REPUBLIC BANCORP INC /KY/, 10-Q filed on 5/9/2024
Quarterly Report
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Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2024
Apr. 30, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 0-24649  
Entity Registrant Name REPUBLIC BANCORP, INC.  
Entity Incorporation, State or Country Code KY  
Entity Tax Identification Number 61-0862051  
Entity Address, Address Line One 601 West Market Street  
Entity Address, City or Town Louisville  
Entity Address, State or Province KY  
Entity Address, Postal Zip Code 40202  
City Area Code 502  
Local Phone Number 584-3600  
Title of 12(b) Security Class A Common  
Trading Symbol RBCAA  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000921557  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   17,261,545
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   2,150,669
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Cash and cash equivalents $ 546,363 $ 316,567
Available-for-sale debt securities, at fair value (amortized cost of $614,368 in 2024 and $618,525 in 2023, allowance for credit losses of $0 in 2024 and 2023) 587,805 591,313
Held-to-maturity debt securities (fair value of $76,119 in 2024 and $76,167 in 2023, allowance for credit losses of $10 in 2024 and $10 in 2023) 76,254 76,387
Equity securities with readily determinable fair value 235 174
Mortgage loans held for sale, at fair value 80,884 3,227
Consumer loans held for sale, at fair value 6,093 7,914
Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094
Loans (loans carried at fair value of $0 in 2024 and $0 in 2023) 5,224,292 5,239,861
Allowance for credit losses (108,702) (82,130)
Loans, net 5,115,590 5,157,731
Federal Home Loan Bank stock, at cost 43,729 23,770
Premises and equipment, net 33,557 33,411
Right-of-use assets 33,210 34,691
Goodwill 40,516 40,516
Other real estate owned 1,486 1,370
Bank owned life insurance 104,670 103,916
Low-income housing tax credit investments 73,621 75,055
Other assets and accrued interest receivable 118,496 112,755
TOTAL ASSETS 6,875,592 6,594,891
Deposits:    
Noninterest-bearing 1,359,516 1,676,998
Interest-bearing 4,061,133 3,376,165
Total deposits 5,420,649 5,053,163
Securities sold under agreements to repurchase and other short-term borrowings 84,522 97,618
Operating lease liabilities 34,076 35,539
Federal Home Loan Bank advances 270,000 380,000
Low-income housing tax credit obligations 56,093 58,619
Other liabilities and accrued interest payable 74,669 57,196
Total liabilities 5,940,009 5,682,135
Commitments and contingent liabilities (Footnote 9)
STOCKHOLDERS' EQUITY    
Preferred stock, no par value
Class A Common Stock, no par value, 30,000,000 shares authorized, 17,260,406 shares (2024) and 17,203,355 shares (2023) issued and outstanding; Class B Common Stock, no par value, 5,000,000 shares authorized, 2,150,669 shares (2024) and 2,154,562 shares (2023) issued and outstanding 4,578 4,553
Additional paid in capital 142,091 142,124
Retained earnings 808,836 786,487
Accumulated other comprehensive (loss) income (19,922) (20,408)
Total stockholders' equity 935,583 912,756
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,875,592 $ 6,594,891
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Available-for-sale debt securities $ 614,368 $ 618,525
Available-for-sale debt securities, allowance for credit losses 0 0
Held-to-maturity debt securities 76,119 76,167
Held-to-maturity debt securities, allowance for credit losses 10 10
Loans held for investment fair value $ 0 $ 0
Preferred stock, no par value $ 0 $ 0
Class A Common Stock    
Common Stock, no par value $ 0 $ 0
Common Stock, shares authorized 30,000,000 30,000,000
Common Stock, issued 17,260,406 17,203,355
Common Stock, outstanding 17,260,406 17,203,355
Class B Common Stock    
Common Stock, no par value $ 0 $ 0
Common Stock, shares authorized 5,000,000 5,000,000
Common Stock, issued 2,150,669 2,154,562
Common Stock, outstanding 2,150,669 2,154,562
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CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INTEREST INCOME:    
Loans, including fees $ 118,907 $ 92,609
Taxable investment securities 4,452 4,603
Federal Home Loan Bank stock and other 7,273 3,144
Total interest income 130,632 100,356
INTEREST EXPENSE:    
Deposits 26,996 4,878
Securities sold under agreements to repurchase and other short-term borrowings 130 248
Federal Home Loan Bank advances 6,587 2,588
Total interest expense 33,713 7,714
NET INTEREST INCOME 96,919 92,642
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 30,622 26,766
NET INTEREST INCOME AFTER PROVISION 66,297 65,876
NONINTEREST INCOME:    
Mortgage banking income 310 800
Program fees 4,179 3,241
Increase in cash surrender value of bank owned life insurance 754 635
Total noninterest income 23,373 22,681
NONINTEREST EXPENSE:    
Salaries and employee benefits 29,716 29,961
Technology, equipment, and communication 7,490 7,228
Occupancy 3,822 3,406
Marketing and development 1,924 1,574
FDIC insurance expense 772 637
Interchange related expense 1,298 1,499
Legal and professional fees 1,055 1,061
Merger expense 41 2,073
Other 4,853 5,004
Total noninterest expense 50,971 52,443
INCOME BEFORE INCOME TAX EXPENSE 38,699 36,114
INCOME TAX EXPENSE 8,093 8,022
NET INCOME 30,606 28,092
Service charges on deposit accounts    
NONINTEREST INCOME:    
Revenue under 606 3,313 3,299
Net refund transfer fees    
NONINTEREST INCOME:    
Revenue under 606 10,820 10,807
Interchange fee income    
NONINTEREST INCOME:    
Revenue under 606 3,157 3,051
Net losses on other real estate owned    
NONINTEREST INCOME:    
Revenue under 606 (53) (53)
Other    
NONINTEREST INCOME:    
Revenue under 606 $ 893 $ 901
Class A Common Stock    
BASIC EARNINGS PER SHARE:    
Basic earnings per share (in dollars per share) $ 1.59 $ 1.42
DILUTED EARNINGS PER SHARE:    
Diluted earnings per share (in dollars per share) 1.58 1.42
Class B Common Stock    
BASIC EARNINGS PER SHARE:    
Basic earnings per share (in dollars per share) 1.44 1.30
DILUTED EARNINGS PER SHARE:    
Diluted earnings per share (in dollars per share) $ 1.43 $ 1.29
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)    
Net income $ 30,606 $ 28,092
OTHER COMPREHENSIVE INCOME (LOSS)    
Unrealized gain (loss) on AFS debt securities 592 5,205
Unrealized gain (loss) on AFS debt security for which a portion of OTTI has been recognized in earnings 57 5
Total other comprehensive income (loss) before income tax 649 5,210
Income tax benefit (expense) related to items of other comprehensive income (163) (1,305)
Total other comprehensive income (loss), net of tax 486 3,905
COMPREHENSIVE INCOME $ 31,092 $ 31,997
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Common Stock
Additional Paid In Capital
Retained Earnings
Class A Common Stock
Retained Earnings
Class B Common Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Class A Common Stock
Class B Common Stock
Total
Balance at beginning of period at Dec. 31, 2022     $ 4,648 $ 141,694     $ 742,250 $ (31,979)     $ 856,613
Balance (in shares) at Dec. 31, 2022 17,585 2,160                  
Increase (Decrease) in Stockholders' Equity                      
Net Income (Loss)             28,092       28,092
Net change in AOCI               3,905     3,905
Dividends declared on Common Stock:                      
Dividends declared on Common Stock         $ (6,581) $ (734)     $ (6,581) $ (734)  
Stock options exercised, net of shares withheld       (84)             (84)
Net change in notes receivable on Class A Common Stock       84             84
Deferred director compensation expense - Class A Common Stock       110             110
Deferred designed key employee compensation expense - Class A Common Stock       221             221
Deferred designed key employee compensation expense - Class A Common Stock (In shares) 7                    
Employee stock purchase plan - Class A Common Stock       162             162
Employee stock purchase plan - Class A Common Stock (in shares) 4                    
Stock-based awards, Performance stock units       39             39
Stock-based awards, Restricted stock       173             173
Stock-based awards, Restricted stock (in shares) 2                    
Stock options       202             202
Balance at end of period at Mar. 31, 2023     4,648 142,601     763,027 (28,074)     882,202
Balance (in shares) at Mar. 31, 2023 17,598 2,160                  
Balance at beginning of period at Dec. 31, 2023     4,553 142,124     786,487 (20,408)     912,756
Balance (in shares) at Dec. 31, 2023 17,203 2,155                  
Increase (Decrease) in Stockholders' Equity                      
Net Income (Loss)             30,606       30,606
Net change in AOCI               486     486
Dividends declared on Common Stock:                      
Dividends declared on Common Stock         $ (6,986) $ (796)     $ (6,986) $ (796)  
Stock options exercised, net of shares withheld     26 (689)     (437)       (1,100)
Stock options exercised, net of shares withheld (in shares) 37                    
Conversion of Class B to Class A Common Shares (in shares) 4 (4)                  
Deferred director compensation expense - Class A Common Stock     (1) 135             134
Deferred designed key employee compensation expense - Class A Common Stock       167             167
Deferred designed key employee compensation expense - Class A Common Stock (In shares) 11                    
Employee stock purchase plan - Class A Common Stock     1 183             184
Employee stock purchase plan - Class A Common Stock (in shares) 4                    
Stock-based awards, Performance stock units       36             36
Stock-based awards, Restricted stock     (1) (34)     (38)       (73)
Stock-based awards, Restricted stock (in shares) 1                    
Stock options       169             169
Balance at end of period at Mar. 31, 2024     $ 4,578 $ 142,091     $ 808,836 $ (19,922)     $ 935,583
Balance (in shares) at Mar. 31, 2024 17,260 2,151                  
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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Class A Common Stock    
Dividend declared common stock, per share (in dollars per share) $ 0.407 $ 0.374
Class B Common Stock    
Dividend declared common stock, per share (in dollars per share) $ 0.370 $ 0.340
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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
OPERATING ACTIVITIES:    
Net income $ 30,606 $ 28,092
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization on investment securities and low-income housing investments 1,555 1,438
Net accretion and amortization on loans (639) (618)
Unrealized and realized losses on equity securities with readily determinable fair value (61) 4
Depreciation of premises and equipment 1,944 1,594
Amortization of mortgage servicing rights 426 490
(Recovery) loss of mortgage servicing rights 0 0
Provision for on-balance sheet exposures 30,622 26,766
Provision for off-balance sheet exposures (110) 210
Net gain on sale of mortgage loans held for sale 80 (420)
Origination of mortgage loans held for sale (27,046) (15,942)
Proceeds from sale of mortgage loans held for sale 18,773 16,630
Net gain on sale of consumer loans held for sale (3,405) (2,534)
Origination of consumer loans held for sale (188,347) (207,222)
Proceeds from sale of consumer loans held for sale 196,584 210,199
Writedowns of other real estate owned 53 52
Deferred compensation expense - Class A Common Stock 301 331
Stock-based awards and ESPP expense - Class A Common Stock 160 438
Amortization of right-of-use assets 1,481 1,544
Accretion of operating lease liabilities (1,463) (1,550)
Increase in cash surrender value of bank owned life insurance (754) (635)
Net change in other assets and liabilities:    
Accrued interest receivable (1,878) (2,502)
Accrued interest payable 2,832 103
Other assets (5,489) (5,402)
Other liabilities 14,999 19,670
Net cash provided by operating activities 71,224 70,736
INVESTING ACTIVITIES:    
Net cash proceeds paid in acquisition   (40,970)
Purchases of available-for-sale debt securities (50,000) (25,000)
Purchases of held-to-maturity debt securities   (25,000)
Proceeds from calls, maturities and paydowns of equity and available-for-sale debt securities 54,220 54,066
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities 133 278
Net change in outstanding warehouse lines of credit (123,526) (53,805)
Purchase of correspondent loans, including premiums paid   (8,731)
Net change in other loans 66,188 19,670
Net purchases of Federal Home Loan Bank stock (19,959) (16,793)
Investments in low-income housing tax partnerships (2,710) (1,172)
Net purchases of premises and equipment (2,090) (1,688)
Net cash used in investing activities (77,744) (99,145)
FINANCING ACTIVITIES:    
Net change in deposits 367,486 40,145
Net change in securities sold under agreements to repurchase and other short-term borrowings (13,096) (82,544)
Payments of Federal Home Loan Bank advances (110,000)  
Proceeds from Federal Home Loan Bank advances   13,000
Net proceeds from Class A Common Stock purchased through employee stock purchase plan 156 138
Net proceeds from Common Stock options exercised and equity awards vested (1,100) (84)
Cash dividends paid (7,130) (6,646)
Net cash (used in) provided by financing activities 236,316 (35,991)
NET CHANGE IN CASH AND CASH EQUIVALENTS 229,796 (64,400)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 316,567 313,689
CASH AND CASH EQUIVALENTS AT END OF PERIOD 546,363 249,289
Cash paid during the period for:    
Interest 30,882 7,611
Income taxes 570 471
SUPPLEMENTAL NONCASH DISCLOSURES:    
Mortgage servicing rights capitalized 118 127
Transfers from loans to real estate acquired in settlement of loans 169  
Transfers from loans held for investment to held for sale $ 69,464  
Right-of-use assets recorded   $ 722
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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 3 Months Ended
Mar. 31, 2024
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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Basis of Presentation — The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the “Parent Company”) and its wholly owned subsidiaries, Republic Bank & Trust Company and Republic Insurance Services, Inc. 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 subsidiaries. The term “Bank” refers to the Company’s subsidiary bank: Republic Bank & Trust Company. The term “Captive” refers to the Company’s insurance subsidiary: Republic Insurance Services, Inc. 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 geographic market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. During the fourth quarter of 2023, the Company dissolved its Captive, a Nevada-based, wholly owned insurance subsidiary of the Company. The Captive provided property and casualty insurance coverage to the Company and the Bank, as well as a group of unrelated third-party insurance captives.

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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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. 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, 2023. 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.

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BUSINESS SEGMENT COMPOSITION

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As of March 31, 2024, the Company was divided into five reportable segments: Traditional Banking, Warehouse Lending, TRS, RPS, and RCS. Republic had previously reported mortgage banking as a separate reportable segment prior to the first quarter of 2024. Due to the quantitative and qualitative immateriality of this division, Management concluded its mortgage banking operations no longer constitutes a separate reportable segment for SEC reporting purposes.

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Management considers the first two segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last three segments collectively constitute RPG operations.

Core Bank

​

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. As of March 31, 2024, Republic had 47 banking centers with locations as follows:

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●

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

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

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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, securities sold under agreements to repurchase, as well as short-term and long-term borrowing sources. FHLB advances have traditionally been a significant borrowing source for the Bank.

​

Other sources of Traditional Banking income include mortgage banking income, service charges on deposit accounts, debit and credit card interchange fee income, title insurance commissions, 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.

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Warehouse Lending segment — The Core Bank provides short-term, revolving credit facilities to mortgage bankers across the United States 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 line for an average of 15 to 30 days. Advances for Reverse mortgage loans and construction loans typically remain on the line 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 line 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

​

Tax Refund Solutions segment — Through the TRS segment, the Bank is one of a limited number of financial institutions that 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 (collectively, the “Tax Providers”). The majority of all 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 2023, TRS originated $103 million of ERAs related to tax returns that were anticipated to be filed during the first quarter 2024 tax filing season. Of these ERAs, $11 million remained outstanding as of March 31, 2024. During the second half of each year, TRS generates limited revenue and incurs costs preparing for the next year’s 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. 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 credit 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 first quarters of 2024 and 2023:

​

●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;
●No requirement that the taxpayer pays for another bank product, such as an RT;
●Multiple disbursement methods were available with most Tax Providers, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election;
●Repayment of the RA to the Bank is deducted from the taxpayer’s tax refund proceeds; and
●If an insufficient refund to repay the RA occurs:
othere is no recourse to the taxpayer, 
ono negative credit reporting on the taxpayer, and
ono collection efforts against the taxpayer.

​

Since its introduction in December of 2022, the ERA credit 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 ERA credits. 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 2023 and 2024 tax filing seasons:

​

●Only offered during December and the up-coming January in connection with the upcoming first quarter tax business for each period;
●The taxpayer had the option to choose from multiple loan tiers, subject to underwriting, up to a maximum advance amount of $1,000;
●No requirement that the taxpayer pays for another bank product, such as an RT;
●Multiple disbursement methods available with most Tax Providers, including direct deposit or prepaid card, based on the taxpayer-customer’s election;
●Repayment of the ERA to the Bank deducted from the taxpayer’s tax refund proceeds; and
●If an insufficient refund to repay the ERA, including the failure to file a final federal tax return through a Republic Tax Provider:
ono recourse to the taxpayer, 
ono negative credit reporting on the taxpayer, and
ono collection efforts against the taxpayer.

​

The Company reports fees paid for the RAs, including ERAs, 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 2023 tax filing season were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. RAs do not have a contractual due date, but as it did during 2023, the Company will consider an RA delinquent in 2024 if it remains unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

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Provisions on RAs are estimated when advances are made. Unpaid RAs, including ERAs, related to the first quarter tax filing season of a given year are charged-off by June 30th of that year, unless they are deemed to be uncollectible earlier than June 30th, at which time they are charged off. RAs collected during the second half of that year, not subject to loan loss guarantee arrangements, are recorded as recoveries of previously charged-off loans.

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Republic Payment Solutions segment - The RPS segment offers a range of payment-related products and services to consumers through third party service providers. The Bank offers both issuing solutions and money movement capabilities.

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Issuing Solutions:

​

The RPS segment offers prepaid and debit solutions primarily marketed to consumers through third-party marketer-servicers.

​

Prepaid solutions include the issuing of payroll and general purpose reloadable (“GPR”) cards. Characteristics of these cards include the following:

​

●Similar to a traditional debit card with features including traditional point of sale purchasing, ATM 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 GPR cards generally distributed through retail locations and reloadable through participating retail load networks.

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

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Money Movement:

​

The Bank participates in traditional money movement solutions including ACH transactions, wire transfer, check processing, and the Mastercard Remote Payment and Presentment Service (“RPPS”). These capabilities are complementary to issuing within RPS, as well as, generally facilitating the movement of money for the TRS and RCS Divisions.

​

The Company reports its share of client-related charges and fees for RPS programs 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.”

​

Republic Credit Solutions segment — Through the RCS segment, the Bank 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. The Bank uses third-party service providers for certain services such as marketing and loan servicing of RCS loans. Additional information regarding consumer loan products offered through RCS follows:

​

●RCS line-of-credit products – Using separate third-party service providers, the Bank originates two line-of-credit products to generally subprime borrowers in multiple states.

​

1)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 the Bank with 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 line-of-credit 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 held for sale through this program are carried at the lower of cost or fair value.

​

2)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 held for sale through this program are carried at the lower of cost or fair value.

​

●RCS 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 loans. 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 RCS installment 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 “held for sale” on the Bank’s balance sheet, with the intention to sell these loans to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within sixteen 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.

​

●RCS healthcare receivables products – The Bank originates healthcare-receivables products across the U.S. through three different third-party service providers.

​

oFor two of the programs, the Bank retains 100% of the receivables, with recourse in the event of default.

​

oFor 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 held for sale through this program are carried at the lower of cost or fair value.

​

For the RCS line of credit and healthcare receivable products, the Company reports interest income and loan origination fees earned on RCS loans 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 “RCS 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 “RCS Program fees.”

​

​

Recently Adopted Accounting Standards

​

The following ASUs were adopted by the Company during the three months ended March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Method of

​

Financial

ASU. No.

    

Topic

    

Nature of Update

    

Date Adopted

    

Adoption

    

Statement Impact

2022-03

​

Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions

​

This ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-02

​

Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

​

This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-01

​

Leases (Topic 842): Common Control Arrangements

​

This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions).

​

January 1, 2024

​

Prospectively

​

Immaterial

​

Accounting Standards Update

​

The following not-yet-effective ASUs were issued prior to March 31, 2024, and considered relevant to the Company’s financial statements.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Date Adoption

​

Adoption

​

Expected

ASU. No.

​

Topic

​

Nature of Update

​

Required

​

Method

​

Financial 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

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

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 (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).

​

January 1, 2025

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-07

​

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.

​

October 1, 2024

​

Retrospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-03

​

Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)

​

This ASU amends the FASB Accounting Standards Codification™ for SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.

​

Upon addition to the FASB Codification.

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​
v3.24.1.u1
ACQUISITION OF CBANK
 3 Months Ended
Mar. 31, 2024
ACQUISITION OF CBANK  
ACQUISITION OF CBANK

2. ACQUISITION OF CBANK

​

OVERVIEW

​

On March 15, 2023, the Company completed its acquisition of CBank (“CBank”), and its wholly owned bank subsidiary Commercial Industrial Finance (“CIF”), for approximately $51 million in cash. The primary reason for the acquisition of CBank was to expand the Company’s footprint in the Cincinnati, Ohio metropolitan statistical area.

​

ACQUISITION SUMMARY

​

The following table provides a summary of the assets acquired and liabilities assumed as recorded by CBank, the previously reported preliminary fair value adjustments necessary to adjust those acquired assets and assumed liabilities to fair value, final recast adjustments to those previously reported preliminary fair values, and the expected fair values of those assets and liabilities as recorded by the Company. Effective September 30, 2023, management finalized the fair values of the acquired assets and assumed liabilities.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 15, 2023

​

​

As Previously Reported

​

​

​

As Recasted

​

    

As Recorded

    

Fair Value

​

    

Recast

​

    

As Recorded

Years Ended December 31, (in thousands)

​

by CBank

​

Adjustments

​

​

​

Adjustments

​

​

​

by Republic

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets acquired:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

10,030

​

$

—

​

​

​

$

—

​

​

​

$

10,030

Investment securities

​

 

16,463

​

 

(4)

​

a

​

 

(65)

​

a

​

 

16,394

Loans

​

 

221,707

​

 

(4,219)

​

b

​

 

(150)

​

b

​

 

217,338

Allowance for loan and lease losses

​

​

(2,953)

​

​

1,353

​

c

​

​

1,391

​

c, j

​

​

(209)

Loans, net

​

 

218,754

​

 

(2,866)

​

​

​

 

1,241

​

​

​

 

217,129

Goodwill

​

​

954

​

​

(954)

​

d

​

​

—

​

​

​

​

—

Core deposit intangible

​

​

—

​

​

2,844

​

e

​

​

—

​

​

​

​

2,844

Premises and equipment, net

​

 

162

​

 

35

​

f

​

 

(24)

​

f

​

 

173

Other assets and accrued interest receivable

​

 

7,067

​

 

(320)

​

g

​

 

—

​

​

​

 

6,747

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets acquired

​

$

253,430

​

$

(1,265)

​

​

​

$

1,152

​

​

​

$

253,317

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities assumed:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing

​

$

42,160

​

$

—

​

​

​

$

—

​

​

​

$

42,160

Interest-bearing

​

 

179,487

​

 

31

​

h

​

 

—

​

​

​

 

179,518

Total deposits

​

 

221,647

​

 

31

​

​

​

 

—

​

​

​

 

221,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other liabilities and accrued interest payable

​

 

4,709

​

 

96

​

i

​

 

50

​

i

​

 

4,855

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities assumed

​

 

226,356

​

 

127

​

​

​

 

50

​

​

​

 

226,533

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net assets acquired

​

$

27,074

​

$

(1,392)

​

​

​

$

1,102

​

​

​

​

26,784

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash consideration paid

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(51,000)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

24,216

Explanation of fair value and recast adjustments:

​

a.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the investment securities.
b.Adjustments to loans to reflect estimated fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
c.Adjustments to the Allowance reflect the fair value adjustment to eliminate the acquiree’s recorded allowance for loan losses and other fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
d.Adjustment reflects the fair value adjustment to eliminate the recorded goodwill.
e.Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition.
f.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment, net.
g.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other assets and accrued interest receivable.
h.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed time deposits.
i.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other liabilities and accrued interest payable.
j.Adjustment reflects a change in estimated fair value based upon further evaluation of PCD loans, including cash payments received subsequent to the date of acquisition.

​

Goodwill of approximately $24 million, which is the excess of the merger consideration over the fair value of net assets acquired, was recorded in the CBank acquisition and is the result of expected operational synergies and other factors. This goodwill is all attributable to the Company’s Traditional Banking segment and is expected to be deductible for tax purposes.
v3.24.1.u1
INVESTMENT SECURITIES
 3 Months Ended
Mar. 31, 2024
INVESTMENT SECURITIES  
INVESTMENT SECURITIES

3. INVESTMENT SECURITIES

​

Available-for-Sale Debt Securities

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

Allowance

 

    

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

for

 

Fair

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Credit Losses

 

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

426,414

​

$

—

​

$

(13,289)

​

$

—

​

$

413,125

Private label mortgage-backed security

​

 

385

​

 

1,387

​

 

—

​

 

—

​

 

1,772

Mortgage-backed securities - residential

​

 

159,666

​

 

106

​

 

(13,950)

​

 

—

​

 

145,822

Collateralized mortgage obligations

​

 

22,077

​

 

39

​

 

(1,076)

​

 

—

​

 

21,040

Corporate bonds

​

 

2,011

​

 

8

​

 

—

​

 

—

​

 

2,019

Trust preferred security

​

 

3,815

​

 

212

​

 

—

​

 

—

​

 

4,027

Total available-for-sale debt securities

​

$

614,368

​

$

1,752

​

$

(28,315)

​

$

—

​

$

587,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

Allowance

 

    

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

for

 

Fair

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Credit Losses

 

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

421,576

​

$

—

​

$

(14,543)

​

$

—

​

$

407,033

Private label mortgage-backed security

​

 

443

​

 

1,330

​

 

—

​

 

—

​

 

1,773

Mortgage-backed securities - residential

​

 

167,996

​

 

176

​

 

(13,462)

​

 

—

​

 

154,710

Collateralized mortgage obligations

​

 

22,698

​

 

36

​

 

(1,075)

​

 

—

​

 

21,659

Corporate bonds

​

 

2,012

​

 

8

​

 

—

​

 

—

​

 

2,020

Trust preferred security

​

 

3,800

​

 

318

​

 

—

​

 

—

​

 

4,118

Total available-for-sale debt securities

​

$

618,525

​

$

1,868

​

$

(29,080)

​

$

—

​

$

591,313

​

Held-to-Maturity Debt Securities

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

Gross

    

Gross

    

    

​

    

Allowance

​

​

Amortized

​

Unrecognized

​

Unrecognized

​

Fair

​

for

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

​

Credit Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

65,000

​

$

—

​

$

(116)

​

$

64,884

​

$

—

Mortgage-backed securities - residential

​

​

24

​

​

—

​

​

—

​

​

24

​

​

—

Collateralized mortgage obligations

​

 

6,251

​

 

45

​

 

(104)

​

 

6,192

​

 

—

Corporate bonds

​

 

4,989

​

 

30

​

 

—

​

 

5,019

​

 

(10)

Obligations of state and political subdivisions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total held-to-maturity debt securities

​

$

76,264

​

$

75

​

$

(220)

​

$

76,119

​

$

(10)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

Gross

    

Gross

    

    

​

    

Allowance

​

​

Amortized

​

Unrecognized

​

Unrecognized

​

Fair

​

for

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

​

Credit Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

65,000

​

$

—

​

$

(163)

​

$

64,837

​

$

—

Mortgage-backed securities - residential

​

​

25

​

​

—

​

​

—

​

​

25

​

​

—

Collateralized mortgage obligations

​

 

6,386

​

 

48

​

 

(121)

​

 

6,313

​

 

—

Corporate bonds

​

 

4,986

​

 

6

​

 

—

​

 

4,992

​

 

(10)

Obligations of state and political subdivisions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total held-to-maturity debt securities

​

$

76,397

​

$

54

​

$

(284)

​

$

76,167

​

$

(10)

​

Sales of Available-for-Sale Debt Securities

​

During the three months ended March 31, 2024 and 2023, there were no gains or losses on sales or calls of AFS debt securities.

​

Debt Securities by Contractual Maturity

​

The amortized cost and fair value of debt securities by contractual maturity as of March 31, 2024 follow. 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

March 31, 2024 (in thousands)

​

Cost

​

Value

​

Cost

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

Due in one year or less

​

$

191,117

​

$

189,114

​

$

50,000

​

$

49,897

Due from one year to five years

​

 

237,308

​

 

226,030

​

 

19,989

​

 

20,006

Due from five years to ten years

​

 

—

​

 

—

​

 

—

​

 

—

Due beyond ten years

​

 

3,815

​

 

4,027

​

 

—

​

 

—

Private label mortgage-backed security

​

 

385

​

 

1,772

​

 

—

​

 

—

Mortgage-backed securities - residential

​

 

159,666

​

 

145,822

​

 

24

​

 

24

Collateralized mortgage obligations

​

 

22,077

​

 

21,040

​

 

6,251

​

 

6,192

Total debt securities

​

$

614,368

​

$

587,805

​

$

76,264

​

$

76,119

​

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 as of March 31, 2024 and December 31, 2023, 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

 

March 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

​

$

61,177

​

$

(430)

​

$

351,949

​

$

(12,859)

​

$

413,126

​

$

(13,289)

​

Mortgage-backed securities - residential

​

​

9,818

​

​

(194)

​

​

129,370

​

​

(13,756)

​

​

139,188

​

​

(13,950)

​

Collateralized mortgage obligations

​

​

1,608

​

​

(72)

​

​

16,765

​

​

(1,004)

​

​

18,373

​

​

(1,076)

​

Trust preferred security

​

 

—

​

​

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Total available-for-sale debt securities

​

$

72,603

​

$

(696)

​

$

498,084

​

$

(27,619)

​

$

570,687

​

$

(28,315)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 months or more

​

Total

 

​

    

​

​

    

Unrealized

    

​

​

    

Unrealized

    

​

​

    

Unrealized

 

December 31, 2023 (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

​

$

26,707

​

$

(84)

​

$

380,326

​

$

(14,459)

​

$

407,033

​

$

(14,543)

​

Mortgage-backed securities - residential

​

​

1,911

​

​

(23)

​

​

136,180

​

​

(13,439)

​

​

138,091

​

​

(13,462)

​

Collateralized mortgage obligations

​

​

1,668

​

​

(52)

​

​

17,239

​

​

(1,023)

​

​

18,907

​

​

(1,075)

​

Trust preferred security

​

 

—

​

​

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Total available-for-sale debt securities

​

$

30,286

​

$

(159)

​

$

533,745

​

$

(28,921)

​

$

564,031

​

$

(29,080)

​

​

As of March 31, 2024, the Bank’s security portfolio consisted of 194 securities, 155 of which were in an unrealized loss position.

​

As of December 31, 2023, the Bank’s security portfolio consisted of 191 securities, 144 of which were in an unrealized loss position.

​

As of March 31, 2024 and December 31, 2023, 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.

​

Private Label Mortgage-Backed Security

​

The Bank owns one private label mortgage-backed security with a total carrying value of $1.8 million as of March 31, 2024. This security is mostly backed by “Alternative A” first-lien mortgage loans, but also has an insurance “wrap” or guarantee as an added layer of protection to the security holder. This asset is illiquid, and as such, the Bank determined it to be 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 the security. This approach is beneficial for positions that are not traded in active markets or are subject to transfer restrictions, and/or where valuations are adjusted to reflect illiquidity and/or non-transferability. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support for this investment.

​

See additional discussion regarding the Bank’s private label mortgage-backed security under Footnote 10 “Fair Value” in this section of the filing.

​

Mortgage-Backed Securities and Collateralized Mortgage Obligations

​

As of March 31, 2024, with the exception of the $1.8 million private label mortgage-backed security, all other mortgage-backed securities and CMOs held by the Bank were issued by U.S. government-sponsored entities and agencies, primarily FHLMC and FNMA. As of March 31, 2024 and December 31, 2023, there were gross unrealized losses of $15.0 million and $14.5 million related to AFS mortgage-backed securities and CMOs. 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 believes the unrealized losses detailed above do not require an allowance for credit losses relating to these securities to be recognized.

​

Roll-forward of the Allowance for Credit Losses on Debt Securities

​

The table below presents a roll-forward for the three months ended March 31, 2024 and 2023 of the ACLS on AFS and HTM debt securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLS Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

2023

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate Bonds

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

3

​

$

—

​

$

—

​

$

3

Held-to-Maturity Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate Bonds

​

​

​

10

​

​

—

​

​

—

​

​

—

​

​

10

​

​

10

​

​

—

​

​

—

​

​

—

​

​

10

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

10

​

$

—

​

$

—

​

$

—

​

$

10

​

$

10

​

$

3

​

$

—

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company’s ACLS on its HTM corporate bonds during the three months ended March 31, 2024 remains unchanged from December 31, 2023.

​

There were no HTM debt securities on nonaccrual or past due 90 days or more as of March 31, 2024 and December 31, 2023. All of the Company’s HTM corporate bonds were rated investment grade as of March 31, 2024 and December 31, 2023.

​

There were no HTM debt securities considered collateral dependent as of March 31, 2024 and December 31, 2023.

​

Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet and is excluded from the ACLS. Accrued interest on AFS debt securities totaled $2 million and $2 million as of March 31, 2024 and December 31, 2023. Accrued interest receivable on HTM debt securities totaled $837,000 and $384,000 as of March 31, 2024 and December 31, 2023.

​

Pledged Debt Securities

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Amortized cost

​

$

87,238

​

$

106,169

​

Fair value

​

​

86,171

​

​

99,530

​

Carrying amount

​

 

86,178

​

 

99,530

​

​

​

Equity Securities

​

The carrying value, 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

 

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

235

​

$

—

​

$

235

​

Total equity securities with readily determinable fair values

​

$

—

​

$

235

​

$

—

​

$

235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

    

​

 

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

 

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

174

​

$

—

​

$

174

​

Total equity securities with readily determinable fair values

​

$

—

​

$

174

​

$

—

​

$

174

​

​

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 March 31, 2024

    

Three Months Ended March 31, 2023

​

(in thousands)

​

Realized

​

Unrealized

​

Total

​

Realized

​

Unrealized

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

61

​

$

61

​

$

—

​

$

(4)

​

$

(4)

​

Total equity securities with readily determinable fair value

​

$

—

​

$

61

​

$

61

​

$

—

​

$

(4)

​

$

(4)

​

​
v3.24.1.u1
LOANS HELD FOR SALE
 3 Months Ended
Mar. 31, 2024
LOANS HELD FOR SALE  
LOANS HELD FOR SALE

4. 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 originated for sale, at fair value under Footnote 11 “Mortgage Banking Activities” of this section of the filing.

​

Consumer Loans Held for Sale, at Fair Value

​

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 “held for sale” on the Bank’s balance sheet, with the intent to sell generally within sixteen 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.

​

Activity for consumer loans held for sale and carried at fair value was as follows:

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

7,914

​

$

4,706

​

Origination of consumer loans held for sale

​

 

35,159

​

 

22,797

​

Proceeds from the sale of consumer loans held for sale

​

 

(38,011)

​

 

(23,560)

​

Net gain on sale of consumer loans held for sale

​

 

1,031

​

 

745

​

Balance, end of period

​

$

6,093

​

$

4,688

​

​

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 line-of-credit 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.”

​

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

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

16,094

​

$

13,169

​

Origination of consumer loans held for sale

​

 

153,188

​

 

184,425

​

Proceeds from the sale of consumer loans held for sale

​

 

(158,573)

​

 

(186,639)

​

Net gain on sale of consumer loans held for sale

​

 

2,374

​

 

1,789

​

Balance, end of period

​

$

13,083

​

$

12,744

​

​
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES
 3 Months Ended
Mar. 31, 2024
LOANS AND ALLOWANCE FOR CREDIT LOSSES  
LOANS AND ALLOWANCE FOR CREDIT LOSSES

5. LOANS AND ALLOWANCE FOR CREDIT LOSSES

​

The composition of the loan portfolio follows:

​

​

​

​

​

​

​

​

​

(in thousands)

   

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

Owner-occupied

​

$

1,064,071

​

$

1,144,684

​

Nonowner-occupied

​

 

342,481

​

 

345,965

​

Commercial real estate (1)

​

 

1,800,801

​

 

1,785,289

​

Construction & land development

​

 

237,998

​

 

217,338

​

Commercial & industrial

​

 

453,971

​

 

464,078

​

Lease financing receivables

​

 

88,272

​

 

88,591

​

Aircraft

​

​

246,060

​

​

250,051

​

Home equity

​

 

309,083

​

 

295,133

​

Consumer:

​

​

​

​

​

​

​

Credit cards

​

 

16,858

​

 

16,654

​

Overdrafts

​

 

629

​

 

694

​

Automobile loans

​

 

2,054

​

 

2,664

​

Other consumer

​

 

11,372

​

 

7,428

​

Total Traditional Banking

​

​

4,573,650

​

​

4,618,569

​

Warehouse lines of credit*

​

 

463,249

​

 

339,723

​

Total Core Banking

​

​

5,036,899

​

​

4,958,292

​

​

​

​

​

​

​

​

​

Republic Processing Group*:

​

 

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

Refund Advances

​

​

52,101

​

​

103,115

​

Other TRS commercial & industrial loans

​

​

5,396

​

​

46,092

​

Republic Credit Solutions

​

​

129,896

​

 

132,362

​

Total Republic Processing Group

​

​

187,393

​

​

281,569

​

​

​

​

​

​

​

​

​

Total loans**

​

 

5,224,292

​

 

5,239,861

​

Allowance for credit losses

​

 

(108,702)

​

 

(82,130)

​

​

​

​

​

​

​

​

​

Total loans, net

​

$

5,115,590

​

$

5,157,731

​

*Identifies loans to borrowers located primarily outside of the Bank’s market footprint.

**Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. See table directly below for expanded detail.

(1)The approximate percentage of Nonowner-occupied CRE loans to total CRE loans was 64% and 63%, respectively, for March 31, 2024 and December 31, 2023. The approximate percentage of Owner-occupied CRE loans to total CRE loans was 36% and 37%, respectively, for March 31, 2024 and December 31, 2023.

