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April 22 , 2021 Analysts : Mark Muth ( mark.muth@huntington.com ) , 614.480.4720 Media : Matt Samson ( matt.b.samson@huntington.com ) , 312.263.0203 A Huntington HUNTINGTON BANCSHARES INCORPORATED REPORTS 2021 FIRST - QUARTER EARNINGS Results Include 19 % Revenue Growth , 6 % Average Loan Growth , and 20 % Average Core Deposit Growth 2021 First - Quarter Highlights ( compared with 2020 First Quarter ) : • Net income was $ 532 million , up $ 484 million from the year ago quarter . • Earnings per common share ( EPS ) for the quarter were $ 0.48 , an increase of $ 0.45 . • Return on average assets for the quarter was 1.76 % , return on average common equity was 18.7 % , and return on average tangible common equity was 23.7 % . • Tangible book value per common share increased $ 0.36 , or 4 % , to $ 8.64 . • • Fully - taxable equivalent total revenue increased $ 216 million , or 19 % . о о о Fully - taxable equivalent net interest income increased $ 182 million , or 23 % , including the benefit of the $ 144 million mark - to - market of interest rate caps and $ 45 million of accelerated accretion from PPP loan forgiveness . Net interest margin increased 34 basis points to 3.48 % , including the 51 basis point benefit of the mark- to - market of interest rate caps and the 16 basis point benefit from accelerated accretion from PPP loan forgiveness . Noninterest income increased $ 34 million , or 9 % , driven by a $ 42 million , or 72 % , increase in mortgage banking income . Noninterest expense increased $ 141 million , or 22 % , including approximately $ 21 million of Significant Items expense related to the TCF acquisition . • Efficiency ratio of 57.0 % , up from 55.4 % . • Average loans and leases increased $ 4.6 billion , or 6 % . ° Average commercial loans increased $ 3.9 billion , or 11 % , and average consumer loans increased $ 0.6 billion , or 2 % . Average core deposits increased $ 16.3 billion , or 20 % . 0 Average demand deposits increased $ 14.7 billion , or 36 % . • Net charge - offs equated to 0.32 % of average loans and leases , down from 0.62 % . • Nonperforming asset ratio of 0.68 % , down from 0.75 % . • Provision for credit losses decreased $ 501 million year - over - year to $ ( 60 ) million . • Allowance for credit losses ( ACL ) increased $ 199 million to $ 1.7 billion , or 2.17 % of total loans and leases . 1