• Resources
  • Blog
  • Journalists
  • Log In
  • Sign Up
  • Data Privacy
  • Send a Release
Cision PR Newswire: news distribution, targeting and monitoring home
  • News
  • Products
  • Contact

 

When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All News Releases
      • All Public Company
      • English-only
      • News Releases Overview

      • Multimedia Gallery

      • All Multimedia
      • All Photos
      • All Videos
      • Multimedia Gallery Overview

      • Trending Topics

      • All Trending Topics
  • Business & Money
      • Auto & Transportation

      • All Automotive & Transportation
      • Aerospace, Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads and Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking and Road Transportation
      • Auto & Transportation Overview

      • View All Auto & Transportation

      • Business Technology

      • All Business Technology
      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • Business Technology Overview

      • View All Business Technology

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Financial Services & Investing

      • All Financial Services & Investing
      • Accounting News & Issues
      • Acquisitions, Mergers and Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalization
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • Financial Services & Investing Overview

      • View All Financial Services & Investing

      • General Business

      • All General Business
      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls and Research
      • Trade Show News
      • General Business Overview

      • View All General Business

  • Science & Tech
      • Consumer Technology

      • All Consumer Technology
      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • Consumer Technology Overview

      • View All Consumer Technology

      • Energy & Natural Resources

      • All Energy
      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil and Gas Discoveries
      • Utilities
      • Water Utilities
      • Energy & Natural Resources Overview

      • View All Energy & Natural Resources

      • Environ­ment

      • All Environ­ment
      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • Environ­ment Overview

      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • All Heavy Industry & Manufacturing
      • Aerospace & Defense
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation and Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking and Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • Heavy Industry & Manufacturing Overview

      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • All Telecomm­unications
      • Carriers and Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • Telecomm­unications Overview

      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • All Consumer Products & Retail
      • Animals & Pets
      • Beers, Wines and Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics and Personal Care
      • Fashion
      • Food & Beverages
      • Furniture and Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewelry
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • Consumer Products & Retail Overview

      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • All Entertain­ment & Media
      • Advertising
      • Art
      • Books
      • Entertainment
      • Film and Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • Entertain­ment & Media Overview

      • View All Entertain­ment & Media

      • Health

      • All Health
      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • Health Overview

      • View All Health

      • Sports

      • All Sports
      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • Sports Overview

      • View All Sports

      • Travel

      • All Travel
      • Amusement Parks and Tourist Attractions
      • Gambling & Casinos
      • Hotels and Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • Travel Overview

      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • All Policy & Public Interest
      • Advocacy Group Opinion
      • Animal Welfare
      • Congressional & Presidential Campaigns
      • Corporate Social Responsibility
      • Domestic Policy
      • Economic News, Trends, Analysis
      • Education
      • Environmental
      • European Government
      • FDA Approval
      • Federal and State Legislation
      • Federal Executive Branch & Agency
      • Foreign Policy & International Affairs
      • Homeland Security
      • Labor & Union
      • Legal Issues
      • Natural Disasters
      • Not For Profit
      • Patent Law
      • Public Safety
      • Trade Policy
      • U.S. State Policy
      • Policy & Public Interest Overview

      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • All People & Culture
      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • People & Culture Overview

      • View All People & Culture

      • In-Language News

      • Arabic
      • español
      • português
      • Česko
      • Danmark
      • Deutschland
      • España
      • France
      • Italia
      • Nederland
      • Norge
      • Polska
      • Portugal
      • Россия
      • Slovensko
      • Suomi
      • Sverige
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • Sponsored Placement
  • All Products
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • PR Newswire: news distribution, targeting and monitoring
  • Send a Release
    • ALL CONTACT INFO
    • Contact Us

      888-776-0942
      from 8 AM - 10 PM ET

  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • News in Focus
    • Browse All News
    • Multimedia Gallery
    • Trending Topics
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • Overview
  • Distribution by PR Newswire
  • Cision Communications Cloud®
  • Cision IR
  • All Products
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices
  • Send a Release
  • Sign Up
  • Log In
  • Resources
  • Blog
  • Journalists
  • RSS
  • GDPR

FirstMerit Corporation Reports First Quarter 2011 EPS of $0.25 Per Share

FirstMerit Corporation. (PRNewsFoto/FirstMerit Corporation) (PRNewsFoto/)

News provided by

FirstMerit Corporation

Apr 26, 2011, 07:30 ET

Share this article

Share this article


AKRON, Ohio, April 26, 2011 /PRNewswire/ --

Quarterly Highlights include:

  • 48th consecutive quarter of profitability
  • Solid linked-quarter credit trends supported by $10.7 million, or 8.70%, decline in non-performing assets and $4.6 million, or 21.41%, decline in net charge-offs, to 0.99% of average loans
  • Annualized average commercial loan growth of 9.86%
  • Core deposit growth of $458.8 million
  • Strong tangible common equity ratio at 7.50%

FirstMerit Corporation (Nasdaq: FMER) reported first quarter 2011 net income of $27.6 million, or $0.25 per diluted share.  This compares with $27.0 million, or $0.25 per diluted share, for the fourth quarter of 2010 and $15.4 million, or $0.18 per diluted share, for the first quarter 2010.  

(Logo:  http://photos.prnewswire.com/prnh/20070920/CLTU138LOGO )

Returns on average common equity ("ROE") and average assets ("ROA") for the first quarter 2011 were 7.37% and 0.78%, respectively, compared with 7.04% and 0.74% for the fourth quarter of 2010 and 5.71% and 0.55% for the first quarter 2010.

"With our focus on disciplined credit management and underwriting, FirstMerit's credit metrics have been superior throughout the cycle and our performance in the first quarter of 2011 continues to benefit from strong credit quality," said Paul G. Greig, chairman, president and CEO of FirstMerit Corporation. "Our solid financial results this quarter are marked by a number of highlights, including lower net charge-offs and non-performing assets and continued growth in commercial loans and core deposits. Our success is built upon our proven super community bank model, reinforced by our strong, well-capitalized balance sheet."

