Huntington Bancshares Incorporated, a regional bank holding company headquartered in Columbus, Ohio, serves a broad array of consumers and businesses through its extensive banking network in the Midwest and southeastern United States. For the fourth quarter of 2024, the bank reported strong performance and signs of sustained growth.

Earnings per common share for the quarter stood at $0.34, reflecting an increase of $0.01 from the prior quarter and $0.19 from the year-ago period. Compared to Q3 of 2024, net income rose to $530 million, up from $517 million, while net interest income increased by $44 million, or 3%, reaching $1.395 billion. Year-over-year, net interest income saw a rise of $79 million or 6%. For Q4, average loan balances increased by $3.7 billion, or 3% quarter-over-quarter, and by $6.9 billion, or 6%, compared to Q4 of 2023. Average deposits gained $2.9 billion, or 2%, sequentially and $9.7 billion, or 7%, year-over-year.

The Common Equity Tier 1 (CET1) capital ratio was reported at 10.5% at the end of December, a slight increase from 10.4% in the previous quarter. Meanwhile, adjusted CET1, which takes into account accumulated other comprehensive income (AOCI), was down to 8.7% from 8.9%. The decrease in adjusted CET1 reflects changes in capital and risk-weighted assets during the quarter.

Credit quality metrics remained stable, with net charge-offs reported at 0.30% of average total loans and leases, a rate unchanged from the prior quarter. The allowance for credit losses totaled $2.4 billion, equivalent to 1.88% of total loans and leases, down from 1.97% a year earlier. The nonperforming asset ratio was slightly up to 0.63%, compared to 0.58% in Q4 of 2023.

Huntington’s net interest margin (NIM) expanded to 3.03% in the fourth quarter, rising 5 basis points from the previous quarter. This increase was partially attributed to a lower overall cost of deposits, which decreased by 24 basis points to 2.16%. The bank also achieved a 7% increase in noninterest income, totaling $559 million for the quarter.

In summary, Huntington Bancshares is operating in a stable growth environment with solid increases in both loans and deposits, maintaining strong credit performance, and experiencing a positive trajectory in net interest income and margin metrics.