Press release
Huntington Bancshares Incorporated Reports 2023 Third-Quarter Earnings
Q3 Results Highlighted by Sustained Core Deposit Growth, Expansion of CET1 Capital, and Strong Credit Quality 2023 Third-Quarter Highlights: Earnings per
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Q3 Results Highlighted by Sustained Core Deposit Growth, Expansion of CET1 Capital, and Strong Credit Quality\n2023 Third-Quarter Highlights:\nEarnings per common share (EPS) for the quarter were $0.35, flat from the prior quarter, and were lower by $0.04 from the year-ago quarter. Excluding the after tax impact of Notable Items, adjusted earnings per common share were $0.36.Net interest income increased $22 million, or 2%, from the prior quarter, and decreased $36 million, or 3%, from the year-ago quarter.Pre-Provision Net Revenue (PPNR) decreased $4 million from the prior quarter to $798 million, and decreased $59 million, or 7%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR increased $6 million, or 1%, from the prior quarter to $813 million, and decreased $54 million, or 6%, from the year-ago quarter.Cash and cash equivalents and available contingent borrowing capacity of $91 billion at September 30, 2023, representing 204% of uninsured deposits.Average total deposits increased $2.6 billion, or 2%, from the prior quarter and $2.1 billion, or 1%, from the year-ago quarter.Ending total deposits increased $839 million, or 1%, from the prior quarter and $2.6 billion, or 2%, from the year-ago quarter.Ending core deposits increased $1.3 billion, or 1%, 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 decreased $561 million from the prior quarter to $120.8 billion, and increased $3.8 billion, or 3%, from the year-ago quarter.Average total commercial loans and leases decreased $1.2 billion, or 2%, and average total consumer loans increased $677 million, or 1%, from the prior quarter.Net charge-offs of 0.24% of average total loans and leases for the quarter, below the through the cycle target range.Nonperforming asset ratio of 0.52%.Allowance for credit losses (ACL) of $2.4 billion, or 1.96%, of total loans and leases at quarter end.Common Equity Tier 1 (CET1) risk-based capital ratio increased 28 basis points to 10.10%, continuing the trend of capital expansion.Tangible common equity (TCE) ratio decreased 10 basis points from the prior quarter to 5.70%, and increased 38 basis points from a year ago.Huntington was ranked first nationally for SBA 7(a) loan originations by volume fo...