Third Quarter Highlights Include: * Earnings per share of $.22 * Total
assets of $6.2 billion * SBA closings up 58% over prior year * Efficiency
ratio of 41.09%, well below peer
ANN ARBOR, Mich., Oct. 17 /PRNewswire-FirstCall/ -- Republic Bancorp
Inc., (Nasdaq: RBNC), today announced net income for the quarter ended
September 30, 2006 of $16,208,000, compared to net income of $17,222,000
earned in the third quarter of 2005. Diluted earnings per share were $.22
for the quarter, consistent with the third quarter of 2005. Net income
generated returns of 1.03% on average assets and 15.48% on average
shareholders' equity for the quarter ended September 30, 2006.
Net income for the nine months ended September 30, 2006 was
$49,021,000, compared to net income of $52,004,000 earned for the same
period in 2005. For the nine month period ending September 30, 2006,
diluted earnings per share were $.65, compared to $.67 earned in 2005.
Annualized returns on average assets and average shareholders' equity for
the first nine months of 2006 were 1.05% and 15.85%, respectively.
"The Company's solid financial results were driven by our focused
business strategies and motivated employees," commented Dana M. Cluckey,
President and Chief Executive Officer. "In addition, our variable cost
structure and continued tight control over expenses is reflected in the 8%
decrease in noninterest expense compared to the second quarter of 2006. The
commercial, retail and mortgage business lines all contributed to our
profitability and worked well together to serve our customers. Republic's
service quality and cross-sell results remain strong and we look forward to
expanding those opportunities through our merger with Citizens Banking
Corporation.
"We are also proud to be recognized by Working Mother Magazine as one
of the '100 Best Companies for Working Mothers' for the sixth year in a
row. This ranking is significant to Republic since 75% of our workforce is
female and it exemplifies the strong value we place on our exceptional
work-life policies and outstanding employee and family benefits programs.
By providing flexible solutions to our employees to facilitate their
balance of work and home life, they are more focused on providing customer
service that exceeds expectations," added Mr. Cluckey.
The Commercial banking division had commercial loan closings of $117
million during the third quarter of 2006, compared to $122 million in the
second quarter of 2006. SBA loan closings were a record $19 million during
the third quarter of 2006, compared to $12 million last quarter. The
Company's commercial loan portfolio grew $12 million, or 3% annualized,
during the quarter.
Also, during the third quarter of 2006, the Mortgage banking division
originated $233 million of single-family residential mortgages. The
mortgage loan pipeline of applications in process was $247 million at
September 30, 2006, down $53 million from June 30, 2006.
During the third quarter, the Company sold $97 million of fixed-rate
mortgages as part of its interest rate risk management. In addition, the
Company committed an additional $51 million of fixed-rate loans for sale in
the fourth quarter of 2006 and these loans were reclassified as mortgage
loans held for sale at September 30, 2006. The Company's mortgage loan
portfolio decreased $163 million during the quarter, due primarily to the
loan sales and commitments to sell loans in the fourth quarter of 2006.
The Retail banking division had consumer loan closings, primarily home
equity lines of credit and term loans, of $68 million during the third
quarter of 2006, compared to $80 million in the second quarter of 2006. The
consumer loan portfolio decreased slightly during the quarter as a decline
in home equity lines of credit of $24 million exceeded the increase in home
equity term loans of $19 million.
Income Statement
Net interest income decreased $2.2 million, or 6%, for the third
quarter of 2006 compared to the second quarter of 2006. The decrease was
primarily the result of a decline in the net interest margin. For the
quarter ended September 30, 2006, the Company's net interest margin was
2.40%, a decrease of 14 basis points from the quarter ended June 30, 2006.
Total noninterest income was $8.6 million for the quarter ended
September 30, 2006, up 8% from the second quarter of 2006. The increase was
primarily due to an increase in mortgage banking income. Mortgage banking
income for the quarter ended September 30, 2006 was $3.1 million, an
increase of 42% from the second quarter of 2006 due primarily to an
increase in mortgage loan sales.
Total noninterest expense decreased $1.7 million, or 8%, for the
quarter ended September 30, 2006 compared to the second quarter of 2006.
The decrease was primarily a result of a decline of $412,000 in salaries
and employee benefits and $1.3 million in other noninterest expense. The
decrease in other noninterest expense is primarily due to decreases in loan
collection expense, outside service fees, director fees and other losses.
