Republic Bancorp Inc 8-K, filed Jul 23, 2021

Republic Bancorp Inc (RBCAA)

8-K 2021-07-23 For: 2021-07-23

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Added on April 04, 2026

About this 8-K

Republic Bancorp Inc filed this 8-K on July 23, 2021.

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

		Republic Bancorp, Inc.
		(Registrant)


Date: July 23, 2021	By:	/s/ Kevin Sipes
		Kevin Sipes
		Executive Vice President, Chief Financial Officer & Chief Accounting Officer

Exhibit No.	Description of Exhibit

99.1	Earnings Release dated July 23, 2021.
99.2	Earnings Release Financial Supplement – Second Quarter 2021
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Republic Bancorp Inc 8-K, filed Jul 23, 2021

About this 8-K

Items reported

Republic Bancorp, Inc. Reports 51% Increase in Second Quarter Net Income

Contacts



	Total Company Financial Performance Highlights
		Three Months Ended Jun. 30,													Six Months Ended Jun. 30,
(dollars in thousands, except per share data)		2021			2020				$ Change			% Change			2021			2020			$ Change		% Change


Income from Continuing Operations Before Income Tax Expense		$	20,659		$	22,208			$	(1,549	)	(7	)	%	$	46,791		$	39,622		$	7,169	18	%
Income from Discontinued Operations Before Income Tax Expense			9,902			(2,611	)			12,513		NM				17,514			13,553			3,961	29
Income Before Income Tax Expense		$	30,561		$	19,597			$	10,964		56		%	$	64,305		$	53,175		$	11,130	21	%

Income from Continuing Operations, net of tax		$	16,502		$	17,755			$	(1,253	)	(7	)	%	$	36,828		$	32,069		$	4,759	15	%
Income from Discontinued Operations, net of tax			7,420			(1,951	)			9,371		NM				13,147			10,432			2,715	26
Net Income		$	23,922		$	15,804			$	8,118		51		%	$	49,975		$	42,501		$	7,474	18	%


Diluted EPS from Continuing Operations		$	0.80		$	0.86			$	(0.06	)	(7	)	%	$	1.78		$	1.54		$	0.24	16	%
Diluted EPS from Discontinued Operations			0.36			(0.10	)			0.46		NM				0.63			0.50			0.13	26
Diluted EPS		$	1.16		$	0.76			$	0.40		53		%	$	2.41		$	2.04		$	0.37	18	%

Return on Average Assets ("ROA")			1.49	%		1.04		%		NA		43		%		1.57	%		1.45	%		NA	8	%
ROA from Continuing Operations			1.03			1.17				NA		(12	)			1.16			1.10			NA	5

Return on Average Equity ("ROE")			11.27	%		7.93		%		NA		42		%		11.86	%		10.79	%		NA	10	%
ROE from Continuing Operations			7.77			8.91				NA		(13	)			8.74			8.14			NA	7

NA – Not applicable
NM – Not meaningful



	Net Interest Income							Net Interest Margin
(dollars in thousands)	Three Months Ended Jun. 30,							Three Months Ended Jun. 30,
Reportable Segment	2021		2020		Change			2021		2020		Change

Traditional Banking	$	38,278	$	39,035	$	(757	)	2.97	%	3.26	%	(0.29	)	%
Warehouse Lending		6,324		6,063		261		3.48		3.01		0.47
Mortgage Banking*		140		419		(279	)	NM		NM		NM
Total Core Bank	$	44,742	$	45,517	$	(775	)	3.03	%	3.23	%	(0.20	)	%



	Average Loan Balances										Period-End Loan Balances
(dollars in thousands)	Three Months Ended Jun. 30,										Jun. 30,
Reportable Segment	2021		2020		$ Change			% Change			2021		2020		$ Change			% Change

Traditional Banking	$	3,652,017	$	3,883,753	$	(231,736	)	(6	)	%	$	3,599,094	$	3,935,823	$	(336,729	)	(9	)	%
Warehouse Lending		727,091		806,771		(79,680	)	(10	)			840,155		1,029,779		(189,624	)	(18	)
Mortgage Banking*		28,740		42,290		(13,550	)	(32	)			32,401		40,028		(7,627	)	(19	)
Total Core Bank	$	4,407,848	$	4,732,814	$	(324,966	)	(7	)	%	$	4,471,650	$	5,005,630	$	(533,980	)	(11	)	%

