Republic Bancorp Inc 8-K, filed Jan 28, 2022

Republic Bancorp Inc (RBCAA)

8-K 2022-01-28 For: 2022-01-28

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Added on April 04, 2026

About this 8-K

Republic Bancorp Inc filed this 8-K on January 28, 2022.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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Kentucky	0-24649	61-0862051
(State or other jurisdiction	(Commission File Number)	(I.R.S. Employer Identification No.)
of incorporation)

601 West Market Street, Louisville, Kentucky		40202
(Address of principal executive offices)		(zip code)

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

	(d)	Exhibits.

		Exhibit No.

		99.1 Republic Bancorp, Inc. Earnings Release dated January 28, 2022.

		99.2 Earnings Release Financial Supplement – Fourth Quarter 2021

		104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

		Republic Bancorp, Inc.
		(Registrant)


Date: January 28, 2022	By:	/s/ Kevin Sipes
		Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Republic Bancorp Inc 8-K, filed Jan 28, 2022

About this 8-K

Items reported

Republic Bancorp, Inc. Finishes 2021 with Fourth Quarter Net Income of $16.8 Million and Full Year Net Income of $86.8 Million

Contacts

Exhibit No		Description of Exhibit

99.1		Earnings Release dated January 28, 2022.
99.2		Earnings Release Financial Supplement – Fourth Quarter 2021
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)



	Total Company Financial Performance Highlights
		Three Months Ended Dec. 31,												Years Ended Dec. 31,
(dollars in thousands, except per share data)		2021			2020			$ Change			% Change			2021			2020			$ Change		% Change


Income Before Income Tax Expense		$	19,809		$	23,632		$	(3,823	)	(16	)	%	$	110,341		$	102,633		$	7,708	8		%
Net Income			16,805			20,356			(3,551	)	(17	)			86,789			83,246			3,543	4
Diluted EPS			0.84			0.98			(0.14	)	(14	)			4.24			3.99			0.25	6
Return on Average Assets ("ROA")			1.09	%		1.32	%		NA		(17	)			1.38	%		1.38	%		NA	—
Return on Average Equity ("ROE")			7.96			9.89			NA		(20	)			10.27			10.37			NA	(1	)

NA – Not applicable



	Net Interest Income							Net Interest Margin
(dollars in thousands)	Three Months Ended Dec. 31,							Three Months Ended Dec. 31,
Reportable Segment	2021		2020		Change			2021		2020		Change

Traditional Banking	$	37,572	$	40,972	$	(3,400	)	3.08	%	3.46	%	(0.38	)	%
Warehouse Lending		5,831		8,242		(2,411	)	3.08		3.51		(0.43	)
Mortgage Banking*		279		430		(151	)	NM		NM		NM
Total Core Bank	$	43,682	$	49,644	$	(5,962	)	3.08		3.48		(0.40	)



	Average Loan Balances										Period-End Loan Balances
(dollars in thousands)	Three Months Ended Dec. 31,										Dec. 31,
Reportable Segment		2021		2020	$ Change			% Change				2021		2020	$ Change			% Change

Traditional Banking	$	3,497,478	$	3,816,403	$	(318,925	)	(8	)	%	$	3,501,959	$	3,715,649	$	(213,690	)	(6	)	%
Warehouse Lending		757,688		939,164		(181,476	)	(19	)			850,550		962,796		(112,246	)	(12	)
Mortgage Banking*		25,227		32,075		(6,848	)	(21	)			29,393		46,867		(17,474	)	(37	)
Total Core Bank	$	4,280,393	$	4,787,642	$	(507,249	)	(11	)		$	4,381,902	$	4,725,312	$	(343,410	)	(7	)

*Includes loans held for sale NM – Not meaningful




	As of Dec. 31, 2021						As of Dec. 31, 2020						Year-over-Year Change
(dollars in thousands)					Allowance						Allowance		Allowance
Reportable Segment	Gross Loans		Allowance		to Loans		Gross Loans		Allowance		to Loans		to Loans			% Change