Net interest margin was 4.00% for the first quarter of 2011 compared with 4.14% for the fourth quarter of 2010 and 3.72% for the first quarter of 2010.  The decline in net interest margin compared with the prior quarter was a result of declining average loan balances in the covered loan portfolio.  The decline in the covered loan portfolio is to be expected as there were no new acquisitions of loans subject to loss share agreements after the quarter ended June 30, 2010.  The covered loan portfolio will continue to decline, through payoffs, charge-offs, termination or expiration of loss share coverage, unless the Corporation acquires additional loans subject to loss share agreements in the future.  Expansion in the net interest margin compared with the year ago quarter was driven primarily by the increase in average earning assets as a result of the Midwest acquisition in the quarter ended June 30, 2011.

Average loans, not including covered loans, during the first quarter of 2011 increased $58.3 million, or 0.82%, compared with the fourth quarter of 2010 and increased $179.2 million, or 2.55%, compared with the first quarter of 2010. Compared with the first quarter of 2010, average commercial loans, not including covered loans, increased $356.1 million or 8.48%. Average covered loan balances including the indemnification asset were $1.9 billion, $2.0 billion, and $0.1 billion at March 31, 2011, December 31, 2010, and March 31, 2010, respectively.      

The overall mix of deposits improved in the quarter ended March 31, 2011.  Average deposits during the first quarter of 2011 decreased $68.6 million, or 0.60%, compared with the fourth quarter of 2010 and increased $3.0 billion, or 35.72%, compared with the first quarter of 2010. The increase year over year was primarily due to the additional deposits assumed in the Midwest acquisition in the quarter ended June 30, 2010.  During the first quarter of 2011, the Corporation increased its average core deposits, which excludes time deposits, by $309.7 million, or 3.69%, compared with the fourth quarter of 2010, and $2.2 billion, or 32.88%, compared with the first quarter of 2010.  Average time deposits decreased $378.3 million, or 12.60%, from the fourth quarter of 2010 and increased $0.8 million, or 46.03% from the first quarter of 2010.  The change in deposit mix over the prior quarter is due to the Corporation's strategy to retain the acquired depository customers and move them from certificate of deposit accounts into core deposit accounts.

Average investments during the first quarter of 2011 increased $181.7 million, or 5.61%, compared with the fourth quarter of 2010 and increased $502.1 million, or 17.21%, over the first quarter of 2010.  The increase in the first quarter of 2011 average investments, compared with the fourth quarter of 2010, is due to the purchase of $400.0 million of securities in the first quarter of 2011.

Net interest income on a fully tax-equivalent ("FTE") basis was $123.9 million in the first quarter 2011 compared with $130.0 million in the fourth quarter of 2010 and $92.3 million in the first quarter of 2010.  Compared with the fourth quarter of 2010, average earning assets increased $94.3 million, or 0.76%, and increased $2.5 billion, or 24.65%, compared to the first quarter of 2010.  

Noninterest income net of securities transactions for the first quarter of 2011 was $52.8 million, a decrease of $1.4 million, or 2.60%, from the fourth quarter of 2010 and an increase of $2.9 million, or 5.72%, from the first quarter of 2010.  

The decrease in other income for the first quarter of 2011 compared to the fourth quarter of 2010 was driven by lower mortgage revenue, including loan sales and servicing, down $4.2 million from the prior quarter.  In the fourth quarter of 2010, the Corporation experienced significantly high levels of fee income from loan sales and servicing related to increased origination activity in 2010.

Other income, net of securities gains, as a percentage of net revenue for the first quarter of 2011 was 29.86% compared with 29.42% for fourth quarter of 2010 and 35.08% for the first quarter of 2010.  Net revenue is defined as net interest income, on a FTE basis, plus other income, less gains from securities sales.

Noninterest expense for the first quarter of 2011 was $114.4 million, a decrease of $8.0 million, or 6.54%, from the fourth quarter of 2010 and an increase of $20.4 million, or 21.73%, from the first quarter of 2010.  For the three months ended March 31, 2011, increases in operating expenses compared to the first quarter of 2010 were primarily attributable to increased salary and benefits as a result of the three 2010 acquisitions.

During the first quarter of 2011, the Corporation reported an efficiency ratio of 64.46%, compared with 65.95% for the fourth quarter of 2010 and 65.93% for the first quarter of 2010.

Net charge-offs, excluding acquired loans, totaled $17.0 million, or 0.99% of average loans, excluding acquired loans, in the first quarter of 2011 compared with $21.7 million, or 1.25% of average loans, in the fourth quarter of 2010 and $22.8 million, or 1.36% of average loans, in the first quarter of 2010.

Nonperforming assets totaled $112.8 million at March 31, 2011, a decrease of $10.7 million compared with December 31, 2010 and a decrease of $10.6 million compared with March 31, 2010.  Nonperforming assets at March 31, 2011 represented 1.61% of period-end loans plus other real estate, excluding acquired loans, compared with 1.78% at December 31, 2010 and 1.80% at March 31, 2010.  

The allowance for noncovered loan losses, totaled $114.7 million at March 31, 2011 and December 31, 2010.  At March 31, 2011, the allowance for noncovered loan losses was 1.64% of period-end loans compared with 1.65% at December 31, 2010, and 1.72% at March 31, 2010.  The allowance for credit losses is the sum of the allowance for noncovered loan losses, and the reserve for unfunded lending commitments. For comparative purposes the allowance for credit losses was 1.74% of period-end loans, excluding acquired loans, at March 31, 2011, compared with 1.78% at December 31, 2010 and 1.82% at March 31, 2010.  The allowance for credit losses to nonperforming loans was 147.38% at March 31, 2011, compared with 118.01% at December 31, 2010 and 110.80% at March 31, 2010.

The Corporation's total assets at March 31, 2011 were $14.5 billion, an increase of $331.8 million, or 2.35%, compared with December 31, 2010 and an increase of $2.1 billion, or 17.38%, compared with March 31, 2010. Total loans, excluding acquired loans, did not significantly change compared with December 31, 2010 and March 31, 2010.  The increase in total assets compared with March 31, 2010, is attributed to the three 2010 acquisitions.

