Form: 8-K

Current report filing

April 20, 2023

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2023
Table of Contents
Quarterly Accruing Past Due Loans and Leases


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






Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, March 31, Percent Changes vs.
2023 2022 2022 4Q22 1Q22
Net interest income (2)
 $ 1,418  $ 1,471  $ 1,154  (4) % 23  %
FTE adjustment (9) (9) (8) —  (13)
Net interest income
 1,409  1,462  1,146  (4) 23 
Provision for credit losses 85  91  25  (7) 240 
Noninterest income 512  499  499  3  3 
Noninterest expense 1,086  1,077  1,053  1  3 
Income before income taxes 750  793  567  (5) 32 
Provision for income taxes 144  144  105  —  37 
Income after income taxes 606  649  462  (7) 31 
Income attributable to non-controlling interest 4  4  2  —  100 
Net income attributable to Huntington 602  645  460  (7) 31 
Dividends on preferred shares 29  28  28  4  4 
Net income applicable to common shares $ 573  $ 617  $ 432  (7) % 33 
Net income per common share - diluted $ 0.39  $ 0.42  $ 0.29  (7) % 34  %
Cash dividends declared per common share
 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period
 7.32  6.82  7.47  7  (2)
Average common shares - basic
1,443  1,443  1,438  —  — 
Average common shares - diluted
1,469  1,468  1,464  —  — 
Ending common shares outstanding
1,444  1,443  1,439  —  — 
Return on average assets
 1.32  % 1.41  % 1.05  %
Return on average common shareholders’ equity
 14.6  16.0  10.4 
Return on average tangible common shareholders’ equity (1)
23.1  26.0  15.8 
Net interest margin (2)
 3.40  3.52  2.88 
Efficiency ratio (3)
 55.6  54.0  62.9 
Effective tax rate 19.2  18.2  18.5 
Average total assets
$ 184,894  $ 181,292  $ 177,612  2  4 
Average earning assets
169,112  165,545  162,414  2  4 
Average loans and leases
120,420  118,907  111,142  1  8 
Average loans and leases - linked quarter annualized growth rate
 5.1  % 6.6  % 6.0  %
Average total deposits
$ 146,144  $ 145,672  $ 142,917  —  2 
Average core deposits (4) 141,077  140,696  139,148  —  1 
Average Huntington shareholders’ equity 18,231  17,458  19,064  4  (4)
Average common total shareholders' equity
 15,973  15,292  16,898  4  (5)
Average tangible common shareholders' equity
10,253  9,563  11,364  7  (10)
Total assets at end of period
189,070  182,906  176,856  3  7 
Total Huntington shareholders’ equity at end of period 18,758  17,731  18,452  6  2 
NCOs as a % of average loans and leases
 0.19  % 0.17  % 0.07  %
NAL ratio
 0.44  0.48  0.60 
NPA ratio (5) 0.48  0.50  0.63 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 1.77  1.77  1.79 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.90  1.90  1.87 
Common equity tier 1 risk-based capital ratio (6) 9.55  9.36  9.22 
Tangible common equity / tangible asset ratio (7) 5.77  5.55  6.28 
See Notes to the Quarterly Key Statistics.
1

Key Statistics Footnotes
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.
(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(6)March 31, 2023, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
2

Huntington Bancshares Incorporated
Consolidated Balance Sheets
March 31, December 31,
(dollar amounts in millions) 2023 2022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,568  $ 1,796  (13) %
Interest-bearing deposits at Federal Reserve Bank 8,801  4,908  79 
Interest-bearing deposits in banks
 203  214  (5)
Trading account securities
 18  19  (5)
Available-for-sale securities
 24,086  23,423  3 
Held-to-maturity securities
 16,977  17,052  — 
Other securities
 1,299  854  52 
Loans held for sale
 457  529  (14)
Loans and leases (1)
 121,179  119,523  1 
Allowance for loan and lease losses
 (2,142) (2,121) (1)
Net loans and leases
 119,037  117,402  1 
Bank owned life insurance
 2,753  2,753  — 
Accrued income and other receivables 1,521  1,573  (3)
Premises and equipment
 1,136  1,156  (2)
Goodwill
 5,561  5,571  — 
Servicing rights and other intangible assets 685  712  (4)
Other assets
 4,968  4,944  — 
Total assets
 $ 189,070  $ 182,906  3  %
Liabilities and shareholders' equity
Liabilities
Deposits (2)
 $ 145,278  $ 147,914  (2) %
Short-term borrowings
 6,898  2,027  240 
Long-term debt
 13,072  9,686  35 
Other liabilities
 5,011  5,510  (9)
Total liabilities
 170,259  165,137  3 
Shareholders' equity
Preferred stock
 2,484  2,167  15 
Common stock
 15  14  7 
Capital surplus
 15,332  15,309  — 
Less treasury shares, at cost
 (82) (80) (3)
Accumulated other comprehensive income (loss) (2,755) (3,098) 11 
Retained earnings 3,764  3,419  10 
Total Huntington shareholders’ equity 18,758  17,731  6 
Non-controlling interest 53  38  39 
Total equity 18,811  17,769  6 
Total liabilities and equity $ 189,070  $ 182,906  3  %
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding
 1,443,614,966  1,443,068,036 
Treasury shares outstanding
 6,465,176  6,322,052 
Preferred stock, authorized shares
 6,617,808  6,617,808 
Preferred shares outstanding
 882,500  557,500 
(1)See page 4 for detail of loans and leases.
(2)See page 5 for detail of deposits.
3

