Huntington Reports 2Q Net Income Increases to $355M
COLUMBUS, Ohio –Huntington Bancshares Inc., holding company of Huntington Bank, Wednesday reported second-quarter net income of $355 million, or 30 cents per common share.
The second-quarter net income was a 31% increase from the year-ago quarter of $272 million, and the earnings per share were up 30% from the year-ago earnings of 23 cents.
First-quarter net income was $326 million, or 28 cents a common share.
The board of directors declared a quarterly cash dividend of 14 cents per common share, a 3% increase from the previous quarter, payable Oct. 1 to shareholders of record Sept. 17.
In a prepared statement, the president, chairman and CEO of Huntington, Steve Steinour, said, “Our second quarter results demonstrate high quality earnings driven by solid execution across the bank. We achieved or exceeded all of our long-term financial goals for the third quarter in a row, and remain on pace to deliver these goals on an annual basis, two years ahead of expectations.”
Key performance ratios for the quarters ended June 30, March 31 and June 30, 2017, are:
- Return on average assets, 1.36%, 1.27%, 1.09%.
- Return on average common equity, 13.02%, 13%, 10.06%.
- Return on average tangible common equity, 17.6%, 17.5%, 14.4%.
- Efficiency ratio, 56.6%, 56.8%, 62.9%
Second-quarter highlights Huntington cited:
Fully-taxable equivalent total revenue increased $45 million, or 4%, year-over-year.
Fully-taxable equivalent net interest income increased $34 million, or 4%, year-over-year.
Noninterest income increased $11 million, or 3%, year-over-year.
Noninterest expense decreased $42 million, or 6%, year-over-year, as the year-ago quarter included $50 million of acquisition-related expense.
Average loans and leases increased $4.5 billion, or 7%, year-over-year, including a $3.4 billion, or 10%, increase in consumer loans and a $1.2 billion, or 3%, increase in commercial loans.
Average core deposits increased $3.1 billion, or 4%, year-over-year, driven by a $1.7 billion, or 9%, increase in money market deposits and a $1.6 billion, or 77%, increase in core certificates of deposit.
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