Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - HUNTINGTON BANCSHARES INC /MD/ | d521972d8k.htm |
| EX-99.1 - EX-99.1 - HUNTINGTON BANCSHARES INC /MD/ | d521972dex991.htm |
Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 2013
Table of Contents
| Quarterly Key Statistics |
1 | |||
| Key Statistics Footnotes |
2 | |||
| Consolidated Balance Sheets |
3 | |||
| Loans and Leases Composition |
4 | |||
| Deposits Composition |
5 | |||
| Consolidated Quarterly Average Balance Sheets |
6 | |||
| Consolidated Quarterly Net Interest Margin Analysis |
7-8 | |||
| Selected Quarterly Income Statement Data |
9 | |||
| Quarterly Mortgage Banking Income |
10 | |||
| Quarterly Credit Reserves Analysis |
11 | |||
| Quarterly Net Charge-Off Analysis |
12 | |||
| Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) |
13 | |||
| Quarterly Accruing Past Due Loans and Leases and Accruing Troubled Debt Restructured Loans |
14 | |||
| Quarterly Common Stock Summary, Capital, and Other Data |
15 | |||
Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
| • | Tangible common equity to tangible assets, |
| • | Tier 1 common equity to risk-weighted assets using Basel I and Basel III definitions, and |
| • | Tangible common equity to risk-weighted assets using Basel I definition. |
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in Generally Accepted Accounting Principles (“GAAP”) or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in this press release in their entirety, and not to rely on any single financial measure.
Quarterly Key Statistics(1)
(Unaudited)
| 2013 | 2012 | Percent Changes vs. | ||||||||||||||||||
| (dollar amounts in thousands, except per share amounts) |
First | Fourth | First | 4Q12 | 1Q12 | |||||||||||||||
| Net interest income |
$ | 424,170 | $ | 434,055 | $ | 417,209 | (2 | )% | 2 | % | ||||||||||
| Provision for credit losses |
29,592 | 39,458 | 34,406 | (25 | ) | (14 | ) | |||||||||||||
| Noninterest income |
252,209 | 297,651 | 285,320 | (15 | ) | (12 | ) | |||||||||||||
| Noninterest expense |
442,793 | 470,628 | 462,676 | (6 | ) | (4 | ) | |||||||||||||
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| Income before income taxes |
203,994 | 221,620 | 205,447 | (8 | ) | (1 | ) | |||||||||||||
| Provision for income taxes |
52,214 | 54,341 | 52,177 | (4 | ) | — | ||||||||||||||
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| Net income |
$ | 151,780 | $ | 167,279 | $ | 153,270 | (9 | )% | (1 | )% | ||||||||||
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| Dividends on preferred shares |
7,970 | 7,973 | 8,049 | — | (1 | ) | ||||||||||||||
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| Net income applicable to common shares |
$ | 143,810 | $ | 159,306 | $ | 145,221 | (10 | )% | (1 | )% | ||||||||||
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| Net income per common share - diluted |
$ | 0.17 | $ | 0.19 | $ | 0.17 | (11 | )% | — | % | ||||||||||
| Cash dividends declared per common share |
0.04 | 0.04 | 0.04 | — | — | |||||||||||||||
| Book value per common share at end of period |
6.53 | 6.41 | 5.97 | 2 | 9 | |||||||||||||||
| Tangible book value per common share at end of period |
5.91 | 5.78 | 5.33 | 2 | 11 | |||||||||||||||
| Average common shares - basic |
841,103 | 847,220 | 864,499 | (1 | ) | (3 | ) | |||||||||||||
| Average common shares - diluted |
848,708 | 853,306 | 869,164 | (1 | ) | (2 | ) | |||||||||||||
| Return on average assets |
1.10 | % | 1.19 | % | 1.13 | % | ||||||||||||||
| Return on average common shareholders’ equity |
10.7 | 11.6 | 11.4 | |||||||||||||||||
| Return on average tangible common shareholders’ equity(2) |
12.4 | 13.5 | 13.5 | |||||||||||||||||
| Net interest margin(3) |
3.42 | 3.45 | 3.40 | |||||||||||||||||
| Efficiency ratio(4) |
63.3 | 62.3 | 63.8 | |||||||||||||||||
| Noninterest Income/Total Revenue |
37.0 | 40.4 | 40.4 | |||||||||||||||||
| Effective tax rate |
25.6 | 24.5 | 25.4 | |||||||||||||||||
| Average loans and leases |
$ | 40,863,921 | $ | 40,396,541 | $ | 39,144,688 | 1 | 4 | ||||||||||||
| Average loans and leases - linked quarter annualized growth rate |
4.6 | % | 2.8 | % | (3.8 | )% | ||||||||||||||
| Average earning assets |
$ | 50,959,966 | $ | 50,682,461 | $ | 49,766,526 | 1 | 2 | ||||||||||||
| Average total assets |
55,728,126 | 56,053,542 | 54,656,001 | (1 | ) | 2 | ||||||||||||||
| Average core deposits(5) |
43,615,639 | 44,309,913 | 41,387,049 | (2 | ) | 5 | ||||||||||||||
| Average core deposits - linked quarter annualized growth rate |
(6.3 | )% | 5.0 | % | 0.3 | % | ||||||||||||||
| Average shareholders’ equity |
$ | 5,834,190 | $ | 5,842,493 | $ | 5,492,228 | — | 6 | ||||||||||||
| Total assets at end of period |
56,054,966 | 56,153,185 | 55,876,654 | — | — | |||||||||||||||
| Total shareholders’ equity at end of period |
5,867,138 | 5,790,211 | 5,549,828 | 1 | 6 | |||||||||||||||
| Net charge-offs (NCOs) |
51,687 | 70,130 | 82,992 | (26 | ) | (38 | ) | |||||||||||||
| NCOs as a % of average loans and leases |
0.51 | % | 0.69 | % | 0.85 | % | ||||||||||||||
| Nonaccrual loans and leases (NALs) |
$ | 380,311 | $ | 407,633 | $ | 467,558 | (7 | ) | (19 | ) | ||||||||||
| NAL ratio |
0.92 | % | 1.00 | % | 1.15 | % | ||||||||||||||
| Nonperforming assets (NPAs)(6) |
$ | 415,495 | $ | 445,775 | $ | 527,077 | (7 | ) | (21 | ) | ||||||||||
| NPA ratio(6) |
1.01 | % | 1.09 | % | 1.29 | % | ||||||||||||||
| Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period |
1.81 | 1.89 | 2.24 | |||||||||||||||||
| ALLL plus allowance for unfunded loan commitments and letters of credit (ACL) as a % of total loans and leases at the end of period |
1.91 | 1.99 | 2.37 | |||||||||||||||||
| ACL as a % of NALs |
207 | 199 | 206 | |||||||||||||||||
| ACL as a % of NPAs |
190 | 182 | 183 | |||||||||||||||||
| Tier 1 leverage ratio (7) |
10.57 | 10.36 | 10.55 | |||||||||||||||||
| Tier 1 common risk-based capital ratio(7) |
10.62 | 10.48 | 10.15 | |||||||||||||||||
| Tier 1 risk-based capital ratio (7) |
12.16 | 12.02 | 12.22 | |||||||||||||||||
| Total risk-based capital ratio (7) |
14.55 | 14.50 | 14.76 | |||||||||||||||||
| Tangible common equity / tangible assets ratio(8) |
8.92 | 8.76 | 8.33 | |||||||||||||||||
See Notes to the Quarterly Key Statistics.
