Skip to content
AnalystLens

HBAN · Huntington Bancshares

50 filings

10-Q

HBAN 10-Q Quarterly Reports

Huntington Bancshares - 50 quarterly reports

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

HBAN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 254 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Leadership change8-K · Jun ’19Jun ’19
  3. Material agreement8-K · Aug ’21Aug ’21
  4. Material agreement8-K · Oct ’25Oct ’25
  1. 2026-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2026

    Huntington Bancshares reported net income attributable to Huntington of $721 million, or $0.33 per diluted common share, for the third quarter of 2026, compared with $629 million, or $0.41 per diluted share, in the third quarter of 2025. The quarter included $117 million of acquisition-related expenses, or $92 million after tax, which reduced diluted earnings by $0.05 per share. Net interest income rose 37% to $2.1 billion, and the FTE net interest margin was 3.25%, reflecting the Cadence and Veritex acquisitions and organic growth. Noninterest expense rose 42% to $1.8 billion, and the efficiency ratio was 61.2% compared with 57.4% a year earlier. At September 30, 2026, total assets were $287.8 billion, up 28% from December 31, 2025, primarily due to the Cadence acquisition and organic loan growth. Loans and leases totaled $191.4 billion and total deposits were $224.7 billion. Credit metrics weakened: nonperforming assets rose $777 million, or 82%, to $1.7 billion, partly from $295 million of NPAs assumed in the Cadence deal, and third-quarter net charge-offs were 0.31% of average loans and leases versus 0.22% a year earlier. The ACL was $3.4 billion, or 1.75% of total loans and leases. Capital ratios declined from year-end, with the CET1 risk-based capital ratio at 10.1% versus 10.4% and the tangible common equity to tangible assets ratio at 6.9% versus 7.1%. During the first nine months of 2026, the company repurchased 24.8 million shares for $409 million, leaving $2.85 billion of authorization remaining. In September 2026, Fitch lowered Huntington's senior unsecured debt rating to BBB+, which Fitch said reflected its methodology for institutions expected to be subject to Category III standards rather than a change in credit profile. Moody's ratings outlook for Huntington and The Huntington National Bank is Negative.

    Oct 27, 2026
  2. 2026-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2026

    Huntington Bancshares Incorporated reported second-quarter 2026 net income attributable to Huntington of $727 million, or $0.33 per diluted common share, compared with $536 million, or $0.34 per diluted share, in the year-ago quarter. Results were weighed down by $152 million of acquisition-related expenses, which reduced diluted earnings by $0.06 per share. Net interest income rose $585 million, or 40%, to $2.1 billion, reflecting the Cadence and Veritex acquisitions and organic growth, with the FTE net interest margin up 10 basis points to 3.21%. Noninterest income increased 67% to $785 million and noninterest expense rose 51% to $1.8 billion, both largely driven by the acquisitions. The balance sheet expanded substantially following the February 1, 2026 Cadence acquisition. Total assets were $284.0 billion at June 30, 2026, up $58.9 billion, or 26%, from year-end 2025, and total deposits reached $222.5 billion. Credit costs increased: nonperforming assets rose $667 million, or 71%, to $1.6 billion, and net charge-offs were $119 million, or 0.25% of average loans and leases, for the quarter. The ACL was $3.4 billion, or 1.78% of total loans and leases. Capital remained above well-capitalized standards, though the CET1 risk-based capital ratio declined to 10.0% from 10.4% at year-end 2025. Management stated that liquidity sources are sufficient for the next 12 months and beyond. The filing also notes a pending lawsuit involving Cadence Bank with a reasonably possible loss range of $0 to $75 million, and a trial scheduled to begin November 4, 2026. The Board declared a quarterly common dividend of $0.155 per share payable October 1, 2026.

    Jul 28, 2026
  3. 2026-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2026

    Huntington Bancshares Incorporated reported net income attributable to Huntington of $523 million, or $0.25 per diluted common share, for the first quarter of 2026, compared with $527 million, or $0.34 per diluted share, a year earlier. Results were affected by $263 million of acquisition-related expenses, or $210 million after tax, tied to the Cadence and Veritex acquisitions, which reduced diluted earnings by $0.12 per share. Net interest income rose 33% to $1.9 billion, driven by a 27% increase in average earning assets and a net interest margin of 3.24%, up 14 basis points. Noninterest income increased 38% to $682 million, while noninterest expense rose 54% to $1.8 billion, including the acquisition-related costs. The Cadence acquisition, effective February 1, 2026, with total consideration of $8.3 billion, drove most of the balance sheet growth. Total assets were $285.4 billion at March 31, 2026, up 27% from December 31, 2025, and total deposits were $223.5 billion. Loans and leases totaled $188.8 billion, and the allowance for credit losses was $3.4 billion, or 1.78% of total loans and leases. Nonperforming assets rose 44% to $1.4 billion, primarily due to $295 million of nonperforming assets assumed in the Cadence acquisition. Net charge-offs were an annualized 0.26% of average loans and leases, unchanged from a year earlier. Capital remained above well-capitalized standards, though the consolidated CET1 risk-based capital ratio declined to 10.2% from 10.4%, driven by the Cadence acquisition and share repurchases. The company repurchased $150 million of common stock in the quarter. On April 22, 2026, the Board approved a new share repurchase authorization of up to $3.0 billion and declared a quarterly common dividend of $0.155 per share. The filing also notes that the federal banking agencies issued proposed rules on March 19, 2026 to modernize the regulatory capital framework, which the company is evaluating.

    Apr 30, 2026
  4. 2025-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2025

    Huntington Bancshares Incorporated reported third-quarter 2025 net income attributable to Huntington of $629 million, or $0.41 per diluted common share, compared with $517 million, or $0.33 per diluted share, in the year-ago quarter. Net interest income rose $155 million, or 11%, to $1.5 billion, driven by a 15 basis point increase in the FTE net interest margin to 3.13% and growth in average earning assets. Noninterest income increased $105 million, or 20%, to $628 million, including a $24 million gain on the sale of a portion of the trust and custody business. Noninterest expense rose $116 million, or 10%, to $1.2 billion and included $14 million of Veritex acquisition-related expenses. The provision for credit losses was $122 million, and net charge-offs were an annualized 0.22% of average loans and leases. At September 30, 2025, total assets were $210.2 billion, loans and leases were $138.0 billion, and total deposits were $165.2 billion. The allowance for credit losses was $2.6 billion, or 1.86% of total loans and leases. The CET1 risk-based capital ratio was 10.6%, up from 10.5% at December 31, 2024. Shareholders' equity totaled $22.2 billion, including $741 million of perpetual preferred stock issued in the third quarter. Subsequent to quarter-end, Huntington completed its acquisition of Veritex Holdings, Inc. on October 20, 2025, issuing approximately 108 million shares for total consideration of about $1.7 billion. On October 27, 2025, Huntington announced a definitive agreement to acquire Cadence Bank in an all-stock transaction valued at approximately $7.4 billion, which is expected to close in the first quarter of 2026, subject to regulatory and shareholder approvals.

    Oct 28, 2025
  5. 2025-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2025

    Huntington Bancshares Incorporated reported net income of $536 million, or $0.34 per diluted common share, for the second quarter of 2025, compared with $474 million, or $0.30 per diluted share, in the year-ago quarter. Results were affected by an approximately $900 million investment securities repositioning that decreased pre-tax net income by $58 million, or $46 million after tax. Net interest income rose 12% to $1.5 billion, with the FTE net interest margin up 12 basis points to 3.11%, while noninterest income fell 4% to $471 million, mainly due to the $58 million securities loss. Noninterest expense increased 7% to $1.2 billion, and the provision for credit losses was $103 million. Credit quality remained stable. Net charge-offs were 0.20% of average loans and leases in the quarter, down from 0.29% a year earlier, largely due to net recoveries in commercial real estate. Nonaccrual loans and leases were $842 million, or 0.62% of total loans and leases, and the ACL was $2.5 billion, or 1.86% of total loans and leases. The CET1 risk-based capital ratio was 10.5% at both June 30, 2025 and December 31, 2024. Total assets reached $207.7 billion, and shareholders' equity rose to $20.9 billion. The filing also discloses a definitive merger agreement announced July 14, 2025, under which Veritex Holdings, Inc. will merge into Huntington in an all-stock transaction at 1.95 Huntington shares per Veritex share, valued at approximately $1.9 billion based on Huntington's July 11, 2025 closing price of $17.39. The merger is expected to close in the fourth quarter of 2025, subject to regulatory approvals and Veritex stockholder approval. Huntington also received a $1.0 billion share repurchase authorization on April 16, 2025, under which no shares had been repurchased as of the filing.

    Jul 29, 2025
  6. 2025-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2025

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income attributable to Huntington of $527 million, or $0.34 per diluted common share, for the first quarter of 2025, compared with $419 million, or $0.26 per diluted share, a year earlier. Net interest income rose $139 million, or 11%, to $1.4 billion, driven by a 9 basis point increase in the FTE net interest margin to 3.10%. Noninterest income increased $27 million, or 6%, to $494 million, and noninterest expense rose $15 million, or 1%, to $1.2 billion. The provision for credit losses was $115 million, and net charge-offs were an annualized 0.26% of average loans and leases, down from 0.30% a year earlier. Total assets were $209.6 billion at March 31, 2025, up $5.4 billion from year-end 2024, while total deposits reached $165.3 billion. The CET1 risk-based capital ratio was 10.6%, up from 10.5% at December 31, 2024. Nonaccrual loans and leases were 0.56% of total loans and leases, versus 0.60% at year-end. The company's Board declared a quarterly common dividend of $0.155 per share and approved a new repurchase authorization of up to $1.0 billion on April 16, 2025. Management highlighted heightened economic uncertainty tied to tariff policies, noting that more economists expect a recession in the back half of 2025. The filing also shows a $1.7 billion increase in long-term debt during the quarter, including a $415 million credit linked note transaction referencing a $3.5 billion auto loan pool.

