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Republic Bancorp, Inc. (RBCAA)

Document and Entity Information

Document and Entity Information - USD ($)12 Months Ended
Dec. 31, 2021Jan. 31, 2022Jun. 30, 2021
Document Information [Line Items]
Entity Registrant NameREPUBLIC BANCORP, INC.
Entity Central Index Key0000921557
Document Type10-K
Document Annual Reporttrue
Document Transition Reportfalse
Document Period End DateDec. 31,
2021
Entity File Number0-24649
Entity Incorporation, State or Country CodeKY
Entity Tax Identification Number61-0862051
Entity Address, Address Line One601 West Market Street
Entity Address, City or TownLouisville
Entity Address, State or ProvinceKY
Entity Address, Postal Zip Code40202
City Area Code502
Local Phone Number584-3600
Title of 12(b) SecurityClass A Common
Trading SymbolRBCAA
Security Exchange NameNASDAQ
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Well-known Seasoned IssuerNo
Entity Voluntary FilersNo
Entity Public Float $ 437,098,629
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Auditor NameCrowe LLP
Auditor Firm ID173
Auditor LocationLouisville, Kentucky
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusFY
Amendment Flagfalse
ICFR Auditor Attestation Flagtrue
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding17,824,472
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding2,164,903

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsDec. 31, 2021Dec. 31, 2020
ASSETS
Cash and cash equivalents $ 756,971 $ 485,587
Available-for-sale debt securities, at fair value (amortized cost of $492,626 in 2021 and $512,518 in 2020, allowance for credit losses of $0 in 2021 and $0 in 2020)495,126 523,863
Held-to-maturity debt securities (fair value of $44,764 in 2021 and $54,190 in 2020, allowance for credit losses of $47 in 2021 and $178 in 2020)44,299 53,324
Equity securities with readily determinable fair value2,620 3,083
Mortgage loans held for sale, at fair value29,393 46,867
Consumer loans held for sale, at fair value19,747 3,298
Consumer loans held for sale, at the lower of cost or fair value2,937 1,478
Loans (loans carried at fair value of $170 in 2021 and $497 in 2020)4,496,562 4,813,103
Allowance for credit losses(64,577)(61,067)
Loans, net4,431,985 4,752,036
Federal Home Loan Bank stock, at cost10,311 17,397
Premises and equipment, net36,073 39,512
Right-of-use assets38,825 43,345
Goodwill16,300 16,300
Other real estate owned1,792 2,499
Bank owned life insurance99,161 68,018
Other assets and accrued interest receivable108,092 111,718
TOTAL ASSETS6,093,632 6,168,325
Deposits:
Noninterest-bearing1,990,781 1,890,416
Interest-bearing2,849,637 2,842,765
Total deposits4,840,418 4,733,181
Securities sold under agreements to repurchase and other short-term borrowings290,967 211,026
Operating lease liabilities39,672 44,340
Federal Home Loan Bank advances25,000 235,000
Subordinated note41,240
Other liabilities and accrued interest payable63,343 80,215
Total liabilities5,259,400 5,345,002
Commitments and contingent liabilities (Footnote 13)
STOCKHOLDERS' EQUITY
Preferred stock, no par value
Class A Common Stock and Class B Common Stock, no par value4,702 4,899
Additional paid in capital139,956 143,637
Retained earnings687,700 666,278
Accumulated other comprehensive income1,874 8,509
Total stockholders' equity834,232 823,323
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,093,632 $ 6,168,325

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsDec. 31, 2021Dec. 31, 2020
Available-for-sale debt securities $ 492,626 $ 512,518
Available-for-sale debt securities, allowance for credit losses0 0
Held-to-maturity debt securities44,764 54,190
Held-to-maturity debt securities, allowance for credit losses47 178
Loans held for investment fair value $ 170 $ 497
Preferred stock, no par value $ 0 $ 0
Class A Common Stock
Common Stock, no par value $ 0 $ 0
Common Stock, shares authorized30,000,000 30,000,000
Common Stock, issued17,816,083 18,696,607
Common Stock, outstanding17,816,083 18,696,607
Class B Common Stock
Common Stock, no par value $ 0 $ 0
Common Stock, shares authorized5,000,000 5,000,000
Common Stock, issued2,164,903 2,199,455
Common Stock, outstanding2,164,903 2,199,455

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($)12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2019
INTEREST INCOME:
Loans, including fees $ 217,446,000 $ 241,044,000 $ 260,064,000
Taxable investment securities7,450,000 9,798,000 13,546,000
Federal Home Loan Bank stock and other1,364,000 1,416,000 7,273,000
Total interest income226,260,000 252,258,000 280,883,000
INTEREST EXPENSE:
Deposits5,039,000 15,089,000 29,135,000
Securities sold under agreements to repurchase and other short-term borrowings63,000 177,000 1,211,000
Federal Reserve Payment Protection Plan Liquidity Facility153,000
Federal Home Loan Bank advances57,000 3,524,000 12,791,000
Subordinated note507,000 1,000,000 1,620,000
Total interest expense5,666,000 19,943,000 44,757,000
NET INTEREST INCOME220,594,000 232,315,000 236,126,000
Provision for expected credit loss expense for on-balance sheet exposures (loans and investment securities)14,808,000 31,278,000 25,758,000
NET INTEREST INCOME AFTER PROVISION205,786,000 201,037,000 210,368,000
NONINTEREST INCOME:
Mortgage banking income19,994,000 31,847,000 9,499,000
Program fees14,521,000 7,095,000 4,712,000
Increase in cash surrender value of bank owned life insurance2,242,000 1,585,000 1,550,000
Death benefits in excess of cash surrender value of life insurance979,000
Net gain on branch divestiture7,829,000
Total noninterest income86,859,000 87,053,000 75,008,000
NONINTEREST EXPENSE:
Salaries and employee benefits110,088,000 106,166,000 99,181,000
Technology, equipment, and communication28,900,000 29,128,000 25,048,000
Occupancy13,193,000 13,438,000 12,926,000
Marketing and development4,325,000 4,031,000 5,023,000
FDIC insurance expense1,591,000 1,010,000 743,000
State and local bank franchise tax expense1,329,000 5,369,000 5,293,000
Interchange related expense4,960,000 4,303,000 4,870,000
Other real estate owned and other repossession expense(30,000)46,000 326,000
Legal and professional fees4,924,000 4,244,000 3,357,000
FHLB advances early termination penalties0 2,108,000 0
Other13,024,000 15,614,000 15,416,000
Total noninterest expense182,304,000 185,457,000 172,183,000
INCOME BEFORE INCOME TAX EXPENSE110,341,000 102,633,000 113,193,000
INCOME TAX EXPENSE23,552,000 19,387,000 21,494,000
NET INCOME86,789,000 83,246,000 91,699,000
Service charges on deposit accounts
NONINTEREST INCOME:
Revenue under 60612,553,000 11,615,000 14,197,000
Net refund transfer fees
NONINTEREST INCOME:
Revenue under 60620,248,000 20,297,000 21,158,000
Interchange fee income
NONINTEREST INCOME:
Revenue under 60613,062,000 11,188,000 11,859,000
Net gains (losses) on other real estate owned
NONINTEREST INCOME:
Revenue under 606(160,000)(40,000)540,000
Other
NONINTEREST INCOME:
Revenue under 6063,420,000 3,466,000 3,664,000
Other $ 3,420,000 $ 3,466,000 $ 3,664,000
Class A Common Stock
BASIC EARNINGS PER SHARE:
Basic earnings per share (in dollars per share) $ 4.25 $ 4 $ 4.41
DILUTED EARNINGS PER SHARE:
Diluted earnings per share (in dollars per share)4.243.994.39
Class B Common Stock
BASIC EARNINGS PER SHARE:
Basic earnings per share (in dollars per share)3.873.644.01
DILUTED EARNINGS PER SHARE:
Diluted earnings per share (in dollars per share) $ 3.85 $ 3.63 $ 3.99

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income $ 86,789 $ 83,246 $ 91,699
OTHER COMPREHENSIVE INCOME (LOSS)
Change in fair value of derivatives used for cash flow hedges(177)(199)
Reclassification amount for net derivative losses realized in income281 (20)
Unrealized gains and (losses) on AFS debt securities(8,908)7,147 5,689
Unrealized gain (loss) of AFS debt security for which a portion of OTTI has been recognized in earnings63 (35)(79)
Total other comprehensive income (loss) before income tax(8,845)7,216 5,391
Tax effect2,210 (1,805)(1,296)
Total other comprehensive (loss) income, net of tax(6,635)5,411 4,095
COMPREHENSIVE INCOME $ 80,154 $ 88,657 $ 95,794

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in ThousandsCommon StockClass A Common StockCommon StockClass B Common StockCommon StockAdditional Paid In CapitalRetained EarningsClass A Common StockRetained EarningsClass B Common StockRetained EarningsCumulative Effect, Period of Adoption, AdjustmentRetained EarningsAccumulated Other Comprehensive IncomeClass A Common StockClass B Common StockCumulative Effect, Period of Adoption, AdjustmentTotal
Increase (Decrease) in Stockholders' Equity
Adjustment for adoption $ 126 $ 126
Balance at beginning of period at Dec. 31, 2018 $ 4,900 $ 141,018 $ 545,013 $ (997) $ 689,934
Balance (in shares) at Dec. 31, 201818,675 2,213
Increase (Decrease) in Stockholders' Equity
Net income91,699 91,699
Net change in accumulated other comprehensive income (loss)4,095 4,095
Dividends declared on Common Stock:
Dividends declared on Common Stock $ (19,771) $ (2,121) $ (19,771) $ (2,121)
Stock options exercised, net of shares withheld11 (202)(191)
Stock options exercised, net of shares withheld (in shares)44
Conversion of Class B Common Stock to Class A Common Stock (in shares)7 (7)
Repurchase of Class A Common Stock(6)(637)(775)(1,418)
Repurchase of Class A Common Stock (in shares)(32)
Net change in notes receivable on Class A Common Stock(222)(222)
Deferred director compensation expense - Class A Common Stock213 213
Deferred director compensation expense - Class A Common Stock (in shares)6
Deferred designed key employee compensation expense - Class A Common Stock371 371
Employee stock purchase plan - Class A Common Stock2 492 494
Employee stock purchase plan - Class A Common Stock (in shares)11
Stock-based awards, Performance stock units(57)(57)
Stock-based awards, Performance stock units (in shares)23
Stock-based awards, Restricted stock728 728
Stock-based awards, Restricted stock (in shares)3
Stock options364 364
Balance at end of period at Dec. 31, 20194,907 142,068 614,171 3,098 764,244
Balance (in shares) at Dec. 31, 201918,737 2,206
Increase (Decrease) in Stockholders' Equity
Adjustment for adoption $ (4,291) $ (4,291)
Net income83,246 83,246
Net change in accumulated other comprehensive income (loss)5,411 5,411
Dividends declared on Common Stock:
Dividends declared on Common Stock(21,433)(2,288)(21,433)(2,288)
Stock options exercised, net of shares withheld13 197 210
Stock options exercised, net of shares withheld (in shares)25
Conversion of Class B Common Stock to Class A Common Stock (in shares)7 (7)
Repurchase of Class A Common Stock(26)(782)(3,127)(3,935)
Repurchase of Class A Common Stock (in shares)(115)
Net change in notes receivable on Class A Common Stock(35)(35)
Deferred director compensation expense - Class A Common Stock352 352
Deferred director compensation expense - Class A Common Stock (in shares)4
Deferred designed key employee compensation expense - Class A Common Stock566 566
Employee stock purchase plan - Class A Common Stock4 623 627
Employee stock purchase plan - Class A Common Stock (in shares)20
Stock-based awards, Performance stock units(200)(200)
Stock-based awards, Performance stock units (in shares)18
Stock-based awards, Restricted stock1 385 386
Stock-based awards, Restricted stock (in shares)1
Stock options463 463
Balance at end of period at Dec. 31, 20204,899 143,637 666,278 8,509 823,323
Balance (in shares) at Dec. 31, 202018,697 2,199
Increase (Decrease) in Stockholders' Equity
Net income86,789 86,789
Net change in accumulated other comprehensive income (loss)(6,635)(6,635)
Dividends declared on Common Stock:
Dividends declared on Common Stock $ (22,451) $ (2,435) $ (22,451) $ (2,435)
Stock options exercised, net of shares withheld13 (155)(142)
Stock options exercised, net of shares withheld (in shares)28
Conversion of Class B Common Stock to Class A Common Stock (in shares)34 (34)
Repurchase of Class A Common Stock(216)(6,831)(40,481)(47,528)
Repurchase of Class A Common Stock (in shares)(980)
Net change in notes receivable on Class A Common Stock151 151
Deferred director compensation expense - Class A Common Stock417 417
Deferred director compensation expense - Class A Common Stock (in shares)4
Deferred designed key employee compensation expense - Class A Common Stock607 607
Employee stock purchase plan - Class A Common Stock4 691 695
Employee stock purchase plan - Class A Common Stock (in shares)15
Stock-based awards, Performance stock units129 129
Stock-based awards, Restricted stock2 736 738
Stock-based awards, Restricted stock (in shares)18
Stock options574 574
Balance at end of period at Dec. 31, 2021 $ 4,702 $ 139,956 $ 687,700 $ 1,874 $ 834,232
Balance (in shares) at Dec. 31, 202117,816 2,165

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares3 Months Ended12 Months Ended
Dec. 31, 2021Sep. 30, 2021Jun. 30, 2021Mar. 31, 2021Dec. 31, 2020Sep. 30, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2021Dec. 31, 2020Dec. 31, 2019
Class A Common Stock
Dividend declared common stock, per share (in dollars per share) $ 0.308 $ 0.308 $ 0.308 $ 0.308 $ 0.286 $ 0.286 $ 0.286 $ 0.286 $ 1.232 $ 1.144 $ 1.056
Class B Common Stock
Dividend declared common stock, per share (in dollars per share) $ 0.280 $ 0.280 $ 0.280 $ 0.280 $ 0.260 $ 0.260 $ 0.260 $ 0.260 $ 1.12 $ 1.04 $ 0.96

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)12 Months Ended
Dec. 31, 2021Dec. 31, 2020Dec. 31, 2019
OPERATING ACTIVITIES:
Net income $ 86,789,000 $ 83,246,000 $ 91,699,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization on investment securities and low-income housing investments4,414,000 3,204,000 761,000
Net accretion on loans and amortization of core deposit intangible and operating lease components(13,973,000)(13,084,000)(3,655,000)
Unrealized losses on equity securities with readily determinable fair value463,000 105,000 (382,000)
Depreciation of premises and equipment8,986,000 9,725,000 9,230,000
Amortization of mortgage servicing rights3,453,000 3,756,000 1,823,000
(Recovery) impairment of mortgage servicing rights(500,000)500,000
Provision for on-balance sheet exposures14,808,000 31,278,000 25,758,000
Provision for off-balance sheet exposures63,000 533,000
Net gain on sale of mortgage loans held for sale(19,659,000)(33,179,000)(8,816,000)
Origination of mortgage loans held for sale(680,714,000)(782,939,000)(356,097,000)
Proceeds from sale of mortgage loans held for sale717,847,000 788,475,000 354,660,000
Net gain on sale of consumer loans held for sale(11,298,000)(4,980,000)(5,102,000)
Origination of consumer loans held for sale(882,180,000)(518,873,000)(710,640,000)
Proceeds from sale of consumer loans held for sale875,570,000 531,321,000 716,336,000
Net gain realized on sale of other real estate owned(51,000)(65,000)(540,000)
Writedowns of other real estate owned211,000 105,000
Impairment of premises held for sale256,000
Deferred compensation expense - Class A Common Stock1,024,000 918,000 584,000
Stock-based awards and ESPP expense - Class A Common Stock1,545,000 953,000 1,035,000
Net gain on branch divestiture(7,829,000)
Net gain on sale of bank premises and equipment(399,000)(353,000)(339,000)
Increase in cash surrender value of bank owned life insurance(2,242,000)(1,585,000)(1,550,000)
Death benefits in excess of cash surrender value of life insurance(979,000)
FHLB advances early termination penalties2,108,000
Net change in other assets and liabilities:
Accrued interest receivable3,048,000 (14,000)1,031,000
Accrued interest payable(183,000)(2,460,000)1,718,000
Other assets(940,000)(19,391,000)9,242,000
Other liabilities(5,672,000)(3,872,000)(13,997,000)
Net cash provided by operating activities99,431,000 75,432,000 105,186,000
INVESTING ACTIVITIES:
Net cash provided from branch divestiture6,071,000
Purchases of available-for-sale debt securities(211,545,000)(298,878,000)(445,681,000)
Proceeds from calls, maturities and paydowns of available-for-sale debt securities230,457,000 251,930,000 455,823,000
Proceeds from calls, maturities and paydowns of held-to-maturity debt securities9,139,000 9,009,000 2,667,000
Net change in outstanding warehouse lines of credit112,246,000 (245,338,000)(248,763,000)
Net change in other loans207,115,000 (142,811,000)(188,708,000)
Proceeds from redemption of Federal Home Loan Bank stock7,086,000 22,434,000 3,513,000
Purchase of Federal Home Loan Bank stock(9,000,000)(2,277,000)
Proceeds from sales of other real estate owned611,000 324,000 2,063,000
Proceeds from sale of bank premises and equipment637,000 894,000 909,000
Purchase of bank owned life insurance, net of death benefits received(28,901,000)
Investments in low-income housing tax partnerships(14,507,000)(6,998,000)(7,941,000)
Net purchases of premises and equipment(5,785,000)(3,582,000)(12,883,000)
Net cash provided by (used in) investing activities306,553,000 (422,016,000)(435,207,000)
FINANCING ACTIVITIES:
Net change in deposits107,237,000 947,173,000 461,715,000
Net change in securities sold under agreements to repurchase and other short-term borrowings79,941,000 43,409,000 (15,373,000)
Payments of Federal Home Loan Bank advances(235,000,000)(1,105,000,000)(820,000,000)
Proceeds from Federal Home Loan Bank advances25,000,000 590,000,000 760,000,000
FHLB advances early termination penalties(2,108,000)
Payoff of subordinated note, net of common security interest(40,000,000)
Repurchase of Class A Common Stock(47,528,000)(3,935,000)(1,418,000)
Net proceeds from Class A Common Stock purchased through employee stock purchase plan591,000 533,000 494,000
Net proceeds from option exercises and equity awards vested - Class A Common Stock(142,000)(191,000)
Cash dividends paid(24,699,000)(23,204,000)(21,377,000)
Net cash (used in) provided by financing activities(134,600,000)446,868,000 363,850,000
NET CHANGE IN CASH AND CASH EQUIVALENTS271,384,000 100,284,000 33,829,000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD485,587,000 385,303,000 351,474,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD756,971,000 485,587,000 385,303,000
Cash paid during the period for:
Interest5,849,000 22,403,000 43,039,000
Income taxes20,069,000 24,926,000 17,383,000
SUPPLEMENTAL NONCASH DISCLOSURES:
Mortgage servicing rights capitalized5,054,000 5,463,000 2,792,000
Transfers from loans to real estate acquired in settlement of loans64,000 2,750,000 1,527,000
Loans provided for sales of other real estate owned51,000
Transfers from loans held for investment to held for sale131,881,000
Unfunded commitments in low-income-housing investments10,000,000 10,000,000 18,800,000
Right-of-use assets recorded $ 1,354,000 14,144,000 $ 41,726,000
Allowance for credit losses recorded upon adoption of ASC 326 $ 7,241,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES12 Months Ended
Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ​ Nature of Operations and Principles of 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 market footprint, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. The Captive is a Nevada-based, wholly-owned insurance subsidiary of the Company. The Captive provides property and casualty insurance coverage to the Company and the Bank, as well as a group of third-party insurance captives for which insurance may not be available or economically feasible. ​ In 2005, Republic Bancorp Capital Trust, an unconsolidated trust subsidiary of Republic, was formed and issued $40 million in TPS. The sole asset of RBCT represented the proceeds of the offering loaned to Republic in exchange for a subordinated note with similar terms to the TPS. On September 30, 2021, as permitted under the terms of RBCT’s governing documents, Republic repaid the subordinated note and redeemed the TPS at par without penalty. ​ As of December 31, 2021, the Company was divided into five reportable segments: Traditional Banking, Warehouse, Mortgage Banking, TRS, and RCS. Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two segments collectively constitute RPG operations. ​ The Company’s financial condition as of December 31, 2021 and 2020 and results of operations for the years ended December 31, 2021 and 2020 were impacted by the COVID-19 pandemic and the public’s response to it. ​ For additional discussion regarding the COVID-19 pandemic and its impact to the Company, see the following Footnotes in this section of the filing: ​ ● Footnote 4 “Loans and Allowance for Credit Losses” ● Footnote 13 “Off Balance Sheet Risks, Commitments, and Contingent Liabilities” ​ ​ Core Bank ​ Traditional Banking segment — ​ ● Kentucky — 28 ● Metropolitan Louisville — 18 ● Central Kentucky — 7 ● Georgetown — 1 ● Lexington — 5 ● Shelbyville — 1 ● Northern Kentucky — 3 ● Covington — 1 ● Crestview Hills — 1 ● Florence — 1 ● Southern Indiana — 3 ● Floyds Knobs — 1 ● Jeffersonville — 1 ● New Albany — 1 ● Metropolitan Tampa, Florida — 7 ● Metropolitan Cincinnati, Ohio — 2 ● Metropolitan Nashville, Tennessee — 2 ​ 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 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 — ​ ​ Mortgage Banking segment — ​ Republic Processing Group ​ Tax Refund Solutions segment — ​ 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 EA tax credit product is a loan that allows a taxpayer to borrow funds as an advance of a portion of their tax refund. The EA product had the following features during 2021 and 2020: ● 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 $6,250; ● No requirement that the taxpayer pays for another bank product, such as an RT; ● Multiple funds disbursement methods, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election; ● Repayment of the EA to the Bank is deducted from the taxpayer’s tax refund proceeds; and ● If an insufficient refund to repay the EA occurs: o there is no recourse to the taxpayer, o no negative credit reporting on the taxpayer, and o no collection efforts against the taxpayer. ​ The Company reports fees paid for the EA product as interest income on loans. During 2021, EAs were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. EAs do not have a contractual due date but the Company considered an EA delinquent in 2021 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority. The number of days for delinquency eligibility is based on management’s annual analysis of tax return processing times. th ​ Related to the overall credit losses on EAs, the Bank’s ability to control losses is highly dependent upon its ability to predict the taxpayer’s likelihood to receive the tax refund as claimed on the taxpayer’s tax return. Each year, the Bank’s EA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the EA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent underwriting changes made, credit losses during a current year could be higher than management’s predictions if tax refund payment patterns change materially between years. ​ ​ Cancelled TRS Sale Transaction ​ On May 13, 2021, the Bank entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Green Dot providing for the sale to Green Dot of substantially all of the assets and operations of the Bank’s Tax Refund Solutions business (the “Sale Transaction”). ​ On August 4, 2021, the Company disclosed that Green Dot had delayed the closing of the Sale Transaction, following a request to Green Dot from its primary regulator for information relating to the Sale Transaction and Green Dot’s subsequent decision to seek from its primary regulator the approval of or non-objection to, as applicable, the Sale Transaction before its consummation. ​ On October 4, 2021, Green Dot announced that it had been unable to obtain the Federal Reserve’s approval of or non-objection to the Sale Transaction and that, as a result, Green Dot would not consummate the Sale Transaction. On October 5, 2021, the Bank filed a lawsuit against Green Dot in the Delaware Court of Chancery (the “Court”), C.A. No. 2021-0854-SG, alleging breach of contract. In so doing, the Bank sought, among other relief, specific performance to require that Green Dot proceed with the Sale Transaction as the parties had agreed to in the Purchase Agreement. ​ On December 2, 2021, the Court denied the Bank’s expedited motion for summary judgment seeking the remedy of specific performance from Green Dot related to the Sale Transaction. As the basis for its ruling denying specific performance as a remedy in this case, the Court held that the risk of regulatory action, including criminal and civil penalties, against Green Dot, its officers, directors, employees, and agents in the event of specific performance outweighed the harm to the Bank resulting from Green Dot’s alleged breach of contract. ​ As a result of this ruling, the Bank concluded that the Sale Transaction would not be consummated, and o n January 7, 2022, the Bank served Green Dot with a formal notice of termination of the Purchase Agreement. In response to the formal notice of termination, Green Dot paid the Termination Fee of $5 million to the Bank during the first quarter of 2022. The Bank maintains that the Bank’s notice of termination of the Purchase Agreement and corresponding payment of the $5 million Termination Fee does not release Green Dot from any liability, in addition to the Termination Fee, related to the Sale Transaction occurring before the Bank’s notice of termination. ​ Republic Payment Solutions — RPS is currently managed and operated within the TRS segment. The RPS division offers general-purpose reloadable prepaid cards as an issuing bank through third-party service providers. For the projected near-term, as the prepaid card program matures, the operating results of the RPS division are expected to be immaterial to the Company’s overall results of operations and will be reported as part of the TRS segment. The RPS division will not be considered a separate reportable segment until such time, if any, that it meets quantitative reporting thresholds . ​ The Company reports fees related to 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 — ​ ● 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. The first of these two products (the “LOC I”) has been originated by the Bank since 2014. The second (the “LOC II”) was introduced in January 2021. ​ o RCS’s LOC I represented the substantial majority of RCS activity during 2021. Elastic Marketing, LLC and Elevate Decision Sciences, LLC, are third-party service providers for the 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. Further, 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 ​ o In January 2021, RCS began originating balances through its LOC II. One of RCS’s existing third-party service providers, subject to the Bank’s oversight and supervision, 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 participation interests in this product. These participation interests are a 95% interest in advances made to borrowers under the borrower’s line-of-credit account, and the participation interests are generally sold three ​ ● RCS installment loan product – In December 2019, through RCS, the Bank began offering 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 two different third-party service providers. In one program, the Bank retains 100% of the receivables originated. In the other program, the Bank retains 100% of the receivables originated in some instances, and in other instances, sells 100% of the receivables within one month of origination. Loan balances held for sale through this program are carried at the lower of cost or fair value. ​ The Company reports interest income and loan origination fees earned on RCS loans under “Loans, including fees,” while any gains or losses on sale and mark-to-market adjustments of RCS loans are reported as noninterest income under “Program fees.” ​ Use of Estimates ​ Concentration of Credit Risk ​ The Bank’s warehouse lines of credit are secured by single family, first lien residential real estate loans originated by the Bank’s mortgage clients across the United States. As of December 31, 2021, 36% of collateral securing warehouse lines was located in California. ​ Earnings Concentration ​ For 2021, 2020, and 2019, approximately 8%, 8% and 5% of total Company net revenues (net interest income plus noninterest income) were derived from the Company’s Warehouse segment. ​ Cash Flows ​ Interest-Bearing Deposits in Other Financial Institutions ​ Debt Securities ​ Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. ​ A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. ​ Equity Securities — ​ Allowance for Credit Losses on Available-for-Sale Securities — For the Company’s AFS corporate bond, the Company uses third-party PD and LGD data to estimate an ACLS, which is limited by the amount that the bond’s fair value is less than its amortized cost basis. ​ For all other AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For other AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACLS is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACLS is recognized in other comprehensive income. ​ Changes in ACLS are recorded as a charge or credit to the Provision. Losses are charged against the ACLS when management believes the lack of collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ​ Accrued interest on AFS debt securities totaled $1 million and $1 million as of December 31, 2021 and 2020 and is excluded from the ACLS. Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet. ​ Allowance for Credit Losses on Held-to-Maturity Securities — The Company measures expected credit losses on HTM debt securities on a collective basis by major security type. Accrued interest receivable on HTM debt securities totaled as of December 31, 2021 and 2020 and is excluded from the ACLS. Accrued interest on HTM debt securities is presented as a component of other assets on the Company’s balance sheet. ​ The estimate of ACLS on HTM debt securities considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. ​ The Company classifies its HTM portfolio into the following major security types: MBS, corporate bonds, and municipal bonds. MBS securities include CMOs. Nearly all of the MBS portfolio is issued by U.S. government entities or government sponsored entities. These securities are highly rated by major rating agencies and have a long history of no credit losses. The MBS portfolio also carries ratings no lower than investment grade. The Company uses PD and LGD estimates provided by a third-party to estimate an ACLS for its corporate and municipal bond portfolios. These PD and LGD estimates are updated at least quarterly by the Company, with these estimates incorporating the most recent market expectations and forecasted information. ​ Loans Held for Sale - ​ Mortgage Banking Activities ​ Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage Banking income on the income statement. ​ Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as a component of Mortgage Banking income. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage Banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven years and subsequently adjusted on a quarterly basis based on the weighted average remaining life of the underlying loans. ​ MSRs are evaluated for impairment quarterly based upon the fair value of the MSRs as compared to carrying amount. Impairment is determined by stratifying MSRs into groupings based on predominant risk characteristics, such as interest rate, loan type, loan terms and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Bank later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation allowance is recorded as an increase to income. Changes in valuation allowances are reported within Mortgage Banking income on the income statement. The fair value of the MSR portfolios is subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates. ​ A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally will decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. ​ See Footnote 16 “Mortgage Banking Activities” in this section of the filing for management’s determination of MSR impairment. ​ ​ Loan servicing income is reported on the income statement as a component of Mortgage Banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as income when earned. Loan servicing income totaled $3.3 million, $2.9 million and $2.5 million for the years ended December 31, 2021, 2020, and 2019. Late fees and ancillary fees related to loan servicing are considered nominal. ​ Consumer Loans Held for Sale, at Fair Value ​ Consumer Loans Held for Sale, at Lower of Cost or Fair Value ​ Loans — ​ Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method. Premiums on loans held for investment are amortized into interest income on the level-yield method over the expected life of the loan. ​ Lease financing receivables, which are generally direct financing leases, are reported at their principal balance outstanding, including any lease residual amount, net of any unearned income, deferred loan fees and costs, and applicable ACLL. Leasing income is recognized on a basis that achieves a constant periodic rate of return on the outstanding lease financing balances over the lease terms. ​ Interest income on mortgage and commercial loans is typically discontinued at the time the loan is 80 days delinquent unless the loan is well secured and in process of collection. Past due status is based on the contractual terms of the loan, which may define past due status by the number of days or the number of payments past due. In most cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 80 days still on accrual include smaller balance, homogeneous loans that are evaluated collectively or individually for loss. ​ Interest accrued but not received for all classes of loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, typically a minimum of six ​ Purchased Credit Deteriorated Loans — ​ ● Non-accretable discount assigned by the Bank ● Classified by either the acquired bank or the Bank as Special Mention or Substandard ● Nonaccrual status when purchased ● Past due 30 days or more when purchased ● Loans that have been at least one time over 30 days past due ● Past maturity date when purchased ● Select loans that are cross collateralized with any loans identified above ​ PCD loans are recorded at the amount paid. An ACLL is determined using the same methodology as other loans held for investment. The initial ACLL determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and ACLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACLL are recorded through the Provision. ​ Allowance for Credit Losses on Loans — ​ The ACLL is measured on a collective or pooled basis when similar risk characteristics exist. The first table of Footnote 4 illustrates the Company’s loan portfolio by ACLL risk pool. This pooling method is primarily based on the pool’s collateral type or the pool’s purpose and generally follows the Bank’s loan segmentation for regulatory reporting. For each of its loan pools, the Company uses a “static-pool” method, which analyzes historical closed pools of similar loans over their expected lives to attain a loss rate. This loss rate is then adjusted for current conditions and reasonable and supportable forecasts prior to being applied to the current balance of the analyzed pools. Adjustments to the historical loss rate for current conditions include differences in underwriting standards, portfolio mix, delinquency level, or term, as well as for changes in environmental conditions, such as changes in property values or other relevant factors. A one-year forecast adjustment to the historical loss rate is based on a forecast of the U.S. national unemployment rate, which has shown a relatively strong historical correlation to the Bank’s loan losses. For its CRE loan pool, the Company employed a one-year forecast of CRE vacancy rates through March 31, 2021 but discontinued use of this forecast during the second quarter of 2021 in favor of a one-year forecast of general CRE values. This change in forecast method related to the Company’s CRE loan pool had no material impact on the Company’s ACLL. Subsequent to one-year forecasts, loss rates are assumed to immediately revert back to long-term historical averages. ​ Loans that do not share risk characteristics are evaluated on an individual basis, with the Company choosing to individually evaluate all TDRs. Loans evaluated individually are not included in the pooled evaluation but are instead evaluated under a discounted cash flow or collateral-dependent method. A collateral dependent method is used when foreclosure is probable, with expected credit losses based on the fair value of the collateral at the reporting date, adjusted for selling costs if appropriate. ​ Determining Expected Loan Lives: Expected credit losses are estimated over the contractual loan term, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. ​ See Footnote 4 “Loans and Allowance for Credit Losses” in this section of the filing for additional discussion regarding the Company’s ACLL. ​ Troubled Debt Restructurings — A TDR is a situation where, due to a borrower’s financial difficulties, the Bank grants a concession to the borrower that the Bank would not otherwise have considered. The Company measures the ACLL for TDRs individually using either a discounted cash-flow method or the collateral method, if the TDR is collateral dependent. TDRs whose ACLL is measured using a discounted cash flow method use the original pre-modification interest rate on the loan for discounting. ​ Generally, performing loans that have received a COVID-19 accommodation are not classified as TDRs. ​ ● For additional discussion regarding loans accommodated due to COVID-19, see Footnote 4 “Loans and Allowance for Credit Losses” in this section of the filing. ​ Transfers of Financial Assets — ​ Other Real Estate Owned — Assets acquired through loan foreclosures are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. The Bank’s selling costs for OREO typically range from 10- 13% of each property’s fair value, depending on property class. Fair value is commonly based on recent real estate appraisals or broker price opinions. Operating costs after acquisition are expensed. ​ Appraisals for both collateral-dependent loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Bank. Appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. 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. ​ Premises and Equipment, Net — three three ​ Right of Use Assets and Operating Lease Liabilities — ​ Regarding lease terms, the Company’s assumes the remaining lease term includes the fixed noncancelable term, plus all periods for which failure to renew the lease imposes a penalty on the Company, plus all periods for which the Company is reasonably certain to exercise a lease renewal option, plus all periods for which the Company is reasonably certain not to exercise a lease termination option. In determining whether it is reasonably certain to exercise a lease renewal or termination option, the Company considers its overall strategic plan and all economic and environmental circumstances connected to the leased property. ​ To discount its operating lease payments and guarantees, the Company employs the interest rate curve published by the FHLB of Cincinnati for the FHLB’s collateralized term borrowings; matching expected lease term to borrowing term. ​ The Company does not place short-term leases on its balance sheet. Short-term leases have a lease term of 12 months or less and do not include a purchase option that the Company is reasonably certain to exercise. ​ Federal Home Loan Bank Stock ​ Bank Owned Life Insurance — ​ Goodwill and Other Intangible Assets assumed as of the ac

