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HBAN · Huntington Bancshares

31 filings

10-K

HBAN 10-K Annual Reports

Huntington Bancshares - 31 annual reports

Filing record · 2016–202610-K1110-Q338-K254

2025
Huntington Bancshares Annual Report, Year Ended Dec 31, 2025
Huntington Bancshares Incorporated reported 2025 net income of $2.2 billion, or $1.39 per diluted common share, compared with $1.9 billion, or $1.22 per diluted share, in 2024. Results included $168 million of acquisition-related expenses ($0.09 per diluted share). Net interest income rose 12% to $6.0 billion, driven by a 13 basis point increase in the FTE net interest margin to 3.13% and growth in average earning assets, while noninterest income rose 7% to $2.2 billion. Total assets were $225.1 billion at December 31, 2025, up $20.9 billion from the prior year, reflecting organic loan growth and the Veritex acquisition completed October 20, 2025 (valued at $1.7 billion). The most consequential development for investors is the Cadence Bank merger, completed February 1, 2026, in an all-stock transaction valued at approximately $8.1 billion based on Huntington's January 30, 2026 closing price of $17.48. Cadence had $54 billion in assets and $44 billion in deposits as of December 31, 2025. The filing states the combined company will operate nearly 1,400 branches in 21 states and that Huntington's total average assets are expected to exceed $250 billion in the fourth quarter of 2026, which would move it into Category III banking organization standards following a transition period. Credit quality remained stable: net charge-offs were 0.23% of average loans and leases, down from 0.30%, and the ACL was $2.7 billion, or 1.83% of total loans and leases. Capital ratios remained above well-capitalized standards, with the CET1 risk-based capital ratio at 10.4%, down from 10.5%. Management reported the internal control assessment as effective, excluding Veritex, and PricewaterhouseCoopers issued an unqualified opinion.
Feb 13, 2026
2024
Huntington Bancshares Annual Report, Year Ended Dec 31, 2024
Huntington Bancshares Incorporated reported 2024 net income of $1.9 billion, or $1.22 per diluted common share, compared with $2.0 billion, or $1.24 per diluted common share, in 2023. Net interest income was $5.3 billion, a decrease of $94 million, or 2%, from 2023, as the FTE net interest margin fell 19 basis points to 3.00% amid a higher-rate environment that raised funding costs. Noninterest income rose $119 million, or 6%, to $2.0 billion, led by capital markets and advisory fees, while noninterest expense was roughly flat at $4.6 billion, reflecting a $186 million reduction in the FDIC DIF special assessment. Loans and leases grew $8.1 billion, or 7%, to $130.0 billion, and total deposits rose $11.2 billion, or 7%, to $162.4 billion. Credit quality showed modest normalization: net charge-offs were 0.30% of average loans and leases, up from 0.23%, and nonperforming assets increased $111 million, or 16%, to $822 million. The ACL was $2.4 billion, or 1.88% of total loans and leases. The CET1 risk-based capital ratio improved to 10.5% from 10.2%, and the company did not repurchase shares in 2024 or 2023, stating it does not expect share repurchases through 2025. The quarterly common dividend was declared at $0.155 per share for early 2025.
Feb 14, 2025
2023
Huntington Bancshares Annual Report, Year Ended Dec 31, 2023
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $1.95 billion for 2023, a decrease of $287 million, or 13%, from 2022. Diluted earnings per common share were $1.24, down 14%. Results were weighed down by a $214 million FDIC DIF special assessment tied to the 2023 bank failures and $69 million of staffing and corporate consolidation expense. Net interest income rose 3% to $5.4 billion, while noninterest income fell 3% to $1.9 billion and noninterest expense rose 9% to $4.6 billion. Total assets were $189.4 billion at year-end, and total deposits were $151.2 billion, with core deposits at 96% of the total. Capital and credit metrics were stable. The CET1 risk-based capital ratio rose to 10.25% from 9.36%, supported by earnings and a synthetic credit risk transfer on an approximately $3 billion portfolio of prime indirect auto loans. The allowance for credit losses reached $2.4 billion, or 1.97% of total loans and leases, and net charge-offs were 0.23% of average loans and leases, up from 0.11% in 2022. Nonperforming assets rose 20% to $711 million. The company's Consumer & Regional Banking segment earned $1.3 billion and Commercial Banking earned $1.2 billion, while Treasury / Other posted a net loss of $543 million. The filing states that the company does not expect to use its share repurchase program through 2024, citing organic capital needs for loan growth and proposed regulatory capital changes. The quarterly common dividend was declared at $0.155 per share, and management stated it believes liquidity and capital are sufficient for the next 12 months and beyond.
Feb 16, 2024
2022
Huntington Bancshares Annual Report, Year Ended Dec 31, 2022
Huntington Bancshares Incorporated (HBAN) reported 2022 net income of $2.2 billion, a $943 million, or 73%, increase from the prior year, with diluted earnings per common share of $1.45, up 61%. Net interest income rose $1.2 billion, or 29%, to $5.3 billion, reflecting a 30 basis point increase in the FTE net interest margin to 3.25% and a $23.3 billion, or 17%, increase in average earning assets. The provision for credit losses increased $264 million to $289 million, driven by loan growth and near-term recessionary risk, and the ACL stood at $2.3 billion, or 1.90% of total loans and leases. Net charge-offs fell to $121 million, or 0.11% of average loans and leases, from $215 million, and nonperforming assets decreased to $594 million. Balance sheet and capital metrics were mixed. Total assets reached $182.9 billion, and total loans and leases rose $8.3 billion, or 7%, to $119.5 billion. Shareholders' equity fell $1.6 billion, or 8%, to $17.7 billion, primarily due to higher rates increasing accumulated other comprehensive loss, which reached $3.1 billion. The tangible common equity to tangible assets ratio declined to 5.55%, while the CET1 risk-based capital ratio edged up to 9.36% from 9.33%. The company's stress capital buffer rose to 3.3% from 2.5%, and the board authorized up to $1.0 billion of share repurchases through December 31, 2024. The filing describes a baseline forecast assuming a mild recession in 2023, and it highlights completed 2022 acquisitions of Torana (now Huntington Choice Pay) and Capstone Partners, along with the full-year effect of the June 2021 TCF Financial Corporation acquisition. Management also plans to consolidate three business segments into a single Consumer & Regional Banking segment in the second quarter of 2023.
