Huntington Bancshares Incorporated · NASDAQ:HBAN
Huntington Bancshares — Q2 2021 Earnings Presentation
66 slides from Huntington Bancshares's earnings presentation, Jul 29, 2021
Slide 1: 2021 Second Quarter Earnings Review
2021 Second Quarter Earnings Review July 29, 2021 The Huntington National Bank is Member FDIC. ®, Huntington® and Huntington. Welcome.® are federally registered service marks of Huntington Bancshares Incorporated. ©2021 Huntington Bancshares Incorporated.
Slide 2: Disclaimer
Disclaimer CAUTION REGARDING FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements that are not historical facts. Such statements are subject to numerous assumptions
Slide 3: Huntington Overview
Huntington Overview Over 150 years of serving the financial needs of our customers Density and Scale in Attractive Markets Well-Diversified Balance Sheet With $175 billion of total assets(1), Huntington is a Top 25 bank holding company in the US 2Q21 45% 2Q21 46% Loans(1) Deposits(1) 55% $112 B $143
Slide 4: Building the Leading People-First, Digitally Powered Bank
Building the Leading People-First, Digitally Powered Bank Creating a sustainable competitive advantage with focused investment in customer experience, product differentiation, and key growth initiatives We are a Purpose-driven company Our Purpose is to make people’s lives better, help businesses t
Slide 5: TCF Integration Update
TCF Integration Update Speedy close accelerates focus on realizing synergies June 9, 2021 ✓ Transaction closed; Subsidiary bank merger Dec. 13, 2020 Early 2Q21 completed 3Q21 1H22 ✓ Announced ✓ Key management ✓ Management and ❑ Two mock core ❑ Select facilities acquisition of selection completed org
Slide 6: Building a Best-in-Class Customer Experience
Building a Best-in-Class Customer Experience Consumer Banking Digital Origination Capabilities June 2021 Product Launches Average Monthly Active Checking Household Growth Digital Users(1) (Thousands) Checking (Millions) Digital-only 2.38 2,263 Savings Unsecured Line of Credit 2.21 Mortgage 2,180 Hom
Slide 7: 2021 Second Quarter Financial Highlights
2021 Second Quarter Financial Highlights Closed TCF and continued focus on execution of organic growth initiatives EPS Efficiency Ratio ROTCE GAAP Reported ($0.05) 83.1% (2.1%) Adjusted (1) $0.35 62.0% 16.6% Closed TCF Closed transaction June 9; continue to expect to deliver targeted financial ret
Slide 8: Growing Net Interest Income
Growing Net Interest Income NIM compression versus linked quarter driven primarily by negative mark-to- market on interest rate caps $ in millions Net Interest Income (FTE) $1, 000.0 0 4.2 0% $978 4.0 0% $95 0.00 NIM change LQ 1Q21: 3.48% +6% 3.8 0% Hedging / derivatives (0.79) $90 0.00 Interest rat
Slide 9: Balance Sheet Management
Balance Sheet Management Hedging and Securities strategy update 4Q19-2Q21 Cumulative Securities Impact Notional Value of Outstanding Hedges & on Other Comprehensive Income (OCI) Modeled NIM Benefit from Hedging(1) vs. Caps Mark-to Market $21.9 $21.8 $21.1 $20.2 $5.2 $5.2 $5.2 $17.3 $5.2 $16.2 $16.2
Slide 10: Loan Growth Driven by TCF Acquisition
Loan Growth Driven by TCF Acquisition Securities, elevated deposits at the Fed drive year-over-year earning asset growth Total Loan and Lease Balances Average Earning Assets Quarterly Growth Year-over-Year $111.9 Total Securities: +$6.5 27% Other Earning Assets: +$4.6 100% $87.4 Residential Mortgage
Slide 11: Paycheck Protection Program (PPP) Update
Paycheck Protection Program (PPP) Update $7. 00 PPP Loans PPP Loans as of 6/30/2021 $6.2 $6. 00 $6.1 Loans (for HBAN and TCF combined) $5. 00 $5.8 $5.1 Total program: $11.4 billion (83,900) of total loans approved $4.2 $4. 00 $4.1 Original program: $8.6 billion (55,200) total loans approved Ne
Slide 12: Deposit Growth Driven by Acquisition, Elevated Liquidity
Deposit Growth Driven by Acquisition, Elevated Liquidity Demand deposits drive robust year-over-year growth in core deposits Total Deposit Balances Average Liabilities Quarterly Growth Year-over-Year $142.8 DDA-Nonint. Bearing: +$8.9 35% $112.7 DDA-Int. Bearing: +$5.9 25% $95.0 $95.6 $99.3 65.6 $93.
