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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________________________________________________________________________________________________
FORM 8-K
 _______________________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 21, 2023
 ______________________________________________________________________________________________________________________________
huntingtonlogo.jpg
Huntington Bancshares Incorporated
(Exact name of registrant as specified in its charter)
 _______________________________________________________________________________________________________________________________
Maryland 1-34073 31-0724920
(State or other jurisdiction of
incorporation or organization)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
Registrant's address: 41 South High Street, Columbus, Ohio 43287
Registrant’s telephone number, including area code: (614) 480-2265
Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 _______________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of class Trading
Symbol(s)		 Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) HBANP NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) HBANM NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock) HBANL NASDAQ
Common Stock—Par Value $0.01 per Share HBAN NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item  2.02.     Results of Operations and Financial Condition.
On July 21, 2023, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended June 30, 2023. Also on July 21, 2023, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.
Huntington’s senior management will host an earnings conference call on July 21, 2023, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13739594. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through July 29, 2023 at (877) 660-6853 or (201) 612-7415; conference ID #13739594.
The information contained or incorporated by reference in this Press Release on Form 8-K contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including the COVID-19 pandemic and related variants and mutations, and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; rising interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; transition away from LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which are on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.


All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.


Item  9.01.     Financial Statements and Exhibits.
The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(d)Exhibits.
Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated July 21, 2023.
Exhibit 99.2 – Quarterly Financial Supplement, June 30, 2023.

EXHIBIT INDEX
Exhibit No. Description
Exhibit 104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
HUNTINGTON BANCSHARES INCORPORATED
Date: July 21, 2023 By:
/s/ Zachary Wasserman
Zachary Wasserman
Chief Financial Officer

EX-99.1 2 hban20230630_8kex991.htm EX-99.1 Document

Exhibit 99.1
huntingtonlogo.jpg


July 21, 2023
Analysts: Tim Sedabres (timothy.sedabres@huntington.com), 952.745.2766
Media: Tracy Pesho (corpmedia@huntington.com), 216.206.1525

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2023 SECOND-QUARTER EARNINGS
Solid Q2 Results Reflect Continued Momentum Demonstrated by Deposit Growth,
Expansion of Capital, and Exceptional Credit Performance

2023 Second-Quarter Highlights:
•Earnings per common share (EPS) for the quarter were $0.35, a decrease of $0.04 from the prior quarter, and flat from the year-ago quarter.
•Net interest income decreased $63 million, or 4%, from the prior quarter, and increased $85 million, or 7%, from the year-ago quarter.
•Pre-Provision Net Revenue (PPNR) decreased $42 million, or 5%, from the prior quarter to $802 million, and increased $68 million, or 9%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR decreased $21 million, or 3%, from the prior quarter to $807 million, and increased $49 million, or 6%, from the year-ago quarter.
•Cash and cash equivalents and available contingent borrowing capacity of $88 billion at June 30, 2023, representing 205% of uninsured deposits.
•Ending total deposits increased $2.7 billion from the prior quarter and $2.6 billion from the year-ago quarter. Average total deposits decreased $585 million from the prior quarter and $551 million from the year-ago quarter.
◦Ending core deposits increased $2.5 billion from the prior quarter reflecting continued momentum in consumer deposit gathering and ongoing focus on acquiring and deepening primary bank relationships.
•Average total loans and leases increased $925 million, or 1%, from the prior quarter to $121.3 billion, and increased $7.4 billion, or 6%, from the year-ago quarter.
◦Average total commercial loans and leases increased $772 million, or 1%, and average total consumer loans increased $153 million from the prior quarter.
•Net charge-offs of 0.16% of average total loans and leases for the quarter.
•Nonperforming assets have declined for eight consecutive quarters to 0.46%.
•Allowance for credit losses (ACL) of $2.3 billion, or 1.93%, of total loans and leases at quarter end.
•Common Equity Tier 1 (CET1) risk-based capital ratio increased 27 basis points to 9.82%, continuing the trend of capital build.
•Tangible common equity (TCE) ratio increased 3 basis points to 5.80%.
•Huntington was ranked number one among regional banks in the J.D. Power 2023 U.S. Banking Mobile App Satisfaction Study for the fifth consecutive year.

1


COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2023 second quarter of $559 million, or $0.35 per common share, an increase of $20 million, or flat per common share, from the year-ago quarter.
Return on average assets was 1.18%, return on average common equity was 12.7%, return on average tangible common equity (ROTCE) was 19.9%.
CEO Commentary:
"We are pleased to deliver solid financial performance for the second quarter,” said Steve Steinour, chairman, president, and CEO. “These results reflect the continued execution of our strategy and the strength of our balance sheet. We delivered sustained deposit growth, drove capital ratios higher and managed credit exceptionally well.

“Huntington's foundation has been built over many years reflecting our disciplined approach and consistent adherence to our aggregate moderate-to-low risk appetite. This position of strength enables us to outperform and capture opportunities that may arise given the current environment.

“Finally, we were honored to again be recognized by J.D. Power as the highest in customer satisfaction among regional banks for our mobile app for the fifth consecutive year. This accolade demonstrates our focus on customers and our innovative digital capabilities along with a differentiated customer experience. We believe our long-standing focus on improving the customer experience is a differentiator and positions us for continued growth."
Table 1 – Earnings Performance Summary
2023 2022
(in millions, except per share data) Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
Net income attributable to Huntington $ 559  $ 602  $ 645  $ 594  $ 539 
Diluted earnings per common share 0.35  0.39  0.42  0.39  0.35 
Return on average assets 1.18  % 1.32  % 1.41  % 1.31  % 1.22  %
Return on average common equity 12.7  14.6  16.0  13.9  12.8 
Return on average tangible common equity 19.9  23.1  26.0  21.9  19.9 
Net interest margin 3.11  3.40  3.52  3.42  3.15 
Efficiency ratio 55.9  55.6  54.0  54.4  57.3 
Tangible book value per common share $ 7.33  $ 7.32  $ 6.82  $ 6.40  $ 6.96 
Cash dividends declared per common share 0.155  0.155  0.155  0.155  0.155 
Average earning assets $ 174,909  $ 169,112  $ 165,545  $ 164,024  $ 161,225 
Average loans and leases 121,345  120,420  118,907  116,964  113,949 
Average core deposits 140,736  141,077  140,696  141,691  141,802 
Tangible common equity / tangible assets ratio 5.80  % 5.77  % 5.55  % 5.32  % 5.80  %
Common equity Tier 1 risk-based capital ratio 9.82  9.55  9.36  9.27  9.05 
NCOs as a % of average loans and leases 0.16  % 0.19  % 0.17  % 0.15  % 0.03  %
NAL ratio 0.42  0.44  0.48  0.51  0.57 
ACL as a % of total loans and leases 1.93  1.90  1.90  1.89  1.87 

2

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation). There were no Notable Items in the three months ended June 30, 2023.
Table 2 – Notable Items Influencing Earnings
Pretax Impact (1)
After-tax Impact (1)
($ in millions, except per share) Amount Net Income EPS (2)
Three Months Ended March 31, 2023 $ 602  $ 0.39 
• RPS sale (noninterest income) $ 57  $ 44  $ 0.03 
•
Voluntary retirement program and organizational realignment expense (noninterest expense) (3)
 (42) (34) (0.02)
Three Months Ended June 30, 2022 $ 539  $ 0.35 
•
Acquisition-related expenses (4)
 $ (24) $ (19) $ (0.01)
(1)Favorable (unfavorable) impact.
(2)EPS reflected on a fully diluted basis.
(3)Voluntary retirement program ($36 million) and organizational realignment expense ($6 million).
(4)Includes TCF and Capstone acquisition-related expenses.


Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 3 – Net Interest Income and Net Interest Margin Performance Summary
2023 2022
($ in millions) Second First Fourth Third Second Change (%)
Quarter Quarter Quarter Quarter Quarter LQ YOY
Net interest income $ 1,346  $ 1,409  $ 1,462  $ 1,404  $ 1,261  (4) % 7  %
FTE adjustment 11  9  9  8  6  22  83 
Net interest income - FTE 1,357  1,418  1,471  1,412  1,267  (4) 7 
Noninterest income 495  512  499  498  485  (3) 2 
Total revenue - FTE $ 1,852  $ 1,930  $ 1,970  $ 1,910  $ 1,752  (4) % 6  %
2023 2022
Second First Fourth Third Second Change (bp)
Yield / Cost Quarter Quarter Quarter Quarter Quarter LQ YOY
Total earning assets 5.13  % 4.89  % 4.46  % 3.86  % 3.33  % 24  180 
Total loans and leases 5.51  5.27  4.86  4.28  3.77  24  174 
Total securities 3.82  3.56  3.26  2.74  2.24  26  158 
Total interest-bearing liabilities 2.66  2.02  1.31  0.64  0.25  64  241 
Total interest-bearing deposits 2.06  1.52  0.88  0.35  0.10  54  196 
Net interest rate spread 2.47  2.87  3.15  3.22  3.08  (40) (61)
Impact of noninterest-bearing funds on margin 0.64  0.53  0.37  0.20  0.07  11  57 
Net interest margin 3.11  % 3.40  % 3.52  % 3.42  % 3.15  % (29) (4)
See Pages 8-9 of Quarterly Financial Supplement for additional detail.


3

Fully-taxable equivalent (FTE) net interest income for the 2023 second quarter increased $90 million, or 7%, from the 2022 second quarter. The results primarily reflect a $13.7 billion, or 8%, increase in average earning assets, partially offset by a 4 basis point decrease in the net interest margin (NIM) to 3.11% and increase in average interest-bearing liabilities. The growth in average earning assets was primarily driven by higher cash balances and an increase in average loans and leases. The NIM compression was primarily driven by higher cost of funds and a 14 basis point impact from higher cash balances, partially offset by the higher rate environment driving an increase in loan and lease and investment security yields. Net interest income in the 2023 second quarter included $8 million of net interest income from purchase accounting accretion, compared to $16 million in the 2022 second quarter.
Compared to the 2023 first quarter, FTE net interest income decreased $61 million, or 4%, reflecting a 29 basis point decrease in NIM and higher average interest-bearing liabilities, partially offset by higher average earnings assets. The NIM decrease was driven by higher cost of funds and an 8 basis point impact from higher cash balances, partially offset by higher loan and lease and investment security yields. Net interest income in the 2023 first quarter included $10 million of net interest income from purchase accounting accretion.

Table 4 – Average Earning Assets (1)
2023 2022
($ in billions) Second First Fourth Third Second Change (%)
Quarter Quarter Quarter Quarter Quarter LQ YOY
Commercial and industrial $ 50.2  $ 49.0  $ 47.5  $ 46.0  $ 44.8  2  % 12  %
Commercial real estate 13.3  13.7  13.9  13.7  13.2  (2) 1 
Lease financing 5.2  5.2  5.1  5.0  4.9  (1) 5 
Total commercial 68.7  67.9  66.4  64.7  62.9  1  9 
Residential mortgage 22.8  22.3  22.0  21.6  20.5  2  11 
Automobile 12.9  13.2  13.3  13.5  13.6  (2) (5)
Home equity 10.2  10.3  10.4  10.4  10.4  (1) (2)
RV and marine 5.5  5.4  5.4  5.5  5.3  2  3 
Other consumer 1.3  1.3  1.3  1.3  1.3  2  3 
Total consumer 52.7  52.5  52.5  52.3  51.1  —  3 
Total loans and leases 121.3  120.4  118.9  117.0  113.9  1  6 
Total securities 41.7  41.9  41.1  42.6  42.6  —  (2)
Interest-bearing deposits at Federal Reserve Bank 11.1  6.1  4.6  3.2  3.5  81  213 
Other earning assets 0.8  0.7  0.9  1.2  1.2  14  (33)
Total earning assets $ 174.9  $ 169.1  $ 165.5  $ 164.0  $ 161.2  3  % 8  %
See Page 7 of Quarterly Financial Supplement for additional detail.
(1)During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from commercial real estate to the commercial and industrial loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.

Average earning assets for the 2023 second quarter increased $13.7 billion, or 8%, from the year-ago quarter, primarily reflecting a $7.5 billion, or 213%, increase in deposits at Federal Reserve Bank and a $7.4 billion, or 6%, increase in average total loans and leases, partially offset by a $826 million, or 2%, decrease in average securities. Average loan and lease balance increases were led by growth in average commercial loans and leases of $5.8 billion, or 9%, primarily driven by a $5.4 billion, or 12% increase in average commercial and industrial loans. Also, average consumer loans increased $1.6 billion, or 3%.

4

Compared to the 2023 first quarter, average earning assets increased $5.8 billion primarily reflecting a $5.0 billion, or 81%, increase in deposits at Federal Reserve Bank and a $925 million, or 1%, increase in average total loans and leases. Average loan and lease balance increases were primarily due to higher average commercial loans and leases of $772 million, or 1%, reflecting modest growth aligned with our optimization of loan growth focused on highest returns.

Table 5 – Liabilities
2023 2022
Second First Fourth Third Second Change (%)
($ in billions) Quarter Quarter Quarter Quarter Quarter LQ YOY
Average balances:
Demand deposits - noninterest-bearing $ 34.6  $ 37.5  $ 39.9  $ 42.1  $ 42.4  (8) % (18) %
Demand deposits - interest-bearing 39.7  40.7  42.7  42.1  41.7  (2) (5)
Total demand deposits 74.3  78.2  82.6  84.2  84.1  (5) (12)
Money market deposits 38.8  37.3  34.4  34.1  33.8  4  15 
Savings and other domestic deposits 18.8  19.9  20.8  21.4  21.7  (5) (13)
Core certificates of deposit 8.8  5.7  2.9  2.0  2.2  53  296 
Total core deposits 140.7  141.1  140.7  141.7  141.8  —  (1)
Other domestic deposits of $250,000 or more 0.3  0.2  0.2  0.2  0.2  27  42 
Negotiable CDs, brokered and other deposits
 4.6  4.8  4.8  4.1  3.0  (7) 51 
Total deposits $ 145.6  $ 146.1  $ 145.7  $ 146.0  $ 145.0  —  % —  %
Short-term borrowings $ 5.2  $ 4.4  $ 0.5  $ 2.6  $ 2.1  20  % 149  %
Long-term debt 16.3  11.0  12.7  8.3  7.0  47  131 
Total debt $ 21.5  $ 15.4  $ 13.2  $ 10.9  $ 9.1  39  % 135  %
Total interest-bearing liabilities $ 132.5  $ 124.1  $ 119.0  $ 114.8  $ 111.7  7  % 19  %
Period end balances:
Total core deposits $ 142.9  $ 140.4  $ 142.1  $ 141.6  $ 141.5  2  % 1  %
Other deposits 5.1  4.9  5.8  4.7  3.9  6  31 
Total deposits $ 148.0  $ 145.3  $ 147.9  $ 146.3  $ 145.4  2  % 2  %
See Pages 6-7 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2023 second quarter increased $20.7 billion, or 19%, from the year-ago quarter. Average total debt increased $12.4 billion, or 135%, driven by higher long and short-term Federal Home Loan Bank (FHLB) borrowings and new debt issuances reflecting actions taken as part of normal management of funding needs. Average total deposits increased $551 million, while average total core deposits decreased $1.1 billion, or 1%. The average total core deposit decrease was driven by lower average commercial core deposits of $2.6 billion, or 4%, partially offset by higher average consumer deposits of $1.6 billion, or 2%.
Compared to the 2023 first quarter, average total interest-bearing liabilities increased $8.4 billion, or 7%. Average total debt increased $6.1 billion, or 39%, driven by higher long and short-term FHLB borrowings reflecting management of funding needs. Average total deposits decreased $585 million, and average total core deposits decreased $341 million. The average total core deposit decrease was primarily driven by lower average commercial core deposits of $2.1 billion, or 3%, partially offset by higher average consumer core deposits of $1.8 billion, or 2%.

5

Ending total deposits as of June 30, 2023 increased $2.6 billion, or 2%, compared to a year-ago. The increase was driven by a $3.5 billion, or 5%, increase in core consumer deposits and a $1.2 billion, or 31%, increase in other deposits, partially offset by a $2.2 billion, or 3%, decrease in core commercial deposits.
Compared to March 31, 2023, ending total deposits increased $2.7 billion, or 2%. The increase was driven by a $2.1 billion, or 3%, increase in consumer core deposits, $318 million, or 1%, increase in commercial core deposits and a $300 million increase in other deposits.
Noninterest Income
Table 6 – Noninterest Income
2023 2022
Second First Fourth Third Second Change (%)
($ in millions) Quarter Quarter Quarter Quarter Quarter LQ YOY
Service charges on deposit accounts $ 87  $ 83  $ 89  $ 93  $ 105  5  % (17) %
Card and payment processing income 102  93  96  96  96  10  6 
Capital markets fees 57  59  83  73  54  (3) 6 
Trust and investment management services 68  62  61  60  63  10  8 
Mortgage banking income 33  26  25  26  44  27  (25)
Leasing revenue 25  26  35  29  27  (4) (7)
Insurance income 30  34  31  28  27  (12) 11 
Gain on sale of loans 8  3  2  15  12  167  (33)
Bank owned life insurance income 16  16  15  13  11  0  45 
Net (losses) gains on sales of securities (5) 1  —  —  —  (600) (100)
Other noninterest income 74  109  62  65  46  (32) 61 
Total noninterest income $ 495  $ 512  $ 499  $ 498  $ 485  (3) % 2  %
Impact of Notable Item:
RPS sale (other noninterest income) $ —  $ 57  $ —  $ —  $ —  (100) — 
Total adjusted noninterest income (Non-GAAP) $ 495  $ 455  $ 499  $ 498  $ 485  9  % 2  %
See Page 11 of Quarterly Financial Supplement for additional detail.

Reported total noninterest income for the 2023 second quarter increased $10 million, or 2%, from the year-ago quarter primarily reflecting higher other noninterest income driven by an $18 million increase from favorable mark-to-market on pay-fixed swaptions. Additional increases include, higher card and payments processing of $6 million, or 6%, an increase in bank owned life insurance of $5 million, or 45%, and an increase in trust and investment management services of $5 million, or 8%. Partially offsetting these increases was a decrease in service charges on deposit accounts of $18 million, or 17%, primarily reflecting the impact from deposit pricing and program changes. Also, mortgage banking income decreased $11 million, or 25%, primarily reflecting lower net MSR risk management.
Total noninterest income decreased $17 million, or 3%, to $495 million for the 2023 second quarter, compared to $512 million for the 2023 first quarter. The decrease was primarily driven by the $57 million gain associated with the sale of the RPS business recognized in the 2023 first quarter. Partially offsetting this decrease was a $19 million increase from favorable mark-to-market on pay-fixed swaptions. Card and payment processing increased $9 million, or 10%, primarily driven by higher debit card usage. Mortgage banking income increased $7 million, or 27%, due to increases in origination volume, partially offset by lower saleable spreads. Trust and investment management services increased $6 million, or 10%.


6

Noninterest Expense
Table 7 – Noninterest Expense
2023 2022
Second First Fourth Third Second Change (%)
($ in millions) Quarter Quarter Quarter Quarter Quarter LQ YOY
Personnel costs $ 613  $ 649  $ 630  $ 614  $ 577  (6) % 6  %
Outside data processing and other services 148  151  147  145  153  (2) (3)
Equipment 64  64  67  60  61  0  5 
Net occupancy 54  60  61  63  58  (10) (7)
Marketing 32  25  22  24  24  28  33 
Professional services 21  16  21  18  19  31  11 
Deposit and other insurance expense 23  20  14  15  20  15  15 
Amortization of intangibles 13  13  13  13  13  —  — 
Lease financing equipment depreciation 8  8  9  11  11  —  (27)
Other noninterest expense 74  80  93  90  82  (8) (10)
Total noninterest expense $ 1,050  $ 1,086  $ 1,077  $ 1,053  $ 1,018  (3) % 3  %
(in thousands)
Average full-time equivalent employees 20.2  20.2  20.0  20.0  19.9  —  % 2  %

Table 8 - Impact of Notable Items
2023 2022
Second First Fourth Third Second
($ in millions) Quarter Quarter Quarter Quarter Quarter
Personnel costs $ —  $ 42  $ —  $ 1  $ 2 
Outside data processing and other services —  —  2  2  12 
Equipment —  —  2  1  — 
Net occupancy —  —  10  6  6 
Professional services —  —  1  —  1 
Deposit and other insurance expense —  —  —  —  1 
Other noninterest expense —  —  —  —  2 
Total noninterest expense $ —  $ 42  $ 15  $ 10  $ 24 

7

Table 9 - Adjusted Noninterest Expense (Non-GAAP)
2023 2022
Second First Fourth Third Second Change (%)
($ in millions) Quarter Quarter Quarter Quarter Quarter LQ YOY
Personnel costs $ 613  $ 607  $ 630  $ 613  $ 575  1  % 7  %
Outside data processing and other services 148  151  145  143  141  (2) 5 
Equipment 64  64  65  59  61  —  5 
Net occupancy 54  60  51  57  52  (10) 4 
Marketing 32  25  22  24  24  28  33 
Professional services 21  16  20  18  18  31  17 
Deposit and other insurance expense 23  20  14  15  19  15  21 
Amortization of intangibles 13  13  13  13  13  —  — 
Lease financing equipment depreciation 8  8  9  11  11  —  (27)
Other noninterest expense 74  80  93  90  80  (8) (8)
Total adjusted noninterest expense $ 1,050  $ 1,044  $ 1,062  $ 1,043  $ 994  1  % 6  %
        

Reported total noninterest expense for the 2023 second quarter increased $32 million, or 3%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $56 million, or 6%, primarily driven by higher personnel costs of $38 million, or 7%, due to the full quarter impact of the Capstone acquisition and merit, higher marketing of $8 million, or 33%, reflecting actions taken to deepen and acquire new customer relationships, and higher outside data processing and other services of $7 million, or 5%, driven by higher technology investments.
Reported total noninterest expense decreased $36 million, or 3%, from the 2023 first quarter. Excluding the impact from Notable Items, noninterest expense increased $6 million, or 1%, primarily driven by an increase in marketing of $7 million, or 28%, reflecting actions taken to deepen and acquire new customer relationships, in addition to higher personnel costs of $6 million, or 1%, due to full quarter impact of merit increase, partially offset by lower payroll taxes. Partially offsetting these increases was a decrease of $6 million, or 10%, in net occupancy driven by seasonally lower maintenance and utilities.

8

Credit Quality
Table 10 – Credit Quality Metrics
2023 2022
($ in millions) June 30, March 31, December 31, September 30, June 30,
Total nonaccrual loans and leases $ 510  $ 533  $ 569  $ 602  $ 657 
Total other real estate, net 18  20  11  11  11 
Other NPAs (1)
 29  25  14  14  14 
Total nonperforming assets 557  578  594  627  682 
Accruing loans and leases past due 90+ days 173  185  207  223  212 
NPAs + accruing loans & leases past due 90+ days $ 730  $ 763  $ 801  $ 850  $ 894 
NAL ratio (2)
 0.42  % 0.44  % 0.48  % 0.51  % 0.57  %
NPA ratio (3)
 0.46  0.48  0.50  0.53  0.59 
(NPAs+90 days)/(Loans+OREO) 0.60  0.63  0.67  0.72  0.77 
Provision for credit losses $ 92  $ 85  $ 91  $ 106  $ 67 
Net charge-offs 49  57  50  44  8 
Net charge-offs / Average total loans and leases 0.16  % 0.19  % 0.17  % 0.15  % 0.03  %
Allowance for loans and lease losses (ALLL) $ 2,177  $ 2,142  $ 2,121  $ 2,110  $ 2,074 
Allowance for unfunded lending commitments 165  157  150  120  94 
Allowance for credit losses (ACL) $ 2,342  $ 2,299  $ 2,271  $ 2,230  $ 2,168 
ALLL as a % of:
Total loans and leases 1.80  % 1.77  % 1.77  % 1.79  % 1.78  %
NALs 427  402  373  351  316 
NPAs 391  371  357  336  304 
ACL as a % of:
Total loans and leases 1.93  % 1.90  % 1.90  % 1.89  % 1.87  %
NALs 459  431  400  371  330 
NPAs 420  398  382  355  318 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Total NALs as a % of total loans and leases.
(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
See Pages 12-15 of Quarterly Financial Supplement for additional detail.

Nonperforming assets (NPAs) were $557 million, or 0.46%, of total loans and leases, OREO and other NPAs, compared to $682 million, or 0.59%, a year-ago. Nonaccrual loans and leases (NALs) were $510 million, or 0.42% of total loans and leases, compared to $657 million, or 0.57% of total loans and leases, a year-ago. On a linked quarter basis, NPAs decreased $21 million, or 4%, and NALs decreased $23 million, or 4%.
The provision for credit losses increased $25 million year-over-year and increased $7 million quarter-over-quarter to $92 million in the 2023 second quarter. Net charge-offs (NCOs) increased $41 million year-over-year and decreased $8 million quarter-over-quarter to $49 million. NCOs represented an annualized 0.16% of average loans and leases in the current quarter, up from 0.03% in the year-ago quarter and down from 0.19% in the prior quarter. The increase in NCOs year-over-year reflects the continued normalization of net charge-offs. Commercial and consumer net charge-offs remained low at 0.16% and 0.17%, respectively, for the 2023 second quarter.
The allowance for loan and lease losses (ALLL) increased $103 million from the year-ago quarter to $2.2 billion, or 1.80%, and allowance for credit losses (ACL) increased by $174 million from the year-ago quarter to $2.3 billion, or 1.93% of total loans and leases, primarily driven by loan and lease growth but also reflective of near-term recessionary risks. On a linked quarter basis, the ACL increased $43 million, resulting in the ACL coverage ratio increasing 3 basis points, to 1.93%.


9


Capital
Table 11 – Capital Ratios
2023 2022
($ in billions) June 30, March 31, December 31, September 30, June 30,
Tangible common equity / tangible assets ratio 5.80  % 5.77  % 5.55  % 5.32  % 5.80  %
Common equity tier 1 risk-based capital ratio (1)
 9.82  9.55  9.36  9.27  9.05 
Regulatory Tier 1 risk-based capital ratio (1)
 11.58  11.30  10.90  10.84  10.63 
Regulatory Total risk-based capital ratio (1)
 13.82  13.53  13.09  13.05  12.81 
Total risk-weighted assets (1)
 $ 141.4  $ 142.3  $ 141.9  $ 138.8  $ 137.8 
(1)June 30, 2023 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The capital ratios reflect Huntington’s 2020 election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. As of March 31, 2023 and June 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of June 30, 2022, September 30, 2022, and December 31, 2022, 25% of the cumulative CECL deferral has been phased in.
See Page 16 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 5.80% at June 30, 2023, up 3 basis points from last quarter due primarily to current period earnings. Common Equity Tier 1 (CET1) risk-based capital ratio was 9.82%, up from 9.55% from the prior quarter. The increase in regulatory capital ratios was primarily driven by current period earnings.

Income Taxes
The provision for income taxes was $134 million in the 2023 second quarter compared to $144 million in the 2023 first quarter. The effective tax rate for the 2023 second quarter and 2023 first quarter were 19.3% and 19.2%, respectively. The variance to the linked quarter effective tax rate relates primarily to a reduction in capital losses, offset by an increase in tax credits and the impact of stock-based compensation.
At June 30, 2023, we had a net federal deferred tax asset of $383 million and a net state deferred tax asset of $87 million.


Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on July 21, 2023, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13739594. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through July 29, 2023 at (877) 660-6853 or (201) 612-7415; conference ID #13739594.
Please see the 2023 Second Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

10

About Huntington
Huntington Bancshares Incorporated is a $189 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
Caution regarding Forward-Looking Statements
The information contained or incorporated by reference in this Press Release on Form 8-K contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including the COVID-19 pandemic and related variants and mutations, and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; rising interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; transition away from LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2022 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, which are on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.

11

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

Basis of Presentation

Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, conference call slides, or the Form 8-K related to this document, all of which can be found in the Investor Relations section of Huntington’s website, http://www.huntington.com.

Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. For example, loan and deposit growth rates, as well as net charge-off percentages, are most often expressed in terms of an annual rate like 8%. As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.

Fully-Taxable Equivalent Interest Income and Net Interest Margin
Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.

Rounding
Please note that columns of data in this document may not add due to rounding.

Notable Items
From time to time, revenue, expenses, or taxes are impacted by items judged by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at that time to be infrequent or short term in nature. We refer to such items as “Notable Items.” Management believes it is useful to consider certain financial metrics with and without Notable Items, in order to enable a better understanding of company results, increase comparability of period-to-period results, and to evaluate and forecast those results.

12
EX-99.2 3 hban20230630_8kex992.htm EX-99.2 Document

Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
June 30, 2023
Table of Contents
Quarterly Accruing Past Due Loans and Leases


Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from commercial real estate to the commercial and industrial loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.
To align with our strategic priorities, during the second quarter 2023, we completed an organizational realignment and now report on two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The organizational realignment primarily involved consolidating our previously reported Consumer and Business Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group, into one new business segment called Consumer & Regional Banking. All prior period results have been adjusted to conform to the new segment presentation.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures.  Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes.  The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.  The FTE basis assumes a federal statutory tax rate of 21%.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets, and
•Tangible common equity to risk-weighted assets using Basel III definition.
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.





Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) June 30, March 31, June 30, Percent Changes vs.
2023 2023 2022 1Q23 2Q22
Net interest income (2)
 $ 1,357  $ 1,418  $ 1,267  (4) % 7  %
FTE adjustment (11) (9) (6) (22) (83)
Net interest income
 1,346  1,409  1,261  (4) 7 
Provision for credit losses 92  85  67  8  37 
Noninterest income 495  512  485  (3) 2 
Noninterest expense 1,050  1,086  1,018  (3) 3 
Income before income taxes 699  750  661  (7) 6 
Provision for income taxes 134  144  120  (7) 12 
Income after income taxes 565  606  541  (7) 4 
Income attributable to non-controlling interest 6  4  2  50  200 
Net income attributable to Huntington 559  602  539  (7) 4 
Dividends on preferred shares 40  29  28  38  43 
Net income applicable to common shares $ 519  $ 573  $ 511  (9) % 2 
Net income per common share - diluted $ 0.35  $ 0.39  $ 0.35  (10) % —  %
Cash dividends declared per common share
 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period
 7.33  7.32  6.96  —  5 
Average common shares - basic
1,446  1,443  1,441  —  — 
Average common shares - diluted
1,466  1,469  1,463  —  — 
Ending common shares outstanding
1,448  1,444  1,442  —  — 
Return on average assets
 1.18  % 1.32  % 1.22  %
Return on average common shareholders’ equity
 12.7  14.6  12.8 
Return on average tangible common shareholders’ equity (1)
19.9  23.1  19.9 
Net interest margin (2)
 3.11  3.40  3.15 
Efficiency ratio (3)
 55.9  55.6  57.3 
Effective tax rate 19.3  19.2  18.1 
Average total assets
$ 190,746  $ 184,894  $ 176,561  3  8 
Average earning assets
174,909  169,112  161,225  3  8 
Average loans and leases
121,345  120,420  113,949  1  6 
Average loans and leases - linked quarter annualized growth rate
 3.1  % 5.1  % 10.1  %
Average total deposits
$ 145,559  $ 146,144  $ 145,008  —  — 
Average core deposits (4) 140,736  141,077  141,802  —  (1)
Average Huntington shareholders’ equity 18,844  18,231  18,228  3  3 
Average common total shareholders' equity
 16,359  15,973  16,062  2  2 
Average tangible common shareholders' equity
10,662  10,253  10,496  4  2 
Total assets at end of period
188,505  189,070  178,782  —  5 
Total Huntington shareholders’ equity at end of period 18,788  18,758  17,950  —  5 
NCOs as a % of average loans and leases
 0.16  % 0.19  % 0.03  %
NAL ratio
 0.42  0.44  0.57 
NPA ratio (5) 0.46  0.48  0.59 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 1.80  1.77  1.78 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.93  1.90  1.87 
Common equity tier 1 risk-based capital ratio (6) 9.82  9.55  9.05 
Tangible common equity / tangible asset ratio (7) 5.80  5.77  5.80 
See Notes to the Quarterly Key Statistics.
1

Huntington Bancshares Incorporated
Year to Date Key Statistics
(Unaudited)
Six Months Ended June 30,
Change
(dollar amounts in millions, except per share data) 2023 2022
Amount
Percent
Net interest income (2)
 $ 2,775  $ 2,421  $ 354  15  %
FTE adjustment (20) (14) (6) (43)
Net interest income
 2,755  2,407  348  14 
Provision for credit losses 177  92  85  92 
Noninterest income 1,007  984  23  2 
Noninterest expense 2,136  2,071  65  3 
Income before income taxes
 1,449  1,228  221  18 
Provision for income taxes 278  225  53  24 
Income after income taxes 1,171  1,003  168  17 
Income attributable to non-controlling interest 10  4  6  150 
Net income attributable to Huntington 1,161  999  162  16 
Dividends on preferred shares 69  56  13  23 
Net income applicable to common shares
 $ 1,092  $ 943  $ 149  16  %
Net income per common share - diluted
 $ 0.74  $ 0.64  $ 0.10  16  %
Cash dividends declared per common share
 0.31  0.31  —  — 
Average common shares - basic
 1,445  1,440  5  — 
Average common shares - diluted
1,468  1,464  4  — 
Return on average assets
 1.25  % 1.14  %
Return on average common shareholders’ equity
 13.6  11.5 
Return on average tangible common shareholders’ equity (1)
 21.5  17.8 
Net interest margin (2)
 3.25  3.02 
Efficiency ratio (3)
 55.7  60.0 
Effective tax rate
 19.2  18.3 
Average total assets
$ 187,836  $ 177,084  $ 10,752  6  %
Average earning assets
 172,026  161,816  10,210  6 
Average loans and leases
120,885  112,553  8,332  7 
Average total deposits
145,850  143,968  1,882  1 
Average core deposits (4) 140,906  140,482  424  — 
Average Huntington shareholders’ equity 18,539  18,644  (105) (1)
Average common total shareholders' equity
16,167  16,478  (311) (2)
Average tangible common shareholders' equity
10,459  10,927  (468) (4)
NCOs as a % of average loans and leases
 0.17  % 0.05  %
NAL ratio
 0.42  0.57 
NPA ratio (5) 0.46  0.59 
NM - Not Meaningful
See Notes to the Year to Date and Quarterly Key Statistics.

2

Key Statistics Footnotes
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.
(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(6)June 30, 2023, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
3

Huntington Bancshares Incorporated
Consolidated Balance Sheets
June 30, December 31,
(dollar amounts in millions) 2023 2022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,636  $ 1,796  (9) %
Interest-bearing deposits at Federal Reserve Bank 9,443  4,908  92 
Interest-bearing deposits in banks
 210  214  (2)
Trading account securities
 128  19  574 
Available-for-sale securities
 23,233  23,423  (1)
Held-to-maturity securities
 16,578  17,052  (3)
Other securities
 975  854  14 
Loans held for sale
 545  529  3 
Loans and leases (1)
 121,225  119,523  1 
Allowance for loan and lease losses
 (2,177) (2,121) (3)
Net loans and leases
 119,048  117,402  1 
Bank owned life insurance
 2,757  2,753  — 
Accrued income and other receivables 1,471  1,573  (6)
Premises and equipment
 1,128  1,156  (2)
Goodwill
 5,561  5,571  — 
Servicing rights and other intangible assets 690  712  (3)
Other assets
 5,102  4,944  3 
Total assets
 $ 188,505  $ 182,906  3  %
Liabilities and shareholders' equity
Liabilities
Deposits (2)
 $ 148,028  $ 147,914  —  %
Short-term borrowings
 1,680  2,027  (17)
Long-term debt
 14,711  9,686  52 
Other liabilities
 5,248  5,510  (5)
Total liabilities
 169,667  165,137  3 
Shareholders' equity
Preferred stock
 2,484  2,167  15 
Common stock
 15  14  7 
Capital surplus
 15,335  15,309  — 
Less treasury shares, at cost
 (92) (80) (15)
Accumulated other comprehensive income (loss) (3,006) (3,098) 3 
Retained earnings 4,052  3,419  19 
Total Huntington shareholders’ equity 18,788  17,731  6 
Non-controlling interest 50  38  32 
Total equity 18,838  17,769  6 
Total liabilities and equity $ 188,505  $ 182,906  3  %
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding
 1,447,882,434  1,443,068,036 
Treasury shares outstanding
 7,429,675  6,322,052 
Preferred stock, authorized shares
 6,617,808  6,617,808 
Preferred shares outstanding
 882,500  557,500 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 49,834  41  % $ 50,039  42  % $ 48,121  41  % $ 46,724  40  % $ 45,653  40  %
Commercial real estate:
Commercial
 11,750  10  12,132  10  12,138  10  12,137  10  11,960  10 
Construction
 1,416  1  1,255  1  1,502  1  1,739  2  1,522  1 
Commercial real estate 13,166  11  13,387  11  13,640  11  13,876  12  13,482  11 
Lease financing 5,143  4  5,244  4  5,252  4  5,093  4  5,043  4 
Total commercial
 68,143  56  68,670  57  67,013  56  65,693  56  64,178  55 
Consumer:
Residential mortgage 23,138  19  22,472  19  22,226  19  21,816  18  21,220  18 
Automobile
 12,819  11  13,187  11  13,154  11  13,430  11  13,622  12 
Home equity
 10,135  8  10,166  8  10,375  9  10,440  9  10,426  9 
RV and marine
 5,640  5  5,404  4  5,376  4  5,436  5  5,453  5 
Other consumer
 1,350  1  1,280  1  1,379  1  1,332  1  1,322  1 
Total consumer
 53,082  44  52,509  43  52,510  44  52,454  44  52,043  45 
Total loans and leases
 $ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  %
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances by business segment:
Consumer & Regional Banking $ 65,374  54  % $ 64,387  53  % $ 64,080  54  % $ 63,603  54  % $ 63,355  55  %
Commercial Banking 55,672  46  56,599  47  55,304  46  54,320  46  52,663  45 
Treasury / Other 179  —  193  —  139  —  224  —  203  — 
Total loans and leases $ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  %
Average balances by business segment:
Consumer & Regional Banking $ 64,782  54  % $ 64,209  54  % $ 63,836  54  % $ 63,468  55  % $ 62,484  55  %
Commercial Banking 56,375  46  55,919  46  54,789  46  53,067  45  51,109  45 
Treasury / Other 188  —  292  —  282  —  429  —  356  — 
Total loans and leases
 $ 121,345  100  % $ 120,420  100  % $ 118,907  100  % $ 116,964  100  % $ 113,949  100  %

