Huntington Bancshares reports 2012 earnings increase - Beckley, Bluefield & Lewisburg News, Weather, Sports

Huntington Bancshares reports 2012 earnings increase

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • One man shot early Saturday morning in Beckley

    One man shot early Saturday morning in Beckley

    Sunday, April 20 2014 5:36 PM EDT2014-04-20 21:36:35 GMT
         One man is in custody Saturday after a bar shooting in Raleigh County.
         One man is in custody Saturday after a bar shooting in Raleigh County.
  • Correctional officers and inmates indicted in plot to kill another inmate

    Correctional officers and inmates indicted in plot to kill another inmate

    Correctional officers and inmates indicted in plot to kill another inmate

    Sunday, April 20 2014 5:34 PM EDT2014-04-20 21:34:24 GMT
    WV State Regional Jail Authority Director, Joe DeLong, confirmed that four correctional officers and four other inmates are now charged after they plotted to kill another inmate.
    WV State Regional Jail Authority Director, Joe DeLong, confirmed that four correctional officers and four other inmates are now charged after they plotted to kill another inmate.
  • Crews battle a house fire for several hours in Pax

    Crews battle a house fire for several hours in Pax

    Crews battle a house fire for several hours in Pax

    Sunday, April 20 2014 3:53 PM EDT2014-04-20 19:53:00 GMT
    A house burnt for several hours last night in Pax before fire crews could put it out.Officials say nobody lived in the home that was located on Paint Street.The Pax Fire Department's assistant Chief, John Lovelace, said that arson looked to be the cause."Because nobody lives here and there's no way it could have been an electrical fire, so we think somebody set it," he said.Some Pax residents said that when houses catch on fire like this they are left worried for their own home."It crosses my...
    A house burnt for several hours last night in Pax before fire crews could put it out.Officials say nobody lived in the home that was located on Paint Street.The Pax Fire Department's assistant Chief, John Lovelace, said that arson looked to be the cause."Because nobody lives here and there's no way it could have been an electrical fire, so we think somebody set it," he said.Some Pax residents said that when houses catch on fire like this they are left worried for their own home."It crosses my...
  • BusinessBusinessMore>>

  • Jam-band magazine celebrates 2-year anniversary

    Jam-band magazine celebrates 2-year anniversary

    Sunday, April 20 2014 4:00 PM EDT2014-04-20 20:00:13 GMT
    Appalachian Jamwich, a Shepherdstown-based magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
    Appalachian Jamwich, a Shepherdstown-based print and online magazine dedicated to jam-band music, art and culture in West Virginia and the surrounding region, is celebrating its two-year anniversary this month.
  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.

Huntington Bancshares is bullish on the West Virginia economy, even in the coal fields, a company official said Jan. 17 shortly after the company announced its fourth-quarter and year-end earnings.

Andy Paterno, president of Huntington Bank's West Virginia region, said in a conference call with West Virginia reporters that worldwide demand for coal keeps the bank optimistic about coal's future in the state.

And in the northern part of the state, the shale gas fields continue to be a growth opportunity, he said. Huntington Bank has added business segments to serve the energy industry, he said.

"We feel long-term it's going to be a great play here," he said.

The morning of Jan. 17, Huntington Bancshares reported 2012 full-year net income of $641 million, an increase of $98.4 million, or 18 percent, from 2011. Fourth quarter net income was $167.3 million, up from $119.155 million in fourth quarter of 2011.

"We are pleased with the year's financial results, which reflect steady growth in a number of key areas including loans, deposits, and customer relationships as well as improved profitability," said Stephen D. Steinour, chairman, president and chief executive officer, in a news release.

"While some businesses are hesitant to invest in light of the current uncertainty in the economy, we believe our differentiated approach to banking, coupled with investing in our franchise through enhanced products and services, will drive growth and improvement of our long-term profitability."

Looking ahead, Steinour said, "We expect to continue seeing the strong growth of the Midwest economy relative to the broader United States. However, business sentiment continues to be negatively influenced by the uncertainty in Washington and its direct impact on the U.S. economy. We remain optimistic that when solutions are in place, the strength of the Midwest and the soundness of our strategy will continue to drive growth."

Huntington Bancshares is based in Columbus, Ohio. It has more than 30 banking locations in West Virginia.

Paterno said the West Virginia market mirrors Huntington Bank's growth in mortgage  and small business loans elsewhere. The West Virginia market is a mix of refinancing and new mortgages, he said.

Todd Beekman, manager of investor relations, said Huntington Bank will look at growth in West Virginia through acquisitions, but the company is taking a disciplined approach.

"Our primary focus is organic growth," he said.