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 17, 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 October 17, 2024, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2024. Also on October 17, 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 October 17, 2024, 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 #13749221. 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 25, 2024 at (877) 660-6853 or (201) 612-7415; conference ID #13749221.

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 and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from 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; changing 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; changes in policies and standards for regulatory review of bank mergers; 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 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, 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 17, 2024.

Exhibit 99.2 – Quarterly Financial Supplement, September 30, 2024.

EXHIBIT INDEX


Exhibit No.			Description

Exhibit 99.1			News release of Huntington Bancshares Incorporated, dated October 17 , 2024
Exhibit 99.2			Quarterly Financial Supplement, September 30, 2024






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 17, 2024

By:

/s/ Zachary Wasserman

Zachary Wasserman

Chief Financial Officer

EX-99.1 2 hban20240930_8kex991.htm EX-99.1 Document

Exhibit 99.1

October 17, 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 THIRD-QUARTER EARNINGS

Q3 Results Highlighted by Sequential Expansion of Net Interest Income and Fee Revenues, Sustained Loan and Deposit Growth, and Strong Credit Quality

2024 Third-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.33, higher by $0.03 from the prior quarter, and lower by $0.02 from the year-ago quarter.

•Net interest income increased $39 million, or 3%, from the prior quarter, and decreased $17 million, or 1%, from the year-ago quarter.

•Noninterest income increased $32 million, or 7%, from the prior quarter, to $523 million. From the year-ago quarter, noninterest income increased $14 million, or 3%. Excluding the mark-to-market on pay-fixed swaptions in the third quarter 2023 and mark-to-market and premiums from credit risk transfer transactions during the current quarter, noninterest income increased by $55 million, or 12% from the year-ago quarter.

•Average total loans and leases increased $1.1 billion, or 1%, from the prior quarter to $124.5 billion, and increased $3.7 billion, or 3%, from the year-ago quarter.

◦Ending total loans increased $2.0 billion, or 2%, from the prior quarter, or 6% on an annualized basis, and $5.5 billion, or 5%, from the year-ago quarter.

•Average total deposits increased $2.9 billion, or 2%, from the prior quarter and $8.3 billion, or 6%, from the year-ago quarter.

◦Ending total deposits increased $4.0 billion, or 3%, from the prior quarter and $9.5 billion, or 6%, from the year-ago quarter.

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

•Nonperforming asset ratio of 0.62% at quarter end.

•Allowance for credit losses (ACL) of $2.4 billion, or 1.93% of total loans and leases, at quarter end.

•Cash and cash equivalents and available contingent borrowing capacity totaled $95 billion at September 30, 2024, and represented 195% of estimated uninsured deposits.

•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.4%, at September 30, 2024, unchanged from the prior quarter. Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.9%, up from 8.6% in the prior quarter.

•Tangible common equity (TCE) ratio of 6.4%, up from 6.0% in the prior quarter and up from 5.7% a year ago.

•Tangible book value per share of $8.65, up $0.76, or 10%, from the prior quarter and $1.53, or 21%, from a year ago.

•Huntington was ranked first nationally for SBA 7(a) loan originations by volume for the seventh year in a row for SBA fiscal year 2024 and the 16th 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 2024 third quarter of $517 million, or $0.33 per common share, an increase of $43 million, or $0.03, from the prior quarter, and a decrease of $30 million, or $0.02, from the year-ago quarter.

Return on average assets was 1.04%, return on average common equity was 10.8%, and return on average tangible common equity (ROTCE) was 16.2%.

CEO Commentary:

“Our third quarter results were highlighted by sequential revenue and profit expansion", said Steve Steinour, chairman, president, and CEO. “We drove accelerated loan growth and sustained deposit gathering in the quarter, while actively executing our down-rate action plans. We are also pleased with a very strong performance in our value added fees businesses."

“Huntington continues to operate from a position of strength given disciplined management actions the company has sustained over many years. Our liquidity and capital are robust and support our continued focus on driving organic growth. We are continuing to acquire and deepen customer relationships, expanding in our existing business and new markets and verticals."

"Credit continues to perform very well, with stable net-charge offs and improved nonperforming asset and criticized asset ratios, consistent with our aggregate moderate-to-low risk appetite. Our customers continue to show strength and resiliency, which supports a constructive outlook.”

“We anticipate accelerated loan growth to continue in the fourth quarter, supported by our core businesses and successful execution of new initiatives, which are tracking above plan. Loan pipelines are robust as we enter the fourth quarter, and we believe this growth momentum establishes a foundation for growing revenue and expanded profitability heading into 2025”.

Table 1 – Earnings Performance Summary


	2024									2023
(in millions, except per share data)	Third			Second			First			Fourth			Third
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington	$	517		$	474		$	419		$	243		$	547
Diluted earnings per common share	0.33			0.30			0.26			0.15			0.35

Return on average assets	1.04		%	0.98		%	0.89		%	0.51		%	1.16		%
Return on average common equity	10.8			10.4			9.2			5.2			12.4
Return on average tangible common equity	16.2			16.1			14.2			8.4			19.5
Net interest margin	2.98			2.99			3.01			3.07			3.20
Efficiency ratio	59.4			60.8			63.7			77.0			57.0

Tangible book value per common share	$	8.65		$	7.89		$	7.77		$	7.79		$	7.12
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.155

Average earning assets	$	181,891		$	178,062		$	173,764		$	171,360		$	170,948
Average loans and leases	124,507			123,376			121,930			121,229			120,784
Average core deposits	149,734			147,393			144,960			144,384			143,110

Tangible common equity / tangible assets ratio	6.4		%	6.0		%	6.0		%	6.1		%	5.7		%
Common equity Tier 1 risk-based capital ratio (1)	10.4			10.4			10.2			10.2			10.1

NCOs as a % of average loans and leases	0.30		%	0.29		%	0.30		%	0.31		%	0.24		%
NAL ratio	0.58			0.59			0.58			0.55			0.49
ACL as a % of total loans and leases	1.93			1.95			1.97			1.97			1.96

(1)September 30, 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 September 30, 2024					$	517	$	0.33
•	Staffing efficiencies and corporate real estate consolidation expense (3)	$	(13)		$	(10)	$	—
	FDIC Deposit Insurance Fund (DIF) special assessment (4)	7			6		$	—

Three Months Ended June 30, 2024					$	474	$	0.30
•	FDIC DIF special assessment (4)	$	(6)		$	(5)	—









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

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

(3)Staffing efficiencies includes severance expense recorded in personnel costs and corporate real estate consolidation expense recorded in net occupancy expense. See Table 8 for details.

(4)Represents the updated estimates on the uninsured deposit losses and recoverable assets related to the FDIC DIF special assessment, associated with the 2023 FDIC closures. These amounts are recorded in deposit and other insurance expense.

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)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,351	$	1,312	$	1,287	$	1,316	$	1,368	3	%	(1)	%
FTE adjustment	13		13		13		11		11		—		18
Net interest income - FTE	1,364		1,325		1,300		1,327		1,379		3		(1)
Noninterest income	523		491		467		405		509		7		3
Total revenue - FTE	$	1,887	$	1,816	$	1,767	$	1,732	$	1,888	4	%	—	%


	2024						2023
	Third		Second		First		Fourth		Third		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	5.62	%	5.62	%	5.54	%	5.47	%	5.39	%	—	23
Total loans and leases	6.05		6.01		5.92		5.82		5.76		4	29
Total securities	4.26		4.29		4.19		4.23		4.15		(3)	11
Total interest-bearing liabilities	3.32		3.34		3.23		3.09		2.88		(2)	44
Total interest-bearing deposits	2.94		2.94		2.85		2.71		2.45		—	49

Net interest rate spread	2.30		2.28		2.31		2.38		2.51		2	(21)
Impact of noninterest-bearing funds on margin	0.68		0.71		0.70		0.69		0.69		(3)	(1)
Net interest margin	2.98	%	2.99	%	3.01	%	3.07	%	3.20	%	(1)	(22)

See Page 9 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2024 third quarter decreased $15 million, or 1%, from the 2023 third quarter. The results primarily reflect a 22 basis point decrease in the net interest margin (NIM) to 2.98% and a $14.4 billion, or 11%, increase in average interest-bearing liabilities, partially offset by a $10.9 billion, or 6%, increase in average earning assets. The lower NIM was primarily driven by higher cost of funds given the higher interest rate environment, $12.3 billion in average interest-bearing deposit growth, and higher balances held at the Federal Reserve Bank, partially offset by higher loan and lease and investment security yields.

Compared to the 2024 second quarter, FTE net interest income increased $39 million, or 3%, driven by an increase average earnings assets of $3.8 billion, or 2%, partially offset by an increase in average interest-bearing liabilities of $4.1 billion, or 3%. The NIM was relatively stable at 2.98% compared to the prior quarter NIM of 2.99%.

