Huntington Bancshares Form 8-K dated 10-13-1999

-----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, CqXhR/MYNCCsr/AXGJg76mJRHt9UNfSZd/AZ7tI4hWEUhH9hW54NPMvqObPs018w sQUV31T2pBAndPrOZqsYVw== 0000950152-99-008524.txt : 19991029 0000950152-99-008524.hdr.sgml : 19991029 ACCESSION NUMBER: 0000950152-99-008524 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19991013 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991028 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: SEC FILE NUMBER: 000-02525 FILM NUMBER: 99736476 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 INCORPORATED 8-K Huntington Bancshares Form 8-K dated 10-13-1999

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: October 13, 1999

HUNTINGTON BANCSHARES INCORPORATED

(Exact Name of Registrant as specified in its charter)


Maryland	0-2525	31-0724920

(State or other jurisdiction of incorporation or organization)	(Commission File No.)	(IRS Employer Identification Number)

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)

Item 5. Other Events.

On October 13, 1999, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the third quarter and nine months ended September 30, 1999. The information contained in the news release, which is attached as an exhibit to this report, is incorporated herein by reference.

The information contained or incorporated by reference in this Current Report on Form 8-K may contain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors, including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the successful integration of acquired businesses; the nature, extent, and timing of governmental actions and reforms; the risks of Year 2000 disruption; and extended disruption of vital infrastructure.

Item 7. Financial Statements and Exhibits.

Exhibit 99 — News release of Huntington Bancshares Incorporated, dated October 13, 1999.

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

By: /s/ Judith D. Fisher

Judith D. Fisher, Executive Vice President,
Treasurer and Chief Financial Officer

Date: October 27, 1999

EXHIBIT INDEX


Exhibit No.		Description	Page
	99*	News release of Huntington Bancshares Incorporated issued on October 13, 1999.

* Filed with this report.

EX-99 2 EXHIBIT 99 1 NEWS RELEASE [HUNTINGTON LOGO] FOR IMMEDIATE RELEASE SUBMITTED: OCTOBER 13, 1999 FOR FURTHER INFORMATION, CONTACT: MEDIA ANALYSTS - ----- -------- KIP EDWARDSON (614) 480-4433 LAURIE COUNSEL (614) 480-3878 CHERI GRAY (614) 480-3803 HUNTINGTON BANCSHARES REPORTS 21% INCREASE IN EARNINGS PER SHARE FOR THIRD QUARTER COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN; www.huntington.com) today reported record third quarter earnings of $105.6 million, or $.46 per common share, representing a 21% increase in earnings per share over the same period last year. Net income and earnings per share were $88.8 million and $.38, respectively, a year ago. For the recent three months, Huntington's return on equity (ROE) was 19.07% and its return on assets (ROA) was 1.45%, up from 16.43% and 1.28%, respectively, in the third quarter of 1998. On a cash basis, earnings per share were $.49, with a corresponding ROE of 29.54% and ROA of 1.59%. "Since we announced our restructuring plans a year ago, the company's efficiency has improved markedly," said Frank Wobst, chairman and chief executive officer of Huntington Bancshares Incorporated. "During this same period, we also focused on businesses that will enhance profits over the longer term. Consequently, we have taken a number of strategic actions with a particular emphasis on growing higher-return businesses and redesigning lower-performing units. These steps included expanding our product offerings into new markets, partnering with others where appropriate, or exiting certain activities altogether." Wobst continued, "I am particularly pleased our efficiency efforts have been successful, without sacrificing the revenue momentum of the company. Our third quarter results demonstrate we have built a good base on which to grow future earnings." Net interest income for the third quarter was $268.4 million, up 7% from the year-ago quarter. Growth in earning assets, particularly in the consumer lending portfolio, drove the increase. Average total loans grew 7%, despite a few large payoffs in the commercial sector. The net interest margin expanded to 4.22%. (more) 2 Non-interest income (excluding securities gains) increased 11%, with substantial improvements noted in several fee-based activities. Huntington's growing network of licensed investment and insurance representatives, coupled with an advertising campaign promoting the company's proprietary annuity product, produced an increase of 45% in brokerage and insurance income. The 28% growth in service charges was a result of higher fee income from retail deposit accounts and higher sales of cash management products targeted to small business customers. The increasing popularity of Huntington's check card product, along with an expanded number of on-line banking customers, contributed to the 24% increase in electronic banking revenue. Huntington has 87,000 Web Bank customers through September 1999, with 13% of its deposit household customers banking on-line. Non-interest expense was $206.2 million in the recent three months, down 3% compared with third quarter 1998. Management's emphasis on efficiency continues to deliver results as expenses were up only modestly from last quarter, despite solid revenue growth and strategic spending for new branch offices and marketing programs. Credit quality remains strong. Net charge-offs were .39% of total loans for the third quarter, while nonperforming assets dropped to $93.3 million, or .47% of total loans and other real estate. Coverage ratios were 378% of nonperforming loans and 316% of nonperforming assets. The allowance for loan losses as a percent of total loans was 1.48% at September 30, 1999. Huntington's average equity to average assets was 7.63% in the recent three month period. The company and its bank subsidiary continue to maintain healthy capital positions, exceeding requirements for a "well-capitalized" institution. Tier I and total risk-based capital ratios were 7.31% and 10.61%, respectively, at September 30, 1999. Huntington Bancshares is a regional bank holding company headquartered in Columbus, Ohio with assets of $29 billion. The Huntington has more than 133 years of serving the financial needs of its customers. The Huntington provides innovative products and services through its more than 600 offices in Florida, Georgia, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, South Carolina, and West Virginia. International banking services are made available through the headquarters office in Columbus and additional offices located in the Cayman Islands and Hong Kong. The Huntington also offers products and services through its technologically advanced, 24-hour telephone bank, a network of more than 1,300 ATMs and its Web Bank at www.huntington.com. For faxed copies of current news releases, please call our fax-on-demand service, Company News on Call, at (800) 758-5804 extension 423276. (more) 3 FORWARD-LOOKING STATEMENT DISCLOSURE: This press release contains certain forward-looking statements, including certain plans, expectations, goals, and projections, which are subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by such statements for a variety of factors including: changes in economic conditions; movements in interest rates; competitive pressures on product pricing and services; success and timing of business strategies; the successful integration of acquired businesses; the nature, extent, and timing of governmental actions and reforms; the risks of Year 2000 disruption; and extended disruption of vital infrastructure. ### 4 HUNTINGTON BANCSHARES INCORPORATED CONSOLIDATED COMPARATIVE SUMMARY (in thousands, except per share amounts)

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	Exhibit 99 —	News release of Huntington Bancshares Incorporated, dated October 13, 1999.


	Judith D. Fisher, Executive Vice President, Treasurer and Chief Financial Officer