INVESTMENT SECURITIES

INVESTMENT SECURITIES12 Months Ended
Dec. 31, 2021
INVESTMENT SECURITIES
INVESTMENT SECURITIES2. 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 December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Credit Losses Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ $ 239,880 ​ $ 473 ​ $ (2,894) ​ $ — ​ $ 237,459 Private label mortgage-backed security ​ 1,418 ​ 1,313 ​ — ​ — ​ 2,731 Mortgage-backed securities - residential ​ 207,697 ​ 3,525 ​ (473) ​ — ​ 210,749 Collateralized mortgage obligations ​ 29,947 ​ 377 ​ (30) ​ — ​ 30,294 Corporate bonds ​ 10,000 ​ 46 ​ — ​ — ​ 10,046 Trust preferred security ​ 3,684 ​ 163 ​ — ​ — ​ 3,847 Total available-for-sale debt securities ​ $ 492,626 ​ $ 5,897 ​ $ (3,397) ​ $ — ​ $ 495,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Allowance ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ for Fair December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Credit Losses Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ $ 245,204 ​ $ 1,730 ​ $ (25) ​ $ — ​ $ 246,909 Private label mortgage-backed security ​ 1,707 ​ 1,250 ​ — ​ — ​ 2,957 Mortgage-backed securities - residential ​ 203,786 ​ 7,419 ​ (3) ​ — ​ 211,202 Collateralized mortgage obligations ​ 48,190 ​ 772 ​ (10) ​ — ​ 48,952 Corporate bonds ​ 10,000 ​ 43 ​ — ​ — ​ 10,043 Trust preferred security ​ 3,631 ​ 169 ​ — ​ — ​ 3,800 Total available-for-sale debt securities ​ $ 512,518 ​ $ 11,383 ​ $ (38) ​ $ — ​ $ 523,863 ​ 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 December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities - residential ​ $ 46 ​ $ — ​ $ — ​ $ 46 ​ $ — Collateralized mortgage obligations ​ 9,080 ​ 158 ​ — ​ 9,238 ​ — Corporate bonds ​ 34,975 ​ 263 ​ (6) ​ 35,232 ​ (47) Obligations of state and political subdivisions ​ ​ 245 ​ ​ 3 ​ ​ — ​ ​ 248 ​ ​ — Total held-to-maturity debt securities ​ $ 44,346 ​ $ 424 ​ $ (6) ​ $ 44,764 ​ $ (47) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ Allowance ​ ​ Amortized ​ Unrecognized ​ Unrecognized ​ Fair ​ for December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities - residential ​ $ 99 ​ $ 5 ​ $ — ​ $ 104 ​ $ — Collateralized mortgage obligations ​ 13,061 ​ 176 ​ — ​ 13,237 ​ — Corporate bonds ​ 39,986 ​ 499 ​ — ​ 40,485 ​ (178) Obligations of state and political subdivisions ​ ​ 356 ​ ​ 8 ​ ​ — ​ ​ 364 ​ ​ — Total held-to-maturity debt securities ​ $ 53,502 ​ $ 688 ​ $ — ​ $ 54,190 ​ $ (178) ​ ​ Sales of Available-for-Sale Debt Securities ​ During 2021, 2020, and 2019 there were no material sales of AFS debt securities. ​ Debt Securities by Contractual Maturity ​ The following table presents the amortized cost and fair value of debt securities by contractual maturity as of December 31, 2021. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or early termination 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 December 31, 2021 (in thousands) ​ Cost ​ Value ​ Cost ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ 30,058 ​ $ 30,307 ​ $ 120 ​ $ 121 ​ Due from one year to five years ​ 199,822 ​ 197,616 ​ 35,100 ​ 35,359 ​ Due from five years to ten years ​ 20,000 ​ 19,582 ​ — ​ — ​ Due beyond ten years ​ 3,684 ​ 3,847 ​ — ​ — ​ Private label mortgage-backed security ​ 1,418 ​ 2,731 ​ — ​ — ​ Mortgage-backed securities - residential ​ 207,697 ​ 210,749 ​ 46 ​ 46 ​ Collateralized mortgage obligations ​ 29,947 ​ 30,294 ​ 9,080 ​ 9,238 ​ Total debt securities ​ $ 492,626 ​ $ 495,126 ​ $ 44,346 ​ $ 44,764 ​ ​ 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 December 31, 2021 and 2020, 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 December 31, 2021 (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 ​ $ 177,138 ​ $ (2,622) ​ $ 9,728 ​ $ (272) ​ $ 186,866 ​ $ (2,894) ​ Mortgage-backed securities - residential ​ ​ 84,937 ​ ​ (473) ​ ​ — ​ ​ — ​ ​ 84,937 ​ ​ (473) ​ Collateralized mortgage obligations ​ ​ 4,495 ​ ​ (30) ​ ​ — ​ ​ — ​ ​ 4,495 ​ ​ (30) ​ Total available-for-sale debt securities ​ $ 266,570 ​ $ (3,125) ​ $ 9,728 ​ $ (272) ​ $ 276,298 ​ $ (3,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or more ​ Total ​ ​ ​ Unrealized ​ ​ Unrealized ​ ​ Unrealized December 31, 2020 (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 ​ $ 59,971 ​ $ (25) ​ $ — ​ $ — ​ $ 59,971 ​ $ (25) ​ Mortgage-backed securities - residential ​ ​ 1,068 ​ ​ (3) ​ ​ — ​ ​ — ​ ​ 1,068 ​ ​ (3) ​ Collateralized mortgage obligations ​ ​ 2,788 ​ ​ (10) ​ ​ — ​ ​ — ​ ​ 2,788 ​ ​ (10) ​ Total available-for-sale debt securities ​ $ 63,827 ​ $ (38) ​ $ — ​ $ — ​ $ 63,827 ​ $ (38) ​ ​ As of December 31, 2021, the Bank’s portfolio consisted of 173 securities, 29 of which were in an unrealized loss position. ​ As of December 31, 2020, the Bank’s portfolio consisted of 173 securities, 19 of which were in an unrealized loss position. ​ As of December 31, 2021 and 2020, there were no holdings of debt securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. ​ Mortgage Backed Securities and Collateralized Mortgage Obligations ​ As of December 31, 2021, with the exception of the $2.7 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 the FHLMC and FNMA. As of December 31, 2021 and 2020, there were gross unrealized losses of $503,000 and $13,000 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 does not consider these securities to have OTTI. ​ Trust Preferred Security ​ During 2015, the Parent Company purchased a $3 million floating rate trust preferred security at a price of 68% of its $5 million par value. The coupon on this security is based on the 3-month LIBOR rate plus 159 basis points. The Company performed an initial analysis prior to acquisition and performs ongoing analysis of the credit risk of the underlying borrower in relation to its TRUP. ​ Private Label Mortgage-Backed Security ​ The Bank owns one private label mortgage-backed security with a total carrying value of $2.7 million as of December 31, 2021. 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. ​ See additional discussion regarding the Bank’s private label mortgage-backed security in this section of the filing under Footnote 15 “Fair Value.” ​ The following table presents a rollforward of the Bank’s private label mortgage-backed security credit losses recognized in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,462 ​ $ 1,462 ​ $ 1,613 ​ Recovery of losses previously recorded ​ — ​ — ​ (151) ​ Balance, end of period ​ $ 1,462 ​ $ 1,462 ​ $ 1,462 ​ ​ Further deterioration in economic conditions could cause the Bank to record an additional impairment charge related to credit losses of up to $1.4 million, which is the current gross amortized cost of the Bank’s remaining private label mortgage-backed security. ​ ​ Rollforward of the Allowance for Credit Losses on Debt Securities ​ The tables below present a rollforward for 2021 and 2020 of the ACLS on AFS and HTM debt securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLS Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-Sale Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Held-to-Maturity Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ ​ ​ 178 ​ ​ (131) ​ ​ — ​ ​ — ​ ​ 47 ​ ​ — ​ ​ 51 ​ ​ 127 ​ ​ — ​ ​ — ​ ​ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 178 ​ $ (131) ​ $ — ​ $ — ​ $ 47 ​ $ — ​ $ 51 ​ $ 127 ​ $ — ​ $ — ​ $ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company decreased the ACLS on its HTM corporate bonds during 2021 based on improved PD and LGD estimates on these bonds. PD and LGD estimates for these bonds were elevated during 2020 due to pandemic-driven economic concerns. ​ There were no HTM debt securities on nonaccrual or past due over 89 days as of December 31, 2021 and 2020. All of the Company’s HTM corporate bonds were rated investment grade as of December 31, 2021 and 2020. ​ There were no HTM debt securities considered collateral dependent as of December 31, 2021 and 2020. ​ Pledged Debt Securities ​ Debt securities pledged to secure public deposits, securities sold under agreements to repurchase, and securities held for other purposes, as required or permitted by law are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount ​ ​ $ 319,650 ​ $ 303,535 ​ Fair value ​ ​ 319,808 ​ 303,611 ​ ​ Equity Securities ​ The following tables present the carrying value, gross unrealized gains and losses, and fair value of equity securities with readily determinable fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ Community Reinvestment Act mutual fund ​ 2,500 ​ — ​ (50) ​ 2,450 ​ Total equity securities with readily determinable fair values ​ $ 2,500 ​ $ 170 ​ $ (50) ​ $ 2,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 560 ​ $ — ​ $ 560 ​ Community Reinvestment Act mutual fund ​ 2,500 ​ 23 ​ — ​ 2,523 ​ Total equity securities with readily determinable fair values ​ $ 2,500 ​ $ 583 ​ $ — ​ $ 3,083 ​ ​ 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 ​ ​ ​ Year Ended December 31, 2021 Year Ended December 31, 2020 ​ (in thousands) ​ Realized ​ Unrealized ​ Total ​ Realized ​ Unrealized ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ (390) ​ $ (390) ​ $ — ​ $ (154) ​ $ (154) ​ Community Reinvestment Act mutual fund ​ — ​ (73) ​ (73) ​ — ​ 49 ​ 49 ​ Total equity securities with readily determinable fair value ​ $ — ​ $ (463) ​ $ (463) ​ $ — ​ $ (105) ​ $ (105) ​ ​

LOANS HELD FOR SALE

LOANS HELD FOR SALE12 Months Ended
Dec. 31, 2021
LOANS HELD FOR SALE.
LOANS HELD FOR SALE3. 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 Mortgage 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 16 “Mortgage Banking Activities” of this section of the filing. ​ Consumer Loans Held for Sale, at Fair Value ​ In December 2019, the Bank began offering 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 3,298 ​ $ 598 ​ $ — Origination of consumer loans held for sale ​ ​ 271,430 ​ 58,833 ​ 598 Proceeds from the sale of consumer loans held for sale ​ ​ (260,730) ​ (57,814) ​ — Net gain on sale of consumer loans held for sale ​ ​ 5,749 ​ 1,681 ​ — Balance, end of period ​ ​ $ 19,747 ​ $ 3,298 ​ $ 598 ​ Consumer Loans Held for Sale, at Lower of Cost or Fair Value ​ RCS originates for sale 90% of the balances from its line-of-credit product and a portion of its healthcare receivables product. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 1,478 ​ $ 11,646 ​ $ 12,838 Origination of consumer loans held for sale ​ ​ 610,750 ​ 460,040 ​ 709,768 Proceeds from the sale of consumer loans held for sale ​ ​ (614,840) ​ (473,507) ​ (716,062) Net gain on sale of consumer loans held for sale ​ ​ 5,549 ​ 3,299 ​ 5,102 Balance, end of period ​ ​ $ 2,937 ​ $ 1,478 ​ $ 11,646 ​

LOANS AND ALLOWANCE FOR CREDIT

LOANS AND ALLOWANCE FOR CREDIT LOSSES12 Months Ended
Dec. 31, 2021
LOANS AND ALLOWANCE FOR CREDIT LOSSES
LOANS AND ALLOWANCE FOR CREDIT LOSSES4. LOANS AND ALLOWANCE FOR CREDIT LOSSES ​ The composition of the loan portfolio follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 820,731 ​ $ 879,800 ​ Nonowner occupied ​ ​ 306,323 ​ 264,780 ​ Commercial real estate ​ ​ 1,456,009 ​ 1,349,085 ​ Construction & land development ​ ​ 129,337 ​ 98,674 ​ Commercial & industrial ​ ​ 340,363 ​ 325,596 ​ Paycheck Protection Program ​ ​ ​ 56,014 ​ ​ 392,319 ​ Lease financing receivables ​ ​ 8,637 ​ 10,130 ​ Aircraft ​ ​ ​ 142,894 ​ ​ 101,375 ​ Home equity ​ ​ 210,578 ​ 240,640 ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ ​ 14,510 ​ 14,196 ​ Overdrafts ​ ​ 683 ​ 587 ​ Automobile loans ​ ​ 14,448 ​ 30,300 ​ Other consumer ​ ​ 1,432 ​ 8,167 ​ Total Traditional Banking ​ ​ ​ 3,501,959 ​ ​ 3,715,649 ​ Warehouse lines of credit* ​ ​ 850,550 ​ 962,796 ​ Total Core Banking ​ ​ ​ 4,352,509 ​ ​ 4,678,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group*: ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ ​ — ​ — ​ Other TRS loans ​ ​ ​ 50,987 ​ ​ 23,765 ​ Republic Credit Solutions ​ ​ 93,066 ​ 110,893 ​ Total Republic Processing Group ​ ​ ​ 144,053 ​ ​ 134,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans** ​ ​ 4,496,562 ​ 4,813,103 ​ Allowance for credit losses ​ ​ (64,577) ​ (61,067) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans, net ​ ​ $ 4,431,985 ​ $ 4,752,036 ​ * 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. ​ The following table reconciles the contractually receivable and carrying amounts of loans as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractually receivable ​ ​ $ 4,498,671 ​ $ 4,821,062 ​ Unearned income ​ ​ (542) ​ (708) ​ Unamortized premiums ​ ​ 116 ​ 216 ​ Unaccreted discounts ​ ​ (641) ​ (988) ​ PPP net unamortized deferred origination fees and costs ​ ​ ​ (1,203) ​ ​ (8,564) ​ Other net unamortized deferred origination fees and costs ​ ​ 161 ​ 2,085 ​ Carrying value of loans ​ ​ $ 4,496,562 ​ $ 4,813,103 ​ ​ Paycheck Protection Program ​ The CARES Act was enacted in March 2020 and provided for the SBA’s PPP, which allowed the Bank to lend to its qualifying small business clients to assist them in their efforts to meet their cash-flow needs during the COVID-19 pandemic. The Economic Aid Act was enacted in December 2020 and provided for a second round of PPP loans. PPP loans are fully backed by the SBA and may be entirely forgiven if the loan client uses loan funds for qualifying reasons. balances originated during 2021, and $1 million of yet-to-be-earned PPP lender fees reported as a credit offset to these originated balances. ​ To provide liquidity to banks administering the SBA’s PPP, the FRB created the PPPLF, a lending facility secured by the PPP loans of the participating banks. As of December 31, 2021, the Bank had no outstanding borrowings from the FRB under the PPPLF. ​ Credit Quality Indicators ​ Bank procedures for assessing and maintaining credit gradings differs slightly depending on whether a new or renewed loan is being underwritten, or whether an existing loan is being re-evaluated for potential credit quality concerns. The latter usually occurs upon receipt of updated financial information, or other pertinent data, which would potentially cause a change in the loan grade. Specific Bank procedures follow: ​ ● For new and renewed C&I, CRE and C&D loans, the Bank’s CCAD assigns the credit quality grade to the loan. ​ ● Commercial loan officers are responsible for monitoring their respective loan portfolios and reporting any adverse material changes to senior management. When circumstances warrant a review and possible change in the credit quality grade, loan officers are required to notify the Bank’s CCAD. ​ ● A senior officer meets at least monthly with commercial loan officers to discuss the status of past due loans and possible classified loans. These meetings are designed to give loan officers an opportunity to identify existing loans that should be downgraded. ​ ● Monthly, members of senior management along with managers of Commercial Lending, CCAD, Accounting, Special Assets and Retail Collections attend a Special Asset Committee meeting. The SAC reviews C&I and CRE loans graded Special Mention or worse or loans potentially subject to downgrade into these classifications and discusses the relative trends and current status of these assets. In addition, the SAC reviews all classified and potentially classified residential real estate and home equity loans. SAC also reviews the actions taken by management regarding credit-quality grades, foreclosure mitigation, loan extensions, deferrals or forbearance, troubled debt restructurings, and collateral repossessions. Based on the information reviewed in this meeting, the SAC approves all specific loan loss allocations to be recognized by the Bank within the ACLL analysis. ​ ● During 2021 and 2020, members of senior management performed periodic reviews, no less than monthly, of loans whose borrowers were negatively impacted by the COVID-19 pandemic. These reviews included borrowers in industries particularly harmed by pandemic-driven restrictions, such as the hospitality industry. ​ ● All new and renewed warehouse lines of credit are approved by the Executive Loan Committee. The CCAD assigns the initial credit quality grade to warehouse facilities. Monthly, members of senior management review warehouse lending activity including data associated with the underlying collateral to the warehouse facilities, i.e., the mortgage loans associated with the balances drawn. Key performance indicators monitored include average days outstanding for each draw, average FICO credit report score for the underlying collateral, average LTV for the underlying collateral and other factors deemed relevant. ​ On at least an annual basis, the Bank’s internal loan review department analyzes all individual loans with outstanding balances greater than $1 million that are internally classified as “Special Mention,” “ Substandard ,” “ Doubtful ” or “Loss.” In addition, on an annual basis, the Bank analyzes a sample of “Pass” rated loans. ​ The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, public information, and current economic trends. The Bank also considers the fair value of the underlying collateral and the strength and willingness of the guarantor(s). The Bank analyzes loans individually, and based on this analysis, establishes a credit risk rating. The Bank uses the following definitions for risk ratings: ​ Risk Grade 1 — Excellent (Pass): ​ Risk Grade 2 — Good (Pass): ​ Risk Grade 3 — Satisfactory (Pass): ​ Risk Grade 4 — Satisfactory/Monitored (Pass): ​ Risk Grade 5 — Special Mention: ​ Purchased with Credit Deterioration Loans — Group 1: ​ Purchased with Credit Deterioration Loans — Substandard: ​ Risk Grade 6 — Substandard: ​ ● Loans that possess a defined credit weakness. The likelihood that a loan will be paid from the primary source of repayment is uncertain. Financial deterioration is under way and very close attention is warranted to ensure that the loan is collected without loss. ● Loans are inadequately protected by the current net worth and paying capacity of the obligor. ● The primary source of repayment is gone, and the Bank is forced to rely on a secondary source of repayment, such as collateral liquidation or guarantees. ● Loans have a distinct possibility that the Bank will sustain some loss if deficiencies are not corrected. ● Unusual courses of action are needed to maintain a high probability of repayment. ● The borrower is not generating enough cash flow to repay loan principal; however, it continues to make interest payments. ● The Bank is forced into a subordinated or unsecured position due to flaws in documentation. ● The Bank is seriously contemplating foreclosure or legal action due to the apparent deterioration in the loan. ● There is significant deterioration in market conditions to which the borrower is highly vulnerable. ​ Risk Grade 7 — Doubtful: ​ ● Loans have all of the weaknesses of those classified as Substandard. However, based on existing conditions, these weaknesses make full collection of principal highly improbable. ● The primary source of repayment is gone, and there is considerable doubt as to the quality of the secondary source of repayment. ● The possibility of loss is high but because of certain important pending factors, which may strengthen the loan, loss classification is deferred until the exact status of repayment is known. ​ Risk Grade 8 — Loss: ​ For all real estate and consumer loans, including small-dollar RPG loans, which do not meet the scope above, the Bank uses a grading system based on delinquency and nonaccrual status. Loans that are 80 days or more past due or on nonaccrual are graded Substandard. Occasionally, a real estate loan below scope may be graded as “Special Mention” or “Substandard” if the loan is cross-collateralized with a classified C&I or CRE loan. ​ Amid the COVID-19 pandemic the Bank has granted loan deferral and forbearance relief to many retail mortgage loans. As loans under such relief will generally not reflect slow pay, retail mortgage clients requesting loan deferral and forbearance relief beyond six consecutive months may be scrutinized and adversely classified. Mortgage loans adversely classified following prolonged deferral or forbearance relief will be monitored for at least six consecutive months before qualifying to exit adverse classification. ​ Purchased loans are accounted for as any other Bank-originated loan, potentially becoming nonaccrual, as well as being risk rated under the Bank’s standard practices and procedures. In addition, these loans are considered in the determination of the ACLL once day-one fair values are final. ​ Management separately monitors PCD, formerly PCI, loans and no less than quarterly reviews them against the factors and assumptions used in determining day-one fair values. In addition to its quarterly evaluation, a PCD loan is typically reviewed when it is modified or extended, or when information becomes available to the Bank that provides additional insight regarding the loan’s performance, the status of the borrower, or the quality or value of the underlying collateral. ​ If a troubled debt restructuring is performed on a PCD loan, the loan is transferred out of the PCD population. The loan may require an additional Provision if its restructured cash flows are less than management’s initial day-one expectations. PCD loans for which the Bank simply chooses to extend the maturity date are generally not considered TDRs and remain in the PCD population. ​ ​ The following tables include loans by segment, risk category, and, for non-revolving loans, origination year. Regarding origination year, loan extensions and renewals are generally considered originated in the year extended or renewed unless the loan is classified as a TDR. Loan extensions and renewals classified as 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 December 31, 2021 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate owner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 218,981 ​ $ 213,010 ​ $ 89,186 ​ $ 50,301 ​ $ 226,852 ​ $ — ​ $ — ​ $ 798,330 Special Mention ​ ​ 301 ​ ​ — ​ ​ — ​ ​ 33 ​ ​ 8,209 ​ ​ — ​ ​ — ​ ​ 8,543 Substandard ​ ​ 45 ​ ​ 870 ​ ​ 679 ​ ​ 1,189 ​ ​ 11,075 ​ ​ — ​ ​ — ​ ​ 13,858 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 219,327 ​ $ 213,880 ​ $ 89,865 ​ $ 51,523 ​ $ 246,136 ​ $ — ​ $ — ​ $ 820,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate nonowner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 107,041 ​ $ 65,947 ​ $ 44,376 ​ $ 29,292 ​ $ 55,872 ​ $ — ​ $ 3,568 ​ $ 306,096 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 132 ​ ​ — ​ ​ — ​ ​ 132 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 95 ​ ​ — ​ ​ — ​ ​ 95 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 107,041 ​ $ 65,947 ​ $ 44,376 ​ $ 29,292 ​ $ 56,099 ​ $ — ​ $ 3,568 ​ $ 306,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 487,669 ​ $ 260,182 ​ $ 156,748 ​ $ 94,212 ​ $ 286,223 ​ $ — ​ $ 82,158 ​ $ 1,367,192 Special Mention ​ ​ 20,059 ​ ​ 2,399 ​ ​ 29,639 ​ ​ 11,207 ​ ​ 18,778 ​ ​ — ​ ​ — ​ ​ 82,082 Substandard ​ ​ — ​ ​ 111 ​ ​ 266 ​ ​ 2,453 ​ ​ 3,905 ​ ​ — ​ ​ — ​ ​ 6,735 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 507,728 ​ $ 262,692 ​ $ 186,653 ​ $ 107,872 ​ $ 308,906 ​ $ — ​ $ 82,158 ​ $ 1,456,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction and land development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 89,078 ​ $ 32,046 ​ $ 2,599 ​ $ 1,155 ​ $ 265 ​ $ — ​ $ — ​ $ 125,143 Special Mention ​ ​ — ​ ​ 524 ​ ​ 3,670 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,194 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 89,078 ​ $ 32,570 ​ $ 6,269 ​ $ 1,155 ​ $ 265 ​ $ — ​ $ — ​ $ 129,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 150,820 ​ $ 44,481 ​ $ 59,186 ​ $ 18,110 ​ $ 44,972 ​ $ — ​ $ 2,541 ​ $ 320,110 Special Mention ​ ​ 15,365 ​ ​ 1,921 ​ ​ 785 ​ ​ 34 ​ ​ 1,956 ​ ​ — ​ ​ — ​ ​ 20,061 Substandard ​ ​ — ​ ​ 13 ​ ​ 179 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 192 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 166,185 ​ $ 46,415 ​ $ 60,150 ​ $ 18,144 ​ $ 46,928 ​ $ — ​ $ 2,541 ​ $ 340,363 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 40,607 ​ $ 15,407 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 56,014 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 40,607 ​ $ 15,407 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 56,014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 2,638 ​ $ 839 ​ $ 2,641 ​ $ 1,264 ​ $ 1,255 ​ $ — ​ $ — ​ $ 8,637 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 2,638 ​ $ 839 ​ $ 2,641 ​ $ 1,264 ​ $ 1,255 ​ $ — ​ $ — ​ $ 8,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 65,886 ​ $ 43,301 ​ $ 22,933 ​ $ 9,119 ​ $ 1,655 ​ $ — ​ $ — ​ $ 142,894 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 65,886 ​ $ 43,301 ​ $ 22,933 ​ $ 9,119 ​ $ 1,655 ​ $ — ​ $ — ​ $ 142,894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 208,429 ​ $ — ​ $ 208,429 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 279 ​ ​ — ​ ​ 279 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,870 ​ ​ — ​ ​ 1,870 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 210,578 ​ $ — ​ $ 210,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year (Continued) ​ Amortized ​ Converted ​ ​ ​ ​ As of December 31, 2021 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 978 ​ $ 417 ​ $ 4,694 ​ $ 4,326 ​ $ 5,768 ​ $ 14,613 ​ $ — ​ $ 30,796 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ 22 ​ ​ 61 ​ ​ 194 ​ ​ — ​ ​ — ​ ​ 277 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 978 ​ $ 417 ​ $ 4,716 ​ $ 4,387 ​ $ 5,962 ​ $ 14,613 ​ $ — ​ $ 31,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 850,550 ​ $ — ​ $ 850,550 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 850,550 ​ $ — ​ $ 850,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50,987 ​ $ — ​ $ 50,987 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50,987 ​ $ — ​ $ 50,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RCS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 5,524 ​ $ 3,409 ​ $ 1,642 ​ $ 869 ​ $ 3,699 ​ $ 77,544 ​ $ — ​ $ 92,687 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 379 ​ ​ — ​ ​ 379 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 5,524 ​ $ 3,409 ​ $ 1,642 ​ $ 869 ​ $ 3,699 ​ $ 77,923 ​ $ — ​ $ 93,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,169,222 ​ $ 679,039 ​ $ 384,005 ​ $ 208,648 ​ $ 626,561 ​ $ 1,202,123 ​ $ 88,267 ​ $ 4,357,865 ​ Special Mention ​ ​ 35,725 ​ ​ 4,844 ​ ​ 34,094 ​ ​ 11,274 ​ ​ 29,075 ​ ​ 279 ​ ​ — ​ ​ 115,291 ​ Substandard ​ ​ 45 ​ ​ 994 ​ ​ 1,146 ​ ​ 3,703 ​ ​ 15,269 ​ ​ 2,249 ​ ​ — ​ ​ 23,406 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Grand Total ​ $ 1,204,992 ​ $ 684,877 ​ $ 419,245 ​ $ 223,625 ​ $ 670,905 ​ $ 1,204,651 ​ $ 88,267 ​ $ 4,496,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year ​ Amortized ​ Converted ​ ​ ​ As of December 31, 2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate owner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 268,313 ​ $ 132,018 ​ $ 82,754 ​ $ 67,430 ​ $ 301,366 ​ $ — ​ $ — ​ $ 851,881 Special Mention ​ ​ — ​ ​ 364 ​ ​ 42 ​ ​ 1,610 ​ ​ 8,730 ​ ​ — ​ ​ — ​ ​ 10,746 Substandard ​ ​ 394 ​ ​ 1,423 ​ ​ 1,331 ​ ​ 614 ​ ​ 13,411 ​ ​ — ​ ​ — ​ ​ 17,173 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 268,707 ​ $ 133,805 ​ $ 84,127 ​ $ 69,654 ​ $ 323,507 ​ $ — ​ $ — ​ $ 879,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate nonowner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 73,291 ​ $ 63,102 ​ $ 43,610 ​ $ 45,759 ​ $ 38,316 ​ $ — ​ $ 621 ​ $ 264,699 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 81 ​ ​ — ​ ​ — ​ ​ 81 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 73,291 ​ $ 63,102 ​ $ 43,610 ​ $ 45,759 ​ $ 38,397 ​ $ — ​ $ 621 ​ $ 264,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 315,550 ​ $ 258,251 ​ $ 166,542 ​ $ 171,207 ​ $ 315,336 ​ $ — ​ $ 55,949 ​ $ 1,282,835 Special Mention ​ ​ 3,397 ​ ​ 30,969 ​ ​ 236 ​ ​ 11,355 ​ ​ 9,659 ​ ​ — ​ ​ — ​ ​ 55,616 Substandard ​ ​ 2,596 ​ ​ 349 ​ ​ — ​ ​ 987 ​ ​ 3,899 ​ ​ — ​ ​ 2,803 ​ ​ 10,634 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 321,543 ​ $ 289,569 ​ $ 166,778 ​ $ 183,549 ​ $ 328,894 ​ $ — ​ $ 58,752 ​ $ 1,349,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction and land development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 53,972 ​ $ 31,756 ​ $ 7,840 ​ $ 701 ​ $ 1,964 ​ $ — ​ $ — ​ $ 96,233 Special Mention ​ ​ — ​ ​ 2,397 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,397 Substandard ​ ​ — ​ ​ 44 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 44 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 53,972 ​ $ 34,197 ​ $ 7,840 ​ $ 701 ​ $ 1,964 ​ $ — ​ $ — ​ $ 98,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 105,985 ​ $ 84,575 ​ $ 33,391 ​ $ 32,303 ​ $ 46,697 ​ $ — ​ $ 1,040 ​ $ 303,991 Special Mention ​ ​ 18,195 ​ ​ 800 ​ ​ — ​ ​ — ​ ​ 2,215 ​ ​ — ​ ​ — ​ ​ 21,210 Substandard ​ ​ 383 ​ ​ 12 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 395 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 124,563 ​ $ 85,387 ​ $ 33,391 ​ $ 32,303 ​ $ 48,912 ​ $ — ​ $ 1,040 ​ $ 325,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year (Continued) ​ Amortized ​ Converted ​ ​ ​ As of December 31, 2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 392,319 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 392,319 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 392,319 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 392,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,117 ​ $ 3,663 ​ $ 1,814 ​ $ 2,847 ​ $ 689 ​ $ — ​ $ — ​ $ 10,130 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 1,117 ​ $ 3,663 ​ $ 1,814 ​ $ 2,847 ​ $ 689 ​ $ — ​ $ — ​ $ 10,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 55,823 ​ $ 30,529 ​ $ 13,804 ​ $ 1,219 ​ $ — ​ $ — ​ $ — ​ $ 101,375 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 55,823 ​ $ 30,529 ​ $ 13,804 ​ $ 1,219 ​ $ — ​ $ — ​ $ — ​ $ 101,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 237,633 ​ $ — ​ $ 237,633 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ 127 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,880 ​ ​ — ​ ​ 2,880 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 240,640 ​ $ — ​ $ 240,640 Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 425 ​ $ 13,636 ​ $ 8,563 ​ $ 7,125 ​ $ 8,648 ​ $ 14,321 ​ $ — ​ $ 52,718 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 Substandard ​ ​ — ​ ​ 32 ​ ​ 49 ​ ​ 229 ​ ​ 212 ​ ​ 5 ​ ​ — ​ ​ 527 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 425 ​ $ 13,668 ​ $ 8,612 ​ $ 7,354 ​ $ 8,865 ​ $ 14,326 ​ $ — ​ $ 53,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 962,796 ​ $ — ​ $ 962,796 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 962,796 ​ $ — ​ $ 962,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 23,765 ​ $ — ​ $ 23,765 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 23,765 ​ $ — ​ $ 23,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RCS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 27,683 ​ $ 5,704 ​ $ 2,485 ​ $ 1,232 ​ $ 19,095 ​ $ 54,348 ​ $ — ​ $ 110,547 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 346 ​ ​ — ​ ​ 346 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 27,683 ​ $ 5,704 ​ $ 2,485 ​ $ 1,232 ​ $ 19,095 ​ $ 54,694 ​ $ — ​ $ 110,893 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,294,478 ​ $ 623,234 ​ $ 360,803 ​ $ 329,823 ​ $ 732,111 ​ $ 1,292,863 ​ $ 57,610 ​ $ 4,690,922 Special Mention ​ ​ 21,592 ​ ​ 34,530 ​ ​ 278 ​ ​ 12,965 ​ ​ 20,609 ​ ​ 127 ​ ​ — ​ ​ 90,101 Substandard ​ ​ 3,373 ​ ​ 1,860 ​ ​ 1,380 ​ ​ 1,830 ​ ​ 17,603 ​ ​ 3,231 ​ ​ 2,803 ​ ​ 32,080 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Grand Total ​ $ 1,319,443 ​ $ 659,624 ​ $ 362,461 ​ $ 344,618 ​ $ 770,323 ​ $ 1,296,221 ​ $ 60,413 ​ $ 4,813,103 ​ Subprime Lending ​ Both the Traditional Banking segment and the RCS segment of the Company have certain classes of loans that are considered to be “subprime” strictly due to the credit score of the borrower at the time of origination. ​ Traditional Bank loans considered subprime totaled approximately $48 million and $52 million as of December 31, 2021 and 2020. Approximately $28 million and $27 million of the outstanding Traditional Bank subprime loan portfolio as of December 31, 2021 and 2020 were originated for CRA purposes. Management does not consider these loans to possess significantly higher credit risk due to other underwriting qualifications. ​ The RCS segment originates two short-term line-of-credit products, with the second product introduced in January 2021. The Bank sells 90% to 95% of the balances maintained through these products within three days of loan origination and retains a 5% to 10% interest. These products are unsecured and made to borrowers with subprime or near prime credit scores. The aggregate outstanding balance held-for-investment for these products totaled $26 million and $18 million as of December 31, 2021 and 2020. ​ Allowance for Credit Losses ​ The following tables present the activity in the ACLL by portfolio class for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLL Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 9,715 ​ $ (1,461) ​ $ — ​ $ 393 ​ $ 8,647 ​ $ 4,729 ​ ​ $ 4,199 ​ $ 785 ​ $ (169) ​ $ 171 ​ $ 9,715 Nonowner occupied ​ ​ ​ 2,466 ​ ​ 231 ​ ​ — ​ ​ 3 ​ ​ 2,700 ​ ​ 1,737 ​ ​ ​ 148 ​ ​ 570 ​ ​ — ​ ​ 11 ​ ​ 2,466 Commercial real estate ​ ​ ​ 23,606 ​ ​ 509 ​ ​ (428) ​ ​ 82 ​ ​ 23,769 ​ ​ 10,486 ​ ​ ​ 273 ​ ​ 13,170 ​ ​ (795) ​ ​ 472 ​ ​ 23,606 Construction & land development ​ ​ ​ 3,274 ​ ​ 854 ​ ​ — ​ ​ — ​ ​ 4,128 ​ ​ 2,152 ​ ​ ​ 1,447 ​ ​ (325) ​ ​ — ​ ​ — ​ ​ 3,274 Commercial & industrial ​ ​ ​ 2,797 ​ ​ 700 ​ ​ (86) ​ ​ 76 ​ ​ 3,487 ​ ​ 2,882 ​ ​ ​ (1,318) ​ ​ 1,421 ​ ​ (310) ​ ​ 122 ​ ​ 2,797 Paycheck Protection Program ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Lease financing receivables ​ ​ ​ 106 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 91 ​ ​ 147 ​ ​ ​ — ​ ​ (41) ​ ​ — ​ ​ — ​ ​ 106 Aircraft ​ ​ ​ 253 ​ ​ 104 ​ ​ — ​ ​ — ​ ​ 357 ​ ​ 176 ​ ​ ​ — ​ ​ 77 ​ ​ — ​ ​ — ​ ​ 253 Home equity ​ ​ ​ 4,990 ​ ​ (874) ​ ​ (51) ​ ​ 46 ​ ​ 4,111 ​ ​ 2,721 ​ ​ ​ 1,652 ​ ​ 516 ​ ​ (14) ​ ​ 115 ​ ​ 4,990 Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ ​ ​ 929 ​ ​ 107 ​ ​ (163) ​ ​ 61 ​ ​ 934 ​ ​ 1,020 ​ ​ ​ 33 ​ ​ 111 ​ ​ (295) ​ ​ 60 ​ ​ 929 Overdrafts ​ ​ ​ 587 ​ ​ 425 ​ ​ (641) ​ ​ 312 ​ ​ 683 ​ ​ 1,169 ​ ​ ​ — ​ ​ 79 ​ ​ (886) ​ ​ 225 ​ ​ 587 Automobile loans ​ ​ ​ 399 ​ ​ (233) ​ ​ (19) ​ ​ 39 ​ ​ 186 ​ ​ 612 ​ ​ ​ (7) ​ ​ (176) ​ ​ (60) ​ ​ 30 ​ ​ 399 Other consumer ​ ​ ​ 577 ​ ​ (254) ​ ​ (72) ​ ​ 63 ​ ​ 314 ​ ​ 374 ​ ​ ​ 307 ​ ​ (57) ​ ​ (240) ​ ​ 193 ​ ​ 577 Total Traditional Banking ​ ​ ​ 49,699 ​ ​ 93 ​ ​ (1,460) ​ ​ 1,075 ​ ​ 49,407 ​ ​ 28,205 ​ ​ ​ 6,734 ​ ​ 16,130 ​ ​ (2,769) ​ ​ 1,399 ​ ​ 49,699 Warehouse lines of credit ​ ​ ​ 2,407 ​ ​ (281) ​ ​ — ​ ​ — ​ ​ 2,126 ​ ​ 1,794 ​ ​ ​ — ​ ​ 613 ​ ​ — ​ ​ — ​ ​ 2,407 Total Core Banking ​ ​ ​ 52,106 ​ ​ (188) ​ ​ (1,460) ​ ​ 1,075 ​ ​ 51,533 ​ ​ 29,999 ​ ​ ​ 6,734 ​ ​ 16,743 ​ ​ (2,769) ​ ​ 1,399 ​ ​ 52,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ ​ — ​ ​ 6,723 ​ ​ (10,256) ​ ​ 3,533 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 13,033 ​ ​ (19,575) ​ ​ 6,542 ​ ​ — Other TRS loans ​ ​ ​ 158 ​ ​ (40) ​ ​ (51) ​ ​ 29 ​ ​ 96 ​ ​ 234 ​ ​ ​ — ​ ​ 156 ​ ​ (234) ​ ​ 2 ​ ​ 158 Republic Credit Solutions ​ ​ ​ 8,803 ​ ​ 8,444 ​ ​ (4,707) ​ ​ 408 ​ ​ 12,948 ​ ​ 13,118 ​ ​ ​ — ​ ​ 1,219 ​ ​ (6,163) ​ ​ 629 ​ ​ 8,803 Total Republic Process

PREMISES AND EQUIPMENT

PREMISES AND EQUIPMENT12 Months Ended
Dec. 31, 2021
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT5. PREMISES AND EQUIPMENT ​ A summary of the cost and accumulated depreciation of premises and equipment follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 3,818 ​ $ 4,303 ​ Buildings and improvements ​ 32,629 ​ 33,225 ​ Furniture, fixtures and equipment ​ 51,429 ​ 51,467 ​ Leasehold improvements ​ 22,430 ​ 21,921 ​ Construction in progress ​ — ​ — ​ Total premises and equipment ​ 110,306 ​ 110,916 ​ Less: Accumulated depreciation and amortization ​ 74,233 ​ 71,404 ​ Premises and equipment, net ​ $ 36,073 ​ $ 39,512 ​ ​ Depreciation expense related to premises and equipment follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense ​ $ 8,986 ​ $ 9,725 ​ $ 9,230 ​ ​

RIGHT-OF-USE ASSETS AND OPERATI

RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES12 Months Ended
Dec. 31, 2021
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES​ 6. RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES ​ The Company records as operating lease liabilities the present value of its required minimum lease payments plus any amounts probable of being owed under a residual value guarantee. Offsetting these operating lease liabilities, the Company records right-of-use assets for the underlying leased property. ​ As of December 31, 2021, the Company was under 45 separate and distinct operating lease contracts to lease the land and/or buildings for 36 of its offices, with 14 such operating leases contracted with a related party of the Company. As of December 31, 2021, payments on 24 of the Company’s operating leases were considered variable because such payments were adjustable based on periodic changes in the Consumer Price Index. ​ The Company executed no new operating leases during 2021. The Company renewed a related-party lease on one of its Louisville, Kentucky banking centers during the fourth quarter of 2020 that commenced in January 2021 with a right-of-use asset value of $392,000 . During the second quarter of 2021, the Company extended one third-party lease for an additional five years , with the extended term beginning during the third quarter of 2021 and valued at approximately $263,000 . During the fourth quarter of 2021, the Company recorded two amendments to one related-party lease to add leased space, with these amendments valued at approximately $1.1 million. ​ ​ The following table presents information concerning the Company’s operating lease expense recorded as a noninterest expense within the category “Occupancy and equipment, net” for years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Related Party: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable lease expense ​ ​ $ 4,921 ​ $ 4,885 ​ $ 4,690 Fixed lease expense ​ ​ 137 ​ ​ 91 ​ ​ 37 Third Party: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable lease expense ​ ​ ​ 787 ​ ​ 786 ​ ​ 883 Fixed lease expense ​ ​ ​ 1,372 ​ ​ 1,617 ​ ​ 1,505 Short-term lease expense ​ ​ ​ — ​ ​ — ​ ​ 62 Total operating lease expense ​ ​ $ 7,217 ​ $ 7,379 ​ $ 7,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information concerning operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ ​ $ 7,286 ​ $ 7,254 ​ $ 7,175 Short-term lease payments not included in the measurement of lease liabilities ​ ​ ​ — ​ ​ — ​ ​ 62 ​ The following table presents the weighted average remaining term and weighted average discount rate for the Company’s non-short-term operating leases as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term in years ​ ​ 7.57 ​ ​ 8.37 ​ Weighted average discount rate ​ 3.05 % 3.10 % ​ The following table presents a maturity schedule of the Company’s operating lease liabilities based on undiscounted cash flows, and a reconciliation of those undiscounted cash flows to the operating lease liabilities recognized on the Company’s balance sheet as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year (in thousands) Related Party Third Party Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $ 4,767 $ 2,513 $ 7,280 ​ 2023 ​ 4,767 ​ 2,090 ​ 6,857 ​ 2024 ​ 4,633 ​ 1,558 ​ 6,191 ​ 2025 ​ 4,456 ​ 1,021 ​ 5,477 ​ 2026 ​ 3,504 ​ 883 ​ 4,387 ​ Thereafter ​ 12,696 ​ 1,908 ​ 14,604 ​ Total undiscounted cash flows ​ $ 34,823 ​ $ 9,973 ​ $ 44,796 ​ Discount applied to cash flows ​ ​ (3,891) ​ ​ (1,233) ​ ​ (5,124) ​ Total discounted cash flows reported as operating lease liabilities ​ $ 30,932 ​ $ 8,740 ​ $ 39,672 ​ ​

GOODWILL AND CORE DEPOSIT INTAN

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS12 Months Ended
Dec. 31, 2021
GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS
GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS7. GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS ​ A progression of the balance for goodwill follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period ​ $ 16,300 ​ $ 16,300 ​ $ 16,300 Acquired goodwill ​ — ​ — ​ — Impairment ​ — ​ — ​ — End of period ​ $ 16,300 ​ $ 16,300 ​ $ 16,300 ​ The goodwill balance relates entirely to the Company’s Traditional Banking segment and Core Banking operations. ​ The Company adopted ASU 2017-04 on January 1, 2020, which simplified goodwill impairment testing by eliminating Step 2 from the goodwill impairment test. The ASU also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. ​ Impairment exists when a reporting unit’s carrying value of goodwill exceeds its fair value. As of December 31, 2021 and 2020, the Company’s Core Banking reporting unit had positive equity and the Company elected to perform a qualitative assessment to determine if it was more-likely-than-not that the fair value of the reporting unit exceeded its carrying value, including goodwill. The qualitative assessment indicated that it was not more-likely-than-not that the carrying value of the reporting unit exceeded its fair value.

