Form: 8-K

Current report filing

July 19, 2024

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
June 30, 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) June 30, March 31, June 30, Percent Changes vs.
2024 2024 2023 1Q24 2Q23
Net interest income (1) $ 1,325  $ 1,300  $ 1,357  2  % (2) %
FTE adjustment (13) (13) (11) —  (18)
Net interest income 1,312  1,287  1,346  2  (3)
Provision for credit losses 100  107  92  (7) 9 
Noninterest income 491  467  495  5  (1)
Noninterest expense 1,117  1,137  1,050  (2) 6 
Income before income taxes 586  510  699  15  (16)
Provision for income taxes
 106  86  134  23 (21)
Income after income taxes 480  424  565  13  (15)
Income attributable to non-controlling interest 6  5  6  20  — 
Net income attributable to Huntington 474  419  559  13  (15)
Dividends on preferred shares 35  36  40  (3) (13)
Net income applicable to common shares $ 439  $ 383  $ 519  15  % (15)
Net income per common share - diluted $ 0.30  $ 0.26  $ 0.35  15  % (14) %
Cash dividends declared per common share 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period 7.89  7.77  7.33  2  8 
Average common shares - basic 1,451  1,448  1,446  —  — 
Average common shares - diluted 1,474  1,473  1,466  —  1 
Ending common shares outstanding 1,452  1,449  1,448  —  — 
Return on average assets 0.98  % 0.89  % 1.18  %
Return on average common shareholders’ equity 10.4  9.2  12.7 
Return on average tangible common shareholders’ equity (2) 16.1  14.2  19.9 
Net interest margin (1) 2.99  3.01  3.11 
Efficiency ratio (3) 60.8  63.7  55.9 
Effective tax rate 18.2  16.8  19.3 
Average total assets $ 194,558  $ 190,306  $ 190,746  2  2 
Average earning assets 178,062  173,764  174,909  2  2 
Average loans and leases 123,376  121,930  121,345  1  2 
Average total deposits $ 153,578  $ 150,728  $ 145,559  2  6 
Average core deposits (4) 147,393  144,960  140,736  2  5 
Average Huntington shareholders’ equity 19,254  19,213  18,844  —  2 
Average common total shareholders' equity 16,861  16,819  16,359  —  3 
Average tangible common shareholders' equity 11,201  11,151  10,662  —  5 
Total assets at end of period 196,310  193,519  188,505  1  4 
Total Huntington shareholders’ equity at end of period 19,515  19,322  18,788  1  4 
NCOs as a % of average loans and leases 0.29  % 0.30  % 0.16  %
NAL ratio 0.59  0.58  0.42 
NPA ratio (5) 0.63  0.60  0.46 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period 1.85  1.86  1.80 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.95  1.97  1.93 
Common equity tier 1 risk-based capital ratio (6) 10.4  10.2  9.8 
Tangible common equity / tangible asset ratio (7) 6.0  6.0  5.8 
NM - Not Meaningful
See Notes to the Quarterly and Year to Date Key Statistics.
1

Huntington Bancshares Incorporated
Year to Date Key Statistics
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions, except per share data) 2024 2023 Amount Percent
Net interest income (1)
 $ 2,625  $ 2,775  $ (150) (5) %
FTE adjustment (26) (20) (6) (30)
Net interest income
 2,599  2,755  (156) (6)
Provision for credit losses 207  177  30  17 
Noninterest income 958  1,007  (49) (5)
Noninterest expense 2,254  2,136  118  6 
Income before income taxes
 1,096  1,449  (353) (24)
Provision for income taxes 192  278  (86) (31)
Income after income taxes 904  1,171  (267) (23)
Income attributable to non-controlling interest 11  10  1  10 
Net income attributable to Huntington 893  1,161  (268) (23)
Dividends on preferred shares 71  69  2  3 
Net income applicable to common shares
 $ 822  $ 1,092  $ (270) (25) %
Net income per common share - diluted
 $ 0.56  $ 0.74  $ (0.18) (24) %
Cash dividends declared per common share
 0.31  0.31  —  — 
Average common shares - basic
 1,450  1,445  5  — 
Average common shares - diluted
1,474  1,468  6  — 
Return on average assets
 0.93  % 1.25  %
Return on average common shareholders’ equity
 9.8  13.6 
Return on average tangible common shareholders’ equity (2)
 15.1  21.5 
Net interest margin (1)
 3.00  3.25 
Efficiency ratio (3)
 62.2  55.7 
Effective tax rate
 17.5  19.2 
Average total assets
$ 192,432  $ 187,836  $ 4,596  2  %
Average earning assets
 175,913  172,026  3,887  2 
Average loans and leases
122,653  120,885  1,768  1 
Average total deposits
152,153  145,850  6,303  4 
Average core deposits (4) 146,177  140,906  5,271  4 
Average Huntington shareholders’ equity 19,234  18,539  695  4 
Average common total shareholders' equity
16,840  16,167  673  4 
Average tangible common shareholders' equity
11,176  10,459  717  7 
NCOs as a % of average loans and leases
 0.30  % 0.17  %
NAL ratio
 0.59  0.42 
NPA ratio (5) 0.63  0.46 
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)June 30, 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.
3