Feb 17, 2023
2021
Huntington Bancshares Annual Report, Year Ended Dec 31, 2021
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported full-year 2021 net income attributable to the company of $1.3 billion, a 59% increase from the prior year, with diluted EPS of $0.90, up 30%. Results were shaped by the June 9, 2021 acquisition of TCF Financial Corporation in an all-stock transaction valued at $7.2 billion. Total revenue rose 24% to $6.0 billion, net interest income rose 27% to $4.1 billion, and noninterest expense rose 57% to $4.4 billion, largely reflecting the acquisition and $701 million of TCF acquisition-related expenses. The provision for credit losses fell to $25 million from $1.0 billion-plus in 2020, reflecting improved macroeconomic forecasts, partially offset by a $294 million initial provision tied to TCF. Balance sheet growth was substantial, with total assets of $174.1 billion at December 31, 2021, loans and leases of $111.9 billion (up 37%), and total deposits of $143.3 billion. Shareholders' equity grew 49% to $19.3 billion, largely from $7.2 billion of equity issued in the acquisition. Regulatory capital ratios declined from the prior year but remained above well-capitalized standards, with the CET1 risk-based capital ratio at 9.33% (down 67 basis points) after $650 million of share repurchases during 2021. Net charge-offs were $215 million, or 0.22% of average loans, down from $449 million, and nonperforming assets rose 33% to $750 million, largely due to TCF. Management highlighted that the company enters 2022 with strong momentum, while noting risks including COVID-19, the expected reversal of low interest rates over 2022, LIBOR transition, cybersecurity, and ongoing integration of TCF. The company declared a quarterly common dividend of $0.155 per share in January 2022 and retained an $800 million share repurchase authorization running through the second quarter of 2022, of which $150.1 million remained available at year-end.
Feb 18, 2022
2020
Huntington Bancshares Annual Report, Year Ended Dec 31, 2020
Huntington Bancshares Incorporated reported 2020 net income of $817 million, a 42% decrease from the prior year, with diluted EPS of $0.69, down 46%. The decline was driven primarily by a provision for credit losses of $1.0 billion, up $761 million or 265%, reflecting the deterioration in the macroeconomic environment from the COVID-19 pandemic and risk rating downgrades in the commercial portfolio. Fully-taxable equivalent net interest income rose $6 million as average earning assets grew 9%, while the FTE net interest margin fell 27 basis points to 2.99%. Noninterest income rose $137 million, or 9%, to $1.6 billion, led by a $199 million increase in mortgage banking income, while noninterest expense rose $74 million, or 3%, to $2.8 billion. Credit quality weakened in 2020: net charge-offs were $449 million, or 0.57% of average loans and leases, up from 0.35% in 2019, and the ACL reached $1.9 billion, or 2.29% of total loans and leases, compared with 1.18% a year earlier. The increase reflected the January 1, 2020 CECL adoption, which added $393 million to the ACL, along with the pandemic-driven macroeconomic outlook. Capital ratios remained above well-capitalized levels, with the CET1 risk-based capital ratio at 10.00% and the Tier 1 risk-based capital ratio at 12.47%. Common stock repurchases of $92 million over the last four quarters, along with cash dividends, were largely offset by earnings and the issuance of $1.0 billion of preferred stock in 2020. Looking ahead, the company entered into a merger agreement with TCF Financial Corporation on December 13, 2020, in an all-stock transaction valued at approximately $6.0 billion, under which each TCF common share converts into 3.0028 Huntington common shares. The transaction is anticipated to close in the second quarter of 2021, subject to regulatory and shareholder approvals.
Feb 26, 2021
2019
Huntington Bancshares Annual Report, Year Ended Dec 31, 2019
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported 2019 net income of $1.4 billion, up 1% from the prior year, with diluted earnings per common share of $1.27, up 6%. Fully-taxable equivalent net interest income rose $20 million, or 1%, while FTE net interest margin declined 7 basis points to 3.26%. Noninterest income increased $133 million, or 10%, to $1.5 billion, and noninterest expense rose $74 million, or 3%, to $2.7 billion. The provision for credit losses increased $52 million, or 22%, to $287 million, primarily due to higher commercial losses, and net charge-offs rose to $265 million, or 0.35% of average loans and leases. Capital and balance sheet metrics were stronger. The CET1 risk-based capital ratio was 9.88%, up 23 basis points, and the tangible common equity to tangible assets ratio was 7.88%, up 67 basis points. Total assets were $109.0 billion at year end. The company repurchased $441 million of common stock during 2019, and its board authorized up to $513 million of repurchases over the four quarters through the 2020 second quarter. The quarterly common dividend was increased 7% to $0.15 per share starting in the third quarter of 2019. The filing also highlights credit quality pressure in the commercial book, particularly the oil and gas portfolio. Total NPAs increased 29% from the prior year, and nonaccrual loans and leases rose to $468 million, or 0.62% of total loans and leases. The company disclosed that adoption of the CECL accounting standard on January 1, 2020, is expected to increase its total ACL by approximately $393 million, to an estimated $1,280 million.
Feb 14, 2020
2018
Huntington Bancshares Annual Report, Year Ended Dec 31, 2018
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported 2018 net income of $1.4 billion, a 17% increase from the prior year, with diluted earnings per common share of $1.20, up 20%. Fully-taxable equivalent net interest income rose $167 million, or 5%, reflecting 4% average earning asset growth and a net interest margin of 3.33%, up three basis points. Noninterest income was $1.3 billion, up 1%, while noninterest expense fell 2% to $2.6 billion, largely because of prior-year FirstMerit acquisition-related costs. The provision for credit losses was $235 million, up $34 million, or 17%, mainly due to loan growth. Total loans and leases reached $74.9 billion at December 31, 2018, up 7% from $70.1 billion, and total assets were $108.8 billion. Net charge-offs were $145 million, or 0.20% of average loans, down from $159 million, and nonperforming assets declined 1%. The regulatory CET1 risk-based capital ratio was 9.65%, down 36 basis points, and the company repurchased $939 million of common stock during 2018. On June 28, 2018, the Federal Reserve notified Huntington it had no objection to its 2018 capital plan, which included a 27% increase in the quarterly dividend to $0.14 per share and up to $1.068 billion of share repurchases over four quarters. The filing also describes the regulatory outlook. Under the Economic Growth Act, Huntington, with consolidated assets between $100 billion and $250 billion, expects to be treated as a Category IV banking organization under proposed tailoring rules, which would reduce certain enhanced prudential standards, though the rules remained subject to finalization. Huntington was not subject to supervisory or company-run stress testing for the 2019 capital plan cycle.
