WEBVTT - ICYMI: Huntington Banking on Texas 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News.

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<v Speaker 2>You're listening to Bloomberg BusinessWeek with Carol Masser and tim

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<v Speaker 2>Stenoveek on Bloomberg Radio. Well.

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<v Speaker 1>Huntington Bank Shares stock down about one point eight percent

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<v Speaker 1>as we speak. The company reported second quarter earnings this morning.

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<v Speaker 1>It boosted its net interest income growth forecast for the

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<v Speaker 1>full year. Earlier this week, though, the company also agreed

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<v Speaker 1>to buy Veritec's holdings for one point nine billion dollars

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<v Speaker 1>in stock that expands its presence in Dallas, Fort Worth

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<v Speaker 1>and Houston. Back with us is Zach Wasserman, chief financial

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<v Speaker 1>officer of Huntington Bank Shares. It's the holding company of

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<v Speaker 1>the consumer and business regional bank, Huntington National Bank. It's

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<v Speaker 1>got locations in a handful of states, including Ohio, Minnesota,

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<v Speaker 1>North and South Carolina and more. Also with us Bloomberg

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<v Speaker 1>News Senior editor Nina Trentman. She writes the Bloomberg CFO

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<v Speaker 1>Briefing newsletter, which you should sign up for at Bloomberg

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<v Speaker 1>dot com slash CFO Dash Briefing. Zach is in Columbus,

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<v Speaker 1>Ninah in our Bloomberg studio, Zach, I want to start

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<v Speaker 1>just with the deal for Veritex in Texas that will

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<v Speaker 1>accelerate your operations in the state. What attracted you to

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<v Speaker 1>this bank in particular and to the Texas market.

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<v Speaker 3>You know, we're extraordinarily pleased with the opportunity to partner

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<v Speaker 3>with Veritechs, And you know, a couple of things.

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<v Speaker 2>I would say.

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<v Speaker 3>One is the Texas market in particular is incredibly attractive.

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<v Speaker 3>As you probably know, it's one of the fastest growing

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<v Speaker 3>states in the country. It's the eighth largest economy in

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<v Speaker 3>the world if it was a standalone country, and just

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<v Speaker 3>the dynamism and the amount of business activity there is

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<v Speaker 3>incredibly attractive.

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<v Speaker 2>It's one of the.

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<v Speaker 3>Reasons why we launched our own business there more than

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<v Speaker 3>a decade ago, and we doubled down with a local

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<v Speaker 3>expansion in early twenty twenty four.

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<v Speaker 2>But Veritechs also is.

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<v Speaker 3>An incredible platform for us to partner with. They're a

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<v Speaker 3>top ten commercial bank in the state, and in particular

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<v Speaker 3>focused on the two cities, as you noted before, the

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<v Speaker 3>two MSA areas Dallas Fort Worth on one hand and

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<v Speaker 3>then Houston and the other hand that.

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<v Speaker 2>We really are focused on.

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<v Speaker 3>So we not only see a great opportunity to combine

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<v Speaker 3>our activities but to really build on that.

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<v Speaker 2>One of the things we've talked a lot about is.

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<v Speaker 3>That this is a springboard for us to grow organically,

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<v Speaker 3>not only now in the short term, but really over

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<v Speaker 3>the longer term in Texas. It'll make Texas our third

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<v Speaker 3>largest state, to give you a sense, so we already

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<v Speaker 3>will have a very meaningful present presence in that really

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<v Speaker 3>great market.

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<v Speaker 4>Zach, can you talk to us a little bit about

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<v Speaker 4>how that deal came together. We know, of course many

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<v Speaker 4>companies have been looking at deal making this year. Deal

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<v Speaker 4>making is actually up compared to the prior year period,

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<v Speaker 4>but still, of course there are deals that are not

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<v Speaker 4>going through because of terrorists and uncertainty, and how far

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<v Speaker 4>did that impact your deal and also how did it

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<v Speaker 4>come together?

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<v Speaker 3>Yeah, well, you know, so we have wanted to expand

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<v Speaker 3>and sort of continue to grow into Texas for some time,

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<v Speaker 3>and we've been therefore evaluating a lot of opportunities to

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<v Speaker 3>do that, both organically, you know, as you as you

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<v Speaker 3>probably know in North and South Carolina, we've we've just

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<v Speaker 3>announced to a pretty significant organic expand and building fifty

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<v Speaker 3>five branches and really doubling down building out our whole

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<v Speaker 3>franchise there, and so we were looking at opportunities to

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<v Speaker 3>do the same thing in Texas and obviously evaluating lots of.

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<v Speaker 2>Different ways to do that.

