Huntington Bancshares Incorporated Reports 2019 Second Quarter Earnings Of $0.33 Per Common Share

COLUMBUS, Ohio, July 25, 2019

"We are pleased with our solid second quarter performance," said Steve Steinour, chairman, president, and CEO.  "We remain disciplined in the execution of our strategies and have taken appropriate measures to drive long-term performance.  In the quarter, we completed the sale of our Wisconsin retail branches and optimized our balance sheet through the sale of securities and the exit of certain loan and deposit relationships which did not meet our heightened return profile.  We are focused on improving long-term returns through efficient capital allocation, prudent pricing, and disciplined growth."

"During the second quarter, the downward movement in LIBOR and the flattening of the yield curve compressed the NIM.  Due to the changing interest rate outlook, market volatility, and the market's expectations for Fed interest rate cuts during the second half of this year, we took certain actions to drive results in this more challenging interest rate environment.  We accelerated the implementation of our hedging program and have now substantially executed the planned hedging transactions.  We are better positioned to manage through a lower interest rate environment going forward.  Also, consistent with our commitment to adjust expense growth as the revenue environment changes, we moderated the pace of discretionary spending and certain planned investments in order to reduce expense growth.  We remain committed to driving positive operating leverage for the seventh consecutive year in 2019."

"Huntington received the highest score in the J.D. Power 2019 U.S. Online Banking and Banking Mobile App Satisfaction Studies.  We are pleased with this independent recognition of our mobile and digital technology, which follows the launch of our digital platform "The Hub" last year.  Our investments continue to build on our customer experience advantage to grow market share and share of wallet in the markets we serve."¹

In accordance with our 2019 capital plan, last week the Board approved a 7% increase to the quarterly cash dividend on the Company's common stock.  Following the completion of the 2018 capital plan's share repurchase in the 2019 second quarter, the Board also approved the repurchase of up to $513 million of common shares over the next four quarters.  Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs.

"The underlying economic fundamentals in our footprint continue to reflect a favorable outlook for both consumers and businesses.  Our business customers remain positive yet continue to experience a tight labor market.  Our loan pipelines remain steady as competition for loans and deposits is rational.  Our credit metrics remain strong.  We do not foresee a recession in the near term; however, our core earnings power, strong capital, aggregate moderate-to-low risk appetite, and long-term strategic alignment position us to withstand economic headwinds, including changes in the interest rate outlook," Steinour said.