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Contractually receivable

​

$

5,231,943

​

$

5,246,621

​

Unearned income

​

 

(2,830)

​

 

(2,556)

​

Unamortized premiums

​

 

257

​

 

1,060

​

Unaccreted discounts

​

 

(2,264)

​

 

(2,533)

​

Other net unamortized deferred origination (fees) and costs

​

 

(2,814)

​

 

(2,731)

​

Carrying value of loans

​

$

5,224,292

​

$

5,239,861

​

​

​

Credit Quality Indicators

​

The following tables include loans by segment, risk category, and, for non-revolving loans, origination year. Loan segments and risk categories as of March 31, 2024 remain unchanged from those defined in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 (formerly TDR). Loan extensions and renewals classified as loan modifications (formerly TDRs) generally receive no change in origination date upon extension or renewal.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year

​

Amortized

​

Converted

​

​

​

As of March 31, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate owner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

20,990

​

$

257,598

​

$

199,426

​

$

171,956

​

$

164,679

​

$

223,861

​

$

—

​

$

2,434

​

$

1,040,944

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,757

​

​

—

​

​

—

​

​

5,757

Substandard

​

​

—

​

​

240

​

​

3,609

​

​

1,763

​

​

1,476

​

​

10,282

​

​

—

​

​

—

​

​

17,370

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

20,990

​

$

257,838

​

$

203,035

​

$

173,719

​

$

166,155

​

$

239,900

​

$

—

​

$

2,434

​

$

1,064,071

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

13

​

$

—

​

$

—

​

$

—

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate nonowner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

2,567

​

$

57,493

​

$

63,182

​

$

74,295

​

$

65,051

​

$

70,075

​

$

—

​

$

7,636

​

$

340,299

Special Mention

​

​

—

​

​

169

​

​

1,928

​

​

—

​

​

—

​

​

25

​

​

—

​

​

—

​

​

2,122

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

60

​

​

—

​

​

—

​

​

60

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

2,567

​

$

57,662

​

$

65,110

​

$

74,295

​

$

65,051

​

$

70,160

​

$

—

​

$

7,636

​

$

342,481

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

38,884

​

$

217,232

​

$

350,566

​

$

295,191

​

$

330,055

​

$

347,829

​

$

35,856

​

$

148,684

​

$

1,764,297

Special Mention

​

​

—

​

​

—

​

​

—

​

​

4,860

​

​

5,809

​

​

23,247

​

​

1,770

​

​

—

​

​

35,686

Substandard

​

​

—

​

​

—

​

​

7

​

​

—

​

​

640

​

​

171

​

​

—

​

​

—

​

​

818

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

38,884

​

$

217,232

​

$

350,573

​

$

300,051

​

$

336,504

​

$

371,247

​

$

37,626

​

$

148,684

​

$

1,800,801

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

5,061

​

$

79,899

​

$

117,704

​

$

22,655

​

$

2,689

​

$

5,217

​

$

385

​

$

4,388

​

$

237,998

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

5,061

​

$

79,899

​

$

117,704

​

$

22,655

​

$

2,689

​

$

5,217

​

$

385

​

$

4,388

​

$

237,998

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

15,456

​

$

100,658

​

$

76,782

​

$

64,531

​

$

33,713

​

$

32,042

​

$

115,105

​

$

3,793

​

$

442,080

Special Mention

​

​

—

​

​

138

​

​

5,397

​

​

1,290

​

​

1,347

​

​

2,737

​

​

187

​

​

—

​

​

11,096

Substandard

​

​

—

​

​

—

​

​

85

​

​

2

​

​

—

​

​

340

​

​

25

​

​

343

​

​

795

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

15,456

​

$

100,796

​

$

82,264

​

$

65,823

​

$

35,060

​

$

35,119

​

$

115,317

​

$

4,136

​

$

453,971

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

7,362

​

$

42,950

​

$

21,864

​

$

9,023

​

$

3,979

​

$

2,117

​

$

—

​

$

—

​

$

87,295

Special Mention

​

​

—

​

​

412

​

​

28

​

​

108

​

​

156

​

​

17

​

​

—

​

​

—

​

​

721

Substandard

​

​

—

​

​

—

​

​

187

​

​

38

​

​

—

​

​

31

​

​

—

​

​

—

​

​

256

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

7,362

​

$

43,362

​

$

22,079

​

$

9,169

​

$

4,135

​

$

2,165

​

$

—

​

$

—

​

$

88,272

YTD Gross Charge-offs

​

$

—

​

$

24

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

24

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aircraft:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

8,049

​

$

93,208

​

$

55,071

​

$

42,213

​

$

27,419

​

$

20,100

​

$

—

​

$

—

​

$

246,060

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

8,049

​

$

93,208

​

$

55,071

​

$

42,213

​

$

27,419

​

$

20,100

​

$

—

​

$

—

​

$

246,060

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Home equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

306,523

​

$

—

​

$

306,523

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

250

​

​

—

​

​

250

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,310

​

​

—

​

​

2,310

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

309,083

​

$

—

​

$

309,083

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year (Continued)

​

Amortized

​

Converted

​

​

​

​

As of March 31, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

3,331

​

$

4,554

​

$

1,124

​

$

144

​

$

54

​

$

2,888

​

$

18,807

​

$

—

​

$

30,902

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

11

​

​

—

​

​

—

​

​

11

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

3,331

​

$

4,554

​

$

1,124

​

$

144

​

$

54

​

$

2,899

​

$

18,807

​

$

—

​

$

30,913

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

345

​

$

—

​

$

345

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

463,249

​

$

—

​

$

463,249

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

463,249

​

$

—

​

$

463,249

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TRS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

41,099

​

$

16,398

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

57,497

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

41,099

​

$

16,398

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

57,497

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RCS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

8,836

​

$

23,834

​

$

5,546

​

$

452

​

$

1,209

​

$

35,351

​

$

52,483

​

$

—

​

$

127,711

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,185

​

​

—

​

​

2,185

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

8,836

​

$

23,834

​

$

5,546

​

$

452

​

$

1,209

​

$

35,351

​

$

54,668

​

$

—

​

$

129,896

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,545

​

$

—

​

$

4,545

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

151,635

​

$

893,824

​

$

891,265

​

$

680,460

​

$

628,848

​

$

739,480

​

$

992,408

​

$

166,935

​

$

5,144,855

​

Special Mention

​

​

—

​

​

719

​

​

7,353

​

​

6,258

​

​

7,312

​

​

31,783

​

​

2,207

​

​

—

​

​

55,632

​

Substandard

​

​

—

​

​

240

​

​

3,888

​

​

1,803

​

​

2,116

​

​

10,895

​

​

4,520

​

​

343

​

​

23,805

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Grand Total

​

$

151,635

​

$

894,783

​

$

902,506

​

$

688,521

​

$

638,276

​

$

782,158

​

$

999,135

​

$

167,278

​

$

5,224,292

​

YTD Gross Charge-offs

​

$

—

​

$

24

​

$

—

​

$

13

​

$

—

​

$

—

​

$

4,890

​

$

—

​

$

4,927

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year

​

Amortized

​

Converted

​

​

​

As of December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate owner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

346,195

​

$

200,715

​

$

175,030

​

$

167,493

​

$

59,982

​

$

170,402

​

$

—

​

$

2,474

​

$

1,122,291

Special Mention

​

​

41

​

​

—

​

​

—

​

​

—

​

​

—

​

​

6,309

​

​

—

​

​

—

​

​

6,350

Substandard

​

​

—

​

​

2,526

​

​

1,885

​

​

1,226

​

​

1,040

​

​

9,366

​

​

—

​

​

—

​

​

16,043

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

346,236

​

$

203,241

​

$

176,915

​

$

168,719

​

$

61,022

​

$

186,077

​

$

—

​

$

2,474

​

$

1,144,684

YTD Gross Charge-offs

​

$

—

​

$

10

​

$

16

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

26

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate nonowner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

63,405

​

$

69,827

​

$

82,814

​

$

47,395

​

$

28,416

​

$

44,280

​

$

—

​

$

7,597

​

$

343,734

Special Mention

​

​

170

​

​

1,971

​

​

—

​

​

—

​

​

—

​

​

26

​

​

—

​

​

—

​

​

2,167

Substandard

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

48

​

​

—

​

​

—

​

​

64

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

63,575

​

$

71,798

​

$

82,830

​

$

47,395

​

$

28,416

​

$

44,354

​

$

—

​

$

7,597

​

$

345,965

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

342,658

​

$

439,643

​

$

351,600

​

$

174,093

​

$

84,457

​

$

179,849

​

$

32,491

​

$

143,670

​

$

1,748,461

Special Mention

​

​

23,852

​

​

1,020

​

​

374

​

​

—

​

​

3,668

​

​

5,330

​

​

1,716

​

​

—

​

​

35,960

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

868

​

​

—

​

​

—

​

​

868

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

366,510

​

$

440,663

​

$

351,974

​

$

174,093

​

$

88,125

​

$

186,047

​

$

34,207

​

$

143,670

​

$

1,785,289

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

107,827

​

$

89,106

​

$

16,936

​

$

297

​

$

125

​

$

125

​

$

225

​

$

2,697

​

$

217,338

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

107,827

​

$

89,106

​

$

16,936

​

$

297

​

$

125

​

$

125

​

$

225

​

$

2,697

​

$

217,338

YTD Gross Charge-offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year (Continued)

​

Amortized

​

Converted

​

​

​

As of December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

140,753

​

$

87,497

​

$

70,149

​

$

13,150

​

$

10,175

​

$

10,782

​

$

120,069

​

$

3,968

​

$

456,543

Special Mention

​

​

349

​

​

423

​

​

3,473

​

​

—

​

​

—

​

​

1,476

​

​

542

​

​

—

​

​

6,263

Substandard

​

​

49

​

​

36

​

​

3

​

​

—

​

​

339

​

​

—

​

​

25

​

​

820

​

​

1,272

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

141,151

​

$

87,956

​

$

73,625

​

$

13,150

​

$

10,514

​

$

12,258

​

$

120,636

​

$

4,788

​

$

464,078

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

45,824

​

$

23,956

​

$

10,265

​

$

4,571

​

$

2,344

​

$

545

​

$

—

​

$

—

​

$

87,505

Special Mention

​

​

429

​

​

30

​

​

162

​

​

183

​

​

27

​

​

88

​

​

—

​

​

—

​

​

919

Substandard

​

​

—

​

​

102

​

​

—

​

​

—

​

​

—

​

​

65

​

​

—

​

​

—

​

​

167

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

46,253

​

$

24,088

​

$

10,427

​

$

4,754

​

$

2,371

​

$

698

​

$

—

​

$

—

​

$

88,591

YTD Gross Charge-offs

​

$

20

​

$

113

​

$

—

​

$

—

​

$

—

​

$

8

​

$

—

​

$

—

​

$

141

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aircraft:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

97,761

​

$

55,896

​

$

44,721

​

$

30,628

​

$

14,195

​

$

6,850

​

$

—

​

$

—

​

$

250,051

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

97,761

​

$

55,896

​

$

44,721

​

$

30,628

​

$

14,195

​

$

6,850

​

$

—

​

$

—

​

$

250,051

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Home equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

292,890

​

$

—

​

$

292,890

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

235

​

​

—

​

​

235

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,008

​

​

—

​

​

2,008

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

295,133

​

$

—

​

$

295,133

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

3,947

​

$

1,194

​

$

181

​

$

74

​

$

1,186

​

$

2,234

​

$

18,611

​

$

—

​

$

27,427

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1

​

​

12

​

​

—

​

​

—

​

​

13

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

3,947

​

$

1,194

​

$

181

​

$

74

​

$

1,187

​

$

2,246

​

$

18,611

​

$

—

​

$

27,440

YTD Gross Charge-offs

​

$

9

​

$

11

​

$

8

​

$

—

​

$

—

​

$

7

​

$

1,147

​

$

—

​

$

1,182

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

339,723

​

$

—

​

$

339,723

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

339,723

​

$

—

​

$

339,723

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TRS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated (1)

​

$

149,207

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

149,207

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total (1)

​

$

149,207

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

149,207

YTD Gross Charge-offs (1)

​

$

20,418

​

$

5,533

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

25,951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RCS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

30,607

​

$

7,203

​

$

579

​

$

454

​

$

996

​

$

36,372

​

$

54,634

​

$

—

​

$

130,845

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,517

​

​

—

​

​

1,517

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

30,607

​

$

7,203

​

$

579

​

$

454

​

$

996

​

$

36,372

​

$

56,151

​

$

—

​

$

132,362

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

13,912

​

$

—

​

$

13,912

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

1,328,184

​

$

975,037

​

$

752,275

​

$

438,155

​

$

201,876

​

$

451,439

​

$

858,643

​

$

160,406

​

$

5,166,015

Special Mention

​

​

24,841

​

​

3,444

​

​

4,009

​

​

183

​

​

3,695

​

​

13,229

​

​

2,493

​

​

—

​

​

51,894

Substandard

​

​

49

​

​

2,664

​

​

1,904

​

​

1,226

​

​

1,380

​

​

10,359

​

​

3,550

​

​

820

​

​

21,952

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Grand Total

​

$

1,353,074

​

$

981,145

​

$

758,188

​

$

439,564

​

$

206,951

​

$

475,027

​

$

864,686

​

$

161,226

​

$

5,239,861

YTD Gross Charge-offs

​

$

20,447

​

$

5,667

​

$

24

​

$

—

​

$

—

​

$

15

​

$

15,061

​

$

—

​

$

41,214

(1) Loans and YTD Gross Charge-offs have been revised for an immaterial correction into Term Loan categories from a Revolving Loan category as previously reported in the 2023 Annual Report on Form 10-K.

​

Allowance for Credit Losses on Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

2023

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

​

Beginning

​

CBank

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

Balance

​

Adjustment*

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

$

10,337

​

$

(800)

​

$

(13)

​

$

58

​

$

9,582

​

$

8,909

​

$

—

​

$

(120)

​

$

(6)

​

$

15

​

$

8,798

Nonowner-occupied

​

​

​

3,047

​

​

3

​

​

—

​

​

1

​

​

3,051

​

​

2,831

​

​

—

​

​

64

​

​

—

​

​

—

​

​

2,895

Commercial real estate

​

​

​

25,830

​

​

145

​

​

—

​

​

20

​

​

25,995

​

​

23,739

​

​

—

​

​

1,041

​

​

—

​

​

47

​

​

24,827

Construction & land development

​

​

​

6,060

​

​

640

​

​

—

​

​

—

​

​

6,700

​

​

4,123

​

​

—

​

​

329

​

​

—

​

​

—

​

​

4,452

Commercial & industrial

​

​

​

4,236

​

​

(79)

​

​

—

​

​

1

​

​

4,158

​

​

3,976

​

​

1,008

​

​

602

​

​

—

​

​

90

​

​

5,676

Lease financing receivables

​

​

​

1,061

​

​

22

​

​

(24)

​

​

13

​

​

1,072

​

​

110

​

​

592

​

​

648

​

​

—

​

​

—

​

​

1,350

Aircraft

​

​

​

625

​

​

(10)

​

​

—

​

​

—

​

​

615

​

​

449

​

​

—

​

​

12

​

​

—

​

​

—

​

​

461

Home equity

​

​

​

5,501

​

​

247

​

​

—

​

​

1

​

​

5,749

​

​

4,628

​

​

—

​

​

31

​

​

—

​

​

1

​

​

4,660

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

1,074

​

​

83

​

​

(81)

​

​

11

​

​

1,087

​

​

996

​

​

—

​

​

112

​

​

(40)

​

​

12

​

​

1,080

Overdrafts

​

​

​

694

​

​

27

​

​

(238)

​

​

80

​

​

563

​

​

726

​

​

—

​

​

52

​

​

(247)

​

​

64

​

​

595

Automobile loans

​

​

​

32

​

​

(10)

​

​

—

​

​

2

​

​

24

​

​

87

​

​

—

​

​

(16)

​

​

(7)

​

​

2

​

​

66

Other consumer

​

​

​

501

​

​

90

​

​

(26)

​

​

15

​

​

580

​

​

135

​

​

—

​

​

229

​

​

(31)

​

​

23

​

​

356

Total Traditional Banking

​

​

​

58,998

​

​

358

​

​

(382)

​

​

202

​

​

59,176

​

​

50,709

​

​

1,600

​

​

2,984

​

​

(331)

​

​

254

​

​

55,216

Warehouse lines of credit

​

​

​

847

​

​

309

​

​

—

​

​

—

​

​

1,156

​

​

1,009

​

​

—

​

​

135

​

​

—

​

​

—

​

​

1,144

Total Core Banking

​

​

​

59,845

​

​

667

​

​

(382)

​

​

202

​

​

60,332

​

​

51,718

​

​

1,600

​

​

3,119

​

​

(331)

​

​

254

​

​

56,360

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

​

3,929

​

​

25,718

​

​

—

​

​

275

​

​

29,922

​

​

3,797

​

​

—

​

​

21,715

​

​

—

​

​

285

​

​

25,797

Other TRS commercial & industrial loans

​

​

​

61

​

​

56

​

​

—

​

​

30

​

​

147

​

​

91

​

​

—

​

​

93

​

​

—

​

​

—

​

​

184

Republic Credit Solutions

​

​

​

18,295

​

​

4,181

​

​

(4,545)

​

​

370

​

​

18,301

​

​

14,807

​

​

—

​

​

1,839

​

​

(3,099)

​

​

233

​

​

13,780

Total Republic Processing Group

​

​

​

22,285

​

​

29,955

​

​

(4,545)

​

​

675

​

​

48,370

​

​

18,695

​

​

—

​

​

23,647

​

​

(3,099)

​

​

518

​

​

39,761

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

82,130

​

$

30,622

​

$

(4,927)

​

$

877

​

$

108,702

​

$

70,413

​

$

1,600

​

$

26,766

​

$

(3,430)

​

$

772

​

$

96,121

* The net fair value adjustment to ACLL includes an estimate of lifetime credit losses for Purchased Credit Deteriorated loans.

​

The cumulative loss rate used as the basis for the estimate of the Company’s ACLL as of March 31, 2024 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 2023, supplemented by qualitative factor adjustments for current and forecasted conditions. The Company employs one-year forecasts of unemployment and CRE values within its ACLL model, with reversion to long-term averages following the forecasted period. The cumulative loss rate within the Company’s ACLL also includes estimated losses based on an individual evaluation of loans which are either collateral dependent or which do not share risk characteristics with pooled loans, e.g., Loan Modifications.

Nonperforming Loans and Nonperforming Assets

​

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

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

    

December 31, 2023

    

​

​

​

​

​

​

​

​

Loans on nonaccrual status*

​

$

19,258

​

$

19,150

​

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

​

 

2,116

​

 

1,468

​

Total nonperforming loans

​

 

21,374

​

 

20,618

​

Other real estate owned

​

 

1,486

​

 

1,370

​

Total nonperforming assets

​

$

22,860

​

$

21,988

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.41

%  

 

0.39

%

Nonperforming assets to total loans (including OREO)

​

 

0.44

​

 

0.42

​

Nonperforming assets to total assets

​

 

0.33

​

 

0.33

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Bank:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.38

%  

 

0.39

%

Nonperforming assets to total loans (including OREO)

​

 

0.41

​

 

0.41

​

Nonperforming assets to total assets

​

 

0.33

​

 

0.35

​

*

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 the recorded investment in nonaccrual loans and loans past due 90-days-or-more and still on accrual by class of loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due 90-Days-or-More

​

​

Nonaccrual

​

​

and Still Accruing Interest*

(in thousands)

    

March 31, 2024

    

December 31, 2023

  

  

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

15,533

​

$

15,056

​

​

$

—

​

$

—

Nonowner-occupied

​

 

60

​

 

64

​

​

 

—

​

 

—

Commercial real estate

​

 

795

​

 

850

​

​

 

—

​

 

—

Construction & land development

​

 

—

​

 

—

​

​

 

—

​

 

—

Commercial & industrial

​

 

744

​

 

1,221

​

​

 

—

​

 

—

Lease financing receivables

​

 

15

​

 

—

​

​

 

—

​

 

—

Aircraft

​

​

—

​

​

—

​

​

​

—

​

​

—

Home equity

​

 

2,103

​

 

1,948

​

​

 

—

​

 

—

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

—

​

 

—

​

​

 

—

​

 

—

Overdrafts

​

 

—

​

 

—

​

​

 

—

​

 

—

Automobile loans

​

 

8

​

 

10

​

​

 

—

​

 

—

Other consumer

​

 

—

​

 

1

​

​

 

—

​

 

—

Total Traditional Banking

​

​

19,258

​

​

19,150

​

​

​

—

​

​

—

Warehouse lines of credit

​

 

—

​

 

—

​

​

 

—

​

 

—

Total Core Banking

​

​

19,258

​

​

19,150

​

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

​

—

​

​

​

—

​

​

—

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

​

 

—

​

 

—

Republic Credit Solutions

​

​

—

​

​

—

​

​

​

2,116

​

​

1,468

Total Republic Processing Group

​

​

—

​

​

—

​

​

​

2,116

​

​

1,468

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

19,258

​

$

19,150

​

​

$

2,116

​

$

1,468

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

As of March 31, 2024

​

March 31, 2024

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

303

​

$

15,230

​

$

15,533

​

$

246

Nonowner-occupied

​

 

19

​

​

41

​

​

60

​

​

15

Commercial real estate

​

 

795

​

​

—

​

​

795

​

​

42

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

744

​

​

—

​

​

744

​

​

—

Lease financing receivables

​

 

15

​

​

—

​

​

15

​

​

—

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

Home equity

​

 

—

​

​

2,103

​

​

2,103

​

​

49

Consumer

​

​

6

​

​

2

​

​

8

​

​

—

Total

​

$

1,882

​

$

17,376

​

$

19,258

​

$

352

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

As of December 31, 2023

​

March 31, 2023

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

376

​

$

14,680

​

$

15,056

​

$

181

Nonowner-occupied

​

 

20

​

​

44

​

​

64

​

​

1

Commercial real estate

​

 

850

​

​

—

​

​

850

​

​

23

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

1,221

​

​

—

​

​

1,221

​

​

—

Lease financing receivables

​

 

—

​

​

—

​

​

—

​

​

—

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

Home equity

​

 

—

​

​

1,948

​

​

1,948

​

​

23

Consumer

​

​

8

​

​

3

​

​

11

​

​

3

Total

​

$

2,475

​

$

16,675

​

$

19,150

​

$

231

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

​

Nonaccrual loans and loans past due 90-days-or-more and still on accrual both include smaller balance, primarily retail, homogeneous loans. Nonaccrual loans are typically returned to accrual status when all the principal and interest amounts contractually due are brought current and held current for six consecutive months and future contractual payments are reasonably assured. Loan Modifications (formerly TDRs prior to the adoption of ASU 2022-02) on nonaccrual status are reviewed for return to accrual status on an individual basis, with additional consideration given to performance under the modified terms.

​

Delinquent Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

 

March 31, 2024

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

 

(dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

2,861

​

$

1,453

​

$

1,507

​

$

5,821

​

$

1,058,250

​

$

1,064,071

​

Nonowner-occupied

​

 

—

​

 

—

​

 

—

​

 

—

​

 

342,481

​

 

342,481

​

Commercial real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,800,801

​

 

1,800,801

​

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

237,998

​

 

237,998

​

Commercial & industrial

​

 

2

​

 

—

​

 

744

​

 

746

​

 

453,225

​

 

453,971

​

Lease financing receivables

​

 

7

​

 

—

​

 

15

​

 

22

​

 

88,250

​

 

88,272

​

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

246,060

​

​

246,060

​

Home equity

​

 

464

​

 

309

​

 

217

​

 

990

​

 

308,093

​

 

309,083

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

22

​

 

13

​

 

—

​

 

35

​

 

16,823

​

 

16,858

​

Overdrafts

​

 

114

​

 

4

​

 

—

​

 

118

​

 

511

​

 

629

​

Automobile loans

​

 

—

​

 

—

​

 

2

​

 

2

​

 

2,052

​

 

2,054

​

Other consumer

​

 

52

​

 

10

​

 

—

​

 

62

​

 

11,310

​

 

11,372

​

Total Traditional Banking

​

​

3,522

​

​

1,789

​

​

2,485

​

​

7,796

​

​

4,565,854

​

​

4,573,650

​

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

463,249

​

 

463,249

​

Total Core Banking

​

​

3,522

​

​

1,789

​

​

2,485

​

​

7,796

​

​

5,029,103

​

​

5,036,899

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

52,101

​

 

52,101

​

Other TRS commercial & industrial loans

​

 

283

​

 

—

​

 

—

​

 

283

​

 

5,113

​

 

5,396

​

Republic Credit Solutions

​

​

8,211

​

 

3,006

​

 

2,116

​

 

13,333

​

 

116,563

​

 

129,896

​

Total Republic Processing Group

​

​

8,494

​

​

3,006

​

​

2,116

​

​

13,616

​

​

173,777

​

​

187,393

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

12,016

​

$

4,795

​

$

4,601

​

$

21,412

​

$

5,202,880

​

$

5,224,292

​

Delinquency ratio***

​

 

0.23

%  

 

0.09

%  

 

0.09

%  

 

0.41

%  

​

​

​

​

​

​

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

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

 

December 31, 2023

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

 

(dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

3,396

​

$

769

​

$

1,638

​

$

5,803

​

$

1,138,881

​

$

1,144,684

​

Nonowner-occupied

​

 

—

​

 

—

​

 

—

​

 

—

​

 

345,965

​

 

345,965

​

Commercial real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,785,289

​

 

1,785,289

​

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

217,338

​

 

217,338

​

Commercial & industrial

​

 

140

​

 

36

​

 

1,184

​

 

1,360

​

 

462,718

​

 

464,078

​

Lease financing receivables

​

 

18

​

 

—

​

 

—

​

 

18

​

 

88,573

​

 

88,591

​

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

250,051

​

​

250,051

​

Home equity

​

 

417

​

 

96

​

 

254

​

 

767

​

 

294,366

​

 

295,133

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

31

​

 

4

​

 

—

​

 

35

​

 

16,619

​

 

16,654

​

Overdrafts

​

 

129

​

 

1

​

 

1

​

 

131

​

 

563

​

 

694

​

Automobile loans

​

 

—

​

 

—

​

 

2

​

 

2

​

 

2,662

​

 

2,664

​

Other consumer

​

 

53

​

 

7

​

 

—

​

 

60

​

 

7,368

​

 

7,428

​

Total Traditional Banking

​

​

4,184

​

​

913

​

​

3,079

​

​

8,176

​

​

4,610,393

​

​

4,618,569

​

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

339,723

​

 

339,723

​

Total Core Banking

​

​

4,184

​

​

913

​

​

3,079

​

​

8,176

​

​

4,950,116

​

​

4,958,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

103,115

​

 

103,115

​

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

46,092

​

 

46,092

​

Republic Credit Solutions

​

​

9,387

​

 

3,061

​

 

1,468

​

 

13,916

​

 

118,446

​

 

132,362

​

Total Republic Processing Group

​

​

9,387

​

​

3,061

​

​

1,468

​

​

13,916

​

​

267,653

​

​

281,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

13,571

​

$

3,974

​

$

4,547

​

$

22,092

​

$

5,217,769

​

$

5,239,861

​

Delinquency ratio***

​

 

0.25

%  

 

0.08

%  

 

0.09

%  

 

0.42

%  

​

​

​

​

​

​

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

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

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

​

Collateral-Dependent Loans

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

December 31, 2023

​

​

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

​

$

17,287

​

$

—

​

$

18,602

​

$

—

Nonowner-occupied

​

 

60

​

 

—

​

 

64

​

 

—

Commercial real estate

​

 

820

​

 

—

​

 

870

​

 

—

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

Commercial & industrial

​

 

795

​

 

—

​

 

1,273

​

 

—

Lease financing receivables

​

 

—

​

 

256

​

 

—

​

 

108

Aircraft

​

​

—

​

 

—

​

​

—

​

 

—

Home equity

​

 

2,310

​

 

—

​

 

2,008

​

 

—

Consumer

​

​

—

​

 

11

​

​

—

​

 

13

Total Traditional Banking

​

$

21,272

​

$

267

​

$

22,817

​

$

121

​

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

​

Loan Modification Disclosures Pursuant to ASU 2022-02

​

The following tables show the amortized cost of loans and leases as of the identified period that were both experiencing financial difficulty and modified during the three months prior, segregated by portfolio segment and type of modification. The following tables shows the amortized cost of loans and leases modified by type.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis of Modified Financing Receivables

​

​

Three Months Ended March 31, 2024

(dollars in thousands)

​

Loans (#)

​

Rate Reduction ($)

​

Loans (#)

​

Term Extension ($)

​

Loans (#)

​

Principal Deferral ($)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

—

​

$

—

​

—

​

$

—

Nonowner-occupied

​

—

​

​

—

​

—

​

​

—

​

—

​

​

—

Home equity

​

—

​

​

—

​

—

​

​

—

​

—

​

​

—

Republic Processing Group

​

—

​

​

—

​

—

​

​

—

​

349

​

​

75

Total Loan Modifications

​

—

​

$

—

​

—

​

$

—

​

349

​

$

75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis of Modified Financing Receivables

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

​

Loans (#)

​

Rate Reduction ($)

​

Loans (#)

​

Term Extension ($)

​

Loans (#)

​

Principal Deferral ($)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

2

​

$

265

​

4

​

$

344

Home equity

​

—

​

​

—

​

—

​

​

—

​

1

​

​

72

Republic Processing Group

​

—

​

​

—

​

—

​

​

—

​

537

​

​

105

Total Loan Modifications

​

—

​

$

—

​

2

​

$

265

​

542

​

$

521

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loan Modification by Type

​

​

Three Months Ended March 31, 2024

​

​

Accruing

​

Nonaccruing

(dollars in thousands)

​

Loans (#)

​

Recorded investment ($)

​

Loans (#)

​

Recorded investment ($)

​

​

​

​

​

​

​

​

​

​

​

Term extension

​

—

​

$

—

​

—

​

$

—

Principal deferral

​

349

​

​

75

​

—

​

​

—

Total Loan Modifications

​

349

​

$

75

​

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loan Modification by Type

​

​

Three Months Ended March 31, 2023

​

​

Accruing

​

Nonaccruing

(dollars in thousands)

​

Loans (#)

​

Recorded investment ($)

​

Loans (#)

​

Recorded investment ($)

​

​

​

​

​

​

​

​

​

​

​

Term extension

​

—

​

$

—

​

2

​

$

265

Principal deferral

​

537

​

​

105

​

5

​

​

416

Total Loan Modifications

​

537

​

$

105

​

7

​

$

681

​

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

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

Three Months Ended March 31, 2024

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Republic Processing Group

​

349

​

$

75

​

0.04

%

Total Accruing Loan Modifications

​

349

​

$

75

​

NM

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

Three Months Ended March 31, 2024

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

—

%

Home equity

​

—

​

​

—

​

—

​

Total Nonaccruing Loan Modifications

​

—

​

$

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Republic Processing Group

​

537

​

$

105

​

0.07

%

Total Accruing Loan Modifications

​

537

​

$

105

​

NM

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

Owner-occupied

​

6

​

$

609

​

0.06

%

Home equity

​

1

​

​

72

​

0.03

​

Total Nonaccruing Loan Modifications

​

7

​

$

681

​

0.01

​

​

There were no commitments to lend additional amounts to the borrowers included in the previous table. The financial impact of loan modifications was not material for the three months ended March 31, 2024 or March 31, 2023.

​

​

​

​

​

​

​

​

​

The Company closely monitors the performance of loans and leases that have been modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table shows the performance of such loans and leases that have been modified during the identified period.

​

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

At March 31, 2024

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner occupied

​

$

475

​

$

—

​

$

—

Republic Processing Group

​

​

75

​

$

—

​

$

—

Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024

​

$

550

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

At March 31, 2024

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

267

​

$

—

​

$

109

Home equity

​

​

617

​

​

—

​

​

25

Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024

​

$

884

​

$

—

​

$

134

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

At March 31, 2023

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner occupied

​

$

—

​

$

—

​

$

—

Republic Processing Group

​

​

105

​

$

—

​

$

—

Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2023

​

$

105

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

At March 31, 2023

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

609

​

$

—

​

$

—

Home equity

​

​

72

​

​

—

​

​

—

Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2023

​

$

681

​

$

—

​

$

—

​

There were no modified loans and leases that had a payment default during the three months ended March 31, 2024 or March 31, 2023 that were modified in the twelve months prior to that default to borrowers experiencing financial difficulty.

​

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

​

​

Foreclosures

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

​

March 31, 2024

​

December 31, 2023

 

​

​

​

​

​

​

​

​

Commercial real estate

​

$

1,486

​

$

1,370

​

​

​

​

​

​

​

​

​

Total other real estate owned

​

$

1,486

 

$

1,370

​

​

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)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

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

 

$

1,746

 

$

1,556

​

Refund Advances

The Company’s TRS segment offered (i) its RA product during the first two months of 2024, along with its ERA product during December 2023 and the first two weeks of 2024 and (ii) its RA product during the first two months of 2023, along with its ERA product during December 2022 and the first two weeks of 2023. 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, while the ERA originations during December 2022 and the first two weeks of 2023 were made in relation to estimated tax returns that were anticipated to be filed during the first quarter 2023 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 RAs, including ERAs, match the recovery of previously charged-off accounts.

Information regarding RAs follows:

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

    

March 31, 

(dollars in thousands)

    

2024

  

2023

​

​

​

​

​

​

​

​

​

Refund Advances originated

 

$

771,091

​

​

$

737,047

​

Net charge to the Provision for RAs, including ERAs

 

​

25,718

​

​

​

21,715

​

Provision as a percentage of RAs, including ERAs, originated

​

​

3.34

%  

​

​

2.95

%  

Refund Advances net charge-offs (recoveries)

 

$

(275)

​

​

$

(285)

​

Refund Advances net charge-offs (recoveries) to total Refund Advances originated

​

​

(0.04)

%  

​

​

(0.04)

%  

​
v3.24.1.u1
DEPOSITS
 3 Months Ended
Mar. 31, 2024
DEPOSITS  
DEPOSITS

6. DEPOSITS

​

The composition of the deposit portfolio follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Core Bank:

​

​

​

​

​

​

​

Demand

​

$

1,179,771

​

$

1,158,051

​

Money market accounts

​

 

1,078,549

​

 

1,007,356

​

Savings

​

 

355,260

​

 

263,238

​

Reciprocal money market

​

 

221,779

​

 

188,078

​

Individual retirement accounts (1)

​

 

34,208

​

 

33,793

​

Time deposits, $250 and over (1)

​

 

113,096

​

 

101,787

​

Other certificates of deposit (1)

​

 

239,258

​

 

225,614

​

Reciprocal time deposits (1)

​

 

90,857

​

 

90,857

​

Wholesale brokered deposits (1)

​

​

349,298

​

​

88,767

​

Total Core Bank interest-bearing deposits

​

 

3,662,076

​

 

3,157,541

​

Total Core Bank noninterest-bearing deposits

​

​

1,180,237

​

​

1,239,466

​

Total Core Bank deposits

​

​

4,842,313

​

​

4,397,007

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

Wholesale brokered deposits (1)

​

​

—

​

​

199,960

​

Interest-bearing prepaid card deposits

​

​

379,677

​

​

—

​

Money market accounts

​

​

19,380

​

​

18,664

​

Total RPG interest-bearing deposits

​

​

399,057

​

​

218,624

​

​

​

​

​

​

​

​

​

Noninterest-bearing prepaid card deposits

​

​

—

​

​

318,769

​

Other noninterest-bearing deposits

​

​

179,279

​

​

118,763

​

Total RPG noninterest-bearing deposits

​

​

179,279

​

​

437,532

​

Total RPG deposits

​

​

578,336

​

​

656,156

​

​

​

​

​

​

​

​

​

Total deposits

​

$

5,420,649

​

$

5,053,163

​

(1)Includes time deposit.
v3.24.1.u1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS
 3 Months Ended
Mar. 31, 2024
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS  
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

7. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS

​

Securities sold under agreements to repurchase 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 March 31, 2024 and December 31, 2023, all securities sold under agreements to repurchase had overnight maturities. Additional information regarding securities sold under agreements to repurchase follows:

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

  

  

December 31, 2023

    

​

​

​

​

​

​

​

​

​

​

​

Outstanding balance at end of period

​

$

84,522

​

​

$

97,618

​

​

Weighted average interest rate at end of period

​

 

0.59

%  

​

 

0.50

%  

​

​

​

​

​

​

​

​

​

​

​

Fair value of securities pledged:

​

​

​

​

​

​

​

​

​

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

​

$

86,171

​

​

$

99,530

​

​

Total securities pledged

​

$

86,171

​

​

$

99,530

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

March 31, 

​

​

​

(dollars in thousands)

  

2024

  

  

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

​

$

102,592

 

​

$

202,910

​

​

​

Weighted average interest rate during the period

​

​

0.51

%  

​

​

0.49

%  

​

​

Maximum outstanding at any month end during the period

​

$

113,281

 

​

$

224,067

​

​

​

​
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES
 3 Months Ended
Mar. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES  
FEDERAL HOME LOAN BANK ADVANCES

8. FEDERAL HOME LOAN BANK ADVANCES

​

FHLB advances were as follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Overnight advances

​

$

—

​

$

110,000

​

Fixed interest rate advances

​

 

270,000

​

 

270,000

​

Total FHLB advances

​

$

270,000

​

$

380,000

​

​

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 March 31, 2024 and December 31, 2023, Republic had available borrowing capacity of $1.0 billion and $730 million, respectively, 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 March 31, 2024 and December 31, 2023.

​

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

 

​

​

​

​

​

​

​

2024

 

$

—

​

—

%

2025

 

​

—

 

—

​

2026

 

​

30,000

 

4.82

​

2027

​

​

80,000

 

4.01

​

2028

 

​

160,000

 

4.39

​

Total

​

$

270,000

 

4.33

%

​

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

​

​

​

​

March 31, 

​

​

(dollars in thousands)

    

2024

    

​

2023

    

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

 

$

266,209

 

​

$

225,344

​

 

Weighted average interest rate during the period

​

​

5.44

%

​

​

4.43

%

​

Maximum outstanding at any month end during the period

 

$

760,000

 

​

$

485,000

​

 

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

First-lien, single family residential real estate

​

$

1,250,774

​

$

1,345,752

​

Home equity lines of credit

​

 

268,442

​

 

266,389

​

Multi-family commercial real estate

​

 

133,908

​

 

133,565

​

Commercial real estate

​

​

377,934

​

​

—

​

​
v3.24.1.u1
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES
 3 Months Ended
Mar. 31, 2024
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES  
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES

9. 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, for each period ended:

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

Unused warehouse lines of credit

​

$

469,751

​

$

623,277

​

Unused home equity lines of credit

​

 

460,311

​

 

446,006

​

Unused loan commitments - other

​

 

1,146,352

​

 

1,159,284

​

Standby letters of credit

​

 

11,091

​

 

11,012

​

FHLB letter of credit

​

 

—

​

 

—

​

Total commitments

​

$

2,087,505

​

$

2,239,579

​

​

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.