Traditional Bank, Less PPP	$	3,445,945	$	49,407	1.43	%	$	3,323,330	$	49,699	1.50	%	(0.07	)	%	(5	)	%
Plus: Paycheck Protection Program		56,014		—				392,319		—

Traditional Bank	$	3,501,959	$	49,407	1.41			3,715,649		49,699	1.34		0.07			5

Warehouse Lending		850,550		2,126	0.25			962,796		2,407	0.25		—			—

Total Core Bank		4,352,509		51,533	1.18			4,678,445		52,106	1.11		0.07			6

Tax Refund Solutions		50,987		96	0.19			23,765		158	0.66		(0.47	)		(71	)
Republic Credit Solutions		93,066		12,948	13.91			110,893		8,803	7.94		5.97			75
Total Republic Processing Group		144,053		13,044	9.06			134,658		8,961	6.65		2.41			36

Total Company	$	4,496,562	$	64,577	1.44		$	4,813,103	$	61,067	1.27		0.17			13


	As of and for the:
	Quarters Ended:								Years Ended:
	Dec. 31,		Sep. 30,		Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2021		2021		2021		2021		2021		2020		2019

Nonperforming loans to total loans	0.47	%	0.48	%	0.49	%	0.49	%	0.47	%	0.50	%	0.54	%

Nonperforming assets to total loans (including OREO)	0.51		0.52		0.53		0.53		0.51		0.56		0.54

Delinquent loans* to total loans	0.17		0.18		0.22		0.19		0.17		0.21		0.30

Net charge-offs (recoveries) to average loans	0.02		(0.02)		—		0.03		0.01		0.03		0.11
(Quarterly rates annualized)

OREO = Other Real Estate Owned
*Loans 30-days-or-more past due

(1)	“Core Bank” or “Core Banking” operations consist of the Traditional Banking, Warehouse Lending, and Mortgage Banking segments.

(2)	Provision – Provision for Expected Credit Loss Expense
	Allowance – Allowance for Credit Losses on Loans

(3)	PPP – The U.S. Small Business Administration’s Paycheck Protection Program

	The Company earns lender fees and 1.0% coupon interest on its PPP portfolio. Due to the short-term nature of the PPP, management believes Traditional Bank net interest income excluding PPP fees and interest is a more appropriate measure to analyze the Traditional Bank’s net interest income and net interest margin. The following table reconciles Traditional Bank net interest income and net interest margin to Traditional Bank net interest income and net interest margin excluding PPP fees and interest, a non-GAAP measure.



	Net Interest Income										Interest-Earning Assets										Net Interest Margin
	Three Months Ended Dec. 31,										Three Months Ended Dec. 31,										Three Months Ended Dec. 31,
(dollars in thousands)	2021		2020		$ Change			% Change			2021		2020		$ Change			% Change			2021		2020		% Change

Traditional Banking - GAAP	$	37,572	$	40,972	$	(3,400	)	(8	)	%	$	4,882,268	$	4,734,622	$	147,646		3		%	3.08	%	3.46	%	(0.38	)	%
Less: Impact of PPP fees and interest		3,080		6,030		(2,950	)	(49	)			89,156		463,725		(374,569	)	(81	)		0.20		0.19		0.01
Traditional Banking ex PPP fees and interest - non-GAAP	$	34,492	$	34,942	$	(450	)	(1	)		$	4,793,112	$	4,270,897	$	522,215		12			2.88		3.27		(0.39	)