*Includes loans held for sale
NM – Not meaningful




	As of Jun. 30, 2021						As of Jun. 30, 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			% Increase

Traditional Bank, Less PPP	$	3,348,160	$	49,363	1.47	%	$	3,424,758	$	43,177	1.26	%	0.21		%	17		%
Plus: Paycheck Protection Program		250,934		—				511,065		—

Traditional Bank	$	3,599,094	$	49,363	1.37			3,935,823		43,177	1.10		0.27			25

Warehouse Lending		840,155		2,100	0.25			1,029,779		2,575	0.25		—			—

Total Core Bank		4,439,249		51,463	1.16			4,965,602		45,752	0.92		0.24			26

Total Republic Processing Group		114,949		8,828	7.68			99,201		9,345	9.42		(1.74	)		(18	)

Total Company	$	4,554,198	$	60,291	1.32	%	$	5,064,803	$	55,097	1.09	%	0.24		%	22		%



	Quarters Ended:				Years Ended:
	Jun. 30,		Mar. 31,		Dec. 31,		Dec. 31,		Dec. 31,
Core Banking Credit Quality Ratios	2021		2021		2020		2019		2018

Nonperforming loans to total loans	0.49	%	0.49	%	0.50	%	0.54	%	0.40	%

Nonperforming assets to total loans (including OREO)	0.53		0.53		0.56		0.54		0.40

Delinquent loans* to total loans	0.22		0.19		0.21		0.30		0.22

Net charge-offs to average loans	—		0.03		0.03		0.11		0.06
(Quarterly rates annualized)

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

(1)		Operations for the Company, its Republic Processing Group (“RPG”), and its Tax Refund Solutions (“TRS”) segment include discontinued and continuing operations. For all periods presented within this release and its supporting financial supplement, discontinued operations include results directly attributable to those operations the Company has agreed to sell to Green Dot. These discontinued operations have historically contained the majority of TRS’s revenue and expense. Continuing operations of the TRS segment include results for TRS’s Republic Payment Solutions (“RPS”) division and certain overhead costs that are expected to remain with RPG. Interest income and expense for continuing and discontinued operations also include intercompany interest charged and earned based on the Company’s funds transfer pricing methodology.

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

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

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

(5)		Due to the short-term nature of the PPP, management believes Traditional Bank net interest income excluding PPP lender fees 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 lender fees, a non-GAAP measure. Net interest margin excluding PPP lender fees presented below also excludes average PPP loans of $350 million and $387 million for the quarters ended June 30, 2021 and 2020.

(6)		Republic Processing Group operations consist of the Tax Refund Solutions and Republic Credit Solutions segments.

NM – Not meaningful

NA – Not applicable

	YEAR TO YEAR COMPARISON	S-2

	Balance Sheet Data	S-2
	Average Balance Sheet Data (Continuing Operations)	S-2
	Income Statement Data	S-3
	Selected Data and Ratios	S-4
	Credit Quality Data and Ratios	S-6

	QUARTERLY COMPARISON	S-7

	Balance Sheet Data	S-7
	Average Balance Sheet Data (Continuing Operations)	S-7
	Income Statement Data	S-8
	Selected Data and Ratios	S-9
	Credit Quality Data and Ratios	S-11

	SEGMENT DATA	S-12

	Quarter to Date Income Statement by Segment	S-13
	Year to Date Income Statement by Segment	S-14

	FOOTNOTES	S-15

Balance Sheet Data
	Jun. 30, 2021			Dec. 31, 2020			Jun. 30, 2020
Assets:
Cash and cash equivalents	$	747,007		$	485,587		$	$560,195
Investment securities, net of allowance for credit losses		573,027			580,270			545,607
Loans held for sale		56,833			51,643			52,992
Loans for discontinued operations (1)		23			23,765			289
Loans		4,554,198			4,789,338			5,064,803
Allowance for credit losses		(60,291	)		(61,067	)		(55,097	)
Loans, net		4,493,907			4,728,271			5,009,706
Federal Home Loan Bank stock, at cost		11,670			17,397			25,629
Premises and equipment, net		38,682			39,512			42,753
Right-of-use assets		40,698			43,345			34,450
Goodwill		16,300			16,300			16,300
Other real estate owned ("OREO")		1,898			2,499			2,194
Bank owned life insurance ("BOLI")		99,008			68,018			67,217
Other assets and accrued interest receivable		104,257			111,718			103,243
Total assets	$	6,183,310		$	6,168,325		$	$6,460,575

