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In Q2'16, Huntington grows auto loans, sees 2-cent-per-share hit from merger costs

on July21 reported second-quarter net income of $175 million, or 19 cents per share,compared to $196 million, or 23cents per share, for the second quarter of 2015.

TheS&P Capital IQ consensus estimate for normalized EPS in the third quarterwas 21 cents.

Totalrevenue, on a fully-taxable equivalent basis, was $787 million, compared to$780 million a year ago. Contributing to that was a 26% rise in auto loans.Among the company's noninterest expenses, meanwhile, was a $21 million charge,pretax, related to the pending FirstMerit Corp. acquisition. It hit EPS by 2 cents.

Netinterest margin for the second quarter was 3.06%, compared to 3.11% for thefirst quarter and 3.20% for the second quarter of 2015.

Nonperformingassets totaled $489.8 million as of June 30, compared to $524.9 million in theprior period. The company's provision for creditlosses in the second quarter was $24.5 million, compared to $27.6 million inthe first quarter and $20.4 million in the second quarter of 2015. Netcharge-offs in the quarter stood at $16.8 million, compared to $8.6 million inthe prior quarter and $25.4 million in the same quarter a year ago. For full year2016, Huntington expects net charge-offs to stay below its 35- to 55-basis-pointlong-term normalized range

Its efficiency ratio rose to 66.1%, from 64.6% in the priorquarter and 61.7% a year ago.