- A bank invested in people.®
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Huntington Bancshares Reports 2005 First
Quarter Results;
COLUMBUS, Ohio, April 25, 2005 -- Huntington Bancshares
Incorporated (NASDAQ: HBAN; www.huntington.com) reported
2005 first quarter earnings of $96.5 million, or $0.41 per
common share. This compares with $104.2 million, or $0.45
per common share, in the year-ago quarter and $91.1 million,
or $0.39 per common share, in the 2004 fourth quarter. "First quarter earnings per share performance was
slightly below our expectations," said Thomas E. Hoaglin,
chairman, president, and chief executive officer. "We
were pleased with loan and deposit growth, our stable net
interest margin and expense performance but disappointed
with the weakness in fee revenue and a significant commercial
loan net charge-off. Nevertheless, there was sufficient
progress in a number of key performance indicators that
we are comfortable reaffirming our previous guidance for
2005." "Loan growth continued to be strong reflecting growth
across all regions and loan categories, deposits increased,
and we continued to add new customers. Average total loans
and leases were 11% higher than in the year-ago quarter.
Compared with the 2004 fourth quarter, average total loans
and leases grew at a 14% annualized rate, reflecting 15%
and 14% annualized growth in average total consumer and
total commercial loans, respectively." "Average core deposits were 10% higher than a year
ago," he said. "Compared with the fourth quarter,
average core deposits increased at a 3% annualized growth
rate. A slow down in first quarter core deposit growth is
typical due to seasonal factors. However, this quarter's
3% linked quarter annualized increase compared very favorably
to the 2% annualized decrease in the year-earlier quarter.
Importantly, the number of our consumer demand deposit households
and small business demand deposit relationships both continued
their positive growth trends and were 3% and 9% higher than
a year ago, respectively. It is particularly encouraging
to see the positive results of our improving sales culture." "We were very pleased with the relative stability
of the net interest margin," he continued, "as
it declined only one basis point from the fourth quarter
after taking into account the 6 basis point positive adjustment
to the fourth quarter net interest margin. We now expect
some improvement in our net interest margin over the rest
of the year from the current quarter's 3.31% level. This,
along with continued loan growth will be key drivers of
higher revenue in coming quarters." "Certain fee income categories declined from the prior
period more than anticipated," he noted. "Other
income declined, reflecting soft equity markets which resulted
in lower equity investment gains in the current quarter
compared with the fourth quarter. In addition, both commercial
and personal service charge income declined consistent with
recent industry trends." "We continue to be pleased with overall credit quality
performance," he said. Although net charge-offs were
higher in the first quarter due to a single middle market
commercial credit charge-off, our non-performing assets
declined, as expected, and were only $73.3 million, or 0.30%
of total loans and leases and other real estate at quarter-end,
the lowest level in many years. Improvement in the economic
outlook and a reduction in specific reserves due to charge-offs
resulted in a decline in the allowance for loan and lease
losses. In spite of this decline, the allowance strengthened
in relation to the level of non-performing loans as our
NPL coverage ratio increased to 441%, up from 424% at the
end of the fourth quarter, and remains among the highest
in our peer group." "Finally, our capital position continued to strengthen,"
he concluded. "At March 31, 2005, our tangible common
equity to risk-weighted assets was 7.92%, up from 7.86%
at year-end." Significant 2005 first quarter performance highlights included:
Highlights compared with 2004 fourth quarter included:
Items specifically impacting earnings performance comparisons for the current and prior periods are highlighted in the following table. Significant Items Impacting Earnings Performance Comparisons
Three Months Ended Impact (1)
(In millions, except per share) Earnings (2) EPS
March 31, 2005 - GAAP earnings (3) $125.1 $0.41
* Federal tax loss carry back 6.4(4) 0.03
* Single C&I charge-off impact,
net of allocated reserves (6.4) (0.02)
* SEC and regulatory-related expenses (2.0) (0.01)
December 31, 2004 - GAAP earnings $128.3 $0.39
* SEC-related expenses and accruals (6.5) (0.03)
* Property lease impairments (7.8) (0.02)
* Funding cost adjustment 3.7 0.01
March 31, 2004 - GAAP earnings $139.1 $0.45
* Gain on sale of $868 million of auto loans 9.0 0.03
* Mortgage servicing right (MSR)
temporary impairment (10.1) (0.03)
* Investment securities gain on sale 15.1 0.04
(1) Favorable (unfavorable) impact on GAAP earnings
(2) Pre-tax unless otherwise noted
(3) Includes significant items with $0.01 EPS impact or greater
(4) After-tax
Discussion of Performance
Fully taxable equivalent net interest income increased $12.4 million, or 5%, from the year-ago quarter, reflecting the favorable impact of an 8% increase in average earning assets, partially offset by a 5 basis point, or an effective 1%, decline in the net interest margin. The fully taxable equivalent net interest margin decreased to 3.31% from 3.36% in the year-ago quarter. The decline from the year-ago quarter reflected the impact of the strategic repositioning of portfolios to reduce automobile loans and increase the relative proportion of lower-rate, lower-risk, residential real estate-related loans.
