July 21, 2023 - EX-99.2 - 8-K: Current report filing | Huntington Bancshares Incorporated (HBAN)

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

June 30, 2023

Table of Contents


Quarterly Key Statistics			1

Year to Date Key Statistics			2

Consolidated Balance Sheets			4

Loans and Leases Composition			5

Deposits Composition			6

Consolidated Quarterly Average Balance Sheets			7

Consolidated Quarterly Net Interest Margin - Interest Income / Expense			8

Consolidated Quarterly Net Interest Margin - Yield			9

Selected Quarterly Income Statement Data			10

Quarterly Mortgage Banking Noninterest Income			11

Quarterly Credit Reserves Analysis			12

Quarterly Net Charge-Off Analysis			13

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			14

Quarterly Accruing Past Due Loans and Leases			15

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data			16

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data			17

Consolidated Year to Date Average Balance Sheets			18

Consolidated Year to Date Net Interest Margin - Interest Income / Expense			19

Consolidated Year to Date Net Interest Margin - Yield			20

Selected Year to Date Income Statement Data			21

Year to Date Mortgage Banking Noninterest Income			22

Year to Date Credit Reserves Analysis			23

Year to Date Net Charge-Off Analysis			24

Year to Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			25

Reconciliation of Non-GAAP Financial Measures			26

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)	%	7	%
FTE adjustment	(11)			(9)			(6)			(22)		(83)
Net interest income	1,346			1,409			1,261			(4)		7
Provision for credit losses	92			85			67			8		37
Noninterest income	495			512			485			(3)		2
Noninterest expense	1,050			1,086			1,018			(3)		3
Income before income taxes	699			750			661			(7)		6
Provision for income taxes	134			144			120			(7)		12
Income after income taxes	565			606			541			(7)		4
Income attributable to non-controlling interest	6			4			2			50		200
Net income attributable to Huntington	559			602			539			(7)		4
Dividends on preferred shares	40			29			28			38		43

Net income applicable to common shares	$	519		$	573		$	511		(9)	%	2

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			—		5

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		3		8
Average earning assets	174,909			169,112			161,225			3		8
Average loans and leases	121,345			120,420			113,949			1		6
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			3		3
Average common total shareholders' equity	16,359			15,973			16,062			2		2
Average tangible common shareholders' equity	10,662			10,253			10,496			4		2
Total assets at end of period	188,505			189,070			178,782			—		5
Total Huntington shareholders’ equity at end of period	18,788			18,758			17,950			—		5

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.

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		2
Noninterest expense	2,136			2,071			65		3
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			4			6		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			5		—
Average common shares - diluted	1,468			1,464			4		—

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	6	%
Average earning assets	172,026			161,816			10,210		6
Average loans and leases	120,885			112,553			8,332		7
Average total deposits	145,850			143,968			1,882		1
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.

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.

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		3
Loans and leases (1)	121,225		119,523		1
Allowance for loan and lease losses	(2,177)		(2,121)		(3)
Net loans and leases	119,048		117,402		1
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		3
Total assets	$	188,505	$	182,906	3	%

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		3

Shareholders' equity
Preferred stock	2,484		2,167		15
Common stock	15		14		7
Capital surplus	15,335		15,309		—
Less treasury shares, at cost	(92)		(80)		(15)
Accumulated other comprehensive income (loss)	(3,006)		(3,098)		3
Retained earnings	4,052		3,419		19
Total Huntington shareholders’ equity	18,788		17,731		6
Non-controlling interest	50		38		32
Total equity	18,838		17,769		6
Total liabilities and equity	$	188,505	$	182,906	3	%

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.

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		1,255		1		1,502		1		1,739		2		1,522		1
Commercial real estate	13,166		11		13,387		11		13,640		11		13,876		12		13,482		11
Lease financing	5,143		4		5,244		4		5,252		4		5,093		4		5,043		4
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		8		10,166		8		10,375		9		10,440		9		10,426		9
RV and marine	5,640		5		5,404		4		5,376		4		5,436		5		5,453		5
Other consumer	1,350		1		1,280		1		1,379		1		1,332		1		1,322		1
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	%

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		7		6,981		5		4,324		3		2,115		1		2,103		1
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		3		4,577		3		5,553		4		4,492		3		3,707		3

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		3		5,279		4		6,043		4		5,110		3		4,555		3
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		4		5,705		4		5,592		4		4,954		3		3,839		3
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.

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		(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		2		12
Commercial real estate:
Commercial	12,062		12,282		12,179		11,974		11,442		(2)		5
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)		1
Lease financing	5,155		5,209		5,080		4,981		4,919		(1)		5
Total commercial	68,691		67,919		66,440		64,681		62,884		1		9
Consumer:
Residential mortgage	22,765		22,327		22,011		21,552		20,527		2		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		2		3
Other consumer	1,330		1,305		1,347		1,332		1,291		2		3
Total consumer	52,654		52,501		52,467		52,283		51,065		—		3
Total loans and leases	121,345		120,420		118,907		116,964		113,949		1		6
Total earning assets	174,909		169,112		165,545		164,024		161,225		3		8
Cash and due from banks	1,639		1,598		1,650		1,697		1,669		3		(2)
Goodwill and other intangible assets	5,734		5,759		5,771		5,781		5,613		—		2
All other assets	10,638		10,568		10,458		10,154		10,107		1		5
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	3	%	8	%
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		4		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		2		8
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		7		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		3		9
Total Huntington shareholders’ equity	18,844		18,231		17,458		18,317		18,228		3		3
Non-controlling interest	53		45		38		32		30		18		77
Total equity	18,897		18,276		17,496		18,349		18,258		3		3
Total liabilities and equity	$	190,746	$	184,894	$	181,292	$	179,557	$	176,561	3	%	8	%

(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.

