Maryland
|
1-34073
|
31-0724920
|
(State or other jurisdiction of
incorporation or organization)
|
(Commission
File Number)
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(I.R.S. Employer
Identification No.)
|
☐
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of class
|
Trading
Symbol(s)
|
Name of exchange on which registered
|
5.875% Series C Non-Cumulative, perpetual preferred stock
|
HBANN
|
NASDAQ
|
6.250% Series D Non-Cumulative, perpetual preferred stock
|
HBANO
|
NASDAQ
|
Common Stock—Par Value $0.01 per Share
|
HBAN
|
NASDAQ
|
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).
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|||||
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Emerging growth company
|
☐
|
|||
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
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Item 2.02.
|
Results of Operations and Financial Condition.
|
Item 9.01.
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit No.
|
Description
|
|
|
Exhibit 104
|
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
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|
|
HUNTINGTON BANCSHARES INCORPORATED
|
||
|
|
|
|
||
Date:
|
January 23, 2020
|
|
By:
|
|
/s/ Zachary Wasserman
|
|
|
|
|
||
|
|
|
|
|
Zachary Wasserman
|
|
|
|
|
|
Chief Financial Officer
|
|
|
|
•
|
Fully-taxable equivalent total revenue increased $153 million, or 3%.
|
•
|
Fully-taxable equivalent net interest income increased $20 million, or 1%.
|
•
|
Net interest margin decreased 7 basis points to 3.26%.
|
•
|
Noninterest income increased $133 million, or 10%.
|
•
|
Noninterest expense increased $74 million, or 3%.
|
•
|
Efficiency ratio of 56.6%, down from 56.9%.
|
•
|
Average loans and leases increased $2.7 billion, or 4%, including a $1.4 billion, or 4%, increase in consumer loans and a $1.3 billion, or 4%, increase in commercial loans.
|
•
|
Average core deposits increased $2.8 billion, or 4%.
|
•
|
Net charge-offs (NCOs) equated to 0.35% of average loans and leases, up from 0.20%.
|
•
|
Nonperforming asset (NPA) ratio of 0.66%, up from 0.52%.
|
•
|
Common Equity Tier 1 (CET1) risk-based capital ratio of 9.88%, up from 9.65% and consistent with our 9% to 10% operating guideline.
|
•
|
Tangible common equity (TCE) ratio of 7.88%, up from 7.21%.
|
•
|
Tangible book value per common share (TBVPS) increased $0.91, or 12%, to $8.25.
|
•
|
Repurchased $441 million of common stock (31.4 million shares at an average price of $14.00 per share).
|
•
|
Cash dividends on common stock increased for the ninth consecutive year.
|
•
|
Fully-taxable equivalent total revenue decreased $12 million, or 1%.
|
•
|
Fully-taxable equivalent net interest income decreased $55 million, or 7%.
|
•
|
Net interest margin decreased 29 basis points to 3.12%.
|
•
|
Noninterest income increased $43 million, or 13%.
|
•
|
Noninterest expense decreased $10 million, or 1%.
|
•
|
Average loans and leases increased $1.3 billion, or 2%, including a $0.7 billion, or 2%, increase in commercial loans and a $0.6 billion, or 2%, increase in consumer loans.
|
•
|
Average core deposits increased $0.6 billion, or 1%.
|
•
|
NCOs equated to 0.39% of average loans and leases, up from 0.27%
|
•
|
Repurchased $196 million of common stock (13.1 million shares at an average price of $14.96 per share).
|
•
|
In December, Huntington announced the planned consolidation of 30 in-store branches. While the majority of the expense of these actions was included in the 2019 fourth quarter, the consolidations are expected to be completed in the 2020 first quarter.
