Huntington Bancshares Incorporated reported third-quarter net income attributable to the company of $721 million, up from $629 million a year earlier, while diluted earnings per share fell to 33 cents from 41 cents. Its average diluted share count rose to 2.047 billion from 1.485 billion. The results were in an earnings release attached to a Form 8-K filed with the Securities and Exchange Commission on Oct. 22.
Net interest income increased to $2.069 billion from $1.506 billion, and net interest margin widened to 3.25% from 3.13%. Average loans and leases climbed 39% year over year to $188.4 billion. Huntington said the growth reflected balances from its Cadence and Veritex acquisitions as well as organic expansion.
Noninterest expense rose 42% to $1.772 billion. The company reported $117 million in pretax acquisition-related expenses, which reduced diluted earnings per share by 5 cents. Adjusted diluted earnings per share, which excludes designated notable items, was 38 cents, compared with 40 cents a year earlier.
Nonperforming assets totaled $1.722 billion at Sept. 30, an increase of $901 million from a year earlier. Huntington said the rise included higher nonaccrual loans in commercial and industrial, commercial real estate, residential mortgage and home equity categories, including loans acquired with Cadence and Veritex. Net charge-offs increased by $71 million to $146 million, equal to an annualized 0.31% of average loans, compared with 0.22% a year earlier.
CEO Steve Steinour said the recent combinations were producing planned efficiencies and revenue gains, and that Huntington remained on track with its goals. The release listed an earnings call for Thursday, Oct. 22.
