Momentum Continues into Q1, with 2% Average
Loan Growth or +10% Annualized, ex PPP.
Increased Net Interest Income and
Consecutive Expense Reductions Drive Record PPNR
COLUMBUS, Ohio, April 21, 2022 /PRNewswire/ --
2022 First-Quarter Highlights:
- Earnings per common share (EPS) for the quarter were
$0.29, an increase of $0.03 from the prior quarter. Excluding
$0.03 per common share after tax of
Notable Items, adjusted earnings per common share were $0.32.
- Net interest income increased $14
million, or 1%, from the prior quarter, reflecting increased
average earning assets and net interest margin expansion of 3 basis
points to 2.88%.
- Noninterest expense decreased $168
million from the fourth quarter, or 14% to $1.1 billion. Excluding Notable Items,
noninterest expense decreased $27
million, or 3%, to $1.0
billion reflecting realization of cost synergies related to
the TCF acquisition.
- Pre-Provision Net Revenue (PPNR) growth, excluding Notable
Items, increased 4% from the prior quarter.
- Average total loans and leases increased $1.7 billion, or 2%, to $111.1 billion. Excluding the decrease in PPP
loans, average total loans and leases increased $2.6 billion, or 2% from the prior quarter.
-
- Average total commercial loans increased 2%. Excluding the
decrease in PPP loans, average total commercial loans increased
4%.
- Average deposits increased $614
million. Ending deposits increased $3.7 billion or 3% from the prior quarter.
- Record low net charge-offs of 0.07% of average total loans and
leases, down 5 basis points from the prior quarter. Nonperforming
assets down the past three consecutive quarters.
- On March 1, Huntington announced
the signing of a definitive agreement to acquire Capstone Partners,
a top tier middle market investment bank and advisory firm. The
transaction is expected to close toward the end of the second
quarter.
- Huntington was awarded by Forbes for 2022 America's Best Large
Employers, ranked #7 in Banking and Financial Services, reflecting
our commitment to People-First.
- Huntington Middle Market and Small Business Banking received 22
awards from Greenwich Associates for 2021 Greenwich Excellence and
Best Brand.
- Huntington was recognized for outstanding diversity, equity,
and inclusion through 2022 BISA Diversity and Inclusion Award, and
Donald Dennis, Huntington's Chief
DEI Officer, was named by National Diversity Council as a Top 100
Diversity Officer.
Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net
income for the 2022 first quarter of $460
million, or $0.29 per common
share, a decrease of $72 million, or
$0.19 per common share from the
year-ago quarter. The 2022 first quarter benefited from the TCF
acquisition and organic growth, while the 2021 first quarter
results were favorably impacted by the provision for credit losses
benefit and the mark-to-market of interest rate caps. In the 2022
first quarter, adjusted earnings per common share were $0.32,
excluding $0.03 per common share of
after tax of Notable Items. Specifically, $37 million of after tax acquisition-related
expenses.
Return on average assets was 1.05%, return on average common
equity was 10.4%, return on average tangible common equity (ROTCE)
was 15.8%, and adjusted ROTCE was 17.1%.
CEO Commentary:
"We delivered exceptional results this quarter, driven by
continued execution of our strategic initiatives and loan growth
across our businesses," said Steve
Steinour, chairman, president and CEO. "Additionally, we saw
net interest income expansion, deposit growth and demonstrated
disciplined expense management with continued sequential quarter
reductions in noninterest expense, driving record PPNR.
"During the quarter we announced a definitive agreement to
acquire Capstone Partners, a top tier middle market investment bank
and advisory firm, which will add scale in key verticals and
significant capabilities to Huntington allowing us to serve our
customers throughout their full business lifecycle," said
Steinour.
"Huntington is proud to be ranked #7 by Forbes for 2022
America's Best Large Employers in Banking and Financial Services,
in addition to receiving a total of 22 awards from Greenwich for 2021 Best Brand and Excellence.
We were also pleased to receive the 2022 BISA Diversity and
Inclusion Award, recognizing our outstanding leadership and
successful diversity efforts. These accolades are a testament to
our colleagues and the customer experience they deliver.
"As we look forward to the remainder of the year, we remain
confident in our outlook for revenue and continued profit
growth. Credit continues to perform exceptionally well in keeping
with our aggregate moderate-to-low risk profile through-the-cycle.
Through our disciplined and proactive approach, Huntington is well
positioned to manage through the uncertainty in the global
macro-environment. We continue to look forward with optimism and
remain focused on delivering profitable growth."
The first quarter 2022 earnings materials, including the
detailed earnings press release, quarterly financial supplement,
and conference call slide presentation, are available on the
Investor Relations section of Huntington's website,
http://huntington.com/ In addition, the financial results will be
furnished on a Form 8-K that will be available on the Securities
and Exchange Commission website at www.sec.gov.
Conference Call / Webcast Information
Huntington's senior management will host an earnings conference
call on April 21, 2022, at 9:00 a.m. (Eastern
Time). The call may be accessed via a live Internet webcast
at the Investor Relations section of Huntington's website,
www.huntington.com, or through a dial-in telephone number at
(877) 407-8029; Conference ID #13728287. Slides will be
available in the Investor Relations section of Huntington's website
about an hour prior to the call. A replay of the webcast will
be archived in the Investor Relations section of Huntington's
website. A telephone replay will be available approximately
two hours after the completion of the call through April 28,
2022 at (877) 660-6853 or (201) 612-7415; conference ID
#13728287.
Please see the 2022 First Quarter Quarterly Financial
Supplement for additional detailed financial performance
metrics. This document can be found on the Investor Relations
section of Huntington's website, http://www.huntington.com.
About Huntington
Huntington Bancshares Incorporated is a $177 billion asset regional bank holding company
headquartered in Columbus,
Ohio. Founded in 1866, The Huntington National Bank and its
affiliates provide consumers, small and middle‐market businesses,
corporations, municipalities, and other organizations with a
comprehensive suite of banking, payments, wealth management, and
risk management products and services. Huntington operates
more than 1,000 branches in 11 states, with certain businesses
operating in extended geographies. Visit Huntington.com for
more information.
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