UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 11-K

 

 

ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the fiscal year ended December 31, 2005

 

 

Commission file number 0-24649

 

 

REPUBLIC BANCORP 401(K)/PROFIT
SHARING PLAN AND TRUST
(Full title of the plan)

 

 

REPUBLIC BANCORP, INC.
(Name of issuer of the securities held pursuant to the plan)

 

 

601 West Market Street
Louisville, Kentucky 40202
(Address of principal executive office)

 

 

REPUBLIC BANCORP 401(k)/PROFIT SHARING
PLAN AND TRUST

FINANCIAL STATEMENTS
December 31, 2005 and 2004

 

 

REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN
Louisville, Kentucky

FINANCIAL STATEMENTS
December 31, 2005 and 2004

CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		1
FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS		2
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS		3
NOTES TO FINANCIAL STATEMENTS		4
SUPPLEMENTAL SCHEDULE
SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)		9

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Plan Administrator
Republic Bancorp 401(k)/Profit Sharing Plan and Trust
Louisville, Kentucky

We have audited the accompanying statements of net assets available for benefits of the Republic Bancorp 401(k)/Profit Sharing Plan and Trust (the “Plan”) as of December 31, 2005 and 2004, and the related statements of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2005 and 2004, and the changes in net assets available for benefits for the years then ended in conformity with U.S. generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at year end) is presented for the purpose of additional analysis and is not a required part of the basic financial statements but is supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental schedule is the responsibility of the Plan’s management. The supplemental schedule has been subjected to the auditing procedures applied in the audit of the basic 2005 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2005 financial statements taken as a whole.

/s/ Crowe Chizek and Company LLC

Louisville, Kentucky
June 21, 2006

1

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REPUBLIC BANCORP 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2005 and 2004

		2005			2004
ASSETS
Federal Government obligation principal money market		$	1,278,991		$	1,288,626
Republic Bancorp, Inc. Common Stock (Class A & B)		2,372,713			2,579,824
Mutual funds		12,617,723			10,334,350
Participant Self Directed Investment Accounts:
Republic Bancorp, Inc. Common Stock (Class A & B)		2,105,779			2,732,109
Other stocks		1,533,832			2,031,056
Mutual funds		1,648,238			1,175,459
Total Investments, at fair value		21,557,276			20,141,424
Accrued income receivable		56,185			34,154
Cash		177,467			119,026
NET ASSETS AVAILABLE FOR BENEFITS		$	21,790,928		$	20,294,604

 

See accompanying notes to Financial Statements.

 

2

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REPUBLIC BANCORP 401(k) PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Years ended December 31, 2005 and 2004

		2005			2004
Additions to net assets attributed to:
Investment income:
Net appreciation (depreciation) in fair value of investments		$	(308,460	)	$	2,274,603
Interest and dividends		666,102			572,102
		357,642			2,846,705
Contributions:
Employer match		579,209			523,039
Employer bonus match		300,172			278,467
Participants		2,204,737			3,032,31
		3,084,118			3,833,819
Total additions		3,441,760			6,680,524
Deductions from net assets attributed to:
Benefits paid to participants		1,904,481			1,543,562
Return of excess contributions		34,8645			2,028
Fees paid		6,091			5,918
		1,945,436			1,601,508
Net increase		1,496,324			5,079,016
Net assets available for benefits:
Beginning of year		20,294,604			15,215,588
End of year		$	21,790,928		$	20,294,604

 

See accompanying notes to Financial Statements.

3

REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

 

NOTE 1 — PLAN DESCRIPTION

The following brief description of the Republic Bancorp 401(k)/Profit Sharing Plan and Trust (the “Plan”) is provided for general information. Participants should refer to the Plan Agreement for a complete description of the Plan’s provisions. The sponsor of the Plan is Republic Bancorp, Inc. (the “Company” or “Employer”).

General:   The Plan is a defined contribution plan covering all employees of the Company who have completed 30 days of service and are age 21 or older. The employer match begins after 1,000 hours of completed service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”).

