FirstMerit Corp. Q3 Profit Up, But EPS Down - Quick Facts

(RTTNews) - FirstMerit Corporation(FMER), Tuesday reported an increase in net income for the third-quarter, reflecting higher net interest income. However, earnings per share for the quarter decreased on higher share count.

For the three-month period, the company reported net income of $40.7 million, compared with $34.9 million last year. On a per share basis, earnings were $0.23 compared with $0.32 last year. Shares outstanding at the end of the quarter were about 165.04 million, compared with 109.6 million last year. Included in net income for the third quarter 2013 were $33.4 million of one time pre-tax merger related costs that were recorded as noninterest expense, the company said.

On average, thirteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.34 for the quarter. Analysts' estimates typically exclude one-time items.

Net interest income on a fully tax-equivalent was $207.1 million, an increase from $120.7 million last year. Noninterest income, excluding gains and losses on securities transactions, for the third quarter 2013 was $71.1 million increased 30.75 percent from a year ago.

Noninterest expenses increased to $211.4 million, from $108.5 million a year earlier.