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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________________________________

FORM 8-K

_______________________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 17, 2025

______________________________________________________________________________________________________________________________

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. ☐

Item 2.02. Results of Operations and Financial Condition.

On April 17, 2025, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2025. Also on April 17, 2025, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.

Huntington’s senior management will host an earnings conference call on April 17, 2025, at 11:00 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 #13752707. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 25, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13752707.

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; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; 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, 2024, which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.

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

The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

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

(d)Exhibits.

Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 17, 2025.

Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2025.

EXHIBIT INDEX


Exhibit No.			Description

Exhibit 99.1			News release of Huntington Bancshares Incorporated, dated April 17, 2025
Exhibit 99.2			Quarterly Financial Supplement, March 31, 202 5






Exhibit 104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HUNTINGTON BANCSHARES INCORPORATED

Date:

April 17, 2025

By:

/s/ Zachary Wasserman

Zachary Wasserman

Chief Financial Officer

EX-99.1 2 hban20250331_8kex991.htm EX-99.1 Document

Exhibit 99.1

April 17, 2025

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

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

Huntington Bancshares Incorporated Reports 2025 First-Quarter Earnings

Exceptional Q1 Results Highlighted by Growth in Loans and Deposits, Expanded Net Interest Income, and Continued Strong Performance in Fee Revenue, Driving Robust Year-Over-Year Profit Growth

2025 First-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.34, unchanged from the prior quarter, and $0.08 higher than the year-ago quarter. Excluding the after-tax impact of Notable Items, EPS was higher by $0.06 from the year-ago quarter.

•Net interest income increased $31 million, or 2%, from the prior quarter, and $139 million, or 11%, from the year-ago quarter.

•Total deposit costs were 2.03%, down 13 basis points from the prior quarter.

•Noninterest income decreased $65 million, or 12%, from the prior quarter, to $494 million. From the year-ago quarter, noninterest income increased $27 million, or 6%.

•Average total loans and leases increased $2.7 billion, or 2%, from the prior quarter to $130.9 billion, and increased $8.9 billion, or 7%, from the year-ago quarter.

◦Average commercial loans grew $2.2 billion or 3% from the prior quarter and $5.8 billion or 8% from the year-ago quarter.

◦Average consumer loans grew $491 million or 1% from the prior quarter and $3.1 billion or 6% from the year-ago quarter.

•Average total deposits increased $2.2 billion, or 1%, from the prior quarter and $10.9 billion, or 7%, from the year-ago quarter.

•Net charge-offs of 0.26% of average total loans and leases for the quarter, 4 basis points lower than the prior quarter.

•Nonperforming asset ratio of 0.61% at quarter end, 2 basis points lower than the prior quarter.

•Allowance for credit losses (ACL) of $2.5 billion, or 1.87% of total loans and leases, at quarter end, an increase of $32 million from the prior quarter.

•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.6%, at March 31, 2025, up from 10.5% in the prior quarter. Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.9%, up from 8.7% in the prior quarter.

•Tangible common equity (TCE) ratio of 6.3%, up from 6.1% in the prior quarter and 6.0% from a year ago.

•Tangible book value per share of $8.80, up $0.47, or 6%, from the prior quarter and up $1.03, or 13%, from a year ago.

•The Board of Directors approved a $1 billion share repurchase authorization.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2025 first quarter of $527 million, or $0.34 per common share, a decrease of $3 million from the prior quarter, and an increase of $108 million, or 26%, from the year-ago quarter.

Return on average assets was 1.04%, return on average common equity was 11.3%, and return on average tangible common equity (ROTCE) was 16.7%.

CEO Commentary:

“Our first quarter results were highlighted by continued profit growth driven by increased loans and deposits, expanded net interest margin, growth of fee revenues, and rigorous expense management," said Steve Steinour, chairman, president, and CEO. "Our outlook for the year remains positive as our organic growth continues to significantly outpace our peer group driven by both our existing businesses and new initiatives. Our teams are executing exceptionally well as we manage overall funding costs lower and drive fee revenues higher. While we closely monitor the external environment, we are very well positioned to operate across a range of potential economic scenarios."

“We have continued to invest in new revenue-producing opportunities and have expanded our capabilities in the commercial and regional bank. These investments are delivering results, evidenced by robust loans and deposits across North Carolina, South Carolina and Texas regions, new commercial specialty banking areas, as well as fee businesses."

“Credit quality performed very well, with improved net-charge offs compared to the previous quarter and 2024 overall, reflecting our credit management approach in line with our aggregate moderate-to-low risk appetite. This is a competitive advantage and we are confident in our ability to outperform through-the-cycle.”

“We are operating from a position of strength. Over many years Huntington has maintained a disciplined approach to risk, which has driven our robust capital and liquidity metrics and has resulted in top quartile credit performance. Huntington has demonstrated our ability to execute and capitalize on disruptions in the market, and we believe we are very well positioned to manage through the evolving economic outlook."

Table 1 – Earnings Performance Summary


	2025			2024
(in millions, except per share data)	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington	$	527		$	530		$	517		$	474		$	419
Diluted earnings per common share	0.34			0.34			0.33			0.30			0.26

Return on average assets	1.04		%	1.05		%	1.04		%	0.98		%	0.89		%
Return on average common equity	11.3			11.0			10.8			10.4			9.2
Return on average tangible common equity	16.7			16.4			16.2			16.1			14.2
Net interest margin	3.10			3.03			2.98			2.99			3.01
Efficiency ratio	58.9			58.6			59.4			60.8			63.7

Tangible book value per common share	$	8.80		$	8.33		$	8.65		$	7.89		$	7.77
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.155

Average earning assets	$	188,299		$	185,222		$	181,891		$	178,062		$	173,764
Average loans and leases	130,862			128,158			124,507			123,376			121,930
Average total deposits	161,600			159,405			156,488			153,578			150,728

Tangible common equity / tangible assets ratio	6.3		%	6.1		%	6.4		%	6.0		%	6.0		%
Common equity Tier 1 risk-based capital ratio (1)	10.6			10.5			10.4			10.4			10.2

NCOs as a % of average loans and leases	0.26		%	0.30		%	0.30		%	0.29		%	0.30		%
NAL ratio	0.56			0.60			0.58			0.59			0.58
ACL as a % of total loans and leases	1.87			1.88			1.93			1.95			1.97

(1)March 31, 2025 figure is estimated.

