ANN ARBOR, Mich. -- Republic Bancorp announced net income for the second quarter of $5 million, down from $6.4 million for the corresponding period a year earlier.

For the first six months of 1994, the $1.4 billion-asset company said it earned $11.1 million, down from $12.1 million a year ago.

Included in the net income for the first six months of 1993 was $950,000 in earnings for the company's change in accounting for income taxes. Excluding the accounting change, fully diluted earnings per share was78 cents for the first half of 1994 versus 81 cents in 1993.

For the first half of the year, return on average-assets was 1.88% and return on average equity was 19.14%.

Republic attributed its earnings decrease to lower single-family mortgage volume because of higher interest rates. Residential mortgage loan closings were $757 million for the second quarter, a decrease of 40% from the $1.27 billion closed during the second quarter of 1993.

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