Analysts: Eric Wasserstrom (eric.wasserstrom@huntington.com), 312.762.2155

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

•Earnings per common share (EPS) for the quarter was $0.34, unchanged from the prior quarter, and $0.04 higher than the year-ago quarter.

◦The quarter included $0.04 of impact to EPS resulting from a $58 million decrease in pre-tax earnings from a securities repositioning and Notable Items that decreased pre-tax earnings by $3 million.

•Net interest income increased $41 million, or 3%, from the prior quarter, and $155 million, or 12%, from the year-ago quarter.

•Noninterest income decreased $23 million, or 5%, from the prior quarter, to $471 million. From the year-ago quarter, noninterest income decreased $20 million, or 4%. Excluding the loss on the repositioning of securities and impact of credit risk transfer transactions, noninterest income increased $37 million, or 7%, from the prior quarter and $34 million, or 7%, from the year-ago quarter.

•Average total loans and leases increased $2.3 billion, or 2%, from the prior quarter to $133.2 billion, and increased $9.8 billion, or 8%, from the year-ago quarter.

◦Average commercial loans grew $1.6 billion, or 2%, from the prior quarter and $6.7 billion, or 10%, from the year-ago quarter.

◦Average consumer loans grew $725 million, or 1%, from the prior quarter and $3.1 billion, or 6%, from the year-ago quarter.

•Average total deposits increased $1.8 billion, or 1%, from the prior quarter and $9.9 billion, or 6%, from the year-ago quarter.

•Net charge-offs of 0.20% of average total loans and leases for the quarter, 6 basis points lower than the prior quarter.

•Nonperforming asset ratio of 0.63% at quarter end, 2 basis points higher than the prior quarter.

•Allowance for credit losses (ACL) of $2.5 billion, or 1.86% of total loans and leases, at quarter end, an increase of $37 million from the prior quarter.

•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5%, at June 30, 2025, compared to 10.6% in the prior quarter. Adjusted Common Equity Tier 1, including the impact of AOCI excluding cash flow hedges, was 9.0%, up from 8.9% in the prior quarter.

•Tangible common equity (TCE) ratio of 6.6%, up from 6.3% in the prior quarter and 6.0% from a year ago.

•Tangible book value per share of $9.13, up $0.33, or 4%, from the prior quarter and up $1.24, or 16%, from a year ago.

•Announced combination with Veritex Holdings, Inc., which will accelerate Huntington’s organic growth initiatives in the dynamic Texas market.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2025 second quarter of $536 million, or $0.34 per common share, an increase of $9 million, or 2%, from the prior quarter, and an increase of $62 million, or 13%, from the year-ago quarter.

Return on average assets was 1.04%, return on average common equity was 11.0%, and return on average tangible common equity (ROTCE) was 16.1%. Excluding the impact of the securities repositioning and Notable Items, ROTCE was 17.6%.

“Our second quarter results reflect the ongoing successful execution of our organic growth strategy." said Steve Steinour, chairman, president, and CEO. "We are acquiring new customers, deepening relationships, and expanding both net interest income and fee-based revenue through the strength of our product suite and capabilities."

"Our sustained growth reflects focused execution across both our core businesses and new growth initiatives. We are leveraging our scale as we further expand our well-diversified loan portfolio and continue to deepen client relationships. We have seen both loans and deposits growth of approximately $10 billion over the last year. Our commercial specialty banking teams are delivering solid results, as we broaden capabilities and extend our national reach. The Huntington brand is gaining traction and attracting clients in our newer markets—North and South Carolina and Texas, where the combination with Veritex further supports our long-term growth ambitions."

"Credit continues to perform well, demonstrated by improved net-charge offs and stable levels of criticized and non-performing assets. This is evidence of our disciplined credit risk management and client selection."

"We remain confident in our ability to execute our strategy and sustain strong growth, while maintaining our disciplined approach to risk management. We have never been better positioned."

(1)June 30, 2025 figure is estimated.

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

(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 include severance expense recorded in personnel costs.

Fully-taxable equivalent (FTE) net interest income for the 2025 second quarter increased $158 million, or 12%, from the 2024 second quarter. The results primarily reflect a $13.0 billion, or 7%, increase in average earning assets and a 12 basis point increase in the net interest margin (NIM) to 3.11%, partially offset by a $12.9 billion, or 9%, increase in average interest-bearing liabilities. The 12 basis point increase in NIM reflected net hedging activity and a decrease in cost of funding, partially offset by a decrease in yields on interest earning assets.

Compared to the 2025 first quarter, FTE net interest income increased $42 million, or 3%, driven by an increase in average earning assets of $2.8 billion, or 1%, and an increase in NIM of 1 basis point to 3.11%, partially offset by an increase in average interest-bearing liabilities of $2.2 billion, or 1%.

