SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
11-K
(
X ) Annual report pursuant to Section 15(d)
of
the Securities Exchange Act of 1934.
For the
fiscal year ended December 31, 2004
OR
(
) Transition report pursuant to Section 15(d)
of
the Securities Exchange Act of 1934.
For the
transition period from
_________________
to ________________.
Commission
file number of the issuer: 0-15734
REPUBLIC
BANCORP INC.
TAX-DEFERRED
SAVINGS PLAN AND TRUST
(Full
title of plan)
REPUBLIC
BANCORP INC.
1070
East Main Street
Owosso,
Michigan 48867
(Name of
the issuer and address of
its
principal executive office)
REQUIRED
INFORMATION
|
Items
1-3. |
Financial
Statements |
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|
| |
Not
Applicable. |
| |
|
|
Item
4. |
ERISA
Financial Statements |
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|
| |
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 Net Assets Available for Benefits as of December 31, 2004 and 2003;
Statement of Changes in Net Assets Available for Benefits for the year
ended December 31, 2004; Supplemental Schedules for the year ended
December 31, 2004; and Report of Independent Registered Public Accounting
Firm dated June 24, 2005 |
| |
|
| |
Attached
as Exhibit 23 is a written Consent of Independent Registered Public
Accounting Firm, Ernst & Young
LLP. |
REPUBLIC
BANCORP INC.
TAX
DEFERRED SAVINGS PLAN AND TRUST
TABLE
OF CONTENTS
------------------------------------------------------------------------------------------------------------------
| |
Page
Number |
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|
Report
of Independent Registered Public Accounting Firm |
1 |
| |
|
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Financial
Statements: |
|
| |
|
|
Statements
of Net Assets Available for Benefits as of December 31, 2004 and
2003 |
2 |
| |
|
|
Statement
of Changes in Net Assets Available for Benefits for the Year
Ended |
|
|
December
31, 2004 |
3 |
| |
|
|
Notes
to Financial Statements |
4 -
9 |
| |
|
|
Signatures |
10 |
| |
|
|
Supplemental
Schedules for the Year Ended December 31, 2004: |
|
| |
|
|
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 |
N/A |
Report of
Independent Registered Public Accounting Firm
To the
Trustees and Participants of
Republic
Bancorp Inc. Tax-Deferred Savings Plan and Trust
Owosso,
Michigan
We have
audited the accompanying statement of net assets available for benefits of
Republic Bancorp Inc. Tax-Deferred Savings Plan and Trust as of December 31,
2004 and 2003, and the related statement of changes in net assets available for
benefits for the year ended December 31, 2004. 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. We were not engaged to perform an
audit of the Plan’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis
for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Plan’s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements assessing the accounting
principles used and significant estimates made by management, and 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 at
December 31, 2004 and 2003, and the changes in its net assets available for
benefits for the year ended December 31, 2004, in conformity with U.S. generally
accepted accounting principles.
Our
audits were performed for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying supplemental schedule of assets
(held at end of year) as of December 31, 2004 is presented for purposes of
additional analysis and are not a required part of the financial statements but
are 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. These supplemental schedules are the responsibility of the
Plan’s management. The supplemental schedules have been subjected to the
auditing procedures applied in our audits of the financial statements and, in
our opinion, are fairly stated in all material respects in relation to the
financial statements taken as a whole.