Huntington Bancshares Incorporated
Consolidated Balance Sheets
June 30, December 31,
(dollar amounts in millions) 2024 2023
Percent Changes
(Unaudited)
Assets
Cash and due from banks $ 1,333  $ 1,558  (14) %
Interest-earning deposits with banks 11,450  8,765  31 
Trading account securities 154  125  23 
Available-for-sale securities 27,454  25,305  8 
Held-to-maturity securities 15,036  15,750  (5)
Other securities 844  725  16 
Loans held for sale 668  516  29 
Loans and leases (1) 124,422  121,982  2 
Allowance for loan and lease losses (2,304) (2,255) (2)
Net loans and leases 122,118  119,727  2 
Bank owned life insurance 2,775  2,759  1 
Accrued income and other receivables 1,591  1,646  (3)
Premises and equipment 1,095  1,109  (1)
Goodwill 5,561  5,561  — 
Servicing rights and other intangible assets 673  672  — 
Other assets 5,558  5,150  8 
Total assets $ 196,310  $ 189,368  4  %
Liabilities and shareholders' equity
Liabilities
Deposits (2) $ 154,367  $ 151,230  2  %
Short-term borrowings 187  620  (70)
Long-term debt 16,461  12,394  33 
Other liabilities 5,732  5,726  — 
Total liabilities 176,747  169,970  4 
Shareholders' equity
Preferred stock 2,394  2,394  — 
Common stock 15  15  — 
Capital surplus 15,425  15,389  — 
Less treasury shares, at cost (90) (91) 1 
Accumulated other comprehensive income (loss) (2,911) (2,676) (9)
Retained earnings 4,682  4,322  8 
Total Huntington shareholders’ equity 19,515  19,353  1 
Non-controlling interest 48  45  7 
Total equity 19,563  19,398  1 
Total liabilities and equity $ 196,310  $ 189,368  4  %
Common shares authorized (par value of $0.01) 2,250,000,000  2,250,000,000 
Common shares outstanding 1,452,432,838  1,448,319,953 
Treasury shares outstanding 7,322,727  7,403,008 
Preferred stock, authorized shares 6,617,808  6,617,808 
Preferred shares outstanding 881,587  881,587 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 52,307  42  % $ 51,500  42  % $ 50,657  42  % $ 49,422  41  % $ 49,834  41  %
Commercial real estate:
Commercial 10,997  9  11,339  9  11,092  9  11,365  10  11,750  10 
Construction 936  1  1,003  1  1,330  1  1,303  1  1,416  1 
Commercial real estate 11,933  10  12,342  10  12,422  10  12,668  11  13,166  11 
Lease financing 5,202  4  5,133  4  5,228  4  5,161  4  5,143  4 
Total commercial 69,442  56  68,975  56  68,307  56  67,251  56  68,143  56 
Consumer:
Residential mortgage 24,069  19  23,744  20  23,720  20  23,427  19  23,138  19 
Automobile 13,233  11  12,662  10  12,482  10  12,724  11  12,819  11 
Home equity 10,076  8  10,047  8  10,113  8  10,118  8  10,135  8 
RV and marine 6,042  5  5,887  5  5,899  5  5,937  5  5,640  5 
Other consumer 1,560  1  1,452  1  1,461  1  1,396  1  1,350  1 
Total consumer 54,980  44  53,792  44  53,675  44  53,602  44  53,082  44 
Total loans and leases $ 124,422  100  % $ 122,767  100  % $ 121,982  100  % $ 120,853  100  % $ 121,225  100  %
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Ending balances by business segment:
Consumer & Regional Banking $ 69,328  56  % $ 67,512  55  % $ 67,108  55  % $ 66,202  55  % $ 65,374  54  %
Commercial Banking 54,941  44  54,994  45  54,743  45  54,451  45  55,672  46 
Treasury / Other 153  —  261  —  131  —  200  —  179  — 
Total loans and leases $ 124,422  100  % $ 122,767  100  % $ 121,982  100  % $ 120,853  100  % $ 121,225  100  %
Average balances by business segment:
Consumer & Regional Banking $ 68,405  56  % $ 67,136  55  % $ 66,638  55  % $ 65,738  55  % $ 64,782  54  %
Commercial Banking 54,748  44  54,584  45  54,395  45  54,873  45  56,375  46 
Treasury / Other 223  —  210  —  196  —  173  —  188  — 
Total loans and leases $ 123,376  100  % $ 121,930  100  % $ 121,229  100  % $ 120,784  100  % $ 121,345  100  %
5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing $ 28,636  19  % $ 29,739  19  % $ 30,967  20  % $ 31,666  21  % $ 33,340  23  %
Demand deposits - interest-bearing 39,913  26  39,200  26  39,190  26  39,822  27  40,387  28 
Money market deposits 49,182  32  47,520  31  44,947  30  42,996  29  40,534  27 
Savings and other domestic deposits 16,175  10  16,728  11  16,722  11  17,350  12  18,294  12 
Core certificates of deposit (1) 13,605  9  14,082  9  13,626  9  12,372  8  10,314  7 
Total core deposits 147,511  96  147,269  96  145,452  96  144,206  97  142,869  97 
Other domestic deposits of $250,000 or more 444  —  487  —  447  —  446  —  381  — 
Negotiable CDS, brokered and other deposits
 6,412  4  5,469  4  5,331  4  4,215  3  4,778  3 
Total deposits $ 154,367  100  % $ 153,225  100  % $ 151,230  100  % $ 148,867  100  % $ 148,028  100  %
Total core deposits:
Commercial $ 61,359  42  % $ 60,184  41  % $ 60,547  42  % $ 61,379  43  % $ 61,450  43  %
Consumer 86,152  58  87,085  59  84,905  58  82,827  57  81,419  57 
Total core deposits $ 147,511  100  % $ 147,269  100  % $ 145,452  100  % $ 144,206  100  % $ 142,869  100  %
Total deposits by business segment:
Consumer & Regional Banking $ 110,913  72  % $ 112,032  73  % $ 110,157  73  % $ 108,183  73  % $ 106,502  72  %
Commercial Banking 38,110  25  35,619  23  35,466  23  36,023  24  36,459  25 
Treasury / Other 5,344  3  5,574  4  5,607  4  4,661  3  5,067  3 
Total deposits $ 154,367  100  % $ 153,225  100  % $ 151,230  100  % $ 148,867  100  % $ 148,028  100  %
Average balances:
Total core deposits:
Commercial $ 61,491  42  % $ 60,260  42  % $ 61,782  43  % $ 62,070  43  % $ 61,304  44  %
Consumer 85,902  58  84,700  58  82,602  57  81,040  57  79,432  56 
Total core deposits $ 147,393  100  % $ 144,960  100  % $ 144,384  100  % $ 143,110  100  % $ 140,736  100  %
Average deposits by business segment:
Consumer & Regional Banking $ 110,819  72  % $ 109,263  73  % $ 108,198  72  % $ 106,300  72  % $ 104,593  71  %
Commercial Banking 36,765  24  35,656  23  35,886  24  36,673  25  35,752  25 
Treasury / Other 5,994  4  5,809  4  5,570  4  5,177  3  5,214  4 
Total deposits $ 153,578  100  % $ 150,728  100  % $ 149,654  100  % $ 148,150  100  % $ 145,559  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.


