Huntington Reports 3Q Net Income of $378M

COLUMBUS, Ohio – Huntington Bancshares Inc., holding company of Huntington National Bank, Tuesday reported third-quarter net income of $378 million, or 33 cents per share.

This quarter is a $103 million, or 37% increase from the year-ago quarter of $275 million, or 23 cents per share, and is up from $355 million, or 30 cents per share from the quarter ending June 30.

Last week the board of directors declared a quarterly cash dividend of 14 cents per common share payable Jan. 2 to shareholders of record Dec. 18.

In addition, the board declared quarterly cash dividends on its four series of preferred stock:
  • Floating rate Series B noncumulative perpetual preferred stock (CUSIP#: 446150500) of $12.84077465 per share (equivalent to $0.3210194 per depositary receipt share).
  • 5.875% Series C noncumulative perpetual preferred stock (Nasdaq: HBANN) of $14.69 per share (equivalent to $0.36725 per depositary receipt share).
  • 6.25% Series D noncumulative perpetual preferred stock (Nasdaq: HBANO) of $15.625 per share (equivalent to $0.390625 per depositary receipt share).
  • 5.70% Series E fixed-to-floating rate noncumulative perpetual preferred Stock (CUSIP#: 446150 AL8) of $1,425.00 per share (equivalent to $14.25 per depositary receipt share).

All four preferred stock cash dividends are payable Jan. 15 to shareholders of record Jan. 1.

In a prepared statement, the president, chairman and CEO of Huntington, Steve Steinour, said, “We delivered solid results again in the third quarter including record revenue and ROTCE above our long-term goal for the fourth consecutive quarter. Continued strong capital generation fuels our organic growth, supports our increased dividend, and allows us to return additional capital to our shareholders via share repurchases.”

Key performance ratios for the quarters ended Sept. 30, June 30 and Sept. 30, 2017:

  • Return on average assets, 1.42%, 1.36%, 1.08%.
  • Return on average common equity, 14.3%, 13.2%, 10.5%.
  • Net interest margin, 3.32%, 3.29%, 3.29%.
  • Efficiency ratio, 55.3%, 56.6%, 60.5%.

Total noninterest expense (includes rents, data processing, marketing, taxes and Federal Deposit Insurance Corp. premiums) came to $651 million, down from $652 million the second quarter and $680 million the year-ago quarter.

Total revenues were $1.152 billion of which $810 million was net interest income, $342 million noninterest (fees, commissions, service charges, mortgage services) compared to $1.127 billion the preceding quarter ($791 million, $336 million respectively) and $1.101 billion the year-ago quarter ($771 million, $330 million respectively).

Total nonperforming assets (includes loans 90 days past due) were $403 million, down from $412 million the second quarter and up from $387 million a year ago. Nonaccrual loans and leases were $370 million, $378 million and $438 million respectively.

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