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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

Maryland			1-34073			31-0724920
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification No.)

Registrant’s address: 41 South High Street, Columbus, Ohio 43287

Registrant’s telephone number, including area code: (614) 480-2265

Securities registered pursuant to Section 12(b) of the Act

Title of class			Trading Symbol(s)			Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)			HBANP			NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)			HBANM			NASDAQ
Common Stock—Par Value $0.01 per Share			HBAN			NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐  Yes    x  No

There were 1,442,734,255 shares of the registrant’s common stock ($0.01 par value) outstanding on September 30, 2022.

---

Table of Content

HUNTINGTON BANCSHARES INCORPORATED

INDEX

 

Glossary of Acronyms and Terms			3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			40
Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021			40
Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2022 and 2021			41
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021			42
Condensed Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2022 and 2021			43
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021			45
Notes to Unaudited Condensed Consolidated Financial Statements			47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			5
Executive Overview			5
Discussion of Results of Operations			7
Risk Management and Capital:			17
Credit Risk			17
Market Risk			24
Liquidity Risk			28
Operational Risk			29
Compliance Risk			30
Capital			30
Business Segment Discussion			32
Additional Disclosures			36
Item 3. Quantitative and Qualitative Disclosures about Market Risk			88
Item 4. Controls and Procedures			88
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			88
Item 1A. Risk Factors			88
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			89
Item 6. Exhibits			90
Signatures			91

2 Huntington Bancshares Incorporated

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Glossary of Acronyms and Terms

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: 

ACL						Allowance for Credit Losses
AFS						Available-for-Sale
ALLL						Allowance for Loan and Lease Losses
AOCI						Accumulated Other Comprehensive Income (Loss)
ASC						Accounting Standards Codification
AULC						Allowance for Unfunded Lending Commitments
Basel III						Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013
C&I						Commercial and Industrial
CDs						Certificates of Deposit
CECL						Current Expected Credit Loss
CET1						Common Equity Tier 1 on a Basel III basis
CFPB						Bureau of Consumer Financial Protection
CMO						Collateralized Mortgage Obligations
COVID-19						Coronavirus Disease 2019
CRE						Commercial Real Estate
EAD						Exposure at Default
EVE						Economic Value of Equity
FASB						Financial Accounting Standards Board
FDIC						Federal Deposit Insurance Corporation
FHLB						Federal Home Loan Bank
FICO						Fair Isaac Corporation
FRB						Federal Reserve Bank or the Federal Reserve Board
FTE						Fully-Taxable Equivalent
FTP						Funds Transfer Pricing
FVO						Fair Value Option
GAAP						Generally Accepted Accounting Principles in the United States of America
GDP						Gross Domestic Product
HTM						Held-to-Maturity
IRS						Internal Revenue Service
LGD						Loss Given Default
LIBOR						London Interbank Offered Rate
LIHTC						Low Income Housing Tax Credit
MBS						Mortgage-Backed Securities
MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
MSR						Mortgage Servicing Right
NAICS						North American Industry Classification System
NALs						Nonaccrual Loans
NCO						Net Charge-off
NII						Net Interest Income
NIM						Net Interest Margin
NM						Not Meaningful
NPAs						Nonperforming Assets
OCC						Office of the Comptroller of the Currency
OCI						Other Comprehensive Income
OLEM						Other Loans Especially Mentioned

2022 3Q Form 10-Q 3

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PCD						Purchased Credit Deteriorated
PD						Probability of Default
PPP						Paycheck Protection Program
RBHPCG						Regional Banking and The Huntington Private Client Group
ROC						Risk Oversight Committee
SBA						Small Business Administration
SCB						Stress Capital Buffer
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
TCF						TCF Financial Corporation
TDR						Troubled Debt Restructuring
U.S. Treasury						U.S. Department of the Treasury
UPB						Unpaid Principal Balance
VIE						Variable Interest Entity
XBRL						eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated

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PART I. FINANCIAL INFORMATION

When we refer to “we”, “our”, “us”, “Huntington”, and “the Company” in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the “Bank” in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

INTRODUCTION

We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, investment banking, capital markets, and advisory services, equipment financing, distribution finance (formerly referred to as inventory finance), investment management, trust services, brokerage services, insurance products and services, and other financial products and services. At September 30, 2022, our 1,032 full-service branches and private client group offices are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. Select financial services and other activities are also conducted in various other states. International banking services are available through the headquarters office in Columbus, Ohio. Our foreign banking activities, in total or with any individual country, are not significant.

This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2021 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2021 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, and other information contained in this report.

EXECUTIVE OVERVIEW

In June 2021, Huntington closed the acquisition of TCF Financial Corporation. Historical periods prior to June 9, 2021 reflect results of legacy Huntington operations. Subsequent to closing, results reflect all post-acquisition activity. See Note 3 “Acquisition of TCF Financial Corporation” of the Notes to Unaudited Condensed Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for further information.

In May 2022, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments. This acquisition along with the formation of our enterprise-wide payments group reflects one of our strategic priorities to accelerate our payments capabilities and expand the services provided to our customers.

In June 2022, Huntington completed the acquisition of Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction brings a national scale to serve middle market business owners throughout the corporate lifecycle, building on Huntington’s regional banking foundation. Capstone Partners related revenue, including mergers and acquisitions, capital raising and other advisory-related fees, is recognized within capital markets fees in the Consolidated Statements of Income.

Summary of 2022 Third Quarter Results Compared to 2021 Third Quarter

For the quarter, we reported net income of $594 million, or $0.39 per diluted common share, compared with $377 million, or $0.22 per diluted common share, in the year-ago quarter.

2022 3Q Form 10-Q 5

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Net interest income was $1.4 billion, up $244 million, or 21% from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $245 million, or 21%, from the year-ago quarter. The increase in FTE net interest income primarily reflects a 51 basis point increase in the FTE NIM to 3.42% and a $4.9 billion, or 3%, increase in average earning assets. The year-over-year increase in NIM was driven by the higher rate environment driving an increase in loan and lease and investment security yields, partially offset by higher cost of funds. Average earning assets growth included a $7.3 billion, or 7%, increase in average loans and leases and a $6.7 billion, or 19%, increase in average securities, partially offset by an $8.3 billion, or 72%, decrease in deposits held at the FRB.

The provision for credit losses increased $168 million from the year-ago quarter to $106 million in the 2022 third quarter. The increase in provision for credit losses was primarily due to loan and lease growth. The ACL increased $25 million from the year-ago quarter to $2.2 billion in the 2022 third quarter, or 1.89% of total loans and leases, compared to $2.2 billion, or 2.01% of total loans and leases. The decrease in ACL as a percentage of total loans and leases reflects the overall improved credit performance of the loan and lease portfolio, while also recognizing the uncertainty in the near-term macroeconomic outlook. NCOs decreased $11 million from the year-ago-quarter to $44 million. Total NCOs represented an annualized 0.15% of average loans and leases in the current quarter, down from 0.20% in the year-ago quarter.

Noninterest income was $498 million, a decrease of $37 million, or 7%, and noninterest expense decreased $236 million, or 18%, from the year-ago quarter. The decrease in noninterest income was primarily due to decreases in mortgage banking income and service charges on deposit accounts, partially offset by an increase in capital markets fees. The decrease in noninterest expense was primarily due to a reduction in acquisition-related expenses of $224 million and execution of cost reduction initiatives associated with the TCF acquisition.

The tangible common equity to tangible assets ratio was 5.32% at September 30, 2022, down 156 basis points from December 31, 2021, primarily due to a decrease in tangible common equity related to higher interest rates causing an increase in accumulated other comprehensive loss, partially offset by undistributed earnings. CET1 risk-based capital ratio was 9.27%, down from 9.33% from December 31, 2021. The decrease in regulatory capital ratios was primarily driven by dividends, risk-weighted assets growth, and goodwill recognized, partially offset by earnings.

General

Our general business objectives are:

•Build on our vision to become the country’s leading people-first, digitally powered bank

•Drive sustainable long-term revenue growth and efficiency

•Deliver a Category of One customer experience through proactive and personalized guidance, differentiated products, and expertise

•Extend our digital capabilities with focus on ease of use, access to information, and self-service across products and services

•Add scale and scope by acquiring and deepening relationships and launching of select partnerships

•Maintain positive operating leverage and execute disciplined capital management

•Execute effective risk management with an aggregate moderate-to-low, through-the-cycle risk appetite

COVID-19

The COVID-19 pandemic has caused unprecedented disruption that has affected daily living and has negatively impacted the economy. As further discussed in “Discussion of Results of Operations,” the volatility in the markets and economic uncertainty caused by the pandemic continue to have impact.

Huntington reacted quickly to the changes required by the pandemic as a result of the commitment and flexibility of our colleagues coupled with well-prepared business continuity plans. We continue to make progress welcoming more of our colleagues back to the office as part of our Coming Back Together plan. We offer Workplace Flex to help employees achieve work/life harmony in support of the business. We achieve this with flexible work arrangements, parental leave, and other health, wellness and financial benefits and services that assist employees and their families. We continue to monitor the impact of the virus and current government guidelines.

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Economy

Growth in economic activity and demand for goods and services, alongside labor shortages, supply chain complications and geopolitical matters, have contributed to rising inflation. In response, the FRB has raised interest rates and has been reducing the size of its balance sheet. Furthermore, the FRB signaled that it would continue to implement these policy actions in order to bring inflation down. The timing and impact of inflation and rising interest rates on our business and related financial results will depend on future developments, which are highly uncertain and difficult to predict. Our businesses and financial results may be impacted by a variety of other factors as well, such as an economic slowdown or recession.

We delivered positive results this quarter, driven by continued execution of strategic initiatives including loan and lease growth, higher deposit balances and expanded fee income while maintaining disciplined expense management. The recent addition of Capstone Partners has expanded the expertise we bring to customers, is benefiting our continued efforts to deepen relationships with commercial customers and is increasing our fee income opportunities. Credit continues to perform well in keeping with our aggregate moderate-to-low, through-the-cycle risk appetite. Through our disciplined and proactive approach, we believe Huntington is well positioned to manage through the uncertainty in the macroeconomic environment. We remain focused on delivering profitable growth.

DISCUSSION OF RESULTS OF OPERATIONS

This section provides a review of financial performance on a consolidated basis. Key Unaudited Condensed Consolidated Balance Sheet and Unaudited Condensed Statement of Income trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion”.

2022 3Q Form 10-Q 7

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Table 1 - Selected Quarterly Income Statement Data
			Three Months Ended
			September 30,																								September 30,						Change
(amounts in millions, except per share data)			2022																								2021						Amount						Percent
Interest income			$	1,589																							$	1,205					$	384					32		%
Interest expense			185																								45						140						NM
Net interest income			1,404																								1,160						244						21
Provision for credit losses			106																								(62)						168						NM
Net interest income after provision for credit losses			1,298																								1,222						76						6
Service charges on deposit accounts			93																								114						(21)						(18)
Card and payment processing income			96																								96						—						—
Mortgage banking income			26																								81						(55)						(68)
Trust and investment management services			60																								61						(1)						(2)
Capital markets fees			73																								40						33						83
Insurance income			28																								25						3						12
Leasing revenue			29																								42						(13)						(31)
Bank owned life insurance income			13																								15						(2)						(13)
Gain on sale of loans			15																								2						13						NM
Other noninterest income			65																								59						6						10
Total noninterest income			498																								535						(37)						(7)
Personnel costs			614																								643						(29)						(5)
Outside data processing and other services			145																								304						(159)						(52)
Net occupancy			63																								95						(32)						(34)
Equipment			60																								79						(19)						(24)
Professional services			18																								26						(8)						(31)
Marketing			24																								25						(1)						(4)
Deposit and other insurance expense			15																								17						(2)						(12)
Amortization of intangibles			13																								13						—						—
Lease financing equipment depreciation			11																								19						(8)						(42)
Other noninterest expense			90																								68						22						32
Total noninterest expense			1,053																								1,289						(236)						(18)
Income before income taxes			743																								468						275						59
Provision for income taxes			146																								90						56						62
Income after income taxes			597																								378						219						58
Income attributable to non-controlling interest			3																								1						2						NM
Net income attributable to Huntington Bancshares Inc			594																								377						217						58
Dividends on preferred shares			29																								29						—						—
Impact of preferred stock redemption			—																								15						(15)						NM
Net income applicable to common shares			$	565																							$	333					$	232					70		%
Average common shares—basic			1,443																								1,463						(20)						(1)		%
Average common shares—diluted			1,465																								1,487						(22)						(1)
Net income per common share—basic			$	0.39																							$	0.23					$	0.16					70
Net income per common share—diluted			0.39																								0.22						0.17						77
Return on average total assets			1.31		%																						0.86		%
Return on average common shareholders’ equity			13.9																								7.6
Return on average tangible common shareholders’ equity (1)			21.9																								11.5
Net interest margin (2)			3.42																								2.91
Efficiency ratio (3)			54.4																								74.9
Effective tax rate			19.7																								19.0
Revenue and Net Interest Income—FTE (non-GAAP)
Net interest income			$	1,404																							$	1,160					$	244					21		%
FTE adjustment			8																								7						1						14
Net interest income, FTE (non-GAAP) (2)			1,412																								1,167						245						21
Noninterest income			498																								535						(37)						(7)
Total revenue, FTE (non-GAAP) (2)			$	1,910																							$	1,702					$	208					12		%

(1)Net income 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 an FTE basis assuming a 21% tax rate.

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

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Table 2 - Selected Year to Date Income Statement Data
			Nine Months Ended September 30,												Change
(amounts in millions, except per share data)			2022						2021						Amount						Percent
Interest income			$	4,115					$	3,009					$	1,106					37		%
Interest expense			304						39						265						NM
Net interest income			3,811						2,970						841						28
Provision for credit losses			198						89						109						122
Net interest income after provision for credit losses			3,613						2,881						732						25
Service charges on deposit accounts			295						271						24						9
Card and payment processing income			278						241						37						15
Mortgage banking income			119						248						(129)						(52)
Trust and investment management services			188						169						19						11
Capital markets fees			169						104						65						63
Insurance income			86						77						9						12
Leasing revenue			91						58						33						57
Bank owned life insurance income			41						47						(6)						(13)
Gain on sale of loans			55						8						47						NM
Net gains on sales of securities			—						10						(10)						NM
Other noninterest income			160						141						19						13
Total noninterest income			1,482						1,374						108						8
Personnel costs			1,771						1,703						68						4
Outside data processing and other services			463						581						(118)						(20)
Net occupancy			185						209						(24)						(11)
Equipment			202						180						22						12
Professional services			56						91						(35)						(38)
Marketing			69						54						15						28
Deposit and other insurance expense			53						33						20						61
Amortization of intangibles			40						34						6						18
Lease financing equipment depreciation			36						24						12						50
Other noninterest expense			249						245						4						2
Total noninterest expense			3,124						3,154						(30)						(1)
Income before income taxes			1,971						1,101						870						79
Provision for income taxes			371						206						165						80
Income after income taxes			1,600						895						705						79
Income attributable to non-controlling interest			7						1						6						NM
Net income attributable to Huntington Bancshares Inc			1,593						894						699						78
Dividends on preferred shares			85						103						(18)						(17)
Impact of preferred stock redemption			—						15						(15)						NM
Net income applicable to common shares			$	1,508					$	776					$	732					94		%
Average common shares—basic			1,441						1,202						239						20		%
Average common shares—diluted			1,464						1,225						239						20
Net income per common share—basic			$	1.05					$	0.65					$	0.40					62
Net income per common share—diluted			1.03						0.63						0.40						63
Revenue and Net Interest Income—FTE (Non-GAAP)
Net interest income			$	3,811					$	2,970					$	841					28		%
FTE adjustment			22						19						3						16
Net interest income, FTE (non-GAAP) (1)			3,833						2,989						844						28
Noninterest income			1,482						1,374						108						8
Total revenue, FTE (non-GAAP) (1)			$	5,315					$	4,363					$	952					22		%

(1)On an FTE basis assuming a 21% tax rate.

2022 3Q Form 10-Q 9

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Average Balance Sheet / Net Interest Income

The following tables detail the change in our average balance sheet and the net interest margin.

