Two banks with operations in the area reported first-quarter earnings Wednesday. One reported a small drop in profit, while the other reported a strong gain in net income.
Columbus-based Huntington Bancshares Inc. said Wednesday morning it had lower earnings for the first quarter of 2013, the first Ohio-based regional bank to report quarterly results this week.
For the first quarter Huntington had net income of $151.8 million, down 1 percent from first quarter 2012 profits of $153.3 million. In the preceding fourth quarter 2012, Huntington reported profits of $167.3 million.
Huntington said average total loans grew 4 percent and average core deposits grew 5 percent during the first quarter. But noninterest income dropped on a $24.2 million, or 90 percent, decrease in gains on sale of loans.
Stephen Steinour, Huntington’s chairman, president and chief executive officer, said in comments accompanying the release that the bank’s growth is happening in a challenging economic and regulatory environment.
Meanwhile, Pittsburgh-based PNC Financial Services beat earnings estimates Wednesday with first-quarter earnings that climbed 26 percent amid stronger revenue and lower expenses.
The bank reported net income of $1.01 billion, or $1.76 a share, versus a year-earlier profit of $805 million, or $1.44 a share. Analysts expected earnings of $1.57 a share.
Revenue rose 6 percent to $4 billion on higher noninterest income and net interest income. Expenses checked in at $2.4 billion, a decline of 2.4 percent year-over-year and 15% from the fourth quarter in the last fiscal year.