Companies: 11,276     total market cap: $155.196 T
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Republic Bank
RBCAA
#5214
Rank
$1.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$94.08
Share price
-0.38%
Change (1 day)
23.89%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Republic Bank
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Republic Bank - 10-Q quarterly report FY2025 Q3


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Table of Contents

1 min

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 10-Q

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

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For the quarterly period ended September 30, 2025

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or

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

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Commission File Number: 0-24649

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Graphic

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REPUBLIC BANCORP, INC.

(Exact name of registrant as specified in its charter)

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Kentucky

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61-0862051

(State or other jurisdiction of incorporation or organization)

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(I.R.S. Employer Identification No.)

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601 West Market Street, Louisville, Kentucky

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40202

(Address of principal executive offices)

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(Zip Code)

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

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

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Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common

RBCAA

The Nasdaq Stock Market, LLC

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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

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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

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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.

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Large accelerated filer ◻

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Accelerated filer ⌧

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Non-accelerated filer ◻

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Smaller reporting company ◻

Emerging growth company ◻

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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. ◻

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

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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.

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Table of Contents

TABLE OF CONTENTS

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PART I — FINANCIAL INFORMATION

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Item 1.

Financial Statements.

4

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Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

61

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Item 3.

Quantitative and Qualitative Disclosures about Market Risk.

113

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Item 4.

Controls and Procedures.

113

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PART II — OTHER INFORMATION

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Item 1.

Legal Proceedings.

113

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Item 1A.

Risk Factors.

113

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Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

114

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Item 5.

Other Information.

114

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Item 6.

Exhibits.

115

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SIGNATURES

116

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2

Table of Contents

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.

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Term

   

Definition

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2024 Tax Season

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December 2023 through February 2024

2025 Tax Season

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December 2024 through February 2025

ACH

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Automated Clearing House

ACL

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Allowance for Credit Losses

ACLC

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Allowance for Credit Losses on Off-Balance Sheet Credit Exposures

ACLL

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Allowance for Credit Losses on Loans

AFS

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Available for Sale

AOCI

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Accumulated Other Comprehensive Income

ARM

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Adjustable Rate Mortgage

ASC

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Accounting Standards Codification

ASU

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Accounting Standards Update

Basic EPS

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Basic earnings per Class A Common Share

BOLI

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Bank Owned Life Insurance

BPO

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Brokered Price Opinion

C&LD

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Construction and Land Development

C&I

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Commercial and Industrial

CCAD

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Commercial Credit Administration Department

CD

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Certificate of Deposit

CDI

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Core Deposit Intangible

CECL

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Current Expected Credit Losses

CMO

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Collateralized Mortgage Obligation

CODM

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Chief Operating Decision Maker

Core Bank

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The Traditional Banking and Warehouse Lending reportable segments of the Company

CRE

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Commercial Real Estate

DDA

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Demand Deposit Account

Diluted EPS

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Diluted earnings per Class A Common Share

DTA

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Deferred Tax Asset

EPS

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Earnings Per Share

ERA

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Early Season Refund Advance

ESPP

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Employee Stock Purchase Plan

FDIC

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Federal Deposit Insurance Corporation

FFTR

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Federal Funds Target Rate

FHLB

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Federal Home Loan Bank

FHLMC

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Federal Home Loan Mortgage Corporation

FICO

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Fair Isaac Corporation

FNMA

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Federal National Mortgage Association

FOMC

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Federal Open Market Committee

FRB

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Federal Reserve Bank

FTP

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Funds Transfer Pricing

GAAP

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Generally Accepted Accounting Principles in the United States

HEAL

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Home Equity Amortizing Loan

HELOC

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Home Equity Line of Credit

HFS

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Held for Sale

HTM

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Held to Maturity

LOC

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Line of Credit

LOC I

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RCS product introduced in 2014 for which the Bank participates out a 90% interest and holds a 10% interest

LOC II

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RCS product introduced in 2021 for which the Bank participates out a 95% interest and holds a 5% interest

MBS

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Mortgage Backed Security

MSR

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Mortgage Servicing Right

NA

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Not Applicable

NIM

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Net Interest Margin

NM

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Not Meaningful

OBS

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Off-Balance Sheet

OCI

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Other Comprehensive Income

OREO

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Other Real Estate Owned

PCD

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Purchased Credit Deteriorated

Prime

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The Wall Street Journal Prime Interest Rate

Provision

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Provision for Expected Credit Loss Expense

RA

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Refund Advance

RB&T / the Bank

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Republic Bank & Trust Company

RCS

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Republic Credit Solutions segment

Republic / the Company

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Republic Bancorp, Inc.

RPG

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Republic Processing Group segment

RPS

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Republic Payment Solutions segment

RT

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Refund Transfer

SBA

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U.S. Small Business Administration

SEC

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Securities and Exchange Commission

SOFR

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Secured Overnight Financing Right

SSUAR

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Securities Sold Under Agreements to Repurchase

Tax Provider

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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

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To Be Announced

TRS

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Tax Refund Solutions segment

TRUP

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Trust Preferred Security Investment

Warehouse

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Warehouse Lending segment

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3

Table of Contents

PART I — FINANCIAL INFORMATION

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Item 1. Financial Statements.

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

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September 30, 

    

December 31, 

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2025

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2024

ASSETS

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Cash and cash equivalents

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$

484,238

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$

432,151

Available-for-sale debt securities, at fair value (amortized cost of $849,734 in 2025 and $602,493 in 2024)

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843,171

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584,155

Held-to-maturity debt securities (fair value of $5,087 in 2025 and $10,735 in 2024)

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5,110

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10,778

Equity securities with readily determinable fair value

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945

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693

Mortgage loans held for sale, at fair value

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15,338

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8,312

Consumer loans held for sale, at fair value

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8,444

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5,443

Consumer loans held for sale, at the lower of cost or fair value

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16,424

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18,632

Loans

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5,281,374

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5,439,466

Allowance for credit losses

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(79,865)

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(91,978)

Loans, net

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5,201,509

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5,347,488

Federal Home Loan Bank stock, at cost

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25,849

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24,478

Premises and equipment, net

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37,884

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32,309

Right-of-use assets

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32,804

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36,182

Goodwill

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40,516

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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

Table of Contents

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

Table of Contents

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

Table of Contents

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

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Table of Contents

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

Table of Contents

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

10

Table of Contents

●

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

Table of Contents

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.

12

Table of Contents

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 30th 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.

​

13

Table of Contents

(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.

​

14

Table of Contents

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.”

​

15

Table of Contents

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.

​

​

16

Table of Contents

​

​

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.

17

Table of Contents

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

Table of Contents

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

Table of Contents

​

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

Table of Contents

​

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

Table of Contents

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

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year

​

Amortized

​

Converted

​

​

​

As of December 31, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

550,760

​

$

—

​

$

550,760

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

550,760

​

$

—

​

$

550,760

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TRS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

190,794

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

190,794

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

190,794

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

190,794

YTD Gross Charge-offs

​

$

23,534

​

$

9,158

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

32,692

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RCS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

8,625

​

$

9,954

​

$

3,000

​

$

295

​

$

247

​

$

47,383

​

$

58,959

​

$

—

​

$

128,463

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

270

​

​

—

​

​

270

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

8,625

​

$

9,954

​

$

3,000

​

$

295

​

$

247

​

$

47,383

​

$

59,229

​

$

—

​

$

128,733

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

19,239

​

$

—

​

$

19,239

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

614,658

​

$

808,179

​

$

757,773

​

$

603,642

​

$

558,960

​

$

655,118

​

$

1,143,030

​

$

215,095

​

$

5,356,455

Special Mention

​

​

2,402

​

​

382

​

​

7,524

​

​

6,999

​

​

5,794

​

​

29,922

​

​

1,260

​

​

—

​

​

54,283

Substandard

​

​

1,431

​

​

1,248

​

​

2,999

​

​

3,150

​

​

4,884

​

​

11,863

​

​

2,809

​

​

344

​

​

28,728

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Grand Total

​

$

618,491

​

$

809,809

​

$

768,296

​

$

613,791

​

$

569,638

​

$

696,903

​

$

1,147,099

​

$

215,439

​

$

5,439,466

YTD Gross Charge-offs

​

$

24,362

​

$

10,383

​

$

192

​

$

14

​

$

4

​

$

33

​

$

20,406

​

$

—

​

$

55,394

​

25

Table of Contents

Allowance for Credit Losses on Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL Roll-forward

​

​

​

Three Months Ended September 30, 

​

​

​

2025

​

2024

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

$

10,626

​

$

274

​

$

(51)

​

$

5

​

$

10,854

​

$

9,544

​

$

(141)

​

$

(10)

​

$

24

​

$

9,417

Nonowner-occupied

​

​

​

3,883

​

​

(177)

​

​

—

​

​

—

​

​

3,706

​

​

2,957

​

​

(52)

​

​

—

​

​

1

​

​

2,906

Commercial real estate*:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied*

​

​

​

7,143

​

​

(32)

​

​

—

​

​

—

​

​

7,111

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonowner-occupied*

​

​

​

11,952

​

​

(330)

​

​

—

​

​

—

​

​

11,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-Family*

​

​

​

2,751

​

​

14

​

​

—

​

​

—

​

​

2,765

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total commercial real estate*

​

​

​

21,846

​

​

(348)

​

​

—

​

​

—

​

​

21,498

​

​

26,161

​

​

(135)

​

​

—

​

​

313

​

​

26,339

Construction & land development

​

​

​

8,725

​

​

(475)

​

​

—

​

​

—

​

​

8,250

​

​

6,922

​

​

(261)

​

​

—

​

​

—

​

​

6,661

Commercial & industrial

​

​

​

2,455

​

​

30

​

​

—

​

​

—

​

​

2,485

​

​

4,133

​

​

(122)

​

​

—

​

​

1

​

​

4,012

Lease financing receivables

​

​

​

983

​

​

47

​

​

—

​

​

—

​

​

1,030

​

​

1,116

​

​

8

​

​

(32)

​

​

24

​

​

1,116

Aircraft

​

​

​

530

​

​

(23)

​

​

—

​

​

—

​

​

507

​

​

601

​

​

(13)

​

​

—

​

​

—

​

​

588

Home equity

​

​

​

8,106

​

​

208

​

​

(3)

​

​

1

​

​

8,312

​

​

6,059

​

​

310

​

​

(29)

​

​

10

​

​

6,350

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

—

Credit cards

​

​

​

990

​

​

(1)

​

​

(37)

​

​

14

​

​

966

​

​

1,067

​

​

24

​

​

(59)

​

​

48

​

​

1,080

Overdrafts

​

​

​

656

​

​

157

​

​

(229)

​

​

51

​

​

635

​

​

658

​

​

181

​

​

(231)

​

​

51

​

​

659

Automobile loans

​

​

​

2

​

​

1

​

​

(3)

​

​

1

​

​

1

​

​

19

​

​

(25)

​

​

—

​

​

20

​

​

14

Other consumer

​

​

​

253

​

​

(18)

​

​

(9)

​

​

9

​

​

235

​

​

628

​

​

1,714

​

​

(1,947)

​

​

12

​

​

407

Total Traditional Banking

​

​

​

59,055

​

​

(325)

​

​

(332)

​

​

81

​

​

58,479

​

​

59,865

​

​

1,488

​

​

(2,308)

​

​

504

​

​

59,549

Warehouse lines of credit

​

​

​

1,676

​

​

(154)

​

​

—

​

​

—

​

​

1,522

​

​

1,370

​

​

116

​

​

—

​

​

—

​

​

1,486

Total Core Banking

​

​

​

60,731

​

​

(479)

​

​

(332)

​

​

81

​

​

60,001

​

​

61,235

​

​

1,604

​

​

(2,308)

​

​

504

​

​

61,035

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

​

—

​

​

(1,454)

​

​

—

​

​

1,454

​

​

—

​

​

—

​

​

(2,311)

​

​

—

​

​

2,311

​

​

—

Other TRS commercial & industrial loans

​

​

​

—

​

​

(13)

​

​

—

​

​

14

​

​

1

​

​

—

​

​

1

​

​

—

​

​

—

​

​

1

Republic Credit Solutions

​

​

​

21,029

​

​

3,969

​

​

(5,504)

​

​

369

​

​

19,863

​

​

19,452

​

​

6,365

​

​

(5,022)

​

​

327

​

​

21,122

Total Republic Processing Group

​

​

​

21,029

​

​

2,502

​

​

(5,504)

​

​

1,837

​

​

19,864

​

​

19,452

​

​

4,055

​

​

(5,022)

​

​

2,638

​

​

21,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

81,760

​

$

2,023

​

$

(5,836)

​

$

1,918

​

$

79,865

​

$

80,687

​

$

5,659

​

$

(7,330)

​

$

3,142

​

$

82,158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

26

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL Roll-forward

​

​

​

Nine Months Ended September 30, 

​

​

​

2025

​

2024

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

$

10,849

​

$

17

​

$

(80)

​

$

68

​

$

10,854

​

$

10,337

​

$

(961)

​

$

(62)

​

$

103

​

$

9,417

Nonowner-occupied

​

​

​

4,140

​

​

(434)

​

​

—

​

​

—

​

​

3,706

​

​

3,047

​

​

(143)

​

​

—

​

​

2

​

​

2,906

Commercial real estate*:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied*

​

​

​

7,319

​

​

(208)

​

​

—

​

​

—

​

​

7,111

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonowner-occupied*

​

​

​

12,523

​

​

(904)

​

​

—

​

​

3

​

​

11,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Multi-Family*

​

​

​

2,714

​

​

51

​

​

—

​

​

—

​

​

2,765

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total commercial real estate*

​

​

​

22,556

​

​

(1,061)

​

​

—

​

​

3

​

​

21,498

​

​

25,830

​

​

173

​

​

—

​

​

336

​

​

26,339

Construction & land development

​

​

​

8,227

​

​

23

​

​

—

​

​

—

​

​

8,250

​

​

6,060

​

​

601

​

​

—

​

​

—

​

​

6,661

Commercial & industrial

​

​

​

2,527

​

​

(24)

​

​

(18)

​

​

—

​

​

2,485

​

​

4,236

​

​

(227)

​

​

—

​

​

3

​

​

4,012

Lease financing receivables

​

​

​

1,117

​

​

29

​

​

(138)

​

​

22

​

​

1,030

​

​

1,061

​

​

99

​

​

(90)

​

​

46

​

​

1,116

Aircraft

​

​

​

565

​

​

(58)

​

​

—

​

​

—

​

​

507

​

​

625

​

​

(37)

​

​

—

​

​

—

​

​

588

Home equity

​

​

​

7,378

​

​

909

​

​

(3)

​

​

28

​

​

8,312

​

​

5,501

​

​

867

​

​

(29)

​

​

11

​

​

6,350

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

1,379

​

​

(348)

​

​

(129)

​

​

64

​

​

966

​

​

1,074

​

​

133

​

​

(190)

​

​

63

​

​

1,080

Overdrafts

​

​

​

724

​

​

426

​

​

(669)

​

​

154

​

​

635

​

​

694

​

​

443

​

​

(658)

​

​

180

​

​

659

Automobile loans

​

​

​

11

​

​

(10)

​

​

(3)

​

​

3

​

​

1

​

​

32

​

​

(41)

​

​

—

​

​

23

​

​

14

Other consumer

​

​

​

283

​

​

(46)

​

​

(33)

​

​

31

​

​

235

​

​

501

​

​

1,860

​

​

(1,993)

​

​

39

​

​

407

Total Traditional Banking

​

​

​

59,756

​

​

(577)

​

​

(1,073)

​

​

373

​

​

58,479

​

​

58,998

​

​

2,767

​

​

(3,022)

​

​

806

​

​

59,549

Warehouse lines of credit

​

​

​

1,374

​

​

148

​

​

—

​

​

—

​

​

1,522

​

​

847

​

​

639

​

​

—

​

​

—

​

​

1,486

Total Core Banking

​

​

​

61,130

​

​

(429)

​

​

(1,073)

​

​

373

​

​

60,001

​

​

59,845

​

​

3,406

​

​

(3,022)

​

​

806

​

​

61,035

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

​

9,793

​

​

9,947

​

​

(24,893)

​

​

5,153

​

​

—

​

​

3,929

​

​

22,249

​

​

(32,555)

​

​

6,377

​

​

—

Other TRS commercial & industrial loans

​

​

​

68

​

​

81

​

​

(165)

​

​

17

​

​

1

​

​

61

​

​

33

​

​

(137)

​

​

44

​

​

1

Republic Credit Solutions

​

​

​

20,987

​

​

11,919

​

​

(14,142)

​

​

1,099

​

​

19,863

​

​

18,295

​

​

15,742

​

​

(13,882)

​

​

967

​

​

21,122

Total Republic Processing Group

​

​

​

30,848

​

​

21,947

​

​

(39,200)

​

​

6,269

​

​

19,864

​

​

22,285

​

​

38,024

​

​

(46,574)

​

​

7,388

​

​

21,123

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

91,978

​

$

21,518

​

$

(40,273)

​

$

6,642

​

$

79,865

​

$

82,130

​

$

41,430

​

$

(49,596)

​

$

8,194

​

$

82,158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

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

​

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

​

27

Table of Contents

Nonperforming Loans and Nonperforming Assets

​

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

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

​

December 31, 2024

    

​

​

​

​

​

​

​

​

​

Loans on nonaccrual status*

​

$

21,572

​

​

$

22,619

​

Loans past due 90-days-or-more and still on accrual**

​

 

137

​

​

 

141

​

Total nonperforming loans

​

 

21,709

​

​

 

22,760

​

Other real estate owned

​

 

1,246

​

​

 

1,160

​

Total nonperforming assets

​

$

22,955

​

​

$

23,920

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.41

%  

​

 

0.42

%

Nonperforming assets to total loans (including OREO)

​

 

0.43

​

​

 

0.44

​

Nonperforming assets to total assets

​

 

0.33

​

​

 

0.35

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Bank:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.42

%  

​

 

0.44

%

Nonperforming assets to total loans (including OREO)

​

 

0.44

​

​

 

0.46

​

Nonperforming assets to total assets

​

 

0.35

​

​

 

0.39

​

*

Loans on nonaccrual status include collateral-dependent loans.

**

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

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due 90-Days-or-More

​

​

Nonaccrual

​

​

and Still Accruing Interest*

(in thousands)

    

September 30, 2025

    

December 31, 2024

  

  

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

17,510

​

$

17,331

​

​

$

—

​

$

—

Nonowner-occupied

​

 

126

​

 

81

​

​

 

—

​

 

—

Commercial real estate:

​

 

​

​

 

​

​

​

 

​

​

 

​

Owner-occupied

​

​

421

​

 

424

​

​

 

—

​

 

—

Nonowner-occupied

​

​

—

​

 

799

​

​

 

—

​

 

—

Multi-family

​

​

—

​

​

—

​

​

​

—

​

​

—

Construction & land development

​

 

—

​

 

—

​

​

 

—

​

 

—

Commercial & industrial

​

 

588

​

 

860

​

​

 

—

​

 

—

Lease financing receivables

​

 

87

​

 

147

​

​

 

—

​

 

—

Aircraft

​

​

—

​

​

56

​

​

​

—

​

​

—

Home equity

​

 

2,837

​

 

2,359

​

​

 

—

​

 

—

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

—

​

 

—

​

​

 

—

​

 

—

Overdrafts

​

 

—

​

 

—

​

​

 

—

​

 

—

Automobile loans

​

 

3

​

 

5

​

​

 

—

​

 

—

Other consumer

​

 

—

​

 

557

​

​

 

—

​

 

—

Total Traditional Banking

​

​

21,572

​

​

22,619

​

​

​

—

​

​

—

Warehouse lines of credit

​

 

—

​

 

—

​

​

 

—

​

 

—

Total Core Banking

​

​

21,572

​

​

22,619

​

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

​

—

​

​

​

—

​

​

—

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

​

 

—

​

 

—

Republic Credit Solutions

​

​

—

​

​

—

​

​

​

137

​

​

141

Total Republic Processing Group

​

​

—

​

​

—

​

​

​

137

​

​

141

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

21,572

​

$

22,619

​

​

$

137

​

$

141

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

​

​

​

​

​

28

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

As of September 30, 2025

​

September 30, 2025

​

September 30, 2025

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

    

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

—

​

$

17,510

​

$

17,510

​

$

364

​

$

1,039

Nonowner-occupied

​

 

—

​

​

126

​

​

126

​

​

3

​

​

23

Commercial real estate:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

421

​

​

—

​

​

421

​

​

47

​

​

119

Nonowner-occupied

​

​

—

​

​

—

​

​

—

​

​

4

​

​

12

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

4

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

344

​

​

244

​

​

588

​

​

1

​

​

22

Lease financing receivables

​

 

—

​

​

87

​

​

87

​

​

—

​

​

—

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Home equity

​

 

—

​

​

2,837

​

​

2,837

​

​

107

​

​

286

Consumer

​

​

—

​

​

3

​

​

3

​

​

9

​

​

67

Total

​

$

765

​

$

20,807

​

$

21,572

​

$

535

​

$

1,572

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

As of December 31, 2024

​

September 30, 2024

​

September 30, 2024

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

    

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

688

​

$

16,643

​

$

17,331

​

$

273

​

$

813

Nonowner-occupied

​

 

25

​

​

56

​

​

81

​

​

—

​

​

15

Commercial real estate:

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

180

​

​

244

​

​

424

​

​

43

​

​

112

Nonowner-occupied

​

​

524

​

​

275

​

​

799

​

​

—

​

​

—

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

726

​

​

134

​

​

860

​

​

9

​

​

9

Lease financing receivables

​

 

—

​

​

147

​

​

147

​

​

—

​

​

—

Aircraft

​

​

—

​

​

56

​

​

56

​

​

—

​

​

—

Home equity

​

 

—

​

​

2,359

​

​

2,359

​

​

84

​

​

241

Consumer

​

​

562

​

​

—

​

​

562

​

​

100

​

​

101

Total

​

$

2,705

​

$

19,914

​

$

22,619

​

$

509

​

$

1,291

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

​

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

29

Table of Contents

Delinquent Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

​

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

September 30, 2025 (dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

3,844

​

$

1,749

​

$

2,013

​

$

7,606

​

$

1,037,131

​

$

1,044,737

Nonowner-occupied

​

 

—

​

 

—

​

 

—

​

 

—

​

 

291,373

​

 

291,373

Commercial real estate:

​

 

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

Owner-occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

643,519

​

​

643,519

Nonowner-occupied

​

​

—

​

​

—

​

​

—

​

​

—

​

​

801,644

​

​

801,644

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

321,453

​

​

321,453

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

246,065

​

 

246,065

Commercial & industrial

​

 

548

​

 

—

​

 

344

​

 

892

​

 

487,894

​

 

488,786

Lease financing receivables

​

 

8

​

 

13

​

 

95

​

 

116

​

 

96,489

​

 

96,605

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

202,742

​

​

202,742

Home equity

​

 

547

​

 

406

​

 

926

​

 

1,879

​

 

397,812

​

 

399,691

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

7

​

 

17

​

 

—

​

 

24

​

 

10,763

​

 

10,787

Overdrafts

​

 

109

​

 

6

​

 

1

​

 

116

​

 

765

​

 

881

Automobile loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

813

​

 

813

Other consumer

​

 

57

​

 

1

​

 

—

​

 

58

​

 

9,152

​

 

9,210

Total Traditional Banking

​

​

5,120

​

​

2,192

​

​

3,379

​

​

10,691

​

​

4,547,615

​

​

4,558,306

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

609,826

​

 

609,826

Total Core Banking

​

​

5,120

​

​

2,192

​

​

3,379

​

​

10,691

​

​

5,157,441

​

​

5,168,132

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

292

​

 

292

Republic Credit Solutions

​

​

6,880

​

 

1,675

​

 

136

​

 

8,691

​

 

104,259

​

 

112,950

Total Republic Processing Group

​

​

6,880

​

​

1,675

​

​

136

​

​

8,691

​

​

104,551

​

​

113,242

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

12,000

​

$

3,867

​

$

3,515

​

$

19,382

​

$

5,261,992

​

$

5,281,374

Delinquency ratio***

​

 

0.23

%  

 

0.07

%  

 

0.07

%  

 

0.37

%  

​

​

​

​

​

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

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

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

​

30

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

​

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

December 31, 2024 (dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

2,320

​

$

2,292

​

$

2,403

​

$

7,015

​

$

1,025,444

​

$

1,032,459

Nonowner-occupied

​

 

—

​

 

—

​

 

21

​

 

21

​

 

318,075

​

 

318,096

Commercial real estate:

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

​

 

​

Owner-occupied

​

​

—

​

​

—

​

​

244

​

​

244

​

​

658,972

​

​

659,216

Nonowner-occupied

​

​

—

​

​

275

​

​

—

​

​

275

​

​

840,242

​

​

840,517

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

313,444

​

​

313,444

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

244,121

​

 

244,121

Commercial & industrial

​

 

104

​

 

15

​

 

785

​

 

904

​

 

459,341

​

 

460,245

Lease financing receivables

​

 

8

​

 

14

​

 

53

​

 

75

​

 

93,229

​

 

93,304

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

226,179

​

​

226,179

Home equity

​

 

714

​

 

204

​

 

478

​

 

1,396

​

 

352,045

​

 

353,441

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

25

​

 

3

​

 

—

​

 

28

​

 

16,436

​

 

16,464

Overdrafts

​

 

163

​

 

10

​

 

—

​

 

173

​

 

809

​

 

982

Automobile loans

​

 

11

​

 

—

​

 

—

​

 

11

​

 

1,145

​

 

1,156

Other consumer

​

 

41

​

 

1

​

 

1

​

 

43

​

 

9,512

​

 

9,555

Total Traditional Banking

​

​

3,386

​

​

2,814

​

​

3,985

​

​

10,185

​

​

4,558,994

​

​

4,569,179

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

550,760

​

 

550,760

Total Core Banking

​

​

3,386

​

​

2,814

​

​

3,985

​

​

10,185

​

​

5,109,754

​

​

5,119,939

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

138,614

​

 

138,614

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

52,180

​

 

52,180

Republic Credit Solutions

​

​

7,915

​

 

2,248

​

 

141

​

 

10,304

​

 

118,429

​

 

128,733

Total Republic Processing Group

​

​

7,915

​

​

2,248

​

​

141

​

​

10,304

​

​

309,223

​

​

319,527

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

11,301

​

$

5,062

​

$

4,126

​

$

20,489

​

$

5,418,977

​

$

5,439,466

Delinquency ratio***

​

 

0.21

%  

 

0.09

%  

 

0.08

%  

 

0.38

%  

​

​

​

​

​

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

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

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

​

31

Table of Contents

Collateral-Dependent Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

​

​

Secured

    

Secured

​

Secured

    

Secured

​

​

by Real

​

by Personal

​

by Real

​

by Personal

(in thousands)

​

Estate

​

Property

​

Estate

​

Property

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

18,967

​

$

—

​

$

23,116

​

$

—

Nonowner-occupied

​

 

540

​

 

—

​

 

414

​

 

—

Commercial real estate:

​

 

​

​

 

​

​

 

​

​

 

​

Owner-occupied

​

​

2,307

​

​

—

​

​

149

​

​

—

Nonowner-occupied

​

​

20,860

​

​

—

​

​

1,061

​

​

—

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

Commercial & industrial

​

 

1,973

​

 

—

​

 

859

​

 

—

Lease financing receivables

​

 

—

​

 

405

​

 

—

​

 

504

Aircraft

​

​

—

​

 

301

​

​

—

​

 

758

Home equity

​

 

3,021

​

 

—

​

 

2,513

​

 

—

Consumer

​

​

—

​

 

1

​

​

—

​

 

563

Total Traditional Banking

​

$

47,668

​

$

707

​

$

28,112

​

$

1,825

​

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

​

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

​

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

​

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

​

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

​

​

​

32

Table of Contents

Foreclosures

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

​

September 30, 2025

​

December 31, 2024

 

​

​

​

​

​

​

​

​

Residential real estate:

 

​

​

 

​

​

​

Owner-occupied

​

$

244

​

$

—

​

Commercial real estate:

​

​

​

​

​

​

​

Owner-occupied

​

​

—

​

​

—

​

Nonowner-occupied

​

​

1,002

​

​

1,160

​

Multi-family

​

​

—

​

​

—

​

Total other real estate owned

​

$

1,246

 

$

1,160

​

​

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

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

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

 

$

3,294

 

$

1,562

​

Refund Advances

​

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

Information regarding calendar year activities for ERAs/RAs follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

    

September 30, 

​

    

September 30, 

(dollars in thousands)

    

2025

​

2024

​

    

2025

  

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances originated

 

$

—

​

​

$

—

​

​

 

$

662,556

​

​

$

771,091

​

Net charge (credit) to the Provision for RAs, including ERAs

 

​

(1,454)

​

​

​

(2,311)

​

​

 

​

9,947

​

​

​

22,249

​

Provision as a percentage of RAs originated, including ERAs

​

​

NA

​

​

​

NA

​

​

​

​

1.50

%  

​

​

2.89

%  

Refund Advances net charge-offs

 

$

(1,454)

​

​

$

(2,311)

​

​

 

$

19,740

​

​

$

26,178

​

Refund Advances net charge-offs to total Refund Advances originated

​

​

NA

​

​

​

NA

​

​

​

​

2.98

%  

​

​

3.39

%  

​

​

33

Table of Contents

5. DEPOSITS

​

The composition of the deposit portfolio follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

 

​

​

​

​

​

​

​

​

Core Bank:

​

​

​

​

​

​

​

Demand

​

$

1,143,036

​

$

1,166,517

​

Money market

​

 

1,513,646

​

 

1,295,024

​

Savings

​

 

214,261

​

 

238,596

​

Reciprocal money market

​

 

261,994

​

 

212,033

​

Individual retirement accounts (1)

​

 

35,029

​

 

34,543

​

Time deposits, $250 and over (1)

​

 

154,240

​

 

129,593

​

Other certificates of deposit (1)

​

 

288,553

​

 

239,643

​

Reciprocal time deposits (1)

​

 

78,167

​

 

80,016

​

Wholesale brokered deposits (1)

​

​

87,383

​

​

87,285

​

Total Core Bank interest-bearing deposits

​

 

3,776,309

​

 

3,483,250

​

Total Core Bank noninterest-bearing deposits

​

​

1,169,772

​

​

1,123,208

​

Total Core Bank deposits

​

​

4,946,081

​

​

4,606,458

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

Wholesale brokered deposits (1)

​

​

13,304

​

​

199,964

​

Interest-bearing prepaid card deposits

​

​

286,567

​

​

296,921

​

Money market

​

​

23,142

​

​

22,647

​

Total RPG interest-bearing deposits

​

​

323,013

​

​

519,532

​

​

​

​

​

​

​

​

​

Noninterest-bearing prepaid card deposits

​

​

4,040

​

​

2,842

​

Other noninterest-bearing deposits

​

​

65,211

​

​

81,714

​

Total RPG noninterest-bearing deposits

​

​

69,251

​

​

84,556

​

Total RPG deposits

​

​

392,264

​

​

604,088

​

​

​

​

​

​

​

​

​

Total deposits

​

$

5,338,345

​

$

5,210,546

​

(1)Represents time deposits.

​

​

34

Table of Contents

6. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE

​

SSUAR consist of short-term excess funds from correspondent banks, repurchase agreements, and overnight liabilities to deposit clients arising from the Bank’s treasury management program. While comparable to deposits in their transactional nature, these overnight liabilities to clients are in the form of repurchase agreements. Repurchase agreements collateralized by securities are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. Should the fair value of currently pledged securities fall below the associated repurchase agreements, the Bank would be required to pledge additional securities. To mitigate the risk of under collateralization, the Bank typically pledges at least two percent more in securities than the associated repurchase agreements. All such securities are under the Bank’s control.

​

As of September 30, 2025 and December 31, 2024, all SSUAR had overnight maturities. Information regarding SSUAR follows:

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

  

  

December 31, 2024

    

​

​

​

​

​

​

​

​

​

​

​

Outstanding balance at end of period

​

$

74,522

​

​

$

103,318

​

​

Weighted average interest rate at end of period

​

 

0.62

%  

​

 

0.53

%  

​

​

​

​

​

​

​

​

​

​

​

Fair value of securities pledged:

​

​

​

​

​

​

​

​

​

U.S. Treasury securities and U.S. Government agencies

​

$

99,438

​

​

$

151,972

​

​

Total securities pledged

​

$

99,438

​

​

$

151,972

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Three Months Ended

​

​

Nine Months Ended

​

​

 

September 30, 

​

​

September 30, 

​

(dollars in thousands)

  

2025

    

​

2024

    

  

2025

  

  

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

 

$

73,135

 

​

$

73,660

​

​

$

89,755

 

​

$

88,140

​

​

Weighted average interest rate during the period

​

​

0.63

%  

​

​

0.76

%  

​

​

0.59

%  

​

​

0.61

%  

​

Maximum outstanding at any month end during the period

 

$

74,522

 

​

$

79,383

​

​

$

112,826

 

​

$

113,281

​

​

​

​

​

35

Table of Contents

​

7. FEDERAL HOME LOAN BANK ADVANCES

​

FHLB advances were as follows:

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

Overnight advances

​

$

—

​

$

25,000

Fixed interest rate advances

​

 

375,000

​

 

370,000

Total FHLB advances

​

$

375,000

​

$

395,000

​

Each FHLB advance is payable at its maturity date, with a prepayment penalty for fixed rate advances that are paid off earlier than maturity.

​

FHLB advances are collateralized by a blanket pledge of eligible real estate loans. As of September 30, 2025, and December 31, 2024, Republic had available borrowing capacity of $743 million and $755 million from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $100 million available through various other financial institutions as of September 30, 2025, and December 31, 2024.