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	$	7
Interest-bearing deposits in banks	5		5		5		2		1
Securities:
Trading account securities	1		—		—		—		1
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		9		7		6
Total securities	399		373		335		292		239
Loans held for sale	8		7		8		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		8
Savings and other domestic deposits	6		3		2		1		1
Core certificates of deposit (3)	83		43		10		1		—

Other domestic deposits of $250,000 or more	2		2		1		—		—
Negotiable CDS, brokered and other deposits	57		54		45		23		5

Total interest-bearing deposits	570		406		235		92		25
Short-term borrowings	74		60		10		22		7
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.

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.

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	8		3		2		15		12
Bank owned life insurance income	16		16		15		13		11
Net (losses) gains on sales of securities	(5)		1		—		—		—
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	8		8		9		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	6		4		4		3		2
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		9		9		8		6
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.

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			—		5
Amortization of capitalized servicing	(12)			(10)			(11)			(14)			(16)			(20)		25
Operating income	11			13			11			8			6			(15)		83
MSR valuation adjustment (1)	15			(12)			2			17			44			225		(66)
(Losses) gains due to MSR hedging	(15)			9			(4)			(24)			(34)			(267)		56
Net MSR risk management	—			(3)			(2)			(7)			10			100		(100)
Total net mortgage servicing income	$	11		$	10		$	9		$	1		$	16		10	%	(31)	%
All other	(1)			—			—			—			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			1		3
Mortgage servicing rights (2)	505			485			494			486			463			4		9
MSR % of investor servicing portfolio (2)	1.55		%	1.49		%	1.53		%	1.52		%	1.46		%	4	%	6	%

(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.

(2)At period end.

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	8			7			30			26			3


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

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		$	9		$	16		$	(4)



Commercial real estate	7			18			7			(3)			(4)
Lease financing	—			(5)			5			2			(3)
Total commercial	27			29			21			15			(11)
Consumer:
Residential mortgage	1			—			—			(1)			(1)
Automobile	3			5			3			3			—
Home equity	—			(1)			—			(2)			(2)
RV and marine	2			2			2			2			1
Other consumer	16			22			24			27			21
Total consumer	22			28			29			29			19
Total net charge-offs	$	49		$	57		$	50		$	44		$	8


	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		%

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	4			4			4			4			4
Home equity	75			74			76			75			78
RV and marine	1			1			1			1			1

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.

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	$	7		$	12		$	23		$	29		$	11

Lease financing	16			10			9			18			10
Residential mortgage (excluding loans guaranteed by the U.S. Government)	18			20			21			17			14
Automobile	6			7			9			6			6
Home equity	18			18			15			12			13
RV and marine	2			2			3			2			2
Other consumer	3			2			2			3			2
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

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.

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.

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		6





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		6
Construction	1,340		1,818		(478)		(26)
Commercial real estate	13,511		13,280		231		2
Lease financing	5,181		4,915		266		5
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		4
Other consumer	1,318		1,288		30		2
Total consumer	52,578		50,421		2,157		4
Total loans and leases	120,885		112,553		8,332		7
Total earning assets	172,026		161,816		10,210		6
Cash and due from banks	1,619		1,659		(40)		(2)
Goodwill and other intangible assets	5,747		5,598		149		3
All other assets	10,602		10,061		541		5
Allowance for loan and lease losses	(2,158)		(2,050)		(108)		(5)
Total assets	$	187,836	$	177,084	$	10,752	6	%
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		6
Negotiable CDS, brokered and other deposits	4,659		3,216		1,443		45

Total interest-bearing deposits	109,827		101,791		8,036		8
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		7
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	6

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.

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		1
Securities:
Trading account securities	1		1
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	9		2
Core certificates of deposit (3)	126		1

Other domestic deposits of $250,000 or more	4		—
Negotiable CDS, brokered and other deposits	111		7

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.

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.

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		7
Capital markets fees	116		96		20		21
Trust and investment management services	130		128		2		2
Mortgage banking income	59		93		(34)		(37)
Leasing revenue	51		62		(11)		(18)
Insurance income	64		58		6		10
Gain on sale of loans	11		40		(29)		(73)
Bank owned life insurance income	32		28		4		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		2
Personnel costs	1,262		1,157		105		9
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		5		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		3
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		4		6		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		5		—
Average common shares - diluted	1,468		1,464		4		—
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		6		43
Net interest income (1)	2,775		2,421		354		15
Noninterest income	1,007		984		23		2
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.

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			2			5
Amortization of capitalized servicing	(22)			(31)			9			29
Operating income	24			13			11			85
MSR valuation adjustment (1)	3			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)			2			(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			3
Mortgage servicing rights (2)	505			463			42			9
MSR % of investor servicing portfolio (2)	1.55		%	1.46		%	0.09		%	6	%

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.

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

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			4
Lease financing	(5)			2
Total commercial	56			(21)
Consumer:
Residential mortgage	1			(1)
Automobile	8			—
Home equity	(1)			(3)
RV and marine	4			4
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		%

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	4			4
Home equity	75			78
RV and marine	1			1

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.

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		9		6
Total revenue (FTE) (a)	1,852		1,930		1,752
Less: net (loss)/gain on securities	(5)		1		—
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)	%	9	%
PPNR, adjusted (b-d)	807		828		758		(3)	%	6	%

Form: 8-K

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