ハンチントンバンクシェアーズの適時開示・決算・その他

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) October 20, 2023

______________________________________________________________________________________________________________________________

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 October 20, 2023, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2023. Also on October 20, 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 October 20, 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 #13741301. 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 October 28, 2023 at (877) 660-6853 or (201) 612-7415; conference ID #13741301.

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, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, 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 in subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023 and June 30, 2023, each of 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 October 20, 2023.

Exhibit 99.2 – Quarterly Financial Supplement, September 30, 2023.

EXHIBIT INDEX


Exhibit No.			Description

Exhibit 99.1			News release of Huntington Bancshares Incorporated, dated October 20, 2023
Exhibit 99.2			Quarterly Financial Supplement, September 30, 2023






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:

October 20, 2023

By:

/s/ Zachary Wasserman

Zachary Wasserman

Chief Financial Officer

EX-99.1 2 hban20230930_8kex991.htm EX-99.1 Document

Exhibit 99.1

October 20, 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 THIRD-QUARTER EARNINGS

Q3 Results Highlighted by Sustained Core Deposit Growth, Expansion of CET1 Capital, and Strong Credit Quality

2023 Third-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.35, flat from the prior quarter, and were lower by $0.04 from the year-ago quarter. Excluding the after tax impact of Notable Items, adjusted earnings per common share were $0.36.

•Net interest income increased $22 million, or 2%, from the prior quarter, and decreased $36 million, or 3%, from the year-ago quarter.

•Pre-Provision Net Revenue (PPNR) decreased $4 million from the prior quarter to $798 million, and decreased $59 million, or 7%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR increased $6 million, or 1%, from the prior quarter to $813 million, and decreased $54 million, or 6%, from the year-ago quarter.

•Cash and cash equivalents and available contingent borrowing capacity of $91 billion at September 30, 2023, representing 204% of uninsured deposits.

•Average total deposits increased $2.6 billion, or 2%, from the prior quarter and $2.1 billion, or 1%, from the year-ago quarter.

◦Ending total deposits increased $839 million, or 1%, from the prior quarter and $2.6 billion, or 2%, from the year-ago quarter.

◦Ending core deposits increased $1.3 billion, or 1%, 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 decreased $561 million from the prior quarter to $120.8 billion, and increased $3.8 billion, or 3%, from the year-ago quarter.

◦Average total commercial loans and leases decreased $1.2 billion, or 2%, and average total consumer loans increased $677 million, or 1%, from the prior quarter.

•Net charge-offs of 0.24% of average total loans and leases for the quarter, below the through the cycle target range.

•Nonperforming asset ratio of 0.52%.

•Allowance for credit losses (ACL) of $2.4 billion, or 1.96%, of total loans and leases at quarter end.

•Common Equity Tier 1 (CET1) risk-based capital ratio increased 28 basis points to 10.10%, continuing the trend of capital expansion.

•Tangible common equity (TCE) ratio decreased 10 basis points from the prior quarter to 5.70%, and increased 38 basis points from a year ago.

•Huntington was ranked first nationally for SBA 7(a) loan originations by volume for the sixth year in a row for SBA fiscal year 2023 and the 15th year in a row that Huntington has been the largest originator, by volume, of SBA 7(a) loans within footprint.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2023 third quarter of $547 million, or $0.35 per common share, a decrease of $47 million, or $0.04, from the year-ago quarter.

Return on average assets was 1.16%, return on average common equity was 12.4%, return on average tangible common equity (ROTCE) was 19.5%.

CEO Commentary:

"We are pleased to deliver third quarter results highlighted by our top tier return profile and continued expansion of common equity tier 1 capital, which we drove to above 10%,” said Steve Steinour, chairman, president, and CEO. “We remain focused on executing our growth strategy, and leveraging the strength of our balance sheet to continue serving customers across the company. In the third quarter, we delivered another sequential increase in core deposits, further bolstered our leading liquidity position, added to our top tier credit reserves, and continued our disciplined management of credit quality consistent with our aggregate moderate-to-low risk appetite.

“Huntington is exceptionally well-positioned to thrive as we manage through the dynamic environment. We continue to deliver on our strategy while taking actions to position the company for sustained growth in the years ahead.

“Finally, we were once again named as the number one SBA lender in the U.S. for the sixth consecutive year for SBA 7(a) loan originations by volume. We are committed to helping small businesses by providing access to capital to support their growth." Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation).

Table 1 – Earnings Performance Summary


	2023									2022
(in millions, except per share data)	Third			Second			First			Fourth			Third
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington	$	547		$	559		$	602		$	645		$	594
Diluted earnings per common share	0.35			0.35			0.39			0.42			0.39

Return on average assets	1.16		%	1.18		%	1.32		%	1.41		%	1.31		%
Return on average common equity	12.4			12.7			14.6			16.0			13.9
Return on average tangible common equity	19.5			19.9			23.1			26.0			21.9
Net interest margin	3.20			3.11			3.40			3.52			3.42
Efficiency ratio	57.0			55.9			55.6			54.0			54.4

Tangible book value per common share	$	7.12		$	7.33		$	7.32		$	6.82		$	6.40
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.155

Average earning assets	$	170,948		$	174,909		$	169,112		$	165,545		$	164,024
Average loans and leases	120,784			121,345			120,420			118,907			116,964
Average core deposits	143,110			140,736			141,077			140,696			141,691

Tangible common equity / tangible assets ratio	5.70		%	5.80		%	5.77		%	5.55		%	5.32		%
Common equity Tier 1 risk-based capital ratio	10.10			9.82			9.55			9.36			9.27

NCOs as a % of average loans and leases	0.24		%	0.16		%	0.19		%	0.17		%	0.15		%
NAL ratio	0.49			0.42			0.44			0.48			0.51
ACL as a % of total loans and leases	1.96			1.93			1.90			1.90			1.89

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 September 30, 2023					$	547	$	0.35
•	Staffing efficiencies and corporate real estate consolidation expense (3)	$	(15)		$	(12)	$	(0.01)



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) (4)	(42)			(34)		(0.02)








Three Months Ended September 30, 2022					$	594	$	0.39
•	Acquisition-related expenses (5)	$	(10)		$	(8)	$	—

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

(3)Staffing efficiencies and corporate real estate consolidation expense includes $8 million of severance related expense recorded in personnel costs and $7 million of corporate real estate consolidation expense recorded in net occupancy expense.

(4)Voluntary retirement program ($36 million) and organizational realignment expense ($6 million).

(5)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)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,368	$	1,346	$	1,409	$	1,462	$	1,404	2	%	(3)	%
FTE adjustment	11		11		9		9		8		—		38
Net interest income - FTE	1,379		1,357		1,418		1,471		1,412		2		(2)
Noninterest income	509		495		512		499		498		3		2
Total revenue - FTE	$	1,888	$	1,852	$	1,930	$	1,970	$	1,910	2	%	(1)	%


	2023						2022
	Third		Second		First		Fourth		Third		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	5.39	%	5.13	%	4.89	%	4.46	%	3.86	%	26	153
Total loans and leases	5.76		5.51		5.27		4.86		4.28		25	148
Total securities	4.15		3.82		3.56		3.26		2.74		33	141
Total interest-bearing liabilities	2.88		2.66		2.02		1.31		0.64		22	224
Total interest-bearing deposits	2.45		2.06		1.52		0.88		0.35		39	210

Net interest rate spread	2.51		2.47		2.87		3.15		3.22		4	(71)
Impact of noninterest-bearing funds on margin	0.69		0.64		0.53		0.37		0.20		5	49
Net interest margin	3.20	%	3.11	%	3.40	%	3.52	%	3.42	%	9	(22)

See Pages 8-9 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2023 third quarter decreased $33 million, or 2%, from the 2022 third quarter. The results primarily reflect a 22 basis point decrease in the net interest margin (NIM) to 3.20% and a $15.2 billion, or 13%, increase in average interest-bearing liabilities, partially offset by a $6.9 billion, or 4%, increase in average earning assets. The lower NIM was primarily driven by higher cost of funds and an increase in deposits held at the Federal Reserve Bank, partially offset by the higher rate environment driving an increase in loan and lease and investment security yields. The growth in average earning assets was primarily driven by higher cash balances and an increase in average loans and leases, partially offset by a decrease in average total securities. Net interest income in the 2023 third quarter included $6 million of net interest income from purchase accounting accretion, compared to $15 million in the 2022 third quarter.

Compared to the 2023 second quarter, FTE net interest income increased $22 million, or 2%, reflecting a 9 basis point increase in NIM and a decrease in average interest-bearing liabilities, partially offset by lower average earnings assets. The NIM increase was driven by higher loan and lease and investment security yields and lower deposits held at the Federal Reserve Bank, partially offset by higher cost of funds. Net interest income in the 2023 second quarter included $8 million of net interest income from purchase accounting accretion.

