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Call sheet · Q1'26

Huntington Bancshares (HBAN)

Q1'26 earnings call · held April 23, 2026 · compared with the Q4'25 call · management-credibility review
10/12
Disclosure score
1 medium, 6 low flags
Financial quality
Bottom line
The sleeper story is fee income acceleration - they just raised guidance 400bp to 31-33% growth on record capital markets performance while everyone obsesses over NIM compression. The obvious headline about cautious loan growth guidance is actually disciplined credit underwriting, specifically pulling back from CRE construction while commercial pipelines remain healthy. The real binding constraint is deposit competition in their new high-growth markets - they're paying more to fund growth than initially expected. Most revealing quote: 'If revenue conditions were to soften, we will modulate expenses accordingly' - Wasserman showing they can pull expense levers quickly. My view changes if fee income growth stalls next quarter or if deposit betas exceed 40% consistently.

The 30-second version

  • Fee income is the real story - they just raised guidance to 31-33% growth on record capital markets performance
  • They're turning cautious on loan growth despite strong pipelines - deliberate portfolio optimization not demand weakness
  • The $4 billion cash build is a Middle East hedge, not a liquidity problem, but it's masking the real NIM story

What changed this quarter

MetricQ4'25Q1'26Change
Adjusted EPS$0.37 (+9% YoY Q4)$0.37 (+9% YoY)Flat quarter-over-quarter but solid YoY momentum
Net Interest Income$1.61B (+14% YoY Q4)$1.91B (+33% YoY)+$301M sequential, massive dollar growth
Net Interest Margin3.15% (+2bp QoQ Q4)3.24% (+9bp QoQ)Strong margin expansion continues
Fee Income (adjusted)~$510M$620M+ implied+18% organic growth, record capital markets
Capital Markets RevenueSecond strongest quarter everRecord quarter60% organic growth, extraordinary performance
Loan Growth (organic)$10.1B full year 2025$2.2B (+1.5% QoQ)Solid momentum but moving to midpoint of range
Deposit Growth (organic)Strong Q4 momentum$3.8B (+2.3% QoQ)Another ~2% sequential growth quarter
ROTCE Target16%-17% range18%-19% range+200bp increase in target for 2027
Efficiency Ratio TargetLess than 55% by Q4Mid to low 54% by Q4Improved guidance on expense control
Share Repurchases YTD$50M/quarter planned$250M completedAccelerating capital return

Accountability tracked

8 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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