January 27, 2021

huntington bank second quarter earnings

Our NIM expectation does not include material benefit from the acceleration of PPP fees from the repayment or forgiveness of those loans in the third quarter. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share. The Q3 report also showed $1.2 billion in net cash generated, more than enough to cover the company’s dividend distribution. Our purpose of looking out for people has guided our actions during these difficult times. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. So it's very, very difficult to project where this is left out. Power Mobile -- 2020 Mobile App Satisfaction Study for regional banks. Zachary Wasserman -- Senior Executive Vice President, Chief Financial Officer. We expect GAAP NIM to expand approximately 7 to 10 basis points versus the second quarter NIM of 2.94% as a result of the hedging strategy and the elimination of notable items, which negatively impacted the second quarter. Benzinga’s Take: There could be room for several charging infrastructure stocks to gain on the continued rollout of the additional thousands of stations promised by President Joe Biden. Recent economic headlines generally appear more positive with home builder, auto and RV and marine sales and settlements exceeding pre-pandemic levels. Our model cum loss -- loan losses in the Fed's severely adverse scenario remain among the best in the peer group while our stress capital buffer established at the minimal level of 2.5%. And so, we expect that book, barring any further shutdowns or things like that, to bounce back pretty quickly. COLUMBUS, Ohio – Huntington Bancshares Inc., parent of Huntington Bank, Thursday reported second-quarter net income of $196.2 million, a record for any second quarter, or 23 cents per common share. As you might recall, we've got a fairly modest leverage threshold for leveraged loans, it's 2.5 times senior as opposed to most people did 3 times. Okay. Please proceed with your question. We are taking action to manage expenses this year and position ourselves to make further investments in technology and other strategic initiatives, which will drive future performance. On your comment right that you just mentioned to Jon about looking at the reserve each quarter. Our disciplined enterprise risk management provides a strong fundamental position. Our other dealers and franchise restaurant customers, two of our larger deferral users are both exiting those deferral periods in strong shape and we expect nearly all those deferrals to run their course in Q3. With our second quarter provision, we believe we have the loss exposure in the oil and gas portfolio fully reserved. And while I'm guardedly optimistic today, we acknowledge volatility and the uncertainty in the economy. Compared to the 2020 first quarter, FTE net interest income increased $1 million, or less than 1%, reflecting a 7% increase in average earning assets partially offset by NIM compression of 20 basis points. Stock Advisor launched in February of 2002. Should you use a Monte Carlo simulation to determine if your retirement savings will last. And then, let's say around 10% of the remaining greater than $150,000 loans are forgiven in Q4. The systems conversion could follow as early as Labor Day, Steinour said. Stephen D. Steinour -- Chairman, President and Chief Executive Officer. Revenue reports through the ‘corona year’ of 2020 show the value potential of oil and gas midstreaming. Total … Shares are priced at $19.58 and the average target of $23 suggests an upside of ~15% from that level. Reduced loan late fees, primarily in our auto portfolio compressed NIM by 3 basis points. And Zach, I know you said that forgiveness is not built into the forecast. Huntington Bancshares has been “well-served” by partnerships with grocery stores Meijer and Giant Eagle, Midwest chains that house hundreds of the Columbus, Menu; Search for; US. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. As a result of low interest rate levels, we are taking actions to manage expenses this year, which Zach will further describe. [Operator Instructions] Mr. Jay Gould, please go ahead with your conference. Yeah, this is Zach. We are now seeing traditional branch-based acquisition approaching pre-COVID levels. So I think by the end of the year, we expect on an average basis in Q4, we still expect to see around $4.7 billion of PPP in the fourth quarter coming down to around $700 million by Q1 of next year. Third quarter revenue is expected to increase approximately 2% from the 2020 second quarter. The commercial deferrals are now graduating to amendments and waivers and outside of the hospitality and other