Table 4 – Average Earning Assets


	2023						2022
($ in billions)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	49.4	$	50.2	$	49.0	$	47.5	$	46.0	(1)	%	7	%
Commercial real estate	13.0		13.3		13.7		13.9		13.7		(3)		(5)
Lease financing	5.1		5.2		5.2		5.1		5.0		(2)		1
Total commercial	67.5		68.7		67.9		66.4		64.7		(2)		4

Residential mortgage	23.3		22.8		22.3		22.0		21.6		2		8
Automobile	12.7		12.9		13.2		13.3		13.5		(1)		(6)
Home equity	10.1		10.2		10.3		10.4		10.4		—		(3)
RV and marine	5.8		5.5		5.4		5.4		5.5		6		7
Other consumer	1.4		1.3		1.3		1.3		1.3		4		4
Total consumer	53.3		52.7		52.5		52.5		52.3		1		2
Total loans and leases	120.8		121.3		120.4		118.9		117.0		—		3
Total securities	40.0		41.7		41.9		41.1		42.6		(4)		(6)
Interest-bearing deposits at Federal Reserve Bank	9.3		11.1		6.1		4.6		3.2		(16)		190
Other earning assets	0.8		0.8		0.7		0.9		1.2		8		(32)
Total earning assets	$	170.9	$	174.9	$	169.1	$	165.5	$	164.0	(2)	%	4	%

See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2023 third quarter increased $6.9 billion, or 4%, from the year-ago quarter, primarily reflecting a $6.1 billion, or 190%, increase in deposits at Federal Reserve Bank and a $3.8 billion, or 3%, increase in average total loans and leases, partially offset by a $2.6 billion, or 6%, decrease in average securities. Average loan and lease balance increases were led by growth in average commercial loans and leases of $2.8 billion, or 4%, primarily driven by a $3.4 billion, or 7% increase in average commercial and industrial loans. Also, average consumer loans increased $1.0 billion, or 2%.

Compared to the 2023 second quarter, average earning assets decreased $4.0 billion primarily reflecting a $1.8 billion, or 16%, decrease in average deposits at Federal Reserve Bank, a $1.7 billion, or 4%, decrease in average securities, and a $561 million decrease in average total loans and leases. Average loan and lease balance decreases were primarily due to lower average commercial loans and leases of $1.2 billion, or 2%, reflecting seasonality as well as optimization initiatives focused on the highest return loan growth. Partially offsetting this decrease, average consumer loans increased $677 million, or 1%, primarily due to residential mortgage loan growth.

Table 5 – Liabilities


	2023						2022
	Third		Second		First		Fourth		Third		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Average balances:
Demand deposits - noninterest-bearing	$	32.8	$	34.6	$	37.5	$	39.9	$	42.1	(5)	%	(22)	%
Demand deposits - interest-bearing	39.8		39.7		40.7		42.7		42.1		0		(5)
Total demand deposits	72.6		74.3		78.2		82.6		84.2		(2)		(14)
Money market deposits	41.4		38.8		37.3		34.4		34.1		7		22
Savings and other domestic deposits	17.8		18.8		19.9		20.8		21.4		(6)		(17)
Core certificates of deposit	11.3		8.8		5.7		2.9		2.0		29		456
Total core deposits	143.1		140.7		141.1		140.7		141.7		2		1
Other domestic deposits of $250,000 or more	0.4		0.3		0.2		0.2		0.2		27		110
Negotiable CDs, brokered and other deposits	4.6		4.6		4.8		4.8		4.1		3		12

Total deposits	$	148.1	$	145.6	$	146.1	$	145.7	$	146.0	2	%	1	%

Short-term borrowings	$	0.9	$	5.2	$	4.4	$	0.5	$	2.6	(84)	%	(67)	%
Long-term debt	13.8		16.3		11.0		12.7		8.3		(15)		67
Total debt	$	14.7	$	21.5	$	15.4	$	13.2	$	10.9	(32)	%	35	%

Total interest-bearing liabilities	$	130.0	$	132.5	$	124.1	$	119.0	$	114.8	(2)	%	13	%

Period end balances:






Total core deposits	$	144.2	$	142.9	$	140.4	$	142.1	$	141.6	1	%	2	%



Other deposits	4.7		5.1		4.9		5.8		4.7		(10)		0
Total deposits	$	148.9	$	148.0	$	145.3	$	147.9	$	146.3	1	%	2	%

See Pages 6-7 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2023 third quarter increased $15.2 billion, or 13%, from the year-ago quarter. Average total debt increased $3.8 billion, or 35%, driven by higher long-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 $2.1 billion, while average total core deposits increased $1.4 billion, or 1%. The average total core deposit increase was driven by higher average consumer deposits of $4.6 billion, or 6%, partially offset by lower average commercial core deposits of $3.2 billion, or 5%.

Compared to the 2023 second quarter, average total interest-bearing liabilities decreased $2.5 billion, or 2%. Average total debt decreased $6.9 billion, or 32%, driven by lower long and short-term FHLB borrowings reflecting management of funding needs. Average total deposits increased $2.6 billion, and average total core deposits increased $2.4 billion. The average total core deposit increase was primarily driven by higher average consumer core deposits of $1.6 billion, or 2%, and higher average commercial core deposits of $766 million, or 1%.

Ending total deposits as of September 30, 2023 increased $2.6 billion, or 2%, compared to a year-ago. The increase was driven by a $6.3 billion, or 8%, increase in core consumer deposits, partially offset by a $3.8 billion, or 6%, decrease in core commercial deposits.

Compared to June 30, 2023, ending total deposits increased $839 million, or 1%. The increase was driven by a $1.4 billion, or 2%, increase in consumer core deposits, partially offset by a $498 million decrease in other deposits.

Noninterest Income

Table 6 – Noninterest Income


	2023						2022
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Service charges on deposit accounts	$	97	$	87	$	83	$	89	$	93	11	%	4	%
Card and payment processing income	103		102		93		96		96		1		7
Capital markets fees	49		57		59		83		73		(14)		(33)
Trust and investment management services	62		68		62		61		60		(9)		3
Mortgage banking income	27		33		26		25		26		(18)		4
Leasing revenue	32		25		26		35		29		28		10
Insurance income	31		30		34		31		28		3		11
Gain on sale of loans	2		8		3		2		15		(75)		(87)
Bank owned life insurance income	18		16		16		15		13		13		38
Net (losses) gains on sales of securities	—		(5)		1		—		—		100		—
Other noninterest income	88		74		109		62		65		19		35
Total noninterest income	$	509	$	495	$	512	$	499	$	498	3	%	2	%

Impact of Notable Item:
RPS sale (other noninterest income)	$	—	$	—	$	57	$	—	$	—	—		—
Total adjusted noninterest income (Non-GAAP)	$	509	$	495	$	455	$	499	$	498	3	%	2	%

See Page 11 of Quarterly Financial Supplement for additional detail.

Reported total noninterest income for the 2023 third quarter increased $11 million, or 2%, from the year-ago quarter primarily reflecting higher other noninterest income driven by a $33 million increase from favorable mark-to-market on pay-fixed swaptions. Additional increases include card and payments processing of $7 million, or 7%, reflecting higher debit transaction revenue, bank owned life insurance income of $5 million, or 38%, and service charges on deposit accounts of $4 million, or 4%. Partially offsetting these increases was a decrease in capital markets fees of $24 million, or 33%, due to lower syndication fees and interest rate derivative fees. Additionally, gain on sale of loans decreased by $13 million, or 87%, primarily resulting from the strategic decision to retain SBA loans.

Total noninterest income increased $14 million, or 3%, to $509 million for the 2023 third quarter, compared to $495 million for the 2023 second quarter. The increase was primarily driven by a $15 million increase from favorable mark-to-market on pay-fixed swaptions. Additional increases include service charges on deposit accounts of $10 million, or 11%, driven by both commercial and consumer products and services, and leasing revenue of $7 million, or 28%, reflecting an increase on terminated leases. Partially offsetting these increases, capital market fees decreased $8 million, or 14%, due to lower interest rate derivative and foreign exchange fees, partially offset by higher advisory fees. Mortgage banking income decreased $6 million, or 18%, due to decreases in origination volume as well as lower saleable spreads. Gain on sale of loans decreased $6 million, or 75%, driven by lower loan sale activities.

Noninterest Expense

Table 7 – Noninterest Expense


	2023						2022
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	622	$	613	$	649	$	630	$	614	1	%	1	%
Outside data processing and other services	149		148		151		147		145		1		3
Equipment	65		64		64		67		60		2		8
Net occupancy	67		54		60		61		63		24		6
Marketing	29		32		25		22		24		(9)		21
Professional services	27		21		16		21		18		29		50
Deposit and other insurance expense	25		23		20		14		15		9		67
Amortization of intangibles	12		13		13		13		13		(8)		(8)
Lease financing equipment depreciation	6		8		8		9		11		(25)		(45)
Other noninterest expense	88		74		80		93		90		19		(2)
Total noninterest expense	$	1,090	$	1,050	$	1,086	$	1,077	$	1,053	4	%	4	%
(in thousands)
Average full-time equivalent employees	19.8		20.2		20.2		20.0		20.0		(2)	%	(1)	%

Table 8 - Impact of Notable Items


	2023						2022
	Third		Second		First		Fourth		Third
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	8	$	—	$	42	$	—	$	1
Outside data processing and other services	—		—		—		2		2
Equipment	—		—		—		2		1
Net occupancy	7		—		—		10		6

Professional services	—		—		—		1		—




Total noninterest expense	$	15	$	—	$	42	$	15	$	10

Table 9 - Adjusted Noninterest Expense (Non-GAAP)


	2023						2022
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	614	$	613	$	607	$	630	$	613	0	%	0	%
Outside data processing and other services	149		148		151		145		143		1		4
Equipment	65		64		64		65		59		2		10
Net occupancy	60		54		60		51		57		11		5
Marketing	29		32		25		22		24		(9)		21
Professional services	27		21		16		20		18		29		50
Deposit and other insurance expense	25		23		20		14		15		9		67
Amortization of intangibles	12		13		13		13		13		(8)		(8)
Lease financing equipment depreciation	6		8		8		9		11		(25)		(45)
Other noninterest expense	88		74		80		93		90		19		(2)
Total adjusted noninterest expense	$	1,075	$	1,050	$	1,044	$	1,062	$	1,043	2	%	3	%

Reported total noninterest expense for the 2023 third quarter increased $37 million, or 4%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $32 million, or 3%, primarily driven by higher deposit and other insurance expense of $10 million, or 67%, primarily due to the two basis point higher base assessment rate enacted for the industry at the beginning of the year, as well as balance sheet mix. Additionally, professional services expense increased by $9 million, or 50%, equipment expense increased by $6 million, or 10%, and outside data processing and other services increased by $6 million, or 4%.