Average earning assets for the 2025 second quarter increased $13.0 billion, or 7%, from the year-ago quarter, primarily reflecting a $9.8 billion, or 8%, increase in average total loans and leases and a $1.9 billion, or 4%, increase in average total securities. Average loan and lease balance increases were led by growth in average commercial loans of $6.7 billion, or 10%, primarily driven by a $7.7 billion, or 15%, increase in average commercial and industrial loans, partially offset by a $1.4 billion, or 11%, 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 16%, increase in average automobile loans.

Compared to the 2025 first quarter, average earning assets increased $2.8 billion, or 1%, primarily reflecting a $2.3 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 $1.6 billion, or 2%, primarily driven by a $1.8 billion, or 3%, increase in average commercial and industrial loans. Average consumer loans increased $725 million, or 1%, primarily due to an increase in average automobile loans.

Average total liabilities for the 2025 second quarter increased $12.0 billion, or 7%, from the year-ago quarter, driven by increases in average total deposits of $9.9 billion, or 6%, and in average total debt of $2.7 billion, or 16%.

Compared to the 2025 first quarter, average total liabilities increased $2.2 billion, or 1%, driven by increases in average total deposits of $1.8 billion, or 1%, and in average total debt of $697 million, or 4%.

NM - Not Meaningful

During the quarter, Huntington sold approximately $900 million of corporate debt investment securities, resulting in a pre-tax loss of $58 million. Huntington has completed the re-investment of proceeds within the quarter, re-investing in 0% risk-weighted investment securities, with an expected earn-back from the transaction of less than 3 years.

Total noninterest income for the 2025 second quarter decreased $20 million, or 4%, from the year-ago quarter. The 2025 second quarter included a $58 million loss on the sale of investment securities discussed previously and $5 million of contra revenue related to premium costs and mark-to-market associated with credit risk transfer transactions, while the 2024 second quarter included $9 million of contra revenue related to the credit risk transfer transactions. Excluding the impact from these items, noninterest income increased $34 million, or 7%. Wealth and asset management revenue increased $12 million, or 13%, largely due to higher trust and investment management income. Customer deposit and loan fees increased $12 million, or 14%, primarily due to higher loan commitment fees. Payments and cash management revenue increased $11 million, or 7%, driven by higher merchant acquiring and cash management revenues. Capital markets and advisory fees increased $11 million, or 15%, primarily due to commercial loan production related activities. These increases were partially offset by a decrease in leasing revenue of $9 million, or 47%, due to lower operating lease income and income on terminated leases.

Total noninterest income decreased $23 million, or 5%, compared to the 2025 first quarter. The 2025 second quarter included a $58 million loss on the sale of investment securities discussed previously and $5 million of contra revenue related to premium costs and mark-to-market associated with credit risk transfer transactions, while the 2025 first quarter included $3 million of contra revenue related to the credit risk transfer transactions. Excluding the impact from these items, noninterest income increased $37 million, or 7%. Capital markets and advisory fees increased $17 million, or 25%, primarily due to higher advisory fees. Payments and cash management revenue increased $10 million, or 6%, primarily due to higher card transaction revenue. Customer deposit and loan fees increased $9 million, or 10%, primarily due to higher deposit and loan commitment fees.

			2025												2024
			Second						First						Fourth						Third						Second						Change (%)
($ in millions)			Quarter						Quarter						Quarter						Quarter						Quarter						LQ						YOY
Personnel costs			$	716					$	671					$	715					$	672					$	663					7		%				8		%
Outside data processing and other services			182						170						167						167						165						7						10
Equipment			68						67						70						65						62						1						10
Net occupancy			54						65						56						56						51						(17)						6
Marketing			28						29						28						33						27						(3)						4
Deposit and other insurance expense			23						34						23						22						19						(32)						21
Professional services			22						22						27						21						26						—						(15)
Amortization of intangibles			11						11						12						11						12						—						(8)
Lease financing equipment depreciation			2						4						3						4						4						(50)						(50)
Other noninterest expense			88						76						80						73						82						16						7
Total adjusted noninterest expense			$	1,194					$	1,149					$	1,181					$	1,124					$	1,111					4		%				7		%

        

Reported total noninterest expense for the 2025 second quarter increased $80 million, or 7%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $83 million, or 7%, primarily driven by higher personnel costs of $53 million, or 8%, due to higher incentive compensation and salary expense, and outside data processing and other services increased $17 million, or 6%, primarily reflecting higher technology and data expense.