6

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
June 30, March 31, December 31, September 30, June 30, Percent Changes vs.
(dollar amounts in millions) 2024 2024 2023 2023 2023 1Q24 2Q23
Assets
Interest-earning deposits with banks $ 11,116  $ 9,761  $ 10,019  $ 9,547  $ 11,281  14  % (1) %
Securities:
Trading account securities 143  133  125  128  34  8  NM
Available-for-sale securities:
Taxable 24,184  22,515  20,056  19,834  20,920  7  16 
Tax-exempt 2,684  2,676  2,686  2,807  2,745  —  (2)
Total available-for-sale securities 26,868  25,191  22,742  22,641  23,665  7  14 
Held-to-maturity securities - taxable 15,211  15,567  15,947  16,356  16,762  (2) (9)
Other securities 776  724  727  859  1,263  7  (39)
Total securities 42,998  41,615  39,541  39,984  41,724  3  3 
Loans held for sale 572  458  571  633  559  25  2 
Loans and leases: (2)
Commercial:
Commercial and industrial 51,724  50,625  49,882  49,448  50,194  2  3 
Commercial real estate:
Commercial 11,247  11,365  11,309  11,624  12,062  (1) (7)
Construction 916  1,198  1,285  1,331  1,280  (24) (28)
Commercial real estate 12,163  12,563  12,594  12,955  13,342  (3) (9)
Lease financing 5,071  5,081  5,102  5,050  5,155  —  (2)
Total commercial 68,958  68,269  67,578  67,453  68,691  1  — 
Consumer:
Residential mortgage 23,909  23,710  23,573  23,278  22,765  1  5 
Automobile 12,989  12,553  12,612  12,747  12,927  3  — 
Home equity 10,056  10,072  10,107  10,108  10,154  —  (1)
RV and marine 5,966  5,892  5,934  5,813  5,478  1  9 
Other consumer 1,498  1,434  1,425  1,385  1,330  4  13 
Total consumer 54,418  53,661  53,651  53,331  52,654  1  3 
Total loans and leases 123,376  121,930  121,229  120,784  121,345  1  2 
Total earning assets 178,062  173,764  171,360  170,948  174,909  2  2 
Cash and due from banks 1,340  1,493  1,508  1,559  1,639  (10) (18)
Goodwill and other intangible assets 5,685  5,697  5,710  5,722  5,734  —  (1)
All other assets 11,773  11,619  11,607  10,576  10,638  1  11 
Allowance for loan and lease losses (2,302) (2,267) (2,223) (2,206) (2,174) (2) (6)
Total assets $ 194,558  $ 190,306  $ 187,962  $ 186,599  $ 190,746  2  % 2  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 39,082  $ 38,488  $ 39,138  $ 39,757  $ 39,772  2  % (2) %
Money market deposits 48,263  46,100  44,022  41,445  38,753  5  25 
Savings and other domestic deposits 16,387  16,595  16,944  17,774  18,826  (1) (13)
Core certificates of deposit (3) 14,031  13,867  13,107  11,348  8,820  1  59 
Other domestic deposits of $250,000 or more 449  461  435  406  320  (3) 40 
Negotiable CDS, brokered and other deposits
 5,736  5,307  4,834  4,634  4,502  8  27 
Total interest-bearing deposits 123,948  120,818  118,480  115,364  110,993  3  12 
Short-term borrowings 1,214  1,300  1,906  859  5,242  (7) (77)
Long-term debt 15,146  13,777  12,205  13,772  16,252  10  (7)
Total interest-bearing liabilities 140,308  135,895  132,591  129,995  132,487  3  6 
Demand deposits - noninterest-bearing 29,630  29,910  31,174  32,786  34,566  (1) (14)
All other liabilities 5,314  5,239  5,435  5,028  4,796  1  11 
Total liabilities 175,252  171,044  169,200  167,809  171,849  2  2 
Total Huntington shareholders’ equity 19,254  19,213  18,713  18,741  18,844  —  2 
Non-controlling interest 52  49  49  49  53  6  (2)
Total equity 19,306  19,262  18,762  18,790  18,897  —  2 
Total liabilities and equity $ 194,558  $ 190,306  $ 187,962  $ 186,599  $ 190,746  2  % 2  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Assets
Interest-earning deposits with banks $ 154  $ 134  $ 139  $ 131  $ 146 
Securities:
Trading account securities 2  2  2  1  1 
Available-for-sale securities:
Taxable 322  296  273  259  252 
Tax-exempt 34  34  33  37  33 
Total available-for-sale securities 356  330  306  296  285 
Held-to-maturity securities - taxable 93  95  98  99  102 
Other securities 10  9  13  19  11 
Total securities 461  436  419  415  399 
Loans held for sale 10  7  10  10  8 
Loans and leases:
Commercial:
Commercial and industrial 829  801  783  776  746 
Commercial real estate:
Commercial 214  215  216  225  217 
Construction 19  25  27  28  26 
Commercial real estate 233  240  243  253  243 
Lease financing 82  79  77  73  71 
Total commercial 1,144  1,120  1,103  1,102  1,060 
Consumer:
Residential mortgage 232  227  222  213  200 
Automobile 172  158  153  145  134 
Home equity 196  195  197  195  187 
RV and marine 76  74  77  73  63 
Other consumer 44  42  41  40  39 
Total consumer 720  696  690  666  623 
Total loans and leases 1,864  1,816  1,793  1,768  1,683 
Total earning assets $ 2,489  $ 2,393  $ 2,361  $ 2,324  $ 2,236 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 206  $ 200  $ 204  $ 199  $ 167 
Money market deposits 442  413  381  327  255 
Savings and other domestic deposits 12  10  8  6  6 
Core certificates of deposit (3) 166  160  145  119  83 
Other domestic deposits of $250,000 or more 5  5  5  4  2 
Negotiable CDS, brokered and other deposits
 76  69  65  58  57 
Total interest-bearing deposits 907  857  808  713  570 
Short-term borrowings 19  19  28  17  74 
Long-term debt 238  217  198  215  235 
Total interest-bearing liabilities 1,164  1,093  1,034  945  879 
Net interest income $ 1,325  $ 1,300  $ 1,327  $ 1,379  $ 1,357 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


