Form: 8-K

Current report filing

October 20, 2023

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
September 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.
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) September 30, June 30, September 30, Percent Changes vs.
2023 2023 2022 2Q23 3Q22
Net interest income (1)
 $ 1,379  $ 1,357  $ 1,412  2  % (2) %
FTE adjustment (11) (11) (8) —  (38)
Net interest income
 1,368  1,346  1,404  2  (3)
Provision for credit losses 99  92  106  8  (7)
Noninterest income 509  495  498  3  2 
Noninterest expense 1,090  1,050  1,053  4  4 
Income before income taxes 688  699  743  (2) (7)
Provision for income taxes 136  134  146  1  (7)
Income after income taxes 552  565  597  (2) (8)
Income attributable to non-controlling interest 5  6  3  (17) 67 
Net income attributable to Huntington 547  559  594  (2) (8)
Dividends on preferred shares 37  40  29  (8) 28 
Net income applicable to common shares $ 510  $ 519  $ 565  (2) % (10)
Net income per common share - diluted $ 0.35  $ 0.35  $ 0.39  —  % (10) %
Cash dividends declared per common share
 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period
 7.12  7.33  6.40  (3) 11 
Average common shares - basic
1,448  1,446  1,443  —  — 
Average common shares - diluted
1,468  1,466  1,465  —  — 
Ending common shares outstanding
1,448  1,448  1,443  —  — 
Return on average assets
 1.16  % 1.18  % 1.31  %
Return on average common shareholders’ equity
 12.4  12.7  13.9 
Return on average tangible common shareholders’ equity (2)
19.5  19.9  21.9 
Net interest margin (1)
 3.20  3.11  3.42 
Efficiency ratio (3)
 57.0  55.9  54.4 
Effective tax rate 19.7  19.3  19.7 
Average total assets
$ 186,599  $ 190,746  $ 179,557  (2) 4 
Average earning assets
170,948  174,909  164,024  (2) 4 
Average loans and leases
120,784  121,345  116,964  —  3 
Average total deposits
$ 148,150  $ 145,559  $ 146,008  2  1 
Average core deposits (4) 143,110  140,736  141,691  2  1 
Average Huntington shareholders’ equity 18,741  18,844  18,317  (1) 2 
Average common total shareholders' equity
 16,256  16,359  16,150  (1) 1 
Average tangible common shareholders' equity
10,568  10,662  10,413  (1) 1 
Total assets at end of period
186,650  188,505  179,402  (1) 4 
Total Huntington shareholders’ equity at end of period 18,483  18,788  17,136  (2) 8 
NCOs as a % of average loans and leases
 0.24  % 0.16  % 0.15  %
NAL ratio
 0.49  0.42  0.51 
NPA ratio (5) 0.52  0.46  0.53 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 1.83  1.80  1.79 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.96  1.93  1.89 
Common equity tier 1 risk-based capital ratio (6) 10.10  9.82  9.27 
Tangible common equity / tangible asset ratio (7) 5.70  5.80  5.32 
See Notes to the Quarterly and Year to Date Key Statistics.
1

Huntington Bancshares Incorporated
Year to Date Key Statistics
(Unaudited)
Nine Months Ended September 30, Change
(dollar amounts in millions, except per share data) 2023 2022 Amount Percent
Net interest income (1)
 $ 4,154  $ 3,833  $ 321  8  %
FTE adjustment (31) (22) (9) (41)
Net interest income
 4,123  3,811  312  8 
Provision for credit losses 276  198  78  39 
Noninterest income 1,516  1,482  34  2 
Noninterest expense 3,226  3,124  102  3 
Income before income taxes
 2,137  1,971  166  8 
Provision for income taxes 414  371  43  12 
Income after income taxes 1,723  1,600  123  8 
Income attributable to non-controlling interest 15  7  8  114 
Net income attributable to Huntington 1,708  1,593  115  7 
Dividends on preferred shares 106  85  21  25 
Net income applicable to common shares
 $ 1,602  $ 1,508  $ 94  6  %
Net income per common share - diluted
 $ 1.09  $ 1.03  $ 0.06  6  %
Cash dividends declared per common share
 0.465  0.465  —  — 
Average common shares - basic
 1,446  1,441  5  — 
Average common shares - diluted
1,468  1,464  4  — 
Return on average assets
 1.22  % 1.20  %
Return on average common shareholders’ equity
 13.2  12.3 
Return on average tangible common shareholders’ equity (2)
 20.8  19.1 
Net interest margin (1)
 3.24  3.15 
Efficiency ratio (3)
 56.2  58.0 
Effective tax rate
 19.4  18.8 
Average total assets
$ 187,419  $ 177,917  $ 9,502  5  %
Average earning assets
 171,663  162,560  9,103  6 
Average loans and leases
120,851  114,039  6,812  6 
Average total deposits
146,625  144,656  1,969  1 
Average core deposits (4) 141,648  140,890  758  1 
Average Huntington shareholders’ equity 18,607  18,534  73  — 
Average common total shareholders' equity
16,197  16,367  (170) (1)
Average tangible common shareholders' equity
10,496  10,754  (258) (2)
NCOs as a % of average loans and leases
 0.20  % 0.08  %
NAL ratio
 0.49  0.51 
NPA ratio (5) 0.52  0.53 
See Notes to the Quarterly and Year to Date Key Statistics.

