Q2 2024 Huntington Bancshares Inc Earnings Call Transcript
Key Points
- Huntington Bancshares Inc (HBAN) reported a sequential increase in net interest income, driven by accelerating loan growth and sustained deposit growth.
- The company achieved strong credit performance with stable net charge-offs, which are tracking as expected for the year.
- Fee revenues increased, supported by capital markets, payments, and wealth management, contributing to overall revenue growth.
- Average loan balances grew by $2 billion from a year ago, and average deposit balances increased by $8 billion over the past year.
- Huntington Bancshares Inc (HBAN) maintained a robust liquidity position with coverage of uninsured deposits at 204%, a peer-leading level.
- The company incurred a $6 million notable item related to the updated FDIC deposit insurance fund special assessment, which impacted non-interest expenses.
- Allowance for credit losses decreased by 2 basis points, ending the quarter at 1.95%, indicating a slight reduction in reserve levels.
- Non-performing assets increased by approximately 5% from the previous quarter, reaching 63 basis points.
- The commercial real estate (CRE) balances have declined by $1.3 billion over the past year, reflecting a reduction in CRE concentration.
- The company expects core expenses to be higher in the third quarter, driven by personnel expenses and revenue-driven compensation.
Greetings and welcome to the Huntington Bancshares' second quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. At this time, I'll now turn the conference over to your host, Tim Sedabres, Director of Investor Relations. Please go ahead, sir.
Thank you, operator. Welcome, everyone, and good morning. Copies of the slides we will be reviewing today can be found in the Investor Relations section of our website, www.huntington.com. As a reminder, this call is being recorded and a replay will be available starting about one hour from the close of the call.
Our presenters today are Steve Steinour, Chairman, President, and CEO; and Zach Wasserman, Chief Financial Officer, Brendan Lawlor, Chief Credit Officer will join us for the Q&A. Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information are
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