Huntington Bancshares Incorporated Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2017; Provides Earnings and Net Charge-Offs Guidance for the Full Year 2018
For the full year, the company's net income of $1.2 billion, an increase of 67% from the prior year. Earnings per common share for the year were $1.00, up 43% from the prior year. Adjusted earnings per common share were $0.98. Return on average assets for the 2017 full year was 1.17%, while return on average tangible common equity was 15.7%. Tangible book value per common share was $6.97 per share against $6.43 per share a year ago. Net interest income was $2,369 million compared to $1,951 million a year ago. Total revenue was $3,561 million compared to $3,022 million a year ago. Net interest income was $3,002 million compared to $2,369 million a year ago. Total revenue increased 22% over the prior year, total revenue was $4,359 million compared to $3,562 million a year ago.
The company also announced net charge-offs of $41 million compared to $44 million a year ago. Net charge-offs represented 0.24% of average loans and leases, down from 0.26%.
For the full year 2018, revenues are expected to increase approximately 4% to 6%. The full-year net interest margin is expected to remain relatively flat on a GAAP basis versus 2017 as core net interest margin expansion offsets the anticipated reduction in the benefit of purchase accounting. The 2018 efficiency ratio is expected to approximate 55% to 57%. The effective tax rate for 2018 is expected to be in the range of 16% to 17%.
The company anticipate Net charge-offs will remain below its long-term normalized range of 35 to 55 basis points.