/s/ Ernst
& Young LLP
June 24,
2005
REPUBLIC
BANCORP INC. TAX-DEFERRED SAVINGS PLAN AND TRUST
STATEMENTS
OF NET ASSETS AVAILABLE FOR BENEFITS
AS
OF DECEMBER 31,
| |
|
2004 |
|
2003 |
|
| |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
| |
|
|
|
|
|
Investments,
at fair value: |
|
|
|
|
|
|
|
|
Guaranteed
Investment Contracts (contract value) |
|
$ |
69,624 |
|
$ |
26,591 |
|
|
Republic
Bancorp Inc. Common Stock |
|
|
|
|
|
|
|
|
(2,756,105
and 3,109,911 shares at 12/31/04 |
|
|
|
|
|
|
|
|
and
12/31/03, respectively) |
|
|
42,113,285 |
|
|
38,138,821 |
|
|
Mutual
Funds |
|
|
12,798,207 |
|
|
11,341,915 |
|
|
Pooled
Separate Accounts |
|
|
22,503,274 |
|
|
22,003,115 |
|
|
Loans
to Participants |
|
|
1,253,619 |
|
|
1,090,918 |
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Available for Benefits |
|
$ |
78,738,009 |
|
$ |
72,601,360 |
|
| |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
See
notes to financial statements. |
|
|
|
|
|
|
|
REPUBLIC
BANCORP INC. TAX-DEFERRED SAVINGS PLAN AND TRUST
STATEMENT
OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR
THE YEAR ENDED DECEMBER 31, 2004
|
Net
Assets Available for Benefits, January 1, 2004 |
|
$ |
72,601,360 |
|
| |
|
|
|
|
|
Additions: |
|
|
|
|
|
Participants’
contributions |
|
|
4,144,361 |
|
|
Employer
contributions, net of forfeitures |
|
|
1,031,293 |
|
|
Dividends
on Republic Bancorp Inc. stock |
|
|
1,074,998 |
|
|
Interest
income on loan fund |
|
|
64,643 |
|
|
Net
appreciation in fair value of Republic Bancorp Inc. stock |
|
|
8,539,620 |
|
|
Net
appreciation in fair value of investments in mutual funds and pooled
separate accounts |
|
|
2,949,616 |
|
| |
|
|
|
|
|
Total
additions |
|
|
17,804,531 |
|
| |
|
|
|
|
|
Deductions: |
|
|
|
|
| |
|
|
|
|
|
Benefits
paid to participants |
|
|
(11,648,944 |
) |
|
Administrative
fees |
|
|
(18,938 |
) |
| |
|
|
|
|
|
Total
deductions |
|
|
(11,667,882 |
) |
| |
|
|
|
|
|
Net
additions |
|
|
6,136,649 |
|
| |
|
|
|
|
|
Net
Assets Available for Benefits, December 31, 2004 |
|
$ |
78,738,009 |
|
| |
|
|
|
|
| |
|
|
|
|
|
See
notes to financial statements. |
|
|
|
|
REPUBLIC
BANCORP INC.
TAX-DEFERRED
SAVINGS PLAN AND TRUST
NOTES
TO FINANCIAL STATEMENTS
1. PLAN
DESCRIPTION
The
following description of the Republic Bancorp Inc. Tax-Deferred Savings Plan and
Trust (the “Plan”) provides only general information. Participants should refer
to the Plan document for a more complete description of the Plan's provisions.
The Plan was established November 1, 1988 under the provisions of Section 401(k)
of the Internal Revenue Code and is a voluntary savings plan for eligible
employees of Republic Bancorp Inc. (the "Company"). It is subject to the
provisions of The Employment Retirement Income Security Act of 1974
(ERISA).
All
employees of the Company are eligible to participate in the Plan. As of December
31, 2004 and 2003 there were approximately 1,144 and 965 active participants and
1,523 and 1,594 total participants in the Plan, respectively.
Participant
contributions were limited to $13,000 for the year ended December 31, 2004, or
such amounts as may be approved by the Internal Revenue Service. Beginning in
2002, if a participant was age 50 or older, participants were able to make
elective contributions in addition to those described in the preceding sentence
in order to increase retirement savings. The catch-up dollar limit for 2004 was
$3,000. The Company contributes an amount equal to 50% of each participant's
elective deferrals for the Plan year up to 7% of the participant's annual
compensation. The Company does not match the catch-up contributions. The
Company's contributions to the Plan are invested in the Republic Bancorp Inc.
Common Stock Fund. The Company's contributions are vested 25% after two years of
service and an additional 25% each year thereafter.
