SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

SEGMENT INFORMATION

Segment Information

	Three Months Ended September 30, 2022
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	46,562		$	3,011		$	112		$	49,685		$	1,709		$	6,642		$	8,351		$	58,036
Provision for expected credit loss expense		(753)			(386)			—			(1,139)			(1,296)			4,008			2,712			1,573
Net refund transfer fees		—			—			—			—			593			—			593			593
Mortgage banking income		—			—			1,154			1,154			—			—			—			1,154
Program fees		—			—			—			—			724			4,208			4,932			4,932
Other noninterest income		8,260			13			33			8,306			62			—			62			8,368
Total noninterest income		8,260			13			1,187			9,460			1,379			4,208			5,587			15,047
Total noninterest expense		37,777			851			2,005			40,633			3,248			2,224			5,472			46,105
Income (loss) before income tax expense		17,798			2,559			(706)			19,651			1,136			4,618			5,754			25,405
Income tax expense (benefit)		4,278			572			(156)			4,694			202			1,026			1,228			5,922
Net income (loss)	$	13,520		$	1,987		$	(550)		$	14,957		$	934		$	3,592		$	4,526		$	19,483
Period-end assets	$	5,036,343		$	441,885		$	16,418		$	5,494,646		$	395,873		$	109,144		$	505,017		$	5,999,663
Net interest margin		3.63	%		2.54	%		NM			3.54	%		NM			NM			NM			4.05	%
Net-revenue concentration*		75	%		4	%		2	%		81	%		4	%		15	%		19	%		100	%

	Three Months Ended September 30, 2021
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	40,297		$	6,291		$	253		$	46,841		$	294		$	5,994		$	6,288		$	53,129
Provision for expected credit loss expense		(44)			(223)			—			(267)			(2,261)			3,820			1,559			1,292
Net refund transfer fees		—			—			—			—			1,280			—			1,280			1,280
Mortgage banking income		—			—			5,280			5,280			—			—			—			5,280
Program fees		—			—			—			—			762			3,256			4,018			4,018
Other noninterest income		8,105			15			62			8,182			65			—			65			8,247
Total noninterest income		8,105			15			5,342			13,462			2,107			3,256			5,363			18,825
Total noninterest expense		35,924			1,056			3,257			40,237			2,966			1,232			4,198			44,435
Income before income tax expense		12,522			5,473			2,338			20,333			1,696			4,198			5,894			26,227
Income tax expense		3,038			1,258			514			4,810			371			1,037			1,408			6,218
Net income	$	9,484		$	4,215		$	1,824		$	15,523		$	1,325		$	3,161		$	4,486		$	20,009
Period-end assets	$	4,907,503		$	750,266		$	41,196		$	5,698,965		$	365,552		$	123,117		$	488,669		$	6,187,634
Net interest margin		3.22	%		3.51	%		NM			3.25	%		NM			NM			NM			3.61	%
Net-revenue concentration*		67	%		9	%		8	%		84	%		3	%		13	%		16	%		100	%

*      Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

	Nine Months Ended September 30, 2022
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	121,868		$	11,412		$	469		$	133,749		$	18,751		$	19,380		$	38,131		$	171,880
Provision for expected credit loss expense		(287)			(1,021)			—			(1,308)			6,976			8,836			15,812			14,504
Net refund transfer fees		—			—			—			—			16,594			—			16,594			16,594
Mortgage banking income		—			—			5,574			5,574			—			—			—			5,574
Program fees		—			—			—			—			2,187			10,484			12,671			12,671
Contract termination fee		—			—			—			—			5,000			—			5,000			5,000
Legal settlement		—			—			—			—			13,000			—			13,000			13,000
Other noninterest income		23,225			38			113			23,376			399			—			399			23,775
Total noninterest income		23,225			38			5,687			28,950			37,180			10,484			47,664			76,614
Total noninterest expense		114,310			2,838			7,527			124,675			11,926			5,730			17,656			142,331
Income (loss) before income tax expense		31,070			9,633			(1,371)			39,332			37,029			15,298			52,327			91,659
Income tax expense (benefit)		6,397			2,168			(302)			8,263			8,573			3,513			12,086			20,349
Net income (loss)	$	24,673		$	7,465		$	(1,069)		$	31,069		$	28,456		$	11,785		$	40,241		$	71,310
Period-end assets	$	5,036,343		$	441,885		$	16,418		$	5,494,646		$	395,873		$	109,144		$	505,017		$	5,999,663
Net interest margin		3.20	%		2.79	%		NM			3.16	%		NM			NM			NM			3.95	%
Net-revenue concentration*		58	%		5	%		2	%		65	%		23	%		12	%		35	%		100	%

	Nine Months Ended September 30, 2021
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company
Net interest income	$	119,677		$	19,387		$	802		$	139,866		$	15,593		$	15,840		$	31,433		$	171,299
Provision for expected credit loss expense		(126)			(530)			—			(656)			7,850			5,037			12,887			12,231
Net refund transfer fees		2			—			—			2			19,922			—			19,922			19,924
Mortgage banking income		—			—			16,655			16,655			—			—			—			16,655
Program fees		—			—			—			—			2,373			7,196			9,569			9,569
Other noninterest income		22,859			43			140			23,042			304			—			304			23,346
Total noninterest income		22,861			43			16,795			39,699			22,599			7,196			29,795			69,494
Total noninterest expense		110,191			3,150			9,384			122,725			11,965			3,340			15,305			138,030
Income before income tax expense		32,473			16,810			8,213			57,496			18,377			14,659			33,036			90,532
Income tax expense		6,718			3,919			1,807			12,444			4,467			3,637			8,104			20,548
Net income	$	25,755		$	12,891		$	6,406		$	45,052		$	13,910		$	11,022		$	24,932		$	69,984
Period-end assets	$	4,907,503		$	750,266		$	41,196		$	5,698,965		$	365,552		$	123,117		$	488,669		$	6,187,634
Net interest margin		3.21	%		3.47	%		NM			3.24	%		NM			NM			NM			3.86	%
Net-revenue concentration*		59	%		8	%		7	%		74	%		16	%		10	%		26	%		100	%

*      Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.