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial
 $ 47,049  40  % $ 45,127  38  % $ 44,144  38  % $ 43,440  38  % $ 42,236  37  %
Commercial real estate:
Commercial
 15,122  12  15,132  13  14,717  12  14,173  12  13,381  12 
Construction
 1,255  1  1,502  1  1,739  2  1,522  1  2,010  2 
Commercial real estate
 16,377  13  16,634  14  16,456  14  15,695  13  15,391  14 
Lease financing 5,244  4  5,252  4  5,093  4  5,043  4  4,978  4 
Total commercial
 68,670  57  67,013  56  65,693  56  64,178  55  62,605  55 
Consumer:
Residential mortgage 22,472  19  22,226  19  21,816  18  21,220  18  19,942  18 
Automobile
 13,187  11  13,154  11  13,430  11  13,622  12  13,480  12 
Home equity
 10,166  8  10,375  9  10,440  9  10,426  9  10,343  9 
RV and marine
 5,404  4  5,376  4  5,436  5  5,453  5  5,191  5 
Other consumer
 1,280  1  1,379  1  1,332  1  1,322  1  1,256  1 
Total consumer
 52,509  43  52,510  44  52,454  44  52,043  45  50,212  45 
Total loans and leases
 $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  % $ 112,817  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Ending balances by business segment:
Commercial Banking $ 56,828  47  % $ 55,497  47  % $ 54,515  47  % $ 52,845  45  % $ 51,132  45  %
Consumer and Business Banking 32,236  27  32,386  27  32,115  27  32,144  28  31,756  29 
Vehicle Finance 22,071  18  21,741  18  21,707  18  21,848  19  21,344  19 
RBHPCG (Regional Banking and The Huntington Private Client Group) 9,851  8  9,760  8  9,586  8  9,181  8  8,435  7 
Treasury / Other 193  —  139  —  224  —  203  —  150  — 
Total loans and leases $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  % $ 112,817  100  %
Average balances by business segment:
Commercial Banking $ 56,146  47  % $ 54,979  47  % $ 53,255  46  % $ 51,280  45  % $ 49,515  45  %
Consumer and Business Banking 32,235  27  32,259  27  32,116  27  31,926  28  32,134  29 
Vehicle Finance 21,969  18  21,721  18  21,748  19  21,601  19  21,155  19 
RBHPCG 9,778  8  9,666  8  9,416  8  8,786  8  8,178  7 
Treasury / Other 292  —  282  —  429  —  356  —  160  — 
Total loans and leases
 $ 120,420  100  % $ 118,907  100  % $ 116,964  100  % $ 113,949  100  % $ 111,142  100  %

