COLUMBUS, Ohio, June 30, 2020 /PRNewswire/ -- Huntington
Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) was
notified on June 25, 2020 by the
Federal Reserve that under their severely adverse economic stress
scenario in the 2020 Comprehensive Capital Analysis and Review
("CCAR"), Huntington's modeled capital ratios would continue to
exceed the minimum requirements under the Federal Reserve's capital
adequacy rules. These stress test results support the
company's previously communicated ability to declare its current
quarterly dividend of $0.15 per
common share for the third quarter of 2020, subject to approval by
the Board of Directors during the planned meeting in July.
Our preliminary stress capital buffer requirement is at the minimum
of 2.5%.
As a result of the changes in the financial markets and the
macroeconomic outlook due to the COVID-19 pandemic, the Federal
Reserve will provide updated scenarios for all participating banks
to resubmit capital plans later this year.
"Huntington is committed to be a source of strength for our
customers and our communities during these challenging economic
times," said Stephen D. Steinour,
chairman, president, and CEO. "Disciplined risk management,
including adherence to our aggregate moderate-to-low risk appetite,
and capital management provide the foundation for that
commitment. We have strong capital and robust liquidity, and
our core earnings power remains solid. Consistent with prior
results, our performance in the severely adverse scenario remains
one of the best among the regional banks and clearly reflects
our expectation for strong relative performance through the
cycle."
Caution regarding Forward-Looking Statements
This
communication contains certain forward-looking statements,
including, but not limited to, certain plans, expectations, goals,
projections, and statements, which are not historical facts and are
subject to numerous assumptions, risks, and uncertainties.
Statements that do not describe historical or current facts,
including statements about beliefs and expectations, are
forward-looking statements. Forward-looking statements may be
identified by words such as expect, anticipate, believe, intend,
estimate, plan, target, goal, or similar expressions, or future or
conditional verbs such as will, may, might, should, would, could,
or similar variations. The forward-looking statements are
intended to be subject to the safe harbor provided by Section 27A
of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and the Private Securities Litigation Reform
Act of 1995.
While there is no assurance that any list of risks and
uncertainties or risk factors is complete, below are certain
factors which could cause actual results to differ materially from
those contained or implied in the forward-looking statements:
changes in general economic, political, or industry conditions; the
magnitude and duration of the COVID-19 pandemic and its impact on
the global economy and financial market conditions and our
business, results of operations, and financial condition;
uncertainty in U.S. fiscal and monetary policy, including the
interest rate policies of the Federal Reserve Board; volatility and
disruptions in global capital and credit markets; movements in
interest rates; reform of LIBOR; competitive pressures on product
pricing and services; success, impact, and timing of our business
strategies, including market acceptance of any new products or
services implementing our "Fair Play" banking philosophy; the
nature, extent, timing, and results of governmental actions,
examinations, reviews, reforms, regulations, and interpretations,
including those related to the Dodd-Frank Wall Street Reform and
Consumer Protection Act and the Basel III regulatory capital
reforms, as well as those involving the OCC, Federal Reserve, FDIC,
and CFPB; and other factors that may affect our future
results. Additional factors that could cause results to
differ materially from those described above can be found in our
2019 Annual Report on Form 10-K, as well as our subsequent
Securities and Exchange Commission ("SEC") filings, which are on
file with the SEC and available in the "Investor Relations" section
of our website, http://www.huntington.com, under the heading
"Publications and Filings."
All forward-looking statements speak only as of the date they
are made and are based on information available at that time.
We do not assume any obligation to update forward-looking
statements to reflect circumstances or events that occur after the
date the forward-looking statements were made or to reflect the
occurrence of unanticipated events except as required by federal
securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
About Huntington
Huntington Bancshares Incorporated is
a regional bank holding company headquartered in Columbus, Ohio, with $114 billion of assets and a network of 839
full-service branches, including 12 Private Client Group offices,
and 1,434 ATMs across seven Midwestern states. Founded in
1866, The Huntington National Bank and its affiliates provide
consumer, small business, commercial, treasury management, wealth
management, brokerage, trust, and insurance services. Huntington
also provides vehicle finance, equipment finance, national
settlement, and capital market services that extend beyond its core
states. Visit huntington.com for more information.
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SOURCE Huntington Bancshares Incorporated