​

The following tables present a roll-forward of the ACLC for the three months ended March 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLC Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

​

2023

​

​

​

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

​

​

$

116

​

$

(8)

​

$

—

​

$

—

​

$

108

​

$

190

​

$

8

​

$

—

​

$

—

​

$

198

Unused home equity lines of credit

​

​

​

55

​

​

31

​

​

—

​

​

—

​

​

86

​

​

332

​

​

9

​

​

—

​

​

—

​

​

341

Unused construction lines of credit

​

​

​

820

​

​

(179)

​

​

—

​

​

—

​

​

641

​

​

384

​

​

163

​

​

—

​

​

—

​

​

547

Unused loan commitments - other

​

​

​

349

​

​

46

​

​

—

​

​

—

​

​

395

​

​

344

​

​

30

​

​

—

​

​

—

​

​

374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

1,340

​

$

(110)

​

$

—

​

$

—

​

$

1,230

​

$

1,250

​

$

210

​

$

—

​

$

—

​

$

1,460

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The Company decreased its ACLC during the three months ended March 31, 2024 based on a decrease in the expected loss rate for its unused commitments.

v3.24.1.u1
FAIR VALUE
 3 Months Ended
Mar. 31, 2024
FAIR VALUE  
FAIR VALUE

10. 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.

​

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 mortgage-backed security, 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 mortgage-backed security 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 in this section of the filing under Footnote 3 “Investment Securities” for additional discussion regarding the Bank’s private label mortgage-backed security.

​

The Company acquired its TRUP investment in 2015 and considered the most recent bid price for the same instrument to approximate market value as of March 31, 2024. 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: Quoted market prices in an active market are available for the Bank’s CRA mutual fund investment and fall within Level 1 of the fair value hierarchy.

​

The fair value of the Company’s Freddie Mac preferred stock is determined by matrix pricing, as described above (Level 2 inputs).

​

Mortgage loans held for sale, at fair value: The fair value of mortgage loans held for sale is determined using quoted secondary market prices. Mortgage loans held for sale 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.

​

Consumer loans held for investment, at fair value: The Bank held an immaterial amount of consumer loans at fair value through a consumer loan program the Company is currently unwinding. The fair value of these loans was based on the discounted cash flows of the underlying loans, Level 3 inputs. Further disclosure of these loans is considered immaterial and thus omitted.

​

​

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.

​

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 other real estate owned 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 commercial real estate, and may lead to additional adjustments to the value of unliquidated collateral of similar class.

​

Mortgage servicing rights: At least quarterly, MSRs are evaluated for impairment based upon the fair value of the MSRs 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).

​

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. Information as of March 31, 2024 is presented net of any applicable ACL.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at 

​

​

​

 

​

​

March 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

​

$

148,755

​

$

264,370

​

$

—

​

$

413,125

​

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,772

​

 

1,772

​

Mortgage-backed securities - residential

​

 

—

​

 

145,822

​

 

—

​

 

145,822

​

Collateralized mortgage obligations

​

 

—

​

 

21,040

​

 

—

​

 

21,040

​

Corporate bonds

​

​

—

​

​

2,019

​

​

—

​

​

2,019

​

Trust preferred security

​

 

—

​

 

—

​

 

4,027

​

 

4,027

​

Total available-for-sale debt securities

​

$

148,755

​

$

433,251

​

$

5,799

​

$

587,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

235

​

$

—

​

$

235

​

Total equity securities with readily determinable fair value

​

$

—

​

$

235

​

$

—

​

$

235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

80,884

​

$

—

​

$

80,884

​

Consumer loans held for sale

​

​

—

​

​

—

​

​

6,093

​

​

6,093

​

Rate lock commitments

​

 

—

​

 

466

​

 

—

​

 

466

​

Interest rate swap agreements

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

—

​

$

77

​

$

—

​

$

77

​

Interest rate swap agreements

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

 

​

​

December 31, 2023 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

​

$

177,784

​

$

229,249

​

$

—

​

$

407,033

​

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,773

​

 

1,773

​

Mortgage-backed securities - residential

​

 

—

​

 

154,710

​

 

—

​

 

154,710

​

Collateralized mortgage obligations

​

 

—

​

 

21,659

​

 

—

​

 

21,659

​

Corporate bonds

​

​

—

​

​

2,020

​

​

—

​

​

2,020

​

Trust preferred security

​

 

—

​

 

—

​

 

4,118

​

 

4,118

​

Total available-for-sale debt securities

​

$

177,784

​

$

407,638

​

$

5,891

​

$

591,313

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

174

​

$

—

​

$

174

​

Total equity securities with readily determinable fair value

​

$

—

​

$

174

​

$

—

​

$

174

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

3,227

​

$

—

​

$

3,227

​

Consumer loans held for sale

​

​

—

​

​

—

​

​

7,914

​

​

7,914

​

Rate lock commitments

​

 

—

​

 

243

​

 

—

​

 

243

​

Interest rate swap agreements

​

 

—

​

 

8,933

​

 

—

​

 

8,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

—

​

$

61

​

$

—

​

$

61

​

Interest rate swap agreements

​

​

—

​

​

8,933

​

​

—

​

 

8,933

​

​

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 months ended March 31, 2024 and 2023.

​

Private Label Mortgage-Backed Security

​

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

​

​

​

​

​

​

​

​

​

​

  

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

​

2023

    

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

1,773

​

$

2,127

​

Total gains or losses included in earnings:

​

​

​

​

​

​

​

Net change in unrealized gain (loss)

​

 

57

​

 

5

​

Principal paydowns

​

 

(58)

​

 

(122)

​

Balance, end of period

​

$

1,772

​

$

2,010

​

​

The fair value of the Bank’s single private label mortgage-backed security 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 mortgage-backed security 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 mortgage-backed security follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

 

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Range

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,772

 

Discounted cash flow

 

(1) Constant prepayment rate

 

3.9% - 4.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

1.8% - 9.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

22% - 35%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

 

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Range

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,773

 

Discounted cash flow

 

(1) Constant prepayment rate

 

3.9% - 4.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

1.8% - 9.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

25% - 35%

​

​

​

Trust Preferred Security

​

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

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

4,118

​

$

3,855

​

Total gains or losses included in earnings:

​

​

​

​

​

​

​

Discount accretion

​

​

15

​

​

14

​

Net change in unrealized gain (loss)

​

 

(106)

​

 

132

​

Balance, end of period

​

$

4,027

​

$

4,001

​

​

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 held for sale. 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 March 31, 2024 and December 31, 2023.

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

80,884

​

$

3,227

​

Contractual balance

​

 

80,681

​

 

3,168

​

Unrealized gain

​

 

203

​

 

59

​

​

The total amount of gains and losses from changes in fair value included in earnings for the three months ended March 31, 2024 and 2023 for mortgage loans held for sale are presented in the following table:

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

    

​

​

​

March 31, 

​

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

86

​

$

61

​

​

Change in fair value

​

 

145

​

 

(8)

​

​

Total included in earnings

​

$

231

​

$

53

​

​

​

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 March 31, 2024 and December 31, 2023.

​

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.

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

6,093

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

7,914

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%

​

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

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

6,093

​

$

7,914

​

Contractual balance

​

 

6,129

​

 

7,964

​

Unrealized loss

​

 

(36)

​

 

(50)

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

March 31, 

​

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

1,173

​

$

765

​

​

Change in fair value

​

 

14

​

 

3

​

​

Total included in earnings

​

$

1,187

​

$

768

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

​

March 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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

$

—

​

$

—

​

$

1,486

​

$

1,486

​

Total other real estate owned

​

$

—

​

$

—

​

$

1,486

​

$

1,486

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

December 31, 2023 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

​

$

—

​

$

—

​

$

1,580

​

$

1,580

Commercial real estate

​

 

—

​

 

—

​

 

795

​

 

795

Home equity

​

 

—

​

 

—

​

 

104

​

 

104

Total collateral-dependent loans*

​

$

—

​

$

—

​

$

2,479

​

$

2,479

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

$

—

​

$

—

​

$

1,370

​

$

1,370

Total other real estate owned

​

$

—

​

$

—

​

$

1,370

​

$

1,370

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate

​

$

1,486

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

39% (39%)

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

    

    

    

    

Range

​

​

Fair

​

Valuation

​

Unobservable

​

(Weighted

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - residential real estate owner-occupied

​

$

1,580

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

0% - 27% (4%)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - commercial real estate

​

$

795

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

11% (11%)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - home equity

​

$

104

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

5% (5%)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate

​

$

1,370

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

39% (39%)

​

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.

​

Collateral-dependent loans are as follows:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Provision on collateral-dependent loans

​

$

(7)

​

$

(19)

​

​

Other Real Estate Owned

​

Details of other real estate owned carrying value and write downs follows:

​

​

​

​

​

​

​

​

​

​

    

​

​

​

(in thousands)

​

March 31, 2024

    

December 31, 2023

    

​

​

​

​

​

​

​

​

Other real estate owned carried at fair value

​

$

1,486

​

$

1,370

​

Total carrying value of other real estate owned

​

$

1,486

​

$

1,370

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Other real estate owned write-downs during the period

​

$

53

​

$

52

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

 

​

​

​

​

​

March 31, 2024:

 

​

    

​

​

    

    

​

    

    

​

    

    

​

    

Total

 

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

 

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

546,363

​

$

546,363

​

$

—

​

$

—

​

$

546,363

​

Available-for-sale debt securities

​

 

587,805

​

 

148,755

​

 

433,251

​

 

5,799

​

 

587,805

​

Held-to-maturity debt securities

​

 

76,254

​

 

—

​

 

76,119

​

 

—

​

 

76,119

​

Equity securities with readily determinable fair values

​

​

235

​

​

—

​

​

235

​

​

—

​

​

235

​

Mortgage loans held for sale, at fair value

​

 

80,884

​

 

—

​

 

80,884

​

 

—

​

 

80,884

​

Consumer loans held for sale, at fair value

​

​

6,093

​

​

—

​

​

—

​

​

6,093

​

​

6,093

​

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

​

​

13,083

​

​

—

​

​

—

​

​

13,083

​

​

13,083

​

Loans, net

​

 

5,115,590

​

 

—

​

 

—

​

 

4,843,728

​

 

4,843,728

​

Federal Home Loan Bank stock

​

 

43,729

​

 

—

​

 

—

​

 

—

​

 

NA

​

Accrued interest receivable

​

 

20,325

​

 

—

​

 

4,111

​

 

16,214

​

 

20,325

​

Mortgage servicing rights

​

​

7,102

​

​

—

​

​

16,054

​

​

—

​

​

16,054

​

Rate lock commitments

​

​

466

​

​

—

​

​

466

​

​

—

​

​

466

​

Interest rate swap agreements

​

​

7,870

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,359,516

​

$

—

​

$

1,359,516

​

$

—

​

$

1,359,516

​

Transaction deposits

​

 

3,583,714

​

 

—

​

 

3,583,714

​

 

—

​

 

3,583,714

​

Time deposits

​

 

477,419

​

 

—

​

 

473,818

​

 

—

​

 

473,818

​

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

​

 

86,171

​

 

—

​

 

86,171

​

 

—

​

 

86,171

​

Federal Home Loan Bank advances

​

 

270,000

​

 

—

​

 

270,565

​

 

—

​

 

270,565

​

Accrued interest payable

​

 

6,905

​

 

—

​

 

6,905

​

 

—

​

 

6,905

​

Rate lock commitments

​

​

466

​

​

—

​

​

466

​

​

—

​

​

466

​

Mandatory forward contracts

​

​

(77)

​

​

—

​

​

(77)

​

​

—

​

​

(77)

​

Interest rate swap agreements

​

​

7,870

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

 

​

​

​

​

​

December 31, 2023:

 

​

    

    

​

    

    

​

    

    

​

    

    

​

    

Total

 

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

 

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

316,567

​

$

316,567

​

$

—

​

$

—

​

$

316,567

​

Available-for-sale debt securities

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Held-to-maturity debt securities

​

 

76,387

​

 

—

​

 

76,167

​

 

—

​

 

76,167

​

Equity securities with readily determinable fair values

​

​

174

​

​

—

​

​

—

​

​

—

​

​

—

​

Mortgage loans held for sale, at fair value

​

 

3,227

​

 

—

​

 

3,227

​

 

—

​

 

3,227

​

Consumer loans held for sale, at fair value

​

​

7,914

​

​

—

​

​

—

​

​

7,914

​

​

7,914

​

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

​

​

16,094

​

​

—

​

​

—

​

​

16,094

​

​

16,094

​

Loans, net

​

 

5,157,731

​

 

—

​

 

—

​

 

4,874,974

​

 

4,874,974

​

Federal Home Loan Bank stock

​

 

23,770

​

 

—

​

 

—

​

 

—

​

 

NA

​

Accrued interest receivable

​

 

18,447

​

 

—

​

 

4,097

​

 

14,350

​

 

18,447

​

Mortgage servicing rights

​

​

7,411

​

​

—

​

​

16,054

​

​

—

​

​

16,054

​

Rate lock commitments

​

​

243

​

​

—

​

​

243

​

​

—

​

​

243

​

Interest rate swap agreements

​

​

8,933

​

​

—

​

​

8,933

​

​

—

​

​

8,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,676,998

​

$

—

​

$

1,676,998

​

$

—

​

$

1,676,998

​

Transaction deposits

​

 

2,924,114

​

 

—

​

 

2,924,114

​

 

—

​

 

2,924,114

​

Time deposits

​

 

452,051

​

 

—

​

 

446,218

​

 

—

​

 

446,218

​

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

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Federal Home Loan Bank advances

​

 

380,000

​

 

—

​

 

382,062

​

 

—

​

 

382,062

​

Accrued interest payable

​

 

4,073

​

 

—

​

 

4,073

​

 

—

​

 

4,073

​

Rate lock commitments

​

 

243

​

​

—

​

​

243

​

​

—

​

​

243

​

Mandatory forward contracts

​

​

61

​

​

—

​

​

61

​

​

—

​

​

61

​

Interest rate swap agreements

​

​

8,933

​

​

—

​

​

8,933

​

​

—

​

​

8,933

​

​

​
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES
 3 Months Ended
Mar. 31, 2024
MORTGAGE BANKING ACTIVITIES  
MORTGAGE BANKING ACTIVITIES

11. MORTGAGE BANKING ACTIVITIES

​

Mortgage banking activities primarily include residential mortgage originations and servicing.

​

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

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

3,227

​

$

1,302

​

Origination of mortgage loans held for sale

​

 

27,046

​

 

15,942

​

Transferred from held for investment to held for sale

​

​

69,464

​

​

—

​

Proceeds from the sale of mortgage loans held for sale

​

 

(18,773)

​

 

(16,630)

​

Net gain (loss) on mortgage loans held for sale

​

 

(80)

​

 

420

​

Balance, end of period

​

$

80,884

​

$

1,034

​

​

The following table presents the components of Mortgage banking income:

​

​

​

​

​

​

​

​

​

​

​

    

    

Three Months Ended

​

​

​

​

March 31, 

​

(in thousands)

​

​

2024

    

2023

​

​

​

​

​

​

​

​

​

​

Net gain realized on sale of mortgage loans held for sale

​

​

$

565

​

$

248

​

Net loss realized on fair value adjustment for correspondent loans reclassified to held for sale

​

​

​

(997)

​

​

—

​

Net change in fair value recognized on loans held for sale

​

​

 

145

​

 

(8)

​

Net change in fair value recognized on rate lock loan commitments

​

​

 

223

​

 

94

​

Net change in fair value recognized on forward contracts

​

​

 

(16)

​

 

86

​

Net gain (loss) recognized

​

​

 

(80)

​

 

420

​

​

​

​

​

​

​

​

​

​

Loan servicing income

​

​

 

816

​

 

870

​

Amortization of mortgage servicing rights

​

​

 

(426)

​

 

(490)

​

Change in mortgage servicing rights valuation allowance

​

​

 

—

​

 

—

​

Net servicing income recognized

​

​

 

390

​

 

380

​

Total mortgage banking income

​

​

$

310

​

$

800

​

​

Activity for capitalized mortgage servicing rights was as follows:

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

March 31, 

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

Balance, beginning of period

​

$

7,411

​

$

8,769

Additions

​

 

118

​

 

127

Amortized to expense

​

 

(426)

​

 

(490)

Change in valuation allowance

​

 

—

​

 

—

Balance, end of period

​

$

7,103

​

$

8,406

​

There was no valuation allowance for capitalized mortgage servicing rights for the three months ended March 31, 2024 and 2023.

​

​

Other information relating to mortgage servicing rights follows:

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

  

  

December 31, 2023

​

 

​

​

​

​

​

​

​

​

​

​

Fair value of mortgage servicing rights portfolio

​

$

16,704

​

​

$

16,054

​

​

Monthly weighted average prepayment rate of unpaid principal balance*

​

 

124

%

​

 

128

%

​

Discount rate

​

​

10.09

%

​

​

10.26

%

​

Weighted average foreclosure rate

​

​

0.16

%

​

​

0.16

%

​

Weighted average life in years

​

 

7.58

​

​

 

7.52

​

​

*

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 or to purchase TBA securities and are used to manage interest rate risk on loan commitments and mortgage loans held for sale. 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 held for sale and rate lock loan commitments. As market interest rates fluctuate, the fair value of mortgage loans held for sale 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 held for sale and rate lock commitments. The objective of this activity is to minimize the exposure to losses on rate loan lock commitments and loans held for sale 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 held for sale and mortgage banking derivatives as of the period ends presented:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

    

December 31, 2023

​

​

​

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

​

$

80,681

​

$

80,884

​

$

3,168

​

$

3,227

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock loan commitments

​

$

16,380

​

$

466

​

$

9,275

​

$

243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

22,317

​

$

77

​

$

9,092

​

$

61

​

​
v3.24.1.u1
INTEREST RATE SWAPS
 3 Months Ended
Mar. 31, 2024
INTEREST RATE SWAPS  
INTEREST RATE SWAPS

12. INTEREST RATE SWAPS

​

Non-hedge 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 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:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

​

December 31, 2023

​

​

​

​

​

Notional

​

​

​

​

Notional

​

​

​

​

(in thousands)

    

Bank Position

​

Amount

    

Fair Value

    

Amount

    

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps with Bank clients - Assets

 

Pay variable/receive fixed

 

$

131,515

​

$

1,602

 

$

120,442

 

$

4,066

​

Interest rate swaps with Bank clients - Liabilities

 

Pay variable/receive fixed

 

​

100,463

 

​

(6,311)

 

​

95,820

​

​

(4,867)

​

Interest rate swaps with Bank clients - Total

 

Pay variable/receive fixed

 

$

231,978

 

$

(4,709)

 

$

216,262

 

$

(801)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Offsetting interest rate swaps with institutional swap dealer - Assets

​

Pay fixed/receive variable

​

​

100,463

​

​

6,311

​

​

95,820

​

​

4,867

​

Offsetting interest rate swaps with institutional swap dealer - Liabilities

​

Pay fixed/receive variable

​

​

131,515

​

​

(1,602)

​

​

120,442

​

​

(4,066)

​

Offsetting interest rate swaps with institutional swap dealer - Total

​

Pay fixed/receive variable

​

$

231,978

 

$

4,709

 

$

216,262

 

$

801

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

 

$

463,956

​

$

—

 

$

432,524

​

$

—

​

​

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 March 31, 2024 and December 31, 2023, the Bank’s counterparties had cash of $5.3 million and $1.9 million pledged to the Bank, which were included in Interest-bearing deposits on the Company’s Balance Sheet. Conversely, the Bank had $178,000 and $1.0 million pledged to its counterparties as of March 31, 2024 and December 31, 2023, which were included in Cash and cash equivalents on the Company’s Balance Sheet.

v3.24.1.u1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2024
EARNINGS PER SHARE  
EARNINGS PER SHARE

13. EARNINGS PER SHARE

​

The Company calculates earnings per share 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 earnings per share 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 earnings per share and diluted earnings per share computations is presented below:

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

Years Ended December 31, (in thousands, except per share data)

    

2024

    

2023

    

​

​

​

​

​

​

​

​

Net income

​

$

30,606

​

$

28,092

​

Dividends declared on Common Stock:

​

​

​

​

​

​

​

Class A Shares

​

​

(6,986)

​

​

(6,581)

​

Class B Shares

​

​

(796)

​

​

(734)

​

Undistributed net income for basic earnings per share

​

​

22,824

​

​

20,777

​

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

​

​

(36)

​

​

(21)

​

Undistributed net income for diluted earnings per share

​

$

22,788

​

$

20,756

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding:

​

​

​

​

​

​

​

Class A Shares

​

 

17,456

​

 

17,776

​

Class B Shares

​

​

2,151

​

​

2,159

​

Effect of dilutive securities on Class A Shares outstanding

​

 

87

​

 

55

​

Weighted average shares outstanding including dilutive securities

​

 

19,694

​

 

19,990

​

​

​

​

​

​

​

​

​

Basic earnings per share:

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

Undistributed earnings per share*

​

​

1.18

​

​

1.05

​

Total basic earnings per share - Class A Common Stock

​

$

1.59

​

$

1.42

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.37

​

$

0.34

​

Undistributed earnings per share*

​

​

1.07

​

​

0.96

​

Total basic earnings per share - Class B Common Stock

​

$

1.44

​

$

1.30

​

​

​

​

​

​

​

​

​

Diluted earnings per share:

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

Undistributed earnings per share*

​

​

1.17

​

​

1.05

​

Total diluted earnings per share - Class A Common Stock

​

$

1.58

​

$

1.42

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.37

​

$

0.34

​

Undistributed earnings per share*

​

​

1.06

​

​

0.95

​

Total diluted earnings per share - Class B Common Stock

​

$

1.43

​

$

1.29

​

*

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 earnings per share calculation because their impact was antidilutive are as follows:

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

​

    

2024

    

2023

​

​

​

​

​

​

​

Antidilutive stock options

 

52,781

​

245,898

​

Average antidilutive stock options

 

52,781

​

245,898

​

​
v3.24.1.u1
OTHER COMPREHENSIVE INCOME
 3 Months Ended
Mar. 31, 2024
OTHER COMPREHENSIVE INCOME  
OTHER COMPREHENSIVE INCOME

14. OTHER COMPREHENSIVE INCOME

​

OCI components and related tax effects were as follows:

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Available-for-Sale Debt Securities:

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

592

​

$

5,205

​

Unrealized gain (loss) on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

57

​

 

5

​

Net gains (losses)

​

 

649

​

 

5,210

​

Income tax benefit (expense) related to items of other comprehensive income

​

 

(163)

​

 

(1,305)

​

Net of tax

​

$

486

​

$

3,905

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

2024

    

​

​

 

(in thousands)

​

December 31, 2023

​

Change

​

March 31, 2024

 

​

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(21,409)

​

$

429

​

$

(20,980)

​

Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

1,001

​

 

57

​

 

1,058

​

Total unrealized gain (loss)

​

$

(20,408)

​

$

486

​

$

(19,922)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

2023

    

​

​

 

(in thousands)

​

December 31, 2022

​

Change

​

March 31, 2023

 

​

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(32,934)

​

$

3,900

​

$

(29,034)

​

Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

955

​

 

5

​

 

960

​

Total unrealized gain (loss)

​

$

(31,979)

​

$

3,905

​

$

(28,074)

​

​
v3.24.1.u1
REVENUE FROM CONTRACTS WITH CUSTOMERS
 3 Months Ended
Mar. 31, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS  
REVENUE FROM CONTRACTS WITH CUSTOMERS

15. REVENUE FROM CONTRACTS WITH CUSTOMERS

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 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)

​

$

48,259

​

$

2,257

​

   

$

50,516

​

​

$

30,910

​

$

3,508

​

$

11,985

​

​

$

46,403

​

​

​

$

96,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,299

​

​

13

​

​

​

3,312

​

​

​

—

​

​

—

​

​

1

​

​

​

1

​

​

​

​

3,313

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,820

​

 

—

​

 

—

​

​

 

10,820

​

​

​

 

10,820

​

Mortgage banking income (1)

​

 

310

​

 

—

​

​

 

310

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

310

​

Interchange fee income

​

​

3,117

​

​

—

​

​

​

3,117

​

​

​

39

​

​

1

​

​

—

​

​

​

40

​

​

​

​

3,157

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

773

​

​

3,406

​

​

​

4,179

​

​

​

​

4,179

​

Increase in cash surrender value of BOLI (1)

​

​

754

​

​

—

​

​

​

754

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

754

​

Net losses on OREO

​

​

(53)

​

​

—

​

​

​

(53)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(53)

​

Other

​

 

869

​

 

—

​

​

 

869

​

​

 

24

​

 

—

​

 

—

​

​

 

24

​

​

​

 

893

​

Total noninterest income

​

 

8,296

​

 

13

​

​

 

8,309

​

​

 

10,883

​

 

774

​

 

3,407

​

​

 

15,064

​

​

​

 

23,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

56,555

​

$

2,270

​

​

$

58,825

​

​

$

41,793

​

$

4,282

​

$

15,392

​

​

$

61,467

​

​

​

$

120,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

46

%  

​

2

%  

​

​

48

%  

​

​

35

%  

​

4

%  

​

13

%  

​

​

52

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

 

​

​

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)

​

$

50,168

​

$

2,087

​

   

$

52,255

​

​

$

28,307

​

$

3,458

​

$

8,622

​

​

$

40,387

​

​

​

$

92,642

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,288

​

​

11

​

​

​

3,299

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

3,299

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,807

​

 

—

​

 

—

​

​

 

10,807

​

​

​

 

10,807

​

Mortgage banking income (1)

​

 

800

​

 

—

​

​

 

800

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

800

​

Interchange fee income

​

​

3,006

​

​

—

​

​

​

3,006

​

​

​

44

​

​

1

​

​

—

​

​

​

45

​

​

​

​

3,051

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

707

​

​

2,534

​

​

​

3,241

​

​

​

​

3,241

​

Increase in cash surrender value of BOLI (1)

​

​

635

​

​

—

​

​

​

635

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

635

​

Net losses on OREO

​

​

(53)

​

​

—

​

​

​

(53)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(53)

​

Other

​

 

795

​

 

—

​

​

 

795

​

​

 

71

​

 

10

​

 

25

​

​

 

106

​

​

​

 

901

​

Total noninterest income

​

 

8,471

​

 

11

​

​

 

8,482

​

​

 

10,922

​

 

718

​

 

2,559

​

​

 

14,199

​

​

​

 

22,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

58,639

​

$

2,098

​

​

$

60,737

​

​

$

39,229

​

$

4,176

​

$

11,181

​

​

$

54,586

​

​

​

$

115,323

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

50

%  

​

2

%  

​

​

52

%  

​

​

34

%  

​

4

%  

​

10

%  

​

​

48

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)This 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, paper-statement fees, check-cashing 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 United States, 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 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.

​

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 takes 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 property’s 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.

v3.24.1.u1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2024
SEGMENT INFORMATION  
SEGMENT INFORMATION

16. 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 March 31, 2024, the Company was divided into five reportable segments: Traditional Banking, 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 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.

​

Loans, investments, and deposits

​

​

​

​

​

Warehouse Lending

​

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

​

Mortgage warehouse lines of credit

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

Tax Refund Solutions

​

TRS 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.

​

Loans and refund transfers

​

​

​

​

​

Republic Payment Solutions

​

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

​

Prepaid cards

​

​

​

​

​

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.

​

Unsecured, consumer loans

​

The accounting policies used for Republic’s reportable segments are generally the same as those described in the summary of significant accounting policies in the Company’s 2023 Annual Report on Form 10-K. Republic evaluates segment performance using operating income. The Company allocates goodwill to the Traditional Banking segment. Republic generally allocates income taxes based on income before income tax expense unless reasonable and specific segment allocations can be made. The Company makes transactions among reportable segments at carrying value.

​

Segment information follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 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

​

$

48,259

​

$

2,257

​

​

$

50,516

​

​

$

30,910

​

$

3,508

​

$

11,985

​

​

$

46,403

​

​

​

$

96,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

358

​

 

309

​

​

 

667

​

​

 

25,774

​

 

—

​

 

4,181

​

​

 

29,955

​

​

​

 

30,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,820

​

 

—

​

 

—

​

​

 

10,820

​

​

​

 

10,820

​

Mortgage banking income

​

 

310

​

 

—

​

​

 

310

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

310

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

773

​

​

3,406

​

​

​

4,179

​

​

​

​

4,179

​

Other noninterest income

​

 

7,986

​

 

13

​

​

 

7,999

​

​

 

63

​

 

1

​

 

1

​

​

 

65

​

​

​

 

8,064

​

Total noninterest income

​

 

8,296

​

 

13

​

​

 

8,309

​

​

 

10,883

​

 

774

​

 

3,407

​

​

 

15,064

​

​

​

 

23,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total noninterest expense

​

 

41,394

​

 

878

​

​

 

42,272

​

​

 

4,512

​

 

954

​

 

3,233

​

​

 

8,699

​

​

​

 

50,971

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) before income tax expense

​

 

14,803

​

 

1,083

​

​

 

15,886

​

​

 

11,507

​

 

3,328

​

 

7,978

​

​

 

22,813

​

​

​

 

38,699

​

Income tax expense (benefit)

​

​

2,520

​

​

244

​

​

​

2,764

​

​

​

2,714

​

​

761

​

​

1,854

​

​

​

5,329

​

​

​

​

8,093

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

12,283

​

$

839

​

​

$

13,122

​

​

$

8,793

​

$

2,567

​

$

6,124

​

​

$

17,484

​

​

​

$

30,606

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,766,166

​

$

463,664

​

​

$

6,229,830

​

​

$

106,401

​

$

406,847

​

$

132,514

​

​

$

645,762

​

​

​

$

6,875,592

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.33

%  

 

2.67

%  

​

 

3.30

%  

​

 

NM

​

 

5.07

%  

 

NM

​

​

 

NM

​

​

​

 

5.87

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

46

%  

​

2

%  

​

​

48

%  

​

​

35

%

​

4

%  

​

13

%  

​

​

52

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

 

​

​

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

​

$

50,168

​

$

2,087

​

​

$

52,255

​

​

$

28,307

​

$

3,458

​

$

8,622

​

​

$

40,387

​

​

​

$

92,642

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

2,984

​

 

135

​

​

 

3,119

​

​

 

21,808

​

 

—

​

 

1,839

​

​

 

23,647

​

​

​

 

26,766

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,807

​

 

—

​

 

—

​

​

 

10,807

​

​

​

 

10,807

​

Mortgage banking income

​

 

800

​

 

—

​

​

 

800

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

800

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

707

​

​

2,534

​

​

​

3,241

​

​

​

​

3,241

​

Other noninterest income

​

 

7,671

​

 

11

​

​

 

7,682

​

​

 

115

​

 

11

​

 

25

​

​

 

151

​

​

​

 

7,833

​

Total noninterest income

​

 

8,471

​

 

11

​

​

 

8,482

​

​

 

10,922

​

 

718

​

 

2,559

​

​

 

14,199

​

​

​

 

22,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total noninterest expense

​

 

43,406

​

 

968

​

​

 

44,374

​

​

 

4,782

​

 

866

​

 

2,421

​

​

 

8,069

​

​

​

 

52,443

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax expense

​

 

12,249

​

 

995

​

​

 

13,244

​

​

 

12,639

​

 

3,310

​

 

6,921

​

​

 

22,870

​

​

​

 

36,114

​

Income tax expense

​

 

2,713

​

 

223

​

​

 

2,936

​

​

 

2,806

​

 

735

​

 

1,545

​

​

 

5,086

​

​

​

 

8,022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

9,536

​

$

772

​

​

$

10,308

​

​

$

9,833

​

$

2,575

​

$

5,376

​

​

$

17,784

​

​

​

$

28,092

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

4,987,423

​

$

458,675

​

​

$

5,446,098

​

​

$

95,462

​

$

415,688

​

$

116,843

​

​

$

627,993

​

​

​

$

6,074,091

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

4.07

%  

 

2.53

%  

​

 

3.98

%  

​

 

NM

​

 

3.84

%  

 

NM

​

​

 

NM

​

​

​

 

6.52

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

50

%  

​

2

%  

​

​

52

%  

​

​

34

%

​

4

%  

​

10

%  

​

​

48

%  

​

​

​

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.
v3.24.1.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 3 Months Ended
Mar. 31, 2024
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Basis of Presentation

Basis of Presentation — The consolidated financial statements include the accounts of Republic Bancorp, Inc. (the “Parent Company”) and its wholly owned subsidiaries, Republic Bank & Trust Company and Republic Insurance Services, Inc. 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 subsidiaries. The term “Bank” refers to the Company’s subsidiary bank: Republic Bank & Trust Company. The term “Captive” refers to the Company’s insurance subsidiary: Republic Insurance Services, Inc. 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 geographic market footprint where it has physical locations, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. During the fourth quarter of 2023, the Company dissolved its Captive, a Nevada-based, wholly owned insurance subsidiary of the Company. The Captive provided property and casualty insurance coverage to the Company and the Bank, as well as a group of unrelated third-party insurance captives.

​

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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. 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, 2023. 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.
Core Bank

Core Bank

​

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. As of March 31, 2024, Republic had 47 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, securities sold under agreements to repurchase, as well as short-term and long-term borrowing sources. FHLB advances have traditionally been a significant borrowing source for the Bank.

​

Other sources of Traditional Banking income include mortgage banking income, service charges on deposit accounts, debit and credit card interchange fee income, title insurance commissions, 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.

​

Warehouse Lending segment — The Core Bank provides short-term, revolving credit facilities to mortgage bankers across the United States 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 line for an average of 15 to 30 days. Advances for Reverse mortgage loans and construction loans typically remain on the line 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 line 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

Republic Processing Group

​

Tax Refund Solutions segment — Through the TRS segment, the Bank is one of a limited number of financial institutions that 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 (collectively, the “Tax Providers”). The majority of all 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 2023, TRS originated $103 million of ERAs related to tax returns that were anticipated to be filed during the first quarter 2024 tax filing season. Of these ERAs, $11 million remained outstanding as of March 31, 2024. During the second half of each year, TRS generates limited revenue and incurs costs preparing for the next year’s 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. 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 credit 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 first quarters of 2024 and 2023:

​

●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;
●No requirement that the taxpayer pays for another bank product, such as an RT;
●Multiple disbursement methods were available with most Tax Providers, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election;
●Repayment of the RA to the Bank is deducted from the taxpayer’s tax refund proceeds; and
●If an insufficient refund to repay the RA occurs:
othere is no recourse to the taxpayer, 
ono negative credit reporting on the taxpayer, and
ono collection efforts against the taxpayer.

​

Since its introduction in December of 2022, the ERA credit 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 ERA credits. 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 2023 and 2024 tax filing seasons:

​

●Only offered during December and the up-coming January in connection with the upcoming first quarter tax business for each period;
●The taxpayer had the option to choose from multiple loan tiers, subject to underwriting, up to a maximum advance amount of $1,000;
●No requirement that the taxpayer pays for another bank product, such as an RT;
●Multiple disbursement methods available with most Tax Providers, including direct deposit or prepaid card, based on the taxpayer-customer’s election;
●Repayment of the ERA to the Bank deducted from the taxpayer’s tax refund proceeds; and
●If an insufficient refund to repay the ERA, including the failure to file a final federal tax return through a Republic Tax Provider:
ono recourse to the taxpayer, 
ono negative credit reporting on the taxpayer, and
ono collection efforts against the taxpayer.

​

The Company reports fees paid for the RAs, including ERAs, 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 2023 tax filing season were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. RAs do not have a contractual due date, but as it did during 2023, the Company will consider an RA delinquent in 2024 if it remains unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

​

Provisions on RAs are estimated when advances are made. Unpaid RAs, including ERAs, related to the first quarter tax filing season of a given year are charged-off by June 30th of that year, unless they are deemed to be uncollectible earlier than June 30th, at which time they are charged off. RAs collected during the second half of that year, not subject to loan loss guarantee arrangements, are recorded as recoveries of previously charged-off loans.

​

Republic Payment Solutions segment - The RPS segment offers a range of payment-related products and services to consumers through third party service providers. The Bank offers both issuing solutions and money movement capabilities.

​

Issuing Solutions:

​

The RPS segment offers prepaid and debit solutions primarily marketed to consumers through third-party marketer-servicers.

​

Prepaid solutions include the issuing of payroll and general purpose reloadable (“GPR”) cards. Characteristics of these cards include the following:

​

●Similar to a traditional debit card with features including traditional point of sale purchasing, ATM 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 GPR cards generally distributed through retail locations and reloadable through participating retail load networks.

​

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

​

Money Movement:

​

The Bank participates in traditional money movement solutions including ACH transactions, wire transfer, check processing, and the Mastercard Remote Payment and Presentment Service (“RPPS”). These capabilities are complementary to issuing within RPS, as well as, generally facilitating the movement of money for the TRS and RCS Divisions.

​

The Company reports its share of client-related charges and fees for RPS programs 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.”

​

Republic Credit Solutions segment — Through the RCS segment, the Bank 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. The Bank uses third-party service providers for certain services such as marketing and loan servicing of RCS loans. Additional information regarding consumer loan products offered through RCS follows:

​

●RCS line-of-credit products – Using separate third-party service providers, the Bank originates two line-of-credit products to generally subprime borrowers in multiple states.

​

1)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 the Bank with 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 line-of-credit 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 held for sale through this program are carried at the lower of cost or fair value.

​

2)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 held for sale through this program are carried at the lower of cost or fair value.

​

●RCS 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 loans. 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 RCS installment 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 “held for sale” on the Bank’s balance sheet, with the intention to sell these loans to a third-party, who is an affiliate of the Bank’s third-party service provider, generally within sixteen 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.

​

●RCS healthcare receivables products – The Bank originates healthcare-receivables products across the U.S. through three different third-party service providers.

​

oFor two of the programs, the Bank retains 100% of the receivables, with recourse in the event of default.

​

oFor 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 held for sale through this program are carried at the lower of cost or fair value.

​

For the RCS line of credit and healthcare receivable products, the Company reports interest income and loan origination fees earned on RCS loans 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 “RCS 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 “RCS Program fees.”
Recently Adopted Accounting Standards

​

Recently Adopted Accounting Standards

​

The following ASUs were adopted by the Company during the three months ended March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Method of

​

Financial

ASU. No.

    

Topic

    

Nature of Update

    

Date Adopted

    

Adoption

    

Statement Impact

2022-03

​

Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions

​

This ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-02

​

Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

​

This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-01

​

Leases (Topic 842): Common Control Arrangements

​

This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions).

