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, 2007

 

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, 2007 and 2006

 



 

REPUBLIC BANCORP 401(k)/PROFIT SHARING PLAN

Louisville, Kentucky

 

FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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)

11

 



 

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, 2007 and 2006, 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, 2007 and 2006, 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 2007 financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic 2007 financial statements taken as a whole.

 

 

 

 

/s/ Crowe Chizek and Company LLC

 

 

 

Louisville, Kentucky

 

 

June 23, 2008

 

 

 

1



 

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

STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS

December 31, 2007 and 2006

 

 

 

2007

 

2006

 

ASSETS

 

 

 

 

 

Investments, at fair value:

 

 

 

 

 

Principal money market

 

$

1,358,594

 

$

1,268,969

 

Republic Bancorp, Inc. Common Stock (Class A & B)

 

2,235,552

 

3,287,640

 

Mutual funds

 

16,751,056

 

13,455,310

 

Participant Self-Directed Brokerage Accounts:

 

 

 

 

 

Principal money market

 

681,648

 

788,560

 

Republic Bancorp, Inc. Common Stock (Class A & B)

 

1,534,584

 

2,133,353

 

Other stocks

 

1,660,369

 

1,609,925

 

Mutual funds

 

2,534,146

 

2,347,478

 

Total Investments, at fair value

 

26,755,949

 

24,891,235

 

 

 

 

 

 

 

TOTAL ASSETS AND NET ASSETS AVAILABLE FOR BENEFITS

 

$

26,755,949

 

$

24,891,235

 

 

See accompanying notes to Financial Statements.

 

2



 

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

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

Years ended December 31, 2007 and 2006

 

 

 

2007

 

2006

 

Additions to net assets attributed to:

 

 

 

 

 

Investment income:

 

 

 

 

 

Net appreciation (depreciation) in fair value of investments

 

$

(2,140,317

)

$

2,309,695

 

Interest and dividends

 

1,709,592

 

562,150

 

 

 

(430,725

)

2,871,845

 

Contributions:

 

 

 

 

 

Employer match

 

682,234

 

606,562

 

Participants’

 

2,269,910

 

2,093,182

 

Rollover

 

387,566

 

324,665

 

 

 

3,339,710

 

3,024,409

 

 

 

 

 

 

 

Total additions

 

2,908,985

 

5,896,254

 

 

 

 

 

 

 

Deductions from net assets attributed to:

 

 

 

 

 

Benefits paid to participants

 

934,531

 

2,751,986

 

Administrative expenses

 

109,740

 

43,961

 

 

 

1,044,271

 

2,795,947

 

 

 

 

 

 

 

Net increase

 

1,864,714

 

3,100,307

 

 

 

 

 

 

 

Net assets available for benefits:

 

 

 

 

 

Beginning of year

 

24,891,235

 

21,790,928

 

 

 

 

 

 

 

End of year

 

$

26,755,949

 

$

24,891,235

 

 

See accompanying notes to Financial Statements.

 

3



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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 six months of completed service and the Company discretionary match, if applicable, will be awarded to eligible participants who are actively employed at the last day of the plan year and have completed 1,000 hours of service during the plan year. 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 makes 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. There was no discretionary bonus match awarded for the years ended December 31, 2007 and 2006.

 

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 and is charged with withdrawals and an allocation of administrative expenses. 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 contributions plus actual earnings thereon. Vesting in the remainder of their accounts, plus earnings thereon, is based on years of continuous service. A participant is 100% vested after six years of credited service.

 

4



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

NOTE 1 – PLAN DESCRIPTION (Continued)

 

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.

 

Investment Options:  All investment accounts are participant directed. Participants may change their investment options up to 20 times per calendar year and may direct employee contributions in 1% increments into certain mutual funds offered as investment options by the Plan, 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. Participant Self-Directed Brokerage 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.

 

Forfeitures:  Participant forfeitures of employer matching contributions are reallocated to  remaining participants, based upon their respective relative account balances. Forfeitures of employer matching contributions are used to offset future employer matching contributions. As of December 31, 2007 and 2006, $104,518 and $52,991 of forfeited employer matching contributions were available to offset future matching contributions and administrative expenses, respectively.