​

Aggregate future principal payments on FHLB advances based on contractual maturity and the weighted-average cost of such advances are detailed below:

​

​

​

​

​

​

​

​

​

    

    

​

    

Weighted

 

​

​

​

​

​

Average

 

Year (dollars in thousands)

​

Principal

​

Rate

 

​

​

​

​

​

​

​

2026

 

$

130,000

 

4.65

%

2027

 

​

80,000

 

4.01

​

2028

​

​

160,000

 

4.39

​

2030

 

​

5,000

 

—

​

Total

​

$

375,000

 

4.34

%

​

As more fully disclosed in the Footnote titled “Interest Rate Swaps,” the Bank elected to extend $100 million of FHLB advances during the second quarter of 2024 through a third-party, fixed rate swap to take advantage of the then-inverted yield curve and lower its overall borrowing costs. As a result of this swap, the Bank was able to lock in an annualized cost of 4.42% for this $100 million over a five-year term. The total weighted-average cost of all advances, including the impact of any corresponding swaps, is 4.34%.

​

Due to their nature, the Bank considers average balance information more meaningful than period-end balances for its overnight borrowings from the FHLB. Information regarding overnight FHLB advances follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended

​

​

​

September 30, 

​

​

September 30, 

​

(dollars in thousands)

    

2025

    

​

2024

    

​

2025

    

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

 

$

—

 

​

$

17,989

​

 

$

49,707

 

​

$

96,058

​

Weighted average interest rate during the period

​

​

—

%

​

​

5.42

%

​

​

4.47

%

​

​

5.46

%

Maximum outstanding at any month end during the period

 

$

—

 

​

$

55,000

​

 

$

428,000

 

​

$

760,000

​

​

The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

 

​

​

​

​

​

​

​

​

First-lien, single family residential real estate

​

$

1,133,555

​

$

1,177,113

​

Home equity lines of credit

​

 

339,068

​

 

312,168

​

Multi-family commercial real estate

​

 

94,854

​

 

94,334

​

Commercial real estate

​

​

267,084

​

​

330,911

​

​

​

36

Table of Contents

8. OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES

​

Commitments to Extend Credit

​

The Company, in the normal course of business, is party to financial instruments with off balance sheet risk. These financial instruments primarily include commitments to extend credit and standby letters of credit. The contract or notional amounts of these instruments reflect the potential future obligations of the Company pursuant to those financial instruments. Creditworthiness for all instruments is evaluated on a case-by-case basis in accordance with the Company’s credit policies. Collateral from the client may be required based on the Company’s credit evaluation of the client and may include business assets of commercial clients, as well as personal property and real estate of individual clients or guarantors.

​

The Company also extends binding commitments to clients and prospective clients. Such commitments assure a borrower of financing for a specified period of time at a specified rate. The risk to the Company under such loan commitments is limited by the terms of the contracts. For example, the Company may not be obligated to advance funds if the client’s financial condition deteriorates or if the client fails to meet specific covenants.

​

An approved but unfunded loan commitment represents a potential credit risk and a liquidity risk, since the Company’s client(s) may demand immediate cash that would require funding. In addition, unfunded loan commitments represent interest rate risk as market interest rates may rise above the rate committed to the Company’s client. Since a portion of these loan commitments normally expire unused, the total amount of outstanding commitments at any point in time may not require future funding.

​

The following table presents the Company’s commitments, exclusive of mortgage banking loan commitments:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

​

​

Unused warehouse lines of credit

​

$

450,749

​

$

404,240

​

Unused home equity lines of credit

​

 

485,364

​

 

478,040

​

Unused loan commitments - other

​

 

1,202,096

​

 

1,093,990

​

Standby letters of credit

​

 

12,173

​

 

11,282

​

Total commitments

​

$

2,150,382

​

$

1,987,552

​

​

Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a client to a third-party. The terms and risk of loss involved in issuing standby letters of credit are similar to those involved in issuing loan commitments and extending credit. In addition to credit risk, the Company also has liquidity risk associated with standby letters of credit because funding for these obligations could be required immediately. The Company does not deem this risk to be material.

​

​

37

Table of Contents

The following tables present a roll-forward of the ACLC:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLC Roll-forward

​

​

​

Three Months Ended September 30, 

​

​

​

2025

​

2024

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loan Commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unused warehouse lines of credit

​

​

$

92

​

$

(9)

​

$

—

​

$

—

​

$

83

​

$

77

​

$

2

​

$

—

​

$

—

​

$

79

Unused home equity lines of credit

​

​

​

195

​

​

(4)

​

​

—

​

​

—

​

​

191

​

​

110

​

​

24

​

​

—

​

​

—

​

​

134

Unused construction lines of credit

​

​

​

703

​

​

14

​

​

—

​

​

—

​

​

717

​

​

591

​

​

(64)

​

​

—

​

​

—

​

​

527

Unused RCS lines of credit

​

​

​

220

​

​

5

​

​

—

​

​

—

​

​

225

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Unused loan commitments - other

​

​

​

290

​

​

(26)

​

​

—

​

​

—

​

​

264

​

​

332

​

​

(72)

​

​

—

​

​

—

​

​

260

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

1,500

​

$

(20)

​

$

—

​

$

—

​

$

1,480

​

$

1,110

​

$

(110)

​

$

—

​

$

—

​

$

1,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLC Roll-forward

​

​

​

Nine Months Ended September 30, 

​

​

​

2025

​

2024

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loan Commitments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unused warehouse lines of credit

​

​

$

79

​

$

4

​

$

—

​

$

—

​

$

83

​

$

116

​

$

(37)

​

$

—

​

$

—

​

$

79

Unused home equity lines of credit

​

​

​

183

​

​

8

​

​

—

​

​

—

​

​

191

​

​

55

​

​

79

​

​

—

​

​

—

​

​

134

Unused construction lines of credit

​

​

​

677

​

​

40

​

​

—

​

​

—

​

​

717

​

​

820

​

​

(293)

​

​

—

​

​

—

​

​

527

Unused RCS lines of credit

​

​

​

300

​

​

(75)

​

​

—

​

​

—

​

​

225

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Unused loan commitments - other

​

​

​

251

​

​

13

​

​

—

​

​

—

​

​

264

​

​

349

​

​

(89)

​

​

—

​

​

—

​

​

260

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

1,490

​

$

(10)

​

$

—

​

$

—

​

$

1,480

​

$

1,340

​

$

(340)

​

$

—

​

$

—

​

$

1,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

38

Table of Contents

9. FAIR VALUE

​

Fair value represents the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values:

​

Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.

​

Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

​

Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.

​

Authoritative guidance requires maximization of use of observable inputs and minimization of use of unobservable inputs in fair value measurements. Where there exists limited or no observable market data, the Company derives its own estimates by generally considering characteristics of the asset/liability, the current economic and competitive environment, and other factors. For this reason, results cannot be determined with precision and may not be realized on an actual sale or immediate settlement of the asset or liability.

​

The Bank used the following methods and significant assumptions to estimate the fair value of each type of financial instrument:

​

Available-for-sale debt securities: Except for the Bank’s U.S. Treasury securities, its private label MBS, and its TRUP investment, the fair value of AFS debt securities is typically determined by matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 inputs).

​

The Bank’s U.S. Treasury securities are based on quoted market prices (Level 1 inputs) and considered highly liquid.

​

The Bank’s private label MBS remains illiquid, and as such, the Bank classifies this security as a Level 3 security in accordance with ASC Topic 820, Fair Value Measurement. Based on this determination, the Bank utilized an income valuation model (present value model) approach in determining the fair value of this security.

​

See the Footnote titled “Investment Securities” for additional discussion regarding the Bank’s private label MBS.

​

The Company acquired its TRUP investment in 2015 and considers the most recent bid price for the same instrument to approximate market value as of September 30, 2025. The Company’s TRUP investment is considered highly illiquid and also valued using Level 3 inputs, as the most recent bid price for this instrument is not always considered generally observable.

​

Equity securities with readily determinable fair value: The fair value of the Company’s Freddie Mac preferred stock is determined based on market prices of similar securities, as described above (Level 2 inputs).

​

Mortgage loans held for sale, at fair value: The fair value of mortgage loans HFS is determined using quoted secondary market prices. Mortgage loans HFS are classified as Level 2 in the fair value hierarchy.

​

Consumer loans held for sale, at fair value: The fair value for these loans is based on contractual sales terms, Level 3 inputs.

​

39

Table of Contents

Mortgage banking derivatives: Mortgage banking derivatives used in the ordinary course of business primarily consist of mandatory forward sales contracts (“forward contracts”) and interest rate lock loan commitments. The fair value of the Bank’s derivative instruments is primarily measured by obtaining pricing from broker-dealers recognized to be market participants. The pricing is derived from market observable inputs that can generally be verified and do not typically involve significant judgment by the Bank. Forward contracts and rate lock loan commitments are classified as Level 2 in the fair value hierarchy.

​

Interest rate swap agreements: Interest rate swaps are recorded at fair value on a recurring basis. The Company values its interest rate swaps using a third-party valuation service and classifies such valuations as Level 2. Valuations of these interest rate swaps are also received from the relevant dealer counterparty and validated against the Company’s calculations. The Company has considered counterparty credit risk in the valuation of its interest rate swap assets and has considered its own credit risk in the valuation of its interest rate swap liabilities.

​

Discussion of assets measured at fair value on a non-recurring basis follows:

​

Collateral-dependent loans: Collateral-dependent loans generally reflect partial charge-downs to their respective fair value, which is commonly based on recent real estate appraisals or BPOs. These appraisals or BPOs may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the process by the independent experts to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business, resulting in a Level 3 fair value classification. Collateral-dependent loans are evaluated on a quarterly basis for additional impairment and adjusted accordingly.

​

Other real estate owned: Assets acquired through or instead of loan foreclosure are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. Fair value is commonly based on recent real estate appraisals or BPOs. These appraisals or BPOs may utilize a single approach or a combination of approaches, including comparable sales and the income approach. Adjustments are routinely made in the process by the independent experts to adjust for differences between the comparable sales and income data available. Such adjustments may be significant and typically result in a Level 3 classification of the inputs for determining fair value.

​

Appraisals for collateral-dependent loans, impaired premises and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Bank. Once the appraisal is received, a member of the Bank’s CCAD reviews the assumptions and approaches utilized in the appraisal, as well as the overall resulting fair value in comparison with independent data sources, such as recent market data or industry-wide statistics. On at least an annual basis, the Bank performs a back test of collateral appraisals by comparing actual selling prices on recent collateral sales to the most recent appraisal of such collateral. Back tests are performed for each collateral class, e.g., residential real estate or CRE, and may lead to additional adjustments to the value of unliquidated collateral of similar class.

​

Mortgage servicing rights: At least quarterly, MSR’s are evaluated for impairment based upon the fair value of the MSR’s as compared to carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded, and the respective individual tranche is carried at fair value. If the carrying amount of an individual tranche does not exceed fair value, impairment is reversed if previously recognized and the carrying value of the individual tranche is based on the amortization method. The valuation model utilizes assumptions that market participants would use in estimating future net servicing income and can generally be validated against available market data (Level 2).

40

Table of Contents

Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which the Bank has elected the fair value option, are summarized below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at 

​

​

​

​

​

September 30, 2025 Using:

​

​

​

​

    

Quoted Prices in

    

Significant

    

    

​

    

    

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

Total

​

​

Assets

​

Inputs

​

Inputs

​

Fair

(in thousands)

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Value

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasury securities and U.S. Government agencies

​

$

34,750

​

$

228,976

​

$

—

​

$

263,726

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,452

​

 

1,452

Mortgage-backed securities - residential

​

 

—

​

 

555,453

​

 

—

​

 

555,453

Collateralized mortgage obligations

​

 

—

​

 

17,468

​

 

—

​

 

17,468

Corporate bonds

​

​

—

​

​

1,002

​

​

—

​

​

1,002

Trust preferred security

​

 

—

​

 

—

​

 

4,070

​

 

4,070

Total available-for-sale debt securities

​

$

34,750

​

$

802,899

​

$

5,522

​

$

843,171

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

945

​

$

—

​

$

945

Total equity securities with readily determinable fair value

​

$

—

​

$

945

​

$

—

​

$

945

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

15,338

​

$

—

​

$

15,338

Consumer loans held for sale

​

​

—

​

​

—

​

​

8,444

​

​

8,444

Rate lock commitments

​

 

—

​

 

475

​

 

—

​

 

475

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

—

​

​

6,745

​

​

—

​

​

6,745

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

—

​

$

101

​

$

—

​

$

101

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

—

​

​

6,745

​

​

—

​

​

6,745

Interest rate swap agreements on FHLB advances

​

​

—

​

​

2,907

​

​

—

​

​

2,907

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

December 31, 2024 Using:

​

​

​

​

    

Quoted Prices in

    

Significant

    

    

​

    

    

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

Total

​

​

Assets

​

Inputs

​

Inputs

​

Fair

(in thousands)

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Value

Financial assets:

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-sale debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

U.S. Treasury securities and U.S. Government agencies

​

$

84,775

​

$

304,311

​

$

—

​

$

389,086

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,550

​

 

1,550

Mortgage-backed securities - residential

​

 

—

​

 

168,233

​

 

—

​

 

168,233

Collateralized mortgage obligations

​

 

—

​

 

19,243

​

 

—

​

 

19,243

Corporate bonds

​

​

—

​

​

2,009

​

​

—

​

​

2,009

Trust preferred security

​

 

—

​

 

—

​

 

4,034

​

 

4,034

Total available-for-sale debt securities

​

$

84,775

​

$

493,796

​

$

5,584

​

$

584,155

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

693

​

$

—

​

$

693

Total equity securities with readily determinable fair value

​

$

—

​

$

693

​

$

—

​

$

693

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

8,312

​

$

—

​

$

8,312

Consumer loans held for sale

​

​

—

​

​

—

​

​

5,443

​

​

5,443

Rate lock commitments

​

 

—

​

 

223

​

 

—

​

 

223

Mandatory forward contracts

​

​

—

​

​

70

​

​

—

​

​

70

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

—

​

​

6,588

​

​

—

​

​

6,588

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swap agreements - Bank clients and institutional swap dealer

​

$

—

​

$

6,588

​

$

—

​

$

6,588

Interest rate swap agreements on FHLB advances

​

​

—

​

​

647

​

​

—

​

 

647

​

All transfers between levels are generally recognized at the end of each quarter. There were no transfers into or out of Level 1, 2, or 3 assets during the three and nine months ended September 30, 2025 and 2024.

41

Table of Contents

Private Label Mortgage-Backed Security

​

The following table presents a reconciliation of the Bank’s private label MBS measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

  

Nine Months Ended

​

September 30, 

​

September 30, 

(dollars in thousands)

2025

​

2024

​

2025

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning of period

$

1,489

​

$

1,716

​

$

1,550

​

$

1,773

Total gains or losses included in earnings:

​

​

​

​

​

​

​

​

​

​

​

Net change in unrealized gain (loss)

 

14

​

 

54

​

 

26

​

 

102

Principal paydowns

 

(51)

​

 

(105)

​

 

(124)

​

 

(210)

Balance, end of period

$

1,452

​

$

1,665

​

$

1,452

​

$

1,665

​

The fair value of the Bank’s single private label MBS is supported by analysis prepared by an independent third-party. The third-party’s approach to determining fair value involved several steps: 1) detailed collateral analysis of the underlying mortgages, including consideration of geographic location, original loan-to-value, and the weighted-average FICO score of the borrowers; 2) collateral performance projections for each pool of mortgages underlying the security (probability of default, severity of default, and prepayment probabilities) and 3) discounted cash flow modeling.

​

The significant unobservable inputs in the fair value measurement of the Bank’s single private label MBS are prepayment rates, probability of default, and loss severity in the event of default. Significant fluctuations in any of those inputs in isolation would result in a significantly different fair value measurement.

​

Quantitative information about recurring Level 3 fair value measurement inputs for the Bank’s single private label MBS follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

​

    

    

    

​

 

September 30, 2025 (dollars in thousands)

​

Fair Value

​

Valuation Technique

​

Unobservable Inputs

​

Range (1)

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,452

 

Discounted cash flow

 

(1) Constant prepayment rate

 

3.4% - 4.3%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

0.4% - 6.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

25%

​

​

(1) The bank owns one private label mortgage-back security; therefore, the range presented is equivalent to the weighted average range.

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

 

December 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Range (1)

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,550

 

Discounted cash flow

 

(1) Constant prepayment rate

 

1.5% - 2.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

0.5% - 9.1%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

25%

​

​

(1) The bank owns one private label mortgage-back security; therefore, the range presented is equivalent to the weighted average range.

​

​

​

42

Table of Contents

Trust Preferred Security

​

The following table presents a reconciliation of the Company’s TRUP investment measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(dollars in thousands)

​

2025

​

2024

​

2025

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

4,075

​

$

4,092

​

$

4,034

​

$

4,118

​

Total gains or losses included in earnings:

​

​

​

​

​

​

​

​

​

​

​

​

​

Discount accretion

​

​

16

​

​

16

​

​

48

​

​

46

​

Net change in unrealized gain (loss)

​

 

(21)

​

 

(85)

​

 

(12)

​

 

(141)

​

Balance, end of period

​

$

4,070

​

$

4,023

​

$

4,070

​

$

4,023

​

​

The fair value of the Company’s TRUP investment is based on the most recent bid price for this instrument, as provided by a third-party broker.

​

Mortgage Loans Held for Sale

​

The Bank has elected the fair value option for mortgage loans HFS. These loans are intended for sale and the Bank believes that the fair value is the best indicator of the resolution of these loans. Interest income is recorded based on the contractual terms of the loans and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more or on nonaccrual as of September 30, 2025, and December 31, 2024.

​

The aggregate fair value, contractual balance, and unrealized gain were as follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

 

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

15,338

​

$

8,312

​

Contractual balance

​

 

14,786

​

 

8,117

​

Unrealized gain

​

 

552

​

 

195

​

​

The total amount of net gains from changes in fair value included in earnings for mortgage loans HFS, at fair value, are presented in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

    

​

​

​

September 30, 

​

September 30, 

​

​

(dollars in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

183

​

$

179

​

$

520

​

$

456

​

​

Change in fair value

​

 

376

​

 

70

​

 

357

​

 

177

​

​

Total included in earnings

​

$

559

​

$

249

​

$

877

​

$

633

​

​

​

Consumer Loans Held for Sale

​

RCS carries loans originated through its installment loan program at fair value. Interest income is recorded based on the contractual terms of the loan and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more or on nonaccrual as of September 30, 2025, and December 31, 2024.

​

The significant unobservable inputs in the fair value measurement of the Bank’s short-term installment loans are the net contractual premiums and level of loans sold at a discount price. Significant fluctuations in any of those inputs in isolation would result in a significantly lower/higher fair value measurement.

​

43

Table of Contents

The following table presents quantitative information about recurring Level 3 fair value measurement inputs for installment loans:

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

September 30, 2025 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

8,444

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

December 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

5,443

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%

​

The aggregate fair value, contractual balance, and unrealized gain on consumer loans HFS, at fair value, were as follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

8,444

​

$

5,443

​

Contractual balance

​

 

8,504

​

 

5,476

​

Unrealized loss

​

 

(60)

​

 

(33)

​

​

The total amount of net gains from changes in fair value included in earnings for consumer loans HFS, at fair value, follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

​

​

​

​

September 30, 

​

September 30, 

​

​

(dollars in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

2,215

​

$

1,464

​

$

4,957

​

$

3,995

​

​

Change in fair value

​

 

(2)

​

 

13

​

 

(27)

​

 

10

​

​

Total included in earnings

​

$

2,213

​

$

1,477

​

$

4,930

​

$

4,005

​

​

​

Assets measured at fair value on a non-recurring basis are summarized below:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

September 30, 2025 Using:

​

​

​

​

    

Quoted Prices in

    

Significant

    

​

​

    

    

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

Total

​

​

Assets

​

Inputs

​

Inputs

​

Fair

(in thousands)

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Nonowner-occupied

​

$

—

​

$

—

​

$

305

​

$

305

Commercial real estate:

​

 

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

—

​

​

—

​

​

339

​

​

339

Total collateral-dependent loans

​

$

—

​

$

—

​

$

644

​

$

644

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

—

​

$

—

​

$

244

​

$

244

Commercial real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Nonowner-occupied

​

​

—

​

​

—

​

​

1,002

​

$

1,002

Total other real estate owned

​

$

—

​

$

—

​

$

1,246

​

$

1,246

​

​

44

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

December 31, 2024 Using:

​

​

​

​

    

Quoted Prices in

    

Significant

    

​

​

    

    

​

​

​

Active Markets

​

Other

​

Significant

​

​

​

​

​

for Identical

​

Observable

​

Unobservable

​

Total

​

​

Assets

​

Inputs

​

Inputs

​

Fair

(in thousands)

​

(Level 1)

​

(Level 2)

​

(Level 3)

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

—

​

$

—

​

$

201

​

$

201

Total collateral-dependent loans

​

$

—

​

$

—

​

$

201

​

$

201

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

​

​

​

​

​

​

​

​

​

​

​

Nonowner-occupied

​

$

—

​

$

—

​

$

1,160

​

$

1,160

Total other real estate owned

​

$

—

​

$

—

​

$

1,160

​

$

1,160

​

The following tables present quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis:

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

    

    

    

    

Range

​

​

Fair

​

Valuation

​

Unobservable

​

(Weighted

September 30, 2025 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - residential real estate owner-occupied

​

$

305

 

Appraisal

 

Appraisal discounts

 

10% (10%)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - commercial real estate owner-occupied

​

$

339

 

Appraisal

 

Appraisal discounts

 

13% (13%)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate nonowner-occupied

​

$

1,246

 

Appraisal

 

Appraisal discounts

 

10-63% (53%)

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

    

    

    

    

Range

​

​

Fair

​

Valuation

​

Unobservable

​

(Weighted

December 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - residential real estate owner-occupied

​

$

201

 

Appraisal

 

Appraisal discounts

 

3% (3%)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate

​

$

1,160

 

Appraisal

 

Appraisal discounts

 

57% (57%)

​

Collateral-Dependent Loans

​

Collateral-dependent loans are generally measured for loss using the fair value for reasonable disposition of the underlying collateral. The Bank’s practice is to obtain new or updated appraisals or BPOs on the loans subject to the initial review and then to evaluate the need for an update to this value on an as necessary or possibly annual basis thereafter (depending on the market conditions impacting the value of the collateral). The Bank may discount the valuation amount as necessary for selling costs and past due real estate taxes. If a new or updated appraisal or BPO is not available at the time of a loan’s loss review, the Bank may apply a discount to the existing value of an old valuation to reflect the property’s current estimated value if it is believed to have deteriorated in either: (i) the physical or economic aspects of the subject property or (ii) material changes in market conditions. The review generally results in a partial charge-off of the loan if fair value, less selling costs, are below the loan’s carrying value. Collateral-dependent loans are valued within Level 3 of the fair value hierarchy.

​

During the three and nine months ended September 30, 2025, and 2024, the Provision recorded for collateral-dependent loans was not material.

​

​

​

​

​

​

​

45

Table of Contents

Other Real Estate Owned

​

OREO, which is carried at the lower of cost or fair value, is periodically assessed for impairment based on fair value at the reporting date. Fair value is determined from external appraisals or BPOs using judgments and estimates of external professionals. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3.

​

Detail of OREO carrying value and write downs follows:

​

​

​

​

​

​

​

​

​

​

    

​

​

​

(in thousands)

​

September 30, 2025

    

December 31, 2024

    

​

​

​

​

​

​

​

​

Other real estate owned carried at fair value

​

$

1,246

​

$

1,160

​

Total carrying value of other real estate owned

​

$

1,246

​

$

1,160

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

    

​

​

September 30, 

​

September 30, 

​

(in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned write-downs during the period

​

$

52

​

$

53

​

$

158

​

$

154

​

​

Financial Instruments

​

The carrying amounts and estimated exit price fair values of financial instruments follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

September 30, 2025:

​

    

​

​

    

    

​

    

    

​

    

    

​

    

Total

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

484,238

​

$

484,238

​

$

—

​

$

—

​

$

484,238

Available-for-sale debt securities

​

 

843,171

​

 

34,750

​

 

802,899

​

 

5,522

​

 

843,171

Held-to-maturity debt securities

​

 

5,110

​

 

—

​

 

5,087

​

 

—

​

 

5,087

Equity securities with readily determinable fair values

​

​

945

​

​

—

​

​

945

​

​

—

​

​

945

Mortgage loans held for sale, at fair value

​

 

15,338

​

 

—

​

 

15,338

​

 

—

​

 

15,338

Consumer loans held for sale, at fair value

​

​

8,444

​

​

—

​

​

—

​

​

8,444

​

​

8,444

Consumer loans held for sale, at the lower of cost or fair value

​

​

16,424

​

​

—

​

​

—

​

​

16,498

​

​

16,498

Loans, net

​

 

5,201,509

​

 

—

​

 

—

​

 

5,106,317

​

 

5,106,317

Federal Home Loan Bank stock

​

 

25,849

​

 

—

​

 

—

​

 

—

​

 

NA

Accrued interest receivable

​

 

20,797

​

 

—

​

 

20,797

​

 

—

​

 

20,797

Mortgage servicing rights

​

​

6,798

​

​

—

​

​

16,941

​

​

—

​

​

16,941

Rate lock commitments

​

​

475

​

​

—

​

​

475

​

​

—

​

​

475

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

6,745

​

​

—

​

​

6,745

​

​

—

​

​

6,745

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,239,023

​

$

—

​

$

1,239,023

​

$

—

​

$

1,239,023

Transaction deposits

​

 

3,442,646

​

 

—

​

 

3,442,646

​

 

—

​

 

3,442,646

Time deposits

​

 

656,676

​

 

—

​

 

646,284

​

 

—

​

 

646,284

Securities sold under agreements to repurchase and other short-term borrowings

​

 

74,522

​

 

—

​

 

74,522

​

 

—

​

 

74,522

Federal Home Loan Bank advances

​

 

375,000

​

 

—

​

 

379,059

​

 

—

​

 

379,059

Accrued interest payable

​

 

4,483

​

 

—

​

 

4,483

​

 

—

​

 

4,483

Mandatory forward contracts

​

​

101

​

​

—

​

​

101

​

​

—

​

​

101

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

6,745

​

​

—

​

​

6,745

​

​

—

​

​

6,745

Interest rate swap agreements on FHLB advances

​

​

2,907

​

​

—

​

​

2,907

​

​

—

​

​

2,907

​

​

​

46

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

December 31, 2024:

​

    

    

​

    

    

​

    

    

​

    

    

​

    

Total

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

432,151

​

$

432,151

​

$

—

​

$

—

​

$

432,151

Available-for-sale debt securities

​

 

584,155

​

 

84,775

​

 

493,796

​

 

5,584

​

 

584,155

Held-to-maturity debt securities

​

 

10,778

​

 

—

​

 

10,735

​

 

—

​

 

10,735

Equity securities with readily determinable fair values

​

​

693

​

​

—

​

​

693

​

​

—

​

​

693

Mortgage loans held for sale, at fair value

​

 

8,312

​

 

—

​

 

8,312

​

 

—

​

 

8,312

Consumer loans held for sale, at fair value

​

​

5,443

​

​

—

​

​

—

​

​

5,443

​

​

5,443

Consumer loans held for sale, at the lower of cost or fair value

​

​

18,632

​

​

—

​

​

—

​

​

18,714

​

​

18,714

Loans, net

​

 

5,347,488

​

 

—

​

 

—

​

 

5,209,571

​

 

5,209,571

Federal Home Loan Bank stock

​

 

24,478

​

 

—

​

 

—

​

 

—

​

 

NA

Accrued interest receivable

​

 

20,128

​

 

—

​

 

20,128

​

 

—

​

 

20,128

Mortgage servicing rights

​

​

6,975

​

​

—

​

​

17,159

​

​

—

​

​

17,159

Rate lock commitments

​

​

223

​

​

—

​

​

223

​

​

—

​

​

223

Mandatory forward contracts

​

​

70

​

​

—

​

​

70

​

​

—

​

​

70

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

6,588

​

​

—

​

​

6,588

​

​

—

​

​

6,588

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,207,764

​

$

—

​

$

1,207,764

​

$

—

​

$

1,207,764

Transaction deposits

​

 

3,231,738

​

 

—

​

 

3,231,738

​

 

—

​

 

3,231,738

Time deposits

​

 

771,044

​

 

—

​

 

773,415

​

 

—

​

 

773,415

Securities sold under agreements to repurchase and other short-term borrowings

​

 

103,318

​

 

—

​

 

103,318

​

 

—

​

 

103,318

Federal Home Loan Bank advances

​

 

395,000

​

 

—

​

 

395,814

​

 

—

​

 

395,814

Accrued interest payable

​

 

5,153

​

 

—

​

 

5,153

​

 

—

​

 

5,153

Interest rate swap agreements - Bank clients and institutional swap dealer

​

​

6,588

​

​

—

​

​

6,588

​

​

—

​

​

6,588

Interest rate swap agreements on FHLB advances

​

​

647

​

​

—

​

​

647

​

​

—

​

​

647

​

​

47

Table of Contents

​

10. MORTGAGE BANKING ACTIVITIES

​

Mortgage banking activities primarily include residential mortgage originations and servicing.

​

Activity for mortgage loans HFS, at fair value, was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

    

​

​

September 30, 

​

September 30, 

​

(in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

8,850

​

$

9,703

​

$

8,312

​

$

3,227

​

Origination of mortgage loans held for sale

​

 

59,494

​

 

57,142

​

 

152,515

​

 

136,894

​

Transferred from held for investment to held for sale

​

​

—

​

​

—

​

​

—

​

​

68,173

​

Proceeds from the sale of mortgage loans held for sale

​

 

(54,716)

​

 

(59,732)

​

 

(150,093)

​

 

(202,198)

​

Net gain on mortgage loans held for sale

​

 

1,710

​

 

1,413

​

 

4,604

​

 

2,430

​

Balance, end of period

​

$

15,338

​

$

8,526

​

$

15,338

​

$

8,526

​

​

The following table presents the components of mortgage banking income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

Nine Months Ended

​

​

​

​

September 30, 

​

September 30, 

​

​

(in thousands)

​

2025

    

2024

​

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net gain realized on sale of mortgage loans held for sale

​

$

1,529

​

$

1,325

​

$

4,166

​

$

3,010

​

​

Fair value adjustment for correspondent loans reclassified to held for sale

​

​

—

​

​

—

​

​

—

​

​

(997)

​

​

Net change in fair value recognized on loans held for sale

​

 

376

​

 

70

​

 

357

​

 

177

​

​

Net change in fair value recognized on rate lock loan commitments

​

 

(226)

​

 

90

​

 

252

​

 

292

​

​

Net change in fair value recognized on forward contracts

​

 

31

​

 

(72)

​

 

(171)

​

 

(52)

​

​

Net gain recognized

​

 

1,710

​

 

1,413

​

 

4,604

​

 

2,430

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loan servicing income

​

 

833

​

 

1,071

​

 

2,483

​

 

2,825

​

​

Amortization of mortgage servicing rights

​

 

(479)

​

 

(422)

​

 

(1,306)

​

 

(1,271)

​

​

Net servicing income recognized

​

 

354

​

 

649

​

 

1,177

​

 

1,554

​

​

Total mortgage banking income

​

$

2,064

​

$

2,062

​

$

5,781

​

$

3,984

​

​

​

Activity for capitalized MSR’s was as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

(in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

6,841

​

$

7,030

​

$

6,975

​

$

7,411

Additions

​

 

436

​

 

445

​

 

1,129

​

 

913

Amortized to expense

​

 

(479)

​

 

(422)

​

 

(1,306)

​

 

(1,271)

Balance, end of period

​

$

6,798

​

$

7,053

​

$

6,798

​

$

7,053

​

There was no valuation allowance for capitalized MSR’s for the three and nine months ended September 30, 2025 and 2024.

​

​

48

Table of Contents

Other information relating to MSR’s follows:

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

  

  

December 31, 2024

​

 

​

​

​

​

​

​

​

​

​

​

Fair value of mortgage servicing rights portfolio

​

$

16,941

​

​

$

17,159

​

​

Monthly weighted average prepayment rate of unpaid principal balance*

​

 

134

%

​

 

125

%

​

Discount rate

​

​

9.84

%

​

​

10.25

%

​

Weighted average foreclosure rate

​

​

0.12

%

​

​

0.06

%

​

Weighted average life in years

​

 

7.28

​

​

 

7.51

​

​

*

Rates are applied to individual tranches with similar characteristics.

​

Mortgage banking derivatives used in the ordinary course of business primarily consist of mandatory forward sales contracts and interest rate lock loan commitments. Mandatory forward contracts represent future commitments to deliver loans at a specified price and date and are used to manage interest rate risk on loan commitments and mortgage loans HFS. Interest rate lock loan commitments represent commitments to fund loans at a specific rate. These derivatives involve underlying items, such as interest rates, and are designed to transfer risk. Substantially all of these instruments expire within 90 days from the date of issuance. Notional amounts are amounts on which calculations and payments are based, but which do not represent credit exposure, as credit exposure is limited to the amounts required to be received or paid.

​

Mandatory forward contracts also contain an element of risk in that the counterparties may be unable to meet the terms of such agreements. In the event the counterparties fail to deliver commitments or are unable to fulfill their obligations, the Bank could potentially incur significant additional costs by replacing the positions at then current market rates. The Bank manages its risk of exposure by limiting counterparties to those banks and institutions deemed appropriate by management and the Board of Directors. The Bank does not expect any counterparty to default on their obligations and therefore, the Bank does not expect to incur any cost related to counterparty default.