Slide 13: Capital and Liquidity
Capital and Liquidity Managing capital and liquidity consistent with our aggregate moderate-to-low risk appetite $0. 95 EOP Loan to Deposit Ratio $2. 40 EOP Modified Liquidity Coverage Ratio (1) $2. 30 222% $2. 20 $0. 90 $2. 10 $0. 85 86% 85% $2. 00 188% 190% $1. 90 183% $0. 80 82% $1. 80 170% $0. 7
Slide 14: Allowance for Credit Losses (ACL)
Allowance for Credit Losses (ACL) Reserve release and lower net charge-offs offset by accounting treatment on acquired TCF loans $2,322 Multiple scenarios utilized while using May baseline as foundation $1,878 TCF $1,821 $1,866 Huntington standalone reserve release of $1,741 2.50% of $145 millio
Slide 15: Asset Quality and Reserve Trends
Asset Quality and Reserve Trends Underlying asset quality trends positive, overall metrics impacted by acquired TCF portfolio Net Charge-off Ratio ACL and ALLL Ratios ACL Ratio ALLL Ratio 0.54% 0.56% 0.55% 2.27% 2.31% 2.29% 2.17% 2.08% 0.32% 2.21% 2.22% 0.28% 2.12% 2.12% 1.98% 2Q20 3Q20 4Q20 1Q21 2Q
Slide 16: Focus on Achieving Medium-Term Financial Goals
Focus on Achieving Medium-Term Financial Goals Driving organic revenue growth across all businesses to deliver top quartile financial performance Return on Tangible Efficiency Positive CET1 Common Equity Ratio Operating Ratio Leverage 17%+ 56% 9 – 10% Targeting annual revenue growth slightly above
Slide 17: Non-GAAP Reconciliation
Non-GAAP Reconciliation Tangible common equity, ROTCE ($ in millions) 2Q21 Average common shareholders’ equity $12,697 Less: intangible assets and goodwill 3,055 Add: net tax effect of intangible assets 44 Average tangible common shareholders’ equity (A) $9,686 Net income available to common ($58) A
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Noninterest expense, EPS Adjusted Noninterest Expense Noninterest Impact of Noninterest ($ in millions) Expense (GAAP) Notable Items Expense (Non- GAAP) Personnel costs $592 $110 $482 Outside data processing and other services 162 33 129 Equipment 55 3 52 Net occupancy 72 35
Slide 19: Non-GAAP Reconciliation
Non-GAAP Reconciliation Efficiency Ratio, NIM, ACL ratio ex. PPP loans Efficiency Ratio ($ in millions) Pre-tax Net Interest Margin (% in percent) 1Q21 2Q21 Noninterest expense (GAAP) $1,072 June 30, 2021 – Net Interest Margin 3.48% 2.66% Less: intangible amortization 11 Interest Rate Caps (0.50%) 0
Slide 20: Appendix
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Slide 21: Basis of Presentation
Basis of Presentation Use of Non-GAAP Financial Measures 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. Where non-GAAP financial measures are used, th
Slide 22: Basis of Presentation
Basis of Presentation Rounding Please note that columns of data in this document may not add due to rounding. Notable Items 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 a
Slide 23: Table of Contents
Table of Contents Purchase Accounting 24 Digital Metrics 26 Income Statement 27 Net Interest Margin 28 Noninterest Income 29 Noninterest Expense 30 Mortgage Banking Noninterest Income 31 Balance Sheet 32 Deposit Composition 33 Loan Composition 35 Investment Securities 37 Commercial Loan Detail 40 Co
Slide 24: Expected Impact of Purchase Accounting
