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Huntington Bancshares posts lower net interest margin YOY in Q3

Columbus, Ohio-based Huntington Bancshares Inc. reported third-quarter net income of $372 million, or 34 cents per share, compared with $378 million, or 33 cents per share, in the third quarter of 2018.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was 33 cents.

Total revenue, on a fully taxable-equivalent basis, for the quarter was $1.19 billion, up from $1.15 billion a year ago.

The bank's net interest margin for the third quarter came in at 3.20%, compared with 3.31% in the prior quarter and 3.32% in the year-ago quarter.

Average loans and leases in the third quarter were $75.10 billion, compared with $74.93 billion in the previous quarter and $72.75 billion in the year-ago quarter.

Average core deposits were $79.34 billion in the third quarter, compared with $78.72 billion in the linked quarter and $77.68 billion in the prior-year quarter.

Net charge-offs were $73 million in the third quarter, versus $48 million in the prior quarter and $29 million in the year-ago quarter. The company said the year-over-year increase was centered in two specific energy credit relationships, which made up nearly three-fourths of the total commercial net charge-offs.

Nonperforming assets totaled $482 million in the most recent quarter, compared with $460 million in the linked quarter and $403 million in the year-ago quarter.