2

Notes to the Quarterly and Year to Date Key Statistics
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(2)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.
(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)September 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
September 30, December 31,
(dollar amounts in millions) 2023 2022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,602  $ 1,796  (11) %
Interest-bearing deposits at Federal Reserve Bank 9,833  4,908  100 
Interest-bearing deposits in banks
 258  214  21 
Trading account securities
 121  19  537 
Available-for-sale securities
 21,863  23,423  (7)
Held-to-maturity securities
 16,148  17,052  (5)
Other securities
 718  854  (16)
Loans held for sale
 603  529  14 
Loans and leases (1)
 120,853  119,523  1 
Allowance for loan and lease losses
 (2,208) (2,121) (4)
Net loans and leases
 118,645  117,402  1 
Bank owned life insurance
 2,757  2,753  — 
Accrued income and other receivables 1,496  1,573  (5)
Premises and equipment
 1,096  1,156  (5)
Goodwill
 5,561  5,571  — 
Servicing rights and other intangible assets 718  712  1 
Other assets
 5,231  4,944  6 
Total assets
 $ 186,650  $ 182,906  2  %
Liabilities and shareholders' equity
Liabilities
Deposits (2)
 $ 148,867  $ 147,914  1  %
Short-term borrowings
 681  2,027  (66)
Long-term debt
 12,822  9,686  32 
Other liabilities
 5,750  5,510  4 
Total liabilities
 168,120  165,137  2 
Shareholders' equity
Preferred stock
 2,484  2,167  15 
Common stock
 15  14  7 
Capital surplus
 15,363  15,309  — 
Less treasury shares, at cost
 (91) (80) (14)
Accumulated other comprehensive income (loss) (3,622) (3,098) (17)
Retained earnings 4,334  3,419  27 
Total Huntington shareholders’ equity 18,483  17,731  4 
Non-controlling interest 47  38  24 
Total equity 18,530  17,769  4 
Total liabilities and equity $ 186,650  $ 182,906  2  %
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding
 1,448,075,093  1,443,068,036 
Treasury shares outstanding
 7,391,874  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)
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 49,422  41  % $ 49,834  41  % $ 50,039  42  % $ 48,121  41  % $ 46,724  40  %
Commercial real estate:
Commercial
 11,365  10  11,750  10  12,132  10  12,138  10  12,137  10 
Construction
 1,303  1  1,416  1  1,255  1  1,502  1  1,739  2 
Commercial real estate 12,668  11  13,166  11  13,387  11  13,640  11  13,876  12 
Lease financing 5,161  4  5,143  4  5,244  4  5,252  4  5,093  4 
Total commercial
 67,251  56  68,143  56  68,670  57  67,013  56  65,693  56 
Consumer:
Residential mortgage 23,427  19  23,138  19  22,472  19  22,226  19  21,816  18 
Automobile
 12,724  11  12,819  11  13,187  11  13,154  11  13,430  11 
Home equity
 10,118  8  10,135  8  10,166  8  10,375  9  10,440  9 
RV and marine
 5,937  5  5,640  5  5,404  4  5,376  4  5,436  5 
Other consumer
 1,396  1  1,350  1  1,280  1  1,379  1  1,332  1 
Total consumer
 53,602  44  53,082  44  52,509  43  52,510  44  52,454  44 
Total loans and leases
 $ 120,853  100  % $ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  %
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Ending balances by business segment:
Consumer & Regional Banking $ 66,202  55  % $ 65,374  54  % $ 64,387  53  % $ 64,080  54  % $ 63,603  54  %
Commercial Banking 54,451  45  55,672  46  56,599  47  55,304  46  54,320  46 
Treasury / Other 200  —  179  —  193  —  139  —  224  — 
Total loans and leases $ 120,853  100  % $ 121,225  100  % $ 121,179  100  % $ 119,523  100  % $ 118,147  100  %
Average balances by business segment:
Consumer & Regional Banking $ 65,738  55  % $ 64,782  54  % $ 64,209  54  % $ 63,836  54  % $ 63,468  55  %
Commercial Banking 54,873  45  56,375  46  55,919  46  54,789  46  53,067  45 
Treasury / Other 173  —  188  —  292  —  282  —  429  — 
Total loans and leases
 $ 120,784  100  % $ 121,345  100  % $ 120,420  100  % $ 118,907  100  % $ 116,964  100  %
5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 31,666  21  % $ 33,340  23  % $ 36,789  25  % $ 38,242  26  % $ 40,762  28  %
Demand deposits - interest-bearing 39,822  27  40,387  27  39,827  28  43,136  29  43,673  30 
Money market deposits 42,996  29  40,534  28  37,276  26  36,082  24  33,811  23 
Savings and other domestic deposits 17,350  12  18,294  12  19,546  13  20,357  14  21,274  15 
Core certificates of deposit (1) 12,372  8  10,314  7  6,981  5  4,324  3  2,115  1 
Total core deposits 144,206  97  142,869  97  140,419  97  142,141  96  141,635  97 
Other domestic deposits of $250,000 or more 446  —  381  —  282  —  220  —  186  — 
Negotiable CDS, brokered and other deposits
 4,215  3  4,778  3  4,577  3  5,553  4  4,492  3 
Total deposits $ 148,867  100  % $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  %
Total core deposits:
Commercial $ 61,379  43  % $ 61,450  43  % $ 61,132  44  % $ 64,107  45  % $ 65,151  46  %
Consumer 82,827  57  81,419  57  79,287  56  78,034  55  76,484  54 
Total core deposits $ 144,206  100  % $ 142,869  100  % $ 140,419  100  % $ 142,141  100  % $ 141,635  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 108,183  73  % $ 106,502  72  % $ 105,339  72  % $ 105,064  71  % $ 104,716  72  %
Commercial Banking 36,023  24  36,459  25  34,660  24  36,807  25  36,487  25 
Treasury / Other 4,661  3  5,067  3  5,279  4  6,043  4  5,110  3 
Total deposits $ 148,867  100  % $ 148,028  100  % $ 145,278  100  % $ 147,914  100  % $ 146,313  100  %
Average balances:
Total core deposits:
Commercial $ 62,070  43  % $ 61,304  44  % $ 63,423  45  % $ 65,128  46  % $ 65,278  46  %
Consumer 81,040  57  79,432  56  77,654  55  75,568  54  76,414  54 
Total core deposits $ 143,110  100  % $ 140,736  100  % $ 141,077  100  % $ 140,696  100  % $ 141,692  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 106,300  72  % $ 104,593  71  % $ 104,151  71  % $ 103,820  71  % $ 105,174  72  %
Commercial Banking 36,673  25  35,752  25  36,288  25  36,260  25  35,880  25 
Treasury / Other 5,177  3  5,214  4  5,705  4  5,592  4  4,954  3 
Total deposits $ 148,150  100  % $ 145,559  100  % $ 146,144  100  % $ 145,672  100  % $ 146,008  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)
September 30, June 30, March 31, December 31, September 30, Percent Changes vs.
(dollar amounts in millions) 2023 2023 2023 2022 2022 2Q23 3Q22
Assets
Interest-bearing deposits at Federal Reserve Bank $ 9,286  $ 11,052  $ 6,101  $ 4,615  $ 3,204  (16) 190 
Interest-bearing deposits in banks
 261  229  249  305  260  14  — 
Securities:
Trading account securities
 128  34  21  29  24  276  433 
Available-for-sale securities:
Taxable
 19,834  20,920  21,368  20,467  21,677  (5) (9)
Tax-exempt
 2,807  2,745  2,640  2,706  2,917  2  (4)
Total available-for-sale securities
 22,641  23,665  24,008  23,173  24,594  (4) (8)
Held-to-maturity securities - taxable
 16,356  16,762  16,977  17,022  17,188  (2) (5)
Other securities 859  1,263  886  857  804  (32) 7 
Total securities
 39,984  41,724  41,892  41,081  42,610  (4) (6)
Loans held for sale 633  559  450  637  986  13  (36)
Loans and leases: (2)
Commercial:
Commercial and industrial
 49,448  50,194  49,028  47,505  46,029  (1) 7 
Commercial real estate:
Commercial
 11,624  12,062  12,282  12,179  11,974  (4) (3)
Construction
 1,331  1,280  1,400  1,676  1,697  4  (22)
Commercial real estate
 12,955  13,342  13,682  13,855  13,671  (3) (5)
Lease financing 5,050  5,155  5,209  5,080  4,981  (2) 1 
Total commercial
 67,453  68,691  67,919  66,440  64,681  (2) 4 
Consumer:
Residential mortgage
 23,278  22,765  22,327  22,011  21,552  2  8 
Automobile 12,747  12,927  13,245  13,284  13,514  (1) (6)
Home equity 10,108  10,154  10,258  10,417  10,431  —  (3)
RV and marine 5,813  5,478  5,366  5,408  5,454  6  7 
Other consumer
 1,385  1,330  1,305  1,347  1,332  4  4 
Total consumer
 53,331  52,654  52,501  52,467  52,283  1  2 
Total loans and leases
 120,784  121,345  120,420  118,907  116,964  —  3 
Total earning assets
 170,948  174,909  169,112  165,545  164,024  (2) 4 
Cash and due from banks
 1,559  1,639  1,598  1,650  1,697  (5) (8)
Goodwill and other intangible assets 5,722  5,734  5,759  5,771  5,781  —  (1)
All other assets
 10,576  10,638  10,568  10,458  10,154  (1) 4 
Allowance for loan and lease losses
 (2,206) (2,174) (2,143) (2,132) (2,099) (1) (5)
Total assets
 $ 186,599  $ 190,746  $ 184,894  $ 181,292  $ 179,557  (2) % 4  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 39,757  $ 39,772  $ 40,654  $ 42,705  $ 42,038  —  % (5) %
Money market deposits
 41,445  38,753  37,301  34,390  34,058  7  22 
Savings and other domestic deposits
 17,774  18,826  19,877  20,831  21,439  (6) (17)
Core certificates of deposit (3)
 11,348  8,820  5,747  2,926  2,040  29  456 
Other domestic deposits of $250,000 or more
 406  320  252  198  193  27  110 
Negotiable CDS, brokered and other deposits
 4,634  4,502  4,815  4,777  4,124  3  12 
Total interest-bearing deposits
 115,364  110,993  108,646  105,827  103,892  4  11 
Short-term borrowings
 859  5,242  4,371  545  2,609  (84) (67)
Long-term debt
 13,772  16,252  11,047  12,650  8,251  (15) 67 
Total interest-bearing liabilities
 129,995  132,487  124,064  119,022  114,752  (2) 13 
Demand deposits - noninterest-bearing
 32,786  34,566  37,498  39,845  42,116  (5) (22)
All other liabilities
 5,028  4,796  5,056  4,929  4,340  5  16 
Total liabilities 167,809  171,849  166,618  163,796  161,208  (2) 4 
Total Huntington shareholders’ equity 18,741  18,844  18,231  17,458  18,317  (1) 2 
Non-controlling interest 49  53  45  38  32  (8) 53 
Total equity 18,790  18,897  18,276  17,496  18,349  (1) 2 