The Company's efficiency ratio for the quarter ended September 30, 2006
was 41.09%, which compares very favorably to peer group.
Asset Quality and Capital
Net charge-offs to total average loans were 11 basis points for the
quarter ended September 30, 2006 and remain substantially below the
Company's peer group. Total non-accrual loans increased 10% from June 30,
2006, due to an increase in non-performing commercial loans.
During the quarter ended September 30, 2006, there were no shares
repurchased under the Company's stock repurchase programs. The 2005 and
2006 Stock Repurchase Programs have 2,348,152 shares available for
repurchase at September 30, 2006.
The Company's capital ratios continue to be well in excess of the
requirements for a well-capitalized bank. At September 30, 2006, the
Company's Total risk-based capital ratio was 12.50% and the Tier 1 leverage
ratio was 7.68%.
Citizens Republic Bancorp Update
On June 27, 2006, Citizens Banking Corporation (NASDAQ: symbol CBCF)
and Republic Bancorp announced that they have agreed to merge Republic into
Citizens to create the new Citizens Republic Bancorp. On August 28, 2006,
Citizens filed a Registration Statement on Form S-4 with the Securities and
Exchange Commission (the "SEC") that included a preliminary joint proxy
statement/prospectus. A definitive proxy statement/prospectus is expected
to be filed with the SEC and sent to shareholders later this month.
Citizens and Republic will each hold a special shareholders' meeting on
November 30, 2006 to approve the issuance of Citizens stock and to approve
and adopt the merger agreement, respectively. We currently expect to
complete the merger in the fourth quarter of 2006, subject to regulatory
and shareholder approvals and other customary closing conditions.
For more information regarding the upcoming merger, see the June 27,
2006 press release and investor presentation and the preliminary joint
proxy statement/prospectus, located on the Citizens website at
http://www.citizensonline.com , under the Investor Relations section.
About the Company
Republic Bancorp Inc., with $6.2 billion in assets, is the third
largest bank holding company headquartered in Michigan and the 81st largest
bank holding company in the country. Its subsidiary, Republic Bank, serves
customers in Michigan, Ohio and Indiana with 88 retail, commercial and
mortgage banking offices and 90 ATMs. Republic has consistently been the #1
Small Business Administration bank lender based in Michigan and one of the
Midwest's top retail mortgage lenders. Republic was named the 17th Best
Company to Work For by FORTUNE magazine (marking the 6th year on FORTUNE's
"100 Best Companies to Work For" list) and named to Working Mother
magazine's list of "100 Best Companies for Working Mothers" for the sixth
year in a row.
Information about Republic Bancorp Inc.'s financial results and its
products and services, including on-line banking and mortgage applications
can be accessed at http://www.republicbancorp.com .
Cash Dividend
The Company currently pays an annual cash dividend of $.44 per share,
which represents an annual yield of approximately 3.2% based on the
Company's current stock price.
Safe Harbor Statement
As with any statements other than those reflecting historical facts,
forward-looking statements contained in this announcement involve risk,
and, as such, future financial performance may differ from current
expectations due to a variety of marketplace factors. These factors
include, without limitation, those disclosed in Republic Bancorp's most
recent filings on Form 10-K and Form 10-Q with the Securities and Exchange
Commission.
Additional Information
In connection with the proposed merger, Citizens has filed with the SEC
a Registration Statement on Form S-4 that included a preliminary joint
proxy statement of Citizens and Republic that also constitutes a prospectus
of Citizens. Citizens and Republic will mail the definitive joint proxy
statement/prospectus, when it becomes available, to their respective
shareholders. Investors and security holders are advised to read the
definitive joint proxy statement/prospectus when it becomes available
because it will contain important information. Investors and security
holders may obtain a free copy of the preliminary joint proxy
statement/prospectus and the definitive joint proxy statement/prospectus
(when available) and other documents filed by Citizens and Republic with
the SEC at the SEC's website at http://www.sec.gov . Free copies of the
preliminary joint proxy statement/prospectus and the definitive joint proxy
statement/prospectus (when available) and each company's other filings with
the SEC may also be obtained by accessing Citizens' website at
http://www.citizensonline.com under the Investor Relations section or by
accessing Republic's website at http://www.republicbancorp.com under the
Investor Relations section.
