“[We] expect DCP to post yet another solid quarter on sequential improvements in NGL prices, NGL market volatility, and positive upstream trends… we are not capitalizing current propane prices and anticipate a solid, but more normalized pricing regime over the next 12-18 months. Our hotel exposure is centered on five primary sponsors, most of them are long-term relationships including through the last downturn. Hey Jon, this is Rich. What: Huntington Ingalls Industries’ second quarter 2018 earnings conference call. So you know, the seasonality of the oil and gas business will drive some of the charge-off decisions as you would expect the spring in all of our industry determinations are big driver of kind of a fresh look at where the loans are, relative to the collateral and that's part of what we saw in the second quarter was the spring redetermination results kind of flowing through and then we thought we're very proactive in terms of getting out of products. COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2020 second quarter of $150 million, a decrease of 59% from the year‐ago quarter. The commercial charge-offs were centered in the oil and gas portfolio, which made up approximately 75% of the total commercial net charge-offs. Net charge-offs are expected to be near 65 basis points in the 2020 third quarter, impacted by the oil & gas portfolio and broader economic considerations. Thank you. PDF Version . Our consistently strong performance demonstrates our disciplined enterprise risk management and solid core earnings power. Thank you. Going forward, over 770 connectors are being added to chargers to help Tesla customers. Average earning assets for the 2020 second quarter increased $9.9 billion, or 10%, from the year-ago quarter, primarily reflecting a $5.3 billion, or 7%, increase in average total loans and leases, a $2.9 billion, or 559%, increase in interest-bearing deposits at the Federal Reserve Bank, and a $1.3 billion, or 6%, increase in average total securities. [Operator Instructions] Mr. Jay Gould, please go ahead with your conference. The company’s results are projected to reflect a year-over-year decline in earnings and revenues. Notably, over 95% of our oil and gas NPAs were current pay with respect to principal and interest as of quarter end. And over time, the -- like we've said many times in the past, we want to manage the expense-base based on the revenue outlook. All forward-looking statements speak only as of the date they are made and are based on information available at that time. We will accelerate investments in digital technology capabilities, product differentiation and other strategic initiatives in the latter part of 2020 and into next year, potentially utilizing up to the full amount of these savings for this purpose in calendar year 2020. Fully-Taxable Equivalent Interest Income and Net Interest Margin. The estimated June 30, 2020, and March 31, 2020, capital ratios reflect Huntington's election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. You can see the deferral piece of that was fairly modest to start with about 8%. COLUMBUS, Ohio , July 23, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com ) reported net income for the 2020 second quarter of $150 million , a decrease of 59% from the year-ago quarter. We expect average total deposits to decrease approximately 1% linked quarter. Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%. Gone are the days when bruised retail investors fled after prominent hedge funds bet against a stock -- the GameStop effect is rippling across U.S. markets and spreading to Europe. Tesla shares have risen from $640.34 at the time the calls were purchased to over $890 today. Compared to the 2020 first quarter, total noninterest income increased $30 million, or 8%. Please note that columns of data in this document may not add due to rounding. Piper Sandler analyst R. Siefers now anticipates that the bank will earn $1.30 per share for the year, up from their prior estimate of $1.24. In the last reported quarter, its earnings missed the Zacks Consensus Estimate. Partially offsetting these increases, average core certificates of deposit (CDs) decreased $2.9 billion, or 49%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. “I joke, I come from the type of family where they don’t read a will at the funeral, they…. Huntington Bancshares Incorporated (NASDAQ:HBAN)Q2 2020 Earnings CallJul 23, 2020, 9:00 a.m. Average total deposits increased $11.5 billion, or 14%, while average total core deposits increased $10.2 billion, or 13%. Our restaurant exposures, primarily in the national quick service brands that have maintained drive up operations and our sandwich and pizza customers have been open for takeout service to offset the declines of in-house seating. Common Equity Tier 1 (CET1) risk-based capital ratio of 9.84%, down from 9.88% and consistent with our 9% to 10% operating guideline. So I think by the end of the year, we expect on an average basis in Q4, we still expect to see around $4.7 billion of PPP in the fourth quarter coming down to around $700 million by Q1 of next year. The