REPUBLIC BANCORP REPORTS RECORD PROFITS
REPUBLIC BANCORP REPORTS RECORD PROFITS ANN ARBOR, Mich., Oct. 12 /PRNewswire/ -- Republic Bancorp Inc.
(NASDAQ-NMS: RBNC) today announced record earnings for the bank holding company for the third quarter and first nine months of 1992. Net income for the third quarter of 1992 was $3,207,000, an increase of 113 percent over the $1,503,000 reported for the same period of 1991. These are the highest quarterly profits ever recorded for the company.
Net income for the first nine months of 1992 was $8,336,000, an increase of 175 percent over the $3,029,000 reported for the same period of 1991. Fully diluted earnings per share increased from $.22 for the third quarter of 1991 to $.36 for the same period of 1992, and from $.45 for the first nine months of 1991 to $1.01 for the same period of 1992. The increases result from an improvement in net interest income, which was up 33 percent and 27 percent over the third quarter and first nine months of 1991, respectively, and continued record residential mortgage closing volume. During the third quarter of 1992, Republic closed $582 million in residential mortgages compared to $111 million during the third quarter of 1991. Total closed residential mortgages for 1992 of $1.25 billion exceed 1991 closings of $298 million by 320 percent. Non-interest income, which includes gains on the sale of loans in the third quarter and first nine months of 1992, was $8,429,000 and $19,692,000, respectively, representing increases of 172 percent and 179 percent over the same periods in 1991. Additionally, during the third quarter of 1992, Republic sold mortgage-backed securities, which had been originated by the company as loans and subsequently securitized, along with other securities for net after-tax gains of $495,000 and $96,000, respectively. The company also strengthened its balance sheet by increasing its loan loss provision for the third quarter of 1992 to $782,000, compared to $109,000 for the same period of 1991. The company's total assets as of the current quarter end were $627 million vs. $487 million reported one year ago, reflecting the increased balances in mortgage loans awaiting sale to the secondary market. Shareholders' equity increased from $38.7 million at Dec. 31, 1991, to $55.7 million at Sept. 30, 1992, primarily as a result of a common stock public offering completed in April, with gross proceeds of $10 million. Also during the third quarter, the company completed the redemption and conversion of its convertible debentures and convertible preferred stock. Most recently, all of its $1,625,000 of outstanding $2.25 Series B Convertible Preferred stock converted into common stock. As a result of these redemptions and conversions, the company currently has no outstanding convertible preferred stock or debentures and has 8.36 million common shares outstanding. Republic currently owns seven subsidiaries with 39 offices in six states, and has become one of the leading sources of single-family residential mortgages in Michigan. The company's common stock is traded on 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 Nine Months Ended Sept. 30 Sept. 30 1992 1991 1992 1991 Net income $3,207,462 $1,503,303 $8,335,518 $3,028,513 Dividends on preferred shares 2,931 137,200 275,735 414,050 Income applicable to common shares $3,204,531 $1,366,103 $8,059,783 $2,614,463 Net income per common share: Primary $.38 $.24 $1.11 $.46 Fully diluted .36 .22 1.01 .45 Average no. of shares outstanding to compute net income per common share: Primary 8,437,278 5,747,920 7,269,436 5,643,248 Fully diluted 8,984,454 7,085,556 8,262,186 6,279,474 Balance Sheet Summary (000s) Sept. 30 1992 1991 Total assets $626,678 $487,410 Mortgage loans and securities held for sale 219,464 54,292 Investment and mortgage-backed securities 58,830 127,754 Portfolio loans 285,533 259,517 Total deposits 516,082 427,937 Total shareholders' equity 55,715 37,795 -0- 10/12/92 /CONTACT: Dana M. Cluckey of Republic Bancorp Inc., 517-725-7337/ (RBNC) CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU: ERN
JG-MS -- DE017 -- 8853 10/12/92 12:34 EDT
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|Date:||Oct 12, 1992|
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