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

Table 2 – Notable Items Influencing Earnings


		Pretax Impact (1)		After-tax Impact (1)
($ in millions, except per share)		Amount			Net Income		EPS (2)
Three Months Ended March 31, 2025					$	527	$	0.34
•	FDIC Deposit Insurance Fund (DIF) special assessment (3)	$	(3)		$	(2)	$	—

Three Months Ended December 31, 2024					$	530	$	0.34
•	FDIC Deposit Insurance Fund (DIF) special assessment (3)	$	3		$	2	$	—









Three Months Ended March 31, 2024					$	419	$	0.26
•	FDIC DIF special assessment (3)	$	(32)		$	(25)	$	(0.02)
•	Staffing efficiencies expense (4)	(7)			(5)		—

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

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

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

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

Table 3 – Net Interest Income and Total Revenue


	2025		2024
($ in millions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,426	$	1,395	$	1,351	$	1,312	$	1,287	2	%	11	%
FTE adjustment	15		14		13		13		13		7		15
Net interest income - FTE	1,441		1,409		1,364		1,325		1,300		2		11
Noninterest income	494		559		523		491		467		(12)		6
Total revenue - FTE	$	1,935	$	1,968	$	1,887	$	1,816	$	1,767	(2)	%	10	%

Table 4 – Net Interest Margin Summary


	2025		2024
	First		Fourth		Third		Second		First		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	5.39	%	5.42	%	5.62	%	5.62	%	5.54	%	(3)	(15)
Total loans and leases	5.87		5.89		6.05		6.01		5.92		(2)	(5)
Total securities	4.01		4.10		4.26		4.29		4.19		(9)	(18)
Total interest-bearing liabilities	2.86		3.01		3.32		3.34		3.23		(15)	(37)
Total interest-bearing deposits	2.48		2.65		2.94		2.94		2.85		(17)	(37)

Net interest rate spread	2.53		2.41		2.30		2.28		2.31		12	22
Impact of noninterest-bearing funds on margin	0.57		0.62		0.68		0.71		0.70		(5)	(13)
Net interest margin	3.10	%	3.03	%	2.98	%	2.99	%	3.01	%	7	9

See Page 8 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2025 first quarter increased $141 million, or 11%, from the 2024 first quarter. The results primarily reflect a $14.5 billion, or 8%, increase in average earning assets and a 9 basis point increase in the net interest margin (NIM) to 3.10%, partially offset by a $15.1 billion, or 11%, increase in average interest-bearing liabilities. The 9 basis point increase in NIM was reflective of a decrease in cost of funding, the impact of hedging, and the benefit of higher interest recoveries and other activity, partially offset by a decrease in yields on interest earning assets.

Compared to the 2024 fourth quarter, FTE net interest income increased $32 million, or 2%, driven by an increase in NIM of 7 basis points to 3.10%, and an increase in average earning assets of $3.1 billion, or 2%, partially offset by an increase in average interest-bearing liabilities of $3.8 billion, or 3%. The 7 basis point increase in NIM was reflective of a decrease in cost of funding, the impact of hedging, and the benefit of higher interest recoveries and other activity, partially offset by a decrease in yields on interest earning assets.

Table 5 – Average Earning Assets


	2025		2024
($ in billions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	57.6	$	55.1	$	52.2	$	51.7	$	50.6	4	%	14	%
Commercial real estate	11.0		11.3		11.7		12.2		12.6		(2)		(12)
Lease financing	5.5		5.4		5.2		5.1		5.1		1		8
Total commercial	74.1		71.8		69.1		69.0		68.3		3		8

Residential mortgage	24.3		24.1		24.1		23.9		23.7		1		2
Automobile	14.7		14.4		13.6		13.0		12.6		2		17
Home equity	10.1		10.1		10.1		10.1		10.1		—		1
RV and marine	6.0		6.0		6.0		6.0		5.9		(1)		1
Other consumer	1.8		1.7		1.6		1.5		1.4		4		24
Total consumer	56.8		56.3		55.4		54.4		53.7		1		6
Total loans and leases	130.9		128.2		124.5		123.4		121.9		2		7
Total securities	45.2		45.4		44.2		43.0		41.6		—		9
Interest-earning deposits with banks	11.6		11.0		12.5		11.1		9.8		5		19
Other earning assets	0.6		0.7		0.7		0.6		0.5		(14)		28
Total earning assets	$	188.3	$	185.2	$	181.9	$	178.1	$	173.8	2	%	8	%

See Page 6 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2025 first quarter increased $14.5 billion, or 8%, from the year-ago quarter, primarily reflecting a $8.9 billion, or 7%, increase in average total loans and leases and a $3.6 billion, or 9%, increase in average total securities. Average loan and lease balance increases were led by growth in average commercial loans of $5.8 billion, or 8%, primarily driven by a $6.9 billion, or 14%, increase in average commercial and industrial loans, partially offset by a $1.5 billion, or 12%, decrease in average commercial real estate loans. Additionally, average consumer loans increased by $3.1 billion, or 6%, primarily driven by a $2.1 billion, or 17%, increase in average automobile loans.

Compared to the 2024 fourth quarter, average earning assets increased $3.1 billion, or 2%, primarily reflecting a $2.7 billion, or 2%, increase in average total loans and leases. Average loan and lease balance increases were driven by an increase in average commercial loan balances of $2.2 billion, or 3%, primarily driven by a $2.4 billion, or 4%, increase in average commercial and industrial loans. Average consumer loans increased $491 million or 1%, primarily due to an increase in average automobile loans.

Table 6 – Liabilities


	2025		2024
	First		Fourth		Third		Second		First		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Average balances:
Demand deposits - noninterest-bearing	$	28.9	$	29.6	$	28.8	$	29.6	$	29.9	(2)	%	(3)	%
Demand deposits - interest-bearing	43.6		41.8		41.9		39.4		38.5		4		13
Total demand deposits	72.5		71.4		70.7		69.0		68.4		2		6
Money market deposits	60.2		58.3		55.5		53.6		51.3		3		17
Savings deposits	14.9		14.6		14.9		15.4		15.6		1		(5)
Time deposits	14.0		15.1		15.3		15.6		15.4		(7)		(9)
Total deposits	$	161.6	$	159.4	$	156.5	$	153.6	$	150.7	1	%	7	%

Short-term borrowings	$	1.4	$	1.2	$	0.8	$	1.2	$	1.3	15	%	11	%
Long-term debt	16.9		16.1		15.9		15.1		13.8		5		23
Total debt	$	18.3	$	17.3	$	16.7	$	16.3	$	15.1	6	%	22	%

Total interest-bearing liabilities	$	151.0	$	147.2	$	144.4	$	140.3	$	135.9	3	%	11	%
Total liabilities	185.0		181.8		178.1		175.3		171.0		2		8

See Page 6 of Quarterly Financial Supplement for additional detail.

Average total liabilities for the 2025 first quarter increased $14.0 billion, or 8%, from the year-ago quarter, driven by increases in average total deposits of $10.9 billion, or 7%, and in average total debt of $3.3 billion, or 22%.

Compared to the 2024 fourth quarter, average total liabilities increased $3.3 billion, or 2%, driven by increases in average total deposits of $2.2 billion, or 1%, and in average total debt of $1.0 billion, or 6%.

Noninterest Income

Table 7 – Noninterest Income


	2025		2024
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Payments and cash management revenue	$	155	$	162	$	158	$	154	$	146	(4)	%	6	%
Wealth and asset management revenue	101		93		93		90		88		9		15
Customer deposit and loan fees	86		88		86		83		77		(2)		12
Capital markets and advisory fees	67		120		78		73		56		(44)		20
Mortgage banking income	31		31		38		30		31		—		—
Leasing revenue	14		19		19		19		22		(26)		(36)
Insurance income	20		22		18		18		19		(9)		5
Net gains (losses) on sales of securities	—		(21)		—		—		—		NM		—
Other noninterest income	20		45		33		24		28		(56)		(29)
Total noninterest income	$	494	$	559	$	523	$	491	$	467	(12)	%	6	%





Additional information:
Impact of mark-to-market and premiums from credit risk transfer transactions (included in other noninterest income)	$	(3)	$	—	$	(8)	$	(9)	$	(2)	NM		50	%

NM - Not Meaningful

Total noninterest income for the 2025 first quarter increased $27 million, or 6%, from the year-ago quarter. Wealth and asset management increased $13 million, or 15%, primarily due to increases in trust and investment management account fees. Capital markets and advisory fees increased $11 million, or 20%, primarily due to commercial loan production related capital market activities.

