Press release
Huntington Bancshares Incorporated Reports Record Annual Earnings
Record Annual Revenue and 6% Increase in 2019 EPS COLUMBUS, Ohio, Jan. 23, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN;
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Record Annual Revenue and 6% Increase in 2019 EPS\n\n\nCOLUMBUS, Ohio, Jan. 23, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported 2019 full year net income of $1.4 billion, an increase of 1% from the prior year. Earnings per common share for the year were $1.27, up 6% from the prior year. Tangible book value per common share as of 2019 year-end was $8.25, a 12% year-over-year increase. Return on average assets for 2019 was 1.31%, return on average common equity was 12.9%, and return on average tangible common equity was 16.9%.\n\n \n \n\n \nNet income for the 2019 fourth quarter was $317 million, a 5% decrease from the year-ago quarter. Earnings per common share for the 2019 fourth quarter were $0.28, down 3% from the year-ago quarter. Return on average assets for the 2019 fourth quarter was 1.15%, return on average common equity was 11.1%, and return on average tangible common equity was 14.3%.\n\"We are pleased with our 2019 results, which included record net income for the fifth consecutive year and annual positive operating leverage on an adjusted basis for the seventh consecutive year,\" said Steve Steinour, chairman, president, and CEO.\n\"Total revenue for 2019 increased 3% year-over-year driven by fee income growth of 10% and organic balance sheet growth. The revenue growth, coupled with our disciplined expense management, allowed for continued investment in technology and our businesses overall,\" Steinour said. \"Average loans grew 4%, balanced between commercial and consumer lending. In the 2019 fourth quarter, we experienced record origination activity in both our home lending and auto finance businesses, while maintaining our underwriting discipline. We remain focused on funding organic loan growth with low-cost core deposits, highlighted by the 5% increase in average consumer noninterest-bearing deposits for the 2019 full year.\"\n\"2019 was a challenging year for the industry, and Huntington was not immune. We entered the year expecting multiple interest rate increases but instead were impacted by multiple interest rate reductions. There also were elevated levels of macroeconomic uncertainty and significant market volatility. We proactively managed revenue challenges and expense growth, while continuing to invest in our businesses to drive long-term performance. We...