EXHIBIT 99 NEWSRELEASE [HUNTINGTON BANK LOGO] FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT: SUBMITTED: JANUARY 15, 1997 JACQUELINE THURSTON (614) 480-3878 HUNTINGTON BANCSHARES REPORTS EARNINGS FOR FOURTH QUARTER AND FULL YEAR 1996 COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ:HBAN; http://www.huntington.com) today reported earnings per share for the year ended December 31, 1996 of $1.80 and $.47 for the fourth quarter representing increases of 11.1% and 4.4%, respectively, over the same periods last year. Return on average equity (ROE) and return on average assets (ROA) were 17.33% and 1.31% in the past twelve months, up from 16.27% and 1.28% last year. ROE was 17.87% and ROA was 1.32% for the fourth quarter. "Huntington enjoyed another successful year in 1996. We are particularly pleased with the revenue growth in fee based products, the continued focus on improving efficiencies and overall credit quality," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. Net income was $262.1 million for the year ended December 31, 1996 and $67.7 million for the fourth quarter compared with $244.5 million and $65.5 million, respectively, during the corresponding periods in 1995. Net interest income for the twelve and three months ended December 31, 1996 was $758.8 million and $193.1 million, respectively. The net interest margin was 4.10% in the recent quarter. Non-interest income, excluding securities transactions, amounted to $255.3 million and $62.4 million in the most recent twelve and three month periods. All major categories remained strong with exceptional growth in electronic banking fees and investment product sales during 1996. Non-interest expense was flat for the twelve and three month periods just ended compared with the same time one year ago, despite the acquisition of two Florida banks, which added $11.1 million and $2.5 million to the respective totals for 1996. The efficiency ratio showed significant improvement dropping to 56.3% and 54.6% for the twelve months and fourth quarter ended compared to 59.0% and 57.8%, respectively, for the corresponding period last year. At December 31, 1996, non-performing assets as a percentage of total loans and other real estate were .47% and the coverage ratio was 394.3% representing improvements over each of the three preceding quarters which indicates that asset quality remains strong. At the end of the year, Huntington's allowance for loan losses (ALL) represented 1.40% of total loans. Net charge-offs as a percent of average loans were .46% for the twelve month period. Huntington's average equity to average assets was 7.55% in the most recent twelve month period. The company continues to maintain a strong equity position exceeding requirements for a "well-capitalized" institution. Tier I and total risk based capital ratios was 7.84% and 11.31%, respectively, at December 31, 1996. 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 339 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, Maryland, New Jersey, North Carolina, Pennsylvania, and Virginia. ### HUNTINGTON BANCSHARES INCORPORATED COMPARATIVE SUMMARY (CONSOLIDATED) (in thousands of dollars, except per share amounts)
Consolidated Results Three Months Ended Twelve Months Ended of Operations December 31, Change December 31, Change - - - - -------------------- --------------------------------- ------------------------------------ 1996 1995 % 1996 1995 % -------- -------- ------ ---------- ---------- ------- Interest Income $382,667 $381,437 0.3 % $1,510,464 $1,461,896 3.3 % Interest Expense 189,555 199,551 (5.0) 751,640 737,333 1.9 -------- -------- ---------- ---------- Net Interest Income 193,112 181,886 6.2 758,824 724,563 4.7 Provision for Loan Losses 21,134 12,139 74.1 65,050 28,721 126.5 Non-Interest Income 66,627 66,798 (0.3) 272,993 243,009 12.3 Non-Interest Expense 137,406 137,264 0.1 567,946 560,403 1.3 Provision for Income Taxes 33,474 33,752 (0.8) 136,720 133,959 2.1 -------- -------- ---------- ---------- Net Income $ 67,725 $ 65,529 3.4 % $ 262,101 $ 244,489 7.2 % ======== ======== ========== ========== Per Common Share Amounts (1) - - - - ----------------------------- Net Income $0.47 $0.45 4.4 % $1.80 $1.62 11.1 % Cash Dividends Declared $0.20 $0.18 11.1 % $0.76 $0.70 8.6 % Shareholders' Equity (period end) $10.60 $10.38 2.1 % $10.60 $10.38 2.1 % Average Shares Outstanding (000's) 143,875 146,868 (2.0)% 145,957 151,385 (3.6)% Key Ratios - - - - ---------- Return On: Average Total Assets 1.32 % 1.31 % 1.31 % 1.28 % Average Shareholders' Equity 17.87 % 17.50 % 17.33 % 16.27 % Efficiency Ratio 54.57 % 57.78 % 56.29 % 59.00 % Net Interest Margin 4.10 % 3.98 % 4.11 % 4.15 % Average Equity/Average Assets 7.38 % 7.47 % 7.55 % 7.89 % Tier I Risk-Based Capital Ratio (period end) 7.84 % 8.39 % 7.84 % 8.39 % Total Risk-Based Capital Ratio (period end) 11.31 % 12.03 % 11.31 % 12.03 % Tier I Leverage Ratio (period end) 6.66 % 6.87 % 6.66 % 6.87 % Consolidated Statement of Condition Data At December 31, Change - - - - ----------------------- --------------------------------------------------------- 1996 1995 % ------------ ------------ ---------- Total Loans $ 14,260,747 $ 13,261,667 7.5 % Total Deposits $ 13,385,891 $ 12,636,582 5.9 Total Assets $ 20,851,513 $ 20,254,598 2.9 Shareholders' Equity $ 1,511,514 $ 1,518,865 (0.5) Asset Quality - - - - ------------- Non-performing loans $ 50,481 $ 54,968 Total non-performing assets $ 67,253 $ 76,994 Allowance for loan losses/total loans 1.40 % 1.47 % Allowance for loan losses/non-performing loans 394.32 % 353.76 % Allowance for loan losses and other real estate/non-performing assets 291.69 % 238.65 % (1)Per common share amounts have been adjusted for the ten percent stock dividend distributed July 31, 1996.