FirstMerit Adds to Loan Provision

It revises downward its previously reported fourth quarter.
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FirstMerit

(FMER)

revised its previously reported fourth-quarter profits lower, based on an additional charge of $3.5 million.

The diversified financial services company said that its loan loss provision rose after it received information about the condition of certain borrowers. It revised its nonperforming assets on Dec. 31, 2005, to $72.3 million, up from the $60.7 million it previously reported.

The revised fourth-quarter earnings are $27.7 million, or 34 cents a share, instead of $31.2 million, or 38 cents a share, as originally reported.

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