​

The Bank is exposed to interest rate risk on loans HFS and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans HFS and rate lock commitments will decline or increase. To offset this interest rate risk the Bank enters into derivatives, such as mandatory forward contracts to sell loans or purchase TBA securities. The fair value of these mandatory forward contracts will fluctuate as market interest rates fluctuate, and the change in the value of these instruments is expected to largely, though not entirely, offset the change in fair value of loans HFS and rate lock commitments. The objective of this activity is to minimize the exposure to losses on rate loan lock commitments and loans HFS due to market interest rate fluctuations. The net effect of derivatives on earnings will depend on risk management activities and a variety of other factors, including market interest rate volatility; the amount of rate lock commitments that close; the ability to fill the forward contracts before expiration; and the time period required to close and sell loans.

​

The following table includes the notional amounts and fair values of mortgage loans HFS and mortgage banking derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

    

December 31, 2024

​

​

​

Notional

​

​

​

​

Notional

​

​

​

​

(in thousands)

​

Amount

    

Fair Value

​

Amount

    

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in Mortgage loans held for sale:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale, at fair value

​

$

14,786

​

$

15,338

​

$

8,117

​

$

8,312

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock loan commitments

​

$

27,438

​

$

475

​

$

12,592

​

$

223

​

Mandatory forward contracts

​

​

—

​

​

—

​

​

18,776

​

​

70

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

37,066

​

$

101

​

$

—

​

$

—

​

​

​

49

Table of Contents

11. INTEREST RATE SWAPS

​

Interest rate swap derivatives are reported at fair value in other assets or other liabilities. The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies for hedge accounting as part of a cash flow hedging relationship. For a derivative designated as a cash flow hedge, the effective portion of the derivative’s unrealized gain or loss is recorded as a component of OCI. The amount included in AOCI would be reclassified to current earnings should the hedge no longer be considered effective. Derivatives not designated as hedges are economic derivatives with the gain or loss recognized in current period earnings.

​

Interest Rate Swaps Used as Cash Flow Hedges

​

The Bank entered into three interest rate swap agreements during the second quarter of 2024 related to FHLB advances tied to 1-month SOFR. The counterparty for all three swaps met the Bank’s credit standards and the Bank believes that the credit risk inherent in the swap contracts is not significant. As of August 8, 2024 the Bank designated the swaps to be effective for hedge accounting purposes. The Bank expects the hedges to remain fully effective during the remaining term of the swaps.

​

The following tables reflect information about swaps designated as cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

​

​

​

​

Notional

​

​

​

Notional

​

​

(in thousands)

    

Bank Position

    

Amount

    

Fair Value

    

Amount

    

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps on FHLB advances - Other liabilities and accrued interest payable

 

Pay fixed/receive variable

 

$

100,000

 

$

(2,907)

 

$

100,000

 

$

(647)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

​

December 31, 2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized

​

​

​

​

Unrealized

​

​

Notional

​

Pay

​

Receive

​

​

​

​

​

Assets /

​

Gain (Loss)

​

Assets /

​

Gain (Loss)

(dollars in thousands)

    

Amount

    

Rate

    

Rate

    

Term

​

Bank Position

    

(Liabilities)

    

in AOCI

    

(Liabilities)

    

in AOCI

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps on FHLB advances - Other liabilities and accrued interest payable

 

$

100,000

 

4.14

%

 

1M SOFR

 

5/2024 - 6/2029

​

Pay fixed/receive variable

 

$

100,000

 

$

(2,180)

 

$

100,000

 

$

(647)

​

The following table reflects the total interest expense recorded on these swap transactions in the consolidated statements of income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

    

​

​

September 30, 

​

September 30, 

​

(in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps on FHLB advances

​

$

(47)

​

$

(289)

​

$

(138)

​

$

(380)

​

Total interest (benefit) expense on swap transactions

​

$

(47)

​

$

(289)

​

$

(138)

​

$

(380)

​

​

The following table presents the net gains (losses) recorded in OCI and the consolidated statements of income relating to the swaps designated as cash flow hedges:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

​

September 30, 

​

September 30, 

​

​

(in thousands)

    

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Losses recognized in OCI on derivative (effective portion)

 

$

51

 

$

(3,134)

 

$

(2,122)

 

$

(3,580)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Losses reclassified from OCI on derivative (effective portion)

​

​

(47)

 

​

289

 

​

(138)

 

​

380

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gains (losses) recognized in income on derivative (ineffective portion)

​

​

—

 

​

—

 

​

—

 

​

—

​

​

​

​

50

Table of Contents

Non-hedge Interest Rate Swaps

​

The Bank also enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments, the Bank enters into offsetting positions in order to minimize the Bank’s interest rate risk. These swaps are derivatives, but are not designated as hedging instruments, and therefore changes in fair value are reported in current year earnings.

​

Interest rate swap contracts involve the risk of dealing with counterparties and their ability to meet contractual terms. When the fair value of a derivative instrument contract is positive, this generally indicates that the counterparty or client owes the Bank, and results in credit risk to the Bank. When the fair value of a derivative instrument contract is negative, the Bank owes the client or counterparty, and therefore, has no credit risk.

​

A summary of the Bank’s interest rate swaps related to clients is included in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

September 30, 2025

​

December 31, 2024

​

​

​

​

​

Notional

​

​

​

​

Notional

​

​

​

​

(in thousands)

    

Bank Position

​

Amount

    

Fair Value

    

Amount

    

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps with Bank clients - Other assets and accrued interest receivable

 

Pay variable/receive fixed

 

$

165,550

​

$

4,159

 

$

103,707

​

$

1,070

​

Interest rate swaps with Bank clients - Other liabilities and accrued interest payable

 

Pay variable/receive fixed

 

​

74,436

 

​

(2,586)

 

​

128,621

 

​

(5,518)

​

Interest rate swaps with Bank clients - Total

 

Pay variable/receive fixed

 

$

239,986

 

$

1,573

 

$

232,328

 

$

(4,448)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Offsetting interest rate swaps with institutional swap dealer - Other assets and accrued interest receivable

​

Pay fixed/receive variable

​

​

74,436

​

​

2,586

​

​

128,621

​

​

5,518

​

Offsetting interest rate swaps with institutional swap dealer - Other liabilities and accrued interest payable

​

Pay fixed/receive variable

​

​

165,550

​

​

(4,159)

​

​

103,707

​

​

(1,070)

​

Offsetting interest rate swaps with institutional swap dealer - Total

​

Pay fixed/receive variable

​

$

239,986

 

$

(1,573)

 

$

232,328

 

$

4,448

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

 

$

479,972

​

$

—

 

$

464,656

​

$

—

​

​

The Bank and its counterparties are required to pledge securities or cash as collateral when either party is in a net loss position exceeding $250,000 with the other party. As of September 30, 2025 and December 31, 2024, the Bank’s counterparties had cash of $0 and $4 million pledged to the Bank, which were included in Interest-bearing deposits on the Company’s Balance Sheet. Conversely, the Bank had $5 million and $0 pledged to its counterparties as of September 30, 2025 and December 31, 2024, which were included in Cash and cash equivalents on the Company’s Balance Sheet.

​

51

Table of Contents

12. EARNINGS PER SHARE

​

The Company calculates EPS under the two-class method. Under the two-class method, earnings available to common shareholders for the period are allocated between Class A Common Stock and Class B Common Stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. The difference in EPS between the two classes of common stock results from the 10% per share cash dividend premium paid on Class A Common Stock over that paid on Class B Common Stock.

​

A reconciliation of the combined Class A and Class B Common Stock numerators and denominators of the basic and diluted EPS computations follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

September 30, 

​

September 30, 

(in thousands, except per share data)

    

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

29,744

​

$

26,543

​

$

108,496

​

$

82,355

Dividends declared on Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

Class A Shares

​

​

(7,802)

​

​

(7,007)

​

​

(23,404)

​

​

(20,989)

Class B Shares

​

​

(881)

​

​

(796)

​

​

(2,644)

​

​

(2,388)

Undistributed net income for basic earnings per share

​

​

21,061

​

​

18,740

​

​

82,448

​

​

58,978

Weighted average potential dividends on Class A shares upon exercise of dilutive options

​

​

(26)

​

​

(33)

​

​

(94)

​

​

(88)

Undistributed net income for diluted earnings per share

​

$

21,035

​

$

18,707

​

$

82,354

​

$

58,890

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding:

​

​

​

​

​

​

​

​

​

​

​

​

Class A Shares

​

 

17,583

​

 

17,504

​

 

17,584

​

 

17,487

Class B Shares

​

​

2,150

​

​

2,150

​

​

2,150

​

​

2,150

Effect of dilutive securities on Class A Shares outstanding

​

 

58

​

 

81

​

 

69

​

 

72

Weighted average shares outstanding including dilutive securities

​

 

19,791

​

 

19,735

​

 

19,803

​

 

19,709

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.45

​

$

0.41

​

$

1.35

​

$

1.22

Undistributed earnings per share*

​

​

1.08

​

​

0.96

​

​

4.22

​

​

3.03

Total basic earnings per share - Class A Common Stock

​

$

1.53

​

$

1.37

​

$

5.57

​

$

4.25

​

​

​

​

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

$

1.23

​

$

1.11

Undistributed earnings per share*

​

​

0.98

​

​

0.88

​

​

3.84

​

​

2.76

Total basic earnings per share - Class B Common Stock

​

$

1.39

​

$

1.25

​

$

5.07

​

$

3.87

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings per share:

​

​

​

​

​

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.45

​

$

0.41

​

$

1.35

​

$

1.22

Undistributed earnings per share*

​

​

1.07

​

​

0.96

​

​

4.20

​

​

3.02

Total diluted earnings per share - Class A Common Stock

​

$

1.52

​

$

1.37

​

$

5.55

​

$

4.24

​

​

​

​

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

$

1.23

​

$

1.11

Undistributed earnings per share*

​

​

0.98

​

​

0.87

​

​

3.82

​

​

2.74

Total diluted earnings per share - Class B Common Stock

​

$

1.39

​

$

1.24

​

$

5.05

​

$

3.85

*

To arrive at undistributed earnings per share, undistributed net income is first prorated between Class A and Class B Common Shares, with Class A Common Shares receiving a 10% premium. The resulting pro-rated, undistributed net income for each class is then divided by the weighted average shares for each class.

​

Stock options excluded from the detailed EPS calculation because their impact was antidilutive are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

​

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

Antidilutive stock options

38,422

 

—

 

38,422

​

22,388

​

​

Average antidilutive stock options

38,422

 

—

 

35,912

​

22,388

​

​

​

​

52

Table of Contents

13. OTHER COMPREHENSIVE INCOME

​

OCI components and related tax effects were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(in thousands)

​

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale Debt Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Unrealized gain on AFS debt securities

​

$

3,275

​

$

9,503

​

$

11,775

​

$

12,195

​

Income tax expense related to items of other comprehensive income

​

 

(817)

​

 

(2,376)

​

 

(2,942)

​

 

(3,050)

​

Net of tax

​

 

2,458

​

 

7,127

​

$

8,833

​

$

9,145

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives:

​

​

​

​

​

​

​

​

​

​

​

​

​

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)

​

Net losses

​

 

4

​

 

(3,423)

​

 

(2,260)

​

 

(3,960)

​

Tax effect

​

 

(1)

​

 

856

​

 

565

​

 

990

​

Net of tax

​

 

3

​

 

(2,567)

​

 

(1,695)

​

 

(2,970)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total other comprehensive income components, net of tax

​

$

2,461

​

$

4,560

​

$

7,138

​

$

6,175

​

​

The following is a summary of the AOCI balances, net of tax:

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Change

    

​

​

(in thousands)

​

December 31, 2024

​

Nine Months Ended September 30, 2025

​

September 30, 2025

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(13,753)

​

$

8,833

​

$

(4,920)

Unrealized loss on derivatives

​

 

(485)

​

 

(1,695)

​

 

(2,180)

Total unrealized gain (loss)

​

$

(14,238)

​

$

7,138

​

$

(7,100)

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

Change

    

​

​

(in thousands)

​

December 31, 2023

​

Nine Months Ended September 30, 2024

​

September 30, 2024

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(20,408)

​

$

9,145

​

$

(11,263)

Unrealized gain (loss) on derivatives

​

​

—

​

​

(2,970)

​

​

(2,970)

Total unrealized gain (loss)

​

$

(20,408)

​

$

6,175

​

$

(14,233)

​

​

​

​

​

53

Table of Contents

14. REVENUE FROM CONTRACTS WITH CUSTOMERS

​

The following tables present the Company’s net revenue and net revenue concentration by reportable segment:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Total

​

​

Tax

​

Republic

​

Republic

​

​

​

​

​

​

​

​

​

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income (1)

​

$

57,424

​

$

3,805

​

   

$

61,229

​

​

$

280

​

$

3,193

​

$

12,268

​

​

$

15,741

​

​

​

$

76,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,625

​

​

21

​

​

​

3,646

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

3,646

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

1,117

​

 

—

​

 

—

​

​

 

1,117

​

​

​

 

1,117

​

Mortgage banking income (1)

​

 

2,064

​

 

—

​

​

 

2,064

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

2,064

​

Interchange fee income

​

​

3,012

​

​

—

​

​

​

3,012

​

​

​

16

​

​

1

​

​

1

​

​

​

18

​

​

​

​

3,030

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

781

​

​

4,107

​

​

​

4,888

​

​

​

​

4,888

​

Increase in cash surrender value of BOLI (1)

​

​

1,035

​

​

—

​

​

​

1,035

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

1,035

​

Net losses on OREO

​

​

(52)

​

​

—

​

​

​

(52)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(52)

​

Other

​

 

818

​

 

—

​

​

 

818

​

​

 

22

​

 

—

​

 

—

​

​

 

22

​

​

​

 

840

​

Total noninterest income

​

 

10,502

​

 

21

​

​

 

10,523

​

​

 

1,155

​

 

782

​

 

4,108

​

​

 

6,045

​

​

​

 

16,568

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

67,926

​

$

3,826

​

​

$

71,752

​

​

$

1,435

​

$

3,975

​

$

16,376

​

​

$

21,786

​

​

​

$

93,538

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

72

%  

​

4

%  

​

​

76

%  

​

​

2

%  

​

4

%  

​

18

%  

​

​

24

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Total

​

​

Tax

​

Republic

​

Republic

​

​

​

​

​

​

​

​

​

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income (1)

​

$

51,023

​

$

3,580

​

   

$

54,603

​

​

$

440

​

$

2,783

​

$

13,479

​

​

$

16,702

​

​

​

$

71,305

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,676

​

​

16

​

​

​

3,692

​

​

​

—

​

​

—

​

​

1

​

​

​

1

​

​

​

​

3,693

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

582

​

 

—

​

 

—

​

​

 

582

​

​

​

 

582

​

Mortgage banking income (1)

​

 

2,062

​

 

—

​

​

 

2,062

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

2,062

​

Interchange fee income

​

​

3,267

​

​

—

​

​

​

3,267

​

​

​

19

​

​

—

​

​

—

​

​

​

19

​

​

​

​

3,286

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

786

​

​

4,176

​

​

​

4,962

​

​

​

​

4,962

​

Increase in cash surrender value of BOLI (1)

​

​

826

​

​

—

​

​

​

826

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

826

​

Net losses on OREO

​

​

(53)

​

​

—

​

​

​

(53)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(53)

​

Other

​

 

1,300

​

 

—

​

​

 

1,300

​

​

 

8

​

 

147

​

 

—

​

​

 

155

​

​

​

 

1,455

​

Total noninterest income

​

 

11,078

​

 

16

​

​

 

11,094

​

​

 

609

​

 

933

​

 

4,177

​

​

 

5,719

​

​

​

 

16,813

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

62,101

​

$

3,596

​

​

$

65,697

​

​

$

1,049

​

$

3,716

​

$

17,656

​

​

$

22,421

​

​

​

$

88,118

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

71

%  

​

4

%  

​

​

75

%  

​

​

1

%  

​

4

%  

​

20

%  

​

​

25

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Revenue is not subject to ASC 606.
(2)Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

​

54

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Total

​

​

Tax

​

Republic

​

Republic

​

​

​

​

​

​

​

​

​

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income (1)

​

$

167,125

​

$

10,382

​

   

$

177,507

​

​

$

30,154

​

$

10,750

​

$

37,449

​

​

$

78,353

​

​

​

$

255,860

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

10,546

​

​

64

​

​

​

10,610

​

​

​

—

​

​

—

​

​

1

​

​

​

1

​

​

​

​

10,611

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

17,577

​

 

—

​

 

—

​

​

 

17,577

​

​

​

 

17,577

​

Mortgage banking income (1)

​

 

5,781

​

 

—

​

​

 

5,781

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

5,781

​

Interchange fee income

​

​

9,213

​

​

—

​

​

​

9,213

​

​

​

91

​

​

2

​

​

1

​

​

​

94

​

​

​

​

9,307

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

2,283

​

​

10,878

​

​

​

13,161

​

​

​

​

13,161

​

Increase in cash surrender value of BOLI (1)

​

​

2,649

​

​

—

​

​

​

2,649

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

2,649

​

Net losses on OREO

​

​

(158)

​

​

—

​

​

​

(158)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(158)

​

Gain on sale of Visa Class B-1 Shares (1)

​

​

4,090

​

​

—

​

​

​

4,090

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

4,090

​

Other

​

 

4,191

​

 

—

​

​

 

4,191

​

​

 

157

​

 

—

​

 

—

​

​

 

157

​

​

​

 

4,348

​

Total noninterest income

​

 

36,312

​

 

64

​

​

 

36,376

​

​

 

17,825

​

 

2,285

​

 

10,880

​

​

 

30,990

​

​

​

 

67,366

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

203,437

​

$

10,446

​

​

$

213,883

​

​

$

47,979

​

$

13,035

​

$

48,329

​

​

$

109,343

​

​

​

$

323,226

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

63

%  

​

3

%  

​

​

66

%  

​

​

15

%  

​

4

%  

​

15

%  

​

​

34

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Total

​

​

Tax

​

Republic

​

Republic

​

​

​

​

​

​

​

​

​

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income (1)

​

$

149,197

​

$

8,751

​

   

$

157,948

​

​

$

32,173

​

$

9,221

​

$

37,418

​

​

$

78,812

​

​

​

$

236,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

10,488

​

​

42

​

​

​

10,530

​

​

​

—

​

​

—

​

​

2

​

​

​

2

​

​

​

​

10,532

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

15,213

​

 

—

​

 

—

​

​

 

15,213

​

​

​

 

15,213

​

Mortgage banking income (1)

​

 

3,984

​

 

—

​

​

 

3,984

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

3,984

​

Interchange fee income

​

​

9,697

​

​

—

​

​

​

9,697

​

​

​

94

​

​

2

​

​

1

​

​

​

97

​

​

​

​

9,794

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

2,319

​

​

11,220

​

​

​

13,539

​

​

​

​

13,539

​

Increase in cash surrender value of BOLI (1)

​

​

2,372

​

​

—

​

​

​

2,372

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

2,372

​

Net losses on OREO

​

​

(154)

​

​

—

​

​

​

(154)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(154)

​

Other

​

 

3,034

​

 

—

​

​

 

3,034

​

​

 

71

​

 

147

​

 

—

​

​

 

218

​

​

​

 

3,252

​

Total noninterest income

​

 

29,421

​

 

42

​

​

 

29,463

​

​

 

15,378

​

 

2,468

​

 

11,223

​

​

 

29,069

​

​

​

 

58,532

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

178,618

​

$

8,793

​

​

$

187,411

​

​

$

47,551

​

$

11,689

​

$

48,641

​

​

$

107,881

​

​

​

$

295,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

61

%  

​

3

%  

​

​

64

%  

​

​

16

%  

​

4

%  

​

16

%  

​

​

36

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)Revenue is not subject to ASC 606.
(2)Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

​

The following represents information for significant revenue streams subject to ASC 606:

​

Service charges on deposit accounts – The Company earns revenue for account-based and event-driven services on its retail and commercial deposit accounts. Contracts for these services are generally in the form of deposit agreements, which disclose fees for deposit services. Revenue for event-driven services is recognized in close proximity or simultaneously with service performance. Revenue for certain account-based services may be recognized at a point in time or over the period the service is rendered, typically no longer than a month. Examples of account-based and event-driven service charges on deposits include per item fees, stop payment fees, paper-statement fees, check-cashing fees, below balance fees, check upcharge fees and analysis fees.

​

Net refund transfer fees – An RT is a fee-based product offered by the Bank through third-party tax preparers located throughout the U.S., as well as tax-preparation software providers (collectively, the “Tax Providers”), with the Bank acting as an independent contractor of the Tax Providers. An RT allows a taxpayer to pay any applicable tax preparation and filing related fees directly from his 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, with the Bank’s share of RT fees generally superior to the claims of other

55

Table of Contents

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 each year.

​

Interchange fee income – As an “issuing bank” for card transactions, the Company earns interchange fee income on transactions executed by its cardholders with various third-party merchants. Through third-party intermediaries, merchants compensate the Company for each transaction for the ability to efficiently settle the transaction, and for the Company’s willingness to accept certain risks inherent in the transaction. There is no written contract between the merchant and the Company, but a contract is implied between the two parties by customary business practices. Interchange fee income is recognized almost simultaneously by the Company upon the completion of a related card transaction.

​

The Company compensates its cardholders by way of cash or other “rewards” for generating card transactions. These rewards are disclosed in cardholder agreements between the Company and its cardholders. Reward costs are accrued over time based on card transactions generated by the cardholder. Interchange fee income is presented net of reward costs within noninterest income.

​

Net gains/(losses) on other real estate – The Company routinely sells OREO it has acquired through loan foreclosure. Net gains/(losses) on OREO reflect both 1) the gain or loss recognized upon an executed deed and 2) mark-to-market write-downs the Company may record on its OREO inventory.

​

The Company generally recognizes gains or losses on OREO at the time of an executed deed, although gains may be recognized over a financing period if the Company finances the sale. For financed OREO sales, the Company assesses whether the buyer is committed to perform their obligations under the contract and whether collectability of the transaction price is probable. Once these criteria are met, the OREO asset is derecognized and the gain or loss on sale is recorded upon the transfer of control of the property to the buyer. In determining the gain or loss on sale, the Company adjusts the transaction price and related gain/(loss) on sale if a significant financing component is present.

​

Mark-to-market write-downs taken by the Company during the holding period are generally at least 10% per year but may be higher based on updated real estate appraisals or BPOs. Incremental expenditures to bring OREO to salable condition are generally expensed as-incurred.

​

56

Table of Contents

15. SEGMENT INFORMATION

​

Reportable segments are determined by the type of products and services offered and the level of information provided to the chief operating decision maker, who uses such information to review performance of various components of the business (such as banking centers and business units), which are then aggregated if operating performance, products/services, and clients are similar.

​

As of September 30, 2025, the Company was divided into five reportable segments: Traditional Banking (which includes the results of the former mortgage banking segment), Warehouse Lending, TRS, RPS, and 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.

​

The nature of segment operations and the primary drivers of net revenue by reportable segment are provided below:

​

​

​

​

​

​

Reportable Segment:

​

Nature of Operations:

​

Primary Drivers of Net Revenue:

​

​

​

​

​

Core Banking:

​

​

​

​

​

​

​

​

​

Traditional Banking

​

Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels.

​

Net interest income

​

​

​

​

​

Warehouse Lending

​

Provides short-term, revolving credit facilities to mortgage bankers across the United States.

​

Net interest income

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

Tax Refund Solutions

​

Offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint.

​

Net interest income and Net refund transfer fees

​

​

​

​

​

Republic Payment Solutions

​

Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.

​

Net interest income and Program fees

​

​

​

​

​

Republic Credit Solutions

​

Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers.

​

Net interest income and Program fees

​

The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies. Segment performance is evaluated using operating income before income taxes. Goodwill is allocated to the Traditional Banking segment. Income taxes are generally allocated based on income before income tax expense unless specific segment allocations can be reasonably made.

​

Transactions among reportable segments are made at carrying value. Net Interest income is reflected within each applicable business segment based on the underlying financial instruments assigned to each segment as well as the impact of the Company’s internal FTP applied to each instrument. FTP is allocated from the Traditional Bank to each segment based on the assumed terms of the underlying financial instruments within that segment in combination with applicable market interest rates matching the assumed terms of each instrument.

​

57

Table of Contents

Segment information follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Total

​

​

Tax

​

Republic

​

Republic

​

​

​

​

​

​

​

​

​

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

57,424

​

$

3,805

​

   

$

61,229

​

​

$

280

​

$

3,193

​

$

12,268

​

​

$

15,741

​

​

​

$

76,970

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

(325)

​

 

(154)

​

​

 

(479)

​

​

 

(1,467)

​

 

—

​

 

3,969

​

​

 

2,502

​

​

​

 

2,023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

1,117

​

 

—

​

 

—

​

​

 

1,117

​

​

​

 

1,117

​

Mortgage banking income

​

 

2,064

​

 

—

​

​

 

2,064

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

2,064

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

781

​

​

4,107

​

​

​

4,888

​

​

​

​

4,888

​

Other noninterest income (1)

​

 

8,438

​

 

21

​

​

 

8,459

​

​

 

38

​

 

1

​

 

1

​

​

 

40

​

​

​

 

8,499

​

Total noninterest income

​

 

10,502

​

 

21

​

​

 

10,523

​

​

 

1,155

​

 

782

​

 

4,108

​

​

 

6,045

​

​

​

 

16,568

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

​

26,446

​

​

719

​

​

​

27,165

​

​

​

1,855

​

​

916

​

​

1,091

​

​

​

3,862

​

​

​

​

31,027

​

Technology, Equipment, and Communication

​

​

7,556

​

​

48

​

​

​

7,604

​

​

​

96

​

​

26

​

​

984

​

​

​

1,106

​

​

​

​

8,710

​

Occupancy

​

​

3,442

​

​

34

​

​

​

3,476

​

​

​

61

​

​

5

​

​

5

​

​

​

71

​

​

​

​

3,547

​

Marketing and development

​

​

1,614

​

​

—

​

​

​

1,614

​

​

​

47

​

​

—

​

​

1,007

​

​

​

1,054

​

​

​

​

2,668

​

Core conversion and contract consulting fees

​

​

97

​

​

—

​

​

​

97

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

97

​

Other noninterest expense (2)

​

​

7,039

​

​

144

​

​

​

7,183

​

​

​

289

​

​

158

​

​

74

​

​

​

521

​

​

​

​

7,704

​

Total noninterest expense

​

 

46,194

​

 

945

​

​

 

47,139

​

​

 

2,348

​

 

1,105

​

 

3,161

​

​

 

6,614

​

​

​

 

53,753

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) before income tax expense

​

 

22,057

​

 

3,035

​

​

 

25,092

​

​

 

554

​

 

2,870

​

 

9,246

​

​

 

12,670

​

​

​

 

37,762

​

Income tax expense (benefit)

​

​

4,591

​

​

684

​

​

​

5,275

​

​

​

95

​

​

624

​

​

2,024

​

​

​

2,743

​

​

​

​

8,018

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

17,466

​

$

2,351

​

​

$

19,817

​

​

$

459

​

$

2,246

​

$

7,222

​

​

$

9,927

​

​

​

$

29,744

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,952,561

​

$

610,155

​

​

$

6,562,716

​

​

$

22,673

​

$

310,220

​

$

119,310

​

​

$

452,203

​

​

​

$

7,014,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end loans

​

$

4,558,306

​

$

609,826

​

​

​

5,168,132

​

​

$

292

​

$

—

​

$

112,950

​

​

$

113,242

​

​

​

$

5,281,374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end deposits

​

$

4,909,513

​

$

36,568

​

​

​

4,946,081

​

​

$

22,612

​

$

310,220

​

$

59,432

​

​

$

392,264

​

​

​

$

5,338,345

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.89

%  

 

2.62

%  

​

 

3.78

%  

​

 

NM

​

 

4.06

%  

 

NM

​

​

 

NM

​

​

​

 

4.65

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

72

%  

​

4

%  

​

​

76

%  

​

​

2

%  

​

4

%  

​

18

%  

​

​

24

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2024

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

    

​

​

    

​

​

    

    

Total

    

    

Tax

​

Republic

​

Republic

    

​

​

​

    

​

​

​

 

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

51,023

​

$

3,580

​

​

$

54,603

​

​

$

440

​

$

2,783

​

$

13,479

​

​

$

16,702

​

​

​

$

71,305

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

1,489

​

 

116

​

​

 

1,605

​

​

 

(2,310)

​

 

—

​

 

6,365

​

​

 

4,055

​

​

​

 

5,660

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

582

​

 

—

​

 

—

​

​

 

582

​

​

​

 

582

​

Mortgage banking income

​

 

2,062

​

 

—

​

​

 

2,062

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

2,062

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

786

​

​

4,176

​

​

​

4,962

​

​

​

​

4,962

​

Other noninterest income (1)

​

 

9,016

​

 

16

​

​

 

9,032

​

​

 

27

​

 

147

​

 

1

​

​

 

175

​

​

​

 

9,207

​

Total noninterest income

​

 

11,078

​

 

16

​

​

 

11,094

​

​

 

609

​

 

933

​

 

4,177

​

​

 

5,719

​

​

​

 

16,813

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

​

24,564

​

​

697

​

​

​

25,261

​

​

​

1,744

​

​

756

​

​

1,031

​

​

​

3,531

​

​

​

​

28,792

​

Technology, Equipment, and Communication

​

​

6,423

​

​

44

​

​

​

6,467

​

​

​

78

​

​

—

​

​

999

​

​

​

1,077

​

​

​

​

7,544

​

Occupancy

​

​

3,085

​

​

40

​

​

​

3,125

​

​

​

85

​

​

7

​

​

7

​

​

​

99

​

​

​

​

3,224

​

Marketing and development

​

​

642

​

​

—

​

​

​

642

​

​

​

165

​

​

—

​

​

1,176

​

​

​

1,341

​

​

​

​

1,983

​

Other noninterest expense (2)

​

​

6,552

​

​

108

​

​

​

6,660

​

​

​

179

​

​

184

​

​

43

​

​

​

406

​

​

​

​

7,066

​

Total noninterest expense

​

 

41,266

​

 

889

​

​

 

42,155

​

​

 

2,251

​

 

947

​

 

3,256

​

​

 

6,454

​

​

​

 

48,609

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax expense

​

 

19,346

​

 

2,591

​

​

 

21,937

​

​

 

1,108

​

 

2,769

​

 

8,035

​

​

 

11,912

​

​

​

 

33,849

​

Income tax expense

​

 

4,189

​

 

584

​

​

 

4,773

​

​

 

189

​

 

595

​

 

1,749

​

​

 

2,533

​

​

​

 

7,306

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

15,157

​

$

2,007

​

​

$

17,164

​

​

$

919

​

$

2,174

​

$

6,286

​

​

$

9,379

​

​

​

$

26,543

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,559,357

​

$

595,624

​

​

$

6,154,981

​

​

$

26,503

​

$

367,857

​

$

143,129

​

​

$

537,489

​

​

​

$

6,692,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end loans

​

$

4,566,896

​

$

595,163

​

​

$

5,162,059

​

​

$

302

​

$

—

​

$

134,556

​

​

$

134,858

​

​

​

$

5,296,917

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end deposits

​

$

4,616,573

​

$

37,015

​

​

$

4,653,588

​

​

$

26,412

​

$

367,432

​

$

54,264

​

​

$

448,108

​

​

​

$

5,101,696

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.61

%  

 

2.70

%  

​

 

3.53

%  

​

 

NM

​

 

4.91

%  

 

NM

​

​

 

NM

​

​

​

 

4.49

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

71

%  

​

4

%  

​

​

75

%  

​

​

1

%  

​

4

%  

​

20

%  

​

​

25

%  

​

​

​

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.

(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of BOLI, Net losses on OREO and Other noninterest income.

(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, and Other noninterest expense.

