Huntington slides amid tepid outlook

"First take: Slightly better than consensus, but outlook mixed," says Goldman, commenting on Huntington Bancshares (HBAN -4.1%) Q4 results.

Net income of $9M fell 6% from a year ago, with net interest income of $439M unchanged amid a drop in NIM of 17 bps to 3.28%.

Noninterest income of 246.6M is off 17% from a year ago.

The efficiency ratio rose (not an improvement) to 63.7% from 60.6% in Q3 and 62.3% a year ago.

2014 outlook: "We again expect to face the headwinds of the yield curve, the regulatory environment, and the uncertainty of Washington, [but] we believe our business model will continue to overcome these challenges and deliver strong performance ... Noninterest income ... is expected to be slightly lower than recent levels, due to the anticipated decline in mortgage banking revenues."

CC at 10 ET

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Comments (1)
  • berthier
    , contributor
    Comments (4) | Send Message
    Huntington Bank is a superior service bank relative to many locally in Michigan; they seem to struggle so much more to achieve better results and this is disappointing.
    17 Jan 2014, 08:37 AM Reply Like
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