First Merit Corp. in Akron reported Tuesday that fourth-quarter earnings fell 78% from the same quarter a year earlier, to $6.1 million.
Diluted earnings per share dropped 79%, to 7 cents, which missed the average estimate of analysts polled by Thomson Financial by 32 cents.
The $10.3 billion-asset company attributed the decline in earnings to a decision last month to sell $80.9 million of commercial assets. It has added $23.1 million to its loan-loss provisions for the sale, which it expects to complete this quarter.
The fourth-quarter loan-loss provision jumped 172% from a year earlier, to $44.2 million. The full-year provision rose 74%, to $43.8 million.
First Merit also announced that it has appointed Julie Anne Robbins as its executive vice president of retail. She was a senior vice president of retail strategy and development at Washington Mutual Inc. in Seattle.
