Huntington Bancshares Incorporated HBAN reported fourth-quarter revenues of $1.72 billion, missing the consensus of $1.77 billion.
Net interest income fell 10% year over year to $1.316 billion. Noninterest income decreased 19% year over year to $405 million.
Average total deposits increased $4.0 billion, or 3%, from the year-ago quarter. Average total loans and leases increased $2.3 billion, or 2%, from the year-ago quarter.
The company’s allowance for credit losses was $2.4 billion, or 1.97%, of total loans and leases at quarter end.
Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.58%, an increase of 58 basis points from the prior quarter.
Tangible common equity (TCE) ratio increased 44 basis points from the prior quarter to 6.14% and increased 59 basis points from a year ago.
Adjusted EPS of $0.27 came in line with the consensus of $0.27.
Cash and equivalents and available contingent borrowing capacity totaled $93 billion on December 31, 2023, and represented 206% of uninsured deposits.
“We are seeing attractive growth opportunities as we move into 2024, and are positioned to accelerate our loan growth forecast given these dynamics,” said Steve Steinour, chairman, president, and CEO.
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Price Action: HBAN shares are trading higher by 1.67% to $12.44 on the last check Friday.
Photo via Wikimedia Commons
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