Total noninterest income decreased $65 million, or 12%, compared to the 2024 fourth quarter. Capital markets and advisory fees decreased $53 million, or 44%, primarily due to higher advisory fees in the 2024 fourth quarter. Other noninterest income decreased $25 million, or 56%, due to items including equity and mezzanine investment valuations. These decreases were partially offset by the 2024 fourth quarter recognition of $21 million of net loss on sale of securities as a result of corporate debt securities repositioning.

Noninterest Expense

Table 8 – Noninterest Expense


	2025		2024
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	671	$	715	$	684	$	663	$	639	(6)	%	5	%
Outside data processing and other services	170		167		167		165		166		2		2
Equipment	67		70		65		62		70		(4)		(4)
Net occupancy	65		56		57		51		57		16		14
Marketing	29		28		33		27		28		4		4
Deposit and other insurance expense	37		20		15		25		54		85		(31)
Professional services	22		27		21		26		25		(19)		(12)
Amortization of intangibles	11		12		11		12		12		(8)		(8)
Lease financing equipment depreciation	4		3		4		4		4		33		—
Other noninterest expense	76		80		73		82		82		(5)		(7)
Total noninterest expense	$	1,152	$	1,178	$	1,130	$	1,117	$	1,137	(2)	%	1	%
(in thousands)
Average full-time equivalent employees	20.1		20.0		20.0		19.9		19.7		1	%	2	%

Table 9 - Impact of Notable Items


	2025		2024
	First		Fourth		Third		Second		First
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	—	$	—	$	12	$	—	$	7


Net occupancy	—		—		1		—		—

Deposit and other insurance expense	3		(3)		(7)		6		32




Total noninterest expense	$	3	$	(3)	$	6	$	6	$	39

Table 10 - Adjusted Noninterest Expense (Non-GAAP)


	2025		2024
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	671	$	715	$	672	$	663	$	632	(6)	%	6	%
Outside data processing and other services	170		167		167		165		166		2		2
Equipment	67		70		65		62		70		(4)		(4)
Net occupancy	65		56		56		51		57		16		14
Marketing	29		28		33		27		28		4		4
Deposit and other insurance expense	34		23		22		19		22		48		55
Professional services	22		27		21		26		25		(19)		(12)
Amortization of intangibles	11		12		11		12		12		(8)		(8)
Lease financing equipment depreciation	4		3		4		4		4		33		0
Other noninterest expense	76		80		73		82		82		(5)		(7)
Total adjusted noninterest expense	$	1,149	$	1,181	$	1,124	$	1,111	$	1,098	(3)	%	5	%

Reported total noninterest expense for the 2025 first quarter increased $15 million, or 1%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $51 million, or 5%, primarily driven by higher personnel costs of $39 million, or 6%, due to higher incentive compensation and salary expense, and deposit and other insurance expense increased $12 million, or 55%, impacted by non-recurring adjustments to FDIC insurance expense.

Reported total noninterest expense decreased $26 million, or 2%, from the 2024 fourth quarter. Excluding the impact from Notable Items, noninterest expense decreased $32 million, or 3%, primarily driven by lower personnel costs of $44 million, or 6%, due primarily to a decrease in incentive compensation. Partially offsetting this decrease, deposit and other insurance expense increased $11 million, or 48%, impacted by non-recurring adjustments to FDIC insurance expense.

Credit Quality

Table 11 – Credit Quality Metrics


	2025			2024
($ in millions)	March 31,			December 31,			September 30,			June 30,			March 31,
Total nonaccrual loans and leases	$	748		$	783		$	738		$	733		$	716
Total other real estate, net	8			8			8			10			10
Other NPAs (1)	48			31			38			37			12
Total nonperforming assets	804			822			784			780			738
Accruing loans and leases past due 90+ days	220			239			224			175			183
NPAs + accruing loans & leases past due 90+ days	$	1,024		$	1,061		$	1,008		$	955		$	921
NAL ratio (2)	0.56		%	0.60		%	0.58		%	0.59		%	0.58		%
NPA ratio (3)	0.61			0.63			0.62			0.63			0.60
(NPAs+90 days)/(Loans+OREO)	0.77			0.82			0.80			0.77			0.75


Provision for credit losses	$	115		$	107		$	106		$	100		$	107
Net charge-offs	86			97			93			90			92
Net charge-offs / Average total loans and leases	0.26		%	0.30		%	0.30		%	0.29		%	0.30		%
Allowance for loans and lease losses (ALLL)	$	2,263		$	2,244		$	2,235		$	2,304		$	2,280
Allowance for unfunded lending commitments	215			202			201			119			135
Allowance for credit losses (ACL)	$	2,478		$	2,446		$	2,436		$	2,423		$	2,415
ALLL as a % of:
Total loans and leases	1.71		%	1.73		%	1.77		%	1.85		%	1.86		%
NALs	302			286			303			314			318
NPAs	281			273			285			296			309
ACL as a % of:
Total loans and leases	1.87		%	1.88		%	1.93		%	1.95		%	1.97		%
NALs	331			312			330			331			337
NPAs	308			297			311			311			327

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

(2)Total NALs as a % of total loans and leases.

(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.

See Pages 11-14 of Quarterly Financial Supplement for additional detail.

Nonperforming assets (NPAs) were $804 million, or 0.61%, of total loans and leases, OREO and other NPAs, compared to $738 million, or 0.60%, a year-ago. Nonaccrual loans and leases (NALs) were $748 million, or 0.56% of total loans and leases, compared to $716 million, or 0.58% of total loans and leases, a year-ago. The increase in NPAs was driven by increases in other NPAs and commercial and industrial NALs. On a linked quarter basis, NPAs decreased $18 million, or 2%, and NALs decreased $35 million, or 4%. The decrease in NPAs was primarily driven by a decrease in commercial and industrial NALs.

The provision for credit losses increased $8 million on both a year-over-year and quarter-over-quarter basis to $115 million in the 2025 first quarter. Net charge-offs (NCOs) decreased $6 million year-over-year and $11 million quarter-over-quarter to $86 million. NCOs represented an annualized 0.26% of average loans and leases in the current quarter, down from 0.30% in each of the year-ago quarter and prior quarter. Commercial and consumer net charge-offs were 0.24% and 0.29%, respectively, for the 2025 first quarter.

The allowance for loan and lease losses (ALLL) decreased $17 million from the year-ago quarter to $2.3 billion, or 1.71% of total loans and leases. The allowance for credit losses (ACL) increased by $63 million from the year-ago quarter to $2.5 billion, or 1.87% of total loans and leases, 1 basis point lower than the prior quarter and 10 basis points lower than the year-ago quarter.