Contributions:   Participants in the Plan may contribute up to the maximum legal limit. If a participant elects to make a contribution to the Plan, the Employer may make a matching contribution of 50% of the first 5% of the participant’s annual contributions. In addition, the Employer may award a discretionary bonus match for meeting certain corporate financial performance goals. The bonus match for the years ended December 31, 2005 and 2004 was $300,172 and $278,467, respectively.

Participant Accounts:   Each participant’s account is credited with the participant’s contribution, the Company’s contribution, and an allocation of plan earnings and forfeitures of terminated participants’ nonvested accounts. Income is allocated on a basis proportional to account balances, and forfeitures are allocated on a basis proportional to Employer matching contributions. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account.

Retirement, Death and Disability:   A participant is entitled to 100% of their account balance upon retirement, death or disability.

Vesting:   Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Vesting in the remainder of their account plus earnings thereon is based on years of continuous service. A participant is 0% vested until one year of service is completed, and vesting increases 20% each year thereon. Upon completion of five years, participants are 100% vested.

Payment of Benefits:   On termination of service, a participant may elect to receive either a lump-sum amount equal to the value of their vested interest in the account, or periodic installments over a period not exceeding the life expectancy of the participant or joint lives of the participant and spouse. If a participant’s account balance exceeds $5,000, no portion of the account balance will be distributed as a lump sum without the participant’s consent.

4

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REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

 

NOTE 1 — PLAN DESCRIPTION (Continued)

Investment Options:   All investment accounts are participant directed. Participants may change their investment options quarterly and may direct employee contributions in 5% increments into certain mutual funds offered by the plan administrator, Kentucky Trust Company, or shares of the Company’s common stock. Participants also have the option to self direct into investments other than those provided by the Plan, subject to market availability. Such investment options include any specific assets or investments permitted to be acquired by the trustee under the Plan, including qualified employer securities. Employer securities must be acquired through market purchases; the employer does not make newly issued shares available to Plan participants. Participant Self-Directed Investment Accounts are charged a transaction fee for any direct investments a participant makes, other than the investment options provided by the Plan. Employer match contributions are allocated ratably based on each participant’s contribution to their investment options.

Republic Bancorp, Inc. Common Stock:   The Class A Common shares are entitled to cash dividends equal to 110% of the cash dividend paid per share on Class B Common Stock. Class A Common shares have one vote per share and Class B Common shares have ten votes per share. Class B Common Stock may be converted, at the option of the holder, to Class A Common Stock on a share for share basis. The Class A Common Stock is not convertible into any other class of Republic’s capital stock. Class A and Class B shares participate equally in undistributed earnings.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting:   The financial statements of the Plan are prepared under the accrual method of accounting.

Estimates:   The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires the plan administrator to make estimates and assumptions that affect certain reported amounts and disclosures, and actual results may differ from these estimates.

Investment Valuation and Income Recognition:   The Plan’s investments are stated at fair value. Quoted market prices are used to value all investments.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.

Payment of Benefits:   Benefits are recorded when paid.

5

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REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

 

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Reclassifications:   Some items in the prior year financial statements may have been reclassified to conform with the current year presentation.

Risks and Uncertainties:   The Plan provides for various investment options in mutual funds and other securities. The underlying investment securities are exposed to various risks, such as interest rate, market and credit risks. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in the value of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the statement of net assets available for benefits and participants’ individual account balances.

NOTE 3 — INVESTMENTS

Investments, at fair value, that represent 5% or more of the Plan’s net assets in either year are presented below:

		December 31,
		2005			2004
Investments at fair value as determined by quoted market prices
Federal Government obligation principal money market		$	1,278,991		$	1,288,626
Republic Bancorp, Inc. Common Stock (Class A & B)		4,478,492			5,311,933
Mutual Funds:
Dodge & Cox Balanced		1,145,081			937,378
Federated Capital Preservation Fund		1,669,210			1,134,453
Oakmark Equity & Income Fund		1,189,000			981,231
Vanguard Wellington Fund		1,122,847			922,221

 

6

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REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

 

NOTE 3 — INVESTMENTS (Continued)

