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COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2022 first quarter of $460 million, or $0.29 per common share, a decrease of $72 million, or $0.19 per common share from the year-ago quarter. The 2022 first quarter benefited from the TCF acquisition and organic growth, while the 2021 first quarter results were favorably impacted by the provision for credit losses benefit and the mark-to-market of interest rate caps. In the 2022 first quarter, adjusted earnings per common share were $0.32, excluding $0.03 per common share of after tax of Notable Items. Specifically, $37 million of after tax acquisition-related expenses.

"We delivered exceptional results this quarter, driven by continued execution of our strategic initiatives and loan growth across our businesses," said Steve Steinour, chairman, president and CEO. "Additionally, we saw net interest income expansion, deposit growth and demonstrated disciplined expense management with continued sequential quarter reductions in noninterest expense, driving record PPNR.

"Huntington is proud to be ranked #7 by Forbes for 2022 America's Best Large Employers in Banking and Financial Services, in addition to receiving a total of 22 awards from Greenwich for 2021 Best Brand and Excellence. We were also pleased to receive the 2022 BISA Diversity and Inclusion Award, recognizing our outstanding leadership and successful diversity efforts. These accolades are a testament to our colleagues and the customer experience they deliver.

"As we look forward to the remainder of the year, we remain confident in our outlook for revenue and continued profit growth. Credit continues to perform exceptionally well in keeping with our aggregate moderate-to-low risk profile through-the-cycle. Through our disciplined and proactive approach, Huntington is well positioned to manage through the uncertainty in the global macro-environment. We continue to look forward with optimism and remain focused on delivering profitable growth."


	2022			2021
(in millions, except per share data)	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income (loss) attributable to Huntington Bancshares Inc	$	460		$	401		$	377		$	(15)		$	532
Diluted earnings (loss) per common share	0.29			0.26			0.22			(0.05)			0.48

Return on average assets	1.05		%	0.92		%	0.86		%	(0.05)		%	1.76		%
Return on average common equity	10.4			8.7			7.6			(1.9)			18.7
Return on average tangible common equity	15.8			13.2			11.5			(2.1)			23.7
Net interest margin	2.88			2.85			2.91			2.66			3.48
Efficiency ratio	62.9			73.0			74.9			83.1			57.0

Tangible book value per common share	$	7.47		$	8.06		$	8.09		$	8.22		$	8.64
Cash dividends declared per common share	0.155			0.155			0.15			0.15			0.15

Average earning assets (1)	$	162,414		$	158,692		$	159,148		$	127,378		$	114,105
Average loans and leases (1)	111,142			109,488			109,668			87,394			80,261
Average core deposits	139,148			138,008			137,816			109,433			95,815

Tangible common equity / tangible assets ratio	6.28		%	6.88		%	6.95		%	7.15		%	7.11		%
Common equity Tier 1 risk-based capital ratio	9.22			9.33			9.57			9.98			10.32

NCOs as a % of average loans and leases	0.07		%	0.12		%	0.20		%	0.28		%	0.32		%
NAL ratio	0.60			0.64			0.79			0.88			0.64
ACL as a % of total loans and leases	1.87			1.89			2.01			2.09			2.17

(1)Effective for the first quarter of 2022, the categorization of Early Pay related assets was updated to non-earning assets (accrued income and other receivables) from earning assets (other consumer loans and leases). All prior period amounts and all related metrics have been revised to conform to the current presentation. Our Early Pay product allows customers with direct deposit availability to their paycheck up to two days early at no cost.

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation). There was one Notable Item in the 2022 first quarter: $46 million of acquisition-related pretax expense. There were two Notable Items in the 2021 fourth quarter: $177 million of acquisition-related pretax expense, and $10 million of pretax expense related to the exit of a strategic distribution relationship. There was one Notable Item in the 2021 first quarter: $21 million of acquisition-related pretax net expense.


Three Months Ended		Pretax Impact (1)		After Tax Impact (1)
($ in millions, except per share)		Amount			Net Income		EPS (2)
March 31, 2022					$	460	$	0.29
•	Acquisition-related expenses (3)	$	(46)		$	(37)	$	(0.03)

December 31, 2021					$	401	$	0.26
•	Acquisition-related expenses	$	(177)		$	(139)	$	(0.09)
•	Exit of strategic distribution relationship	(10)			$	(8)	$	(0.01)








March 31, 2021					$	532	$	0.48
•	Acquisition-related net expenses	$	(21)		$	(17)	$	(0.02)


	2022		2021
	First		Fourth		Third		Second		First		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	3.00	%	2.97	%	3.02	%	2.96	%	3.11	%	3	(11)
Total loans and leases	3.64		3.69		3.80		3.68		3.78		(5)	(14)
Total securities	1.72		1.49		1.52		1.59		1.67		23	5
Total interest-bearing liabilities	0.18		0.18		0.17		0.45		(0.53)		—	71
Total interest-bearing deposits	0.04		0.05		0.05		0.06		0.06		(1)	(2)

Net interest rate spread	2.82		2.79		2.85		2.51		3.64		3	(82)
Impact of noninterest-bearing funds on margin	0.06		0.06		0.06		0.15		(0.16)		—	22
Net interest margin	2.88	%	2.85	%	2.91	%	2.66	%	3.48	%	3	(60)

See Pages 7-8 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2022 first quarter increased $176 million, or 18%, from the 2021 first quarter. This increase reflected the benefit of a $48.3 billion, or 42%, increase in average earning assets, partially offset by a 60 basis point decrease in the FTE net interest margin (NIM) to 2.88%. The year-over-year decrease in NIM was driven by the 2021 first quarter benefit of a $144 million mark-to-market of interest rate caps and the decrease in accelerated PPP loan fees recognized upon forgiveness payments, partially offset by the benefit of $19 million of net interest income from purchase accounting accretion. Net interest income in the 2022 first quarter included $11 million of PPP loan fees recognized upon forgiveness payments, compared to $45 million of PPP loan fees recognized upon forgiveness in the 2021 first quarter.

Compared to the 2021 fourth quarter, FTE net interest income increased $16 million, or 1%, reflecting 3 basis points of NIM expansion and a $3.7 billion, or 2%, increase in average earning assets. The expansion in NIM was impacted by an increase in securities yields, partially offset by a decrease in loan and lease yields. Net interest income in the 2021 fourth quarter included $25 million of net interest income from purchase accounting accretion and $20 million of PPP loan fees recognized upon forgiveness payments. Additionally, derivative ineffectiveness negatively impacted net interest income $12 million in the 2022 first quarter, compared to a negative impact of $4 million in the 2021 fourth quarter.


	2022		2021
($ in billions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	41.4	$	40.6	$	40.6	$	34.1	$	32.2	2	%	29	%
Commercial real estate	15.1		14.6		14.7		9.1		7.2		3		110
Lease financing	4.9		4.9		5.0		2.8		2.2		—		123
Total commercial	61.4		60.1		60.3		46.0		41.5		2		48

Residential mortgage	19.5		19.0		18.9		13.8		12.1		3		61
Automobile	13.5		13.4		13.2		12.8		12.7		1		6
Home equity	10.4		10.7		11.1		9.4		8.8		(3)		18
RV and marine	5.1		5.0		5.0		4.4		4.2		1		22
Other consumer	1.3		1.3		1.2		1.0		1.0		(1)		32
Total consumer	49.8		49.4		49.4		41.4		38.7		1		28
Total loans and leases	111.1		109.5		109.7		87.4		80.3		2		38
Total securities	42.7		40.1		36.0		30.7		26.2		6		63
Held-for-sale and other earning assets	8.6		9.1		13.5		9.2		7.6		(6)		13
Total earning assets	$	162.4	$	158.7	$	159.1	$	127.4	$	114.1	2	%	42	%

Average earning assets for the 2022 first quarter increased $48.3 billion, or 42%, from the year-ago quarter, primarily reflecting a $30.9 billion, or 38%, increase in average total loans and leases and a $16.5 billion, or 63%, increase in average securities. Average loan and lease balance increases across categories reflect the impact of the TCF acquisition and organic growth. Average commercial loans increased $19.8 billion, or 48%, partially offset by a $4.8 billion decrease in average PPP loans primarily related to forgiveness. The increase in average securities was driven by the redeployment of excess liquidity into securities.