5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 33,340  23  % $ 36,789  25  % $ 38,242  26  % $ 40,762  28  % $ 42,131  29  %
Demand deposits - interest-bearing 40,387  27  39,827  28  43,136  29  43,673  30  41,433  28 
Money market deposits 40,534  28  37,276  26  36,082  24  33,811  23  34,257  24 
Savings and other domestic deposits 18,294  12  19,546  13  20,357  14  21,274  15  21,583  15 
Core certificates of deposit (1) 10,314  7  6,981  5  4,324  3  2,115  1  2,103  1 
Total core deposits 142,869  97  140,419  97  142,141  96  141,635  97  141,507  97 
Other domestic deposits of $250,000 or more 381  —  282  —  220  —  186  —  221  — 
Negotiable CDS, brokered and other deposits
 4,778  3  4,577  3  5,553  4  4,492  3  3,707  3 
Total deposits $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  %
Total core deposits:
Commercial $ 61,450  43  % $ 61,132  44  % $ 64,107  45  % $ 65,151  46  % $ 63,629  45  %
Consumer 81,419  57  79,287  56  78,034  55  76,484  54  77,878  55 
Total core deposits $ 142,869  100  % $ 140,419  100  % $ 142,141  100  % $ 141,635  100  % $ 141,507  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 106,502  72  % $ 105,339  72  % $ 105,064  71  % $ 104,716  72  % $ 106,967  74  %
Commercial Banking 36,459  25  34,660  24  36,807  25  36,487  25  33,913  23 
Treasury / Other 5,067  3  5,279  4  6,043  4  5,110  3  4,555  3 
Total deposits $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  %
Average balances:
Total core deposits:
Commercial $ 61,304  44  % $ 63,423  45  % $ 65,128  46  % $ 65,278  46  % $ 63,921  45  %
Consumer 79,432  56  77,654  55  75,568  54  76,414  54  77,881  55 
Total core deposits $ 140,736  100  % $ 141,077  100  % $ 140,696  100  % $ 141,692  100  % $ 141,802  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 104,593  71  % $ 104,151  71  % $ 103,820  71  % $ 105,174  72  % $ 106,801  73  %
Commercial Banking 35,752  25  36,288  25  36,260  25  35,880  25  34,368  24 
Treasury / Other 5,214  4  5,705  4  5,592  4  4,954  3  3,839  3 
Total deposits $ 145,559  100  % $ 146,144  100  % $ 145,672  100  % $ 146,008  100  % $ 145,008  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.


6

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
June 30, March 31, December 31, September 30, June 30, Percent Changes vs.
(dollar amounts in millions) 2023 2023 2022 2022 2022 1Q23 2Q22
Assets
Interest-bearing deposits at Federal Reserve Bank $ 11,052  $ 6,101  $ 4,615  $ 3,204  $ 3,532  81  213 
Interest-bearing deposits in banks
 229  249  305  260  161  (8) 42 
Securities:
Trading account securities
 34  21  29  24  30  62  13 
Available-for-sale securities:
Taxable
 20,920  21,368  20,467  21,677  21,672  (2) (3)
Tax-exempt
 2,745  2,640  2,706  2,917  2,859  4  (4)
Total available-for-sale securities
 23,665  24,008  23,173  24,594  24,531  (1) (4)
Held-to-maturity securities - taxable
 16,762  16,977  17,022  17,188  17,234  (1) (3)
Other securities 1,263  886  857  804  755  43  67 
Total securities
 41,724  41,892  41,081  42,610  42,550  —  (2)
Loans held for sale
 559  450  637  986  1,033  24  (46)
Loans and leases: (2)
Commercial:
Commercial and industrial
 50,194  49,028  47,505  46,029  44,763  2  12 
Commercial real estate:
Commercial
 12,062  12,282  12,179  11,974  11,442  (2) 5 
Construction
 1,280  1,400  1,676  1,697  1,760  (9) (27)
Commercial real estate
 13,342  13,682  13,855  13,671  13,202  (2) 1 
Lease financing 5,155  5,209  5,080  4,981  4,919  (1) 5 
Total commercial
 68,691  67,919  66,440  64,681  62,884  1  9 
Consumer:
Residential mortgage
 22,765  22,327  22,011  21,552  20,527  2  11 
Automobile 12,927  13,245  13,284  13,514  13,557  (2) (5)
Home equity 10,154  10,258  10,417  10,431  10,373  (1) (2)
RV and marine 5,478  5,366  5,408  5,454  5,317  2  3 
Other consumer
 1,330  1,305  1,347  1,332  1,291  2  3 
Total consumer
 52,654  52,501  52,467  52,283  51,065  —  3 
Total loans and leases
 121,345  120,420  118,907  116,964  113,949  1  6 
Total earning assets
 174,909  169,112  165,545  164,024  161,225  3  8 
Cash and due from banks
 1,639  1,598  1,650  1,697  1,669  3  (2)
Goodwill and other intangible assets 5,734  5,759  5,771  5,781  5,613  —  2 
All other assets
 10,638  10,568  10,458  10,154  10,107  1  5 
Allowance for loan and lease losses
 (2,174) (2,143) (2,132) (2,099) (2,053) (1) (6)
Total assets
 $ 190,746  $ 184,894  $ 181,292  $ 179,557  $ 176,561  3  % 8  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 39,772  $ 40,654  $ 42,705  $ 42,038  $ 41,712  (2) % (5) %
Money market deposits
 38,753  37,301  34,390  34,058  33,791  4  15 
Savings and other domestic deposits
 18,826  19,877  20,831  21,439  21,683  (5) (13)
Core certificates of deposit (3)
 8,820  5,747  2,926  2,040  2,228  53  296 
Other domestic deposits of $250,000 or more
 320  252  198  193  225  27  42 
Negotiable CDS, brokered and other deposits
 4,502  4,815  4,777  4,124  2,981  (7) 51 
Total interest-bearing deposits
 110,993  108,646  105,827  103,892  102,620  2  8 
Short-term borrowings
 5,242  4,371  545  2,609  2,103  20  149 
Long-term debt
 16,252  11,047  12,650  8,251  7,024  47  131 
Total interest-bearing liabilities
 132,487  124,064  119,022  114,752  111,747  7  19 
Demand deposits - noninterest-bearing
 34,566  37,498  39,845  42,116  42,388  (8) (18)
All other liabilities
 4,796  5,056  4,929  4,340  4,168  (5) 15 
Total liabilities 171,849  166,618  163,796  161,208  158,303  3  9 
Total Huntington shareholders’ equity 18,844  18,231  17,458  18,317  18,228  3  3 
Non-controlling interest 53  45  38  32  30  18  77 
Total equity 18,897  18,276  17,496  18,349  18,258  3  3 
Total liabilities and equity $ 190,746  $ 184,894  $ 181,292  $ 179,557  $ 176,561  3  % 8  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 141  $ 71  $ 46  $ 19  $ 7 
Interest-bearing deposits in banks
 5  5  5  2  1 
Securities:
Trading account securities
 1  —  —  —  1 
Available-for-sale securities:
Taxable
 252  232  198  165  123 
Tax-exempt
 33  29  28  25  19 
Total available-for-sale securities
 285  261  226  190  142 
Held-to-maturity securities - taxable
 102  102  100  95  90 
Other securities 11  10  9  7  6 
Total securities
 399  373  335  292  239 
Loans held for sale
 8  7  8  13  10 
Loans and leases:
Commercial:
Commercial and industrial 746  686  613  515  427 
Commercial real estate:
Commercial 217  207  185  144  103 
Construction 26  26  28  21  16 
Commercial real estate 243  233  213  165  119 
Lease financing 71  68  66  63  61 
Total commercial 1,060  987  892  743  607 
Consumer:
Residential mortgage 200  190  183  174  158 
Automobile 134  129  125  120  115 
Home equity 187  181  172  143  115 
RV and marine 63  58  61  59  55 
Other consumer 39  36  36  32  30 
Total consumer 623  594  577  528  473 
Total loans and leases
 1,683  1,581  1,469  1,271  1,080 
Total earning assets
 $ 2,236  $ 2,037  $ 1,863  $ 1,597  $ 1,337 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 167  $ 132  $ 102  $ 42  $ 11 
Money market deposits 255  172  75  25  8 
Savings and other domestic deposits
 6  3  2  1  1 
Core certificates of deposit (3)
 83  43  10  1  — 
Other domestic deposits of $250,000 or more
 2  2  1  —  — 
Negotiable CDS, brokered and other deposits
 57  54  45  23  5 
Total interest-bearing deposits
 570  406  235  92  25 
Short-term borrowings
 74  60  10  22  7 
Long-term debt
 235  153  147  71  38 
Total interest-bearing liabilities 879  619  392  185  70 
Net interest income
 $ 1,357  $ 1,418  $ 1,471  $ 1,412  $ 1,267 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


