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Huntington Bancshares Incorporated Message Board

  • michaelisin4u michaelisin4u Apr 18, 2012 9:18 AM Flag

    HUNTINGTON BANCSHARES INCORPORATED REPORTS $153.3 MILLION OF NET INCOME

     

    HUNTINGTON BANCSHARES INCORPORATED REPORTS $153.3 MILLION OF NET INCOME, OR $0.17 PER COMMON SHARE, FOR THE 2012 FIRST QUARTER, UP 21% FROM BOTH THE PRIOR AND YEAR-AGO QUARTERS

    DECLARES QUARTERLY DIVIDEND ON COMMON STOCK OF $0.04 PER SHARE

    Other specific highlights compared with 2011 Fourth Quarter:

    1.13% return on average assets, up from 0.92%


    11.6% annualized growth in tangible book value per share


    3.40% net interest margin, up 2 basis points


    17% annualized growth in average commercial and industrial loans


    16% annualized growth in average total demand deposits


    $56.0 million noninterest income increase including:

    ◦$23.0 million related to the $1.3 billion automobile loan securitization and sale
    ◦$22.3 million increase in mortgage banking income
    ◦$11.4 million related to the bargain purchase gain associated with the FDIC-assisted Fidelity Bank acquisition

    •$32.4 million noninterest expense increase reflected $23.5 million related to an addition to litigation reserves and the prior quarter’s $9.7 million gain on the early extinguishment of debt
    •14% decline in nonaccrual loans to 1.15% of total loans and leases, down from 1.39%
    •10.15% Tier 1 common risk-based capital ratio, up from 10.00%

    COLUMBUS, Ohio – April 18, 2012 –Huntington Bancshares Incorporated (NASDAQ: HBAN; ##) reported 2012 first quarter net income of $153.3 million, up $26.4 million, or 21%, from $126.9 million in the prior quarter. Earnings per common share in the current quarter were $0.17, up $0.03 from the prior quarter. Net income in the year-ago quarter was $126.4 million, or $0.14 per common share.

    Huntington today also announced that the board of directors has declared a quarterly cash dividend on its common stock of $0.04 per common share. The dividend is payable July 2, 2012, to shareholders of record on June 18, 2012.

    Summary Performance Discussion Compared with 2011 Fourth Quarter

    “We are very pleased with the quarter. By staying focused on executing our strategic plan, we are making steady progress in improving long-term profitability and adding to our earnings growth opportunities,” said Stephen D. Steinour, chairman, president and chief executive officer. “This quarter’s financial results contained two significant items. The first was a gain relating to our recently announced FDIC-assisted purchase of Fidelity Bank in Dearborn, Michigan. The other was an addition to our litigation reserves. When looking at the performance adjusted for those significant items, revenue is meaningfully higher with noninterest expense, after considering seasonal FICA and other payroll taxes, basically unchanged.”



    http://www.investquest.com/iq/h/hban/ne/news/hban112.htm

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