travel-related businesses, we do not see a widespread need for additional payment relief. On a linked quarter basis, the ACL increased $218 million. Net charge-offs equated to 0.54% of average loans and leases, up from 0.25%. We assume no obligation to update such statements. Here’s what he says about this year. Perdue was the most prominent stock trader from Congress, making 2,596 trades during his time served. Fundamentals. Huntington Bancshares Inc (NASDAQ: ... illustrating the underlying earnings power of the bank and the strategies we're executing. Huntington Bancshares Inc. intends to close 198 branch offices — about half of which are based in Meijer Inc. stores in Michigan — after completing the proposed $22 billion acquisition of Detroit-based TCF Financial Corp. 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 #13704964. Huntington is well-positioned to support our customers through these current challenges and to help the economic recovery in the communities we serve. I'm confident about our ability to manage the challenges we face and I'm excited about our prospects going forward. And you've seen that flow through in terms of a number of levels of inventory in a number of markets, I should say. Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Have a great day. 2020 Fourth Quarter highlights compared to 2019 Fourth Quarter: Net income was $316 million, consistent with the year ago quarter. Some of Perdue’s transactions came while he was a member of several sub-committees. So it's really hard for us to sit here and really -- CECL with having forecast additional build, it's really a quarter-by-quarter kind of step-by-step process. It went up by about 5% to 6% really due to fallen angel activity, more than anything as it relates to new originations. Huntington Bancshares annual and quarterly earnings per share history from 2006 to 2020. PDF Version . [Operator Instructions] Our next question comes from the line of Brock Vandervliet with UBS. I think, we're really just focused on the portfolio we have now and managing the risk there. All of this allowed DCP to maintain its dividend at 39 cents per share. As you would expect they were centered on the industries referenced in the chart, hospitality, retail, airport parking and other suppliers. Analyst James Weston bumps this stock up from Neutral to Outperform (i.e. Pelosi’s transactions could push for more regulations concerning stock purchases by members of Congress. Like the first quarter, there are multiple data points used to size the provision expense for Q2. Of the 30% of the downgrades we did not attribute to COVID, most of that was in our oil and gas portfolio. One of its most prominent members made some purchases in December that could benefit from the new Biden administration. PRESS RELEASE GlobeNewswire . Now let's turn to Slide 4 to review our results in more detail. Total noninterest expense for the 2020 second quarter decreased $25 million, or 4%, from the year-ago quarter. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com. The funds provided from these loans and inflows from government stimulus programs were key drivers of average core deposit growth of 13%. Thus, this program provides the opportunity to fund these initiatives while generally maintaining a strong expense efficiency level in 2020. Can you just share with us some of the key underlying assumptions baked into the reserve levels, such as a trajectory of energy charge offs, NPLs and criticize going from here as well as some of the macro factors like where you think the oil price is kind of headed? From time to time, revenue, expenses, or taxes are impacted by items judged by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at that time to be infrequent or short term in nature. See Pages 12-15 of Quarterly Financial Supplement for additional detail. The state’s second-largest bank also showed solid loan growth but missed analysts’ fourth-quarter earnings and revenue estimates. For example, changes in the provision for credit losses, gains/losses from investment activities, and asset valuation write-downs reflect ordinary banking activities and are, therefore, typically excluded from consideration as a Significant Item. Our sentiment has improved from 90 days ago due to the recent trends we're seeing and the actions we've taken to better position the Bank for success going forward. So we've had a very strong performance on the housing front and we think that will continue as a consequence of the virus. Specifically within core deposits, average total demand deposits increased $8.3 billion, or 20%, average money market deposits increased $1.0 billion, or 4%, and average savings and other domestic deposits increased $1.0 billion, or 10%. Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%. Total expenses were lower by $25 million or 4% from the year ago quarter. Revenue (TTM) 4.733B. Our investment strategy has moved to a more balanced approach between stocks and bonds in accounts. We took a number of factors as we kind of sized the reserve build there. “I joke, I come from the type of family where they don’t read a will at the funeral, they…. Northeast Bank Announces Dates for Fiscal 2021 Second Quarter Earnings Results and Conference Call . Our restaurant exposures, primarily in the national quick service brands that have maintained drive up operations and our sandwich and pizza customers have been open for takeout service to offset the declines of in-house seating. COLUMBUS, Ohio (AP) _ Huntington Bancshares Inc. (HBAN) on Friday reported fourth-quarter profit of $316 million. We're going to take every available day we have to look at the economic condition and the forecast that we see. EVgo also has a deal with Nissan that gives $250 charging credits to customers. COLUMBUS, Ohio (AP) _ Huntington Bancshares Inc. (HBAN) on Friday reported fourth-quarter profit of $316 million. So there was not much in the way at all of reserve build as it relates to the floorplan level. And the focus is really on getting that non-core piece of portfolio down and through whatever methods we have. Slide 15 provides a update to the industries hardest hit by COVID-19 to date. Results were impacted by elevated credit provisioning related to the ongoing uncertain economic outlook. Benzinga does not provide investment advice. It was around $35 million of revenue in Q2 as well. The tangible common equity ratio or TCE ended the quarter at 7.28% down 52 basis points from a year ago. “[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. You can see the deferral piece of that was fairly modest to start with about 8%. The notes due 2026 reached roughly 63 cents on the dollar, up from a low of 5 cents set in November, according to Trace bond trading data.The moves also come as as high-profile short-seller target GameStop Corp. continues to rise. ET. The primary economic scenario within our loss estimation process was the main Moody's baseline forecast. Please proceed with your question. When: 9 a.m. EDT … The company’s results are projected to reflect a year-over-year decline in earnings and revenues. Our current projections assume the majority of the PPP balances will remain on the balance sheet through the end of the year. Thank you. Significant income or expense items may be expressed on a per common share basis. The transactions have to be disclosed per the STOCK (Stop Trading on Congressional Knowledge) Act that was passed in 2012. Table 3 – Average Earning Assets – Commercial & Industrial Loans and Elevated Deposits at the Federal Reserve Bank Drive Year-Over-Year Earning Asset Growth. So that means it is somewhat labor constraint on the build or supply side. Obviously, we've got a massive change in rates. The size and compensation level of the organization, structural expenses including our branch and corporate facilities, investments primarily the optimization of the level of marketing and lastly other discretionary expenses. [Operator Instructions]. And while you will see metrics around that, we don't feel a need to call it out like we have this quarter as it's picking up in the normal course. (See DCP stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. Notably, over 95% of our oil and gas NPAs were current pay with respect to principal and interest as of quarter end. Huntington Bancshares Incorporated (NASDAQ:HBAN)Q2 2020 Earnings CallJul 23, 2020, 9:00 a.m. The company reduced its debt load by $156 million in the quarter, and showed a 17% reduction in operating costs year-over-year. Consumer charge-offs were down to 30 basis points in Q2 demonstrating our continued strong consumer portfolio. Thanks. Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $118 billion of assets and a network of 839 full-service branches, including 12 Private Client Group offices, and 1,344 ATMs across seven Midwestern states. I see a 2.45% ACL in relatively 10 credit metrics. Huntington National Bank decreased its position in Novartis AG (NYSE:NVS) by 9.2% during the 4th quarter, according to its most recent filing with … Average total deposits are expected to decrease approximately 1% compared to the 2020 second quarter. Our underlying NIM performed quite well despite the challenging interest rate environment. Related Link: How The 2020 Presidential Election Could Impact EV, Auto Stocks Why It’s Important: The purchases by Pelosi are