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Income also virtually flat. Commercial loans growing
Published on Wednesday, Jul 23, 2008
Beacon Journal staff report
FirstMerit Corp.'s earnings in the second quarter of 2008 were down slightly from the same period a year ago and down from the previous financial period.
On Tuesday, the Akron-based bank reported a net income of $29.2 million, or 36 cents a share, for the second quarter.
That compares to $29.9 million, or 37 cents a share, in the second quarter of 2007; and $31.4 million, or 39 cents per share, in the first quarter of this year.
''Our unwavering focus on executing our super community banking model is generating positive results amidst a challenging environment,'' said Paul Greig, chairman and chief executive. ''We believe our competitive array of financial services and products combined with our excellence in customer service will increase profitability and enhance shareholder value over the longer term.''
Greig said that commercial loan growth was continuing the momentum established in the first quarter of the year.
''Relative economic stability and emerging opportunities in our markets are providing us a foundation to grow the balance sheet,'' he said. ''Importantly, incentives within the organization remain aligned with maintaining a high standard of credit quality and the profitable expansion and penetration of our customer base.''
Average loans during the second quarter of 2008 increased $116.7 million (1.66 percent) over the first quarter of the year, and grew by $137.9 million (about 2 percent) over the same quarter last year. The increases were largely driven by commercial loan growth, the company said.
FirstMerit had $10.6 billion in assets as of June 30, an increase of $48 million from March 31.
FirstMerit has 160 banking offices and 175 ATMs in 25 Ohio and western Pennsylvania counties.
FirstMerit shares rose $2.55 to $19.57 in trading Tuesday.
The stock is down 2.3 percent from a year ago and down 2.2 percent in 2008.
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