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January 18, 2013

Huntington reports growth for year

By Staff New Castle News

NEW CASTLE — Huntington Bancshares Inc. reported 2012 net income of $641 million, an increase of $98.4 million from the year before.

That represents an 18 percent boost in income.

The company’s fourth quarter net income of $167.3 million was essentially unchanged from the prior quarter. Earnings per common share for the year and current quarter were 71 cents and 19 cents, respectively, up 12 cents and unchanged from the prior periods.

Huntington also announced that the board of directors declared a quarterly cash dividend on its common stock of 4 cents per common share. The dividend is payable April 1, to shareholders of record March 18.

“We are pleased with the year’s financial results, which reflect steady growth in a number of key areas including loans, deposits, and customer relationships as well as improved profitability,” said Stephen D. Steinour, chairman, president and chief operating officer of Huntington.

“This growth has occurred in a challenging economic and regulatory environment. It demonstrates the continued benefits from successfully executing our long-term strategic plan, including the investments we have made during the previous three years,” Steinour added. “Those investments added over $50 million of pre-tax income during 2012 and we expect that benefit to grow as those investments continue to mature.”

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