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	2,015,449		$	1,871,539		$	$1,780,043
Interest-bearing		2,955,145			2,842,765			3,196,685
Deposits held for assumption (1)		46,984			18,877			41,357
Total deposits		5,017,578			4,733,181			5,018,085

Securities sold under agreements to repurchase and other short-term borrowings		142,895			211,026			177,397
Operating lease liabilities		41,621			44,340			35,571
Federal Reserve Paycheck Protection Program Liquidity Facility		—			—			169,209
Federal Home Loan Bank advances		25,000			235,000			137,500
Subordinated note		41,240			41,240			41,240
Other liabilities and accrued interest payable		69,886			80,215			85,954
Total liabilities		5,338,220			5,345,002			5,664,956

Stockholders' equity		845,090			823,323			795,619
Total liabilities and stockholders' equity	$	6,183,310		$	6,168,325		$	$6,460,575

Average Balance Sheet Data (Continuing Operations) (1)
	Three Months Ended Jun. 30,				Six Months Ended Jun. 30,
	2021		2020		2021		2020
Assets:
Federal funds sold and other interest-earning deposits	$	988,171	$	331,344	$	885,972	$	408,109
Investment securities, including FHLB stock		562,509		605,776		563,243		562,751
Loans, including loans held for sale		4,528,640		4,845,273		4,572,564		4,586,224
Total interest-earning assets		6,079,320		5,782,393		6,021,779		5,557,084
Total assets		6,435,422		6,088,152		6,360,534		5,845,797

Liabilities and Stockholders' Equity:
Noninterest-bearing deposits	$	2,142,055	$	1,611,026	$	2,054,131	$	1,348,541
Interest-bearing deposits		3,020,168		2,827,424		2,964,900		2,807,984
Securities sold under agreements to repurchase and other short-term borrowings		253,903		316,682		313,360		377,705
Federal Reserve Paycheck Protection Program Liquidity Facility		—		122,769		—		61,384
Federal Home Loan Bank advances		25,000		263,296		34,033		317,307
Subordinated note		41,240		41,240		41,240		41,240
Total interest-bearing liabilities		3,340,311		3,571,411		3,353,533		3,605,620
Stockholders' equity		849,305		797,227		842,826		788,064

Income Statement Data
	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2021			2020			2021			2020

Total interest income (2)	$	51,284		$	56,904		$	106,566		$	118,537
Total interest expense		1,646			5,092			3,550			14,253
Net interest income		49,638			51,812			103,016			104,284

Provision for expected credit loss expense		1,450			2,086			828			9,713

Noninterest income:
Service charges on deposit accounts		3,071			2,451			5,944			5,587
Mortgage banking income		4,182			8,398			11,375			13,193
Interchange fee income		3,368			2,725			6,339			5,219
Program fees		3,549			1,138			5,774			3,762
Increase in cash surrender value of BOLI		600			395			990			784
Net gains (losses) on OREO		(44	)		1			(55	)		4
Other		1,035			575			1,635			1,812
Total noninterest income		15,761			15,683			32,002			30,361

Noninterest expense:
Salaries and employee benefits		26,106			25,106			53,522			50,198
Technology, equipment, and communication		7,321			6,804			14,253			13,564
Occupancy		3,250			3,302			6,809			6,518
Marketing and development		1,120			969			1,851			1,710
FDIC insurance expense		418			299			714			299
Bank franchise tax expense		452			911			777			1,693
Interchange related expense		1,288			1,173			2,432			2,249
Other real estate owned and other repossession expense		2			21			(32	)		39
Legal and professional fees		448			1,003			1,601			2,097
Other		2,885			3,613			5,472			6,943
Total noninterest expense		43,290			43,201			87,399			85,310

Income from continuing operations before income tax expense		20,659			22,208			46,791			39,622
Income tax expense		4,157			4,453			9,963			7,553
Income from continuing operations		16,502			17,755			36,828			32,069
Discontinued operations (1) (2):
Income (loss) from discontinued operations before income taxes		9,902			(2,611	)		17,514			13,553
Income tax expense (benefit)		2,482			(660	)		4,367			3,121
Income (loss) from discontinued operations, net of tax		7,420			(1,951	)		13,147			10,432


