Form: 8-K

Current report filing

July 21, 2023


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
June 30, 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.
During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from commercial real estate to the commercial and industrial loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.
To align with our strategic priorities, during the second quarter 2023, we completed an organizational realignment and now report on two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The organizational realignment primarily involved consolidating our previously reported Consumer and Business Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group, into one new business segment called Consumer & Regional Banking. All prior period results have been adjusted to conform to the new segment 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) June 30, March 31, June 30, Percent Changes vs.
2023 2023 2022 1Q23 2Q22
Net interest income (2)
$ 1,357  $ 1,418  $ 1,267  (4) % %
FTE adjustment (11) (9) (6) (22) (83)
Net interest income
1,346  1,409  1,261  (4)
Provision for credit losses 92  85  67  37 
Noninterest income 495  512  485  (3)
Noninterest expense 1,050  1,086  1,018  (3)
Income before income taxes 699  750  661  (7)
Provision for income taxes 134  144  120  (7) 12 
Income after income taxes 565  606  541  (7)
Income attributable to non-controlling interest 50  200 
Net income attributable to Huntington 559  602  539  (7)
Dividends on preferred shares 40  29  28  38  43 
Net income applicable to common shares $ 519  $ 573  $ 511  (9) %
Net income per common share - diluted $ 0.35  $ 0.39  $ 0.35  (10) % —  %
Cash dividends declared per common share
0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period
7.33  7.32  6.96  — 
Average common shares - basic
1,446  1,443  1,441  —  — 
Average common shares - diluted
1,466  1,469  1,463  —  — 
Ending common shares outstanding
1,448  1,444  1,442  —  — 
Return on average assets
1.18  % 1.32  % 1.22  %
Return on average common shareholders’ equity
12.7  14.6  12.8 
Return on average tangible common shareholders’ equity (1)
19.9  23.1  19.9 
Net interest margin (2)
3.11  3.40  3.15 
Efficiency ratio (3)
55.9  55.6  57.3 
Effective tax rate 19.3  19.2  18.1 
Average total assets
$ 190,746  $ 184,894  $ 176,561 
Average earning assets
174,909  169,112  161,225 
Average loans and leases
121,345  120,420  113,949 
Average loans and leases - linked quarter annualized growth rate
3.1  % 5.1  % 10.1  %
Average total deposits
$ 145,559  $ 146,144  $ 145,008  —  — 
Average core deposits (4) 140,736  141,077  141,802  —  (1)
Average Huntington shareholders’ equity 18,844  18,231  18,228 
Average common total shareholders' equity
16,359  15,973  16,062 
Average tangible common shareholders' equity
10,662  10,253  10,496 
Total assets at end of period
188,505  189,070  178,782  — 
Total Huntington shareholders’ equity at end of period 18,788  18,758  17,950  — 
NCOs as a % of average loans and leases
0.16  % 0.19  % 0.03  %
NAL ratio
0.42  0.44  0.57 
NPA ratio (5) 0.46  0.48  0.59 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
1.80  1.77  1.78 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.93  1.90  1.87 
Common equity tier 1 risk-based capital ratio (6) 9.82  9.55  9.05 
Tangible common equity / tangible asset ratio (7) 5.80  5.77  5.80 
See Notes to the Quarterly Key Statistics.
1


Huntington Bancshares Incorporated
Year to Date Key Statistics
(Unaudited)
Six Months Ended June 30,
Change
(dollar amounts in millions, except per share data) 2023 2022
Amount
Percent
Net interest income (2)
$ 2,775  $ 2,421  $ 354  15  %
FTE adjustment (20) (14) (6) (43)
Net interest income
2,755  2,407  348  14 
Provision for credit losses 177  92  85  92 
Noninterest income 1,007  984  23 
Noninterest expense 2,136  2,071  65 
Income before income taxes
1,449  1,228  221  18 
Provision for income taxes 278  225  53  24 
Income after income taxes 1,171  1,003  168  17 
Income attributable to non-controlling interest 10  150 
Net income attributable to Huntington 1,161  999  162  16 
Dividends on preferred shares 69  56  13  23 
Net income applicable to common shares
$ 1,092  $ 943  $ 149  16  %
Net income per common share - diluted
$ 0.74  $ 0.64  $ 0.10  16  %
Cash dividends declared per common share
0.31  0.31  —  — 
Average common shares - basic
1,445  1,440  — 
Average common shares - diluted
1,468  1,464  — 
Return on average assets
1.25  % 1.14  %
Return on average common shareholders’ equity
13.6  11.5 
Return on average tangible common shareholders’ equity (1)
21.5  17.8 
Net interest margin (2)
3.25  3.02 
Efficiency ratio (3)
55.7  60.0 
Effective tax rate
19.2  18.3 
Average total assets
$ 187,836  $ 177,084  $ 10,752  %
Average earning assets
172,026  161,816  10,210 
Average loans and leases
120,885  112,553  8,332 
Average total deposits
145,850  143,968  1,882 
Average core deposits (4) 140,906  140,482  424  — 
Average Huntington shareholders’ equity 18,539  18,644  (105) (1)
Average common total shareholders' equity
16,167  16,478  (311) (2)
Average tangible common shareholders' equity
10,459  10,927  (468) (4)
NCOs as a % of average loans and leases
0.17  % 0.05  %
NAL ratio
0.42  0.57 
NPA ratio (5) 0.46  0.59 
NM - Not Meaningful
See Notes to the Year to Date and Quarterly Key Statistics.

