Company Overview

Huntington Bancshares Incorporated operates as the bank holding company for The Huntington National Bank, which provides commercial, consumer, and mortgage banking services across the United States. Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $208 billion regional bank holding company headquartered in Columbus, Ohio. Its principal subsidiary is The Huntington National Bank.

Company Profile

Founded in 1866, The Huntington National Bank and its affiliates offer consumers, small and middle-market businesses, corporations, municipalities, and other organizations a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 975 branches in 12 states, with certain businesses operating in extended geographies.

Business Operations

The company provides a wide array of financial products and services to both consumer and business customers. These include deposits, lending, payments, mortgage banking, dealer financing, investment management, trust services, brokerage, insurance, and other financial products and services.

Key Services Include:

- Commercial and consumer banking

- Mortgage banking services

- Dealer financing solutions

- Investment management and trust services

- Brokerage and insurance products

- Treasury management services

- Capital markets solutions

It also offers digitally powered consumer and business financial solutions such as 24-Hour Grace, Asterisk-Free Checking, Money Scout, $50 Safety Zone, Standby Cash, Early Pay, Instant Access, Savings Goal Getter, and Huntington Heads Up. These are integrated into its consumer lending, regional banking, branch banking, and wealth management offerings.

Financial Performance

Q3 2024 Results (As of October 17, 2024):

- Net Income: $517 million, or $0.33 per common share

- Revenue: $1.89 billion, representing a year-over-year decline of 0.1%

- Return on Average Assets: 1.04%

- Return on Average Common Equity: 10.8%

- Return on Average Tangible Common Equity (ROTCE): 16.2%

Full Year 2024 Performance:

- Revenue: $6.95 billion, an increase of 0.03% compared to the previous year

- Earnings: $1.80 billion, a decrease of -0.88%

Key Financial Metrics:

- Common Equity Tier 1 (CET1) Risk-Based Capital Ratio: 10.4% (at September 30, 2024)

- Tangible Book Value Per Share: $8.65, up $0.76 (10%) from the prior quarter and $1.53 (21%) from a year ago.

- Average Total Loans and Leases: Increased 1% quarter-over-quarter and 3% year-over-year.

- Average Total Deposits: Grew 2% quarter-over-quarter and 6% year-over-year.

Strategic Position and Market Leadership

Huntington ranked first nationally for SBA 7(a) loan originations by volume for the seventh consecutive year in SBA fiscal year 2024. This marks the 16th consecutive year Huntington has been the largest originator, by volume, of SBA 7(a) loans within its operating footprint, demonstrating a strong commitment to small business lending.

Growth Initiatives

The company announced a successful expansion into the Carolinas, which is performing better than initial expectations. CEO Steve Steinour highlighted that the company "drove accelerated loan growth and sustained deposit gathering in the quarter, while actively executing our down-rate action plans" and expressed satisfaction with "a very strong performance in our value added fees businesses."

Fee Revenue Performance

Fee revenues increased by 12% year-over-year, primarily driven by growth in payments, wealth management, and capital markets segments. Noninterest income increased $32 million (7%) from the prior quarter to $523 million, and grew $14 million (3%) from the year-ago quarter.

Credit Quality and Risk Management

Credit performance remained strong, characterized by stable net charge-offs and lower nonperforming and criticized assets. The bank maintains disciplined credit management practices, particularly within its auto lending portfolio, which predominantly consists of prime and super-prime credit quality loans.

Recent Developments

In September 2025, Huntington announced a decrease in its prime rate from 7.5 percent to 7.25 percent, effective September 18. The bank continues to actively manage its balance sheet in response to the evolving interest rate environment.

According to management, "Huntington continues to operate from a position of strength given disciplined management actions the company has sustained over many years." The company maintains robust liquidity and capital positions, which support its focus on driving organic growth while expanding customer relationships across existing and new markets.