During the years ended December 31, 2005 and 2004, the Plan’s investments (including investments bought, sold and held during the year) appreciated in value as follows:

Net Change in Fair Value

 

NOTE 4 — PARTY-IN-INTEREST TRANSACTIONS

Parties-in-interest are defined under the Department of Labor’s Rules and Regulations as any fiduciary of the Plan, any party rendering service to the Plan, the employer and certain others. Certain Plan investments represent shares of mutual funds managed by Kentucky Trust Company. Kentucky Trust Company is the Trustee as defined by the Plan and, therefore, these transactions qualify as party-in-interest. Professional fees of approximately $6,000 were paid for the administration of the Plan by the Plan for the years ended December 31, 2005 and 2004. The Company incurred expenses for the years ended December 31, 2005 and 2004 in connection with administration of the Plan.

The Plan held 219,212 and 216,991 shares of Republic Bancorp, Inc. Class A and Class B Common Stock, at December 31, 2005 and 2004 and recognized dividend income of $9,560 and $7,643 during 2005 and 2004 from its investments in the Employer common stock (Note 3).

NOTE 5 — PLAN TERMINATION

Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA and its related regulations. In the event of plan termination, participants will become 100% vested in their accounts.

7

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REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN AND TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2005 and 2004

 

NOTE 6 — TERMINATED PARTICIPANTS

Included in net assets available for benefits are unpaid amounts requested by individuals who have withdrawn from the Plan. Amounts allocated to these participants were $389,642 and $769,012 at December 31, 2005 and 2004.

NOTE 7 — INCOME TAX STATUS

The Internal Revenue Service has determined and informed the Company by a letter dated July 2, 2003, that the Plan and related trust are designed in accordance with applicable sections of the Internal Revenue Code (“IRC”). Although the Plan has been amended since receiving the determination letter, the plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

 

8

 

 

SUPPLEMENTAL SCHEDULE

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SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

Name of Plan Sponsor:  Republic Bancorp, Inc.

Employer Identification Number:  61-0862051

Three-digit Plan Number: 002

 

 

REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Federal Government obligation  principal money market		Cash Equivalent		—	$1,278,991
						—	1,278,991
		Mutual Funds:
		ABN Montag & Caldwell Growth Fund		Mutual Fund		—	7,550
		American Century Large Company Value		Mutual Fund		—	4,063
		American Fund Growth  Fund		Mutual Fund		—	3,994
		American Fund Investment Company of America		Mutual Fund		—	6,002
		Ameristock Mutual Fund		Mutual Fund		—	13,274
		Ariel Fund		Mutual Fund		—	6,416
		Buffalo Science and Technology Fund		Mutual Fund		—	6,205
		Buffalo Small Cap Fund		Mutual Fund		—	387,094
		CGM Focus Fund		Mutual Fund		—	20,648
		Calamos Growth Cl A		Mutual Fund		—	827,899
		Clipper Fund, Inc.		Mutual Fund		—	883,892
		Dodge and Cox Balanced		Mutual Fund		—	1,145,081
		Dodge and Cox International		Mutual Fund		—	2,746
		Dodge and Cox Income		Mutual Fund		—	2,451
		Dodge and Cox Stock Fund		Mutual Fund		—	18,493
		Federated Capital		Mutual Fund		—	1,669,210
		Preservation Fund		Mutual Fund		—	458,368
		Federated Mortgage Fund		Mutual Fund		—	458,049

 

9

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Federated Total Return Bond Fund		Mutual Fund		—	$458,049
		Fid Select Transportation Portfolio		Mutual Fund		—	2,268
		Fidelity Blue Chip Value		Mutual Fund		—	8,087
		Fidelity Dividend Growth Fund		Mutual Fund		—	3,962
		Fidelity Equity Income Fund		Mutual Fund		—	3,285
		Fidelity High Income Fund		Mutual Fund		—	3,565
		Fidelity Lev Co St		Mutual Fund		—	7,246
		Fidelity Low Priced Stock Fund		Mutual Fund		—	8,046
		Fidelity Select Technology		Mutual Fund		—	401,765
		First American Small Cap Select Class Y		Mutual Fund		—	5,897
		Franklin Mutual Discovery Fund		Mutual Fund		—	244,588
		ING Corporate Leaders Class B		Mutual Fund		—	4,924
		Janus Mid Cap Value Fund		Mutual Fund		—	7,425
		Marsico International Opportunities		Mutual Fund		—	5,348
		Metropolitan West		Mutual Fund		—	4,908
		New Perspective Fund		Mutual Fund		—	5,844
		Oakmark Equity & Income Fund		Mutual Fund		—	1,189,000

