Form: 8-K

Current report filing

January 19, 2024

Documents


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


Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates.
During the 2023 fourth quarter, the presentation of our noninterest income categories were updated to align with product and service type and now report our noninterest revenue categories as: (1) Payments and cash management revenue, (2) Wealth and asset management revenue, (3) Customer deposit and loan fees, (4) Capital markets and advisory fees, (5) Mortgage banking income, (6) Leasing revenue, (7) Insurance income, (8) Bank owned life insurance income, (9) Gain on sales of loans, (10) Net gains (losses) on sales of securities, and (11) Other noninterest income. A description of each updated noninterest income category is included below. All prior period results have been adjusted to conform to the current presentation.
•Payments and cash management revenue primarily includes interchange fees earned on debit cards and credit cards and fees earned from providing cash management services to corporate deposit customers.
•Wealth and asset management revenue primarily includes fee income generated from providing wealth and asset management services to personal, corporate, and institutional customers, including, but not limited to, fees and commissions earned from trust and investment management services, sales of annuity products, and tax reporting services.
•Customer deposit and loan fees primarily includes fees and other charges Huntington receives related to service charges on deposit accounts, loan commitments and standby letters of credits, and other deposit and lending activity.
•Capital markets and advisory fees primarily includes advisory fees for merger, acquisition and capital markets activity, interest rate derivative fees, underwriting fees, foreign exchange fees, loan syndication fees, and fees earned from customer-related sales activity.
•Mortgage banking income primarily includes the gain and loss of sale of mortgages, mortgage servicing revenue and mortgage servicing rights valuation adjustments.
•Leasing revenue primarily includes income from operating lease payments and termination of leases.
•Insurance income primarily includes agency commissions from the sale of insurance premiums to customers.
•Bank owned life insurance income includes changes in surrender value of life insurance policies and recognition of death benefits.
•Gain on sales of loans includes recognition of the net gain on sales of loans.
•Net gains (losses) on sales of securities includes recognition of the net gain (loss) on sales of securities.
•Other noninterest income includes a variety of other revenue streams including mezzanine investment income, mark-to-market adjustments on derivative instruments, and other fees earned not included in above categories.
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) December 31, September 30, December 31, Percent Changes vs.
2023 2023 2022 3Q23 4Q22
Net interest income (1)
 $ 1,327  $ 1,379  $ 1,471  (4) % (10) %
FTE adjustment (11) (11) (9) —  (22)
Net interest income
 1,316  1,368  1,462  (4) (10)
Provision for credit losses 126  99  91  27  38 
Noninterest income 405  509  499  (20) (19)
Noninterest expense 1,348  1,090  1,077  24  25 
Income before income taxes 247  688  793  (64) (69)
Provision (benefit) for income taxes
 (1) 136  144  NM NM
Income after income taxes 248  552  649  (55) (62)
Income attributable to non-controlling interest 5  5  4  —  25 
Net income attributable to Huntington 243  547  645  (56) (62)
Dividends on preferred shares 36  37  28  (3) 29 
Impact of preferred stock repurchases
 (8) —  —  NM NM
Net income applicable to common shares $ 215  $ 510  $ 617  (58) % (65)
Net income per common share - diluted $ 0.15  $ 0.35  $ 0.42  (57) % (64) %
Cash dividends declared per common share
 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period
 7.79  7.12  6.82  9  14 
Average common shares - basic
1,448  1,448  1,443  —  — 
Average common shares - diluted
1,469  1,468  1,468  —  — 
Ending common shares outstanding
1,448  1,448  1,443  —  — 
Return on average assets
 0.51  % 1.16  % 1.41  %
Return on average common shareholders’ equity
 5.2  12.4  16.0 
Return on average tangible common shareholders’ equity (2)
8.4  19.5  26.0 
Net interest margin (1)
 3.07  3.20  3.52 
Efficiency ratio (3)
 77.0  57.0  54.0 
Effective tax rate (0.5) 19.7  18.2 
Average total assets
$ 187,962  $ 186,599  $ 181,292  1  4 
Average earning assets
171,360  170,948  165,545  —  4 
Average loans and leases
121,229  120,784  118,907  —  2 
Average total deposits
$ 149,654  $ 148,150  $ 145,672  1  3 
Average core deposits (4) 144,384  143,110  140,696  1  3 
Average Huntington shareholders’ equity 18,713  18,741  17,458  —  7 
Average common total shareholders' equity
 16,275  16,256  15,292  —  6 
Average tangible common shareholders' equity
10,597  10,568  9,563  —  11 
Total assets at end of period
189,368  186,650  182,906  1  4 
Total Huntington shareholders’ equity at end of period 19,353  18,483  17,731  5  9 
NCOs as a % of average loans and leases
 0.31  % 0.24  % 0.17  %
NAL ratio
 0.55  0.49  0.48 
NPA ratio (5) 0.58  0.52  0.50 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
 1.85  1.83  1.77 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.97  1.96  1.90 
Common equity tier 1 risk-based capital ratio (6) 10.25  10.10  9.36 
Tangible common equity / tangible asset ratio (7) 6.14  5.70  5.55 
NM - Not Meaningful
See Notes to the Quarterly and Year to Date Key Statistics.
1

Huntington Bancshares Incorporated
Annual Key Statistics
(Unaudited)
Year Ended December 31, Change
(dollar amounts in millions, except per share data) 2023 2022 Amount Percent
Net interest income (1)
 $ 5,481  $ 5,304  $ 177  3  %
FTE adjustment (42) (31) (11) (35)
Net interest income
 5,439  5,273  166  3 
Provision for credit losses 402  289  113  39 
Noninterest income 1,921  1,981  (60) (3)
Noninterest expense 4,574  4,201  373  9 
Income before income taxes
 2,384  2,764  (380) (14)
Provision for income taxes 413  515  (102) (20)
Income after income taxes 1,971  2,249  (278) (12)
Income attributable to non-controlling interest 20  11  9  82 
Net income attributable to Huntington 1,951  2,238  (287) (13)
Dividends on preferred shares 142  113  29  26 
Impact of preferred stock repurchases
 (8) —  (8) NM
Net income applicable to common shares
 $ 1,817  $ 2,125  $ (308) (14) %
Net income per common share - diluted
 $ 1.24  $ 1.45  $ (0.21) (14) %
Cash dividends declared per common share
 0.62  0.62  —  — 
Average common shares - basic
 1,446  1,441  5  — 
Average common shares - diluted
1,468  1,465  3  — 
Return on average assets
 1.04  % 1.25  %
Return on average common shareholders’ equity
 11.2  13.2 
Return on average tangible common shareholders’ equity (2)
 17.6  20.7 
Net interest margin (1)
 3.19  3.25 
Efficiency ratio (3)
 61.0  56.9 
Effective tax rate
 17.3  18.6 
Average total assets
$ 187,556  $ 178,768  $ 8,788  5  %
Average earning assets
 171,586  163,313  8,273  5 
Average loans and leases
120,946  115,266  5,680  5 
Average total deposits
147,388  144,912  2,476  2 
Average core deposits (4) 142,338  140,841  1,497  1 
Average Huntington shareholders’ equity 18,634  18,263  371  2 
Average common total shareholders' equity
16,217  16,096  121  1 
Average tangible common shareholders' equity
10,521  10,454  67  1 
NCOs as a % of average loans and leases
 0.23  % 0.11  %
NAL ratio
 0.55  0.48 
NPA ratio (5) 0.58  0.50 
NM - Not Meaningful
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)December 31, 2023, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
3

