PR Newswire
COLUMBUS, Ohio, Oct. 25, 2017
COLUMBUS, Ohio, Oct. 25, 2017 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported net income for the 2017 third quarter of $275 million, a $148 million, or 116%, increase from the year-ago quarter. Earnings per common share for the 2017 third quarter were $0.23, up $0.12, or 109%, from the year-ago quarter. Excluding approximately $31 million pretax of FirstMerit acquisition-related net expenses, or $0.02 per common share after tax, adjusted earnings per common share were $0.25. Tangible book value per common share as of 2017 third quarter-end was $6.85, a 6% year-over-year increase. Return on average assets was 1.08%, return on average common equity was 10.5%, and return on average tangible common equity was 14.1%. Total revenue increased 17% over the year-ago quarter.
"We earned record net income for the second consecutive quarter as we continue to achieve our long-term financial goals and to deliver sector-leading returns for our shareowners while maintaining our aggregate moderate-to-low risk appetite," said Steve Steinour, chairman, president, and CEO. "The 2017 third quarter marked the one-year anniversary of the largest acquisition in Huntington's history, and we have substantially completed the integration. We fully implemented $255 million of annualized cost savings, and continue to execute on the deal-related revenue synergies. Consistent execution of our core organic growth strategies, coupled with the realization of these acquisition economics, are the key drivers of third quarter results."
"Huntington's strategic focus on consumers, small- and medium-sized businesses, and auto finance has positioned us to grow through the ongoing industry headwinds in corporate banking. The third quarter results illustrated continued momentum in residential mortgage, automobile, and RV and marine consumer lending as well as asset finance. The third quarter also marked the end of the 2017 fiscal year for the U.S. Small Business Administration, during which Huntington earned the distinction of being the second largest SBA 7(a) lender in the nation for the third year in a row and the largest in our footprint for the tenth consecutive year," Steinour said.
"As a result of the meaningful relationships we developed with our consumer and business customers, Huntington enjoys a very granular deposit base. We are pleased with the quarter's deposit growth while carefully balancing our deposit costs in the face of rising interest rates."
Last week Huntington announced that the Board declared a quarterly cash dividend on the company's common stock of $0.11 per share, which represents a $0.03 per share, or 38%, increase over the prior quarter. The dividend is payable on January 2, 2018, to shareholders of record on December 18, 2017.
Specific 2017 Third Quarter Highlights:
Table 1 – Earnings Performance Summary (GAAP)
| 2017 | | 2016 | ||||||||||||||||
($ in millions, except per share data) | Third | | Second | | First | | Fourth | | Third | ||||||||||
Quarter | | Quarter | | Quarter | | Quarter | | Quarter | |||||||||||
Net Income | $ | 275 | | | $ | 272 | | | $ | 208 | | | $ | 239 | | | $ | 127 | |
Diluted earnings per common share | 0.23 | | | 0.23 | | | 0.17 | | | 0.20 | | | 0.11 | | |||||
| | | | | | | | | | ||||||||||
Return on average assets | 1.08 | % | | 1.09 | % | | 0.84 | % | | 0.95 | % | | 0.58 | % | |||||
Return on average common equity | 10.5 | | | 10.6 | | | 8.2 | | | 9.4 | | | 5.4 | | |||||
Return on average tangible common equity | 14.1 | | | 14.4 | | | 11.3 | | | 12.9 | | | 7.0 | | |||||
Net interest margin | 3.29 | | | 3.31 | | | 3.30 | | | 3.25 | | | 3.18 | | |||||
Efficiency ratio | 60.5 | | | 62.9 | | | 65.7 | | | 61.6 | | | 75.0 | | |||||
| | | | | | | | | | ||||||||||
Tangible book value per common share | $ | 6.85 | | | $ | 6.74 | | | $ | 6.55 | | | $ | 6.43 | | | $ | 6.48 | |
Cash dividends declared per common share | 0.08 | | | 0.08 | | | 0.08 | | | 0.08 | | | 0.07 | | |||||
Average diluted shares outstanding | 1,106 | | | 1,109 | | | 1,109 | | | 1,104 | | | 952 | | |||||
| | | | | | | | | | ||||||||||
Average earning assets | $ Werbung Mehr Nachrichten zur Huntington Bancshares Inc. Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |