Republic Bancorp of Ann Arbor, Mich., said Thursday that its second-quarter earnings were a record $17.5 million, besting the year-earlier period's results by 7%.
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Earnings for the six months that ended June 30 also rose 7% compared with a year earlier, to $34.8 million.
The $6 billion-asset company reported solid demand for home equity loans, commercial loans, and residential mortgages. Its loan portfolio was $4.5 billion on June 30, 4% more than a year earlier.
Asset quality remained solid - chargeoffs of $1.9 million were 12 basis points of total loans and nonperforming loans were $36.8 million, 0.81% of total loans.