Table 3 - Consolidated Quarterly Average Balance Sheet and Net Interest Margin
			Three Months Ended
			September 30, 2022																		September 30, 2021																		Change in
			Average						Interest						Yield/						Average						Interest						Yield/						Average Balances
(dollar amounts in millions)			Balances						Income (FTE) (1)						Rate (2)						Balances						Income (FTE) (1)						Rate (2)						Amount						Percent
Assets:
Interest-bearing deposits at Federal Reserve Bank			$	3,204					$	19					2.39		%				$	11,536					$	4					0.17		%				$	(8,332)					(72)		%
Interest-bearing deposits in banks			260						2						3.31						466						1						0.04						(206)						(44)
Securities:
Trading account securities			24						—						4.12						49						—						2.98						(25)						(51)
Available-for-sale securities:
Taxable			21,677						165						3.06						20,147						68						1.34						1,530						8
Tax-exempt			2,917						25						3.39						3,116						18						2.37						(199)						(6)
Total available-for-sale securities			24,594						190						3.09						23,263						86						1.48						1,331						6
Held-to-maturity securities—taxable			17,188						95						2.21						11,964						47						1.58						5,224						44
Other securities			804						7						3.21						677						2						1.43						127						19
Total securities			42,610						292						2.74						35,953						135						1.52						6,657						19
Loans held for sale			986						13						4.98						1,525						13						3.23						(539)						(35)
Loans and leases: (3)
Commercial:
Commercial and industrial			43,598						490						4.40						40,597						419						4.04						3,001						7
Commercial real estate			16,102						190						4.61						14,694						122						3.23						1,408						10
Lease financing			4,981						63						4.95						4,983						61						4.84						(2)						—
Total commercial			64,681						743						4.50						60,274						602						3.91						4,407						7
Consumer:
Residential mortgage			21,552						174						3.23						18,886						139						2.95						2,666						14
Automobile			13,514						120						3.53						13,209						121						3.62						305						2
Home equity			10,431						143						5.43						11,106						113						4.03						(675)						(6)
RV and marine			5,454						59						4.29						4,998						55						4.33						456						9
Other consumer			1,332						32						9.55						1,195						29						9.72						137						11
Total consumer			52,283						528						4.02						49,394						457						3.67						2,889						6
Total loans and leases			116,964						1,271						4.28						109,668						1,059						3.80						7,296						7
Allowance for loan and lease losses			(2,099)																		(2,219)																		120						5
Net loans and leases			114,865																		107,449																		7,416						7
Total earning assets			164,024						1,597						3.86						159,148						1,212						3.02						4,876						3
Cash and due from banks			1,697																		1,535																		162						11
Goodwill and other intangible assets			5,781																		5,578																		203						4
All other assets			10,154																		9,791																		363						4
Total assets			$	179,557																	$	173,833																	$	5,724					3		%
Liabilities and Shareholders’ Equity:
Interest-bearing deposits:
Demand deposits—interest-bearing			$	42,038					$	42					0.40		%				$	35,690					$	3					0.04		%				$	6,348					18		%
Money market deposits			34,058						25						0.29						33,281						7						0.08						777						2
Savings and other domestic deposits			21,439						1						0.02						20,931						1						0.03						508						2
Core certificates of deposit (4)			2,040						1						0.10						3,319						(2)						(0.23)						(1,279)						(39)
Other domestic deposits of $250,000 or more			193						—						0.35						582						1						0.21						(389)						(67)
Negotiable CDs, brokered and other deposits			4,124						23						2.25						3,905						1						0.15						219						6
Total interest-bearing deposits			103,892						92						0.35						97,708						11						0.05						6,184						6
Short-term borrowings			2,609						22						3.31						317						—						0.14						2,292						NM
Long-term debt			8,251						71						3.40						7,587						34						1.81						664						9
Total interest-bearing liabilities			114,752						185						0.64						105,612						45						0.17						9,140						9
Demand deposits—noninterest-bearing			42,116																		44,595																		(2,479)						(6)
All other liabilities			4,340																		3,823																		517						14
Total Huntington Bancshares Inc shareholders’ equity			18,317																		19,783																		(1,466)						(7)
Non-controlling interest			32																		20																		12						60
Total equity			18,349																		19,803																		(1,454)						(7)
Total liabilities and shareholders’ equity			$	179,557																	$	173,833																	$	5,724					3		%
Net interest rate spread															3.22																		2.85
Impact of noninterest-bearing funds on margin															0.20																		0.06
Net interest margin/NII (FTE)									$	1,412					3.42		%										$	1,167					2.91		%

(1)FTE yields are calculated assuming a 21% tax rate.

(2)Average yield rates include the impact of applicable derivatives. Loan and lease and deposit average yield rates also include impact of applicable non-deferrable and amortized fees.

(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

(4)Includes consumer certificates of deposit of $250,000 or more.

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2022 Third Quarter versus 2021 Third Quarter

Net interest income for the 2022 third quarter increased $244 million, or 21%, from the 2021 third quarter. FTE net interest income, a non-GAAP financial measure, for the 2022 third quarter increased $245 million, or 21%, from the 2021 third quarter. The increase in FTE net interest income reflects a 51 basis point increase in the FTE NIM to 3.42% and a $4.9 billion, or 3%, increase in average total earning assets. The increase to FTE NIM was driven by the higher rate environment driving an increase in loan and lease and investment security yields, partially offset by higher cost of funds. The increase in average total earning assets included a $7.3 billion, or 7%, increase in average loans and leases and a $6.7 billion, or 19%, increase in average securities, partially offset by an $8.3 billion, or 72%, decrease in deposits held at the FRB. Average loan and lease balance increases were driven by organic growth in commercial and consumer loans and leases, partially offset by a $3.1 billion decrease in average PPP loans. The increase in average securities was driven by the redeployment of excess liquidity into securities in the second half of 2021.

Net interest income for the 2022 third quarter included $15 million of net interest income from purchase accounting accretion and $4 million in accelerated PPP loan fees recognized upon forgiveness payments from the SBA, compared to $36 million and $30 million, respectively, in the 2021 third quarter.

2022 3Q Form 10-Q 11

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Table 4 - Consolidated YTD Average Balance Sheets and Net Interest Margin
			Nine months ended
			September 30, 2022																		September 30, 2021																		Change in
			Average						Interest						Yield/						Average						Interest						Yield/						Average Balances
(dollar amounts in millions)			Balances						Income (FTE) (1)						Rate (2)						Balances						Income (FTE) (1)						Rate (2)						Amount						Percent
Assets:
Interest-bearing deposits at Federal Reserve Bank			$	4,629					$	29					0.84		%				$	8,432					$	8					0.13		%				$	(3,803)					(45)		%
Interest-bearing deposits in banks			200						3						1.85						322						1						0.04						(122)						(38)
Securities:
Trading account securities			33						1						3.75						50						1						3.21						(17)						(34)
Available-for-sale securities:
Taxable			22,509						378						2.24						18,376						184						1.33						4,133						22
Tax-exempt			2,887						66						3.04						2,868						52						2.43						19						1
Total available-for-sale securities			25,396						444						2.33						21,244						236						1.48						4,152						20
Held-to-maturity securities—taxable			16,336						251						2.05						9,185						124						1.81						7,151						78
Other securities			841						18						2.83						524						6						1.57						317						60
Total securities			42,606						714						2.23						31,003						367						1.58						11,603						37
Loans held for sale			1,086						33						4.00						1,404						31						2.90						(318)						(23)
Loans and leases: (3)
Commercial:
Commercial and industrial			42,569						1,297						4.02						35,657						1,053						3.90						6,912						19
Commercial real estate			15,484						435						3.70						10,345						243						3.09						5,139						50
Lease financing			4,938						185						4.95						3,336						125						4.96						1,602						48
Total commercial			62,991						1,917						4.01						49,338						1,421						3.80						13,653						28
Consumer:
Residential mortgage			20,536						478						3.10						14,941						338						3.02						5,595						37
Automobile			13,512						347						3.44						12,891						352						3.65						621						5
Home equity			10,406						360						4.62						9,771						282						3.86						635						6
RV and marine			5,293						166						4.19						4,549						145						4.26						744						16
Other consumer			1,301						90						9.21						1,058						83						10.44						243						23
Total consumer			51,048						1,441						3.77						43,210						1,200						3.71						7,838						18
Total loans and leases			114,039						3,358						3.91						92,548						2,621						3.76						21,491						23
Allowance for loan and lease losses			(2,067)																		(1,953)																		(114)						(6)
Net loans and leases			111,972																		90,595																		21,377						24
Total earning assets			162,560						4,137						3.40						133,709						3,028						3.03						28,851						22
Cash and due from banks			1,672																		1,242																		430						35
Goodwill and other intangible assets			5,660																		3,615																		2,045						57
All other assets			10,092																		8,459																		1,633						19
Total assets			$	177,917																	$	145,072																	$	32,845					23		%
Liabilities and Shareholders’ Equity:
Interest-bearing deposits:
Demand deposits—interest-bearing			$	41,467					$	56					0.18		%				$	30,776					$	9					0.04		%				$	10,691					35		%
Money market deposits			33,512						37						0.15						29,243						15						0.07						4,269						15
Savings and other domestic deposits			21,480						3						0.02						16,165						4						0.03						5,315						33
Core certificates of deposit (4)			2,274						2						0.10						2,186						1						0.05						88						4
Other domestic deposits of $250,000 or more			244						—						0.24						320						1						0.23						(76)						(24)
Negotiable CDs, brokered and other deposits			3,522						30						1.14						3,417						4						0.16						105						3
Total interest-bearing deposits			102,499						128						0.17						82,107						34						0.05						20,392						25
Short-term borrowings			3,139						36						1.52						256						—						0.26						2,883						NM
Long-term debt (5)			7,401						140						2.51						7,413						5						0.10						(12)						—
Total interest-bearing liabilities			113,039						304						0.36						89,776						39						0.06						23,263						26
Demand deposits—noninterest-bearing			42,157																		36,139																		6,018						17
All other liabilities			4,158																		2,952																		1,206						41
Total Huntington Bancshares Inc shareholders’ equity			18,534																		16,196																		2,338						14
Non-controlling interest			29																		9																		20						NM
Total equity			18,563																		16,205																		2,358						15
Total liabilities and shareholders’ equity			$	177,917																	$	145,072																	$	32,845					23		%
Net interest rate spread															3.04																		2.97
Impact of noninterest-bearing funds on margin															0.11																		0.02
Net interest margin/NII									$	3,833					3.15		%										$	2,989					2.99		%

(1)FTE yields are calculated assuming a 21% tax rate.

(2)Average yield rates include the impact of applicable derivatives. Loan and lease and deposit average yield rates also include impact of applicable non-deferrable and amortized fees.

(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

(4)Includes consumer certificates of deposit of $250,000 or more.

(5)    Reflects the net mark-to-market impact of interest rate caps, a benefit of $89 million, or 161 bps, for the first nine-month period of 2021. There was no impact for the first nine-month period of 2022.

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2022 First Nine Months versus 2021 First Nine Months

Net interest income for the first nine-month period of 2022 increased $841 million, or 28%, from the year-ago period. FTE net interest income, a non-GAAP financial measure, for the first nine-month period of 2022 increased $844 million, or 28%, from the year-ago period. The increase in FTE net interest income reflected the benefit of a $28.9 billion, or 22%, increase in average total earning assets in addition to a 16 basis point increase in the FTE NIM to 3.15%. The increase in average total earning assets included a $21.5 billion, or 23%, increase in average loans and leases and a $11.6 billion, or 37%, increase in average securities. Average balances across earning assets categories reflect the late second-quarter 2021 TCF acquisition in addition to organic growth. The increase in average securities was additionally driven by the redeployment of excess liquidity into securities in the second half of 2021.

The NIM expansion was driven by the higher rate environment driving an increase in loans and lease and investment security yields, partially offset by higher cost of funds, the prior year benefit from the $89 million net mark-to-market impact of interest rate caps, and the impact of lower accelerated PPP loan fees recognized upon forgiveness payments from the SBA in 2022.

Net interest income for the first nine-month period of 2022 included $50 million of net interest income from purchase accounting accretion and $20 million in accelerated PPP loan fees recognized upon forgiveness payments from the SBA, compared to $46 million and $105 million, respectively, in the year-ago period.

Provision for Credit Losses

(This section should be read in conjunction with the “Credit Risk” section.)

The provision for credit losses is the expense necessary to maintain the credit allowance at levels appropriate to absorb our estimate of credit losses expected over the life of the loan and lease portfolio, securities portfolio, and unfunded lending commitments.

The provision for credit losses for the 2022 third quarter of $106 million, an increase of $168 million, compared to the 2021 third quarter, primarily due to a combination of current period loan and lease growth and a reserve release in the prior year period. On a year-to-date basis, provision for credit losses for the first nine-month period of 2022 was $198 million, an increase of $109 million, or 122%, compared to the year-ago period, primarily due to loan and lease growth. The prior year-to-date provision for credit losses primarily reflected the TCF acquisition initial provision for credit losses of $294 million, offset by improvement in economic forecast in 2021 as there was more clarity relating to the economic impacts of COVID-19.

The components of the provision for credit losses were as follows:

Table 5 - Provision for Credit Losses
			Three Months Ended												Nine months ended
			September 30,																								September 30,						September 30,						September 30,
(dollar amounts in millions)			2022																								2021						2022						2021
Provision for loan and lease losses			$	80																							$	(56)					$	151					$	42
Provision for unfunded lending commitments			26																								(6)						43						47
Provision for securities			—																								—						4						—
Total provision for credit losses			$	106																							$	(62)					$	198					$	89

The ACL increased $25 million from the year-ago quarter to $2.2 billion, or 1.89%, of total loans and leases, compared to $2.2 billion, or 2.01% of total loans and leases. The decrease in ACL as a percentage of total loans and leases reflects a gradual improvement in the economic outlook, while also recognizing the near-term recessionary risks.

2022 3Q Form 10-Q 13

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Noninterest Income

The following table reflects noninterest income for each of the periods presented: 

Table 6 - Noninterest Income
			Three Months Ended												3Q22 vs. 3Q21
			September 30,																								September 30,						Change
(dollar amounts in millions)			2022																								2021						Amount						Percent
Service charges on deposit accounts			$	93																							$	114					$	(21)					(18)		%
Card and payment processing income			96																								96						—						—
Mortgage banking income			26																								81						(55)						(68)
Trust and investment management services			60																								61						(1)						(2)
Capital markets fees			73																								40						33						83
Insurance income			28																								25						3						12
Leasing revenue			29																								42						(13)						(31)
Bank owned life insurance income			13																								15						(2)						(13)
Gain on sale of loans			15																								2						13						NM
Other noninterest income			65																								59						6						10
Total noninterest income			$	498																							$	535					$	(37)					(7)		%

2022 Third Quarter versus 2021 Third Quarter

Noninterest income for the 2022 third quarter was $498 million, a decrease of $37 million, or 7%, from the year-ago quarter. Mortgage banking income decreased $55 million, or 68%, primarily reflecting lower secondary marketing spreads and lower salable volume. Service charges on deposit accounts decreased $21 million, or 18%, primarily reflecting impact from Fair Play enhancements implemented in July 2022 and conversion of TCF customers to Huntington’s Fair Play product and service set in October 2021. Leasing revenue decreased $13 million, or 31%, primarily reflecting a decrease in operating leases. Partially offsetting these decreases, capital markets fees increased $33 million, or 83%, primarily reflecting higher advisory fees supported by a full quarter impact of Capstone Partners, and gain on sale of loans increased $13 million, primarily due to resuming the sale of SBA loans in 2022.

Table 7 - Noninterest Income—2022 First Nine Months Ended vs. 2021 First Nine Months Ended
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Service charges on deposit accounts			$	295					$	271					$	24					9		%
Card and payment processing income			278						241						37						15
Mortgage banking income			119						248						(129)						(52)
Trust and investment management services			188						169						19						11
Capital markets fees			169						104						65						63
Insurance income			86						77						9						12
Leasing revenue			91						58						33						57
Bank owned life insurance income			41						47						(6)						(13)
Gain on sale of loans			55						8						47						NM
Net gains on sales of securities			—						10						(10)						NM
Other noninterest income			160						141						19						13
Total noninterest income			$	1,482					$	1,374					$	108					8		%

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Noninterest income for the first nine-month period of 2022 increased $108 million, or 8%, from the year-ago period. The first nine-month period of 2022 noninterest income across categories was driven by the full-period impact of the TCF acquisition, completed in June 2021. Capital markets fees increased $65 million, or 63%, primarily reflecting higher advisory fees supported by the impact of Capstone Partners, interest rate derivative fees, loan syndication fees, and foreign exchange fees. Gain on sale of loans increased $47 million, primarily due to resuming the sale of SBA loans in 2022. Trust and investment management services increased $19 million, or 11%, primarily reflecting continued strong sales and the impact of the TCF acquisition. All other increases were primarily a result of the impact of the TCF acquisition. These increases were partially offset by decreases in mortgage banking of $129 million, or 52%, primarily reflecting lower secondary marketing spreads and lower salable volume, and net gains on sales of securities of $10 million, as the prior year included sales reflecting securities optimization following the acquisition of TCF.

