Maryland
|
|
1-34073
|
|
31-0724920
|
(State or other jurisdiction
of incorporation)
|
|
(Commission
File Number)
|
|
(IRS Employer
Identification No.)
|
|
|
|
Huntington Center
41 South High Street
Columbus, Ohio
|
|
43287
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2).
|
|||||
|
|
|
|
|
|
|
Emerging growth company
|
o
|
|||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
|
|
|
HUNTINGTON BANCSHARES INCORPORATED
|
||
|
|
|
|
|
|
Date:
|
January 24, 2019
|
|
By:
|
|
/s/ Howell D. McCullough III
|
|
|
|
|
|
Howell D. McCullough III
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
•
|
Fully-taxable equivalent total revenue
increased
$181 million
, or
4%
.
|
•
|
Fully-taxable equivalent net interest income
increased
$167 million
, or
5%
.
|
•
|
Net interest margin
increased
3
basis points to
3.33%
.
|
•
|
Noninterest income
increased
$14 million
, or
1%
.
|
•
|
Noninterest expense
decreased
$67 million
, or
2%
, as 2017 included $154 million of acquisition-related expense.
|
•
|
Efficiency ratio of
56.9%
, down from
60.9%
.
|
•
|
Average loans and leases
increased
$4.4 billion
, or
6%
, including a
$3.2 billion
, or
10%
,
increase
in consumer loans and a
$1.1 billion
, or
3%
,
increase
in commercial loans.
|
•
|
Average core deposits
increased
$3.6 billion
, or
5%
, driven by a
$2.1 billion
, or
98%
,
increase
in core certificates of deposits (CDs) and a
$1.7 billion
, or
9%
,
increase
in money market deposits.
|
•
|
Net charge-offs (NCOs) equated to
0.20%
of average loans and leases, down from
0.23%
and represented continued performance below the average through-the-cycle target range of 0.35% to 0.55%.
|
•
|
Nonperforming asset (NPA) ratio of
0.52%
, down from
0.55%
.
|
•
|
Common Equity Tier 1 (CET1) risk-based capital ratio of
9.65%
, down from
10.01%
and within our 9% to 10% operating guideline.
|
•
|
Tangible common equity (TCE) ratio of
7.21%
, down from
7.34%
.
|
•
|
Tangible book value per common share (TBVPS)
increased
$
0.37
, or
5%
, to
$7.34
.
|
•
|
Repurchased $939 million of common stock (61.6 million shares at an average price of $15.23 per share).
|
•
|
Cash dividends on common stock increased for the eighth consecutive year.
|
•
|
Fully-taxable equivalent total revenue
increased
$48 million
, or
4%
.
|
•
|
Fully-taxable equivalent net interest income
increased
$59 million
, or
8%
.
|
•
|
Net interest margin
increased
11
basis points to
3.41%
.
|
•
|
Noninterest income
decreased
$11 million
, or
3%
.
|
•
|
Noninterest expense
increased
$78 million
, or
12%
.
|
•
|
Average loans and leases
increased
$4.9 billion
, or
7%
, including a
$3.0 billion
, or
9%
,
increase
in consumer loans and a
$1.9 billion
, or
5%
,
increase
in commercial loans.
|
•
|
Average securities
decreased
$1.7 billion
, or
7%
.
|
•
|
Average core deposits
increased
$5.1 billion
, or
7%
, driven by a
$3.8 billion
, or
193%
,
increase
in average core CDs and a
$1.9 billion
, or
9%
,
increase
in money market deposits.
|
•
|
NCOs equated to
0.27%
of average loans and leases, up from
0.24%
and remaining below the average through-the-cycle target range of 0.35% to 0.55%.
|
•
|
Repurchased $200 million of common stock (15.0 million shares at an average price of $13.36 per share).
|
•
|
In October, Huntington announced the consolidation of 70 branches and additional corporate facilities. While the expense of these actions was included in the 2018 fourth quarter, certain consolidations were completed early in the 2019 first quarter.
