Items
1-3.
|
Financial
Statements
|
Not
Applicable.
|
|
Item
4.
|
ERISA
Financial Statements
|
The
attached financial statements and schedules, which are hereby incorporated
by reference by the Republic Bancorp Inc. Tax-Deferred Savings Plan
and
Trust (the “Plan"), have been prepared in accordance with the financial
reporting requirements of ERISA:
|
|
Statements
of Assets Available for Benefits as of December 31, 2005 and 2004;
Statement of Changes in Assets Available for Benefits for the year
ended
December 31, 2005; Supplemental Schedules for the year ended December
31,
2005; and Report of Independent Registered Public Accounting Firm
dated
June 8, 2006
|
|
Attached
as Exhibit 23 is a written Consent of Independent Registered Public
Accounting Firm, Ernst & Young
LLP.
|
Page
Number
|
||
Report
of Independent Registered Public Accounting Firm
|
1
|
|
Financial
Statements:
|
||
Statements
of Assets Available for Benefits as of December 31, 2005 and
2004
|
2
|
|
Statement
of Changes in Assets Available for Benefits for the Year
Ended
|
||
December
31, 2005
|
3
|
|
Notes
to Financial Statements
|
4 - 9
|
|
Signatures
|
10
|
|
Supplemental
Schedules for the Year Ended December 31, 2005:
|
||
Schedule
G, Part I - Schedule of Loans or Fixed Income Obligations in
Default
|
||
or
Classified as Uncollectible
|
N/A
|
|
Schedule
G, Part II - Schedule of Leases in Default or Classified as
Uncollectible
|
N/A
|
|
Schedule
G, Part III - Schedule of Non-Exempt Transactions
|
N/A
|
|
Schedule
H, Line 4i - Schedule of Assets (Held at End of Year)
|
11
|
|
Schedule
H, Line 4j - Schedule of Reportable Transactions
|
12
|
December
31
|
|||||||
2005
|
2004
|
||||||
ASSETS
|
|||||||
Investments,
at fair value:
|
|||||||
Guaranteed
Investment Contracts
|
$
|
268,122
|
$
|
69,624
|
|||
Republic
Bancorp Inc. Common Stock
|
|||||||
(3,061,619
and 3,031,716 shares at 12/31/05
|
|||||||
and
12/31/04, respectively)
|
36,433,267
|
42,113,285
|
|||||
Mutual
Funds
|
13,179,044
|
12,798,207
|
|||||
Pooled
Separate Accounts
|
22,922,049
|
22,503,274
|
|||||
Loans
to Participants
|
1,071,262
|
1,253,619
|
|||||
Total
Investments
|
73,873,744
|
78,738,009
|
|||||
Participant
contributions receivable
|
93,537
|
-
|
|||||
Employer
contributions receivable
|
1,130
|
-
|
|||||
|
|||||||
Assets
Available for Benefits
|
$
|
73,968,411
|
$
|
78,738,009
|
|||
See
notes to financial statements.
|
Assets
Available for Benefits, January 1, 2005
|
$
|
78,738,009
|
||
Additions
and net changes in fair value:
|
||||
Participants’
contributions
|
4,111,393
|
|||
Employer
contributions, net of forfeitures
|
1,272,544
|
|||
Dividends
on Republic Bancorp Inc. stock
|
1,229,681
|
|||
Interest
income on loan fund
|
60,567
|
|||
Net
decrease in fair value of Republic Bancorp Inc. stock
|
(6,071,138
|
)
|
||
Net
appreciation in fair value of investments in mutual funds and pooled
separate accounts
|
1,351,209
|
|||
Total
additions and net changes in fair value
|
1,954,256
|
|||
Deductions:
|
||||
Benefits
paid to participants
|
(6,706,613
|
)
|
||
Administrative
fees
|
(17,241
|
)
|
||
Total
deductions
|
(6,723,854
|
)
|
||
Net
deductions
|
(4,769,598
|
)
|
||
Assets
Available for Benefits, December 31, 2005
|
$
|
73,968,411
|
||
See
notes to financial statements.
|
The
Plan invests in various investment options. These investments are
exposed
to various risks such as interest rate, market and credit risks.
Due to
the level of risk associated with certain investments, it is at least
reasonably possible that changes in the values of the investments
will
occur in the near term and that such changes could materially affect
participants’ account balances and the amounts reported in the statements
of net assets available for
benefits.
|
December
31,
|
|||||||
2005
|
2004
|
||||||
Guaranteed
Investment Contracts:
|
|||||||
Principal
Guaranteed Interest Accounts
|
$
|
268,122
|
$
|
69,624
|
|||
Common
Stock:
|
|||||||
Republic
Bancorp Inc.
