<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
--------------------
DATE OF REPORT: JULY 10, 1996
--------------------
HUNTINGTON BANCSHARES INCORPORATED
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
--------------------
MARYLAND 0-2525 31-0724920
- ---------------- --------------------- ----------------------
(STATE OR OTHER (COMMISSION FILE NO.) (IRS EMPLOYER
JURISDICTION OF IDENTIFICATION NUMBER)
INCORPORATION OR
ORGANIZATION)
--------------------
Huntington Center
41 South High Street
Columbus, Ohio 43287
(614) 480-8300
(ADDRESS, INCLUDING ZIP CODE, AND TELEPHONE NUMBER
INCLUDING AREA CODE OF REGISTRANT'S
PRINCIPAL EXECUTIVE OFFICES)
--------------------
<PAGE> 2
ITEM 5. OTHER EVENTS.
On July 10, 1996, Huntington Bancshares Incorporated issued a news
release announcing its earnings for the second quarter ended June 30, 1996. The
information contained in the news release, which is attached as an exhibit to
this report, is incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
Exhibit 99 -- News release of Huntington Bancshares Incorporated,
dated July 10, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HUNTINGTON BANCSHARES INCORPORATED
Date: July 12, 1996 By: /s/ JOHN D. VAN FLEET
------------------------------------
John D. Van Fleet
Senior Vice President and
Corporate Controller
<PAGE> 1
EXHIBIT 99
NEW RELEASE [LOGO]
FOR IMMEDIATE RELEASE FOR FURTHER INFORMATION, CONTACT:
SUBMITTED: JULY 10, 1996 JACQUELINE THURSTON (614) 480-3878
HUNTINGTON BANCSHARES REPORTS EARNINGS
FOR SECOND QUARTER AND FIRST SIX MONTHS OF 1996
COLUMBUS, Ohio -- Huntington Bancshares Incorporated (NASDAQ: HBAN;
http://www.huntington.com) today reported net income of $65.1 million for the
second quarter of 1996, compared with $58.2 million for the same period one
year ago. Adjusted for the ten percent stock dividend that will be distributed
to shareholders on July 31, 1996, the earnings per share were $.45 in the
second quarter and $.87 for the first half of the year, representing increases
of 18.4% and 19.2%, respectively, over the same periods last year.
Huntington's return on average assets (ROA) of 1.32% and return on
average equity (ROE) of 17.56% were also stronger than what was reported in the
second quarter of 1995. For the first half of 1996, net income was $127.9
million, versus $113.0 million in the first six months of 1995; ROA and ROE
were 1.29% and 16.77%, respectively, up from 1.24% and 15.08% in the first six
months of last year.
"We are pleased to report improved earnings in the second quarter,"
stated Frank Wobst, chairman and chief executive officer of Huntington
Bancshares Incorporated. "The broad-based growth in fee income is quite
satisfying as is the improvement in the net interest margin. The year to year
average loan growth is also substantial, up 6.9% for commercial loans and 11.6%
for consumer loans."
Net interest income in the three and six months ended June 30, 1996 was
$189.3 million and $374.0 million, respectively, approximately 5.0% higher than
the corresponding periods in 1995.
<PAGE> 2
The net interest margin was 4.15% in the second quarter of 1996, down modestly
from the second three months a year ago, but 12 basis points higher than the
immediately preceding quarter.
Non-interest income, excluding securities transactions, was $67.0
million and $128.0 million in the most recent three and six month periods,
28.4% and 16.4% higher than the same periods last year. Growth occurred in all
major categories.
Non-interest expense was up 3.1% in the second quarter and 1.1% in the
first half of the year from the corresponding periods last year. The growth in
expenses was due, in part, to the acquisition of two Florida banks one in late
1995 and the other in January 1996, which added $3.3 million and $6.4 million,
respectively, to the second quarter and year-to-date totals. Excluding these
amounts, non-interest expense would have been flat with the same periods in
1995.
Asset quality remains strong. At June 30, 1996, Huntington's allowance
for loan losses (ALL) represented 1.44% of total loans and 345% of
non-performing loans. The combined ALL and allowance for other real estate was
238% of all non-performing assets. Net charge-offs, as a percent of average
loans, were .38% in the second three months of 1996 compared with .34% in the
immediately preceding quarter and 23 basis points in the second quarter a year
ago.
Huntington's average equity to average assets was 7.51% in the second
quarter of 1996 and 7.70% for the first six months of the year. Huntington
continues to maintain a strong equity position exceeding requirements for "well
capitalized" institutions.
