Huntington Bancshares RV Financing Grows

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Huntington Bancshares Inc. reported net income for the 2018 second quarter of $355 million, an increase of 31 percent from the year-ago quarter.

“Our second quarter results demonstrate high quality earnings driven by solid execution across the bank,” said Steve Steinour, chairman, president, and CEO. “We achieved or exceeded all of our long-term financial goals for the third quarter in a row, and remain on pace to deliver these goals on an annual basis, two years ahead of expectations.

“As reflected by the 7 percent annualized growth in average commercial loans, the economies in our footprint continue to perform well, with strength across geographies, industries, and business stratifications,” continued Steinour. “Average consumer loan growth was 9 percent annualized, driven by seasonal strength in our home lending and RV and marine lending businesses. Core deposit growth of 11 percent annualized more than fully funded the quarter’s loan growth, driven by our successful strategy to lock in fixed-rate certificates of deposit at attractive rates.”

Average RV and marine finance loans increased $0.6 billion, or 31 percent, reflecting the success of the well-managed expansion of the acquired business into 17 new states over the past two years.

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