Press release
HUNTINGTON BANCSHARES INCORPORATED REPORTS 2022 SECOND-QUARTER EARNINGS
Delivers Record Net Income and Achievement of Medium-Term Financial Targets Net Interest Income Increased 10% Sequentially and Continued Expense Reductions
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Delivers Record Net Income and Achievement of Medium-Term Financial Targets Net Interest Income Increased 10% Sequentially and Continued Expense Reductions Drive Record PPNR\n2022 Second-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.35, an increase of $0.06 from the prior 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 million, or 10%, from the prior quarter, reflecting robust loan growth and net interest margin expansion of 27 basis points to 3.15%.Noninterest expense decreased $35 million from the prior quarter, or 3%, to $1.0 billion. Excluding Notable Items, noninterest expense decreased $13 million, or 1%, to $994 million reflecting realization of cost synergies related to the acquisition of TCF Financial Corporation (\"TCF\").Pre-Provision Net Revenue (PPNR) growth, excluding Notable Items, increased 17% from the prior quarter.Average total loans and leases increased $2.8 billion, or 3%, from the prior quarter to $113.9 billion. Excluding the decrease in PPP loans, average total loans and leases increased $3.3 billion, or 3%, from the prior quarter.Average total commercial loans increased 2% from the prior quarter, or 3%, excluding the decrease in PPP loans.Average total consumer loans increased 3% from the prior quarter.Average total deposits increased $2.1 billion, and average noninterest-bearing deposits increased $422 million from the prior quarter.Record low net charge-offs of 0.03% of average total loans and leases, down 4 basis points from the prior quarter. Nonperforming assets have declined four consecutive quarters.On June 15, Huntington completed the acquisition of Capstone Partners (\"Capstone\"), a top tier middle market investment bank and advisory firm.In May, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments.Huntington was ranked number one among regional banks in the J.D. Power 2022 U.S. Banking Mobile App Satisfaction Study for the fourth consecutive year.COLUMBUS, Ohio, July 21, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2022 second quarter of $539 million, or $0.35 per common share, an increase of $554 million, or $...