Total liabilities and equity $ 186,599  $ 190,746  $ 184,894  $ 181,292  $ 179,557  (2) % 4  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 127  $ 141  $ 71  $ 46  $ 19 
Interest-bearing deposits in banks 4  5  5  5  2 
Securities:
Trading account securities 1  1  —  —  — 
Available-for-sale securities:
Taxable 259  252  232  198  165 
Tax-exempt 37  33  29  28  25 
Total available-for-sale securities 296  285  261  226  190 
Held-to-maturity securities - taxable 99  102  102  100  95 
Other securities 19  11  10  9  7 
Total securities 415  399  373  335  292 
Loans held for sale 10  8  7  8  13 
Loans and leases:
Commercial:
Commercial and industrial 776  746  686  613  515 
Commercial real estate:
Commercial 225  217  207  185  144 
Construction 28  26  26  28  21 
Commercial real estate 253  243  233  213  165 
Lease financing 73  71  68  66  63 
Total commercial 1,102  1,060  987  892  743 
Consumer:
Residential mortgage 213  200  190  183  174 
Automobile 145  134  129  125  120 
Home equity 195  187  181  172  143 
RV and marine 73  63  58  61  59 
Other consumer 40  39  36  36  32 
Total consumer 666  623  594  577  528 
Total loans and leases 1,768  1,683  1,581  1,469  1,271 
Total earning assets $ 2,324  $ 2,236  $ 2,037  $ 1,863  $ 1,597 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 199  $ 167  $ 132  $ 102  $ 42 
Money market deposits 327  255  172  75  25 
Savings and other domestic deposits 6  6  3  2  1 
Core certificates of deposit (3) 119  83  43  10  1 
Other domestic deposits of $250,000 or more 4  2  2  1  — 
Negotiable CDS, brokered and other deposits
 58  57  54  45  23 
Total interest-bearing deposits 713  570  406  235  92 
Short-term borrowings 17  74  60  10  22 
Long-term debt 215  235  153  147  71 
Total interest-bearing liabilities 945  879  619  392  185 
Net interest income $ 1,379  $ 1,357  $ 1,418  $ 1,471  $ 1,412 
(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
September 30, June 30, March 31, December 31, September 30,
Fully-taxable equivalent basis (1)
 2023 2023 2023 2022 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 5.45  % 5.12  % 4.65  % 3.99  % 2.39  %
Interest-bearing deposits in banks
 6.59  7.79  8.50  5.72  3.31 
Securities:
Trading account securities
 4.98  4.92  5.37  5.45  4.12 
Available-for-sale securities:
Taxable
 5.22  4.82  4.34  3.87  3.06 
Tax-exempt
 5.08  4.87  4.40  4.21  3.39 
Total available-for-sale securities
 5.20  4.83  4.35  3.91  3.09 
Held-to-maturity securities - taxable
 2.43  2.42  2.41  2.34  2.21 
Other securities 9.22  3.47  4.35  4.15  3.21 
Total securities
 4.15  3.82  3.56  3.26  2.74 
Loans held for sale
 6.42  6.05  5.85  5.42  4.98 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.15  5.87  5.60  5.06  4.37 
Commercial real estate:
Commercial 7.55  7.14  6.73  5.93  4.72 
Construction 8.30  7.96  7.40  6.54  4.95 
Commercial real estate 7.63  7.22  6.80  6.01  4.75 
Lease financing 5.60  5.45  5.25  5.02  4.95 
Total commercial 6.39  6.10  5.82  5.25  4.50 
Consumer:
Residential mortgage 3.66  3.51  3.41  3.33  3.23 
Automobile 4.51  4.17  3.94  3.74  3.53 
Home equity 7.66  7.42  7.14  6.57  5.43 
RV and marine 4.96  4.59  4.42  4.45  4.29 
Other consumer 11.67  11.59  11.18  10.38  9.55 
Total consumer 4.97  4.74  4.57  4.37  4.02 
Total loans and leases
 5.76  5.51  5.27  4.86  4.28 
Total earning assets
 5.39  5.13  4.89  4.46  3.86 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.98  1.68  1.32  0.94  0.40 
Money market deposits 3.12  2.64  1.87  0.86  0.29 
Savings and other domestic deposits
 0.15  0.11  0.07  0.03  0.02 
Core certificates of deposit (3)
 4.17  3.78  3.01  1.42  0.10 
Other domestic deposits of $250,000 or more
 3.78  3.27  2.45  1.31  0.35 
Negotiable CDS, brokered and other deposits
 4.93  5.07  4.56  3.74  2.25 
Total interest-bearing deposits
 2.45  2.06  1.52  0.88  0.35 
Short-term borrowings
 7.60  5.70  5.56  7.71  3.31 
Long-term debt
 6.27  5.79  5.52  4.66  3.40 
Total interest-bearing liabilities
 2.88  2.66  2.02  1.31  0.64 
Net interest rate spread
 2.51  2.47  2.87  3.15  3.22 
Impact of noninterest-bearing funds on margin
 0.69  0.64  0.53  0.37  0.20 
Net interest margin
 3.20  % 3.11  % 3.40  % 3.52  % 3.42  %
Commercial Loan Derivative Impact
(Unaudited)
Quarterly Average Rates
September 30, June 30, March 31, December 31, September 30,
Fully-taxable equivalent basis (1)
 2023 2023 2023 2022 2022
Commercial loans (2)(4)
 7.09  % 6.82  % 6.42  % 5.68  % 4.62  %
Impact of commercial loan derivatives
 (0.70) (0.72) (0.60) (0.43) (0.12)
Total commercial - as reported
 6.39  % 6.10  % 5.82  % 5.25  % 4.50  %
Average 1 Month LIBOR
 5.09  % 4.62  % 3.89  % 2.46  %
Average SOFR 5.23  % 4.97  % 4.50  % 3.61  % 2.14  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
9

