Financial Performance - Net interest income for Q4 2024 was $1,409 million, a 3% increase from Q3 2024 and a 6% increase from Q4 2023[10] - Noninterest income increased to $559 million in Q4 2024, up 7% from Q3 2024 and 38% from Q4 2023[10] - Net income attributable to Huntington for Q4 2024 was $530 million, representing a 3% increase from Q3 2024 and a 118% increase from Q4 2023[10] - The company reported a total revenue of $1,968 million for Q4 2024, up 4.3% from $1,887 million in Q3 2024[23] - The net income attributable to Huntington for 2024 was $1,940 million, a decrease of $11 million or 1% from 2023[44] Asset and Liability Management - Average total assets increased to $201,815 million in Q4 2024, a 2% increase from Q3 2024 and a 7% increase from Q4 2023[10] - Total assets at the end of Q4 2024 were $204,230 million, a 2% increase from Q3 2024 and an 8% increase from the previous year[10] - Total liabilities were reported at $181.755 billion, a 7% increase from $169.200 billion in the previous year[17] - Total equity increased to $19,700 million, reflecting a 5% growth from $18,683 million in 2023[38] Credit Quality and Losses - Provision for credit losses was $107 million in Q4 2024, a slight increase from $106 million in Q3 2024 but a decrease from $126 million in Q4 2023[10] - The allowance for loan and lease losses at the end of December 2024 was $2,244 million, a decrease from $2,304 million in September 2024[27] - Net loan and lease charge-offs for the quarter ending December 2024 were $97 million, compared to $93 million in September 2024[28] - Nonaccrual loans and leases (NALs) totaled $783 million at the end of December 2024, an increase from $738 million in September 2024[29] - Total nonperforming assets (NPAs) rose to $822 million in December 2024, up from $784 million in September 2024[29] Capital Ratios - The common equity tier 1 risk-based capital ratio was 10.5% at the end of Q4 2024, up from 10.4% in Q3 2024 and 10.2% in Q4 2023[10] - Total risk-based capital increased to $20,565 million as of December 31, 2024, from $20,110 million in the previous quarter[32] - The common equity tier 1 capital was reported at $15,127 million as of December 31, 2024, compared to $14,803 million in the previous quarter[32] Loan and Deposit Growth - Net loans and leases rose by 7% to $127,798 million from $119,727 million year-over-year[13] - Total deposits grew by 7% to $162,448 million, up from $151,230 million in the previous year[16] - Total loans and leases reached $128.158 billion, marking a 3% increase from $121.229 billion in the previous year[17] - Demand deposits (noninterest-bearing) were $29,345 million, representing 18% of total deposits[16] Interest Income and Margin - Interest income for Q4 2024 was $2,510 million, a decrease of 1.8% from $2,555 million in Q3 2024[23] - The net interest margin for Q4 2024 was 3.03%, compared to 2.98% in Q3 2024 and 3.07% in Q4 2023[10] - The average yield on interest-earning deposits with banks was 4.92% in Q4 2024, down from 5.55% in Q3 2024, showing a decrease in returns on liquid assets[21] Dividends and Shareholder Returns - The company declared cash dividends of $0.155 per common share for Q4 2024, consistent with previous quarters[23] - Cash dividends declared per common share remained consistent at $0.155 for the fourth consecutive quarter[35] Employee and Branch Metrics - The number of domestic full-service branches increased to 978 as of December 31, 2024, compared to 975 on September 30, 2024[36] - The average number of employees was 20,045 in 2024, a slight increase from 20,043 in 2023[36]
HUNTINGTON BANCS(HBANL) - 2024 Q4 - Annual Results