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<v Speaker 3>When we really began to talk with Veritexs and it

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<v Speaker 3>came together pretty quickly. The first time we met with

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<v Speaker 3>them to discuss a partnership in any specificity was in

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<v Speaker 3>mid June, so just about a month ago, and it

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<v Speaker 3>evolved quickly for us to see, Wow, these are not

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<v Speaker 3>only incredibly strategic opportunities, but the organizations themselves share a

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<v Speaker 3>tremendous affinity in terms of culture and mission, which, as

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<v Speaker 3>you probably know, that is the sort of secret sauce

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<v Speaker 3>to make an acquisition in banking successful. The cultures need

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<v Speaker 3>to be aligned, the teams need to work together, and

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<v Speaker 3>we saw that there was not only the strategic opportunity,

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<v Speaker 3>but the cultures fit and then we were able to

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<v Speaker 3>work together to find some of these growth opportunities that

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<v Speaker 3>we could capture together. We said, Wow, this is a

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<v Speaker 3>partnership that we really should move forward with, and so

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<v Speaker 3>on Monday we were really pleased to be ably announce that.

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<v Speaker 4>Just turning to your earnings, talk to us a bit

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<v Speaker 4>about the past quarter. We spoke to you at the

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<v Speaker 4>end of the last quarter and we're asking you, do

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<v Speaker 4>you see any sign any signs of a recession in

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<v Speaker 4>your business? How is your business doing? What are you

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<v Speaker 4>hearing from clients now that we're three months later, How

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<v Speaker 4>does that look?

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<v Speaker 3>Yeah, the Q two results were just phenomenal, and then

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<v Speaker 3>they really built strength throughout the quarter. To give you

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<v Speaker 3>a sense, loans sequentially grew just under two percent. That's

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<v Speaker 3>eight percent year over year. That was at the high

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<v Speaker 3>end of our guidance range that we had given earlier.

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<v Speaker 3>In the quarter, deposits grew one percent, fees were up

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<v Speaker 3>seven percent year on year, spread revenue twelve percent. Ultimately,

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<v Speaker 3>we saw pretexts earnings up sixteen percent and rings per

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<v Speaker 3>share growing twenty.

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<v Speaker 2>Five percent year on year. So it really was a

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<v Speaker 2>bang up quarter.

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<v Speaker 3>I will tell you, if you rewind the tape and

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<v Speaker 3>you go back to April, I would have told you

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<v Speaker 3>we had a lot of momentum. We felt pretty confident

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<v Speaker 3>about how things where good would go, but there was

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<v Speaker 3>clearly quite a bit of uncertainty in the market, and

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<v Speaker 3>the capital markets were pretty volatile.

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<v Speaker 2>You know.

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<v Speaker 3>Fast forward to June and we saw strength build throughout

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<v Speaker 3>the quarridor loan and customer activity really firmed up, particularly

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<v Speaker 3>in mid May and into June, and now the third

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<v Speaker 3>quarter is starting out with the bank. We just talked

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<v Speaker 3>this morning with our analyst and investor community and we

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<v Speaker 3>shared that, you know, through the first couple of weeks

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<v Speaker 3>here in July, it's pretty strong actually, So all signs

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<v Speaker 3>are pointing toward continued growth and certainly a very encouraging

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<v Speaker 3>end of what was to start with a somewhat uncertain environment.

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<v Speaker 5>Zach Shanali Bassak here, thanks for joining us today. You know,

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<v Speaker 5>even with a lot of promising information coming out of

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<v Speaker 5>this earning season for the biggest banks, for the regional banks,

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<v Speaker 5>there seems to have been a pretty muted investor reception

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<v Speaker 5>for firms even like yours that have boosted net interest

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<v Speaker 5>income guidance. That should be a really good thing. What

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<v Speaker 5>are masters telling you in terms of what else they

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<v Speaker 5>want to see? Why the mouted reaction, even if things

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<v Speaker 5>are looking pretty good.

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<v Speaker 3>You know, it's hard to know what's on the mind

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<v Speaker 3>of investors any given time, as I'm sure you know. Well, look,

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<v Speaker 3>I think if you take a step back, the regional

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<v Speaker 3>bank stocks have expanded a fair amount over the last month,

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<v Speaker 3>so I think there's part of that sort of profit

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<v Speaker 3>taking activity going on now as results come through, there's

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<v Speaker 3>also obviously worries around how will different banks fare under

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<v Speaker 3>this fairly wide cone of uncertainty, around where interest rates

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<v Speaker 3>are going to go from here? Our rate's going to

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<v Speaker 3>stay flat and could they even go higher or could

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<v Speaker 3>they go lower. I'll tell you, for our for Huntington's sake,

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<v Speaker 3>we have positioned the business to be pretty neutral and

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<v Speaker 3>to effectively have the same outcome if we have zero

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<v Speaker 3>rate cuts or if as many four rate cuts from here,

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<v Speaker 3>and so I think, you know, that's one of the

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<v Speaker 3>questions on the mind of analysts. I think another one

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<v Speaker 3>is as low growth in the banking industry generally starts

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<v Speaker 3>to pick up, which by the way, is an incredibly

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<v Speaker 3>healthy sign, but as it happens across the industry broadly,

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<v Speaker 3>what will that do to deposit cost competition and the

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<v Speaker 3>kind of the benefits of interest rates coming down by

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<v Speaker 3>around a percentage point relative to the peak of FED funds,

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<v Speaker 3>you know, over the last number of quarters here. So

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<v Speaker 3>I suspect those and many other things are on the

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<v Speaker 3>mind of analysts, you know. For our part, I'll tell you,

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<v Speaker 3>you know, we put our heads down and we run

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<v Speaker 3>the business and and I think you know for what

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<v Speaker 3>we believe pretty strongly is if we can keep posting that,

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<v Speaker 3>you know, teens to hire earnings for share growth and

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<v Speaker 3>revenue growth in the high single digits, that ultimately we'll

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<v Speaker 3>see the stock prices continue to expand as they have

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<v Speaker 3>been for the last several months.