NM – Not Meaningful

58

Table of Contents

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

    

​

​

    

​

​

    

    

Total

    

    

Tax

​

Republic

​

Republic

    

​

​

​

    

​

​

​

 

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

167,125

​

$

10,382

​

​

$

177,507

​

​

$

30,154

​

$

10,750

​

$

37,449

​

​

$

78,353

​

​

​

$

255,860

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

(577)

​

 

148

​

​

 

(429)

​

​

 

10,028

​

 

—

​

 

11,919

​

​

 

21,947

​

​

​

 

21,518

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

17,577

​

 

—

​

 

—

​

​

 

17,577

​

​

​

 

17,577

​

Mortgage banking income

​

 

5,781

​

 

—

​

​

 

5,781

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

5,781

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

2,283

​

​

10,878

​

​

​

13,161

​

​

​

​

13,161

​

Gain on sale of Visa Class B-1 shares

​

​

4,090

​

​

—

​

​

​

4,090

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

4,090

​

Other noninterest income (1)

​

 

26,441

​

 

64

​

​

 

26,505

​

​

 

248

​

 

2

​

 

2

​

​

 

252

​

​

​

 

26,757

​

Total noninterest income

​

 

36,312

​

 

64

​

​

 

36,376

​

​

 

17,825

​

 

2,285

​

 

10,880

​

​

 

30,990

​

​

​

 

67,366

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

​

78,570

​

​

2,147

​

​

​

80,717

​

​

​

6,016

​

​

2,818

​

​

3,346

​

​

​

12,180

​

​

​

​

92,897

​

Technology, Equipment, and Communication

​

​

22,430

​

​

128

​

​

​

22,558

​

​

​

413

​

​

70

​

​

2,996

​

​

​

3,479

​

​

​

​

26,037

​

Occupancy

​

​

10,196

​

​

94

​

​

​

10,290

​

​

​

182

​

​

15

​

​

15

​

​

​

212

​

​

​

​

10,502

​

Marketing and development

​

​

3,052

​

​

—

​

​

​

3,052

​

​

​

225

​

​

—

​

​

2,021

​

​

​

2,246

​

​

​

​

5,298

​

Core conversion and contract consulting fees

​

​

5,993

​

​

—

​

​

​

5,993

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

5,993

​

Other noninterest expense (2)

​

​

20,492

​

​

399

​

​

​

20,891

​

​

​

1,239

​

​

441

​

​

296

​

​

​

1,976

​

​

​

​

22,867

​

Total noninterest expense

​

 

140,733

​

 

2,768

​

​

 

143,501

​

​

 

8,075

​

 

3,344

​

 

8,674

​

​

 

20,093

​

​

​

 

163,594

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) before income tax expense

​

 

63,281

​

 

7,530

​

​

 

70,811

​

​

 

29,876

​

 

9,691

​

 

27,736

​

​

 

67,303

​

​

​

 

138,114

​

Income tax expense (benefit)

​

​

13,247

​

​

1,697

​

​

​

14,944

​

​

​

6,494

​

​

2,109

​

​

6,071

​

​

​

14,674

​

​

​

​

29,618

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

50,034

​

$

5,833

​

​

$

55,867

​

​

$

23,382

​

$

7,582

​

$

21,665

​

​

$

52,629

​

​

​

$

108,496

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,952,561

​

$

610,155

​

​

$

6,562,716

​

​

$

22,673

​

$

310,220

​

$

119,310

​

​

$

452,203

​

​

​

$

7,014,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end loans

​

$

4,558,306

​

$

609,826

​

​

​

5,168,132

​

​

$

292

​

$

—

​

$

112,950

​

​

$

113,242

​

​

​

$

5,281,374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end deposits

​

$

4,909,513

​

$

36,568

​

​

$

4,946,081

​

​

$

22,612

​

$

310,220

​

$

59,432

​

​

$

392,264

​

​

​

$

5,338,345

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.84

%  

 

2.60

%  

​

 

3.73

%  

​

 

NM

​

 

4.31

%  

 

NM

​

​

 

NM

​

​

​

 

5.18

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

63

%  

​

3

%  

​

​

66

%  

​

​

15

%

​

4

%  

​

15

%  

​

​

34

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2024

 

​

​

Core Banking

​

​

Republic Processing Group

​

​

​

​

 

​

    

​

​

    

​

​

    

    

Total

    

    

Tax

​

Republic

​

Republic

    

​

​

​

    

​

​

​

 

​

​

Traditional

​

Warehouse

​

​

Core

​

​

Refund

​

Payment

​

Credit

​

​

Total

​

​

​

Total

 

(dollars in thousands)

​

Banking

​

Lending

​

​

Banking

​

​

Solutions

​

Solutions

​

Solutions

​

​

RPG

​

​

​

Company

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

$

149,197

​

$

8,751

​

​

$

157,948

​

​

$

32,173

​

$

9,221

​

$

37,418

​

​

$

78,812

​

​

​

$

236,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

2,762

​

 

639

​

​

 

3,401

​

​

 

22,282

​

 

—

​

 

15,742

​

​

 

38,024

​

​

​

 

41,425

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

15,213

​

 

—

​

 

—

​

​

 

15,213

​

​

​

 

15,213

​

Mortgage banking income

​

 

3,984

​

 

—

​

​

 

3,984

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

3,984

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

2,319

​

​

11,220

​

​

​

13,539

​

​

​

​

13,539

​

Other noninterest income (1)

​

 

25,437

​

 

42

​

​

 

25,479

​

​

 

165

​

 

149

​

 

3

​

​

 

317

​

​

​

 

25,796

​

Total noninterest income

​

 

29,421

​

 

42

​

​

 

29,463

​

​

 

15,378

​

 

2,468

​

 

11,223

​

​

 

29,069

​

​

​

 

58,532

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Salaries and employee benefits

​

​

73,831

​

​

2,130

​

​

​

75,961

​

​

​

6,015

​

​

2,382

​

​

3,293

​

​

​

11,690

​

​

​

​

87,651

​

Technology, Equipment, and Communication

​

​

19,289

​

​

108

​

​

​

19,397

​

​

​

298

​

​

4

​

​

2,675

​

​

​

2,977

​

​

​

​

22,374

​

Occupancy

​

​

10,072

​

​

81

​

​

​

10,153

​

​

​

260

​

​

21

​

​

21

​

​

​

302

​

​

​

​

10,455

​

Marketing and development

​

​

2,084

​

​

—

​

​

​

2,084

​

​

​

299

​

​

30

​

​

4,199

​

​

​

4,528

​

​

​

​

6,612

​

Other noninterest expense (2)

​

​

19,096

​

​

375

​

​

​

19,471

​

​

​

1,915

​

​

482

​

​

254

​

​

​

2,651

​

​

​

​

22,122

​

Total noninterest expense

​

 

124,372

​

 

2,694

​

​

 

127,066

​

​

 

8,787

​

 

2,919

​

 

10,442

​

​

 

22,148

​

​

​

 

149,214

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax expense

​

 

51,484

​

 

5,460

​

​

 

56,944

​

​

 

16,482

​

 

8,770

​

 

22,457

​

​

 

47,709

​

​

​

 

104,653

​

Income tax expense

​

 

10,417

​

 

1,231

​

​

 

11,648

​

​

 

3,699

​

 

1,930

​

 

5,021

​

​

 

10,650

​

​

​

 

22,298

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

41,067

​

$

4,229

​

​

$

45,296

​

​

$

12,783

​

$

6,840

​

$

17,436

​

​

$

37,059

​

​

​

$

82,355

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,559,357

​

$

595,624

​

​

$

6,154,981

​

​

$

26,503

​

$

367,857

​

$

143,129

​

​

$

537,489

​

​

​

$

6,692,470

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end loans

​

$

4,566,896

​

$

595,163

​

​

$

5,162,059

​

​

$

302

​

$

—

​

$

134,556

​

​

$

134,858

​

​

​

$

5,296,917

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end deposits

​

$

4,616,573

​

$

37,015

​

​

$

4,653,588

​

​

$

26,412

​

$

367,432

​

$

54,264

​

​

$

448,108

​

​

​

$

5,101,696

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.49

%  

 

2.64

%  

​

 

3.43

%  

​

 

NM

​

 

5.01

%  

 

NM

​

​

 

NM

​

​

​

 

4.92

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

61

%  

​

3

%  

​

​

64

%  

​

​

16

%

​

4

%  

​

16

%  

​

​

36

%  

​

​

​

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.

(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of BOLI, Net losses on OREO, and Other noninterest income.

(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, and Other noninterest expense.

NM – Not Meaningful

​

59

Table of Contents

16. LOW-INCOME HOUSING TAX CREDIT INVESTMENTS

​

The Company is a limited partner in several low-income housing partnerships whose purpose is to invest in qualified affordable housing. The Company expects to recover its remaining investments in these partnerships through the use of tax credits that are generated by the investments. These investments are included in other assets and accrued interest receivable on the Consolidated Balance Sheets, with any unfunded obligations included in other liabilities and accrued interest payable. The investments are amortized as a component of income tax expense.

​

The following table summarizes information related to the Company’s qualified low-income housing investments and obligations:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

Unfunded

​

​

​

​

​

Unfunded

Investment

Accounting Method

​

​

Investments

​

​

Obligations (2)

​

​

Investments

​

​

Obligations (1)

Low-income housing tax credit - Gross

Proportional amortization

​

$

91,469

​

$

42,743

​

$

72,415

​

$

54,797

Life-to-date amortization

​

​

​

(28,308)

​

​

NA

​

​

(21,899)

​

​

NA

Low-income housing tax credit - Net

​

​

$

63,161

​

$

42,743

​

$

50,516

​

$

54,797

(1)All obligations will be paid by the Company by December 31, 2038.
(2)All obligations will be paid by the Company by December 31, 2039.

​

The following table summarizes the amortization expense and tax credits recognized in income tax expense for the Company’s qualified low-income housing investments for the three and nine months ended September 30, 2025 and 2024, respectively:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

​

2025

​

​

2024

​

​

2025

​

​

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortization expense

​

​

$

2,097

​

$

1,616

​

$

6,409

​

$

4,795

Tax credits recognized

​

​

​

(3,117)

​

​

(2,363)

​

​

(9,095)

​

​

(7,215)

​

​

​

​

60

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

​

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.

​

Management’s Discussion and Analysis of Financial Condition and Results of Operations of Republic should be read in conjunction with Part I Item 1 “Financial Statements.”

​

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by the statement. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believe,” “can,” “conclude,” “continue,” “could,” “estimate,” “expect,” “forecast,” “foresee,” “goal,” “intend,” “may,” “might,” “outlook,” “possible,” “plan,” “predict,” “project,” “potential,” “seek,” “should,” “target,” “will,” “will likely,” “would,” or other similar expressions. These forward-looking statements are not historical facts and are based on current expectations, estimates and projections about the industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Management’s control.

​

Forward-looking statements detail management’s expectations regarding the future and are based on information known to management only as of the date the statements are made and management undertakes no obligation to update forward-looking statements to reflect events or circumstances that occur after the date forward-looking statements are made, except as required by applicable law.

​

There is no assurance that any list of risks and uncertainties or risk factors is complete. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

​

●litigation liabilities, including related costs, expenses, settlements and judgments, or the outcome of matters before regulatory agencies, whether pending or commencing in the future;
●long-term and short-term interest rate fluctuations and the overall shape of the U.S. Treasury yield curve, as well as the corresponding impact on the Company’s net interest income and mortgage banking operations;
●the magnitude and frequency of changes to the FFTR implemented by the FOMC of the FRB;
●changes in fiscal, monetary, and/or regulatory policies;
●changes in tax policies including, but not limited to, changes in federal and state statutory rates;
●behavior of securities and capital markets, including changes in interest rates, market volatility and liquidity;
●ability to effectively manage capital and liquidity;
●accuracy of assumptions and estimates used in establishing the ACLL, ACLC, credit exposures and other estimates;
●changes in the credit quality of the Company’s customers and counterparties, deteriorating asset quality and charge-off levels;
●impairment of investment securities, goodwill, MSR’s, other intangible assets and/or DTA’s;
●competitive product and pricing pressures in each of the Company’s five reportable segments;
●projections of revenue, expenses, capital expenditures, losses, EPS, dividends, capital structure, etc.;
●integration of acquired financial institutions, businesses, or future acquisitions;
●changes in technology instituted by the Company, its counterparties, or competitors;
●changes to or the effectiveness of the Company’s overall internal control environment;
●adequacy of the Company’s risk management framework, disclosure controls and procedures and internal control over financial reporting;
●changes in applicable ASUs, including the introduction of new ASUs;
●changes in investor sentiment or behavior;
●changes in consumer/business spending or savings behavior;
●ability to appropriately address social, environmental and sustainability concerns that may arise from business activities;

61

Table of Contents

●occurrence of natural or human-caused disasters or calamities, including health emergencies, the spread of infectious diseases, pandemics or outbreaks of hostilities, and the Company’s ability to deal effectively with disruptions caused by the foregoing;
●ability to maintain the security of the Company’s financial, accounting, technology, data processing and other operational systems and facilities;
●ability to withstand disruptions that may be caused by any failure of the Company’s operational systems or those of third- parties;
●the Company’s ability to effectively defend itself against cyberattacks or other attempts by unauthorized parties to access information of its vendors, or its customers or to disrupt systems;
●the Company’s ability to qualify for future research and development federal tax credits;
●the ability for Tax Providers to successfully market and realize the expected ERA/RA and RT volume anticipated by TRS;
●an ineffective risk management framework;
●disruption of the U.S. and global financial system and markets, including ongoing volatility in the capital and bond markets and the impact of inflation, tariffs, and a potential global economic downturn or recession;
●changes in, or forecasts of, future political and economic conditions, inflation or recession and efforts to control related developments;
●ability to effectively navigate an economic slowdown or other economic or market disruptions;
●the Company’s exposure to a wide range of climate-related physical risks across different geographical areas;
●severe weather, natural disasters, including earthquakes, floods, droughts, and fires, including direct and indirect costs and impacts on the Company’s clients
●the ability for the Company to achieve its projected savings from a new core system contract;
●the ability of the Company to achieve savings from its new call center management system;
●the ability of RPS’ largest segment marketer-servicer to meet minimum contractual average deposit thresholds to earn revenue share payments;
●the overall future impact of the non-renewal of the Company’s contract with its largest marketer-servicer within TRS;
●the Company’s ability to replace ERA/RA and RT volume and revenue related to the above contract non-renewal; and
●other risks and uncertainties reported from time to time in the Company’s filings with the SEC, including Part 1 Item 1A “Risk Factors.” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and Part II Item 1A “Risk Factors” of the current filing.

​

ACCOUNTING STANDARDS UPDATE

​

For disclosure regarding the impact to the Company’s financial statements of ASUs, see the Footnote titled, “Basis of Presentation and Summary of Significant Accounting Policies” of Part I Item 1 “Financial Statements.”

​

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

​

Republic’s consolidated financial statements and accompanying footnotes have been prepared in accordance with GAAP. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported periods.

​

A summary of the Company's significant accounting policies is set forth in Part II “Item 8. Financial Statements and Supplementary Data” of its Annual Report on Form 10-K for

ended December 31, 2024.

​

Management continually evaluates the Company’s accounting policies and estimates that it uses to prepare the consolidated financial statements. In general, management’s estimates and assumptions are based on historical experience, accounting and regulatory guidance, and information obtained from independent third-party professionals. Actual results may differ from those estimates made by management.

​

Critical accounting policies are those that management believes are the most important to the portrayal of the Company’s financial condition and operating results and require management to make estimates that are difficult, subjective, and complex. Most accounting policies are not considered by management to be critical accounting policies. Several factors are considered in determining whether or not a policy is critical in the preparation of the financial statements. These factors include, among other things, whether the estimates have a significant impact on the financial statements, the nature of the estimates, the ability to readily validate the estimates with other information including independent third-parties or available pricing, sensitivity of the estimates to changes in economic conditions and

62

Table of Contents

whether alternative methods of accounting may be utilized under GAAP. Management has discussed each critical accounting policy and the methodology for the identification and determination of critical accounting policies with the Company’s Audit Committee.

​

Republic believes its critical accounting policies and estimates relate to its ACLL and Provision.

​

ACLL and Provision — As of September 30, 2025, the Bank maintains an ACLL for expected credit losses inherent in the Bank’s loan portfolio, which includes overdrawn deposit accounts. Management evaluates the adequacy of the ACLL monthly and presents and discusses the ACLL with the Audit Committee and the Board of Directors quarterly.

​

Management’s evaluation of the appropriateness of the ACLL is often the most critical accounting estimate for a financial institution, as the ACLL requires significant reliance on the use of estimates and significant judgment as to the reliance on historical loss rates, consideration of quantitative and qualitative economic factors, and the reliance on a reasonable and supportable forecast.

​

Within the ACLL model, the Company utilizes a static pool method. This method analyzes historical closed pools of loans over their expected lives to attain a loss rate, which is then adjusted for current conditions and reasonable, supportable forecasts prior to being applied to the current balance of the analyzed pools. Due to its reasonably strong correlation to the Company's historical net loan losses, the Company has chosen to use the U.S. national unemployment rate as its primary forecasting tool. For its CRE loan pool, the Company employs a one-year forecast of general CRE values.

​

Adjustments to the historical loss rate for current conditions include differences in underwriting standards, portfolio mix or term, delinquency level, as well as for changes in environmental conditions, such as changes in property values or other relevant factors. One-year forecast adjustments to the historical loss rate are based on the U.S. national unemployment rate and CRE values. Subsequent to the one-year forecasts, loss rates are assumed to immediately revert back to long-term historical averages.

​

The impact of utilizing the CECL approach to calculate the ACLL is significantly influenced by the composition, characteristics, and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecasts utilized. Material changes to these and other relevant factors may result in greater volatility to the ACLL, and therefore, greater volatility to the Company’s reported earnings.

​

During the first quarter of 2025, the Company further segmented its CRE portfolio into Owner-occupied CRE, Nonowner-occupied CRE, and Multi-family. The Multi-family portfolio consists of properties with five or more dwelling units in structures (including apartment buildings) used primarily to accommodate households on a more-or-less permanent basis. 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. 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.

​

During the second quarter of 2025, the Company implemented a minimum loan balance threshold, as a practical expedient, for assessing individual loans for impairment. This threshold applies to loans with a risk rating of Special Mention or worse. The application of this new practical expedient resulted in a $518,000 net credit adjustment to the Provision during the second quarter of 2025.

​

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.

​

63

Table of Contents

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

●

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 consumer and commercial 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.

​

Traditional Bank lending activities consist of the following:

​

Retail Mortgage Lending — Through its retail banking centers and its online Consumer Direct channel, the Bank originates single-family residential real estate loans and HELOCs. In addition, the Bank originates HEALs through its retail banking centers. Such loans are generally collateralized by owner-occupied, residential real estate properties. For those loans originated through the Bank’s retail banking centers, the collateral is predominately located in the Bank’s market footprint, while loans originated through its Consumer Direct channel are generally secured by owner-occupied collateral located outside of the Bank’s market footprint.

64

Table of Contents

​

During 2023, the Bank purchased a block of single-family, first-lien residential real estate loans for investment through its Correspondent Lending Channel, with these loans secured by owner-occupied collateral generally located outside of the Bank’s market footprint. During the first quarter of 2024, Management elected to sell $67 million of this portfolio, with the sale completed during the second quarter of the same year.

​

The Bank offers single-family, first-lien residential real estate ARMs with interest rate adjustments tied to various market indices with specified minimum and maximum adjustments. The Bank generally charges a premium interest rate for its ARMs if the property is nonowner-occupied. The interest rates on the majority of ARMs are adjusted after their fixed rate periods on an annual or semi-annual basis, with most having annual and lifetime limitations on upward rate adjustments to the loan. These loans typically feature amortization periods of up to 30 years and have fixed interest-rate periods generally ranging from five to ten years, with demand dependent upon market conditions. While there is no requirement for clients to refinance their loans at the end of the fixed-rate period, clients have historically done so the majority of the time, as most clients are interest-rate-risk averse on first-lien mortgage loans.

​

Single-family, first-lien residential real estate loans with fixed-rate periods of 15, 20, and 30 years are primarily originated and sold into the secondary market. MSR’s attached to the sold portfolio are either sold along with the loan or retained. Loans sold into the secondary market, along with their corresponding MSR’s, are included as a component of the Company’s Traditional Banking segment, as discussed elsewhere in this filing. The Bank, as it has in the past, may retain such longer-term, fixed-rate loans from time to time in the future to help combat NIM compression. Any such loans retained on the Company’s balance sheet would be reported as a component of the Traditional Banking segment.

​

As part of the sale of loans with servicing retained, the Bank records MSR’s. MSR’s represent an estimate of the present value of future cash servicing income, net of estimated costs, which the Bank expects to receive on loans sold with servicing retained by the Bank. MSR’s are capitalized as separate assets. This transaction is posted to net gain on sale of loans, a component of noninterest income under “mortgage banking income” in the income statement. Management considers all relevant factors, in addition to pricing considerations from other servicers, to estimate the fair value of the MSR’s to be recorded when the loans are initially sold with servicing retained by the Bank. The carrying value of MSR’s is initially amortized in proportion to and over the estimated period of net servicing income. MSR amortization is recorded as a reduction to net servicing income, a component of “mortgage banking income.”

​

With the assistance of an independent third-party, the MSR’s asset is reviewed at least quarterly for impairment based on the fair value of the MSR’s using groupings of the underlying loans based on predominant risk characteristics. Any impairment of a grouping is reported as a valuation allowance. A primary factor influencing the fair value is the estimated remaining life of the underlying loans serviced which is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSR’s is expected to decline due to increased anticipated prepayment speeds within the portfolio. Alternatively, during a period of rising interest rates, the fair value of MSR’s would be expected to increase as prepayment speeds on the underlying loans would be expected to decline.

​

The Bank does, on occasion, purchase single-family, first-lien residential real estate loans made to low-to-moderate income borrowers and/or secured by property located in low-to-moderate income areas, which assists the Bank in meeting its obligations under the CRA. In connection with loan purchases, the Bank receives various representations and warranties from the sellers regarding the quality and characteristics of the loans.

​

Commercial Lending — As described in detail below, the Bank conducts commercial lending activities primarily through the following groups/divisions: Corporate Banking, CRE Banking, Commercial Banking, Business Banking, Private Banking, and Retail Banking channels and clients are primarily located within the Bank’s market footprint or in an adjoining market. In general, all commercial lending credit approvals and processing are prepared and underwritten through the Bank’s centralized CCAD.

​

Credit opportunities are generally driven by the following: companies expanding their businesses; companies acquiring new businesses; and/or companies refinancing existing debt from other institutions. The Bank has a primary focus on C&I lending, CRE, and multi-family lending.

​

C&I loans typically include those secured by general business assets, which consist of equipment, accounts receivable, inventory, and other business assets owned by the borrower/guarantor. Credit facilities include annually renewable LOCs and term loans with maturities typically ranging from three to five years and may also involve financial covenant requirements. These requirements are monitored by the Bank’s CCAD. Underwriting for C&I loans is based upon the borrower’s capacity to

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repay these loans from operating cash flows, typically measured by EBITDA (earnings before interest, taxes, depreciation, and amortization), with capital strength, collateral, and management experience also important underwriting considerations. The targeted C&I credit size for client relationships is typically between $1 million and $10 million, with higher targets between $10 million and $35 million targeted by the Corporate Banking group.

​

CRE and multi-family loans are typically secured by improved property such as office buildings, medical facilities, retail centers, warehouses, apartment buildings, condominiums, schools, religious institutions, and other types of commercial use property. The CRE Banking group, which launched in 2022, focuses on large CRE projects, typically in amounts from $5 million to $25 million. Borrowers are generally single-asset entities and the underlying collateral is nonowner-occupied. Primary underwriting considerations are cash flow projections (current and historical), financial capacity of sponsors, and collateral value financed. Fixed rate financing and reciprocal interest rate swaps are used as well. Given the size of these credits, the Bank generally seeks established, well-known borrowers and projects with low credit risk.

​

The Commercial Banking group focuses on small and medium sized C&I and CRE Owner-occupied opportunities. Borrowers are generally single-asset entities and loan sizes typically range from $1 million to $5 million. As with Corporate Banking, the primary underwriting considerations are cash flow projections (current and historical), quality of leases, financial capacity of sponsors, and collateral value of property financed. Interest rates offered are based on both fixed and variable interest-rate formulas.

​

The Business Banking group, reporting under Retail Banking in most markets, focuses on locally based small businesses in the Bank’s market footprint with primary annual revenues up to $10 million and borrowings between $350,000 and $1 million. The needs of these clients range from expansion or acquisition financing, equipment financing, owner-occupied real estate financing, and smaller operating lines of credit.

​

The Bank is an SBA Preferred Lending Partner, which allows the Bank to underwrite and approve its own SBA loans in an expedited manner. The Bank makes loans to borrowers generally up to $3 million under both the SBA “7A Program” and the “504 Program” for CRE Owner-occupied opportunities. The Bank utilizes these programs to reduce credit risk exposure.

​

Construction & Land Development Lending — The Bank originates business loans for the construction of both single-family, residential properties and commercial properties (apartment complexes, shopping centers and office buildings) to borrowers primarily located within the Bank’s market footprint or in an adjoining market. While not a major focus for the Bank, the Bank may originate loans for the acquisition and development of residential or commercial land into buildable lots.

​

Single-family, residential-construction loans are made in the Bank’s market area to established homebuilders with solid financial records. The majority of these loans are made for “contract” homes that the builder has already pre-sold to a homebuyer.

​

Commercial-construction loans are made in the Bank’s market to established commercial builders/developers with solid financial records. Typically, these loans are made for investment properties and have tenants pre-committed for some or all of the space. Generally, commercial-construction loans are made for the duration of the construction period and slightly beyond and will either convert to permanent financing with the Bank or with another lender at or before maturity.

​

Construction-to-permanent loans are another type of construction-related financing that the Bank offers. These loans are made to borrowers who are going to build a property and retain it for ownership after construction completion. These loans are offered on both owner-occupied and nonowner-occupied CRE.

​

Consumer Lending — Traditional Banking consumer loans include home improvement and home equity loans, other secured and unsecured personal loans, and credit cards originated to borrowers primarily located within the Bank’s market footprint or in an adjoining market. In 2024, the Traditional Bank ceased originating new consumer credit cards and sold its $5 million portfolio in the second quarter of 2025. Except for home equity loans, which are actively marketed in conjunction with single family, first lien residential real estate loans, other Traditional Banking consumer loan products while available, are not and have not been actively promoted in the Bank’s markets.

​

Aircraft Lending — Aircraft loans are typically made to purchase or refinance personal aircrafts, along with engine overhauls and avionic upgrades with borrowers across the U.S. Loans typically range between $200,000 and $4 million in size and have terms up to 20 years. The credit characteristics of an aircraft borrower are higher than a typical consumer in that they must demonstrate and indicate a higher degree of credit worthiness for approval.

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Correspondent Lending — During 2014, 2015 and 2023, the Bank purchased select blocks of single family, first-lien mortgage loans for investment from Warehouse Lending clients through its Correspondent Lending channel. These loans were purchased at a premium that is amortized into interest income over the expected life of the loan utilizing the level-yield. Loans acquired through the Correspondent Lending channel are generally made to borrowers outside of the Bank’s historical market footprint. During the first quarter of 2024, Management elected to sell $67 million of the loans purchased in 2023 and the sale was completed during the second quarter of 2024.

​

The Bank’s other Traditional Banking activities generally consist of the following:

​

Private Banking — The Bank provides financial products and services to high-net-worth individuals through its Private Banking department. The Bank’s Private Banking officers have extensive banking experience and are trained to meet the unique financial needs of this clientele.

​

Treasury Management Services — The Bank provides various deposit products designed for commercial business clients located throughout its market footprint. Lockbox processing, remote deposit capture, business on-line banking, account reconciliation, and ACH processing are additional services offered to commercial businesses through the Bank’s Treasury Management department. Treasury Management officers work closely with commercial and retail officers to support the cash management needs of Bank clients.

​

Correspondent Lending — During 2014, 2015 and 2023, the Bank purchased select blocks of single family, first-lien mortgage loans for investment from Warehouse Lending clients through its Correspondent Lending channel. These loans were purchased at a premium that is amortized into interest income over the expected life of the loan utilizing the level-yield. Loans acquired through the Correspondent Lending channel are generally made to borrowers outside of the Bank’s historical market footprint. During the first quarter of 2024, Management elected to sell $67 million of the loans purchased in 2023 and the sale was completed during the second quarter of 2024.

​

Internet Banking — The Bank expands its market penetration and service delivery of its RB&T brand by offering clients Internet Banking services and products through its website, www.republicbank.com.

​

Mobile Banking — The Bank allows clients to securely access and manage their accounts through its mobile banking application.

​

Other Banking Services — The Bank also provides title insurance and other financial institution related products and services.

​

Bank Acquisitions — The Bank maintains an acquisition strategy to selectively grow its franchise as a complement to its organic growth strategies.

​

See additional detail regarding the Traditional Banking segment under the Footnote titled, “Segment Information” of Part I Item 1 “Financial Statements.”

​

(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.

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See additional detail regarding the Warehouse Lending segment under the Footnote titled, “Segment Information” of Part I Item 1 “Financial Statements.”

​

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 2023, 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 because 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 his 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, 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 each 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 loan 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

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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 for 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. 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 30th 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 ERA/RA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the ERA/RA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent underwriting changes implemented, credit losses during a 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 the 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.

​

See additional detail regarding the ERA/RA product under the Footnotes titled “Loans and Allowance for Credit Losses on Loans” and “Segment Information” of Part I Item 1 “Financial Statements.”

​

(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;

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●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.

​

See additional detail regarding the RPS segment under the Footnote titled, “Segment Information” of Part I Item 1 “Financial Statements.”

​

(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’s (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.

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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 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.

​

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.”

​

See additional detail regarding the RCS segment under the Footnote titled, “Segment Information” of Part I Item 1 “Financial Statements.”

​

RECENT DEVELOPMENTS

​

The One Big Beautiful Bill Act

​

On July 4, 2025, new tax legislation referred to as the One Big Beautiful Bill Act was enacted into law by the federal government. The tax provisions of the One Big Beautiful Bill Act did not have a material impact on the Company’s income tax expense. The retroactive extension of bonus depreciation and the repeal requiring the capitalization of research and development expenditures has afforded the Company additional income tax deductions for 2025, reducing the anticipated income taxes payable for 2025.

​

Expiration of Largest TRS Tax Provider Contract

​

As previously disclosed, the Company’s largest Tax Provider contract within TRS in terms of product volume expired in October 2025 and the Company did not enter into a new contract with this Tax Provider to replace its existing contract. In total, the Company estimates that this Tax Provider will represent approximately $6 million of TRS segment pre-tax net income over the 12 month period from December 1, 2024, through November 30, 2025.

​

All ERAs/RAs originated through TRS occur during the three month period of December through February each year. ERAs/ RAs originated through this Tax Provider represented approximately 63% of the total dollars of ERAs/RAs originated through TRS from December 2024 through February 2025. As a result of these originations, ERA/RA fee income reported in interest income on loans related to this Tax Provider represented 63%, 49% and 89% of the total ERA/RA fee income reported for TRS during the second quarter of 2025, the first six months of 2025, and the fourth quarter of 2024. In addition, Provision expense for ERAs/RAs originated through this Tax Provider represented 72%, 56% and 96% of the total Provision reported for TRS during the second quarter of 2025, the first six months of 2025, and the fourth quarter of 2024. Provision for the second quarter of 2025 was a net credit for both TRS, as a whole, and for ERAs/RAs originated through this Tax Provider.

​

Net RT revenue generated through this Tax Provider during the second quarter and first six months of 2025 represented approximately 6% and 20% of total net RT revenue generated through TRS for the respective periods. Net RT revenue during the fourth quarter of 2024 was nominal.

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​

OVERVIEW (Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024)

​

Total Company net income for the third quarter of 2025 was $29.7 million, an increase of $3.2 million, or 12%, over the same period in 2024. Diluted EPS increased 11% to $1.52 for the third quarter of 2025 compared to $1.37 for the same period in 2024.

​

The following were the most significant components comprising the total Company’s net income fluctuation by reportable segment:

​

Traditional Banking segment

​

●Net income increased $2.3 million, or 15%, from the third quarter of 2024 to the third quarter of 2025.

​

●Net interest income increased $6.4 million, or 13%, from the third quarter of 2024 to the third quarter of 2025.

​

●Provision was a net credit of $325,000 for the third quarter of 2025 compared to a net charge of $1.5 million for the same period in 2024.

​

●As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.28% as of September 30, 2025, compared to 1.31% as of December 31, 2024 and 1.30% as of September 30, 2024.

​

●Noninterest income decreased $576,000, or 5%, from the third quarter of 2024 to the third quarter of 2025.

​

●Noninterest expense increased $4.9 million, or 12%, from the third quarter of 2024 to the third quarter of 2025.

​

Warehouse Lending segment

​

●Net income increased $344,000, or 17%, from the third quarter of 2024 to the third quarter of 2025.

​

●Net interest income increased $225,000, or 6%, from the third quarter of 2024 to the third quarter of 2025.

​

●Provision was a net credit of $154,000 for the third quarter of 2025 compared to a net charge of $116,000 for the same period in 2024.

​

●Average committed Warehouse lines of credit increased to $1.06 billion for the third quarter of 2025 from $940 million for the third quarter of 2024.

​

●Average LOC usage was 54% during the third quarter of 2025 compared to 56% during the same period in 2024.

​

Tax Refund Solutions segment

​

●Net income decreased $460,000 from the third quarter of 2024 to the third quarter of 2025.

​

●Net interest income decreased $160,000 from the third quarter of 2024 to the third quarter of 2025.

​

●Provision was net credit of $1.5 million during the third quarter of 2025 compared to a net credit of $2.3 million for the same period in 2024.

​

●Noninterest income increased $546,000 from the third quarter of 2024 to the third quarter of 2025.

​

●Noninterest expense was $2.3 million for both the third quarters of 2025 and 2024.

​

Republic Payment Solutions segment

​

●Net income increased $72,000 from the third quarter of 2024 to the third quarter of 2025.

​

●Net interest income increased $410,000 from the third quarter of 2024 to the third quarter of 2025.

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●Noninterest income was $782,000 for the third quarter of 2025 compared to $933,000 for the third quarter of 2024.

​

●Noninterest expense was $1.1 million for the third quarter of 2025 compared to $947,000 for the third quarter of 2024.

Republic Credit Solutions segment

​

●Net income increased $936,000, or 15%, from the third quarter of 2024 to the third quarter of 2025.

​

●Net interest income decreased $1.2 million, or 9%, from the third quarter of 2024 to the third quarter of 2025.

​

●Provision was a net charge of $4.0 million during the third quarter of 2025 compared to a net charge of $6.4 million for the same period in 2024.

​

●Noninterest income decreased $69,000, or 2%, from the third quarter of 2024 to the third quarter of 2025.

​

●Noninterest expense was $3.2 million for the third quarter of 2025 compared to $3.3 million for the same period in 2024.

​

RESULTS OF OPERATIONS (Three Months Ended September 30, 2025, Compared to Three Months Ended September 30, 2024)

​

Net Interest Income

​

See the section titled “Asset/Liability Management and Market Risk” in this section of the document regarding the Bank’s interest rate sensitivity.

​

Banking operations are significantly dependent upon net interest income. Net interest income is the difference between interest income on interest-earning assets, such as loans and investment securities and the interest expense on interest-bearing liabilities used to fund those assets, such as interest-bearing deposits, SSUAR and FHLB advances. Net interest income is impacted by both changes in the amount and composition of interest-earning assets and interest-bearing liabilities, as well as market interest rates.

​

On September 18, 2025, the FRB lowered the FFTR by 25 basis points bringing the FFTR to 4.25% as of September 30, 2025. Prior to this, the FFTR was lowered 50 basis points in late September 2024, and an additional 25 basis points in both November and December of the same year. Since April 2025, when the President proposed the implementation of broad-based sweeping tariffs against many of the U.S.’s global trading partners, there have been numerous policy changes and events that have triggered ongoing financial volatility, including the recent shutdown of the federal government. While the FRB is currently maintaining the FFTR at a range of 4.00% to 4.25%, recent FOMC commentary has indicated additional possible rate cuts in the fourth quarter of 2025.