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) September 30, June 30, March 31, December 31, September 30,
2023 2023 2023 2022 2022
Interest income
 $ 2,313  $ 2,225  $ 2,028  $ 1,854  $ 1,589 
Interest expense
 945  879  619  392  185 
Net interest income 1,368  1,346  1,409  1,462  1,404 
Provision for credit losses 99  92  85  91  106 
Net interest income after provision for credit losses 1,269  1,254  1,324  1,371  1,298 
Service charges on deposit accounts 97  87  83  89  93 
Card and payment processing income 103  102  93  96  96 
Capital markets fees 49  57  59  83  73 
Trust and investment management services 62  68  62  61  60 
Mortgage banking income 27  33  26  25  26 
Leasing revenue 32  25  26  35  29 
Insurance income 31  30  34  31  28 
Gain on sale of loans 2  8  3  2  15 
Bank owned life insurance income 18  16  16  15  13 
Net (losses) gains on sales of securities —  (5) 1  —  — 
Other noninterest income 88  74  109  62  65 
Total noninterest income
 509  495  512  499  498 
Personnel costs 622  613  649  630  614 
Outside data processing and other services 149  148  151  147  145 
Equipment 65  64  64  67  60 
Net occupancy 67  54  60  61  63 
Marketing 29  32  25  22  24 
Professional services 27  21  16  21  18 
Deposit and other insurance expense 25  23  20  14  15 
Amortization of intangibles 12  13  13  13  13 
Lease financing equipment depreciation 6  8  8  9  11 
Other noninterest expense 88  74  80  93  90 
Total noninterest expense
 1,090  1,050  1,086  1,077  1,053 
Income before income taxes 688  699  750  793  743 
Provision for income taxes 136  134  144  144  146 
Income after income taxes 552  565  606  649  597 
Income attributable to non-controlling interest 5  6  4  4  3 
Net income attributable to Huntington 547  559  602  645  594 
Dividends on preferred shares 37  40  29  28  29 
Net income applicable to common shares $ 510  $ 519  $ 573  $ 617  $ 565 
Average common shares - basic
 1,448  1,446  1,443  1,443  1,443 
Average common shares - diluted
1,468  1,466  1,469  1,468  1,465 
Per common share
Net income - basic $ 0.35  $ 0.36  $ 0.40  $ 0.43  $ 0.39 
Net income - diluted 0.35  0.35  0.39  0.42  0.39 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,368  $ 1,346  $ 1,409  $ 1,462  $ 1,404 
FTE adjustment
 11  11  9  9  8 
Net interest income (1)
 1,379  1,357  1,418  1,471  1,412 
Noninterest income
 509  495  512  499  498 
Total revenue (1)
 $ 1,888  $ 1,852  $ 1,930  $ 1,970  $ 1,910 
(1) 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
September 30, June 30, March 31, December 31, September 30,
Percent Changes vs.
(dollar amounts in millions)
 2023 2023 2023 2022 2022 2Q23 3Q22
Net origination and secondary marketing income $ 18  $ 23  $ 16  $ 16  $ 25  (22) % (28) %
Net mortgage servicing income
Loan servicing income
 24  23  23  22  22  4  9 
Amortization of capitalized servicing
 (13) (12) (10) (11) (14) (8) 7 
Operating income
 11  11  13  11  8  —  38 
MSR valuation adjustment (1)
 38  15  (12) 2  17  153  124 
(Losses) gains due to MSR hedging
 (38) (15) 9  (4) (24) (153) (58)
Net MSR risk management
—  —  (3) (2) (7) —  100 
Total net mortgage servicing income $ 11  $ 11  $ 10  $ 9  $ 1  —  % 1,000  %
All other (2) (1) —  —  —  (100) (100)
Mortgage banking income $ 27  $ 33  $ 26  $ 25  $ 26  (18) % 4  %
Mortgage origination volume $ 2,020  $ 2,504  $ 1,412  $ 1,719  $ 2,491  (19) % (19) %
Mortgage origination volume for sale 1,195  1,239  809  889  1,339  (4) (11)
Third party mortgage loans serviced (2) 32,965  32,712  32,496  32,354  31,988  1  3 
Mortgage servicing rights (2) 547  505  485  494  486  8  13 
MSR % of investor servicing portfolio (2) 1.66  % 1.55  % 1.49  % 1.53  % 1.52  % 7  % 9  %
(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
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Allowance for loan and lease losses, beginning of period $ 2,177  $ 2,142  $ 2,121  $ 2,110  $ 2,074 
Loan and lease charge-offs (131) (92) (99) (97) (83)
Recoveries of loans and leases previously charged-off 58  43  42  47  39 
Net loan and lease charge-offs (73) (49) (57) (50) (44)
Provision for loan and lease losses 104  84  78  61  80 
Allowance for loan and lease losses, end of period 2,208  2,177  2,142  2,121  2,110 
Allowance for unfunded lending commitments, beginning of period 165  157  150  120  94 
Provision for unfunded lending commitments (5) 8  7  30  26 
Allowance for unfunded lending commitments, end of period 160  165  157  150  120 
Total allowance for credit losses, end of period $ 2,368  $ 2,342  $ 2,299  $ 2,271  $ 2,230 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.83  % 1.80  % 1.77  % 1.77  % 1.79  %
Nonaccrual loans and leases (NALs) 373  427  402  373  351 
Nonperforming assets (NPAs) 348  391  371  357  336 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.96  % 1.93  % 1.90  % 1.90  % 1.89  %
Nonaccrual loans and leases (NALs) 400  459  431  400  371 
Nonperforming assets (NPAs) 373  420  398  382  355 

Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 973  $ 994  $ 967  $ 939  $ 914 
Commercial real estate 483  442  440  433  450 
Lease financing 48  47  50  52  50 
Total commercial 1,504  1,483  1,457  1,424  1,414 
Consumer
Residential mortgage 200  194  176  187  178 
Automobile 143  144  151  141  118 
Home equity 115  119  118  105  126 
RV and marine 151  145  144  143  127 
Other consumer 95  92  96  121  147 
Total consumer 704  694  685  697  696 
Total allowance for loan and lease losses 2,208  2,177  2,142  2,121  2,110 
Allowance for unfunded lending commitments 160  165  157  150  120 
Total allowance for credit losses $ 2,368  $ 2,342  $ 2,299  $ 2,271  $ 2,230 


12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 32  $ 20  $ 16  $ 9  $ 16 
Commercial real estate 11  7  18  7  (3)
Lease financing 2  —  (5) 5  2 
Total commercial 45  27  29  21  15 
Consumer:
Residential mortgage 1  1  —  —  (1)
Automobile 4  3  5  3  3 
Home equity —  —  (1) —  (2)
RV and marine 3  2  2  2  2 
Other consumer 20  16  22  24  27 
Total consumer 28  22  28  29  29 
Total net charge-offs $ 73  $ 49  $ 57  $ 50  $ 44 
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
2023 2023 2023 2022 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.26  % 0.15  % 0.13  % 0.08  % 0.14  %
Commercial real estate 0.35  0.23  0.51  0.20  (0.07)
Lease financing 0.12  —  (0.37) 0.40  0.17 
Total commercial 0.27  0.16  0.17  0.13  0.10 
Consumer:
Residential mortgage 0.01  0.01  0.01  (0.01) (0.02)
Automobile 0.14  0.10  0.14  0.12  0.07 
Home equity (0.01) (0.02) (0.02) (0.04) (0.07)
RV and marine 0.16  0.13  0.18  0.15  0.17 
Other consumer 6.09  5.17  6.37  7.08  8.09 
Total consumer 0.21  0.17  0.21  0.22  0.22 
Net charge-offs as a % of average loans and leases 0.24  % 0.16  % 0.19  % 0.17  % 0.15  %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 314  $ 267  $ 273  $ 288  $ 288 
Commercial real estate 102  75  86  92  110 
Lease financing 14  15  14  18  30 
Residential mortgage 75  73  81  90  94 
Automobile 4  4  4  4  4 
Home equity 82  75  74  76  75 
RV and marine 1  1  1  1  1 
Total nonaccrual loans and leases 592  510  533  569  602 
Other real estate, net 14  18  20  11  11 
Other NPAs (1) 28  29  25  14  14 
Total nonperforming assets $ 634  $ 557  $ 578  $ 594  $ 627 
Nonaccrual loans and leases as a % of total loans and leases 0.49  % 0.42  % 0.44  % 0.48  % 0.51  %
NPA ratio (2) 0.52  0.46  0.48  0.50  0.53 
(NPA+90days)/(Loan+OREO) (3) 0.66  0.60  0.63  0.67  0.72 
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Nonperforming assets, beginning of period $ 557  $ 578  $ 594  $ 627  $ 682 
New nonperforming assets 252  188  237  251  119 
Returns to accruing status (23) (34) (73) (84) (42)
Charge-offs (62) (42) (54) (54) (39)
Payments (85) (118) (124) (144) (89)
Sales (5) (15) (2) (2) (4)
Nonperforming assets, end of period $ 634  $ 557  $ 578  $ 594  $ 627 
(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)
  September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Accruing loans and leases past due 90+ days:
Commercial and industrial $ —  $ 7  $ 12  $ 23  $ 29 
Lease financing 7  12  10  9  18 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 22  18  20  21  17 
Automobile 8  6  7  9  6 
Home equity 19  18  18  15  12 
RV and marine 2  2  2  3  2 
Other consumer 3  3  2  2  3 
Total, excl. loans guaranteed by the U.S. Government 61  66  71  82  87 
Add: loans guaranteed by U.S. Government 102  103  114  125  136 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 163  $ 169  $ 185  $ 207  $ 223 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.05  % 0.05  % 0.06  % 0.07  % 0.07  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.08  0.08  0.09  0.10  0.12 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.14  0.14  0.15  0.17  0.19 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 18,483  $ 18,788  $ 18,758  $ 17,731  $ 17,136 
Regulatory capital adjustments:
CECL transitional amount (2) 219  219  219  328  328 
Shareholders’ preferred equity and related surplus (2,494) (2,494) (2,494) (2,177) (2,177)
Accumulated other comprehensive loss 3,622  3,006  2,755  3,098  3,276 
Goodwill and other intangibles, net of taxes (5,605) (5,620) (5,636) (5,663) (5,675)
Deferred tax assets from tax loss and credit carryforwards (14) (14) (14) (27) (29)
Common equity tier 1 capital 14,211  13,885  13,588  13,290  12,859 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,494  2,494  2,494  2,177  2,177 
Tier 1 capital 16,705  16,379  16,082  15,467  15,036 
Long-term debt and other tier 2 qualifying instruments 1,383  1,394  1,395  1,424  1,441 
Qualifying allowance for loan and lease losses 1,758  1,767  1,779  1,682  1,637 
Tier 2 capital 3,141  3,161  3,174  3,106  3,078 
Total risk-based capital $ 19,846  $ 19,540  $ 19,256  $ 18,573  $ 18,114 
Risk-weighted assets (RWA)(1) $ 140,664  $ 141,432  $ 142,335  $ 141,940  $ 138,759 
Common equity tier 1 risk-based capital ratio (1) 10.10  % 9.82  % 9.55  % 9.36  % 9.27  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 9.43  9.01  8.79  8.60  8.51 
Tier 1 risk-based capital ratio (1) 11.88  11.58  11.30  10.90  10.84 
Total risk-based capital ratio (1) 14.11  13.82  13.53  13.09  13.05 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 7.33  7.50  7.43  6.93  6.66 
(1)September 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, June 30, 2023 and September 30, 2023, 50% of the cumulative CECL deferral has been phased in. As of 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
September 30, June 30, March 31, December 31, September 30,
2023 2023 2023 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
1,448  1,446  1,443  1,443  1,443 
Average - diluted
1,468  1,466  1,469  1,468  1,465 
Ending
1,448  1,448  1,444  1,443  1,443 
Tangible book value per common share (1)
 $ 7.12  $ 7.33  $ 7.32  $ 6.82  $ 6.40 

Non-regulatory capital
September 30, June 30, March 31, December 31, September 30,
(dollar amounts in millions) 2023 2023 2023 2022 2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 18,483  $ 18,788  $ 18,758  $ 17,731  $ 17,136 
Goodwill and other intangible assets (5,716) (5,728) (5,741) (5,766) (5,775)
Deferred tax liability on other intangible assets (1) 33  35  38  41  43 
Total tangible equity
 12,800  13,095  13,055  12,006  11,404 
Preferred equity (2,484) (2,484) (2,484) (2,167) (2,167)
Total tangible common equity
 $ 10,316  $ 10,611  $ 10,571  $ 9,839  $ 9,237 
Total assets
 $ 186,650  $ 188,505  $ 189,070  $ 182,906  $ 179,402 
Goodwill and other intangible assets (5,716) (5,728) (5,741) (5,766) (5,775)
Deferred tax liability on other intangible assets (1) 33  35  38  41  43 
Total tangible assets
 $ 180,967  $ 182,812  $ 183,367  $ 177,181  $ 173,670 
Tangible equity / tangible asset ratio
 7.07  % 7.16  % 7.12  % 6.78  % 6.57  %
Tangible common equity / tangible asset ratio
 5.70  5.80  5.77  5.55  5.32 
Other data:
Number of employees (Average full-time equivalent)
 19,826  20,200  20,198  20,007  19,997 
Number of domestic full-service branches (2)
 1,001  1,001  1,001  1,032  1,032 
ATM Count
 1,631  1,641  1,668  1,695  1,715 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Bank offices.