|
•
|
In December, Huntington announced the sale of 32 Wisconsin branches, which is expected to close in the 2019 second quarter.
|
|
Full Year
|
|
2018
|
|
2017
|
||||||||||||||
($ in millions, except per share data)
|
2018
|
|
2017
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||||
Net income
|
$
|
1,393
|
|
|
$
|
1,186
|
|
|
$
|
334
|
|
|
$
|
378
|
|
|
$
|
432
|
|
Diluted earnings per common share
|
1.20
|
|
|
1.00
|
|
|
0.29
|
|
|
0.33
|
|
|
0.37
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.33
|
%
|
|
1.17
|
%
|
|
1.25
|
%
|
|
1.42
|
%
|
|
1.67
|
%
|
|||||
Return on average common equity
|
13.4
|
|
|
11.6
|
|
|
12.9
|
|
|
14.3
|
|
|
17.0
|
|
|||||
Return on average tangible common equity
|
17.9
|
|
|
15.7
|
|
|
17.3
|
|
|
19.0
|
|
|
22.7
|
|
|||||
Net interest margin
|
3.33
|
|
|
3.30
|
|
|
3.41
|
|
|
3.32
|
|
|
3.30
|
|
|||||
Efficiency ratio
|
56.9
|
|
|
60.9
|
|
|
58.7
|
|
|
55.3
|
|
|
54.9
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share
|
$
|
7.34
|
|
|
$
|
6.97
|
|
|
$
|
7.34
|
|
|
$
|
7.06
|
|
|
$
|
6.97
|
|
Cash dividends declared per common share
|
0.50
|
|
|
0.35
|
|
|
0.14
|
|
|
0.14
|
|
|
0.11
|
|
|||||
Average diluted shares outstanding (000’s)
|
1,105,985
|
|
|
1,136,186
|
|
|
1,073,055
|
|
|
1,103,740
|
|
|
1,130,117
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average earning assets
|
$
|
96,577
|
|
|
$
|
92,423
|
|
|
$
|
97,752
|
|
|
$
|
96,753
|
|
|
$
|
93,937
|
|
Average loans and leases
|
72,246
|
|
|
67,891
|
|
|
73,822
|
|
|
72,751
|
|
|
68,940
|
|
|||||
Average core deposits
|
76,403
|
|
|
72,830
|
|
|
79,078
|
|
|
77,680
|
|
|
73,946
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity / tangible assets ratio
|
7.21
|
%
|
|
7.34
|
%
|
|
7.21
|
%
|
|
7.25
|
%
|
|
7.34
|
%
|
|||||
Common equity Tier 1 risk-based capital ratio
|
9.65
|
|
|
10.01
|
|
|
9.65
|
|
|
9.89
|
|
|
10.01
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
NCOs as a % of average loans and leases
|
0.20
|
%
|
|
0.23
|
%
|
|
0.27
|
%
|
|
0.16
|
%
|
|
0.24
|
%
|
|||||
NAL ratio
|
0.45
|
|
|
0.50
|
|
|
0.45
|
|
|
0.50
|
|
|
0.50
|
|
|||||
ALLL as a % of total loans and leases
|
1.03
|
|
|
0.99
|
|
|
1.03
|
|
|
1.04
|
|
|
0.99
|
|
(1)
|
Favorable (unfavorable) impact on net income
|
(2)
|
EPS reflected on a fully diluted basis
|
(3)
|
Represents the reasonable estimated impact of tax reform as of December 31, 2017. We completed our provisional estimate related to tax reform during 2018 which resulted in an immaterial impact for the year.
