FirstMerit Q1 Earnings Up, But EPS Down

(RTTNews) - FirstMerit Corp. (FMER) said its net income for the first quarter rose to $53.5 million from last year's $37.3 million, but earnings per share slid to $0.31 from $0.33 a year ago. On average, 10 analysts polled by Thomson Reuters expected earnings of $0.36 per share. Analysts' estimates typically exclude special items.

Net interest income, on a fully tax-equivalent basis, totaled $197.9 million in the quarter, compared with $114.4 million in the same quarter of last year.

Non-interest income, excluding gains and losses on securities transactions, for the quarter reached $67.2 million, an increase of 17.10 percent from last year.

Average originated loans were $10.4 billion, an increase of 19.61 percent from last year. Average originated commercial loans increased 16.38 percent.