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COLUMBUS, Ohio, Jan. 22, 2021 /PRNewswire/ —

Full year 2020 highlights compared to full year 2019:

• Net income was $817 million, and earnings per common share (EPS) for the year were $0.69.
• Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%. 
• Tangible book value per common share (TBVPS) increased 3% to $8.51 at 2020 year end.
• Fully-taxable equivalent total revenue increased $143 million, or 3%, to $4.8 billion.
• Fully-taxable equivalent net interest income increased $6 million, or less than 1%, to $3.2 billion.
• Net interest margin decreased 27 basis points to 2.99%.
• Noninterest income increased $137 million, or 9%, to $1.6 billion, driven by a $199 million, or 119%, increase in mortgage banking income.
• Noninterest expense increased $74 million, or 3%, to $2.8 billion.
• Delivered annual positive operating leverage.
• Efficiency ratio of 56.9%.
• Average loans and leases increased $4.4 billion, or 6%, to $79.4 billion
• Average commercial loans increased $3.5 billion, or 9%, to $41.0 billion and average consumer loans increased $0.9 billion, or 2%, to $38.4 billion.
• Average total core deposits increased $8.7 billion, or 11%, to $87.9 billion and average total deposits increased $9.6 billion, or 12%, to $91.9 billion.
• Average demand deposits increased $8.9 billion, or 29%, to $48.9 billion.
• Allowance for credit losses (ACL) increased to $1.9 billion, or 2.29% of total loans and leases.
• Nonperforming asset (NPA) ratio was 0.69%.
• Net charge-offs (NCOs) equated to 0.57% of average loans and leases.
• Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at year end.
• Tangible common equity (TCE) ratio was 7.16% at year end.

2020 Fourth Quarter highlights compared to 2019 Fourth Quarter:

• Net income was $316 million, consistent with the year ago quarter
• Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%.
• Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%. 
• Fully-taxable equivalent total revenue increased $81 million, or 7%.
• Fully-taxable equivalent net interest income increased $44 million, or 6%.
• Net interest margin decreased 18 basis points to 2.94%.
• Noninterest income increased $37 million, or 10%.
• Noninterest expense increased $55 million, or 8%.
• Average loans and leases increased $6.0 billion, or 8%, including a $4.8 billion, or 13%, increase in commercial loans and a $1.2 billion, or 3%, increase in consumer loans.
• Average core deposits increased $12.6 billion, or 16%, including a $12.5 billion, or 31%, increase in total demand deposits.
• NCOs equated to 0.55% of average loans and leases, up from 0.39%

Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported 2020 full-year net income of $817 million, a decrease of 42% from the prior year.  Earnings per common share for the year were $0.69, a decrease of 46% from the prior year.  Tangible book value per common share as of 2020 year-end was $8.51, a 3% year-over-year increase.  Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%.  Full-year 2020 results were impacted by elevated credit provisioning (+265% year-over-year) related to the economic impact of the COVID-19 pandemic.

Net income for the 2020 fourth quarter was $316 million, consistent with the year-ago quarter.  Earnings per common share were $0.27, down $0.01, or 4%, year-over-year.  Return on average assets was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%.

CEO Commentary:

“We are pleased with our performance throughout both the fourth quarter and the full year given the pandemic and economic challenges faced by our customers, colleagues, communities, and the country.  We proactively managed through the continued low interest rate environment and unprecedented economic volatility experienced in the wake of the pandemic,” said Steve Steinour, chairman, president, and CEO.  “The economy in our footprint continues to strengthen as demonstrated by the strong close to the year in commercial lending, our increasing loan pipelines, and more broadly our conversations with our customers, many of whom are expressing optimism on the economic outlook.”

“We delivered positive operating leverage for the eighth consecutive year, increased revenues 7% annually, and continued to invest in our revenue-driving businesses.  Average loans increased 6%, and average core deposits increased 11%.  A record year of mortgage originations and continued strong auto, RV, and marine loan originations, as well as the $6 billion of PPP loans, helped drive our 2020 results.”

“Huntington enters 2021 on strong footing with momentum across our businesses.  We believe this year provides an important opportunity to advance the strategic positioning and long-term financial performance of the company through investments in technology, digital innovation, marketing, and people, as well as our recently-announced acquisition of TCF Financial.  We remain committed to delivering on our purpose to look out for people and executing our strategies to build the leading People-First, Digitally-Powered bank.”