Table 4 – Average Earning Assets


	2024						2023
($ in billions)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	52.2	$	51.7	$	50.6	$	49.9	$	49.4	1	%	6	%
Commercial real estate	11.7		12.2		12.6		12.6		13.0		(3)		(9)
Lease financing	5.2		5.1		5.1		5.1		5.1		2		3
Total commercial	69.1		69.0		68.3		67.6		67.5		—		2

Residential mortgage	24.1		23.9		23.7		23.6		23.3		1		3
Automobile	13.6		13.0		12.6		12.6		12.7		5		7
Home equity	10.1		10.1		10.1		10.1		10.1		—		—
RV and marine	6.0		6.0		5.9		5.9		5.8		1		4
Other consumer	1.6		1.5		1.4		1.4		1.4		7		15
Total consumer	55.4		54.4		53.7		53.7		53.3		2		4
Total loans and leases	124.5		123.4		121.9		121.2		120.8		1		3
Total securities	44.2		43.0		41.6		39.5		40.0		3		10
Interest-earning deposits with banks	12.5		11.1		9.8		10.0		9.5		13		31
Other earning assets	0.7		0.6		0.5		0.6		0.6		18		7
Total earning assets	$	181.9	$	178.1	$	173.8	$	171.4	$	170.9	2	%	6	%

See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2024 third quarter increased $10.9 billion, or 6%, from the year-ago quarter, primarily reflecting a $4.2 billion, or 10%, increase in average total securities, a $3.7 billion, or 3%, increase in average total loans and leases, and a $3.0 billion, or 31%, increase in average interest-earning deposits with banks. Average loan and lease balance increases were led by growth in average consumer loans of $2.1 billion, or 4%, primarily driven by a $837 million, or 7%, increase in average automobile loans and a $796 million, or 3%, increase in average residential mortgage loans. Additionally, average commercial loans and leases increased by $1.7 billion, or 2%, primarily driven by a $2.7 billion, or 6%, increase in average commercial and industrial loans, partially offset by a $1.2 billion, or 9%, decrease in average commercial real estate loans.

Compared to the 2024 second quarter, average earning assets increased $3.8 billion, or 2%, primarily reflecting a $1.4 billion, or 13%, increase in average interest-earning deposits with banks, a $1.2 billion, or 3%, increase in average total securities, and a $1.1 billion, or 1%, increase in average total loans and leases. Average loan and lease balance increases were driven by an increase in average consumer loan balances of $971 million or 2%, primarily due to an increase in automobile loans. Average commercial loans also increased $160 million, primarily due to an increase in commercial and industrial balances, partially offset by a decrease in commercial real estate balances.

Table 5 – Liabilities


	2024						2023
	Third		Second		First		Fourth		Third		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Average balances:
Demand deposits - noninterest-bearing	$	28.8	$	29.6	$	29.9	$	31.2	$	32.8	(3)	%	(12)	%
Demand deposits - interest-bearing	40.9		39.1		38.5		39.1		39.8		5		3
Total demand deposits	69.7		68.7		68.4		70.3		72.6		1		(4)
Money market deposits	50.3		48.3		46.1		44.0		41.4		4		21
Savings and other domestic deposits	15.9		16.4		16.6		16.9		17.8		(3)		(11)
Core certificates of deposit	13.8		14.0		13.9		13.1		11.3		(2)		22
Total core deposits	149.7		147.4		145.0		144.4		143.1		2		5
Other domestic deposits of $250,000 or more	0.5		0.4		0.4		0.4		0.4		1		12
Negotiable CDs, brokered and other deposits	6.3		5.7		5.3		4.8		4.6		10		36

Total deposits	$	156.5	$	153.5	$	150.7	$	149.6	$	148.1	2	%	6	%

Short-term borrowings	$	0.8	$	1.2	$	1.3	$	1.9	$	0.9	(32)	%	(4)	%
Long-term debt	15.9		15.1		13.8		12.2		13.8		5		15
Total debt	$	16.7	$	16.3	$	15.1	$	14.1	$	14.7	2	%	14	%

Total interest-bearing liabilities	$	144.4	$	140.3	$	135.9	$	132.6	$	130.0	3	%	11	%
Total liabilities	178.1		175.3		171.0		169.2		167.8		2		6

Period end balances:






Total core deposits	$	151.3	$	147.5	$	147.3	$	145.5	$	144.2	3	%	5	%



Other deposits	7.1		6.9		5.9		5.7		4.7		3		51
Total deposits	$	158.4	$	154.4	$	153.2	$	151.2	$	148.9	3	%	6	%

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

Average total liabilities for the 2024 third quarter increased $10.3 billion, or 6%, from the year-ago quarter. Average total deposits increased $8.3 billion, or 6%, primarily driven by an increase in average total core deposits of $6.6 billion, or 5%. Average total debt increased $2.1 billion, or 14%, as part of normal management of funding needs.

Compared to the 2024 second quarter, average total liabilities increased $2.9 billion, or 2%, driven by an increase in average total deposits of $2.9 billion, or 2%.

Noninterest Income

Table 6 – Noninterest Income


	2024						2023
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Payments and cash management revenue	$	158	$	154	$	146	$	150	$	152	3	%	4	%
Wealth and asset management revenue	93		90		88		86		79		3		18
Customer deposit and loan fees	86		83		77		80		80		4		8
Capital markets and advisory fees	78		73		56		69		52		7		50
Leasing revenue	19		19		22		29		32		—		(41)
Mortgage banking income	38		30		31		23		27		27		41
Insurance income	18		18		19		19		18		—		—
Bank owned life insurance income	20		17		16		16		18		18		11
Gain on sale of loans	7		2		5		1		2		250		250
Net gains (losses) on sales of securities	—		—		—		(3)		—		—		—
Other noninterest income	6		5		7		(65)		49		20		(88)
Total noninterest income	$	523	$	491	$	467	$	405	$	509	7	%	3	%





Additional information:
Impact of mark-to-market and premiums from credit risk transfer transactions (other noninterest income)	$	(8)	$	(9)	$	(2)	$	(2)	$	—	(11)		NM
Impact of mark-to-market on pay-fixed swaptions (other noninterest income)	$	—	$	—	$	—	$	(74)	$	33	—		NM

NM - Not Meaningful

Total noninterest income for the 2024 third quarter increased $14 million, or 3%, from the year-ago quarter. Capital markets and advisory fees increased $26 million, or 50%, primarily due to higher underwriting and interest rate derivative fees. Wealth and asset management revenue increased $14 million, or 18%, reflecting higher assets under management as well as higher fixed annuity commissions. Mortgage banking income increased $11 million, or 41%, primarily due to higher saleable spreads. Payments and cash management revenue increased by $6 million, or 4%, reflecting higher card and merchant acquiring transaction revenue. In addition, customer deposit and loan fees increased $6 million, or 8%, primarily due to higher loan commitment fees. Partially offsetting these increases, other noninterest income decreased $43 million. Other noninterest income in the 2023 third quarter included a $33 million mark-to-market benefit on pay-fixed swaptions, while the 2024 third quarter included $8 million of contra-revenue related to premium costs and mark-to-market associated with credit risk transfer transactions. Leasing revenue was also lower by $13 million, or 41%, driven by lower income from terminated leases.

Total noninterest income increased $32 million, or 7%, to $523 million for the 2024 third quarter, compared to $491 million for the 2024 second quarter. Mortgage banking income increased $8 million, or 27%, driven by higher saleable spreads. Capital markets and advisory fees increased $5 million, or 7%, due to higher underwriting and interest rate derivative fees, partially offset by seasonally lower advisory fees. Gain on sale of loans increased $5 million.

Noninterest Expense

Table 7 – Noninterest Expense


	2024						2023
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	684	$	663	$	639	$	645	$	622	3	%	10	%
Outside data processing and other services	167		165		166		157		149		1		12
Deposit and other insurance expense	15		25		54		234		25		(40)		(40)
Equipment	65		62		70		70		65		5		—
Net occupancy	57		51		57		65		67		12		(15)
Marketing	33		27		28		29		29		22		14
Professional services	21		26		25		35		27		(19)		(22)
Amortization of intangibles	11		12		12		12		12		(8)		(8)
Lease financing equipment depreciation	4		4		4		5		6		—		(33)
Other noninterest expense	73		82		82		96		88		(11)		(17)
Total noninterest expense	$	1,130	$	1,117	$	1,137	$	1,348	$	1,090	1	%	4	%
(in thousands)
Average full-time equivalent employees	20.0		19.9		19.7		19.6		19.8		1	%	1	%

Table 8 - Impact of Notable Items


	2024						2023
	Third		Second		First		Fourth		Third
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	12	$	—	$	7	$	2	$	8

Deposit and other insurance expense	(7)		6		32		214		—
Equipment	—		—		—		1		—
Net occupancy	1		—		—		8		7




Other noninterest expense	—		—		—		1		—
Total noninterest expense	$	6	$	6	$	39	$	226	$	15

Table 9 - Adjusted Noninterest Expense (Non-GAAP)


	2024						2023
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	672	$	663	$	632	$	643	$	614	1	%	9	%
Outside data processing and other services	167		165		166		157		149		1		12
Deposit and other insurance expense	22		19		22		20		25		16		(12)
Equipment	65		62		70		69		65		5		—
Net occupancy	56		51		57		57		60		10		(7)
Marketing	33		27		28		29		29		22		14
Professional services	21		26		25		35		27		(19)		(22)
Amortization of intangibles	11		12		12		12		12		(8)		(8)
Lease financing equipment depreciation	4		4		4		5		6		—		(33)
Other noninterest expense	73		82		82		95		88		(11)		(17)
Total adjusted noninterest expense	$	1,124	$	1,111	$	1,098	$	1,122	$	1,075	1	%	5	%

Reported total noninterest expense for the 2024 third quarter increased $40 million, or 4%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $49 million, or 5%, primarily driven by higher personnel costs of $58 million, or 9%, due to higher salary, benefit, and incentive compensation expense, and outside data processing and other services increased $18 million, or 12%, reflecting higher technology and data expense. Partially offsetting these increases, other noninterest expense decreased $15 million, largely due to a gain from the call of subordinated debt and lower franchise and other taxes, and professional services decreased $6 million.

