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REPUBLIC BANCORP REPORTS PROFITS UP 234 PERCENT

 REPUBLIC BANCORP REPORTS PROFITS UP 234 PERCENT
 ANN ARBOR, Mich., Jan. 15 /PRNewswire/ -- Republic Bancorp Inc.


(NASDAQ-NMS: RBNC) today announced record results for the year ended Dec. 31, 1991.
 Net income for 1991 was $4,057,000, an increase of 234 percent over the $1,213,000 reported for 1990. Net income for the fourth quarter was $1,029,000, an increase of 264 percent over the $283,000 reported for the fourth quarter of 1990. Primary earnings per share increased from $.13 in 1990 to $.67 in 1991 and from $.03 for the fourth quarter of 1990 to $.16 for the same period of 1991. The increases result from an improvement in net interest income, up 11 percent for the year and 17 percent over the fourth quarter of 1990, and continued strong residential mortgage closing volume.
 During 1991, Republic closed $490 million in residential mortgages compared to $244 million during 1990, an increase of 101 percent. Total closed residential mortgages during the fourth quarter of 1991 were $192 million, up 210 percent over the $62 million closed during the same period of 1990. During the fourth quarter of 1991, Republic sold mortgage-backed securities previously originated as loans and securitized by the company for net after-tax gains of $793,000. Net after-tax gains on mortgage-backed securities for all of 1991 were $1,174,000. The company also sold other securities during the fourth quarter of 1991 for net after-tax gains of $70,000, and for all of 1991 of $336,000. Loan loss provision for the fourth quarter of 1991 was $673,000, and $1,160,000 for the year of 1991.
 The company's total assets as of the current year-end were $516 million, compared to $476 million as of Dec. 31, 1990, an increase of 8 percent. Shareholders' equity increased from $34,178,000 at Dec. 31, 1990, to $38,691,000 at 1991 year-end, an increase of 13 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 12 Months Ended
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Net income $1,028,736 $283,068 $4,057,249 $1,213,337
 Dividends on
 preferred shares 137,200 137,200 551,250 551,250
 Income applicable
 to common shares 891,536 145,868 3,505,999 662,087
 Net income per
 common share:
 Primary $.16 $.03 $.67 $.13
 Fully diluted .16 N/A .66 N/A
 Average number of shares
 outstanding to
 compute net income
 per common share:
 Primary 5,472,080 5,079,287 5,216,391 4,957,564
 Fully diluted 5,993,056 N/A 5,737,366 N/A
 BALANCE SHEET SUMMARY
 (000's)
 Dec. 31
 1991 1990
 Total assets $516,276 $476,280
 Total securities 161,223 126,846
 Total loans 322,727 299,411
 Total deposits 425,317 414,687
 Total shareholders' equity 38,691 34,178
 -0- 1/15/92
 /CONTACT: Dana M. Cluckey of Republic Bancorp Inc., 517-725-7337/
 (RBNC) CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU: ERN


ML-JG -- DE023 -- 0208 01/15/92 16:46 EST
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Date:Jan 15, 1992
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