	BALANCE SHEET DATA	S-2

	AVERAGE BALANCE SHEET DATA	S-3

	INCOME STATEMENT DATA	S-4

	SELECTED DATA AND RATIOS	S-5

	LOAN COMPOSITION	S-6

	ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-6

	CREDIT QUALITY DATA AND RATIOS	S-7

	SEGMENT DATA	S-8

	FOOTNOTES	S-11


Balance Sheet Data
	As of
	Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020
Assets:
Cash and cash equivalents	$	756,971		$	1,011,247		$	747,007		$	984,857		$	485,587
Investment securities, net of allowance for credit losses		542,045			543,449			573,027			532,443			580,270
Loans held for sale		52,077			40,546			56,833			79,307			51,643
Loans		4,496,562			4,343,806			4,554,221			4,666,593			4,813,103
Allowance for credit losses		(64,577	)		(63,024	)		(60,291	)		(75,336	)		(61,067	)
Loans, net		4,431,985			4,280,782			4,493,930			4,591,257			4,752,036
Federal Home Loan Bank stock, at cost		10,311			10,311			11,670			13,153			17,397
Premises and equipment, net		36,073			37,499			38,682			38,324			39,512
Right-of-use assets		38,825			39,257			40,698			41,911			43,345
Goodwill		16,300			16,300			16,300			16,300			16,300
Other real estate owned (“BOLI”)		1,792			1,845			1,898			2,015			2,499
Bank owned life insurance		99,161			99,634			99,008			68,408			68,018
Other assets and accrued interest receivable (“OREO”)		108,092			106,764			104,257			108,565			111,718
Total assets	$	6,093,632		$	6,187,634		$	6,183,310		$	6,476,540		$	6,168,325

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,990,781		$	2,086,548		$	2,062,433		$	2,276,348		$	1,890,416
Interest-bearing		2,849,637			2,861,399			2,955,145			2,995,144			2,842,765
Total deposits		4,840,418			4,947,947			5,017,578			5,271,492			4,733,181

Securities sold under agreements to
repurchase and other short-term borrowings (“SSUAR”)		290,967			260,583			142,895			175,580			211,026
Operating lease liabilities		39,672			40,151			41,621			42,854			44,340
Federal Home Loan Bank advances		25,000			25,000			25,000			25,000			235,000
Subordinated note		—			—			41,240			41,240			41,240
Other liabilities and accrued interest payable		63,343			75,296			69,886			82,665			80,215
Total liabilities		5,259,400			5,348,977			5,338,220			5,638,831			5,345,002

Stockholders' equity		834,232			838,657			845,090			837,709			823,323
Total liabilities and stockholders' equity	$	6,093,632		$	6,187,634		$	6,183,310		$	6,476,540		$	6,168,325


Average Balance Sheet Data
	Three Months Ended															Years Ended
	Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Dec. 31, 2021			Dec. 31, 2020
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	848,215		$	924,859		$	938,728		$	510,433		$	311,584		$	806,811		$	283,151
Investment securities, including FHLB stock		540,227			555,934			562,509			563,985			610,287			555,599			584,300
Loans, including loans held for sale		4,385,547			4,404,270			4,546,683			4,745,656			4,916,968			4,519,277			4,796,841
Total interest-earning assets		5,773,989			5,885,063			6,047,920			5,820,074			5,838,839			5,881,687			5,664,292

Allowance for credit losses		(63,711	)		(61,562	)		(74,258	)		(66,561	)		(60,342	)		(66,481	)		(60,008	)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		137,556			140,037			144,327			249,842			96,567			167,556			125,904
Premises and equipment, net		37,055			38,377			39,119			39,185			40,474			38,428			42,991
Bank owned life insurance		99,978			99,386			97,257			68,257			67,867			91,329			67,264
Other assets		192,755			187,286			186,197			191,497			187,361			189,386			171,422

Total assets	$	6,177,622		$	6,288,587		$	6,440,562		$	6,302,294		$	6,170,766		$	6,301,905		$	6,011,865

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	2,857,403		$	2,908,135		$	3,020,168		$	2,909,017		$	2,977,579		$	2,923,497		$	2,913,486
SSUARs		318,785			242,867			169,888			192,669			220,406			231,430			204,797
Federal Reserve Paycheck Protection Program Liquidity Facility		—			—			—			—			—			—			43,932
Federal Home Loan Bank advances		25,000			25,000			25,000			43,167			88,533			29,479			211,776
Subordinated note		—			40,791			41,240			41,240			41,240			30,732			41,240
Total interest-bearing liabilities		3,201,188			3,216,793			3,256,296			3,186,093			3,327,758			3,215,138			3,415,231

