FirstMerit 2Q net income jumps 58 pct

July 23, 2013

AKRON, Ohio (AP) -- FirstMerit Corp. said Tuesday its second-quarter net income jumped 58 percent, helped by contributions from a recent acquisition.

The Akron, Ohio-based community bank operator earned $48.5 million, or 29 cents per share, compared with $30.6 million, or 28 cents per share, in the same quarter of 2012.

Analysts, on average, expected a profit of 31 cents per share, according to FactSet.

Net interest income, or earnings from deposits and loans on a tax-equivalent basis, increased 66 percent to $201.6 million. Noninterest income, excluding securities transactions, jumped 32 percent to $72.2 million.

In April, FirstMerit completed its $1.3 billion acquisition of Citizens Republic Bancorp Inc., which added $9.3 billion in assets, $4.7 billion in loans and $7.3 billion in deposits, the company said.

Overall, FirstMerit's total assets jumped 61 percent to $23.5 billion, while total deposits increased 65 percent to $19.1 billion as of June 30.

FirstMerit shares rose 51 cents, or 2 percent, to $22.18 in afternoon trading.