RVIA Economic Impact Study

The Recreation Vehicle Industry Association commissioned an Economic Impact Study on the RV industry, released on June 7, 2016. The study found that the RV industry contributes about $49.7 billion in economic output or 0.28 percent of the Gross Domestic Product. Through its production and distribution linkages, the industry impacts firms in 426 of the 440 sectors of the United States economy.

Nationwide, the industry is responsible for 216,170 jobs, both directly and inderectly, creating an economic impact of $37.5 billion. The full study results, along with each individual state and congressional district's economic impact is available on the website by clicking here .

Huntington Bancshares Incorporated Reports 21 Percent Increase

Fri Apr 21, 2017

COLUMBUS, Ohio - Huntington Bancshares Incorporated reported net income for the 2017 first quarter of $208 million, a $37 million, or 21 percent, increase from the year-ago quarter. Earnings per common share for the 2017 first quarter were $0.17, down $0.03, or 15 percent, from the year-ago quarter. Excluding about $71 million pretax, or $0.04 per common share after tax, of FirstMerit acquisition-related net expenses, adjusted earnings per common share were $0.21. Tangible book value per share as of 2017 first quarter-end was $6.55, an 8 percent year-over-year decrease but a 2 percent increase from 2016 year-end. Return on average assets was 0.84 percent, return on average common equity was 8.2 percent and return on average tangible common equity was 11.3 percent. Total revenue increased 40 percent over the year-ago quarter.

"We had a good start to the year and are encouraged by the momentum we're currently seeing," President and CEO Steve Steinour says. "Among our many accomplishments in the first quarter, we successfully completed our data and systems conversion. We are particularly pleased with our ability to retain customer deposits. We delivered solid performance in the first quarter and continue to manage the business for the long-term. Our strategy has driven consistent organic growth over the past several years. We are seeing improving pipelines across our business lines as we leverage our expanded capabilities and markets to reach more customers and prospects than ever before."

Specific 2017 First Quarter Highlights:

-Completion of FirstMerit branch conversion and the conversion of the majority of FirstMerit systems

-Consolidation of 110 branches (10 percent of prior quarter-end total branches), including 101 branches related to the FirstMerit conversion

-$300 million, or 40 percent, year-over-year increase in fully-taxable equivalent revenue, comprised of a $230 million, or 45 percent increase in fully-taxable equivalent net interest income and a $71 million, or 29 percent increase in noninterest income

-Net interest margin of 3.3 percent, an increase of 19 basis points from the year-ago quarter

-$216 million, or 44 percent year-over-year increase in noninterest expense, including a net increase of $67 million of FirstMerit acquisition-related expense

-$16.4 billion, or 32 percent, year-over-year increase in average loans and leases, comprised of a $9.4 billion, or 36 percent, increase in commercial loans and a $6.9 billion, or 28 percent, increase in consumer loans

-$8.6 billion, or 57 percent, year-over-year increase in average securities, including a net increase of $0.7 billion of direct purchase municipal instruments in the Commercial Banking segment

-$20.1 billion, or 39 percent, year-over-year increase in average core deposits, driven by a $9 billion, or 116 percent, increase in interest-bearing demand deposits, a $6.7 billion, or 126 percent, increase in savings and other domestic deposits and a $5.4 billion, or 33 percent, increase in noninterest-bearing demand deposits

-Net charge-offs equated to 0.24 percent of average loans and leases, representing the 12th consecutive quarter below the long-term target range of 0.35 to 0.55 percent

-Nonperforming asset ratio of 0.68 percent, down from 0.72 percent a quarter ago and 1.02 percent a year ago

-$0.57, or 8 percent, year-over-year decrease in tangible book value per common share (TBVPS) to $6.55