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Huntington Bancshares Incorporated Reports 2024 First-Quarter Earnings

Q1 Results Highlighted by Sustained Deposit and Loan Growth and Strong Credit Quality 2024 First-Quarter Highlights: Earnings per common share (EPS) for the quarter were $0.26, higher by $0.11 from the prior quarter, and lower by $0.13 from the year-ago quarter. Excluding the after tax impact of Notable Items, primarily related to the FDIC Deposit Insurance Fund special assessment, 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.  Noninterest income increased $62 million, or 15%, from the prior quarter, to $467 million. Noninterest income in the fourth quarter was reduced by $74 million due to the mark-to-market on pay-fixed swaptions. Excluding the impact of mark-to-market on pay-fixed swaptions, noninterest income decreased $12 million compared to the prior quarter. Cash and cash equivalents and available contingent borrowing capacity totaled $94 billion at March 31, 2024, and represented 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. Ending core deposits increased $1.8 billion, or 1%, from the prior quarter reflecting continued momentum in consumer deposit gathering and ongoing focus on acquiring and deepening primary bank relationships. Core deposits increased $6.9 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. Average commercial loans and leases increased $691 million and average consumer loans increased $10 million from the prior quarter. Net charge-offs of 0.30% of average total loans and leases for the quarter. Nonperforming asset ratio of 0.60%. Allowance for credit losses (ACL) of $2.4 billion, or 1.97% of total loans and leases, at quarter end. Common Equity Tier 1 ...