4

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 36,789  25  % $ 38,242  26  % $ 40,762  28  % $ 42,131  29  % $ 43,824  29  %
Demand deposits - interest-bearing 39,827  28  43,136  29  43,673  30  41,433  28  42,099  29 
Money market deposits 37,276  26  36,082  24  33,811  23  34,257  24  33,444  23 
Savings and other domestic deposits 19,546  13  20,357  14  21,274  15  21,583  15  21,716  15 
Core certificates of deposit (1) 6,981  5  4,324  3  2,115  1  2,103  1  2,358  2 
Total core deposits 140,419  97  142,141  96  141,635  97  141,507  97  143,441  98 
Other domestic deposits of $250,000 or more 282  —  220  —  186  —  221  —  274  — 
Negotiable CDS, brokered and other deposits
 4,577  3  5,553  4  4,492  3  3,707  3  3,250  2 
Total deposits $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  % $ 146,965  100  %
Total core deposits:
Commercial $ 61,132  44  % $ 64,107  45  % $ 65,151  46  % $ 63,629  45  % $ 64,013  45  %
Consumer 79,287  56  78,034  55  76,484  54  77,878  55  79,428  55 
Total core deposits $ 140,419  100  % $ 142,141  100  % $ 141,635  100  % $ 141,507  100  % $ 143,441  100  %
Total deposits by business segment:
Commercial Banking $ 35,243  24  % $ 37,509  25  % $ 37,194  25  % $ 34,670  24  % $ 35,034  24  %
Consumer and Business Banking 94,729  65  93,676  64  93,854  65  95,693  66  96,907  65 
Vehicle Finance 1,018  1  1,136  1  1,173  1  1,291  1  1,323  1 
RBHPCG 9,009  6  9,550  6  8,982  6  9,226  6  9,672  7 
Treasury / Other (2) 5,279  4  6,043  4  5,110  3  4,555  3  4,029  3 
Total deposits $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  % $ 146,965  100  %
Average balances:
Total core deposits:
Commercial $ 63,423  45  % $ 65,128  46  % $ 65,278  46  % $ 63,921  45  % $ 61,772  44  %
Consumer 77,654  55  75,568  54  76,414  54  77,881  55  77,376  56 
Total core deposits $ 141,077  100  % $ 140,696  100  % $ 141,692  100  % $ 141,802  100  % $ 139,148  100  %
Average deposits by business segment:
Commercial Banking $ 36,897  25  % $ 37,006  25  % $ 36,636  25  % $ 35,156  24  % $ 33,355  23  %
Consumer and Business Banking 93,210  64  92,654  64  93,924  65  95,263  65  94,464  66 
Vehicle Finance 1,101  1  1,171  1  1,252  1  1,257  1  1,289  1 
RBHPCG 9,231  6  9,249  6  9,242  6  9,493  7  9,520  7 
Treasury / Other (2) 5,705  4  5,592  4  4,954  3  3,839  3  4,289  3 
Total deposits $ 146,144  100  % $ 145,672  100  % $ 146,008  100  % $ 145,008  100  % $ 142,917  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.
(2)Comprised primarily of national market deposits.


5

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
March 31, December 31, September 30, June 30, March 31, Percent Changes vs.
(dollar amounts in millions) 2023 2022 2022 2022 2022 4Q22 1Q22
Assets
Interest-bearing deposits at Federal Reserve Bank $ 6,101  $ 4,615  $ 3,204  $ 3,532  $ 7,195  32  % (15) %
Interest-bearing deposits in banks
 249  305  260  161  174  (18) 43 
Securities:
Trading account securities
 21  29  24  30  46  (28) (54)
Available-for-sale securities:
Taxable
 21,368  20,467  21,677  21,672  24,205  4  (12)
Tax-exempt
 2,640  2,706  2,917  2,859  2,886  (2) (9)
Total available-for-sale securities
 24,008  23,173  24,594  24,531  27,091  4  (11)
Held-to-maturity securities - taxable
 16,977  17,022  17,188  17,234  14,556  —  17 
Other securities 886  857  804  755  967  3  (8)
Total securities
 41,892  41,081  42,610  42,550  42,660  2  (2)
Loans held for sale
 450  637  986  1,033  1,243  (29) (64)
Loans and leases: (2)
Commercial:
Commercial and industrial
 46,110  44,747  43,598  42,689  41,397  3  11 
Commercial real estate:
Commercial
 15,200  14,937  14,405  13,516  13,186  2  15 
Construction
 1,400  1,676  1,697  1,760  1,877  (16) (25)
Commercial real estate
 16,600  16,613  16,102  15,276  15,063  —  10 
Lease financing 5,209  5,080  4,981  4,919  4,912  3  6 
Total commercial
 67,919  66,440  64,681  62,884  61,372  2  11 
Consumer:
Residential mortgage
 22,327  22,011  21,552  20,527  19,505  1  14 
Automobile 13,245  13,284  13,514  13,557  13,463  —  (2)
Home equity 10,258  10,417  10,431  10,373  10,414  (2) (1)
RV and marine 5,366  5,408  5,454  5,317  5,103  (1) 5 
Other consumer
 1,305  1,347  1,332  1,291  1,285  (3) 2 
Total consumer
 52,501  52,467  52,283  51,065  49,770  —  5 
Total loans and leases
 120,420  118,907  116,964  113,949  111,142  1  8 
Total earning assets
 169,112  165,545  164,024  161,225  162,414  2  4 
Cash and due from banks
 1,598  1,650  1,697  1,669  1,648  (3) (3)
Goodwill and other intangible assets 5,759  5,771  5,781  5,613  5,584  —  3 
All other assets
 10,568  10,458  10,154  10,107  10,013  1  6 
Allowance for loan and lease losses
 (2,143) (2,132) (2,099) (2,053) (2,047) (1) (5)
Total assets
 $ 184,894  $ 181,292  $ 179,557  $ 176,561  $ 177,612  2  % 4  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 40,654  $ 42,705  $ 42,038  $ 41,712  $ 40,634  (5) % —  %
Money market deposits
 37,301  34,390  34,058  33,791  32,672  8  14 
Savings and other domestic deposits
 19,877  20,831  21,439  21,683  21,316  (5) (7)
Core certificates of deposit (3)
 5,747  2,926  2,040  2,228  2,560  96  124 
Other domestic deposits of $250,000 or more
 252  198  193  225  316  27  (20)
Negotiable CDS, brokered and other deposits
 4,815  4,777  4,124  2,981  3,453  1  39 
Total interest-bearing deposits
 108,646  105,827  103,892  102,620  100,951  3  8 
Short-term borrowings
 4,371  545  2,609  2,103  4,728  702  (8)
Long-term debt
 11,047  12,650  8,251  7,024  6,914  (13) 60 
Total interest-bearing liabilities
 124,064  119,022  114,752  111,747  112,593  4  10 
Demand deposits - noninterest-bearing
 37,498  39,845  42,116  42,388  41,966  (6) (11)
All other liabilities
 5,056  4,929  4,340  4,168  3,964  3  28 
Total liabilities 166,618  163,796  161,208  158,303  158,523  2  5 
Total Huntington shareholders’ equity 18,231  17,458  18,317  18,228  19,064  4  (4)
Non-controlling interest 45  38  32  30  25  18  80 
Total equity 18,276  17,496  18,349  18,258  19,089  4  (4)
Total liabilities and equity $ 184,894  $ 181,292  $ 179,557  $ 176,561  $ 177,612  2  % 4  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
6

