HUNTINGTON BANCSHARES INCORPORATED ANNOUNCES SECOND QUARTER 2022 RESULTS
Provides record net income and meets medium-term financial goals
Net interest income increased 10% sequentially and continued expense reductions drove record PPNR
Second Quarter 2022 Highlights:
- Earnings per common share (EPS) for the quarter was $0.35an augmentation of $0.06 of the previous quarter. Excluding $0.01 per common share after tax of notable items, adjusted earnings per common share were $0.36.
- Net interest income increased $115 millionor 10%, from the prior quarter, reflecting robust loan growth and net interest margin expansion of 27 basis points to 3.15%.
- Non-interest expense decreased $35 million of the previous quarter, i.e. 3%, at $1.0 billion. Excluding notable items, non-interest expense decreased $13 millionor 1%, to $994 million reflecting the realization of cost synergies related to the acquisition of TCF Financial Corporation (“TCF”).
- Growth in net income before provisioning (PPNR), excluding notable items, increased by 17% compared to the prior quarter.
- Average total loans and leases increased $2.8 billionor 3%, from the previous quarter to $113.9 billion. Excluding decline in PPP loans, average total loans and leases increased $3.3 billionor 3%, compared to the previous quarter.
- Average total commercial loans increased 2% from the prior quarter, or 3% excluding the decline in PPP loans.
- Average total consumer loans increased 3% from the previous quarter.
- Average total deposits increased $2.1 billionand average non-interest bearing deposits increased $422 million of the previous quarter.
- Record net write-offs of 0.03% of average total loans and leases, down 4 basis points from the prior quarter. Non-performing assets have declined for four consecutive quarters.
- On June 15Huntington has completed the acquisition of Capstone Partners (“Capstone”), a leading middle-market investment bank and advisory firm.
- In May, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments company focused on business-to-consumer payments.
- Huntington was ranked number one among regional banks in the JD Power 2022 U.S. Mobile Banking App Satisfaction Study for the fourth consecutive year.
Columbus, Ohio, July 21, 2022 /PRNewswire/ — Huntington Bancshares Incorporated (Nasdaq: HBAN) Reported Net Earnings for the Second Quarter of 2022 $539 millionWhere $0.35 per ordinary share, an increase of $554 millionWhere $0.40 per common share over the prior year quarter. In the second quarter of 2022, adjusted earnings per common share were $0.36, excluding $0.01 per ordinary share after tax of notable items. Specifically, notable items included $19 million after-tax acquisition-related expenses.
Return on average tangible assets was 1.22%, return on average common equity was 12.8%, return on average tangible common equity (ROTCE) was 19.9% and adjusted ROTCE was 20 .6%.
“We are very pleased to have delivered record earnings during the quarter as well as the rapid achievement of our medium-term financial objectives,” said Steve Steinour, Chairman, President and Chief Executive Officer. “The second quarter was marked by robust loan growth, higher average deposit balances and sequential revenue growth of 6%, driven by higher interest rates. superb performance demonstrated the growth potential of the Huntington franchise as we deliver top-notch financial results for our shareholders.
“The quality of our balance sheet remains a strength, and credit continues to perform exceptionally well with record net write-offs. Our outstanding credit performance reflects the disciplined approach, in line with our overall moderate to moderate risk appetite. We were pleased to see this validated by recent CCAR stress test results, which included loan portfolios from the TCF acquisition, as our modeled credit loss rates continued to decline. to be close to the best in their category.
“Furthermore, during the quarter, we added capacity through add-on acquisitions in Capstone and Torana. These acquisitions highlight the complementary capabilities we are adding to existing businesses and better position us to serve our customers and support our organic growth plans.
“Finally, we were honored to once again be recognized by JD Power as the most satisfied regional bank with our mobile app for the fourth year in a row. This type of distinction demonstrates the expertise and innovation that we remain committed to. provide our customers with enhanced digital capabilities and a differentiated customer experience.”
Second Quarter 2022 Earnings Materials, including the detailed earnings press release, quarterly financial supplement and conference call slide presentation, are available in the Investor Relations section of Huntington’s website, http://huntington.com/ In addition, financial results will be provided on a Form 8-K which will be available on the Securities and Exchange Commission’s website at www.sec.gov.
Conference Call / Information Webcast
Huntington’s senior management will hold an earnings conference call on July 21, 2022 at 10:00 a.m. (Eastern Time). The call can be viewed via live webcast on the Internet in the Investor Relations section of Huntington’s website, www.huntington.com, or via a dial-in phone number at (877) 407-8029; Conference ID #13730639. The slides will be available in the Investor Relations section of Huntington’s website approximately one hour before the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A phone replay will be available approximately two hours after the call ends via July 28, 2022 at (877) 660-6853 or (201) 612-7415; Conference ID #13730639.
Please see the quarterly financial supplement for the second quarter of 2022 for additional detailed financial performance measures. This document can be found in the Investor Relations section of the Huntington website, http://www.huntington.com.
Huntington Bancshares Incorporated is a $179 billion regional asset holding bank headquartered in Columbus, Ohio. Founded in 1866, National Bank Huntington and its subsidiaries provide consumers, small and medium-sized businesses, corporations, municipalities and other organizations with a full range of banking, payment, wealth management and banking products and services. risk management. Huntington operates more than 1,000 branches in 11 states, with some companies operating in wide geographic areas. Visit Huntington.com for more information.
SOURCEHuntington Bancshares Incorporated