If a
nonvested participant is terminated from the Plan, the participant will forfeit
a portion of his account related to employer contributions. Such forfeitures are
applied as a reduction to required employer contributions. For the Plan years
ending December 31, 2004 and 2003, the amount of forfeited nonvested accounts
used to reduce employer contributions totaled $401,668 and $180,610,
respectively.
Each
participant's account is credited with the participant's contribution and an
allocation of the Company's contribution and Plan earnings. Allocations are
based upon the participant's account balances. Expenses of operating the Plan
are paid by the Company, with the exception of administrative loan fees which
are paid by Plan participants.
Although
it has not expressed any interest to do so, the Company has the right to
terminate the Plan subject to the provisions of ERISA. Such termination of the
Plan, if any, would not affect an employee's interest in assets already in the
Plan and all employer contributions would become fully vested.
At
December 31, 2004, the Plan provided participants with the following 17
investment options:
Republic
Bancorp Inc. Common Stock seeks long-term capital appreciation by investing
entirely in the common stock of Republic Bancorp Inc.
The
Principal Guaranteed Interest Accounts hold private-market bonds, commercial
mortgages and mortgage-backed securities. All General Account assets, including
reserves and assets, back up promises to all General Account customers. The
Principal makes the guarantee.
American
Century Ultra Fund seeks capital growth. The fund typically invests in equities
selected for their appreciation potential. The majority of these securities are
common stocks issued by companies that meet management’s standards for earnings
and revenue growth. The fund generally invests in securities of companies that
have operated continuously for three or more years.
American
Century Small-Cap Value Fund seeks long-term capital growth; income is a
secondary objective. The fund normally invests at least 65% of assets in equity
securities of U.S. companies with small market capitalizations. It may invest in
foreign securities, convertible securities, corporate and government debt, and
non-leveraged stock index futures contracts. The fund invests in companies that
the advisor believes are undervalued by the market.
American
Funds American Balanced Fund seeks capital preservation, current income, and
long-term growth of capital and income. The fund normally invests in a broad
range of equities, debt, and cash instruments. It typically maintains at least
50% of assets in equities and at least 25% in bonds. Fixed-income securities
must be rated investment-grade at the time of purchase. The fund may invest up
to 10% of assets in foreign securities. Management of the fund primarily seeks
securities that it believes are undervalued and provide long-term
opportunities.
Fidelity
Advisor Mid-Cap Fund seeks long-term growth of capital. The fund normally
invests at least 80% of assets in companies with medium market capitalizations.
These companies generally have market capitalizations that fall within the range
of the S&P MidCap 400 Index. The fund may invest the balance of assets in
other types of securities and in issuers of other sizes.
Principal
Money Market Separate Account primarily invests in high quality commercial paper
(short-term unsecured corporate loans). The portfolio will have an average
maturity of no more than 90 days.
Principal
High Quality Short-term Bond Separate Account seeks an above-average rate of
return at a low expense level. This is done primarily through the purchase of
high quality fixed-income securities, such as bonds of U.S. corporations,
Treasuries, Agencies, including mortgage-backed securities, asset-backed
securities and commercial mortgage-backed securities. Under normal
circumstances, the account will maintain an average maturity of more than 1 year
but less than 5 years.
Principal
Bond & Mortgage Separate Account invests primarily in intermediate-term,
fixed-income investments such as public and private corporate bonds, commercial
and residential mortgages, asset-backed securities, and U.S. government and
agency-backed securities. Value is added primarily through sector allocation and
security selection.
Principal
Large-Cap Stock Index Separate Account primarily invests in common stocks of
those companies listed in the S&P 500 Stock index.
Principal
Partners Large-Cap Blend Separate Account seeks long-term growth of capital. The
fund normally invests at least 80% of its assets in companies with market
capitalizations similar to companies in the S&P 500 Index. Management of the
fund looks at stocks with value and/or growth characteristics and constructs an
investment portfolio that is a “blend” of stocks with these characteristics. The
fund may invest up to 25% of its assets in foreign securities.