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 71  $ 46  $ 19  $ 7  $ 3 
Interest-bearing deposits in banks
 5  5  2  1  — 
Securities:
Trading account securities
 —  —  —  1  — 
Available-for-sale securities:
Taxable
 232  198  165  123  90 
Tax-exempt
 29  28  25  19  22 
Total available-for-sale securities
 261  226  190  142  112 
Held-to-maturity securities - taxable
 102  100  95  90  66 
Other securities 10  9  7  6  5 
Total securities
 373  335  292  239  183 
Loans held for sale
 7  8  13  10  10 
Loans and leases:
Commercial:
Commercial and industrial 643  578  490  415  392 
Commercial real estate:
Commercial 250  220  169  115  97 
Construction 26  28  21  16  17 
Commercial real estate 276  248  190  131  114 
Lease financing 68  66  63  61  61 
Total commercial 987  892  743  607  567 
Consumer:
Residential mortgage 190  183  174  158  146 
Automobile 129  125  120  115  112 
Home equity 181  172  143  115  102 
RV and marine 58  61  59  55  52 
Other consumer 36  36  32  30  28 
Total consumer 594  577  528  473  440 
Total loans and leases
 1,581  1,469  1,271  1,080  1,007 
Total earning assets
 $ 2,037  $ 1,863  $ 1,597  $ 1,337  $ 1,203 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 132  $ 102  $ 42  $ 11  $ 3 
Money market deposits 172  75  25  8  4 
Savings and other domestic deposits
 3  2  1  1  1 
Core certificates of deposit (3)
 43  10  1  —  1 
Other domestic deposits of $250,000 or more
 2  1  —  —  — 
Negotiable CDS, brokered and other deposits
 54  45  23  5  2 
Total interest-bearing deposits
 406  235  92  25  11 
Short-term borrowings
 60  10  22  7  7 
Long-term debt
 153  147  71  38  31 
Total interest-bearing liabilities 619  392  185  70  49 
Net interest income
 $ 1,418  $ 1,471  $ 1,412  $ 1,267  $ 1,154 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
March 31, December 31, September 30, June 30, March 31,
Fully-taxable equivalent basis (1)
 2023 2022 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 4.65  % 3.99  % 2.39  % 0.80  % 0.17  %
Interest-bearing deposits in banks
 8.50  5.72  3.31  1.32  0.15 
Securities:
Trading account securities
 5.37  5.45  4.12  3.99  3.39 
Available-for-sale securities:
Taxable
 4.34  3.87  3.06  2.25  1.49 
Tax-exempt
 4.40  4.21  3.39  2.71  3.00 
Total available-for-sale securities
 4.35  3.91  3.09  2.30  1.65 
Held-to-maturity securities - taxable
 2.41  2.34  2.21  2.10  1.81 
Other securities 4.35  4.15  3.21  3.62  1.88 
Total securities
 3.56  3.26  2.74  2.24  1.72 
Loans held for sale
 5.85  5.42  4.98  4.08  3.15 
Loans and leases: (3)
Commercial:
Commercial and industrial 5.58  5.05  4.40  3.84  3.79 
Commercial real estate:
Commercial 6.58  5.78  4.57  3.38  2.94 
Construction 7.40  6.54  4.95  3.70  3.52 
Commercial real estate 6.65  5.85  4.61  3.41  3.01 
Lease financing 5.25  5.02  4.95  4.98  4.93 
Total commercial 5.82  5.25  4.50  3.83  3.69 
Consumer:
Residential mortgage 3.41  3.33  3.23  3.09  2.99 
Automobile 3.94  3.74  3.53  3.40  3.38 
Home equity 7.14  6.57  5.43  4.44  3.99 
RV and marine 4.42  4.45  4.29  4.12  4.15 
Other consumer 11.18  10.38  9.55  9.08  8.96 
Total consumer 4.57  4.37  4.02  3.70  3.57 
Total loans and leases
 5.27  4.86  4.28  3.77  3.64 
Total earning assets
 4.89  4.46  3.86  3.33  3.00 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.32  0.94  0.40  0.10  0.03 
Money market deposits 1.87  0.86  0.29  0.09  0.05 
Savings and other domestic deposits
 0.07  0.03  0.02  0.02  0.02 
Core certificates of deposit (4)
 3.01  1.42  0.10  0.07  0.14 
Other domestic deposits of $250,000 or more
 2.45  1.31  0.35  0.23  0.08 
Negotiable CDS, brokered and other deposits
 4.56  3.74  2.25  0.72  0.17 
Total interest-bearing deposits
 1.52  0.88  0.35  0.10  0.04 
Short-term borrowings
 5.56  7.71  3.31  1.40  0.57 
Long-term debt
 5.52  4.66  3.40  2.16  1.83 
Total interest-bearing liabilities
 2.02  1.31  0.64  0.25  0.18 
Net interest rate spread
 2.87  3.15  3.22  3.08  2.82 
Impact of noninterest-bearing funds on margin
 0.53  0.37  0.20  0.07  0.06 
Net interest margin
 3.40  % 3.52  % 3.42  % 3.15  % 2.88  %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
2023 2022 2022 2022 2022
Fully-taxable equivalent basis (1)
 First Fourth Third Second First
Commercial loans (2)(3)
 6.42  % 5.68  % 4.62  % 3.69  % 3.47  %
Impact of commercial loan derivatives
 (0.60) (0.43) (0.12) 0.14  0.22 
Total commercial - as reported
 5.82  % 5.25  % 4.50  % 3.83  % 3.69  %
Average 1 Month LIBOR
 4.62  % 3.89  % 2.46  % 1.01  % 0.23  %
Average SOFR 4.50  % 3.61  % 2.14  % 0.70  % 0.09  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes nonaccrual loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.
8