INTEREST RATE SWAPS

INTEREST RATE SWAPS12 Months Ended
Dec. 31, 2021
INTEREST RATE SWAPS
INTEREST RATE SWAPS8. INTEREST RATE SWAPS ​ Interest Rate Swaps Used as Cash Flow Hedges ​ The Bank entered into two interest rate swap agreements (“swaps”) during 2013 as part of its interest rate risk management strategy. The Bank designated these swaps as cash flow hedges intended to reduce the variability in cash flows attributable to either FHLB advances tied to the 3-month LIBOR or the overall changes in cash flows on certain money market deposit accounts tied to the 1-month LIBOR. Both swaps matured in December 2020. The impact of these swap transactions on the consolidated statements of income and OCI during the years ended December 31, 2021, 2020, and 2019 is considered immaterial. ​ ​ 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 to meet client needs, 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 counter party 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 has no credit risk. ​ A summary of the Bank’s interest rate swaps related to clients as of December 31, 2021 and 2020 is included in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Notional ​ ​ ​ ​ Notional ​ ​ ​ December 31, (in thousands) Bank Position ​ Amount Fair Value Amount Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps with Bank clients - Assets Pay variable/receive fixed ​ $ 107,502 $ 5,786 $ 138,277 $ 12,545 Interest rate swaps with Bank clients - Liabilities Pay variable/receive fixed ​ ​ 16,423 ​ ​ (298) ​ ​ — ​ ​ — Interest rate swaps with Bank clients - Total Pay variable/receive fixed ​ $ 123,925 $ 5,488 ​ $ 138,277 $ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting interest rate swaps with institutional swap dealer ​ Pay fixed/receive variable ​ ​ ​ 123,925 ​ ​ (5,488) ​ ​ 138,277 ​ ​ (12,545) Total ​ ​ ​ $ 247,850 $ — $ 276,554 $ — ​ The Bank is required to pledge securities as collateral when the Bank is in a net loss position for all swaps with dealer counterparties when such net loss positions exceed $250,000. The fair value of cash or investment securities pledged as collateral by the Bank to cover such net loss positions totaled $6.8 million and $13.3 million as of December 31, 2021 and 2020.

DEPOSITS

DEPOSITS12 Months Ended
Dec. 31, 2021
DEPOSITS
DEPOSITS9. DEPOSITS ​ The composition of the deposit portfolio follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Bank: ​ ​ ​ ​ ​ ​ ​ ​ Demand ​ ​ $ 1,381,522 ​ $ 1,217,263 ​ Money market accounts ​ ​ 789,876 ​ 712,824 ​ Savings ​ ​ 311,624 ​ 236,335 ​ Individual retirement accounts (1) ​ ​ 43,724 ​ 47,889 ​ Time deposits, $250 and over (1) ​ ​ 81,050 ​ 83,448 ​ Other certificates of deposit (1) ​ ​ 154,174 ​ 199,214 ​ Reciprocal money market and time deposits (1) ​ ​ 77,950 ​ 314,109 ​ Brokered deposits (1) ​ ​ — ​ 25,010 ​ Total Core Bank interest-bearing deposits ​ ​ 2,839,920 ​ 2,836,092 ​ Total Core Bank noninterest-bearing deposits ​ ​ ​ 1,579,173 ​ ​ 1,503,662 ​ Total Core Bank deposits ​ ​ ​ 4,419,093 ​ ​ 4,339,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ Money market accounts ​ ​ ​ 9,717 ​ ​ 6,673 ​ Total RPG interest-bearing deposits ​ ​ ​ 9,717 ​ ​ 6,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brokered prepaid card deposits ​ ​ ​ 320,907 ​ ​ 257,856 ​ Other noninterest-bearing deposits ​ ​ ​ 90,701 ​ ​ 128,898 ​ Total RPG noninterest-bearing deposits ​ ​ ​ 411,608 ​ ​ 386,754 ​ Total RPG deposits ​ ​ ​ 421,325 ​ ​ 393,427 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deposits ​ ​ $ 4,840,418 ​ $ 4,733,181 ​ (1) Includes time deposits. ​ As of December 31, 2021, the scheduled maturities and weighted average rate of all time deposits, including brokered and reciprocal certificates of deposit, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Years (dollars in thousands) ​ Principal ​ Rate ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 199,167 0.53 % 2023 ​ 70,017 2.42 ​ 2024 ​ 18,845 1.40 ​ 2025 ​ 4,004 0.51 ​ 2026 ​ 4,163 0.30 ​ Thereafter ​ 18 0.44 ​ Total ​ $ 296,214 1.03 ​ ​

SECURITIES SOLD UNDER AGREEMENT

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE12 Months Ended
Dec. 31, 2021
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE10. SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE ​ 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 December 31, 2021 and 2020, all securities sold under agreements to repurchase had overnight maturities. Additional information regarding securities sold under agreements to repurchase follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balance at end of period ​ ​ ​ $ 290,967 ​ $ 211,026 ​ Weighted average interest rate at end of period ​ ​ ​ 0.04 % 0.04 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of securities pledged: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ ​ ​ $ 108,813 ​ $ 60,059 ​ Mortgage backed securities - residential ​ ​ ​ ​ 167,561 ​ ​ 140,554 ​ Collateralized mortgage obligations ​ ​ ​ ​ 33,441 ​ ​ 29,656 ​ Total securities pledged ​ ​ ​ $ 309,815 ​ $ 230,269 ​ ​ Additional information regarding securities sold under agreements to repurchase for the years ended December 31, 2021, 2020, and 2019 follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average outstanding balance during the period ​ $ 231,430 ​ $ 204,797 ​ $ 236,883 ​ Average interest rate during the period ​ ​ ​ 0.03 % ​ 0.09 % 0.51 % Maximum outstanding at any month end during the period ​ $ 432,047 ​ $ 295,698 ​ $ 276,927 ​ ​

FEDERAL HOME LOAN BANK ADVANCES

FEDERAL HOME LOAN BANK ADVANCES12 Months Ended
Dec. 31, 2021
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES11. FEDERAL HOME LOAN BANK ADVANCES ​ As of December 31, 2021 and 2020, FHLB advances were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Overnight advances ​ ​ $ 25,000 ​ $ 225,000 ​ Fixed interest rate advances ​ ​ — ​ 10,000 ​ Total FHLB advances ​ ​ $ 25,000 ​ $ 235,000 ​ ​ The Company incurred $2.1 million early termination penalties on the payoff of $60 million in FHLB advances during 2020, with no similar penalty incurred in 2021 or 2019. ​ FHLB advances are collateralized by a blanket pledge of eligible real estate loans. As of December 31, 2021 and 2020, Republic had available borrowing capacity of $900 million and $683 million, respectively, from the FHLB. In addition to its borrowing capacity with the FHLB, Republic also had unsecured lines of credit totaling $125 million and $125 million available through various other financial institutions as of December 31, 2021 and 2020. ​ 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 ​ ​ ​ ​ ​ ​ ​ 2022 $ 25,000 0.14 % 2023 ​ — ​ — ​ 2024 ​ — — ​ 2025 ​ — — ​ 2026 ​ — — ​ Total ​ $ 25,000 0.14 % ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balance at end of period $ 25,000 ​ $ 225,000 ​ ​ Weighted average interest rate at end of period ​ ​ 0.14 % ​ ​ 0.16 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (dollars in thousands) 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average outstanding balance during the period $ 28,767 ​ $ 25,546 ​ $ 270,992 ​ Average interest rate during the period ​ ​ 0.15 % ​ ​ 0.81 % ​ ​ 2.43 % Maximum outstanding at any month end during the period $ 25,000 ​ $ 250,000 ​ $ 785,000 ​ ​ The following table illustrates real estate loans pledged to collateralize advances and letters of credit with the FHLB: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ First lien, single family residential real estate ​ $ 1,041,461 ​ $ 1,048,236 ​ Home equity lines of credit ​ 186,396 ​ 208,944 ​ ​

SUBORDINATED NOTE

SUBORDINATED NOTE12 Months Ended
Dec. 31, 2021
SUBORDINATED NOTE
SUBORDINATED NOTE12. SUBORDINATED NOTE ​ In 2005, Republic Bancorp Capital Trust, an unconsolidated trust subsidiary of Republic, was formed and issued $40 million in TPS. The sole asset of RBCT represented the proceeds of the offering loaned to Republic in exchange for a subordinated note with similar terms to the TPS. On September 30, 2021, as permitted under the terms of RBCT’s governing documents, Republic repaid the subordinated note and redeemed the TPS at par without penalty.

OFF BALANCE SHEET RISKS, COMMIT

OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES12 Months Ended
Dec. 31, 2021
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES13. OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES ​ COVID-19 Pandemic ​ COVID-19 was declared a pandemic by the World Health Organization on March 11, 2020. Since March 2020, to slow the spread of COVID-19, jurisdictions within the U.S. have imposed economic and social restrictions on the population in general and non-essential businesses in particular. These restrictions in combination with the public’s response to them effectively suspended or curtailed economic activity for many industries across the U.S., with industries in the Company’s market footprint impacted. ​ While vaccines for the virus began rolling out during 2021, the future potential financial impact of the COVID-19 pandemic is still unknown at this time. This pandemic and the public’s response to it could cause the Company to experience a material adverse impact on its business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of valuation impairments on the Company’s intangible assets, investments, loans, MSRs, deferred tax assets, or counterparty risk derivatives. ​ 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 year ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unused warehouse lines of credit ​ ​ $ 565,950 ​ $ 456,004 ​ Unused home equity lines of credit ​ ​ 348,681 ​ 353,322 ​ Unused loan commitments - other ​ ​ 828,229 ​ 775,128 ​ Standby letters of credit ​ ​ 11,305 ​ 10,949 ​ FHLB letter of credit ​ ​ 643 ​ 643 ​ Total commitments ​ ​ $ 1,754,808 ​ $ 1,596,046 ​ ​ 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 rollforward of the ACLC for years ended December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLC Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unused warehouse lines of credit ​ ​ $ 79 ​ $ 75 ​ $ — ​ $ — ​ $ 154 ​ $ — ​ $ 55 ​ $ 24 ​ $ — ​ $ — ​ $ 79 Unused home equity lines of credit ​ ​ ​ 173 ​ ​ 74 ​ ​ — ​ ​ — ​ ​ 247 ​ ​ — ​ ​ 89 ​ ​ 84 ​ ​ — ​ ​ — ​ ​ 173 Unused loan commitments - other ​ ​ ​ 737 ​ ​ (86) ​ ​ — ​ ​ — ​ ​ 651 ​ ​ — ​ ​ 312 ​ ​ 425 ​ ​ — ​ ​ — ​ ​ 737 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 989 ​ $ 63 ​ $ — ​ $ — ​ $ 1,052 ​ $ — ​ $ 456 ​ $ 533 ​ $ — ​ $ — ​ $ 989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company decreased its ACLC during 2021 based on a decrease in the expected loss rate for its unused commitments.

STOCKHOLDERS' EQUITY AND REGULA

STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS12 Months Ended
Dec. 31, 2021
STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS
STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS14. STOCKHOLDERS’ EQUITY AND REGULATORY CAPITAL MATTERS ​ Common Stock — ​ Dividend Restrictions ​ Regulatory Capital Requirements ​ Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If adequately capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. As of December 31, 2021 and 2020, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the institution’s category. ​ For prompt corrective action, the regulations in accordance with Basel III define “well capitalized” as a 10.0% Total Risk-Based Capital ratio, a 6.5% Common Equity Tier 1 Risk-Based Capital ratio, an 8.0% Tier 1 Risk-Based Capital ratio, and a 5.0% Tier 1 Leverage ratio. Additionally, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, the Company and Bank must hold a capital conservation buffer of 2.5% composed of Common Equity Tier 1 Risk-Based Capital above their minimum risk-based capital requirements. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ to be Well Capitalized ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ for Capital Adequacy ​ Corrective Action ​ ​ Actual ​ Purposes ​ Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ $ 878,488 17.47 % $ 402,327 8.00 % ​ NA NA ​ Republic Bank & Trust Company ​ 861,815 17.14 ​ 402,184 8.00 ​ $ 502,730 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 16.37 ​ 226,309 4.50 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 16.05 ​ 226,228 4.50 ​ 326,774 6.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 (core) capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 16.37 ​ 301,745 6.00 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 16.05 ​ 301,638 6.00 ​ 402,184 8.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 leverage capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 13.35 ​ 246,424 4.00 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 13.10 ​ 246,334 4.00 ​ 307,917 5.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ to be Well Capitalized ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ for Capital Adequacy ​ Corrective Action ​ ​ Actual ​ Purposes ​ Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ $ 896,053 18.52 % $ 387,163 8.00 % ​ NA NA ​ Republic Bank & Trust Company ​ 796,114 16.46 ​ 386,842 8.00 ​ $ 483,553 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 803,682 16.61 ​ 217,779 4.50 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 15.38 ​ 217,599 4.50 ​ 314,309 6.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 (core) capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 843,682 17.43 ​ 290,372 6.00 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 15.38 ​ 290,132 6.00 ​ 386,842 8.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 leverage capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 843,682 13.70 ​ 246,385 4.00 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 12.11 ​ 245,723 4.00 ​ 307,154 5.00 ​ ​

FAIR VALUE

FAIR VALUE12 Months Ended
Dec. 31, 2021
FAIR VALUE
FAIR VALUE15. 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: ​ Level 2: ​ Level 3: ​ 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: ​ 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 ​ See in this section of the filing under Footnote 2 “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 December 31, 2021. The Company’s TRUP investment is considered highly illiquid and also valued using Level 3 inputs, as the most recent bid price for this instrument is not always considered generally observable. ​ Equity securities with readily determinable fair value: ​ The fair value of the Company’s Freddie Mac preferred stock is determined by matrix pricing, as described above (Level 2 inputs). ​ Mortgage loans held for sale, at fair value: ​ Consumer loans held for sale, at fair value: ​ Consumer loans held for investment, at fair value: ​ ​ Mortgage Banking derivatives ​ Interest rate swap agreements: ​ Collateral-dependent loans: ​ Other real estate owned: ​ 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: ​ Assets and liabilities measured at fair value on a recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2021 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 ​ $ 70,112 ​ $ 167,347 ​ $ — ​ $ 237,459 ​ Private label mortgage-backed security ​ — ​ — ​ 2,731 ​ 2,731 ​ Mortgage-backed securities - residential ​ — ​ 210,749 ​ — ​ 210,749 ​ Collateralized mortgage obligations ​ — ​ 30,294 ​ — ​ 30,294 ​ Corporate bonds ​ ​ — ​ ​ 10,046 ​ ​ — ​ ​ 10,046 ​ Trust preferred security ​ — ​ — ​ 3,847 ​ 3,847 ​ Total available-for-sale debt securities ​ $ 70,112 ​ $ 418,436 ​ $ 6,578 ​ $ 495,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities with readily determinable fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ Community Reinvestment Act mutual fund ​ 2,450 ​ — ​ — ​ 2,450 ​ Total equity securities with readily determinable fair value ​ $ 2,450 ​ $ 170 ​ $ — ​ $ 2,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale ​ $ — ​ $ 29,393 ​ $ — ​ $ 29,393 ​ Consumer loans held for sale ​ ​ — ​ ​ — ​ ​ 19,747 ​ ​ 19,747 ​ Consumer loans held for investment ​ ​ — ​ ​ — ​ ​ 170 ​ ​ 170 ​ Rate lock loan commitments ​ — ​ 1,404 ​ — ​ 1,404 ​ Mandatory forward contracts ​ ​ — ​ ​ 66 ​ ​ — ​ ​ 66 ​ Interest rate swap agreements ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap agreements ​ $ — ​ $ 5,786 ​ $ — ​ $ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 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 ​ $ 66,634 ​ $ 180,275 ​ $ — ​ $ 246,909 ​ Private label mortgage-backed security ​ — ​ — ​ 2,957 ​ 2,957 ​ Mortgage-backed securities - residential ​ — ​ 211,202 ​ — ​ 211,202 ​ Collateralized mortgage obligations ​ — ​ 48,952 ​ — ​ 48,952 ​ Corporate bonds ​ ​ — ​ ​ 10,043 ​ ​ — ​ ​ 10,043 ​ Trust preferred security ​ — ​ — ​ 3,800 ​ 3,800 ​ Total available-for-sale debt securities ​ $ 66,634 ​ $ 450,472 ​ $ 6,757 ​ $ 523,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities with readily determinable fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 560 ​ $ — ​ $ 560 ​ Community Reinvestment Act mutual fund ​ 2,523 ​ — ​ — ​ 2,523 ​ Total equity securities with readily determinable fair value ​ $ 2,523 ​ $ 560 ​ $ — ​ $ 3,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale ​ $ — ​ $ 46,867 ​ $ — ​ $ 46,867 ​ Consumer loans held for sale ​ ​ — ​ ​ — ​ ​ 3,298 ​ ​ 3,298 ​ Consumer loans held for investment ​ ​ — ​ ​ — ​ ​ 497 ​ ​ 497 ​ Rate lock loan commitments ​ — ​ 4,540 ​ — ​ 4,540 ​ Interest rate swap agreements ​ — ​ 12,545 ​ — ​ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory forward contracts ​ $ — ​ $ 976 ​ $ — ​ $ 976 ​ Interest rate swap agreements ​ ​ — ​ ​ 12,545 ​ ​ — ​ 12,545 ​ ​ 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 years ended December 31, 2021 and 2020. ​ 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) for the periods ended December 31, 2021, 2020, and 2019: ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 2,957 ​ $ 3,495 ​ $ 3,712 ​ Total gains or losses included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in unrealized gain ​ 63 ​ (35) ​ (79) ​ Recovery of actual losses previously recorded ​ — ​ — ​ 151 ​ Principal paydowns ​ (289) ​ (503) ​ (289) ​ Balance, end of period ​ $ 2,731 ​ $ 2,957 ​ $ 3,495 ​ ​ 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. ​ The following tables present quantitative information about recurring Level 3 fair value measurements as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Range ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private label mortgage-backed security ​ $ 2,731 Discounted cash flow (1) Constant prepayment rate 4.5% - 5.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Probability of default 1.8% - 9.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Loss severity 50% - 75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Range ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private label mortgage-backed security ​ $ 2,957 Discounted cash flow (1) Constant prepayment rate 4.5% - 18.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Probability of default 1.8% - 9.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Loss severity 50% - 75% ​ ​ Trust Preferred Security ​ The Company invested in its TRUP in November 2015. 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) for the years ending December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 3,800 ​ $ 4,000 ​ $ 4,075 Total gains or losses included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount accretion ​ ​ ​ 53 ​ ​ 56 ​ ​ 42 Net change in unrealized gain ​ ​ (6) ​ (256) ​ (117) Balance, end of period ​ ​ $ 3,847 ​ $ 3,800 ​ $ 4,000 ​ 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 loan and in accordance with Bank policy for such instruments. None of these loans were past due 90-days-or-more nor on nonaccrual as of December 31, 2021 and 2020. ​ As of December 31, 2021 and 2020, the aggregate fair value, contractual balance (including accrued interest), and unrealized gain was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate fair value ​ ​ $ 29,393 ​ $ 46,867 ​ Contractual balance ​ ​ 28,668 ​ 44,781 ​ Unrealized gain ​ ​ 725 ​ 2,086 ​ ​ ​ The total amount of gains and losses from changes in fair value of mortgage loans held for sale included in earnings for 2021, 2020, and 2019 are presented in the following table: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ $ 1,081 ​ $ 1,362 ​ $ 697 ​ Change in fair value ​ ​ (1,361) ​ 1,552 ​ 239 ​ Total included in earnings ​ ​ $ (280) ​ $ 2,914 ​ $ 936 ​ ​ 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 December 31, 2021 and 2020. ​ 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 ​ December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans held for sale ​ $ 19,747 Contract Terms (1) Net Premium 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Discounted Sales 5.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans held for sale ​ $ 3,298 Contract Terms (1) Net Premium 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Discounted Sales 5.00% ​ The aggregate fair value, contractual balance, and unrealized gain on consumer loans held for sale, at fair value, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Aggregate fair value ​ ​ $ 19,747 ​ $ 3,298 Contractual balance ​ ​ 19,633 ​ 3,284 Unrealized gain ​ ​ 114 ​ 14 ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ $ 7,708 ​ $ 1,808 ​ $ 13 Change in fair value ​ ​ 100 ​ 9 ​ 5 Total included in earnings ​ ​ $ 7,808 ​ $ 1,817 ​ $ 18 ​ Assets measured at fair value on a non-recurring basis ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ ​ December 31, 2021 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 ​ $ — ​ $ — ​ $ 1,626 ​ $ 1,626 ​ Commercial real estate ​ — ​ — ​ 2,841 ​ 2,841 ​ Home equity ​ — ​ — ​ 378 ​ 378 ​ Total collateral-dependent loans* ​ $ — ​ $ — ​ $ 4,845 ​ $ 4,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate ​ $ — ​ $ — ​ $ 1,792 ​ $ 1,792 ​ Total other real estate owned ​ $ — ​ $ — ​ $ 1,792 ​ $ 1,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 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 ​ $ — ​ $ — ​ $ 3,860 ​ $ 3,860 Commercial real estate ​ — ​ — ​ 4,107 ​ 4,107 Home equity ​ — ​ — ​ 395 ​ 395 Total collateral-dependent loans* ​ $ — ​ $ — ​ $ 8,362 ​ $ 8,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate ​ $ — ​ $ — ​ $ 2,003 ​ $ 2,003 Total other real estate owned ​ $ — ​ $ — ​ $ 2,003 ​ $ 2,003 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ $ — ​ $ 3,233 ​ $ — ​ $ 3,233 ​ ​ * The difference between the carrying value and the fair value of collateral dependent or impaired loans measured at fair value is reconciled in a subsequent table of this Footnote. ​ 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 December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Inputs ​ Average) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - residential real estate owner occupied ​ $ 1,626 Sales comparison approach Adjustments determined for differences between comparable sales 0% - 51% ( 10% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - commercial real estate ​ $ 2,841 Sales comparison approach Adjustments determined for differences between comparable sales 12% - 13% ( 12% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - home equity ​ $ 378 Sales comparison approach Adjustments determined for differences between comparable sales 2% - 4% ( 3% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned - commercial real estate ​ $ 1,792 Sales comparison approach Adjustments determined for differences between comparable sales 33% ( 33% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Range ​ ​ Fair ​ Valuation ​ Unobservable ​ (Weighted December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Inputs ​ Average) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - residential real estate owner occupied ​ $ 3,860 Sales comparison approach Adjustments determined for differences between comparable sales 0% - 51% (8%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - commercial real estate ​ $ 4,107 Sales comparison approach Adjustments determined for differences between comparable sales 7% - 31% (26%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - home equity ​ $ 395 Sales comparison approach Adjustments determined for differences between comparable sales 2%-6% ( ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned - commercial real estate ​ $ 2,003 Sales comparison approach Adjustments determined for differences between comparable sales 26% ( ​ Collateral Dependent/Impaired 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/impaired loans are as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ Carrying amount of loans measured at fair value ​ $ 4,928 ​ $ 7,110 Estimated selling costs considered in carrying amount ​ 842 ​ 1,252 Valuation allowance ​ ​ (925) ​ ​ — Total fair value ​ $ 4,845 ​ $ 8,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision on collateral-dependent loans ​ ​ $ 960 ​ $ 559 ​ $ 3,039 ​ ​ Other Real Estate Owned ​ Other real estate owned, which is carried at the lower of cost or fair value, is periodically assessed for impairment based on fair value at the reporting date. Fair value is determined from external appraisals or BPOs using judgments and estimates of external professionals. Many of these inputs are not observable and, accordingly, these measurements are classified as Level 3. ​ Details of other real estate owned carrying value and write downs follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned carried at fair value ​ ​ $ 1,792 ​ $ 2,003 ​ $ — ​ Other real estate owned carried at cost ​ ​ — ​ 496 ​ 113 ​ Total carrying value of other real estate owned ​ ​ $ 1,792 ​ $ 2,499 ​ $ 113 ​ Other real estate owned write-downs during the years ended ​ ​ $ 211 ​ $ 105 ​ $ — ​ ​ The carrying amounts and estimated exit price fair values of financial instruments, as of December 31, 2021 and 2020 follow: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ Total ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair (in thousands) ​ Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 756,971 ​ $ 756,971 ​ $ — ​ $ — ​ $ 756,971 ​ Available-for-sale debt securities ​ 495,126 ​ 70,112 ​ 418,436 ​ 6,578 ​ 495,126 ​ Held-to-maturity debt securities ​ 44,299 ​ — ​ 44,764 ​ — ​ 44,764 ​ Equity securities with readily determinable fair values ​ ​ 2,620 ​ ​ 2,450 ​ ​ 170 ​ ​ — ​ ​ 2,620 ​ Mortgage loans held for sale, at fair value ​ 29,393 ​ — ​ 29,393 ​ — ​ 29,393 ​ Consumer loans held for sale, at fair value ​ ​ 19,747 ​ ​ — ​ ​ — ​ ​ 19,747 ​ ​ 19,747 ​ Consumer loans held for sale, at the lower of cost or fair value ​ ​ 2,937 ​ ​ — ​ ​ — ​ ​ 2,937 ​ ​ 2,937 ​ Loans, net ​ 4,431,985 ​ — ​ — ​ 4,445,244 ​ 4,445,244 ​ Federal Home Loan Bank stock ​ 10,311 ​ — ​ — ​ — ​ NA ​ Accrued interest receivable ​ 9,877 ​ — ​ 9,877 ​ — ​ 9,877 ​ Mortgage servicing rights ​ ​ 9,196 ​ ​ — ​ ​ 11,540 ​ ​ — ​ ​ 11,540 ​ Rate lock loan commitments ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ Mandatory forward contracts ​ ​ 66 ​ ​ — ​ ​ 66 ​ ​ — ​ ​ 66 ​ Interest rate swap agreements ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 1,990,781 ​ — ​ $ 1,990,781 ​ — ​ $ 1,990,781 ​ Transaction deposits ​ 2,553,423 ​ — ​ 2,553,423 ​ — ​ 2,553,423 ​ Time deposits ​ 296,214 ​ — ​ 298,236 ​ — ​ 298,236 ​ Securities sold under agreements to repurchase and other short-term borrowings ​ 290,967 ​ — ​ 290,967 ​ — ​ 290,967 ​ Federal Home Loan Bank advances ​ 25,000 ​ — ​ 25,000 ​ — ​ 25,000 ​ Accrued interest payable ​ 159 ​ — ​ 159 ​ — ​ 159 ​ Interest rate swap agreements ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ NA - Not applicable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ Total ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair (in thousands) ​ Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 485,587 ​ $ 485,587 ​ $ — ​ $ — ​ $ 485,587 ​ Available-for-sale debt securities ​ 523,863 ​ 66,634 ​ 450,472 ​ 6,757 ​ 523,863 ​ Held-to-maturity debt securities ​ 53,324 ​ — ​ 54,190 ​ — ​ 54,190 ​ Equity securities with readily determinable fair values ​ ​ 3,083 ​ ​ 2,523 ​ ​ 560 ​ ​ — ​ ​ 3,083 ​ Mortgage loans held for sale, at fair value ​ 46,867 ​ — ​ 46,867 ​ — ​ 46,867 ​ Consumer loans held for sale, at fair value ​ ​ 3,298 ​ ​ — ​ ​ — ​ ​ 3,298 ​ ​ 3,298 ​ Consumer loans held for sale, at the lower of cost or fair value ​ ​ 1,478 ​ ​ — ​ ​ — ​ ​ 1,478 ​ ​ 1,478 ​ Loans, net ​ 4,752,036 ​ — ​ — ​ 4,749,831 ​ 4,749,831 ​ Federal Home Loan Bank stock ​ 17,397 ​ — ​ — ​ — ​ NA ​ Accrued interest receivable ​ 12,925 ​ — ​ 12,925 ​ — ​ 12,925 ​ Mortgage servicing rights ​ ​ 7,095 ​ ​ — ​ ​ 8,318 ​ ​ — ​ ​ 8,318 ​ Rate lock loan commitments ​ ​ 4,540 ​ ​ — ​ ​ 4,540 ​ ​ — ​ ​ 4,540 ​ Interest rate swap agreements ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 1,890,416 ​ — ​ $ 1,890,416 ​ — ​ $ 1,890,416 ​ Transaction deposits ​ 2,444,361 ​ — ​ 2,444,361 ​ — ​ 2,444,361 ​ Time deposits ​ 398,404 ​ — ​ 404,773 ​ — ​ 404,773 ​ Securities sold under agreements to repurchase and other short-term borrowings ​ 211,026 ​ — ​ 211,026 ​ — ​ 211,026 ​ Federal Home Loan Bank advances ​ 235,000 ​ — ​ 235,009 ​ — ​ 235,009 ​ Subordinated note ​ 41,240 ​ — ​ 31,071 ​ — ​ 31,071 ​ Accrued interest payable ​ 342 ​ — ​ 342 ​ — ​ 342 ​ Mandatory forward contracts ​ ​ 976 ​ ​ — ​ ​ 976 ​ ​ — ​ ​ 976 ​ Interest rate swap agreements ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ NA - Not applicable

MORTGAGE BANKING ACTIVITIES

MORTGAGE BANKING ACTIVITIES12 Months Ended
Dec. 31, 2021
MORTGAGE BANKING ACTIVITIES
MORTGAGE BANKING ACTIVITIES16. MORTGAGE BANKING ACTIVITIES ​ Mortgage Banking activities primarily include residential mortgage originations and servicing. ​ Activity for mortgage loans held for sale was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 46,867 ​ $ 19,224 ​ $ 8,971 ​ Origination of mortgage loans held for sale ​ ​ 680,714 ​ 782,939 ​ 356,097 ​ Proceeds from the sale of mortgage loans held for sale ​ ​ (717,847) ​ (788,475) ​ (354,660) ​ Net gain on sale of mortgage loans held for sale ​ ​ 19,659 ​ 33,179 ​ 8,816 ​ Balance, end of period ​ ​ $ 29,393 ​ $ 46,867 ​ $ 19,224 ​ ​ Mortgage loans serviced for others are not reported as assets. The following table provides information for loans serviced by the Bank for the FHLMC and FNMA as of December 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ FHLMC ​ ​ $ 1,004,199 ​ $ 949,249 FNMA ​ ​ ​ 378,942 ​ ​ 327,955 Total ​ ​ $ 1,383,141 ​ $ 1,277,204 ​ Servicing loans for others generally consists of collecting mortgage payments, maintaining escrow accounts, disbursing payments to investors and processing foreclosures. Custodial escrow account balances maintained in connection with serviced loans were approximately $14 million and $20 million as of December 31, 2021 and 2020. ​ The following table presents the components of Mortgage Banking income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain realized on sale of mortgage loans held for sale ​ ​ $ 23,114 ​ $ 28,721 ​ $ 8,013 ​ Net change in fair value recognized on loans held for sale ​ ​ (1,361) ​ 1,552 ​ 239 ​ Net change in fair value recognized on rate lock loan commitments ​ ​ (3,136) ​ 3,751 ​ 433 ​ Net change in fair value recognized on forward contracts ​ ​ 1,042 ​ (845) ​ 131 ​ Net gain recognized ​ ​ 19,659 ​ 33,179 ​ 8,816 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan servicing income ​ ​ 3,288 ​ 2,924 ​ 2,506 ​ Amortization of mortgage servicing rights ​ ​ (3,453) ​ (3,756) ​ (1,823) ​ Change in mortgage servicing rights valuation allowance ​ ​ 500 ​ (500) ​ — ​ Net servicing income recognized ​ ​ 335 ​ (1,332) ​ 683 ​ Total Mortgage Banking income ​ ​ $ 19,994 ​ $ 31,847 ​ $ 9,499 ​ ​ Activity for capitalized mortgage servicing rights was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 7,095 ​ $ 5,888 ​ $ 4,919 ​ Additions ​ ​ 5,054 ​ 5,463 ​ 2,792 ​ Amortized to expense ​ ​ (3,453) ​ (3,756) ​ (1,823) ​ Change in valuation allowance ​ ​ 500 ​ (500) ​ — ​ Balance, end of period ​ ​ $ 9,196 ​ $ 7,095 ​ $ 5,888 ​ ​ Activity in the valuation allowance for capitalized mortgage servicing rights follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning valuation allowance ​ ​ $ 500 ​ $ — ​ $ — Charge during the period ​ ​ (500) ​ 500 ​ — Ending valuation allowance ​ ​ $ — ​ $ 500 ​ $ — ​ Other information relating to mortgage servicing rights follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of mortgage servicing rights portfolio ​ ​ $ 11,540 ​ $ 8,318 ​ Monthly weighted average prepayment rate of unpaid principal balance* ​ ​ 208 % 308 % Discount rate ​ ​ ​ 10.15 % ​ 10.08 % Weighted average foreclosure rate ​ ​ ​ 0.19 % ​ 0.44 % Weighted average life in years ​ ​ 5.93 ​ 4.85 ​ * Rates are applied to individual tranches with similar characteristics. ​ Estimated future amortization expense of the MSR portfolio (net of any applicable impairment charge) follows; however, actual amortization expense will be impacted by loan payoffs and changes in estimated lives that occur during each respective year: ​ ​ ​ ​ ​ ​ Year (in thousands) ​ ​ ​ ​ ​ 2022 ​ $ 1,493 ​ 2023 ​ 1,489 ​ 2024 ​ 1,473 ​ 2025 ​ 1,357 ​ 2026 ​ 1,141 ​ 2027 ​ 866 ​ Thereafter ​ 1,377 ​ Total ​ $ 9,196 ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Notional ​ ​ ​ ​ Notional ​ ​ ​ December 31, (in thousands) ​ ​ Amount ​ Fair Value ​ Amount ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Mortgage loans held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale, at fair value ​ ​ $ 28,668 ​ $ 29,393 ​ $ 44,781 ​ $ 46,867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock loan commitments ​ ​ $ 56,736 ​ $ 1,404 ​ $ 105,395 ​ $ 4,540 Mandatory forward contracts ​ ​ ​ 70,812 ​ ​ 66 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in other liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory forward contracts ​ ​ $ — ​ $ — ​ $ 136,236 ​ $ 976 ​