Reported total noninterest expense increased $13 million, or 1%, from the 2024 second quarter. Excluding the impact from Notable Items, noninterest expense increased $13 million, or 1%, primarily driven by higher personnel costs of $9 million, or 1%, due primarily to higher salary expense and an increase in marketing expense of $6 million, or 22%. Partially offsetting these increases, other noninterest expense decreased $9 million.

Credit Quality

Table 10 – Credit Quality Metrics


	2024									2023
($ in millions)	September 30,			June 30,			March 31,			December 31,			September 30,
Total nonaccrual loans and leases	$	738		$	733		$	716		$	667		$	592
Total other real estate, net	8			10			10			10			14
Other NPAs (1)	38			37			12			34			28
Total nonperforming assets	784			780			738			711			634
Accruing loans and leases past due 90+ days	224			175			183			189			163
NPAs + accruing loans & leases past due 90+ days	$	1,008		$	955		$	921		$	900		$	797
NAL ratio (2)	0.58		%	0.59		%	0.58		%	0.55		%	0.49		%
NPA ratio (3)	0.62			0.63			0.60			0.58			0.52
(NPAs+90 days)/(Loans+OREO)	0.80			0.77			0.75			0.74			0.66


Provision for credit losses	$	106		$	100		$	107		$	126		$	99
Net charge-offs	93			90			92			94			73
Net charge-offs / Average total loans and leases	0.30		%	0.29		%	0.30		%	0.31		%	0.24		%
Allowance for loans and lease losses (ALLL)	$	2,235		$	2,304		$	2,280		$	2,255		$	2,208
Allowance for unfunded lending commitments	201			119			135			145			160
Allowance for credit losses (ACL)	$	2,436		$	2,423		$	2,415		$	2,400		$	2,368
ALLL as a % of:
Total loans and leases	1.77		%	1.85		%	1.86		%	1.85		%	1.83		%
NALs	303			314			318			338			373
NPAs	285			296			309			317			348
ACL as a % of:
Total loans and leases	1.93		%	1.95		%	1.97		%	1.97		%	1.96		%
NALs	330			331			337			360			400
NPAs	311			311			327			337			373

(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 $784 million, or 0.62%, of total loans and leases, OREO and other NPAs, compared to $634 million, or 0.52%, a year-ago. Nonaccrual loans and leases (NALs) were $738 million, or 0.58% of total loans and leases, compared to $592 million, or 0.49% of total loans and leases, a year-ago. The increase in NPAs was driven by increases in commercial and industrial and commercial real estate NALs. On a linked quarter basis, NPAs increased $4 million, or 1%, and NALs increased $5 million, or 1%. The increase in NPAs was primarily driven by increase in commercial and industrial NALs, partially offset by a decrease in commercial real estate NALs.

The provision for credit losses increased $7 million year-over-year and increased $6 million quarter-over-quarter to $106 million in the 2024 third quarter. Net charge-offs (NCOs) increased $20 million year-over-year and increased $3 million quarter-over-quarter to $93 million. NCOs represented an annualized 0.30% of average loans and leases in the current quarter, up from 0.24% in the year-ago quarter and up from 0.29% 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 0.31% and 0.28%, respectively, for the 2024 third quarter.

The allowance for loan and lease losses (ALLL) increased $27 million from the year-ago quarter to $2.2 billion, or 1.77% of total loans and leases. The allowance for credit losses (ACL) increased by $68 million from the year-ago quarter to $2.4 billion, or 1.93% of total loans and leases. The ACL coverage ratio was 1.93%, 2 basis points lower than the prior quarter, reflective of the current macroeconomic environment.

Capital

Table 11 – Capital Ratios


	2024									2023
($ in billions)	September 30,			June 30,			March 31,			December 31,			September 30,
Tangible common equity / tangible assets ratio	6.4		%	6.0		%	6.0		%	6.1		%	5.7		%
Common equity tier 1 risk-based capital ratio (1)	10.4			10.4			10.2			10.2			10.1
Regulatory Tier 1 risk-based capital ratio (1)	12.1			12.1			12.0			12.0			11.9
Regulatory Total risk-based capital ratio (1)	14.1			14.3			14.1			14.2			14.1
Total risk-weighted assets (1)	$	142.5		$	139.4		$	139.6		$	138.7		$	140.7

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

See Pages 16-17 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 6.4% at September 30, 2024 an increase from 6.0% at June 30, 2024, driven by an improvement in accumulated other comprehensive income and an increase in tangible common equity from current period earnings, net of dividends, partially offset by an increase in tangible assets. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.4% at both September 30, 2024 and June 30, 2024 as current period earnings, net of dividends, were offset by higher risk-weighted assets during the quarter.

Income Taxes

The provision for income taxes was $116 million in the 2024 third quarter compared to $106 million in the 2024 second quarter. The effective tax rate for both the 2024 third quarter and 2024 second quarter was 18.2%.

At September 30, 2024, we had a net federal deferred tax asset of $515 million and a net state deferred tax asset of $80 million.

Conference Call / Webcast Information

Please see the 2024 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 $201 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 975 branches in 12 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 items 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 hban20240930_8kex992.htm EX-99.2 Document

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

September 30, 2024

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

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)	September 30,			June 30,			September 30,			Percent Changes vs.
	2024			2024			2023			2Q24		3Q23
Net interest income (1)	$	1,364		$	1,325		$	1,379		3	%	(1)	%
FTE adjustment	(13)			(13)			(11)			—		(18)
Net interest income	1,351			1,312			1,368			3		(1)
Provision for credit losses	106			100			99			6		7
Noninterest income	523			491			509			7		3
Noninterest expense	1,130			1,117			1,090			1		4
Income before income taxes	638			586			688			9		(7)
Provision for income taxes	116			106			136			9		(15)
Income after income taxes	522			480			552			9		(5)
Income attributable to non-controlling interest	5			6			5			(17)		—
Net income attributable to Huntington	517			474			547			9		(5)
Dividends on preferred shares	36			35			37			3		(3)

Net income applicable to common shares	$	481		$	439		$	510		10	%	(6)

Net income per common share - diluted	$	0.33		$	0.30		$	0.35		10	%	(6)	%
Cash dividends declared per common share	0.155			0.155			0.155			—		—
Tangible book value per common share at end of period	8.65			7.89			7.12			10		21

Average common shares - basic	1,453			1,451			1,448			—		—
Average common shares - diluted	1,477			1,474			1,468			—		1
Ending common shares outstanding	1,453			1,452			1,448			—		—
Return on average assets	1.04		%	0.98		%	1.16		%
Return on average common shareholders’ equity	10.8			10.4			12.4
Return on average tangible common shareholders’ equity (2)	16.2			16.1			19.5
Net interest margin (1)	2.98			2.99			3.20
Efficiency ratio (3)	59.4			60.8			57.0
Effective tax rate	18.2			18.2			19.7
Average total assets	$	198,278		$	194,558		$	186,599		2		6
Average earning assets	181,891			178,062			170,948			2		6
Average loans and leases	124,507			123,376			120,784			1		3

Average total deposits	$	156,488		$	153,578		$	148,150		2		6
Average core deposits (4)	149,734			147,393			143,110			2		5

Average Huntington shareholders’ equity	20,113			19,254			18,741			4		7
Average common total shareholders' equity	17,719			16,861			16,256			5		9
Average tangible common shareholders' equity	12,069			11,201			10,568			8		14
Total assets at end of period	200,535			196,310			186,650			2		7
Total Huntington shareholders’ equity at end of period	20,606			19,515			18,483			6		11

NCOs as a % of average loans and leases	0.30		%	0.29		%	0.24		%
NAL ratio	0.58			0.59			0.49
NPA ratio (5)	0.62			0.63			0.52
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.77			1.85			1.83
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.93			1.95			1.96
Common equity tier 1 risk-based capital ratio (6)	10.4			10.4			10.1
Tangible common equity / tangible asset ratio (7)	6.4			6.0			5.7