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, September 30, June 30, March 31,
2023 2022 2022 2022 2022
Interest income
 $ 2,028  $ 1,854  $ 1,589  $ 1,331  $ 1,195 
Interest expense
 619  392  185  70  49 
Net interest income
 1,409  1,462  1,404  1,261  1,146 
Provision for credit losses 85  91  106  67  25 
Net interest income after provision for credit losses 1,324  1,371  1,298  1,194  1,121 
Service charges on deposit accounts 83  89  93  105  97 
Card and payment processing income 93  96  96  96  86 
Capital markets fees 59  83  73  54  42 
Trust and investment management services 62  61  60  63  65 
Mortgage banking income 26  25  26  44  49 
Leasing revenue 26  35  29  27  35 
Insurance income 34  31  28  27  31 
Gain on sale of loans 3  2  15  12  28 
Bank owned life insurance income 16  15  13  11  17 
Net gains on sales of securities 1  —  —  —  — 
Other noninterest income 109  62  65  46  49 
Total noninterest income
 512  499  498  485  499 
Personnel costs 649  630  614  577  580 
Outside data processing and other services 151  147  145  153  165 
Equipment 64  67  60  61  81 
Net occupancy 60  61  63  58  64 
Marketing 25  22  24  24  21 
Professional services 16  21  18  19  19 
Deposit and other insurance expense 20  14  15  20  18 
Amortization of intangibles 13  13  13  13  14 
Lease financing equipment depreciation 8  9  11  11  14 
Other noninterest expense 80  93  90  82  77 
Total noninterest expense
 1,086  1,077  1,053  1,018  1,053 
Income before income taxes 750  793  743  661  567 
Provision for income taxes 144  144  146  120  105 
Income after income taxes 606  649  597  541  462 
Income attributable to non-controlling interest 4  4  3  2  2 
Net income attributable to Huntington 602  645  594  539  460 
Dividends on preferred shares 29  28  29  28  28 
Net income applicable to common shares $ 573  $ 617  $ 565  $ 511  $ 432 
Average common shares - basic
 1,443  1,443  1,443  1,441  1,438 
Average common shares - diluted
1,469  1,468  1,465  1,463  1,464 
Per common share
Net income - basic $ 0.40  $ 0.43  $ 0.39  $ 0.35  $ 0.30 
Net income - diluted 0.39  0.42  0.39  0.35  0.29 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,409  $ 1,462  $ 1,404  $ 1,261  $ 1,146 
FTE adjustment
 9  9  8  6  8 
Net interest income (1)
 1,418  1,471  1,412  1,267  1,154 
Noninterest income
 512  499  498  485  499 
Total revenue (1)
 $ 1,930  $ 1,970  $ 1,910  $ 1,752  $ 1,653 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

