WARREN - Huntington Bancshares on Wednesday reported first quarter net income down slightly from the same quarter last year, but noted the company's board of directors has declared a dividend on common stock.
Company officials described the quarter as a "solid start" to 2013, with $141.8 million in net income, down about $1.5 million or 1 percent from first quarter 2012.
Earnings per common share were 17 cents, unchanged from first quarter of 2012.
"The outcome of the first quarter really confirmed and substantiated a lot of the programs that we made last year. We continue to enjoy record customer growth," said Frank Hierro, Huntington's regional president for the Mahoning Valley.
Huntington reported a 1.1 percent return on average assets, down slightly from 2012, but also showed a 4 percent decrease in expenses.
"We will grow our revenues faster than we will grow our expenses," said Mark Muth, assistant director of investor relations.
The board of directors on Wednesday announced a cash dividend of 5 cents per common share payable July 1 to shareholders of record June 17. The board also approved the repurchase of up to $227 million of common stock.