This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Huntington Beats as Revenue Rises (Update 1)

Looking ahead, Steinour says "our activities are showing that the underlying growth of the Midwest remains very sound. I think the Midwest will continue to lead. Our results for the year were many multiples of GDP growth, and that is with certain portfolios potentially being reduced.

Noninterest income increased to $297.7 million in the fourth quarter, from $261.1 million in the third quarter and $229.4 million in the fourth quarter of 2011, with mortgage banking revenue providing the bulk of the increase. Fourth-quarter mortgage revenue totaled $61.7 million, increasing from $44.6 million the previous quarter and $24.1 million a year earlier. The third-quarter mortgage income increase included a $10 million net benefit from the hedging of mortgage servicing rights.

The company also booked $20.7 million in gains on loan sales during the fourth quarter, including $14.1 million in gains from an auto loan securitization completed in October. In comparison, the company reported gains on loan sales of $6.6 million in the third quarter and $2.9 million in the fourth quarter of 2011.

Huntington's solid fourth-quarter revenue improvements were offset "by a $12.3 million, or 3%, increase in noninterest expense and $26.1 million, or 92%, increase in the provision for income taxes." During the third quarter, the company realized a state deferred tax valuation allowance benefit of $19.5 million. The company also said that "At December 31, 2012, we had a net deferred tax asset of $203.9 million," and that "was no disallowed deferred tax asset for regulatory capital purposes."

Steinour says that the increased expenses during the fourth quarter were tied to the company's efforts to comply with new regulatory requirements for annual stress tests. While the company will not have to file a full Comprehensive Capital Analysis and Review capital plan until 2014, Steinour says "we invested as if we had to file the CCAR this year," and "we will not have that expense going forward."

Summing up Huntington's 2012 performance, the CEO says "our goal is consistent performance. We're not doing things to boost earnings in any given year or quarter."

2 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,062.31 -17.26 -0.10%
S&P 500 1,997.04 +0.30 0.02%
NASDAQ 4,564.4860 +6.7910 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs