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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowHuntington Bancshares Inc. says it lost money in the third quarter as the regional bank built up fatter reserves to cover
bad loans.
Columbus, Ohio-based Huntington said Thursday that it lost $166.2 million, or 33 cents a share, in the
three months ending in September. During the same period a year ago, the company made a profit of $75.1 million, or 17 cents
per share.
Analysts surveyed by Thomson Reuters expected a loss, on average, of 28 cents per share.
Huntington
says it set aside $475.1 million for loan losses during the quarter. In a statement, chairman, president and CEO Stephen Steinour
says Huntington expects credit quality to improve more slowly than the underlying economy.
Huntington has more
than 600 banking offices in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. It is the Indianapolis-area’s
fourth-largest bank with about 600 employees and 50 branches.
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