COLUMBUS, Ohio, Oct. 28, 2021 /PRNewswire/ --
2021 Third-Quarter Highlights:
- Earnings per common share (EPS) for the quarter were
$0.22, a decrease of $0.05 year-over-year. Excluding approximately
$0.13 per common share after tax of
TCF Financial Corporation (TCF) acquisition-related Notable Items,
adjusted earnings per common share were $0.35.
- Integration activities related to the realization of cost
synergies largely completed; consolidated 188 branches since
mid-June; branch and systems conversions completed in
mid-October.
- Total revenue increased by 32% from the prior quarter, to a
record $1.7 billion, driven by the
full-quarter benefit from the TCF acquisition, as well as positive
underlying trends in targeted fee income areas, particularly in
wealth management, capital markets, and card and payments
processing.
- Repurchased $500 million of
common stock through September 30;
$300 million remaining under share
repurchase authorization.
- Ranked first nationally for SBA 7(a) loan origination by volume
for the fourth year in a row for SBA fiscal year 2021 and the 13th
year in a row that Huntington has been the largest originator, by
volume, of SBA 7(a) loans within footprint.
- Completed the divestiture of 14 branches linked to the TCF
acquisition, which included $847
million in deposits and $209
million in loans.
- On October 20, the Board of
Directors declared a half-cent increase to the quarterly common
stock dividend, of $0.155 per common
share, or $0.62 on an annualized
basis.
Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net
income for the 2021 third quarter of $377
million, an increase of $74
million from the year-ago quarter, benefited by lower
provision expense but impacted by TCF acquisition-related
expenses. Earnings per common share for the 2021 third
quarter were $0.22, down $0.05 from the year-ago quarter. Excluding
approximately $0.13 per common share
after tax of TCF acquisition-related Notable Items, adjusted
earnings per common share were $0.35. Specifically,
third-quarter results were negatively impacted by $234 million pretax of TCF acquisition-related
expenses.
Tangible book value per common share ended the 2021 third
quarter at $8.10, a 4% year-over-year
decrease. Return on average assets was 0.86%, return on
average common equity was 7.6%, return on average tangible common
equity was 11.5%, and adjusted return on average tangible common
equity was 17.9%.
CEO Commentary:
"Our third-quarter results demonstrated a solid start for the
combined revenue generation potential of Huntington following the
acquisition of TCF," said Steve
Steinour, chairman, president and CEO. "Through the enormous
effort of our colleagues, we successfully converted TCF's core
system and completed all branch consolidations in October,
concluding the majority of actions leading to announced cost
synergies, and we are increasingly turning our focus toward revenue
synergies."
"We continued to see increasing momentum in our business
strategies during the quarter, delivering loan growth excluding PPP
and with strength in areas of strategic focus for fee income,
including areas like wealth, capital markets, and cards and
payments. Additionally, we are continuing to make strategic
investments to drive sustained organic growth by dynamically
managing expenses."
"Finally, Huntington is proud to be ranked as the largest Small
Business Administration 7(a) lender by volume nationally for the
fourth consecutive year," Steinour said. "This reinforces our
leadership position in supporting small businesses, and serves as
the foundation for our business banking expansion strategy
including in Minnesota and
Colorado."
The third 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://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 October 28, 2021, at 10:00 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
#13723641. 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 November 5, 2021 at
(877) 660-6853 or (201) 612-7415; conference ID
#13723641.
Please see the 2021 Third Quarter Quarterly Financial
Supplement for additional detailed financial performance
metrics. This document can be found on the Investor Relations
section of Huntington's website, http://www.huntington.com.
About Huntington
Huntington Bancshares Incorporated is a $174 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 1,100 branches in 12 states, with certain businesses
operating in extended geographies. Visit Huntington.com for
more information.
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SOURCE Huntington Bancshares Inc.