|
|
Full Year
|
|
2019
|
|
2018
|
||||||||||||||
(in millions, except per share data)
|
2019
|
|
2018
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
||||||||||
Net income
|
$
|
1,411
|
|
|
$
|
1,393
|
|
|
$
|
317
|
|
|
$
|
372
|
|
|
$
|
334
|
|
Diluted earnings per common share
|
1.27
|
|
|
1.20
|
|
|
0.28
|
|
|
0.34
|
|
|
0.29
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
|
1.31
|
%
|
|
1.33
|
%
|
|
1.15
|
%
|
|
1.37
|
%
|
|
1.25
|
%
|
|||||
Return on average common equity
|
12.9
|
|
|
13.4
|
|
|
11.1
|
|
|
13.4
|
|
|
12.9
|
|
|||||
Return on average tangible common equity
|
16.9
|
|
|
17.9
|
|
|
14.3
|
|
|
17.3
|
|
|
17.3
|
|
|||||
Net interest margin
|
3.26
|
|
|
3.33
|
|
|
3.12
|
|
|
3.20
|
|
|
3.41
|
|
|||||
Efficiency ratio
|
56.6
|
|
|
56.9
|
|
|
58.4
|
|
|
54.7
|
|
|
58.7
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible book value per common share
|
$
|
8.25
|
|
|
$
|
7.34
|
|
|
$
|
8.25
|
|
|
$
|
8.25
|
|
|
$
|
7.34
|
|
Cash dividends declared per common share
|
0.58
|
|
|
0.50
|
|
|
0.15
|
|
|
0.15
|
|
|
0.14
|
|
|||||
Average diluted shares outstanding
|
1,056
|
|
|
1,106
|
|
|
1,047
|
|
|
1,051
|
|
|
1,073
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Average earning assets
|
$
|
99,541
|
|
|
$
|
96,577
|
|
|
$
|
100,062
|
|
|
$
|
99,692
|
|
|
$
|
97,752
|
|
Average loans and leases
|
74,978
|
|
|
72,246
|
|
|
75,103
|
|
|
75,096
|
|
|
73,822
|
|
|||||
Average core deposits
|
79,197
|
|
|
76,403
|
|
|
79,690
|
|
|
79,335
|
|
|
79,078
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Tangible common equity / tangible assets ratio
|
7.88
|
%
|
|
7.21
|
%
|
|
7.88
|
%
|
|
8.00
|
%
|
|
7.21
|
%
|
|||||
Common equity Tier 1 risk-based capital ratio
|
9.88
|
|
|
9.65
|
|
|
9.88
|
|
|
10.02
|
|
|
9.65
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
NCOs as a % of average loans and leases
|
0.35
|
%
|
|
0.20
|
%
|
|
0.39
|
%
|
|
0.39
|
%
|
|
0.27
|
%
|
|||||
NAL ratio
|
0.62
|
|
|
0.45
|
|
|
0.62
|
|
|
0.58
|
|
|
0.45
|
|
|||||
ALLL as a % of total loans and leases
|
1.04
|
|
|
1.03
|
|
|
1.04
|
|
|
1.05
|
|
|
1.03
|
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|||||||||||||||
($ in millions)
|
Full Year
|
|
Full Year
|
|
Change YOY
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Change (%)
|
|||||||||||||||
LQ
|
|
YOY
|
||||||||||||||||||||||||||
Net interest income
|
$
|
3,213
|
|
|
$
|
3,189
|
|
|
1
|
%
|
|
$
|
780
|
|
|
$
|
799
|
|
|
$
|
833
|
|
|
(2
|
)%
|
|
(6
|
)%
|
FTE adjustment
|
26
|
|
|
30
|
|
|
(13
|
)
|
|
6
|
|
|
6
|
|
|
8
|
|
|
0
|
|
|
25
|
|
|||||
Net interest income - FTE
|
3,239
|
|
|
3,219
|
|
|
1
|
|
|
786
|
|
|
805
|
|
|
841
|
|
|
(2
|
)
|
|
(7
|
)
|
|||||
Noninterest income
|
