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Mar 31, 2020
Huntington Q1 2020 Earnings Report
Huntington Bancshares Incorporated reported a decrease in net income and earnings per share due to elevated credit provisioning. Tangible book value per common share increased year-over-year.
Key Takeaways
Huntington Bancshares Incorporated reported a significant decrease in net income for the first quarter of 2020, with earnings per share also declining sharply. The results were impacted by elevated credit provisioning due to the deteriorating economic outlook. However, tangible book value per common share saw a year-over-year increase.
Net income decreased 87% year-over-year to $48 million.
Earnings per common share decreased 91% year-over-year to $0.03.
Tangible book value per common share increased 8% year-over-year to $8.28.
Provision for credit losses increased significantly due to the deteriorating economic outlook.
Forward Guidance
Due to the rapidly evolving economic environment and the elevated level of uncertainty related to the impact of the COVID-19 pandemic, the Company is withdrawing its previously announced annual expectations for 2020. The previously announced 2020 expectations should no longer be relied upon.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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