	2022		2021
	First		Fourth		Third		Second		First		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Demand deposits - noninterest-bearing	$	42.0	$	43.4	$	44.6	$	34.6	$	29.1	(3)	%	44	%
Demand deposits - interest-bearing	40.6		38.4		35.7		29.7		26.8		6		52
Total demand deposits	82.6		81.8		80.3		64.3		55.9		1		48
Money market deposits	32.7		32.4		33.3		28.1		26.2		1		24
Savings and other domestic deposits	21.3		20.9		20.9		15.2		12.3		2		74
Core certificates of deposit	2.6		2.9		3.3		1.8		1.4		(12)		85
Total core deposits	139.1		138.0		137.8		109.4		95.8		1		45
Other domestic deposits of $250,000 or more	0.3		0.5		0.6		0.3		0.1		(30)		175
Negotiable CDs, brokered and other deposits	3.5		3.8		3.9		3.0		3.4		(10)		3

Total deposits	$	142.9	$	142.3	$	142.3	$	112.7	$	99.3	—	%	44	%

Short-term borrowings	$	4.7	$	0.3	$	0.3	$	0.2	$	0.2	NM		NM
Long-term debt	6.9		7.7		7.6		6.9		7.8		(10)		(11)
Total debt	$	11.6	$	8.0	$	7.9	$	7.1	$	8.0	45	%	46	%

Total interest-bearing liabilities	$	112.6	$	107.0	$	105.6	$	85.2	$	78.2	5	%	44	%

Average total interest-bearing liabilities for the 2022 first quarter increased $34.4 billion, or 44%, from the year-ago quarter. Average total deposits increased $43.6 billion, or 44%, while average total core deposits increased $43.3 billion, or 45%. Increases across categories reflect the impact of the TCF acquisition, in addition to elevated balances in core deposits largely related to strong retention and the impact of new deposit products. Average total debt increased $3.7 billion, or 46%, primarily reflecting short-term FHLB advances and repayment during the quarter, the acquisition of $1.5 billion of long-term debt from TCF in the 2021 second quarter and a subordinated debt issuance of $500 million in the 2021 third quarter, partially offset by the repayment and maturity of $3.7 billion of long-term debt over the past five quarters due to strong core deposit growth.


	2022		2021
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Service charges on deposit accounts	$	97	$	101	$	114	$	88	$	69	(4)	%	41	%
Card and payment processing income	86		93		96		80		65		(8)		32
Mortgage banking income	49		61		81		67		100		(20)		(51)
Trust and investment management services	65		63		61		56		52		3		25
Capital markets fees	42		47		40		35		29		(11)		45
Insurance income	31		28		25		25		27		11		15
Leasing revenue	35		41		42		12		4		(15)		NM
Bank owned life insurance income	17		22		15		16		16		(23)		6
Gain on sale of loans	28		1		2		3		3		NM		NM
Net gains (losses) on sales of securities	—		(1)		—		10		—		100		—
Other noninterest income	49		59		59		52		30		(17)		63
Total noninterest income	$	499	$	515	$	535	$	444	$	395	(3)	%	26	%

Total noninterest income for the 2022 first quarter increased $104 million, or 26%, from the year-ago quarter. Noninterest income for the 2022 first quarter was impacted by the June 2021 acquisition of TCF. Leasing revenue increased $31 million, primarily reflecting the addition of TCF’s portfolio of products. Increases in service charges on deposit accounts of $28 million, or 41%, and card and payment processing income of $21 million, or 32%, were driven by the addition of TCF customers. Income from gain on sale of loans increased $25 million, primarily due to resuming the sale of SBA loans in the 2022 first quarter. Other noninterest income increased $19 million, or 63%, primarily reflecting purchase accounting accretion from acquired unfunded loan commitments and increased amortization of upfront card-related contract renewal fees, partially offset by decreased mezzanine investment income. Trust and investment management services increased $13 million, or 25%, reflecting continued strong sales, positive equity market performance, and the TCF acquisition. Capital markets fees increased $13 million, or 45%, primarily reflecting higher interest rate derivative fees, foreign exchange fees and loan syndication. Partially offsetting these increases, mortgage banking income decreased $51 million, or 51%, primarily reflecting lower secondary marketing spreads and lower saleable volume.

Compared to the 2021 fourth quarter, total noninterest income decreased $16 million, or 3%. Mortgage banking income decreased $12 million, or 20%, primarily reflecting lower salable volume. Other noninterest income decreased $10 million, or 17%, primarily due to decreased mezzanine investment income. Card and payment processing income decreased $7 million, or 8%, primarily due to seasonality. Partially offsetting these decreases, gain on sale of loans increased $27 million due to resuming the sale of SBA loans in the 2022 first quarter.


