Press release
Huntington Bancshares Incorporated Reports 2021 Third-Quarter Earnings
Successfully Converted TCF Customers to Huntington Platform; Delivered Record Revenue COLUMBUS, Ohio, Oct. 28, 2021 /PRNewswire/ -- 2021 Third-Quarter
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Successfully Converted TCF Customers to Huntington Platform; Delivered Record Revenue\n\n\nCOLUMBUS, Ohio, Oct. 28, 2021 /PRNewswire/ -- \n\n \n \n \n \n \n \n\n \n2021 Third-Quarter Highlights:\nEarnings 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.\nTangible book value per common share ended the 2021 third quarter at $8.10, a 4% year-over-year decrease. Return on average ...