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Bessemer Group Inc. increased its stake in shares of Huntington Bancshares Incorporated (NASDAQ:HBAN – Free Report) by 246.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 52,620 shares of the bank’s stock after acquiring an additional 37,451 shares during the period. Bessemer Group Inc.’s holdings in Huntington Bancshares were worth $824,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in HBAN. Wellington Management Group LLP boosted its stake in Huntington Bancshares by 4,265.5% in the 4th quarter. Wellington Management Group LLP now owns 70,083,841 shares of the bank’s stock worth $1,215,955,000 after purchasing an additional 68,478,435 shares in the last quarter. Norges Bank purchased a new position in Huntington Bancshares in the fourth quarter worth about $432,584,000. Vanguard Group Inc. lifted its stake in shares of Huntington Bancshares by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 191,319,041 shares of the bank’s stock worth $3,319,385,000 after buying an additional 14,338,222 shares in the last quarter. Marshall Wace LLP lifted its stake in shares of Huntington Bancshares by 2,458.7% in the fourth quarter. Marshall Wace LLP now owns 4,516,068 shares of the bank’s stock worth $78,354,000 after buying an additional 4,339,571 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Huntington Bancshares during the fourth quarter valued at approximately $75,236,000. 80.72% of the stock is owned by institutional investors.

Insider Transactions at Huntington Bancshares In other Huntington Bancshares news, Director James D. Rollins III sold 223,522 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $17.35, for a total transaction of $3,878,106.70. Following the completion of the sale, the director directly owned 612,155 shares of the company’s stock, valued at approximately $10,620,889.25. The trade was a 26.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Marcy C. Hingst sold 10,568 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $18.00, for a total transaction of $190,224.00. Following the transaction, the executive vice president directly owned 267,859 shares of the company’s stock, valued at $4,821,462. This represents a 3.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders purchased 33,500 shares of company stock valued at $617,542. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth A number of research analysts have recently issued reports on HBAN shares. The Goldman Sachs Group lowered their price target on Huntington Bancshares from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, April 6th. Royal Bank Of Canada lifted their price objective on Huntington Bancshares from $20.00 to $21.00 and gave the stock an “outperform” rating in a report on Wednesday, July 1st. Stephens assumed coverage on shares of Huntington Bancshares in a research note on Monday, June 15th. They set an “equal weight” rating and a $19.00 target price on the stock. Morgan Stanley raised their price target on shares of Huntington Bancshares from $20.00 to $21.00 and gave the company an “overweight” rating in a report on Monday, June 29th. Finally, Evercore reissued an “outperform” rating and set a $21.00 price objective on shares of Huntington Bancshares in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $20.20.

Read Our Latest Stock Report on Huntington Bancshares

Huntington Bancshares Price Performance Shares of HBAN stock opened at $17.40 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $35.27 billion, a price-to-earnings ratio of 13.38, a P/E/G ratio of 0.82 and a beta of 0.93. Huntington Bancshares Incorporated has a one year low of $14.89 and a one year high of $19.45. The stock’s fifty day simple moving average is $17.09 and its 200 day simple moving average is $16.93.

Huntington Bancshares (NASDAQ:HBAN – Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $0.39 EPS for the quarter, hitting analysts’ consensus estimates of $0.39. The firm had revenue of $2.85 billion for the quarter, compared to analyst estimates of $2.84 billion. Huntington Bancshares had a net margin of 16.63% and a return on equity of 11.42%. During the same quarter in the prior year, the firm earned $0.34 EPS. Huntington Bancshares has set its FY 2026 guidance at 1.900-1.930 EPS. On average, analysts expect that Huntington Bancshares Incorporated will post 1.62 earnings per share for the current fiscal year.

Huntington Bancshares Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Thursday, September 17th will be issued a $0.155 dividend. The ex-dividend date is Thursday, September 17th. This represents a $0.62 annualized dividend and a yield of 3.6%. Huntington Bancshares’s dividend payout ratio (DPR) is currently 47.69%.