Noninterest Expense

The following table reflects noninterest expense for each of the periods presented: 

Table 8 - Noninterest Expense
			Three Months Ended												3Q22 vs. 3Q21
			September 30,																								September 30,						Change
(dollar amounts in millions)			2022																								2021						Amount						Percent
Personnel costs			$	614																							$	643					$	(29)					(5)		%
Outside data processing and other services			145																								304						(159)						(52)
Net occupancy			63																								95						(32)						(34)
Equipment			60																								79						(19)						(24)
Professional services			18																								26						(8)						(31)
Marketing			24																								25						(1)						(4)
Deposit and other insurance expense			15																								17						(2)						(12)
Amortization of intangibles			13																								13						—						—
Lease financing equipment depreciation			11																								19						(8)						(42)
Other noninterest expense			90																								68						22						32
Total noninterest expense			$	1,053																							$	1,289					$	(236)					(18)		%
Number of employees (average full-time equivalent)			19,997																								20,908						(911)						(4)		%

Impacts of acquisition-related expenses:

			Three Months Ended
			September 30,												September 30,
(dollar amounts in millions)			2022												2021
Personnel costs			$	1											$	36
Outside data processing and other services			2												140
Net occupancy			6												36
Equipment			1												5
Professional services			—												9
Marketing			—												3
Other noninterest expense			—												5
Total noninterest expense adjustments			$	10											$	234

2022 Third Quarter versus 2021 Third Quarter

Noninterest expense for the 2022 third quarter was $1.1 billion, a decrease of $236 million, or 18%, from the year-ago quarter, primarily reflecting a $224 million decrease in acquisition-related expenses and execution of cost reduction initiatives associated with the TCF acquisition.

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Table 9 - Noninterest Expense—2022 First Nine Months Ended vs. 2021 First Nine Months Ended
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Personnel costs			$	1,771					$	1,703					$	68					4		%
Outside data processing and other services			463						581						(118)						(20)
Net occupancy			185						209						(24)						(11)
Equipment			202						180						22						12
Professional services			56						91						(35)						(38)
Marketing			69						54						15						28
Deposit and other insurance expense			53						33						20						61
Amortization of intangibles			40						34						6						18
Lease financing equipment depreciation			36						24						12						50
Other noninterest expense			249						245						4						2
Total noninterest expense			$	3,124					$	3,154					$	(30)					(1)		%

Impacts of acquisition-related expenses: 

			Nine Months Ended September 30,
(dollar amounts in millions)			2022						2021
Personnel costs			$	8					$	146
Outside data processing and other services			39						181
Net occupancy			22						74
Equipment			3						9
Professional services			3						53
Marketing			—						3
Deposit and other insurance expense			1						—
Other noninterest expense			4						58
Total noninterest expense adjustments			$	80					$	524

Noninterest expense decreased $30 million, or 1%, from the year-ago period, primarily reflecting a $444 million decrease in acquisition-related expenses and execution of cost reduction initiatives, partially offset by the full-period impact of the TCF acquisition. Outside data processing and other services decreased $118 million, or 20%, professional services expense decreased $35 million, or 38%, and net occupancy expense decreased $24 million, or 11%, all primarily reflecting decreases in acquisition-related expense, partially offset by the full-period impact of the TCF acquisition. Partially offsetting these decreases, personnel costs increased $68 million, or 4%, primarily due to the impact of the full-period impact of the TCF acquisition in addition to impacts of merit increases, partially offset by a decrease in acquisition-related expenses. Equipment expense increased $22 million, or 12%, primarily reflecting the impact of the TCF acquisition and timing of technology equipment purchases and amortization. Marketing expense increased $15 million, or 28%, primarily reflecting investment in new product launches and expanding brand marketing. All other increases were primarily a result of the impact of the TCF acquisition.

Provision for Income Taxes

The provision for income taxes in the 2022 third quarter was $146 million, compared to $90 million in the 2021 third quarter. The provision for income taxes for the nine-month periods ended September 30, 2022 and September 30, 2021 was $371 million and $206 million, respectively. All periods included the benefits from general business credits, capital losses, tax-exempt income, tax-exempt bank owned life insurance income, and investments in qualified affordable housing projects. The effective tax rates for the 2022 third quarter and 2021 third quarter were 19.7% and 19.0%, respectively. The effective tax rates for the nine-month periods ended September 30, 2022 and September 30, 2021 were 18.8% and 18.7%, respectively.

The net federal deferred tax asset was $658 million, and the net state deferred tax asset was $84 million at September 30, 2022.

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We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax audits have been completed for tax years through 2009. The 2010 and 2011 tax years remain under exam by the IRS. While the statute of limitations remains open for tax years 2012 through 2020, the IRS has advised that tax years 2012 through 2014 will not be audited and is currently examining the 2015 and 2016 federal income tax returns. Also, with few exceptions, we are no longer subject to state and local income tax examinations for tax years before 2017.

RISK MANAGEMENT AND CAPITAL

We use a multi-faceted approach to risk governance. It begins with our Board of Directors defining our risk appetite as aggregate moderate-to-low, through-the-cycle. Risk awareness, identification and assessment, reporting, and active management are key elements in overall risk management. Controls include, among others, effective segregation of duties, access management, and authorization and reconciliation procedures, as well as staff education and a disciplined assessment process.

We believe that our primary risk exposures are credit, market, liquidity, operational and compliance. More information on risk can be found in Item 1A Risk Factors below, the Risk Factors section included in Item 1A of our 2021 Annual Report on Form 10-K and subsequent filings with the SEC. The MD&A included in our 2021 Annual Report on Form 10-K should be read in conjunction with this MD&A, as this discussion provides only material updates to the 2021 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, and other information contained in this report. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented in the 2021 Annual Report on Form 10-K.

Credit Risk

Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of credit risk is central to profitable lending. We also have credit risk associated with our investment securities portfolios (see Note 4 “Investment Securities and Other Securities” of the Notes to the Unaudited Condensed Consolidated Financial Statements). We engage with other financial counterparties for a variety of purposes including investing, asset and liability management, mortgage banking, and trading activities. A variety of derivative financial instruments, principally interest rate swaps, caps, and floors, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. We also use derivatives, principally loan sale commitments, in hedging our mortgage loan interest rate lock commitments and mortgage loans held for sale. While there is credit risk associated with derivative activity, we believe this exposure is minimal.

We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities, and portfolio diversification, we use quantitative measurement capabilities utilizing external data sources, enhanced modeling technology, and internal stress testing processes. Our ongoing expansion of portfolio management resources is central to our commitment to maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. In our efforts to identify risk mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent or stressed borrowers.

2022 3Q Form 10-Q 17

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Loan and Lease Credit Exposure Mix

Refer to the “Loan and Lease Credit Exposure Mix” section of our 2021 Annual Report on Form 10-K for a brief description of each portfolio segment.

The table below provides the composition of our total loan and lease portfolio: 

Table 10 - Loan and Lease Portfolio Composition
(dollar amounts in millions)			September 30, 2022																		December 31, 2021
Commercial:
Commercial and industrial			$	44,144					38		%																$	41,688					37		%
Commercial real estate			16,456						14																		14,961						14
Lease financing			5,093						4																		5,000						4
Total commercial			65,693						56																		61,649						55
Consumer:
Residential mortgage			21,816						18																		19,256						17
Automobile			13,430						11																		13,434						12
Home equity			10,440						9																		10,550						9
RV and marine			5,436						5																		5,058						5
Other consumer			1,332						1																		1,320						2
Total consumer			52,454						44																		49,618						45
Total loans and leases			$	118,147					100		%																$	111,267					100		%

Our loan portfolio is a managed mix of consumer and commercial credits. We manage the overall credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types, collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the ROC and is used to ensure a high quality, well diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. Changes to existing concentration limits, incorporating specific information relating to the potential impact on the overall portfolio composition and performance metrics, require the approval of the ROC prior to implementation.

Commercial Credit

Refer to the “Commercial Credit” section of our 2021 Annual Report on Form 10-K for our commercial credit underwriting and on-going credit management processes.

Consumer Credit

Refer to the “Consumer Credit” section of our 2021 Annual Report on Form 10-K for our consumer credit underwriting and on-going credit management processes.

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The table below provides our total loan and lease portfolio by industry type:

Table 11 - Loan and Lease Portfolio by Industry Type
(dollar amounts in millions)			September 30, 2022												December 31, 2021
Commercial loans and leases:
Real estate and rental and leasing			$	15,984					14		%				$	14,287					13		%
Retail trade (1)			8,760						7						6,709						6
Manufacturing			7,992						7						7,401						7
Finance and insurance			5,241						4						4,595						4
Health care and social assistance			4,278						4						4,733						4
Wholesale Trade			4,330						4						4,067						4
Accommodation and food services			3,368						3						3,778						3
Transportation and warehousing			3,073						3						3,096						3
Other services			2,057						2						2,119						2
Professional, scientific, and technical services			1,910						2						1,975						2
Construction			1,691						1						1,980						2
Arts, entertainment, and recreation			1,400						1						1,495						1
Admin./Support/Waste Mgmt. and Remediation Services			1,309						1						1,285						1
Utilities			1,085						1						932						1
Information			1,000						1						870						1
Public administration			678						1						713						1
Educational services			528						—						657						—
Agriculture, forestry, fishing and hunting			438						—						453						—
Mining, quarrying, and oil and gas extraction			212						—						358						—
Management of companies and enterprises			113						—						130						—
Unclassified/other			246						—						16						—
Total commercial loans and leases by industry category			65,693						56						61,649						55
Residential mortgage			21,816						18						19,256						17
Automobile			13,430						11						13,434						12
Home equity			10,440						9						10,550						9
RV and marine			5,436						5						5,058						5
Other consumer loans			1,332						1						1,320						2
Total loans and leases			$	118,147					100		%				$	111,267					100		%

(1)    Amounts include $1.9 billion and $1.5 billion of auto dealer services loans at September 30, 2022 and December 31, 2021, respectively.

Credit Quality

(This section should be read in conjunction with Note 5 “Loans / Leases” and Note 6 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.)

We believe the most meaningful way to assess overall credit quality performance is through an analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: NPAs, NALs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns, product segmentation, and origination trends in the analysis of our credit quality performance.

Credit quality performance in the 2022 third quarter reflected NCOs of $44 million, or 0.15% of average total loans and leases, annualized, a decrease of $11 million, compared to $55 million, or 0.20%, in the year-ago quarter. The decrease was driven by a $32 million reduction in Commercial NCOs to $15 million in the 2022 third quarter, partially offset by a $21 million increase in Consumer NCOs. NPAs decreased from December 31, 2021 by $123 million, or 16%, largely driven by a decrease in commercial and industrial NALs.

2022 3Q Form 10-Q 19

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NPAs and NALs

(This section should be read in conjunction with Note 5 “Loans / Leases” and Note 6 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements and “Credit Quality” section appearing in Huntington’s 2021 Annual Report on Form 10-K.)

NPAs and NALs

Commercial loans are placed on nonaccrual status at 90-days past due, or earlier if repayment of principal and interest is in doubt. Of the $428 million of commercial related NALs at September 30, 2022, $271 million, or 63%, represented loans that were less than 30-days past due, demonstrating our continued commitment to proactive credit risk management.

The following table reflects period-end NALs and NPAs detail:

Table 12 - Nonaccrual Loans and Leases and Nonperforming Assets
(dollar amounts in millions)			September 30, 2022												December 31, 2021
Nonaccrual loans and leases (NALs):
Commercial and industrial			$	288											$	370
Commercial real estate			110												104
Lease financing			30												48
Residential mortgage			94												111
Automobile			4												3
Home equity			75												79
RV and marine			1												1
Total nonaccrual loans and leases			602												716
Other real estate, net:
Residential			11												8
Commercial			—												1
Total other real estate, net			11												9
Other NPAs (1)			14												25
Total nonperforming assets			$	627											$	750
Nonaccrual loans and leases as a % of total loans and leases			0.51		%										0.64		%
NPA ratio (2)			0.53												0.67

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

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

ACL

(This section should be read in conjunction with Note 6 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.)

Our ACL is comprised of two different components, both of which in our judgment are appropriate to absorb lifetime expected credit losses in our loan and lease portfolio: the ALLL and the AULC.

We use statistically-based models that employ assumptions about current and future economic conditions throughout the contractual life of the loan. The process of estimating expected credit losses is based on three key parameters: PD, EAD, and LGD. Beyond the reasonable and supportable period (two to three years), the economic variables revert to a historical equilibrium at a pace dependent on the state of the economy reflected within the economic scenario.

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Future economic conditions consider multiple macroeconomic scenarios provided to us by an independent third party and are reviewed through the appropriate committee governance channels described below. These macroeconomic scenarios contain certain variables that are influential to our modeling process, the most significant being unemployment rates and GDP. The probability weights assigned to each scenario are generally expected to be consistent from period to period and determined through our ACL process. Any changes in probability weights must be supported by appropriate documentation and approval of senior management. Additionally, we consider whether to adjust the modeled estimates to address possible limitations within the models or factors not captured within the macroeconomic scenarios. Lifetime losses for most of our loans and leases are evaluated collectively based on similar risk characteristics, risk ratings, origination credit bureau scores, delinquency status, and remaining months within loan agreements, among other factors.

The baseline scenario used for the 2022 third quarter assumes that the Russian oil supply losses will be largely offset resulting in the global oil market remaining balanced into 2023, allowing oil prices to gradually drop. The overnight federal funds rate is forecasted to continue to increase, hitting a terminal rate of 3.5% in Q1 2023 as the Federal Reserve continues to address the elevated inflation levels. The expectation is that the federal funds rate would stay at 3.5% through 2023, before starting to cut rates over the course of 2024.

The table below is intended to show how the forecasted path of unemployment rate and GDP has changed since the end of 2021:

Table 13 - Forecasted Key Macroeconomic Variables
Baseline scenario forecast			2021						2022												2023
			Q4						Q2						Q4						Q2						Q4
Unemployment rate (1)
4Q 2021			4.5		%				3.7		%				3.5		%				3.5		%				3.5		%
3Q 2022			N/A						N/A						3.7						3.9						4.0
Gross Domestic Product (1)
4Q 2021			6.6		%				3.6		%				2.5		%				2.9		%				2.8		%
3Q 2022			N/A						N/A						1.0						1.8						2.7
(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.

Management continues to assess the uncertainty in the macroeconomic environment, including those related to geopolitical instability, and current inflation levels considering multiple macroeconomic forecasts that reflected a range of possible outcomes in order to address such uncertainty. While we have incorporated estimates of economic uncertainty into our ACL, the ultimate impact of the current inflation levels and attempts to lower inflation through Federal Reserve rate actions will have on the economy remains uncertain.

Management develops additional analytics to support adjustments to our modeled results. Our governance committees reviewed model results of various economic scenarios for appropriate usage, concluding that the quantitative transactional reserve will continue to utilize scenario weighting. Given the uncertainty associated with key economic scenario assumptions, the September 30, 2022 ACL included a general reserve that consists of various risk profile components, including profiles to capture uncertainty not addressed within the quantitative transaction reserve.

Our ACL methodology committee is responsible for developing the methodology, assumptions and estimates used in the calculation, as well as determining the appropriateness of the ACL. The ALLL represents the estimate of lifetime expected losses in the loan and lease portfolio at the reported date. The loss modeling process uses an EAD concept to calculate total expected losses on both funded balances and unfunded lending commitments, where appropriate. Losses related to the unfunded lending commitments are then recorded as AULC within other liabilities in the Unaudited Condensed Consolidated Balance Sheet. A liability for expected credit losses for off-balance sheet credit exposures is recognized if Huntington has a present contractual obligation to extend the credit and the obligation is not unconditionally cancelable.

2022 3Q Form 10-Q 21

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The AULC is determined by applying the same quantitative reserve determination process to the unfunded portion of the loan exposures adjusted by an applicable funding expectation. (See Note 1 “Significant Accounting Policies” of the Notes to Unaudited Condensed Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K.)

Our ACL evaluation process includes the on-going assessment of credit quality metrics, and a comparison of certain ACL benchmarks to current performance. For more information, including the ALLL and AULC activity by portfolio segment, refer to Note 6 “Allowance for Credit Losses” of the Notes to the Unaudited Condensed Consolidated Financial Statements.