Expected Impact of Purchase Accounting $ in millions ($10) ($17) $88 $94 $78 $78 ($15) $40 $25 2021 2022 2023 Purchase Accounting Accretion Amortization of Intangibles (Non-Interest Expense) Pre-tax net impact of Purchase Accounting • Projected purchase accounting accretion represents scheduled accr
Slide 25: Fair Value Marks
Fair Value Marks Pre- Tax ($ in millions) Credit Interest Rate Total Mark PCD Loan Mark ($432) ($287) ($719) Non-PCD Loan Mark ($234) $338 $104 Total Loan Mark ($666) $51 ($615) Initial Provision for TCF Acquired ($60) Unfunded Lending Commitments Gross credit mark-down of $666MM pre-tax (1.97% of
Slide 26: Consumer and Business Banking Digital Metrics
Consumer and Business Banking Digital Metrics Digital Engagement Digital Originations Average Monthly Active Digital Users(1) New Consumer Deposit Accounts(3) (Millions) Includes Checking, Savings, MMA +9% YoY 49% 49% 2.37 2.39 43% 44% 2.26 28% 2.23 2.20 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21
Slide 27: Income Statement
Income Statement (2) Huntington Welcome: exe
Slide 28: Net Interest Margin (FTE)
Net Interest Margin (FTE) NIM down 28 basis points year-over-year due to volatility on interest rate caps Net Interest Margin Trends Components of Cost of Interest-Bearing Liabilities 3.35% 3.48% 3.22% 3.13% 2.96% 4.97% 3.11% 2.94% 2.96% 2.94% 2.66% 2.58% 1.87% 1.72% 0.57% 0.45% 0.47% 0.47% 0.39% 0.
Slide 29: Noninterest Income
Noninterest Income Deposit services charges and late-quarter TCF acquisition drive year-over-year growth in noninterest income Change in Quarterly Noninterest Income Year-over-Year Total Noninterest Income +9% Deposit svc chgs: +$28 47% Cards & payment: +$21 36% $444 $409 Other & sec. losses: +$19 4
Slide 30: Noninterest Expense
Noninterest Expense Late-quarter TCF acquisition and corresponding notable expense items drive expense growth Change in Quarterly Noninterest Expense Year-over-Year Total Expense +42% Personnel costs: +$174 42% $1,072 Outside data processing: +$72 80% Other expense: +$58 126% Professional services:
Slide 31: Mortgage Banking Noninterest Income Summary
Mortgage Banking Noninterest Income Summary $145 Mortgage Banking Income (MBI) Salable Production Mix $122 $125 $2 $96 $120 $100 $90 $105 $5 54% 56% 51% $85 $96 $95 $95 65% 68% $67 $65 $69 $45 4.67% $25 3.93% 3.85% 3.55% 46% 44% 49% $5 3.01% 35% 32% $(5) $(2) $(15) 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20
Slide 32: Balance Sheet
Balance Sheet (2) Huntington Welcome: exe
Slide 33: Ending Deposit Composition: $142.8 Billion
Ending Deposit Composition: $142.8 Billion 2Q21 end of period balances Ending Balance by Type Ending Balance by Segment 2% 0% 3% 1% 3% 6% 15% 32% 23% 24% 67% 24% Demand - Noninterest Bearing $45.2B Consumer and Business Banking $95.7B Demand - Interest Bearing $34.9B Commercial Banking $32.6B Money
Slide 34: Total Core Deposit Trends
Total Core Deposit Trends 2Q21 2Q21 vs 2Q21 vs 2Q21 ($ in billions) Average 1Q21(1) 2Q20 Ending Commercial Demand deposits – noninterest bearing $ 25.3 59) % 31) % $ 31.4 Demand deposits – interest bearing 16.4 30) 15) 18.5 Total commercial DDA 41.7 47) 24) 49.9 Other core deposits(2) 8.9 50) 3) 11.
