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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________________________________

FORM 8-K

_______________________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 19, 2024

______________________________________________________________________________________________________________________________

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 April 19, 2024, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2024. Also on April 19, 2024, 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 April 19, 2024, at 8:00 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 #13744899. 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 April 27, 2024 at (877) 660-6853 or (201) 612-7415; conference ID #13744899.

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; 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, 2023, which is 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 April 19, 2024.

Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2024.

EXHIBIT INDEX


Exhibit No.			Description

Exhibit 99.1			News release of Huntington Bancshares Incorporated, dated April 19, 2024
Exhibit 99.2			Quarterly Financial Supplement, March 31, 202 4






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:

April 19, 2024

By:

/s/ Zachary Wasserman

Zachary Wasserman

Chief Financial Officer

EX-99.1 2 hban20240331_8kex991.htm EX-99.1 Document

Exhibit 99.1

April 19, 2024

Analysts: Tim Sedabres (timothy.sedabres@huntington.com), 952.745.2766

Media: Tracy Pesho (corpmedia@huntington.com), 216.276.3301

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2024 FIRST-QUARTER EARNINGS

Q1 Results Highlighted by Sustained Deposit and Loan Growth and Strong Credit Quality

2024 First-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.26, higher by $0.11 from the prior quarter, and lower by $0.13 from the year-ago quarter. Excluding the after tax impact of Notable Items, primarily related to the FDIC Deposit Insurance Fund special assessment, adjusted earnings per common share were $0.28.

•Net interest income decreased $29 million, or 2%, from the prior quarter, and decreased $122 million, or 9%, from the year-ago quarter.

•Noninterest income increased $62 million, or 15%, from the prior quarter, to $467 million. Noninterest income in the fourth quarter was reduced by $74 million due to the mark-to-market on pay-fixed swaptions. Excluding the impact of mark-to-market on pay-fixed swaptions, noninterest income decreased $12 million compared to the prior quarter.

•Cash and cash equivalents and available contingent borrowing capacity totaled $94 billion at March 31, 2024, and represented 205% of uninsured deposits.

•Average total deposits increased $1.1 billion, or 1%, from the prior quarter and $4.6 billion, or 3%, from the year-ago quarter.

◦Ending total deposits increased $2.0 billion, or 1%, from the prior quarter and $7.9 billion, or 5%, from the year-ago quarter.

◦Ending core deposits increased $1.8 billion, or 1%, from the prior quarter reflecting continued momentum in consumer deposit gathering and ongoing focus on acquiring and deepening primary bank relationships. Core deposits increased $6.9 billion, or 5%, from the year-ago quarter.

•Average total loans and leases increased $701 million, or 1%, from the prior quarter to $121.9 billion, and increased $1.5 billion, or 1%, from the year-ago quarter.

◦Average commercial loans and leases increased $691 million and average consumer loans increased $10 million from the prior quarter.

•Net charge-offs of 0.30% of average total loans and leases for the quarter.

•Nonperforming asset ratio of 0.60%.

•Allowance for credit losses (ACL) of $2.4 billion, or 1.97% of total loans and leases, at quarter end.

•Common Equity Tier 1 (CET1) risk-based capital ratio was stable at 10.2%, at both March 31, 2024 and December 31, 2023. Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.5%.

•Tangible common equity (TCE) ratio of 6.0%, representing a modest decrease from the prior quarter and up 20 basis points from a year ago.

•Huntington received 7 awards from Coalition Greenwich for 2023 in Excellence and Best Brand for both middle market and business banking.

•Huntington was recognized by Newsweek as one of America's 500 Most Responsible Companies for the fifth consecutive year.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 first quarter of $419 million, or $0.26 per common share, an increase of $176 million, or $0.11, from the prior quarter, and a decrease of $183 million, or $0.13, from the year-ago quarter. Adjusted earnings per common share were $0.28, excluding $0.02 per common share of after-tax Notable Items.

Return on average assets was 0.89%, return on average common equity was 9.2%, and return on average tangible common equity (ROTCE) was 14.2%.

CEO Commentary:

"Our first quarter results were highlighted by sustained organic growth, with deposit and loan balances continuing to expand as we enter the new year,” said Steve Steinour, chairman, president, and CEO. “Our outlook for the year remains unchanged as we look to accelerate organic growth.

"Huntington entered 2024 from a position of strength with robust liquidity and capital, enabling us to remain focused on executing key growth initiatives. We are investing in new revenue producing opportunities, adding talented bankers across the footprint, and bolstering capabilities in the commercial and regional bank. These investments are already delivering results, evidenced by robust pipelines in our expanded Carolinas and Texas regions, as well as in new commercial specialty banking areas.

"Credit quality continued to perform very well, with stable net-charge offs compared to the prior quarter as we maintain our disciplined approach to managing credit quality, consistent with our aggregate moderate-to-low risk appetite. The economic outlook continues to show strength and resiliency, and we believe the environment is constructive for our customers to perform well.

"We foresee accelerating loan growth over the course of the year as new teams and expanded markets continue to see substantive opportunities in addition to our existing markets. We expect this growth momentum will carry through the year and into 2025, further supporting our revenue and profitability outlook."

Table 1 – Earnings Performance Summary


	2024			2023
(in millions, except per share data)	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington	$	419		$	243		$	547		$	559		$	602
Diluted earnings per common share	0.26			0.15			0.35			0.35			0.39

Return on average assets	0.89		%	0.51		%	1.16		%	1.18		%	1.32		%
Return on average common equity	9.2			5.2			12.4			12.7			14.6
Return on average tangible common equity	14.2			8.4			19.5			19.9			23.1
Net interest margin	3.01			3.07			3.20			3.11			3.40
Efficiency ratio	63.7			77.0			57.0			55.9			55.6

Tangible book value per common share	$	7.77		$	7.79		$	7.12		$	7.33		$	7.32
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.155

Average earning assets	$	173,764		$	171,360		$	170,948		$	174,909		$	169,112
Average loans and leases	121,930			121,229			120,784			121,345			120,420
Average core deposits	144,960			144,384			143,110			140,736			141,077

Tangible common equity / tangible assets ratio	6.0		%	6.1		%	5.7		%	5.8		%	5.8		%
Common equity Tier 1 risk-based capital ratio (1)	10.2			10.2			10.1			9.8			9.5

NCOs as a % of average loans and leases	0.30		%	0.31		%	0.24		%	0.16		%	0.19		%
NAL ratio	0.58			0.55			0.49			0.42			0.44
ACL as a % of total loans and leases	1.97			1.97			1.96			1.93			1.90

(1)March 31, 2024 figure is estimated.

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation).

Table 2 – Notable Items Influencing Earnings


		Pretax Impact (1)		After-tax Impact (1)
($ in millions, except per share)		Amount			Net Income		EPS (2)

Three Months Ended March 31, 2024					$	419	$	0.26
•	FDIC Deposit Insurance Fund (DIF) special assessment	$	(32)		$	(25)	$	(0.02)
•	Staffing efficiencies expense (3)	(7)			(5)		—

Three Months Ended December 31, 2023					$	243	$	0.15
•	FDIC DIF special assessment	$	(214)		$	(169)	$	(0.11)
•	Staffing efficiencies and corporate real estate consolidation expense (4)	(12)			(9)		(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) (5)	(42)			(34)		(0.02)

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

(3)Staffing efficiencies includes severance expense recorded in personnel costs.

(4)Staffing efficiencies and corporate real estate consolidation expense includes corporate real estate consolidation expense recorded in net occupancy expense, equipment, and other of $8 million, $1 million, and $1 million, respectively, and $2 million of severance expense recorded in personnel costs.

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

Net Interest Income, Net Interest Margin, and Average Balance Sheet

Table 3 – Net Interest Income and Net Interest Margin Performance Summary


	2024		2023
($ in millions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,287	$	1,316	$	1,368	$	1,346	$	1,409	(2)	%	(9)	%
FTE adjustment	13		11		11		11		9		18		44
Net interest income - FTE	1,300		1,327		1,379		1,357		1,418		(2)		(8)
Noninterest income	467		405		509		495		512		15		(9)
Total revenue - FTE	$	1,767	$	1,732	$	1,888	$	1,852	$	1,930	2	%	(8)	%


	2024		2023
	First		Fourth		Third		Second		First		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	5.54	%	5.47	%	5.39	%	5.13	%	4.89	%	7	65
Total loans and leases	5.92		5.82		5.76		5.51		5.27		10	65
Total securities	4.19		4.23		4.15		3.82		3.56		(4)	63
Total interest-bearing liabilities	3.23		3.09		2.88		2.66		2.02		14	121
Total interest-bearing deposits	2.85		2.71		2.45		2.06		1.52		14	133

Net interest rate spread	2.31		2.38		2.51		2.47		2.87		(7)	(56)
Impact of noninterest-bearing funds on margin	0.70		0.69		0.69		0.64		0.53		1	17
Net interest margin	3.01	%	3.07	%	3.20	%	3.11	%	3.40	%	(6)	(39)

See Page 8 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2024 first quarter decreased $118 million, or 8%, from the 2023 first quarter. The results primarily reflect a 39 basis point decrease in the net interest margin (NIM) to 3.01% and a $11.8 billion, or 10%, increase in average interest-bearing liabilities, partially offset by a $4.7 billion, or 3%, increase in average earning assets. The lower NIM was primarily driven by higher cost of funds given the higher interest rate environment and an increase in deposits held at the Federal Reserve Bank, partially offset by higher loan and lease and investment security yields.

Compared to the 2023 fourth quarter, FTE net interest income decreased $27 million, or 2%, reflecting a 6 basis point decrease in NIM and an increase in average interest-bearing liabilities, partially offset by higher average earning assets. The NIM decrease was driven by higher cost of funds, partially offset by higher loan and lease yields.

Table 4 – Average Earning Assets


	2024		2023
($ in billions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	50.6	$	49.9	$	49.4	$	50.2	$	49.0	1	%	3	%
Commercial real estate	12.6		12.6		13.0		13.3		13.7		—		(8)
Lease financing	5.1		5.1		5.1		5.2		5.2		—		(2)
Total commercial	68.3		67.6		67.5		68.7		67.9		1		1

Residential mortgage	23.7		23.6		23.3		22.8		22.3		1		6
Automobile	12.6		12.6		12.7		12.9		13.2		—		(5)
Home equity	10.1		10.1		10.1		10.2		10.3		—		(2)
RV and marine	5.9		5.9		5.8		5.5		5.4		(1)		10
Other consumer	1.4		1.4		1.4		1.3		1.3		1		10
Total consumer	53.7		53.7		53.3		52.7		52.5		—		2
Total loans and leases	121.9		121.2		120.8		121.3		120.4		1		1
Total securities	41.6		39.5		40.0		41.7		41.9		5		(1)
Interest-earning deposits with banks	9.8		10.0		9.5		11.3		6.4		(3)		54
Other earning assets	0.5		0.6		0.6		0.6		0.5		(20)		2
Total earning assets	$	173.8	$	171.4	$	170.9	$	174.9	$	169.1	1	%	3	%

See Page 6 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2024 first quarter increased $4.7 billion, or 3%, from the year-ago quarter, primarily reflecting a $3.4 billion, or 54%, increase in average deposits with banks and a $1.5 billion, or 1%, increase in average total loans and leases. Average loan and lease balance increases were led by growth in average consumer loans of $1.2 billion, or 2%. Additionally, average commercial loans and leases increased by $350 million, or 1%, primarily driven by a $1.6 billion, or 3% increase in average commercial and industrial loans, partially offset by a $1.1 billion, or 8%, decrease in average commercial real estate loans.

Compared to the 2023 fourth quarter, average earning assets increased $2.4 billion, or 1%, primarily reflecting a $2.1 billion, or 5%, increase in average securities, and a $701 million increase in average total loans and leases, partially offset by a $258 million, or 3%, decrease in average interest-earning deposits with banks. Average loan and lease balance increases were driven by higher commercial loans, primarily due to an increase in C&I loan balances as a result of higher auto floorplan and distribution finance balances. Consumer loan balances were relatively stable at $53.7 billion.

Table 5 – Liabilities


	2024		2023
	First		Fourth		Third		Second		First		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Average balances:
Demand deposits - noninterest-bearing	$	29.9	$	31.2	$	32.8	$	34.6	$	37.5	(4)	%	(20)	%
Demand deposits - interest-bearing	38.5		39.1		39.8		39.7		40.7		(2)		(5)
Total demand deposits	68.4		70.3		72.6		74.3		78.2		(3)		(12)
Money market deposits	46.1		44.0		41.4		38.8		37.3		5		24
Savings and other domestic deposits	16.6		16.9		17.8		18.8		19.9		(2)		(17)
Core certificates of deposit	13.9		13.1		11.3		8.8		5.7		6		141
Total core deposits	145.0		144.4		143.1		140.7		141.1		—		3
Other domestic deposits of $250,000 or more	0.4		0.4		0.4		0.3		0.2		6		83
Negotiable CDs, brokered and other deposits	5.3		4.8		4.6		4.6		4.8		10		10

Total deposits	$	150.7	$	149.6	$	148.1	$	145.6	$	146.1	1	%	3	%

Short-term borrowings	$	1.3	$	1.9	$	0.9	$	5.2	$	4.4	(32)	%	(70)	%
Long-term debt	13.8		12.2		13.8		16.3		11.0		13		25
Total debt	$	15.1	$	14.1	$	14.7	$	21.5	$	15.4	7	%	(2)	%

Total interest-bearing liabilities	$	135.9	$	132.6	$	130.0	$	132.5	$	124.1	2	%	10	%
Total liabilities	171.0		169.2		167.8		171.8		166.6		1		3

Period end balances:






Total core deposits	$	147.3	$	145.5	$	144.2	$	142.9	$	140.4	1	%	5	%



Other deposits	6.0		5.7		4.7		5.1		4.9		3		23
Total deposits	$	153.2	$	151.2	$	148.9	$	148.0	$	145.3	1	%	5	%

See Pages 5-6 of Quarterly Financial Supplement for additional detail.

Average total liabilities for the 2024 first quarter increased $4.4 billion, or 3%, from the year-ago quarter. Average total deposits increased $4.6 billion, or 3%, primarily driven by an increase in average total core deposits of $3.9 billion, or 3%. Average total debt decreased $341 million, or 2%, as part of normal management of funding needs.

Compared to the 2023 fourth quarter, average total liabilities increased $1.8 billion, or 1%. Average total deposits increased $1.1 billion, or 1%, including average total core deposits increasing $576 million. Average total debt increased $966 million, or 7%, driven by the issuance of $1.25 billion of senior notes in the quarter and higher collateralized borrowings on auto secured loans.

