Huntington Bancshares reported 2013 third quarter net income of $178 million, an increase of $11 million, or 6%, from the 2012 third quarter and an increase of $28 million, or 18%, from the 2013 second quarter.

Huntington said earnings per common share were $0.20, an increase of $0.01 and $0.03 from the year-ago and prior quarters, respectively.
Analysts polled by Thomson Financial had expected EPS of $0.17.

Huntington said most credit quality related metrics in the 2013 third quarter reflected continued improvement. Nonaccrual loans and leases declined $112 million, or 25%, from the 2012 third quarter. Nonperforming assets declined $135 million, or 27%, compared to the year-ago quarter. The bank said the decreases primarily reflected meaningful improvement in both C&I and CRE NALs.

The provision for credit losses decreased $26 million, or 69%, from the 2012 third quarter due to the continued decline in classified, criticized, and nonaccrual loans and included the implementation of enhancements to our allowance for loan and lease losses model. Net charge-offs decreased $49 million from the year-ago quarter to $56 million as the year-ago quarter included $33 million of Chapter 7 bankruptcy related loans.

“Huntington’s third-quarter results continue to demonstrate that our uniquely positioned products and services are driving robust organic customer acquisition across our commercial and consumer customer base while delivering stable returns to shareholders,” said Stephen D. Steinour, chairman, president and CEO of Huntington Bank.

To read the Huntington Bancshares news release click here.