REPUBLIC BANCORP INC /KY/ Segments Disclosure
24. | 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. The Company’s Executive Chair/CEO serves as the Company’s CODM. Income before income tax expense is the reportable measure of segment profit or loss that the CODM regularly reviews and utilizes to allocate resources and evaluate performance.
As of December 31, 2025, 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 via its banking center network and to clients outside of its market footprint primarily via its digital delivery channels. | Net interest income | ||
Warehouse Lending | Provides short-term, revolving credit facilities to mortgage bankers across the U.S. | Net interest income | ||
Republic Processing Group: | ||||
Tax Refund Solutions | Offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint. | Net interest income and Net refund transfer fees | ||
Republic Payment Solutions | Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint. | Net interest income and Program fees | ||
Republic Credit Solutions | Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers. | Net interest income and Program fees |
The accounting policies used for Republic’s reportable segments are the same as those described in the summary of significant accounting policies. Segment performance is evaluated using operating income before income taxes. Goodwill is allocated to the Traditional Banking segment. Income taxes are generally allocated based on income before income tax expense unless specific segment allocations can be reasonably made.
Transactions among reportable segments are made at carrying value. Net Interest income is reflected within each applicable business segment based on the underlying financial instruments assigned to each segment as well as the impact of the Company’s internal FTP applied to each instrument. FTP is allocated from the Traditional Bank to each segment based on the assumed terms of the underlying financial instruments within that segment in combination with applicable market interest rates matching the assumed terms of each instrument.
The Company adopted ASU 2023-07 in 2024 retrospectively. Segment information for the years ended December 31, 2025, 2024, and 2023 follows:
Year Ended December 31, 2025 |
| |||||||||||||||||||||||||||||
Core Banking | Republic Processing Group |
| ||||||||||||||||||||||||||||
| | | | Total | | | Tax | Republic | Republic | | |
| ||||||||||||||||||
Traditional | Warehouse | Core | Refund | Payment | Credit | Total | Total |
| ||||||||||||||||||||||
(dollars in thousands) | Banking | Lending | Banking | Solutions | Solutions | Solutions | RPG | Company |
| |||||||||||||||||||||
Net interest income | $ | 226,608 | $ | 14,620 | $ | 241,228 | $ | 30,489 | $ | 13,810 | $ | 49,143 | $ | 93,442 | $ | 334,670 | ||||||||||||||
Provision for expected credit loss expense |
| 5,485 |
| 508 |
| 5,993 |
| 9,466 |
| — |
| 16,138 |
| 25,604 |
| 31,597 | ||||||||||||||
Net refund transfer fees |
| — |
| — |
| — |
| 17,685 |
| — |
| — |
| 17,685 |
| 17,685 | ||||||||||||||
Mortgage banking income |
| 7,401 |
| — |
| 7,401 |
| — |
| — |
| — |
| — |
| 7,401 | ||||||||||||||
Program fees | — | — | — | — | 2,948 | 14,657 | 17,605 | 17,605 | ||||||||||||||||||||||
Gain on sale of Visa Class B-1 shares | 4,090 | — | 4,090 | — | — | — | — | 4,090 | ||||||||||||||||||||||
Other noninterest income (1) |
| 35,541 |
| 83 |
| 35,624 |
| 265 |
| 152 |
| 3 |
| 420 |
| 36,044 | ||||||||||||||
Total noninterest income |
| 47,032 |
| 83 |
| 47,115 |
| 17,950 |
| 3,100 |
| 14,660 |
| 35,710 |
| 82,825 | ||||||||||||||
Salaries and employee benefits | 107,441 | 2,899 | 110,340 | 8,081 | 3,924 | 4,715 | 16,720 | 127,060 | ||||||||||||||||||||||
Technology, Equipment, and Communication | 29,949 | 172 | 30,121 | 495 | 89 | 3,913 | 4,497 | 34,618 | ||||||||||||||||||||||
Occupancy | 13,764 | 126 | 13,890 | 245 | 20 | 20 | 285 | 14,175 | ||||||||||||||||||||||