1
Notes to the Quarterly Key Statistics
| (1) | Comparisons for all presented periods are impacted by a number of factors. Refer to Significant Items. |
| (2) | Net income excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate. |
| (3) | On a fully-taxable equivalent (FTE) basis assuming a 35% tax rate. |
| (4) | Noninterest expense less amortization of intangibles and goodwill impairment divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses). |
| (5) | Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit. |
| (6) | NPAs include other real estate owned. |
| (7) | March 31, 2013, figures are estimated. |
| (8) | Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate. |
2
Huntington Bancshares Incorporated
Consolidated Balance Sheets
| 2013 | 2012 | Percent Changes vs | ||||||||||||||||||
| (dollar amounts in thousands, except number of shares) |
March 31, | December 31, | March 31, | 4Q12 | 1Q12 | |||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||
| Assets |
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| Cash and due from banks |
$ | 828,688 | $ | 1,262,806 | $ | 1,111,165 | (34 | )% | (25 | )% | ||||||||||
| Federal funds sold and securities purchased under resale agreements |
— | — | 52 | N.R. | N.R. | |||||||||||||||
| Interest-bearing deposits in banks |
71,317 | 70,921 | 151,973 | 1 | (53 | ) | ||||||||||||||
| Trading account securities |
86,520 | 91,205 | 59,663 | (5 | ) | 45 | ||||||||||||||
| Loans held for sale |
729,707 | 764,309 | 310,383 | (5 | ) | 135 | ||||||||||||||
| Available-for-sale and other securities |
7,504,639 | 7,566,175 | 8,909,733 | (1 | ) | (16 | ) | |||||||||||||
| Held-to-maturity securities |
1,693,074 | 1,743,876 | 621,798 | (3 | ) | 172 | ||||||||||||||
| Loans and leases(1) |
41,283,524 | 40,728,425 | 40,678,542 | 1 | 1 | |||||||||||||||
| Allowance for loan and lease losses |
(746,769 | ) | (769,075 | ) | (913,069 | ) | (3 | ) | (18 | ) | ||||||||||
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| Net loans and leases |
40,536,755 | 39,959,350 | 39,765,473 | 1 | 2 | |||||||||||||||
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| Bank owned life insurance |
1,609,610 | 1,596,056 | 1,562,449 | 1 | 3 | |||||||||||||||
| Premises and equipment |
620,833 | 617,257 | 577,538 | 1 | 7 | |||||||||||||||
| Goodwill |
444,268 | 444,268 | 444,268 | — | — | |||||||||||||||
| Other intangible assets |
124,236 | 132,157 | 171,135 | (6 | ) | (27 | ) | |||||||||||||
| Accrued income and other assets |
1,805,319 | 1,904,805 | 2,191,024 | (5 | ) | (18 | ) | |||||||||||||
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| Total assets |
$ | 56,054,966 | $ | 56,153,185 | $ | 55,876,654 | — | % | — | % | ||||||||||
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| Liabilities and shareholders’ equity |
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| Liabilities |
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| Deposits(2) |
$ | 46,867,141 | $ | 46,252,683 | $ | 45,008,964 | 1 | % | 4 | % | ||||||||||
| Short-term borrowings |
732,705 | 589,814 | 1,504,086 | 24 | (51 | ) | ||||||||||||||
| Federal Home Loan Bank advances |
183,491 | 1,008,959 | 56,938 | (82 | ) | 222 | ||||||||||||||
| Other long-term debt |
156,301 | 158,784 | 1,058,167 | (2 | ) | (85 | ) | |||||||||||||
| Subordinated notes |
1,188,674 | 1,197,091 | 1,494,263 | (1 | ) | (20 | ) | |||||||||||||
| Accrued expenses and other liabilities |
1,059,516 | 1,155,643 | 1,204,408 | (8 | ) | (12 | ) | |||||||||||||
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| Total liabilities |
50,187,828 | 50,362,974 | 50,326,826 | — | — | |||||||||||||||
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| Shareholder’s equity |
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| Preferred stock - authorized 6,617,808 shares- |
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| Series A, 8.50% fixed rate, non-cumulative perpetual convertible preferred stock, par value of $0.01, and liquidation value per share of $1,000 |
362,507 | 362,507 | 362,507 | — | — | |||||||||||||||
| Series B, floating rate, non-voting, non-cumulative perpetual preferred stock, par value of $0.01, and liquidation value per share of $1,000 |
23,785 | 23,785 | 23,785 | — | — | |||||||||||||||
| Common stock - Par value of $0.01 |
8,401 | 8,441 | 8,659 | — | (3 | ) | ||||||||||||||
| Capital surplus |
7,451,287 | 7,475,149 | 7,602,064 | — | (2 | ) | ||||||||||||||
| Less treasury shares, at cost |
(11,141 | ) | (10,921 | ) | (10,234 | ) | 2 | 9 | ||||||||||||
| Accumulated other comprehensive loss |
(159,955 | ) | (150,817 | ) | (157,816 | ) | 6 | 1 | ||||||||||||
| Retained earnings |
(1,807,746 | ) | (1,917,933 | ) | (2,279,137 | ) | (6 | ) | (21 | ) | ||||||||||
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| Total shareholders’ equity |
5,867,138 | 5,790,211 | 5,549,828 | 1 | 6 | |||||||||||||||
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| Total liabilities and shareholders’ equity |
$ | 56,054,966 | $ | 56,153,185 | $ | 55,876,654 | — | % | — | % | ||||||||||
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| Common shares authorized (par value of $0.01) |
1,500,000,000 | 1,500,000,000 | 1,500,000,000 | |||||||||||||||||
| Common shares issued |
840,087,217 | 844,105,349 | 865,873,499 | |||||||||||||||||
| Common shares outstanding |
838,757,987 | 842,812,709 | 864,674,530 | |||||||||||||||||
| Treasury shares outstanding |
1,329,230 | 1,292,640 | 1,198,969 | |||||||||||||||||
| Preferred shares issued |
1,967,071 | 1,967,071 | 1,967,071 | |||||||||||||||||
| Preferred shares outstanding |
398,007 | 398,007 | 398,007 | |||||||||||||||||
| (1) | See page 4 for detail of loans and leases. |
| (2) | See page 5 for detail of deposits. |
N.R- Not relevant, as denominator of calculation is a negative in prior period compared with a positive in current period, or as numberator of caculation is zero in the current period
3
Huntington Bancshares Incorporated
Loans and Leases Composition
| 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
| (dollar amounts in millions) |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||
| Ending Balances by Type: |
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| Commercial:(1) |
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| Commercial and industrial |
$ | 17,267 | 42 | % | $ | 16,971 | 42 | % | $ | 16,478 | 41 | % | $ | 16,322 | 41 | % | $ | 15,838 | 39 | % | ||||||||||||||||||||
| Commercial real estate: |
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| Construction |
574 | 1 | 648 | 2 | 541 | 1 | 591 | 1 | 597 | 1 | ||||||||||||||||||||||||||||||
| Commercial |
4,485 | 11 | 4,751 | 12 | 4,956 | 12 | 5,317 | 13 | 5,443 | 13 | ||||||||||||||||||||||||||||||
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| Commercial real estate |
5,059 | 12 | 5,399 | 14 | 5,497 | 13 | 5,908 | 14 | 6,040 | 14 | ||||||||||||||||||||||||||||||
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| Total commercial |
22,326 | 54 | 22,370 | 56 | 21,975 | 54 | 22,230 | 55 | 21,878 | 53 | ||||||||||||||||||||||||||||||
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| Consumer: |
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| Automobile |
5,036 | 12 | 4,634 | 11 | 4,276 | 11 | 3,808 | 10 | 4,787 | 12 | ||||||||||||||||||||||||||||||
| Home equity |
8,474 | 21 | 8,335 | 20 | 8,381 | 21 | 8,344 | 21 | 8,261 | 20 | ||||||||||||||||||||||||||||||
| Residential mortgage |
5,051 | 12 | 4,970 | 12 | 5,192 | 13 | 5,123 | 13 | 5,284 | 13 | ||||||||||||||||||||||||||||||
| Other consumer |
397 | 1 | 419 | 1 | 436 | 1 | 454 | 1 | 469 | 2 | ||||||||||||||||||||||||||||||
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| Total consumer |
18,958 | 46 | 18,358 | 44 | 18,285 | 46 | 17,729 | 45 | 18,801 | 47 | ||||||||||||||||||||||||||||||
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| Total loans and leases |