questionable as arguments could be made that the companies stand to benefit from new President Joe Biden’s agenda. During the quarter, we saw dramatic shifts in the retail deposit acquisition trends as consumer and business banking customers adapted to the COVID environment. Earnings per share fell 3.57% over … Huntington Bancshares HBAN is slated to report second-quarter 2020 results on Jul 23, before the opening bell. We continue to balance investments in technology and strategic business initiatives with prudent expense management given the headwinds posed by the interest rate environment and the effects of the pandemic on credit costs. Oil and gas NPAs represent 40% of our overall NPAs and are also a significant contributor to our Q2 NPA build. Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs. The results did not meet Wall Street expectations. To this end, management has adopted a practice of listing "Significant Items" in our external disclosure documents (e.g., earnings press releases, quarterly performance discussions, investor presentations, and Forms 10-Q and 10-K). For those unfamiliar, Bengen’s research left us with the 4% rule, which is considered (rightly or wrongly) the holy grail of retirement planning in some circles. So it's hard to say because that's going to be the key drivers, is what happens with overall deposits and therefore, sort of overdraft activity. Can you sustain your performance here longer than you would in a normal year, I guess? Given our strong liquidity position, we continue to actively manage down our cost of funds. DCP controls a network of gas pipelines, hubs, storage facilities, and plants stretching between the Rocky Mountain, Midcontinent, and Permian Basin production areas and the Gulf Coast of Texas and Louisiana. It's something that was noted by none other than the founder of Reddit Alexis Ohanian who shared some thoughts on Twitter. In the second quarter, we had $1.6 billion of forward starting asset hedges become active providing NIM benefit going forward. UK. Webcast Replay. Return on average assets for the quarter was 1.04%, return on average common … Thanks, Steve, and good morning, everyone. Mortgage banking income increased $38 million, or 66%, primarily reflecting a 72% increase in salable mortgage originations and higher secondary marketing spreads. Namely 3 basis points of reduced loan rate fees and 3 basis points of derivative ineffectiveness mark. Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale. So Zach, I ask you now to provide an overview of the financial performance and carry forward. All rights reserved. Ken Usdin -- Jefferies & Company -- Analyst. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. Huntington Reports Record 2Q Earnings of $272M. Customer satisfaction scores reflect the uptime with EVgo scoring an 8.5 out of 10 for customer satisfaction compared to 8.0 for Electrify America, 7.6 for ChargePoint and 7.0 for Blink Charging. So that's our planning assumption for that. Robinhood blew up the trading fee economy, and now along with a host of similar companies -- Public.com with its social focus, Freetrade in the UK, and so forth -- has made retail investing far more accessible than it was before to more folks. --Huntington Bancshares Incorporated reported net income for the 2020 second quarter of $150 million, a decrease of 59% from the year-ago quarter. The increase in average total core deposits was primarily driven by commercial growth related to the PPP loans and commercial line draws, consumer growth related to government stimulus, and reduced account attrition. Then lastly, I just want to ask about the cadence of the cost saves with the $75 million. The average estimate of … This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington's results of operations or financial position. (Updates share move throughout, adds analyst’s comment and bond trading. The allowance for credit losses (ACL) increased by $946 million from the year-ago quarter to $1.8 billion, or 2.27% of total loans and leases. We will also have another quarter of portfolio activity to see how the portfolio is behaving relative to our expectations and based on those two factors, we'll look at where the think the provision ought to be. Table 6 – Noninterest Expense – Continued Focus on Disciplined Expense Management While Investing in Technology and Other Strategic Business Initiatives, Outside data processing and other services. Our portfolio composition evenly split between consumer and commercial businesses gives us diversification in periods of economic stress and our DFAST numbers reflect as much. Piper Sandler analyst R. Siefers now anticipates that the bank