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Huntington Bancshares Swings To 3Q Profit As Provisions Fall

DOW JONES NEWSWIRES Huntington Bancshares Inc.'s (HBAN) swung to a third-quarter profit, beating analysts' estimates as credit quality improved sharply and revenue climbed. "There was much to be pleased with" about the results, said Chairman and Chief Executive Stephen D. Steinour. "We continue to be challenged by the current economy. But while the environment is difficult, it is not as tough as it was last year." Steinour noted growth in auto loans continued to be a "bright spot" and the bank saw modest growth in commercial and industrial loans. The Ohio regional bank has been reporting improved results of late, reversing losses in recent quarters as it recovers from its struggles during the recession. Like many other banks, Huntington has seen its credit-loss provisions decline, helping the bottom line. Loan-loss provisions were $119.2 million, down from $235 million a year earlier and $193.4 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, fell to 1.98% of average loans from 2.58% a year earlier and 3.01% in the prior quarter. Nonperforming loans, those near default, were 2.94% from 6.26% and 4.24%, respectively. Huntington posted a profit of $100.9 million, or 10 cents a share, compared with a year-earlier loss of $166.2 million, or 33 cents a share. Revenue jumped 9.4% to $677.1 million. Analysts polled by Thomson Reuters had most recently forecast earnings of 6 cents on $660 million in revenue. Shares closed at $5.60 Wednesday and were inactive premarket. The stock has risen 53% so far this year after falling nearly 50% in 2009. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Huntington Bancshares (HBAN)
DateTimeHeadline
03/25/201516:15:00Huntington Bancshares Incorporated to Announce 2015 First Quarter...
03/24/201506:00:00Huntington Bank Named One of Nationâs Best for Treasury Management
03/17/201506:00:00Huntington Bank to Add More Than 250 Jobs in Michigan in 2015...
03/16/201502:20:26Comparing The Next 3 Midwest Regional Banks
03/13/201503:46:302015 Bank Capital Return Plans In A Nutshell
03/11/201516:35:00Huntington Bancshares Receives No Objection from the Federal...
03/11/201505:55:59Stocks Going Ex Dividend The Third Week Of March
03/05/201520:28:52Stress test roundup: How the lenders stack up vs. last year
03/05/201516:37:00Huntington Bancshares Releases Results of 2015 Dodd-Frank Act...
03/03/201516:05:00Huntington Bancshares to Present at the 2015 RBC Capital Markets...
02/24/201511:30:10Huntington to Buy Macquarie Equipment Finance -- Update
02/24/201508:41:36Huntington to Buy Macquarie Equipment Finance to Expand in Michigan
02/24/201506:49:13Report: Huntington Bancshares to buy Macquarie unit
02/24/201506:00:00Huntington Bancshares to Acquire Macquarie Equipment Finance...
02/10/201506:00:00New Checking Account Offers Huntingtonâs Private Client Customers I...
02/03/201506:00:00Huntington-Financed Affordable Housing Projects Receive Grants...
01/27/201506:00:00Car Purchases Expected to Soar in 2015 Says Huntington Bank Survey
01/22/201507:30:00Huntington Bancshares Incorporated Reports 2014 Fourth Quarter...
01/14/201511:00:00Huntington Bank Names Renee Csuhran Interim Regional President
12/22/201410:00:00Huntington Bancshares Incorporated to Announce 2014 Fourth Quarter...

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