Banking & Finance

Huntington Reports Record 2Q Earnings of $272M

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COLUMBUS, Ohio –Huntington Bancshares Inc., holding company of Huntington Bank, Friday reported second-quarter net income of $272 million, or 23 cents a common share.

The $272 million, Huntington Bancshares noted, is a record for second-quarter earnings.

First-quarter net income was $208 million, or 17 cents a common share, and second-quarter net income was an increase of $97 million, or 56%, from the year-ago quarter.

Excluding some $50 million pretax, or three cents per share after-tax, related to the acquisition of FirstMerit, adjusted earnings were 26 cents per common share.

The board of directors declared a quarterly cash dividend of eight cents per common share, unchanged from the previous quarter, payable Oct. 2 to shareholders of record Sept. 18.

They also declared a quarterly cash dividend of $21.25 per preferred share on the corporation’s noncumulative perpetual preferred stock Series A, a quarterly cash dividend of $10.01 per preferred share on the corporation’s floating rate series noncumulative perpetual preferred stock Series B, a quarterly cash dividend of $14.69 per preferred share on the corporation’s noncumulative perpetual preferred stock Series C, and a quarterly cash dividend of $15.62 per preferred share on the corporation’s noncumulative perpetual preferred stock Series D.

All four preferred stock cash dividends are payable Oct. 16 to shareholders of record Oct. 1.

In a prepared statement, the president, chairman and CEO of Huntington, Steve Steinour, said, “We are very pleased with our record second quarter earnings, which illustrates tangible progress to deliver top tier regional bank performance. The improved earnings power of the company is a result of the successful integration combined with organic growth.”

Key performance ratios for the quarters ended June 30, March 31 and June 30, 2016, are:

  • Return on average assets, 1.09%, 0.84%, 0.96%.
  • Return on average common equity, 10.6%, 8.2%, 9.6%.
  • Return on average tangible common equity, 14.4%, 11.3%, 11.0%.
  • Efficiency ratio,  62.9%, 65.7%, 66.1%

Total revenues for the quarter ended June 30 were 37% higher than the year-ago quarter.

Published by The Business Journal, Youngstown, Ohio.