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		2,028,910			2,118,200			2,226,070			2,146,036			1,892,259			2,129,452			1,672,442
Other liabilities		102,694			104,659			108,891			133,953			127,640			112,444			121,466
Stockholders' equity		844,830			848,935			849,305			836,212			823,109			844,871			802,726

Total liabilities and stock-holders’ equity	$	6,177,622		$	6,288,587		$	6,440,562		$	6,302,294		$	6,170,766		$	6,301,905		$	6,011,865



Income Statement Data
	Three Months Ended															Years Ended
	Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Dec. 31, 2021			Dec. 31, 2020

Total interest income (1)	$	51,379		$	53,772		$	51,552		$	69,557		$	57,970		$	226,260		$	252,258
Total interest expense		1,038			1,340			1,511			1,777			2,850			5,666			19,943
Net interest income		50,341			52,432			50,041			67,780			55,120			220,594			232,315

Provision for expected credit loss expense		2,577			1,292			(4,323	)		15,262			484			14,808			31,278

Noninterest income:
Service charges on deposit accounts		3,332			3,277			3,071			2,873			3,011			12,553			11,615
Net refund transfer fees		326			1,280			5,921			12,721			409			20,248			20,297
Mortgage banking income (2)		3,339			5,280			4,182			7,193			7,879			19,994			31,847
Interchange fee income		3,291			3,263			3,481			3,027			2,917			13,062			11,188
Program fees (2)		4,217			4,530			3,549			2,225			1,846			14,521			7,095
Increase in cash surrender value of BOLI		626			626			600			390			401			2,242			1,585
Net losses on OREO		(53	)		(52	)		(44	)		(11	)		(30	)		(160	)		(40	)
Other		1,552			1,135			1,093			619			703			4,399			3,466
Total noninterest income		16,630			19,339			21,853			29,037			17,136			86,859			87,053

Noninterest expense:
Salaries and employee benefits		26,350			26,991			27,410			29,337			26,553			110,088			106,166
Technology, equipment, and communication		7,161			7,312			7,384			7,043			7,701			28,900			29,128
Occupancy		3,188			3,195			3,251			3,559			3,546			13,193			13,438
Marketing and development		1,080			1,279			1,193			773			1,261			4,325			4,031
FDIC insurance expense		402			325			418			446			366			1,591			1,010
Bank franchise tax expense		209			338			454			328			975			1,329			5,369
Interchange related expense		1,253			1,275			1,288			1,144			998			4,960			4,303
OREO and other repossession expense		2			—			2			(34	)		1			(30	)		46
Legal and professional fees		1,360			884			1,466			1,214			734			4,924			4,244
FHLB advance prepayment penalties		—			—			—			—			2,108			—			2,108
Other		3,580			2,653			2,790			4,001			3,897			13,024			15,614
Total noninterest expense		44,585			44,252			45,656			47,811			48,140			182,304			185,457

Income before income tax expense		19,809			26,227			30,561			33,744			23,632			110,341			102,633
Income tax expense		3,004			6,218			6,639			7,691			3,276			23,552			19,387


Selected Data and Ratios
	As of and for the Three Months Ended															As of and for the Years Ended
	Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020			Dec. 31, 2021			Dec. 31, 2020
Per Share Data:

Basic weighted average shares outstanding		20,270			20,508			20,894			20,997			21,037			20,675			21,039
Diluted weighted average shares outstanding		20,379			20,591			20,949			21,062			21,072			20,757			21,069

Period-end shares outstanding:
Class A Common Stock		17,816			18,040			18,421			18,628			18,697			17,816			18,697
Class B Common Stock		2,165			2,165			2,166			2,198			2,199			2,165			2,199

Book value per share (3)	$	41.75		$	41.51		$	41.05		$	40.22		$	39.40		$	41.75		$	39.40
Tangible book value per share (3)		40.48			40.26			39.85			39.07			38.27			40.48			38.27

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	0.84		$	0.99		$	1.16		$	1.26		$	0.98		$	4.25		$	4.00
Basic EPS - Class B Common Stock		0.77			0.90			1.05			1.14			0.89			3.87			3.64
Diluted EPS - Class A Common Stock		0.84			0.99			1.16			1.25			0.98			4.24			3.99
Diluted EPS - Class B Common Stock		0.76			0.90			1.05			1.14			0.89			3.85			3.63