9

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
Percent Changes vs.
(dollar amounts in millions)
 2023 2022 2022 2022 2022 4Q22 1Q22
Net origination and secondary marketing income
 $ 16  $ 16  $ 25  $ 27  $ 37  —  % (57) %
Net mortgage servicing income
          Loan servicing income
 23  22  22  22  22  5  5 
          Amortization of capitalized servicing (10) (11) (14) (16) (15) 9  33 
    Operating income 13  11  8  6  7  18  86 
          MSR valuation adjustment (1) (12) 2  17  44  51  (700) (124)
          Gains (losses) due to MSR hedging 9  (4) (24) (34) (47) 325  119 
     Net MSR risk management (3) (2) (7) 10  4  (50) (175)
Total net mortgage servicing income $ 10  $ 9  $ 1  $ 16  $ 11  11  % (9) %
All other —  —  —  1  1  —  (100)
Mortgage banking income
 $ 26  $ 25  $ 26  $ 44  $ 49  4  % (47) %
Mortgage origination volume $ 1,412  $ 1,719  $ 2,491  $ 3,366  $ 2,881  (18) % (51) %
Mortgage origination volume for sale
 809  889  1,339  1,263  1,519  (9) (47)
Third party mortgage loans serviced (2) 32,496  32,354  31,988  31,704  31,570  —  3 
Mortgage servicing rights (2) 485  494  486  463  416  (2) 17 
MSR % of investor servicing portfolio (2) 1.49  % 1.53  % 1.52  % 1.46  % 1.32  % (3) % 13  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
10


Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Allowance for loan and lease losses, beginning of period
 $ 2,121  $ 2,110  $ 2,074  $ 2,018  $ 2,030 
Loan and lease charge-offs (99) (97) (83) (52) (81)
Recoveries of loans and leases previously charged-off 42  47  39  44  62 
Net loan and lease charge-offs (57) (50) (44) (8) (19)
Provision (benefit) for loan and lease losses 78  61  80  64  7 
Allowance for loan and lease losses, end of period
 2,142  2,121  2,110  2,074  2,018 
Allowance for unfunded lending commitments, beginning of period 150  120  94  91  77 
Provision for unfunded lending commitments 7  30  26  3  14 
Allowance for unfunded lending commitments, end of period 157  150  120  94  91 
Total allowance for credit losses, end of period
 $ 2,299  $ 2,271  $ 2,230  $ 2,168  $ 2,109 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.77  % 1.77  % 1.79  % 1.78  % 1.79  %
Nonaccrual loans and leases (NALs)
 402  373  351  316  296 
Nonperforming assets (NPAs)
 371  357  336  304  285 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.90  % 1.90  % 1.89  % 1.87  % 1.87  %
Nonaccrual loans and leases (NALs) 431  400  371  330  309 
Nonperforming assets (NPAs) 398  382  355  318  298 

Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 915  $ 890  $ 860  $ 804  $ 937 
Commercial real estate 492  482  504  498  521 
Lease financing 50  52  50  40  56 
Total commercial 1,457  1,424  1,414  1,342  1,514 
Consumer
Residential mortgage 176  187  178  177  139 
Automobile 151  141  118  146  101 
Home equity 118  105  126  131  60 
RV and marine 144  143  127  147  96 
Other consumer 96  121  147  131  108 
Total consumer 685  697  696  732  504 
Total allowance for loan and lease losses 2,142  2,121  2,110  2,074  2,018 
Allowance for unfunded lending commitments 157  150  120  94  91 
Total allowance for credit losses $ 2,299  $ 2,271  $ 2,230  $ 2,168  $ 2,109 