8

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
June 30, March 31, December 31, September 30, June 30,
Fully-taxable equivalent basis (1) 2024 2024 2023 2023 2023
Assets
Interest-earning deposits with banks 5.55  5.50  5.59  5.48  5.17 
Securities:
Trading account securities 5.10  5.15  5.40  4.98  4.92 
Available-for-sale securities:
Taxable 5.33  5.26  5.43  5.22  4.82 
Tax-exempt 5.07  5.05  5.01  5.08  4.87 
Total available-for-sale securities 5.30  5.24  5.38  5.20  4.83 
Held-to-maturity securities - taxable 2.44  2.44  2.45  2.43  2.42 
Other securities 5.21  5.23  7.04  9.22  3.47 
Total securities 4.29  4.19  4.23  4.15  3.82 
Loans held for sale 6.81  6.51  6.95  6.42  6.05 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.33  6.26  6.14  6.15  5.87 
Commercial real estate:
Commercial 7.53  7.49  7.48  7.55  7.14 
Construction 8.41  8.23  8.40  8.30  7.96 
Commercial real estate 7.60  7.56  7.57  7.63  7.22 
Lease financing 6.41  6.13  5.90  5.60  5.45 
Total commercial 6.56  6.49  6.39  6.39  6.10 
Consumer:
Residential mortgage 3.89  3.83  3.76  3.66  3.51 
Automobile 5.34  5.05  4.82  4.51  4.17 
Home equity 7.86  7.77  7.70  7.66  7.42 
RV and marine 5.11  5.04  5.13  4.96  4.59 
Other consumer 11.75  11.91  11.67  11.67  11.59 
Total consumer 5.32  5.20  5.12  4.97  4.74 
Total loans and leases 6.01  5.92  5.82  5.76  5.51 
Total earning assets 5.62  5.54  5.47  5.39  5.13 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing 2.11  2.09  2.06  1.98  1.68 
Money market deposits 3.68  3.61  3.44  3.12  2.64 
Savings and other domestic deposits 0.30  0.24  0.19  0.15  0.11 
Core certificates of deposit (3) 4.77  4.64  4.40  4.17  3.78 
Other domestic deposits of $250,000 or more 4.44  4.18  4.20  3.78  3.27 
Negotiable CDS, brokered and other deposits
 5.35  5.19  5.33  4.93  5.07 
Total interest-bearing deposits 2.94  2.85  2.71  2.45  2.06 
Short-term borrowings 6.31  5.95  5.84  7.60  5.70 
Long-term debt 6.28  6.30  6.46  6.27  5.79 
Total interest-bearing liabilities 3.34  3.23  3.09  2.88  2.66 
Net interest rate spread 2.28  2.31  2.38  2.51  2.47 
Impact of noninterest-bearing funds on margin 0.71  0.70  0.69  0.69  0.64 
Net interest margin 2.99  % 3.01  % 3.07  % 3.20  % 3.11  %
Commercial Loan Derivative Impact
(Unaudited)
Quarterly Average Rates
June 30, March 31, December 31, September 30, June 30,
Fully-taxable equivalent basis (1) 2024 2024 2023 2023 2023
Commercial loans (2)(4) 7.29  % 7.22  % 7.14  % 7.09  % 6.82  %
Impact of commercial loan derivatives (0.73) (0.73) (0.75) (0.70) (0.72)
Total commercial - as reported 6.56  % 6.49  % 6.39  % 6.39  % 6.10  %
Average 1 Month LIBOR 5.09  %
Average SOFR 5.32  % 5.32  % 5.32  % 5.23  % 4.97  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
9

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) June 30, March 31, December 31, September 30, June 30,
2024 2024 2023 2023 2023
Interest income
 $ 2,476  $ 2,380  $ 2,350  $ 2,313  $ 2,225 
Interest expense
 1,164  1,093  1,034  945  879 
Net interest income 1,312  1,287  1,316  1,368  1,346 
Provision for credit losses 100  107  126  99  92 
Net interest income after provision for credit losses 1,212  1,180  1,190  1,269  1,254 
Payments and cash management revenue 154  146  150  152  146 
Wealth and asset management revenue 90  88  86  79  83 
Customer deposit and loan fees 83  77  80  80  76 
Capital markets and advisory fees 73  56  69  52  62 
Leasing revenue 19  22  29  32  25 
Mortgage banking income 30  31  23  27  33 
Insurance income 18  19  19  18  18 
Bank owned life insurance income 17  16  16  18  16 
Gain on sale of loans 2  5  1  2  8 
Net gains (losses) on sales of securities —  —  (3) —  (5)
Other noninterest income 5  7  (65) 49  33 
Total noninterest income
 491  467  405  509  495 
Personnel costs 663  639  645  622  613 
Outside data processing and other services 165  166  157  149  148 
Deposit and other insurance expense 25  54  234  25  23 
Equipment 62  70  70  65  64 
Net occupancy 51  57  65  67  54 
Marketing 27  28  29  29  32 
Professional services 26  25  35  27  21 
Amortization of intangibles 12  12  12  12  13 
Lease financing equipment depreciation 4  4  5  6  8 
Other noninterest expense 82  82  96  88  74 
Total noninterest expense
 1,117  1,137  1,348  1,090  1,050 
Income before income taxes 586  510  247  688  699 
Provision (benefit) for income taxes
 106  86  (1) 136  134 
Income after income taxes 480  424  248  552  565 
Income attributable to non-controlling interest 6  5  5  5  6 
Net income attributable to Huntington 474  419  243  547  559 
Dividends on preferred shares 35  36  36  37  40 
Impact of preferred stock repurchases
 —  —  (8) —  — 
Net income applicable to common shares $ 439  $ 383  $ 215  $ 510  $ 519 
Average common shares - basic
 1,451  1,448  1,448  1,448  1,446 
Average common shares - diluted
1,474  1,473  1,469  1,468  1,466 
Per common share
Net income - basic $ 0.30  $ 0.26  $ 0.15  $ 0.35  $ 0.36 
Net income - diluted 0.30  0.26  0.15  0.35  0.35 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income
 $ 1,312  $ 1,287  $ 1,316  $ 1,368  $ 1,346 
FTE adjustment
 13  13  11  11  11 
Net interest income (1)
 1,325  1,300  1,327  1,379  1,357 
Noninterest income
 491  467  405  509  495 
Total revenue (1)
 $ 1,816  $ 1,767  $ 1,732  $ 1,888  $ 1,852 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
10