Principal
Partners Large-Cap Value Separate Account seeks long-term growth of capital. The
fund invests primarily in undervalued equity securities of companies among the
750 largest by market capitalization that the sub-advisor believes to offer
above-average potential for growth in future earnings. The fund normally invests
at least 80% of its assets in companies with large market capitalization similar
to companies in the Russell 1000 Value Index. The fund may invest up to 25% of
its assets in foreign securities.
Russell
LifePoints Aggressive Strategy Separate Account seeks long-term capital
appreciation and low levels of current income. The fund invests in other Frank
Russell Investment Management Co. funds. This fund pursues its investment
objectives by investing in the following underlying funds: Frank Russell’s
Diversified Equity fund, Special Growth fund, Quantitative Equity fund,
International Securities fund, Multistrategy Bond fund, Real Estate Securities
fund, and Emerging Markets fund.
Russell
LifePoints Balanced Strategy Separate Account seeks moderate levels of current
income and long-term capital appreciation. The fund invests in other Frank
Russell Investment Management Co. funds. The fund pursues its investment
objectives by investing in these underlying funds: Frank Russell’s Diversified
Equity fund, Special Growth fund, Quantitative Equity fund, International
Securities fund, Diversified Bond fund, Multistrategy Bond fund, Real Estate
Securities fund, and Emerging Markets fund.
Russell
LifePoints Conservative Strategy Separate Account seeks high levels of current
income and, secondarily, capital appreciation. The fund invests in other Frank
Russell Investment Management Co. funds. The fund pursues its investment
objectives by investing in these underlying funds: Frank Russell’s Diversified
Equity fund, Quantitative Equity fund, International Securities fund, Real
Estate Securities fund, Short Term Bond fund, and Emerging Markets
fund.
Russell
LifePoints Equity Aggressive Strategy Separate Account seeks long-term capital
appreciation. The fund invests in other Frank Russell Investment Management Co.
funds. The fund pursues its investment objectives by investing in these
underlying funds: Frank Russell’s Diversified Equity fund, Special Growth fund,
Quantitative Equity fund, International Securities fund, Real Estate Securities
fund, and the Emerging Markets fund. This fund is non-diversified.
Russell
LifePoints Moderate Strategy Separate Account seeks long-term capital
appreciation and high levels of current income. The fund invests in other Frank
Russell Investment Management Co. funds. The fund pursues its investment
objectives by investing in these underlying funds: Frank Russell’s Diversified
Equity fund, Special Growth fund, Quantitative Equity fund, International
Securities fund, Short-Term Bond fund, Real Estate Securities fund, and Emerging
Markets fund.
2. SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES
Use of
Estimates: The preparation of financial statements in conformity with U.S.
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements, as well as the reported amounts of additions and deductions during
the reporting period. Actual results could differ from those
estimates.
Investment
Valuation and Income Recognition: Except for the investment contracts, the
Plan’s investments are stated at fair value which equals the quoted market price
on the last business day of the plan year. The shares of registered investment
companies are valued at quoted market prices which represent the net asset
values of shares held by the Plan at year-end. The fair value of the
participation units owned by the Plan in the pooled separate accounts are based
on quoted redemption values on the last business day of the plan year. The
participant loans are valued at their outstanding balances, which approximate
fair value.
Investment
contracts are recorded at their contract values, which represent contributions
and reinvested income, less any withdrawals plus accrued interest, because these
investments have fully benefit-responsive features. For example, participants
may ordinarily direct the withdrawal or transfer of all or a portion of their
investment at contract value. However, withdrawals influenced by
Company-initiated events, such as in connection with the sale of a business, may
result in a distribution at other than contract value. There are no reserves
against contract values for credit risk of contract issues or otherwise.
Contract value approximates fair value. The average yield for these contracts
was 1.28% and 2.3% in 2004 and 2003, respectively. The crediting interest rate
for these investment contracts ranged from .28% to 3.10% in 2004 and .75% to
3.25% in 2003. Rates on contracts remain fixed for the life of each contract.
