AI English summary of an SEC filing — figures as filed
Huntington Bancshares HBANHuntington said net income for 2023 was $2.0 billion, down $287 million or 13% from the prior year, and diluted earnings per share were $1.24, down 14%. The company said net income reflected the FDIC DIF special assessment of $214 million ($169 million after tax).
Key points
AI summaryHuntington said net income for 2023 was $2.0 billion, down $287 million or 13% from the prior year, and diluted earnings per share were $1.24, down 14%. The company said net income reflected the FDIC DIF special assessment of $214 million ($169 million after tax).
The company said net interest income for 2023 was $5.4 billion, up $166 million or 3% from 2022. The provision for credit losses was $113 million, an increase of $402 million or 39%.
Noninterest income for 2023 was $1.9 billion, down $60 million or 3%, and noninterest expense was $4.6 billion, up $373 million or 9%, the company said. It cited the FDIC DIF special assessment of $214 million and higher personnel costs as factors in the increase in noninterest expense.
The company said its CET1 risk-based capital ratio was 10.25% as of December 31, 2023 (9.36% at year-end 2022), and its tangible common equity to tangible assets ratio was 6.14%. On the same date, total assets were $189.4 billion and total liabilities were $170.0 billion.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $7.4B
- Net income
- $2.0B
- EPS
- $1.24
- Operating cash flow
- $2.7B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
2023 net income of $2.0 billion, down 13% from prior year
Huntington said net income for 2023 was $2.0 billion, down $287 million or 13% from the prior year, and diluted earnings per share were $1.24, down 14%. The company said net income reflected the FDIC DIF special assessment of $214 million ($169 million after tax).
Source · Based on the MD&A text of the filing
Net interest income of $5.4 billion, provision for credit losses of $402 million
The company said net interest income for 2023 was $5.4 billion, up $166 million or 3% from 2022. The provision for credit losses was $113 million, an increase of $402 million or 39%.
Source · Based on the MD&A text of the filing
Noninterest income of $1.9 billion, noninterest expense of $4.6 billion
Noninterest income for 2023 was $1.9 billion, down $60 million or 3%, and noninterest expense was $4.6 billion, up $373 million or 9%, the company said. It cited the FDIC DIF special assessment of $214 million and higher personnel costs as factors in the increase in noninterest expense.
Source · Based on the MD&A text of the filing
December 31, 2023 capital ratios, total assets and total liabilities
The company said its CET1 risk-based capital ratio was 10.25% as of December 31, 2023 (9.36% at year-end 2022), and its tangible common equity to tangible assets ratio was 6.14%. On the same date, total assets were $189.4 billion and total liabilities were $170.0 billion.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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