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Akron-based bank's first-quarter net income of 39 cents per share in line with '07
By Betty Lin-Fisher
Beacon Journal business writer
Published on Wednesday, Apr 23, 2008
Earnings for the first quarter of 2008 for FirstMerit Corp. were relatively unchanged from the previous financial period.
On Tuesday, the Akron-based bank reported first-quarter net income of $31.4 million, or 39 cents per share, compared to $31.5 million, or 39 cents per share, for the fourth quarter of 2007.
The bank's first-quarter earnings also are identical to those of a year ago for first quarter 2007.
''Despite a challenging time in our industry, I'm pleased with our overall results this past quarter,'' Chairman and Chief Executive Officer Paul G. Greig said in a conference call with investors.
In a news release, Greig said ''revenue growth, expense control and credit quality performance in line with our expectations highlight our financial results. FirstMerit is positioned to profitably grow its balance sheet by winning new business and deepening existing customer relationships. We will execute our super community banking model with an aggressive sales approach tempered by our enhanced credit discipline.''
When asked by an analyst how FirstMerit would capitalize on problems of some other national banks, Greig said the bank would continue its aggressive business efforts.
''We have ample capital to help our customers achieve their goals and capacity to bring on more business,'' he said.
On Monday, Ohio's biggest bank and subprime lender, National City Corp. said it would sell a $7 billion ownership stake to investors after its CEO said the bank needed to quickly stabilize its debt rating, quell market rumors of insolvency and gain flexibility to deal with problem assets.
FirstMerit, which has $10.4 billion in assets, said net interest margin increased to 3.6 percent from 3.58 percent in the first quarter a year ago.
FirstMerit has 160 banking offices and 176 ATMs in 25 Ohio and Western Pennsylvania counties.
FirstMerit shares fell 9 cents to close at $20.22.
Betty Lin-Fisher can be reached at
330-996-3724 or blinfisher@
thebeaconjournal.com.
Earnings for the first quarter of 2008 for FirstMerit Corp. were relatively unchanged from the previous financial period.
Get the full article here.
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