Huntington Bancshares Reports $143.4 Million of Net Income, or $0.16 Per Common Share, for the 2011 Third Quarter, Down 2% and Flat, Respectively, from the 2011 Second Quarter; Declares Quarterly Common Stock Dividend of $0.04 Per Share.

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Huntington Bancshares Reports $143.4 Million of Net Income, or $0.16 Per Common Share, for the 2011 Third Quarter, Down 2% and Flat, Respectively, from the 2011 Second Quarter; Declares Quarterly Common Stock Dividend of $0.04 Per Share.

Other specific highlights compared with 2011 Second Quarter:

* 8% annualized growth in average total loans

* 28% annualized growth in average demand deposits

* $240.7 million in pre-tax, pre-provision income, down from $242.6 million

* 3.34% net interest margin, down 6 basis points

* 1.05% return on average assets

* 13.0% return on average tangible common equity, down from 13.3%

* 10.17% Tier 1 common risk-based capital, up from 9.92%

* 7% decline in net charge-offs to an annualized 0.92%, down from 1.01%

* 8% decline in nonaccrual loans to 1.45% of total loans and leases, down from 1.57%

* 187% allowance for credit losses to nonaccrual loan coverage, up from 181%

COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) reported 2011 third quarter net income of $143.4 million, down $2.5 million, or 2%, from $145.9 million in the prior quarter. Earnings per common share in the current quarter were $0.16, equal to the prior quarter. Net income in the year-ago quarter was $100.9 million, or $0.10 per common share.

For the first nine months of 2011, Huntington reported net income of $415.8 million, or $0.45 per common share. This compared with net income of $189.4 million, or $0.14 per common share, for the comparable year-ago period.

Hunting...

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