Huntington Reports 3Q Net Income of $275M
COLUMBUS, Ohio – Huntington Bancshares Inc., holding company of Huntington National Bank, Wednesday reported third-quarter net income of $275 million, or 23 cents per share.
This quarter is a $148 million, or 116% increase from the year-ago quarter of $127 million, or 11 cents per share, and is up from $272 million, or 23 cents per share from the quarter ending June 30. In the year-ago quarter, Huntington recognized $159 million in expenses related to its acquisition of FirstMerit.
The $275 million, Huntington Bancshares noted, is the second consecutive quarter record net income.
Last week the board of directors declared a quarterly cash dividend of 11 cents per common share payable Jan. 2 to shareholders of record Dec. 18.
In a prepared statement, the president, chairman and CEO of Huntington, Steve Steinour, said, “The 2017 third quarter marked the one-year anniversary of the largest acquisition in Huntington’s history [FirstMerit], and we have substantially completed the integration. We fully implemented $255 million of annualized cost savings, and continue to execute on the deal-related revenue synergies. Consistent execution of our core organic growth strategies, coupled with the realization of these acquisition economics, are the key drivers of third quarter results.”
Key performance ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2016:
- Return on average assets, 1.08%, 1.09%, 0.58%.
- Return on average common equity, 10.5%, 10.6%, 5.4%.
- Net interest margin, 3.29%, 3.31%, 3.18%.
- Efficiency ratio, 60.5%, 62.9%, 75.0%.
Total noninterest expense (includes rents, data processing, marketing, taxes and Federal Deposit Insurance Corp. premiums) came to $680 million, down from $694 million the second quarter and $712 million the year-ago quarter.
Total revenues were $1.101 billion of which $758 million was net interest income, $330 million noninterest (fees, commissions, service charges, mortgage services) compared to $1.082 billion the preceding quarter ($745 million, $325 million respectively) and $938 million the year-ago quarter ($625 million, $302 million respectively).
Total nonperforming assets (includes loans 90 days past due) were $387 million, down from $415 million the second quarter and from $475 million a year ago. Nonaccrual loans and leases were $338 million, $364 million and $404 million respectively.
Copyright 2020 The Business Journal, Youngstown, Ohio.