Huntington Bancshares Incorporated (NASDAQ: HBAN;
) reported 2012 full-year net income of $641.0 million, an increase of $98.4 million, or 18%, from the prior year. 2012 fourth quarter net income of $167.3 million was essentially unchanged from the prior quarter. Earnings per common share for the year and current quarter were $0.71 and $0.19, respectively, up $0.12 and unchanged from the prior periods.
Huntington today also announced that the Board of Directors declared a quarterly cash dividend on its common stock of $0.04 per common share. The dividend is payable April 1, 2013, to shareholders of record on March 18, 2013.
Summary Performance Discussion
“We are pleased with the year’s financial results, which reflect steady growth in a number of key areas including loans, deposits, and customer relationships as well as improved profitability. This growth has occurred in a challenging economic and regulatory environment. It demonstrates the continued benefits from successfully executing our long-term strategic plan, including the investments we have made during the previous three years. Those investments added over $50 million of pre-tax income during 2012 and we expect that benefit to grow as those investments continue to mature,” said Stephen D. Steinour, chairman, president and chief executive officer. “While some businesses are hesitant to invest in light of the current uncertainty in the economy, we believe our differentiated approach to banking, coupled with investing in our franchise through enhanced products and services, will drive growth and improvement of our long-term profitability.”
Net income for the full year was $641.0 million, up $98.4 million, or 18%, from the prior year. The primary drivers of the increase were a $117.2 million, or 12%, increase in noninterest income and an $81.4 million, or 5%, increase in net interest income, partially offset by a $107.4 million, or 6%, increase in noninterest expense.