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HUNTINGTON BANCSHARES REPORTS 37 PERCENT INCREASE IN NET INCOME FOR FULL YEAR 1991

 HUNTINGTON BANCSHARES REPORTS 37 PERCENT INCREASE
 IN NET INCOME FOR FULL YEAR 1991
 COLUMBUS, Ohio, Jan. 15 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported 1991 net income of $117.0 million, a 37.3 percent increase from $85.2 million earned in 1990. Net income in the fourth quarter of 1991 increased 15.9 percent to $31.7 million from $27.4 million reported in the same period last year.
 Earnings per share for the full year 1991 were $1.90 versus $1.38 in 1990, a 37.7 percent increase. For the fourth quarter, earnings per share were $.52, up 18.2 percent from $.44 earned in the last three months of 1990. Per share earnings have been adjusted to reflect the 5 percent stock dividend Huntington distributed in July of 1991.
 Profitability measures also improved. Return on assets was 1.00 percent for the full year and 1.06 percent for the fourth quarter of 1991, compared with .73 percent and .93 percent reported in the same periods last year. Return on equity increased from 11.05 percent in 1990 to 14.29 percent in 1991. For the fourth quarter, return on equity was 14.91 percent in 1991 versus 14.02 percent the year before.
 The improved profitability in 1991 is the result of a much improved net interest margin, higher levels of fee income, and a lower provision for loan losses. Despite the sluggish lending environment during 1991, fully tax equivalent net interest income increased 11.5 percent due to a 47 basis point improvement in the net interest margin. Non-interest income, excluding securities gains, rose 9.4 percent in 1991 primarily due to increases in mortgage banking income and service charges on deposit accounts. Huntington's provision for loan losses declined to $56.7 million in 1991 from $71.0 million in 1990.
 Balance sheet repositioning in 1991 resulted in realized securities gains of $16.6 million. These gains helped offset a $6.4 million increase in the provision for other real estate owned (OREO), $5.5 million in additional expenses related to OREO, and an $8.6 million increase in FDIC insurance.
 Asset quality measures continue to compare very favorably with industry averages, however they declined somewhat during 1991. Non-performing assets at December 31, 1991 were $226.3 million compared with $204.0 million at September 30, 1991, and $148.5 million at December 31, 1990. As of December 31, 1991, the allowance for loan losses was $123.6 million, or 1.61 percent of total loans, up from $115. 2 million, or 1.50 percent of total loans at year-end 1990. The allowance for loan losses covered 93.58 percent of non- performing loans at Dec. 31, 1991.
 Capital levels were strengthened further during the year. Average equity to assets measured a solid 7.03 percent in 1991, compared with 6. 58 percent reported last year. At year-end, Tier I capital increased to 8.58 percent of risk adjusted assets from 8.07 percent in 1990. Total capital as a percentage of risk adjusted assets went from 10.76 percent at year-end 1990 to 10.92 percent at the end of 1991.
 Huntington Bancshares Incorporated is a $12.3 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 267 offices in Ohio, Florida, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 48 offices in the seven states mentioned as well as Connecticut, Delaware, Illinois, Maryland, Massachusetts, New Jersey, Rhode Island, and Virginia.
 Huntington's common stock is traded on the NASDAQ National Market System using the symbol "HBAN."
 HUNTINGTON BANCSHARES INCORPORATED
 COMPARATIVE SUMMARY (CONSOLIDATED)
 (in thousands of dollars)
 CONSOLIDATED RESULTS Three Months Ended
 OF OPERATIONS December 31 Percent
 (fully tax equivalent basis) 1991 1990 Change
 Interest Income $256,226 $281,903 (9.1)pct
 Interest Expense 127,741 167,027 (23.5)
 Net Interest Income 128,485 114,876 11.8
 Provision for Loan Losses 14,022 9,117 53.8
 Non-Interest Income 51,782 38,745 33.6
 Non-Interest Expense 117,140 101,665 15.2
 Provision for Income Taxes 14,010 11,400 22.9
 FTE Adjustment 3,358 4,066 (17.4)
 Net Income $31,737 $27,373 15.9 pct
 PER COMMON SHARE AMOUNTS
 Net Income $0.52 $0.44 18.2 pct
 Cash Divid2.77 8.6 pct
 Average Shares
 Outstanding (000's) 61,553 61,636
 KEY RATIOS
 Return On:
 Average Total Assets 1.06 pct 0.93 pct
 Average Shareholders' Equity 14.91 pct 14.02 pct
 Net Interest Margin 4.77 pct 4.33 pct
 Average Equity/Average Assets 7.13 pct 6.62 pct
 Total Capital/Total Assets
 (period end) 8.91 pct 8.73 pct
 Tier I Risk-Based Capital Ratio
 (period end) 8.58 pct 8.07 pct
 Total Risk-Based Capital Ratio
 (period end) 10.92 pct 10.76 pct
 CONSOLIDATED RESULTS Twelve Months Ended
 OF OPERATIONS December 31 Percent
 (fully tax equivalent basis) 1991 1990 Change
 Interest Income $1,050,342 $1,119,985 (6.2)pct
 Interest Expense 558,374 678,597 (17.7)
 Net Interest Income 491,968 441,388 11.5
 Provision for Loan Losses 56,680 70,950 (20.1)
 Non-Interest Income 183,724 153,635 19.6
 Non-Interest Expense 438,160 391,761 11.8
 Provision for Income Taxes 49,385 29,623 66.7
 FTE Adjustment 14,445 17,478 (17.4)
 Net Income $117,022 $85,211 37.3 pct
 PER COMMON SHARE AMOUNTS
 Net Income $1.90 $1.38 37.7 pct
 Cash Divideneclared $0.78 $0.70 11.4 pct
 Shareholders' Equity
 Per Common Share $13.87 $12.77 8.6 pct
 Average Shares
 Outstanding (000's) 61,567 61,611
 KEY RATIOS
 Return On:
 Average Total Assets 1.00 pct 0.73 pct
 Average Shareholders' Equity 14.29 pct 11.05 pct
 Net Interest Margin 4.63 pct 4.16 pct
 Average Equity/Average Assets 7.03 pct 6.58 pct
 Total Capital/Total Assets
 (period end) 8.91 pct 8.73 pct
 Tier I Risk-Based Capital Ratio
 (period end) 8.58 pct 8.07 pct
 Total Risk-Based Capital Ratio
 (period end) 10.92 pct 10.76 pct
 CONSOLIDATED STATEMENT
 OF CONDITION REPORT At December 31 Percent
 1991 1990 Change
 Total Loans $7,682,219 7,667,461 0.2 pct
 Total Deposits $9,510,761 9,114,900 4.3 pct
 Total Assets $12,332,576 11,808,785 4.4 pct
 Shareholders' Equity $852,989 785,513 8.6 pct
 ASSET QUALITY
 Non-performing loans $132,100 96,303
 Total non-performing
 assets $226,288 148,502
 Allowance/total loans 1.61 pct 1.50 pct
 Allowance/non-performing
 loans 93.58 pct 119.65 pct
 Note: Per share amounts and average shares outstanding have been adjusted for the five percent stock dividend distributed July 1991.
 -0- 1/15/92 R
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares, 614-463-4304/
 (HBAN) CO: Huntington Bancshares Incorporated ST: Ohio IN: FIN SU: ERN


LC -- CL014R -- 0193 01/15/92 16:40 EST
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