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|||||||||||||||
($ in millions)
|
Full Year
|
|
Full Year
|
|
Change YOY
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Change (%)
|
|||||||||||||||
LQ
|
|
YOY
|
||||||||||||||||||||||||||
Net interest income
|
$
|
3,189
|
|
|
$
|
3,002
|
|
|
6
|
%
|
|
$
|
833
|
|
|
$
|
802
|
|
|
$
|
770
|
|
|
4
|
%
|
|
8
|
%
|
FTE adjustment
|
30
|
|
|
50
|
|
|
(40
|
)
|
|
8
|
|
|
8
|
|
|
12
|
|
|
0
|
|
|
33
|
|
|||||
Net interest income - FTE
|
3,219
|
|
|
3,052
|
|
|
5
|
|
|
841
|
|
|
810
|
|
|
782
|
|
|
4
|
|
|
8
|
|
|||||
Noninterest income
|
1,321
|
|
|
1,307
|
|
|
1
|
|
|
329
|
|
|
342
|
|
|
340
|
|
|
(4
|
)
|
|
(3
|
)
|
|||||
Total revenue - FTE
|
$
|
4,540
|
|
|
$
|
4,359
|
|
|
4
|
%
|
|
$
|
1,170
|
|
|
$
|
1,152
|
|
|
$
|
1,122
|
|
|
2
|
%
|
|
4
|
%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
|
||||||||
|
Full Year
|
|
Full Year
|
|
Change YOY
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Change bp
|
||||||||
Yield / Cost
|
|
LQ
|
|
YOY
|
|||||||||||||||||
Total earning assets
|
4.12
|
%
|
|
3.77
|
%
|
|
35
|
bp
|
|
4.34
|
%
|
|
4.16
|
%
|
|
3.83
|
%
|
|
18
|
|
51
|
Total loans and leases
|
4.58
|
|
|
4.19
|
|
|
39
|
|
4.76
|
|
|
4.60
|
|
|
4.23
|
|
|
16
|
|
53
|
|
Total securities
|
2.72
|
|
|
2.57
|
|
|
15
|
|
2.84
|
|
|
2.73
|
|
|
2.64
|
|
|
11
|
|
20
|
|
Total interest-bearing liabilities
|
1.06
|
|
|
0.64
|
|
|
42
|
|
1.23
|
|
|
1.13
|
|
|
0.73
|
|
|
10
|
|
50
|
|
Total interest-bearing deposits
|
0.65
|
|
|
0.33
|
|
|
32
|
|
0.84
|
|
|
0.73
|
|
|
0.37
|
|
|
11
|
|
47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest rate spread
|
3.06
|
|
|
3.13
|
|
|
(7)
|
|
3.11
|
|
|
3.03
|
|
|
3.10
|
|
|
8
|
|
1
|
|
Impact of noninterest-bearing funds on margin
|
0.27
|
|
|
0.17
|
|
|
10
|
|
0.30
|
|
|
0.29
|
|
|
0.20
|
|
|
1
|
|
10
|
|
Net interest margin
|
3.33
|
%
|
|
3.30
|
%
|
|
3
|
bp
|
|
3.41
|
%
|
|
3.32
|
%
|
|
3.30
|
%
|
|
9
|
|
11
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|||||||||||||||
($ in billions)
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
LQ
|
|
YOY
|
|||||||||||||||
Commercial and industrial
|
$
|
28.9
|
|
|
$
|
27.7
|
|
|
4
|
%
|
|
$
|
29.6
|
|
|
$
|
28.9
|
|
|
27.4
|
|
|
2
|
%
|
|
8
|
%
|
|
Commercial real estate
|
7.2
|
|
|
7.2
|
|
|
0
|
|
|
6.9
|
|
|
7.2
|
|
|
7.2
|
|
|
(3
|
)
|
|
(4
|
)
|
|||||
Total commercial
|
36.1
|
|
|
35.0
|
|
|
3
|
|
|
36.5
|
|
|
36.0
|
|
|
34.6
|
|
|
1
|
|
|
5
|
|
|||||
Automobile
|
12.3
|
|
|
11.5
|
|
|
7
|
|
|
12.4
|
|
|
12.4