Reported total noninterest expense increased $40 million, or 4%, from the 2023 second quarter. Excluding the impact from Notable Items, noninterest expense increased $25 million, or 2%, driven by an increase in net occupancy expense of $6 million, or 11%, including approximately $3 million of expenses related to the consolidation of 34 branch locations primarily expected to occur in the first quarter of 2024. Additionally, professional services expense was higher by $6 million, or 29%, and all other noninterest expense was higher by $14 million, or 19%, driven by numerous smaller increases including the benefit recorded in the second quarter from the gain on extinguishment of debt and higher franchise and other taxes in the third quarter.

Credit Quality

Table 10 – Credit Quality Metrics


	2023									2022
($ in millions)	September 30,			June 30,			March 31,			December 31,			September 30,
Total nonaccrual loans and leases	$	592		$	510		$	533		$	569		$	602
Total other real estate, net	14			18			20			11			11
Other NPAs (1)	28			29			25			14			14
Total nonperforming assets	634			557			578			594			627
Accruing loans and leases past due 90+ days	163			169			185			207			223
NPAs + accruing loans & leases past due 90+ days	$	797		$	726		$	763		$	801		$	850
NAL ratio (2)	0.49		%	0.42		%	0.44		%	0.48		%	0.51		%
NPA ratio (3)	0.52			0.46			0.48			0.50			0.53
(NPAs+90 days)/(Loans+OREO)	0.66			0.60			0.63			0.67			0.72


Provision for credit losses	$	99		$	92		$	85		$	91		$	106
Net charge-offs	73			49			57			50			44
Net charge-offs / Average total loans and leases	0.24		%	0.16		%	0.19		%	0.17		%	0.15		%
Allowance for loans and lease losses (ALLL)	$	2,208		$	2,177		$	2,142		$	2,121		$	2,110
Allowance for unfunded lending commitments	160			165			157			150			120
Allowance for credit losses (ACL)	$	2,368		$	2,342		$	2,299		$	2,271		$	2,230
ALLL as a % of:
Total loans and leases	1.83		%	1.80		%	1.77		%	1.77		%	1.79		%
NALs	373			427			402			373			351
NPAs	348			391			371			357			336
ACL as a % of:
Total loans and leases	1.96		%	1.93		%	1.90		%	1.90		%	1.89		%
NALs	400			459			431			400			371
NPAs	373			420			398			382			355

(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 $634 million, or 0.52%, of total loans and leases, OREO and other NPAs, compared to $627 million, or 0.53%, a year-ago. Nonaccrual loans and leases (NALs) were $592 million, or 0.49% of total loans and leases, compared to $602 million, or 0.51% of total loans and leases, a year-ago. On a linked quarter basis, NPAs increased $77 million, or 14%, and NALs increased $82 million, or 16%, driven by an increase in commercial NALs.

The provision for credit losses decreased $7 million year-over-year and increased $7 million quarter-over-quarter to $99 million in the 2023 third quarter. Net charge-offs (NCOs) increased $29 million year-over-year and increased $24 million quarter-over-quarter to $73 million. NCOs represented an annualized 0.24% of average loans and leases in the current quarter, up from 0.15% in the year-ago quarter and from 0.16% 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 0.27% and 0.21%, respectively, for the 2023 third quarter.

The allowance for loan and lease losses (ALLL) increased $98 million from the year-ago quarter to $2.2 billion, or 1.83%, and allowance for credit losses (ACL) increased by $138 million from the year-ago quarter to $2.4 billion, or 1.96% of total loans and leases, driven by a combination of loan and lease growth and increasing coverage levels that recognize the near-term recessionary risks. On a linked quarter basis, the ACL increased $26 million, resulting in the ACL coverage ratio increasing 3 basis points, to 1.96%.

Capital

Table 11 – Capital Ratios


	2023									2022
($ in billions)	September 30,			June 30,			March 31,			December 31,			September 30,
Tangible common equity / tangible assets ratio	5.70		%	5.80		%	5.77		%	5.55		%	5.32		%
Common equity tier 1 risk-based capital ratio (1)	10.10			9.82			9.55			9.36			9.27
Regulatory Tier 1 risk-based capital ratio (1)	11.88			11.58			11.30			10.90			10.84
Regulatory Total risk-based capital ratio (1)	14.11			13.82			13.53			13.09			13.05
Total risk-weighted assets (1)	$	140.7		$	141.4		$	142.3		$	141.9		$	138.8

(1)September 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, June 30, 2023, and September 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of 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 5.70% at September 30, 2023, a decrease of 10 basis points from last quarter due primarily to accumulated other comprehensive income changes, partially offset by current period earnings and lower tangible assets. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.10%, up from 9.82% from the prior quarter primarily due to current period earnings and a decline in risk-weighted assets.

Income Taxes

The provision for income taxes was $136 million in the 2023 third quarter compared to $134 million in the 2023 second quarter. The effective tax rate for the 2023 third quarter and 2023 second quarter were 19.7% and 19.3%, respectively.

At September 30, 2023, we had a net federal deferred tax asset of $570 million and a net state deferred tax asset of $108 million.

Conference Call / Webcast Information

Please see the 2023 Third 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.

About Huntington

Huntington Bancshares Incorporated is a $187 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

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 quarters ended March 31, 2023 and June 30, 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.

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.

EX-99.2 3 hban20230930_8kex992.htm EX-99.2 Document

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

September 30, 2023

Table of Contents


Quarterly Key Statistics			1

Year to Date Key Statistics			2

Consolidated Balance Sheets			4

Loans and Leases Composition			5

Deposits Composition			6

Consolidated Quarterly Average Balance Sheets			7

Consolidated Quarterly Net Interest Margin - Interest Income / Expense			8

Consolidated Quarterly Net Interest Margin - Yield			9

Selected Quarterly Income Statement Data			10

Quarterly Mortgage Banking Noninterest Income			11

Quarterly Credit Reserves Analysis			12

Quarterly Net Charge-Off Analysis			13

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			14

Quarterly Accruing Past Due Loans and Leases			15

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data			16

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data			17

Consolidated Year to Date Average Balance Sheets			18

Consolidated Year to Date Net Interest Margin - Interest Income / Expense			19

Consolidated Year to Date Net Interest Margin - Yield			20

Selected Year to Date Income Statement Data			21

Year to Date Mortgage Banking Noninterest Income			22

Year to Date Credit Reserves Analysis			23

Year to Date Net Charge-Off Analysis			24

Year to Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			25

Reconciliation of Non-GAAP Financial Measures			25

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.

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)	September 30,			June 30,			September 30,			Percent Changes vs.
	2023			2023			2022			2Q23		3Q22
Net interest income (1)	$	1,379		$	1,357		$	1,412		2	%	(2)	%
FTE adjustment	(11)			(11)			(8)			—		(38)
Net interest income	1,368			1,346			1,404			2		(3)
Provision for credit losses	99			92			106			8		(7)
Noninterest income	509			495			498			3		2
Noninterest expense	1,090			1,050			1,053			4		4
Income before income taxes	688			699			743			(2)		(7)
Provision for income taxes	136			134			146			1		(7)
Income after income taxes	552			565			597			(2)		(8)
Income attributable to non-controlling interest	5			6			3			(17)		67
Net income attributable to Huntington	547			559			594			(2)		(8)
Dividends on preferred shares	37			40			29			(8)		28

Net income applicable to common shares	$	510		$	519		$	565		(2)	%	(10)

Net income per common share - diluted	$	0.35		$	0.35		$	0.39		—	%	(10)	%
Cash dividends declared per common share	0.155			0.155			0.155			—		—
Tangible book value per common share at end of period	7.12			7.33			6.40			(3)		11

Average common shares - basic	1,448			1,446			1,443			—		—
Average common shares - diluted	1,468			1,466			1,465			—		—
Ending common shares outstanding	1,448			1,448			1,443			—		—
Return on average assets	1.16		%	1.18		%	1.31		%
Return on average common shareholders’ equity	12.4			12.7			13.9
Return on average tangible common shareholders’ equity (2)	19.5			19.9			21.9
Net interest margin (1)	3.20			3.11			3.42
Efficiency ratio (3)	57.0			55.9			54.4
Effective tax rate	19.7			19.3			19.7
Average total assets	$	186,599		$	190,746		$	179,557		(2)		4
Average earning assets	170,948			174,909			164,024			(2)		4
Average loans and leases	120,784			121,345			116,964			—		3

Average total deposits	$	148,150		$	145,559		$	146,008		2		1
Average core deposits (4)	143,110			140,736			141,691			2		1

Average Huntington shareholders’ equity	18,741			18,844			18,317			(1)		2
Average common total shareholders' equity	16,256			16,359			16,150			(1)		1
Average tangible common shareholders' equity	10,568			10,662			10,413			(1)		1
Total assets at end of period	186,650			188,505			179,402			(1)		4
Total Huntington shareholders’ equity at end of period	18,483			18,788			17,136			(2)		8

NCOs as a % of average loans and leases	0.24		%	0.16		%	0.15		%
NAL ratio	0.49			0.42			0.51
NPA ratio (5)	0.52			0.46			0.53
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.83			1.80			1.79
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.96			1.93			1.89
Common equity tier 1 risk-based capital ratio (6)	10.10			9.82			9.27
Tangible common equity / tangible asset ratio (7)	5.70			5.80			5.32

See Notes to the Quarterly and Year to Date Key Statistics.

