Form: 8-K

Current report filing

April 22, 2021

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2021
Table of Contents
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans


Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures.  Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes.  The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.  The FTE basis assumes a federal statutory tax rate of 21%.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets, and
•Tangible common equity to risk-weighted assets using Basel III definition.
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.


Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, March 31,
Percent Changes vs.
2021 2020 2020 4Q20 1Q20
Net interest income (2)
 $ 978  $ 830  $ 796  18  % 23  %
FTE adjustment
 (6) (5) (6) (20) — 
Net interest income
 972  825  790  18  23 
Provision for credit losses
 (60) 103  441  (158) (114)
Noninterest income
 395  409  361  (3) 9 
Noninterest expense
 793  756  652  5  22 
Income before income taxes
 634  375  58  69  993 
Provision for income taxes
 102  59  10  73  920 
Net income
 532  316  48  68  1,008 
Dividends on preferred shares
 31  35  18  (11) 72 
Net income applicable to common shares
 $ 501  $ 281  $ 30  78  % 1,570  %
Net income per common share - diluted
 $ 0.48  $ 0.27  $ 0.03  78  % 1,500  %
Cash dividends declared per common share
 0.15  0.15  0.15  —  — 
Tangible book value per common share at end of period
 8.64  8.51  8.28  2  4 
Number of common shares repurchased
 —  415  7,088  (100) (100)
Average common shares - basic
1,018  1,017  1,018  —  — 
Average common shares - diluted
1,041  1,036  1,035  —  1 
Ending common shares outstanding
1,018  1,017  1,014  —  — 
Return on average assets
 1.76  % 1.04  % 0.17  %
Return on average common shareholders’ equity
 18.7  10.4  1.1 
Return on average tangible common shareholders’ equity (1)
23.7  13.3  1.8 
Net interest margin (2)
 3.48  2.94  3.14 
Efficiency ratio (3)
 57.0  60.2  55.4 
Effective tax rate
 16.1  15.8  17.0 
Average total assets
$ 122,995  $ 120,995  $ 110,147  2  12 
Average earning assets
114,105  112,222  101,783  2  12 
Average loans and leases
80,261  81,116  75,696  (1) 6 
Average loans and leases - linked quarter annualized growth rate
 (4.2) % 2.9  % 3.2  %
Average total deposits
$ 99,285  $ 96,564  $ 82,733  3  20 
Average core deposits (4)
95,815  92,325  79,528  4  20 
Average core deposits - linked quarter annualized growth rate
 15.1  % 7.2  % (0.8) %
Average shareholders’ equity
13,324  12,941  11,636  3  15 
Average common total shareholders' equity
 10,858  10,749  10,433  1  4 
Average tangible common shareholders' equity
8,722  8,605  8,264  1  6 
Total assets at end of period
125,768  123,038  113,897  2  10 
Total shareholders’ equity at end of period
13,600  12,993  11,769  5  16 
NCOs as a % of average loans and leases
 0.32  % 0.55  % 0.62  %
NAL ratio
 0.64  0.65  0.72 
NPA ratio (5)
 0.68  0.69  0.75 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 2.12  2.22  1.93 
Common equity tier 1 risk-based capital ratio (6)
 10.33  10.00  9.47 
Tangible common equity / tangible asset ratio (7)
 7.11  7.16  7.52 
See Notes to the Quarterly Key Statistics.
1

Key Statistics Footnotes
(1)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.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.
(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(6)March 31, 2021, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.


2

Huntington Bancshares Incorporated
Consolidated Balance Sheets
March 31, December 31,
(dollar amounts in millions) 2021 2020
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,096  $ 1,319  (17) %
Interest-bearing deposits in Federal Reserve Bank
 7,493  5,276  42 
Interest-bearing deposits in banks
 52  117  (56)
Trading account securities
 51  62  (18)
Available-for-sale securities
 19,375  16,485  18 
Held-to-maturity securities
 7,815  8,861  (12)
Other securities
 411  418  (2)
Loans held for sale
 1,537  1,275  21 
Loans and leases (1)
 80,230  81,608  (2)
Allowance for loan and lease losses
 (1,703) (1,814) 6 
Net loans and leases
 78,527  79,794  (2)
Bank owned life insurance
 2,581  2,577  — 
Premises and equipment
 747  757  (1)
Goodwill
 1,990  1,990  — 
Service rights and other intangible assets
 480  428  12 
Other assets
 3,613  3,679  (2)
Total assets
 $ 125,768  $ 123,038  2  %
Liabilities and shareholders’ equity
Liabilities
Deposits (2)
 $ 102,184  $ 98,948  3  %
Short-term borrowings
 219  183  20 
Long-term debt
 7,210  8,352  (14)
Other liabilities
 2,555  2,562  — 
Total liabilities
 112,168  110,045  2 
Shareholders' equity
Preferred stock
 2,676  2,191  22 
Common stock
 10  10  — 
Capital surplus
 8,806  8,781  — 
Less treasury shares, at cost
 (59) (59) — 
Accumulated other comprehensive gain (loss)
 (56) 192  (129)
Retained earnings (deficit)
 2,223  1,878  18 
Total shareholders’ equity
 13,600  12,993  5 
Total liabilities and shareholders’ equity
 $ 125,768  $ 123,038  2  %
Common shares authorized (par value of $0.01)
 2,250,000,000  1,500,000,000 
Common shares outstanding
 1,018,052,923  1,017,196,776 
Treasury shares outstanding
 5,041,104  5,062,054 
Preferred stock, authorized shares
 6,617,808  6,617,808 
Preferred shares outstanding
 1,250,500  750,500 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
3

