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Ohioan puts spin on old vinyl Christmas records
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Police accuse bank robbery suspect of gobbling up note (with dashcam video)
Victim of beating in Kent last week is declared dead at Akron hospital
Dad accused of forcing son into field, killing him
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Man found dead in North Akron home is identified
Browns' roster nearly devoid of consistent players
Does it work? Test team returns to try out new products advertised on television
Coventry man killed in crash at I-77 ramp
Review: You've never seen 'Sound of Music' like this
College student mistaken for deer, shot to death
Blogs:
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Cat-loving chihuahua suckles seven abandoned kittens
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Friday Night Notebook
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Browns vs. Lions live …
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Akron trounces Howard to reach .500
Tribe Matters:
Seven players added to Tribe’s 40-man roster
Cleveland Browns:
Robiskie, Harrison inactive
Kent State Sports:
Kent State blown out in second half, loses to Temple 47-13
Cleveland Cavaliers:
Gameblog: Cavs vs. Philadelphia 76ers
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OSU – Michigan college football rivals meet in Baghdad
Varsity Letters:
Four area football teams play tonight
All Da King's Men:
The Sunday Sanity Challenge
Blog of Mass Destruction:
Will Health Care Reform Pass?
Akron Law Café:
Health Care Financing Reform: (69) The Brookings Institute Study on "Bending the Curve" – Four General Strategies
See Jane Style:
Vintage Chic
Car Chase:
TIME TO GET YOUR COLLECTOR CARS WINTERIZED
Let's Talk Real Estate:
Silverdome Potentially SOLD!
Ohio Travels with Betty:
George is looking for a Thanksgiving buffet in Akron.
Sound Check:
Steely Dan Plays "The Royal Scam" at E.J. Thomas Hall
HRLite House:
A Random Rant on Testing
Akron Gamer:
Nintendo's Mario endures even as games come and go
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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