Huntington Bancshares Incorporated

Year to Date Key Statistics

(Unaudited)


	Nine Months Ended September 30,						Change
(dollar amounts in millions, except per share data)	2023			2022			Amount		Percent
Net interest income (1)	$	4,154		$	3,833		$	321	8	%
FTE adjustment	(31)			(22)			(9)		(41)
Net interest income	4,123			3,811			312		8
Provision for credit losses	276			198			78		39
Noninterest income	1,516			1,482			34		2
Noninterest expense	3,226			3,124			102		3
Income before income taxes	2,137			1,971			166		8
Provision for income taxes	414			371			43		12
Income after income taxes	1,723			1,600			123		8
Income attributable to non-controlling interest	15			7			8		114
Net income attributable to Huntington	1,708			1,593			115		7
Dividends on preferred shares	106			85			21		25

Net income applicable to common shares	$	1,602		$	1,508		$	94	6	%

Net income per common share - diluted	$	1.09		$	1.03		$	0.06	6	%
Cash dividends declared per common share	0.465			0.465			—		—

Average common shares - basic	1,446			1,441			5		—
Average common shares - diluted	1,468			1,464			4		—

Return on average assets	1.22		%	1.20		%
Return on average common shareholders’ equity	13.2			12.3
Return on average tangible common shareholders’ equity (2)	20.8			19.1
Net interest margin (1)	3.24			3.15
Efficiency ratio (3)	56.2			58.0
Effective tax rate	19.4			18.8

Average total assets	$	187,419		$	177,917		$	9,502	5	%
Average earning assets	171,663			162,560			9,103		6
Average loans and leases	120,851			114,039			6,812		6
Average total deposits	146,625			144,656			1,969		1
Average core deposits (4)	141,648			140,890			758		1
Average Huntington shareholders’ equity	18,607			18,534			73		—
Average common total shareholders' equity	16,197			16,367			(170)		(1)
Average tangible common shareholders' equity	10,496			10,754			(258)		(2)

NCOs as a % of average loans and leases	0.20		%	0.08		%
NAL ratio	0.49			0.51
NPA ratio (5)	0.52			0.53

See Notes to the Quarterly and Year to Date Key Statistics.

Notes to the Quarterly and Year to Date Key Statistics

(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

(2)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.

(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)September 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.

Huntington Bancshares Incorporated

Consolidated Balance Sheets


	September 30,		December 31,
(dollar amounts in millions)	2023		2022		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,602	$	1,796	(11)	%
Interest-bearing deposits at Federal Reserve Bank	9,833		4,908		100
Interest-bearing deposits in banks	258		214		21
Trading account securities	121		19		537
Available-for-sale securities	21,863		23,423		(7)
Held-to-maturity securities	16,148		17,052		(5)


Other securities	718		854		(16)
Loans held for sale	603		529		14
Loans and leases (1)	120,853		119,523		1
Allowance for loan and lease losses	(2,208)		(2,121)		(4)
Net loans and leases	118,645		117,402		1
Bank owned life insurance	2,757		2,753		—
Accrued income and other receivables	1,496		1,573		(5)
Premises and equipment	1,096		1,156		(5)
Goodwill	5,561		5,571		—
Servicing rights and other intangible assets	718		712		1
Other assets	5,231		4,944		6
Total assets	$	186,650	$	182,906	2	%

Liabilities and shareholders' equity
Liabilities
Deposits (2)	$	148,867	$	147,914	1	%
Short-term borrowings	681		2,027		(66)
Long-term debt	12,822		9,686		32
Other liabilities	5,750		5,510		4
Total liabilities	168,120		165,137		2

Shareholders' equity
Preferred stock	2,484		2,167		15
Common stock	15		14		7
Capital surplus	15,363		15,309		—
Less treasury shares, at cost	(91)		(80)		(14)
Accumulated other comprehensive income (loss)	(3,622)		(3,098)		(17)
Retained earnings	4,334		3,419		27
Total Huntington shareholders’ equity	18,483		17,731		4
Non-controlling interest	47		38		24
Total equity	18,530		17,769		4
Total liabilities and equity	$	186,650	$	182,906	2	%

Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,448,075,093		1,443,068,036
Treasury shares outstanding	7,391,874		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.

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)


	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2023				2023				2023				2022				2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial	$	49,422	41	%	$	49,834	41	%	$	50,039	42	%	$	48,121	41	%	$	46,724	40	%
Commercial real estate:
Commercial	11,365		10		11,750		10		12,132		10		12,138		10		12,137		10
Construction	1,303		1		1,416		1		1,255		1		1,502		1		1,739		2
Commercial real estate	12,668		11		13,166		11		13,387		11		13,640		11		13,876		12
Lease financing	5,161		4		5,143		4		5,244		4		5,252		4		5,093		4
Total commercial	67,251		56		68,143		56		68,670		57		67,013		56		65,693		56
Consumer:
Residential mortgage	23,427		19		23,138		19		22,472		19		22,226		19		21,816		18
Automobile	12,724		11		12,819		11		13,187		11		13,154		11		13,430		11
Home equity	10,118		8		10,135		8		10,166		8		10,375		9		10,440		9
RV and marine	5,937		5		5,640		5		5,404		4		5,376		4		5,436		5
Other consumer	1,396		1		1,350		1		1,280		1		1,379		1		1,332		1
Total consumer	53,602		44		53,082		44		52,509		43		52,510		44		52,454		44
Total loans and leases	$	120,853	100	%	$	121,225	100	%	$	121,179	100	%	$	119,523	100	%	$	118,147	100	%


	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2023				2023				2023				2022				2022
Ending balances by business segment:
Consumer & Regional Banking	$	66,202	55	%	$	65,374	54	%	$	64,387	53	%	$	64,080	54	%	$	63,603	54	%
Commercial Banking	54,451		45		55,672		46		56,599		47		55,304		46		54,320		46



Treasury / Other	200		—		179		—		193		—		139		—		224		—
Total loans and leases	$	120,853	100	%	$	121,225	100	%	$	121,179	100	%	$	119,523	100	%	$	118,147	100	%

Average balances by business segment:
Consumer & Regional Banking	$	65,738	55	%	$	64,782	54	%	$	64,209	54	%	$	63,836	54	%	$	63,468	55	%
Commercial Banking	54,873		45		56,375		46		55,919		46		54,789		46		53,067		45



Treasury / Other	173		—		188		—		292		—		282		—		429		—
Total loans and leases	$	120,784	100	%	$	121,345	100	%	$	120,420	100	%	$	118,907	100	%	$	116,964	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)


	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2023				2023				2023				2022				2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing	$	31,666	21	%	$	33,340	23	%	$	36,789	25	%	$	38,242	26	%	$	40,762	28	%
Demand deposits - interest-bearing	39,822		27		40,387		27		39,827		28		43,136		29		43,673		30
Money market deposits	42,996		29		40,534		28		37,276		26		36,082		24		33,811		23
Savings and other domestic deposits	17,350		12		18,294		12		19,546		13		20,357		14		21,274		15
Core certificates of deposit (1)	12,372		8		10,314		7		6,981		5		4,324		3		2,115		1
Total core deposits	144,206		97		142,869		97		140,419		97		142,141		96		141,635		97
Other domestic deposits of $250,000 or more	446		—		381		—		282		—		220		—		186		—
Negotiable CDS, brokered and other deposits	4,215		3		4,778		3		4,577		3		5,553		4		4,492		3

Total deposits	$	148,867	100	%	$	148,028	100	%	$	145,278	100	%	$	147,914	100	%	$	146,313	100	%

Total core deposits:
Commercial	$	61,379	43	%	$	61,450	43	%	$	61,132	44	%	$	64,107	45	%	$	65,151	46	%
Consumer	82,827		57		81,419		57		79,287		56		78,034		55		76,484		54
Total core deposits	$	144,206	100	%	$	142,869	100	%	$	140,419	100	%	$	142,141	100	%	$	141,635	100	%

Total deposits by business segment:

Consumer & Regional Banking	$	108,183	73	%	$	106,502	72	%	$	105,339	72	%	$	105,064	71	%	$	104,716	72	%
Commercial Banking	36,023		24		36,459		25		34,660		24		36,807		25		36,487		25


Treasury / Other	4,661		3		5,067		3		5,279		4		6,043		4		5,110		3
Total deposits	$	148,867	100	%	$	148,028	100	%	$	145,278	100	%	$	147,914	100	%	$	146,313	100	%

Average balances:


Total core deposits:
Commercial	$	62,070	43	%	$	61,304	44	%	$	63,423	45	%	$	65,128	46	%	$	65,278	46	%
Consumer	81,040		57		79,432		56		77,654		55		75,568		54		76,414		54
Total core deposits	$	143,110	100	%	$	140,736	100	%	$	141,077	100	%	$	140,696	100	%	$	141,692	100	%

Average deposits by business segment:

Consumer & Regional Banking	$	106,300	72	%	$	104,593	71	%	$	104,151	71	%	$	103,820	71	%	$	105,174	72	%
Commercial Banking	36,673		25		35,752		25		36,288		25		36,260		25		35,880		25


Treasury / Other	5,177		3		5,214		4		5,705		4		5,592		4		4,954		3
Total deposits	$	148,150	100	%	$	145,559	100	%	$	146,144	100	%	$	145,672	100	%	$	146,008	100	%

(1)Includes consumer certificates of deposit of $250,000 or more.