Ending total deposits as of March 31, 2024 increased $7.9 billion, or 5%, compared to a year-ago. The increase was driven by a $7.8 billion, or 10%, increase in core consumer deposits and a $1.1 billion, or 23%, increase in other deposits, partially offset by a $948 million, or 2%, decrease in core commercial deposits.

Compared to December 31, 2023, ending total deposits increased $2.0 billion, or 1%. The increase was primarily driven by a $1.8 billion, or 1%, increase in core deposits.

Noninterest Income

Table 6 – Noninterest Income


	2024		2023
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Payments and cash management revenue	$	146	$	150	$	152	$	146	$	137	(3)	%	7	%
Wealth and asset management revenue	88		86		79		83		80		2		10
Customer deposit and loan fees	77		80		80		76		76		(4)		1
Capital markets and advisory fees	56		69		52		62		65		(19)		(14)
Leasing revenue	22		29		32		25		26		(24)		(15)
Mortgage banking income	31		23		27		33		26		35		19
Insurance income	19		19		18		18		19		—		—
Bank owned life insurance income	16		16		18		16		16		—		—
Gain on sale of loans	5		1		2		8		3		400		67
Net gains (losses) on sales of securities	—		(3)		—		(5)		1		NM		NM
Other noninterest income	7		(65)		49		33		63		111		(89)
Total noninterest income	$	467	$	405	$	509	$	495	$	512	15	%	(9)	%

Impact of Notable Item:
RPS sale (other noninterest income)	$	—	$	—	$	—	$	—	$	57	—		NM
Total adjusted noninterest income (Non-GAAP)	$	467	$	405	$	509	$	495	$	455	15	%	3	%

Additional information:
Impact of mark-to-market on pay-fixed swaptions (other noninterest income)	$	—	$	(74)	$	33	$	18	$	(1)	NM		NM

NM - Not Meaningful

Reported total noninterest income for the 2024 first quarter decreased $45 million, or 9%, from the year-ago quarter primarily reflecting the $57 million gain associated with the sale of the RPS business recognized in the 2023 first quarter. Payments and cash management revenue increased by $9 million, or 7%, reflecting higher debit card transaction revenue and higher commercial treasury management revenue. Wealth and asset management revenue increased by $8 million, or 10%, reflecting higher assets under management as well as higher fixed annuity commissions. Additionally, capital markets and advisory fees decreased $9 million, or 14%, primarily due to lower advisory fees.

Total noninterest income increased $62 million, or 15%, to $467 million for the 2024 first quarter, compared to $405 million for the 2023 fourth quarter. The increase was primarily driven by the $74 million unfavorable mark-to-market on the termination of the pay-fixed swaptions program during the fourth quarter. Additionally, capital markets and advisory fees decreased $13 million, or 19%, primarily due to lower advisory fees.

Noninterest Expense

Table 7 – Noninterest Expense


	2024		2023
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	639	$	645	$	622	$	613	$	649	(1)	%	(2)	%
Outside data processing and other services	166		157		149		148		151		6		10
Deposit and other insurance expense	54		234		25		23		20		(77)		170
Equipment	70		70		65		64		64		0		9
Net occupancy	57		65		67		54		60		(12)		(5)
Marketing	28		29		29		32		25		(3)		12
Professional services	25		35		27		21		16		(29)		56
Amortization of intangibles	12		12		12		13		13		—		(8)
Lease financing equipment depreciation	4		5		6		8		8		(20)		(50)
Other noninterest expense	82		96		88		74		80		(15)		3
Total noninterest expense	$	1,137	$	1,348	$	1,090	$	1,050	$	1,086	(16)	%	5	%
(in thousands)
Average full-time equivalent employees	19.7		19.6		19.8		20.2		20.2		1	%	(2)	%

Table 8 - Impact of Notable Items


	2024		2023
	First		Fourth		Third		Second		First
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	7	$	2	$	8	$	—	$	42

Deposit and other insurance expense	32		214		—		—		—
Equipment	—		1		—		—		—
Net occupancy	—		8		7		—		—




Other noninterest expense	—		1		—		—		—
Total noninterest expense	$	39	$	226	$	15	$	—	$	42

Table 9 - Adjusted Noninterest Expense (Non-GAAP)


	2024		2023
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	632	$	643	$	614	$	613	$	607	(2)	%	4	%
Outside data processing and other services	166		157		149		148		151		6		10
Deposit and other insurance expense	22		20		25		23		20		10		10
Equipment	70		69		65		64		64		1		9
Net occupancy	57		57		60		54		60		—		(5)
Marketing	28		29		29		32		25		(3)		12
Professional services	25		35		27		21		16		(29)		56
Amortization of intangibles	12		12		12		13		13		—		(8)
Lease financing equipment depreciation	4		5		6		8		8		(20)		(50)
Other noninterest expense	82		95		88		74		80		(14)		3
Total adjusted noninterest expense	$	1,098	$	1,122	$	1,075	$	1,050	$	1,044	(2)	%	5	%

Reported total noninterest expense for the 2024 first quarter increased $51 million, or 5%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $54 million, or 5%, primarily driven by higher personnel costs of $25 million, or 4%, primarily due to higher salary and benefit expense, an increase in outside data processing and other services of $15 million, or 10%, reflecting higher technology and data expense, and higher professional services of $9 million, or 56%, reflecting higher consulting expense. Additionally, the 2024 first quarter included $2 million of expenses related to the previously announced branch consolidations, reflected in a combination of net occupancy and equipment.

Reported total noninterest expense decreased $211 million, or 16%, from the 2023 fourth quarter. Excluding the impact from Notable Items, noninterest expense decreased $24 million, or 2%, primarily driven by lower personnel costs of $11 million, or 2%, due to lower incentive compensation, partially offset by seasonally higher benefit expense, and lower professional services expenses of $10 million, or 29%, reflecting lower consulting expense. Partially offsetting these decreases, outside data processing and other services increased by $9 million, or 6%, driven by technology and data expense.

During the 2024 first quarter, the FDIC provided updated estimates on the uninsured deposit losses and recoverable assets related to the 2023 FDIC closures. As a result, Huntington's expenses for the 2024 first quarter included $32 million related to additional FDIC expense, compared to $214 million recognized in the 2023 fourth quarter, related to the FDIC deposit insurance fund special assessment. These expenses are included within Notable Items for each respective quarter.

Credit Quality

Table 10 – Credit Quality Metrics


	2024			2023
($ in millions)	March 31,			December 31,			September 30,			June 30,			March 31,
Total nonaccrual loans and leases	$	716		$	667		$	592		$	510		$	533
Total other real estate, net	10			10			14			18			20
Other NPAs (1)	12			34			28			29			25
Total nonperforming assets	738			711			634			557			578
Accruing loans and leases past due 90+ days	183			189			163			169			185
NPAs + accruing loans & leases past due 90+ days	$	921		$	900		$	797		$	726		$	763
NAL ratio (2)	0.58		%	0.55		%	0.49		%	0.42		%	0.44		%
NPA ratio (3)	0.60			0.58			0.52			0.46			0.48
(NPAs+90 days)/(Loans+OREO)	0.75			0.74			0.66			0.60			0.63


Provision for credit losses	$	107		$	126		$	99		$	92		$	85
Net charge-offs	92			94			73			49			57
Net charge-offs / Average total loans and leases	0.30		%	0.31		%	0.24		%	0.16		%	0.19		%
Allowance for loans and lease losses (ALLL)	$	2,280		$	2,255		$	2,208		$	2,177		$	2,142
Allowance for unfunded lending commitments	135			145			160			165			157
Allowance for credit losses (ACL)	$	2,415		$	2,400		$	2,368		$	2,342		$	2,299
ALLL as a % of:
Total loans and leases	1.86		%	1.85		%	1.83		%	1.80		%	1.77		%
NALs	318			338			373			427			402
NPAs	309			317			348			391			371
ACL as a % of:
Total loans and leases	1.97		%	1.97		%	1.96		%	1.93		%	1.90		%
NALs	337			360			400			459			431
NPAs	327			337			373			420			398

(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 11-14 of Quarterly Financial Supplement for additional detail.

