Huntington Bank Reports Increase in Net Income

Huntington National Bank has burst out of the growing pains most new banks go through to post $398,000 in net income for the first nine months of this year, a huge increase over the $20,000 the bank listed as earnings for the same period last year.

“We’ve reached that point where we’re now in a profitable mode,” said Robert A. Green, executive vice president and cashier. “We were able to grow without increasing our fixed costs, such as building and labor expenses.”

As of Sept. 30, the bank listed assets of $52.9 million, a 22% increase over the $43.3 million of assets through the first nine months of 1984.

Deposits grew by 23%, to $48.8 million from $39.7 million for the first nine months last year. Total loans increased 18% to $37 million, from $31.3 million a year earlier.

Green said part of the reason for Huntington’s large increase in income was that the bank set aside more money than needed last year for a reserve against loan losses.