The company said net income for Q1 2024 was $419 million, or $0.26 per common share, up $176 million from the prior quarter and down $183 million from the year-ago quarter. Adjusted earnings per common share, excluding Notable Items, were $0.28.

1. 01

   The company said net income for Q1 2024 was $419 million, or $0.26 per common share, up $176 million from the prior quarter and down $183 million from the year-ago quarter. Adjusted earnings per common share, excluding Notable Items, were $0.28.

2. 02

   Huntington said net interest income for Q1 2024 was $1,287 million, down 2% from the prior quarter and down 9% from the year-ago quarter, and net interest margin was 3.01%. The company cited higher cost of funds in the higher interest rate environment and an increase in deposits held at the Federal Reserve Bank as factors behind the net interest margin decline.

3. 03

   The company said noninterest expense for Q1 2024 was $1,137 million, down 16% from the prior quarter, and included $32 million related to the FDIC Deposit Insurance Fund special assessment. The prior quarter included $214 million for the same item.

4. 04

   The company said its net charge-offs for Q1 2024 were 0.30% of average total loans and leases, its nonperforming asset ratio was 0.60%, and its allowance for credit losses (ACL) was $2.4 billion, or 1.97% of total loans and leases.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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