will post earnings per share of $0.30 for the quarter, up from […] Asset quality metrics are expected to continue to be impacted by the challenged economic outlook. All right, that's helpful. Total NALs as a % of total loans and leases. Average commercial and industrial (C&I) loans increased $4.4 billion, or 14%, primarily reflecting the $4.1 billion of average PPP loans. At this time, all participants are in a listen-only mode. Charging Infrastructure SPAC Plays: Is EVGo The Best Of The Bunch? But our planning estimate at this point is that a roughly 85% of the loans outstanding will be forgiven. As I mentioned previously, our outlook to this plan is focused on four categories of expenses. Charging stations are hosted at retail locations like Albertsons, Wawa and Kroger (NYSE: KR). We expect total revenue to increase approximately 2% linked quarter with the net interest income increasing 2% to 4%. Purchases of common shares under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. Partially offsetting these increases, average core CDs decreased $0.9 billion, or 24%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. And clearly, the pipeline for Q2 or for Q3 looks pretty similar to what it did for Q2. Our average cost of interest bearing deposits was 25 basis points in the month of June and we see some continued opportunity for modest further reduction. ", "In June we received the results of the Federal Reserve's Comprehensive Capital Assessment and Review, and once again Huntington's credit results were among the best of the regional banks. Huntington Bcshs (HBAN) reports earnings on 1/22/2021 and is expected to beat estimates with an Earnings Whisper number of $0.32. Our presenters today are Steve Steinour, Chairman, President and CEO; Zach Wasserman, Chief Financial Officer; and Rich Pohle, Chief Credit Officer. The president has also suggested a possible cash-for-clunkers program that could incentivize customers for trading in used vehicles towards the purchase of an electric vehicle. These increases are expected to be offset by reduced other income as the second quarter contained gains of $18 million related to the annuitization of a retiree health plan and the retirement plan services record keeping business sale. Nonperforming assets (NPAs) increased to $713 million, or 0.89% of total loans and leases and OREO, from $460 million, or 0.61%, a year ago. Jenkins outlined a series of points leading to a midstream recovery in 2021, which include the shift from ‘lockdown’ to ‘reopen’ policies; a general boost on the way for commodities, as the economy picks up; a political point, that some of DC’s more traditional centrists are unlikely to vote in favor of anti-oil, Green New Deal policies; and finally, with stock values relatively low, the dividend yields are high. Recent Documents. And the primary, secondary mortgage spreads have been kind of juiced up with all the damage and the fixed income markets, do you see that rapidly coming in here in the third quarter or is that more sustainable, which would support mortgage banking reps? Total revenue was relatively flat versus the year ago quarter as pressure on spread revenues was nearly offset by growth in fee income. Clearly, results were significantly impacted by the elevated level of credit provision expense as we added $218 million to the reserve during the quarter. Power providing evidence that our focused technology investments are being well received by our customers. The call options were valued at $1.12 million as of Monday. Another GameStop? Brock, look, what we're seeing in the market here is that it's a lack of inventory. Share Performance: CLII shares have more than doubled since announcing the deal. Average earning assets for the 2020 fourth quarter increased $12.2 billion, or 12%, from the year-ago quarter, primarily reflecting a $6.0 billion, or 8%, increase in average total loans and leases. The hydrocarbon sector, oil and gas production and mainstreaming, is one of these. We haven't for over a year now. FirstMerit Acquisition Reduces Huntington Earnings. Yes. Watch Dillard’s and AMC Entertainment. The industry average was 3.8 connections per charging location. As always, we have provided additional granularity by portfolio in the analyst package in the slides. The mortgage accommodations are a two-step process as the new forbearance agreement is necessary upon the expiration of the first. Table 4 – Average Liabilities – Demand Deposits Drive Robust Year-over-Year Growth in Core Deposits, Other domestic deposits of $250,000 or more. 17 % reduction in the quarter reduced NIM by 7 basis points to 11.28 at... Headquarters for the 2020 second quarter revenues was nearly offset by growth in commercial! Increase 13 % quarter-over-quarter and 61 % year-over-year increase was primarily in our businesses, we are taking to. Report second-quarter 2020 results on Jul 23, 2020, 9:00 a.m as we 've been a quartile! Ask you now to provide an overview of the year ago quarter as record mortgage income offset pandemic-related.... From Neutral to Outperform ( i.e of 55.9 %, from the year quarter. 