Huntington Bancshares Profit Rises on Interest Income
The lender reported a 33 percent rise in net interest income following its acquisition of Cadence Bank. Adjusted profit reached 37 cents per share this quarter.
HUNTINGTON BANCSHARES INC reported a significant increase in its first-quarter adjusted profit, driven by robust net interest income and strategic expansion through recent acquisitions. The regional lender, headquartered in the United States, benefited from a shifting monetary environment as Federal Reserve rate adjustments helped lower deposit costs and stimulate loan demand throughout the period.
The bank's financial performance was bolstered by the integration of CADENCE BANK, a $7.4 billion acquisition that closed in early February. This merger, alongside the ongoing partnership with VERITEX HOLDINGS INC, has positioned the firm to capture greater market share in high-growth regions like Texas. Net interest income (NII) surged 33% year-over-year to $1.89 billion, meeting the bank's previous projections for record-level earnings in this category.
For the three months ended March 31, the company reported an adjusted net income of $739 million, or 37 cents per share. This represents a substantial climb from the $529 million, or 34 cents per share, recorded during the same quarter of the previous year. Average total deposits also saw a marked increase, rising to $204.62 billion from $161.60 billion a year earlier, while average loans and leases grew by 33% to reach $174.22 billion.
CEO Steve Steinour highlighted the operational success of the bank's recent strategic moves and its focus on synergy targets.
Our core is performing very well, our credit remains strong, and we are driving toward our committed expense and revenue synergies from our Veritex and Cadence partnerships.
In addition to the earnings growth, the board of directors approved a new $3 billion share repurchase program on April 22, replacing its previous authorization. While the company's shares have faced a 3% decline so far in 2026, the stock saw a marginal uptick in pre-market trading following the announcement. The bank remains focused on its expansion into Texas, following the $1.9 billion all-stock deal for Veritex agreed upon in July 2025, as it seeks to establish a stronger foothold in emerging financial hubs.