Compared with the 2004 fourth quarter, fully taxable equivalent net interest income decreased $3.9 million, or 2%, reflecting a 7 basis point decrease in the net interest margin to 3.31% from 3.38% in the 2004 fourth quarter, partially offset by the favorable impact of a 2% increase in average earning assets. As previously disclosed, the 2004 fourth quarter net interest margin reflected a favorable 6 basis point impact from a $3.7 million funding cost adjustment.
Average total loans and leases increased $2.4 billion, or 11%, from the 2004 first quarter due primarily to a $1.5 billion, or 13%, increase in average consumer loans. Contributing to the consumer loan growth were a $1.2 billion, or 47%, increase in average residential mortgages and a $0.8 billion, or 20%, increase in average home equity loans.
Average total automobile loans declined $1.0 billion, or
34%, from the year-ago quarter reflecting the sale of $1.5
billion of automobile loans over this 12-month period as
part of a strategy of reducing automobile loan and lease
exposure as a percent of total credit exposure. Partially
offsetting the decline in automobile loans was growth in
direct financing leases due to the migration from operating
lease assets, which have not been originated since April
2002. Average direct financing leases increased $0.5 billion,
or 24%, from the year-ago quarter.
Compared with the 2004 fourth quarter, average total loans and leases in the 2005 first quarter increased $0.8 billion, or 4%. Average total consumer loans accounted for slightly more than half of this increase as they increased $0.5 billion, or 4%, reflecting a $0.2 billion, or 6%, increase in residential mortgages and a $0.1 billion, or 2%, increase in average home equity loans. These sequential quarterly growth rates for both residential mortgages and home equity loans have generally trended lower over the last four quarters due to interest rates trending upward. In addition, average automobile loans and leases increased $0.2 billion, or 4%, due to growth in automobile loans and, to a slightly lesser degree, growth in direct financing leases. Automobile loan production increased 20% from the 2004 fourth quarter, which had been the lowest production quarter in recent history, but was 25% below the year-ago quarter production. The lower overall automobile loan production reflected continued aggressive competition in this sector. Average total commercial loans increased $0.4 billion, or 3%, led by a $0.2 billion, or 5%, increase in middle market commercial and industrial loans, reflecting the continued growth in attracting targeted commercial clients, as well as higher utilization rates. Average middle market commercial real estate loans increased 3%, while small business loans increased 2%.
Average investment securities declined $0.7 billion, or 15%, from the year-ago quarter but increased $0.1 billion, or 2%, from the 2004 fourth quarter.
Average total core deposits in the first quarter were $17.0 billion, up $1.6 billion, or 10%, from the year-ago quarter, reflecting a $1.3 billion, or 20%, increase in average interest bearing demand deposit accounts, and a $0.3 billion, or 10%, increase in non-interest bearing deposits. Reflecting typical seasonal factors, average total core deposits increased $0.1 billion, or 1%, from the fourth quarter with interest bearing demand deposits, increasing $0.3 billion, or 3%, and non-interest bearing deposits decreasing $0.1 billion, or 3%. This linked quarter performance was better than in the comparable 2004 first quarter period when average total core deposits declined slightly.
