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LOANS AND ALLOWANCE FOR CREDIT LOSSES

3 Months Ended

Mar. 31, 2025

LOANS AND ALLOWANCE FOR CREDIT LOSSES

4. LOANS AND ALLOWANCE FOR CREDIT LOSSES

The composition of the loan portfolio follows:


(in thousands)	March 31, 2025		December 31, 2024

Traditional Banking:
Residential real estate:
Owner-occupied	$	1,025,461	$	1,032,459
Nonowner-occupied		311,955		318,096
Commercial real estate:
Owner-occupied		651,531		659,216
Nonowner-occupied		832,504		840,517
Multi-family		322,725		313,444
Construction & land development		238,562		244,121
Commercial & industrial		482,955		460,245
Lease financing receivables		93,159		93,304
Aircraft		219,292		226,179
Home equity		365,631		353,441
Consumer:
Credit cards		11,136		16,464
Overdrafts		779		982
Automobile loans		1,031		1,156
Other consumer		9,638		9,555
Total Traditional Banking		4,566,359		4,569,179
Warehouse lines of credit*		569,502		550,760
Total Core Banking		5,135,861		5,119,939

*Republic Processing Group:**
Tax Refund Solutions:
Refund Advances		30,344		138,614
Other TRS commercial & industrial loans		5,841		52,180
Republic Credit Solutions		117,747		128,733
Total Republic Processing Group		153,932		319,527

Total loans**		5,289,793		5,439,466
Allowance for credit losses		(106,303)		(91,978)

Total loans, net	$	5,183,490	$	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 table directly below for expanded detail.

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


(in thousands)	March 31, 2025		December 31, 2024

Contractually receivable	$	5,295,493	$	5,445,531
Unearned income		(2,824)		(2,932)
Unamortized premiums		163		184
Unaccreted discounts		(1,467)		(1,619)
Other net unamortized deferred origination (fees) and costs		(1,572)		(1,698)
Carrying value of loans	$	5,289,793	$	5,439,466

Credit Quality Indicators

The following tables include loans by segment, risk category, and, for non-revolving loans, origination year. Loan segments and risk categories as of March 31, 2025 remain unchanged from those defined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. 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, 2025	2025		2024		2023		2022		2021		Prior		Cost Basis		to Term		Total

Residential real estate owner-occupied:
Risk Rating
Pass or not rated	$	28,400	$	70,625	$	228,586	$	175,995	$	151,716	$	331,082	$	—	$	8,119	$	994,523
Special Mention		—		—		—		1,750		—		4,204		—		—		5,954
Substandard		—		1,225		2,414		4,063		2,859		14,423		—		—		24,984
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	28,400	$	71,850	$	231,000	$	181,808	$	154,575	$	349,709	$	—	$	8,119	$	1,025,461
YTD Gross Charge-offs	$	—	$	—	$	—	$	18	$	—	$	—	$	—	$	—	$	18

Residential real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	4,300	$	13,785	$	52,779	$	57,990	$	68,267	$	112,110	$	—	$	2,439	$	311,670
Special Mention		—		—		—		—		—		18		—		—		18
Substandard		—		—		140		—		—		127		—		—		267
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	4,300	$	13,785	$	52,919	$	57,990	$	68,267	$	112,255	$	—	$	2,439	$	311,955
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate owner-occupied:
Risk Rating
Pass or not rated	$	10,452	$	41,646	$	69,340	$	111,533	$	99,952	$	224,681	$	14,135	$	65,625	$	637,364
Special Mention		380		1,171		—		5,221		356		5,954		317		—		13,399
Substandard		—		—		—		—		—		768		—		—		768
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	10,832	$	42,817	$	69,340	$	116,754	$	100,308	$	231,403	$	14,452	$	65,625	$	651,531
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial real estate nonowner-occupied:
Risk Rating
Pass or not rated	$	11,494	$	49,956	$	106,986	$	137,481	$	107,418	$	277,784	$	17,066	$	98,655	$	806,840
Special Mention		—		—		—		—		4,000		21,525		—		—		25,525
Substandard		—		—		—		—		—		139		—		—		139
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	11,494	$	49,956	$	106,986	$	137,481	$	111,418	$	299,448	$	17,066	$	98,655	$	832,504
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Multi-Family:
Risk Rating
Pass or not rated	$	489	$	14,290	$	40,643	$	76,475	$	54,072	$	77,743	$	5,710	$	53,303	$	322,725
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	489	$	14,290	$	40,643	$	76,475	$	54,072	$	77,743	$	5,710	$	53,303	$	322,725
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Construction and land development:
Risk Rating
Pass or not rated	$	11,441	$	54,519	$	92,251	$	58,652	$	14,144	$	5,774	$	1,371	$	—	$	238,152
Special Mention		—		—		410		—		—		—		—		—		410
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	11,441	$	54,519	$	92,661	$	58,652	$	14,144	$	5,774	$	1,371	$	—	$	238,562
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—		—

