Michigan's Republic Bancorp earned $6 million in the third quarter, up 81% from the year-earlier period.
Net income for the nine months ended Sept. 30 was a record $18.2 million, an increase of 85% over the $9.8 million earned in the nine months ended Sept. 30, 1992, the Ann Arbor-based company said.
Fully diluted earnings per share increased to $1.31 for the first nine months of 1993 from 77 cents in 1992.
Return on average assets was 2.06% for the first nine months of the year, and return on average common equity was 25.82%.
All earnings-per-share amounts presented reflect the company's 10% stock dividend which will be issued Oct. 29 to shareholders of record on Oct. 1.
The surge in earnings at the $1.2-billion-asset company is primarily due to a significant increase in single-family mortgage volume, which resulted in higher levels of mortgage banking income and net interest income.
Residential mortgage loan closings were $1.3 billion, an increase of 116% over the year-earlier period.
The increase in mortgage volume is due to the expansion of Republic's mortgage delivery system, which is conducted through 75 offices in 15 states, and record-low interest rates.
As of Sept. 30, Republic had a mortgage loan pipeline - commitments being processed - of about $1.5 billion and a servicing portfolio of $2.5 billion.