HUNTINGTON BANCS(HBANL) - 2025 Q1 - Quarterly Results

Financial Performance - Net interest income for Q1 2025 was $1,426 million, an increase of 11% compared to Q1 2024[9] - Net income attributable to Huntington for Q1 2025 was$ 527 million, a 26% increase compared to Q1 2024[9] - Total revenue for Q1 2025 was $1,935 million, slightly down from$ 1,968 million in Q4 2024, reflecting a decrease of 1.7%[23] - Noninterest income decreased by 12% to $494 million compared to Q4 2024, but increased by 6% compared to Q1 2024[9] - Net interest income for the quarter was$ 1,441 million, an increase from $1,409 million in the previous quarter[19] Asset and Loan Growth - Average total assets increased by 2% to$ 205,087 million compared to Q4 2024, and by 8% compared to Q1 2024[9] - Total assets at the end of the period were $209,596 million, reflecting a 3% increase from December 31, 2024[13] - Total loans and leases increased to$ 132,505 million in Q1 2025, up from $130,042 million in Q4 2024, representing a growth of 1.9%[15] - Total loans and leases rose by 2% to$ 130,862 million, up from $128,158 million in the prior quarter[17] - Commercial loans accounted for 57% of total loans and leases, with commercial and industrial loans at$ 58,948 million, a 3.8% increase from $56,809 million in Q4 2024[15] Deposits and Funding - Total deposits reached$ 165,337 million in Q1 2025, an increase of 1.1% from $162,448 million in Q4 2024[16] - Demand deposits (noninterest-bearing) rose to$ 30,217 million, accounting for 18% of total deposits, compared to $29,345 million in Q4 2024[16] - Money market deposits increased to$ 61,608 million, maintaining a 37% share of total deposits, up from $60,730 million in Q4 2024[16] - Total interest-bearing deposits grew by 2% to$ 132,654 million, up from $129,823 million in the prior quarter[17] Credit Quality and Losses - Provision for credit losses increased by 7% to$ 115 million compared to Q4 2024 and Q1 2024[9] - The allowance for loan and lease losses increased to $2.263 billion at the end of Q1 2025, up from$ 2.244 billion at the end of Q4 2024[27] - Total net charge-offs for Q1 2025 were $86 million, a decrease from$ 97 million in Q4 2024[28] - Nonperforming assets (NPAs) increased to 281 million in Q1 2025 from 273 million in Q4 2024[27] - The net charge-offs as a percentage of average loans and leases was 0.26% in Q1 2025, down from 0.30% in Q4 2024[28] Capital Ratios and Equity - The common equity tier 1 risk-based capital ratio was 10.6% as of March 31, 2025, compared to 10.5% at the end of 2024[9] - Total risk-based capital increased to $20,720 million as of March 31, 2025, up from$ 20,565 million at December 31, 2024[33] - Total Huntington shareholders' equity increased to $20,434 million in Q1 2025 from$ 19,322 million in Q1 2024, a growth of 5.8%[37] - Tangible common equity reached $12,817 million in Q1 2025, compared to$ 11,264 million in Q1 2024, marking a 13.8% increase[37] Operational Efficiency - The efficiency ratio improved to 58.9% in Q1 2025, down from 63.7% in Q1 2024[9] - The average yield on loans and leases was 5.87% in Q1 2025, slightly down from 5.89% in Q4 2024[21] - The total cost of deposits decreased to 2.03% in Q1 2025 from 2.16% in Q4 2024, a decline of 0.13 percentage points[21] Employee and Branch Metrics - The number of employees averaged 20,092 in Q1 2025, up from 19,719 in Q1 2024, reflecting a workforce growth of 1.9%[37] - The number of domestic full-service branches decreased to 968 in Q1 2025 from 969 in Q1 2024, showing a slight contraction[37] - ATM count decreased to 1,560 in Q1 2025 from 1,606 in Q1 2024, indicating a reduction in physical banking infrastructure[37]