01—Abstract
Summary
Summary of the 10-K filed February 14, 2025. Cited figures are marked; the original filing is the authoritative source.
Huntington Bancshares Incorporated reported 2024 net income of $1.9 billiona, or $1.22 per diluted common share, compared with $2.0 billion, or $1.24 per diluted common share, in 2023.
Net interest income was $5.3 billionb, a decrease of $94 million, or 2%, from 2023, as the FTE net interest margin fell 19 basis points to 3.00% amid a higher-rate environment that raised funding costs. Noninterest income rose $119 million, or 6%, to $2.0 billion, led by capital markets and advisory fees, while noninterest expense was roughly flat at $4.6 billion, reflecting a $186 million reduction in the FDIC DIF special assessment. Loans and leases grew $8.1 billion, or 7%, to $130.0 billion, and total deposits rose $11.2 billion, or 7%, to $162.4 billion.
Credit quality showed modest normalization: net charge-offs were 0.30% of average loans and leases, up from 0.23%, and nonperforming assets increased $111 millionc, or 16%, to $822 million. The ACL was $2.4 billion, or 1.88% of total loans and leases.
The CET1 risk-based capital ratio improved to 10.5% from 10.2%, and the company did not repurchase shares in 2024 or 2023, stating it does not expect share repurchases through 2025. The quarterly common dividend was declared at $0.155d per share for early 2025.
02—Key points
Key Highlights
- Net income of $1.9 billion, or $1.22 per diluted share, versus $1.24 per diluted share in 2023
- Net interest income of $5.3 billion, down $94 million (2%); FTE NIM declined 19 basis points to 3.00%
- Noninterest income rose 6% to $2.0 billion, driven by a 32% increase in capital markets and advisory fees
- Loans and leases grew 7% to $130.0 billion; total deposits grew 7% to $162.4 billion
- Net charge-offs rose to 0.30% of average loans from 0.23%; nonperforming assets increased 16% to $822 million
- CET1 risk-based capital ratio of 10.5%, up from 10.2%; all capital ratios above well-capitalized standards
- No share repurchases in 2024 or 2023; none expected through 2025, with organic capital used to fund loan growth
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 14, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $1.47B$1.40B | +4.9% |
| Net Income | $1.94B$1.95B | −0.6% |
| EPS (Basic) | $1.24$1.26 | −1.6% |
| EPS (Diluted) | $1.22$1.24 | −1.6% |
| Shares Outstanding (Basic) | 1.45B1.45B | +0.3% |
| Shares Outstanding (Diluted) | 1.48B1.47B | +0.6% |
05—Questions
Frequently Asked Questions
How did Huntington's profitability change in 2024?
Net income attributable to Huntington was $1.94 billion in 2024 versus $1.95 billion in 2023, and diluted EPS was $1.22 versus $1.24. Higher funding costs compressed net interest income, while higher fee income and lower FDIC special assessment expense partially offset the pressure.
What drove the decline in net interest margin?
The filing attributes the 19 basis point decline in the FTE NIM to 3.00% primarily to a higher-rate environment that increased the cost of funds, partially offset by growth in loans and leases and higher investment security yields. Average interest-bearing liabilities grew $12.2 billion, or 9%.
Is Huntington's credit quality deteriorating?
Credit quality showed modest normalization. Net charge-offs were $372 million, or 0.30% of average loans, up from 0.23%, and nonaccrual loans rose to 0.60% of total loans from 0.55%. Management states that credit continues to perform well and is consistent with its moderate-to-low risk appetite.
What is Huntington's capital position and capital return outlook?
The CET1 risk-based capital ratio was 10.5% at December 31, 2024, up from 10.2%, and the Bank's ratio was 11.6%. The company did not repurchase shares in 2024 or 2023 and does not expect repurchases through 2025, as organic capital is directed toward loan and lease growth. The Board declared a $0.155 quarterly common dividend in January 2025.
06—Continue