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<v Speaker 4>Zach, you talked about interest rates, which of course is

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<v Speaker 4>a nice segue to to our next question. We've seen

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<v Speaker 4>increasingly intense devey this week and in recent weeks about

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<v Speaker 4>the future of mister Powell is head of the FED,

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<v Speaker 4>with the Trump administration asking for ratcod wanting to remove him.

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<v Speaker 4>We saw this big excitement earlier this week when The

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<v Speaker 4>New York Times reported that Trump had written a letter

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<v Speaker 4>and waived that in front of people in Congress. I'm

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<v Speaker 4>just wondering for you, as a regional bank CFO. I

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<v Speaker 4>know that your ps on Wall Street have expressed their

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<v Speaker 4>support for an independent FED earlier this week when they

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<v Speaker 4>reported earnings for you as a regional bank CFO, how

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<v Speaker 4>does that look?

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<v Speaker 3>You know, what we want is a well functioning monetary system.

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<v Speaker 3>We want a predictable and stable environment. We want to

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<v Speaker 3>understand that it's a fact based and you know, based

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<v Speaker 3>on the kind of fundamentals of the economy in terms

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<v Speaker 3>of how the decision making is happening. So far, that

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<v Speaker 3>appears to be happening. I personally give the federal lotic credit.

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<v Speaker 3>It was a very difficult environment they've been through, and

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<v Speaker 3>they seem to have managed through over the last several

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<v Speaker 3>years pretty well here and you know, that'll be where

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<v Speaker 3>our focus is fundamentally coming back. You know, we run

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<v Speaker 3>the business every day, We take the interest rate as

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<v Speaker 3>given and we try to optimize around that.

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<v Speaker 1>Nina, we're speaking with Zach wassonan chief financial officer of

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<v Speaker 1>Huntington Bank Shares. Zach, since you do operate in these

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<v Speaker 1>geographies including Texas, Ohio, Minnesota, North and South Carolina and more,

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<v Speaker 1>you've got a nice regional view on where there is

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<v Speaker 1>strength and weakness. Are you seeing any particular geographical weakness

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<v Speaker 1>emerge anywhere?

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<v Speaker 2>Really not, you know, I think pretty broad based growth.

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<v Speaker 3>One of the things we shared today in the earnings

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<v Speaker 3>results is that, like we've seen for the last several quarters,

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<v Speaker 3>the growth we're seeing is very balanced between what we're

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<v Speaker 3>calling our core all of the businesses we've been operating

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<v Speaker 3>for for a long time, but also our new initiatives

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<v Speaker 3>excuse me, the launches we're doing into North and South Carolina,

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<v Speaker 3>into Texas.

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<v Speaker 2>Recently we launched our business into South Florida and a number.

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<v Speaker 3>Of new commercial specialties, and we're seeing a nice balance

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<v Speaker 3>across them. So, you know, kind of across our traditional

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<v Speaker 3>Midwest footprint, we're seeing strong growth in Michigan. I was

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<v Speaker 3>just up with our Michigan based team earlier this week,

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<v Speaker 3>and we're seeing six percent year over year loan growth.

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<v Speaker 2>In that market.

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<v Speaker 3>To give you a sense, in Columbus and in our

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<v Speaker 3>central Ohio region where I'm based, we're seeing very strong

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<v Speaker 3>economic conditions and a lot of expansion.

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<v Speaker 2>And then of course in.

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<v Speaker 3>Some of the new geographies that we've were growing into

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<v Speaker 3>North and South Carolina, Texas, Florida, we're seeing a fair

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<v Speaker 3>amount of expansion there also, so not really seeing any

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<v Speaker 3>areas of weakness. And you know, again, as I noted,

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<v Speaker 3>kind of the trend we're seeing month by month here

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<v Speaker 3>is firming up pretty well.

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<v Speaker 2>Zach.

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<v Speaker 1>Thanks for joining us. It's good to see you again.

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<v Speaker 1>Happy third quarter. I can't believe we're already there. Hope

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<v Speaker 1>you have a good summer and do come back soon

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<v Speaker 1>and join us once again. Zach Washerman, Chief financial Officer

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<v Speaker 1>of Huntington Bank Shares, is the holding company of the

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<v Speaker 1>consumer and business regional bank. Huntington National Bank locations include Ohio, Minnesota,

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<v Speaker 1>North Carolina, and more. Stock right now down about two percent.

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<v Speaker 1>The company did report results a little earlier in the day.

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<v Speaker 2>Also with US.

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<v Speaker 1>Bloomberg News Senior editor Nina Trentman. She does write the

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<v Speaker 1>Bloomberg CFO Briefing newsletter. You should sign up for a

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<v Speaker 1>Bloomberg dot com slash CFO Briefing