Huntington Bancshares Incorporated Reports 2024 First-Quarter Earnings
Huntington Bancshares Incorporated Reports 2024 First-Quarter Earnings |
[19-April-2024] |
Q1 Results Highlighted by Sustained Deposit and Loan Growth and Strong Credit Quality 2024 First-Quarter Highlights:
COLUMBUS, Ohio, April 19, 2024 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 first quarter of $419 million, or $0.26 per common share, an increase of $176 million, or $0.11, from the prior quarter, and a decrease of $183 million, or $0.13, from the year-ago quarter. Adjusted earnings per common share were $0.28, excluding $0.02 per common share of after-tax Notable Items. Return on average assets was 0.89%, return on average common equity was 9.2%, and return on average tangible common equity (ROTCE) was 14.2%. CEO Commentary: "Our first quarter results were highlighted by sustained organic growth, with deposit and loan balances continuing to expand as we enter the new year," said Steve Steinour, chairman, president, and CEO. "Our outlook for the year remains unchanged as we look to accelerate organic growth. "Huntington entered 2024 from a position of strength with robust liquidity and capital, enabling us to remain focused on executing key growth initiatives. We are investing in new revenue producing opportunities, adding talented bankers across the footprint, and bolstering capabilities in the commercial and regional bank. These investments are already delivering results, evidenced by robust pipelines in our expanded Carolinas and Texas regions, as well as in new commercial specialty banking areas. "Credit quality continued to perform very well, with stable net-charge offs compared to the prior quarter as we maintain our disciplined approach to managing credit quality, consistent with our aggregate moderate-to-low risk appetite. The economic outlook continues to show strength and resiliency, and we believe the environment is constructive for our customers to perform well. "We foresee accelerating loan growth over the course of the year as new teams and expanded markets continue to see substantive opportunities in addition to our existing markets. We expect this growth momentum will carry through the year and into 2025, further supporting our revenue and profitability outlook." The first quarter 2024 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 19, 2024, at 8:00 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 #13744899. 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 27, 2024 at (877) 660-6853 or (201) 612-7415; conference ID #13744899. Please see the 2024 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 $194 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 approximately 970 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information. View original content to download multimedia:https://www.prnewswire.com/news-releases/huntington-bancshares-incorporated-reports-2024-first-quarter-earnings-302121685.html SOURCE Huntington Bancshares Incorporated | ||
Company Codes: NASDAQ-NMS:HBAN |