Commercial and industrial:
Risk Rating
Pass or not rated	$	28,750	$	82,434	$	74,524	$	58,888	$	44,821	$	47,599	$	130,313	$	8,184	$	475,513
Special Mention		—		1,184		31		330		2,285		2,668		135		—		6,633
Substandard		—		—		70		71		1		297		26		344		809
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	28,750	$	83,618	$	74,625	$	59,289	$	47,107	$	50,564	$	130,474	$	8,528	$	482,955
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Lease financing receivables:
Risk Rating
Pass or not rated	$	8,110	$	31,622	$	32,764	$	13,485	$	4,468	$	1,543	$	—	$	—	$	91,992
Special Mention		—		42		215		88		113		49		—		—		507
Substandard		—		—		317		337		6		—		—		—		660
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	8,110	$	31,664	$	33,296	$	13,910	$	4,587	$	1,592	$	—	$	—	$	93,159
YTD Gross Charge-offs	$	—	$	—	$	11	$	—	$	—	$	—	$	—	$	—	$	11



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

Aircraft:
Risk Rating
Pass or not rated	$	1,450	$	33,764	$	70,042	$	39,766	$	34,220	$	38,971	$	—	$	—	$	218,213
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		1,079		—		—		—		1,079
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	1,450	$	33,764	$	70,042	$	39,766	$	35,299	$	38,971	$	—	$	—	$	219,292
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Home equity:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	362,485	$	—	$	362,485
Special Mention		—		—		—		—		—		—		310		—		310
Substandard		—		—		—		—		—		—		2,836		—		2,836
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	365,631	$	—	$	365,631
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer:
Risk Rating
Pass or not rated	$	826	$	6,145	$	2,066	$	197	$	62	$	999	$	12,284	$	—	$	22,579
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		5		—		—		5
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	826	$	6,145	$	2,066	$	197	$	62	$	1,004	$	12,284	$	—	$	22,584
YTD Gross Charge-offs	$	14	$	—	$	1	$	—	$	1	$	—	$	226	$	—	$	242

Warehouse:
Risk Rating
Pass or not rated	$	—	$	—	$	—	$	—	$	—	$	—	$	569,502	$	—	$	569,502
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	—	$	569,502	$	—	$	569,502
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

TRS:
Risk Rating
Pass or not rated	$	26,032	$	10,153	$	—	$	—	$	—	$	—	$	—	$	—	$	36,185
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	26,032	$	10,153	$	—	$	—	$	—	$	—	$	—	$	—	$	36,185
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

RCS:
Risk Rating
Pass or not rated	$	493	$	6,498	$	7,932	$	1,093	$	88	$	47,156	$	54,304	$	—	$	117,564
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		183		—		183
Doubtful		—		—		—		—		—		—		—		—		—
Total	$	493	$	6,498	$	7,932	$	1,093	$	88	$	47,156	$	54,487	$	—	$	117,747
YTD Gross Charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	4,254	$	—	$	4,254

Grand Total:
Risk Rating
Pass or not rated	$	132,237	$	415,437	$	777,913	$	731,555	$	579,228	$	1,165,442	$	1,167,170	$	236,325	$	5,205,307
Special Mention		380		2,397		656		7,389		6,754		34,418		762		—		52,756
Substandard		—		1,225		2,941		4,471		3,945		15,759		3,045		344		31,730
Doubtful		—		—		—		—		—		—		—		—		—
Grand Total	$	132,617	$	419,059	$	781,510	$	743,415	$	589,927	$	1,215,619	$	1,170,977	$	236,669	$	5,289,793
YTD Gross Charge-offs	$	14	$	—	$	12	$	18	$	1	$	—	$	4,480	$	—	$	4,525


