Huntington Reports $539M Net Income in Q2
COLUMBUS, Ohio – Huntington Bancshares Inc. reported a net income of $539 million in the second quarter and a net interest income increase of $115 million from the prior quarter, which the company stated reflected robust loan growth and net interest margin expansion of 27 basis points from 3.15%.
Earnings per common share for the quarter were 35 cents, an increase of 6 cents from the prior quarter. The adjusted EPS was 36 cents excluding 1 cent per common share of after-tax notable items, which included $19 million of after-tax acquisition-related expenses.
The return on average assets was 1.22%. The return on average common equity was 12.8%. The return on average tangible common equity was 19.9% and adjusted ROTCE was 20.6%.
Additionally, average total loans and leases increased by $2.8 billion or 3% from the prior quarter. Average total deposits increased by $2.1 billion with average noninterest-bearing deposits increasing $422 million.
“We were very pleased to deliver record earnings during the quarter as well as the early achievement of our medium-term financial goals,” said Steve Steinour, chairman, president and CEO. “The second quarter was marked by robust loan growth, increased average deposit balances, and 6% sequential revenue growth, benefitted by higher interest rates. We achieved our targeted expense level as we completed the TCF cost synergies and delivered sustained positive operating leverage. This superb performance demonstrated the growth potential of the Huntington franchise as we drive top tier financial results for our shareholders.”
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Published by The Business Journal, Youngstown, Ohio.