Events Calendar
In This Section
Most Read Stories
Family found dead in Ohio home
Man gets 3 years in prison for having sex with horse
Kosar would be wrong call as GM
Take comfort in knowing Browns could be bigger losers
Sex-toy study at Duke University raises some eyebrows
Akron man turns himself in after authorities turn up heat
Robbers order bar patrons to empty pockets
Unusual sports bar to be sold at auction
Man appears alive at own funeral
Another wacky, crazy Browns week
Judicial colleagues give magistrate job to judge who lost election
Bank helps more save their homes
Blogs:
Pets:
Humane Society telethon short of goal
The Heldenfiles:
"Mad Men" Season Finale
Patrick McManamon:
There's no argument against Holmgren; it just has to happen
Akron Zips:
The morning after
Tribe Matters:
Tribe makes roster moves
Cleveland Browns:
Lewis doesn't like boycott
Kent State Sports:
Kent State falls to Akron, 20-28
Cleveland Cavaliers:
Gameblog: Cavs at Knicks
Buckeye Blogging:
Weekly ‘B’ Deck Report – New Mexico St.
Varsity Letters:
Wrestling, bowling teams prepare for season
All Da King's Men:
If It Looks Like Islamic Terrorism…
Blog of Mass Destruction:
Dems Message To Women: Don't Enjoy The Sex
Akron Law Café:
Health Care Financing Reform: (62) The Stupak Amendment
See Jane Style:
Muffle Your Muffler
Car Chase:
Perfect Weather for an Autumn Drive
Let's Talk Real Estate:
RUMORS: Downtown Restaurant Explosion
Ohio Travels with Betty:
Jack is looking for a trip to Southern Ohio the week of November 16.
Sound Check:
The Black Keys to perform benefit concert at Musica on November 27
HRLite House:
Personal Rant – Why People Do Not Live in Northeast Ohio
Akron Gamer:
New 'Call of Duty' could set entertainment record
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.
Comments
Click here to post your comments