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Percent Changes vs.
(dollar amounts in millions)
 2024 2024 2023 2023 2023 1Q24 2Q23
Net origination and secondary marketing income $ 17  $ 16  $ 12  $ 18  $ 23  6  % (26) %
Net mortgage servicing income
Loan servicing income
 25  25  24  24  23  —  9 
Amortization of capitalized servicing
 (14) (11) (13) (13) (12) (27) (17)
Operating income
 11  14  11  11  11  (21) — 
MSR valuation adjustment (1)
 11  20  (34) 38  15  (45) (27)
(Losses) gains due to MSR hedging
 (10) (19) 34  (38) (15) 47  33 
Net MSR risk management
1  1  —  —  —  —  100 
Total net mortgage servicing income $ 12  $ 15  $ 11  $ 11  $ 11  (20) % 9  %
All other 1  —  —  (2) (1) 100  200 
Mortgage banking income $ 30  $ 31  $ 23  $ 27  $ 33  (3) % (9) %
Mortgage origination volume $ 2,164  $ 1,276  $ 1,666  $ 2,020  $ 2,504  70  % (14) %
Mortgage origination volume for sale 1,191  834  962  1,195  1,239  43  (4)
Third party mortgage loans serviced (2) 33,404  33,303  33,237  32,965  32,712  —  2 
Mortgage servicing rights (2) 543  534  515  547  505  2  8 
MSR % of investor servicing portfolio (2) 1.63  % 1.60  % 1.55  % 1.66  % 1.55  % 2  % 5  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
11

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Allowance for loan and lease losses, beginning of period $ 2,280  $ 2,255  $ 2,208  $ 2,177  $ 2,142 
Loan and lease charge-offs (145) (128) (132) (131) (92)
Recoveries of loans and leases previously charged-off 55  36  38  58  43 
Net loan and lease charge-offs (90) (92) (94) (73) (49)
Provision for loan and lease losses 114  117  141  104  84 
Allowance for loan and lease losses, end of period 2,304  2,280  2,255  2,208  2,177 
Allowance for unfunded lending commitments, beginning of period 135  145  160  165  157 
Provision for unfunded lending commitments (16) (10) (15) (5) 8 
Allowance for unfunded lending commitments, end of period 119  135  145  160  165 
Total allowance for credit losses, end of period $ 2,423  $ 2,415  $ 2,400  $ 2,368  $ 2,342 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.85  % 1.86  % 1.85  % 1.83  % 1.80  %
Nonaccrual loans and leases (NALs) 314  318  338  373  427 
Nonperforming assets (NPAs) 296  309  317  348  391 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.95  % 1.97  % 1.97  % 1.96  % 1.93  %
Nonaccrual loans and leases (NALs) 331  337  360  400  459 
Nonperforming assets (NPAs) 311  327  337  373  420 

June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 995  $ 974  $ 993  $ 973  $ 994 
Commercial real estate 542  564  522  483  442 
Lease financing 50  51  48  48  47 
Total commercial 1,587  1,589  1,563  1,504  1,483 
Consumer
Residential mortgage 199  163  188  200  194 
Automobile 127  146  142  143  144 
Home equity 142  137  114  115  119 
RV and marine 146  148  148  151  145 
Other consumer 103  97  100  95  92 
Total consumer 717  691  692  704  694 
Total allowance for loan and lease losses 2,304  2,280  2,255  2,208  2,177 
Allowance for unfunded lending commitments 119  135  145  160  165 
Total allowance for credit losses $ 2,423  $ 2,415  $ 2,400  $ 2,368  $ 2,342 


12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 21  $ 42  $ 39  $ 32  $ 20 
Commercial real estate 36  13  21  11  7 
Lease financing —  —  (3) 2  — 
Total commercial 57  55  57  45  27 
Consumer:
Residential mortgage 1  —  —  1  1 
Automobile 6  9  9  4  3 
Home equity —  —  —  —  — 
RV and marine 4  5  5  3  2 
Other consumer 22  23  23  20  16 
Total consumer 33  37  37  28  22 
Total net charge-offs $ 90  $ 92  $ 94  $ 73  $ 49 
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
2024 2024 2023 2023 2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.16  % 0.33  % 0.32  % 0.26  % 0.15  %
Commercial real estate 1.19  0.41  0.65  0.35  0.23 
Lease financing 0.02  0.01  (0.24) 0.12  — 
Total commercial 0.33  0.32  0.34  0.27  0.16 
Consumer:
Residential mortgage 0.01  —  0.01  0.01  0.01 
Automobile 0.20  0.27  0.27  0.14  0.10 
Home equity (0.01) 0.01  0.01  (0.01) (0.02)
RV and marine 0.25  0.36  0.34  0.16  0.13 
Other consumer 5.98  6.39  6.48  6.09  5.17 
Total consumer 0.24  0.28  0.28  0.21  0.17 
Net charge-offs as a % of average loans and leases 0.29  % 0.30  % 0.31  % 0.24  % 0.16  %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 346  $ 376  $ 344  $ 314  $ 267 
Commercial real estate 194  154  140  102  75 
Lease financing 13  10  14  14  15 
Residential mortgage 80  75  72  75  73 
Automobile 4  4  4  4  4 
Home equity 95  96  91  82  75 
RV and marine 1  1  2  1  1 
Total nonaccrual loans and leases 733  716  667  592  510 
Other real estate, net 10  10  10  14  18 
Other NPAs (1) 37  12  34  28  29 
Total nonperforming assets $ 780  $ 738  $ 711  $ 634  $ 557 
Nonaccrual loans and leases as a % of total loans and leases 0.59  % 0.58  % 0.55  % 0.49  % 0.42  %
NPA ratio (2) 0.63  0.60  0.58  0.52  0.46 
(NPA+90days)/(Loan+OREO) (3) 0.77  0.75  0.74  0.66  0.60 
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Nonperforming assets, beginning of period $ 738  $ 711  $ 634  $ 557  $ 578 
New nonperforming assets 316  263  300  252  188 
Returns to accruing status (55) (68) (47) (23) (34)
Charge-offs (82) (64) (73) (62) (42)
Payments (135) (102) (98) (85) (118)
Sales (2) (2) (5) (5) (15)
Nonperforming assets, end of period $ 780  $ 738  $ 711  $ 634  $ 557 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