    Apr 29, 2025
  7. 2024-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2024

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income attributable to Huntington of $517 million, or $0.33 per diluted common share, for the third quarter of 2024, compared with $547 million, or $0.35 per diluted share, a year earlier. For the nine months ended September 30, 2024, net income attributable to Huntington was $1.41 billion, down from $1.71 billion. Net interest income declined 1% in the quarter to $1.35 billion, as FTE net interest margin fell 22 basis points to 2.98%, reflecting higher cost of funds. Noninterest income rose 3% to $523 million, led by capital markets and advisory fees and wealth and asset management revenue, while noninterest expense increased 4% to $1.13 billion. Credit metrics were mixed. The provision for credit losses rose 7% to $106 million in the quarter, and net charge-offs were 0.30% of average loans and leases, up from 0.24% a year earlier. Nonperforming assets increased to $784 million from $711 million at year-end 2023. The ACL was $2.4 billion, or 1.93% of total loans and leases, versus 1.97% at December 31, 2023. Total assets reached $200.5 billion, and the CET1 risk-based capital ratio improved to 10.4% from 10.2%. The company did not repurchase any shares during the first nine months of 2024 and does not expect to use its share repurchase program through 2024, citing the use of organic capital for loan growth. The filing also notes that Huntington declared a quarterly common dividend of $0.155 per share and that the Federal Reserve's indicative stress capital buffer requirement for the period October 1, 2024 through September 30, 2025 is 2.5%, down from 3.2%. Management states that the company has sufficient liquidity and capital to meet obligations over the next 12 months and beyond.

    Oct 29, 2024
  8. 2024-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2024

    Huntington Bancshares Incorporated reported net income attributable to Huntington of $474 million, or $0.30 per diluted common share, for the second quarter of 2024, compared with $559 million, or $0.35, in the year-ago quarter. For the six months ended June 30, 2024, net income was $893 million, compared with $1.16 billion in the prior-year period. Net interest income was $1.3 billion, down $34 million, or 3%, as the FTE net interest margin fell 12 basis points to 2.99% amid higher cost of funds. Noninterest income was $491 million, down $4 million, or 1%, while noninterest expense rose $67 million, or 6%, to $1.1 billion, driven by personnel costs and outside data processing. The provision for credit losses was $100 million, and net charge-offs were an annualized 0.29% of average loans and leases, up from 0.16% a year earlier. The balance sheet grew, with total assets of $196.3 billion at June 30, 2024, up $6.9 billion, or 4%, from December 31, 2023, and total deposits of $154.4 billion. The allowance for credit losses was $2.4 billion, or 1.95% of total loans and leases. Nonperforming assets rose $69 million, or 10%, from year-end, mainly from commercial real estate nonaccrual loans. The CET1 risk-based capital ratio increased to 10.4% from 10.2% at December 31, 2023. In the second quarter, the company completed a $478 million credit-linked note transaction referencing an approximately $4 billion pool of prime indirect auto loans, which reduced risk-weighted assets by approximately $3.0 billion. The Board declared a quarterly common dividend of $0.155 per share on July 17, 2024. The company repurchased no shares under its current authorization during the first half of 2024 and does not expect to use the program through 2024, citing the use of organic capital for loan growth and proposed regulatory capital changes.

    Jul 30, 2024
  9. 2024-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2024

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported first-quarter 2024 net income attributable to Huntington of $419 million, or $0.26 per diluted common share, compared with $602 million, or $0.39 per diluted share, in the year-ago quarter. Results were pressured by a $32 million FDIC DIF special assessment expense and lower net interest income of $1.3 billion, which fell $122 million, or 9%, as net interest margin declined to 3.01% from 3.40% amid higher funding costs. The year-ago quarter also included a $57 million gain on the sale of the RPS business. Balance sheet growth was modest. Total assets were $193.5 billion at March 31, 2024, up $4.2 billion, or 2%, from December 31, 2023, while total loans and leases reached $122.8 billion, up 1%. Total deposits rose to $153.2 billion, and core deposits were $147.3 billion, or 96% of total deposits. Credit quality metrics moved higher: net charge-offs were $92 million, or 0.30% of average loans and leases annualized, versus 0.19% a year earlier, and nonaccrual loans rose to $716 million. The ACL was $2.4 billion, or 1.97% of total loans and leases. Capital remained stable, with the CET1 risk-based capital ratio at 10.2% at both March 31, 2024 and December 31, 2023. Shareholders' equity totaled $19.3 billion, and the company did not repurchase any shares during the quarter under its $1.0 billion authorization, which it does not expect to use through 2024. The Board declared a quarterly common dividend of $0.155 per share.

    Apr 30, 2024
  10. 2023-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2023

    Huntington Bancshares Incorporated reported net income of $547 million, or $0.35 per diluted common share, for the third quarter of 2023, compared with $594 million, or $0.39 per diluted share, in the year-ago quarter. Net interest income was $1.4 billion, down $36 million, or 3%, reflecting a 22 basis point decrease in the FTE net interest margin to 3.20% as funding costs rose. Noninterest income was $509 million, up $11 million, or 2%, while noninterest expense rose $37 million, or 4%, to $1.09 billion. The provision for credit losses was $99 million, and the allowance for credit losses reached $2.4 billion, or 1.96% of total loans and leases. Net charge-offs were an annualized 0.24% of average loans and leases, up from 0.15% a year earlier. For the first nine months of 2023, net income attributable to Huntington was $1.7 billion, up 7% from the prior-year period, and diluted EPS was $1.09 compared with $1.03. Total assets were $186.7 billion at September 30, 2023, and the CET1 risk-based capital ratio rose to 10.10% from 9.36% at December 31, 2022. The company did not repurchase any shares under its $1.0 billion authorization during the first nine months of 2023 and does not expect to use the program through 2024. The filing also flags regulatory developments: an FDIC special assessment estimated at approximately $199 million based on December 31, 2022 uninsured deposits, proposed Basel III amendments, a proposed long-term debt requirement, and a proposed reduction in debit interchange fee caps. Huntington states it will record the FDIC assessment impact when the final rule is enacted.

    Oct 27, 2023
  11. 2023-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2023

    Huntington Bancshares Incorporated reported second-quarter 2023 net income of $559 million, or $0.35 per diluted common share, compared with $539 million, or $0.35 per diluted common share, in the year-ago quarter. Net interest income rose $85 million, or 7%, to $1.3 billion, reflecting an $13.7 billion, or 8%, increase in average earning assets, partially offset by a 4 basis point decrease in the FTE net interest margin to 3.11%. Noninterest income was $495 million, up $10 million, or 2%, while noninterest expense was $1,050 million, up $32 million, or 3%. The provision for credit losses rose $25 million to $92 million, and the ACL was $2.3 billion, or 1.93% of total loans and leases. Total assets were $188.5 billion at June 30, 2023, up $5.6 billion, or 3%, from December 31, 2022, driven mainly by a $4.5 billion increase in interest-bearing deposits at the Federal Reserve Bank and loan growth. Long-term debt increased $5.0 billion, or 52%, to $14.7 billion. Capital strengthened, with the CET1 risk-based capital ratio at 9.82%, up from 9.36% at year-end 2022, and the tangible common equity to tangible assets ratio at 5.80%. Net charge-offs were 0.16% of average loans and leases in the quarter, up from 0.03% a year earlier. The filing also discusses the FDIC's proposed special assessment following recent bank failures, which management estimates at approximately $115 million based on December 31, 2022 uninsured deposits, or approximately $199 million if inter-company bank subsidiary deposits are included. Management expects to record the impact when the final rule is enacted. The company also reports a $57 million gain from the sale of its RPS business in March 2023 and the realignment into two reportable segments, Consumer & Regional Banking and Commercial Banking.

    Jul 28, 2023
  12. 2023-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2023

    Huntington Bancshares Incorporated reported first-quarter 2023 net income attributable to Huntington of $602 million, or $0.39 per diluted common share, compared with $460 million, or $0.29 per diluted common share, in the year-ago quarter. Net interest income rose $263 million, or 23%, to $1.4 billion, driven by a 52 basis point increase in the FTE net interest margin to 3.40%. Noninterest income was $512 million, up $13 million, or 3%, aided by a $57 million gain on the sale of the RPS business, while noninterest expense rose $33 million, or 3%, to $1.1 billion, including $36 million of voluntary retirement program expense. Credit costs increased, with the provision for credit losses rising $60 million to $85 million and net charge-offs of $57 million, or 0.19% of average loans and leases, annualized, versus 0.07% a year earlier. The ACL was $2.3 billion, or 1.90% of total loans and leases. Total assets were $189.1 billion at March 31, 2023, and the CET1 risk-based capital ratio rose to 9.55% from 9.36% at December 31, 2022. The company repurchased no shares under its $1.0 billion authorization in the quarter and does not expect to use it during 2023. Management's economic forecast assumes a mild recession in 2023 with growth returning in 2024. The filing also notes the March 2023 closures of Silicon Valley Bank and Signature Bank and the resulting market volatility, and states that it is not yet possible to quantify the impact of potential future regulatory actions.

    Apr 28, 2023
  13. 2022-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2022

    Huntington Bancshares Incorporated reported net income of $594 million, or $0.39 per diluted common share, for the third quarter of 2022, compared with $377 million, or $0.22 per diluted share, a year earlier. Net interest income rose $244 million, or 21%, to $1.4 billion, driven by a 51 basis point increase in the FTE net interest margin to 3.42% and higher loan and securities yields. Noninterest expense fell $236 million, or 18%, to $1,053 million, mainly because acquisition-related expenses declined by $224 million. Noninterest income was $498 million, down 7%, reflecting lower mortgage banking income and service charges, partly offset by higher capital markets fees tied to the Capstone Partners acquisition. Credit quality remained stable. The provision for credit losses was $106 million, up $168 million, mainly due to loan and lease growth. Net charge-offs were an annualized 0.15% of average loans and leases, down from 0.20% a year earlier. The allowance for credit losses was $2.2 billion, or 1.89% of total loans and leases, and nonperforming assets declined to $627 million from $750 million at December 31, 2021. Total loans and leases grew to $118.1 billion from $111.3 billion. Capital ratios declined over the period, largely because of higher interest rates increasing accumulated other comprehensive loss. Shareholders' equity fell 11% to $17.1 billion, the CET1 risk-based capital ratio was 9.27% compared with 9.33% at year-end 2021, and the tangible common equity to tangible assets ratio was 5.32%. The Federal Reserve set Huntington's stress capital buffer at 3.3%, effective October 1, 2022, and the company declared a quarterly common dividend of $0.155 per share.