Cash dividends declared per Common share:
Class A Common Stock	$	0.308		$	0.308		$	0.308		$	0.308		$	0.286		$	1.232		$	1.144
Class B Common Stock		0.280			0.280			0.280			0.280			0.260			1.120			1.040

Performance Ratios:

Return on average assets		1.09	%		1.27	%		1.49	%		1.65	%		1.32	%		1.38	%		1.38	%
Return on average equity		7.96			9.43			11.27			12.46			9.89			10.27			10.37
Efficiency ratio (4)		67			62			64			49			67			59			58
Yield on average interest-earning assets (1)		3.56			3.65			3.41			4.78			3.97			3.85			4.45
Cost of average interest-bearing liabilities		0.13			0.17			0.19			0.22			0.34			0.17			0.58
Cost of average deposits (5)		0.08			0.09			0.10			0.12			0.19			0.10			0.33
Net interest spread (1)		3.43			3.48			3.22			4.56			3.63			3.68			3.87
Net interest margin - Total Company (1)		3.49			3.56			3.31			4.66			3.78			3.75			4.10
Net interest margin - Core Bank		3.08			3.25			3.03			3.46			3.48			3.20			3.39

Other Information:

Loan Composition and Allowance for Credit Losses on Loans
	As of
	Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	820,731	$	827,898	$	852,947	$	851,869	$	879,800
Nonowner occupied		306,323		294,818		289,290		271,829		264,780
Commercial real estate		1,456,009		1,393,241		1,389,003		1,344,394		1,349,085
Construction & land development		129,337		105,968		95,180		102,113		98,674
Commercial & industrial		340,363		333,795		330,302		312,537		325,596
Paycheck Protection Program		56,014		126,271		250,933		383,311		392,319
Lease financing receivables		8,637		9,427		9,249		9,930		10,130
Aircraft		142,894		130,398		121,112		106,081		101,375
Home equity		210,578		215,282		217,621		226,280		240,640
Consumer:
Credit cards		14,510		14,781		14,754		14,200		14,196
Overdrafts		683		753		717		474		587
Automobile loans		14,448		17,533		21,190		25,624		30,300
Other consumer		1,432		6,223		6,796		7,325		8,167
Total Traditional Banking		3,501,959		3,476,388		3,599,094		3,655,967		3,715,649
Warehouse lines of credit		850,550		750,682		840,155		865,844		962,796
Total Core Banking		4,352,509		4,227,070		4,439,249		4,521,811		4,678,445

Republic Processing Group:
Tax Refund Solutions:
Easy Advances		—		—		—		30,703		—
Other TRS loans		50,987		25		23		5,770		23,765
Republic Credit Solutions		93,066		116,711		114,949		108,309		110,893
Total Republic Processing Group		144,053		116,736		114,972		144,782		134,658

Total loans - Total Company	$	4,496,562	$	4,343,806	$	4,554,221	$	4,666,593	$	4,813,103

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	49,407	$	49,487	$	49,362	$	49,387	$	49,699
Warehouse Lending		2,126		1,877		2,100		2,165		2,407
Total Core Banking		51,533		51,364		51,462		51,552		52,106

Tax Refund Solutions		96		—		—		16,029		158
Republic Credit Solutions		12,948		11,660		8,829		7,755		8,803
Total Republic Processing Group		13,044		11,660		8,829		23,784		8,961

Total Allowance - Total Company	$	64,577	$	63,024	$	60,291	$	75,336	$	61,067

Allowance to Total Loans

Traditional Banking	1.41	%	1.42	%	1.37	%	1.35	%	1.34	%
Warehouse Lending	0.25		0.25		0.25		0.25		0.25
Total Core Banking	1.18		1.22		1.16		1.14		1.11

Tax Refund Solutions	0.19		—		—		43.95		0.66
Republic Credit Solutions	13.91		9.99		7.68		7.16		7.94
Total Republic Processing Group	9.06		9.99		7.68		16.43		6.65