1,454
|
|
|
1,321
|
|
|
10
|
|
|
372
|
|
|
389
|
|
|
329
|
|
|
(4
|
)
|
|
13
|
|
|||||
Total revenue - FTE
|
$
|
4,693
|
|
|
$
|
4,540
|
|
|
3
|
%
|
|
$
|
1,158
|
|
|
$
|
1,194
|
|
|
$
|
1,170
|
|
|
(3
|
)%
|
|
(1
|
)%
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|||||||
|
Full Year
|
|
Full Year
|
|
Change YOY bp
|
|
Fourth Quarter
|
|
Third Quarter
|
|
Fourth Quarter
|
|
Change bp
|
|||||||
Yield / Cost
|
|
LQ
|
|
YOY
|
||||||||||||||||
Total earning assets
|
4.25
|
%
|
|
4.12
|
%
|
|
13
|
|
4.03
|
%
|
|
4.21
|
%
|
|
4.32
|
%
|
|
(18)
|
|
(29)
|
Total loans and leases
|
4.73
|
|
|
4.58
|
|
|
15
|
|
4.47
|
|
|
4.67
|
|
|
4.76
|
|
|
(20)
|
|
(29)
|
Total securities
|
2.76
|
|
|
2.72
|
|
|
4
|
|
2.68
|
|
|
2.74
|
|
|
2.84
|
|
|
(6)
|
|
(16)
|
Total interest-bearing liabilities
|
1.34
|
|
|
1.06
|
|
|
28
|
|
1.24
|
|
|
1.36
|
|
|
1.23
|
|
|
(12)
|
|
1
|
Total interest-bearing deposits
|
0.94
|
|
|
0.65
|
|
|
29
|
|
0.87
|
|
|
0.98
|
|
|
0.84
|
|
|
(11)
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net interest rate spread
|
2.91
|
|
|
3.06
|
|
|
(15)
|
|
2.79
|
|
|
2.85
|
|
|
3.09
|
|
|
(6)
|
|
(30)
|
Impact of noninterest-bearing funds on margin
|
0.35
|
|
|
0.27
|
|
|
8
|
|
0.33
|
|
|
0.35
|
|
|
0.32
|
|
|
(2)
|
|
1
|
Net interest margin
|
3.26
|
%
|
|
3.33
|
%
|
|
(7)
|
|
3.12
|
%
|
|
3.20
|
%
|
|
3.41
|
%
|
|
(8)
|
|
(29)
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|
|
|||||||||||||||
($ in billions)
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
LQ
|
|
YOY
|
|||||||||||||||
Commercial and industrial
|
$
|
30.5
|
|
|
$
|
28.9
|
|
|
6
|
%
|
|
$
|
30.4
|
|
|
$
|
30.6
|
|
|
29.6
|
|
|
(1
|
)%
|
|
3
|
%
|
|
Commercial real estate
|
6.9
|
|
|
7.2
|
|
|
(4
|
)
|
|
6.8
|
|
|
6.9
|
|
|
6.9
|
|
|
(2
|
)
|
|
(2
|
)
|
|||||
Total commercial
|
37.4
|
|
|
36.1
|
|
|
4
|
|
|
37.2
|
|
|
37.6
|
|
|
36.5
|
|
|
(1
|
)
|
|
2
|
|
|||||
Automobile
|
12.3
|
|
|
12.3
|
|
|
0
|
|
|
12.6
|
|
|
12.2
|
|
|
12.4
|
|
|
3
|
|
|
1
|
|
|||||
Home equity
|
9.4
|
|
|
9.9
|
|
|
(5
|
)
|
|
9.2
|
|
|
9.4
|
|
|
9.8
|
|
|
(2
|
)
|
|
(6
|
)
|
|||||
Residential mortgage
|
11.1
|
|
|
9.9
|
|
|
12
|
|
|
11.3
|
|
|
11.2
|
|
|
10.6
|
|
|
1
|
|
|
7
|
|
|||||
RV and marine
|
3.5
|
|
|
2.8
|
|
|
21
|
|
|
3.6
|
|
|
3.5
|
|
|
3.2
|
|
|
1
|
|
|
11
|
|
|||||
Other consumer
|
1.3
|
|
|
1.2
|
|
|
5
|
|
|
1.2
|
|
|
1.3
|
|
|
1.3
|
|
|
(2
|
)
|
|
(5
|
)
|
|||||
Total consumer
|
37.6
|
|
|
36.2
|
|
|
4
|
|
|
37.9
|
|
|
37.5
|
|
|
37.3
|
|
|
1
|
|
|
2
|
|
|||||
Total loans and leases
|
75.0
|
|
|
72.2
|
|
|
4
|
|
|
75.1
|
|
|
75.1
|
|
|
73.8
|
|
|
0
|
|
|
2
|
|
|||||
Total securities
|
23.1
|
|
|
23.5
|
|
|
(2
|
)
|
|
23.2
|
|
|
23.1
|
|
|
22.7
|
|
|
0
|
|
|
2
|
|
|||||