$ | 41,284 | 100 | % | $ | 40,728 | 100 | % | $ | 40,260 | 100 | % | $ | 39,959 | 100 | % | $ | 40,679 | 100 | % | ||||||||||||||||||||
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| Ending Balances by Business Segment: |
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| Retail and Business Banking |
$ | 12,749 | 31 | % | $ | 12,644 | 31 | % | $ | 12,656 | 31 | % | $ | 12,714 | 32 | % | $ | 12,432 | 31 | % | ||||||||||||||||||||
| Regional and Commercial Banking |
11,166 | 27 | 10,679 | 26 | 10,463 | 26 | 10,420 | 26 | 9,936 | 24 | ||||||||||||||||||||||||||||||
| AFCRE |
11,526 | 28 | 11,396 | 28 | 11,019 | 27 | 10,892 | 27 | 11,698 | 29 | ||||||||||||||||||||||||||||||
| WGH |
5,767 | 14 | 5,887 | 15 | 6,053 | 16 | 5,904 | 15 | 5,968 | 14 | ||||||||||||||||||||||||||||||
| Treasury / Other |
76 | — | 122 | — | 69 | — | 29 | — | 645 | 2 | ||||||||||||||||||||||||||||||
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| Total loans and leases |
$ | 41,284 | 100 | % | $ | 40,728 | 100 | % | $ | 40,260 | 100 | % | $ | 39,959 | 100 | % | $ | 40,679 | 100 | % | ||||||||||||||||||||
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| 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||
| Average Balances by Business Segment: |
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| Retail and Business Banking |
$ | 12,693 | 31 | % | $ | 12,677 | 31 | % | $ | 12,703 | 32 | % | $ | 12,977 | 32 | % | $ | 12,420 | 32 | % | ||||||||||||||||||||
| Regional and Commercial Banking |
10,987 | 27 | 10,390 | 26 | 10,427 | 26 | 10,229 | 25 | 9,250 | 24 | ||||||||||||||||||||||||||||||
| AFCRE |
11,454 | 28 | 11,221 | 28 | 10,949 | 27 | 11,891 | 29 | 11,468 | 29 | ||||||||||||||||||||||||||||||
| WGH |
5,711 | 14 | 6,054 | 15 | 5,993 | 15 | 6,007 | 14 | 5,920 | 15 | ||||||||||||||||||||||||||||||
| Treasury / Other |
19 | — | 55 | — | 48 | — | 75 | — | 87 | — | ||||||||||||||||||||||||||||||
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| Total loans and leases |
$ | 40,864 | 100 | % | $ | 40,397 | 100 | % | $ | 40,120 | 100 | % | $ | 41,179 | 100 | % | $ | 39,145 | 100 | % | ||||||||||||||||||||
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| (1) | As defined by regulatory guidance, there were no commercial loans outstanding that would be considered a concentration of lending to a particular industry or group of industries. |
4
Huntington Bancshares Incorporated
Deposits Composition
| 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
| (dollar amounts in millions) |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||||||
| Ending Balances by Type: |
||||||||||||||||||||||||||||||||||||||||
| Demand deposits - noninterest-bearing |
$ | 12,757 | 27 | % | $ | 12,600 | 27 | % | $ | 12,680 | 27 | % | $ | 12,324 | 27 | % | $ | 11,797 | 26 | % | ||||||||||||||||||||
| Demand deposits - interest-bearing |
6,135 | 13 | 6,218 | 13 | 5,909 | 13 | 6,060 | 13 | 6,126 | 14 | ||||||||||||||||||||||||||||||
| Money market deposits |
15,165 | 32 | 14,691 | 32 | 14,926 | 32 | 13,756 | 30 | 13,169 | 29 | ||||||||||||||||||||||||||||||
| Savings and other domestic deposits |
5,174 | 11 | 5,002 | 11 | 4,949 | 11 | 4,961 | 11 | 4,954 | 11 | ||||||||||||||||||||||||||||||
| Core certificates of deposit |
5,170 | 11 | 5,516 | 12 | 5,817 | 12 | 6,508 | 14 | 6,920 | 15 | ||||||||||||||||||||||||||||||
|
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|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total core deposits |
44,401 | 94 | 44,027 | 95 | 44,281 | 95 | 43,609 | 95 | 42,966 | 95 | ||||||||||||||||||||||||||||||
| Other domestic deposits of $250,000 or more |
355 | 1 | 354 | 1 | 352 | 1 | 260 | 1 | 325 | 1 | ||||||||||||||||||||||||||||||
| Brokered deposits and negotiable CDs |
1,807 | 4 | 1,594 | 3 | 1,795 | 4 | 1,888 | 4 | 1,276 | 3 | ||||||||||||||||||||||||||||||
| Deposits in foreign offices |
304 | 1 | 278 | 1 | 313 | — | 319 | — | 442 | 1 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total deposits |
$ | 46,867 | 100 | % | $ | 46,253 | 100 | % | $ | 46,741 | 100 | % | $ | 46,076 | 100 | % | $ | 45,009 | 100 | % | ||||||||||||||||||||
|
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|
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|
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|
|
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|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total core deposits: |
||||||||||||||||||||||||||||||||||||||||
| Commercial |
$ | 18,502 | 42 | % | $ | 18,358 | 42 | % | $ | 19,207 | 43 | % | $ | 18,324 | 42 | % | $ | 17,101 | 40 | % | ||||||||||||||||||||
| Consumer |
25,899 | 58 | 25,669 | 58 | 25,074 | 57 | 25,285 | 58 | 25,865 | 60 | ||||||||||||||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total core deposits |
$ | 44,401 | 100 | % | $ | 44,027 | 100 | % | $ | 44,281 | 100 | % | $ | 43,609 | 100 | % | $ | 42,966 | 100 | % | ||||||||||||||||||||
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|
|
|
|
|||||||||||||||||||||
| Ending Balances by Business Segment: |
||||||||||||||||||||||||||||||||||||||||
| Retail and Business Banking |
$ | 28,719 | 61 | % | $ | 28,367 | 61 | % | $ | 28,220 | 60 | % | $ | 28,348 | 62 | % | $ | 27,935 | 62 | % | ||||||||||||||||||||
| Regional and Commercial Banking |
5,627 | 12 | 5,863 | 13 | 6,205 | 13 | 5,333 | 12 | 4,748 | 11 | ||||||||||||||||||||||||||||||
| AFCRE |
970 | 2 | 995 | 2 | 922 | 2 | 907 | 2 | 914 | 2 | ||||||||||||||||||||||||||||||
| WGH |
10,015 | 22 | 9,508 | 21 | 9,816 | 22 | 9,782 | 20 | 9,632 | 21 | ||||||||||||||||||||||||||||||
| Treasury / Other(1) |
1,536 | 3 | 1,520 | 3 | 1,578 | 3 | 1,706 | 4 | 1,780 | 4 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
| Total deposits |
$ | 46,867 | 100 | % | $ | 46,253 | 100 | % | $ | 46,741 | 100 | % | $ | 46,076 | 100 | % | $ | 45,009 | 100 | % | ||||||||||||||||||||
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|
|||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | ||||||||||||||||||||||||||||||||||||
| Average Balances by Business Segment: |
||||||||||||||||||||||||||||||||||||||||
| Retail and Business Banking |
$ | 28,331 | 62 | % | $ | 28,301 | 61 | % | $ | 28,248 | 61 | % | $ | 28,260 | 63 | % | $ | 27,452 | 63 | % | ||||||||||||||||||||
| Regional and Commercial Banking |
5,668 | 12 | 6,120 | 13 | 5,715 | 12 | 4,762 | 11 | 4,680 | 11 | ||||||||||||||||||||||||||||||
| AFCRE |
922 | 2 | 949 | 2 | 942 | 2 | 855 | 2 | 811 | 2 | ||||||||||||||||||||||||||||||
| WGH |
9,623 | 21 | 9,873 | 21 | 9,735 | 21 | 9,783 | 21 | 9,450 | 22 | ||||||||||||||||||||||||||||||
| Treasury / Other(1) |
1,469 | 3 | 1,524 | 3 | 1,658 | 4 | 1,197 | 3 | 1,072 | 2 | ||||||||||||||||||||||||||||||
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|
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|
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|
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|
|
|
|
|
|||||||||||||||||||||
| Total deposits |
$ | 46,013 | 100 | % | $ | 46,767 | 100 | % | $ | 46,298 | 100 | % | $ | 44,857 | 100 | % | $ | 43,465 | 100 | % | ||||||||||||||||||||
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|
|||||||||||||||||||||
| (1) | Comprised primarily of national market deposits. |
5
Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
| Average Balances | ||||||||||||||||||||||||||||
| 2013 | 2012 | Percent Changes vs. | ||||||||||||||||||||||||||
| (dollar amounts in millions) |
First | Fourth | Third | Second | First | 4Q12 | 1Q12 | |||||||||||||||||||||
| Assets |
||||||||||||||||||||||||||||
| Interest-bearing deposits in banks |
$ | 72 | $ | 73 | $ | 82 | $ | 124 | $ | 100 | (1 | ) | (28 | )% | ||||||||||||||
| Loans held for sale |
709 | 840 | 1,829 | 410 | 1,265 | (16 | ) | (44 | ) | |||||||||||||||||||
| Securities: |
||||||||||||||||||||||||||||
| Available-for-sale and other securities: |
||||||||||||||||||||||||||||
| Taxable |
6,964 | 7,131 | 8,014 | 8,285 | 8,171 | (2 | ) | (15 | ) | |||||||||||||||||||
| Tax-exempt |
