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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
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☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended March 31, 2023
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Huntington Bancshares Incorporated
(Exact name of registrant as specified in its charter)
| | | | | | | | |
Maryland | 1-34073 | 31-0724920 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Registrant’s address: 41 South High Street, Columbus, Ohio 43287
Registrant’s telephone number, including area code: (614) 480-2265
Securities registered pursuant to Section 12(b) of the Act
| | | | | | | | |
Title of class | Trading Symbol(s) | Name of exchange on which registered |
| | |
| | |
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) | HBANP | NASDAQ |
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) | HBANM | NASDAQ |
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock) | HBANL | NASDAQ |
Common Stock—Par Value $0.01 per Share | HBAN | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. x Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
Large Accelerated Filer | x | | Accelerated filer | ☐ |
| | | | | |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
| | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes x No
There were 1,443,614,966 shares of the registrant’s common stock ($0.01 par value) outstanding on March 31, 2023.
HUNTINGTON BANCSHARES INCORPORATED
INDEX
2 Huntington Bancshares Incorporated
Glossary of Acronyms and Terms
The following listing provides a comprehensive reference of common acronyms and terms used throughout the document:
| | | | | | | | |
ACL | | Allowance for Credit Losses |
AFS | | Available-for-Sale |
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ALLL | | Allowance for Loan and Lease Losses |
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AOCI | | Accumulated Other Comprehensive Income (Loss) |
ASC | | Accounting Standards Codification |
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ASU | | Accounting Standards Update |
AULC | | Allowance for Unfunded Lending Commitments |
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Basel III | | Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013 |
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Capstone Partners | | Capstone Enterprises LLC |
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C&I | | Commercial and Industrial |
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CDs | | Certificates of Deposit |
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CECL | | Current Expected Credit Losses |
CET1 | | Common Equity Tier 1 on a Basel III basis |
CFPB | | Bureau of Consumer Financial Protection |
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CMO | | Collateralized Mortgage Obligations |
COVID-19 | | Coronavirus Disease 2019 |
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CRE | | Commercial Real Estate |
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Dodd-Frank Act | | Dodd-Frank Wall Street Reform and Consumer Protection Act |
EAD | | Exposure at Default |
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ESG | | Environmental, Social, and Governance |
EVE | | Economic Value of Equity |
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FDIC | | Federal Deposit Insurance Corporation |
Federal Reserve | | Board of Governors of the Federal Reserve System |
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FHLB | | Federal Home Loan Bank |
FICO | | Fair Isaac Corporation |
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FTE | | Fully-Taxable Equivalent or Full-Time Equivalent |
FTP | | Funds Transfer Pricing |
FVO | | Fair Value Option |
GAAP | | Generally Accepted Accounting Principles in the United States of America |
GDP | | Gross Domestic Product |
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HTM | | Held-to-Maturity |
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IRS | | Internal Revenue Service |
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LGD | | Loss Given Default |
LIBOR | | London Interbank Offered Rate |
LIHTC | | Low Income Housing Tax Credit |
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MBS | | Mortgage-Backed Securities |
MD&A | | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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MSR | | Mortgage Servicing Right |
NAICS | | North American Industry Classification System |
NALs | | Nonaccrual Loans |
NCO | | Net Charge-off |
NII | | Net Interest Income |
NIM | | Net Interest Margin |
NM | | Not Meaningful |
NPAs | | Nonperforming Assets |
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| | | | | | | | |
OCC | | Office of the Comptroller of the Currency |
OCI | | Other Comprehensive Income (Loss) |
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OLEM | | Other Loans Especially Mentioned |
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PD | | Probability of Default |
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PPP | | Paycheck Protection Program |
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RBHPCG | | Regional Banking and The Huntington Private Client Group |
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ROC | | Risk Oversight Committee |
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| | |
RPS | | Retirement Plan Services |
SBA | | Small Business Administration |
SCB | | Stress Capital Buffer |
SEC | | Securities and Exchange Commission |
SOFR | | Secured Overnight Financing Rate |
| | |
TDR | | Troubled Debt Restructuring |
Torana | | Digital Payments Torana, Inc. |
U.S. Treasury | | U.S. Department of the Treasury |
| | |
| | |
VIE | | Variable Interest Entity |
XBRL | | eXtensible Business Reporting Language |
4 Huntington Bancshares Incorporated
PART I. FINANCIAL INFORMATION
When we refer to “we,” “our,” “us,” “Huntington,” and “the Company” in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the “Bank” in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.
Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
INTRODUCTION
We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve and have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. This includes, but is not limited to, payments, mortgage banking, automobile, recreational vehicle and marine financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. At March 31, 2023, our 1,001 full-service branches and private client group offices are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. Select financial services and other activities are also conducted in various other states.
This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2022 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2022 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report.
EXECUTIVE OVERVIEW
Acquisitions and Divestitures
In May 2022, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments. This acquisition along with the formation of our enterprise-wide payments group reflects one of our strategic priorities to accelerate our payments capabilities and expand the services provided to our customers.
In June 2022, Huntington completed the acquisition of Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction brings a national scale to serve middle market business owners throughout the corporate lifecycle, building on Huntington’s regional banking foundation. Capstone Partners related revenue, including mergers and acquisitions, capital raising and other advisory-related fees, is recognized within capital markets fees in the Consolidated Statements of Income.
In March 2023, we closed the sale of our RPS business and entered into an ongoing partnership with the purchaser. The sale of our RPS business resulted in a $57 million gain including associated goodwill allocation, recorded within other noninterest income.
Summary of 2023 First Quarter Results Compared to 2022 First Quarter
For the quarter, we reported net income of $602 million, or $0.39 per diluted common share, compared with $460 million, or $0.29 per diluted common share, in the year-ago quarter.
Net interest income was $1.4 billion, up $263 million, or 23% from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $264 million, or 23%, from the year-ago quarter. The increase in FTE net interest income primarily reflects a 52 basis point increase in the FTE NIM to 3.40% and a $6.7 billion, or 4%, increase in average earning assets. The year-over-year increase in NIM was driven by the higher rate environment driving an increase in loan and lease and investment security yields, partially offset by higher cost of funds. Average earning asset growth included a $9.3 billion, or 8%, increase in average loans and leases, partially offset by decreases of $1.1 billion, or 15%, in interest-bearing deposits at the Federal Reserve Bank, $793 million, or 64%, in loans held for sale, and $768 million, or 2%, in average securities.
The provision for credit losses increased $60 million from the year-ago quarter to $85 million in the 2023 first quarter. The increase in provision expense compared to the year-ago quarter is driven by an increase in realized net credit losses, along with allowance builds in the current quarter associated with loan growth and economic uncertainty. The ACL increased $190 million from the year-ago quarter to $2.3 billion in the 2023 first quarter, or 1.90% of total loans and leases, compared to $2.1 billion, or 1.87% of total loans and leases. The increase in the total ACL was primarily driven by loan and lease growth and the increase in ACL coverage ratio reflecting the increased near-term recessionary risks in 2023.
Noninterest income was $512 million, an increase of $13 million, or 3%, and noninterest expense increased $33 million, or 3%, from the year-ago quarter. The increase in noninterest income was primarily due to the sale of our RPS business which resulted in a $57 million gain including associated goodwill allocation, recorded within other noninterest income, and an increase in capital market fees, partially offset by decreases in gain on sale of loans, mortgage banking income, and service charges on deposit accounts. The increase in noninterest expense was primarily due to $36 million of voluntary retirement program expense and $6 million of organizational realignment expense, and additional increase in personnel costs, partially offset by reductions in acquisition-related expenses and equipment expense.
Total assets at March 31, 2023 were $189.1 billion, an increase of $6.2 billion, or 3%, compared to December 31, 2022. The increase in total assets was primarily driven by increases in interest-bearing deposits at Federal Reserve Bank of $3.9 billion, or 79%, and loans and leases of $1.7 billion, or 1%, driven by an increase in commercial loans and leases. Total liabilities at March 31, 2023 were $170.3 billion, an increase of $5.1 billion, or 3%, compared to December 31, 2022. The increase in total liabilities was primarily driven by an increase in total debt of $8.3 billion, or 70%, partially offset by a decrease in total deposits of $2.6 billion, or 2%, largely due to lower commercial core deposits.
The tangible common equity to tangible assets ratio was 5.77% at March 31, 2023, up 22 basis points from December 31, 2022, primarily due to an increase in tangible common equity related to current period earnings and improved AOCI. CET1 risk-based capital ratio was 9.55%, up from 9.36% from December 31, 2022. The increase in regulatory capital ratios was primarily driven by current period earnings, partially offset by dividends and the CECL transitional amount.
In January 2023, the Board authorized the repurchase of up to $1.0 billion of common shares within the eight quarter period ending December 31, 2024. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. Huntington repurchased no shares of common stock under the current repurchase authorization in the three months ended March 31, 2023. As part of our 2023 capital plan to grow capital and current expectation that organic capital will be used for funding loan and lease growth, we do not expect to utilize the share repurchase program during 2023. However, we may at our discretion resume share repurchases at any time while considering factors including, but not limited to, capital requirements and market conditions.
6 Huntington Bancshares Incorporated
General
Our general business objectives are to:
•Build on our vision to be the country’s leading people-first, digitally powered bank
•Drive sustainable long-term revenue growth and efficiency
•Deliver a Category of One customer experience through our distinguished brand and culture
•Extend our digital leadership with focus on ease of use, access to information, and self-service across products and services
•Leverage expertise and capabilities to acquire and deepen relationships and launching of select partnerships
•Maintain positive operating leverage and execute disciplined capital management
•Stability and resilience through risk management, maintaining an aggregate moderate-to-low, through-the-cycle risk appetite
Economy
Growth in economic activity and demand for goods and services, alongside labor shortages, supply chain complications and geopolitical matters, have contributed to rising inflation. In response, the Federal Reserve has raised interest rates and had begun reducing the size of its balance sheet. On March 10 and March 12, 2023, Silicon Valley Bank and Signature Bank, respectively, were closed by regulators with the FDIC appointed as receiver. The closures of those banks and adverse developments affecting other banks in March 2023 resulted in heightened levels of market activity and volatility. The impact of market volatility from the adverse developments in the banking industry along with continued high inflation and rising interest rates on our business and related financial results will depend on future developments, which are highly uncertain and difficult to predict. Our businesses and financial results may be impacted by a variety of other factors as well, such as an economic slowdown or recession. Our economic forecast assumes a mild recession in 2023 with growth returning in 2024. We expect inflation to moderate through 2023 as the Federal Reserve actions take effect, but that will result in lower GDP growth and higher unemployment until the economy begins to rebound into 2024.
Our results this quarter reflect continued discipline expense management, continued investments to drive sustainable revenue growth, and solid capital levels, despite the market disruption. Credit continues to perform well in keeping with our aggregate moderate-to-low, through-the-cycle risk appetite. With our disciplined and proactive approach, we believe Huntington is well positioned to manage through the uncertain economic outlook on the horizon. We remain focused on delivering profitable growth and driving value for our shareholders.
Other Recent Developments
In the aftermath of the recent bank failures, we expect that the banking agencies will propose certain actions, including reforms that will require higher capital, including increased requirements to issue long-term debt, as well as special assessments to repay losses to the FDIC’s Deposit Insurance Fund. It is not yet possible to quantify the impact of these potential actions.
DISCUSSION OF RESULTS OF OPERATIONS
This section provides a review of financial performance on a consolidated basis. Key unaudited consolidated balance sheet and unaudited income statement trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion.”
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Table 1 - Selected Quarterly Income Statement Data | | | | |
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| Three Months Ended | | | | |
| March 31, | | | | | | | | March 31, | | Change |
(amounts in millions, except per share data) | 2023 | | | | | | | | 2022 | | Amount | | Percent |
Interest income | $ | 2,028 | | | | | | | | | $ | 1,195 | | | $ | 833 | | | 70 | % |
Interest expense | 619 | | | | | | | | | 49 | | | 570 | | | NM |
Net interest income | 1,409 | | | | | | | | | 1,146 | | | 263 | | | 23 | |
Provision for credit losses | 85 | | | | | | | | | 25 | | | 60 | | | NM |
Net interest income after provision for credit losses | 1,324 | | | | | | | | | 1,121 | | | 203 | | | 18 | |
Service charges on deposit accounts | 83 | | | | | | | | | 97 | | | (14) | | | (14) | |
Card and payment processing income | 93 | | | | | | | | | 86 | | | 7 | | | 8 | |
Capital markets fees | 59 | | | | | | | | | 42 | | | 17 | | | 40 | |
Trust and investment management services | 62 | | | | | | | | | 65 | | | (3) | | | (5) | |
Mortgage banking income | 26 | | | | | | | | | 49 | | | (23) | | | (47) | |
Leasing revenue | 26 | | | | | | | | | 35 | | | (9) | | | (26) | |
Insurance income | 34 | | | | | | | | | 31 | | | 3 | | | 10 | |
Gain on sale of loans | 3 | | | | | | | | | 28 | | | (25) | | | (89) | |
Bank owned life insurance income | 16 | | | | | | | | | 17 | | | (1) | | | (6) | |
Net gains on sales of securities | 1 | | | | | | | | | — | | | 1 | | | NM |
Other noninterest income | 109 | | | | | | | | | 49 | | | 60 | | | 122 | |
Total noninterest income | 512 | | | | | | | | | 499 | | | 13 | | | 3 | |
Personnel costs | 649 | | | | | | | | | 580 | | | 69 | | | 12 | |
Outside data processing and other services | 151 | | | | | | | | | 165 | | | (14) | | | (8) | |
Equipment | 64 | | | | | | | | | 81 | | | (17) | | | (21) | |
Net occupancy | 60 | | | | | | | | | 64 | | | (4) | | | (6) | |
Marketing | 25 | | | | | | | | | 21 | | | 4 | | | 19 | |
Professional services | 16 | | | | | | | | | 19 | | | (3) | | | (16) | |
Deposit and other insurance expense | 20 | | | | | | | | | 18 | | | 2 | | | 11 | |
Amortization of intangibles | 13 | | | | | | | | | 14 | | | (1) | | | (7) | |
Lease financing equipment depreciation | 8 | | | | | | | | | 14 | | | (6) | | | (43) | |
Other noninterest expense | 80 | | | | | | | | | 77 | | | 3 | | | 4 | |
Total noninterest expense | 1,086 | | | | | | | | | 1,053 | | | 33 | | | 3 | |
Income before income taxes | 750 | | | | | | | | | 567 | | | 183 | | | 32 | |
Provision for income taxes | 144 | | | | | | | | | 105 | | | 39 | | | 37 | |
Income after income taxes | 606 | | | | | | | | | 462 | | | 144 | | | 31 | |
Income attributable to non-controlling interest | 4 | | | | | | | | | 2 | | | 2 | | | 100 | |
Net income attributable to Huntington | 602 | | | | | | | | | 460 | | | 142 | | | 31 | |
Dividends on preferred shares | 29 | | | | | | | | | 28 | | | 1 | | | 4 | |
| | | | | | | | | | | | | |
Net income applicable to common shares | $ | 573 | | | | | | | | | $ | 432 | | | $ | 141 | | | 33 | % |
| | | | | | | | | | | | | |
Average common shares—basic | 1,443 | | | | | | | | | 1,438 | | | 5 | | | — | % |
Average common shares—diluted | 1,469 | | | | | | | | | 1,464 | | | 5 | | | — | |
Net income per common share—basic | $ | 0.40 | | | | | | | | | $ | 0.30 | | | $ | 0.10 | | | 33 | |
Net income per common share—diluted | 0.39 | | | | | | | | | 0.29 | | | 0.10 | | | 34 | |
Return on average total assets | 1.32 | % | | | | | | | | 1.05 | % | | | | |
Return on average common shareholders’ equity | 14.6 | | | | | | | | | 10.4 | | | | | |
Return on average tangible common shareholders’ equity (1) | 23.1 | | | | | | | | | 15.8 | | | | | |
Net interest margin (2) | 3.40 | | | | | | | | | 2.88 | | | | | |
Efficiency ratio (3) | 55.6 | | | | | | | | | 62.9 | | | | | |
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Revenue and Net Interest Income—FTE (non-GAAP) | | | | | | | | | | | | | |
Net interest income | $ | 1,409 | | | | | | | | | $ | 1,146 | | | $ | 263 | | | 23 | % |
FTE adjustment (2) | 9 | | | | | | | | | 8 | | | 1 | | | 13 | |
Net interest income, FTE (non-GAAP) (2) | 1,418 | | | | | | | | | 1,154 | | | 264 | | | 23 | |
Noninterest income | 512 | | | | | | | | | 499 | | | 13 | | | 3 | |
Total revenue, FTE (non-GAAP) (2) | $ | 1,930 | | | | | | | | | $ | 1,653 | | | $ | 277 | | | 17 | % |
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability and calculated assuming a 21% tax rate.
(2)On an FTE basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains.
8 Huntington Bancshares Incorporated
Average Balance Sheet / Net Interest Income
The following tables detail the change in our average balance sheet and the net interest margin.
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Table 2 - Consolidated Quarterly Average Balance Sheet and Net Interest Margin | | | | |
| Three Months Ended | | | | | | | | |
| March 31, 2023 | | March 31, 2022 | | Change in | | |
| Average | | Interest | | Yield/ | | Average | | Interest | | Yield/ | | Average Balances | | |
(dollar amounts in millions) | Balances | | Income (FTE) (1) | | Rate (2) | | Balances | | Income (FTE) (1) | | Rate (2) | | Amount | | Percent | | | | |
Assets: | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits at Federal Reserve Bank | $ | 6,101 | | | $ | 71 | | | 4.65 | % | | $ | 7,195 | | | $ | 3 | | | 0.17 | % | | $ | (1,094) | | | (15) | % | | | | |
Interest-bearing deposits in banks | 249 | | | 5 | | | 8.50 | | | 174 | | | — | | | 0.15 | | | 75 | | | 43 | | | | | |
Securities: | | | | | | | | | | | | | | | | | | | |
Trading account securities | 21 | | | — | | | 5.37 | | | 46 | | | — | | | 3.39 | | | (25) | | | (54) | | | | | |
Available-for-sale securities: | | | | | | | | | | | | | | | | | | | |
Taxable | 21,368 | | | 232 | | | 4.34 | | | 24,205 | | | 90 | | | 1.49 | | | (2,837) | | | (12) | | | | | |
Tax-exempt | 2,640 | | | 29 | | | 4.40 | | | 2,886 | | | 22 | | | 3.00 | | | (246) | | | (9) | | | | | |
Total available-for-sale securities | 24,008 | | | 261 | | | 4.35 | | | 27,091 | | | 112 | | | 1.65 | | | (3,083) | | | (11) | | | | | |
Held-to-maturity securities—taxable | 16,977 | | | 102 | | | 2.41 | | | 14,556 | | | 66 | | | 1.81 | | | 2,421 | | | 17 | | | | | |
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| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Other securities | 886 | | | 10 | | | 4.35 | | | 967 | | | 5 | | | 1.88 | | | (81) | | | (8) | | | | | |
Total securities | 41,892 | | | 373 | | | 3.56 | | | 42,660 | | | 183 | | | 1.72 | | | (768) | | | (2) | | | | | |
Loans held for sale | 450 | | | 7 | | | 5.85 | | | 1,243 | | | 10 | | | 3.15 | | | (793) | | | (64) | | | | | |
Loans and leases: (3) | | | | | | | | | | | | | | | | | | | |
Commercial: | | | | | | | | | | | | | | | | | | | |
Commercial and industrial | 46,110 | | | 643 | | | 5.58 | | | 41,397 | | | 392 | | | 3.79 | | | 4,713 | | | 11 | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Commercial real estate | 16,600 | | | 276 | | | 6.65 | | | 15,063 | | | 114 | | | 3.01 | | | 1,537 | | | 10 | | | | | |
Lease financing | 5,209 | | | 68 | | | 5.25 | | | 4,912 | | | 61 | | | 4.93 | | | 297 | | | 6 | | | | | |
Total commercial | 67,919 | | | 987 | | | 5.82 | | | 61,372 | | | 567 | | | 3.69 | | | 6,547 | | | 11 | | | | | |
Consumer: | | | | | | | | | | | | | | | | | | | |
Residential mortgage | 22,327 | | | 190 | | | 3.41 | | | 19,505 | | | 146 | | | 2.99 | | | 2,822 | | | 14 | | | | | |
Automobile | 13,245 | | | 129 | | | 3.94 | | | 13,463 | | | 112 | | | 3.38 | | | (218) | | | (2) | | | | | |
Home equity | 10,258 | | | 181 | | | 7.14 | | | 10,414 | | | 102 | | | 3.99 | | | (156) | | | (1) | | | | | |
RV and marine | 5,366 | | | 58 | | | 4.42 | | | 5,103 | | | 52 | | | 4.15 | | | 263 | | | 5 | | | | | |
Other consumer | 1,305 | | | 36 | | | 11.18 | | | 1,285 | | | 28 | | | 8.96 | | | 20 | | | 2 | | | | | |
Total consumer | 52,501 | | | 594 | | | 4.57 | | | 49,770 | | | 440 | | | 3.57 | | | 2,731 | | | 5 | | | | | |
Total loans and leases | 120,420 | | | 1,581 | | | 5.27 | | | 111,142 | | | 1,007 | | | 3.64 | | | 9,278 | | | 8 | | | | | |
Total earning assets | 169,112 | | | 2,037 | | | 4.89 | | | 162,414 | | | 1,203 | | | 3.00 | | | 6,698 | | | 4 | | | | | |
Cash and due from banks | 1,598 | | | | | | | 1,648 | | | | | | | (50) | | | (3) | | | | | |
Goodwill and other intangible assets | 5,759 | | | | | | | 5,584 | | | | | | | 175 | | | 3 | | | | | |
All other assets | 10,568 | | | | | | | 10,013 | | | | | | | 555 | | | 6 | | | | | |
Allowance for loan and lease losses | (2,143) | | | | | | | (2,047) | | | | | | | (96) | | | (5) | | | | | |
Total assets | $ | 184,894 | | | | | | | $ | 177,612 | | | | | | | $ | 7,282 | | | 4 | % | | | | |
Liabilities and shareholders’ equity: | | | | | | | | | | | | | | | | | | | |
Interest-bearing deposits: | | | | | | | | | | | | | | | | | | | |
Demand deposits—interest-bearing | $ | 40,654 | | | $ | 132 | | | 1.32 | % | | $ | 40,634 | | | $ | 3 | | | 0.03 | % | | $ | 20 | | | — | % | | | | |
Money market deposits | 37,301 | | | 172 | | | 1.87 | | | 32,672 | | | 4 | | | 0.05 | | | 4,629 | | | 14 | | | | | |
