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REPUBLIC BANCORP REPORTS NET INCOME UP 324 PERCENT

 REPUBLIC BANCORP REPORTS NET INCOME UP 324 PERCENT
 ANN ARBOR, Mich., April 8 /PRNewswire/ -- Republic Bancorp Inc.


(NASDAQ-NMS: RBNC) today announced results for the quarter ended March 31, 1992. Net income for the quarter was $2,547,000, an increase of 324 percent over the $601,000 reported for the same period in the prior year.
 Primary earnings per share increased from $.09 in the first quarter of 1991, to $.43 in 1992, an increase of 378 percent. The increase in net income is due primarily to two factors. First, a significant increase in single-family mortgage volume resulted in higher non- interest income. Residential mortgage closing volume was $321 million. This compares to $67 million in the first quarter of 1991 and $490 million for all of 1991. This increase in mortgage volume is primarily the result of low relative mortgage interest rates. Non- interest income in the first quarter of 1992 was $5,587,000, up 202 percent over the $1,853,000 reported for the first quarter of 1991. Second, net interest income was $5,036,000 for the first quarter of 1992, up 26 percent over the $3,984,000 reported for the first quarter of 1991.
 Also, during the first quarter of 1992, Republic sold mortgage- backed securities previously originated as loans and securitized by the company for net after-tax gains of $266,000. The loan loss provision for the first quarter of 1992 was $293,000 compared to $213,000 for the same period in 1991.
 The company's total assets as of March 31, 1992, were $549 million, compared to $487 million as of March 31, 1991, an increase of 13 percent. Shareholders' equity increased from $34,650,000 at March 31, 1991, to $40,842,000 at March 31, 1992, an increase of 18 percent.
 Republic Bancorp Inc. is a registered bank holding company with headquarters in Ann Arbor. The company owns seven subsidiaries: Republic Bank with offices in Flint Township, Grand Blanc and Owosso; Republic Bank Ann Arbor; Republic Bank - Central with six offices in the Lansing area; Republic Bank - North with four offices in the Traverse City area; Republic Bank S.E. in Bloomfield Hills and Grosse Pointe Farms; Premier Bancorporation, Inc., with eight offices in the Jackson area; and Republic Bancorp Mortgage Inc. of Farmington Hills, Mich. Republic Bancorp Mortgage Inc. has six offices in Michigan and originates and services residential mortgage loans, primarily within the state of Michigan.
 Republic Bancorp Inc. common stock is traded in the over-the-counter market and quoted on the NASDAQ National Market System under the symbol RBNC.
 REPUBLIC BANCORP INC.
 Income Statement Summary
 Three Months Ended
 March 31
 1992 1991
 Net income $2,547,014 $600,935
 Dividends on preferred shares 137,200 137,200
 Income applicable to common shares $2,409,814 $463,735
 Net income per common share:
 Primary $.43 $.09
 Fully diluted $.39 $.09
 Average number of shares outstanding
 to compute net income per common share:
 Primary 5,545,532 5,081,858
 Fully diluted 6,591,308 5,081,858
 Balance Sheet Summary (000s) March 31
 1992 1991
 Total assets $548,957 $486,958
 Total securities 106,590 119,936
 Total loans(a) 400,106 291,637
 Total deposits 445,357 429,234
 Total shareholders' equity 40,842 34,650
 (a) -- Including loans held for sale.
 -0- 4/8/92
 /CONTACT: Dana M. Cluckey or Tim Blazejewski of Republic Bancorp Inc., 517-725-7337/
 (RBNC) CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU: ERN


ML-JG -- DE019 -- 6293 04/08/92 13:15 EDT
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Date:Apr 8, 1992
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