8

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
June 30, March 31, December 31, September 30, June 30,
Fully-taxable equivalent basis (1)
 2023 2023 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 5.12  % 4.65  % 3.99  % 2.39  % 0.80  %
Interest-bearing deposits in banks
 7.79  8.50  5.72  3.31  1.32 
Securities:
Trading account securities
 4.92  5.37  5.45  4.12  3.99 
Available-for-sale securities:
Taxable
 4.82  4.34  3.87  3.06  2.25 
Tax-exempt
 4.87  4.40  4.21  3.39  2.71 
Total available-for-sale securities
 4.83  4.35  3.91  3.09  2.30 
Held-to-maturity securities - taxable
 2.42  2.41  2.34  2.21  2.10 
Other securities 3.47  4.35  4.15  3.21  3.62 
Total securities
 3.82  3.56  3.26  2.74  2.24 
Loans held for sale
 6.05  5.85  5.42  4.98  4.08 
Loans and leases: (3)
Commercial:
Commercial and industrial 5.87  5.60  5.06  4.37  3.78 
Commercial real estate:
Commercial 7.14  6.73  5.93  4.72  3.53 
Construction 7.96  7.40  6.54  4.95  3.70 
Commercial real estate 7.22  6.80  6.01  4.75  3.56 
Lease financing 5.45  5.25  5.02  4.95  4.98 
Total commercial 6.10  5.82  5.25  4.50  3.83 
Consumer:
Residential mortgage 3.51  3.41  3.33  3.23  3.09 
Automobile 4.17  3.94  3.74  3.53  3.40 
Home equity 7.42  7.14  6.57  5.43  4.44 
RV and marine 4.59  4.42  4.45  4.29  4.12 
Other consumer 11.59  11.18  10.38  9.55  9.08 
Total consumer 4.74  4.57  4.37  4.02  3.70 
Total loans and leases
 5.51  5.27  4.86  4.28  3.77 
Total earning assets
 5.13  4.89  4.46  3.86  3.33 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.68  1.32  0.94  0.40  0.10 
Money market deposits 2.64  1.87  0.86  0.29  0.09 
Savings and other domestic deposits
 0.11  0.07  0.03  0.02  0.02 
Core certificates of deposit (4)
 3.78  3.01  1.42  0.10  0.07 
Other domestic deposits of $250,000 or more
 3.27  2.45  1.31  0.35  0.23 
Negotiable CDS, brokered and other deposits
 5.07  4.56  3.74  2.25  0.72 
Total interest-bearing deposits
 2.06  1.52  0.88  0.35  0.10 
Short-term borrowings
 5.70  5.56  7.71  3.31  1.40 
Long-term debt
 5.79  5.52  4.66  3.40  2.16 
Total interest-bearing liabilities
 2.66  2.02  1.31  0.64  0.25 
Net interest rate spread
 2.47  2.87  3.15  3.22  3.08 
Impact of noninterest-bearing funds on margin
 0.64  0.53  0.37  0.20  0.07 
Net interest margin
 3.11  % 3.40  % 3.52  % 3.42  % 3.15  %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
2023 2023 2022 2022 2022
Fully-taxable equivalent basis (1)
 Second First Fourth Third Second
Commercial loans (2)(3)
 6.82  % 6.42  % 5.68  % 4.62  % 3.69  %
Impact of commercial loan derivatives
 (0.72) (0.60) (0.43) (0.12) 0.14 
Total commercial - as reported
 6.10  % 5.82  % 5.25  % 4.50  % 3.83  %
Average 1 Month LIBOR
 5.09  % 4.62  % 3.89  % 2.46  % 1.01  %
Average SOFR 4.97  % 4.50  % 3.61  % 2.14  % 0.70  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes nonaccrual loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.
9

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) June 30, March 31, December 31, September 30, June 30,
2023 2023 2022 2022 2022
Interest income
 $ 2,225  $ 2,028  $ 1,854  $ 1,589  $ 1,331 
Interest expense
 879  619  392  185  70 
Net interest income 1,346  1,409  1,462  1,404  1,261 
Provision for credit losses 92  85  91  106  67 
Net interest income after provision for credit losses 1,254  1,324  1,371  1,298  1,194 
Service charges on deposit accounts 87  83  89  93  105 
Card and payment processing income 102  93  96  96  96 
Capital markets fees 57  59  83  73  54 
Trust and investment management services 68  62  61  60  63 
Mortgage banking income 33  26  25  26  44 
Leasing revenue 25  26  35  29  27 
Insurance income 30  34  31  28  27 
Gain on sale of loans 8  3  2  15  12 
Bank owned life insurance income 16  16  15  13  11 
Net (losses) gains on sales of securities (5) 1  —  —  — 
Other noninterest income 74  109  62  65  46 
Total noninterest income
 495  512  499  498  485 
Personnel costs 613  649  630  614  577 
Outside data processing and other services 148  151  147  145  153 
Equipment 64  64  67  60  61 
Net occupancy 54  60  61  63  58 
Marketing 32  25  22  24  24 
Professional services 21  16  21  18  19 
Deposit and other insurance expense 23  20  14  15  20 
Amortization of intangibles 13  13  13  13  13 
Lease financing equipment depreciation 8  8  9  11  11 
Other noninterest expense 74  80  93  90  82 
Total noninterest expense
 1,050  1,086  1,077  1,053  1,018 
Income before income taxes 699  750  793  743  661 
Provision for income taxes 134  144  144  146  120 
Income after income taxes 565  606  649  597  541 
Income attributable to non-controlling interest 6  4  4  3  2 
Net income attributable to Huntington 559  602  645  594  539 
Dividends on preferred shares 40  29  28  29  28 
Net income applicable to common shares $ 519  $ 573  $ 617  $ 565  $ 511 
Average common shares - basic
 1,446  1,443  1,443  1,443  1,441 
Average common shares - diluted
1,466  1,469  1,468  1,465  1,463 
Per common share
Net income - basic $ 0.36  $ 0.40  $ 0.43  $ 0.39  $ 0.35 
Net income - diluted 0.35  0.39  0.42  0.39  0.35 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,346  $ 1,409  $ 1,462  $ 1,404  $ 1,261 
FTE adjustment
 11  9  9  8  6 
Net interest income (1)
 1,357  1,418  1,471  1,412  1,267 
Noninterest income
 495  512  499  498  485 
Total revenue (1)
 $ 1,852  $ 1,930  $ 1,970  $ 1,910  $ 1,752 
On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

10

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Percent Changes vs.
(dollar amounts in millions)
 2023 2023 2022 2022 2022 1Q23 2Q22
Net origination and secondary marketing income
 $ 23  $ 16  $ 16  $ 25  $ 27  44  % (15) %
Net mortgage servicing income
          Loan servicing income
 23  23  22  22  22  —  5 
          Amortization of capitalized servicing (12) (10) (11) (14) (16) (20) 25 
    Operating income 11  13  11  8  6  (15) 83 
          MSR valuation adjustment (1) 15  (12) 2  17  44  225  (66)
          (Losses) gains due to MSR hedging (15) 9  (4) (24) (34) (267) 56 
     Net MSR risk management —  (3) (2) (7) 10  100  (100)
Total net mortgage servicing income $ 11  $ 10  $ 9  $ 1  $ 16  10  % (31) %
All other (1) —  —  —  1  (100) (200)
Mortgage banking income
 $ 33  $ 26  $ 25  $ 26  $ 44  27  % (25) %
Mortgage origination volume $ 2,504  $ 1,412  $ 1,719  $ 2,491  $ 3,366  77  % (26) %
Mortgage origination volume for sale
 1,239  809  889  1,339  1,263  53  (2)
Third party mortgage loans serviced (2) 32,712  32,496  32,354  31,988  31,704  1  3 
Mortgage servicing rights (2) 505  485  494  486  463  4  9 
MSR % of investor servicing portfolio (2) 1.55  % 1.49  % 1.53  % 1.52  % 1.46  % 4  % 6  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
11

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Allowance for loan and lease losses, beginning of period
 $ 2,142  $ 2,121  $ 2,110  $ 2,074  $ 2,018 
Loan and lease charge-offs (92) (99) (97) (83) (52)
Recoveries of loans and leases previously charged-off 43  42  47  39  44 
Net loan and lease charge-offs (49) (57) (50) (44) (8)
Provision for loan and lease losses 84  78  61  80  64 
Allowance for loan and lease losses, end of period
 2,177  2,142  2,121  2,110  2,074 
Allowance for unfunded lending commitments, beginning of period 157  150  120  94  91 
Provision for unfunded lending commitments 8  7  30  26  3 
Allowance for unfunded lending commitments, end of period 165  157  150  120  94 
Total allowance for credit losses, end of period
 $ 2,342  $ 2,299  $ 2,271  $ 2,230  $ 2,168 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.80  % 1.77  % 1.77  % 1.79  % 1.78  %
Nonaccrual loans and leases (NALs)
 427  402  373  351  316 
Nonperforming assets (NPAs)
 391  371  357  336  304 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.93  % 1.90  % 1.90  % 1.89  % 1.87  %
Nonaccrual loans and leases (NALs) 459  431  400  371  330 
Nonperforming assets (NPAs) 420  398  382  355  318 

Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 994  $ 967  $ 939  $ 914  $ 838 
Commercial real estate 442  440  433  450  464 
Lease financing 47  50  52  50  40 
Total commercial 1,483  1,457  1,424  1,414  1,342 
Consumer
Residential mortgage 194  176  187  178  177 
Automobile 144  151  141  118  146 
Home equity 119  118  105  126  131 
RV and marine 145  144  143  127  147 
Other consumer 92  96  121  147  131 
Total consumer 694  685  697  696  732 
Total allowance for loan and lease losses 2,177  2,142  2,121  2,110  2,074 
Allowance for unfunded lending commitments 165  157  150  120  94 
Total allowance for credit losses $ 2,342  $ 2,299  $ 2,271  $ 2,230  $ 2,168 


12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial
 $ 20  $ 16  $ 9  $ 16  $ (4)
Commercial real estate
 7  18  7  (3) (4)
Lease financing —  (5) 5  2  (3)
Total commercial
 27  29  21  15  (11)
Consumer:
Residential mortgage 1  —  —  (1) (1)
Automobile 3  5  3  3  — 
Home equity —  (1) —  (2) (2)
RV and marine
 2  2  2  2  1 
Other consumer
 16  22  24  27  21 
Total consumer
 22  28  29  29  19 
Total net charge-offs $ 49  $ 57  $ 50  $ 44  $ 8 
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
2023 2023 2022 2022 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial
 0.15  % 0.13  % 0.08  % 0.14  % (0.04) %
Commercial real estate
 0.23  0.51  0.20  (0.07) (0.13)
Lease financing —  (0.37) 0.40  0.17  (0.24)
Total commercial
 0.16  0.17  0.13  0.10  (0.07)
Consumer:
Residential mortgage 0.01  0.01  (0.01) (0.02) (0.02)
Automobile 0.10  0.14  0.12  0.07  — 
Home equity (0.02) (0.02) (0.04) (0.07) (0.08)
RV and marine
 0.13  0.18  0.15  0.17  0.10 
Other consumer
 5.17  6.37  7.08  8.09  6.60 
Total consumer
 0.17  0.21  0.22  0.22  0.15 
Net charge-offs as a % of average loans and leases 0.16  % 0.19  % 0.17  % 0.15  % 0.03  %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions)
 2023 2023 2022 2022 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial
 $ 267  $ 273  $ 288  $ 288  $ 324 
Commercial real estate
 75  86  92  110  117 
Lease financing 15  14  18  30  22 
Residential mortgage 73  81  90  94  111 
Automobile 4  4  4  4  4 
Home equity
 75  74  76  75  78 
RV and marine
 1  1  1  1  1 
Total nonaccrual loans and leases
 510  533  569  602  657 
Other real estate, net 18  20  11  11  11 
Other NPAs (1) 29  25  14  14  14 
Total nonperforming assets
 $ 557  $ 578  $ 594  $ 627  $ 682 
Nonaccrual loans and leases as a % of total loans and leases
 0.42  % 0.44  % 0.48  % 0.51  % 0.57  %
NPA ratio (2) 0.46  0.48  0.50  0.53  0.59 
(NPA+90days)/(Loan+OREO) (3) 0.60  0.63  0.67  0.72  0.77 
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Nonperforming assets, beginning of period $ 578  $ 594  $ 627  $ 682  $ 708 
New nonperforming assets 188  237  251  119  181 
Returns to accruing status (34) (73) (84) (42) (81)
Charge-offs (42) (54) (54) (39) (26)
Payments (118) (124) (144) (89) (97)
Sales (15) (2) (2) (4) (3)
Nonperforming assets, end of period $ 557  $ 578  $ 594  $ 627  $ 682 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

