EXHIBIT 99.5
Republic Bancorp Inc.
and D&N Financial Corporation
Unaudited Pro Forma Condensed Combined Statements of Income
Year Ended December 31, 1998
(In thousands, except per share data)
D&N
Republic Financial Pro Forma
Bancorp Inc. Corporation Combined
----------- ----------- --------
INTEREST INCOME
Loans, including fees $ 141,537 $ 105,777 $ 247,314
Securities and other 4,468 34,197 38,665
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Total interest income 146,005 139,974 285,979
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INTEREST EXPENSE
Deposits 59,094 51,206 110,300
Borrowings 27,270 36,079 63,349
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Total interest expense 86,364 87,285 173,649
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NET INTEREST INCOME 59,641 52,689 112,330
PROVISION FOR LOAN LOSSES 4,000 2,500 6,500
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 55,641 50,189 105,830
OTHER INCOME 137,441 13,820 151,261
OTHER EXPENSES 157,466 37,323 194,789
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INCOME BEFORE INCOME TAXES 35,616 26,686 62,302
INCOME TAXES 12,726 7,901 20,627
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INCOME BEFORE PREFERRED STOCK DIVIDENDS 22,890 18,785 41,675
Preferred stock dividends - 2,723 2,723
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NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 22,890 $ 16,062 $ 38,952
=========== =========== =========
EARNINGS PER COMMON SHARE
Basic $ 0.97 $ 1.75 $ 0.97
=========== =========== =========
Diluted $ 0.96 $ 1.69 $ 0.95
=========== =========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 23,585 9,158 40,253
Diluted 23,894 9,507 41,197
Republic Bancorp Inc.
and D&N Financial Corporation
Unaudited Pro Forma Condensed Combined Statements of Income
Year Ended December 31, 1997
(In thousands, except per share data)
D&N
Republic Financial Pro Forma
Bancorp Inc. Corporation Combined
------------ ----------- ----------
INTEREST INCOME
Loans, including fees $ 105,819 $ 98,560 $204,379
Securities and other 13,033 27,133 40,166
--------- -------- --------
Total interest income 118,852 125,693 244,545
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INTEREST EXPENSE
Deposits 48,986 47,961 96,947
Borrowings 22,926 28,793 51,719
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Total interest expense 71,912 76,754 148,666
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NET INTEREST INCOME 46,940 48,939 95,879
PROVISION FOR LOAN LOSSES 3,031 1,350 4,381
--------- -------- --------
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 43,909 47,589 91,498
OTHER INCOME 102,515 8,920 111,435
OTHER EXPENSES 117,742 33,223 150,965
--------- -------- --------
INCOME BEFORE INCOME TAXES 28,682 23,286 51,968
INCOME TAXES 9,893 7,743 17,636
--------- -------- --------
INCOME BEFORE PREFERRED STOCK DIVIDENDS 18,789 15,543 34,332
Preferred stock dividends - 1,218 1,218
--------- -------- --------
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 18,789 $ 14,325 $ 33,114
========= ======== ========
EARNINGS PER COMMON SHARE
Basic $ 0.80 $ 1.58 $ 0.83
========= ======== ========
Diluted $ 0.79 $ 1.53 $ 0.81
========= ======== ========
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 23,350 9,094 39,899
Diluted 23,837 9,365 40,881
Republic Bancorp Inc.
and D&N Financial Corporation
Unaudited Pro Forma Condensed Combined Statements of Income
Year Ended December 31, 1996
(In thousands, except per share data)
D&N
Republic Financial Pro Forma
Bancorp Inc. Corporation Combined
------------ ----------- ---------
INTEREST INCOME
Loans, including fees $ 80,436 $ 86,151 $ 166,587
Securities and other 18,711 18,158 36,869
------------ ----------- ---------
Total interest income 99,147 104,309 203,456
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INTEREST EXPENSE
Deposits 42,268 43,859 86,127
Borrowings 20,159 17,687 37,846
------------ ----------- ---------
Total interest expense 62,427 61,546 123,973
------------ ----------- ---------
NET INTEREST INCOME 36,720 42,763 79,483
PROVISION FOR LOAN LOSSES 290 1,100 1,390
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NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 36,430 41,663 78,093
OTHER INCOME 90,846 7,224 98,070
OTHER EXPENSES 104,492 39,543 144,035
------------ ----------- ---------
INCOME BEFORE INCOME TAXES 22,784 9,344 32,128
INCOME TAXES 7,718 349 8,067
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INCOME BEFORE EXTRAORDINARY ITEM 15,066 8,995 24,061
Extraordinary item - loss on early redemption of debt, net of tax (388) - (388)
------------ ----------- ---------
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS $ 14,678 $ 8,995 $ 23,673
============ =========== =========
EARNINGS PER COMMON SHARE
Basic Earnings Per Share
Income before extraordinary item $ 0.63 $ 1.08 $ 0.61
Extraordinary item (0.02) - (0.01)
------------ ----------- ---------
Net income per share - basic $ 0.61 $ 1.08 $ 0.60
============ =========== =========
Diluted Earnings Per Share
Income before extraordinary item $ 0.61 $ 1.01 $ 0.59
Extraordinary item (0.02) - (0.01)
------------ ----------- ---------
Net income per share - diluted $ 0.59 $ 1.01 $ 0.58
============ =========== =========
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic 24,184 8,337 39,357
Diluted 24,794 8,906 41,003