Huntington Bancshares Incorporated
Consolidated Balance Sheets
December 31, December 31,
(dollar amounts in millions) 2023 2022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
 $ 1,558  $ 1,796  (13) %
Interest-earning deposits with banks
 8,765  5,122  71 
Trading account securities
 125  19  558 
Available-for-sale securities
 25,305  23,423  8 
Held-to-maturity securities
 15,750  17,052  (8)
Other securities
 725  854  (15)
Loans held for sale
 516  529  (2)
Loans and leases (1)
 121,982  119,523  2 
Allowance for loan and lease losses
 (2,255) (2,121) (6)
Net loans and leases
 119,727  117,402  2 
Bank owned life insurance
 2,759  2,753  — 
Accrued income and other receivables 1,646  1,573  5 
Premises and equipment
 1,109  1,156  (4)
Goodwill
 5,561  5,571  — 
Servicing rights and other intangible assets 672  712  (6)
Other assets
 5,150  4,944  4 
Total assets
 $ 189,368  $ 182,906  4  %
Liabilities and shareholders' equity
Liabilities
Deposits (2)
 $ 151,230  $ 147,914  2  %
Short-term borrowings
 620  2,027  (69)
Long-term debt
 12,394  9,686  28 
Other liabilities
 5,726  5,510  4 
Total liabilities
 169,970  165,137  3 
Shareholders' equity
Preferred stock
 2,394  2,167  10 
Common stock
 15  14  7 
Capital surplus
 15,389  15,309  1 
Less treasury shares, at cost
 (91) (80) (14)
Accumulated other comprehensive income (loss) (2,676) (3,098) 14 
Retained earnings 4,322  3,419  26 
Total Huntington shareholders’ equity 19,353  17,731  9 
Non-controlling interest 45  38  18 
Total equity 19,398  17,769  9 
Total liabilities and equity $ 189,368  $ 182,906  4  %
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding
 1,448,319,953  1,443,068,036 
Treasury shares outstanding
 7,403,008  6,322,052 
Preferred stock, authorized shares
 6,617,808  6,617,808 
Preferred shares outstanding
 881,587  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)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 50,657  42  % $ 49,422  41  % $ 49,834  41  % $ 50,039  42  % $ 48,121  41  %
Commercial real estate:
Commercial
 11,092  9  11,365  10  11,750  10  12,132  10  12,138  10 
Construction
 1,330  1  1,303  1  1,416  1  1,255  1  1,502  1 
Commercial real estate 12,422  10  12,668  11  13,166  11  13,387  11  13,640  11 
Lease financing 5,228  4  5,161  4  5,143  4  5,244  4  5,252  4 
Total commercial
 68,307  56  67,251  56  68,143  56  68,670  57  67,013  56 
Consumer:
Residential mortgage 23,720  20  23,427  19  23,138  19  22,472  19  22,226  19 
Automobile
 12,482  10  12,724  11  12,819  11  13,187  11  13,154  11 
Home equity
 10,113  8  10,118  8  10,135  8  10,166  8  10,375  9 
RV and marine
 5,899  5  5,937  5  5,640  5  5,404  4  5,376  4 
Other consumer
 1,461  1  1,396  1  1,350  1  1,280  1  1,379  1 
Total consumer
 53,675  44  53,602  44  53,082  44  52,509  43  52,510  44 
Total loans and leases
 $ 121,982  100  % $ 120,853  100  % $ 121,225  100  % $ 121,179  100  % $ 119,523  100  %
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Ending balances by business segment:
Consumer & Regional Banking $ 67,108  55  % $ 66,202  55  % $ 65,374  54  % $ 64,387  53  % $ 64,080  54  %
Commercial Banking 54,743  45  54,451  45  55,672  46  56,599  47  55,304  46 
Treasury / Other 131  —  200  —  179  —  193  —  139  — 
Total loans and leases $ 121,982  100  % $ 120,853  100  % $ 121,225  100  % $ 121,179  100  % $ 119,523  100  %
Average balances by business segment:
Consumer & Regional Banking $ 66,638  55  % $ 65,738  55  % $ 64,782  54  % $ 64,209  54  % $ 63,836  54  %
Commercial Banking 54,395  45  54,873  45  56,375  46  55,919  46  54,789  46 
Treasury / Other 196  —  173  —  188  —  292  —  282  — 
Total loans and leases
 $ 121,229  100  % $ 120,784  100  % $ 121,345  100  % $ 120,420  100  % $ 118,907  100  %
5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 30,967  20  % $ 31,666  21  % $ 33,340  23  % $ 36,789  25  % $ 38,242  26  %
Demand deposits - interest-bearing 39,190  26  39,822  27  40,387  27  39,827  28  43,136  29 
Money market deposits 44,947  30  42,996  29  40,534  28  37,276  26  36,082  24 
Savings and other domestic deposits 16,722  11  17,350  12  18,294  12  19,546  13  20,357  14 
Core certificates of deposit (1) 13,626  9  12,372  8  10,314  7  6,981  5  4,324  3 
Total core deposits 145,452  96  144,206  97  142,869  97  140,419  97  142,141  96 
Other domestic deposits of $250,000 or more 447  —  446  —  381  —  282  —  220  — 
Negotiable CDS, brokered and other deposits
 5,331  4  4,215  3  4,778  3  4,577  3  5,553  4 
Total deposits $ 151,230  100  % $ 148,867  100  % $ 148,028  100  % $ 145,278  100  % $ 147,914  100  %
Total core deposits:
Commercial $ 60,547  42  % $ 61,379  43  % $ 61,450  43  % $ 61,132  44  % $ 64,107  45  %
Consumer 84,905  58  82,827  57  81,419  57  79,287  56  78,034  55 
Total core deposits $ 145,452  100  % $ 144,206  100  % $ 142,869  100  % $ 140,419  100  % $ 142,141  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 110,157  73  % $ 108,183  73  % $ 106,502  72  % $ 105,339  72  % $ 105,064  71  %
Commercial Banking 35,466  23  36,023  24  36,459  25  34,660  24  36,807  25 
Treasury / Other 5,607  4  4,661  3  5,067  3  5,279  4  6,043  4 
Total deposits $ 151,230  100  % $ 148,867  100  % $ 148,028  100  % $ 145,278  100  % $ 147,914  100  %
Average balances:
Total core deposits:
Commercial $ 61,782  43  % $ 62,070  43  % $ 61,304  44  % $ 63,423  45  % $ 65,128  46  %
Consumer 82,602  57  81,040  57  79,432  56  77,654  55  75,568  54 
Total core deposits $ 144,384  100  % $ 143,110  100  % $ 140,736  100  % $ 141,077  100  % $ 140,696  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 108,198  72  % $ 106,300  72  % $ 104,593  71  % $ 104,151  71  % $ 103,820  71  %
Commercial Banking 35,886  24  36,673  25  35,752  25  36,288  25  36,260  25 
Treasury / Other 5,570  4  5,177  3  5,214  4  5,705  4  5,592  4 
Total deposits $ 149,654  100  % $ 148,150  100  % $ 145,559  100  % $ 146,144  100  % $ 145,672  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)
December 31, September 30, June 30, March 31, December 31, Percent Changes vs.
(dollar amounts in millions) 2023 2023 2023 2023 2022 3Q23 4Q22
Assets
Interest-earning deposits with banks
 $ 10,019  $ 9,547  $ 11,281  $ 6,350  $ 4,920  5  % 104  %
Securities:
Trading account securities
 125  128  34  21  29  (2) 331 
Available-for-sale securities:
Taxable
 20,056  19,834  20,920  21,368  20,467  1  (2)
Tax-exempt
 2,686  2,807  2,745  2,640  2,706  (4) (1)
Total available-for-sale securities
 22,742  22,641  23,665  24,008  23,173  —  (2)
Held-to-maturity securities - taxable
 15,947  16,356  16,762  16,977  17,022  (3) (6)
Other securities 727  859  1,263  886  857  (15) (15)
Total securities
 39,541  39,984  41,724  41,892  41,081  (1) (4)
Loans held for sale 571  633  559  450  637  (10) (10)
Loans and leases: (2)
Commercial:
Commercial and industrial
 49,882  49,448  50,194  49,028  47,505  1  5 
Commercial real estate:
Commercial
 11,309  11,624  12,062  12,282  12,179  (3) (7)
Construction
 1,285  1,331  1,280  1,400  1,676  (3) (23)
Commercial real estate
 12,594  12,955  13,342  13,682  13,855  (3) (9)
Lease financing 5,102  5,050  5,155  5,209  5,080  1  — 
Total commercial
 67,578  67,453  68,691  67,919  66,440  —  2 
Consumer:
Residential mortgage
 23,573  23,278  22,765  22,327  22,011  1  7 
Automobile 12,612  12,747  12,927  13,245  13,284  (1) (5)
Home equity 10,107  10,108  10,154  10,258  10,417  —  (3)
RV and marine 5,934  5,813  5,478  5,366  5,408  2  10 
Other consumer
 1,425  1,385  1,330  1,305  1,347  3  6 
Total consumer
 53,651  53,331  52,654  52,501  52,467  1  2 
Total loans and leases
 121,229  120,784  121,345  120,420  118,907  —  2 
Total earning assets
 171,360  170,948  174,909  169,112  165,545  —  4 
Cash and due from banks
 1,508  1,559  1,639  1,598  1,650  (3) (9)
Goodwill and other intangible assets 5,710  5,722  5,734  5,759  5,771  —  (1)
All other assets
 11,607  10,576  10,638  10,568  10,458  10  11 
Allowance for loan and lease losses
 (2,223) (2,206) (2,174) (2,143) (2,132) (1) (4)
Total assets
 $ 187,962  $ 186,599  $ 190,746  $ 184,894  $ 181,292  1  % 4  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 39,138  $ 39,757  $ 39,772  $ 40,654  $ 42,705  (2) % (8) %
Money market deposits
 44,022  41,445  38,753  37,301  34,390  6  28 
Savings and other domestic deposits
 16,944  17,774  18,826  19,877  20,831  (5) (19)
Core certificates of deposit (3)
 13,107  11,348  8,820  5,747  2,926  16  348 
Other domestic deposits of $250,000 or more
 435  406  320  252  198  7  120 
Negotiable CDS, brokered and other deposits
 4,834  4,634  4,502  4,815  4,777  4  1 
Total interest-bearing deposits
 118,480  115,364  110,993  108,646  105,827  3  12 
Short-term borrowings
 1,906  859  5,242  4,371  545  122  250 
Long-term debt
 12,205  13,772  16,252  11,047  12,650  (11) (4)
Total interest-bearing liabilities
 132,591  129,995  132,487  124,064  119,022  2  11 
Demand deposits - noninterest-bearing
 31,174  32,786  34,566  37,498  39,845  (5) (22)
All other liabilities
 5,435  5,028  4,796  5,056  4,929  8  10 
Total liabilities 169,200  167,809  171,849  166,618  163,796  1  3 
Total Huntington shareholders’ equity 18,713  18,741  18,844  18,231  17,458  —  7 
Non-controlling interest 49  49  53  45  38  —  29 
Total equity 18,762  18,790  18,897  18,276  17,496  —  7 
Total liabilities and equity $ 187,962  $ 186,599  $ 190,746  $ 184,894  $ 181,292  1  % 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
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Assets
Interest-earning deposits with banks
 $ 139  $ 131  $ 146  $ 76  $ 51 
Securities:
Trading account securities 2  1  1  —  — 
Available-for-sale securities:
Taxable 273  259  252  232  198 