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

Total interest income (2)	$	51,284		$	55,282		$	57,908		$	55,905		$	56,904
Total interest expense		1,646			1,904			2,880			3,856			5,092
Net interest income		49,638			53,378			55,028			52,049			51,812

Provision for expected credit loss expense		1,450			(622	)		2,534			5,842			2,086

Noninterest income:
Service charges on deposit accounts		3,071			2,873			3,011			3,017			2,451
Mortgage banking income		4,182			7,193			7,879			10,775			8,398
Interchange fee income		3,368			2,971			2,889			2,874			2,725
Program fees		3,549			2,225			1,846			1,487			1,138
Increase in cash surrender value of BOLI		600			390			401			400			395
Net gains (losses) on OREO		(44	)		(11	)		(30	)		(14	)		1
Other		1,035			600			701			861			575
Total noninterest income		15,761			16,241			16,697			19,400			15,683

Noninterest expense:
Salaries and employee benefits		26,106			27,416			25,220			25,207			25,106
Technology, equipment, and communication		7,321			6,932			7,595			7,402			6,804
Occupancy		3,250			3,559			3,545			3,367			3,302
Marketing and development		1,120			731			1,079			864			969
FDIC insurance expense		418			296			366			345			299
Bank franchise tax expense		452			325			972			972			911
Interchange related expense		1,288			1,144			998			1,056			1,173
Other real estate owned and other repossession expense		2			(34	)		1			6			21
Legal and professional fees		448			1,153			700			1,240			1,003
FHLB advance prepayment penalties		—			—			2,108			—			—
Other		2,885			2,587			3,150			3,319			3,613
Total noninterest expense		43,290			44,109			45,734			43,778			43,201

Income from continuing operations before income tax expense		20,659			26,132			23,457			21,829			22,208
Income tax expense		4,157			5,806			3,309			4,554			4,453
Income from continuing operations		16,502			20,326			20,148			17,275			17,755
Discontinued operations (1) (2):
Income (loss) from discontinued operations before income taxes		9,902			7,612			175			3,997			(2,611	)


Income Statement Data for Discontinued Operations (1)
	Three Months Ended
	Jun. 30, 2021			Mar. 31, 2021		Dec. 31, 2020			Sep. 30, 2020			Jun. 30, 2020

Total interest income (2)	$	433		$	14,568	$	98		$	205		$	650
Total interest expense		30			166		6			2			257
Net interest income		403			14,402		92			203			393

Provision for expected credit loss expense		(5,773	)		15,884		(2,050	)		(4,342	)		4,448

Noninterest income:
Net refund transfer fees		5,921			12,721		409			1,152			2,913
Interchange fee income		113			56		28			37			83
Other		58			19		2			8			72
Total noninterest income		6,092			12,796		439			1,197			3,068

Noninterest expense:
Salaries and employee benefits		1,304			1,921		1,333			1,460			1,218
Other		1,062			1,781		1,073			285			406
Total noninterest expense		2,366			3,702		2,406			1,745			1,624

Income (loss) from discontinued operations before income taxes		9,902			7,612		175			3,997			(2,611	)
Income tax expense (benefit)		2,482			1,885		(33	)		883			(660	)
Income (loss) from discontinued operations, net of tax	$	7,420		$	5,727	$	208		$	3,114		$	(1,951	)

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

Basic weighted average shares outstanding		20,894			20,997			21,037			21,026			21,004
Diluted weighted average shares outstanding		20,949			21,062			21,072			21,046			21,029

Period-end shares outstanding:
Class A Common Stock		18,421			18,628			18,697			18,715			18,708
Class B Common Stock		2,166			2,198			2,199			2,200			2,200

Book value per share (3)	$	41.05		$	40.22		$	39.40		$	38.75		$	38.05
Tangible book value per share (3)		39.85			39.07			38.27			37.63			36.93

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.16		$	1.26		$	0.98		$	0.98		$	0.77
Basic EPS - Class B Common Stock		1.05			1.14			0.89			0.89			0.69
Diluted EPS - Class A Common Stock		1.16			1.25			0.98			0.98			0.76
Diluted EPS - Class B Common Stock		1.05			1.14			0.89			0.89			0.69

