10/28/2021 | Press release | Distributed by Public on 10/28/2021 05:08
HUNTINGTON BANCSHARES INCORPORATED REPORTS 2021 THIRD-QUARTER EARNINGS
Successfully Converted TCF Customers to Huntington Platform; Delivered Record Revenue
2021 Third-Quarter Highlights:
COLUMBUS, Ohio - October 28, 2021 - 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.
Tangible book value per common share ended the 2021 third quarter at $8.10, a 4% year-over-year decrease. Return on average assets was 0.86%, return on average common equity was 7.6%, return on average tangible common equity was 11.5%, and adjusted return on average tangible common equity was 17.9%.
CEO Commentary:
"Our third-quarter results demonstrated a solid start for the combined revenue generation potential of Huntington following the acquisition of TCF," said Steve Steinour, chairman, president and CEO. "Through the enormous effort of our colleagues, we successfully converted TCF's core system and completed all branch consolidations in October, concluding the majority of actions leading to announced cost synergies, and we are increasingly turning our focus toward revenue synergies."
"We continued to see increasing momentum in our business strategies during the quarter, delivering loan growth excluding PPP and with strength in areas of strategic focus for fee income, including areas like wealth, capital markets, and cards and payments. Additionally, we are continuing to make strategic investments to drive sustained organic growth by dynamically managing expenses."
"Finally, Huntington is proud to be ranked as the largest Small Business Administration 7(a) lender by volume nationally for the fourth consecutive year," Steinour said. "This reinforces our leadership position in supporting small businesses, and serves as the foundation for our business banking expansion strategy including in Minnesota and Colorado."
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