	2022		2021
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	580	$	632	$	643	$	592	$	468	(8)	%	24	%
Outside data processing and other services	165		269		304		162		115		(39)		43
Net occupancy	64		68		95		72		42		(6)		52
Equipment	81		68		79		55		46		19		76
Professional services	19		22		26		48		17		(14)		12
Marketing	21		35		25		15		14		(40)		50
Deposit and other insurance expense	18		18		17		8		8		0		125
Amortization of intangibles	14		14		13		11		10		0		40
Lease financing equipment depreciation	14		17		19		5		—		(18)		NM
Other noninterest expense	77		78		68		104		73		(1)		5
Total noninterest expense	$	1,053	$	1,221	$	1,289	$	1,072	$	793	(14)	%	33	%
(in thousands)
Average full-time equivalent employees	19.7		20.3		20.9		17.0		15.4		(3)	%	28	%


	2022		2021
	First		Fourth		Third		Second		First
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	5	$	32	$	36	$	110	$	—
Outside data processing and other services	25		122		140		33		8
Net occupancy	10		16		36		35		3
Equipment	2		8		5		3		1
Professional services	2		4		9		36		8
Marketing	—		2		3		—		—



Other noninterest expense	2		3		5		52		1
Total noninterest expense	$	46	$	187	$	234	$	269	$	21


	2022		2021
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	575	$	600	$	607	$	482	$	468	(4)	%	23	%
Outside data processing and other services	140		147		164		129		107		(5)		31
Net occupancy	54		52		59		37		39		4		38
Equipment	79		60		74		52		45		32		76
Professional services	17		18		17		12		9		(6)		89
Marketing	21		33		22		15		14		(36)		50
Deposit and other insurance expense	18		18		17		8		8		0		125
Amortization of intangibles	14		14		13		11		10		0		40
Lease financing equipment depreciation	14		17		19		5		—		(18)		NM
Other noninterest expense	75		75		63		52		72		0		4
Total adjusted noninterest expense	$	1,007	$	1,034	$	1,055	$	803	$	772	(3)	%	30	%

Reported total noninterest expense for the 2022 first quarter increased $260 million, or 33%, from the year-ago quarter, primarily reflecting the impact of the TCF acquisition including a $25 million increase in Notable Items. Personnel costs increased $112 million, or 24%, primarily reflecting a 28% increase in average full-time equivalent employees as a result of the TCF acquisition. Outside data processing and other services increased $50 million, or 43%, reflecting acquisition-related expenses and technology related expenses. Equipment expense increased $35 million, or 76%, reflecting acquisition-related expenses and timing of technology equipment purchases and amortization. All other increases were primarily a result of the impact of the TCF acquisition.

Reported total noninterest expense decreased $168 million, or 14%, from the 2021 fourth quarter, reflecting a $141 million reduction in Notable Items to $46 million. Outside data processing and other services decreased $104 million, or 39%, reflecting an $97 million decrease in Notable Items from the prior quarter and elevated costs in the prior quarter related to TCF branch and major systems conversion. Personnel costs decreased $52 million, or 8%, reflecting a $27 million decrease in Notable Items and decreases in incentive compensation, salaries and medical insurance expense, partially offset by an increase in share-based compensation. Marketing expense decreased $14 million, or 40%, primarily reflecting elevated brand marketing in new markets in the 2021 fourth quarter. Partially offsetting these decreases, equipment expense increased $13 million, or 19%, primarily reflecting timing of technology equipment purchases and amortization.


	2022			2021
($ in millions)	March 31,			December 31,			September 30,			June 30,			March 31,
Total nonaccrual loans and leases	$	682		$	716		$	861		$	977		$	516
Total other real estate, net	11			9			7			7			2
Other NPAs (1)	15			25			25			30			26
Total nonperforming assets	708			750			893			1,014			544
Accruing loans and leases past due 90+ days	280			210			175			148			154
NPAs + accruing loans & leases past due 90+ days	$	988		$	960		$	1,068		$	1,162		$	698
NAL ratio (2)	0.60		%	0.64		%	0.79		%	0.88		%	0.64		%
NPA ratio (3)	0.63			0.67			0.82			0.91			0.68
(NPAs+90 days)/(Loans+OREO)	0.88			0.86			0.97			1.05			0.87


Provision for credit losses	$	25		$	(64)		$	(62)		$	211		$	(60)
Net charge-offs	19			34			55			62			64
Net charge-offs / Average total loans	0.07		%	0.12		%	0.20		%	0.28		%	0.32		%
Allowance for loans and lease losses (ALLL)	$	2,018		$	2,030		$	2,107		$	2,218		$	1,703
Allowance for unfunded lending commitments	91			77			98			104			38
Allowance for credit losses (ACL)	$	2,109		$	2,107		$	2,205		$	2,322		$	1,741
ALLL as a % of:
Total loans and leases	1.79		%	1.82		%	1.92		%	2.00		%	2.12		%
NALs	296			284			245			227			330
NPAs	285			271			236			219			313
ACL as a % of:
Total loans and leases	1.87		%	1.89		%	2.01		%	2.09		%	2.17		%
NALs	309			294			256			238			338
NPAs	298			281			247			229			320