14

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Accruing loans and leases past due 90+ days:
Commercial and industrial
 $ 7  $ 12  $ 23  $ 29  $ 11 
Lease financing 16  10  9  18  10 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 18  20  21  17  14 
Automobile 6  7  9  6  6 
Home equity 18  18  15  12  13 
RV and marine 2  2  3  2  2 
Other consumer
 3  2  2  3  2 
Total, excl. loans guaranteed by the U.S. Government
 70  71  82  87  58 
Add: loans guaranteed by U.S. Government
 103  114  125  136  154 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
 $ 173  $ 185  $ 207  $ 223  $ 212 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.06  % 0.06  % 0.07  % 0.07  % 0.05  %
Guaranteed by U.S. Government, as a percent of total loans and leases
 0.08  0.09  0.10  0.12  0.13 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.14  0.15  0.17  0.19  0.18 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 18,788  $ 18,758  $ 17,731  $ 17,136  $ 17,950 
Regulatory capital adjustments:
CECL transitional amount (2) 219  219  328  328  328 
Shareholders’ preferred equity and related surplus (2,494) (2,494) (2,177) (2,177) (2,177)
Accumulated other comprehensive loss 3,006  2,755  3,098  3,276  2,098 
Goodwill and other intangibles, net of taxes (5,620) (5,636) (5,663) (5,675) (5,686)
Deferred tax assets from tax loss and credit carryforwards (14) (14) (27) (29) (36)
Common equity tier 1 capital
 13,885  13,588  13,290  12,859  12,477 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,494  2,494  2,177  2,177  2,177 
Tier 1 capital
 16,379  16,082  15,467  15,036  14,654 
Long-term debt and other tier 2 qualifying instruments
 1,394  1,395  1,424  1,441  1,462 
Qualifying allowance for loan and lease losses
 1,767  1,779  1,682  1,637  1,541 
Tier 2 capital
 3,161  3,174  3,106  3,078  3,003 
Total risk-based capital
 $ 19,540  $ 19,256  $ 18,573  $ 18,114  $ 17,657 
Risk-weighted assets (RWA)(1) $ 141,432  $ 142,335  $ 141,940  $ 138,759  $ 137,841 
Common equity tier 1 risk-based capital ratio (1)
 9.82  % 9.55  % 9.36  % 9.27  % 9.05  %
Other regulatory capital data:
Tier 1 leverage ratio (1)
 9.01  8.79  8.60  8.51  8.46 
Tier 1 risk-based capital ratio (1)
 11.58  11.30  10.90  10.84  10.63 
Total risk-based capital ratio (1)
 13.82  13.53  13.09  13.05  12.81 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
 7.50  7.43  6.93  6.66  7.28 
(1)June 30, 2023, figures are estimated.
(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized over the three-year transition period. As of March 31, 2023 and June 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of June 30, 2022, September 30, 2022, and December 31, 2022, 25% of the cumulative CECL deferral has been phased in.
16

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
June 30, March 31, December 31, September 30, June 30,
2023 2023 2022 2022 2022
Cash dividends declared per common share
 $ 0.155  $ 0.155  $ 0.155  $ 0.155  $ 0.155 
Common shares outstanding (in millions)
Average - basic
1,446  1,443  1,443  1,443  1,441 
Average - diluted
1,466  1,469  1,468  1,465  1,463 
Ending
1,448  1,444  1,443  1,443  1,442 
Tangible book value per common share (1)
 $ 7.33  $ 7.32  $ 6.82  $ 6.40  $ 6.96 

Non-regulatory capital
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 18,788  $ 18,758  $ 17,731  $ 17,136  $ 17,950 
Goodwill and other intangible assets (5,728) (5,741) (5,766) (5,775) (5,788)
Deferred tax liability on other intangible assets (1) 35  38  41  43  46 
Total tangible equity
 13,095  13,055  12,006  11,404  12,208 
Preferred equity (2,484) (2,484) (2,167) (2,167) (2,167)
Total tangible common equity
 $ 10,611  $ 10,571  $ 9,839  $ 9,237  $ 10,041 
Total assets
 $ 188,505  $ 189,070  $ 182,906  $ 179,402  $ 178,782 
Goodwill and other intangible assets (5,728) (5,741) (5,766) (5,775) (5,788)
Deferred tax liability on other intangible assets (1) 35  38  41  43  46 
Total tangible assets
 $ 182,812  $ 183,367  $ 177,181  $ 173,670  $ 173,040 
Tangible equity / tangible asset ratio
 7.16  % 7.12  % 6.78  % 6.57  % 7.06  %
Tangible common equity / tangible asset ratio
 5.80  5.77  5.55  5.32  5.80 
Other data:
Number of employees (Average full-time equivalent)
 20,200  20,198  20,007  19,997  19,866 
Number of domestic full-service branches (2)
 1,001  1,001  1,032  1,032  1,032 
ATM Count
 1,641  1,668  1,695  1,715  1,731 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Client Group offices.


17

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)
YTD Average Balances (1)
Six Months Ended June 30,
Change
(dollar amounts in millions)
 2023 2022
Amount
Percent
Assets
Interest-bearing deposits at Federal Reserve Bank $ 8,590  $ 5,354  $ 3,236  60  %
Interest-bearing deposits in banks
 239  168  71  42 
Securities:
Trading account securities
 27  38  (11) (29)
Available-for-sale securities:
Taxable
 21,143  22,931  (1,788) (8)
Tax-exempt
 2,693  2,873  (180) (6)
Total available-for-sale securities
 23,836  25,804  (1,968) (8)
Held-to-maturity securities - taxable
 16,869  15,902  967  6 
Other securities 1,075  860  215  25 
Total securities
 41,807  42,604  (797) (2)
Loans held for sale
 505  1,137  (632) (56)
Loans and leases: (2)
Commercial:
Commercial and industrial 49,615  43,937  5,678  13 
Commercial real estate:
Commercial 12,171  11,462  709  6 
Construction 1,340  1,818  (478) (26)
Commercial real estate 13,511  13,280  231  2 
Lease financing 5,181  4,915  266  5 
Total commercial 68,307  62,132  6,175  10 
Consumer:
Residential mortgage 22,547  20,019  2,528  13 
Automobile 13,085  13,510  (425) (3)
Home equity 10,206  10,394  (188) (2)
RV and marine 5,422  5,210  212  4 
Other consumer 1,318  1,288  30  2 
Total consumer 52,578  50,421  2,157  4 
Total loans and leases
 120,885  112,553  8,332  7 
Total earning assets
 172,026  161,816  10,210  6 
Cash and due from banks
 1,619  1,659  (40) (2)
Goodwill and other intangible assets 5,747  5,598  149  3 
All other assets
 10,602  10,061  541  5 
Allowance for loan and lease losses
 (2,158) (2,050) (108) (5)
Total assets
 $ 187,836  $ 177,084  $ 10,752  6  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 40,211  $ 41,176  $ (965) (2) %
Money market deposits 38,031  33,235  4,796  14 
Savings and other domestic deposits
 19,348  21,501  (2,153) (10)
Core certificates of deposit (3)
 7,292  2,393  4,899  NM
Other domestic deposits of $250,000 or more
 286  270  16  6 
Negotiable CDS, brokered and other deposits
 4,659  3,216  1,443  45 
Total interest-bearing deposits
 109,827  101,791  8,036  8 
Short-term borrowings
 4,809  3,408  1,401  41 
Long-term debt
 13,664  6,969  6,695  96 
Total interest-bearing liabilities
 128,300  112,168  16,132  14 
Demand deposits - noninterest-bearing
 36,023  42,177  (6,154) (15)
All other liabilities
 4,925  4,068  857  21 
Total Liabilities 169,248  158,413  10,835  7 
Total Huntington shareholders’ equity 18,539  18,644  (105) (1)
Non-controlling interest 49  27  22  81 
Total equity $ 18,588  $ 18,671  $ (83) — 
Total liabilities and equity $ 187,836  $ 177,084  $ 21,587  6 
NM - Not Meaningful
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
18

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
YTD Interest Income / Expense
Six Months Ended June 30,
(dollar amounts in millions)
 2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 212  $ 10 
Interest-bearing deposits in banks
 10  1 
Securities:
Trading account securities
 1  1 
Available-for-sale securities:
Taxable
 484  213 
Tax-exempt
 62  41 
Total available-for-sale securities
 546  254 
Held-to-maturity securities - taxable
 204  156 
Other securities 21  11 
Total securities
 772  422 
Loans held for sale
 15  20 
Loans and leases:
Commercial:
Commercial and industrial 1,432  828 
Commercial real estate:
Commercial 424  191 
Construction 52  33 
Commercial real estate 476  224 
Lease financing 139  122 
Total commercial 2,047  1,174 
Consumer:
Residential mortgage 390  304 
Automobile 263  227 
Home equity 368  217 
RV and marine 121  107 
Other consumer 75  58 
Total consumer 1,217  913 
Total loans and leases
 3,264  2,087 
Total earning assets
 $ 4,273  $ 2,540 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 299  $ 14 
Money market deposits 427  12 
Savings and other domestic deposits
 9  2 
Core certificates of deposit (3)
 126  1 
Other domestic deposits of $250,000 or more
 4  — 
Negotiable CDS, brokered and other deposits
 111  7 
Total interest-bearing deposits
 976  36 
Short-term borrowings
 134  14 
Long-term debt
 388  69 
Total interest-bearing liabilities
 1,498  119 
Net interest income
 $ 2,775  $ 2,421 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.
19

