Press release
HUNTINGTON BANCSHARES INCORPORATED REPORTS 2023 FIRST-QUARTER EARNINGS
Strong Q1 Results and Disciplined Execution Demonstrate Huntington's Stability and Robust Financial Performance 2023 First-Quarter Highlights: Earnings per
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Strong Q1 Results and Disciplined Execution Demonstrate Huntington's Stability and Robust Financial Performance\n2023 First-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.39, a decrease of $0.03 from the prior quarter, and an increase of $0.10 from the year-ago quarter. Excluding the after tax impact of Notable Items, adjusted earnings per common share were $0.38.Net interest income decreased $53 million, or 4%, from the prior quarter, and increased $263 million, or 23%, from the year-ago quarter. The decrease from the prior quarter reflects lower net interest margin and two fewer days in the quarter.Pre-Provision Net Revenue (PPNR) decreased $49 million, or 5%, from the prior quarter to $844 million, and increased $244 million, or 41%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR decreased $80 million, or 9%, from the prior quarter to $828 million, and increased $182 million, or 28%, from the year-ago quarter.Insured deposits of approximately $100 billion, or 69% of total deposits.Cash and cash equivalents and available contingent borrowing capacity of $61 billion at March 31, 2023, representing 136% of uninsured deposits.Average total deposits increased $472 million from the prior quarter and $3.2 billion from the year-ago quarter.Average core deposits increased $381 million from the prior quarter reflecting continued momentum in consumer deposit gathering and ongoing focus on acquiring and deepening primary bank relationships.Average total loans and leases increased $1.5 billion, or 1%, from the prior quarter to $120.4 billion, and increased $9.3 billion, or 8%, from the year-ago quarter.Average total commercial loans and leases increased $1.5 billion, or 2%, and average total consumer loans were flat from the prior quarter.Net charge-offs of 0.19% of average total loans and leases for the quarter.Nonperforming assets have declined for seven consecutive quarters.Allowance for credit losses (ACL) of $2.3 billion, or 1.90%, of total loans and leases at quarter end.Common Equity Tier 1 (CET1) risk-based capital ratio increased 19 basis points to 9.55%.Tangible common equity (TCE) ratio increased 22 basis points to 5.77%.Completed the voluntary retirement program, closed the sale of our retirement plan services (\"RPS\") business and entered into an ongoing partnership with the p...