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)


	Quarterly Average Balances (1)
	September 30,		June 30,		March 31,		December 31,		September 30,		Percent Changes vs.
(dollar amounts in millions)	2023		2023		2023		2022		2022		2Q23		3Q22
Assets
Interest-bearing deposits at Federal Reserve Bank	$	9,286	$	11,052	$	6,101	$	4,615	$	3,204	(16)		190
Interest-bearing deposits in banks	261		229		249		305		260		14		—
Securities:
Trading account securities	128		34		21		29		24		276		433
Available-for-sale securities:
Taxable	19,834		20,920		21,368		20,467		21,677		(5)		(9)
Tax-exempt	2,807		2,745		2,640		2,706		2,917		2		(4)
Total available-for-sale securities	22,641		23,665		24,008		23,173		24,594		(4)		(8)


Held-to-maturity securities - taxable	16,356		16,762		16,977		17,022		17,188		(2)		(5)





Other securities	859		1,263		886		857		804		(32)		7
Total securities	39,984		41,724		41,892		41,081		42,610		(4)		(6)
Loans held for sale	633		559		450		637		986		13		(36)
Loans and leases: (2)
Commercial:
Commercial and industrial	49,448		50,194		49,028		47,505		46,029		(1)		7
Commercial real estate:
Commercial	11,624		12,062		12,282		12,179		11,974		(4)		(3)
Construction	1,331		1,280		1,400		1,676		1,697		4		(22)
Commercial real estate	12,955		13,342		13,682		13,855		13,671		(3)		(5)
Lease financing	5,050		5,155		5,209		5,080		4,981		(2)		1
Total commercial	67,453		68,691		67,919		66,440		64,681		(2)		4
Consumer:
Residential mortgage	23,278		22,765		22,327		22,011		21,552		2		8
Automobile	12,747		12,927		13,245		13,284		13,514		(1)		(6)
Home equity	10,108		10,154		10,258		10,417		10,431		—		(3)
RV and marine	5,813		5,478		5,366		5,408		5,454		6		7
Other consumer	1,385		1,330		1,305		1,347		1,332		4		4
Total consumer	53,331		52,654		52,501		52,467		52,283		1		2
Total loans and leases	120,784		121,345		120,420		118,907		116,964		—		3
Total earning assets	170,948		174,909		169,112		165,545		164,024		(2)		4
Cash and due from banks	1,559		1,639		1,598		1,650		1,697		(5)		(8)
Goodwill and other intangible assets	5,722		5,734		5,759		5,771		5,781		—		(1)
All other assets	10,576		10,638		10,568		10,458		10,154		(1)		4
Allowance for loan and lease losses	(2,206)		(2,174)		(2,143)		(2,132)		(2,099)		(1)		(5)
Total assets	$	186,599	$	190,746	$	184,894	$	181,292	$	179,557	(2)	%	4	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	39,757	$	39,772	$	40,654	$	42,705	$	42,038	—	%	(5)	%
Money market deposits	41,445		38,753		37,301		34,390		34,058		7		22
Savings and other domestic deposits	17,774		18,826		19,877		20,831		21,439		(6)		(17)
Core certificates of deposit (3)	11,348		8,820		5,747		2,926		2,040		29		456

Other domestic deposits of $250,000 or more	406		320		252		198		193		27		110
Negotiable CDS, brokered and other deposits	4,634		4,502		4,815		4,777		4,124		3		12

Total interest-bearing deposits	115,364		110,993		108,646		105,827		103,892		4		11
Short-term borrowings	859		5,242		4,371		545		2,609		(84)		(67)
Long-term debt	13,772		16,252		11,047		12,650		8,251		(15)		67
Total interest-bearing liabilities	129,995		132,487		124,064		119,022		114,752		(2)		13
Demand deposits - noninterest-bearing	32,786		34,566		37,498		39,845		42,116		(5)		(22)
All other liabilities	5,028		4,796		5,056		4,929		4,340		5		16
Total liabilities	167,809		171,849		166,618		163,796		161,208		(2)		4
Total Huntington shareholders’ equity	18,741		18,844		18,231		17,458		18,317		(1)		2
Non-controlling interest	49		53		45		38		32		(8)		53
Total equity	18,790		18,897		18,276		17,496		18,349		(1)		2
Total liabilities and equity	$	186,599	$	190,746	$	184,894	$	181,292	$	179,557	(2)	%	4	%

(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.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)

(Unaudited)


	Quarterly Interest Income / Expense
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2023		2023		2023		2022		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	$	127	$	141	$	71	$	46	$	19
Interest-bearing deposits in banks	4		5		5		5		2
Securities:
Trading account securities	1		1		—		—		—
Available-for-sale securities:
Taxable	259		252		232		198		165
Tax-exempt	37		33		29		28		25
Total available-for-sale securities	296		285		261		226		190
Held-to-maturity securities - taxable	99		102		102		100		95



Other securities	19		11		10		9		7
Total securities	415		399		373		335		292
Loans held for sale	10		8		7		8		13
Loans and leases:
Commercial:
Commercial and industrial	776		746		686		613		515
Commercial real estate:
Commercial	225		217		207		185		144
Construction	28		26		26		28		21
Commercial real estate	253		243		233		213		165
Lease financing	73		71		68		66		63
Total commercial	1,102		1,060		987		892		743
Consumer:
Residential mortgage	213		200		190		183		174
Automobile	145		134		129		125		120
Home equity	195		187		181		172		143
RV and marine	73		63		58		61		59
Other consumer	40		39		36		36		32
Total consumer	666		623		594		577		528
Total loans and leases	1,768		1,683		1,581		1,469		1,271
Total earning assets	$	2,324	$	2,236	$	2,037	$	1,863	$	1,597

Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	199	$	167	$	132	$	102	$	42
Money market deposits	327		255		172		75		25
Savings and other domestic deposits	6		6		3		2		1
Core certificates of deposit (3)	119		83		43		10		1

Other domestic deposits of $250,000 or more	4		2		2		1		—
Negotiable CDS, brokered and other deposits	58		57		54		45		23

Total interest-bearing deposits	713		570		406		235		92
Short-term borrowings	17		74		60		10		22
Long-term debt	215		235		153		147		71
Total interest-bearing liabilities	945		879		619		392		185
Net interest income	$	1,379	$	1,357	$	1,418	$	1,471	$	1,412

(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.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)


	Quarterly Average Rates
	September 30,		June 30,		March 31,		December 31,		September 30,
Fully-taxable equivalent basis (1)	2023		2023		2023		2022		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	5.45	%	5.12	%	4.65	%	3.99	%	2.39	%
Interest-bearing deposits in banks	6.59		7.79		8.50		5.72		3.31
Securities:
Trading account securities	4.98		4.92		5.37		5.45		4.12
Available-for-sale securities:
Taxable	5.22		4.82		4.34		3.87		3.06
Tax-exempt	5.08		4.87		4.40		4.21		3.39
Total available-for-sale securities	5.20		4.83		4.35		3.91		3.09
Held-to-maturity securities - taxable	2.43		2.42		2.41		2.34		2.21



Other securities	9.22		3.47		4.35		4.15		3.21
Total securities	4.15		3.82		3.56		3.26		2.74
Loans held for sale	6.42		6.05		5.85		5.42		4.98
Loans and leases: (2)
Commercial:
Commercial and industrial	6.15		5.87		5.60		5.06		4.37
Commercial real estate:
Commercial	7.55		7.14		6.73		5.93		4.72
Construction	8.30		7.96		7.40		6.54		4.95
Commercial real estate	7.63		7.22		6.80		6.01		4.75
Lease financing	5.60		5.45		5.25		5.02		4.95
Total commercial	6.39		6.10		5.82		5.25		4.50
Consumer:
Residential mortgage	3.66		3.51		3.41		3.33		3.23
Automobile	4.51		4.17		3.94		3.74		3.53
Home equity	7.66		7.42		7.14		6.57		5.43
RV and marine	4.96		4.59		4.42		4.45		4.29
Other consumer	11.67		11.59		11.18		10.38		9.55
Total consumer	4.97		4.74		4.57		4.37		4.02
Total loans and leases	5.76		5.51		5.27		4.86		4.28
Total earning assets	5.39		5.13		4.89		4.46		3.86
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	1.98		1.68		1.32		0.94		0.40
Money market deposits	3.12		2.64		1.87		0.86		0.29
Savings and other domestic deposits	0.15		0.11		0.07		0.03		0.02
Core certificates of deposit (3)	4.17		3.78		3.01		1.42		0.10

Other domestic deposits of $250,000 or more	3.78		3.27		2.45		1.31		0.35
Negotiable CDS, brokered and other deposits	4.93		5.07		4.56		3.74		2.25

Total interest-bearing deposits	2.45		2.06		1.52		0.88		0.35
Short-term borrowings	7.60		5.70		5.56		7.71		3.31
Long-term debt	6.27		5.79		5.52		4.66		3.40
Total interest-bearing liabilities	2.88		2.66		2.02		1.31		0.64

Net interest rate spread	2.51		2.47		2.87		3.15		3.22
Impact of noninterest-bearing funds on margin	0.69		0.64		0.53		0.37		0.20
Net interest margin	3.20	%	3.11	%	3.40	%	3.52	%	3.42	%


Commercial Loan Derivative Impact
(Unaudited)	Quarterly Average Rates
	September 30,		June 30,		March 31,		December 31,		September 30,
Fully-taxable equivalent basis (1)	2023		2023		2023		2022		2022
Commercial loans (2)(4)	7.09	%	6.82	%	6.42	%	5.68	%	4.62	%
Impact of commercial loan derivatives	(0.70)		(0.72)		(0.60)		(0.43)		(0.12)
Total commercial - as reported	6.39	%	6.10	%	5.82	%	5.25	%	4.50	%
Average 1 Month LIBOR			5.09	%	4.62	%	3.89	%	2.46	%
Average SOFR	5.23	%	4.97	%	4.50	%	3.61	%	2.14	%

(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.