14

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Accruing loans and leases past due 90+ days:
Commercial and industrial $ 1  $ 1  $ 1  $ —  $ 7 
Lease financing 4  3  4  7  12 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 22  26  27  22  18 
Automobile 8  8  9  8  6 
Home equity 18  17  22  19  18 
RV and marine 3  2  3  2  2 
Other consumer 3  4  4  3  3 
Total, excl. loans guaranteed by the U.S. Government 59  61  70  61  66 
Add: loans guaranteed by U.S. Government 116  122  119  102  103 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 175  $ 183  $ 189  $ 163  $ 169 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.05  % 0.05  % 0.06  % 0.05  % 0.05  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.09  0.10  0.10  0.08  0.08 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.14  0.15  0.15  0.14  0.14 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 19,515  $ 19,322  $ 19,353  $ 18,483  $ 18,788 
Regulatory capital adjustments:
CECL transitional amount (2) 109  109  219  219  219 
Shareholders’ preferred equity and related surplus (2,404) (2,404) (2,404) (2,494) (2,494)
Accumulated other comprehensive loss 2,911  2,879  2,676  3,622  3,006 
Goodwill and other intangibles, net of taxes (5,561) (5,575) (5,591) (5,605) (5,620)
Deferred tax assets from tax loss and credit carryforwards (49) (48) (41) (14) (14)
Common equity tier 1 capital 14,521  14,283  14,212  14,211  13,885 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 2,404  2,404  2,404  2,494  2,494 
Tier 1 capital 16,925  16,687  16,616  16,705  16,379 
Long-term debt and other tier 2 qualifying instruments 1,278  1,279  1,306  1,383  1,394 
Qualifying allowance for loan and lease losses 1,743  1,747  1,735  1,758  1,767 
Tier 2 capital 3,021  3,026  3,041  3,141  3,161 
Total risk-based capital $ 19,946  $ 19,713  $ 19,657  $ 19,846  $ 19,540 
Risk-weighted assets (RWA)(1) $ 139,374  $ 139,622  $ 138,706  $ 140,688  $ 141,432 
Common equity tier 1 risk-based capital ratio (1) 10.4  % 10.2  % 10.2  % 10.1  % 9.8  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 8.8  8.9  9.3  9.4  9.0 
Tier 1 risk-based capital ratio (1) 12.1  12.0  12.0  11.9  11.6 
Total risk-based capital ratio (1) 14.3  14.1  14.2  14.1  13.8 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 8.2  8.1  8.1  7.3  7.5 
Reconciliation of Non-GAAP Measure (3)
Common equity tier 1 (CET1) capital (A)
 $ 14,521  $ 14,283  $ 14,212  $ 14,211  $ 13,885 
Add: Accumulated other comprehensive income (loss) (AOCI)
 (2,911) (2,879) (2,676) (3,622) (3,006)
Less: AOCI cash flow hedge
 (399) (436) (363) (662) (612)
Adjusted common equity tier 1 (B)
 12,009  11,840  11,899  11,251  11,491 
Risk weighted assets (C)
 139,374  139,622  138,706  140,688  141,432 
CET1 ratio (A/C)
 10.4  % 10.2  % 10.2  % 10.1  % 9.8  %
Adjusted CET1 ratio (B/C)
 8.6  8.5  8.6  8.0  8.1 
(1)June 30, 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 June 30, 2024 and March 31, 2024, 75% of the cumulative CECL deferral has been phased in. As of December 31, 2023, September 30, 2023, and June 30, 2023, 50% of the cumulative CECL deferral has been phased in.
(3)Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following provides the comparable regulatory financial measure, as well as the reconciliation to the comparable regulatory financial measure.
16

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
June 30, March 31, December 31, September 30, June 30,
2024 2024 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
1,451  1,448  1,448  1,448  1,446 
Average - diluted
1,474  1,473  1,469  1,468  1,466 
Ending
1,452  1,449  1,448  1,448  1,448 
Tangible book value per common share (1) $ 7.89  $ 7.77  $ 7.79  $ 7.12  $ 7.33 

Non-regulatory capital
June 30, March 31, December 31, September 30, June 30,
(dollar amounts in millions) 2024 2024 2023 2023 2023
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 19,515  $ 19,322  $ 19,353  $ 18,483  $ 18,788 
Goodwill and other intangible assets (5,680) (5,692) (5,704) (5,716) (5,728)
Deferred tax liability on other intangible assets (1) 25  28  30  33  35 
Total tangible equity
 13,860  13,658  13,679  12,800  13,095 
Preferred equity (2,394) (2,394) (2,394) (2,484) (2,484)
Total tangible common equity
 $ 11,466  $ 11,264  $ 11,285  $ 10,316  $ 10,611 
Total assets
 $ 196,310  $ 193,519  $ 189,368  $ 186,650  $ 188,505 
Goodwill and other intangible assets (5,680) (5,692) (5,704) (5,716) (5,728)
Deferred tax liability on other intangible assets (1) 25  28  30  33  35 
Total tangible assets
 $ 190,655  $ 187,855  $ 183,694  $ 180,967  $ 182,812 
Tangible equity / tangible asset ratio
 7.3  % 7.3  % 7.4  % 7.1  % 7.2  %
Tangible common equity / tangible asset ratio
 6.0  % 6.0  % 6.1  % 5.7  % 5.8  %
Other data:
Number of employees (Average full-time equivalent)
 19,889  19,719  19,612  19,826  20,200 
Number of domestic full-service branches (2)
 972  969  999  1,001  1,001 
ATM Count
 1,603  1,606  1,630  1,631  1,641 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Bank offices.


