Huntington National Bank 2015 Annual Report Download - page 200

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25. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The following is a summary of the quarterly results of operations, for the years ended December 31, 2015 and 2014:
Three months ended
December 31, September 30, June 30, March 31,
(dollar amounts in thousands, except per share data) 2015 2015 2015 2015
Interest income $ 544,153 $ 538,477 $ 529,795 $ 502,096
Interest expense 47,242 43,022 39,109 34,411
Net interest income 496,911 495,455 490,686 467,685
Provision for credit losses 36,468 22,476 20,419 20,591
Noninterest income 272,215 253,119 281,773 231,623
Noninterest expense 498,766 526,508 491,777 458,857
Income before income taxes 233,892 199,590 260,263 219,860
Provision for income taxes 55,583 47,002 64,057 54,006
Net income 178,309 152,588 196,206 165,854
Dividends on preferred shares 7,972 7,968 7,968 7,965
Net income applicable to common shares $ 170,337 $ 144,620 $ 188,238 $ 157,889
Net income per common share — Basic $ 0.21 $ 0.18 $ 0.23 $ 0.19
Net income per common share — Diluted 0.21 0.18 0.23 0.19
Three months ended
December 31, September 30, June 30, March 31,
(dollar amounts in thousands, except per share data) 2014 2014 2014 2014
Interest income $ 507,625 $ 501,060 $ 495,322 $ 472,455
Interest expense 34,373 34,725 35,274 34,949
Net interest income 473,252 466,335 460,048 437,506
Provision for credit losses 2,494 24,480 29,385 24,630
Noninterest income 233,278 247,349 250,067 248,485
Noninterest expense 483,271 480,318 458,636 460,121
Income before income taxes 220,765 208,886 222,094 201,240
Provision for income taxes 57,151 53,870 57,475 52,097
Net income 163,614 155,016 164,619 149,143
Dividends on preferred shares 7,963 7,964 7,963 7,964
Net income applicable to common shares $ 155,651 $ 147,052 $ 156,656 $ 141,179
Net income per common share — Basic $ 0.19 $ 0.18 $ 0.19 $ 0.17
Net income per common share — Diluted 0.19 0.18 0.19 0.17
26. SUBSEQUENT EVENTS
On January 26, 2016, Huntington announced the signing of a definitive merger agreement under which Ohio-based FirstMerit
Corporation, the parent company of FirstMerit Bank, will merge into Huntington in a stock and cash transaction valued at
approximately $3.4 billion based on the closing stock price on the day preceding the announcement. FirstMerit Corporation is a
diversified financial services company headquartered in Akron, Ohio, which reported assets of approximately $25.5 billion based on
their December 31, 2015 unaudited balance sheet.
Under the terms of the agreement, shareholders of FirstMerit Corporation will receive 1.72 shares of Huntington common stock,
and $5.00 in cash, for each share of FirstMerit Corporation common stock. The transaction is expected to be completed in the 2016
third quarter, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of the
shareholders of Huntington and FirstMerit Corporation.