Table 1 – Earnings Performance Summary

 

Net Interest Income, Net Interest Margin, and Average Balance Sheet

Table 2 – Net Interest Income and Net Interest Margin Performance Summary – Year-over-Year Average Earning Asset Growth Outpaced Net Interest Margin Compression

 

Fully-taxable equivalent (FTE) net interest income for the 2020 fourth quarter increased $44 million, or 6%, from the 2019 fourth quarter.  This reflected a $12.2 billion, or 12%, increase in average earning assets, partially offset by an 18 basis point decrease in the FTE net interest margin (NIM) to 2.94%.  The NIM compression reflected a 90 basis point decrease in average earning asset yields and a 25 basis point decrease in the benefit of non-interest bearing funding sources, partially offset by a 97 basis point decrease in the cost of interest bearing liabilities.  These decreases reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank.

Compared to the 2020 third quarter, FTE net interest income increased $8 million, or 1%, reflecting the 1% increase in average earning assets partially offset by 2 basis points of NIM compression.  The NIM compression reflected an 9 basis point decrease in average earning asset yields and a 5 basis point decrease in the benefit from noninterest-bearing funds, partially offset by a 12 basis point decrease in average interest-bearing liability costs.  These decreases reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank. 

Compared to the 2020 third quarter, interest income for Paycheck Protection Program (PPP) loans decreased from $53 million to $49 million.  The decrease was driven by a change in PPP loan terms to delay the initial repayment, reducing deferred loan fee amortization by $9 million, resulting in a 3 basis point decline in NIM.  Further, deferred loan fees on PPP loans totaling $5 million were recognized upon receipt of forgiveness payments from the US Small Business Administration (SBA), resulting in a 2 basis point increase in NIM.

Table 3 – Average Earning Assets – C&I, Residential Mortgage, and RV and Marine Loan Growth Drive Year-over-Year Loan Growth

Average earning assets for the 2020 fourth quarter increased $12.2 billion, or 12%, from the year-ago quarter, primarily reflecting a $6.0 billion, or 8%, increase in average total loans and leases.  Average commercial and industrial (C&I) loans increased $4.5 billion, or 15%, primarily reflecting $6.2 billion of average PPP loans, partially offset by a $0.9 billion decrease in dealer floorplan loans.  Average residential mortgage loans increased $0.8 billion, or 7%, reflecting robust mortgage production in the second half of 2020.  Average RV and marine loans increased $0.6 billion, or 17%, reflecting strong consumer demand and continued strong production levels.  Average held-for-sale and other earning assets increased $5.2 billion, or 291%, primarily reflecting the $4.8 billion increase in interest bearing deposits at the Federal Reserve Bank.  Average total securities increased $0.9 billion, or 4%, primarily reflecting the net purchase of securities during the 2020 fourth quarter and the $0.2 billion mark-to-market of the available-for-sale portfolio.

Compared to the 2020 third quarter, average earning assets increased $1.6 billion, or 1%, primarily reflecting a $1.2 billion, or 5%, increase in average securities.  The increase in securities reflected purchases completed during the 2020 fourth quarter.

While not materially impacting quarterly averages, Huntington received forgiveness payments from the SBA for approximately $225 million of PPP loans during the 2020 fourth quarter.

Table 4 – Average Liabilities – Demand Deposits Drive Continued Year-over-Year Growth in Core Deposits 

Average total interest-bearing liabilities for the 2020 fourth quarter increased $3.7 billion, or 5%, from the year-ago quarter.  Average total deposits increased $14.0 billion, or 17%, while average total core deposits increased $12.6 billion, or 16%.  The increase in average total core deposits was primarily driven by business and commercial growth related to the PPP loans and increased liquidity levels in reaction to the economic downturn, consumer growth largely related to government stimulus, increased consumer and business banking account production, and reduced attrition.  Specifically within core deposits, average total demand deposits increased $12.5 billion, or 31%, average savings and other domestic deposits increased $1.9 billion, or 20%, and average money market deposits increased $1.6 billion, or 6%.  Average brokered deposits and negotiable CDs increased $1.5 billion, or 58%, reflecting balance growth in new and existing brokered deposit accounts.  Partially offsetting these increases, average core CDs decreased $3.3 billion, or 69%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives.  Average total debt decreased $2.8 billion, or 24%, reflecting the repayment of short–term borrowings, the maturity and issuance of $2.1 billion and $1.2 billion of long-term debt, respectively, over the past five quarters, and the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, all due to the strong core deposit growth.

