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, Republics chairman. Our numbers were right in line with expectations.
Republics 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 companys 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.