Huntington didn’t need tax reform to boost pay

Federal tax reform provided a boost to Huntington Bancshares' bottom line for the last three months of 2017.

Even so, the bank has no plans to spend some of that money on its workers as others have, saying it has been taking steps for several years to improve wages and benefits for its employees.

"These were things we were doing whether or not we had tax reform," said Steve Steinour, the bank's president, chairman and CEO.

The bank said Tuesday that it earned $432 million, or 37 cents per share, for the fourth quarter, an 81 percent increase from the same period in 2016.

The results included a tax benefit of $123 million, or 11 cents per share, as a result of reforms enacted by Congress just before Christmas that cut the corporate tax rate. The tax benefit was primarily the result of a revaluation of deferred tax liabilities, the bank said.

In response to tax cuts, other banks and companies have been raising their corporate minimum wage, giving bonuses or putting more money into employee retirement plans.

JPMorgan Chase & Co., central Ohio's largest private employer, said Tuesday that it is raising its minimum wage to $15 to $18 per hour, depending on the city where the employee works, and reducing health-care deductibles by $750 for those making $60,000 or less annually.