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Huntington Bancshares Incmd (HBAN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Huntington Bancshares Incmd

CIK: 49196 Ticker: HBAN



Exhibit 99.1
 
huntingtonlogo.jpg

FOR IMMEDIATE RELEASE        
April 23, 2020
Analysts: Mark Muth (mark.muth@huntington.com), 614.480.4720
Media: Matt Samson (matt.b.samson@huntington.com), 312.263.0203

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2020 FIRST QUARTER EARNINGS
Results Include 8% Year-Over-Year Increase in Tangible Book Value Per Common Share
COLUMBUS, Ohio – 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.

CEO Commentary:
“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.”
“In addition, as the nation’s No. 1 SBA lender, we have a unique opportunity to support and, in some cases, stabilize our small business customers. As of April 16 when the SBA announced the fund had been exhausted, we helped almost 26,000 small businesses with applications totaling more than $6 billion of loans through the SBA’s Paycheck Protection Program. We similarly have focused on aiding our medium and large business customers. Over the past weeks, we have seen draws on commercial lines and inflows of commercial deposits, as illustrated in the quarter-end balances, as these businesses fortified their own balance sheets.”
“The many relief measures we implemented in the early days of the pandemic have helped to reduce the economic burden on both consumers and businesses. We suspended late fees, established payment deferral programs, and suspended repossession and foreclosure activity, among others,” Steinour said. “Through last Friday, we have helped more than 51,000 consumer, 3,000 business banking, and 700 commercial customers


1

The following information was filed by Huntington Bancshares Incmd (HBAN) on Thursday, April 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Huntington Bancshares Incmd's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Shareholders' Equity
Condensed Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Condensed Consolidated Statements Of Income
Accounting Standards Update
Accounting Standards Update (Policies)
Allowance For Credit Losses
Allowance For Credit Losses Allowance For Credit Losses (Tables)
Allowance For Credit Losses Allowance For Credit Losses - Allowance For Credit Losses (Details)
Basis Of Presentation
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Commitments To Extend Credit (Details)
Commitments And Contingent Liabilities - Narrative (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Asset And Liability Managemen Add Info (Details Add Info)
Derivative Financial Instruments - Asset And Liability Management (Details)
Derivative Financial Instruments - Fair Value Hedges (Details)
Derivative Financial Instruments - Gain (Loss) (Details)
Derivative Financial Instruments - Hedging Instruments (Details)
Derivative Financial Instruments - Msr Hedging Activities (Details)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Offsetting Assets (Details)
Derivative Financial Instruments - Offsetting Liabilities (Details)
Derivative Financial Instruments Derivative Financial Instruments - Cash Flow Hedges (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Values Of Assets And Liabilities
Fair Values Of Assets And Liabilities (Tables)
Fair Values Of Assets And Liabilities - Balance Sheet Location (Details)
Fair Values Of Assets And Liabilities - Fair Value Option (Details)
Fair Values Of Assets And Liabilities - Fair Value Option-Changs In Fair Value (Details)
Fair Values Of Assets And Liabilities - Level 3 Classification Of Gains/Losses (Details)
Fair Values Of Assets And Liabilities - Level 3 Roll Forward (Details)
Fair Values Of Assets And Liabilities - Narrative (Details)
Fair Values Of Assets And Liabilities - Non-Recurring Basis (Details)
Fair Values Of Assets And Liabilities - Recurring Basis (Details)
Fair Values Of Assets And Liabilities - Significant Unobservable Level 3 Inputs (Details)
Investment Securities And Other Securities
Investment Securities And Other Securities (Tables)
Investment Securities And Other Securities - Contractual Maturities (Details)
Investment Securities And Other Securities - Narrative (Details)
Investment Securities And Other Securities - Schedule Of Amortized Cost, Fair Value, And Gross Unrealized Gains And Losses (Details)
Investment Securities And Other Securities Investment Securities And Other Securities - Continuous Unrealized Loss Position (Details)
Loans And Leases (Tables)
Loans And Leases - Credit Quality Indicators (Details)
Loans And Leases - Loan And Lease Portfolio Composition (Details)
Loans And Leases - Nals Past Due (Details)
Loans And Leases - Narrative (Details)
Loans And Leases - Nonaccrual Loans By Loan Class (Details)
Loans And Leases - Tdrs (Details)
Loans And Leases - Vintage Credit Quality (Details)
Loans And Leases Loans And Leases (Notes)
Loans And Leases Loans And Leases - Direct Financing Leases (Details)
Long-Term Debt
Long-Term Debt (Details)
Mortgage Loan Sales And Servicing Rights
Mortgage Loan Sales And Servicing Rights (Tables)
Mortgage Loan Sales And Servicing Rights - Narrative (Details)
Mortgage Loan Sales And Servicing Rights - Residential Mortgage Portfolio (Details)
Mortgage Loan Sales And Servicing Rights - Residential Mortgage Portfolio, Msrs Fair Value Method (Details)
Mortgage Loan Sales And Servicing Rights Mortgage Loan Sales And Servicing Rights - Residential Mortgage Portfolio, Msrs Fair Value Method Key Assumptions (Details)
Noninterest Income
Noninterest Income - Disaggregation By Segment (Details)
Noninterest Income - Summary Of Noninterest Income (Details)
Noninterest Income Noninterest Income (Tables)
Other Comprehensive Income
Other Comprehensive Income (Tables)
Other Comprehensive Income - Activity (Details)
Other Comprehensive Income Other Comprehensive Income - Aoci Roll Forward (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Vies
Vies (Tables)
Vies - Low Income Housing Tax Credit Partnership (Details)
Vies - Narrative (Details)
Vies - Trust Preferred Securities (Details)
Vies - Unconsolidated Vies (Details)
Ticker: HBAN
CIK: 49196
Form Type: 10-Q Quarterly Report
Accession Number: 0000049196-20-000028
Submitted to the SEC: Fri May 01 2020 4:40:34 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Tuesday, March 31, 2020
Industry: National Commercial Banks

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