Terminated
Participants: As of December 31, 2004 and 2003, account balances of participants
who had terminated employment with the Company totaled $24,037,947 and
$22,425,221, respectively. Amounts allocated to withdrawn participants are
recorded in the Form 5500 for benefit claims that have been processed and
approved for payment prior to year-end but not yet paid. As of December 31, 2004
and 2003, no participants had elected to withdraw from the Plan and not been
paid.
3. TAX
STATUS
The Plan
has received a determination letter from the Internal Revenue Service dated
September 18, 2002, stating that the written form of the underlying plan
document is qualified under Section 401(a) of the Internal Revenue Code (the
“Code”). Therefore, the related trust is exempt from taxation. Once qualified,
the Plan is required to operate in conformity with the Code to maintain its
qualification. The plan administrator believes the Plan is being operated in
compliance with the applicable requirements of the Code and, therefore, believes
that the Plan is qualified and the related trust is tax exempt.
4. RISKS
AND UNCERTAINTIES
|
|
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. |
5. INVESTMENTS
The
following table represents the fair values of investments. Investments that
represent 5% or more of the Plan's net assets available for benefits are
separately identified with an asterisk. Non-participant directed contributions
are included in the Republic Bancorp Inc. common stock fund.
| |
|
December
31, |
|
| |
|
2004 |
|
2003 |
|
Guaranteed
Investment Contracts: |
|
|
|
|
|
|
|
|
Principal
Guaranteed Interest Accounts |
|
$ |
69,624 |
|
$ |
26,591 |
|
| |
|
|
|
|
|
|
|
|
Common
Stock: |
|
|
|
|
|
|
|
|
Republic
Bancorp Inc. |
|
|
42,113,285 |
* |
|
38,138,821 |
* |
| |
|
|
|
|
|
|
|
|
Mutual
Funds: |
|
|
|
|
|
|
|
|
American
Century Ultra Fund |
|
|
7,212,041 |
* |
|
7,540,141 |
* |
|
American
Century Small-Cap Value Fund |
|
|
1,264,666 |
|
|
460,308 |
|
|
American
Funds American Balanced Fund |
|
|
3,277,959 |
|
|
2,894,836 |
|
|
Fidelity
Advisor Mid-Cap Fund |
|
|
1,043,541 |
|
|
446,630 |
|
| |
|
|
12,798,207 |
|
|
11,341,915 |
|
|
Pooled
Separate Accounts: |
|
|
|
|
|
|
|
|
Principal
Money Market Separate Account |
|
|
5,036,429 |
* |
|
5,476,301 |
* |
|
Principal
High Quality Short-term Bond Separate Account |
|
|
349,769 |
|
|
315,849 |
|
|
Principal
Bond and Mortgage Separate Account |
|
|
2,689,916 |
|
|
2,849,930 |
|
|
Principal
Large-Cap Stock Index Separate Account |
|
|
5,145,246 |
* |
|
5,063,701 |
* |
|
Principal
Partners Large-Cap Blend Separate Account |
|
|
906,185 |
|
|
697,143 |
|
|
Principal
Partners Large-Cap Value Separate Account |
|
|
7,340,100 |
* |
|
7,284,478 |
* |
|
Russell
LifePoints Aggressive Strategy Separate Account |
|
|
399,457 |
|
|
141,638 |
|
|
Russell
LifePoints Balanced Strategy Separate Account |
|
|
274,306 |
|
|
60,013 |
|
|
Russell
LifePoints Conservative Strategy Separate Account |
|
|
49,664 |
|
|
16,041 |
|
|
Russell
LifePoints Equity Aggressive Strategy Separate Account |
|
|
250,445 |
|
|
51,169 |
|
|
Russell
LifePoints Moderate Strategy Separate Account |
|
|
61,757 |
|
|
46,852 |
|
| |
|
|
22,503,274 |
|
|
22,003,115 |
|
| |
|
|
|
|
|
|
|
|
Loans
to Participants |
|
|
1,253,619 |
|
|
1,090,918 |
|
| |
|
|
|
|
|
|
|
|
Total
Investments |
|
$ |
78,738,009 |
|
$ |
72,601,360 |
|
6. INVESTMENT
IN REPUBLIC BANCORP INC.