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)	2024			2023			Amount		Percent
Net interest income (1)	$	3,989		$	4,154		$	(165)	(4)	%
FTE adjustment	(39)			(31)			(8)		(26)
Net interest income	3,950			4,123			(173)		(4)
Provision for credit losses	313			276			37		13
Noninterest income	1,481			1,516			(35)		(2)
Noninterest expense	3,384			3,226			158		5
Income before income taxes	1,734			2,137			(403)		(19)
Provision for income taxes	308			414			(106)		(26)
Income after income taxes	1,426			1,723			(297)		(17)
Income attributable to non-controlling interest	16			15			1		7
Net income attributable to Huntington	1,410			1,708			(298)		(17)
Dividends on preferred shares	107			106			1		1

Net income applicable to common shares	$	1,303		$	1,602		$	(299)	(19)	%

Net income per common share - diluted	$	0.88		$	1.09		$	(0.21)	(19)	%
Cash dividends declared per common share	0.465			0.465			—		—

Average common shares - basic	1,451			1,446			5		—
Average common shares - diluted	1,475			1,468			7		—

Return on average assets	0.97		%	1.22		%
Return on average common shareholders’ equity	10.2			13.2
Return on average tangible common shareholders’ equity (2)	15.5			20.8
Net interest margin (1)	3.00			3.24
Efficiency ratio (3)	61.2			56.2
Effective tax rate	17.8			19.4

Average total assets	$	194,395		$	187,419		$	6,976	4	%
Average earning assets	177,920			171,663			6,257		4
Average loans and leases	123,276			120,851			2,425		2
Average total deposits	153,609			146,625			6,984		5
Average core deposits (4)	147,371			141,649			5,722		4
Average Huntington shareholders’ equity	19,529			18,607			922		5
Average common total shareholders' equity	17,135			16,197			938		6
Average tangible common shareholders' equity	11,476			10,496			980		9

NCOs as a % of average loans and leases	0.30		%	0.20		%
NAL ratio	0.58			0.49
NPA ratio (5)	0.62			0.52

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, 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


	September 30,		December 31,
(dollar amounts in millions)	2024		2023		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,677	$	1,558	8	%


Interest-earning deposits with banks	11,163		8,765		27
Trading account securities	472		125		NM
Available-for-sale securities	28,492		25,305		13
Held-to-maturity securities	15,670		15,750		(1)


Other securities	826		725		14
Loans held for sale	655		516		27
Loans and leases (1)	126,387		121,982		4
Allowance for loan and lease losses	(2,235)		(2,255)		1
Net loans and leases	124,152		119,727		4
Bank owned life insurance	2,782		2,759		1
Accrued income and other receivables	1,633		1,646		(1)
Premises and equipment	1,093		1,109		(1)
Goodwill	5,561		5,561		—
Servicing rights and other intangible assets	633		672		(6)
Other assets	5,726		5,150		11
Total assets	$	200,535	$	189,368	6	%

Liabilities and shareholders' equity
Liabilities
Deposits (2)	$	158,351	$	151,230	5	%
Short-term borrowings	868		620		40
Long-term debt	15,656		12,394		26
Other liabilities	5,008		5,726		(13)
Total liabilities	179,883		169,970		6

Shareholders' equity
Preferred stock	2,394		2,394		—
Common stock	15		15		—
Capital surplus	15,455		15,389		—
Less treasury shares, at cost	(89)		(91)		2
Accumulated other comprehensive income (loss)	(2,104)		(2,676)		21
Retained earnings	4,935		4,322		14
Total Huntington shareholders’ equity	20,606		19,353		6
Non-controlling interest	46		45		2
Total equity	20,652		19,398		6
Total liabilities and equity	$	200,535	$	189,368	6	%

Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,452,811,392		1,448,319,953
Treasury shares outstanding	7,174,374		7,403,008
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	881,587		881,587

(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)	2024				2024				2024				2023				2023
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial	$	53,601	43	%	$	52,307	42	%	$	51,500	42	%	$	50,657	42	%	$	49,422	41	%
Commercial real estate:
Commercial	10,647		8		10,997		9		11,339		9		11,092		9		11,365		10
Construction	896		1		936		1		1,003		1		1,330		1		1,303		1
Commercial real estate	11,543		9		11,933		10		12,342		10		12,422		10		12,668		11
Lease financing	5,342		4		5,202		4		5,133		4		5,228		4		5,161		4
Total commercial	70,486		56		69,442		56		68,975		56		68,307		56		67,251		56
Consumer:
Residential mortgage	24,100		19		24,069		19		23,744		20		23,720		20		23,427		19
Automobile	14,003		11		13,233		11		12,662		10		12,482		10		12,724		11
Home equity	10,129		8		10,076		8		10,047		8		10,113		8		10,118		8
RV and marine	6,042		5		6,042		5		5,887		5		5,899		5		5,937		5
Other consumer	1,627		1		1,560		1		1,452		1		1,461		1		1,396		1
Total consumer	55,901		44		54,980		44		53,792		44		53,675		44		53,602		44
Total loans and leases	$	126,387	100	%	$	124,422	100	%	$	122,767	100	%	$	121,982	100	%	$	120,853	100	%


	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2024				2024				2024				2023				2023
Ending balances by business segment:
Consumer & Regional Banking	$	70,742	56	%	$	69,328	56	%	$	67,512	55	%	$	67,108	55	%	$	66,202	55	%
Commercial Banking	55,441		44		54,941		44		54,994		45		54,743		45		54,451		45



Treasury / Other	204		—		153		—		261		—		131		—		200		—
Total loans and leases	$	126,387	100	%	$	124,422	100	%	$	122,767	100	%	$	121,982	100	%	$	120,853	100	%

Average balances by business segment:
Consumer & Regional Banking	$	69,759	56	%	$	68,405	56	%	$	67,136	55	%	$	66,638	55	%	$	65,738	55	%
Commercial Banking	54,464		44		54,748		44		54,584		45		54,395		45		54,873		45



Treasury / Other	284		—		223		—		210		—		196		—		173		—
Total loans and leases	$	124,507	100	%	$	123,376	100	%	$	121,930	100	%	$	121,229	100	%	$	120,784	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)


	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2024				2024				2024				2023				2023
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing	$	29,047	18	%	$	28,636	19	%	$	29,739	19	%	$	30,967	20	%	$	31,666	21	%
Demand deposits - interest-bearing	41,262		26		39,913		26		39,200		26		39,190		26		39,822		27
Money market deposits	51,005		33		49,182		32		47,520		31		44,947		30		42,996		29
Savings and other domestic deposits	15,650		10		16,175		10		16,728		11		16,722		11		17,350		12
Core certificates of deposit (1)	14,326		9		13,605		9		14,082		9		13,626		9		12,372		8
Total core deposits	151,290		96		147,511		96		147,269		96		145,452		96		144,206		97
Other domestic deposits of $250,000 or more	500		—		444		—		487		—		447		—		446		—
Negotiable CDS, brokered and other deposits	6,561		4		6,412		4		5,469		4		5,331		4		4,215		3

Total deposits	$	158,351	100	%	$	154,367	100	%	$	153,225	100	%	$	151,230	100	%	$	148,867	100	%

Total core deposits:
Commercial	$	66,421	44	%	$	61,359	42	%	$	60,184	41	%	$	60,547	42	%	$	61,379	43	%
Consumer	84,869		56		86,152		58		87,085		59		84,905		58		82,827		57
Total core deposits	$	151,290	100	%	$	147,511	100	%	$	147,269	100	%	$	145,452	100	%	$	144,206	100	%

Total deposits by business segment:

Consumer & Regional Banking	$	110,107	70	%	$	110,913	72	%	$	112,032	73	%	$	110,157	73	%	$	108,183	73	%
Commercial Banking	41,597		26		38,110		25		35,619		23		35,466		23		36,023		24


Treasury / Other	6,647		4		5,344		3		5,574		4		5,607		4		4,661		3
Total deposits	$	158,351	100	%	$	154,367	100	%	$	153,225	100	%	$	151,230	100	%	$	148,867	100	%

Average balances:


Total core deposits:
Commercial	$	64,826	43	%	$	61,491	42	%	$	60,260	42	%	$	61,782	43	%	$	62,070	43	%
Consumer	84,908		57		85,902		58		84,700		58		82,602		57		81,040		57
Total core deposits	$	149,734	100	%	$	147,393	100	%	$	144,960	100	%	$	144,384	100	%	$	143,110	100	%

Average deposits by business segment:

Consumer & Regional Banking	$	109,884	70	%	$	110,819	72	%	$	109,263	73	%	$	108,198	72	%	$	106,300	72	%
Commercial Banking	40,153		26		36,765		24		35,656		23		35,886		24		36,673		25


Treasury / Other	6,451		4		5,994		4		5,809		4		5,570		4		5,177		3
Total deposits	$	156,488	100	%	$	153,578	100	%	$	150,728	100	%	$	149,654	100	%	$	148,150	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)	2024		2024		2024		2023		2023		2Q24		3Q23
Assets