    Oct 28, 2022
  14. 2022-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2022

    Huntington Bancshares Incorporated reported second-quarter 2022 net income of $539 million, or $0.35 per diluted common share, compared with a net loss of $15 million, or $0.05 per diluted share, in the year-ago quarter. The filing attributes the improvement to the full-quarter impact of the TCF Financial Corporation acquisition (completed June 2021) and organic growth. Net interest income rose $423 million, or 50%, to $1.261 billion, driven by a 27% increase in average earning assets and a 49 basis point increase in the FTE net interest margin to 3.15%. Noninterest income increased $41 million, or 9%, to $485 million, while noninterest expense decreased $54 million, or 5%, to $1.018 billion, reflecting a $245 million decline in acquisition-related expenses. The provision for credit losses fell to $67 million from $211 million, and net charge-offs were an annualized 0.03% of average loans and leases. Credit metrics were stable. Total nonperforming assets were $682 million at June 30, 2022, down from $750 million at December 31, 2021, and the ACL was $2.2 billion, or 1.87% of total loans and leases. Capital ratios declined over the period: the CET1 risk-based capital ratio was 9.05% (9.33% at year-end 2021), and the tangible common equity to tangible assets ratio was 5.80%. Shareholders' equity fell to $18.0 billion, mainly because higher interest rates reduced accumulated other comprehensive income. The company did not repurchase any shares in the first half of 2022, and its $800 million repurchase authorization expired June 30, 2022, with $650 million completed. During the quarter Huntington completed two acquisitions: Torana (now Huntington Choice Pay), a digital payments business, in May 2022, and Capstone Partners, a middle-market investment bank, in June 2022, which resulted in $192 million of goodwill. The filing states that the Federal Reserve's indicative stress capital buffer requirement is 3.3%, versus the 2.5% minimum in effect, and that Huntington has requested reconsideration.

    Jul 29, 2022
  15. 2022-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2022

    Huntington Bancshares Incorporated reported first-quarter 2022 net income of $460 million, or $0.29 per diluted common share, compared with $532 million, or $0.48 per diluted share, in the year-ago quarter. The filing attributes the results to the June 9, 2021 TCF Financial Corporation acquisition and organic growth. The year-ago quarter was helped by a $144 million mark-to-market benefit on interest rate caps and a provision benefit. Net interest income rose $174 million, or 18%, to $1.1 billion, while the FTE net interest margin fell 60 basis points to 2.88%. Average earning assets grew $48.3 billion, or 42%. Noninterest income was $499 million, up 26%, and noninterest expense was $1,053 million, up 33%, including $46 million of acquisition-related expenses. Credit metrics remained favorable. The provision for credit losses was $25 million, and net charge-offs were $19 million, or an annualized 0.07% of average loans and leases. The allowance for credit losses was $2.1 billion, or 1.87% of total loans and leases, compared with 1.89% at December 31, 2021. Nonperforming assets declined $42 million from year-end to $708 million. Capital ratios declined: the CET1 risk-based capital ratio was 9.22%, down from 9.33%, and the tangible common equity to tangible assets ratio was 6.28%, down 60 basis points. The filing attributes the decline mainly to higher interest rates reducing accumulated other comprehensive income. Shareholders' equity totaled $18.5 billion. Huntington repurchased no shares in the quarter, has completed $650 million of its $800 million repurchase authorization, and declared a quarterly common dividend of $0.155 per share. It also announced a definitive agreement on March 1, 2022 to acquire Capstone Partners, expected to close late in the second quarter of 2022.

    Apr 29, 2022
  16. 2021-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2021

    Huntington Bancshares Incorporated reported third-quarter 2021 net income attributable to the company of $377 million, or $0.22 per diluted common share, compared with $303 million, or $0.27 per share, in the year-ago quarter. Results reflect the June 9, 2021 closing of the all-stock acquisition of TCF Financial Corporation, valued at $7.2 billion. TCF acquisition-related expenses totaled $234 million pre-tax ($192 million after tax, or $(0.13) per common share). Net interest income rose $343 million, or 42%, to $1.2 billion, and the FTE net interest margin was 2.90%. The provision for credit losses was a benefit of $62 million, compared with a $177 million expense a year earlier, and total net charge-offs fell to an annualized 0.20% of average loans and leases from 0.56%. Noninterest expense increased $577 million, or 81%, to $1.29 billion, mainly due to the acquisition. At September 30, 2021, total assets were $173.9 billion and shareholders' equity was $19.5 billion. The Common Equity Tier 1 risk-based capital ratio was 9.57%, down from 9.89% a year earlier, and the regulatory Tier 1 risk-based capital ratio was 11.35%, down from 12.37%. The company repurchased $500 million of common stock (33.4 million shares at a weighted average price of $14.96) during the quarter under an $800 million authorization approved July 21, 2021. Nonperforming assets rose to $893 million, up $330 million from December 31, 2020, largely due to the TCF acquisition. The filing also discloses that net interest income at risk for the -25 basis point scenario was outside Board policy limits at September 30, 2021; the Risk Oversight Committee approved an increase to that limit on October 19, 2021, bringing it back into compliance. Other items include $8.5 billion of PPP loans forgiven by the SBA through September 2021 out of $11.4 billion originated by Huntington and TCF, the September 2021 divestiture of 14 TCF branches to Horizon Bank, and a quarterly common dividend of $0.155 per share declared October 20, 2021.

    Nov 5, 2021
  17. 2021-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2021

    Huntington Bancshares Incorporated reported a net loss of $15 million for the second quarter of 2021, compared with net income of $150 million in the year-ago quarter, or a loss of $0.05 per common share. The result was driven by TCF acquisition-related expenses of $269 million ($218 million after tax) and a TCF acquisition initial provision for credit losses of $294 million ($239 million after tax). The TCF Financial Corporation acquisition closed on June 9, 2021 in an all-stock transaction valued at $7.2 billion, and the quarter reflects only about three weeks of combined operations. Excluding these one-time items, the core picture was mixed. Net interest income rose 6% year over year to $838 million, but the FTE net interest margin fell 28 basis points to 2.66%, reflecting lower interest rates, elevated Federal Reserve deposits, and a $55 million mark-to-market detriment on interest rate caps. Noninterest income increased 14% to $444 million, while noninterest expense rose 59% to $1.07 billion, largely due to the acquisition. Credit quality improved: total net charge-offs were 0.28% of average loans, down from 0.54% a year earlier, and the provision for credit losses fell to $211 million from $327 million. Capital ratios remained above well-capitalized levels, with a CET1 ratio of 9.98% at June 30, 2021. After quarter end, Huntington redeemed $600 million of Series D preferred stock and the Board approved repurchases of up to $800 million of common shares over the next four quarters. The Board also declared a quarterly common dividend of $0.15 per share.

    Aug 6, 2021
  18. 2021-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2021

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $532 million, or $0.48 per diluted common share, for the first quarter of 2021, compared with $48 million, or $0.03 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $182 million, or 23%, to $978 million, reflecting a 34 basis point increase in the net interest margin to 3.48%. The provision for credit losses was a benefit of $(60) million, compared with a $501 million decrease year over year, and net charge-offs were an annualized 0.32% of average loans and leases. The quarter also included a $144 million mark-to-market gain on interest rate caps and $45 million of deferred PPP loan fees recognized upon SBA forgiveness, which the filing identifies as favorably affecting results. Noninterest income increased $34 million, or 9%, to $395 million, led by a 72% increase in mortgage banking income. Noninterest expense rose $141 million, or 22%, to $793 million, including a $25 million donation to The Columbus Foundation and $21 million of expenses related to the pending TCF acquisition. The Common Equity Tier 1 risk-based capital ratio was 10.33% and the regulatory Tier 1 risk-based capital ratio was 13.32% at March 31, 2021, both up from a year earlier. Huntington issued $500 million of Series H preferred stock in the quarter and declared a $0.15 quarterly common dividend. The filing states that the pending all-stock merger with TCF Financial Corporation, approved by shareholders in late March 2021, is expected to close late in the second quarter of 2021, subject to regulatory approval and other customary conditions. Under the merger agreement, TCF shareholders will receive 3.0028 Huntington shares for each TCF common share. Management stated it cannot estimate the full magnitude of COVID-19's continuing effects, though it noted that payment deferrals have largely ended and that less than 1% of total deferrals remained in place at March 31, 2021.

    Apr 30, 2021
  19. 2020-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2020

    Huntington Bancshares Incorporated reported net income of $303 million, or $0.27 per common share, for the third quarter of 2020, compared with $372 million, or $0.34 per common share, in the year-ago quarter. Results were pressured by a provision for credit losses of $177 million, up $95 million year-over-year, with net charge-offs of $113 million, driven largely by the oil and gas portfolio. Net interest income on a fully-taxable equivalent basis was $822 million, down $17 million, as the net interest margin fell 24 basis points to 2.96%, partially offset by an $11.0 billion increase in average earning assets. Noninterest income rose $41 million to $430 million, led by a $68 million increase in mortgage banking income, while noninterest expense rose $45 million to $712 million. The filing describes a balance sheet shaped by the COVID-19 pandemic and the CARES Act. Total assets were $120.1 billion at September 30, 2020, and deposits grew to $95.2 billion, with the Paycheck Protection Program contributing to loan growth and elevated deposits at the Federal Reserve. Nonaccrual loans and leases rose to $569 million from $468 million at year-end 2019, and the total allowance for credit losses reached $1.9 billion, or 2.31% of total loans and leases, following the January 1, 2020 CECL adoption. The Common Equity Tier 1 ratio was 9.89% and the regulatory Tier 1 risk-based capital ratio was 12.37%. Capital actions included the issuance of $500 million of Series F preferred stock in the second quarter and $500 million of Series G preferred stock in the third quarter. The company repurchased no common stock in the second or third quarter, and the Federal Reserve Board barred share repurchases for large bank holding companies, including Huntington, during the third and fourth quarters of 2020, while permitting dividends subject to limits. On October 21, 2020, the Board declared a quarterly common dividend of $0.15 per share.

    Oct 30, 2020
  20. 2020-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2020

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $150 million, or $0.13 per common share, for the 2020 second quarter, compared with $364 million, or $0.33 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income was $797 million, down $22 million, or 3%, as the FTE net interest margin fell 37 basis points to 2.94%. The provision for credit losses rose $268 million year-over-year to $327 million, driven by the deteriorating economic outlook from COVID-19 and risk rating downgrades in the oil and gas, hospitality and other commercial portfolios. Noninterest income rose $17 million, or 5%, to $391 million, led by a $62 million, or 182%, increase in mortgage banking income, while noninterest expense decreased $25 million, or 4%, to $675 million. Credit deterioration was the main pressure point. Total net charge-offs were $107 million, or an annualized 0.54% of average loans and leases, and nonperforming assets rose $215 million, or 43%, from December 31, 2019, driven largely by oil and gas loans. The allowance for loan and lease losses reached $1,702 million, or 2.12% of total loans and leases, following the January 1, 2020 CECL adoption, which increased the ACL by $393 million. Average total loans and leases grew $5.3 billion, or 7%, year-over-year, with average C&I loans up $4.6 billion, or 15%, primarily reflecting $4.1 billion of average PPP loans. Management stated that it expects the pandemic to adversely affect future operating results, though it is unable to estimate the magnitude. Capital remained above well-capitalized standards. The Common Equity Tier 1 risk-based capital ratio was 9.84% at June 30, 2020, compared with 9.88% a year earlier, and the Tier 1 risk-based capital ratio was 11.79%. The company issued $500 million of Series F preferred stock in the quarter and repurchased no common stock in the second quarter. The Federal Reserve notified Huntington that its preliminary stress capital buffer is 2.5%, and it will not be permitted to make share repurchases in the third quarter of 2020, subject to limited exceptions, while dividend payments are permitted within prescribed limits.

    Jul 31, 2020
  21. 2020-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2020

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $48 million, or $0.03 per common share, for the first quarter of 2020, compared with $358 million, or $0.32 per common share, in the year-ago quarter. The results were driven by a sharp increase in the provision for credit losses to $441 million from $67 million a year earlier, reflecting the deteriorating economic outlook from the COVID-19 pandemic, higher commercial charge-offs, and downgrades in the oil and gas portfolio. Net charge-offs rose to $117 million, or an annualized 0.62% of average loans and leases. Fully-taxable equivalent net interest income declined $33 million, or 4%, to $796 million, with net interest margin falling 25 basis points to 3.14%, while noninterest income rose $42 million, or 13%, to $361 million and noninterest expense was flat at $652 million. The company adopted ASU 2016-13 (CECL) on January 1, 2020, increasing its total ACL by $393 million and reducing retained earnings by approximately $306 million, net of tax. At March 31, 2020, the total ACL was $1,603 million and the Common Equity Tier 1 risk-based capital ratio was 9.47%, compared with 9.84% a year earlier. Nonperforming assets rose to $586 million, and the company repurchased 7.1 million common shares during the quarter but stated it does not currently expect to repurchase shares for the balance of 2020. The filing notes that the company declared a quarterly common dividend of $0.15 per share payable July 1, 2020, and that the PPP and CARES Act programs are being actively supported by the bank. Management states that it is too early to quantify the full impact of COVID-19 on its loan portfolio, that the economic decline was rapidly evolving at quarter end, and that a subsequent macroeconomic outlook reflected more significant deterioration in GDP and unemployment, which would lead to further ACL increases if forecasts hold or worsen.

    May 1, 2020
  22. 2019-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2019

    Huntington Bancshares Incorporated reported net income of $372 million, or $0.34 per common share, for the third quarter of 2019, compared with $378 million, or $0.33 per share, in the year-ago quarter. For the nine months ended September 30, 2019, net income was $1.09 billion ($0.98 diluted EPS) versus $1.06 billion in the prior-year period. Fully-taxable equivalent net interest income declined $5 million, or 1%, to $805 million as net interest margin fell 12 basis points to 3.20%, partly offset by a $2.9 billion, or 3%, increase in average earning assets. Non-interest income rose $47 million, or 14%, to $389 million, led by mortgage banking income and capital markets fees, while non-interest expense rose $16 million, or 2%, to $667 million. Credit costs increased in the quarter. The provision for credit losses rose $29 million to $82 million, and net charge-offs increased $44 million to $73 million, centered in two energy credit relationships that made up nearly three-fourths of total commercial net charge-offs. NCOs were an annualized 0.39% of average loans and leases, compared with 0.16% a year earlier. Nonperforming assets rose $95 million, or 25%, from December 31, 2018, driven mainly by commercial and industrial loans. Capital remained strong, with a Common Equity Tier 1 ratio of 10.02% and a regulatory Tier 1 risk-based capital ratio of 11.41%, while the company repurchased 33.4 million common shares over the last four quarters. Management stated that it does not foresee a near-term recession, but noted a more measured outlook for commercial loan growth over the medium term due to trade and tariff uncertainty. The filing also disclosed that the company expects adoption of the CECL standard on January 1, 2020 could increase the overall allowance by 40% to 50% compared with current ACL levels, largely due to the consumer portfolio.

    Oct 28, 2019
  23. 2019-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2019

    Huntington Bancshares Incorporated reported net income of $364 million, or $0.33 per common share, for the second quarter of 2019, compared with $355 million, or $0.30 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $28 million, or 4%, to $819 million, supported by a $2.8 billion, or 3%, increase in average earning assets and a net interest margin of 3.31%, up 2 basis points. Non-interest income rose $38 million, or 11%, to $374 million, led by other income that included a gain on the sale of the Wisconsin retail branches. Non-interest expense increased $48 million, or 7%, to $700 million. The provision for credit losses was $59 million, and net charge-offs were $48 million, or an annualized 0.25% of average loans and leases, up from 0.16% a year earlier, centered in commercial loans. Credit metrics remained generally stable. Nonperforming assets were $460 million, a 0.61% NPA ratio, and the ALLL-to-total loans ratio was 1.03%. Capital ratios declined year over year as share repurchases reduced equity: the Common Equity Tier 1 ratio was 9.88% versus 10.53% a year earlier, and the Tier 1 risk-based ratio was 11.28% versus 11.99%. The company repurchased $152 million of common stock in the quarter at an average cost of $13.40 per share and completed its 2018 capital plan repurchase authorization. Management also disclosed a 2019 capital plan, announced June 27, 2019, that includes a 7% increase in the quarterly common dividend to $0.15 and repurchases of up to $513 million of common stock over the next four quarters. For the first six months of 2019, net income was $722 million, or $0.64 per diluted share, compared with $681 million, or $0.58 per diluted share, a year earlier. Management described the economic outlook in its footprint as favorable and stated that it does not foresee a recession in the near term.

    Jul 29, 2019
  24. 2019-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2019

    Huntington Bancshares Incorporated reported net income of $358 million, or $0.32 per common share, for the first quarter of 2019, compared with $326 million, or $0.28 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $52 million, or 7%, to $829 million, driven by a $3.8 billion, or 4%, increase in average earning assets and a 9 basis point increase in the FTE net interest margin to 3.39%. Non-interest income was $319 million, up $5 million, or 2%, while non-interest expense rose $20 million, or 3%, to $653 million, led by higher personnel costs. Credit quality weakened modestly. The provision for credit losses was $67 million, and net charge-offs increased $33 million to $71 million, or an annualized 0.38% of average loans and leases, with the increase centered in two commercial credit relationships. Nonperforming assets rose $74 million, or 19%, from year-end 2018 to $461 million, and the ALLL to total loans ratio declined to 1.02%. Total loans and leases were $75.1 billion at March 31, 2019, and total deposits were $82.2 billion. Capital ratios declined year over year but remained above well-capitalized standards. The CET1 risk-based capital ratio was 9.84%, versus 10.45% a year earlier, and the Tier 1 risk-based capital ratio was 11.25%. The company repurchased $25 million of common stock in the quarter at an average cost of $13.64 per share, with $152 million of authorization remaining under the 2018 Capital Plan. The board declared a quarterly common dividend of $0.14 per share.

    Apr 29, 2019
  25. 2018-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2018

    Huntington Bancshares Incorporated reported net income of $378 million, or $0.33 per common share, for the third quarter of 2018, compared with $275 million, or $0.23 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $39 million, or 5%, to $810 million, supported by a $3.9 billion, or 4%, increase in average earning assets and a three basis point increase in the FTE net interest margin to 3.32%. Average loans and leases grew $4.5 billion, or 7%, led by residential mortgage (up 22%) and C&I (up 4%) growth. No Significant Items were recorded in the quarter, compared with $31 million of acquisition-related expense in the year-ago quarter. Credit quality remained strong in the quarter. Net charge-offs were $29 million, or an annualized 0.16% of average loans and leases, down from 0.25% a year earlier, and commercial loans were in a net recovery position. The provision for credit losses rose $10 million year over year to $53 million. Nonperforming assets were $403 million at September 30, 2018, and the ALLL-to-total loans ratio was 1.04%. Capital returns were significant. The company repurchased $691 million of common stock in the quarter at an average cost of $15.82 per share, including a completed $400 million accelerated share repurchase, under a 2018 CCAR capital plan that included a 27% increase in the quarterly common dividend to $0.14. The CET1 risk-based capital ratio was 9.89% at September 30, 2018, compared with 10.53% at June 30, 2018, and the tangible common equity to tangible assets ratio was 7.25%.

    Oct 30, 2018
  26. 2018-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2018

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $355 million, or $0.30 per common share, for the second quarter of 2018, compared with $272 million, or $0.23 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $34 million, or 4%, to $791 million, supported by a $4.6 billion, or 5%, increase in average earning assets, while the FTE net interest margin declined two basis points to 3.29%. Noninterest income was $336 million, up $11 million, or 3%, and noninterest expense fell $42 million, or 6%, to $652 million, mainly because the year-ago quarter included $50 million of acquisition-related Significant Items; there were no Significant Items in the 2018 second quarter. The provision for credit losses rose to $56 million, and net charge-offs decreased to $28 million, or an annualized 0.16% of average loans and leases. Credit quality remained stable, with nonperforming assets of $412 million, a 0.57% NPA ratio, and an ALLL to total loans ratio of 1.02%. Total loans and leases reached $72.4 billion at June 30, 2018, and total deposits were $79.6 billion. The CET1 risk-based capital ratio was 10.53% and the Tier 1 risk-based capital ratio was 11.99% at June 30, 2018. During the quarter the company did not repurchase common stock, but the Federal Reserve did not object to a capital plan that includes a 27% increase in the quarterly common dividend to $0.14 starting in the third quarter of 2018 and the repurchase of up to $1.068 billion of common stock over the four quarters through June 30, 2019. On July 27, 2018, the company entered into an accelerated share repurchase agreement for approximately $400 million of its common shares. The company also issued $500 million of 5.700% Series E preferred stock in the first quarter, converted its 8.50% Series A convertible preferred into common stock, and issued $500 million of 4.00% senior notes due 2025 and $750 million of Bank senior notes due 2021 during the second quarter. Management described its primary risk exposures as credit, market, liquidity, operational and compliance, and reported that its net interest income at risk remained asset sensitive at June 30, 2018.

    Jul 30, 2018
  27. 2018-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2018

    Huntington Bancshares Incorporated reported first-quarter 2018 net income of $326 million, or $0.28 per diluted common share, compared with $208 million, or $0.17 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $34 million, or 5%, to $777 million, driven by a $4.3 billion, or 5%, increase in average earning assets, with the net interest margin unchanged at 3.30%. Noninterest income rose $2 million, or 1%, to $314 million, while noninterest expense fell $74 million, or 10%, to $633 million because the year-ago quarter included $73 million of acquisition-related Significant Items. The filing reports no Significant Items in the 2018 first quarter. Credit quality remained stable. The provision for credit losses was $66 million, and net charge-offs were $38 million, or an annualized 0.21% of average loans and leases, below the company's stated long-term expectation of 35 to 55 basis points. Nonperforming assets rose $31 million, or 8%, from December 31, 2017, to $420 million, primarily from three commercial and industrial credits identified as nonaccrual loans. The CET1 risk-based capital ratio was 10.52% at March 31, 2018, up from 10.01% at December 31, 2017. During the quarter, $363 million of 8.5% Series A preferred stock converted into common stock, the company issued $500 million of 5.7% Series E preferred stock, and it completed a $308 million common share repurchase program under its 2017 CCAR plan. The filing also notes federal tax reform as a factor in results. The effective tax rate was 15.3% in the first quarter, compared with 22.2% a year earlier, and the company's net federal deferred tax liability was $111 million at March 31, 2018.

    Apr 30, 2018
  28. 2017-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2017

    Huntington Bancshares Incorporated reported net income of $275 million, or $0.23 per common share, for the third quarter of 2017, compared with $127 million, or $0.11 per share, in the year-ago quarter. Results were affected by FirstMerit acquisition-related net expenses of $31 million pre-tax, or $0.02 per common share. Fully-taxable equivalent net interest income rose $135 million, or 21%, to $771 million, reflecting a $13.2 billion, or 17%, increase in average earning assets and a net interest margin of 3.29%, up 11 basis points. Non-interest income increased $28 million, or 9%, to $330 million, and non-interest expense decreased $32 million, or 4%, to $680 million, primarily due to lower acquisition-related Significant Items. Credit quality remained stable. The provision for credit losses was $44 million, down $20 million year-over-year, and net charge-offs were $43 million, or an annualized 0.25% of average loans and leases, below the company's long-term expectation of 35 to 55 basis points. Nonperforming assets totaled $386.963 million at September 30, 2017, down 20% from December 31, 2016. Capital ratios strengthened, with the CET1 risk-based capital ratio at 9.94% compared with 9.09% a year earlier, and the company repurchased $123 million of common stock during the quarter at an average cost of $12.75 per share. The filing also reports that the Board declared a quarterly common dividend of $0.11 per share, payable January 2, 2018, following a 38% increase from the prior $0.08 quarterly rate, and that the Federal Reserve did not object to the company's 2017 capital plan, which authorizes repurchases of up to $308 million of common stock through June 30, 2018.

    Oct 30, 2017
  29. 2017-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2017

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $271.7 million, or $0.23 per common share, for the second quarter of 2017, compared with $174.5 million, or $0.19 per share, in the year-ago quarter. Results were affected by FirstMerit acquisition-related net expenses of $50.2 million pre-tax, or $0.03 per share. Net income for the six months ended June 30, 2017 was $479.8 million. Fully-taxable equivalent net interest income rose $241 million, or 47%, to $757 million, driven by a $23.9 billion, or 35%, increase in average earning assets, and the net interest margin widened 25 basis points to 3.31%. Noninterest income rose $54 million, or 20%, to $325 million, while noninterest expense rose $171 million, or 33%, to $694 million, primarily reflecting the FirstMerit acquisition. Credit quality metrics were stable. The provision for credit losses was $25 million, flat year over year, and net charge-offs were $36 million, or an annualized 0.21% of average loans and leases, below the company's long-term target of 35 to 55 basis points. Nonperforming assets declined 9% in the quarter to $415.2 million. The CET1 risk-based capital ratio was 9.88% at June 30, 2017, compared with 9.80% a year earlier, and tangible common equity to tangible assets was 7.41%. The Federal Reserve did not object to the company's 2017 CCAR capital plan, which includes a 38% increase in the quarterly common dividend to $0.11 starting in the fourth quarter of 2017 and up to $308 million of common share repurchases over the four quarters through June 30, 2018. The filing also reports $1.0 billion of agency mortgage-backed and other agency securities transferred from available-for-sale to held-to-maturity during the quarter, and $3.6 million of other-than-temporary impairment on two Diversified CDO securities. Shareholders' equity totaled $10.7 billion at June 30, 2017, and the company reported that its disclosure controls were effective.

    Jul 31, 2017
  30. 2017-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2017

    Huntington Bancshares Incorporated reported first-quarter 2017 net income of $208 million, or $0.17 per common share, compared with $171 million, or $0.20 per common share, in the year-ago quarter. The filing states that results were affected by FirstMerit acquisition-related net expenses of $71 million pre-tax, or $0.04 per common share. Fully-taxable equivalent net interest income rose $230 million, or 45%, to $742 million, reflecting a $24.9 billion, or 38%, increase in average earning assets and a net interest margin of 3.30%, up 19 basis points. Noninterest income increased $71 million, or 29%, to $312 million, and noninterest expense increased $216 million, or 44%, to $707 million, both primarily due to the FirstMerit acquisition. Credit quality was described as showing continued overall positive results. The provision for credit losses was $68 million, up $40 million, or 145%, and net charge-offs were $39 million, or an annualized 0.24% of average loans and leases, which the filing notes remains below the company's long-term target of 35 to 55 basis points. Nonperforming assets declined 5% from the prior quarter to $458 million. The CET1 risk-based capital ratio was 9.74% at March 31, 2017, compared with 9.73% a year earlier, and the tangible common equity to tangible assets ratio was 7.28%, down 61 basis points. Shareholders' equity totaled $10.4 billion. The company did not repurchase common shares over the past five quarters, and its board declared a quarterly common dividend of $0.08 per share on April 18, 2017. During the quarter the Bank issued $1 billion of senior notes, and the filing reports that the Bank declared a $225 million return of capital to the holding company, payable in the second quarter of 2017.

    Apr 28, 2017
  31. 2016-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2016

    Huntington Bancshares Incorporated reported third-quarter 2016 net income of $127 million, or $0.11 per diluted common share, compared with $153 million, or $0.18 per share, in the year-ago quarter. Results were weighed down by FirstMerit acquisition-related expenses totaling $159 million pre-tax, or $0.11 per common share. The FirstMerit acquisition closed on August 16, 2016, in a stock and cash transaction valued at approximately $3.7 billion, and the company now operates across an eight-state Midwestern footprint. Fully-taxable equivalent net interest income rose $132 million, or 26%, to $636 million, and the net interest margin improved 2 basis points to 3.18%. Credit costs and fee income moved higher. The provision for credit losses was $64 million, up $41 million, or 184%, and net charge-offs were $40 million, or an annualized 0.26% of average loans and leases, up from 0.13% a year earlier. Noninterest income increased $49 million, or 19%, to $302 million, led by a $22 million, or 114%, rise in mortgage banking income. Total noninterest expense rose $186 million, or 35%, to $712 million, driven largely by acquisition-related personnel and professional services costs. Capital ratios reflect the acquisition. The CET1 risk-based capital ratio was 9.09% at September 30, 2016, down from 9.72% a year earlier, and the tangible common equity to tangible assets ratio was 7.14%, down 75 basis points. The company issued $2.8 billion of common stock and $100 million of Series C preferred stock in connection with the deal. Management reaffirmed expectations for 2016 revenue growth of 16% to 18% and noninterest expense growth of 13% to 15%, both excluding Significant Items, and expects the full-year net charge-offs to remain below its long-term normalized range of 35 to 55 basis points.

    Nov 8, 2016
  32. 2016-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2016

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $175 million, or $0.19 per common share, for the second quarter of 2016, compared with $196 million, or $0.23 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $17 million, or 3%, to $516 million, driven by an 8% increase in average earning assets, while the net interest margin declined 14 basis points to 3.06%. Noninterest income fell $11 million, or 4%, to $271 million, and noninterest expense rose $32 million, or 6%, to $524 million, including $21 million of Significant Items tied to the pending FirstMerit acquisition. Credit metrics were mixed. Nonaccrual loans and leases increased $96 million, or 26%, from the year-ago quarter to $461 million, or 0.88% of total loans and leases, with the increase centered in the Commercial portfolio and primarily associated with energy sector relationships. Net charge-offs decreased $9 million, or 34%, to $17 million, representing an annualized 0.13% of average loans and leases. The tangible common equity to tangible assets ratio was 7.96%, and the CET1 risk-based capital ratio was 9.80% at June 30, 2016, up from 9.65% a year earlier. The filing centers on the pending acquisition of FirstMerit Corporation, a stock and cash transaction valued at approximately $3.4 billion. Shareholders of both companies approved the transaction, and on July 29, 2016, Huntington received Federal Reserve approval; the company expects completion in the 2016 third quarter, subject to OCC approval of the bank merger. The company also announced a 14% increase in its quarterly common dividend to $0.08, beginning in the fourth quarter of 2016, and has suspended share repurchases.

    Jul 29, 2016
  33. 2016-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2016

    Huntington Bancshares Incorporated reported first-quarter 2016 net income of $171 million, or $0.20 per diluted common share, compared with $166 million, or $0.19 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $37 million, or 8%, to $512 million on an 8% increase in average earning assets, partially offset by a net interest margin of 3.11%, down 4 basis points. Noninterest income increased $10 million, or 4%, to $242 million, while noninterest expense rose $32 million, or 7%, to $491 million, which included $6 million of expense related to the pending FirstMerit acquisition. Asset quality was mixed. Nonaccrual loans and leases increased $134 million, or 37%, from the year-ago quarter to $499 million, or 0.97% of total loans and leases, primarily in commercial energy-sector relationships. Net charge-offs fell $16 million, or 65%, to $9 million, helped by a large CRE recovery, and the provision for credit losses was $28 million, up $7 million, or 34%. The CET1 risk-based capital ratio was 9.73% at March 31, 2016, up from 9.51% a year earlier. Huntington issued $400 million of Series D preferred stock and $1.0 billion of senior notes during the quarter, and did not repurchase common shares because it is pursuing the pending FirstMerit acquisition, which management expects to complete in the third quarter of 2016. Management's 2016 outlook, excluding Significant Items, net MSR activity and the incremental impact of the FirstMerit acquisition, remains consistent with long-term goals of 4-6% revenue growth and gradually returning positive operating leverage. Management expects net charge-offs to remain below its long-term normalized range of 35 to 55 basis points.

    Apr 29, 2016
  34. 2015-Q3-A

    Huntington Bancshares Quarterly Report (Amendment) for Q3 Ended Sep 30, 2015

    Huntington Bancshares Incorporated reported net income of $152.6 million, or $0.18 per common share, for the third quarter of 2015, compared with $155.0 million, or $0.18 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $29.8 million, or 6%, to $503.6 million, driven by an $4.6 billion, or 8%, increase in average earning assets, partly offset by a 4 basis point decline in the net interest margin to 3.16%. Noninterest income increased $5.8 million, or 2%, to $253.1 million, while noninterest expense rose $46.2 million, or 10%, to $526.5 million, primarily due to a $38.2 million addition to litigation reserves tied to the Cyberco matter, in which the District Court entered a $71.8 million judgment against the Bank on September 28, 2015. Credit quality remained favorable in the quarter. Net charge-offs fell $13.9 million, or 46%, to $16.2 million, or an annualized 0.13% of average loans and leases, and nonperforming assets declined 4% from the prior quarter to $381.4 million. The provision for credit losses was $22.5 million. Total loans and leases reached $49.7 billion at September 30, 2015, up $2.0 billion from December 31, 2014, reflecting the Huntington Technology Finance acquisition and automobile loan growth. Capital ratios remained strong, with the Basel III CET1 risk-based capital ratio at 9.72% and the tier 1 risk-based capital ratio at 10.49% at September 30, 2015. The company repurchased 6.8 million common shares in the quarter at a weighted average price of $10.66, and the board declared a quarterly common dividend of $0.07 per share payable January 4, 2016. Management expects fourth-quarter 2015 noninterest expense, excluding Significant Items, to remain consistent with the second and third quarters, and anticipates an effective tax rate of 24% to 27% for the remainder of 2015.

    Dec 18, 2015
  35. 2015-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2015

    Huntington Bancshares Incorporated reported net income of $152.6 million, or $0.18 per common share, for the third quarter of 2015, compared with $155.0 million, or $0.18 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $29.8 million, or 6%, to $503.6 million, driven by an $4.6 billion, or 8%, increase in average earning assets, while the net interest margin declined 4 basis points to 3.16%. Net charge-offs fell $13.9 million, or 46%, to $16.2 million, and the provision for credit losses was $22.5 million. Noninterest expense rose $46.2 million, or 10%, to $526.5 million, primarily due to a $38.2 million increase in litigation reserves tied to the Cyberco matter, after the District Court entered a $71.8 million judgment against the Bank on September 28, 2015, which the company plans to appeal. Noninterest income was $253.1 million, up 2%, led by higher other income from Huntington Technology Finance equipment operating leases, partially offset by lower mortgage banking income. Capital ratios remained strong. The Basel III CET1 risk-based capital ratio was 9.72% at September 30, 2015, and the tangible common equity to tangible assets ratio was 7.89%. The company repurchased 20.5 million common shares during the first nine months of 2015 and has approximately $194.9 million remaining under its current authorization. The board declared a quarterly common dividend of $0.07 per share payable January 4, 2016, up from $0.06. Management expects positive operating leverage for full-year 2015 and noninterest expense growth of 2% to 4%, excluding Significant Items and Huntington Technology Finance recurring expense.

    Oct 30, 2015
  36. 2015-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2015

    Huntington Bancshares Incorporated reported net income of $196.2 million, or $0.23 per common share, for the second quarter of 2015, compared with $164.6 million, or $0.19 per common share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $32.0 million, or 7%, to $498.6 million, reflecting a $5.5 billion, or 10%, increase in average earning assets, partially offset by an 8 basis point reduction in the net interest margin to 3.20%. Noninterest income increased $31.7 million, or 13%, to $281.8 million, led by higher mortgage banking income, and noninterest expense rose $33.1 million, or 7%, to $491.8 million, driven largely by personnel costs and Huntington Technology Finance (HTF) operating lease expense. Credit metrics were stable to improving. The provision for credit losses was $20.4 million, down $9.0 million, or 31%, and net charge-offs were $25.4 million, or an annualized 0.21% of average loans and leases. Nonperforming assets totaled $396 million at June 30, 2015, and the allowance for credit losses was 1.34% of total loans and leases. Management expects full-year 2015 positive operating leverage and noninterest expense growth of 2-4%, excluding Significant Items and HTF recurring expense. Capital ratios reflected share repurchases of 22.8 million common shares over the last four quarters. The common equity tier 1 ratio on a Basel III transitional basis was 9.65% at June 30, 2015, and the tangible common equity to tangible assets ratio was 7.91%. The company acquired HTF on March 31, 2015, recording $155.8 million of goodwill, and completed a $0.8 billion automobile loan securitization in the second quarter, with a $5.3 million gain.

    Aug 4, 2015
  37. 2015-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2015

    Huntington Bancshares Incorporated reported net income of $165.9 million, or $0.19 per common share, for the first quarter of 2015, compared with $149.1 million, or $0.17 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $31.9 million, or 7%, to $475.2 million on an 11% increase in average earning assets, while the net interest margin declined 12 basis points to 3.15%. Noninterest income fell $16.9 million, or 7%, mainly because of $17.0 million of securities gains in the prior-year quarter, and noninterest expense was roughly flat at $458.9 million as reported, although it rose 4% excluding Significant Items. Credit quality showed mixed results. Net charge-offs fell to $24.4 million, or 0.20% of average loans, from $43.0 million in the year-ago quarter, and the provision for credit losses was $20.6 million. However, nonperforming assets rose $63.1 million, or 19%, to $400.8 million, driven mainly by one large commercial and industrial relationship placed on nonaccrual status. Capital ratios declined modestly as the company repurchased 4.9 million common shares, and the Basel III transitional common equity tier 1 ratio was 9.51% at March 31, 2015. During the quarter Huntington completed the acquisition of Macquarie Equipment Finance, Inc. on March 31, 2015, for a cash transaction valued at $457.8 million. Management expects 2015 positive operating leverage and noninterest expense growth of 2-4%, excluding Significant Items and Macquarie run-rate expense, and the board declared a $0.06 quarterly dividend and authorized up to $366 million of share repurchases over five quarters through the second quarter of 2016.

    May 5, 2015
  38. 2014-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2014

    Huntington Bancshares Incorporated reported net income of $155.0 million, or $0.18 per common share, for the third quarter of 2014, compared with $178.8 million, or $0.20 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $42.4 million, or 10%, from the year-ago quarter on a $7.5 billion, or 15%, increase in average earning assets, while the net interest margin declined 14 basis points to 3.20%. Noninterest expense rose $57.0 million, or 13%, year over year, and the filing identifies $22.8 million of Significant Items in the quarter, including $19.3 million of franchise repositioning expense. Net charge-offs fell $25.7 million, or 46%, to $30.0 million, and total nonperforming assets were $364.5 million at September 30, 2014. Capital ratios declined from a year earlier, with the tangible common equity to tangible assets ratio at 8.35%, the Tier 1 common equity to risk-weighted assets ratio at 10.31%, and the regulatory Tier 1 risk-based capital ratio at 11.61%. The company attributes the decreases to balance sheet growth and share repurchases, partly offset by retained earnings and stock issued in the Camco acquisition. During the quarter Huntington repurchased 5.4 million common shares at a weighted average price of $9.70, and roughly $86 million remained under the current repurchase authorization. Management expects net interest income to rise slightly in the fourth quarter, with continued pressure on the NIM, and expects roughly $10 million of Significant Items in the fourth quarter tied to franchise repositioning. Loans and leases totaled $46.7 billion at September 30, 2014, up $3.6 billion, or 8%, from December 31, 2013, driven by automobile and commercial and industrial growth. Management reports that it is within Board policy limits for interest rate risk, and that Huntington's earnings are not particularly sensitive to near-term rate changes.

    Oct 28, 2014
  39. 2014-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2014

    Huntington Bancshares Incorporated reported net income of $164.6 million, or $0.19 per common share, for the second quarter of 2014, compared with $151.0 million, or $0.17 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $35.2 million, or 8%, from the year-ago quarter on a $5.9 billion, or 12%, increase in average earning assets, partly offset by a 10 basis point decline in the net interest margin to 3.28%. Noninterest income declined $1.9 million, or less than 1%, driven by a $10.9 million, or 33%, drop in mortgage banking income, while noninterest expense rose $12.8 million, or 3%, including $4.8 million of one-time strategic planning consulting expense. Credit quality continued to improve. Net charge-offs fell $6.1 million, or 18%, year over year to $28.6 million, or an annualized 0.25% of average loans and leases, and nonperforming assets decreased 1% from the prior quarter to $362.1 million. Total loans and leases reached $46.1 billion at June 30, 2014, up $3.0 billion, or 7%, from December 31, 2013, driven by commercial and automobile lending. Capital ratios declined year over year as the company repurchased 12.1 million common shares in the quarter and issued shares for the Camco Financial acquisition; the Tier 1 common risk-based capital ratio was 10.26%. Looking ahead, management expects net interest income to increase modestly, noninterest expense (excluding one-time items) to remain near the current level, and asset quality to trend favorably. On July 30, 2014, the company began organizational actions expected to yield $30 to $35 million in annualized expense savings, with $15 to $20 million of restructuring charges in the third quarter and $3 to $5 million in the fourth quarter.

    Jul 30, 2014
  40. 2014-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2014

    Huntington Bancshares Incorporated reported net income of $149.1 million, or $0.17 per common share, for the first quarter of 2014, compared with $153.3 million, or $0.17 per share, in the year-ago quarter. Fully-taxable equivalent net interest income rose $13.3 million, or 3%, to $443.4 million, driven by a $2.6 billion, or 6%, increase in average loans and a $1.4 billion, or 14%, increase in other earning assets, partly offset by a 15 basis point decline in the net interest margin to 3.27%. Noninterest income fell $8.1 million, or 3%, mainly due to a $22.2 million, or 49%, decline in mortgage banking income, while noninterest expense rose $17.3 million, or 4%, to $460.1 million, including $12.6 million of Camco Financial merger costs, a $9.0 million litigation reserve addition and a $3.0 million goodwill impairment. Credit metrics were mixed but generally improved. The provision for credit losses decreased $5.0 million, or 17%, from a year earlier to $24.6 million, and net charge-offs decreased $8.7 million, or 17%, to $43.0 million, or an annualized 0.40% of average loans. Nonperforming assets rose 4% from year-end to $365.3 million, largely due to the Camco Financial acquisition completed March 1, 2014. Total loans and leases reached $44.4 billion at March 31, 2014. Capital ratios remained solid: the Tier 1 common equity ratio was 10.60% and the tangible common equity to tangible assets ratio was 8.63%. The company repurchased 14.6 million common shares in the quarter at a weighted average price of $9.32, and the Federal Reserve did not object to a capital plan allowing up to $250 million of additional common repurchases through the first quarter of 2015 and a dividend increase to $0.06 per share, potentially starting in the fourth quarter of 2014. Management expects net interest income to increase moderately in 2014, with continued pressure on the net interest margin.

    Apr 28, 2014
  41. 2013-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2013

    Huntington Bancshares Incorporated reported net income of $178.5 million, or $0.20 per diluted common share, for the third quarter of 2013, compared with $150.7 million, or $0.17 per share, in the prior quarter. Results were supported by a $33.9 million pension curtailment gain, partly offset by $16.6 million of franchise repositioning expense. Fully-taxable equivalent net interest income was $431.5 million, unchanged from the prior quarter, as a 4 basis point decline in net interest margin to 3.34% offset a $0.1 billion increase in average earning assets. Provision for credit losses fell $13.3 million from the prior quarter to $11.4 million, and the allowance for credit losses to total loans declined to 1.72% from 1.86%. Credit quality continued to improve, with nonaccrual loans and leases declining $30.4 million to $333.1 million, or 0.78% of total loans. Net charge-offs rose to 0.53% of average loans, driven by a single commercial real estate relationship and a $13.1 million Chapter 7 bankruptcy-related review in home equity. Noninterest expense fell $22.5 million from the prior quarter. Capital ratios strengthened, with the Tier 1 common equity ratio at 10.85% and the tangible common equity to tangible assets ratio at 9.02%, even after the repurchase of 2.0 million common shares at an average price of $8.18. Management estimates Basel III final rules will reduce the Basel I Tier 1 common ratio by about 60 basis points, and it expects full-year 2013 net interest margin not to fall below the mid 3.30% range. Subsequent to quarter end, Huntington agreed to acquire Camco Financial, parent of Advantage Bank, in a cash and stock transaction valued at approximately $97 million, with completion expected in the first half of 2014.

    Nov 7, 2013
  42. 2013-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2013

    Huntington Bancshares Incorporated reported second-quarter 2013 net income of $150.7 million, or $0.17 per common share, compared with $151.8 million, or $0.17 per share, in the first quarter of 2013. Fully-taxable equivalent net interest income was $431.5 million, down $1.4 million from the prior quarter, as a 4 basis point decline in the net interest margin to 3.38% was partially offset by a $0.2 billion increase in average earning assets and an additional day in the quarter. Credit quality continued to improve: net charge-offs fell $16.9 million, or 33%, to $34.8 million (0.34% of average loans), the provision for credit losses declined to $24.7 million, and nonaccrual loans fell 4% to $363.5 million. Noninterest income was $248.7 million and noninterest expense was $445.9 million. Capital ratios strengthened on a risk-based basis. The Tier 1 common equity ratio rose to 10.71% from 10.62%, while the tangible common equity to tangible asset ratio fell to 8.78% from 8.92%, reflecting unrealized losses on available-for-sale securities and cash flow hedges. Huntington repurchased 10.0 million common shares in the quarter at an average price of $7.50. The filing states that the final Basel III rule, adopted by the Federal Reserve on July 2, 2013, is estimated to reduce the Basel I Tier 1 common risk-based ratio by about 60 basis points, with new minimums effective January 1, 2015. Management's outlook calls for modest growth in net interest income for the remainder of 2013, with NIM not expected to fall below the mid-3.30% range. The company also expects a one-time, non-cash pre-tax pension curtailment gain of approximately $35 million ($0.03 per share) in the third quarter, following the freezing of pension benefits effective December 31, 2013.

    Jul 29, 2013
  43. 2013-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2013

    Huntington Bancshares Incorporated reported net income of $151.8 million, or $0.17 per common share, for the first quarter of 2013, compared with $167.3 million, or $0.19 per common share, in the prior quarter. Fully-taxable equivalent net interest income was $430.1 million, down $9.4 million from the prior quarter, reflecting fewer calendar days and a 3 basis point decrease in net interest margin. Noninterest income fell $45.4 million, or 15%, from the prior quarter, led by a $18.1 million decline in gain on sale of loans and a $16.5 million decline in mortgage banking income. Noninterest expense decreased $27.8 million, or 6%, from the prior quarter. Credit quality improved during the quarter. The provision for credit losses decreased $9.9 million to $29.6 million, net charge-offs declined to $51.7 million, and nonaccrual loans fell $27.3 million to $380.3 million. The allowance for credit losses as a percentage of total loans and leases decreased to 1.91% from 1.99%. Capital ratios strengthened. The Tier 1 common equity ratio rose to 10.62% from 10.48%, and the tangible common equity to tangible assets ratio rose to 8.92% from 8.76%. The company repurchased 4.7 million common shares at an average price of $7.07 during the quarter. The Federal Reserve did not object to the company's capital plan, which allows a quarterly common dividend of $0.05 per share and share repurchases of up to $227.0 million through the first quarter of 2014.

    Apr 29, 2013
  44. 2012-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2012

    Huntington Bancshares Incorporated reported net income of $167.8 million, or $0.19 per common share, for the third quarter of 2012, compared with $152.7 million, or $0.17 per share, in the prior quarter. Fully-taxable equivalent net interest income was $435.6 million, up $0.8 million from the prior quarter, as a $0.3 billion increase in average earning assets was largely offset by a 4 basis point decline in the net interest margin to 3.38%. Noninterest income rose $7.2 million to $261.1 million and noninterest expense rose $14.0 million to $458.3 million. Net charge-offs increased $20.9 million to $105.1 million, including $33.0 million tied to new regulatory guidance on Chapter 7 bankruptcy loans, while nonaccrual loans declined 6% to $445.0 million. Capital ratios improved on a Tier 1 common basis. The Tier 1 common equity ratio was 10.27% at September 30, 2012, up from 10.08% at June 30, 2012, and the tangible common equity ratio rose to 8.74% from 8.41%. The company redeemed $114.3 million of trust preferred securities and repurchased 3.7 million common shares at an average price of $6.68 during the quarter. The filing estimates that proposed Basel III rules would reduce the Basel I Tier 1 common ratio by approximately 150 basis points if adopted as proposed. Management expects average net interest income to be relatively stable in coming quarters, with slight net interest margin pressure, and expects credit quality to improve. It also expects noninterest expense to modestly increase above the third-quarter level and the fourth-quarter effective tax rate to be about 24% to 26%.

