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HUNTINGTON BANCSHARES REPORTS RECORD EARNINGS FOR FOURTH QUARTER AND TWELVE MONTHS OF 1993

 COLUMBUS, Ohio, Jan. 12 /PRNewswire/ -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported record net income of $63.4 million for the fourth quarter of 1993, an increase of 44.5% from $43.8 million earned in the same period one year ago. For the twelve months of 1993, net income was $236.9 million, up 47.1% from $161.0 million earned in 1992.
 Earnings per share were $.61 for the fourth quarter of 1993 and $2.31 for the full year compared with $.43 and $1.59 in the corresponding periods last year -- increases of 41.9% and 45.3%, respectively. These amounts are restated to reflect the 1993 pooling acquisitions of CB&T Financial Corp. on June 25, Commerce Banc Corporation on Sept. 24, and Railroadmen's Federal Savings and Loan Association on Dec. 27, as well as the ten percent stock dividend that was distributed to shareholders in July of 1993.
 Profitability measures hit record levels and improved throughout 1993. Huntington's return on average assets for the fourth quarter was 1.44% versus 1.09% one year ago. For the twelve month period, return on average assets was 1.41% in 1993 up from 1.06% in 1992. Returns on average equity for the most recent quarter and full year were 19.60% and 19.48% compared with 15.59% and 14.99% in the respective periods last year.
 "This has truly been one of the best years in Huntington's 127 year history," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "We saw significant loan growth at a time when many others saw very little, and maintained a very respectable net interest margin at the same time. In addition, we experienced ?strong increase in fee income while exercising control over expenses. We enter 1994 with a balance sheet that is even more solid than it was one year ago, and with business prospects that are every bit as favorable."
 Fully-tax equivalent net interest income at Huntington increased $95.5 million from 1992 to 1993, and $10.0 million from the third to the fourth quarter of 1993. These results were attributable to strong loan growth during the year as well as a solid net interest margin. Average total loans increased 10.8% from 1992 to 1993 and 12.8%, on an annualized basis, between the third and fourth quarters of 1993. This strong growth was evident in all lending categories, except construction lending which declined. The net interest margin was 5.20% for the full year 1993, and 5.24% in the fourth quarter of 1993. These figures compare with 5.12% for all of 1992, and 5.09% in the third quarter of 1993.
 Huntington's asset quality measures showed steady improvement throughout 1993. Net charge-offs for both the fourth quarter and full year 1993 were only .32% of average total loans, down from .44% and .69% for the same periods last year. Charge-offs in 1993 were the lowest recorded by the company since 1977.
 Non-performing assets declined to $139.6 million, or 1.27% of total loans and other real estate, at year-end 1993 from $163.2 million, or 1.70% of total loans and other real estate, one year ago. At year-end 1993, the company's allowance for loan losses totalled $211.8 million, or 1.93% of total loans, up from $153.7 million, or 1.61% of total loans, at the end of 1992. The allowance for loan losses currently represents 274.4% of non-performing loans and, coupled with the allowance for other real estate, 143.41% of non-performing assets.
 Non-interest income, excluding securities gains, increased 43.4% for the fourth quarter of 1993 and 30.3% for the full year from the corresponding periods in 1992. All areas of fee income showed improvement during the year, with the greatest contributions coming from mortgage banking, sales of investment products, and credit card fees.
 Non-interest expense in the fourth quarter and twelve months of 1993, before the provision for other real estate, rose 5.3% from the fourth quarter and 13.4% from the twelve months of 1992. The annual increase in expenses was largely due to greater residential mortgage production and the accelerated amortization of purchased mortgage servicing, fueled by higher levels of refinancing activity earlier in the year. Excluding the mortgage company's increased expenses and the impact of the second quarter purchase of Charter Oak Financial Corporation, total non-interest expense in 1993, before the provision for other real estate, would have risen only 4.5% from same period in 1992.
 Huntington's capital position continues to be strong. Average equity to average assets was 7.35% and 7.22% for the fourth quarter and twelve months of 1993 versus 6.98% and 7.08% for the same periods last year. The company's Tier I and total risk-based capital ratios were 9.60% and 14.02%, respectively, and its Tier I leverage ratio was 7.03% at year-end 1993. Huntington's capital ratios exceed the regulatory requirements to be considered a "well-capitalized" bank holding company.
