OWOSSO, Mich — Third-quarter net income at $4.6 billion-asset Republic Bancorp dropped 9% from a year earlier, to $11.3 million, but company officials said they were pleased with the results.

“We had a strong quarter,” said Jerry Campbell, Republic’s chairman. “Our numbers were right in line with expectations.”

Republic’s net interest margin was 3.1% in the quarter, down from 3.4%, but its asset quality improved, and its noninterest expenses fell for the third consecutive quarter, according to Dana M. Cluckey, the company’s president and chief executive officer. Noninterest expenses totaled $32.3 million, down 6.7%.

Mr. Cluckey said that Republic would continue to cut costs in the fourth quarter and into 2001 as it merges its D&N Bancorp unit with Republic Bank, its flagship subsidiary. The consolidation is expected to be completed in December, he said.

For the nine months ended Sept. 30, Republic earned $34.7 million, compared with $34.3 million the year earlier.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.