Huntington Bank reports 9 percent growth in year

Tribune Chronicle

WARREN – Huntington Bancshares Inc., holding company of Huntington Bank, on Thursday reported net income for the 2015 fourth quarter of $178 million, or a 9 percent increase from the year-ago quarter.

Earnings per common share for the 2015 fourth quarter were 21 cents, up 11 percent from the year-ago quarter. Return on average assets was 1 percent, while return on average tangible common equity was 12.4 percent.

The Columbus-based company’s 2015 full-year net income was $693 million, an increase of 10 percent from the prior year. Earnings per common share for the year were 81 cents, up 13 percent from the previous year. Return on average assets for the full year was 1.01 percent, while return on average tangible common equity was 12.4 percent. Total revenue increased 6 percent over the prior year.

“We are very pleased with our 2015 performance. Impressive full-year revenue growth, coupled with disciplined expense control, delivered strong net income and EPS growth for our shareholders,” said Steve Steinour, chairman, president and CEO. “Our consistent execution of disciplined lending and investment within a risk-balanced environment continues to pay off. We also took proactive steps to better position the company moving into 2016 by investing in key growth drivers, such as technology and our in-store strategy, while exiting some non-core businesses.”

Steinour said he was “particularly encouraged” with the company’s fee income growth as “the fourth quarter performance resulted in a strong finish for the year.”

“Furthermore, the finalization of our in-store branch expansion is also visibly supporting our deposit and loan growth,” he said.

Meanwhile, the company’s board of directors declared a quarterly cash dividend on its common stock of 7 cents per common share. The dividend is payable April 1 to shareholders of record on March 18.

Huntington has more than 750 banking branches and more than 1,500 ATMs across six Midwestern states, including several in Trumbull and Mahoning counties.