Nonperforming assets (NPAs) were $738 million, or 0.60%, of total loans and leases, OREO and other NPAs, compared to $578 million, or 0.48%, a year-ago. Nonaccrual loans and leases (NALs) were $716 million, or 0.58% of total loans and leases, compared to $533 million, or 0.44% of total loans and leases, a year-ago. On a linked quarter basis, NPAs increased $27 million, or 4%, and NALs increased $49 million, or 7%, driven by an increase in commercial NALs.

The provision for credit losses increased $22 million year-over-year and decreased $19 million quarter-over-quarter to $107 million in the 2024 first quarter. Net charge-offs (NCOs) increased $35 million year-over-year and decreased $2 million quarter-over-quarter to $92 million. NCOs represented an annualized 0.30% of average loans and leases in the current quarter, up from 0.19% in the year-ago quarter and down from 0.31% 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 were 0.32% and 0.28%, respectively, for the 2024 first quarter.

The allowance for loan and lease losses (ALLL) increased $138 million from the year-ago quarter to $2.3 billion, or 1.86% of total loans and leases, and allowance for credit losses (ACL) increased by $116 million from the year-ago quarter to $2.4 billion, or 1.97% of total loans and leases, driven by a combination of loan and lease growth and modest overall coverage ratios builds that are reflective of the current macroeconomic environment and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve. On a linked quarter basis, the ACL increased $15 million, resulting in the ACL coverage ratio of 1.97%, unchanged for the quarter.

Capital

Table 11 – Capital Ratios


	2024			2023
($ in billions)	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible common equity / tangible assets ratio	6.0		%	6.1		%	5.7		%	5.8		%	5.8		%
Common equity tier 1 risk-based capital ratio (1)	10.2			10.2			10.1			9.8			9.5
Regulatory Tier 1 risk-based capital ratio (1)	12.0			12.0			11.9			11.6			11.3
Regulatory Total risk-based capital ratio (1)	14.1			14.2			14.1			13.8			13.5
Total risk-weighted assets (1)	$	139.6		$	138.7		$	140.7		$	141.4		$	142.3

(1)March 31, 2024 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, 2024, 75% of the cumulative CECL deferral has been phased in. As of December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, 50% of the cumulative CECL deferral has been phased in.

See Page 15 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 6.0% at March 31, 2024, a decrease of 10 basis points from last quarter due primarily to higher tangible assets and accumulated other comprehensive income changes, partially offset by current period earnings, net of dividends. Common Equity Tier 1 (CET1) risk-based capital ratio was stable at 10.2%, compared to the prior quarter, as an increase in risk-weighted assets, driven by loan growth, and the CECL transitional amount, were offset by current period earnings, net of dividends.

Income Taxes

The provision for income taxes was $86 million in the 2024 first quarter compared to a benefit of $1 million in the 2023 fourth quarter. The effective tax rates for the 2024 first quarter and 2023 fourth quarter were 16.8% and (0.5)%, respectively. The 2023 fourth quarter effective tax rate was impacted by lower pre-tax income as a result of notable items, and discrete tax benefits recognized.

At March 31, 2024, we had a net federal deferred tax asset of $686 million and a net state deferred tax asset of $114 million.

Conference Call / Webcast Information

Please see the 2024 First 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 $194 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 approximately 970 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

Caution regarding Forward-Looking Statements

Basis of Presentation

Use of Non-GAAP Financial Measures

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

Annualized Data

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

Fully-Taxable Equivalent Interest Income and Net Interest Margin

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

Rounding

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

Notable Items

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

EX-99.2 3 hban20240331_8kex992.htm EX-99.2 Document

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

March 31, 2024

Table of Contents


Quarterly Key Statistics			1



Consolidated Balance Sheets			3

Loans and Leases Composition			4

Deposits Composition			5

Consolidated Quarterly Average Balance Sheets			6

Consolidated Quarterly Net Interest Margin - Interest Income / Expense			7

Consolidated Quarterly Net Interest Margin - Yield			8

Selected Quarterly Income Statement Data			9

Quarterly Mortgage Banking Noninterest Income			10

Quarterly Credit Reserves Analysis			11

Quarterly Net Charge-Off Analysis			12

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			13

Quarterly Accruing Past Due Loans and Leases			14

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data			15

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data			16

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.

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)	March 31,			December 31,			March 31,			Percent Changes vs.
	2024			2023			2023			4Q23		1Q23
Net interest income (1)	$	1,300		$	1,327		$	1,418		(2)	%	(8)	%
FTE adjustment	(13)			(11)			(9)			(18)		(44)
Net interest income	1,287			1,316			1,409			(2)		(9)
Provision for credit losses	107			126			85			(15)		26
Noninterest income	467			405			512			15		(9)
Noninterest expense	1,137			1,348			1,086			(16)		5
Income before income taxes	510			247			750			106		(32)
Provision (benefit) for income taxes	86			(1)			144			8,700		(40)
Income after income taxes	424			248			606			71		(30)
Income attributable to non-controlling interest	5			5			4			—		25
Net income attributable to Huntington	419			243			602			72		(30)
Dividends on preferred shares	36			36			29			—		24
Impact of preferred stock repurchases	—			(8)			—			NM		—
Net income applicable to common shares	$	383		$	215		$	573		78	%	(33)

Net income per common share - diluted	$	0.26		$	0.15		$	0.39		73	%	(33)	%
Cash dividends declared per common share	0.155			0.155			0.155			—		—
Tangible book value per common share at end of period	7.77			7.79			7.32			—		6

Average common shares - basic	1,448			1,448			1,443			—		—
Average common shares - diluted	1,473			1,469			1,469			—		—
Ending common shares outstanding	1,449			1,448			1,444			—		—
Return on average assets	0.89		%	0.51		%	1.32		%
Return on average common shareholders’ equity	9.2			5.2			14.6
Return on average tangible common shareholders’ equity (2)	14.2			8.4			23.1
Net interest margin (1)	3.01			3.07			3.40
Efficiency ratio (3)	63.7			77.0			55.6
Effective tax rate	16.8			(0.5)			19.2
Average total assets	$	190,306		$	187,962		$	184,894		1		3
Average earning assets	173,764			171,360			169,112			1		3
Average loans and leases	121,930			121,229			120,420			1		1

Average total deposits	$	150,728		$	149,654		$	146,144		1		3
Average core deposits (4)	144,960			144,384			141,077			—		3

Average Huntington shareholders’ equity	19,213			18,713			18,231			3		5
Average common total shareholders' equity	16,819			16,275			15,973			3		5
Average tangible common shareholders' equity	11,151			10,597			10,253			5		9
Total assets at end of period	193,519			189,368			189,070			2		2
Total Huntington shareholders’ equity at end of period	19,322			19,353			18,758			—		3

NCOs as a % of average loans and leases	0.30		%	0.31		%	0.19		%
NAL ratio	0.58			0.55			0.44
NPA ratio (5)	0.60			0.58			0.48
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.86			1.85			1.77
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.97			1.97			1.90
Common equity tier 1 risk-based capital ratio (6)	10.2			10.2			9.5
Tangible common equity / tangible asset ratio (7)	6.0			6.1			5.8