Citizens and Republic and their respective directors, executive
officers and other members of their management may be soliciting proxies
from their respective shareholders in favor of the merger. Information
concerning persons who may be considered participants in the solicitation
of Citizens' shareholders under the rules of the SEC is set forth in the
Proxy Statement filed by Citizens with the SEC on March 22, 2006, and
information concerning persons who may be considered participants in the
solicitation of Republic's shareholders under the rules of the SEC is set
forth in the Proxy Statement filed by Republic with the SEC on March 14,
2006. Additional information regarding the interests of those participants
and other persons who may be deemed participants in the transaction may be
obtained by reading the joint proxy statement/prospectus regarding the
proposed merger when it becomes available. You may obtain free copies of
these documents as described above.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any sale of
securities in any jurisdiction in which such solicitation or sale would be
unlawful prior to the registration or qualification under the securities
laws of such jurisdiction.
REPUBLIC BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
Sept. 30, June 30, Dec. 31, Sept. 30,
2006 2006 2005 2005
(Unaudited)(Unaudited) (Unaudited)
ASSETS
Cash and cash equivalents $53,119 $64,019 $52,527 $68,395
Mortgage loans held
for sale 107,659 56,127 38,259 91,844
Securities available
for sale 896,446 902,926 861,623 831,820
Securities held to
maturity (at cost) 207,239 215,230 227,262 237,059
Loans, net of unearned
income 4,666,230 4,829,488 4,628,258 4,585,988
Less allowance for
loan losses (44,284) (43,124) (42,122) (41,946)
Net loans 4,621,946 4,786,364 4,586,136 4,544,042
Federal Home Loan Bank
stock (at cost) 79,406 80,437 80,525 80,521
Premises and equipment 25,538 26,605 26,586 26,690
Bank owned life insurance 118,423 118,491 116,519 115,498
Other assets 98,472 96,391 92,329 85,613
Total assets $6,208,248 $6,346,590 $6,081,766 $6,081,482
LIABILITIES
Noninterest-bearing
deposits $267,223 $294,663 $284,932 $295,124
Interest-bearing deposits:
NOW accounts 175,271 180,375 187,190 184,476
Savings and money market
accounts 771,625 830,175 932,048 977,221
Retail certificates
of deposit 1,204,849 1,191,906 1,102,188 1,049,334
Wholesale deposits 615,851 564,328 636,585 708,452
Total interest-bearing
deposits 2,767,596 2,766,784 2,858,011 2,919,483
Total deposits 3,034,819 3,061,447 3,142,943 3,214,607
Federal funds purchased and
other short-term borrowings 763,803 643,823 709,300 718,775
Short-term FHLB advances 300,000 500,000 218,000 190,000
Long-term FHLB advances and
security repurchase
agreements 1,576,439 1,621,467 1,489,432 1,438,302
Accrued expenses and other
liabilities 56,208 62,669 67,632 64,570
Long-term debt 50,000 50,000 50,000 50,000
Total liabilities 5,781,269 5,939,406 5,677,307 5,676,254
SHAREHOLDERS' EQUITY
Preferred stock, $25 stated
value: $2.25 cumulative and
convertible; 5,000,000 shares
authorized, none issued
and outstanding - - - -
Common stock, $5 par value;
100,000,000 shares authorized;
74,631,000, 74,451,000,
74,976,000, and 75,309,000
issued and outstanding,
respectively 373,156 372,257 374,882 342,315
Capital surplus 34,819 33,777 36,721 34,407
Retained earnings 27,520 19,519 3,114 32,692
Accumulated other
comprehensive loss (8,516) (18,369) (10,258) (4,186)
Total shareholders'