Total deposits were $11.4 billion at March 31, 2011, an increase of $127.9 million, or 1.14%, from December 31, 2010 and an increase of $2.0 billion, or 21.62%, from March 31, 2010.  The increase in total deposits over March 31, 2010 was driven primarily by deposits acquired in the Midwest acquisition in the quarter ended June 30, 2010.  Core deposits totaled $8.9 billion at March 31, 2011, an increase of $0.5 billion, or 5.42%, from December 31, 2010 and an increase of $1.9 billion, or 27.42%, from March 31, 2010.  The increase in core deposits over the prior quarter is due to the Corporation's strategy to retain acquired depository customers and move them from certificate of deposit accounts into core deposit products.  

Shareholders' equity was $1.5 billion at March 31, 2011 and December 31, 2010 compared with $1.2 billion at March 31, 2010.  The Corporation maintained a strong capital position as tangible common equity to assets was 7.50% at March 31, 2011, compared with 7.59% and 7.91% at December 31, 2010 and March 31, 2010, respectively.  The common dividend per share paid in the first quarter 2011 was $0.16.

Acquisitions and Integration

The three 2010 acquisitions of First Bank, George Washington and Midwest were considered business combinations and accounted for under FASB Accounting Standard Codification 805, Business Combinations (ASC 805).  All acquired assets and liabilities were recorded at their estimated fair values as of the date of acquisition and identifiable intangible assets were recorded at their estimated fair value. Estimated fair values of the acquired assets and liabilities of Midwest are considered preliminary and are subject to change up to one year after the acquisition date.  This one year measurement period allows for adjustments to the initial purchase entries if additional information relative to closing date fair values becomes available. The one year measurement period for the First Bank and George Washington acquisitions expired in the quarter ended March 31, 2011.   Material adjustments to acquisition date estimated fair values have been recorded in the period in which the acquisition occurred and, as a result, previously reported results are subject to change.  Certain reclassifications of prior periods' amounts may also be made to conform to the current period's presentation and would have no effect on previously reported net income amounts.  

During the quarter ended March 31, 2011, we obtained additional information that resulted in changes to certain acquisition-data fair value estimates relating to the Midwest acquisition.  These purchase accounting adjustments have resulted in a decrease to goodwill of approximately $19.1 million to $272.1 million as of June 30, 2010.  Prior period amounts appropriately reflect these adjustments.

First Quarter 2011 Conference Call

FirstMerit Corporation senior management will host an earnings conference call today at 2:00 p.m. (Eastern Time) to provide an overview of first quarter 2011 results and highlights. To participate in the conference call, please dial (888) 693-3477 ten minutes before start time and provide the reservation number: 59604216. A replay of the conference call will be available at approximately 5:00 p.m. (Eastern Time) on April 26, 2011 through May 10, 2011 by dialing (800) 642-1687, and entering the PIN: 59604216.

About FirstMerit Corporation

FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of $14.5 billion as of March 31, 2011 and 207 banking offices and 220 ATMs in Ohio, Western Pennsylvania and the Chicago area. FirstMerit Corporation provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal wholly-owned subsidiaries include: FirstMerit Bank, N.A., FirstMerit Mortgage Corporation, FirstMerit Title Agency, Ltd., and FirstMerit Community Development Corporation.

Subsequent Events

The Corporation is required under generally accepted accounting principles to evaluate subsequent events through the filing of the March 31, 2011 consolidated financial statements on Form 10-Q.  As a result, the Corporation will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2011 and will adjust amounts preliminarily reported, if necessary.

Forward-Looking Statement

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Corporation, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, continued softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Corporation's business, competitive pressures, changes in accounting, tax or regulatory practices or requirements and those risk factors detailed in the Corporation's periodic reports and registration statements filed with the Securities and Exchange Commission. The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

FIRSTMERIT CORPORATION AND SUBSIDIARIES

Consolidated Financial Highlights

(Unaudited)






Quarters





(Dollars in thousands)













2011


2010


2010


2010


2010

EARNINGS


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr

Net interest income FTE (a)

$

123,940

$

129,971

$

125,514

$

118,817

$

92,348

Provision for noncovered loan losses


17,018


19,816


18,108


20,366


25,493

Provision for covered loan losses


5,331


3,572


593


267


-

Other income


52,756


54,311


55,135


53,209


49,900

Other expenses


114,445


122,452


120,670


105,723


94,013

FTE adjustment (a)


2,116


2,107


2,021


2,050


1,954

Net income


27,560


27,030


28,996


31,493


15,390

Diluted EPS


0.25


0.25


0.27


0.32


0.18












PERFORMANCE RATIOS











Return on average assets (ROA)


0.78%


0.74%


0.79%


0.94%


0.55%

Return on average common equity (ROE)


7.37%


7.04%


7.60%


11.21%


5.71%

Net interest margin FTE (a)


4.00%


4.14%


3.96%


4.02%


3.72%

Efficiency ratio


64.46%


65.95%


66.26%


61.30%


65.93%

Number of full-time equivalent employees


3,056


3,058


3,093


3,095


2,723












MARKET DATA











Book value/common share

$

13.98

$

13.86

$

13.95

$

13.87

$

12.69

Period-end common share mkt value


17.07


19.79


18.32


17.13


21.57

Market as a % of book


122%


143%


131%


124%


170%

Cash dividends/common share

$

0.16

$

0.16

$

0.16

$

0.16

$

0.16

Common stock dividend payout ratio


64.00%


64.41%


60.03%


50.00%


88.89%

Average basic common shares


108,769


108,807


108,793


98,968


87,771

Average diluted common shares


108,770


108,808


108,794


98,969


87,777

Period end common shares


108,734


108,817


108,803


108,786


90,810

Common shares repurchased


91


9


4


46


115

Common stock market capitalization

$

1,856,089

$

2,153,479

$

1,993,276

$

1,863,504

$

1,958,772












ASSET QUALITY (excluding acquired loans)











