65

19

3. LOANS HELD FOR SALE

In the ordinary course of business, the Bank originates for sale mortgage loans and consumer loans. Mortgage loans originated for sale are primarily originated and sold into the secondary market through the Bank’s Traditional Banking segment, while consumer loans originated for sale are originated and sold through the RCS segment.

Mortgage Loans Held for Sale, at Fair Value

See additional detail regarding mortgage loans HFS under the Footnote titled “Mortgage Banking Activities.”

Consumer Loans Held for Sale, at Fair Value

Through RCS, the Bank offers RCS installment loans with terms ranging from 12 to 60 months to borrowers in multiple states. Balances originated under this RCS installment loan program are carried as HFS on the Bank’s balance sheet, with the intent to sell to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within 16 days following origination. Loans originated under the RCS installment loan program are carried at fair value under a fair-value option, with the portfolio marked to market monthly.

Activity for consumer loans HFS and carried at fair value follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	8,312	$	8,341	$	5,443	$	7,914
Origination of consumer loans held for sale		40,388		43,268		123,200		120,668
Proceeds from the sale of consumer loans held for sale		(42,095)		(46,704)		(123,995)		(125,795)
Net gain on sale of consumer loans held for sale		1,839		1,175		3,796		3,293
Balance, end of period	$	8,444	$	6,080	$	8,444	$	6,080

Consumer Loans Held for Sale, at the Lower of Cost or Fair Value

RCS originates for sale 90% or 95% of the balances from its LOC products and 100% for some of its healthcare receivables products. Ordinary gains or losses on the sale of these RCS products are reported as a component of “Program fees.”

During the first quarter of 2025, Management reached an agreement to sell $5 million of consumer credit cards, and as a result, these balances were re-designated from held for investment to HFS as of March 31, 2025 with the sale finalized during the second quarter of 2025.

Activity for consumer loans HFS and carried at the lower of cost or market value was as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in thousands)	2025		2024		2025		2024
Balance, beginning of period	$	19,640	$	23,860	$	18,632	$	16,094
Origination of consumer loans held for sale		231,330		307,145		736,296		820,233
Transferred from held for investment to held for sale		—		—		4,977		—
Proceeds from the sale of consumer loans held for sale		(236,813)		(314,206)		(750,891)		(824,454)
Net gain on sale of consumer loans held for sale		2,267		3,002		7,410		7,928
Balance, end of period	$	16,424	$	19,801	$	16,424	$	19,801

20

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

21

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

22

													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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

23

													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

24

													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: