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FirstMerit Reports Second Quarter 2016 EPS of $0.34 Per Share

AKRON, Ohio, July 26, 2016 /PRNewswire/ --

Quarterly Highlights include:

  • Profitability sustained: 69th consecutive quarter of profitability
  • Integration activities progress: Planned merger with Huntington Bancshares Incorporated ("Huntington") on schedule; merger-related costs of $2.5 million
  • Strategic branch consolidations: $4.1 million nonmerger-related real estate write-downs primarily due to 9 branch consolidations
  • Loan growth continued: Total loan growth of $118.2 million, or 0.73% from the prior quarter
  • Credit quality remained solid: Net charge-offs to average originated loans of 0.13%
  • Balance sheet remained strong: Strong common equity ratio (GAAP) 11.27% and tangible common equity ratio (non-GAAP)1 at 8.48%

FirstMerit Corporation (Nasdaq: FMER) (the "Corporation") reported second quarter 2016 net income of $58.3 million, or $0.34 per diluted share.  Excluding merger-related charges and nonmerger-related real estate write-downs primarily due to branch consolidations of $6.6 million, or $4.3 million after tax, EPS was $0.361 per diluted share.  This compares with $54.1 million, or $0.31 per diluted share, for the first quarter 2016 and $56.6 million, or $0.33 per diluted share, for the second quarter 2015.

FirstMerit Corporation. (PRNewsFoto/FirstMerit Corporation)

On June 13, 2016, the respective shareholders of Huntington and FirstMerit approved the proposed merger of FirstMerit into Huntington during special meetings held in Akron, Ohio by FirstMerit and in Columbus, Ohio by Huntington.

"FirstMerit's results in the second quarter of 2016 reflect the hard work and dedication of our employees across the organization. We continue to focus on our up coming merger with Huntington and expect to close in the third quarter, as planned, creating one of the strongest regional banks in the country," said Paul G. Greig, Chairman, President and CEO, FirstMerit Corporation.

1 - See Non-GAAP Financial Measures section of this release for a reconciliation to financial measures as defined by GAAP.


Earnings Summary











Change 2Q 2016 vs.


2016


2016


2015


2016

2015

(Dollars in thousands, except per share amounts)

2nd qtr

1st qtr

2nd qtr

1st qtr

2nd qtr

Net interest income TE 1

$

189,897


$

189,115


$

189,018


0.41

%

0.47

%

Diluted earnings per common share

0.34


0.31


0.33


9.68


3.03


Net interest margin on TE basis1

3.30

%

3.32

%

3.39

%



Return on average assets

0.90


0.84


0.90




Return on average common equity (GAAP)

7.79


7.33


7.85




Return on average tangible common equity (non-GAAP) 1

11.10


10.52


11.44
























 

Net Interest Margin

The net interest margin on a TE basis decreased two basis points compared with the prior quarter, due to the amortization of higher yielding covered and acquired loans offset by higher balances and higher yields on originated loans. During the second quarter 2016, the yield on originated loans increased three basis points compared with the prior quarter.  At June 30, 2016, 81% of the Corporation's commercial loan portfolio is variable or floating rate and will support margin expansion in a rising rate environment. Yields in acquired and FDIC acquired loans decreased compared with the prior quarter, while yields on interest-bearing liabilities remained consistent with the prior quarter.

Loans

Average originated loans were $14.5 billion during the second quarter 2016, an increase of $302.1 million, or 2.13%, compared with the first quarter 2016, and an increase of $1.4 billion, or 10.67%, compared with the second quarter 2015.  Originated loans grew in both the commercial and consumer portfolios across the footprint, predominantly in Michigan and Chicago as we continue to penetrate those markets. Average originated commercial loans increased $65.6 million, or 0.73%, compared with the prior quarter, and increased $573.2 million, or 6.74%, compared with the year-ago quarter.  Average originated installment loans increased $206.0 million, or 6.76%, compared with the prior quarter, and increased $635.4 million, or 24.27%, compared with the year-ago quarter.

Deposits

Average deposits were $21.0 billion during the second quarter 2016, an increase of $331.8 million, or 1.61%, compared with the first quarter 2016, and an increase of $1.3 billion, or 6.53%, compared with the second quarter 2015.  Average core deposits were $18.9 billion during the second quarter 2016, or 89.95% of total average deposits, an increase of $428.6 million, or 2.33%, compared with the first quarter 2016 and an increase of $1.5 billion, or 8.44%, compared with the second quarter 2015. Deposit growth continued to be strong, reflecting seasonality and increased balances across the footprint. Despite decreases in short-term interest rates, deposit costs remained unchanged from the prior quarter.

1 - See Non-GAAP Financial Measures section of this release for a reconciliation to financial measures as defined by GAAP.

Noninterest Income











Change 2Q 2016 vs.


2016

2016

2015

2016

2015

(Dollars in thousands)

2nd qtr

1st qtr

2nd qtr

1st qtr

2nd qtr

Trust department income

$

11,167


$

10,284


$

10,820


8.59

%

3.21

%

Service charges on deposits

16,263


15,586


16,704


4.34


(2.64)


Credit card fees

14,942


13,578


14,124


10.05


5.79


ATM and other service fees

6,427


6,234


6,345


3.10


1.29


Bank owned life insurance income

4,186


3,696


3,697


13.26


13.23


Investment services and insurance

3,851


3,905


3,871


(1.38)


(0.52)


Investment securities gains/(losses), net

2,164


295


567


633.56


281.66


Loan sales and servicing income

1,995


1,852


3,276


7.72


(39.10)


Other operating income

4,120


11,964


7,178


(65.56)


(42.60)


Total noninterest income

$

65,115


$

67,394


$

66,582


(3.38)%


(2.20)%








Noninterest income, excluding net securities gains,
as a percentage of net revenue1

24.90

%

26.19

%

25.88

%









 

Noninterest income, excluding gains and losses on securities transactions1, for the second quarter 2016 was $63.0 million, a decrease of $4.1 million, or 6.18%, from the first quarter 2016 and a decrease of $3.1 million, or 4.64%, from the second quarter 2015. The decrease in noninterest income as a percentage of net revenue in the second quarter of 2016 compared with the first quarter of 2016 and first quarter of 2015 reflects $4.1 million of nonmerger-related real estate write-downs primarily due to branch consolidations, or $2.7 million of costs after tax expense which are included in Other operating income.

1 - See Non-GAAP Financial Measures section of this release for a reconciliation to financial measures as defined by GAAP.

Noninterest Expense











Change 2Q 2016 vs.


2016

2016

2015

2016

2015

(Dollars in thousands)

2nd qtr

1st qtr

2nd qtr

1st qtr

2nd qtr

Salaries and wages

$

68,752


$

69,410


$

67,485


(0.95)%


1.88

%

Pension and employee benefits

18,037


16,470


18,535


9.51


(2.69)


Net occupancy expense

13,466


14,774


13,727


(8.85)


(1.90)


Equipment expense

12,078


12,408


12,592


(2.66)


(4.08)


Taxes, other than federal income taxes

1,922


2,031


2,032


(5.37)


(5.41)


Stationary, supplies and postage

2,945


3,619


3,370


(18.62)


(12.61)


Bankcard, loan processing and other costs

12,269


11,008


12,461


11.46


(1.54)


Advertising

3,685


3,260


3,103


13.04


18.76


Professional services

4,467


8,351


5,358


(46.51)


(16.63)


Telephone

2,115


2,424


2,599


(12.75)


(18.62)


Amortization of intangibles

2,304


2,304


2,598



(11.32)


FDIC expense

5,192


5,445


5,077


(4.65)


2.27


Other operating expenses

13,088


15,459


12,737


(15.34)


2.76


Total noninterest expense

$

160,320


$

166,963


$

161,674


(3.98)%


(0.84)%








Efficiency ratio1

62.49

%

64.27

%

62.37

%









 

Noninterest expense for the second quarter 2016 was $160.3 million, a decrease of $6.6 million, or 3.98%, from the first quarter 2016, and a decrease of $1.4 million, or 0.84%, from the second quarter 2015.  Included in noninterest expense for the second quarter 2016 was $2.5 million of merger-related costs, or $1.6 million of after tax expense.  Professional services expense decreased $3.9 million, or 46.51%, from the first quarter 2016, and $0.9 million, or 16.63%, from the second quarter 2015 primarily from merger-related costs.  Salaries and wages decreased 0.7 million, or 0.95%, compared with the first quarter of 2016, demonstrating expense discipline.  Other operating expense experienced a decrease of $2.4 million, or 15.34%, from the first quarter 2016 primarily due to a decrease in expense for the reserve for unfunded lending commitments, gain on sale of other real estate owned, which were offset by an increase in the expense for the FDIC true-up liability.

Provision for Income Taxes

The effective tax rate was 30.98% for the second quarter 2016, compared with 30.40% for the first quarter 2016, and 30.19% for the second quarter 2015.

1 - See Non-GAAP Financial Measures section of this release for a reconciliation to financial measures as defined by GAAP.

Asset Quality (excluding acquired loans and covered assets)

Due to the impact of business combination accounting and protection against credit risk from FDIC loss sharing agreements, acquired loans and covered assets are excluded from the asset quality discussion to provide for improved comparability to prior periods and better perspective into asset quality trends. Acquired loans are recorded at fair value at the date of acquisition with no allowance brought forward in accordance with business combination accounting. Impaired acquired and covered loans are considered to be performing due to the application of the accretion method under the applicable accounting guidance.

