WARREN - Huntington Bancshares Inc. reported a 6 percent increase in net income during the third quarter, attributing the boost to things like household growth and a record-setting third quarter for indirect auto business.
Net income for the third quarter ended Sept. 30 was reported at $178 million, up $11 million from third quarter of 2012 and up $28 million from the second quarter of this year.
"We are pleased with the third quarter. I think it continues to reinforce the message that our business strategies are working," Huntington Regional President Frank Hierro said Thursday. "Our customer base continues to grow, and we are seeing continued bounce back in the midwest economy."
Bank officials said the temporary federal government shutdown, ended one day earlier in Washington, created little more than an inconvenience in the short-term for lending customers awaiting the now bottlenecked processing of U.S. Small Business Administration or Federal Housing Administration loans. Huntington Vice President of regional public relations William Eiler noted though it still is unclear what longterm effect the situation might have.
"I think, like everyone, we want a longterm solution," Eiler said.
Hierro said continued household growth and a record-setting third quarter for indirect auto business of $1.2 billion, up about 10 percent compared to this time last year, helped boost the company's earnings, which increased 20 cents per common share. The board of directors declared a quarterly cash dividend on its common stock of 5 cents per common share payable Jan. 2 to shareholders of record Dec. 19.
The bank's third quarter performance mirrored its performance in overall market share, released earlier this month by the Federal Deposit Insurance Corp. Huntington maintained its lead in banking market share among 19 institutions in the Youngstown-Warren Metropolitan Statistical Area, which includes Trumbull, Mahoning and Columbiana counties in Ohio and Mercer and Lawrence counties in Pennsylvania.
The bank's market share, measured by deposits, increased more than a full percentage point to 22.95 percent from 21.9 percent last year.
In second place this year is PNC Bank, which moved up a place from third, displacing First National Bank of Pennsylvania, which slipped to third place.