The table below reflects the allocation of our ALLL among our various loan categories and the reported ACL:

Table 14 - Allocation of Allowance for Credit Losses (1)
(dollar amounts in millions)			September 30, 2022																		December 31, 2021
ALLL
Commercial
Commercial and industrial			$	860					38		%																$	832					37		%
Commercial real estate			504						14																		586						14
Lease financing			50						4																		44						4
Total commercial			1,414						56																		1,462						55
Consumer
Residential mortgage			178						18																		145						17
Automobile			118						11																		108						12
Home equity			126						9																		88						9
RV and marine			127						5																		105						5
Other consumer			147						1																		122						2
Total consumer			696						44																		568						45
Total ALLL			2,110						100		%																2,030						100		%
AULC			120																								77
Total ACL			$	2,230																							$	2,107
Total ALLL as a % of
Total loans and leases									1.79%																								1.82%
Nonaccrual loans and leases									351																								284
NPAs									336																								271
Total ACL as % of
Total loans and leases									1.89%																								1.89%
Nonaccrual loans and leases									371																								294
NPAs									355																								281

(1)Percentages represent the percentage of each loan and lease category to total loans and leases.

At September 30, 2022, the ACL was $2.2 billion, or 1.89% of total loans and leases, compared to $2.1 billion, or 1.89%, at December 31, 2021. The consistent ACL as a percentage of total loans and leases reflects positive credit quality trends while recognizing the uncertainty in the near-term macroeconomic outlook. The increase in the total ACL was primarily driven by loan and lease growth.

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NCOs

The table below reflects NCO detail for the three-month periods ended September 30, 2022 and 2021:

Table 15 - Quarterly Net Charge-off Analysis
			Three Months Ended
			September 30,																								September 30,
(dollar amounts in millions)			2022																								2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial			$	16																							$	28
Commercial real estate			(3)																								7
Lease financing			2																								12
Total commercial			15																								47
Consumer:
Residential mortgage			(1)																								—
Automobile			3																								(4)
Home equity			(2)																								(3)
RV and marine			2																								—
Other consumer			27																								15
Total consumer			29																								8
Total net charge-offs			$	44																							$	55
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial			0.15		%																						0.28		%
Commercial real estate			(0.06)																								0.21
Lease financing			0.17																								0.87
Total commercial			0.10																								0.31
Consumer:
Residential mortgage			(0.02)																								—
Automobile			0.07																								(0.10)
Home equity			(0.07)																								(0.08)
RV and marine			0.17																								(0.01)
Other consumer			8.09																								4.84
Total consumer			0.22																								0.07
Net charge-offs as a % of average loans and leases			0.15		%																						0.20		%

2022 Third Quarter versus 2021 Third Quarter

NCOs were an annualized 0.15% of average loans and leases in the current quarter, down from 0.20% in the 2021 third quarter. NCOs for the commercial portfolios showed improvement, with annualized net charge-offs of 0.10% in the current quarter, compared to 0.31% in the year-ago quarter. Consumer charge-offs were higher in the quarter, compared to the year-ago quarter.

2022 3Q Form 10-Q 23

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The table below reflects NCO detail for the nine-month periods ended September 30, 2022 and 2021:

Table 16 - Year to Date Net Charge-off Analysis
(dollar amounts in millions)
			Nine months ended September 30,
			2022						2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial			$	(11)					$	93
Commercial real estate			1						21
Lease financing			4						41
Total commercial			(6)						155
Consumer:
Residential mortgage			(2)						—
Automobile			3						(6)
Home equity			(5)						(4)
RV and marine			6						3
Other consumer			75						33
Total consumer			77						26
Total net charge-offs			$	71					$	181
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial			(0.04)		%				0.35		%
Commercial real estate			0.01						0.27
Lease financing			0.11						1.64
Total commercial			(0.01)						0.42
Consumer:
Residential mortgage			(0.01)						—
Automobile			0.03						(0.06)
Home equity			(0.06)						(0.05)
RV and marine			0.16						0.09
Other consumer			7.72						4.07
Total consumer			0.20						0.08
Net charge-offs as a % of average loans			0.08		%				0.26		%

2022 First Nine Months versus 2021 First Nine Months

NCOs decreased $110 million in the first nine-month period of 2022 to $71 million. NCOs for the commercial portfolios showed improvement, with annualized net recoveries of 0.01% in the current period compared to annualized net charge-offs of 0.42% in the year-ago period. Consumer charge-offs were higher in the period, compared to the year-ago period.

Market Risk

(This section should be read in conjunction with the “Market Risk” section appearing in Huntington’s 2021 Annual Report on Form 10-K for our on-going market risk management processes.)

Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices, including the correlation among these factors and their volatility. When the value of an instrument is tied to such external factors, the holder faces market risk. We are primarily exposed to interest rate risk as a result of offering a wide array of financial products to our customers and secondarily to price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity investments, and investments in securities backed by mortgage loans.

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We measure market risk exposure via financial simulation models, which provide management with insights on the potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and characteristics of the balance sheet resulting from strategic objectives and customer behavior. Assumptions and models provide insight on forecasted balance sheet growth and composition, and the pricing and maturity characteristics of current and future business.

In measuring the financial risks associated with interest rate sensitivity in our balance sheet, we compare a set of alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The market forward reflects the market consensus regarding the future level and slope of the yield curve across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios which are immediate parallel rate shifts, and “ramp” scenarios where the parallel shift is applied gradually over the first 12 months of the forecast on a pro rata basis. In both shock and ramp scenarios with falling rates, we presume that market rates will not go below 0%. The scenarios are inclusive of all executed interest rate risk hedging activities. Forward starting hedges are included to the extent that they have been transacted and that they start within the measurement horizon.

We use two approaches to model interest rate risk: Net interest income at risk (NII at risk) and economic value of equity at risk modeling sensitivity analysis (EVE at Risk).

Table 17 - Net Interest Income at Risk
			Net Interest Income at Risk (%)
Basis point change scenario			-100												+100						+200
September 30, 2022			-2.1												2.2						4.3
December 31, 2021			-4.2												4.6						8.9

The NII at Risk results included in the table above reflect the analysis used monthly by management. It models gradual “ramp” -100, +100 and +200 basis point parallel shift scenarios, implied by the forward yield curve over the next twelve months.

The NII at Risk shows that the balance sheet is asset sensitive at both September 30, 2022, and December 31, 2021. The change in sensitivity is primarily driven by changes in market interest rate expectations, and the size and mix of the balance sheet.

Table 18 - Economic Value of Equity at Risk
			Economic Value of Equity at Risk (%)
Basis point change scenario			-100												+100						+200
September 30, 2022			6.4												-8.5						-17.9
December 31, 2021			-4.6												-1.5						-5.6

The EVE results included in the table above reflect the analysis used monthly by management. It models immediate -100, +100 and +200 basis point parallel “shock” scenarios.

The change in sensitivity from December 31, 2021 was driven primarily by changes in the spot market rate curve extending the duration of the securities portfolio and shortening the duration of liabilities.

We have LIBOR-based exposure in the form of variable rate loans, derivatives, Series B preferred stock, long term debt and other securities and financial arrangements. To address the discontinuance of LIBOR in its current form, we established a LIBOR transition team and project plan under the oversight of the CRO and CFO, providing periodic updates to the ROC. Contract remediation efforts coordinated by the LIBOR transition team are scheduled for completion by June 2023. Source systems have been updated to support alternative reference rates. At this time alternative reference rates are predominantly SOFR based. As such, we have developed a SOFR-enabled interest rate risk monitoring framework and a strategy for managing interest rate risk during the transition from LIBOR to SOFR. We continue to monitor market developments and legislative and regulatory updates.

2022 3Q Form 10-Q 25

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Use of Derivatives to Manage Interest Rate Risk

An integral component of our interest rate risk management strategy is the use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. Examples of derivative instruments that we may use as part of our interest rate risk management strategy include interest rate swaps, caps and floors, collars, forward contracts, and forward starting interest rate swaps.

Table 19 shows all swap, collar and floor positions that are utilized for purposes of managing our exposures to the variability of interest rates. The interest rates variability may impact either the fair value of the assets and liabilities or impact the cash flows attributable to net interest margin. These positions are used to protect the fair value of asset and liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows attributable to the contractually specified interest rate by converting the variable rate index into a fixed rate. The volume, maturity and mix of derivative positions change frequently as we adjust our broader interest rate risk management objectives and the balance sheet positions to be hedged. For further information, including the notional amount and fair values of these derivatives, refer to Note 14 “Derivative Financial Instruments” of the Notes to Unaudited Condensed Consolidated Financial Statements.

The following tables present additional information about the interest rate swaps and floors used in Huntington’s asset and liability management activities at September 30, 2022 and December 31, 2021.

Table 19 - Weighted-Average Maturity, Receive Rate and SOFR/LIBOR Reset Rate on Asset Liability Management Instruments
			September 30, 2022
									Average Maturity (years)												Weighted-Average Fixed Rate						Weighted-Average Reset Rate
(dollar amounts in millions)			Notional Value												Fair Value
Asset conversion swaps
Receive Fixed - Pay 1 month LIBOR			$	7,875					1.66						$	(399)					1.21		%				2.70		%
Receive Fixed - Pay SOFR			6,400						3.55						(303)						2.38						2.35
Pay Fixed - Receive 1 month LIBOR (1)			7,585						4.04						829						0.90						3.04
Pay Fixed - Receive SOFR			366						7.27						52						1.46						2.29
Receive Fixed - Pay SOFR - forward starting (2)			4,050						4.96						(177)						2.63						—
Pay Fixed - Receive 1 month LIBOR - forward starting (3)			530						6.29						67						1.44						—
Pay Fixed - Receive SOFR - forward starting (1) (4)			1,816						6.21						85						2.10						—
Liability conversion swaps
Receive Fixed - Pay 1 month LIBOR			1,430						2.10						(59)						2.01						2.75
Receive Fixed - Pay SOFR			4,299						5.52						(199)						2.73						2.70
Purchased swaption collars
Purchased Interest Rate Swaption Collars (5)			4,000						0.31						(65)						2.37 / 3.67						—
Basis Swaps
Pay SOFR- Receive Fed Fund (economic hedges) (6)			230						2.91						—						3.08						2.97
Pay Fed Fund - Receive SOFR (economic hedges) (6)			41						0.23						—						2.96						3.08
Total swap portfolio (7)			$	38,622											$	(169)

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			December 31, 2021
									Average Maturity (years)												Weighted-Average Fixed Rate						Weighted-Average Reset Rate
(dollar amounts in millions)			Notional Value												Fair Value
Asset conversion swaps
Receive Fixed - Pay 1 month LIBOR			$	10,775					1.88						$	58					1.38		%				0.11		%
Pay Fixed - Receive 1 month LIBOR (1)			1,625						8.83						34						1.08						0.10
Pay Fixed - Receive SOFR			67						7.98						—						1.32						—
Pay Fixed - Pay 1 month LIBOR - forward starting (8)			6,500						3.97						78						0.90						—
Pay Fixed - Receive SOFR - forward starting (8)			36						7.32						—						1.29						—
Liability conversion swaps
Receive Fixed - Pay 1 month LIBOR			1,928						2.16						54						2.13						0.10
Basis Swaps
Pay SOFR- Receive Fed Fund (economic hedges) (5)			230						3.66						—						0.08						0.06
Pay Fed Fund - Receive SOFR (economic hedges) (5)			41						0.98						—						0.05						0.08
Total swap portfolio			$	21,202											$	224
			December 31, 2021
									Average Maturity (years)												Weighted-Average Floor Strike						Weighted-Average Reset Rate
(dollar amounts in millions)			Notional Value												Fair Value
Interest rate floors
Purchased Interest Rate Floors - 1 month LIBOR			$	375					0.06						$	2					1.93		%				0.10		%
Total floors portfolio			$	375											$	2

(1)Amounts include interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method.

(2)Forward starting swaps effective starting from October 2022 to July 2024.

(3)Forward starting swaps effective starting from October 2022 to February 2023.

(4)Forward starting swaps effective starting from January 2023 to October 2027.

(5)The weighted average fixed rates for the swaption collars are the weighted average strike rates for the upper and lower bounds of the collars.

(6)Swaps have variable pay and variable receive resets. Weighted Average Fixed Rate column represents pay rate reset.

(7)LIBOR swap instruments that remain outstanding in July 2023 will transition to a SOFR-based rate.

(8)Forward starting swaps effective starting from January 2022 to February 2023.

MSRs

(This section should be read in conjunction with Note 7 “Mortgage Loan Sales and Servicing Rights” of Notes to the Unaudited Condensed Consolidated Financial Statements.)

At September 30, 2022, we had a total of $486 million of capitalized MSRs representing the right to service $32.0 billion in mortgage loans.

MSR fair values are sensitive to movements in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments and declines in credit quality. Prepayments usually increase when mortgage interest rates decline and decrease when mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes or impairment. However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of noninterest income.

MSR assets are included in servicing rights and other intangible assets in the Unaudited Condensed Consolidated Financial Statements.

Price Risk

Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure that can be maintained, and on the amount of marketable equity securities that can be held.

2022 3Q Form 10-Q 27

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Liquidity Risk

(This section should be read in conjunction with the “Liquidity Risk” section appearing in Huntington’s 2021 Annual Report on Form 10-K for our on-going liquidity risk management processes.)

Our primary source of liquidity is our core deposit base. Core deposits comprised approximately 97% of total deposits at September 30, 2022. We also have available unused wholesale sources of liquidity, including advances from the FHLB, issuance through dealers in the capital markets, and access to certificates of deposit issued through brokers. Liquidity is further provided by unencumbered, or unpledged, investment securities that totaled $12.2 billion as of September 30, 2022.

Bank Liquidity and Sources of Funding

Our primary sources of funding for the Bank are consumer and commercial core deposits. At September 30, 2022, these core deposits funded 79% of total assets (120% of total loans). Other sources of liquidity include non-core deposits, FHLB advances, wholesale debt instruments, and securitizations. Demand deposit overdrafts that have been reclassified as loan balances were $21 million and $29 million at September 30, 2022 and December 31, 2021, respectively.

The following table reflects deposit composition detail.

Table 20 - Deposit Composition
			September 30,												December 31,
(dollar amounts in millions)			2022												2021
By Type:
Demand deposits—noninterest-bearing			$	40,762					28		%				$	43,236					30		%
Demand deposits—interest-bearing			43,673						30						39,837						28
Money market deposits			33,811						23						32,522						23
Savings and other domestic deposits			21,274						15						21,088						15
Core certificates of deposit (1)			2,115						1						2,740						2
Total core deposits:			141,635						97						139,423						98
Other domestic deposits of $250,000 or more			186						—						359						—
Negotiable CDs, brokered and other deposits			4,492						3						3,481						2
Total deposits			$	146,313					100		%				$	143,263					100		%
Total core deposits:
Commercial			$	65,151					46		%				$	61,521					44		%
Consumer			76,484						54						77,902						56
Total core deposits			$	141,635					100		%				$	139,423					100		%

(1)Includes consumer certificates of deposit of $250,000 or more.

The Bank maintains borrowing capacity at the FHLB and the Federal Reserve Bank Discount Window. The Bank does not consider borrowing capacity from the Federal Reserve Bank Discount Window as a primary source of liquidity. Total loans and securities pledged to the Federal Reserve Bank Discount Window and the FHLB are $89.6 billion at September 30, 2022.

At September 30, 2022, the carrying value of investment securities pledged: (i) to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements, and (ii) to support borrowing capacity, totaled $28.0 billion. There were no securities of a single issuer, which are not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at September 30, 2022.

To the extent we are unable to obtain sufficient liquidity through core deposits, we may meet our liquidity needs through sources of wholesale funding, asset securitization or sale. Sources of wholesale funding include other domestic deposits of $250,000 or more, negotiable CDs, brokered and other deposits, short-term borrowings, and long-term debt. Our wholesale funding for both the Bank and parent company totaled $15.3 billion at September 30, 2022, compared to $11.3 billion at December 31, 2021. The increase from year-end is primarily due to increases in FHLB borrowings, brokered funds, and senior debt.

At September 30, 2022, we believe the Bank has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.

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Parent Company Liquidity

The parent company’s funding requirements consist primarily of dividends to shareholders, debt service, income taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent company obtains funding to meet obligations from dividends and interest received from the Bank, interest and dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated tax return, fees for services provided to subsidiaries, and the issuance of debt securities.

The parent company had $3.9 billion and $2.8 billion at September 30, 2022 and December 31, 2021 in cash and cash equivalents, respectively.

On October 20, 2022, our Board of Directors declared a quarterly common stock cash dividend of $0.155 per common share. The dividend is payable on January 3, 2023, to shareholders of record on December 19, 2022. Based on the current quarterly dividend of $0.155 per common share, cash demands required for common stock dividends are estimated to be approximately $224 million per quarter. Additionally, on October 20, 2022, our Board of Directors declared a quarterly Series B, Series E, Series F, Series G and Series H Preferred Stock dividend payable on January 17, 2023 to shareholders of record on January 1, 2023. On September 19, 2022, our Board of Directors declared a quarterly dividend for the Series I Preferred Stock payable on December 1, 2022 to shareholders of record on November 15, 2022. Total cash demands required for Series B, Series E, Series F, Series G, Series H and Series I are expected to be approximately $29 million per quarter.