Feb 15, 2019
2017
Huntington Bancshares Annual Report, Year Ended Dec 31, 2017
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported 2017 net income of $1.2 billion, a 67% increase from the prior year, with diluted earnings per common share of $1.00, up 43%. Results were shaped by the full-year impact of the FirstMerit acquisition, which was completed August 16, 2016, and by a $123 million tax benefit from the TCJA recorded in the fourth quarter. Fully-taxable equivalent net interest income rose $0.6 billion, or 27%, to $3.1 billion, and the net interest margin increased 14 basis points to 3.30%. Noninterest income grew $157 million, or 14%, to $1.3 billion, while noninterest expense rose $306 million, or 13%, to $2.7 billion, including $154 million of FirstMerit acquisition-related expense. Credit quality improved in several respects. Nonperforming assets fell 19% to $389 million, and the ALLL rose to 0.99% of total loans and leases from 0.95%. Net charge-offs increased to $159 million, or 0.23% of average loans and leases, up from $109 million, driven by consumer portfolios. Total loans and leases reached $70.1 billion at year-end 2017, up 5% from $67.0 billion. Capital ratios strengthened, with the CET1 risk-based capital ratio at 10.01%, up 45 basis points, and the tangible common equity to tangible assets ratio at 7.34%. Huntington repurchased $260 million of common stock during 2017 and raised its quarterly common dividend to $0.11 per share starting in the fourth quarter of 2017, following a Federal Reserve no-objection to its 2017 capital plan. The filing also flags regulatory and operational considerations. Management says it is too early to assess whether the post-financial-crisis regulatory framework will change materially, and it discusses proposed changes affecting enhanced prudential standards and stress testing. Huntington notes that a Basel III capital conservation buffer will rise to 2.5% by January 1, 2019, and that the LIBOR transition after 2021 is uncertain. Two litigation matters were settled in principle in early 2018, and the company estimates a range of reasonably possible loss of $0 to $55 million above amounts accrued at December 31, 2017.
Feb 16, 2018
2016
Huntington Bancshares Annual Report, Year Ended Dec 31, 2016
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $711.8 million for 2016, up from $692.96 million in 2015, while diluted earnings per common share fell to $0.70 from $0.81. The results were shaped by the August 16, 2016 acquisition of FirstMerit Corporation, a stock and cash transaction valued at approximately $3.7 billion that extended the company's footprint to eight Midwestern states. FirstMerit acquisition-related expenses totaled $282 million pre-tax, or $0.20 per common share, and a $42 million reduction to litigation reserves added $0.03 per share. Total assets grew to $99.71 billion at December 31, 2016, from $71.02 billion a year earlier, and total loans and leases reached $66.96 billion. Net interest income rose to $2.37 billion, and the net interest margin was 3.16%. Noninterest income increased 11% to $1.15 billion, while noninterest expense rose 22% to $2.41 billion. Net charge-offs were 0.19% of average loans and leases, below the company's long-term target of 35 to 55 basis points. The common equity tier 1 risk-based capital ratio was 9.56% and the total risk-based capital ratio was 13.05%, both above well-capitalized minimums, and the company did not repurchase common stock in 2016. For investors, the filing points to a larger, more diversified balance sheet and a near-term focus on integrating FirstMerit, with management expecting to realize full cost-saving benefits in the second half of 2017. Key risks highlighted include interest rate sensitivity, regulatory capital and CCAR requirements, cyber security exposure, and the outcome of pending litigation.
Feb 22, 2017
2015
Huntington Bancshares Annual Report, Year Ended Dec 31, 2015
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported 2015 net income of $693 million, up 10% from the prior year, with diluted EPS of $0.81, up 13%. Fully-taxable equivalent net interest income rose $118 million, or 6%, on 9% earning asset growth, while the net interest margin declined 8 basis points to 3.15%. Noninterest income rose $60 million, or 6%, to $1.0 billion, and noninterest expense rose $94 million, or 5%, to $2.0 billion. The provision for credit losses was $100 million, up 23%, as net charge-offs fell 30% to $88 million, though nonaccrual loans rose 24% to $372 million, centered in oil and gas exploration and production relationships. Capital and balance sheet: total assets were $71.0 billion at year-end 2015, and the Basel III CET1 ratio was 9.79%. The company repurchased 23.0 million common shares during 2015 and reported a tangible common equity to tangible assets ratio of 7.81%. Long-term debt grew to $7.07 billion from $4.34 billion, reflecting $3.1 billion of bank-level senior debt issued during the year. Subsequent event: On January 26, 2016, Huntington agreed to acquire FirstMerit Corporation (assets of approximately $25.5 billion) in a stock and cash transaction valued at about $3.4 billion, expected to close in the 2016 third quarter. Shareholders of FirstMerit will receive 1.72 Huntington shares and $5.00 in cash per share, and Huntington has ceased its share repurchases under the current authorization pending the deal.
Feb 17, 2016
2014
Huntington Bancshares Annual Report, Year Ended Dec 31, 2014
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported 2014 net income of $632.4 million, or $0.72 per diluted common share, relatively unchanged from the prior year. The filing cites a 1.01% return on average assets and an 11.8% return on average tangible common equity. Average earning assets grew $6.1 billion, or 12%, while fully-taxable equivalent net interest income rose $132.7 million, or 8%, to $1.9 billion, although the net interest margin declined 13 basis points to 3.23%. Noninterest income fell $33.0 million, or 3%, to $979.2 million, and noninterest expense rose $124.3 million, or 7%, to $1.9 billion, including $65.5 million of significant items. Credit quality improved during 2014. Nonaccrual loans declined $21.8 million, or 7%, to $300.2 million, and net charge-offs fell $64.0 million, or 34%, to $124.6 million. The allowance for credit losses was $666.0 million, or 1.40% of total loans and leases, down from 1.65% a year earlier. Capital ratios declined as balance sheet growth and share repurchases outpaced retained earnings: the Tier 1 common risk-based ratio was 10.23% at year-end versus 10.90%, and the company repurchased 35.7 million shares during the year. Management estimates the Basel III capital rules that take effect in the first quarter of 2015 will reduce the Tier 1 common ratio by approximately 40 basis points on a fully phased-in basis. Total assets reached $66.3 billion at December 31, 2014, up from $59.5 billion. Management stated its 2015 outlook: excluding significant items and net MSR hedging activity, it expects positive operating leverage with revenue growth exceeding noninterest expense growth of 2% to 4%. It anticipates net charge-offs will remain within or below its long-term normalized range of 35 to 55 basis points, and it expects an effective tax rate of 25% to 28%.