Huntington Bancshares in a regional bank holding company headquartered
in Columbus, Ohio with assets in excess of $20 billion. The company's banking
subsidiaries operate 335 offices in Ohio, Florida, Indiana, Kentucky, Michigan
and West Virginia. Huntington's mortgage, trust, investment banking, and
automobile finance subsidiaries manage 75 offices in the six states mentioned
as well as Georgia, Illinois, Maryland, New Jersey, North Carolina,
Pennsylvania, Texas and Virginia.
###
<PAGE> 3
HUNTINGTON BANCSHARES INCORPORATED
COMPARATIVE SUMMARY (CONSOLIDATED)
(in thousands of dollars, except per share amounts)
<TABLE>
<CAPTION>
CONSOLIDATED RESULTS THREE MONTHS ENDED SIX MONTHS ENDED
OF OPERATIONS JUNE 30, CHANGE JUNE 30, CHANGE
- ------------------------------- ---------------------------------- ----------------------------------
1996 1995 % 1996 1995 %
-------- -------- ------ -------- -------- ------
<S> <C> <C> <C> <C> <C> <C>
Interest Income $375,079 $360,203 4.1 % $749,375 $702,600 6.7 %
Interest Expense 185,786 180,313 3.0 375,364 346,501 8.3
-------- -------- -------- --------
Net Interest Income 189,293 179,890 5.2 374,011 356,099 5.0
Provision for Loan Losses 11,843 4,787 147.4 23,666 9,395 151.9
Non-Interest Income 67,176 58,524 14.8 135,338 116,411 16.3
Non-Interest Expense 145,466 141,052 3.1 288,962 285,693 1.1
Provision for Income Taxes 34,072 34,414 (1.0) 68,808 64,399 6.8
-------- -------- -------- --------
NET INCOME $65,088 $58,161 11.9 % $127,913 $113,023 13.2 %
======== ======== ======== ========
PER COMMON SHARE AMOUNTS (1)
- -----------------------------
Net Income
Pre-stock dividend $0.49 $0.42 $0.95 $0.81
Post-stock dividend $0.45 $0.38 18.4 % $0.87 $0.73 19.2 %
Cash Dividends Declared
Pre-stock dividend $0.20 $0.19 $0.40 $0.38
Post-stock dividend $0.18 $0.17 5.9 % $0.36 $0.34 5.9 %
Shareholders' Equity
(period end)
Pre-stock dividend $11.11 $11.27 $11.11 $11.27
Post-stock dividend $10.10 $10.25 (1.5)% $10.10 $10.25 (1.5)%
Average Shares
Outstanding (000's)
Pre-stock dividend 132,914 139,997 133,984 140,094
Post-stock dividend 146,205 153,996 (5.1)% 147,382 154,103 (4.4)%
KEY RATIOS
- ----------
Return On:
Average Total Assets 1.32 % 1.25 % 1.29 % 1.24 %
Average Shareholders' Equity 17.56 % 15.08 % 16.77 % 15.08 %
Efficiency Ratio 56.86 % 59.97 % 57.53 % 60.94 %
Net Interest Margin 4.15 % 4.21 % 4.09 % 4.24 %
Average Equity/Average Assets 7.51 % 8.28 % 7.70 % 8.22 %
Tier I Risk-Based Capital Ratio
(period end) 8.05 % 9.30 % 8.05 % 9.30 %
Total Risk-Based Capital Ratio
(period end) 11.59 % 13.11 % 11.59 % 13.11 %
Tier I Leverage Ratio
(period end) 6.81 % 7.72 % 6.81 % 7.72 %
CONSOLIDATED STATEMENT
OF CONDITION DATA AT JUNE 30, CHANGE
- ------------------------------- ------------------------------------------------------
1996 1995 %
------------ ------------ -----
Total Loans $ 13,688,675 $ 13,137,593 4.2 %
Total Deposits $ 13,112,831 $ 12,518,517 4.7
Total Assets $ 20,321,166 $ 19,370,768 4.9
Shareholders' Equity $ 1,475,296 $ 1,572,043 (6.2)
ASSET QUALITY
- -------------
Non-performing loans $ 57,028 $ 54,978
Total non-performing assets $ 78,748 $ 79,007
Allowance for loan losses/total loans 1.44 % 1.51 %
Allowance for loan losses/non-performing loans 344.54 % 360.62 %
Allowance for loan losses and other real
estate/non-performing assets 238.03 % 234.30 %
</TABLE>
(1) Post-stock dividend amounts have been adjusted for the ten percent stock
dividend payable in July 1996.
