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Huntington reports income of $196 million for quarter

Huntington Bancshares Inc. on Thursday reported a net income for the 2015 second quarter of $196 million – a $32 million increase from the same period last year.

Earnings per common share for the 2015 second quarter were 23 cents, an increase of 4 cents from the year-ago quarter. Return on average assets was 1.16 percent, while return on average tangible common equity was 14.4 percent.

“We reported good quarterly earnings that are increasingly being driven by our differentiated strategy and disciplined execution,” Steve Steinour, chairman, president and CEO, states in a news release. “I am pleased with the momentum we displayed this quarter in total revenue posting growth of 9% (sic) year-over-year. Both net interest income and fee income contributed meaningfully to revenue performance …”

He said the company received an immediate benefit from its earnings from Huntington Technology Finance, while robust mortgage lending volume drove growth in mortgage banking income. He said the capital markets and treasury management businesses, among others, also produced strong results.

The success the company is seeing on the revenue front provides an opportunity to invest further in the business, Steinour said.

The board of directors declared a quarterly cash dividend on the company’s common stock of 6 cents per common share. The dividend is payable Oct. 1 to shareholders of record on Sept.17.

During the 2015 second quarter, the company repurchased 8.8 million common shares at an average price of $11.20 per share.

business@tribtoday.com

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