Form: 8-K

Current report filing

April 19, 2024

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2024
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.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21%.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets, and
•Tangible common equity to risk-weighted assets using Basel III definition.
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.





Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, March 31, Percent Changes vs.
2024 2023 2023 4Q23 1Q23
Net interest income (1) $ 1,300  $ 1,327  $ 1,418  (2) % (8) %
FTE adjustment (13) (11) (9) (18) (44)
Net interest income 1,287  1,316  1,409  (2) (9)
Provision for credit losses 107  126  85  (15) 26 
Noninterest income 467  405  512  15  (9)
Noninterest expense 1,137  1,348  1,086  (16) 5 
Income before income taxes 510  247  750  106  (32)
Provision (benefit) for income taxes 86  (1) 144  8,700 (40)
Income after income taxes 424  248  606  71  (30)
Income attributable to non-controlling interest 5  5  4  —  25 
Net income attributable to Huntington 419  243  602  72  (30)
Dividends on preferred shares 36  36  29  —  24 
Impact of preferred stock repurchases —  (8) —  NM —
Net income applicable to common shares $ 383  $ 215  $ 573  78  % (33)
Net income per common share - diluted $ 0.26  $ 0.15  $ 0.39  73  % (33) %
Cash dividends declared per common share 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period 7.77  7.79  7.32  —  6 
Average common shares - basic 1,448  1,448  1,443  —  — 
Average common shares - diluted 1,473  1,469  1,469  —  — 
Ending common shares outstanding 1,449  1,448  1,444  —  — 
Return on average assets 0.89  % 0.51  % 1.32  %
Return on average common shareholders’ equity 9.2  5.2  14.6 
Return on average tangible common shareholders’ equity (2) 14.2  8.4  23.1 
Net interest margin (1) 3.01  3.07  3.40 
Efficiency ratio (3) 63.7  77.0  55.6 
Effective tax rate 16.8  (0.5) 19.2 
Average total assets $ 190,306  $ 187,962  $ 184,894  1  3 
Average earning assets 173,764  171,360  169,112  1  3 
Average loans and leases 121,930  121,229  120,420  1  1 
Average total deposits $ 150,728  $ 149,654  $ 146,144  1  3 
Average core deposits (4) 144,960  144,384  141,077  —  3 
Average Huntington shareholders’ equity 19,213  18,713  18,231  3  5 
Average common total shareholders' equity 16,819  16,275  15,973  3  5 
Average tangible common shareholders' equity 11,151  10,597  10,253  5  9 
Total assets at end of period 193,519  189,368  189,070  2  2 
Total Huntington shareholders’ equity at end of period 19,322  19,353  18,758  —  3 
NCOs as a % of average loans and leases 0.30  % 0.31  % 0.19  %
NAL ratio 0.58  0.55  0.44 
NPA ratio (5) 0.60  0.58  0.48 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period 1.86  1.85  1.77 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.97  1.97  1.90 
Common equity tier 1 risk-based capital ratio (6) 10.2  10.2  9.5 
Tangible common equity / tangible asset ratio (7) 6.0  6.1  5.8 
NM - Not Meaningful
See Notes to the Quarterly and Year to Date Key Statistics.
1

Notes to the Quarterly 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)March 31, 2024 figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
2

