UNITED STATES
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 (Date of earliest event reported) February 27, 2008
HUNTINGTON BANCSHARES INCORPORATED
(Exact name of registrant as specified in its charter)
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0-2525
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31-0724920 |
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.) |
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Huntington Center
41 South High Street
Columbus, Ohio
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43287 |
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(Address of principal executive offices)
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(Zip Code) |
Registrant’s telephone number, including area code (614) 480-83000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01. Other Information.
On February 27, 2008, Huntington Bancshares Incorporated (“Huntington”) made an investor
presentation at the Keefe, Bruyette & Woods Banking Conference in Boston, MA. This presentation
was webcast.
As part of the prepared remarks, Huntington management reaffirmed its 2008 full year earnings
guidance of $1.57-$1.62 per common share, excluding merger costs of $0.01-$0.02 per common share
and an estimated after tax $0.04 per common share benefit of an expected Visa®
indemnification expense reversal. This guidance was originally disclosed in its January 17, 2008,
earnings press release.
Management noted that a number of earnings drivers had changed since the January 17, 2008,
disclosure. Nevertheless, the expected net impact of these changes would be immaterial, such that
the original guidance remained the expectation. Items that had changed included:
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More pressure on the net interest margin reflecting its asset sensitive balance sheet
and the inability to pass on all of the recent reductions in interest rates in commensurate
reductions in deposit rates. |
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Better performance in selected fee income activities. This included mortgage
origination income due to a pick up in mortgage refinancing activity as interest rates on
mortgages have declined and higher than expected growth in capital markets-related fees. |
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Modestly better expense performance, reflecting benefits of merger-related expense
synergies, as well as expense management. |
Management also confirmed its 2008 full year net charge-off expectation of 0.60%-0.65% of average
loans and leases, but noted that more of the expected increase in the allowance for loan and lease
losses would likely occur in the first half of the year.
The presentation slides and an audio rebroadcast of the entire webcast presentation, is available
on the Investor Relations section of Huntington’s website at http://huntington.com. The link to
this specific rebroadcast is:
http://www.investquest.com/iq/h/hban/confcall/.
The information contained or incorporated by reference in this Current Report on Form 8-K contains
certain forward-looking statements, including certain plans, expectations, goals, projections, and
statements, which are subject to numerous assumptions, risks, and uncertainties. Actual results
could differ materially from those contained or implied by such statements for a variety of factors
including: (1) deterioration in the loan portfolio could be worse than expected due to a number of
factors such as the underlying value of the collateral could prove less valuable than otherwise
assumed and assumed cash flows may be worse than expected; (2) merger benefits including expense
efficiencies and revenue synergies may not be fully realized and / or within expected timeframes;
(3) merger disruptions may make it more difficult to maintain relationships with clients,
associates, or suppliers; (4) changes in economic conditions; (5) movements in interest rates; (6)
competitive pressures on product pricing and services; (7) success and timing of other business
strategies; (8) the nature, extent, and timing of governmental actions and reforms; and (9)
extended disruption of vital infrastructure. Additional risk factors that could cause results to
differ materially from those described above can be found in Huntington’s 2007 Annual Report on
Form 10-K, and documents subsequently filed by Huntington with the Securities and Exchange
Commission. All forward-looking statements contained or incorporated by reference in this Current
Report on Form 8-K are based on information available at the time of the presentation on February
27, 2008. Huntington assumes no obligation to update any forward-looking statement.