Press release
Huntington Bancshares Incorporated Reports 2020 Second Quarter Earnings
Results Driven by Record Mortgage Banking Income (182% Year-Over-Year Increase) COLUMBUS, Ohio, July 23, 2020 /PRNewswire/ -- Huntington Bancshares
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Results Driven by Record Mortgage Banking Income (182% Year-Over-Year Increase)\n\n\nCOLUMBUS, Ohio, July 23, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2020 second quarter of $150 million, a decrease of 59% from the year-ago quarter. Earnings per common share for the 2020 second quarter were $0.13, down 61% from the year-ago quarter. Tangible book value per common share as of 2020 second quarter-end was $8.32, a 4% year-over-year increase. Return on average assets was 0.51%, return on average common equity was 5.0%, and return on average tangible common equity was 6.7%. Results were impacted by elevated credit provisioning related to the ongoing uncertain economic outlook.\n\n \n \n \n \n \n \n\n \nCEO Commentary:\n\"Our second quarter results reflect strong execution across the bank in a very challenging operating environment, including our extraordinary efforts to help our customers through the economic challenges associated with the pandemic,\" said Steve Steinour, chairman, president, and CEO. \"To aid small- and medium-sized businesses across our footprint, we funded more than 37,000 loans with a total volume of more than $6 billion through the SBA's Paycheck Protection Program (PPP), and we continue to originate more PPP loans. Many of our customers benefited from a variety of actions we instituted, including fee waivers and payment relief programs. These actions are consistent with our Purpose of looking out for people. Huntington is well-positioned to support our customers through these current challenges and to help the economic recovery in the communities we serve.\"\n\"I am pleased we maintained total revenues essentially level with the year-ago quarter. Total noninterest income increased 5% as a result of record mortgage banking activity, though waivers to assist our customers pressured certain of our noninterest income lines. 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. 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.\"\n\"We saw s...