|
|
|
12.0
|
|
|
0
|
|
|
4
|
|
|||||
Home equity
|
9.9
|
|
|
10.0
|
|
|
(1
|
)
|
|
9.8
|
|
|
9.9
|
|
|
10.0
|
|
|
(1
|
)
|
|
(2
|
)
|
|||||
Residential mortgage
|
9.9
|
|
|
8.2
|
|
|
20
|
|
|
10.6
|
|
|
10.2
|
|
|
8.8
|
|
|
3
|
|
|
20
|
|
|||||
RV and marine finance
|
2.8
|
|
|
2.2
|
|
|
32
|
|
|
3.2
|
|
|
3.0
|
|
|
2.4
|
|
|
7
|
|
|
34
|
|
|||||
Other consumer
|
1.2
|
|
|
1.0
|
|
|
18
|
|
|
1.3
|
|
|
1.2
|
|
|
1.1
|
|
|
4
|
|
|
18
|
|
|||||
Total consumer
|
36.2
|
|
|
32.9
|
|
|
10
|
|
|
37.3
|
|
|
36.7
|
|
|
34.3
|
|
|
2
|
|
|
9
|
|
|||||
Total loans and leases
|
72.2
|
|
|
67.9
|
|
|
6
|
|
|
73.8
|
|
|
72.8
|
|
|
68.9
|
|
|
1
|
|
|
7
|
|
|||||
Total securities
|
23.5
|
|
|
23.9
|
|
|
(2
|
)
|
|
22.7
|
|
|
23.2
|
|
|
24.3
|
|
|
(2
|
)
|
|
(7
|
)
|
|||||
Held-for-sale and other earning assets
|
0.8
|
|
|
0.7
|
|
|
29
|
|
|
1.3
|
|
|
0.8
|
|
|
0.7
|
|
|
54
|
|
|
85
|
|
|||||
Total earning assets
|
$
|
96.6
|
|
|
$
|
92.4
|
|
|
4
|
%
|
|
$
|
97.8
|
|
|
$
|
96.8
|
|
|
$
|
93.9
|
|
|
1
|
%
|
|
4
|
%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in billions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Demand deposits - noninterest bearing
|
$
|
20.4
|
|
|
$
|
21.7
|
|
|
(6
|
)%
|
|
$
|
20.4
|
|
|
$
|
20.2
|
|
|
$
|
21.7
|
|
|
1
|
%
|
|
(6
|
)%
|
Demand deposits - interest bearing
|
19.3
|
|
|
17.6
|
|
|
10
|
|
|
19.9
|
|
|
19.6
|
|
|
18.2
|
|
|
2
|
|
|
9
|
|
|||||
Total demand deposits
|
39.7
|
|
|
39.3
|
|
|
1
|
|
|
40.2
|
|
|
39.8
|
|
|
39.9
|
|
|
1
|
|
|
1
|
|
|||||
Money market deposits
|
21.4
|
|
|
19.7
|
|
|
9
|
|
|
22.6
|
|
|
21.5
|
|
|
20.7
|
|
|
5
|
|
|
9
|
|
|||||
Savings and other domestic deposits
|
11.1
|
|
|
11.7
|
|
|
(5
|
)
|
|
10.5
|
|
|
11.4
|
|
|
11.3
|
|
|
(8
|
)
|
|
(7
|
)
|
|||||
Core certificates of deposit
|
4.2
|
|
|
2.1
|
|
|
98
|
|
|
5.7
|
|
|
4.9
|
|
|
1.9
|
|
#160;
|
16
|
|
|
193
|
|
|||||
Total core deposits
|
76.4
|
|
|
72.8
|
|
|
5
|
|
|
79.1
|
|
|
77.7
|
|
|
73.9
|
|
|
2
|
|
|
7
|
|
|||||
Other domestic deposits of $250,000 or more
|
0.3
|
|
|
0.4
|
|
|
(37
|
)
|
|
0.3
|
|
|
0.3
|
|
|
0.4
|
|
|
21
|
|
|
(14
|
)
|
|||||
Brokered deposits and negotiable CDs
|
3.5
|
|
|
3.7
|
|
|
(5
|
)
|
|
3.5
|
|
|
3.5
|
|
|
3.4
|
|
|
(1
|
)
|
|
3
|
|
|||||
Total deposits
|
$
|
80.2
|
|
|
$
|
77.0
|
|
|
4
|
%
|
|
$
|
82.9
|
|
|
$
|
81.5
|
|
|
$
|
77.7
|
|
|
2
|
%
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowings
|
$
|
2.7
|
|
|
$
|
2.9
|
|
|
(6
|
)%
|
|
$
|
1.0
|
|
|
$
|
1.7
|
|
|
$
|
2.8
|
|
|
(42
|
)%
|
|
(65
|
)%
|
Long-term debt