11

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial
 $ 16  $ 9  $ 16  $ (4) $ (23)
Commercial real estate
 18  7  (3) (4) 8 
Lease financing (5) 5  2  (3) 5 
Total commercial
 29  21  15  (11) (10)
Consumer:
Residential mortgage —  —  (1) (1) — 
Automobile 5  3  3  —  — 
Home equity (1) —  (2) (2) (1)
RV and marine
 2  2  2  1  3 
Other consumer
 22  24  27  21  27 
Total consumer
 28  29  29  19  29 
Total net charge-offs $ 57  $ 50  $ 44  $ 8  $ 19 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2023 2022 2022 2022 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial
 0.14  % 0.08  % 0.15  % (0.04) % (0.22) %
Commercial real estate
 0.42  0.17  (0.06) (0.11) 0.22 
Lease financing (0.37) 0.40  0.17  (0.24) 0.40 
Total commercial
 0.17  0.13  0.10  (0.07) (0.06)
Consumer:
Residential mortgage 0.01  (0.01) (0.02) (0.02) — 
Automobile 0.14  0.12  0.07  —  0.01 
Home equity (0.02) (0.04) (0.07) (0.08) (0.03)
RV and marine
 0.18  0.15  0.17  0.10  0.20 
Other consumer
 6.37  7.08  8.09  6.60  8.46 
Total consumer
 0.21  0.22  0.22  0.15  0.23 
Net charge-offs as a % of average loans and leases 0.19  % 0.17  % 0.15  % 0.03  % 0.07  %

12

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions)
 2023 2022 2022 2022 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial
 $ 273  $ 288  $ 288  $ 324  $ 323 
Commercial real estate
 86  92  110  117  114 
Lease financing 14  18  30  22  38 
Residential mortgage 81  90  94  111  117 
Automobile 4  4  4  4  4 
Home equity
 74  76  75  78  84 
RV and marine
 1  1  1  1  2 
Total nonaccrual loans and leases
 533  569  602  657  682 
Other real estate, net:
Residential
 20  11  11  11  10 
Commercial
 —  —  —  —  1 
Total other real estate, net 20  11  11  11  11 
Other NPAs (1) 25  14  14  14  15 
Total nonperforming assets
 $ 578  $ 594  $ 627  $ 682  $ 708 
Nonaccrual loans and leases as a % of total loans and leases
 0.44  % 0.48  % 0.51  % 0.57  % 0.60  %
NPA ratio (2) 0.48  0.50  0.53  0.59  0.63 
(NPA+90days)/(Loan+OREO) (3) 0.63  0.67  0.72  0.77  0.88 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Nonperforming assets, beginning of period $ 594  $ 627  $ 682  $ 708  $ 750 
New nonperforming assets 237  251  119  181  204 
Returns to accruing status (73) (84) (42) (81) (57)
Charge-offs (54) (54) (39) (26) (32)
Payments (124) (144) (89) (97) (155)
Sales (2) (2) (4) (3) (2)
Nonperforming assets, end of period $ 578  $ 594  $ 627  $ 682  $ 708 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

13

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Accruing loans and leases past due 90+ days:
Commercial and industrial
 $ 12  $ 23  $ 29  $ 11  $ 10 
Lease financing 10  9  18  10  12 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 20  21  17  14  25 
Automobile 7  9  6  6  6 
Home equity 18  15  12  13  12 
RV and marine 2  3  2  2  1 
Other consumer
 2  2  3  2  2 
Total, excl. loans guaranteed by the U.S. Government
 71  82  87  58  68 
Add: loans guaranteed by U.S. Government
 114  125  136  154  212 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
 $ 185  $ 207  $ 223  $ 212  $ 280 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.06  % 0.07  % 0.07  % 0.05  % 0.06  %
Guaranteed by U.S. Government, as a percent of total loans and leases
 0.09  0.10  0.12  0.13  0.19 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
 0.15  0.17  0.19  0.18  0.25 