 











Change 2Q 2016 vs.


2016

2016

2015

2016

2015

(Dollars in thousands)

2nd qtr

1st qtr

2nd qtr

1st qtr

2nd qtr

Net charge-offs

$

4,687


$

7,630


$

6,672


(38.57)%


(29.75)%


Net charge-offs on average originated loans

0.13

%


0.22

%

0.20

%



Nonperforming loans at period end

$

84,297


$

73,701


$

55,142


14.38


52.87


Nonperforming assets at period end

115,653


112,293


117,311


2.99


(1.41)


Allowance for loan losses

105,175


102,915


101,682


2.20


3.44


Allowance for loan losses to nonperforming loans

124.77

%

139.64

%

184.40

%



Provision for originated loan losses

$

6,947


$

5,410


$

10,809


28.41


(35.73)








 

Nonperforming loans totaled $84.3 million at June 30, 2016, an increase of $10.6 million, or 14.38%, compared with March 31, 2016 and an increase of $29.2 million, or 52.87%, compared with June 30, 2015 due to two notes, approximating $12.2 million, with the remaining principal balances being paid off in full subsequent to June 30, 2016.

Nonperforming assets totaled $115.7 million at June 30, 2016, an increase of $3.4 million, or 2.99%, compared with March 31, 2016 and a decrease of $1.7 million, or 1.41%, compared with June 30, 2015. Nonperforming assets at June 30, 2016 represented 0.79% of period-end originated loans plus noncovered other real estate compared with 0.78% at March 31, 2016 and 0.87% at June 30, 2015. Included in nonperforming assets as of June 30, 2016 were $19.0 million of OREO no longer covered by FDIC loss share agreements.

The allowance for originated loan losses totaled $105.2 million at June 30, 2016.  At June 30, 2016, the allowance for originated loan losses was 0.72% of period-end originated loans, compared with 0.72% at March 31, 2016, and 0.76% at June 30, 2015.  The allowance for credit losses is the sum of the allowance for originated loan losses and the reserve for unfunded lending commitments.  The allowance for credit losses was 0.75% of period end originated loans at June 30, 2016, compared with 0.75% at March 31, 2016, and 0.79% at June 30, 2015.  The allowance for credit losses to nonperforming loans was 129.65% at June 30, 2016, compared with 146.35% at March 31, 2016, and 191.48% at June 30, 2015.

Capital

Shareholders' equity was $3.0 billion at June 30, 2016 and March 31, 2016, and  $2.9 billion as of June 30, 2015. The Corporation continued to have a  strong capital position as tangible common equity1 to assets was 8.48% at June 30, 2016, compared with 8.30% at March 31, 2016 and 8.09% at June 30, 2015.  The common share cash dividend paid in the second quarter 2016 was $0.17 per share.

1 - See Non-GAAP Financial Measures section of this release for a reconciliation to financial measures as defined by GAAP.

At June 30, 2016, Basel III capital ratios on a transitional basis remain well in excess of applicable regulatory requirements, with a total risk-based capital ratio of 13.94%, and a common equity tier 1 risk-based capital ratio of 10.75%.

Non-GAAP Financial Measures

In addition to results presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this news release contains certain non-GAAP financial information and performance measures. The Corporation's management uses these non-GAAP financial measures in their analysis of the Corporation's performance and the efficiency of its operations. Management believes that these non-GAAP financial measures provide a greater understanding of ongoing operations of the Corporation and enhance comparability of results with prior periods, and facilitate investors' assessments of business and performance trends in comparison to others in the financial services industry. The Corporation believes that a meaningful analysis of its financial performance requires an understanding of the factors underlying that performance. The Corporation's management believes that investors may use these non-GAAP financial measures to analyze financial performance without the impact of unusual items that may obscure trends in the Corporation's underlying performance. These disclosures should not be viewed as a substitute for financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

The Corporation evaluates its net interest income on a fully taxable-equivalent basis, a non-GAAP financial measure. The Corporation believes managing the business with net interest income on a fully taxable-equivalent basis provides a more accurate picture of the interest margin for comparative purposes. Total revenue, net of interest expense, includes net interest income on a fully taxable-equivalent basis and noninterest income excluding gains and losses on the sale of securities. The Corporation views related ratios and analysis (i.e., efficiency ratios) on a fully taxable-equivalent basis. To derive the fully taxable-equivalent basis, net interest income is adjusted to reflect tax-exempt income on an equivalent before-tax basis with a corresponding increase in income tax expense. For purposes of this calculation, the Corporation uses the federal statutory tax rate of 35 percent. This measure ensures comparability of net interest income arising from taxable and tax-exempt sources.

The Corporation also evaluates its business based on the following ratios that utilize tangible equity, a non-GAAP financial measure. Tangible equity represents an adjusted shareholders' equity or common shareholders' equity amount which has been reduced by goodwill and intangible assets. Return on average tangible common shareholders' equity measures the Corporation's earnings contribution as a percentage of adjusted average common shareholders' equity. The tangible common equity ratio represents adjusted ending common shareholders' equity divided by total assets less goodwill and intangible assets. Return on average tangible shareholders' equity measures the Corporation's earnings contribution as a percentage of adjusted average total shareholders' equity. The tangible equity ratio represents adjusted ending shareholders' equity divided by total assets less goodwill and intangible assets. Tangible book value per common share represents adjusted ending common shareholders' equity divided by ending common shares outstanding. These measures are used to evaluate the Corporation's use of equity. In addition, profitability, relationship and investment models all use return on average tangible shareholders' equity as key measures to support our overall growth goals.

Adjusted net income, a non-GAAP financial measure, eliminates the effects of restructure, merger-related, and nonmerger-related real estate due to branch consolidation costs.  This measure makes it easier to analyze our results by presenting them on a more comparable basis.

The following tables provide reconciliations of these non-GAAP measures to financial measures defined by GAAP.

 

Reconciliation of net interest income to net interest income on a fully taxable-equivalent basis




Quarters

(unaudited)

2016

2016

2015

2015

2015

(Dollars in thousands)

2nd qtr

1st qtr

4th qtr

3rd qtr

2nd qtr

Net interest income (GAAP)

$

186,078


$

185,156


$

185,231


$

185,323


$

185,118


Plus:

Fully taxable-equivalent adjustment

3,819


3,959


3,748


3,796


3,900


Net interest income on a fully taxable-equivalent basis (non-GAAP)

189,897


189,115


188,979


189,119


189,018


Average earning assets

23,121,303


22,890,082


22,747,631


22,548,977


22,352,721


Net interest margin on a fully taxable-equivalent basis (non-GAAP)

3.30

%

3.32

%

3.30

%

3.33

%

3.39

%


















 

Reconciliation of noninterest income and noninterest expense to adjusted noninterest income and adjusted noninterest expense



Quarters

(unaudited)

2016

2016

2015

2015

2015

(Dollars in thousands)

2nd qtr

1st qtr

4th qtr

3rd qtr

2nd qtr

Noninterest expense (GAAP)

$

160,320


$

166,963


$

155,622


$

160,742


$

161,674


Less:

Intangible asset amortization

2,304


2,304


2,598


2,598


2,598


Adjusted noninterest expense (non-GAAP)

158,016


164,659


153,024


158,144


159,076


Noninterest income (GAAP)

65,115


67,394


65,143


71,426


66,582


Less:

Securities gains/(losses)

2,164


295


(5)


41


567


Adjusted noninterest income  (non-GAAP)

62,951


67,099


65,148


71,385


66,015


Net interest income on a fully taxable-equivalent basis (non-GAAP)

189,897


189,115


188,979


189,119


189,018


Adjusted revenue (non-GAAP)

252,848


256,214


254,127


260,504


255,033


Efficiency ratio (non-GAAP)

62.49

%

64.27

%

60.22

%

60.71

%

62.37

%

 

Reconciliation of shareholders' equity to tangible common equity, and total assets to tangible assets




Quarters

(unaudited)

2016

2016

2015

2015

2015

(Dollars in thousands, except per share amounts)

2nd qtr

1st qtr

4th qtr

3rd qtr

2nd qtr

Shareholders' equity (GAAP)

$

3,047,159


$

2,997,957


$

2,940,095


$

2,937,300


$

2,887,957


Less:

Preferred stock

100,000


100,000


100,000


100,000


100,000


Common shareholders' equity (non-GAAP)

2,947,159


2,897,957


2,840,095


2,837,300


2,787,957


Less:

Intangible assets

56,020


58,324


60,628


63,226


65,824



Goodwill

741,740


741,740


741,740


741,740


741,740


Tangible common equity (non-GAAP)

2,149,399


2,097,893


2,037,727


2,032,334


1,980,393


Total assets (GAAP)

$

26,150,587


$

26,062,649


$

25,524,604


$

25,246,917


$

25,297,014


Less:

Intangible assets

56,020


58,324


60,628


63,226


65,824



Goodwill

741,740


741,740


741,740


741,740


741,740


Tangible assets (non-GAAP)

$

25,352,827


$

25,262,585


$

24,722,236


$

24,441,951


$

24,489,450


Period end common shares

166,169


165,720


165,758


165,759


165,773


Tangible book value per common share

$

12.94


$

12.66


$

12.29


$

12.26


$

11.95


Common equity to total assets ratio (GAAP)

11.27

%

11.12

%

11.13

%

11.24

%

11.02

%

Tangible common equity to tangible assets ratio (non-GAAP)

8.48

%

8.30

%

8.24

%

8.31

%

8.09

%

 

Reconciliation of net income to adjusted net income




Quarters

(unaudited)

2016

2016

2015

2015

2015

(Dollars in thousands, except per share amounts)

2nd qtr

1st qtr

4th qtr

3rd qtr

2nd qtr

Net income (GAAP)

$

58,309


$

54,136


$

56,749


$

59,012


$

56,584


Net income adjustments






Plus:

Merger-related personnel, and restructure expenses, net of taxes

813


332


(200)





Merger-related nonpersonnel expenses, net of taxes

799


3,214






Real estate write-downs due to branch consolidation costs, net of taxes

2,679





1,149



Adjusted net income (non-GAAP)

62,600


57,682


56,549


59,012


57,733


Annualized net income (GAAP)

234,518


217,734


225,145


234,124


226,958


              Annualized adjusted net income (non-GAAP)

251,776


231,996


224,352


234,124


231,566


Average assets (GAAP)

25,923,566


25,770,857


25,370,946


25,217,856


25,129,859


Average equity (GAAP)

3,012,218


2,970,167


2,943,268


2,909,660


2,892,432


Average tangible common equity (non-GAAP)

2,113,336


2,068,981


2,039,639


2,003,423


1,983,603


Return on average assets (GAAP)

0.90

%

0.84

%

0.89

%

0.93

%

0.90

%

            Adjusted return on average assets (non-GAAP)

0.97

%

0.90

%

0.88

%

0.93

%

0.92

%

Return on average equity (GAAP)

7.79

%

7.33

%

7.65

%

8.05

%

7.85

%

            Adjusted return on average equity (non-GAAP)

8.36

%

7.81

%

7.62

%

8.05

%

8.01

%

Return on average tangible common equity (non-GAAP)

11.10

%

10.52

%

11.04

%

11.69

%

11.44

%


Adjusted return on average tangible common equity (non-GAAP)

11.91

%

11.21

%

11.00

%

11.69

%

11.67

%








Net income used in diluted EPS calculation

$

56,344


$

52,280


$

54,827


$

57,066


$

54,648


Plus:

Merger-related personnel costs, and restructure costs, net of taxes

813


332


(200)





Merger-related nonpersonnel costs, net of taxes

799


3,214






Real estate write-downs due to branch consolidation costs, net of taxes

2,679





1,149



Adjusted net income used in diluted EPS calculation

 (non-GAAP)

60,635


55,826


54,627


57,066


55,797


Weighted average number of common shares outstanding - diluted

166,807


166,239


166,222


166,058


166,277


Diluted earnings per common share

$

0.34


$

0.31


$

0.33


$

0.34


$

0.33



Adjusted diluted earnings per common share (non-GAAP)

0.36


0.34


0.33


0.34


0.34


 

Subsequent Events

The Corporation is required under GAAP to evaluate subsequent events through the filing of its consolidated financial statements for the six months ended June 30, 2016 on Form 10-Q.  As a result, the Corporation will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2016 and will adjust amounts preliminarily reported, if necessary.

On July 8, 2016, the Corporation consummated the sale of 4 branches, located in Wisconsin, for a gain of approximately $1.2 million, after tax.

As previously disclosed, on July 13, 2016, Huntington and FirstMerit have reached an agreement with the U.S. Department of Justice to divest 13 FirstMerit branches and associated assets, deposits and employees located in Ohio.

About FirstMerit Corporation

FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal affiliates include: FirstMerit Bank, N.A. and FirstMerit Mortgage Corporation.

Forward-Looking Statements

This release contains forward-looking statements relating to present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Corporation, as well as its operations, markets and products.  Actual results could differ materially from those indicated.  Among the important factors that could cause results to differ materially are interest rate changes, continued softening in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Corporation's business, the ability to complete the proposed merger with Huntington in a timely manner, if at all, the possibility that the anticipated benefits of the merger with Huntington are not realized when expected or at all, competitive pressures, changes in accounting, tax or regulatory practices or requirements, and those risk factors detailed in the Corporation's periodic reports filed with the Securities and Exchange Commission.  The Corporation undertakes no obligation to release revisions to these forward-looking statements or reflect events or circumstances after the date of this release.

 

 

FIRSTMERIT CORPORATION AND SUBSIDIARIES






Consolidated Financial Highlights






(Unaudited)



Quarters



(Dollars in thousands, except per share amounts)

2016

2016

2015

2015

2015


2nd qtr

1st qtr

4th qtr

3rd qtr

2nd qtr

EARNINGS






Net interest income TE (1)

$

189,897


$

189,115


$

188,979


$

189,119


$

189,018


TE adjustment (1)

3,819


3,959


3,748


3,796


3,900


Provision for originated loan losses

6,947


5,410


12,487


10,402


10,809


Provision/(recapture) for acquired loan losses

(341)


1,131


1,503


144


(952)


Provision/(recapture) for FDIC acquired loan losses

(215)


1,268


(379)


3,729


(891)


Noninterest income

65,115


67,394


65,143


71,426


66,582


Noninterest expense

160,320


166,963


155,622


160,742


161,674


Net income

58,309


54,136


56,749


59,012


56,584


Diluted EPS (3)

0.34


0.31


0.33


0.34


0.33


PERFORMANCE RATIOS






Return on average assets (ROA)

0.90

%

0.84

%

0.89

%

0.93

%

0.90

%

Return on average equity (ROE)

7.79

%

7.33

%

7.65

%

8.05

%

7.85

%

Return on average tangible common equity (1)

11.10

%

10.52

%

11.04

%

11.69

%

11.44

%

Net interest margin TE (1)

3.30

%

3.32

%

3.30

%

3.33

%

3.39

%

Efficiency ratio (1)

62.49

%

64.27

%

60.22

%

60.71

%

62.37

%

Number of full-time equivalent employees

3,844


3,949


3,926


3,961


4,017


MARKET DATA






Book value per common share

$

18.34


$

18.09


$

17.74


$

17.72


$

17.42


Tangible book value per common share (1)

12.94


12.66


12.29


12.26


11.95


Period end common share market value

20.27


21.05


18.65


17.67


20.83


Market as a % of book

111

%

116

%

105

%

100

%

120

%

Cash dividends per common share

$

0.17


$

0.17


$

0.17


$

0.17


$

0.16


Common Stock dividend payout ratio

50.00

%

54.84

%

51.52

%

50.00

%

48.48

%

Average basic common shares

166,188


165,745


165,762


165,762


165,736


Average diluted common shares

166,807


166,239


166,222


166,058


166,277


Period end common shares

166,169


165,720


165,758


165,759


165,773


Common shares repurchased

167


55


15


20


211


Common Stock market capitalization

$

3,368,246


$

3,488,406


$

3,091,387


$

2,928,962


$

3,453,052


ASSET QUALITY (excluding acquired, FDIC acquired loans and covered OREO) (2)






Gross charge-offs

$

10,798


$

13,014


$

15,514


$

13,398


$

11,298


Net charge-offs

4,687


7,630


11,407


8,029


6,672


Allowance for originated loan losses

105,175


102,915


105,135


104,055


101,682


Reserve for unfunded lending commitments

4,112


4,944


4,068


3,574


3,905


Nonperforming assets (NPAs)

115,653


112,293


94,498


107,058


117,311


Net charge-offs to average loans ratio

0.13

%

0.22

%

0.33

%

0.24

%

0.20

%

Allowance for originated loan losses to period-end loans

0.72

%

0.72

%

0.74

%

0.76

%

0.76

%

Allowance for credit losses to period-end loans

0.75

%

0.75

%

0.77

%

0.79

%

0.79

%

NPAs to loans and other real estate

0.79

%

0.78

%

0.67

%

0.78

%

0.87

%

Allowance for originated loan losses to nonperforming loans

124.77

%

139.64

%

238.37

%

221.22

%

184.40

%

Allowance for credit losses to nonperforming loans

129.65

%

146.35

%

247.60

%

228.82

%

191.48

%

CAPITAL & LIQUIDITY






Period end tangible common equity to assets (1)

8.48

%

8.30

%

8.24

%

8.31

%

8.09

%

Average equity to assets

11.62

%

11.53

%

11.60

%

11.54

%

11.51

%

Average equity to total loans

18.56

%

18.48

%

18.50

%

18.48

%

18.59

%

Average total loans to deposits

77.42

%

77.87

%

79.54

%

78.91

%

79.06

%

AVERAGE BALANCES






Assets

$

25,923,566


$

25,770,857


$

25,370,946


$

25,217,856


$

25,129,859


Deposits

20,967,450


20,635,665


20,002,793


19,957,586


19,682,662


Originated loans

14,489,924


14,187,793


13,863,910


13,528,268


13,092,972


Acquired loans, including FDIC acquired loans, less loss share receivable

1,743,799


1,881,965


2,047,167


2,219,488


2,468,035


Earning assets

23,121,303


22,890,082


22,747,631


22,548,977


22,352,721


Shareholders' equity

3,012,218


2,970,167


2,943,268


2,909,660


2,892,432


ENDING BALANCES






Assets

$

26,150,587


$

26,062,649


$

25,524,604


$

25,246,917


$

25,297,014


Deposits

20,952,643


21,101,366


20,108,003


19,821,916


19,673,850


Originated loans

14,665,631


14,389,513


14,118,505


13,648,325


13,355,912


Acquired loans, including FDIC acquired loans, less loss share receivable

1,669,420


1,826,501


1,948,493


2,140,029


2,337,378


Goodwill

741,740


741,740


741,740


741,740


741,740


Intangible assets

56,020


58,324


60,628


63,226


65,824


Earning assets

23,432,253


23,525,620


22,955,435


22,661,171


22,599,272


Total shareholders' equity

3,047,159


2,997,957


2,940,095


2,937,300


2,887,957


NOTES:












(1) Represents a non-GAAP financial measure.  Refer to the Non-GAAP Financial Measures section of this press release for a reconciliation to GAAP financial measures.
(2) Due to the impact of business combination accounting and protection of FDIC loss sharing agreements, which provide considerable protection against credit risk, acquired and FDIC acquired loans and covered OREO are excluded from this table to provide for improved comparability to prior periods and better perspective into asset quality trends. George Washington and Midwest non-single family loss share agreements with the FDIC expired at March 31, 2015 and June 30, 2015, respectively. As of June 30, 2016, $65.0 million of FDIC acquired loans remained covered by single family loss share agreements, providing considerable protection against credit risk.
(3) Net income used to determine diluted EPS was reduced by the cash dividends payable on the Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series A of approximately $1.5 million in each of the quarters presented.

 


FIRSTMERIT CORPORATION AND SUBSIDIARIES






CONSOLIDATED BALANCE SHEETS















(In thousands, except per share amounts)

June 30,


December 31,


June 30,

(Unaudited, except December 31, 2015, which is derived from the audited financial statements)

2016


2015


2015

ASSETS







Cash and due from banks

$

420,818



$

380,799



$

472,848



Interest-bearing deposits in banks

103,469



83,018



114,741




Total cash and cash equivalents

524,287



463,817



587,589



Investment securities:








Held-to-maturity

2,514,161



2,674,093



2,787,513




Available-for-sale

4,318,688



3,967,735



3,838,509




Other investments

148,367



148,172



147,967



Loans held for sale

3,962



5,472



5,432



Loans

16,343,606



16,076,945



15,705,110



Allowance for loan losses

(149,649)



(153,691)



(148,259)



     Net loans

16,193,957



15,923,254



15,556,851



Premises and equipment, net

293,209



319,488



313,819



Goodwill

741,740



741,740



741,740



Intangible assets

56,020



60,628



65,824



Covered other real estate

940



2,134



1,065



Accrued interest receivable and other assets

1,355,256



1,218,071



1,250,705





 Total assets

$

26,150,587



$

25,524,604



$

25,297,014


LIABILITIES AND SHAREHOLDERS' EQUITY







Deposits:








Noninterest-bearing

$

6,011,531



$

5,942,248



$

5,725,850




Interest-bearing

3,477,483



3,476,729



3,304,969




Savings and money market accounts

9,354,868



8,450,123



8,418,716




Certificates and other time deposits

2,108,761



2,238,903



2,224,315





Total deposits

20,952,643



20,108,003



19,673,850




Federal funds purchased and securities sold under agreements to repurchase

686,890



1,037,075



1,519,250




Wholesale borrowings

468,447



580,648



366,074




Long-term debt

526,389



505,173



497,393




Accrued taxes, expenses, and other liabilities

469,059



353,610



352,490





Total liabilities

23,103,428



22,584,509



22,409,057




Shareholders' equity:









5.875% Non-Cumulative Perpetual Preferred stock, Series A, without par value: authorized 115,000 shares; 100,000 issued

100,000



100,000



100,000





Common stock warrant









Common Stock, without par value;  authorized 300,000,000 shares; issued: June 30, 2016,  December 31, 2015 and June 30, 2015 - 170,183,515 shares

127,937



127,937



127,937





Capital surplus

1,383,266



1,386,677



1,379,194





Accumulated other comprehensive loss

(29,473)



(79,274)



(67,621)





Retained earnings

1,572,681



1,519,438



1,462,859





Treasury stock, at cost: June 30, 2016 - 4,014,513; December 31, 2015 - 4,425,927; June 30, 2015 - 4,410,939 shares

(107,252)



(114,683)



(114,412)





Total shareholders' equity

3,047,159



2,940,095



2,887,957





    Total liabilities and shareholders' equity

$

26,150,587



$

25,524,604



$

25,297,014











 


FIRSTMERIT CORPORATION AND SUBSIDIARIES

Period End Loans by Product Type








(Unaudited)

As of June 30, 2016

(In thousands)

Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,882,994



$

181,503



$

31,274



$

6,095,771


CRE

2,035,498



368,800



79,888



2,484,186


Construction

705,340



4,111



4,631



714,082


Leases

508,534







508,534


    Total Commercial

9,132,366



554,414



115,793



9,802,573


Mortgage

728,534



292,877



33,370



1,054,781


Installment

3,353,084



494,429



1,808



3,849,321


Home equity

1,276,661



146,916



29,813



1,453,390


Credit card

174,986







174,986


    Total Consumer

5,533,265



934,222



64,991



6,532,478


    Subtotal

14,665,631



1,488,636



180,784



16,335,051


Loss share receivable





8,555



8,555


    Total loans

14,665,631



1,488,636



189,339



16,343,606


Allowance for loan losses

(105,175)



(4,256)



(40,218)



(149,649)


Net loans

$

14,560,456



$

1,484,380



$

149,121



$

16,193,957



















As of March 31, 2016


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,837,315



$

230,700



$

31,930



$

6,099,945


CRE

2,079,662



391,863



85,304



2,556,829


Construction

670,825



5,467



4,889



681,181


Leases

512,929







512,929


    Total Commercial

9,100,731



628,030



122,123



9,850,884


Mortgage

700,138



308,618



34,594



1,043,350


Installment

3,154,912



539,313



1,942



3,696,167


Home equity

1,254,709



157,745



34,136



1,446,590


Credit card

179,023







179,023


    Total Consumer

5,288,782



1,005,676



70,672



6,365,130


    Subtotal

14,389,513



1,633,706



192,795



16,216,014


Loss share receivable





9,436



9,436


    Total loans

14,389,513



1,633,706



202,231



16,225,450


Allowance for loan losses

(102,915)



(4,423)



(44,599)



(151,937)


Net loans

$

14,286,598



$

1,629,283



$

157,632



$

16,073,513



















As of December 31, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,793,408



$

240,145



$

35,466



$

6,069,019


CRE

2,077,344



430,891



87,774



2,596,009


Construction

645,337



6,113



5,869



657,319


Leases

491,741







491,741


    Total Commercial

9,007,830



677,149



129,109



9,814,088


Mortgage

689,045



324,008



35,568



1,048,621


Installment

2,990,349



573,372



2,077



3,565,798


Home equity

1,248,438



168,542



38,668



1,455,648


Credit card

182,843







182,843


    Total Consumer

5,110,675



1,065,922



76,313



6,252,910


    Subtotal

14,118,505



1,743,071



205,422



16,066,998


Loss share receivable





9,947



9,947


    Total loans

14,118,505



1,743,071



215,369



16,076,945


Allowance for loan losses

(105,135)



(3,877)



(44,679)



(153,691)


Net loans

$

14,013,370



$

1,739,194



$

170,690



$

15,923,254



















As of September 30, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,521,955



$

274,552



$

38,787



$

5,835,294


CRE

2,089,533



497,690



94,531



2,681,754


Construction

619,569



6,172



5,859



631,600


Leases

461,642







461,642


    Total Commercial

8,692,699



778,414



139,177



9,610,290


Mortgage

673,591



341,278



36,362



1,051,231


Installment

2,899,559



611,061



2,156



3,512,776


Home equity

1,212,084



184,211



47,370



1,443,665


Credit card

170,392







170,392


    Total Consumer

4,955,626



1,136,550



85,888



6,178,064


    Subtotal

13,648,325



1,914,964



225,065



15,788,354


Loss share receivable





10,926



10,926


    Total loans

13,648,325



1,914,964



235,991



15,799,280


Allowance for loan losses

(104,055)



(4,199)



(45,196)



(153,450)


Net loans

$

13,544,270



$

1,910,765



$

190,795



$

15,645,830



















As of June 30, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,471,363



$

337,423



$

38,138



$

5,846,924


CRE

2,138,373



533,945



101,808



2,774,126


Construction

586,894



6,230



5,875



598,999


Leases

436,702







436,702


    Total Commercial

8,633,332



877,598



145,821



9,656,751


Mortgage

653,143



358,559



38,029



1,049,731


Installment

2,720,059



659,348



2,299



3,381,706


Home equity

1,180,802



200,179



55,545



1,436,526


Credit card

168,576







168,576


    Total Consumer

4,722,580



1,218,086



95,873



6,036,539


    Subtotal

13,355,912



2,095,684



241,694



15,693,290


Loss share receivable





11,820



11,820


    Total loans

13,355,912



2,095,684



253,514



15,705,110


Allowance for loan losses

(101,682)



(4,950)



(41,627)



(148,259)


Net loans

$

13,254,230



$

2,090,734



$

211,887



$

15,556,851










 

(1)  Loans assumed from Citizens.  No allowance was brought forward on the date of acquisition in accordance with business combination accounting.
(2)  Loans acquired in an FDIC-assisted transaction. Certain non-single family loss share agreements with the FDIC expired at March 31, 2015 and June 30, 2015. As of June 30, 2016, $65.0 million of FDIC acquired loans remained covered by single family loss share agreements, providing considerable protection against credit risk.

 

FIRSTMERIT CORPORATION AND SUBSIDIARIES










AVERAGE CONSOLIDATED BALANCE SHEETS











Three Months Ended

(Unaudited)

June 30,


March 31,


December 31,


September 30,


June 30,

(In thousands)

2016


2016


2015


2015


2015

ASSETS










Cash and cash equivalents

$

622,355



$

724,095



$

415,756



$

457,317



$

518,820


Investment securities:










Held-to-maturity

2,562,583



2,636,516



2,713,636



2,754,001



2,806,325


Available-for-sale

4,163,822



4,020,701



3,959,051



3,881,959



3,816,827


Other investments

148,344



148,165



148,176



147,961



148,577


Loans held for sale

3,652



5,253



5,028



4,929



3,631


Loans

16,242,902



16,079,447



15,921,740



15,760,127



15,577,361


Allowance for loan losses

(151,267)



(152,600)



(151,192)



(147,136)



(146,558)


Net loans

16,091,635



15,926,847



15,770,548



15,612,991



15,430,803


Total earning assets

23,121,303



22,890,082



22,747,631



22,548,977



22,352,721


Premises and equipment, net

301,717



313,056



312,771



313,336



320,492


Accrued interest receivable and other assets

2,029,458



1,996,224



2,045,980



2,045,362



2,084,384


TOTAL ASSETS

$

25,923,566



$

25,770,857



$

25,370,946



$

25,217,856



$

25,129,859


LIABILITIES










Deposits:










Noninterest-bearing

$

6,035,959



$

5,990,796



$

5,982,186



$

5,897,768



$

5,722,240


Interest-bearing

3,601,589



3,590,598



3,352,908



3,353,541



3,203,836


Savings and money market accounts

9,223,623



8,851,135



8,408,703



8,480,682



8,467,845


Certificates and other time deposits

2,106,279



2,203,136



2,258,996



2,225,595



2,288,741


Total deposits

20,967,450



20,635,665



20,002,793



19,957,586



19,682,662


Federal funds purchased and securities sold under










agreements to repurchase

689,279



844,290



1,131,659



1,109,924



1,285,920


Wholesale borrowings

376,838



473,149



402,679



377,594



393,379


Long-term debt

519,376



505,376



508,954



497,566



508,744


Total funds

22,552,943



22,458,480



22,046,085



21,942,670



21,870,705


Accrued taxes, expenses and other liabilities

358,405



342,210



381,593



365,526



366,722


Total liabilities

22,911,348



22,800,690



22,427,678



22,308,196



22,237,427


SHAREHOLDERS' EQUITY










Preferred stock

100,000



100,000



100,000



100,000



100,000


Common stock warrant









1,385


Common stock

127,937



127,937



127,937



127,937



127,937


Capital surplus

1,381,423



1,388,171



1,383,777



1,380,622



1,382,717


Accumulated other comprehensive loss

(48,020)



(61,309)



(60,821)



(63,402)



(51,571)


Retained earnings

1,557,784



1,530,545



1,507,069



1,479,181



1,447,195


Treasury stock

(106,906)



(115,177)



(114,694)



(114,678)



(115,231)


Total shareholders' equity

3,012,218



2,970,167



2,943,268



2,909,660



2,892,432


TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

$

25,923,566



$

25,770,857



$

25,370,946



$

25,217,856



$

25,129,859












 


FIRSTMERIT CORPORATION AND SUBSIDIARIES

Average Loans by Product Type








(Unaudited)


(In thousands)

Three Months Ended June 30, 2016


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,809,398



$

199,284



$

32,235



$

6,040,917


CRE

2,082,740



382,614



83,582



2,548,936


Construction

677,802



5,061



4,682



687,545


Leases

510,273







510,273


    Total Commercial

9,080,213



586,959



120,499



9,787,671


Mortgage

708,899



299,414



34,047



1,042,360


Installment

3,253,720



517,193



1,874



3,772,787


Home equity

1,270,307



152,556



31,257



1,454,120


Credit card

176,785







176,785


    Total Consumer

5,409,711



969,163



67,178



6,446,052


    Subtotal

14,489,924



1,556,122



187,677



16,233,723


Loss share receivable





9,179



9,179


    Total loans

14,489,924



1,556,122



196,856



16,242,902


Allowance for loan losses

(103,889)



(4,121)



(43,257)



(151,267)


Net loans

$

14,386,035



$

1,552,001



$

153,599



$

16,091,635



















Three Months Ended March 31, 2016


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,778,863



$

225,036



$

33,090



$

6,036,989


CRE

2,082,698



415,678



86,816



2,585,192


Construction

660,967



5,604



5,207



671,778


Leases

492,124







492,124


    Total Commercial

9,014,652



646,318



125,113



9,786,083


Mortgage

694,598



316,722



34,942



1,046,262


Installment

3,047,754



557,826



1,985



3,607,565


Home equity

1,251,696



162,930



36,129



1,450,755


Credit card

179,093







179,093


    Total Consumer

5,173,141



1,037,478



73,056



6,283,675


    Subtotal

14,187,793



1,683,796



198,169



16,069,758


Loss share receivable





9,689



9,689


    Total loans

14,187,793



1,683,796



207,858



16,079,447


Allowance for loan losses

(104,468)



(3,970)



(44,162)



(152,600)


Net loans

$

14,083,325



$

1,679,826



$

163,696



$

15,926,847



















Three Months Ended December 31, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,640,987



$

263,937



$

36,903



$

5,941,827


CRE

2,090,700



463,379



91,944



2,646,023


Construction

628,139



6,143



5,858



640,140


Leases

461,798







461,798


    Total Commercial

8,821,624



733,459



134,705



9,689,788


Mortgage

682,185



331,283



35,919



1,049,387


Installment

2,950,953



590,352



2,108



3,543,413


Home equity

1,232,035



175,827



43,514



1,451,376


Credit card

177,113







177,113


    Total Consumer

5,042,286



1,097,462



81,541



6,221,289


    Subtotal

13,863,910



1,830,921



216,246



15,911,077


Loss share receivable





10,663



10,663


    Total loans

13,863,910



1,830,921



226,909



15,921,740


Allowance for loan losses

(102,524)



(2,750)



(45,918)



(151,192)


Net loans

$

13,761,386



$

1,828,171



$

180,991



$

15,770,548



















Three Months Ended September 30, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,503,191



$

291,727



$

38,332



$

5,833,250


CRE

2,139,943



516,945



96,739



2,753,627


Construction

599,652



6,200



5,916



611,768


Leases

441,513







441,513


    Total Commercial

8,684,299



814,872



140,987



9,640,158


Mortgage

662,909



348,863



36,809



1,048,581


Installment

2,817,221



632,789



2,227



3,452,237


Home equity

1,194,165



190,947



51,994



1,437,106


Credit card

169,674







169,674


    Total Consumer

4,843,969



1,172,599



91,030



6,107,598


    Subtotal

13,528,268



1,987,471



232,017



15,747,756


Loss share receivable





12,371



12,371


    Total loans

13,528,268



1,987,471



244,388



15,760,127


Allowance for loan losses

(102,153)



(4,143)



(40,840)



(147,136)


Net loans

$

13,426,115



$

1,983,328



$

203,548



$

15,612,991



















Three Months Ended June 30, 2015


Originated Loans


Acquired Loans (1)


FDIC Acquired Loans (2)


Total Loans

C&I

$

5,362,893



$

376,541



$

42,100



$

5,781,534


CRE

2,156,511



554,681



112,035



2,823,227


Construction

579,249



6,258



8,082



593,589


Leases

408,384







408,384


    Total Commercial

8,507,037



937,480



162,217



9,606,734


Mortgage

647,418



367,871



39,438



1,054,727


Installment

2,618,297



688,465



3,823



3,310,585


Home equity

1,156,019



209,185



59,556



1,424,760


Credit card

164,201







164,201


    Total Consumer

4,585,935



1,265,521



102,817



5,954,273


    Subtotal

13,092,972



2,203,001



265,034



15,561,007


Loss share receivable





16,354



16,354


    Total loans

13,092,972



2,203,001



281,388



15,577,361


Allowance for loan losses

(98,529)



(7,434)



(40,595)



(146,558)


Net loans

$

12,994,443



$

2,195,567



$

240,793



$

15,430,803










(1) Loans assumed from Citizens.  No allowance was brought forward on the date of acquisition in accordance with business combination accounting.
(2) Loans acquired in an FDIC-assisted transaction. Includes non-single family loans for which the loss share agreement expired on March 31, 2015 and June 30, 2015.

 

FIRSTMERIT CORPORATION AND SUBSIDARIES













AVERAGE CONSOLIDATED BALANCE SHEETS

Fully Tax-equivalent Interest Rates and Interest Differential












Three months ended


Three months ended


Three months ended


June 30, 2016


March 31, 2016


June 30, 2015

(Unaudited)

Average




Average


Average




Average


Average




Average

(Dollars in thousands)

Balance


Interest (1)


Rate


Balance


Interest (1)


Rate


Balance


Interest (1)


Rate

ASSETS


















Cash and cash equivalents

$

622,355







$

724,095







$

518,820






Investment securities and federal funds
sold:


















U.S. treasury securities and U.S. government
agency obligations (taxable)

5,558,522



$

28,018



2.03

%


5,470,079



$

27,763



2.04

%


5,452,598



$

27,098



1.99

%

Obligations of states and political subdivisions (tax exempt)

702,550



7,755



4.44

%


743,159



8,161



4.42

%


724,653



8,443



4.67

%

Other securities and federal funds sold

613,677



5,331



3.49

%


592,144



5,386



3.66

%


594,478



5,077



3.43

%

Total investment securities and federal funds sold

6,874,749



41,104



2.40

%


6,805,382



41,310



2.44

%


6,771,729



40,618



2.41

%

Loans held for sale

3,652



33



3.63

%


5,253



52



3.98

%


3,631



46



5.08

%

Loans, including loss share receivable (2)

16,242,902



164,022



4.06

%


16,079,447



163,285



4.08

%


15,577,361



162,610



4.19

%

Total earning assets

23,121,303



$

205,159



3.57

%


22,890,082



$

204,647



3.60

%


22,352,721



$

203,274



3.65

%

Total allowance for loan losses

(151,267)







(152,600)







(146,558)






Other assets

2,331,175







2,309,280







2,404,876






Total assets

$

25,923,566







$

25,770,857







$

25,129,859






LIABILITIES AND SHAREHOLDERS' EQUITY















Deposits:


















Noninterest-bearing

$

6,035,959



$



%


$

5,990,796



$



%


$

5,722,240



$



%

Interest-bearing

3,601,589



1,013



0.11

%


3,590,598



929



0.10

%


3,203,836



783



0.10

%

Savings and money market accounts

9,223,623



5,641



0.25

%


8,851,135



5,652



0.26

%


8,467,845



5,588



0.26

%

Certificates and other time deposits

2,106,279



3,116



0.60

%


2,203,136



3,289



0.60

%


2,288,741



2,510



0.44

%

Total deposits

20,967,450



9,770



0.19

%


20,635,665



9,870



0.19

%


19,682,662



8,881



0.18

%

Securities sold under agreements to repurchase

689,279



109



0.06

%


844,290



265



0.13

%


1,285,920



329



0.10

%

Wholesale borrowings

376,838



1,121



1.20

%


473,149



1,234



1.05

%


393,379



1,129



1.15

%

Long-term debt

519,376



4,262



3.30

%


505,376



4,163



3.31

%


508,744



3,917



3.09

%

Total interest-bearing liabilities

16,516,984



15,262



0.37

%


16,467,684



15,532



0.38

%


16,148,465



14,256



0.35

%

Other liabilities

358,405







342,210







366,722






Shareholders' equity

3,012,218







2,970,167







2,892,432






Total liabilities and shareholders' equity

$

25,923,566







$

25,770,857







$

25,129,859






Net yield on earning assets

$

23,121,303



$

189,897



3.30

%


$

22,890,082



$

189,115



3.32

%


$

22,352,721



$

189,018



3.39

%

Interest rate spread





3.20

%






3.22

%






3.30

%



















(1) The net yield on earning assets is calculated as annualized taxable-equivalent net interest income divided by average earning assets.  The interest income earned on certain earning assets is completely or partially exempt from federal and/or state income taxes.  As such, these tax-exempt securities typically yield lower returns than taxable securities.  To provide more meaningful comparisons of net interest margins for all earning assets, net interest income on a taxable-equivalent basis is used in calculating net interest margin by increasing the interest earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments.  This adjustment is not permitted under U.S. generally accepted accounting principles in the Consolidated Statements of Income.  The taxable-equivalent adjustments to net interest income were $3.8 million, $4.0 million, and $3.9 million for the three months ended June 30, 2016, March 31, 2016, and June 30, 2015, respectively.
(2) Nonaccrual loans have been included in the average balances.

 

FIRSTMERIT CORPORATION AND SUBSIDARIES







AVERAGE CONSOLIDATED BALANCE SHEETS

Fully Tax-equivalent Interest Rates and Interest Differential






Six Months Ended


Six Months Ended


June 30, 2016


June 30, 2015

(Unaudited)

Average




Average


Average




Average

(Dollars in thousands)

Balance


Interest (1)


Rate


Balance


Interest (1)


Rate

ASSETS












Cash and cash equivalents

$

673,225







$

540,920






Investment securities and federal funds sold:












U.S. treasury securities and U.S. government agency obligations (taxable)

5,514,302



$

55,782



2.03

%


5,391,501



$

53,858



2.01

%

Obligations of states and political subdivisions (tax exempt)

722,854



15,916



4.43

%


728,882



17,590



4.87

%

Other securities and federal funds sold

602,910



10,717



3.57

%


599,648



10,267



3.45

%

Total investment securities and federal funds sold

6,840,066



82,415



2.42

%


6,720,031



81,715



2.45

%

Loans held for sale

4,453



85



3.84

%


4,550



103



4.56

%

Loans, including loss share receivable (2)

16,161,173



327,306



4.07

%


15,502,686



324,902



4.23

%

Total earning assets

23,005,692



$

409,806



3.58

%


22,227,267



$

406,720



3.69

%

Total allowance for loan losses

(151,935)







(145,467)






Other assets

2,319,665







2,393,014






Total assets

$

25,846,647







$

25,015,734






LIABILITIES AND SHAREHOLDERS' EQUITY









Deposits:












Noninterest-bearing

$

6,013,378



$



%


$

5,725,483



$



%

Interest-bearing

3,596,094



1,942



0.11

%


3,206,545



1,550



0.10

%

Savings and money market accounts

9,037,379



11,293



0.25

%


8,504,794



11,135



0.26

%

Certificates and other time deposits

2,154,708



6,405



0.60

%


2,298,677



4,687



0.41

%

Total deposits

20,801,559



19,640



0.19

%


19,735,499



17,372



0.18

%

Securities sold under agreements to repurchase

766,785



374



0.10

%


1,156,113



572



0.10

%

Wholesale borrowings

424,993



2,355



1.11

%


372,302



2,289



1.24

%

Long-term debt

512,376



8,425



3.31

%


505,125



7,915



3.16

%

Total interest-bearing liabilities

16,492,335



30,794



0.38

%


16,043,556



28,148



0.35

%

Other liabilities

349,744







367,226






Shareholders' equity

2,991,190







2,879,469






Total liabilities and shareholders' equity

$

25,846,647







$

25,015,734






Net yield on earning assets

$

23,005,692



$

379,012



3.31

%


$

22,227,267



$

378,572



3.43

%

Interest rate spread





3.20

%






3.34

%

























(1) The net yield on earning assets is calculated as annualized taxable-equivalent net interest income divided by average earning assets.  The interest income earned on certain earning assets is completely or partially exempt from federal and/or state income taxes.  As such, these tax-exempt securities typically yield lower returns than taxable securities.  To provide more meaningful comparisons of net interest margins for all earning assets, net interest income on a taxable-equivalent basis is used in calculating net interest margin by increasing the interest earned on tax-exempt assets to make it fully equivalent to interest income earned on taxable investments.  This adjustment is not permitted under generally accepted accounting principles in the Consolidated Statements of Income.   The taxable-equivalent adjustments to net interest income were $7.8 million and $7.8 million for the six months ended June 30, 2016 and 2015, respectively.
(2) Nonaccrual loans have been included in the average balances.

 


FIRSTMERIT CORPORATION AND SUBSIDIARIES





CONSOLIDATED STATEMENTS OF INCOME





(Unaudited)

Three Months Ended


Six Months Ended

(In thousands, except per share amounts)

June 30,


June 30,





2016


2015


2016


2015

Interest income:









Loans and loans held for sale

$

162,977



$

161,872



$

325,255



$

323,411



Investment securities:










Taxable

33,350



32,175



66,499



64,125




Tax-exempt

5,013



5,327



10,274



11,353




Total investment securities interest

38,363



37,502



76,773



75,478





Total interest income

201,340



199,374



402,028



398,889


Interest expense:









Deposits:










Interest-bearing

1,013



783



1,942



1,550




Savings and money market accounts

5,641



5,588



11,293



11,135




Certificates and other time deposits

3,116



2,510



6,405



4,687



Federal funds purchased and securities sold under agreements to repurchase

109



329



374



572



Wholesale borrowings

1,121



1,129



2,355



2,289



Long-term debt

4,262



3,917



8,425



7,915




Total interest expense

15,262



14,256



30,794



28,148




Net interest income

186,078



185,118



371,234



370,741



Provision for loan losses

6,391



8,966



14,200



17,214




Net interest income after provision for loan losses

179,687



176,152



357,034



353,527


Noninterest income:









Trust department income

11,167



10,820



21,451



20,969



Service charges on deposits

16,263



16,704



31,849



32,372



Credit card fees

14,942



14,124



28,520



26,773



ATM and other service fees

6,427



6,345



12,661



12,444



Bank owned life insurance income

4,186



3,697



7,882



7,289



Investment services and insurance

3,851



3,871



7,756



7,575



Investment securities gains/(losses), net

2,164



567



2,459



921



Loan sales and servicing income

1,995



3,276



3,847



4,876



Other operating income

4,120



7,178



16,084



19,210




Total noninterest income

65,115



66,582



132,509



132,429


Noninterest expense:









Salaries, wages, pension and employee benefits

86,789



86,020



172,669



176,546



Net occupancy expense

13,466



13,727



28,240



29,681



Equipment expense

12,078



12,592



24,486



23,617



Stationery, supplies and postage

2,945



3,370



6,564



6,898



Bankcard, loan processing and other costs

12,269



12,461



23,277



23,600



Professional services

4,467



5,358



12,818



9,368



Amortization of intangibles

2,304



2,598



4,608



5,196



FDIC insurance expense

5,192



5,077



10,637



10,244



Other operating expense

20,810



20,471



43,984



37,176




Total noninterest expense

160,320



161,674



327,283



322,326


Income before income tax expense

84,482



81,060



162,260



163,630


Income tax expense

26,173



24,476



49,815



49,907





Net income

$

58,309



$

56,584



$

112,445



$

113,723


Less:

Net income allocated to participating shareholders

496



467



955



937





Preferred stock dividends

1,469



1,469



2,938



2,938


Net income attributable to common shareholders

$

56,344



$

54,648



$

108,552



$

109,848


Net income used in diluted EPS calculation

$

56,344



$

54,648



$

108,552



$

109,848


Weighted average number of common shares outstanding - basic

166,188



165,736



165,966



165,574


Weighted average number of common shares outstanding - diluted

166,807



166,277



166,563



166,089


Basic earnings per common share

$

0.34



$

0.33



$

0.65



$

0.66


Diluted earnings per common share

0.34



0.33



0.65



0.66


Cash dividends per common share

0.17



0.16



0.34



0.32













FIRSTMERIT CORPORATION AND SUBSIDIARIES







CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME







(Unaudited)

Three Months Ended


Six Months Ended


June 30, 2016


June 30, 2016

(In thousands)

Pre-tax


Tax


After-tax


Pre-tax


Tax


After-tax

Net Income

$

84,482



$

26,173



$

58,309



$

162,260



$

49,815



$

112,445


Other comprehensive income/(loss)












Unrealized gains and losses on securities available for sale:












Changes in unrealized securities' holding gains/(losses)

31,489



11,431



20,058



79,868



28,994



50,874


Changes in unrealized securities' holding gains/(losses) that result from securities being transferred from available-for-sale into held-to-maturity

(4,549)



(1,651)



(2,898)



(5,990)



(1,799)



(4,191)


Net losses/(gains) realized on sale of securities reclassified to noninterest income

2,164



786



1,378



2,459



893



1,566


Net change in unrealized gains/(losses) on securities available for sale

29,104



10,566



18,538



76,337



28,088



48,249


Pension plans and other postretirement benefits:












Amortization of actuarial gain

1,076



390



686



3,244



1,163



2,081


Amortization of prior service cost reclassified to other noninterest expense

(560)



(204)



(356)



(820)



(291)



(529)


Net change from defined benefit pension plans

516



186



330



2,424



872



1,552


Total other comprehensive gains/(losses)

29,620



10,752



18,868



78,761



28,960



49,801


Comprehensive income

$

114,102



$

36,925



$

77,177



$

241,021



$

78,775



$

162,246


 


Three Months Ended


Six Months Ended


June 30, 2015


June 30, 2015

(In thousands)

Pre-tax


Tax


After-tax


Pre-tax


Tax


After-tax

Net Income

$

81,060



$

24,476



$

56,584



$

163,630



$

49,907



$

113,723


Other comprehensive income/(loss)












Unrealized gains and losses on securities available for sale:












Changes in unrealized securities' holding gains/(losses)

(28,642)



(10,024)



(18,618)



5,475



1,916



3,559


Changes in unrealized securities' holding gains/(losses) that result from securities being transferred from available-for-sale into held-to-maturity

(575)



(203)



(372)



(1,079)



(378)



(701)


Net losses/(gains) realized on sale of securities reclassified to noninterest income

(567)



(198)



(369)



(921)



(322)



(599)


Net change in unrealized gains/(losses) on securities available for sale

(29,784)



(10,425)



(19,359)



3,475



1,216



2,259


Pension plans and other postretirement benefits:












Amortization of actuarial gain

1,138



399



739



2,276



797



1,479


Amortization of prior service cost reclassified to other noninterest expense

410



144



266



820



287



533


Net change from defined benefit pension plans

1,548



543



1,005



3,096



1,084



2,012


Total other comprehensive gains/(losses)

(28,236)



(9,882)



(18,354)



6,571



2,300



4,271


Comprehensive income

$

52,824



$

14,594



$

38,230



$

170,201



$

52,207



$

117,994














 

FIRSTMERIT CORPORATION AND SUBSIDIARIES



CONSOLIDATED STATEMENTS OF INCOME---LINKED QUARTERS














Quarterly Results

(In thousands, except per share amounts)

2016


2016


2015


2015


2015

(Unaudited)

2nd qtr


1st qtr


4th qtr


3rd qtr


2nd qtr

Interest Income:










Loans and loans held for sale

$

162,977



$

162,278



$

162,168



$

162,204



$

161,872


Investment securities

38,363



38,410



38,401



37,855



37,502


Total interest income

201,340



200,688



200,569



200,059



199,374


Interest expense:










Deposits:










Interest-bearing

1,013



929



754



750



783


Savings and money market accounts

5,641



5,652



5,611



5,639



5,588


Certificates and other time deposits

3,116



3,289



3,378



2,757



2,510


Federal funds purchased and securities sold under agreements to repurchase

109



265



300



254



329


Wholesale borrowings

1,121



1,234



1,202



1,171



1,129


Long-term debt

4,262



4,163



4,093



4,165



3,917


Total interest expense

15,262



15,532



15,338



14,736



14,256


Net interest income

186,078



185,156



185,231



185,323



185,118


Provision for loan losses

6,391



7,809



13,611



14,275



8,966


Net interest income after provision for loan losses

179,687



177,347



171,620



171,048



176,152


Noninterest income:










Trust department income

11,167



10,284



10,208



10,948



10,820


Service charges on deposits

16,263



15,586



16,793



17,295



16,704


Credit card fees

14,942



13,578



13,931



13,939



14,124


ATM and other service fees

6,427



6,234



6,626



6,518



6,345


Bank owned life insurance income

4,186



3,696



3,836



4,622



3,697


Investment services and insurance

3,851



3,905



3,816



4,032



3,871


Investment securities gains/(losses), net

2,164



295



(5)



41



567


Loan sales and servicing income

1,995



1,852



2,276



2,414



3,276


 Other operating income

4,120



11,964



7,662



11,617



7,178


Total noninterest income

65,115



67,394



65,143



71,426



66,582


Noninterest expense:










Salaries, wages, pension and employee benefits

86,789



85,880



86,490



85,772



86,020


Net occupancy expense

13,466



14,774



12,716



13,540



13,727


Equipment expense

12,078



12,408



12,074



12,235



12,592


Stationery, supplies and postage

2,945



3,619



3,222



3,304



3,370


Bankcard, loan processing and other costs

12,269



11,008



11,146



12,335



12,461


Professional services

4,467



8,351



5,056



5,154



5,358


Amortization of intangibles

2,304



2,304



2,598



2,598



2,598


FDIC  insurance expense

5,192



5,445



5,252



5,234



5,077


Other operating expense

20,810



23,174



17,068



20,570



20,471


Total noninterest expense

160,320



166,963



155,622



160,742



161,674


Income before income tax expense

84,482



77,778



81,141



81,732



81,060


Income tax expense

26,173



23,642



24,392



22,720



24,476


Net income

58,309



54,136



56,749



59,012



56,584


Less:  Net income allocated to participating shareholders

496



387



453



477



467


Preferred stock dividends

1,469



1,469



1,469



1,469



1,469


Net income attributable to common shareholders

$

56,344



$

52,280



$

54,827



$

57,066



$

54,648


Net income used in diluted EPS calculation

$

56,344



$

52,280



$

54,827



$

57,066



$

54,648


Weighted-average number of common shares outstanding - basic

166,188



165,745



165,762



165,762



165,736


Weighted-average number of common shares outstanding- diluted

166,807



166,239



166,222



166,058



166,277


Basic earnings per common share

$

0.34



$

0.32



$

0.33



$

0.34



$

0.33


Diluted earnings per common share

$

0.34



$

0.31



$

0.33



$

0.34



$

0.33


Cash dividends per common share

$

0.17



$

0.17



$

0.17



$

0.17



$

0.16












 

FIRSTMERIT CORPORATION AND SUBSIDIARIES







NONINTEREST INCOME AND NONINTEREST EXPENSE DETAIL


















(Unaudited)











(In thousands)