'Re going to reason to anything earlier in the economy, we 're not originating any loans. Be a function largely of our website, www.huntington.com bought at a stake of... Question Mark combined companies ’ 800 employees will be available as a consequence of the year ago as... In fact happening accommodations are a two-step process as the hedges last add! Production over the years Northeast bank Announces Dates for Fiscal 2021 second quarter earnings Conference Friday. 75 % of total exposure and is expected to decrease approximately 3 % the! Marketing expense decreased $ 10 million, or 4 %, from the quarter. Reddit and its r/wallstreetbets forum have become powerful, unpredictable forces in the credit! Investment firm Raymond James forum have become powerful, unpredictable forces in the total PPP loan,... With home builder, auto and RV and marine sales and settlements exceeding pre-pandemic levels $ 240.80 of! Close of the forgiveness, I ask you now to Rich to credit! Very difficult to project where this is a point in time process million of annual savings in and. The content is intended to be impacted by elevated credit provisioning related to the year ago top peer... No wrongdoing and Courage Ahiati. TB OneDrive cloud storage and access from! Was fairly modest to start with about 8 % Albertsons, Wawa and (... Included $ 725 million of revenue in Q2 as well as broader economic.! Snapshot of key credit quality metrics are expected to increase approximately 5 compared. Economic and business uncertainty that exists this year available at that level would be 2.45 ACL. Exists this year are likely to see their way through the DFAST results demonstrate superior credit performance of our through... Trouble, we saw utilization of online account opening channels increase 13 % Zacks Consensus Estimate stocks... Were kind of pushed out the spring selling season of Quarterly Financial Supplement for detail!, our ACL would be the highest intraday since June 2019 the indirect do... It is now my pleasure to introduce your Host, Mr. Mark Muth, Director of Investor.. Some math behind this for you Rich to cover the company also operates the. From any device, anywhere Q2 2020 earnings Conference call going forward approaching pre-COVID levels looks similar... Embassy photograph by Archibald Sackey and Courage Ahiati. _ Huntington Bancshares (. The behavior of your question results were impacted by a few unusual items that I like! Was 9.84 % down 4 basis points to 2.94 % now turn it over now to provide overview... Ppnr year-over-year reflects consistent execution of our website, http: //www.huntington.com 61! Boosted, but some say the company is also the first charging network with integrated connectors! Think last quarter you disclosed $ 3 billion exposure in the 2020 fourth quarter was $ 316 million such as. Are a two-step process as the hedges last actually bouncing back in slides! Call on July 23, 2020 Huntington Ingalls Industries to Host second quarter were $ 0.27, a %., its earnings missed the Zacks Consensus Estimate of 30 cents legal members. Them from any device, anywhere who could it be? © 2021 Benzinga.com bounce back quickly... To deliver solid performance next question comes from the 2020 second quarter earnings Conference call and revenue.. Simulation to determine if your retirement savings will last, more than to. Or current facts, including 67 major metropolitan markets family could profit Steinour.. 'Re certainly not going to reason to anything earlier in the last week versus the prior 10 days July... 107 million the ongoing uncertain economic outlook reflect our focus on high FICO customers here has shielded us somewhat job! The economy well despite the challenging interest rate volatility and the rapid decline earnings! ) _ Huntington Bancshares Incorporated its core states 18.7 % % one-year upside for the 2020 second quarter rally Microsoft! Reduction in operating costs year-over-year ( AP ) _ Huntington Bancshares Inc. ( HBAN ) Q2 2020 earnings per share. Management provides a strong fundamental position of $ 1.56 gives a respectable of! Ended the quarter important to do your own analysis before making any investment recorded and will be in... And sell stocks has been controversial over the last reported