Capital

Table 12 – Capital Ratios


	2025			2024
($ in billions)	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible common equity / tangible assets ratio	6.3		%	6.1		%	6.4		%	6.0		%	6.0		%
Common equity tier 1 risk-based capital ratio (1)	10.6			10.5			10.4			10.4			10.2
Regulatory Tier 1 risk-based capital ratio (1)	11.9			11.9			12.1			12.1			12.0
Regulatory Total risk-based capital ratio (1)	14.3			14.3			14.1			14.3			14.1
Total risk-weighted assets (1)	$	144.6		$	143.7		$	142.5		$	139.4		$	139.6

(1)March 31, 2025 figures are estimated. The capital ratios reflect Huntington’s election to delay the impact of CECL on regulatory capital. As of March 31, 2025, the impact of the CECL deferral was fully phased in, while 75% of the impact of the CECL deferral was phased in at December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024.

See Pages 15-16 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 6.3% at March 31, 2025, an increase from 6.1% at December 31, 2024, driven by changes 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 10.6% at March 31, 2025, an increase from 10.5% at December 31, 2024, driven by current period earnings, net of dividends, partially offset by the CECL transition adjustment and higher risk-weighted assets during the quarter.

In the first quarter of 2025, Huntington completed a credit linked note transaction, related to an approximately $3.5 billion pool of on-balance sheet prime indirect auto loans, as part of the company's capital optimization strategy. The transaction reduced the risk-weighting on the reference pool of assets by approximately 75%.

The Board of Directors approved a repurchase authorization of up to $1 billion of common shares. The new repurchase authorization does not have an expiration date and may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs, and is subject to the Federal Reserve's capital regulations. The timing of repurchases will be discretionary and depend on factors, including the macroeconomic and interest rate environment, the pace of loan growth, and other factors.

Income Taxes

The provision for income taxes was $122 million in the 2025 first quarter compared to $135 million in the 2024 fourth quarter. The effective tax rate for the 2025 first quarter was 18.6%, compared to 20.1% for the 2024 fourth quarter, with the decrease quarter-over-quarter driven by discrete tax expenses recognized in the prior quarter.

At March 31, 2025, we had a net federal deferred tax asset of $598 million and a net state deferred tax asset of $91 million.

Conference Call / Webcast Information

Please see the 2025 First Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a $210 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 968 branches in 13 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 hban20250331_8kex992.htm EX-99.2 Document

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

March 31, 2025

Table of Contents


Quarterly Key Statistics			1



Consolidated Balance Sheets			3

Loans and Leases Composition			4

Deposits Composition			5

Consolidated Quarterly Average Balance Sheets			6

Consolidated Quarterly Net Interest Margin - Interest Income / Expense			7

Consolidated Quarterly Net Interest Margin - Yield			8

Selected Quarterly Income Statement Data			9

Quarterly Mortgage Banking Noninterest Income			10

Quarterly Credit Reserves Analysis			11

Quarterly Net Charge-Off Analysis			12

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

Quarterly Accruing Past Due Loans and Leases			14

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

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

Notes:

The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates.

Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our 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 herein.

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,

•Tangible common equity to risk-weighted assets using Basel III definition, and

•Adjusted common equity tier 1 (CET1).

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. The tangible common equity 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. The adjusted CET1 ratio differs from the defined CET1 regulatory capital ratio the Company is subject to by including the impact of accumulated other comprehensive income (loss) (AOCI) excluding cash flow hedges in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.

Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.

Huntington Bancshares Incorporated

Quarterly Key Statistics

(Unaudited)


	Three Months Ended
(dollar amounts in millions, except per share data)	March 31,			December 31,			March 31,			Percent Changes vs.
	2025			2024			2024			4Q24		1Q24
Net interest income (1)	$	1,441		$	1,409		$	1,300		2	%	11	%
FTE adjustment	(15)			(14)			(13)			(7)		(15)
Net interest income	1,426			1,395			1,287			2		11
Provision for credit losses	115			107			107			7		7
Noninterest income	494			559			467			(12)		6
Noninterest expense	1,152			1,178			1,137			(2)		1
Income before income taxes	653			669			510			(2)		28
Provision for income taxes	122			135			86			(10)		42
Income after income taxes	531			534			424			(1)		25
Income attributable to non-controlling interest	4			4			5			—		(20)
Net income attributable to Huntington	527			530			419			(1)		26
Dividends on preferred shares	27			27			36			—		(25)
Impact of preferred stock redemptions	—			5			—			NM		—
Net income applicable to common shares	$	500		$	498		$	383		—	%	31	%

Net income per common share - diluted	$	0.34		$	0.34		$	0.26		—	%	31	%
Cash dividends declared per common share	0.155			0.155			0.155			—		—
Tangible book value per common share at end of period	8.80			8.33			7.77			6		13

Average common shares - basic	1,454			1,453			1,448			—		—
Average common shares - diluted	1,482			1,481			1,473			—		1
Ending common shares outstanding	1,457			1,454			1,449			—		1
Return on average assets	1.04		%	1.05		%	0.89		%
Return on average common shareholders’ equity	11.3			11.0			9.2
Return on average tangible common shareholders’ equity (2)	16.7			16.4			14.2
Net interest margin (1)	3.10			3.03			3.01
Efficiency ratio (3)	58.9			58.6			63.7
Effective tax rate	18.6			20.1			16.8
Average total assets	$	205,087		$	201,815		$	190,306		2		8
Average earning assets	188,299			185,222			173,764			2		8
Average loans and leases	130,862			128,158			121,930			2		7

Average total deposits	161,600			159,405			150,728			1		7
Average Huntington shareholders’ equity	19,997			20,013			19,213			—		4
Average common shareholders' equity	18,007			17,979			16,819			—		7
Average tangible common shareholders' equity	12,375			12,338			11,151			—		11
Total assets at end of period	209,596			204,230			193,519			3		8
Total Huntington shareholders’ equity at end of period	20,434			19,740			19,322			4		6

NCOs as a % of average loans and leases	0.26		%	0.30		%	0.30		%
NAL ratio	0.56			0.60			0.58
NPA ratio (4)	0.61			0.63			0.60
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.71			1.73			1.86
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.87			1.88			1.97
Common equity tier 1 risk-based capital ratio (5)	10.6			10.5			10.2
Tangible common equity / tangible asset ratio (6)	6.3			6.1			6.0

NM - Not Meaningful

See Notes to the Quarterly Key Statistics.

Notes to the Quarterly Key Statistics

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

(2)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.

(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).

(4)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.

(5)March 31, 2025 figure is estimated.

(6)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.