During the first nine months of 2022, the Bank paid preferred and common dividends to the parent company of $34 million and $907 million, respectively. To meet any additional liquidity needs, the parent company may issue debt or equity securities.

At September 30, 2022, we believe the Company has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.

Off-Balance Sheet Arrangements

In the normal course of business, we enter into various off-balance sheet arrangements. These arrangements include commitments to extend credit, interest rate swaps, caps and floors, collars, financial guarantees contained in standby letters-of-credit issued by the Bank, and commitments by the Bank to sell mortgage loans.

Operational Risk

Operational risk is the risk of loss due to human error, third-party performance failures, inadequate or failed internal systems and controls, including the use of financial or other quantitative methodologies that may not adequately predict future results; violations of, or noncompliance with, laws, rules, regulations, prescribed practices, or ethical standards; and external influences such as market conditions, fraudulent activities, disasters, failed business contingency plans and security risks. We continuously strive to strengthen our system of internal controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, and to improve the oversight of our operational risk.

We actively monitor cyber threats such as attempts related to online deception and loss of sensitive customer data. We evaluate internal systems, processes, and controls to mitigate loss from cyber-attacks and, to date, have not experienced any material losses. Cybersecurity threats have increased, primarily through phishing campaigns. We are actively monitoring our email gateways for malicious phishing email campaigns. We have also increased our cybersecurity and fraud monitoring activities through the implementation of specific monitoring of remote connections by geography and volume of connections to detect anomalous remote logins, since a significant portion of our workforce has the option to work remotely. 

2022 3Q Form 10-Q 29

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Our objective for managing cyber security risk is to avoid or minimize the impacts of external threat events or other efforts to penetrate our systems. We work to achieve this objective by hardening networks and systems against attack, and by diligently managing visibility and monitoring controls within our data and communications environment to recognize events and respond before the attacker has the opportunity to plan and execute on its own goals. To this end we employ a set of defense in-depth strategies, which include efforts to make us less attractive as a target and less vulnerable to threats, while investing in threat analytic capabilities for rapid detection and response. Potential concerns related to cyber security may be escalated to our board-level Technology Committee, as appropriate. As a complement to the overall cyber security risk management, we use a number of internal training methods, both formally through mandatory courses and informally through written communications and other updates. Internal policies and procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks. We also use third-party services to test the effectiveness of our cyber security risk management framework, and any such third parties are required to comply with our policies regarding information security and confidentiality.

To govern operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance Committee, a Funds Movement Committee, and a Third Party Risk Management Committee. The responsibilities of these committees, among other duties, include establishing and maintaining management information systems to monitor material risks and to identify potential concerns, risks, or trends that may have a significant impact and ensuring that recommendations are developed to address the identified issues. In addition, we have a Model Risk Oversight Committee that is responsible for policies and procedures describing how model risk is evaluated and managed and the application of the governance process to implement these practices throughout the enterprise. These committees report any significant findings and remediation recommendations to the Risk Management Committee. Potential concerns may be escalated to our ROC and our Audit Committee, as appropriate. Significant findings or issues are escalated by the Third Party Risk Management Committee to the Technology Committee of the Board of Directors, as appropriate.

The goal of this framework is to implement effective operational risk-monitoring; minimize operational, fraud, and legal losses; minimize the impact of inadequately designed models and enhance our overall performance.

Compliance Risk

Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment. The volume and complexity of recent regulatory changes have increased our overall compliance risk. As such, we utilize various resources to help ensure expectations are met, including a team of compliance experts dedicated to ensuring our conformance with all applicable laws, rules, and regulations. Our colleagues receive training for several broad-based laws and regulations including, but not limited to, anti-money laundering and customer privacy. Additionally, colleagues engaged in lending activities receive training for laws and regulations related to flood disaster protection, equal credit opportunity, fair lending, and/or other courses related to the extension of credit. We hold ourselves to a high standard for adherence to compliance management and seek to continuously enhance our performance.

Capital

We consider disciplined capital management as a key objective. Both regulatory capital and shareholders’ equity are managed at the Bank and on a consolidated basis. We have an active program for managing capital and maintain a comprehensive process for assessing our overall capital adequacy. We believe our current levels of both regulatory capital and shareholders’ equity are adequate.

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The following table presents certain regulatory capital data at both the consolidated and Bank levels for each of the periods presented:

Table 21 - Regulatory Capital Data (1)
(dollar amounts in millions)									September 30, 2022																		December 31, 2021
Total risk-weighted assets			Consolidated						$	138,759																	$	131,266
			Bank						138,790																		130,597
CET 1 risk-based capital			Consolidated						12,859																		12,249
			Bank						14,019																		13,261
Tier 1 risk-based capital			Consolidated						15,036																		14,426
			Bank						15,217																		14,445
Tier 2 risk-based capital			Consolidated						3,078																		2,821
			Bank						2,284																		1,982
Total risk-based capital			Consolidated						18,114																		17,246
			Bank						17,501																		16,427
CET 1 risk-based capital ratio			Consolidated						9.27		%																9.33		%
			Bank						10.10																		10.15
Tier 1 risk-based capital ratio			Consolidated						10.84																		10.99
			Bank						10.96																		11.06
Total risk-based capital ratio			Consolidated						13.05																		13.14
			Bank						12.61																		12.58
Tier 1 leverage ratio			Consolidated						8.51																		8.56
			Bank						8.63																		8.60

(1)    Huntington elected to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period which began January 1, 2022 pursuant to a rule that allows bank holding companies and banks to delay for two years 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. As of September 30, 2022, we have phased in 25% of the cumulative CECL deferral with the remaining impact to be recognized over the remainder of the three-year transition period.

At September 30, 2022, we maintained Basel III capital ratios in excess of the well-capitalized standards established by the FRB. The decrease in regulatory capital ratios was primarily driven by dividends, risk-weighted asset growth and goodwill recognized, partially offset by earnings.

Shareholders’ Equity

We generate shareholders’ equity primarily through the retention of earnings, net of dividends and share repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our objective is to maintain capital at an amount commensurate with our risk appetite and risk tolerance objectives, to meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business opportunities.

Shareholders’ equity totaled $17.1 billion at September 30, 2022, a decrease of $2.2 billion or 11% when compared with December 31, 2021. The decrease was primarily driven by the higher rate environment causing an increase in accumulated other comprehensive loss, partially offset by earnings, net of dividends.

Huntington is authorized to make capital distributions that are consistent with the requirements in the FRB’s capital rule, inclusive of the SCB requirement. As of September 30, 2022, Huntington’s SCB requirement was 2.5%, which is the minimum under the SCB framework. On April 5, 2022, Huntington submitted its 2022 Capital Plan to the Federal Reserve for supervisory review. By notice dated August 4, 2022, the Federal Reserve informed Huntington that its final SCB requirement associated with its 2022 Capital Plan is 3.3%, effective for the period of October 1, 2022 through September 30, 2023.

2022 3Q Form 10-Q 31

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Share Repurchases

From time to time our Board of Directors authorizes the Company to repurchase shares of our common stock. Although we announce when the Board of Directors authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market repurchases, including block transactions, accelerated or delayed block transactions, forward transactions, and similar transactions. Various factors determine the amount and timing of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations.

BUSINESS SEGMENT DISCUSSION

Overview

Our business segments are based on our internally-aligned segment leadership structure, which is how we monitor results and assess performance. We have four major business segments: Commercial Banking, Consumer and Business Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense.

Business segment results are determined based upon our management practices, which assigns balance sheet and income statement items to each of the business segments. The process is designed around our organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions.

Revenue Sharing

Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to or providing service to customers. Results of operations for the business segments reflect these fee sharing allocations.

Expense Allocation

The management process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to all four business segments from Treasury / Other. We utilize a full-allocation methodology, where all Treasury / Other expenses, except reported acquisition-related expenses, if any, and a small amount of other residual unallocated expenses, are allocated to the four business segments.

Funds Transfer Pricing (FTP)

We use an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing modeled duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities).

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Net Income by Business Segment

Net income (loss) by business segment for the nine-month periods ending September 30, 2022 and September 30, 2021 is presented in the following table:

Table 22 - Net Income by Business Segment
			Nine Months Ended September 30,
(dollar amounts in millions)			2022						2021
Commercial Banking			$	812					$	446
Consumer and Business Banking			427						231
Vehicle Finance			161						243
RBHPCG			73						47
Treasury / Other			120						(73)
Net income			$	1,593					$	894

Commercial Banking
Table 23 - Key Performance Indicators for Commercial Banking
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Net interest income			$	1,339					$	873					$	466					53		%
Provision for credit losses			9						107						(98)						(92)
Noninterest income			473						353						120						34
Noninterest expense			767						553						214						39
Provision for income taxes			217						119						98						82
Income attributable to non-controlling interest			7						1						6						NM
Net income			$	812					$	446					$	366					82		%
Number of employees (average full-time equivalent)			2,109						1,652						457						28		%
Total average assets			$	58,886					$	40,941					$	17,945					44
Total average loans/leases			51,364						34,995						16,369						47
Total average deposits			35,061						28,475						6,586						23
Net interest margin			3.31		%				3.11		%				0.20		%				6
NCOs			$	(13)					$	116					$	(129)					(111)
NCOs as a % of average loans and leases			(0.03)		%				0.44		%				(0.47)		%				(107)

2022 First Nine Months versus 2021 First Nine Months

Commercial Banking reported net income of $812 million in the nine-month period of 2022, compared to $446 million in the year-ago period. Segment net interest income increased $466 million, or 53%, primarily due to an increase in average loans and leases, reflecting the impact of the June 2021 acquisition of TCF and organic loan growth, in addition to a 20-basis point increase in NIM. The increase in NIM was driven by the higher rate environment resulting in an increase in spreads and an increase in net interest income from purchase accounting accretion. The provision for credit losses decreased $98 million, primarily due to the initial provision for credit losses recognized in the second quarter 2021 related to the TCF acquisition. Noninterest income increased $120 million, or 34%, reflecting the impact of the TCF acquisition in addition to an increase in capital markets fees, primarily reflecting higher advisory fees, interest rate derivative fees, loan syndication fees, and foreign exchange fees. Noninterest expense increased $214 million, or 39%, primarily reflecting the impact of the TCF and Capstone Partners acquisitions, which led to higher personnel costs and allocated overhead.

2022 3Q Form 10-Q 33

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Consumer and Business Banking
Table 24 - Key Performance Indicators for Consumer and Business Banking
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Net interest income			$	1,701					$	1,187					$	514					43		%
Provision for credit losses			138						57						81						142
Noninterest income			785						780						5						1
Noninterest expense			1,807						1,617						190						12
Provision for income taxes			114						62						52						84
Net income			$	427					$	231					$	196					85		%
Number of employees (average full-time equivalent)			9,510						8,905						605						7		%
Total average assets			$	38,416					$	35,470					$	2,946					8
Total average loans/leases			32,059						30,640						1,419						5
Total average deposits			94,548						76,806						17,742						23
Net interest margin			2.38		%				2.03		%				0.35		%				17
NCOs			$	79					$	68					$	11					16
NCOs as a % of average loans and leases			0.33		%				0.30		%				0.03		%				10

2022 First Nine Months versus 2021 First Nine Months

Consumer and Business Banking, including Home Lending, reported net income of $427 million in the nine-month period of 2022, an increase of $196 million, or 85%, compared to the year-ago period. Segment net interest income increased $514 million, or 43%, primarily due to an increase in average earnings assets reflecting the impact of the June 2021 acquisition of TCF and a 35 basis point increase in NIM driven by the higher rate environment, partially offset by a decrease in accelerated PPP loan fees recognized upon forgiveness payments from the SBA. The provision for credit losses increased $81 million to $138 million, primarily due to an increase in loan growth. Noninterest income increased $5 million, or 1%, reflecting the impact of the TCF acquisition and gains from SBA sales in 2022, partially offset by decreased mortgage banking income primarily reflecting lower secondary marketing spreads and lower salable volume. Noninterest expense increased $190 million, or 12%, primarily reflecting the impact of the TCF acquisition largely driven by higher personnel expense reflecting an increase in the number of FTE employees and allocated overhead.

Home Lending, an operating unit of Consumer and Business Banking, reflects the result of the origination, sale, and servicing of mortgage loans less referral fees and net interest income for mortgage banking products distributed by the retail branch network and other business segments. Home Lending reported net income of $112 million in the nine-month period of 2022, compared with net income of $80 million in the year-ago period. Net interest income increased $73 million, primarily due to the impact of the TCF acquisition, reduction in prepayment activity and increased retention. The provision for credit losses decreased $44 million, primarily due to general economic improvements whilst still recognizing near-term recessionary risks. Noninterest income decreased $98 million, driven primarily by lower secondary marketing spreads and lower salable volume.

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Vehicle Finance
Table 25 - Key Performance Indicators for Vehicle Finance
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Net interest income			$	357					$	340					$	17					5		%
Provision (benefit) for credit losses			36						(77)						113						147
Noninterest income			10						9						1						11
Noninterest expense			127						119						8						7
Provision for income taxes			43						64						(21)						(33)
Net income			$	161					$	243					$	(82)					(34)		%
Number of employees (average full-time equivalent)			271						259						12						5		%
Total average assets			$	21,255					$	19,593					$	1,662					8
Total average loans/leases			21,503						19,836						1,667						8
Total average deposits			1,266						1,046						220						21
Net interest margin			2.22		%				2.29		%				(0.07)		%				(3)
NCOs			$	7					$	(3)					$	10					333
NCOs as a % of average loans and leases			0.04		%				(0.02)		%				0.06		%				300

2022 First Nine Months versus 2021 First Nine Months

Vehicle Finance reported net income of $161 million in the nine-month period of 2022, a decrease of $82 million, compared to the year-ago period. Segment net interest income increased $17 million, or 5%, primarily due to an increase in average earning assets, partially offset by a 7 basis point decrease in the net interest margin. The provision for credit losses increased $113 million, primarily due to reserve releases in 2021 as the economic environment was improving, in addition to the risk of a near-term recession as the Federal Reserve raises rates attempting to lower inflation. Noninterest income was relatively unchanged from the year-ago period. Noninterest expense increased $8 million, or 7%, largely attributable to higher production related costs and geographic expansion.

Regional Banking and The Huntington Private Client Group
Table 26 - Key Performance Indicators for Regional Banking and The Huntington Private Client Group
			Nine Months Ended September 30,												Change
(dollar amounts in millions)			2022						2021						Amount						Percent
Net interest income			$	167					$	113					$	54					48		%
Provision for credit losses			15						2						13						650
Noninterest income			181						165						16						10
Noninterest expense			241						217						24						11
Provision for income taxes			19						12						7						58
Net income			$	73					$	47					$	26					55		%
Number of employees (average full-time equivalent)			1,107						1,051						56						5		%
Total average assets			$	9,088					$	7,278					$	1,810					25
Total average loans/leases			8,798						6,982						1,816						26
Total average deposits			9,417						7,742						1,675						22
Net interest margin			2.30		%				1.90		%				0.40		%				21
Total assets under management (in billions)—eop			$	20.2					$	23.9					$	(3.7)					(16)
Total trust assets (in billions)—eop			138.2						133.6						4.6						3

eop - End of Period

2022 3Q Form 10-Q 35

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2022 First Nine Months versus 2021 First Nine Months

RBHPCG reported net income of $73 million for the first nine-month period of 2022, an increase of $26 million, or 55%, compared to the year-ago period. Segment net interest income increased $54 million, or 48%, primarily due to an increase in average earnings assets and a 40 basis point increase in net interest margin, largely driven by higher benefit in deposit spreads. Average loans and leases increased $1.8 billion, or 26%, due to growth in both commercial and residential real estate mortgages, and the impact of the June 2021 acquisition of TCF. Average deposits increased $1.7 billion, or 22%, primarily related to the acquired TCF deposit portfolio and higher customer liquidity levels. The provision for credit losses increased $13 million, largely due to loan growth. Noninterest income increased $16 million, or 10%, reflecting higher sales production and the impact of the TCF acquisition. Total assets under management decreased 16% due to equity and bond market declines, partially offset by positive net asset flows. Noninterest expense increased $24 million primarily due to an increase in personnel expense impacted by the TCF acquisition and impacts of strategic initiative investments.

