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REPUBLIC BANCORP REPORTS RECORD PROFITS

 ANN ARBOR, Mich., April 12 /PRNewswire/ -- Republic Bancorp Inc. (NASDAQ-NMS: RBNC) today announced record earnings for the bank holding company for the quarter ended March 31, 1993.
 Net income for the quarter was $4.0 million, an increase of 58 percent over the $2.5 million reported for the same period in the prior year, and represents the highest quarterly profits ever recorded by the company. Fully diluted earnings per share increased to $0.44 for the first quarter of 1993 from $0.35 for the same period in 1992. The earnings increases were primarily due to a significant increase in single-family mortgage volume.
 Residential mortgage loan closings were $648 million for the first quarter of 1993, an increase of 102 percent over the $321 million closed during the same period in 1992. The higher mortgage loan closings resulted in larger gains on sale of mortgages and mortgage servicing rights. For the first quarter of 1993 sale of mortgages and mortgage servicing rights resulted in gains of $11.3 million vs. $4.0 million in the first quarter of 1992. Also, due to the significant increase in the mortgage loan servicing portfolio, net mortgage loan servicing fees were $1.5 million for the first quarter of 1993, vs. $271,000 for the same period in 1992.
 Non-interest expense for the three months ended March 31, 1993, was $13.6 million, an increase of 112 percent over the $6.4 million reported for the same period in 1992. This increase is primarily due to an increase in salaries and employee benefits associated with the increased mortgage loan volume and the acquisition of Market Street Mortgage Corporation in December 1992.
 The company's total assets as of March 31, 1993, were $743 million, compared to $549 million as of March 31, 1992, or an increase of 35 percent. Total deposits as of March 31, 1993, were $555 million, an increase of 25 percent over the $445 million reported one year earlier. Total shareholders' equity also increased from $40.8 million at March 31, 1992, to $61.9 million at March 31, 1993, an increase of 52 percent.
 Republic Bancorp Inc. is a registered bank holding company with headquarters in Ann Arbor. The company currently owns seven subsidiaries with 59 offices in 12 states, including Michigan, Ohio, Illinois, Missouri, Iowa, Virginia, Maryland, Kentucky, North Carolina, Georgia, Florida and Alabama, and has become one of the region's leading sources of single-family residential mortgages. 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.
 SUMMARY OF SELECTED FINANCIAL DATA
 (Dollars in thousands, except operating and per-share data)
 First Quarter First Quarter
 1993 1992
 Statements of Income Information:
 Net interest income before provision
 for loan losses $4,908 $5,036
 Provision for loan losses 75 293
 Gain on sale of mortgage and
 mortgage servicing rights 11,327 3,986
 Net mortgage loan servicing fees 1,458 271
 Other non-interest income 1,950 1,330
 Non-interest expense 13,620 6,425
 Income tax expense 1,923 1,358
 Net income $4,025 $2,547
 Net income applicable to common shares $4,025 $2,410
 Per Common Share Data:
 Primary earnings per share(1) $.44 $.39
 Fully diluted earnings per share(1) .44 .35
 Cash dividends declared .05 .05
 Book value 7.35 5.99
 Average shares outstanding -
 primary (000s) 9,159 6,100
 Average shares outstanding -
 fully diluted (000s) 9,235 7,250
 Operating Data (in millions)
 Residential mortgage loan closings $648 $321
 Mortgage servicing rights sold 284 241
 Mortgage loan servicing portfolio 2,253 611
 Quarter-End Balances:
 Total assets $743,181 $548,957
 Portfolio loans, net 272,045 260,545
 Mortgage loans held for sale 247,424 134,989
 Total deposits 554,942 445,357
 Long-term debt 18,551 7,592
 Shareholders' equity 61,911 40,842
 Performance Ratios:(4) (percents)
 Return on average assets 2.28 1.94
 Return on average common equity 26.93 28.86
 Asset Quality Ratios: (percents)
 Non-performing assets to loans and
 other real estate owned(2) 2.04 2.54
 Non-performing assets to loans and
 other real estate owned(3) 1.09 1.68
 Non-performing assets to total assets .76 1.23
 Allowance for estimated loan losses
 to non-performing loans 116.38 72.98
 Allowance for estimated loan losses
 to loans(2) 1.84 1.72
 Allowance for estimated loan losses
 to loans(3) .97 1.14
 Net charge-offs (recoveries) to average
 loans outstanding(2,4) (0.11) .14
 Net charge-offs (recoveries) to average
 loans outstanding(3,4) (0.07) .11
 Capital Ratios: (percents)
 Total shareholders' equity to assets 8.33 7.44
 Tier 1 risk-based capital 13.46 12.05
 Total risk-based capital 18.85 13.82
 Tier 1 leverage 7.97 7.35
 (1) -- All per-share amounts have been restated to reflect stock dividends.
 (2) -- Does not include mortgage loans held for sale.
 (3) -- Includes mortgage loans held for sale.
 (4) -- Annualized.
 -0- 4/12/93
 /CONTACT: Dana M. Cluckey of Republic Bancorp Inc., 517-725-7337/
 (RBNC)


CO: Republic Bancorp Inc. ST: Michigan IN: FIN SU: ERN

KE-SS -- DE017 -- 4874 04/12/93 15:54 EDT
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Date:Apr 12, 1993
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