Press release
Huntington Bancshares Incorporated Reports 2020 First Quarter Earnings
Results Include 8% Year-Over-Year Increase in Tangible Book Value Per Common Share COLUMBUS, Ohio, April 23, 2020 /PRNewswire/ -- Huntington Bancshares
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Results Include 8% Year-Over-Year Increase in Tangible Book Value Per Common Share\n\n\nCOLUMBUS, Ohio, April 23, 2020 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2020 first quarter of $48 million, a decrease of 87% from the year-ago quarter. Earnings per common share for the 2020 first quarter were $0.03, down 91% from the year-ago quarter. Tangible book value per common share as of 2020 first quarter-end was $8.28, an 8% year-over-year increase. Return on average assets was 0.17%, return on average common equity was 1.1%, and return on average tangible common equity was 1.8%. Results were impacted by elevated credit provisioning related to the deteriorating economic outlook.\n\n \n \n \n \n \n \n\n \nCEO Commentary:\n\"At Huntington, our purpose is to look out for people. Our sympathy is with all those impacted by COVID-19 and their families, and our deep gratitude and sincere appreciation goes out to all the healthcare workers, and all 'essential' workers, who are the heroes on the front lines each and every day. During this unprecedented time, we are proud to play an important role in the collective efforts within our communities to help our colleagues, customers, and others manage through the economic challenges that have developed out of the COVID-19 public health crisis,\" said Steve Steinour, chairman, president, and CEO. \"From the outset, our first priority has been the health and safety of our colleagues and customers. With more than 80 percent of our colleagues working from home and more than 700 colleagues redeployed to help in keys areas across the bank, I am pleased with our ability to effectively adapt our businesses to meet the current challenges and adjust to changing customer needs. I am especially proud of our colleagues who have done a wonderful job continuing to serve our customers through branch locations and operations centers. And for all colleagues, we acted quickly by adding new benefits such as paid emergency leave and emergency childcare time off, as well as increased wellness and safety provisions for our colleagues. We then rolled out relief programs for customers to help them during these challenging times, and lastly, we dedicated funding for vital community organizations.\"\n\"In addition, as the nation's No. 1 SBA lender, we ...