549 | 492 | 423 | 387 | 404 | 12 | 36 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total available-for-sale and other securities |
7,513 | 7,623 | 8,437 | 8,672 | 8,575 | (1 | ) | (12 | ) | |||||||||||||||||||
| Trading account securities |
85 | 97 | 66 | 54 | 50 | (12 | ) | 70 | ||||||||||||||||||||
| Held-to-maturity securities - taxable |
1,717 | 1,652 | 796 | 611 | 632 | 4 | 172 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Securities |
9,315 | 9,372 | 9,299 | 9,337 | 9,257 | (1 | ) | 1 | ||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||
| Loans and leases:(1) |
||||||||||||||||||||||||||||
| Commercial: |
||||||||||||||||||||||||||||
| Commercial and industrial |
16,954 | 16,507 | 16,343 | 16,094 | 14,824 | 3 | 14 | |||||||||||||||||||||
| Commercial real estate: |
||||||||||||||||||||||||||||
| Construction |
598 | 576 | 569 | 584 | 598 | 4 | — | |||||||||||||||||||||
| Commercial |
4,694 | 4,897 | 5,153 | 5,491 | 5,254 | (4 | ) | (11 | ) | |||||||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Commercial real estate |
5,292 | 5,473 | 5,722 | 6,075 | 5,852 | (3 | ) | (10 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total commercial |
22,246 | 21,980 | 22,065 | 22,169 | 20,676 | 1 | 8 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Consumer: |
||||||||||||||||||||||||||||
| Automobile |
4,833 | 4,486 | 4,065 | 4,985 | 4,576 | 8 | 6 | |||||||||||||||||||||
| Home equity |
8,395 | 8,345 | 8,369 | 8,310 | 8,234 | 1 | 2 | |||||||||||||||||||||
| Residential mortgage |
4,978 | 5,155 | 5,177 | 5,253 | 5,174 | (3 | ) | (4 | ) | |||||||||||||||||||
| Other consumer |
412 | 431 | 444 | 462 | 485 | (4 | ) | (15 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total consumer |
18,618 | 18,417 | 18,055 | 19,010 | 18,469 | 1 | 1 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total loans and leases |
40,864 | 40,397 | 40,120 | 41,179 | 39,145 | 1 | 4 | |||||||||||||||||||||
| Allowance for loan and lease losses |
(772 | ) | (783 | ) | (855 | ) | (908 | ) | (961 | ) | (1 | ) | (20 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net loans and leases |
40,092 | 39,614 | 39,265 | 40,271 | 38,184 | 1 | 5 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total earning assets |
50,960 | 50,682 | 51,330 | 51,050 | 49,767 | 1 | 2 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Cash and due from banks |
904 | 1,459 | 960 | 928 | 1,012 | (38 | ) | (11 | ) | |||||||||||||||||||
| Intangible assets |
571 | 581 | 597 | 609 | 613 | (2 | ) | (7 | ) | |||||||||||||||||||
| All other assets |
4,065 | 4,115 | 4,106 | 4,158 | 4,225 | (1 | ) | (4 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total assets |
$ | 55,728 | $ | 56,054 | $ | 56,138 | $ | 55,837 | $ | 54,656 | (1 | ) | 2 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Liabilities and shareholders’ equity |
||||||||||||||||||||||||||||
| Deposits: |
||||||||||||||||||||||||||||
| Demand deposits - noninterest-bearing |
$ | 12,165 | $ | 13,121 | $ | 12,329 | $ | 12,064 | $ | 11,273 | (7 | ) | 8 | % | ||||||||||||||
| Demand deposits - interest-bearing |
5,977 | 5,843 | 5,814 | 5,939 | 5,646 | 2 | 6 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total demand deposits |
18,142 | 18,964 | 18,143 | 18,003 | 16,919 | (4 | ) | 7 | ||||||||||||||||||||
| Money market deposits |
15,045 | 14,749 | 14,515 | 13,182 | 13,141 | 2 | 14 | |||||||||||||||||||||
| Savings and other domestic deposits |
5,083 | 4,960 | 4,975 | 4,978 | 4,817 | 2 | 6 | |||||||||||||||||||||
| Core certificates of deposit |
5,346 | 5,637 | 6,131 | 6,618 | 6,510 | (5 | ) | (18 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total core deposits |
43,616 | 44,310 | 43,764 | 42,781 | 41,387 | (2 | ) | 5 | ||||||||||||||||||||
| Other domestic deposits of $250,000 or more |
360 | 359 | 300 | 298 | 347 | — | 4 | |||||||||||||||||||||
| Brokered deposits and negotiable CDs |
1,697 | 1,756 | 1,878 | 1,421 | 1,301 | (3 | ) | 30 | ||||||||||||||||||||
| Deposits in foreign offices |
340 | 342 | 356 | 357 | 430 | (1 | ) | (21 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total deposits |
46,013 | 46,767 | 46,298 | 44,857 | 43,465 | (2 | ) | 6 | ||||||||||||||||||||
| Short-term borrowings |
762 | 1,012 | 1,329 | 1,391 | 1,512 | (25 | ) | (50 | ) | |||||||||||||||||||
| Federal Home Loan Bank advances |
686 | 42 | 107 | 626 | 419 | 1,533 | 64 | |||||||||||||||||||||
| Subordinated notes and other long-term debt |
1,348 | 1,374 | 1,638 | 2,251 | 2,652 | (2 | ) | (49 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total interest-bearing liabilities |
36,644 | 36,074 | 37,043 | 37,061 | 36,775 | 2 | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| All other liabilities |
1,085 | 1,017 | 1,035 | 1,094 | 1,116 | 7 | (3 | ) | ||||||||||||||||||||
| Shareholders’ equity |
5,834 | 5,842 | 5,731 | 5,618 | 5,492 | — | 6 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total liabilities and shareholders’ equity |
$ | 55,728 | $ | 56,054 | $ | 56,138 | $ | 55,837 | $ | 54,656 | (1 | ) | 2 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | Includes nonaccrual loans. |
6
Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin—Interest Income / Expense (1)
(Unaudited)
| Interest Income / Expense | ||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands) |
First | Fourth | Third | Second | First | |||||||||||||||
| Assets |
||||||||||||||||||||
| Interest-bearing deposits in banks |
$ | 29 | $ | 51 | $ | 42 | $ | 97 | $ | 12 | ||||||||||
| Loans held for sale |
5,702 | 6,675 | 14,548 | 3,541 | 12,005 | |||||||||||||||
| Securities: |
||||||||||||||||||||
| Available-for-sale and other securities: |
||||||||||||||||||||
| Taxable |
40,185 | 41,335 | 45,936 | 48,245 | 48,824 | |||||||||||||||
| Tax-exempt |
5,438 | 4,968 | 4,383 | 4,099 | 4,209 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total available-for-sale and other securities |
45,623 | 46,303 | 50,319 | 52,344 | 53,033 | |||||||||||||||
| Trading account securities |
106 | 245 | 178 | 223 | 207 | |||||||||||||||
| Held-to-maturity securities - taxable |
9,838 | 9,244 | 5,591 | 4,539 | 4,714 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total securities |
55,567 | 55,792 | 56,088 | 57,106 | 57,954 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loans and leases: |
||||||||||||||||||||
| Commercial: |
||||||||||||||||||||
| Commercial and industrial |
162,396 | 163,644 | 162,998 | 162,419 | 150,397 | |||||||||||||||
| Commercial real estate: |
||||||||||||||||||||
| Construction |
6,045 | 6,075 | 5,583 | 5,397 | 5,831 | |||||||||||||||
| Commercial |
46,978 | 52,543 | 50,704 | 54,554 | 50,750 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial real estate |
53,023 | 58,618 | 56,287 | 59,951 | 56,581 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial |
215,419 | 222,262 | 219,285 | 222,370 | 206,978 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Consumer: |
||||||||||||||||||||
| Automobile |
51,013 | 50,930 | 49,718 | 57,971 | 55,435 | |||||||||||||||
| Home equity |
86,991 | 88,541 | 89,388 | 89,358 | 88,582 | |||||||||||||||
| Residential mortgage |
49,353 | 52,440 | 51,981 | 54,326 | 53,914 | |||||||||||||||
| Other consumer |
7,168 | 7,774 | 7,991 | 8,522 | 8,992 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total consumer |
194,525 | 199,685 | 199,078 | 210,177 | 206,923 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans and leases |
409,944 | 421,947 | 418,363 | 432,547 | 413,901 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total earning assets |
$ | 471,242 | $ | 484,465 | $ | 489,041 | $ | 493,291 | $ | 483,872 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
||||||||||||||||||||
| Deposits: |
||||||||||||||||||||
| Demand deposits - noninterest-bearing |
$ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Demand deposits - interest-bearing |
642 | 734 | 1,013 | 987 | 845 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total demand deposits |