​

Total Company net interest income was $77.0 million during the third quarter of 2025 compared to $71.3 million during the third quarter of 2024, representing a $5.7 million or 8% increase. Total Company NIM increased 16 basis points to 4.65% during the third quarter of 2025 compared to 4.49% during the third quarter of 2024.

​

The following were the most significant components comprising the total Company’s net interest income and NIM fluctuations by reportable segment:

​

Traditional Banking segment

​

Traditional Bank net interest income was $57.4 million for the third quarter of 2025, a $6.4 million, or 13%, increase from $51.0 million achieved during the third quarter of 2024. The increase in net interest income was primarily driven by period-over-period growth in average interest-earning assets and NIM expansion.

​

Traditional Bank NIM increased from 3.61% during the third quarter of 2024 to 3.89% during the third quarter of 2025, consistent with the slight rise in its interest-earning asset yields and significant decrease in cost of funds.

​

Items of note impacting the Traditional Bank’s change in net interest income and NIM between the third quarter of 2024 and the third quarter of 2025 were as follows:

73

Table of Contents

​

●Traditional Bank average loans declined $9 million, or less than 1%, from $4.58 billion with a weighted-average yield of 5.63% during the third quarter of 2024 to $4.57 billion with a weighted-average yield of 5.71% during the third quarter of 2025. The increased period-over-period yield on loans was primarily driven by the replacement of lower yielding loans in the portfolio through principal amortization and payoffs with new originations with higher yields. For additional discussion of the stricter pricing strategy for new loan originations, see the section titled “Loan Portfolio” in the “COMPARISON OF FINANCIAL CONDITION” section of the filing.

​

●Average interest-earning cash, which is managed as a separate but complementary component of the Company’s overall investment portfolio, was $477 million with a weighted-average yield of 4.40% during the third quarter of 2025 compared to $458 million with a weighted-average yield of 5.36% for the third quarter of 2024. The growth in average interest earning cash balances was primarily driven by excess funds from interest-bearing deposit growth. The lower yield on cash for the third quarter of 2025 was driven by the 125 basis point decrease in the FFTR over the past 12 months as discussed above.

​

●Average investments totaled $806 million with a weighted-average yield of 4.07% during the third quarter of 2025, compared to $593 million with a weighted-average yield of 3.20% during the third quarter of 2024. The increased period-over-period yield on investments was primarily driven by the more favorable yield curve and strategic redeployment of cash from maturing investments into longer-term investment securities that provided more attractive yields than overnight interest-earning cash options.

​

●The weighted-average cost of total interest-bearing deposits decreased from 2.77% during the third quarter of 2024 to 2.32% for the third quarter of 2025, while average interest-bearing deposit balances grew $260 million, or 7%, for the same periods. Included within this growth in interest-bearing deposits was a $277 million increase in the average balances for business and consumer money market accounts, which generally pay premium rates, and a $73 million increase in average time deposits. The increase in average money market and time balances was partially offset by a $74 million decrease in average transaction accounts and a $38 million decrease in the average balance of third-party listing service deposits. In addition, the Company obtained a $131 million brokered CD during April 2025 that matured in July.

​

●Average FHLB advances decreased from $388 million for the third quarter of 2024 to $372 million for the third quarter of 2025, while the weighted-average cost of these borrowings decreased from 4.41% to 4.33% for the same time periods. The decrease in the overall weighted-average cost of FHLB advances resulted primarily from previous term extension strategies implemented in 2024 to take advantage of the then-inverted yield curve.

​

●Average noninterest-bearing deposits decreased $32 million, or 3%, from the third quarter of 2024 to the third quarter of 2025. The decline in noninterest-bearing deposits is an on-going trend for banks, in general, dating back to the fourth quarter of 2022, as the overall interest rate environment highlighted by the then-inverted yield curve, combined with the competition for deposits, continues to make premium-rate, interest-bearing checking and savings deposits a more attractive alternative for consumer and business clients.

​

Management believes that continued reductions to the FFTR will likely not benefit the Traditional Bank’s net interest income and NIM. The amount of such impact to the Traditional Bank’s net interest income and NIM resulting from the most recent change and any future changes to the FFTR will be dependent upon many factors including, but not limited to, the magnitude of the continuing shift from noninterest-bearing deposits into interest-bearing deposits, the actual steepness and shape of the yield curve, future demand for the Company’s financial products, the Company’s ability to lower its deposit costs in conjunction with, and in line with the magnitude to, the decreases to the FFTR, as well as the Company’s overall future liquidity needs.

​

For additional discussion of the factors impacting interest-earning cash and deposit balances as well as deposit betas, see sections titled “Cash and Cash Equivalents” and “Deposits” in the “COMPARISON OF FINANCIAL CONDITION” section of the filing.

​

74

Table of Contents

Warehouse Lending segment

​

Warehouse Lending net interest income increased $225,000, or 6%, from the third quarter of 2024 to the third quarter of 2025, as total interest income decreased $493,000, or 5%, and total interest expense decreased $718,000, or 10%. While Warehouse NIM and loan yields declined 8 basis points and 102 basis points, respectively, during the third quarter of 2024 compared to the same period in 2025, average outstanding balances grew $47 million, or 9%. Average committed Warehouse lines of credit increased from $940 million for the third quarter of 2024 to $1.06 billion for the third quarter 2025 and average LOC usage fluctuated from 56% to 54% during the same periods.

​

Because consumer mortgage demand drives the usage of Warehouse LOCs, overall LOC usage for the Warehouse segment has historically been sensitive to changes in interest rates on the long-end of the yield curve. As a result, a decreasing interest rate environment for the long-end of the yield curve could positively impact Warehouse demand if the long-term interest rate declines are substantial. Alternatively, if interest rates only decline on the short-end of the yield curve, Warehouse demand would not likely be materially impacted.

​

Republic Payment Solutions segment

​

Net interest income from the Company’s prepaid card division increased $410,000, or 15%, from the third quarter of 2024 to the third quarter of 2025. Driving this increase at RPS was a reduction in the segment’s revenue share component, as its largest marketer-servicer did not achieve the minimal contractual thresholds for average deposit balances in order to earn a revenue share for the third quarter of 2025. By contrast, this revenue share totaled $1.3 million during the third quarter of 2024 and was recorded as interest expense in the segment’s income statement. At this time, Management is uncertain how much the revenue share component may be in the future, as deposit balances originated through this marketer-servicer are at levels near the thresholds necessary to achieve a revenue share, making a future revenue share possible, but not certain.

​

Partially offsetting the positive benefit of the decreased revenue share, RPS earned a lower yield of 4.06% for its $324 million average of prepaid program balances for the third quarter of 2025 compared to a yield of 4.91% for the $351 million in average prepaid card balances for the third quarter of 2024. The lower earnings rate was primarily driven by a decrease in the FFTR of 125 basis points over the past 12 months.

​

Historically, overall customer prepaid card demand has not been interest rate sensitive, and therefore management does not believe a changing interest rate environment would impact origination volume for these products. A declining interest rate environment, however, would likely negatively impact the Company’s internal FTP credit allocated to this segment more than it would impact any revenue share the Company pays, decreasing the segment's NIM. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume.

​

Republic Credit Solutions segment

​

RCS’s net interest income decreased $1.2 million, or 9%, from the third quarter of 2024 to the third quarter of 2025. The decline in net interest income was primarily driven by the period-to-period decrease in average outstanding loan balances related to the LOC II product and hospital receivable programs.

​

Historically, overall customer demand for RCS consumer loan products has not been interest rate sensitive, and therefore management does not believe a changing interest rate environment would materially impact origination volume for these products. A declining interest rate environment, however, would likely positively impact the Company’s internal FTP cost allocated to this segment, increasing the segments NIM. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume and mix of loans the segment generates.

​

.

75

Table of Contents

The following table presents average balances along with the related calculations of tax-equivalent net interest income, NIM and net interest spread for the related periods.

​

Table 1 — Total Company Average Balance Sheets and Interest Rates

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

Three Months Ended September 30, 2024

​

​

    

Average

    

​

​

    

Average

​

​

Average

    

​

​

    

Average

​

(dollars in thousands)

    

Balance

    

Interest

    

Rate

​

​

Balance

    

Interest

    

Rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

Federal funds sold and other interest-earning deposits

​

$

476,681

​

$

5,292

 

4.40

%  

  

  

$

457,797

​

$

6,172

 

5.36

%  

​

Investment securities, including FHLB stock (a)

​

​

806,304

​

​

8,272

 

4.07

​

​

​

​

593,449

​

​

4,780

 

3.20

​

​

RCS LOC products (b)

​

​

45,764

​

​

12,123

​

105.10

​

​

​

​

46,805

​

​

12,935

​

109.94

​

​

Other RPG loans

​

 

90,362

​

 

1,591

 

6.99

​

​

​

 

106,634

​

 

2,133

 

7.96

​

​

Outstanding Warehouse lines of credit

​

​

575,273

​

​

10,180

​

7.02

​

​

​

​

528,363

​

​

10,672

​

8.04

​

​

Traditional Bank loans (c)

​

 

4,569,970

​

 

65,781

 

5.71

​

​

​

 

4,579,371

​

 

64,854

 

5.63

​

​

Total loans (d)

​

​

5,281,369

​

​

89,675

​

6.74

​

​

​

​

5,261,173

​

​

90,594

​

6.85

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-earning assets

​

 

6,564,354

​

 

103,239

 

6.24

​

​

​

 

6,312,419

​

 

101,546

 

6.40

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit losses

​

 

(81,196)

​

​

​

​

​

​

​

​

 

(81,567)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-earning cash and cash equivalents

​

 

82,616

​

​

​

​

​

​

​

​

 

82,969

​

​

​

​

​

​

​

Premises and equipment, net

​

 

37,557

​

​

​

​

​

​

​

​

 

33,319

​

​

​

​

​

​

​

Bank owned life insurance

​

 

109,381

​

​

​

​

​

​

​

​

 

105,974

​

​

​

​

​

​

​

Other assets (a)

​

 

279,166

​

​

​

​

​

​

​

​

 

258,704

​

​

​

​

​

​

​

Total assets

​

$

6,991,878

​

​

​

​

​

​

​

​

$

6,711,818

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES AND STOCKHOLDERS’ EQUITY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transaction accounts

​

$

1,667,600

​

$

2,600

 

0.62

%  

​

​

$

1,754,355

​

$

5,882

 

1.33

%  

​

Money market accounts

​

 

1,490,557

​

​

10,969

 

2.92

​

​

​

 

1,215,354

​

​

10,770

 

3.53

​

​

Time deposits

​

 

463,657

​

​

4,363

 

3.73

​

​

​

 

390,413

​

​

3,952

 

4.03

​

​

Reciprocal money market and time deposits

​

​

334,939

​

 

2,763

 

3.27

​

​

​

 

372,725

​

 

4,030

 

4.30

​

​

Brokered deposits

​

 

122,172

​

 

1,399

 

4.54

​

​

​

 

87,231

​

 

1,168

 

5.33

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-bearing deposits

​

 

4,078,925

​

 

22,094

 

2.15

​

​

​

 

3,820,078

​

​

25,802

 

2.69

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SSUARs and other short-term borrowings

​

 

73,135

​

​

116

 

0.63

​

​

​

 

73,660

​

​

141

 

0.76

​

​

Federal Home Loan Bank advances

​

 

372,283

​

​

4,059

 

4.33

​

​

​

 

387,989

​

​

4,298

 

4.41

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-bearing liabilities

​

 

4,524,343

​

 

26,269

 

2.30

​

​

​

 

4,281,727

​

​

30,241

 

2.81

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing liabilities and Stockholders’ equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

 

1,254,609

​

​

​

​

​

​

​

​

 

1,313,207

​

​

​

​

​

​

​

Other liabilities

​

 

131,269

​

​

​

​

​

​

​

​

 

140,761

​

​

​

​

​

​

​

Stockholders’ equity

​

 

1,081,657

​

​

​

​

​

​

​

​

 

976,123

​

​

​

​

​

​

​

Total liabilities and stockholders’ equity

​

$

6,991,878

​

​

​

​

​

​

​

​

$

6,711,818

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

​

​

​

$

76,970

​

​

​

​

​

​

​

​

$

71,305

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest spread

​

​

​

​

​

​

 

3.94

%  

​

​

​

​

​

​

​

 

3.59

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

​

​

​

​

​

 

4.65

%  

​

​

​

​

​

​

​

 

4.49

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

a)For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.
b)Interest income for TRS Refund Advances and RCS LOC products is composed entirely of loan fees.
c)Average balances for loans include the principal balance of nonaccrual loans and loans HFS, and are inclusive of all loan premiums, discounts, fees and costs.
d)See Table 2 for detail of loan fees by reporting segment.

​

76

Table of Contents

The following table illustrates loan fees recorded as interest income on loans by segment:

​

Table 2 — Loan Fee Income

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 

(dollars in thousands)

​

2025

​

2024

​

​

​

​

​

​

​

Traditional Banking

​

$

1,393

​

$

1,518

Warehouse Lending

​

​

364

​

​

392

Total Core Bank

​

​

1,757

​

​

1,910

TRS

​

​

17

​

​

42

RCS

​

​

12,123

​

​

12,935

Total RPG

​

​

12,140

​

​

12,977

​

​

​

​

​

​

​

Total loan fees - Total Company

​

$

13,897

​

$

14,887

​

The following table illustrates the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities impacted Republic’s interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.

​

Table 3 — Total Company Volume/Rate Variance Analysis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 2025

​

​

​

​

Compared to

​

​

​

​

Three Months Ended September 30, 2024

​

​

​

Total Net

​

Increase / (Decrease) Due to

​

(in thousands)

    

Change

    

Volume

    

Rate

    

​

​

​

​

​

​

​

​

​

​

​

Interest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Federal funds sold and other interest-earning deposits

​

$

(880)

​

$

248

​

$

(1,128)

​

Investment securities, including FHLB stock

​

​

3,492

​

​

1,991

​

​

1,501

​

RCS LOC products

​

​

(812)

​

​

(286)

​

​

(526)

​

Other RPG loans

​

 

(542)

​

 

(305)

​

 

(237)

​

Outstanding Warehouse lines of credit

​

​

(492)

​

​

905

​

​

(1,397)

​

Traditional Bank loans

​

 

927

​

 

(135)

​

​

1,062

​

Net change in interest income

​

 

1,693

​

 

2,418

​

 

(725)

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transaction accounts

​

 

(3,282)

​

 

(280)

​

​

(3,002)

​

Money market accounts

​

 

199

​

 

2,215

​

​

(2,016)

​

Time deposits

​

 

411

​

 

707

​

​

(296)

​

Reciprocal money market and time deposits

​

​

(1,267)

​

 

(382)

​

​

(885)

​

Brokered deposits

​

​

231

​

​

420

​

 

(189)

​

SSUARs and other short-term borrowings

​

 

(25)

​

 

(1)

​

​

(24)

​

Federal Home Loan Bank advances

​

 

(239)

​

 

(173)

​

 

(66)

​

Net change in interest expense

​

 

(3,972)

​

 

2,506

​

 

(6,478)

​

​

​

​

​

​

​

​

​

​

​

​

Net change in net interest income

​

$

5,665

​

$

(88)

​

$

5,753

​

​

​

​

77

Table of Contents

Provision

​

For additional discussion regarding Provision, see the sections titled “Allowance for Credit Losses on Loans” and “Asset Quality” in this section of the filing.

​

Total Company Provision was a net charge of $2.0 million for the third quarter of 2025 compared to a net charge of $5.7 million for the same period in 2024.

​

The following were the most significant components comprising the total Company’s Provision fluctuation by reportable segment:

​

Traditional Banking segment

​

The Traditional Banking Provision during the third quarter of 2025 was a net credit of $325,000 compared to a net charge of $1.5 million for the third quarter of 2024.

​

The net credit for the third quarter of 2025 was primarily driven by the following:

​

●The Traditional Bank recorded a net credit to the Provision of $325,000 during the third quarter of 2025 consistent with a $24 million decline in Traditional Bank period-end loan balances, the change in loan mix toward loans with higher formula reserve requirements, and net charge-offs of $576,000.

​

The net charge for the third quarter of 2024 was primarily driven by the following:

​

●The Traditional Bank recorded a net credit to the Provision of $315,000 during the third quarter of 2024 primarily related to a $22 million decline in Traditional Bank period-end loan balances for the quarter.

​

●The Traditional Bank recorded $1.9 million in charge-offs related to three linked, broker-related marine loans. During the first quarter of 2025, the Traditional Bank recorded a $1.6 million insurance recovery to noninterest income associated with these loans. The Company discontinued originating broker-related marine loans during the third quarter of 2024.

​

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.28% as of September 30, 2025, compared to 1.31% as of December 31, 2024, and 1.30% as of September 30, 2024.

​

The Company believes, based on information presently available, that it has adequately provided for Traditional Banking loan losses as of September 30, 2025.

​

Warehouse Lending segment

​

Warehouse recorded a net credit to the Provision of $154,000 for the third quarter of 2025 compared to a net charge of $116,000 for the same period in 2024. Provision for both periods reflected changes in general reserves consistent with changes in outstanding period-end balances. Outstanding Warehouse period-end balances decreased $62 million during the third quarter of 2025 compared to an increase of $46 million during the third quarter of 2024.

​

As a percentage of total Warehouse outstanding balances, the Warehouse ACLL was 0.25% as of September 30, 2025, December 31, 2024, and September 30, 2024.

​

The Company believes, based on information presently available, that it has adequately provided for Warehouse loan losses as of September 30, 2025.

​

Tax Refund Solutions segment

​

Substantially all TRS Provision in both periods was related to its ERA/RA products.

​

TRS recorded a net credit to the Provision of $1.5 million during the third quarter of 2025 compared to a net credit of $2.3 million for the same period in 2024 related primarily to a decline in recoveries of prior period charge-offs. TRS experienced notably better paydowns of RAs during the first six months of 2025 compared to the same period in 2024 which has led to fewer recovery opportunities during the third quarter of 2025, as compared to the third quarter of 2024.

78

Table of Contents

​

ERAs/RAs related to the first quarter 2025 tax filing season were only originated during December of 2024 and the first two months of 2025, while ERAs/RAs related to the first quarter 2024 tax filing season were only originated during December of 2023 and the first two months of 2024. As is the case each year, as of March 31st the ACLL related to ERAs/RAs represented an estimate to be finalized on June 30th when all uncollected ERAs/RAs are ultimately charged-off. ERAs/RAs collected during the second half of each year are recorded as recoveries of previously charged-off loans unless they are covered under a loss guaranty arrangement. ERAs/RAs subject to a loss guaranty arrangement that are recovered during the second half of each year are distributed to the guarantor.

​

The Company believes, based on information presently available, that it has adequately provided for TRS loan losses as of September 30, 2025.

​

See additional detail regarding ERAs/RAs under the Footnote titled “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” and “Business Segment Composition” in this section of the filing.

​

Republic Payment Solutions segment

​

There is no ACLL or Provision for RPS, as the segment offers prepaid and debit solutions to consumers.

​

Republic Credit Solutions segment

​

As illustrated in the following table, RCS recorded a net charge to the Provision of $4.0 million during the third quarter of 2025 compared to a net charge of $6.4 million for the same period in 2024. RCS recorded net loan charge-offs of $5.1 million and $4.7 million during the third quarters of 2025 of 2024. The remainder of the Provision fluctuation was generally in-line with average outstanding balances, with higher balances in the prior year leading to higher reserve build. RCS ending loan balances decreased by $16 million during the first nine months of 2025, driven primarily by declines in the healthcare receivables programs.

​

While RCS loans generally return higher yields, they also present a greater credit risk than Traditional Banking loan products. As a percentage of total RCS loans, the RCS ACLL was 17.59% as of September 30, 2025, 16.30% as of December 31, 2024, and 15.70% as of September 30, 2024. The RCS segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher ACLL for the quarter.

​

The Company believes, based on information presently available, that it has adequately provided for RCS loan losses as of September 30, 2025.

​

The following table presents net charges to the RCS Provision by product:

​

Table 4 — Republic Credit Solutions Provision by Product

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

​

​

​

​

​

​

(dollars in thousands)

​

2025

​

2024

​

$ Change

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Product:

​

​

​

​

​

​

​

​

​

​

​

​

​

Lines of credit

​

$

3,980

​

$

6,351

​

$

(2,371)

​

(37)

%

​

Healthcare receivables

​

​

(11)

​

​

14

​

​

(25)

​

NM

​

​

Total

​

$

3,969

​

$

6,365

​

$

(2,396)

​

(38)

%

​

​

79

Table of Contents

Table 5 — Summary of Loan and Lease Loss Experience

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

​

September 30, 

​

​

(dollars in thousands)

    

2025

​

2024

​

​

​

​

​

​

​

​

​

​

ACLL at beginning of period

​

$

81,760

​

​

$

80,687

​

​

​

​

​

​

​

​

​

​

​

​

Charge-offs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

Residential real estate

​

​

(51)

​

​

 

(10)

​

​

Commercial & industrial

​

 

—

​

​

 

—

​

​

Lease financing receivables

​

 

—

​

​

 

(32)

​

​

Home equity

​

 

(3)

​

​

 

(29)

​

​

Consumer

​

​

(278)

​

​

​

(2,237)

​

​

Total Traditional Banking

​

​

(332)

​

​

​

(2,308)

​

​

Warehouse lines of credit

​

 

—

​

​

 

—

​

​

Total Core Banking

​

​

(332)

​

​

​

(2,308)

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

​

 

—

​

​

Other TRS loans

​

​

—

​

​

 

—

​

​

Republic Credit Solutions

​

​

(5,504)

​

​

 

(5,022)

​

​

Total Republic Processing Group

​

​

(5,504)

​

​

​

(5,022)

​

​

Total charge-offs

​

 

(5,836)

​

​

 

(7,330)

​

​

​

​

​

​

​

​

​

​

​

​

Recoveries:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

Residential real estate

​

​

5

​

​

​

25

​

​

Commercial real estate

​

 

—

​

​

 

313

​

​

Commercial & industrial

​

 

—

​

​

 

1

​

​

Lease financing receivables

​

 

—

​

​

 

24

​

​

Home equity

​

 

1

​

​

 

10

​

​

Consumer

​

​

75

​

​

​

131

​

​

Total Traditional Banking

​

​

81

​

​

​

504

​

​

Warehouse lines of credit

​

 

—

​

​

 

—

​

​

Total Core Banking

​

​

81

​

​

​

504

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

1,454

​

​

 

2,311

​

​

Other TRS commercial & industrial loans

​

​

14

​

​

 

—

​

​

Republic Credit Solutions

​

​

369

​

​

 

327

​

​

Total Republic Processing Group

​

​

1,837

​

​

​

2,638

​

​

​

​

​

​

​

​

​

​

​

​

Total recoveries

​

 

1,918

​

​

 

3,142

​

​

​

​

​

​

​

​

​

​

​

​

Net loan recoveries (charge-offs)

​

 

(3,918)

​

​

 

(4,188)

​

​

​

​

​

​

​

​

​

​

​

​

Provision - Core Bank Loans

​

 

(479)

​

​

 

1,604

​

​

Provision - RPG Loans

​

 

2,502

​

​

 

4,055

​

​

Total Provision for All Loans

​

 

2,023

​

​

 

5,659

​

​

ACLL at end of period

​

$

79,865

​

​

$

82,158

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL to total loans

​

 

1.51

%  

​

 

1.55

%  

​

ACLL to nonperforming loans

​

 

368

​

​

 

420

​

​

Net loan charge-offs (recoveries) to average loans

​

​

0.29

​

​

 

0.32

​

​

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL to total loans

​

 

1.16

%  

​

 

1.18

%  

​

ACLL to nonperforming loans

​

 

278

​

​

 

315

​

​

Net loan charge-offs (recoveries) to average loans

​

​

0.02

​

​

​

0.14

​

​

​

​

80

Table of Contents

Table 6 — Annualized Net Loan Charge-offs (Recoveries) to Average Loans by Loan Category

​

​

​

​

​

​

​

​

​

​

​

​

Net Loan Charge-Offs (Recoveries) to Average Loans

​

​

​

Three Months Ended

​

​

​

September 30, 

​

​

​

2025

​

2024

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

Owner-occupied

​

​

0.02

%  

​

(0.01)

%  

Nonowner-occupied

​

​

—

​

​

—

​

Commercial real estate:

​

​

​

​

​

​

​

Owner-occupied

​

​

—

​

​

—

​

Nonowner-occupied

​

​

—

​

​

—

​

Multi-Family

​

​

—

​

​

—

​

Construction & land development

​

​

—

​

​

—

​

Commercial & industrial

​

​

—

​

​

—

​

Lease financing receivables

​

​

—

​

​

0.04

​

Aircraft

​

​

—

​

​

—

​

Home equity

​

​

—

​

​

0.02

​

Consumer:

​

​

​

​

​

​

​

Credit cards

​

​

0.68

​

​

0.24

​

Overdrafts

​

​

74.02

​

​

80.85

​

Automobile loans

​

​

7.32

​

​

(9.87)

​

Other consumer

​

​

—

​

​

72.14

​

Total Traditional Banking

​

​

0.02

​

​

0.16

​

Warehouse lines of credit

​

​

—

​

​

—

​

Total Core Banking

​

​

0.02

​

​

0.14

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

Refund Advances*

​

​

NM

​

​

NM

​

Other TRS commercial & industrial loans

​

​

NM

​

​

NM

​

Republic Credit Solutions

​

​

16.93

​

​

3.40

​

Total Republic Processing Group

​

​

10.69

​

​

1.73

​

Total

​

​

0.29

%  

​

0.32

%  

*     All loss rates above are based on net charge-offs as a function of average outstanding portfolio balances. RAs are originated during the first two months of each year, with all RAs charged-off by June 30th of each year. Due to their relatively short life, RA net charge-offs are typically analyzed by the Company as a percentage of total RA originations, not as a percentage of average outstanding balances.

​

Total Company’s net charge-offs to average total Company loans decreased from 0.32% during the third quarter of 2024 to 0.29% during the third quarter of 2025, with net charge-offs decreasing $270,000, or 6%, and average total Company loans increasing $252 million, or 4%.

​

During the third quarter of 2024, the Traditional Bank recorded $1.9 million in charge-offs related to three linked, broker-related marine loans. The Company discontinued originating broker-related marine loans during the third quarter of 2024. During the first quarter of 2025, the Traditional Bank recorded a $1.6 million insurance recovery to noninterest income associated with these loans.

​

Noninterest Income

​

Total Company noninterest income decreased $245,000, or 1%, during the third quarter of 2025 compared to the same period in 2024.

​

The following were the most significant components comprising the total Company’s net interest income fluctuation by reportable segment:

​

Traditional Banking segment

​

Traditional Banking’s noninterest income decreased $576,000, or 5%, from the third quarter of 2024 compared to the third quarter of 2025.

​

Other noninterest income decreased $481,000 from the third quarter of 2024 to the third quarter of 2025. During the third quarter of 2024, the Company recorded $610,000 of annual card volume incentives, while the 2025 annual incentives, which totaled $781,000, were not received and recorded until October 2025.

​

81

Table of Contents

The Traditional Bank earns a substantial majority of its fee income related to its overdraft service program from the per item fee it assesses its customers for each insufficient-funds check or electronic debit presented for payment. The total per item fees, net of refunds, included in service charges on deposits for the three months ended September 30, 2025, and 2024 were $1.8 million and $2.0 million. The total daily overdraft charges, net of refunds, included in interest income for the three months ended September 30, 2025, and 2024 were $312,000 and $328,000.

​

Tax Refund Solutions segment

​

TRS’s noninterest income increased $546,000, or 90%, from $609,000 for the third quarter of 2024 to $1.2 million for the third quarter of 2025, led primarily by a $535,000 increase in Net RT fees associated with final TRS rebate calculations.

​

Noninterest Expense

​

Total Company noninterest expense increased $5.1 million, or 11%, during the third quarter of 2025 compared to the same period in 2024. The following were the most significant components comprising the total Company’s net interest expense fluctuation by reportable segment:

​

Traditional Banking segment

​

Traditional Banking noninterest expense increased $4.9 million, or 12%, for the third quarter of 2025 compared to the same period in 2024, primarily driven by the following:

​

●Salaries and employee benefits increased by a combined $1.9 million, or 8%, driven primarily by a $737,000 increase in health insurance claims and a $559,000 increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for the third quarter of 2025 were due to a larger expected bonus payout for 2025 based on the Company’s strong operating results through the first nine months of the year.

​

●Technology, equipment and communication expenses increased $1.1 million, or 18%, over the third quarter of 2024. The increase was driven primarily by expanded data storage, enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system. In addition, the Company operated on a month-to-month contract basis from July to October, as it transitioned to a new core system provider. Under the month-to-month contract terms, the Company paid a 25% premium above its previous contractual run rate. Management expects to incur a net benefit in technology costs in the future as a result of the new call center management system and core system conversion. In addition, the third quarter of 2024 included a $450,000 refund related to a contract billing dispute.

​

●Marketing and development expenses increased $972,000 over the third quarter of 2024, driven primarily by the Bank’s current marketing campaigns which include a new branding initiative. Overall, Traditional Banking marketing expenses are expected to remain near current levels into the foreseeable future.

​

Republic Credit Solutions segment

​

Noninterest expense at the RCS segment decreased $95,000, or 3%, during the third quarter of 2025 compared to the same period in 2024, driven primarily by a $169,000 reduction in marketing and development expenses, which generally fluctuate in-line with overall origination volume. Under the terms of the Company’s contract with its LOC II marketer-servicer, RCS reimburses the marketer-servicer a certain dollar amount for marketing costs based on each new line of credit originated during the period.

​

​

82

Table of Contents

OVERVIEW (Nine months ended September 30, 2025, Compared to Nine months ended September 30, 2024)

​

Total Company net income for the first nine months of 2025 was $108.5 million, a $26.1 million, or 32%, increase from the same period in 2024. Diluted EPS increased 32% to $5.55 for the first nine months of 2025 compared to $4.24 for the same period in 2024.

​

The following were the most significant components comprising the total Company’s net income fluctuation by reportable segment:

​

Traditional Banking segment

​

●Net income increased $9.0 million, or 22%, for the first nine months of 2025 compared to the same period in 2024.

​

●Net interest income increased $17.9 million, or 12%, for the first nine months of 2025 compared to the same period in 2024.

​

●Provision was a net credit of $577,000 for the first nine months of 2025 compared to a net charge of $2.8 million for the same period in 2024.

​

●As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.28% as of September 30, 2025, compared to 1.31% as of December 31, 2024 and 1.30% as of September 30, 2024.

​

●Noninterest income increased $6.9 million, or 23%, for the first nine months of 2025 compared to the same period in 2024.

​

●Noninterest expense increased $16.4 million, or 13%, for the first nine months of 2025 compared to the same period in 2024.

​

●Total Traditional Bank loans outstanding declined $11 million during the first nine months of 2025.

​

●Nonperforming loans to total loans for the Traditional Banking segment was 0.47% as of September 30, 2025, compared to 0.50% as of December 31, 2024 and 0.42% as of September 30, 2024.

​

●Delinquent loans to total loans for the Traditional Banking segment was 0.23% as of September 30, 2025, compared to 0.22% as of December 31, 2024 and 0.22% as of September 30, 2024.

​

●Total Traditional Bank deposits increased $337 million, or 7%, from December 31, 2024, to $4.91 billion as of September 30, 2025.

​

Warehouse Lending segment

​

●Net income increased $1.6 million, or 38%, for the first nine months of 2025 compared to the same period in 2024.

​

●Net interest income increased $1.6 million, or 19%, for the first nine months of 2025 compared to the same period in 2024.

​

●Provision was a net charge of $148,000 for the first nine months of 2025 compared to a net charge of $639,000 for the same period in 2024.

​

●Average committed Warehouse lines of credit increased to $1.01 billion for the first nine months of 2025 from $936 million for first nine months of 2024.

​

●Average LOC usage increased to 53% during the first nine months of 2025 compared to 47% during the same period in 2024.

​

Tax Refund Solutions segment

​

●Net income increased $10.6 million, or 83%, for the first nine months of 2025 compared to the same period in 2024.

​

●Net interest income decreased $2.0 million, or 6%, for the first nine months of 2025 compared to the same period in 2024.

​

●Total ERA/RA origination volume for the 2025 tax filing season totaled $802 million, representing a $72 million, or 8%, decline from $874 million originated for the 2024 tax filing season.

​

83

Table of Contents

oRA origination volume totaled $663 million during the first nine months of 2025 compared to $771 million for the first nine months of 2024. Originations for both periods occurred during the first quarter.

​

oERA origination volume totaled $139 million during the fourth quarter of 2024 related to the anticipated filing of tax returns for the upcoming first quarter 2025 tax filing season compared to $103 million during the fourth quarter of 2023 related to the anticipated filing of tax returns for the first quarter of 2024.

​

●Provision was a net charge of $10.0 million during the first nine months of 2025 compared to a net charge of $22.3 million for the same period in 2024.

​

●Noninterest income increased $2.4 million, or 16%, for the first nine months of 2025 compared to the same period in 2024.

​

●Within noninterest income, net RT revenue increased $2.4 million, or 16% for the first nine months of 2025 compared to the same period in 2024.

​

●Noninterest expense totaled $8.1 million for the first nine months of 2025 compared to $8.8 million for the same period in 2024.

​

Republic Payment Solutions segment

​

●Net income increased $742,000, or 11%, for the first nine months of 2025 compared to the same period in 2024.

​

●Net interest income increased $1.5 million, or 17%, for the first nine months of 2025 compared to the same period in 2024.

​

●Noninterest income was $2.3 million for the first nine months of 2025 compared to $2.5 million for the first nine months of 2024.

