Huntington Bancshares (HBAN) Tops Q2 EPS by 6c

July 29, 2021 7:15 AM EDT

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Huntington Bancshares (NASDAQ: HBAN) reported Q2 EPS of $0.35, $0.06 better than the analyst estimate of $0.29.

  • Earnings (loss) per common share (EPS) for the quarter were ($0.05), a decrease of $0.18 year-over-year. Excluding approximately $0.40 per common share after tax of TCF acquisition-related Notable Items, adjusted earnings per common share were $0.35.
  • On June 9, Huntington completed the acquisition of TCF Financial Corporation (TCF), adding approximately $50 billion of total assets, $34 billion of total loans and leases, and $39 billion of total deposits.
  • On track to deliver expected economics from TCF transaction with integration proceeding as planned; consolidated 44 Meijer in-store branches in mid-June; majority of branch and systems conversions expected to occur in October.
  • Executed balance sheet optimization strategy following completion of TCF acquisition; remixing securities for yield and duration in line with our aggregate moderate-to-low risk appetite.
  • Fully exited interest rate cap position as of June 30 while continuing to maintain equivalent capital protection through a mix of swaps and securities designation.
  • The Board of Directors approved an $800 million share repurchase authorization for the next four quarters.
  • Ranked by J.D. Power as the highest in customer satisfaction among regional banks for our mobile app for the third consecutive year and highest in customer satisfaction with consumer banking in the North Central Region for the sixth time in nine years

For earnings history and earnings-related data on Huntington Bancshares (HBAN) click here.

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