Marketing and development | 4,619 | — | 4,619 | 268 | 34 | 2,799 | 3,101 | 7,720 | ||||||||||||||||||||||
Core conversion and contract consulting fees | 6,213 | — | 6,213 | — | — | — | — | 6,213 | ||||||||||||||||||||||
Other noninterest expense (2) | 27,094 | 571 | 27,665 | 1,776 | 570 | 392 | 2,738 | 30,403 | ||||||||||||||||||||||
Total noninterest expense |
| 189,080 |
| 3,768 |
| 192,848 |
| 10,865 |
| 4,637 |
| 11,839 |
| 27,341 |
| 220,189 | ||||||||||||||
Income (loss) before income tax expense |
| 79,075 |
| 10,427 |
| 89,502 |
| 28,108 |
| 12,273 |
| 35,826 |
| 76,207 |
| 165,709 | ||||||||||||||
Income tax expense (benefit) | 15,395 | 2,350 | 17,745 | 6,116 | 2,678 | 7,853 | 16,647 | 34,392 | ||||||||||||||||||||||
Net income (loss) | $ | 63,680 | $ | 8,077 | $ | 71,757 | $ | 21,992 | $ | 9,595 | $ | 27,973 | $ | 59,560 | $ | 131,317 | ||||||||||||||
Period-end assets | $ | 5,817,278 | $ | 754,564 | $ | 6,571,842 | $ | 32,165 | $ | 314,814 | $ | 123,240 | $ | 470,219 | $ | 7,042,061 | ||||||||||||||
Period-end loans | $ | 4,546,297 | $ | 754,090 | $ | 5,300,387 | $ | 32,397 | $ | — | $ | 113,545 | $ | 145,942 | $ | 5,446,329 | ||||||||||||||
Period-end deposits | $ | 4,764,303 | $ | 44,876 | $ | 4,809,179 | $ | 20,461 | $ | 314,814 | $ | 58,693 | $ | 393,968 | $ | 5,203,147 | ||||||||||||||
Net interest margin |
| 3.88 | % |
| 2.63 | % |
| 3.77 | % |
| NM |
| NM |
| NM |
| NM |
| 5.05 | % | ||||||||||
Net-revenue concentration* | 65 | % | 4 | % | 69 | % | 12 | % | 4 | % | 15 | % | 31 | % | 100 | % | ||||||||||||||
Year Ended December 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 | $ | 203,139 | $ | 12,469 | $ | 215,608 | $ | 34,420 | $ | 11,811 | $ | 50,315 | $ | 96,546 | $ | 312,154 | ||||||||||||||
Provision for expected credit loss expense |
| 3,241 |
| 527 |
| 3,768 |
| 29,983 |
| — |
| 20,625 |
| 50,608 |
| 54,376 | ||||||||||||||
Net refund transfer fees |
| — |
| — |
| — |
| 15,356 |
| — |
| — |
| 15,356 |
| 15,356 | ||||||||||||||
Mortgage banking income |
| 5,438 |
| — |
| 5,438 |
| — |
| — |
| — |
| — |
| 5,438 | ||||||||||||||
Program fees | — | — | — | — | 3,121 | 14,697 | 17,818 | 17,818 | ||||||||||||||||||||||
Death benefits in excess of cash surrender value of life insurance | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain on sale of Visa Class B-1 shares | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Other noninterest income (1) |
| 33,641 |
| 62 |
| 33,703 |
| 180 |
| 151 |
| 4 |
| 335 |
| 34,038 | ||||||||||||||
Total noninterest income |
| 39,079 |
| 62 |
| 39,141 |
| 15,536 |
| 3,272 |
| 14,701 |
| 33,509 |
| 72,650 | ||||||||||||||
Salaries and employee benefits | 100,298 | 2,845 | 103,143 | 7,785 | 3,267 | 4,455 | 15,507 | 118,650 | ||||||||||||||||||||||
Technology, Equipment, and Communication | 26,467 | 145 | 26,612 | 430 | 4 | 3,644 | 4,078 | 30,690 | ||||||||||||||||||||||
Occupancy | 13,387 | 71 | 13,458 | 342 | 28 | 28 | 398 | 13,856 | ||||||||||||||||||||||
Marketing and development | 3,617 | — | 3,617 | 398 | 95 | 5,329 | 5,822 | 9,439 | ||||||||||||||||||||||
Other noninterest expense (2) | 25,529 | 550 | 26,079 | 2,650 | 707 | 654 | 4,011 | 30,090 | ||||||||||||||||||||||
Total noninterest expense |
| 169,298 |
| 3,611 |
| 172,909 |
| 11,605 |
| 4,101 |
| 14,110 |
| 29,816 |
| 202,725 | ||||||||||||||
Income before income tax expense |
| 69,679 |
| 8,393 |
| 78,072 |
| 8,368 |
| 10,982 |
| 30,281 |
| 49,631 |
| 127,703 | ||||||||||||||
Income tax expense |
| 13,306 |
| 1,892 |
| 15,198 |
| 1,970 |
| 2,427 |
| 6,737 |
| 11,134 |
| 26,332 | ||||||||||||||
Net income | $ | 56,373 | $ | 6,501 | $ | 62,874 | $ | 6,398 | $ | 8,555 | $ | 23,544 | $ | 38,497 | $ | 101,371 | ||||||||||||||
Period-end assets | $ | 5,608,110 | $ | 551,747 | $ | 6,159,857 | $ | 217,662 | $ | 335,369 | $ | 133,779 | $ | 686,810 | $ | 6,846,667 | ||||||||||||||