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

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

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


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

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

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

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

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

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

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

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


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

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

TRS:
Risk Rating
Pass or not rated (1)	$	190,794	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	190,794
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		—		—		—		—
Doubtful		—		—		—		—		—		—		—		—		—
Total (1)	$	190,794	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	190,794
YTD Gross Charge-offs (1)	$	23,534	$	9,158	$	—	$	—	$	—	$	—	$	—	$	—	$	32,692

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

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

Allowance for Credit Losses on Loans

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


	ACLL Roll-forward
	Three Months Ended March 31,
	2025										2024
	Beginning				Charge-				Ending			Beginning			Charge-				Ending
(in thousands)	Balance		Provision		offs		Recoveries		Balance			Balance	Provision		offs		Recoveries		Balance

Traditional Banking:
Residential real estate:
Owner-occupied	$	10,849	$	(115)	$	(18)	$	40	$	10,756	$	10,337	$	(800)	$	(13)	$	58	$	9,582
Nonowner-occupied		4,140		(115)		—		—		4,025		3,047		3		—		1		3,051
Commercial real estate*:
Owner-occupied*		7,319		15		—		—		7,334
Nonowner-occupied*		12,523		(344)		—		—		12,179
Multi-Family*		2,714		93		—		—		2,807
Total commercial real estate*		22,556		(236)		—		—		22,320		25,830		145		—		20		25,995
Construction & land development		8,227		(200)		—		—		8,027		6,060		640		—		—		6,700
Commercial & industrial		2,527		89		—		—		2,616		4,236		(79)		—		1		4,158
Lease financing receivables		1,117		(57)		(11)		5		1,054		1,061		22		(24)		13		1,072
Aircraft		565		(11)		—		—		554		625		(10)		—		—		615
Home equity		7,378		247		—		1		7,626		5,501		247		—		1		5,749
Consumer:
Credit cards		1,379		(425)		(36)		19		937		1,074		83		(81)		11		1,087
Overdrafts		724		99		(190)		54		687		694		27		(238)		80		563
Automobile loans		11		(4)		—		1		8		32		(10)		—		2		24
Other consumer		283		(41)		(16)		15		241		501		90		(26)		15		580
Total Traditional Banking		59,756		(769)		(271)		135		58,851		58,998		358		(382)		202		59,176
Warehouse lines of credit		1,374		47		—		—		1,421		847		309		—		—		1,156
Total Core Banking		61,130		(722)		(271)		135		60,272		59,845		667		(382)		202		60,332

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		9,793		15,335		—		691		25,819		3,929		25,718		—		275		29,922
Other TRS commercial & industrial loans		68		92		—		2		162		61		56		—		30		147
Republic Credit Solutions		20,987		2,967		(4,254)		350		20,050		18,295		4,181		(4,545)		370		18,301
Total Republic Processing Group		30,848		18,394		(4,254)		1,043		46,031		22,285		29,955		(4,545)		675		48,370

Total	$	91,978	$	17,672	$	(4,525)	$	1,178	$	106,303	$	82,130	$	30,622	$	(4,927)	$	877	$	108,702

* The CRE loan pool was further segmented into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family beginning in 2025. For the three months ended March 31, 2024 presented above, the Total CRE line represents the ACLL Roll-forward information for the total CRE loan pool, as previously presented.

During the first quarter of 2025, the Company further segmented its Commercial Real Estate portfolio into Owner Occupied Commercial Real Estate, Nonowner Occupied Commercial Real Estate, and Multi-family. The Company believes this additional portfolio segmentation will provide better granularity to the ACLL in the future. Given the loss history for each of these portfolio segments over the past several years, this additional segmentation did not have a material impact to the Company’s ACLL as of March 31, 2025. This additional segmentation could have material impacts to the ACLL in the future, however, depending upon the overall credit performance of each of these individual portfolios on a go-forward basis.

