FirstMerit reports earnings down 25 percent from year ago

Tue. October 27, 2009; Posted: 03:57 PM

Oct 27, 2009 (The Akron Beacon Journal - McClatchy-Tribune Information Services via COMTEX) -- FMER | Quote | Chart | News | PowerRating -- FirstMerit Corp.'s net earnings per share fell 25 percent from a year ago, the Akron bank and financial services company announced today.

FirstMerit said it earned $22.8 million, or 27 cents per share, compared to $29.8 million, or 36 cents per share a year ago.

Net income was down 23.5 percent from a year ago, while earnings per share were down 25 percent from a year ago. Third quarter 2008 results were restated to take into account stock dividends, FirstMerit reported.

Net interest income -- earnings from deposits -- fell to $89.1 million from $92.7 million a year ago.

FirstMerit continued to deliver a strong financial performance in a very challenging environment, said Paul Greig, chairman, president and chief executive officer.

FirstMerit had total assets of $10.8 billion at the end of the third quarter, up $76.5 million from a year ago. Total deposits were $7.3 billion, down $159.3 million, or 2.1 percent, from Sept. 30, 2008.

FirstMerit said it had the equivalent of 2,522 full-time employees at the end of September, compared to 2,614 a year ago.

Shares of FirstMerit rose 43 cents to $19.85 as of 12:05 p.m. Shares are up 1.5 percent, including reinvested dividends, since Jan. 1 and are up 24.1 percent from a year ago.

Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.

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For full details on Firstmerit Corp (FMER) click here. Firstmerit Corp (FMER) has Short Term PowerRatings of 7. Details on Firstmerit Corp (FMER) Short Term PowerRatings is available at This Link.

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