Huntington Auto Finance grew its full-year 2017 outstandings to $11.5 billion — a 9% increase compared to 2016, according to the bank’s fourth-quarter earnings today.
Additionally, auto outstandings increased 10% to $11.9 billion in the fourth quarter as compared to the same period a year prior. “[This reflects] continued strength in new and used automobile originations across our 23-state auto finance lending footprint,” according to the report.
The bank also saw an improvement in losses. Net charge-offs decreased $1 million year over year to $12 million in the fourth quarter. Also, accruing auto loans and leases 90 days or more past due decreased $3 million to $7 million in the quarter as compared to the same period a year prior.
Additionally, average securities increased 8% — or $1.9 billion — in the fourth quarter as compared to the year prior, “primarily reflecting the reinvestment of proceeds of the $1.5 billion auto loan securitization completed in the year-ago quarter,” according to the report.
Previously, the bank has attributed its loan growth to increased focus on its “dealer community,” Executive Vice President and Group Director Rich Porrello told Auto Finance News last August.
“Since 2010, we’ve had no real geographic expansion year-to-date, but our model continues to resonate well with the dealer community that we do business with, and we’ve been able to penetrate further,” Porrello said. “Our local colleagues are doing a great job in the market, and basically the dealer market is rewarding us for it.”
Huntington Bank makes loans for 4,100 auto dealers and operates in 23 states through 11 regional offices.
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