Huntington Bancshares (HBAN) is down about 3% on Thursday, April 23, 2026 after releasing first-quarter results that showed headline GAAP earnings pressured by acquisition-related costs. The bank posted net income of $523 million and GAAP EPS of $0.25, including $271 million of pre-tax notable items primarily from acquisition-related expenses, which pushed investors to discount the quarter’s underlying momentum.

While core operating trends were stronger, the market reaction is centered on the gap between reported and adjusted profitability and the direction of credit and capital metrics. Huntington reported adjusted EPS of $0.37 (excluding notable items), but GAAP EPS landed at $0.25; the quarter also showed a nonperforming asset ratio of 0.72% (up from the prior quarter) and net charge-offs of 0.26% of average loans. Capital edged lower, with a CET1 risk-based capital ratio of 10.2% at March 31, 2026 versus 10.4% at the prior quarter end, and tangible book value per share down 3% sequentially to $9.55.

Huntington highlighted shareholder returns alongside the earnings release, including a new $3 billion common share repurchase authorization approved April 22, 2026, replacing the prior program. The company also emphasized integration progress and upcoming milestones, noting Veritex’s systems conversion was completed in mid-January and the Cadence integration is expected to be completed in the second quarter of 2026—keeping investors focused on how quickly acquisition-related expenses fade and whether integration risk adds volatility near-term.

Attention now shifts to management’s earnings call for details on net interest margin trajectory, credit costs, and the pace of synergy realization as the Cadence conversion approaches. Near-term trading is likely to track any updates on expense run-rate after notable items, plus whether credit metrics stabilize following the quarter’s uptick in nonperforming assets and the sequential dip in CET1.