Note 14 - Benefit Plans

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Pension and Other Postretirement Benefits Disclosure [Text Block]

14.   Benefit Plans

Defined Contribution Plan

The Company has a defined contribution plan pursuant to the provision of

401

(k) of the Internal Revenue Code. The Plan covers all full-

time employees who meet age and service requirements. The plan provides for elective employee contributions with a matching contribution from the Company limited to

4%

of total salary. The total expense charged to Republic, and included in salaries and employee benefits relating to the plan, was

$927,000

in

2017,

$627,000

in

2016,

and

$546,000

in

2015.

Directors

’ and Officers’ Plans

The Company has agreements that provide for an annuity payment upon the retirement or death of certain directors and officers, ranging from

$15,000

to

$25,000

per year for

ten

years. The agreements were modified for most participants in

2001,

to establish a minimum age of

65

to qualify for the payments. All participants are fully vested. The accrued benefits under the plan

amounted to

$1.2

million at

December 31, 2017

and

$1.3

million

2016,

which is included in other liabilities. The expense for the years ended

December 31, 2017,

2016,

and

2015,

totaled

$24,000,

$31,000,

and

$34,000,

respectively, which is included in salaries and employee benefits. The Company funded the plan through the purchase of certain life insurance contracts. The aggregate cash surrender value of these contracts (owned by the Company) was

$2.4

million at

December 

31,

2017

and

2016

and is included in other assets.

The Company maintains a deferred compensation plan for the benefit of c

ertain officers and directors. The plan permits certain participants to make elective contributions to their accounts, subject to applicable provisions of the Internal Revenue Code.  In addition, the Company

may

make discretionary contributions to participant accounts.  Company contributions are subject to vesting, and generally vest

three

years after the end of the plan year to which the contribution applies, subject to acceleration of vesting upon certain changes in control (as defined in the plan) and to forfeiture upon termination for cause (as defined in the plan).  Participant accounts are adjusted to reflect contributions and distributions, and income, gains, losses, and expenses as if the accounts had been invested in permitted investments selected by the participants, including Company common stock.  The plan provides for distributions upon retirement and, subject to applicable limitations under the Internal Revenue Code, limited hardship withdrawals.  As of

December 31, 2017

and

2016,

$1.2

million and

$974,000,

respectively, in benefits had vested and the accrued benefits are included in other liabilities.

Expense recognized for the deferred compensation plan for

201

7,

2016,

and

2015

was

$28,000,

$88,000

and

$15,000,

respectively, and is included in salaries and employee benefits. Although the plan is an unfunded plan, and does

not

require the Company to segregate any assets, the Company has purchased shares of Company common stock in anticipation of its obligation to pay benefits under the plan.  Such shares are classified in the financial statements as stock held by deferred compensation plan.  

No

purchases were made in

2017,

2016,

and

2015.

  As of

December 31, 2017,

approximately

25,437

shares of Company common stock were classified as stock held by deferred compensation plan.