The cumulative loss rate used as the basis for the estimate of the Company’s ACLL as of March 31, 2025 was primarily based on a static pool analysis of each of the Company’s loan pools using the Company’s loss experience from 2013 through 2024, supplemented by qualitative factor adjustments for current and forecasted conditions. The Company employs one-year forecasts of unemployment and CRE values within its ACLL model, with reversion to long-term averages following the forecasted period. The cumulative loss rate within the Company’s ACLL also includes estimated losses based on an individual evaluation of loans which are either collateral dependent or which do not share risk characteristics with pooled loans, e.g., loan modifications.

Nonperforming Loans and Nonperforming Assets

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


(dollars in thousands)	March 31, 2025			December 31, 2024

Loans on nonaccrual status*	$	22,730		$	22,619
Loans past due 90-days-or-more and still on accrual**		120			141
Total nonperforming loans		22,850			22,760
Other real estate owned		1,107			1,160
Total nonperforming assets	$	23,957		$	23,920

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.43	%		0.42	%
Nonperforming assets to total loans (including OREO)		0.45			0.44
Nonperforming assets to total assets		0.34			0.35

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.44	%		0.44	%
Nonperforming assets to total loans (including OREO)		0.46			0.46
Nonperforming assets to total assets		0.37			0.39

*	Loans on nonaccrual status include collateral-dependent loans.

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

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


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

Traditional Banking:
Residential real estate:
Owner-occupied	$	17,445	$	17,331	$	—	$	—
Nonowner-occupied		57		81		—		—
Commercial real estate:
Owner-occupied		170		424		—		—
Nonowner-occupied		765		799		—		—
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		739		860		—		—
Lease financing receivables		92		147		—		—
Aircraft		771		56		—		—
Home equity		2,686		2,359		—		—
Consumer:
Credit cards		—		—		—		—
Overdrafts		—		—		—		—
Automobile loans		4		5		—		—
Other consumer		1		557		—		—
Total Traditional Banking		22,730		22,619		—		—
Warehouse lines of credit		—		—		—		—
Total Core Banking		22,730		22,619		—		—

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—		—		—		—
Other TRS commercial & industrial loans		—		—		—		—
Republic Credit Solutions		—		—		120		141
Total Republic Processing Group		—		—		120		141

Total	$	22,730	$	22,619	$	120	$	141

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


							Three Months Ended
	As of March 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	$	472	$	16,973	$	17,445	$	368
Nonowner-occupied		24		33		57		17
Commercial real estate:
Owner-occupied		170		—		170		48
Nonowner-occupied		489		276		765		4
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		644		95		739		5
Lease financing receivables		—		92		92		—
Aircraft		80		691		771		—
Home equity		—		2,686		2,686		—
Consumer		5		—		5		21
Total	$	1,884	$	20,846	$	22,730	$	463

* 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, 2024						March 31, 2024
	Nonaccrual		Nonaccrual			Total	Interest Income
	Loans with		Loans without			Nonaccrual	Recognized
(in thousands)	ACLL		ACLL			Loans	on Nonaccrual Loans*

Residential real estate:
Owner-occupied	$	688	$	16,643	$	17,331	$	246
Nonowner-occupied		25		56		81		15
Commercial real estate:
Owner-occupied		180		244		424		38
Nonowner-occupied		524		275		799		4
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		726		134		860		—
Lease financing receivables		—		147		147		—
Aircraft		—		56		56		—
Home equity		—		2,359		2,359		49
Consumer		562		—		562		—
Total	$	2,705	$	19,914	$	22,619	$	352

* 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. Loan modifications on nonaccrual status are reviewed for return to accrual status on an individual basis, with additional consideration given to performance under the modified terms.

