- Associated Press - Tuesday, July 28, 2015

July 28—Profits at FirstMerit Corp. fell 4.9 percent for the second quarter, the Akron-based bank reported Tuesday morning.

The bank’s net income for the second quarter was $56.6 million or 33 cents per share, compared to $59.5 million, or 35 cents per share, for the same time period a year ago.

“Our financial performance this quarter reflected continuing execution of our productivity and profitability initiatives,” Paul Greig, chairman, president and chief executive officer, said in a news release. “During the quarter, we produced solid loan growth and achieved operating expense levels within our longer-term cost-reduction goals. Our strong capital levels supported solid balance sheet expansion, which was augmented by solid credit quality “

The bank said it was its 65th consecutive quarter of profitability.

FirstMerit said its average originated loans totaled $13.1 billion during the second quarter, an increase of $2 billion, or 18 percent, from a year ago.

Average deposits — $19.7 billion for the quarter — increased of $185.9 million compared to a year ago.

As of noon, shares in FirstMerit had fallen 61 cents to $19.56, a drop of 3 percent.


(c)2015 the Akron Beacon Journal (Akron, Ohio)

Visit the Akron Beacon Journal (Akron, Ohio) at www.ohio.com

Distributed by Tribune Content Agency, LLC.


Topics: t000156338,t000156231,t000002730,t000002537

Copyright © 2019 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide