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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Huntington Bancshares Inc | NASDAQ:HBAN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.67 | 13.67 | 13.86 | 0 | 01:00:00 |
COLUMBUS, Ohio, July 29, 2021 /PRNewswire/ --
2021 Second-Quarter Highlights:
Huntington Bancshares Incorporated (Nasdaq: HBAN) reported a net loss for the 2021 second quarter of $15 million, a decrease of $165 million from the year-ago quarter, impacted by TCF acquisition-related expenses. Earnings (loss) per common share for the 2021 second quarter were ($0.05), down $0.18 from the year-ago quarter. Excluding approximately $0.40 per common share after tax of Notable Items, adjusted earnings per common share were $0.35. Specifically, second-quarter results were negatively impacted by $269 million pretax of TCF acquisition-related expenses and $294 million pretax of CECL initial provision ("double count"1) expense related to the acquisition.
Tangible book value per common share ended the 2021 second quarter at $8.23, a 1% year-over-year decrease. Return on average assets was (0.05%), return on average common equity was (1.9%), and return on average tangible common equity was (2.1%).
CEO Commentary:
"We delivered solid fundamental performance for the quarter," said Steve Steinour, chairman, president, and CEO. "We are seeing encouraging signs of the economic recovery, and customer activity is starting to normalize. Lending pipelines have continued to grow across the board, reflecting our view of increased loan demand later this year.
"We are excited about the acquisition of TCF, which has strengthened the run-rate return profile of the company. Integration execution is proceeding on schedule. We have completed several systems conversions, and we closed 44 Meijer branch locations in June. In addition, we remain confident that we will complete the majority of systems conversions and remaining branch consolidations during the first part of the fourth quarter of 2021. This will move us swiftly toward realizing our annualized cost savings target and set up earnings for 2022 and beyond.
"We are executing strategies to drive sustained revenue growth across the bank, and the TCF acquisition is one component of these efforts. The second quarter introduction of Standby CashSM, our most successful product launch ever, is an example of how we are innovating to further differentiate our products and services. We also are building out our business banking, middle market, corporate, and wealth management teams, augmented by increased investments in our brand, to accelerate growth across our expanded customer base and geographies.
"Finally, Huntington is proud to be ranked by J.D. Power as the highest in customer satisfaction among regional banks for our mobile app for the third consecutive year," Steinour said. "Huntington also claimed the highest ranking in customer satisfaction with consumer banking in the North Central Region for the sixth time in nine years. Our progress on becoming the leading people-first, digitally powered bank in the country is being demonstrated through these accolades and through our increased customer utilization."
The second quarter 2021 earnings materials, including the detailed earnings press release, quarterly financial supplement, and conference call slide presentation, are available on the Investor Relations section of Huntington's website, http://www.huntington.com. In addition, the financial results will be furnished on a Form 8-K that will be available on the Securities and Exchange Commission website at www.sec.gov.
Conference Call / Webcast Information
Huntington's senior management will host an earnings conference call on July 29, 2021, at 8:30 a.m. (Eastern Daylight Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington's website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13720782. Slides will be available in the Investor Relations section of Huntington's website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's website. A telephone replay will be available approximately two hours after the completion of the call through August 6, 2021 at (877) 660-6853 or (201) 612-7415; conference ID #13720782.
About Huntington
Huntington Bancshares Incorporated is a $175 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle–market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,200 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
1 "Double count" refers to the additional gross up to the ACL via provision expense for the non-PCD loans and acquired unfunded lending commitments
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SOURCE Huntington Bancshares Inc.
Copyright 2021 PR Newswire
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