 

5



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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 accounting principles generally accepted in the United States of America 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 Company Stock and mutual funds. Money market funds are reported at cost, which approximates fair value.

 

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.

 

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, Company Stock 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.

 

Effect of Recently-Issued Standards that are Not Yet Adopted:  In September 2006, the FASB issued Statement No. 157, Fair Value Measurements. This statement defines fair value, established a framework for measuring fair value and expands disclosures about fair value measurements. This Statement establishes a fair value hierarchy about the assumptions used to measure fair value and clarifies assumptions about risk and the effect of a restriction on the sale or use of an asset. This standard is effective for fiscal years beginning after November 15, 2007. In February 2008, the FASB issued Staff Position (FSP) 157-2, Effective Date of FASB Statement No. 157. This FSP delays the effective date of SFAS 157 for all non financial assets and non financial liabilities, except those that are recognized or disclosed at fair value on a recurring basis (at least annually) to fiscal years beginning after November 15, 2008, and interim periods within those fiscal years. The impact of adoption of SFAS 157 on the Plan’s net assets available for benefits and changes in net assets available for benefit is not anticipated to be material

 

6



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

 

In February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities. The standard provides reporting entities with an option to report selected financial assets and liabilities at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between reporting entities that choose different measurement attributes for similar types of assets and liabilities This new standard is effective for the plan on January 1, 2008. The Plan did not elect the fair value option for any financial assets or liabilities as of January 1, 2008.

 

NOTE 3 – INVESTMENTS

 

Nationwide Investment Company has been the Plan custodian since July 1, 2006. Kentucky Trust Company acted as plan custodian from January 1, 2006 through June 30, 2006 at which time the custodian was changed to Nationwide Investment Company. The custodian of the Plan held investment assets and executed transactions therein.

 

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

 

 

 

December 31,

 

Investments at fair value

 

2007

 

2006

 

 

 

 

 

 

 

Principal money market

 

$

2,040,242

 

$

2,057,529

 

Republic Bancorp, Inc. Common Stock (Class A & B)(1)

 

3,770,136

 

5,420,993

 

 

 

 

 

 

 

Mutual Funds:

 

 

 

 

 

CRM MdCp Valu Fd Invst Shr

 

2,506,502

 

1,947,061

 

American Funds Growth Fund of America

 

2,789,189

 

2,031,239

 

JPM Intrp Val A

 

2,170,390

 

 

Nationwide Small Cap A

 

1,733,269

 

 

Tcw T&L Return Bd N

 

2,037,402

 

 

Victory Fund for Income

 

3,167,635

 

 

Gdmnscs Short Dur Govt A

 

 

2,746,190

 

John Hancock Classic Val A

 

 

1,896,092

 

PIMCO Real Return Fd Instl

 

 

1,681,926

 

Gartmore Small Cap Index IC

 

 

1,652,360

 

 


(1) Party-in-interest

 

7



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

NOTE 3 – INVESTMENTS (Continued)

 

During the years ended December 31, 2007 and 2006, the Plan’s investments (including investments bought, sold and held during the year) appreciated (depreciated) in value as follows:

 

Net Change in Fair Value

 

 

 

December 31,

 

 

 

2007

 

2006

 

 

 

 

 

 

 

Mutual Funds

 

$

307,692

 

$

680,234

 

Republic Bancorp, Inc. Common Stock (Class A and B)

 

(1,650,857

)

942,500

 

Common stock and mutual funds in participant self-directed brokerage accounts

 

(797,152

)

686,961

 

 

 

 

 

 

 

 

 

$

(2,140,317

)

$

2,309,695

 

 

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. Nationwide Trust Company, FSB is the Trustee as defined by the Plan and, therefore, transactions of the plan in investments of Nationwide mutual funds which are managed by an affiliate of the trustee qualify as party-in-interest. Professional fees of approximately $110,000 and $44,000 were paid for the administration of the Plan by the Plan for the years ended December 31, 2007 and 2006. The Company incurred additional expenses for the years ended December 31, 2007 and 2006 in connection with administration of the Plan.

 

The Plan held 228,078 and 226,860 shares of Republic Bancorp, Inc. Class A and Class B Common Stock, at December 31, 2007 and 2006 and recognized dividend income of approximately $74,000 and $57,000 during 2007 and 2006 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.