Huntington Bancshares Incorporated

Consolidated Balance Sheets


	March 31,		December 31,
(dollar amounts in millions)	2025		2024		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,598	$	1,685	(5)	%


Interest-earning deposits with banks	14,330		11,647		23
Trading account securities	477		53		NM
Available-for-sale securities	27,839		27,273		2
Held-to-maturity securities	16,315		16,368		—


Other securities	880		823		7
Loans held for sale	580		654		(11)
Loans and leases (1)	132,505		130,042		2
Allowance for loan and lease losses	(2,263)		(2,244)		1
Net loans and leases	130,242		127,798		2
Bank owned life insurance	2,799		2,793		—
Accrued income and other receivables	1,716		2,190		(22)
Premises and equipment	1,085		1,066		2
Goodwill	5,561		5,561		—
Servicing rights and other intangible assets	656		677		(3)
Other assets	5,518		5,642		(2)
Total assets	$	209,596	$	204,230	3	%

Liabilities and shareholders' equity
Liabilities
Deposits (2)	$	165,337	$	162,448	2	%
Short-term borrowings	664		199		234
Long-term debt	18,096		16,374		11
Other liabilities	5,013		5,427		(8)
Total liabilities	189,110		184,448		3

Shareholders' equity
Preferred stock	1,989		1,989		—
Common stock	15		15		—
Capital surplus	15,479		15,484		—
Less treasury shares, at cost	(90)		(86)		(5)
Accumulated other comprehensive income (loss)	(2,433)		(2,866)		15
Retained earnings	5,474		5,204		5
Total Huntington shareholders’ equity	20,434		19,740		4
Non-controlling interest	52		42		24
Total equity	20,486		19,782		4
Total liabilities and equity	$	209,596	$	204,230	3	%

Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,456,811,621		1,453,635,809
Treasury shares outstanding	7,164,203		6,984,102
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	877,500		877,500

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

(2)See page 5 for detail of deposits.

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2025				2024				2024				2024				2024
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial	$	58,948	45	%	$	56,809	43	%	$	53,601	43	%	$	52,307	42	%	$	51,500	42	%
Commercial real estate:
Commercial	10,196		7		10,215		8		10,647		8		10,997		9		11,339		9
Construction	772		1		863		1		896		1		936		1		1,003		1
Commercial real estate	10,968		8		11,078		9		11,543		9		11,933		10		12,342		10
Lease financing	5,451		4		5,454		4		5,342		4		5,202		4		5,133		4
Total commercial	75,367		57		73,341		56		70,486		56		69,442		56		68,975		56
Consumer:
Residential mortgage	24,369		19		24,242		19		24,100		19		24,069		19		23,744		20
Automobile	14,877		11		14,564		11		14,003		11		13,233		11		12,662		10
Home equity	10,130		8		10,142		8		10,129		8		10,076		8		10,047		8
RV and marine	5,939		4		5,982		5		6,042		5		6,042		5		5,887		5
Other consumer	1,823		1		1,771		1		1,627		1		1,560		1		1,452		1
Total consumer	57,138		43		56,701		44		55,901		44		54,980		44		53,792		44
Total loans and leases	$	132,505	100	%	$	130,042	100	%	$	126,387	100	%	$	124,422	100	%	$	122,767	100	%

Ending balances by business segment:
Consumer & Regional Banking	$	72,653	55	%	$	72,051	56	%	$	70,742	56	%	$	69,328	56	%	$	67,512	55	%
Commercial Banking	59,726		45		57,858		44		55,441		44		54,941		44		54,994		45



Treasury / Other	126		—		133		—		204		—		153		—		261		—
Total loans and leases	$	132,505	100	%	$	130,042	100	%	$	126,387	100	%	$	124,422	100	%	$	122,767	100	%

Average balances by business segment:
Consumer & Regional Banking	$	72,043	55	%	$	71,390	56	%	$	69,759	56	%	$	68,405	56	%	$	67,136	55	%
Commercial Banking	58,588		45		56,492		44		54,464		44		54,748		44		54,584		45



Treasury / Other	231		—		276		—		284		—		223		—		210		—
Total loans and leases	$	130,862	100	%	$	128,158	100	%	$	124,507	100	%	$	123,376	100	%	$	121,930	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2025				2024				2024				2024				2024
Ending balances by type:
Total deposits
Demand deposits - noninterest-bearing	$	30,217	18	%	$	29,345	18	%	$	29,047	18	%	$	28,636	19	%	$	29,739	19	%
Demand deposits - interest-bearing	44,992		28		43,378		27		42,292		27		40,943		27		39,200		26
Money market deposits	61,608		37		60,730		37		56,434		36		54,469		35		52,897		35
Savings deposits	15,179		9		14,723		9		14,679		9		15,201		10		15,752		10
Time deposits	13,341		8		14,272		9		15,899		10		15,118		9		15,637		10




Total deposits	$	165,337	100	%	$	162,448	100	%	$	158,351	100	%	$	154,367	100	%	$	153,225	100	%






Ending balances by business segment:

Consumer & Regional Banking	$	112,972	68	%	$	111,390	69	%	$	110,107	70	%	$	110,913	72	%	$	112,032	73	%
Commercial Banking	44,090		27		43,366		26		41,597		26		38,110		25		35,619		23


Treasury / Other	8,275		5		7,692		5		6,647		4		5,344		3		5,574		4
Total deposits	$	165,337	100	%	$	162,448	100	%	$	158,351	100	%	$	154,367	100	%	$	153,225	100	%









Average balances by business segment:

Consumer & Regional Banking	$	110,974	69	%	$	110,750	70	%	$	109,884	70	%	$	110,819	72	%	$	109,263	73	%
Commercial Banking	42,714		26		41,741		26		40,153		26		36,765		24		35,656		23


Treasury / Other	7,912		5		6,914		4		6,451		4		5,994		4		5,809		4
Total deposits	$	161,600	100	%	$	159,405	100	%	$	156,488	100	%	$	153,578	100	%	$	150,728	100	%

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)


	Quarterly Average Balances (1)
	March 31,		December 31,		September 30,		June 30,		March 31,		Percent Changes vs.
(dollar amounts in millions)	2025		2024		2024		2024		2024		4Q24		1Q24
Assets


Interest-earning deposits with banks	$	11,632	$	11,027	$	12,532	$	11,116	$	9,761	5	%	19	%
Securities:
Trading account securities	487		645		136		143		133		(24)		NM
Available-for-sale securities:
Taxable	24,245		24,778		25,434		24,184		22,515		(2)		8
Tax-exempt	3,254		3,056		2,699		2,684		2,676		6		22
Total available-for-sale securities	27,499		27,834		28,133		26,868		25,191		(1)		9


Held-to-maturity securities - taxable	16,358		16,053		15,078		15,211		15,567		2		5





Other securities	877		824		829		776		724		6		21
Total securities	45,221		45,356		44,176		42,998		41,615		—		9
Loans held for sale	584		681		676		572		458		(14)		28
Loans and leases: (2)
Commercial:
Commercial and industrial	57,555		55,136		52,194		51,724		50,625		4		14
Commercial real estate:
Commercial	10,206		10,461		10,835		11,247		11,365		(2)		(10)
Construction	815		818		909		916		1,198		—		(32)
Commercial real estate	11,021		11,279		11,744		12,163		12,563		(2)		(12)
Lease financing	5,476		5,424		5,180		5,071		5,081		1		8
Total commercial	74,052		71,839		69,118		68,958		68,269		3		8
Consumer:
Residential mortgage	24,299		24,127		24,074		23,909		23,710		1		2
Automobile	14,665		14,350		13,584		12,989		12,553		2		17
Home equity	10,123		10,134		10,089		10,056		10,072		—		1
RV and marine	5,951		6,009		6,046		5,966		5,892		(1)		1
Other consumer	1,772		1,699		1,596		1,498		1,434		4		24
Total consumer	56,810		56,319		55,389		54,418		53,661		1		6
Total loans and leases	130,862		128,158		124,507		123,376		121,930		2		7
Total earning assets	188,299		185,222		181,891		178,062		173,764		2		8
Cash and due from banks	1,404		1,348		1,407		1,340		1,493		4		(6)
Goodwill and other intangible assets	5,651		5,662		5,674		5,685		5,697		—		(1)