|
36,433,267
|
* |
42,113,285
|
* | |||
Mutual
Funds:
|
|||||||
American
Century Ultra Fund
|
6,395,831
|
* |
7,212,041
|
* | |||
American
Century Small-Cap Value Fund
|
1,957,542
|
1,264,666
|
|||||
American
Funds American Balanced Fund
|
3,224,402
|
3,277,959
|
|||||
Fidelity
Advisor Mid-Cap Fund
|
1,601,269
|
1,043,541
|
|||||
13,179,044
|
12,798,207
|
||||||
Pooled
Separate Accounts:
|
|||||||
Principal
Money Market Separate Account
|
4,473,248
|
* |
5,036,429
|
* | |||
Principal
High Quality Short-term Bond Separate Account
|
338,575
|
349,769
|
|||||
Principal
Bond and Mortgage Separate Account
|
2,583,075
|
2,689,916
|
|||||
Principal
Large-Cap Stock Index Separate Account
|
5,027,222
|
* |
5,145,246
|
* | |||
Principal
Partners Large-Cap Blend Separate Account
|
1,087,486
|
906,185
|
|||||
Principal
Partners Large-Cap Value Separate Account
|
7,407,582
|
* |
7,340,100
|
* | |||
Russell
LifePoints Aggressive Strategy Separate Account
|
519,894
|
399,457
|
|||||
Russell
LifePoints Balanced Strategy Separate Account
|
422,261
|
274,306
|
|||||
Russell
LifePoints Conservative Strategy Separate Account
|
88,518
|
49,664
|
|||||
Russell
LifePoints Equity Aggressive Strategy Separate Account
|
827,181
|
250,445
|
|||||
Russell
LifePoints Moderate Strategy Separate Account
|
147,007
|
61,757
|
|||||
22,922,049
|
22,503,274
|
||||||
Loans
to Participants
|
1,071,262
|
1,253,619
|
|||||
Total
Investments
|
$
|
73,873,744
|
$
|
78,738,009
|
The Republic Bancorp Inc. Common Stock investment is the only investment with non-participant directed contributions. Activity for this fund is as follows for the year ended December 31, 2005. |
Non-Participant
|
Participant
|
|||||||||
Directed
|
Directed
|
Total
|
||||||||
Investment
Balance at January 1, 2005
|
$
|
22,314,085
|
$
|
19,799,200
|
$
|
42,113,285
|
||||
Participant
contributions received
|
-
|
503,694
|
503,694
|
|||||||
Employer
contributions received
|
1,272,544
|
-
|
1,272,544
|
|||||||
Net
decrease in fair value
|
(3,208,640
|
)
|
(2,862,498
|
)
|
(6,071,138
|
)
|
||||
Dividend
income
|
651,116
|
578,565
|
1,229,681
|
|||||||
Benefits
paid to participants
|
(1,672,797
|
)
|
(917,440
|
)
|
(2,590,237
|
)
|
||||
Net
transfers to other funds
|
(72,243
|
)
|
55,850
|
(16,393
|
)
|
|||||
Administrative
fees
|
(4,905
|
)
|
(3,264
|
)
|
(8,169
|
)
|
||||
Investment
Balance at December 31, 2005
|
$
|
19,279,160
|
$
|
17,154,107
|
$
|
36,433,267
|
REPUBLIC
BANCORP INC.
|
|
TAX-DEFERRED
SAVINGS
|
|
PLAN
AND TRUST
|
|
REPUBLIC
BANCORP INC.
|
|
Plan
Administrator
|
|
Date:
June
22, 2006
|
By:
/s/
Travis D. Jones
|
Travis
D. Jones, as Agent
|
Units/
|
Current
Fair
|
||||||
Description
|
Shares
|
Value
|
|||||
*
Republic Bancorp Inc. Common Stock (cost $33,558,454)
|
3,061,619
|
36,433,267
|
|||||
American
Century Ultra Fund
|
215,493
|
6,395,831
|
|||||
American
Century Small-Cap Value Fund
|
203,276
|
1,957,542
|
|||||
American
Funds American Balanced Fund
|
181,452
|
3,224,402
|
|||||
Fidelity
Advisor Mid-Cap T Fund
|
65,977
|
1,601,269
|
|||||
*
Principal Guaranteed Interest Accounts
|
268,122
|
268,122
|
|||||
*
Principal Money Market Separate Account
|
109,831
|
4,473,248
|
|||||
*
Principal High Quality Short-term Bond Separate Account
|
24,359
|
338,575
|
|||||
*
Principal Bond and Mortgage Separate Account
|
3,865
|
2,583,075
|
|||||
*
Principal Large-Cap Stock Index Separate Account
|
112,057
|
5,027,222
|
|||||
*
Principal Partners Large-Cap Blend Separate Account
|
100,696
|
1,087,486
|
|||||
*
Principal Partners Large-Cap Value Separate Account
|
545,423
|
7,407,582
|
|||||
Russell
LifePoints Aggressive Strategy Separate Account
|
37,167
|
519,894
|
|||||
Russell
LifePoints Balanced Strategy Separate Account
|
28,934
|
422,261
|
|||||
Russell
LifePoints Conservative Strategy Separate Account
|
6,324
|
88,518
|
|||||
Russell
LifePoints Equity Aggressive Strategy Separate Account
|
60,769
|
827,181
|
|||||
Russell
LifePoints Moderate Strategy Separate Account
|
10,333
|
147,007
|
|||||
*
Loans to 132 participants against their individual account
|
|||||||
balances
(with interest rates ranging from 5.00% to 10.50%)
|
1,071,262
|
1,071,262
|
|||||
Total
|
$
|
73,873,744
|
Current
|
||||||||||||||||
Value
on
|
||||||||||||||||
Purchase
|
Selling
|
Cost
of
|
Transaction
|
Net
Realized
|
||||||||||||
Asset
Description
|
Price
|
Price
|
Asset
|
Date
|
Gain/(Loss)
|
|||||||||||
Category
(iii) Series of Transactions:
|
||||||||||||||||
Republic
Bancorp Inc.
|
||||||||||||||||
Common
Stock
|
||||||||||||||||
Purchases
|
$
|
9,004,671
|
$
|
9,004,671
|
$
|
9,004,671
|
||||||||||
Sales
|
$
|
4,933,281
|
$
|
3,847,643
|
$
|
4,933,281
|
$
|
1,085,638
|