Huntington Bancshares (NASDAQ: HBAN) reported Q3 EPS of $0.34, $0.01 better than the analyst estimate of $0.33.

2019 Third Quarter Highlights compared with 2018 Third Quarter:

• Fully-taxable equivalent total revenue increased $42 million, or 4%.
• Fully-taxable equivalent net interest income decreased $5 million, or 1%.
• Net interest margin decreased 12 basis points to 3.20%.
• Noninterest income increased $47 million, or 14%, driven by a $23 million, or 74%, increase in mortgage banking income.
• Noninterest expense increased $16 million, or 2%.
• Efficiency ratio of 54.7%, down from 55.3%.
• Average loans and leases increased $2.3 billion, or 3%, year-over-year, including a $1.5 billion, or 4%, increase in commercial loans and a $0.8 billion, or 2%, increase in consumer loans.
• Average core deposits increased $1.7 billion, or 2%, year-over-year.
• Net charge-offs equated to 0.39% of average loans and leases, up from 0.16%.
• Nonperforming asset ratio of 0.64%, up from 0.55%.
• Common Equity Tier 1 (CET1) risk-based capital ratio of 10.02%, up from 9.89% and consistent with our 9% to 10% operating guideline.
• Tangible common equity (TCE) ratio of 8.00%, up from 7.25%.
• Tangible book value per common share increased $1.19, or 17%, to $8.25.
• Repurchased $68 million of common stock (5.2 million shares at an average price of $13.02 per share).

"Our solid third quarter results reflect continued momentum across our businesses despite a challenging operating environment," said Steve Steinour, chairman, president, and CEO. "We are pleased with 4% revenue growth, especially the growth in noninterest income. With the prevailing outlook for additional interest rate cuts, we remain committed to disciplined expense management and have taken actions to reduce our expense growth. We remain on track to deliver full-year positive operating leverage in 2019, and we are currently projecting positive operating leverage again in 2020."

"Consumer confidence remains at a high level, and consumers continue to perform well. We experienced strong origination activity in our home lending and auto finance businesses, while maintaining our underwriting discipline. Consistent with recent economic data pointing toward slowing growth, compounded by uncertainty related to trade and tariffs, we have seen a shift in tone from some of our manufacturing customers, which has impacted certain of their investments and expansions. While our commercial loan pipeline remains consistent with a year ago, providing us near-term confidence, we have a more measured outlook for commercial loan growth over the medium term."

"As we have stated the past few quarters, we do not foresee a recession in the near term. Our core earnings power, strong capital, aggregate moderate-to-low risk appetite, and long-term strategic alignment position us to withstand economic headwinds should they emerge," Steinour said.

For earnings history and earnings-related data on Huntington Bancshares (HBAN) click here.