Compared to the 2020 third quarter, average total interest-bearing liabilities increased $0.4 billion, or less than 1%.  Average total deposits increased $1.5 billion, or 2%, and average total core deposits increased $1.6 billion, or 2%.  The increase in average total core deposits was primarily driven by increased liquidity levels among our commercial customers and improved consumer and business banking account retention.  Specifically within core deposits, average total demand deposits increased $1.9 billion, or 4%, while average core CDs decreased $0.6 billion, or 27%, reflecting the maturity of the balances tied to the 2018 consumer deposit growth initiatives.  Average long-term debt decreased $0.5 billion, or 6%, primarily reflecting the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020.

Noninterest Income

Table 5 – Noninterest Income – Mortgage Banking Income Remained Robust

Noninterest income for the 2020 fourth quarter increased $37 million, or 10%, from the year-ago quarter.  Mortgage banking income increased $32 million, or 55%, reflecting higher volume and overall salable spreads, partially offset by a $16 million decrease in income from net mortgage servicing rights (MSR) risk management.  The 2020 fourth quarter included no net gains or losses on sales of securities, while the year-ago quarter included $22 million of net losses related to the $2 billion portfolio repositioning completed in the quarter.  Service charges on deposits accounts decreased $17 million, or 18%, primarily reflecting reduced customer activity and elevated deposits.

Compared to the 2020 third quarter, total noninterest income decreased $21 million, or 5%.  Mortgage banking income decreased $32 million, or 26%, primarily reflecting lower overall salable spreads and a $7 million decrease in income from net MSR risk management.  Capital markets fees increased $7 million, or 26%, reflecting increased loan syndication fees and increased commodities and foreign exchange derivatives activity.

Noninterest Expense

Table 6 – Noninterest Expense – Year-over-Year Variance Driven by Continued Technology Investments

Noninterest expense for the 2020 fourth quarter increased $55 million, or 8%, from the year-ago quarter.  Outside data processing and other services expense increased $22 million, or 25%, primarily driven by expenses related to technology investments.  Other noninterest expense increased $19 million, or 33%, primarily reflecting a $20 million donation to The Columbus Foundation and $7 million of expense from the November 2020 debt tender, partially offset by a $4 million final true-up of the earn out related to the Hutchinson, Shockey, Erley & Co. (HSE) acquisition in the year-ago quarter.  Equipment expense increased $7 million, or 17%, primarily reflecting increased depreciation expense related to technology investments as well as $1 million of expense related to the branch and facilities consolidations announced in the 2020 third quarter.  Professional services expense increased $7 million, or 50%, due to $8 million of TCF Financial Corporation (“TCF”) merger-related expense.  Marketing increased $6 million, or 67%, primarily reflecting strategic marketing campaigns.  The 2020 fourth quarter and 2019 fourth quarter included $6 million and $25 million of total noninterest expense, respectively, related to the previously-announced position reductions and consolidation of branches and other corporate facilities.

Noninterest expense increased $44 million, or 6%, from the 2020 third quarter.  Other noninterest expense increased $37 million, or 93%, primarily driven by a $20 million donation to The Columbus Foundation, $7 million of expense from the November 2020 debt tender, and the $7 million insurance recovery in the prior quarter.  Outside data processing and other services expense increased $13 million, or 13%, primarily driven by expenses related to technology investments.  Professional services expense increased $9 million, or 75%, due to $8 million of TCF merger-related expense.  Marketing expense increased $6 million, or 67%, primarily reflecting strategic marketing campaigns.  Partially offsetting these increases, personnel costs decreased $27 million, or 6%, primarily reflecting lower benefits costs and incentive compensation as well as an $11 million net decrease in expense related to previously-announced position reductions. 

Credit Quality

Table 7 – Credit Quality Metrics – NCOs Remain Near High End of Average Through-the-Cycle Target Range

Overall asset quality performance showed continued improvement for the second consecutive quarter.  The majority of the charge-offs in 2020 were related to the Commercial portfolio, specifically the Oil and Gas component.  The Consumer portion of the loan portfolio exhibited continued consistent asset quality performance.