Gross charge-offs

$

22,812

$

27,553

$

25,817

$

24,967

$

26,195

Net charge-offs


17,018


21,654


19,923


19,829


22,779

Allowance for loan losses noncovered


114,690


114,690


116,528


118,343


117,806

Reserve for unfunded lending commitments


7,202


8,849


7,864


6,812


6,337

Nonperforming assets (NPAs) (b)


112,759


123,502


115,267


109,781


123,320

Net charge-offs/average loans ratio (b)


0.99%


1.25%


1.17%


1.15%


1.36%

Allowance for noncovered loan losses/period-end loans (b)


1.64%


1.65%


1.72%


1.75%


1.72%

Allowance for credit losses/period-end loans (b)


1.74%


1.78%


1.84%


1.85%


1.82%

NPAs/loans and other real estate (b)


1.61%


1.78%


1.70%


1.62%


1.80%

Allowance for noncovered loan losses/nonperforming loans


138.67%


109.56%


111.00%


119.62%


105.14%

Allowance for credit losses/nonperforming loans


147.38%


118.01%


118.49%


126.51%


110.80%












CAPITAL & LIQUIDITY











Period-end tangible common equity to assets


7.50%


7.59%


7.54%


7.35%


7.91%

Average equity to assets


10.62%


10.51%


10.38%


8.39%


9.63%

Average equity to total loans (c)


17.14%


17.15%


16.93%


13.68%


15.39%

Average total loans to deposits (c)


78.14%


78.00%


78.25%


77.73%


85.18%












AVERAGE BALANCES











Assets

$

14,270,871

$

14,493,060

$

14,587,126

$

13,426,271

$

11,357,110

Deposits


11,319,809


11,388,423


11,425,741


10,600,401


8,340,796

Loans, excluding acquired loans (c)


6,963,389


6,868,222


6,781,123


6,810,582


6,812,647

Acquired loans, including covered loans (c)


1,881,540


2,014,361


2,160,075


1,429,388


291,651

Earning assets


12,560,913


12,466,629


12,579,486


11,860,439


10,076,565

Shareholders' equity


1,516,227


1,523,078


1,513,527


1,127,017


1,093,568












ENDING BALANCES











Assets

$

14,466,509

$

14,134,714

$

14,354,086

$

14,521,473

$

12,324,589

Deposits


11,395,946


11,268,006


11,271,416


11,515,171


9,370,009

Loans, excluding acquired loans (c)


6,989,973


6,937,142


6,776,098


6,779,941


6,836,451

Acquired loans, including covered loans (c)


1,800,525


1,953,093


2,119,504


2,244,737


533,888

Goodwill


460,044


460,044


460,044


460,044


187,945

Intangible assets


9,868


10,411


11,416


12,422


5,659

Earning assets


12,659,414


12,427,936


12,507,979


12,680,627


10,775,434

Total shareholders' equity


1,519,957


1,507,715


1,517,892


1,505,345


1,152,721












NOTES:

(a) - Net interest income on a fully tax-equivalent ("FTE") basis restates interest on tax-exempt securities and loans as if such interest were subject to federal income tax at the statutory rate.  Net interest income on an FTE basis is not an accounting principle generally accepted in the United States of America.

(b) - As required by current accounting guidance, the acquired loans and other real estate from First Bank, George Washington Savings Bank and Midwest Bank & Trust Company were recorded at fair value with no carryover of the related allowances.  The ratio of our allowance for loan and credit losses and NPAs do not include these loans and other real estate.

(c) - Excludes loss share receivable of $266 million, $289 million, $318.4 million, $319.8 million and $88.0 million as of March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively.

FIRSTMERIT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited, except December 31, 2010, which is derived from the


March 31,


December 31,


March 31,


audited financial statements)


2011


2010


2010











ASSETS








Cash and due from banks

$

168,528

$

157,415

$

171,793


Interest-bearing deposits in banks


470,253


365,698


550,145



Total cash and cash equivalents


638,781


523,113


721,938


Investment securities









Held-to-maturity


65,923


59,962


67,256



Available-for-sale


3,362,751


2,987,040


3,101,740



Other investments


160,818


160,752


132,043


Loans held for sale


13,443


41,340


16,009


Noncovered loans:









Commercial loans


4,565,376


4,527,497


4,389,859



Mortgage loans


399,380


403,843


447,575



Installment loans


1,282,170


1,308,860


1,382,522



Home equity loans


736,947


749,378


766,073



Credit card loans


141,864


149,506


145,029



Leases


60,487


63,004


59,464




Total noncovered loans


7,186,224


7,202,088


7,190,522




Allowance for noncovered loan losses


(114,690)


(114,690)


(117,806)




 Net noncovered loans


7,071,534


7,087,398


7,072,716



Covered loans (includes loss share receivable of $266 million)


1,870,255


1,976,754


267,864




Allowance for covered loan losses


(28,405)


(13,733)


-




 Net covered loans


1,841,850


1,963,021


267,864




 Net loans


8,913,384


9,050,419


7,340,580



Premises and equipment, net


192,630


197,866


164,408



Goodwill


460,044


460,044


187,945



Intangible assets


9,868


10,411


5,659



Other real estate covered by FDIC loss share


58,688


54,710


22,754



Accrued interest receivable and other assets


590,179


589,057


564,257




Total assets

$

14,466,509

$

14,134,714

$

12,324,589











LIABILITIES AND SHAREHOLDERS' EQUITY








Deposits:









Demand-non-interest bearing

$

2,925,088

$

2,790,550

$

2,217,714



Demand-interest bearing


815,593


868,404


686,503



Savings and money market accounts


5,188,815


4,811,784


4,103,657



Certificates and other time deposits


2,466,450


2,797,268


2,362,135




Total deposits


11,395,946


11,268,006


9,370,009













Federal funds purchased and securities sold under agreements to repurchase


952,995


777,585


896,330



Wholesale borrowings


325,046


326,007


677,715



Accrued taxes, expenses, and other liabilities


272,565


255,401


227,814




Total liabilities


12,946,552


12,626,999


11,171,868



Commitments and contingencies









Shareholders' equity:










