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Huntington Banchshares (HBAN) in Columbus, Ohio, has completed its acquisition of Camco Financial but it has retained only half of Camco's 22 branches.
March 5
Huntington Bancshares (HBAN) in the first quarter padded its litigation reserves and recorded one-time expenses related to a recent acquisition.
As a result the Columbus, Ohio, company reported a 3% drop in earnings, to $149.1 million, compared with a year earlier. Earnings per share of 17 cents met analysts' expectations.
Noninterest expenses totaled $460.1 million, up 4% from a year earlier, as Huntington added $9 million to its litigation reserves and recorded a $3 million goodwill impairment charge. The company also reported $13 million in one-time merger related expenses after
Revenue rose 1%, to $691.9 million, from a year earlier as net interest income rose 3%. Commercial and industrial loans totaled $17.6 billion, up 4% year over year, while the automobile portfolio increased 40%, to $6.8 billion. Those improvements were partially offset by a 7% decline in commercial real estate loans.
Noninterest income fell 3%, to $248.5 million, as mortgage banking income declined 49%. The mortgage drop-off was blamed on lower volume, a lower gain-on-sale margin and a higher percentage of originations being held on the balance sheet.
