Form: 8-K

Current report filing

April 21, 2022

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2022
Table of Contents
Quarterly Accruing Past Due Loans and Leases


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.
2022 2021 2021 4Q21 1Q21
Net interest income (2)
 $ 1,154  $ 1,138  $ 978  1  % 18  %
FTE adjustment (8) (6) (6) (33) (33)
Net interest income
 1,146  1,132  972  1  18 
Provision for credit losses 25  (64) (60) 139  142 
Noninterest income 499  515  395  (3) 26 
Noninterest expense 1,053  1,221  793  (14) 33 
Income before income taxes 567  490  634  16  (11)
Provision for income taxes 105  88  102  19  3 
Income after income taxes 462  402  532  15  (13)
Income attributable to non-controlling interest 2  1  —  100  100 
Net income attributable to Huntington Bancshares Inc 460  401  532  15  (14)
Dividends on preferred shares 28  28  31  —  (10)
Impact of preferred stock redemption —  (4) —  100  — 
Net income applicable to common shares $ 432  $ 377  $ 501  15  % (14) %
Net income per common share - diluted $ 0.29  $ 0.26  $ 0.48  12  % (40) %
Cash dividends declared per common share
 0.155  0.155  0.15  —  3 
Tangible book value per common share at end of period
 7.47  8.06  8.64  (7) (14)
Number of common shares repurchased
 —  10  —  (100) — 
Average common shares - basic
1,438  1,444  1,018  —  41 
Average common shares - diluted
1,464  1,471  1,041  —  41 
Ending common shares outstanding
1,439  1,438  1,018  —  41 
Return on average assets
 1.05  % 0.92  % 1.76  %
Return on average common shareholders’ equity
 10.4  8.7  18.7 
Return on average tangible common shareholders’ equity (1)
15.8  13.2  23.7 
Net interest margin (2)
 2.88  2.85  3.48 
Efficiency ratio (3)
 62.9  73.0  57.0 
Effective tax rate 18.5  18.0  16.1 
Average total assets
$ 177,612  $ 173,672  $ 122,995  2  44 
Average earning assets
162,414  158,692  114,105  2  42 
Average loans and leases
111,142  109,488  80,261  2  38 
Average loans and leases - linked quarter annualized growth rate
 6.0  % (0.7) % (4.2) %
Average total deposits
$ 142,917  $ 142,303  $ 99,285  —  44 
Average core deposits (4) 139,148  138,008  95,815  1  45 
Average core deposits - linked quarter annualized growth rate
 3.3  % 0.6  % 15.1  %
Average shareholders’ equity
19,064  19,375  13,324  (2) 43 
Average common total shareholders' equity
 16,898  17,193  10,858  (2) 56 
Average tangible common shareholders' equity
11,364  11,675  8,722  (3) 30 
Total assets at end of period
176,856  174,064  125,768  2  41 
Total shareholders’ equity at end of period
18,452  19,297  13,600  (4) 36 
NCOs as a % of average loans and leases
 0.07  % 0.12  % 0.32  %
NAL ratio
 0.60  0.64  0.64 
NPA ratio (5) 0.63  0.67  0.68 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 1.79  1.82  2.12 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.87  1.89  2.17 
Common equity tier 1 risk-based capital ratio (6) 9.22  9.33  10.32 
Tangible common equity / tangible asset ratio (7) 6.28  6.88  7.11 
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, 2022, 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) 2022 2021
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,708  $ 1,811  (6) %
Interest-bearing deposits at Federal Reserve Bank 2,816  3,711  (24)
Interest-bearing deposits in banks
 98  392  (75)
Trading account securities
 74  46  61 
Available-for-sale securities
 25,152  28,460  (12)
Held-to-maturity securities
 17,190  12,447  38 
Other securities
 1,056  648  63 
Loans held for sale
 1,070  1,676  (36)
Loans and leases (1)
 112,817  111,267  1 
Allowance for loan and lease losses
 (2,018) (2,030) 1 
Net loans and leases
 110,799  109,237  1 
Bank owned life insurance
 2,762  2,765  — 
Accrued income and other receivables 2,199  1,319  67 
Premises and equipment
 1,173  1,164  1 
Goodwill
 5,349  5,349  — 
Servicing rights and other intangible assets 665  611  9 
Other assets
 4,745  4,428  7 
Total assets
 $ 176,856  $ 174,064  2  %
Liabilities and shareholders’ equity
Liabilities
Deposits (2)
 $ 146,965  $ 143,263  3  %
Short-term borrowings
 652  334  95 
Long-term debt
 6,508  7,108  (8)
Other liabilities
 4,250  4,041  5 
Total liabilities
 158,375  154,746  2 
Shareholders' equity
Preferred stock
 2,167  2,167  — 
Common stock
 14  14  — 
Capital surplus
 15,255  15,222  — 
Less treasury shares, at cost
 (78) (79) 1 
Accumulated other comprehensive income (loss) (1,314) (229) (474)
Retained earnings 2,408  2,202  9 
Total Huntington Bancshares Inc shareholders’ equity 18,452  19,297  (4)
Non-controlling interest 29  21  38 
Total equity 18,481  19,318  (4)
Total liabilities and shareholders’ equity
 $ 176,856  $ 174,064  2  %
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding
 1,439,174,659  1,437,742,172 
Treasury shares outstanding
 6,211,714  6,298,288 
Preferred stock, authorized shares
 6,617,808  6,617,808 
Preferred shares outstanding
 557,500  557,500 
(1)See page 4 for detail of loans and leases.