|
|
|
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, 2004.
|
|
Investment
Balance at January 1, 2004 |
|
$ |
38,138,821 |
|
|
Participant
contributions received |
|
|
916,214 |
|
|
Employer
contributions received |
|
|
1,031,293 |
|
|
Net
appreciation in fair value |
|
|
8,539,620 |
|
|
Dividend
income |
|
|
1,074,998 |
|
|
Benefits
paid to participants |
|
|
(5,831,655 |
) |
|
Net
transfers to other funds |
|
|
(1,746,776 |
) |
|
Administrative
fees |
|
|
(9,230 |
) |
|
Investment
Balance at December 31, 2004 |
|
$ |
42,113,285 |
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or
other persons who administer the employee benefit plan) have duly caused this
annual report to be signed on its behalf by the undersigned hereunto duly
authorized.
| |
REPUBLIC
BANCORP INC. |
| |
TAX-DEFERRED
SAVINGS |
| |
PLAN
AND TRUST |
| |
|
| |
REPUBLIC
BANCORP INC. |
| |
Plan
Administrator |
| |
|
|
Date:
June
24, 2005 |
By:
/s/
Travis D. Jones |
| |
Travis
D. Jones, as Agent |
Republic
Bancorp Inc. Tax-Deferred Savings Plan and Trust
Employer
ID #38-2604669
Plan
#001
Schedule
H, Line 4i - Schedule of Assets (Held at End of Year)
December
31, 2004
| |
|
|
|
|
|
| |
|
Units/ |
|
Fair |
|
Description |
|
Shares |
|
Value |
|
|
*
Republic Bancorp Inc. Common Stock (cost $28,401,000) |
|
|
2,756,105 |
|
|
42,113,285 |
|
|
American
Century Ultra Fund |
|
|
247,496 |
|
|
7,212,041 |
|
|
American
Century Small-Cap Value Fund |
|
|
124,353 |
|
|
1,264,666 |
|
|
American
Funds American Balanced Fund |
|
|
182,616 |
|
|
3,277,959 |
|
|
Fidelity
Advisor Mid-Cap T Fund |
|
|
41,378 |
|
|
1,043,541 |
|
|
*
Principal Guaranteed Interest Accounts |
|
|
69,624 |
|
|
69,624 |
|
|
*
Principal Money Market Separate Account |
|
|
126,608 |
|
|
5,036,429 |
|
|
*
Principal High Quality Short-term Bond Separate Account |
|
|
25,559 |
|
|
349,769 |
|
|
*
Principal Bond and Mortgage Separate Account |
|
|
4,113 |
|
|
2,689,916 |
|
|
*
Principal Large-Cap Stock Index Separate Account |
|
|
119,537 |
|
|
5,145,246 |
|
|
*
Principal Partners Large-Cap Blend Separate Account |
|
|
87,542 |
|
|
906,186 |
|
|
*
Principal Partners Large-Cap Value Separate Account |
|
|
566,841 |
|
|
7,340,100 |
|
|
Russell
LifePoints Aggressive Strategy Separate Account |
|
|
30,868 |
|
|
399,457 |
|
|
Russell
LifePoints Balanced Strategy Separate Account |
|
|
20,028 |
|
|
274,306 |
|
|
Russell
LifePoints Conservative Strategy Separate Account |
|
|
3,639 |
|
|
49,664 |
|
|
Russell
LifePoints Equity Aggressive Strategy Separate Account |
|
|
20,197 |
|
|
250,445 |
|
|
Russell
LifePoints Moderate Strategy Separate Account |
|
|
4,526 |
|
|
61,756 |
|
|
*
Loans to 141 participants against their individual account |
|
|
|
|
|
|
|
|
balances
(with interest rates ranging from 5.00% to 10.50%) |
|
|
1,253,619 |
|
|
1,253,619 |
|
| |
|
|
|
|
|
|
|
|
Total |
|
|
|
|
$ |
78,738,009 |
|
* Party
in interest