All other assets	$	9,733	$	9,583	$	9,306	$	9,471	$	9,352	2		4
Total assets	$	205,087	$	201,815	$	198,278	$	194,558	$	190,306	2	%	8	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	43,582	$	41,802	$	41,850	$	39,431	$	38,488	4	%	13	%
Money market deposits	60,213		58,297		55,599		53,553		51,310		3		17
Savings deposits	14,866		14,648		14,891		15,408		15,625		1		(5)
Time deposits	13,993		15,076		15,348		15,556		15,395		(7)		(9)




Total interest-bearing deposits	132,654		129,823		127,688		123,948		120,818		2		10
Short-term borrowings	1,439		1,249		826		1,214		1,300		15		11
Long-term debt	16,901		16,081		15,878		15,146		13,777		5		23
Total interest-bearing liabilities	150,994		147,153		144,392		140,308		135,895		3		11
Demand deposits - noninterest-bearing	28,946		29,582		28,800		29,630		29,910		(2)		(3)
All other liabilities	5,102		5,020		4,925		5,314		5,239		2		(3)
Total liabilities	185,042		181,755		178,117		175,252		171,044		2		8
Total Huntington shareholders’ equity	19,997		20,013		20,113		19,254		19,213		—		4
Non-controlling interest	48		47		48		52		49		2		(2)
Total equity	20,045		20,060		20,161		19,306		19,262		—		4
Total liabilities and equity	$	205,087	$	201,815	$	198,278	$	194,558	$	190,306	2	%	8	%

(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(2)Includes nonaccrual loans and leases.

Huntington Bancshares Incorporated

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

(Unaudited)


	Quarterly Interest Income / Expense
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2025		2024		2024		2024		2024
Assets


Interest-earning deposits with banks	$	129	$	136	$	174	$	154	$	134
Securities:
Trading account securities	4		8		1		2		2
Available-for-sale securities:
Taxable	287		302		331		322		296
Tax-exempt	42		38		35		34		34
Total available-for-sale securities	329		340		366		356		330
Held-to-maturity securities - taxable	108		104		93		93		95



Other securities	12		12		11		10		9
Total securities	453		464		471		461		436
Loans held for sale	9		11		12		10		7
Loans and leases:
Commercial:
Commercial and industrial	873		851		840		829		801
Commercial real estate:
Commercial	170		185		207		214		215
Construction	15		22		20		19		25
Commercial real estate	185		207		227		233		240
Lease financing	89		89		86		82		79
Total commercial	1,147		1,147		1,153		1,144		1,120
Consumer:
Residential mortgage	250		243		241		232		227
Automobile	207		205		191		172		158
Home equity	183		190		199		196		195
RV and marine	78		81		79		76		74
Other consumer	48		47		48		44		42
Total consumer	766		766		758		720		696
Total loans and leases	1,913		1,913		1,911		1,864		1,816
Total earning assets	$	2,504	$	2,524	$	2,568	$	2,489	$	2,393

Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	205	$	209	$	239	$	210	$	200
Money market deposits	458		479		521		513		481
Savings deposits	7		6		4		3		2
Time deposits	140		169		181		181		174




Total interest-bearing deposits	810		863		945		907		857
Short-term borrowings	14		17		14		19		19
Long-term debt	239		235		245		238		217
Total interest-bearing liabilities	1,063		1,115		1,204		1,164		1,093
Net interest income	$	1,441	$	1,409	$	1,364	$	1,325	$	1,300

(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.

(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)


	Quarterly Average Rates
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2025		2024		2024		2024		2024
Assets
Interest-earning deposits with banks	4.45	%	4.92	%	5.55	%	5.55	%	5.50	%
Securities:
Trading account securities	3.67		5.39		3.28		5.10		5.15
Available-for-sale securities:
Taxable	4.73		4.87		5.21		5.33		5.26
Tax-exempt	5.22		5.00		5.23		5.07		5.05
Total available-for-sale securities	4.79		4.89		5.21		5.30		5.24
Held-to-maturity securities - taxable	2.64		2.59		2.47		2.44		2.44



Other securities	5.28		6.01		4.86		5.21		5.23
Total securities	4.01		4.10		4.26		4.29		4.19
Loans held for sale	6.48		6.28		6.92		6.81		6.51
Loans and leases: (2)
Commercial:
Commercial and industrial	6.07		6.05		6.31		6.33		6.26
Commercial real estate:
Commercial	6.66		6.91		7.47		7.53		7.49
Construction	7.47		10.64		8.52		8.41		8.23
Commercial real estate	6.72		7.18		7.55		7.60		7.56
Lease financing	6.49		6.38		6.51		6.41		6.13
Total commercial	6.19		6.25		6.53		6.56		6.49
Consumer:
Residential mortgage	4.11		4.03		4.00		3.89		3.83
Automobile	5.71		5.70		5.59		5.34		5.05
Home equity	7.33		7.42		7.86		7.86		7.77
RV and marine	5.34		5.35		5.24		5.11		5.04
Other consumer	11.01		11.18		11.69		11.75		11.91
Total consumer	5.44		5.42		5.45		5.32		5.20
Total loans and leases	5.87		5.89		6.05		6.01		5.92
Total earning assets	5.39		5.42		5.62		5.62		5.54
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	1.91		1.99		2.28		2.13		2.09
Money market deposits	3.08		3.27		3.73		3.85		3.77
Savings deposits	0.20		0.16		0.12		0.09		0.04
Time deposits	4.06		4.47		4.66		4.70		4.55
Total interest-bearing deposits	2.48		2.65		2.94		2.94		2.85
Short-term borrowings	3.87		5.37		6.52		6.31		5.95
Long-term debt	5.68		5.83		6.19		6.28		6.30
Total interest-bearing liabilities	2.86		3.01		3.32		3.34		3.23

Net interest rate spread	2.53		2.41		2.30		2.28		2.31
Impact of noninterest-bearing funds on margin	0.57		0.62		0.68		0.71		0.70
Net interest margin	3.10	%	3.03	%	2.98	%	2.99	%	3.01	%


Additional information:
Commercial Loan Derivative Impact
Commercial loans (2)(3)	6.57	%	6.77	%	7.21	%	7.29	%	7.22	%
Impact of commercial loan derivatives	(0.38)		(0.52)		(0.68)		(0.73)		(0.73)
Total commercial - as reported	6.19	%	6.25	%	6.53	%	6.56	%	6.49	%
Average SOFR	4.33	%	4.68	%	5.28	%	5.32	%	5.32	%

Total cost of deposits (4)	2.03	%	2.16	%	2.40	%	2.38	%	2.29	%

(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.

(2)Includes nonaccrual loans and leases.

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

(4)Includes noninterest-bearing and interest-bearing deposit balances.

