You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Three area banks report mixed earnings


CINCINNATI (AP) — Regional banking company Fifth Third Bancorp’s second-quarter net income rose 58 percent, thanks partly to the sale of shares of its Vantiv payment processing subsidiary.

Cincinnati-based Fifth Third on Thursday reported net income available to common shareholders of $594 million, or 66 cents per share, for the three months ended June 30. That compares with $376 million, or 40 cents per share, a year earlier.

Excluding benefits tied to the Vantiv stock sales, earnings were 44 cents per share. The results beat Wall Street expectations for 42 cents per share, according to FactSet.

Net interest income, or income from loans and deposits, fell 1.6 percent to $885 million compared with last year. Net charge-offs of bad loans fell 62 percent to $112 million.

Earnings from fees and other charges, or noninterest income, rose 56 percent to $1.06 billion, partly because of a $242 million benefit from sales of Vantiv shares. Fifth Third spun off Vantiv in an initial public offering in March 2012 and has continued to sell its remaining stake.

Two other regional banks reported earnings Thursday.

• Costs related to job cuts and acquisitions shaved KeyCorp’s net income by 14 percent in the second quarter, the bank said Thursday. The owner of KeyBank also said that its customers were cautious in the April-June period, slowing loan growth from the start of the year.

KeyCorp posted a profit, after paying preferred dividends, of $198 million, or 22 cents per share, down from $231 million, or 24 cents per share, in the same quarter of 2012.

Revenue increased about 1 percent to $1.02 billion, matching analyst predictions.

Huntington Bancshares Inc. said Thursday that its net income slipped 1 percent in the second quarter as it made less from loans, deposits and fees. Its earnings still managed to beat Wall Street’s forecast, but revenue fell short of analysts’ estimates.

The company, parent of Huntington National Bank, also announced that it plans to freeze its pension plan at the end of the year.

Huntington earned $150.7 million, or 17 cents per share, for the three months ended June 30. That’s down from $152.7 million, or 17 cents per share, a year ago. That topped the 16 cents per share forecast by analysts surveyed by FactSet.

Revenue for the Columbus, Ohio, company dipped to $680.2 million from $688.5 million.



Reader Comments ...


Next Up in Business

Some worry over impact from health care law repeal
Some worry over impact from health care law repeal

The U.S. House of Representatives on Friday joined the U.S. Senate in passing a budget reconciliation measure that would allow Congress to de-fund key elements of the Affordable Care Act, including tax credit subsidies and federal funding for Medicaid expansion in states like Ohio. While some are rejoicing over the move, replacing President Obama&rsquo...
Will Obamacare repeal leave people in the lurch?
Will Obamacare repeal leave people in the lurch?

As Congress moves forward on a resolution to repeal the Affordable Care Act, experts have warned such a measure could crash the law’s commercial insurance program, jeopardizing coverage for 11.5 million Americans, including more than 230,000 Ohioans. But local industry leaders remain hopeful that congressional Republicans — who are leading...
Holiday retail sales up, but some stores suffering
Holiday retail sales up, but some stores suffering

Retail sales hit about $658 billion for the holiday season, but several chain retailers still announced the closures of hundreds of unprofitable brick-and-mortar stores in January — including several stores locally. “These numbers show that the nation’s slow-but-steady economic recovery is picking up speed and that consumers feel...
Hospitals on standby as Obamacare repeal moves forward
Hospitals on standby as Obamacare repeal moves forward

Local hospital executives are waiting to react after the U.S. House of Representatives took another step toward repealing the Affordable Care Act, voting Friday to pass a budget resolution already passed by the Senate a day earlier that would allow Congress to change portions of the law. President-elect Donald Trump, who takes office on Jan. 20, has...
Employers track medication use to combat abuse
Employers track medication use to combat abuse

Prescription drug abuse is at the forefront of human resources issues for many employers in Ohio — the epicenter of a national heroin and prescription drug epidemic that resulted in more overdose deaths last year than fatal car wrecks in the state. To address the problem, an increasing number of employers are examining the medications their employees...
More Stories