ANN ARBOR, Mich. - Republic Bancorp reported 1994 earnings of $15.7 million, down from $23.2 million in 1993.

Net income for the fourth quarter also declined, to $1.6 million, from $4.9 million for the same period of 1993.

The $1.4 billion-asset bank holding company said its 1993 income had included $950,000 of earnings from accounting changes for income taxes.

Further, Republic said that lower 1994 mortgage volume reduced noninterest income and expenses.

Nonrecurring items in 1994 also affected earnings, the company said.

For instance, in December, the company sold three branch offices in northern Michigan, producing an after-tax gain of $2.6 million.

Republic also sold $46.2 million of low-yield mortgage-backed securities, realizing a loss of $1.96 million before taxes.

Return on assets for the year was 1.23%, and return on equity was 13.43%.

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