-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, STKVbivombvGFISF6vNsrrsTPYr4VA8SeyJ8j3OgbjaR4TTt85Tq9TfKTIhveMpZ JvN5lGqI4nqF4A4Ijhx/dg== 0000950152-96-001530.txt : 19960418 0000950152-96-001530.hdr.sgml : 19960418 ACCESSION NUMBER: 0000950152-96-001530 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960410 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960417 SROS: NONE 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: 002-60248 FILM NUMBER: 96547967 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 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: APRIL 10, 1996 __________________________________________ 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 April 10, 1996, Huntington Bancshares Incorporated issued a news release announcing its earnings for the first quarter ended March 31, 1996. 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 April 10, 1996. 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: April 17, 1996 By: /s/ John D. Van Fleet ------------------------------------- John D. Van Fleet Senior Vice President and Corporate Controller EX-99 2 EXHIBIT 99 1 EXHIBIT 99 HUNTINGTON BANKS [LOGO] NEWSRELEASE FOR IMMEDIATE RELEASE For Further Information, Contact: Submitted: April 10, 1996 Jacqueline Thurston (614) 480-3878 HUNTINGTON BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER OF 1996 COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN; http://www.huntington.com) today reported net income of $62.8 million, or $.47 per share, for the first quarter of 1996, compared with $54.9 million, or $.39 per share, for the same period one year ago, an increase in earnings per share of 20.5%. For the recent three months, Huntington's return on average equity was 16.02% and return on average assets was 1.26% . "We are pleased with the results of the first quarter of 1996," stated Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "Earnings were higher than what was reported a year ago and returns on average equity and average assets were also improved." In addition, Huntington completed the acquisition of Peoples Bank of Lakeland, Florida bringing total assets in Central and West Coast Florida to approximately $1.2 billion. Net interest income in the first quarter of 1996 was $184.7 million, up from $176.2 million in the comparable period of 1995. Average earning assets increased 10.2% over the first quarter of 1995, including growth in average loan balances of 5.6%. The net interest margin for the quarter just ended was 4.03%, 23 basis points less than the same quarter a year ago, but 5 basis points higher than the last quarter of 1995. -More- 2 Non-interest income, excluding securities transactions, was $61.1 million for the first three months of 1996 compared with $57.8 million during the same period last year. The increase was fueled by improvement in several fee based products including retail investment sales, electronic banking fees and trust services. Non-interest expense in the first three months of 1996 was $143.5 million, comparable to what was reported in the first quarter of 1995. The beneficial impact of the lower FDIC assessment rates in the first quarter of 1996 versus 1995 was partially offset by higher commissions and certain personnel expenses related to pension and other employee benefits. Asset quality measures remain strong. Huntington's allowance for loan losses totaled $197.4 million at March 31, 1996, or 1.48% of total loans and covered 312.8% of non-performing loans; 225.0% of total non-performing assets when combined with the allowance for other real estate. Net charge-offs, as a percent of average total loans, were .34% in the first quarter of 1996. Huntington's average equity to average assets ratio stood at 7.89% for the recent quarter. The company's Tier I and total risk based capital ratios were 7.94% and 11.53%, respectively, at March 31, 1996, well above what is required to be considered "well capitalized". Huntington Bancshares is a regional bank holding company headquartered in Columbus, Ohio with assets in excess of $20 billion. The company's banking subsidiaries operate 335 offices in Ohio, Florida, Indiana, Kentucky, Michigan and West Virginia. Huntington's mortgage, trust, investment banking, and automobile finance subsidiaries manage 80 offices in the six states mentioned as well as Georgia, Illinois, Maryland, New Jersey, North Carolina, Pennsylvania, Texas and Virginia. ### 3 HUNTINGTON BANCSHARES INCORPORATED COMPARATIVE SUMMARY (CONSOLIDATED) (in thousands of dollars, except per share amounts)
Consolidated Results Three Months Ended of Operations March 31, Change - ------------------------------ ----------------------------------- 1996 1995 % ---------- --------- ------ Interest Income $374,296 $342,397 9.3 % Interest Expense 189,578 166,188 14.1 --------- --------- Net Interest Income 184,718 176,209 4.8 Provision for Loan Losses 11,823 4,608 156.6 Non-Interest Income 68,162 57,887 17.8 Non-Interest Expense 143,496 144,641 (0.8) Provision for Income Taxes 34,736 29,985 15.8 --------- --------- Net Income $62,825 $54,862 14.5 % ========= ========= PER COMMON SHARE AMOUNTS (1) Net Income $0.47 $0.39 20.5 % Cash Dividends Declared $0.20 $0.19 5.3 % Shareholders' Equity (period end) $11.30 $10.80 4.6 % Average Shares Outstanding (000's) 135,054 140,192 KEY RATIOS Return On: Average Total Assets 1.26 % 1.23 % Average Shareholders' Equity 16.02 % 15.08 % Efficiency Ratio 58.24 % 61.90 % Net Interest Margin 4.03 % 4.26 % Average Equity/Average Assets 7.89 % 8.15 % Tier I Risk-Based Capital Ratio (period end) 7.94 % 9.58 % Total Risk-Based Capital Ratio (period end) 11.53 % 13.51 % Tier I Leverage Ratio (period end) 6.62 % 7.81 %
Consolidated Statement of Condition Data At March 31, Change - ------------------------------ ------------------------------------------------------- 1996 1995 % --------------- ----------- --------- Total Loans $ 13,369,308 $12,817,663 4.3 % Total Deposits $ 13,006,213 $12,188,579 6.7 Total Assets $ 20,137,982 $18,420,534 9.3 Shareholders' Equity $ 1,502,510 $ 1,509,629 (0.5) ASSET QUALITY Non-performing loans $ 63,108 $ 53,144 Total non-performing assets $ 83,494 $ 79,702 Allowance for loan losses/total loans 1.48 % 1.57 % Allowance for loan losses/non-performing loans 312.76 % 378.38 % Allowance for loan losses and other real estate/non-performing assets 225.01 % 235.10 % (1) Per common share amounts have been adjusted for the five percent stock dividend distributed July 31, 1995.
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