Last $16.41 USD
Change Today -0.15 / -0.91%
Volume 756.5K
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As of 1:38 PM 01/29/15 All times are local (Market data is delayed by at least 15 minutes).

firstmerit corp (FMER) Key Developments

Firstmerit Corporation Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Records Net Charge-Offs for the Fourth Quarter of 2014; Provides Tax Rate Guidance for the Full Year 2015

FirstMerit Corporation reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. The company reported net interest income of $192,511,000, income before income tax expense of $86,133,000, net income attributable to company of $59,114,000 or $0.36 per diluted share against net interest income of $198,068,000, income before income tax expense of $81,818,000, net income attributable to company of $55,264,000 or $0.33 per diluted share a year ago. Returns on average common equity and average assets for the fourth quarter 2014 were 8.50% and 0.98%, respectively, compared with 9.03% and 1.03%, respectively, for the third quarter 2014 and 8.48% and 0.94%, respectively, for the fourth quarter 2013. Tangible book value per common share was $11.62 against $10.77 a year ago. Total earning asset yields declined 6 basis points to 3.8%, also reduced the cost on interest-bearing liabilities by 3 basis points. These changes were the primary drivers in net interest margin for the quarter of 3.56% versus 3.6% last quarter. Adjusted revenue (non-GAAP) was $268.453 million against $274.565 million a year ago. For the year, the company reported net interest income of $775,568,000, income before income tax expense of $339,894,000, net income attributable to company of $230,145,000 or $1.39 per diluted share against net interest income of $710,785,000, income before income tax expense of $263,191,000, net income attributable to company of $176,802,000 or $1.18 per diluted share a year ago. Return on assets was 97 basis points, up from 85 basis points in 2013. The return on average tangible common equity was 12.7%. Net charge-offs on originated loans totaled $3.8 million in the fourth quarter 2014, compared to $5.9 million in the third quarter 2014, and $3.4 million in the fourth quarter 2013. Net charge-offs on originated loans were 0.12% of average originated loans at December 31, 2014, compared to 0.20% at September 30, 2014 and 0.13% at December 31, 2013. The tax rate should be approximate 30.5% for the full year of 2015.

Firstmerit Corp. Eliminates Two to Three Dozen Local Positions in the Next Few Months

FirstMerit Corp. of Akron is eliminating two to three dozen local positions in the next few months. The 4,300-employee bank is cutting some back-office positions because new teller systems have reduced the need for some manual processing of various transactions. Townsend noted that the bank, like most companies, continually evaluates its work force needs. Townsend declined to provide an exact number.

FirstMerit Corporation(NYSE:FMER.PRA) dropped from S&P Preferred Stock Index

FirstMerit Corporation(NYSE:FMER.PRA) dropped from S&P Preferred Stock Index

FirstMerit Corporation to Report Q4, 2014 Results on Jan 27, 2015

FirstMerit Corporation announced that they will report Q4, 2014 results at 11:00 AM, US Eastern Standard Time on Jan 27, 2015

FirstMerit Corporation, Q4 2014 Earnings Call, Jan 27, 2015

FirstMerit Corporation, Q4 2014 Earnings Call, Jan 27, 2015

 

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FMER

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Valuation FMER Industry Range
Price/Earnings 11.9x
Price/Sales 2.7x
Price/Book 1.0x
Price/Cash Flow 11.5x
TEV/Sales NM Not Meaningful
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