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial
 $ 34,464  43  % $ 35,373  43  % $ 34,895  43  % $ 34,879  44  % $ 32,959  42  %
Commercial real estate:
Construction
 1,083  1  1,035  1  1,154  1  1,200  1  1,180  2 
Commercial
 6,096  8  6,164  8  6,055  7  5,979  7  5,793  7 
Commercial real estate
 7,179  9  7,199  9  7,209  8  7,179  8  6,973  9 
Total commercial
 41,643  52  42,572  52  42,104  51  42,058  52  39,932  51 
Consumer:
Automobile
 12,591  16  12,778  16  12,925  17  12,678  16  12,907  17 
Home equity
 8,727  11  8,894  11  8,904  11  8,866  11  9,010  11 
Residential mortgage
 12,092  15  12,141  15  12,031  15  11,621  15  11,398  15 
RV and marine
 4,218  5  4,190  5  4,146  5  3,843  5  3,643  5 
Other consumer
 959  1  1,033  1  1,046  1  1,073  1  1,145  1 
Total consumer
 38,587  48  39,036  48  39,052  49  38,081  48  38,103  49 
Total loans and leases
 $ 80,230  100  % $ 81,608  100  % $ 81,156  100  % $ 80,139  100  % $ 78,035  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Ending Balances by Business Segment:
Consumer and Business Banking $ 26,658  33  % $ 27,230  33  % $ 27,517  34  % $ 27,173  34  % $ 21,544  28  %
Commercial Banking 27,318  34  27,374  34  26,847  33  26,916  34  29,421  38 
Vehicle Finance 19,474  24  20,027  25  19,891  25  19,345  24  20,552  26 
RBHPCG 6,587  8  6,809  8  6,682  8  6,576  8  6,457  8 
Treasury / Other 193  1  168  —  219  —  129  —  61  — 
Total loans and leases $ 80,230  100  % $ 81,608  100  % $ 81,156  100  % $ 80,139  100  % $ 78,035  100  %
Average Balances by Business Segment:
Consumer and Business Banking $ 27,069  34  % $ 27,483  34  % $ 27,315  34  % $ 25,379  32  % $ 21,593  29  %
Commercial Banking 26,694  33  26,727  33  26,809  34  28,173  35  27,238  36 
Vehicle Finance 19,735  25  19,977  25  19,651  24  19,822  25  20,307  27 
RBHPCG 6,568  8  6,751  8  6,630  8  6,498  8  6,415  8 
Treasury / Other 195  —  178  —  137  —  327  —  143  — 
Total loans and leases
 $ 80,261  100  % $ 81,116  100  % $ 80,542  100  % $ 80,199  100  % $ 75,696  100  %