equity 426,979 407,184 404,459 405,228
Total liabilities and
shareholders' equity $6,208,248 $6,346,590 $6,081,766 $6,081,482
REPUBLIC BANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Interest Income
Interest and fees on loans $81,160 $70,556 $233,524 $202,477
Interest on securities
and FHLB stock dividends 13,794 12,795 42,444 37,452
Total interest income 94,954 83,351 275,968 239,929
Interest Expense
Deposits 25,876 19,118 70,038 50,973
Short-term borrowings 15,257 9,147 40,826 23,092
Long-term FHLB advances and
security repurchase agreements 17,444 15,931 50,428 47,480
Long-term debt 1,075 1,075 3,225 3,225
Total interest expense 59,652 45,271 164,517 124,770
Net interest income 35,302 38,080 111,451 115,159
Provision for loan losses 2,450 1,400 5,600 4,300
Net interest income after
provision for loan losses 32,852 36,680 105,851 110,859
Noninterest Income
Service charges 3,230 3,318 9,538 9,007
Mortgage banking income 3,093 4,760 7,112 13,817
Gain on sale of securities 41 447 109 1,174
Gain on sale of SBA loans 559 628 1,376 1,581
Income from bank owned
life insurance 1,023 1,083 2,983 3,176
Other noninterest income 638 775 2,704 2,180
Total noninterest income 8,584 11,011 23,822 30,935
Noninterest Expense
Salaries and employee benefits 10,994 15,337 34,720 41,103
Occupancy expense of premises 2,415 2,603 7,539 7,799
Equipment expense 1,347 1,565 4,200 4,788
Other noninterest expense 3,520 4,393 12,866 14,339
Merger related expense 105 - 105 -
Total noninterest expense 18,381 23,898 59,430 68,029
Income before income taxes 23,055 23,793 70,243 73,765
Provision for income taxes 6,847 6,571 21,222 21,761
Net income $16,208 $17,222 $49,021 $52,004
Basic earnings per share $.22 $.23 $.66 $.68
Diluted earnings per share $.22 $.22 $.65 $.67
REPUBLIC BANCORP INC.
SUMMARY OF SELECTED FINANCIAL DATA
(In thousands, except operating data)
Three Months Ended Nine Months Ended
September 30, September 30,
2006 2005 2006 2005
Operating Data (in millions):
Residential mortgage loan
closings:
Fixed rate $182 $291 $557 $740
Adjustable rate 51 144 193 449
Total residential mortgage
loan closings $233 $435 $750 $1,189
Conventional loans $110 $216 $358 $627
Government loans 27 42 71 107
Construction loans 30 56 94 147
Jumbo and other loans 66 121 227 308
Total residential mortgage
loan closings $233 $435 $750 $1,189
Refinances (percent of total) 30% 37% 35% 38%
Mortgage loan sales $261 $300 $426 $775
Commercial loan closings:
Commercial loans $117 $198 $360 $498
SBA loans 19 12 42 36
Total commercial loan
closings $136 $210 $402 $534
Consumer loan closings: $68 $115 $213 $327
Performance Ratios
(annualized for the quarter):
Return on average assets 1.03% 1.14% 1.05% 1.16%
Return on average equity 15.48% 16.87% 15.85% 16.88%
Net interest margin 2.40% 2.67% 2.53% 2.73%
Efficiency ratio(1) 41.09% 48.26% 43.13% 46.09%
Per Common Share Data:
Average common shares
outstanding - diluted 75,251 76,577 75,305 77,486
Cash dividends declared $.11 $.10 $.33 $.30
Book value $5.72 $5.38 $5.72 $5.38
Tangible book value $5.67 $5.32 $5.67 $5.32
Sept. 30, June 30, Dec. 31, Sept. 30,
2006 2006 2005 2005
Capital Ratios:
Shareholders' equity to assets 6.88% 6.42% 6.65% 6.66%
Tier 1 risk-based capital 11.41% 10.98% 11.24% 11.18%
Total risk-based capital 12.50% 12.03% 12.32% 12.27%
Tier 1 leverage 7.68% 7.52% 7.57% 7.52%
(1) Includes total noninterest expense, divided by total revenue (FTE),
excluding gain on sale of securities.