(2)Includes nonaccrual loans and leases.

(3)Includes consumer certificates of deposit of $250,000 or more.

(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)


	Three Months Ended
(dollar amounts in millions, except per share data)	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		2022		2022
Interest income	$	2,313	$	2,225	$	2,028	$	1,854	$	1,589
Interest expense	945		879		619		392		185
Net interest income	1,368		1,346		1,409		1,462		1,404
Provision for credit losses	99		92		85		91		106
Net interest income after provision for credit losses	1,269		1,254		1,324		1,371		1,298
Service charges on deposit accounts	97		87		83		89		93
Card and payment processing income	103		102		93		96		96
Capital markets fees	49		57		59		83		73
Trust and investment management services	62		68		62		61		60
Mortgage banking income	27		33		26		25		26
Leasing revenue	32		25		26		35		29
Insurance income	31		30		34		31		28
Gain on sale of loans	2		8		3		2		15
Bank owned life insurance income	18		16		16		15		13
Net (losses) gains on sales of securities	—		(5)		1		—		—
Other noninterest income	88		74		109		62		65
Total noninterest income	509		495		512		499		498
Personnel costs	622		613		649		630		614
Outside data processing and other services	149		148		151		147		145
Equipment	65		64		64		67		60
Net occupancy	67		54		60		61		63
Marketing	29		32		25		22		24
Professional services	27		21		16		21		18
Deposit and other insurance expense	25		23		20		14		15
Amortization of intangibles	12		13		13		13		13
Lease financing equipment depreciation	6		8		8		9		11
Other noninterest expense	88		74		80		93		90
Total noninterest expense	1,090		1,050		1,086		1,077		1,053
Income before income taxes	688		699		750		793		743
Provision for income taxes	136		134		144		144		146
Income after income taxes	552		565		606		649		597
Income attributable to non-controlling interest	5		6		4		4		3
Net income attributable to Huntington	547		559		602		645		594
Dividends on preferred shares	37		40		29		28		29

Net income applicable to common shares	$	510	$	519	$	573	$	617	$	565

Average common shares - basic	1,448		1,446		1,443		1,443		1,443
Average common shares - diluted	1,468		1,466		1,469		1,468		1,465

Per common share
Net income - basic	$	0.35	$	0.36	$	0.40	$	0.43	$	0.39
Net income - diluted	0.35		0.35		0.39		0.42		0.39
Cash dividends declared	0.155		0.155		0.155		0.155		0.155

Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,368	$	1,346	$	1,409	$	1,462	$	1,404
FTE adjustment	11		11		9		9		8
Net interest income (1)	1,379		1,357		1,418		1,471		1,412
Noninterest income	509		495		512		499		498
Total revenue (1)	$	1,888	$	1,852	$	1,930	$	1,970	$	1,910

(1) On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

Huntington Bancshares Incorporated

Quarterly Mortgage Banking Noninterest Income

(Unaudited)


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			Percent Changes vs.
(dollar amounts in millions)	2023			2023			2023			2022			2022			2Q23		3Q22
Net origination and secondary marketing income	$	18		$	23		$	16		$	16		$	25		(22)	%	(28)	%
Net mortgage servicing income
Loan servicing income	24			23			23			22			22			4		9
Amortization of capitalized servicing	(13)			(12)			(10)			(11)			(14)			(8)		7
Operating income	11			11			13			11			8			—		38
MSR valuation adjustment (1)	38			15			(12)			2			17			153		124
(Losses) gains due to MSR hedging	(38)			(15)			9			(4)			(24)			(153)		(58)
Net MSR risk management	—			—			(3)			(2)			(7)			—		100
Total net mortgage servicing income	$	11		$	11		$	10		$	9		$	1		—	%	1,000	%
All other	(2)			(1)			—			—			—			(100)		(100)
Mortgage banking income	$	27		$	33		$	26		$	25		$	26		(18)	%	4	%

Mortgage origination volume	$	2,020		$	2,504		$	1,412		$	1,719		$	2,491		(19)	%	(19)	%
Mortgage origination volume for sale	1,195			1,239			809			889			1,339			(4)		(11)

Third party mortgage loans serviced (2)	32,965			32,712			32,496			32,354			31,988			1		3
Mortgage servicing rights (2)	547			505			485			494			486			8		13
MSR % of investor servicing portfolio (2)	1.66		%	1.55		%	1.49		%	1.53		%	1.52		%	7	%	9	%

(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.

(2)At period end.

Huntington Bancshares Incorporated

Quarterly Credit Reserves Analysis

(Unaudited)


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Allowance for loan and lease losses, beginning of period	$	2,177		$	2,142		$	2,121		$	2,110		$	2,074

Loan and lease charge-offs	(131)			(92)			(99)			(97)			(83)
Recoveries of loans and leases previously charged-off	58			43			42			47			39
Net loan and lease charge-offs	(73)			(49)			(57)			(50)			(44)
Provision for loan and lease losses	104			84			78			61			80


Allowance for loan and lease losses, end of period	2,208			2,177			2,142			2,121			2,110
Allowance for unfunded lending commitments, beginning of period	165			157			150			120			94

Provision for unfunded lending commitments	(5)			8			7			30			26


Allowance for unfunded lending commitments, end of period	160			165			157			150			120
Total allowance for credit losses, end of period	$	2,368		$	2,342		$	2,299		$	2,271		$	2,230
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.83		%	1.80		%	1.77		%	1.77		%	1.79		%
Nonaccrual loans and leases (NALs)	373			427			402			373			351
Nonperforming assets (NPAs)	348			391			371			357			336
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.96		%	1.93		%	1.90		%	1.90		%	1.89		%
Nonaccrual loans and leases (NALs)	400			459			431			400			371
Nonperforming assets (NPAs)	373			420			398			382			355


	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2023		2023		2023		2022		2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	973	$	994	$	967	$	939	$	914
Commercial real estate	483		442		440		433		450
Lease financing	48		47		50		52		50
Total commercial	1,504		1,483		1,457		1,424		1,414
Consumer
Residential mortgage	200		194		176		187		178
Automobile	143		144		151		141		118
Home equity	115		119		118		105		126
RV and marine	151		145		144		143		127
Other consumer	95		92		96		121		147
Total consumer	704		694		685		697		696
Total allowance for loan and lease losses	2,208		2,177		2,142		2,121		2,110
Allowance for unfunded lending commitments	160		165		157		150		120
Total allowance for credit losses	$	2,368	$	2,342	$	2,299	$	2,271	$	2,230

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	32		$	20		$	16		$	9		$	16



Commercial real estate	11			7			18			7			(3)
Lease financing	2			—			(5)			5			2
Total commercial	45			27			29			21			15
Consumer:
Residential mortgage	1			1			—			—			(1)
Automobile	4			3			5			3			3
Home equity	—			—			(1)			—			(2)
RV and marine	3			2			2			2			2
Other consumer	20			16			22			24			27
Total consumer	28			22			28			29			29
Total net charge-offs	$	73		$	49		$	57		$	50		$	44


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2023			2023			2023			2022			2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.26		%	0.15		%	0.13		%	0.08		%	0.14		%



Commercial real estate	0.35			0.23			0.51			0.20			(0.07)
Lease financing	0.12			—			(0.37)			0.40			0.17
Total commercial	0.27			0.16			0.17			0.13			0.10
Consumer:
Residential mortgage	0.01			0.01			0.01			(0.01)			(0.02)
Automobile	0.14			0.10			0.14			0.12			0.07
Home equity	(0.01)			(0.02)			(0.02)			(0.04)			(0.07)
RV and marine	0.16			0.13			0.18			0.15			0.17
Other consumer	6.09			5.17			6.37			7.08			8.09
Total consumer	0.21			0.17			0.21			0.22			0.22
Net charge-offs as a % of average loans and leases	0.24		%	0.16		%	0.19		%	0.17		%	0.15		%

Huntington Bancshares Incorporated

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)

(Unaudited)


	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	314		$	267		$	273		$	288		$	288
Commercial real estate	102			75			86			92			110
Lease financing	14			15			14			18			30
Residential mortgage	75			73			81			90			94
Automobile	4			4			4			4			4
Home equity	82			75			74			76			75
RV and marine	1			1			1			1			1

Total nonaccrual loans and leases	592			510			533			569			602



Other real estate, net	14			18			20			11			11
Other NPAs (1)	28			29			25			14			14
Total nonperforming assets	$	634		$	557		$	578		$	594		$	627

Nonaccrual loans and leases as a % of total loans and leases	0.49		%	0.42		%	0.44		%	0.48		%	0.51		%
NPA ratio (2)	0.52			0.46			0.48			0.50			0.53
(NPA+90days)/(Loan+OREO) (3)	0.66			0.60			0.63			0.67			0.72


	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2023		2023		2023		2022		2022
Nonperforming assets, beginning of period	$	557	$	578	$	594	$	627	$	682
New nonperforming assets	252		188		237		251		119


Returns to accruing status	(23)		(34)		(73)		(84)		(42)
Charge-offs	(62)		(42)		(54)		(54)		(39)
Payments	(85)		(118)		(124)		(144)		(89)
Sales	(5)		(15)		(2)		(2)		(4)

Nonperforming assets, end of period	$	634	$	557	$	578	$	594	$	627

(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.

