Huntington Bancshares Inc (NASDAQ:HBAN) posted FY2017 net income of $1.2 billion, a jump of 67% from the previous year. Earnings for the year came at $1.00 per common share, up 43% from the previous year.
Steve Steinour, the CEO, Chairman and President of Huntington, expressed that Q4 2017 caps off another year of significant achievements and record performance for company. When they reported the transformational FirstMerit deal two years ago, they projected it would help lead material improvement in their profitability, accelerating the attainment of their long-term financial objectives.
With the FirstMerit integration done, their fourth quarter results showcase the performance improvements attained over the previous two years. They achieved their long-term financial objectives for Return on Tangible Common Equity & Efficiency Ratio on a GAAP basis. In fact, during Q4 2017, they attained all five of their long-term financial objectives. Besides, the company recently commenced the strategic planning procedure that later in 2018 will yield new long-term financial objectives for the company.
Steinour added that they have momentum in their businesses, with their brand, and throughout their expanded footprint. They performance was strong in the fourth quarter and continue to offer on their consistent, long-term plan to gain share of wallet and market share by offering superior consumer service with industry expertise and expanded product portfolio.
As anticipated, the fourth quarter highlighted seasonally robust commercial loan production, especially from their middle market, dealer floorplan and corporate consumer at the close of December, along with stable consumer loan production. They also took benefit of volatility in the debt capital segments during the quarter to efficiently reposition their securities portfolio. Finally, credit metrics continue to be in very good condition. Huntington reported that net income for Q4 2017 came at $432 million, or an 81% jump from the year-ago quarter.