Huntington Bancshares (HBAN) Q3 2024 earnings summary

Executive summary

• Reported Q3 2024 net income of $517 million ($0.33 per share), with sequential growth in net interest income, fee revenues, loans, and deposits, and strong execution of new initiatives and core strategies.

• Maintained strong credit quality, disciplined risk management, and stable net charge-offs, with improved nonperforming asset ratios.

• Achieved robust fee income growth, driven by payments, wealth management, and capital markets.

• Continued expansion into new markets, including the Carolinas and specialty verticals, and ranked first nationally for SBA 7(a) loan originations.

• Building profit growth momentum into 2025, supported by digital leadership and customer experience focus.

Financial highlights

• Q3 2024 GAAP EPS was $0.33; net income available to common shareholders was $481 million; return on tangible common equity (ROTCE) was 16.2%.

• Net interest income for Q3 was $1.4 billion, down 1% year-over-year but up 3% sequentially; net interest margin was 2.98%.

• Noninterest income rose 3% year-over-year and 7% sequentially, led by capital markets, wealth, and payments.

• Average loans grew 3.1% year-over-year; average deposits increased 5.6% year-over-year.

• Tangible book value per share increased 21.5% year-over-year to $8.65.

Outlook and guidance

• Management expects continued loan and deposit growth into Q4 and 2025, with FY24 average loans up ~3% and deposits up 4–5% year-over-year.

• Net interest income guidance is flat to up 1% year-over-year; noninterest income (ex-notable items) up 8–9% year-over-year.

• Core expenses expected to grow ~3% year-over-year in Q4; net charge-offs projected to remain stable at ~30bps; tax rate for Q4 expected at 18–19%.

• Growth momentum and profitability are expected to continue into 2025.