Huntington Bancshares Reports Q1 Earnings
Huntington Bancshares (NASDAQ: HBAN) reported its first quarter earnings results on April 16, 2014. Shares of the company ended down $0.16 per share or 1.69 percent.
The bank reported 2014 first quarter net income of $149 million and earnings per common share of $0.17. Earning per common share was steady, but net income was down three percent to $149 million.
The company also reported than average loans grew more than six percent from the same period year ago.
Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares:
• “Huntington continued to deliver solid financial performance in the first quarter with strong balance sheet growth that drove increased net interest income year over year,” said Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares. “We also invested in key businesses and our distribution network for future growth. We are particularly pleased that we have been able to proceed with our ongoing investments, while controlling expenses across the enterprise and achieving positive operating leverage.”
• “During the quarter, we saw significant increases in C&I and auto lending,” added Steinour. “Our customer base once again expanded, and we completed the acquisition and conversion of one bank. Last week, we announced the acquisition of 11 additional branches in Michigan, one of our key markets. Also during the quarter, we moved up to become the largest SBA lender in the country by number of loans, and introduced mobile deposit for consumers. Huntington was also named one of the best commercial and business banks in the country by Greenwich Associates.”
• “We also announced the hiring of Howell D. “Mac” McCullough III as our CFO,” added Steinour. “During his 30-year banking career, Mac has extensive experience in strategic planning, driving organic revenue, disciplined expense management, online and mobile banking, investor relations and mergers and acquisitions. He also shares Huntington's belief in customer advocacy and the creation of innovative products, where he has a proven track record.”
The company also announced two capital actions which are approved by the board of directors. The Board of Directors announced a quarterly cash dividend on the company's common stock of $0.05 per common share and the second was the board has authorized a share repurchase program of up to 250 million of common stock.
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