4

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Ending Balances by Type:
Demand deposits - noninterest-bearing
 $ 31,226  30  % $ 28,553  29  % $ 27,466  29  % $ 27,574  29  % $ 21,039  24  %
Demand deposits - interest-bearing
 27,493  27  26,757  27  24,242  25  22,961  25  23,115  27 
Money market deposits 26,268  26  26,248  27  26,230  28  25,312  27  25,068  29 
Savings and other domestic deposits
 13,115  13  11,722  12  11,268  12  11,034  12  9,845  11 
Core certificates of deposit (1)
 1,329  1  1,425  1  1,586  2  2,478  3  3,599  4 
Total core deposits
 99,431  97  94,705  96  90,792  96  89,359  96  82,666  95 
Other domestic deposits of $250,000 or more
 105  —  131  —  156  —  209  —  276  — 
Brokered deposits and negotiable CDs
 2,648  3  4,112  4  4,206  4  4,123  4  3,888  5 
Total deposits
 $ 102,184  100  % $ 98,948  100  % $ 95,154  100  % $ 93,691  100  % $ 86,830  100  %
Total core deposits:
Commercial
 $ 46,539  47  % $ 44,698  47  % $ 43,018  47  % $ 41,630  47  % $ 38,064  46  %
Consumer
 52,892  53  50,007  53  47,774  53  47,729  53  44,602  54 
Total core deposits
 $ 99,431  100  % $ 94,705  100  % $ 90,792  100  % $ 89,359  100  % $ 82,666  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Ending Balances by Business Segment:
Consumer and Business Banking $ 65,437  64  % $ 60,910  61  % $ 59,302  62  % $ 59,202  63  % $ 51,898  60  %
Commercial Banking 25,420  25  24,766  25  23,599  25  22,041  24  23,530  27 
Vehicle Finance 849  1  722  1  777  1  824  1  525  1 
RBHPCG 7,163  7  7,635  8  6,623  7  6,834  7  6,265  7 
Treasury / Other (2) 3,315  3  4,915  5  4,853  5  4,790  5  4,612  5 
Total deposits
 $ 102,184  100  % $ 98,948  100  % $ 95,154  100  % $ 93,691  100  % $ 86,830  100  %
Average Balances by Business Segment:
Consumer and Business Banking $ 62,333  63  % $ 60,163  62  % $ 59,460  63  % $ 56,858  61  % $ 51,296  62  %
Commercial Banking 25,100  25  24,051  25  23,285  24  24,414  26  21,525  26 
Vehicle Finance 768  1  760  1  839  1  646  1  366  — 
RBHPCG 7,059  7  6,850  7  6,605  7  6,565  7  6,100  7 
Treasury / Other (2) 4,025  4  4,740  5  4,860  5  4,739  5  3,446  5 
Total deposits
 $ 99,285  100  % $ 96,564  100  % $ 95,049  100  % $ 93,222  100  % $ 82,733  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.
(2)Comprised primarily of national market deposits.
5

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) 2021 2020 2020 2020 2020 4Q20 1Q20
Assets
Interest-bearing deposits in Federal Reserve Bank $ 6,065  $ 5,507  $ 5,857  $ 3,413  $ 680  10  % 792  %
Interest-bearing deposits in banks
 177  205  177  169  150  (14) 18 
Securities:
Trading account securities
 52  53  49  39  95  (2) (45)
Available-for-sale securities:
Taxable
 14,827  12,048  10,670  11,179  11,671  23  27 
Tax-exempt
 2,650  2,710  2,749  2,728  2,753  (2) (4)
Total available-for-sale securities
 17,477  14,758  13,419  13,907  14,424  18  21 
Held-to-maturity securities - taxable
 8,269  8,844  8,932  9,798  9,428  (7) (12)
Other securities 412  420  430  474  445  (2) (7)
Total securities
 26,210  24,075  22,830  24,218  24,392  9  7 
Loans held for sale
 1,392  1,319  1,259  1,039  865  6  61 
Loans and leases: (2)
Commercial:
Commercial and industrial
 34,352  34,850  34,669  35,284  30,849  (1) 11 
Commercial real estate:
Construction
 1,053  1,085  1,175  1,201  1,165  (3) (10)
Commercial
 6,122  6,092  6,045  5,885  5,566  —  10 
Commercial real estate
 7,175  7,177  7,220  7,086  6,731  —  7 
Total commercial
 41,527  42,027  41,889  42,370  37,580  (1) 11 
Consumer:
Automobile
 12,665  12,857  12,889  12,681  12,924  (1) (2)
Home equity
 8,809  8,919  8,878  8,897  9,026  (1) (2)
Residential mortgage
 12,094  12,100  11,817  11,463  11,391  —  6 
RV and marine 4,193  4,181  4,020  3,706  3,590  —  17 
Other consumer
 973  1,032  1,049  1,082  1,185  (6) (18)
Total consumer
 38,734  39,089  38,653  37,829  38,116  (1) 2 
Total loans and leases
 80,261  81,116  80,542  80,199  75,696  (1) 6 
Allowance for loan and lease losses
 (1,809) (1,804) (1,720) (1,557) (1,239) —  (46)
Net loans and leases
 78,452  79,312  78,822  78,642  74,457  (1) 5 
Total earning assets
 114,105  112,222  110,665  109,038  101,783  2  12 
Cash and due from banks
 1,080  1,113  1,173  1,299  914  (3) 18 
Intangible assets
 2,176  2,185  2,195  2,206  2,217  —  (2)
All other assets
 7,443  7,279  7,216  7,205  6,472  2  15 
Total assets
 $ 122,995  $ 120,995  $ 119,529  $ 118,191  $ 110,147  2  % 12  %
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 26,812  $ 25,094  $ 23,865  $ 23,878  $ 21,202  7  % 26  %
Money market deposits
 26,247  26,144  26,200  25,728  24,697  —  6 
Savings and other domestic deposits
 12,277  11,468  11,157  10,609  9,632  7  27 
Core certificates of deposit (3)
 1,384  1,479  2,035  3,003  3,943  (6) (65)
Other domestic deposits of $250,000 or more
 115  139  175  230  321  (17) (64)
Brokered deposits and negotiable CDs
 3,355  4,100  4,182  4,114  2,884  (18) 16 
Total interest-bearing deposits
 70,190  68,424  67,614  67,562  62,679  3  12 
Short-term borrowings
 208  239  162  826  3,383  (13) (94)
Long-term debt
 7,766  8,799  9,318  9,802  10,076  (12) (23)
Total interest-bearing liabilities
 78,164  77,462  77,094  78,190  76,138  1  3 
Demand deposits - noninterest-bearing
 29,095  28,140  27,435  25,660  20,054  3  45 
All other liabilities
 2,412  2,452  2,322  2,396  2,319  (2) 4 
Shareholders’ equity
 13,324  12,941  12,678  11,945  11,636  3  15 
Total liabilities and shareholders’ equity
 $ 122,995  $ 120,995  $ 119,529  $ 118,191  $ 110,147  2  % 12  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans.
(3)Includes consumer certificates of deposit of $250,000 or more.
6