Nonperforming assets (NPAs) were $563 million at 2020 year end.  NPAs decreased $39 million, or 6%, on a linked quarter basis, and were $150 million, or 21%, lower than the 2020 peak at the end of the second quarter, driven by a reduction in the Oil and Gas portfolio.  The resulting NPA ratio of 0.69% of total loans and leases and OREO as of 2020 year end shows a clear decline on a linked quarter basis and is only slightly higher than the 2019 year end ratio of 0.66%.  On a linked quarter basis, nonaccrual loans and leases (NALs) decreased $37 million, or 7%, to $532 million, while OREO and Other NPAs decreased slightly.  The year-over-year increase in NALs was primarily in the C&I portfolio.  OREO balances decreased $7 million, or 64%, from the year-ago quarter.

The provision for credit losses increased $24 million year-over-year to $103 million.  NCOs increased $39 million year-over-year to $112 million.  The increase in commercial NCOs was related to the loss incurred on loan sales from one retail mall REIT relationship, while the decrease in consumer NCOs reflected continued strong performance in those portfolios.  NCOs represented an annualized 0.55% of average loans and leases in the current quarter, relatively unchanged from the prior quarter and up from 0.39% in the year-ago quarter.  We remain confident in the long-term performance of our credit portfolios.

The allowance for loan and lease losses (ALLL) increased by $1.0 billion from the year ago quarter, increasing as a percentage of total loans and leases to 2.22% compared to 1.04% a year ago.  The ALLL as a percentage of period-end total NALs increased to 341% from 167% over the same period.  The allowance for credit losses (ACL) increased by $1.0 billion from the year-ago quarter to $1.9 billion, or 2.29% of total loans and leases.  On a linked quarter basis, the ACL decreased $12 million.  We believe the levels of the ALLL and ACL are appropriate given the current level of problem loans and the economic outlook.

Capital

Table 8 – Capital Ratios – Managing Capital Ratios within Targeted Ranges

The tangible common equity to tangible assets ratio was 7.16% at December 31, 2020, down 72 basis points from a year ago.  The regulatory Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at December 31, 2020, compared to 9.88% at December 31, 2019.  The regulatory Tier 1 risk-based capital ratio was 12.47% compared to 11.26% at December 31, 2019.  The balance sheet growth impact on regulatory capital ratios was largely offset by a change in asset mix during 2020 related to the PPP loans and elevated deposits at the Federal Reserve (both of which are 0% risk weighted).  The capital impact of earnings, adjusted for CECL transition, was largely offset by the repurchase of $92 million of common stock over the last four quarters (including $5 million repurchased during the 2020 fourth quarter to offset compensation plan-related share issuances) and cash dividends.  The regulatory Tier 1 risk-based capital and total risk–based capital ratios also reflect the issuance of $500 million of Series F preferred stock in the 2020 second quarter and $500 million of Series G preferred stock in the 2020 third quarter.

Income Taxes

The provision for income taxes was $59 million in the 2020 fourth quarter compared to $55 million in the 2019 fourth quarter.  The effective tax rates for the 2020 fourth quarter and 2019 fourth quarter were 15.8% and 14.8%, respectively.

At December 31, 2020, the Company had a net federal deferred tax liability of $158 million and a net state deferred tax asset of $24 million.

Expectations – Full Year 2021 (Huntington standalone)

Full-year revenue is expected to increase approximately 1% to 3%.  Full-year noninterest expense is expected to increase approximately 3% to 5%.

Average loans and leases are expected to increase approximately 2% to 4% on an annual basis.  Average total deposits are expected to increase approximately 5% to 7% on an annual basis.

Asset quality metrics are expected to remain strong, with net charge-offs around the middle of the average through-the-cycle target range of approximately 35 to 55 basis points, with some moderate quarterly volatility.

The effective tax rate for full year 2021 is expected to be in the range of 16% to 17%.

Conference Call / Webcast Information

Huntington’s senior management will host an earnings conference call on January 22, 2021, at 8:30 a.m. (Eastern Standard Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID# 13714293. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2021 at (877) 660-6853 or (201) 612-7415; conference ID# 13714293.

