Republic Bancorp Inc. of Ann Arbor, Mich., said its first-quarter earnings fell 5% from the same quarter last year, to $16.4 million.
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Diluted earnings per share were flat at 22 cents, which met the average of analysts' expectations.
Net interest income rose 1%, to $37.3 million, the $6.2 billion-asset Republic said Tuesday. Its provision for loan losses fell 7%, to $1.4 million.
Noninterest income fell 34%, to $7.3 million. Republic attributed the drop to a 68% decline in its mortgage income, to $1.8 million, mostly as a result of declining mortgage sales.