|
9.0
|
|
|
8.9
|
|
|
1
|
|
|
8.9
|
|
|
8.9
|
|
|
9.2
|
|
|
0
|
|
|
(4
|
)
|
|||||
Total debt
|
$
|
11.7
|
|
|
$
|
11.8
|
|
|
(1
|
)%
|
|
$
|
9.9
|
|
|
$
|
10.6
|
|
|
$
|
12.0
|
|
|
(7
|
)%
|
|
(18
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-bearing liabilities
|
$
|
71.5
|
|
|
$
|
67.0
|
|
|
7
|
%
|
|
$
|
72.4
|
|
|
$
|
71.9
|
|
|
$
|
68.1
|
|
|
1
|
%
|
|
6
|
%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Service charges on deposit accounts
|
$
|
364
|
|
|
$
|
353
|
|
|
3
|
%
|
|
$
|
94
|
|
|
$
|
93
|
|
|
$
|
91
|
|
|
1
|
%
|
|
3
|
%
|
Card and payment processing income
|
224
|
|
|
206
|
|
|
9
|
|
|
58
|
|
|
57
|
|
|
53
|
|
|
2
|
|
|
9
|
|
|||||
Trust and investment management services
|
171
|
|
|
156
|
|
|
10
|
|
|
42
|
|
|
43
|
|
|
41
|
|
|
(2
|
)
|
|
2
|
|
|||||
Mortgage banking income
|
108
|
|
|
131
|
|
|
(18
|
)
|
|
23
|
|
|
31
|
|
|
33
|
|
|
(26
|
)
|
|
(30
|
)
|
|||||
Capital markets fees
|
91
|
|
|
76
|
|
|
20
|
|
|
29
|
|
|
22
|
|
|
23
|
|
|
32
|
|
|
26
|
|
|||||
Insurance income
|
82
|
|
|
81
|
|
|
1
|
|
|
21
|
|
|
19
|
|
|
21
|
|
|
11
|
|
|
0
|
|
|||||
Bank owned life insurance income
|
67
|
|
|
67
|
|
|
0
|
|
|
16
|
|
|
19
|
|
|
18
|
|
|
(16
|
)
|
|
(11
|
)
|
|||||
Gain on sale of loans
|
55
|
|
|
56
|
|
|
(2
|
)
|
|
16
|
|
|
16
|
|
|
17
|
|
|
0
|
|
|
(6
|
)
|
|||||
Securities (losses) gains
|
(21
|
)
|
|
(4
|
)
|
|
(425
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(850
|
)
|
|
(375
|
)
|
|||||
Other income
|
180
|
|
|
185
|
|
|
(3
|
)
|
|
49
|
|
|
44
|
|
|
47
|
|
|
11
|
|
|
4
|
|
|||||
Total noninterest income
|
$
|
1,321
|
|
|
$
|
1,307
|
|
|
1
|
%
|
|
$
|
329
|
|
|
$
|
342
|
|
|
$
|
340
|
|
|
(4
|
)%
|
|
(3
|
)%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
||||||||||||||
|
Full
|
|
Full
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
||||||||||
Service charges on deposit accounts
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Card and payment processing income
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Trust and investment management services
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Mortgage banking income
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Capital markets fees
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Insurance income
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Bank owned life insurance income
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Gain on sale of loans
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Securities (losses) gains