Earnings per share from continuing operations:
Basic EPS - Class A Common Stock	$	0.80		$	0.71		$	0.97		$	0.84		$	0.86
Basic EPS - Class B Common Stock		0.73			0.64			0.88			0.76			0.78
Diluted EPS - Class A Common Stock		0.80			0.71			0.97			0.84			0.86
Diluted EPS - Class B Common Stock		0.73			0.64			0.88			0.76			0.78

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

Performance Ratios:

Return on average assets		1.49	%		1.65	%		1.32	%		1.33	%		1.04	%
Return on average assets from continuing operations		1.03			1.29			1.31			1.12			1.17
Return on average equity		11.27			12.46			9.89			10.05			7.93
Return on average equity from continuing operations		7.77			9.72			9.79			8.52			8.91
Efficiency ratio from continuing operations (4)		66			63			64			61			64
Yield on average interest-earning assets from continuing operations (2)		3.37			3.71			3.97			3.84			3.94
Cost of average interest-bearing liabilities from continuing operations		0.20			0.23			0.34			0.45			0.57

Credit Quality Data and Ratios	As of and for the						As of and for the
	Three Months Ended Jun. 30,						Six Months Ended Jun. 30,
	2021			2020			2021			2020
Credit Quality Asset Balances:

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	21,621		$	19,884		$	21,621		$	19,884
Loans past due 90-days-or-more and still on accrual		723			535			723			535
Total nonperforming loans		22,344			20,419			22,344			20,419
OREO		1,898			2,194			1,898			2,194
Total nonperforming assets	$	24,242		$	22,613		$	24,242		$	22,613

Nonperforming Assets - Core Bank (6):
Loans on nonaccrual status	$	21,621		$	19,884		$	21,621		$	19,884
Loans past due 90-days-or-more and still on accrual		—			—			—			—
Total nonperforming loans		21,621			19,884			21,621			19,884
OREO		1,898			2,194			1,898			2,194
Total nonperforming assets	$	23,519		$	22,078		$	23,519		$	22,078

Delinquent loans:
Delinquent loans - Core Bank	$	9,909		$	7,861		$	9,909		$	7,861
Delinquent loans - RPG (8)		8,809			6,185			8,809			6,185
Total delinquent loans - Total Company	$	18,718		$	14,046		$	18,718		$	14,046


Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.49	%		0.40	%		0.49	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.53			0.45			0.53			0.45
Nonperforming assets to total assets		0.39			0.35			0.39			0.35
Allowance for credit losses to total loans		1.32			1.09			1.32			1.09
Allowance for credit losses to nonperforming loans		270			270			270			270
Delinquent loans to total loans (9)		0.41			0.28			0.41			0.28
Net charge-offs to average loans (annualized)		0.95			1.80			0.52			1.03
Net charge-offs from continuing operations to average loans (annualized)		0.05			0.19			0.07			0.19

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.49	%		0.40	%		0.49	%		0.40	%
Nonperforming assets to total loans (including OREO)		0.53			0.44			0.53			0.44
Nonperforming assets to total assets		0.42			0.36			0.42			0.36
Allowance for credit losses to total loans		1.16			0.92			1.16			0.92
Allowance for credit losses to nonperforming loans		238			230			238			230
Delinquent loans to total loans		0.22			0.16			0.22			0.16
Net charge-offs to average loans (annualized)		—			0.04			0.02			0.01


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:

Continuing Operations	Continuing operations of TRS include its RPS division and certain indirect costs that are expected to remain with RPG. The RPS division of TRS offers general-purpose reloadable cards primarily to clients outside of the Bank’s market footprint.	Prepaid Cards

Discontinued Operations	The Bank signed a definitive agreement in May 2021 to sell its TRS operations to Green Dot. These TRS operations have traditionally represented the significant majority of revenue and expense generated at the TRS segment. The TRS operations to be sold offer 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 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 June 30, 2021
	Core Banking												Republic Processing Group ("RPG")
										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	$	38,278		$	6,324		$	140		$	44,742		$	220		$	4,676		$	4,896		$	49,638

Provision for expected credit loss expense		(77	)		(65	)		—			(142	))		—			1,592			1,592			1,450

Mortgage banking income		—			—			4,182			4,182			—			—			—			4,182
Program fees		—			—			—			—			715			2,834			3,549			3,549
Other noninterest income		7,970			14			50			8,034			(4	)		—			(4	)		8,030
Total noninterest income		7,970			14			4,232			12,216			711			2,834			3,545			15,761