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) 2021 2020 2020 2020 2020
Assets
Interest-bearing deposits in Federal Reserve Bank $ 2  $ 2  $ 1  $ 1  $ 2 
Interest-bearing deposits in banks
 —  —  —  —  1 
Securities:
Trading account securities
 —  1  —  —  1 
Available-for-sale securities:
Taxable
 49  46  50  65  76 
Tax-exempt
 17  17  18  19  23 
Total available-for-sale securities
 66  63  68  84  99 
Held-to-maturity securities - taxable
 42  47  52  58  59 
Other securities 2  2  1  1  2 
Total securities
 110  113  121  143  161 
Loans held for sale
 9  9  9  9  7 
Loans and leases:
Commercial:
Commercial and industrial
 343  324  325  323  318 
Commercial real estate:
Construction
 9  9  10  11  14 
Commercial
 40  41  41  43  56 
Commercial real estate
 49  50  51  54  70 
Total commercial
 392  374  376  377  388 
Consumer:
Automobile
 116  125  128  121  130 
Home equity
 80  85  84  82  107 
Residential mortgage
 95  99  101  101  105 
RV and marine
 44  47  47  43  44 
Other consumer
 27  29  30  30  36 
Total consumer
 362  385  390  377  422 
Total loans and leases
 754  759  766  754  810 
Total earning assets
 $ 875  $ 883  $ 897  $ 907  $ 981 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 2  $ 2  $ 3  $ 4  $ 23 
Money market deposits 4  7  18  25  50 
Savings and other domestic deposits
 1  1  2  3  4 
Core certificates of deposit (3)
 2  2  6  11  19 
Other domestic deposits of $250,000 or more
 —  1  —  1  1 
Brokered deposits and negotiable CDs
 2  2  2  3  8 
Total interest-bearing deposits
 11  15  31  47  105 
Short-term borrowings
 —  —  —  1  12 
Long-term debt
 (114) 38  44  62  68 
Total interest bearing liabilities
 (103) 53  75  110  185 
Net interest income
 $ 978  $ 830  $ 822  $ 797  $ 796 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