Feb 13, 2015
2013
Huntington Bancshares Annual Report, Year Ended Dec 31, 2013
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $638.7 million, or $0.72 per common share, for 2013, relatively unchanged from the prior year. The filing cites a 1.13% return on average assets and a 12.7% return on average tangible common equity. Net interest income was $1.7 billion on a fully-taxable equivalent basis, up less than 1%, as 4% loan growth was offset by a 5 basis point decline in net interest margin to 3.36%. Noninterest income fell 9% to $1.0 billion, mainly on lower mortgage banking income and the absence of automobile securitizations in 2013, while noninterest expense fell 4% to $1.8 billion. Credit quality improved across most metrics. Nonaccrual loans declined 21% to $322.1 million, net charge-offs fell 45% to $188.7 million, and the provision for credit losses decreased 39% to $90.0 million. The allowance for credit losses was $710.8 million, or 1.65% of total loans and leases. The Tier 1 common risk-based capital ratio rose to 10.90% from 10.48%, and the company repurchased 16.7 million common shares during 2013. The filing also discusses forthcoming Basel III capital requirements, which it estimates will reduce the Basel I Tier 1 common ratio by approximately 60 basis points, and the Durbin Amendment's impact on electronic banking income. For 2014, management expects net interest income to moderately increase, noninterest income to be slightly lower, and noninterest expense to remain around current levels, with an effective tax rate of 25% to 28%. The filing notes a pending acquisition of Camco Financial, announced in October 2013 for approximately $97 million.
Feb 14, 2014
2012
Huntington Bancshares Annual Report, Year Ended Dec 31, 2012
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $641.0 million, or $0.71 per common share, for 2012, an increase of $98.4 million compared with 2011. The increase primarily reflected a $117.2 million, or 12%, increase in noninterest income and an $81.4 million, or 5%, increase in net interest income, partially offset by a $107.4 million, or 6%, increase in noninterest expense. Return on average total assets rose to 1.15% from 1.01%. Credit quality continued to improve: nonaccrual loans declined 25% to $407.6 million, net charge-offs were $342.5 million (0.85% of average total loans and leases) versus $437.1 million in 2011, and the ACL as a percentage of loans fell to 1.99% from 2.60%. Capital strengthened, with the Tier 1 common risk-based capital ratio at 10.48% versus 10.00% a year earlier. The company repurchased 23.3 million common shares at a weighted average price of $6.36 during 2012 under a program consistent with its capital plan, which the Federal Reserve did not object to in March 2012. Total assets were $56.15 billion at year-end, and shareholders' equity was $5.79 billion. The company also acquired loans of Fidelity Bank from the FDIC in March 2012 and recognized an $11.2 million bargain purchase gain on that transaction. Management guided to modest 2013 net interest income growth, with net interest margin not expected to fall below the mid-3.30% range, and expected NCOs to approach normalized levels by the end of 2013. The filing also notes regulatory headwinds, including the Durbin Amendment, which reduced electronic banking income by over $55 million in 2012, and proposed Basel III capital rules, which management estimated could reduce its Basel I Tier 1 common ratio by approximately 150 basis points.
Feb 15, 2013
2011
Huntington Bancshares Annual Report, Year Ended Dec 31, 2011
Huntington Bancshares Incorporated reported 2011 net income of $542.6 million, or $0.59 per common share, up $230.3 million from 2010. The primary driver was a $460.5 million, or 73%, decline in the provision for credit losses, which fell to $174.1 million. Noninterest income declined 6% to $1.0 billion, mainly on lower mortgage banking income, while noninterest expense rose 3% to $1.7 billion. Return on average total assets improved to 1.01% from 0.59%. Credit quality improved across the year. Nonaccrual loans and leases fell 30% to $541.1 million, net charge-offs declined to $437.1 million (1.12% of average loans), and the allowance for credit losses was $1.0 billion, equal to 2.60% of total loans and leases. Capital also strengthened: the Tier 1 common risk-based capital ratio rose 71 basis points to 10.00%, and the tangible common equity ratio improved 74 basis points to 8.30%. The company said it had submitted its capital plan to the Federal Reserve in January 2012 and expected the Fed's evaluation by the end of the first quarter of 2012. Management's 2012 outlook calls for modest improvement in net interest income, a modest increase in noninterest income, continued declines in nonaccrual loans and net charge-offs, and an effective tax rate of approximately 35% before permanent differences. The filing also highlights regulatory headwinds, including Dodd-Frank Act capital rules, the Durbin Amendment cap on debit interchange fees (which reduced fourth-quarter electronic banking income by $17.3 million from the third quarter), and Bank dividend restrictions that prevented the bank from paying dividends to the parent without regulatory approval at year-end 2011.
Feb 17, 2012
2010
Huntington Bancshares Annual Report, Year Ended Dec 31, 2010
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $312.3 million, or $0.19 per common share, for 2010, compared with a net loss of $3,094.2 million, or $6.14 per share, in 2009. The 2009 loss was driven primarily by $2,606.9 million of noncash goodwill impairment and a $2,074.7 million provision for credit losses. The 2010 provision fell to $634.5 million, and net charge-offs declined to $874.5 million, or 2.35% of average loans and leases, from $1,476.6 million, or 3.82%, in 2009. Net interest margin widened to 3.44% from 3.11%, and noninterest expense fell 59% to $1.7 billion, largely due to the absence of the 2009 goodwill charge. Capital was strengthened in the fourth quarter of 2010, when the company sold $920.0 million of common stock and $300.0 million of 7.00% subordinated notes due 2020. Proceeds, along with other funds, were used to repurchase $1.4 billion of TARP Capital from the Treasury, and on January 19, 2011, the company repurchased the related warrant for $49.1 million. The Tier 1 common equity ratio was 9.29% at year end, and the company remained above Well-capitalized thresholds. Nonperforming assets declined to $844.8 million, or 2.21% of related assets, from $2,058.1 million a year earlier. The filing highlights continued regulatory uncertainty, including the Dodd-Frank Act, which management believes will negatively affect the company in areas such as capital requirements and fee restrictions. Interchange revenue is expected to decline significantly under the Federal Reserve's proposed rules, and approximately $569.9 million of trust-preferred securities could reduce the Tier 1 risk-based capital ratio by about 130 basis points if disallowed. For 2011, management expects pre-tax, pre-provision income to remain in line with the second half of 2010, with net income growth from the fourth-quarter 2010 level and lower credit costs.