(2)See page 5 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) 2022 2021 2021 2021 2021
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial
 $ 42,236  37  % $ 41,688  37  % $ 40,452  37  % $ 41,900  37  % $ 32,297  40  %
Commercial real estate:
Construction
 2,010  2  1,871  2  1,812  2  1,926  2  1,083  1 
Commercial
 13,381  12  13,090  12  12,882  11  12,848  12  6,096  8 
Commercial real estate
 15,391  14  14,961  14  14,694  13  14,774  14  7,179  9 
Lease financing 4,978  4  5,000  4  4,991  5  5,027  5  2,167  3 
Total commercial
 62,605  55  61,649  55  60,137  55  61,701  56  41,643  52 
Consumer:
Residential mortgage 19,942  18  19,256  17  18,922  17  18,729  17  12,092  15 
Automobile
 13,480  12  13,434  12  13,305  12  13,174  12  12,591  16 
Home equity
 10,343  9  10,550  9  10,919  10  11,317  10  8,727  11 
RV and marine
 5,191  5  5,058  5  5,052  5  4,960  4  4,218  5 
Other consumer
 1,256  1  1,320  2  1,223  1  1,187  1  959  1 
Total consumer
 50,212  45  49,618  45  49,421  45  49,367  44  38,587  48 
Total loans and leases
 $ 112,817  100  % $ 111,267  100  % $ 109,558  100  % $ 111,068  100  % $ 80,230  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Ending Balances by Business Segment:
Commercial Banking $ 51,132  45  % $ 49,372  44  % $ 46,988  43  % $ 46,559  42  % $ 27,318  34  %
Consumer and Business Banking 31,756  29  32,715  30  34,267  31  35,961  32  26,658  33 
Vehicle Finance 21,344  19  20,968  19  20,353  19  20,196  18  19,474  24 
RBHPCG (Regional Banking and The Huntington Private Client Group) 8,435  7  8,012  7  7,743  7  7,394  7  6,587  8 
Treasury / Other 150  —  200  —  207  —  958  1  193  1 
Total loans and leases $ 112,817  100  % $ 111,267  100  % $ 109,558  100  % $ 111,068  100  % $ 80,230  100  %
Average Balances by Business Segment:
Commercial Banking $ 49,515  45  % $ 47,281  43  % $ 46,180  43  % $ 31,896  37  % $ 26,694  33  %
Consumer and Business Banking 32,134  29  33,434  31  35,544  32  28,905  33  27,069  34 
Vehicle Finance 21,155  19  20,598  19  20,219  18  19,548  22  19,735  25 
RBHPCG 8,178  7  7,842  7  7,527  7  6,840  8  6,568  8 
Treasury / Other 160  —  333  —  198  —  205  —  195  — 
Total loans and leases
 $ 111,142  100  % $ 109,488  100  % $ 109,668  100  % $ 87,394  100  % $ 80,261  100  %

4

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Ending Balances by Type:
Demand deposits - noninterest-bearing
 $ 43,824  29  % $ 43,236  30  % $ 44,560  31  % $ 45,249  32  % $ 31,226  30  %
Demand deposits - interest-bearing
 42,099  29  39,837  28  36,423  26  34,938  24  27,493  27 
Money market deposits 33,444  23  32,522  23  32,662  23  33,616  24  26,268  26 
Savings and other domestic deposits
 21,716  15  21,088  15  20,773  15  20,876  15  13,115  13 
Core certificates of deposit (1)
 2,358  2  2,740  2  3,080  2  3,537  2  1,329  1 
Total core deposits 143,441  98  139,423  98  137,498  97  138,216  97  99,431  97 
Other domestic deposits of $250,000 or more 274  —  359  —  521  —  675  —  105  — 
Negotiable CDS, brokered and other deposits
 3,250  2  3,481  2  3,879  3  3,914  3  2,648  3 
Total deposits
 $ 146,965  100  % $ 143,263  100  % $ 141,898  100  % $ 142,805  100  % $ 102,184  100  %
Total core deposits:
Commercial $ 64,013  45  % $ 61,521  44  % $ 61,210  45  % $ 61,055  44  % $ 46,539  47  %
Consumer 79,428  55  77,902  56  76,288  55  77,161  56  52,892  53 
Total core deposits
 $ 143,441  100  % $ 139,423  100  % $ 137,498  100  % $ 138,216  100  % $ 99,431  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Ending Balances by Business Segment:
Commercial Banking $ 35,034  24  % $ 31,845  22  % $ 32,531  23  % $ 32,624  23  % $ 25,420  25  %
Consumer and Business Banking 96,907  65  95,352  67  94,439  67  95,693  67  65,437  64 
Vehicle Finance 1,323  1  1,401  1  1,437  1  1,155  1  849  1 
RBHPCG 9,672  7  10,162  7  9,025  6  8,416  6  7,163  7 
Treasury / Other (2) 4,029  3  4,503  3  4,466  3  4,917  3  3,315  3 