 

10

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Oakmark Fund		Mutual Fund		—	$8,519
		Oakmark Global Fund		Mutual Fund		—	8,361
		PIMCO Total Return		Mutual Fund		—	486,612
		Royce Premier Fund		Mutual Fund		—	403,324
		Royce Total Return Fund		Mutual Fund		—	805,613
		T. Rowe Price Blue Chip Group		Mutual Fund		—	5,122
		T. Rowe Price Cap App		Mutual Fund		—	2,969
		T. Rowe Price Growth Stock		Mutual Fund		—	847,376
		T. Rowe Price Mid Cap		Mutual Fund		—	851,454
		Thornburg Value Fund		Mutual Fund		—	909,492
		Tweedy Browne Global Value		Mutual Fund		—	259,794
		Vanguard 500 Index Fund		Mutual Fund		—	688,961
		Vanguard Convertible Securities Fund		Mutual Fund		—	1,992
		Vanguard Equity Income		Mutual Fund		—	9,728
		Vanguard High Yield Corporate Fund		Mutual Fund		—	11,777
		Vanguard Long-Term Investment Grade Fund		Mutual Fund		—	7,432
		Vanguard Wellington Fund		Mutual Fund		—	1,122,847
		Weitz Value Fund		Mutual Fund		—	6,995
						—	14,265,961

 

11

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Republic Bancorp, Inc.
*		Class A		Common Stock		—	$4,310,721
*		Class B		Common Stock		—	167,771
						—	4,478,492
		Common Stock
		AFC Enterprises, Inc.		Common Stock		—	1,890
		AT&T, Inc.		Common Stock		—	906
		Advanced Viral Research Corporation		Common Stock		—	84
		Agere Systems, Inc. Class B		Common Stock		—	26
		Alcoa,Inc.		Common Stock		—	8,871
		Allegheny Energy		Common Stock		—	12,660
		Altria Group		Common Stock		—	64,633
		Amazon.Com, Inc.		Common Stock		—	5,658
		Ameren Corporation		Common Stock		—	15,372
		American Cap Strat.		Common Stock		—	978
		American International		Common Stock		—	3,412
		Amgen, Inc.		Common Stock		—	2,366
		Anheuser Busch Co.		Common Stock		—	5,155
		Applied Digital Solutions, Inc.		Common Stock		—	266
		Applied Materials		Common Stock		—	431
		Associated Banc-Corp		Common Stock		—	3,906
		Avaya, Inc.		Common Stock		—	53
		Avon Products		Common Stock		—	28,550
		BB&T Corporation		Common Stock		—	5,071
		Bank of America Corporation		Common Stock		—	12,461
		Barclay PLC ADR		Common Stock		—	8,416

 

12

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Bear Stearns COS, Inc.		Common Stock		—	$11,553
		Berkshire Hathaway, Inc.		Common Stock		—	44,033
		Best Buy Co.		Common Stock		—	25,779
		Borland		Common Stock		—	3,265
		Bristol Myers Squibb Co.		Common Stock		—	9,192
		Brown Forman		Common Stock		—	7,094
		CCE Spino, Inc.		Common Stock		—	138
		Casella Waste Systems		Common Stock		—	1,305
		Checkers Drive-In Restaurants, Inc.		Common Stock		—	243
		Chesapeake Energy		Common Stock		—	9,519
		ChevronTexaco Corporation		Common Stock		—	17,031
		CIENA Corporation		Common Stock		—	297
		Cinergy Corporation		Common Stock		—	16,899
		Cisco Systems, Inc.		Common Stock		—	17,942
		Citigroup, Inc.		Common Stock		—	24,653
		Clear Channel Communications		Common Stock		—	2,642
		Coca Cola Co.		Common Stock		—	17,293
		Coeur d’Alene Mines Corporation		Common Stock		—	600
		Coinstar, Inc.		Common Stock		—	4,634
		Conexant Systems, Inc.		Common Stock		—	269
		CONOCOPHILLIPS		Common Stock		—	11,636
		Crescent Real Estate Equities		Common Stock		—	4,955
		Darden Restaurants		Common Stock		—	972
		Dell, Inc.		Common Stock		—	1,348
		Diamonds Trust Series		Common Stock		—	749