Huntington Bancshares Incorporated
Consolidated Balance Sheets
March 31, December 31,
(dollar amounts in millions) 2024 2023
Percent Changes
(Unaudited)
Assets
Cash and due from banks $ 1,189  $ 1,558  (24) %
Interest-earning deposits with banks 11,216  8,765  28 
Trading account securities 167  125  34 
Available-for-sale securities 26,801  25,305  6 
Held-to-maturity securities 15,416  15,750  (2)
Other securities 727  725  — 
Loans held for sale 490  516  (5)
Loans and leases (1) 122,767  121,982  1 
Allowance for loan and lease losses (2,280) (2,255) (1)
Net loans and leases 120,487  119,727  1 
Bank owned life insurance 2,767  2,759  — 
Accrued income and other receivables 1,616  1,646  (2)
Premises and equipment 1,095  1,109  (1)
Goodwill 5,561  5,561  — 
Servicing rights and other intangible assets 677  672  1 
Other assets 5,310  5,150  3 
Total assets $ 193,519  $ 189,368  2  %
Liabilities and shareholders' equity
Liabilities
Deposits (2) $ 153,225  $ 151,230  1  %
Short-term borrowings 182  620  (71)
Long-term debt 14,894  12,394  20 
Other liabilities 5,845  5,726  2 
Total liabilities 174,146  169,970  2 
Shareholders' equity
Preferred stock 2,394  2,394  — 
Common stock 15  15  — 
Capital surplus 15,407  15,389  — 
Less treasury shares, at cost (91) (91) — 
Accumulated other comprehensive income (loss) (2,879) (2,676) (8)
Retained earnings 4,476  4,322  4 
Total Huntington shareholders’ equity 19,322  19,353  — 
Non-controlling interest 51  45  13 
Total equity 19,373  19,398  — 
Total liabilities and equity $ 193,519  $ 189,368  2  %
Common shares authorized (par value of $0.01) 2,250,000,000  2,250,000,000 
Common shares outstanding 1,449,254,147  1,448,319,953 
Treasury shares outstanding 7,413,634  7,403,008 
Preferred stock, authorized shares 6,617,808  6,617,808 
Preferred shares outstanding 881,587  881,587 
(1)See page 4 for detail of loans and leases.
(2)See page 5 for detail of deposits.
3

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 51,500  42  % $ 50,657  42  % $ 49,422  41  % $ 49,834  41  % $ 50,039  42  %
Commercial real estate:
Commercial 11,339  9  11,092  9  11,365  10  11,750  10  12,132  10 
Construction 1,003  1  1,330  1  1,303  1  1,416  1  1,255  1 
Commercial real estate 12,342  10  12,422  10  12,668  11  13,166  11  13,387  11 
Lease financing 5,133  4  5,228  4  5,161  4  5,143  4  5,244  4 
Total commercial 68,975  56  68,307  56  67,251  56  68,143  56  68,670  57 
Consumer:
Residential mortgage 23,744  20  23,720  20  23,427  19  23,138  19  22,472  19 
Automobile 12,662  10  12,482  10  12,724  11  12,819  11  13,187  11 
Home equity 10,047  8  10,113  8  10,118  8  10,135  8  10,166  8 
RV and marine 5,887  5  5,899  5  5,937  5  5,640  5  5,404  4 
Other consumer 1,452  1  1,461  1  1,396  1  1,350  1  1,280  1 
Total consumer 53,792  44  53,675  44  53,602  44  53,082  44  52,509  43 
Total loans and leases $ 122,767  100  % $ 121,982  100  % $ 120,853  100  % $ 121,225  100  % $ 121,179  100  %
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Ending balances by business segment:
Consumer & Regional Banking $ 67,512  55  % $ 67,108  55  % $ 66,202  55  % $ 65,374  54  % $ 64,387  53  %
Commercial Banking 54,994  45  54,743  45  54,451  45  55,672  46  56,599  47 
Treasury / Other 261  —  131  —  200  —  179  —  193  — 
Total loans and leases $ 122,767  100  % $ 121,982  100  % $ 120,853  100  % $ 121,225  100  % $ 121,179  100  %
Average balances by business segment:
Consumer & Regional Banking $ 67,136  55  % $ 66,638  55  % $ 65,738  55  % $ 64,782  54  % $ 64,209  54  %
Commercial Banking 54,584  45  54,395  45  54,873  45  56,375  46  55,919  46 
Treasury / Other 210  —  196  —  173  —  188  —  292  — 
Total loans and leases $ 121,930  100  % $ 121,229  100  % $ 120,784  100  % $ 121,345  100  % $ 120,420  100  %
4