Please see the 2020 Fourth Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington’s website, www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states.  Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services.  Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states.  Visit huntington.com for more information.

Caution regarding Forward-Looking Statements

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Huntington and TCF, the expected timing of completion of the transaction, and other statements that are not historical facts.  Such statements are subject to numerous assumptions, risks, and uncertainties.  Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.  Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.  The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements:  changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and TCF; the outcome of any legal proceedings that may be instituted against Huntington or TCF; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF.  Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC, and in TCF’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the SEC and available in the “Investor Relations” section of TCF’s website, http://www.tcfbank.com, under the heading “Financial Information” and in other documents TCF files with the SEC. available in the “Investor Relations” section of our website, http://www.huntington.com, under the heading “Publications and Filings.”

All forward-looking statements speak only as of the date they are made and are based on information available at that time.  Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.  As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. 

Basis of Presentation

Use of Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s results of operations or financial position.  Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, conference call slides, or the Form 8-K related to this document, all of which can be found in the Investor Relations section of Huntington’s website,  http://www.huntington.com.

Annualized Data

Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis.  This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.  For example, loan and deposit growth rates, as well as net charge-off percentages, are most often expressed in terms of an annual rate like 8%.  As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.

Fully-Taxable Equivalent Interest Income and Net Interest Margin

Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates.  This adjustment puts all earning assets, most notably tax-exempt municipal securities and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.

Earnings per Share Equivalent Data

Significant income or expense items may be expressed on a per common share basis.  This is done for analytical and decision-making purposes to better discern underlying trends in total corporate earnings per share performance excluding the impact of such items.  Investors may also find this information helpful in their evaluation of our financial performance against published earnings per share mean estimate amounts, which typically exclude the impact of Significant Items.  Earnings per share equivalents are usually calculated by applying an effective tax rate to a pre-tax amount to derive an after-tax amount, which is divided by the average shares outstanding during the respective reporting period.  Occasionally, when the item involves special tax treatment, the after-tax amount is disclosed separately, with this then being the amount used to calculate the earnings per share equivalent.

Rounding

Please note that columns of data in this document may not add due to rounding.

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SOURCE Huntington Bancshares Inc.

MARLBOROUGH, Mass., Jan. 22, 2021 /PRNewswire/ — Boston Scientific Corporation (NYSE: BSX) has received U.S. Food and Drug Administration (FDA) approval of its fourth-generation Vercise Genus™ Deep Brain Stimulation (DBS) System. The portfolio, approved for conditional use in a magnetic resonance imaging (MRI) environment,ⁱ consists of a family of Bluetooth-enabled, rechargeable and non-rechargeable, implantable pulse generators (IPGs) that power Cartesia™ Directional Leads, designed to provide optimal symptom relief. 

More than 10 million people worldwide are living with Parkinson’s disease (PD) – a progressive, neurodegenerative disorder, which causes stiffness, slowness and tremors due to a decrease of dopamine in the brain.ⁱⁱ DBS devices – and specifically the Vercise Genus System – can treat the symptoms of PD by delivering targeted electrical stimulation via surgically-implanted leads in the brain connected to an IPG. Devices can either be rechargeable or non-rechargeable based on patient and physician preference, and while many patients appreciate the long battery life available with a rechargeable system, approximately 80 percent of DBS devices used globally today are non-rechargeable.ⁱⁱⁱ

“We have used the Vercise Gevia System with the Cartesia Directional Leads to provide our patients with a small device, a battery life of at least 15 years and optimal symptom control by delivering the right dose of stimulation precisely where it’s needed,” said Jill Ostrem, medical director and division chief, University of California, San Francisco Movement Disorders and Neuromodulation Center. “Now, the latest generation Genus portfolio – with an MR-compatible non-rechargeable IPG as well – provides greater access to patients who might not be candidates for a rechargeable system.”

The fourth generation of the DBS system since 2012, Vercise Genus builds upon rapid and meaningful innovations in battery longevity, directionality, and stimulation capabilities. Through a strategic collaboration, the Brainlab platform provides enhanced visualization capabilities that enable clinicians to see lead placement within the context of each patient’s segmented target anatomy. 

“We continue to prioritize therapy innovations that improve our patients’ quality of life with a wide range of personalized offerings,” said Maulik Nanavaty, senior vice president and president, Neuromodulation, Boston Scientific. “For people living with movement disorders, this means developing new technologies that are designed to refine motor control, reduce programming times and expand MR compatibility to improve their treatment experience and ultimately their daily living.”