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Yield
(Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1)
 2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 4.95  % 0.38  %
Interest-bearing deposits in banks
 8.16  0.71 
Securities:
Trading account securities
 5.09  3.63 
Available-for-sale securities:
Taxable
 4.58  1.85 
Tax-exempt
 4.64  2.86 
Total available-for-sale securities
 4.59  1.96 
Held-to-maturity securities - taxable
 2.42  1.97 
Other securities 3.83  2.64 
Total securities
 3.69  1.98 
Loans held for sale
 5.96  3.58 
Loans and leases: (3)
Commercial:
Commercial and industrial 5.74  3.75 
Commercial real estate:
Commercial 6.93  3.31 
Construction 7.67  3.61 
Commercial real estate 7.01  3.35 
Lease financing 5.35  4.95 
Total commercial 5.96  3.76 
Consumer:
Residential mortgage 3.46  3.04 
Automobile 4.05  3.39 
Home equity 7.28  4.21 
RV and marine 4.51  4.14 
Other consumer 11.39  9.02 
Total consumer 4.66  3.64 
Total loans and leases
 5.39  3.71 
Total earning assets
 5.01  % 3.17  %
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.50  % 0.07  %
Money market deposits 2.27  0.07 
Savings and other domestic deposits
 0.09  0.02 
Core certificates of deposit (4)
 3.48  0.10 
Other domestic deposits of $250,000 or more
 2.91  0.19 
Negotiable CDS, brokered and other deposits
 4.81  0.42 
Total interest-bearing deposits
 1.79  0.07 
Short-term borrowings
 5.64  0.83 
Long-term debt
 5.67  1.99 
Total interest-bearing liabilities
 2.35  0.21 
Net interest rate spread
 2.66  2.96 
Impact of noninterest-bearing funds on margin
 0.59  0.06 
Net interest margin
 3.25  % 3.02  %
Commercial Loan Derivative Impact
 (Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1)
 2023 2022
Commercial loans (2)(3)
 6.62  % 3.58  %
Impact of commercial loan derivatives
 (0.66) 0.18 
Total commercial - as reported
 5.96  % 3.76  %
Average 1 Month LIBOR
 4.85  % 0.61  %
Average SOFR 4.73  % 0.40  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes the impact of nonaccrual loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.
20

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions, except per share data) 2023 2022 Amount Percent
Interest income $ 4,253  $ 2,526  $ 1,727  68  %
Interest expense 1,498  119  1,379  NM
Net interest income 2,755  2,407  348  14 
Provision for credit losses 177  92  85  92 
Net interest income after provision for credit losses 2,578  2,315  263  11 
Service charges on deposit accounts 170  202  (32) (16)
Card and payment processing income 195  182  13  7 
Capital markets fees 116  96  20  21 
Trust and investment management services 130  128  2  2 
Mortgage banking income 59  93  (34) (37)
Leasing revenue 51  62  (11) (18)
Insurance income 64  58  6  10 
Gain on sale of loans 11  40  (29) (73)
Bank owned life insurance income 32  28  4  14 
Net (losses) gains on sales of securities (4) —  (4) (100)
Other noninterest income 183  95  88  93 
Total noninterest income 1,007  984  23  2 
Personnel costs 1,262  1,157  105  9 
Outside data processing and other services 299  318  (19) (6)
Equipment 128  142  (14) (10)
Net occupancy 114  122  (8) (7)
Marketing 57  45  12  27 
Professional services 37  38  (1) (3)
Deposit and other insurance expense 43  38  5  13 
Amortization of intangibles 26  27  (1) (4)
Lease financing equipment depreciation 16  25  (9) (36)
Other noninterest expense 154  159  (5) (3)
Total noninterest expense 2,136  2,071  65  3 
Income before income taxes 1,449  1,228  221  18 
Provision for income taxes 278  225  53  24 
Income after income taxes 1,171  1,003  168  17 
Income attributable to non-controlling interest 10  4  6  150 
Net income attributable to Huntington 1,161  999  162  16 
Dividends on preferred shares 69  56  13  23 
Net income applicable to common shares $ 1,092  $ 943  $ 149  16  %
Average common shares - basic 1,445  1,440  5  — 
Average common shares - diluted 1,468  1,464  4  — 
Per common share
Net income - basic $ 0.76  $ 0.65  $ 0.11  17  %
Net income - diluted 0.74  0.64  0.10  16 
Cash dividends declared 0.31  0.31  —  — 
Revenue - fully taxable equivalent (FTE)
Net interest income $ 2,755  $ 2,407  $ 348  14  %
FTE adjustment 20  14  6  43 
Net interest income (1) 2,775  2,421  354  15 
Noninterest income 1,007  984  23  2 
Total revenue (1) $ 3,782  $ 3,405  $ 377  11  %
NM - Not Meaningful
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
21

Huntington Bancshares Incorporated
Year To Date Mortgage Banking Noninterest Income
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions) 2023 2022 Amount Percent
Net origination and secondary marketing income $ 39  $ 64  $ (25) (39) %
Net mortgage servicing income
          Loan servicing income 46  44  2  5 
          Amortization of capitalized servicing (22) (31) 9  29 
     Operating income 24  13  11  85 
          MSR valuation adjustment (1) 3  95  (92) (97)
          (Losses) gains due to MSR hedging (6) (81) 75  93 
     Net MSR risk management (3) 14  (17) — 
Total net mortgage servicing income $ 21  $ 27  $ (6) (22) %
All other (1) 2  (3) (150)
Mortgage banking income $ 59  $ 93  $ (34) (37) %
Mortgage origination volume $ 3,916  $ 6,247  $ (2,331) (37) %
Mortgage origination volume for sale 2,048  2,782  (734) (26)
Third party mortgage loans serviced (2) 32,712  31,704  1,008  3 
Mortgage servicing rights (2) 505  463  42  9 
MSR % of investor servicing portfolio (2) 1.55  % 1.46  % 0.09  % 6  %
NM - Not Meaningful
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
22

Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions)
 2023 2022
Allowance for loan and lease losses, beginning of period
 $ 2,121  $ 2,030 
Loan and lease charge-offs (191) (133)
Recoveries of loans and leases previously charged off 85  106 
Net loan and lease charge-offs (106) (27)
Provision for loan and lease losses
 162  71 
Allowance for loan and lease losses, end of period
 2,177  2,074 
Allowance for unfunded lending commitments, beginning of period $ 150  $ 77 
Provision for unfunded lending commitments 15  17 
Allowance for unfunded lending commitments, end of period 165  94 
Total allowance for credit losses, end of period $ 2,342  $ 2,168 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
 1.80  % 1.78  %
Nonaccrual loans and leases (NALs)
 427  316 
Nonperforming assets (NPAs)
 391  304 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.93  % 1.87  %
Nonaccrual loans and leases (NALs) 459  330 
Nonperforming assets (NPAs) 420  318 
23

Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions)
 2023 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 36  $ (27)
Commercial real estate 25  4 
Lease financing (5) 2 
Total commercial
 56  (21)
Consumer:
Residential mortgage 1  (1)
Automobile 8  — 
Home equity (1) (3)
RV and marine
 4  4 
Other consumer 38  48 
Total consumer
 50  48 
Total net charge-offs $ 106  $ 27 
Six Months Ended June 30,
2023 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.14  % (0.12) %
Commercial real estate 0.37  0.06 
Lease financing (0.19) 0.08 
Total commercial 0.16  (0.07)
Consumer:
Residential mortgage 0.01  (0.01)
Automobile 0.12  — 
Home equity (0.02) (0.05)
RV and marine
 0.16  0.15 
Other consumer 5.76  7.53 
Total consumer 0.19  0.19 
Net charge-offs as a % of average loans 0.17  % 0.05  %

24

Huntington Bancshares Incorporated
Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
June 30,
(dollar amounts in millions)
 2023 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 267  $ 324 
Commercial real estate 75  117 
Lease financing 15  22 
Residential mortgage 73  111 
Automobile 4  4 
Home equity 75  78 
RV and marine 1  1 
Total nonaccrual loans and leases 510  657 
Other real estate, net 18  11 
Other NPAs (1) 29  14 
Total nonperforming assets (3)
 $ 557  $ 682 
Nonaccrual loans and leases as a % of total loans and leases 0.42  % 0.57  %
NPA ratio (2)
 0.46  0.59 
Six Months Ended June 30,
(dollar amounts in millions)
 2023 2022
Nonperforming assets, beginning of period $ 594  $ 750 
New nonperforming assets 425  385 
Returns to accruing status (107) (138)
Charge-offs (96) (58)
Payments (242) (252)
Sales and held-for-sale transfers
 (17) (5)
Nonperforming assets, end of period (2)
 $ 557  $ 682 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.
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Huntington Bancshares Incorporated
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following tables provide the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure.
Three Months Ended
June 30, March 31, June 30,
Percent Changes vs.
($ in millions) 2023 2023 2022 1Q23 2Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP) $ 1,841  $ 1,921  $ 1,746 
FTE adjustment 11  9  6 
Total revenue (FTE) (a) 1,852  1,930  1,752 
Less: net (loss)/gain on securities (5) 1  — 
Less: Notable items —  57  — 
Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b) 1,857  1,872  1,752 
Noninterest expense (GAAP) (c) 1,050  1,086  1,018 
Less: Notable items —  42  24 
Noninterest expense, excluding notable items (d) 1,050  1,044  994 
PPNR (a-c) 802  844  734  (5) % 9  %
PPNR, adjusted (b-d) 807  828  758  (3) % 6  %
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