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Other income
|
—
|
|
|
2
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Total noninterest income
|
$
|
—
|
|
|
$
|
2
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Service charges on deposit accounts
|
$
|
364
|
|
|
$
|
353
|
|
|
3
|
%
|
|
$
|
94
|
|
|
$
|
93
|
|
|
$
|
91
|
|
|
1
|
%
|
|
3
|
%
|
Card and payment processing income
|
224
|
|
|
206
|
|
|
9
|
|
|
58
|
|
|
57
|
|
|
53
|
|
|
2
|
|
|
9
|
|
|||||
Trust and investment management services
|
171
|
|
|
156
|
|
|
10
|
|
|
42
|
|
|
43
|
|
|
41
|
|
|
(2
|
)
|
|
2
|
|
|||||
Mortgage banking income
|
108
|
|
|
131
|
|
|
(18
|
)
|
|
23
|
|
|
31
|
|
|
33
|
|
|
(26
|
)
|
|
(30
|
)
|
|||||
Capital markets fees
|
91
|
|
|
76
|
|
|
20
|
|
|
29
|
|
|
22
|
|
|
23
|
|
|
32
|
|
|
26
|
|
|||||
Insurance income
|
82
|
|
|
81
|
|
|
1
|
|
|
21
|
|
|
19
|
|
|
21
|
|
|
11
|
|
|
0
|
|
|||||
Bank owned life insurance income
|
67
|
|
|
67
|
|
|
0
|
|
|
16
|
|
|
19
|
|
|
18
|
|
|
(16
|
)
|
|
(11
|
)
|
|||||
Gain on sale of loans
|
55
|
|
|
56
|
|
|
(2
|
)
|
|
16
|
|
|
16
|
|
|
17
|
|
|
0
|
|
|
(6
|
)
|
|||||
Securities (losses) gains
|
(21
|
)
|
|
(4
|
)
|
|
(425
|
)
|
|
(19
|
)
|
|
(2
|
)
|
|
(4
|
)
|
|
(850
|
)%
|
|
(375
|
)%
|
|||||
Other income
|
180
|
|
|
183
|
|
|
(2
|
)
|
|
49
|
|
|
44
|
|
|
47
|
|
|
11
|
|
|
4
|
|
|||||
Total adjusted noninterest income
|
$
|
1,321
|
|
|
$
|
1,305
|
|
|
1
|
%
|
|
$
|
329
|
|
|
$
|
342
|
|
|
$
|
340
|
|
|
(4
|
)%
|
|
(3
|
)%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Personnel costs
|
$
|
1,559
|
|
|
$
|
1,524
|
|
|
2
|
%
|
|
$
|
399
|
|
|
$
|
388
|
|
|
$
|
373
|
|
|
3
|
%
|
|
7
|
%
|
Outside data processing and other services
|
294
|
|
|
313
|
|
|
(6
|
)
|
|
83
|
|
|
69
|
|
|
71
|
|
|
20
|
|
|
17
|
|
|||||
Net occupancy
|
184
|
|
|
212
|
|
|
(13
|
)
|
|
70
|
|
|
38
|
|
|
36
|
|
|
84
|
|
|
94
|
|
|||||
Equipment
|
164
|
|
|
171
|
|
|
(4
|
)
|
|
48
|
|
|
38
|
|
|
36
|
|
|
26
|
|
|
33
|
|
|||||
Deposit and other insurance expense
|
63
|
|
|
78
|
|
|
(19
|
)
|
|
9
|
|
|
18
|
|
|
19
|
|
|
(50
|
)
|
|
(53
|
)
|
|||||
Professional services
|
60
|
|
|
69
|
|
|
(13
|
)
|
|
17
|
|
|
17
|
|
|
18
|
|
|
0
|
|
|
(6
|
)
|
|||||
Marketing
|
53
|
|
|
60
|
|
|
(12
|
)
|
|
15
|
|
|
12
|
|
|
10
|
|
|
25
|
|
|
50
|
|
|||||
Amortization of intangibles
|
53
|
|
|
56
|
|
|
(5
|
)
|
|
13
|
|
|
13
|
|
|
14
|
|
|
0
|
|
|
(7
|
)
|
|||||
Other expense
|
217
|
|
|
231
|
|
|
(6
|
)
|
|
57
|
|
|
58
|
|
|
56
|
|
|
(2
|
)
|
|
2
|
|
|||||
Total noninterest expense
|
$
|
2,647
|
|
|
$
|
2,714
|
|
|
(2
|
)%
|
|
$
|
711
|
|
|
$
|
651
|
|
|
$
|
633
|
|
|
9
|
%
|
|
12
|
%
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Number of employees (Average full-time equivalent)
|
15.7
|
|
|
15.8
|
|
|
(1
|
)%
|
|
15.7
|
|
|
15.8
|
|
|
15.4
|
|
|
(1
|
)%
|
|
2
|
%
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
|
||||||||||||
|
Full
|
|
Full
|
|
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
|
||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
|
|
|
||||||||||
Personnel costs
|
$
|
—
|
|
|
$
|
42
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Outside data processing and other services
|
—
|
|
|
24
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Net occupancy
|
—
|
|
|
52
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Equipment
|
—
|
|
|
16
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Deposit and other insurance expense
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Professional services
|
—
|
|
|
10
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Marketing
|
—
|
|
|
1
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Amortization of intangibles
|
—
|
|
|
—
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Other expense
|
—
|
|
|
9
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|||||
Total noninterest expense
|
$
|
—
|
|
|
$
|
154
|
|
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Personnel costs
|
$
|
1,559
|
|
|
$
|
1,482
|
|
|
5
|
%
|
|
$
|
399
|
|
|
$
|
388
|
|
|
$
|
373
|
|
|
3
|
%
|
|
7
|
%
|
Outside data processing and other services
|
294
|
|
|
289
|
|
|
2
|
|
|
83
|
|
|
69
|
|
|
71
|
|
|
20
|
|
|
17
|
|
|||||
Net occupancy
|
184
|
|
|
160
|
|
|
16
|
|
|
70
|
|
|
38
|
|
|
36
|
|
|
84
|
|
|
(14
|
)
|
|||||
Equipment
|
164
|
|
|
155
|
|
|
6
|
|
|
48
|
|
|
38
|
|
|
36
|
|
|
26
|
|
|
33
|
|
|||||
Deposit and other insurance expense
|
63
|
|
|
78
|
|
|
44
|
|
|
9
|
|
|
18
|
|
|
19
|
|
|
(50
|
)
|
|
19
|
|
|||||
Professional services
|
60
|
|
|
59
|
|
|
2
|
|
|
17
|
|
|
17
|
|
|
18
|
|
|
0
|
|
|
(6
|
)
|
|||||
Marketing
|
53
|
|
|
59
|
|
|
(10
|
)
|
|
15
|
|
|
12
|
|
|
10
|
|
|
25
|
|
|
50
|
|
|||||
Amortization of intangibles
|
53
|
|
|
56
|
|
|
(5
|
)
|
|
13
|
|
|
13
|
|
|
14
|
|
|
0
|
|
|
(7
|
)
|
|||||
Other expense
|
217
|
|
|
222
|
|
|
(2
|
)
|
|
57
|
|
|
58
|
|
|
56
|
|
|
(2
|
)
|
|
2
|
|
|||||
Total adjusted noninterest expense
|
$
|
2,647
|
|
|
$
|
2,560
|
|
|
3
|
%
|
|
$
|
711
|
|
|
$
|
651
|
|
|
$
|
633
|
|
|
9
|
%
|
|
12
|
%
|
|
2018
|
|
2017
|
||||||||||||||||
($ in millions)
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Total nonaccrual loans and leases
|
$
|
340
|
|
|
$
|
370
|
|
|
$
|
378
|
|
|
$
|
383
|
|
|
$
|
349
|
|
Total other real estate, net
|
23
|
|
|
27
|
|
|
28
|
|
|
30
|
|
|
33
|
|
|||||
Other NPAs
(1)
|
24
|
|
|
6
|
|
|
6
|
|
|
7
|
|
|
7
|
|
|||||
Total nonperforming assets
|
387
|
|
|
403
|
|
|
412
|
|
|
420
|
|
|
389
|
|
|||||
Accruing loans and leases past due 90 days or more
|
170
|
|
|
154
|
|
|
132
|
|
|
106
|
|
|
115
|
|
|||||
NPAs + accruing loans and lease past due 90 days or more
|
$
|
557
|
|
|
$
|
557
|
|
|
$
|
544
|
|
|
$
|
526
|
|
|
$
|
504
|
|
NAL ratio
(2)
|
0.45
|
%
|
|
0.50
|
%
|
|
0.52
|
%
|
|
0.54
|
%
|
|
0.50
|
%
|
|||||
NPA ratio
(3)
|
0.52
|
|
|
0.55
|
|
|
0.57
|
|
|
0.59
|
|
|
0.55
|
|
|||||
(NPAs+90 days)/(Loans+OREO)
|
0.74
|
|
|
0.76
|
|
|
0.75
|
|
|
0.74
|
|
|
0.72
|
|
|||||
Provision for credit losses
|
$
|
60
|
|
|
$
|
53
|
|
|
$
|
56
|
|
|
$
|
66
|
|
|
$
|
65
|
|
Net charge-offs
|
50
|
|
|
29
|
|
|
28
|
|
|
38
|
|
|
41
|
|
|||||
Net charge-offs / Average total loans
|
0.27
|
%
|
|
0.16
|
%
|
|
0.16
|
%
|
|
0.21
|
%
|
|
0.24
|
%
|
|||||
Allowance for loans and lease losses (ALLL)
|
$
|
772
|
|
|
$
|
761
|
|
|
$
|
741
|
|
|
$
|
721
|
|
|
$
|
691
|
|
Allowance for unfunded loan commitments and letters of credit
|
96
|
|
|
97
|
|
|
93
|
|
|
85
|
|
|
87
|
|
|||||
Allowance for credit losses (ACL)
|
$
|
868
|
|
|
$
|
858
|
|
|
$
|
834
|
|
|
$
|
806
|
|
|
$
|
778
|
|
ALLL as % of:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans and leases
|
1.03
|
%
|
|
1.04
|
%
|
|
1.02
|
%
|
|
1.01
|
%
|
|
0.99
|
%
|
|||||
NALs
|
228
|
|
|
206
|
|
|
197
|
|
|
188
|
|
|
198
|
|
|||||
NPAs
|
200
|
|
|
189
|
|
|
180
|
|
|
172
|
|
|
178
|
|
(1)
|
Other nonperforming assets at December 31, 2018 include certain loans held-for-sale. Amounts prior to December 31, 2018 includes certain impaired investment securities.
|
(2)
|
Total NALs as a % of total loans and leases.
|
(3)
|
Total NPAs as a % of sum of loans and leases and net other real estate.
|
|
|
2018
|
|
2017
|
||||||||||||||||
($ in billions)
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Tangible common equity / tangible assets ratio
|
|
7.21
|
%
|
|
7.25
|
%
|
|
7.78
|
%
|
|
7.70
|
%
|
|
7.34
|
%
|
|||||
Regulatory common equity tier 1 risk-based capital ratio
(1)
|
|
9.65
|
%
|
|
9.89
|
%
|
|
10.53
|
%
|
|
10.45
|
%
|
|
10.01
|
%
|
|||||
Regulatory Tier 1 risk-based capital ratio (1)
|
|
11.06
|
%
|