AP NEWS

Area banks report first-quarter earnings

April 27, 2019 GMT

The Herald-Dispatch

Several banks with connections to the Tri-State reported their first-quarter earnings this week.

Huntington Bancshares Inc. reported net income for the 2019 first quarter of $358 million, an increase of 10% from the year-ago quarter. Earnings per common share for the 2019 first quarter were 32 cents, up 14% from the year-ago quarter.

Tangible book value per common share as of 2019 first quarter-end was $7.67, an 8% year-over-year increase.

Return on average assets was 1.35%, return on average common equity was 13.8%, and return on average tangible common equity was 18.3%.

Huntington Bancshares is headquartered in Columbus, Ohio, and has several branches in the Tri-State.

United Bankshares Inc. reported earnings for the first quarter of 2019 of $63.6 million, an increase from earnings of $61.7 million for the first quarter of 2018.

Diluted earnings per share was 62 cents for the first quarter of 2019, an increase from 59 cents for the first quarter of 2018.

United’s first quarter of 2019 results produced an annualized return on average assets of 1.34% and an annualized return on average equity of 7.88%.

United’s annualized returns on average assets and average equity were 1.35% and 7.65%, respectively, for the first quarter of 2018.

United Bancshares has headquarters in Charleston.

Ohio Valley Banc Corp. reported consolidated net income for the quarter ended March 31, 2019, of $1,193,000, a decrease of $2,173,000 from the same period the prior year.

Earnings per share for the first quarter of 2019 were $0.25, compared to $0.71 for the first quarter of 2018.

Return on average assets and return on average equity were .47% and 4.08%, respectively, for the first quarter of 2019, versus 1.20% and 12.41%, respectively, for the same period the prior year. The banking company has headquarters in Gallipolis, Ohio.