Huntington Q2 2022 Earnings Report
Key Takeaways
Huntington Bancshares Incorporated reported a net income of $539 million for Q2 2022, with an EPS of $0.35. The quarter was marked by robust loan growth, increased average deposit balances, and a sequential revenue growth of 6%. The company also completed TCF cost synergies and delivered sustained positive operating leverage.
Earnings per common share (EPS) for the quarter were $0.35, an increase of $0.06 from the prior quarter. Adjusted earnings per common share were $0.36, excluding $0.01 per common share after-tax of Notable Items.
Net interest income increased $115 million, or 10%, from the prior quarter, reflecting robust loan growth and net interest margin expansion of 27 basis points to 3.15%.
Noninterest expense decreased $35 million from the prior quarter, or 3%, to $1.0 billion. Excluding Notable Items, noninterest expense decreased $13 million, or 1%, to $994 million reflecting realization of cost synergies related to the acquisition of TCF Financial Corporation.
Average total loans and leases increased $2.8 billion, or 3%, from the prior quarter to $113.9 billion.