17

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)
YTD Average Balances (1)
Nine Months Ended September 30,
Change
(dollar amounts in millions)
 2023 2022
Amount
Percent
Assets
Interest-bearing deposits at Federal Reserve Bank $ 8,825  $ 4,629  $ 4,196  91  %
Interest-bearing deposits in banks
 246  200  46  23 
Securities:
Trading account securities
 61  33  28  85 
Available-for-sale securities:
Taxable
 20,702  22,509  (1,807) (8)
Tax-exempt
 2,731  2,887  (156) (5)
Total available-for-sale securities
 23,433  25,396  (1,963) (8)
Held-to-maturity securities - taxable
 16,696  16,336  360  2 
Other securities 1,003  841  162  19 
Total securities
 41,193  42,606  (1,413) (3)
Loans held for sale
 548  1,086  (538) (50)
Loans and leases: (2)
Commercial:
Commercial and industrial 49,559  44,641  4,918  11 
Commercial real estate:
Commercial 11,987  11,635  352  3 
Construction 1,336  1,777  (441) (25)
Commercial real estate 13,323  13,412  (89) (1)
Lease financing 5,137  4,938  199  4 
Total commercial 68,019  62,991  5,028  8 
Consumer:
Residential mortgage 22,793  20,536  2,257  11 
Automobile 12,971  13,512  (541) (4)
Home equity 10,173  10,406  (233) (2)
RV and marine 5,554  5,293  261  5 
Other consumer 1,341  1,301  40  3 
Total consumer 52,832  51,048  1,784  3 
Total loans and leases
 120,851  114,039  6,812  6 
Total earning assets
 171,663  162,560  9,103  6 
Cash and due from banks
 1,598  1,672  (74) (4)
Goodwill and other intangible assets 5,738  5,660  78  1 
All other assets
 10,594  10,092  502  5 
Allowance for loan and lease losses
 (2,174) (2,067) (107) (5)
Total assets
 $ 187,419  $ 177,917  $ 9,502  5  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 40,058  $ 41,467  $ (1,409) (3) %
Money market deposits 39,181  33,512  5,669  17 
Savings and other domestic deposits
 18,818  21,480  (2,662) (12)
Core certificates of deposit (3)
 8,659  2,274  6,385  NM
Other domestic deposits of $250,000 or more
 326  244  82  34 
Negotiable CDS, brokered and other deposits
 4,650  3,522  1,128  32 
Total interest-bearing deposits
 111,692  102,499  9,193  9 
Short-term borrowings
 3,478  3,139  339  11 
Long-term debt
 13,700  7,401  6,299  85 
Total interest-bearing liabilities
 128,870  113,039  15,831  14 
Demand deposits - noninterest-bearing
 34,933  42,157  (7,224) (17)
All other liabilities
 4,960  4,158  802  19 
Total Liabilities 168,763  159,354  9,409  6 
Total Huntington shareholders’ equity 18,607  18,534  73  — 
Non-controlling interest 49  29  20  69 
Total equity $ 18,656  $ 18,563  $ 93  1 
Total liabilities and equity $ 187,419  $ 177,917  $ 18,911  5  %
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
Nine Months Ended September 30,
(dollar amounts in millions)
 2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank $ 339  $ 29 
Interest-bearing deposits in banks
 14  3 
Securities:
Trading account securities
 2  1 
Available-for-sale securities:
Taxable
 743  378 
Tax-exempt
 99  66 
Total available-for-sale securities
 842  444 
Held-to-maturity securities - taxable
 303  251 
Other securities 40  18 
Total securities
 1,187  714 
Loans held for sale
 25  33 
Loans and leases:
Commercial:
Commercial and industrial 2,208  1,343 
Commercial real estate:
Commercial 649  335 
Construction 80  54 
Commercial real estate 729  389 
Lease financing 212  185 
Total commercial 3,149  1,917 
Consumer:
Residential mortgage 603  478 
Automobile 408  347 
Home equity 563  360 
RV and marine 194  166 
Other consumer 115  90 
Total consumer 1,883  1,441 
Total loans and leases
 5,032  3,358 
Total earning assets
 $ 6,597  $ 4,137 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 498  $ 56 
Money market deposits 754  37 
Savings and other domestic deposits
 15  3 
Core certificates of deposit (3)
 245  2 
Other domestic deposits of $250,000 or more
 8  — 
Negotiable CDS, brokered and other deposits
 169  30 
Total interest-bearing deposits
 1,689  128 
Short-term borrowings
 151  36 
Long-term debt
 603  140 
Total interest-bearing liabilities
 2,443  304 
Net interest income
 $ 4,154  $ 3,833 
(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
Nine Months Ended September 30,
Fully-taxable equivalent basis (1) 2023 2022
Assets
Interest-bearing deposits at Federal Reserve Bank 5.12  % 0.84  %
Interest-bearing deposits in banks
 7.60  1.85 
Securities:
Trading account securities
 4.98  3.75 
Available-for-sale securities:
Taxable
 4.79  2.24 
Tax-exempt
 4.79  3.04 
Total available-for-sale securities
 4.79  2.33 
Held-to-maturity securities - taxable
 2.42  2.05 
Other securities 5.37  2.83 
Total securities
 3.84  2.23 
Loans held for sale
 6.13  4.00 
Loans and leases: (2)
Commercial:
Commercial and industrial 5.88  3.97 
Commercial real estate:
Commercial 7.14  3.80 
Construction 7.88  4.04 
Commercial real estate 7.21  3.83 
Lease financing 5.44  4.95 
Total commercial 6.10  4.01 
Consumer:
Residential mortgage 3.53  3.10 
Automobile 4.20  3.44 
Home equity 7.40  4.62 
RV and marine 4.67  4.19 
Other consumer 11.49  9.21 
Total consumer 4.76  3.77 
Total loans and leases
 5.52  3.91 
Total earning assets
 5.14  % 3.40  %
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.66  % 0.18  %
Money market deposits 2.57  0.15 
Savings and other domestic deposits
 0.11  0.02 
Core certificates of deposit (3)
 3.79  0.10 
Other domestic deposits of $250,000 or more
 3.27  0.24 
Negotiable CDS, brokered and other deposits
 4.85  1.14 
Total interest-bearing deposits
 2.02  0.17 
Short-term borrowings
 5.80  1.52 
Long-term debt
 5.87  2.51 
Total interest-bearing liabilities
 2.53  0.36 
Net interest rate spread
 2.61  3.04 
Impact of noninterest-bearing funds on margin
 0.63  0.11 
Net interest margin
 3.24  % 3.15  %
Commercial Loan Derivative Impact
 (Unaudited)
YTD Average Rates
Nine Months Ended September 30,
Fully-taxable equivalent basis (1)
 2023 2022
Commercial loans (2)(4)
 6.77  % 3.93  %
Impact of commercial loan derivatives
 (0.67) 0.08 
Total commercial - as reported
 6.10  % 4.01  %
Average 1 Month LIBOR
 1.24  %
Average SOFR 4.90  % 0.99  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Includes the impact of nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
20