The company commenced the European launch of the Vercise Genus System in September 2020 and expects to begin a controlled U.S. launch in the coming months. The Vercise Genus Deep Brain Stimulation System is indicated for use in the bilateral stimulation of the subthalamic nucleus (STN) as an adjunctive therapy in reducing some of the symptoms of moderate to advanced levodopa-responsive PD that are not adequately controlled with medication. The system is also indicated for use in the bilateral stimulation of the internal globus pallidus (GPi) as an adjunctive therapy in reducing some of the symptoms of advanced levodopa–responsive PD that are not adequately controlled with medication.

About Boston Scientific

Boston Scientific transforms lives through innovative medical solutions that improve the health of patients around the world. As a global medical technology leader for more than 40 years, we advance science for life by providing a broad range of high-performance solutions that address unmet patient needs and reduce the cost of healthcare. For more information, visit www.bostonscientific.com and connect on Twitter and Facebook.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Forward-looking statements may be identified by words like “anticipate,” “expect,” “project,” “believe,” “plan,” “estimate,” “intend” and similar words.  These forward-looking statements are based on our beliefs, assumptions and estimates using information available to us at the time and are not intended to be guarantees of future events or performance.  These forward-looking statements include, among other things, statements regarding our business plans and product performance and impact.  If our underlying assumptions turn out to be incorrect, or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements.  These factors, in some cases, have affected and in the future (together with other factors) could affect our ability to implement our business strategy and may cause actual results to differ materially from those contemplated by the statements expressed in this press release.  As a result, readers are cautioned not to place undue reliance on any of our forward-looking statements. 

Factors that may cause such differences include, among other things: future economic, competitive, reimbursement and regulatory conditions; new product introductions; demographic trends; intellectual property; litigation; financial market conditions; and future business decisions made by us and our competitors.  All of these factors are difficult or impossible to predict accurately and many of them are beyond our control.  For a further list and description of these and other important risks and uncertainties that may affect our future operations, see Part I, Item 1A – Risk Factors in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, which we may update in Part II, Item 1A – Risk Factors in Quarterly Reports on Form 10-Q we have filed or will file hereafter.  We disclaim any intention or obligation to publicly update or revise any forward-looking statements to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.  This cautionary statement is applicable to all forward-looking statements contained in this document.

CONTACTS:

Rochelle Silsbee

Media Relations
(818) 812-7320 (office)
[email protected] 

Susie Lisa, CFA
Investor Relations
(508) 683-5565 (office)
[email protected]

ⁱ The Vercise Genus™ DBS System provides safe access to full-body 1.5T MRI scans when used with specific components and the patient is exposed to the MRI environment under specific conditions defined in the supplemental manual ImageReady™ MRI Guidelines for Boston Scientific DBS Systems.
ⁱⁱ https://www.parkinson.org/Understanding-Parkinsons/Statistics 
ⁱⁱⁱ Data on file at Boston Scientific. Represents total unit sales of Abbott (Infinity), Boston Scientific (Vercise) and Medtronic in 2019 and 2020.

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SOURCE Boston Scientific Corporation

BEIJING, Jan. 22, 2021 /PRNewswire/ — China Distance Education Holdings Limited (NYSE: DL) (“CDEL”, or the “Company”), a leading provider of online education and value-added services for professionals and corporate clients in China, today announced that it has filed its annual report on Form 20-F for the fiscal year ended September 30, 2020 with the Securities and Exchange Commission. The annual report can be accessed on the Company’s investor relations website at http://ir.cdeledu.com under the section titled “Financials – Annual Reports.”

CDEL will provide a hard copy of its complete audited financial statements for the fiscal year ended September 30, 2020, free of charge, to its shareholders and ADS holders upon request. Requests should be directed to our IR representatives stated below, or in writing to China Distance Education Holdings Limited, 18th Floor, Xueyuan International Tower, 1 Zhichun Road, Haidian District, Beijing China, 100083.

