EXHIBIT 99 NEW RELEASE [LOGO] FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT: SUBMITTED: JULY 10, 1996 JACQUELINE THURSTON (614) 480-3878 HUNTINGTON BANCSHARES REPORTS EARNINGS FOR SECOND QUARTER AND FIRST SIX MONTHS OF 1996 COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN; http://www.huntington.com) today reported net income of $65.1 million for the second quarter of 1996, compared with $58.2 million for the same period one year ago. Adjusted for the ten percent stock dividend that will be distributed to shareholders on July 31, 1996, the earnings per share were $.45 in the second quarter and $.87 for the first half of the year, representing increases of 18.4% and 19.2%, respectively, over the same periods last year. Huntington's return on average assets (ROA) of 1.32% and return on average equity (ROE) of 17.56% were also stronger than what was reported in the second quarter of 1995. For the first half of 1996, net income was $127.9 million, versus $113.0 million in the first six months of 1995; ROA and ROE were 1.29% and 16.77%, respectively, up from 1.24% and 15.08% in the first six months of last year. "We are pleased to report improved earnings in the second quarter," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "The broad-based growth in fee income is quite satisfying as is the improvement in the net interest margin. The year to year average loan growth is also substantial, up 6.9% for commercial loans and 11.6% for consumer loans." Net interest income in the three and six months ended June 30, 1996 was $189.3 million and $374.0 million, respectively, approximately 5.0% higher than the corresponding periods in 1995. The net interest margin was 4.15% in the second quarter of 1996, down modestly from the second three months a year ago, but 12 basis points higher than the immediately preceding quarter. Non-interest income, excluding securities transactions, was $67.0 million and $128.0 million in the most recent three and six month periods, 28.4% and 16.4% higher than the same periods last year. Growth occurred in all major categories. Non-interest expense was up 3.1% in the second quarter and 1.1% in the first half of the year from the corresponding periods last year. The growth in expenses was due, in part, to the acquisition of two Florida banks one in late 1995 and the other in January 1996, which added $3.3 million and $6.4 million, respectively, to the second quarter and year-to-date totals. Excluding these amounts, non-interest expense would have been flat with the same periods in 1995. Asset quality remains strong. At June 30, 1996, Huntington's allowance for loan losses (ALL) represented 1.44% of total loans and 345% of non-performing loans. The combined ALL and allowance for other real estate was 238% of all non-performing assets. Net charge-offs, as a percent of average loans, were .38% in the second three months of 1996 compared with .34% in the immediately preceding quarter and 23 basis points in the second quarter a year ago. Huntington's average equity to average assets was 7.51% in the second quarter of 1996 and 7.70% for the first six months of the year. Huntington continues to maintain a strong equity position exceeding requirements for "well capitalized" institutions. Huntington Bancshares in 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 75 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)
CONSOLIDATED RESULTS THREE MONTHS ENDED SIX MONTHS ENDED OF OPERATIONS JUNE 30, CHANGE JUNE 30, CHANGE - ------------------------------- ---------------------------------- ---------------------------------- 1996 1995 % 1996 1995 % -------- -------- ------ -------- -------- ------ Interest Income $375,079 $360,203 4.1 % $749,375 $702,600 6.7 % Interest Expense 185,786 180,313 3.0 375,364 346,501 8.3 -------- -------- -------- -------- Net Interest Income 189,293 179,890 5.2 374,011 356,099 5.0 Provision for Loan Losses 11,843 4,787 147.4 23,666 9,395 151.9 Non-Interest Income 67,176 58,524 14.8 135,338 116,411 16.3 Non-Interest Expense 145,466 141,052 3.1 288,962 285,693 1.1 Provision for Income Taxes 34,072 34,414 (1.0) 68,808 64,399 6.8 -------- -------- -------- -------- NET INCOME $65,088 $58,161 11.9 % $127,913 $113,023 13.2 % ======== ======== ======== ======== PER COMMON SHARE AMOUNTS (1) - ----------------------------- Net Income Pre-stock dividend $0.49 $0.42 $0.95 $0.81 Post-stock dividend $0.45 $0.38 18.4 % $0.87 $0.73 19.2 % Cash Dividends Declared Pre-stock dividend $0.20 $0.19 $0.40 $0.38 Post-stock dividend $0.18 $0.17 5.9 % $0.36 $0.34 5.9 % Shareholders' Equity (period end) Pre-stock dividend $11.11 $11.27 $11.11 $11.27 Post-stock dividend $10.10 $10.25 (1.5)% $10.10 $10.25 (1.5)% Average Shares Outstanding (000's) Pre-stock dividend 132,914 139,997 133,984 140,094 Post-stock dividend 146,205 153,996 (5.1)% 147,382 154,103 (4.4)% KEY RATIOS - ---------- Return On: Average Total Assets 1.32 % 1.25 % 1.29 % 1.24 % Average Shareholders' Equity 17.56 % 15.08 % 16.77 % 15.08 % Efficiency Ratio 56.86 % 59.97 % 57.53 % 60.94 % Net Interest Margin 4.15 % 4.21 % 4.09 % 4.24 % Average Equity/Average Assets 7.51 % 8.28 % 7.70 % 8.22 % Tier I Risk-Based Capital Ratio (period end) 8.05 % 9.30 % 8.05 % 9.30 % Total Risk-Based Capital Ratio (period end) 11.59 % 13.11 % 11.59 % 13.11 % Tier I Leverage Ratio (period end) 6.81 % 7.72 % 6.81 % 7.72 % CONSOLIDATED STATEMENT OF CONDITION DATA AT JUNE 30, CHANGE - ------------------------------- ------------------------------------------------------ 1996 1995 % ------------ ------------ ----- Total Loans $ 13,688,675 $ 13,137,593 4.2 % Total Deposits $ 13,112,831 $ 12,518,517 4.7 Total Assets $ 20,321,166 $ 19,370,768 4.9 Shareholders' Equity $ 1,475,296 $ 1,572,043 (6.2) ASSET QUALITY - ------------- Non-performing loans $ 57,028 $ 54,978 Total non-performing assets $ 78,748 $ 79,007 Allowance for loan losses/total loans 1.44 % 1.51 % Allowance for loan losses/non-performing loans 344.54 % 360.62 % Allowance for loan losses and other real estate/non-performing assets 238.03 % 234.30 %
(1) Post-stock dividend amounts have been adjusted for the ten percent stock dividend payable in July 1996.