Huntington Bancshares reported 2017 full-year net income was a record $1.19 billion, an increase of 67% from $712 million the prior year. Results included an estimated tax benefit of $123 million related to the Tax Cuts and Jobs Act enacted in the fourth quarter.

For the full year 2017, average commercial and industrial loans of $27.7 billion were up 17% from $23.7 billion a year earlier. The net interest margin for full year 2017 was 3.30%, up 14 basis points from 3.16% a year earlier.

“The 2017 fourth quarter caps off another year of record performance and significant achievements for Huntington,” said Steve Steinour, chairman, president and CEO. “When we announced the transformational FirstMerit acquisition two years ago, we expected it would help drive material improvement in our profitability, accelerating the achievement of our long-term financial goals.

“With the FirstMerit integration complete, our fourth quarter results illustrate the performance improvements realized over the past two years. We achieved our long-term financial goals for Return on Tangible Common Equity and Efficiency Ratio on a GAAP basis for the first time. In fact, during the fourth quarter, we achieved all five of our long-term financial goals. In addition, we recently began the strategic planning process that later this year will yield new long-term financial goals for the company.

“We have momentum in our businesses, with our brand and throughout our expanded footprint. We executed well in the fourth quarter and continue to deliver on our consistent, long-term strategy to gain market share and share of wallet by providing superior customer service with expanded product and industry expertise. As expected, the fourth quarter reflected seasonally strong commercial loan production, particularly from our middle market, corporate and dealer floorplan customers at the end of December, along with steady consumer loan production. We also took advantage of volatility in the debt capital markets during the quarter to more efficiently reposition our securities portfolio,” Steinour said.