Loading...
•
Dec 31, 2019
Huntington Q4 2019 Earnings Report
Huntington Bancshares Incorporated reported a decrease in net income and earnings per share compared to the year-ago quarter but highlighted record annual earnings.
Key Takeaways
Huntington Bancshares Incorporated reported a net income of $317 million for Q4 2019, a 5% decrease from the year-ago quarter, and earnings per share of $0.28, down 3% from the year-ago quarter. The company experienced record origination activity in home lending and auto finance. They also announced the consolidation of 30 in-store branches.
Net income for the fourth quarter was $317 million, a decrease of 5% from the year-ago quarter.
Earnings per common share for the fourth quarter were $0.28, down 3% from the year-ago quarter.
Fully-taxable equivalent total revenue decreased 1% year-over-year.
Noninterest income increased 13% year-over-year.
Forward Guidance
Huntington Bancshares provided expectations for the full year 2020, including revenue, noninterest expense, loans and leases, deposits, asset quality, and effective tax rate.
Positive Outlook
- Full-year revenue is expected to increase approximately 1.5% to 3.5%.
- Full-year noninterest expense is expected to increase approximately 1% to 3%.
- Average loans and leases are expected to increase approximately 3% to 4% on an annual basis.
- Average total deposits are expected to increase approximately 3% to 4% on an annual basis.
- Asset quality metrics are expected to remain strong.
Challenges Ahead
- Net charge-offs are expected to be in the range of approximately 35 to 45 basis points, with some moderate quarterly volatility.
- The effective tax rate for 2020 is expected to be in the range of 15.5% to 16.5%.
- Fully-taxable equivalent total revenue decreased $12 million, or 1%.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...