COLUMBUS, Ohio – Huntington Bancshares Inc. on Friday reported a net income of $530 million in the fourth quarter, an increase of $13 million from the prior quarter and $287 million from the same quarter a year ago.
Earnings per common share for the quarter were 34 cents, up 1 cent from the prior quarter and 19 cents from a year ago. Excluding the after-tax impact of notable items, earnings per share was higher by 7 cents from the year-ago quarter.
Fourth quarter income was affected by a previously announced sale of $1 billion of corporate debt investment securities, which decreased pre-tax income by $21 million.
The quarter results were highlighted by record fees and loan growth, sustained deposit growth and sequential expansion of net interest income.
Net interest income increased $44 million, or 3%, from the third quarter and $79 million, or 6%, from the end of 2023.
Total deposit costs were 2.16%, down 24 basis points from the prior quarter.
Noninterest income increased $36 million, or 7%, from the prior quarter to $559 million. Over the year, noninterest income increased $154 million, or 38%.
Average total loans increased $3.7 billion, or 3%, from the prior quarter to $128.2 billion and $6.9 billion, or 6%, from the quarter a year ago. That included average commercial loans that grew by $2.7 billion, or 4%, from the prior quarter and $4.3 billion, or 6%, from the year-ago quarter, as well as average consumer loans that grew by $930 million, or 2%, from the prior quarter and $2.7 billion, or 5%, from a year ago.
Average total deposits increased $2.9 billion, or 2%, over the fourth quarter and $9.8 billion, or 7%, from a year earlier.
Return on average assets was 1.05%, while return on average common equity was 11% and return on average tangible common equity was 16.4%.
“We delivered exceptional fourth quarter results highlighted by record fee income, accelerated loan growth, and sustained deposit gathering,” said Steve Steinour, chairman, president and CEO of Huntington. “Our results reflect the success of our core businesses and investments in new geographies and commercial verticals. Our teams have executed very well, managing overall funding costs lower and increasing fee revenues from payments, wealth management, and capital markets. Additionally, our capital markets team delivered record revenue during the quarter.”
Looking forward, Steinour said he expects momentum from core business and strategic investments to carry Huntington through 2025 and beyond, predicting “a robust growth outlook and expanded profitability.”
The complete report can be found HERE.