7

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)
 2021 2020 2020 2020 2020
Assets
Interest-bearing deposits in Federal Reserve Bank 0.10  % 0.10  % 0.10  % 0.10  % 1.08  %
Interest-bearing deposits in banks
 0.08  0.12  0.13  0.33  1.52 
Securities:
Trading account securities
 3.64  3.65  3.18  1.99  3.21 
Available-for-sale securities:
Taxable
 1.32  1.53  1.89  2.30  2.62 
Tax-exempt
 2.52  2.59  2.71  2.75  3.30 
Total available-for-sale securities
 1.50  1.72  2.06  2.39  2.75 
Held-to-maturity securities - taxable
 2.02  2.11  2.28  2.39  2.50 
Other securities 1.66  1.85  1.23  0.57  2.07 
Total securities
 1.67  1.87  2.13  2.35  2.64 
Loans held for sale
 2.64  2.96  2.82  3.22  3.39 
Loans and leases: (3)
Commercial:
Commercial and industrial
 3.99  3.64  3.67  3.62  4.12 
Commercial real estate:
Construction
 3.41  3.36  3.40  3.66  4.75 
Commercial
 2.64  2.62  2.63  2.94  4.00 
Commercial real estate
 2.75  2.73  2.75  3.06  4.13 
Total commercial
 3.78  3.48  3.52  3.53  4.12 
Consumer:
Automobile
 3.71  3.88  3.93  3.84  4.05 
Home equity
 3.71  3.76  3.79  3.73  4.75 
Residential mortgage
 3.13  3.27  3.41  3.51  3.70 
RV and marine 4.30  4.53  4.60  4.71  4.91 
Other consumer
 11.17  11.12  11.23  11.10  12.39 
Total consumer
 3.78  3.93  4.00  4.00  4.45 
Total loans and leases
 3.78  3.70  3.75  3.75  4.29 
Total earning assets
 3.11  3.13  3.22  3.35  3.88 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 0.04  0.04  0.05  0.07  0.43 
Money market deposits 0.06  0.10  0.28  0.40  0.81 
Savings and other domestic deposits
 0.04  0.05  0.06  0.10  0.17 
Core certificates of deposit (4)
 0.51  0.56  1.03  1.55  1.91 
Other domestic deposits of $250,000 or more
 0.22  0.51  0.92  1.25  1.56 
Brokered deposits and negotiable CDs
 0.18  0.19  0.19  0.18  1.22 
Total interest-bearing deposits
 0.06  0.08  0.18  0.28  0.68 
Short-term borrowings
 0.19  0.26  0.30  0.47  1.46 
Long-term debt
 (5.88) 1.72  1.87  2.58  2.70 
Total interest-bearing liabilities
 (0.53) 0.27  0.39  0.57  0.98 
Net interest rate spread
 3.64  2.86  2.83  2.78  2.90 
Impact of noninterest-bearing funds on margin
 (0.16) 0.08  0.13  0.16  0.24 
Net interest margin
 3.48  % 2.94  % 2.96  % 2.94  % 3.14  %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
2021 2020 2020 2020 2020
Fully-taxable equivalent basis (1)
 First Fourth Third Second First
Commercial loans (2)(3)
 3.22  % 2.92  % 3.01  % 3.17  % 4.08  %
Impact of commercial loan derivatives
 0.56  0.56  0.51  0.36  0.04 
Total commercial - as reported
 3.78  % 3.48  % 3.52  % 3.53  % 4.12  %
Average 1 Month LIBOR
 0.12  % 0.15  % 0.16  % 0.36  % 1.41  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes nonaccrual loans.
(4)Includes consumer certificates of deposit of $250,000 or more.
8

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,
2021 2020 2020 2020 2020
Interest income
 $ 869  $ 878  $ 892  $ 902  $ 975 
Interest expense
 (103) 53  75  110  185 
Net interest income
 972  825  817  792  790 
Provision for credit losses
 (60) 103  177  327  441 
Net interest income after provision for credit losses
 1,032  722  640  465  349 
Mortgage banking income 100  90  122  96  58 
Service charges on deposit accounts 69  78  76  60  87 
Card and payment processing income 65  65  66  59  58 
Trust and investment management services 52  49  48  45  47 
Capital markets fees 29  34  27  31  33 
Insurance income 27  25  24  25  23 
Bank owned life insurance income 16  14  17  17  16 
Gain on sale of loans 3  13  13  8  8 
Net (losses) gains on sales of securities —  —  —  (1) — 
Other noninterest income 34  41  37  51  31 
Total noninterest income
 395  409  430  391  361 
Personnel costs 468  426  453  418  395 
Outside data processing and other services 115  111  98  90  85 
Equipment 46  49  44  46  41 
Net occupancy 42  39  40  39  40 
Professional services 17  21  12  11  11 
Amortization of intangibles 10  10  10  10  11 
Marketing 14  15  9  5  9 
Deposit and other insurance expense 8  8  6  9  9 
Other noninterest expense 73  77  40  47  51 
Total noninterest expense
 793  756  712  675  652 
Income before income taxes
 634  375  358  181  58 
Provision for income taxes
 102  59  55  31  10 
Net income
 532  316  303  150  48 
Dividends on preferred shares
 31  35  28  19  18 
Net income applicable to common shares
 $ 501  $ 281  $ 275  $ 131  $ 30 
Average common shares - basic
 1,018  1,017  1,017  1,016  1,018 
Average common shares - diluted
1,041  1,036  1,031  1,029  1,035 
Per common share
Net income - basic
 $ 0.49  $ 0.28  $ 0.27  $ 0.13  $ 0.03 
Net income - diluted
 0.48  0.27  0.27  0.13  0.03 
Cash dividends declared
 0.15  0.15  0.15  0.15  0.15 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 972  $ 825  $ 817  $ 792  $ 790 
FTE adjustment
 6  5  5  5  6 
Net interest income (1)
 978  830  822  797  796 
Noninterest income
 395  409  430  391  361 
Total revenue (1)
 $ 1,373  $ 1,239  $ 1,252  $ 1,188  $ 1,157 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