Slide 35: Ending Loan Composition: $111.9 Billion
Ending Loan Composition: $111.9 Billion 2Q21 end of period balances Ending Balance by Type Ending Balance by Segment 2% 1% 4% 7% 17% 18% 33% 37% 10% 12% 13% 42% 4% C&I $41.9B Consumer and Business Banking $36.8B Commercial Real Estate $14.8B Commercial Banking $46.6B Lease Financing $5.0B Auto $13.2
Slide 36: Consumer and Commercial Asset Trends
Consumer and Commercial Asset Trends 2Q21 2Q21 vs 2Q21 vs 2Q21 ($ in billions) Average 1Q21(1) 2Q20 Ending Commercial Commercial and industrial loans $ 34.1 25) % 3) % $ 41.9 Commercial real estate: Construction loans 1.3 98) 9) 1.9 Commercial loans 7.8 108) 32) 12.8 Commercial real estate 9.1 106)
Slide 37: Change in Common Shares Outstanding
Change in Common Shares Outstanding Issued 458 million shares in relation to the TCF acquisition There were no shares repurchased in 2Q21 Share count in millions 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 Beginning shares outstanding 1,018 1,017 1,017 1,017 1,014 1,020 1,033 1,038 Employee equity c
Slide 38: Securities Mix and Yield
Securities Mix and Yield(1) Securities Portfolio Mix Securities Portfolio Yield (Average, $ in billions) Held-to-maturity Available-for-sale $30 3.25% 2.94% 3.00% 2.87% $25 2.79% 2.75% 2.75% 2.54% 2.51% $20 2.50% 2.50% 22.9 2.50% 2.39% 17.5 13.9 14.4 2.28% 14.8 2.39% 13.4 14.0 13.9 13.5 $15 2.25% 2.
Slide 39: AFS and HTM Securities Overview
AFS and HTM Securities Overview(1) June 30, 2021 March 31, 2021 December 31, 2020 ($mm) % of Remaining % of Remaining % of Remaining AFS Portfolio Carry Value Portfolio Life to Maturity Yield Carry Value Portfolio Life to Maturity Yield Carry Value Portfolio Life to Maturity Yield U.S. Treasuries 5
Slide 40: Commercial and Industrial: $41.9 Billion
Commercial and Industrial: $41.9 Billion Diversified by sector and geographically within our Midwest footprint; asset finance and specialty lending in extended footprint Strategic focus on middle market companies with $20 - $500 million in sales and Business Banking customers with <$20 million i
Slide 41: C&I – Auto Industry
C&I – Auto Industry End of period balances Outstandings ($ in millions) 2Q21 1Q21 4Q20 3Q20 2Q20 Suppliers(1) Domestic $ 1,125 $ 922 $ 923 $ 910 $ 977 Foreign 0 0 0 0 0 Total suppliers 1,125 922 923 910 977 Dealers Floorplan-domestic 1,027 1,377 1,725 1,593 1,562 Floorplan-foreign 569 862 944 810 88
Slide 42: Commercial Real Estate: $14.8 Billion
Commercial Real Estate: $14.8 Billion Long-term, meaningful relationships with opportunities for additional cross-sell Improved geographic and project type diversification with the TCF portfolio Specialized national businesses Experienced, proven real estate developer focus Credit Quality Re
Slide 43: Automobile: $13.2 Billion
Automobile: $13.2 Billion Extensive relationships with high quality dealers o Huntington consistently in the market for nearly 70 years o Dominant market position in the Midwest with ~4,200 dealers o Floorplan and dealership real estate lending, core deposit relationship, full Treasury Management,
Slide 44: Auto Loans – Production and Credit Quality
Auto Loans – Production and Credit Quality 2Q21 1Q21 4Q20 3Q20 2Q20 1Q20 4Q19 3Q19 2Q19 Originations Amount ($ in billions) $1.9 $1.4 $1.4 $1.7 $1.2 $1.6 $1.9 $1.6 $1.3 % new vehicles 47% 49% 54% 48% 36% 47% 52% 46% 40% Avg. LTV 84% 87% 86% 89% 90% 89% 88% 90% 92% Avg. FICO 770 771 774 777 770 778 7
Slide 45: Auto Loans – Origination Trends
