The FirstMerit Corp., the parent company of FirstMerit Bank, reported first quarter 2016 profit of $54.1 million, or $0.31 per diluted share, compared with $57.1 million, or $0.33 per diluted share, for the first quarter 2015.
This excludes merger-related charges of $5.5 million, or $3.5 million after tax, EPS was $0.341 per diluted share.
“Our results in the first quarter of 2016 reflect strong performance throughout the organization. We successfully achieved solid loan growth, continued to provide high levels of customer service and remain focused on expense management,” said Paul G. Greig, chairman, president and chief executive officer, of FirstMerit. “We are actively preparing and planning our merger integration with Huntington. We are pleased with the progress and expect to close on schedule during the third quarter of this year.”
FirstMerit, based in Akron, is the sixth largest bank in Crawford County with an office in Bucyrus, Galion and Crestline.
The company said it has been profitable for the past 68 quarters. Total loan growth increased by $148.5 million, or 0.92 percent from the previous quarter. Credit quality remains solid with net charge-offs to average originated loans of 0.22 percent.
Average originated loans were $14.2 billion during the first quarter 2016, an increase of $323.9 million, or 2.34 percent, compared with the fourth quarter 2015, and an increase of $1.5 billion, or 11.80 percent, compared with the first quarter 2015.
Average deposits were $20.6 billion during the first quarter 2016, an increase of $632.9 million, or 3.16 percent, compared with the fourth quarter 2015, and an increase of $846.7 million, or 4.28 percent, compared with the first quarter 2015.
FirstMerit Corporation is a diversified financial services company with assets of about $26.1 billion as of March 31 and 368 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations.
Noninterest income, excluding gains and losses on securities transactions, for the first quarter 2016 was $67.1 million, an increase of $2.0 million, or 2.99 percent, from the fourth quarter 2015 and an increase of $1.6 million, or 2.45 percent, from the first quarter 2015.
Nonperforming assets totaled $112.3 million at March 31, an increase of $17.8 million, or 18.83 percent, compared with December 31, 2015 and an increase of $43.7 million, or 63.68 percent, compared with March 31, 2015.
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