9

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)
 2021 2020 2020 2020 2020 4Q20 1Q20
Net origination and secondary marketing income
 $ 94  $ 92  $ 118  $ 91  $ 45  2  % 109  %
Net mortgage servicing income
          Loan servicing income
 17  16  15  14  16  6  6 
          Amortization of capitalized servicing (20) (17) (15) (12) (9) (18) (122)
    Operating income
 (3) (1) —  2  7  (200) (143)
          MSR valuation adjustment (1) 51  4  3  (6) (53) 1,175  196 
          Gains (losses) due to MSR hedging
 (46) (9) (1) 6  57  (411) (181)
     Net MSR risk management 5  (5) 2  —  4  200  25 
Total net mortgage servicing income
 $ 2  $ (6) $ 2  $ 2  $ 11  133  % (82) %
All other 4  4  2  3  2  —  100 
Mortgage banking income
 $ 100  $ 90  $ 122  $ 96  $ 58  11  % 72  %
Mortgage origination volume $ 4,042  $ 3,741  $ 3,811  $ 3,802  $ 2,136  8  % 89  %
Mortgage origination volume for sale
 2,669  2,444  2,568  2,421  1,409  9  89 
Third party mortgage loans serviced (2) 23,585  23,471  23,334  23,184  22,775  —  4 
Mortgage servicing rights (2) 274  210  191  172  165  30  66 
MSR % of investor servicing portfolio (2) 1.16  % 0.89  % 0.82  % 0.74  % 0.72  % 30  % 61  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
10

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) 2021 2020 2020 2020 2020
Allowance for loan and lease losses, beginning of period
 $ 1,814  $ 1,796  $ 1,702  $ 1,504  $ 783 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13) —  —  —  —  391 
Loan and lease losses
 (95) (140) (141) (123) (136)
Recoveries of loans previously charged off
 31  28  28  16  19 
Net loan and lease losses
 (64) (112) (113) (107) (117)
Provision for loan and lease losses
 (47) 130  207  305  447 
Allowance of assets sold or transferred to loans held for sale
 —  —  —  —  — 
Allowance for loan and lease losses, end of period
 1,703  1,814  1,796  1,702  1,504 
Allowance for unfunded loan commitments and letters of credit, beginning of period
 52  82  119  99  104 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13) —  —  —  —  2 
Provision for (reduction in) unfunded loan commitments and letters of credit losses
 (13) (27) (30) 22  (6)
Unfunded commitment losses (1) (3) (7) (2) (1)
Allowance for unfunded loan commitments and letters of credit, end of period
 38  52  82  119  99 
Total allowance for credit losses, end of period
 $ 1,741  $ 1,866  $ 1,878  $ 1,821  $ 1,603 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
 2.12  % 2.22  % 2.21  % 2.12  % 1.93  %
Nonaccrual loans and leases (NALs)
 330  341  316  263  270 
Nonperforming assets (NPAs)
 313  323  298  239  257 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 2.17  % 2.29  % 2.31  % 2.27  % 2.06  %
Nonaccrual loans and leases (NALs) 338  351  330  281  287 
Nonperforming assets (NPAs) 320  332  311  255  273 

