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.
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