Huntington Bancshares Incorporated

Quarterly Accruing Past Due Loans and Leases

(Unaudited)


	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	—		$	7		$	12		$	23		$	29

Lease financing	7			12			10			9			18
Residential mortgage (excluding loans guaranteed by the U.S. Government)	22			18			20			21			17
Automobile	8			6			7			9			6
Home equity	19			18			18			15			12
RV and marine	2			2			2			3			2
Other consumer	3			3			2			2			3
Total, excl. loans guaranteed by the U.S. Government	61			66			71			82			87
Add: loans guaranteed by U.S. Government	102			103			114			125			136
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	163		$	169		$	185		$	207		$	223

Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.05		%	0.05		%	0.06		%	0.07		%	0.07		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.08			0.08			0.09			0.10			0.12
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.14			0.14			0.15			0.17			0.19

Huntington Bancshares Incorporated

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data

(Unaudited)


	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity	$	18,483		$	18,788		$	18,758		$	17,731		$	17,136
Regulatory capital adjustments:
CECL transitional amount (2)	219			219			219			328			328
Shareholders’ preferred equity and related surplus	(2,494)			(2,494)			(2,494)			(2,177)			(2,177)
Accumulated other comprehensive loss	3,622			3,006			2,755			3,098			3,276
Goodwill and other intangibles, net of taxes	(5,605)			(5,620)			(5,636)			(5,663)			(5,675)
Deferred tax assets from tax loss and credit carryforwards	(14)			(14)			(14)			(27)			(29)
Common equity tier 1 capital	14,211			13,885			13,588			13,290			12,859
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	2,494			2,494			2,494			2,177			2,177


Tier 1 capital	16,705			16,379			16,082			15,467			15,036
Long-term debt and other tier 2 qualifying instruments	1,383			1,394			1,395			1,424			1,441
Qualifying allowance for loan and lease losses	1,758			1,767			1,779			1,682			1,637
Tier 2 capital	3,141			3,161			3,174			3,106			3,078
Total risk-based capital	$	19,846		$	19,540		$	19,256		$	18,573		$	18,114
Risk-weighted assets (RWA)(1)	$	140,664		$	141,432		$	142,335		$	141,940		$	138,759
Common equity tier 1 risk-based capital ratio (1)	10.10		%	9.82		%	9.55		%	9.36		%	9.27		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	9.43			9.01			8.79			8.60			8.51
Tier 1 risk-based capital ratio (1)	11.88			11.58			11.30			10.90			10.84
Total risk-based capital ratio (1)	14.11			13.82			13.53			13.09			13.05
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	7.33			7.50			7.43			6.93			6.66

(1)September 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, June 30, 2023 and September 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of September 30, 2022 and December 31, 2022, 25% of the cumulative CECL deferral has been phased in.

Huntington Bancshares Incorporated

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data

(Unaudited)

Quarterly common stock summary


	September 30,		June 30,		March 31,		December 31,		September 30,
	2023		2023		2023		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	1,448		1,446		1,443		1,443		1,443
Average - diluted	1,468		1,466		1,469		1,468		1,465
Ending	1,448		1,448		1,444		1,443		1,443
Tangible book value per common share (1)	$	7.12	$	7.33	$	7.32	$	6.82	$	6.40

Non-regulatory capital


	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2023			2023			2023			2022			2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity	$	18,483		$	18,788		$	18,758		$	17,731		$	17,136
Goodwill and other intangible assets	(5,716)			(5,728)			(5,741)			(5,766)			(5,775)

Deferred tax liability on other intangible assets (1)	33			35			38			41			43
Total tangible equity	12,800			13,095			13,055			12,006			11,404
Preferred equity	(2,484)			(2,484)			(2,484)			(2,167)			(2,167)
Total tangible common equity	$	10,316		$	10,611		$	10,571		$	9,839		$	9,237
Total assets	$	186,650		$	188,505		$	189,070		$	182,906		$	179,402
Goodwill and other intangible assets	(5,716)			(5,728)			(5,741)			(5,766)			(5,775)
Deferred tax liability on other intangible assets (1)	33			35			38			41			43
Total tangible assets	$	180,967		$	182,812		$	183,367		$	177,181		$	173,670
Tangible equity / tangible asset ratio	7.07		%	7.16		%	7.12		%	6.78		%	6.57		%
Tangible common equity / tangible asset ratio	5.70			5.80			5.77			5.55			5.32
Other data:
Number of employees (Average full-time equivalent)	19,826			20,200			20,198			20,007			19,997
Number of domestic full-service branches (2)	1,001			1,001			1,001			1,032			1,032
ATM Count	1,631			1,641			1,668			1,695			1,715

(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.

(2)Includes Regional Banking and The Huntington Private Bank offices.

Huntington Bancshares Incorporated

Consolidated Year To Date Average Balance Sheets

(Unaudited)


	YTD Average Balances (1)
	Nine Months Ended September 30,				Change
(dollar amounts in millions)	2023		2022		Amount		Percent
Assets
Interest-bearing deposits at Federal Reserve Bank	$	8,825	$	4,629	$	4,196	91	%
Interest-bearing deposits in banks	246		200		46		23
Securities:
Trading account securities	61		33		28		85
Available-for-sale securities:
Taxable	20,702		22,509		(1,807)		(8)
Tax-exempt	2,731		2,887		(156)		(5)
Total available-for-sale securities	23,433		25,396		(1,963)		(8)


Held-to-maturity securities - taxable	16,696		16,336		360		2





Other securities	1,003		841		162		19
Total securities	41,193		42,606		(1,413)		(3)
Loans held for sale	548		1,086		(538)		(50)
Loans and leases: (2)
Commercial:
Commercial and industrial	49,559		44,641		4,918		11
Commercial real estate:
Commercial	11,987		11,635		352		3
Construction	1,336		1,777		(441)		(25)
Commercial real estate	13,323		13,412		(89)		(1)
Lease financing	5,137		4,938		199		4
Total commercial	68,019		62,991		5,028		8
Consumer:
Residential mortgage	22,793		20,536		2,257		11
Automobile	12,971		13,512		(541)		(4)
Home equity	10,173		10,406		(233)		(2)
RV and marine	5,554		5,293		261		5
Other consumer	1,341		1,301		40		3
Total consumer	52,832		51,048		1,784		3
Total loans and leases	120,851		114,039		6,812		6
Total earning assets	171,663		162,560		9,103		6
Cash and due from banks	1,598		1,672		(74)		(4)
Goodwill and other intangible assets	5,738		5,660		78		1
All other assets	10,594		10,092		502		5
Allowance for loan and lease losses	(2,174)		(2,067)		(107)		(5)
Total assets	$	187,419	$	177,917	$	9,502	5	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	40,058	$	41,467	$	(1,409)	(3)	%
Money market deposits	39,181		33,512		5,669		17
Savings and other domestic deposits	18,818		21,480		(2,662)		(12)
Core certificates of deposit (3)	8,659		2,274		6,385		NM

Other domestic deposits of $250,000 or more	326		244		82		34
Negotiable CDS, brokered and other deposits	4,650		3,522		1,128		32

Total interest-bearing deposits	111,692		102,499		9,193		9
Short-term borrowings	3,478		3,139		339		11
Long-term debt	13,700		7,401		6,299		85
Total interest-bearing liabilities	128,870		113,039		15,831		14
Demand deposits - noninterest-bearing	34,933		42,157		(7,224)		(17)
All other liabilities	4,960		4,158		802		19
Total Liabilities	168,763		159,354		9,409		6
Total Huntington shareholders’ equity	18,607		18,534		73		—
Non-controlling interest	49		29		20		69
Total equity	$	18,656	$	18,563	$	93	1
Total liabilities and equity	$	187,419	$	177,917	$	18,911	5	%

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.

Huntington Bancshares Incorporated

Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)

(Unaudited)


	YTD Interest Income / Expense
	Nine Months Ended September 30,
(dollar amounts in millions)	2023		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	$	339	$	29
Interest-bearing deposits in banks	14		3
Securities:
Trading account securities	2		1
Available-for-sale securities:
Taxable	743		378
Tax-exempt	99		66
Total available-for-sale securities	842		444
Held-to-maturity securities - taxable	303		251



Other securities	40		18
Total securities	1,187		714
Loans held for sale	25		33
Loans and leases:
Commercial:
Commercial and industrial	2,208		1,343
Commercial real estate:
Commercial	649		335
Construction	80		54
Commercial real estate	729		389
Lease financing	212		185
Total commercial	3,149		1,917
Consumer:
Residential mortgage	603		478
Automobile	408		347
Home equity	563		360
RV and marine	194		166
Other consumer	115		90
Total consumer	1,883		1,441
Total loans and leases	5,032		3,358
Total earning assets	$	6,597	$	4,137
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	498	$	56
Money market deposits	754		37
Savings and other domestic deposits	15		3
Core certificates of deposit (3)	245		2

Other domestic deposits of $250,000 or more	8		—
Negotiable CDS, brokered and other deposits	169		30

Total interest-bearing deposits	1,689		128
Short-term borrowings	151		36
Long-term debt	603		140
Total interest-bearing liabilities	2,443		304

Net interest income	$	4,154	$	3,833

(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.

Huntington Bancshares Incorporated

Consolidated Year To Date Net Interest Margin - Yield

(Unaudited)


	YTD Average Rates
	Nine Months Ended September 30,
Fully-taxable equivalent basis (1)	2023		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	5.12	%	0.84	%
Interest-bearing deposits in banks	7.60		1.85
Securities:
Trading account securities	4.98		3.75
Available-for-sale securities:
Taxable	4.79		2.24
Tax-exempt	4.79		3.04
Total available-for-sale securities	4.79		2.33
Held-to-maturity securities - taxable	2.42		2.05



Other securities	5.37		2.83
Total securities	3.84		2.23
Loans held for sale	6.13		4.00
Loans and leases: (2)
Commercial:
Commercial and industrial	5.88		3.97
Commercial real estate:
Commercial	7.14		3.80
Construction	7.88		4.04
Commercial real estate	7.21		3.83
Lease financing	5.44		4.95
Total commercial	6.10		4.01
Consumer:
Residential mortgage	3.53		3.10
Automobile	4.20		3.44
Home equity	7.40		4.62
RV and marine	4.67		4.19
Other consumer	11.49		9.21
Total consumer	4.76		3.77
Total loans and leases	5.52		3.91
Total earning assets	5.14	%	3.40	%
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	1.66	%	0.18	%
Money market deposits	2.57		0.15
Savings and other domestic deposits	0.11		0.02
Core certificates of deposit (3)	3.79		0.10

Other domestic deposits of $250,000 or more	3.27		0.24
Negotiable CDS, brokered and other deposits	4.85		1.14

Total interest-bearing deposits	2.02		0.17
Short-term borrowings	5.80		1.52
Long-term debt	5.87		2.51
Total interest-bearing liabilities	2.53		0.36

Net interest rate spread	2.61		3.04
Impact of noninterest-bearing funds on margin	0.63		0.11
Net interest margin	3.24	%	3.15	%


Commercial Loan Derivative Impact
(Unaudited)
	YTD Average Rates
	Nine Months Ended September 30,
Fully-taxable equivalent basis (1)	2023		2022
Commercial loans (2)(4)	6.77	%	3.93	%
Impact of commercial loan derivatives	(0.67)		0.08
Total commercial - as reported	6.10	%	4.01	%
Average 1 Month LIBOR			1.24	%
Average SOFR	4.90	%	0.99	%

(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.

(2)Includes the impact of nonaccrual loans and leases.

(3)Includes consumer certificates of deposit of $250,000 or more.

(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.

Huntington Bancshares Incorporated

Selected Year To Date Income Statement Data

(Unaudited)


	Nine Months Ended September 30,				Change
(dollar amounts in millions, except per share data)	2023		2022		Amount		Percent
Interest income	$	6,566	$	4,115	$	2,451	60	%
Interest expense	2,443		304		2,139		NM
Net interest income	4,123		3,811		312		8
Provision for credit losses	276		198		78		39
Net interest income after provision for credit losses	3,847		3,613		234		6
Service charges on deposit accounts	267		295		(28)		(9)
Card and payment processing income	298		278		20		7
Capital markets fees	165		169		(4)		(2)
Trust and investment management services	192		188		4		2
Mortgage banking income	86		119		(33)		(28)
Leasing revenue	83		91		(8)		(9)
Insurance income	95		86		9		10
Gain on sale of loans	13		55		(42)		(76)
Bank owned life insurance income	50		41		9		22
Net (losses) gains on sales of securities	(4)		—		(4)		(100)
Other noninterest income	271		160		111		69
Total noninterest income	1,516		1,482		34		2
Personnel costs	1,884		1,771		113		6
Outside data processing and other services	448		463		(15)		(3)
Equipment	193		202		(9)		(4)
Net occupancy	181		185		(4)		(2)
Marketing	86		69		17		25
Professional services	64		56		8		14
Deposit and other insurance expense	68		53		15		28
Amortization of intangibles	38		40		(2)		(5)
Lease financing equipment depreciation	22		36		(14)		(39)
Other noninterest expense	242		249		(7)		(3)
Total noninterest expense	3,226		3,124		102		3
Income before income taxes	2,137		1,971		166		8
Provision for income taxes	414		371		43		12
Income after income taxes	1,723		1,600		123		8
Income attributable to non-controlling interest	15		7		8		114
Net income attributable to Huntington	1,708		1,593		115		7
Dividends on preferred shares	106		85		21		25

Net income applicable to common shares	$	1,602	$	1,508	$	94	6	%
Average common shares - basic	1,446		1,441		5		—
Average common shares - diluted	1,468		1,464		4		—
Per common share
Net income - basic	$	1.11	$	1.05	$	0.06	6	%
Net income - diluted	1.09		1.03		0.06		6
Cash dividends declared	0.465		0.465		—		—
Revenue - fully taxable equivalent (FTE)
Net interest income	$	4,123	$	3,811	$	312	8	%
FTE adjustment	31		22		9		41
Net interest income (1)	4,154		3,833		321		8
Noninterest income	1,516		1,482		34		2
Total revenue (1)	$	5,670	$	5,315	$	355	7	%

NM - Not Meaningful

(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

Huntington Bancshares Incorporated

Year To Date Mortgage Banking Noninterest Income

(Unaudited)


	Nine Months Ended September 30,						Change
(dollar amounts in millions)	2023			2022			Amount			Percent
Net origination and secondary marketing income	$	57		$	89		$	(32)		(36)	%
Net mortgage servicing income
Loan servicing income	70			66			4			6
Amortization of capitalized servicing	(35)			(45)			10			22
Operating income	35			21			14			67
MSR valuation adjustment (1)	41			112			(71)			(63)
(Losses) gains due to MSR hedging	(44)			(105)			61			58
Net MSR risk management	(3)			7			(10)			—
Total net mortgage servicing income	32			28			4			14
All other	(3)			2			(5)			NM
Mortgage banking income	$	86		$	119		$	(33)		(28)	%

Mortgage origination volume	$	5,936		$	8,738		$	(2,802)		(32)	%
Mortgage origination volume for sale	3,243			4,121			(878)			(21)

Third party mortgage loans serviced (2)	32,965			31,988			977			3
Mortgage servicing rights (2)	547			486			61			13
MSR % of investor servicing portfolio (2)	1.66		%	1.52		%	0.14		%	9	%

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.

Huntington Bancshares Incorporated

Year To Date Credit Reserves Analysis

(Unaudited)


	Nine Months Ended September 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	(322)			(216)
Recoveries of loans and leases previously charged off	143			145
Net loan and lease charge-offs	(179)			(71)
Provision for loan and lease losses	266			151


Allowance for loan and lease losses, end of period	2,208			2,110
Allowance for unfunded lending commitments, beginning of period	$	150		$	77

Provision for unfunded lending commitments	10			43


Allowance for unfunded lending commitments, end of period	160			120
Total allowance for credit losses, end of period	$	2,368		$	2,230
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.83		%	1.79		%
Nonaccrual loans and leases (NALs)	373			351
Nonperforming assets (NPAs)	348			336
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.96		%	1.89		%
Nonaccrual loans and leases (NALs)	400			371
Nonperforming assets (NPAs)	373			355

Huntington Bancshares Incorporated

Year To Date Net Charge-Off Analysis

(Unaudited)


	Nine Months Ended September 30,
(dollar amounts in millions)	2023			2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	68		$	(11)



Commercial real estate	36			1
Lease financing	(3)			4
Total commercial	101			(6)
Consumer:
Residential mortgage	2			(2)
Automobile	12			3
Home equity	(1)			(5)
RV and marine	7			6
Other consumer	58			75
Total consumer	78			77
Total net charge-offs	$	179		$	71


	Nine Months Ended September 30,
	2023			2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.18		%	(0.03)		%



Commercial real estate	0.37			0.01
Lease financing	(0.08)			0.11
Total commercial	0.20			(0.01)
Consumer:
Residential mortgage	0.01			(0.01)
Automobile	0.13			0.03
Home equity	(0.02)			(0.06)
RV and marine	0.16			0.16
Other consumer	5.88			7.72
Total consumer	0.20			0.20
Net charge-offs as a % of average loans	0.20		%	0.08		%

Huntington Bancshares Incorporated

Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)

(Unaudited)


	September 30,
(dollar amounts in millions)	2023			2022
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	314		$	288
Commercial real estate	102			110
Lease financing	14			30
Residential mortgage	75			94
Automobile	4			4
Home equity	82			75
RV and marine	1			1

Total nonaccrual loans and leases	592			602



Other real estate, net	14			11
Other NPAs (1)	28			14
Total nonperforming assets (2)	$	634		$	627

Nonaccrual loans and leases as a % of total loans and leases	0.49		%	0.51		%
NPA ratio (3)	0.52			0.53


	Nine Months Ended September 30,
(dollar amounts in millions)	2023		2022
Nonperforming assets, beginning of period	$	594	$	750
New nonperforming assets	677		504


Returns to accruing status	(130)		(180)
Charge-offs	(158)		(97)
Payments	(327)		(341)
Sales	(22)		(9)
Nonperforming assets, end of period (3)	$	634	$	627

(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.

(2)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.

(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.

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
	September 30,		June 30,		September 30,		Percent Changes vs.
(dollar amounts in millions)	2023		2023		2022		2Q23		3Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP)	$	1,877	$	1,841	$	1,902
FTE adjustment	11		11		8
Total revenue (FTE) (a)	1,888		1,852		1,910
Less: net (loss)/gain on securities	—		(5)		—

Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b)	1,888		1,857		1,910

Noninterest expense (GAAP) (c)	1,090		1,050		1,053


Less: Notable items	15		—		10
Noninterest expense, excluding notable items (d)	1,075		1,050		1,043

PPNR (a-c)	798		802		857		—	%	(7)	%
PPNR, adjusted (b-d)	813		807		867		1	%	(6)	%