Press release
HUNTINGTON BANCSHARES INCORPORATED REPORTS 2023 SECOND-QUARTER EARNINGS
Solid Q2 Results Reflect Continued Momentum Demonstrated by Deposit Growth, Expansion of Capital, and Exceptional Credit Performance 2023 Second-Quarter
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Solid Q2 Results Reflect Continued Momentum Demonstrated by Deposit Growth, Expansion of Capital, and Exceptional Credit Performance\n2023 Second-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.35, a decrease of $0.04 from the prior quarter, and flat from the year-ago quarter. Net interest income decreased $63 million, or 4%, from the prior quarter, and increased $85 million, or 7%, from the year-ago quarter. Pre-Provision Net Revenue (PPNR) decreased $42 million, or 5%, from the prior quarter to $802 million, and increased $68 million, or 9%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR decreased $21 million, or 3%, from the prior quarter to $807 million, and increased $49 million, or 6%, from the year-ago quarter.Cash and cash equivalents and available contingent borrowing capacity of $88 billion at June 30, 2023, representing 205% of uninsured deposits.Ending total deposits increased $2.7 billion from the prior quarter and $2.6 billion from the year-ago quarter. Average total deposits decreased $585 million from the prior quarter and $551 million from the year-ago quarter.Ending core deposits increased $2.5 billion 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 $925 million, or 1%, from the prior quarter to $121.3 billion, and increased $7.4 billion, or 6%, from the year-ago quarter.Average total commercial loans and leases increased $772 million, or 1%, and average total consumer loans increased $153 million from the prior quarter.Net charge-offs of 0.16% of average total loans and leases for the quarter.Nonperforming assets have declined for eight consecutive quarters to 0.46%.Allowance for credit losses (ACL) of $2.3 billion, or 1.93%, of total loans and leases at quarter end.Common Equity Tier 1 (CET1) risk-based capital ratio increased 27 basis points to 9.82%, continuing the trend of capital build.Tangible common equity (TCE) ratio increased 3 basis points to 5.80%.Huntington was ranked number one among regional banks in the J.D. Power 2023 U.S. Banking Mobile App Satisfaction Study for the fifth consecutive year.COLUMBUS, Ohio, July 21, 2023 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net inco...