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By Beacon Journal staff report
POSTED: 12:33 p.m. EDT, Oct 23, 2007
FirstMerit Corp. reported net income of $30.3 million, or 38 cents a share, for the third quarter, a 3 percent drop from a year ago.
The Akron banking company also said it was hit with a $4.1 million operating loss that increased its net non-interest expenses for the quarter because of ''a customer check-kiting fraud.'' The company said it is cooperating with a criminal investigation.
The quarter's non-interest expenses of $84 million — up $7 million from a year ago in part because of the check-kiting fraud — are expected to return to normal levels in the fourth quarter, the company said.
FirstMerit had net interest income of $86.6 million, up 0.8 percent from the $85.9 million in the third quarter of 2006.
Analysts polled by Thomson Finance estimated FirstMerit would earn 37 cents a share for the quarter.
Shares of FirstMerit rose 89 cents to $19.46 as of 12:11 p.m. At that price, shares are down 16 percent since Jan. 1, including reinvested dividends, and are down 11.7 percent from a year ago.
For the first nine months of 2007, FirstMerit had net income of $91.6 million, or $1.14 a share, compared to $88.8 million, or $1.11 a share for the same period in 2006.
''I am satisfied with our credit performance this quarter that includes a declining level of nonperforming assets and year-to-date reduction in our net charge-off levels,'' Paul Greig, chairman and chief executive officer, said in a statement.
FirstMerit Corp. reported net income of $30.3 million, or 38 cents a share, for the third quarter, a 3 percent drop from a year ago.
The Akron banking company also said it was hit with a $4.1 million operating loss that increased its net non-interest expenses for the quarter because of ''a customer check-kiting fraud.'' The company said it is cooperating with a criminal investigation.
The quarter's non-interest expenses of $84 million — up $7 million from a year ago in part because of the check-kiting fraud — are expected to return to normal levels in the fourth quarter, the company said.
FirstMerit had net interest income of $86.6 million, up 0.8 percent from the $85.9 million in the third quarter of 2006.
Analysts polled by Thomson Finance estimated FirstMerit would earn 37 cents a share for the quarter.
Shares of FirstMerit rose 89 cents to $19.46 as of 12:11 p.m. At that price, shares are down 16 percent since Jan. 1, including reinvested dividends, and are down 11.7 percent from a year ago.
For the first nine months of 2007, FirstMerit had net income of $91.6 million, or $1.14 a share, compared to $88.8 million, or $1.11 a share for the same period in 2006.
''I am satisfied with our credit performance this quarter that includes a declining level of nonperforming assets and year-to-date reduction in our net charge-off levels,'' Paul Greig, chairman and chief executive officer, said in a statement.
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