Huntington Bancshares News Roundup Here are the key news stories impacting Huntington Bancshares this week:

Positive Sentiment: Adjusted Q2 EPS came in at $0.39, matching Wall Street estimates and improving from $0.38 a year ago, while revenue of about $2.85 billion was slightly ahead of expectations. Article link Positive Sentiment: Net interest income, fee income, loans, and deposits all increased year over year, pointing to solid underlying business momentum. Article link Positive Sentiment: The company raised full-year 2026 EPS guidance to $1.90-$1.93, above the consensus estimate, signaling management confidence in earnings growth ahead. Neutral Sentiment: Huntington said it maintained its 2026 outlook overall, and investors are likely focusing on the balance between stronger income trends and softer margins. Article link Negative Sentiment: Net interest margin declined in the quarter as funding costs rose, which may temper enthusiasm even with stronger revenue and earnings growth. Article link Negative Sentiment: Rising expenses and provisions remain a headwind, suggesting some pressure on profitability despite the better operating revenue mix. Article link Huntington Bancshares Company Profile (Free Report)

Huntington Bancshares Incorporated (NASDAQ: HBAN) is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company’s operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington’s product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

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MarketBeat Week in Review – 03/09 - 03/13Huntington Bancshares NASDAQ: HBAN executives said the bank delivered a strong second quarter of 2026, citing organic loan and deposit growth, higher revenue, improving profitability and completion of the Cadence systems conversion as key milestones.

Chairman, President and CEO Stephen Steinour called the quarter “exceptional,” saying Huntington is now at an “inflection point” after completing recent integrations and expanding its footprint. He said customer activity remains steady, commercial demand is broad-based and visibility on economic trends has improved since the prior quarter.

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Huntington Bancshares Is Chasing a Bigger Growth Story“Our core businesses are performing at a high level, our conversions are complete, and we are positioned to capture the benefits of our investments, as well as the recent partnerships and expanded footprint,” Steinour said.

Cadence Conversion Completed as Management Shifts Focus to Growth Brant Standridge, Huntington’s President of Consumer and Regional Banking, said the bank completed the Cadence systems conversion 235 days after announcement. He said the process included training and transitioning 4,500 colleagues onto Huntington systems, onboarding hundreds of thousands of customers, converting ATM and ITM locations and changing more than 4,000 signs.

Regional Banking Sector Near a Critical Inflection PointStandridge said Huntington grew deposits during the conversion weekend and in the weeks that followed, a result he described as unusual for a bank conversion. He said the company is retaining about 80% of maturing CD balances in the Cadence footprint, reducing higher-cost wholesale funding and brokered deposits, and increasing checking account growth.

Management said Huntington remains on track to achieve $365 million in Cadence cost synergies in the fourth quarter. Chief Financial Officer Zach Wasserman said the combined Veritex and Cadence run-rate expense synergy target remains $435 million by the fourth quarter.

Standridge also highlighted early revenue opportunities from the Cadence combination, including nearly $1 billion of expanding client commitments across energy, commercial real estate and auto floorplan businesses. He said Huntington has completed more than 10 capital markets transactions with customers in the Cadence footprint since closing, generating approximately $12 million of fees.

Loan and Deposit Growth Remain Central to Results Wasserman said average loans increased $15 billion, or 8.6%, sequentially in the second quarter. Normalizing for the day-count effect of the Cadence balance sheet in the first quarter, average loans increased $2.2 billion, or 1.2%, which he described as strong organic expansion.

Loan growth was led by commercial and industrial categories, including corporate and specialty areas. Wasserman cited activity from the financial institutions group, industrials, diversified businesses, corporate mortgage finance and Native American financial services. Commercial real estate balances declined modestly as planned, while auto production was lower.

Average deposits increased $18.8 billion, or 9.2%, sequentially. On an organic basis adjusted for the Cadence day-count effect, deposits grew $4 billion, or 1.8%, outpacing loan growth. Wasserman said primary banking relationships increased across customer segments, with consumer relationships up 4%, business banking up 5% and commercial up 8% year-over-year.

Deposit costs increased six basis points during the quarter, including about one basis point from the full-quarter impact of Cadence and five basis points from the legacy Huntington franchise.

Revenue Momentum Includes Strong Fee Growth Net interest income was $2.1 billion, up 8.5% sequentially, supported by what management called strong core-funded asset growth. Huntington’s net interest margin increased 10 basis points year-over-year but declined three basis points sequentially. Wasserman said the second quarter should represent the trough for net interest margin, with expected improvement from fixed-asset repricing, liquidity optimization and Cadence deposit portfolio actions.

Value-added fee revenues rose more than 60% year-over-year. Excluding the impacts of Cadence, the Janney Capital Markets business acquisition and last year’s sale of the corporate trust business, Wasserman said value-added fee revenue increased about 30% organically year-over-year.

In specific fee categories, payments increased 10% year-over-year, wealth management rose 12%, capital markets increased 46% and loan and deposit fees grew 19%.

Wasserman said adjusted pre-provision net revenue increased 12% quarter-over-quarter, while value-added fee revenues increased 15%. He also said Huntington generated 210 basis points of positive operating leverage on a trailing 12-month basis.