Treasury / Other

The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives (including the mark-to-market of interest rate caps in the first nine-month period of 2021), and equity not directly assigned or allocated to one of the four business segments. Assets include investment securities and bank owned life insurance.

Net interest income includes the impact of administering our investment securities portfolios, the net impact of derivatives used to hedge interest rate sensitivity as well as the financial impact associated with our FTP methodology, as described above. Noninterest income includes miscellaneous fee income not allocated to other business segments, such as bank owned life insurance income and securities and trading asset gains or losses. Noninterest expense includes certain corporate administrative, acquisition-related expenses, if any, and other miscellaneous expenses not allocated to other business segments. The provision for income taxes for the business segments is calculated at a statutory 21% tax rate, although our overall effective tax rate is lower.

ADDITIONAL DISCLOSURES

Forward-Looking Statements

This report, including MD&A, 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.

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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.

Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.

Fully-Taxable Equivalent Basis

Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides an insightful 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 percent. We encourage readers to consider the Unaudited Condensed Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.

Non-Regulatory Capital Ratios

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets,

•Tangible equity to tangible assets, and

•Tangible common equity to risk-weighted assets using Basel III definitions.

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 our capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, 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 are 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, we encourage readers to consider the Unaudited Condensed Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.

Critical Accounting Policies and Use of Significant Estimates

Our Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements. Note 1 of the Notes to Consolidated Financial Statements included in our 2021 Annual Report on Form 10-K, as supplemented by this report including this MD&A, describes the significant accounting policies we used in our Consolidated Financial Statements.

An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on the Consolidated Financial Statements. Estimates are made under facts and circumstances at a point in time, and changes in those facts and circumstances could produce results substantially different from those estimates. Our most significant accounting policies and estimates and their related application are discussed in our 2021 Annual Report on Form 10-K, as supplemented by this report including this MD&A.

2022 3Q Form 10-Q 37

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Allowance for Credit Losses

Our ACL at September 30, 2022 represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded lending commitments. Management estimates the ACL by projecting probability of default, loss given default and exposure at default conditional on economic parameters, for the remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of outstanding balances, the portfolio performance and assigned risk ratings.

One of the most significant judgments influencing the ACL estimate is the macroeconomic forecasts. Key external economic parameters that directly impact our loss modeling framework include forecasted footprint unemployment rates and Gross Domestic Product. Changes in the economic forecasts could significantly affect the estimated credit losses, which could potentially lead to materially different allowance levels from one reporting period to the next.

Given the dynamic relationship between macroeconomic variables within our modeling framework, it is difficult to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a probability-weighted approach that incorporates a baseline, an adverse and a more favorable economic scenario when formulating the quantitative estimate.

However, to illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. This scenario includes assumptions around the Russian invasion of Ukraine worsening and lasting longer than the baseline scenario. Import bans on Russian oil lead to additional price increases, causing substantially higher inflation rates that are also exacerbated by the continuing supply chain disruption. The Federal Reserve responds by raising interest rates faster and the economy falls into a recession in the fourth quarter of 2022. Under this scenario, as an example, the unemployment rate increases from baseline levels and remains elevated for a prolonged period, the rate is estimated at 5.8% and 7.8% at the end of 2022 and 2023, respectively. This forecast reflects unemployment rates that are approximately 2.1% and 3.8% higher than baseline scenario projections of 3.7% and 4.0%, respectively, for the same time periods.

To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at September 30, 2022, management calculated the difference between our quantitative ACL and this 100% adverse scenario. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our ACL of approximately $900 million at September 30, 2022. This hypothetical increase is reflective of the sensitivity of the rate of change in the unemployment variable on our models.

The resulting difference is not intended to represent an expected increase in allowance levels for a number of reasons including the following:

•Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation process;

•The highly uncertain economic environment;

•The difficulty in predicting the inter-relationships between the economic parameters used in the various economic scenarios; and

•The sensitivity estimate does not account for any general reserve components and associated risk profile adjustments incorporated by management as part of its overall allowance framework.

38 Huntington Bancshares Incorporated

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We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events adversely affecting specific customers, industries, or our markets such as geopolitical instability, risks of inflation including a near-term recession, or the emergence of a more contagious and severe COVID-19 variant, could severely impact our current expectations. If the credit quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers changes materially, our net income and capital could be materially adversely affected which, in turn could have a material adverse effect on our financial condition and results of operations. The extent to which the geopolitical instability, risks of inflation, and the COVID-19 pandemic will continue to negatively impact our businesses, financial condition, liquidity, and results will depend on future developments, which are highly uncertain and cannot be forecasted with precision at this time. For more information, see Note 5 “Loans and Leases” and Note 6 “Allowance for Credit Losses” of the Notes to Unaudited Condensed Consolidated Financial Statements.

Fair Value Measurement

Certain assets and liabilities are measured at fair value on a recurring basis, including securities, and derivative instruments. Assets and liabilities carried at fair value inherently include subjectivity and may require the use of significant assumptions, adjustments and judgment including, among others, discount rates, rates of return on assets, cash flows, default rates, loss rates, terminal values, and liquidation values. A significant change in assumptions may result in a significant change in fair value, which in turn, may result in a higher degree of financial statement volatility and could result in significant impact on our results of operations, financial condition, or disclosures of fair value information.

The fair value hierarchy requires use of observable inputs first and subsequently unobservable inputs when observable inputs are not available. Our fair value measurements involve various valuation techniques and models, which involve inputs that are observable (Level 1 or Level 2 in fair value hierarchy), when available. The level of judgment required to determine fair value is dependent on the methods or techniques used in the process. Assets and liabilities that are measured at fair value using quoted prices in active markets (Level 1) do not require significant judgment while the valuation of assets and liabilities when quoted market prices are not available (Levels 2 and 3) may require significant judgment to assess whether observable or unobservable inputs for those assets and liabilities provide reasonable determination of fair value. The fair values measured at each level of the fair value hierarchy, additional discussion regarding fair value measurements, and a brief description of how fair value is determined for categories that have unobservable inputs, can be found in Note 13 “Fair Values of Assets and Liabilities” of the Notes to Unaudited Condensed Consolidated Financial Statements.

Goodwill and Other Intangible Assets

The acquisition method of accounting requires that assets and liabilities acquired in a business combination are recorded at fair value as of the acquisition date. The valuation of assets and liabilities often involves estimates based on third party valuations or internal valuations based on discounted cash flow analyses or other valuation techniques, all of which are inherently subjective. This typically results in goodwill, the amount by which the cost of net assets acquired in a business combination exceeds their fair value, which is subject to impairment testing at least annually. The amortization of identified intangible assets recognized in a business combination is based upon the estimated economic benefits to be received over their economic life, which is also subjective. Customer attrition rates that are based on historical experience are used to determine the estimated economic life of certain intangibles assets, including but not limited to, customer deposit intangibles.

2022 3Q Form 10-Q 39

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Item 1: Financial Statements

Huntington Bancshares Incorporated

Condensed Consolidated Balance Sheets

(Unaudited)

			September 30,						December 31,
(dollar amounts in millions)			2022						2021
Assets
Cash and due from banks			$	1,685					$	1,811
Interest-bearing deposits at Federal Reserve Bank			2,691						3,711
Interest-bearing deposits in banks			216						392
Trading account securities			32						46
Available-for-sale securities			23,306						28,460
Held-to-maturity securities			17,173						12,447
Other securities			818						648
Loans held for sale (includes $758 and $1,270 respectively, measured at fair value)(1)			893						1,676
Loans and leases (includes $182 and $171 respectively, measured at fair value)(1)			118,147						111,267
Allowance for loan and lease losses			(2,110)						(2,030)
Net loans and leases			116,037						109,237
Bank owned life insurance			2,768						2,765
Accrued income and other receivables			1,352						1,319
Premises and equipment			1,171						1,164
Goodwill			5,571						5,349
Servicing rights and other intangible assets			715						611
Other assets			4,974						4,428
Total assets			$	179,402					$	174,064
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing			$	40,762					$	43,236
Interest-bearing			105,551						100,027
Total deposits			146,313						143,263
Short-term borrowings			426						334
Long-term debt			10,168						7,108
Other liabilities			5,324						4,041
Total liabilities			162,231						154,746
Commitments and Contingent Liabilities (Note 16)
Shareholders’ equity
Preferred stock			2,167						2,167
Common stock			14						14
Capital surplus			15,282						15,222
Less treasury shares, at cost			(80)						(79)
Accumulated other comprehensive income (loss)			(3,276)						(229)
Retained earnings			3,029						2,202
Total Huntington Bancshares Inc shareholders’ equity			17,136						19,297
Non-controlling interest			35						21
Total equity			17,171						19,318
Total liabilities and shareholders’ equity			$	179,402					$	174,064
Common shares authorized (par value of $0.01)			2,250,000,000						2,250,000,000
Common shares outstanding			1,442,734,255						1,437,742,172
Treasury shares outstanding			6,341,958						6,298,288
Preferred stock, authorized shares			6,617,808						6,617,808
Preferred shares outstanding			557,500						557,500

(1)Amounts represent loans for which Huntington has elected the fair value option. See Note 13 “Fair Values of Assets and Liabilities”.

See Notes to Unaudited Condensed Consolidated Financial Statements

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Huntington Bancshares Incorporated
Condensed Consolidated Statements of Income
(Unaudited)
			Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions, except per share data, share count in thousands)			2022						2021						2022						2021
Interest and fee income:
Loans and leases			$	1,268					$	1,056					$	3,350					$	2,614
Available-for-sale securities
Taxable			165						68						378						184
Tax-exempt			20						15						52						41
Held-to-maturity securities—taxable			95						47						251						124
Other securities—taxable			7						2						18						6
Other			34						17						66						40
Total interest income			1,589						1,205						4,115						3,009
Interest expense:
Deposits			92						11						128						34
Short-term borrowings			22						—						36						—
Long-term debt			71						34						140						5
Total interest expense			185						45						304						39
Net interest income			1,404						1,160						3,811						2,970
Provision for credit losses			106						(62)						198						89
Net interest income after provision for credit losses			1,298						1,222						3,613						2,881
Service charges on deposit accounts			93						114						295						271
Card and payment processing income			96						96						278						241
Mortgage banking income			26						81						119						248
Trust and investment management services			60						61						188						169
Capital markets fees			73						40						169						104
Insurance income			28						25						86						77
Leasing revenue			29						42						91						58
Bank owned life insurance income			13						15						41						47
Gain on sale of loans			15						2						55						8
Net gains on sales of securities			—						—						—						10
Other noninterest income			65						59						160						141
Total noninterest income			498						535						1,482						1,374
Personnel costs			614						643						1,771						1,703
Outside data processing and other services			145						304						463						581
Net occupancy			63						95						185						209
Equipment			60						79						202						180
Professional services			18						26						56						91
Marketing			24						25						69						54
Deposit and other insurance expense			15						17						53						33
Amortization of intangibles			13						13						40						34
Lease financing equipment depreciation			11						19						36						24
Other noninterest expense			90						68						249						245
Total noninterest expense			1,053						1,289						3,124						3,154
Income before income taxes			743						468						1,971						1,101
Provision for income taxes			146						90						371						206
Income after income taxes			597						378						1,600						895
Income attributable to non-controlling interest			3						1						7						1
Net income attributable to Huntington Bancshares Inc			594						377						1,593						894
Dividends on preferred shares			29						29						85						103
Impact of preferred stock redemption			—						15						—						15
Net income applicable to common shares			$	565					$	333					$	1,508					$	776
Average common shares—basic			1,442,591						1,462,736						1,440,740						1,201,763
Average common shares—diluted			1,465,083						1,487,335						1,464,234						1,225,428
Per common share:
Net income—basic			$	0.39					$	0.23					$	1.05					$	0.65
Net income—diluted			0.39						0.22						1.03						0.63
See Notes to Unaudited Condensed Consolidated Financial Statements

2022 3Q Form 10-Q 41

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Huntington Bancshares Incorporated

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

			Three Months Ended September 30,												Nine Months Ended September 30,
(dollar amounts in millions)			2022						2021						2022						2021
Net income attributable to Huntington Bancshares Inc			$	594					$	377					$	1,593					$	894
Other comprehensive (loss) income, net of tax:
Net unrealized losses on available-for-sale securities			(971)						(82)						(2,970)						(220)
Net impact of fair value hedges on available-for-sale securities			250						—						705						29
Change in fair value related to cash flow hedges			(456)						(29)						(782)						(131)
Translation adjustments, net of hedges			(4)						2						(6)						(4)
Change in accumulated unrealized gains for pension and other post-retirement obligations			3						3						6						9
Other comprehensive (loss) income, net of tax			(1,178)						(106)						(3,047)						(317)
Comprehensive (loss) income attributable to Huntington Bancshares			(584)						271						(1,454)						577
Comprehensive income attributed to non-controlling interest			3						1						7						1
Comprehensive (loss) income			$	(581)					$	272					$	(1,447)					$	578

See Notes to Unaudited Condensed Consolidated Financial Statements

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Huntington Bancshares Incorporated

Condensed Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(dollar amounts in millions, share amounts in thousands)			Preferred Stock						Common Stock												Capital Surplus						Treasury Stock												Accumulated Other Comprehensive Income (Loss)						Retained Earnings												Non-controlling Interest						Total Equity
			Amount						Shares						Amount												Shares						Amount																		Total
Three Months Ended September 30, 2022
Balance, beginning of period			$	2,167					1,448,885						$	14					$	15,261					(6,691)						$	(85)					$	(2,098)					$	2,691					$	17,950					$	29					$	17,979
Net income																																													594						594						3						597
Other comprehensive income (loss), net of tax																																							(1,178)												(1,178)												(1,178)
Cash dividends declared:
Common ($0.155 per share)																																													(227)						(227)												(227)
Preferred																																													(29)						(29)												(29)
Recognition of the fair value of share-based compensation																					19																														19												19
Other share-based compensation activity									191						—						2																								—						2												2
Other																					—						349						5												—						5						3						8
Balance, end of period			$	2,167					1,449,076						$	14					$	15,282					(6,342)						$	(80)					$	(3,276)					$	3,029					$	17,136					$	35					$	17,171
Three Months Ended September 30, 2021
Balance, beginning of period			$	2,851					1,484,614						$	15					$	15,830					(8,056)						$	(105)					$	(19)					$	1,939					$	20,511					$	20					$	20,531
Net income																																													377						377						1						378
Other comprehensive income (loss), net of tax																																							(106)												(106)												(106)
Redemption of Preferred Series D Stock			(585)																																										(15)						(600)												(600)
Repurchases of common stock									(33,409)						—						(500)																														(500)												(500)
Cash dividends declared:
Common ($0.15 per share)																																													(221)						(221)												(221)
Preferred																																													(29)						(29)												(29)
Recognition of the fair value of share-based compensation																					32																														32												32
Other share-based compensation activity									1,562						—						(12)																								—						(12)												(12)
Other			1																		—						1,750						26												—						27						(1)						26
Balance, end of period			$	2,267					1,452,767						$	15					$	15,350					(6,306)						$	(79)					$	(125)					$	2,051					$	19,479					$	20					$	19,499

See Notes to Unaudited Condensed Consolidated Financial Statements

2022 3Q Form 10-Q 43

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(dollar amounts in millions, share amounts in thousands)			Preferred Stock						Common Stock												Capital Surplus						Treasury Stock												Accumulated Other Comprehensive Gain (Loss)						Retained Earnings												Non-controlling Interest						Total Equity
			Amount						Shares						Amount												Shares						Amount																		Total
Nine Months Ended September 30, 2022
Balance, beginning of period			$	2,167					1,444,040						$	14					$	15,222					(6,298)						$	(79)					$	(229)					$	2,202					$	19,297					$	21					$	19,318
Net income																																													1,593						1,593						7						1,600
Other comprehensive income (loss), net of tax																																							(3,047)												(3,047)												(3,047)
Cash dividends declared:
Common ($0.465 per share)																																													(681)						(681)												(681)
Preferred																																													(85)						(85)												(85)
Recognition of the fair value of share-based compensation																					82																														82												82
Other share-based compensation activity									5,036						—						(22)																								—						(22)												(22)
Other																					—						(44)						(1)						—						—						(1)						7						6
Balance, end of period			$	2,167					1,449,076						$	14					$	15,282					(6,342)						$	(80)					$	(3,276)					$	3,029					$	17,136					$	35					$	17,171
Nine Months Ended September 30, 2021
Balance, beginning of period			$	2,191					1,022,258						$	10					$	8,781					(5,062)						$	(59)					$	192					$	1,878					$	12,993					$	—					$	12,993
Net income																																													894						894						1						895
Other comprehensive income (loss), net of tax																																							(317)												(317)												(317)
TCF Financial Corp acquisition:
Issuance of common stock									458,171						5						6,993												(37)																		6,961												6,961
Issuance of Series I preferred stock			175																		10																														185												185
Non-controlling interest acquired																																																			—						22						22
Net proceeds from issuance of preferred stock			486																																																486												486
Redemption of Preferred Series D stock			(585)																																										(15)						(600)												(600)
Repurchases of common stock									(33,409)						—						(500)																														(500)												(500)
Cash dividends declared:
Common ($0.45 per share)																																													(601)						(601)												(601)
Preferred																																													(103)						(103)												(103)
Recognition of the fair value of share-based compensation																					97																														97												97
Other share-based compensation activity									5,747						—						(31)																								—						(31)												(31)
Other																					—						(1,244)						17												(2)						15						(3)						12
Balance, end of period			$	2,267					1,452,767						$	15					$	15,350					(6,306)						$	(79)					$	(125)					$	2,051					$	19,479					$	20					$	19,499