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 29,739  19  % $ 30,967  20  % $ 31,666  21  % $ 33,340  23  % $ 36,789  25  %
Demand deposits - interest-bearing 39,200  26  39,190  26  39,822  27  40,387  28  39,827  28 
Money market deposits 47,520  31  44,947  30  42,996  29  40,534  27  37,276  26 
Savings and other domestic deposits 16,728  11  16,722  11  17,350  12  18,294  12  19,546  13 
Core certificates of deposit (1) 14,082  9  13,626  9  12,372  8  10,314  7  6,981  5 
Total core deposits 147,269  96  145,452  96  144,206  97  142,869  97  140,419  97 
Other domestic deposits of $250,000 or more 487  —  447  —  446  —  381  —  282  — 
Negotiable CDS, brokered and other deposits
 5,469  4  5,331  4  4,215  3  4,778  3  4,577  3 
Total deposits $ 153,225  100  % $ 151,230  100  % $ 148,867  100  % $ 148,028  100  % $ 145,278  100  %
Total core deposits:
Commercial $ 60,184  41  % $ 60,547  42  % $ 61,379  43  % $ 61,450  43  % $ 61,132  44  %
Consumer 87,085  59  84,905  58  82,827  57  81,419  57  79,287  56 
Total core deposits $ 147,269  100  % $ 145,452  100  % $ 144,206  100  % $ 142,869  100  % $ 140,419  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 112,032  73  % $ 110,157  73  % $ 108,183  73  % $ 106,502  72  % $ 105,339  72  %
Commercial Banking 35,619  23  35,466  23  36,023  24  36,459  25  34,660  24 
Treasury / Other 5,574  4  5,607  4  4,661  3  5,067  3  5,279  4 
Total deposits $ 153,225  100  % $ 151,230  100  % $ 148,867  100  % $ 148,028  100  % $ 145,278  100  %
Average balances:
Total core deposits:
Commercial $ 60,260  42  % $ 61,782  43  % $ 62,070  43  % $ 61,304  44  % $ 63,423  45  %
Consumer 84,700  58  82,602  57  81,040  57  79,432  56  77,654  55 
Total core deposits $ 144,960  100  % $ 144,384  100  % $ 143,110  100  % $ 140,736  100  % $ 141,077  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 109,263  73  % $ 108,198  72  % $ 106,300  72  % $ 104,593  71  % $ 104,151  71  %
Commercial Banking 35,656  23  35,886  24  36,673  25  35,752  25  36,288  25 
Treasury / Other 5,809  4  5,570  4  5,177  3  5,214  4  5,705  4 
Total deposits $ 150,728  100  % $ 149,654  100  % $ 148,150  100  % $ 145,559  100  % $ 146,144  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.


5

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
March 31, December 31, September 30, June 30, March 31, Percent Changes vs.
(dollar amounts in millions) 2024 2023 2023 2023 2023 4Q23 1Q23
Assets
Interest-earning deposits with banks $ 9,761  $ 10,019  $ 9,547  $ 11,281  $ 6,350  (3) % 54  %
Securities:
Trading account securities 133  125  128  34  21  6  NM
Available-for-sale securities:
Taxable 22,515  20,056  19,834  20,920  21,368  12  5 
Tax-exempt 2,676  2,686  2,807  2,745  2,640  —  1 
Total available-for-sale securities 25,191  22,742  22,641  23,665  24,008  11  5 
Held-to-maturity securities - taxable 15,567  15,947  16,356  16,762  16,977  (2) (8)
Other securities 724  727  859  1,263  886  —  (18)
Total securities 41,615  39,541  39,984  41,724  41,892  5  (1)
Loans held for sale 458  571  633  559  450  (20) 2 
Loans and leases: (2)
Commercial:
Commercial and industrial 50,625  49,882  49,448  50,194  49,028  1  3 
Commercial real estate:
Commercial 11,365  11,309  11,624  12,062  12,282  —  (7)
Construction 1,198  1,285  1,331  1,280  1,400  (7) (14)
Commercial real estate 12,563  12,594  12,955  13,342  13,682  —  (8)
Lease financing 5,081  5,102  5,050  5,155  5,209  —  (2)
Total commercial 68,269  67,578  67,453  68,691  67,919  1  1 
Consumer:
Residential mortgage 23,710  23,573  23,278  22,765  22,327  1  6 
Automobile 12,553  12,612  12,747  12,927  13,245  —  (5)
Home equity 10,072  10,107  10,108  10,154  10,258  —  (2)
RV and marine 5,892  5,934  5,813  5,478  5,366  (1) 10 
Other consumer 1,434  1,425  1,385  1,330  1,305  1  10 
Total consumer 53,661  53,651  53,331  52,654  52,501  —  2 
Total loans and leases 121,930  121,229  120,784  121,345  120,420  1  1 
Total earning assets 173,764  171,360  170,948  174,909  169,112  1  3 
Cash and due from banks 1,493  1,508  1,559  1,639  1,598  (1) (7)
Goodwill and other intangible assets 5,697  5,710  5,722  5,734  5,759  —  (1)
All other assets 11,619  11,607  10,576  10,638  10,568  —  10 
Allowance for loan and lease losses (2,267) (2,223) (2,206) (2,174) (2,143) (2) (6)
Total assets $ 190,306  $ 187,962  $ 186,599  $ 190,746  $ 184,894  1  % 3  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 38,488  $ 39,138  $ 39,757  $ 39,772  $ 40,654  (2) % (5) %
Money market deposits 46,100  44,022  41,445  38,753  37,301  5  24 
Savings and other domestic deposits 16,595  16,944  17,774  18,826  19,877  (2) (17)
Core certificates of deposit (3) 13,867  13,107  11,348  8,820  5,747  6  141 
Other domestic deposits of $250,000 or more 461  435  406  320  252  6  83 
Negotiable CDS, brokered and other deposits
 5,307  4,834  4,634  4,502  4,815  10  10 
Total interest-bearing deposits 120,818  118,480  115,364  110,993  108,646  2  11 
Short-term borrowings 1,300  1,906  859  5,242  4,371  (32) (70)
Long-term debt 13,777  12,205  13,772  16,252  11,047  13  25 
Total interest-bearing liabilities 135,895  132,591  129,995  132,487  124,064  2  10 
Demand deposits - noninterest-bearing 29,910  31,174  32,786  34,566  37,498  (4) (20)
All other liabilities 5,239  5,435  5,028  4,796  5,056  (4) 4 
Total liabilities 171,044  169,200  167,809  171,849  166,618  1  3 
Total Huntington shareholders’ equity 19,213  18,713  18,741  18,844  18,231  3  5 
Non-controlling interest 49  49  49  53  45  —  9 
Total equity 19,262  18,762  18,790  18,897  18,276  3  5 
Total liabilities and equity $ 190,306  $ 187,962  $ 186,599  $ 190,746  $ 184,894  1  % 3  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
6

