Consumer loans held in portfolio declined 6% during the second quarter to $17.7 billion, mainly because the company "reclassified $1.3 billion of automobile loans into held for sale at the end of the quarter in preparation for an expected securitization in the second half of 2012."
Total period-end deposits increased 2% sequentially and 11% year-over-year, to $46.1 billion as of June 30, with coveted noninterest-bearing demand deposits growing 4% during the second quarter and 50% year-over-year, to $12.3 billion.
Huntington CEO Stephen Steinour said the company's second-quarter results "showed the benefit of 11.6% annualized growth in consumer checking account households and 11.9% annualized growth in commercial relationships, with both electronic banking and service charges on deposits up over 9%," adding that "not only are we gaining customers, we are selling deeper with 76.0% of consumer checking account households and 32.6% commercial relationships now with 4 or more products or services."
When asked about the company's lending success, Steinour says "our lending is a reflection of a better
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