Regional bank Huntington Bancshares loses $369.7M in 4Q on greater provisions for loan losses

Regional bank Huntington posts 4Q loss

COLUMBUS, Ohio — Regional bank Huntington Bancshares reported Friday that losses narrowed in the fourth quarter even as it set aside more money for bad loans.

Huntington executives say they expect to return to profitability this year.

The bank, based in Columbus, Ohio, said it lost $369.7 million, or 56 cents a share in the last three months of 2009. During the same period a year ago, the company lost $417.3 million, or $1.20 a share.

Losses were steeper than analysts surveyed by Thomson Reuters had expected and the bank’s shares slide 3.5 percent in premarket trading to $4.36

Huntington Bancshares Inc. said it increased its loan-loss reserve to $894 million in the fourth quarter, accounting for the majority of its loss.

“Though there have been recent signs of stability in our markets, the economic outlook nevertheless remains uncertain and fragile,” said CEO and Chairman Stephen Steinour. “As such, and to assure we had sufficient reserves to continue to address the resolution of problem credits going forward, loan loss reserves were significantly strengthened.”

Huntington has more than 600 banking offices in Ohio, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia.

On the Net:

https://www.huntington.com/