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Huntington Bancshares Posts 4Q Profit;Loan Loss Provision Down

DOW JONES NEWSWIRES Huntington Bancshares Inc. (HBAN) swung to a fourth-quarter profit that topped analysts' estimates as revenue jumped and the bank set aside sharply less to cover loan losses. The Ohio regional bank has been reporting improved results lately as, like many other banks, it has set aside less to cover potential losses on improved credit quality. Standard & Poor's Ratings Services last month lifted Huntington from junk territory with a two-notch upgrade, citing its improved performance and plans to repay government rescue funds. In December, the bank repaid the $1.4 billion it received from the Troubled Asset Relief Program after raising $1.22 billion by selling stock and debt. Huntington posted a profit of $122.9 million, or 5 cents a share, compared with a year-earlier loss of $369.7 million, or 56 cents a share. The repurchase of government-rescue capital cut the latest result by 7 cents, while the prior-year period included 9 cents in gains from early debt extinguishment and tax impacts. Revenue rose 9.8% to $679.5 million. Analysts polled by Thomson Reuters most recently forecast a profit of 8 cents on $668 million in revenue. Such estimates typically exclude one-time items and other adjustments Loan-loss provisions were $87 million, down from $894 million a year earlier and $119.2 million in the prior quarter. Net charge-offs, loans lenders don't think are collectible, fell to 1.82% of average loans and leases from 4.8% a year earlier and 1.98% in the prior quarter. Nonperforming assets, those near default, were 2.21%, compared with 5.57% and 2.94%, respectively. Shares closed Wednesday at $7 and were inactive premarket. -By Matt Jarzemsky, Dow Jones Newswires; 212-416-2240;

Stock News for Huntington Bancshares (HBAN)
04/01/201507:00:00Huntington Bancshares Finalizes Acquisition of Macquarie Equipment...
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03/24/201506:00:00Huntington Bank Named One of Nationâs Best for Treasury Management
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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
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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...

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