Delinquent Loans

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


	30 - 59			60 - 89			90 or More
	Days			Days			Days			Total			Total
March 31, 2025 (dollars in thousands)	Delinquent			Delinquent			Delinquent*			Delinquent**			Current		Total

Traditional Banking:
Residential real estate:
Owner-occupied	$	2,882		$	1,776		$	1,910		$	6,568		$	1,018,893	$	1,025,461
Nonowner-occupied		—			—			—			—			311,955		311,955
Commercial real estate:
Owner-occupied		—			—			276			276			651,255		651,531
Nonowner-occupied		—			—			—			—			832,504		832,504
Multi-family		—			—			—			—			322,725		322,725
Construction & land development		—			—			—			—			238,562		238,562
Commercial & industrial		60			23			668			751			482,204		482,955
Lease financing receivables		22			4			134			160			92,999		93,159
Aircraft		—			—			—			—			219,292		219,292
Home equity		428			162			485			1,075			364,556		365,631
Consumer:
Credit cards		13			17			—			30			11,106		11,136
Overdrafts		95			22			1			118			661		779
Automobile loans		—			—			—			—			1,031		1,031
Other consumer		46			6			1			53			9,585		9,638
Total Traditional Banking		3,546			2,010			3,475			9,031			4,557,328		4,566,359
Warehouse lines of credit		—			—			—			—			569,502		569,502
Total Core Banking		3,546			2,010			3,475			9,031			5,126,830		5,135,861

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			—			—			—			30,344		30,344
Other TRS commercial & industrial loans		21			—			—			21			5,820		5,841
Republic Credit Solutions		6,631			1,510			120			8,261			109,486		117,747
Total Republic Processing Group		6,652			1,510			120			8,282			145,650		153,932

Total	$	10,198		$	3,520		$	3,595		$	17,313		$	5,272,480	$	5,289,793
Delinquency ratio***		0.19	%		0.07	%		0.07	%		0.33	%

* 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. RAs do not have a contractual due date but the Company considers a RA delinquent if it remains unpaid 35 days after the taxpayer’s tax return is submitted to the applicable taxing authority.

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


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

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

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

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

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

*** 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 class of loans:


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

Traditional Banking:
Residential real estate:
Owner-occupied	$	25,124	$	—	$	23,116	$	—
Nonowner-occupied		127		—		414		—
Commercial real estate:
Owner-occupied		768		—		149		—
Nonowner-occupied		139		—		1,061		—
Multi-family		—		—		—		—
Construction & land development		—		—		—		—
Commercial & industrial		809		—		859		—
Lease financing receivables		—		660		—		504
Aircraft		—		1,079		—		758
Home equity		2,835		—		2,513		—
Consumer		—		6		—		563
Total Traditional Banking	$	29,802	$	1,745	$	28,112	$	1,825

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

Loan and Lease Modification Disclosures Pursuant to ASU 2022-02

The following tables show the amortized cost of loans and leases as of March 31, 2025 and March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and March 31, 2024, segregated by portfolio segment and type of modification. The following tables show the amortized cost of loans and leases modified by type. The average deferral period was three months as of March 31, 2025.


	Amortized Cost Basis of Modified Financing Receivables
	Three Months Ended March 31, 2025


(dollars in thousands)	Loans (#)	Rate Reduction ($)		Loans (#)	Term Extension ($)		Loans (#)	Principal Deferral ($)

Republic Processing Group	—	$	—	—	$	—	265	$	63
Total Loan Modifications	—	$	—	—	$	—	265	$	63


	Amortized Cost Basis of Modified Financing Receivables
	Three Months Ended March 31, 2024


(dollars in thousands)	Loans (#)	Rate Reduction ($)		Loans (#)	Term Extension ($)		Loans (#)	Principal Deferral ($)

Republic Processing Group	—	$	—	—	$	—	349	$	75
Total Loan Modifications	—	$	—	—	$	—	349	$	75

The following tables show the amortized cost of loans and leases as of March 31, 2025 and March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2025 and March 31, 2024, segregated by type of modification. The following tables show the amortized cost of loans and leases modified by type.


	Total Loan Modification by Type
	Three Months Ended March 31, 2025
	Accruing			Nonaccruing
(dollars in thousands)	Loans (#)	Recorded investment ($)		Loans (#)	Recorded investment ($)

Principal deferral	265	$	63	—	$	—
Total Loan Modifications	265	$	63	—	$	—


	Total Loan Modification by Type
	Three Months Ended March 31, 2024
	Accruing			Nonaccruing
(dollars in thousands)	Loans (#)	Recorded investment ($)		Loans (#)	Recorded investment ($)

Principal deferral	349	$	75	—	$	—
Total Loan Modifications	349	$	75	—	$	—

The following tables show the percentage of the amortized cost of loans and leases that were modified to borrowers in financial distress as compared to the amortized cost of each segment of financing receivable.