 

8



 

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

NOTES TO FINANCIAL STATEMENTS

December 31, 2007 and 2006

 

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 $0 at December 31, 2007 and 2006.

 

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.

 

9



 

SUPPLEMENTAL SCHEDULE

 

10



 

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

 

11



 

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

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

December 31, 2007

 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal money market

 

Cash Equivalent

 

$

 

$

2,040,242

 

 

 

 

 

 

 

 

2,040,242

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual Funds:

 

 

 

 

 

 

 

 

 

American Funds Growth Fund of America

 

 

 

$

 

2,789,189

 

 

 

Bridgeway FD Inc Aggressive

 

 

 

 

7,336

 

 

 

Buffalo Fds Science & Tech

 

 

 

 

6,720

 

 

 

Buffalo Small Cap Fd Inc

 

 

 

 

51,808

 

 

 

Calamos Invt Tr New Growth

 

 

 

 

55,405

 

 

 

Cgm Focus Fund

 

 

 

 

44,241

 

 

 

Clipper Fund Inc

 

 

 

 

344,379

 

 

 

Columbia Acorn Tr Cl Z

 

 

 

 

2,009

 

 

 

Crm Mdcp Value Fund Invst Shr

 

 

 

 

2,506,502

 

 

 

Diamond Hill Funds

 

 

 

 

9,847

 

 

 

Dodge & Cox Balanced Fund

 

 

 

 

182,945

 

 

 

Dodge & Cox Fds Intl Stock Fund

 

 

 

 

10,508

 

 

 

Dodge & Cox Income Fund

 

 

 

 

21,457

 

 

 

Dodge & Cox Stock Fund

 

 

 

 

13,940

 

 

 

Dodgecox Inttl Stock Fd

 

 

 

 

251

 

 

 

Eaton Vance Mutual Fund

 

 

 

 

1,329

 

 

 

Fairhlme Fds Inc

 

 

 

 

2,964

 

 

 

Federated Total Return

 

 

 

 

3,513

 

 

 

Fidelity Secs FD Leveraged Co

 

 

 

 

17,184

 

 

 

Fidelity Select Potfolios Tech

 

 

 

 

62,201

 

 

 

Fidelity Spartan

 

 

 

 

6,471

 

 

 

Franklin Mut Discov Fd A

 

 

 

 

1,172,966

 

 

 

ING Corporate Leaders Funds

 

 

 

 

17,568

 

 

 

Ishares Lehman 1-3 Y

 

 

 

 

36,986

 

 

12



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Ishares Lehman Agg B

 

 

 

 

15,176

 

 

 

Ishares Select Dividend Index Fund

 

 

 

 

7,223

 

 

 

Ivy Fund Global Natural

 

 

 

 

10,167

 

 

 

John Hancock Classic Val A

 

 

 

 

39

 

 

 

Jpm Intrp Val A

 

 

 

 

2,170,390

 

 

 

Julius Baer Invt Fds Intl Equity

 

 

 

 

7,655

 

 

 

Marsico Invt Fd Intl Opporty

 

 

 

 

15,812

 

 

 

Merrill Lynch Biotech

 

 

 

 

16,176

 

 

 

Metro West Fds Tot Ret Bd Cl1

 

 

 

 

6,510

 

 

 

Mutual Ser Fd In Discovery Z

 

 

 

 

6,495

 

 

 

Nationwide Intl Indx Inst

 

 

 

 

347,374

 

 

 

Nationwide Mdcap Mkt Indx Inst

 

 

 

 

144,930

 

 

 

Nationwide S&P 500 Indx Inst

 

 

 

 

471,295

 

 

 

Nationwide Smcap A

 

 

 

 

1,733,269

 

 

 

Nationwide Smcap Indx Inst

 

 

 

 

209,814

 

 

 

Northeast Invs Tr Sh Ben Int

 

 

 

 

14,850

 

 

 

Oakmark Equity and Income Fund

 

 

 

 

240,142

 

 

 

Pimco Fds Pac Invt Mgmt Ser Total Ret A

 

 

 

 

19,381

 

 

 

Rmk Multi Sector

 

 

 

 

7,775

 

 

 

Royce Fd Premier Investment

 