decrease in average interest-bearing liability costs primarily reflects lower interest-bearing deposit costs (down 40 basis points) and lower short-term borrowings costs (down 99 basis points), both due to the impact of lower interest rates. Hi. The provision for income taxes was $31 million in the 2020 second quarter and $63 million in the 2019 second quarter. Our increased PPNR year-over-year reflects consistent execution of our strategies. The increase in average total core deposits was primarily driven by commercial growth related to the PPP loans and commercial line draws, consumer growth related to government stimulus, and reduced account attrition. Provision for credit losses increased $268 million year-over-year to $327 million . Also, as a result of the elevated deposit levels in the quarter, we saw a material increase in interest-bearing deposits being held at the Fed. Third quarter revenue is expected to increase approximately 2% from the 2020 second quarter. So your energy levels are at 30% of total exposure and is being fully reserved for the loss content. Common equity tier 1 risk-based capital ratio, Regulatory Tier 1 risk-based capital ratio, Regulatory Total risk-based capital ratio, http://www.prnewswire.com/news-releases/huntington-bancshares-incorporated-reports-2020-second-quarter-earnings-301098536.html, Stock market news live updates: Stocks fall as traders await Fed decision, Boeing slides after quarterly results, S&P 500 Drops the Most Since October; Dollar Rises: Markets Wrap, Navistar to collaborate with GM, others on hydrogen fuel-cell commercial trucks, WRAPUP 1-U.S. core capital goods orders rise in boost to business investment, Naspers Looking at Easing Dominance on Johannesburg Bourse, Gamestop, memestocks, and the revenge of the retail trader, AMD Gets Price Target Boosts From Analysts After Earnings Beat, 'Fighting 100 mini Mike Tysons': The powerful influence of Reddit trade. There is very -- the demand notwithstanding the fact that new car inventories are down, June results were very strong across our dealer book. Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2020 second quarter of $150 million, a decrease of 59% from the year-ago quarter. Share Performance: CLII shares have more than doubled since announcing the deal. Namely 3 basis points of reduced loan rate fees and 3 basis points of derivative ineffectiveness mark. Revenue (TTM) 4.733B. So not even 2%, I guess as I talked about the numbers. The allowance for credit losses (ACL) increased by $946 million from the year-ago quarter to $1.8 billion, or 2.27% of total loans and leases. Huntington received the highest score in the J.D. Offsetting this growth, auto floorplan line utilization was suppressed due to lack of new inventory from OEMs and we continue to actively manage the non-core exposure in our oil and gas portfolio down, including $170 million of loans sold or under contract to be sold in the second quarter. Average total debt decreased $2.8 billion, or 21%, as short-term borrowings were repaid as a result of the strong core deposit inflows. Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%.. Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%. The NIM compression reflected a 53 basis point decrease in average earning asset yields and an 8 basis point decrease in the benefit from noninterest-bearing funds, partially offset by a 41 basis point decrease in average interest-bearing liability costs. Thanks for the question. Specifically, record mortgage banking income of $96 million was partially offset by waivers to assist our customers, reduced customer activity and to the higher levels of consumer deposit account balances, the reduced -- the deposit service charges and cards and payment fee line items. And Zach, I know you said that forgiveness is not built into the forecast. Power providing evidence that our focused technology investments are being well received by our customers. You can see our ACL has more than doubled during this period increasing by just under $1 billion to 2.27% of loans. What Happened: It was revealed over the weekend that Speaker of the House and California Rep. Nancy Pelosi purchased 25 call options of Tesla Inc (NASDAQ: TSLA). The year-over-year increase was primarily in the commercial portfolio, particularly the oil and gas portfolio. We got here 92% paying has increased coming out of the deferrals. The $35 million recognized in 2Q when you get a full quarter of it in 3Q, what are you ball parking that to turn into? MPLX LP (MPLX) MPLX, which spun off of Marathon Petroleum eight years ago as a separate midstream entity, acquires, owns, and operates a series of midstream assets, including pipelines, terminals, refineries, and river shipping. Our underlying NIM performed quite well despite the challenging interest rate environment. We are keeping an eye on that from a credit loss standpoint. Total revenue was relatively flat versus the year ago quarter as pressure on spread revenues was nearly offset by growth in fee income. As we assess the outlook for the economy, we are guardedly optimistic for a gradual economic recovery. However, the Columbus-based bank cut its full-year earnings forecast on expectations of higher loan losses. I have a follow-up question on energy. Personnel costs increased $23 million, or 6%, primarily reflecting increased incentive compensation, particularly in mortgage, and the timing of equity compensation expense in the second quarter. markets during the second quarter. The annualized rate of $1.56 gives a respectable yield of 7.8%. Buy). 