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

HUNTINGTON BANCSHARES INCORPORATED

(Exact name of registrant as specified in its charter)

Maryland		1-34073		31-0724920
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Huntington Center 41 South High Street Columbus, Ohio		43287
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (614) 480-8300

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:

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 2.02. Results of Operations and Financial Condition.

On January 20, 2011, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended December 31, 2010. Also on January 20, 2011, Huntington made a Quarterly Financial Review available on its web site, www.huntington-ir.com.

Huntington’s senior management will host an earnings conference call January 20, 2011, at 10:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at www.huntington-ir.com or through a dial-in telephone number at 800-267-7495, conference ID 33285653. Slides will be available at www.huntington-ir.com just prior to the call. A replay of the web cast will be archived in the Investor Relations section of Huntington’s web site at www.huntington.com. A telephone replay will be available two hours after the completion of the call through January 31, 2011, at 800-642-1687; conference call ID 33285653.

This press release 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) worsening of credit quality performance 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) changes in economic conditions; (3) movements in interest rates; (4) competitive pressures on product pricing and services; (5) success, impact, and timing of our business strategies, including market acceptance of any new products or services introduced to implement our ‘Fair Play banking philosophy; (6) changes in accounting policies and principles and the accuracy of our assumptions and estimates used to prepare our financial statements;(7) extended disruption of vital infrastructure; and (8) the nature, extent, and timing of governmental actions and reforms, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, as well as future regulations which will be adopted by the relevant regulatory agencies, including the newly created Consumer Financial Protection Bureau (CAP), to implement the Act’s provisions. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s 2009 Annual Report on Form 10-K, and documents subsequently filed by Huntington with the Securities and Exchange Commission. All forward-looking statements included in this release are based on information available at the time of the release. Huntington assumes no obligation to update any forward-looking statement.

Exhibit 99.2 includes certain ratios, specifically the tangible common equity ratio, and the Tier 1 common risk-based capital ratio, which are non-GAAP financial measures. These non-GAAP financial measures are included in this report because the Federal Reserve indicated that as part of their Supervisory Capital Assessment Program (SCAP), a year-end 2010 Tier 1 common risk-based capital ratio of 4.0% would be needed. Although Huntington is not one of the SCAP bank holding companies, the market has accepted this as a “de facto” standard for being adequately capitalized since 10 of the 19 bank holding companies included in SCAP were directed to increase their capital levels to meet this targeted threshold. Other companies may calculate these financial measures differently. Risk-weighted assets are calculated under regulatory capital rules applicable to us as discussed more fully on page 8 of our Form 10-K. The tangible common equity ratio, tangible assets, and Tier 1 common risk-based capital ratio were calculated as follows:

Capital Adequacy Reconciliations

		2010																2009
(in millions)		December 31,				September 30,				June 30,				March 31,				December 31,
Tangible common equity to asset ratio:
Total shareholders’ equity		$	4,981			$	5,567			$	5,438			$	5,370			$	5,336
Shareholders’ preferred equity			(363	)			(1,700	)			(1,696	)			(1,692	)			(1,688	)
			4,618				3,867				3,742				3,678				3,648
Goodwill			(444	)			(444	)			(444	)			(444	)			(444	)
Intangible assets			(229	)			(244	)			(259	)			(274	)			(289	)
Intangible asset deferred tax liability (1)			80				85				91				95				101
Total tangible common equity		$	4,025			$	3,264			$	3,130			$	3,055			$	3,016
Total assets		$	53,820			$	53,247			$	51,771			$	51,867			$	51,555
Goodwill			(444	)			(444	)			(444	)			(444	)			(444	)
Other intangible assets			(229	)			(244	)			(259	)			(274	)			(289	)
Intangible asset deferred tax liability (1)			80				85				91				95				101
Total tangible assets		$	53,227			$	52,644			$	51,159			$	51,244			$	50,923
Tangible common equity to asset ratio			7.56	%			6.20	%			6.12	%			5.96	%			5.92	%
Tier 1 common risk-based capital ratio (2)
Tier 1 capital		$	5,022			$	5,480			$	5,317			$	5,090			$	5,201
Shareholders’ preferred equity			(363	)			(1,700	)			(1,696	)			(1,692	)			(1,688	)
Trust preferred securities			(570	)			(570	)			(570	)			(570	)			(570	)
REIT preferred stock			(50	)			(50	)			(50	)			(50	)			(50	)
Tier 1 common		$	4,039			$	3,160			$	3,001			$	2,778			$	2,893
Risk weighted assets		$	43,678			$	42,759			$	42,486			$	42,418			$	42,816
Tier 1 common risk-based capital ratio			9.25	%			7.39	%			7.06	%			6.55	%			6.76	%

The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(d) Exhibits.

Exhibit 99.1		—		News release of Huntington Bancshares Incorporated, dated January 20, 2011.
Exhibit 99.2		—		Quarterly Financial Review, December 2010.

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.

EXHIBIT INDEX

Exhibit No.		Description
Exhibit 99.1		News release of Huntington Bancshares Incorporated, January 20, 2011.
Exhibit 99.2		Quarterly Financial Review, December 2010.