Auto Loans – Origination Trends Loan originations from 2014 through 2Q21 demonstrate strong characteristics and continued improvements from pre-2010 Credit scoring model most recently updated in January 2017 ($ in billions) 2021 YTD 2020 2019 2018 2017 2016 2015 2014 Originations $3.4 $5.9 $6.1 $5
Slide 46: Home Equity: $11.3 Billion
Home Equity: $11.3 Billion Focused on geographies within our Midwest footprint with relationship customers Focused on high quality borrowers… portfolio as of 2Q21: o Average weighted FICO scores of 750+ o Average weighted LTVs of <85% for junior liens and <75% for 1st-liens o Approximately 62% a
Slide 47: Home Equity – Origination Trends
Home Equity – Origination Trends Consistent origination strategy since 2010 HPI Index is at highest level since pre-2007 – consistent with general assessment of the overall market Focused on high quality borrowers… 2Q21 originations: o Average weighted FICO scores of 750+ o Average weighted LT
Slide 48: Residential Mortgages: $18.7 Billion
Residential Mortgages: $18.7 Billion Traditional product mix focused on geographies within our Midwest footprint Early identification of at-risk borrowers Credit Quality Review 2Q21 1Q21 4Q20 3Q20 2Q20 Period end balance ($ in billions) $18.7 $12.1 $12.1 $12.0 $11.6 30+ days PD and accruing 1.30
Slide 49: Residential Mortgages – Origination Trends
Residential Mortgages – Origination Trends Consistent origination strategy since 2010 HPI Index is at highest level since pre-2007 – consistent with general assessment of the overall market Average 2Q21 portfolio origination: purchased / refinance mix of 55% / 45% ($ in billions) 2021 YTD 2020
Slide 50: RV and Marine: $5.0 Billion
RV and Marine: $5.0 Billion Indirect origination via established dealers in 34 states o Entered business in 2016 via FirstMerit acquisition; 2017-2018 expansion into new states Centrally underwritten with focus on super prime borrowers Underwriting aligns with Huntington’s origination standard
Slide 51: RV and Marine – Origination Trends
RV and Marine – Origination Trends Tightened underwriting standards post-FirstMerit acquisition along with geographic expansion, primarily into the Southeast and the West ($ in billions) 2021 YTD 2020 2019 2018 2017 Portfolio originations $0.8 $1.6 $1.0 $1.4 $1.0 Avg. LTV(1) 110.4% 108.0% 105.5% 1
Slide 52: Stable, Diversified Sources of Wholesale Funds
Stable, Diversified Sources of Wholesale Funds Historical issuance and current ratings Wholesale Funding Issuances and Maturities ($ in billions) 2.5 2.0 2.0 2.0 1.9 1.7 1.6 1.3 1.1 1.0 0.7 0.8 0.5 0.6 0.5 0.5 2016 2017 2018 2019 2020 YTD 6/30/21 Preferred Equity Issued Senior Debt Matured Senior De
Slide 53: Stable, Diversified Sources of Wholesale Funds
Stable, Diversified Sources of Wholesale Funds Smooth runoff profile and optimization of funding costs 1.2 HoldCo Sr. Quarterly Maturities Through 2025 HoldCo Sub 1.0 Bank Sr. 0.8 $ in billions 0.6 0.4 0.2 0.0 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 Objectives Annual Maturities ($ in milli
Slide 54: Credit Quality Review
Credit Quality Review (2) Huntington Welcome: exe
Slide 55: Credit Quality Trends Overview
Credit Quality Trends Overview 2Q21 1Q21 4Q20 3Q20 2Q20 Net charge-off ratio 0.28% 0.32% 0.55% 0.56% 0.54% 90+ days PD and accruing 0.13 0.19 0.21 0.22 0.24 NAL ratio(1) 0.88 0.64 0.65 0.70 0.81 NPA ratio(2) 0.91 0.68 0.69 0.74 0.89 Criticized asset ratio(3) 4.32 3.97 3.91 4.35 4.95 ALLL ratio 1.98