2


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)June 30, 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.
3


Huntington Bancshares Incorporated
Consolidated Balance Sheets
June 30, December 31,
(dollar amounts in millions) 2023 2022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
$ 1,636  $ 1,796  (9) %
Interest-bearing deposits at Federal Reserve Bank 9,443  4,908  92 
Interest-bearing deposits in banks
210  214  (2)
Trading account securities
128  19  574 
Available-for-sale securities
23,233  23,423  (1)
Held-to-maturity securities
16,578  17,052  (3)
Other securities
975  854  14 
Loans held for sale
545  529 
Loans and leases (1)
121,225  119,523 
Allowance for loan and lease losses
(2,177) (2,121) (3)
Net loans and leases
119,048  117,402 
Bank owned life insurance
2,757  2,753  — 
Accrued income and other receivables 1,471  1,573  (6)
Premises and equipment
1,128  1,156  (2)
Goodwill
5,561  5,571  — 
Servicing rights and other intangible assets 690  712  (3)
Other assets
5,102  4,944 
Total assets
$ 188,505  $ 182,906  %
Liabilities and shareholders' equity
Liabilities
Deposits (2)
$ 148,028  $ 147,914  —  %
Short-term borrowings
1,680  2,027  (17)
Long-term debt
14,711  9,686  52 
Other liabilities
5,248  5,510  (5)
Total liabilities
169,667  165,137 
Shareholders' equity
Preferred stock
2,484  2,167  15 
Common stock
15  14 
Capital surplus
15,335  15,309  — 
Less treasury shares, at cost
(92) (80) (15)
Accumulated other comprehensive income (loss) (3,006) (3,098)
Retained earnings 4,052  3,419  19 
Total Huntington shareholders’ equity 18,788  17,731 
Non-controlling interest 50  38  32 
Total equity 18,838  17,769 
Total liabilities and equity $ 188,505  $ 182,906  %
Common shares authorized (par value of $0.01)
2,250,000,000  2,250,000,000 
Common shares outstanding
1,447,882,434  1,443,068,036 
Treasury shares outstanding
7,429,675  6,322,052 
Preferred stock, authorized shares
6,617,808  6,617,808 
Preferred shares outstanding
882,500  557,500 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4


Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 49,834  41  % $ 50,039  42  % $ 48,121  41  % $ 46,724  40  % $ 45,653  40  %
Commercial real estate:
Commercial
11,750  10  12,132  10  12,138  10  12,137  10  11,960  10 
Construction
1,416  1,255  1,502  1,739  1,522 
Commercial real estate 13,166  11  13,387  11  13,640  11  13,876  12  13,482  11 
Lease financing 5,143  5,244  5,252  5,093  5,043 
Total commercial
68,143  56  68,670  57  67,013  56  65,693  56  64,178  55 
Consumer:
Residential mortgage 23,138  19  22,472  19  22,226  19  21,816  18  21,220  18 
Automobile
12,819  11  13,187  11  13,154  11  13,430  11  13,622  12 
Home equity
10,135  10,166  10,375  10,440  10,426 
RV and marine
5,640  5,404  5,376  5,436  5,453 
Other consumer
1,350  1,280  1,379  1,332  1,322 
Total consumer
53,082  44  52,509  43  52,510  44  52,454  44  52,043  45 
Total loans and leases
$ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  %
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances by business segment:
Consumer & Regional Banking $ 65,374  54  % $ 64,387  53  % $ 64,080  54  % $ 63,603  54  % $ 63,355  55  %
Commercial Banking 55,672  46  56,599  47  55,304  46  54,320  46  52,663  45 
Treasury / Other 179  —  193  —  139  —  224  —  203  — 
Total loans and leases $ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  % $ 116,221  100  %
Average balances by business segment:
Consumer & Regional Banking $ 64,782  54  % $ 64,209  54  % $ 63,836  54  % $ 63,468  55  % $ 62,484  55  %
Commercial Banking 56,375  46  55,919  46  54,789  46  53,067  45  51,109  45 
Treasury / Other 188  —  292  —  282  —  429  —  356  — 
Total loans and leases
$ 121,345  100  % $ 120,420  100  % $ 118,907  100  % $ 116,964  100  % $ 113,949  100  %

5


Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 33,340  23  % $ 36,789  25  % $ 38,242  26  % $ 40,762  28  % $ 42,131  29  %
Demand deposits - interest-bearing 40,387  27  39,827  28  43,136  29  43,673  30  41,433  28 
Money market deposits 40,534  28  37,276  26  36,082  24  33,811  23  34,257  24 
Savings and other domestic deposits 18,294  12  19,546  13  20,357  14  21,274  15  21,583  15 
Core certificates of deposit (1) 10,314  6,981  4,324  2,115  2,103 
Total core deposits 142,869  97  140,419  97  142,141  96  141,635  97  141,507  97 
Other domestic deposits of $250,000 or more 381  —  282  —  220  —  186  —  221  — 
Negotiable CDS, brokered and other deposits
4,778  4,577  5,553  4,492  3,707 
Total deposits $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  %
Total core deposits:
Commercial $ 61,450  43  % $ 61,132  44  % $ 64,107  45  % $ 65,151  46  % $ 63,629  45  %
Consumer 81,419  57  79,287  56  78,034  55  76,484  54  77,878  55 
Total core deposits $ 142,869  100  % $ 140,419  100  % $ 142,141  100  % $ 141,635  100  % $ 141,507  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 106,502  72  % $ 105,339  72  % $ 105,064  71  % $ 104,716  72  % $ 106,967  74  %
Commercial Banking 36,459  25  34,660  24  36,807  25  36,487  25  33,913  23 
Treasury / Other 5,067  5,279  6,043  5,110  4,555 
Total deposits $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  % $ 145,435  100  %
Average balances:
Total core deposits:
Commercial $ 61,304  44  % $ 63,423  45  % $ 65,128  46  % $ 65,278  46  % $ 63,921  45  %
Consumer 79,432  56  77,654  55  75,568  54  76,414  54  77,881  55 
Total core deposits $ 140,736  100  % $ 141,077  100  % $ 140,696  100  % $ 141,692  100  % $ 141,802  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 104,593  71  % $ 104,151  71  % $ 103,820  71  % $ 105,174  72  % $ 106,801  73  %
Commercial Banking 35,752  25  36,288  25  36,260  25  35,880  25  34,368  24 
Treasury / Other 5,214  5,705  5,592  4,954  3,839 
Total deposits $ 145,559  100  % $ 146,144  100  % $ 145,672  100  % $ 146,008  100  % $ 145,008  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.