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)


	Three Months Ended
(dollar amounts in millions, except per share data)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024
Interest income	$	2,489	$	2,510	$	2,555	$	2,476	$	2,380
Interest expense	1,063		1,115		1,204		1,164		1,093
Net interest income	1,426		1,395		1,351		1,312		1,287
Provision for credit losses	115		107		106		100		107
Net interest income after provision for credit losses	1,311		1,288		1,245		1,212		1,180
Payments and cash management revenue	155		162		158		154		146
Wealth and asset management revenue	101		93		93		90		88
Customer deposit and loan fees	86		88		86		83		77
Capital markets and advisory fees	67		120		78		73		56
Mortgage banking income	31		31		38		30		31
Leasing revenue	14		19		19		19		22
Insurance income	20		22		18		18		19


Net gains (losses) on sales of securities	—		(21)		—		—		—
Other noninterest income	20		45		33		24		28
Total noninterest income	494		559		523		491		467
Personnel costs	671		715		684		663		639
Outside data processing and other services	170		167		167		165		166
Equipment	67		70		65		62		70
Net occupancy	65		56		57		51		57
Marketing	29		28		33		27		28
Deposit and other insurance expense	37		20		15		25		54
Professional services	22		27		21		26		25
Amortization of intangibles	11		12		11		12		12
Lease financing equipment depreciation	4		3		4		4		4
Other noninterest expense	76		80		73		82		82
Total noninterest expense	1,152		1,178		1,130		1,117		1,137
Income before income taxes	653		669		638		586		510
Provision for income taxes	122		135		116		106		86
Income after income taxes	531		534		522		480		424
Income attributable to non-controlling interest	4		4		5		6		5
Net income attributable to Huntington	527		530		517		474		419
Dividends on preferred shares	27		27		36		35		36
Impact of preferred stock redemptions	—		5		—		—		—
Net income applicable to common shares	$	500	$	498	$	481	$	439	$	383

Average common shares - basic	1,454		1,453		1,453		1,451		1,448
Average common shares - diluted	1,482		1,481		1,477		1,474		1,473

Per common share
Net income - basic	$	0.34	$	0.34	$	0.33	$	0.30	$	0.26
Net income - diluted	0.34		0.34		0.33		0.30		0.26
Cash dividends declared	0.155		0.155		0.155		0.155		0.155

Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,426	$	1,395	$	1,351	$	1,312	$	1,287
FTE adjustment	15		14		13		13		13
Net interest income (1)	1,441		1,409		1,364		1,325		1,300
Noninterest income	494		559		523		491		467
Total revenue (1)	$	1,935	$	1,968	$	1,887	$	1,816	$	1,767

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

Huntington Bancshares Incorporated

Quarterly Mortgage Banking Noninterest Income

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			Percent Changes vs.
(dollar amounts in millions)	2025			2024			2024			2024			2024			4Q24		1Q24
Net origination and secondary marketing income	$	18		$	25		$	25		$	17		$	16		(28)	%	13	%
Net mortgage servicing income
Loan servicing income	26			26			25			25			25			—		4
Amortization of capitalized servicing	(13)			(16)			(14)			(14)			(11)			19		(18)
Operating income	13			10			11			11			14			30		(7)
MSR valuation adjustment (1)	(15)			53			(25)			11			20			(128)		(175)
(Losses) gains due to MSR hedging	15			(57)			27			(10)			(19)			126		179
Net MSR risk management	—			(4)			2			1			1			100		(100)
Total net mortgage servicing income	13			6			13			12			15			117		(13)
All other	—			—			—			1			—			—		—
Mortgage banking income	$	31		$	31		$	38		$	30		$	31		—	%	—	%

Mortgage origination volume	$	1,599		$	2,093		$	1,883		$	2,164		$	1,276		(24)	%	25	%
Mortgage origination volume for sale	938			1,220			1,194			1,191			834			(23)		12

Third party mortgage loans serviced (2)	$	33,864		$	33,696		$	33,565		$	33,404		$	33,303		—	%	2	%
Mortgage servicing rights (2)	564			573			515			543			534			(2)		6
MSR % of investor servicing portfolio (2)	1.66		%	1.70		%	1.53		%	1.63		%	1.60		%	(2)		4

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

(2)At period end.

Huntington Bancshares Incorporated

Quarterly Credit Reserves Analysis

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Allowance for loan and lease losses, beginning of period	$	2,244		$	2,235		$	2,304		$	2,280		$	2,255

Loan and lease charge-offs	(133)			(129)			(129)			(145)			(128)
Recoveries of loans and leases previously charged-off	47			32			36			55			36
Net loan and lease charge-offs	(86)			(97)			(93)			(90)			(92)
Provision for loan and lease losses	105			106			24			114			117


Allowance for loan and lease losses, end of period	2,263			2,244			2,235			2,304			2,280
Allowance for unfunded lending commitments, beginning of period	202			201			119			135			145

Provision for unfunded lending commitments	13			1			82			(16)			(10)


Allowance for unfunded lending commitments, end of period	215			202			201			119			135
Total allowance for credit losses, end of period	$	2,478		$	2,446		$	2,436		$	2,423		$	2,415
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.71		%	1.73		%	1.77		%	1.85		%	1.86		%
Nonaccrual loans and leases (NALs)	302			286			303			314			318
Nonperforming assets (NPAs)	281			273			285			296			309
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.87		%	1.88		%	1.93		%	1.95		%	1.97		%
Nonaccrual loans and leases (NALs)	331			312			330			331			337
Nonperforming assets (NPAs)	308			297			311			311			327



	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2025		2024		2024		2024		2024
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	1,017	$	947	$	937	$	995	$	974
Commercial real estate	443		473		510		542		564
Lease financing	60		64		51		50		51
Total commercial	1,520		1,484		1,498		1,587		1,589
Consumer
Residential mortgage	199		205		193		199		163
Automobile	150		145		138		127		146
Home equity	140		148		149		142		137
RV and marine	146		150		150		146		148
Other consumer	108		112		107		103		97
Total consumer	743		760		737		717		691
Total allowance for loan and lease losses	2,263		2,244		2,235		2,304		2,280
Allowance for unfunded lending commitments	215		202		201		119		135
Total allowance for credit losses	$	2,478	$	2,446	$	2,436	$	2,423	$	2,415

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	48		$	52		$	51		$	21		$	42



Commercial real estate	(8)			(2)			5			36			13
Lease financing	4			1			(2)			—			—
Total commercial	44			51			54			57			55
Consumer:
Residential mortgage	—			—			—			1			—
Automobile	13			12			8			6			9
Home equity	—			—			(1)			—			—
RV and marine	7			7			6			4			5
Other consumer	22			27			26			22			23
Total consumer	42			46			39			33			37
Total net charge-offs	$	86		$	97		$	93		$	90		$	92


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.33		%	0.39		%	0.39		%	0.16		%	0.33		%



Commercial real estate	(0.26)			(0.08)			0.17			1.19			0.41
Lease financing	0.33			0.06			(0.18)			0.02			0.01
Total commercial	0.24			0.29			0.31			0.33			0.32
Consumer:
Residential mortgage	—			0.01			—			0.01			—
Automobile	0.35			0.32			0.24			0.20			0.27
Home equity	—			(0.02)			(0.02)			(0.01)			0.01
RV and marine	0.45			0.43			0.37			0.25			0.36
Other consumer	4.89			6.51			6.38			5.98			6.39
Total consumer	0.29			0.32			0.28			0.24			0.28
Net charge-offs as a % of average loans and leases	0.26		%	0.30		%	0.30		%	0.29		%	0.30		%