About China Distance Education Holdings Limited

China Distance Education Holdings Limited is a leading provider of online education and value-added services for professionals and corporate clients in China. The courses offered by the Company through its websites are designed to help professionals seeking to obtain and maintain professional licenses and to enhance their job skills through our professional development courses in China in the areas of accounting, healthcare, engineering & construction, legal and other industries. The Company also offers online test preparation courses for self-taught learners pursuing higher education diplomas or degrees, and practical accounting training courses for college students and working professionals. In addition, the Company provides business services to corporate clients, including but not limited to tax advisory and accounting outsourcing services. For further information, please visit http://ir.cdeledu.com.

Contacts:

In China:

China Distance Education Holdings Limited
Jiao Jiao
Tel:  +86-10-8231-9999 ext. 1826
Email: [email protected]

The Piacente Group, Inc. 
Jenny Cai 
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States: 

The Piacente Group, Inc.    
Brandi Piacente
Tel: +1 212-481-2050
Email: [email protected]

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SOURCE China Distance Education Holdings Ltd.

NEW YORK, Jan. 22, 2021 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP  announces the filing of a federal securities class action lawsuit in the United States District Court for the Central District of California against Decision Diagnostics Corp. (“Decision Diagnostics” or “the Company”) (OTCBB: DECN) on behalf of investors who purchased the Company’s securities between March 3, 2020 and December 17, 2020, inclusive (the ”Class Period”)

All
investors who purchased shares
of Decision Diagnostics Corp. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action orjoin the case on our website, www.whafh.com.

If you have incurred losses in the  shares of Decision Diagnostics Corp., you may,no later than March 16, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Decision Diagnostics Corp.

                                          
CLICK HERE TO JOIN CASE

According to the filed Complaint, the Company made false and misleading statements to the market. Decision Diagnostics failed to develop a viable COVID-19 test in any form, let alone a test that could detect the virus in less than one minute. The Company was not capable of meeting the U.S. Food and Drug Administration’s (FDA’s) EUA testing requirements for its purported COVID-19 test. Despite this inability to meet FDA requirements, the Company touted an unrealistic time to market for its tests. Based on these facts, the Company’s public statements were false and materially misleading throughout the class.

Wolf Haldenstein
has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at  www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 

 

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

COLUMBUS, Ohio, Jan. 22, 2021 /PRNewswire/ — Huntington Bancshares Incorporated (www.huntington.com) announced that the Board of Directors declared a quarterly cash dividend on the company’s common stock (Nasdaq: HBAN) of $0.15 per common share, unchanged from the prior quarter.  The common stock cash dividend is payable April 1, 2021, to shareholders of record on March 18, 2021.

In addition, the Board declared quarterly cash dividends on its six series of preferred stock.  The Board declared a quarterly cash dividend on its Floating Rate Series B Non-Cumulative Perpetual Preferred Stock (CUSIP#: 446150500) of $7.35312676 per share (equivalent to $0.1838282 per depositary receipt share).  The Board declared a quarterly cash dividend on its 5.875% Series C Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANN) of $14.69 per share (equivalent to $0.36725 per depositary receipt share).  The Board declared a quarterly cash dividend on its 6.25% Series D Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANO) of $15.625 per share (equivalent to $0.390625 per depositary receipt share).  The Board declared a quarterly cash dividend on its 5.70% Series E Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock (CUSIP#: 446150AL8) of $1,425.00 per share (equivalent to $14.25 per depositary receipt share).  The Board declared a quarterly cash dividend on its 5.625% Series F Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (CUSIP#: 446150AT1) of $1,406.25 per share (equivalent to $14.0625 per depositary share).  Finally, the Board declared a quarterly cash dividend on its 4.450% Series G Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock (CUSIP#: 446150AV6) of $1,112.50 per share (equivalent to $11.1250 per depositary share).  All six preferred stock cash dividends are payable April 15, 2021, to their respective shareholders of record on April 1, 2021.

About Huntington

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 full-service branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states.  Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services.  Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Visit huntington.com for more information.

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SOURCE Huntington Bancshares Incorporated

NEW YORK, Jan. 22, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced Integrated BioPharma, Inc. (OTCQX: INBP), a vitamins, nutritional supplements and herbal products company, has qualified to trade on the OTCQX® Best Market. Integrated BioPharma, Inc. upgraded to OTCQX from the OTCQB® Venture Market.

