Huntington Bancshares Slips To Loss In Q2; To Buy Back $800 Mln Of Shares

Huntington Bancshares Inc. (HBAN) reported that its second-quarter net loss was $15 million, compared to a net income of $150 million from the year-ago quarter, impacted by TCF acquisition-related expenses. Loss per share for the second quarter were $0.05, compared to net income of $0.13 per share in the prior year.

The latest-quarter results were negatively impacted by $269 million pretax of TCF acquisition-related expenses and $294 million pretax of CECL initial provision expense related to the acquisition.

Excluding approximately $0.40 per common share after tax of Notable Items, adjusted earnings per share were $0.35.

Total revenue, fully-taxable equivalent, were $1.29 billion up from $1.19 billion in the prior year.

The Board of Directors approved an $800 million share repurchase authorization for the next four quarters.

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