NM - Not Meaningful

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

Notes to the Quarterly 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)March 31, 2024 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


	March 31,		December 31,
(dollar amounts in millions)	2024		2023		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,189	$	1,558	(24)	%


Interest-earning deposits with banks	11,216		8,765		28
Trading account securities	167		125		34
Available-for-sale securities	26,801		25,305		6
Held-to-maturity securities	15,416		15,750		(2)


Other securities	727		725		—
Loans held for sale	490		516		(5)
Loans and leases (1)	122,767		121,982		1
Allowance for loan and lease losses	(2,280)		(2,255)		(1)
Net loans and leases	120,487		119,727		1
Bank owned life insurance	2,767		2,759		—
Accrued income and other receivables	1,616		1,646		(2)
Premises and equipment	1,095		1,109		(1)
Goodwill	5,561		5,561		—
Servicing rights and other intangible assets	677		672		1
Other assets	5,310		5,150		3
Total assets	$	193,519	$	189,368	2	%

Liabilities and shareholders' equity
Liabilities
Deposits (2)	$	153,225	$	151,230	1	%
Short-term borrowings	182		620		(71)
Long-term debt	14,894		12,394		20
Other liabilities	5,845		5,726		2
Total liabilities	174,146		169,970		2

Shareholders' equity
Preferred stock	2,394		2,394		—
Common stock	15		15		—
Capital surplus	15,407		15,389		—
Less treasury shares, at cost	(91)		(91)		—
Accumulated other comprehensive income (loss)	(2,879)		(2,676)		(8)
Retained earnings	4,476		4,322		4
Total Huntington shareholders’ equity	19,322		19,353		—
Non-controlling interest	51		45		13
Total equity	19,373		19,398		—
Total liabilities and equity	$	193,519	$	189,368	2	%

Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,449,254,147		1,448,319,953
Treasury shares outstanding	7,413,634		7,403,008
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	881,587		881,587

(1)See page 4 for detail of loans and leases.

(2)See page 5 for detail of deposits.

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2024				2023				2023				2023				2023
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial	$	51,500	42	%	$	50,657	42	%	$	49,422	41	%	$	49,834	41	%	$	50,039	42	%
Commercial real estate:
Commercial	11,339		9		11,092		9		11,365		10		11,750		10		12,132		10
Construction	1,003		1		1,330		1		1,303		1		1,416		1		1,255		1
Commercial real estate	12,342		10		12,422		10		12,668		11		13,166		11		13,387		11
Lease financing	5,133		4		5,228		4		5,161		4		5,143		4		5,244		4
Total commercial	68,975		56		68,307		56		67,251		56		68,143		56		68,670		57
Consumer:
Residential mortgage	23,744		20		23,720		20		23,427		19		23,138		19		22,472		19
Automobile	12,662		10		12,482		10		12,724		11		12,819		11		13,187		11
Home equity	10,047		8		10,113		8		10,118		8		10,135		8		10,166		8
RV and marine	5,887		5		5,899		5		5,937		5		5,640		5		5,404		4
Other consumer	1,452		1		1,461		1		1,396		1		1,350		1		1,280		1
Total consumer	53,792		44		53,675		44		53,602		44		53,082		44		52,509		43
Total loans and leases	$	122,767	100	%	$	121,982	100	%	$	120,853	100	%	$	121,225	100	%	$	121,179	100	%


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2024				2023				2023				2023				2023
Ending balances by business segment:
Consumer & Regional Banking	$	67,512	55	%	$	67,108	55	%	$	66,202	55	%	$	65,374	54	%	$	64,387	53	%
Commercial Banking	54,994		45		54,743		45		54,451		45		55,672		46		56,599		47



Treasury / Other	261		—		131		—		200		—		179		—		193		—
Total loans and leases	$	122,767	100	%	$	121,982	100	%	$	120,853	100	%	$	121,225	100	%	$	121,179	100	%

Average balances by business segment:
Consumer & Regional Banking	$	67,136	55	%	$	66,638	55	%	$	65,738	55	%	$	64,782	54	%	$	64,209	54	%
Commercial Banking	54,584		45		54,395		45		54,873		45		56,375		46		55,919		46



Treasury / Other	210		—		196		—		173		—		188		—		292		—
Total loans and leases	$	121,930	100	%	$	121,229	100	%	$	120,784	100	%	$	121,345	100	%	$	120,420	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2024				2023				2023				2023				2023
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing	$	29,739	19	%	$	30,967	20	%	$	31,666	21	%	$	33,340	23	%	$	36,789	25	%
Demand deposits - interest-bearing	39,200		26		39,190		26		39,822		27		40,387		28		39,827		28
Money market deposits	47,520		31		44,947		30		42,996		29		40,534		27		37,276		26
Savings and other domestic deposits	16,728		11		16,722		11		17,350		12		18,294		12		19,546		13
Core certificates of deposit (1)	14,082		9		13,626		9		12,372		8		10,314		7		6,981		5
Total core deposits	147,269		96		145,452		96		144,206		97		142,869		97		140,419		97
Other domestic deposits of $250,000 or more	487		—		447		—		446		—		381		—		282		—
Negotiable CDS, brokered and other deposits	5,469		4		5,331		4		4,215		3		4,778		3		4,577		3

Total deposits	$	153,225	100	%	$	151,230	100	%	$	148,867	100	%	$	148,028	100	%	$	145,278	100	%

Total core deposits:
Commercial	$	60,184	41	%	$	60,547	42	%	$	61,379	43	%	$	61,450	43	%	$	61,132	44	%
Consumer	87,085		59		84,905		58		82,827		57		81,419		57		79,287		56
Total core deposits	$	147,269	100	%	$	145,452	100	%	$	144,206	100	%	$	142,869	100	%	$	140,419	100	%

Total deposits by business segment:

Consumer & Regional Banking	$	112,032	73	%	$	110,157	73	%	$	108,183	73	%	$	106,502	72	%	$	105,339	72	%
Commercial Banking	35,619		23		35,466		23		36,023		24		36,459		25		34,660		24


Treasury / Other	5,574		4		5,607		4		4,661		3		5,067		3		5,279		4
Total deposits	$	153,225	100	%	$	151,230	100	%	$	148,867	100	%	$	148,028	100	%	$	145,278	100	%

Average balances:


Total core deposits:
Commercial	$	60,260	42	%	$	61,782	43	%	$	62,070	43	%	$	61,304	44	%	$	63,423	45	%
Consumer	84,700		58		82,602		57		81,040		57		79,432		56		77,654		55
Total core deposits	$	144,960	100	%	$	144,384	100	%	$	143,110	100	%	$	140,736	100	%	$	141,077	100	%

Average deposits by business segment:

Consumer & Regional Banking	$	109,263	73	%	$	108,198	72	%	$	106,300	72	%	$	104,593	71	%	$	104,151	71	%
Commercial Banking	35,656		23		35,886		24		36,673		25		35,752		25		36,288		25


Treasury / Other	5,809		4		5,570		4		5,177		3		5,214		4		5,705		4
Total deposits	$	150,728	100	%	$	149,654	100	%	$	148,150	100	%	$	145,559	100	%	$	146,144	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)
	March 31,		December 31,		September 30,		June 30,		March 31,		Percent Changes vs.
(dollar amounts in millions)	2024		2023		2023		2023		2023		4Q23		1Q23
Assets


