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Huntington: Strong Equipment Finance Growth Noted in Q1 Results

April 18, 2013, 06:54 AM
Filed Under: Corporate Earnings

Huntington Bancshares reported 2013 first quarter net income of $151.8 million, a decrease of $1.5 million, or 1%, from the 2012 first quarter and a decrease of $15.5 million, or 9%, from the 2012 fourth quarter. 

Commercial and Industrial (C & I) loans grew 14%, or $2.1 billion to $17.0 billion in the first quarter of 2013 versus Q1 2012 results.  According to the earnings press release, “This reflected the continued growth across most business lines, with particularly strong growth in equipment finance, dealer floorplan, and healthcare.

“We are starting to see positive signs in both our business and consumer customer bases as the economic recovery progresses.  We believe the soundness of our strategies will continue to drive growth and improve our profitability.  Our retail customers and our mortgage lending businesses are benefiting from recovering housing markets,” said Steinour. “Although a recent uptick among our business customers of drawing down cash balances to support working capital needs and to fund new projects has negative near-term implications on our balance sheet, we are encouraged by this activity as it suggests improving confidence among business owners and implies a more robust long-term economic outlook.  Competition continues to pressure asset yields and more recently loan structure, but we will remain disciplined as we manage our aggregate moderate-to-low risk profile,” said Stephen D. Steinour, chairman, president and chief executive officer.

Read the full Huntington Bancshares earnigns press release.

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