​

January 1, 2024

​

Prospectively

​

Immaterial

​

Accounting Standards Update

​

The following not-yet-effective ASUs were issued prior to March 31, 2024, and considered relevant to the Company’s financial statements.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Date Adoption

​

Adoption

​

Expected

ASU. No.

​

Topic

​

Nature of Update

​

Required

​

Method

​

Financial 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

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

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 (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).

​

January 1, 2025

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-07

​

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.

​

October 1, 2024

​

Retrospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-03

​

Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)

​

This ASU amends the FASB Accounting Standards Codification™ for SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.

​

Upon addition to the FASB Codification.

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​
v3.24.1.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2024
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Schedules of Accounting Standards Updates

The following ASUs were adopted by the Company during the three months ended March 31, 2024:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Method of

​

Financial

ASU. No.

    

Topic

    

Nature of Update

    

Date Adopted

    

Adoption

    

Statement Impact

2022-03

​

Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to
Contractual Sale Restrictions

​

This ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-02

​

Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)

​

This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits.

​

January 1, 2024

​

Prospectively

​

Immaterial

​

​

​

​

​

​

​

​

​

​

​

2023-01

​

Leases (Topic 842): Common Control Arrangements

​

This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions).

​

January 1, 2024

​

Prospectively

​

Immaterial

​

Accounting Standards Update

​

The following not-yet-effective ASUs were issued prior to March 31, 2024, and considered relevant to the Company’s financial statements.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Date Adoption

​

Adoption

​

Expected

ASU. No.

​

Topic

​

Nature of Update

​

Required

​

Method

​

Financial 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

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

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 (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).

​

January 1, 2025

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-07

​

Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

​

The amendments in the ASU are intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.

​

October 1, 2024

​

Retrospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​

​

​

​

​

​

​

​

​

​

​

2023-03

​

Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)

​

This ASU amends the FASB Accounting Standards Codification™ for SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.

​

Upon addition to the FASB Codification.

​

Prospectively

​

The Company is currently analyzing the impact of this ASU on its financial statements.

​
v3.24.1.u1
ACQUISITION OF CBANK (Tables)
 3 Months Ended
Mar. 31, 2024
ACQUISITION OF CBANK  
Summary of Assets Acquired and Liabilities Assumed

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 15, 2023

​

​

As Previously Reported

​

​

​

As Recasted

​

    

As Recorded

    

Fair Value

​

    

Recast

​

    

As Recorded

Years Ended December 31, (in thousands)

​

by CBank

​

Adjustments

​

​

​

Adjustments

​

​

​

by Republic

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets acquired:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

10,030

​

$

—

​

​

​

$

—

​

​

​

$

10,030

Investment securities

​

 

16,463

​

 

(4)

​

a

​

 

(65)

​

a

​

 

16,394

Loans

​

 

221,707

​

 

(4,219)

​

b

​

 

(150)

​

b

​

 

217,338

Allowance for loan and lease losses

​

​

(2,953)

​

​

1,353

​

c

​

​

1,391

​

c, j

​

​

(209)

Loans, net

​

 

218,754

​

 

(2,866)

​

​

​

 

1,241

​

​

​

 

217,129

Goodwill

​

​

954

​

​

(954)

​

d

​

​

—

​

​

​

​

—

Core deposit intangible

​

​

—

​

​

2,844

​

e

​

​

—

​

​

​

​

2,844

Premises and equipment, net

​

 

162

​

 

35

​

f

​

 

(24)

​

f

​

 

173

Other assets and accrued interest receivable

​

 

7,067

​

 

(320)

​

g

​

 

—

​

​

​

 

6,747

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets acquired

​

$

253,430

​

$

(1,265)

​

​

​

$

1,152

​

​

​

$

253,317

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities assumed:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Deposits:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing

​

$

42,160

​

$

—

​

​

​

$

—

​

​

​

$

42,160

Interest-bearing

​

 

179,487

​

 

31

​

h

​

 

—

​

​

​

 

179,518

Total deposits

​

 

221,647

​

 

31

​

​

​

 

—

​

​

​

 

221,678

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other liabilities and accrued interest payable

​

 

4,709

​

 

96

​

i

​

 

50

​

i

​

 

4,855

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities assumed

​

 

226,356

​

 

127

​

​

​

 

50

​

​

​

 

226,533

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net assets acquired

​

$

27,074

​

$

(1,392)

​

​

​

$

1,102

​

​

​

​

26,784

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash consideration paid

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(51,000)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Goodwill

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

24,216

Explanation of fair value and recast adjustments:

​

a.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the investment securities.
b.Adjustments to loans to reflect estimated fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
c.Adjustments to the Allowance reflect the fair value adjustment to eliminate the acquiree’s recorded allowance for loan losses and other fair value adjustments based on the Company’s evaluation of the acquired loan portfolio.
d.Adjustment reflects the fair value adjustment to eliminate the recorded goodwill.
e.Adjustment reflects the fair value adjustment for the core deposit intangible asset recorded as a result of the acquisition.
f.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the premises and equipment, net.
g.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other assets and accrued interest receivable.
h.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the assumed time deposits.
i.Adjustment reflects the fair value adjustment based on the Company’s evaluation of the other liabilities and accrued interest payable.
j.Adjustment reflects a change in estimated fair value based upon further evaluation of PCD loans, including cash payments received subsequent to the date of acquisition.

​
v3.24.1.u1
INVESTMENT SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2024
INVESTMENT SECURITIES  
Schedule of gross amortized cost and fair value of available-for-sale debt securities and the related gross unrealized gains and losses recognized in accumulated other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

Allowance

 

    

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

for

 

Fair

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Credit Losses

 

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

426,414

​

$

—

​

$

(13,289)

​

$

—

​

$

413,125

Private label mortgage-backed security

​

 

385

​

 

1,387

​

 

—

​

 

—

​

 

1,772

Mortgage-backed securities - residential

​

 

159,666

​

 

106

​

 

(13,950)

​

 

—

​

 

145,822

Collateralized mortgage obligations

​

 

22,077

​

 

39

​

 

(1,076)

​

 

—

​

 

21,040

Corporate bonds

​

 

2,011

​

 

8

​

 

—

​

 

—

​

 

2,019

Trust preferred security

​

 

3,815

​

 

212

​

 

—

​

 

—

​

 

4,027

Total available-for-sale debt securities

​

$

614,368

​

$

1,752

​

$

(28,315)

​

$

—

​

$

587,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

Allowance

 

    

​

​

​

Amortized

​

Unrealized

​

Unrealized

​

for

 

Fair

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Credit Losses

 

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

421,576

​

$

—

​

$

(14,543)

​

$

—

​

$

407,033

Private label mortgage-backed security

​

 

443

​

 

1,330

​

 

—

​

 

—

​

 

1,773

Mortgage-backed securities - residential

​

 

167,996

​

 

176

​

 

(13,462)

​

 

—

​

 

154,710

Collateralized mortgage obligations

​

 

22,698

​

 

36

​

 

(1,075)

​

 

—

​

 

21,659

Corporate bonds

​

 

2,012

​

 

8

​

 

—

​

 

—

​

 

2,020

Trust preferred security

​

 

3,800

​

 

318

​

 

—

​

 

—

​

 

4,118

Total available-for-sale debt securities

​

$

618,525

​

$

1,868

​

$

(29,080)

​

$

—

​

$

591,313
Schedule of carrying value, gross unrecognized gains and losses, and fair value of held-to-maturity debt securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

Gross

    

Gross

    

    

​

    

Allowance

​

​

Amortized

​

Unrecognized

​

Unrecognized

​

Fair

​

for

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

​

Credit Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

65,000

​

$

—

​

$

(116)

​

$

64,884

​

$

—

Mortgage-backed securities - residential

​

​

24

​

​

—

​

​

—

​

​

24

​

​

—

Collateralized mortgage obligations

​

 

6,251

​

 

45

​

 

(104)

​

 

6,192

​

 

—

Corporate bonds

​

 

4,989

​

 

30

​

 

—

​

 

5,019

​

 

(10)

Obligations of state and political subdivisions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total held-to-maturity debt securities

​

$

76,264

​

$

75

​

$

(220)

​

$

76,119

​

$

(10)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

Gross

    

Gross

    

    

​

    

Allowance

​

​

Amortized

​

Unrecognized

​

Unrecognized

​

Fair

​

for

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

​

Credit Losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

$

65,000

​

$

—

​

$

(163)

​

$

64,837

​

$

—

Mortgage-backed securities - residential

​

​

25

​

​

—

​

​

—

​

​

25

​

​

—

Collateralized mortgage obligations

​

 

6,386

​

 

48

​

 

(121)

​

 

6,313

​

 

—

Corporate bonds

​

 

4,986

​

 

6

​

 

—

​

 

4,992

​

 

(10)

Obligations of state and political subdivisions

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total held-to-maturity debt securities

​

$

76,397

​

$

54

​

$

(284)

​

$

76,167

​

$

(10)
Schedule of amortized cost and fair value of debt securities by contractual maturity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale

​

Held-to-Maturity

​

​

Debt Securities

​

Debt Securities

​

    

Amortized

    

Fair

    

Amortized

    

Fair

March 31, 2024 (in thousands)

​

Cost

​

Value

​

Cost

​

Value

​

​

​

​

​

​

​

​

​

​

​

​

​

Due in one year or less

​

$

191,117

​

$

189,114

​

$

50,000

​

$

49,897

Due from one year to five years

​

 

237,308

​

 

226,030

​

 

19,989

​

 

20,006

Due from five years to ten years

​

 

—

​

 

—

​

 

—

​

 

—

Due beyond ten years

​

 

3,815

​

 

4,027

​

 

—

​

 

—

Private label mortgage-backed security

​

 

385

​

 

1,772

​

 

—

​

 

—

Mortgage-backed securities - residential

​

 

159,666

​

 

145,822

​

 

24

​

 

24

Collateralized mortgage obligations

​

 

22,077

​

 

21,040

​

 

6,251

​

 

6,192

Total debt securities

​

$

614,368

​

$

587,805

​

$

76,264

​

$

76,119
Schedule of debt securities with unrealized losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 months or more

​

Total

 

​

    

​

​

    

Unrealized

    

​

​

    

Unrealized

    

​

​

    

Unrealized

 

March 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

​

$

61,177

​

$

(430)

​

$

351,949

​

$

(12,859)

​

$

413,126

​

$

(13,289)

​

Mortgage-backed securities - residential

​

​

9,818

​

​

(194)

​

​

129,370

​

​

(13,756)

​

​

139,188

​

​

(13,950)

​

Collateralized mortgage obligations

​

​

1,608

​

​

(72)

​

​

16,765

​

​

(1,004)

​

​

18,373

​

​

(1,076)

​

Trust preferred security

​

 

—

​

​

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Total available-for-sale debt securities

​

$

72,603

​

$

(696)

​

$

498,084

​

$

(27,619)

​

$

570,687

​

$

(28,315)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less than 12 months

​

12 months or more

​

Total

 

​

    

​

​

    

Unrealized

    

​

​

    

Unrealized

    

​

​

    

Unrealized

 

December 31, 2023 (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

​

$

26,707

​

$

(84)

​

$

380,326

​

$

(14,459)

​

$

407,033

​

$

(14,543)

​

Mortgage-backed securities - residential

​

​

1,911

​

​

(23)

​

​

136,180

​

​

(13,439)

​

​

138,091

​

​

(13,462)

​

Collateralized mortgage obligations

​

​

1,668

​

​

(52)

​

​

17,239

​

​

(1,023)

​

​

18,907

​

​

(1,075)

​

Trust preferred security

​

 

—

​

​

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Total available-for-sale debt securities

​

$

30,286

​

$

(159)

​

$

533,745

​

$

(28,921)

​

$

564,031

​

$

(29,080)

​

​
Schedule of allowance for credit losses on investment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLS Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

2023

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

Beginning

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Available-for-Sale Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate Bonds

​

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

3

​

$

—

​

$

—

​

$

3

Held-to-Maturity Securities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Corporate Bonds

​

​

​

10

​

​

—

​

​

—

​

​

—

​

​

10

​

​

10

​

​

—

​

​

—

​

​

—

​

​

10

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

10

​

$

—

​

$

—

​

$

—

​

$

10

​

$

10

​

$

3

​

$

—

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Schedule of pledged investment securities

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Amortized cost

​

$

87,238

​

$

106,169

​

Fair value

​

​

86,171

​

​

99,530

​

Carrying amount

​

 

86,178

​

 

99,530

​
Schedule of carrying value, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

    

​

 

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

 

March 31, 2024 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

235

​

$

—

​

$

235

​

Total equity securities with readily determinable fair values

​

$

—

​

$

235

​

$

—

​

$

235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

    

Gross

    

Gross

    

    

​

 

​

​

Amortized

​

Unrealized

​

Unrealized

​

Fair

 

December 31, 2023 (in thousands)

​

Cost

​

Gains

​

Losses

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

174

​

$

—

​

$

174

​

Total equity securities with readily determinable fair values

​

$

—

​

$

174

​

$

—

​

$

174

​
Schedule of equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gains (Losses) Recognized on Equity Securities

​

​

​

Three Months Ended March 31, 2024

    

Three Months Ended March 31, 2023

​

(in thousands)

​

Realized

​

Unrealized

​

Total

​

Realized

​

Unrealized

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

61

​

$

61

​

$

—

​

$

(4)

​

$

(4)

​

Total equity securities with readily determinable fair value

​

$

—

​

$

61

​

$

61

​

$

—

​

$

(4)

​

$

(4)

​

​
v3.24.1.u1
LOANS HELD FOR SALE (Tables)
 3 Months Ended
Mar. 31, 2024
LOANS HELD FOR SALE  
Schedule of activity of consumer loans held for sale and carried at fair value

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

7,914

​

$

4,706

​

Origination of consumer loans held for sale

​

 

35,159

​

 

22,797

​

Proceeds from the sale of consumer loans held for sale

​

 

(38,011)

​

 

(23,560)

​

Net gain on sale of consumer loans held for sale

​

 

1,031

​

 

745

​

Balance, end of period

​

$

6,093

​

$

4,688

​
Schedule of activity of consumer loans held for sale and carried at lower of cost or fair value

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

16,094

​

$

13,169

​

Origination of consumer loans held for sale

​

 

153,188

​

 

184,425

​

Proceeds from the sale of consumer loans held for sale

​

 

(158,573)

​

 

(186,639)

​

Net gain on sale of consumer loans held for sale

​

 

2,374

​

 

1,789

​

Balance, end of period

​

$

13,083

​

$

12,744

​

​
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)
 3 Months Ended
Mar. 31, 2024
LOANS AND ALLOWANCE FOR CREDIT LOSSES  
Schedule of composition of loan portfolio

​

​

​

​

​

​

​

​

​

(in thousands)

   

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

Owner-occupied

​

$

1,064,071

​

$

1,144,684

​

Nonowner-occupied

​

 

342,481

​

 

345,965

​

Commercial real estate (1)

​

 

1,800,801

​

 

1,785,289

​

Construction & land development

​

 

237,998

​

 

217,338

​

Commercial & industrial

​

 

453,971

​

 

464,078

​

Lease financing receivables

​

 

88,272

​

 

88,591

​

Aircraft

​

​

246,060

​

​

250,051

​

Home equity

​

 

309,083

​

 

295,133

​

Consumer:

​

​

​

​

​

​

​

Credit cards

​

 

16,858

​

 

16,654

​

Overdrafts

​

 

629

​

 

694

​

Automobile loans

​

 

2,054

​

 

2,664

​

Other consumer

​

 

11,372

​

 

7,428

​

Total Traditional Banking

​

​

4,573,650

​

​

4,618,569

​

Warehouse lines of credit*

​

 

463,249

​

 

339,723

​

Total Core Banking

​

​

5,036,899

​

​

4,958,292

​

​

​

​

​

​

​

​

​

Republic Processing Group*:

​

 

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

Refund Advances

​

​

52,101

​

​

103,115

​

Other TRS commercial & industrial loans

​

​

5,396

​

​

46,092

​

Republic Credit Solutions

​

​

129,896

​

 

132,362

​

Total Republic Processing Group

​

​

187,393

​

​

281,569

​

​

​

​

​

​

​

​

​

Total loans**

​

 

5,224,292

​

 

5,239,861

​

Allowance for credit losses

​

 

(108,702)

​

 

(82,130)

​

​

​

​

​

​

​

​

​

Total loans, net

​

$

5,115,590

​

$

5,157,731

​

*Identifies loans to borrowers located primarily outside of the Bank’s market footprint.

**Total loans are presented inclusive of premiums, discounts, and net loan origination fees and costs. See table directly below for expanded detail.

(1)The approximate percentage of Nonowner-occupied CRE loans to total CRE loans was 64% and 63%, respectively, for March 31, 2024 and December 31, 2023. The approximate percentage of Owner-occupied CRE loans to total CRE loans was 36% and 37%, respectively, for March 31, 2024 and December 31, 2023.

​
Schedule that reconciles the contractually receivable and carrying amounts of loans

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Contractually receivable

​

$

5,231,943

​

$

5,246,621

​

Unearned income

​

 

(2,830)

​

 

(2,556)

​

Unamortized premiums

​

 

257

​

 

1,060

​

Unaccreted discounts

​

 

(2,264)

​

 

(2,533)

​

Other net unamortized deferred origination (fees) and costs

​

 

(2,814)

​

 

(2,731)

​

Carrying value of loans

​

$

5,224,292

​

$

5,239,861

​

​
Schedule of the risk category of loans by class of loans based on the bank's internal analysis performed

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year

​

Amortized

​

Converted

​

​

​

As of March 31, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate owner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

20,990

​

$

257,598

​

$

199,426

​

$

171,956

​

$

164,679

​

$

223,861

​

$

—

​

$

2,434

​

$

1,040,944

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5,757

​

​

—

​

​

—

​

​

5,757

Substandard

​

​

—

​

​

240

​

​

3,609

​

​

1,763

​

​

1,476

​

​

10,282

​

​

—

​

​

—

​

​

17,370

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

20,990

​

$

257,838

​

$

203,035

​

$

173,719

​

$

166,155

​

$

239,900

​

$

—

​

$

2,434

​

$

1,064,071

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

13

​

$

—

​

$

—

​

$

—

​

$

—

​

$

13

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate nonowner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

2,567

​

$

57,493

​

$

63,182

​

$

74,295

​

$

65,051

​

$

70,075

​

$

—

​

$

7,636

​

$

340,299

Special Mention

​

​

—

​

​

169

​

​

1,928

​

​

—

​

​

—

​

​

25

​

​

—

​

​

—

​

​

2,122

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

60

​

​

—

​

​

—

​

​

60

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

2,567

​

$

57,662

​

$

65,110

​

$

74,295

​

$

65,051

​

$

70,160

​

$

—

​

$

7,636

​

$

342,481

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

38,884

​

$

217,232

​

$

350,566

​

$

295,191

​

$

330,055

​

$

347,829

​

$

35,856

​

$

148,684

​

$

1,764,297

Special Mention

​

​

—

​

​

—

​

​

—

​

​

4,860

​

​

5,809

​

​

23,247

​

​

1,770

​

​

—

​

​

35,686

Substandard

​

​

—

​

​

—

​

​

7

​

​

—

​

​

640

​

​

171

​

​

—

​

​

—

​

​

818

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

38,884

​

$

217,232

​

$

350,573

​

$

300,051

​

$

336,504

​

$

371,247

​

$

37,626

​

$

148,684

​

$

1,800,801

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

5,061

​

$

79,899

​

$

117,704

​

$

22,655

​

$

2,689

​

$

5,217

​

$

385

​

$

4,388

​

$

237,998

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

5,061

​

$

79,899

​

$

117,704

​

$

22,655

​

$

2,689

​

$

5,217

​

$

385

​

$

4,388

​

$

237,998

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

15,456

​

$

100,658

​

$

76,782

​

$

64,531

​

$

33,713

​

$

32,042

​

$

115,105

​

$

3,793

​

$

442,080

Special Mention

​

​

—

​

​

138

​

​

5,397

​

​

1,290

​

​

1,347

​

​

2,737

​

​

187

​

​

—

​

​

11,096

Substandard

​

​

—

​

​

—

​

​

85

​

​

2

​

​

—

​

​

340

​

​

25

​

​

343

​

​

795

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

15,456

​

$

100,796

​

$

82,264

​

$

65,823

​

$

35,060

​

$

35,119

​

$

115,317

​

$

4,136

​

$

453,971

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

7,362

​

$

42,950

​

$

21,864

​

$

9,023

​

$

3,979

​

$

2,117

​

$

—

​

$

—

​

$

87,295

Special Mention

​

​

—

​

​

412

​

​

28

​

​

108

​

​

156

​

​

17

​

​

—

​

​

—

​

​

721

Substandard

​

​

—

​

​

—

​

​

187

​

​

38

​

​

—

​

​

31

​

​

—

​

​

—

​

​

256

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

7,362

​

$

43,362

​

$

22,079

​

$

9,169

​

$

4,135

​

$

2,165

​

$

—

​

$

—

​

$

88,272

YTD Gross Charge-offs

​

$

—

​

$

24

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

24

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aircraft:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

8,049

​

$

93,208

​

$

55,071

​

$

42,213

​

$

27,419

​

$

20,100

​

$

—

​

$

—

​

$

246,060

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

8,049

​

$

93,208

​

$

55,071

​

$

42,213

​

$

27,419

​

$

20,100

​

$

—

​

$

—

​

$

246,060

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Home equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

306,523

​

$

—

​

$

306,523

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

250

​

​

—

​

​

250

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,310

​

​

—

​

​

2,310

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

309,083

​

$

—

​

$

309,083

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year (Continued)

​

Amortized

​

Converted

​

​

​

​

As of March 31, 2024

​

2024

​

2023

​

2022

​

2021

​

2020

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

3,331

​

$

4,554

​

$

1,124

​

$

144

​

$

54

​

$

2,888

​

$

18,807

​

$

—

​

$

30,902

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

11

​

​

—

​

​

—

​

​

11

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

3,331

​

$

4,554

​

$

1,124

​

$

144

​

$

54

​

$

2,899

​

$

18,807

​

$

—

​

$

30,913

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

345

​

$

—

​

$

345

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

463,249

​

$

—

​

$

463,249

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

463,249

​

$

—

​

$

463,249

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TRS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

41,099

​

$

16,398

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

57,497

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

41,099

​

$

16,398

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

57,497

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RCS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

8,836

​

$

23,834

​

$

5,546

​

$

452

​

$

1,209

​

$

35,351

​

$

52,483

​

$

—

​

$

127,711

​

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,185

​

​

—

​

​

2,185

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Total

​

$

8,836

​

$

23,834

​

$

5,546

​

$

452

​

$

1,209

​

$

35,351

​

$

54,668

​

$

—

​

$

129,896

​

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

4,545

​

$

—

​

$

4,545

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

151,635

​

$

893,824

​

$

891,265

​

$

680,460

​

$

628,848

​

$

739,480

​

$

992,408

​

$

166,935

​

$

5,144,855

​

Special Mention

​

​

—

​

​

719

​

​

7,353

​

​

6,258

​

​

7,312

​

​

31,783

​

​

2,207

​

​

—

​

​

55,632

​

Substandard

​

​

—

​

​

240

​

​

3,888

​

​

1,803

​

​

2,116

​

​

10,895

​

​

4,520

​

​

343

​

​

23,805

​

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

Grand Total

​

$

151,635

​

$

894,783

​

$

902,506

​

$

688,521

​

$

638,276

​

$

782,158

​

$

999,135

​

$

167,278

​

$

5,224,292

​

YTD Gross Charge-offs

​

$

—

​

$

24

​

$

—

​

$

13

​

$

—

​

$

—

​

$

4,890

​

$

—

​

$

4,927

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year

​

Amortized

​

Converted

​

​

​

As of December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate owner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

346,195

​

$

200,715

​

$

175,030

​

$

167,493

​

$

59,982

​

$

170,402

​

$

—

​

$

2,474

​

$

1,122,291

Special Mention

​

​

41

​

​

—

​

​

—

​

​

—

​

​

—

​

​

6,309

​

​

—

​

​

—

​

​

6,350

Substandard

​

​

—

​

​

2,526

​

​

1,885

​

​

1,226

​

​

1,040

​

​

9,366

​

​

—

​

​

—

​

​

16,043

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

346,236

​

$

203,241

​

$

176,915

​

$

168,719

​

$

61,022

​

$

186,077

​

$

—

​

$

2,474

​

$

1,144,684

YTD Gross Charge-offs

​

$

—

​

$

10

​

$

16

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

26

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate nonowner-occupied:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

63,405

​

$

69,827

​

$

82,814

​

$

47,395

​

$

28,416

​

$

44,280

​

$

—

​

$

7,597

​

$

343,734

Special Mention

​

​

170

​

​

1,971

​

​

—

​

​

—

​

​

—

​

​

26

​

​

—

​

​

—

​

​

2,167

Substandard

​

​

—

​

​

—

​

​

16

​

​

—

​

​

—

​

​

48

​

​

—

​

​

—

​

​

64

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

63,575

​

$

71,798

​

$

82,830

​

$

47,395

​

$

28,416

​

$

44,354

​

$

—

​

$

7,597

​

$

345,965

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

342,658

​

$

439,643

​

$

351,600

​

$

174,093

​

$

84,457

​

$

179,849

​

$

32,491

​

$

143,670

​

$

1,748,461

Special Mention

​

​

23,852

​

​

1,020

​

​

374

​

​

—

​

​

3,668

​

​

5,330

​

​

1,716

​

​

—

​

​

35,960

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

868

​

​

—

​

​

—

​

​

868

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

366,510

​

$

440,663

​

$

351,974

​

$

174,093

​

$

88,125

​

$

186,047

​

$

34,207

​

$

143,670

​

$

1,785,289

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Construction and land development:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

107,827

​

$

89,106

​

$

16,936

​

$

297

​

$

125

​

$

125

​

$

225

​

$

2,697

​

$

217,338

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

107,827

​

$

89,106

​

$

16,936

​

$

297

​

$

125

​

$

125

​

$

225

​

$

2,697

​

$

217,338

YTD Gross Charge-offs

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Revolving Loans

​

Revolving Loans

​

​

​

(in thousands)

​

Term Loans Amortized Cost Basis by Origination Year (Continued)

​

Amortized

​

Converted

​

​

​

As of December 31, 2023

​

2023

​

2022

​

2021

​

2020

​

2019

​

Prior

​

Cost Basis

​

to Term

​

Total

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial and industrial:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

140,753

​

$

87,497

​

$

70,149

​

$

13,150

​

$

10,175

​

$

10,782

​

$

120,069

​

$

3,968

​

$

456,543

Special Mention

​

​

349

​

​

423

​

​

3,473

​

​

—

​

​

—

​

​

1,476

​

​

542

​

​

—

​

​

6,263

Substandard

​

​

49

​

​

36

​

​

3

​

​

—

​

​

339

​

​

—

​

​

25

​

​

820

​

​

1,272

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

141,151

​

$

87,956

​

$

73,625

​

$

13,150

​

$

10,514

​

$

12,258

​

$

120,636

​

$

4,788

​

$

464,078

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Lease financing receivables:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

45,824

​

$

23,956

​

$

10,265

​

$

4,571

​

$

2,344

​

$

545

​

$

—

​

$

—

​

$

87,505

Special Mention

​

​

429

​

​

30

​

​

162

​

​

183

​

​

27

​

​

88

​

​

—

​

​

—

​

​

919

Substandard

​

​

—

​

​

102

​

​

—

​

​

—

​

​

—

​

​

65

​

​

—

​

​

—

​

​

167

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

46,253

​

$

24,088

​

$

10,427

​

$

4,754

​

$

2,371

​

$

698

​

$

—

​

$

—

​

$

88,591

YTD Gross Charge-offs

​

$

20

​

$

113

​

$

—

​

$

—

​

$

—

​

$

8

​

$

—

​

$

—

​

$

141

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aircraft:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

97,761

​

$

55,896

​

$

44,721

​

$

30,628

​

$

14,195

​

$

6,850

​

$

—

​

$

—

​

$

250,051

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

97,761

​

$

55,896

​

$

44,721

​

$

30,628

​

$

14,195

​

$

6,850

​

$

—

​

$

—

​

$

250,051

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Home equity:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

292,890

​

$

—

​

$

292,890

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

235

​

​

—

​

​

235

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

2,008

​

​

—

​

​

2,008

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

295,133

​

$

—

​

$

295,133

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

2

​

$

—

​

$

2

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

3,947

​

$

1,194

​

$

181

​

$

74

​

$

1,186

​

$

2,234

​

$

18,611

​

$

—

​

$

27,427

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1

​

​

12

​

​

—

​

​

—

​

​

13

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

3,947

​

$

1,194

​

$

181

​

$

74

​

$

1,187

​

$

2,246

​

$

18,611

​

$

—

​

$

27,440

YTD Gross Charge-offs

​

$

9

​

$

11

​

$

8

​

$

—

​

$

—

​

$

7

​

$

1,147

​

$

—

​

$

1,182

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Warehouse:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

339,723

​

$

—

​

$

339,723

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

339,723

​

$

—

​

$

339,723

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

TRS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated (1)

​

$

149,207

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

149,207

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total (1)

​

$

149,207

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

149,207

YTD Gross Charge-offs (1)

​

$

20,418

​

$

5,533

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

25,951

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

RCS:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

30,607

​

$

7,203

​

$

579

​

$

454

​

$

996

​

$

36,372

​

$

54,634

​

$

—

​

$

130,845

Special Mention

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Substandard

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

1,517

​

​

—

​

​

1,517

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total

​

$

30,607

​

$

7,203

​

$

579

​

$

454

​

$

996

​

$

36,372

​

$

56,151

​

$

—

​

$

132,362

YTD Gross Charge-offs

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

13,912

​

$

—

​

$

13,912

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Grand Total:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Risk Rating

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Pass or not rated

​

$

1,328,184

​

$

975,037

​

$

752,275

​

$

438,155

​

$

201,876

​

$

451,439

​

$

858,643

​

$

160,406

​

$

5,166,015

Special Mention

​

​

24,841

​

​

3,444

​

​

4,009

​

​

183

​

​

3,695

​

​

13,229

​

​

2,493

​

​

—

​

​

51,894

Substandard

​

​

49

​

​

2,664

​

​

1,904

​

​

1,226

​

​

1,380

​

​

10,359

​

​

3,550

​

​

820

​

​

21,952

Doubtful

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Grand Total

​

$

1,353,074

​

$

981,145

​

$

758,188

​

$

439,564

​

$

206,951

​

$

475,027

​

$

864,686

​

$

161,226

​

$

5,239,861

YTD Gross Charge-offs

​

$

20,447

​

$

5,667

​

$

24

​

$

—

​

$

—

​

$

15

​

$

15,061

​

$

—

​

$

41,214

(1) Loans and YTD Gross Charge-offs have been revised for an immaterial correction into Term Loan categories from a Revolving Loan category as previously reported in the 2023 Annual Report on Form 10-K.
Schedule of activity in the ACLL for loan and lease losses

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLL Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

2023

​

​

​

Beginning

​

​

​

Charge-

​

​

​

Ending

​

​

Beginning

​

CBank

​

​

​

Charge-

​

​

​

Ending

(in thousands)

​

​

Balance

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

Balance

​

Adjustment*

​

Provision

​

offs

​

Recoveries

​

Balance

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

​

$

10,337

​

$

(800)

​

$

(13)

​

$

58

​

$

9,582

​

$

8,909

​

$

—

​

$

(120)

​

$

(6)

​

$

15

​

$

8,798

Nonowner-occupied

​

​

​

3,047

​

​

3

​

​

—

​

​

1

​

​

3,051

​

​

2,831

​

​

—

​

​

64

​

​

—

​

​

—

​

​

2,895

Commercial real estate

​

​

​

25,830

​

​

145

​

​

—

​

​

20

​

​

25,995

​

​

23,739

​

​

—

​

​

1,041

​

​

—

​

​

47

​

​

24,827

Construction & land development

​

​

​

6,060

​

​

640

​

​

—

​

​

—

​

​

6,700

​

​

4,123

​

​

—

​

​

329

​

​

—

​

​

—

​

​

4,452

Commercial & industrial

​

​

​

4,236

​

​

(79)

​

​

—

​

​

1

​

​

4,158

​

​

3,976

​

​

1,008

​

​

602

​

​

—

​

​

90

​

​

5,676

Lease financing receivables

​

​

​

1,061

​

​

22

​

​

(24)

​

​

13

​

​

1,072

​

​

110

​

​

592

​

​

648

​

​

—

​

​

—

​

​

1,350

Aircraft

​

​

​

625

​

​

(10)

​

​

—

​

​

—

​

​

615

​

​

449

​

​

—

​

​

12

​

​

—

​

​

—

​

​

461

Home equity

​

​

​

5,501

​

​

247

​

​

—

​

​

1

​

​

5,749

​

​

4,628

​

​

—

​

​

31

​

​

—

​

​

1

​

​

4,660

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

​

​

1,074

​

​

83

​

​

(81)

​

​

11

​

​

1,087

​

​

996

​

​

—

​

​

112

​

​

(40)

​

​

12

​

​

1,080

Overdrafts

​

​

​

694

​

​

27

​

​

(238)

​

​

80

​

​

563

​

​

726

​

​

—

​

​

52

​

​

(247)

​

​

64

​

​

595

Automobile loans

​

​

​

32

​

​

(10)

​

​

—

​

​

2

​

​

24

​

​

87

​

​

—

​

​

(16)

​

​

(7)

​

​

2

​

​

66

Other consumer

​

​

​

501

​

​

90

​

​

(26)

​

​

15

​

​

580

​

​

135

​

​

—

​

​

229

​

​

(31)

​

​

23

​

​

356

Total Traditional Banking

​

​

​

58,998

​

​

358

​

​

(382)

​

​

202

​

​

59,176

​

​

50,709

​

​

1,600

​

​

2,984

​

​

(331)

​

​

254

​

​

55,216

Warehouse lines of credit

​

​

​

847

​

​

309

​

​

—

​

​

—

​

​

1,156

​

​

1,009

​

​

—

​

​

135

​

​

—

​

​

—

​

​

1,144

Total Core Banking

​

​

​

59,845

​

​

667

​

​

(382)

​

​

202

​

​

60,332

​

​

51,718

​

​

1,600

​

​

3,119

​

​

(331)

​

​

254

​

​

56,360

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

​

3,929

​

​

25,718

​

​

—

​

​

275

​

​

29,922

​

​

3,797

​

​

—

​

​

21,715

​

​

—

​

​

285

​

​

25,797

Other TRS commercial & industrial loans

​

​

​

61

​

​

56

​

​

—

​

​

30

​

​

147

​

​

91

​

​

—

​

​

93

​

​

—

​

​

—

​

​

184

Republic Credit Solutions

​

​

​

18,295

​

​

4,181

​

​

(4,545)

​

​

370

​

​

18,301

​

​

14,807

​

​

—

​

​

1,839

​

​

(3,099)

​

​

233

​

​

13,780

Total Republic Processing Group

​

​

​

22,285

​

​

29,955

​

​

(4,545)

​

​

675

​

​

48,370

​

​

18,695

​

​

—

​

​

23,647

​

​

(3,099)

​

​

518

​

​

39,761

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

82,130

​

$

30,622

​

$

(4,927)

​

$

877

​

$

108,702

​

$

70,413

​

$

1,600

​

$

26,766

​

$

(3,430)

​

$

772

​

$

96,121

* The net fair value adjustment to ACLL includes an estimate of lifetime credit losses for Purchased Credit Deteriorated loans.
Schedule of non-performing loans and non-performing assets and select credit quality ratios

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

    

December 31, 2023

    

​

​

​

​

​

​

​

​

Loans on nonaccrual status*

​

$

19,258

​

$

19,150

​

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

​

 

2,116

​

 

1,468

​

Total nonperforming loans

​

 

21,374

​

 

20,618

​

Other real estate owned

​

 

1,486

​

 

1,370

​

Total nonperforming assets

​

$

22,860

​

$

21,988

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Total Company:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.41

%  

 

0.39

%

Nonperforming assets to total loans (including OREO)

​

 

0.44

​

 

0.42

​

Nonperforming assets to total assets

​

 

0.33

​

 

0.33

​

​

​

​

​

​

​

​

​

Credit Quality Ratios - Core Bank:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonperforming loans to total loans

​

 

0.38

%  

 

0.39

%

Nonperforming assets to total loans (including OREO)

​

 

0.41

​

 

0.41

​

Nonperforming assets to total assets

​

 

0.33

​

 

0.35

​

*

Loans on nonaccrual status include collateral-dependent loans.