Feb 18, 2011
2009
Huntington Bancshares Annual Report, Year Ended Dec 31, 2009
Huntington Bancshares Incorporated reported a 2009 net loss of $3,094.2 million, or $6.14 per common share, compared with a net loss of $113.8 million, or $0.44 per share, in 2008. The result was driven mainly by a noncash goodwill impairment charge of $2,606.9 million recorded in 2009, along with a sharp rise in the provision for credit losses to $2,074.7 million from $1,057.5 million. Nonaccrual loans rose to $1,917.0 million from $1,502.1 million, and nonperforming assets were $2,058.1 million, or 5.57% of related assets. The allowance for credit losses increased to 4.16% of period-end loans and leases, from 2.30% a year earlier. The company says 2009 was one of the most challenging years for the banking industry, with credit quality under pressure in its Midwest markets. Management states that 2009 represented the peak for credit losses and NPAs in this cycle, while expecting a challenging 2010 for credit quality. The company raised $1.7 billion of capital during 2009, including $1.3 billion of common equity, which raised the tangible common equity ratio to 5.92% from 4.04% and the Tier 1 common equity ratio to 6.69% from 5.05%. Common shares outstanding increased 95% during the year, and the common dividend was cut to $0.01 per share per quarter. The filing also details significant regulatory and funding developments. The three major rating agencies lowered the ratings of both the parent company and The Huntington National Bank during 2009. The bank remained well-capitalized, but it could not pay dividends to the parent without regulatory approval. Management also cited pending legislation and ongoing federal programs, including TARP, as factors that could affect the business.
Feb 18, 2010
2008
Huntington Bancshares Annual Report, Year Ended Dec 31, 2008
Huntington Bancshares Incorporated reported a net loss of $113.8 million for 2008, or $0.44 per common share, compared with net income of $75.2 million, or $0.25 per share, in 2007. The loss was driven primarily by a $454.3 million ($0.81 per share) negative impact from the Franklin Credit Management relationship, including a $438.0 million provision for credit losses recorded in the fourth quarter. Total provision for credit losses rose to $1,057.5 million from $643.6 million, and net charge-offs were $758.1 million, or an annualized 1.85% of average related balances. Nonaccrual loans increased to $1,502.1 million from $319.8 million, and securities losses reached $197.4 million, including $176.9 million of other-than-temporary impairment on Alt-A mortgage-backed securities. Capital was strengthened by approximately $1.4 billion of Series B preferred stock issued to the U.S. Treasury under the TARP Capital Purchase Program in November 2008, along with $569 million of Series A convertible preferred stock issued in the second quarter. The tangible equity ratio rose to 7.72% from 5.08%, but the tangible common equity ratio declined to 4.04% from 5.08%. Management reduced the quarterly common dividend to $0.01 per share, effective with the dividend declared January 22, 2009, and stated that the Bank could not pay dividends to the parent without regulatory approval at year-end. The Bank remained well capitalized, with a total risk-based capital ratio of 10.71%. Management expects a challenging 2009, anticipating continued elevated charge-offs, nonaccrual loans and allowance levels, net interest margin pressure, and higher FDIC deposit insurance expense. The company also announced an expense reduction initiative expected to reduce 2009 expenses by about $100 million net of one-time costs. Huntington issued $600 million of FDIC-guaranteed senior bank notes in February 2009 under the Temporary Liquidity Guarantee Program.
Feb 24, 2009
2007
Huntington Bancshares Annual Report, Year Ended Dec 31, 2007
Huntington Bancshares Incorporated, a multi-state diversified financial holding company headquartered in Columbus, Ohio, reported a sharply lower 2007 result. Net income fell to $75.2 million, or $0.25 per diluted share, compared with $461.2 million, or $1.92 per share, in 2006. The decline was driven primarily by the Franklin Credit Management relationship, acquired with Sky Financial, which produced a $423.6 million pretax ($275.4 million after-tax, $0.91 per share) negative impact after a December 28, 2007 restructuring. The provision for credit losses rose to $643.6 million from $65.2 million in 2006. Total assets reached $54.70 billion at December 31, 2007, up from $35.33 billion, following the July 1, 2007 Sky Financial acquisition, which was valued at approximately $3.5 billion. Beyond Franklin, the filing describes broader credit deterioration in the Midwest, particularly eastern Michigan and northern Ohio, and within residential real estate development. Nonperforming assets were $1.66 billion, or 4.13% of related assets, compared with $193.6 million, or 0.74%, a year earlier. Restructured Franklin loans of $1.2 billion are classified as nonperforming but were current and accruing. Expense control was a bright spot, with non-merger-related non-interest expense declining $47.5 million, or 4%. Shareholders' equity rose to $5.95 billion, mostly merger-related, and the Tier 1 risk-based capital ratio was 7.51%. The Bank remained well capitalized. The filing also notes that Moody's, S&P and Fitch moved outlooks to negative in November 2007, that Fitch downgraded senior unsecured and subordinated notes by one grade, and that Moody's confirmed ratings on February 22, 2008. Several putative class actions and a shareholder derivative action relate to the Franklin transactions and disclosures. Management states it does not expect them to have a material adverse effect, though the outcome cannot yet be assessed.
Feb 26, 2008
2006
Huntington Bancshares Annual Report, Year Ended Dec 31, 2006
Huntington Bancshares Incorporated, a Columbus, Ohio-based multi-state diversified financial holding company, reported net income of $461.2 million, or $1.92 per diluted share, for 2006, up 12% from $412.1 million in 2005 (diluted EPS up 8%). The increase primarily reflected a $78.6 million decline in income tax expense, as the effective tax rate fell to 10.3% from 24.2%, including an $84.5 million reduction tied to resolution of a federal tax audit for 2002 and 2003. Net interest income rose 5.9% to $1.02 billion, while non-interest income declined 11.3% to $561.1 million, reflecting the run-off of automobile operating leases and $73.2 million of securities losses from a balance sheet restructuring. The 2006 results also include the March 1, 2006 acquisition of Unizan Financial Corp., which had $2.5 billion of assets at acquisition. Total assets were $35.3 billion at December 31, 2006, and total shareholders' equity was $3.0 billion. The tangible equity to assets ratio declined to 6.87% from 7.19%, partly due to the adoption of Statement No. 158, which reduced equity by $83.0 million. Non-performing assets rose to $193.6 million, or 0.74% of loans, leases and other real estate, from $117.2 million a year earlier, with 59% of NPAs secured by residential real estate or government guaranteed. Net charge-offs were 0.32% of average loans and leases. The company also repurchased 16.0 million shares in 2006 for $378.8 million. Looking ahead, the pending acquisition of Sky Financial Group, Inc., a $17.6 billion financial holding company, is expected to be valued at approximately $3.5 billion and close in the third quarter of 2007, pending regulatory and shareholder approvals. Sky Financial shareholders will receive 1.098 Huntington shares plus $3.023 in cash per share. Management noted that about $350 million is anticipated to be paid by the parent company in connection with the acquisition.