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Assets
Interest-earning deposits with banks $ 134  $ 139  $ 131  $ 146  $ 76 
Securities:
Trading account securities 2  2  1  1  — 
Available-for-sale securities:
Taxable 296  273  259  252  232 
Tax-exempt 34  33  37  33  29 
Total available-for-sale securities 330  306  296  285  261 
Held-to-maturity securities - taxable 95  98  99  102  102 
Other securities 9  13  19  11  10 
Total securities 436  419  415  399  373 
Loans held for sale 7  10  10  8  7 
Loans and leases:
Commercial:
Commercial and industrial 801  783  776  746  686 
Commercial real estate:
Commercial 215  216  225  217  207 
Construction 25  27  28  26  26 
Commercial real estate 240  243  253  243  233 
Lease financing 79  77  73  71  68 
Total commercial 1,120  1,103  1,102  1,060  987 
Consumer:
Residential mortgage 227  222  213  200  190 
Automobile 158  153  145  134  129 
Home equity 195  197  195  187  181 
RV and marine 74  77  73  63  58 
Other consumer 42  41  40  39  36 
Total consumer 696  690  666  623  594 
Total loans and leases 1,816  1,793  1,768  1,683  1,581 
Total earning assets $ 2,393  $ 2,361  $ 2,324  $ 2,236  $ 2,037 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 200  $ 204  $ 199  $ 167  $ 132 
Money market deposits 413  381  327  255  172 
Savings and other domestic deposits 10  8  6  6  3 
Core certificates of deposit (3) 160  145  119  83  43 
Other domestic deposits of $250,000 or more 5  5  4  2  2 
Negotiable CDS, brokered and other deposits
 69  65  58  57  54 
Total interest-bearing deposits 857  808  713  570  406 
Short-term borrowings 19  28  17  74  60 
Long-term debt 217  198  215  235  153 
Total interest-bearing liabilities 1,093  1,034  945  879  619 
Net interest income $ 1,300  $ 1,327  $ 1,379  $ 1,357  $ 1,418 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
March 31, December 31, September 30, June 30, March 31,
Fully-taxable equivalent basis (1) 2024 2023 2023 2023 2023
Assets
Interest-earning deposits with banks 5.50  5.59  5.48  5.17  4.81 
Securities:
Trading account securities 5.15  5.40  4.98  4.92  5.37 
Available-for-sale securities:
Taxable 5.26  5.43  5.22  4.82  4.34 
Tax-exempt 5.05  5.01  5.08  4.87  4.40 
Total available-for-sale securities 5.24  5.38  5.20  4.83  4.35 
Held-to-maturity securities - taxable 2.44  2.45  2.43  2.42  2.41 
Other securities 5.23  7.04  9.22  3.47  4.35 
Total securities 4.19  4.23  4.15  3.82  3.56 
Loans held for sale 6.51  6.95  6.42  6.05  5.85 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.26  6.14  6.15  5.87  5.60 
Commercial real estate:
Commercial 7.49  7.48  7.55  7.14  6.73 
Construction 8.23  8.40  8.30  7.96  7.40 
Commercial real estate 7.56  7.57  7.63  7.22  6.80 
Lease financing 6.13  5.90  5.60  5.45  5.25 
Total commercial 6.49  6.39  6.39  6.10  5.82 
Consumer:
Residential mortgage 3.83  3.76  3.66  3.51  3.41 
Automobile 5.05  4.82  4.51  4.17  3.94 
Home equity 7.77  7.70  7.66  7.42  7.14 
RV and marine 5.04  5.13  4.96  4.59  4.42 
Other consumer 11.91  11.67  11.67  11.59  11.18 
Total consumer 5.20  5.12  4.97  4.74  4.57 
Total loans and leases 5.92  5.82  5.76  5.51  5.27 
Total earning assets 5.54  5.47  5.39  5.13  4.89 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing 2.09  2.06  1.98  1.68  1.32 
Money market deposits 3.61  3.44  3.12  2.64  1.87 
Savings and other domestic deposits 0.24  0.19  0.15  0.11  0.07 
Core certificates of deposit (3) 4.64  4.40  4.17  3.78  3.01 
Other domestic deposits of $250,000 or more 4.18  4.20  3.78  3.27  2.45 
Negotiable CDS, brokered and other deposits
 5.19  5.33  4.93  5.07  4.56 
Total interest-bearing deposits 2.85  2.71  2.45  2.06  1.52 
Short-term borrowings 5.95  5.84  7.60  5.70  5.56 
Long-term debt 6.30  6.46  6.27  5.79  5.52 
Total interest-bearing liabilities 3.23  3.09  2.88  2.66  2.02 
Net interest rate spread 2.31  2.38  2.51  2.47  2.87 
Impact of noninterest-bearing funds on margin 0.70  0.69  0.69  0.64  0.53 
Net interest margin 3.01  % 3.07  % 3.20  % 3.11  % 3.40  %
Commercial Loan Derivative Impact
(Unaudited)
Quarterly Average Rates
March 31, December 31, September 30, June 30, March 31,
Fully-taxable equivalent basis (1) 2024 2023 2023 2023 2023
Commercial loans (2)(4) 7.22  % 7.14  % 7.09  % 6.82  % 6.42  %
Impact of commercial loan derivatives (0.73) (0.75) (0.70) (0.72) (0.60)
Total commercial - as reported 6.49  % 6.39  % 6.39  % 6.10  % 5.82  %
Average 1 Month LIBOR 5.09  % 4.62  %
Average SOFR 5.32  % 5.32  % 5.23  % 4.97  % 4.50  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 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.
8