Total deposits
 $ 146,965  100  % $ 143,263  100  % $ 141,898  100  % $ 142,805  100  % $ 102,184  100  %
Average Balances by Business Segment:
Commercial Banking $ 33,355  23  % $ 31,950  22  % $ 32,867  23  % $ 27,372  24  % $ 25,100  25  %
Consumer and Business Banking 94,464  66  94,593  67  94,719  67  73,011  65  62,333  63 
Vehicle Finance 1,289  1  1,501  1  1,328  1  1,035  1  768  1 
RBHPCG 9,520  7  9,505  7  8,587  6  7,564  7  7,059  7 
Treasury / Other (2) 4,289  3  4,754  3  4,802  3  3,696  3  4,025  4 
Total deposits
 $ 142,917  100  % $ 142,303  100  % $ 142,303  100  % $ 112,678  100  % $ 99,285  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) 2022 2021 2021 2021 2021 4Q21 1Q21
Assets
Interest-bearing deposits at Federal Reserve Bank $ 7,195  $ 7,227  $ 11,536  $ 7,636  $ 6,065  —  % 19  %
Interest-bearing deposits in banks
 174  521  466  319  177  (67) (2)
Securities:
Trading account securities
 46  51  49  48  52  (10) (12)
Available-for-sale securities:
Taxable
 24,205  23,895  20,147  20,096  14,827  1  63 
Tax-exempt
 2,886  3,057  3,116  2,832  2,650  (6) 9 
Total available-for-sale securities
 27,091  26,952  23,263  22,928  17,477  1  55 
Held-to-maturity securities - taxable
 14,556  12,421  11,964  7,280  8,269  17  76 
Other securities 967  651  677  479  412  49  135 
Total securities
 42,660  40,075  35,953  30,735  26,210  6  63 
Loans held for sale
 1,243  1,381  1,525  1,294  1,392  (10) (11)
Loans and leases: (2)
Commercial:
Commercial and industrial
 41,397  40,582  40,597  34,126  32,153  2  29 
Commercial real estate:
Construction
 1,877  1,820  1,803  1,310  1,053  3  78 
Commercial
 13,186  12,758  12,891  7,773  6,122  3  115 
Commercial real estate
 15,063  14,578  14,694  9,083  7,175  3  110 
Lease financing 4,912  4,933  4,983  2,798  2,199  —  123 
Total commercial
 61,372  60,093  60,274  46,007  41,527  2  48 
Consumer:
Residential mortgage
 19,505  18,955  18,886  13,768  12,094  3  61 
Automobile 13,463  13,355  13,209  12,793  12,665  1  6 
Home equity 10,414  10,748  11,106  9,375  8,809  (3) 18 
RV and marine 5,103  5,040  4,998  4,447  4,193  1  22 
Other consumer
 1,285  1,297  1,195  1,004  973  (1) 32 
Total consumer
 49,770  49,395  49,394  41,387  38,734  1  28 
Total loans and leases
 111,142  109,488  109,668  87,394  80,261  2  38 
Allowance for loan and lease losses
 (2,047) (2,112) (2,219) (1,828) (1,809) 3  (13)
Net loans and leases
 109,095  107,376  107,449  85,566  78,452  2  39 
Total earning assets
 162,414  158,692  159,148  127,378  114,105  2  42 
Cash and due from banks
 1,648  1,695  1,535  1,106  1,080  (3) 53 
Goodwill and other intangible assets 5,584  5,570  5,578  3,055  2,176  —  157 
All other assets
 10,013  9,827  9,791  8,119  7,443  2  35 
Total assets
 $ 177,612  $ 173,672  $ 173,833  $ 137,830  $ 122,995  2  % 44  %
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 40,634  $ 38,441  $ 35,690  $ 29,729  $ 26,812  6  % 52  %
Money market deposits
 32,672  32,400  33,281  28,124  26,247  1  24 
Savings and other domestic deposits
 21,316  20,896  20,931  15,190  12,277  2  74 
Core certificates of deposit (3)
 2,560  2,909  3,319  1,832  1,384  (12) 85 
Other domestic deposits of $250,000 or more
 316  452  582  259  115  (30) 175 
Negotiable CDS, brokered and other deposits
 3,453  3,843  3,905  2,986  3,355  (10) 3 
Total interest-bearing deposits
 100,951  98,941  97,708  78,120  70,190  2  44 
Short-term borrowings
 4,728  342  317  241  208  1,282  2,173 
Long-term debt
 6,914  7,674  7,587  6,887  7,766  (10) (11)
Total interest-bearing liabilities
 112,593  106,957  105,612  85,248  78,164  5  44 
Demand deposits - noninterest-bearing
 41,966  43,362  44,595  34,558  29,095  (3) 44 
All other liabilities
 3,964  3,957  3,823  2,608  2,412  —  64 
Total Huntington Bancshares Inc shareholders’ equity 19,064  19,375  19,783  15,410  13,324  (2) 43 
Non-controlling interest 25  21  20  6  —  19  100 
Total equity 19,089  19,396  19,803  15,416  13,324  (2) 43 