642 | 734 | 1,013 | 987 | 845 | |||||||||||||||
| Money market deposits |
8,438 | 9,843 | 12,025 | 9,954 | 8,343 | |||||||||||||||
| Savings and other domestic deposits |
3,818 | 4,150 | 4,576 | 4,858 | 5,345 | |||||||||||||||
| Core certificates of deposit |
15,710 | 17,144 | 19,237 | 22,682 | 25,919 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total core deposits |
28,608 | 31,871 | 36,851 | 38,481 | 40,452 | |||||||||||||||
| Other domestic deposits of $250,000 or more |
465 | 553 | 511 | 493 | 583 | |||||||||||||||
| Brokered deposits and negotiable CDs |
2,823 | 3,141 | 3,356 | 2,650 | 2,547 | |||||||||||||||
| Deposits in foreign offices |
140 | 152 | 164 | 165 | 197 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total deposits |
32,036 | 35,717 | 40,882 | 41,789 | 43,779 | |||||||||||||||
| Short-term borrowings |
234 | 363 | 544 | 558 | 583 | |||||||||||||||
| Federal Home Loan Bank advances |
301 | 129 | 135 | 333 | 222 | |||||||||||||||
| Subordinated notes and other long-term debt |
8,578 | 8,731 | 11,928 | 15,902 | 18,144 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total interest bearing liabilities |
41,149 | 44,940 | 53,489 | 58,582 | 62,728 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest income |
$ | 430,093 | $ | 439,525 | $ | 435,552 | $ | 434,709 | $ | 421,144 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Fully-taxable equivalent (FTE) income and expense calculated assuming a 35% tax rate. See page 9 for the FTE adjustment. |
7
Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin Analysis
(Unaudited)
| Average Rates (2) | ||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| Fully-taxable equivalent basis(1) |
First | Fourth | Third | Second | First | |||||||||||||||
| Assets |
||||||||||||||||||||
| Interest-bearing deposits in banks |
0.16 | % | 0.28 | % | 0.21 | % | 0.31 | % | 0.05 | % | ||||||||||
| Loans held for sale |
3.22 | 3.18 | 3.18 | 3.46 | 3.80 | |||||||||||||||
| Securities: |
||||||||||||||||||||
| Available-for-sale and other securities: |
||||||||||||||||||||
| Taxable |
2.31 | 2.32 | 2.29 | 2.33 | 2.39 | |||||||||||||||
| Tax-exempt |
3.96 | 4.03 | 4.15 | 4.23 | 4.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total available-for-sale and other securities |
2.43 | 2.43 | 2.39 | 2.41 | 2.47 | |||||||||||||||
| Trading account securities |
0.50 | 1.01 | 1.07 | 1.64 | 1.65 | |||||||||||||||
| Held-to-maturity securities - taxable |
2.29 | 2.24 | 2.81 | 2.97 | 2.98 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total securities |
2.39 | 2.38 | 2.41 | 2.45 | 2.50 | |||||||||||||||
| Loans and leases:(2)(3) |
||||||||||||||||||||
| Commercial: |
||||||||||||||||||||
| Commercial and industrial |
3.83 | 3.88 | 3.90 | 3.99 | 4.01 | |||||||||||||||
| Commercial real estate: |
||||||||||||||||||||
| Construction |
4.05 | 4.13 | 3.84 | 3.66 | 3.85 | |||||||||||||||
| Commercial |
4.00 | 4.20 | 3.85 | 3.93 | 3.82 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial real estate |
4.01 | 4.19 | 3.85 | 3.89 | 3.82 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial |
3.87 | 3.96 | 3.89 | 3.97 | 3.96 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Consumer: |
||||||||||||||||||||
| Automobile |
4.28 | 4.52 | 4.87 | 4.68 | 4.87 | |||||||||||||||
| Home equity |
4.20 | 4.24 | 4.27 | 4.30 | 4.30 | |||||||||||||||
| Residential mortgage |
3.97 | 4.07 | 4.02 | 4.14 | 4.17 | |||||||||||||||
| Other consumer |
7.05 | 7.16 | 7.16 | 7.42 | 7.47 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total consumer |
4.22 | 4.33 | 4.40 | 4.43 | 4.49 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans and leases |
4.03 | 4.13 | 4.12 | 4.18 | 4.21 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total earning assets |
3.75 | % | 3.80 | % | 3.79 | % | 3.89 | % | 3.91 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Liabilities |
||||||||||||||||||||
| Deposits: |
||||||||||||||||||||
| Demand deposits - noninterest-bearing |
— | % | — | % | — | % | — | % | — | % | ||||||||||
| Demand deposits - interest-bearing |
0.04 | 0.05 | 0.07 | 0.07 | 0.06 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total demand deposits |
0.01 | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||
| Money market deposits |
0.23 | 0.27 | 0.33 | 0.30 | 0.26 | |||||||||||||||
| Savings and other domestic deposits |
0.30 | 0.33 | 0.37 | 0.39 | 0.45 | |||||||||||||||
| Core certificates of deposit |
1.19 | 1.21 | 1.25 | 1.38 | 1.60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total core deposits |
0.37 | 0.41 | 0.47 | 0.50 | 0.54 | |||||||||||||||
| Other domestic deposits of $250,000 or more |
0.52 | 0.61 | 0.68 | 0.66 | 0.68 | |||||||||||||||
| Brokered deposits and negotiable CDs |
0.67 | 0.71 | 0.71 | 0.75 | 0.79 | |||||||||||||||
| Deposits in foreign offices |
0.17 | 0.18 | 0.18 | 0.19 | 0.18 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total deposits |
0.38 | 0.42 | 0.48 | 0.51 | 0.55 | |||||||||||||||
| Short-term borrowings |
0.12 | 0.14 | 0.16 | 0.16 | 0.16 | |||||||||||||||
| Federal Home Loan Bank advances |
0.18 | 1.20 | 0.50 | 0.21 | 0.21 | |||||||||||||||
| Subordinated notes and other long-term debt |
2.54 | 2.55 | 2.91 | 2.83 | 2.74 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total interest-bearing liabilities |
0.45 | 0.50 | 0.58 | 0.63 | 0.68 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest rate spread |
3.30 | 3.30 | 3.21 | 3.26 | 3.23 | |||||||||||||||
| Impact of noninterest-bearing funds on margin |
0.12 | 0.15 | 0.17 | 0.16 | 0.17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net interest margin |
3.42 | % | 3.45 | % | 3.38 | % | 3.42 | % | 3.40 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial Loan Derivative Impact
(Unaudited)
| Average Rates (2) | ||||||||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| Fully-taxable equivalent basis(1) |
First | Fourth | Third | Second | First | |||||||||||||||
| Commercial loans(2)(3) |
3.58 | % | 3.72 | % | 3.61 | % | 3.67 | % | 3.69 | % | ||||||||||
| Impact of commercial loan derivatives |
0.29 | 0.24 | 0.28 | 0.30 | 0.27 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial - as reported |
3.87 | % | 3.96 | % | 3.89 | % | 3.97 | % | 3.96 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Average 30 day LIBOR |
0.20 | % | 0.21 | % | 0.24 | % | 0.24 | % | 0.26 | % | ||||||||||
| (1) | Fully-taxable equivalent (FTE) yields are calculated assuming a 35% tax rate. See page 9 for the FTE adjustment. |
| (2) | Loan, lease, and deposit average rates include impact of applicable derivatives, non-deferrable fees, and amortized fees. |
| (3) | Includes the impact of nonaccrual loans. |
8
Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data(1)
(Unaudited)
| 2013 | 2012 | Percent Change vs. | ||||||||||||||||||||||||||
| (dollar amounts in thousands, except per share amounts) |
First | Fourth | Third | Second | First | 4Q12 | 1Q12 | |||||||||||||||||||||
| Interest income |
$ | 465,319 | $ | 478,995 | $ | 483,787 | $ | 487,544 | $ | 479,937 | (3 | )% | (4 | )% | ||||||||||||||
| Interest expense |
41,149 | 44,940 | 53,489 | 58,582 | 62,728 | (8 | ) | (34 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest income |
424,170 | 434,055 | 430,298 | 428,962 | 417,209 | (2 | ) | 2 | ||||||||||||||||||||
| Provision for credit losses |
29,592 | 39,458 | 37,004 | 36,520 | 34,406 | (25 | ) | (14 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest income after provision for credit losses |
394,578 | 394,597 | 393,294 | 392,442 | 382,803 | (0 | ) | 3 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Service charges on deposit accounts |
60,883 | 68,083 | 67,806 | 65,998 | 60,292 | (11 | ) | 1 | ||||||||||||||||||||
| Mortgage banking income |
45,248 | 61,711 | 44,614 | 38,349 | 46,418 | (27 | ) | (3 | ) | |||||||||||||||||||
| Trust services |
31,160 | 31,388 | 29,689 | 29,914 | 30,906 | (1 | ) | 1 | ||||||||||||||||||||
| Electronic banking |
