-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, f3uohGVLvCHUF/1xO/Hd7Qdz/ZMOPjraank13yTSD3oWevnnodekkNpy3fs1F1tL J/zCSMWGs1fjZA25Gm3sAA== 0000950152-95-001527.txt : 199507180000950152-95-001527.hdr.sgml : 19950718 ACCESSION NUMBER: 0000950152-95-001527 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950712 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19950717 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HUNTINGTON BANCSHARES INC/MD CENTRAL INDEX KEY: 0000049196 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 310724920 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-02525 FILM NUMBER: 95554319 BUSINESS ADDRESS: STREET 1: HUNTINGTON CTR STREET 2: 41 S HIGH ST HC0632 CITY: COLUMBUS STATE: OH ZIP: 43287 BUSINESS PHONE: 6144808300 MAIL ADDRESS: STREET 1: HUNTINGTON CENTER2 STREET 2: 41 S HIGH ST HC063 CITY: COLUMBUS STATE: OH ZIP: 43287 8-K 1 HUNTINGTON BANCSHARES 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ______________________ DATE OF REPORT: JULY 12, 1995 ______________________ HUNTINGTON BANCSHARES INCORPORATED (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) ______________________ Maryland 0-2525 31-0724920 - ---------------- --------------------- ---------------------- (STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER JURISDICTION OF IDENTIFICATION NUMBER) INCORPORATION OR ORGANIZATION) ______________________ Huntington Center 41 South High Street Columbus, Ohio 43287 (614) 480-8300 (ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER INCLUDING AREA CODE OF REGISTRANT'S PRINCIPAL EXECUTIVE OFFICES) ______________________ 2 ITEM 5. OTHER EVENTS. On July 12, 1995, Huntington Bancshares Incorporated issued a news release announcing its earnings for the second quarter ended June 30, 1995. The information contained in the news release, which is attached as an exhibit to this report, is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits. Exhibit 99 -- News release of Huntington Bancshares Incorporated, dated July 12, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HUNTINGTON BANCSHARES INCORPORATED Date: July 17, 1995 By: /s/ John D. Van Fleet ------------------------------------ John D. Van Fleet Senior Vice President and Corporate Controller EX-99 2 HUNTINGTON BANCSHARES 8-K EX-99 1 --------------------------------------------------------------------- NEWS RELEASE [HUNTINGTON BANKS LOGO] FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT: SUBMITTED: JULY 12, 1995 JACQUELINE THURSTON (614) 480-3878 HUNTINGTON BANCSHARES REPORTS EARNINGS FOR SECOND QUARTER AND FIRST SIX MONTHS OF 1995 COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN) today reported net income of $58.2 million for the second quarter of 1995, compared with $67.5 million for the same period one year ago. For the first half of 1995, net income was $113.0 million, versus $134.2 million in the first six months of 1994. The improving trend over the first quarter should continue for the balance of the year. Both return on average assets (ROA) and return on average equity (ROE) continued to be strong against industry standards. ROA for the second quarter and first half of 1995 were 1.25% and 1.24%, respectively. ROE for the most recent quarter and first six months of 1995 were both 15.08%. Huntington's common stock price currently reflects a previously announced 5% stock dividend which will be distributed July 31, 1995. Adjusted for this stock dividend, earnings per share were $.42 in the most recent three months and $.81 for the first half of the year, compared with $.49 and $.98 for the corresponding periods last year. Results for the current year include the effects of the May 1995 acquisitions of Security National Corporation and Reliance Bank of Florida. Prior year amounts have not been restated for these transactions. -More- 2 "Although the company's earnings are less than what was reported a year ago, we must remember that the first half of 1994 was an exceptionally good period for the Huntington and the banking industry in general. We are pleased with the solid loan growth and the progress made in reducing non-interest expenses, which enabled the company to achieve strong earnings and performance ratios, as well as our exceptional credit quality and capital position," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. Huntington continued to experience solid loan growth in the second quarter -- average loans increased 14.2% from the same period in 1994. This increase was broad-based with commercial loans up 14.5%, consumer loans up 13.2%, and lease financing up 29.3% from the second quarter one year ago. Net interest income during the recent quarter was $179.9 million. As expected, this amount was down from one year ago due to significantly reduced spreads but up $3.7 million from the first quarter of 1995. The net interest margin in the second quarter was 4.21%, only 5 basis points less than the previous quarter. Huntington expects that the margin will continue to decline modestly primarily due to the large purchase of additional investments. In addition, there will be continued competitive pressure on loan pricing and deposit mix. Non-interest income, excluding securities transactions, for the second quarter and first half of 1995 was $53.7 million and $112.7 million, compared with $58.8 million and $115.7 million for the correspondiong periods one year ago. Increased service charges on deposits, credit card fees, and trust revenues were more than offset by declines in mortgage banking income of -More- 3 $7.5 million for the quarter and $13.9 million for the six months of 1995. Despite the year to year decline in mortgage banking