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Cleveland-based KeyBank, which has branches in western Massachusetts and Connecticut, had first quarter net income of $118 million, or $0.12 per diluted common share, compared to $386 million, or $0.38 per diluted common share, in the first quarter of 2019, a 69 percent decrease.

Net income in the fourth quarter was $439 million, or $0.45 per diluted common share.

Like other banks that have recently reported large declines in earnings, KeyBank attributed the results to the impact of COVID-19. The results also reflected the new current expected credit losses (CECL) accounting methodology.

Key increase its provision for credit losses primarily due to the economic changes from the COVID-19 pandemic. Provision for credit losses was $359 million for the first quarter of 2020 compared to $62 million for the first quarter of 2019 and $93 million, excluding a fraud loss the bank experienced, for the fourth quarter of 2019.

“Key’s results reflect the extraordinary events that have unfolded as a result of COVID-19 and the efforts to contain its spread,” CEO Beth Mooney said in a statement. “At Key, we stand with those we serve and as leaders we are focused on demonstrating the strength and resiliency that will carry our company and our country through this challenging period.”

KeyBank is about to undergo a leadership change, with Mooney retiring on May 1 and current president and COO Chris Gorman taking over as CEO.