Tax-exempt 33  37  33  29  28 
Total available-for-sale securities 306  296  285  261  226 
Held-to-maturity securities - taxable 98  99  102  102  100 
Other securities 13  19  11  10  9 
Total securities 419  415  399  373  335 
Loans held for sale 10  10  8  7  8 
Loans and leases:
Commercial:
Commercial and industrial 783  776  746  686  613 
Commercial real estate:
Commercial 216  225  217  207  185 
Construction 27  28  26  26  28 
Commercial real estate 243  253  243  233  213 
Lease financing 77  73  71  68  66 
Total commercial 1,103  1,102  1,060  987  892 
Consumer:
Residential mortgage 222  213  200  190  183 
Automobile 153  145  134  129  125 
Home equity 197  195  187  181  172 
RV and marine 77  73  63  58  61 
Other consumer 41  40  39  36  36 
Total consumer 690  666  623  594  577 
Total loans and leases 1,793  1,768  1,683  1,581  1,469 
Total earning assets $ 2,361  $ 2,324  $ 2,236  $ 2,037  $ 1,863 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 204  $ 199  $ 167  $ 132  $ 102 
Money market deposits 381  327  255  172  75 
Savings and other domestic deposits 8  6  6  3  2 
Core certificates of deposit (3) 145  119  83  43  10 
Other domestic deposits of $250,000 or more 5  4  2  2  1 
Negotiable CDS, brokered and other deposits
 65  58  57  54  45 
Total interest-bearing deposits 808  713  570  406  235 
Short-term borrowings 28  17  74  60  10 
Long-term debt 198  215  235  153  147 
Total interest-bearing liabilities 1,034  945  879  619  392 
Net interest income $ 1,327  $ 1,379  $ 1,357  $ 1,418  $ 1,471 
(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
December 31, September 30, June 30, March 31, December 31,
Fully-taxable equivalent basis (1)
 2023 2023 2023 2023 2022
Assets
Interest-earning deposits with banks
 5.59  5.48  5.17  4.81  4.10 
Securities:
Trading account securities
 5.40  4.98  4.92  5.37  5.45 
Available-for-sale securities:
Taxable
 5.43  5.22  4.82  4.34  3.87 
Tax-exempt
 5.01  5.08  4.87  4.40  4.21 
Total available-for-sale securities
 5.38  5.20  4.83  4.35  3.91 
Held-to-maturity securities - taxable
 2.45  2.43  2.42  2.41  2.34 
Other securities 7.04  9.22  3.47  4.35  4.15 
Total securities
 4.23  4.15  3.82  3.56  3.26 
Loans held for sale
 6.95  6.42  6.05  5.85  5.42 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.14  6.15  5.87  5.60  5.06 
Commercial real estate:
Commercial 7.48  7.55  7.14  6.73  5.93 
Construction 8.40  8.30  7.96  7.40  6.54 
Commercial real estate 7.57  7.63  7.22  6.80  6.01 
Lease financing 5.90  5.60  5.45  5.25  5.02 
Total commercial 6.39  6.39  6.10  5.82  5.25 
Consumer:
Residential mortgage 3.76  3.66  3.51  3.41  3.33 
Automobile 4.82  4.51  4.17  3.94  3.74 
Home equity 7.70  7.66  7.42  7.14  6.57 
RV and marine 5.13  4.96  4.59  4.42  4.45 
Other consumer 11.67  11.67  11.59  11.18  10.38 
Total consumer 5.12  4.97  4.74  4.57  4.37 
Total loans and leases
 5.82  5.76  5.51  5.27  4.86 
Total earning assets
 5.47  5.39  5.13  4.89  4.46 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 2.06  1.98  1.68  1.32  0.94 
Money market deposits 3.44  3.12  2.64  1.87  0.86 
Savings and other domestic deposits
 0.19  0.15  0.11  0.07  0.03 
Core certificates of deposit (3)
 4.40  4.17  3.78  3.01  1.42 
Other domestic deposits of $250,000 or more
 4.20  3.78  3.27  2.45  1.31 
Negotiable CDS, brokered and other deposits
 5.33  4.93  5.07  4.56  3.74 
Total interest-bearing deposits
 2.71  2.45  2.06  1.52  0.88 
Short-term borrowings
 5.84  7.60  5.70  5.56  7.71 
Long-term debt
 6.46  6.27  5.79  5.52  4.66 
Total interest-bearing liabilities
 3.09  2.88  2.66  2.02  1.31 
Net interest rate spread
 2.38  2.51  2.47  2.87  3.15 
Impact of noninterest-bearing funds on margin
 0.69  0.69  0.64  0.53  0.37 
Net interest margin
 3.07  % 3.20  % 3.11  % 3.40  % 3.52  %
Commercial Loan Derivative Impact
(Unaudited)
Quarterly Average Rates
December 31, September 30, June 30, March 31, December 31,
Fully-taxable equivalent basis (1)
 2023 2023 2023 2023 2022
Commercial loans (2)(4)
 7.14  % 7.09  % 6.82  % 6.42  % 5.68  %
Impact of commercial loan derivatives
 (0.75) (0.70) (0.72) (0.60) (0.43)
Total commercial - as reported
 6.39  % 6.39  % 6.10  % 5.82  % 5.25  %
Average 1 Month LIBOR
 5.09  % 4.62  % 3.89  %
Average SOFR 5.32  % 5.23  % 4.97  % 4.50  % 3.61  %
(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 (1)
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) December 31, September 30, June 30, March 31, December 31,
2023 2023 2023 2023 2022
Interest income
 $ 2,350  $ 2,313  $ 2,225  $ 2,028  $ 1,854 
Interest expense
 1,034  945  879  619  392 
Net interest income 1,316  1,368  1,346  1,409  1,462 
Provision for credit losses 126  99  92  85  91 
Net interest income after provision for credit losses 1,190  1,269  1,254  1,324  1,371 
Payments and cash management revenue 150  152  146  137  142 
Wealth and asset management revenue 86  79  83  80  76 
Customer deposit and loan fees 80  80  76  76  84 
Capital markets and advisory fees 69  52  62  65  88 
Leasing revenue 29  32  25  26  35 
Mortgage banking income 23  27  33  26  25 
Insurance income 19  18  18  19  18 
Bank owned life insurance income 16  18  16  16  15 
Gain on sale of loans 1  2  8  3  2 
Net gains (losses) on sales of securities (3) —  (5) 1  — 
Other noninterest income (65) 49  33  63  14 
Total noninterest income
 405  509  495  512  499 
Personnel costs 645  622  613  649  630 
Outside data processing and other services 157  149  148  151  147 
Deposit and other insurance expense 234  25  23  20  14 
Equipment 70  65  64  64  67 
Net occupancy 65  67  54  60  61 
Marketing 29  29  32  25  22 
Professional services 35  27  21  16  21 
Amortization of intangibles 12  12  13  13  13 
Lease financing equipment depreciation 5  6  8  8  9 
Other noninterest expense 96  88  74  80  93 
Total noninterest expense
 1,348  1,090  1,050  1,086  1,077 
Income before income taxes 247  688  699  750  793 
Provision (benefit) for income taxes
 (1) 136  134  144  144 
Income after income taxes 248  552  565  606  649 
Income attributable to non-controlling interest 5  5  6  4  4 
Net income attributable to Huntington 243  547  559  602  645 
Dividends on preferred shares 36  37  40  29  28 
Impact of preferred stock repurchases
 (8) —  —  —  — 
Net income applicable to common shares $ 215  $ 510  $ 519  $ 573  $ 617 
Average common shares - basic
 1,448  1,448  1,446  1,443  1,443 
Average common shares - diluted
1,469  1,468  1,466  1,469  1,468 
Per common share
Net income - basic $ 0.15  $ 0.35  $ 0.36  $ 0.40  $ 0.43 
Net income - diluted 0.15  0.35  0.35  0.39  0.42 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,316  $ 1,368  $ 1,346  $ 1,409  $ 1,462 
FTE adjustment
 11  11  11  9  9 
Net interest income (2)
 1,327  1,379  1,357  1,418  1,471 
Noninterest income
 405  509  495  512  499 
Total revenue (2)
 $ 1,732  $ 1,888  $ 1,852  $ 1,930  $ 1,970 
(1)During the 2023 fourth quarter, our noninterest income categories were updated to be based on product and service type. A description of each updated noninterest income category is included within the Notes to this Quarterly Financial Supplement. All prior period results have been adjusted to conform to the current presentation.
(2)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
December 31, September 30, June 30, March 31, December 31,
Percent Changes vs.
(dollar amounts in millions)
 2023 2023 2023 2023 2022 3Q23 4Q22
Net origination and secondary marketing income $ 12  $ 18  $ 23  $ 16  $ 16  (33) % (25) %
Net mortgage servicing income
Loan servicing income
 24  24  23  23  22  —  9 
Amortization of capitalized servicing
 (13) (13) (12) (10) (11) —  (18)
Operating income
 11  11  11  13  11  —  — 
MSR valuation adjustment (1)
 (34) 38  15  (12) 2  (189) (1,800)
(Losses) gains due to MSR hedging
 34  (38) (15) 9  (4) 189  950 
Net MSR risk management
—  —  —  (3) (2) —  100 
Total net mortgage servicing income $ 11  $ 11  $ 11  $ 10  $ 9  —  % 22  %
All other —  (2) (1) —  —  100  — 
Mortgage banking income $ 23  $ 27  $ 33  $ 26  $ 25  (15) % (8) %
Mortgage origination volume $ 1,666  $ 2,020  $ 2,504  $ 1,412  $ 1,719  (18) % (3) %
Mortgage origination volume for sale 962  1,195  1,239  809  889  (19) 8 
Third party mortgage loans serviced (2) 33,237  32,965  32,712  32,496  32,354  1  3 
Mortgage servicing rights (2) 515  547  505  485  494  (6) 4 
MSR % of investor servicing portfolio (2) 1.55  % 1.66  % 1.55  % 1.49  % 1.53  % (7) % 1  %
(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
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Allowance for loan and lease losses, beginning of period $ 2,208  $ 2,177  $ 2,142  $ 2,121  $ 2,110 
Loan and lease charge-offs (132) (131) (92) (99) (97)
Recoveries of loans and leases previously charged-off 38  58  43  42  47 
Net loan and lease charge-offs (94) (73) (49) (57) (50)
Provision for loan and lease losses 141  104  84  78  61 
Allowance for loan and lease losses, end of period 2,255  2,208  2,177  2,142  2,121 
Allowance for unfunded lending commitments, beginning of period 160  165  157  150  120 
Provision for unfunded lending commitments (15) (5) 8  7  30 
Allowance for unfunded lending commitments, end of period 145  160  165  157  150 
Total allowance for credit losses, end of period $ 2,400  $ 2,368  $ 2,342  $ 2,299  $ 2,271 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.85  % 1.83  % 1.80  % 1.77  % 1.77  %
Nonaccrual loans and leases (NALs) 338  373  427  402  373 
Nonperforming assets (NPAs) 317  348  391  371  357 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.97  % 1.96  % 1.93  % 1.90  % 1.90  %
Nonaccrual loans and leases (NALs) 360  400  459  431  400 
Nonperforming assets (NPAs) 337  373  420  398  382 

Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 993  $ 973  $ 994  $ 967  $ 939 
Commercial real estate 522  483  442  440  433 
Lease financing 48  48  47  50  52 
Total commercial 1,563  1,504  1,483  1,457  1,424 
Consumer
Residential mortgage 188  200  194  176  187 
Automobile 142  143  144  151  141 
Home equity 114  115  119  118  105 
RV and marine 148  151  145  144  143 
Other consumer 100  95  92  96  121 
Total consumer 692  704  694  685  697 
Total allowance for loan and lease losses 2,255  2,208  2,177  2,142  2,121 
Allowance for unfunded lending commitments 145  160  165  157  150 
Total allowance for credit losses $ 2,400  $ 2,368  $ 2,342  $ 2,299  $ 2,271 


12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 39  $ 32  $ 20  $ 16  $ 9 
Commercial real estate 21  11  7  18  7 
Lease financing (3) 2  —  (5) 5 
Total commercial 57  45  27  29  21 
Consumer:
Residential mortgage —  1  1  —  — 
Automobile 9  4  3  5  3 
Home equity —  —  —  (1) — 
RV and marine 5  3  2  2  2 
Other consumer 23  20  16  22  24 
Total consumer 37  28  22  28  29 
Total net charge-offs $ 94  $ 73  $ 49  $ 57  $ 50 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2023 2023 2023 2023 2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.32  % 0.26  % 0.15  % 0.13  % 0.08  %
Commercial real estate 0.65  0.35  0.23  0.51  0.20 
Lease financing (0.24) 0.12  —  (0.37) 0.40 
Total commercial 0.34  0.27  0.16  0.17  0.13 
Consumer:
Residential mortgage 0.01  0.01  0.01  0.01  (0.01)
Automobile 0.27  0.14  0.10  0.14  0.12 
Home equity 0.01  (0.01) (0.02) (0.02) (0.04)
RV and marine 0.34  0.16  0.13  0.18  0.15 
Other consumer 6.48  6.09  5.17  6.37  7.08 
Total consumer 0.28  0.21  0.17  0.21  0.22 
Net charge-offs as a % of average loans and leases 0.31  % 0.24  % 0.16  % 0.19  % 0.17  %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 344  $ 314  $ 267  $ 273  $ 288 
Commercial real estate 140  102  75  86  92 
Lease financing 14  14  15  14  18 
Residential mortgage 72  75  73  81  90 
Automobile 4  4  4  4  4 
Home equity 91  82  75  74  76 
RV and marine 2  1  1  1  1 
Total nonaccrual loans and leases 667  592  510  533  569 
Other real estate, net 10  14  18  20  11 
Other NPAs (1) 34  28  29  25  14 
Total nonperforming assets $ 711  $ 634  $ 557  $ 578  $ 594 
Nonaccrual loans and leases as a % of total loans and leases 0.55  % 0.49  % 0.42  % 0.44  % 0.48  %
NPA ratio (2) 0.58  0.52  0.46  0.48  0.50 
(NPA+90days)/(Loan+OREO) (3) 0.74  0.66  0.60  0.63  0.67 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Nonperforming assets, beginning of period $ 634  $ 557  $ 578  $ 594  $ 627 
New nonperforming assets 300  252  188  237  251 
Returns to accruing status (47) (23) (34) (73) (84)
Charge-offs (73) (62) (42) (54) (54)
Payments (98) (85) (118) (124) (144)
Sales (5) (5) (15) (2) (2)
Nonperforming assets, end of period $ 711  $ 634  $ 557  $ 578  $ 594 
(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)
  December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Accruing loans and leases past due 90+ days:
Commercial and industrial $ 1  $ —  $ 7  $ 12  $ 23 
Lease financing 4  7  12  10  9 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 27  22  18  20  21 
Automobile 9  8  6  7  9 
Home equity 22  19  18  18  15 
RV and marine 3  2  2  2  3 
Other consumer 4  3  3  2  2 
Total, excl. loans guaranteed by the U.S. Government 70  61  66  71  82 
Add: loans guaranteed by U.S. Government 119  102  103  114  125 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 189  $ 163  $ 169  $ 185  $ 207 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.06  % 0.05  % 0.05  % 0.06  % 0.07  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.10  0.08  0.08  0.09  0.10 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.15  0.14  0.14  0.15  0.17 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 19,353  $ 18,483  $ 18,788  $ 18,758  $ 17,731 
Regulatory capital adjustments:
CECL transitional amount (2) 219  219  219  219  328 
Shareholders’ preferred equity and related surplus (2,404) (2,494) (2,494) (2,494) (2,177)
Accumulated other comprehensive loss 2,676  3,622  3,006  2,755  3,098 
Goodwill and other intangibles, net of taxes (5,591) (5,605) (5,620) (5,636) (5,663)
Deferred tax assets from tax loss and credit carryforwards (41) (14) (14) (14) (27)
Common equity tier 1 capital 14,212  14,211  13,885  13,588  13,290 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,404  2,494  2,494  2,494  2,177 
Tier 1 capital 16,616  16,705  16,379  16,082  15,467 
Long-term debt and other tier 2 qualifying instruments 1,306  1,383  1,394  1,395  1,424 
Qualifying allowance for loan and lease losses 1,735  1,758  1,767  1,779  1,682 
Tier 2 capital 3,041  3,141  3,161  3,174  3,106 
Total risk-based capital $ 19,657  $ 19,846  $ 19,540  $ 19,256  $ 18,573 
Risk-weighted assets (RWA)(1) $ 138,686  $ 140,688  $ 141,432  $ 142,335  $ 141,940 
Common equity tier 1 risk-based capital ratio (1) 10.25  % 10.10  % 9.82  % 9.55  % 9.36  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 9.32  9.43  9.01  8.79  8.60 
Tier 1 risk-based capital ratio (1) 11.98  11.87  11.58  11.30  10.90 
Total risk-based capital ratio (1) 14.17  14.11  13.82  13.53  13.09 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 8.14  7.33  7.50  7.43  6.93 
(1)December 31, 2023, figures are estimated.
(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized over the three-year transition period. As of March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, 50% of the cumulative CECL deferral has been phased in. As of 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
December 31, September 30, June 30, March 31, December 31,
2023 2023 2023 2023 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  1,448  1,446  1,443  1,443 
Average - diluted
1,469  1,468  1,466  1,469  1,468 
Ending
1,448  1,448  1,448  1,444  1,443 
Tangible book value per common share (1)
 $ 7.79  $ 7.12  $ 7.33  $ 7.32  $ 6.82 