20,713 | 21,011 | 22,135 | 20,514 | 18,630 | (1 | ) | 11 | ||||||||||||||||||||
| Brokerage income |
17,995 | 17,415 | 16,526 | 19,025 | 19,260 | 3 | (7 | ) | ||||||||||||||||||||
| Insurance income |
19,252 | 17,268 | 17,792 | 17,384 | 18,875 | 11 | 2 | |||||||||||||||||||||
| Gain on sale of loans |
2,616 | 20,690 | 6,591 | 4,131 | 26,770 | (87 | ) | (90 | ) | |||||||||||||||||||
| Bank owned life insurance income |
13,442 | 13,767 | 14,371 | 13,967 | 13,937 | (2 | ) | (4 | ) | |||||||||||||||||||
| Capital markets fees |
8,051 | 12,918 | 11,805 | 13,455 | 9,982 | (38 | ) | (19 | ) | |||||||||||||||||||
| Securities gains (losses) |
(509 | ) | 863 | 4,169 | 350 | (613 | ) | (159 | ) | (17 | ) | |||||||||||||||||
| Other income |
33,358 | 32,537 | 25,569 | 30,732 | 40,863 | 3 | (18 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest income |
252,209 | 297,651 | 261,067 | 253,819 | 285,320 | (15 | ) | (12 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Personnel costs |
258,895 | 253,952 | 247,709 | 243,034 | 243,498 | 2 | 6 | |||||||||||||||||||||
| Outside data processing and other services |
49,265 | 48,699 | 50,396 | 48,568 | 42,592 | 1 | 16 | |||||||||||||||||||||
| Net occupancy |
30,114 | 29,008 | 27,599 | 25,474 | 29,079 | 4 | 4 | |||||||||||||||||||||
| Equipment |
24,880 | 26,580 | 25,950 | 24,872 | 25,545 | (6 | ) | (3 | ) | |||||||||||||||||||
| Deposit and other insurance expense |
15,490 | 16,327 | 15,534 | 15,731 | 20,738 | (5 | ) | (25 | ) | |||||||||||||||||||
| Professional services |
7,192 | 22,514 | 17,510 | 15,037 | 10,697 | (68 | ) | (33 | ) | |||||||||||||||||||
| Marketing |
10,971 | 16,456 | 16,842 | 17,396 | 13,569 | (33 | ) | (19 | ) | |||||||||||||||||||
| Amortization of intangibles |
10,320 | 11,647 | 11,431 | 11,940 | 11,531 | (11 | ) | (11 | ) | |||||||||||||||||||
| OREO and foreclosure expense |
2,666 | 4,233 | 4,982 | 4,106 | 4,950 | (37 | ) | (46 | ) | |||||||||||||||||||
| Loss (Gain) on early extinguishment of debt |
— | — | 1,782 | (2,580 | ) | — | — | — | ||||||||||||||||||||
| Other expense |
33,000 | 41,212 | 38,568 | 40,691 | 60,477 | (20 | ) | (45 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total noninterest expense |
442,793 | 470,628 | 458,303 | 444,269 | 462,676 | (6 | ) | (4 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Income before income taxes |
203,994 | 221,620 | 196,058 | 201,992 | 205,447 | (8 | ) | (1 | ) | |||||||||||||||||||
| Provision for income taxes |
52,214 | 54,341 | 28,291 | 49,286 | 52,177 | (4 | ) | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income |
$ | 151,780 | $ | 167,279 | $ | 167,767 | $ | 152,706 | $ | 153,270 | (9 | )% | (1 | )% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Dividends on preferred shares |
7,970 | 7,973 | 7,983 | 7,984 | 8,049 | (0 | ) | (1 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net income applicable to common shares |
$ | 143,810 | $ | 159,306 | $ | 159,784 | $ | 144,722 | $ | 145,221 | (10 | )% | (1 | )% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Average common shares - basic |
841,103 | 847,220 | 857,871 | 862,261 | 864,499 | (1 | )% | (3 | )% | |||||||||||||||||||
| Average common shares - diluted |
848,708 | 853,306 | 863,588 | 867,551 | 869,164 | (1 | ) | (2 | ) | |||||||||||||||||||
| Per common share |
||||||||||||||||||||||||||||
| Net income - basic |
$ | 0.17 | $ | 0.19 | $ | 0.19 | $ | 0.17 | $ | 0.17 | (11 | )% | — | % | ||||||||||||||
| Net income - diluted |
0.17 | 0.19 | 0.19 | 0.17 | 0.17 | (11 | ) | — | ||||||||||||||||||||
| Cash dividends declared |
0.04 | 0.04 | 0.04 | 0.04 | 0.04 | — | — | |||||||||||||||||||||
| Revenue - fully-taxable equivalent (FTE) |
||||||||||||||||||||||||||||
| Net interest income |
$ | 424,170 | $ | 434,055 | $ | 430,298 | $ | 428,962 | $ | 417,209 | (2 | ) | 2 | |||||||||||||||
| FTE adjustment |
5,923 | 5,470 | 5,254 | 5,747 | 3,935 | 8 | 51 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net interest income(2) |
430,093 | 439,525 | 435,552 | 434,709 | 421,144 | (2 | ) | 2 | ||||||||||||||||||||
| Noninterest income |
252,209 | 297,651 | 261,067 | 253,819 | 285,320 | (15 | ) | (12 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total revenue(2) |
$ | 682,302 | $ | 737,176 | $ | 696,619 | $ | 688,528 | $ | 706,464 | (7 | )% | (3 | )% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | Comparisons for presented periods are impacted by a number of factors. Refer to Significant Items. |
| (2) | On a fully-taxable equivalent (FTE) basis assuming a 35% tax rate. |
9
Huntington Bancshares Incorporated
Quarterly Mortgage Banking Income
(Unaudited)
| 2013 | 2012 | Percent Changes vs. | ||||||||||||||||||||||||||
| (dollar amounts in thousands, except as noted) |
First | Fourth | Third | Second | First | 4Q12 | 1Q12 | |||||||||||||||||||||
| Mortgage banking income |
||||||||||||||||||||||||||||
| Origination and secondary marketing |
$ | 27,330 | $ | 44,497 | $ | 40,860 | $ | 30,184 | $ | 31,304 | (39 | )% | (13 | )% | ||||||||||||||
| Servicing fees |
11,241 | 11,491 | 11,308 | 11,618 | 11,760 | (2 | ) | (4 | ) | |||||||||||||||||||
| Amortization of capitalized servicing |
(7,903 | ) | (9,116 | ) | (8,405 | ) | (9,108 | ) | (9,279 | ) | (13 | ) | (15 | ) | ||||||||||||||
| Other mortgage banking income |
4,654 | 4,828 | 4,999 | 4,814 | 4,966 | (4 | ) | (6 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Subtotal |
35,322 | 51,700 | 48,762 | 37,508 | 38,751 | (32 | ) | (9 | ) | |||||||||||||||||||
| MSR valuation adjustment(1) |
17,798 | 11,747 | (19,543 | ) | (19,013 | ) | 9,907 | 52 | 80 | |||||||||||||||||||
| Net trading gains (losses) related to MSR hedging |
(7,872 | ) | (1,736 | ) | 15,395 | 19,854 | (2,240 | ) | 353 | 251 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total mortgage banking income |
$ | 45,248 | $ | 61,711 | $ | 44,614 | $ | 38,349 | $ | 46,418 | (27 | )% | (3 | )% | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Mortgage originations (in millions) |
$ | 1,119 | $ | 1,161 | $ | 1,224 | $ | 1,291 | $ | 1,157 | (4 | )% | (3 | )% | ||||||||||||||
| Average trading account securities used to hedge MSRs (in millions) |
— | 1 | 4 | 4 | 5 | (100 | ) | (100 | ) | |||||||||||||||||||
| Capitalized mortgage servicing rights(2) |
139,927 | 120,747 | 108,074 | 128,297 | 148,349 | 16 | (6 | ) | ||||||||||||||||||||
| Total mortgages serviced for others (in millions)(2) |
15,367 | 15,623 | 15,571 | 15,724 | 15,902 | (2 | ) | (3 | ) | |||||||||||||||||||
| MSR % of investor servicing portfolio(2) |
0.91 | % | 0.77 | % | 0.69 | % | 0.82 | % | 0.93 | % | 18 | (2 | ) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net impact of MSR hedging |
||||||||||||||||||||||||||||
| MSR valuation adjustment(1) |
$ | 17,798 | $ | 11,747 | $ | (19,543 | ) | $ | (19,013 | ) | $ | 9,907 | 52 | % | 80 | % | ||||||||||||
| Net trading gains (losses) related to MSR hedging |
(7,872 | ) | (1,736 | ) | 15,395 | 19,854 | (2,240 | ) | 353 | 251 | ||||||||||||||||||
| Net interest income (loss) related to MSR hedging |
— | — | 4 | (21 | ) | (9 | ) | — | (100 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net gain (loss) of MSR hedging |
$ | 9,926 | $ | 10,011 | $ | (4,144 | ) | $ | 820 | $ | 7,658 | (1 | )% | 30 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (1) | The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing. |
| (2) | At period end. |
10
Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands) |
First | Fourth | Third | Second | First | |||||||||||||||
| Allowance for loan and lease losses, beginning of period |
$ | 769,075 | $ | 789,142 | $ | 859,646 | $ | 913,069 | $ | 964,828 | ||||||||||
| Loan and lease losses |
(84,142 | ) | (106,962 | ) | (132,186 | ) | (108,092 | ) | (107,960 | ) | ||||||||||
| Recoveries of loans previously charged off |
32,455 | 36,832 | 27,091 | 23,847 | 24,968 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net loan and lease losses |
