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Huntington Bancshares boosts PCL in Q1 for deteriorating outlook

Apr. 23, 2020 8:07 AM ETHuntington Bancshares Incorporated (HBAN) StockHBANBy: Liz Kiesche, SA News Editor
  • Huntington Bancshares (NASDAQ:HBAN) Q1 EPS of 3 cents fell from 28 cents in Q4 2019 and 32 cents in the year-ago quarter as the bank boosted its provision for credit losses by $374M Y/Y to $441M.
  • Withdraws previous 2020 guidance due to uncertainty regarding the COVID-19 pandemic.
  • Allowance for loan and lease losses increased $740M to $1.5B, or 1.93% of total loans and leases; allowance for credit losses increased to $1.6B, or 2.05% of total loans and leases, up from 1.18% in Q4.
  • Q1 net charge-offs rose to 0.62% of average loans and leases vs. 0.39% in Q4.
  • Q1 average loans and leases of $75.7B increased from $75.1B in Q4.
  • Q1 average core deposits of $79.5B fell from $79.7B in Q4 2019.
  • Q1 net interest income on an FTE basis of $796M, missing the Visible Alpha consensus of $799.1M; increased from $786M in Q4 and fell from $819M in Q1 2019.
  • Q1 net interest margin of 3.14% improved from 3.12% in Q4 and fell from 3.39% in Q1 2019.
  • Conference call at 9:00 AM ET.
  • Previously: Huntington Bancshares EPS misses by $0.13, beats on revenue (April 23)

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