CHARLESTON, W.Va. - Huntington Bank officials say continued expansion in the Marcellus shale is helping to drive commercial loan growth at the regional bank.
The Columbus, Ohio-based company reported fourth-quarter and full-year 2013 earnings Thursday.
Huntington reported net income of $158 million, or 18 cents a share, for the quarter, down 6 percent from the fourth quarter of 2012. For the full year, the company reported net income of $639 million, about $2 million less than 2012, but on a per-share basis, income increased to 72 cents a share, up a penny from the prior year.
Stephen D. Steinour, chairman, CEO and president of Huntington Bancshares, said the company had a strong balance sheet, good growth in deposits and commercial and auto lending during 2013.
"Our deposit and lending growth is the result of focused execution and key strategic investments made over the last four years," Steinour said. "We have done all of this while decreasing expenses by 4 percent, year over year, as the result of disciplined expense management."
Huntington saw commercial lending increase 8 percent last year.
"West Virginia played a big role in that," said Chad Prather, senior vice president and head of commercial banking for Huntington.
Prather said the company is seeing strong business growth in the oil and gas sector, as well as other associated industries. He also said lending officials are seeing a rebound in the state's manufacturing base.
He said he expects that trend to continue through 2014.