Feb 22, 2007
2005-A
Huntington Bancshares Annual Report (Amendment), Year Ended Dec 31, 2005
This Form 10-K/A amends Huntington Bancshares Incorporated's Annual Report for the fiscal year ended December 31, 2005, and was signed on August 4, 2006. Its stated purpose is solely to incorporate by reference Part I of the Form 10-K, which was inadvertently omitted from the cover page of the original filing. The amendment also re-executes and re-files the certifications filed as exhibits to the original filing. It states that it does not modify or update the previously reported financial statements or other disclosures, and does not reflect events after the original filing date. The cover page identifies the registrant as a Maryland corporation headquartered at 41 S. High Street, Columbus, Ohio, filing as a large accelerated filer and a well-known seasoned issuer. It reports an aggregate market value of voting stock held by non-affiliates of $5,361,409,027 as of June 30, 2005, based on a closing price of $24.14, and 223,403,135 common shares outstanding as of January 31, 2006. Parts I and II incorporate information from the 2005 Annual Report to shareholders, and Part III incorporates information from the definitive proxy statement for the 2006 Annual Shareholders' Meeting. Because this amendment only corrects the cover page and refiles certifications, the financial results and business detail for 2005 are contained in the incorporated annual report and proxy materials rather than in this filing itself.
Aug 4, 2006
2005
Huntington Bancshares Annual Report, Year Ended Dec 31, 2005
Huntington Bancshares Incorporated, a multi-state diversified financial holding company headquartered in Columbus, Ohio, reported 2005 net income of $412.1 million, or $1.77 per diluted common share, up 3% from $398.9 million, or $1.71 per share, in 2004. Net interest income rose $51.0 million, or 6%, to $962.4 million, with the net interest margin unchanged at 3.33%. The increase was offset by a $186.3 million, or 23%, decline in non-interest income, driven largely by a $148.7 million decline in operating lease income as the automobile operating lease portfolio runs off, and by a $152.4 million, or 14%, decline in non-interest expense. Provision for credit losses rose $26.2 million, or 48%, to $81.3 million, reflecting higher non-performing assets and certain commercial credit downgrades in the fourth quarter. The balance sheet ended the year at $32.76 billion in total assets, with shareholders' equity of $2.56 billion. Average loans and leases grew 9.9% to $24.31 billion, led by consumer loans, while average investment securities declined 14.0%. Non-performing assets were $117.2 million, or 0.48% of loans and other real estate, up from $108.6 million. The company repurchased 9.6 million shares in 2005 for $231.7 million and announced a new authorization of up to 15 million shares. The Federal Reserve Bank of Cleveland written agreement remained in effect at year end, while the OCC agreement with the Bank was terminated in October 2005. The filing also states that the pending Unizan Financial Corp. acquisition, approved by the Federal Reserve Board, was scheduled to close March 1, 2006. The company remained well capitalized at both the holding company and bank level, with a Tier 1 risk-based capital ratio of 9.13% and a total risk-based capital ratio of 12.42% at December 31, 2005. Management indicated that the 2006 effective tax rate was expected to rise to a more typical rate just below 30%, and that the quarterly dividend was increased to $0.25 per share in January 2006, a payout ratio above the company's long-term 40%-50% target range.
Feb 23, 2006
2004
Huntington Bancshares Annual Report, Year Ended Dec 31, 2004
Huntington Bancshares Incorporated, a multi-state diversified financial holding company headquartered in Columbus, Ohio, reported 2004 net income of $398.9 million, or $1.71 per diluted common share, up 7% and 6%, respectively, from 2003. Return on average shareholders' equity was 16.8% and return on average assets was 1.27% for 2004. Net interest income rose to $911.4 million, while total non-interest income fell to $818.6 million, largely because operating lease income declined as the legacy automobile operating lease portfolio runs off. Provision for credit losses dropped to $55.1 million from $164.0 million in 2003, and net charge-offs fell to 0.35% of average loans from 0.81%. The filing highlights significant regulatory and legal overhang. Huntington is under a formal SEC investigation into accounting matters for 2002 and earlier, with reserves recorded for an expected civil money penalty, though final results are not known. On March 1, 2005, the company entered into formal written agreements with the Federal Reserve Bank of Cleveland and the Office of the Comptroller of the Currency calling for governance, internal audit, risk management and reporting enhancements, and the company has lost the GLB Act financial holding company procedures and powers pending corrective action within 180 days. Credit ratings were lowered to negative outlooks by Standard & Poor's and Fitch, and Moody's downgraded several ratings on February 8, 2005. The pending Unizan Financial Corp. acquisition has been extended to January 27, 2006, and the company repurchased no shares in 2004 under its 7.5 million share program. Total assets grew to $32.57 billion and shareholders' equity to $2.54 billion, with a tangible equity ratio of 7.18%. Management reported that internal controls over financial reporting were effective as of December 31, 2004.