Total Company	1.44		1.45		1.32		1.61		1.27


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

Mortgage Banking	Primarily originates, sells and services long-term, single-family, first-lien residential real estate loans primarily to clients in the Bank's market footprint.	Loan sales and servicing

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. The RPS division of TRS offers general-purpose reloadable cards. TRS and RPS products are primarily provided to clients outside of the Bank’s market footprint.	Loans, refund transfers, and 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


	Three Months Ended December 31, 2021
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company

Net interest income	$	37,572		$	5,831		$	279		$	43,682		$	244		$	6,415		$	6,659		$	50,341

Provision for expected credit loss expense		88			249			—			337			(1,167	)		3,407			2,240			2,577

Net refund transfer fees		—			—			—			—			326			—			326			326
Mortgage banking income		—			—			3,339			3,339			—			—			—			3,339
Program fees		—			—			—			—			797			3,420			4,217			4,217
Other noninterest income		8,630			14			51			8,695			53			—			53			8,748
Total noninterest income		8,630			14			3,390			12,034			1,176			3,420			4,596			16,630

Total noninterest expense		35,184			1,060			2,972			39,216			4,379			990			5,369			44,585

Income (loss) before income tax expense		10,930			4,536			697			16,163			(1,792	)		5,438			3,646			19,809
Income tax expense (benefit)		963			1,043			153			2,159			(503	)		1,348			845			3,004

Net income (loss)	$	9,967		$	3,493		$	544		$	14,004		$	(1,289	)	$	4,090		$	2,801		$	16,805

Period-end assets	$	4,717,836		$	850,703		$	43,929		$	5,612,468		$	371,647		$	109,517		$	481,164		$	6,093,632

Net interest margin		3.08	%		3.08	%	NM				3.08	%	NM			NM			NM				3.49	%

Net-revenue concentration*		69	%		9	%		5	%		83	%		2	%		15	%		17	%		100	%

	Three Months Ended December 31, 2020
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company

Net interest income	$	40,972		$	8,242		$	430		$	49,644		$	488		$	4,988		$	5,476		$	55,120

Provision for expected credit loss expense		1,731			(165	)		—			1,566			(2,050	)		968			(1,082	)		484

Net refund transfer fees		—			—			—			—			409			—			409			409
Mortgage banking income		—			—			7,879			7,879			—			—			—			7,879
Program fees		—			—			—			—			620			1,226			1,846			1,846
Other noninterest income		6,905			17			50			6,972			30			—			30			7,002
Total noninterest income		6,905			17			7,929			14,851			1,059			1,226			2,285			17,136

Total noninterest expense		39,311			898			3,243			43,452			3,925			763			4,688			48,140

Income (loss) before income tax expense		6,835			7,526			5,116			19,477			(328	)		4,483			4,155			23,632
Income tax expense (benefit)		(352	)		1,694			1,074			2,416			(164	)		1,024			860			3,276

Net income	$	7,187		$	5,832		$	4,042		$	17,061		$	(164	)	$	3,459		$	3,295		$	20,356

Period-end assets	$	4,750,460		$	962,692		$	62,400		$	5,775,552		$	285,612		$	107,161		$	392,773		$	6,168,325

Net interest margin		3.46	%		3.51	%	NM				3.48	%	NM			NM			NM				3.78	%

Net-revenue concentration*		66	%		11	%		12	%		89	%		2	%		9	%		11	%		100	%

	Year Ended December 31, 2021
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company

Net interest income	$	157,249		$	25,218		$	1,081		$	183,548		$	15,837		$	21,209		$	37,046		$	220,594

Provision for expected credit loss expense		(38	)		(281	)		—			(319	)		6,683			8,444			15,127			14,808

Net refund transfer fees		—			—			—			—			20,248			—			20,248			20,248
Mortgage banking income		—			—			19,994			19,994			—			—			—			19,994
Program fees		—			—			—			—			3,171			11,350			14,521			14,521
Other noninterest income		31,492			57			191			31,740			356			—			356			32,096
Total noninterest income		31,492			57			20,185			51,734			23,775			11,350			35,125			86,859

