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HUNTINGTON BANCSHARES REPORTS RECORD EARNINGS FOR FOURTH QUARTER AND TWELVE MONTHS OF 1992

 COLUMBUS, Ohio, Jan. 13 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported net income of $38.6 million for the fourth quarter of 1992, an increase of 21.6 percent over the same period one year ago. The company earned $139.0 million for the 12 months of 1992, an 18.8 percent increase from the $117.0 million earned in 1991.
 On a per share basis, fourth quarter 1992 earnings were $.50 versus $.41 reported last year, an increase of 22.0 percent. Earnings per share for the full year 1992 were $1.80 compared with $1.52 for the same period in 1991. Per share amounts are restated to reflect the five-for-four stock split that was distributed to shareholders in July of 1992.
 Profitability measures reached all time highs in the fourth quarter and 12 months of 1992. Return on average assets was 1.12 percent and return on average equity was 16.45 percent for the quarter versus returns of 1.06 percent on assets and 14.91 percent on equity for the same period in 1991. For the full year, return on average assets was 1.08 percent in 1992 compared with 1.00 percent in the prior year. Return on average equity was 15.46 percent for the 12 months of 1992 versus 14.29 percent for the same period last year.
 "We are very pleased with our results for the past 12 months. During 1992, Huntington achieved a significantly higher level of profitability while at the same time strengthening its balance sheet," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "During the past year, we saw improvement in every area of our company. We begin 1993 in a very solid competitive position."
 Huntington's net interest income increased 34.8 percent in the fourth quarter of 1992 from the same period last year due to the strength of the net interest margin and growth in average earning assets. The company's net interest margin rose to a record 5.50 percent for the fourth quarter of 1992 versus 4.77 percent for the same quarter one year ago. Average earning assets were up due to increases in the investment securities and loan portfolios, and mortgages held for sale.
 Non-interest income, excluding securities gains, increased 17.2 percent from the fourth quarter of 1991 to the same quarter in 1992. For the full year, non-interest income, excluding securities gains, rose 20.4 percent. This increase was largely due to a higher level of mortgage banking income during 1992. The Huntington Mortgage Company recorded total loan production of approximately $5 billion in 1992, resulting in a residential mortgage servicing portfolio of $8.4 billion at year-end.
 Asset quality measures also showed improvement in the fourth quarter and for the full year of 1992. Non-performing assets at year-end 1992 declined to $149.7 million (or 1.81 percent of total loans plus other real estate owned (OREO)) from $226.3 million (or 2.91 percent of total loans plus OREO) one year ago. Non-performing loans at year-end 1992 were $81.0 million (or .99 percent of total loans) down from $132.1 million (or 1.72 percent of total loans) at Dec. 31, 1991. As a percentage of total loans, non-performing loans are at their lowest level since the third quarter of 1989.
 During 1992, the company further strengthened its balance sheet by adding substantially to its allowance for loan losses and its allowance for OREO, as well as increasing its total capital. At year-end, the allowance for loan losses was 173.47 percent of non-performing loans, and the allowance for loan losses and OREO was 95.06 percent of non- performing assets. The corresponding reserve levels one year ago were 93.58 percent and 56.06 percent.
 Huntington's capital measures ended the year on a very strong note with the addition of $150 million of subordinated debt issued in November. The equity to assets ratio averaged 6.96 percent during the 12 months of 1992. At Dec. 31, 1992, Huntington had Tier I risk-based capital of 8.85 percent, total risk-based capital of 12.28 percent, and a Tier I leverage ratio of 6.59 percent. At year-end, Huntington and all of its banking subsidiaries exceeded the minimum capital and leverage requirements necessary to be considered "well-capitalized" banking companies as defined by federal regulators.
