Thursday, Huntington Bancshares Inc. (GBCI), reported a loss for the third quarter from a profit last year, reflecting an increase in provision for loan losses. The bank's nonperforming assets increased at the end of the quarter.
For the third quarter, Huntington's net loss attributable to shareholders was $195.41 million or $0.33 per share, compared to net income of $62.97 million or $0.17 per share a year earlier.
Net interest income declined to $362.82 million from $388.64 million in the same period last year, while net interest margin contracted to 3.20% from 3.29% last year
On average, eighteen analysts polled by Thomson Reuters expected the company to report loss of $0.28 per share for the third quarter on revenues of $601.67 million. Analysts' estimates typically exclude one-time items.
Total non-interest income rose to $256.05 million from $167.86 million in the prior year period, while total non- interest expense rose 18% to $401.10 million from $339.00 milllion in the year earlier period.
Provision for loan losses increased to $475.14 million from $125.39 million in the year-ago quarter. The company's total net charge-offs as a percent of average loans and leases on an annualized basis for the quarter were 3.76%, compared to 0.82% last year.
Allowance for loan and lease losses for the quarter increased 43% or $311.2 million to $1.03 billion at the end of the quarter, the bank said. Net charge-offs increased to $355.94 million from $83.75 million for the year-ago period.
At September 30, 2009, total deposits increased by 5% or $1.8 billion to $39.6 billion from $37.8 billion at the end of the prior year period.
Total loans and leases decreased by 8% or $3.1 billion to $37.9 billion at the end of the quarter from $41.0 billion at the end of the same period a year earlier.
For the nine months, net loss attributable to shareholders was $2.87 billion or $6.08 per share, compared to net income of $303.48 million or $0.83 per share a year earlier. Net interest income rose to $1.05 billion from $1.15 billion in the year-ago period. Total non-interest income rose to $761.10 million from $640.04 million last year.
HBAN is currently trading at $4.42, up $0.11 or 2.55% on volumes of 27.71 million on Nasdaq.
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