01—Abstract
Summary
Summary of the 10-Q filed April 29, 2025. Cited figures are marked; the original filing is the authoritative source.
Huntington Bancshares Incorporated, a multi-state diversified regional bank holding company headquartered in Columbus, Ohio, reported net income attributable to Huntington of $527 milliona, or $0.34 per diluted common share, for the first quarter of 2025, compared with $419 million, or $0.26 per diluted share, a year earlier.
Net interest income rose $139 millionb, or 11%, to $1.4 billion, driven by a 9 basis point increase in the FTE net interest margin to 3.10%. Noninterest income increased $27 million, or 6%, to $494 million, and noninterest expense rose $15 million, or 1%, to $1.2 billion. The provision for credit losses was $115 million, and net charge-offs were an annualized 0.26% of average loans and leases, down from 0.30% a year earlier.
Total assets were $209.6 billionc at March 31, 2025, up $5.4 billion from year-end 2024, while total deposits reached $165.3 billion. The CET1 risk-based capital ratio was 10.6%, up from 10.5% at December 31, 2024. Nonaccrual loans and leases were 0.56% of total loans and leases, versus 0.60% at year-end.
The company's Board declared a quarterly common dividend of $0.155d per share and approved a new repurchase authorization of up to $1.0 billion on April 16, 2025. Management highlighted heightened economic uncertainty tied to tariff policies, noting that more economists expect a recession in the back half of 2025. The filing also shows a $1.7 billion increase in long-term debt during the quarter, including a $415 million credit linked note transaction referencing a $3.5 billion auto loan pool.
02—Key points
Key Highlights
- Net income attributable to Huntington was $527 million ($0.34 per diluted share), up from $419 million ($0.26 per diluted share) in the first quarter of 2024.
- Net interest income increased $139 million, or 11%, to $1.426 billion, with the FTE net interest margin rising 9 basis points to 3.10%.
- Noninterest income rose $27 million, or 6%, to $494 million, led by wealth and asset management revenue (up 15%) and capital markets and advisory fees (up 20%).
- Total loans and leases reached $132.5 billion at March 31, 2025, up $2.5 billion from December 31, 2024; the ACL was $2.5 billion, or 1.87% of total loans and leases.
- The CET1 risk-based capital ratio was 10.6% at March 31, 2025, compared with 10.5% at December 31, 2024, supported by earnings net of dividends and partly offset by risk-weighted asset growth.
- Total deposits were $165.3 billion, up $2.9 billion from year-end 2024, while wholesale funding increased $2.4 billion to $26.0 billion, mainly from long-term debt issuance.
- On April 16, 2025, the Board declared a $0.155 quarterly common dividend and approved a repurchase authorization of up to $1.0 billion of common shares.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2025filed April 29, 2025Financial Statements
Q1 FY2025 against Q1 FY2024
| Line item | Q1 FY2025Q1 FY2024 | Change |
|---|---|---|
| Revenue | $351.00M$336.00M | +4.5% |
| Net Income | $527.00M$419.00M | +25.8% |
| EPS (Basic) | $0.34$0.26 | +30.8% |
| EPS (Diluted) | $0.34$0.26 | +30.8% |
| Shares Outstanding (Basic) | 1.45B1.45B | +0.4% |
| Shares Outstanding (Diluted) | 1.48B1.47B | +0.6% |
05—Questions
Frequently Asked Questions
How did Huntington's profitability change in the first quarter of 2025?
Net income attributable to Huntington rose to $527 million from $419 million, and diluted EPS increased to $0.34 from $0.26. Growth was driven by a $139 million increase in net interest income and a $27 million increase in noninterest income, partly offset by a $15 million increase in noninterest expense and a higher provision for income taxes. The return on average total assets was 1.04%, compared with 0.89% a year earlier.
How is credit quality trending?
Net charge-offs were $86 million, or an annualized 0.26% of average loans and leases, down from $92 million, or 0.30%, in the prior-year quarter. Nonaccrual loans and leases were $748 million, or 0.56% of total loans and leases, compared with $783 million, or 0.60%, at year-end 2024. The company noted that the office CRE portfolio, at $1.6 billion, remains an area of uncertainty, with ACL reserves of approximately 11% for that portfolio.
What are the main risks management identified for the outlook?
Management said it is entering a period of heightened economic uncertainty as markets adjust to tariff policy changes. It noted that inflation remains above the Federal Reserve's 2% target and that unemployment ticked up to 4.2%. The filing states that more economists expect a U.S. recession in the back half of 2025. Management also cited ongoing commercial real estate risks and geopolitical instability as factors in its allowance estimates.
How did the company manage its capital and funding in the quarter?
The CET1 ratio rose to 10.6% from 10.5%, and the Bank's CET1 ratio rose to 11.8% from 11.6%. Shareholders' equity totaled $20.4 billion. The company issued $1.5 billion of senior bank notes and completed a $415 million credit linked note transaction referencing a $3.5 billion pool of auto loans, which lowered the risk weighting of those assets by approximately 75%. Long-term debt increased to $18.1 billion from $16.4 billion.
What capital return actions were announced?
On April 16, 2025, the Board declared a quarterly common stock dividend of $0.155 per share, payable July 1, 2025, and approved a repurchase authorization of up to $1.0 billion with no expiration date. The filing estimates common dividend cash demands at approximately $226 million per quarter and preferred dividend cash demands at approximately $27 million per quarter.
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