COLUMBUS, Ohio – Huntington Bancshares Inc., parent of Huntington National Bank, Wednesday reported first-quarter net income of $153.3 million, or 17 cents per common share.
That figure is 21% higher than the $126.9 million net income for the quarter ended Dec. 31, or 14 cents per common share, and 21% higher than the quarter ended March 31, 2011, when Huntington reported net income of $126.4 million, or 14 cents per share.
In a prepared statement, the chairman, president and CEO, Stephen D. Steinour, said, “By staying focused on our strategic plan, we are making steady progress in improving long-term profitability and adding to our earnings growth opportunities. This quarter’s financial results contained two significant items. … [A] gain relating to our FDIC [Federal Deposit Insurance Corp.] purchase of Fidelity Bank in Dearborn, Mich.
“The other was an addition to our litigation reserves. When looking at the performance adjusted for these significant items, revenue is meaningfully higher with noninterest expense … basically unchanged.”
Huntington announced its board of directors declared a dividend of 4 cents per share on its common stock payable July 2 to shareholders of record June 18.
Huntington also announced it would pay a quarterly cash dividend of $21.25 per share on its 8.50% Series A noncumulative perpetual convertible stock as well as a quarterly cash dividend of just under $7.92 per share on its floating rate Series B noncumulative perpetual preferred stock. Both dividends are payable July 16 to shareholders of record July 1.
Other first-quarter highlights Huntington pointed to in its earnings release:
Key ratios for the quarters ended March 31 and Dec. 31 and March 31, 2011.
Net interest income was $421.14 million for the quarter compared to $418.50 million the preceding quarter and $408.28 million the same quarter a year earlier.
Total noninterest income for the same periods was $285.32 million, $229.35 million and $236.95 million.
Total noninterest expense, same periods, $462.68 million, $430.27 million, $430.70 million. Noninterest expense includes salaries and benefits, FDIC premiums and maintenance of repossessed properties. Total nonperforming assets, just under $691 million at March 31, 2011, have fallen steadily, stood at $590.28 million at Dec. 31 and fell to $527,08 million at March 31.
Huntington also noted that its income from mortgage banking was $22.3 million ahead of fourth-quarter 2011 income.
Published by The Business Journal, Youngstown, Ohio.