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)
Nine Months Ended September 30, Change
(dollar amounts in millions, except per share data) 2023 2022 Amount Percent
Interest income $ 6,566  $ 4,115  $ 2,451  60  %
Interest expense 2,443  304  2,139  NM
Net interest income 4,123  3,811  312  8 
Provision for credit losses 276  198  78  39 
Net interest income after provision for credit losses 3,847  3,613  234  6 
Service charges on deposit accounts 267  295  (28) (9)
Card and payment processing income 298  278  20  7 
Capital markets fees 165  169  (4) (2)
Trust and investment management services 192  188  4  2 
Mortgage banking income 86  119  (33) (28)
Leasing revenue 83  91  (8) (9)
Insurance income 95  86  9  10 
Gain on sale of loans 13  55  (42) (76)
Bank owned life insurance income 50  41  9  22 
Net (losses) gains on sales of securities (4) —  (4) (100)
Other noninterest income 271  160  111  69 
Total noninterest income 1,516  1,482  34  2 
Personnel costs 1,884  1,771  113  6 
Outside data processing and other services 448  463  (15) (3)
Equipment 193  202  (9) (4)
Net occupancy 181  185  (4) (2)
Marketing 86  69  17  25 
Professional services 64  56  8  14 
Deposit and other insurance expense 68  53  15  28 
Amortization of intangibles 38  40  (2) (5)
Lease financing equipment depreciation 22  36  (14) (39)
Other noninterest expense 242  249  (7) (3)
Total noninterest expense 3,226  3,124  102  3 
Income before income taxes 2,137  1,971  166  8 
Provision for income taxes 414  371  43  12 
Income after income taxes 1,723  1,600  123  8 
Income attributable to non-controlling interest 15  7  8  114 
Net income attributable to Huntington 1,708  1,593  115  7 
Dividends on preferred shares 106  85  21  25 
Net income applicable to common shares $ 1,602  $ 1,508  $ 94  6  %
Average common shares - basic 1,446  1,441  5  — 
Average common shares - diluted 1,468  1,464  4  — 
Per common share
Net income - basic $ 1.11  $ 1.05  $ 0.06  6  %
Net income - diluted 1.09  1.03  0.06  6 
Cash dividends declared 0.465  0.465  —  — 
Revenue - fully taxable equivalent (FTE)
Net interest income $ 4,123  $ 3,811  $ 312  8  %
FTE adjustment 31  22  9  41 
Net interest income (1) 4,154  3,833  321  8 
Noninterest income 1,516  1,482  34  2 
Total revenue (1) $ 5,670  $ 5,315  $ 355  7  %
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)
Nine Months Ended September 30, Change
(dollar amounts in millions) 2023 2022 Amount Percent
Net origination and secondary marketing income $ 57  $ 89  $ (32) (36) %
Net mortgage servicing income
          Loan servicing income 70  66  4  6 
          Amortization of capitalized servicing (35) (45) 10  22 
     Operating income 35  21  14  67 
          MSR valuation adjustment (1) 41  112  (71) (63)
          (Losses) gains due to MSR hedging (44) (105) 61  58 
     Net MSR risk management (3) 7  (10) — 
Total net mortgage servicing income 32  28  4  14 
All other (3) 2  (5) NM
Mortgage banking income $ 86  $ 119  $ (33) (28) %
Mortgage origination volume $ 5,936  $ 8,738  $ (2,802) (32) %
Mortgage origination volume for sale 3,243  4,121  (878) (21)
Third party mortgage loans serviced (2) 32,965  31,988  977  3 
Mortgage servicing rights (2) 547  486  61  13 
MSR % of investor servicing portfolio (2) 1.66  % 1.52  % 0.14  % 9  %
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)
Nine Months Ended September 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 (322) (216)
Recoveries of loans and leases previously charged off 143  145 
Net loan and lease charge-offs (179) (71)
Provision for loan and lease losses
 266  151 
Allowance for loan and lease losses, end of period
 2,208  2,110 
Allowance for unfunded lending commitments, beginning of period $ 150  $ 77 
Provision for unfunded lending commitments 10  43 
Allowance for unfunded lending commitments, end of period 160  120 
Total allowance for credit losses, end of period $ 2,368  $ 2,230 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
 1.83  % 1.79  %
Nonaccrual loans and leases (NALs)
 373  351 
Nonperforming assets (NPAs)
 348  336 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.96  % 1.89  %
Nonaccrual loans and leases (NALs) 400  371 
Nonperforming assets (NPAs) 373  355 
23

Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)
Nine Months Ended September 30,
(dollar amounts in millions) 2023 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 68  $ (11)
Commercial real estate 36  1 
Lease financing (3) 4 
Total commercial 101  (6)
Consumer:
Residential mortgage 2  (2)
Automobile 12  3 
Home equity (1) (5)
RV and marine 7  6 
Other consumer 58  75 
Total consumer 78  77 
Total net charge-offs $ 179  $ 71 
Nine Months Ended September 30,
2023 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.18  % (0.03) %
Commercial real estate 0.37  0.01 
Lease financing (0.08) 0.11 
Total commercial 0.20  (0.01)
Consumer:
Residential mortgage 0.01  (0.01)
Automobile 0.13  0.03 
Home equity (0.02) (0.06)
RV and marine 0.16  0.16 
Other consumer 5.88  7.72 
Total consumer 0.20  0.20 
Net charge-offs as a % of average loans 0.20  % 0.08  %

24

Huntington Bancshares Incorporated
Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
September 30,
(dollar amounts in millions) 2023 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 314  $ 288 
Commercial real estate 102  110 
Lease financing 14  30 
Residential mortgage 75  94 
Automobile 4  4 
Home equity 82  75 
RV and marine 1  1 
Total nonaccrual loans and leases 592  602 
Other real estate, net 14  11 
Other NPAs (1) 28  14 
Total nonperforming assets (2)
 $ 634  $ 627 
Nonaccrual loans and leases as a % of total loans and leases 0.49  % 0.51  %
NPA ratio (3)
 0.52  0.53 
Nine Months Ended September 30,
(dollar amounts in millions) 2023 2022
Nonperforming assets, beginning of period $ 594  $ 750 
New nonperforming assets 677  504 
Returns to accruing status (130) (180)
Charge-offs (158) (97)
Payments (327) (341)
Sales
 (22) (9)
Nonperforming assets, end of period (3)
 $ 634  $ 627 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.
(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.

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
September 30, June 30, September 30, Percent Changes vs.
(dollar amounts in millions)
 2023 2023 2022
2Q23
3Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP) $ 1,877  $ 1,841  $ 1,902 
FTE adjustment 11  11  8 
Total revenue (FTE) (a) 1,888  1,852  1,910 
Less: net (loss)/gain on securities —  (5) — 
Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b) 1,888  1,857  1,910 
Noninterest expense (GAAP) (c) 1,090  1,050  1,053 
Less: Notable items 15  —  10 
Noninterest expense, excluding notable items (d) 1,075  1,050  1,043 
PPNR (a-c) 798  802  857  —  % (7) %
PPNR, adjusted (b-d) 813  807  867  1  % (6) %
26