Non-interest income decreased $59.6 million, or 26%, from the year-ago quarter. Comparisons with prior-period results were heavily influenced by the decline in operating leases and related operating lease income. Since all automobile leases originated since April 2002 are direct financing leases, the decline in operating leases and related income is expected to continue such that the impact of operating lease income trends on total non-interest income trends is expected to be diminished meaningfully by year-end 2005. Reflecting the run-off of the operating lease portfolio, operating lease income declined $42.1 million, or 47%, from the 2004 first quarter.
Excluding operating lease income, non-interest income decreased $17.5 million, or 13%, from the year-ago quarter with the primary drivers being:
Partially offset by:
Compared with the 2004 fourth quarter, non-interest income declined $14.9 million, or 8%. This comparison was also heavily influenced by the decline in operating lease income for the reasons noted above. Reflecting the run-off of the operating lease portfolio, operating lease income declined $8.4 million, or 15%, from the 2004 fourth quarter. Excluding operating lease income, non-interest income decreased $6.5 million, or 5%, from the 2004 fourth quarter with the primary drivers being:
Partially offset by:
Non-interest expense decreased $27.4 million, or 10%, from the year-ago quarter. Comparisons with prior-period results were influenced by the decline in operating lease expense as the operating lease portfolio continues to run-off (see above operating lease income discussion). Operating lease expense declined $32.8 million, or 46%, from the 2004 first quarter. Excluding operating lease expense, non-interest expense increased $5.4 million, or 3%, from the year-ago quarter reflecting:
Partially offset by:
Compared with the 2004 fourth quarter, non-interest expense decreased $22.7 million, or 8%. Comparisons with prior-period results were also heavily influenced by the decline in operating lease expense. Operating lease expense declined $10.4 million, or 21%, from the 2004 fourth quarter. Excluding operating lease expense, non-interest expense decreased $12.4 million, or 5%, from the prior quarter reflecting:
Partially offset by:
The company's effective tax rate was 22.8% in 2005 first quarter, down from 25.1% in the year-ago quarter, and from 29.0% in the 2004 fourth quarter. The 2005 first quarter effective tax rate included the after-tax positive impact on net income due to a federal tax loss carry back, tax exempt income, bank owned life insurance, asset securitization activities, and general business credits from investment in low income housing and historic property partnerships. The lower effective tax rate is expected to impact each quarter of 2005. In 2006, the effective tax rate is anticipated to increase to a more typical rate slightly below 30%.
Credit Quality
Total net charge-offs for the 2005 first quarter were $28.3 million, or an annualized 0.47% of average total loans and leases. This was comparable to $28.6 million, or 0.53%, in the year-ago quarter but represented an increase from $20.9 million, or an annualized 0.36% of average total loans and leases in the 2004 fourth quarter. The current quarter included a single $14.2 million middle market commercial charge-off related to a commercial leasing company with significant exposure to a service provider that declared bankruptcy. The 0.47% net charge-off ratio for average total loans and leases in the first quarter included 24 basis points related to this single credit.
Total commercial net charge-offs in the first quarter were $16.2 million, or an annualized 0.62%, up from $7.6 million, or an annualized 0.32%, in the year-ago quarter. As noted above, the current quarter included a $14.2 million middle market commercial charge-off, which represented 54 basis points of the 0.62% total commercial net charge-off ratio. Total commercial net charge-offs in the 2004 fourth quarter were $5.2 million, or an annualized 0.21%.
Total consumer net charge-offs in the current quarter were $12.1 million, or an annualized 0.36% of related loans. This compared with $21.0 million, or 0.70%, in the year-ago quarter with the decline from the year-ago quarter heavily influenced by lower automobile loan and lease net charge-offs. Total automobile loan and lease net charge-offs in the 2005 first quarter were $6.2 million, or an annualized 0.56% of related loans and leases, down significantly from $16.6 million, or an annualized 1.32%, in the year-ago quarter. The year-ago quarter included 37 basis points from a one-time $4.7 million cumulative adjustment.
Compared with the 2004 fourth quarter, first quarter total
consumer net charge-offs decreased $3.7 million, primarily
reflecting a $1.4 million decrease in home equity loan net
charge-offs and a $1.3 million decrease in automobile loan
and lease net charge-offs. Current quarter home equity loan
net charge-offs were an annualized 0.35% of related loans,
down from 0.48% in the fourth quarter, with automobile loan
and lease net charge-offs of 0.56% declining from 0.70%.