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, September 30, June 30, March 31,
2024 2023 2023 2023 2023
Interest income
 $ 2,380  $ 2,350  $ 2,313  $ 2,225  $ 2,028 
Interest expense
 1,093  1,034  945  879  619 
Net interest income 1,287  1,316  1,368  1,346  1,409 
Provision for credit losses 107  126  99  92  85 
Net interest income after provision for credit losses 1,180  1,190  1,269  1,254  1,324 
Payments and cash management revenue 146  150  152  146  137 
Wealth and asset management revenue 88  86  79  83  80 
Customer deposit and loan fees 77  80  80  76  76 
Capital markets and advisory fees 56  69  52  62  65 
Leasing revenue 22  29  32  25  26 
Mortgage banking income 31  23  27  33  26 
Insurance income 19  19  18  18  19 
Bank owned life insurance income 16  16  18  16  16 
Gain on sale of loans 5  1  2  8  3 
Net gains (losses) on sales of securities —  (3) —  (5) 1 
Other noninterest income 7  (65) 49  33  63 
Total noninterest income
 467  405  509  495  512 
Personnel costs 639  645  622  613  649 
Outside data processing and other services 166  157  149  148  151 
Deposit and other insurance expense 54  234  25  23  20 
Equipment 70  70  65  64  64 
Net occupancy 57  65  67  54  60 
Marketing 28  29  29  32  25 
Professional services 25  35  27  21  16 
Amortization of intangibles 12  12  12  13  13 
Lease financing equipment depreciation 4  5  6  8  8 
Other noninterest expense 82  96  88  74  80 
Total noninterest expense
 1,137  1,348  1,090  1,050  1,086 
Income before income taxes 510  247  688  699  750 
Provision (benefit) for income taxes
 86  (1) 136  134  144 
Income after income taxes 424  248  552  565  606 
Income attributable to non-controlling interest 5  5  5  6  4 
Net income attributable to Huntington 419  243  547  559  602 
Dividends on preferred shares 36  36  37  40  29 
Impact of preferred stock repurchases
 —  (8) —  —  — 
Net income applicable to common shares $ 383  $ 215  $ 510  $ 519  $ 573 
Average common shares - basic
 1,448  1,448  1,448  1,446  1,443 
Average common shares - diluted
1,473  1,469  1,468  1,466  1,469 
Per common share
Net income - basic $ 0.26  $ 0.15  $ 0.35  $ 0.36  $ 0.40 
Net income - diluted 0.26  0.15  0.35  0.35  0.39 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,287  $ 1,316  $ 1,368  $ 1,346  $ 1,409 
FTE adjustment
 13  11  11  11  9 
Net interest income (1)
 1,300  1,327  1,379  1,357  1,418 
Noninterest income
 467  405  509  495  512 
Total revenue (1)
 $ 1,767  $ 1,732  $ 1,888  $ 1,852  $ 1,930 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
9