Held-for-sale and other earning assets
|
1.5
|
|
|
0.8
|
|
|
79
|
|
|
1.8
|
|
|
1.5
|
|
|
1.3
|
|
|
17
|
|
|
41
|
|
|||||
Total earning assets
|
$
|
99.5
|
|
|
$
|
96.6
|
|
|
3
|
%
|
|
$
|
100.1
|
|
|
$
|
99.7
|
|
|
$
|
97.8
|
|
|
0
|
%
|
|
2
|
%
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in billions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Demand deposits - noninterest bearing
|
$
|
20.1
|
|
|
$
|
20.4
|
|
|
(2
|
)%
|
|
$
|
20.6
|
|
|
$
|
19.9
|
|
|
$
|
20.4
|
|
|
4
|
%
|
|
1
|
%
|
Demand deposits - interest bearing
|
19.9
|
|
|
19.3
|
|
|
3
|
|
|
20.1
|
|
|
19.8
|
|
|
19.9
|
|
|
2
|
|
|
1
|
|
|||||
Total demand deposits
|
39.9
|
|
|
39.7
|
|
|
1
|
|
|
40.8
|
|
|
39.7
|
|
|
40.2
|
|
|
3
|
|
|
1
|
|
|||||
Money market deposits
|
23.8
|
|
|
21.4
|
|
|
11
|
|
|
24.6
|
|
|
24.3
|
|
|
22.6
|
|
|
1
|
|
|
9
|
|
|||||
Savings and other domestic deposits
|
9.9
|
|
|
11.1
|
|
|
(11
|
)
|
|
9.6
|
|
|
9.7
|
|
|
10.5
|
|
|
(1
|
)
|
|
(9
|
)
|
|||||
Core certificates of deposit
|
5.6
|
|
|
4.2
|
|
|
33
|
|
|
4.8
|
|
|
5.7
|
|
|
5.7
|
|
|
(15
|
)
|
|
(16
|
)
|
|||||
Total core deposits
|
79.2
|
|
|
76.4
|
|
|
4
|
|
|
79.7
|
|
|
79.3
|
|
|
79.1
|
|
|
0
|
|
|
1
|
|
|||||
Other domestic deposits of $250,000 or more
|
0.3
|
|
|
0.3
|
|
|
14
|
|
|
0.3
|
|
|
0.3
|
|
|
0.3
|
|
|
(1
|
)
|
|
(10
|
)
|
|||||
Brokered deposits and negotiable CDs
|
2.8
|
|
|
3.5
|
|
|
(20
|
)
|
|
2.6
|
|
|
2.6
|
|
|
3.5
|
|
|
0
|
|
|
(26
|
)
|
|||||
Total deposits
|
$
|
82.3
|
|
|
$
|
80.2
|
|
|
3
|
%
|
|
$
|
82.6
|
|
|
$
|
82.2
|
|
|
$
|
82.9
|
|
|
0
|
%
|
|
0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Short-term borrowings
|
$
|
2.4
|
|
|
$
|
2.7
|
|
|
(11
|
)%
|
|
$
|
2.0
|
|
|
$
|
2.3
|
|
|
$
|
1.0
|
|
|
(16
|
)%
|
|
95
|
%
|
Long-term debt
|
9.3
|
|
|
9.0
|
|
|
4
|
|
|
9.9
|
|
|
9.5
|
|
|
8.9
|
|
|
4
|
|
|
11
|
|
|||||
Total debt
|
$
|
11.7
|
|
|
$
|
11.7
|
|
|
0
|
%
|
|
$
|
11.9
|
|
|
$
|
11.8
|
|
|
$
|
9.9
|
|
|
1
|
%
|
|
20
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-bearing liabilities
|
$
|
74.0
|
|
|
$
|
71.5
|
|
|
4
|
%
|
|
$
|
73.8
|
|
|
$
|
74.2
|
|
|
$
|
72.4
|
|
|
(1
|
)%
|
|
2
|
%
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Service charges on deposit accounts
|
$
|
372
|
|
|
$
|
364
|
|
|
2
|
%
|
|
$
|
95
|
|
|
$
|
98
|
|
|
$
|
94
|
|
|
(3
|
)%
|
|
1
|
%
|
Card and payment processing income
|
246
|
|
|
224
|
|
|
10
|
|
|
64
|
|
|
64
|
|
|
58
|
|
|
0
|
|
|
10
|
|
|||||
Trust and investment management services
|
178
|
|
|
171
|
|
|
4
|
|
|
47
|
|
|
44
|
|
|
42
|
|
|
7
|
|
|
12
|
|
|||||
Mortgage banking income
|
167
|
|
|
108
|
|
|
55
|
|
|
58
|
|
|
54
|
|
|
23
|
|
|
7
|
|
|
152
|
|
|||||
Capital markets fees
|
123
|
|
|
108
|
|
|
14
|
|
|
