U.S. Midwest regional bank Huntington Bancshares Inc (HBAN.O) posted its fourth straight quarterly loss, as it had to set aside more money to meet losses from bad loans.
Net loss for the third quarter was $166.2 million, or 33 cents a share, compared with net income of $75.1 million, or 17 cents a share, in the year-ago period.
Analysts expected the company to post a loss of 28 cents a share, according to Thomson Reuters I/B/E/S.
The Columbus, Ohio-based Huntington said the provision for loan losses rose four-fold to $475.1 million. Total net charge-offs for the quarter were $355.9 million, significantly up from $83.8 million, a year ago.
Hungtington expects fourth-quarter net charge-offs and provision for credit loss to remain elevated.
Shares of the company were down a percent at $4.28 in pre-market trade. The stock, which has lost 43 percent of its value since the beginning of the year, closed at $4.31 on Nasdaq Wednesday.