 

 

 

53,131

 

 

 

Royce Fd Total Return

 

 

 

 

54,647

 

 

 

Selected American Shares

 

 

 

 

2,937

 

 

 

Streettracks Gold Tr

 

 

 

 

8,246

 

 

 

T Rowe Price Cap Appreciation

 

 

 

 

5,731

 

 

 

T Rowe Price Growth Stk Fd

 

 

 

 

84,286

 

 

 

T Rowe Price Intl Em

 

 

 

 

9,311

 

 

 

T Rowe Price Mid Cap Value

 

 

 

 

363,046

 

 

 

Tcw Ttl Rtn Bd N

 

 

 

 

2,037,402

 

 

 

Thornburg Invt Tr Value

 

 

 

 

436,496

 

 

13



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Tweedy Browne Fd Inc Global Value

 

 

 

$

 

$

10,916

 

 

 

Vanguard Findex Trust

 

 

 

 

13,515

 

 

 

Vanguard Fixed Income Secs Fd

 

 

 

 

9,039

 

 

 

Vanguard/Wellington Fd

 

 

 

 

200,549

 

 

 

Vanguard Fd Inc Strat Equity

 

 

 

 

5,366

 

 

 

Vanguard/Primecap Fd Inc

 

 

 

 

10,757

 

 

 

Victory Fund for Income A

 

 

 

 

3,167,635

 

 

 

 

 

 

 

$

 

$

19,285,202

 

 

 

 

 

 

 

 

 

 

 

 

 

Republic Bancorp, Inc. Common Stock

 

 

 

 

 

 

 

 

 

Class A

 

 

 

$

 

$

3,686,739

 

 

 

Class B

 

 

 

 

83,397

 

 

 

 

 

 

 

$

 

$

3,770,136

 

 

 

Common Stock:

 

 

 

 

 

 

 

 

 

Advanced Viral Research Corp

 

 

 

$

 

18

 

 

 

Afc Enterprises Inc

 

 

 

 

1,415

 

 

 

Alcatel Lucent Sponsored Adr

 

 

 

 

22

 

 

 

Alcoa Inc

 

 

 

 

10,965

 

 

 

Allegheny Energy Inc

 

 

 

 

25,444

 

 

 

Altria Group Inc

 

 

 

 

49,127

 

 

 

Amazon.Com Inc

 

 

 

 

11,117

 

 

 

American Capital Strategies

 

 

 

 

3,296

 

 

 

Amerigas Partners - LP

 

 

 

 

7,208

 

 

 

Anheuser Busch Cos Inc

 

 

 

 

8,898

 

 

 

Apple Inc.

 

 

 

 

4,952

 

 

 

Applied Digital Solutions

 

 

 

 

385

 

 

 

AT&T Inc

 

 

 

 

1,538

 

 

 

Axis Technologies Group

 

 

 

 

788

 

 

 

Bank of America Corp

 

 

 

 

27,644

 

 

 

Barclays Plc Adr

 

 

 

 

8,074

 

 

 

BB&T Corp

 

 

 

 

11,900

 

 

 

Bear Stearns Co

 

 

 

 

8,825

 

 

 

Berkshire Hathaway Inc Del Cl B

 

 

 

 

18,944

 

 

14



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Best Buy Co

 

 

 

 

15,374

 

 

 

Borland Software Corp

 

 

 

 

3,010

 

 

 

Boston Scientific Corp

 

 

 

 

7,804

 

 

 

Bristol Myers Sqibb

 

 

 

 

3,978

 

 

 

Brown Forman Corp Cl A

 

 

 

 

7,484

 

 

 

Caslla Waste Systems Inc Cl A

 

 

 

 

1,330

 

 

 

Cerdyne Inc

 

 

 

 

14,079

 

 

 

Chevron Corp

 

 

 

 

18,666

 

 

 

Churchill Downs Inc

 

 

 

 

5,397

 

 

 

Cisco Systems Inc

 

 

 

 

20,032

 

 

 

Citadel Broadcasting

 

 

 

 

14

 

 

 

Citigroup Inc

 

 

 

 

29,676

 

 

 

Clear Channel Communications

 

 

 

 

2,900

 

 

 

Coca Cola Co

 

 

 

 

23,873

 

 

 

Coinstar Inc

 

 

 

 

5,714

 

 

 

Conocophillips Corp

 

 

 

 

17,660

 

 

 

Darden Restaurants Inc

 

 

 

 

693

 

 

 

Dean Foods Inc.

