Huntington Bancshares Inc - HBAN STOCK NEWS

Huntington Bancshares has announced early results of its recent debt tender offer, increasing the cap for its 2.300% Senior Notes due 2022 from $200 million to $300 million. As of November 2, 2020, around $1.1 billion of notes were tendered. The company accepted $200 million for the 3.150% Senior Notes and $299.995 million for the 2.300% Senior Notes. The early tender premium is $30 per $1,000 of notes. The tender offer is set to expire on November 16, 2020. Credit Suisse Securities is the Dealer Manager for this transaction.

Huntington Bancshares (Nasdaq: HBAN) will participate in the Bank of America Securities Future of Financials conference on November 9, 2020, at 8:50 AM ET. Key executives, including Steve Steinour and Zach Wasserman, will present virtually, discussing the company’s business performance and strategic initiatives. A live audio stream will be accessible via the investor relations section of Huntington's website, with a replay available afterward. Huntington is a regional bank holding company with approximately $120 billion in assets and operates 839 branches across seven states.

Huntington Bancshares (Nasdaq: HBAN) reported a net income of $303 million for Q3 2020, down 19% year-over-year, resulting in an earnings per share (EPS) of $0.27 (down 21%). Total revenue increased 5% to $1.252 billion, while net interest margin decreased to 2.96%. Average loans rose 7% to $80.5 billion, with core deposits up 14% to $90.7 billion. The bank allocated $177 million for credit loss provisions amid economic uncertainty. CEO Steve Steinour emphasized strong customer engagement and optimism for future growth.

Huntington Bancshares Incorporated (Nasdaq: HBAN) announced on October 20, 2020, the commencement of cash tender offers to purchase up to $200 million of its outstanding senior notes. The tender offers, outlined in an Offer to Purchase, are subject to certain conditions and will expire on November 16, 2020. Holders can receive an Early Tender Premium of $30 per $1,000 of notes if they tender by November 2, 2020. Funds for the purchase will come from available cash resources. Credit Suisse is the Dealer Manager for the tender offer.

Huntington (Nasdaq: HBAN) has been recognized as the largest originator of Small Business Administration (SBA) 7(a) loans for the third consecutive year, marking 12 years in this position. The bank processed over 38,000 Paycheck Protection Program loans in 2020, demonstrating its commitment to small businesses during challenging times. Additionally, Huntington announced a five-year, $20 billion Community Plan aimed at fostering economic opportunities and supporting businesses, including a $7.6 billion lending commitment. This strengthens Huntington's role in the community and small business sector.

Huntington Bancshares (Nasdaq: HBAN) will release its 2020 third quarter earnings on October 22, 2020, before market opening. Financial data will be available on its Investor Relations website. The management will hold an earnings conference call at 10:00 a.m. ET on the same day, accessible via a live Internet webcast and a dial-in number. Huntington, headquartered in Columbus, Ohio, holds approximately $118 billion in assets and operates 839 branches across seven Midwestern states.

Huntington has announced two new overdraft protection features: the 24-Hour Grace for Business and a No Overdraft Fee $50 Safety Zone. These initiatives aim to assist customers during the pandemic's economic challenges. The 24-Hour Grace allows customers to avoid overdraft fees if they deposit funds by the next business day. The $50 Safety Zone eliminates fees for overdrafts of $50 or less, up from a previous limit of $5. CEO Steve Steinour emphasizes that these changes reflect Huntington's commitment to customer financial well-being and follow a decade of its Fair Play Banking initiative.

Huntington Bancshares (HBAN) announced the launch of Money Scout, an innovative savings tool designed to help customers effortlessly set aside funds. By analyzing spending habits and income, Money Scout automatically transfers small amounts, ranging from $5 to $50, from checking to savings accounts. This initiative follows the bank's findings that finances are a significant stressor, compounded by the pandemic. Huntington also aims to enhance community financial stability through a $20 billion Community Plan over five years. The tool is integrated into the award-winning Huntington Mobile app and supports long-term financial health.