**

Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans.
Schedule of recorded investment in non-accrual loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Past Due 90-Days-or-More

​

​

Nonaccrual

​

​

and Still Accruing Interest*

(in thousands)

    

March 31, 2024

    

December 31, 2023

  

  

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

15,533

​

$

15,056

​

​

$

—

​

$

—

Nonowner-occupied

​

 

60

​

 

64

​

​

 

—

​

 

—

Commercial real estate

​

 

795

​

 

850

​

​

 

—

​

 

—

Construction & land development

​

 

—

​

 

—

​

​

 

—

​

 

—

Commercial & industrial

​

 

744

​

 

1,221

​

​

 

—

​

 

—

Lease financing receivables

​

 

15

​

 

—

​

​

 

—

​

 

—

Aircraft

​

​

—

​

​

—

​

​

​

—

​

​

—

Home equity

​

 

2,103

​

 

1,948

​

​

 

—

​

 

—

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

—

​

 

—

​

​

 

—

​

 

—

Overdrafts

​

 

—

​

 

—

​

​

 

—

​

 

—

Automobile loans

​

 

8

​

 

10

​

​

 

—

​

 

—

Other consumer

​

 

—

​

 

1

​

​

 

—

​

 

—

Total Traditional Banking

​

​

19,258

​

​

19,150

​

​

​

—

​

​

—

Warehouse lines of credit

​

 

—

​

 

—

​

​

 

—

​

 

—

Total Core Banking

​

​

19,258

​

​

19,150

​

​

​

—

​

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

​

—

​

​

​

—

​

​

—

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

​

 

—

​

 

—

Republic Credit Solutions

​

​

—

​

​

—

​

​

​

2,116

​

​

1,468

Total Republic Processing Group

​

​

—

​

​

—

​

​

​

2,116

​

​

1,468

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

19,258

​

$

19,150

​

​

$

2,116

​

$

1,468

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

As of March 31, 2024

​

March 31, 2024

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

303

​

$

15,230

​

$

15,533

​

$

246

Nonowner-occupied

​

 

19

​

​

41

​

​

60

​

​

15

Commercial real estate

​

 

795

​

​

—

​

​

795

​

​

42

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

744

​

​

—

​

​

744

​

​

—

Lease financing receivables

​

 

15

​

​

—

​

​

15

​

​

—

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

Home equity

​

 

—

​

​

2,103

​

​

2,103

​

​

49

Consumer

​

​

6

​

​

2

​

​

8

​

​

—

Total

​

$

1,882

​

$

17,376

​

$

19,258

​

$

352

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

As of December 31, 2023

​

March 31, 2023

​

    

Nonaccrual

    

Nonaccrual

    

​

Total

​

Interest Income

​

​

Loans with

​

Loans without

​

​

Nonaccrual

​

Recognized

(in thousands)

​

ACLL

​

ACLL

​

​

Loans

​

on Nonaccrual Loans*

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

376

​

$

14,680

​

$

15,056

​

$

181

Nonowner-occupied

​

 

20

​

​

44

​

​

64

​

​

1

Commercial real estate

​

 

850

​

​

—

​

​

850

​

​

23

Construction & land development

​

 

—

​

​

—

​

​

—

​

​

—

Commercial & industrial

​

 

1,221

​

​

—

​

​

1,221

​

​

—

Lease financing receivables

​

 

—

​

​

—

​

​

—

​

​

—

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

Home equity

​

 

—

​

​

1,948

​

​

1,948

​

​

23

Consumer

​

​

8

​

​

3

​

​

11

​

​

3

Total

​

$

2,475

​

$

16,675

​

$

19,150

​

$

231

* Includes interest income for loans on nonaccrual as of the beginning of the period that were paid off during the period.
Schedule of aging of the recorded investment in loans by class of loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

 

March 31, 2024

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

 

(dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

2,861

​

$

1,453

​

$

1,507

​

$

5,821

​

$

1,058,250

​

$

1,064,071

​

Nonowner-occupied

​

 

—

​

 

—

​

 

—

​

 

—

​

 

342,481

​

 

342,481

​

Commercial real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,800,801

​

 

1,800,801

​

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

237,998

​

 

237,998

​

Commercial & industrial

​

 

2

​

 

—

​

 

744

​

 

746

​

 

453,225

​

 

453,971

​

Lease financing receivables

​

 

7

​

 

—

​

 

15

​

 

22

​

 

88,250

​

 

88,272

​

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

246,060

​

​

246,060

​

Home equity

​

 

464

​

 

309

​

 

217

​

 

990

​

 

308,093

​

 

309,083

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

22

​

 

13

​

 

—

​

 

35

​

 

16,823

​

 

16,858

​

Overdrafts

​

 

114

​

 

4

​

 

—

​

 

118

​

 

511

​

 

629

​

Automobile loans

​

 

—

​

 

—

​

 

2

​

 

2

​

 

2,052

​

 

2,054

​

Other consumer

​

 

52

​

 

10

​

 

—

​

 

62

​

 

11,310

​

 

11,372

​

Total Traditional Banking

​

​

3,522

​

​

1,789

​

​

2,485

​

​

7,796

​

​

4,565,854

​

​

4,573,650

​

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

463,249

​

 

463,249

​

Total Core Banking

​

​

3,522

​

​

1,789

​

​

2,485

​

​

7,796

​

​

5,029,103

​

​

5,036,899

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

52,101

​

 

52,101

​

Other TRS commercial & industrial loans

​

 

283

​

 

—

​

 

—

​

 

283

​

 

5,113

​

 

5,396

​

Republic Credit Solutions

​

​

8,211

​

 

3,006

​

 

2,116

​

 

13,333

​

 

116,563

​

 

129,896

​

Total Republic Processing Group

​

​

8,494

​

​

3,006

​

​

2,116

​

​

13,616

​

​

173,777

​

​

187,393

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

12,016

​

$

4,795

​

$

4,601

​

$

21,412

​

$

5,202,880

​

$

5,224,292

​

Delinquency ratio***

​

 

0.23

%  

 

0.09

%  

 

0.09

%  

 

0.41

%  

​

​

​

​

​

​

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

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

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

30 - 59

    

60 - 89

    

90 or More

    

    

​

    

    

​

    

    

​

 

December 31, 2023

Days

​

Days

​

Days

​

Total

​

Total

​

​

​

 

(dollars in thousands)

​

Delinquent

​

Delinquent

​

Delinquent*

​

Delinquent**

​

Current

​

Total

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Traditional Banking:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

3,396

​

$

769

​

$

1,638

​

$

5,803

​

$

1,138,881

​

$

1,144,684

​

Nonowner-occupied

​

 

—

​

 

—

​

 

—

​

 

—

​

 

345,965

​

 

345,965

​

Commercial real estate

​

 

—

​

 

—

​

 

—

​

 

—

​

 

1,785,289

​

 

1,785,289

​

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

​

 

217,338

​

 

217,338

​

Commercial & industrial

​

 

140

​

 

36

​

 

1,184

​

 

1,360

​

 

462,718

​

 

464,078

​

Lease financing receivables

​

 

18

​

 

—

​

 

—

​

 

18

​

 

88,573

​

 

88,591

​

Aircraft

​

​

—

​

​

—

​

​

—

​

​

—

​

​

250,051

​

​

250,051

​

Home equity

​

 

417

​

 

96

​

 

254

​

 

767

​

 

294,366

​

 

295,133

​

Consumer:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Credit cards

​

 

31

​

 

4

​

 

—

​

 

35

​

 

16,619

​

 

16,654

​

Overdrafts

​

 

129

​

 

1

​

 

1

​

 

131

​

 

563

​

 

694

​

Automobile loans

​

 

—

​

 

—

​

 

2

​

 

2

​

 

2,662

​

 

2,664

​

Other consumer

​

 

53

​

 

7

​

 

—

​

 

60

​

 

7,368

​

 

7,428

​

Total Traditional Banking

​

​

4,184

​

​

913

​

​

3,079

​

​

8,176

​

​

4,610,393

​

​

4,618,569

​

Warehouse lines of credit

​

 

—

​

 

—

​

 

—

​

 

—

​

 

339,723

​

 

339,723

​

Total Core Banking

​

​

4,184

​

​

913

​

​

3,079

​

​

8,176

​

​

4,950,116

​

​

4,958,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Tax Refund Solutions:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Refund Advances

​

​

—

​

 

—

​

 

—

​

 

—

​

 

103,115

​

 

103,115

​

Other TRS commercial & industrial loans

​

 

—

​

 

—

​

 

—

​

 

—

​

 

46,092

​

 

46,092

​

Republic Credit Solutions

​

​

9,387

​

 

3,061

​

 

1,468

​

 

13,916

​

 

118,446

​

 

132,362

​

Total Republic Processing Group

​

​

9,387

​

​

3,061

​

​

1,468

​

​

13,916

​

​

267,653

​

​

281,569

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

$

13,571

​

$

3,974

​

$

4,547

​

$

22,092

​

$

5,217,769

​

$

5,239,861

​

Delinquency ratio***

​

 

0.25

%  

 

0.08

%  

 

0.09

%  

 

0.42

%  

​

​

​

​

​

​

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

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

***  Represents total loans 30-days-or-more past due by aging category divided by total loans.
Schedule of amortized cost basis of collateral-dependent loans

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

December 31, 2023

​

​

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

​

$

17,287

​

$

—

​

$

18,602

​

$

—

Nonowner-occupied

​

 

60

​

 

—

​

 

64

​

 

—

Commercial real estate

​

 

820

​

 

—

​

 

870

​

 

—

Construction & land development

​

 

—

​

 

—

​

 

—

​

 

—

Commercial & industrial

​

 

795

​

 

—

​

 

1,273

​

 

—

Lease financing receivables

​

 

—

​

 

256

​

 

—

​

 

108

Aircraft

​

​

—

​

 

—

​

​

—

​

 

—

Home equity

​

 

2,310

​

 

—

​

 

2,008

​

 

—

Consumer

​

​

—

​

 

11

​

​

—

​

 

13

Total Traditional Banking

​

$

21,272

​

$

267

​

$

22,817

​

$

121
Schedule of financing receivable, experiencing financial difficulty and modified

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis of Modified Financing Receivables

​

​

Three Months Ended March 31, 2024

(dollars in thousands)

​

Loans (#)

​

Rate Reduction ($)

​

Loans (#)

​

Term Extension ($)

​

Loans (#)

​

Principal Deferral ($)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

—

​

$

—

​

—

​

$

—

Nonowner-occupied

​

—

​

​

—

​

—

​

​

—

​

—

​

​

—

Home equity

​

—

​

​

—

​

—

​

​

—

​

—

​

​

—

Republic Processing Group

​

—

​

​

—

​

—

​

​

—

​

349

​

​

75

Total Loan Modifications

​

—

​

$

—

​

—

​

$

—

​

349

​

$

75

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Amortized Cost Basis of Modified Financing Receivables

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

​

Loans (#)

​

Rate Reduction ($)

​

Loans (#)

​

Term Extension ($)

​

Loans (#)

​

Principal Deferral ($)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

2

​

$

265

​

4

​

$

344

Home equity

​

—

​

​

—

​

—

​

​

—

​

1

​

​

72

Republic Processing Group

​

—

​

​

—

​

—

​

​

—

​

537

​

​

105

Total Loan Modifications

​

—

​

$

—

​

2

​

$

265

​

542

​

$

521

​
Schedule of financing receivable, loan modification

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loan Modification by Type

​

​

Three Months Ended March 31, 2024

​

​

Accruing

​

Nonaccruing

(dollars in thousands)

​

Loans (#)

​

Recorded investment ($)

​

Loans (#)

​

Recorded investment ($)

​

​

​

​

​

​

​

​

​

​

​

Term extension

​

—

​

$

—

​

—

​

$

—

Principal deferral

​

349

​

​

75

​

—

​

​

—

Total Loan Modifications

​

349

​

$

75

​

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total Loan Modification by Type

​

​

Three Months Ended March 31, 2023

​

​

Accruing

​

Nonaccruing

(dollars in thousands)

​

Loans (#)

​

Recorded investment ($)

​

Loans (#)

​

Recorded investment ($)

​

​

​

​

​

​

​

​

​

​

​

Term extension

​

—

​

$

—

​

2

​

$

265

Principal deferral

​

537

​

​

105

​

5

​

​

416

Total Loan Modifications

​

537

​

$

105

​

7

​

$

681
Schedule of percentage of the amortized cost of loans and leases that were modified

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

Three Months Ended March 31, 2024

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Republic Processing Group

​

349

​

$

75

​

0.04

%

Total Accruing Loan Modifications

​

349

​

$

75

​

NM

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

Three Months Ended March 31, 2024

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

Owner-occupied

​

—

​

$

—

​

—

%

Home equity

​

—

​

​

—

​

—

​

Total Nonaccruing Loan Modifications

​

—

​

$

—

​

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Republic Processing Group

​

537

​

$

105

​

0.07

%

Total Accruing Loan Modifications

​

537

​

$

105

​

NM

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

​

​

​

​

​

​

​

% of Total

​

​

​

​

Amortized

​

of Financing

(dollars in thousands)

​

Loans

​

Cost Basis

​

Receivable

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

Owner-occupied

​

6

​

$

609

​

0.06

%

Home equity

​

1

​

​

72

​

0.03

​

Total Nonaccruing Loan Modifications

​

7

​

$

681

​

0.01

​
Schedule of financing receivable modified past due

​

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

At March 31, 2024

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner occupied

​

$

475

​

$

—

​

$

—

Republic Processing Group

​

​

75

​

$

—

​

$

—

Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024

​

$

550

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

At March 31, 2024

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

267

​

$

—

​

$

109

Home equity

​

​

617

​

​

—

​

​

25

Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024

​

$

884

​

$

—

​

$

134

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Accruing Loan Modifications

​

​

At March 31, 2023

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner occupied

​

$

—

​

$

—

​

$

—

Republic Processing Group

​

​

105

​

$

—

​

$

—

Total accruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2023

​

$

105

​

$

—

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Nonaccruing Loan Modifications

​

​

At March 31, 2023

​

​

​

​

​

30-89 Days

​

90+ Days

(in thousands)

​

Current

​

Past Due

​

Past Due

​

​

​

​

​

​

​

​

​

​

Residential real estate:

​

​

​

​

​

​

​

​

​

Owner-occupied

​

$

609

​

$

—

​

$

—

Home equity

​

​

72

​

​

—

​

​

—

Total nonaccruing loan modifications to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2023

​

$

681

​

$

—

​

$

—
Schedule of carrying amount of foreclosed properties held

​

​

​

​

​

​

​

​

​

(in thousands)

​

March 31, 2024

​

December 31, 2023

 

​

​

​

​

​

​

​

​

Commercial real estate

​

$

1,486

​

$

1,370

​

​

​

​

​

​

​

​

​

Total other real estate owned

​

$

1,486

 

$

1,370

​
Schedule of recorded investment in consumer mortgage loans secured by residential real estate properties

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

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

 

$

1,746

 

$

1,556
Schedule of Refund Advances

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

    

March 31, 

(dollars in thousands)

    

2024

  

2023

​

​

​

​

​

​

​

​

​

Refund Advances originated

 

$

771,091

​

​

$

737,047

​

Net charge to the Provision for RAs, including ERAs

 

​

25,718

​

​

​

21,715

​

Provision as a percentage of RAs, including ERAs, originated

​

​

3.34

%  

​

​

2.95

%  

Refund Advances net charge-offs (recoveries)

 

$

(275)

​

​

$

(285)

​

Refund Advances net charge-offs (recoveries) to total Refund Advances originated

​

​

(0.04)

%  

​

​

(0.04)

%  
v3.24.1.u1
DEPOSITS (Tables)
 3 Months Ended
Mar. 31, 2024
DEPOSITS  
Composition of deposit portfolio

The composition of the deposit portfolio follows:

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Core Bank:

​

​

​

​

​

​

​

Demand

​

$

1,179,771

​

$

1,158,051

​

Money market accounts

​

 

1,078,549

​

 

1,007,356

​

Savings

​

 

355,260

​

 

263,238

​

Reciprocal money market

​

 

221,779

​

 

188,078

​

Individual retirement accounts (1)

​

 

34,208

​

 

33,793

​

Time deposits, $250 and over (1)

​

 

113,096

​

 

101,787

​

Other certificates of deposit (1)

​

 

239,258

​

 

225,614

​

Reciprocal time deposits (1)

​

 

90,857

​

 

90,857

​

Wholesale brokered deposits (1)

​

​

349,298

​

​

88,767

​

Total Core Bank interest-bearing deposits

​

 

3,662,076

​

 

3,157,541

​

Total Core Bank noninterest-bearing deposits

​

​

1,180,237

​

​

1,239,466

​

Total Core Bank deposits

​

​

4,842,313

​

​

4,397,007

​

​

​

​

​

​

​

​

​

Republic Processing Group:

​

​

​

​

​

​

​

Wholesale brokered deposits (1)

​

​

—

​

​

199,960

​

Interest-bearing prepaid card deposits

​

​

379,677

​

​

—

​

Money market accounts

​

​

19,380

​

​

18,664

​

Total RPG interest-bearing deposits

​

​

399,057

​

​

218,624

​

​

​

​

​

​

​

​

​

Noninterest-bearing prepaid card deposits

​

​

—

​

​

318,769

​

Other noninterest-bearing deposits

​

​

179,279

​

​

118,763

​

Total RPG noninterest-bearing deposits

​

​

179,279

​

​

437,532

​

Total RPG deposits

​

​

578,336

​

​

656,156

​

​

​

​

​

​

​

​

​

Total deposits

​

$

5,420,649

​

$

5,053,163

​

(1)Includes time deposit.
v3.24.1.u1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS (Tables)
 3 Months Ended
Mar. 31, 2024
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS  
Schedule of securities sold under agreements to repurchase

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

  

  

December 31, 2023

    

​

​

​

​

​

​

​

​

​

​

​

Outstanding balance at end of period

​

$

84,522

​

​

$

97,618

​

​

Weighted average interest rate at end of period

​

 

0.59

%  

​

 

0.50

%  

​

​

​

​

​

​

​

​

​

​

​

Fair value of securities pledged:

​

​

​

​

​

​

​

​

​

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

​

$

86,171

​

​

$

99,530

​

​

Total securities pledged

​

$

86,171

​

​

$

99,530

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

​

March 31, 

​

​

​

(dollars in thousands)

  

2024

  

  

2023

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

​

$

102,592

 

​

$

202,910

​

​

​

Weighted average interest rate during the period

​

​

0.51

%  

​

​

0.49

%  

​

​

Maximum outstanding at any month end during the period

​

$

113,281

 

​

$

224,067

​

​

​

​
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES (Tables)
 3 Months Ended
Mar. 31, 2024
FEDERAL HOME LOAN BANK ADVANCES  
Federal Home Loan Bank Advances

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Overnight advances

​

$

—

​

$

110,000

​

Fixed interest rate advances

​

 

270,000

​

 

270,000

​

Total FHLB advances

​

$

270,000

​

$

380,000

​
Aggregate Future Principal Payments on FHLB Advances

​

​

​

​

​

​

​

​

​

    

    

​

    

Weighted

 

​

​

​

​

​

Average

 

Year (dollars in thousands)

​

Principal

​

Rate

 

​

​

​

​

​

​

​

2024

 

$

—

​

—

%

2025

 

​

—

 

—

​

2026

 

​

30,000

 

4.82

​

2027

​

​

80,000

 

4.01

​

2028

 

​

160,000

 

4.39

​

Total

​

$

270,000

 

4.33

%
Information Regarding Overnight FHLB Advances

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

March 31, 

​

​

(dollars in thousands)

    

2024

    

​

2023

    

​

​

​

​

​

​

​

​

​

​

​

Average outstanding balance during the period

 

$

266,209

 

​

$

225,344

​

 

Weighted average interest rate during the period

​

​

5.44

%

​

​

4.43

%

​

Maximum outstanding at any month end during the period

 

$

760,000

 

​

$

485,000

​

 
Real Estate Loans Pledged

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

First-lien, single family residential real estate

​

$

1,250,774

​

$

1,345,752

​

Home equity lines of credit

​

 

268,442

​

 

266,389

​

Multi-family commercial real estate

​

 

133,908

​

 

133,565

​

Commercial real estate

​

​

377,934

​

​

—

​

​
v3.24.1.u1
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2024
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES  
Commitments Exclusive of Mortgage Bank Loan Commitments

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

Unused warehouse lines of credit

​

$

469,751

​

$

623,277

​

Unused home equity lines of credit

​

 

460,311

​

 

446,006

​

Unused loan commitments - other

​

 

1,146,352

​

 

1,159,284

​

Standby letters of credit

​

 

11,091

​

 

11,012

​

FHLB letter of credit

​

 

—

​

 

—

​

Total commitments

​

$

2,087,505

​

$

2,239,579

​
Schedule of roll-forward of the ACLC

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

ACLC Roll-forward

​

​

​

Three Months Ended March 31, 

​

​

​

2024

​

2023

​

​

​

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

​

​

$

116

​

$

(8)

​

$

—

​

$

—

​

$

108

​

$

190

​

$

8

​

$

—

​

$

—

​

$

198

Unused home equity lines of credit

​

​

​

55

​

​

31

​

​

—

​

​

—

​

​

86

​

​

332

​

​

9

​

​

—

​

​

—

​

​

341

Unused construction lines of credit

​

​

​

820

​

​

(179)

​

​

—

​

​

—

​

​

641

​

​

384

​

​

163

​

​

—

​

​

—

​

​

547

Unused loan commitments - other

​

​

​

349

​

​

46

​

​

—

​

​

—

​

​

395

​

​

344

​

​

30

​

​

—

​

​

—

​

​

374

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

$

1,340

​

$

(110)

​

$

—

​

$

—

​

$

1,230

​

$

1,250

​

$

210

​

$

—

​

$

—

​

$

1,460

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.24.1.u1
FAIR VALUE (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures  
Assets and Liabilities Measured at Fair Value on Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at 

​

​

​

 

​

​

March 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

​

$

148,755

​

$

264,370

​

$

—

​

$

413,125

​

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,772

​

 

1,772

​

Mortgage-backed securities - residential

​

 

—

​

 

145,822

​

 

—

​

 

145,822

​

Collateralized mortgage obligations

​

 

—

​

 

21,040

​

 

—

​

 

21,040

​

Corporate bonds

​

​

—

​

​

2,019

​

​

—

​

​

2,019

​

Trust preferred security

​

 

—

​

 

—

​

 

4,027

​

 

4,027

​

Total available-for-sale debt securities

​

$

148,755

​

$

433,251

​

$

5,799

​

$

587,805

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

235

​

$

—

​

$

235

​

Total equity securities with readily determinable fair value

​

$

—

​

$

235

​

$

—

​

$

235

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

80,884

​

$

—

​

$

80,884

​

Consumer loans held for sale

​

​

—

​

​

—

​

​

6,093

​

​

6,093

​

Rate lock commitments

​

 

—

​

 

466

​

 

—

​

 

466

​

Interest rate swap agreements

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

—

​

$

77

​

$

—

​

$

77

​

Interest rate swap agreements

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

 

​

​

December 31, 2023 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

​

$

177,784

​

$

229,249

​

$

—

​

$

407,033

​

Private label mortgage-backed security

​

 

—

​

 

—

​

 

1,773

​

 

1,773

​

Mortgage-backed securities - residential

​

 

—

​

 

154,710

​

 

—

​

 

154,710

​

Collateralized mortgage obligations

​

 

—

​

 

21,659

​

 

—

​

 

21,659

​

Corporate bonds

​

​

—

​

​

2,020

​

​

—

​

​

2,020

​

Trust preferred security

​

 

—

​

 

—

​

 

4,118

​

 

4,118

​

Total available-for-sale debt securities

​

$

177,784

​

$

407,638

​

$

5,891

​

$

591,313

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Equity securities with readily determinable fair value:

​

​

​

​

​

​

​

​

​

​

​

​

​

Freddie Mac preferred stock

​

$

—

​

$

174

​

$

—

​

$

174

​

Total equity securities with readily determinable fair value

​

$

—

​

$

174

​

$

—

​

$

174

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Mortgage loans held for sale

​

$

—

​

$

3,227

​

$

—

​

$

3,227

​

Consumer loans held for sale

​

​

—

​

​

—

​

​

7,914

​

​

7,914

​

Rate lock commitments

​

 

—

​

 

243

​

 

—

​

 

243

​

Interest rate swap agreements

​

 

—

​

 

8,933

​

 

—

​

 

8,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Financial liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

—

​

$

61

​

$

—

​

$

61

​

Interest rate swap agreements

​

​

—

​

​

8,933

​

​

—

​

 

8,933

​
Assets Measured at Fair Value on a Non-Recurring Basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

​

March 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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial real estate

​

$

—

​

$

—

​

$

1,486

​

$

1,486

​

Total other real estate owned

​

$

—

​

$

—

​

$

1,486

​

$

1,486

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

​

​

​

​

​

December 31, 2023 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

​

$

—

​

$

—

​

$

1,580

​

$

1,580

Commercial real estate

​

 

—

​

 

—

​

 

795

​

 

795

Home equity

​

 

—

​

 

—

​

 

104

​

 

104

Total collateral-dependent loans*

​

$

—

​

$

—

​

$

2,479

​

$

2,479

​

​

​

​

​

​

​

​

​

​

​

​

​

Other real estate owned:

​

​

​

​

​

​

​

​

​

​

​

​

Residential real estate

​

$

—

​

$

—

​

$

1,370

​

$

1,370

Total other real estate owned

​

$

—

​

$

—

​

$

1,370

​

$

1,370

​

​

​

​

​

​

​

​

​

​

​

​

​

​
Provisions for collateral dependent impaired loans

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Provision on collateral-dependent loans

​

$

(7)

​

$

(19)

​
Other Real Estate Owned

​

​

​

​

​

​

​

​

​

​

    

​

​

​

(in thousands)

​

March 31, 2024

    

December 31, 2023

    

​

​

​

​

​

​

​

​

Other real estate owned carried at fair value

​

$

1,486

​

$

1,370

​

Total carrying value of other real estate owned

​

$

1,486

​

$

1,370

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Other real estate owned write-downs during the period

​

$

53

​

$

52

​
Carrying amount and estimated fair values of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

 

​

​

​

​

​

March 31, 2024:

 

​

    

​

​

    

    

​

    

    

​

    

    

​

    

Total

 

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

 

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

546,363

​

$

546,363

​

$

—

​

$

—

​

$

546,363

​

Available-for-sale debt securities

​

 

587,805

​

 

148,755

​

 

433,251

​

 

5,799

​

 

587,805

​

Held-to-maturity debt securities

​

 

76,254

​

 

—

​

 

76,119

​

 

—

​

 

76,119

​

Equity securities with readily determinable fair values

​

​

235

​

​

—

​

​

235

​

​

—

​

​

235

​

Mortgage loans held for sale, at fair value

​

 

80,884

​

 

—

​

 

80,884

​

 

—

​

 

80,884

​

Consumer loans held for sale, at fair value

​

​

6,093

​

​

—

​

​

—

​

​

6,093

​

​

6,093

​

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

​

​

13,083

​

​

—

​

​

—

​

​

13,083

​

​

13,083

​

Loans, net

​

 

5,115,590

​

 

—

​

 

—

​

 

4,843,728

​

 

4,843,728

​

Federal Home Loan Bank stock

​

 

43,729

​

 

—

​

 

—

​

 

—

​

 

NA

​

Accrued interest receivable

​

 

20,325

​

 

—

​

 

4,111

​

 

16,214

​

 

20,325

​

Mortgage servicing rights

​

​

7,102

​

​

—

​

​

16,054

​

​

—

​

​

16,054

​

Rate lock commitments

​

​

466

​

​

—

​

​

466

​

​

—

​

​

466

​

Interest rate swap agreements

​

​

7,870

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,359,516

​

$

—

​

$

1,359,516

​

$

—

​

$

1,359,516

​

Transaction deposits

​

 

3,583,714

​

 

—

​

 

3,583,714

​

 

—

​

 

3,583,714

​

Time deposits

​

 

477,419

​

 

—

​

 

473,818

​

 

—

​

 

473,818

​

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

​

 

86,171

​

 

—

​

 

86,171

​

 

—

​

 

86,171

​

Federal Home Loan Bank advances

​

 

270,000

​

 

—

​

 

270,565

​

 

—

​

 

270,565

​

Accrued interest payable

​

 

6,905

​

 

—

​

 

6,905

​

 

—

​

 

6,905

​

Rate lock commitments

​

​

466

​

​

—

​

​

466

​

​

—

​

​

466

​

Mandatory forward contracts

​

​

(77)

​

​

—

​

​

(77)

​

​

—

​

​

(77)

​

Interest rate swap agreements

​

​

7,870

​

​

—

​

​

7,870

​

​

—

​

​

7,870

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurements at

 

​

​

​

​

​

December 31, 2023:

 

​

    

    

​

    

    

​

    

    

​

    

    

​

    

Total

 

​

​

Carrying

​

​

​

​

​

​

​

​

​

​

Fair

 

(in thousands)

​

Value

​

Level 1

​

Level 2

​

Level 3

​

Value

 

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

​

$

316,567

​

$

316,567

​

$

—

​

$

—

​

$

316,567

​

Available-for-sale debt securities

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Held-to-maturity debt securities

​

 

76,387

​

 

—

​

 

76,167

​

 

—

​

 

76,167

​

Equity securities with readily determinable fair values

​

​

174

​

​

—

​

​

—

​

​

—

​

​

—

​

Mortgage loans held for sale, at fair value

​

 

3,227

​

 

—

​

 

3,227

​

 

—

​

 

3,227

​

Consumer loans held for sale, at fair value

​

​

7,914

​

​

—

​

​

—

​

​

7,914

​

​

7,914

​

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

​

​

16,094

​

​

—

​

​

—

​

​

16,094

​

​

16,094

​

Loans, net

​

 

5,157,731

​

 

—

​

 

—

​

 

4,874,974

​

 

4,874,974

​

Federal Home Loan Bank stock

​

 

23,770

​

 

—

​

 

—

​

 

—

​

 

NA

​

Accrued interest receivable

​

 

18,447

​

 

—

​

 

4,097

​

 

14,350

​

 

18,447

​

Mortgage servicing rights

​

​

7,411

​

​

—

​

​

16,054

​

​

—

​

​

16,054

​

Rate lock commitments

​

​

243

​

​

—

​

​

243

​

​

—

​

​

243

​

Interest rate swap agreements

​

​

8,933

​

​

—

​

​

8,933

​

​

—

​

​

8,933

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest-bearing deposits

​

$

1,676,998

​

$

—

​

$

1,676,998

​

$

—

​

$

1,676,998

​

Transaction deposits

​

 

2,924,114

​

 

—

​

 

2,924,114

​

 

—

​

 

2,924,114

​

Time deposits

​

 

452,051

​

 

—

​

 

446,218

​

 

—

​

 

446,218

​

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

​

 

—

​

 

—

​

 

—

​

 

—

​

 

—

​

Federal Home Loan Bank advances

​

 

380,000

​

 

—

​

 

382,062

​

 

—

​

 

382,062

​

Accrued interest payable

​

 

4,073

​

 

—

​

 

4,073

​

 

—

​

 

4,073

​

Rate lock commitments

​

 

243

​

​

—

​

​

243

​

​

—

​

​

243

​

Mandatory forward contracts

​

​

61

​

​

—

​

​

61

​

​

—

​

​

61

​

Interest rate swap agreements

​

​

8,933

​

​

—

​

​

8,933

​

​

—

​

​

8,933

​

​
Nonrecurring basis  
Fair Value Disclosures  
Fair value inputs quantitative information

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

    

    

    

    

Range

​

​

Fair

​

Valuation

​

Unobservable

​

(Weighted

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate

​

$

1,486

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

39% (39%)

​

​

​

​

​

​

​

​

​

​

​

​

    

    

​

    

    

    

    

    

Range

​

​

Fair

​

Valuation

​

Unobservable

​

(Weighted

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Inputs

​

Average)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - residential real estate owner-occupied

​

$

1,580

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

0% - 27% (4%)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - commercial real estate

​

$

795

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

11% (11%)

​

​

​

​

​

​

​

​

​

​

Collateral-dependent loans - home equity

​

$

104

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

5% (5%)

​

​

​

​

​

​

​

​

​

​

Other real estate owned - commercial real estate

​

$

1,370

 

Sales comparison approach

 

Adjustments determined for differences between comparable sales

 

39% (39%)
Private label mortgage backed security  
Fair Value Disclosures  
Reconciliation of the Bank's investments measured at fair value on a recurring basis using significant unobservable inputs

​

​

​

​

​

​

​

​

​

​

  

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

​

2023

    

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

1,773

​

$

2,127

​

Total gains or losses included in earnings:

​

​

​

​

​

​

​

Net change in unrealized gain (loss)

​

 

57

​

 

5

​

Principal paydowns

​

 

(58)

​

 

(122)

​

Balance, end of period

​

$

1,772

​

$

2,010

​
Private label mortgage backed security | Recurring basis  
Fair Value Disclosures  
Fair value inputs quantitative information

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

 

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Range

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,772

 

Discounted cash flow

 

(1) Constant prepayment rate

 

3.9% - 4.6%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

1.8% - 9.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

22% - 35%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

 

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Range

 

​

​

​

​

​

​

​

​

​

​

​

Private label mortgage-backed security

​

$

1,773

 

Discounted cash flow

 

(1) Constant prepayment rate

 

3.9% - 4.5%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Probability of default

 

1.8% - 9.4%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(3) Loss severity

 

25% - 35%

​
Trust Preferred Securities  
Fair Value Disclosures  
Reconciliation of the Bank's investments measured at fair value on a recurring basis using significant unobservable inputs

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

​

2024

​

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

4,118

​

$

3,855

​

Total gains or losses included in earnings:

​

​

​

​

​

​

​

Discount accretion

​

​

15

​

​

14

​

Net change in unrealized gain (loss)

​

 

(106)

​

 

132

​

Balance, end of period

​

$

4,027

​

$

4,001

​
Mortgage Loans Held for Sale  
Fair Value Disclosures  
Schedule of aggregate fair value, contractual balance and unrealized gain

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

 

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

80,884

​

$

3,227

​

Contractual balance

​

 

80,681

​

 

3,168

​

Unrealized gain

​

 

203

​

 

59

​
Schedule of gains and losses from changes in fair value included in earnings

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

    

​

​

​

March 31, 

​

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

86

​

$

61

​

​

Change in fair value

​

 

145

​

 

(8)

​

​

Total included in earnings

​

$

231

​

$

53

​

​
Consumer loans  
Fair Value Disclosures  
Schedule of aggregate fair value, contractual balance and unrealized gain

​

​

​

​

​

​

​

​

​

(in thousands)

    

March 31, 2024

    

December 31, 2023

​

​

​

​

​

​

​

​

​

Aggregate fair value

​

$

6,093

​

$

7,914

​

Contractual balance

​

 

6,129

​

 

7,964

​

Unrealized loss

​

 

(36)

​

 

(50)

​
Schedule of gains and losses from changes in fair value included in earnings

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

​

March 31, 

​

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

$

1,173

​

$

765

​

​

Change in fair value

​

 

14

​

 

3

​

​

Total included in earnings

​

$

1,187

​

$

768

​

​
Consumer loans | Nonrecurring basis  
Fair Value Disclosures  
Reconciliation of the Bank's investments measured at fair value on a recurring basis using significant unobservable inputs

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

March 31, 2024 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

6,093

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%

​

​

​

​

​

​

​

​

​

​

​

​

    

Fair

    

Valuation

    

    

    

​

December 31, 2023 (dollars in thousands)

​

Value

​

Technique

​

Unobservable Inputs

​

Rate

​

​

​

​

​

​

​

​

​

​

Consumer loans held for sale

​

$

7,914

 

Contract Terms

 

(1) Net Premium

 

0.15%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

(2) Discounted Sales

 

10.00%
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES (Tables)
 3 Months Ended
Mar. 31, 2024
MORTGAGE BANKING ACTIVITIES  
Activity for Mortgage Loans Held for Sale, at fair value

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

    

​

​

March 31, 

​

(in thousands)

​

2024

    

2023

​

​

​

​

​

​

​

​

​

Balance, beginning of period

​

$

3,227

​

$

1,302

​

Origination of mortgage loans held for sale

​

 

27,046

​

 

15,942

​

Transferred from held for investment to held for sale

​

​

69,464

​

​

—

​

Proceeds from the sale of mortgage loans held for sale

​

 

(18,773)

​

 

(16,630)

​

Net gain (loss) on mortgage loans held for sale

​

 

(80)

​

 

420

​

Balance, end of period

​

$

80,884

​

$

1,034

​
Components of Mortgage Banking Income

​

​

​

​

​

​

​

​

​

​

​

    

    

Three Months Ended

​

​

​

​

March 31, 

​

(in thousands)

​

​

2024

    

2023

​

​

​

​

​

​

​

​

​

​

Net gain realized on sale of mortgage loans held for sale

​

​

$

565

​

$

248

​

Net loss realized on fair value adjustment for correspondent loans reclassified to held for sale

​

​

​

(997)

​

​

—

​

Net change in fair value recognized on loans held for sale

​

​

 

145

​

 

(8)

​

Net change in fair value recognized on rate lock loan commitments

​

​

 

223

​

 

94

​

Net change in fair value recognized on forward contracts

​

​

 

(16)

​

 

86

​

Net gain (loss) recognized

​

​

 

(80)

​

 

420

​

​

​

​

​

​

​

​

​

​

Loan servicing income

​

​

 

816

​

 

870

​

Amortization of mortgage servicing rights

​

​

 

(426)

​

 

(490)

​

Change in mortgage servicing rights valuation allowance

​

​

 

—

​

 

—

​

Net servicing income recognized

​

​

 

390

​

 

380

​

Total mortgage banking income

​

​

$

310

​

$

800

​
Activity for capitalized mortgage servicing rights

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

March 31, 

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

Balance, beginning of period

​

$

7,411

​

$

8,769

Additions

​

 

118

​

 

127

Amortized to expense

​

 

(426)

​

 

(490)

Change in valuation allowance

​

 

—

​

 

—

Balance, end of period

​

$

7,103

​

$

8,406
Other information relating to mortgage servicing rights

​

​

​

​

​

​

​

​

​

​

​

(dollars in thousands)

    

March 31, 2024

  

  

December 31, 2023

​

 

​

​

​

​

​

​

​

​

​

​

Fair value of mortgage servicing rights portfolio

​

$

16,704

​

​

$

16,054

​

​

Monthly weighted average prepayment rate of unpaid principal balance*

​

 

124

%

​

 

128

%

​

Discount rate

​

​

10.09

%

​

​

10.26

%

​

Weighted average foreclosure rate

​

​

0.16

%

​

​

0.16

%

​

Weighted average life in years

​

 

7.58

​

​

 

7.52

​

​

*

Rates are applied to individual tranches with similar characteristics.
Schedule of notional amounts and fair values of mortgage loans held for sale at fair value and mortgage banking derivatives

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

    

December 31, 2023

​

​

​

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

​

$

80,681

​

$

80,884

​

$

3,168

​

$

3,227

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Rate lock loan commitments

​

$

16,380

​

$

466

​

$

9,275

​

$

243

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Included in other liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Mandatory forward contracts

​

$

22,317

​

$

77

​

$

9,092

​

$

61

​

​
v3.24.1.u1
INTEREST RATE SWAPS (Tables)
 3 Months Ended
Mar. 31, 2024
INTEREST RATE SWAPS  
Summary of interest rate swaps related to clients

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

March 31, 2024

​

December 31, 2023

​

​

​

​

​

Notional

​

​

​

​

Notional

​

​

​

​

(in thousands)

    

Bank Position

​

Amount

    

Fair Value

    

Amount

    

Fair Value

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Interest rate swaps with Bank clients - Assets

 

Pay variable/receive fixed

 

$

131,515

​

$

1,602

 

$

120,442

 

$

4,066

​

Interest rate swaps with Bank clients - Liabilities

 

Pay variable/receive fixed

 

​

100,463

 

​

(6,311)

 

​

95,820

​

​

(4,867)

​

Interest rate swaps with Bank clients - Total

 

Pay variable/receive fixed

 

$

231,978

 

$

(4,709)

 

$

216,262

 

$

(801)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Offsetting interest rate swaps with institutional swap dealer - Assets

​

Pay fixed/receive variable

​

​

100,463

​

​

6,311

​

​

95,820

​

​

4,867

​

Offsetting interest rate swaps with institutional swap dealer - Liabilities

​

Pay fixed/receive variable

​

​

131,515

​

​

(1,602)

​

​

120,442

​

​

(4,066)

​

Offsetting interest rate swaps with institutional swap dealer - Total

​

Pay fixed/receive variable

​

$

231,978

 

$

4,709

 

$

216,262

 

$

801

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

​

​

 

$

463,956

​

$

—

 

$

432,524

​

$

—

​
v3.24.1.u1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2024
EARNINGS PER SHARE  
Earnings per share and diluted earnings per share

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

Years Ended December 31, (in thousands, except per share data)

    

2024

    

2023

    

​

​

​

​

​

​

​

​

Net income

​

$

30,606

​

$

28,092

​

Dividends declared on Common Stock:

​

​

​

​

​

​

​

Class A Shares

​

​

(6,986)

​

​

(6,581)

​

Class B Shares

​

​

(796)

​

​

(734)

​

Undistributed net income for basic earnings per share

​

​

22,824

​

​

20,777

​

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

​

​

(36)

​

​

(21)

​

Undistributed net income for diluted earnings per share

​

$

22,788

​

$

20,756

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding:

​

​

​

​

​

​

​

Class A Shares

​

 

17,456

​

 

17,776

​

Class B Shares

​

​

2,151

​

​

2,159

​

Effect of dilutive securities on Class A Shares outstanding

​

 

87

​

 

55

​

Weighted average shares outstanding including dilutive securities

​

 

19,694

​

 

19,990

​

​

​

​

​

​

​

​

​

Basic earnings per share:

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

Undistributed earnings per share*

​

​

1.18

​

​

1.05

​

Total basic earnings per share - Class A Common Stock

​

$

1.59

​

$

1.42

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.37

​

$

0.34

​

Undistributed earnings per share*

​

​

1.07

​

​

0.96

​

Total basic earnings per share - Class B Common Stock

​

$

1.44

​

$

1.30

​

​

​

​

​

​

​

​

​

Diluted earnings per share:

​

​

​

​

​

​

​

Class A Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.41

​

$

0.37

​

Undistributed earnings per share*

​

​

1.17

​

​

1.05

​

Total diluted earnings per share - Class A Common Stock

​

$

1.58

​

$

1.42

​

​

​

​

​

​

​

​

​

Class B Common Stock:

​

​

​

​

​

​

​

Per share dividends distributed

​

$

0.37

​

$

0.34

​

Undistributed earnings per share*

​

​

1.06

​

​

0.95

​

Total diluted earnings per share - Class B Common Stock

​

$

1.43

​

$

1.29

​

*

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.