6


Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
June 30, March 31, December 31, September 30, June 30, Percent Changes vs.
(dollar amounts in millions) 2023 2023 2022 2022 2022 1Q23 2Q22
Assets
Interest-bearing deposits at Federal Reserve Bank $ 11,052  $ 6,101  $ 4,615  $ 3,204  $ 3,532  81  213 
Interest-bearing deposits in banks
229  249  305  260  161  (8) 42 
Securities:
Trading account securities
34  21  29  24  30  62  13 
Available-for-sale securities:
Taxable
20,920  21,368  20,467  21,677  21,672  (2) (3)
Tax-exempt
2,745  2,640  2,706  2,917  2,859  (4)
Total available-for-sale securities
23,665  24,008  23,173  24,594  24,531  (1) (4)
Held-to-maturity securities - taxable
16,762  16,977  17,022  17,188  17,234  (1) (3)
Other securities 1,263  886  857  804  755  43  67 
Total securities
41,724  41,892  41,081  42,610  42,550  —  (2)
Loans held for sale
559  450  637  986  1,033  24  (46)
Loans and leases: (2)
Commercial:
Commercial and industrial
50,194  49,028  47,505  46,029  44,763  12 
Commercial real estate:
Commercial
12,062  12,282  12,179  11,974  11,442  (2)
Construction
1,280  1,400  1,676  1,697  1,760  (9) (27)
Commercial real estate
13,342  13,682  13,855  13,671  13,202  (2)
Lease financing 5,155  5,209  5,080  4,981  4,919  (1)
Total commercial
68,691  67,919  66,440  64,681  62,884 
Consumer:
Residential mortgage
22,765  22,327  22,011  21,552  20,527  11 
Automobile 12,927  13,245  13,284  13,514  13,557  (2) (5)
Home equity 10,154  10,258  10,417  10,431  10,373  (1) (2)
RV and marine 5,478  5,366  5,408  5,454  5,317 
Other consumer
1,330  1,305  1,347  1,332  1,291 
Total consumer
52,654  52,501  52,467  52,283  51,065  — 
Total loans and leases
121,345  120,420  118,907  116,964  113,949 
Total earning assets
174,909  169,112  165,545  164,024  161,225 
Cash and due from banks
1,639  1,598  1,650  1,697  1,669  (2)
Goodwill and other intangible assets 5,734  5,759  5,771  5,781  5,613  — 
All other assets
10,638  10,568  10,458  10,154  10,107 
Allowance for loan and lease losses
(2,174) (2,143) (2,132) (2,099) (2,053) (1) (6)
Total assets
$ 190,746  $ 184,894  $ 181,292  $ 179,557  $ 176,561  % %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
$ 39,772  $ 40,654  $ 42,705  $ 42,038  $ 41,712  (2) % (5) %
Money market deposits
38,753  37,301  34,390  34,058  33,791  15 
Savings and other domestic deposits
18,826  19,877  20,831  21,439  21,683  (5) (13)
Core certificates of deposit (3)
8,820  5,747  2,926  2,040  2,228  53  296 
Other domestic deposits of $250,000 or more
320  252  198  193  225  27  42 
Negotiable CDS, brokered and other deposits
4,502  4,815  4,777  4,124  2,981  (7) 51 
Total interest-bearing deposits
110,993  108,646  105,827  103,892  102,620 
Short-term borrowings
5,242  4,371  545  2,609  2,103  20  149 
Long-term debt
16,252  11,047  12,650  8,251  7,024  47  131 
Total interest-bearing liabilities
132,487  124,064  119,022  114,752  111,747  19 
Demand deposits - noninterest-bearing
34,566  37,498  39,845  42,116  42,388  (8) (18)
All other liabilities
4,796  5,056  4,929  4,340  4,168  (5) 15 
Total liabilities 171,849  166,618  163,796  161,208  158,303 
Total Huntington shareholders’ equity 18,844  18,231  17,458  18,317  18,228 
Non-controlling interest 53  45  38  32  30  18  77 
Total equity 18,897  18,276  17,496  18,349  18,258 
Total liabilities and equity $ 190,746  $ 184,894  $ 181,292  $ 179,557  $ 176,561  % %
(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.
7


Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 141  $ 71  $ 46  $ 19  $
Interest-bearing deposits in banks
Securities:
Trading account securities
—  —  — 
Available-for-sale securities:
Taxable
252  232  198  165  123 
Tax-exempt
33  29  28  25  19 
Total available-for-sale securities
285  261  226  190  142 
Held-to-maturity securities - taxable
102  102  100  95  90 
Other securities 11  10 
Total securities
399  373  335  292  239 
Loans held for sale
13  10 
Loans and leases:
Commercial:
Commercial and industrial 746  686  613  515  427 
Commercial real estate:
Commercial 217  207  185  144  103 
Construction 26  26  28  21  16 
Commercial real estate 243  233  213  165  119 
Lease financing 71  68  66  63  61 
Total commercial 1,060  987  892  743  607 
Consumer:
Residential mortgage 200  190  183  174  158 
Automobile 134  129  125  120  115 
Home equity 187  181  172  143  115 
RV and marine 63  58  61  59  55 
Other consumer 39  36  36  32  30 
Total consumer 623  594  577  528  473 
Total loans and leases
1,683  1,581  1,469  1,271  1,080 
Total earning assets
$ 2,236  $ 2,037  $ 1,863  $ 1,597  $ 1,337 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
$ 167  $ 132  $ 102  $ 42  $ 11 
Money market deposits 255  172  75  25 
Savings and other domestic deposits
Core certificates of deposit (3)
83  43  10  — 
Other domestic deposits of $250,000 or more
—  — 
Negotiable CDS, brokered and other deposits
57  54  45  23 
Total interest-bearing deposits
570  406  235  92  25 
Short-term borrowings
74  60  10  22 
Long-term debt
235  153  147  71  38 
Total interest-bearing liabilities 879  619  392  185  70 
Net interest income
$ 1,357  $ 1,418  $ 1,471  $ 1,412  $ 1,267 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 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.