	Accruing Loan Modifications
	Three Months Ended March 31, 2025
				% of Total
		Amortized		of Financing
(dollars in thousands)	Loans	Cost Basis		Receivable

Republic Processing Group	265	$	63	0.04	%
Total Accruing Loan Modifications	265	$	63	NM	%


	Nonaccruing Loan Modifications
	Three Months Ended March 31, 2025
				% of Total
		Amortized		of Financing
(dollars in thousands)	Loans	Cost Basis		Receivable

Republic Processing Group	—	$	—	—	%
Total Nonaccruing Loan Modifications	—	$	—	—	%



	Three Months Ended March 31, 2024
				% of Total
		Amortized		of Financing
(dollars in thousands)	Loans	Cost Basis		Receivable

Republic Processing Group	349	$	75	0.04	%
Total Accruing Loan Modifications	349	$	75	NM	%



	Three Months Ended March 31, 2024
				% of Total
		Amortized		of Financing
(dollars in thousands)	Loans	Cost Basis		Receivable

Republic Processing Group	—	$	—	—	%
Total Nonaccruing Loan Modifications	—	$	—	—	%

There were no commitments to lend additional amounts to the borrowers included in the previous loan modification tables.

The Company closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables show the performance of such loans and leases that have been modified during the past twelve months as of March 31, 2025 and as of March 31, 2024.


	Accruing Loan Modifications
	As of March 31, 2025
			30-89 Days		90+ Days
(in thousands)	Current		Past Due		Past Due

Residential real estate:
Owner-occupied	$	8	$	—	$	—
Commercial & industrial		71		—		—
Republic Processing Group		150		—		—
Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2025	$	229	$	—	$	—


	Nonaccruing Loan Modifications
	As of March 31, 2025
			30-89 Days		90+ Days
(in thousands)	Current		Past Due		Past Due

Residential real estate:
Owner-occupied	$	—	$	148	$	—
Home equity		—		—		—
Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2025	$	—	$	148	$	—



	Accruing Loan Modifications
	As of March 31, 2024
			30-89 Days		90+ Days
(in thousands)	Current		Past Due		Past Due

Residential real estate:
Owner occupied	$	—	$	—	$	—
Commercial & industrial		—		—		—
Republic Processing Group		105		—		—
Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024	$	105	$	—	$	—


	Nonaccruing Loan Modifications
	As of March 31, 2024
			30-89 Days		90+ Days
(in thousands)	Current		Past Due		Past Due

Residential real estate:
Owner-occupied	$	609	$	—	$	—
Home equity		72		—		—
Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024	$	681	$	—	$	—

There was one modified loan that had a payment default during the three months ended March 31, 2025 that was modified in the twelve months prior to that default to borrowers experiencing financial difficulty. There were no modified loans or leases that had a payment default during the three months ended March 31, 2024 that was modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

Upon the Company’s determination that a modified loan or lease has subsequently been deemed uncollectible, the loan or lease is written off. Therefore, the amortized cost of the loan is reduced by the uncollectible amount and the allowance for loan and lease losses is adjusted by the same amount.

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, 2025		December 31, 2024

Commercial real estate:
Owner-occupied	$	—	$	—
Nonowner-occupied		1,107		1,160
Multi-family		—		—
Total other real estate owned	$	1,107	$	1,160

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

Refund Advances

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

Information regarding calendar year activities for RAs follows:


	Three Months Ended
	March 31,
(dollars in thousands)	2025			2024

Refund Advances originated	$	662,556		$	771,091
Net charge to the Provision for RAs, including ERAs		15,335			25,718
Provision as a percentage of Ras originated, including ERAs		2.31	%		3.34	%
Refund Advances net charge-offs (recoveries)	$	(691)		$	(275)
Refund Advances net charge-offs (recoveries) to total Refund Advances originated		(0.10)	%		(0.04)	%

(in thousands)

March 31, 2025

December 31, 2024

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