Preferred stock, without par value:










  authorized and unissued 7,000,000 shares










Preferred stock, Series A, without par value:










  designated 800,000 shares; none outstanding










Convertible preferred stock, Series B, without par value:










  designated 220,000 shares; none outstanding










Common stock, without par value:










   authorized 300,000,000 shares; issued 115,121,731, 115,121,731 and










   97,521,571 at March 31, 2011, December 31, 2010 and










   March 31, 2010, respectively


127,937


127,937


127,937




Capital surplus


488,770


485,567


171,330




Accumulated other comprehensive loss


(25,765)


(26,103)


(20,983)




Retained earnings


1,091,160


1,080,900


1,045,195




Treasury stock, at cost, 6,387,924, 6,305,218 and 6,711,936










   shares at March 31, 2011, December 31, 2010 and March 31, 2010, respectively


(162,145)


(160,586)


(170,758)




Total shareholders' equity


1,519,957


1,507,715


1,152,721

Total liabilities and shareholders' equity

$

14,466,509

$

14,134,714

$

12,324,589

FIRSTMERIT CORPORATION AND SUBSIDIARIES

AVERAGE CONSOLIDATED BALANCE SHEETS




Quarterly Periods

(Unaudited)











(Dollars in thousands)


March 31,


December 31,


September 30,


June 30,


March 31,



2011


2010


2010


2010


2010












ASSETS











Cash and cash equivalents

$

520,602

$

809,828

$

821,713

$

762,781

$

521,666

Investment securities











  Held-to-maturity


64,212


64,287


63,364


64,650


56,322

  Available-for-sale


3,194,751


3,012,983


3,049,056


3,131,787


2,731,639

  Other investments


160,752


160,756


158,591


179,735


129,658

Loans held for sale


22,574


39,174


21,659


18,827


14,538

Noncovered loans:











 Commercial loans


4,553,777


4,445,691


4,336,631


4,376,274


4,197,663

 Mortgage loans


403,758


403,334


421,087


438,243


454,525

 Installment loans


1,294,156


1,331,130


1,363,248


1,377,748


1,402,552

 Home equity loans


741,596


754,270


762,626


763,943


757,094

 Credit card loans


146,526


146,744


146,863


145,880


150,117

 Leases


61,768


62,115


58,223


59,049


60,430

   Total noncovered loans


7,201,581


7,143,284


7,088,678


7,161,137


7,022,381

Covered loans and loss share receivable


1,917,043


2,046,145


2,198,138


1,304,303


122,027

   Total loans


9,118,624


9,189,429


9,286,816


8,465,440


7,144,408

   Less: total allowance for loan losses


134,064


119,924


113,062


116,436


115,031

   Net loans


8,984,560


9,069,505


9,173,754


8,349,004


7,029,377












Total earning assets


12,560,913


12,466,629


12,579,486


11,860,439


10,076,565












Premises and equipment, net


195,296


195,915


172,712


167,009


141,405

Accrued interest receivable and other assets


1,128,124


1,140,612


1,126,277


752,478


732,505












TOTAL ASSETS

$

14,270,871

$

14,493,060

$

14,587,126

$

13,426,271

$

11,357,110























LIABILITIES











Deposits:











 Demand-non-interest bearing

$

2,874,884

$

2,816,850

$

2,730,483

$

2,496,826

$

2,146,969

 Demand-interest bearing


841,545


857,960


858,168


775,031


687,233

 Savings and money market accounts


4,978,773


4,710,682


4,502,779


4,278,756


3,709,246

 Certificates and other time deposits


2,624,607


3,002,931


3,334,311


3,049,788


1,797,348












   Total deposits


11,319,809


11,388,423


11,425,741


10,600,401


8,340,796












Federal funds purchased and securities sold under











 agreements to repurchase


848,169


904,163


928,607


843,652


951,927

Wholesale borrowings


325,296


368,397


443,890


526,963


708,414












   Total funds


12,493,274


12,660,983


12,798,238


11,971,016


10,001,137

Accrued taxes, expenses and other liabilities


261,370


308,999


275,361


328,238


262,405












   Total liabilities


12,754,644


12,969,982


13,073,599


12,299,254


10,263,542












SHAREHOLDERS' EQUITY











Common stock


127,937


127,937


127,937


127,937


127,937

Capital surplus


486,907


485,126


484,197


127,143


106,350

Accumulated other comprehensive loss


(26,703)


(9,867)


(2,332)


(15,913)


(20,593)

Retained earnings


1,089,554


1,080,809


1,065,001


1,051,308


1,049,774

Treasury stock


(161,468)


(160,927)


(161,276)


(163,458)


(169,900)












   Total shareholders' equity


1,516,227


1,523,078


1,513,527


1,127,017


1,093,568












TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

14,270,871

$

14,493,060

$

14,587,126

$

13,426,271

$

11,357,110

FIRSTMERIT CORPORATION AND SUBSIDIARIES

AVERAGE CONSOLIDATED BALANCE SHEETS

Fully Tax-equivalent Interest Rates and Interest Differential

(Unaudited)

(Dollars in thousands)



Three months ended


Year ended


Three months ended






















March 31, 2011


December 31, 2010


March 31, 2010






















Average




Average


Average




Average


Average




Average



Balance


Interest


Rate


Balance


Interest


Rate


Balance


Interest


Rate




















ASSETS



















Cash and cash equivalents

$

520,602





$

728,723





$

521,666





Investment securities and federal funds sold:



















    U.S. Treasury securities and U.S. Government



















         agency obligations (taxable)


2,783,053


19,368


2.82%


2,554,538


87,019


3.41%


2,377,729


22,909


3.91%

    Obligations of states and political subdivisions (tax



















         exempt)


