ANN ARBOR, Mich. - Republic Bancorp reported 1994 earnings of $15.7
Net income for the fourth quarter also declined, to $1.6 million, from
The $1.4 billion-asset bank holding company said its 1993 income had
Further, Republic said that lower 1994 mortgage volume reduced
Nonrecurring items in 1994 also affected earnings, the company said.
For instance, in December, the company sold three branch offices in
Republic also sold $46.2 million of low-yield mortgage-backed
Return on assets for the year was 1.23%, and return on equity was