Interest-earning deposits with banks	$	12,532	$	11,116	$	9,761	$	10,019	$	9,547	13	%	31	%
Securities:
Trading account securities	136		143		133		125		128		(5)		6	%
Available-for-sale securities:
Taxable	25,434		24,184		22,515		20,056		19,834		5		28
Tax-exempt	2,699		2,684		2,676		2,686		2,807		1		(4)
Total available-for-sale securities	28,133		26,868		25,191		22,742		22,641		5		24


Held-to-maturity securities - taxable	15,078		15,211		15,567		15,947		16,356		(1)		(8)





Other securities	829		776		724		727		859		7		(3)
Total securities	44,176		42,998		41,615		39,541		39,984		3		10
Loans held for sale	676		572		458		571		633		18		7
Loans and leases: (2)
Commercial:
Commercial and industrial	52,194		51,724		50,625		49,882		49,448		1		6
Commercial real estate:
Commercial	10,835		11,247		11,365		11,309		11,624		(4)		(7)
Construction	909		916		1,198		1,285		1,331		(1)		(32)
Commercial real estate	11,744		12,163		12,563		12,594		12,955		(3)		(9)
Lease financing	5,180		5,071		5,081		5,102		5,050		2		3
Total commercial	69,118		68,958		68,269		67,578		67,453		—		2
Consumer:
Residential mortgage	24,074		23,909		23,710		23,573		23,278		1		3
Automobile	13,584		12,989		12,553		12,612		12,747		5		7
Home equity	10,089		10,056		10,072		10,107		10,108		—		—
RV and marine	6,046		5,966		5,892		5,934		5,813		1		4
Other consumer	1,596		1,498		1,434		1,425		1,385		7		15
Total consumer	55,389		54,418		53,661		53,651		53,331		2		4
Total loans and leases	124,507		123,376		121,930		121,229		120,784		1		3
Total earning assets	181,891		178,062		173,764		171,360		170,948		2		6
Cash and due from banks	1,407		1,340		1,493		1,508		1,559		5		(10)
Goodwill and other intangible assets	5,674		5,685		5,697		5,710		5,722		—		(1)
All other assets	11,620		11,773		11,619		11,607		10,576		(1)		10
Allowance for loan and lease losses	(2,314)		(2,302)		(2,267)		(2,223)		(2,206)		(1)		(5)
Total assets	$	198,278	$	194,558	$	190,306	$	187,962	$	186,599	2	%	6	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	40,918	$	39,082	$	38,488	$	39,138	$	39,757	5	%	3	%
Money market deposits	50,334		48,263		46,100		44,022		41,445		4		21
Savings and other domestic deposits	15,863		16,387		16,595		16,944		17,774		(3)		(11)
Core certificates of deposit (3)	13,819		14,031		13,867		13,107		11,348		(2)		22

Other domestic deposits of $250,000 or more	455		449		461		435		406		1		12
Negotiable CDS, brokered and other deposits	6,299		5,736		5,307		4,834		4,634		10		36

Total interest-bearing deposits	127,688		123,948		120,818		118,480		115,364		3		11
Short-term borrowings	826		1,214		1,300		1,906		859		(32)		(4)
Long-term debt	15,878		15,146		13,777		12,205		13,772		5		15
Total interest-bearing liabilities	144,392		140,308		135,895		132,591		129,995		3		11
Demand deposits - noninterest-bearing	28,800		29,630		29,910		31,174		32,786		(3)		(12)
All other liabilities	4,925		5,314		5,239		5,435		5,028		(7)		(2)
Total liabilities	178,117		175,252		171,044		169,200		167,809		2		6
Total Huntington shareholders’ equity	20,113		19,254		19,213		18,713		18,741		4		7
Non-controlling interest	48		52		49		49		49		(8)		(2)
Total equity	20,161		19,306		19,262		18,762		18,790		4		7
Total liabilities and equity	$	198,278	$	194,558	$	190,306	$	187,962	$	186,599	2	%	6	%

(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)	2024		2024		2024		2023		2023
Assets


Interest-earning deposits with banks	$	174	$	154	$	134	$	139	$	131
Securities:
Trading account securities	1		2		2		2		1
Available-for-sale securities:
Taxable	331		322		296		273		259
Tax-exempt	35		34		34		33		37
Total available-for-sale securities	366		356		330		306		296
Held-to-maturity securities - taxable	93		93		95		98		99



Other securities	11		10		9		13		19
Total securities	471		461		436		419		415
Loans held for sale	12		10		7		10		10
Loans and leases:
Commercial:
Commercial and industrial	840		829		801		783		776
Commercial real estate:
Commercial	207		214		215		216		225
Construction	20		19		25		27		28
Commercial real estate	227		233		240		243		253
Lease financing	86		82		79		77		73
Total commercial	1,153		1,144		1,120		1,103		1,102
Consumer:
Residential mortgage	241		232		227		222		213
Automobile	191		172		158		153		145
Home equity	199		196		195		197		195
RV and marine	79		76		74		77		73
Other consumer	48		44		42		41		40
Total consumer	758		720		696		690		666
Total loans and leases	1,911		1,864		1,816		1,793		1,768
Total earning assets	$	2,568	$	2,489	$	2,393	$	2,361	$	2,324

Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	228	$	206	$	200	$	204	$	199
Money market deposits	451		442		413		381		327
Savings and other domestic deposits	13		12		10		8		6
Core certificates of deposit (3)	165		166		160		145		119

Other domestic deposits of $250,000 or more	5		5		5		5		4
Negotiable CDS, brokered and other deposits	83		76		69		65		58

Total interest-bearing deposits	945		907		857		808		713
Short-term borrowings	14		19		19		28		17
Long-term debt	245		238		217		198		215
Total interest-bearing liabilities	1,204		1,164		1,093		1,034		945
Net interest income	$	1,364	$	1,325	$	1,300	$	1,327	$	1,379

(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)	2024		2024		2024		2023		2023
Assets


Interest-earning deposits with banks	5.55		5.55		5.50		5.59		5.48
Securities:
Trading account securities	3.28		5.10		5.15		5.40		4.98
Available-for-sale securities:
Taxable	5.21		5.33		5.26		5.43		5.22
Tax-exempt	5.23		5.07		5.05		5.01		5.08
Total available-for-sale securities	5.21		5.30		5.24		5.38		5.20
Held-to-maturity securities - taxable	2.47		2.44		2.44		2.45		2.43



Other securities	4.86		5.21		5.23		7.04		9.22
Total securities	4.26		4.29		4.19		4.23		4.15
Loans held for sale	6.92		6.81		6.51		6.95		6.42
Loans and leases: (2)
Commercial:
Commercial and industrial	6.31		6.33		6.26		6.14		6.15
Commercial real estate:
Commercial	7.47		7.53		7.49		7.48		7.55
Construction	8.52		8.41		8.23		8.40		8.30
Commercial real estate	7.55		7.60		7.56		7.57		7.63
Lease financing	6.51		6.41		6.13		5.90		5.60
Total commercial	6.53		6.56		6.49		6.39		6.39
Consumer:
Residential mortgage	4.00		3.89		3.83		3.76		3.66
Automobile	5.59		5.34		5.05		4.82		4.51
Home equity	7.86		7.86		7.77		7.70		7.66
RV and marine	5.24		5.11		5.04		5.13		4.96
Other consumer	11.69		11.75		11.91		11.67		11.67
Total consumer	5.45		5.32		5.20		5.12		4.97
Total loans and leases	6.05		6.01		5.92		5.82		5.76
Total earning assets	5.62		5.62		5.54		5.47		5.39
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	2.22		2.11		2.09		2.06		1.98
Money market deposits	3.56		3.68		3.61		3.44		3.12
Savings and other domestic deposits	0.33		0.30		0.24		0.19		0.15
Core certificates of deposit (3)	4.74		4.77		4.64		4.40		4.17

Other domestic deposits of $250,000 or more	4.37		4.44		4.18		4.20		3.78
Negotiable CDS, brokered and other deposits	5.27		5.35		5.19		5.33		4.93

Total interest-bearing deposits	2.94		2.94		2.85		2.71		2.45
Short-term borrowings	6.52		6.31		5.95		5.84		7.60
Long-term debt	6.19		6.28		6.30		6.46		6.27
Total interest-bearing liabilities	3.32		3.34		3.23		3.09		2.88

Net interest rate spread	2.30		2.28		2.31		2.38		2.51
Impact of noninterest-bearing funds on margin	0.68		0.71		0.70		0.69		0.69
Net interest margin	2.98	%	2.99	%	3.01	%	3.07	%	3.20	%