STOCK PLANS AND STOCK BASED COM

STOCK PLANS AND STOCK BASED COMPENSATION12 Months Ended
Dec. 31, 2021
STOCK PLANS AND STOCK BASED COMPENSATION
STOCK PLANS AND STOCK BASED COMPENSATION17. STOCK PLANS AND STOCK BASED COMPENSATION ​ In January 2015, the Company’s Board of Directors adopted the Republic Bancorp, Inc. 2015 Stock Incentive Plan (the “2015 Plan”), which replaced the 2005 Stock Incentive Plan. The number of authorized shares under the 2015 Plan is fixed at 3,000,000, with such number subject to adjustment in the event of certain events, such as stock dividends, stock splits, or the like. There is a minimum three-year vesting period for awards granted to employees under the 2015 Plan that vest based solely on the completion of a specified period of service, with options generally exercisable five ​ All shares issued under the 2015 Plan were from authorized and reserved unissued shares. The Company has a sufficient number of authorized and reserved unissued shares to satisfy all anticipated option exercises. There are no Class B stock options outstanding or available for exercise under the Company’s plans. ​ Stock Options ​ The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes based stock option valuation model. This model requires the input of subjective assumptions that will usually have a significant impact on the fair value estimate. Expected volatilities are based on historical volatility of Republic’s stock and other factors. Expected dividends are based on dividend trends and the market price of Republic’s stock price at grant. Republic uses historical data to estimate option exercises and employee terminations within the valuation model. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve at the time of grant. ​ All share-based payments to employees, including grants of employee stock options, are recognized as compensation expense over the service period (generally the vesting period) in the consolidated financial statements based on their fair values. ​ The fair value of stock options granted was determined using the following weighted average assumptions as of grant date: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ ​ 0.20 % ​ 0.44 % ​ 1.85 % Expected dividend yield ​ ​ 3.18 % ​ 3.53 % ​ 2.25 % Expected stock price volatility ​ ​ 31.71 % ​ 23.71 % ​ 20.11 % Expected life of options (in years) ​ ​ 4 ​ ​ 5 ​ ​ 5 ​ Estimated fair value per share ​ $ 6.26 ​ $ 4.06 ​ $ 7.12 ​ ​ The following table summarizes stock option activity from January 1, 2020 through December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Options ​ Average ​ Remaining ​ Aggregate ​ ​ Class A ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term Value Outstanding, January 1, 2020 311,450 ​ $ 36.43 ​ ​ ​ ​ ​ ​ Granted 285,995 ​ 32.37 ​ ​ ​ ​ ​ ​ Exercised (64,850) ​ 24.44 ​ ​ ​ ​ ​ ​ Forfeited or expired (26,650) ​ 35.95 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2020 505,945 ​ $ 35.70 ​ 3.48 ​ $ 1,925,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 505,945 ​ $ 35.70 ​ ​ ​ ​ ​ ​ Granted 53,757 ​ 36.36 ​ ​ ​ ​ ​ ​ Exercised (72,350) ​ 24.60 ​ ​ ​ ​ ​ ​ Forfeited or expired (26,850) ​ 35.37 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2021 ​ 460,502 ​ $ 37.54 ​ 3.08 ​ $ 6,126,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested 457,002 ​ $ 37.57 3.08 ​ $ 6,066,094 ​ Exercisable (vested) at December 31, 2021 3,500 ​ $ 33.54 0.49 ​ $ 60,553 ​ ​ Information related to the stock options during each year follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intrinsic value of options exercised ​ $ 1,335 ​ $ 634 ​ $ 2,249 Cash received from options exercised, net of shares redeemed ​ (142) ​ 210 ​ (191) ​ Loan balances of non-executive officer employees that were originated solely to fund stock option exercises were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Outstanding loans ​ $ 239 ​ $ 390 ​ ​ Restricted Stock Awards ​ Restricted stock awards generally vest within six years after issue, with accelerated vesting due to “change in control” or “death or disability of a participant” as defined and outlined in the 2015 Plan. ​ The following table summarizes restricted stock activity from January 1, 2020 through December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ ​ Stock Awards ​ Weighted-Average ​ ​ Class A Shares ​ Grant Date Fair Value Outstanding, January 1, 2020 41,110 ​ $ 37.37 Granted 1,218 ​ 34.02 Forfeited — ​ — Earned and issued (2,828) ​ 30.77 Outstanding, December 31, 2020 39,500 ​ $ 38.56 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 39,500 ​ $ 38.56 Granted 26,473 ​ 41.43 Forfeited (2,000) ​ 38.30 Earned and issued (7,914) ​ 44.28 Outstanding, December 31, 2021 56,059 ​ $ 39.12 ​ ​ ​ ​ ​ ​ Unvested 56,059 ​ $ 39.12 ​ The fair value of the restricted stock awards is based on the closing stock price on the date of grant with the associated expense amortized to compensation expense over the vesting period, generally five ​ Performance Stock Units ​ The Company first granted PSUs under the 2015 Plan in January 2016. Half of the shares underlying these PSUs were earned and issued in the first quarter of 2019. The remaining half of the shares underlying these PSUs were earned and issued during the first quarter of 2020. ​ On, January 27, 2021, the Company granted PSUs to certain executive officers. These granted PSUs were subsequently forfeited, as their performance criteria were not met. ​ The following table summarizes PSU activity from January 1, 2020 through December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ Stock Units ​ Weighted-Average ​ ​ Class A Shares ​ Grant Date Fair Value Outstanding, January 1, 2020 23,000 ​ $ 23.08 Granted — ​ — Forfeited — ​ — Earned and issued (23,000) ​ 23.08 Outstanding, December 31, 2020 — ​ $ — ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ — ​ $ — Granted 10,667 ​ 36.29 Forfeited (10,667) ​ 36.29 Earned and issued — ​ — Outstanding, December 31, 2021 — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ Expense Related to Stock Incentive Plans ​ The Company recorded expense related to stock incentive plans for the years ended December 31, 2021, 2020, and 2019 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock option expense ​ $ 574 ​ $ 463 ​ $ 364 Restricted stock award expense ​ ​ 738 ​ ​ 396 ​ ​ 728 Performance stock unit expense ​ ​ 129 ​ ​ — ​ ​ (57) Total expense ​ $ 1,441 ​ $ 859 ​ $ 1,035 ​ Unrecognized expenses related to unvested awards under stock incentive plans are estimated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Restricted ​ ​ Year (in thousands) ​ Options ​ Stock Awards ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 590 ​ $ 462 ​ $ 1,053 ​ 2023 ​ 472 ​ 484 ​ 957 ​ 2024 ​ 96 ​ 378 ​ 475 ​ 2025 ​ 18 ​ 84 ​ 103 ​ 2026 ​ 2 ​ 28 ​ 30 ​ 2027 and beyond ​ — ​ 11 ​ 11 ​ Total ​ $ 1,178 ​ $ 1,447 ​ $ 2,629 ​ ​ Deferred Compensation ​ On April 19, 2018, the shareholders of Republic approved an amendment and restatement of the Non-Employee Director and Key Employee Deferred Compensation Plan (the “Plan”). Prior to the Plan’s 2018 amendment and restatement, only directors participated in the plan, with the 2018 amendment and restatement initiating key-employee participation. The Plan provides non-employee directors and designated key employees the ability to defer compensation and have those deferred amounts paid later in the form of Company Class A Common shares based on the shares that could have been acquired as the deferrals were made. The Company maintains a bookkeeping account for each director or key-employee participant, and at the end of each fiscal quarter, deferred compensation is converted to “stock units” equal to the amount of compensation deferred during the quarter divided by the quarter-end fair market value of the Company’s Class A Common stock. Stock units for each participant’s account are also credited with an amount equal to the cash dividends that would have been paid on the number of stock units in the account if the stock units were deemed to be outstanding shares of stock. Any dividends credited are converted into additional stock units at the end of the fiscal quarter in which the dividends were paid. ​ ​ DIRECTORS ​ Members of the Board of Directors may defer board and committee fees from two ​ The following table presents information on director deferred compensation under the Plan for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Weighted-Average ​ ​ Stock ​ Market Price ​ Units at Date of Deferral Outstanding, January 1, 2020 67,363 ​ $ 27.65 Deferred fees and dividend equivalents converted to stock units 13,930 ​ 32.20 Stock units converted to Class A Common Shares (4,967) ​ 44.58 Outstanding, December 31, 2020 76,326 ​ $ 27.38 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 76,326 ​ $ 27.38 Deferred fees and dividend equivalents converted to stock units 14,371 ​ 46.28 Stock units converted to Class A Common Shares (3,897) ​ 39.09 Outstanding, December 31, 2021 86,800 ​ $ 29.98 ​ ​ ​ ​ ​ ​ Vested 86,800 ​ $ 29.98 ​ Director deferred compensation has been expensed as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Director deferred compensation expense ​ $ 417 ​ $ 352 ​ $ 213 ​ KEY EMPLOYEES ​ Designated key employees may defer a portion of their base salaries on a pre-tax basis under the Plan, with the Company matching employee deferrals up to a prescribed limit. With limited exception, the Company match amount remains unvested until December 31 st ​ The following table presents information on key-employee deferred compensation under the Plan for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Weighted-Average ​ ​ Stock ​ Market Price ​ ​ Units ​ at Date of Deferral Outstanding, January 1, 2020 23,378 ​ $ 41.75 Deferred base salaries and dividend equivalents converted to stock units 12,754 ​ 32.17 Matching stock units credited ​ 12,754 ​ ​ 32.17 Matching stock units forfeited ​ — ​ ​ — Stock units converted to Class A Common Shares — ​ — Outstanding, December 31, 2020 48,886 ​ $ 37.37 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 48,886 ​ $ 37.37 Deferred base salaries and dividend equivalents converted to stock units 9,186 ​ 47.69 Matching stock units credited ​ 9,138 ​ ​ 47.69 Matching stock units forfeited ​ (1,892) ​ ​ 47.92 Stock units converted to Class A Common Shares — ​ — Outstanding, December 31, 2021 65,318 ​ $ 39.96 ​ ​ ​ ​ ​ ​ Vested 48,120 ​ $ 39.96 Unvested 17,198 ​ $ 39.96 ​ The following presents key-employee deferred compensation expense for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key-employee - base salary ​ ​ $ 429 ​ $ 408 ​ $ 319 Key-employee - employer match ​ ​ ​ 178 ​ ​ 158 ​ ​ 49 Total ​ ​ $ 607 ​ $ 566 ​ $ 368 ​ Employee Stock Purchase Plan ​ On April 19, 2018, the shareholders of Republic approved the ESPP. Under the ESPP, participating employees may purchase shares of the Company Class A Common Stock through payroll withholdings at a purchase price that cannot be less than 85% of the lower of the fair market value of the Company’s Class A Common Stock on the first trading day of each offering period or on the last trading day of each offering period. Participating employees were able purchase the Company’s Class A Common Stock through the ESPP at: ​ ● 90% of its fair market value on the last day of the three-month offering periods ended March 31, 2019, June 30, 2019, September 30, 2019, and December 31, 2019; and ● 85% of fair market value on the last day of the three-month offering periods ended March 31, 2020, June 30, 2020, September 30, 2020, December 31, 2020, March 31, 2021, June 30, 2021, September 30, 2021, and December 31, 2021. ​ The following presents expense under the ESPP for the period presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ESPP expense ​ ​ $ 104 ​ $ 94 ​ $ 49 ​

BENEFIT PLANS

BENEFIT PLANS12 Months Ended
Dec. 31, 2021
BENEFIT PLANS
BENEFIT PLANS18. BENEFIT PLANS ​ 401(k) Plan ​ Republic maintains a 401(k) plan for eligible employees. All eligible employees are automatically enrolled at 6% of their eligible compensation within 30 days of their date of hire unless the eligible employee elects to enroll sooner. Participants in the plan have the option to contribute from 1% to 75% of their annual eligible compensation, up to the maximum allowed by the IRS. The Company matches 100% of participant contributions up to 1% and an additional 75% for participant contributions between 2% and 5% of each participant’s annual eligible compensation. Participants are fully vested after two years of employment. ​ Republic may also contribute discretionary matching contributions in addition to the matching contributions if the Company achieves certain operating goals. Normal and discretionary contributions for each of the periods ended were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employer matching contributions ​ $ 3,373 ​ $ 3,205 ​ $ 3,185 ​ Discretionary employer bonus matching contributions ​ ​ — ​ ​ 117 ​ ​ 207 ​ ​ Supplemental Executive Retirement Plan ​ In association with its May 17, 2016 Cornerstone acquisition, the Company inherited a SERP. The SERP requires the Company to pay monthly benefits following retirement of the SERP’s four participants. The Company accrues the present value of such benefits monthly. The SERP liability was approximately $2 million and $2 million as of December 31, 2021 and 2020. Expense under the SERP was $232,000, $34,000, and $97,000 for the years ended December 31, 2021, 2020, and 2019.

INCOME TAXES

INCOME TAXES12 Months Ended
Dec. 31, 2021
INCOME TAXES
INCOME TAXES19. INCOME TAXES ​ Allocation of federal and state income tax between current and deferred portion is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 19,122 ​ $ 25,762 ​ $ 18,906 ​ State ​ 4,116 ​ 2,450 ​ 1,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ (246) ​ ​ (7,249) ​ ​ 1,880 ​ State ​ 560 ​ (1,576) ​ (1,043) ​ Total ​ $ 23,552 ​ $ 19,387 ​ $ 21,494 ​ ​ Effective tax rates differ from federal statutory rate applied to income before income taxes due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal corporate tax rate ​ 21.00 % 21.00 % 21.00 % Effect of: ​ ​ ​ ​ ​ ​ ​ ​ State taxes, net of federal benefit ​ 3.35 ​ 1.43 ​ 1.43 ​ General business tax credits ​ (1.80) ​ (2.01) ​ (1.14) ​ Nontaxable income ​ (1.09) ​ (0.75) ​ (0.85) ​ Reversal of valuation allowance/establishment of net operating loss DTA ​ ​ — ​ (0.04) ​ (0.74) ​ Tax benefit of vesting employee benefits ​ ​ (0.20) ​ (0.15) ​ (0.42) ​ Deferred tax asset due to KY HB354 ​ ​ — ​ (0.97) ​ (0.20) ​ Other, net ​ 0.08 ​ 0.38 ​ (0.09) ​ Effective tax rate ​ 21.34 ​ 18.89 ​ 18.99 ​ ​ Year-end DTAs and DTLs were due to the following: ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 16,071 ​ $ 14,999 Operating lease liabilities ​ ​ 9,884 ​ ​ 10,911 Accrued expenses ​ 5,721 ​ 5,062 Net operating loss carryforward(1) ​ 1,550 ​ 2,577 Acquisition fair value adjustments ​ ​ 124 ​ ​ 181 Other-than-temporary impairment ​ 402 ​ 448 Paycheck Protection Program Fees ​ 337 ​ 2,159 Other ​ 2,079 ​ 1,655 Total deferred tax assets ​ 36,168 ​ 37,992 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Right of use assets - operating leases ​ ​ (9,673) ​ ​ (10,667) Depreciation and amortization ​ ​ (3,682) ​ ​ (3,612) Federal Home Loan Bank dividends ​ (709) ​ (1,161) Deferred loan costs ​ (2,275) ​ (2,235) Lease Financing Receivables ​ ​ (2,094) ​ ​ (2,154) Mortgage servicing rights ​ (2,291) ​ (1,746) Unrealized investment securities gains ​ (625) ​ (2,836) Bargain purchase gain ​ — ​ (659) Total deferred tax liabilities ​ (21,349) ​ (25,070) ​ ​ ​ ​ ​ ​ ​ Less: Valuation allowance ​ — ​ — Net deferred tax asset ​ $ 14,819 ​ $ 12,922 (1) The Company has federal and state net operating loss carryforwards (acquired in its 2016 Cornerstone acquisition) of $6.6 million (federal) and $3.9 million (state). These carryforwards begin to expire in 2030 for both federal and state purposes. The use of these federal and state carryforwards is each limited under IRC Section 382 to $722,000 annually for federal and $634,000 annually for state. Finally, the Company has state AMT credit carryforwards of $15,000 with no expiration date and a state tax credit carryforward of $142,000 that is expected to be fully utilized in 2022. ​ ​ Unrecognized Tax Benefits ​ The following table shows a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,941 ​ $ 1,707 ​ $ 1,327 ​ Additions based on tax related to the current period ​ 433 ​ 455 ​ 364 ​ Additions for tax positions of prior periods ​ 253 ​ 24 ​ 55 ​ Reductions for tax positions of prior periods ​ — ​ (72) ​ — ​ Reductions due to the statute of limitations ​ (436) ​ (82) ​ (39) ​ Settlements ​ — ​ (91) ​ — ​ Balance, end of period ​ $ 2,191 ​ $ 1,941 ​ $ 1,707 ​ ​ Of the 2021 total, $1.8 million represented the amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in future periods. ​ It is the Company’s policy to recognize interest and penalties as a component of income tax expense related to its unrecognized tax benefits. Amounts related to interest and penalties recorded in the income statements for the years ended December 31, 2021, 2020, and 2019 and accrued on the balance sheets as of December 31, 2021, 2020, and 2019 are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and penalties recorded in the income statement as a component of income tax expense ​ $ 267 ​ $ 57 ​ $ 173 ​ Interest and penalties accrued on balance sheet ​ 777 ​ 510 ​ 514 ​ ​ The Company files income tax returns in the U.S. federal jurisdiction. The Company is no longer subject to U.S. federal income tax examinations by taxing authorities for all years prior to and including 2017. ​ Low Income Housing Tax Credits ​ The Company is a limited partner in several low-income housing partnerships whose purpose is to invest in qualified affordable housing. The Company expects to recover its remaining investments in these partnerships through the use of tax credits that are generated by the investments. ​ The following table summarizes information related to the Company’s qualified low-income housing investments and commitments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Unfunded ​ ​ ​ ​ ​ Unfunded Investment Accounting Method ​ ​ Investment ​ ​ Commitment ​ ​ Investment ​ ​ Commitment Low income housing tax credit investments - Gross Proportional amortization ​ $ 33,417 ​ $ 23,383 ​ $ 18,909 ​ $ 27,891 Life-to-date amortization ​ ​ ​ (6,181) ​ ​ NA ​ ​ (2,701) ​ ​ NA Low income housing tax credit investments - Net ​ ​ $ 27,236 ​ $ 23,383 ​ $ 16,208 ​ $ 27,891 ​

EARNINGS PER SHARE

EARNINGS PER SHARE12 Months Ended
Dec. 31, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE20. 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. See Footnote 14, “Stockholders’ Equity and Regulatory Capital Matters” of this section of the filing. ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands, except per share data) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 86,789 ​ $ 83,246 ​ $ 91,699 ​ Dividends declared on Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Shares ​ ​ (22,451) ​ ​ (21,433) ​ ​ (19,771) ​ Class B Shares ​ ​ (2,435) ​ ​ (2,288) ​ ​ (2,121) ​ Undistributed net income for basic earnings per share ​ ​ 61,903 ​ ​ 59,525 ​ ​ 69,807 ​ Weighted average potential dividends on Class A shares upon exercise of dilutive options ​ ​ (100) ​ ​ (35) ​ ​ (118) ​ Undistributed net income for diluted earnings per share ​ $ 61,803 ​ $ 59,490 ​ $ 69,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Shares ​ 18,497 ​ 18,838 ​ 18,813 ​ Class B Shares ​ ​ 2,178 ​ ​ 2,201 ​ ​ 2,210 ​ Effect of dilutive securities on Class A Shares outstanding ​ 82 ​ 30 ​ 112 ​ Weighted average shares outstanding including dilutive securities ​ 20,757 ​ 21,069 ​ 21,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.23 ​ $ 1.14 ​ $ 1.06 ​ Undistributed earnings per share* ​ ​ 3.02 ​ ​ 2.86 ​ ​ 3.35 ​ Total basic earnings per share - Class A Common Stock ​ $ 4.25 ​ $ 4.00 ​ $ 4.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.12 ​ $ 1.04 ​ $ 0.96 ​ Undistributed earnings per share* ​ ​ 2.75 ​ ​ 2.60 ​ ​ 3.05 ​ Total basic earnings per share - Class B Common Stock ​ $ 3.87 ​ $ 3.64 ​ $ 4.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.23 ​ $ 1.14 ​ $ 1.06 ​ Undistributed earnings per share* ​ ​ 3.01 ​ ​ 2.85 ​ ​ 3.33 ​ Total diluted earnings per share - Class A Common Stock ​ $ 4.24 ​ $ 3.99 ​ $ 4.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.12 ​ $ 1.04 ​ $ 0.96 ​ Undistributed earnings per share* ​ ​ 2.73 ​ ​ 2.59 ​ ​ 3.03 ​ Total diluted earnings per share - Class B Common Stock ​ $ 3.85 ​ $ 3.63 ​ $ 3.99 ​ *To arrive at undistributed earnings per share, undistributed net income is first pro rated 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Antidilutive stock options ​ ​ 144,000 338,995 154,750 ​ Average antidilutive stock options ​ ​ 142,625 282,489 151,260 ​ ​

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES12 Months Ended
Dec. 31, 2021
TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES
TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES21. TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES ​ Republic leases office facilities under operating leases from limited liability companies in which Republic’s Executive Chair/Chief Executive Officer and Vice Chair are partners. Rent expense and obligations under these leases are presented in Footnote 6 in this section of the filing. ​ Loans made to executive officers and directors of Republic and their related interests during 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ Beginning balance ​ $ 15,720 ​ Effect of changes in composition of related parties ​ (3,338) ​ New loans ​ 5,306 ​ Repayments ​ (10,240) ​ Ending balance ​ $ 7,448 ​ ​ Deposits from executive officers, directors, and their affiliates totaled $123 million and $124 million as of December 31, 2021 and 2020. ​ By an agreement dated December 14, 1989, as amended August 8, 1994, the Company entered into a split-dollar insurance agreement with a trust established by the Company’s deceased former Chair, Bernard M. Trager. Pursuant to the agreement, from 1989 through 2002 the Company paid $690,000 in total annual premiums on the insurance policies held in the trust. The policies are joint-life policies payable upon the death of Mrs. Jean Trager, as the survivor of her husband Bernard M. Trager. The cash surrender value of the policies was approximately $2 million and $2 million as of December 31, 2021 and 2020. ​ Pursuant to the terms of the trust, the beneficiaries of the trust will each receive the proceeds of the policies after the repayment of any unreimbursed portion of the $690,000 annual premiums paid by the Company. The unreimbursed portion constitutes indebtedness from the trust to the Company and is secured by a collateral assignment of the policies. As of December 31, 2021 and 2020, the unreimbursed portion was $340,000 and $440,000, and the net death benefit under the policies was approximately $5 million. Upon the termination of the agreement, whether by the death of Mrs. Trager or earlier cancellation, the Company is entitled to be repaid by the trust the amount of indebtedness outstanding at that time.

OTHER COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME12 Months Ended
Dec. 31, 2021
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME22. OTHER COMPREHENSIVE INCOME ​ OCI components and related tax effects were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-Sale Debt Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains and (losses) on AFS debt securities ​ $ (8,908) ​ $ 7,147 ​ $ 5,689 ​ Unrealized gain (loss) of AFS debt security for which a portion of OTTI has been recognized in earnings ​ 63 ​ (35) ​ (79) ​ Net unrealized (losses) gains ​ (8,845) ​ 7,112 ​ 5,610 ​ Tax effect ​ 2,210 ​ (1,778) ​ (1,348) ​ Net of tax ​ (6,635) ​ 5,334 ​ 4,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value of derivatives used for cash flow hedges ​ — ​ (177) ​ (199) ​ Reclassification amount for net derivative losses realized in income ​ — ​ 281 ​ (20) ​ Net gains (losses) ​ — ​ 104 ​ (219) ​ Tax effect ​ — ​ (27) ​ 52 ​ Net of tax ​ — ​ 77 ​ (167) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income components, net of tax ​ $ (6,635) ​ $ 5,411 ​ $ 4,095 ​ ​ Amounts reclassified out of each component of accumulated OCI for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified From ​ ​ Affected Line Items ​ ​ ​ Accumulated Other ​ ​ in the Consolidated ​ ​ ​ Comprehensive Income (Loss) Years Ended December 31, (in thousands) Statements of Income ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap on money market deposits Interest expense on deposits ​ ​ ​ — ​ (138) ​ 10 Interest rate swap on FHLB advance Interest expense on FHLB advances ​ ​ ​ — ​ (143) ​ 10 Total derivative losses on cash flow hedges Total interest expense ​ ​ ​ — ​ (281) ​ 20 Tax effect Income tax expense ​ ​ ​ — ​ 70 ​ (5) Net of tax Net income ​ ​ ​ — ​ (211) ​ 15 ​ The following is a summary of the accumulated OCI balances, net of tax: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ (in thousands) ​ December 31, 2020 ​ Change ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain (loss) on AFS debt securities ​ $ 7,571 ​ $ (6,681) ​ $ 890 ​ Unrealized gain on AFS debt security for which a portion of OTTI has been recognized in earnings ​ 938 ​ 46 ​ 984 ​ Total unrealized gain (loss) ​ $ 8,509 ​ $ (6,635) ​ $ 1,874 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ (in thousands) ​ December 31, 2019 ​ Change ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gain on AFS debt securities ​ $ 2,211 ​ $ 5,360 ​ $ 7,571 ​ Unrealized gain (loss) on AFS debt security for which a portion of OTTI has been recognized in earnings ​ 964 ​ (26) ​ 938 ​ Unrealized (loss) gain on cash flow hedges ​ (77) ​ 77 ​ — ​ Total unrealized gain ​ $ 3,098 ​ $ 5,411 ​ $ 8,509 ​ ​

PARENT COMPANY CONDENSED FINANC

PARENT COMPANY CONDENSED FINANCIAL INFORMATION12 Months Ended
Dec. 31, 2021
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
PARENT COMPANY CONDENSED FINANCIAL INFORMATION23. PARENT COMPANY CONDENSED FINANCIAL INFORMATION ​ BALANCE SHEETS ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 16,881 ​ $ 100,524 ​ Security available for sale ​ ​ 3,847 ​ ​ 3,800 ​ Investment in bank subsidiary ​ 817,270 ​ 761,929 ​ Investment in non-bank subsidiaries ​ 2,409 ​ 3,518 ​ Other assets ​ 3,966 ​ 3,203 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total assets ​ $ 844,373 ​ $ 872,974 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities and Stockholders’ Equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subordinated note ​ $ — ​ $ 41,240 ​ Other liabilities ​ 10,141 ​ 8,411 ​ Stockholders’ equity ​ 834,232 ​ 823,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total liabilities and stockholders’ equity ​ $ 844,373 ​ $ 872,974 ​ ​ STATEMENTS OF INCOME AND COMPREHENSIVE INCOME ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income and expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends from subsidiary ​ $ 28,300 ​ $ 25,980 ​ $ 24,249 ​ Interest income ​ 143 ​ 182 ​ 250 ​ Other income ​ 53 ​ 57 ​ 54 ​ Less: Interest expense ​ 507 ​ 1,000 ​ 1,620 ​ Less: Other expenses ​ 760 ​ 691 ​ 511 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income tax benefit ​ 27,229 ​ 24,528 ​ 22,422 ​ Income tax benefit ​ 245 ​ 344 ​ 1,213 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before equity in undistributed net income of subsidiaries ​ 27,474 ​ 24,872 ​ 23,635 ​ Equity in undistributed net income of subsidiaries ​ 59,315 ​ 58,374 ​ 68,064 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 86,789 ​ $ 83,246 ​ $ 91,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Comprehensive income ​ $ 80,154 ​ $ 88,657 ​ $ 95,794 ​ ​ STATEMENTS OF CASH FLOWS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 86,789 ​ $ 83,246 ​ $ 91,699 ​ Adjustments to reconcile net income to net cash provided by operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accretion of investment security ​ ​ (53) ​ ​ (56) ​ ​ (42) ​ Equity in undistributed net income of subsidiaries ​ (59,315) ​ (58,374) ​ (68,064) ​ Director deferred compensation - Parent Company ​ 347 ​ 181 ​ 139 ​ Change in other assets ​ (736) ​ 1,609 ​ (25) ​ Change in other liabilities ​ 1,694 ​ 54 ​ 842 ​ Net cash provided by operating activities ​ 28,726 ​ 26,660 ​ 24,549 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment in subsidiary bank ​ ​ (591) ​ ​ (533) ​ ​ (494) ​ Net cash used in investing activities ​ (591) ​ (533) ​ (494) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock repurchases ​ (47,528) ​ (3,935) ​ (1,418) ​ Net proceeds from Class A Common Stock purchased through employee stock purchase plan ​ ​ 591 ​ ​ 533 ​ ​ 494 ​ Net proceeds from Common Stock options exercised ​ (142) ​ — ​ (191) ​ Payoff of subordinated note, net of common security interest ​ ​ (40,000) ​ ​ — ​ ​ — ​ Cash dividends paid ​ (24,699) ​ (23,204) ​ (21,377) ​ Net cash used in financing activities ​ (111,778) ​ (26,606) ​ (22,492) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in cash and cash equivalents ​ (83,643) ​ (479) ​ 1,563 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at beginning of period ​ 100,524 ​ 101,003 ​ 99,440 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of period ​ $ 16,881 ​ $ 100,524 ​ $ 101,003 ​ ​

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS12 Months Ended
Dec. 31, 2021
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERS24. REVENUE FROM CONTRACTS WITH CUSTOMERS ​ The following tables present the Company’s net revenue by reportable segment for the years ended December 31, 2021, 2020, and 2019: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (1) ​ $ 157,249 ​ $ 25,218 ​ $ 1,081 ​ $ 183,548 ​ ​ $ 15,837 ​ $ 21,209 ​ ​ $ 37,046 ​ ​ ​ $ 220,594 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 12,506 ​ ​ 57 ​ ​ — ​ ​ ​ 12,563 ​ ​ ​ (10) ​ ​ — ​ ​ ​ (10) ​ ​ ​ ​ 12,553 ​ Net refund transfer fees ​ — ​ — ​ — ​ ​ — ​ ​ 20,248 ​ — ​ ​ 20,248 ​ ​ ​ 20,248 ​ Mortgage banking income (1) ​ — ​ — ​ 19,994 ​ ​ 19,994 ​ ​ — ​ — ​ ​ — ​ ​ ​ 19,994 ​ Interchange fee income ​ ​ 12,777 ​ ​ — ​ ​ — ​ ​ ​ 12,777 ​ ​ ​ 285 ​ ​ — ​ ​ ​ 285 ​ ​ ​ ​ 13,062 ​ Program fees (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ 3,171 ​ ​ 11,350 ​ ​ ​ 14,521 ​ ​ ​ ​ 14,521 ​ Increase in cash surrender value of BOLI (1) ​ ​ 2,242 ​ ​ — ​ ​ — ​ ​ ​ 2,242 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 2,242 ​ Death benefits in excess of cash surrender value of life insurance (1) ​ ​ 979 ​ ​ — ​ ​ — ​ ​ ​ 979 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 979 ​ Net gains (losses) on OREO ​ ​ (160) ​ ​ — ​ ​ — ​ ​ ​ (160) ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ (160) ​ Other ​ 3,148 ​ — ​ 191 ​ ​ 3,339 ​ ​ 81 ​ — ​ ​ 81 ​ ​ ​ 3,420 ​ Total noninterest income ​ 31,492 ​ 57 ​ 20,185 ​ ​ 51,734 ​ ​ 23,775 ​ 11,350 ​ ​ 35,125 ​ ​ ​ 86,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenue ​ $ 188,741 ​ $ 25,275 ​ $ 21,266 ​ ​ $ 235,282 ​ ​ $ 39,612 ​ $ 32,559 ​ ​ $ 72,171 ​ ​ ​ $ 307,453 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net-revenue concentration (2) ​ ​ 61 % ​ 8 % ​ 7 % ​ ​ 76 % ​ ​ 13 % ​ 11 % ​ ​ 24 % ​ ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years 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 (1) ​ $ 159,381 ​ $ 25,957 ​ $ 1,362 ​ $ 186,700 ​ ​ $ 22,972 ​ $ 22,643 ​ ​ $ 45,615 ​ ​ ​ $ 232,315 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 11,571 ​ ​ 63 ​ ​ — ​ ​ ​ 11,634 ​ ​ ​ (19) ​ ​ — ​ ​ ​ (19) ​ ​ ​ ​ 11,615 ​ Net refund transfer fees ​ — ​ — ​ — ​ ​ — ​ ​ 20,297 ​ — ​ ​ 20,297 ​ ​ ​ 20,297 ​ Mortgage banking income (1) ​ — ​ — ​ 31,847 ​ ​ 31,847 ​ ​ — ​ — ​ ​ — ​ ​ ​ 31,847 ​ Interchange fee income ​ ​ 10,978 ​ ​ — ​ ​ — ​ ​ ​ 10,978 ​ ​ ​ 210 ​ ​ — ​ ​ ​ 210 ​ ​ ​ ​ 11,188 ​ Program fees (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ 2,193 ​ ​ 4,902 ​ ​ ​ 7,095 ​ ​ ​ ​ 7,095 ​ Increase in cash surrender value of BOLI (1) ​ ​ 1,585 ​ ​ — ​ ​ — ​ ​ ​ 1,585 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 1,585 ​ Net gains (losses) on OREO ​ ​ (40) ​ ​ — ​ ​ — ​ ​ ​ (40) ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ (40) ​ Other ​ 3,310 ​ (39) ​ 103 ​ ​ 3,374 ​ ​ 92 ​ — ​ ​ 92 ​ ​ ​ 3,466 ​ Total noninterest income ​ 27,404 ​ 24 ​ 31,950 ​ ​ 59,378 ​ ​ 22,773 ​ 4,902 ​ ​ 27,675 ​ ​ ​ 87,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenue ​ $ 186,785 ​ $ 25,981 ​ $ 33,312 ​ ​ $ 246,078 ​ ​ $ 45,745 ​ $ 27,545 ​ ​ $ 73,290 ​ ​ ​ $ 319,368 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net-revenue concentration (2) ​ ​ 59 % ​ 8 % ​ 10 % ​ ​ 77 % ​ ​ 14 % ​ 9 % ​ ​ 23 % ​ ​ ​ 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ 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 (1) ​ $ 168,076 ​ $ 15,801 ​ $ 697 ​ $ 184,574 ​ ​ $ 21,626 ​ $ 29,926 ​ ​ $ 51,552 ​ ​ ​ $ 236,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest income: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service charges on deposit accounts ​ ​ 14,153 ​ ​ 44 ​ ​ — ​ ​ ​ 14,197 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 14,197 ​ Net refund transfer fees ​ — ​ — ​ — ​ ​ — ​ ​ 21,158 ​ — ​ ​ 21,158 ​ ​ ​ 21,158 ​ Mortgage banking income (1) ​ — ​ — ​ 9,499 ​ ​ 9,499 ​ ​ — ​ — ​ ​ — ​ ​ ​ 9,499 ​ Interchange fee income ​ ​ 11,600 ​ ​ — ​ ​ — ​ ​ ​ 11,600 ​ ​ ​ 259 ​ ​ — ​ ​ ​ 259 ​ ​ ​ ​ 11,859 ​ Program fees (1) ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ 437 ​ ​ 4,275 ​ ​ ​ 4,712 ​ ​ ​ ​ 4,712 ​ Increase in cash surrender value of BOLI (1) ​ ​ 1,550 ​ ​ — ​ ​ — ​ ​ ​ 1,550 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 1,550 ​ Net gains (losses) on OREO ​ ​ 540 ​ ​ — ​ ​ — ​ ​ ​ 540 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 540 ​ Gain on branch divestiture(1) ​ ​ 7,829 ​ ​ — ​ ​ — ​ ​ ​ 7,829 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 7,829 ​ Other ​ 2,881 ​ (90) ​ 213 ​ ​ 3,004 ​ ​ 1 ​ 659 ​ ​ 660 ​ ​ ​ 3,664 ​ Total noninterest income ​ 38,553 ​ (46) ​ 9,712 ​ ​ 48,219 ​ ​ 21,855 ​ 4,934 ​ ​ 26,789 ​ ​ ​ 75,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net revenue ​ $ 206,629 ​ $ 15,755 ​ $ 10,409 ​ ​ $ 232,793 ​ ​ $ 43,481 ​ $ 34,860 ​ ​ $ 78,341 ​ ​ ​ $ 311,134 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net-revenue concentration (2) ​ ​ 67 % ​ 5 % ​ 3 % ​ ​ 75 % ​ ​ 14 % ​ 11 % ​ ​ 25 % ​ ​ ​ 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 ​ Net refund transfer fees ​ 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 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 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.