Total noninterest expense		36,937			1,066			3,006			41,009			1,331			950			2,281			43,290

Income (loss) from continuing operations before income tax expense		9,388			5,337			1,366			16,091			(400	)		4,968			4,568			20,659
Income tax expense (benefit)		1,555			1,227			301			3,083			(156	)		1,230			1,074			4,157
Income (loss) from continuing operations		7,833			4,110			1,065			13,008			(244	)		3,738			3,494			16,502

Discontinued operations:
Income from discontinued operations before income taxes		—			—			—			—			9,902			—			9,902			9,902
Income tax expense		—			—			—			—			2,482			—			2,482			2,482
Income from discontinued operations, net of tax		—			—			—			—			7,420			—			7,420			7,420

Net income	$	7,833		$	4,110		$	1,065		$	13,008		$	7,176		$	3,738		$	10,914		$	23,922

Period-end assets	$	4,774,765		$	840,083		$	46,816		$	5,661,664		$	389,999		$	131,647		$	521,646		$	6,183,310

Net interest margin from continuing operations		2.97	%		3.48	%	NM				3.03	%	NM			NM			NM				3.27	%

Net-revenue concentration from continuing operations*		71	%		10	%		7	%		88	%		1	%		11	%		12	%		100	%

	Three Months Ended June 30, 2020
	Core Banking												Republic Processing Group ("RPG")
										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	$	39,035		$	6,063		$	419		$	45,517		$	688		$	5,607		$	6,295		$	51,812

Provision for expected credit loss expense		3,080			449			—			3,529			—			(1,443	)		(1,443	)		2,086

Mortgage banking income		—			—			8,398			8,398			—			—			—			8,398
Program fees		—			—			—			—			618			520			1,138			1,138
Other noninterest income		6,126			17			8			6,151			(4	)		—			(4	)		6,147
Total noninterest income		6,126			17			8,406			14,549			614			520			1,134			15,683

Total noninterest expense		36,688			811			2,689			40,188			2,110			903			3,013			43,201

Income (loss) from continuing operations before income tax expense		5,393			4,820			6,136			16,349			(808	)		6,667			5,859			22,208
Income tax expense (benefit)		729			1,085			1,288			3,102			(193	)		1,544			1,351			4,453
Income (loss) from continuing operations		4,664			3,735			4,848			13,247			(615	)		5,123			4,508			17,755

Discontinued operations:
Income (loss) from discontinued operations before income taxes		—			—			—			—			(2,611	)		—			(2,611	)		(2,611	)
Income tax expense (benefit)		—			—			—			—			(660	)		—			(660	)		(660	)
Income (loss) from discontinued operations, net of tax		—			—			—			—			(1,951	)		—			(1,951	)		(1,951	)

Net income (loss)	$	4,664		$	3,735		$	4,848		$	13,247		$	(2,566	)	$	5,123		$	2,557		$	15,804

Period-end assets	$	4,967,759		$	1,028,400		$	54,518		$	6,050,677		$	306,583		$	103,315		$	409,898		$	6,460,575

Net interest margin from continuing operations		3.26	%		3.01	%	NM				3.23	%	NM			NM			NM				3.58	%

Net-revenue concentration from continuing operations*		67	%		9	%		13	%		89	%		2	%		9	%		11	%		100	%

	Six Months Ended June 30, 2021
	Core Banking												Republic Processing Group ("RPG")
										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	$	79,380		$	13,096			549		$	93,025		$	494		$	9,497		$	9,991		$	103,016

Provision for expected credit loss expense		(82	)		(307	)		—			(389	)		—			1,217			1,217			828

Mortgage banking income		—			—			11,375			11,375			—			—			—			11,375
Program fees		—			—			—			—			1,611			4,163			5,774			5,774
Other noninterest income		14,754			28			78			14,860			(7	)		—			(7	)		14,853
Total noninterest income		14,754			28			11,453			26,235			1,604			4,163			5,767			32,002

Total noninterest expense		74,265			2,094			6,127			82,486			2,931			1,982			4,913			87,399

