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Call sheet · Q2'26

Huntington Bancshares (HBAN)

Q2'26 earnings call · held July 23, 2026 · compared with the Q1'26 call · management-credibility review
9/12
Disclosure score
3 high, 4 medium, 1 low flags
Financial quality
Bottom line
The sleeper story is that Cadence is actually performing BETTER than modeled, with deposit mix transformation running 6 months ahead and digital acquisition doubling without marketing spend. The Street's fixating on the NII guide cut, missing that fee income acceleration fully offsets it and that management chose to pre-fund H2 loan growth. The binding constraint is management credibility after guiding below range just one quarter post-close, not actual deposit competition. Wasserman admitting 'we expect to be at the bottom end or perhaps modestly below' is the quote that kills confidence. My view changes if Q3 NIM expands to 325+ as promised, proving this was just conservative positioning.

The 30-second version

  • The sleeper: Cadence deposit mix shift is running 6 months ahead of plan, with checking concentration already at 80% vs 40% at deal close
  • The obvious: NII guide cut to 'low end or below' spooked the market, but fee income outperformance fully offsets it
  • The metric that vanished: Auto loan production down $2B YTD with zero timeline for recovery

What changed this quarter

MetricQ1'26Q2'26Change
Revenue (Total)Q1: $2.91B (+33% YoY)Q2: $3.07B (+31% YoY)+5.5% sequential acceleration
EPS (Adjusted)Q1: $0.37 (+9% YoY)Q2: $0.37 (flat YoY)Growth stalled despite Cadence contribution
Net Interest IncomeQ1: $1.91B (+33% YoY)Q2: $2.07B (+8.5% QoQ)Sequential growth decelerated from 18.7% to 8.5%
Net Interest MarginQ1: 3.24%Q2: 3.21%-3 bps compression
Value-Added Fees (organic)Q1: +18% YoY organicQ2: +30% YoY organic+1200 bps acceleration
Capital Markets RevenueQ1: Record quarter (+60% YoY organic)Q2: +46% YoYDeceleration from record Q1
Loan Growth (organic, EOP)Q1: +1.5% QoQ ex-CadenceQ2: +1.2% QoQ normalizedCore momentum slowing
Deposit Growth (organic)Q1: +2.3% QoQ ex-CadenceQ2: +1.8% QoQ normalizedOutpacing loans but decelerating
Deposit CostsQ1: Not specifiedQ2: +6 bps QoQAccelerating pressure
Net Charge-offsQ1: 26 bpsQ2: 26 bpsStable at low end of guide

Accountability tracked

7 new promises made5 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.
Read the full HBAN Q2'26 report Subscribe
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This is a free preview. The full write-up and promise ledger are published to subscribers on Substack.
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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