Huntington reports second quarter uptick
WARREN – Huntington Bancshares Incorporated on Friday reported second quarter net income that grew by 9 percent over this time last year.
The banking company reported net income of $165 million. That’s an increase of about $14 million over net income in the second quarter of 2013.
Earnings per common share were reported at 19 cents, also an increase of about 2 cents per share from both the year-ago and prior quarters.
As a result, the bank’s board of directors declared a quarterly cash dividend on the company’s common stock of 5 cents per common share. The dividend is payable Oct. 1 to shareholders of record on Sept. 17.
Chairman, President and CEO Steve Steinour attributed the growth to the company’s “steadfast focus on executing our strategies.”
The bank reported growth in both total revenue and net interest income year over year.
“We also returned 97 percent of earnings to common shareholders, including $111 million of stock buybacks during the quarter, which demonstrates our belief in the future prospects of the company and our commitment to return capital to our shareholders,” Steinour explained.
Average loans increased $3.7 billion from the second quarter of 2013, driven by growth in commercial and auto lending, reflecting heightened consumer and business confidence in the economy, said Steinour.
During the quarter, the bank also received regulatory approval for purchase of 24 additional branches in Michigan.