​

●Noninterest expense totaled $3.3 million for the first nine months of 2025 compared to $2.9 million for the first nine months of 2024.

Republic Credit Solutions segment

​

●Net income increased $4.2 million, or 24%, for the first nine months of 2025 compared to the same period in 2024.

​

●Net interest income increased $31,000 for the first nine months of 2025 compared to the same period in 2024.

​

●Provision was a net charge of $11.9 million during the first nine months of 2025 compared to a net charge of $15.7 million for the same period in 2024.

​

●Noninterest income decreased $343,000, or 3%, from the first nine months of 2024 to the first nine months of 2025.

​

●Noninterest expense totaled $8.7 million for the first nine months of 2025 compared to $10.4 million for the same period in 2024.

​

●Nonperforming loans to total loans for the RCS segment was 0.12% as of September 30, 2025, compared to 0.11% as of December 31, 2024 and 0.12% at September 30, 2024.

​

●Delinquent loans to total loans for the RCS segment was 7.69% as of September 30, 2025, compared to 8.00% as of December 31, 2024 and 8.10% at September 30, 2024.

​

84

Table of Contents

RESULTS OF OPERATIONS (Nine months ended September 30, 2025, Compared to Nine months ended September 30, 2024)

​

Net Interest Income

​

See the section titled “Asset/Liability Management and Market Risk” in this section of the filing regarding the Bank’s interest rate sensitivity.

​

Banking operations are significantly dependent upon net interest income. Net interest income is the difference between interest income on interest-earning assets, such as loans and investment securities and the interest expense on interest-bearing liabilities used to fund those assets, such as interest-bearing deposits, SSUAR and FHLB advances. Net interest income is impacted by both changes in the amount and composition of interest-earning assets and interest-bearing liabilities, as well as market interest rates.

​

On September 18, 2025, the FRB lowered the FFTR by 25 basis points bringing the FFTR to 4.25% as of September 30, 2025. Prior to this, the FFTR was lowered 50 basis points in late September 2024, and an additional 25 basis points in both November and December of the same year. Since April 2025, when the President proposed the implementation of broad-based sweeping tariffs against many of the U.S.’s global trading partners, there have been numerous policy changes and events that have triggered ongoing financial volatility, including the recent shutdown of the Federal government. While the FRB is currently maintaining the FFTR at a range of 4.00% to 4.25%, recent FOMC commentary has indicated additional possible rate cuts in the fourth quarter of 2025.

​

Total Company net interest income was $255.9 million during the first nine months of 2025 and represented an increase of $19.1 million, or 8%, from the first nine months of 2024. NIM increased to 5.18% during the first nine months of 2025 from 4.92% for the first nine months of 2024.

​

The following were the most significant components comprising the total Company’s net interest income and NIM fluctuations by reportable segment:

​

Traditional Banking segment

​

Traditional Bank net interest income was $167.1 million for the first nine months of 2025, a $17.9 million, or 12%, increase from $149.2 million for the first nine months of 2024. The increase in net interest income was primarily driven by period-over-period growth in average interest-earning assets and NIM expansion.

​

Traditional Bank NIM increased from 3.49% during the first nine months of 2024 to 3.84% for the first nine months of 2025, consistent with the rise in its interest-earning asset yields and significant decrease in cost of funds.

​

Items of note impacting the Traditional Bank’s change in net interest income and NIM between the first nine months of 2024 and the first nine months of 2025 were as follows:

​

●Traditional Bank average loans declined $35 million, or 1%, from $4.61 billion with a weighted-average yield of 5.55% during the first nine months of 2024 to $4.58 billion with a weighted-average yield of 5.67% during the first nine months of 2025. While the weighted-average yield earned on Traditional Bank loans increased 12 basis points, the average balance was impacted by the second quarter 2024 sale of $67 million in residential real estate loans that were previously held for investment. The increased period-over-period yield on loans was primarily driven by the replacement of lower yielding loans in the portfolio through principal amortization and payoffs with new originations with higher yields. For additional discussion of the stricter pricing strategy for new loan originations, see the section titled “Loan Portfolio” in the “COMPARISON OF FINANCIAL CONDITION” section of the filing.

​

●Average interest-earning cash, which is managed as a separate but complementary component of the Company’s overall investment portfolio, was $539 million with a weighted-average yield of 4.44% during the first nine months of 2025 compared to $435 million with a weighted-average yield of 5.46% for the first nine months of 2024. The growth in average interest-earning cash balances was primarily driven by excess funds from interest-bearing deposit growth. The lower yield on cash was driven by the 125 basis point decrease in the FFTR over the past 12 months as discussed above.

​

●Average investments increased to $705 million with a weighted-average yield of 3.78% during the first nine months of 2025 from $665 million with a weighted-average yield of 3.08% for the first nine months of 2024. The increased period-over-period yield on investments was primarily driven by the more favorable yield curve and strategic redeployment of cash from maturing

85

Table of Contents

investments into longer-term investment securities that provided more attractive yields than overnight interest-earning cash options.

​

●The weighted-average cost of total interest-bearing deposits decreased from 2.75% during the first nine months of 2024 to 2.31% for the first nine months of 2025, while average interest-bearing deposit balances grew $195 million, or 6%, for the same period. Included within this growth in interest-bearing deposits was a $276 million net increase in the average balances for business and consumer money market accounts, which generally pay premium rates, and a $57 million increase in average time deposits. The increase in average money market and time balances was partially offset by a $91 million decrease in average transaction accounts and $23 million decrease in the average balance of third-party listing service deposits. In addition, the Company obtained a $131 million brokered CD during April 2025 that matured in July.

​

●Average FHLB advances increased from $410 million for the first nine months of 2024 to $420 million for the first nine months of 2025, while the weighted-average cost of these borrowings decreased from 4.61% to 4.36% for the same time periods. The decrease in the overall weighted-average cost of FHLB advances resulted primarily from previous term extension strategies implemented in 2024 to take advantage of the then-inverted yield curve.

​

●Average noninterest-bearing deposits decreased $52 million, or 4%, during the first nine months of 2024 compared to the same period in 2025. The decline in noninterest-bearing deposits is an on-going trend for banks, in general, dating back to the fourth quarter of 2022, as the overall interest rate environment highlighted by the then-inverted yield curve, combined with the competition for deposits, continues to make premium-rate, interest-bearing checking and savings deposits a more attractive alternative for consumer and business clients.

​

Management believes that continued reductions to the FFTR will likely not benefit the Traditional Bank’s net interest income and NIM. The amount of such impact to the Traditional Bank’s net interest income and NIM resulting from the most recent change and any future changes to the FFTR will be dependent upon many factors including, but not limited to, the magnitude of the continuing shift from noninterest-bearing deposits into interest-bearing deposits, the actual steepness and shape of the yield curve, future demand for the Company’s financial products, the Company’s ability to lower its deposit costs in conjunction with, and in line with the magnitude to, the decreases to the FFTR, as well as the Company’s overall future liquidity needs.

​

For additional discussion of the factors impacting interest-earning cash and deposit balances as well as deposit betas, see sections titled “Cash and Cash Equivalents” and “Deposits” in the “COMPARISON OF FINANCIAL CONDITION” section of the filing.

​

Warehouse Lending segment

​

Warehouse Lending net interest income increased $1.6 million, or 19%, from the first nine months of 2024 to the first nine months of 2025, as total interest income increased $1.6 million, or 6%, and total interest expense decreased $19,000. While Warehouse NIM and loan yields declined 4 basis points and 100 basis points, respectively, during the first nine months of 2024 compared to the same period in 2025, average outstanding balances grew $92 million, or 21%, driving the overall increase in net interest income. Average committed Warehouse lines of credit increased from $936 million for the first nine months of 2024 to $1.01 billion for first nine months of 2025 and average LOC usage increased from 47% to 53% during the same periods.

​

Because consumer mortgage demand drives the usage of Warehouse LOCs, overall LOC usage for the Warehouse segment has historically been sensitive to changes in interest rates on the long-end of the yield curve. As a result, a decreasing interest rate environment for the long-end of the yield curve could positively impact Warehouse demand if the long-term interest rate declines are substantial. Alternatively, if interest rates only decline on the short-end of the yield curve, Warehouse demand would not likely be materially impacted.

​

Tax Refund Solutions segment

​

TRS’s net interest income decreased $2.0 million, or 6%, from the first nine months of 2024 to the first nine months of 2025. Loan-related interest and fees decreased $3.0 million, or 8%, for the first nine months of 2025, consistent with the 8% decline in total ERA/RA volume for the 2025 tax filing season. In addition, TRS received a $560,000 payment during the third quarter of 2024 representing a Tax Provider yield enhancement for the RA program to offset the Company’s higher funding costs. This yield enhancement was new for the 2024 tax season and eliminated for the 2025 tax season.

​

86

Table of Contents

Republic Payment Solutions

​

Net interest income from the Company’s prepaid card division increased $1.5 million, or 17%, for the first nine months of 2025 compared to the same period in 2024. Driving this increase at RPS was a reduction in the segment’s revenue share component for the first nine months of 2025, as its largest marketer-servicer did not achieve the minimal contractual thresholds for average deposit balances in order to earn a revenue share for the current year. By contrast, this revenue share totaled $3.6 million during the first nine months of 2024 and was recorded as interest expense in the segment’s income statement. At this time, Management is uncertain how much the revenue share component may be in the future, as deposit balances originated through this marketer-servicer are at levels near the thresholds necessary to achieve a revenue share, making a future revenue share possible, but not certain.

​

Partially offsetting the positive benefit of the decreased revenue share, RPS earned a lower yield of 4.31% applied to the $349 million average of prepaid program balances for the first nine months of 2025 compared to a yield of 5.01% for the $362 million in average prepaid card balances for the first nine months of 2024. The lower earnings rate was driven primarily by a decrease in the FFTR of 125 basis points from September of 2024 to September of 2025.

​

Historically, overall customer prepaid card demand has not been interest rate sensitive, and therefore management does not believe a changing interest rate environment would impact origination volume for these products. A declining interest rate environment, however, would likely negatively impact the Company’s internal FTP credit allocated to this segment more than it would impact any revenue share the Company pays, decreasing the segment's NIM. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume.

​

Republic Credit Solutions segment

​

Historically, overall customer demand for RCS consumer loan products has not been interest rate sensitive, and therefore management does not believe a changing interest rate environment would materially impact origination volume for these products. A declining interest rate environment, however, would likely positively impact the Company’s internal FTP cost allocated to this segment, increasing the segments NIM. The exact amount of the impact would depend on the final internal FTP cost assigned, as well as the overall volume and mix of loans the segment generates.

​

​

87

Table of Contents

The following table presents average balances along with the related calculations of tax-equivalent net interest income, NIM and net interest spread for the related periods.

​

Table 7 — Total Company Average Balance Sheets and Interest Rates

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

Nine Months Ended September 30, 2024

​

​

​

Average

    

​

​

    

Average

​

​

Average

    

​

​

    

Average

​

(dollars in thousands)

​

Balance

​

Interest

​

Rate

​

​

Balance

​

Interest

​

Rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ASSETS

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Federal funds sold and other interest-earning deposits

​

$

538,644

​

$

17,879

 

4.44

%  

  

​

$

435,189

​

$

17,795

 

5.46

%  

​

Investment securities, including FHLB stock (a)

​

​

704,701

​

​

19,929

 

3.78

​

​

​

​

665,151

​

​

15,360

 

3.08

​

​

TRS Refund Advance loans (b)

​

​

99,988

​

​

33,332

​

44.57

​

​

​

​

107,742

​

​

35,436

​

43.93

​

​

RCS LOC products (b)

​

​

45,844

​

​

36,794

​

107.31

​

​

​

​

43,398

​

​

35,579

​

109.51

​

​

Other RPG loans

​

 

107,723

​

​

5,137

 

6.38

​

​

​

 

120,280

​

​

7,455

 

8.28

​

​

Outstanding Warehouse lines of credit

​

​

533,979

​

​

27,973

​

7.00

​

​

​

​

442,217

​

​

26,489

​

8.00

​

​

Traditional Bank loans (c)

​

 

4,577,673

​

​

194,236

 

5.67

​

​

​

 

4,612,204

​

​

191,764

 

5.55

​

​

Total loans (d)

​

​

5,365,207

​

​

297,472

​

7.41

​

​

​

​

5,325,841

​

​

296,723

​

7.44

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-earning assets

​

 

6,608,552

​

 

335,280

 

6.78

​

​

​

 

6,426,181

​

 

329,878

 

6.86

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance for credit loss

​

 

(96,320)

​

​

​

​

​

​

​

​

 

(95,352)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-earning assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-earning cash and cash equivalents

​

 

198,110

​

​

​

​

​

​

​

​

 

155,169

​

​

​

​

​

​

​

Premises and equipment, net

​

 

34,458

​

​

​

​

​

​

​

​

 

33,553

​

​

​

​

​

​

​

Bank owned life insurance

​

 

108,472

​

​

​

​

​

​

​

​

 

105,138

​

​

​

​

​

​

​

Other assets (a)

​

 

275,358

​

​

​

​

​

​

​

​

 

254,126

​

​

​

​

​

​

​

Total assets

​

$

7,128,630

​

​

​

​

​

​

​

​

$

6,878,815

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

LIABILITIES AND STOCKHOLDERS’ EQUITY

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest-bearing liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transaction accounts

​

$

1,700,931

​

$

7,824

 

0.61

%  

​

​

$

1,802,805

​

$

17,935

 

1.33

%  

​

Money market accounts

​

 

1,415,628

​

​

30,627

 

2.89

​

​

​

 

1,134,374

​

​

29,228

 

3.44

​

​

Time deposits

​

 

440,808

​

​

12,503

 

3.79

​

​

​

 

383,626

​

​

11,392

 

3.97

​

​

Reciprocal money market and time deposits

​

​

316,771

​

​

7,863

​

3.32

​

​

​

​

339,495

​

​

10,776

​

4.24

​

​

Brokered deposits

​

 

193,373

​

​

6,505

 

4.50

​

​

​

 

230,496

​

​

9,240

 

5.35

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-bearing deposits

​

 

4,067,511

​

 

65,322

 

2.15

​

​

​

 

3,890,796

​

 

78,571

 

2.70

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

SSUARs and other short-term borrowings

​

 

89,755

​

 

393

 

0.59

​

​

​

 

88,140

​

 

403

 

0.61

​

​

Federal Home Loan Bank advances

​

 

420,476

​

 

13,705

 

4.36

​

​

​

 

409,854

​

 

14,144

 

4.61

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total interest-bearing liabilities

​

 

4,577,742

​

 

79,420

 

2.32

​

​

​

 

4,388,790

​

 

93,118

 

2.83

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing liabilities and Stockholders’ equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

 

1,355,572

​

​

​

​

​

​

​

​

 

1,389,759

​

​

​

​

​

​

​

Other liabilities

​

 

141,767

​

​

​

​

​

​

​

​

 

145,883

​

​

​

​

​

​

​

Stockholders’ equity

​

 

1,053,549

​

​

​

​

​

​

​

​

 

954,383

​

​

​

​

​

​

​

Total liabilities and stock-holders’ equity

​

$

7,128,630

​

​

​

​

​

​

​

​

$

6,878,815

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest income

​

​

​

​

$

255,860

​

​

​

​

​

​

​

​

$

236,760

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest spread

​

​

​

​

​

​

 

4.46

%  

​

​

​

​

​

​

​

 

4.03

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

​

​

​

​

​

 

5.18

%  

​

​

​

​

​

​

​

 

4.92

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

a)For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.
b)Interest income for TRS RAs and RCS LOC products is composed entirely of loan fees.
c)Average balances for loans include the principal balance of nonaccrual loans and loans HFS, and are inclusive of all loan premiums, discounts, fees and costs.
d)See Table 8 for detail of loan fees by reporting segment.

​

​

88

Table of Contents

The following table illustrates loan fees recorded as interest income on loans by segment:

​

Table 8 — Loan Fee Income

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 

(dollars in thousands)

​

2025

​

2024

​

​

​

​

​

​

​

Traditional Banking

​

$

4,051

​

$

4,165

Warehouse Lending

​

​

1,043

​

​

977

Total Core Bank

​

​

5,094

​

​

5,142

TRS

​

​

33,717

​

​

36,669

RCS

​

​

36,794

​

​

35,579

Total RPG

​

​

70,511

​

​

72,248

​

​

​

​

​

​

​

Total loan fees - Total Company

​

$

75,605

​

$

77,390

​

The following table illustrates the extent to which changes in interest rates and changes in the volume of interest-earning assets and interest-bearing liabilities impacted Republic’s interest income and interest expense during the periods indicated. Information is provided in each category with respect to (i) changes attributable to changes in volume (changes in volume multiplied by prior rate), (ii) changes attributable to changes in rate (changes in rate multiplied by prior volume), and (iii) net change. The changes attributable to the combined impact of volume and rate have been allocated proportionately to the changes due to volume and the changes due to rate.

​

Table 9 — Total Company Volume/Rate Variance Analysis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 2025

​

​

​

​

Compared to

​

​

​

​

Nine Months Ended September 30, 2024

​

​

​

Total Net

​

Increase / (Decrease) Due to

​

(in thousands)

​

Change

    

Volume

    

Rate

​

​

​

​

​

​

​

​

​

​

​

​

Interest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Federal funds sold and other interest-earning deposits

​

$

84

​

$

3,779

​

$

(3,695)

​

Investment securities, including FHLB stock

​

​

4,569

​

​

954

​

​

3,615

​

TRS Refund Advance loans*

​

​

(2,104)

​

​

(2,577)

​

​

473

​

RCS LOC products

​

​

1,215

​

​

1,972

​

​

(757)

​

Other RPG loans

​

 

(2,318)

​

 

(721)

​

 

(1,597)

​

Outstanding Warehouse lines of credit

​

​

1,484

​

​

5,058

​

​

(3,574)

​

Traditional Bank loans

​

 

2,472

​

 

(1,440)

​

 

3,912

​

Net change in interest income

​

 

5,402

​

 

7,025

​

 

(1,623)

​

​

​

​

​

​

​

​

​

​

​

​

Interest expense:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Transaction accounts

​

 

(10,111)

​

 

(959)

​

​

(9,152)

​

Money market accounts

​

 

1,399

​

 

6,529

​

​

(5,130)

​

Time deposits

​

 

1,111

​

 

1,637

​

​

(526)

​

Reciprocal money market and time deposits

​

​

(2,913)

​

 

(683)

​

​

(2,230)

​

Brokered deposits

​

​

(2,735)

​

​

(1,365)

​

 

(1,370)

​

SSUARs and other short-term borrowings

​

 

(10)

​

 

7

​

​

(17)

​

Federal Home Loan Bank advances

​

 

(439)

​

 

359

​

 

(798)

​

Net change in interest expense

​

 

(13,698)

​

 

5,525

​

 

(19,223)

​

​

​

​

​

​

​

​

​

​

​

​

Net change in net interest income

​

$

19,100

​

$

1,500

​

$

17,600

​

* Since interest income for RAs is composed entirely of loan fees and RAs are only offered during the first two months of each year, volume and rate measurements for this product are not a meaningful metric for the periods presented above.

​

​

89

Table of Contents

Provision

​

For additional discussion regarding Provision, see the sections titled “Allowance for Credit Losses on Loans” and “Asset Quality” in the “COMPARISON OF FINANCIAL CONDITION” section of the filing.

​

Total Company Provision was a net charge of $21.5 million for the first nine months of 2025 compared to a net charge of $41.4 million for the same period in 2024.

​

The following were the most significant components comprising the total Company’s Provision fluctuation by reportable segment:

​

Traditional Banking segment

​

The Traditional Banking Provision during the first nine months of 2025 was a net credit of $577,000 compared to a net charge of $2.8 million for the first nine months of 2024.

​

The net credit for the first nine months of 2025 was primarily driven by the following:

​

●During the first quarter of 2025, approximately $5 million of consumer credit cards were re-designated from held for investment to HFS, which generated a credit to the Provision of $414,000. The consumer credit card sale was completed during the second quarter of 2025.

​

●During the second quarter of 2025, as a practical expedient, the Company established a minimum loan balance threshold in assessing credits for impairment resulting in a $518,000 credit adjustment to the Provision.

​

●While loan balances at the Traditional Bank decreased $11 million, or less than 1%, during the first nine months of 2025, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher Provision for the quarter.

​

●The Traditional Bank recorded net charge-offs of $701,000 during the first nine months of 2025.

​

The net charge for the first nine months of 2024 was primarily driven by the following:

​

●The Traditional Bank recorded a net charge to the Provision of $545,000 during the first nine months of 2024 related to general formula reserves applied to Traditional Bank loans. While loan balances at the Traditional Bank decreased by $52 million during the first nine months of 2024, the segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher Provision for the quarter.

​

●The Traditional Bank recorded $1.9 million in charge-offs related to three linked, broker-related marine loans during the third quarter of 2024. During the first quarter of 2025, the Traditional Bank recorded a $1.6 million insurance recovery to noninterest income associated with these loans. The Company discontinued originating broker-related marine loans during the third quarter of 2024.

​

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.28% as of September 30, 2025, compared to 1.31% as of December 31, 2024 and 1.30% as of September 30, 2024.

The Company believes, based on information presently available, that it has adequately provided for Traditional Banking loan losses as of September 30, 2025.

​

Warehouse Lending segment

​

Warehouse recorded a net charge to the Provision of $148,000 for the first nine months of 2025 compared to a net charge of $639,000 for the same period in 2024. Provision for both periods reflected changes in general reserves consistent with changes in outstanding period-end balances. Outstanding Warehouse period-end balances increased $59 million during the first nine months of 2025 compared to an increase of $255 million during the first nine months of 2024.

​

As a percentage of total Warehouse outstanding balances, the Warehouse ACLL was 0.25% as of September 30, 2025, December 31, 2024, and September 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Warehouse loan losses as of September 30, 2025.

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Table of Contents

Tax Refund Solutions segment

​

Substantially all TRS Provision in both periods was related to its ERA/RA products.

​

TRS recorded a net charge to the Provision of $10.0 million during the first nine months of 2025 compared to a net charge of $22.3 million for the same period in 2024.

​

ERAs/RAs related to the first quarter 2025 tax filing season were only originated during December of 2024 and the first two months of 2025, while ERAs/RAs related to the first quarter 2024 tax filing season were only originated during December of 2023 and the first two months of 2024. As is the case each year, as of March 31st the ACLL related to ERAs/RAs represented an estimate to be finalized on June 30th when all uncollected ERAs/RAs are ultimately charged-off. ERAs/RAs collected during the second half of each year are recorded as recoveries of previously charged-off loans unless they are covered under a loss guaranty arrangement. ERAs/RAs subject to a loss guaranty arrangement that are recovered during the second half of each year are distributed to the guarantor.

​

During the fourth quarter of 2024, the Company revised its agreement with its largest third-party marketer-servicer for ERAs/RAs for the 2025 Tax Season. In addition to a new loss cap guarantee specific to ERAs for the 2025 Tax Season, the fee specific to ERAs for the 2025 Tax Season was increased with the fee applicable to in-season RAs for the 2025 Tax Season being reduced.

​

Total ERA/RA origination volume for the 2025 tax filing season totaled $802 million, representing a $72 million, or 8%, decline from $874 million originated for the 2024 tax filing season. RA origination volume totaled $663 million during the first nine months of 2025 compared to $771 million for the first nine months of 2024. Originations for both periods occurred during the first quarter. ERA origination volume totaled $139 million during the fourth quarter of 2024 related to the anticipated filing of tax returns for the upcoming first quarter 2025 tax filing season compared to $103 million during the fourth quarter of 2023 related to the anticipated filing of tax returns for the first quarter of 2024.

​

The lower Provision during the first nine months of 2025 compared to the same period in 2024 related to the following factors:

​

●Fee structure changes and volume decline detailed above;

​

●Significant improvement in payments received from the U.S. Treasury to fund federal tax refunds for the first quarter 2025 tax filing season; and

​

●A larger percentage of ERA Provision was recorded during December 2024 compared to December 2023, effectively leading to a lower Provision during the first nine months of 2025 than the first nine months of 2024. ERA provisioning in December 2024 was based on the final loss rate realized from the ERAs originated December 2023.

​

As of September 30, 2025, TRS’s incurred loss rate related to unguaranteed loans associated with the first quarter 2025 tax filing season was 2.66% of the $801 million total originations. In-line with its customary June 30th charge-off policy for TRS loans, the Company completely charged-off all remaining unpaid ERAa/RAs as of June 30, 2025 which equated to 2.81% of total originations.

​

As of September 30, 2024, TRS’s incurred loss rate related to unguaranteed loans associated with the first quarter 2024 tax filing season was 3.30% of the $874 million of total originations. In June 2024, the Company charged off all unpaid TRS loans which equated to 3.22% of total originations. The final loss rate of unguaranteed ERAs/RAs for the 2024 Tax Season was 2.81% of originations.

​

The Company believes, based on information presently available, that it has adequately provided for TRS loan losses as of September 30, 2025.

​

See additional detail regarding ERAs/RAs under the Footnote titled “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” and “Business Segment Composition” in this section of the filing.

​

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Table of Contents

Republic Payment Solutions segment

​

There is no ACLL or Provision for RPS, as the segment offers prepaid and debit solutions to consumers.

​

Republic Credit Solutions segment

​

As illustrated in the following table, RCS recorded a net charge to the Provision of $11.9 million during the first nine months of 2025 compared to a net charge of $15.7 million for the same period in 2024. RCS recorded net charge-offs of $14.1 million during the first nine months of 2025 compared to $12.9 million during the first nine months of 2024. The remainder of the Provision fluctuation was generally in-line with average outstanding balances, with higher balances in the prior year leading to higher reserve build. RCS ending loan balances decreased by $16 million during the first nine months of 2025, primarily related to the healthcare receivables programs. During the first nine months of 2024, loan balances increased by a net $2 million.

​

While RCS loans generally return higher yields, they also present a greater credit risk than Traditional Banking loan products. As a percentage of total RCS loans, the RCS ACLL was 17.59% as of September 30, 2025, 16.30% as of December 31, 2024, and 15.70% as of September 30, 2024.

​

The Company believes, based on information presently available, that it has adequately provided for RCS loan losses as of September 30, 2025.

​

Table 10 — Republic Credit Solutions Provision by Product Type

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

(dollars in thousands)

​

2025

​

​

2024

​

$ Change

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Product:

​

​

​

​

​

​

​

​

​

​

​

​

Lines of credit

​

$

11,955

​

$

15,746

​

$

(3,791)

​

(24)

%

Healthcare receivables

​

​

(36)

​

​

(4)

​

​

(32)

​

800

​

Total

​

$

11,919

​

$

15,742

​

$

(3,823)

​

(24)

%

​

​

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Table of Contents

Table 11 — Summary of Loan and Lease Loss Experience

​

​

​

​

​

​

​

​

​

​

​

​

Nine Months Ended

​

​

​

September 30, 

​

(dollars in thousands)

​

2025

​

2024

​

​

​

​

​

​

​

​

​

ACLL at beginning of period

​

$

91,978

​

​

$

82,130

​

​

​

​

​

​

​

​

​

​

Charge-offs:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

Residential real estate

​

​

(80)

​

​

 

(62)

​

Commercial & industrial

​

 

(18)

​

​

 

—

​

Lease financing receivables

​

 

(138)

​

​

 

(90)

​

Home equity

​

 

(3)

​

​

 

(29)

​

Consumer

​

​

(834)

​

​

​

(2,841)

​

Total Traditional Banking

​

​

(1,073)

​

​

​

(3,022)

​

Warehouse lines of credit

​

 

—

​

​

 

—

​

Total Core Banking

​

​

(1,073)

​

​

​

(3,022)

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

Refund Advances

​

​

(24,893)

​

​

 

(32,555)

​

Other TRS commercial & industrial loans

​

​

(165)

​

​

 

(137)

​

Republic Credit Solutions

​

​

(14,142)

​

​

 

(13,882)

​

Total Republic Processing Group

​

​

(39,200)

​

​

​

(46,574)

​

Total charge-offs

​

 

(40,273)

​

​

 

(49,596)

​

​

​

​

​

​

​

​

​

​

Recoveries:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

Residential real estate

​

​

68

​

​

​

105

​

Commercial real estate

​

 

3

​

​

 

336

​

Commercial & industrial

​

 

—

​

​

 

3

​

Lease financing receivables

​

 

22

​

​

 

46

​

Home equity

​

 

28

​

​

 

11

​

Consumer

​

​

252

​

​

​

305

​

Total Traditional Banking

​

​

373

​

​

​

806

​

Warehouse lines of credit

​

 

—

​

​

 

—

​

Total Core Banking

​

​

373

​

​

​

806

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

Refund Advances

​

​

5,153

​

​

 

6,377

​

Other TRS commercial & industrial loans

​

​

17

​

​

 

44

​

Republic Credit Solutions

​

​

1,099

​

​

 

967

​

Total Republic Processing Group

​

​

6,269

​

​

​

7,388

​

Total recoveries

​

 

6,642

​

​

 

8,194

​

​

​

​

​

​

​

​

​

​

Net loan charge-offs

​

 

(33,631)

​

​

 

(41,402)

​

​

​

​

​

​

​

​

​

​

Provision - Core Banking

​

 

(429)

​

​

 

3,406

​

Provision - RPG

​

 

21,947

​

​

 

38,024

​

Total Provision

​

 

21,518

​

​

 

41,430

​

ACLL at end of period

​

$

79,865

​

​

$

82,158

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL to total loans

​

 

1.51

%  

​

 

1.55

%  

ACLL to nonperforming loans

​

 

368

​

​

 

420

​

Net loan charge-offs to average loans

​

 

0.84

​

​

 

1.04

​

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL to total loans

​

 

1.16

%  

​

 

1.18

%  

ACLL to nonperforming loans

​

 

278

​

​

 

315

​

Net loan charge-offs to average loans

​

​

0.02

​

​

​

0.06

​

​

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Table of Contents

Table 12 — Annualized Net Loan Charge-offs (Recoveries) to Average Loans by Loan Category

​

​

​

​

​

​

​

​

​

​

​

​

Net Loan Charge-Offs (Recoveries) to Average Loans

​

​

​

Nine Months Ended

​

​

​

September 30, 

​

​

​

2025

​

2024

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

Owner occupied

​

​

—

%  

​

—

%  

Nonowner occupied

​

​

—

​

​

—

​

Commercial real estate:

​

​

​

​

​

​

​

Owner-occupied

​

​

—

​

​

—

​

Nonowner-occupied

​

​

—

​

​

(0.02)

​

Multi-Family

​

​

—

​

​

—

​

Construction & land development

​

​

—

​

​

—

​

Commercial & industrial

​

​

—

​

​

—

​

Lease financing receivables

​

​

0.16

​

​

0.08

​

Aircraft

​

​

—

​

​

—

​

Home equity

​

​

(0.01)

​

​

—

​

Consumer:

​

​

​

​

​

​

​

Credit cards

​

​

0.61

​

​

1.28

​

Overdrafts

​

​

79.84

​

​

74.84

​

Automobile loans

​

​

—

​

​

(0.43)

​

Other consumer

​

​

0.05

​

​

0.44

​

Total Traditional Banking

​

​

0.02

​

​

0.02

​

Warehouse lines of credit

​

​

—

​

​

—

​

Total Core Banking

​

​

0.02

​

​

0.06

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

Refund Advances*

​

​

25.42

​

​

34.58

​

Other TRS loans

​

​

1.22

​

​

0.78

​

Republic Credit Solutions

​

​

13.94

​

​

12.19

​

Total Republic Processing Group

​

​

17.36

​

​

22.76

​

Total

​

​

0.84

%  

​

1.04

%  

*     All loss rates above are based on net charge-offs as a function of average outstanding portfolio balances. RAs are originated during the first two months of each year, with all RAs charged-off by June 30th of each year. Due to their relatively short life, RA net charge-offs are typically analyzed by the Company as a percentage of total RA originations, not as a percentage of average outstanding balances.

​

The Company’s net charge-offs to average total Company loans decreased from 1.04% during the first nine months of 2024 to 0.84% during the first nine months of 2025, with net charge-offs decreasing $7.8 million, or 19%, and average total Company loans increasing $39 million, or 1% over the same periods. As discussed in the previous section, the decrease in net charge-offs was primarily driven by a $6.4 million, or 24%, decrease in period-over-period net charge-offs within the Company’s TRS segment related to significantly better payments received from the U.S. Treasury to pay off ERAs/RAs during the 2025 tax season.

​

During the third quarter of 2024, the Traditional Bank recorded $1.9 million in charge-offs related to three linked, broker-related marine loans. The Company discontinued originating broker-related marine loans during the third quarter of 2024. During the first quarter of 2025, the Traditional Bank recorded a $1.6 million insurance recovery to noninterest income associated with these broker-related loans.

​

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Table of Contents

Noninterest Income

​

Total Company noninterest income increased $8.8 million, or 15%, during the first nine months of 2025 compared to the same period in 2024.

​

The following were the most significant components comprising the total Company’s noninterest income fluctuation by reportable segment:

​

Traditional Banking segment

​

Noninterest income increased $6.9 million, or 23%, for the first nine months of 2025 compared to the same period in 2024, primarily driven by the following:

​

●Mortgage Banking income increased $1.8 million, or 45% from the first nine months of 2024 to the first nine months of 2025. Approximately $1.0 million of the increase was the result of a negative fair value adjustment recorded during the first quarter of 2024 related to $67 million of correspondent loans that were re-designated from held for investment to HFS during the period. The remaining $800,000 increase related to a $15 million, or 11%, increase in the volume of fixed rate loans that were sold into the secondary market during the first nine months of 2025 compared to the first nine months of 2024.

​

●The Traditional Bank recorded a $4.1 million gain on sale of Visa Class B-1 shares during the first quarter of 2025. The Visa Class B-1 common stock was issued to Visa’s U.S. member banks during 2008 in connection with a reorganization and Initial Public Offering.

​

●Other noninterest income increased $1.2 million, or 38%, during the nine months ended September 30, 2025 compared to the same period in 2024, led primarily by a $1.6 million insurance recovery related to a $1.9 million charge-off recorded in 2024. Partially offsetting the insurance recovery, annual card volume incentives decreased $612,000, or 85%. During the third quarter of 2024, the Company recorded $610,000 of annual card volume incentives, while the 2025 annual incentives, which totaled $781,000, were not received and recorded until October 2025.

​

●The Traditional Bank also earns a substantial majority of its fee income related to its overdraft service program from the per item fee it assesses its customers for each insufficient-funds check or electronic debit presented for payment. The total per item fees, net of refunds, included in service charges on deposits for the nine months ended September 30, 2025, and 2024 were $5.3 million and $5.5 million. The total daily overdraft charges, net of refunds, included in interest income for the nine months ended September 30, 2025, and 2024 were $894,000 and $928,000.

​

Tax Refund Solutions segment

​

TRS’s noninterest income increased $2.4 million, or 16%, during the first nine months of 2025 compared to the same period in 2024, with RT fees representing the majority of noninterest income for each period. Despite a 5.6% decrease in overall volume, RT income expanded $2.4 million, or 16%, in 2025 attributable to a 22.8% increase in the per-unit net fee earned. The better per-unit profitability was led primarily by select product price increases combined with a minimal change in revenue share.

​

For factors affecting the comparison of the TRS results of operations for the first nine months of 2025 and the first nine months of 2024, see section titled “OVERVIEW (Nine Months Ended September, 2025, Compared to Nine Months Ended September 30, 2024) - Tax Refund Solutions.”

​

Noninterest Expense

​

Total Company noninterest expense increased $14.4 million, or 10%, during the first nine months of 2025 compared to the same period in 2024.

​

The following were the most significant components comprising the total Company’s noninterest expense fluctuation by reportable segment:

​

Traditional Banking segment

​

Traditional Bank noninterest expense increased $16.4 million, or 13%, for the first nine months of 2025 compared to the same period in 2024, driven primarily by the following:

95

Table of Contents

​

●Salaries and employee benefits increased by a combined $4.7 million, or 6%, driven primarily by a $1.5 million increase in health insurance claims and a $2.3 million increase in estimated bonus-related expenses. The larger estimated bonus-related expenses for 2025 were due to a larger expected bonus payout for 2025 based on the Company’s strong operating results through the first nine months of the year.

​

●Technology, equipment and communication expenses increased $3.1 million, or 16%, over the first nine months of 2024. The increase in Technology expense was driven primarily by expanded data storage, enhanced security and new ancillary systems, including additional costs resulting from the transition to a new call center management system. In addition, the Company operated on a month-to-month contract basis from July to October, as it transitioned to a new core system provider. Under the month-to-month contract terms, the Company paid a 25% premium above its previous contractual run rate. Management expects to incur a net benefit in technology costs in the future as a result of the new call center management system and core system conversion. In addition, the third quarter of 2024 included a $450,000 refund related to a contract billing dispute.

​

●Marketing and development expenses increased $968,000, or 46%, over the first nine months of 2024 driven primarily by the Bank’s current marketing campaigns which include a new branding initiative. Overall, Traditional Banking marketing expenses are expected to remain near current levels into the foreseeable future.

​

Republic Credit Solutions segment

​

Noninterest expense at the RCS segment decreased $1.8 million, or 17%, during the first nine months of 2025 compared to the same period in 2024, primarily driven by a $2.2 million, or 52%, reduction in marketing and development expenses, which generally fluctuate in-line with overall origination volume. Under the terms of the Company’s contract with its LOC II marketer-servicer, RCS reimburses the marketer-servicer a certain dollar amount for marketing costs based on each new line of credit originated during the period.

​

​

96

Table of Contents

COMPARISON OF FINANCIAL CONDITION AS OF SEPTEMBER 30, 2025, AND DECEMBER 31, 2024

​

Cash and Cash Equivalents

​

Cash and cash equivalents include cash, deposits with other financial institutions with original maturities less than 90 days, and federal funds sold. The Company had $484 million in cash and cash equivalents as of September 30, 2025, compared to $432 million as of December 31, 2024. Average interest-earning cash and cash equivalent totaled $539 million for the first nine months of 2025, compared to $435 million for the first nine months of 2024. Despite the increase in ending and average interest-earning cash balances, over the past several months the Company has deployed a higher percentage of its excess cash into investment securities.

​

Beginning in 2020, the Company utilized a general investing strategy of purchasing securities with shorter-term durations and maintained a large amount of excess cash at the FRB. Beginning in the fourth quarter of 2024 and continuing through first nine months of 2025, the Company purchased investment securities with longer durations, as a result of a more favorable yield curve and the more attractive yield above the overnight cash yield. The yield curve, which began to steepen during the fourth quarter of 2024, became positively sloped in late March 2025 and remained so through the end of September 2025.

​

For cash held at the FRB, the Bank earns a yield on amounts in excess of required reserves. This cash earned a weighted-average yield of 4.44% during the first nine months of 2025. For cash held within the Bank’s banking center and automated/integrated teller machine networks, the Bank does not earn interest.

​

Investment Securities

​

Table 13 — Purchases of Investment Securities

​

​

​

​

​

​

​

​

​

​

​

​

    

​

Nine Months Ended September 30, 2025

​

​

​

Purchase

​

Yield to

​

Estimated Weighted

(dollars in thousands)

​

​

Cost

​

Maturity

​

Average Life

​

​

​

​

​

​

​

​

​

​

​

Purchases by Class for the Three Months Ended March 31, 2025

​

​

​

​

​

​

​

​

​

​

U.S. Government Agencies

​

​

$

55,000

​

5.01

%

​

4.86

yrs

Mortgage-backed securities - residential

​

​

​

79,584

​

5.20

​

​

5.53

​

Total

​

​

$

134,584

​

5.12

​

​

5.26

yrs

​

​

​

​

​

​

​

​

​

​

​

Purchases by Class for the Three Months Ended June 30, 2025

​

​

​

​

​

​

​

​

​

​

U.S. Government Agencies

​

​

$

35,000

​

4.71

%

​

3.00

yrs

Mortgage-backed securities - residential

​

​

​

149,198

​

5.11

​

​

3.62

​

Total

​

​

$

184,198

​

5.04

​

​

3.50

yrs

​

​

​

​

​

​

​

​

​

​

​

Purchases by Class for the Three Months Ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

U.S. Government Agencies

​

​

$

119,979

​

4.36

%

​

3.98

yrs

Mortgage-backed securities - residential

​

​

​

197,394

​

4.62

​

​

3.88

​

Total

​

​

$

317,373

​

4.52

​

​

3.92

yrs

​

​

​

​

​

​

​

​

​

​

​

Total Purchases for the Nine Months Ended September 30,  2025

​

​

$

636,155

​

4.80

%

​

3.84

yrs

​

Republic’s investment portfolio increased $254 million, or 43%, from December 31, 2024, to September 30, 2025. The increase was primarily driven by $636 million of securities purchases, partially offset by $184 million in calls and maturities of debt securities and paydowns on MBS’s.

​

Beginning in 2020, the Company utilized a general investing strategy of purchasing securities with shorter-term durations and maintained a large amount of excess cash at the FRB. Beginning in the fourth quarter of 2024 and continuing through first nine months of 2025, the Company purchased investment securities with longer durations, as a result of a more favorable yield curve and the more attractive yield above the overnight cash yield. The yield curve, which began to steepen during the fourth quarter of 2024, became positively sloped in late March 2025 and remained so through the end of September 2025.

​

Strategies for the investment securities portfolio are influenced by economic and market conditions, loan demand, deposit mix, and liquidity needs. The Company’s overall investment management strategy for the remainder of 2025 and beyond will be dependent upon many factors including, but not limited to, the Company’s overall current and projected liquidity positions, its customers’ demand for its loans and deposit products, the Company’s overall interest rate risk position, the steepness of the yield curve and the overall interest rate environment at the time, as well as the projected interest rate environment for the near-term and the long-term.

​

97

Table of Contents

Federal Home Loan Bank Stock

​

FHLB stock holdings increased $1 million to $26 million at September 30, 2025 compared to $25 million at December 31, 2024. FHLB members are required to hold certain levels of FHLB stock in relation to the amount of advances, thus FHLB stock holdings will fluctuate consistently with borrowing activity from period to period.

​

Loans

​

The composition of the loan portfolio follows:

​

Table 14 — Loan Portfolio Composition

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

    

September 30, 2025

    

December 31, 2024

​

$ Change

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

$

1,044,737

​

$

1,032,459

​

$

12,278

​

1

%  

Nonowner-occupied

​

​

 

291,373

​

 

318,096

​

 

(26,723)

​

(8)

​

Commercial real estate:

​

​

 

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

​

643,519

​

 

659,216

​

 

(15,697)

​

(2)

​

Nonowner-occupied

​

​

​

801,644

​

 

840,517

​

 

(38,873)

​

(5)

​

Multi-Family

​

​

​

321,453

​

 

313,444

​

 

8,009

​

3

​

Construction & land development

​

​

 

246,065

​

 

244,121

​

 

1,944

​

1

​

Commercial & industrial

​

​

 

488,786

​

 

460,245

​

 

28,541

​

6

​

Lease financing receivables

​

​

 

96,605

​

 

93,304

​

 

3,301

​

4

​

Aircraft*

​

​

 

202,742

​

 

226,179

​

 

(23,437)

​

(10)

​

Home equity

​

​

 

399,691

​

 

353,441

​

 

46,250

​

13

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

10,787

​

 

16,464

​

 

(5,677)

​

(34)

​

Overdrafts

​

​

​

881

​

 

982

​

 

(101)

​

(10)

​

Automobile loans

​

​

​

813

​

 

1,156

​

 

(343)

​

(30)

​

Other consumer

​

​

​

9,210

​

 

9,555

​

 

(345)

​

(4)

​

Total Traditional Banking

​

​

​

4,558,306

​

​

4,569,179

​

​

(10,873)

​

(0)

​

Warehouse lines of credit*

​

​

 

609,826

​

 

550,760

​

 

59,066

​

11

​

Total Core Banking

​

​

​

5,168,132

​

​

5,119,939

​

​

48,193

​

1

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group*:

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

 

​

​

 

​

​

 

​

​

​

​

Refund Advances

​

​

 

—

​

 

138,614

​

 

(138,614)

​

(100)

​

Other TRS commercial & industrial loans

​

​

​

292

​

​

52,180

​

​

(51,888)

​

(99)

​

Republic Credit Solutions

​

​

 

112,950

​

 

128,733

​

 

(15,783)

​

(12)

​

Total Republic Processing Group

​

​

 

113,242

​

 

319,527

​

 

(206,285)

​

(65)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans**

​

​

​

5,281,374

​

​

5,439,466

​

​

(158,092)

​

(3)

​

Allowance for credit losses

​

​

 

(79,865)

​

 

(91,978)

​

 

12,113

​

(13)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans, net

​

​

$

5,201,509

​

$

5,347,488

​

$

(145,979)

​

(3)

​

*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.

​

98

Table of Contents

Total gross loans decreased by $158 million, or 3%, during the first nine months of 2025 to $5.28 billion as of September 30, 2025. The most significant components comprising the change in loans by reportable segment follow:

​

Traditional Banking segment

​

Traditional Banking period-end loan balances decreased $11 million from December 31, 2024, to September 30, 2025, as increased LOC usage within the HELOC and C&I portfolios was more than offset by contraction within the residential real estate, CRE and aircraft lending portfolios. During March 2025, the Company reached an agreement to sell approximately $5 million of consumer credit cards that were previously classified as held for investment. The sale of these credit cards was completed during the second quarter of 2025.

​

In addition, Management has continued to generally maintain a stricter pricing strategy across all lending types due to the at times less-favorable yield curve and elevated funding costs in the market. As expected, this stricter pricing strategy has continued to lead to slower overall origination volume across most product types.

​

Warehouse Lending segment

​

Outstanding Warehouse period-end balances increased $59 million, or 11%, from December 31, 2024, to September 30, 2025. Average committed Warehouse lines of credit increased from $938 million for the year ended December 31, 2024, to $1.01 billion during the nine months ended September 30, 2025, with higher demand driving average usage rates for Warehouse lines of credit from 50% to 53% for the respective periods.

​

Due to mortgage market volatility and seasonality, it is challenging to accurately project future outstanding balances of Warehouse lines of credit, however expansion within the portfolio has historically followed industry trends. Since entering the line of business in 2011, the Bank has experienced volatility in the Warehouse portfolio consistent with overall demand for mortgage products. Weighted-average quarterly usage rates on the Bank’s Warehouse lines of credit ranged from a low of 31% during the first quarter of 2023 to a high of 71% during the fourth quarter of 2019. On an annual basis, weighted-average usage rates on the Warehouse lines of credit have ranged from a low of 39% during 2022 to a high of 66% during 2020.

​

Tax Refund Solutions segment

​

TRS loan balances as of December 31, 2024, included ERAs of $139 million originated during December 2024 and $52 million of commercial-related loans to Tax Providers to assist with their short-term cashflow needs. These balances paid down to $0 as of June 30, 2025, or were charged off in line with the Company’s charge-off policy.

​

Allowance for Credit Losses on Loans

​

The Bank maintains an ACLL for expected credit losses inherent in the Bank’s loan portfolio, which includes overdrawn deposit accounts. The Bank also maintains an ACLC for expected OBS credit exposure losses. Management evaluates the adequacy of the ACLL monthly, and the adequacy of the ACLC quarterly. All ACLs are presented and discussed with the Audit Committee and the Board of Directors quarterly.

​

The Company’s ACLL decreased to $80 million at September 30, 2025, compared to $92 million at December 31, 2024, with the total Company ACLL percent of total loans decreased to 1.51% as of September 30, 2025, compared to 1.69% as of December 31, 2024. An analysis of the ACLL by reportable segment follows:

​

Traditional Banking segment

​

While loan balances at the Traditional Bank decreased slightly, or $11 million, during the first nine months of 2025, the ACLL decreased $1 million to $58 million as of September 30, 2025. In the second quarter of 2025, as a practical expedient, the Company established a minimum loan balance threshold in assessing credits for impairment that resulted in a $518,000 credit adjustment to both the ACLL and Provision.

​

As a percentage of total Traditional Bank loans, the Traditional Banking ACLL was 1.28% as of September 30, 2025, compared to 1.31% as of December 31, 2024 and 1.30% as of September 30, 2024. The Company believes, based on information presently available, that it has adequately provided for Traditional Banking loan losses as of September 30, 2025.

​

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Table of Contents

Warehouse Lending segment

​

The Warehouse ACLL increased $148,000, to $1.5 million, while the Warehouse ACLL to total Warehouse loans remained at 0.25% when comparing September 30, 2025 to December 31, 2024. Outstanding Warehouse period-end balances increased $59 million, or 11%, from December 31, 2024 to September 30, 2025. As of September 30, 2025, the Warehouse ACLL was entirely qualitative in nature with no adjustments to the qualitative reserve percentage required for the first nine months of 2025.

​

Tax Refund Solutions segment

​

The TRS ACLL decreased $10 million from December 31, 2024, to $0 as of September 30, 2025, with this decrease primarily driven by the June 30, 2025, charge-off of all unpaid ERAs and Commercial-related loan balances to tax providers originated in December 2024.

​

Republic Credit Solutions segment

​

The RCS ACLL decreased $1.1 million to $20 million as of September 30, 2025, driven primarily by the decrease in the LOC II and hospital receivable product spot loan balances.

​

RCS maintained an ACLL for two distinct credit products offered as of September 30, 2025, including its LOC products and its healthcare receivables products. As of September, 2025, the ACLL to total loans estimated for each RCS product ranged from as low as 0.25% for its healthcare receivables products to as high as 70.63% for its LOC products. The lower reserve percentage of 0.25% was provided for RCS’s healthcare receivables, as such receivables have recourse back to the third-party providers.

​

While RCS loans generally return higher yields, they also present a greater credit risk than Traditional Banking loan products. As a percentage of total RCS loans, the RCS ACLL was 17.59% as of September 30, 2025, 16.30% as of December 31, 2024, and 15.70% as of September 30, 2024. The segment continued to experience a change in loan mix, growing in categories with higher loan loss reserve requirements thus driving its higher ACLL for the quarter.

​

100

Table of Contents

The following table sets forth management’s allocation of the ACLL by loan class. The ACLL allocation is based on management’s assessment of economic conditions, historical loss experience, forecasting for unemployment and vacancy rates, and various other life-of-loan and forecast considerations, as well as qualitative factors.

​

Table 15 — Management’s Allocation of the Allowance for Credit Losses on Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

December 31, 2024

​

​

​

​

    

Percent of

    

    

Percent of

​

​

​

    

Percent of

    

    

Percent of

​

​

​

​

​

Loans to

​

​

ACLL to

​

​

​

​

Loans to

​

​

ACLL to

​

​

​

​

​

Total

​

​

Total

​

​

​

​

Total

​

​

Total

(dollars in thousands)

  

ACLL

​

Loans*

​

​

Loan Class

  

ACLL

​

Loans*

​

​

Loan Class*

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

10,854

​

19

%  

​

1.04

%  

​

$

10,849

 

20

%  

 

1.05

%

Nonowner-occupied

​

 

3,706

​

6

​

​

1.27

​

​

 

4,140

 

6

​

 

1.30

​

Commercial real estate

​

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

7,111

​

12

​

​

1.11

​

​

​

7,425

​

12

​

​

1.13

​

Nonowner-occupied

​

​

11,622

​

15

​

​

1.45

​

​

​

12,474

​

16

​

​

1.48

​

Multi-Family

​

​

2,765

​

6

​

​

0.86

​

​

​

2,657

​

6

​

​

0.85

​

Total commercial real estate

​

​

21,498

​

33

​

​

1.22

​

​

​

22,556

 

34

​

 

1.24

​

Construction & land development

​

 

8,250

​

5

​

​

3.35

​

​

 

8,227

 

4

​

 

3.37

​

Commercial & industrial

​

​

2,485

​

9

​

​

0.51

​

​

​

2,527

​

8

​

​

0.55

​

Lease financing receivables

​

​

1,030

​

2

​

​

1.07

​

​

​

1,117

​

2

​

​

1.20

​

Aircraft

​

​

507

​

4

​

​

0.25

​

​

​

565

​

4

​

​

0.25

​

Home equity

​

​

8,312

​

8

​

​

2.08

​

​

​

7,378

​

6

​

​

2.09

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

966

​

—

​

​

8.96

​

​

​

1,379

​

—

​

​

8.38

​

Overdrafts

​

​

635

​

—

​

​

72.08

​

​

​

724

​

—

​

​

73.73

​

Automobile loans

​

​

1

​

—

​

​

0.12

​

​

​

11

​

—

​

​

0.95

​

Other consumer

​

​

235

​

—

​

​

2.55

​

​

​

283

​

—

​

​

2.96

​

Total Traditional Banking

​

​

58,479

​

86

​

​

1.28

​

​

​

59,756

​

84

​

​

1.31

​

Warehouse lines of credit

​

​

1,522

​

12

​

​

0.25

​

​

​

1,374

​

10

​

​

0.25

​

Total Core Banking

​

​

60,001

​

98

​

​

1.16

​

​

​

61,130

​

94

​

​

1.19

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

 

​

​

​

​

​

​

​

​

 

​

​

​

​

​

​

​

Refund Advances

​

 

—

​

—

​

​

—

​

​

 

9,793

 

3

​

 

7.06

​

Other TRS commercial & industrial loans

​

 

1

​

—

​

​

0.34

​

​

 

68

 

1

​

 

0.13

​

Republic Credit Solutions

​

​

19,863

​

2

​

​

17.59

​

​

​

20,987

​

2

​

​

16.30

​

Total Republic Processing Group

​

​

19,864

​

2

​

​

17.54

​

​

​

30,848

​

6

​

​

9.65

​

Total

​

$

79,865

​

100

​

​

1.51

​

​

$

91,978

 

100

​

 

1.69

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

* Values of less than 50 basis points are rounded down to zero.

​

101

Table of Contents

Asset Quality

​

Classified and Special Mention Loans

​

The Bank applies credit quality indicators, or ratings, to individual loans based on internal Bank policies. Such internal policies are informed by regulatory standards. Loans rated “Loss,” “Doubtful,” “Substandard,” and PCD-Substandard are considered “Classified.” Classified loans increased by $20 million from December 31, 2024 to September 30, 2025, while Special Mention loans decreased approximately $30 million for the same period.

​

In the second quarter of 2025, the Company downgraded a $22 million hospitality relationship from Special Mention to Substandard based on the overall performance of the underlying operations. Based on the value of the collateral securing the relationship and current exit strategy, no future loss is currently expected. The Company does not have a material concentration of hospitality credits.

​

See the Footnote titled “Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” for additional discussion regarding Classified and Special Mention loans.

​

Table 16 — Classified and Special Mention Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

    

December 31, 2024

​

$ Change

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss

​

$

—

​

$

—

​

$

—

​

—

%

​

Doubtful

​

 

—

​

 

—

​

​

—

​

—

​

​

Substandard

​

 

47,604

​

 

27,350

​

​

20,254

​

74

​

​

PCD - Substandard

​

 

853

​

 

1,378

​

​

(525)

​

(38)

​

​

Total Classified Loans

​

 

48,457

​

 

28,728

​

​

19,729

​

69

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Special Mention

​

 

24,207

​

 

53,924

​

​

(29,717)

​

(55)

​

​

PCD - Special Mention

​

 

—

​

 

359

​

​

(359)

​

(100)

​

​

Total Special Mention Loans

​

 

24,207

​

 

54,283

​

​

(30,076)

​

(55)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Classified and Special Mention Loans

​

$

72,664

​

$

83,011

​

$

(10,347)

​

(12)

%

​

​

Nonperforming Loans

​

Nonperforming loans include loans on nonaccrual status and loans past due 90-days-or-more and still accruing. Nonperforming loans to total loans decreased to 0.41% as of September 30, 2025, from 0.42% as of December 31, 2024, as the total balance of nonperforming loans decreased by $1 million and total loans decreased $158 million.

​

The ACLL to total nonperforming loans decreased to 368% as of September 30, 2025, from 404% as of December 31, 2024, as the total ACLL decreased $12 million and the balance of nonperforming loans decreased by $1 million.

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Table of Contents

Table 17 — Nonperforming Loans and Nonperforming Assets Summary

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

    

December 31, 2024

    

​

​

​

​

​

​

​

​

Loans on nonaccrual status*

​

$

21,572

​

$

22,619

​

Loans past due 90-days-or-more and still on accrual**

​

 

137

​

 

141

​

Total nonperforming loans

​

 

21,709

​

 

22,760

​

Other real estate owned

​

 

1,246

​

 

1,160

​

Total nonperforming assets

​

$

22,955

​

$

23,920

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

ACLL to total loans

​

​

1.51

%  

​

1.69

%

ACLL to nonperforming loans

​

​

368

​

​

404

​

Nonaccrual loans to total loans

​

​

0.41

​

​

0.42

​

Nonperforming loans to total loans

​

 

0.41

​

 

0.42

​

Nonperforming assets to total loans (including OREO)

​

 

0.43

​

 

0.44

​

Nonperforming assets to total assets

​

 

0.33

​

 

0.35

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Bank:

​

​

​

​

​

​

​

ACLL to total loans

​

 

1.16

%  

​

1.19

%

ACLL to nonperforming loans

​

​

278

​

​

270

​

Nonaccrual loans to total loans

​

​

0.42

​

​

0.44

​

Nonperforming loans to total loans

​

 

0.42

​

​

0.44

​

Nonperforming assets to total loans (including OREO)

​

 

0.44

​

 

0.46

​

Nonperforming assets to total assets

​

 

0.35

​

 

0.39

​

*

Loans on nonaccrual status include collateral-dependent loans. See the Footnote titled“Loans and Allowance for Credit Losses on Loans” of Part I Item 1 “Financial Statements” for additional discussion regarding collateral-dependent loans.

**

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

​

Table 18 — Nonperforming Loan Composition

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

December 31, 2024

​

​

​

​

​

​

Percent of

​

​

​

​

Percent of

​

​

   

​

​

​

Total

​

​

​

​

Total

(dollars in thousands)

​

Balance

​

Loan Class

Balance

​

Loan Class

​

​

   

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

   

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

   

$

17,510

​

1.68

%  

  

$

17,331

​

1.68

%  

Nonowner-occupied

 

   

 

126

​

0.04

​

​

 

81

​

0.03

​

Commercial real estate:

 

   

 

​

​

​

​

​

 

​

​

​

​

Owner-occupied

​

​

​

421

​

0.07

​

​

​

424

​

0.06

​

Nonowner-occupied

​

​

​

—

​

—

​

​

​

799

​

0.10

​

Multi-Family

​

​

​

—

​

—

​

​

​

—

​

—

​

Construction & land development

 

   

 

—

​

—

​

​

 

—

​

—

​

Commercial & industrial

 

   

 

588

​

0.12

​

​

 

860

​

0.19

​

Lease financing receivables

 

   

 

87

​

0.09

​

​

 

147

​

0.16

​

Aircraft

​

​

​

—

​

—

​

​

 

56

​

0.02

​

Home equity

 

   

 

2,837

​

0.71

​

  

 

2,359

​

0.67

​

Consumer:

​

   

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

—

​

—

​

​

​

—

​

—

​

Overdrafts

​

​

​

—

​

—

​

​

​

—

​

—

​

Automobile loans

​

​

​

3

​

0.37

​

​

​

5

​

0.43

​

Other consumer

​

​

​

—

​

—

​

​

​

557

​

5.83

​

Total Traditional Banking

​

​

​

21,572

​

0.47

​

​

​

22,619

​

0.50

​

Warehouse lines of credit

 

   

 

—

​

—

​

​

 

—

​

—

​

Total Core Banking

​

​

​

21,572

​

0.42

​

​

​

22,619

​

0.44

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

 

   

 

​

​

​

​

​

 

​

​

​

​

Refund Advances

 

   

 

—

​

—

​

​

 

—

​

—

​

Other TRS commercial & industrial loans

​

​

​

—

​

—

​

​

​

—

​

—

​

Republic Credit Solutions

 

   

 

137

​

0.12

​

​

 

141

​

0.11

​

Total Republic Processing Group

​

   

 

137

​

0.12

​

​

 

141

​

0.04

​

​

​

   

​

​

​

​

​

​

​

​

​

​

​

Total nonperforming loans

​

   

$

21,709

​

0.41

%  

​

$

22,760

​

0.42

%  

​

​

   

​

​

​

​

​

​

​

​

​

​

​

​

103

Table of Contents

Table 19 — Stratification of Nonperforming Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of Nonperforming Loans and Recorded Investment

 

​

    

​

    

​

​

    

​

​

    

Balance

    

​

​

    

​

​

    

​

​

    

​

​

 

​

​

​

​

Balance

​

​

​

​

> $100 &

​

​

​

​

Balance 

​

​

​

​

Total

 

September 30, 2025 (dollars in thousands)

​

No.

​

<= $100

​

​

No.

​

<= $500

​

​

No.

​

> $500

​

​

No.

​

Balance

 

​

 

​

​

​

​

​

 

​

​

​

​

​

 

​

​

​

​

​

 

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

 

142

​

$

5,349

 

​

68

​

$

10,381

 

​

2

​

$

1,780

 

​

212

​

$

17,510

​

Nonowner-occupied

 

3

​

 

126

 

​

—

​

 

—

 

​

—

​

 

—

 

​

3

​

 

126

​

Commercial real estate:

 

​

​

 

​

 

​

​

​

 

​

 

​

​

​

 

​

 

​

​

​

 

​

​

Owner-occupied

​

—

​

​

—

​

​

1

​

​

421

​

​

—

​

 

—

​

​

1

​

 

421

​

Nonowner-occupied

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

​

—

​

 

—

​

Multi-Family

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

​

—

​

 

—

​

Construction & land development

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Commercial & industrial

 

—

​

 

—

 

​

2

​

 

588

 

​

—

​

 

—

 

​

2

​

 

588

​

Lease financing receivables

 

4

​

 

87

 

​

—

​

 

—

 

​

—

​

 

—

 

​

4

​

 

87

​

Aircraft

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Home equity

 

49

​

 

1,692

 

​

7

​

 

1,145

 

​

—

​

 

—

 

​

56

​

 

2,837

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Overdrafts

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Automobile loans

​

1

​

 

3

 

​

—

​

 

—

 

​

—

​

 

—

 

​

1

​

 

3

​

Other consumer

​

—

​

​

—

​

​

—

​

 

—

​

​

—

​

​

—

​

​

—

​

 

—

​

Total Traditional Banking

​

199

​

​

7,257

​

​

78

​

​

12,535

​

​

2

​

​

1,780

​

​

279

​

​

21,572

​

Warehouse lines of credit

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Total Core Banking

​

199

​

​

7,257

​

​

78

​

​

12,535

​

​

2

​

​

1,780

​

​

279

​

​

21,572

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

Other TRS commercial & industrial loans

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

Republic Credit Solutions

​

NM

​

​

137

​

​

—

​

​

—

​

​

—

​

​

—

​

​

NM

​

 

137

​

Total Republic Processing Group

​

NM

​

​

137

​

​

—

​

​

—

​

​

—

​

​

—

​

​

NM

​

​

137

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

 

199

​

$

7,394

 

​

78

​

$

12,535

 

​

2

​

$

1,780

 

​

279

​

$

21,709

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NM – Not meaningful. RCS loans are generally small dollar homogenous consumer loans.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Number of Nonperforming Loans and Recorded Investment

 

​

    

​

    

​

​

    

​

​

    

Balance

    

​

​

    

​

​

    

​

​

    

​

​

 

​

​

​

​

Balance

​

​

​

​

> $100 &

​

​

​

​

Balance 

​

​

​

​

Total

 

December 31, 2024 (dollars in thousands)

​

No.

​

<= $100

​

​

No.

​

<= $500

​

​

No.

​

> $500

​

​

No.

​

Balance

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

 

140

​

$

5,119

 

​

65

​

$

10,247

 

​

2

​

$

1,965

 

​

207

​

$

17,331

​

Nonowner-occupied

 

3

​

 

81

 

​

—

​

 

—

 

​

—

​

 

—

 

​

3

​

 

81

​

Commercial real estate:

 

​

​

 

​

 

​

​

​

 

​

 

​

​

​

 

​

 

​

​

​

 

​

​

Owner-occupied

​

—

​

​

—

​

​

2

​

​

424

​

​

—

​

​

—

​

​

2

​

​

424

​

Nonowner-occupied

​

—

​

​

—

​

​

1

​

​

275

​

​

1

​

​

524

​

​

2

​

​

799

​

Multi-Family

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Construction & land development

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Commercial & industrial

 

4

​

 

182

 

​

2

​

 

678

 

​

—

​

 

—

 

​

6

​

 

860

​

Lease financing receivables

 

—

​

 

—

 

​

1

​

 

147

 

​

—

​

 

—

 

​

1

​

 

147

​

Aircraft

​

1

​

 

56

 

​

—

​

 

—

 

​

—

​

 

—

 

​

1

​

 

56

​

Home equity

 

37

​

 

1,288

 

​

7

​

 

1,071

 

​

—

​

 

—

 

​

44

​

 

2,359

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Overdrafts

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Automobile loans

​

1

​

 

5

 

​

—

​

 

—

 

​

—

​

 

—

 

​

1

​

 

5

​

Other consumer

​

2

​

​

57

​

​

—

​

 

—

​

​

1

​

​

556

​

​

3

​

 

613

​

Total Traditional Banking

​

188

​

​

6,788

​

​

78

​

​

12,842

​

​

4

​

​

3,045

​

​

270

​

​

22,675

​

Warehouse lines of credit

 

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

 

​

—

​

 

—

​

Total Core Banking

​

188

​

​

6,788

​

​

78

​

​

12,842

​

​

4

​

​

3,045

​

​

270

​

​

22,675

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

Other TRS commercial & industrial loans

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

 

—

​

Republic Credit Solutions

​

—

​

​

—

​

​

1

​

​

141

​

​

—

​

​

—

​

​

1

​

 

141

​

Total Republic Processing Group

​

—

​

​

—

​

​

1

​

​

141

​

​

—

​

​

—

​

​

1

​

​

141

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

 

188

​

$

6,788

 

​

79

​

$

12,983

 

​

4

​

$

3,045

 

​

271

​

$

22,816

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

NM – Not meaningful. RCS loans are generally small dollar homogenous consumer loans.

​

104

Table of Contents

Table 20 — Rollforward of Nonperforming Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

Nine Months Ended

 

​

​

September 30, 

​

September 30, 

​

(in thousands)

​

2025

​

2024

​

2025

​

2024

    

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans at the beginning of the period

​

$

21,642

​

$

20,541

​

$

22,760

​

$

20,618

​

Loans added to nonperforming status during the period that remained nonperforming at the end of the period

​

 

2,930

​

 

2,007

​

 

6,693

​

 

5,565

​

Loans removed from nonperforming status during the period that were nonperforming at the beginning of the period (see table below)

​

 

(2,454)

​

 

(1,599)

​

 

(6,466)

​

 

(3,919)

​

Principal balance paydowns of loans nonperforming at both period ends

​

​

(437)

​

​

(1,071)

​

​

(1,214)

​

​

(1,549)

​

Net change in principal balance of other nonperforming loans*

​

 

28

​

 

(333)

​

 

(64)

​

 

(1,170)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans at the end of the period

​

$

21,709

​

$

19,545

​

$

21,709

​

$

19,545

​

*

Includes RCS loans which are small dollar homogeneous consumer loans.