14

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 18,758  $ 17,731  $ 17,136  $ 17,950  $ 18,452 
Regulatory capital adjustments:
CECL transitional amount (2) 219  328  328  328  328 
Shareholders’ preferred equity and related surplus (2,494) (2,177) (2,177) (2,177) (2,177)
Accumulated other comprehensive loss 2,755  3,098  3,276  2,098  1,314 
Goodwill and other intangibles, net of taxes (5,636) (5,663) (5,675) (5,686) (5,474)
Deferred tax assets from tax loss and credit carryforwards (14) (27) (29) (36) (46)
Common equity tier 1 capital
 13,588  13,290  12,859  12,477  12,397 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,494  2,177  2,177  2,177  2,177 
Tier 1 capital
 16,082  15,467  15,036  14,654  14,574 
Long-term debt and other tier 2 qualifying instruments
 1,395  1,424  1,441  1,462  1,464 
Qualifying allowance for loan and lease losses
 1,779  1,682  1,637  1,541  1,485 
Tier 2 capital
 3,174  3,106  3,078  3,003  2,949 
Total risk-based capital
 $ 19,256  $ 18,573  $ 18,114  $ 17,657  $ 17,523 
Risk-weighted assets (RWA)(1) $ 142,335  $ 141,940  $ 138,759  $ 137,841  $ 134,484 
Common equity tier 1 risk-based capital ratio (1)
 9.55  % 9.36  % 9.27  % 9.05  % 9.22  %
Other regulatory capital data:
Tier 1 leverage ratio (1)
 8.79  8.60  8.51  8.46  8.43 
Tier 1 risk-based capital ratio (1)
 11.30  10.90  10.84  10.63  10.84 
Total risk-based capital ratio (1)
 13.53  13.09  13.05  12.81  13.03 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
 7.43  6.93  6.66  7.28  8.00 
(1)March 31, 2023, figures are estimated.
(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized over the three-year transition period. As of March 31, 2023, 50% of the cumulative CECL deferral has been phased in. As of March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022 25% of the cumulative CECL deferral has been phased in.
15

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
March 31, December 31, September 30, June 30, March 31,
2023 2022 2022 2022 2022
Cash dividends declared per common share
 $ 0.155  $ 0.155  $ 0.155  $ 0.155  $ 0.155 
Common shares outstanding (in millions)
Average - basic
1,443  1,443  1,443  1,441  1,438 
Average - diluted
1,469  1,468  1,465  1,463  1,464 
Ending
1,444  1,443  1,443  1,442  1,439 
Tangible book value per common share (1)
 $ 7.32  $ 6.82  $ 6.40  $ 6.96  $ 7.47 

Non-regulatory capital
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2023 2022 2022 2022 2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 18,758  $ 17,731  $ 17,136  $ 17,950  $ 18,452 
Goodwill and other intangible assets (5,741) (5,766) (5,775) (5,788) (5,577)
Deferred tax liability on other intangible assets (1) 38  41  43  46  48 
Total tangible equity
 13,055  12,006  11,404  12,208  12,923 
Preferred equity (2,484) (2,167) (2,167) (2,167) (2,167)
Total tangible common equity
 $ 10,571  $ 9,839  $ 9,237  $ 10,041  $ 10,756 
Total assets
 $ 189,070  $ 182,906  $ 179,402  $ 178,782  $ 176,856 
Goodwill and other intangible assets (5,741) (5,766) (5,775) (5,788) (5,577)
Deferred tax liability on other intangible assets (1) 38  41  43  46  48 
Total tangible assets
 $ 183,367  $ 177,181  $ 173,670  $ 173,040  $ 171,327 
Tangible equity / tangible asset ratio
 7.12  % 6.78  % 6.57  % 7.06  % 7.54  %
Tangible common equity / tangible asset ratio
 5.77  5.55  5.32  5.80  6.28 
Other data:
Number of employees (Average full-time equivalent)
 20,198  20,007  19,997  19,866  19,722 
Number of domestic full-service branches (2)
 1,001  1,032  1,032  1,032  1,030 
ATM Count
 1,668  1,695  1,715  1,731  1,729 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Client Group offices.


16

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

Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following tables provide the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure.
Three months ended
Percent Changes vs.
($ in millions) March 31, 2023 December 31, 2022 March 31, 2022 4Q22 1Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP) $ 1,921  $ 1,961  $ 1,645 
FTE adjustment 9  9  8 
Total revenue (FTE) (a) 1,930  1,970  1,653 
Less: net gain/(loss) on securities 1  —  — 
Less: Notable items 57  —  — 
Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b) 1,872  1,970  1,653 
Noninterest expense (GAAP) (c) 1,086  1,077  1,053 
Less: Notable items 42  15  46 
Noninterest expense, excluding notable items (d) 1,044  1,062  1,007 
PPNR (a-c) 844  893  600  (5) % 41  %
PPNR, adjusted (b-d) 828  908  646  (9) % 28  %
17