income, restructuring and other initiatives have stabilized this operation and Huntington Mortgage Company is now operating profitably. Non-interest expense in the second quarter of 1995 was $142.6 million representing a 3.1% drop from the same three months in 1994. This represents the third consecutive quarter that non-interest expense has been reduced. A similar decrease of 3.4% occurred from the first half of 1994 to the corresponding period this year. These decreases were achieved despite the completion of two mergers during 1995 and were primarily attributable to reduced personnel costs. Huntington's asset quality measures remain among the best of the largest banking companies in the country. Non-performing loans declined to $55.0 million, or .42% of total loans, at June 30, 1995, from $66.8 million or .57% of total loans at the same time last year. Other real estate also declined over the past twelve months, from $59.2 million to $24.0 million. Non-performing assets as a percent of loans and other real estate totaled .60% at the end of the most recent quarter, down significantly from 1.08% in the same period in 1994. Net charge-offs, as a percent of average total loans, were only .23% and .21%, respectively, during the second quarter and first six months of 1995. Huntington's allowance for loan losses totaled $198.3 million at June 30, 1995, or 1.51% of total loans. The allowance for loan losses represented 361% of non-performing loans and, when combined with the allowance for other real estate, was 234% of total non-performing assets. -More- 4 The company's capital position continues to be strong. Average equity to average assets was 8.28% for the second quarter and 8.22% for the first half of 1995. The company's Tier I and total risk-based capital ratios were 9.30% and 13.11%, respectively, and its Tier I leverage ratio was 7.72% at June 30, 1995. Huntington's capital ratios exceed the regulatory requirements to be considered a "well-capitalized" bank holding company. Huntington Bancshares is a $19.4 billion regional bank holding company headquartered in Columbus, Ohio. The company's banking subsidiaries operate 332 offices in Ohio, Florida, Illinois, Indiana, Kentucky, Michigan, Pennsylvania and West Virginia. Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 70 offices in the eight states mentioned as well as Georgia, Maryland, New Jersey, North Carolina, and Virginia. ### 5 HUNTINGTON BANCSHARES INCORPORATED COMPARATIVE SUMMARY (CONSOLIDATED) (in thousands of dollars, except per share amounts)
CONSOLIDATED RESULTS THREE MONTHS ENDED SIX MONTHS ENDED OF OPERATIONS JUNE 30, CHANGE JUNE 30, CHANGE - -------------------------------- ---------------------------------- --------------------------------- 1995 1994 % 1995 1994 % --------- --------- -------- --------- --------- ------- Interest Income $360,203 $297,485 21.1 % $702,600 $599,122 17.3 % Interest Expense 180,313 105,403 71.1 346,501 203,873 70.0 --------- --------- -------- --------- --------- ------- Net Interest Income 179,890 192,082 (6.3) 356,099 395,249 (9.9) Provision for Loan Losses 4,787 3,219 48.7 9,395 11,683 (19.6) Non-Interest Income 60,043 58,984 1.8 119,143 117,651 1.3 Non-Interest Expense 142,571 147,195 (3.1) 288,425 298,634 (3.4) Provision for Income Taxes 34,414 33,199 3.7 64,399 68,388 (5.8) --------- --------- -------- --------- --------- ------- NET INCOME $58,161 $67,453 (13.8)% $113,023 $134,195 (15.8)% ========= ========= ======== ========= ========= ======= PER COMMON SHARE AMOUNTS (1) - ---------------------------- Net Income Pre-stock dividend $0.44 $0.52 $0.85 $1.03 Post-stock dividend $0.42 $0.49 (14.3) % $0.81 $0.98 (17.3) % Cash Dividends Declared Pre-stock dividend $0.20 $0.16 $0.40 $0.32 Post-stock dividend $0.19 $0.15 26.7 % $0.38 $0.30 26.7 % Shareholders' Equity (period end) Pre-stock dividend $11.84 $10.72 $11.84 $10.72 Post-stock dividend $11.27 $10.21 10.4 % $11.27 $10.21 10.4 % Average Shares Outstanding (000's) Pre-stock dividend 133,330 129,943 133,423 129,892 Post-stock dividend 139,997 136,440 140,094 136,386 KEY RATIOS - ---------- Return On: Average Total Assets 1.25 % 1.64 % 1.24 % 1.62 % Average Shareholders' Equity 15.08 % 19.43 % 15.08 % 19.35 % Efficiency Ratio 60.23 % 59.05 % 61.17 % 58.67 % Net Interest Margin 4.21 % 5.13 % 4.24 % 5.22 % Average Equity/Average Assets 8.28 % 8.43 % 8.22 % 8.36 % Tier I Risk-Based Capital Ratio (period end) 9.30 % 9.95 % 9.30 % 9.95 % Total Risk-Based Capital Ratio (period end) 13.11 % 14.17 % 13.11 % 14.17 % Tier I Leverage Ratio (period end) 7.72 % 7.98 % 7.72 % 7.98 %
CONSOLIDATED STATEMENT OF CONDITION DATA AT JUNE 30, CHANGE - ------------------------------------------- -------------------------------------------------- 1995 1994 % ----------- ---------- --------- Total Loans $ 13,137,593 $11,634,695 12.9 % Total Deposits $ 12,518,517 $11,569,249 8.2 Total Assets $ 19,370,768 $16,445,041 17.8 Shareholders' Equity $ 1,572,043 $ 1,389,467 13.1 ASSET QUALITY - ------------- Non-performing loans $ 54,978 $ 66,752 Total non-performing assets $ 79,007 $ 125,909 Allowance for loan losses/total loans 1.51 % 1.83 % Allowance for loan losses/non-performing loans 360.62 % 318.31 % Allowance for loan losses and other real estate/non-performing assets 234.30 % 160.22 % (1) Post-stock dividend amounts have been adjusted for the five percent stock dividend payable in July 1995. NOTE: Results for the current year include the effects of the May 1995 acquisitions of Security National Corporation and Reliance Bank of Florida. Prior period amounts have not been restated for these transactions.
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