31
|
|
|
36
|
|
|
34
|
|
|
(14
|
)
|
|
(9
|
)
|
|||||
Insurance income
|
88
|
|
|
82
|
|
|
7
|
|
|
24
|
|
|
20
|
|
|
21
|
|
|
20
|
|
|
14
|
|
|||||
Bank owned life insurance income
|
66
|
|
|
67
|
|
|
(1
|
)
|
|
17
|
|
|
18
|
|
|
16
|
|
|
(6
|
)
|
|
6
|
|
|||||
Gain on sale of loans and leases
|
55
|
|
|
55
|
|
|
0
|
|
|
16
|
|
|
13
|
|
|
16
|
|
|
23
|
|
|
0
|
|
|||||
Net (losses) gains on sales of securities
|
(24
|
)
|
|
(21
|
)
|
|
(14
|
)
|
|
(22
|
)
|
|
0
|
|
|
(19
|
)
|
|
(100
|
)
|
|
(16
|
)
|
|||||
Other noninterest income
|
183
|
|
|
163
|
|
|
12
|
|
|
42
|
|
|
42
|
|
|
44
|
|
|
0
|
|
|
(5
|
)
|
|||||
Total noninterest income
|
$
|
1,454
|
|
|
$
|
1,321
|
|
|
10
|
%
|
|
$
|
372
|
|
|
$
|
389
|
|
|
$
|
329
|
|
|
(4
|
)%
|
|
13
|
%
|
|
2019
|
|
2018
|
|
|
|
2019
|
|
2018
|
|
|
|||||||||||||||||
|
Full
|
|
Full
|
|
YOY
|
|
Fourth
|
|
Third
|
|
Fourth
|
|
Change (%)
|
|||||||||||||||
($ in millions)
|
Year
|
|
Year
|
|
Change
|
|
Quarter
|
|
Quarter
|
|
Quarter
|
|
LQ
|
|
YOY
|
|||||||||||||
Personnel costs
|
$
|
1,654
|
|
|
$
|
1,559
|
|
|
6
|
%
|
|
$
|
426
|
|
|
$
|
406
|
|
|
$
|
399
|
|
|
5
|
%
|
|
7
|
%
|
Outside data processing and other services
|
346
|
|
|
294
|
|
|
18
|
|
|
89
|
|
|
87
|
|
|
83
|
|
|
2
|
|
|
7
|
|
|||||
Equipment
|
163
|
|
|
164
|
|
|
(1
|
)
|
|
42
|
|
|
41
|
|
|
48
|
|
|
2
|
|
|
(13
|
)
|
|||||
Net occupancy
|
159
|
|
|
184
|
|
|
(14
|
)
|
|
41
|
|
|
38
|
|
|
70
|
|
|
8
|
|
|
(41
|
)
|
|||||
Professional services
|
54
|
|
|
60
|
|
|
(10
|
)
|
|
14
|
|
|
16
|
|
|
17
|
|
|
(13
|
)
|
|
(18
|
)
|
|||||
Amortization of intangibles
|
49
|
|
|
53
|
|
|
(8
|
)
|
|
12
|
|
|
12
|
|
|
13
|
|
|
0
|
|
|
(8
|
)
|
|||||
Marketing
|
37
|
|
|
53
|
|
|
(30
|
)
|
|
9
|
|
|
10
|
|
|
15
|
|
|
(10
|
)
|
|
(40
|
)
|
|||||
Deposit and other insurance expense
|
34
|
|
|
63
|
|
|
(46
|
)
|
|
10
|
|
|
8
|
|
|
9
|
|
|
25
|
|
|
11
|
|
|||||
Other noninterest expense
|
225
|
|
|
217
|
|
|
4
|
|
|
58
|
|
|
49
|
|
|
57
|
|
|
18
|
|
|
2
|
|
|||||
Total noninterest expense
|
$
|
2,721
|
|
|
$
|
2,647
|
|
|
3
|
%
|
|
$
|
701
|
|
|
$
|
667
|
|
|
$
|
711
|
|
|
5
|
%
|
|
(1
|
)%
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Number of employees (Average full-time equivalent)
|
15.7
|
|
|
15.7
|
|
|
0
|
%
|
|
15.5
|
|
|
15.7
|
|
|
15.7
|
|
|
(1
|
)%
|
|
(1
|
)%
|
|
2019
|
|
2018
|
||||||||||||||||
($ in millions)
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Total nonaccrual loans and leases
|
$
|
468
|
|
|
$
|
438
|
|
|
$
|
425
|
|
|
$
|
417
|
|
|
$
|
340
|
|
Total other real estate
|
11
|
|
|
12
|
|
|
14
|
|
|
18
|
|
|
23
|
|
|||||
Other NPAs (1)
|
19
|
|
|
32
|
|
|
21
|
|
|
26
|
|
|
24
|
|
|||||
Total nonperforming assets
|
498
|
|
|
482
|
|
|