Total liabilities and shareholders’ equity
 $ 177,612  $ 173,672  $ 173,833  $ 137,830  $ 122,995  2  % 44  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
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) 2022 2021 2021 2021 2021
Assets
Interest-bearing deposits at Federal Reserve Bank $ 3  $ 3  $ 4  $ 2  $ 2 
Interest-bearing deposits in banks
 —  —  1  —  — 
Securities:
Trading account securities
 —  —  —  1  — 
Available-for-sale securities:
Taxable
 90  77  68  67  49 
Tax-exempt
 22  19  18  17  17 
Total available-for-sale securities
 112  96  86  84  66 
Held-to-maturity securities - taxable
 66  50  47  35  42 
Other securities 5  4  2  2  2 
Total securities
 183  150  135  122  110 
Loans held for sale
 10  10  13  9  9 
Loans and leases:
Commercial:
Commercial and industrial 392  393  419  319  315 
Commercial real estate:
Construction 17  17  17  12  9 
Commercial 97  102  105  60  40 
Commercial real estate 114  119  122  72  49 
Lease financing 61  61  61  36  28 
Total commercial 567  573  602  427  392 
Consumer:
Residential mortgage 146  141  139  104  95 
Automobile 112  119  121  115  116 
Home equity 102  109  113  89  80 
RV and marine 52  54  55  46  44 
Other consumer 28  29  29  27  27 
Total consumer 440  452  457  381  362 
Total loans and leases
 1,007  1,025  1,059  808  754 
Total earning assets
 $ 1,203  $ 1,188  $ 1,212  $ 941  $ 875 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 3  $ 3  $ 3  $ 4  $ 2 
Money market deposits 4  6  7  4  4 
Savings and other domestic deposits
 1  1  1  2  1 
Core certificates of deposit (3)
 1  —  (2) 1  2 
Other domestic deposits of $250,000 or more
 —  —  1  —  — 
Negotiable CDS, brokered and other deposits
 2  1  1  1  2 
Total interest-bearing deposits
 11  11  11  12  11 
Short-term borrowings
 7  1  —  —  — 
Long-term debt
 31  38  34  85  (114)
Total interest-bearing liabilities 49  50  45  97  (103)
Net interest income
 $ 1,154  $ 1,138  $ 1,167  $ 844  $ 978 
(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)
 2022 2021 2021 2021 2021
Assets
Interest-bearing deposits at Federal Reserve Bank 0.17  % 0.15  % 0.17  % 0.11  % 0.10  %
Interest-bearing deposits in banks
 0.15  0.06  0.04  0.01  0.08 
Securities:
Trading account securities
 3.39  3.67  2.98  2.96  3.64 
Available-for-sale securities:
Taxable
 1.49  1.29  1.34  1.34  1.32 
Tax-exempt
 3.00  2.40  2.37  2.42  2.52 
Total available-for-sale securities
 1.65  1.42  1.48  1.47  1.50 
Held-to-maturity securities - taxable
 1.81  1.59  1.58  1.94  2.02 
Other securities 1.88  2.18  1.43  1.72  1.66 
Total securities
 1.72  1.49  1.52  1.59  1.67 
Loans held for sale
 3.15  3.14  3.23  2.79  2.64 
Loans and leases: (3)
Commercial:
Commercial and industrial 3.79  3.79  4.04  3.70  3.91 
Commercial real estate:
Construction 3.52  3.71  3.68  3.57  3.41 
Commercial 2.94  3.14  3.17  3.06  2.64 
Commercial real estate 3.01  3.21  3.23  3.13  2.75 
Lease financing 4.93  4.81  4.84  5.00  5.18 
Total commercial 3.69  3.73  3.91  3.67  3.78 
Consumer:
Residential mortgage 2.99  2.97  2.95  3.04  3.13 
Automobile 3.38  3.53  3.62  3.62  3.71 
Home equity 3.99  4.01  4.03  3.79  3.71 
RV and marine 4.15  4.31  4.33  4.13  4.30 
Other consumer 8.96  9.06  9.72  10.61  11.17 
Total consumer 3.57  3.64  3.67  3.69  3.78 
Total loans and leases
 3.64  3.69  3.80  3.68  3.78 
Total earning assets
 3.00  2.97  3.02  2.96  3.11 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 0.03  0.03  0.04  0.04  0.04 
Money market deposits 0.05  0.08  0.08  0.06  0.06 
Savings and other domestic deposits
 0.02  0.02  0.03  0.04  0.04 
Core certificates of deposit (4)
 0.14  —  (0.23) 0.19  0.51 
Other domestic deposits of $250,000 or more
 0.08  0.18  0.21  0.26  0.22 
Negotiable CDS, brokered and other deposits
 0.17  0.14  0.15  0.16  0.18 
Total interest-bearing deposits
 0.04  0.05  0.05  0.06  0.06 
Short-term borrowings
 0.57  0.09  0.14  0.47  0.19 
Long-term debt
 1.83  1.93  1.81  4.97  (5.88)