357,511


5,030


5.71%


348,832


20,505


5.88%


344,899


5,139


6.04%

    Other securities and federal funds sold


279,151


2,117


3.08%


300,700


8,508


2.83%


194,991


1,986


4.13%

         Total investment securities and federal



















          funds sold


3,419,715


26,515


3.14%


3,204,070


116,032


3.62%


2,917,619


30,034


4.17%




















Loans held for sale


22,574


274


4.92%


23,612


1,162


4.92%


14,538


184


5.13%

Noncovered loans, covered loans and loss share



















    receivable


9,118,624


114,562


5.10%


8,529,303


433,308


5.08%


7,144,408


83,590


4.75%




















         Total earning assets


12,560,913


141,351


4.56%


11,756,985


550,502


4.68%


10,076,565


113,808


4.58%




















Total allowance for loan losses


(134,064)






(116,118)






(115,031)





Other assets


1,323,420






1,154,761






869,604
























         Total assets

$

14,270,871





$

13,524,351





$

11,352,804
























LIABILITIES AND SHAREHOLDERS' EQUITY



















Deposits:



















    Demand - non-interest bearing

$

2,874,884


--


--

$

2,550,849


--


--

$

2,146,969


--


--

    Demand - interest bearing


841,545


184


0.09%


794,497


751


0.09%


687,233


152


0.09%

    Savings and money market accounts


4,978,773


7,845


0.64%


4,303,815


31,912


0.74%


3,709,246


7,601


0.83%

    Certificates and other time deposits


2,624,607


6,827


1.05%


2,801,270


32,713


1.17%


1,797,348


6,406


1.45%




















         Total deposits


11,319,809


14,856


0.53%


10,450,431


65,376


0.63%


8,340,796


14,159


0.69%




















Securities sold under agreements to repurchase


848,169


915


0.44%


907,015


4,477


0.49%


951,927


1,127


0.48%

Wholesale borrowings


325,296


1,640


2.04%


510,799


13,998


2.74%


708,414


6,174


3.53%




















         Total interest bearing liabilities


9,618,390


17,411


0.73%


9,317,396


83,851


0.90%


7,854,168


21,460


1.11%




















Other liabilities


261,370






340,485






262,405
























Shareholders' equity


1,516,227






1,315,621






1,093,568
























         Total liabilities and shareholders' equity

$

14,270,871





$

13,524,351





$

11,357,110











































Net yield on earning assets

$

12,560,913


123,940


4.00%

$

11,756,985


466,651


3.97%

$

10,076,565


92,348


3.72%




















Interest rate spread






3.83%






3.78%






3.47%




















Note:  Interest income on tax-exempt securities and loans has been adjusted to a fully-taxable equivalent basis.  

Nonaccrual loans have been included in the average balances.

FIRSTMERIT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


(Unaudited)


Quarters ended

(Dollars in thousands except per share data)


March 31,






2011



2010

Interest income:







Interest and fees on loans, including held for sale

$

114,555


$

83,645


Investment securities








Taxable


21,485



24,870



Tax-exempt


3,195



3,339



Total investment securities interest


24,680



28,209




Total interest income


139,235



111,854

Interest expense:







Interest on deposits:








Demand-interest bearing


184



152



Savings and money market accounts


7,845



7,601



Certificates and other time deposits


6,827



6,406


Interest on securities sold under agreements to repurchase


915



1,127


Interest on wholesale borrowings


1,640



6,174



Total interest expense


17,411



21,460



Net interest income


121,824



90,394

Provision for noncovered loan losses


17,018



25,493

Provision for covered loan losses


5,331



-



Net interest income after provision for loan losses


99,475



64,901

Other income:







Trust department income


5,514



5,281


Service charges on deposits


14,910



15,366


Credit card fees


12,207



11,558


ATM and other service fees


2,917



2,509


Bank owned life insurance income


5,241



5,652


Investment services and insurance


2,447



1,928


Loan sales and servicing income


5,012



3,237


Gain on George Washington acquisition


-



1,041


Other operating income


4,508



3,328



Total other income


52,756



49,900

Other expenses:







 Salaries, wages, pension and employee benefits


59,871



48,156


 Net occupancy expense


8,594



7,140


 Equipment expense


6,836



6,050


 Stationery, supplies and postage


2,705



2,693


 Bankcard, loan processing and other costs


7,562



7,818


 Professional services


5,793



5,237


 Amortization of intangibles


543



234


 FDIC expense


4,366



3,765


 Other operating expense


18,175



12,920



Total other expenses


114,445



94,013




Income before federal income tax expense


37,786



20,788

Federal income tax expense


10,226



5,398




Net income

$

27,560


$

15,390










Other comprehensive income, net of taxes







Unrealized securities' holding gain, net of taxes

$

338


$

4,476


Unrealized hedging loss, net of taxes


-



-


Less: reclassification adjustment for securities' gain realized in








income, net of taxes


-



-


Minimum pension liability adjustment, net of taxes


-



-


Total other comprehensive gain, net of taxes


338



4,476



Comprehensive income

$

27,898


$

19,866


Net income applicable to common shares

$

27,560


$

15,390


Net income used in diluted EPS calculation

$

27,560


$

15,390

Weighted average number of common shares outstanding - basic


108,769



87,771

Weighted average number of common shares outstanding - diluted


108,770



87,777

Basic earnings per share

$

0.25


$

0.18

Diluted earnings per share

$

0.25


$

0.18

Dividend per share

$

0.16


$

0.16

FIRSTMERIT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME---LINKED QUARTERS




Quarterly Results

 (Unaudited)


2011


2010


2010


2010


2010

 (Dollars in thousands, except share data)


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr












Interest and fees on loans, including held for sale

$

114,555

$

121,651

$

118,543

$

109,924

$

83,645

Interest and dividends - securities and federal funds sold


24,680


24,714


26,794


28,890


28,209

         Total interest income


139,235


146,365


145,337


138,814


111,854

Interest on deposits:











    Demand-interest bearing


184


198


252


149


152

    Savings and money market accounts


7,845


8,145


8,294


7,873


7,601

    Certificates and other time deposits


6,827


7,209


9,588


9,510


6,406

    Securities sold under agreements to repurchase


915


960


986


1,404


1,127

    Wholesale borrowings


1,640


1,989


2,724


3,111


6,174

         Total interest expense


17,411


18,501


21,844


22,047


21,460

         Net interest income


121,824


127,864


123,493


116,767


90,394

Provision for noncovered loan losses


17,018


19,816


18,108


20,366


25,493

Provision for covered loan losses


5,331


3,572


593


267


-

    Net interest income after provision for loan losses


99,475


104,476


104,792


96,134


64,901

Other income:











