Slide 3 provides the highlights for the 2020 second quarter. Slide 15 provides a update to the industries hardest hit by COVID-19 to date. Klock said he didn’t foresee any challenges to hitting that target. The industry average was 3.8 connections per charging location. As we assess the outlook for the economy, we are guardedly optimistic for a gradual economic recovery. And if you could maybe project, is it -- are you done in Q3 or are you done in Q4, when does the noise start to go away from this portfolio? Table 6 – Noninterest Expense – Continued Focus on Disciplined Expense Management While Investing in Technology and Other Strategic Business Initiatives, Outside data processing and other services. See more from BenzingaClick here for options trades from BenzingaPalihapitiya Announces New PIPE Climate Investment: Who Could It Be?© 2021 Benzinga.com. And the indirect, do you want to comment on, Rich? The tangible common equity to tangible assets ratio was 7.28% at June 30, 2020, down 52 basis points from a year ago due to year-over-year balance sheet growth. We're pleased with our second quarter results, which reflect solid execution across the bank despite an incredibly dynamic and challenging operating environment. Some of your peers experienced some charge-offs in the leverage lending portfolio. Recent Documents. Our credit performance on the whole was strong. Neither did Steinour. Our average cost of interest bearing deposits was 25 basis points in the month of June and we see some continued opportunity for modest further reduction. Benzinga does not provide investment advice. While investors are obsessed with Tesla's surge, legendary investor Whitney Tilson says an even bigger EV story will provide the highest gains. The decrease in average interest-bearing liability costs primarily reflected lower interest-bearing deposit costs (down 69 basis points) and lower long-term debt costs (down 133 basis points), both due to the impact of lower interest rates. Focusing on the expense outlook for the third quarter. The Columbus, Ohio-based bank said it had earnings of 27 cents per share. As Steve alluded to earlier, we have confidence in our businesses and are pleased with our second quarter results given the headwinds in the quarter. The commercial deferrals are now graduating to amendments and waivers and outside of the hospitality and other travel-related businesses, we do not see a widespread need for additional payment relief. Thus, this program provides the opportunity to fund these initiatives while generally maintaining a strong expense efficiency level in 2020. Specifically within core deposits, average total demand deposits increased $10.1 billion, or 26%, average money market deposits increased $2.4 billion, or 10%, and average savings and other domestic deposits increased $0.5 billion, or 5%. We are taking action to manage expenses this year and position ourselves to make further investments in technology and other strategic initiatives, which will drive future performance. The systems conversion could follow as early as Labor Day, Steinour said. 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? Revenue (TTM) 4.733B. EVgo has the largest public DCFC (direct current fast charging) network. To this end, management has adopted a practice of listing "Significant Items" in our external disclosure documents (e.g., earnings press releases, quarterly performance discussions, investor presentations, and Forms 10-Q and 10-K). I mean to the extent that there is further deterioration or improvement either way in the portfolio that gets reflected in the modeled outputs for what would go into Q3. Our hotel exposure is centered on five primary sponsors, most of them are long-term relationships including through the last downturn. Senator Jeff Merkley of Oregon is one member of Congress who has co-sponsored legislation to ban the adding of individual stocks by members of Congress. The auto floorplan business is actually bouncing back in very good shape. "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. Yeah, this is Zach. The Board and our colleagues are collectively among the 10 largest shareholders of Huntington and all of us are appropriately focused on driving sustained long-term performance. Is it just to get down to $500 million or $600 million, what you call your core portfolio? EvGo has 818 DCFC sites and 1,412 charging units. I think the outlook for Q4 is harder to ascertain at this point, just based on the timing of pipeline and things of that nature. Piper Sandler analyst R. Siefers now anticipates that the bank will post earnings per share of $0.30 for the quarter, up from […] Average automobile loans increased $0.5 billion, or 4%, driven by strong production over the past year. Tangible common equity (TCE) ratio of 7.28%, down from 7.80%. Yeah. Table 3 – Average Earning Assets – Commercial & Industrial Loans and Elevated Deposits at the Federal Reserve Bank Drive Year-Over-Year Earning Asset Growth. Mark Muth -- Director, Investor Relations. So it's a tiny drag on a quarter-to-quarter basis of 1 basis point down, but pretty neutral in that respect into the third quarter. Other noninterest income decreased $8 million, or 14%, primarily as a result of several notable items impacting each quarter. For example, at the end of the second quarter, the bank had an average loan balance of $80.2 billion. Average core deposits increased 13% year-over-year and 12% versus the first quarter, primarily driven by commercial loan growth related to the PPP loans and commercial line draws, consumer growth related to government stimulus and reduced account attrition. Thanks for the question. Yeah, it's a -- we're assuming that some of them come back in the third quarter. You can see the deferral piece of that was fairly modest to start with about 8%. So I think the trends you noted are in fact happening. EVgo also prides itself in a 98% uptime rating. EVgo is the leader in DCFC trailing only Tesla by the number of locations with fast charging stations. The average estimate of … Huntington Bancshares Incorporated (NASDAQ:HBAN) declared a quarterly dividend on Friday, January 22nd, RTT News reports. Asset quality metrics are expected to continue to be impacted by the challenged economic outlook. Here’s what’s coming. All in all, the Moderate Buy analyst consensus rating on DCP is based on 7 recent reviews, breaking down 4 to 3 Buy versus Hold. Please proceed with your question. Some of Perdue’s transactions came while he was a member of several sub-committees. Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $123 billion regional bank holding company headquartered in Columbus, Ohio, whose principal subsidiary is The Huntington National Bank. Excluding the PPP loan balances, our ACL would be 2.45% as of June 30th. 2020 Second Quarter Highlights compared with 2019 Second Quarter: Fully-taxable equivalent total revenue decreased $5 million , or less than 1%. Earnings per common share for the 2020 second quarter were $0.13, down 61% from the year‐ago quarter. The recently declared 4Q20 dividend is the fourth in a row at 39 cents per common share. Perdue was the most prominent stock trader from Congress, making 2,596 trades during his time served. Fundamentals. However, the Columbus-based bank cut its full-year earnings forecast on expectations of higher loan losses. Given our strong liquidity position, we continue to actively manage down our cost of funds. 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. Huntington's senior management will host an earnings conference call on July 23, 2020, at 9:00 a.m. (Eastern Daylight Time). 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.Earnings per common share for the 2020 second quarter were $0.13, down 61% from the year-ago quarter.Tangible book value per common share as of 2020 second quarter … The consumer portfolio metrics continue to reflect our focus on high quality borrowers. Our purpose of looking out for people has guided our actions during these difficult times. Fully-taxable equivalent net interest income decreased $22 million , or 3%. 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. Does that....? I have a follow-up question on energy. Total … 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. U.S. While our longer-term planning for 2021 is still a work in process, our current expectation is that we continue to see positive signs of economic stabilization and regrowth. We are keeping an eye on that from a credit loss standpoint. Just starting first with the yield. Earnings per common share were $0.27, down $0.01, or … I just want to see like how this portfolio is performing anything at normal you're seeing on the credit fund? (Updates share move throughout, adds analyst’s comment and bond trading. Our projected cumulative loan losses in the Fed's independently-modeled, severely adverse scenario were tied for lowest in the peer group, and our projected capital ratios remained well in excess of regulatory requirements. 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