This Day On The Street
Continue to site
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

Huntington Holds Steady, CEO Touts 'Wallet Share' (Update 1)

Updated from 7:48 a.m. ET with late morning market action and comment from Jefferies analyst Ken Usdin. NEW YORK ( TheStreet) -- Huntington Bancshares (HBAN - Get Report) CEO Stephen Steinour says Federal Reserve Chairman Ben Bernanke's recent comments indicate the second quarter was "a benchmark quarter, reflecting significant confidence we are on a sustained recovery, which will be very good for us and the industry."

The Columbus, Ohio, lender reported second-quarter earnings of $150.7 million, or 17 cents a share, down slightly from $151.8 million, or 17 cents a share, in the first quarter, and $152.7 million, or 17 cents a share, during the second quarter of 2012. Analysts polled by Thomson Reuters had estimated second-quarter earnings would come in at 16 cents a share.

Huntington CEO Stephen Steinour

Huntington's second-quarter net interest income was $431.5 million, increasing from $430.1 million the previous quarter, but declining from $435.6 million a year earlier. The net interest margin narrowed to 3.38% from 3.42%, but in the first quarter and in the second quarter of 2012.

Average loans grew slightly, to $41.3 billion in the second quarter from $40.9 billion the previous quarter and $41.2 billion a year earlier. Average second-quarter commercial and industrial loans remained flat sequentially at $17 billion, but were up 6% from $16.1 billion a year earlier. C&I loan growth over the past year has been offset by a planned decline in commercial real estate loans, to an average of $5 billion during the second quarter from $6.1 billion a year earlier.

The company's average auto loans during the second quarter grew to $5.3 billion from $4.8 billion in the second quarter and $5 billion a year earlier. While Huntington has made solid profits from auto loan securitizations, the bank has not done any securitizations during 2013, and has no plans to do so, because "automobile loan yields are relatively more attractive than similar duration securities and the recent decline in estimated securitization gains."

Huntington has been able to offset most of its decline in interest income over the past year by shifting its liability mix away from interest-bearing deposits and borrowings toward non-interest bearing deposits. Average Wholesale borrowings during the second quarter were $2.8 billion, down from $4.3 billion a year earlier. Total interest-bearing liabilities averaged $36.1 billion during the second quarter, declining from $37.1 billion in the second quarter of 2012.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
HBAN $8.58 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs