Huntington Bancshares Reports Strong Q1 Adjusted Earnings and $3 Billion Share Repurchase Authorization

summarizeSummary

Huntington Bancshares reported strong Q1 adjusted earnings and significant revenue growth, driven by recent acquisitions, alongside a substantial increase in its share repurchase authorization to $3 billion.

check_boxKey Events

• Strong Q1 Adjusted Earnings

  Adjusted EPS was $0.37, unchanged from the prior quarter and up $0.03 from the year-ago quarter, demonstrating solid operational performance despite acquisition-related expenses impacting GAAP EPS.

• Robust Revenue Growth

  Net interest income increased by $299 million (19%) quarter-over-quarter and $465 million (33%) year-over-year. Noninterest income also grew significantly, up $100 million (17%) from the prior quarter and $188 million (38%) from the year-ago quarter, largely driven by recent acquisitions.

• Increased Share Repurchase Authorization

  The Board of Directors approved a new $3 billion share repurchase authorization, replacing the prior $1 billion program. This substantial increase signals strong management confidence and a commitment to shareholder returns.

• Acquisition Integration Progress

  The company successfully completed the systems conversion of Veritex Holdings in mid-January and closed the partnership with Cadence Bank on February 1, 2026, with integration expected to be completed in Q2 2026, contributing to significant loan and deposit growth.

auto_awesomeAnalysis

Huntington Bancshares delivered a strong first quarter, with adjusted earnings per share remaining stable quarter-over-quarter and increasing year-over-year. The company demonstrated robust revenue growth, with net interest income surging 19% and noninterest income rising 17% from the prior quarter, largely benefiting from the recent Veritex and Cadence Bank acquisitions. While GAAP EPS was lower due to significant acquisition-related expenses, the underlying operational performance appears solid. A key highlight is the Board's approval of a new $3 billion share repurchase authorization, a substantial increase from the previous $1 billion program, signaling strong confidence in the company's valuation and commitment to returning capital to shareholders. Although credit quality metrics showed a slight increase in nonperforming assets and net charge-offs, these levels remain manageable for a bank of this size, and the increase in allowance for credit losses reflects the impact of the Cadence acquisition. The successful integration of Veritex and ongoing Cadence integration are critical for realizing future synergies and growth.