 

 

 

 

2,586

 

 

 

Deere + Co

 

 

 

 

4,656

 

 

 

Diamonds Trust Series I

 

 

 

 

20,810

 

 

 

Dime Bancorp Inc

 

 

 

 

8

 

 

 

Dime Community Bancshares

 

 

 

 

1,277

 

 

 

Duke Energy Holdings Corp

 

 

 

 

29,489

 

 

 

E M C Corp Mass

 

 

 

 

556

 

 

 

Ebay Inc

 

 

 

 

11,617

 

 

 

Empire Dist Electric Company

 

 

 

 

4,556

 

 

 

ENER1 Inc

 

 

 

 

547

 

 

 

Epix Pharmaceuticals Inc

 

 

 

 

2,624

 

 

 

Exxon Mobil Corp

 

 

 

 

56,214

 

 

 

Fifth Third Bancorp

 

 

 

 

13,620

 

 

 

First Horizon National Corp

 

 

 

 

13,613

 

 

 

Ford Motor Co

 

 

 

 

3,419

 

 

 

Fossil Inc

 

 

 

 

7,053

 

 

 

Franklin Mining Inc

 

 

 

 

1,254

 

 

 

General Electric Co

 

 

 

 

113,397

 

 

 

General Motors Corp

 

 

 

 

1,245

 

 

 

Hcc Insurance Holdings

 

 

 

 

2,151

 

 

 

Heinz H J Co

 

 

 

 

37,344

 

 

15



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Hewlett Packard Co

 

 

 

 

4,745

 

 

 

Home Depot Inc

 

 

 

 

9,698

 

 

 

Honda Motor Ltd Adr New

 

 

 

 

13,256

 

 

 

Huntington Bancshares

 

 

 

 

4,856

 

 

 

Idearc Inc

 

 

 

 

35

 

 

 

Ing Groep N V Sponsored Adr

 

 

 

 

1,946

 

 

 

Intel Corp

 

 

 

 

34,391

 

 

 

Johnson + Johnson

 

 

 

 

84,776

 

 

 

Jones Soda Company

 

 

 

 

11,160

 

 

 

Jp Morgan Chase & Co

 

 

 

 

9,821

 

 

 

Kraft Foods Inc.

 

 

 

 

11,029

 

 

 

Krispy Kreme Doughnuts

 

 

 

 

221

 

 

 

Kroger Co

 

 

 

 

1,149

 

 

 

Lehman Bros Holdings

 

 

 

 

22,904

 

 

 

Limited Brands Inc

 

 

 

 

2,082

 

 

 

Live Nation Inc

 

 

 

 

145

 

 

 

Mcclatchy Newspaper

 

 

 

 

789

 

 

 

McDonalds Corp

 

 

 

 

28,277

 

 

 

Medco Health Solutions Inc

 

 

 

 

507

 

 

 

Medtronic Inc

 

 

 

 

10,054

 

 

 

Merk & Co Inc

 

 

 

 

14,353

 

 

 

Microsoft Corp

 

 

 

 

46,743

 

 

 

Millennium Pharmaceuticals

 

 

 

 

8,988

 

 

 

National City Corp

 

 

 

 

103,698

 

 

 

New York Community Bancorp

 

 

 

 

16,701

 

 

 

Nokia Corp

 

 

 

 

2,687

 

 

 

Nutrisystem Inc

 

 

 

 

675

 

 

 

Old National Bancorp

 

 

 

 

1,496

 

 

 

Oracle Corp

 

 

 

 

6,051

 

 

 

Patriot Coal Corporation

 

 

 

 

835

 

 

 

Peabody Energy Corp

 

 

 

 

12,328

 

 

 

Pfizer Inc

 

 

 

 

16,343

 

 

 

Plantronics Inc

 

 

 

 

18,668

 

 

 

Pnc Financial Corp

 

 

 

 

3,808

 

 

 

Pnm Resources

 

 

 

 

4,076

 

 

 

Powershares Qqq

 

 