See Notes to Unaudited Condensed Consolidated Financial Statements

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Huntington Bancshares Incorporated

Condensed Consolidated Statements of Cash Flows

(Unaudited)

			Nine Months Ended September 30,
(dollar amounts in millions)			2022						2021
Operating activities
Net income			$	1,600					$	895
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			198						89
Depreciation and amortization			355						299
Share-based compensation expense			82						97
Deferred income tax expense			164						40
Net change in:
Trading account securities			15						(15)
Loans held for sale			464						(115)
Other assets			(1,109)						(247)
Other liabilities			893						455
Other, net			8						67
Net cash provided by operating activities			2,670						1,565
Investing activities
Change in interest bearing deposits in banks			287						611
Net cash (paid) received from business combinations			(223)						466
Proceeds from:
Maturities and calls of available-for-sale securities			3,298						5,408
Maturities and calls of held-to-maturity securities			2,306						3,073
Maturities and calls of other securities			829						—
Sales of available-for-sale securities			—						5,860
Purchases of available-for-sale securities			(6,365)						(14,995)
Purchases of held-to-maturity securities			(2,845)						(3,685)
Purchases of other securities			(1,009)						—
Net proceeds from sales of portfolio loans and leases			937						479
Principal payments received under direct finance and sales-type leases			1,389						899
Net loan and lease activity, excluding sales and purchases			(8,375)						5,130
Purchases of premises and equipment			(165)						(157)
Purchases of loans and leases			(569)						(771)
Net accrued income and other receivables activity			96						(1,009)
Net cash paid for branch disposition			—						(618)
Other, net			63						98
Net cash provided by (used in) investing activities			(10,346)						789
Financing activities
Increase in deposits			3,050						5,136
Increase (decrease) in short-term borrowings			783						(1,062)
Net proceeds from issuance of long-term debt			5,379						646
Maturity/redemption of long-term debt			(1,902)						(2,649)
Dividends paid on preferred stock			(84)						(109)
Dividends paid on common stock			(673)						(531)
Repurchases of common stock			—						(500)
Payment to repurchase preferred stock			—						(600)
Net proceeds from issuance of preferred stock			—						486
Other, net			(23)						(21)
Net cash provided by financing activities			6,530						796
Increase (decrease) in cash and cash equivalents			(1,146)						3,150
Cash and cash equivalents at beginning of period			5,522						6,595
Cash and cash equivalents at end of period			$	4,376					$	9,745

2022 3Q Form 10-Q 45

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			Nine Months Ended September 30,
(dollar amounts in millions)			2022						2021
Supplemental disclosures:
Interest paid			$	269					$	135
Income taxes (received) paid			(113)						262
Non-cash activities
Loans transferred to held-for-sale from portfolio			764						385
Loans transferred to portfolio from held-for-sale			65						83
Transfer of securities from available-for-sale to held-to-maturity			4,225						3,007
Business Combination (1)

(1)     In the nine months ended September 30, 2021, the TCF acquisition included fair value of tangible assets acquired of $46.3 billion, goodwill and other intangible assets of $3.5 billion, liabilities assumed $42.6 billion, preferred stock of $185 million, and common stock of $7.0 billion.

See Notes to Unaudited Condensed Consolidated Financial Statements

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Huntington Bancshares Incorporated

Notes to Unaudited Condensed Consolidated Financial Statements

1. BASIS OF PRESENTATION

The accompanying Unaudited Condensed Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These Unaudited Condensed Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.

For statement of cash flow purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank.

Certain prior period amounts have been reclassified to conform to current year’s presentation.

Effective in the 2022 first quarter, a new classification within the Unaudited Condensed Consolidated Balance Sheet of accrued income and other receivables was established comprised of activity that was previously classified as loans and leases (other consumer loans and leases) and other assets. All prior period amounts and all related metrics have been revised to conform to the current presentation.

In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Condensed Consolidated Financial Statements or disclosed in the Notes to Unaudited Condensed Consolidated Financial Statements. There were no material subsequent events to disclose for the current period.

2. ACCOUNTING STANDARDS UPDATE

Accounting standards adopted in the current period

Standard			Summary of guidance			Effects on financial Statements
ASU 2021-08-Business Combinations (Topic 805) Issued October 2021			•The amendments in this update require that an acquirer apply topic 606 to the recognition and measurement of revenue contract assets and liabilities acquired in a business combination.			•Management adopted the guidance during the second quarter 2022. •The ASU has been applied to all business combinations occurring during 2022 and will be applied prospectively to all future business combinations. •The adoption did not result in a material impact on Huntington’s Unaudited Condensed Consolidated Financial Statements.
ASU 2022-01-Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method Issued March 2022			•The amendments in this update expand the current last-of-layer method to allow for multiple hedge layers in a single closed portfolio. To reflect the expansion, the last-of-layer method has been renamed the portfolio layer method. The standard also expands the scope of the portfolio layer method to nonprepayable financial assets.			•Management early adopted the guidance during the second quarter of 2022 using the modified retrospective basis. There was no impact to Huntington’s Unaudited Condensed Consolidated Financial Statements as a result of the adoption. Amendments related to disclosures were applied prospectively from the initial adoption date. •The ASU also gives entities the option to reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category if the entity applies the portfolio layer method hedging to one or more closed portfolios that include those debt securities, Huntington did not apply this option to any held-to-maturity securities.

2022 3Q Form 10-Q 47

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Accounting standards yet to be adopted

Standard

Summary of guidance

Effects on financial statements

ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022

•The amendments in this update eliminate TDR accounting for entities that have adopted Update 2016-13, while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases.

•Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. •Adoption of the ASU will be applied prospectively, except for the portion of the standard related to the recognition and measurement of TDRs an entity may elect to use a modified retrospective transition method with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. The ASU does allow for early adoption. •Huntington is currently evaluating the impact of the ASU on its Consolidated Financial Statements, as well as which adoption method to apply. Huntington does not currently intend to adopt the ASU prior to the effective date.

3. BUSINESS COMBINATIONS

On June 15, 2022, Huntington acquired Capstone Partners, a leading middle market investment bank and advisory firm dedicated to servicing middle market companies throughout their full business lifecycle. The acquisition resulted in $192 million of goodwill, allocated to the Commercial segment, which approximates total consideration. Fair value estimates related to the acquired assets and liabilities are subject to adjustment during the one-year measurement period following the closing of the acquisition. The goodwill recognized is deductible for tax purposes.

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4. INVESTMENT SECURITIES AND OTHER SECURITIES

Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities.

The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category at September 30, 2022 and December 31, 2021:

									Unrealized
(dollar amounts in millions)			Amortized Cost (1)(2)						Gross Gains						Gross Losses						Fair Value
September 30, 2022
Available-for-sale securities:
U.S. Treasury			$	5					$	—					$	—					$	5
Federal agencies:
Residential CMO			3,417						—						(382)						3,035
Residential MBS			14,269						—						(2,286)						11,983
Commercial MBS			2,581						—						(543)						2,038
Other agencies			199						—						(9)						190
Total U.S. Treasury, federal agency, and other agency securities			20,471						—						(3,220)						17,251
Municipal securities			3,626						1						(251)						3,376
Private-label CMO			151						1						(10)						142
Asset-backed securities			414						1						(44)						371
Corporate debt			2,464						140						(442)						2,162
Other securities/Sovereign debt			4						—						—						4
Total available-for-sale securities			$	27,130					$	143					$	(3,967)					$	23,306
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	4,757					$	—					$	(667)					$	4,090
Residential MBS			10,517						—						(1,474)						9,043
Commercial MBS			1,756						—						(188)						1,568
Other agencies			141						—						(9)						132
Total federal agency and other agency securities			17,171						—						(2,338)						14,833
Municipal securities			2						—						—						2
Total held-to-maturity securities			$	17,173					$	—					$	(2,338)					$	14,835
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock			$	245					$	—					$	—					$	245
Federal Reserve Bank stock			515						—						—						515
Equity securities			8						—						—						8
Other securities, at fair value:
Mutual funds			47						—						—						47
Equity securities			2						1						—						3
Total other securities			$	817					$	1					$	—					$	818

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At September 30, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $71 million and $38 million, respectively.

(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $892 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.

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									Unrealized
(dollar amounts in millions)			Amortized Cost (1)						Gross Gains						Gross Losses						Fair Value
December 31, 2021
Available-for-sale securities:
U.S. Treasury			$	5					$	—					$	—					$	5
Federal agencies:
Residential CMO			4,649						40						(40)						4,649
Residential MBS			15,533						135						(160)						15,508
Commercial MBS			1,896						7						(38)						1,865
Other agencies			248						1						(1)						248
Total U.S. Treasury, federal agency, and other agency securities			22,331						183						(239)						22,275
Municipal securities			3,497						62						(33)						3,526
Private-label CMO			106						1						(1)						106
Asset-backed securities			385						1						(4)						382
Corporate debt			2,183						22						(38)						2,167
Other securities/Sovereign debt			4						—						—						4
Total available-for-sale securities			$	28,506					$	269					$	(315)					$	28,460
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	2,602					$	35					$	(20)					$	2,617
Residential MBS			7,475						41						(59)						7,457
Commercial MBS			2,175						45						(5)						2,215
Other agencies			193						5						—						198
Total federal agency and other agency securities			12,445						126						(84)						12,487
Municipal securities			2						—						—						2
Total held-to-maturity securities			$	12,447					$	126					$	(84)					$	12,489
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock			$	52					$	—					$	—					$	52
Federal Reserve Bank stock			512						—						—						512
Equity securities			12						—						—						12
Other securities, at fair value:
Mutual funds			65						—						—						65
Equity securities			6						1						—						7
Total other securities			$	647					$	1					$	—					$	648

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At December 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $26 million, respectively.

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The following table provides the amortized cost and fair value of securities by contractual maturity at September 30, 2022 and December 31, 2021. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.

			September 30, 2022												December 31, 2021
(dollar amounts in millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available-for-sale securities:
Under 1 year			$	462					$	448					$	377					$	374
After 1 year through 5 years			2,566						2,367						1,888						1,880
After 5 years through 10 years			3,059						2,735						3,166						3,180
After 10 years			21,043						17,756						23,075						23,026
Total available-for-sale securities			$	27,130					$	23,306					$	28,506					$	28,460
Held-to-maturity securities:
Under 1 year			$	1					$	1					$	2					$	2
After 1 year through 5 years			98						94						162						164
After 5 years through 10 years			57						53						44						45
After 10 years			17,017						14,687						12,239						12,278
Total held-to-maturity securities			$	17,173					$	14,835					$	12,447					$	12,489

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position at September 30, 2022 and December 31, 2021:

			Less than 12 Months												Over 12 Months												Total
(dollar amounts in millions)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
September 30, 2022
Available-for-sale securities:
Federal agencies:
Residential CMO			$	2,330					$	(220)					$	705					$	(162)					$	3,035					$	(382)
Residential MBS			5,580						(921)						6,402						(1,365)						11,982						(2,286)
Commercial MBS			1,462						(324)						576						(219)						2,038						(543)
Other agencies			28						(1)						52						(8)						80						(9)
Total federal agency and other agency securities			9,400						(1,466)						7,735						(1,754)						17,135						(3,220)
Municipal securities			2,863						(226)						401						(25)						3,264						(251)
Private-label CMO			94						(8)						20						(2)						114						(10)
Asset-backed securities			240						(20)						131						(24)						371						(44)
Corporate debt			1,240						(229)						920						(213)						2,160						(442)
Total temporarily impaired available-for-sale securities			$	13,837					$	(1,949)					$	9,207					$	(2,018)					$	23,044					$	(3,967)
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	3,279					$	(510)					$	811					$	(157)					$	4,090					$	(667)
Residential MBS			5,851						(811)						3,174						(663)						9,025						(1,474)
Commercial MBS			1,360						(151)						207						(37)						1,567						(188)
Other agencies			132						(9)						—						—						132						(9)
Total federal agency and other agency securities			10,622						(1,481)						4,192						(857)						14,814						(2,338)
Total temporarily impaired held-to-maturity securities			$	10,622					$	(1,481)					$	4,192					$	(857)					$	14,814					$	(2,338)

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			Less than 12 Months												Over 12 Months												Total
(dollar amounts in millions)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
December 31, 2021
Available-for-sale securities:
Federal agencies:
Residential CMO			$	2,925					$	(40)					$	—					$	—					$	2,925					$	(40)
Residential MBS			13,491						(160)						—						—						13,491						(160)
Commercial MBS			1,251						(38)						—						—						1,251						(38)
Other agencies			140						(1)						—						—						140						(1)
Total federal agency and other agency securities			17,807						(239)						—						—						17,807						(239)
Municipal securities			859						(22)						319						(11)						1,178						(33)
Private-label CMO			78						(1)						—						—						78						(1)
Asset-backed securities			237						(4)						—						—						237						(4)
Corporate debt			1,766						(38)						—						—						1,766						(38)
Total temporarily impaired available-for-sale securities			$	20,747					$	(304)					$	319					$	(11)					$	21,066					$	(315)
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	1,453					$	(20)					$	—					$	—					$	1,453					$	(20)
Residential MBS			5,837						(59)						—						—						5,837						(59)
Commercial MBS			318						(5)						—						—						318						(5)
Total federal agency and other agency securities			7,608						(84)						—						—						7,608						(84)
Total temporarily impaired held-to-maturity securities			$	7,608					$	(84)					$	—					$	—					$	7,608					$	(84)

During the 2022 first quarter, Huntington transferred $4.2 billion of securities from the AFS portfolio to the HTM portfolio. At the time of the transfer, AOCI included $58 million of net unrealized losses (after-tax) attributed to these securities. This loss will be amortized into interest income over the remaining life of the securities.

At September 30, 2022 and December 31, 2021, the carrying value of investment securities pledged: (i) to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements, and (ii) to support borrowing capacity, totaled $28.0 billion and $21.7 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either September 30, 2022 or December 31, 2021. At September 30, 2022, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at September 30, 2022.

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of September 30, 2022, Huntington has concluded that except for one municipal bond classified as an AFS debt security for which a charge-off of $4 million was recognized during the 2022 first quarter, it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to investment securities as of September 30, 2022 or December 31, 2021.

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5. LOANS AND LEASES

The following table provides a detailed listing of Huntington’s loan and lease portfolio at September 30, 2022 and December 31, 2021.

(dollar amounts in millions)			September 30, 2022						December 31, 2021
Commercial loan and lease portfolio:
Commercial and industrial			$	44,144					$	41,688
Commercial real estate			16,456						14,961
Lease financing			5,093						5,000
Total commercial loan and lease portfolio			65,693						61,649
Consumer loan portfolio:
Residential mortgage			21,816						19,256
Automobile			13,430						13,434
Home equity			10,440						10,550
RV and marine			5,436						5,058
Other consumer			1,332						1,320
Total consumer loan portfolio			52,454						49,618
Total loans and leases (1)(2)			118,147						111,267
Allowance for loan and lease losses			(2,110)						(2,030)
Net loans and leases			$	116,037					$	109,237

(1)Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of $42 million and $111 million at September 30, 2022 and December 31, 2021, respectively.

(2)The total amount of accrued interest recorded for these loans and leases at September 30, 2022, was $190 million and $167 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2021, was $148 million and $150 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Condensed Consolidated Balance Sheets.

Lease Financing

Huntington leases equipment to customers, and substantially all such arrangements are classified as either sales-type or direct financing leases, which are included in commercial loans and leases. These leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases.

Huntington assesses net investments in leases (including residual values) for impairment and recognizes any impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an ACL, with changes recognized as provision expense.

The following table presents net investments in lease financing receivables by category at September 30, 2022 and December 31, 2021.