460
|
|
|
461
|
|
|
387
|
|
|||||
Accruing loans and leases past due 90+ days
|
171
|
|
|
163
|
|
|
152
|
|
|
147
|
|
|
170
|
|
|||||
NPAs + accruing loans and lease past due 90+ days
|
$
|
669
|
|
|
$
|
645
|
|
|
$
|
612
|
|
|
$
|
608
|
|
|
$
|
557
|
|
NAL ratio (2)
|
0.62
|
%
|
|
0.58
|
%
|
|
0.57
|
%
|
|
0.56
|
%
|
|
0.45
|
%
|
|||||
NPA ratio (3)
|
0.66
|
|
|
0.64
|
|
|
0.61
|
|
|
0.61
|
|
|
0.52
|
|
|||||
(NPAs+90 days)/(Loans+OREO)
|
0.89
|
|
|
0.86
|
|
|
0.82
|
|
|
0.81
|
|
|
0.74
|
|
|||||
Provision for credit losses
|
$
|
79
|
|
|
$
|
82
|
|
|
$
|
59
|
|
|
$
|
67
|
|
|
$
|
60
|
|
Net charge-offs
|
73
|
|
|
73
|
|
|
48
|
|
|
71
|
|
|
50
|
|
|||||
Net charge-offs / Average total loans
|
0.39
|
%
|
|
0.39
|
%
|
|
0.25
|
%
|
|
0.38
|
%
|
|
0.27
|
%
|
|||||
Allowance for loans and lease losses (ALLL)
|
$
|
783
|
|
|
$
|
783
|
|
|
$
|
774
|
|
|
$
|
764
|
|
|
$
|
772
|
|
Allowance for unfunded loan commitments and letters of credit
|
104
|
|
|
101
|
|
|
101
|
|
|
100
|
|
|
96
|
|
|||||
Allowance for credit losses (ACL)
|
$
|
887
|
|
|
$
|
884
|
|
|
$
|
875
|
|
|
$
|
864
|
|
|
$
|
868
|
|
ALLL as % of:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total loans and leases
|
1.04
|
%
|
|
1.05
|
%
|
|
1.03
|
%
|
|
1.02
|
%
|
|
1.03
|
%
|
|||||
NALs
|
167
|
|
|
179
|
|
|
182
|
|
|
183
|
|
|
228
|
|
|||||
NPAs
|
157
|
|
|
163
|
|
|
168
|
|
|
166
|
|
|
200
|
|
(1)
|
Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
|
(2)
|
Total NALs as a % of total loans and leases.
|
(3)
|
Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
|
|
|
2019
|
|
2018
|
||||||||||||||||
($ in billions)
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
||||||||||
Tangible common equity / tangible assets ratio
|
|
7.88
|
%
|
|
8.00
|
%
|
|
7.80
|
%
|
|
7.57
|
%
|
|
7.21
|
%
|
|||||
Regulatory Common Equity Tier 1 risk-based capital ratio (1)
|
|
9.88
|
%
|
|
10.02
|
%
|
|
9.88
|
%
|
|
9.84
|
%
|
|
9.65
|
%
|
|||||
Regulatory Tier 1 risk-based capital ratio (1)
|
|
11.26
|
%
|
|
11.41
|
%
|
|
11.28
|
%
|
|
11.25
|
%
|
|
11.06
|
%
|
|||||
Regulatory Total risk-based capital ratio (1)
|
|
13.04
|
%
|
|
13.29
|
%
|
|
13.13
|
%
|
|
13.11
|
%
|
|
12.98
|
%
|
|||||
Total risk-weighted assets (1)
|
|
$
|
87.5
|
|
|
$
|
86.7
|
|
|
$
|
86.3
|
|
|
$
|
86.0
|
|
|
$
|
85.7
|
|
(1)
|
December 31, 2019 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
•
|
Tangible common equity to tangible assets, and
|
•
|
Tangible common equity to risk-weighted assets using Basel III definition.
|
|
Three Months Ended
|
|
|
|
|
|
||||||||||||
(dollar amounts in millions, except per share data, share count in thousands)
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
|
Percent Changes vs.