8


Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
June 30, March 31, December 31, September 30, June 30,
Fully-taxable equivalent basis (1)
2023 2023 2022 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 5.12  % 4.65  % 3.99  % 2.39  % 0.80  %
Interest-bearing deposits in banks
7.79  8.50  5.72  3.31  1.32 
Securities:
Trading account securities
4.92  5.37  5.45  4.12  3.99 
Available-for-sale securities:
Taxable
4.82  4.34  3.87  3.06  2.25 
Tax-exempt
4.87  4.40  4.21  3.39  2.71 
Total available-for-sale securities
4.83  4.35  3.91  3.09  2.30 
Held-to-maturity securities - taxable
2.42  2.41  2.34  2.21  2.10 
Other securities 3.47  4.35  4.15  3.21  3.62 
Total securities
3.82  3.56  3.26  2.74  2.24 
Loans held for sale
6.05  5.85  5.42  4.98  4.08 
Loans and leases: (3)
Commercial:
Commercial and industrial 5.87  5.60  5.06  4.37  3.78 
Commercial real estate:
Commercial 7.14  6.73  5.93  4.72  3.53 
Construction 7.96  7.40  6.54  4.95  3.70 
Commercial real estate 7.22  6.80  6.01  4.75  3.56 
Lease financing 5.45  5.25  5.02  4.95  4.98 
Total commercial 6.10  5.82  5.25  4.50  3.83 
Consumer:
Residential mortgage 3.51  3.41  3.33  3.23  3.09 
Automobile 4.17  3.94  3.74  3.53  3.40 
Home equity 7.42  7.14  6.57  5.43  4.44 
RV and marine 4.59  4.42  4.45  4.29  4.12 
Other consumer 11.59  11.18  10.38  9.55  9.08 
Total consumer 4.74  4.57  4.37  4.02  3.70 
Total loans and leases
5.51  5.27  4.86  4.28  3.77 
Total earning assets
5.13  4.89  4.46  3.86  3.33 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
1.68  1.32  0.94  0.40  0.10 
Money market deposits 2.64  1.87  0.86  0.29  0.09 
Savings and other domestic deposits
0.11  0.07  0.03  0.02  0.02 
Core certificates of deposit (4)
3.78  3.01  1.42  0.10  0.07 
Other domestic deposits of $250,000 or more
3.27  2.45  1.31  0.35  0.23 
Negotiable CDS, brokered and other deposits
5.07  4.56  3.74  2.25  0.72 
Total interest-bearing deposits
2.06  1.52  0.88  0.35  0.10 
Short-term borrowings
5.70  5.56  7.71  3.31  1.40 
Long-term debt
5.79  5.52  4.66  3.40  2.16 
Total interest-bearing liabilities
2.66  2.02  1.31  0.64  0.25 
Net interest rate spread
2.47  2.87  3.15  3.22  3.08 
Impact of noninterest-bearing funds on margin
0.64  0.53  0.37  0.20  0.07 
Net interest margin
3.11  % 3.40  % 3.52  % 3.42  % 3.15  %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
2023 2023 2022 2022 2022
Fully-taxable equivalent basis (1)
Second First Fourth Third Second
Commercial loans (2)(3)
6.82  % 6.42  % 5.68  % 4.62  % 3.69  %
Impact of commercial loan derivatives
(0.72) (0.60) (0.43) (0.12) 0.14 
Total commercial - as reported
6.10  % 5.82  % 5.25  % 4.50  % 3.83  %
Average 1 Month LIBOR
5.09  % 4.62  % 3.89  % 2.46  % 1.01  %
Average SOFR 4.97  % 4.50  % 3.61  % 2.14  % 0.70  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 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.
9


Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) June 30, March 31, December 31, September 30, June 30,
2023 2023 2022 2022 2022
Interest income
$ 2,225  $ 2,028  $ 1,854  $ 1,589  $ 1,331 
Interest expense
879  619  392  185  70 
Net interest income 1,346  1,409  1,462  1,404  1,261 
Provision for credit losses 92  85  91  106  67 
Net interest income after provision for credit losses 1,254  1,324  1,371  1,298  1,194 
Service charges on deposit accounts 87  83  89  93  105 
Card and payment processing income 102  93  96  96  96 
Capital markets fees 57  59  83  73  54 
Trust and investment management services 68  62  61  60  63 
Mortgage banking income 33  26  25  26  44 
Leasing revenue 25  26  35  29  27 
Insurance income 30  34  31  28  27 
Gain on sale of loans 15  12 
Bank owned life insurance income 16  16  15  13  11 
Net (losses) gains on sales of securities (5) —  —  — 
Other noninterest income 74  109  62  65  46 
Total noninterest income
495  512  499  498  485 
Personnel costs 613  649  630  614  577 
Outside data processing and other services 148  151  147  145  153 
Equipment 64  64  67  60  61 
Net occupancy 54  60  61  63  58 
Marketing 32  25  22  24  24 
Professional services 21  16  21  18  19 
Deposit and other insurance expense 23  20  14  15  20 
Amortization of intangibles 13  13  13  13  13 
Lease financing equipment depreciation 11  11 
Other noninterest expense 74  80  93  90  82 
Total noninterest expense
1,050  1,086  1,077  1,053  1,018 
Income before income taxes 699  750  793  743  661 
Provision for income taxes 134  144  144  146  120 
Income after income taxes 565  606  649  597  541 
Income attributable to non-controlling interest
Net income attributable to Huntington 559  602  645  594  539 
Dividends on preferred shares 40  29  28  29  28 
Net income applicable to common shares $ 519  $ 573  $ 617  $ 565  $ 511 
Average common shares - basic
1,446  1,443  1,443  1,443  1,441 
Average common shares - diluted
1,466  1,469  1,468  1,465  1,463 
Per common share
Net income - basic $ 0.36  $ 0.40  $ 0.43  $ 0.39  $ 0.35 
Net income - diluted 0.35  0.39  0.42  0.39  0.35 
Cash dividends declared
0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
$ 1,346  $ 1,409  $ 1,462  $ 1,404  $ 1,261 
FTE adjustment
11 
Net interest income (1)
1,357  1,418  1,471  1,412  1,267 
Noninterest income
495  512  499  498  485 
Total revenue (1)
$ 1,852  $ 1,930  $ 1,970  $ 1,910  $ 1,752 
On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

