S&P 500 (NYSE:SPY) component Huntington Bancshares Incorporated (NASDAQ:HBAN) reported net income above Wall Street’s expectations for the second quarter. Huntington Bancshares Inc. is a financial holding company that offers various financial services through its subsidiary in several states.
Huntington Bancshares Incorporated Earnings Cheat Sheet for the Second Quarter
Results: Net income for Huntington Bancshares Incorporated rose to $145.9 million (16 cents per share) vs. $48.8 million (3 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Revenue: Noninterest income was $255.8 million last quarter.
Actual vs. Wall St. Expectations: HBAN beat the mean analyst estimate of 15 cents per share.
Quoting Management: “We are pleased that second quarter results represented our sixth consecutive quarterly increase in earnings and it shows the progress we are making on a number of fronts,” said Stephen D. Steinour, chairman, president, and chief executive officer. “This improvement reflected the benefits from a combination of factors such as our conservative view toward addressing credit quality early in the financial downturn, the increasing contribution from strategic investments, improving customer product penetration, and aspects of our ‘Fair Play’ banking philosophy that are gaining traction every day.”
The company has now beaten estimates the last two quarters. In the first quarter, it topped expectations with net income of 13 cents versus a mean estimate of net income of 12 cents per share.
Competitors to Watch: Fifth Third Bancorp (NASDAQ:FITB), FirstMerit Corporation (NASDAQ:FMER), WesBanco, Inc. (NASDAQ:WSBC), Peoples Bancorp Inc. (NASDAQ:PEBO), First Financial Bancorp (NASDAQ:FFBC), Park National Corporation (AMEX:PRK), Wells Fargo & Company (NYSE:WFC), Bank of America (NYSE:BAC), Citigroup (NYSE:C), Camco Financial Corp. (NASDAQ:CAFI), Tower Financial Corp. (NASDAQ:TOFC), and PNC Financial Services (NYSE:PNC).
(Source: Xignite Financials)