|
||||||||||
2019
|
|
2019
|
|
2018
|
|
|
3Q19
|
|
4Q18
|
|||||||||
Net interest income (2)
|
$
|
786
|
|
|
$
|
805
|
|
|
$
|
841
|
|
|
|
(2
|
)%
|
|
(7
|
)%
|
FTE adjustment
|
(6
|
)
|
|
(6
|
)
|
|
(8
|
)
|
|
|
—
|
|
|
25
|
|
|||
Net interest income
|
780
|
|
|
799
|
|
|
833
|
|
|
|
(2
|
)
|
|
(6
|
)
|
|||
Provision for credit losses
|
79
|
|
|
82
|
|
|
60
|
|
|
|
(4
|
)
|
|
32
|
|
|||
Noninterest income
|
372
|
|
|
389
|
|
|
329
|
|
|
|
(4
|
)
|
|
13
|
|
|||
Noninterest expense
|
701
|
|
|
667
|
|
|
711
|
|
|
|
5
|
|
|
(1
|
)
|
|||
Income before income taxes
|
372
|
|
|
439
|
|
|
391
|
|
|
|
(15
|
)
|
|
(5
|
)
|
|||
Provision for income taxes
|
55
|
|
|
67
|
|
|
57
|
|
|
|
(18
|
)
|
|
(4
|
)
|
|||
Net income
|
317
|
|
|
372
|
|
|
334
|
|
|
|
(15
|
)
|
|
(5
|
)
|
|||
Dividends on preferred shares
|
19
|
|
|
18
|
|
|
19
|
|
|
|
6
|
|
|
—
|
|
|||
Net income applicable to common shares
|
$
|
298
|
|
|
$
|
354
|
|
|
$
|
315
|
|
|
|
(16
|
)%
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Net income per common share - diluted
|
$
|
0.28
|
|
|
$
|
0.34
|
|
|
$
|
0.29
|
|
|
|
(18
|
)%
|
|
(3
|
)%
|
Cash dividends declared per common share
|
0.15
|
|
|
0.15
|
|
|
0.14
|
|
|
|
—
|
|
|
7
|
|
|||
Tangible book value per common share at end of period
|
8.25
|
|
|
8.25
|
|
|
7.34
|
|
|
|
—
|
|
|
12
|
|
|||
Number of common shares repurchased
|
13,104
|
|
|
5,213
|
|
|
14,967
|
|
|
|
151
|
|
|
(12
|
)
|
|||
Average common shares - basic
|
1,028,621
|
|
|
1,034,940
|
|
|
1,054,460
|
|
|
|
(1
|
)
|
|
(2
|
)
|
|||
Average common shares - diluted
|
1,047,123
|
|
|
1,051,273
|
|
|
1,073,055
|
|
|
|
—
|
|
|
(2
|
)
|
|||
Ending common shares outstanding
|
1,020,003
|
|
|
1,032,755
|
|
|
1,046,767
|
|
|
|
(1
|
)
|
|
(3
|
)
|
|||
Return on average assets
|
1.15
|
%
|
|
1.37
|
%
|
|
1.25
|
%
|
|
|
|
|
|
|
|
|||
Return on average common shareholders’ equity
|
11.1
|
|
|
13.4
|
|
|
12.9
|
|
|
|
|
|
|
|
|
|||
Return on average tangible common shareholders’ equity (1)
|
14.3
|
|
|
17.3
|
|
|
17.3
|
|
|
|
|
|
|
|
|
|||
Net interest margin (2)
|
3.12
|
|
|
3.20
|
|
|
3.41
|
|
|
|
|
|
|
|
|
|||
Efficiency ratio (3)
|
58.4
|
|
|
54.7
|
|
|
58.7
|
|
|
|
|
|
|
|
|
|||
Effective tax rate
|
14.8
|
|
|
15.4
|
|
|
14.6
|
|
|
|
|
|
|
|
|
|||
Average total assets
|
$
|
108,713
|
|
|
$
|
108,166
|
|
|
$
|
105,877
|
|
|
|
1
|
|
|
3
|
|
Average earning assets
|
100,062
|
|
|
99,692
|
|
|
97,752
|
|
|
|
—
|
|
|
2
|
|
|||
Average loans and leases
|
75,103
|
|
|
75,096
|
|
|
73,822
|
|
|
|
—
|
|
|
2
|
|
|||
Average loans and leases - linked quarter annualized growth rate
|
—
|
%
|
|
0.9
|
%
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|||
Average total deposits
|
$
|
82,592
|
|
|
$
|
82,249