10


Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Percent Changes vs.
(dollar amounts in millions)
2023 2023 2022 2022 2022 1Q23 2Q22
Net origination and secondary marketing income
$ 23  $ 16  $ 16  $ 25  $ 27  44  % (15) %
Net mortgage servicing income
          Loan servicing income
23  23  22  22  22  — 
          Amortization of capitalized servicing (12) (10) (11) (14) (16) (20) 25 
    Operating income 11  13  11  (15) 83 
          MSR valuation adjustment (1) 15  (12) 17  44  225  (66)
          (Losses) gains due to MSR hedging (15) (4) (24) (34) (267) 56 
     Net MSR risk management —  (3) (2) (7) 10  100  (100)
Total net mortgage servicing income $ 11  $ 10  $ $ $ 16  10  % (31) %
All other (1) —  —  —  (100) (200)
Mortgage banking income
$ 33  $ 26  $ 25  $ 26  $ 44  27  % (25) %
Mortgage origination volume $ 2,504  $ 1,412  $ 1,719  $ 2,491  $ 3,366  77  % (26) %
Mortgage origination volume for sale
1,239  809  889  1,339  1,263  53  (2)
Third party mortgage loans serviced (2) 32,712  32,496  32,354  31,988  31,704 
Mortgage servicing rights (2) 505  485  494  486  463 
MSR % of investor servicing portfolio (2) 1.55  % 1.49  % 1.53  % 1.52  % 1.46  % % %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
11


Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Allowance for loan and lease losses, beginning of period
$ 2,142  $ 2,121  $ 2,110  $ 2,074  $ 2,018 
Loan and lease charge-offs (92) (99) (97) (83) (52)
Recoveries of loans and leases previously charged-off 43  42  47  39  44 
Net loan and lease charge-offs (49) (57) (50) (44) (8)
Provision for loan and lease losses 84  78  61  80  64 
Allowance for loan and lease losses, end of period
2,177  2,142  2,121  2,110  2,074 
Allowance for unfunded lending commitments, beginning of period 157  150  120  94  91 
Provision for unfunded lending commitments 30  26 
Allowance for unfunded lending commitments, end of period 165  157  150  120  94 
Total allowance for credit losses, end of period
$ 2,342  $ 2,299  $ 2,271  $ 2,230  $ 2,168 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.80  % 1.77  % 1.77  % 1.79  % 1.78  %
Nonaccrual loans and leases (NALs)
427  402  373  351  316 
Nonperforming assets (NPAs)
391  371  357  336  304 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
1.93  % 1.90  % 1.90  % 1.89  % 1.87  %
Nonaccrual loans and leases (NALs) 459  431  400  371  330 
Nonperforming assets (NPAs) 420  398  382  355  318 

Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 994  $ 967  $ 939  $ 914  $ 838 
Commercial real estate 442  440  433  450  464 
Lease financing 47  50  52  50  40 
Total commercial 1,483  1,457  1,424  1,414  1,342 
Consumer
Residential mortgage 194  176  187  178  177 
Automobile 144  151  141  118  146 
Home equity 119  118  105  126  131 
RV and marine 145  144  143  127  147 
Other consumer 92  96  121  147  131 
Total consumer 694  685  697  696  732 
Total allowance for loan and lease losses 2,177  2,142  2,121  2,110  2,074 
Allowance for unfunded lending commitments 165  157  150  120  94 
Total allowance for credit losses $ 2,342  $ 2,299  $ 2,271  $ 2,230  $ 2,168 


12


Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial
$ 20  $ 16  $ $ 16  $ (4)
Commercial real estate
18  (3) (4)
Lease financing —  (5) (3)
Total commercial
27  29  21  15  (11)
Consumer:
Residential mortgage —  —  (1) (1)
Automobile — 
Home equity —  (1) —  (2) (2)
RV and marine
Other consumer
16  22  24  27  21 
Total consumer
22  28  29  29  19 
Total net charge-offs $ 49  $ 57  $ 50  $ 44  $
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
2023 2023 2022 2022 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial
0.15  % 0.13  % 0.08  % 0.14  % (0.04) %
Commercial real estate
0.23  0.51  0.20  (0.07) (0.13)
Lease financing —  (0.37) 0.40  0.17  (0.24)
Total commercial
0.16  0.17  0.13  0.10  (0.07)
Consumer:
Residential mortgage 0.01  0.01  (0.01) (0.02) (0.02)
Automobile 0.10  0.14  0.12  0.07  — 
Home equity (0.02) (0.02) (0.04) (0.07) (0.08)
RV and marine
0.13  0.18  0.15  0.17  0.10 
Other consumer
5.17  6.37  7.08  8.09  6.60 
Total consumer
0.17  0.21  0.22  0.22  0.15 
Net charge-offs as a % of average loans and leases 0.16  % 0.19  % 0.17  % 0.15  % 0.03  %

13


Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions)
2023 2023 2022 2022 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial
$ 267  $ 273  $ 288  $ 288  $ 324 
Commercial real estate
75  86  92  110  117 
Lease financing 15  14  18  30  22 
Residential mortgage 73  81  90  94  111 
Automobile
Home equity
75  74  76  75  78 
RV and marine
Total nonaccrual loans and leases
510  533  569  602  657 
Other real estate, net 18  20  11  11  11 
Other NPAs (1) 29  25  14  14  14 
Total nonperforming assets
$ 557  $ 578  $ 594  $ 627  $ 682 
Nonaccrual loans and leases as a % of total loans and leases
0.42  % 0.44  % 0.48  % 0.51  % 0.57  %
NPA ratio (2) 0.46  0.48  0.50  0.53  0.59 
(NPA+90days)/(Loan+OREO) (3) 0.60  0.63  0.67  0.72  0.77 
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Nonperforming assets, beginning of period $ 578  $ 594  $ 627  $ 682  $ 708 
New nonperforming assets 188  237  251  119  181 
Returns to accruing status (34) (73) (84) (42) (81)
Charge-offs (42) (54) (54) (39) (26)
Payments (118) (124) (144) (89) (97)
Sales (15) (2) (2) (4) (3)
Nonperforming assets, end of period $ 557  $ 578  $ 594  $ 627  $ 682 
(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.

