Huntington Bancshares reported second-quarter earnings per share of $0.33 and net income attributable to Huntington of $727 million, up 36% year on year, inclusive of $152 million of pre-tax notable items due to acquisition-related expenses.
EPS rose $0.08 sequentially but fell $0.01 year on year, the Columbus, Ohio-based lender said in its quarterly release on Thursday. Huntington completed the systems conversion of Cadence Bank in mid-June, which chairman, president and chief executive Steve Steinour called "the last major milestone in the integration".
ACQUISITIONS RESHAPE THE FOOTPRINT
The Veritex and Cadence acquisitions expanded Huntington's presence in Texas and the southern United States, and average commercial loans rose 59% year on year. Net interest income rose 40% year on year and noninterest income rose 67% to $785 million.
Net income rose 39% from the first quarter. The $0.01 year-on-year decline in EPS reflects a larger share count after the all-stock acquisitions and $152 million of pre-tax acquisition-related notable items; excluding notable items, adjusted EPS was $0.39, $0.01 higher than the adjusted figure a year earlier.
Huntington repurchased $159 million of common shares in the quarter. Steinour said the bank had "strong line of sight to the remaining cost synergies" and was "actively driving revenue synergies".
ORGANIC GROWTH ADDS TO THE MIX
Steinour said growth in Huntington's legacy organisation "was outstanding" and that the bank was "seeing early revenue synergies in Cadence markets".
Net charge-offs were 0.25% of average loans, 1 basis point lower than in the first quarter.
"Our pipelines are robust as we enter the second half of 2026 and the operating environment remains constructive," Steinour said.
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