As always, we have provided additional granularity by portfolio in the analyst package in the slides. 2020 Fourth Quarter Earnings Conference Call Friday, January 22, 2021. The second quarter NIM was negatively impacted by a few unusual items that I would like to highlight. We believe we have the loss content in this portfolio fully reserved. We expect fee income to be approximately flat as mortgage banking activity remains robust and pandemic impacted revenue lines rebound. We refer to such items as "Significant Items". Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. A... | … Bloomberg the Company & Its Products The Company & its Products Bloomberg Terminal Demo Request Bloomberg Anywhere Remote Login Bloomberg Anywhere Login Bloomberg Customer Support Customer Support Thanks for the question. The size and compensation level of the organization, structural expenses including our branch and corporate facilities, investments primarily the optimization of the level of marketing and lastly other discretionary expenses. Net income for the 2020 fourth quarter was $316 million, consistent with the year-ago quarter. And then, just a follow-up. The industry average was 3.8 connections per charging location. Net charge-offs equated to 0.54% of average loans and leases, up from 0.25%. Nonperforming asset ratio of 0.89%, up from 0.61%. Yeah, it's a -- we're assuming that some of them come back in the third quarter. Burry’s holding has been cited by some of the traders who’ve flooded online forums in recent weeks with posts imploring their fellow punters to buy.GameStop’s 642% surge since Jan. 12 has captivated Wall Street, elicited a tweet from Elon Musk and routed short sellers including Gabe Plotkin’s Melvin Capital and Andrew Left’s Citron Research. All of this has investment firm Raymond James looking to the roster oil and gas midstream companies for dividend stocks with growth potential. Related Link: 7 Current And Former SPACs That Could Be 2020 Election Plays Competitors: EVgo is the only charging partner engaged by multiple OEMs to build out the network. GameStop (GME) shares gained another 92% today to close at a record $147.98 a piece in another clash filled session between reddit WallStreetBets and short sellers. Our 2020 DFAST result puts us at the top of our peer group. Consumer NCOs of $27 million were down on both a year-over-year and linked quarter basis, consistent with our expectations. Recent economic headlines generally appear more positive with home builder, auto and RV and marine sales and settlements exceeding pre-pandemic levels. Huntington Bancshares Incorporated (NASDAQ:HBAN) Q3 2020 Earnings Call Oct 22, 2020, 10:00 a.m. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. The results did not meet Wall Street expectations. We may, at our discretion, repurchase common shares as permitted by this Board authorization. Significant income or expense items may be expressed on a per common share basis. [Operator Instructions] Mr. Jay Gould, please go ahead with your conference. So your energy levels are at 30% of total exposure and is being fully reserved for the loss content. )For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P. Shares of Plug Power Inc. tumbled Wednesday, to pull back from a more than 15-year high, after the hydrogen-fuel company announced the sale of $1.8 billion worth of common stock to the public. Efficiency ratio of 55.9%, down from 57.6%. Average total debt decreased $1.5 billion, or 12%, reflecting the repayment of short-term borrowings due to the strong core deposit growth. [Operator Instructions] Our next question comes from the line of Steve Alexopoulos with J.P. Morgan. So I think as it relates to further NPA growth, that will be really based more around borrowing base redetermination periods. At this time, all participants are in a listen-only mode. And I think as we look across industries, we are seeing a little bit of a blip down. So the construction is not keeping pace with demand. Share Performance: CLII shares have more than doubled since announcing the deal. Huntington Ingalls Industries to Host Second Quarter Earnings Conference Call and Webcast on Thursday. The president has also suggested a possible cash-for-clunkers program that could incentivize customers for trading in used vehicles towards the purchase of an electric vehicle. So likely that is to some degree impacted by what we're seeing in terms of some of the economic reopening guidance changing and things of that nature, but we're still seeing pretty robust snapping back in year-over-year growth overall. Allowance for loan and lease losses (ALLL) increased $928 million to $1.7 billion , or 2.12% of total loans and leases; allowance for credit losses (ACL) increased to $1.8 billion , or 2.27% of total loans and leases. Huntington Bancshares HBAN is slated to report second-quarter 2020 results on Jul 23, before the opening bell. EVgo has over 800 locations for its fast-charging stations in 34 states, including 67 major metropolitan markets. But Jon, we do like generally how the portfolio has performed thus far and feel good having looked at a very substantial amount of the commercial portfolio in depth during the quarter and try to have a realistic if not conservative lens on it, which is reflected in some of the metrics like the criticized loan increase. Our commitment to an aggregate moderate-to-low risk profile is illustrated through the DFAST results. Huntington Bancshares Inc Second Quarter Earnings Result for 2020: 06/16/2020: Dividends: Amount: 0.15, Declared Date: Apr 23 2020, Pay Date: Jul 01 2020: 04/23/2020 09:00 EDT: Misc : Huntington Bancshares Inc First Quarter Earnings Conference Call for 2020: View All Performance Charts Total Returns Comparison. In addition, the $26.71 average price target puts the upside at ~17%. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our "Fair Play" banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect our future results. Table 7 – Credit Quality Metrics – Further Deterioration in Economic Outlook Drives Increase in Allowance, Accruing loans and leases past due 90+ days, NPAs + accruing loans & leases past due 90+ days, Allowance for loans and lease losses (ALLL), Allowance for unfunded loan commitments and letters of credit. I just want to see like how this portfolio is performing anything at normal you're seeing on the credit fund? The oil and gas portfolio contributed approximately 56% of the newly categorized NPAs. Slide 15 provides a update to the industries hardest hit by COVID-19 to date. PDF Version . AT&T stock fell as 2021 revenue guidance came in below expectations. The transactions have to be disclosed per the STOCK (Stop Trading on Congressional Knowledge) Act that was passed in 2012. COLUMBUS, Ohio – Huntington Bancshares Inc., holding company of Huntington National Bank, Wednesday reported third-quarter net income of $127 million, or 11 cents per diluted share. These increases are expected to be offset by reduced other income as the second quarter contained gains of $18 million related to the annuitization of a retiree health plan and the retirement plan services record keeping business sale. Buy), while setting a $24 target price to imply 20% growth on the one-year time horizon. ChargePoint and EVBox both have hundreds of thousands of charging stations. Ken Usdin -- Jefferies & Company -- Analyst. Our current projections assume the majority of the PPP balances will remain on the balance sheet through the end of the year. Thanks for the question. Thank you. Of the 30% of the downgrades we did not attribute to COVID, most of that was in our oil and gas portfolio. The regulatory Tier 1 risk-based capital and total risk-based capital ratios also reflect the issuance of $500 million of Series F preferred stock in the 2020 second quarter. This communication contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Then, starting in 2005, investment firms and advisers were given the green light to use something called Monte Carlo to predict your portfolio’s probability of success — success being the probability that your nest egg would adequately fund your desired standard of living throughout your retirement. Certain returns, yields, performance ratios, or quarterly growth rates are presented on an "annualized" basis. Thanks, Zach. Switchback shares are up nearly 300% in the last year. Investors of record on Thursday, March 18th will be given a dividend of 0.15 per share by the bank on Thursday, April 1st. The regional bank holding … And so our challenge with the book in general is just our view on where commodity prices are going to go. Revenue (TTM) 4.733B. The increase in average total securities primarily reflected portfolio growth and the mark-to-market of the available-for-sale portfolio. Our 30% coverage includes a 44% coverage ratio against the non-core portfolio and a 9% reserve against the core portfolio. The Columbus, Ohio-based bank said it had earnings of 27 cents per share. This is unnatural, insane, and dangerous.”Read more: How WallStreetBets Pushed GameStop Shares to the MoonBurry, whose investment firm reported owning a 2.4% stake in GameStop as of Sept. 30, said in an email interview on Tuesday that he’s now “neither long nor short.” He declined to comment on when he sold the stock.Burry became a household name after his mortgage trade was featured in “The Big Short.” He helped draw attention to GameStop in mid-2019 after his Scion Asset Management unveiled a 3.3% stake in the beleaguered video-game retailer and urged the company to buy back shares. [Operator Instructions]. As Steve alluded to earlier, we have confidence in our businesses and are pleased with our second quarter results given the headwinds in the quarter. "Our second quarter results reflect strong execution across the bank in a very challenging operating environment, including our extraordinary efforts to help our customers through the economic challenges associated with the pandemic," said Steve Steinour , chairman, president, and CEO. Nonaccrual loans and leases (NALs) increased $223 million, or 52%, to $648 million, or 0.81% of total loans and leases. At June 30, 2020, we had a net federal deferred tax liability of $222 million and a net state deferred tax asset of $33 million. Annualized total net charge-offs excluding the oil and