Huntington Reports Net Income of $208 Million
COLUMBUS, Ohio – Huntington Bancshares Inc., holding company of Huntington Bank, Wednesday reported first-quarter net income of $208 million, or 17 cents a common share.
That compares to fourth-quarter 2016 net income of $212 million, or 18 cents a common share.
Excluding some $71 million pretax, or four cents per share after-tax, related to FirstMerit acquisition-related net expenses, adjusted earnings were 21 cents per common share.
In a prepared statement, the president, chairman and CEO of Huntington, Steve Steinour, said, “We had a good start to the year and are encouraged by the momentum we’re currently seeing. Among our many accomplishments in the first quarter, we successfully completed our data and systems conversion. We are particularly pleased with our ability to retain customer deposits.”
Huntington Bancshares board of directors declared a quarterly cash dividend of eights cents per common share.
Among the highlights Huntington cited:
- Completion of FirstMerit branch conversion and the conversion of the majority of FirstMerit systems.
- Consolidation of 110 First Merit and Huntington branches.
- $300 million, or 40%, year-over-year increase in fully taxable equivalent revenue.
- Net interest margin of 3.30%, an increase of 19 basis points from the year-ago quarter.
- $216 million, or 44%, year-over-year increase in noninterest expense, including a net increase of $67 million of FirstMerit acquisition-related expense.
- $16.4 billion, or 32%, year-over-year increase in average loans and leases.
- $8.6 billion, or 57%, year-over-year increase in average securities.
- $20.1 billion, or 39%, year-over-year increase in average core deposits, driven by a $9.0 billion, or 116%, increase in interest-bearing demand deposits, a $6.7 billion, or 126%, increase in savings and other domestic deposits, and a $5.4 billion, or 33%, increase in noninterest-bearing demand deposits.
- Nonperforming asset ratio of 0.68%, down from 0.72% a quarter ago and 1.02% a year ago.
For 2017, Steinour said he expects full-year revenue growth to exceed 20%. He also expects average balance sheet growth to exceed 20%.
Copyright 2023 The Business Journal, Youngstown, Ohio.