 During the fourth quarter, Huntington completed the acquisitions of First Bancorp Indiana, Inc. (Lafayette, Ind.) and Railroadmen's Federal Savings and Loan Association (Indianapolis). These two acquisitions increased Huntington's presence in Central Indiana to over $1.3 billion in assets with 23 banking offices in Indianapolis and four offices in nearby Lafayette. In addition, two former offices of Railroadmen's in the suburban Chicago area have been merged into a newly created subsidiary, The Huntington Federal Savings Bank of Illinois. In total, Huntington completed five acquisitions in Indiana, Ohio, and West Virginia during 1993 adding approximately $3.1 billion to the company's asset base. The company has no acquisitions pending at this time.
 Huntington Bancshares is an $18 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 352 offices in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Pennsylvania, and West Virginia. In addition, Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 84 offices in the eight states mentioned as well as Connecticut, Delaware, Maryland, Massachusetts, New Jersey, North Carolina, Rhode Island, and Virginia.
 HUNTINGTON BANCSHARES INCORPORATED
 COMPARATIVE SUMMARY (CONSOLIDATED)
 (in thousands of dollars)
 CONSOLIDATED RESULTS Three Months Ended
 OF OPERATIONS December 31 Change
 (fully tax equivalent basis) 1993 1992 pct
 Interest Income $317,079 $312,863 1.3 pct
 Interest Expense 105,458 115,737 (8.9)
 Net Interest Income 211,621 197,126 7.4
 Provision for Loan Losses 15,365 16,879 (9.0)
 Non-Interest Income 82,025 58,363 40.5
 Non-Interest Expense 172,091 172,597 (0.3)
 Provision for Income Taxes 40,124 18,784 113.6
 FTE Adjustment 2,708 3,392 (20.2)
 Net Income $63,358 $43,837 44.5 pct
 PER COMMON SHARE AMOUNTS (A)
 Net Income $0.61 $0.43 41.9 pct
 Cash Dividends Declared $0.20 $0.16 25.0 pct
 Shareholders' Equity
 Per Common Share $12.76 $11.09 15.1 pct
 Average Shares
 Outstanding (000's) 103,072 101,826
 KEY RATIOS
 Return On:
 Average Total Assets 1.44 pct 1.09 pct
 Average Shareholders' Equity 19.60 pct 15.59 pct
 Net Interest Margin 5.24 pct 5.33 pct
 Average Equity/Average Assets 7.35 pct 6.98 pct
 Tier I Risk-Based Capital Ratio
 (period end) 9.60 pct 9.39 pct
 Total Risk-Based Capital Ratio
 (period end) 14.02 pct 12.56 pct
 Tier I Leverage Ratio
 (period end) 7.03 pct 6.72 pct
 CONSOLIDATED RESULTS Twelve Months Ended
 OF OPERATIONS December 31 Change
 (fully tax equivalent basis) 1993 1992 pct
 Interest Income $1,247,983 $1,217,116 2.5 pct
 Interest Expense 440,113 504,779 (12.8)
 Net Interest Income 807,870 712,337 13.4
 Provision for Loan Losses 79,294 81,562 (2.8)
 Non-Interest Income 305,778 250,139 22.2
 Non-Interest Expense 658,893 632,582 4.2
 Provision for Income Taxes 126,879 72,389 75.3
 FTE Adjustment 11,670 14,897 (21.7)
 Net Income $236,912 $161,046 47.1 pct
 PER COMMON SHARE AMOUNTS (A)
 Net Income $2.31 $1.59 45.3 pct
 Cash Dividends Declared $0.75 $0.62 21.0 pct
 Shareholders' Equity
 Per Common Share $12.76 $11.09 15.1 pct
 Average Shares
 Outstanding (000's) 102,651 101,141
 KEY RATIOS
 Return On:
 Average Total Assets 1.41 pct 1.06 pct
 Average Shareholders' Equity 19.48 pct 14.99 pct
 Net Interest Margin 5.20 pct 5.12 pct
 Average Equity/Average Assets 7.22 pct 7.08 pct
 Tier I Risk-Based Capital Ratio
 (period end) 9.60 pct 9.39 pct
 Total Risk-Based Capital Ratio
 (period end) 14.02 pct 12.56 pct
 Tier I Leverage Ratio
 (period end) 7.03 pct 6.72 pct
 CONSOLIDATED STATEMENT
 OF CONDITION DATA At December 31 Change
 1993 1992 pct
 Total Loans $ 10,953,928 $ 9,514,516 15.1 pct
 Total Deposits $ 12,044,690 $ 11,747,942 2.5
 Total Assets $ 17,618,707 $ 16,246,526 8.4
 Shareholders' Equity $ 1,324,637 $ 1,129,669 17.3
 ASSET QUALITY
 Non-performing loans $ 77,187 $ 90,049
 Total non-performing assets $ 139,633 $ 163,179
 Allow. for loan losses/
 total loans 1.93 pct 1.61 pct
 Allow. for loan losses/
 non-performing loans 274.44 pct 170.63 pct
 Allowance for loan losses
 & OREO/non-perf. assets 143.41 pct 95.22 pct
 (A) Restated for the 10% stock dividend distributed in July 1993.
 NOTE: Prior periods have been restated for the acquisitions of CB&T Financial Corp., Commerce Banc Corporation, and Railroadmen's Federal Savings and Loan Association which were accounted for as poolings-of-interests.
 -0- 1/12/94
 /CONTACT: Debra Dendahl Hadley of Huntington Bancshares, 614-463-4304/
 (HBAN)


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

KL -- CL006 -- 1350 01/12/94 10:36 EST
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