UPDATE: Huntington Bancshares Q3 Profit Misses Estimates

Huntington Bancshares

reported weaker-than-expected earnings for the third quarter. The Columbus, Ohio-based bank posted a quarterly profit of $155 million, or $0.18 per share, versus a year-ago profit of $178.8 million, or $0.20 per share. The latest quarter included Q3 $22.8 million in expense-related significant items. Analysts were expecting a profit of $0.19 per share. Fully-taxable equivalent net interest income rose 10% y/y. Average total core deposits rose 5% y/y. Noninterest income declined 3%, while noninterest expense rose 13%. The bank repurchased 5.4 million common shares at an average price of $9.70 per share in the quarter. The company's board lifted the quarterly dividend to $0.06 per share from $0.05 per share. “We continued to deliver solid year-over-year revenue growth through the third quarter, while maintaining a disciplined balance sheet. Performance highlights include ongoing strength in commercial and auto lending, which support our expectation of a strong back half of the year driven by solid demand and a quality pipeline,” said Steve Steinour, chairman, president and CEO Huntington Bancshares shares rose 1.20% to $9.30 in pre-market trading.