gas-related losses were 24 basis points, demonstrating that the balance of our portfolio continue to perform well in Q2. Cumulative Growth of a $10,000 Investment in Stock Advisor, Huntington Bancshares Incorporated (HBAN) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $HBAN, Huntington Bancshares Inc (HBAN) Q4 2020 Earnings Call Transcript, Huntington Bancshares to Acquire TCF Financial and Create Top 10 U.S. Bank, 3 Top Dividend Stocks With Yields Over 5%, Huntington Bancshares Incorporated (HBAN) Q3 2020 Earnings Call Transcript, Why JPMorgan Chase, Bank of America, and Huntington Bancshares Stocks Just Crashed, Copyright, Trademark and Patent Information. Based on what we know today, management expects to maintain the quarterly dividend rate in the fourth quarter subject to the Board's normal quarterly approval process and you'll hear more about the dividend from Zach as well. Partially offsetting these decreases, equipment expense increased $6 million, or 15%, primarily reflecting the impact of increased technology costs. This continue to be a function of estimates as you might imagine. Partially offsetting this increase, service charges on deposit accounts decreased $32 million, or 35%, primarily reflecting reduced customer activity and pandemic-related fee waivers. The dynamic that has seemingly contributed to a short squeeze in the stock of videogame retailer GameStop Corp. also appears to be affecting shares in a host of other heavily shorted companies. You can see the deferral piece of that was fairly modest to start with about 8%. Our focus on high FICO customers here has shielded us somewhat from job losses we have seen. Nancy Pelosi Buys Tesla Calls, Stands To Benefit From New Biden EV Plan, The big short: GameStop effect puts global bets worth billions at risk, AMC Wipes Pandemic Plunge After Shares Triple Premarket, It isn’t just GameStop: Here are some of the other heavily shorted stocks shooting higher, GameStop shares close 92% higher, market cap now above $10B, Boeing Posts Massive Q4 Loss On Long List Of Charges; 777X Delayed, Motley Fool Unveils 50% Promo (595% Avg Return*), 2 Big Dividend Stocks Yielding at Least 7%; Raymond James Says ‘Buy’, AT&T Stock Slips As 2021 Revenue Guidance Falls Short Of Estimates, Plug Power stock tumbles after upsized public offering prices at 11% discount, The Current Cost Of Water Filters May Surprise You, First in the Family to Invest: How I Saved Almost $700K. The allowance for loan and lease losses (ALLL) increased $928 million from the year-ago quarter to $1.7 billion, or 2.12% of total loans and leases. And what we've seen in our own portfolio was around 70% we estimate on the consumer side of the government stimulus and some of the unemployment benefits are being saved in accounts and that's only taking down single-digit percentage points per month as we go forward. Personnel costs decreased $10 million, or 2%, primarily reflecting reduced benefits expense and lower equity compensation expense. What’s Next: It's legal for members of Congress and their spouses to own stocks. PR Newswire. With our second quarter provision, we believe we have the loss exposure in the oil and gas portfolio fully reserved. These actions are consistent with our Purpose of looking out for people. Nice job. This is Zach, John. Huntington Bancshares HBAN is slated to report second-quarter 2020 results on Jul 23, before the opening bell. Thank you. Partially offsetting these increases, service charges on deposit accounts decreased $27 million, or 31%, primarily reflecting reduced customer activity and pandemic-related fee waivers. Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%.. Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%. In other cases they may result from management decisions associated with significant corporate actions out of the ordinary course of business – e.g., merger/restructuring charges, recapitalization actions, and goodwill impairment. As you would expect they were centered on the industries referenced in the chart, hospitality, retail, airport parking and other suppliers. Huntington Bancshares Inc (NASDAQ: ... illustrating the underlying earnings power of the bank and the strategies we're executing. Shares of Huntington Bancshares (NASDAQ:HBAN) fell 0.1% in pre-market trading after the company reported Q4 results.. Quarterly Results. Does that....? Earnings per common share were $0.27, down $0.01, or … Here’s what he says about this year. There's a lot of places to go but let's just talk oil and gas to get that out of the way. About EVgo: Climate Change Crisis Real Impact I Acquisition Corp (NYSE: CLII) is bringing EVgo public in a deal that values the company at $2.1 billion. Before I get into the second quarter credit results, I want to turn your attention to Slide 10, which illustrates the relative rankings of model cumulative loan losses for Huntington and our peers in the Federal Reserve's severely adverse scenarios of the 2020 DFAST exercise. This adjustment puts all earning assets, most notably tax-exempt municipal securities and certain lease assets, on a common basis that facilitates comparison of results to results of