- Huntington Bancshares (NASDAQ:HBAN) Q4 earnings and revenue fall short of consensus estimates as it navigated the low interest rate environment and economic volatility from the pandemic.
- Q4 EPS of 27 cents vs. consensus of 29 cents, unchanged from Q3 and down from 28 cents in Q4 2019.
- HBAN slips 0.4% in premarket trading.
- Q4 total revenue on an FTE basis of $1.24B vs. consensus of $1.25B; compares with $1.25B in Q3 and $1.16B in Q4 2019.
- For 2021, HBAN sees average loans increasing 2%-4%, with mid-single digit growth in consumer loans; expects accelerating growth through the year as economic recovery progresses.
- Sees average deposits growth of 5%-7%, revenue increasing 1%-3%, expense up 3%-5% and net charge-offs of 35-55 basis points.
- Q4 provision for credit losses of $103M vs. $177M in Q3 and $79M in Q4 2019.
- Q4 net interest income on fully taxable equivalent of $830M vs. $822M in Q3; net interest margin of 2.94% vs. 2.96% in Q3.
- Q4 average loans and leases of $81.1B vs. $80.5B in Q3.
- Q4 average core deposits of $92.3B vs. $90.7B in Q3.
- Q4 net charge-offs as a percentage of average loans and leases were 0.55% vs. 0.56% in Q3 and 0.39% in Q4 2019.
- Conference call at 8:30 AM ET.
- Previously (Jan. 22): Huntington Bancshares EPS misses by $0.02, misses on revenue