Huntington Bancshares Inc. (HBAN) Q4 2022 Earnings Call Transcript

Huntington Bancshares Inc. (NASDAQ:HBAN) Q4 2022 Results Conference Call January 20, 2023 9:00 AM ET

Company Participants

Tim Sedabres - Director, IR

Steve Steinour - Chairman, President & CEO

Zach Wasserman - CFO

Rich Pohle - CCO

Conference Call Participants

Manan Gosalia - Morgan Stanley

Steven Alexopoulos - JP Morgan

Ken Usdin - Jefferies

Erika Najarian - UBS

Jon Arfstrom - RBC Capital Markets

Scott Siefers - Piper Sandler

Matt O'Connor - Deutsche Bank

Operator

Greetings. Welcome to Huntington Bancshares Fourth Quarter Earnings Call. At this time all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

At this time, I'd now like to turn the conference over to your host, Tim Sedabres, Director of Investor Relations.

Tim Sedabres

Thank you, operator. Welcome, everyone, and good morning. Copies of the slides we will be reviewing today can be found on the Investor Relations section of our website at www.huntington.com. As a reminder, this call is being recorded and a replay will be available starting about one hour from the close of the call.

Our presenters today are Steve Steinour, Chairman, President and CEO; Zach Wasserman, Chief Financial Officer; Rich Pohle, Chief Credit Officer, will join us for the Q&A.

Earnings documents, which include our forward-looking statements disclaimer and non-GAAP information are available on the Investor Relations section of our website.

With that, let me now turn it over to Steve.

Steve Steinour

Thanks, Tim. Good morning, everyone, and welcome. Thank you for joining the call today. We are very pleased to announce our fourth quarter results, which included GAAP net income of $645 million and adjusted net income of $657 million. For the full-year, reported GAAP net income was $2.2 billion, and adjusted net income was $2.3 billion.

Both results reflect record earnings for Huntington. 2022 marked a year of numerous successes driven by our team's execution of organic growth initiatives, realization of both expense and revenue synergies from the TCF acquisition. An unwavering focus on credit discipline and proactive balance sheet management. We ended the year with substantial momentum.

Clearly, the economic environment is becoming increasingly challenging. However, Huntington is better positioned today than at any time since I joined over a dozen years ago. And over those years, we've transformed the risk profile of the bank and remained highly disciplined. We are taking proactive steps now to again position Huntington to outperform, and we entered the year with solid capital levels, top-tier reserves, a growing core deposit base and strong credit metrics. We continue to see opportunities to grow revenue and profit.