In This Story
Huntington Bancshares Incorporated (HBAN-1.31%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income of $1.9 billion for 2024, a slight decrease from $2.0 billion in 2023. The net income per diluted common share was $1.22, compared to $1.24 in the prior year.
Net interest income for the year was $5.3 billion, down 2% from 2023, primarily due to a decrease in net interest margin to 3.00% and an increase in average interest-bearing liabilities.
The provision for credit losses increased by 4% to $420 million, reflecting loan and lease growth and increased net charge-off activity.
Noninterest income rose by 6% to $2.0 billion, driven by increases in capital markets and advisory fees, wealth and asset management revenue, and payments and cash management revenue.
Noninterest expense slightly decreased to $4.6 billion, with a significant reduction in the FDIC DIF special assessment and lower staffing efficiencies and corporate real estate consolidation expenses.
Total assets increased by 8% to $204.2 billion, primarily due to increases in loans and leases, interest-earning deposits with banks, and total securities.
Total liabilities also rose by 9% to $184.4 billion, driven by increases in total deposits and long-term debt.
The CET1 risk-based capital ratio improved to 10.5%, supported by current period earnings and a reduction in the CECL transitional amount.
The Consumer & Regional Banking segment reported a net income of $1.5 billion, a 15% increase from the previous year, due to higher net interest income and noninterest income.
The Commercial Banking segment reported a net income of $1.2 billion, a 2% decrease from 2023, affected by a decrease in net interest income and higher noninterest expenses.
The Treasury / Other function reported a net loss of $725 million, an increase in loss from the prior year, primarily due to decreased net interest income.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Huntington Bancshares Incorporated annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.