SEGMENT INFORMATION

SEGMENT INFORMATION12 Months Ended
Dec. 31, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION25. 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 December 31, 2021, the Company was divided into five reportable segments: Traditional Banking, Warehouse, Mortgage Banking, TRS and RCS. Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two segments collectively constitute RPG operations. ​ The nature of segment operations and the primary drivers of net revenues 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 ​ ​ ​ ​ ​ 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 ​ 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. 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. ​ ​ Segment information for the years ended December 31, 2021, 2020, and 2019 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ 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 ​ $ 168,076 ​ $ 15,801 ​ $ 697 ​ ​ $ 184,574 ​ ​ $ 21,626 ​ $ 29,926 ​ ​ $ 51,552 ​ ​ ​ $ 236,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision for expected credit loss expense ​ 2,444 ​ 622 ​ — ​ ​ 3,066 ​ ​ 11,249 ​ 11,443 ​ ​ 22,692 ​ ​ ​ 25,758 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net refund transfer fees ​ — ​ — ​ — ​ ​ — ​ ​ 21,158 ​ — ​ ​ 21,158 ​ ​ ​ 21,158 ​ Mortgage banking income ​ — ​ — ​ 9,499 ​ ​ 9,499 ​ ​ — ​ — ​ ​ — ​ ​ ​ 9,499 ​ Program fees ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ 437 ​ ​ 4,275 ​ ​ ​ 4,712 ​ ​ ​ ​ 4,712 ​ Gain on branch divestiture ​ ​ 7,829 ​ ​ — ​ ​ — ​ ​ ​ 7,829 ​ ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ ​ ​ 7,829 ​ Other noninterest income ​ 30,724 ​ (46) ​ 213 ​ ​ 30,891 ​ ​ 260 ​ 659 ​ ​ 919 ​ ​ ​ 31,810 ​ Total noninterest income ​ 38,553 ​ (46) ​ 9,712 ​ ​ 48,219 ​ ​ 21,855 ​ 4,934 ​ ​ 26,789 ​ ​ ​ 75,008 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total noninterest expense ​ 143,671 ​ 3,268 ​ 6,112 ​ ​ 153,051 ​ ​ 16,539 ​ 2,593 ​ ​ 19,132 ​ ​ ​ 172,183 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income tax expense ​ 60,514 ​ 11,865 ​ 4,297 ​ ​ 76,676 ​ ​ 15,693 ​ 20,824 ​ ​ 36,517 ​ ​ ​ 113,193 ​ Income tax expense ​ 9,651 ​ 2,670 ​ 902 ​ ​ 13,223 ​ ​ 3,454 ​ 4,817 ​ ​ 8,271 ​ ​ ​ 21,494 ​ Net income ​ $ 50,863 ​ $ 9,195 ​ $ 3,395 ​ ​ $ 63,453 ​ ​ $ 12,239 ​ $ 16,007 ​ ​ $ 28,246 ​ ​ ​ $ 91,699 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Period-end assets ​ $ 4,684,116 ​ $ 717,994 ​ $ 26,469 ​ ​ $ 5,428,579 ​ ​ $ 86,849 ​ $ 104,891 ​ ​ $ 191,740 ​ ​ ​ $ 5,620,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net interest margin ​ 3.76 % 2.42 % NM ​ ​ 3.61 % ​ NM ​ NM ​ ​ NM ​ ​ ​ 4.46 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net-revenue concentration* ​ ​ 67 % ​ 5 % ​ 3 % ​ ​ 75 % ​ ​ 14 % ​ 11 % ​ ​ 25 % ​ ​ ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ *Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue. ​ NM - Not Meaningful

BRANCH DIVESTITURE

BRANCH DIVESTITURE12 Months Ended
Dec. 31, 2021
DISCONTINUED OPERATIONS
BRANCH DIVESTITURE26. 2019 BRANCH DIVESTITURE ​ In July 2019, the Bank entered into a definitive agreement to sell its four banking centers located in the Kentucky cities of Owensboro, Elizabethtown, and Frankfort to Limestone Bank, a subsidiary of Limestone Bancorp, Inc. The agreement provided that Limestone acquire loans with balances of approximately $128 million as of November 15, 2019 and assume deposits with balances of approximately $132 million as of the Closing Date, associated with the four banking centers. ​ In addition to the sale of loans and assumption of deposits, Limestone also acquired substantially all of the fixed assets of these locations, which had a book value of $1.3 million as of the Closing Date. Based on the Closing Date deposits, the all-in blended premium for the transaction was of the total deposits transferred. The final calculated premium was based on the trailing ​ The Company operated its divested branches for 10.5 months during 2019.

SUMMARY OF QUARTERLY FINANCIAL

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)12 Months Ended
Dec. 31, 2021
SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)
SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)27. SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) ​ Presented below is a summary of the consolidated quarterly financial data for the years ended December 31, 2021 and 2020. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ ​ Fourth Third Second First (dollars in thousands, except per share data) ​ Quarter ​ Quarter ​ Quarter ​ Quarter (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 51,379 ​ $ 53,772 ​ $ 51,552 ​ $ 69,557 ​ Interest expense ​ 1,038 ​ 1,340 ​ 1,511 ​ 1,777 ​ Net interest income ​ 50,341 ​ 52,432 ​ 50,041 ​ 67,780 ​ Provision for loan and lease losses (2) ​ 2,577 ​ 1,292 ​ (4,323) ​ 15,262 ​ Net interest income after provision ​ 47,764 ​ 51,140 ​ 54,364 ​ 52,518 ​ Noninterest income (3) ​ 16,630 ​ 19,339 ​ 21,853 ​ 29,037 ​ Noninterest expense (4) ​ 44,585 ​ 44,252 ​ 45,656 ​ 47,811 ​ Income before income taxes ​ 19,809 ​ 26,227 ​ 30,561 ​ 33,744 ​ Income tax expense (5) ​ 3,004 ​ 6,218 ​ 6,639 ​ 7,691 ​ Net income ​ $ 16,805 ​ $ 20,009 ​ $ 23,922 ​ $ 26,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.84 ​ $ 0.99 ​ $ 1.16 ​ $ 1.26 ​ Class B Common Stock (6) ​ 0.77 ​ 0.90 ​ 1.05 ​ 1.14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.84 ​ $ 0.99 ​ $ 1.16 ​ $ 1.25 ​ Class B Common Stock (6) ​ 0.76 ​ 0.90 ​ 1.05 ​ 1.14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.308 ​ $ 0.308 ​ $ 0.308 ​ $ 0.308 ​ Class B Common Stock (6) ​ 0.280 ​ 0.280 ​ 0.280 ​ 0.280 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ ​ Fourth Third Second First (dollars in thousands, except per share data) ​ Quarter ​ Quarter ​ Quarter ​ Quarter(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ $ 57,970 ​ $ 56,038 ​ $ 57,091 ​ $ 81,159 ​ Interest expense ​ 2,850 ​ 3,786 ​ 4,886 ​ 8,421 ​ Net interest income ​ 55,120 ​ 52,252 ​ 52,205 ​ 72,738 ​ Provision for loan and lease losses(2) ​ 484 ​ 1,500 ​ 6,534 ​ 22,760 ​ Net interest income after provision ​ 54,636 ​ 50,752 ​ 45,671 ​ 49,978 ​ Noninterest income ​ 17,136 ​ 20,597 ​ 18,751 ​ 30,569 ​ Noninterest expense (4) ​ 48,140 ​ 45,523 ​ 44,825 ​ 46,969 ​ Income before income taxes ​ 23,632 ​ 25,826 ​ 19,597 ​ 33,578 ​ Income tax expense (5) ​ 3,276 ​ 5,437 ​ 3,793 ​ 6,881 ​ Net income ​ $ 20,356 ​ $ 20,389 ​ $ 15,804 ​ $ 26,697 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.98 ​ $ 0.98 ​ $ 0.77 ​ $ 1.29 ​ Class B Common Stock (6) ​ 0.89 ​ 0.89 ​ 0.69 ​ 1.17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.98 ​ $ 0.98 ​ $ 0.76 ​ $ 1.28 ​ Class B Common Stock (6) ​ 0.89 ​ 0.89 ​ 0.69 ​ 1.16 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dividends declared per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock (6) ​ $ 0.286 ​ $ 0.286 ​ $ 0.286 ​ $ 0.286 ​ Class B Common Stock (6) ​ 0.260 ​ 0.260 ​ 0.260 ​ 0.260 ​ (1) The first and second quarters of 2021 and the first quarter of 2020 were significantly impacted by the TRS segment of RPG. ​ (2) Provision expense: ​ The relatively higher levels of Provision expense during the first quarters of 2021 and 2020 were driven by the TRS segment’s EA product. Provision expense for EAs during the first quarters of 2021 and 2020 was $16.0 million and $15.2 million. ​ Provision expense during 2020 was negatively impacted by economic conditions created by the COVID-19 pandemic. ​ (3) Noninterest income: ​ The Company’s Mortgage Banking income is subject to volatility based on movements in mortgage interest rates and demand for mortgage products. ​ The fourth quarter of 2021 included $979,000 of death benefits in excess of cash surrender value of life insurance. ​ (4) Noninterest expense: ​ The Company traditionally adjusts its non-commissions based incentive compensation expense during the fourth quarter of each year based on certain performance metrics. Such incentive compensation expense for the previous eight quarters was: $1.2 million for the fourth quarter of 2021; $2.3 million for the third quarter of 2021; $2.3 million for the second quarter of 2021; $2.3 million for the first quarter of 2021; $2.0 million for the fourth quarter of 2020; $2.4 million for the third quarter of 2020; $2.1 million for the second quarter of 2020; and $1.8 million for the first quarter of 2020. ​ The fourth quarter of 2020 included $2.1 million of non-recurring FHLB advance early termination penalties. ​ (5) See Footnote 19 in this section of the filing for more information on the Company’s income taxes for 2021 and 2020. ​ (6) Quarterly amounts may not sum to annual total due to rounding .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)12 Months Ended
Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations and Principles of Consolidation​ Nature of Operations and Principles of 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 market footprint, its non-brick-and-mortar delivery channels allow it to reach clients across the U.S. The Captive is a Nevada-based, wholly-owned insurance subsidiary of the Company. The Captive provides property and casualty insurance coverage to the Company and the Bank, as well as a group of third-party insurance captives for which insurance may not be available or economically feasible. ​ In 2005, Republic Bancorp Capital Trust, an unconsolidated trust subsidiary of Republic, was formed and issued $40 million in TPS. The sole asset of RBCT represented the proceeds of the offering loaned to Republic in exchange for a subordinated note with similar terms to the TPS. On September 30, 2021, as permitted under the terms of RBCT’s governing documents, Republic repaid the subordinated note and redeemed the TPS at par without penalty. ​ As of December 31, 2021, the Company was divided into five reportable segments: Traditional Banking, Warehouse, Mortgage Banking, TRS, and RCS. Management considers the first three segments to collectively constitute “Core Bank” or “Core Banking” operations, while the last two segments collectively constitute RPG operations. ​ The Company’s financial condition as of December 31, 2021 and 2020 and results of operations for the years ended December 31, 2021 and 2020 were impacted by the COVID-19 pandemic and the public’s response to it. ​ For additional discussion regarding the COVID-19 pandemic and its impact to the Company, see the following Footnotes in this section of the filing: ​ ● Footnote 4 “Loans and Allowance for Credit Losses” ● Footnote 13 “Off Balance Sheet Risks, Commitments, and Contingent Liabilities” ​ ​ Core Bank ​ Traditional Banking segment — ​ ● Kentucky — 28 ● Metropolitan Louisville — 18 ● Central Kentucky — 7 ● Georgetown — 1 ● Lexington — 5 ● Shelbyville — 1 ● Northern Kentucky — 3 ● Covington — 1 ● Crestview Hills — 1 ● Florence — 1 ● Southern Indiana — 3 ● Floyds Knobs — 1 ● Jeffersonville — 1 ● New Albany — 1 ● Metropolitan Tampa, Florida — 7 ● Metropolitan Cincinnati, Ohio — 2 ● Metropolitan Nashville, Tennessee — 2 ​ 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 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 — ​ ​ Mortgage Banking segment — ​ Republic Processing Group ​ Tax Refund Solutions segment — ​ 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 EA tax credit product is a loan that allows a taxpayer to borrow funds as an advance of a portion of their tax refund. The EA product had the following features during 2021 and 2020: ● 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 $6,250; ● No requirement that the taxpayer pays for another bank product, such as an RT; ● Multiple funds disbursement methods, including direct deposit, prepaid card, or check, based on the taxpayer-customer’s election; ● Repayment of the EA to the Bank is deducted from the taxpayer’s tax refund proceeds; and ● If an insufficient refund to repay the EA occurs: o there is no recourse to the taxpayer, o no negative credit reporting on the taxpayer, and o no collection efforts against the taxpayer. ​ The Company reports fees paid for the EA product as interest income on loans. During 2021, EAs were repaid, on average, within 32 days after the taxpayer’s tax return was submitted to the applicable taxing authority. EAs do not have a contractual due date but the Company considered an EA delinquent in 2021 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority. The number of days for delinquency eligibility is based on management’s annual analysis of tax return processing times. th ​ Related to the overall credit losses on EAs, the Bank’s ability to control losses is highly dependent upon its ability to predict the taxpayer’s likelihood to receive the tax refund as claimed on the taxpayer’s tax return. Each year, the Bank’s EA approval model is based primarily on the prior-year’s tax refund payment patterns. Because the substantial majority of the EA volume occurs each year before that year’s tax refund payment patterns can be analyzed and subsequent underwriting changes made, credit losses during a current year could be higher than management’s predictions if tax refund payment patterns change materially between years. ​ ​ Cancelled TRS Sale Transaction ​ On May 13, 2021, the Bank entered into an Asset Purchase Agreement (the “Purchase Agreement”) with Green Dot providing for the sale to Green Dot of substantially all of the assets and operations of the Bank’s Tax Refund Solutions business (the “Sale Transaction”). ​ On August 4, 2021, the Company disclosed that Green Dot had delayed the closing of the Sale Transaction, following a request to Green Dot from its primary regulator for information relating to the Sale Transaction and Green Dot’s subsequent decision to seek from its primary regulator the approval of or non-objection to, as applicable, the Sale Transaction before its consummation. ​ On October 4, 2021, Green Dot announced that it had been unable to obtain the Federal Reserve’s approval of or non-objection to the Sale Transaction and that, as a result, Green Dot would not consummate the Sale Transaction. On October 5, 2021, the Bank filed a lawsuit against Green Dot in the Delaware Court of Chancery (the “Court”), C.A. No. 2021-0854-SG, alleging breach of contract. In so doing, the Bank sought, among other relief, specific performance to require that Green Dot proceed with the Sale Transaction as the parties had agreed to in the Purchase Agreement. ​ On December 2, 2021, the Court denied the Bank’s expedited motion for summary judgment seeking the remedy of specific performance from Green Dot related to the Sale Transaction. As the basis for its ruling denying specific performance as a remedy in this case, the Court held that the risk of regulatory action, including criminal and civil penalties, against Green Dot, its officers, directors, employees, and agents in the event of specific performance outweighed the harm to the Bank resulting from Green Dot’s alleged breach of contract. ​ As a result of this ruling, the Bank concluded that the Sale Transaction would not be consummated, and o n January 7, 2022, the Bank served Green Dot with a formal notice of termination of the Purchase Agreement. In response to the formal notice of termination, Green Dot paid the Termination Fee of $5 million to the Bank during the first quarter of 2022. The Bank maintains that the Bank’s notice of termination of the Purchase Agreement and corresponding payment of the $5 million Termination Fee does not release Green Dot from any liability, in addition to the Termination Fee, related to the Sale Transaction occurring before the Bank’s notice of termination. ​ Republic Payment Solutions — RPS is currently managed and operated within the TRS segment. The RPS division offers general-purpose reloadable prepaid cards as an issuing bank through third-party service providers. For the projected near-term, as the prepaid card program matures, the operating results of the RPS division are expected to be immaterial to the Company’s overall results of operations and will be reported as part of the TRS segment. The RPS division will not be considered a separate reportable segment until such time, if any, that it meets quantitative reporting thresholds . ​ The Company reports fees related to 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 — ​ ● 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. The first of these two products (the “LOC I”) has been originated by the Bank since 2014. The second (the “LOC II”) was introduced in January 2021. ​ o RCS’s LOC I represented the substantial majority of RCS activity during 2021. Elastic Marketing, LLC and Elevate Decision Sciences, LLC, are third-party service providers for the 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. Further, 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 ​ o In January 2021, RCS began originating balances through its LOC II. One of RCS’s existing third-party service providers, subject to the Bank’s oversight and supervision, 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 participation interests in this product. These participation interests are a 95% interest in advances made to borrowers under the borrower’s line-of-credit account, and the participation interests are generally sold three ​ ● RCS installment loan product – In December 2019, through RCS, the Bank began offering 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 two different third-party service providers. In one program, the Bank retains 100% of the receivables originated. In the other program, the Bank retains 100% of the receivables originated in some instances, and in other instances, sells 100% of the receivables within one month of origination. Loan balances held for sale through this program are carried at the lower of cost or fair value. ​ The Company reports interest income and loan origination fees earned on RCS loans under “Loans, including fees,” while any gains or losses on sale and mark-to-market adjustments of RCS loans are reported as noninterest income under “Program fees.” ​
Use of EstimatesUse of Estimates
Concentration of Credit RiskConcentration of Credit Risk ​ The Bank’s warehouse lines of credit are secured by single family, first lien residential real estate loans originated by the Bank’s mortgage clients across the United States. As of December 31, 2021, 36% of collateral securing warehouse lines was located in California. ​
Earnings ConcentrationEarnings Concentration ​ For 2021, 2020, and 2019, approximately 8%, 8% and 5% of total Company net revenues (net interest income plus noninterest income) were derived from the Company’s Warehouse segment.
Cash FlowsCash Flows ​
Interest-Bearing Deposits in Other Financial InstitutionsInterest-Bearing Deposits in Other Financial Institutions
Debt and Equity SecuritiesDebt Securities ​ Interest income includes amortization of purchase premiums and accretion of discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable securities are amortized to the earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. ​ A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent. Interest accrued but not received for a security placed on nonaccrual is reversed against interest income. ​ Equity Securities — ​ Allowance for Credit Losses on Available-for-Sale Securities — For the Company’s AFS corporate bond, the Company uses third-party PD and LGD data to estimate an ACLS, which is limited by the amount that the bond’s fair value is less than its amortized cost basis. ​ For all other AFS debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For other AFS debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACLS is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACLS is recognized in other comprehensive income. ​ Changes in ACLS are recorded as a charge or credit to the Provision. Losses are charged against the ACLS when management believes the lack of collectability of an AFS debt security is confirmed or when either of the criteria regarding intent or requirement to sell is met. ​ Accrued interest on AFS debt securities totaled $1 million and $1 million as of December 31, 2021 and 2020 and is excluded from the ACLS. Accrued interest on AFS debt securities is presented as a component of other assets on the Company’s balance sheet. ​ Allowance for Credit Losses on Held-to-Maturity Securities — The Company measures expected credit losses on HTM debt securities on a collective basis by major security type. Accrued interest receivable on HTM debt securities totaled as of December 31, 2021 and 2020 and is excluded from the ACLS. Accrued interest on HTM debt securities is presented as a component of other assets on the Company’s balance sheet. ​ The estimate of ACLS on HTM debt securities considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. ​ The Company classifies its HTM portfolio into the following major security types: MBS, corporate bonds, and municipal bonds. MBS securities include CMOs. Nearly all of the MBS portfolio is issued by U.S. government entities or government sponsored entities. These securities are highly rated by major rating agencies and have a long history of no credit losses. The MBS portfolio also carries ratings no lower than investment grade. The Company uses PD and LGD estimates provided by a third-party to estimate an ACLS for its corporate and municipal bond portfolios. These PD and LGD estimates are updated at least quarterly by the Company, with these estimates incorporating the most recent market expectations and forecasted information.
Loans Held for SaleLoans Held for Sale - ​ Mortgage Banking Activities ​ Commitments to fund mortgage loans (“interest rate lock commitments”) to be sold into the secondary market and non-exchange traded mandatory forward sales contracts (“forward contracts”) for the future delivery of these mortgage loans or the purchase of TBA securities are accounted for as free-standing derivatives. Fair values of these mortgage derivatives are estimated based on changes in mortgage interest rates from the date the Bank enters into the derivative. Generally, the Bank enters into forward contracts for the future delivery of mortgage loans or the purchase of TBA securities when interest rate lock commitments are entered into, in order to hedge the change in interest rates resulting from its commitments to fund the loans. Changes in the fair values of these mortgage derivatives are included in net gains on sales of loans, which is a component of Mortgage Banking income on the income statement. ​ Mortgage loans held for sale are generally sold with the MSRs retained. When mortgage loans are sold with servicing retained, servicing rights are initially recorded at fair value with the income statement effect recorded as a component of Mortgage Banking income. Fair value is based on market prices for comparable mortgage servicing contracts, when available or alternatively, is based on a valuation model that calculates the present value of estimated future net servicing income. All classes of servicing assets are subsequently measured using the amortization method, which requires servicing rights to be amortized into Mortgage Banking income in proportion to, and over the period of, the estimated future net servicing income of the underlying loans. Amortization of MSRs are initially set at seven years and subsequently adjusted on a quarterly basis based on the weighted average remaining life of the underlying loans. ​ MSRs are evaluated for impairment quarterly based upon the fair value of the MSRs as compared to carrying amount. Impairment is determined by stratifying MSRs into groupings based on predominant risk characteristics, such as interest rate, loan type, loan terms and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent that fair value is less than the carrying amount. If the Bank later determines that all or a portion of the impairment no longer exists for a particular grouping, a reduction of the valuation allowance is recorded as an increase to income. Changes in valuation allowances are reported within Mortgage Banking income on the income statement. The fair value of the MSR portfolios is subject to significant fluctuations as a result of changes in estimated and actual prepayment speeds and default rates. ​ A primary factor influencing the fair value is the estimated life of the underlying serviced loans. The estimated life of the serviced loans is significantly influenced by market interest rates. During a period of declining interest rates, the fair value of the MSRs generally will decline due to higher expected prepayments within the portfolio. Alternatively, during a period of rising interest rates the fair value of MSRs generally will increase, as prepayments on the underlying loans would be expected to decline. ​ See Footnote 16 “Mortgage Banking Activities” in this section of the filing for management’s determination of MSR impairment. ​ ​ Loan servicing income is reported on the income statement as a component of Mortgage Banking income. Loan servicing income is recorded as loan payments are collected and includes servicing fees from investors and certain charges collected from borrowers. The fees are based on a contractual percentage of the outstanding principal, or a fixed amount per loan and are recorded as income when earned. Loan servicing income totaled $3.3 million, $2.9 million and $2.5 million for the years ended December 31, 2021, 2020, and 2019. Late fees and ancillary fees related to loan servicing are considered nominal. ​ Consumer Loans Held for Sale, at Fair Value ​ Consumer Loans Held for Sale, at Lower of Cost or Fair Value
LoansLoans — ​ Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method. Premiums on loans held for investment are amortized into interest income on the level-yield method over the expected life of the loan. ​ Lease financing receivables, which are generally direct financing leases, are reported at their principal balance outstanding, including any lease residual amount, net of any unearned income, deferred loan fees and costs, and applicable ACLL. Leasing income is recognized on a basis that achieves a constant periodic rate of return on the outstanding lease financing balances over the lease terms. ​ Interest income on mortgage and commercial loans is typically discontinued at the time the loan is 80 days delinquent unless the loan is well secured and in process of collection. Past due status is based on the contractual terms of the loan, which may define past due status by the number of days or the number of payments past due. In most cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal or interest is considered doubtful. Nonaccrual loans and loans past due 80 days still on accrual include smaller balance, homogeneous loans that are evaluated collectively or individually for loss. ​ Interest accrued but not received for all classes of loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost recovery method, until qualifying for return to accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured, typically a minimum of six
Purchased Credit Deteriorated LoansPurchased Credit Deteriorated Loans — ​ ● Non-accretable discount assigned by the Bank ● Classified by either the acquired bank or the Bank as Special Mention or Substandard ● Nonaccrual status when purchased ● Past due 30 days or more when purchased ● Loans that have been at least one time over 30 days past due ● Past maturity date when purchased ● Select loans that are cross collateralized with any loans identified above ​ PCD loans are recorded at the amount paid. An ACLL is determined using the same methodology as other loans held for investment. The initial ACLL determined on a collective basis is allocated to individual loans. The sum of the loan’s purchase price and ACLL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent changes to the ACLL are recorded through the Provision.
Allowance for Credit Losses on LoansAllowance for Credit Losses on Loans — ​ The ACLL is measured on a collective or pooled basis when similar risk characteristics exist. The first table of Footnote 4 illustrates the Company’s loan portfolio by ACLL risk pool. This pooling method is primarily based on the pool’s collateral type or the pool’s purpose and generally follows the Bank’s loan segmentation for regulatory reporting. For each of its loan pools, the Company uses a “static-pool” method, which analyzes historical closed pools of similar loans over their expected lives to attain a loss rate. This loss rate is then adjusted for current conditions and reasonable and supportable forecasts prior to being applied to the current balance of the analyzed pools. Adjustments to the historical loss rate for current conditions include differences in underwriting standards, portfolio mix, delinquency level, or term, as well as for changes in environmental conditions, such as changes in property values or other relevant factors. A one-year forecast adjustment to the historical loss rate is based on a forecast of the U.S. national unemployment rate, which has shown a relatively strong historical correlation to the Bank’s loan losses. For its CRE loan pool, the Company employed a one-year forecast of CRE vacancy rates through March 31, 2021 but discontinued use of this forecast during the second quarter of 2021 in favor of a one-year forecast of general CRE values. This change in forecast method related to the Company’s CRE loan pool had no material impact on the Company’s ACLL. Subsequent to one-year forecasts, loss rates are assumed to immediately revert back to long-term historical averages. ​ Loans that do not share risk characteristics are evaluated on an individual basis, with the Company choosing to individually evaluate all TDRs. Loans evaluated individually are not included in the pooled evaluation but are instead evaluated under a discounted cash flow or collateral-dependent method. A collateral dependent method is used when foreclosure is probable, with expected credit losses based on the fair value of the collateral at the reporting date, adjusted for selling costs if appropriate. ​ Determining Expected Loan Lives: Expected credit losses are estimated over the contractual loan term, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a TDR will be executed with an individual borrower, or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by the Company. ​ See Footnote 4 “Loans and Allowance for Credit Losses” in this section of the filing for additional discussion regarding the Company’s ACLL.
Troubled Debt RestructuringsTroubled Debt Restructurings — A TDR is a situation where, due to a borrower’s financial difficulties, the Bank grants a concession to the borrower that the Bank would not otherwise have considered. The Company measures the ACLL for TDRs individually using either a discounted cash-flow method or the collateral method, if the TDR is collateral dependent. TDRs whose ACLL is measured using a discounted cash flow method use the original pre-modification interest rate on the loan for discounting. ​ Generally, performing loans that have received a COVID-19 accommodation are not classified as TDRs. ​ ● For additional discussion regarding loans accommodated due to COVID-19, see Footnote 4 “Loans and Allowance for Credit Losses” in this section of the filing.
Transfers of Financial AssetsTransfers of Financial Assets —
Other Real Estate OwnedOther Real Estate Owned — Assets acquired through loan foreclosures are initially recorded at fair value less costs to sell when acquired, establishing a new cost basis. Physical possession of residential real estate property collateralizing a consumer mortgage loan occurs when legal title is obtained upon completion of foreclosure or when the borrower conveys all interest in the property to satisfy the loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. These assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. The Bank’s selling costs for OREO typically range from 10- 13% of each property’s fair value, depending on property class. Fair value is commonly based on recent real estate appraisals or broker price opinions. Operating costs after acquisition are expensed. ​ Appraisals for both collateral-dependent loans and OREO are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Bank. Appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. 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. ​
Premises and Equipment, NetPremises and Equipment, Net — three three
Right of Use Asset and Operating Lease LiabilitiesRight of Use Assets and Operating Lease Liabilities — ​ Regarding lease terms, the Company’s assumes the remaining lease term includes the fixed noncancelable term, plus all periods for which failure to renew the lease imposes a penalty on the Company, plus all periods for which the Company is reasonably certain to exercise a lease renewal option, plus all periods for which the Company is reasonably certain not to exercise a lease termination option. In determining whether it is reasonably certain to exercise a lease renewal or termination option, the Company considers its overall strategic plan and all economic and environmental circumstances connected to the leased property. ​ To discount its operating lease payments and guarantees, the Company employs the interest rate curve published by the FHLB of Cincinnati for the FHLB’s collateralized term borrowings; matching expected lease term to borrowing term. ​ The Company does not place short-term leases on its balance sheet. Short-term leases have a lease term of 12 months or less and do not include a purchase option that the Company is reasonably certain to exercise.
Federal Home Loan Bank StockFederal Home Loan Bank Stock
Bank Owned Life InsuranceBank Owned Life Insurance —
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets assumed as of the acquisition date. Goodwill and intangible assets acquired in a purchase combination and determined to have an indefinite useful life are not amortized but tested annually or more frequently if events and circumstances exist that indicate that a goodwill impairment test should be performed. ​ The Company has selected September 30 th ​ All goodwill is attributable to the Company’s Traditional Banking segment and is not expected to be deductible for tax purposes. Based on its assessment, the Company believes its goodwill of $16 million as of December 31, 2021 and 2020 was not impaired and is properly recorded in the consolidated financial.
Off Balance Sheet Financial InstrumentsOff Balance Sheet Financial Instruments
Allowance for Credit Losses on Off-Balance Sheet Credit ExposuresAllowance for Credit Losses on Off-Balance Sheet Credit Exposures — The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit unless that obligation is unconditionally cancellable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The likelihood that funding will occur is based on the historical usage rate of such commitments. ​ For a listing of off-balance sheet credit exposures the Company generally considers for an ACLC, see Footnote 13 “Off Balance Sheet Risks, Commitments And Contingent Liabilities” in this section of the filing. ​ The ACLC is recorded as a component of other liabilities on the Company’s balance sheet. Any provision for the ACLC is recorded on the Company’s income statement as a component of other noninterest expense.
DerivativesDerivatives ​ The accounting for changes in the fair value of a derivative depends on whether it has been designated and qualifies as part of a hedging relationship. For a derivative designated as a cash flow hedge, the effective portion of the derivative’s unrealized gain or loss is recorded as a component of other comprehensive income (loss). For derivatives not designated as hedges, the gain or loss is recognized in current period earnings. ​ Net cash settlements on interest rate swaps are recorded in interest expense and cash flows related to the swaps are classified in the cash flow statement the same as the interest expense and cash flows from the liabilities being hedged. The Bank formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific assets and liabilities on the balance sheet. The Bank also formally assesses, both at the hedge’s inception and on an ongoing basis, whether a swap is highly effective in offsetting changes in cash flows of the hedged items. The Bank discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, the derivative is settled or terminates, or treatment of the derivative as a hedge is no longer appropriate or intended. ​ When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as noninterest income. When a cash flow hedge is discontinued but the hedged cash flows or forecasted transactions are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods that the hedged transactions will affect earnings. ​ The Bank enters into interest rate swaps to facilitate client transactions and meet their financing needs. Upon entering into these instruments to meet client needs, the Bank enters into offsetting positions with dealer counterparties in order to minimize the Bank’s interest rate risk. These swaps are derivatives but are not designated as hedging instruments; 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 does not have credit risk.
Stock Based CompensationStock Based Compensation ​
Income TaxesIncome Taxes ​ A tax position is recognized as a benefit only if it is “more-likely-than-not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more-likely-than-not” test, no tax benefit is recorded. ​ The Company recognizes interest and/or penalties related to income tax matters in income tax expense.
Retirement PlansRetirement Plans ​
Earnings Per Common ShareEarnings Per Common Share ​
Comprehensive IncomeComprehensive Income
Loss ContingenciesLoss Contingencies ​
Restrictions on Cash and Cash EquivalentsRestrictions on Cash and Cash Equivalents ​ The Company’s Captive maintains cash reserves to cover insurable claims. Reserves totaled $4 million and $3 million as of December 31, 2021 and 2020.
EquityEquity ​
Dividend RestrictionsDividend Restrictions ​
Fair Value of Financial InstrumentsFair Value of Financial Instruments Fair Value”
Revenue from contracts with CustomersRevenue from Contracts with Customers - Revenue from Contracts with Customers
Segment InformationSegment Information
ReclassificationsReclassifications
Recently Adopted Accounting StandardsRecently Adopted Accounting Standards ​ The following ASUs were adopted by the Company during the year ended December 31, 2021 and through the date of this filing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU. No. Topic Nature of Update Date Adopted Method of Adoption Financial Statement Impact 2020-06 ​ Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ This ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share calculation in certain areas. ​ January 1, 2022 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020-08 ​ Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ​ This ASU clarifies that an entity should re-evaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. ​ January 1, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020-10 ​ Codification Improvements ​ This ASU affects a wide variety of Topics in the Codification. ​ More specifically, this ASU, among other things, contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). Many of the amendments arose because the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters Section (Section 45) of the Codification. The option to disclose information in the notes to financial statements should have been codified in the Disclosure Section as well as the Other Presentation Matters Section (or other Section of the Codification in which the option to disclose in the notes to financial statements appears). Those amendments are not expected to change current practice. ​ January 1, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-01 ​ Reference Rate Reform (Topic 848): Scope ​ This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ​ January 7, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-04 ​ Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options ​ This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) How an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) How an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) How an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. ​ January 1, 2022 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-06 ​ Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946) ​ This ASU amends the SEC sections of the Codification related to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. ​ August 9, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounting Standards Updates ​ There were no issued-but-not-yet-effective ASUs considered relevant and material to the Company’s financial statements since the Company’s most recently filed Form 10-Q or Form 10-K and through the date of this filing. Generally, if an issued-but-not-yet-effective ASU with an expected immaterial impact to the Company has been disclosed in prior Company filings, that ASU will not be subsequently redisclosed.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)12 Months Ended
Dec. 31, 2021
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedules of Accounting Standards UpdatesThe following ASUs were adopted by the Company during the year ended December 31, 2021 and through the date of this filing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ASU. No. Topic Nature of Update Date Adopted Method of Adoption Financial Statement Impact 2020-06 ​ Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity ​ This ASU simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock as a single equity instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted earnings per share calculation in certain areas. ​ January 1, 2022 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020-08 ​ Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs ​ This ASU clarifies that an entity should re-evaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. ​ January 1, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020-10 ​ Codification Improvements ​ This ASU affects a wide variety of Topics in the Codification. ​ More specifically, this ASU, among other things, contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). Many of the amendments arose because the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters Section (Section 45) of the Codification. The option to disclose information in the notes to financial statements should have been codified in the Disclosure Section as well as the Other Presentation Matters Section (or other Section of the Codification in which the option to disclose in the notes to financial statements appears). Those amendments are not expected to change current practice. ​ January 1, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-01 ​ Reference Rate Reform (Topic 848): Scope ​ This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ​ January 7, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-04 ​ Earnings Per Share (Topic 260), Debt— Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options ​ This ASU provides guidance for a modification or an exchange of a freestanding equity-classified written call option that is not within the scope of another Topic. It specifically addresses: (1) How an entity should treat a modification of the terms or conditions or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; (2) How an entity should measure the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange; and (3) How an entity should recognize the effect of a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange. ​ January 1, 2022 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021-06 ​ Presentation of Financial Statements (Topic 205), Financial Services—Depository and Lending (Topic 942), and Financial Services—Investment Companies (Topic 946) ​ This ASU amends the SEC sections of the Codification related to SEC Final Rule Releases No. 33-10786, Amendments to Financial Disclosures about Acquired and Disposed Businesses, and No. 33-10835, Update of Statistical Disclosures for Bank and Savings and Loan Registrants. ​ August 9, 2021 ​ Prospectively ​ Immaterial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)12 Months Ended
Dec. 31, 2021
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 December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Credit Losses Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ $ 239,880 ​ $ 473 ​ $ (2,894) ​ $ — ​ $ 237,459 Private label mortgage-backed security ​ 1,418 ​ 1,313 ​ — ​ — ​ 2,731 Mortgage-backed securities - residential ​ 207,697 ​ 3,525 ​ (473) ​ — ​ 210,749 Collateralized mortgage obligations ​ 29,947 ​ 377 ​ (30) ​ — ​ 30,294 Corporate bonds ​ 10,000 ​ 46 ​ — ​ — ​ 10,046 Trust preferred security ​ 3,684 ​ 163 ​ — ​ — ​ 3,847 Total available-for-sale debt securities ​ $ 492,626 ​ $ 5,897 ​ $ (3,397) ​ $ — ​ $ 495,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross Allowance ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ for Fair December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Credit Losses Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ $ 245,204 ​ $ 1,730 ​ $ (25) ​ $ — ​ $ 246,909 Private label mortgage-backed security ​ 1,707 ​ 1,250 ​ — ​ — ​ 2,957 Mortgage-backed securities - residential ​ 203,786 ​ 7,419 ​ (3) ​ — ​ 211,202 Collateralized mortgage obligations ​ 48,190 ​ 772 ​ (10) ​ — ​ 48,952 Corporate bonds ​ 10,000 ​ 43 ​ — ​ — ​ 10,043 Trust preferred security ​ 3,631 ​ 169 ​ — ​ — ​ 3,800 Total available-for-sale debt securities ​ $ 512,518 ​ $ 11,383 ​ $ (38) ​ $ — ​ $ 523,863
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 December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities - residential ​ $ 46 ​ $ — ​ $ — ​ $ 46 ​ $ — Collateralized mortgage obligations ​ 9,080 ​ 158 ​ — ​ 9,238 ​ — Corporate bonds ​ 34,975 ​ 263 ​ (6) ​ 35,232 ​ (47) Obligations of state and political subdivisions ​ ​ 245 ​ ​ 3 ​ ​ — ​ ​ 248 ​ ​ — Total held-to-maturity debt securities ​ $ 44,346 ​ $ 424 ​ $ (6) ​ $ 44,764 ​ $ (47) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ Allowance ​ ​ Amortized ​ Unrecognized ​ Unrecognized ​ Fair ​ for December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ Credit Losses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage-backed securities - residential ​ $ 99 ​ $ 5 ​ $ — ​ $ 104 ​ $ — Collateralized mortgage obligations ​ 13,061 ​ 176 ​ — ​ 13,237 ​ — Corporate bonds ​ 39,986 ​ 499 ​ — ​ 40,485 ​ (178) Obligations of state and political subdivisions ​ ​ 356 ​ ​ 8 ​ ​ — ​ ​ 364 ​ ​ — Total held-to-maturity debt securities ​ $ 53,502 ​ $ 688 ​ $ — ​ $ 54,190 ​ $ (178) ​ ​
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 December 31, 2021 (in thousands) ​ Cost ​ Value ​ Cost ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Due in one year or less ​ $ 30,058 ​ $ 30,307 ​ $ 120 ​ $ 121 ​ Due from one year to five years ​ 199,822 ​ 197,616 ​ 35,100 ​ 35,359 ​ Due from five years to ten years ​ 20,000 ​ 19,582 ​ — ​ — ​ Due beyond ten years ​ 3,684 ​ 3,847 ​ — ​ — ​ Private label mortgage-backed security ​ 1,418 ​ 2,731 ​ — ​ — ​ Mortgage-backed securities - residential ​ 207,697 ​ 210,749 ​ 46 ​ 46 ​ Collateralized mortgage obligations ​ 29,947 ​ 30,294 ​ 9,080 ​ 9,238 ​ Total debt securities ​ $ 492,626 ​ $ 495,126 ​ $ 44,346 ​ $ 44,764 ​
Schedule of debt securities with unrealized losses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or more ​ Total ​ ​ ​ Unrealized ​ ​ Unrealized ​ ​ Unrealized December 31, 2021 (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 ​ $ 177,138 ​ $ (2,622) ​ $ 9,728 ​ $ (272) ​ $ 186,866 ​ $ (2,894) ​ Mortgage-backed securities - residential ​ ​ 84,937 ​ ​ (473) ​ ​ — ​ ​ — ​ ​ 84,937 ​ ​ (473) ​ Collateralized mortgage obligations ​ ​ 4,495 ​ ​ (30) ​ ​ — ​ ​ — ​ ​ 4,495 ​ ​ (30) ​ Total available-for-sale debt securities ​ $ 266,570 ​ $ (3,125) ​ $ 9,728 ​ $ (272) ​ $ 276,298 ​ $ (3,397) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less than 12 months ​ 12 months or more ​ Total ​ ​ ​ Unrealized ​ ​ Unrealized ​ ​ Unrealized December 31, 2020 (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 ​ $ 59,971 ​ $ (25) ​ $ — ​ $ — ​ $ 59,971 ​ $ (25) ​ Mortgage-backed securities - residential ​ ​ 1,068 ​ ​ (3) ​ ​ — ​ ​ — ​ ​ 1,068 ​ ​ (3) ​ Collateralized mortgage obligations ​ ​ 2,788 ​ ​ (10) ​ ​ — ​ ​ — ​ ​ 2,788 ​ ​ (10) ​ Total available-for-sale debt securities ​ $ 63,827 ​ $ (38) ​ $ — ​ $ — ​ $ 63,827 ​ $ (38) ​
Rollforward of the private label mortgage backed security credit losses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,462 ​ $ 1,462 ​ $ 1,613 ​ Recovery of losses previously recorded ​ — ​ — ​ (151) ​ Balance, end of period ​ $ 1,462 ​ $ 1,462 ​ $ 1,462 ​
Schedule of allowance for credit losses on investment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLS Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-Sale Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Held-to-Maturity Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate Bonds ​ ​ ​ 178 ​ ​ (131) ​ ​ — ​ ​ — ​ ​ 47 ​ ​ — ​ ​ 51 ​ ​ 127 ​ ​ — ​ ​ — ​ ​ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 178 ​ $ (131) ​ $ — ​ $ — ​ $ 47 ​ $ — ​ $ 51 ​ $ 127 ​ $ — ​ $ — ​ $ 178 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of pledged investment securities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying amount ​ ​ $ 319,650 ​ $ 303,535 ​ Fair value ​ ​ 319,808 ​ 303,611 ​
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 December 31, 2021 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ Community Reinvestment Act mutual fund ​ 2,500 ​ — ​ (50) ​ 2,450 ​ Total equity securities with readily determinable fair values ​ $ 2,500 ​ $ 170 ​ $ (50) ​ $ 2,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Gross ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Fair December 31, 2020 (in thousands) ​ Cost ​ Gains ​ Losses ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 560 ​ $ — ​ $ 560 ​ Community Reinvestment Act mutual fund ​ 2,500 ​ 23 ​ — ​ 2,523 ​ Total equity securities with readily determinable fair values ​ $ 2,500 ​ $ 583 ​ $ — ​ $ 3,083 ​
Schedule of equity securities with readily determinable fair values, the gross realized and unrealized gains and losses recognized in the Company's consolidated statements of income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (Losses) Recognized on Equity Securities ​ ​ ​ Year Ended December 31, 2021 Year Ended December 31, 2020 ​ (in thousands) ​ Realized ​ Unrealized ​ Total ​ Realized ​ Unrealized ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ (390) ​ $ (390) ​ $ — ​ $ (154) ​ $ (154) ​ Community Reinvestment Act mutual fund ​ — ​ (73) ​ (73) ​ — ​ 49 ​ 49 ​ Total equity securities with readily determinable fair value ​ $ — ​ $ (463) ​ $ (463) ​ $ — ​ $ (105) ​ $ (105) ​

