Huntington Reports Net Income of $474M in Q2

COLUMBUS, Ohio – Huntington Bancshares on Thursday reported a net income of $474 million in the second quarter, as well as an earning assets increase of $3.2 billion from a year ago and $4.3 billion from the first quarter of 2024.

Huntington attributed those increases primarily to a rise in average total loans and leases, as well as growth in total securities.

Earnings per common share for the second quarter was 30 cents, up 4 cents from the prior quarter but down 5 cents from a year ago.

Both net interest income and noninterest income increased by $25 million and $24 million, respectively.

“Our second-quarter results were highlighted by an expansion in revenue from the prior quarter, including in both net interest income and noninterest income,” said Steve Steinour, chairman, president and CEO of Huntington. “We delivered accelerated loan growth in the quarter and continued our trend of increasing deposit balances.”

Cash and cash equivalents, as well as available contingent borrowing capacity, totaled $95 billion as of June 30, representing 204% of estimated uninsured deposits. Total deposit averages increased by $2.9 billion from the prior quarter and $8 billion from a year ago.

Average total loans and leases increased $1.4 billion from the prior quarter and $2 billion from a year ago.

The net charge-offs were 0.29% of average total loans and leases for the quarter, while the nonperforming asset ratio was 0.63% at quarter’s end.

During the quarter, Huntington completed a $478 million Credit Linked Note transaction related to an approximately $4 billion reference pool of on-balance sheet prime indirect auto loans as part of the company’s capital optimization strategy, which reduced Huntington’s risk-weighted assets by 76%.

“Credit quality continued to perform very well in the quarter and we were pleased with the recent CCAR stress test results, which were highlighted by our top quartile performance for stressed credit losses,” Steinour said. “For nearly a decade Huntington has maintained CCAR credit loss estimates in the top quartile compared to peers with low relative loss estimates. This demonstrates the benefit of our consistent management of our aggregate moderate- to low-risk appetite.”

The full report can be found HERE.

Published by The Business Journal, Youngstown, Ohio.