FLINT, Mich. - Citizens Banking Corp. has reported an 18.9% increase in first-quarter net income, to $7.3 million, from the same period last year.

Fully diluted net income per share was 51 cents, up 18.6% from last year.

The $3.4 billion-asset company said that the increased net income reflects higher net interest income, offset in part by lower noninterest income and increases in the provision for loan losses and noninterest expense. Net interest income was $3.5 million higher than last year because of higher levels of earning assets and a higher net interest margin.

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