Total interest-bearing liabilities
 0.18  0.18  0.17  0.45  (0.53)
Net interest rate spread
 2.82  2.79  2.85  2.51  3.64 
Impact of noninterest-bearing funds on margin
 0.06  0.06  0.06  0.15  (0.16)
Net interest margin
 2.88  % 2.85  % 2.91  % 2.66  % 3.48  %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
2022 2021 2021 2021 2021
Fully-taxable equivalent basis (1)
 First Fourth Third Second First
Commercial loans (2)(3)
 3.47  % 3.53  % 3.65  % 3.27  % 3.22  %
Impact of commercial loan derivatives
 0.22  0.20  0.26  0.40  0.56 
Total commercial - as reported
 3.69  % 3.73  % 3.91  % 3.67  % 3.78  %
Average 1 Month LIBOR
 0.23  % 0.09  % 0.09  % 0.10  % 0.12  %
(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 and leases.
(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,
2022 2021 2021 2021 2021
Interest income
 $ 1,195  $ 1,182  $ 1,205  $ 935  $ 869 
Interest expense
 49  50  45  97  (103)
Net interest income
 1,146  1,132  1,160  838  972 
Provision for credit losses 25  (64) (62) 211  (60)
Net interest income after provision for credit losses 1,121  1,196  1,222  627  1,032 
Service charges on deposit accounts 97  101  114  88  69 
Card and payment processing income 86  93  96  80  65 
Mortgage banking income 49  61  81  67  100 
Trust and investment management services 65  63  61  56  52 
Capital markets fees 42  47  40  35  29 
Insurance income 31  28  25  25  27 
Leasing revenue 35  41  42  12  4 
Bank owned life insurance income 17  22  15  16  16 
Gain on sale of loans 28  1  2  3  3 
Net gains (losses) on sales of securities —  (1) —  10  — 
Other noninterest income 49  59  59  52  30 
Total noninterest income
 499  515  535  444  395 
Personnel costs 580  632  643  592  468 
Outside data processing and other services 165  269  304  162  115 
Net occupancy 64  68  95  72  42 
Equipment 81  68  79  55  46 
Professional services 19  22  26  48  17 
Marketing 21  35  25  15  14 
Deposit and other insurance expense 18  18  17  8  8 
Amortization of intangibles 14  14  13  11  10 
Lease financing equipment depreciation 14  17  19  5  — 
Other noninterest expense 77  78  68  104  73 
Total noninterest expense
 1,053  1,221  1,289  1,072  793 
Income (loss) before income taxes 567  490  468  (1) 634 
Provision for income taxes 105  88  90  14  102 
Income (loss) after income taxes 462  402  378  (15) 532 
Income attributable to non-controlling interest 2  1  1  —  — 
Net income (loss) attributable to Huntington Bancshares Inc 460  401  377  (15) 532 
Dividends on preferred shares 28  28  29  43  31 
Impact of preferred stock redemption —  (4) 15  —  — 
Net income (loss) applicable to common shares $ 432  $ 377  $ 333  $ (58) $ 501 
Average common shares - basic
 1,438  1,444  1,463  1,125  1,018 
Average common shares - diluted
1,464  1,471  1,487  1,125  1,041 
Per common share
Net income (loss) - basic $ 0.30  $ 0.26  $ 0.23  $ (0.05) $ 0.49 
Net income (loss) - diluted 0.29  0.26  0.22  (0.05) 0.48 
Cash dividends declared
 0.155  0.155  0.15  0.15  0.15 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,146  $ 1,132  $ 1,160  $ 838  $ 972 
FTE adjustment
 8  6  7  6  6 
Net interest income (1)
 1,154  1,138  1,167  844  978 
Noninterest income
 499  515  535  444  395 
Total revenue (1)
 $ 1,653  $ 1,653  $ 1,702  $ 1,288  $ 1,373 
(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)
 2022 2021 2021 2021 2021 4Q21 1Q21
Net origination and secondary marketing income
 $ 37  $ 56  $ 80  $ 70  $ 94  (34) % (61) %
Net mortgage servicing income
          Loan servicing income
 22  22  21  17  17  —  29 
          Amortization of capitalized servicing (15) (20) (21) (20) (20) 25  25 
    Operating (expense) income 7  2  —  (3) (3) 250  333 
          MSR valuation adjustment 51  (1) 1  (24) 51  5,200  — 
          Gains (losses) due to MSR hedging
 (47) 2  (4) 22  (46) (2,450) (2)
     Net MSR risk management 4  1  (3) (2) 5  300  (20)
Total net mortgage servicing (expense) income $ 11  $ 3  $ (3) $ (5) $ 2  267  % 450  %
