Q4 Results Highlighted by Record Fees and Loan Growth, Sustained Deposit Growth and Sequential Expansion of Net Interest Income

2024 Fourth-Quarter Highlights:

• Earnings per common share (EPS) for the quarter were $0.34, higher by $0.01 from the prior quarter, and $0.19 higher than the year-ago quarter. Excluding the after-tax impact of Notable Items, EPS was higher by $0.07 from the year-ago quarter.
  
  
• The previously announced sale of approximately $1 billion of corporate debt investment securities decreased pre-tax income by $21 million, or $0.01 on an after-tax EPS basis.
  
  
• Net interest income increased $44 million, or 3%, from the prior quarter, and increased $79 million, or 6%, from the year-ago quarter.
  
  
• 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. From the year-ago quarter, noninterest income increased $154 million, or 38%. Excluding the impact of mark-to-market on pay-fixed swaptions, credit risk transfer transactions, and the loss on sales of securities, noninterest income increased by $49 million, or 9%, from the prior quarter and $96 million, or 20%, from the year-ago quarter.
  
  
• Average total loans and leases increased $3.7 billion, or 3%, from the prior quarter to $128.2 billion, and increased $6.9 billion, or 6%, from the year-ago quarter.
  
  
  • Average commercial loans grew $2.7 billion or 4% from the prior quarter and $4.3 billion or 6% from the year-ago quarter.
    
    
  • Average consumer loans grew $930 million or 2% from the prior quarter and $2.7 billion or 5% from the year-ago quarter.
• Average total deposits increased $2.9 billion, or 2%, from the prior quarter and $9.8 billion, or 7%, from the year-ago quarter.
  
  
• Net charge-offs of 0.30% of average total loans and leases for the quarter.
  
  
• Nonperforming asset ratio of 0.63% at quarter end.
  
  
• Allowance for credit losses (ACL) of $2.4 billion, or 1.88% of total loans and leases, at quarter end.
  
  
• Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5%, at December 31, 2024, up from 10.4% in the prior quarter.
  
  
• Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.7%, down from 8.9% in the prior quarter.
  
  
• Tangible common equity (TCE) ratio of 6.1%, down from 6.4% in the prior quarter and equal to a year ago.
  
  
• Tangible book value per share of $8.33, down $0.32, or 4%, from the prior quarter and up $0.54, or 7%, from a year ago.

COLUMBUS, Ohio, Jan. 17, 2025 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 fourth quarter of $530 million, or $0.34 per common share, an increase of $13 million from the prior quarter, and an increase of $287 million, or $0.19, from the year-ago quarter.

Return on average assets was 1.05%, return on average common equity was 11.0%, and return on average tangible common equity (ROTCE) was 16.4%.

CEO Commentary:

"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. "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."

"During 2024, we delivered peer-leading organic growth, across both loans and deposits, supported by the combination of existing and new businesses. Throughout the year, we leveraged our position of strength, with strong liquidity, capital and credit, and invested in building existing businesses while adding new ones. These strategic growth investments helped drive results in the fourth quarter and will grow revenues in future years. We delivered strong fee growth in our core, while adding capabilities, products, and services. We believe we have a multi-year opportunity to leverage our investments and momentum."

"Our credit continues to perform well, consistent with our aggregate moderate-to-low risk appetite. Our credit results for the quarter, including net charge-offs, reflect stability, supported by a positive economic environment."

"We expect the momentum from our core businesses and our strategic investments to carry us through 2025 and beyond, with a robust growth outlook and expanded profitability. "

The fourth quarter 2024 earnings materials, including the detailed earnings press release, quarterly financial supplement, and conference call slide presentation, are available on the Investor Relations section of Huntington's website, http://huntington.com/. In addition, the financial results will be furnished on a Form 8-K that will be available on the Securities and Exchange Commission website at www.sec.gov.

Conference Call / Webcast Information

Huntington's senior management will host an earnings conference call on January 17, 2025, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington's website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13750835. Slides will be available in the Investor Relations section of Huntington's website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington's website. A telephone replay will be available approximately two hours after the completion of the call through January 25, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13750835.

Please see the 2024 Fourth Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a $204 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 978 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

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