Commercial Loan Derivative Impact
(Unaudited)	Quarterly Average Rates
	September 30,		June 30,		March 31,		December 31,		September 30,
Fully-taxable equivalent basis (1)	2024		2024		2024		2023		2023
Commercial loans (2)(4)	7.21	%	7.29	%	7.22	%	7.14	%	7.09	%
Impact of commercial loan derivatives	(0.68)		(0.73)		(0.73)		(0.75)		(0.70)
Total commercial - as reported	6.53	%	6.56	%	6.49	%	6.39	%	6.39	%

Average SOFR	5.28	%	5.32	%	5.32	%	5.32	%	5.23	%

(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,
	2024		2024		2024		2023		2023
Interest income	$	2,555	$	2,476	$	2,380	$	2,350	$	2,313
Interest expense	1,204		1,164		1,093		1,034		945
Net interest income	1,351		1,312		1,287		1,316		1,368
Provision for credit losses	106		100		107		126		99
Net interest income after provision for credit losses	1,245		1,212		1,180		1,190		1,269
Payments and cash management revenue	158		154		146		150		152
Wealth and asset management revenue	93		90		88		86		79
Customer deposit and loan fees	86		83		77		80		80
Capital markets and advisory fees	78		73		56		69		52
Leasing revenue	19		19		22		29		32
Mortgage banking income	38		30		31		23		27
Insurance income	18		18		19		19		18
Bank owned life insurance income	20		17		16		16		18
Gain on sale of loans	7		2		5		1		2
Net gains (losses) on sales of securities	—		—		—		(3)		—
Other noninterest income	6		5		7		(65)		49
Total noninterest income	523		491		467		405		509
Personnel costs	684		663		639		645		622
Outside data processing and other services	167		165		166		157		149
Deposit and other insurance expense	15		25		54		234		25
Equipment	65		62		70		70		65
Net occupancy	57		51		57		65		67
Marketing	33		27		28		29		29
Professional services	21		26		25		35		27
Amortization of intangibles	11		12		12		12		12
Lease financing equipment depreciation	4		4		4		5		6
Other noninterest expense	73		82		82		96		88
Total noninterest expense	1,130		1,117		1,137		1,348		1,090
Income before income taxes	638		586		510		247		688
Provision (benefit) for income taxes	116		106		86		(1)		136
Income after income taxes	522		480		424		248		552
Income attributable to non-controlling interest	5		6		5		5		5
Net income attributable to Huntington	517		474		419		243		547
Dividends on preferred shares	36		35		36		36		37
Impact of preferred stock repurchases	—		—		—		(8)		—
Net income applicable to common shares	$	481	$	439	$	383	$	215	$	510

Average common shares - basic	1,453		1,451		1,448		1,448		1,448
Average common shares - diluted	1,477		1,474		1,473		1,469		1,468

Per common share
Net income - basic	$	0.33	$	0.30	$	0.26	$	0.15	$	0.35
Net income - diluted	0.33		0.30		0.26		0.15		0.35
Cash dividends declared	0.155		0.155		0.155		0.155		0.155

Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,351	$	1,312	$	1,287	$	1,316	$	1,368
FTE adjustment	13		13		13		11		11
Net interest income (1)	1,364		1,325		1,300		1,327		1,379
Noninterest income	523		491		467		405		509
Total revenue (1)	$	1,887	$	1,816	$	1,767	$	1,732	$	1,888

(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)	2024			2024			2024			2023			2023			2Q24		3Q23
Net origination and secondary marketing income	$	25		$	17		$	16		$	12		$	18		47	%	39	%
Net mortgage servicing income
Loan servicing income	25			25			25			24			24			—		4
Amortization of capitalized servicing	(14)			(14)			(11)			(13)			(13)			—		(8)
Operating income	11			11			14			11			11			—		—
MSR valuation adjustment (1)	(25)			11			20			(34)			38			(327)		(166)
(Losses) gains due to MSR hedging	27			(10)			(19)			34			(38)			370		171
Net MSR risk management	2			1			1			—			—			100		100
Total net mortgage servicing income	$	13		$	12		$	15		$	11		$	11		8	%	18	%
All other	—			1			—			—			(2)			(100)		100
Mortgage banking income	$	38		$	30		$	31		$	23		$	27		27	%	41	%

Mortgage origination volume	$	1,883		$	2,164		$	1,276		$	1,666		$	2,020		(13)	%	(7)	%
Mortgage origination volume for sale	1,194			1,191			834			962			1,195			—		—

Third party mortgage loans serviced (2)	33,565			33,404			33,303			33,237			32,965			—		2
Mortgage servicing rights (2)	515			543			534			515			547			(5)		(6)
MSR % of investor servicing portfolio (2)	1.53		%	1.63		%	1.60		%	1.55		%	1.66		%	(6)	%	(8)	%

(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)	2024			2024			2024			2023			2023
Allowance for loan and lease losses, beginning of period	$	2,304		$	2,280		$	2,255		$	2,208		$	2,177

Loan and lease charge-offs	(129)			(145)			(128)			(132)			(131)
Recoveries of loans and leases previously charged-off	36			55			36			38			58
Net loan and lease charge-offs	(93)			(90)			(92)			(94)			(73)
Provision for loan and lease losses	24			114			117			141			104


Allowance for loan and lease losses, end of period	2,235			2,304			2,280			2,255			2,208
Allowance for unfunded lending commitments, beginning of period	119			135			145			160			165

Provision for unfunded lending commitments	82			(16)			(10)			(15)			(5)


Allowance for unfunded lending commitments, end of period	201			119			135			145			160
Total allowance for credit losses, end of period	$	2,436		$	2,423		$	2,415		$	2,400		$	2,368
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.77		%	1.85		%	1.86		%	1.85		%	1.83		%
Nonaccrual loans and leases (NALs)	303			314			318			338			373
Nonperforming assets (NPAs)	285			296			309			317			348
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.93		%	1.95		%	1.97		%	1.97		%	1.96		%
Nonaccrual loans and leases (NALs)	330			331			337			360			400
Nonperforming assets (NPAs)	311			311			327			337			373



	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2024		2024		2024		2023		2023
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	937	$	995	$	974	$	993	$	973
Commercial real estate	510		542		564		522		483
Lease financing	51		50		51		48		48
Total commercial	1,498		1,587		1,589		1,563		1,504
Consumer
Residential mortgage	193		199		163		188		200
Automobile	138		127		146		142		143
Home equity	149		142		137		114		115
RV and marine	150		146		148		148		151
Other consumer	107		103		97		100		95
Total consumer	737		717		691		692		704
Total allowance for loan and lease losses	2,235		2,304		2,280		2,255		2,208
Allowance for unfunded lending commitments	201		119		135		145		160
Total allowance for credit losses	$	2,436	$	2,423	$	2,415	$	2,400	$	2,368

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)	2024			2024			2024			2023			2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	51		$	21		$	42		$	39		$	32



Commercial real estate	5			36			13			21			11
Lease financing	(2)			—			—			(3)			2
Total commercial	54			57			55			57			45
Consumer:
Residential mortgage	—			1			—			—			1
Automobile	8			6			9			9			4
Home equity	(1)			—			—			—			—
RV and marine	6			4			5			5			3
Other consumer	26			22			23			23			20
Total consumer	39			33			37			37			28
Total net charge-offs	$	93		$	90		$	92		$	94		$	73


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.39		%	0.16		%	0.33		%	0.32		%	0.26		%



Commercial real estate	0.17			1.19			0.41			0.65			0.35
Lease financing	(0.18)			0.02			0.01			(0.24)			0.12
Total commercial	0.31			0.33			0.32			0.34			0.27
Consumer:
Residential mortgage	—			0.01			—			0.01			0.01
Automobile	0.24			0.20			0.27			0.27			0.14
Home equity	(0.02)			(0.01)			0.01			0.01			(0.01)
RV and marine	0.37			0.25			0.36			0.34			0.16
Other consumer	6.38			5.98			6.39			6.48			6.09
Total consumer	0.28			0.24			0.28			0.28			0.21
Net charge-offs as a % of average loans and leases	0.30		%	0.29		%	0.30		%	0.31		%	0.24		%

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)	2024			2024			2024			2023			2023
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	408		$	346		$	376		$	344		$	314
Commercial real estate	132			194			154			140			102
Lease financing	9			13			10			14			14
Residential mortgage	82			80			75			72			75
Automobile	5			4			4			4			4
Home equity	100			95			96			91			82
RV and marine	2			1			1			2			1

Total nonaccrual loans and leases	738			733			716			667			592



Other real estate, net	8			10			10			10			14
Other NPAs (1)	38			37			12			34			28
Total nonperforming assets	$	784		$	780		$	738		$	711		$	634

Nonaccrual loans and leases as a % of total loans and leases	0.58		%	0.59		%	0.58		%	0.55		%	0.49		%
NPA ratio (2)	0.62			0.63			0.60			0.58			0.52
(NPA+90days)/(Loan+OREO) (3)	0.80			0.77			0.75			0.74			0.66


	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2024		2024		2024		2023		2023
Nonperforming assets, beginning of period	$	780	$	738	$	711	$	634	$	557
New nonperforming assets	254		316		263		300		252