    Oct 31, 2012
  45. 2012-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2012

    Huntington Bancshares Incorporated reported net income of $152.7 million, or $0.17 per common share, for the second quarter of 2012, compared with $153.3 million, or $0.17 per share, in the first quarter. For the six months ended June 30, 2012, net income was $306.0 million, or $0.33 diluted EPS, up 12% from $272.4 million in the year-ago period. Fully-taxable equivalent net interest income rose to $434.7 million for the quarter, and the net interest margin widened 2 basis points to 3.42%, aided by a 5 basis point reduction in the cost of interest-bearing liabilities and 7% growth in average noninterest-bearing deposits. Noninterest income fell $31.5 million, or 11%, from the prior quarter, mainly because the prior quarter included a $23.0 million automobile loan securitization gain and an $11.4 million bargain purchase gain tied to the Fidelity Bank acquisition. Credit quality continued to improve. Net charge-offs were $84.2 million, or an annualized 0.82% of average loans, and the provision for credit losses was $47.7 million below NCOs. Nonaccrual loans rose slightly to $474.2 million, or 1.19% of total loans and leases, while the ACL as a percentage of total loans declined to 2.28% from 2.37%. Capital ratios were largely stable: the Tier 1 common risk-based ratio was 10.08% at June 30, 2012, down from 10.15% at March 31, 2012. The company also said it estimates a reduction of approximately 150 basis points to its Basel I Tier 1 common ratio under the proposed Basel III rules, while expecting to remain well-capitalized. Management expects modest net interest income improvement and continued credit improvement for the rest of 2012.

    Jul 30, 2012
  46. 2012-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2012

    Huntington Bancshares Incorporated reported net income of $153.3 million, or $0.17 per common share, for the first quarter of 2012, compared with $126.9 million, or $0.14 per share, in the prior quarter. Fully-taxable equivalent net interest income was $421.1 million, up $2.6 million from the prior quarter, with the net interest margin rising 2 basis points to 3.40%. Noninterest income increased $56.0 million, or 24%, driven by a $23.0 million automobile loan securitization gain, a $22.3 million increase in mortgage banking income, and an $11.4 million bargain purchase gain from the FDIC-assisted acquisition of Fidelity Bank. Noninterest expense rose $32.4 million, or 8%, largely due to a $23.5 million addition to litigation reserves. Credit quality continued to improve. Nonaccrual loans and leases declined 14% to $467.6 million, or 1.15% of total loans, and net charge-offs were $83.0 million, or an annualized 0.85% of average total loans and leases. The provision for credit losses fell $10.9 million, or 24%, from the prior quarter. The allowance for credit losses as a percentage of total loans and leases decreased to 2.37% from 2.60%. Capital ratios strengthened. The Tier 1 common risk-based capital ratio rose to 10.15% from 10.00% at December 31, 2011. The Federal Reserve did not object to the company's capital plan, which allows continuation of the common dividend through the first quarter of 2013 and potential repurchases of up to $182 million of common stock. The company did not repurchase any shares during the quarter.

    Apr 30, 2012
  47. 2011-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2011

    Huntington Bancshares Incorporated reported net income of $143.4 million, or $0.16 per common share, for the third quarter of 2011, compared with $145.9 million, or $0.16 per share, in the second quarter. Fully-taxable equivalent net interest income was $410.1 million, up $3.0 million from the prior quarter, as average earning assets grew while the net interest margin declined to 3.34% from 3.40%. The provision for credit losses rose to $43.6 million, but management said credit quality continued to improve, with nonaccrual loans declining and net charge-offs of $90.6 million, or an annualized 0.92% of average loans and leases. Nine-month net income was $415.8 million, or $0.45 per diluted share, compared with $189.4 million, or $0.14, a year earlier. Noninterest income was $258.6 million for the quarter, with other income rising on a $15.5 million gain from the automobile loan securitization, while mortgage banking income fell after a negative net MSR valuation change. Noninterest expense rose to $439.1 million, driven by personnel and debit card processor conversion costs. Management expects a roughly 50%, or $16 million, decline in fourth-quarter electronic banking income from the Durbin Amendment interchange rules effective October 1, 2011, and anticipates a modest decline in noninterest income and expense in the fourth quarter. Capital ratios strengthened, with the Tier 1 common risk-based ratio at 10.17% at September 30, 2011, up 88 basis points from December 31, 2010. Huntington completed its exit from TARP by repurchasing the Treasury warrant for $49.1 million in January 2011. The company declared a quarterly common dividend of $0.04 per share, up from $0.01, and the filing notes the Bank's and company's continued exposure to PMI Mortgage Insurance Co., which was placed under a Director's order, and to a pending Cyberco-related litigation matter with claims up to approximately $160.0 million in reasonably possible losses above accruals.

    Oct 31, 2011
  48. 2011-Q2

    Huntington Bancshares Quarterly Report for Q2 Ended Jun 30, 2011

    Huntington Bancshares Incorporated reported net income of $145.9 million, or $0.16 per common share, for the second quarter of 2011, compared with $126.4 million, or $0.14 per common share, in the first quarter. Fully-taxable equivalent net interest income was $407.2 million, down $1.1 million from the prior quarter, as the net interest margin declined to 3.40% from 3.42%. The provision for credit losses fell to $35.8 million, down $13.6 million, or 28%, from the prior quarter, reflecting lower net charge-offs and a reduction in Criticized loans. Noninterest income rose $18.8 million, or 8%, from the prior quarter, while noninterest expense declined $2.3 million, or 1%. Credit quality continued to improve in the quarter. Net charge-offs and nonaccrual loans declined 41% and 3%, respectively, from the prior quarter, and nonperforming assets fell 5%. The allowance for loan and lease losses coverage ratio eased to 2.74% from 2.96%. Total loans and leases were $39.1 billion at June 30, 2011, up 3% from December 31, 2010, with growth concentrated in the automobile portfolio. Commercial real estate balances declined as the company continued to reduce its noncore CRE exposure. Shareholders' equity totaled $5.3 billion, and the Tier 1 common risk-based ratio improved to 9.92% from 9.29% at December 31, 2010. The company fully exited TARP by repurchasing the Treasury warrant for $49.1 million in January 2011. Management guided that net income is expected to grow from the second-quarter level through the rest of 2011, citing modest revenue growth and expense control. It also flagged headwinds, including higher interest rates, fragile borrower confidence, and an expected decline of approximately 50% in fourth-quarter electronic banking income when new debit card interchange rules take effect October 1, 2011. The board declared a quarterly common dividend of $0.04 per share, up from $0.01.

    Aug 8, 2011
  49. 2011-Q1

    Huntington Bancshares Quarterly Report for Q1 Ended Mar 31, 2011

    Huntington Bancshares Incorporated reported net income of $126.4 million, or $0.14 per common share, for the first quarter of 2011, compared with $122.9 million, or $0.05 per common share, in the fourth quarter of 2010. The fourth-quarter figure included a nonrecurring $0.07 per share deemed dividend tied to the repurchase of $1.4 billion in TARP Capital. Fully-taxable equivalent net interest income was $408.3 million, down $10.7 million, or 3%, from the prior quarter, while the net interest margin rose to 3.42% from 3.37%. Total noninterest income fell $27.3 million, or 10%, driven by a $30.5 million, or 57%, decline in mortgage banking income, and total noninterest expense declined $3.9 million, or 1%. Credit quality continued to improve. Net charge-offs were $165.1 million, or an annualized 1.73% of average loans and leases, and the provision for credit losses fell $37.6 million, or 43%, from the prior quarter. The allowance for credit losses stood at 3.07% of period-end loans and leases, down from 3.39% at December 31, 2010, while coverage of nonaccrual loans rose to 185% from 166%. Total loans and leases were $38.2 billion, and shareholders' equity was $5.0 billion at March 31, 2011. During the quarter the company repurchased for $49.1 million the warrant issued to the Treasury under the TARP Capital Purchase Program, fully exiting that program. Management stated it expects net income to grow from the first-quarter level through the rest of 2011, and noted that the Federal Reserve's proposed interchange rate cap could reduce electronic banking income by as much as $45 million in the second half of the year.

    Apr 29, 2011
  50. 2010-Q3

    Huntington Bancshares Quarterly Report for Q3 Ended Sep 30, 2010

    Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income of $100.9 million, or $0.10 per common share, for the third quarter of 2010, compared with $48.8 million, or $0.03 per share, in the second quarter. Total revenue was $679.7 million, up 1% from the prior quarter, driven by a $10.4 million, or 3%, increase in fully-taxable equivalent net interest income. Noninterest expense rose $13.5 million, or 3%, from the prior quarter, which management attributed mainly to strategic investments in people, product expansion and distribution. For the first nine months of 2010, net income was $189.4 million, compared with a net loss of $2,724.5 million in the year-ago period, which included a $2,606.9 million goodwill impairment charge. Credit quality continued to improve. Net charge-offs were $184.5 million, or an annualized 1.98% of average loans and leases, down from $279.2 million in the second quarter. Nonaccrual loans were $981.8 million, or 2.62% of related loans, and the allowance for credit losses covered 140% of nonaccrual loans, up from 120%. Management noted that the remaining Franklin-related loans were sold at essentially book value in the third quarter. Capital ratios improved: the Tier 1 common equity to risk-weighted assets ratio rose to 7.39% and the tangible common equity ratio to 6.20%. Management also flagged headwinds, including the amendment to Regulation E, which took effect July 1, 2010, and the Dodd-Frank Act's potential effects on interchange fees and trust preferred capital, and said near-term revenue growth will remain challenging. Management expects the economy to remain relatively stable for the rest of 2010, with net interest margin flat to slightly down, continued automobile loan growth, continued declines in commercial real estate loans, and positive credit trends. Noninterest expense is expected to stay near current levels.

    Oct 29, 2010