FirstMerit Corporation Announces Cash Dividend on Preferred Stock, Payable on May 4, 2015
Feb 19 15
The board of directors of FirstMerit Corporation announced a dividend of $14.69 per share, or $0.36725 per depository share, on the company's 5.875% non-cumulative perpetual preferred stock, Series A, payable on May 4, 2015, to shareholders of record on April 17, 2015.
FirstMerit Corporation Announces Quarterly Cash Dividend, Payable on March 16, 2015
Feb 19 15
The Board of Directors of FirstMerit Corporation announced a quarterly cash dividend of $0.16 per share on the Company's common stock, unchanged from last quarter, payable on March 16, 2015, to shareholders of record on March 2, 2015.
First Merit Closing Office in Massillon
Jan 29 15
First Merit is closing 16 branches, including one Stark County office, within the five states it operates. The bank notified customers that it will close the office at 1607 Amherst Road NE on April 30. Customers were urged to use the FirstMerit branches at 140 Lincoln Way W or 2704 Lincoln Way E in Perry Township. No jobs will be eliminated because of the closing. Employees at the Amherst branch will be transferred to other First Merit locations.
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
Jan 27 15
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
Jan 21 15
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.