Non-performing loans and leases (NPLs), which exclude OREO, were $59.9 million at March 31, 2005, down 22% from $77.1 million a year earlier and down 6% from the end of the fourth quarter. Expressed as a percent of total loans and leases, NPLs were only 0.25% at March 31, 2005, down from 0.36% at March 31, 2004, and 0.27% at December 31, 2004.
The over 90-day delinquent, but still accruing, ratio was 0.21% at March 31, 2005, down from 0.28% a year ago, and little changed from 0.23% at December 31, 2004.
Allowances for Credit Losses (ACL)
The company maintains two reserves, both of which are available to absorb possible credit losses: the allowance for loan and lease losses (ALLL) and the allowance for unfunded loan commitments (AULC). When summed together, these reserves constitute the total allowances for credit losses (ACL).
The March 31, 2005, ALLL was $264.4 million, down from $295.4 million a year earlier and $271.2 million at December 31, 2004. Expressed as a percent of period-end loans and leases, the ALLL ratio at March 31, 2005, was 1.09%, down from 1.39% a year ago and 1.15% at December 31, 2004. These declines reflected the improvement in the economic outlook, the change in the mix of the loan portfolio to lower-risk residential mortgages and home equity loans, and the reduction of specific reserves related to improved or resolved individual problem commercial credits. The table below shows the change in the ALLL ratio from the 2004 first quarter and 2004 fourth quarter. Components of ALLL as percent of total loans and leases:
1Q05 change from
1Q05 4Q04 1Q04 4Q04 1Q04
Transaction reserve 0.81% 0.78% 0.91% 0.03% (0.10)%
Economic reserve 0.27 0.32 0.38 (0.05) (0.11)
Specific reserve 0.01 0.05 0.10 (0.04) (0.09)
Total ALLL 1.09% 1.15% 1.39% (0.06)% (0.30)%
The ALLL as a percent of NPAs was 361% at March 31, 2005, up from 322% a year ago, and 250% at December 31, 2004.
The March 31, 2005, AULC was $31.6 million, down slightly from $32.1 million at the end of the year-ago quarter, and down from $33.2 million at December 31, 2004.
On a combined basis, the ACL as a percent of total loans and leases was 1.22% at March 31, 2005, compared with 1.55% a year earlier and 1.29% at the end of last quarter. Similarly, the ACL as a percent of NPAs was 404% at March 31, 2005, up from 357% a year earlier and 280% at December 31, 2004.
The provision for credit losses in the 2005 first quarter was $19.9 million, a $5.7 million reduction from the year-ago quarter, but a $7.2 million increase from the 2004 fourth quarter. The reduction in provision expense from the year-ago quarter reflected overall improved portfolio quality performance and a stronger economic outlook, only partially offset by provision expense related to loan growth. The increase in provision expense from the fourth quarter primarily reflected an increase in the transaction reserve, due to loan growth, and higher net charge-offs net of allocated reserves, related to the middle market commercial charge-off noted above. This increase was partially offset by improvement in the economic outlook.
Capital
At March 31, 2005, the tangible equity to assets ratio was 7.42%, up from 6.97% a year ago, and 7.18% at December 31, 2004. At March 31, 2005, the tangible equity to risk-weighted assets ratio was 7.92%, up from 7.60% at the end of the year-ago quarter, and 7.86% at December 31, 2004. The increase in the tangible equity to risk-weighted assets ratio reflected primarily the positive impact resulting from reducing the overall risk profile of earning assets throughout this period, most notably a less risky loan portfolio mix.
2005 Outlook
"When earnings guidance is given, it is the company's practice to do so on a GAAP basis, unless otherwise noted," Hoaglin said. "Such guidance includes the expected results of all significant forecasted activities, but typically excludes unusual or one-time items until such time as the full impact becomes known."
"We expect our earnings for the remainder of 2005 to increase sequentially over the next three quarters from the level reported in the first quarter resulting from good earning asset growth, an improving net interest margin, growth in selected fee income categories, stable to improving credit quality, and flat expenses excluding operating lease expense." "Reflecting these factors," he said, "we confirm our earlier earnings per share guidance of $1.78 - $1.83 for 2005."