(51,687 | ) | (70,130 | ) | (105,095 | ) | (84,245 | ) | (82,992 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Provision for loan and lease losses |
29,388 | 52,370 | 34,419 | 36,476 | 31,928 | |||||||||||||||
| Allowance of assets sold or transferred to loans held for sale |
(7 | ) | (2,307 | ) | 172 | (5,654 | ) | (695 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for loan and lease losses, end of period |
$ | 746,769 | $ | 769,075 | $ | 789,142 | $ | 859,646 | $ | 913,069 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for unfunded loan commitments and letters of credit, beginning of period |
$ | 40,651 | $ | 53,563 | $ | 50,978 | $ | 50,934 | $ | 48,456 | ||||||||||
| Provision for (reduction in) unfunded loan commitments and letters of credit losses |
204 | (12,912 | ) | 2,585 | 44 | 2,478 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for unfunded loan commitments and letters of credit, end of period |
$ | 40,855 | $ | 40,651 | $ | 53,563 | $ | 50,978 | $ | 50,934 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total allowance for credit losses, end of period |
$ | 787,624 | $ | 809,726 | $ | 842,705 | $ | 910,624 | $ | 964,003 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for loan and lease losses (ALLL) as % of: |
||||||||||||||||||||
| Total loans and leases |
1.81 | % | 1.89 | % | 1.96 | % | 2.15 | % | 2.24 | % | ||||||||||
| Nonaccrual loans and leases (NALs) |
196 | 189 | 177 | 181 | 195 | |||||||||||||||
| Nonperforming assets (NPAs) |
180 | 173 | 155 | 164 | 173 | |||||||||||||||
| Total allowance for credit losses (ACL) as % of: |
||||||||||||||||||||
| Total loans and leases |
1.91 | % | 1.99 | % | 2.09 | % | 2.28 | % | 2.37 | % | ||||||||||
| Nonaccrual loans and leases |
207 | 199 | 189 | 192 | 206 | |||||||||||||||
| Nonperforming assets |
190 | 182 | 165 | 174 | 183 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
11
Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands) |
First | Fourth | Third | Second | First | |||||||||||||||
| Net charge-offs by loan and lease type: |
||||||||||||||||||||
| Commercial: |
||||||||||||||||||||
| Commercial and industrial |
$ | 3,317 | $ | 7,052 | $ | 13,023 | $ | 15,678 | $ | 28,495 | ||||||||||
| Commercial real estate: |
||||||||||||||||||||
| Construction |
(798 | ) | 11,038 | (280 | ) | (1,531 | ) | (1,186 | ) | |||||||||||
| Commercial |
13,575 | 10,333 | 17,654 | 30,709 | 11,692 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial real estate |
12,777 | 21,371 | 17,374 | 29,178 | 10,506 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial |
16,094 | 28,423 | 30,397 | 44,856 | 39,001 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Consumer: |
||||||||||||||||||||
| Automobile |
2,594 | 1,896 | 4,019 | 449 | 3,078 | |||||||||||||||
| Home equity |
19,983 | 25,013 | 46,592 | 21,045 | 23,729 | |||||||||||||||
| Residential mortgage |
6,148 | 9,687 | 16,880 | 10,786 | 10,570 | |||||||||||||||
| Other consumer |
6,868 | 5,111 | 7,207 | 7,109 | 6,614 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total consumer |
35,593 | 41,707 | 74,698 | 39,389 | 43,991 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total net charge-offs |
$ | 51,687 | $ | 70,130 | $ | 105,095 | $ | 84,245 | $ | 82,992 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net charge-offs - annualized percentages: |
||||||||||||||||||||
| Commercial: |
||||||||||||||||||||
| Commercial and industrial |
0.08 | % | 0.17 | % | 0.32 | % | 0.39 | % | 0.77 | % | ||||||||||
| Commercial real estate: |
||||||||||||||||||||
| Construction |
(0.53 | ) | 7.67 | (0.20 | ) | (1.05 | ) | (0.79 | ) | |||||||||||
| Commercial |
1.16 | 0.84 | 1.37 | 2.24 | 0.89 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Commercial real estate |
0.97 | 1.56 | 1.21 | 1.92 | 0.72 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial |
0.29 | 0.52 | 0.55 | 0.81 | 0.75 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Consumer: |
||||||||||||||||||||
| Automobile |
0.21 | 0.17 | 0.40 | 0.04 | 0.27 | |||||||||||||||
| Home equity |
0.95 | 1.20 | 2.23 | 1.01 | 1.15 | |||||||||||||||
| Residential mortgage |
0.49 | 0.75 | 1.30 | 0.82 | 0.82 | |||||||||||||||
| Other consumer |
6.67 | 4.74 | 6.49 | 6.15 | 5.45 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total consumer |
0.76 | 0.91 | 1.65 | 0.83 | 0.95 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net charge-offs as a % of average loans |
0.51 | % | 0.69 | % | 1.05 | % | 0.82 | % | 0.85 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
12
Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands) |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| Nonaccrual loans and leases (NALs): |
||||||||||||||||||||
| Commercial and industrial |
$ | 80,928 | $ | 90,705 | $ | 109,452 | $ | 133,678 | $ | 142,492 | ||||||||||
| Commercial real estate |
110,803 | 127,128 | 148,986 | 219,417 | 205,105 | |||||||||||||||
| Automobile |
6,770 | 7,823 | 11,814 | — | — | |||||||||||||||
| Residential mortgage |
118,405 | 122,452 | 123,140 | 75,048 | 74,114 | |||||||||||||||
| Home equity |
63,405 | 59,525 | 51,654 | 46,023 | 45,847 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonaccrual loans and leases |
380,311 | 407,633 | 445,046 | 474,166 | 467,558 | |||||||||||||||
| Other real estate, net: |
||||||||||||||||||||
| Residential |
19,538 | 21,378 | 23,640 | 21,499 | 31,850 | |||||||||||||||
| Commercial |
5,601 | 6,719 | 30,566 | 17,109 | 16,897 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total other real estate, net |
25,139 | 28,097 | 54,206 | 38,608 | 48,747 | |||||||||||||||
| Other NPAs (1) |
10,045 | 10,045 | 10,476 | 10,476 | 10,772 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonperforming assets(4) |
$ | 415,495 | $ | 445,775 | $ | 509,728 | $ | 523,250 | $ | 527,077 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Nonaccrual loans and leases as a % of total loans and leases |
0.92 | % | 1.00 | % | 1.11 | % | 1.19 | % | 1.15 | % | ||||||||||
| NPA ratio(2) |
1.01 | 1.09 | 1.26 | 1.31 | 1.29 | |||||||||||||||
| (NPA+90 days)/(Loan+OREO)(3) |
1.48 | 1.59 | 1.75 | 1.76 | 1.68 | |||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| First | Fourth | Third | Second | First | ||||||||||||||||
| Nonperforming assets, beginning of period |
$ | 445,775 | $ | 509,728 | $ | 523,250 | $ | 527,077 | $ | 590,276 | ||||||||||
| New nonperforming assets(4) |
115,061 | 175,083 | 210,995 | 221,010 | 134,636 | |||||||||||||||
| Returns to accruing status |
(19,537 | ) | (23,553 | ) | (45,729 | ) | (39,376 | ) | (32,056 | ) | ||||||||||
| Loan and lease losses |
(51,019 | ) | (82,759 | ) | (78,308 | ) | (74,546 | ) | (75,366 | ) | ||||||||||
| OREO (losses) gains |
840 | 283 | 73 | (459 | ) | (295 | ) | |||||||||||||
| Payments |
(64,045 | ) | (81,940 | ) | (90,535 | ) | (63,530 | ) | (66,609 | ) | ||||||||||
| Sales |
(11,580 | ) | (51,067 | ) | (10,018 | ) | (46,926 | ) | (23,509 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Nonperforming assets, end of period |
$ | 415,495 | $ | 445,775 | $ | 509,728 | $ | 523,250 | $ | 527,077 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | Other nonperforming assets represent an investment security backed by a municipal bond. |
| (2) | Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs. |
| (3) | The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate. |
| (4) | Includes $59.9 million at March 31, 2013; $60.1 million at December 31, 2012; $63.0 million at September 30, 2012 related to Chapter 7 bankruptcy loans. |
13
Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans
(Unaudited)
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands) |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| Accruing loans and leases past due 90 days or more: |
||||||||||||||||||||
| Commercial and industrial (1) |
$ | 26,547 | $ | 26,648 | $ | 26,117 | $ | 19,258 | $ | — | ||||||||||
| Commercial real estate (1) |
56,007 | 56,660 | 45,131 | 38,125 | — | |||||||||||||||
| Automobile |
3,531 | 4,418 | 3,857 | 3,338 | 3,873 | |||||||||||||||
