$HBAN · HUNTINGTON BANCSHARES INC /MD/
Huntington Bancshares reported Q3 2026 net income of $721M ($0.33 diluted EPS), up 15% from $629M ($0.41 EPS) a year ago. Revenue (FTE) rose 31% to $2.81B, driven by a 37% jump in net interest income to $2.07B and NIM expansion to 3.25%. Results reflect the full-quarter impact of the Cadence acquisition (closed Feb 2026) and the Veritex acquisition (Oct 2025), which together added $62.5B in average earning assets but diluted per-share results via 462M and 107M shares issued, respectively.
- Net income attributable to Huntington: $721M, up 15% from $629M in Q3 2025.
- GAAP diluted EPS fell 20% to $0.33 vs $0.41 a year ago, driven by 38% increase in diluted share count.
- Net interest income surged 37% to $2.069B; NIM expanded 12 bps to 3.25%.
- Total assets nearly doubled YoY to $287.8B, reflecting the Cadence (Feb 2026) and Veritex (Oct 2025) acquisitions.
- Provision for credit losses was $123M, essentially flat vs $122M in Q3 2025.
Extended-hours last trade at $15.70, down 0.06% from the regular close of $15.71 — essentially flat. The market appears to have priced in the acquisition-driven EPS dilution, with the 15% net income growth and NIM expansion providing offsetting support.
Huntington's transformative M&A doubled its balance sheet to $288B but the 20% EPS dilution shows the cost of that growth — investors must weigh NIM expansion against per-share erosion.
The 12 bps NIM expansion to 3.25% contrasts with many regional banks still struggling with deposit cost pressure, aided by the Fed's September 2026 rate hike to 3.75%-4.00%. The 48% YoY jump in C&I loans reflects both organic growth and acquired portfolios.
Integration risk from two large acquisitions (Veritex $1.7B, Cadence $8.3B) closed within four months; AOCI swung to -$2.97B, reflecting significant unrealized losses in the securities portfolio that pressure tangible book value.