17

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)
YTD Average Balances (1)
Six Months Ended June 30,
Change
(dollar amounts in millions)
 2024 2023
Amount
Percent
Assets
Interest-earning deposits with banks $ 10,439  $ 8,829  $ 1,610  18  %
Securities:
Trading account securities
 138  27  111  NM
Available-for-sale securities:
Taxable
 23,349  21,143  2,206  10 
Tax-exempt
 2,680  2,693  (13) — 
Total available-for-sale securities
 26,029  23,836  2,193  9 
Held-to-maturity securities - taxable
 15,389  16,869  (1,480) (9)
Other securities 750  1,075  (325) (30)
Total securities
 42,306  41,807  499  1 
Loans held for sale
 515  505  10  2 
Loans and leases: (2)
Commercial:
Commercial and industrial 51,175  49,615  1,560  3 
Commercial real estate:
Commercial 11,306  12,171  (865) (7)
Construction 1,057  1,340  (283) (21)
Commercial real estate 12,363  13,511  (1,148) (8)
Lease financing 5,076  5,181  (105) (2)
Total commercial 68,614  68,307  307  — 
Consumer:
Residential mortgage 23,809  22,547  1,262  6 
Automobile 12,771  13,085  (314) (2)
Home equity 10,064  10,206  (142) (1)
RV and marine 5,929  5,422  507  9 
Other consumer 1,466  1,318  148  11 
Total consumer 54,039  52,578  1,461  3 
Total loans and leases
 122,653  120,885  1,768  1 
Total earning assets
 175,913  172,026  3,887  2 
Cash and due from banks
 1,416  1,619  (203) (13)
Goodwill and other intangible assets 5,691  5,747  (56) (1)
All other assets
 11,697  10,602  1,095  10 
Allowance for loan and lease losses
 (2,285) (2,158) (127) (6)
Total assets
 $ 192,432  $ 187,836  $ 4,596  2  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 38,786  $ 40,211  $ (1,425) (4) %
Money market deposits 47,181  38,031  9,150  24 
Savings and other domestic deposits
 16,491  19,348  (2,857) (15)
Core certificates of deposit (3)
 13,949  7,292  6,657  91 
Other domestic deposits of $250,000 or more
 455  286  169  59 
Negotiable CDS, brokered and other deposits
 5,521  4,659  862  19 
Total interest-bearing deposits
 122,383  109,827  12,556  11 
Short-term borrowings
 1,257  4,809  (3,552) (74)
Long-term debt
 14,461  13,664  797  6 
Total interest-bearing liabilities
 138,101  128,300  9,801  8 
Demand deposits - noninterest-bearing
 29,770  36,023  (6,253) (17)
All other liabilities
 5,277  4,925  352  7 
Total Liabilities 173,148  169,248  3,900  2 
Total Huntington shareholders’ equity 19,234  18,539  695  4 
Non-controlling interest 50  49  1  2 
Total equity $ 19,284  $ 18,588  $ 696  4 
Total liabilities and equity $ 192,432  $ 187,836  $ 8,496  2  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
18

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
YTD Interest Income / Expense
Six Months Ended June 30,
(dollar amounts in millions)
 2024 2023
Assets
Interest-earning deposits with banks
 $ 288  $ 222 
Securities:
Trading account securities
 4  1 
Available-for-sale securities:
Taxable
 618  484 
Tax-exempt
 68  62 
Total available-for-sale securities
 686  546 
Held-to-maturity securities - taxable
 188  204 
Other securities 19  21 
Total securities
 897  772 
Loans held for sale
 17  15 
Loans and leases:
Commercial:
Commercial and industrial 1,630  1,432 
Commercial real estate:
Commercial 429  424 
Construction 44  52 
Commercial real estate 473  476 
Lease financing 161  139 
Total commercial 2,264  2,047 
Consumer:
Residential mortgage 459  390 
Automobile 330  263 
Home equity 391  368 
RV and marine 150  121 
Other consumer 86  75 
Total consumer 1,416  1,217 
Total loans and leases
 3,680  3,264 
Total earning assets
 $ 4,882  $ 4,273 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 $ 406  $ 299 
Money market deposits 855  427 
Savings and other domestic deposits
 22  9 
Core certificates of deposit (3)
 326  126 
Other domestic deposits of $250,000 or more
 10  4 
Negotiable CDS, brokered and other deposits
 145  111 
Total interest-bearing deposits
 1,764  976 
Short-term borrowings
 38  134 
Long-term debt
 455  388 
Total interest-bearing liabilities
 2,257  1,498 
Net interest income
 $ 2,625  $ 2,775 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.
19

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Yield
(Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1) 2024 2023
Assets
Interest-earning deposits with banks 5.53  % 5.03  %
Securities:
Trading account securities
 5.12  5.09 
Available-for-sale securities:
Taxable
 5.29  4.58 
Tax-exempt
 5.06  4.64 
Total available-for-sale securities
 5.27  4.59 
Held-to-maturity securities - taxable
 2.44  2.42 
Other securities 5.22  3.83 
Total securities
 4.24  3.69 
Loans held for sale
 6.68  5.96 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.29  5.74 
Commercial real estate:
Commercial 7.51  6.93 
Construction 8.31  7.67 
Commercial real estate 7.58  7.01 
Lease financing 6.27  5.35 
Total commercial 6.52  5.96 
Consumer:
Residential mortgage 3.86  3.46 
Automobile 5.20  4.05 
Home equity 7.81  7.28 
RV and marine 5.08  4.51 
Other consumer 11.83  11.39 
Total consumer 5.26  4.66 
Total loans and leases
 5.97  5.39 
Total earning assets
 5.58  % 5.01  %
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
 2.10  % 1.50  %
Money market deposits 3.65  2.27 
Savings and other domestic deposits
 0.27  0.09 
Core certificates of deposit (3)
 4.71  3.48 
Other domestic deposits of $250,000 or more
 4.31  2.91 
Negotiable CDS, brokered and other deposits
 5.27  4.81 
Total interest-bearing deposits
 2.90  1.79 
Short-term borrowings
 6.12  5.64 
Long-term debt
 6.29  5.67 
Total interest-bearing liabilities
 3.29  2.35 
Net interest rate spread
 2.29  2.66 
Impact of noninterest-bearing funds on margin
 0.71  0.59 
Net interest margin
 3.00  % 3.25  %
Commercial Loan Derivative Impact
 (Unaudited)
YTD Average Rates
Six Months Ended June 30,
Fully-taxable equivalent basis (1)
 2024 2023
Commercial loans (2)(4)
 7.25  % 6.62  %
Impact of commercial loan derivatives
 (0.73) (0.66)
Total commercial - as reported
 6.52  % 5.96  %
Average 1 Month LIBOR
 4.85  %
Average SOFR 5.32  % 4.73  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Includes the impact of nonaccrual loans and leases.
(3)Includes consumer certificates of deposit of $250,000 or more.
(4)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
20

