Huntington Bancshares Q1 2024 Earnings Highlights

Huntington Bancshares Incorporated has reported its first-quarter earnings for 2024, and the results show several notable changes from the prior quarter and the year-ago quarter.

Earnings per common share for the quarter were $0.26, which is higher by $0.11 from the prior quarter. Excluding the after-tax impact of notable items, adjusted earnings per common share were $0.28.

Net interest income decreased $29 million, or 2%, from the prior quarter and decreased $122 million, or 9%, from the year-ago quarter. However, noninterest income increased $62 million, or 15%, from the prior quarter.

Cash and cash equivalents and available contingent borrowing capacity totaled $94 billion at March 31, 2024, representing 205% of uninsured deposits.

Average total deposits increased $1.1 billion, or 1%, from the prior quarter and $4.6 billion, or 3%, from the year-ago quarter. Ending total deposits increased $2.0 billion, or 1%, from the prior quarter and $7.9 billion, or 5%, from the year-ago quarter.

Average total loans and leases increased $701 million, or 1%, from the prior quarter to $121.9 billion and increased $1.5 billion, or 1%, from the year-ago quarter.

The net charge-offs of 0.30% of average total loans and leases for the quarter and the nonperforming asset ratio was 0.60%.

The common equity tier 1 (CET1) risk-based capital ratio was stable at 10.2%, at both March 31, 2024, and December 31, 2023.

Huntington received 7 awards from Coalition Greenwich for 2023 in excellence and best brand for both middle market and business banking.

The reported net income for the 2024 first quarter was $419 million, an increase of $176 million from the prior quarter and a decrease of $183 million from the year-ago quarter.

CEO Steve Steinour highlighted sustained organic growth in deposit and loan balances, with a focus on accelerating organic growth and investing in new revenue-producing opportunities.

In terms of liabilities, average total deposits increased $4.6 billion, or 3%, from the year-ago quarter, and the ending total deposits as of March 31, 2024, increased $7.9 billion, or 5%, compared to a year-ago.

The market has reacted to these announcements by moving the company's shares 1.1% to a price of $13.33. For more information, read the company's full 8-K submission here.

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