AI English summary of an SEC filing — figures as filed
Huntington Bancshares HBANThe company said it reported net income of $419 million ($0.26 per diluted common share) for Q1 2024, compared with $602 million ($0.39 per diluted common share) in the year-ago quarter. It said the results reflected additional FDIC DIF special assessment expense of $32 million, which it said was recognized in the quarter's net income.
Key points
AI summaryThe company said it reported net income of $419 million ($0.26 per diluted common share) for Q1 2024, compared with $602 million ($0.39 per diluted common share) in the year-ago quarter. It said the results reflected additional FDIC DIF special assessment expense of $32 million, which it said was recognized in the quarter's net income.
Huntington said net interest income for Q1 was $1.3 billion, down $122 million (9%) from the year-ago quarter. The company attributed the decline to a FTE NIM that fell 39 basis points to 3.01%, and to average interest-bearing liabilities that rose $11.8 billion (10%).
The company said noninterest income for Q1 was $467 million, down $45 million (9%) from the year-ago quarter, and that it included a gain of $57 million from the sale of the RPS business recognized in the year-ago quarter. It said noninterest expense was $1.1 billion, up $51 million (5%).
The company said its provision for credit losses for Q1 rose $22 million (26%) from the year-ago quarter to $107 million. It said its ACL was $2.4 billion, or 1.97% of total loans and leases, compared with 1.90% a year earlier.
Key figures
Quarter ended March 31, 2024
- Revenue
- $1.8B
- Net income
- $419M
- EPS
- $0.26
- Operating cash flow
- $464M
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Q1 2024 Net Income and Earnings Per Share
The company said it reported net income of $419 million ($0.26 per diluted common share) for Q1 2024, compared with $602 million ($0.39 per diluted common share) in the year-ago quarter. It said the results reflected additional FDIC DIF special assessment expense of $32 million, which it said was recognized in the quarter's net income.
Source · Based on the MD&A text of the filing
Net Interest Income and Net Interest Margin Changes
Huntington said net interest income for Q1 was $1.3 billion, down $122 million (9%) from the year-ago quarter. The company attributed the decline to a FTE NIM that fell 39 basis points to 3.01%, and to average interest-bearing liabilities that rose $11.8 billion (10%).
Source · Based on the MD&A text of the filing
Noninterest Income and Noninterest Expense Changes
The company said noninterest income for Q1 was $467 million, down $45 million (9%) from the year-ago quarter, and that it included a gain of $57 million from the sale of the RPS business recognized in the year-ago quarter. It said noninterest expense was $1.1 billion, up $51 million (5%).
Source · Based on the MD&A text of the filing
Provision for Credit Losses and ACL Levels
The company said its provision for credit losses for Q1 rose $22 million (26%) from the year-ago quarter to $107 million. It said its ACL was $2.4 billion, or 1.97% of total loans and leases, compared with 1.90% a year earlier.
Source · Based on the MD&A text of the filing
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
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…