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HUNTINGTON BANCSHARES REPORTS RECORDFIRST QUARTER 1993 EARNINGS

 COLUMBUS, Ohio, April 14 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported record net income of $47.3 million for the first quarter of 1993, an increase of 48.2 percent from $31.9 million earned in the same period last year. Earnings per share increased 48.8 percent to $.61 in the first quarter from $.41 in the prior year. Earnings per share in 1992 have been adjusted to reflect a 5-for-4 stock split distributed in July 1992.
 Profitability measures for the company also set new records. Huntington's return on average assets for the first quarter of 1993 was 1.41 percent, up from 1.04 percent in the same period last year. Return on average equity was 20.03 percent for the quarter compared with 14.87 percent one year ago.
 "Our favorable first quarter results benefitted from the continued strength of the net interest margin and the success of our fee-based businesses," commented Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "The net interest margin in the first quarter of this year was 5.43 percent, only slightly below the record level of 5.50 percent set in the fourth quarter of 1992.
 "Non-interest income, excluding securities gains, was up 19.1 percent from the first quarter of last year. This growth was driven by higher revenues from our mortgage banking, investment banking, and trust activities as well as contributions from service charges and credit card fees," continued Wobst. "The Huntington Mortgage Company generated $853 million in residential mortgages during the quarter which increased the mortgage servicing portfolio to nearly $9 billion."
 Non-interest expense in the first quarter, excluding the provision for other real estate, was up 11.9 percent from the same period last year, however, it declined 9.5 percent from the fourth quarter 1992 level. Employee benefits expense increased 20.2 percent from the first quarter of 1992, due in large part to accruals resulting from the adoption of Financial Accounting Standards Board Statement No. 106 which relates to post-retirement benefits. Amortization of mortgage servicing rights, increased advertising expense and higher FDIC insurance premiums also contributed to the rise in non-interest expense from the first quarter of 1992.
 Huntington's marketing initiatives, including those conducted by its new Huntington Direct operation, helped to produce a 6.3 percent rise in average total loans compared with the first quarter of 1992. The consumer and commercial sectors accounted for most of the increase in the loan portfolio: average consumer loans grew by 8.9 percent and average commercial loans were up 7.7 percent from their level one year ago.
 The trend of asset quality improvement continued during the quarter. Non-performing loans declined to $73.5 million, or .88 percent of total loans, from $81.0 million, or .99 percent of total loans, at year-end 1992 and $127.7 million, or 1.65 percent of total loans, one year ago. Non-performing assets, which include foreclosed real estate, totalled $142.9 million at quarter-end, $149.7 million at year-end 1992, and $220.1 million at March 31, 1992.
 Net loan losses as a percent of average total loans fell to .34 percent in the first quarter of 1993, which was the lowest they have been since the third quarter of 1989. The provision for loan losses in the first quarter was $22.3 million compared with $17.0 million in the same period in 1992. At quarter-end, the allowance for loan losses represented 1.87 percent of total loans and 212.08 percent of non- performing loans, compared with 1.65 percent of total loans and 99.86 percent of non-performing loans one year ago. The company's allowance for loan losses plus the allowance for other real estate provided over 100 percent coverage of all non-performing assets at quarter-end.
 Huntington's capital position remains very strong. Average equity to average assets was 7.03 percent for the first quarter of 1992 versus 7.00 percent one year ago. The company's Tier I and total risk-based capital ratios were 8.99 percent and 13.78 percent, respectively, and its Tier I leverage ratio was 6.78 percent as of March 31, 1993. All of these ratios exceed current regulatory requirements to be considered a "well-capitalized" bank holding company.
 Huntington Bancshares is a $14 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 275 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 63 offices in the seven states mentioned as well as Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Virginia.
 At quarter-end, Huntington had two acquisitions pending. Charter Oak Financial is a thrift holding company headquartered in Cincinnati, Ohio with total assets of $496 million. All regulatory approvals for this acquisition have been received, and the transaction is scheduled to be completed in May. CB&T Financial Corp. is a bank holding company headquartered in Fairmont, West Virginia with total assets of $790 million. This acquisition is subject to regulatory approvals and is expected to be completed early in the third quarter.
 HUNTINGTON BANCSHARES INCORPORATED
 COMPARATIVE SUMMARY (CONSOLIDATED)
 (in thousands of dollars)
 CONSOLIDATED RESULTS Three Months Ended
 OF OPERATIONS March 31 Change
 (fully tax equivalent basis) 1993 1992 pct
 Interest Income $258,296 $253,265 2.0 pct
 Interest Expense 89,923 115,101 (21.9)
 Net Interest Income 168,373 138,164 21.9
 Provision for Loan Losses 22,251 17,014 30.8
 Non-Interest Income 58,947 48,152 22.4
 Non-Interest Expense 132,796 119,592 11.0
 Provision for Income Taxes 22,627 14,713 53.8
 FTE Adjustment 2,368 3,090 (23.4)
 Net Income $47,278 $31,907 48.2 pct
 PER COMMON SHARE AMOUNTS (A)
 Net Income $0.61 $0.41 48.8 pct
 Cash Dividends Declared $0.18 $0.16 12.5 pct
 Shareholders' Equity
 Per Common Share $12.64 $11.35 11.4 pct
 Average Shares
 Outstanding (000's) 77,279 76,885
 KEY RATIOS
 Return On:
 Average Total Assets 1.41 pct 1.04 pct
 Average Shareholders' Equity 20.03 pct 14.87 pct
 Net Interest Margin 5.43 pct 4.94 pct
 Average Equity/Average Assets 7.03 pct 7.00 pct
 Tier I Risk-Based Capital Ratio
 (period end) 8.99 pct 8.70 pct
 Total Risk-Based Capital Ratio
 (period end) 13.78 pct 11.03 pct
 Tier I Leverage Ratio
 (period end) 6.78 pct 6.74 pct
 CONSOLIDATED STATEMENT
 OF CONDITION DATA At March 31 Change
 1993 1992 pct
 Total Loans $8,324,818 $7,747,078 7.5 pct
 Total Deposits $9,874,276 $9,823,993 0.5
 Total Assets $14,032,053 $12,785,691 9.7
 Shareholders' Equity $976,742 $872,348 12.0
 ASSET QUALITY
 Non-performing loans $73,538 $127,720
 Total non-performing assets $142,894 $220,073
 Allowance for loan losses/
 total loans 1.87 pct 1.65 pct
 Allowance for loan losses/
 non-performing loans 212.08 pct 99.86 pct
 Allowance for loan losses & ORE/
 non-performing assets 107.52 pct 59.41 pct
 (A) -- 1992 per common share amounts and average shares outstanding have been adjusted for the five-for-four stock split distributed July 1992.
 -0- 4/14/93
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares Inc., 614-463-4304/
 (HBAN)


CO: Huntington Bancshares Inc. ST: Ohio IN: FIN SU: ERN

BM -- CL010 -- 5587 04/14/93 10:13 EDT
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