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Huntington Bancshares 8-K Report, Regulation FD Disclosure (Apr 17, 2024)

Reports
Regulation FD·Exhibits & Filings
Filing Date
Filed April 17, 2024
Period End
April 17, 2024
In the record · 2016–202610-K1110-Q338-K254

HBAN filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 254 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’16Aug ’16
  2. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed April 17, 2024. Cited figures are marked; the original filing is the authoritative source.

Huntington Bancshares Incorporated filed this Form 8-K under Item 7.01 (Regulation FD Disclosure) to furnish the slides for its 2024 Annual Shareholders' Meeting, held on Wednesday, April 17, 2024.

The presentation is attached as Exhibit 99.1 and is furnished, not filed, for purposes of Section 18 of the Exchange Act. It covers the 2023 year in review, business and strategy updates, and non-GAAP reconciliations for PPNR, ROTCE, and CET1. The presentation reports 2023 total assets of $189 billiona, total loans of $122 billion, and total deposits of $151 billion.

It cites FY23 revenue of $7.4 billionb and net interest income growth of 3.3%. Management reported an adjusted ROTCE of 19.4% (GAAP ROTCE of 17.6%), a CET1 ratio of 10.3% (adjusted CET1 of 8.6%), and FY23 net charge-offs of 23 bps. Uninsured deposit coverage was 206%.

The company also announced a first-quarter 2024 earnings conference call for Friday, April 19, 2024, at 8:00 a.m. ET. The presentation carries forward-looking statement cautions and references the Form 10-K for the year ended December 31, 2023 for additional risk factors.

02—Key points

Key Highlights

  1. Total assets of $189 billion, total loans of $122 billion, and total deposits of $151 billion as of 2023 year-end, per the presentation.
  2. FY23 revenue of $7.4 billion, with net interest income up 3.3%; consumer primary bank relationships grew 3% and business primary bank relationships grew 5% year over year.
  3. Adjusted ROTCE of 19.4% for 2023 (GAAP ROTCE of 17.6%), compared with 21.5% adjusted (20.7% GAAP) in 2022.
  4. CET1 ratio of 10.3% (adjusted CET1 of 8.6%, after removing AOCI impact and cash flow hedges), with a 4Q23 CET1 ratio of 10.25%.
  5. Credit quality described as well managed: FY23 net charge-off ratio of 0.23% versus a peer median of 0.33%, and an ACL reserve ratio of 1.97% versus a peer median of 1.62%.
  6. Uninsured deposit coverage of 206%, and deposits described as growing 2.2% year over year on an end-of-period basis.
  7. First-quarter 2024 earnings call scheduled for Friday, April 19, 2024, at 8:00 a.m. ET.

03—Questions

Frequently Asked Questions

  1. What was Huntington's 2023 profitability on a tangible basis?

    The presentation reports GAAP ROTCE of 17.6% for 2023 and adjusted ROTCE of 19.4%, which excludes Notable Items. Adjusted ROTCE was 21.5% in 2022 on the same basis.

  2. How strong is Huntington's capital position according to the presentation?

    The CET1 ratio was 10.3% (10.25% as of 4Q23). Adjusted for AOCI and cash flow hedges, the adjusted CET1 ratio was 8.6%.

  3. How did credit quality look in 2023?

    FY23 net charge-offs were 23 bps, with a net charge-off ratio of 0.23% versus a peer median of 0.33%. The ACL reserve ratio was 1.97% versus a peer median of 1.62% as of December 31, 2023.

  4. When is the next earnings update and how can investors access it?

    Management will host a first-quarter 2024 earnings conference call on Friday, April 19, 2024, at 8:00 a.m. ET. It will be available via live webcast in the Investor Relations section of Huntington's website or by dial-in at (877) 407-8029, conference ID #13744899.

04—Continue

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