Outlook Emphasizes NII Pressure, Fee Upside and 2027 Targets Management’s full-year outlook drew scrutiny during the question-and-answer portion of the call after UBS analyst Erika Najarian noted that the stock opened down about 5% and asked about the unchanged outlook despite a lower net interest income expectation.

Wasserman said overall revenue remains robust, but the spread outlook has shifted more toward volume-driven growth. He said Huntington expects net interest income to be at the bottom end of its range or perhaps modestly below it, largely because of deposit cost pressure. At the same time, he said fee income is tracking toward the high end of guidance or potentially above it.

Wasserman said the company expects net interest margin to rise modestly into the low 320-basis-point range in the third quarter and into the mid- to high-320s in the fourth quarter. He also said management expects loans and deposits to grow sequentially in the second half of the year.

Executives reiterated longer-term targets for 2027, including earnings per share of $1.90 to $1.93 and return on tangible common equity in the 18% to 19% range. Wasserman said Huntington expects EPS growth of approximately 30% from the 2025 level, supported by organic growth, fee income expansion, revenue synergies and expense discipline.

Credit and Capital Remain Areas of Management Confidence Wasserman said credit performance remains strong and consistent with expectations. Net charge-offs are trending near the low end of the company’s guided range, and Huntington now expects charge-offs to be in the lower half of its 25- to 35-basis-point range for the year. He said criticized assets declined during the quarter, while nonperforming assets remain elevated because of government-guaranteed loan categories with “virtually no loss content” and downgrades of select commercial credits.

Huntington completed $310 million of its planned $550 million share repurchase program for 2026 year-to-date. Wasserman said the company expects to repurchase an additional $1.1 billion to $1.2 billion in 2027.

Steinour closed the call by saying Huntington has become a “stronger, more diversified super regional bank” through new markets, broader business mix and added capabilities. He said the company remains on track for its 2027 financial targets, with the fourth quarter expected to provide a clearer view of the earnings power of the combined franchise.

About Huntington Bancshares (NASDAQ:HBAN)Huntington Bancshares Incorporated NASDAQ: HBAN is a bank holding company headquartered in Columbus, Ohio, that provides a broad range of banking and financial services through its principal subsidiary, Huntington National Bank. The company's operations are centered on retail and commercial banking, and it serves individual consumers, small and middle-market businesses, and institutional customers.

Huntington's product offerings include traditional deposit and lending products, consumer and commercial loans, mortgage origination and servicing, auto financing, and business banking solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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Q2 Results Highlighted by Growth in Key Strategic Fee Revenues and Net Interest Income and Successful Cadence Systems Conversion
 

2026 Second-Quarter Highlights:

Earnings per common share (EPS) for the quarter was $0.33, higher by $0.08 from the prior quarter, and $0.01 lower than the year-ago quarter. Excluding the after-tax impact of Notable Items as detailed in Table 2, adjusted EPS1 was $0.39, higher by $0.02 from the prior quarter. The prior year quarter included $0.04 of impact to EPS resulting from a $58 million decrease in pre-tax earnings from a securities repositioning and Notable Items that decreased pre-tax earnings by $3 million. Excluding the impact from these items, adjusted EPS1 was higher by $0.01 from the year ago quarter. Successfully completed the systems conversion of Cadence Bank ("Cadence") in mid-June. Net interest income increased $161 million, or 9%, from the prior quarter, and $585 million, or 40%, from the year-ago quarter.  Noninterest income increased $103 million, or 15%, from the prior quarter, to $785 million. From the year-ago quarter, noninterest income increased $314 million, or 67%.    Average total loans and leases increased $15.0 billion, or 9%, from the prior quarter to $189.3 billion and increased $56.1 billion, or 42%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex Holdings, Inc. ("Veritex") acquisitions. Average commercial loans grew $11.6 billion, or 11%, from the prior quarter and $44.4 billion, or 59%, from the year-ago quarter. Average consumer loans grew $3.4 billion, or 5%, from the prior quarter and $11.7 billion, or 20%, from the year-ago quarter. Average total deposits increased $18.8 billion, or 9%, from the prior quarter and $60.0 billion, or 37%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions.  Net charge-offs of 0.25% of average total loans and leases for the quarter, 1 basis point lower than the prior quarter and 5 basis points higher than the year ago quarter. Nonperforming asset ratio of 0.85% at quarter end, 13 basis points higher than the prior quarter. Allowance for credit losses (ACL) of $3.4 billion, or 1.78% of total loans and leases, at quarter end, an increase of $13 million from the prior quarter. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.0%, at June 30, 2026, compared to 10.2% at the prior quarter end. Adjusted Common Equity Tier 11, including the impact of AOCI, excluding cash flow hedges, was 9.0%, compared to 9.2% at the prior quarter end. Tangible common equity (TCE)1 ratio of 7.1%, up slightly from the prior quarter end and up from 6.6% a year ago. Tangible book value per share1 of $9.65, up $0.10, or 1%, from the prior quarter and up $0.52, or 6%, from a year ago.  Repurchased $159 million of common shares in the second quarter, and $309 million of common shares year-to-date, representing approximately 19 million shares repurchased year‑to‑date. , /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2026 second quarter of $727 million, or $0.33 per common share, an increase of $204 million, or 39%, from the prior quarter, and an increase of $191 million, or 36%, from the year-ago quarter, inclusive of $152 million of pre-tax Notable Items in the 2026 second quarter due to acquisition-related expenses. 