Returns to accruing status	(55)		(55)		(68)		(47)		(23)
Charge-offs	(53)		(82)		(64)		(73)		(62)
Payments	(139)		(135)		(102)		(98)		(85)
Sales	(3)		(2)		(2)		(5)		(5)

Nonperforming assets, end of period	$	784	$	780	$	738	$	711	$	634

(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)	2024			2024			2024			2023			2023
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	6		$	1		$	1		$	1		$	—

Lease financing	16			4			3			4			7
Residential mortgage (excluding loans guaranteed by the U.S. Government)	28			22			26			27			22
Automobile	10			8			8			9			8
Home equity	20			18			17			22			19
RV and marine	3			3			2			3			2
Other consumer	5			3			4			4			3
Total, excl. loans guaranteed by the U.S. Government	88			59			61			70			61
Add: loans guaranteed by U.S. Government	136			116			122			119			102
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	224		$	175		$	183		$	189		$	163

Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.07		%	0.05		%	0.05		%	0.06		%	0.05		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.11			0.09			0.10			0.10			0.08
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.18			0.14			0.15			0.15			0.14

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)	2024			2024			2024			2023			2023
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity	$	20,606		$	19,515		$	19,322		$	19,353		$	18,483
Regulatory capital adjustments:
CECL transitional amount (2)	109			109			109			219			219
Shareholders’ preferred equity and related surplus	(2,404)			(2,404)			(2,404)			(2,404)			(2,494)
Accumulated other comprehensive loss	2,104			2,911			2,879			2,676			3,622
Goodwill and other intangibles, net of taxes	(5,546)			(5,561)			(5,575)			(5,591)			(5,605)
Deferred tax assets from tax loss and credit carryforwards	(66)			(49)			(48)			(41)			(14)
Common equity tier 1 capital	14,803			14,521			14,283			14,212			14,211
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	2,404			2,404			2,404			2,404			2,494


Tier 1 capital	17,207			16,925			16,687			16,616			16,705
Long-term debt and other tier 2 qualifying instruments	1,119			1,278			1,279			1,306			1,383
Qualifying allowance for loan and lease losses	1,784			1,743			1,747			1,735			1,758
Tier 2 capital	2,903			3,021			3,026			3,041			3,141
Total risk-based capital	$	20,110		$	19,946		$	19,713		$	19,657		$	19,846
Risk-weighted assets (RWA)(1)	$	142,543		$	139,374		$	139,622		$	138,706		$	140,688
Common equity tier 1 risk-based capital ratio (1)	10.4		%	10.4		%	10.2		%	10.2		%	10.1		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	8.8			8.8			8.9			9.3			9.4
Tier 1 risk-based capital ratio (1)	12.1			12.1			12.0			12.0			11.9
Total risk-based capital ratio (1)	14.1			14.3			14.1			14.2			14.1
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	8.8			8.2			8.1			8.1			7.3




Reconciliation of Non-GAAP Measure (3)
Common equity tier 1 (CET1) capital (A)	$	14,803		$	14,521		$	14,283		$	14,212		$	14,211
Add: Accumulated other comprehensive income (loss) (AOCI)	(2,104)			(2,911)			(2,879)			(2,676)			(3,622)
Less: AOCI cash flow hedge	(39)			(399)			(436)			(363)			(662)
Adjusted common equity tier 1 (B)	12,738			12,009			11,840			11,899			11,251
Risk weighted assets (C)	142,543			139,374			139,622			138,706			140,688

CET1 ratio (A/C)	10.4		%	10.4		%	10.2		%	10.2		%	10.1		%
Adjusted CET1 ratio (B/C)	8.9			8.6			8.5			8.6			8.0

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

(3)Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following provides the comparable regulatory financial measure, as well as the reconciliation to the comparable regulatory financial measure.

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,
	2024		2024		2024		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	1,453		1,451		1,448		1,448		1,448
Average - diluted	1,477		1,474		1,473		1,469		1,468
Ending	1,453		1,452		1,449		1,448		1,448
Tangible book value per common share (1)	$	8.65	$	7.89	$	7.77	$	7.79	$	7.12

Non-regulatory capital


	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2024			2024			2024			2023			2023
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity	$	20,606		$	19,515		$	19,322		$	19,353		$	18,483
Goodwill and other intangible assets	(5,669)			(5,680)			(5,692)			(5,704)			(5,716)

Deferred tax liability on other intangible assets (1)	23			25			28			30			33
Total tangible equity	14,960			13,860			13,658			13,679			12,800
Preferred equity	(2,394)			(2,394)			(2,394)			(2,394)			(2,484)
Total tangible common equity	$	12,566		$	11,466		$	11,264		$	11,285		$	10,316
Total assets	$	200,535		$	196,310		$	193,519		$	189,368		$	186,650
Goodwill and other intangible assets	(5,669)			(5,680)			(5,692)			(5,704)			(5,716)
Deferred tax liability on other intangible assets (1)	23			25			28			30			33
Total tangible assets	$	194,889		$	190,655		$	187,855		$	183,694		$	180,967
Tangible equity / tangible asset ratio	7.7		%	7.3		%	7.3		%	7.4		%	7.1		%
Tangible common equity / tangible asset ratio	6.4		%	6.0		%	6.0		%	6.1		%	5.7		%
Other data:
Number of employees (Average full-time equivalent)	20,043			19,889			19,719			19,612			19,826
Number of domestic full-service branches (2)	975			972			969			999			1,001
ATM Count	1,585			1,603			1,606			1,630			1,631

(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)	2024		2023		Amount		Percent
Assets


Interest-earning deposits with banks	$	11,141	$	9,071	$	2,070	23	%
Securities:
Trading account securities	137		61		76		NM
Available-for-sale securities:
Taxable	24,049		20,702		3,347		16
Tax-exempt	2,686		2,731		(45)		(2)
Total available-for-sale securities	26,735		23,433		3,302		14


Held-to-maturity securities - taxable	15,285		16,696		(1,411)		(8)





Other securities	777		1,003		(226)		(23)
Total securities	42,934		41,193		1,741		4
Loans held for sale	569		548		21		4
Loans and leases: (2)
Commercial:
Commercial and industrial	51,517		49,559		1,958		4
Commercial real estate:
Commercial	11,148		11,987		(839)		(7)
Construction	1,007		1,336		(329)		(25)
Commercial real estate	12,155		13,323		(1,168)		(9)
Lease financing	5,111		5,137		(26)		(1)
Total commercial	68,783		68,019		764		1
Consumer:
Residential mortgage	23,898		22,793		1,105		5
Automobile	13,044		12,971		73		1
Home equity	10,072		10,173		(101)		(1)
RV and marine	5,968		5,554		414		7
Other consumer	1,511		1,341		170		13
Total consumer	54,493		52,832		1,661		3
Total loans and leases	123,276		120,851		2,425		2
Total earning assets	177,920		171,663		6,257		4
Cash and due from banks	1,413		1,598		(185)		(12)
Goodwill and other intangible assets	5,686		5,738		(52)		(1)
All other assets	11,671		10,594		1,077		10
Allowance for loan and lease losses	(2,295)		(2,174)		(121)		(6)
Total assets	$	194,395	$	187,419	$	6,976	4	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	39,501	$	40,058	$	(557)	(1)	%
Money market deposits	48,240		39,181		9,059		23
Savings and other domestic deposits	16,281		18,818		(2,537)		(13)
Core certificates of deposit (3)	13,905		8,659		5,246		61

Other domestic deposits of $250,000 or more	455		326		129		40
Negotiable CDS, brokered and other deposits	5,783		4,650		1,133		24

Total interest-bearing deposits	124,165		111,692		12,473		11
Short-term borrowings	1,112		3,478		(2,366)		(68)
Long-term debt	14,936		13,700		1,236		9
Total interest-bearing liabilities	140,213		128,870		11,343		9
Demand deposits - noninterest-bearing	29,444		34,933		(5,489)		(16)
All other liabilities	5,160		4,960		200		4
Total Liabilities	174,817		168,763		6,054		4
Total Huntington shareholders’ equity	19,529		18,607		922		5
Non-controlling interest	49		49		—		—
Total equity	$	19,578	$	18,656	$	922	5
Total liabilities and equity	$	194,395	$	187,419	$	13,030	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 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)	2024		2023
Assets


Interest-earning deposits with banks	$	462	$	353
Securities:
Trading account securities	5		2
Available-for-sale securities:
Taxable	949		743
Tax-exempt	103		99
Total available-for-sale securities	1,052		842
Held-to-maturity securities - taxable	281		303



Other securities	30		40
Total securities	1,368		1,187
Loans held for sale	29		25
Loans and leases:
Commercial:
Commercial and industrial	2,470		2,208
Commercial real estate:
Commercial	636		649
Construction	64		80
Commercial real estate	700		729
Lease financing	247		212
Total commercial	3,417		3,149
Consumer:
Residential mortgage	700		603
Automobile	521		408
Home equity	590		563
RV and marine	229		194
Other consumer	134		115
Total consumer	2,174		1,883
Total loans and leases	5,591		5,032
Total earning assets	$	7,450	$	6,597
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	634	$	498
Money market deposits	1,306		754
Savings and other domestic deposits	35		15
Core certificates of deposit (3)	491		245