The company noted that this guidance excludes any impact of future SEC-related expenses and any share repurchases. Earnings guidance also excludes any impact from the implementation of FAS 123R (expensing of stock options). In the 2005 first quarter, new guidance was issued by the SEC that provides the option to postpone adoption of FAS 123R until January 1, 2006. Consequently, the company did not adopt FAS 123R in the 2005 first quarter and now anticipates adopting this standard in 2006.
To the extent the impacts of these items become known, they will be disclosed and reflected in future earnings guidance. In addition, the company has departed slightly from providing this guidance on a strictly GAAP basis solely to exclude any future benefit from the first quarter federal tax loss carry back discussed above as this impacts only 2005 performance, and because offsetting impacts may occur later in the year from possible balance sheet restructurings and/or expense initiatives currently under review.
Management Appointments
During the 2005 first quarter, two new management team members were added. Melinda Ackerman, formerly head of human resources with American Electric Power (AEP), joined Huntington as executive vice president and human resources director. Mahesh Sankaran, formerly treasurer with Compass Bancshares Inc., joined the company as executive vice president and treasurer. Both Ackerman and Sankaran report directly to Hoaglin and are members of the Management Committee. In addition, Jerry Kelsheimer was appointed president of the Northern Ohio region where, prior to this appointment, he served as executive vice president and Northern Ohio regional commercial manager.
Proposed Settlement of SEC Formal Investigation
Huntington also announced that it has proposed a settlement to the staff of the Securities and Exchange Commission ("Commission") regarding the resolution of its previously announced formal investigation into certain financial accounting matters relating to fiscal years 2002 and earlier and certain related disclosure matters, and that the staff has agreed to recommend the proposed settlement offer to the Commission. The proposed settlement, which is subject to approval by the SEC, is expected to involve the entry of an order requiring Huntington; its chief executive officer, Thomas E. Hoaglin; its former vice chairman and chief financial officer, Michael J. McMennamin; and its former controller, John Van Fleet, to comply with various provisions of the Securities Exchange Act of 1934 and the Securities Act of 1933. The proposed settlement would call for the payment of a $7.5 million civil money penalty by the company, which, if approved, would be distributed pursuant to the Fair Fund provisions of Section 308(a) of the Sarbanes-Oxley Act of 2002. This civil money penalty would have no current period financial impact on Huntington's results, as reserves for this amount were established and expensed prior to December 31, 2004. The proposed settlement would also require the disgorgement of $360,000 by Hoaglin in respect of his previously paid 2002 annual bonus, and disgorgement of previously paid bonuses and prejudgment interest for McMennamin and Van Fleet of $265,215 and $26,660, respectively. In addition, Hoaglin, McMennamin, and Van Fleet would pay civil money penalties of $50,000; $75,000; and $25,000; respectively. The proposed settlement would also impose certain other relief with respect to McMennamin and Van Fleet.
Reactivates Share Repurchase Program
As of March 31, 2005, the company had unused authority to repurchase up to 7.5 million common shares under an April 27, 2004, share repurchase authorization. Huntington today announced that it intends to reactivate its share repurchase program upon approval by the Commission of the proposed settlement offer to resolve the formal investigation. It expects to repurchase these shares from time-to-time in the open market or through privately negotiated transactions depending on market conditions.
Huntington's senior management will host an earnings conference call today at 1:00 p.m. (Eastern Time). The call may be accessed via a live Internet webcast at huntington-ir.com or through a dial-in telephone number at 866-835-8907. Slides will be available at huntington-ir.com just prior to 1:00 p.m. (Eastern Time) today for review during the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's web site huntington-ir.com. A telephone replay will be available two hours after the completion of the call through May 9, 2005 at 888-266-2081; conference ID 678167.
Forward-looking Statement
Basis of Presentation
Use of Non-GAAP Financial Measures
Annualized data
Fully taxable equivalent interest income and net interest margin
Earnings per share equivalent data
NM or nm
About Huntington
Huntington Bancshares Incorporated is a $32 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 139 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of approximately 700 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Georgia, Tennessee, Pennsylvania, and Arizona; Private Financial Group offices in Florida; and Mortgage Banking offices in Florida, Maryland, and New Jersey. International banking services are made available through the headquarters office in Columbus and an office located in the Cayman Islands and an office located in Hong Kong. HUNTINGTON BANCSHARES INCORPORATED
Quarterly Key Statistics
(Unaudited)
(in thousands of dollars, except per share amounts)
2005 2004 Percent Change
First Fourth First 4Q04 1Q04
Net interest
income $235,198 $239,068 $222,685 (1.6)% 5.6%
Provision for
loan and lease
losses 19,874 12,654 25,596 57.1 (22.4)
Non-interest
income 168,050 182,940 227,639 (8.1) (26.2)
Non-interest
expense 258,277 281,014 285,654 (8.1) (9.6)
Income before
income taxes 125,097 128,340 139,074 (2.5) (10.1)
Provision for
income taxes 28,578 37,201 34,901 (23.2) (18.1)
Net Income $96,519 $91,139 $104,173 5.9% (7.3)%
Net income per
common share -
diluted $0.41 $0.39 $0.45 5.1 (8.9)
Cash dividends
declared per
common share 0.200 0.200 0.175 --- 14.3
Book value per
common share at
end of period 11.16 10.96 10.31 1.9 8.3
Average common
shares - basic 231,824 231,147 229,227 0.3 1.1
Average common
shares - diluted 235,053 235,502 232,915 (0.2) 0.9
Return on
average assets 1.20% 1.13% 1.36%
Return on average
shareholders'
equity 15.5 14.6 18.4
Net interest
margin (1) 3.31 3.38 3.36
Efficiency ratio (2) 63.7 66.4 65.1
Effective tax rate 22.8 29.0 25.1
Average loans
and leases $23,856,482 $23,032,173 $21,502,390 3.6% 10.9%
Average loans
and leases -
linked quarter
annualized
growth rate 14.3% 15.1% 1.8%
Average earning
assets 29,128,027 28,506,464 26,978,873 2.2 8.0
Average core
deposits (3) 17,043,436 16,908,269 15,481,110 0.8 10.1
Average core
deposits -
linked quarter
annualized
growth rate (3) 3.2% 9.7% (1.6)%
Average total
assets $32,581,040 $32,060,518 $30,835,373 1.6 5.7
Average
shareholders'
equity 2,527,168 2,481,373 2,278,400 1.8 10.9
Total assets
at end of
period $32,182,599 $32,565,497 $31,039,080 (1.2) 3.7
Total
shareholders'
equity at end
of period 2,589,773 2,537,638 2,364,179 2.1 9.5
Net charge-
offs (NCOs) $28,272 $20,913 $28,627 35.2 (1.2)
NCOs as a % of
average loans
and leases 0.47% 0.36% 0.53%
Non-performing
loans and
leases (NPLs) $59,893 $63,962 $77,127 (6.4) (22.3)
Non-performing
assets (NPAs) 73,303 108,568 91,694 (32.5) (20.1)
NPAs as a % of
total loans and
leases and other
real estate (OREO) 0.30% 0.46% 0.43%
Allowance for
loan and lease
losses (ALLL)as a
% of total loans
and leases at
the end of period 1.09 1.15 1.39
ALLL plus allowance
for unfunded loan
commitments and
letters of credit
as a % of total
loans and leases
at the end of
period 1.22 1.29 1.55
ALLL as a % of NPLs 441 424 383
ALLL as a % of NPAs 361 250 322
Tier 1 risk-based
capital ratio (4) 9.17 9.08 8.74
Total risk-based
capital ratio (4) 12.50 12.48 12.13
Tier 1 leverage
ratio (4) 8.48 8.42 8.07
Average equity /
assets 7.76 7.74 7.39
Tangible equity /
assets (5) 7.42 7.18 6.97
(1) On a fully taxable equivalent (FTE) basis assuming a 35% tax rate.
(2) Non-interest expense less amortization of intangibles ($0.2 million
for all periods above) divided by the sum of FTE net interest income
and non-interest income excluding securities gains (losses).
(3) Includes non-interest bearing and interest bearing demand deposits,
savings deposits, retail CDs and other domestic time deposits.
(4) Estimated at March 31, 2005.
(5) At end of period. Tangible equity (total equity less intangible
assets) divided by tangible assets (total assets less intangible
assets).
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Equal Housing Lender.
®, Huntington®, and A bank invested in people®
are federally registered service marks of Huntington Bancshares Incorporated. © Huntington Bancshares Incorporated
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