Huntington Bancshares (HBANL) Financials

Huntington Bancshares’ available quarterly data show a substantially larger banking franchise and stronger earnings base than in 2022 and 2023. By Q2 2026, total assets reached $284.0 billion, up from $188.5 billion in Q2 2023, while net loans increased to $186.2 billion from $119.0 billion. Deposits also expanded to approximately $222.5 billion from $148.0 billion over the same period.

Recent operating performance was particularly strong. Q2 2026 total revenue rose to $2.84 billion from $1.94 billion in the restated Q2 2025 period and $1.84 billion in Q2 2023. Net income attributable to common shareholders increased to $686 million, or $0.33 per diluted share, compared with $509 million, or $0.34 per share, in Q2 2025. The year-over-year earnings improvement was driven mainly by higher net interest income and non-interest income.

• Net interest income continues to grow: Q2 2026 net interest income reached $2.05 billion, up from $1.47 billion in Q2 2025 and $1.35 billion in Q3 2024, reflecting the company’s larger loan base and higher interest income.
• Loan growth has been substantial: Net loans and leases increased from $119.0 billion in Q2 2023 to $186.2 billion in Q2 2026. This expands Huntington’s potential earnings base if credit performance remains stable.
• Deposit funding has expanded alongside assets: Total deposits rose from about $148.0 billion in Q2 2023 to $222.5 billion in Q2 2026, providing a larger source of funding for loans and investment securities.
• Non-interest income is becoming a larger contributor: Q2 2026 non-interest income was $785 million, compared with $471 million in Q2 2025 and $495 million in Q2 2023. This gives Huntington more revenue diversification beyond lending.
• Capital has grown in absolute terms: Total equity and noncontrolling interests reached $32.7 billion in Q2 2026, versus $20.0 billion at year-end 2024 and $18.8 billion in Q2 2023.
• Operating cash generation improved sequentially: Net cash from operating activities increased to $1.12 billion in Q2 2026 from $524 million in Q1 2026 and $554 million in the restated Q2 2025 period.
• Credit reserves remain significant but broadly stable relative to loans: The allowance for loan losses was $3.25 billion in Q2 2026, or roughly 1.7% of gross loans, compared with approximately 1.8% in Q2 2023. The ratio does not indicate a major deterioration, although provisions remain an ongoing expense.
• The balance sheet has changed materially in scale: The sharp increase in assets, equity and reported share counts suggests that corporate activity or other structural changes may affect comparisons between older and newer periods.
• Funding costs are rising: Total interest expense increased to $1.33 billion in Q2 2026 from $1.09 billion in Q2 2025 and $879 million in Q2 2023. Deposit interest expense alone rose to $1.05 billion, which could pressure margins if asset yields do not keep pace.
• Non-interest expenses are growing rapidly: Q2 2026 non-interest expense reached $1.81 billion, up from $1.20 billion in Q2 2025. Expenses grew faster than revenue on a year-over-year basis, suggesting some pressure on operating efficiency.

Cash flow was mixed in the latest quarter. Huntington generated $1.12 billion from operations, but purchased $9.34 billion of investment securities while selling or receiving maturities of $8.46 billion. Financing cash flow was also negative at $3.06 billion, largely because of debt repayments, declining deposits during the quarter, dividends and share repurchases. As a result, cash and equivalents declined by $3.59 billion in Q2 2026, although the bank still held $3.33 billion of cash and $12.71 billion of interest-bearing deposits at other banks.

For investors, the central trend is a larger and more profitable bank, supported by strong loan, deposit and fee-income growth. The main risks are rising funding costs, higher operating expenses, continued credit-loss provisions and the possibility that the rapid balance-sheet expansion may require additional capital or dilute per-share growth. The Q2 2026 results were favorable overall, but future performance will depend on whether Huntington can preserve its improved revenue momentum while controlling expenses and deposit costs.