Huntington Bancshares Incorporated (NASDAQ: HBAN;
) reported 2014 first quarter net income of $149 million, a decrease of $4 million, or 3%, from the 2013 first quarter and a decrease of $9 million, or 6%, from the 2013 fourth quarter. Earnings per common share were $0.17, unchanged from the year-ago quarter and a $0.01 decrease from the prior quarter.
Huntington today announced two capital actions approved by the Board of Directors. First, the Board declared a quarterly cash dividend on the company’s common stock of $0.05 per common share. The dividend is payable July 1, 2014, to shareholders of record on June 17, 2014. Second, the Board approved the repurchase of up to $250 million of common stock through the first quarter of 2015. The new repurchase authorization represents a $23 million, or 10%, increase from the recently completed common stock repurchase authorization. Both actions were proposed in the January 2014 capital plan, which received no objections from the Federal Reserve. Purchases of common stock may include open market purchases, privately negotiated transactions, and accelerated repurchase programs.
Strategies Continue to Drive Business Performance
“Huntington continued to deliver solid financial performance in the first quarter with strong balance sheet growth that drove increased net interest income year over year,” said Stephen D. Steinour, chairman, president and CEO of Huntington Bancshares. “We also invested in key businesses and our distribution network for future growth. We are particularly pleased that we have been able to proceed with our ongoing investments, while controlling expenses across the enterprise and achieving positive operating leverage.”
“During the quarter, we saw significant increases in C&I and auto lending,” added Steinour. “Our customer base once again expanded, and we completed the acquisition and conversion of one bank. Last week, we announced the acquisition of 11 additional branches in Michigan, one of our key markets. Also during the quarter, we moved up to become the largest SBA lender in the country by number of loans, and introduced mobile deposit for consumers. Huntington was also named one of the best commercial and business banks in the country by Greenwich Associates.”