|
|
|
$
|
82,931
|
|
|
|
—
|
|
|
—
|
|
Average core deposits (4)
|
79,690
|
|
|
79,335
|
|
|
79,078
|
|
|
|
—
|
|
|
1
|
|
|||
Average core deposits - linked quarter annualized growth rate
|
1.8
|
%
|
|
3.1
|
%
|
|
7.2
|
%
|
|
|
|
|
|
|
|
|||
Average shareholders’ equity
|
11,884
|
|
|
11,714
|
|
|
10,889
|
|
|
|
1
|
|
|
9
|
|
|||
Average common total shareholders' equity
|
10,681
|
|
|
10,510
|
|
|
9,686
|
|
|
|
2
|
|
|
10
|
|
|||
Average tangible common shareholders' equity
|
8,503
|
|
|
8,323
|
|
|
7,460
|
|
|
|
2
|
|
|
14
|
|
|||
Total assets at end of period
|
109,002
|
|
|
108,735
|
|
|
108,781
|
|
|
|
—
|
|
|
—
|
|
|||
Total shareholders’ equity at end of period
|
11,795
|
|
|
11,909
|
|
|
11,102
|
|
|
|
(1
|
)
|
|
6
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||||
NCOs as a % of average loans and leases
|
0.39
|
%
|
|
0.39
|
%
|
|
0.27
|
%
|
|
|
|
|
|
|||||
NAL ratio
|
0.62
|
|
|
0.58
|
|
|
0.45
|
|
|
|
|
|
|
|||||
NPA ratio (5)
|
0.66
|
|
|
0.64
|
|
|
0.52
|
|
|
|
|
|
|
|
|
|||
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
|
1.04
|
|
|
1.05
|
|
|
1.03
|
|
|
|
|
|
|
|||||
Common equity tier 1 risk-based capital ratio (6)
|
9.88
|
|
|
10.02
|
|
|
9.65
|
|
|
|
|
|
|
|||||
Tangible common equity / tangible asset ratio (7)
|
7.88
|
|
|
8.00
|
|
|
7.21
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Change
|
|||||||||||
(dollar amounts in millions, except per share data, share count in thousands)
|
2019
|
|
2018
|
|
Amount
|
|
Percent
|
|||||||
Net interest income (2)
|
$
|
3,239
|
|
|
$
|
3,219
|
|
|
$
|
20
|
|
|
1
|
%
|
FTE adjustment
|
(26
|
)
|
|
(30
|
)
|
|
4
|
|
|
13
|
|
|||
Net interest income
|
3,213
|
|
|
3,189
|
|
|
24
|
|
|
1
|
|
|||
Provision for credit losses
|
287
|
|
|
235
|
|
|
52
|
|
|
22
|
|
|||
Noninterest income
|
1,454
|
|
|
1,321
|
|
|
133
|
|
|
10
|
|
|||
Noninterest expense
|
2,721
|
|
|
2,647
|
|
|
74
|
|
|
3
|
|
|||
Income before income taxes
|
1,659
|
|
|
1,628
|
|
|
31
|
|
|
2
|
|
|||
Provision for income taxes
|
248
|
|
|
235
|
|
|
13
|
|
|
6
|
|
|||
Net Income
|
1,411
|
|
|
1,393
|
|
|
18
|
|
|
1
|
|
|||
Dividends on preferred shares
|
74
|
|
|
70
|
|
|
4
|
|
|
6
|
|
|||
Net income applicable to common shares
|
$
|
1,337
|
|
|
$
|
1,323
|
|
|
$
|
14
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Net income per common share - diluted
|
$
|
1.27
|
|
|
$
|
1.20
|
|
|
$
|
0.07
|
|
|
6
|
%
|
Cash dividends declared per common share
|
0.58
|
|
|
0.50
|
|
|
0.08
|
|
|
16
|
|
|||
|
|
|
|
|
|
|
|
|
||||||
Average common shares - basic
|
1,038,840
|
|
|
1,081,542
|
|
|
(42,702
|
)
|
|
(4
|
)
|
|||
Average common shares - diluted
|
1,056,079
|
|
|
1,105,985
|
|
|
(49,906
|
)
|
|
(5
|
)
|
|||
|
|
|
|
|
|
|
|