Period-end loans | $ | 4,569,179 | $ | 550,760 | $ | 5,119,939 | $ | 190,794 | $ | — | $ | 128,733 | $ | 319,527 | $ | 5,439,466 | ||||||||||||||
Period-end deposits | $ | 4,572,044 | $ | 34,414 | $ | 4,606,458 | $ | 216,998 | $ | 334,989 | $ | 52,101 | $ | 604,088 | $ | 5,210,546 | ||||||||||||||
Net interest margin |
| 3.55 | % |
| 2.65 | % |
| 3.48 | % |
| NM |
| NM |
| NM |
| NM |
| 4.85 | % | ||||||||||
Net-revenue concentration* | 63 | % | 3 | % | 66 | % | 13 | % | 4 | % | 17 | % | 34 | % | 100 | % | ||||||||||||||
Year Ended December 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 | $ | 194,798 | $ | 9,447 | $ | 204,245 | $ | 29,557 | $ | 15,729 | $ | 39,247 | $ | 84,533 | $ | 288,778 | ||||||||||||||
Provision for expected credit loss expense |
| 8,698 |
| (162) |
| 8,536 |
| 22,559 |
| — |
| 16,529 |
| 39,088 |
| 47,624 | ||||||||||||||
Net refund transfer fees |
| — |
| — |
| — |
| 15,748 |
| — |
| — |
| 15,748 |
| 15,748 | ||||||||||||||
Mortgage banking income |
| 3,542 |
| — |
| 3,542 |
| — |
| — |
| — |
| — |
| 3,542 | ||||||||||||||
Program fees | — | — | — | — | 2,827 | 12,755 | 15,582 | 15,582 | ||||||||||||||||||||||
Death benefits in excess of cash surrender value of life insurance | 1,728 | — | 1,728 | — | — | — | — | 1,728 | ||||||||||||||||||||||
Other noninterest income (1) |
| 34,231 |
| 44 |
| 34,275 |
| 341 |
| 158 |
| 83 |
| 582 |
| 34,857 | ||||||||||||||
Total noninterest income |
| 39,501 |
| 44 |
| 39,545 |
| 16,089 |
| 2,985 |
| 12,838 |
| 31,912 |
| 71,457 | ||||||||||||||
Salaries and employee benefits | 97,522 | 2,924 | 100,446 | 8,011 | 3,070 | 4,342 | 15,423 | 115,869 | ||||||||||||||||||||||
Technology, Equipment, and Communication | 26,393 | 87 | 26,480 | 406 | 12 | 2,209 | 2,627 | 29,107 | ||||||||||||||||||||||
Occupancy | 13,523 | 68 | 13,591 | 326 | 25 | 25 | 376 | 13,967 | ||||||||||||||||||||||
Marketing and development | 3,193 | — | 3,193 | 523 | 1 | 4,729 | 5,253 | 8,446 | ||||||||||||||||||||||
Other noninterest expense (2) | 27,489 | 468 | 27,957 | 2,769 | 602 | 681 | 4,052 | 32,009 | ||||||||||||||||||||||
Total noninterest expense |
| 168,120 |
| 3,547 |
| 171,667 |
| 12,035 |
| 3,710 |
| 11,986 |
| 27,731 |
| 199,398 | ||||||||||||||
Income before income tax expense |
| 57,481 |
| 6,106 |
| 63,587 |
| 11,052 |
| 15,004 |
| 23,570 |
| 49,626 |
| 113,213 | ||||||||||||||
Income tax expense |
| 10,766 |
| 1,365 |
| 12,131 |
| 2,196 |
| 3,307 |
| 5,205 |
| 10,708 |
| 22,839 | ||||||||||||||
Net income | $ | 46,715 | $ | 4,741 | $ | 51,456 | $ | 8,856 | $ | 11,697 | $ | 18,365 | $ | 38,918 | $ | 90,374 | ||||||||||||||
Period-end assets | $ | 5,519,632 | $ | 340,224 | $ | 5,859,856 | $ | 228,738 | $ | 366,117 | $ | 140,180 | $ | 735,035 | $ | 6,594,891 | ||||||||||||||
Period-end loans | $ | 4,618,569 | $ | 339,723 | $ | 4,958,292 | $ | 149,207 | $ | — | $ | 132,362 | $ | 281,569 | $ | 5,239,861 | ||||||||||||||
Period-end deposits | $ | 4,362,959 | $ | 34,048 | $ | 4,397,007 | $ | 228,371 | $ | 366,118 | $ | 61,667 | $ | 656,156 | $ | 5,053,163 | ||||||||||||||
Net interest margin |
| 3.70 | % |
| 2.38 |
| 3.61 | % |
| NM |
| NM |
| NM |
| NM |
| 4.91 | % | |||||||||||
Net-revenue concentration* | 65 | % | 3 | % | 68 | % | 13 | % | 5 | % | 14 | % | 32 | % | 100 | % | ||||||||||||||
*Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.
(1) Other noninterest income includes Service charges on deposit accounts, Interchange fee income, Increase in cash surrender value of BOLI, Net losses on other real estate owned, and Other noninterest income.
(2) Other noninterest expense includes FDIC insurance expense, Interchange related expense, Legal and professional fees, Merger expense, and Other noninterest expense.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 6, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Mar 13, 2020 | |
| 2018 | Mar 15, 2019 | |
| 2017 | Mar 9, 2018 | |
| 2016 | Mar 10, 2017 | |
| 2015 | Mar 11, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.