 

13

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Diebold, Inc.		Common Stock		—	$3,040
		Dime Bancorp, Inc.		Common Stock		—	7
		Walt Disney Company		Common Stock		—	5,825
		Dow Chemical Company		Common Stock		—	8,764
		Duke Energy Corporation		Common Stock		—	25,144
		E Trade Group, Inc.		Common Stock		—	271
		EBAY, Inc.		Common Stock		—	2,161
		Education Development Corp.		Common Stock		—	6,602
		Electronic Arts		Common Stock		—	26,155
		EMC Corporation Mass		Common Stock		—	409
		ENER1, Inc.		Common Stock		—	265
		EPIX Medical, Inc.		Common Stock		—	4,040
		Exxon Mobil		Common Stock		—	11,234
		Fairchild Semiconductor International, Inc.		Common Stock		—	7,610
		Fifth Third Bancorp		Common Stock		—	8,713
		First Horizon National		Common Stock		—	28,830
		First Marblehead Corporation		Common Stock		—	6,572
		Ford Motor Co.		Common Stock		—	7,782
		Fossil, Inc.		Common Stock		—	3,614
		Franklin Mining, Inc.		Common Stock		—	420
		Gameznlix, Inc.		Common Stock		—	910
		General Electric Co.		Common Stock		—	167,118
		General Motors Corporation		Common Stock		—	971
		Guidant Corporation		Common Stock		—	25,900
		Harley Davidson, Inc.		Common Stock		—	5,149
		HCC Insurance Holding		Common Stock		—	2,226
		The Healthcare Co		Common Stock		—	10,100

 

14

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Heinz H J Co.		Common Stock		—	$26,976
		Hewlett Packard		Common Stock		—	2,691
		Home Depot, Inc.		Common Stock		—	17,609
		Honda Motor Corp.		Common Stock		—	11,588
		Imclone Systems, Inc.		Common Stock		—	6,848
		Ing Group NV		Common Stock		—	1,741
		Intel Corporation		Common Stock		—	37,190
		Interdigital Communications		Common Stock		—	2,931
		InterMune, Inc.		Common Stock		—	1,680
		International Business Machines Corporation		Common Stock		—	1,233
		Ishares Trust DJ Sel		Common Stock		—	4,778
		JDS Uniphase Corporation		Common Stock		—	472
		JP Morgan Chase & Co.		Common Stock		—	12,740
		Johnson & Johnson		Common Stock		—	41,830
		Kellogg Company		Common Stock		—	4,322
		Krispy Kreme, Inc.		Common Stock		—	1,768
		Kroger Company		Common Stock		—	5,437
		Lexmark International Group		Common Stock		—	672
		Limited, Inc.		Common Stock		—	2,459
		Lucent Technologies		Common Stock		—	4,043
		McDATA Corporation		Common Stock		—	4
		McDonalds Corp.		Common Stock		—	16,186
		Medco Health Solutions		Common Stock		—	279
		Merck & Co., Inc.		Common Stock		—	10,402
		Microsoft Corp.		Common Stock		—	56,562
		Millenium Pharm.		Common Stock		—	5,820
		Murphy Oil Corporation		Common Stock		—	10,798

 