    Trust department income


5,514


5,627


5,469


5,574


5,281

    Service charges on deposits


14,910


15,938


16,859


17,737


15,366

    Credit card fees


12,207


12,678


12,532


12,242


11,558

    ATM and other service fees


2,917


2,910


2,996


2,844


2,509

    Bank owned life insurance income


5,241


3,192


3,219


2,886


5,652

    Investment services and insurance


2,447


2,300


2,688


2,535


1,928

    Investment securities gains, net


-


146


58


651


-

    Loan sales and servicing income


5,012


9,221


4,006


2,975


3,237

   Gain on George Washington acquisition


-


-


-


-


1,041

   Other operating income


4,508


2,299


7,308


5,765


3,328

         Total other income


52,756


54,311


55,135


53,209


49,900

Other expenses:











    Salaries, wages, pension and employee benefits


59,871


62,331


58,930


51,899


48,156

    Net occupancy expense


8,594


9,236


8,608


7,680


7,140

    Equipment expense


6,836


7,549


7,330


6,735


6,050

    Stationery, supplies and postage


2,705


3,183


2,865


2,696


2,693

    Bankcard, loan processing and other costs


7,562


7,810


8,281


7,663


7,818

    Professional services


5,793


7,731


8,544


7,845


5,237

    Amortization of intangibles


543


1,006


1,006


669


234

    FDIC expense


4,366


4,342


5,267


4,416


3,765

    Other operating expense


18,175


19,264


19,839


16,120


12,920

         Total other expenses


114,445


122,452


120,670


105,723


94,013

Income before income tax expense


37,786


36,335


39,257


43,620


20,788

Federal income taxes


10,226


9,305


10,261


12,127


5,398

    Net income

$

27,560

$

27,030

$

28,996

$

31,493

$

15,390

Other comprehensive income (loss), net of taxes


338


(21,188)


(398)


16,466


4,476

    Comprehensive income

$

27,898

$

5,842

$

28,598

$

47,959

$

19,866

Net income applicable to common shares

$

27,560

$

27,030

$

28,996

$

31,493

$

15,390

Adjusted net income used in diluted EPS calculation

$

27,560

$

27,030

$

28,996

$

31,493

$

15,390

Weighted-average common shares - basic


108,769


108,807


108,793


98,968


87,771

Weighted-average common shares - diluted


108,770


108,808


108,794


98,969


87,777












Basic net income per share

$

0.25

$

0.25

$

0.27

$

0.32

$

0.18












Diluted net income per share

$

0.25

$

0.25

$

0.27

$

0.32

$

0.18

FIRSTMERIT CORPORATION AND SUBSIDIARIES

ASSET QUALITY INFORMATION (Excluding Acquired Assets)


(Unaudited, except December 31, 2010 annual period which

  is derived from the audited financial statements)

(Dollars in thousands, except ratios)



Quarterly Periods


Annual Period
















March 31,


December 31,


September 30,


June 30,


March 31,


December 31,

Allowance for Credit Losses


2011


2010


2010


2010


2010


2010














Allowance for noncovered loan losses, beginning of period

$

114,690

$

116,528

$

118,343

$

117,806

$

115,092

$

115,092

Provision for noncovered loan losses


17,018


19,816


18,108


20,366


25,493


83,783

Charge-offs


22,812


27,553


25,817


24,967


26,195


104,532

Recoveries


5,794


5,899


5,894


5,138


3,416


20,347

 Net charge-offs


17,018


21,654


19,923


19,829


22,779


84,185

Allowance for noncovered loan losses, end of period

$

114,690

$

114,690

$

116,528

$

118,343

$

117,806

$

114,690

Reserve for unfunded lending commitments,













  beginning of period

$

8,849

$

7,864

$

6,812

$

6,337

$

5,751

$

5,751

Provision for credit losses


(1,647)


985


1,052


475


586


3,098

Reserve for unfunded lending commitments,













  end of period

$

7,202

$

8,849

$

7,864

$

6,812

$

6,337

$

8,849














Allowance for Credit Losses

$

121,892

$

123,539

$

124,392

$

125,155

$

124,143

$

123,539














Ratios (a)


























Provision for loan losses as a % of average loans


0.99%


1.14%


1.06%


1.20%


1.52%


1.23%

Provision for credit losses as a % of average loans


-0.10%


0.06%


0.06%


0.03%


0.03%


0.05%

Net charge-offs as a % of average loans


0.99%


1.25%


1.17%


1.15%


1.36%


1.23%

Allowance for loan losses as a % of period-end loans


1.64%


1.65%


1.72%


1.75%


1.72%


1.65%

Allowance for credit losses as a % of period-end loans


1.74%


1.78%


1.84%


1.85%


1.82%


1.78%

Allowance for loan losses as a % of nonperforming loans


138.67%


109.56%


111.00%


119.62%


105.14%


109.56%

Allowance for credit losses as a % of nonperforming loans


147.38%


118.01%


118.49%


126.51%


110.80%


118.01%



























Asset Quality (a)


























Impaired loans:













 Nonaccrual

$

71,246

$

89,828

$

91,646

$

84,535

$

94,798

$

89,828

Other nonperforming loans:













 Nonaccrual


11,460


14,859


13,331


14,394


17,245


14,859














Total nonperforming loans


82,706


104,687


104,977


98,929


112,043


104,687














Other real estate ("ORE")


30,053


18,815


10,290


10,852


11,277


18,815














Total nonperforming assets ("NPAs")

$

112,759

$

123,502

$

115,267

$

109,781

$

123,320

$

123,502














NPAs as % of period-end loans + ORE


1.61%


1.78%


1.70%


1.62%


1.80%


1.78%














Past due 90 days or more & accruing interest

$

5,652

$

22,017

$

36,895

$

36,932

$

21,099

$

22,017














(a) Excludes acquired loans and loss share receivable with a period end balance of $2.1 billion, $2.3 billion, $2.5 billion, $2.6 billion and $.6 million at March 31, 2011, December 31, 2010, September 30, 2010, June 30,2010 and March 31, 2010, respectively,  and ORE covered by an FDIC loss share with a period end balance of $58.7 million, $54.7 million, $53.5 million, $50.5 million and $22.8 million at March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively, which, as required by current accounting guidance, were recorded at fair value on the date of acquisition.

