Huntington Bancshares Inc (NASDAQ:HBANP) Q3 2018 Earnings Conference Call - Preliminary Transcript
Oct 23, 2018 • 09:00 am ET
We also repurchased (ph) $691 million of common shares or approximately 65% of the total repurchase included in our 2018 CCAR capital plan. As briefly outlined on Slide 3, we developed Huntington strategies with a vision of creating a high-performing regional bank and delivering top quartile through-the-cycle shareholder returns. Our profitability metrics are among the best in the industry, and we have built sustainable competitive advantages in our key businesses that we believe will deliver high performance in the future.
The franchise continues to perform well in many fronts, allowing us to make investments in capabilities we need to drive consistent organic growth. We're focused on driving sustained long-term performance for our shareholders. We remain committed to our aggregate moderate-to-low risk appetite, which we put in place eight years ago. And as a reminder, we reinforced the importance of these standards by requiring the top 1,400 officers of the company to comply with hold-to-retirement restrictions on their equity awards.
Slide 4 illustrates our long-term financial goals, which were approved by the board in the fall of 2014 as part of our strategic planning process. As a reminder, these goals were originally set with a five-year time horizon in mind, and we fully expect to achieve these goals this year on a reported GAAP basis, two years ahead of original expectations. I've already touched on our record revenues, the continued expense discipline and our third quarter efficiency ratio, which was below the low end of our long-term goal.
In addition to our credit metrics -- our credit metrics remain excellent. The third quarter of 2018 was the 17th consecutive quarter where net charge-offs remained below our average through-the-cycle target range and loan provisions in excess of that charge-offs have been taken in 12 of the last 13 quarters. Our 19% return on tangible common equity positions Huntington as a top-performing regional bank. Now these results demonstrate that our strategies are clearly working and will continue to drive Huntington forward.
So let's turn to Slide 5 to review 2018 expectations and discuss the current economic and competitive environment in our markets. The local economies across our 8-state footprint continue to perform well, and we remain optimistic on the near-term outlook. Unemployment rates remain near historical laws, and we continue to seek labor shortages throughout our footprint markets. The Midwest, in fact, has the highest job opening rate in the nation so far in 2018.
Of the four major regions of the country, the Midwest is the most dynamic region for potential jobs growth according to the US Bureau of Labor Statistics August (ph) JOLTS survey. The employment and growth opportunities in Midwest continue to make it a favorable economic region. 6 of our 8 footprint states experienced net population in-migration in 2017. In fact, 2017 was the first year Ohio had net immigration in a quarter of a century.
As shown on (ph) Slide 70 in the appendix, the Philadelphia Fed's state leading economic indicator indices for our footprint point toward a