​
Antidilutive stock options

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

​

March 31, 

​

​

    

2024

    

2023

​

​

​

​

​

​

​

Antidilutive stock options

 

52,781

​

245,898

​

Average antidilutive stock options

 

52,781

​

245,898

​

​
v3.24.1.u1
OTHER COMPREHENSIVE INCOME (Tables)
 3 Months Ended
Mar. 31, 2024
OTHER COMPREHENSIVE INCOME  
Summary of OCI components and related tax effects

​

​

​

​

​

​

​

​

​

​

    

Three Months Ended

​

​

​

March 31, 

​

(in thousands)

    

2024

    

2023

​

​

​

​

​

​

​

​

​

Available-for-Sale Debt Securities:

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

592

​

$

5,205

​

Unrealized gain (loss) on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

57

​

 

5

​

Net gains (losses)

​

 

649

​

 

5,210

​

Income tax benefit (expense) related to items of other comprehensive income

​

 

(163)

​

 

(1,305)

​

Net of tax

​

$

486

​

$

3,905

​
Summary of the AOCI balances, net of tax

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

2024

    

​

​

 

(in thousands)

​

December 31, 2023

​

Change

​

March 31, 2024

 

​

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(21,409)

​

$

429

​

$

(20,980)

​

Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

1,001

​

 

57

​

 

1,058

​

Total unrealized gain (loss)

​

$

(20,408)

​

$

486

​

$

(19,922)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

​

​

    

2023

    

​

​

 

(in thousands)

​

December 31, 2022

​

Change

​

March 31, 2023

 

​

​

​

​

​

​

​

​

​

​

​

Unrealized gain (loss) on AFS debt securities

​

$

(32,934)

​

$

3,900

​

$

(29,034)

​

Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings

​

 

955

​

 

5

​

 

960

​

Total unrealized gain (loss)

​

$

(31,979)

​

$

3,905

​

$

(28,074)

​

​
v3.24.1.u1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)
 3 Months Ended
Mar. 31, 2024
REVENUE FROM CONTRACTS WITH CUSTOMERS  
Schedule of net revenues by reportable segments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 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)

​

$

48,259

​

$

2,257

​

   

$

50,516

​

​

$

30,910

​

$

3,508

​

$

11,985

​

​

$

46,403

​

​

​

$

96,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,299

​

​

13

​

​

​

3,312

​

​

​

—

​

​

—

​

​

1

​

​

​

1

​

​

​

​

3,313

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,820

​

 

—

​

 

—

​

​

 

10,820

​

​

​

 

10,820

​

Mortgage banking income (1)

​

 

310

​

 

—

​

​

 

310

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

310

​

Interchange fee income

​

​

3,117

​

​

—

​

​

​

3,117

​

​

​

39

​

​

1

​

​

—

​

​

​

40

​

​

​

​

3,157

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

773

​

​

3,406

​

​

​

4,179

​

​

​

​

4,179

​

Increase in cash surrender value of BOLI (1)

​

​

754

​

​

—

​

​

​

754

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

754

​

Net losses on OREO

​

​

(53)

​

​

—

​

​

​

(53)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(53)

​

Other

​

 

869

​

 

—

​

​

 

869

​

​

 

24

​

 

—

​

 

—

​

​

 

24

​

​

​

 

893

​

Total noninterest income

​

 

8,296

​

 

13

​

​

 

8,309

​

​

 

10,883

​

 

774

​

 

3,407

​

​

 

15,064

​

​

​

 

23,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

56,555

​

$

2,270

​

​

$

58,825

​

​

$

41,793

​

$

4,282

​

$

15,392

​

​

$

61,467

​

​

​

$

120,292

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

46

%  

​

2

%  

​

​

48

%  

​

​

35

%  

​

4

%  

​

13

%  

​

​

52

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

 

​

​

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)

​

$

50,168

​

$

2,087

​

   

$

52,255

​

​

$

28,307

​

$

3,458

​

$

8,622

​

​

$

40,387

​

​

​

$

92,642

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Noninterest income:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Service charges on deposit accounts

​

​

3,288

​

​

11

​

​

​

3,299

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

3,299

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,807

​

 

—

​

 

—

​

​

 

10,807

​

​

​

 

10,807

​

Mortgage banking income (1)

​

 

800

​

 

—

​

​

 

800

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

800

​

Interchange fee income

​

​

3,006

​

​

—

​

​

​

3,006

​

​

​

44

​

​

1

​

​

—

​

​

​

45

​

​

​

​

3,051

​

Program fees (1)

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

707

​

​

2,534

​

​

​

3,241

​

​

​

​

3,241

​

Increase in cash surrender value of BOLI (1)

​

​

635

​

​

—

​

​

​

635

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

635

​

Net losses on OREO

​

​

(53)

​

​

—

​

​

​

(53)

​

​

​

—

​

​

—

​

​

—

​

​

​

—

​

​

​

​

(53)

​

Other

​

 

795

​

 

—

​

​

 

795

​

​

 

71

​

 

10

​

 

25

​

​

 

106

​

​

​

 

901

​

Total noninterest income

​

 

8,471

​

 

11

​

​

 

8,482

​

​

 

10,922

​

 

718

​

 

2,559

​

​

 

14,199

​

​

​

 

22,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total net revenue

​

$

58,639

​

$

2,098

​

​

$

60,737

​

​

$

39,229

​

$

4,176

​

$

11,181

​

​

$

54,586

​

​

​

$

115,323

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration (2)

​

​

50

%  

​

2

%  

​

​

52

%  

​

​

34

%  

​

4

%  

​

10

%  

​

​

48

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(1)This 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.
v3.24.1.u1
SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2024
SEGMENT INFORMATION  
Schedule of segment information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 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

​

$

48,259

​

$

2,257

​

​

$

50,516

​

​

$

30,910

​

$

3,508

​

$

11,985

​

​

$

46,403

​

​

​

$

96,919

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

358

​

 

309

​

​

 

667

​

​

 

25,774

​

 

—

​

 

4,181

​

​

 

29,955

​

​

​

 

30,622

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,820

​

 

—

​

 

—

​

​

 

10,820

​

​

​

 

10,820

​

Mortgage banking income

​

 

310

​

 

—

​

​

 

310

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

310

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

773

​

​

3,406

​

​

​

4,179

​

​

​

​

4,179

​

Other noninterest income

​

 

7,986

​

 

13

​

​

 

7,999

​

​

 

63

​

 

1

​

 

1

​

​

 

65

​

​

​

 

8,064

​

Total noninterest income

​

 

8,296

​

 

13

​

​

 

8,309

​

​

 

10,883

​

 

774

​

 

3,407

​

​

 

15,064

​

​

​

 

23,373

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total noninterest expense

​

 

41,394

​

 

878

​

​

 

42,272

​

​

 

4,512

​

 

954

​

 

3,233

​

​

 

8,699

​

​

​

 

50,971

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) before income tax expense

​

 

14,803

​

 

1,083

​

​

 

15,886

​

​

 

11,507

​

 

3,328

​

 

7,978

​

​

 

22,813

​

​

​

 

38,699

​

Income tax expense (benefit)

​

​

2,520

​

​

244

​

​

​

2,764

​

​

​

2,714

​

​

761

​

​

1,854

​

​

​

5,329

​

​

​

​

8,093

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income (loss)

​

$

12,283

​

$

839

​

​

$

13,122

​

​

$

8,793

​

$

2,567

​

$

6,124

​

​

$

17,484

​

​

​

$

30,606

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

5,766,166

​

$

463,664

​

​

$

6,229,830

​

​

$

106,401

​

$

406,847

​

$

132,514

​

​

$

645,762

​

​

​

$

6,875,592

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

3.33

%  

 

2.67

%  

​

 

3.30

%  

​

 

NM

​

 

5.07

%  

 

NM

​

​

 

NM

​

​

​

 

5.87

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

46

%  

​

2

%  

​

​

48

%  

​

​

35

%

​

4

%  

​

13

%  

​

​

52

%  

​

​

​

100

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2023

 

​

​

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

​

$

50,168

​

$

2,087

​

​

$

52,255

​

​

$

28,307

​

$

3,458

​

$

8,622

​

​

$

40,387

​

​

​

$

92,642

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Provision for expected credit loss expense

​

 

2,984

​

 

135

​

​

 

3,119

​

​

 

21,808

​

 

—

​

 

1,839

​

​

 

23,647

​

​

​

 

26,766

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net refund transfer fees

​

 

—

​

 

—

​

​

 

—

​

​

 

10,807

​

 

—

​

 

—

​

​

 

10,807

​

​

​

 

10,807

​

Mortgage banking income

​

 

800

​

 

—

​

​

 

800

​

​

 

—

​

 

—

​

 

—

​

​

 

—

​

​

​

 

800

​

Program fees

​

​

—

​

​

—

​

​

​

—

​

​

​

—

​

​

707

​

​

2,534

​

​

​

3,241

​

​

​

​

3,241

​

Other noninterest income

​

 

7,671

​

 

11

​

​

 

7,682

​

​

 

115

​

 

11

​

 

25

​

​

 

151

​

​

​

 

7,833

​

Total noninterest income

​

 

8,471

​

 

11

​

​

 

8,482

​

​

 

10,922

​

 

718

​

 

2,559

​

​

 

14,199

​

​

​

 

22,681

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total noninterest expense

​

 

43,406

​

 

968

​

​

 

44,374

​

​

 

4,782

​

 

866

​

 

2,421

​

​

 

8,069

​

​

​

 

52,443

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income before income tax expense

​

 

12,249

​

 

995

​

​

 

13,244

​

​

 

12,639

​

 

3,310

​

 

6,921

​

​

 

22,870

​

​

​

 

36,114

​

Income tax expense

​

 

2,713

​

 

223

​

​

 

2,936

​

​

 

2,806

​

 

735

​

 

1,545

​

​

 

5,086

​

​

​

 

8,022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

9,536

​

$

772

​

​

$

10,308

​

​

$

9,833

​

$

2,575

​

$

5,376

​

​

$

17,784

​

​

​

$

28,092

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Period-end assets

​

$

4,987,423

​

$

458,675

​

​

$

5,446,098

​

​

$

95,462

​

$

415,688

​

$

116,843

​

​

$

627,993

​

​

​

$

6,074,091

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net interest margin

​

 

4.07

%  

 

2.53

%  

​

 

3.98

%  

​

 

NM

​

 

3.84

%  

 

NM

​

​

 

NM

​

​

​

 