All other 1  2  4  2  4  (50) (75)
Mortgage banking income
 $ 49  $ 61  $ 81  $ 67  $ 100  (20) % (51) %
Mortgage origination volume $ 2,881  $ 3,880  $ 4,467  $ 4,007  $ 4,042  (26) % (29) %
Mortgage origination volume for sale
 1,519  2,380  2,514  2,265  2,669  (36) (43)
Third party mortgage loans serviced (1) 31,570  31,017  30,554  30,398  23,585  2  34 
Mortgage servicing rights (1) 416  351  338  327  274  19  52 
MSR % of investor servicing portfolio (1) 1.32  % 1.13  % 1.11  % 1.08  % 1.16  % 17  % 14  %
(1)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) 2022 2021 2021 2021 2021
Allowance for loan and lease losses, beginning of period
 $ 2,030  $ 2,107  $ 2,218  $ 1,703  $ 1,814 
Loan and lease charge-offs (81) (79) (106) (102) (95)
Recoveries of loans and leases previously charged-off 62  45  51  40  31 
Net loan and lease charge-offs (19) (34) (55) (62) (64)
Provision (benefit) for loan and lease losses 7  (43) (56) 145  (47)
Allowance on PCD loans and leases at acquisition —  —  —  432  — 
Allowance for loan and lease losses, end of period
 2,018  2,030  2,107  2,218  1,703 
Allowance for unfunded lending commitments, beginning of period 77  98  104  38  52 
Provision (reduction in allowance) for unfunded lending commitments 14  (21) (6) 66  (13)
Unfunded lending commitment losses —  —  —  —  (1)
Allowance for unfunded lending commitments, end of period 91  77  98  104  38 
Total allowance for credit losses, end of period
 $ 2,109  $ 2,107  $ 2,205  $ 2,322  $ 1,741 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.79  % 1.82  % 1.92  % 2.00  % 2.12  %
Nonaccrual loans and leases (NALs)
 296  284  245  227  330 
Nonperforming assets (NPAs)
 285  271  236  219  313 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.87  % 1.89  % 2.01  % 2.09  % 2.17  %
Nonaccrual loans and leases (NALs) 309  294  256  238  338 
Nonperforming assets (NPAs) 298  281  247  229  320 

Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 937  $ 832  $ 801  $ 1,030  $ 824 
Commercial real estate 521  586  678  499  332 
Lease financing 56  44  70  89  41 
Total commercial 1,514  1,462  1,549  1,618  1,197 
Consumer
Residential mortgage 139  145  127  125  73 
Automobile 101  108  122  141  156 
Home equity 60  88  108  140  90 
RV and marine 96  105  111  114  114 
Other consumer 108  122  90  80  73 
Total consumer 504  568  558  600  506 
Total allowance for loan and lease losses 2,018  2,030  2,107  2,218  1,703 
Allowance for unfunded lending commitments 91  77  98  104  38 
Total allowance for credit losses $ 2,109  $ 2,107  $ 2,205  $ 2,322  $ 1,741 


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) 2022 2021 2021 2021 2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial
 $ (23) $ 6  $ 28  $ 37  $ 28 
Commercial real estate:
Construction
 (1) —  (1) —  — 
Commercial
 9  (4) 8  17  (3)
Commercial real estate
 8  (4) 7  17  (3)
Lease financing 5  3  12  5  24 
Total commercial
 (10) 5  47  59  49 
Consumer:
Residential mortgage —  (1) —  —  — 
Automobile —  —  (4) (4) 2 
Home equity (1) (1) (3) (1) — 
RV and marine
 3  2  —  —  3 
Other consumer
 27  29  15  8  10 
Total consumer
 29  29  8  3  15 
Total net charge-offs $ 19  $ 34  $ 55  $ 62  $ 64 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2022 2021 2021 2021 2021
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial
 (0.22) % 0.06  % 0.28  % 0.43  % 0.35  %
Commercial real estate:
Construction
 (0.14) (0.03) (0.14) (0.04) (0.04)
Commercial
 0.27  (0.13) 0.26  0.81  (0.17)
Commercial real estate
 0.22  (0.12) 0.21  0.69  (0.15)
Lease financing 0.40  0.24  0.87  0.93  4.32 
Total commercial
 (0.06) 0.03  0.31  0.51  0.47 
Consumer:
Residential mortgage —  (0.01) —  —  0.01 
Automobile 0.01  (0.03) (0.10) (0.13) 0.05 
Home equity (0.03) (0.04) (0.08) (0.08) 0.02 
RV and marine
 0.20  0.13  (0.01) 0.02  0.29 
Other consumer
 8.46  9.21  4.84  3.26  3.99 
Total consumer
 0.23  0.23  0.07  0.02  0.16 
Net charge-offs as a % of average loans 0.07  % 0.12  % 0.20  % 0.28  % 0.32  %