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Huntington Bancshares Incorporated (NASDAQ:HBAN) Q3 2020 Earnings Call Oct 22, 2020, 10:00 a.m. Table 3 – Average Earning Assets – Commercial & Industrial Loans and Elevated Deposits at the Federal Reserve Bank Drive Year-Over-Year Earning Asset Growth. COLUMBUS, Ohio (AP) _ Huntington Bancshares Inc. (HBAN) on Friday reported fourth-quarter profit of $316 million. Q4 will also see that downdraft as well. Michael Burry Calls GameStop Rally ‘Unnatural, Insane’, The Big Electric Vehicle Story Everyone's Missing, Microsoft (MSFT) at All-Time High After Blowout Quarter, These restaurants have filed for bankruptcy and many more are at risk. (See DCP stock analysis on TipRanks) To find good ideas for dividend stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights. A telephone replay will be available approximately two hours after the completion of the call through July 31, 2020 at (877) 660-6853 or (201) 612-7415; conference ID #13704964. Results Driven by Record Mortgage Banking Income (182% Year-Over-Year Increase). Can you sustain your performance here longer than you would in a normal year, I guess? Income Statement View Statement. I'm sorry, about 3% of the book and coming out of the deferral of payment rates are very strong. "To aid small- and medium-sized businesses across our footprint, we funded more than 37,000 loans with a total volume of more than $6 billion through the SBA's Paycheck Protection Program (PPP), and we continue to originate more PPP loans. And then, just a follow-up. The company also operates in the Antrim gas region of Michigan. Please proceed with your question. Turning to Slide 5. EVgo’s total of 1,338 ranked behind Electrify America’s 1,807 and ChargePoint’s 1,614. Shares of Huntington Bancshares (NASDAQ:HBAN) fell 0.1% in pre-market trading after the company reported Q4 results.. Quarterly Results. Another GameStop? Huntington Bancshares Incorporated To Announce 2020 Second Quarter Earnings And Hold Earnings Conference Call July 23, 2020. The notes due 2026 reached roughly 63 cents on the dollar, up from a low of 5 cents set in November, according to Trace bond trading data.The moves also come as as high-profile short-seller target GameStop Corp. continues to rise. The call is being recorded and will be available as a rebroadcast starting about one hour from the close of the call. Revenue (TTM) 4.733B. The provision for credit losses increased $268 million year-over-year to $327 million in the 2020 second quarter. We saw utilization of online account opening channels increase 13% quarter-over-quarter and 61% year-over-year. There were some downgrades within that book as you might expect but nothing significant. Year-over-year pre-tax pre-provision earnings growth was 4%. Huntington Bancshares Inc (NASDAQ: ... illustrating the underlying earnings power of the bank and the strategies we're executing. Our current projections assume the majority of the PPP balances will remain on the balance sheet through the end of the year. And then, if that person has any additional questions, he or she can add themselves back into the queue. Cumulative Growth of a $10,000 Investment in Stock Advisor, Huntington Bancshares Incorporated (HBAN) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $HBAN, Huntington Bancshares Inc (HBAN) Q4 2020 Earnings Call Transcript, Huntington Bancshares to Acquire TCF Financial and Create Top 10 U.S. Bank, 3 Top Dividend Stocks With Yields Over 5%, Huntington Bancshares Incorporated (HBAN) Q3 2020 Earnings Call Transcript, Why JPMorgan Chase, Bank of America, and Huntington Bancshares Stocks Just Crashed, Copyright, Trademark and Patent Information. As you work through the CECL methodology, this is a point in time process. The Columbus, Ohio-based bank said it had earnings of 27 cents per share. Thank you. The decrease in earning asset yields was primarily driven by the impact of lower interest rates on commercial and home equity loan yields and securities yields, pandemic-related late fee waivers, and elevated deposits at the Federal Reserve Bank. Thank you, Michelle. Huntington earnings rise 26% in second quarter Skip to main content Then lastly, I just want to ask about the cadence of the cost saves with the $75 million. The auto floorplan business is actually bouncing back in very good shape. Pelosi’s transactions could push for more regulations concerning stock purchases by members of Congress. We believe this book to be in good shape overall but we'll continue to closely monitor the heightened risk in the single location and other non-franchise names in the portfolio. 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