Huntington reports 7 percent year-over-year revenue growth

Staff report

YOUNGSTOWN

Columbus-based Huntington Bancshares Inc. reported net income for the 2016 first quarter of $171 million, a $5 million, or 3 percent, increase from the year-ago quarter.

Earnings per common share for the 2016 first quarter were $0.20, up $0.01, or 5 percent, from the year-ago quarter.

Return on average assets was 0.96 percent, while return on average tangible common equity was 11.9 percent.

Total revenue increased 7 percent over the year-ago quarter.

Huntington reported a $47 million, or 7 percent, increase in fully-taxable equivalent revenue, comprised of a $37 million, or 8 percent, increase in fully-taxable equivalent net interest income and a $10 million, or 4 percent, increase in noninterest income.

The bank saw a $2.8 billion, or 6 percent, increase in average loans and leases, primarily driven by a $1.5 billion, or 8 percent, increase in commercial and industrial loans and a $0.9 billion, or 11 percent, increase in automobile loans.

Average-core deposits increased $2.6 billion, or 5 percent driven by a $1.6 billion, or 26 percent, increase in interest- bearing demand deposits and a $1.1 billion, or 7 percent, increase in noninterest-bearing demand deposits.

The board of directors declared a quarterly cash dividend on the company’s common stock of $0.07 per common share. The dividend is payable July 1 to shareholders of record June 17.