HBAN, Huntington Bancshares Incorporated
Read top to bottom, the owner's questions in the order an owner asks them: what the business is, whether the record holds, whether it survives and is any good, and what you would be paying. New to the questions? Start with the Method.
The business in brief
What this business is and what moves its needle, read from the numbers in its filings. The quantitative detail is in the sections below; the verdict is left to you.
- What it is
- Revenue is led by Payments and cash management revenue (39%) and Wealth and asset management revenue (26%), with 5 more lines behind.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not on an earnings multiple.
- Is it a good business?
- Return on equity has sat below the cost of equity (median 10%, above 12% in only 2 of 8 years). It runs at a 61% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line here is arithmetic from the company's own filings, not a model's opinion, and each figure appears in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 7 lines, the largest Payments and cash management revenue at 39%.
- Payments and cash management revenue39%$613M
- Wealth and asset management revenue26%$408M
- Service Charges Revenue16%$250M
- Capital Market Fees11%$168M
- Insurance income5%$81M
- Other Revenue2%$30M
- Leasing revenue1%$12M
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record, 2018–2025
realized figures from each filing, no estimates| 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|
| RevenueRevenue | $881M | $939M | $884M | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B |
| Net interest incomeNet int. | $3.2B | $3.2B | $3.2B | $4.1B | $5.3B | $5.4B | $5.3B | $6.0B | $6.5B |
| Net incomeNet inc. | $1.4B | $1.4B | $817M | $1.3B | $2.2B | $2.0B | $1.9B | $2.2B | $2.2B |
| EPS (diluted)EPS | $1.26 | $1.34 | $0.79 | $1.01 | $1.53 | $1.33 | $1.31 | $1.47 | $1.16 |
| Return on equityROE | 13% | 12% | 6% | 7% | 13% | 10% | 10% | 9% | 7% |
| Return on tangible equityROTCE | 16% | 15% | 8% | 9% | 19% | 14% | 14% | 12% | 10% |
| Efficiency ratioEffic. | 59% | 58% | 58% | 73% | 58% | 62% | 62% | 61% | 64% |
| DepositsDeposits | $84.8B | $82.3B | $98.9B | $143.3B | $147.9B | $151.2B | $162.4B | $176.6B | $223.5B |
| Book value / shareBVPS | $10.04 | $11.17 | $12.58 | $15.00 | $12.10 | $13.18 | $13.37 | $16.18 | $17.12 |
| Tangible book / shareTBVPS | $7.99 | $9.06 | $10.47 | $10.65 | $8.17 | $9.30 | $9.54 | $12.09 | $11.60 |
| Dividends / shareDiv/sh | $0.46 | $0.57 | $0.59 | $0.58 | $0.61 | $0.61 | $0.61 | $0.60 | — |
Owner’s Scorecard
Is it a good business?
- Below the cost of equityNet income $2.2B ÷ equity $24.3B
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- StrongNet income ÷ (equity − goodwill $6.0B − intangibles $145M)
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Efficiency ratio 61%EfficientNoninterest expense $5.0B ÷ (net interest income + fees)
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.
Is it sound?
- Capital (equity / assets) 10.8%Well capitalizedEquity $24.3B ÷ assets $225.1B
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Deposit funding 78%Deposit-fundedDeposits $176.6B ÷ assets $225.1B
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
- Credit cost (provision / NII) 0%LowProvision for credit losses $25M ÷ net interest income $6.0B
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.
Solvent is not the same as cheap; growing is not the same as good. These are vital signs, not a verdict, the judgment is yours, and the filing is one click away.
Management & pay
Two questions Buffett actually asks about pay: is stock compensation, a real expense, whatever the income statement pretends, quietly large, and is the top wildly out of line with the floor. He's no populist about it; he just wants pay that's rational and earned, and comp committees that aren't lapdogs.
- Stock-based compensation$113M
The slice of the business handed to employees in shares this year, 7% of revenue, equal to 2% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. And note the trap, the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Huntington Bancshares Incorporated’s record justifies. Nothing is stored; the number stays in your browser.
Enter a price above to run it.
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; every point of durable excess return above that is worth paying up for. Raise the cost of equity and the justified multiple falls: that is interest-rate gravity on a bank.
Tangible book $22.0B on 1901M shares, a 14% normalized return on it. This is a lens, not a target. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Peers, Banks
The same industry, side by side on the bank lens, compare, don't rank by a single number.● marks best in the group.
| Company | Revenue | ROE | ROTCE | Efficiency | Net int. margin |
|---|---|---|---|---|---|
| KEYKeycorp /new/ | $1.7B | 9% | 10% | 63% | 2.5% |
| MTBM&T Bank Corporation | $1.7B | 10% | 14% | 57% | 3.3% |
| CFGCitizens Financial Group Inc/ri | $1.6B | 7% | 10% | 64% | 2.6% |
| HBANHuntington Bancshares Incorporated | $1.6B | 9% | 12% | 61% | 2.7% |
| ALLYAlly Financial Inc. | $1.2B | 5% | 6% | 310% | — |
| FITBFifth Third Bancorp | $577M | 12% | 15% | 57% | 2.8% |
| RFRegions Financial Corporation | $104M | 11% | 16% | 57% | 3.1% |
| TFCTruist Financial Corp | — | 8% | 11% | 59% | 2.6% |