Overall asset quality metrics were impacted by the TCF acquisition on a year-over-year basis, but showed improvement in each subsequent quarter. Nonperforming assets (NPAs) were $708 million, or 0.63% of total loans and leases, OREO and other NPAs, compared to $544 million, or 0.68%, a year-ago. Nonaccrual loans and leases (NALs) were $682 million, or 0.60% of total loans and leases, compared to $516 million, or 0.64% of total loans and leases. On a linked quarter basis, NALs decreased $34 million, or 5%, and NPAs decreased $42 million, or 6%. The linked quarter decrease in NALs was primarily due to a decline in commercial and industrial NALs.

The provision for credit losses increased $85 million year-over-year to $25 million in the 2022 first quarter. Net charge-offs (NCOs) decreased $45 million year-over-year and $15 million quarter-over-quarter to $19 million. NCOs represented an annualized 0.07% of average loans and leases in the current quarter, down from 0.12% in the prior quarter and down from 0.32% in the year-ago quarter. Commercial NCOs showed improvement on a year-over-year and linked quarter basis, with net recoveries in the 2022 first quarter. Consumer net charge-offs increased on a year-over-year basis, and were flat with the prior quarter. We remain confident in the long-term credit performance of our loan portfolios.

The allowance for loan and lease losses (ALLL) increased $315 million from the year-ago quarter to $2.0 billion due to the impact of the TCF acquisition, while the ALLL as a percentage of period-end total NALs decreased to 296% from 330% over the same period. The allowance for credit losses (ACL) increased by $368 million from the year-ago quarter to $2.1 billion, or 1.87%, of total loans and leases, compared to $2.1 billion, or 1.89% at the prior year end, and $1.7 billion, or 2.17% of total loans and leases a year-ago. On a linked quarter basis, the ACL as a percentage of total loans and leases decreased 2 basis points reflecting the overall continued general improvement in economic conditions, however both inflationary and geopolitical tail risks remain. We believe levels of the ALLL and ACL are appropriate given the current level of problem loans and the economic outlook.


	2022			2021
($ in billions)	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible common equity / tangible assets ratio	6.28		%	6.88		%	6.95		%	7.15		%	7.11		%
Common equity tier 1 risk-based capital ratio (1)	9.22		%	9.33		%	9.57		%	9.98		%	10.32		%
Regulatory Tier 1 risk-based capital ratio (1)	10.84		%	10.99		%	11.35		%	12.25		%	13.32		%
Regulatory Total risk-based capital ratio (1)	13.03		%	13.14		%	13.57		%	14.15		%	15.25		%
Total risk-weighted assets (1)	$	134.5		$	131.3		$	128.0		$	126.2		$	89.5

(1)March 31, 2022 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The capital ratios reflect Huntington’s 2020 election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. As of March 31, 2022, 25% of the cumulative CECL deferral has been phased in.

The tangible common equity to tangible assets ratio was 6.28% at March 31, 2022, down 60 basis points from last quarter due primarily to a decrease in tangible common equity related to higher interest rates causing a decrease in accumulated other comprehensive income. Common Equity Tier 1 (CET1) risk-based capital ratio was 9.22%, down from 9.33% from last quarter. The regulatory Tier 1 risk-based capital ratio was 10.84% compared to 10.99% at December 31, 2021. The decrease in regulatory capital ratios was primarily driven by asset growth.

During the 2022 first quarter, Huntington repurchased no shares of common stock, under the current repurchase authorization of $800 million of common shares which began the third quarter of 2021 and goes through the second quarter of 2022. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. As of March 31, 2022, Huntington has completed $650 million of the share repurchase authorization.

Huntington’s senior management will host an earnings conference call on April 21, 2022, 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 #13728287. 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 28, 2022 at (877) 660-6853 or (201) 612-7415; conference ID #13728287.

Huntington Bancshares Incorporated is a $177 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 more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

This communication 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; the magnitude and duration of the COVID-19 pandemic and related variants and mutations and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the possibility that the anticipated benefits of the transaction with TCF 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 does business; 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, 2021 which is on file with the Securities and Exchange Commission

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.

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, 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.

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.

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.