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FirstMerit in Akron, Ohio, reported higher quarterly profit that met Wall Street expectations despite margin pressure.
October 28 - WIB PH
Sandy Pierce is a lifelong Detroit resident who has the chance to help her hometown in a way that few bankers ever get. The FirstMerit vice chairman leads the board overseeing the distressed city's turnaround plan.
September 22 -
Aided by gains in fee income, lower expenses and double-digit commercial loan growth, FirstMerit in Akron, Ohio, reported a profit of $59.5 million in the second quarter, up nearly 23% from the same period in last year.
July 22
FirstMerit in Akron, Ohio,
The $24.9 billion-asset company earned $61.1 million in the fourth quarter, up 7% from a year earlier.
Lower salary and professional services costs drove the results, as the company cut noninterest expenses 8%, to $165 million.
Tighter margins weighed down returns from the companys loan book. Net interest income fell 3%, to $196.5 million. Total loans increased 7%, to $15.3 billion, mostly from a sharp uptick in commercial lending. The net interest margin narrowed by 33 basis points, to 3.56%.
Fee-based income held relatively steady at $72 million.