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)
 2022 2021 2021 2021 2021
Nonaccrual loans and leases (NALs):
Commercial and industrial
 $ 323  $ 370  $ 494  $ 591  $ 326 
Commercial real estate
 114  104  103  83  8 
Lease financing 38  48  60  74  17 
Residential mortgage 117  111  108  130  90 
Automobile 4  3  3  3  3 
Home equity
 84  79  87  91  71 
RV and marine
 2  1  6  5  1 
Total nonaccrual loans and leases
 682  716  861  977  516 
Other real estate, net:
Residential
 10  8  6  5  2 
Commercial
 1  1  1  2  — 
Total other real estate, net 11  9  7  7  2 
Other NPAs (2) 15  25  25  30  26 
Total nonperforming assets
 $ 708  $ 750  $ 893  $ 1,014  $ 544 
Nonaccrual loans and leases as a % of total loans and leases
 0.60  % 0.64  % 0.79  % 0.88  % 0.64  %
NPA ratio (3) 0.63  0.67  0.82  0.91  0.68 
(NPA+90days)/(Loan+OREO) (4)
 0.88  0.86  0.97  1.05  0.87 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Nonperforming assets, beginning of period $ 750  $ 893  $ 1,014  $ 544  $ 563 
New nonperforming assets 204  146  195  116  129 
Acquired NPAs —  —  —  629  — 
Returns to accruing status (57) (99) (125) (46) (33)
Charge-offs (32) (35) (51) (77) (52)
Payments (155) (152) (128) (81) (55)
Sales (2) (3) (12) (71) (8)
Nonperforming assets, end of period $ 708  $ 750  $ 893  $ 1,014  $ 544 
(1)December 31, 2021 and all periods prior generally exclude loans and leases 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
(Unaudited)
  March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Accruing loans and leases past due 90+ days:
Commercial and industrial
 $ 10  $ 13  $ 6  $ 1  $ — 
Lease financing 12  11  12  14  8 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 25  25  16  17  18 
Automobile 6  6  5  4  5 
Home equity 12  17  10  9  10 
RV and marine 1  3  2  1  1 
Other consumer
 2  3  2  2  2 
Total, excl. loans guaranteed by the U.S. Government
 68  78  53  48  44 
Add: loans guaranteed by U.S. Government
 212  132  122  100  110 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
 $ 280  $ 210  $ 175  $ 148  $ 154 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.06  % 0.07  % 0.05  % 0.04  % 0.05  %
Guaranteed by U.S. Government, as a percent of total loans and leases
 0.19  0.12  0.11  0.09  0.14 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.25  0.19  0.16  0.13  0.19 

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) 2022 2021 2021 2021 2021
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity
 $ 18,452  $ 19,297  $ 19,479  $ 20,511  $ 13,600 
Regulatory capital adjustments:
CECL transitional amount (2) 328  437  440  459  422 
Shareholders’ preferred equity
 (2,177) (2,177) (2,281) (2,866) (2,680)
Accumulated other comprehensive income (loss) offset 1,314  230  125  19  56 
Goodwill and other intangibles, net of related taxes
 (5,474) (5,484) (5,477) (5,479) (2,095)
Deferred tax assets that arise from tax loss and credit carryforwards
 (46) (54) (36) (48) (63)
Common equity tier 1 capital
 12,397  12,249  12,250  12,596  9,240 
Additional tier 1 capital
Shareholders’ preferred equity
 2,177  2,177  2,281  2,866  2,680 
Tier 1 capital
 14,574  14,426  14,531  15,462  11,920 
Long-term debt and other tier 2 qualifying instruments
 1,464  1,539  1,552  1,062  610 
Qualifying allowance for loan and lease losses
 1,485  1,281  1,290  1,345  1,119 
Tier 2 capital
 2,949  2,820  2,842  2,407  1,729 
Total risk-based capital
 $ 17,523  $ 17,246  $ 17,373  $ 17,869  $ 13,649 
Risk-weighted assets (RWA)(1)
 $ 134,484  $ 131,266  $ 128,023  $ 126,241  $ 89,494 
Common equity tier 1 risk-based capital ratio (1)
 9.22  % 9.33  % 9.57  % 9.98  % 10.32  %
Other regulatory capital data:
Tier 1 leverage ratio (1)
 8.43  8.56  8.62  11.65  9.85 
Tier 1 risk-based capital ratio (1)
 10.84  10.99  11.35  12.25  13.32 
Total risk-based capital ratio (1)
 13.03  13.14  13.57  14.15  15.25 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
 8.00  8.83  9.14  9.61  9.82 
(1)March 31, 2022, figures are estimated.