Mar 3, 2005
2003
Huntington Bancshares Annual Report, Year Ended Dec 31, 2003
Huntington Bancshares Incorporated, a Columbus, Ohio-based multi-state diversified financial holding company, reports net income of $372.4 million, or $1.61 per diluted share, for 2003, up 15% from 2002 on a GAAP basis. Net interest income rose to $849.0 million, with average earning assets up 18%, though the net interest margin declined to 3.49% from 3.62% as interest rates stayed low. Results were supported by $40.0 million of gains on the sale of $2.1 billion of automobile loans, a $13.1 million gain on the sale of four West Virginia banking offices, and a $15.3 million loss from prepaying $250 million of high-cost debt. Excluding these and other significant items, adjusted net income rose 27.5% to $356.7 million, or $1.54 per diluted share. Credit quality improved materially. Non-performing assets fell to $87.4 million, or 0.41% of loans and leases and other real estate, from $136.7 million a year earlier, and net charge-offs declined to 0.81% of average loans from 1.13%. Automobile exposure was reduced to 27.7% of total credit exposure from 33.0%, in line with management's stated goal. Total assets reached $30.48 billion, and shareholders' equity was $2.28 billion. All capital ratios exceeded the well-capitalized thresholds, with the holding company's Tier 1 risk-based ratio at 8.53%. The filing also highlights risks investors should weigh. The SEC has been conducting a formal investigation since June 26, 2003, following Huntington's April 2003 announcement that it would restate its accounting for automobile leases, and the outcome is not yet known. Standard & Poor's placed the company's debt ratings on Credit Watch Negative. On January 27, 2004, Huntington agreed to acquire Unizan Financial Corp., a Canton, Ohio company with $2.7 billion in assets, in a stock transaction valued at about $587 million, with closing expected in late second quarter 2004.
Mar 5, 2004
2002-A2
Huntington Bancshares Annual Report (Amendment), Year Ended Dec 31, 2002
Huntington Bancshares Incorporated's Form 10-K/A (Amendment No. 2) for fiscal year 2002 restates previously reported results to correct timing errors and apply deferral accounting for loan and lease origination fees and costs. It also incorporates Amendment No. 1, which reclassified certain automobile leases from direct financing to operating lease accounting. Restated 2002 net income is $323.7 million, or $1.33 per diluted share, versus $134.8 million, or $0.54 per diluted share, in 2001 and $322.4 million, or $1.29 per diluted share, in 2000. The filing states that the amendment speaks as of the original March 20, 2003 filing date and has not been updated for later events. The cumulative effect of the Amendment No. 2 restatement reduced retained earnings at December 31, 2002 by $100.7 million. Restated total assets at year-end 2002 were $27.43 billion, and shareholders' equity was $2.19 billion. Net income for 2002 was reduced by $9.3 million by the restatement, with a $0.03 per-share impact. Reported 2002 results include a $182.5 million pre-tax gain on the sale of the Florida banking operations and a $24.6 million Merchant Services gain. Operating-basis net income was $279.7 million, or $1.15 per diluted share. The filing reports a Tier 1 risk-based capital ratio of 8.34%, a total risk-based capital ratio of 11.25%, and a Tier 1 leverage ratio of 8.51% at December 31, 2002. It also states that the bank subsidiary would have been classified as adequately capitalized but not well-capitalized because of the restatements, and that management expects it to return to well-capitalized status by the end of the second quarter of 2003.
Nov 14, 2003
2002-A
Huntington Bancshares Annual Report (Amendment), Year Ended Dec 31, 2002
Huntington Bancshares Incorporated filed this Form 10-K/A for fiscal year 2002 on May 20, 2003, primarily to restate its 2000, 2001 and 2002 financial results. The restatement reclassifies automobile leases that were previously accounted for as direct financing leases to the operating lease method, because residual value insurance policies with aggregate loss caps meant those leases did not qualify as direct financing leases. As restated, 2002 net income is $333.1 million, or $1.36 per diluted share, versus previously reported figures in the restatement tables of $363.2 million and $1.49 per diluted share. Total assets at December 31, 2002 were $27.56 billion on a restated basis, compared with $27.58 billion previously reported. Total interest income fell to $1.34 billion restated, while non-interest income rose to $1.33 billion, reflecting the operating lease income now recorded in that line. Underlying performance on an operating basis was $298.4 million, or $1.22 per diluted share, excluding the Florida sale gain, the Merchant Services gain and restructuring charges. The company reported a net interest margin of 3.81% for 2002, up from 3.43% in 2001, and an efficiency ratio of 69.1%. Net charge-offs rose to 1.13% of average loans and leases, and the allowance for loan and lease losses was $336.6 million, or 1.81% of total loans and leases at year-end. Tier 1 risk-based capital was 8.65% and total risk-based capital was 11.54%, both above well-capitalized minimums. Investors should note that the restatement changes the comparability of future periods. Operating lease income and expense are expected to decline as pre-May 2002 leases run off, while interest income from direct financing leases and the provision for loan and lease losses are expected to increase. The filing also discloses that consolidating one securitization trust under FASB Interpretation No. 46 is expected to be the most significant impact of adoption, to occur no later than the end of the third quarter of 2003.
May 20, 2003
2002
Huntington Bancshares Annual Report, Year Ended Dec 31, 2002
Huntington Bancshares Incorporated, a multi-state diversified financial holding company headquartered in Columbus, Ohio, reported net income of $363.2 million, or $1.49 per diluted share, for 2002, compared with $178.5 million, or $0.71 per share, in 2001. The result included a $175.3 million pre-tax gain on the February 2002 sale of its Florida banking operations and a $24.6 million pre-tax Merchant Services gain, offset by $56.2 million of restructuring and special charges. On an operating basis, which excludes these non-operating items, earnings were $328.5 million, or $1.35 per share, up from $307.5 million, or $1.22 per share, in 2001. Operating return on average equity was 14.2% and return on average assets was 1.28%. Credit quality and margins were mixed. Net charge-offs rose to 1.19% of average loans from 0.90%, largely due to $51.3 million of fourth-quarter 2002 commercial charge-offs from special credit actions, while non-performing assets fell to $136.7 million from $227.5 million. The allowance for loan and lease losses covered non-performing assets 269% versus 181% a year earlier. The net interest margin was 4.19% on a reported basis, and operating net interest margin improved to 4.21% from 4.11%, though management noted the fourth-quarter margin declined to 4.07%. Total assets were $27.6 billion at year-end, with deposits of $17.5 billion, and the Tier 1 risk-based capital ratio was 8.69%. The company repurchased 19.2 million shares for $370.0 million under a 22 million-share program authorized in February 2002, and in January 2003 authorized a new program of 8 million shares. Book value per share was $9.89 at year-end, and cash dividends declared were $0.64 per share for 2002, down from $0.72 in 2001. The filing also notes that adoption of FASB Interpretation No. 46 is expected to require consolidation of one securitization trust holding $1,020 million of indirect automobile loans, with adoption no later than the third quarter of 2003.