14


Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Accruing loans and leases past due 90+ days:
Commercial and industrial
$ $ 12  $ 23  $ 29  $ 11 
Lease financing 16  10  18  10 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 18  20  21  17  14 
Automobile
Home equity 18  18  15  12  13 
RV and marine
Other consumer
Total, excl. loans guaranteed by the U.S. Government
70  71  82  87  58 
Add: loans guaranteed by U.S. Government
103  114  125  136  154 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
$ 173  $ 185  $ 207  $ 223  $ 212 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
0.06  % 0.06  % 0.07  % 0.07  % 0.05  %
Guaranteed by U.S. Government, as a percent of total loans and leases
0.08  0.09  0.10  0.12  0.13 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
0.14  0.15  0.17  0.19  0.18 

15


Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 18,788  $ 18,758  $ 17,731  $ 17,136  $ 17,950 
Regulatory capital adjustments:
CECL transitional amount (2) 219  219  328  328  328 
Shareholders’ preferred equity and related surplus (2,494) (2,494) (2,177) (2,177) (2,177)
Accumulated other comprehensive loss 3,006  2,755  3,098  3,276  2,098 
Goodwill and other intangibles, net of taxes (5,620) (5,636) (5,663) (5,675) (5,686)
Deferred tax assets from tax loss and credit carryforwards (14) (14) (27) (29) (36)
Common equity tier 1 capital
13,885  13,588  13,290  12,859  12,477 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,494  2,494  2,177  2,177  2,177 
Tier 1 capital
16,379  16,082  15,467  15,036  14,654 
Long-term debt and other tier 2 qualifying instruments
1,394  1,395  1,424  1,441  1,462 
Qualifying allowance for loan and lease losses
1,767  1,779  1,682  1,637  1,541 
Tier 2 capital
3,161  3,174  3,106  3,078  3,003 
Total risk-based capital
$ 19,540  $ 19,256  $ 18,573  $ 18,114  $ 17,657 
Risk-weighted assets (RWA)(1) $ 141,432  $ 142,335  $ 141,940  $ 138,759  $ 137,841 
Common equity tier 1 risk-based capital ratio (1)
9.82  % 9.55  % 9.36  % 9.27  % 9.05  %
Other regulatory capital data:
Tier 1 leverage ratio (1)
9.01  8.79  8.60  8.51  8.46 
Tier 1 risk-based capital ratio (1)
11.58  11.30  10.90  10.84  10.63 
Total risk-based capital ratio (1)
13.82  13.53  13.09  13.05  12.81 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
7.50  7.43  6.93  6.66  7.28 
(1)June 30, 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 and June 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of June 30, 2022, September 30, 2022, and December 31, 2022, 25% of the cumulative CECL deferral has been phased in.
16


Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
June 30, March 31, December 31, September 30, June 30,
2023 2023 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
1,446  1,443  1,443  1,443  1,441 
Average - diluted
1,466  1,469  1,468  1,465  1,463 
Ending
1,448  1,444  1,443  1,443  1,442 
Tangible book value per common share (1)
$ 7.33  $ 7.32  $ 6.82  $ 6.40  $ 6.96 

Non-regulatory capital
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2023 2023 2022 2022 2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 18,788  $ 18,758  $ 17,731  $ 17,136  $ 17,950 
Goodwill and other intangible assets (5,728) (5,741) (5,766) (5,775) (5,788)
Deferred tax liability on other intangible assets (1) 35  38  41  43  46 
Total tangible equity
13,095  13,055  12,006  11,404  12,208 
Preferred equity (2,484) (2,484) (2,167) (2,167) (2,167)
Total tangible common equity
$ 10,611  $ 10,571  $ 9,839  $ 9,237  $ 10,041 
Total assets
$ 188,505  $ 189,070  $ 182,906  $ 179,402  $ 178,782 
Goodwill and other intangible assets (5,728) (5,741) (5,766) (5,775) (5,788)
Deferred tax liability on other intangible assets (1) 35  38  41  43  46 
Total tangible assets
$ 182,812  $ 183,367  $ 177,181  $ 173,670  $ 173,040 
Tangible equity / tangible asset ratio
7.16  % 7.12  % 6.78  % 6.57  % 7.06  %
Tangible common equity / tangible asset ratio
5.80  5.77  5.55  5.32  5.80 
Other data:
Number of employees (Average full-time equivalent)
20,200  20,198  20,007  19,997  19,866 
Number of domestic full-service branches (2)
1,001  1,001  1,032  1,032  1,032 
ATM Count
1,641  1,668  1,695  1,715  1,731 
(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.


