Press release
HUNTINGTON BANCSHARES INCORPORATED REPORTS 2022 THIRD-QUARTER EARNINGS
Second Consecutive Quarter of Record Net Income with Total Revenue Up 9% Sequentially 2022 Third-Quarter Highlights: Earnings per common share (EPS) for the
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Second Consecutive Quarter of Record Net Income with Total Revenue Up 9% Sequentially\n2022 Third-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.39, an increase of $0.04 from the prior quarter.Net interest income increased $143 million, or 11%, from the prior quarter, reflecting net interest margin expansion of 27 basis points to 3.42% and higher average total loans and leases.Noninterest income increased $13 million, or 3%, from the prior quarter, reflecting strength in capital markets supported by full quarter impact of Capstone.Pre-Provision Net Revenue (PPNR), excluding Notable Items, increased $109 million, or 14%, from the prior quarter to $867 million.Average total loans and leases increased $3.0 billion, or 3%, from the prior quarter to $117.0 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 $1.8 billion, or 3%, and average total consumer loans increased $1.2 billion, or 2%, from the prior quarter.Average total deposits increased $1.0 billion from the prior quarter.Net charge-offs of 0.15% of average total loans and leases for the quarter, and 0.08% year to date.Nonperforming assets have declined five consecutive quarters.Allowance for credit losses (ACL) $2.2 billion, or 1.89% of total loans and leases at quarter end.Common Equity Tier 1 (CET1) risk-based capital ratio increased to 9.27%, within our 9% to 10% operating guideline.Ranked first nationally for SBA 7(a) loan origination by volume for the fifth year in a row for SBA fiscal year 2022 and the 14th year in a row that Huntington has been the largest originator, by volume, of SBA 7(a) loans within footprint.Huntington was named a Fortune Best Workplaces in Financial Services & Insurance 2022, reflecting our commitment to colleagues.COLUMBUS, Ohio, Oct. 21, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2022 third quarter of $594 million, or $0.39 per common share, an increase of $217 million, or $0.17 per common share from the year-ago quarter.\n\n \n \n \n \n \n \n\n \nReturn on average assets was 1.31%, return on average common equity was 13.9%, return on average tangible common equity (ROTCE) was 21.9%, and adjusted ROTCE was 22.2%.\nCEO Commentary:\"We are ve...