Exhibit 99.3
BUILDING A BRAND NEW
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HUNTINGTON
CORPORATE UPDATE
DECEMBER 18, 2001
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AGENDA
- - DISCUSSION OVERVIEW AND COMPANY UPDATE
- TOM HOAGLIN, CHAIRMAN & CEO
- - FOURTH QUARTER OUTLOOK
- MIKE McMENNAMIN, VICE CHAIRMAN & CFO
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DISCUSSION SUMMARY
FOURTH QUARTER PERFORMANCE
- --------------------------
- - OPERATING EPS OF $0.29 - $0.31 CONSISTENT WITH PRIOR GUIDANCE
- - CONTINUED WEAK ECONOMIC ENVIRONMENT
- NET CHARGE-OFFS IN 1.03%-1.05% RANGE
- NPA INCREASE OF $15-$20 MILLION
- - ONE-TIME ITEMS
- $32 MILLION AFTER-TAX BENEFIT RELATED TO ISSUANCE OF REIT PREFERRED
STOCK
- $50 MILLION PRE-TAX ADDITION TO ALLOWANCE FOR LOAN LOSSES
STRATEGIC UPDATE
- ----------------
- - STRATEGIC INITIATIVES ARE WELL UNDERWAY
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FLORIDA SALE UPDATE
JULY DECISION TO SELL FLORIDA OPERATIONS
SEPTEMBER ANNOUNCED SALE TO SUNTRUST
DECEMBER RECEIVED JUSTICE DEPARTMENT APPROVAL
SUNTRUST ANNOUNCED BRANCH DIVESTITURE TO FLORIDAFIRST
FEDERAL RESERVE APPROVAL EXPECTED
1Q02 CLOSE TRANSACTION
2002 TARGETED EPS ACCRETION $0.03 - $0.05
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BRANCH CONSOLIDATIONS
ORIGINAL TARGET 43
LESS: THOSE ELIMINATED
FOLLOWING REASSESSMENT (5)
---
REVISED TARGET 38
COMPLETED BY 12/31/01 31
COMPLETED IN 1Q02 7
- - 100% OF DEPOSITS RETAINED
- - $4 MILLION 2002 EXPENSE RUN-RATE IMPROVEMENT
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IMPROVING EFFICIENCY
- - EFFICIENCY RATIO
1Q01 2Q01 3Q01 4Q01 EST
---- ---- ---- --------
62% 59% 57% 56%
- - ON TRACK TO ACHIEVE 2001 EXPENSE GROWTH REDUCTION GOALS
- REVIEWING CAPITAL EXPENDITURES MORE CRITICALLY
- INCREASING FOCUS ON PERSONNEL COSTS AND INCENTIVE PLANS
- MORE FAVORABLE VENDOR CONTRACT NEGOTIATIONS
LONG-TERM EFFICIENCY RATIO GOAL 48% - 52%
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STRATEGIC ACHIEVEMENTS
- - HIGH QUALITY MANAGEMENT TEAM IN PLACE
- - CREATING A NEW CULTURE
- - MANAGING BUSINESS "BY THE NUMBERS"
- - STRENGTHENED THE BALANCE SHEET
- - FOCUS ON IMPROVING RETURNS OF CURRENT BUSINESS
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FOURTH QUARTER
OUTLOOK
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FOURTH QUARTER HIGHLIGHTS
3Q01 ACTUALS 4Q01 ESTIMATE
------------ -------------
OPERATING EPS (1) $0.30 $0.29 - $0.31
LOAN GROWTH (2) 7% 2% - 3%
DEPOSIT GROWTH (2) 11% 6% - 7%
NET INTEREST MARGIN 4.04% 4.10% - 4.14%
REVENUE GROWTH (3) -- 1% - 2%
EFFICIENCY RATIO 57.5% 56%
LLR/LOANS 1.67% 1.90%
(1) EXCLUDES AFTER-TAX IMPACT OF ANY RESTRUCTURING ITEMS
(2) ANNUALIZED LINKED-QUARTER GROWTH IN AVERAGE BALANCES
(3) NOT ANNUALIZED
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FOURTH QUARTER ONE-TIME ITEMS
REIT PREFERRED STOCK ISSUED
- ---------------------------
- - ADDED $400 MILLION OF ASSETS TO REIT
- - ISSUED $400 MILLION OF PREFERRED STOCK... $50 MILLION TO THE PUBLIC
- - $50 MILLION INCREASE IN TIER 1 REGULATORY CAPITAL
- - $32 MILLION AFTER-TAX ONE-TIME BENEFIT
INCREASE IN ALLOWANCE FOR LOAN LOSSES
- -------------------------------------
- - $50 MILLION PRE-TAX ADDITION TO LLR
- - PROVISION EXPENSE, EXCLUDING ONE-TIME ADDITION, COVERS CHARGE-OFFS AND LOAN
GROWTH
- - LLR/LOANS INCREASES TO 1.90%
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CREDIT QUALITY
3Q01 ACTUALS 4Q01 ESTIMATE
------------ -------------
NET CHARGE-OFFS 0.74% 1.03% - 1.05%
NPA - AMOUNT $210 MM $225 - $230 MM
- LINKED-QUARTER CHANGE +27% +7% - 10%
NPAs/TOTAL LOANS + OREO 0.97% 1.04% - 1.08%
LLR/LOANS 1.67% 1.90%
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FLORIDA SALE - FINANCIAL DIMENSIONS
LOANS $2.7 B
DEPOSITS 4.7
EPS ACCRETION $0.03 - $0.05
$600+ MILLION OF EXCESS CAPITAL GENERATED AT A
TANGIBLE COMMON EQUITY OF 6.50%
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SUMMARY
- - FOURTH QUARTER OPERATING EPS OF $0.29 - $0.31
- - STRENGTHENED BALANCE SHEET WITH NO NEGATIVE IMPACT TO THE EARNINGS RUN-RATE
- - STRATEGIC INITIATIVES ON TRACK
- - 2002 GUIDANCE IN JANUARY
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PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
FORWARD LOOKING STATEMENT DISCLOSURE
THIS PRESENTATION AND DISCUSSION, INCLUDING RELATED QUESTIONS AND ANSWERS, MAY
CONTAIN FORWARD-LOOKING STATEMENTS, INCLUDING CERTAIN PLANS, EXPECTATIONS,
GOALS, AND PROJECTIONS 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:
- - CHANGES IN ECONOMIC CONDITIONS - THE SUCCESSFUL INTEGRATION OF
ACQUIRED BUSINESSES
- - MOVEMENTS IN INTEREST RATES - THE NATURE, EXTENT AND TIMING OF
GOVERNMENTAL ACTIONS AND REFORMS
- - COMPETITIVE PRESSURES ON PRODUCT - EXTENDED DISRUPTION OF VITAL
PRICING AND SERVICES INFRASTRUCTURE
- - SUCCESS AND TIMING OF BUSINESS
STRATEGIES
ALL FORWARD-LOOKING STATEMENTS INCLUDED IN THIS DISCUSSION, INCLUDING
RELATED QUESTIONS AND ANSWERS, ARE BASED ON INFORMATION AVAILABLE
AT THE TIME OF THE DISCUSSION. HUNTINGTON ASSUMES NO
OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT.
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HUNTINGTON
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