HUNTINGTON BANCSHARES INCORPORATED REPORTS 2024 THIRD-QUARTER EARNINGS

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2024 THIRD-QUARTER EARNINGS

Benzinga
October 17, 2024

Q3 Results Highlighted by Sequential Expansion of Net Interest Income and Fee Revenues, Sustained Loan and Deposit Growth, and Strong Credit Quality

2024 Third-Quarter Highlights:

Earnings per common share (EPS) for the quarter were $0.33, higher by $0.03 from the prior quarter, and lower by $0.02 from the year-ago quarter.

Net interest income increased $39 million, or 3%, from the prior quarter, and decreased $17 million, or 1%, from the year-ago quarter.

Noninterest income increased $32 million, or 7%, from the prior quarter, to $523 million. From the year-ago quarter, noninterest income increased $14 million, or 3%. Excluding the mark-to-market on pay-fixed swaptions in the third quarter 2023 and mark-to-market and premiums from credit risk transfer transactions during the current quarter, noninterest income increased by $55 million, or 12% from the year-ago quarter.

Average total loans and leases increased $1.1 billion, or 1%, from the prior quarter to $124.5 billion, and increased $3.7 billion, or 3%, from the year-ago quarter.

Ending total loans increased $2.0 billion, or 2%, from the prior quarter, or 6% on an annualized basis, and $5.5 billion, or 5%, from the year-ago quarter.

Average total deposits increased $2.9 billion, or 2%, from the prior quarter and $8.3 billion, or 6%, from the year-ago quarter.

Ending total deposits increased $4.0 billion, or 3%, from the prior quarter and $9.5 billion, or 6%, from the year-ago quarter.

Net charge-offs of 0.30% of average total loans and leases for the quarter.

Nonperforming asset ratio of 0.62% at quarter end.

Allowance for credit losses (ACL) of $2.4 billion, or 1.93% of total loans and leases, at quarter end.

Cash and cash equivalents and available contingent borrowing capacity totaled $95 billion at September 30, 2024, and represented 195% of estimated uninsured deposits.

Common Equity Tier 1 (CET1) risk-based capital ratio was 10.4%, at September 30, 2024, unchanged from the prior quarter. Adjusted ...

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