Huntington Shares Slide After Fourth-Quarter Profit Falls 5.7%Sarah Jacob
Huntington Bancshares Inc. fell the most in more than four months after fourth-quarter profit declined 5.7 percent from a year earlier.
Huntington slid 3.5 percent to $9.55 at 10:33 a.m. in New York, the most intraday since Aug. 27. The stock was the second-worst performer in the 24-company KBW Bank Index after Citigroup Inc.
Net income for the three months ended Dec. 31 dropped to $157.8 million, or 18 cents a share, from $167.3 million, or 19 cents, a year earlier, the Columbus, Ohio-based lender said today in a statement. The average estimate of 26 analysts surveyed by Bloomberg News was for profit of 17 cents.
Noninterest income fell 17 percent in the quarter to $246.6 million from a year earlier as mortgage banking income slid 61 percent. Total revenue declined 7 percent to $685.5 million, according to the statement.
The bank, which operates in six Midwestern states, announced in October that it would buy Camco Financial Corp. for $82.4 million. Cambridge, Ohio-based Camco has branches in Ohio, Kentucky and West Virginia, according to the company.