2016


2016


2015


2015


2015

Noninterest income detail


2nd qtr


1st qtr


4th qtr


3rd qtr


2nd qtr

Trust department income


$

11,167



$

10,284



$

10,208



$

10,948



$

10,820


Service charges on deposits


16,263



15,586



16,793



17,295



16,704


Credit card fees


14,942



13,578



13,931



13,939



14,124


ATM and other service fees


6,427



6,234



6,626



6,518



6,345


Bank owned life insurance income


4,186



3,696



3,836



4,622



3,697


Investment services and insurance


3,851



3,905



3,816



4,032



3,871


Investment securities gains/(losses), net


2,164



295



(5)



41



567


Loan sales and servicing income


1,995



1,852



2,276



2,414



3,276


Other operating income


4,120



11,964



7,662



11,617



7,178


Total Noninterest Income


$

65,115



$

67,394



$

65,143



$

71,426



$

66,582




2016


2016


2015


2015


2015

Noninterest expense detail


2nd qtr


1st qtr


4th qtr


3rd qtr


2nd qtr

Salaries and wages


$

68,752



$

69,410



$

68,151



$

68,775



$

67,485


Pension and employee benefits


18,037



16,470



18,339



16,997



18,535


Net occupancy expense


13,466



14,774



12,716



13,540



13,727


Equipment expense


12,078



12,408



12,074



12,235



12,592


Taxes, other than federal income taxes


1,922



2,031



2,096



2,003



2,032


Stationery, supplies and postage


2,945



3,619



3,222



3,304



3,370


Bankcard, loan processing and other costs


12,269



11,008



11,146



12,335



12,461


Advertising


3,685



3,260



3,386



4,278



3,103


Professional services


4,467



8,351



5,056



5,154



5,358


Telephone


2,115



2,424



2,530



2,480



2,599


Amortization of intangibles


2,304



2,304



2,598



2,598



2,598


FDIC insurance expense


5,192



5,445



5,252



5,234



5,077


Other operating expense


13,088



15,459



9,056



11,809



12,737


Total Noninterest Expense


$

160,320



$

166,963



$

155,622



$

160,742



$

161,674













 


FIRSTMERIT CORPORATION AND SUBSIDIARIES







ASSET QUALITY INFORMATION (excluding acquired loans, FDIC acquired loans, and covered OREO) (1)






























(Unaudited)


(Audited)

(Dollars in thousands)

Quarterly Periods


Annual Period


June 30,


March 31,


December 31,


September 30,


June 30,


December 31,

Allowance for Credit Losses

2016


2016


2015


2015


2015


2015

Allowance for originated loan losses, beginning of period

$

102,915



$

105,135



$

104,055



$

101,682



$

97,545



$

95,696


Provision for originated loan losses

6,947



5,410



12,487



10,402



10,809



39,734


Charge-offs

10,798



13,014



15,514



13,398



11,298



48,778


Recoveries

6,111



5,384



4,107



5,369



4,626



18,483


Net charge-offs

4,687



7,630



11,407



8,029



6,672



30,295


Allowance for originated loan losses, end of period

$

105,175



$

102,915



$

105,135



$

104,055



$

101,682



$

105,135


Reserve for unfunded lending commitments,












beginning of period

$

4,944



$

4,068



$

3,574



$

3,905



$

4,330



$

5,848


Provision for (relief of) credit losses

(832)



876



494



(331)



(425)



(1,780)


Reserve for unfunded lending commitments,












end of period

$

4,112



$

4,944



$

4,068



$

3,574



$

3,905



$

4,068


Allowance for Credit Losses

$

109,287



$

107,859



$

109,203



$

107,629



$

105,587



$

109,203


Ratios












Provision for loan losses to average loans

0.19

%


0.15

%


0.36

%


0.31

%


0.33

%


0.30

%

Net charge-offs to average loans

0.13

%


0.22

%


0.33

%


0.24

%


0.20

%


0.23

%

Allowance for loan losses to period-end loans

0.72

%


0.72

%


0.74

%


0.76

%


0.76

%


0.74

%

Allowance for credit losses to period-end loans

0.75

%


0.75

%


0.77

%


0.79

%


0.79

%


0.77

%

Allowance for loan losses to nonperforming loans

124.77

%


139.64

%


238.37

%


221.22

%


184.40

%


238.37

%

Allowance for credit losses to nonperforming loans

129.65

%


146.35

%


247.60

%


228.82

%


191.48

%


247.60

%

Asset Quality












Impaired originated loans:












Commercial loans

$

66,942



$

56,726



$

28,108



$

30,821



$

37,889



$

28,108


Consumer loans

17,355



16,975



15,997



16,215



17,253



15,997


Total nonperforming loans

84,297



73,701



44,105



47,036



55,142



44,105


Other real estate owned ("OREO"), noncovered (2)

31,356



38,592



50,393



60,022



62,169



50,393


Total nonperforming assets ("NPAs") (2)

$

115,653



$

112,293



$

94,498



$

107,058



$

117,311



$

94,498


NPAs to period-end loans + noncovered OREO (2)

0.79

%


0.78

%


0.67

%


0.78

%


0.87

%


0.67

%

Accruing originated loans past due 90 days or more

$

8,008



$

9,361



$

8,022



$

9,888



$

8,009



$

8,022














(1) Due to the impact of business combination accounting and the protection afforded by FDIC loss sharing agreements, which provide considerable protection against credit risk, acquired loans and FDIC acquired loans, and covered OREO are excluded from this table to provide for improved comparability to prior periods and better perspective into asset quality trends. George Washington and Midwest non-single family loss share agreements with the FDIC expired at March 31, 2015 and June 30, 2015. As of June 30, 2016, $65.0 million of FDIC acquired loans remained covered by single family loss share agreements, providing considerable protection against credit risk.
(2) As of June 30, 2016, March 31, 2016, December 31, 2015, September 30, 2015, and June 30, 2015,  $19.0 million$25.5 million, $33.5 million$40.0 million, and $42.0 million respectively, of OREO was no longer covered by  FDIC loss share agreements, and therefore, was included in NPAs. OREO that remains covered by FDIC loss share agreements has considerable protection against credit risk and is not reported as NPAs.

 


FIRSTMERIT CORPORATION AND SUBSIDIARIES





ALLOWANCE FOR ORIGINATED LOAN LOSSES - Net Charge-off Detail (excluding acquired and FDIC acquired loans) (1)











(Unaudited)

Three Months Ended


Six Months Ended


Year Ended

(Dollars in thousands)

June 30,


June 30,


December 31,


2016


2015


2016


2015


2015

Allowance for originated loan losses - beginning of period

$

102,915



$

97,545



$

105,135



$

95,696



$

95,696


Loans charged off:










Commercial

2,634



3,577



5,882



4,262



15,270


Mortgage

708



373



1,158



797



1,443


Installment

4,548



4,621



10,858



9,226



19,546


Home equity

937



971



1,964



1,882



4,032


Credit cards

1,031



1,209



2,484



2,661



4,867


Leases









1,268


Overdrafts

940



547



1,468



1,037



2,352


Total

10,798



11,298



23,814



19,865



48,778


Recoveries:










Commercial

1,509



448



2,045



773



1,798


Mortgage

45



89



65



124



257


Installment

3,337



2,716



6,951



5,584



11,062


Home equity

499



839



1,123



1,452



2,606


Credit cards

421



358



778



724



1,395


Manufactured housing

4



6



10



19



31


Leases

29



3



49



7



787


Overdrafts

267



167



476



323



547


Total

6,111



4,626



11,497



9,006



18,483


Net charge-offs

4,687



6,672



12,317



10,859



30,295


Provision for originated loan losses

6,947



10,809



12,357



16,845



39,734


Allowance for originated loan losses-end of period

$

105,175



$

101,682



$

105,175



$

101,682



$

105,135












Average originated loans

$

14,489,924



$

13,092,972



$

14,338,858



$

12,892,495



$

13,297,594


Ratio (annualized) to average originated loans:










Originated net charge-offs

0.13

%


0.20

%


0.17

%


0.17

%


0.23

%

Provision for originated loan losses

0.19

%


0.33

%


0.17

%


0.26

%


0.30

%

Originated Loans, period-end

$

14,665,631



$

13,355,912



$

14,665,631



$

13,355,912



$

14,118,505












Allowance for credit losses:

$

109,287



$

105,587



$

109,287



$

105,587



$

109,203


To (annualized) net charge-offs

5.80



3.95



4.41



4.82



3.60


Allowance for originated loan losses:










To period-end originated loans

0.72

%


0.76

%


0.72

%


0.76

%


0.74

%

To (annualized) net originated charge-offs

5.58



3.80



4.25



4.64



3.47












(1) Due to the impact of business combination accounting and protection of FDIC loss sharing agreements, which provide considerable protection against credit risk, acquired and FDIC acquired loans are excluded from this table to provide for improved comparability to prior periods and better perspective into asset quality trends.  George Washington and Midwest non-single family loss share agreements with the FDIC expired at March 31, 2015 and June 30, 2015, respectively. As of June 30, 2016, $65.0 million of FDIC acquired loans remained covered by single family loss share agreements, providing considerable protection against credit risk.

FirstMerit Corporation
Analyst: Thomas O'Malley/Investor Relations Officer
Phone: 330.384.7109 
Media Contact: Robert Townsend/Media Relations Officer
Phone: 330.384.7075

Logo - http://photos.prnewswire.com/prnh/20070920/CLTU138LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/firstmerit-reports-second-quarter-2016-eps-of-034-per-share-300303704.html

SOURCE FirstMerit Corporation

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