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

(RTTNews) - 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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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