Huntington Bancshares Incorporated reports recurring developments as a regional bank holding company built around The Huntington National Bank and related affiliates. Company news covers consumer and commercial banking, payments, wealth management, risk management products, quarterly earnings communications, and cash dividends on common and preferred stock.
Updates also include commercial banking expansion in U.S. markets, consumer banking partnerships, and activity from Capstone Partners, Huntington's middle-market investment banking subsidiary. Capstone-related news commonly addresses M&A advisory, debt and equity placement, restructuring, special situations, valuation and fairness opinions, and sector reports on middle-market transaction activity.
Huntington Bancshares (Nasdaq: HBAN) will participate in the Bank of America Securities 2023 Financial Services Conference on February 15, 2023, at 11:20 AM ET. Executives Steve Steinour and Zach Wasserman will present to analysts and investors, discussing the bank's business outlook, financial performance, and strategic initiatives. This engagement will also include forward-looking statements. Interested parties can access a live audio webcast through the investor relations section of Huntington's website, where a replay will be available afterward. Huntington, with $183 billion in assets, operates over 1,000 branches across 11 states.
Capstone Partners announces the addition of Brent Krambeck and Brad Stewart as Senior Managing Directors to its Debt Advisory Group, enhancing its leadership and market position. Krambeck, with over 25 years of experience, specializes in middle market debt transactions, having previously worked at Monroe Credit Advisors, GE Capital, and Merrill Lynch. Stewart, with over 20 years in debt financing, was a Partner at Capital Solutions Group and has a successful track record in placing debt. The firm aims to address the growing demand for sophisticated debt advisory services in a challenging credit market as M&A activity is expected to rise in 2023.
Huntington Bancshares Incorporated (NASDAQ: HBAN) has announced an increase in its prime rate from 7.5% to 7.75%, effective February 2, 2023. This change follows a previous adjustment made on December 15, 2022, when the rate was raised to 7.5% from 7%. Huntington, a regional bank holding company headquartered in Columbus, Ohio, manages $183 billion in assets and operates over 1,000 branches across 11 states. The increase in the prime rate is significant as it reflects broader economic trends and could impact borrowing costs for consumers and businesses.
Huntington National Bank (Nasdaq: HBAN) has launched Huntington Home for Good, a new mortgage product aimed at facilitating homeownership in historically under-resourced communities. The program modifies credit criteria to enhance access, including the use of alternative credit, lower down payments, and higher debt-to-income limits. This initiative aligns with Huntington's commitment of over $40 billion to address economic inequities and promote generational wealth through homeownership. Initially available in Detroit, Illinois, and Wisconsin, the program aims to improve homeownership rates in marginalized communities.
On January 20, 2023, Huntington Bancshares Incorporated (Nasdaq: HBAN) announced a quarterly cash dividend of $0.155 per common share, consistent with the previous quarter. This dividend is payable on April 3, 2023, to shareholders recorded by March 20, 2023. Additionally, the Board declared cash dividends on five series of preferred stock, with varying amounts. The preferred dividends, including the 5.70% Series E at $1,425.00 per share, are payable on April 17, 2023, to shareholders of record on April 1, 2023. Huntington is a regional bank holding company with $183 billion in assets, headquartered in Columbus, Ohio.
Huntington Bancshares reported significant growth in its 2022 fourth-quarter financial results, showing a net income of $645 million or $0.42 per share, up $244 million year-over-year. Earnings per common share rose to $1.45 for the full year, an increase of $0.55. The bank's Pre-Provision Net Revenue (PPNR) surged $1.4 billion or 88% to $3.1 billion, mainly due to the acquisition of TCF Financial Corporation. Notably, Huntington's net interest income increased $58 million for the quarter. The Board authorized a $1 billion share repurchase program. The company remains well-capitalized with a CET1 ratio of 9.44%.
Huntington Bancshares Incorporated (Nasdaq: HBAN) will report its 2022 fourth quarter earnings on January 20, 2023, before market opening. The earnings report will be accessible on the company's Investor Relations website. Following this, a conference call is scheduled for 9:00 a.m. ET on the same day, which can be accessed online or via telephone at (877) 407-8029 with conference ID #13734972. A replay of the call will be available shortly thereafter until January 28, 2023.
Huntington Bancshares Incorporated (Nasdaq: HBAN) has increased its prime rate from 7 percent to 7.5 percent, effective December 15, 2022. This rate change follows the previous adjustment on November 3, 2022, when the rate was raised from 6.25 percent to 7 percent. Huntington, a regional bank holding company with assets of $179 billion, provides a range of banking and financial services across more than 1,000 branches in 11 states. The adjustment in the prime rate is a significant indicator of the bank's response to economic conditions.
Huntington National Bank has partnered with Magnusmode to create digital guides aimed at making banking more accessible for autistic and neurodiverse individuals. The guides, available for free through the MagnusCards app, utilize visual and audio instructions to assist users in performing standard banking tasks. Huntington's commitment to inclusivity is further emphasized through its Autism2Work program, aimed at providing employment opportunities for neurodivergent individuals. The initiative aligns with Huntington's goal to be a people-first, digitally powered bank.
Huntington Bancshares Incorporated declared a quarterly cash dividend of $356.25 per share on its 5.70% Series I Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANM). The dividend is payable on March 1, 2023, to shareholders of record on February 15, 2023. Huntington, a regional bank holding company with $179 billion in assets, operates over 1,000 branches across 11 states, providing various banking and financial services.