FirstMerit Q2 Profit Rises - Quick Facts

(RTTNews) - Financial services company FirstMerit Corp. (FMER) Tuesday reported net income of $48.5 million, or $0.29 per share for the second quarter, compared with $30.6 million, or $0.28 per share during the same quarter last year. The net income includes $32.1 million of one time pre-tax merger-related costs of which $2.8 million was recorded as a reduction to noninterest income and $29.3 million was recorded as noninterest expense.

On average, fourteen analysts polled by Thomson Reuters expected earnings per share of $0.31 for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income, on a fully tax-equivalent basis, was $201.6 million in the second quarter, compared with $121.7 million during the corresponding quarter last year.

Non-interest income, excluding losses on securities transactions of $2.8 million related to dispositions of securities acquired from Citizens, was $72.2 million, an increase of 31.93 percent from the second quarter of last year.