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
Percent Changes vs.
(dollar amounts in millions)
 2024 2023 2023 2023 2023 4Q23 1Q23
Net origination and secondary marketing income $ 16  $ 12  $ 18  $ 23  $ 16  33  % —  %
Net mortgage servicing income
Loan servicing income
 25  24  24  23  23  4  9 
Amortization of capitalized servicing
 (11) (13) (13) (12) (10) 15  (10)
Operating income
 14  11  11  11  13  27  8 
MSR valuation adjustment (1)
 20  (34) 38  15  (12) 159  267 
(Losses) gains due to MSR hedging
 (19) 34  (38) (15) 9  (156) (311)
Net MSR risk management
1  —  —  —  (3) 100  133 
Total net mortgage servicing income $ 15  $ 11  $ 11  $ 11  $ 10  36  % 50  %
All other —  —  (2) (1) —  —  — 
Mortgage banking income $ 31  $ 23  $ 27  $ 33  $ 26  35  % 19  %
Mortgage origination volume $ 1,276  $ 1,666  $ 2,020  $ 2,504  $ 1,412  (23) % (10) %
Mortgage origination volume for sale 834  962  1,195  1,239  809  (13) 3 
Third party mortgage loans serviced (2) 33,303  33,237  32,965  32,712  32,496  —  2 
Mortgage servicing rights (2) 534  515  547  505  485  4  10 
MSR % of investor servicing portfolio (2) 1.60  % 1.55  % 1.66  % 1.55  % 1.49  % 3  % 7  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
10

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Allowance for loan and lease losses, beginning of period $ 2,255  $ 2,208  $ 2,177  $ 2,142  $ 2,121 
Loan and lease charge-offs (128) (132) (131) (92) (99)
Recoveries of loans and leases previously charged-off 36  38  58  43  42 
Net loan and lease charge-offs (92) (94) (73) (49) (57)
Provision for loan and lease losses 117  141  104  84  78 
Allowance for loan and lease losses, end of period 2,280  2,255  2,208  2,177  2,142 
Allowance for unfunded lending commitments, beginning of period 145  160  165  157  150 
Provision for unfunded lending commitments (10) (15) (5) 8  7 
Allowance for unfunded lending commitments, end of period 135  145  160  165  157 
Total allowance for credit losses, end of period $ 2,415  $ 2,400  $ 2,368  $ 2,342  $ 2,299 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.86  % 1.85  % 1.83  % 1.80  % 1.77  %
Nonaccrual loans and leases (NALs) 318  338  373  427  402 
Nonperforming assets (NPAs) 309  317  348  391  371 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.97  % 1.97  % 1.96  % 1.93  % 1.90  %
Nonaccrual loans and leases (NALs) 337  360  400  459  431 
Nonperforming assets (NPAs) 327  337  373  420  398 

Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 974  $ 993  $ 973  $ 994  $ 967 
Commercial real estate 564  522  483  442  440 
Lease financing 51  48  48  47  50 
Total commercial 1,589  1,563  1,504  1,483  1,457 
Consumer
Residential mortgage 163  188  200  194  176 
Automobile 146  142  143  144  151 
Home equity 137  114  115  119  118 
RV and marine 148  148  151  145  144 
Other consumer 97  100  95  92  96 
Total consumer 691  692  704  694  685 
Total allowance for loan and lease losses 2,280  2,255  2,208  2,177  2,142 
Allowance for unfunded lending commitments 135  145  160  165  157 
Total allowance for credit losses $ 2,415  $ 2,400  $ 2,368  $ 2,342  $ 2,299 


11

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 42  $ 39  $ 32  $ 20  $ 16 
Commercial real estate 13  21  11  7  18 
Lease financing —  (3) 2  —  (5)
Total commercial 55  57  45  27  29 
Consumer:
Residential mortgage —  —  1  1  — 
Automobile 9  9  4  3  5 
Home equity —  —  —  —  (1)
RV and marine 5  5  3  2  2 
Other consumer 23  23  20  16  22 
Total consumer 37  37  28  22  28 
Total net charge-offs $ 92  $ 94  $ 73  $ 49  $ 57 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2024 2023 2023 2023 2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.33  % 0.32  % 0.26  % 0.15  % 0.13  %
Commercial real estate 0.41  0.65  0.35  0.23  0.51 
Lease financing 0.01  (0.24) 0.12  —  (0.37)
Total commercial 0.32  0.34  0.27  0.16  0.17 
Consumer:
Residential mortgage —  0.01  0.01  0.01  0.01 
Automobile 0.27  0.27  0.14  0.10  0.14 
Home equity 0.01  0.01  (0.01) (0.02) (0.02)
RV and marine 0.36  0.34  0.16  0.13  0.18 
Other consumer 6.39  6.48  6.09  5.17  6.37 
Total consumer 0.28  0.28  0.21  0.17  0.21 
Net charge-offs as a % of average loans and leases 0.30  % 0.31  % 0.24  % 0.16  % 0.19  %

12

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 376  $ 344  $ 314  $ 267  $ 273 
Commercial real estate 154  140  102  75  86 
Lease financing 10  14  14  15  14 
Residential mortgage 75  72  75  73  81 
Automobile 4  4  4  4  4 
Home equity 96  91  82  75  74 
RV and marine 1  2  1  1  1 
Total nonaccrual loans and leases 716  667  592  510  533 
Other real estate, net 10  10  14  18  20 
Other NPAs (1) 12  34  28  29  25 
Total nonperforming assets $ 738  $ 711  $ 634  $ 557  $ 578 
Nonaccrual loans and leases as a % of total loans and leases 0.58  % 0.55  % 0.49  % 0.42  % 0.44  %
NPA ratio (2) 0.60  0.58  0.52  0.46  0.48 
(NPA+90days)/(Loan+OREO) (3) 0.75  0.74  0.66  0.60  0.63 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Nonperforming assets, beginning of period $ 711  $ 634  $ 557  $ 578  $ 594 
New nonperforming assets 263  300  252  188  237 
Returns to accruing status (68) (47) (23) (34) (73)
Charge-offs (64) (73) (62) (42) (54)
Payments (102) (98) (85) (118) (124)
Sales (2) (5) (5) (15) (2)
Nonperforming assets, end of period $ 738  $ 711  $ 634  $ 557  $ 578 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

