Huntington Bancshares (HBAN) Tops Q3 EPS by 1c, Revenues Miss
Huntington Bancshares (NASDAQ: HBAN) reported Q3 EPS of $0.33, $0.01 better than the analyst estimate of $0.32. Revenue for the quarter came in at $1.15 billion versus the consensus estimate of $1.16 billion.
"We delivered solid results again in the third quarter including record revenue and ROTCE above our long-term goal for the fourth consecutive quarter," said Steve Steinour, chairman, president, and CEO. "Continued strong capital generation fuels our organic growth, supports our increased dividend, and allows us to return additional capital to our shareholders via share repurchases."
"We have built sustainable competitive advantages in our key businesses that are driving high performance, and we expect to do so in the future,\" Steinour said. "In the third quarter, we improved our funding composition with average core deposits increasing 6% year-over-year, characterized by growth in both consumer and commercial deposits. Also, the recently released FDIC data shows that we gained deposit market share in our largest markets.
"Average loan growth remained strong at 7% year-over-year. Average consumer loans increased 10%, illustrating continued momentum in residential mortgage, RV and marine, and automobile lending. Average commercial loan balances increased 3% year-over-year, impacted by anticipated commercial real estate loan payoffs in the quarter. We remain optimistic for the rest of the year, as commercial originations picked up at the end of the quarter, and our local economies remain vibrant.
"The third quarter marked the end of the 2018 fiscal year for the U.S. Small Business Administration, during which Huntington earned the distinction of being the largest SBA 7(a) lender in the nation and the largest in our footprint for the tenth consecutive year."
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