Note 9 - Subsequent Event

6 Months Ended

Jun. 30, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

Note 9:

Subsequent Event

On July 26, 2016, Republic entered into an agreement (the “Purchase Agreement”) with the owners (the “Sellers”) of Oak Mortgage Company LLC (“Oak Mortgage”), pursuant to which the Sellers agreed to sell to Republic all of the issued and outstanding limited liability company interests of Oak Mortgage. The transaction closed on July 28, 2016, and, as a result, Oak Mortgage became a wholly owned subsidiary of Republic on that date. The aggregate cash purchase price paid by Republic for the limited liability company interests at closing was $7.1 million, $1.0 million of which was deposited in an escrow account to be disbursed one year from closing subject to adjustment for any covered indemnity claims under the Purchase Agreement. The purchase price is subject to certain post-closing adjustments.

Oak Mortgage is headquartered in Marlton, NJ and is licensed to do business in Pennsylvania, Delaware, New Jersey, and Florida. During the year ended December 31, 2015, Oak Mortgage originated approximately $330 million in residential mortgage loans and recorded income before income taxes in the amount of $2.4 million.