LOANS HELD FOR SALE (Tables)

LOANS HELD FOR SALE (Tables)12 Months Ended
Dec. 31, 2021
LOANS HELD FOR SALE.
Schedule of activity of consumer loans held for sale and carried at fair value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 3,298 ​ $ 598 ​ $ — Origination of consumer loans held for sale ​ ​ 271,430 ​ 58,833 ​ 598 Proceeds from the sale of consumer loans held for sale ​ ​ (260,730) ​ (57,814) ​ — Net gain on sale of consumer loans held for sale ​ ​ 5,749 ​ 1,681 ​ — Balance, end of period ​ ​ $ 19,747 ​ $ 3,298 ​ $ 598
Schedule of activity of consumer loans held for sale and carried at lower of cost or fair value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 1,478 ​ $ 11,646 ​ $ 12,838 Origination of consumer loans held for sale ​ ​ 610,750 ​ 460,040 ​ 709,768 Proceeds from the sale of consumer loans held for sale ​ ​ (614,840) ​ (473,507) ​ (716,062) Net gain on sale of consumer loans held for sale ​ ​ 5,549 ​ 3,299 ​ 5,102 Balance, end of period ​ ​ $ 2,937 ​ $ 1,478 ​ $ 11,646

LOANS AND ALLOWANCE FOR CREDI_2

LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)12 Months Ended
Dec. 31, 2021
LOANS AND ALLOWANCE FOR CREDIT LOSSES
Schedule of composition of loan portfolio​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 820,731 ​ $ 879,800 ​ Nonowner occupied ​ ​ 306,323 ​ 264,780 ​ Commercial real estate ​ ​ 1,456,009 ​ 1,349,085 ​ Construction & land development ​ ​ 129,337 ​ 98,674 ​ Commercial & industrial ​ ​ 340,363 ​ 325,596 ​ Paycheck Protection Program ​ ​ ​ 56,014 ​ ​ 392,319 ​ Lease financing receivables ​ ​ 8,637 ​ 10,130 ​ Aircraft ​ ​ ​ 142,894 ​ ​ 101,375 ​ Home equity ​ ​ 210,578 ​ 240,640 ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ ​ 14,510 ​ 14,196 ​ Overdrafts ​ ​ 683 ​ 587 ​ Automobile loans ​ ​ 14,448 ​ 30,300 ​ Other consumer ​ ​ 1,432 ​ 8,167 ​ Total Traditional Banking ​ ​ ​ 3,501,959 ​ ​ 3,715,649 ​ Warehouse lines of credit* ​ ​ 850,550 ​ 962,796 ​ Total Core Banking ​ ​ ​ 4,352,509 ​ ​ 4,678,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group*: ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ ​ — ​ — ​ Other TRS loans ​ ​ ​ 50,987 ​ ​ 23,765 ​ Republic Credit Solutions ​ ​ 93,066 ​ 110,893 ​ Total Republic Processing Group ​ ​ ​ 144,053 ​ ​ 134,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans** ​ ​ 4,496,562 ​ 4,813,103 ​ Allowance for credit losses ​ ​ (64,577) ​ (61,067) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total loans, net ​ ​ $ 4,431,985 ​ $ 4,752,036 ​ * 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.
Schedule that reconciles the contractually receivable and carrying amounts of loans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractually receivable ​ ​ $ 4,498,671 ​ $ 4,821,062 ​ Unearned income ​ ​ (542) ​ (708) ​ Unamortized premiums ​ ​ 116 ​ 216 ​ Unaccreted discounts ​ ​ (641) ​ (988) ​ PPP net unamortized deferred origination fees and costs ​ ​ ​ (1,203) ​ ​ (8,564) ​ Other net unamortized deferred origination fees and costs ​ ​ 161 ​ 2,085 ​ Carrying value of loans ​ ​ $ 4,496,562 ​ $ 4,813,103 ​
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 December 31, 2021 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate owner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 218,981 ​ $ 213,010 ​ $ 89,186 ​ $ 50,301 ​ $ 226,852 ​ $ — ​ $ — ​ $ 798,330 Special Mention ​ ​ 301 ​ ​ — ​ ​ — ​ ​ 33 ​ ​ 8,209 ​ ​ — ​ ​ — ​ ​ 8,543 Substandard ​ ​ 45 ​ ​ 870 ​ ​ 679 ​ ​ 1,189 ​ ​ 11,075 ​ ​ — ​ ​ — ​ ​ 13,858 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 219,327 ​ $ 213,880 ​ $ 89,865 ​ $ 51,523 ​ $ 246,136 ​ $ — ​ $ — ​ $ 820,731 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate nonowner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 107,041 ​ $ 65,947 ​ $ 44,376 ​ $ 29,292 ​ $ 55,872 ​ $ — ​ $ 3,568 ​ $ 306,096 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 132 ​ ​ — ​ ​ — ​ ​ 132 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 95 ​ ​ — ​ ​ — ​ ​ 95 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 107,041 ​ $ 65,947 ​ $ 44,376 ​ $ 29,292 ​ $ 56,099 ​ $ — ​ $ 3,568 ​ $ 306,323 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 487,669 ​ $ 260,182 ​ $ 156,748 ​ $ 94,212 ​ $ 286,223 ​ $ — ​ $ 82,158 ​ $ 1,367,192 Special Mention ​ ​ 20,059 ​ ​ 2,399 ​ ​ 29,639 ​ ​ 11,207 ​ ​ 18,778 ​ ​ — ​ ​ — ​ ​ 82,082 Substandard ​ ​ — ​ ​ 111 ​ ​ 266 ​ ​ 2,453 ​ ​ 3,905 ​ ​ — ​ ​ — ​ ​ 6,735 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 507,728 ​ $ 262,692 ​ $ 186,653 ​ $ 107,872 ​ $ 308,906 ​ $ — ​ $ 82,158 ​ $ 1,456,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction and land development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 89,078 ​ $ 32,046 ​ $ 2,599 ​ $ 1,155 ​ $ 265 ​ $ — ​ $ — ​ $ 125,143 Special Mention ​ ​ — ​ ​ 524 ​ ​ 3,670 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,194 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 89,078 ​ $ 32,570 ​ $ 6,269 ​ $ 1,155 ​ $ 265 ​ $ — ​ $ — ​ $ 129,337 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 150,820 ​ $ 44,481 ​ $ 59,186 ​ $ 18,110 ​ $ 44,972 ​ $ — ​ $ 2,541 ​ $ 320,110 Special Mention ​ ​ 15,365 ​ ​ 1,921 ​ ​ 785 ​ ​ 34 ​ ​ 1,956 ​ ​ — ​ ​ — ​ ​ 20,061 Substandard ​ ​ — ​ ​ 13 ​ ​ 179 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 192 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 166,185 ​ $ 46,415 ​ $ 60,150 ​ $ 18,144 ​ $ 46,928 ​ $ — ​ $ 2,541 ​ $ 340,363 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 40,607 ​ $ 15,407 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 56,014 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 40,607 ​ $ 15,407 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 56,014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 2,638 ​ $ 839 ​ $ 2,641 ​ $ 1,264 ​ $ 1,255 ​ $ — ​ $ — ​ $ 8,637 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 2,638 ​ $ 839 ​ $ 2,641 ​ $ 1,264 ​ $ 1,255 ​ $ — ​ $ — ​ $ 8,637 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 65,886 ​ $ 43,301 ​ $ 22,933 ​ $ 9,119 ​ $ 1,655 ​ $ — ​ $ — ​ $ 142,894 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 65,886 ​ $ 43,301 ​ $ 22,933 ​ $ 9,119 ​ $ 1,655 ​ $ — ​ $ — ​ $ 142,894 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 208,429 ​ $ — ​ $ 208,429 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 279 ​ ​ — ​ ​ 279 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,870 ​ ​ — ​ ​ 1,870 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 210,578 ​ $ — ​ $ 210,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year (Continued) ​ Amortized ​ Converted ​ ​ ​ ​ As of December 31, 2021 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 978 ​ $ 417 ​ $ 4,694 ​ $ 4,326 ​ $ 5,768 ​ $ 14,613 ​ $ — ​ $ 30,796 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ 22 ​ ​ 61 ​ ​ 194 ​ ​ — ​ ​ — ​ ​ 277 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 978 ​ $ 417 ​ $ 4,716 ​ $ 4,387 ​ $ 5,962 ​ $ 14,613 ​ $ — ​ $ 31,073 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 850,550 ​ $ — ​ $ 850,550 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 850,550 ​ $ — ​ $ 850,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50,987 ​ $ — ​ $ 50,987 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 50,987 ​ $ — ​ $ 50,987 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RCS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 5,524 ​ $ 3,409 ​ $ 1,642 ​ $ 869 ​ $ 3,699 ​ $ 77,544 ​ $ — ​ $ 92,687 ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 379 ​ ​ — ​ ​ 379 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Total ​ $ 5,524 ​ $ 3,409 ​ $ 1,642 ​ $ 869 ​ $ 3,699 ​ $ 77,923 ​ $ — ​ $ 93,066 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,169,222 ​ $ 679,039 ​ $ 384,005 ​ $ 208,648 ​ $ 626,561 ​ $ 1,202,123 ​ $ 88,267 ​ $ 4,357,865 ​ Special Mention ​ ​ 35,725 ​ ​ 4,844 ​ ​ 34,094 ​ ​ 11,274 ​ ​ 29,075 ​ ​ 279 ​ ​ — ​ ​ 115,291 ​ Substandard ​ ​ 45 ​ ​ 994 ​ ​ 1,146 ​ ​ 3,703 ​ ​ 15,269 ​ ​ 2,249 ​ ​ — ​ ​ 23,406 ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Grand Total ​ $ 1,204,992 ​ $ 684,877 ​ $ 419,245 ​ $ 223,625 ​ $ 670,905 ​ $ 1,204,651 ​ $ 88,267 ​ $ 4,496,562 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year ​ Amortized ​ Converted ​ ​ ​ As of December 31, 2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate owner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 268,313 ​ $ 132,018 ​ $ 82,754 ​ $ 67,430 ​ $ 301,366 ​ $ — ​ $ — ​ $ 851,881 Special Mention ​ ​ — ​ ​ 364 ​ ​ 42 ​ ​ 1,610 ​ ​ 8,730 ​ ​ — ​ ​ — ​ ​ 10,746 Substandard ​ ​ 394 ​ ​ 1,423 ​ ​ 1,331 ​ ​ 614 ​ ​ 13,411 ​ ​ — ​ ​ — ​ ​ 17,173 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 268,707 ​ $ 133,805 ​ $ 84,127 ​ $ 69,654 ​ $ 323,507 ​ $ — ​ $ — ​ $ 879,800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate nonowner occupied: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 73,291 ​ $ 63,102 ​ $ 43,610 ​ $ 45,759 ​ $ 38,316 ​ $ — ​ $ 621 ​ $ 264,699 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 81 ​ ​ — ​ ​ — ​ ​ 81 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 73,291 ​ $ 63,102 ​ $ 43,610 ​ $ 45,759 ​ $ 38,397 ​ $ — ​ $ 621 ​ $ 264,780 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 315,550 ​ $ 258,251 ​ $ 166,542 ​ $ 171,207 ​ $ 315,336 ​ $ — ​ $ 55,949 ​ $ 1,282,835 Special Mention ​ ​ 3,397 ​ ​ 30,969 ​ ​ 236 ​ ​ 11,355 ​ ​ 9,659 ​ ​ — ​ ​ — ​ ​ 55,616 Substandard ​ ​ 2,596 ​ ​ 349 ​ ​ — ​ ​ 987 ​ ​ 3,899 ​ ​ — ​ ​ 2,803 ​ ​ 10,634 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 321,543 ​ $ 289,569 ​ $ 166,778 ​ $ 183,549 ​ $ 328,894 ​ $ — ​ $ 58,752 ​ $ 1,349,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction and land development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 53,972 ​ $ 31,756 ​ $ 7,840 ​ $ 701 ​ $ 1,964 ​ $ — ​ $ — ​ $ 96,233 Special Mention ​ ​ — ​ ​ 2,397 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,397 Substandard ​ ​ — ​ ​ 44 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 44 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 53,972 ​ $ 34,197 ​ $ 7,840 ​ $ 701 ​ $ 1,964 ​ $ — ​ $ — ​ $ 98,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial and industrial: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 105,985 ​ $ 84,575 ​ $ 33,391 ​ $ 32,303 ​ $ 46,697 ​ $ — ​ $ 1,040 ​ $ 303,991 Special Mention ​ ​ 18,195 ​ ​ 800 ​ ​ — ​ ​ — ​ ​ 2,215 ​ ​ — ​ ​ — ​ ​ 21,210 Substandard ​ ​ 383 ​ ​ 12 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 395 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 124,563 ​ $ 85,387 ​ $ 33,391 ​ $ 32,303 ​ $ 48,912 ​ $ — ​ $ 1,040 ​ $ 325,596 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolving Loans ​ Revolving Loans ​ ​ ​ (in thousands) ​ Term Loans Amortized Cost Basis by Origination Year (Continued) ​ Amortized ​ Converted ​ ​ ​ As of December 31, 2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ Prior ​ Cost Basis ​ to Term ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 392,319 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 392,319 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 392,319 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 392,319 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Lease financing receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,117 ​ $ 3,663 ​ $ 1,814 ​ $ 2,847 ​ $ 689 ​ $ — ​ $ — ​ $ 10,130 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 1,117 ​ $ 3,663 ​ $ 1,814 ​ $ 2,847 ​ $ 689 ​ $ — ​ $ — ​ $ 10,130 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aircraft: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 55,823 ​ $ 30,529 ​ $ 13,804 ​ $ 1,219 ​ $ — ​ $ — ​ $ — ​ $ 101,375 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 55,823 ​ $ 30,529 ​ $ 13,804 ​ $ 1,219 ​ $ — ​ $ — ​ $ — ​ $ 101,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Home equity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 237,633 ​ $ — ​ $ 237,633 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127 ​ ​ — ​ ​ 127 Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,880 ​ ​ — ​ ​ 2,880 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 240,640 ​ $ — ​ $ 240,640 Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 425 ​ $ 13,636 ​ $ 8,563 ​ $ 7,125 ​ $ 8,648 ​ $ 14,321 ​ $ — ​ $ 52,718 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 Substandard ​ ​ — ​ ​ 32 ​ ​ 49 ​ ​ 229 ​ ​ 212 ​ ​ 5 ​ ​ — ​ ​ 527 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 425 ​ $ 13,668 ​ $ 8,612 ​ $ 7,354 ​ $ 8,865 ​ $ 14,326 ​ $ — ​ $ 53,250 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warehouse: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 962,796 ​ $ — ​ $ 962,796 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 962,796 ​ $ — ​ $ 962,796 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TRS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 23,765 ​ $ — ​ $ 23,765 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 23,765 ​ $ — ​ $ 23,765 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RCS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 27,683 ​ $ 5,704 ​ $ 2,485 ​ $ 1,232 ​ $ 19,095 ​ $ 54,348 ​ $ — ​ $ 110,547 Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 346 ​ ​ — ​ ​ 346 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Total ​ $ 27,683 ​ $ 5,704 ​ $ 2,485 ​ $ 1,232 ​ $ 19,095 ​ $ 54,694 ​ $ — ​ $ 110,893 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass or not rated ​ $ 1,294,478 ​ $ 623,234 ​ $ 360,803 ​ $ 329,823 ​ $ 732,111 ​ $ 1,292,863 ​ $ 57,610 ​ $ 4,690,922 Special Mention ​ ​ 21,592 ​ ​ 34,530 ​ ​ 278 ​ ​ 12,965 ​ ​ 20,609 ​ ​ 127 ​ ​ — ​ ​ 90,101 Substandard ​ ​ 3,373 ​ ​ 1,860 ​ ​ 1,380 ​ ​ 1,830 ​ ​ 17,603 ​ ​ 3,231 ​ ​ 2,803 ​ ​ 32,080 Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Grand Total ​ $ 1,319,443 ​ $ 659,624 ​ $ 362,461 ​ $ 344,618 ​ $ 770,323 ​ $ 1,296,221 ​ $ 60,413 ​ $ 4,813,103
Schedule of activity in the ACLL for loan and lease losses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLL Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 9,715 ​ $ (1,461) ​ $ — ​ $ 393 ​ $ 8,647 ​ $ 4,729 ​ ​ $ 4,199 ​ $ 785 ​ $ (169) ​ $ 171 ​ $ 9,715 Nonowner occupied ​ ​ ​ 2,466 ​ ​ 231 ​ ​ — ​ ​ 3 ​ ​ 2,700 ​ ​ 1,737 ​ ​ ​ 148 ​ ​ 570 ​ ​ — ​ ​ 11 ​ ​ 2,466 Commercial real estate ​ ​ ​ 23,606 ​ ​ 509 ​ ​ (428) ​ ​ 82 ​ ​ 23,769 ​ ​ 10,486 ​ ​ ​ 273 ​ ​ 13,170 ​ ​ (795) ​ ​ 472 ​ ​ 23,606 Construction & land development ​ ​ ​ 3,274 ​ ​ 854 ​ ​ — ​ ​ — ​ ​ 4,128 ​ ​ 2,152 ​ ​ ​ 1,447 ​ ​ (325) ​ ​ — ​ ​ — ​ ​ 3,274 Commercial & industrial ​ ​ ​ 2,797 ​ ​ 700 ​ ​ (86) ​ ​ 76 ​ ​ 3,487 ​ ​ 2,882 ​ ​ ​ (1,318) ​ ​ 1,421 ​ ​ (310) ​ ​ 122 ​ ​ 2,797 Paycheck Protection Program ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Lease financing receivables ​ ​ ​ 106 ​ ​ (15) ​ ​ — ​ ​ — ​ ​ 91 ​ ​ 147 ​ ​ ​ — ​ ​ (41) ​ ​ — ​ ​ — ​ ​ 106 Aircraft ​ ​ ​ 253 ​ ​ 104 ​ ​ — ​ ​ — ​ ​ 357 ​ ​ 176 ​ ​ ​ — ​ ​ 77 ​ ​ — ​ ​ — ​ ​ 253 Home equity ​ ​ ​ 4,990 ​ ​ (874) ​ ​ (51) ​ ​ 46 ​ ​ 4,111 ​ ​ 2,721 ​ ​ ​ 1,652 ​ ​ 516 ​ ​ (14) ​ ​ 115 ​ ​ 4,990 Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ ​ ​ 929 ​ ​ 107 ​ ​ (163) ​ ​ 61 ​ ​ 934 ​ ​ 1,020 ​ ​ ​ 33 ​ ​ 111 ​ ​ (295) ​ ​ 60 ​ ​ 929 Overdrafts ​ ​ ​ 587 ​ ​ 425 ​ ​ (641) ​ ​ 312 ​ ​ 683 ​ ​ 1,169 ​ ​ ​ — ​ ​ 79 ​ ​ (886) ​ ​ 225 ​ ​ 587 Automobile loans ​ ​ ​ 399 ​ ​ (233) ​ ​ (19) ​ ​ 39 ​ ​ 186 ​ ​ 612 ​ ​ ​ (7) ​ ​ (176) ​ ​ (60) ​ ​ 30 ​ ​ 399 Other consumer ​ ​ ​ 577 ​ ​ (254) ​ ​ (72) ​ ​ 63 ​ ​ 314 ​ ​ 374 ​ ​ ​ 307 ​ ​ (57) ​ ​ (240) ​ ​ 193 ​ ​ 577 Total Traditional Banking ​ ​ ​ 49,699 ​ ​ 93 ​ ​ (1,460) ​ ​ 1,075 ​ ​ 49,407 ​ ​ 28,205 ​ ​ ​ 6,734 ​ ​ 16,130 ​ ​ (2,769) ​ ​ 1,399 ​ ​ 49,699 Warehouse lines of credit ​ ​ ​ 2,407 ​ ​ (281) ​ ​ — ​ ​ — ​ ​ 2,126 ​ ​ 1,794 ​ ​ ​ — ​ ​ 613 ​ ​ — ​ ​ — ​ ​ 2,407 Total Core Banking ​ ​ ​ 52,106 ​ ​ (188) ​ ​ (1,460) ​ ​ 1,075 ​ ​ 51,533 ​ ​ 29,999 ​ ​ ​ 6,734 ​ ​ 16,743 ​ ​ (2,769) ​ ​ 1,399 ​ ​ 52,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ ​ — ​ ​ 6,723 ​ ​ (10,256) ​ ​ 3,533 ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ 13,033 ​ ​ (19,575) ​ ​ 6,542 ​ ​ — Other TRS loans ​ ​ ​ 158 ​ ​ (40) ​ ​ (51) ​ ​ 29 ​ ​ 96 ​ ​ 234 ​ ​ ​ — ​ ​ 156 ​ ​ (234) ​ ​ 2 ​ ​ 158 Republic Credit Solutions ​ ​ ​ 8,803 ​ ​ 8,444 ​ ​ (4,707) ​ ​ 408 ​ ​ 12,948 ​ ​ 13,118 ​ ​ ​ — ​ ​ 1,219 ​ ​ (6,163) ​ ​ 629 ​ ​ 8,803 Total Republic Processing Group ​ ​ ​ 8,961 ​ ​ 15,127 ​ ​ (15,014) ​ ​ 3,970 ​ ​ 13,044 ​ ​ 13,352 ​ ​ ​ — ​ ​ 14,408 ​ ​ (25,972) ​ ​ 7,173 ​ ​ 8,961 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 61,067 ​ $ 14,939 ​ $ (16,474) ​ $ 5,045 ​ $ 64,577 ​ $ 43,351 ​ ​ $ 6,734 ​ $ 31,151 ​ $ (28,741) ​ $ 8,572 ​ $ 61,067 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLL Rollforward ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Beginning ​ Provision ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ for Credit Loss ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 6,035 ​ $ (1,087) ​ $ (610) ​ $ 391 ​ $ 4,729 Nonowner occupied ​ ​ ​ 1,662 ​ ​ 125 ​ ​ (73) ​ ​ 23 ​ ​ 1,737 Commercial real estate ​ ​ ​ 10,030 ​ ​ 1,859 ​ ​ (1,407) ​ ​ 4 ​ ​ 10,486 Construction & land development ​ ​ ​ 2,555 ​ ​ (403) ​ ​ — ​ ​ — ​ ​ 2,152 Commercial & industrial ​ ​ ​ 2,873 ​ ​ 1,505 ​ ​ (1,505) ​ ​ 9 ​ ​ 2,882 Lease financing receivables ​ ​ ​ 158 ​ ​ (11) ​ ​ — ​ ​ — ​ ​ 147 Aircraft ​ ​ ​ 91 ​ ​ 85 ​ ​ — ​ ​ — ​ ​ 176 Home equity ​ ​ ​ 3,477 ​ ​ (764) ​ ​ (64) ​ ​ 72 ​ ​ 2,721 Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ ​ ​ 1,140 ​ ​ 226 ​ ​ (402) ​ ​ 56 ​ ​ 1,020 Overdrafts ​ ​ ​ 1,102 ​ ​ 1,155 ​ ​ (1,310) ​ ​ 222 ​ ​ 1,169 Automobile loans ​ ​ ​ 724 ​ ​ (42) ​ ​ (79) ​ ​ 9 ​ ​ 612 Other consumer ​ ​ ​ 500 ​ ​ (204) ​ ​ (263) ​ ​ 341 ​ ​ 374 Total Traditional Banking ​ ​ ​ 30,347 ​ ​ 2,444 ​ ​ (5,713) ​ ​ 1,127 ​ ​ 28,205 Warehouse lines of credit ​ ​ ​ 1,172 ​ ​ 622 ​ ​ — ​ ​ — ​ ​ 1,794 Total Core Banking ​ ​ ​ 31,519 ​ ​ 3,066 ​ ​ (5,713) ​ ​ 1,127 ​ ​ 29,999 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ ​ — ​ ​ 10,643 ​ ​ (13,425) ​ ​ 2,782 ​ ​ — Other TRS loans ​ ​ ​ 107 ​ ​ 606 ​ ​ (692) ​ ​ 213 ​ ​ 234 Republic Credit Solutions ​ ​ ​ 13,049 ​ ​ 11,443 ​ ​ (12,566) ​ ​ 1,192 ​ ​ 13,118 Total Republic Processing Group ​ ​ ​ 13,156 ​ ​ 22,692 ​ ​ (26,683) ​ ​ 4,187 ​ ​ 13,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 44,675 ​ $ 25,758 ​ $ (32,396) ​ $ 5,314 ​ $ 43,351
Schedule of non-performing loans and non-performing assets and select credit quality ratios​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Loans on nonaccrual status* ​ $ 20,504 ​ $ 23,548 ​ Loans past due 90-days-or-more and still on accrual** ​ 48 ​ 47 ​ Total nonperforming loans ​ 20,552 ​ 23,595 ​ Other real estate owned ​ 1,792 ​ 2,499 ​ Total nonperforming assets ​ $ 22,344 ​ $ 26,094 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Quality Ratios - Total Company: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonperforming loans to total loans ​ 0.46 % 0.49 % Nonperforming assets to total loans (including OREO) ​ 0.50 ​ 0.54 ​ Nonperforming assets to total assets ​ 0.37 ​ 0.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit Quality Ratios - Core Bank: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nonperforming loans to total loans ​ 0.47 % 0.50 % Nonperforming assets to total loans (including OREO) ​ 0.51 ​ 0.56 ​ Nonperforming assets to total assets ​ 0.40 ​ 0.45 ​ ​ *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* ​ December 31, (in thousands) 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ $ 12,039 ​ $ 14,328 ​ ​ $ — ​ $ — ​ ​ Nonowner occupied ​ 95 ​ 81 ​ ​ — ​ — ​ ​ Commercial real estate ​ 6,557 ​ 6,762 ​ ​ — ​ — ​ ​ Construction & land development ​ — ​ — ​ ​ — ​ — ​ ​ Commercial & industrial ​ 13 ​ 55 ​ ​ — ​ — ​ ​ Paycheck Protection Program ​ ​ ​ ​ ​ — ​ ​ ​ — ​ ​ ​ ​ ​ Lease financing receivables ​ — ​ — ​ ​ — ​ — ​ ​ Aircraft ​ ​ ​ ​ ​ — ​ ​ ​ — ​ ​ ​ ​ ​ Home equity ​ 1,700 ​ 2,141 ​ ​ — ​ — ​ ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ — ​ — ​ ​ — ​ 5 ​ ​ Overdrafts ​ — ​ — ​ ​ 1 ​ — ​ ​ Automobile loans ​ 97 ​ 170 ​ ​ — ​ — ​ ​ Other consumer ​ 3 ​ 11 ​ ​ — ​ — ​ ​ Total Traditional Banking ​ ​ 20,504 ​ ​ 23,548 ​ ​ ​ 1 ​ ​ 5 ​ ​ Warehouse lines of credit ​ — ​ — ​ ​ — ​ — ​ ​ Total Core Banking ​ ​ 20,504 ​ ​ 23,548 ​ ​ ​ 1 ​ ​ 5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ Other TRS loans ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ Republic Credit Solutions ​ ​ — ​ ​ — ​ ​ ​ 47 ​ ​ 42 ​ ​ Total Republic Processing Group ​ ​ — ​ ​ — ​ ​ ​ 47 ​ ​ 42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 20,504 ​ $ 23,548 ​ ​ $ 48 ​ $ 47 ​ ​ * Loans past due 90-days-or-more and still accruing consist of smaller balance consumer loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ As of December 31, 2021 ​ December 31, 2021 ​ Nonaccrual Nonaccrual Total Interest Income ​ ​ Loans with ​ Loans without ​ Nonaccrual ​ Recognized (in thousands) ​ ACLL ​ ACLL ​ Loans ​ on Nonaccrual Loans* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ $ 1,944 ​ $ 10,095 ​ $ 12,039 ​ $ 874 Nonowner occupied ​ 31 ​ ​ 64 ​ ​ 95 ​ ​ 6 Commercial real estate ​ 4,105 ​ ​ 2,452 ​ ​ 6,557 ​ ​ 154 Construction & land development ​ — ​ ​ — ​ ​ — ​ ​ — Commercial & industrial ​ — ​ ​ 13 ​ ​ 13 ​ ​ 3 Paycheck Protection Program ​ ​ — ​ ​ — ​ ​ — ​ ​ — Lease financing receivables ​ — ​ ​ — ​ ​ — ​ ​ — Aircraft ​ ​ — ​ ​ — ​ ​ — ​ ​ — Home equity ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ 152 Consumer ​ ​ 17 ​ ​ 83 ​ ​ 100 ​ ​ 10 Total ​ $ 6,097 ​ $ 14,407 ​ $ 20,504 ​ $ 1,199 * Includes interest income for loans on nonaccrual loans as of the beginning of the period that were paid off during the period. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ As of December 31, 2020 ​ December 31, 2020 ​ Nonaccrual Nonaccrual Total Interest Income ​ ​ Loans with ​ Loans without ​ Nonaccrual ​ Recognized (in thousands) ​ ACLL ​ ACLL ​ Loans ​ on Nonaccrual Loans* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ $ 1,995 ​ $ 12,333 ​ $ 14,328 ​ $ 824 Nonowner occupied ​ 8 ​ ​ 73 ​ ​ 81 ​ ​ 11 Commercial real estate ​ 576 ​ ​ 6,186 ​ ​ 6,762 ​ ​ 857 Construction & land development ​ — ​ ​ — ​ ​ — ​ ​ — Commercial & industrial ​ — ​ ​ 55 ​ ​ 55 ​ ​ 17 Paycheck Protection Program ​ ​ — ​ ​ — ​ ​ — ​ ​ — Lease financing receivables ​ — ​ ​ — ​ ​ — ​ ​ — Aircraft ​ ​ — ​ ​ — ​ ​ — ​ ​ — Home equity ​ 91 ​ ​ 2,050 ​ ​ 2,141 ​ ​ 94 Consumer ​ ​ 69 ​ ​ 112 ​ ​ 181 ​ ​ 13 ​ ​ $ 2,739 ​ $ 20,809 ​ $ 23,548 ​ $ 1,816 * 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 ​ ​ ​ December 31, 2021 Days ​ Days ​ Days ​ Total ​ Total ​ ​ ​ (dollars in thousands) ​ Delinquent ​ Delinquent ​ Delinquent* ​ Delinquent** ​ Current ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ $ 606 ​ $ 383 ​ $ 610 ​ $ 1,599 ​ $ 819,132 ​ $ 820,731 ​ Nonowner occupied ​ — ​ — ​ — ​ — ​ 306,323 ​ 306,323 ​ Commercial real estate ​ — ​ — ​ 5,292 ​ 5,292 ​ 1,450,717 ​ 1,456,009 ​ Construction & land development ​ — ​ — ​ — ​ — ​ 129,337 ​ 129,337 ​ Commercial & industrial ​ 8 ​ — ​ 13 ​ 21 ​ 340,342 ​ 340,363 ​ Paycheck Protection Program ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 56,014 ​ ​ 56,014 ​ Lease financing receivables ​ — ​ — ​ — ​ — ​ 8,637 ​ 8,637 ​ Aircraft ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 142,894 ​ ​ 142,894 ​ Home equity ​ 38 ​ 35 ​ 241 ​ 314 ​ 210,264 ​ 210,578 ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ 19 ​ 11 ​ — ​ 30 ​ 14,480 ​ 14,510 ​ Overdrafts ​ 160 ​ 3 ​ 1 ​ 164 ​ 519 ​ 683 ​ Automobile loans ​ — ​ — ​ 9 ​ 9 ​ 14,439 ​ 14,448 ​ Other consumer ​ 1 ​ — ​ — ​ 1 ​ 1,431 ​ 1,432 ​ Total Traditional Banking ​ ​ 832 ​ ​ 432 ​ ​ 6,166 ​ ​ 7,430 ​ ​ 3,494,529 ​ ​ 3,501,959 ​ Warehouse lines of credit ​ — ​ — ​ — ​ — ​ 850,550 ​ 850,550 ​ Total Core Banking ​ ​ 832 ​ ​ 432 ​ ​ 6,166 ​ ​ 7,430 ​ ​ 4,345,079 ​ ​ 4,352,509 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ Other TRS loans ​ — ​ — ​ — ​ — ​ 50,987 ​ 50,987 ​ Republic Credit Solutions ​ ​ 5,010 ​ 978 ​ 47 ​ 6,035 ​ 87,031 ​ 93,066 ​ Total Republic Processing Group ​ ​ 5,010 ​ ​ 978 ​ ​ 47 ​ ​ 6,035 ​ ​ 138,018 ​ ​ 144,053 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 5,842 ​ $ 1,410 ​ $ 6,213 ​ $ 13,465 ​ $ 4,483,097 ​ $ 4,496,562 ​ Delinquency ratio*** ​ 0.13 % 0.03 % 0.14 % 0.30 % ​ ​ ​ ​ ​ ​ * 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, 2020 Days ​ Days ​ Days ​ Total ​ Total ​ ​ ​ (dollars in thousands) ​ Delinquent ​ Delinquent ​ Delinquent* ​ Delinquent** ​ Current ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Traditional Banking: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ $ 1,038 ​ $ 668 ​ $ 1,554 ​ $ 3,260 ​ $ 876,540 ​ $ 879,800 ​ Nonowner occupied ​ — ​ — ​ — ​ — ​ 264,780 ​ 264,780 ​ Commercial real estate ​ — ​ 348 ​ 5,109 ​ 5,457 ​ 1,343,628 ​ 1,349,085 ​ Construction & land development ​ — ​ — ​ — ​ — ​ 98,674 ​ 98,674 ​ Commercial & industrial ​ — ​ — ​ 12 ​ 12 ​ 325,584 ​ 325,596 ​ Paycheck Protection Program ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 392,319 ​ ​ 392,319 ​ Lease financing receivables ​ — ​ — ​ — ​ — ​ 10,130 ​ 10,130 ​ Aircraft ​ ​ — ​ — ​ ​ — ​ — ​ 101,375 ​ 101,375 ​ Home equity ​ 93 ​ 14 ​ 595 ​ 702 ​ 239,938 ​ 240,640 ​ Consumer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit cards ​ 33 ​ 35 ​ 5 ​ 73 ​ 14,123 ​ 14,196 ​ Overdrafts ​ 140 ​ 5 ​ 2 ​ 147 ​ 440 ​ 587 ​ Automobile loans ​ 42 ​ — ​ 14 ​ 56 ​ 30,244 ​ 30,300 ​ Other consumer ​ 6 ​ — ​ — ​ 6 ​ 8,161 ​ 8,167 ​ Total Traditional Banking ​ ​ 1,352 ​ ​ 1,070 ​ ​ 7,291 ​ ​ 9,713 ​ ​ 3,705,936 ​ ​ 3,715,649 ​ Warehouse lines of credit ​ — ​ — ​ — ​ — ​ 962,796 ​ 962,796 ​ Total Core Banking ​ ​ 1,352 ​ ​ 1,070 ​ ​ 7,291 ​ ​ 9,713 ​ ​ 4,668,732 ​ ​ 4,678,445 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tax Refund Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ Other TRS loans ​ — ​ — ​ — ​ — ​ 23,765 ​ 23,765 ​ Republic Credit Solutions ​ ​ 6,572 ​ 3,620 ​ 42 ​ 10,234 ​ 100,659 ​ 110,893 ​ Total Republic Processing Group ​ ​ 6,572 ​ ​ 3,620 ​ ​ 42 ​ ​ 10,234 ​ ​ 124,424 ​ ​ 134,658 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ $ 7,924 ​ $ 4,690 ​ $ 7,333 ​ $ 19,947 ​ $ 4,793,156 ​ $ 4,813,103 ​ Delinquency ratio*** ​ 0.16 % 0.10 % 0.15 % 0.41 % ​ ​ ​ ​ ​ ​ *All loans past due 90 days-or-more, excluding small-dollar 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 divided by total loans.
Schedule of amortized cost basis of collateral-dependent loans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ 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 ​ $ 14,798 ​ $ — ​ $ 17,212 ​ $ — Nonowner occupied ​ 95 ​ — ​ 81 ​ — Commercial real estate ​ 6,736 ​ — ​ 10,205 ​ — Construction & land development ​ — ​ — ​ — ​ — Commercial & industrial ​ — ​ 192 ​ — ​ 12 Paycheck Protection Program ​ ​ — ​ ​ — ​ ​ — ​ ​ — Lease financing receivables ​ — ​ — ​ — ​ — Aircraft ​ ​ — ​ — ​ ​ — ​ — Home equity ​ 1,976 ​ — ​ 2,899 ​ — Consumer ​ ​ — ​ 274 ​ ​ — ​ 237 Total Traditional Banking ​ $ 23,605 ​ $ 466 ​ $ 30,397 ​ $ 249
Schedule of loans individually evaluated for impairment by class of loans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ Year Ended ​ ​ ​ December 31, 2019 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Basis ​ Unpaid ​ ​ Average Interest Interest ​ ​ ​ Principal ​ Recorded ​ Allocated ​ Recorded ​ Income ​ Income (in thousands) ​ ​ Balance ​ Investment ​ ACLL ​ Investment ​ Recognized ​ Recognized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans with no allocated ACLL: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ $ 14,768 ​ $ 13,893 ​ $ — ​ $ 12,655 ​ $ 191 ​ $ — Nonowner occupied ​ ​ 1,515 ​ ​ 1,448 ​ — ​ 1,425 ​ 57 ​ — Commercial real estate ​ ​ 15,028 ​ ​ 12,547 ​ — ​ 7,514 ​ 298 ​ — Construction & land development ​ ​ 198 ​ ​ 198 ​ — ​ 65 ​ 2 ​ — Commercial & industrial ​ ​ 3,308 ​ ​ 1,792 ​ — ​ 913 ​ 35 ​ — Lease financing receivables ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — Aircraft ​ ​ ​ — ​ ​ — ​ — ​ — ​ — ​ — Home equity ​ ​ 3,107 ​ ​ 3,023 ​ — ​ 2,140 ​ 75 ​ — Consumer ​ ​ 206 ​ ​ 160 ​ — ​ 76 ​ 4 ​ — Impaired loans with allocated ACLL: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ ​ 12,954 ​ 12,911 ​ 1,392 ​ 13,824 ​ 502 ​ — Nonowner occupied ​ ​ — ​ — ​ — ​ 108 ​ — ​ — Commercial real estate ​ ​ 3,228 ​ 3,228 ​ 432 ​ 3,624 ​ 151 ​ — Construction & land development ​ ​ — ​ — ​ — ​ 30 ​ — ​ — Commercial & industrial ​ ​ 197 ​ 197 ​ 22 ​ 2,054 ​ 3 ​ — Lease financing receivables ​ ​ — ​ — ​ — ​ — ​ — ​ — Aircraft ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Home equity ​ ​ 263 ​ 263 ​ 174 ​ 417 ​ 8 ​ — Consumer ​ ​ 701 ​ 690 ​ 492 ​ 555 ​ 16 ​ — Total impaired loans ​ ​ $ 55,473 ​ $ 50,350 ​ $ 2,512 ​ $ 45,400 ​ $ 1,342 ​ $ — ​
Schedule of TDRs differentiated by loan type and accrual status​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt Total ​ ​ Restructurings on ​ Restructurings on ​ Troubled Debt ​ ​ Nonaccrual Status ​ Accrual Status ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2021 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ Residential real estate ​ 63 ​ $ 3,179 ​ 89 ​ $ 7,856 ​ 152 ​ $ 11,035 ​ Commercial real estate ​ 2 ​ ​ 2,575 ​ 2 ​ ​ 1,239 ​ 4 ​ 3,814 ​ Commercial & industrial ​ 2 ​ ​ 45 ​ 1 ​ ​ 1 ​ 3 ​ 46 ​ Consumer ​ 1 ​ ​ 12 ​ 2,269 ​ ​ 479 ​ 2,270 ​ ​ 491 ​ Total troubled debt restructurings ​ 68 ​ $ 5,811 ​ 2,361 ​ $ 9,575 ​ 2,429 ​ $ 15,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt Total ​ ​ Restructurings on ​ Restructurings on ​ Troubled Debt ​ ​ Nonaccrual Status ​ Accrual Status ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2020 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ Residential real estate ​ 61 ​ $ 4,189 ​ 123 ​ $ 11,041 ​ 184 ​ $ 15,230 ​ Commercial real estate ​ 2 ​ 2,509 ​ 5 ​ 2,395 ​ 7 ​ 4,904 ​ Construction & land development ​ — ​ — ​ 1 ​ 44 ​ 1 ​ 44 ​ Commercial & industrial ​ — ​ — ​ 1 ​ 1 ​ 1 ​ 1 ​ Consumer ​ 1 ​ ​ 14 ​ 2,194 ​ ​ 585 ​ 2,195 ​ ​ 599 ​ Total troubled debt restructurings ​ 64 ​ $ 6,712 ​ 2,324 ​ $ 14,066 ​ 2,388 ​ $ 20,778 ​ ​
Schedule of categories of TDR loan modifications outstanding and respective performance under modified terms​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt ​ ​ ​ ​ ​ Restructurings ​ Restructurings ​ Total ​ ​ Performing to ​ Not Performing to ​ Troubled Debt ​ ​ Modified Terms ​ Modified Terms ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2021 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate loans (including home equity loans): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate reduction ​ 82 ​ $ 7,461 ​ 4 ​ $ 303 ​ 86 ​ $ 7,764 ​ Principal deferral ​ 7 ​ 729 ​ — ​ — ​ 7 ​ 729 ​ Legal modification ​ 48 ​ 2,100 ​ 11 ​ 442 ​ 59 ​ 2,542 ​ Total residential TDRs ​ 137 ​ 10,290 ​ 15 ​ 745 ​ 152 ​ 11,035 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial related and construction/land development loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate reduction ​ 1 ​ 919 ​ — ​ — ​ 1 ​ 919 ​ Principal deferral ​ 5 ​ 477 ​ 1 ​ 2,464 ​ 6 ​ 2,941 ​ Total commercial TDRs ​ 6 ​ 1,396 ​ 1 ​ 2,464 ​ 7 ​ 3,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 2,266 ​ ​ 470 ​ — ​ — ​ 2,266 ​ 470 ​ Legal modification ​ 4 ​ ​ 21 ​ — ​ ​ — ​ 4 ​ 21 ​ Total consumer TDRs ​ 2,270 ​ 491 ​ — ​ — ​ 2,270 ​ 491 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total troubled debt restructurings ​ 2,413 ​ $ 12,177 ​ 16 ​ $ 3,209 ​ 2,429 ​ $ 15,386 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt ​ ​ ​ ​ ​ Restructurings ​ Restructurings ​ Total ​ ​ Performing to ​ Not Performing to ​ Troubled Debt ​ ​ Modified Terms ​ Modified Terms ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2020 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate loans (including home equity loans): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest only payments ​ 1 ​ $ 826 ​ — ​ $ — ​ 1 ​ $ 826 ​ Rate reduction ​ 101 ​ 9,526 ​ 6 ​ 370 ​ 107 ​ 9,896 ​ Principal deferral ​ 9 ​ 858 ​ 2 ​ 166 ​ 11 ​ 1,024 ​ Legal modification ​ 58 ​ 3,068 ​ 7 ​ 416 ​ 65 ​ 3,484 ​ Total residential TDRs ​ 169 ​ 14,278 ​ 15 ​ 952 ​ 184 ​ 15,230 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial related and construction/land development loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest only payments ​ 1 ​ 488 ​ — ​ — ​ 1 ​ 488 ​ Rate reduction ​ 2 ​ 1,046 ​ 1 ​ 45 ​ 3 ​ 1,091 ​ Principal deferral ​ 4 ​ 906 ​ 1 ​ 2,464 ​ 5 ​ 3,370 ​ Total commercial TDRs ​ 7 ​ 2,440 ​ 2 ​ 2,509 ​ 9 ​ 4,949 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 2,193 ​ ​ 578 ​ — ​ — ​ 2,193 ​ 578 ​ Legal modification ​ 2 ​ ​ 21 ​ — ​ ​ — ​ 2 ​ 21 ​ Total consumer TDRs ​ 2,195 ​ 599 ​ — ​ — ​ 2,195 ​ 599 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total troubled debt restructurings ​ 2,371 ​ $ 17,317 ​ 17 ​ $ 3,461 ​ 2,388 ​ $ 20,778 ​ ​
Summary of categories of TDR loan modifications that occurred during the period​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt ​ ​ ​ ​ ​ Restructurings ​ Restructurings ​ Total ​ ​ Performing to ​ Not Performing to ​ Troubled Debt ​ ​ Modified Terms ​ Modified Terms ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2021 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate loans (including home equity loans): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 1 ​ $ 159 ​ — ​ $ — ​ 1 ​ $ 159 ​ Legal modification ​ 9 ​ ​ 309 ​ 5 ​ ​ 272 ​ 14 ​ ​ 581 ​ Total residential TDRs ​ 10 ​ 468 ​ 5 ​ 272 ​ 15 ​ 740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial related and construction/land development loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 2 ​ 45 ​ — ​ — ​ 2 ​ 45 ​ Total commercial TDRs ​ 2 ​ 45 ​ — ​ — ​ 2 ​ 45 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 621 ​ 92 ​ — ​ — ​ 621 ​ 92 ​ Legal modification ​ 2 ​ 4 ​ — ​ — ​ 2 ​ 4 ​ Total consumer TDRs ​ 623 ​ 96 ​ — ​ — ​ 623 ​ 96 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total troubled debt restructurings ​ 635 ​ $ 609 ​ 5 ​ $ 272 ​ 640 ​ $ 881 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt ​ ​ ​ ​ ​ Restructurings ​ Restructurings ​ Total ​ ​ Performing to ​ Not Performing to ​ Troubled Debt ​ ​ Modified Terms ​ Modified Terms ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2020 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate loans (including home equity loans): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate reduction ​ 2 ​ $ 53 ​ 1 ​ $ 3 ​ 3 ​ $ 56 ​ Legal modification ​ 15 ​ ​ 701 ​ 3 ​ ​ 131 ​ 18 ​ ​ 832 ​ Total residential TDRs ​ 17 ​ 754 ​ 4 ​ 134 ​ 21 ​ 888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial related and construction/land development loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 2 ​ 133 ​ — ​ — ​ 2 ​ ​ 133 ​ Total commercial TDRs ​ 2 ​ 133 ​ — ​ — ​ 2 ​ 133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 486 ​ 71 ​ — ​ — ​ 486 ​ ​ 71 ​ Legal modification ​ 1 ​ 14 ​ — ​ — ​ 1 ​ ​ 14 ​ Total consumer TDRs ​ 487 ​ 85 ​ — ​ — ​ 487 ​ 85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total troubled debt restructurings ​ 506 ​ $ 972 ​ 4 ​ $ 134 ​ 510 ​ $ 1,106 ​ The tables above are inclusive of loans that were TDRs at the end of previous years and were re-modified, e.g., a maturity date extension during the current year. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Troubled Debt Troubled Debt ​ ​ ​ ​ ​ ​ Restructurings ​ Restructurings ​ Total ​ ​ ​ Performing to ​ Not Performing to ​ Troubled Debt ​ ​ Modified Terms ​ Modified Terms ​ Restructurings ​ Number of Recorded Number of Recorded Number of Recorded December 31, 2019 (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment ​ Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate loans (including home equity loans): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate reduction ​ 1 ​ $ 365 ​ — ​ $ — ​ 1 ​ $ 365 ​ Principal deferral ​ — ​ — ​ — ​ — ​ — ​ — ​ Legal modification ​ 26 ​ 1,958 ​ 5 ​ 417 ​ 31 ​ 2,375 ​ Total residential TDRs ​ 27 ​ 2,323 ​ 5 ​ 417 ​ 32 ​ 2,740 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial related and construction/land development loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate reduction ​ 2 ​ 1,423 ​ — ​ — ​ 2 ​ 1,423 ​ Principal deferral ​ 4 ​ 3,199 ​ — ​ — ​ 4 ​ 3,199 ​ Legal modification ​ — ​ — ​ 2 ​ 1,027 ​ 2 ​ 1,027 ​ Total commercial TDRs ​ 6 ​ 4,622 ​ 2 ​ 1,027 ​ 8 ​ 5,649 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal deferral ​ 1,279 ​ 201 ​ — ​ — ​ 1,279 ​ ​ 201 ​ Legal modification ​ 1 ​ ​ 9 ​ — ​ ​ — ​ 1 ​ ​ 9 ​ Total consumer TDRs ​ 1,280 ​ 210 ​ — ​ — ​ 1,280 ​ 210 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total troubled debt restructurings ​ 1,313 ​ $ 7,155 ​ 7 ​ $ 1,444 ​ 1,320 ​ $ 8,599 ​ The table above is inclusive of loans that were TDRs at the end of previous years and were re-modified, e.g., a maturity date extension during the current year.
Schedule of loans by class modified as troubled debt restructurings within the previous twelve months for which there was a payment default​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 ​ 2020 ​ 2019 ​ Number of Recorded Number of Recorded Number of Recorded (dollars in thousands) ​ Loans ​ Investment ​ Loans ​ Investment Loans ​ Investment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Owner occupied ​ 5 ​ $ 314 ​ 5 ​ $ 218 ​ 4 ​ $ 248 Commercial real estate ​ — ​ — ​ — ​ — ​ 1 ​ 541 Commercial & industrial ​ — ​ — ​ — ​ — ​ 2 ​ 1,027 Home equity ​ 1 ​ 14 ​ 2 ​ 32 ​ — ​ — Consumer ​ — ​ — ​ — ​ — ​ 1,279 ​ 201 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ 6 ​ $ 328 ​ 7 ​ $ 250 ​ 1,286 ​ $ 2,017
Schedule of carrying amount of foreclosed properties held​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate ​ $ — ​ $ 496 Commercial real estate ​ ​ ​ 1,792 ​ ​ 2,003 ​ ​ ​ ​ ​ ​ ​ ​ Total other real estate owned ​ ​ $ 1,792 ​ $ 2,499 ​
Schedule of recorded investment in consumer mortgage loans secured by residential real estate properties​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Recorded investment in consumer residential real estate mortgage loans in the process of foreclosure ​ $ 508 ​ $ 981
Schedule of Easy Advances​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended ​ ​ ​ December 31, ​ (dollars in thousands) ​ 2021 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Easy Advances originated ​ $ 250,045 ​ ​ $ 387,762 ​ ​ $ 388,970 ​ Net charge to the Provision for Easy Advances ​ ​ 6,723 ​ ​ ​ 13,033 ​ ​ ​ 10,643 ​ Provision to total Easy Advances originated ​ ​ ​ 2.69 % ​ ​ 3.36 % ​ ​ 2.74 % Easy Advances net charge-offs ​ $ 6,723 ​ ​ $ 13,033 ​ ​ $ 10,643 ​ Easy Advances net charge-offs to total Easy Advances originated ​ ​ ​ 2.69 % ​ ​ 3.36 % ​ ​ 2.74 %