11

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) 2021 2020 2020 2020 2020
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial
 $ 52  $ 58  $ 77  $ 80  $ 84 
Commercial real estate:
Construction
 —  —  (1) 1  — 
Commercial
 (3) 32  13  (1) (1)
Commercial real estate
 (3) 32  12  —  (1)
Total commercial
 49  90  89  80  83 
Consumer:
Automobile
 2  6  10  10  7 
Home equity
 —  1  —  —  5 
Residential mortgage
 —  1  1  —  1 
RV and marine
 3  2  4  4  2 
Other consumer
 10  12  9  13  19 
Total consumer
 15  22  24  27  34 
Total net charge-offs
 $ 64  $ 112  $ 113  $ 107  $ 117 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2021 2020 2020 2020 2020
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial
 0.60  % 0.67  % 0.90  % 0.90  % 1.09  %
Commercial real estate:
Construction
 (0.04) (0.04) (0.25) (0.01) 0.08 
Commercial
 (0.17) 2.14  0.80  (0.03) (0.06)
Commercial real estate
 (0.15) 1.81  0.63  (0.03) (0.03)
Total commercial
 0.47  0.86  0.85  0.75  0.89 
Consumer:
Automobile
 0.05  0.21  0.31  0.31  0.22 
Home equity
 0.02  0.01  (0.02) 0.08  0.19 
Residential mortgage
 0.01  0.05  0.03  0.02  0.02 
RV and marine
 0.29  0.21  0.38  0.37  0.27 
Other consumer
 3.99  4.35  3.55  4.80  6.45 
Total consumer
 0.16  0.22  0.24  0.30  0.35 
Net charge-offs as a % of average loans
 0.32  % 0.55  % 0.56  % 0.54  % 0.62  %

12

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)
 2021 2020 2020 2020 2020
Nonaccrual loans and leases (NALs):
Commercial and industrial
 $ 343  $ 353  $ 388  $ 485  $ 396 
Commercial real estate
 8  15  16  28  30 
Automobile
 3  4  5  8  6 
Home equity
 71  70  71  59  58 
Residential mortgage
 90  88  88  66  66 
RV and marine
 1  2  1  2  2 
Other consumer
 —  —  —  —  — 
Total nonaccrual loans and leases
 516  532  569  648  558 
Other real estate, net:
Residential
 2  4  4  5  8 
Commercial
 —  —  1  2  2 
Total other real estate, net
 2  4  5  7  10 
Other NPAs (2)
 26  27  28  58  18 
Total nonperforming assets
 $ 544  $ 563  $ 602  $ 713  $ 586 
Nonaccrual loans and leases as a % of total loans and leases
 0.64  % 0.65  % 0.70  % 0.81  % 0.72  %
NPA ratio (3)
 0.68  0.69  0.74  0.89  0.75 
(NPA+90days)/(Loan+OREO) (4)
 0.87  0.90  0.96  1.13  0.96 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Nonperforming assets, beginning of period
 $ 563  $ 602  $ 713  $ 586  $ 498 
New nonperforming assets
 129  248  190  279  274 
Returns to accruing status
 (33) (108) (47) (25) (18)
Loan and lease losses
 (52) (73) (102) (61) (91)
Payments
 (55) (82) (77) (63) (70)
Sales
 (8) (24) (75) (3) (7)
Nonperforming assets, end of period
 $ 544  $ 563  $ 602  $ 713  $ 586 
(1)Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
(2)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(4)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.

13

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans
(Unaudited)
  March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Accruing loans and leases past due 90+ days:
Commercial and industrial
 $ 8  $ 10  $ 10  $ 13  $ 10 
Commercial real estate
 —  —  —  —  — 
Automobile
 5  9  8  8  8 
Home equity 10  14  11  10  12 
Residential mortgage (excluding loans guaranteed by the U.S. Government)
 18  30  18  17  21 
RV and marine 1  3  2  2  2 
Other consumer
 2  3  2  3  4 
Total, excl. loans guaranteed by the U.S. Government
 44  69  51  53  57 
Add: loans guaranteed by U.S. Government
 110  102  124  141  110 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
 $ 154  $ 171  $ 175  $ 194  $ 167 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.05  % 0.08  % 0.06  % 0.07  % 0.07  %
Guaranteed by U.S. Government, as a percent of total loans and leases
 0.14  0.13  0.15  0.18  0.14 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.19  0.21  0.22  0.24  0.21 
Accruing troubled debt restructured loans:
Commercial and industrial
 $ 127  $ 193  $ 189  $ 192  $ 219 
Commercial real estate
 32  33  34  35  37 
Automobile
 51  50  53  52  42 
Home equity
 179  187  199  209  219 
Residential mortgage
 249  248  256  229  227 
RV and marine 7  6  6  6  3 
Other consumer
 8  9  10  10  11 
Total accruing troubled debt restructured loans
 $ 653  $ 726  $ 747  $ 733  $ 758 
Nonaccruing troubled debt restructured loans:
Commercial and industrial
 $ 101  $ 95  $ 146  $ 169  $ 119 
Commercial real estate
 3  3  3  3  4 
Automobile
 2  2  2  2  2 
Home equity
 30  30  29  26  25 
Residential mortgage
 51  51  48  43  42 
RV and marine 1  1  1  1  2 
Other consumer
 —  —  —  —  — 
Total nonaccruing troubled debt restructured loans
 $ 188  $ 182  $ 229  $ 244  $ 194 