6.52

%  

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net-revenue concentration*

​

​

50

%  

​

2

%  

​

​

52

%  

​

​

34

%

​

4

%  

​

10

%  

​

​

48

%  

​

​

​

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.
v3.24.1.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - OPERATIONS (Details)
 3 Months Ended
Mar. 31, 2024
item
segment
Basis of Presentation  
Number of reportable segments | segment 5
Number of banking centers 47
Kentucky  
Basis of Presentation  
Number of banking centers 29
Metropolitan Louisville  
Basis of Presentation  
Number of banking centers 19
Central Kentucky  
Basis of Presentation  
Number of banking centers 6
Georgetown  
Basis of Presentation  
Number of banking centers 1
Lexington  
Basis of Presentation  
Number of banking centers 5
Northern Kentucky  
Basis of Presentation  
Number of banking centers 4
Bellevue  
Basis of Presentation  
Number of banking centers 1
Covington  
Basis of Presentation  
Number of banking centers 1
Crestview Hills  
Basis of Presentation  
Number of banking centers 1
Florence  
Basis of Presentation  
Number of banking centers 1
Southern Indiana  
Basis of Presentation  
Number of banking centers 3
Floyds Knobs  
Basis of Presentation  
Number of banking centers 1
Jeffersonville  
Basis of Presentation  
Number of banking centers 1
New Albany  
Basis of Presentation  
Number of banking centers 1
Metropolitan Tampa, Florida  
Basis of Presentation  
Number of banking centers 7
Metropolitan Cincinnati, Ohio  
Basis of Presentation  
Number of banking centers 4
Metropolitan Nashville, Tennessee  
Basis of Presentation  
Number of banking centers 4
Core Banking Activities  
Basis of Presentation  
Number of reportable segments | segment 2
Core Banking Activities | Minimum  
Basis of Presentation  
Period of loan expected to remain in warehouse line 15 days
Core Banking Activities | Maximum  
Basis of Presentation  
Period of loan expected to remain in warehouse line 30 days
Republic Processing Group  
Basis of Presentation  
Number of reportable segments | segment 3
v3.24.1.u1
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SEGMENTS (Details)
 1 Months Ended 2 Months Ended 3 Months Ended
Dec. 31, 2023
USD ($)
Feb. 29, 2024
Feb. 28, 2023
Mar. 31, 2024
USD ($)
item
Mar. 31, 2023
USD ($)
Republic Credit Solutions | Line of credit          
Basis of Presentation          
Number of service products | item       2  
Republic Credit Solutions | LOC 1          
Basis of Presentation          
Percentage of loan receivable held for sale (as a percent)       90.00%  
Percentage of ownership maintained with each borrower (as percentage)       100.00%  
Interest retained (as a percent)       10.00%  
Loan held-for-sale term       3 days  
Republic Credit Solutions | LOC II          
Basis of Presentation          
Percentage of loan receivable held for sale (as a percent)       95.00%  
Percentage of ownership maintained with each borrower (as percentage)       100.00%  
Interest retained (as a percent)       5.00%  
Loan held-for-sale term       3 days  
Republic Credit Solutions | Installment loan          
Basis of Presentation          
Term for intent to sell loans       16 days  
Republic Credit Solutions | Installment loan | Minimum          
Basis of Presentation          
Loan held-for-sale term       12 months  
Republic Credit Solutions | Installment loan | Maximum          
Basis of Presentation          
Term for intent to sell loans       16 days  
Loan held-for-sale term       60 months  
Republic Credit Solutions | Healthcare receivables          
Basis of Presentation          
Percentage of loan receivable held for sale (as a percent)       100.00%  
Number of third party relationship | item       3  
Interest retained - Third party relationship one (as a percent)       100.00%  
Interest retained - Third party relationship two (as a percent)       100.00%  
Percentage of loan receivable held for sale - Third party relationship two (as a percent)       100.00%  
Tax Refund Solutions | Refund Advances          
Basis of Presentation          
Advance amount per customer       $ 6,500 $ 6,500
Period Refund Advance tax credit product offered   2 months 2 months    
Amount of credit risk associated with refund transfers       0  
Tax Refund Solutions | ERA Product          
Basis of Presentation          
Advance amount per customer       $ 1,000  
EA's repayment term       32 days  
Maximum repayment period before Easy Advances considered delinquent       35 days  
Early Season Refund Advances originated related to the first quarter tax season in the subsequent year $ 103,000        
Early Season Refund Advances outstanding       $ 11,000  
v3.24.1.u1
ACQUISITION OF CBANK (Details)
$ in Thousands
Mar. 15, 2023
USD ($)
CBank  
Business Acquisition [Line Items]  
Cash payment for acquisition $ 51,000
v3.24.1.u1
ACQUISITION OF CBANK - ASSETS ACQUIRED AND LIABILITIES ASSUMED (Details) - USD ($)
$ in Thousands
Mar. 15, 2023
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
ASSETS          
Cash and cash equivalents   $ 546,363 $ 316,567    
Loans (loans carried at fair value of $0 in 2024 and $0 in 2023)   5,224,292 5,239,861    
Allowance for credit losses   (108,702) (82,130) $ (96,121) $ (70,413)
Loans, net   5,115,590 5,157,731    
Goodwill   40,516 40,516    
Premises and equipment, net   33,557 33,411    
Other assets and accrued interest receivable   118,496 112,755    
TOTAL ASSETS   6,875,592 6,594,891 $ 6,074,091  
Deposits:          
Noninterest-bearing   1,359,516 1,676,998    
Interest-bearing   4,061,133 3,376,165    
Total deposits   5,420,649 5,053,163    
Other liabilities and accrued interest payable   74,669 57,196    
Total liabilities   5,940,009 5,682,135    
Assets acquired:          
Goodwill   40,516 40,516    
Liabilities assumed:          
Goodwill   $ 40,516 $ 40,516    
Recast Adjustments          
Fair Value Adjustments          
Fair value adjustments, Investment securities $ (65)        
Fair value adjustments, Loans (150)        
Fair value adjustments, Allowance for loan and lease losses 1,391        
Fair value adjustments, Loans, net 1,241        
Fair value adjustments, Premises and equipment, net (24)        
Fair value adjustments, Total assets acquired 1,152        
Fair value adjustments, Other liabilities and accrued interest payable 50        
Fair value adjustments, Total liabilities assumed 50        
Fair value adjustments, Net assets acquired 1,102        
CBank          
ASSETS          
Cash and cash equivalents 10,030        
Investment securities 16,463        
Loans (loans carried at fair value of $0 in 2024 and $0 in 2023) 221,707        
Allowance for credit losses (2,953)        
Loans, net 218,754        
Goodwill 954        
Premises and equipment, net 162        
Other assets and accrued interest receivable 7,067        
TOTAL ASSETS 253,430        
Deposits:          
Noninterest-bearing 42,160        
Interest-bearing 179,487        
Total deposits 221,647        
Other liabilities and accrued interest payable 4,709        
Total liabilities 226,356        
Net assets acquired 27,074        
Assets acquired:          
Goodwill 954        
Liabilities assumed:          
Goodwill 954        
CBank          
ASSETS          
Goodwill 24,216        
Assets acquired:          
Cash and cash equivalents 10,030        
Investment securities 16,394        
Loans 217,338        
Allowance for loan and lease losses (209)        
Loans, net 217,129        
Goodwill 24,216        
Core deposit intangible 2,844        
Premises and equipment, net 173        
Other assets and accrued interest receivable 6,747        
Total assets acquired 253,317        
Liabilities assumed:          
Noninterest-bearing 42,160        
Interest-bearing 179,518        
Total deposits 221,678        
Other liabilities and accrued interest payable 4,855        
Total liabilities assumed 226,533        
Net assets acquired 26,784        
Cash consideration paid (51,000)        
Goodwill 24,216        
CBank | Fair Value Adjustments          
Fair Value Adjustments          
Fair value adjustments, Investment securities (4)        
Fair value adjustments, Loans (4,219)        
Fair value adjustments, Allowance for loan and lease losses 1,353        
Fair value adjustments, Loans, net (2,866)        
Fair value adjustments, Goodwill (954)        
Fair value adjustments, Core deposit intangible 2,844        
Fair value adjustments, Premises and equipment, net 35        
Fair value adjustments, Other assets and accrued interest receivable (320)        
Fair value adjustments, Total assets acquired (1,265)        
Fair value adjustments, Interest-bearing 31        
Fair value adjustments, Total deposits 31        
Fair value adjustments, Other liabilities and accrued interest payable 96        
Fair value adjustments, Total liabilities assumed 127        
Fair value adjustments, Net assets acquired $ (1,392)        
v3.24.1.u1
INVESTMENT SECURITIES - AFS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Available-for-Sale Debt Securities      
Amortized Cost $ 614,368 $ 618,525  
Gross Unrealized Gains 1,752 1,868  
Gross Unrealized Losses (28,315) (29,080)  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities 587,805 591,313  
U.S. Treasury securities and U.S. Government agencies      
Available-for-Sale Debt Securities      
Amortized Cost 426,414 421,576  
Gross Unrealized Losses (13,289) (14,543)  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities 413,125 407,033  
Private label mortgage backed security      
Available-for-Sale Debt Securities      
Amortized Cost 385 443  
Gross Unrealized Gains 1,387 1,330  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities 1,772 1,773  
Mortgage-backed securities - residential      
Available-for-Sale Debt Securities      
Amortized Cost 159,666 167,996  
Gross Unrealized Gains 106 176  
Gross Unrealized Losses (13,950) (13,462)  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities 145,822 154,710  
Collateralized mortgage obligations      
Available-for-Sale Debt Securities      
Amortized Cost 22,077 22,698  
Gross Unrealized Gains 39 36  
Gross Unrealized Losses (1,076) (1,075)  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities 21,040 21,659  
Corporate bonds      
Available-for-Sale Debt Securities      
Amortized Cost 2,011 2,012  
Gross Unrealized Gains 8 8  
Allowance for Credit Losses 0 0 $ (3)
Total available-for-sale debt securities 2,019 2,020  
Trust preferred security      
Available-for-Sale Debt Securities      
Amortized Cost 3,815 3,800  
Gross Unrealized Gains 212 318  
Allowance for Credit Losses 0 0  
Total available-for-sale debt securities $ 4,027 $ 4,118  
v3.24.1.u1
INVESTMENT SECURITIES - HTM (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Held-to-Maturity Debt Securities        
Amortized Cost $ 76,264 $ 76,397    
Gross Unrecognized Gains 75 54    
Gross Unrecognized Losses (220) (284)    
Fair Value 76,119 76,167    
Allowance for credit losses (10) (10)    
U.S. Treasury securities and U.S. Government agencies        
Held-to-Maturity Debt Securities        
Amortized Cost 65,000 65,000    
Gross Unrecognized Losses (116) (163)    
Fair Value 64,884 64,837    
Mortgage-backed securities - residential        
Held-to-Maturity Debt Securities        
Amortized Cost 24 25    
Fair Value 24 25    
Collateralized mortgage obligations        
Held-to-Maturity Debt Securities        
Amortized Cost 6,251 6,386    
Gross Unrecognized Gains 45 48    
Gross Unrecognized Losses (104) (121)    
Fair Value 6,192 6,313    
Corporate bonds        
Held-to-Maturity Debt Securities        
Amortized Cost 4,989 4,986    
Gross Unrecognized Gains 30 6    
Fair Value 5,019 4,992    
Allowance for credit losses $ (10) $ (10) $ (10) $ (10)
v3.24.1.u1
INVESTMENT SECURITIES - SALES AND CALLS OF AFS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
INVESTMENT SECURITIES    
Net gains (losses) on securities available for sale $ 0 $ 0
v3.24.1.u1
INVESTMENT SECURITIES - AMORTIZED COST AND FV (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Securities available for Sale - Amortized Cost    
Due in one year or less $ 191,117  
Due from one year to five years 237,308  
Due beyond ten years 3,815  
Amortized Cost 614,368 $ 618,525
Securities available for Sale - Fair Value    
Due in one year or less 189,114  
Due from one year to five years 226,030  
Due beyond ten years 4,027  
Total securities 587,805 591,313
Securities held to maturity - Amortized Cost    
Due in one year or less 50,000  
Due from one year to five years 19,989  
Total securities 76,264 76,397
Securities held to maturity - Fair Value    
Due in one year or less 49,897  
Due from one year to five years 20,006  
Fair Value 76,119 76,167
Private label mortgage backed security    
Securities available for Sale - Amortized Cost    
Securities not due at a single maturity date 385  
Amortized Cost 385 443
Securities available for Sale - Fair Value    
Securities not due at a single maturity date 1,772  
Total securities 1,772 1,773
Mortgage-backed securities - residential    
Securities available for Sale - Amortized Cost    
Securities not due at a single maturity date 159,666  
Amortized Cost 159,666 167,996
Securities available for Sale - Fair Value    
Securities not due at a single maturity date 145,822  
Total securities 145,822 154,710
Securities held to maturity - Amortized Cost    
Securities not due at a single maturity date 24  
Total securities 24 25
Securities held to maturity - Fair Value    
Securities not due at a single maturity date 24  
Fair Value 24 25
Collateralized mortgage obligations    
Securities available for Sale - Amortized Cost    
Securities not due at a single maturity date 22,077  
Amortized Cost 22,077 22,698
Securities available for Sale - Fair Value    
Securities not due at a single maturity date 21,040  
Total securities 21,040 21,659
Securities held to maturity - Amortized Cost    
Securities not due at a single maturity date 6,251  
Total securities 6,251 6,386
Securities held to maturity - Fair Value    
Securities not due at a single maturity date 6,192  
Fair Value $ 6,192 $ 6,313
v3.24.1.u1
INVESTMENT SECURITIES - INVESTMENT CATEGORY (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Available-for-sale debt securities    
Less than 12 months Fair Value $ 72,603 $ 30,286
Less than 12 months Unrealized Losses (696) (159)
12 months or more Fair Value 498,084 533,745
12 months or more Unrealized Losses (27,619) (28,921)
Total Fair Value 570,687 564,031
Total Unrealized Losses $ (28,315) $ (29,080)
Number of securities held 194 191
Number of securities held in an unrealized loss position 155 144
Maximum percentage of holdings of securities of any one issuer, other than the U.S. Government and its agencies 10.00%  
U.S. Treasury securities and U.S. Government agencies    
Available-for-sale debt securities    
Less than 12 months Fair Value $ 61,177 $ 26,707
Less than 12 months Unrealized Losses (430) (84)
12 months or more Fair Value 351,949 380,326
12 months or more Unrealized Losses (12,859) (14,459)
Total Fair Value 413,126 407,033
Total Unrealized Losses (13,289) (14,543)
Mortgage backed securities - residential    
Available-for-sale debt securities    
Less than 12 months Fair Value 9,818 1,911
Less than 12 months Unrealized Losses (194) (23)
12 months or more Fair Value 129,370 136,180
12 months or more Unrealized Losses (13,756) (13,439)
Total Fair Value 139,188 138,091
Total Unrealized Losses (13,950) (13,462)
Collateralized mortgage obligations    
Available-for-sale debt securities    
Less than 12 months Fair Value 1,608 1,668
Less than 12 months Unrealized Losses (72) (52)
12 months or more Fair Value 16,765 17,239
12 months or more Unrealized Losses (1,004) (1,023)
Total Fair Value 18,373 18,907
Total Unrealized Losses $ (1,076) $ (1,075)
v3.24.1.u1
INVESTMENT SECURITIES - PRIVATE LABEL MORTGAGE-BACKED SECURITY (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Marketable Securities [Line Items]    
Number of securities held 194 191
Private label mortgage backed security    
Marketable Securities [Line Items]    
Number of securities held 1  
Securities $ 1,772  
v3.24.1.u1
INVESTMENT SECURITIES - CORPORATE BONDS AND MORTGAGE BACKED SECURITIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Private label mortgage backed security    
Marketable Securities [Line Items]    
Securities $ 1,772  
Mortgage backed securities and CMOs    
Marketable Securities [Line Items]    
Gross unrealized losses on available for sale securities $ 15,000 $ 14,500
v3.24.1.u1
INVESTMENT SECURITIES - ACLS ROLLFORWARD (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Marketable Securities [Line Items]      
Beginning Balance - AFS $ 0    
Beginning Balance - HTM 10    
Balance - Total 10 $ 10  
Provision - Total 0 3  
Ending Balance - AFS 0    
Ending Balance - HTM 10    
Balance - Total 10 13  
Debt Securities, Held-to-maturity, Nonaccrual 0   $ 0
Debt Securities, Held To Maturity, Collateral Dependent 0   $ 0
Corporate bonds      
Marketable Securities [Line Items]      
Beginning Balance - AFS 0    
Beginning Balance - HTM 10 10  
Provision - AFS 0 3  
Provision - HTM 0    
Ending Balance - AFS 0 3  
Ending Balance - HTM $ 10 $ 10  
v3.24.1.u1
INVESTMENT SECURITIES - ACCRUED INTEREST (Details) - Other Assets. - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Accounting Pronouncements    
Accrued interest on AFS debt securities excluded from ACLS $ 2,000,000 $ 2,000,000
Accrued interest on HTM debt securities excluded from ACLS $ 837,000 $ 384,000
v3.24.1.u1
INVESTMENT SECURITIES - PLEDGED DEBT SECURITIES (Details) - Asset Pledged as Collateral - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Marketable Securities [Line Items]    
Amortized Cost $ 87,238 $ 106,169
Carrying Value    
Marketable Securities [Line Items]    
Fair value 86,178 99,530
Total Fair Value    
Marketable Securities [Line Items]    
Fair value $ 86,171 $ 99,530
v3.24.1.u1
INVESTMENT SECURITIES - EQUITY SECURITIES (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Equity securities      
Gross Unrealized Gains $ 235   $ 174
Fair Value 235   174
Gains (Losses) Recognized on Equity securities, Unrealized 61 $ (4)  
Gains (Losses) Recognized on Equity securities, Total 61 (4)  
Freddie Mac preferred stock      
Equity securities      
Gross Unrealized Gains 235   174
Fair Value 235   $ 174
Gains (Losses) Recognized on Equity securities, Unrealized 61 (4)  
Gains (Losses) Recognized on Equity securities, Total $ 61 $ (4)  
v3.24.1.u1
LOANS HELD FOR SALE - CONSUMER LOANS - HELD FOR SALE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Consumer Loans Held For Sale At Fair Value [RollForward]    
Balance, beginning of period $ 7,914 $ 4,706
Origination of consumer loans held for sale 35,159 22,797
Proceeds from the sale of consumer loans held for sale (38,011) (23,560)
Net gain on sale of consumer loans held for sale 1,031 745
Balance, end of period $ 6,093 $ 4,688
v3.24.1.u1
LOANS HELD FOR SALE - CONSUMER LOANS - LOWER COST (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Carried at lower of cost or fair value    
Balance, beginning of period $ 16,094 $ 13,169
Origination of consumer loans held for sale 153,188 184,425
Proceeds from the sale of consumer loans held for sale (158,573) (186,639)
Net gain on sale of consumer loans held for sale 2,374 1,789
Balance, end of period $ 13,083 $ 12,744
Republic Credit Solutions | Line of credit and credit card | Minimum    
Loans held for sale    
Percentage of loan receivable held for sale (as a percent) 90.00%  
Republic Credit Solutions | Line of credit and credit card | Maximum    
Loans held for sale    
Percentage of loan receivable held for sale (as a percent) 95.00%  
Republic Credit Solutions | Healthcare receivables    
Loans held for sale    
Percentage of loan receivable held for sale (as a percent) 100.00%  
Republic Credit Solutions | Installment loan    
Loans held for sale    
Term for intent to sell loans 16 days  
Republic Credit Solutions | Installment loan | Minimum    
Loans held for sale    
Loan held-for-sale term 12 months  
Republic Credit Solutions | Installment loan | Maximum    
Loans held for sale    
Loan held-for-sale term 60 months  
Term for intent to sell loans 16 days  
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - COMPOSITION OF LOANS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Loans disclosures        
Lease financing receivables $ 88,272 $ 88,591    
Total loans 5,224,292 5,239,861    
Allowance for credit losses (108,702) (82,130) $ (96,121) $ (70,413)
Loans, net 5,115,590 5,157,731    
Core Banking Activities        
Loans disclosures        
Total loans 5,036,899 4,958,292    
Allowance for credit losses (60,332) (59,845) (56,360) (51,718)
Traditional Banking        
Loans disclosures        
Lease financing receivables 88,272 88,591    
Total loans 4,573,650 4,618,569    
Allowance for credit losses (59,176) (58,998) $ (55,216) $ (50,709)
Republic Processing Group        
Loans disclosures        
Total loans 187,393 281,569    
Residential real estate | Residential Real Estate - Owner Occupied        
Loans disclosures        
Total loans 1,064,071 1,144,684    
Residential real estate | Residential Real Estate - Owner Occupied | Traditional Banking        
Loans disclosures        
Total loans 1,064,071 1,144,684    
Residential real estate | Residential Real Estate - Non Owner Occupied        
Loans disclosures        
Total loans 342,481 345,965    
Residential real estate | Residential Real Estate - Non Owner Occupied | Traditional Banking        
Loans disclosures        
Total loans 342,481 345,965    
Residential real estate | Home Equity        
Loans disclosures        
Total loans 309,083 295,133    
Residential real estate | Home Equity | Traditional Banking        
Loans disclosures        
Total loans 309,083 295,133    
Commercial real estate        
Loans disclosures        
Total loans $ 1,800,801 $ 1,785,289    
Percentage of Nonowner-occupied CRE loans 64.00% 63.00%    
Percentage of Owner-occupied CRE loans 36.00% 37.00%    
Commercial real estate | Traditional Banking        
Loans disclosures        
Total loans $ 1,800,801 $ 1,785,289    
Construction & land development        
Loans disclosures        
Total loans 237,998 217,338    
Construction & land development | Traditional Banking        
Loans disclosures        
Total loans 237,998 217,338    
Commercial & industrial | Commercial and Industrial        
Loans disclosures        
Total loans 453,971 464,078    
Commercial & industrial | Commercial and Industrial | Traditional Banking        
Loans disclosures        
Total loans 453,971 464,078    
Aircraft        
Loans disclosures        
Total loans 246,060 250,051    
Aircraft | Traditional Banking        
Loans disclosures        
Total loans 246,060 250,051    
Consumer        
Loans disclosures        
Total loans   27,440    
Consumer | Credit Card | Traditional Banking        
Loans disclosures        
Total loans 16,858 16,654    
Consumer | Overdrafts | Traditional Banking        
Loans disclosures        
Total loans 629 694    
Consumer | Automobile loans | Traditional Banking        
Loans disclosures        
Total loans 2,054 2,664    
Consumer | Other Consumer | Traditional Banking        
Loans disclosures        
Total loans 11,372 7,428    
Warehouse lines of credit        
Loans disclosures        
Total loans   339,723    
Warehouse lines of credit | Core Banking Activities        
Loans disclosures        
Total loans 463,249 339,723    
Warehouse lines of credit | Warehouse Lending        
Loans disclosures        
Total loans 463,249      
Tax Refund Solution        
Loans disclosures        
Total loans   149,207    
Tax Refund Solution | Refund Advances | Republic Processing Group        
Loans disclosures        
Total loans 52,101 103,115    
Tax Refund Solution | Other TRS commercial and industrial loans | Republic Processing Group        
Loans disclosures        
Total loans 5,396 46,092    
Republic Credit Solution        
Loans disclosures        
Total loans   132,362    
Republic Credit Solution | Republic Processing Group        
Loans disclosures        
Total loans $ 129,896 $ 132,362    
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - RECONCILIATION OF LOANS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
LOANS AND ALLOWANCE FOR CREDIT LOSSES    
Contractually receivable $ 5,231,943 $ 5,246,621
Unearned income (2,830) (2,556)
Unamortized premiums 257 1,060
Unaccreted discounts (2,264) (2,533)
Other net unamortized deferred origination (fees) and costs (2,814) (2,731)
Carrying value of loans $ 5,224,292 $ 5,239,861
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - RISK CATEGORY (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Loans      
Revolving Loans Amortized Cost Basis     $ 864,686
Revolving Loans Converted To Term Loans     161,226
Loans, Gross Charge-offs      
Revolving Loans Amortized Cost Basis     15,061
Lease      
Year One $ 7,362   46,253
Year Two 43,362   24,088
Year Three 22,079   10,427
Year Four 9,169   4,754
Year Five 4,135   2,371
Prior 2,165   698
Total Loans 88,272   88,591
Lease, Gross Charge-offs      
Year One     20
Year Two 24   113
Prior     8
Total 24   141
Loans and Lease      
Year One 151,635   1,353,074
Year Two 894,783   981,145
Year Three 902,506   758,188
Year Four 688,521   439,564
Year Five 638,276   206,951
Prior 782,158   475,027
Total loans 5,224,292   5,239,861
Loans and Lease, Gross Charge-offs      
Year One     20,447
Year Two 24   5,667
Year Three     24
Year Four 13    
Prior     15
Total, YTD Gross Charge-offs 4,927 $ 3,430 41,214
Loans held for investment fair value 0   0
Pass or not rated      
Loans      
Revolving Loans Amortized Cost Basis     858,643
Revolving Loans Converted To Term Loans     160,406
Lease      
Year One 7,362   45,824
Year Two 42,950   23,956
Year Three 21,864   10,265
Year Four 9,023   4,571
Year Five 3,979   2,344
Prior 2,117   545
Total Loans 87,295   87,505
Loans and Lease      
Year One 151,635   1,328,184
Year Two 893,824   975,037
Year Three 891,265   752,275
Year Four 680,460   438,155
Year Five 628,848   201,876
Prior 739,480   451,439
Total loans     5,166,015
Special Mention      
Loans      
Revolving Loans Amortized Cost Basis     2,493
Lease      
Year One     429
Year Two 412   30
Year Three 28   162
Year Four 108   183
Year Five 156   27
Prior 17   88
Total Loans 721   919
Loans and Lease      
Year One     24,841
Year Two 719   3,444
Year Three 7,353   4,009
Year Four 6,258   183
Year Five 7,312   3,695
Prior 31,783   13,229
Total loans     51,894
Substandard      
Loans      
Revolving Loans Amortized Cost Basis     3,550
Revolving Loans Converted To Term Loans     820
Lease      
Year Two     102
Year Three 187    
Year Four 38    
Prior 31   65
Total Loans 256   167
Loans and Lease      
Year One     49
Year Two 240   2,664
Year Three 3,888   1,904
Year Four 1,803   1,226
Year Five 2,116   1,380
Prior 10,895   10,359
Total loans     21,952
Traditional Banking      
Lease      
Total Loans 88,272   88,591
Lease, Gross Charge-offs      
Total 24    
Loans and Lease      
Total loans 4,573,650   4,618,569
Loans and Lease, Gross Charge-offs      
Total, YTD Gross Charge-offs 382 331  
Residential real estate | Residential Real Estate - Owner Occupied      
Loans      
Year One 20,990   346,236
Year Two 257,838   203,241
Year Three 203,035   176,915
Year Four 173,719   168,719
Year Five 166,155   61,022
Prior 239,900   186,077
Revolving Loans Converted To Term Loans 2,434   2,474
Loans 1,064,071   1,144,684
Loans, Gross Charge-offs      
Year Two     10
Year Three     16
Year Four 13    
Total 13   26
Residential real estate | Residential Real Estate - Owner Occupied | Pass or not rated      
Loans      
Year One 20,990   346,195
Year Two 257,598   200,715
Year Three 199,426   175,030
Year Four 171,956   167,493
Year Five 164,679   59,982
Prior 223,861   170,402
Revolving Loans Converted To Term Loans 2,434   2,474
Loans 1,040,944   1,122,291
Residential real estate | Residential Real Estate - Owner Occupied | Special Mention      
Loans      
Year One     41
Prior 5,757   6,309
Loans 5,757   6,350
Residential real estate | Residential Real Estate - Owner Occupied | Substandard      
Loans      
Year Two 240   2,526
Year Three 3,609   1,885
Year Four 1,763   1,226
Year Five 1,476   1,040
Prior 10,282   9,366
Loans 17,370   16,043
Residential real estate | Residential Real Estate - Owner Occupied | Traditional Banking      
Loans      
Loans 1,064,071   1,144,684
Loans, Gross Charge-offs      
Total 13 6  
Residential real estate | Residential Real Estate - Non Owner Occupied      
Loans      
Year One 2,567   63,575
Year Two 57,662   71,798
Year Three 65,110   82,830
Year Four 74,295   47,395
Year Five 65,051   28,416
Prior 70,160   44,354
Revolving Loans Converted To Term Loans 7,636   7,597
Loans 342,481   345,965
Residential real estate | Residential Real Estate - Non Owner Occupied | Pass or not rated      
Loans      
Year One 2,567   63,405
Year Two 57,493   69,827
Year Three 63,182   82,814
Year Four 74,295   47,395
Year Five 65,051   28,416
Prior 70,075   44,280
Revolving Loans Converted To Term Loans 7,636   7,597
Loans 340,299   343,734
Residential real estate | Residential Real Estate - Non Owner Occupied | Special Mention      
Loans      
Year One     170
Year Two 169   1,971
Year Three 1,928    
Prior 25   26
Loans 2,122   2,167
Residential real estate | Residential Real Estate - Non Owner Occupied | Substandard      
Loans      
Year Three     16
Prior 60   48
Loans 60   64
Residential real estate | Residential Real Estate - Non Owner Occupied | Traditional Banking      
Loans      
Loans 342,481   345,965
Residential real estate | Home equity      
Loans      
Revolving Loans Amortized Cost Basis 309,083   295,133
Loans 309,083   295,133
Loans, Gross Charge-offs      
Revolving Loans Amortized Cost Basis     2
Total     2
Residential real estate | Home equity | Pass or not rated      
Loans      
Revolving Loans Amortized Cost Basis 306,523   292,890
Loans 306,523   292,890
Residential real estate | Home equity | Special Mention      
Loans      
Revolving Loans Amortized Cost Basis 250   235
Loans 250   235
Residential real estate | Home equity | Substandard      
Loans      
Revolving Loans Amortized Cost Basis 2,310   2,008
Loans 2,310   2,008
Residential real estate | Home equity | Traditional Banking      
Loans      
Loans 309,083   295,133
Commercial real estate      
Loans      
Year One 38,884   366,510
Year Two 217,232   440,663
Year Three 350,573   351,974
Year Four 300,051   174,093
Year Five 336,504   88,125
Prior 371,247   186,047
Revolving Loans Amortized Cost Basis 37,626   34,207
Revolving Loans Converted To Term Loans 148,684   143,670
Loans 1,800,801   1,785,289
Commercial real estate | Pass or not rated      
Loans      
Year One 38,884   342,658
Year Two 217,232   439,643
Year Three 350,566   351,600
Year Four 295,191   174,093
Year Five 330,055   84,457
Prior 347,829   179,849
Revolving Loans Amortized Cost Basis 35,856   32,491
Revolving Loans Converted To Term Loans 148,684   143,670
Loans 1,764,297   1,748,461
Commercial real estate | Special Mention      
Loans      
Year One     23,852
Year Two     1,020
Year Three     374
Year Four 4,860    
Year Five 5,809   3,668
Prior 23,247   5,330
Revolving Loans Amortized Cost Basis 1,770   1,716
Loans 35,686   35,960
Commercial real estate | Substandard      
Loans      
Year Three 7    
Year Five 640    
Prior 171   868
Loans 818   868
Commercial real estate | Traditional Banking      
Loans      
Loans 1,800,801   1,785,289
Construction & land development      
Loans      
Year One 5,061   107,827
Year Two 79,899   89,106
Year Three 117,704   16,936
Year Four 22,655   297
Year Five 2,689   125
Prior 5,217   125
Revolving Loans Amortized Cost Basis 385   225
Revolving Loans Converted To Term Loans 4,388   2,697
Loans 237,998   217,338
Construction & land development | Pass or not rated      
Loans      
Year One 5,061   107,827
Year Two 79,899   89,106
Year Three 117,704   16,936
Year Four 22,655   297
Year Five 2,689   125
Prior 5,217   125
Revolving Loans Amortized Cost Basis 385   225
Revolving Loans Converted To Term Loans 4,388   2,697
Loans 237,998   217,338
Construction & land development | Traditional Banking      
Loans      
Loans 237,998   217,338
Commercial | Commercial and Industrial      
Loans      
Year One 15,456   141,151
Year Two 100,796   87,956
Year Three 82,264   73,625
Year Four 65,823   13,150
Year Five 35,060   10,514
Prior 35,119   12,258
Revolving Loans Amortized Cost Basis 115,317   120,636
Revolving Loans Converted To Term Loans 4,136   4,788
Loans 453,971   464,078
Commercial | Commercial and Industrial | Pass or not rated      
Loans      
Year One 15,456   140,753
Year Two 100,658   87,497
Year Three 76,782   70,149
Year Four 64,531   13,150
Year Five 33,713   10,175
Prior 32,042   10,782
Revolving Loans Amortized Cost Basis 115,105   120,069
Revolving Loans Converted To Term Loans 3,793   3,968
Loans 442,080   456,543
Commercial | Commercial and Industrial | Special Mention      
Loans      
Year One     349
Year Two 138   423
Year Three 5,397   3,473
Year Four 1,290    
Year Five 1,347    
Prior 2,737   1,476
Revolving Loans Amortized Cost Basis 187   542
Loans 11,096   6,263
Commercial | Commercial and Industrial | Substandard      
Loans      
Year One     49
Year Two     36
Year Three 85   3
Year Four 2    
Year Five     339
Prior 340    
Revolving Loans Amortized Cost Basis 25   25
Revolving Loans Converted To Term Loans 343   820
Loans 795   1,272
Commercial | Commercial and Industrial | Traditional Banking      
Loans      
Loans 453,971   464,078
Aircraft      
Loans      
Year One 8,049   97,761
Year Two 93,208   55,896
Year Three 55,071   44,721
Year Four 42,213   30,628
Year Five 27,419   14,195
Prior 20,100   6,850
Loans 246,060   250,051
Aircraft | Pass or not rated      
Loans      
Year One 8,049   97,761
Year Two 93,208   55,896
Year Three 55,071   44,721
Year Four 42,213   30,628
Year Five 27,419   14,195
Prior 20,100   6,850
Loans 246,060   250,051
Aircraft | Traditional Banking      
Loans      
Loans 246,060   250,051
Consumer      
Loans      
Year One 3,331   3,947
Year Two 4,554   1,194
Year Three 1,124   181
Year Four 144   74
Year Five 54   1,187
Prior 2,899   2,246
Revolving Loans Amortized Cost Basis     18,611
Loans     27,440
Loans, Gross Charge-offs      
Year One     9
Year Two     11
Year Three     8
Prior     7
Revolving Loans Amortized Cost Basis     1,147
Total     1,182
Consumer | Pass or not rated      
Loans      
Year One 3,331   3,947
Year Two 4,554   1,194
Year Three 1,124   181
Year Four 144   74
Year Five 54   1,186
Prior 2,888   2,234
Revolving Loans Amortized Cost Basis     18,611
Loans     27,427
Consumer | Substandard      
Loans      
Year Five     1
Prior 11   12
Loans     13
Consumer | Credit cards | Traditional Banking      
Loans      
Loans 16,858   16,654
Loans, Gross Charge-offs      
Total 81 40  
Consumer | Overdrafts | Traditional Banking      
Loans      
Loans 629   694
Loans, Gross Charge-offs      
Total 238 247  
Consumer | Automobile loans | Traditional Banking      
Loans      
Loans 2,054   2,664
Loans, Gross Charge-offs      
Total   7  
Consumer | Other consumer | Traditional Banking      
Loans      
Loans 11,372   7,428
Loans, Gross Charge-offs      
Total 26 $ 31  
Warehouse lines of credit      
Loans      
Revolving Loans Amortized Cost Basis     339,723
Loans     339,723
Warehouse lines of credit | Pass or not rated      
Loans      
Revolving Loans Amortized Cost Basis     339,723
Loans     339,723
Tax Refund Solution      
Loans      
Year One 41,099   149,207
Year Two 16,398    
Loans     149,207
Loans, Gross Charge-offs      
Year One     20,418
Year Two     5,533
Total     25,951
Tax Refund Solution | Pass or not rated      
Loans      
Year One 41,099   149,207
Year Two 16,398    
Loans     149,207
Republic Credit Solution      
Loans      
Year One 8,836   30,607
Year Two 23,834   7,203
Year Three 5,546   579
Year Four 452   454
Year Five 1,209   996
Prior 35,351   36,372
Revolving Loans Amortized Cost Basis     56,151
Loans     132,362
Loans, Gross Charge-offs      
Revolving Loans Amortized Cost Basis     13,912
Total     13,912
Republic Credit Solution | Pass or not rated      
Loans      
Year One 8,836   30,607
Year Two 23,834   7,203
Year Three 5,546   579
Year Four 452   454
Year Five 1,209   996
Prior $ 35,351   36,372
Revolving Loans Amortized Cost Basis     54,634
Loans     130,845
Republic Credit Solution | Substandard      
Loans      
Revolving Loans Amortized Cost Basis     1,517
Loans     $ 1,517
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - ALLOWANCE ACTIVITY (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning Balance $ 82,130 $ 70,413 $ 70,413
Provision 30,622 26,766  
Charge-offs (24)   (141)
Charge-offs (4,927) (3,430) (41,214)
Recoveries 877 772  
Ending Balance $ 108,702 96,121 82,130
Forecast period for unemployment and general CRE values 1 year    
Adjustment      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning Balance   1,600 1,600
Core Banking Activities      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning Balance $ 59,845 51,718 51,718
Provision 667 3,119  
Charge-offs (382) (331)  
Recoveries 202 254  
Ending Balance 60,332 56,360 59,845
Core Banking Activities | Adjustment      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning Balance   1,600 1,600
Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,061 110 110
Beginning Balance 58,998 50,709 50,709
Provision 22 648  
Provision 358 2,984  
Charge-offs (24)    
Charge-offs (382) (331)  
Recoveries 13    
Recoveries 202 254  
Ending balance 1,072 1,350 1,061
Ending Balance 59,176 55,216 58,998
Traditional Banking | Adjustment      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance   592 592
Beginning Balance   1,600 1,600
Republic Processing Group      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 22,285 18,695 18,695
Provision 29,955 23,647  
Charge-offs (4,545) (3,099)  
Recoveries 675 518  
Ending balance 48,370 39,761 22,285
Residential real estate | Residential Real Estate - Owner Occupied      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Charge-offs (13)   (26)
Residential real estate | Residential Real Estate - Owner Occupied | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 10,337 8,909 8,909
Provision (800) (120)  
Charge-offs (13) (6)  
Recoveries 58 15  
Ending balance 9,582 8,798 10,337
Residential real estate | Residential Real Estate - Non Owner Occupied | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 3,047 2,831 2,831
Provision 3 64  
Recoveries 1    
Ending balance 3,051 2,895 3,047
Residential real estate | Home equity      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Charge-offs     (2)
Residential real estate | Home equity | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 5,501 4,628 4,628
Provision 247 31  
Recoveries 1 1  
Ending balance 5,749 4,660 5,501
Commercial real estate | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 25,830 23,739 23,739
Provision 145 1,041  
Recoveries 20 47  
Ending balance 25,995 24,827 25,830
Construction & land development | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 6,060 4,123 4,123
Provision 640 329  
Ending balance 6,700 4,452 6,060
Commercial | Commercial and Industrial | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 4,236 3,976 3,976
Provision (79) 602  
Recoveries 1 90  
Ending balance 4,158 5,676 4,236
Commercial | Commercial and Industrial | Traditional Banking | Adjustment      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance   1,008 1,008
Aircraft | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 625 449 449
Provision (10) 12  
Ending balance 615 461 625
Consumer      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Charge-offs     (1,182)
Consumer | Credit cards | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 1,074 996 996
Provision 83 112  
Charge-offs (81) (40)  
Recoveries 11 12  
Ending balance 1,087 1,080 1,074
Consumer | Overdrafts | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 694 726 726
Provision 27 52  
Charge-offs (238) (247)  
Recoveries 80 64  
Ending balance 563 595 694
Consumer | Automobile loans | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 32 87 87
Provision (10) (16)  
Charge-offs   (7)  
Recoveries 2 2  
Ending balance 24 66 32
Consumer | Other consumer | Traditional Banking      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 501 135 135
Provision 90 229  
Charge-offs (26) (31)  
Recoveries 15 23  
Ending balance 580 356 501
Warehouse lines of credit | Warehouse Lending      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 847 1,009 1,009
Provision 309 135  
Ending balance 1,156 1,144 847
Tax Refund Solution      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Charge-offs     (25,951)
Tax Refund Solution | Refund Advances | Republic Processing Group      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 3,929 3,797 3,797
Provision 25,718 21,715  
Recoveries 275 285  
Ending balance 29,922 25,797 3,929
Tax Refund Solution | Other TRS commercial and industrial loans | Republic Processing Group      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 61 91 91
Provision 56 93  
Recoveries 30    
Ending balance 147 184 61
Republic Credit Solution      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Charge-offs     (13,912)
Republic Credit Solution | Republic Processing Group      
Financing Receivable And Net Investment In Lease, Excluding Interest Allowance for Credit Loss [Roll Forward]      
Beginning balance 18,295 14,807 14,807
Provision 4,181 1,839  
Charge-offs (4,545) (3,099)  
Recoveries 370 233  
Ending balance $ 18,301 $ 13,780 $ 18,295
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - NON-PERFORMING LOANS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Non-performing loans and non-performing assets disclosures    
Loans on nonaccrual status $ 19,258 $ 19,150
Loans past due 90 days or more and still on accrual 2,116 1,468
Total nonperforming loans 21,374 20,618
Other real estate owned 1,486 1,370
Total nonperforming assets $ 22,860 $ 21,988
Credit Quality Ratios - Total Company:    
Nonperforming loans to total loans (as percent) 0.41% 0.39%
Nonperforming assets to total loans (including OREO) (as percent) 0.44% 0.42%
Nonperforming assets to total assets (as percent) 0.33% 0.33%
Core Banking Activities    
Non-performing loans and non-performing assets disclosures    
Loans on nonaccrual status $ 19,258 $ 19,150
Credit Quality Ratios - Total Company:    
Nonperforming loans to total loans (as percent) 0.38% 0.39%
Nonperforming assets to total loans (including OREO) (as percent) 0.41% 0.41%
Nonperforming assets to total assets (as percent) 0.33% 0.35%
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - NONACCRUAL (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
item
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Aging or recorded investments in loans      
Nonaccrual with ACLL $ 1,882   $ 2,475
Nonaccrual with no ACLL 17,376   16,675
Nonaccrual 19,258   19,150
Financing Receivable, 90 Days or More Past Due, Still Accruing 2,116   1,468
Interest Income Recognized on Nonaccrual Loans $ 352 $ 231  
Number of consecutive months payments received before non-accrual loans returned to accrual status (in months) | item 6    
Core Banking Activities      
Aging or recorded investments in loans      
Nonaccrual $ 19,258   19,150
Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual with ACLL 15    
Nonaccrual 19,258   19,150
Nonaccrual 15    
Republic Processing Group      
Aging or recorded investments in loans      
Financing Receivable, 90 Days or More Past Due, Still Accruing 2,116   1,468
Residential real estate | Residential Real Estate - Owner Occupied      
Aging or recorded investments in loans      
Nonaccrual with ACLL 303   376
Nonaccrual with no ACLL 15,230   14,680
Nonaccrual 15,533   15,056
Interest Income Recognized on Nonaccrual Loans 246 181  
Residential real estate | Residential Real Estate - Owner Occupied | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 15,533   15,056
Residential real estate | Residential Real Estate - Non Owner Occupied      
Aging or recorded investments in loans      
Nonaccrual with ACLL 19   20
Nonaccrual with no ACLL 41   44
Nonaccrual 60   64
Interest Income Recognized on Nonaccrual Loans 15 1  
Residential real estate | Residential Real Estate - Non Owner Occupied | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 60   64
Residential real estate | Home equity      
Aging or recorded investments in loans      
Nonaccrual with no ACLL 2,103   1,948
Nonaccrual 2,103   1,948
Interest Income Recognized on Nonaccrual Loans 49 23  
Residential real estate | Home equity | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 2,103   1,948
Commercial real estate      
Aging or recorded investments in loans      
Nonaccrual with ACLL 795   850
Nonaccrual 795   850
Interest Income Recognized on Nonaccrual Loans 42 23  
Commercial real estate | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 795   850
Commercial | Commercial and Industrial      
Aging or recorded investments in loans      
Nonaccrual with ACLL 744   1,221
Nonaccrual 744   1,221
Commercial | Commercial and Industrial | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 744   1,221
Consumer      
Aging or recorded investments in loans      
Nonaccrual with ACLL 6   8
Nonaccrual with no ACLL 2   3
Nonaccrual 8   11
Interest Income Recognized on Nonaccrual Loans   $ 3  
Consumer | Automobile loans | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual 8   10
Consumer | Other consumer | Traditional Banking      
Aging or recorded investments in loans      
Nonaccrual     1
Republic Credit Solution | Republic Processing Group      
Aging or recorded investments in loans      
Financing Receivable, 90 Days or More Past Due, Still Accruing $ 2,116   $ 1,468
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - DELINQUENT LOANS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Aging or recorded investments in loans    
Lease financing receivables $ 88,272 $ 88,591
Total loans 5,224,292 5,239,861
30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Total loans $ 12,016 $ 13,571
Delinquent acquired bank loans to total acquired bank loans (as a percent) 0.23% 0.25%
60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Total loans $ 4,795 $ 3,974
Delinquent acquired bank loans to total acquired bank loans (as a percent) 0.09% 0.08%
90 + Days Delinquent    
Aging or recorded investments in loans    
Total loans $ 4,601 $ 4,547
Delinquent acquired bank loans to total acquired bank loans (as a percent) 0.09% 0.09%
Past Due    
Aging or recorded investments in loans    
Total loans $ 21,412 $ 22,092
Delinquent acquired bank loans to total acquired bank loans (as a percent) 0.41% 0.42%
Current    
Aging or recorded investments in loans    
Total loans $ 5,202,880 $ 5,217,769
Residential real estate | Residential Real Estate - Owner Occupied    
Aging or recorded investments in loans    
Carrying value of loans 1,064,071 1,144,684
Residential real estate | Residential Real Estate - Non Owner Occupied    
Aging or recorded investments in loans    
Carrying value of loans 342,481 345,965
Residential real estate | Home equity    
Aging or recorded investments in loans    
Carrying value of loans 309,083 295,133
Commercial real estate    
Aging or recorded investments in loans    
Carrying value of loans 1,800,801 1,785,289
Construction & land development    
Aging or recorded investments in loans    
Carrying value of loans 237,998 217,338
Commercial | Commercial and Industrial    
Aging or recorded investments in loans    
Carrying value of loans 453,971 464,078
Aircraft    
Aging or recorded investments in loans    
Carrying value of loans 246,060 250,051
Consumer    
Aging or recorded investments in loans    
Carrying value of loans   27,440
Warehouse lines of credit    
Aging or recorded investments in loans    
Carrying value of loans   339,723
Tax Refund Solution    
Aging or recorded investments in loans    
Carrying value of loans   149,207
Republic Credit Solution    
Aging or recorded investments in loans    
Carrying value of loans   132,362
Core Banking Activities    
Aging or recorded investments in loans    
Total loans 5,036,899 4,958,292
Core Banking Activities | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Total loans 3,522 4,184
Core Banking Activities | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Total loans 1,789 913
Core Banking Activities | 90 + Days Delinquent    
Aging or recorded investments in loans    
Total loans 2,485 3,079
Core Banking Activities | Past Due    
Aging or recorded investments in loans    
Total loans 7,796 8,176
Core Banking Activities | Current    
Aging or recorded investments in loans    
Total loans 5,029,103 4,950,116
Core Banking Activities | Warehouse lines of credit    
Aging or recorded investments in loans    
Carrying value of loans 463,249 339,723
Core Banking Activities | Warehouse lines of credit | Current    
Aging or recorded investments in loans    
Carrying value of loans   339,723
Traditional Banking    
Aging or recorded investments in loans    
Lease financing receivables 88,272 88,591
Total loans 4,573,650 4,618,569
Traditional Banking | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Lease financing receivables 7 18
Total loans 3,522 4,184
Traditional Banking | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Total loans 1,789 913
Traditional Banking | 90 + Days Delinquent    
Aging or recorded investments in loans    
Lease financing receivables 15  
Total loans 2,485 3,079
Traditional Banking | Past Due    
Aging or recorded investments in loans    
Lease financing receivables 22 18
Total loans 7,796 8,176
Traditional Banking | Current    
Aging or recorded investments in loans    
Lease financing receivables 88,250 88,573
Total loans 4,565,854 4,610,393
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied    
Aging or recorded investments in loans    
Carrying value of loans 1,064,071 1,144,684
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 2,861 3,396
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 1,453 769
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 1,507 1,638
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 5,821 5,803
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | Current    
Aging or recorded investments in loans    
Carrying value of loans 1,058,250 1,138,881
Traditional Banking | Residential real estate | Residential Real Estate - Non Owner Occupied    
Aging or recorded investments in loans    
Carrying value of loans 342,481 345,965
Traditional Banking | Residential real estate | Residential Real Estate - Non Owner Occupied | Current    
Aging or recorded investments in loans    
Carrying value of loans 342,481 345,965
Traditional Banking | Residential real estate | Home equity    
Aging or recorded investments in loans    
Carrying value of loans 309,083 295,133
Traditional Banking | Residential real estate | Home equity | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 464 417
Traditional Banking | Residential real estate | Home equity | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 309 96
Traditional Banking | Residential real estate | Home equity | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 217 254
Traditional Banking | Residential real estate | Home equity | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 990 767
Traditional Banking | Residential real estate | Home equity | Current    
Aging or recorded investments in loans    
Carrying value of loans 308,093 294,366
Traditional Banking | Commercial real estate    
Aging or recorded investments in loans    
Carrying value of loans 1,800,801 1,785,289
Traditional Banking | Commercial real estate | Current    
Aging or recorded investments in loans    
Carrying value of loans 1,800,801 1,785,289
Traditional Banking | Construction & land development    
Aging or recorded investments in loans    
Carrying value of loans 237,998 217,338
Traditional Banking | Construction & land development | Current    
Aging or recorded investments in loans    
Carrying value of loans 237,998 217,338
Traditional Banking | Commercial | Commercial and Industrial    
Aging or recorded investments in loans    
Carrying value of loans 453,971 464,078
Traditional Banking | Commercial | Commercial and Industrial | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 2 140
Traditional Banking | Commercial | Commercial and Industrial | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans   36
Traditional Banking | Commercial | Commercial and Industrial | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 744 1,184
Traditional Banking | Commercial | Commercial and Industrial | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 746 1,360
Traditional Banking | Commercial | Commercial and Industrial | Current    
Aging or recorded investments in loans    
Carrying value of loans 453,225 462,718
Traditional Banking | Aircraft    
Aging or recorded investments in loans    
Carrying value of loans 246,060 250,051
Traditional Banking | Aircraft | Current    
Aging or recorded investments in loans    
Carrying value of loans 246,060 250,051
Traditional Banking | Consumer | Credit cards    
Aging or recorded investments in loans    
Carrying value of loans 16,858 16,654
Traditional Banking | Consumer | Credit cards | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 22 31
Traditional Banking | Consumer | Credit cards | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 13 4
Traditional Banking | Consumer | Credit cards | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 35 35
Traditional Banking | Consumer | Credit cards | Current    
Aging or recorded investments in loans    
Carrying value of loans 16,823 16,619
Traditional Banking | Consumer | Overdrafts    
Aging or recorded investments in loans    
Carrying value of loans 629 694
Traditional Banking | Consumer | Overdrafts | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 114 129
Traditional Banking | Consumer | Overdrafts | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 4 1
Traditional Banking | Consumer | Overdrafts | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans   1
Traditional Banking | Consumer | Overdrafts | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 118 131
Traditional Banking | Consumer | Overdrafts | Current    
Aging or recorded investments in loans    
Carrying value of loans 511 563
Traditional Banking | Consumer | Automobile loans    
Aging or recorded investments in loans    
Carrying value of loans 2,054 2,664
Traditional Banking | Consumer | Automobile loans | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 2 2
