EXHIBIT 99
Published on April 15, 1997
NEWSRELEASE [HUNTINGTON BANKS LOGO]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT:
SUBMITTED: APRIL 9, 1997 JACQUELINE THURSTON (614) 480-3878
HUNTINGTON BANCSHARES REPORTS EARNINGS
INCREASE OF 12% FOR FIRST QUARTER OF 1997
COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN;
www.huntington.com) today reported earnings per share of $.47, an increase of
12% from $.42 per share in the first quarter of 1996. Net income was $66.5
million for the first quarter of 1997 compared with $62.8 million for the same
period one year ago. For the recent three months, Huntington's return on average
equity was 17.75% and return on average assets was 1.28%.
"Net interest income was up 14.5%, with average loans increasing 9%
from one year ago. Consumer loan and lease growth was particularly strong at
13.3%. In addition, we completed our acquisition of Citi-Bancshares, Inc. in
Leesburg, Florida bringing total assets in Central and West Coast Florida to
approximately $2 billion," stated Frank Wobst, chairman and chief executive
officer of Huntington Bancshares Incorporated.
The net interest margin for the quarter was 4.35%, an increase of 32
basis points from the first quarter of 1996. Interest rate swaps and other
off-balance sheet financial instruments provided a modest contribution in the
recent three months versus a reduction of $15.1 million one year ago.
Non-interest income, excluding securities transactions, amounted to
$63.8 million for the first three months of 1997 compared with $61.1 million
during the same period last year. Electronic banking fees, investment product
sales and trust services showed the most significant increases.
Non-interest expense increased 8.2% to $155.3 million compared with
$143.5 million one year ago. Adjusting for the effects of acquisitions accounted
for under the purchase method, non-interest expenses increased 6.2%. Advertising
costs associated with Huntington's branding campaign also contributed to the
growth in expenses. The efficiency ratio continued to be solid at 56.3% compared
with 58.2% in the same period last year.
The company's asset quality remains strong. At March 31, 1997,
non-performing assets as a percentage of total loans and other real estate were
.54% down from .62% one year ago. The coverage ratio was 341% up from 313% at
March 31, 1996. Huntington's allowance for loan losses (ALL) represented 1.40%
of total loans at the end of the first quarter. Net charge-offs as a percent of
average loans were .43% for the three month period.
Huntington Bancshares is a regional bank holding company headquartered
in Columbus, Ohio with assets in excess of $21 billion. The company's banking
subsidiaries operate 355 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.
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HUNTINGTON BANCSHARES INCORPORATED
COMPARATIVE SUMMARY (CONSOLIDATED)
(in thousands, except per share amounts)