SOUTHFIELD, Mich. - Franklin Bank reported net income for 1994 of $2.4 million, up from $2.3 million the year before.

Net income included $178,000 of extraordinary income from an accounting change.

"The overall quality of our earnings improved dramatically, and we are delighted at the net interest margin strides," said Read P. Dunn, president and chief executive.

In the fourth quarter Franklin earned $491,394, or 17 cents per fully diluted share, compared with $460,576, or 17 cents per share in the same quarter in 1993.

The bank has $427 million in assets.

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