Huntington Bancshares, Inc. (HBAN) reported Friday that net income for the fourth quarter declined to $243 million or $0.15 per share from $402 million or $0.27 per share in the year-ago quarter.
Excluding the after tax impact of Notable Items, primarily related to the FDIC Deposit Insurance Fund special assessment, adjusted earnings for the quarter was $0.27 per share.
Additionally, the mark-to-market of the pay-fixed swaptions hedging program during the quarter reduced pre-tax income by $74 million, or $0.04 per share.
Total revenue for the quarter increased to $1.96 billion from $1.72 billion in the same quarter last year.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.27 per share on revenues of $1.77 billion for the quarter. Analysts' estimates typically exclude special items.
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