(dollar amounts in millions)			September 30, 2022						December 31, 2021
Lease payments receivable			$	4,740					$	4,620
Estimated residual value of leased assets			769						774
Gross investment in lease financing receivables			5,509						5,394
Deferred origination costs			42						36
Deferred fees, unearned income and other			(458)						(430)
Total lease financing receivables			$	5,093					$	5,000

The carrying value of residual values guaranteed was $454 million and $473 million as of September 30, 2022 and December 31, 2021, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at September 30, 2022, totaled $4.7 billion and were due as follows: $838 million in 2022, $820 million in 2023, $815 million in 2024, $733 million in 2025, $688 million in 2026, and $846 million thereafter. Interest income recognized for these types of leases was $41 million and $73 million for the three-month periods ended September 30, 2022 and 2021, respectively. For the nine-month periods ended September 30, 2022 and 2021, interest income recognized for these types of leases was $117 million and $154 million.

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Nonaccrual and Past Due Loans and Leases

The following table presents NALs by class at September 30, 2022 and December 31, 2021:

			September 30, 2022									December 31, 2021
(dollar amounts in millions)			Nonaccrual loans and leases with no ACL			Total nonaccrual loans and leases						Nonaccrual loans and leases with no ACL			Total nonaccrual loans and leases
Commercial and industrial			$	73		$	288					$	81		$	370
Commercial real estate			85			110						80			104
Lease financing			7			30						3			48
Residential mortgage			—			94						—			111
Automobile			—			4						—			3
Home equity			—			75						—			79
RV and marine			—			1						—			1
Total nonaccrual loans and leases			$	165		$	602					$	164		$	716

The following table presents an aging analysis of loans and leases, by class at September 30, 2022 and December 31, 2021:

			September 30, 2022
			Past Due (1)																																				Loans Accounted for Under FVO						Total Loans and Leases						90 or more days past due and accruing
(dollar amounts in millions)			30-59  Days						60-89  Days						90 or  more days						Total						Current
Commercial and industrial			$	92					$	49					$	117					$	258					$	43,886											$	—					$	44,144					$	29		(2)
Commercial real estate			24						4						32						60						16,396												—						16,456						—
Lease financing			57						45						21						123						4,970												—						5,093						18			(3)
Residential mortgage			196						65						203						464						21,171												181						21,816						153			(4)
Automobile			72						18						9						99						13,331												—						13,430						6
Home equity			47						21						61						129						10,310												1						10,440						12
RV and marine			12						4						2						18						5,418												—						5,436						2
Other consumer			13						3						3						19						1,313												—						1,332						3
Total loans and leases			$	513					$	209					$	448					$	1,170					$	116,795											$	182					$	118,147					$	223

			December 31, 2021
			Past Due (1)																																				Loans Accounted for Under FVO						Total Loans and Leases						90 or more days past due and accruing
(dollar amounts in millions)			30-59  Days						60-89  Days						90 or more days						Total						Current
Commercial and industrial			$	72					$	69					$	107					$	248					$	41,440											$	—					$	41,688					$	13		(2)
Commercial real estate			9						1						9						19						14,942												—						14,961						—
Lease financing			39						13						17						69						4,931												—						5,000						11			(3)
Residential mortgage			151						49						233						433						18,653												170						19,256						157			(4)
Automobile			79						18						8						105						13,329												—						13,434						6
Home equity			48						35						76						159						10,390												1						10,550						17
RV and marine			14						4						3						21						5,037												—						5,058						3
Other consumer			13						2						3						18						1,302												—						1,320						3
Total loans and leases			$	425					$	191					$	456					$	1,072					$	110,024											$	171					$	111,267					$	210

(1)NALs are included in this aging analysis based on the loan’s past due status.

(2)Amounts include PPP (SBA guaranteed) and other SBA loans and leases.

(3)Amounts include Huntington Technology Finance administrative lease delinquencies.

(4)Amounts include mortgage loans insured by U.S. government agencies.

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Credit Quality Indicators

See Note 5 “Loans/Leases” to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level.

To facilitate the monitoring of credit quality for commercial loans, and for purposes of determining an appropriate ACL level for these loans, Huntington utilizes the following internally defined categories of credit grades:

•Pass - Higher quality loans that do not fit any of the other categories described below.

•OLEM - The credit risk may be relatively minor yet represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans.

•Substandard - Inadequately protected loans resulting from the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated.

•Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high.

Loans are generally assigned a category of “Pass” rating upon initial approval and subsequently updated as appropriate based on the borrower’s financial performance.

Commercial loans categorized as OLEM, Substandard, or Doubtful are considered Criticized loans. Commercial loans categorized as Substandard or Doubtful are both considered Classified loans.

For all classes within the consumer loan portfolios, loans are assigned pool level PD factors based on the FICO range within which the borrower’s credit bureau score falls. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality.

Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes.

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The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator at September 30, 2022 and December 31, 2021 respectively:

						As of September 30, 2022
						Term Loans Amortized Cost Basis by Origination Year																																				Revolver Total at Amortized Cost Basis						Revolver Total Converted to Term Loans
(dollar amounts in millions)						2022						2021						2020						2019						2018						Prior																		Total
Commercial and industrial
Credit Quality Indicator (1):
Pass						$	13,212					$	7,720					$	3,808					$	2,328					$	1,228					$	1,314					$	11,998					$	4					$	41,612
OLEM						128						204						130						43						61						39						139						—						744
Substandard						227						199						194						244						155						277						491						—						1,787
Doubtful						—						—						—						—						—						1						—						—						1
Total Commercial and industrial						$	13,567					$	8,123					$	4,132					$	2,615					$	1,444					$	1,631					$	12,628					$	4					$	44,144
Commercial real estate
Credit Quality Indicator (1):
Pass						$	4,638					$	3,544					$	1,821					$	1,892					$	1,075					$	1,186					$	1,325					$	—					$	15,481
OLEM						44						26						4						11						12						39						—						—						136
Substandard						195						126						121						128						129						137						3						—						839
Total Commercial real estate						$	4,877					$	3,696					$	1,946					$	2,031					$	1,216					$	1,362					$	1,328					$	—					$	16,456
Lease financing
Credit Quality Indicator (1):
Pass						$	1,391					$	1,424					$	1,069					$	546					$	229					$	177					$	—					$	—					$	4,836
OLEM						25						14						32						6						7						4						—						—						88
Substandard						37						25						56						28						9						14						—						—						169
Total Lease financing						$	1,453					$	1,463					$	1,157					$	580					$	245					$	195					$	—					$	—					$	5,093
Residential mortgage
Credit Quality Indicator (2):
750+						$	2,993					$	6,251					$	3,611					$	864					$	485					$	2,165					$	—					$	—					$	16,369
650-749						1,260						1,308						670						235						146						814						—						—						4,433
<650						29						60						60						90						94						500						—						—						833
Total Residential mortgage						$	4,282					$	7,619					$	4,341					$	1,189					$	725					$	3,479					$	—					$	—					$	21,635
Automobile
Credit Quality Indicator (2):
750+						$	2,358					$	2,366					$	1,381					$	898					$	362					$	154					$	—					$	—					$	7,519
650-749						1,641						1,733						785						436						205						77						—						—						4,877
<650						231						364						186						128						79						46						—						—						1,034
Total Automobile						$	4,230					$	4,463					$	2,352					$	1,462					$	646					$	277					$	—					$	—					$	13,430
Home equity
Credit Quality Indicator (2):
750+						$	359					$	588					$	633					$	25					$	23					$	323					$	4,891					$	265					$	7,107
650-749						104						95						69						10						8						130						2,124						269						2,809
<650						2						3						3						2						2						55						324						132						523
Total Home equity						$	465					$	686					$	705					$	37					$	33					$	508					$	7,339					$	666					$	10,439
RV and marine
Credit Quality Indicator (2):
750+						$	1,059					$	1,070					$	764					$	379					$	373					$	465					$	—					$	—					$	4,110
650-749						247						335						213						126						122						180						—						—						1,223
<650						3						16						14						16						16						38						—						—						103
Total RV and marine						$	1,309					$	1,421					$	991					$	521					$	511					$	683					$	—					$	—					$	5,436
Other consumer
Credit Quality Indicator (2):
750+						$	202					$	71					$	39					$	40					$	15					$	55					$	360					$	3					$	785
650-749						57						34						14						18						4						16						330						18						491
<650						2						3						2						3						1						2						30						13						56
Total Other consumer						$	261					$	108					$	55					$	61					$	20					$	73					$	720					$	34					$	1,332

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

56 Huntington Bancshares Incorporated

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Table of Content

						As of December 31, 2021
						Term Loans Amortized Cost Basis by Origination Year																																				Revolver Total at Amortized Cost Basis						Revolver Total Converted to Term Loans
(dollar amounts in millions)						2021						2020						2019						2018						2017						Prior																		Total
Commercial and industrial
Credit Quality Indicator (1):
Pass						$	15,435					$	5,677					$	3,682					$	1,983					$	1,080					$	1,134					$	9,945					$	3					$	38,939
OLEM						183						178						87						83						38						73						166						—						808
Substandard						336						203						344						206						125						167						552						—						1,933
Doubtful						5						1						1						1						—						—						—						—						8
Total Commercial and industrial						$	15,959					$	6,059					$	4,114					$	2,273					$	1,243					$	1,374					$	10,663					$	3					$	41,688
Commercial real estate
Credit Quality Indicator (1):
Pass						$	4,144					$	2,367					$	2,593					$	1,456					$	761					$	1,124					$	798					$	—					$	13,243
OLEM						76						48						42						83						73						19						—						—						341
Substandard						224						362						448						115						151						46						30						—						1,376
Doubtful						—						—						—						1						—						—						—						—						1
Total Commercial real estate						$	4,444					$	2,777					$	3,083					$	1,655					$	985					$	1,189					$	828					$	—					$	14,961
Lease financing
Credit Quality Indicator (1):
Pass						$	1,851					$	1,441					$	809					$	417					$	226					$	131					$	—					$	—					$	4,875
OLEM						8						32						12						4						2						—						—						—						58
Substandard						6						23						19						2						9						8						—						—						67
Total Lease financing						$	1,865					$	1,496					$	840					$	423					$	237					$	139					$	—					$	—					$	5,000
Residential mortgage
Credit Quality Indicator (2):
750+						$	5,532					$	3,857					$	978					$	554					$	687					$	1,704					$	—					$	—					$	13,312
650-749						1,862						993						409						269						254						1,028						—						—						4,815
<650						48						56						104						120						99						532						—						—						959
Total Residential mortgage						$	7,442					$	4,906					$	1,491					$	943					$	1,040					$	3,264					$	—					$	—					$	19,086
Automobile
Credit Quality Indicator (2):
750+						$	2,993					$	1,927					$	1,381					$	666					$	345					$	129					$	—					$	—					$	7,441
650-749						2,393						1,237						736						380						168						55						—						—						4,969
<650						380						234						178						128						70						34						—						—						1,024
Total Automobile						$	5,766					$	3,398					$	2,295					$	1,174					$	583					$	218					$	—					$	—					$	13,434
Home equity
Credit Quality Indicator (2):
750+						$	645					$	701					$	32					$	31					$	34					$	387					$	4,772					$	272					$	6,874
650-749						129						94						15						13						13						161						2,324						324						3,073
<650						3						2						2						1						1						67						361						165						602
Total Home equity						$	777					$	797					$	49					$	45					$	48					$	615					$	7,457					$	761					$	10,549
RV and marine
Credit Quality Indicator (2):
750+						$	1,257					$	933					$	470					$	468					$	268					$	319					$	—					$	—					$	3,715
650-749						393						273						171						157						106						150						—						—						1,250
<650						6						11						13						18						18						27						—						—						93
Total RV and marine						$	1,656					$	1,217					$	654					$	643					$	392					$	496					$	—					$	—					$	5,058
Other consumer
Credit Quality Indicator (2):
750+						$	211					$	34					$	50					$	13					$	10					$	27					$	326					$	3					$	674
650-749						88						52						50						23						17						41						295						24						590
<650						2						2						5						2						—						1						27						17						56
Total Other consumer						$	301					$	88					$	105					$	38					$	27					$	69					$	648					$	44					$	1,320

(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually.

(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.

2022 3Q Form 10-Q 57

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TDR Loans

TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided would not otherwise be considered. However, not all loan modifications are TDRs. See Note 5 “Loans / Leases” to the Consolidated Financial Statements appearing in Huntington’s 2021 Annual Report on Form 10-K for an additional discussion of TDRs.

The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month and nine-month periods ended September 30, 2022 and 2021.

			New Troubled Debt Restructurings (1)
			Three Months Ended September 30, 2022
			Number of Contracts						Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)									Interest rate reduction						Amortization or maturity date change						Chapter 7 bankruptcy						Other						Total
Commercial and industrial			81						$	39					$	22					$	—					$	13					$	74
Commercial real estate			7						5						10						—						—						15
Residential mortgage			184						—						25						1						—						26
Automobile			697						—						6						1						—						7
Home equity			54						—						1						—						—						1
RV and marine			31						—						1						1						—						2
Other consumer			38						—						—						—						—						—
Total new TDRs			1,092						$	44					$	65					$	3					$	13					$	125
			Three Months Ended September 30, 2021
			Number of Contracts						Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)									Interest rate reduction						Amortization or maturity date change						Chapter 7 bankruptcy						Other						Total
Commercial and industrial			16						$	—					$	3					$	—					$	—					$	3
Commercial real estate			4						—						—						—						—						—
Residential mortgage			74						—						7						2						—						9
Automobile			498						—						3						1						—						4
Home equity			42						—						1						1						—						2
RV and marine			19						—						—						—						—						—
Other consumer			49						—						—						—						—						—
Total new TDRs			702						$	—					$	14					$	4					$	—					$	18

58 Huntington Bancshares Incorporated

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Table of Content

			New Troubled Debt Restructurings (1)
			Nine Months Ended September 30, 2022
			Number of Contracts						Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)									Interest rate reduction						Amortization or maturity date change						Chapter 7 bankruptcy						Other						Total
Commercial and industrial			222						$	69					$	37					$	—					$	14					$	120
Commercial real estate			12						42						10						—						—						52
Residential mortgage			629						—						85						5						—						90
Automobile			1,791						—						13						2						—						15
Home equity			166						—						5						3						—						8
RV and marine finance			105						—						2						1						—						3
Other consumer			91						—						—						—						—						—
Total new TDRs			3,016						$	111					$	152					$	11					$	14					$	288
			Nine Months Ended September 30, 2021
			Number of Contracts						Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)									Interest rate reduction						Amortization or maturity date change						Chapter 7 bankruptcy						Other						Total
Commercial and industrial			53						$	15					$	23					$	—					$	—					$	38
Commercial real estate			4						—						—						—						—						—
Residential mortgage			232						—						31						4						—						35
Automobile			1,914						—						13						3						—						16
Home equity			155						—						3						5						—						8
RV and marine finance			103						1						1						1						—						3
Other consumer			214						—						—						—						1						1
Total new TDRs			2,675						$	16					$	71					$	13					$	1					$	101

(1)TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.

(2)Post-modification balances approximate pre-modification balances.

Pledged Loans

The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of September 30, 2022 and December 31, 2021, these borrowings and advances are secured by $70.1 billion and $61.1 billion, respectively, of loans.

2022 3Q Form 10-Q 59

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6. ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Roll-forward

The following tables present ACL activity by portfolio segment for the three-month and nine-month periods ended September 30, 2022 and 2021.

(dollar amounts in millions)																																													Commercial						Consumer						Total
Three-month period ended September 30, 2022:
ALLL balance, beginning of period																																													$	1,342					$	732					$	2,074
Loan and lease charge-offs																																													(35)						(48)						(83)
Recoveries of loans and leases previously charged-off																																													20						19						39
Provision (benefit) for loan and lease losses																																													87						(7)						80
ALLL balance, end of period																																													$	1,414					$	696					$	2,110
AULC balance, beginning of period																																													$	53					$	41					$	94
Provision (benefit) for unfunded lending commitments																																													8						18						26
AULC balance, end of period																																													$	61					$	59					$	120
ACL balance, end of period																																													$	1,475					$	755					$	2,230
Nine-month period ended September 30, 2022:
ALLL balance, beginning of period																																													$	1,462					$	568					$	2,030
Loan and lease charge-offs																																													(77)						(139)						(216)
Recoveries of loans and leases previously charged-off																																													83						62						145
Provision for loan and lease losses																																													(54)						205						151
ALLL balance, end of period																																													$	1,414					$	696					$	2,110
AULC balance, beginning of period																																													$	41					$	36					$	77
Provision for unfunded lending commitments																																													20						23						43
AULC balance, end of period																																													$	61					$	59					$	120
ACL balance, end of period																																													$