Savings and other domestic deposits | 19,877 | | | 3 | | | 0.07 | | | 21,316 | | | 1 | | | 0.02 | | | (1,439) | | | (7) | | | | | |
Core certificates of deposit (4) | 5,747 | | | 43 | | | 3.01 | | | 2,560 | | | 1 | | | 0.14 | | | 3,187 | | | 124 | | | | | |
Other domestic deposits of $250,000 or more | 252 | | | 2 | | | 2.45 | | | 316 | | | — | | | 0.08 | | | (64) | | | (20) | | | | | |
Negotiable CDs, brokered and other deposits | 4,815 | | | 54 | | | 4.56 | | | 3,453 | | | 2 | | | 0.17 | | | 1,362 | | | 39 | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total interest-bearing deposits | 108,646 | | | 406 | | | 1.52 | | | 100,951 | | | 11 | | | 0.04 | | | 7,695 | | | 8 | | | | | |
Short-term borrowings | 4,371 | | | 60 | | | 5.56 | | | 4,728 | | | 7 | | | 0.57 | | | (357) | | | (8) | | | | | |
Long-term debt | 11,047 | | | 153 | | | 5.52 | | | 6,914 | | | 31 | | | 1.83 | | | 4,133 | | | 60 | | | | | |
Total interest-bearing liabilities | 124,064 | | | 619 | | | 2.02 | | | 112,593 | | | 49 | | | 0.18 | | | 11,471 | | | 10 | | | | | |
Demand deposits—noninterest-bearing | 37,498 | | | | | | | 41,966 | | | | | | | (4,468) | | | (11) | | | | | |
All other liabilities | 5,056 | | | | | | | 3,964 | | | | | | | 1,092 | | | 28 | | | | | |
Total liabilities | 166,618 | | | | | | | 158,523 | | | | | | | 8,095 | | | 5 | | | | | |
Total Huntington shareholders’ equity | 18,231 | | | | | | | 19,064 | | | | | | | (833) | | | (4) | | | | | |
Non-controlling interest | 45 | | | | | | | 25 | | | | | | | 20 | | | 80 | | | | | |
Total equity | 18,276 | | | | | | | 19,089 | | | | | | | (813) | | | (4) | | | | | |
Total liabilities and equity | $ | 184,894 | | | | | | | $ | 177,612 | | | | | | | $ | 7,282 | | | 4 | % | | | | |
Net interest rate spread | | | | | 2.87 | | | | | | | 2.82 | | | | | | | | | |
Impact of noninterest-bearing funds on margin | | | | | 0.53 | | | | | | | 0.06 | | | | | | | | | |
Net interest margin/NII (FTE) | | | $ | 1,418 | | | 3.40 | % | | | | $ | 1,154 | | | 2.88 | % | | | | | | | | |
(1)FTE yields are calculated assuming a 21% tax rate.
(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include impact of applicable non-deferrable and amortized fees.
(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.
Net Interest Income
Net interest income for the 2023 first quarter increased $263 million, or 23%, from the 2022 first quarter. FTE net interest income, a non-GAAP financial measure, for the 2023 first quarter increased $264 million, or 23%, from the 2022 first quarter. The increase in FTE net interest income primarily reflects a 52 basis point increase in the FTE NIM to 3.40% and a $6.7 billion, or 4%, increase in average total earning assets. The NIM expansion was driven by the higher rate environment driving an increase in loan and lease and investment security yields, partially offset by higher cost of funds.
Net interest income for the 2023 first quarter included $10 million of net interest income from purchase accounting accretion and accelerated PPP loan fees recognized upon forgiveness payments from the SBA, compared to $30 million in the 2022 first quarter.