 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 62 offices in the seven states mentioned as well as Connecticut, Delaware, Georgia, Illinois, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island and Virginia.
 At year-end, Huntington had two acquisitions pending. Charter Oak Financial is a thrift holding company headquartered in Cincinnati with total assets of $480 million. CB&T Financial Corp. is a bank holding company headquartered in Fairmont, W.Va., with total assets of $782 million. Both acquisitions are subject to shareholder and regulatory approvals and are expected to be completed during the second quarter of 1993.
 HUNTINGTON BANCSHARES INCORPORATED
 COMPARATIVE SUMMARY (CONSOLIDATED)
 (in thousands of dollars)
 CONSOLIDATED RESULTS Three Months Ended
 OF OPERATIONS December 31 Change
 (fully tax equivalent basis) 1992 1991 pct
 Interest Income $266,835 $256,226 4.1 pct
 Interest Expense 93,688 127,741 (26.7)
 Net Interest Income 173,147 128,485 34.8
 Provision for Loan Losses 14,700 14,022 4.8
 Non-Interest Income 54,138 51,782 4.5
 Non-Interest Expense 155,569 117,140 32.8
 Provision for Income Taxes 15,786 14,010 12.7
 FTE Adjustment 2,651 3,358 (21.1)
 Net Income $38,579 $31,737 21.6 pct
 PER COMMON SHARE AMOUNTS (1)
 Net Income $0.50 $0.41 22.0 pct
 Cash Dividends Declared $0.18 $0.16 12.5 pct
 Shareholders' Equity
 Per Common Share $12.20 $11.10 9.9 pct
 Average Shares
 Outstanding (000's) 77,203 76,941
 KEY RATIOS
 Return On:
 Average Total Assets 1.12 pct 1.06 pct
 Average Shareholders' Equit 16.45 pct 14.91 pct
 Net Interest Margin 5.50 pct 4.77 pct
 Average Equity/Average Assets 6.81 pct 7.13 pct
 Tier I Risk-Based Capital Ratio
 (period end) 8.85 pct 8.58 pct
 Total Risk-Based Capital Ratio
 (period end) 12.28 pct 10.92 pct
 Tier I Leverage Ratio
 (period end) 6.59 pct 6.85 pct
 CONSOLIDATED RESULTS Twelve Months Ended
 OF OPERATIONS December 31 Change
 (fully tax equivalent basis) 1992 1991 pct
 Interest Income $1,034,432 $1,050,342 (1.5)pct
 Interest Expense 412,581 558,374 (26.1)
 Net Interest Income 621,851 491,968 26.4
 Provision for Loan Losses 75,732 56,680 33.6
 Non-Interest Income 236,242 183,724 28.6
 Non-Interest Expense 570,293 438,160 30.2
 Provision for Income Taxes 61,353 49,385 24.2
 FTE Adjustment 11,692 14,445 (19.1)
 Net Income $139,023 $117,022 18.8 pct
 PER COMMON SHARE AMOUNTS (1)
 Net Income $1.80 $1.52 18.4 pct
 Cash Dividends Declared $0.68 $0.62 9.7 pct
 Shareholders' Equity
 Per Common Share $12.20 $11.10 9.9 pct
 Average Shares
 Outstanding (000's) 77,090 76,959
 KEY RATIOS
 Return On:
 Average Total Assets 1.08 pct 1.00 pct
 Average Shareholders' Equit 15.46 pct 14.29 pct
 Net Interest Margin 5.27 pct 4.63 pct
 Average Equity/Average Assets 6.96 pct 7.03 pct
 Tier I Risk-Based Capital Ratio
 (period end) 8.85 pct 8.58 pct
 Total Risk-Based Capital Ratio
 (period end) 12.28 pct 10.92 pct
 Tier I Leverage Ratio
 (period end) 6.59 pct 6.85 pct
 CONSOLIDATED STATEMENT
 OF CONDITION REPORT At December 31, Change
 1992 1991 pct
 Total Loans $ 8,184,326 $ 7,682,219 6.5 pct
 Total Deposits $ 9,952,686 $ 9,510,761 4.6
 Total Assets $13,894,859 $ 12,332,576 12.7
 Shareholders' Equity $ 941,383 $ 852,989 10.4
 ASSET QUALITY
 Non-performing loans $ 80,993 $ 132,100
 Total non-performing assets $ 149,658 $ 226,288
 Allowance/total loans 1.72 1.61 pct
 Allowance/non-performing loan 173.47 pct 93.58 pct
 (1) 1991 per common share amounts have been adjusted for the five-for-four stock split distributed July 1992.
 -0- 1/13/93
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares Incorporated, 614-463-4304/
 (HBAN)


CO: Huntington Bancshares Incorporated ST: Ohio IN: FIN SU: ERN

KK -- CL009 -- 4443 01/13/93 11:33 EST
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