Republic Bancorp Inc. of Ann Arbor, Mich., said its fourth-quarter earnings rose 15% from a year earlier, to $16.8 million.
Full-year earnings rose 10%, to $66.7 million, but return on assets and return on equity were both down slightly for the year, to 1.18% and 17.03%, respectively, Republic said Thursday.
The $5.7 billion-asset company attributed its fourth-quarter earnings increase to a 5% rise in interest income, to $74 million.
However, noninterest income fell 8%, primarily because of a decrease in mortgage banking income.
Republic posted earnings per share of 24 cents, 1 cent below the average of analysts' estimates.
Also this week Republic announced it was ranked third in Fortune magazine's annual "100 Best Companies to Work For." The magazine also named Republic the best small company to work for.