Average Balance Sheet
Average assets for the 2023 first quarter increased $7.3 billion, or 4%, to $184.9 billion from the 2022 first quarter, primarily due to an increase in average loans and leases of $9.3 billion, or 8%, partially offset by decreases in average interest-bearing deposits at the Federal Reserve Bank of $1.1 billion, or 15%, loans held for sale of $793 million, or 64%, and total securities of $768 million, or 2%. The increase in average loans and leases was driven by organic growth in average commercial loans and leases of $6.5 billion, or 11%, and average consumer loans of $2.7 billion, or 5%.
Average liabilities increased $8.1 billion, or 5%, from the 2022 first quarter, primarily due to increases in average borrowings and deposits. Average borrowings increased $3.8 billion, or 32%, driven by new debt issuances and higher FHLB borrowings reflecting actions taken as part of normal management of funding needs. Total average deposits increased $3.2 billion, or 2%, primarily due to an increase in average interest-bearing deposits of $7.7 billion, largely due to increases in average money market and certificate of deposits, partially offset by a decrease in noninterest-bearing deposits of $4.5 billion.
Average shareholders’ equity decreased $833 million, or 4%, from the 2022 first quarter primarily due to an increase in average accumulated other comprehensive loss driven by changes in interest rates, partially offset by earnings.
Provision for Credit Losses
(This section should be read in conjunction with the “Credit Risk” section.) The provision for credit losses is the expense necessary to maintain the ACL at levels appropriate to absorb our estimate of credit losses expected over the life of the loan and lease portfolio, securities portfolio, and unfunded lending commitments.
The provision for credit losses for the 2023 first quarter was $85 million, an increase of $60 million, compared to the 2022 first quarter. The increase in provision expense compared to the year-ago quarter was driven by an increase in realized net credit losses, along with allowance builds in the current quarter associated with loan and lease growth and economic uncertainty.
The components of the provision for credit losses were as follows:
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Table 3 - Provision for Credit Losses |
| Three Months Ended | | |
| March 31, | | | | | | | | March 31, | | | | | | | | |
(dollar amounts in millions) | 2023 | | | | | | | | 2022 | | | | | | | | |
Provision for loan and lease losses | $ | 78 | | | | | | | | | $ | 7 | | | | | | | | | |
Provision for unfunded lending commitments | 7 | | | | | | | | | 14 | | | | | | | | | |
Provision for securities | — | | | | | | | | | 4 | | | | | | | | | |
Total provision for credit losses | $ | 85 | | | | | | | | | $ | 25 | | | | | | | | | |
10 Huntington Bancshares Incorporated
Noninterest Income
The following table reflects noninterest income for each of the periods presented:
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Table 4 - Noninterest Income |
| Three Months Ended | | 1Q23 vs. 1Q22 | | |
| March 31, | | | | | | | | March 31, | | Change | | |
(dollar amounts in millions) | 2023 | | | | | | | | 2022 | | Amount | | Percent | | | | |
Service charges on deposit accounts | $ | 83 | | | | | | | | | $ | 97 | | | $ | (14) | | | (14) | % | | | | |
Card and payment processing income | 93 | | | | | | | | | 86 | | | 7 | | | 8 | | | | | |
Capital markets fees | 59 | | | | | | | | | 42 | | | 17 | | | 40 | | | | | |
Trust and investment management services | 62 | | | | | | | | | 65 | | | (3) | | | (5) | | | | | |
Mortgage banking income | 26 | | | | | | | | | 49 | | | (23) | | | (47) | | | | | |
Leasing revenue | 26 | | | | | | | | | 35 | | | (9) | | | (26) | | | | | |
Insurance income | 34 | | | | | | | | | 31 | | | 3 | | | 10 | | | | | |
Gain on sale of loans | 3 | | | | | | | | | 28 | | | (25) | | | (89) | | | | | |
Bank owned life insurance income | 16 | | | | | | | | | 17 | | | (1) | | | (6) | | | | | |
Net gains on sales of securities | 1 | | | | | | | | | — | | | 1 | | | 100 | | | | | |
Other noninterest income | |