Press release
HUNTINGTON BANCSHARES INCORPORATED REPORTS FULL YEAR 2021 AND FOURTH-QUARTER EARNINGS
Record Full-Year Revenue, Cost Savings on Track, and a 3% Increase in Period-End Commercial Loans - 4% Excluding PPP, Building Momentum for 2022 COLUMBUS,
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Record Full-Year Revenue, Cost Savings on Track, and a 3% Increase in Period-End Commercial Loans - 4% Excluding PPP, Building Momentum for 2022\n\n\nCOLUMBUS, Ohio, Jan. 21, 2022 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \n2021 Fourth-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.26, a decrease of $0.01 year-over-year. Excluding $0.10 per common share after tax of Notable Items, adjusted earnings per common share were $0.36. Executed on revenue initiatives to drive top-line growth. Noninterest expense decreased $68 million from the third quarter, or 5% to $1.2 billion. Excluding Notable Items, noninterest expense decreased $21 million, or 2%, reflecting realization of cost synergies related to the TCF acquisition. Completed TCF integration; branch and major systems conversions completed in mid-October; have converted more than 1.5 million customers to the Huntington platform and consolidated 188 branches since mid-June. Period-end total loans and leases increased $1.4 billion, or 1%, to $111.9 billion. Excluding the decrease in PPP loans, which included forgiveness payments from the US Small Business Administration (SBA) for $970 million, period-end total loans and leases increased $2.4 billion, or 2%. Period-end total commercial loans increased $1.5 billion, or 3%, to $61.6 billion. Excluding the decrease in PPP loans, period-end total commercial loans increased $2.5 billion or 4%.Repurchased $150 million of common stock during the fourth quarter; $150 million remaining under the existing $800 million repurchase authorization. Increased the quarterly common stock dividend by a half-cent to $0.155 per common share, or $0.62 on an annualized basis.2021 Full-Year Highlights Compared to Full-Year 2020:\nTotal full-year revenue increased 24% to a record $6.0 billion, driven from the benefits of the TCF acquisition and organic growth. Net income attributable to Huntington Bancshares Incorporated increased 59% to $1.3 billion. Average loans and leases increased 22% to $97.0 billion. Completed the acquisition and integration of TCF, adding approximately $50 billion of total assets, creating a top 10 regional bank. Launched new and exciting products and services, including Standby Cash and Early Pay. Maintained solid credit quality with net charge-offs of 0.22%.Huntington Bancshares Incorporated (Nasdaq: HB...