EXHIBIT 99
Published on April 17, 1996
EXHIBIT 99
HUNTINGTON BANKS [LOGO]
NEWSRELEASE
FOR IMMEDIATE RELEASE For Further Information, Contact:
Submitted: April 10, 1996 Jacqueline Thurston (614) 480-3878
HUNTINGTON BANCSHARES REPORTS
EARNINGS FOR FIRST QUARTER OF 1996
COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN;
http://www.huntington.com) today reported net income of $62.8 million, or $.47
per share, for the first quarter of 1996, compared with $54.9 million, or $.39
per share, for the same period one year ago, an increase in earnings per share
of 20.5%. For the recent three months, Huntington's return on average equity
was 16.02% and return on average assets was 1.26% .
"We are pleased with the results of the first quarter of 1996," stated
Frank Wobst, chairman and chief executive officer of Huntington Bancshares
Incorporated. "Earnings were higher than what was reported a year ago and
returns on average equity and average assets were also improved." In addition,
Huntington completed the acquisition of Peoples Bank of Lakeland, Florida
bringing total assets in Central and West Coast Florida to approximately $1.2
billion.
Net interest income in the first quarter of 1996 was $184.7 million,
up from $176.2 million in the comparable period of 1995. Average earning
assets increased 10.2% over the first quarter of 1995, including growth in
average loan balances of 5.6%. The net interest margin for the quarter just
ended was 4.03%, 23 basis points less than the same quarter a year ago, but 5
basis points higher than the last quarter of 1995.
-More-
Non-interest income, excluding securities transactions, was $61.1
million for the first three months of 1996 compared with $57.8 million during
the same period last year. The increase was fueled by improvement in several
fee based products including retail investment sales, electronic banking fees
and trust services.
Non-interest expense in the first three months of 1996 was $143.5
million, comparable to what was reported in the first quarter of 1995. The
beneficial impact of the lower FDIC assessment rates in the first quarter of
1996 versus 1995 was partially offset by higher commissions and certain
personnel expenses related to pension and other employee benefits.
Asset quality measures remain strong. Huntington's allowance for loan
losses totaled $197.4 million at March 31, 1996, or 1.48% of total loans and
covered 312.8% of non-performing loans; 225.0% of total non-performing assets
when combined with the allowance for other real estate. Net charge-offs, as a
percent of average total loans, were .34% in the first quarter of 1996.
Huntington's average equity to average assets ratio stood at 7.89% for
the recent quarter. The company's Tier I and total risk based capital ratios
were 7.94% and 11.53%, respectively, at March 31, 1996, well above what is
required to be considered "well capitalized".
Huntington Bancshares is a regional bank holding company headquartered
in Columbus, Ohio with assets in excess of $20 billion. The company's banking
subsidiaries operate 335 offices in Ohio, Florida, Indiana, Kentucky, Michigan
and West Virginia. Huntington's mortgage, trust, investment banking, and
automobile finance subsidiaries manage 80 offices in the six states mentioned
as well as Georgia, Illinois, Maryland, New Jersey, North Carolina,
Pennsylvania, Texas and Virginia.
###
HUNTINGTON BANCSHARES INCORPORATED
COMPARATIVE SUMMARY (CONSOLIDATED)
(in thousands of dollars, except per share amounts)