| Residential mortgage (excluding loans guaranteed by the U.S. Government) |
6,187 | 2,718 | 10,687 | 15,457 | 35,604 | |||||||||||||||
| Home equity |
15,044 | 18,200 | 21,343 | 18,176 | 19,862 | |||||||||||||||
| Other consumer |
1,107 | 1,672 | 1,084 | 1,201 | 1,218 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total, excl. loans guaranteed by the U.S. Government |
108,423 | 110,316 | 108,219 | 95,555 | 60,557 | |||||||||||||||
| Add: loans guaranteed by U.S. Government |
88,596 | 90,816 | 87,463 | 85,678 | 94,560 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total accruing loans and leases past due 90 days or more, including loans guaranteed by the U.S. Government |
$ | 197,019 | $ | 201,132 | $ | 195,682 | $ | 181,233 | $ | 155,117 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Ratios: |
||||||||||||||||||||
| Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases |
0.26 | % | 0.27 | % | 0.27 | % | 0.24 | % | 0.15 | % | ||||||||||
| Guaranteed by U.S. Government, as a percent of total loans and leases |
0.21 | 0.22 | 0.22 | 0.21 | 0.23 | |||||||||||||||
| Including loans guaranteed by the U.S. Government, as a percent of total loans and leases |
0.48 | 0.49 | 0.49 | 0.45 | 0.38 | |||||||||||||||
| Accruing troubled debt restructured loans: |
||||||||||||||||||||
| Commercial and industrial |
$ | 90,642 | $ | 76,586 | $ | 55,809 | $ | 57,008 | $ | 53,795 | ||||||||||
| Commercial real estate |
192,167 | 208,901 | 222,155 | 202,190 | 231,923 | |||||||||||||||
| Automobile |
34,379 | 35,784 | 33,719 | 34,460 | 35,521 | |||||||||||||||
| Home equity |
162,087 | 110,581 | 92,763 | 66,997 | 59,270 | |||||||||||||||
| Residential mortgage |
288,041 | 290,011 | 280,890 | 298,967 | 294,836 | |||||||||||||||
| Other consumer |
2,514 | 2,544 | 2,644 | 3,038 | 4,233 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total accruing troubled debt restructured loans |
$ | 769,830 | $ | 724,407 | $ | 687,980 | $ | 662,660 | $ | 679,578 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Nonaccruing troubled debt restructured loans: |
||||||||||||||||||||
| Commercial and industrial |
$ | 14,970 | $ | 19,268 | $ | 28,859 | $ | 35,535 | $ | 26,886 | ||||||||||
| Commercial real estate |
26,588 | 32,548 | 20,284 | 55,022 | 39,606 | |||||||||||||||
| Automobile |
6,770 | 7,823 | 11,814 | — | — | |||||||||||||||
| Home equity |
11,235 | 6,951 | 7,756 | 374 | 334 | |||||||||||||||
| Residential mortgage |
84,317 | 84,515 | 83,163 | 28,332 | 29,549 | |||||||||||||||
| Other consumer |
— | 113 | 113 | 113 | 113 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total nonaccruing troubled debt restructured loans |
$ | 143,880 | $ | 151,218 | $ | 151,989 | $ | 119,376 | $ | 96,488 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | All amounts represent accruing purchased impaired loans related to the FDIC-assisted Fidelity Bank acquisition. Under the applicable accounting guidance (ASC 310-30), the loans were recorded at fair value upon acquisition and remain in accruing status. |
14
Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Capital, and Other Data
(Unaudited)
Quarterly common stock summary
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in thousands, except per share amounts) |
First | Fourth | Third | Second | First | |||||||||||||||
| Common stock price, per share |
||||||||||||||||||||
|
High(1) |
$ | 7.550 | $ | 7.200 | $ | 7.200 | $ | 6.770 | $ | 6.580 | ||||||||||
|
Low(1) |
6.480 | 5.900 | 6.160 | 5.840 | 5.490 | |||||||||||||||
| Close |
7.370 | 6.390 | 6.895 | 6.400 | 6.445 | |||||||||||||||
| Average closing price |
7.073 | 6.416 | 6.561 | 6.367 | 5.974 | |||||||||||||||
| Dividends, per share |
||||||||||||||||||||
| Cash dividends declared per common share |
$ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | $ | 0.04 | ||||||||||
| Common shares outstanding |
||||||||||||||||||||
| Average - basic |
841,103 | 847,220 | 857,871 | 862,261 | 864,499 | |||||||||||||||
| Average - diluted |
848,708 | 853,306 | 863,588 | 867,551 | 869,164 | |||||||||||||||
| Ending |
838,758 | 842,813 | 855,485 | 858,401 | 864,675 | |||||||||||||||
| Book value per common share |
$ | 6.53 | $ | 6.41 | $ | 6.34 | $ | 6.13 | $ | 5.97 | ||||||||||
| Tangible book value per common share(2) |
5.91 | 5.78 | 5.71 | 5.49 | 5.33 | |||||||||||||||
| Common share repurchases |
||||||||||||||||||||
| Number of shares repurchased |
4,738 | 13,160 | 3,742 | 6,426 | — | |||||||||||||||
| 2013 | 2012 | |||||||||||||||||||
| (dollar amounts in millions) |
March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| Calculation of tangible equity / asset ratio: |
||||||||||||||||||||
| Total shareholders’ equity |
$ | 5,867 | $ | 5,790 | $ | 5,808 | $ | 5,649 | $ | 5,550 | ||||||||||
| Less: goodwill |
(444 | ) | (444 | ) | (444 | ) | (444 | ) | (444 | ) | ||||||||||
| Less: other intangible assets |
(124 | ) | (132 | ) | (144 | ) | (159 | ) | (171 | ) | ||||||||||
| Add: related deferred tax liability(2) |
43 | 46 | 50 | 56 | 60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total tangible equity |
5,342 | 5,260 | 5,270 | 5,102 | 4,995 | |||||||||||||||
| Less: preferred equity |
(386 | ) | (386 | ) | (386 | ) | (386 | ) | (386 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total tangible common equity |
$ | 4,956 | $ | 4,874 | $ | 4,884 | $ | 4,716 | $ | 4,609 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total assets |
$ | 56,055 | $ | 56,153 | $ | 56,443 | $ | 56,623 | $ | 55,877 | ||||||||||
| Less: goodwill |
(444 | ) | (444 | ) | (444 | ) | (444 | ) | (444 | ) | ||||||||||
| Less: other intangible assets |
(124 | ) | (132 | ) | (144 | ) | (159 | ) | (171 | ) | ||||||||||
| Add: related deferred tax liability(2) |
43 | 46 | 50 | 56 | 60 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total tangible assets |
$ | 55,530 | $ | 55,623 | $ | 55,905 | $ | 56,076 | $ | 55,322 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Tangible equity / tangible asset ratio |
9.62 | % | 9.46 | % | 9.43 | % | 9.10 | % | 9.03 | % | ||||||||||
| Tangible common equity / tangible asset ratio |
8.92 | 8.76 | 8.74 | 8.41 | 8.33 | |||||||||||||||
| Tier 1 common risk-based capital ratio:(4) |
||||||||||||||||||||
| Tier 1 capital |
$ | 5,829 | $ | 5,741 | $ | 5,720 | $ | 5,714 | $ | 5,709 | ||||||||||
| Shareholders’ preferred equity |
(386 | ) | (386 | ) | (386 | ) | (386 | ) | (386 | ) | ||||||||||
| Trust preferred securities |
(299 | ) | (299 | ) | (335 | ) | (449 | ) | (532 | ) | ||||||||||
| REIT preferred stock |
(50 | ) | (50 | ) | (50 | ) | (50 | ) | (50 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Tier 1 common |
$ | 5,094 | $ | 5,006 | $ | 4,949 | $ | 4,829 | $ | 4,741 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total risk-weighted assets(4) |
$ | 47,937 | $ | 47,773 | $ | 48,147 | $ | 47,890 | $ | 46,716 | ||||||||||
| Tier 1 common risk-based capital ratio(4) |
10.62 | % | 10.48 | % | 10.28 | % | 10.08 | % | 10.15 | |||||||||||
| Other capital data: |
||||||||||||||||||||
| Tier 1 leverage ratio(4) |
10.57 | 10.36 | 10.29 | 10.34 | 10.55 | % | ||||||||||||||
| Tier 1 risk-based capital ratio(4) |
12.16 | 12.02 | 11.88 | 11.93 | 12.22 | |||||||||||||||
| Total risk-based capital ratio(4) |
14.55 | 14.50 | 14.37 | 14.42 | 14.76 | |||||||||||||||
| Tangible common equity / risk-weighted assets ratio(4) |
10.34 | 10.20 | 10.14 | 9.85 | 9.86 | |||||||||||||||
| Other data: |
||||||||||||||||||||
| Number of employees (full-time equivalent) |
12,052 | 11,806 | 11,731 | 11,417 | 11,166 | |||||||||||||||
| Number of domestic full-service branches(3) |
717 | 705 | 699 | 682 | 669 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (1) | High and low stock prices are intra-day quotes obtained from NASDAQ. |
| (2) | Other intangible assets are net of deferred tax liability, and calculated assuming a 35% tax rate. |
| (3) | Includes WGH offices. |
| (4) | March 31, 2013, figures are estimated. |
15