Huntington Bancshares Inc. (HBAN) reported 2013 first quarter net income of $151.8 million, a decrease of $1.5 million, or 1%, from the 2012 first quarter. Earnings per common share were $0.17, unchanged from the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.16 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue, on Fully-taxable equivalent basis, was $682.3 million down from $706.5 million in the year ago quarter. Sixteen analysts had consensus revenue estimate of $696.15 million for the quarter.
Net interest income is expected to modestly grow over the course of 2013, as it anticipates an increase in total loans, excluding the impact of any future loan securitizations. However, those benefits to net interest income are expected to be mostly offset by downward fully-taxable equivalent net interest margin pressure.
The company said that its board declared a quarterly cash dividend on the company's common stock of $0.05 per common share. This represents a $0.01 per share, or 25%, increase from the prior quarter's dividend. The dividend is payable July 1, 2013, to shareholders of record on June 17, 2013.
The company also said that its board approved the repurchase of up to $227 million of common stock. The new repurchase authorization represents a $45 million, or 25%, increase from the recently completed common stock repurchase authorization.
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