Huntington Bancshares - HBAN - Reports Earnings Better than Market Estimates
1/17/2013 11:14:12 AM
Huntington Bancshares Incorporated (NASDAQ: HBAN) reported 2012 full-year net income of $641.0 million, an increase of $98.4 million, or 18%, from the prior year. 2012 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 $0.71 and $0.19, respectively, up $0.12 and unchanged from the prior periods.
Huntington also announced that the Board of Directors declared a quarterly cash dividend on its common stock of $0.04 per common share. The dividend is payable April 1, 2013, to shareholders of record on March 18, 2013.
HBAN - Specific highlights compared with 2011:
- 1.15% return on average assets, up from 1.01%
- $0.60, or 12%, increase in tangible book value per common share to $5.78
- 23.3 million shares, or 2.7% of average outstandings, repurchased at an average price of $6.36 per share
- $0.16 dividend paid per common share, a 2.5% dividend yield as of December 31, 2012
- $204.1 million, or 8%, increase in fully-taxable equivalent revenue
- $86.8 million, or 5%, increase in net interest income, reflecting:
- 3.41% fully-taxable equivalent net interest margin, up 3 basis points
- 3% growth in average total loans
- 8% growth in average core deposits
- $117.2 million, or 12%, increase in noninterest income
- $107.4 million, or 6%, increase in noninterest expense
- Delivered positive operating leverage and a modest improvement in efficiency ratio
- 25% decline in nonaccrual loans to 1.00% of total loans and leases, down from 1.39%
HBAN - 2012 Fourth Quarter specific highlights compared with 2012 Third Quarter:
- Net income and earnings per share essentially unchanged at $167.3 million and $0.19, respectively
- 1.19% return on average assets, unchanged from the prior quarter
- $40.6 million, or 6%, increase in fully-taxable equivalent revenue, reflecting:
- 3.45% fully-taxable equivalent net interest margin, up 7 basis points
- 3% annualized growth in average total loans
- $17.1 million increase in mortgage banking income
- $14.1 million increase in gain on sale of loans
- $12.3 million, or 3%, increase in noninterest expense
- 13.2 million shares repurchased at an average price of $6.33 per share
Huntington Bancshares Incorporated Declares Quarterly Cash Dividend On Its Series A and B Preferred Stocks
Huntington Bancshares Incorporated announced that the board of directors has declared a quarterly cash dividend on its 8.50% Series A Non-Cumulative Perpetual Convertible Preferred Stock (HBANP) of $21.25 per share. The dividend is payable April 15, 2013, to shareholders of record on April 1, 2013. The board of directors also declared a quarterly cash dividend on Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (CUSIP#: 446150500) of $7.51000197 per share (equivalent to $.1877500 per depositary receipt share). The dividend is payable April 15, 2013, to shareholders of record on April 1, 2013.
About Huntington - HBAN
Huntington Bancshares Incorporated (HBAN) is a $56 billion regional bank holding company headquartered in Columbus, Ohio.