Traditional Banking | Consumer | Automobile loans | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 2 2
Traditional Banking | Consumer | Automobile loans | Current    
Aging or recorded investments in loans    
Carrying value of loans 2,052 2,662
Traditional Banking | Consumer | Other consumer    
Aging or recorded investments in loans    
Carrying value of loans 11,372 7,428
Traditional Banking | Consumer | Other consumer | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 52 53
Traditional Banking | Consumer | Other consumer | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 10 7
Traditional Banking | Consumer | Other consumer | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 62 60
Traditional Banking | Consumer | Other consumer | Current    
Aging or recorded investments in loans    
Carrying value of loans 11,310 7,368
Warehouse Lending | Warehouse lines of credit    
Aging or recorded investments in loans    
Carrying value of loans 463,249  
Warehouse Lending | Warehouse lines of credit | Current    
Aging or recorded investments in loans    
Carrying value of loans 463,249  
Republic Processing Group    
Aging or recorded investments in loans    
Carrying value of loans 187,393 281,569
Republic Processing Group | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 8,494 9,387
Republic Processing Group | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 3,006 3,061
Republic Processing Group | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 2,116 1,468
Republic Processing Group | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 13,616 13,916
Republic Processing Group | Current    
Aging or recorded investments in loans    
Carrying value of loans 173,777 267,653
Republic Processing Group | Tax Refund Solution | Refund Advances    
Aging or recorded investments in loans    
Carrying value of loans 52,101 103,115
Republic Processing Group | Tax Refund Solution | Refund Advances | Current    
Aging or recorded investments in loans    
Carrying value of loans 52,101 103,115
Republic Processing Group | Tax Refund Solution | Other TRS commercial and industrial loans    
Aging or recorded investments in loans    
Carrying value of loans 5,396 46,092
Republic Processing Group | Tax Refund Solution | Other TRS commercial and industrial loans | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 283  
Republic Processing Group | Tax Refund Solution | Other TRS commercial and industrial loans | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 283  
Republic Processing Group | Tax Refund Solution | Other TRS commercial and industrial loans | Current    
Aging or recorded investments in loans    
Carrying value of loans 5,113 46,092
Republic Processing Group | Republic Credit Solution    
Aging or recorded investments in loans    
Carrying value of loans 129,896 132,362
Republic Processing Group | Republic Credit Solution | 30 - 59 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 8,211 9,387
Republic Processing Group | Republic Credit Solution | 60 - 89 Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 3,006 3,061
Republic Processing Group | Republic Credit Solution | 90 + Days Delinquent    
Aging or recorded investments in loans    
Carrying value of loans 2,116 1,468
Republic Processing Group | Republic Credit Solution | Past Due    
Aging or recorded investments in loans    
Carrying value of loans 13,333 13,916
Republic Processing Group | Republic Credit Solution | Current    
Aging or recorded investments in loans    
Carrying value of loans $ 116,563 $ 118,446
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - COLLATERAL DEPENDENT LOANS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans $ 88,272 $ 88,591
Total loans $ 5,224,292 5,239,861
Minimum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of selling cost on collateral 10.00%  
Maximum    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Percentage of selling cost on collateral 13.00%  
Residential real estate | Residential Real Estate - Owner Occupied    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 1,064,071 1,144,684
Residential real estate | Residential Real Estate - Non Owner Occupied    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 342,481 345,965
Residential real estate | Home equity    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 309,083 295,133
Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,800,801 1,785,289
Construction & land development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 237,998 217,338
Commercial | Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 453,971 464,078
Aircraft    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 246,060 250,051
Consumer    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans   27,440
Traditional Banking    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 88,272 88,591
Total loans 4,573,650 4,618,569
Traditional Banking | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 21,272 22,817
Traditional Banking | Personal Property | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total Loans 256 108
Total loans 267 121
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,064,071 1,144,684
Traditional Banking | Residential real estate | Residential Real Estate - Owner Occupied | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 17,287 18,602
Traditional Banking | Residential real estate | Residential Real Estate - Non Owner Occupied    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 342,481 345,965
Traditional Banking | Residential real estate | Residential Real Estate - Non Owner Occupied | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 60 64
Traditional Banking | Residential real estate | Home equity    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 309,083 295,133
Traditional Banking | Residential real estate | Home equity | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 2,310 2,008
Traditional Banking | Commercial real estate    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 1,800,801 1,785,289
Traditional Banking | Commercial real estate | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 820 870
Traditional Banking | Construction & land development    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 237,998 217,338
Traditional Banking | Commercial | Commercial and Industrial    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 453,971 464,078
Traditional Banking | Commercial | Commercial and Industrial | Real Estate | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 795 1,273
Traditional Banking | Aircraft    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans 246,060 250,051
Traditional Banking | Consumer | Personal Property | Asset Pledged as Collateral    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Total loans $ 11 $ 13
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - AMORTIZED COST OF LOANS AND LEASES (Details)
 3 Months Ended
Mar. 31, 2024
USD ($)
loan
Mar. 31, 2023
USD ($)
loan
Financing Receivable, Modifications [Line Items]    
Accruing number of contracts | loan 349 537
Accruing recorded investments $ 75,000 $ 105,000
Nonaccruing number of contracts   7
Nonaccruing recorded investments   $ 681,000
Nonaccruing percentage of total financing receivables   0.01%
Current    
Financing Receivable, Modifications [Line Items]    
Accruing recorded investments 550,000 $ 105,000
Nonaccruing recorded investments 884,000 $ 681,000
90 + Days Delinquent    
Financing Receivable, Modifications [Line Items]    
Nonaccruing recorded investments $ 134,000  
Republic Processing Group    
Financing Receivable, Modifications [Line Items]    
Accruing number of contracts | loan 349 537
Accruing recorded investments $ 75,000 $ 105,000
Accruing percentage of total financing receivables 0.04% 0.07%
Republic Processing Group | Current    
Financing Receivable, Modifications [Line Items]    
Accruing recorded investments $ 75,000 $ 105,000
Residential real estate | Residential Real Estate - Owner Occupied    
Financing Receivable, Modifications [Line Items]    
Nonaccruing number of contracts   6
Nonaccruing recorded investments   $ 609,000
Nonaccruing percentage of total financing receivables   0.06%
Residential real estate | Residential Real Estate - Owner Occupied | Current    
Financing Receivable, Modifications [Line Items]    
Accruing recorded investments 475,000  
Nonaccruing recorded investments 267,000 $ 609,000
Residential real estate | Residential Real Estate - Owner Occupied | 90 + Days Delinquent    
Financing Receivable, Modifications [Line Items]    
Nonaccruing recorded investments 109,000  
Residential real estate | Home equity    
Financing Receivable, Modifications [Line Items]    
Nonaccruing number of contracts   1
Nonaccruing recorded investments   $ 72,000
Nonaccruing percentage of total financing receivables   0.03%
Residential real estate | Home equity | Current    
Financing Receivable, Modifications [Line Items]    
Nonaccruing recorded investments 617,000 $ 72,000
Residential real estate | Home equity | 90 + Days Delinquent    
Financing Receivable, Modifications [Line Items]    
Nonaccruing recorded investments $ 25,000  
Term Extension    
Financing Receivable, Modifications [Line Items]    
Nonaccruing number of contracts | loan   2
Nonaccruing recorded investments   $ 265,000
Number of Loans   2
Recorded Investment   $ 265,000
Term Extension | Residential real estate | Residential Real Estate - Owner Occupied    
Financing Receivable, Modifications [Line Items]    
Number of Loans   2
Recorded Investment   $ 265,000
Principal deferral    
Financing Receivable, Modifications [Line Items]    
Accruing number of contracts | loan 349 537
Accruing recorded investments $ 75,000 $ 105,000
Nonaccruing number of contracts | loan   5
Nonaccruing recorded investments   $ 416,000
Number of Loans 349 542
Recorded Investment $ 75,000 $ 521,000
Principal deferral | Republic Processing Group    
Financing Receivable, Modifications [Line Items]    
Number of Loans 349 537
Recorded Investment $ 75,000 $ 105,000
Principal deferral | Residential real estate | Residential Real Estate - Owner Occupied    
Financing Receivable, Modifications [Line Items]    
Number of Loans   4
Recorded Investment   $ 344,000
Principal deferral | Residential real estate | Home equity    
Financing Receivable, Modifications [Line Items]    
Number of Loans   1
Recorded Investment   $ 72,000
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - MODIFIED CLASS (Details) - loan
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
LOANS AND ALLOWANCE FOR CREDIT LOSSES    
Number of Loans with payment default 0 0
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - FORECLOSED PROPERTIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Troubled Debt Restructurings disclosures    
Carrying amount of foreclosed properties $ 1,486 $ 1,370
Commercial real estate    
Troubled Debt Restructurings disclosures    
Carrying amount of foreclosed properties $ 1,486 $ 1,370
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - FORECLOSURE RECORDED INVESTMENT (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Residential real estate | Foreclosure Proceedings In Process    
Recorded investment in residential and consumer loans based on payment activity    
Loans and Leases Receivable, Collateral for Secured Borrowings $ 1,746 $ 1,556
v3.24.1.u1
LOANS AND ALLOWANCE FOR CREDIT LOSSES - REFUND ADVANCES (Details) - Tax Refund Solutions - Refund Advances - USD ($)
$ in Thousands
 2 Months Ended 3 Months Ended
Feb. 29, 2024
Feb. 28, 2023
Mar. 31, 2024
Mar. 31, 2023
Period Refund Advance tax credit product offered 2 months 2 months    
Refund Advances originated     $ 771,091 $ 737,047
Net charge to the Provision for RAs, including ERAs     $ 25,718 $ 21,715
Provision as a percentage of RAs, including ERAs     3.34% 2.95%
Refund Advances net charge-offs (recoveries)     $ (275) $ (285)
Refund Advances net charge-offs (recoveries) to total Refund Advances originated     (0.04%) (0.04%)
v3.24.1.u1
DEPOSITS - Balances (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Deposit Liabilities    
Total interest-bearing deposits $ 4,061,133 $ 3,376,165
Total non interest-bearing deposits 1,359,516 1,676,998
Total deposits 5,420,649 5,053,163
Core Banking Activities    
Deposit Liabilities    
Demand 1,179,771 1,158,051
Money market accounts 1,078,549 1,007,356
Savings 355,260 263,238
Reciprocal money market 221,779 188,078
Individual retirement accounts 34,208 33,793
Time deposits, $250 and over 113,096 101,787
Other certificates of deposit 239,258 225,614
Reciprocal time deposits 90,857 90,857
Wholesale brokered deposits 349,298 88,767
Total interest-bearing deposits 3,662,076 3,157,541
Total non interest-bearing deposits 1,180,237 1,239,466
Total deposits 4,842,313 4,397,007
Republic Processing Group    
Deposit Liabilities    
Money market accounts 19,380 18,664
Interest-bearing prepaid card deposits 379,677  
Wholesale brokered deposits   199,960
Total interest-bearing deposits 399,057 218,624
Non-interest Bearing Prepaid Card Deposits   318,769
Other noninterest-bearing deposits 179,279 118,763
Total non interest-bearing deposits 179,279 437,532
Total deposits $ 578,336 $ 656,156
v3.24.1.u1
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE AND OTHER SHORT-TERM BORROWINGS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Securities sold under agreements to repurchase      
Outstanding balance at end of period $ 84,522   $ 97,618
Securities sold under agreements to repurchase      
Securities sold under agreements to repurchase      
Securities pledged more than repurchase agreements (as a percent) 2.00%    
Outstanding balance at end of period $ 84,522   $ 97,618
Weighted average interest rate at end of period (as a percent) 0.59%   0.50%
Total securities pledged $ 86,171   $ 99,530
Average outstanding balance during the period 102,592 $ 202,910  
Maximum outstanding at any month end during the period $ 113,281 $ 224,067  
Securities sold under agreements to repurchase | Weighted Average      
Securities sold under agreements to repurchase      
Weighted average interest rate during the period (as a percent) 0.51% 0.49%  
Securities sold under agreements to repurchase | U.S. Treasury securities and U.S. Government agencies      
Securities sold under agreements to repurchase      
Total securities pledged $ 86,171   $ 99,530
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES - FHLB ADVANCES (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
FHLB advances    
Total FHLB advances $ 270,000 $ 380,000
Additional collateralized advances available 1,000,000 730,000
Overnight advances    
FHLB advances    
Total FHLB advances   110,000
Fixed interest rate advances    
FHLB advances    
Total FHLB advances 270,000 270,000
Various other unsecured lines of credit    
FHLB advances    
Unsecured lines of credit $ 100,000 $ 100,000
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES - MATURITIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
FEDERAL HOME LOAN BANK ADVANCES    
2026 $ 30,000  
2027 80,000  
2028 160,000  
Total $ 270,000 $ 380,000
Weighted Average Rate    
2026 4.82%  
2027 4.01%  
2028 4.39%  
Total 4.33%  
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES - SHORT-TERM FHLB ADVANCES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
FHLB advances      
Federal Home Loan Bank advances $ 270,000   $ 380,000
Interest rate (as percent) 4.33%    
Federal Home Loan Bank advances.      
FHLB advances      
Average outstanding balance during the period $ 266,209 $ 225,344  
Weighted average interest rate during the period (as percent) 5.44% 4.43%  
Maximum outstanding at any month end during the period $ 760,000 $ 485,000  
v3.24.1.u1
FEDERAL HOME LOAN BANK ADVANCES - LOANS PLEDGED (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
First Lien, Single Family Residential Real Estate    
Real estate loans pledged to collateralize advances and letters of credit with the FHLB    
Real estate loans pledged to collateralize advances and letters of credit with FHLB $ 1,250,774 $ 1,345,752
Home equity    
Real estate loans pledged to collateralize advances and letters of credit with the FHLB    
Real estate loans pledged to collateralize advances and letters of credit with FHLB 268,442 266,389
Multi-Family Commercial Real Estate    
Real estate loans pledged to collateralize advances and letters of credit with the FHLB    
Real estate loans pledged to collateralize advances and letters of credit with FHLB 133,908 $ 133,565
Commercial Real Estate    
Real estate loans pledged to collateralize advances and letters of credit with the FHLB    
Real estate loans pledged to collateralize advances and letters of credit with FHLB $ 377,934  
v3.24.1.u1
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Commitments and letters of credit      
Loan commitment, line credit $ 2,087,505   $ 2,239,579
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]      
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance 1,340 $ 1,250  
Provision (110) 210  
Off-Balance Sheet, Credit Loss, Liability, Ending Balance 1,230 1,460  
Unused warehouse lines of credit      
Commitments and letters of credit      
Loan commitment, line credit 469,751   623,277
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]      
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance 116 190  
Provision (8) 8  
Off-Balance Sheet, Credit Loss, Liability, Ending Balance 108 198  
Unused home equity lines of credit      
Commitments and letters of credit      
Loan commitment, line credit 460,311   446,006
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]      
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance 55 332  
Provision 31 9  
Off-Balance Sheet, Credit Loss, Liability, Ending Balance 86 341  
Unused construction lines of credit      
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]      
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance 820 384  
Provision (179) 163  
Off-Balance Sheet, Credit Loss, Liability, Ending Balance 641 547  
Unused loan commitments - other      
Commitments and letters of credit      
Loan commitment, line credit 1,146,352   1,159,284
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]      
Off-Balance Sheet, Credit Loss, Liability, Beginning Balance 349 344  
Provision 46 30  
Off-Balance Sheet, Credit Loss, Liability, Ending Balance 395 $ 374  
Standby letters of credit      
Commitments and letters of credit      
Loan commitment, line credit $ 11,091   $ 11,012
v3.24.1.u1
FAIR VALUE - RECURRING BASIS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Financial assets:        
Total available-for-sale debt securities $ 587,805   $ 591,313  
Mortgage loans held for sale, at fair value 80,884 $ 1,034 3,227 $ 1,302
Consumer loans held for sale 6,093 4,688 7,914 $ 4,706
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
U.S. Treasury securities and U.S. Government agencies        
Financial assets:        
Total available-for-sale debt securities 413,125   407,033  
Private label mortgage backed security        
Financial assets:        
Total available-for-sale debt securities 1,772   1,773  
Mortgage backed securities - residential        
Financial assets:        
Total available-for-sale debt securities 145,822   154,710  
Collateralized mortgage obligations        
Financial assets:        
Total available-for-sale debt securities 21,040   21,659  
Corporate bonds        
Financial assets:        
Total available-for-sale debt securities 2,019   2,020  
Trust Preferred Securities        
Financial assets:        
Total available-for-sale debt securities 4,027   4,118  
Freddie Mac preferred stock        
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
Recurring basis        
Financial assets:        
Total available-for-sale debt securities 587,805   591,313  
Mortgage loans held for sale, at fair value 80,884   3,227  
Consumer loans held for sale 6,093   7,914  
Rate lock commitments 466   243  
Interest rate swap agreements 7,870   8,933  
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
Financial Liabilities:        
Mandatory forward contracts 77   61  
Interest rate swap agreements 7,870   8,933  
Transfers between Level 1, 2 or 3 0 $ 0    
Recurring basis | U.S. Treasury securities and U.S. Government agencies        
Financial assets:        
Total available-for-sale debt securities 413,125   407,033  
Recurring basis | Private label mortgage backed security        
Financial assets:        
Total available-for-sale debt securities 1,772   1,773  
Recurring basis | Mortgage backed securities - residential        
Financial assets:        
Total available-for-sale debt securities 145,822   154,710  
Recurring basis | Collateralized mortgage obligations        
Financial assets:        
Total available-for-sale debt securities 21,040   21,659  
Recurring basis | Corporate bonds        
Financial assets:        
Total available-for-sale debt securities 2,019   2,020  
Recurring basis | Trust Preferred Securities        
Financial assets:        
Total available-for-sale debt securities 4,027   4,118  
Recurring basis | Freddie Mac preferred stock        
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
Recurring basis | Fair Value, Inputs, Level 1        
Financial assets:        
Total available-for-sale debt securities 148,755   177,784  
Recurring basis | Fair Value, Inputs, Level 1 | U.S. Treasury securities and U.S. Government agencies        
Financial assets:        
Total available-for-sale debt securities 148,755   177,784  
Recurring basis | Fair Value, Inputs, Level 2        
Financial assets:        
Total available-for-sale debt securities 433,251   407,638  
Mortgage loans held for sale, at fair value 80,884   3,227  
Rate lock commitments 466   243  
Interest rate swap agreements 7,870   8,933  
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
Financial Liabilities:        
Mandatory forward contracts 77   61  
Interest rate swap agreements 7,870   8,933  
Recurring basis | Fair Value, Inputs, Level 2 | U.S. Treasury securities and U.S. Government agencies        
Financial assets:        
Total available-for-sale debt securities 264,370   229,249  
Recurring basis | Fair Value, Inputs, Level 2 | Mortgage backed securities - residential        
Financial assets:        
Total available-for-sale debt securities 145,822   154,710  
Recurring basis | Fair Value, Inputs, Level 2 | Collateralized mortgage obligations        
Financial assets:        
Total available-for-sale debt securities 21,040   21,659  
Recurring basis | Fair Value, Inputs, Level 2 | Corporate bonds        
Financial assets:        
Total available-for-sale debt securities 2,019   2,020  
Recurring basis | Fair Value, Inputs, Level 2 | Freddie Mac preferred stock        
Equity securities with readily determinable fair value:        
Equity securities with readily determinable fair value 235   174  
Recurring basis | Fair Value, Inputs, Level 3        
Financial assets:        
Total available-for-sale debt securities 5,799   5,891  
Consumer loans held for sale 6,093   7,914  
Recurring basis | Fair Value, Inputs, Level 3 | Private label mortgage backed security        
Financial assets:        
Total available-for-sale debt securities 1,772   1,773  
Recurring basis | Fair Value, Inputs, Level 3 | Trust Preferred Securities        
Financial assets:        
Total available-for-sale debt securities $ 4,027   $ 4,118  
v3.24.1.u1
FAIR VALUE - RECONCILIATION USING SIGNIFICANT UNOBSERVABLE INPUTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Private label mortgage backed security    
Assets measured on recurring basis, unobservable input reconciliation    
Balance, beginning of period $ 1,773 $ 2,127
Net change in unrealized gain (loss) 57 5
Principal paydowns (58) (122)
Balance, end of period 1,772 2,010
Trust Preferred Securities    
Assets measured on recurring basis, unobservable input reconciliation    
Balance, beginning of period 4,118 3,855
Discount accretion 15 14
Net change in unrealized gain (loss) (106) 132
Balance, end of period $ 4,027 $ 4,001
v3.24.1.u1
FAIR VALUE - RECURRING LEVEL 3 MEASUREMENTS (Details) - Fair Value, Inputs, Level 3
$ in Thousands
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Private label mortgage backed security | Recurring basis    
Fair value inputs quantitative information    
Mortgage backed security fair value $ 1,772 $ 1,773
Debt Securities - Valuation technique us-gaap:ValuationTechniqueDiscountedCashFlowMember us-gaap:ValuationTechniqueDiscountedCashFlowMember
Private label mortgage backed security | Minimum | Recurring basis | Constant Prepayment Rate    
Fair value inputs quantitative information    
Measurable input 0.039 0.039
Private label mortgage backed security | Minimum | Recurring basis | Probability of default    
Fair value inputs quantitative information    
Measurable input 0.018 0.018
Private label mortgage backed security | Minimum | Recurring basis | Loss Severity    
Fair value inputs quantitative information    
Measurable input 0.22 0.25
Private label mortgage backed security | Maximum | Recurring basis | Constant Prepayment Rate    
Fair value inputs quantitative information    
Measurable input 0.046 0.045
Private label mortgage backed security | Maximum | Recurring basis | Probability of default    
Fair value inputs quantitative information    
Measurable input 0.094 0.094
Private label mortgage backed security | Maximum | Recurring basis | Loss Severity    
Fair value inputs quantitative information    
Measurable input 0.35 0.35
Consumer Loans Held For Sale | Nonrecurring basis    
Fair value inputs quantitative information    
Consumer Loans Held for Sale Fair Value $ 6,093 $ 7,914
Consumer Loans Held For Sale | Nonrecurring basis | Net Premium    
Fair value inputs quantitative information    
Loans Held-for-sale, Measurement Input 0.0015 0.0015
Consumer Loans Held For Sale | Nonrecurring basis | Discount sales    
Fair value inputs quantitative information    
Loans Held-for-sale, Measurement Input 0.1000 0.1000
v3.24.1.u1
FAIR VALUE - GAINS AND LOSSES (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
loan
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
loan
Dec. 31, 2022
USD ($)
Fair Value, Option        
Aggregate fair value $ 80,884 $ 1,034 $ 3,227 $ 1,302
Contractual balance $ 5,231,943   $ 5,246,621  
Mortgage loans held for sale        
Fair Value, Option        
Number of loans past due 90 days or more or on nonaccrual | loan 0   0  
Aggregate fair value $ 80,884   $ 3,227  
Contractual balance 80,681   3,168  
Unrealized (loss) gain 203   $ 59  
Total included in earnings 231 53    
Mortgage loans held for sale | Interest Income        
Fair Value, Option        
Total included in earnings 86 61    
Mortgage loans held for sale | Change In Fair Value        
Fair Value, Option        
Total included in earnings $ 145 (8)    
Consumer Loans Held For Sale        
Fair Value, Option        
Number of loans past due 90 days or more or on nonaccrual | loan 0   0  
Aggregate fair value $ 6,093   $ 7,914  
Contractual balance 6,129   7,964  
Unrealized (loss) gain (36)   $ (50)  
Total included in earnings 1,187 768    
Consumer Loans Held For Sale | Interest Income        
Fair Value, Option        
Total included in earnings 1,173 765    
Consumer Loans Held For Sale | Change In Fair Value        
Fair Value, Option        
Total included in earnings $ 14 $ 3    
v3.24.1.u1
FAIR VALUE - ASSETS MEASURED ON NON-RECURRING BASIS (Details) - Nonrecurring basis - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Fair Value Disclosures    
Collateral dependent loans   $ 2,479
Other real estate owned $ 1,486 1,370
Residential real estate    
Fair Value Disclosures    
Other real estate owned   1,370
Residential real estate | Residential Real Estate - Owner Occupied    
Fair Value Disclosures    
Collateral dependent loans   1,580
Residential real estate | Home equity    
Fair Value Disclosures    
Collateral dependent loans   104
Commercial real estate    
Fair Value Disclosures    
Collateral dependent loans   795
Other real estate owned 1,486  
Fair Value, Inputs, Level 3    
Fair Value Disclosures    
Collateral dependent loans   2,479
Other real estate owned 1,486 1,370
Fair Value, Inputs, Level 3 | Residential real estate    
Fair Value Disclosures    
Other real estate owned   1,370
Fair Value, Inputs, Level 3 | Residential real estate | Residential Real Estate - Owner Occupied    
Fair Value Disclosures    
Collateral dependent loans   1,580
Fair Value, Inputs, Level 3 | Residential real estate | Home equity    
Fair Value Disclosures    
Collateral dependent loans   104
Fair Value, Inputs, Level 3 | Commercial real estate    
Fair Value Disclosures    
Collateral dependent loans   $ 795
Other real estate owned $ 1,486  
v3.24.1.u1
FAIR VALUE - NON-RECURRING LEVEL 3 MEASUREMENTS (Details) - Fair Value, Inputs, Level 3 - Nonrecurring basis - Sale comparison approach
$ in Thousands
Mar. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Collateral Dependent Loans | Residential real estate | Residential Real Estate - Owner Occupied    
Fair value inputs quantitative information    
Fair Value   $ 1,580
Collateral Dependent Loans | Residential real estate | Residential Real Estate - Owner Occupied | Comparability Adjustment | Minimum    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0
Collateral Dependent Loans | Residential real estate | Residential Real Estate - Owner Occupied | Comparability Adjustment | Maximum    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.27
Collateral Dependent Loans | Residential real estate | Residential Real Estate - Owner Occupied | Comparability Adjustment | Weighted Average    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.04
Collateral Dependent Loans | Residential real estate | Home equity    
Fair value inputs quantitative information    
Fair Value   $ 104
Collateral Dependent Loans | Residential real estate | Home equity | Weighted Average    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.05
Collateral Dependent Loans | Residential real estate | Home equity | Comparability Adjustment    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.05
Collateral Dependent Loans | Commercial real estate    
Fair value inputs quantitative information    
Fair Value   $ 795
Collateral Dependent Loans | Commercial real estate | Comparability Adjustment    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.11
Collateral Dependent Loans | Commercial real estate | Comparability Adjustment | Weighted Average    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage   0.11
Other Real Estate Owned | Commercial real estate    
Fair value inputs quantitative information    
Fair Value $ 1,486 $ 1,370
Other Real Estate Owned | Commercial real estate | Comparability Adjustment    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage 0.39 0.39
Other Real Estate Owned | Commercial real estate | Comparability Adjustment | Weighted Average    
Fair value inputs quantitative information    
Adjustments determined by management for difference percentage 0.39 0.39
v3.24.1.u1
FAIR VALUE - COLLATERAL-DEPENDENT LOANS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Fair Value, Inputs, Level 3 | Nonrecurring basis    
Provision for impairment on loan, lease and other losses    
Provisions on collateral-dependent loans $ (7) $ (19)
v3.24.1.u1
FAIR VALUE - OTHER REAL ESTATE OWNED (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Fair Value Disclosures      
Total carrying value of other real estate owned $ 1,486   $ 1,370
Other real estate owned write-downs during the period 53 $ 52  
Nonrecurring basis | Fair Value, Inputs, Level 3 | Other Real Estate Owned      
Fair Value Disclosures      
Other real estate owned carried at fair value 1,486   1,370
Total carrying value of other real estate owned 1,486   $ 1,370
Other real estate owned write-downs during the period $ 53 $ 52  
v3.24.1.u1
FAIR VALUE - CARRYING AMOUNTS AND FV OF FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets:        
Available-for-sale debt securities $ 587,805 $ 591,313    
Held-to-maturity debt securities 76,119 76,167    
Equity securities with readily determinable fair value 235 174    
Mortgage loans held for sale, at fair value 80,884 3,227 $ 1,034 $ 1,302
Consumer loans held for sale, at fair value 6,093 7,914 4,688 4,706
Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094 $ 12,744 $ 13,169
Carrying Value        
Assets:        
Cash and cash equivalents 546,363 316,567    
Available-for-sale debt securities 587,805      
Held-to-maturity debt securities 76,254 76,387    
Equity securities with readily determinable fair value 235 174    
Mortgage loans held for sale, at fair value 80,884 3,227    
Consumer loans held for sale, at fair value 6,093 7,914    
Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094    
Loans, net 5,115,590 5,157,731    
Federal Home Loan Bank stock 43,729 23,770    
Accrued interest receivable 20,325 18,447    
Mortgage servicing rights 7,102 7,411    
Rate lock commitments 466 243    
Interest rate swap agreements 7,870 8,933    
Liabilities:        
Securities sold under agreements to repurchase and other short-term borrowings 86,171      
Federal Home Loan Bank advances 270,000 380,000    
Accrued interest payable 6,905 4,073    
Rate lock loan commitments 466 243    
Mandatory forward contracts (77) 61    
Interest rate swap agreements 7,870 8,933    
Carrying Value | Non Interest Bearing Deposits        
Liabilities:        
Deposit liabilities, fair value 1,359,516 1,676,998    
Carrying Value | Transaction deposits        
Liabilities:        
Deposit liabilities, fair value 3,583,714 2,924,114    
Carrying Value | Time deposits        
Liabilities:        
Deposit liabilities, fair value 477,419 452,051    
Total Fair Value        
Assets:        
Cash and cash equivalents 546,363 316,567    
Available-for-sale debt securities 587,805      
Held-to-maturity debt securities 76,119 76,167    
Equity securities with readily determinable fair value 235      
Mortgage loans held for sale, at fair value 80,884 3,227    
Consumer loans held for sale, at fair value 6,093 7,914    
Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094    
Loans, net 4,843,728 4,874,974    
Accrued interest receivable 20,325 18,447    
Mortgage servicing rights 16,054 16,054    
Rate lock commitments 466 243    
Interest rate swap agreements 7,870 8,933    
Liabilities:        
Securities sold under agreements to repurchase and other short-term borrowings 86,171      
Federal Home Loan Bank advances 270,565 382,062    
Accrued interest payable 6,905 4,073    
Rate lock loan commitments 466 243    
Mandatory forward contracts (77) 61    
Interest rate swap agreements 7,870 8,933    
Total Fair Value | Non Interest Bearing Deposits        
Liabilities:        
Deposit liabilities, fair value 1,359,516 1,676,998    
Total Fair Value | Transaction deposits        
Liabilities:        
Deposit liabilities, fair value 3,583,714 2,924,114    
Total Fair Value | Time deposits        
Liabilities:        
Deposit liabilities, fair value 473,818 446,218    
Total Fair Value | Fair Value, Inputs, Level 1        
Assets:        
Cash and cash equivalents 546,363 316,567    
Available-for-sale debt securities 148,755      
Total Fair Value | Fair Value, Inputs, Level 2        
Assets:        
Available-for-sale debt securities 433,251      
Held-to-maturity debt securities 76,119 76,167    
Equity securities with readily determinable fair value 235      
Mortgage loans held for sale, at fair value 80,884 3,227    
Accrued interest receivable 4,111 4,097    
Mortgage servicing rights 16,054 16,054    
Rate lock commitments 466 243    
Interest rate swap agreements 7,870 8,933    
Liabilities:        
Securities sold under agreements to repurchase and other short-term borrowings 86,171      
Federal Home Loan Bank advances 270,565 382,062    
Accrued interest payable 6,905 4,073    
Rate lock loan commitments 466 243    
Mandatory forward contracts (77) 61    
Interest rate swap agreements 7,870 8,933    
Total Fair Value | Fair Value, Inputs, Level 2 | Non Interest Bearing Deposits        
Liabilities:        
Deposit liabilities, fair value 1,359,516 1,676,998    
Total Fair Value | Fair Value, Inputs, Level 2 | Transaction deposits        
Liabilities:        
Deposit liabilities, fair value 3,583,714 2,924,114    
Total Fair Value | Fair Value, Inputs, Level 2 | Time deposits        
Liabilities:        
Deposit liabilities, fair value 473,818 446,218    
Total Fair Value | Fair Value, Inputs, Level 3        
Assets:        
Available-for-sale debt securities 5,799      
Consumer loans held for sale, at fair value 6,093 7,914    
Consumer loans held for sale, at the lower of cost or fair value 13,083 16,094    
Loans, net 4,843,728 4,874,974    
Accrued interest receivable $ 16,214 $ 14,350    
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES - MORTGAGE LOANS HELD FOR SALE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
MORTGAGE BANKING ACTIVITIES    
Balance, beginning of period $ 3,227 $ 1,302
Origination of mortgage loans held for sale 27,046 15,942
Transferred from held for investment to held for sale 69,464  
Proceeds from the sale of mortgage loans held for sale (18,773) (16,630)
Net gain (loss) on mortgage loans held for sale (80) 420
Balance, end of period $ 80,884 $ 1,034
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES - COMPONENTS OF INCOME (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mortgage servicing rights    
Net gain realized on sale of mortgage loans held for sale $ 565 $ 248
Net loss realized on fair value adjustment for correspondent loans reclassified to held for sale (997)  
Net gain (loss) recognized (80) 420
Loan servicing income 816 870
Amortization of mortgage servicing rights (426) (490)
Change in mortgage servicing rights valuation allowance 0 0
Net servicing income recognized 390 380
Total mortgage banking income 310 800
Mortgage loans held for sale    
Mortgage servicing rights    
Net change in fair value 145 (8)
Rate lock loan commitments    
Mortgage servicing rights    
Net change in fair value 223 94
Mandatory forward contracts    
Mortgage servicing rights    
Net change in fair value $ (16) $ 86
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES - CAPITALIZED MORTGAGE SERVICING RIGHTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
MORTGAGE BANKING ACTIVITIES    
Balance, beginning of period $ 7,411 $ 8,769
Additions 118 127
Amortized to expense (426) (490)
Balance, end of period $ 7,103 $ 8,406
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES - OTHER INFORMATION RELATING TO MSRS (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
MORTGAGE BANKING ACTIVITIES    
Fair value of mortgage servicing rights portfolio $ 16,704 $ 16,054
Monthly weighted average prepayment rate of unpaid principal balance (as percent) 124.00% 128.00%
Discount rate (as percent) 10.09% 10.26%
Weighted average foreclosure rate 0.16% 0.16%
Weighted average life in years 7 years 6 months 29 days 7 years 6 months 7 days
v3.24.1.u1
MORTGAGE BANKING ACTIVITIES - NOTIONAL AMOUNTS AND FV (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Mortgage servicing rights    
Derivative instruments expiration period 90 days  
Mortgage loans held for sale    
Information about derivatives and swaps    
Derivative Assets, Notional Amount $ 80,681 $ 3,168
Fair Value, Assets 80,884 3,227
Rate lock loan commitments    
Information about derivatives and swaps    
Derivative Assets, Notional Amount 16,380 9,275
Fair Value, Assets 466 243
Mandatory forward contracts    
Information about derivatives and swaps    
Derivative Liabilities, Notional Amount 22,317 9,092
Fair Value, Liabilities $ 77 $ 61
v3.24.1.u1
INTEREST RATE SWAPS - NON-HEDGE (Details) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Information about derivatives and swaps    
Interest-bearing $ 4,061,133,000 $ 3,376,165,000
Cash and cash equivalents 546,363,000 316,567,000
Interest rate swap | Non-Hedge    
Information about derivatives and swaps    
Interest rate swaps with Bank clients - Total, Notional Amount 463,956,000 432,524,000
Net loss position in which pledged securities as collateral are required 250,000  
Interest rate swap | Non-Hedge | Bank Clients    
Information about derivatives and swaps    
Interest rate swaps with Bank clients - Assets, Notional Amount 131,515,000 120,442,000
Interest rate swaps with Bank clients - Liabilities, Notional Amount 100,463,000 95,820,000
Interest rate swaps with Bank clients - Total, Notional Amount 231,978,000 216,262,000
Interest rate swaps with Bank clients - Assets 1,602,000 4,066,000
Interest rate swaps with Bank clients - Liabilities (6,311,000) (4,867,000)
Interest rate swaps with Bank clients - Total, Fair Value (4,709,000) (801,000)
Interest rate swap | Non-Hedge | Counterparty    
Information about derivatives and swaps    
Interest rate swaps with Bank clients - Assets, Notional Amount 100,463,000 95,820,000
Interest rate swaps with Bank clients - Liabilities, Notional Amount 131,515,000 120,442,000
Interest rate swaps with Bank clients - Total, Notional Amount 231,978,000 216,262,000
Offsetting interest rate swaps with institutional swap dealer - Assets, Fair Value 6,311,000 4,867,000
Offsetting interest rate swaps with institutional swap dealer - Liabilities, Fair Value (1,602,000) (4,066,000)
Offsetting interest rate swaps with institutional swap dealer - Total, Fair Value 4,709,000 801,000
Interest rate swap | Non-Hedge | Counterparty | Asset Pledged as Collateral    
Information about derivatives and swaps    
Interest-bearing 5,300,000 1,900,000
Cash and cash equivalents $ 178,000 $ 1,000,000.0
v3.24.1.u1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
EARNINGS PER SHARE    
Net Income (Loss) $ 30,606 $ 28,092
Dividends declared on Common Stock:    
Undistributed net income for basic earnings per share 22,824 20,777
Weighted average potential dividends on Class A shares upon exercise of dilutive options (36) (21)
Undistributed net income for diluted earnings per share $ 22,788 $ 20,756
Weighted average shares outstanding:    
Effect of dilutive securities on Class A Shares outstanding 87,000 55,000
Weighted average shares outstanding including dilutive securities 19,694,000 19,990,000
Employee Stock Option [Member]    
Diluted earnings per share:    
Antidilutive stock options (in shares) 52,781 245,898
Employee Stock Option [Member] | Weighted Average    
Diluted earnings per share:    
Antidilutive stock options (in shares) 52,781 245,898
Class A Common Stock    
EARNINGS PER SHARE    
Cash dividend premium per share (as a percent) 10.00%  
Dividends declared on Common Stock:    
Dividends declared on Common Stock $ (6,986) $ (6,581)
Weighted average shares outstanding:    
Weighted average shares outstanding 17,456,000 17,776,000
Basic earnings per share:    
Per share dividends distributed $ 0.41 $ 0.37
Undistributed earnings per share 1.18 1.05
Total basic earnings per share 1.59 1.42
Diluted earnings per share:    
Per share dividends distributed 0.41 0.37
Undistributed earnings per share 1.17 1.05
Total diluted earnings per share $ 1.58 $ 1.42
Class B Common Stock    
Dividends declared on Common Stock:    
Dividends declared on Common Stock $ (796) $ (734)
Weighted average shares outstanding:    
Weighted average shares outstanding 2,151,000 2,159,000
Basic earnings per share:    
Per share dividends distributed $ 0.37 $ 0.34
Undistributed earnings per share 1.07 0.96
Total basic earnings per share 1.44 1.30
Diluted earnings per share:    
Per share dividends distributed 0.37 0.34
Undistributed earnings per share 1.06 0.95
Total diluted earnings per share $ 1.43 $ 1.29
v3.24.1.u1
OTHER COMPREHENSIVE INCOME - COMPONENTS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Available-for-Sale Debt Securities:    
Unrealized gain (loss) on AFS debt securities $ 592 $ 5,205
Unrealized gain (loss) on AFS debt security for which a portion of OTTI has been recognized in earnings 57 5
Total other comprehensive income (loss) before income tax 649 5,210
Income tax benefit (expense) related to items of other comprehensive income (163) (1,305)
Total other comprehensive income (loss), net of tax $ 486 $ 3,905
v3.24.1.u1
OTHER COMPREHENSIVE INCOME - AOCI Changes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Summary of the AOCI balances, net of tax    
Balance at beginning of period $ 912,756 $ 856,613
Current Year Change 486 3,905
Balance at end of period 935,583 882,202
Accumulated Other Comprehensive Income    
Summary of the AOCI balances, net of tax    
Balance at beginning of period (20,408) (31,979)
Current Year Change 486 3,905
Balance at end of period (19,922) (28,074)
Unrealized gain (loss) on AFS debt securities    
Summary of the AOCI balances, net of tax    
Balance at beginning of period (21,409) (32,934)
Current Year Change 429 3,900
Balance at end of period (20,980) (29,034)
Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings    
Summary of the AOCI balances, net of tax    
Balance at beginning of period 1,001 955
Current Year Change 57 5
Balance at end of period $ 1,058 $ 960
v3.24.1.u1
REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue recognition    
Net interest income $ 96,919 $ 92,642
Noninterest income:    
Mortgage banking income 310 800
Program fees 4,179 3,241
Increase in cash surrender value of BOLI 754 635
Total noninterest income 23,373 22,681
Total net revenue $ 120,292 $ 115,323
Net-revenue concentration (as percent) 100.00% 100.00%
Writedowns during entity's holding of property (as a percent) 10.00%  
Core Banking Activities    
Revenue recognition    
Net interest income $ 50,516 $ 52,255
Noninterest income:    
Mortgage banking income 310 800
Increase in cash surrender value of BOLI 754 635
Total noninterest income 8,309 8,482
Total net revenue $ 58,825 $ 60,737
Net-revenue concentration (as percent) 48.00% 52.00%
Traditional Banking    
Revenue recognition    
Net interest income $ 48,259 $ 50,168
Noninterest income:    
Mortgage banking income 310 800
Increase in cash surrender value of BOLI 754 635
Total noninterest income 8,296 8,471
Total net revenue $ 56,555 $ 58,639
Net-revenue concentration (as percent) 46.00% 50.00%
Warehouse Lending    
Revenue recognition    
Net interest income $ 2,257 $ 2,087
Noninterest income:    
Total noninterest income 13 11
Total net revenue $ 2,270 $ 2,098
Net-revenue concentration (as percent) 2.00% 2.00%
Republic Processing Group    
Revenue recognition    
Net interest income $ 46,403 $ 40,387
Noninterest income:    
Program fees 4,179 3,241
Total noninterest income 15,064 14,199
Total net revenue $ 61,467 $ 54,586
Net-revenue concentration (as percent) 52.00% 48.00%
Tax Refund Solutions    
Revenue recognition    
Net interest income $ 30,910 $ 28,307
Noninterest income:    
Total noninterest income 10,883 10,922
Total net revenue $ 41,793 $ 39,229
Net-revenue concentration (as percent) 35.00% 34.00%
Republic Payment Solutions    
Revenue recognition    
Net interest income $ 3,508 $ 3,458
Noninterest income:    
Program fees 773 707
Total noninterest income 774 718
Total net revenue $ 4,282 $ 4,176
Net-revenue concentration (as percent) 4.00% 4.00%
Republic Credit Solutions    
Revenue recognition    
Net interest income $ 11,985 $ 8,622
Noninterest income:    
Program fees 3,406 2,534
Total noninterest income 3,407 2,559
Total net revenue $ 15,392 $ 11,181
Net-revenue concentration (as percent) 13.00% 10.00%
Service charges on deposit accounts    
Noninterest income:    
Revenue under 606 $ 3,313 $ 3,299
Service charges on deposit accounts | Core Banking Activities    
Noninterest income:    
Revenue under 606 3,312 3,299
Service charges on deposit accounts | Traditional Banking    
Noninterest income:    
Revenue under 606 3,299 3,288
Service charges on deposit accounts | Warehouse Lending    
Noninterest income:    
Revenue under 606 13 11
Service charges on deposit accounts | Republic Processing Group    
Noninterest income:    
Revenue under 606 1  
Service charges on deposit accounts | Republic Credit Solutions    
Noninterest income:    
Revenue under 606 1  
Net refund transfer fees    
Noninterest income:    
Revenue under 606 10,820 10,807
Net refund transfer fees | Republic Processing Group    
Noninterest income:    
Revenue under 606 10,820 10,807
Net refund transfer fees | Tax Refund Solutions    
Noninterest income:    
Revenue under 606 10,820 10,807
Interchange fee income    
Noninterest income:    
Revenue under 606 3,157 3,051
Interchange fee income | Core Banking Activities    
Noninterest income:    
Revenue under 606 3,117 3,006
Interchange fee income | Traditional Banking    
Noninterest income:    
Revenue under 606 3,117 3,006
Interchange fee income | Republic Processing Group    
Noninterest income:    
Revenue under 606 40 45
Interchange fee income | Tax Refund Solutions    
Noninterest income:    
Revenue under 606 39 44
Interchange fee income | Republic Payment Solutions    
Noninterest income:    
Revenue under 606 1 1
Net losses on other real estate owned    
Noninterest income:    
Revenue under 606 (53) (53)
Net losses on other real estate owned | Core Banking Activities    
Noninterest income:    
Revenue under 606 (53) (53)
Net losses on other real estate owned | Traditional Banking    
Noninterest income:    
Revenue under 606 (53) (53)
Other    
Noninterest income:    
Revenue under 606 893 901
Other | Core Banking Activities    
Noninterest income:    
Revenue under 606 869 795
Other | Traditional Banking    
Noninterest income:    
Revenue under 606 869 795
Other | Republic Processing Group    
Noninterest income:    
Revenue under 606 24 106
Other | Tax Refund Solutions    
Noninterest income:    
Revenue under 606 $ 24 71
Other | Republic Payment Solutions    
Noninterest income:    
Revenue under 606   10
Other | Republic Credit Solutions    
Noninterest income:    
Revenue under 606   $ 25
v3.24.1.u1
SEGMENT INFORMATION (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
Segment Disclosure information      
Number of reportable segments | segment 5    
Segment information      
Net interest income $ 96,919 $ 92,642  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 30,622 26,766  
Mortgage banking income 310 800  
Program fees 4,179 3,241  
Other noninterest income 8,064 7,833  
Total noninterest income 23,373 22,681  
Total noninterest expense 50,971 52,443  
INCOME BEFORE INCOME TAX EXPENSE 38,699 36,114  
Income tax expense (benefit) 8,093 8,022  
NET INCOME 30,606 28,092  
Period-end assets $ 6,875,592 $ 6,074,091 $ 6,594,891
Net interest margin (as percent) 5.87% 6.52%  
Net-revenue concentration (as percent) 100.00% 100.00%  
Core Banking Activities      
Segment Disclosure information      
Number of reportable segments | segment 2    
Segment information      
Net interest income $ 50,516 $ 52,255  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 667 3,119  
Mortgage banking income 310 800  
Other noninterest income 7,999 7,682  
Total noninterest income 8,309 8,482  
Total noninterest expense 42,272 44,374  
INCOME BEFORE INCOME TAX EXPENSE 15,886 13,244  
Income tax expense (benefit) 2,764 2,936  
NET INCOME 13,122 10,308  
Period-end assets $ 6,229,830 $ 5,446,098  
Net interest margin (as percent) 3.30% 3.98%  
Net-revenue concentration (as percent) 48.00% 52.00%  
Traditional Banking      
Segment information      
Net interest income $ 48,259 $ 50,168  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 358 2,984  
Mortgage banking income 310 800  
Other noninterest income 7,986 7,671  
Total noninterest income 8,296 8,471  
Total noninterest expense 41,394 43,406  
INCOME BEFORE INCOME TAX EXPENSE 14,803 12,249  
Income tax expense (benefit) 2,520 2,713  
NET INCOME 12,283 9,536  
Period-end assets $ 5,766,166 $ 4,987,423  
Net interest margin (as percent) 3.33% 4.07%  
Net-revenue concentration (as percent) 46.00% 50.00%  
Warehouse Lending      
Segment information      
Net interest income $ 2,257 $ 2,087  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 309 135  
Other noninterest income 13 11  
Total noninterest income 13 11  
Total noninterest expense 878 968  
INCOME BEFORE INCOME TAX EXPENSE 1,083 995  
Income tax expense (benefit) 244 223  
NET INCOME 839 772  
Period-end assets $ 463,664 $ 458,675  
Net interest margin (as percent) 2.67% 2.53%  
Net-revenue concentration (as percent) 2.00% 2.00%  
Republic Processing Group      
Segment Disclosure information      
Number of reportable segments | segment 3    
Segment information      
Net interest income $ 46,403 $ 40,387  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 29,955 23,647  
Program fees 4,179 3,241  
Other noninterest income 65 151  
Total noninterest income 15,064 14,199  
Total noninterest expense 8,699 8,069  
INCOME BEFORE INCOME TAX EXPENSE 22,813 22,870  
Income tax expense (benefit) 5,329 5,086  
NET INCOME 17,484 17,784  
Period-end assets $ 645,762 $ 627,993  
Net-revenue concentration (as percent) 52.00% 48.00%  
Tax Refund Solutions      
Segment information      
Net interest income $ 30,910 $ 28,307  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 25,774 21,808  
Other noninterest income 63 115  
Total noninterest income 10,883 10,922  
Total noninterest expense 4,512 4,782  
INCOME BEFORE INCOME TAX EXPENSE 11,507 12,639  
Income tax expense (benefit) 2,714 2,806  
NET INCOME 8,793 9,833  
Period-end assets $ 106,401 $ 95,462  
Net-revenue concentration (as percent) 35.00% 34.00%  
Republic Payment Solutions      
Segment information      
Net interest income $ 3,508 $ 3,458  
Program fees 773 707  
Other noninterest income 1 11  
Total noninterest income 774 718  
Total noninterest expense 954 866  
INCOME BEFORE INCOME TAX EXPENSE 3,328 3,310  
Income tax expense (benefit) 761 735  
NET INCOME 2,567 2,575  
Period-end assets $ 406,847 $ 415,688  
Net interest margin (as percent) 5.07% 3.84%  
Net-revenue concentration (as percent) 4.00% 4.00%  
Republic Credit Solutions      
Segment information      
Net interest income $ 11,985 $ 8,622  
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities) 4,181 1,839  
Program fees 3,406 2,534  
Other noninterest income 1 25  
Total noninterest income 3,407 2,559  
Total noninterest expense 3,233 2,421  
INCOME BEFORE INCOME TAX EXPENSE 7,978 6,921  
Income tax expense (benefit) 1,854 1,545  
NET INCOME 6,124 5,376  
Period-end assets $ 132,514 $ 116,843  
Net-revenue concentration (as percent) 13.00% 10.00%  
Net refund transfer fees      
Segment information      
Revenue under 606 $ 10,820 $ 10,807  
Net refund transfer fees | Republic Processing Group      
Segment information      
Revenue under 606 10,820 10,807  
Net refund transfer fees | Tax Refund Solutions      
Segment information      
Revenue under 606 $ 10,820 $ 10,807  
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 30,606 $ 28,092
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false