Non-regulatory capital
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2023 2023 2023 2023 2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 19,353  $ 18,483  $ 18,788  $ 18,758  $ 17,731 
Goodwill and other intangible assets (5,704) (5,716) (5,728) (5,741) (5,766)
Deferred tax liability on other intangible assets (1) 30  33  35  38  41 
Total tangible equity
 13,679  12,800  13,095  13,055  12,006 
Preferred equity (2,394) (2,484) (2,484) (2,484) (2,167)
Total tangible common equity
 $ 11,285  $ 10,316  $ 10,611  $ 10,571  $ 9,839 
Total assets
 $ 189,368  $ 186,650  $ 188,505  $ 189,070  $ 182,906 
Goodwill and other intangible assets (5,704) (5,716) (5,728) (5,741) (5,766)
Deferred tax liability on other intangible assets (1) 30  33  35  38  41 
Total tangible assets
 $ 183,694  $ 180,967  $ 182,812  $ 183,367  $ 177,181 
Tangible equity / tangible asset ratio
 7.45  % 7.07  % 7.16  % 7.12  % 6.78  %
Tangible common equity / tangible asset ratio
 6.14  5.70  5.80  5.77  5.55 
Other data:
Number of employees (Average full-time equivalent)
 19,612  19,826  20,200  20,198  20,007 
Number of domestic full-service branches (2)
 999  1,001  1,001  1,001  1,032 
ATM Count
 1,630  1,631  1,641  1,668  1,695 
(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 Annual Average Balance Sheets
(Unaudited)
Annual Average Balances (1)
Change from 2022 Change from 2021
(dollar amounts in millions) 2023 Amount Percent 2022 Amount Percent 2021
Assets
Interest-earning deposits with banks
 $ 9,309  $ 4,457  92  % $ 4,852  $ (3,649) (43) % $ 8,501 
Securities:
Trading account securities 77  45  141  32  (18) (36) 50 
Available-for-sale securities:
Taxable 20,539  (1,455) (7) 21,994  2,227  11  19,767 
Tax-exempt 2,720  (122) (4) 2,842  (74) (3) 2,916 
Total available-for-sale securities 23,259  (1,577) (6) 24,836  2,153  9  22,683 
Held-to-maturity securities - taxable 16,507  (2) —  16,509  6,509  65  10,000 
Other securities 933  88  10  845  289  52  556 
Total securities 40,776  (1,446) (3) 42,222  8,933  27  33,289 
Loans held for sale 554  (419) (43) 973  (425) (30) 1,398 
Loans and leases:(2)
Commercial:
Commercial and industrial 49,640  4,278  9  45,362  7,068  18  38,294 
Commercial real estate:
Commercial 11,816  43  —  11,773  3,257  38  8,516 
Construction 1,324  (427) (24) 1,751  251  17  1,500 
Commercial real estate 13,140  (384) (3) 13,524  3,508  35  10,016 
Lease financing 5,128  154  3  4,974  1,235  33  3,739 
Total commercial 67,908  4,048  6  63,860  11,811  23  52,049 
Consumer:
Residential mortgage 22,990  2,083  10  20,907  4,954  31  15,953 
Automobile 12,881  (573) (4) 13,454  446  3  13,008 
Home equity 10,156  (253) (2) 10,409  391  4  10,018 
RV and marine 5,650  328  6  5,322  650  14  4,672 
Other consumer 1,362  48  4  1,314  196  18  1,118 
Total consumer 53,039  1,633  3  51,406  6,637  15  44,769 
Total loans and leases 120,947  5,681  5  115,266  18,448  19  96,818 
Total earning assets 171,586  8,273  5  163,313  23,307  17  140,006 
Cash and due from banks 1,576  (90) (5) 1,666  310  23  1,356 
Goodwill and other intangible assets 5,731  43  1  5,688  1,580  38  4,108 
All other assets 10,850  666  7  10,184  1,380  16  8,804 
Allowance for loan and lease losses (2,187) (104) (5) (2,083) (90) (5) (1,993)
Total assets $ 187,556  $ 8,788  5  % $ 178,768  $ 26,487  17  % $ 152,281 
Liabilities and equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 39,826  $ (1,953) (5) % $ 41,779  $ 9,071  28  % $ 32,708 
Money market deposits 40,401  6,668  20  33,733  3,694  12  30,039 
Savings and other domestic deposits 18,345  (2,971) (14) 21,316  3,959  23  17,357 
Core certificates of deposit (3) 9,780  7,341  301  2,439  71  3  2,368 
Other domestic deposits of $250,000 or more 354  121  52  233  (120) (34) 353 
Negotiable CDs, brokered and other deposits 4,697  859  22  3,838  313  9  3,525 
Total interest-bearing deposits 113,403  10,065  10  103,338  16,988  20  86,350 
Short-term borrowings 3,081  596  24  2,485  2,207  794  278 
Long-term debt 13,324  4,600  53  8,724  1,245  17  7,479 
Total interest-bearing liabilities 129,808  15,261  13  114,547  20,440  22  94,107 
Demand deposits - noninterest-bearing 33,985  (7,589) (18) 41,574  3,614  10  37,960 
All other liabilities 5,080  727  17  4,353  1,148  36  3,205 
Total Huntington shareholders’ equity 18,634  371  2  18,263  1,266  7  16,997 
Non-controlling interest 49  18  58  31  19  158  12 
Total Equity $ 18,683  $ 389  2  $ 18,294  $ 1,285  8  $ 17,009 
Total liabilities and equity $ 187,556  $ 8,788  5  % $ 178,768  $ 26,487  17  % $ 152,281 
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans.
(3)Includes consumer certificates of deposit of $250,000 or more.
18

