Press release
Huntington Bancshares Incorporated Reports Full Year 2020 Earnings
Results Include Record Annual Revenue (+3%), a 6% Increase in Average Loans, and an 11% Increase in Average Core Deposits COLUMBUS, Ohio, Jan. 22, 2021
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Results Include Record Annual Revenue (+3%), a 6% Increase in Average Loans, and an 11% Increase in Average Core Deposits\n\n\nCOLUMBUS, Ohio, Jan. 22, 2021 /PRNewswire/ --\n\n \n \n \n \n \n \n\n \nFull year 2020 highlights compared to full year 2019:\nNet income was $817 million, and earnings per common share (EPS) for the year were $0.69. Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%. Tangible book value per common share (TBVPS) increased 3% to $8.51 at 2020 year end. Fully-taxable equivalent total revenue increased $143 million, or 3%, to $4.8 billion. Fully-taxable equivalent net interest income increased $6 million, or less than 1%, to $3.2 billion. Net interest margin decreased 27 basis points to 2.99%. Noninterest income increased $137 million, or 9%, to $1.6 billion, driven by a $199 million, or 119%, increase in mortgage banking income.Noninterest expense increased $74 million, or 3%, to $2.8 billion. Delivered annual positive operating leverage. Efficiency ratio of 56.9%. Average loans and leases increased $4.4 billion, or 6%, to $79.4 billion Average commercial loans increased $3.5 billion, or 9%, to $41.0 billion and average consumer loans increased $0.9 billion, or 2%, to $38.4 billion.Average total core deposits increased $8.7 billion, or 11%, to $87.9 billion and average total deposits increased $9.6 billion, or 12%, to $91.9 billion. Average demand deposits increased $8.9 billion, or 29%, to $48.9 billion.Allowance for credit losses (ACL) increased to $1.9 billion, or 2.29% of total loans and leases. Nonperforming asset (NPA) ratio was 0.69%. Net charge-offs (NCOs) equated to 0.57% of average loans and leases. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at year end. Tangible common equity (TCE) ratio was 7.16% at year end.2020 Fourth Quarter highlights compared to 2019 Fourth Quarter: \nNet income was $316 million, consistent with the year ago quarter Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%. Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%. Fully-taxable equivalent total revenue increased $81 million, or 7%. Fully-taxable equivalent net interest income ...