(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized. As of March 31, 2022, 25% of the cumulative CECL deferral has been phased in.
15

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
March 31, 2022 December 31, 2021 September 30, 2021 June 30, 2021 March 31, 2021
Cash dividends declared per common share
 $ 0.155  $ 0.155  $ 0.15  $ 0.15  $ 0.15 
Common shares outstanding (in millions)
Average - basic
1,438  1,444  1,463  1,125  1,018 
Average - diluted
1,464  1,471  1,487  1,125  1,041 
Ending
1,439  1,438  1,446  1,477  1,018 
Tangible book value per common share (1)
 $ 7.47  $ 8.06  $ 8.09  $ 8.22  $ 8.64 
Common share repurchases (in millions)
Number of shares repurchased
—  10  33  —  — 

Non-regulatory capital
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2022 2021 2021 2021 2021
Calculation of tangible equity / asset ratio:
Total shareholders’ equity $ 18,452  $ 19,297  $ 19,479  $ 20,511  $ 13,600 
Goodwill and other intangible assets (5,577) (5,591) (5,571) (5,585) (2,171)
Deferred tax liability on other intangible assets (1) 48  51  54  56  38 
Total tangible equity
 12,923  13,757  13,962  14,982  11,467 
Preferred equity (2,167) (2,167) (2,267) (2,851) (2,676)
Total tangible common equity
 $ 10,756  $ 11,590  $ 11,695  $ 12,131  $ 8,791 
Total assets
 $ 176,856  $ 174,064  $ 173,878  $ 175,172  $ 125,768 
Goodwill and other intangible assets (5,577) (5,591) (5,571) (5,585) (2,171)
Deferred tax liability on other intangible assets (1) 48  51  54  56  38 
Total tangible assets
 $ 171,327  $ 168,524  $ 168,361  $ 169,643  $ 123,635 
Tangible equity / tangible asset ratio
 7.54  % 8.16  % 8.29  % 8.83  % 9.28  %
Tangible common equity / tangible asset ratio
 6.28  6.88  6.95  7.15  7.11 
Other data:
Number of employees (Average full-time equivalent)
 19,722  20,309  20,908  17,018  15,449 
Number of domestic full-service branches (2)
 1,030  1,092  1,236  1,239  814 
ATM Count
 1,729  1,756  2,317  2,340  1,314 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Client Group offices.


16

Huntington Bancshares Incorporated
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following tables provide the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure.
Three months ended Change (%)
($ in millions) March 31, 2022 December 31, 2021
Pre-Provision Net Revenue (PPNR)
Total revenue $ 1,645  $ 1,647 
FTE adjustment 8  6 
Total revenue (FTE) (a) 1,653  1,653 
Less: net gain/(loss) on securities —  (1)
Total revenue (FTE), excluding net gain/(loss) on securities (b) 1,653  1,654 
Noninterest expense (c) 1,053  1,221 
Less: Notable items 46  187 
Noninterest expense, excluding notable items (d) 1,007  1,034 
PPNR (a-c) 600  432 
PPNR, adjusted (b-d) 646  620  4  %
Return on Tangible Common Equity (ROTCE)
Average common shareholders' equity $ 16,898 
Less: intangible assets and goodwill, net of deferred tax $ 5,535 
Average tangible common shareholders' equity (e) 11,363 
Net income applicable to common shares 432 
Add: amortization of intangibles, net of deferred tax 11 
Net income, excluding amortization of intangibles (f) 443 
Add: Notable items, after tax 37 
Net income, excluding amortization of intangibles and notable items (g) $ 480 
ROTCE, annualized (f/e) 15.8  %
Adjusted ROTCE, annualized (g/e) 17.1  %
17