Interest-earning deposits with banks	$	9,761	$	10,019	$	9,547	$	11,281	$	6,350	(3)	%	54	%
Securities:
Trading account securities	133		125		128		34		21		6		NM
Available-for-sale securities:
Taxable	22,515		20,056		19,834		20,920		21,368		12		5
Tax-exempt	2,676		2,686		2,807		2,745		2,640		—		1
Total available-for-sale securities	25,191		22,742		22,641		23,665		24,008		11		5


Held-to-maturity securities - taxable	15,567		15,947		16,356		16,762		16,977		(2)		(8)





Other securities	724		727		859		1,263		886		—		(18)
Total securities	41,615		39,541		39,984		41,724		41,892		5		(1)
Loans held for sale	458		571		633		559		450		(20)		2
Loans and leases: (2)
Commercial:
Commercial and industrial	50,625		49,882		49,448		50,194		49,028		1		3
Commercial real estate:
Commercial	11,365		11,309		11,624		12,062		12,282		—		(7)
Construction	1,198		1,285		1,331		1,280		1,400		(7)		(14)
Commercial real estate	12,563		12,594		12,955		13,342		13,682		—		(8)
Lease financing	5,081		5,102		5,050		5,155		5,209		—		(2)
Total commercial	68,269		67,578		67,453		68,691		67,919		1		1
Consumer:
Residential mortgage	23,710		23,573		23,278		22,765		22,327		1		6
Automobile	12,553		12,612		12,747		12,927		13,245		—		(5)
Home equity	10,072		10,107		10,108		10,154		10,258		—		(2)
RV and marine	5,892		5,934		5,813		5,478		5,366		(1)		10
Other consumer	1,434		1,425		1,385		1,330		1,305		1		10
Total consumer	53,661		53,651		53,331		52,654		52,501		—		2
Total loans and leases	121,930		121,229		120,784		121,345		120,420		1		1
Total earning assets	173,764		171,360		170,948		174,909		169,112		1		3
Cash and due from banks	1,493		1,508		1,559		1,639		1,598		(1)		(7)
Goodwill and other intangible assets	5,697		5,710		5,722		5,734		5,759		—		(1)
All other assets	11,619		11,607		10,576		10,638		10,568		—		10
Allowance for loan and lease losses	(2,267)		(2,223)		(2,206)		(2,174)		(2,143)		(2)		(6)
Total assets	$	190,306	$	187,962	$	186,599	$	190,746	$	184,894	1	%	3	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	38,488	$	39,138	$	39,757	$	39,772	$	40,654	(2)	%	(5)	%
Money market deposits	46,100		44,022		41,445		38,753		37,301		5		24
Savings and other domestic deposits	16,595		16,944		17,774		18,826		19,877		(2)		(17)
Core certificates of deposit (3)	13,867		13,107		11,348		8,820		5,747		6		141

Other domestic deposits of $250,000 or more	461		435		406		320		252		6		83
Negotiable CDS, brokered and other deposits	5,307		4,834		4,634		4,502		4,815		10		10

Total interest-bearing deposits	120,818		118,480		115,364		110,993		108,646		2		11
Short-term borrowings	1,300		1,906		859		5,242		4,371		(32)		(70)
Long-term debt	13,777		12,205		13,772		16,252		11,047		13		25
Total interest-bearing liabilities	135,895		132,591		129,995		132,487		124,064		2		10
Demand deposits - noninterest-bearing	29,910		31,174		32,786		34,566		37,498		(4)		(20)
All other liabilities	5,239		5,435		5,028		4,796		5,056		(4)		4
Total liabilities	171,044		169,200		167,809		171,849		166,618		1		3
Total Huntington shareholders’ equity	19,213		18,713		18,741		18,844		18,231		3		5
Non-controlling interest	49		49		49		53		45		—		9
Total equity	19,262		18,762		18,790		18,897		18,276		3		5
Total liabilities and equity	$	190,306	$	187,962	$	186,599	$	190,746	$	184,894	1	%	3	%

(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
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2024		2023		2023		2023		2023
Assets


Interest-earning deposits with banks	$	134	$	139	$	131	$	146	$	76
Securities:
Trading account securities	2		2		1		1		—
Available-for-sale securities:
Taxable	296		273		259		252		232
Tax-exempt	34		33		37		33		29
Total available-for-sale securities	330		306		296		285		261
Held-to-maturity securities - taxable	95		98		99		102		102



Other securities	9		13		19		11		10
Total securities	436		419		415		399		373
Loans held for sale	7		10		10		8		7
Loans and leases:
Commercial:
Commercial and industrial	801		783		776		746		686
Commercial real estate:
Commercial	215		216		225		217		207
Construction	25		27		28		26		26
Commercial real estate	240		243		253		243		233
Lease financing	79		77		73		71		68
Total commercial	1,120		1,103		1,102		1,060		987
Consumer:
Residential mortgage	227		222		213		200		190
Automobile	158		153		145		134		129
Home equity	195		197		195		187		181
RV and marine	74		77		73		63		58
Other consumer	42		41		40		39		36
Total consumer	696		690		666		623		594
Total loans and leases	1,816		1,793		1,768		1,683		1,581
Total earning assets	$	2,393	$	2,361	$	2,324	$	2,236	$	2,037

Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	200	$	204	$	199	$	167	$	132
Money market deposits	413		381		327		255		172
Savings and other domestic deposits	10		8		6		6		3
Core certificates of deposit (3)	160		145		119		83		43

Other domestic deposits of $250,000 or more	5		5		4		2		2
Negotiable CDS, brokered and other deposits	69		65		58		57		54

Total interest-bearing deposits	857		808		713		570		406
Short-term borrowings	19		28		17		74		60
Long-term debt	217		198		215		235		153
Total interest-bearing liabilities	1,093		1,034		945		879		619
Net interest income	$	1,300	$	1,327	$	1,379	$	1,357	$	1,418

(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 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
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2024		2023		2023		2023		2023
Assets


Interest-earning deposits with banks	5.50		5.59		5.48		5.17		4.81
Securities:
Trading account securities	5.15		5.40		4.98		4.92		5.37
Available-for-sale securities:
Taxable	5.26		5.43		5.22		4.82		4.34
Tax-exempt	5.05		5.01		5.08		4.87		4.40
Total available-for-sale securities	5.24		5.38		5.20		4.83		4.35
Held-to-maturity securities - taxable	2.44		2.45		2.43		2.42		2.41



Other securities	5.23		7.04		9.22		3.47		4.35
Total securities	4.19		4.23		4.15		3.82		3.56
Loans held for sale	6.51		6.95		6.42		6.05		5.85
Loans and leases: (2)
Commercial:
Commercial and industrial	6.26		6.14		6.15		5.87		5.60
Commercial real estate:
Commercial	7.49		7.48		7.55		7.14		6.73
Construction	8.23		8.40		8.30		7.96		7.40
Commercial real estate	7.56		7.57		7.63		7.22		6.80
Lease financing	6.13		5.90		5.60		5.45		5.25
Total commercial	6.49		6.39		6.39		6.10		5.82
Consumer:
Residential mortgage	3.83		3.76		3.66		3.51		3.41
Automobile	5.05		4.82		4.51		4.17		3.94
Home equity	7.77		7.70		7.66		7.42		7.14
RV and marine	5.04		5.13		4.96		4.59		4.42
Other consumer	11.91		11.67		11.67		11.59		11.18
Total consumer	5.20		5.12		4.97		4.74		4.57
Total loans and leases	5.92		5.82		5.76		5.51		5.27
Total earning assets	5.54		5.47		5.39		5.13		4.89
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	2.09		2.06		1.98		1.68		1.32
Money market deposits	3.61		3.44		3.12		2.64		1.87
Savings and other domestic deposits	0.24		0.19		0.15		0.11		0.07
Core certificates of deposit (3)	4.64		4.40		4.17		3.78		3.01