15

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		NASDAQ 100 Shares		Common Stock		—	$8,042
		National City Corporation		Common Stock		—	23,499
		New York Community Bancorp		Common Stock		—	12,390
		Newmont Mining Corporation		Common Stock		—	1,335
		Nokia Corporation		Common Stock		—	3,111
		Oracle Systems		Common Stock		—	9,377
		PACCAR, Inc.		Common Stock		—	6,923
		PNC Bank Corporation		Common Stock		—	3,586
		Pfizer, Inc.		Common Stock		—	17,233
		Piper Jaffray Companies		Common Stock		—	40
		Proctor & Gamble		Common Stock		—	25,043
		Progress Energy		Common Stock		—	3,294
		Rait Investment Trust		Common Stock		—	12,105
		RPM, Inc. Ohio		Common Stock		—	4,169
		Red Hat, Inc.		Common Stock		—	2,045
		Regions Financing		Common Stock		—	10,248
		Reynolds American Inc.		Common Stock		—	19,066
		Rowan Companies, Inc.		Common Stock		—	1,069
		Royal Putch Shell		Common Stock		—	12,298
		Royce Value Trust		Common Stock		—	4,016
		S&P Deposit Receipt Trades & Quotes		Common Stock		—	1,121
		St. Joe Paper Company		Common Stock		—	11,427
		St. Paul Travelers		Common Stock		—	1,206
		Service Corporation		Common Stock		—	1,636
		Sirius Satellite Radio		Common Stock		—	2,405
		Sonoran Energy Inc.		Common Stock		—	99
		Sonoran Energy Wrnts		Common Stock		—	1
		Sonoran Energy (Rest)		Common Stock		—	1

 

16

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)	(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**	Current Value
		Southern Company		Common Stock		—	$17,265
		Splinex Technology		Common Stock		—	3
		Sterling Construction Company		Common Stock		—	8,415
		Sturm, Ruger & Co.		Common Stock		—	701
		Sun Microsystems, Inc.		Common Stock		—	3,143
		TXU Corporation		Common Stock		—	25,095
		Taser International, Inc.		Common Stock		—	348
		Time Warner, Inc.		Common Stock		—	2,250
		Trinity Biotech		Common Stock		—	2,040
		21st Century HCDG		Common Stock		—	17,110
		US Bancorp		Common Stock		—	8,967
		UST Inc.		Common Stock		—	4,083
		United Parcel Service		Common Stock		—	16,909
		United Technologies		Common Stock		—	11,182
		Utilities Select		Common Stock		—	1,193
		Valero Energy Corp.		Common Stock		—	10,320
		ValueVision International		Common Stock		—	819
		Vencor, Inc.		Common Stock		—	11
		Ventas, Inc.		Common Stock		—	35,222
		Verisign, Inc.		Common Stock		—	21,900
		Verizon Comm.		Common Stock		—	1,506
		Wachovia Corp.		Common Stock		—	10,572
		Wal Mart Stores, Inc.		Common Stock		—	18,720
		Walgreens Company		Common Stock		—	4,426
		Washington Mutual Savings		Common Stock		—	2,132
		Waste Management, Inc.		Common Stock		—	6,070
		Wellpoint, Inc.		Common Stock		—	12,426
		Wells Fargo & Co.		Common Stock		—	7,854
		White Electronic Designs Corporation		Common Stock		—	1,724

 

17

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REPUBLIC BANCORP 401(K)/PROFIT SHARING PLAN AND TRUST

SCHEDULE H, LINE 4i — SCHEDULE OF ASSETS (HELD AT END OF YEAR)

December 31, 2005

Name of Plan Sponsor:		Republic Bancorp, Inc.
Employer Identification Number:		61-0862051
Three-Digit Plan Number:		002

 

(a)		(b)		(c)		(d)		(e)
Party in Interest		Identity of Issue, Borrower, Lessor or Similar Party		Description of  Investments Including Maturity Date and Rate of Interest		Cost**		Current Value
		XM Satellite Radio		Common Stock		—	$9,780
		XO Communications Inc.   Class A		Common Stock		—	22
		Xerox Corporation		Common Stock		—	733
		Xybernaut Corp.		Common Stock		—	9
						—	1,533,832
		Total				—	$21,557,276

*                    Indicates party-in-interest.

**             Cost information is not required for participant directed investment accounts.

 

18