FIRSTMERIT CORPORATION

NONINTEREST INCOME AND NONINTEREST EXPENSE DETAIL


(Unaudited)

(Dollars in thousands)



2011


2010


2010


2010


2010

QUARTERLY OTHER INCOME DETAIL


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr












Trust department income

$

5,514

$

5,627

$

5,469

$

5,574

$

5,281

Service charges on deposits


14,910


15,938


16,859


17,737


15,366

Credit card fees


12,207


12,678


12,532


12,242


11,558

ATM and other service fees


2,917


2,910


2,996


2,844


2,509

Bank owned life insurance income


5,241


3,192


3,219


2,886


5,652

Investment services and insurance


2,447


2,300


2,688


2,535


1,928

Investment securities gains, net


-


146


58


651


-

Loan sales and servicing income


5,012


9,221


4,006


2,975


3,237

Gain on George Washington acquisition


-


-


-


-


1,041

Other operating income


4,508


2,299


7,308


5,765


3,328












Total Other Income

$

52,756

$

54,311

$

55,135

$

53,209

$

49,900

























2011


2010


2010


2010


2010

QUARTERLY OTHER EXPENSES DETAIL


1st Qtr


4th Qtr


3rd Qtr


2nd Qtr


1st Qtr












Salaries, wages, pension and employee benefits

$

59,871

$

62,331

$

58,930

$

51,899

$

48,156

Net occupancy expense


8,594


9,236


8,608


7,680


7,140

Equipment expense


6,836


7,549


7,330


6,735


6,050

Taxes, other than federal income taxes


1,960


2,021


1,680


2,236


1,938

Stationery, supplies and postage


2,705


3,183


2,865


2,696


2,693

Bankcard, loan processing and other costs


7,562


7,810


8,281


7,663


7,818

Advertising


2,384


3,094


2,488


2,407


1,592

Professional services


5,793


7,731


8,544


7,845


5,237

Telephone


1,486


1,579


1,561


1,267


1,133

Amortization of intangibles


543


1,006


1,006


669


234

FDIC expense


4,366


4,342


5,267


4,416


3,765

Other operating expense


12,345


12,570


14,110


10,210


8,257












Total Other Expenses

$

114,445

$

122,452

$

120,670

$

105,723

$

94,013












FIRSTMERIT CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES NONCOVERED - Net Charge-off Detail


(Unaudited)

(Dollars in thousands)


Quarters ended


Year ended



March 31,


December 31,



2011


2010


2010








Allowance for noncovered loan losses - beginning of period

$

114,690

$

115,092

$

115,092

Loans charged off:







 Commercial


7,924


8,895


39,766

 Mortgage


1,664


1,646


5,156

 Installment


8,091


8,805


34,054

 Home equity


2,156


2,070


7,912

 Credit cards


2,318


4,168


13,577

 Leases


-


20


896

 Overdrafts


659


591


3,171

   Total


22,812


26,195


104,532

Recoveries:







 Commercial


608


372


1,952

 Mortgage


89


25


263

 Installment


3,688


2,017


13,047

 Home equity


467


257


1,599

 Credit cards


647


473


2,199

 Manufactured housing


31


31


156

 Leases


32


9


267

 Overdrafts


232


232


864

   Total


5,794


3,416


20,347








Net charge-offs


17,018


22,779


84,185

Provision for noncovered loan losses


17,018


25,493


83,783

Allowance for noncovered loan losses - end of period

$

114,690

$

117,806

$

114,690








Average loans (a)

$

6,963,389

$

6,812,647

$

6,818,962

Ratio to average loans (a):







 (Annualized) net noncovered charge-offs


0.99%


1.36%


1.23%

 Provision for noncovered loan losses


0.99%


1.52%


1.23%

Noncovered Loans, period-end (excluding acquired loans) (a)

$

6,989,973

$

6,836,451

$

6,937,142








Allowance for credit losses (a):

$

121,892

$

124,143

$

123,539

 As a multiple of (annualized) net noncovered charge-offs


1.77


1.34


1.47

Allowance for noncovered loan losses (a):







 As a percent of period-end loans


1.64%


1.72%


1.65%

 As a multiple of (annualized) net noncovered charge-offs


1.66


1.28


1.36








(a) Excludes acquired loans and loss share receivable.

FirstMerit Corporation
Analyst: Thomas O'Malley/Investor Relations Officer
Phone: 330.384.7109
Media Contact: Robert Townsend/Media Relations Officer
Phone: 330.384.7075

SOURCE FirstMerit Corporation

Modal title

Contact Cision

  • Cision Distribution 888-776-0942
    from 8 AM - 9 PM ET

  • Chat with an Expert
  • General Inquiries
  • Request a Demo
  • Editorial Bureaus
  • Partnerships
  • Media Inquiries
  • Worldwide Offices

Products

  • Cision Communication Cloud®
  • For Marketers
  • For Public Relations
  • For IR & Compliance
  • For Agency
  • For Small Business
  • All Products

About

  • About PR Newswire
  • About Cision
  • Become a Publishing Partner
  • Become a Channel Partner
  • Careers
  • COVID-19 Resources
  • Accessibility Statement
  • Asia
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Israel
  • Italy
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United Kingdom

My Services

  • All New Releases
  • Online Member Center
  • ProfNet

Contact Cision

Products

About

My Services
  • All News Releases
  • Online Member Center
  • ProfNet
Cision Distribution Helpline
888-776-0942
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2023 Cision US Inc.