- Third-quarter EPS of 20 cents.
- EPS incudes 3-cent benefit from pension curtailment, 1 cent extraordinary expenses
- Operating EPS of 18 cents beats consensus estimate of 17 cents
- 22 branches consolidated during Q3
- Net interest income flat
- Mortgage revenue down 30% from Q2, following industry trend
- Average loans grow 2% from Q2, 5% year-over-year
Updated from 7:52 a.m. ET with early market action and comment from Jefferies analyst Ken Usdin.
NEW YORK (TheStreet) -- Huntington Bancshares (HBAN) made the best of a transitional third quarter, which included a 30% sequential drop in mortgage income, by taking some major steps to lower its expenses.
The Columbus, Ohio, lender Thursday reported third-quarter earnings of $178.5 million, or 20 cents a share, increasing from $150.7 million, or 17 cents a share, in the second quarter, and $167.8 million, or 19 cents a share, during the third quarter of 2012.The third-quarter results included a one-time gain of $34 million, or 3 cents a share, "related to pension curtailment," as well as a charge of $17 million, or a penny a share, related to the consolidation of 22 branches. Excluding those items, Huntington's third-quarter operating earnings 18 cents a share beat the consensus estimate of 17 cents, among analysts polled by Thomson Reuters.
|Huntington CEO Stephen Steinour|
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