competitors. Purchases of common shares under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. With 6 Buys and 2 Holds assigned in the last three months, the consensus rating comes in as a Strong Buy. And Zach, you talked about the third quarter, fourth quarter provisions remaining elevated. This morning we announced that the Board declared the third quarter cash dividend of $0.15 per common share unchanged from the prior quarter. See Pages 7-9 of Quarterly Financial Supplement for additional detail. The Common Equity Tier 1 ratio or CET1 ended the quarter at 9.84% down 4 basis points year-over-year. Janet Lee -- J.P. Morgan & Co. -- Analyst. "To aid small- and medium-sized businesses across our footprint, we funded more than 37,000 loans with a total volume of more than $6 billion through the SBA's Paycheck Protection Program (PPP), and we continue to originate more PPP loans. But how are you generally anticipating it to go going forward? Fundamentally, our credit remains sound. We have discussed for several quarters the challenges we see with this portfolio. AMC said Monday that $917 million in new funds would get it through the next six months as the industry battles the effects of Covid-19, which has shuttered venues around the world.Bloomberg Intelligence analyst Amine Bensaid said AMC is one of the names that’s been floated around in social media for such moves -- heavily shorted names with relatively smaller market caps while their fundamentals hasn’t changed.Short interest as a percentage of free float had fallen to 18% as of Jan. 25, according to data from IHS Markit, down from more than 40% in December. Excluding the PPP loan balances, our ACL would be 2.45% as of June 30th. Can you sustain your performance here longer than you would in a normal year, I guess? Disclaimer: The opinions expressed in this article are solely those of the featured analysts. Finally, we always like to end with a reminder to our shareholders that there's a high level of alignment between the Board, management, our colleagues and our shareholders. We took a number of factors as we kind of sized the reserve build there. I'm extremely proud of my colleagues and their continued efforts to communicate with and support our customers as well as each other. And during these past several months, we've positioned the bank to continue to execute on our strategies to further invest in our businesses and technology and to capitalize on opportunities that present themselves. There were four structural over advances and deals in our book in the fourth -- in the second quarter, we sold two of them I mean, the other two to NPAs. The ALLL as a percentage of period-end total NALs increased to 263% from 182% over the same period. Slide 8 highlights the trends in commercial loans, total deposits, salable mortgage originations and debit card spend, which is consistent with what we disclosed at last month's Morgan Stanley conference. Compared to the 2020 first quarter, total noninterest income increased $30 million, or 8%. As was the case last quarter, we feel it's prudent to limit our guidance to the current quarter due to the ongoing uncertainty around the economic outlook. I was just wondering if you could help us walk through the impact of PPP in terms of the yield you're seeing on that portfolio, what it added to NII? Huntington Bancshares Incorporated (NASDAQ:HBAN)Q2 2020 Earnings CallJul 23, 2020, 9:00 a.m. And you've seen that flow through in terms of a number of levels of inventory in a number of markets, I should say. Average earning assets increased $9.9 billion or 10% compared to the year ago quarter. The Q3 report also showed $1.2 billion in net cash generated, more than enough to cover the company’s dividend distribution. You mentioned earlier on the call that inventory levels are lower and there was some incremental reserve build here in the second quarter. You just mentioned, you look at the behavior of your credits versus your expectations. In the old days, starting in 1994 with Bill Bengen’s seminal study, financial advisers estimated how long your portfolio might last using historical returns and a safe withdrawal rate. I will just stack on to some of Steve's comments and try to get that answer to you question. Based on what we know today, management expects to maintain the current quarterly dividend rate in the fourth quarter, subject to the Board's normal quarterly approval process.". This impact would have been larger but for our active management to move several billion dollars of non-primary bank relationship account balances off the sheet during the quarter. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. All in all, the Moderate Buy analyst consensus rating on DCP is based on 7 recent reviews, breaking down 4 to 3 Buy versus Hold. Average commercial and industrial (C&I) loans increased $4.4 billion, or 14%, primarily reflecting the $4.1 billion of average PPP loans. Fundamentals. Huntington Reports Record Second-Quarter Net Income. But for 2020, just to kind of come back to your question, specifically around a third of that save accrued to the second quarter as it was around $50 million left on a gross basis before any modest acceleration investments in the back half of the year and before the $25 million restructuring costs in Q3 and Q4. Other noninterest income increased $20 million, or 65%, primarily reflecting a $13 million gain on the annuitization of a retiree health plan, a $5 million gain on the sale of the retirement plan services recordkeeping business, and a $3 million increase in income on terminated leases, which was offset by $3 million of mezzanine losses. The decrease in earning asset yields was primarily driven by the impact of lower interest rates on commercial and home equity loan yields as well as elevated deposits at the Federal Reserve Bank. Yeah. The systems conversion could follow as early as Labor Day, Steinour said. Mark Muth -- Director, Investor Relations. Huntington earnings rise 26% in second quarter Skip to main content Total … Our restaurant exposures, primarily in the national quick service brands that have maintained drive up operations and our sandwich and pizza customers have been open for takeout service to offset the declines of in-house seating. When: 9 a.m. EDT … The year-over-year increase was primarily in the commercial portfolio, particularly the oil and gas portfolio. Obviously, we're pleased with second quarter performance, particularly given the challenges we face. Table 5 – Noninterest Income – Record Mortgage Banking Income Drives Growth in Noninterest Income, Net (losses) gains on sales of securities. The company reduced its debt load by $156 million in the quarter, and showed a 17% reduction in operating costs year-over-year. Slide 14 shows our consumer deferrals and the early news here is good as well. DCFC is the key that sets EVgo apart from competitors. Our next question comes from the line of Terry McEvoy with Stephens Inc. Huntington Bcshs (HBAN) reports earnings on 1/22/2021 and is expected to beat estimates with an Earnings Whisper number of $0.32. We ask that as a courtesy to your peers, each person ask only one question and one related follow-up. The unprecedented level of government stimulus has supported both individuals and many companies. Our early stage commercial pipelines have been building over the past several weeks, supporting the expectation of accelerating growth in the latter part of the year. In the second quarter, we had $1.6 billion of forward starting asset hedges become active providing NIM benefit going forward. All of this allowed DCP to maintain its dividend at 39 cents per share. Fully-taxable equivalent total revenue increased $81 million, or 7%. Our disciplined enterprise risk management provides a strong fundamental position. The decrease in average interest-bearing liability costs primarily reflected lower interest-bearing deposit costs (down 69 basis points) and lower long-term debt costs (down 133 basis points), both due to the impact of lower interest rates. The decrease in earning asset yields was primarily driven by the impact of lower interest rates on commercial and home equity loan yields and securities yields, pandemic-related late fee waivers, and elevated deposits at the Federal Reserve Bank. ET, Greetings and welcome to the Huntington Bancshares Second Quarter Earnings Call. And while overhead for energy companies is high, they still have a market for their deliverables, leading to a ready cash flow – which can be used, among other things, to pay the dividends. Noninterest expense decreased $25 million , or 4%. For example, changes in the provision for credit losses, gains/losses from investment activities, and asset valuation write-downs reflect ordinary banking activities and are, therefore, typically excluded from consideration as a Significant Item. Global bets worth billions of dollars could be at risk as amateur share traders challenge the bearish positions of influential funds, inflating stock valuations and leaving the professionals looking at potentially hefty losses. "Average loan growth of 7% was driven by the PPP loans. While investors are obsessed with Tesla's surge, legendary investor Whitney Tilson says an even bigger EV story will provide the highest gains. We reported earnings per common share of $0.13, return on average assets was 51 basis points, return on average common equity … Please proceed with your question. Yes. We expect GAAP NIM to expand approximately 7 to 10 basis points versus the second quarter NIM of 2.94% as a result of the hedging strategy and the elimination of notable items, which negatively impacted the second quarter. “[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. Most of the high points have been covered. So the combination of those two things for June was 3.43% and hence, additive to the overall NIM by around said, 2 basis points. Revenue was essentially level with the year ago quarter as record mortgage income offset pandemic-related headwinds. The $272 million, Huntington Bancshares noted, is a record for second-quarter earnings. 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On oil and gas portfolio said it had earnings of 27 cents per share noted about 2 basis points 2.94... David Perdue, a decrease of $ 272M several notable items impacting quarter.