​

Table 21 — Detail of Loans Removed from Nonperforming Status

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

Nine Months Ended

​

​

September 30, 

​

September 30, 

(in thousands)

    

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans charged-off

​

$

—

​

$

—

​

$

—

​

$

(13)

Loans transferred to OREO

​

 

(212)

​

 

—

​

 

(212)

​

 

(168)

Loan payoffs and paydowns

​

 

(1,619)

​

 

—

​

 

(4,555)

​

 

(155)

Loans returned to accrual status

​

 

(623)

​

 

(1,599)

​

 

(1,699)

​

 

(3,583)

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans removed from nonperforming status during the period that were nonperforming at the beginning of the period

​

$

(2,454)

​

$

(1,599)

​

$

(6,466)

​

$

(3,919)

​

Based on the Bank’s review as of September 30, 2025, management believes that its reserves are adequate to absorb expected losses on all nonperforming loans.

​

Delinquent Loans

​

Total Company delinquent loans to total loans decreased to 0.37% as of September 30, 2025, from 0.38% as of December 31, 2024. Core Bank delinquent loans to total Core Bank loans increased slightly to 0.21% as of September 30, 2025, from 0.20% as of December 31, 2024. Except for small-dollar consumer loans, all Traditional Bank loans past due 90-days-or-more as of September 30, 2025, and December 31, 2024, were on nonaccrual status.

105

Table of Contents

Table 22 — Delinquent Loan Composition* 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2025

December 31, 2024

​

​

​

​

​

​

Percent of

​

​

​

​

Percent of

​

​

​

​

​

​

Total

​

​

​

​

Total

(dollars in thousands)

    

Balance

​

Loan Class

Balance

​

Loan Class

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

   

$

7,606

​

0.73

%  

   

$

7,015

​

0.68

%  

Nonowner-occupied

​

   

 

—

​

—

​

   

 

21

​

0.01

​

Commercial real estate:

​

   

 

​

​

​

​

   

 

​

​

​

​

Owner-occupied

​

​

​

—

​

—

​

​

​

244

​

0.04

​

Nonowner-occupied

​

​

​

—

​

—

​

​

​

275

​

0.03

​

Multi-Family

​

​

​

—

​

—

​

​

​

—

​

—

​

Construction & land development

​

   

 

—

​

—

​

   

 

—

​

—

​

Commercial & industrial

​

   

 

892

​

0.18

​

   

 

904

​

0.20

​

Lease financing receivables

​

​

​

116

​

0.12

​

​

​

75

​

0.08

​

Aircraft

​

​

​

—

​

—

​

​

​

—

​

—

​

Home equity

​

​

​

1,879

​

0.47

​

​

​

1,396

​

0.39

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

24

​

0.22

​

​

​

28

​

0.17

​

Overdrafts

​

​

​

116

​

13.17

​

​

​

173

​

17.62

​

Automobile loans

​

​

​

—

​

—

​

​

​

11

​

0.95

​

Other consumer

​

​

​

58

​

0.63

​

​

​

43

​

0.45

​

Total Traditional Banking

​

​

​

10,691

​

0.23

​

​

​

10,185

​

0.22

​

Warehouse lines of credit

​

​

​

—

​

—

​

​

​

—

​

—

​

Total Core Banking

​

​

​

10,691

​

0.21

​

​

​

10,185

​

0.20

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

   

 

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

   

 

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

   

 

—

​

—

​

   

 

—

​

—

​

Other TRS commercial & industrial loans

​

   

 

—

​

—

​

   

 

—

​

—

​

Republic Credit Solutions

​

   

 

8,691

​

7.69

​

   

 

10,304

​

8.00

​

Total Republic Processing Group

​

   

 

8,691

​

7.67

​

   

 

10,304

​

3.22

​

​

​

   

​

​

​

​

​

   

​

​

​

​

​

Total delinquent loans

​

   

$

19,382

​

0.37

%  

   

$

20,489

​

0.38

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

*     Represents total loans 30-days-or-more past due. Delinquent status may be determined by either the number of days past due or number of payments past due.

​

​

106

Table of Contents

Table 23 — Rollforward of Delinquent Loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

Nine Months Ended

​

September 30, 

​

September 30, 

(in thousands)

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

​

Delinquent loans at the beginning of the period

$

19,086

​

$

19,283

​

$

20,489

​

$

22,092

Loans added to delinquency status during the period and remained in delinquency status at the end of the period

 

5,265

​

 

4,678

​

 

7,146

​

 

5,606

Loans removed from delinquency status during the period that were in delinquency status at the beginning of the period (see table below)

 

(4,455)

​

 

(3,253)

​

 

(6,455)

​

 

(3,073)

Principal balance paydowns of loans delinquent at both period ends

​

(78)

​

​

(738)

​

​

(166)

​

​

(704)

Net change in principal balance of other delinquent loans*

 

(436)

​

 

980

​

 

(1,632)

​

 

(2,971)

Delinquent loans at the end of period

$

19,382

​

$

20,950

​

$

19,382

​

$

20,950

*

Includes RCS loans which are small dollar homogeneous consumer loans.

​

Table 24 — Detail of Loans Removed from Delinquent Status

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

Nine Months Ended

​

​

​

September 30, 

​

September 30, 

​

(in thousands)

    

2025

    

2024

    

2025

    

2024

​

​

​

​

​

​

​

​

​

​

​

    

​

​

​

Loans charged-off

​

$

—

​

$

—

​

$

—

​

$

(15)

​

Loans transferred to OREO

​

 

(212)

​

 

—

​

 

(212)

​

 

(168)

​

Loan payoffs and paydowns

​

 

(1,250)

​

 

(360)

​

 

(2,626)

​

 

(640)

​

Loans paid current

​

 

(2,993)

​

 

(2,893)

​

 

(3,617)

​

 

(2,250)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total loans removed from delinquency status during the period that were in delinquency status at the beginning of the period

​

$

(4,455)

​

$

(3,253)

​

$

(6,455)

​

$

(3,073)

​

​

Premises and Equipment

​

Premises and equipment are presented on the consolidated balance sheets net of related accumulated depreciation on the respective assets, as well as fair value adjustments associated with purchase accounting. Premises and equipment increased $6 million, or 17%, between December 31, 2024, and September 30, 2025. The Company’s branch network currently consists of 47 locations throughout Kentucky, Indiana, Florida, Ohio, and Tennessee.

​

Right-of-Use Assets and Operating Lease Liabilities

​

The Company records right-of-use assets for the underlying leased property. Operating lease liabilities represent the present value of its required minimum lease payments plus any amounts probable of being owed under a residual value guarantee.

​

Goodwill

​

At September 30, 2025, and December 31, 2024, the Company had $41 million in goodwill recorded on its balance sheet. Goodwill of $24 million is attributed to the 2023 CBank acquisition. Additionally, goodwill totaling $6 million and $10 million is attributed to the acquisitions of Cornerstone Community Bank and GulfStream Community Bank in 2016 and 2006, respectively. The acquisitions of Tennessee Commerce Bank and First Commercial Bank in 2012 resulted in bargain purchase gains.

​

Events that may trigger goodwill impairment include deterioration in economic conditions, a decline in market-dependent multiples or metrics (i.e., stock price declining below tangible book value), negative trends in overall financial performance and regulatory actions. At September 30, 2025, the Company performed its annual qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting units exceeded their carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting units exceeded their fair value.

​

Bank Owned Life Insurance

​

BOLI assets increased $3 million, or 2%, to $110 million at September 30, 2025, compared to $107 million at December 31, 2024, the increase being attributed to general appreciation of the cash surrender values within the policy plans experienced during the first nine months of 2025.

​

​

​

107

Table of Contents

Core Deposit Intangibles

​

CDIs arising from business acquisitions are initially measured at fair value and are then amortized on an accelerated method based on their useful lives. As of September 30, 2025, and December 31, 2024, the Company’s CDI assets totaled $1.6 million and $2.0 million, respectively.

​

Other Assets and Other Liabilities

​

Other assets decreased $6 million, or 3%, to $192 million between December 31, 2024, and September 30, 2025. Other liabilities increased $46,000, to $109 million over the same period. The decline in other assets stems from the largely offsetting impact of recording additional tax credit investment assets.

​

Deposits

​

Table 25 — Deposit Composition

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

September 30, 2025

    

December 31, 2024

​

$ Change

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Core Bank:

​

​

​

​

​

​

​

​

​

​

​

​

Demand

​

$

1,143,036

​

$

1,166,517

​

$

(23,481)

​

(2)

%

Money market

​

 

1,513,646

​

 

1,295,024

​

​

218,622

​

17

​

Savings

​

 

214,261

​

 

238,596

​

​

(24,335)

​

(10)

​

Reciprocal money market

​

 

261,994

​

 

212,033

​

​

49,961

​

24

​

Individual retirement accounts (1)

​

 

35,029

​

 

34,543

​

​

486

​

1

​

Time deposits, $250 and over (1)

​

 

154,240

​

 

129,593

​

​

24,647

​

19

​

Other certificates of deposit (1)

​

 

288,553

​

 

239,643

​

​

48,910

​

20

​

Reciprocal time deposits (1)

​

​

78,167

​

​

80,016

​

​

(1,849)

​

(2)

​

Wholesale brokered deposits (1)

​

 

87,383

​

 

87,285

​

​

98

​

0

​

Total Core Bank interest-bearing deposits

​

​

3,776,309

​

​

3,483,250

​

​

293,059

​

8

​

Total Core Bank noninterest-bearing deposits

​

 

1,169,772

​

 

1,123,208

​

​

46,564

​

4

​

Total Core Bank deposits

​

 

4,946,081

​

 

4,606,458

​

​

339,623

​

7

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

Wholesale brokered deposits (1)

​

​

13,304

​

​

199,964

​

​

(186,660)

​

(93)

​

Interest-bearing prepaid card deposits

​

​

286,567

​

​

296,921

​

​

(10,354)

​

(3)

​

Money market accounts

​

​

23,142

​

​

22,647

​

​

495

​

2

​

Total RPG interest-bearing deposits

​

​

323,013

​

​

519,532

​

​

(196,519)

​

(38)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing prepaid card deposits

​

​

4,040

​

​

2,842

​

​

1,198

​

42

​

Other noninterest-bearing deposits

​

​

65,211

​

​

81,714

​

​

(16,503)

​

(20)

​

Total RPG noninterest-bearing deposits

​

​

69,251

​

​

84,556

​

​

(15,305)

​

(18)

​

Total RPG deposits

​

​

392,264

​

​

604,088

​

​

(211,824)

​

(35)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total deposits

​

$

5,338,345

​

$

5,210,546

​

$

127,799

​

2

%

(1)Represents time deposits

​

Total deposits increased $128 million, or 2%, from December 31, 2024, to $5.34 billion as of September 30, 2025.

​

Total Core Bank deposits increased by $340 million, or 7%, from December 31, 2024 to September 30, 2025. Within the Core Bank’s deposits, interest-bearing deposits increased $293 million and noninterest-bearing deposits increased $47 million over the respective period.

​

Core Bank time deposits increased $74 million during the first nine months of 2025 ending at $404 million. In addition, consumer and money market accounts, which pay premium rates, increased $219 million, or 17% during the first nine months of 2025. The Core Bank continues to experience general migration from low and noninterest-bearing accounts to higher costing accounts.

​

While Core Bank period-end noninterest-bearing deposits increased $47 million for the first nine months of 2025, the average balances of Core Bank noninterest-bearing deposits for the first nine months of 2025 decreased $51 million, or 4%, compared to the fourth quarter of 2024. Overall, the Core Bank’s noninterest-bearing deposits have experienced a general quarterly decline in balances dating back to the fourth quarter of 2022.

​

108

Table of Contents

Within RPG, period-end total deposit balances decreased $212 million, or 35%, during the first nine months of 2025, with $194 million of the decline associated with the maturity of short-term brokered deposits used to partially fund TRS ERA/RA loan volume for the 2025 Tax Season. Deposits related to the prepaid card program declined $25 million, or 7%, during the first nine months of 2025 due primarily to contraction in balances from the segment’s largest marketer-servicer.

​

As previously disclosed, RPS began sharing a sizable portion of the interest revenue it earns on its prepaid card balances with its prepaid card marketer-servicers during the first quarter of 2024. This revenue share is reported as interest expense on deposits. As a result, all prepaid card deposit balances subject to a revenue share arrangement will be reported as interest-bearing deposits on an on-going basis, as long as they remain subject to a revenue share arrangement. Conversely, for any periods reported prior to 2024, these deposits will remain noninterest-bearing as they were not subject to a revenue share arrangement during those periods.

​

Securities Sold Under Agreements to Repurchase

​

SSUARs are collateralized by securities and are treated as financings; accordingly, the securities involved with the agreements are recorded as assets and are held by a safekeeping agent and the obligations to repurchase the securities are reflected as liabilities. All securities underlying the agreements are under the Bank’s control. SSUARs represent large customer relationships deposited into the Bank that require security collateral above the $250,000 FDIC insurance limit of the Bank.

​

SSUARs decreased $29 million, or 28%, during 2025 to $75 million as of September 30, 2025. Due to the size of the underlying relationships, large fluctuations in the underlying account balances from period to period are common.

​

Federal Home Loan Bank Advances

​

FHLB advances totaled $375 million as of September 30, 2025, compared to $395 million as of December 31, 2024. There were no overnight borrowings as of September 30, 2025, compared to $25 million as of December 31, 2024. The Company has utilized FHLB advances over the past year to partially fund its noninterest-bearing deposit outflow and overall loan growth.

​

As of September 30, 2025, the Company’s outstanding FHLB advances had a weighted-average maturity of 1.78 years and a weighted-average cost of 4.33%, both including the impact of the related swaps. Overall use of FHLB advances during a given year is dependent upon many factors including asset growth, deposit growth, current earnings, and expectations of future interest rates, among others.

​

Interest Rate Swaps

​

The Bank enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments, the Bank enters into offsetting positions to minimize the Bank’s interest rate risk. These swaps are derivatives, but are not designated as hedging instruments, and therefore changes in fair value are reported in current year’s earnings.

​

In addition, as noted in the section above, the Company entered into $100 million of notional amount balance sheet related interest rate swaps during the second quarter of 2024 in order to take advantage of the more attractive long-term pricing resulting from the then-inverted yield.

​

See the Footnote titled “Interest Rate Swaps” of Part I Item 1 “Financial Statements” for additional discussion regarding the Bank’s interest rate swaps.

​

Liquidity

​

The Bank maintains sufficient liquidity to fund routine loan demand and routine deposit withdrawal activity. Liquidity is managed by maintaining sufficient liquid assets, primarily in the form of cash, cash equivalents, and unencumbered investment securities. Funding and cash flows can also be realized through deposit product promotions, the sale of AFS debt securities, principal paydowns on loans and MBSs, and proceeds realized from loans HFS.

​

109

Table of Contents

Table 26 — Liquid Assets and Borrowing Capacity

​

The Bank’s liquid assets and borrowing capacity included the following:

​

​

​

​

​

​

​

​

​

(in thousands)

    

September 30, 2025

    

December 31, 2024

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

484,238

​

$

432,151

​

Unencumbered debt securities

​

 

708,020

​

 

432,183

​

Total liquid assets

​

​

1,192,258

​

​

864,334

​

​

​

​

​

​

​

​

​

Available borrowing capacity with the FHLB

​

 

743,085

​

 

755,288

​

Available borrowing capacity with the FRB

​

 

9,527

​

 

45,880

​

Available borrowing capacity through unsecured credit lines

​

 

100,000

​

 

100,000

​

Total available borrowing capacity

​

​

852,612

​

​

901,168

​

​

​

​

​

​

​

​

​

Total liquid assets and available borrowing capacity

​

$

2,044,870

​

$

1,765,502

​

​

Republic had a period-end loan-to-deposit ratio (excluding brokered deposits) of 101% as of September 30, 2025 and 111% as of December 31, 2024. Republic’s banking centers and its website, www.republicbank.com, provide access to retail deposit markets. These retail deposit products, if offered at attractive rates, have historically been a source of additional funding when needed. If the Bank were to lose a significant funding source, such as a few major depositors, or if any of its lines of credit were cancelled, or if the Bank cannot obtain brokered deposits, the Bank would be compelled to offer market leading deposit interest rates to meet its funding and liquidity needs.

​

As of September 30, 2025, the Bank had approximately $1.2 billion in deposits from 236 large non-sweep deposit relationships, including reciprocal deposits, where the individual relationship exceeded $2 million for a depositor’s taxpayer identification number. Total uninsured deposits for the Bank were $2.0 billion, or 38%, of total deposits as of September 30, 2025. The 20 largest non-sweep deposit relationships represented approximately $361 million, or 7%, of the Company’s total deposit balances as of September 30, 2025. These accounts do not require collateral; therefore, cash from these accounts can generally be utilized to fund the loan portfolio. If any of these balances were moved from the Bank, the Bank would likely utilize overnight borrowing lines in the short-term to replace the balances. On a longer-term basis, the Bank would likely utilize wholesale-brokered deposits to replace withdrawn balances, or alternatively, higher-cost internet-sourced deposits. Based on experience utilizing brokered deposits and internet-sourced deposits, the Bank believes it can quickly obtain these types of deposits if needed. The overall cost of gathering these types of deposits, however, could be substantially higher than the Traditional Bank deposits they replace, potentially decreasing the Bank’s earnings.

​

The Bank’s liquidity is impacted by its ability to sell certain investment securities, which is limited due to the level of investment securities that are needed to secure public deposits, SSUAR, FHLB advances, and for other purposes, as required by law. As of September 30, 2025, and December 31, 2024, these pledged investment securities had a fair value of $99 million and $152 million.

​

Capital

​

Total stockholders’ equity increased from $992 million as of December 31, 2024, to $1.1 billion as of September 30, 2025. The increase in stockholders’ equity was attributable to net income earned during the first nine months of 2025 reduced primarily by cash dividends declared.

​

Common Stock — The Class A Common shares are entitled to cash dividends equal to 110% of the cash dividend paid per share on Class B Common Stock. Class A Common shares have one vote per share and Class B Common shares have ten votes per share. Class B Common shares may be converted, at the option of the holder, to Class A Common shares on a share for share basis. The Class A Common shares are not convertible into any other class of Republic’s capital stock.

​

Dividend Restrictions — The Parent Company’s principal source of funds for dividend payments are dividends received from RB&T. Banking regulations limit the amount of dividends that may be paid to the Parent Company by the Bank without prior approval of the respective states’ banking regulators. Under these regulations, the amount of dividends that may be paid in any calendar year is limited to the current year’s net profits, combined with the retained net profits of the preceding two years. As of October 1, 2025, RB&T could, without prior approval, declare dividends of approximately $168 million. Any payment of dividends in the future will depend, in large part, on the Company’s earnings, capital requirements, financial condition, and other factors considered relevant by the Company’s Board of Directors.

​

110

Table of Contents

Regulatory Capital Requirements — The Parent Company and the Bank are subject to capital regulations in accordance with Basel III, as administered by banking regulators. Regulatory agencies measure capital adequacy within a framework that makes capital requirements, in part, dependent on the individual risk profiles of financial institutions. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on Republic’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Parent Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s assets, liabilities, and certain OBS items, as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators regarding components, risk weightings, and other factors.

​

Banking regulators have categorized the Bank as well capitalized. For prompt corrective action, the regulations in accordance with Basel III define “well capitalized” as a 10.0% Total Risk-Based Capital ratio, a 6.5% Common Equity Tier 1 Risk-Based Capital ratio, an 8.0% Tier 1 Risk-Based Capital ratio, and a 5.0% Tier 1 Leverage ratio. Additionally, to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, the Company and Bank must hold a capital conservation buffer of 2.5% composed of Common Equity Tier 1 Risk-Based Capital above their minimum risk-based capital requirements.

​

Republic continues to exceed the regulatory requirements for Total Risk-Based Capital, Common Equity Tier I Risk-Based Capital, Tier I Risk Based-Capital, and Tier I Leverage Capital. Republic and the Bank intend to maintain a capital position that meets or exceeds the “well-capitalized” requirements as defined by the FRB and the FDIC, in addition to the Capital Conservation Buffer. Republic’s average stockholders’ equity to average assets ratio was 14.78% as of September 30, 2025, and 14.02% as of December 31, 2024. Formal measurements of the capital ratios for Republic and the Bank are performed by the Company at each quarter end.

​

Table 27 — Capital Ratios (1)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of September 30, 2025

​

As of December 31, 2024

(dollars in thousands)

    

Amount

    

Ratio

​

Amount

    

Ratio

​

​

​

​

​

​

​

​

​

​

​

​

​

Total capital to risk-weighted assets

​

​

​

​

​

​

​

​

​

​

​

​

Republic Bancorp, Inc.

​

$

1,124,914

 

18.21

%  

​

$

1,042,149

 

16.98

%

Republic Bank & Trust Company

​

 

1,064,434

 

17.25

​

​

 

989,800

 

16.14

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Common equity tier 1 capital to risk-weighted assets

​

​

​

​

​

​

​

​

​

​

​

​

Republic Bancorp, Inc.

​

$

1,048,985

 

16.98

%  

​

$

965,243

 

15.73

%

Republic Bank & Trust Company

​

 

987,230

 

15.99

​

​

 

912,968

 

14.89

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tier 1 (core) capital to risk-weighted assets

​

​

​

​

​

​

​

​

​

​

​

​

Republic Bancorp, Inc.

​

$

1,048,985

 

16.98

%  

​

$

965,243

 

15.73

%

Republic Bank & Trust Company

​

 

987,230

 

15.99

​

​

 

912,968

 

14.89

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tier 1 leverage capital to average assets

​

​

​

​

​

​

​

​

​

​

​

​

Republic Bancorp, Inc.

​

$

1,048,985

 

14.94

%  

​

$

965,243

 

14.07

%

Republic Bank & Trust Company

​

 

987,230

 

14.20

​

​

 

912,968

 

13.29

​

(1)The Company and the Bank elected in 2020 to defer the impact of CECL on regulatory capital. The deferral period is five years, with the total estimated CECL impact 100% deferred for the first two years, then phased in over the next three years. If not for this election, the Company’s regulatory capital ratios would have been  approximately 3 basis points lower than those presented in the table above as of December 31, 2024. This five-year transition option is no longer applicable for periods subsequent to December 31, 2024.

​

​

Asset/Liability Management and Market Risk

​

Asset/liability management is designed to ensure safety and soundness, maintain liquidity, meet regulatory capital standards, and achieve acceptable net interest income based on the Bank’s risk tolerance. Interest rate risk is the exposure to adverse changes in net interest income as a result of market fluctuations in interest rates. The Bank, on an ongoing basis, monitors interest rate and liquidity risk to implement appropriate funding and balance sheet strategies. Management considers interest rate risk to be a significant risk to the Bank’s overall earnings and balance sheet.

​

111

Table of Contents

The interest sensitivity profile of the Bank at any point in time will be impacted by a number of factors. These factors include the mix of interest sensitive assets and liabilities, as well as their relative pricing schedules. It is also influenced by changes in market interest rates, deposit and loan balances, and other factors.

​

The Bank utilizes earnings simulation models as tools to measure interest rate sensitivity, including both a static and dynamic earnings simulation model. A static simulation model is based on current exposures and assumes a constant balance sheet. In contrast, a dynamic simulation model relies on detailed assumptions regarding changes in existing business lines, new business, and changes in management and customer behavior. While the Bank runs the static simulation model as one measure of interest rate risk, historically, the Bank has utilized its dynamic earnings simulation model as its primary interest rate risk tool to measure the potential changes in market interest rates and their subsequent effects on net interest income for a one-year time period. This dynamic model projects a “Base” case net interest income over the next 12 months and the effect on net interest income of instantaneous movements in interest rates between various basis point increments equally across all points on the yield curve. Many assumptions based on growth expectations and on the historical behavior of the Bank’s deposit and loan rates and their related balances in relation to changes in interest rates are incorporated into this dynamic model. These assumptions are inherently uncertain and, as a result, the dynamic model cannot precisely measure future net interest income or precisely predict the impact of fluctuations in market interest rates on net interest income. Actual results will differ from the model’s simulated results due to the actual timing, magnitude and frequency of interest rate changes, the actual timing and magnitude of changes in loan and deposit balances, as well as the actual changes in market conditions and the application and timing of various management strategies as compared to those projected in the various simulated models. Additionally, actual results could differ materially from the model if interest rates do not move equally across all points on the yield curve.

​

As of September 30, 2025, a dynamic simulation model was run for interest rate changes from “Down 400” basis points to “Up 400” basis points. The following table illustrates the Bank’s projected percent change from its Base net interest income over the period beginning October 1, 2025, and ending September 30, 2026, based on instantaneous movements in interest rates from Down 400 to Up 400 basis points equally across all points on the yield curve. The Bank’s dynamic earnings simulation model includes secondary market loan fees, which are a component of mortgage banking income within noninterest income and excludes Traditional Bank loan fees.

​

Table 28 — Bank Interest Rate Sensitivity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Change in Rates

​

​

-400

    

-300

    

-200

    

-100

    

+100

    

+200

    

+300

    

+400

    

​

Basis Points

​

Basis Points

​

Basis Points

​

Basis Points

​

Basis Points

​

Basis Points

​

Basis Points

​

Basis Points

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change from base net interest income as of September 30, 2025

(1.1)

%  

​

(1.8)

%  

​

(4.6)

%  

​

(2.3)

%  

​

2.4

%  

​

5.0

%  

​

7.2

%

​

9.5

%

​

% Change from base net interest income as of December 31, 2024

3.4

%  

​

4.4

%  

​

(0.2)

%  

​

0.2

%  

​

1.5

%  

​

3.1

%  

​

4.4

%

​

6.0

%

​

​

The results of the interest rate sensitivity analysis performed as of September 30, 2025, were derived from subjective assumptions the Company uses in its earnings simulation model, particularly in relation to deposit betas, which measure how responsive management’s deposit repricing may be to changes in market rates based on historical data. Management uses different betas in the rising and falling rate scenarios to better simulate expected earnings trends.

​

The Company’s current interest rate sensitivity analysis projects that increases in market interest rates (in all illustrated scenarios) would have a positive effect on net interest income, while decreases in market interest rates (in all illustrated scenarios) would have a negative impact. These results depict an asset-sensitive interest rate risk profile.

​

In comparing the Company’s interest rate sensitivity projections from December 31, 2024, to September 30, 2025, there were notable changes in all illustrated scenarios. In declining market interest rate scenarios, the Company projects that the rates the Company pays for its non-maturity, interest-bearing deposits cannot be lowered sufficiently to offset the decrease in interest income associated with its declining asset yields. Conversely, the Company projects a notable improvement in all illustrated scenarios, as the yield the Company projects it will earn for its interest-earning assets is expected to increase more than the increase in its projected funding costs.

​

More specifically, driving the period-to-period improvement in net interest income in the illustrated up-rate scenarios are the following:

​

●The Company had higher average interest-earning cash balances as of September 30, 2025, with yields that increase immediately in up-rate scenarios; and

​

●The Company had higher floating rate loan balances as of September 30, 2025, most notably within the Warehouse lending portfolio, with yields that increase immediately in an up-rate scenario.

112

Table of Contents

More specifically, driving the period-to-period deterioration in net interest income in the illustrated down-rate scenarios are the following:

​

●The elevated average interest-earning cash balances that are projected to benefit net interest income in the illustrated up-rate scenarios are projected to drive corresponding declines to net interest income in the illustrated down-rate rate scenarios; and

​

●Management lowered its deposit beta assumptions to assume that, due to greater competition for deposits and liquidity, it will not be able to sufficiently lower the rates the Company pays for its premium rate, non-maturity interest-bearing deposits in order to offset the projected decline in the Company’s interest-earning assets yields.

​

For additional discussion regarding the Bank’s net interest income, see the sections titled “Net Interest Income” in this section of the filing under “RESULTS OF OPERATIONS (Three Months Ended September 30, 2025 Compared to Three Months Ended September 30, 2024) and “RESULTS OF OPERATIONS (Nine Months Ended September 30, 2025 Compared to Nine Months Ended September 30, 2024).”

​

Item 3.Quantitative and Qualitative Disclosures about Market Risk.

​

Information required by this item is included under Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

​

Item 4.Controls and Procedures.

​

As of the end of the period covered by this report, an evaluation was carried out by Republic Bancorp, Inc.’s management, with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that these disclosure controls and procedures were effective as of the end of the period covered by this report. In addition, no change in the Company’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Securities Exchange Act of 1934) occurred during the fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

​

​

PART II — OTHER INFORMATION

​

Item 1.Legal Proceedings.

​

In the ordinary course of operations, Republic and the Bank are defendants in various legal proceedings. There is no proceeding, pending, or threatened litigation in which Republic and the Bank are a defendant, to the knowledge of management, in which an adverse decision could result in a material adverse change in the business or consolidated financial position of Republic or the Bank.

​

Item 1A.Risk Factors.

​

FACTORS THAT MAY AFFECT FUTURE RESULTS

​

Except for the additional risk factor information described below, there have been no material changes in the Company’s risk factors as previously disclosed in Part 1, “Item 1A. Risk Factors” of its Annual Report on Form 10-K for the year ended December 31, 2024. You should carefully consider the risk factors discussed below and in Republic’s 2024 Form 10-K, which could materially affect the Company’s business, financial condition, and results of operations in the future.

​

The Company plans to convert its core customer operating system during the fourth quarter of 2025 and could encounter significant adverse developments. The Company plans to replace its core customer operating system (the “Core System”). The Core System, among many other functions, is used to track customer relationships, deposit accounts, and loan accounts. The Core System is integrated with many other customer-facing applications and ancillary back-office systems that are used to service customers. Changing the Core System will subject the Company to operational risks during and after the conversion, which may adversely impact the Company’s customers, including, but not limited to, possible disruptions to technology systems, loss of data, improperly posted transactions and the inability to correct transaction errors. While the Company has plans and procedures designed to prevent or limit the risks of a failure during and after the conversion of our Core System, there can be no assurance that any such adverse development(s) will not occur or, if they do occur, that they will be timely and adequately remediated. The ultimate impact of any adverse development could result in the write-off

113

Table of Contents

of unidentified outages, damage the Company's reputation, result in a loss of customer business, subject the Company to regulatory scrutiny, and expose it to civil litigation and possible financial liability, any of which could have a material adverse effect on the Company’s business, financial condition, and results of operations.

​

Item 2.Unregistered Sales of Equity Securities and Use of Proceeds.

​

Details of Republic’s Class A Common Stock purchases during the third quarter of 2025 are included in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Number of

​

Maximum Number

​

​

​

​

​

​

​

Shares Purchased

​

of Shares that May

​

​

​

​

​

​

​

as Part of Publicly

​

Yet Be Purchased

​

​

Total Number of

​

Average Price

​

Announced Plans

​

Under the Plan

Three Months Ended September 30, 2025

    

Shares Purchased

    

Paid Per Share

    

or Programs

    

or Programs

​

​

​

​

​

​

​

​

​

​

July 1 - July 31

 

—

 

$

—

 

—

​

433,395

August 1 - August 31

 

—

​

 

—

 

—

​

433,395

September 1 - September 30

 

—

​

 

—

 

—

​

433,395

Total

 

—

 

$

—

 

—

 

433,395

​

The Company did not repurchase any of its shares during the third quarter of 2025. In addition, in connection with employee stock awards, there were 473 shares withheld upon exercise of stock options to satisfy the withholding taxes. On January 24, 2024, the Board of Directors of Republic Bancorp, Inc. increased the Company’s existing authorization to purchase shares of its Class A Common Stock by 400,000 shares. The repurchase program will remain effective until the total number of shares authorized is repurchased or until Republic’s Board of Directors terminates the program. As of September 30, 2025 the Company had 433,395 shares which could be repurchased under its current share repurchase programs.

​

During the third quarter of 2025, there were no shares of Class A Common Stock issued upon conversion of shares of Class B Common Stock by stockholders of Republic in accordance with the share-for-share conversion option of the Class B Common Stock. The exemption from registration of newly issued Class A Common Stock relies upon Section (3)(a)(9) of the Securities Act of 1933.

​

There were no equity securities of the registrant sold without registration during the quarter covered by this report.

​

Item 5.Other Information.

​

Rule 10b5-1 Trading Plans

​

During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any “non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K.

​

114

Table of Contents

Item 6.Exhibits.

​

The following exhibits are filed or furnished as a part of this report:

​

​

Exhibit Number

​

Description of Exhibit

​

​

​

31.1

​

Certification of Principal Executive Officer pursuant to the Sarbanes-Oxley Act of 2002

​

​

​

31.2

​

Certification of Principal Financial Officer pursuant to the Sarbanes-Oxley Act of 2002

​

​

​

32*

​

Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

​

​

​

101

​

The following financial statements from the Company’s quarterly report on Form 10-Q were formatted in iXBRL(Inline eXtensible Business Reporting Language): (i) Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024, (ii) Consolidated Statements of Income and Comprehensive Income for the Three and Nine months ended September 30, 2025 and 2024, (iii) Consolidated Statements of Stockholders’ Equity for the Three and Nine months ended September 30, 2025 and 2024, (iv) Consolidated Statements of Cash Flows for the Nine months ended September 30, 2025 and 2024 and (v) Notes to Consolidated Financial Statements

​

​

​

104

​

Cover Page Interactive Data File formatted in iXBRL and contained in Exhibit 101.

*

This certification shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

​

115

Table of Contents

SIGNATURES

​

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

​

​

​

​

​

​

​

​

​

REPUBLIC BANCORP, INC.

​

​

​

(Registrant)

​

​

​

​

​

​

​

Principal Executive Officer:

​

​

​

​

​

​

​

​

Date: November 6, 2025

     

     

/s/ Steven E. Trager

​

​

​

By: Steven E. Trager

​

​

​

​

Executive Chair and Chief Executive Officer

​

​

​

​

​

​

​

​

​

​

​

Principal Financial Officer:

​

​

​

​

​

​

​

​

Date: November 6, 2025

​

​

/s/ Kevin Sipes

​

​

​

By: Kevin Sipes

​

​

​

​

Executive Vice President, Chief Financial

​

​

​

Officer and Chief Accounting Officer

​

​

​

​

116

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