PREMISES AND EQUIPMENT (Tables)

PREMISES AND EQUIPMENT (Tables)12 Months Ended
Dec. 31, 2021
PREMISES AND EQUIPMENT
Summary of the cost and accumulated depreciation of premises and equipment​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 3,818 ​ $ 4,303 ​ Buildings and improvements ​ 32,629 ​ 33,225 ​ Furniture, fixtures and equipment ​ 51,429 ​ 51,467 ​ Leasehold improvements ​ 22,430 ​ 21,921 ​ Construction in progress ​ — ​ — ​ Total premises and equipment ​ 110,306 ​ 110,916 ​ Less: Accumulated depreciation and amortization ​ 74,233 ​ 71,404 ​ Premises and equipment, net ​ $ 36,073 ​ $ 39,512 ​
Schedule of depreciation expense related to premises and equipment​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation expense ​ $ 8,986 ​ $ 9,725 ​ $ 9,230 ​

RIGHT-OF-USE ASSETS AND OPERA_2

RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES (Tables)12 Months Ended
Dec. 31, 2021
RIGHT-OF-USE ASSETS AND OPERATING LEASE LIABILITIES
Summary of operating lease expense​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Related Party: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable lease expense ​ ​ $ 4,921 ​ $ 4,885 ​ $ 4,690 Fixed lease expense ​ ​ 137 ​ ​ 91 ​ ​ 37 Third Party: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Variable lease expense ​ ​ ​ 787 ​ ​ 786 ​ ​ 883 Fixed lease expense ​ ​ ​ 1,372 ​ ​ 1,617 ​ ​ 1,505 Short-term lease expense ​ ​ ​ — ​ ​ — ​ ​ 62 Total operating lease expense ​ ​ $ 7,217 ​ $ 7,379 ​ $ 7,177 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other information concerning operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of operating lease liabilities ​ ​ $ 7,286 ​ $ 7,254 ​ $ 7,175 Short-term lease payments not included in the measurement of lease liabilities ​ ​ ​ — ​ ​ — ​ ​ 62
Schedule of weighted average remaining term and weighted average discount rate for operating leases​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term in years ​ ​ 7.57 ​ ​ 8.37 ​ Weighted average discount rate ​ 3.05 % 3.10 %
Schedule of operating lease liabilities​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year (in thousands) Related Party Third Party Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 $ 4,767 $ 2,513 $ 7,280 ​ 2023 ​ 4,767 ​ 2,090 ​ 6,857 ​ 2024 ​ 4,633 ​ 1,558 ​ 6,191 ​ 2025 ​ 4,456 ​ 1,021 ​ 5,477 ​ 2026 ​ 3,504 ​ 883 ​ 4,387 ​ Thereafter ​ 12,696 ​ 1,908 ​ 14,604 ​ Total undiscounted cash flows ​ $ 34,823 ​ $ 9,973 ​ $ 44,796 ​ Discount applied to cash flows ​ ​ (3,891) ​ ​ (1,233) ​ ​ (5,124) ​ Total discounted cash flows reported as operating lease liabilities ​ $ 30,932 ​ $ 8,740 ​ $ 39,672 ​

GOODWILL AND CORE DEPOSIT INT_2

GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS (Tables)12 Months Ended
Dec. 31, 2021
GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS
Schedule of progression of the balance for goodwill​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning of period ​ $ 16,300 ​ $ 16,300 ​ $ 16,300 Acquired goodwill ​ — ​ — ​ — Impairment ​ — ​ — ​ — End of period ​ $ 16,300 ​ $ 16,300 ​ $ 16,300

INTEREST RATE SWAPS (Tables)

INTEREST RATE SWAPS (Tables)12 Months Ended
Dec. 31, 2021
INTEREST RATE SWAPS
Summary of interest rate swaps related to clients​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ ​ Notional ​ ​ ​ ​ Notional ​ ​ ​ December 31, (in thousands) Bank Position ​ Amount Fair Value Amount Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps with Bank clients - Assets Pay variable/receive fixed ​ $ 107,502 $ 5,786 $ 138,277 $ 12,545 Interest rate swaps with Bank clients - Liabilities Pay variable/receive fixed ​ ​ 16,423 ​ ​ (298) ​ ​ — ​ ​ — Interest rate swaps with Bank clients - Total Pay variable/receive fixed ​ $ 123,925 $ 5,488 ​ $ 138,277 $ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Offsetting interest rate swaps with institutional swap dealer ​ Pay fixed/receive variable ​ ​ ​ 123,925 ​ ​ (5,488) ​ ​ 138,277 ​ ​ (12,545) Total ​ ​ ​ $ 247,850 $ — $ 276,554 $ —

DEPOSITS (Tables)

DEPOSITS (Tables)12 Months Ended
Dec. 31, 2021
DEPOSITS
Composition of deposit portfolio​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Core Bank: ​ ​ ​ ​ ​ ​ ​ ​ Demand ​ ​ $ 1,381,522 ​ $ 1,217,263 ​ Money market accounts ​ ​ 789,876 ​ 712,824 ​ Savings ​ ​ 311,624 ​ 236,335 ​ Individual retirement accounts (1) ​ ​ 43,724 ​ 47,889 ​ Time deposits, $250 and over (1) ​ ​ 81,050 ​ 83,448 ​ Other certificates of deposit (1) ​ ​ 154,174 ​ 199,214 ​ Reciprocal money market and time deposits (1) ​ ​ 77,950 ​ 314,109 ​ Brokered deposits (1) ​ ​ — ​ 25,010 ​ Total Core Bank interest-bearing deposits ​ ​ 2,839,920 ​ 2,836,092 ​ Total Core Bank noninterest-bearing deposits ​ ​ ​ 1,579,173 ​ ​ 1,503,662 ​ Total Core Bank deposits ​ ​ ​ 4,419,093 ​ ​ 4,339,754 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Processing Group: ​ ​ ​ ​ ​ ​ ​ ​ Money market accounts ​ ​ ​ 9,717 ​ ​ 6,673 ​ Total RPG interest-bearing deposits ​ ​ ​ 9,717 ​ ​ 6,673 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brokered prepaid card deposits ​ ​ ​ 320,907 ​ ​ 257,856 ​ Other noninterest-bearing deposits ​ ​ ​ 90,701 ​ ​ 128,898 ​ Total RPG noninterest-bearing deposits ​ ​ ​ 411,608 ​ ​ 386,754 ​ Total RPG deposits ​ ​ ​ 421,325 ​ ​ 393,427 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total deposits ​ ​ $ 4,840,418 ​ $ 4,733,181 ​ (1) Includes time deposits.
Schedule of maturities of all time deposits, including brokered certificates of deposit​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Years (dollars in thousands) ​ Principal ​ Rate ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 199,167 0.53 % 2023 ​ 70,017 2.42 ​ 2024 ​ 18,845 1.40 ​ 2025 ​ 4,004 0.51 ​ 2026 ​ 4,163 0.30 ​ Thereafter ​ 18 0.44 ​ Total ​ $ 296,214 1.03 ​

SECURITIES SOLD UNDER AGREEME_2

SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Tables)12 Months Ended
Dec. 31, 2021
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE
Schedule of securities sold under agreements to repurchase​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balance at end of period ​ ​ ​ $ 290,967 ​ $ 211,026 ​ Weighted average interest rate at end of period ​ ​ ​ 0.04 % 0.04 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of securities pledged: ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and U.S. Government agencies ​ ​ ​ $ 108,813 ​ $ 60,059 ​ Mortgage backed securities - residential ​ ​ ​ ​ 167,561 ​ ​ 140,554 ​ Collateralized mortgage obligations ​ ​ ​ ​ 33,441 ​ ​ 29,656 ​ Total securities pledged ​ ​ ​ $ 309,815 ​ $ 230,269 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average outstanding balance during the period ​ $ 231,430 ​ $ 204,797 ​ $ 236,883 ​ Average interest rate during the period ​ ​ ​ 0.03 % ​ 0.09 % 0.51 % Maximum outstanding at any month end during the period ​ $ 432,047 ​ $ 295,698 ​ $ 276,927 ​

FEDERAL HOME LOAN BANK ADVANC_2

FEDERAL HOME LOAN BANK ADVANCES (Tables)12 Months Ended
Dec. 31, 2021
FEDERAL HOME LOAN BANK ADVANCES
Federal Home Loan Bank Advances​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Overnight advances ​ ​ $ 25,000 ​ $ 225,000 ​ Fixed interest rate advances ​ ​ — ​ 10,000 ​ Total FHLB advances ​ ​ $ 25,000 ​ $ 235,000 ​ ​
Aggregate Future Principal Payments on FHLB Advances​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Average Year (dollars in thousands) ​ Principal ​ Rate ​ ​ ​ ​ ​ ​ ​ 2022 $ 25,000 0.14 % 2023 ​ — ​ — ​ 2024 ​ — — ​ 2025 ​ — — ​ 2026 ​ — — ​ Total ​ $ 25,000 0.14 %
Information Regarding Overnight FHLB Advances​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (dollars in thousands) 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding balance at end of period $ 25,000 ​ $ 225,000 ​ ​ Weighted average interest rate at end of period ​ ​ 0.14 % ​ ​ 0.16 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (dollars in thousands) 2021 ​ 2020 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average outstanding balance during the period $ 28,767 ​ $ 25,546 ​ $ 270,992 ​ Average interest rate during the period ​ ​ 0.15 % ​ ​ 0.81 % ​ ​ 2.43 % Maximum outstanding at any month end during the period $ 25,000 ​ $ 250,000 ​ $ 785,000 ​ ​
Real Estate Loans Pledged​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ First lien, single family residential real estate ​ $ 1,041,461 ​ $ 1,048,236 ​ Home equity lines of credit ​ 186,396 ​ 208,944 ​

OFF BALANCE SHEET RISKS, COMM_2

OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES (Tables)12 Months Ended
Dec. 31, 2021
OFF BALANCE SHEET RISKS, COMMITMENTS AND CONTINGENT LIABILITIES
Commitments Exclusive of Mortgage Bank Loan Commitments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Unused warehouse lines of credit ​ ​ $ 565,950 ​ $ 456,004 ​ Unused home equity lines of credit ​ ​ 348,681 ​ 353,322 ​ Unused loan commitments - other ​ ​ 828,229 ​ 775,128 ​ Standby letters of credit ​ ​ 11,305 ​ 10,949 ​ FHLB letter of credit ​ ​ 643 ​ 643 ​ Total commitments ​ ​ $ 1,754,808 ​ $ 1,596,046 ​
Schedule of rollforward of the Off Balance Sheet risks ACLC​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ACLC Rollforward ​ ​ ​ Years Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Beginning ​ ​ ​ Charge- ​ ​ ​ Ending ​ Beginning ​ ASC 326 ​ ​ ​ Charge- ​ ​ ​ Ending (in thousands) ​ ​ Balance ​ Provision ​ offs ​ Recoveries ​ Balance ​ Balance ​ Adoption ​ Provision ​ offs ​ Recoveries ​ Balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Commitments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unused warehouse lines of credit ​ ​ $ 79 ​ $ 75 ​ $ — ​ $ — ​ $ 154 ​ $ — ​ $ 55 ​ $ 24 ​ $ — ​ $ — ​ $ 79 Unused home equity lines of credit ​ ​ ​ 173 ​ ​ 74 ​ ​ — ​ ​ — ​ ​ 247 ​ ​ — ​ ​ 89 ​ ​ 84 ​ ​ — ​ ​ — ​ ​ 173 Unused loan commitments - other ​ ​ ​ 737 ​ ​ (86) ​ ​ — ​ ​ — ​ ​ 651 ​ ​ — ​ ​ 312 ​ ​ 425 ​ ​ — ​ ​ — ​ ​ 737 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ $ 989 ​ $ 63 ​ $ — ​ $ — ​ $ 1,052 ​ $ — ​ $ 456 ​ $ 533 ​ $ — ​ $ — ​ $ 989 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

STOCKHOLDERS' EQUITY AND REGU_2

STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS (Tables)12 Months Ended
Dec. 31, 2021
STOCKHOLDERS' EQUITY AND REGULATORY CAPITAL MATTERS
Schedule of compliance with regulatory capital requirements​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ to be Well Capitalized ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ for Capital Adequacy ​ Corrective Action ​ ​ Actual ​ Purposes ​ Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ $ 878,488 17.47 % $ 402,327 8.00 % ​ NA NA ​ Republic Bank & Trust Company ​ 861,815 17.14 ​ 402,184 8.00 ​ $ 502,730 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 16.37 ​ 226,309 4.50 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 16.05 ​ 226,228 4.50 ​ 326,774 6.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 (core) capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 16.37 ​ 301,745 6.00 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 16.05 ​ 301,638 6.00 ​ 402,184 8.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 leverage capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 823,504 13.35 ​ 246,424 4.00 ​ NA NA ​ Republic Bank & Trust Company ​ 806,831 13.10 ​ 246,334 4.00 ​ 307,917 5.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ to be Well Capitalized ​ ​ ​ ​ ​ ​ ​ Minimum Requirement ​ Under Prompt ​ ​ ​ ​ ​ ​ ​ for Capital Adequacy ​ Corrective Action ​ ​ Actual ​ Purposes ​ Provisions (dollars in thousands) Amount Ratio Amount Ratio Amount Ratio ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ $ 896,053 18.52 % $ 387,163 8.00 % ​ NA NA ​ Republic Bank & Trust Company ​ 796,114 16.46 ​ 386,842 8.00 ​ $ 483,553 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common equity tier 1 capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 803,682 16.61 ​ 217,779 4.50 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 15.38 ​ 217,599 4.50 ​ 314,309 6.50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 (core) capital to risk-weighted assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 843,682 17.43 ​ 290,372 6.00 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 15.38 ​ 290,132 6.00 ​ 386,842 8.00 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tier 1 leverage capital to average assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Republic Bancorp, Inc. ​ 843,682 13.70 ​ 246,385 4.00 ​ NA NA ​ Republic Bank & Trust Company ​ 743,743 12.11 ​ 245,723 4.00 ​ 307,154 5.00 ​

FAIR VALUE (Tables)