REPUBLIC BANCORP INC.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in thousands)
Three Months Ended Three Months Ended
September 30, 2006 September 30, 2005
Average Average Average Average
Balance Interest Rate Balance Interest Rate
Average Assets:
Short-term investments $1,454 $12 3.53% $1,125 $9 3.26%
Mortgage loans held
for sale 62,634 1,025 6.55 123,039 1,811 5.89
Securities available
for sale:
Taxable 681,533 8,566 5.03 620,465 7,142 4.60
Tax-exempt 218,541 2,900 5.26 203,673 2,762 5.38
Securities held to
maturity 211,498 2,399 4.54 246,915 2,795 4.53
Portfolio loans:
Commercial loans 1,785,509 34,103 7.47 1,662,161 28,295 6.66
Residential real
estate mortgage
loans 2,284,742 32,025 5.61 2,138,468 28,017 5.24
Installment loans 715,830 14,007 7.76 752,278 12,433 6.56
Total loans, net
of unearned income 4,786,081 80,135 6.63 4,552,907 68,745 5.98
FHLB stock 79,717 805 4.01 80,518 965 4.75
Total interest-
earning assets 6,041,458 95,842 6.29 5,828,642 84,229 5.73
Allowance for loan losses (43,543) (42,098)
Cash and due from banks 44,338 51,647
Other assets 239,668 212,929
Total assets $6,281,921 $6,051,120
Average Liabilities and
Shareholders' Equity:
Interest-bearing
demand deposits $179,763 $379 0.84% $193,258 $266 0.55%
Savings and money market
accounts 797,106 5,019 2.50 998,537 4,738 1.88
Retail certificates of
deposit 1,197,760 12,836 4.25 1,031,360 8,693 3.34
Wholesale deposits 590,560 7,642 5.13 584,836 5,421 3.68
Total interest-
bearing deposits 2,765,189 25,876 3.71 2,807,991 19,118 2.70
Short-term borrowings 1,159,512 15,257 5.15 1,022,939 9,147 3.50
Long-term FHLB advances
and security repurchase
agreements 1,577,589 17,444 4.33 1,425,914 15,931 4.37
Long-term debt 50,000 1,075 8.60 50,000 1,075 8.60
Total interest-bearing
liabilities 5,552,290 59,652 4.23 5,306,844 45,271 3.36
Noninterest-bearing
deposits
273,060 292,012
Other liabilities 37,865 43,931
Total liabilities 5,863,215 5,642,787
Shareholders' equity 418,706 408,333
Total liabilities
and shareholders'
equity $6,281,921 $6,051,120
Net interest income/
rate spread (FTE) $36,190 2.06% $38,958 2.37%
FTE adjustment $888 $878
Impact of noninterest-
bearing sources of funds 0.34% 0.30%
Net interest margin (FTE) 2.40% 2.67%
REPUBLIC BANCORP INC.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in thousands)
Nine Months Ended Nine Months Ended
September 30, 2006 September 30, 2005
Average Average Average Average
Balance Interest Rate Balance Interest Rate
Average Assets:
Short-term investments $1,120 $34 4.53% $1,321 $22 2.20%
Mortgage loans held
for sale 41,237 1,992 6.44 104,960 4,630 5.88
Securities available
for sale:
Taxable 689,243 25,858 5.00 595,373 20,458 4.53
Tax-exempt 218,269 8,661 5.31 209,717 8,543 5.45
Securities held to
maturity 218,595 7,606 4.64 246,429 8,457 4.58
Portfolio loans:
Commercial loans 1,761,263 97,818 7.32 1,620,991 78,879 6.42
Residential real estate
mortgage loans 2,265,865 93,354 5.49 2,143,661 83,982 5.22
Installment loans 722,374 40,360 7.47 745,385 34,986 6.28
Total loans, net of
unearned income 4,749,502 231,532 6.47 4,510,037 197,847 5.83
FHLB stock 80,231 2,903 4.84 80,645 2,646 4.39
Total interest-
earning assets 5,998,197 278,586 6.17 5,748,482 242,603 5.60
Allowance for loan losses (42,989) (41,950)
Cash and due from banks 43,826 49,922
Other assets 235,414 210,018
Total assets $6,234,448 $5,966,472
Average Liabilities and
Shareholders' Equity:
Interest-bearing
demand deposits $181,177 $972 0.72% $197,853 $718 0.49%
Savings and money market
accounts 834,997 14,009 2.24 1,019,600 12,837 1.68
Retail certificates
of deposit 1,171,433 34,514 3.94 977,798 23,600 3.23
Wholesale deposits 580,587 20,543 4.73 564,508 13,818 3.27
Total interest-
bearing deposits 2,768,194 70,038 3.38 2,759,759 50,973 2.47