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions, except per share data) 2024 2023 Amount Percent
Interest income $ 4,856  $ 4,253  $ 603  14  %
Interest expense 2,257  1,498  759  51 
Net interest income 2,599  2,755  (156) (6)
Provision for credit losses 207  177  30  17 
Net interest income after provision for credit losses 2,392  2,578  (186) (7)
Payments and cash management revenue 300  283  17  6 
Wealth and asset management revenue 178  163  15  9 
Customer deposit and loan fees 160  152  8  5 
Capital markets and advisory fees 129  127  2  2 
Leasing revenue 41  51  (10) (20)
Mortgage banking income 61  59  2  3 
Insurance income 37  37  —  — 
Bank owned life insurance income 33  32  1  3 
Gain on sale of loans 7  11  (4) (36)
Net gains (losses) on sales of securities —  (4) 4  100 
Other noninterest income 12  96  (84) (88)
Total noninterest income 958  1,007  (49) (5)
Personnel costs 1,302  1,262  40  3 
Outside data processing and other services 331  299  32  11 
Deposit and other insurance expense 79  43  36  84 
Equipment 132  128  4  3 
Net occupancy 108  114  (6) (5)
Marketing 55  57  (2) (4)
Professional services 51  37  14  38 
Amortization of intangibles 24  26  (2) (8)
Lease financing equipment depreciation 8  16  (8) (50)
Other noninterest expense 164  154  10  6 
Total noninterest expense 2,254  2,136  118  6 
Income before income taxes 1,096  1,449  (353) (24)
Provision for income taxes 192  278  (86) (31)
Income after income taxes 904  1,171  (267) (23)
Income attributable to non-controlling interest 11  10  1  10 
Net income attributable to Huntington 893  1,161  (268) (23)
Dividends on preferred shares 71  69  2  3 
Net income applicable to common shares $ 822  $ 1,092  $ (270) (25) %
Average common shares - basic 1,450  1,445  5  — 
Average common shares - diluted 1,474  1,468  6  — 
Per common share
Net income - basic $ 0.57  $ 0.76  $ (0.19) (25) %
Net income - diluted 0.56  0.74  (0.18) (24)
Cash dividends declared 0.31  0.31  —  — 
Revenue - fully taxable equivalent (FTE)
Net interest income $ 2,599  $ 2,755  $ (156) (6) %
FTE adjustment 26  20  6  30 
Net interest income (1) 2,625  2,775  (150) (5)
Noninterest income 958  1,007  (49) (5)
Total revenue (1) $ 3,583  $ 3,782  $ (199) (5) %
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
21

Huntington Bancshares Incorporated
Year To Date Mortgage Banking Noninterest Income
(Unaudited)
Six Months Ended June 30, Change
(dollar amounts in millions) 2024 2023 Amount Percent
Net origination and secondary marketing income $ 33  $ 39  $ (6) (15) %
Net mortgage servicing income
          Loan servicing income 50  46  4  9 
          Amortization of capitalized servicing (25) (22) (3) (14)
     Operating income 25  24  1  4 
          MSR valuation adjustment (1) 31  3  28  933 
          (Losses) gains due to MSR hedging (29) (6) (23) (383)
     Net MSR risk management 2  (3) 5  — 
Total net mortgage servicing income 27  21  6  29 
All other 1  (1) 2  200 
Mortgage banking income $ 61  $ 59  $ 2  3  %
Mortgage origination volume $ 3,440  $ 3,916  $ (476) (12) %
Mortgage origination volume for sale 2,025  2,048  (23) (1)
Third party mortgage loans serviced (2) 33,404  32,712  692  2 
Mortgage servicing rights (2) 543  505  38  8 
MSR % of investor servicing portfolio (2) 1.63  % 1.55  % 0.08  % 5  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
22

Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions)
 2024 2023
Allowance for loan and lease losses, beginning of period
 $ 2,255  $ 2,121 
Loan and lease charge-offs (273) (191)
Recoveries of loans and leases previously charged off 91  85 
Net loan and lease charge-offs (182) (106)
Provision for loan and lease losses
 231  162 
Allowance for loan and lease losses, end of period
 2,304  2,177 
Allowance for unfunded lending commitments, beginning of period $ 145  $ 150 
Provision for unfunded lending commitments (26) 15 
Allowance for unfunded lending commitments, end of period 119  165 
Total allowance for credit losses, end of period $ 2,423  $ 2,342 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
 1.85  % 1.80  %
Nonaccrual loans and leases (NALs)
 314  427 
Nonperforming assets (NPAs)
 296  391 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
 1.95  % 1.93  %
Nonaccrual loans and leases (NALs) 331  459 
Nonperforming assets (NPAs) 311  420 
23

Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)
Six Months Ended June 30,
(dollar amounts in millions) 2024 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 63  $ 36 
Commercial real estate 49  25 
Lease financing —  (5)
Total commercial 112  56 
Consumer:
Residential mortgage 1  1 
Automobile 15  8 
Home equity —  (1)
RV and marine 9  4 
Other consumer 45  38 
Total consumer 70  50 
Total net charge-offs $ 182  $ 106 
Six Months Ended June 30,
2024 2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.24  % 0.14  %
Commercial real estate 0.79  0.37 
Lease financing 0.01  (0.19)
Total commercial 0.33  0.16 
Consumer:
Residential mortgage 0.01  0.01 
Automobile 0.24  0.12 
Home equity —  (0.02)
RV and marine 0.31  0.16 
Other consumer 6.18  5.76 
Total consumer 0.26  0.19 
Net charge-offs as a % of average loans 0.30  % 0.17  %

24

Huntington Bancshares Incorporated
Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
June 30,
(dollar amounts in millions) 2024 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 346  $ 267 
Commercial real estate 194  75 
Lease financing 13  15 
Residential mortgage 80  73 
Automobile 4  4 
Home equity 95  75 
RV and marine 1  1 
Total nonaccrual loans and leases 733  510 
Other real estate, net 10  18 
Other NPAs (1) 37  29 
Total nonperforming assets (2)
 $ 780  $ 557 
Nonaccrual loans and leases as a % of total loans and leases 0.59  % 0.42  %
NPA ratio (3)
 0.63  0.46 
Six Months Ended June 30,
(dollar amounts in millions) 2024 2023
Nonperforming assets, beginning of period $ 711  $ 594 
New nonperforming assets 579  425 
Returns to accruing status (123) (107)
Charge-offs (146) (96)
Payments (237) (242)
Sales
 (4) (17)
Nonperforming assets, end of period (3)
 $ 780  $ 557 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.
(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
25