Huntington Bancshares Incorporated
Consolidated Annual Net Interest Margin - Interest Income / Expense(1)(2)
(Unaudited)
Annual Interest Income / Expense
(dollar amounts in millions)
 2023 2022 2021
Assets
Interest-earning deposits with banks
 $ 492  $ 83  $ 12 
Securities:
Trading account securities
 4  1  1 
Available-for-sale securities:
Taxable
 1,016  576  261 
Tax-exempt
 132  94  71 
Total available-for-sale securities
 1,148  670  332 
Held-to-maturity securities - taxable
 401  351  174 
Other securities 53  27  10 
Total securities
 1,606  1,049  517 
Loans held for sale
 35  41  41 
Loans and leases:
Commercial:
Commercial and industrial
 2,991  1,956  1,476 
Commercial real estate:
Commercial
 865  520  277 
Construction
 107  82  55 
Commercial real estate
 972  602  332 
Lease Financing 289  251  186 
Total commercial
 4,252  2,809  1,994 
Consumer:
Residential mortgage
 825  661  479 
Automobile 561  472  471 
Home equity 760  532  391 
RV and marine 271  227  199 
Other consumer
 156  126  112 
Total consumer
 2,573  2,018  1,652 
Total loans and leases
 6,825  4,827  3,646 
Total earning assets
 $ 8,958  $ 6,000  $ 4,216 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 702  $ 158  $ 12 
Money market deposits 1,135  112  21 
Savings and other domestic deposits
 23  5  5 
Core certificates of deposit 390  12  1 
Other domestic deposits of $250,000 or more
 13  1  1 
Negotiable CDS, brokered and other deposits
 234  75  5 
Total interest-bearing deposits
 2,497  363  45 
Short-term borrowings
 179  46  1 
Long-term debt
 801  287  43 
Total interest-bearing liabilities
 3,477  696  89 
Net interest income
 $ 5,481  $ 5,304  $ 4,127 
(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.