17


Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)
YTD Average Balances (1)
Six Months Ended June 30,
Change
(dollar amounts in millions)
2023 2022
Amount
Percent
Assets
Interest-bearing deposits at Federal Reserve Bank $ 8,590  $ 5,354  $ 3,236  60  %
Interest-bearing deposits in banks
239  168  71  42 
Securities:
Trading account securities
27  38  (11) (29)
Available-for-sale securities:
Taxable
21,143  22,931  (1,788) (8)
Tax-exempt
2,693  2,873  (180) (6)
Total available-for-sale securities
23,836  25,804  (1,968) (8)
Held-to-maturity securities - taxable
16,869  15,902  967 
Other securities 1,075  860  215  25 
Total securities
41,807  42,604  (797) (2)
Loans held for sale
505  1,137  (632) (56)
Loans and leases: (2)
Commercial:
Commercial and industrial 49,615  43,937  5,678  13 
Commercial real estate:
Commercial 12,171  11,462  709 
Construction 1,340  1,818  (478) (26)
Commercial real estate 13,511  13,280  231 
Lease financing 5,181  4,915  266 
Total commercial 68,307  62,132  6,175  10 
Consumer:
Residential mortgage 22,547  20,019  2,528  13 
Automobile 13,085  13,510  (425) (3)
Home equity 10,206  10,394  (188) (2)
RV and marine 5,422  5,210  212 
Other consumer 1,318  1,288  30 
Total consumer 52,578  50,421  2,157 
Total loans and leases
120,885  112,553  8,332 
Total earning assets
172,026  161,816  10,210 
Cash and due from banks
1,619  1,659  (40) (2)
Goodwill and other intangible assets 5,747  5,598  149 
All other assets
10,602  10,061  541 
Allowance for loan and lease losses
(2,158) (2,050) (108) (5)
Total assets
$ 187,836  $ 177,084  $ 10,752  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
$ 40,211  $ 41,176  $ (965) (2) %
Money market deposits 38,031  33,235  4,796  14 
Savings and other domestic deposits
19,348  21,501  (2,153) (10)
Core certificates of deposit (3)
7,292  2,393  4,899  NM
Other domestic deposits of $250,000 or more
286  270  16 
Negotiable CDS, brokered and other deposits
4,659  3,216  1,443  45 
Total interest-bearing deposits
109,827  101,791  8,036 
Short-term borrowings
4,809  3,408  1,401  41 
Long-term debt
13,664  6,969  6,695  96 
Total interest-bearing liabilities
128,300  112,168  16,132  14 
Demand deposits - noninterest-bearing
36,023  42,177  (6,154) (15)
All other liabilities
4,925  4,068  857  21 
Total Liabilities 169,248  158,413  10,835 
Total Huntington shareholders’ equity 18,539  18,644  (105) (1)
Non-controlling interest 49  27  22  81 
Total equity $ 18,588  $ 18,671  $ (83) — 
Total liabilities and equity $ 187,836  $ 177,084  $ 21,587 
NM - Not Meaningful
(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.
18


Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
YTD Interest Income / Expense
Six Months Ended June 30,
(dollar amounts in millions)
2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 212  $ 10 
Interest-bearing deposits in banks
10 
Securities:
Trading account securities
Available-for-sale securities:
Taxable
484  213 
Tax-exempt
62  41 
Total available-for-sale securities
546  254 
Held-to-maturity securities - taxable
204  156 
Other securities 21  11 
Total securities
772  422 
Loans held for sale
15  20 
Loans and leases:
Commercial:
Commercial and industrial 1,432  828 
Commercial real estate:
Commercial 424  191 
Construction 52  33 
Commercial real estate 476  224 
Lease financing 139  122 
Total commercial 2,047  1,174 
Consumer:
Residential mortgage 390  304 
Automobile 263  227 
Home equity 368  217 
RV and marine 121  107 
Other consumer 75  58 
Total consumer 1,217  913 
Total loans and leases
3,264  2,087 
Total earning assets
$ 4,273  $ 2,540 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
$ 299  $ 14 
Money market deposits 427  12 
Savings and other domestic deposits
Core certificates of deposit (3)
126 
Other domestic deposits of $250,000 or more
— 
Negotiable CDS, brokered and other deposits
111 
Total interest-bearing deposits
976  36 
Short-term borrowings
134  14 
Long-term debt
388  69 
Total interest-bearing liabilities
1,498  119 
Net interest income
$ 2,775  $ 2,421 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 21 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.
19


Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Yield
(Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1)
2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 4.95  % 0.38  %
Interest-bearing deposits in banks
8.16  0.71 
Securities:
Trading account securities
5.09  3.63 
Available-for-sale securities:
Taxable
4.58  1.85 
Tax-exempt
4.64  2.86 
Total available-for-sale securities
4.59  1.96 
Held-to-maturity securities - taxable
2.42  1.97 
Other securities 3.83  2.64 
Total securities
3.69  1.98 
Loans held for sale
5.96  3.58 
Loans and leases: (3)
Commercial:
Commercial and industrial 5.74  3.75 
Commercial real estate:
Commercial 6.93  3.31 
Construction 7.67  3.61 
Commercial real estate 7.01  3.35 
Lease financing 5.35  4.95 
Total commercial 5.96  3.76 
Consumer:
Residential mortgage 3.46  3.04 
Automobile 4.05  3.39 
Home equity 7.28  4.21 
RV and marine 4.51  4.14 
Other consumer 11.39  9.02 
Total consumer 4.66  3.64 
Total loans and leases
5.39  3.71 
Total earning assets
5.01  % 3.17  %
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
1.50  % 0.07  %
Money market deposits 2.27  0.07 
Savings and other domestic deposits
0.09  0.02 
Core certificates of deposit (4)
3.48  0.10 
Other domestic deposits of $250,000 or more
2.91  0.19 
Negotiable CDS, brokered and other deposits
4.81  0.42 
Total interest-bearing deposits
1.79  0.07 
Short-term borrowings
5.64  0.83 
Long-term debt
5.67  1.99 
Total interest-bearing liabilities
2.35  0.21 
Net interest rate spread
2.66  2.96 
Impact of noninterest-bearing funds on margin
0.59  0.06 
Net interest margin
3.25  % 3.02  %
Commercial Loan Derivative Impact
 (Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1)
2023 2022
Commercial loans (2)(3)
6.62  % 3.58  %
Impact of commercial loan derivatives
(0.66) 0.18 
Total commercial - as reported
5.96  % 3.76  %
Average 1 Month LIBOR
4.85  % 0.61  %
Average SOFR 4.73  % 0.40  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 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 the impact of nonaccrual loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.
20


Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions, except per share data) 2023 2022 Amount Percent
Interest income $ 4,253  $ 2,526  $ 1,727  68  %
Interest expense 1,498  119  1,379  NM
Net interest income 2,755  2,407  348  14 
Provision for credit losses 177  92  85  92 
Net interest income after provision for credit losses 2,578  2,315  263  11 
Service charges on deposit accounts 170  202  (32) (16)
Card and payment processing income 195  182  13 
Capital markets fees 116  96  20  21 
Trust and investment management services 130  128 
Mortgage banking income 59  93  (34) (37)
Leasing revenue 51  62  (11) (18)
Insurance income 64  58  10 
Gain on sale of loans 11  40  (29) (73)
Bank owned life insurance income 32  28  14 
Net (losses) gains on sales of securities (4) —  (4) (100)
Other noninterest income 183  95  88  93 
Total noninterest income 1,007  984  23 
Personnel costs 1,262  1,157  105 
Outside data processing and other services 299  318  (19) (6)
Equipment 128  142  (14) (10)
Net occupancy 114  122  (8) (7)
Marketing 57  45  12  27 
Professional services 37  38  (1) (3)
Deposit and other insurance expense 43  38  13 
Amortization of intangibles 26  27  (1) (4)
Lease financing equipment depreciation 16  25  (9) (36)
Other noninterest expense 154  159  (5) (3)
Total noninterest expense 2,136  2,071  65 
Income before income taxes 1,449  1,228  221  18 
Provision for income taxes 278  225  53  24 
Income after income taxes 1,171  1,003  168  17 
Income attributable to non-controlling interest 10  150 
Net income attributable to Huntington 1,161  999  162  16 
Dividends on preferred shares 69  56  13  23 
Net income applicable to common shares $ 1,092  $ 943  $ 149  16  %
Average common shares - basic 1,445  1,440  — 
Average common shares - diluted 1,468  1,464  — 
Per common share
Net income - basic $ 0.76  $ 0.65  $ 0.11  17  %
Net income - diluted 0.74  0.64  0.10  16 
Cash dividends declared 0.31  0.31  —  — 
Revenue - fully taxable equivalent (FTE)
Net interest income $ 2,755  $ 2,407  $ 348  14  %
FTE adjustment 20  14  43 
Net interest income (1) 2,775  2,421  354  15 
Noninterest income 1,007  984  23 
Total revenue (1) $ 3,782  $ 3,405  $ 377  11  %
NM - Not Meaningful
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
21


Huntington Bancshares Incorporated
Year To Date Mortgage Banking Noninterest Income
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions) 2023 2022 Amount Percent
Net origination and secondary marketing income $ 39  $ 64  $ (25) (39) %
Net mortgage servicing income
          Loan servicing income 46  44 
          Amortization of capitalized servicing (22) (31) 29 
     Operating income 24  13  11  85 
          MSR valuation adjustment (1) 95  (92) (97)
          (Losses) gains due to MSR hedging (6) (81) 75  93 
     Net MSR risk management (3) 14  (17) — 
Total net mortgage servicing income $ 21  $ 27  $ (6) (22) %
All other (1) (3) (150)
Mortgage banking income $ 59  $ 93  $ (34) (37) %
Mortgage origination volume $ 3,916  $ 6,247  $ (2,331) (37) %
Mortgage origination volume for sale 2,048  2,782  (734) (26)
Third party mortgage loans serviced (2) 32,712  31,704  1,008 
Mortgage servicing rights (2) 505  463  42 
MSR % of investor servicing portfolio (2) 1.55  % 1.46  % 0.09  % %
NM - Not Meaningful
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
22


Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions)
2023 2022
Allowance for loan and lease losses, beginning of period
$ 2,121  $ 2,030 
Loan and lease charge-offs (191) (133)
Recoveries of loans and leases previously charged off 85  106 
Net loan and lease charge-offs (106) (27)
Provision for loan and lease losses
162  71 
Allowance for loan and lease losses, end of period
2,177  2,074 
Allowance for unfunded lending commitments, beginning of period $ 150  $ 77 
Provision for unfunded lending commitments 15  17 
Allowance for unfunded lending commitments, end of period 165  94 
Total allowance for credit losses, end of period $ 2,342  $ 2,168 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
1.80  % 1.78  %
Nonaccrual loans and leases (NALs)
427  316 
Nonperforming assets (NPAs)
391  304 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
1.93  % 1.87  %
Nonaccrual loans and leases (NALs) 459  330 
Nonperforming assets (NPAs) 420  318 
23


Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions)
2023 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 36  $ (27)
Commercial real estate 25 
Lease financing (5)
Total commercial
56  (21)
Consumer:
Residential mortgage (1)
Automobile — 
Home equity (1) (3)
RV and marine
Other consumer 38  48 
Total consumer
50  48 
Total net charge-offs $ 106  $ 27 
Six Months Ended June 30,
2023 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.14  % (0.12) %
Commercial real estate 0.37  0.06 
Lease financing (0.19) 0.08 
Total commercial 0.16  (0.07)
Consumer:
Residential mortgage 0.01  (0.01)
Automobile 0.12  — 
Home equity (0.02) (0.05)
RV and marine
0.16  0.15 
Other consumer 5.76  7.53 
Total consumer 0.19  0.19 
Net charge-offs as a % of average loans 0.17  % 0.05  %

24


Huntington Bancshares Incorporated
Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
June 30,
(dollar amounts in millions)
2023 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 267  $ 324 
Commercial real estate 75  117 
Lease financing 15  22 
Residential mortgage 73  111 
Automobile
Home equity 75  78 
RV and marine
Total nonaccrual loans and leases 510  657 
Other real estate, net 18  11 
Other NPAs (1) 29  14 
Total nonperforming assets (3)
$ 557  $ 682 
Nonaccrual loans and leases as a % of total loans and leases 0.42  % 0.57  %
NPA ratio (2)
0.46  0.59 
Six Months Ended June 30,
(dollar amounts in millions)
2023 2022
Nonperforming assets, beginning of period $ 594  $ 750 
New nonperforming assets 425  385 
Returns to accruing status (107) (138)
Charge-offs (96) (58)
Payments (242) (252)
Sales and held-for-sale transfers
(17) (5)
Nonperforming assets, end of period (2)
$ 557  $ 682 
(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)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.
25


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
June 30, March 31, June 30,
Percent Changes vs.
($ in millions) 2023 2023 2022 1Q23 2Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP) $ 1,841  $ 1,921  $ 1,746 
FTE adjustment 11 
Total revenue (FTE) (a) 1,852  1,930  1,752 
Less: net (loss)/gain on securities (5) — 
Less: Notable items —  57  — 
Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b) 1,857  1,872  1,752 
Noninterest expense (GAAP) (c) 1,050  1,086  1,018 
Less: Notable items —  42  24 
Noninterest expense, excluding notable items (d) 1,050  1,044  994 
PPNR (a-c) 802  844  734  (5) % %
PPNR, adjusted (b-d) 807  828  758  (3) % %
26