Slide 56: Consumer Loan Delinquencies
Consumer Loan Delinquencies(1) 30+ Days 90+ Days 1.36% 1.18% 1.09% 1.06% 2.28% 2.29% 2.18% 1.88% 0.63% 1.26% 1.30% 1.11% 0.48% 1.03% 0.42% 0.41% 0.90% 0.93% 0.38% 0.80% 0.69% 0.27% 0.54% 0.53% 0.55% 0.16% 0.68% 0.12% 0.12% 0.11% 0.08% 0.51% 0.47% 0.47% 0.52% 0.06% 0.07% 0.07% 0.04% 0.03% 2Q20 3Q20 4
Slide 57: Total Commercial Loan Delinquencies
Total Commercial Loan Delinquencies 30+ Days(1) 90+ Days(2) 0.26% 0.15% 0.15% 0.19% 0.12% 0.03% 0.02% 0.02% 0.02% 0.02% 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 See notes on slide 66 2021 Second Quarter Earnings Review 57
Slide 58: Net Charge-Offs
Net Charge-Offs Total Commercial Loans Total Consumer Loans ($ in millions) NCOs ($ in millions) NCOs Annualized % Annualized % 0.86% 0.75% 0.85% 0.47% $89 $90 $80 0.51% 0.30% $59 0.24% 0.22% $49 0.16% $27 $24 $22 0.02% $15 $3 2Q20 3Q20 4Q20 1Q21 2Q21 2Q20 3Q20 4Q20 1Q21 2Q21 2021 Second Quarter Ear
Slide 59: Nonperforming Asset Flow Analysis
Nonperforming Asset Flow Analysis End of Period ($ in millions) 2Q21 1Q21 4Q20 3Q20 2Q20 NPA beginning-of-period $544 $563 $602 $713 $586 TCF Additions 630 0 0 0 0 HBAN Additions / increases 115 129 248 190 279 Return to accruing status (46) (33) (108) (47) (25) Loan and lease losses (77) (52) (73)
Slide 60: Criticized Commercial Loan Analysis
Criticized Commercial Loan Analysis End of Period ($ in millions) 2Q21 1Q21 4Q20 3Q20 2Q20 Criticized beginning-of-period $2,871 $2,830 $3,173 $3,601 $2,473 TCF Additions (Net) 1,745 0 0 0 0 Additions / increases 405 339 473 355 1,411 Advances 108 214 86 120 329 Upgrades to “Pass” (253) (148) (395)
Slide 61: Franchise and Leadership
Franchise and Leadership (2) Huntington Welcome: exe
Slide 62: Experienced, Diverse Executive Leadership Team
Experienced, Diverse Executive Leadership Team 8 new ELT members since 2016 Stephen Steinour Donald Dennis Paul Heller Chairman, President, and CEO, Executive Vice President, Senior Executive Vice President, Huntington Bancshares Incorporated Chief Diversity, Equity, and Chief Technology and Operati
Slide 63: Deeply Engaged, Diverse Board of Directors
Deeply Engaged, Diverse Board of Directors Stephen Steinour Lizabeth Ardisana Alanna Cotton Chairman, President, and CEO, CEO and Principal Owner Global Chief Marketing Officer Huntington Bancshares Incorporated ASG Renaissance, LLC Still Beverages, and The Huntington National Bank The Coca-Cola Com
Slide 64: Notes
Notes Slide 3: (1) Refers to end of period balances (2) For J.D. Power 2021 award information, visit jdpower.com/awards. Huntington received the highest score among regional banks in the J.D. Power 2021 U.S. Banking Mobile App Satisfaction Study of customers’ satisfaction with their financial instit
Slide 65: Notes
Notes Slide 34: (1) Linked quarter percent change annualized (2) Money market deposits, savings / other deposits, and core certificates of deposit Slide 36: (1) Linked quarter percent changes annualized (2) Includes commercial bonds booked as investment securities under GAAP Slide 38: (1) Trading Ac
Slide 66: Notes
Notes Slide 45: (1) Auto LTV based on retail value Slide 47: (1) Originations are based on commitment amounts (2) FHFA Regional HPI ENC Season-Adj; U.S. and Census Division (3) Source: BLS.gov; average of monthly seasonally-adjusted unemployment rate for period Slide 49: (1) FHFA Regional HPI ENC S
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