Huntington Bancshares has reported net income for the 2019 third quarter of $372 million, a decrease of 2 percent from the year-ago quarter. Average RV and marine loans increased $0.5 billion, or 17 percent, reflecting market share increases across Huntington’s markets.
Compared to the 2019 second quarter, average earning assets increased $0.5 billion, or 1 percent, from the prior quarter. Average total consumer loans were relatively unchanged, as modest increases in residential mortgage and RV and marine loans were largely offset by a decline in home equity loans.
“Our solid third quarter results reflect continued momentum across our businesses despite a challenging operating environment,” said Steve Steinour, chairman, president, and CEO. “We are pleased with 4 percent revenue growth, especially the growth in noninterest income. With the prevailing outlook for additional interest rate cuts, we remain committed to disciplined expense management and have taken actions to reduce our expense growth. We remain on track to deliver full-year positive operating leverage in 2019, and we are currently projecting positive operating leverage again in 2020.
“As we have stated the past few quarters, we do not foresee a recession in the near term,” Steinour continued. “Our core earnings power, strong capital, aggregate moderate-to-low risk appetite, and long-term strategic alignment position us to withstand economic headwinds should they emerge.”