13

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Accruing loans and leases past due 90+ days:
Commercial and industrial $ 1  $ 1  $ —  $ 7  $ 12 
Lease financing 3  4  7  12  10 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 26  27  22  18  20 
Automobile 8  9  8  6  7 
Home equity 17  22  19  18  18 
RV and marine 2  3  2  2  2 
Other consumer 4  4  3  3  2 
Total, excl. loans guaranteed by the U.S. Government 61  70  61  66  71 
Add: loans guaranteed by U.S. Government 122  119  102  103  114 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 183  $ 189  $ 163  $ 169  $ 185 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.05  % 0.06  % 0.05  % 0.05  % 0.06  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.10  0.10  0.08  0.08  0.09 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.15  0.15  0.14  0.14  0.15 

14

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 19,322  $ 19,353  $ 18,483  $ 18,788  $ 18,758 
Regulatory capital adjustments:
CECL transitional amount (2) 109  219  219  219  219 
Shareholders’ preferred equity and related surplus (2,404) (2,404) (2,494) (2,494) (2,494)
Accumulated other comprehensive loss 2,879  2,676  3,622  3,006  2,755 
Goodwill and other intangibles, net of taxes (5,574) (5,591) (5,605) (5,620) (5,636)
Deferred tax assets from tax loss and credit carryforwards (48) (41) (14) (14) (14)
Common equity tier 1 capital 14,284  14,212  14,211  13,885  13,588 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,404  2,404  2,494  2,494  2,494 
Tier 1 capital 16,688  16,616  16,705  16,379  16,082 
Long-term debt and other tier 2 qualifying instruments 1,278  1,306  1,383  1,394  1,395 
Qualifying allowance for loan and lease losses 1,747  1,735  1,758  1,767  1,779 
Tier 2 capital 3,025  3,041  3,141  3,161  3,174 
Total risk-based capital $ 19,713  $ 19,657  $ 19,846  $ 19,540  $ 19,256 
Risk-weighted assets (RWA)(1) $ 139,616  $ 138,706  $ 140,688  $ 141,432  $ 142,335 
Common equity tier 1 risk-based capital ratio (1) 10.2  % 10.2  % 10.1  % 9.8  % 9.5  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 8.9  9.3  9.4  9.0  8.8 
Tier 1 risk-based capital ratio (1) 12.0  12.0  11.9  11.6  11.3 
Total risk-based capital ratio (1) 14.1  14.2  14.1  13.8  13.5 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 8.1  8.1  7.3  7.5  7.4 
(1)March 31, 2024 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, 2024, 75% of the cumulative CECL deferral has been phased in. As of December 31, 2023, September 30, 2023, June 30, 2023, and March 31, 2023, 50% of the cumulative CECL deferral has been phased in.
15

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
March 31, December 31, September 30, June 30, March 31,
2024 2023 2023 2023 2023
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  1,448  1,446  1,443 
Average - diluted
1,473  1,469  1,468  1,466  1,469 
Ending
1,449  1,448  1,448  1,448  1,444 
Tangible book value per common share (1)
 $ 7.77  $ 7.79  $ 7.12  $ 7.33  $ 7.32 

Non-regulatory capital
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2024 2023 2023 2023 2023
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 19,322  $ 19,353  $ 18,483  $ 18,788  $ 18,758 
Goodwill and other intangible assets (5,692) (5,704) (5,716) (5,728) (5,741)
Deferred tax liability on other intangible assets (1) 28  30  33  35  38 
Total tangible equity
 13,658  13,679  12,800  13,095  13,055 
Preferred equity (2,394) (2,394) (2,484) (2,484) (2,484)
Total tangible common equity
 $ 11,264  $ 11,285  $ 10,316  $ 10,611  $ 10,571 
Total assets
 $ 193,519  $ 189,368  $ 186,650  $ 188,505  $ 189,070 
Goodwill and other intangible assets (5,692) (5,704) (5,716) (5,728) (5,741)
Deferred tax liability on other intangible assets (1) 28  30  33  35  38 
Total tangible assets
 $ 187,855  $ 183,694  $ 180,967  $ 182,812  $ 183,367 
Tangible equity / tangible asset ratio
 7.3  % 7.4  % 7.1  % 7.2  % 7.1  %
Tangible common equity / tangible asset ratio
 6.0  % 6.1  % 5.7  % 5.8  % 5.8  %
Other data:
Number of employees (Average full-time equivalent)
 19,719  19,612  19,826  20,200  20,198 
Number of domestic full-service branches (2)
 969  999  1,001  1,001  1,001 
ATM Count
 1,606  1,630  1,631  1,641  1,668 
(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.


16