14

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) 2021 2020 2020 2020 2020
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity
 $ 13,600  $ 12,992  $ 12,917  $ 12,314  $ 11,769 
Regulatory capital adjustments:
CECL transitional amount (2) 422  453  456  442  386 
Shareholders’ preferred equity
 (2,680) (2,196) (2,195) (1,701) (1,207)
Accumulated other comprehensive income offset
 56  (192) (257) (290) (227)
Goodwill and other intangibles, net of related taxes
 (2,095) (2,107) (2,118) (2,129) (2,141)
Deferred tax assets that arise from tax loss and credit carryforwards
 (63) (63) (59) (40) (42)
Common equity tier 1 capital
 9,240  8,887  8,744  8,596  8,538 
Additional tier 1 capital
Shareholders’ preferred equity
 2,680  2,196  2,195  1,701  1,207 
Other
 —  —  —  —  1 
Tier 1 capital
 11,920  11,083  10,939  10,297  9,746 
Long-term debt and other tier 2 qualifying instruments
 610  660  677  697  619 
Qualifying allowance for loan and lease losses
 1,119  1,113  1,107  1,093  1,127 
Tier 2 capital
 1,729  1,773  1,784  1,790  1,746 
Total risk-based capital
 $ 13,649  $ 12,856  $ 12,723  $ 12,087  $ 11,492 
Risk-weighted assets (RWA)(1)
 $ 89,485  $ 88,878  $ 88,417  $ 87,323  $ 90,193 
Common equity tier 1 risk-based capital ratio (1)
 10.33  % 10.00  % 9.89  % 9.84  % 9.47  %
Other regulatory capital data:
Tier 1 leverage ratio (1)
 9.85  9.32  9.31  8.86  9.01 
Tier 1 risk-based capital ratio (1)
 13.32  12.47  12.37  11.79  10.81 
Total risk-based capital ratio (1)
 15.25  14.46  14.39  13.84  12.74 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
 9.83  9.74  9.70  9.69  9.32 
(1)March 31, 2021, figures are estimated.
(2)The CECL transitional amount includes the impact of Huntington's adoption of the new CECL accounting standard on January 1, 2020 and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. .
15

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,
2021 2020 2020 2020 2020
Dividends, per share
Cash dividends declared per common share
 $ 0.15  $ 0.15  $ 0.15  $ 0.15  $ 0.15 
Common shares outstanding (in millions)
Average - basic
1,018  1,017  1,017  1,016  1,018 
Average - diluted
1,041  1,036  1,031  1,029  1,035 
Ending
1,018  1,017  1,017  1,017  1,014 
Tangible book value per common share (1)
 $ 8.64  $ 8.51  $ 8.43  $ 8.32  $ 8.28 
Common share repurchases (in millions)
Number of shares repurchased
—  —  —  —  7 
Non-regulatory capital
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2021 2020 2020 2020 2020
Calculation of tangible equity / asset ratio:
Total shareholders’ equity
 $ 13,600  $ 12,992  $ 12,917  $ 12,314  $ 11,769 
Less: goodwill
 (1,990) (1,990) (1,990) (1,990) (1,990)
Less: other intangible assets
 (181) (191) (201) (211) (222)
Add: related deferred tax liability (1)
 38  40  42  44  47 
Total tangible equity
 11,467  10,851  10,768  10,157  9,604 
Less: preferred equity
 (2,676) (2,192) (2,192) (1,697) (1,203)
Total tangible common equity
 $ 8,791  $ 8,659  $ 8,576  $ 8,460  $ 8,401 
Total assets
 $ 125,768  $ 123,038  $ 120,116  $ 118,425  $ 113,897 
Less: goodwill
 (1,990) (1,990) (1,990) (1,990) (1,990)
Less: other intangible assets
 (181) (191) (201) (211) (222)
Add: related deferred tax liability (1)
 38  40  42  44  47 
Total tangible assets
 $ 123,635  $ 120,897  $ 117,967  $ 116,268  $ 111,732 
Tangible equity / tangible asset ratio
 9.28  % 8.98  % 9.13  % 8.74  % 8.60  %
Tangible common equity / tangible asset ratio
 7.11  7.16  7.27  7.28  7.52 
Other data:
Number of employees (Average full-time equivalent)
 15,449  15,477  15,680  15,703  15,386 
Number of domestic full-service branches (2)
 814  839  839  839  839 
ATM Count
 1,314  1,322  1,330  1,344  1,434 
(1)Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Client Group offices.



16