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10 Banks That Still Owe TARP

Stocks in this article: RF SNV HBAN BPOP KEY FITB MI

7. Huntington Bancshares

Company Profile

Huntington Bancshares (HBAN) of Columbus, Ohio saw its stock rise 58% year-to-date through Wednesday, closing at $5.64.

The company owes $1.4 billion in TARP money and CEO Stephen Steinour recently told TheStreet's Debra Borchardt that Huntington has no specific timeframe to repay TARP but would rather focus on growing market share.

Huntington Announced on Wednesday an agreement to open over 100 branches within Giant Eagle Supermarkets.

Income Statement

The company reported second-quarter net income to common shareholders of $19.3 million or 3 cents a share following $10.4 million or a penny a share in the first quarter and a loss to common shareholders of $182.5 million or 40 cents a share for the second quarter of 2009.

Please see TheStreet's earnings coverage for more on Huntington's second-quarter results.

Balance Sheet

Total assets were $51.8 billion and the nonperforming assets ratio was 2.70% as of June 30, declining from 3.87% the previous quarter and 4.10% a year earlier. The second-quarter net charge-off ratio was 2.99% and reserves covered 3.72% of total loans as of June 30.

Huntington's Tier 1 leverage ratio was 10.45% and its total risk-based capital ratio was 14.79% as of June 30. The tangible common equity ratio was 5.95% according to SNL Financial, and was the lowest among this group of ten bank holding companies.

Stock Ratios

Shares trade for 1.3 times tangible book value and have a forward P/E of 12.8 based on the consensus earnings estimate for 2011 of 44 cents a share. Moving ahead to 2012, the consensus earnings estimate is 67 cents a share, dropping the forward P/E to 8.4.

Analyst Ratings

Out of 17 analysts covering Huntington, seven have buy ratings for the shares, seven recommend holding and three recommend investors sell.

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