Reported total noninterest expense increased $45 million, or 4%, from the 2025 first quarter. Excluding the impact from Notable Items, noninterest expense increased $45 million, or 4%, primarily driven by higher personnel costs of $45 million, or 7%, due primarily to higher incentive compensation and salary expense, and an increase in outside data process and other services of $12 million, or 7%, driven by higher technology and data expense. Partially offsetting these increases, deposit and other insurance expense decreased $11 million, or 32%, impacted by non-recurring adjustments to FDIC insurance expense in the prior quarter, and net occupancy decreased $11 million, or 17%, largely due to lower building services expense.

(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.

Nonperforming assets (NPAs) were $852 million, or 0.63%, of total loans and leases, OREO and other NPAs, compared to $780 million, or 0.63%, a year-ago. Nonaccrual loans and leases (NALs) were $842 million, or 0.62% of total loans and leases, compared to $733 million, or 0.59% of total loans and leases, a year-ago. The increase in NPAs was driven by an increase in commercial and industrial NALs, partially offset by decreases in commercial real estate NALs and other NPAs. On a linked quarter basis, NPAs increased $48 million, and NALs increased $94 million, or 13%. The increase in NPAs was primarily driven by increases in commercial and industrial and commercial real estate NALs, partially offset by a decrease in other NPAs.

The provision for credit losses increased $3 million year-over-year and decreased $12 million quarter-over-quarter to $103 million in the 2025 second quarter. Net charge-offs (NCOs) decreased $24 million year-over-year and $20 million quarter-over-quarter to $66 million. NCOs represented an annualized 0.20% of average loans and leases in the current quarter, down from 0.29% and 0.26% in the year-ago quarter and prior quarter, respectively. Commercial and consumer net charge-offs were 0.16% and 0.25%, respectively, for the 2025 second quarter.

The allowance for loan and lease losses (ALLL) increased $27 million from the year-ago quarter to $2.3 billion, or 1.73% of total loans and leases. The allowance for credit losses (ACL) increased by $92 million from the year-ago quarter to $2.5 billion, or 1.86% of total loans and leases, 1 basis point lower than the prior quarter and 8 basis points lower than the year-ago quarter.

(1)June 30, 2025 figures are estimated. The capital ratios reflect Huntington’s election to delay the impact of CECL on regulatory capital. As of June 30, 2025 and 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, and June 30, 2024.

The tangible common equity to tangible assets ratio was 6.6% at June 30, 2025, an increase from 6.3% at March 31, 2025, driven by an increase in tangible common equity from current period earnings, net of dividends, and an improvement in accumulated other comprehensive income. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5% at June 30, 2025, compared to 10.6% at March 31, 2025, with higher risk-weighted assets during the quarter partially offset by current period earnings, net of dividends.

The provision for income taxes was $96 million in the 2025 second quarter compared to $122 million in the 2025 first quarter. The effective tax rate for the 2025 second quarter was 15.0%, compared to 18.6% for the 2025 first quarter, with the decrease quarter-over-quarter driven by the remeasurement of deferred tax assets for changes in certain state tax laws which were enacted during the three months ended June 30, 2025.

At June 30, 2025, we had a net federal deferred tax asset of $674 million and a net state deferred tax asset of $106 million.

Huntington’s senior management will host an earnings conference call on July 18, 2025, 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 #13754784. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through July 26, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13754784.

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

Huntington Bancshares Incorporated is a $208 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 971 branches in 13 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

Huntington and Veritex caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Huntington’s and Veritex’s control. 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 or historical performance: 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, foreign exchange, 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 SEC, OCC, Federal Reserve, FDIC, CFPB, and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and Veritex; the outcome of any legal proceedings that may be instituted against Huntington or Veritex; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and Veritex do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and Veritex successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and Veritex.

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 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of 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 “Investor Relations” and in other documents Huntington files with the SEC, and in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC.

Huntington, Veritex, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of Veritex in connection with the proposed transaction under the rules of the SEC. Information regarding the interests of the directors and executive officers of Huntington and Veritex and other persons who may be deemed to be participants in the solicitation of shareholders of Veritex in connection with the transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the definitive proxy statement/prospectus related to the transaction, which will be filed by Huntington with the SEC.

Information regarding Huntington’s directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Shareholders, which was filed with the SEC on March 6, 2025, and other documents filed by Huntington with the SEC. Information regarding Veritex’s directors and executive officers is available in its definitive proxy statement relating to its 2025 Annual Meeting of Shareholders, which was filed with the SEC on April 29, 2025, and other documents filed by Veritex with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described above under “Important Additional Information.”

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.

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.

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.

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.

Quarterly Key Statistics

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

(5)June 30, 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.

Consolidated Balance Sheets

(1)See page 5 for detail of loans and leases.

(2)See page 6 for detail of deposits.

Loans and Leases Composition