FAIR VALUE (Tables)12 Months Ended
Dec. 31, 2021
Fair Value Disclosures
Assets and Liabilities Measured at Fair Value on Recurring Basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2021 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 ​ $ 70,112 ​ $ 167,347 ​ $ — ​ $ 237,459 ​ Private label mortgage-backed security ​ — ​ — ​ 2,731 ​ 2,731 ​ Mortgage-backed securities - residential ​ — ​ 210,749 ​ — ​ 210,749 ​ Collateralized mortgage obligations ​ — ​ 30,294 ​ — ​ 30,294 ​ Corporate bonds ​ ​ — ​ ​ 10,046 ​ ​ — ​ ​ 10,046 ​ Trust preferred security ​ — ​ — ​ 3,847 ​ 3,847 ​ Total available-for-sale debt securities ​ $ 70,112 ​ $ 418,436 ​ $ 6,578 ​ $ 495,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities with readily determinable fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 170 ​ $ — ​ $ 170 ​ Community Reinvestment Act mutual fund ​ 2,450 ​ — ​ — ​ 2,450 ​ Total equity securities with readily determinable fair value ​ $ 2,450 ​ $ 170 ​ $ — ​ $ 2,620 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale ​ $ — ​ $ 29,393 ​ $ — ​ $ 29,393 ​ Consumer loans held for sale ​ ​ — ​ ​ — ​ ​ 19,747 ​ ​ 19,747 ​ Consumer loans held for investment ​ ​ — ​ ​ — ​ ​ 170 ​ ​ 170 ​ Rate lock loan commitments ​ — ​ 1,404 ​ — ​ 1,404 ​ Mandatory forward contracts ​ ​ — ​ ​ 66 ​ ​ — ​ ​ 66 ​ Interest rate swap agreements ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap agreements ​ $ — ​ $ 5,786 ​ $ — ​ $ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 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 ​ $ 66,634 ​ $ 180,275 ​ $ — ​ $ 246,909 ​ Private label mortgage-backed security ​ — ​ — ​ 2,957 ​ 2,957 ​ Mortgage-backed securities - residential ​ — ​ 211,202 ​ — ​ 211,202 ​ Collateralized mortgage obligations ​ — ​ 48,952 ​ — ​ 48,952 ​ Corporate bonds ​ ​ — ​ ​ 10,043 ​ ​ — ​ ​ 10,043 ​ Trust preferred security ​ — ​ — ​ 3,800 ​ 3,800 ​ Total available-for-sale debt securities ​ $ 66,634 ​ $ 450,472 ​ $ 6,757 ​ $ 523,863 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity securities with readily determinable fair value: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freddie Mac preferred stock ​ $ — ​ $ 560 ​ $ — ​ $ 560 ​ Community Reinvestment Act mutual fund ​ 2,523 ​ — ​ — ​ 2,523 ​ Total equity securities with readily determinable fair value ​ $ 2,523 ​ $ 560 ​ $ — ​ $ 3,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale ​ $ — ​ $ 46,867 ​ $ — ​ $ 46,867 ​ Consumer loans held for sale ​ ​ — ​ ​ — ​ ​ 3,298 ​ ​ 3,298 ​ Consumer loans held for investment ​ ​ — ​ ​ — ​ ​ 497 ​ ​ 497 ​ Rate lock loan commitments ​ — ​ 4,540 ​ — ​ 4,540 ​ Interest rate swap agreements ​ — ​ 12,545 ​ — ​ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory forward contracts ​ $ — ​ $ 976 ​ $ — ​ $ 976 ​ Interest rate swap agreements ​ ​ — ​ ​ 12,545 ​ ​ — ​ 12,545 ​ ​
Assets Measured at Fair Value on a Non-Recurring Basis​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ ​ December 31, 2021 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 ​ $ — ​ $ — ​ $ 1,626 ​ $ 1,626 ​ Commercial real estate ​ — ​ — ​ 2,841 ​ 2,841 ​ Home equity ​ — ​ — ​ 378 ​ 378 ​ Total collateral-dependent loans* ​ $ — ​ $ — ​ $ 4,845 ​ $ 4,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial real estate ​ $ — ​ $ — ​ $ 1,792 ​ $ 1,792 ​ Total other real estate owned ​ $ — ​ $ — ​ $ 1,792 ​ $ 1,792 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020 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 ​ $ — ​ $ — ​ $ 3,860 ​ $ 3,860 Commercial real estate ​ — ​ — ​ 4,107 ​ 4,107 Home equity ​ — ​ — ​ 395 ​ 395 Total collateral-dependent loans* ​ $ — ​ $ — ​ $ 8,362 ​ $ 8,362 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential real estate ​ $ — ​ $ — ​ $ 2,003 ​ $ 2,003 Total other real estate owned ​ $ — ​ $ — ​ $ 2,003 ​ $ 2,003 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage servicing rights ​ $ — ​ $ 3,233 ​ $ — ​ $ 3,233 ​ ​ * The difference between the carrying value and the fair value of collateral dependent or impaired loans measured at fair value is reconciled in a subsequent table of this Footnote. ​
Impaired collateral dependent loans classified with Level 3 fair value hierarchy​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ Carrying amount of loans measured at fair value ​ $ 4,928 ​ $ 7,110 Estimated selling costs considered in carrying amount ​ 842 ​ 1,252 Valuation allowance ​ ​ (925) ​ ​ — Total fair value ​ $ 4,845 ​ $ 8,362
Provisions for loss on collateral dependent impaired loans​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Provision on collateral-dependent loans ​ ​ $ 960 ​ $ 559 ​ $ 3,039 ​
Other Real Estate Owned​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned carried at fair value ​ ​ $ 1,792 ​ $ 2,003 ​ $ — ​ Other real estate owned carried at cost ​ ​ — ​ 496 ​ 113 ​ Total carrying value of other real estate owned ​ ​ $ 1,792 ​ $ 2,499 ​ $ 113 ​ Other real estate owned write-downs during the years ended ​ ​ $ 211 ​ $ 105 ​ $ — ​
Carrying amount and estimated fair values of financial instruments​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ Total ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair (in thousands) ​ Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 756,971 ​ $ 756,971 ​ $ — ​ $ — ​ $ 756,971 ​ Available-for-sale debt securities ​ 495,126 ​ 70,112 ​ 418,436 ​ 6,578 ​ 495,126 ​ Held-to-maturity debt securities ​ 44,299 ​ — ​ 44,764 ​ — ​ 44,764 ​ Equity securities with readily determinable fair values ​ ​ 2,620 ​ ​ 2,450 ​ ​ 170 ​ ​ — ​ ​ 2,620 ​ Mortgage loans held for sale, at fair value ​ 29,393 ​ — ​ 29,393 ​ — ​ 29,393 ​ Consumer loans held for sale, at fair value ​ ​ 19,747 ​ ​ — ​ ​ — ​ ​ 19,747 ​ ​ 19,747 ​ Consumer loans held for sale, at the lower of cost or fair value ​ ​ 2,937 ​ ​ — ​ ​ — ​ ​ 2,937 ​ ​ 2,937 ​ Loans, net ​ 4,431,985 ​ — ​ — ​ 4,445,244 ​ 4,445,244 ​ Federal Home Loan Bank stock ​ 10,311 ​ — ​ — ​ — ​ NA ​ Accrued interest receivable ​ 9,877 ​ — ​ 9,877 ​ — ​ 9,877 ​ Mortgage servicing rights ​ ​ 9,196 ​ ​ — ​ ​ 11,540 ​ ​ — ​ ​ 11,540 ​ Rate lock loan commitments ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ ​ — ​ ​ 1,404 ​ Mandatory forward contracts ​ ​ 66 ​ ​ — ​ ​ 66 ​ ​ — ​ ​ 66 ​ Interest rate swap agreements ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 1,990,781 ​ — ​ $ 1,990,781 ​ — ​ $ 1,990,781 ​ Transaction deposits ​ 2,553,423 ​ — ​ 2,553,423 ​ — ​ 2,553,423 ​ Time deposits ​ 296,214 ​ — ​ 298,236 ​ — ​ 298,236 ​ Securities sold under agreements to repurchase and other short-term borrowings ​ 290,967 ​ — ​ 290,967 ​ — ​ 290,967 ​ Federal Home Loan Bank advances ​ 25,000 ​ — ​ 25,000 ​ — ​ 25,000 ​ Accrued interest payable ​ 159 ​ — ​ 159 ​ — ​ 159 ​ Interest rate swap agreements ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ — ​ ​ 5,786 ​ ​ NA - Not applicable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at ​ ​ ​ ​ ​ December 31, 2020: ​ ​ ​ ​ ​ Total ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair (in thousands) ​ Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 485,587 ​ $ 485,587 ​ $ — ​ $ — ​ $ 485,587 ​ Available-for-sale debt securities ​ 523,863 ​ 66,634 ​ 450,472 ​ 6,757 ​ 523,863 ​ Held-to-maturity debt securities ​ 53,324 ​ — ​ 54,190 ​ — ​ 54,190 ​ Equity securities with readily determinable fair values ​ ​ 3,083 ​ ​ 2,523 ​ ​ 560 ​ ​ — ​ ​ 3,083 ​ Mortgage loans held for sale, at fair value ​ 46,867 ​ — ​ 46,867 ​ — ​ 46,867 ​ Consumer loans held for sale, at fair value ​ ​ 3,298 ​ ​ — ​ ​ — ​ ​ 3,298 ​ ​ 3,298 ​ Consumer loans held for sale, at the lower of cost or fair value ​ ​ 1,478 ​ ​ — ​ ​ — ​ ​ 1,478 ​ ​ 1,478 ​ Loans, net ​ 4,752,036 ​ — ​ — ​ 4,749,831 ​ 4,749,831 ​ Federal Home Loan Bank stock ​ 17,397 ​ — ​ — ​ — ​ NA ​ Accrued interest receivable ​ 12,925 ​ — ​ 12,925 ​ — ​ 12,925 ​ Mortgage servicing rights ​ ​ 7,095 ​ ​ — ​ ​ 8,318 ​ ​ — ​ ​ 8,318 ​ Rate lock loan commitments ​ ​ 4,540 ​ ​ — ​ ​ 4,540 ​ ​ — ​ ​ 4,540 ​ Interest rate swap agreements ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Noninterest-bearing deposits ​ $ 1,890,416 ​ — ​ $ 1,890,416 ​ — ​ $ 1,890,416 ​ Transaction deposits ​ 2,444,361 ​ — ​ 2,444,361 ​ — ​ 2,444,361 ​ Time deposits ​ 398,404 ​ — ​ 404,773 ​ — ​ 404,773 ​ Securities sold under agreements to repurchase and other short-term borrowings ​ 211,026 ​ — ​ 211,026 ​ — ​ 211,026 ​ Federal Home Loan Bank advances ​ 235,000 ​ — ​ 235,009 ​ — ​ 235,009 ​ Subordinated note ​ 41,240 ​ — ​ 31,071 ​ — ​ 31,071 ​ Accrued interest payable ​ 342 ​ — ​ 342 ​ — ​ 342 ​ Mandatory forward contracts ​ ​ 976 ​ ​ — ​ ​ 976 ​ ​ — ​ ​ 976 ​ Interest rate swap agreements ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ ​ — ​ ​ 12,545 ​ NA - Not applicable
Nonrecurring basis
Fair Value Disclosures
Fair value inputs quantitative information​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Range ​ ​ Fair ​ Valuation ​ Unobservable ​ (Weighted December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Inputs ​ Average) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - residential real estate owner occupied ​ $ 1,626 Sales comparison approach Adjustments determined for differences between comparable sales 0% - 51% ( 10% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - commercial real estate ​ $ 2,841 Sales comparison approach Adjustments determined for differences between comparable sales 12% - 13% ( 12% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - home equity ​ $ 378 Sales comparison approach Adjustments determined for differences between comparable sales 2% - 4% ( 3% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned - commercial real estate ​ $ 1,792 Sales comparison approach Adjustments determined for differences between comparable sales 33% ( 33% ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Range ​ ​ Fair ​ Valuation ​ Unobservable ​ (Weighted December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Inputs ​ Average) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - residential real estate owner occupied ​ $ 3,860 Sales comparison approach Adjustments determined for differences between comparable sales 0% - 51% (8%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - commercial real estate ​ $ 4,107 Sales comparison approach Adjustments determined for differences between comparable sales 7% - 31% (26%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral-dependent loans - home equity ​ $ 395 Sales comparison approach Adjustments determined for differences between comparable sales 2%-6% ( ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other real estate owned - commercial real estate ​ $ 2,003 Sales comparison approach Adjustments determined for differences between comparable sales 26% ( ​
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​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 2,957 ​ $ 3,495 ​ $ 3,712 ​ Total gains or losses included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net change in unrealized gain ​ 63 ​ (35) ​ (79) ​ Recovery of actual losses previously recorded ​ — ​ — ​ 151 ​ Principal paydowns ​ (289) ​ (503) ​ (289) ​ Balance, end of period ​ $ 2,731 ​ $ 2,957 ​ $ 3,495 ​
Private label mortgage backed security | Recurring basis
Fair Value Disclosures
Fair value inputs quantitative information​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Range ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private label mortgage-backed security ​ $ 2,731 Discounted cash flow (1) Constant prepayment rate 4.5% - 5.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Probability of default 1.8% - 9.3% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Loss severity 50% - 75% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Range ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Private label mortgage-backed security ​ $ 2,957 Discounted cash flow (1) Constant prepayment rate 4.5% - 18.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Probability of default 1.8% - 9.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (3) Loss severity 50% - 75% ​ ​
Trust Preferred Securities
Fair Value Disclosures
Reconciliation of the Bank's investments measured at fair value on a recurring basis using significant unobservable inputs​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 3,800 ​ $ 4,000 ​ $ 4,075 Total gains or losses included in earnings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount accretion ​ ​ ​ 53 ​ ​ 56 ​ ​ 42 Net change in unrealized gain ​ ​ (6) ​ (256) ​ (117) Balance, end of period ​ ​ $ 3,847 ​ $ 3,800 ​ $ 4,000
Net change in fair value recognized on loans held for sale
Fair Value Disclosures
Schedule of aggregate fair value, contractual balance and unrealized gain​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate fair value ​ ​ $ 29,393 ​ $ 46,867 ​ Contractual balance ​ ​ 28,668 ​ 44,781 ​ Unrealized gain ​ ​ 725 ​ 2,086 ​
Schedule of gains and losses from changes in fair value included in earnings​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ $ 1,081 ​ $ 1,362 ​ $ 697 ​ Change in fair value ​ ​ (1,361) ​ 1,552 ​ 239 ​ Total included in earnings ​ ​ $ (280) ​ $ 2,914 ​ $ 936 ​
Consumer loans
Fair Value Disclosures
Schedule of aggregate fair value, contractual balance and unrealized gain​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ Aggregate fair value ​ ​ $ 19,747 ​ $ 3,298 Contractual balance ​ ​ 19,633 ​ 3,284 Unrealized gain ​ ​ 114 ​ 14
Schedule of gains and losses from changes in fair value included in earnings​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest income ​ ​ $ 7,708 ​ $ 1,808 ​ $ 13 Change in fair value ​ ​ 100 ​ 9 ​ 5 Total included in earnings ​ ​ $ 7,808 ​ $ 1,817 ​ $ 18
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 ​ December 31, 2021 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans held for sale ​ $ 19,747 Contract Terms (1) Net Premium 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Discounted Sales 5.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Valuation ​ December 31, 2020 (dollars in thousands) ​ Value ​ Technique ​ Unobservable Inputs ​ Rate ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Consumer loans held for sale ​ $ 3,298 Contract Terms (1) Net Premium 1.4% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Discounted Sales 5.00% ​

MORTGAGE BANKING ACTIVITIES (Ta

MORTGAGE BANKING ACTIVITIES (Tables)12 Months Ended
Dec. 31, 2021
MORTGAGE BANKING ACTIVITIES
Activity for Mortgage Loans Held for Sale, at fair value​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 46,867 ​ $ 19,224 ​ $ 8,971 ​ Origination of mortgage loans held for sale ​ ​ 680,714 ​ 782,939 ​ 356,097 ​ Proceeds from the sale of mortgage loans held for sale ​ ​ (717,847) ​ (788,475) ​ (354,660) ​ Net gain on sale of mortgage loans held for sale ​ ​ 19,659 ​ 33,179 ​ 8,816 ​ Balance, end of period ​ ​ $ 29,393 ​ $ 46,867 ​ $ 19,224 ​
Loans Serviced by Bank​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ FHLMC ​ ​ $ 1,004,199 ​ $ 949,249 FNMA ​ ​ ​ 378,942 ​ ​ 327,955 Total ​ ​ $ 1,383,141 ​ $ 1,277,204
Components of Mortgage Banking Income​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net gain realized on sale of mortgage loans held for sale ​ ​ $ 23,114 ​ $ 28,721 ​ $ 8,013 ​ Net change in fair value recognized on loans held for sale ​ ​ (1,361) ​ 1,552 ​ 239 ​ Net change in fair value recognized on rate lock loan commitments ​ ​ (3,136) ​ 3,751 ​ 433 ​ Net change in fair value recognized on forward contracts ​ ​ 1,042 ​ (845) ​ 131 ​ Net gain recognized ​ ​ 19,659 ​ 33,179 ​ 8,816 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan servicing income ​ ​ 3,288 ​ 2,924 ​ 2,506 ​ Amortization of mortgage servicing rights ​ ​ (3,453) ​ (3,756) ​ (1,823) ​ Change in mortgage servicing rights valuation allowance ​ ​ 500 ​ (500) ​ — ​ Net servicing income recognized ​ ​ 335 ​ (1,332) ​ 683 ​ Total Mortgage Banking income ​ ​ $ 19,994 ​ $ 31,847 ​ $ 9,499 ​
Activity for capitalized mortgage servicing rights​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ ​ $ 7,095 ​ $ 5,888 ​ $ 4,919 ​ Additions ​ ​ 5,054 ​ 5,463 ​ 2,792 ​ Amortized to expense ​ ​ (3,453) ​ (3,756) ​ (1,823) ​ Change in valuation allowance ​ ​ 500 ​ (500) ​ — ​ Balance, end of period ​ ​ $ 9,196 ​ $ 7,095 ​ $ 5,888 ​
Schedule of activity in the valuation allowance for capitalized mortgage servicing rights​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning valuation allowance ​ ​ $ 500 ​ $ — ​ $ — Charge during the period ​ ​ (500) ​ 500 ​ — Ending valuation allowance ​ ​ $ — ​ $ 500 ​ $ —
Other information relating to mortgage servicing rights​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of mortgage servicing rights portfolio ​ ​ $ 11,540 ​ $ 8,318 ​ Monthly weighted average prepayment rate of unpaid principal balance* ​ ​ 208 % 308 % Discount rate ​ ​ ​ 10.15 % ​ 10.08 % Weighted average foreclosure rate ​ ​ ​ 0.19 % ​ 0.44 % Weighted average life in years ​ ​ 5.93 ​ 4.85 ​ * Rates are applied to individual tranches with similar characteristics. ​
Schedule of estimated future amortization expense of the MSR portfolio (net of the impairment charge)​ ​ ​ ​ ​ ​ Year (in thousands) ​ ​ ​ ​ ​ 2022 ​ $ 1,493 ​ 2023 ​ 1,489 ​ 2024 ​ 1,473 ​ 2025 ​ 1,357 ​ 2026 ​ 1,141 ​ 2027 ​ 866 ​ Thereafter ​ 1,377 ​ Total ​ $ 9,196 ​
Schedule of notional amounts and fair values of mortgage loans held for sale at fair value and mortgage banking derivatives​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 ​ ​ ​ Notional ​ ​ ​ ​ Notional ​ ​ ​ December 31, (in thousands) ​ ​ Amount ​ Fair Value ​ Amount ​ Fair Value ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in Mortgage loans held for sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans held for sale, at fair value ​ ​ $ 28,668 ​ $ 29,393 ​ $ 44,781 ​ $ 46,867 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in other assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock loan commitments ​ ​ $ 56,736 ​ $ 1,404 ​ $ 105,395 ​ $ 4,540 Mandatory forward contracts ​ ​ ​ 70,812 ​ ​ 66 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Included in other liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mandatory forward contracts ​ ​ $ — ​ $ — ​ $ 136,236 ​ $ 976

STOCK PLANS AND STOCK BASED C_2

STOCK PLANS AND STOCK BASED COMPENSATION (Tables)12 Months Ended
Dec. 31, 2021
STOCK PLANS AND STOCK BASED COMPENSATION
Schedule of weighted average assumptions used to determine the fair value of stock options granted​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk-free interest rate ​ ​ 0.20 % ​ 0.44 % ​ 1.85 % Expected dividend yield ​ ​ 3.18 % ​ 3.53 % ​ 2.25 % Expected stock price volatility ​ ​ 31.71 % ​ 23.71 % ​ 20.11 % Expected life of options (in years) ​ ​ 4 ​ ​ 5 ​ ​ 5 ​ Estimated fair value per share ​ $ 6.26 ​ $ 4.06 ​ $ 7.12 ​
Summary of stock option activity​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ Options ​ Average ​ Remaining ​ Aggregate ​ ​ Class A ​ Exercise ​ Contractual ​ Intrinsic ​ Shares Price Term Value Outstanding, January 1, 2020 311,450 ​ $ 36.43 ​ ​ ​ ​ ​ ​ Granted 285,995 ​ 32.37 ​ ​ ​ ​ ​ ​ Exercised (64,850) ​ 24.44 ​ ​ ​ ​ ​ ​ Forfeited or expired (26,650) ​ 35.95 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2020 505,945 ​ $ 35.70 ​ 3.48 ​ $ 1,925,343 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 505,945 ​ $ 35.70 ​ ​ ​ ​ ​ ​ Granted 53,757 ​ 36.36 ​ ​ ​ ​ ​ ​ Exercised (72,350) ​ 24.60 ​ ​ ​ ​ ​ ​ Forfeited or expired (26,850) ​ 35.37 ​ ​ ​ ​ ​ ​ Outstanding, December 31, 2021 ​ 460,502 ​ $ 37.54 ​ 3.08 ​ $ 6,126,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unvested 457,002 ​ $ 37.57 3.08 ​ $ 6,066,094 ​ Exercisable (vested) at December 31, 2021 3,500 ​ $ 33.54 0.49 ​ $ 60,553 ​ ​
Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intrinsic value of options exercised ​ $ 1,335 ​ $ 634 ​ $ 2,249 Cash received from options exercised, net of shares redeemed ​ (142) ​ 210 ​ (191)
Schedule of loan balances of non-executive officer employees that were originated to fund stock option exercises​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Outstanding loans ​ $ 239 ​ $ 390 ​
Summary of activity for non-vested restricted stock awards​ ​ ​ ​ ​ ​ ​ ​ Restricted ​ ​ ​ Stock Awards ​ Weighted-Average ​ ​ Class A Shares ​ Grant Date Fair Value Outstanding, January 1, 2020 41,110 ​ $ 37.37 Granted 1,218 ​ 34.02 Forfeited — ​ — Earned and issued (2,828) ​ 30.77 Outstanding, December 31, 2020 39,500 ​ $ 38.56 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 39,500 ​ $ 38.56 Granted 26,473 ​ 41.43 Forfeited (2,000) ​ 38.30 Earned and issued (7,914) ​ 44.28 Outstanding, December 31, 2021 56,059 ​ $ 39.12 ​ ​ ​ ​ ​ ​ Unvested 56,059 ​ $ 39.12 ​
Summary of PSU activity​ ​ ​ ​ ​ ​ ​ ​ ​ Performance ​ ​ ​ ​ ​ Stock Units ​ Weighted-Average ​ ​ Class A Shares ​ Grant Date Fair Value Outstanding, January 1, 2020 23,000 ​ $ 23.08 Granted — ​ — Forfeited — ​ — Earned and issued (23,000) ​ 23.08 Outstanding, December 31, 2020 — ​ $ — ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ — ​ $ — Granted 10,667 ​ 36.29 Forfeited (10,667) ​ 36.29 Earned and issued — ​ — Outstanding, December 31, 2021 — ​ $ — ​ ​ ​ ​ ​ ​
Schedule of expenses recorded related to stock options and restricted stock awards​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock option expense ​ $ 574 ​ $ 463 ​ $ 364 Restricted stock award expense ​ ​ 738 ​ ​ 396 ​ ​ 728 Performance stock unit expense ​ ​ 129 ​ ​ — ​ ​ (57) Total expense ​ $ 1,441 ​ $ 859 ​ $ 1,035 ​
Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards (net of estimated forfeitures)​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock Restricted ​ ​ Year (in thousands) ​ Options ​ Stock Awards ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 590 ​ $ 462 ​ $ 1,053 ​ 2023 ​ 472 ​ 484 ​ 957 ​ 2024 ​ 96 ​ 378 ​ 475 ​ 2025 ​ 18 ​ 84 ​ 103 ​ 2026 ​ 2 ​ 28 ​ 30 ​ 2027 and beyond ​ — ​ 11 ​ 11 ​ Total ​ $ 1,178 ​ $ 1,447 ​ $ 2,629 ​
Schedule of employee stock purchase plan​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ESPP expense ​ ​ $ 104 ​ $ 94 ​ $ 49
Director
STOCK PLANS AND STOCK BASED COMPENSATION
Schedule of information on deferred compensation shares reserved for the periods​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Weighted-Average ​ ​ Stock ​ Market Price ​ Units at Date of Deferral Outstanding, January 1, 2020 67,363 ​ $ 27.65 Deferred fees and dividend equivalents converted to stock units 13,930 ​ 32.20 Stock units converted to Class A Common Shares (4,967) ​ 44.58 Outstanding, December 31, 2020 76,326 ​ $ 27.38 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 76,326 ​ $ 27.38 Deferred fees and dividend equivalents converted to stock units 14,371 ​ 46.28 Stock units converted to Class A Common Shares (3,897) ​ 39.09 Outstanding, December 31, 2021 86,800 ​ $ 29.98 ​ ​ ​ ​ ​ ​ Vested 86,800 ​ $ 29.98
Schedule of deferred compensation expenses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Director deferred compensation expense ​ $ 417 ​ $ 352 ​ $ 213
Key Employees
STOCK PLANS AND STOCK BASED COMPENSATION
Schedule of information on deferred compensation shares reserved for the periods​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ Weighted-Average ​ ​ Stock ​ Market Price ​ ​ Units ​ at Date of Deferral Outstanding, January 1, 2020 23,378 ​ $ 41.75 Deferred base salaries and dividend equivalents converted to stock units 12,754 ​ 32.17 Matching stock units credited ​ 12,754 ​ ​ 32.17 Matching stock units forfeited ​ — ​ ​ — Stock units converted to Class A Common Shares — ​ — Outstanding, December 31, 2020 48,886 ​ $ 37.37 ​ ​ ​ ​ ​ ​ Outstanding, January 1, 2021 ​ 48,886 ​ $ 37.37 Deferred base salaries and dividend equivalents converted to stock units 9,186 ​ 47.69 Matching stock units credited ​ 9,138 ​ ​ 47.69 Matching stock units forfeited ​ (1,892) ​ ​ 47.92 Stock units converted to Class A Common Shares — ​ — Outstanding, December 31, 2021 65,318 ​ $ 39.96 ​ ​ ​ ​ ​ ​ Vested 48,120 ​ $ 39.96 Unvested 17,198 ​ $ 39.96
Schedule of deferred compensation expenses​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Key-employee - base salary ​ ​ $ 429 ​ $ 408 ​ $ 319 Key-employee - employer match ​ ​ ​ 178 ​ ​ 158 ​ ​ 49 Total ​ ​ $ 607 ​ $ 566 ​ $ 368

BENEFIT PLANS (Tables)

BENEFIT PLANS (Tables)12 Months Ended
Dec. 31, 2021
BENEFIT PLANS
Schedule of normal and bonus contributions​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employer matching contributions ​ $ 3,373 ​ $ 3,205 ​ $ 3,185 ​ Discretionary employer bonus matching contributions ​ ​ — ​ ​ 117 ​ ​ 207 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)12 Months Ended
Dec. 31, 2021
INCOME TAXES
Schedule of allocation of federal income tax between current and deferred portion​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ $ 19,122 ​ $ 25,762 ​ $ 18,906 ​ State ​ 4,116 ​ 2,450 ​ 1,751 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ ​ (246) ​ ​ (7,249) ​ ​ 1,880 ​ State ​ 560 ​ (1,576) ​ (1,043) ​ Total ​ $ 23,552 ​ $ 19,387 ​ $ 21,494 ​
Schedule of effective tax rate that differs from that computed at the federal statutory rate​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal corporate tax rate ​ 21.00 % 21.00 % 21.00 % Effect of: ​ ​ ​ ​ ​ ​ ​ ​ State taxes, net of federal benefit ​ 3.35 ​ 1.43 ​ 1.43 ​ General business tax credits ​ (1.80) ​ (2.01) ​ (1.14) ​ Nontaxable income ​ (1.09) ​ (0.75) ​ (0.85) ​ Reversal of valuation allowance/establishment of net operating loss DTA ​ ​ — ​ (0.04) ​ (0.74) ​ Tax benefit of vesting employee benefits ​ ​ (0.20) ​ (0.15) ​ (0.42) ​ Deferred tax asset due to KY HB354 ​ ​ — ​ (0.97) ​ (0.20) ​ Other, net ​ 0.08 ​ 0.38 ​ (0.09) ​ Effective tax rate ​ 21.34 ​ 18.89 ​ 18.99 ​ ​
Schedule of deferred tax assets and liabilities​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) 2021 2020 ​ ​ ​ ​ ​ ​ ​ Deferred tax assets: ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 16,071 ​ $ 14,999 Operating lease liabilities ​ ​ 9,884 ​ ​ 10,911 Accrued expenses ​ 5,721 ​ 5,062 Net operating loss carryforward(1) ​ 1,550 ​ 2,577 Acquisition fair value adjustments ​ ​ 124 ​ ​ 181 Other-than-temporary impairment ​ 402 ​ 448 Paycheck Protection Program Fees ​ 337 ​ 2,159 Other ​ 2,079 ​ 1,655 Total deferred tax assets ​ 36,168 ​ 37,992 ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Right of use assets - operating leases ​ ​ (9,673) ​ ​ (10,667) Depreciation and amortization ​ ​ (3,682) ​ ​ (3,612) Federal Home Loan Bank dividends ​ (709) ​ (1,161) Deferred loan costs ​ (2,275) ​ (2,235) Lease Financing Receivables ​ ​ (2,094) ​ ​ (2,154) Mortgage servicing rights ​ (2,291) ​ (1,746) Unrealized investment securities gains ​ (625) ​ (2,836) Bargain purchase gain ​ — ​ (659) Total deferred tax liabilities ​ (21,349) ​ (25,070) ​ ​ ​ ​ ​ ​ ​ Less: Valuation allowance ​ — ​ — Net deferred tax asset ​ $ 14,819 ​ $ 12,922 (1) The Company has federal and state net operating loss carryforwards (acquired in its 2016 Cornerstone acquisition) of $6.6 million (federal) and $3.9 million (state). These carryforwards begin to expire in 2030 for both federal and state purposes. The use of these federal and state carryforwards is each limited under IRC Section 382 to $722,000 annually for federal and $634,000 annually for state. Finally, the Company has state AMT credit carryforwards of $15,000 with no expiration date and a state tax credit carryforward of $142,000 that is expected to be fully utilized in 2022.
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period ​ $ 1,941 ​ $ 1,707 ​ $ 1,327 ​ Additions based on tax related to the current period ​ 433 ​ 455 ​ 364 ​ Additions for tax positions of prior periods ​ 253 ​ 24 ​ 55 ​ Reductions for tax positions of prior periods ​ — ​ (72) ​ — ​ Reductions due to the statute of limitations ​ (436) ​ (82) ​ (39) ​ Settlements ​ — ​ (91) ​ — ​ Balance, end of period ​ $ 2,191 ​ $ 1,941 ​ $ 1,707 ​
Schedule of amount of interest and penalties​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest and penalties recorded in the income statement as a component of income tax expense ​ $ 267 ​ $ 57 ​ $ 173 ​ Interest and penalties accrued on balance sheet ​ 777 ​ 510 ​ 514 ​
Schedule of low income housing tax credits​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, (in thousands) ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ Unfunded ​ ​ ​ ​ ​ Unfunded Investment Accounting Method ​ ​ Investment ​ ​ Commitment ​ ​ Investment ​ ​ Commitment Low income housing tax credit investments - Gross Proportional amortization ​ $ 33,417 ​ $ 23,383 ​ $ 18,909 ​ $ 27,891 Life-to-date amortization ​ ​ ​ (6,181) ​ ​ NA ​ ​ (2,701) ​ ​ NA Low income housing tax credit investments - Net ​ ​ $ 27,236 ​ $ 23,383 ​ $ 16,208 ​ $ 27,891

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)12 Months Ended
Dec. 31, 2021
EARNINGS PER SHARE
Earnings Per Share and Diluted Earnings Per Share​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands, except per share data) 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 86,789 ​ $ 83,246 ​ $ 91,699 ​ Dividends declared on Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Shares ​ ​ (22,451) ​ ​ (21,433) ​ ​ (19,771) ​ Class B Shares ​ ​ (2,435) ​ ​ (2,288) ​ ​ (2,121) ​ Undistributed net income for basic earnings per share ​ ​ 61,903 ​ ​ 59,525 ​ ​ 69,807 ​ Weighted average potential dividends on Class A shares upon exercise of dilutive options ​ ​ (100) ​ ​ (35) ​ ​ (118) ​ Undistributed net income for diluted earnings per share ​ $ 61,803 ​ $ 59,490 ​ $ 69,689 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Shares ​ 18,497 ​ 18,838 ​ 18,813 ​ Class B Shares ​ ​ 2,178 ​ ​ 2,201 ​ ​ 2,210 ​ Effect of dilutive securities on Class A Shares outstanding ​ 82 ​ 30 ​ 112 ​ Weighted average shares outstanding including dilutive securities ​ 20,757 ​ 21,069 ​ 21,135 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.23 ​ $ 1.14 ​ $ 1.06 ​ Undistributed earnings per share* ​ ​ 3.02 ​ ​ 2.86 ​ ​ 3.35 ​ Total basic earnings per share - Class A Common Stock ​ $ 4.25 ​ $ 4.00 ​ $ 4.41 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.12 ​ $ 1.04 ​ $ 0.96 ​ Undistributed earnings per share* ​ ​ 2.75 ​ ​ 2.60 ​ ​ 3.05 ​ Total basic earnings per share - Class B Common Stock ​ $ 3.87 ​ $ 3.64 ​ $ 4.01 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class A Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.23 ​ $ 1.14 ​ $ 1.06 ​ Undistributed earnings per share* ​ ​ 3.01 ​ ​ 2.85 ​ ​ 3.33 ​ Total diluted earnings per share - Class A Common Stock ​ $ 4.24 ​ $ 3.99 ​ $ 4.39 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Class B Common Stock: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per share dividends distributed ​ $ 1.12 ​ $ 1.04 ​ $ 0.96 ​ Undistributed earnings per share* ​ ​ 2.73 ​ ​ 2.59 ​ ​ 3.03 ​ Total diluted earnings per share - Class B Common Stock ​ $ 3.85 ​ $ 3.63 ​ $ 3.99 ​ *To arrive at undistributed earnings per share, undistributed net income is first pro rated 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​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ Antidilutive stock options ​ ​ 144,000 338,995 154,750 ​ Average antidilutive stock options ​ ​ 142,625 282,489 151,260 ​

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES (Tables)12 Months Ended
Dec. 31, 2021
TRANSACTIONS WITH RELATED PARTIES AND THEIR AFFILIATES
Schedule of loans made to executive officers and directors of the company and their related interests​ ​ ​ ​ ​ ​ ​ (in thousands) ​ ​ ​ ​ ​ Beginning balance ​ $ 15,720 ​ Effect of changes in composition of related parties ​ (3,338) ​ New loans ​ 5,306 ​ Repayments ​ (10,240) ​ Ending balance ​ $ 7,448 ​

OTHER COMPREHENSIVE INCOME (Tab

OTHER COMPREHENSIVE INCOME (Tables)12 Months Ended
Dec. 31, 2021
OTHER COMPREHENSIVE INCOME
Summary of OCI components and related tax effects​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, (in thousands) ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-for-Sale Debt Securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized gains and (losses) on AFS debt securities ​ $ (8,908) ​ $ 7,147 ​ $ 5,689 ​ Unrealized gain (loss) of AFS debt security for which a portion of OTTI has been recognized in earnings ​ 63 ​ (35) ​ (79) ​ Net unrealized (losses) gains ​ (8,845) ​ 7,112 ​ 5,610 ​ Tax effect ​ 2,210 ​ (1,778) ​ (1,348) ​ Net of tax ​ (6,635) ​ 5,334 ​ 4,262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value of derivatives used for cash flow hedges ​ — ​ (177) ​ (199) ​ Reclassification amount for net derivative losses realized in income ​ — ​ 281 ​ (20) ​ Net gains (losses) ​ — ​ 104 ​ (219) ​ Tax effect ​ — ​ (27) ​ 52 ​ Net of tax ​ — ​ 77 ​ (167) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total other comprehensive (loss) income components, net of tax ​ $ (6,635) ​ $ 5,411 ​ $ 4,095 ​
Summary of amounts reclassified out of each component of AOCI​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amounts Reclassified From ​ ​ Affected Line Items ​ ​ ​ Accumulated Other ​ ​ in the Consolidated ​ ​ ​ Comprehensive Income (Loss) Years Ended December 31, (in thousands) Statements of Income ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Hedges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap on money market deposits Interest expense on deposits ​ ​ ​ — ​ (138)