Huntington Reports First-Quarter Income of $171M
COLUMBUS, Ohio – Huntington Bancshares Inc., parent of Huntington National Bank, Wednesday reported first-quarter net income of $171 million, or 20 cents per diluted common share.
This compares to fourth-quarter net income of $178 million, or 21 cents per diluted share, and year-ago first-quarter net income of $166 million, or 19 cents per diluted share.
The board of directors declared a quarterly cash dividend of seven cents per common share payable July 1 to shareholders of record June 17.
The chairman, president and CEO, Steve Steinour, called the first-quarter results “a solid performance … with strong year-over-year gains on revenue and earnings per share.”
Key performance ratios for the quarters ended March 31 and Dec. 31 and March 31, 2015:
- Return on average assets, 0.96%, 1.00%, 1.02%.
- Return on average common equity, 10.4%, 10.8%, 10.6%.
- Net interest margin, 3.11%, 3.09%, 3.15%.
- Efficiency ratio, 64.6%, 63.7%, 63.5%.
Noninterest expense (includes salaries and benefits, data processing, rent, Federal Deposit Insurance Corp. premiums, merger-and-acquisition-related) was $491 million compared to $499 million the previous quarter and $459 million the quarter ended March 31, 2015.
The acquisition of First Merit, headquartered in Akron, accounted for $6 million of the overall 7% increase, Huntington said. Steinour reported the acquisition is “on pace” and Huntington expects to meet its goal of completing it in the third quarter.
Total deposits remain nearly even with the $55.2 billion reported at Dec. 31, $55.1 billion.
Total earning assets rose to $66.2 billion from $65.0 billion at Dec. 31, or 2% and were 8% higher than a year ago.
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