Income (loss) from continuing operations before income tax expense		19,951			11,337			5,875			37,163			(833	)		10,461			9,628			46,791
Income tax expense (benefit)		3,680			2,661			1,293			7,634			(271	)		2,600			2,329			9,963
Income (loss) from continuing operations		16,271			8,676			4,582			29,529			(562	)		7,861			7,299			36,828

Discontinued operations:
Income from discontinued operations before income taxes		—			—			—			—			17,514			—			17,514			17,514
Income tax expense		—			—			—			—			4,367			—			4,367			4,367
Income from discontinued operations, net of tax		—			—			—			—			13,147			—			13,147			13,147

Net income	$	16,271		$	8,676		$	4,582		$	29,529		$	12,585		$	7,861		$	20,446		$	49,975

Period-end assets	$	4,774,765		$	840,083		$	46,816		$	5,661,664		$	389,999		$	131,647		$	521,646		$	6,183,310

Net interest margin from continuing operations		3.21	%		3.45	%	NM				3.24	%	NM			NM			NM				3.42	%

Net-revenue concentration from continuing operations*		69	%		10	%		9	%		88	%		2	%		10	%		12	%		100	%

	Six Months Ended June 30, 2020
	Core Banking											Republic Processing Group ("RPG")
									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	$	79,656		$	10,370		$	632	$	90,658		$	947		$	12,679		$	13,626		$	104,284

Provision for expected credit loss expense		8,669			781			—		9,450			—			263			263			9,713

Mortgage banking income		—			—			13,193		13,193			—			—			—			13,193
Program fees		—			—			—		—			930			2,832			3,762			3,762
Other noninterest income		13,361			28			32		13,421			(15	)		—			(15	)		13,406
Total noninterest income		13,361			28			13,225		26,614			915			2,832			3,747			30,361

Total noninterest expense		73,335			1,614			4,685		79,634			3,879			1,797			5,676			85,310

Income (loss) from continuing operations before income tax expense		11,013			8,003			9,172		28,188			(2,017	)		13,451			11,434			39,622
Income tax expense (benefit)		1,189			1,801			1,926		4,916			(477	)		3,114			2,637			7,553
Income (loss) from continuing operations		9,824			6,202			7,246		23,272			(1,540	)		10,337			8,797			32,069

Discontinued operations:
Income from discontinued operations before income taxes		—			—			—		—			13,553			—			13,553			13,553
Income tax expense		—			—			—		—			3,121			—			3,121			3,121
Income from discontinued operations, net of tax		—			—			—		—			10,432			—			10,432			10,432

Net income	$	9,824		$	6,202		$	7,246	$	23,272		$	8,892		$	10,337		$	19,229		$	42,501

Period-end assets	$	4,967,759		$	1,028,400		$	54,518	$	6,050,677		$	306,583		$	103,315		$	409,898		$	6,460,575

Net interest margin from continuing operations		3.52	%		2.86	%	NM			3.43	%	NM			NM			NM				3.75	%

Net-revenue concentration from continuing operations*		69	%		8	%		105		87	%		1	%		12	%		13	%		100	%

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

Total stockholders' equity - GAAP (a)	$	845,090		$	837,709		$	823,323		$	810,362		$	795,619
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		8,335			7,711			7,095			6,674			6,711
Less: Core deposit intangible		—			53			189			283			377
Tangible stockholders' equity - Non-GAAP (c)	$	820,455		$	813,645		$	799,739		$	787,105		$	772,231

Total assets - GAAP (b)	$	6,183,310		$	6,476,540		$	6,168,325		$	6,240,446		$	6,460,575
Less: Goodwill		16,300			16,300			16,300			16,300			16,300
Less: Mortgage servicing rights		8,335			7,711			7,095			6,674			6,711
Less: Core deposit intangible		—			53			189			283			377
Tangible assets - Non-GAAP (d)	$	6,158,675		$	6,452,476		$	6,144,741		$	6,217,189		$	6,437,187

Total stockholders' equity to total assets - GAAP (a/b)		13.67	%		12.93	%		13.35	%		12.99	%		12.31	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		13.32	%		12.61	%		13.02	%		12.66	%		12.00	%

Number of shares outstanding (e)		20,587			20,826			20,896			20,915			20,908

Book value per share - GAAP (a/e)	$	41.05		$	40.22		$	39.40		$	38.75		$	38.05
Tangible book value per share - Non-GAAP (c/e)		39.85			39.07			38.27			37.63			36.93