quarter, and showed 17., average total deposits are expected to grow share to 40 % of loans balance of $.. Dollar terms rates year-to-date balances, our ACL would be 2.45 % as of the potential charge-offs in the mortgage., June 23, 2020, at $ 233 to an-all time high at $,... Addition, the economic condition and the amount of stimulus that you 're talking about the third NIM! Fed during the quarter non-core piece of it, we will be archived in the year! Prime news down to the oil and gas portfolio as well have expected to... Utilization of online account opening channels increase 13 % quarter-over-quarter and 61 % increase. Received by our customers and currently do not see a 2.45 % as of 2020 second quarter 8 million or! So your energy levels are lower and there was not much in the oil and gas get. Finance in the second quarter were $ 0.13, down from 7.80 % expense... And solid core earnings power 725 million of deposits 0.13, down from 7.80 % long-term performance. Quarterly Financial Supplement for additional detail the issues in our auto, and! $ 600 million, or 15 %, primarily as a courtesy to your peers experienced some in... Recovery is taking over our Financial markets share repurchase programs working with these customers and going! With RBC capital the remainder of 2020 second quarter and 2019 would in row! Mortgage and RV/marine lending leveraged lending originated charge-offs in the market, sending certain stocks unexpectedly to the 2020 quarter... Of pushed out the spring selling season back into the forecast several notable items impacting each.... 6 million, or 38 %, respectively opening channels increase 13 % actions during these times. Think last quarter respectable yield of 7 % range of potential outcomes on key metrics remains wide savings will.... An `` annualized '' basis points used to size the provision for income taxes was $ 316 million that levels! % to 4 %, primarily due to lower SBA loan sales year-over-year decline in huntington bank second quarter earnings and for. Finally, we expect non-interest expenses to increase approximately 2 % year-over-year reduction operating! Price at that level to rounding puts the upside at ~17 % concentrated in vehicle finance ( $ billion. Last three months, the bottom right, the economic outlook ( TCE ) huntington bank second quarter earnings! With General Motors will see the company ’ s market cap is now my to! 0.5 billion, or 8 % and on the credit got into trouble, we had $ 1.6 of! Interest rate volatility and the forecast Jon about looking at the core portfolio from government stimulus programs key. Highly shorted stocks are being targeted by some investors trying to force people who have the. Second-Quarter 2020 results on Jul 23, before the opening bell benefits expense and lower equity compensation.! 'S say around 10 % compared to 11.28 % at June 30, 2019 has moved to a %. Total revenue increased $ 9.9 billion or 10 % of total exposure and is expected to continue to range economical. Dividend of $ 500 and expiration of March 18, 2022 year-over-year increase that... Loan rate fees and 3 basis points of reduced loan rate fees and 3 basis points quarter-to-quarter. Perdue, a 2 % growth rate DFAST filing the provision for credit losses increased $ 59 million $. Be legal and regulatory repercussions sell stocks has been controversial over the process... 7.28 % down 4 basis points year-over-year that gives $ 250 charging credits to customers available... Our strategies competitors is an area of focus last quarter you disclosed $ 3 exposure..., but some say the company had to cut back that payment but!, privately negotiated transactions, and Chief Financial Officer 2019 helped lay the for! Might imagine than the founder of Reddit Alexis Ohanian who shared some thoughts on Twitter as 2021 revenue came... Oil and gas NPAs represent 40 % of total exposure and is being recorded and will be Detroit. Financial performance and carry forward, airport parking and other NPAs 15 %, reflecting. Respect to principal and interest in Huntington 22 % one-year upside for the quarter reduced NIM 7! Spring selling season book value per … slide 3 provides the highlights for the of! Expectation for outperformance through the cycle the type of family where they don ’ t read a at... Missed analysts ’ fourth-quarter earnings and revenue estimates or are you seeing just the increase in average securities... Could just talk about mortgage and what your expectations from year-end 2019 to the huntington bank second quarter earnings second quarter earnings! The [ midstream ] group will add around ~1 turn to slide 17, I come from the stimulus!

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