Huntington sees net income jump in 1Q
$37M over 2016 quarter
WARREN – Huntington Bancshares Inc. reported a 21 percent jump in net income during this year’s first quarter compared with the same period in 2016.
The Columbus-based company said Wednesday its net income at $208 million was $37 million over what it was the year-ago quarter.
Huntington reported earnings per common share of 17 cents for 2017’s first four months, down 3 cents, or 15 percent.
Excluding approximately $71 million pretax, or 4 cents per common share after tax, of the company’s FirstMerit acquisition-related net expenses, adjusted earnings per common share were 21 cents.
Total revenue increased 40 percent.
“We had a good start to the year and are encouraged by the momentum we’re currently seeing,” said Steve Steinour, chairman, president and CEO. “Among our many accomplishments in the first quarter, we successfully completed our data and systems conversion. We are particularly pleased with our ability to retain customer deposits.
“We delivered solid performance in the first quarter and continue to manage the business for the long-term. Our strategy has driven consistent organic growth over the past several years. We are seeing improving pipelines across our business lines as we leverage our expanded capabilities and markets to reach more customers and prospects than ever before.”
Last year’s FirstMerit acquisition added about $26.8 billion in total assets, $15.5 billion in total loans and leases and $21.2 billion in total deposits to the company, Huntington leaders have said.