Other domestic deposits of $250,000 or more	15		8
Negotiable CDS, brokered and other deposits	228		169

Total interest-bearing deposits	2,709		1,689
Short-term borrowings	52		151
Long-term debt	700		603
Total interest-bearing liabilities	3,461		2,443

Net interest income	$	3,989	$	4,154

(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)	2024		2023
Assets


Interest-earning deposits with banks	5.53	%	5.19	%
Securities:
Trading account securities	4.52		4.98
Available-for-sale securities:
Taxable	5.26		4.79
Tax-exempt	5.12		4.79
Total available-for-sale securities	5.25		4.79
Held-to-maturity securities - taxable	2.45		2.42



Other securities	5.09		5.37
Total securities	4.25		3.84
Loans held for sale	6.77		6.13
Loans and leases: (2)
Commercial:
Commercial and industrial	6.30		5.88
Commercial real estate:
Commercial	7.50		7.14
Construction	8.37		7.88
Commercial real estate	7.57		7.21
Lease financing	6.35		5.44
Total commercial	6.53		6.10
Consumer:
Residential mortgage	3.91		3.53
Automobile	5.33		4.20
Home equity	7.83		7.40
RV and marine	5.13		4.67
Other consumer	11.78		11.49
Total consumer	5.33		4.76
Total loans and leases	6.00		5.52
Total earning assets	5.59	%	5.14	%
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	2.14	%	1.66	%
Money market deposits	3.61		2.57
Savings and other domestic deposits	0.29		0.11
Core certificates of deposit (3)	4.72		3.79

Other domestic deposits of $250,000 or more	4.33		3.27
Negotiable CDS, brokered and other deposits	5.27		4.85

Total interest-bearing deposits	2.91		2.02
Short-term borrowings	6.22		5.80
Long-term debt	6.25		5.87
Total interest-bearing liabilities	3.30		2.53

Net interest rate spread	2.29		2.61
Impact of noninterest-bearing funds on margin	0.71		0.63
Net interest margin	3.00	%	3.24	%


Commercial Loan Derivative Impact
(Unaudited)
	YTD Average Rates
	Nine Months Ended September 30,
Fully-taxable equivalent basis (1)	2024		2023
Commercial loans (2)(4)	7.25	%	6.77	%
Impact of commercial loan derivatives	(0.72)		(0.67)
Total commercial - as reported	6.53	%	6.10	%

Average SOFR	5.30	%	4.90	%

(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)	2024		2023		Amount		Percent
Interest income	$	7,411	$	6,566	$	845	13	%
Interest expense	3,461		2,443		1,018		42
Net interest income	3,950		4,123		(173)		(4)
Provision for credit losses	313		276		37		13
Net interest income after provision for credit losses	3,637		3,847		(210)		(5)
Payments and cash management revenue	458		435		23		5
Wealth and asset management revenue	271		242		29		12
Customer deposit and loan fees	246		232		14		6
Capital markets and advisory fees	207		179		28		16
Leasing revenue	60		83		(23)		(28)
Mortgage banking income	99		86		13		15
Insurance income	55		55		—		—
Bank owned life insurance income	53		50		3		6
Gain on sale of loans	14		13		1		8
Net gains (losses) on sales of securities	—		(4)		4		100
Other noninterest income	18		145		(127)		(88)
Total noninterest income	1,481		1,516		(35)		(2)
Personnel costs	1,986		1,884		102		5
Outside data processing and other services	498		448		50		11
Deposit and other insurance expense	94		68		26		38
Equipment	197		193		4		2
Net occupancy	165		181		(16)		(9)
Marketing	88		86		2		2
Professional services	72		64		8		13
Amortization of intangibles	35		38		(3)		(8)
Lease financing equipment depreciation	12		22		(10)		(45)
Other noninterest expense	237		242		(5)		(2)
Total noninterest expense	3,384		3,226		158		5
Income before income taxes	1,734		2,137		(403)		(19)
Provision for income taxes	308		414		(106)		(26)
Income after income taxes	1,426		1,723		(297)		(17)
Income attributable to non-controlling interest	16		15		1		7
Net income attributable to Huntington	1,410		1,708		(298)		(17)
Dividends on preferred shares	107		106		1		1

Net income applicable to common shares	$	1,303	$	1,602	$	(299)	(19)	%
Average common shares - basic	1,451		1,446		5		—
Average common shares - diluted	1,475		1,468		7		—
Per common share
Net income - basic	$	0.90	$	1.11	$	(0.21)	(19)	%
Net income - diluted	0.88		1.09		(0.21)		(19)
Cash dividends declared	0.47		0.47		—		—
Revenue - fully taxable equivalent (FTE)
Net interest income	$	3,950	$	4,123	$	(173)	(4)	%
FTE adjustment	39		31		8		26
Net interest income (1)	3,989		4,154		(165)		(4)
Noninterest income	1,481		1,516		(35)		(2)
Total revenue (1)	$	5,470	$	5,670	$	(200)	(4)	%

(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)	2024			2023			Amount			Percent
Net origination and secondary marketing income	$	58		$	57		$	1		2	%
Net mortgage servicing income
Loan servicing income	75			70			5			7
Amortization of capitalized servicing	(39)			(35)			(4)			(11)
Operating income	36			35			1			3
MSR valuation adjustment (1)	6			41			(35)			(85)
(Losses) gains due to MSR hedging	(2)			(44)			42			95
Net MSR risk management	4			(3)			7			—
Total net mortgage servicing income	40			32			8			25
All other	1			(3)			4			133
Mortgage banking income	$	99		$	86		$	13		15	%

Mortgage origination volume	$	5,323		$	5,936		$	(613)		(10)	%
Mortgage origination volume for sale	3,219			3,243			(24)			(1)

Third party mortgage loans serviced (2)	33,565			32,965			600			2
Mortgage servicing rights (2)	515			547			(32)			(6)
MSR % of investor servicing portfolio (2)	1.53		%	1.66		%	(0.13)		%	(8)	%

(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)	2024			2023
Allowance for loan and lease losses, beginning of period	$	2,255		$	2,121

Loan and lease charge-offs	(402)			(322)
Recoveries of loans and leases previously charged off	127			143
Net loan and lease charge-offs	(275)			(179)
Provision for loan and lease losses	255			266


Allowance for loan and lease losses, end of period	2,235			2,208
Allowance for unfunded lending commitments, beginning of period	$	145		$	150

Provision for unfunded lending commitments	56			10


Allowance for unfunded lending commitments, end of period	201			160
Total allowance for credit losses, end of period	$	2,436		$	2,368
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.77		%	1.83		%
Nonaccrual loans and leases (NALs)	303			373
Nonperforming assets (NPAs)	285			348
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.93		%	1.96		%
Nonaccrual loans and leases (NALs)	330			400
Nonperforming assets (NPAs)	311			373

Huntington Bancshares Incorporated

Year To Date Net Charge-Off Analysis

(Unaudited)


	Nine Months Ended September 30,
(dollar amounts in millions)	2024			2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	114		$	68



Commercial real estate	54			36
Lease financing	(2)			(3)
Total commercial	166			101
Consumer:
Residential mortgage	1			2
Automobile	23			12
Home equity	(1)			(1)
RV and marine	15			7
Other consumer	71			58
Total consumer	109			78
Total net charge-offs	$	275		$	179


	Nine Months Ended September 30,
	2024			2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.29		%	0.18		%



Commercial real estate	0.59			0.37
Lease financing	(0.05)			(0.08)
Total commercial	0.32			0.20
Consumer:
Residential mortgage	—			0.01
Automobile	0.24			0.13
Home equity	—			(0.02)
RV and marine	0.33			0.16
Other consumer	6.25			5.88
Total consumer	0.27			0.20
Net charge-offs as a % of average loans	0.30		%	0.20		%

Huntington Bancshares Incorporated

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

(Unaudited)


	September 30,
(dollar amounts in millions)	2024			2023
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	408		$	314
Commercial real estate	132			102
Lease financing	9			14
Residential mortgage	82			75
Automobile	5			4
Home equity	100			82
RV and marine	2			1

Total nonaccrual loans and leases	738			592



Other real estate, net	8			14
Other NPAs (1)	38			28
Total nonperforming assets (2)	$	784		$	634

Nonaccrual loans and leases as a % of total loans and leases	0.58		%	0.49		%
NPA ratio (3)	0.62			0.52


	Nine Months Ended September 30,
(dollar amounts in millions)	2024		2023
Nonperforming assets, beginning of period	$	711	$	594
New nonperforming assets	833		677


Returns to accruing status	(178)		(130)
Charge-offs	(199)		(158)
Payments	(375)		(327)
Sales	(8)		(22)
Nonperforming assets, end of period (3)	$	784	$	634

(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.