Integrated Bio Pharma, Inc. begins trading today on OTCQX under the symbol “INBP.”  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

“Moving from the OTCQB to the OTCQX Market is another great achievement for the Company as we continue to grow and strive to increase shareholder value,” stated E. Gerald Kay, Executive Chairman of Integrated BioPharma, Inc.

Herrick Feinstein LLP acted as the company’s OTCQX sponsor.

About Integrated BioPharma, Inc.
Integrated BioPharma, Inc. is engaged primarily in manufacturing, distributing, marketing and sales of vitamins, nutritional supplements and herbal products. Further information is available at www.ibiopharma.com.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities.  Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services.  We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, [email protected] 

 

 

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SOURCE OTC Markets Group Inc.

NEW YORK, Jan. 22, 2021 /PRNewswire/ — Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of California on behalf of persons and entities that purchased or otherwise acquired Tricida, Inc. (“Tricida” or the “Company”) (NASDAQ: TCDA) securities between September 4, 2019 and October 28, 2020, inclusive (the “Class Period”).

All
investors who purchased shares
of Tricida, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the caseon our website, www.whafh.com.

If   you have incurred losses in the  shares of Tricida, Inc.  you may,no later than March 8, 2021, request that the Court appoint you lead plaintiff of the proposed class.  Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Tricida, Inc.

                                                     
CLICK HERE TO JOIN CASE

Tricida’s drug candidate, veverimer, is a polymer designed as a potential treatment for metabolic acidosis in patients with chronic kidney disease (“CKD”). The Company has completed a Phase 3, double-blind, placebo-controlled trial of veverimer in patients with CKD and metabolic acidosis.

On September 4, 2019, Tricida announced that it had submitted a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) under the Accelerated Approval Program for approval of veverimer for the treatment of metabolic acidosis in patients with CKD.

On July 15, 2020, Tricida announced that it had received a notice from the FDA “identif[ying] deficiencies that preclude discussion of labeling and postmarketing requirements/commitments at this time.” The Company stated that “[t]he notification does not specify the deficiencies identified by the FDA.”

On this news, the Company’s stock price fell $10.56, or 40.31%, to close at $15.64 per share on July 16, 2020.

Then, on October 29, 2020, following its End-of-Review Type A meeting with the FDA, Tricida announced that it “now believes the FDA will also require evidence of veverimer’s effect on CKD progression from a near-term interim analysis of the VALOR-CKD trial for approval under the Accelerated Approval Program and that the FDA is unlikely to rely solely on serum bicarbonate data for determination of efficacy.” Tricida also disclosed that it was “significantly reducing its headcount from 152 to 59 people and will discuss its commitments with vendors and contract service providers to potentially provide additional financial flexibility.”

On this news, the Company’s stock price fell $3.90, or 47.16%, to close at $4.37 per share on October 29, 2020.

Wolf Haldenstein
has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at  www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. 

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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP

NEW YORK, Jan. 22, 2021 /PRNewswire/ — OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 11,000 U.S. and global securities, today announced AiXin Life International, Inc. (OTCQX: AIXN), focused on providing nutritional products in China and advertising and marketing services to distributors of nutritional products in China, has qualified to trade on the OTCQX® Best Market. AiXin Life International, Inc. upgraded to OTCQX from the OTCQB® Venture Market.

AiXin Life International, Inc. begins trading today on OTCQX under the symbol “AIXN.”  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market provides investors with a premium U.S. public market to research and trade the shares of investor-focused companies. Graduating to the OTCQX Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Quanzhong Lin, Chairman and CEO of Aixin Life commented “Aixin Life is proud to make this step up to the OTCQX.  The Company and I will continue to strive to adopt corporate governance practices that will ensure that we are doing our utmost to provide investors with all appropriate information regarding our company.  As our business grows in China, we will seek to increase our visibility in the United States to appeal to a more diverse investor base.  I personally am honored by OTCQX’s recognition of the quality of our company and management team.”

Mandelbaum Salsburg P.C. acted as the company’s OTCQX sponsor.

About AiXin Life International, Inc.
AiXin Life International, Inc., is engaged in providing nutritional products in China. The Company offers Milk Powder and other nutritional supplements. The Company sells the products through exhibition events, conferences, as well as person-to-person marketing.

About OTC Markets Group Inc.

OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 11,000 U.S. and global securities.  Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services.  We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, [email protected] 

 

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SOURCE OTC Markets Group Inc.