Mar 20, 2003
2001
Huntington Bancshares Annual Report, Year Ended Dec 31, 2001
Huntington Bancshares Incorporated, a Columbus, Ohio-based multi-state financial holding company, reported 2001 net income of $178.5 million, or $0.71 per diluted share, down from $328.4 million, or $1.32 per share, in 2000. Operating earnings, which exclude restructuring and special charges, were $293.5 million, or $1.17 per share. The decline reflected $176.9 million of pre-tax restructuring and special charges tied to a July 2001 strategic refocusing plan, plus a $50.0 million fourth-quarter addition to the loan loss provision. Return on average shareholders' equity was 7.50% and return on average assets was 0.63%. Net charge-offs rose to 0.90% of average loans from 0.40% in 2000, and non-performing assets reached $227.5 million, or 1.05% of total loans and other real estate. The refocusing plan centers on the sale of Huntington's Florida operations to SunTrust Banks, Inc., which closed on February 15, 2002. The sale included 143 banking offices and approximately $4.8 billion of deposits, and Huntington received a 15% premium on the deposits sold. After the sale, Huntington had 332 domestic banking offices and 8,552 full-time equivalent employees. The filing states that management expects the net interest margin, tangible equity to assets, and efficiency ratio to improve, and that the company will repurchase up to 22 million shares under a new program authorized in February 2002. Management also expects credit quality trends and net charge-offs to remain unfavorable, particularly in the first half of 2002. The balance sheet was largely stable, with total assets of $28.5 billion and shareholders' equity of $2.42 billion at year-end 2001. Tier 1 risk-based capital was 7.24% and total risk-based capital was 10.29%. The cash dividend was reduced by 20% beginning in the third quarter of 2001, and declared dividends were $0.72 per share for the year, compared with $0.76 in 2000.
Mar 7, 2002
2000
Huntington Bancshares Annual Report, Year Ended Dec 31, 2000
Huntington Bancshares Incorporated, a multi-state financial holding company headquartered in Columbus, Ohio, reported 2000 net income of $328.4 million, or $1.32 per diluted share, down from $422.1 million, or $1.65 per share, in 1999. Excluding after-tax special charges of $32.5 million and, in 1999, a $70.6 million gain on the sale of its credit card portfolio, operating earnings were $360.9 million, or $1.45 per share, versus $414.4 million, or $1.62 per share, in 1999. Return on average equity on an operating basis was 15.84% for 2000, compared with 19.31% in 1999. Net interest margin fell to 3.73% from 4.11%, as funding costs rose faster than asset yields. Total assets declined to $28.6 billion at year-end 2000 from $29.0 billion, reflecting a balance sheet repositioning that included $1.4 billion of automobile loan securitizations and the sale of about $1.7 billion of lower-yielding fixed-income securities. Management expects net charge-offs to exceed 2000 levels in 2001 and says non-performing assets are expected to increase as economic conditions deteriorate for corporate borrowers. Non-interest expense is expected to rise in 2001 from the fourth-quarter level, and the company expects its 2001 effective tax rate to remain under 30%. The company's Tier 1 risk-based capital ratio was 7.19% and its total risk-based capital ratio was 10.46% at December 31, 2000, both above regulatory well-capitalized thresholds. Huntington acquired Empire Banc Corporation in June 2000 and J. Rolfe Davis Insurance Agency in August 2000, both accounted for as purchases. Shareholders received cash dividends of $0.76 per share in 2000, up 12% from 1999, after a 10% stock dividend.
Mar 8, 2001
1999
Huntington Bancshares Annual Report, Year Ended Dec 31, 1999
Huntington Bancshares Incorporated, a multi-state bank holding company headquartered in Columbus, Ohio, reported net income of $422.1 million for 1999, up from $301.8 million in 1998, with diluted earnings per share of $1.82 versus $1.29. On an operating basis (excluding 1998 special charges and 1999 other non-recurring expenses), diluted EPS was $1.82 compared with $1.54 in 1998. Total assets were $29.0 billion at December 31, 1999, up from $28.3 billion, and return on average equity was 19.66% versus 17.54% a year earlier. Results were helped by a $108.5 million gain from the October 1999 sale of its credit card portfolio to The Chase Manhattan Bank, and were offset by a $96.8 million non-recurring expense charge in the fourth quarter that included a $58.2 million valuation adjustment on leased vehicles. Core growth drivers included Dealer Sales vehicle leasing, home equity lending, and fee income. Non-interest income before securities and credit card sale gains rose to $452.1 million from $398.9 million, and service charges on deposit accounts increased 24%. Net interest margin declined to 4.11% from 4.28% as loan growth was funded with more expensive wholesale funds. Core deposits fell 4.3% to $16.9 billion as customers moved retail certificates of deposit into mutual funds and annuities. Capital and credit metrics remained solid. The Tier 1 risk-based capital ratio was 7.52% and the total risk-based capital ratio was 10.72%, both above well-capitalized thresholds. Net loan charge-offs were 0.40% of average total loans, down from 0.51% in 1998. The company also announced a pending merger with Empire Banc Corporation, a $506 million Traverse City, Michigan bank, to be accounted for as a purchase and expected to close by the end of the second quarter of 2000.
Feb 22, 2000
1995
Huntington Bancshares Annual Report, Year Ended Dec 31, 1995
Huntington Bancshares Incorporated, a multi-state bank holding company headquartered in Columbus, Ohio, reported 1995 net income of $244.5 million, or $1.78 per share, compared with $242.6 million ($1.78) in 1994 and $236.9 million ($1.76) in 1993. Return on average assets was 1.28% and return on average equity was 16.27%, versus 1.45% and 17.29% in 1994. Total assets reached $20.3 billion at December 31, 1995, up 14% from the prior year, driven by strong loan growth and a larger investment securities portfolio. Total loans rose to $13.26 billion from $12.26 billion. Net interest income declined to $724.6 million from $756.1 million, and the net interest margin fell to 4.15% from 4.96%, reflecting narrowed spreads as funding costs rose faster than asset yields. Asset quality remained solid: non-performing assets fell to $77.0 million from $96.4 million, and the allowance for loan losses was 1.47% of total loans. Non-interest expense declined to $565.8 million from $596.6 million, helped by restructuring and lower FDIC assessments, while non-interest income rose to $248.4 million from $222.3 million. Capital ratios were above well-capitalized thresholds, with a Tier 1 risk-based ratio of 8.39% and a leverage ratio of 6.87%. Huntington completed the acquisition of Peoples Bank of Lakeland, Florida on January 23, 1996, issuing 4.7 million shares and paying about $46.2 million in cash. Cash dividends declared rose to $.78 per share from $.68.
Feb 22, 1996