Total noninterest expense		145,376			4,210			12,356			161,942			16,344			4,018			20,362			182,304

Income before income tax expense		43,403			21,346			8,910			73,659			16,585			20,097			36,682			110,341
Income tax expense		7,681			4,962			1,960			14,603			3,964			4,985			8,949			23,552

Net income	$	35,722		$	16,384		$	6,950		$	59,056		$	12,621		$	15,112		$	27,733		$	86,789

Period-end assets	$	4,717,836		$	850,703		$	43,929		$	5,612,468		$	371,647		$	109,517		$	481,164		$	6,093,632

Net interest margin		3.18	%		3.37	%	NM				3.20	%	NM			NM			NM				3.75	%

Net-revenue concentration*		61	%		8	%		7	%		76	%		13	%		11	%		24	%		100	%

	Year Ended December 31, 2020
	Core Banking												Republic Processing Group
										Total			Tax			Republic
	Traditional			Warehouse			Mortgage			Core			Refund			Credit			Total			Total
(dollars in thousands)	Banking			Lending			Banking			Banking			Solutions			Solutions			RPG			Company

Net interest income	$	159,381		$	25,957		$	1,362		$	186,700		$	22,972		$	22,643		$	45,615		$	232,315

Provision for expected credit loss expense		16,257			613			—			16,870			13,189			1,219			14,408			31,278

Net refund transfer fees		—			—			—			—			20,297			—			20,297			20,297
Mortgage banking income		—			—			31,847			31,847			—			—			—			31,847
Program fees		—			—			—			—			2,193			4,902			7,095			7,095
Other noninterest income		27,404			24			103			27,531			283			—			283			27,814
Total noninterest income		27,404			24			31,950			59,378			22,773			4,902			27,675			87,053

Total noninterest expense		149,061			4,387			10,760			164,208			17,514			3,735			21,249			185,457

Income before income tax expense		21,467			20,981			22,552			65,000			15,042			22,591			37,633			102,633
Income tax expense		1,395			4,721			4,736			10,852			3,323			5,212			8,535			19,387

Net income	$	20,072		$	16,260		$	17,816		$	54,148		$	11,719		$	17,379		$	29,098		$	83,246

Period-end assets	$	4,750,460		$	962,692		$	62,400		$	5,775,552		$	285,612		$	107,161		$	392,773		$	6,168,325

Net interest margin		3.42	%		3.19	%	NM				3.39	%	NM			NM			NM				4.10	%

Net-revenue concentration*		59	%		8	%		10	%		77	%		14	%		9	%		23	%		100	%


	As of
(dollars in thousands, except per share data)	Dec. 31, 2021			Sep. 30, 2021			Jun. 30, 2021			Mar. 31, 2021			Dec. 31, 2020

Total stockholders' equity - GAAP (a)	$	834,232		$	838,657		$	845,090		$	837,709		$	823,323
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		9,196			8,867			8,335			7,711			7,095
Less: Core deposit intangible		—			—			—			53			189
Tangible stockholders' equity - Non-GAAP (c)	$	808,736		$	813,490		$	820,455		$	813,645		$	799,739

Total assets - GAAP (b)	$	6,093,632		$	6,187,634		$	6,183,310		$	6,476,540		$	6,168,325
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		9,196			8,867			8,335			7,711			7,095
Less: Core deposit intangible		—			—			—			53			189
Tangible assets - Non-GAAP (d)	$	6,068,136		$	6,162,467		$	6,158,675		$	6,452,476		$	6,144,741

Total stockholders' equity to total assets - GAAP (a/b)		13.69	%		13.55	%		13.67	%		12.93	%		13.35	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.33	%		13.20	%		13.32	%		12.61	%		13.02	%

Number of shares outstanding (e)		19,981			20,205			20,587			20,826			20,896

Book value per share - GAAP (a/e)	$	41.75		$	41.51		$	41.05		$	40.22		$	39.40
Tangible book value per share - Non-GAAP (c/e)		40.48			40.26			39.85			39.07			38.27