Huntington Bancshares +3.5% as revenue rises, loan portfolio expands

Huntington Bancshares (HBAN +3.5%) tops early gainers on the S&P 500 after Q2 earnings rose 9%, beating analyst estimates thanks to gains in commercial and auto lending.

HBAN's total Q2 lending climbed 9.1% to $45B, as billion commercial and industrial loans rose 7.6% Y/Y to $18.3B and auto loans - one of the few growth areas in consumer lending these days - surged 38% to $7.3B, reflecting "heightened consumer and business confidence in the economy," according to CEO Steve Steinour.

The loan growth helped drive an 8.3% gain in net interest income to $460M; non-interest income fell fractionally to $250.1B due in part to a 33% drop in mortgage banking income.

Net interest margin was 3.28%, down from 3.38% in Q2 a year ago but up from 3.27% in the previous quarter.

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Comments (4)
  • U2A Ventures
    , contributor
    Comments (357) | Send Message
    Love HBAN, been long since 2009
    18 Jul 2014, 02:49 PM Reply Like
  • Bearsrally08
    , contributor
    Comments (235) | Send Message
    I also picked up some HBAN and RF in 2009. Patience has been rewarded. The next few years should be good for these regional banks. Slowly rising interest rates will help their nim.
    19 Jul 2014, 01:08 PM Reply Like
  • Robin Hewitt
    , contributor
    Comments (5633) | Send Message
    Great 2009 call U2A and Bearsrally. I bought in late 2011 as speculation but got called out when it went above 10. Back in at 9.40, so far so good and not planning to sell calls this time -- just hold and drip.
    19 Jul 2014, 02:23 PM Reply Like
  • Charleyhoarse
    , contributor
    Comments (6) | Send Message
    I look for a small increase in HBAN common stock dividends very soon. That will certainly do a lot towards increasing the share price.
    21 Jul 2014, 09:49 AM Reply Like
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