Other domestic deposits of $250,000 or more	4.18		4.20		3.78		3.27		2.45
Negotiable CDS, brokered and other deposits	5.19		5.33		4.93		5.07		4.56

Total interest-bearing deposits	2.85		2.71		2.45		2.06		1.52
Short-term borrowings	5.95		5.84		7.60		5.70		5.56
Long-term debt	6.30		6.46		6.27		5.79		5.52
Total interest-bearing liabilities	3.23		3.09		2.88		2.66		2.02

Net interest rate spread	2.31		2.38		2.51		2.47		2.87
Impact of noninterest-bearing funds on margin	0.70		0.69		0.69		0.64		0.53
Net interest margin	3.01	%	3.07	%	3.20	%	3.11	%	3.40	%


Commercial Loan Derivative Impact
(Unaudited)	Quarterly Average Rates
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2024		2023		2023		2023		2023
Commercial loans (2)(4)	7.22	%	7.14	%	7.09	%	6.82	%	6.42	%
Impact of commercial loan derivatives	(0.73)		(0.75)		(0.70)		(0.72)		(0.60)
Total commercial - as reported	6.49	%	6.39	%	6.39	%	6.10	%	5.82	%
Average 1 Month LIBOR							5.09	%	4.62	%
Average SOFR	5.32	%	5.32	%	5.23	%	4.97	%	4.50	%

(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 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)	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023
Interest income	$	2,380	$	2,350	$	2,313	$	2,225	$	2,028
Interest expense	1,093		1,034		945		879		619
Net interest income	1,287		1,316		1,368		1,346		1,409
Provision for credit losses	107		126		99		92		85
Net interest income after provision for credit losses	1,180		1,190		1,269		1,254		1,324
Payments and cash management revenue	146		150		152		146		137
Wealth and asset management revenue	88		86		79		83		80
Customer deposit and loan fees	77		80		80		76		76
Capital markets and advisory fees	56		69		52		62		65
Leasing revenue	22		29		32		25		26
Mortgage banking income	31		23		27		33		26
Insurance income	19		19		18		18		19
Bank owned life insurance income	16		16		18		16		16
Gain on sale of loans	5		1		2		8		3
Net gains (losses) on sales of securities	—		(3)		—		(5)		1
Other noninterest income	7		(65)		49		33		63
Total noninterest income	467		405		509		495		512
Personnel costs	639		645		622		613		649
Outside data processing and other services	166		157		149		148		151
Deposit and other insurance expense	54		234		25		23		20
Equipment	70		70		65		64		64
Net occupancy	57		65		67		54		60
Marketing	28		29		29		32		25
Professional services	25		35		27		21		16
Amortization of intangibles	12		12		12		13		13
Lease financing equipment depreciation	4		5		6		8		8
Other noninterest expense	82		96		88		74		80
Total noninterest expense	1,137		1,348		1,090		1,050		1,086
Income before income taxes	510		247		688		699		750
Provision (benefit) for income taxes	86		(1)		136		134		144
Income after income taxes	424		248		552		565		606
Income attributable to non-controlling interest	5		5		5		6		4
Net income attributable to Huntington	419		243		547		559		602
Dividends on preferred shares	36		36		37		40		29
Impact of preferred stock repurchases	—		(8)		—		—		—
Net income applicable to common shares	$	383	$	215	$	510	$	519	$	573

Average common shares - basic	1,448		1,448		1,448		1,446		1,443
Average common shares - diluted	1,473		1,469		1,468		1,466		1,469

Per common share
Net income - basic	$	0.26	$	0.15	$	0.35	$	0.36	$	0.40
Net income - diluted	0.26		0.15		0.35		0.35		0.39
Cash dividends declared	0.155		0.155		0.155		0.155		0.155

Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,287	$	1,316	$	1,368	$	1,346	$	1,409
FTE adjustment	13		11		11		11		9
Net interest income (1)	1,300		1,327		1,379		1,357		1,418
Noninterest income	467		405		509		495		512
Total revenue (1)	$	1,767	$	1,732	$	1,888	$	1,852	$	1,930

(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
	March 31,			December 31,			September 30,			June 30,			March 31,			Percent Changes vs.
(dollar amounts in millions)	2024			2023			2023			2023			2023			4Q23		1Q23
Net origination and secondary marketing income	$	16		$	12		$	18		$	23		$	16		33	%	—	%
Net mortgage servicing income
Loan servicing income	25			24			24			23			23			4		9
Amortization of capitalized servicing	(11)			(13)			(13)			(12)			(10)			15		(10)
Operating income	14			11			11			11			13			27		8
MSR valuation adjustment (1)	20			(34)			38			15			(12)			159		267
(Losses) gains due to MSR hedging	(19)			34			(38)			(15)			9			(156)		(311)
Net MSR risk management	1			—			—			—			(3)			100		133
Total net mortgage servicing income	$	15		$	11		$	11		$	11		$	10		36	%	50	%
All other	—			—			(2)			(1)			—			—		—
Mortgage banking income	$	31		$	23		$	27		$	33		$	26		35	%	19	%

Mortgage origination volume	$	1,276		$	1,666		$	2,020		$	2,504		$	1,412		(23)	%	(10)	%
Mortgage origination volume for sale	834			962			1,195			1,239			809			(13)		3

Third party mortgage loans serviced (2)	33,303			33,237			32,965			32,712			32,496			—		2
Mortgage servicing rights (2)	534			515			547			505			485			4		10
MSR % of investor servicing portfolio (2)	1.60		%	1.55		%	1.66		%	1.55		%	1.49		%	3	%	7	%

(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
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Allowance for loan and lease losses, beginning of period	$	2,255		$	2,208		$	2,177		$	2,142		$	2,121

Loan and lease charge-offs	(128)			(132)			(131)			(92)			(99)
Recoveries of loans and leases previously charged-off	36			38			58			43			42
Net loan and lease charge-offs	(92)			(94)			(73)			(49)			(57)
Provision for loan and lease losses	117			141			104			84			78


Allowance for loan and lease losses, end of period	2,280			2,255			2,208			2,177			2,142
Allowance for unfunded lending commitments, beginning of period	145			160			165			157			150

Provision for unfunded lending commitments	(10)			(15)			(5)			8			7


Allowance for unfunded lending commitments, end of period	135			145			160			165			157
Total allowance for credit losses, end of period	$	2,415		$	2,400		$	2,368		$	2,342		$	2,299
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.86		%	1.85		%	1.83		%	1.80		%	1.77		%
Nonaccrual loans and leases (NALs)	318			338			373			427			402
Nonperforming assets (NPAs)	309			317			348			391			371
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.97		%	1.97		%	1.96		%	1.93		%	1.90		%
Nonaccrual loans and leases (NALs)	337			360			400			459			431
Nonperforming assets (NPAs)	327			337			373			420			398