 

 

10,193

 

 

16



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Pozen Inc

 

 

 

 

12,000

 

 

 

Proctor Gamble Co

 

 

 

 

37,591

 

 

 

Progress Energy Inc

 

 

 

 

8,475

 

 

 

Proshares

 

 

 

 

42,585

 

 

 

Proshares Short Qqq

 

 

 

 

5,321

 

 

 

Qlogic Corp

 

 

 

 

11,360

 

 

 

Quantum Corp

 

 

 

 

6,827

 

 

 

Rait Financial Trust

 

 

 

 

4,569

 

 

 

Regions Financial Corp

 

 

 

 

7,095

 

 

 

Reynolds American Inc

 

 

 

 

26,384

 

 

 

Royal Dutch Shell Plc Cl A

 

 

 

 

16,840

 

 

 

Royce Value Tr Inc

 

 

 

 

1,974

 

 

 

Rpm International Inc

 

 

 

 

4,872

 

 

 

S.Y. Bancorp Inc.

 

 

 

 

23,940

 

 

 

Schering Plough

 

 

 

 

21,312

 

 

 

Sirius Satellite Radio Inc

 

 

 

 

1,061

 

 

 

Sonoran Energy Inc

 

 

 

 

22

 

 

 

Southern Co

 

 

 

 

19,375

 

 

 

Southwest Airlines Co

 

 

 

 

3,050

 

 

 

Spectra Energy Corp

 

 

 

 

17,583

 

 

 

Spilnx Technology Inc

 

 

 

 

1

 

 

 

St Joe Cp

 

 

 

 

6,037

 

 

 

Starbucks Corp

 

 

 

 

3,582

 

 

 

Susquehanna Bancshares Inc

 

 

 

 

5,532

 

 

 

Thr Travelers Company

 

 

 

 

1,453

 

 

 

Time Warner Inc

 

 

 

 

330

 

 

 

Trinity Biotech Plc

 

 

 

 

1,703

 

 

 

United Parcel Service

 

 

 

 

3,536

 

 

 

United Tech Corp

 

 

 

 

15,308

 

 

 

US Bancorp New

 

 

 

 

9,522

 

 

 

Valero Energy New

 

 

 

 

14,006

 

 

 

Ventas Inc

 

 

 

 

4,525

 

 

 

Verizon Communications

 

 

 

 

2,185

 

 

 

Vitesse Semiconductor Corp

 

 

 

 

1,740

 

 

 

Volcano Corporation

 

 

 

 

12,510

 

 

17



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

Wachovia Corp

 

 

 

 

7,606

 

 

 

Wal-mart Stores

 

 

 

 

19,012

 

 

 

Walt Disney Company

 

 

 

 

3,228

 

 

 

Washington Mutual Co

 

 

 

 

667

 

 

 

Wells Fargo Co

 

 

 

 

16,454

 

 

 

Windstream Corp

 

 

 

 

28,644

 

 

 

Xerox Corp Com

 

 

 

 

810

 

 

 

XM Satellite Radio

 

 

 

 

3,978

 

 

 

 

 

 

 

$

 

$

1,660,369

 

 

 

Total Investments

 

 

 

$

 

$

26,755,949

 

 

18



 

Name of Plan Sponsor: Republic Bancorp, Inc.

Employer Identification Number: 61-0862051

Three-Digit Plan Number: 002

 

 

 

 

 

(c)

 

 

 

 

 

(a)

 

(b)

 

Description of

 

 

 

 

 

Party

 

Identity of Issue,

 

Investments Including

 

 

 

(e)

 

in

 

Borrower, Lessor

 

Maturity Date

 

(d)

 

Current

 

Interest

 

or Similar Party

 

and Rate of Interest

 

Cost **

 

Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

FORM 11-K

December 31, 2007

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

REPUBLIC BANCORP 401(K)/

 

PROFIT SHARING PLAN AND TRUST

 

      (Name of Plan)

 

 

 

 

Date:  June 30, 2008

 /s/ Kevin Sipes

 

Kevin Sipes

 

Executive Vice President &

 

Chief Financial Officer

 

Republic Bancorp, Inc.

 

19



 

EXHIBIT INDEX

 

23.1 Consent of Independent Auditors

 

20