19

Huntington Bancshares Incorporated
Consolidated Annual Net Interest Margin - Yield
(Unaudited)
Annual Average Rates(2)
Fully-taxable equivalent basis(1)
 2023 2022 2021
Assets
Interest-earning deposits with banks
 5.30  % 1.70  % 0.13  %
Securities:
Trading account securities
 5.14  4.14  3.32 
Available-for-sale securities:
Taxable
 4.95  2.62  1.32 
Tax-exempt
 4.84  3.32  2.42 
Total available-for-sale securities
 4.93  2.70  1.46 
Held-to-maturity securities - taxable
 2.43  2.13  1.74 
Other securities 5.70  3.16  1.75 
Total securities
 3.94  2.48  1.55 
Loans held for sale
 6.34  4.24  2.96 
Loans and leases: (4)
Commercial:
Commercial and industrial
 6.03  4.31  3.86 
Commercial real estate:
Commercial
 7.32  4.41  3.25 
Construction
 8.12  4.71  3.67 
Commercial real estate
 7.40  4.45  3.31 
Lease financing 5.63  5.04  4.98 
Total commercial
 6.26  4.40  3.83 
Consumer:
Residential mortgage
 3.59  3.16  3.00 
Automobile 4.36  3.51  3.62 
Home equity 7.48  5.11  3.90 
RV and marine 4.79  4.26  4.27 
Other consumer
 11.53  9.51  10.04 
Total consumer
 4.85  3.92  3.69 
Total loans and leases
 5.64  4.19  3.77 
Total earning assets
 5.22  3.67  3.01 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 1.76  % 0.38  % 0.04  %
Money market deposits 2.81  0.33  0.07 
Savings and other domestic deposits
 0.13  0.02  0.03 
Core certificates of deposit (4) 3.99  0.50  0.03 
Other domestic deposits of $250,000 or more
 3.56  0.47  0.21 
Negotiable CDS, brokered and other deposits
 4.98  1.96  0.16 
Total interest-bearing deposits
 2.20  0.35  0.05 
Short-term borrowings
 5.81  1.86  0.20 
Long-term debt
 6.01  3.29  0.57 
Total interest bearing liabilities
 2.68  0.61  0.09 
Net interest rate spread
 2.54  3.06  2.92 
Impact of noninterest-bearing funds on margin
 0.65  0.19  0.03 
Net interest margin
 3.19  % 3.25  % 2.95  %
Commercial Loan Derivative Impact
(Unaudited)
Annual Average Rates
Fully-taxable equivalent basis(1)
 2023 2022 2021
Commercial loans (2)(3) 6.95  % 4.45  % 3.50  %
Impact of commercial loan derivatives
 (0.69) (0.05) 0.33 
Total commercial - as reported
 6.26  % 4.40  % 3.83  %
Average 1 Month LIBOR
 1.91  % 0.10  %
Average SOFR 5.00  % 1.63  %
(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.
(4)Includes consumer certificates of deposits of $250,000 or more.
20

Huntington Bancshares Incorporated
Selected Annual Income Statement Data (1)
(Unaudited)
Year Ended December 31,
(dollar amounts in millions, except per share data)
Change
Change
2023
Amount
Percent
 2022
Amount
Percent
 2021
Interest income
 $ 8,916  $ 2,947  49  % $ 5,969  $ 1,778  42  % $ 4,191 
Interest expense
 3,477  2,781  400  696  607  682  89 
Net interest income
 5,439  166  3  5,273  1,171  29  4,102 
Provision for credit losses
 402  113  39  289  264  1,056  25 
Net interest income after provision for credit losses
 5,037  53  1  4,984  907  22  4,077 
Payments and cash management revenue 585  24  4  561  60  12  501 
Wealth and asset management revenue 328  28  9  300  31  12  269 
Customer deposit and loan fees 312  (38) (11) 350  40  13  310 
Capital markets and advisory fees 248  (17) (6) 265  109  70  156 
Leasing revenue 112  (14) (11) 126  27  27  99 
Mortgage banking income 109  (35) (24) 144  (165) (53) 309 
Insurance income 74  (5) (6) 79  (3) (4) 82 
Bank owned life insurance income 66  10  18  56  (13) (19) 69 
Gain on sale of loans 14  (43) (75) 57  48  533  9 
Net gains (losses) on sales of securities (7) (7) NM —  (9) NM 9 
Other noninterest income 80  37  86  43  (33) (43) 76 
Total noninterest income
 1,921  (60) (3) 1,981  92  5  1,889 
Personnel costs 2,529  128  5  2,401  66  3  2,335 
Outside data processing and other services 605  (5) (1) 610  (240) (28) 850 
Deposit and other insurance expense 302  235  351  67  16  31  51 
Equipment 263  (6) (2) 269  21  8  248 
Net occupancy 246  —  —  246  (31) (11) 277 
Marketing 115  24  26  91  2  2  89 
Professional services 99  22  29  77  (36) (32) 113 
Amortization of intangibles 50  (3) (6) 53  5  10  48 
Lease financing equipment depreciation 27  (18) (40) 45  4  10  41 
Other noninterest expense 338  (4) (1) 342  19  6  323 
Total noninterest expense
 4,574  373  9  4,201  (174) (4) 4,375 
Income before income taxes
 2,384  (380) (14) 2,764  1,173  74  1,591 
Provision for income taxes 413  (102) (20) 515  221  75  294 
Income after income taxes 1,971  (278) (12) 2,249  952  73  1,297 
Income attributable to non-controlling interest 20  9  82  11  9  450  2 
Net income attributable to Huntington 1,951  (287) (13) 2,238  943  73  1,295 
Dividends on preferred shares 142  29  26  113  (18) (14) 131 
Impact of preferred stock redemption (8) (8) NM —  (11) NM 11 
Net income applicable to common shares
 $ 1,817  $ (308) (14) % $ 2,125  $ 972  84  % $ 1,153 
Average common shares - basic
1,446  5  —  % 1,441  179  14  % 1,262 
Average common shares - diluted
1,468  3  —  1,465  178  14  1,287 
Per common share
Net income - basic
 $ 1.26  $ (0.21) (14) $ 1.47  $ 0.56  62  $ 0.91 
Net income - diluted
 1.24  (0.21) (14) 1.45  0.55  61  0.90 
Cash dividends declared
 0.62  —  —  0.62  0.015  2  0.605 
Revenue - fully taxable equivalent (FTE)
Net interest income
 $ 5,439  $ 166  3  $ 5,273  $ 1,171  29  $ 4,102 
FTE adjustment (2)
 42  11  35  31  6  24  25 
Net interest income
 5,481  177  3  5,304  1,177  29  4,127 
Noninterest income
 1,921  (60) (3) 1,981  92  5  1,889 
Total revenue (2)
 $ 7,402  $ 117  2  % $ 7,285  $ 1,269  21  % $ 6,016 
NM - Not Meaningful
(1)During the 2023 fourth quarter, our noninterest income categories were updated to be based on product and service type. A description of each updated noninterest income category is included within the Notes to this Quarterly Financial Supplement. All prior period results have been adjusted to conform to the current presentation.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

