Citizens Republic Bancorp of Flint, Mich., announced first-quarter earnings Thursday of $31.5 million, up 52% compared with the same quarter last year.
Diluted earnings per share were 41 cents, down 15%. The $13.3 billion-asset company was created when Citizens Banking Corp. acquired Republic Bank Corp., on Dec. 29.
The first-quarter 2007 results were compared to only the first-quarter 2006 results of Citizens Banking Corp. Earnings per share missed the average of analysts' estimates as reported by Thomson Financial by 5 cents.
The company's net interest income was up 47%, to $94.8 million. Its provision for loan losses was up 17%, to $3.5 million. The increase in provisions was due to combining the portfolios of the two banks, and post-merger restructuring.
