ANN ARBOR, Mich. - Republic Bancorp said earnings declined 30%, to $4.2 million, in the first quarter from the same period last year.

During the first quarter, Republic closed $392 million in single-family mortgages, compared with $1.04 billion a year earlier, reducing mortgage banking income to $15.4 million from $27.8 million.

The $1.3 billion-asset company reported return on assets of 1.22% and return on equity of 14.32%.

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