Return on average assets was 1.02%, return on average common equity was 9.3%, and return on average tangible common equity (ROTCE)1 was 15.1% for the quarter, or 17.5% adjusted for Notable Items.

CEO Commentary:

"Building on a strong start to the year, Huntington delivered another solid quarter driven by disciplined execution and continued performance across our franchise," said Steve Steinour, chairman, president, and CEO. "Growth in our legacy organization was outstanding, credit remains strong, and we are seeing early revenue synergies in Cadence markets. Our pipelines are robust as we enter the second half of 2026 and the operating environment remains constructive."

"We delivered these results while executing a very successful Cadence systems conversion in June, marking the last major milestone in the integration. We have been very pleased with positive customer and colleague engagement. With the Veritex, Janney & TM Capital, and Cadence integrations behind us, we are well positioned to deliver the full economic benefits of our combined company. We have strong line of sight to the remaining cost synergies and we are actively driving revenue synergies. By the fourth quarter, the full earnings power of these partnerships will be clearly evident.

"Our balance sheet remains a source of strength, as demonstrated by our recent CCAR stress test results, and we are confident in our outlook. Supported by strong underlying business momentum and a differentiated super-regional model, we are positioned to achieve our financial targets, including sustained growth of earnings and tangible book value, and attractive returns for our shareholders.

1

Represents a non-GAAP financial measure. For additional details, see the "Use of Non-GAAP Financial Measures" section of this release and reconciliations to the comparable GAAP financial measure included in this release or Huntington's Quarterly Financial Supplement.

Conference Call / Webcast Information

Huntington's senior management will host an earnings conference call on July 23, 2026, at 9:00 a.m. (Eastern 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 #13761371. 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 July 31, 2026 at (877) 660-6853 or (201) 612-7415; conference ID #13761371.

Please see the 2026 Second Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com. 

About Huntington

Huntington Bancshares Incorporated is a $284 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates over 1,400 branches in 21 states, with certain businesses operating in extended geographies. 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 which are not historical facts and are subject to numerous assumptions, risks, estimates, and uncertainties that are beyond the control of Huntington. 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, continue, believe, intend, estimate, plan, trend, objective, 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 or historical performance: changes in general economic, political, regulatory, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages; instability in global economic conditions and geopolitical conditions, including U.S. direct involvement in war and other conflicts, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as Federal Deposit Insurance Corporation ("FDIC") special assessments, long-term debt requirements and heightened capital requirements; potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; market perceptions of us and banks generally, including from the effects of social media; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Board of Governors of the Federal Reserve System ("Federal Reserve"); volatility and disruptions in global capital, foreign exchange, and credit markets; movements in interest rates; 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; introduction of new competitive products, such as stablecoins, and new competitors, such as financial technology companies and other "nontraditional" bank competitors; changes in policies and standards for regulatory review of bank mergers; 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 Securities and Exchange Commission ("SEC"), the Office of the Comptroller of the Currency, the Federal Reserve, the FDIC, the Consumer Financial Protection Bureau, and state-level regulators; the possibility that the anticipated benefits of recent or proposed acquisitions are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the companies or as a result of the strength of the economy and competitive factors in the areas where the companies do business; and other factors that may affect the future results of Huntington.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements 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. If Huntington updates one or more forward-looking statements, no inference should be drawn that Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. See also the other reports filed with the SEC, including discussions under the "Forward-Looking Statements" and "Risk Factors" of Huntington's Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2026, as filed with the SEC and available on its website at www.sec.gov.

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, the financial supplement, 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.

Rounding

Please note that items in this document may not add due to rounding.

Notable Items

From time to time, revenue, expenses, or taxes are impacted by items judged by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at that time to be infrequent or short term in nature. We refer to such items as "Notable Items." Management believes it is useful to consider certain financial metrics with and without Notable Items, in order to enable a better understanding of company results, increase comparability of period-to-period results, and to evaluate and forecast those results.

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