Short-term borrowings 1,131,765 40,826 4.76 997,970 23,092 3.05
Long-term FHLB advances
and security repurchase
agreements 1,559,322 50,428 4.26 1,422,232 47,480 4.40
Long-term debt 50,000 3,225 8.60 50,000 3,225 8.60
Total interest-bearing
liabilities 5,509,281 164,517 3.96 5,229,961 124,770 3.16
Noninterest-bearing
deposits 269,958 282,875
Other liabilities 42,931 42,783
Total liabilities 5,822,170
5,555,619
Shareholders' equity 412,278 410,853
Total liabilities
and shareholders'
equity $6,234,448 $5,966,472
Net interest income/
rate spread (FTE) $114,069 2.21% $117,833 2.44%
FTE adjustment $2,618 $2,674
Impact of noninterest-
bearing sources of funds 0.32% 0.29%
Net interest margin (FTE) 2.53% 2.73%
REPUBLIC BANCORP INC.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in thousands)
Sept. 30, June 30, Dec. 31, Sept. 30,
2006 2006 2005 2005
Portfolio Loan Summary:
Commercial loans:
Commercial and
industrial $28,588 $28,554 $28,314 $30,390
Commercial real estate
mortgage 1,763,161 1,751,263 1,669,556 1,647,460
Total commercial
loans 1,791,749 1,779,817 1,697,870 1,677,850
Residential real estate
mortgages 2,163,438 2,326,491 2,193,128 2,146,613
Installment loans:
Home equity lines of
credit 329,530 353,912 390,373 437,566
Home equity term loans 214,710 195,320 170,352 148,404
Other consumer loans 166,803 173,948 176,535 175,555
Total installment
loans 711,043 723,180 737,260 761,525
Total portfolio
loans $4,666,230 $4,829,488 $4,628,258 $4,585,988
Non-Performing Assets:
Non-accrual loans:
Commercial $42,293 $34,355 $27,344 $24,913
Residential real estate
mortgage 16,602 19,273 19,026 13,636
Installment 2,500 2,059 2,413 1,361
Total non-accrual
loans 61,395 55,687 48,783 39,910
Other real estate owned:
Commercial 6,431 4,598 8,575 9,089
Residential real estate
mortgage 8,146 5,592 3,029 3,331
Installment 890 861 712 687
Total other real estate
owned 15,467 11,051 12,316 13,107
Total non-performing
assets $76,862 $66,738 $61,099 $53,017
Allowance for Loan Losses
(for the quarter):
Balance at beginning
of period $43,124 $42,342 $41,946 $41,871
Loans charged off:
Commercial 164 411 1,387 924
Residential real estate
mortgage 593 390 340 577
Installment 748 351 294 345
Total charge-offs 1,505 1,152 2,021 1,846
Recoveries:
Commercial 84 51 334 96
Residential real estate
mortgage - 1 135 219
Installment 131 132 228 206
Total recoveries 215 184 697 521
Net charge-offs 1,290 968 1,324 1,325
Provision charged to
expense 2,450 1,750 1,500 1,400
Balance at end of period $44,284 $43,124 $42,122 $41,946
REPUBLIC BANCORP INC.
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in thousands)
Sept. 30, June 30, Dec. 31, Sept. 30,
2006 2006 2005 2005
Asset Quality Ratios:
Non-performing assets to loans and
other real estate owned 1.64% 1.38% 1.32% 1.15%
Non-performing assets to total assets 1.24% 1.05% 1.00% .87%
Allowance for loan losses
to non-performing loans 72.13% 77.44% 86.35% 105.10%
Allowance for loan losses to loans .95% .89% .91% .91%
Allowance for loan losses to loans
(excluding residential real
estate mortgages) 1.77% 1.72% 1.73% 1.72%
Net charge-offs to average loans:(1)
Commercial loans .02% .08% .25% .20%
Residential real estate
mortgage loans .10% .07% .04% .07%
Installment loans .34% .12% .03% .07%
Total loans .11% .08% .11% .12%
(1) Quarter-to-date, annualized.
SOURCE Republic Bancorp Inc.
 back to top
Related links:
http://www.republicbancorp.com
http://www.citizensonline.com
CONTACT:
Thomas F. Menacher, Exec.V.P., Treasurer &
CFO, +1-989-725- 7337, tmenacher@republicbancorp.com , or
Kristine D. Brenner, Director of Investor Relations,
+1-989-725-7337, kbrenner@republicbancorp.com , both of Republic
Bancorp Inc.
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