DBRS: Huntington unchanged

DBRS said its ratings for Huntington Bancshares Inc., including its BBB issuer & senior debt rating, are unchanged following the release of 1Q12 results.

The trend is stable.

According to the agency, Huntington reported net income applicable to common shareholders of $145.2 million for 1Q12, up from $119.2 million for 4Q11.

Overall, the company's higher quarter-on-quarter earnings reflected lower credit costs, higher mortgage banking income along with several lumpy items, including gains on sale of loans and a bargain purchase gain associated with its FDIC assisted Fidelity Bank acquisition.

Partially offsetting these tailwinds was a sizable addition to its litigation reserves.

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