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2024		2023		2023		2023		2023
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	974	$	993	$	973	$	994	$	967
Commercial real estate	564		522		483		442		440
Lease financing	51		48		48		47		50
Total commercial	1,589		1,563		1,504		1,483		1,457
Consumer
Residential mortgage	163		188		200		194		176
Automobile	146		142		143		144		151
Home equity	137		114		115		119		118
RV and marine	148		148		151		145		144
Other consumer	97		100		95		92		96
Total consumer	691		692		704		694		685
Total allowance for loan and lease losses	2,280		2,255		2,208		2,177		2,142
Allowance for unfunded lending commitments	135		145		160		165		157
Total allowance for credit losses	$	2,415	$	2,400	$	2,368	$	2,342	$	2,299

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	42		$	39		$	32		$	20		$	16



Commercial real estate	13			21			11			7			18
Lease financing	—			(3)			2			—			(5)
Total commercial	55			57			45			27			29
Consumer:
Residential mortgage	—			—			1			1			—
Automobile	9			9			4			3			5
Home equity	—			—			—			—			(1)
RV and marine	5			5			3			2			2
Other consumer	23			23			20			16			22
Total consumer	37			37			28			22			28
Total net charge-offs	$	92		$	94		$	73		$	49		$	57


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2024			2023			2023			2023			2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.33		%	0.32		%	0.26		%	0.15		%	0.13		%



Commercial real estate	0.41			0.65			0.35			0.23			0.51
Lease financing	0.01			(0.24)			0.12			—			(0.37)
Total commercial	0.32			0.34			0.27			0.16			0.17
Consumer:
Residential mortgage	—			0.01			0.01			0.01			0.01
Automobile	0.27			0.27			0.14			0.10			0.14
Home equity	0.01			0.01			(0.01)			(0.02)			(0.02)
RV and marine	0.36			0.34			0.16			0.13			0.18
Other consumer	6.39			6.48			6.09			5.17			6.37
Total consumer	0.28			0.28			0.21			0.17			0.21
Net charge-offs as a % of average loans and leases	0.30		%	0.31		%	0.24		%	0.16		%	0.19		%

Huntington Bancshares Incorporated

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

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	376		$	344		$	314		$	267		$	273
Commercial real estate	154			140			102			75			86
Lease financing	10			14			14			15			14
Residential mortgage	75			72			75			73			81
Automobile	4			4			4			4			4
Home equity	96			91			82			75			74
RV and marine	1			2			1			1			1

Total nonaccrual loans and leases	716			667			592			510			533



Other real estate, net	10			10			14			18			20
Other NPAs (1)	12			34			28			29			25
Total nonperforming assets	$	738		$	711		$	634		$	557		$	578

Nonaccrual loans and leases as a % of total loans and leases	0.58		%	0.55		%	0.49		%	0.42		%	0.44		%
NPA ratio (2)	0.60			0.58			0.52			0.46			0.48
(NPA+90days)/(Loan+OREO) (3)	0.75			0.74			0.66			0.60			0.63


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2024		2023		2023		2023		2023
Nonperforming assets, beginning of period	$	711	$	634	$	557	$	578	$	594
New nonperforming assets	263		300		252		188		237


Returns to accruing status	(68)		(47)		(23)		(34)		(73)
Charge-offs	(64)		(73)		(62)		(42)		(54)
Payments	(102)		(98)		(85)		(118)		(124)
Sales	(2)		(5)		(5)		(15)		(2)

Nonperforming assets, end of period	$	738	$	711	$	634	$	557	$	578

(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)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	1		$	1		$	—		$	7		$	12

Lease financing	3			4			7			12			10
Residential mortgage (excluding loans guaranteed by the U.S. Government)	26			27			22			18			20
Automobile	8			9			8			6			7
Home equity	17			22			19			18			18
RV and marine	2			3			2			2			2
Other consumer	4			4			3			3			2
Total, excl. loans guaranteed by the U.S. Government	61			70			61			66			71
Add: loans guaranteed by U.S. Government	122			119			102			103			114
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	183		$	189		$	163		$	169		$	185

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

Huntington Bancshares Incorporated

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

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity	$	19,322		$	19,353		$	18,483		$	18,788		$	18,758
Regulatory capital adjustments:
CECL transitional amount (2)	109			219			219			219			219
Shareholders’ preferred equity and related surplus	(2,404)			(2,404)			(2,494)			(2,494)			(2,494)
Accumulated other comprehensive loss	2,879			2,676			3,622			3,006			2,755
Goodwill and other intangibles, net of taxes	(5,574)			(5,591)			(5,605)			(5,620)			(5,636)
Deferred tax assets from tax loss and credit carryforwards	(48)			(41)			(14)			(14)			(14)
Common equity tier 1 capital	14,284			14,212			14,211			13,885			13,588
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	2,404			2,404			2,494			2,494			2,494


Tier 1 capital	16,688			16,616			16,705			16,379			16,082
Long-term debt and other tier 2 qualifying instruments	1,278			1,306			1,383			1,394			1,395
Qualifying allowance for loan and lease losses	1,747			1,735			1,758			1,767			1,779
Tier 2 capital	3,025			3,041			3,141			3,161			3,174
Total risk-based capital	$	19,713		$	19,657		$	19,846		$	19,540		$	19,256
Risk-weighted assets (RWA)(1)	$	139,616		$	138,706		$	140,688		$	141,432		$	142,335
Common equity tier 1 risk-based capital ratio (1)	10.2		%	10.2		%	10.1		%	9.8		%	9.5		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	8.9			9.3			9.4			9.0			8.8
Tier 1 risk-based capital ratio (1)	12.0			12.0			11.9			11.6			11.3
Total risk-based capital ratio (1)	14.1			14.2			14.1			13.8			13.5
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	8.1			8.1			7.3			7.5			7.4

(1)March 31, 2024 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, 2024, 75% of the cumulative CECL deferral has been phased in. As of December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, 50% 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


	March 31,		December 31,		September 30,		June 30,		March 31,
	2024		2023		2023		2023		2023






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		1,448		1,448		1,446		1,443
Average - diluted	1,473		1,469		1,468		1,466		1,469
Ending	1,449		1,448		1,448		1,448		1,444
Tangible book value per common share (1)	$	7.77	$	7.79	$	7.12	$	7.33	$	7.32

Non-regulatory capital


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2024			2023			2023			2023			2023
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity	$	19,322		$	19,353		$	18,483		$	18,788		$	18,758
Goodwill and other intangible assets	(5,692)			(5,704)			(5,716)			(5,728)			(5,741)

Deferred tax liability on other intangible assets (1)	28			30			33			35			38
Total tangible equity	13,658			13,679			12,800			13,095			13,055
Preferred equity	(2,394)			(2,394)			(2,484)			(2,484)			(2,484)
Total tangible common equity	$	11,264		$	11,285		$	10,316		$	10,611		$	10,571
Total assets	$	193,519		$	189,368		$	186,650		$	188,505		$	189,070
Goodwill and other intangible assets	(5,692)			(5,704)			(5,716)			(5,728)			(5,741)
Deferred tax liability on other intangible assets (1)	28			30			33			35			38
Total tangible assets	$	187,855		$	183,694		$	180,967		$	182,812		$	183,367
Tangible equity / tangible asset ratio	7.3		%	7.4		%	7.1		%	7.2		%	7.1		%
Tangible common equity / tangible asset ratio	6.0		%	6.1		%	5.7		%	5.8		%	5.8		%
Other data:
Number of employees (Average full-time equivalent)	19,719			19,612			19,826			20,200			20,198
Number of domestic full-service branches (2)	969			999			1,001			1,001			1,001
ATM Count	1,606			1,630			1,631			1,641			1,668

(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.