HARP stands for Home Affordable Refinance Program. The program was put in place by the Federal Housing Finance Agency and expanded by President Obama last year to enable qualified borrowers with mortgage loans held by Fannie Mae and Freddie Mac to refinance their entire loan balances, no matter how much the value of the collateral home has declined.

Huntington's shares were up 1% in premarket trading to $7.26.

The stock closed at $7.22 Tuesday, returning 14% this year, following a 19% return during 2012. The shares trade for 1.2 times their reported March 31 tangible book value of $5.91, and for 10.5 times the consensus 2014 EPS estimate of 69 cents. The consensus 2013 EPS estimate is 67 cents.

The company increased its quarterly payout to 5 cents a share, for a dividend yield of 2.77%. Huntington's board has authorized share buybacks of up to $227 million. The company's share repurchases during the first quarter totaled 4.7 million shares during the first quarter, at an average price of $7.07.

HBAN Chart HBAN data by YCharts

Interested in more on Huntington Bancshares? See TheStreet Ratings' report card for this stock.

-- Written by Philip van Doorn in Jupiter, Fla.

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Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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