Huntington Bancshares Incorporated

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

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	413		$	457		$	408		$	346		$	376
Commercial real estate	118			118			132			194			154
Lease financing	11			10			9			13			10
Residential mortgage	90			83			82			80			75
Automobile	4			6			5			4			4
Home equity	110			107			100			95			96
RV and marine	2			2			2			1			1

Total nonaccrual loans and leases	748			783			738			733			716



Other real estate, net	8			8			8			10			10
Other NPAs (1)	48			31			38			37			12
Total nonperforming assets	$	804		$	822		$	784		$	780		$	738

Nonaccrual loans and leases as a % of total loans and leases	0.56		%	0.60		%	0.58		%	0.59		%	0.58		%
NPA ratio (2)	0.61			0.63			0.62			0.63			0.60
(NPA+90days)/(Loan+OREO) (3)	0.77			0.82			0.80			0.77			0.75


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2025		2024		2024		2024		2024
Nonperforming assets, beginning of period	$	822	$	784	$	780	$	738	$	711
New nonperforming assets	250		271		254		316		263


Returns to accruing status	(31)		(46)		(55)		(55)		(68)
Charge-offs	(55)		(37)		(53)		(82)		(64)
Payments	(178)		(146)		(139)		(135)		(102)
Sales	(4)		(4)		(3)		(2)		(2)

Nonperforming assets, end of period	$	804	$	822	$	784	$	780	$	738

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

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

(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

Huntington Bancshares Incorporated

Quarterly Accruing Past Due Loans and Leases

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	2		$	3		$	6		$	1		$	1

Lease financing	8			11			16			4			3
Residential mortgage (excluding loans guaranteed by the U.S. Government)	29			34			28			22			26
Automobile	8			12			10			8			8
Home equity	18			20			20			18			17
RV and marine	3			4			3			3			2
Other consumer	4			4			5			3			4
Total, excl. loans guaranteed by the U.S. Government	72			88			88			59			61
Add: loans guaranteed by U.S. Government	148			151			136			116			122
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	220		$	239		$	224		$	175		$	183

Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.05		%	0.07		%	0.07		%	0.05		%	0.05		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.11			0.12			0.11			0.09			0.10
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.17			0.18			0.18			0.14			0.15

Huntington Bancshares Incorporated

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

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity	$	20,434		$	19,740		$	20,606		$	19,515		$	19,322
Regulatory capital adjustments:
CECL transitional amount (2)	—			109			109			109			109
Shareholders’ preferred equity and related surplus	(1,999)			(1,999)			(2,404)			(2,404)			(2,404)
Accumulated other comprehensive loss	2,422			2,866			2,104			2,911			2,879
Goodwill and other intangibles, net of taxes	(5,520)			(5,534)			(5,546)			(5,561)			(5,575)
Deferred tax assets from tax loss and credit carryforwards	(68)			(55)			(66)			(49)			(48)
Common equity tier 1 capital	15,269			15,127			14,803			14,521			14,283
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	1,999			1,999			2,404			2,404			2,404


Tier 1 capital	17,268			17,126			17,207			16,925			16,687
Long-term debt and other tier 2 qualifying instruments	1,641			1,641			1,119			1,278			1,279
Qualifying allowance for loan and lease losses	1,811			1,798			1,784			1,743			1,747
Tier 2 capital	3,452			3,439			2,903			3,021			3,026
Total risk-based capital	$	20,720		$	20,565		$	20,110		$	19,946		$	19,713
Risk-weighted assets (RWA)(1)	$	144,632		$	143,650		$	142,543		$	139,374		$	139,622
Common equity tier 1 risk-based capital ratio (1)	10.6		%	10.5		%	10.4		%	10.4		%	10.2		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	8.5			8.6			8.8			8.8			8.9
Tier 1 risk-based capital ratio (1)	11.9			11.9			12.1			12.1			12.0
Total risk-based capital ratio (1)	14.3			14.3			14.1			14.3			14.1
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	8.9			8.4			8.8			8.2			8.1




Reconciliation of Non-GAAP Measure (3)
Common equity tier 1 (CET1) capital (A)	$	15,269		$	15,127		$	14,803		$	14,521		$	14,283
Add: Accumulated other comprehensive income (loss) (AOCI)	(2,422)			(2,866)			(2,104)			(2,911)			(2,879)
Less: AOCI cash flow hedge	(90)			(267)			(39)			(399)			(436)
Adjusted common equity tier 1 (B)	12,937			12,528			12,738			12,009			11,840
Risk weighted assets (C)	144,632			143,650			142,543			139,374			139,622

CET1 ratio (A/C)	10.6		%	10.5		%	10.4		%	10.4		%	10.2		%
Adjusted CET1 ratio (B/C)	8.9			8.7			8.9			8.6			8.5

(1)March 31, 2025 figures are estimated.

(2)Huntington elected to temporarily delay certain effects of CECL on regulatory capital pursuant to a rule that allowed BHCs and banks to delay the impact of adopting CECL for two years, followed by a three-year transition period which began January 1, 2022. As of March 31, 2025, the impact of the CECL deferral was fully phased in, while 75% of the impact of the CECL deferral was phased in at December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024.

(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


	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024






Cash dividends declared per common share	$	0.155	$	0.155	$	0.155	$	0.155	$	0.155
Common shares outstanding (in millions):
Average - basic	1,454		1,453		1,453		1,451		1,448
Average - diluted	1,482		1,481		1,477		1,474		1,473
Ending	1,457		1,454		1,453		1,452		1,449
Tangible book value per common share (1)	$	8.80	$	8.33	$	8.65	$	7.89	$	7.77

Non-regulatory capital


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2025			2024			2024			2024			2024
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity	$	20,434		$	19,740		$	20,606		$	19,515		$	19,322
Goodwill and other intangible assets	(5,646)			(5,657)			(5,669)			(5,680)			(5,692)
Deferred tax liability on other intangible assets (1)	18			20			23			25			28
Total tangible equity	14,806			14,103			14,960			13,860			13,658
Preferred equity	(1,989)			(1,989)			(2,394)			(2,394)			(2,394)
Total tangible common equity	$	12,817		$	12,114		$	12,566		$	11,466		$	11,264
Total assets	$	209,596		$	204,230		$	200,535		$	196,310		$	193,519
Goodwill and other intangible assets	(5,646)			(5,657)			(5,669)			(5,680)			(5,692)
Deferred tax liability on other intangible assets (1)	18			20			23			25			28
Total tangible assets	$	203,968		$	198,593		$	194,889		$	190,655		$	187,855
Tangible equity / tangible asset ratio	7.3		%	7.1		%	7.7		%	7.3		%	7.3		%
Tangible common equity / tangible asset ratio	6.3		%	6.1		%	6.4		%	6.0		%	6.0		%
Other data:
Number of employees (Average full-time equivalent)	20,092			20,045			20,043			19,889			19,719
Number of domestic full-service branches (2)	968			978			975			972			969
ATM Count	1,560			1,577			1,585			1,603			1,606

(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.