Outstanding Quarter Performance
Huntington Bancshares delivered an outstanding quarter with earnings per common share of 41¢ and adjusted EPS of 40¢, up 18% year over year.
Significant Loan and Deposit Growth
Average loan balances grew by $2.8 billion or 2% from the prior quarter, while average deposits increased by $1.4 billion or 1%.
Revenue and Profitability Increase
Revenue grew 14% year over year, adjusted PPNR increased by 16%, and tangible book value rose by 10%, while generating an adjusted ROTC above 17%.
Successful Integration and Expansion Plans
The integration of Veritex is expected to springboard growth in Texas, with plans to leverage Veritex's network and expand in Dallas, Fort Worth, and Houston.
Positive Operating Leverage
Huntington achieved 500 basis points of positive operating leverage on a trailing twelve-month adjusted basis, with full-year operating leverage expected to improve by more than 250 basis points.