21

Huntington Bancshares Incorporated
Annual Mortgage Banking Noninterest Income
(Unaudited)
Year Ended December 31,
(dollar amounts in millions)
 2023 2022 2021
Net origination and secondary marketing income
 $ 69  $ 105  $ 300 
Net mortgage servicing income
          Loan servicing income
 94  88  77 
          Amortization of capitalized servicing
 (48) (56) (81)
     Operating income
 46  32  (4)
          MSR valuation adjustment (1)
 7  114  27 
          Gains (losses) due to MSR hedging
 (10) (109) (26)
     Net MSR risk management
(3) 5  1 
Total net mortgage servicing income (expense) $ 43  $ 37  $ (3)
All other (3) 2  12 
Mortgage banking income
 $ 109  $ 144  $ 309 
Mortgage origination volume
$ 7,602  $ 10,457  $ 16,396 
Mortgage origination volume for sale
4,205  5,010  9,828 
Third party mortgage loans serviced (2)
 33,237  32,354  31,017 
Mortgage servicing rights (2)
 515  494  351 
MSR % of investor servicing portfolio
1.55  % 1.53  % 1.13  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.

22

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)
Year Ended December 31,
(dollar amounts in millions)
 2023 2022 2021
Allowance for loan and lease losses, beginning of period
 $ 2,121  $ 2,030  $ 1,814 
Loan and lease charge-offs (1) (454) (313) (382)
Recoveries of loans and leases previously charged off 181  192  167 
Net loan and lease charge-offs (273) (121) (215)
Provision for loan and lease losses 407  212  (1)
Allowance on loans and leases purchased with credit deterioration —  —  432 
Allowance for loan and lease losses, end of period
 2,255  2,121  2,030 
Allowance for unfunded lending commitments, beginning of period 150  77  52 
Provision for (reduction in) unfunded lending commitments (5) 73  26 
Unfunded lending commitment losses —  —  (1)
Allowance for unfunded lending commitments, end of period 145  150  77 
Total allowance for credit losses, end of period $ 2,400  $ 2,271  $ 2,107 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
 1.85  % 1.77  % 1.82  %
Nonaccrual loans and leases (NALs)
 338  373  284 
Nonperforming assets (NPAs)
 317  357  271 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.97  % 1.90  % 1.89  %
Nonaccrual loans and leases (NALs)
 360  400  294 
Nonperforming assets (NPAs)
 337  382  281 
(1)Net charge-offs and associated metrics for the period ended December 31, 2021 exclude $80 million of charge-offs recognized immediately upon completion of the TCF acquisition and related to required purchase accounting treatment.
Year Ended December 31,
(dollar amounts in millions) 2023 2022 2021
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 993  $ 939  $ 861 
Commercial real estate 522  433  557 
Lease financing 48  52  44 
Total commercial 1,563  1,424  1,462 
Consumer
Residential mortgage 188  187  145 
Automobile 142  141  108 
Home equity 114  105  88 
RV and marine 148  143  105 
Other consumer 100  121  122 
Total consumer 692  697  568 
Total allowance for loan and lease losses 2,255  2,121  2,030 
Allowance for unfunded lending commitments 145  150  77 
Total allowance for credit losses $ 2,400  $ 2,271  $ 2,107 

23

Huntington Bancshares Incorporated
Annual Net Charge-Off Analysis
(Unaudited)
Year Ended December 31,
(dollar amounts in millions)
 2023 2022 2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial
 $ 107  $ (2) $ 99 
Commercial real estate
 57  8  17 
Lease financing (6) 9  44 
Total commercial
 158  15  160 
Consumer:
Residential mortgage 2  (2) (1)
Automobile 21  6  (6)
Home equity (1) (5) (5)
RV and marine
 12  8  5 
Other consumer
 81  99  62 
Total consumer
 115  106  55 
Total net charge-offs $ 273  $ 121  $ 215 
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial
 0.22  % —  % 0.26  %
Commercial real estate
 0.43  0.06  0.16 
Lease financing (0.12) 0.18  1.18 
Total commercial
 0.23  0.03  0.31 
Consumer:
Residential mortgage 0.01  (0.01) — 
Automobile 0.16  0.05  (0.05)
Home equity (0.01) (0.05) (0.05)
RV and marine
 0.21  0.15  0.10 
Other consumer
 6.03  7.55  5.56 
Total consumer
 0.22  0.21  0.12 
Net charge-offs as a % of average loans 0.23  % 0.11  % 0.22  %


24

Huntington Bancshares Incorporated
Annual Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
December 31,
(dollar amounts in millions)
 2023 2022 2021
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 344  $ 288  $ 370 
Commercial real estate
 140  92  104 
Lease financing 14  18  48 
Residential mortgage
 72  90  111 
Automobile 4  4  3 
Home equity 91  76  79 
RV and marine
 2  1  1 
Total nonaccrual loans and leases
 667  569  716 
Other real estate, net:
Residential
 10  11  8 
Commercial
 —  —  1 
Total other real estate, net
 10  11  9 
Other NPAs (1)
 34  14  25 
Total nonperforming assets (2) $ 711  $ 594  $ 750 
Nonaccrual loans and leases as a % of total loans and leases
 0.55  % 0.48  % 0.64  %
NPA ratio (3) 0.58  0.50  0.67 
December 31,
(dollar amounts in millions)
 2023 2022 2021
Nonperforming assets, beginning of period
 $ 594  $ 750  $ 563 
New nonperforming assets
 977  755  586 
Returns to accruing status
 (177) (264) (303)
Loan and lease losses
 (231) (151) (215)
Payments
 (425) (485) (416)
Sales and held-for-sale transfers
 (27) (11) (94)
Acquired NPAs —  —  629 
Nonperforming assets, end of period (2)
 $ 711  $ 594  $ 750 

(1)December 31, 2021 generally excludes loans and leases that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
(2)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.





25