Huntington Reports Net Income of $419M in Q1

COLUMBUS, Ohio – Huntington Bancshares Inc. on Friday reported $419 million in net income in the first quarter, or $0.26 per common share.

The net income was an increase of $176 million, or $0.11, from the prior quarter, but a decrease of $183 million, or $0.13, from the quarter a year ago.

Adjusted earnings per common share were $0.28 when excluding $.02 per common share of after-tax notable items.

“Our first quarter results were highlighted by sustained organic growth, with deposit and loan balances continuing to expand as we enter the new year,” said Steve Steinour, chairman, president and CEO. “Our outlook for the year remains unchanged as we look to accelerate organic growth.”

While net interest income decreased $29 million, or 2%, from the prior quarter and decreased $122 million, or 9%, from the year-ago quarter, noninterest income increased $62 million, or 15%, from the prior quarter to $467 million. Huntington reports the fourth quarter noninterest income was reduced by $74 million due to the mark-to-market on pay-fixed swaptions, which, excluding that impact, decreased by $12 million from the prior quarter.

Cash, cash equivalents and available continued borrowing capacity totaled $94 billion as of March 31, representing 205% of uninsured deposits. Average total deposits increased by $1.1 billion, or 1%, from the prior quarter and $4.6 billion, or 3%, from the year-ago quarter.

Average total loans increased $701 million, or 1%, from the prior quarter to $121.9 billion. Average commercial loans and leases increased $691 million, and average consumer loans increased $10 million from the prior quarter. Over the course of the year, average total loans increased $1.5 billion.

Other first quarter highlights include:

  • Net charge offs of 0.30% of average total loans and leases for the quarter.
  • A nonperforming asset ratio of 0.60%.
  • A $2.4 billion, or 1.97%, allowance for credit losses on total loans and leases.
  • Return on average assets was 0.89%; return on average common equity was 9.2%; and return on average tangible common equity was 14.2%.

Huntington’s CEO continues to predict growth for the Columbus-based company in 2024.

“Huntington entered 2024 from a position of strength with robust liquidity and capital, enabling us to remain focused on executing key growth initiatives,” Steinour said. “We are investing in new revenue producing opportunities, adding talented bankers across the footprint, and bolstering capabilities in the commercial and regional bank. These investments are already delivering results, evidenced by robust pipelines in our expanded Carolinas and Texas regions, as well as in new commercial specialty banking areas.”

The complete report can be viewed HERE.

Published by The Business Journal, Youngstown, Ohio.