Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

October 29, 2024

Documents

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
 ☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

huntingtonlogo.jpg
Huntington Bancshares Incorporated
(Exact name of registrant as specified in its charter)
Maryland
1-34073
31-0724920
(State or other jurisdiction of
incorporation or organization)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
Registrant’s address: 41 South High Street, Columbus, Ohio 43287
Registrant’s telephone number, including area code: (614) 480-2265
Securities registered pursuant to Section 12(b) of the Act
Title of class
Trading
Symbol(s)
 Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) HBANP NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) HBANM NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock) HBANL NASDAQ
Common Stock—Par Value $0.01 per Share HBAN NASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    x  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    ☐  Yes    x  No
There were 1,452,811,392 shares of the registrant’s common stock ($0.01 par value) outstanding on September 30, 2024.


HUNTINGTON BANCSHARES INCORPORATED
INDEX
 
2 Huntington Bancshares Incorporated
Table of Contents
Glossary of Acronyms and Terms

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: 
ACL    Allowance for Credit Losses
AFS    Available-for-Sale
ALCO Asset-Liability Management Committee
ALLL    Allowance for Loan and Lease Losses
AOCI Accumulated Other Comprehensive Income (Loss)
ASC    Accounting Standards Codification
ASU Accounting Standards Update
AULC    Allowance for Unfunded Lending Commitments
Basel III    Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013
BOLI
Bank Owned Life Insurance
C&I    Commercial and Industrial
CDs    Certificates of Deposit
CDS Credit Default Swap
CECL Current Expected Credit Losses
CET1    Common Equity Tier 1 on a Basel III basis
CFPB Bureau of Consumer Financial Protection
CLN
Credit Linked Note
CME Chicago Mercantile Exchange
CMO    Collateralized Mortgage Obligations
CODM Chief Operating Decision Maker
CRE    Commercial Real Estate
DIF Deposit Insurance Fund
Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act
EOP End of Period
EVE    Economic Value of Equity
FDIC    Federal Deposit Insurance Corporation
Federal Reserve Board of Governors of the Federal Reserve System
FFIEC Federal Financial Institutions Examination Council
FHLB    Federal Home Loan Bank
FICO    Fair Isaac Corporation
FOMC
Federal Open Market Committee
FRB    Federal Reserve Bank
FTE    Fully-Taxable Equivalent
FTP    Funds Transfer Pricing
FVO Fair Value Option
GAAP    Generally Accepted Accounting Principles in the United States of America
GDP Gross Domestic Product
HTM    Held-to-Maturity
IRS    Internal Revenue Service
LIBOR    London Interbank Offered Rate
LIHTC    Low Income Housing Tax Credit
MBS    Mortgage-Backed Securities
MD&A    Management’s Discussion and Analysis of Financial Condition and Results of Operations
MSR    Mortgage Servicing Right
NAICS    North American Industry Classification System
2024 3Q Form 10-Q 3

Table of Contents
NALs    Nonaccrual Loans
NCO    Net Charge-off
NII    Net Interest Income
NIM    Net Interest Margin
NM Not Meaningful
NPAs    Nonperforming Assets
OCC    Office of the Comptroller of the Currency
OCI    Other Comprehensive Income (Loss)
OLEM    Other Loans Especially Mentioned
OREO
Other Real Estate Owned
REIT Real Estate Investment Trust
ROC Risk Oversight Committee
RPS Retirement Plan Services
RV
Recreational Vehicle
SBA    Small Business Administration
SCB Stress Capital Buffer
SEC    Securities and Exchange Commission
SOFR Secured Overnight Financing Rate
SPE Special Purpose Entity
TBA To Be Announced
U.S. Treasury    U.S. Department of the Treasury
VIE    Variable Interest Entity
XBRL    eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated
Table of Contents
PART I. FINANCIAL INFORMATION
When we refer to “we,” “our,” “us,” “Huntington,” and “the Company” in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the “Bank” in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
INTRODUCTION
We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. These include, but are not limited to, payments, mortgage banking, automobile, recreational vehicle and marine financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. As of September 30, 2024, we have 975 full-service branches and private client group offices which are located in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Pennsylvania, West Virginia, and Wisconsin. Select financial services and other activities are also conducted in various other states.
This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2023 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2023 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report.
EXECUTIVE OVERVIEW
Reporting Updates
During the fourth quarter of 2023, we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically manage our business. For a description of each updated noninterest income revenue stream, refer to Note 15 - “Revenue from Contracts with Customers” of the Notes to Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K.
During the fourth quarter of 2023, we revised our FTP methodology for non-maturity deposits, which has been enhanced to consider the internally modeled weighted average life by non-maturity deposit type. In general, the impact of the FTP methodology revision resulted in a net higher cost of funds allocation as compared with the previous method.
For the reporting updates discussed above, prior period results have been adjusted to conform to the current presentation.
2024 3Q Form 10-Q 5

Table of Contents
Financial Performance Review
Selected Financial Data
Table 1 - Selected Quarterly and Year to Date Income Statement Data
Three Months Ended Nine Months Ended
(amounts in millions, except per share data) September 30, 2024 September 30, 2023 Change September 30, 2024 September 30, 2023 Change
Amount Percent Amount Percent
Interest income $ 2,555  $ 2,313  $ 242  10  % $ 7,411  $ 6,566  $ 845  13  %
Interest expense 1,204  945  259  27  3,461  2,443  1,018  42 
Net interest income 1,351  1,368  (17) (1) 3,950  4,123  (173) (4)
Provision for credit losses 106  99  7  7  313  276  37  13 
Net interest income after provision for credit losses 1,245  1,269  (24) (2) 3,637  3,847  (210) (5)
Noninterest income 523  509  14  3  1,481  1,516  (35) (2)
Noninterest expense 1,130  1,090  40  4  3,384  3,226  158  5 
Income before income taxes 638  688  (50) (7) 1,734  2,137  (403) (19)
Provision for income taxes 116  136  (20) (15) 308  414  (106) (26)
Income after income taxes 522  552  (30) (5) 1,426  1,723  (297) (17)
Income attributable to non-controlling interest 5  5  —  —  16  15  1  7 
Net income attributable to Huntington 517  547  (30) (5) 1,410  1,708  (298) (17)
Dividends on preferred shares 36  37  (1) (3) 107  106  1  1 
Net income applicable to common shares $ 481  $ 510  $ (29) (6) % $ 1,303  $ 1,602  $ (299) (19) %
Average common shares—basic 1,453  1,448  5  —  % 1,451  1,446  5  —  %
Average common shares—diluted 1,477  1,468  9  1  1,475  1,468  7  — 
Net income per common share—basic $ 0.33  $ 0.35  $ (0.02) (6) $ 0.90  $ 1.11  $ (0.21) (19)
Net income per common share—diluted 0.33  0.35  (0.02) (6) 0.88  1.09  (0.21) (19)
Return on average total assets 1.04  % 1.16  % 0.97  % 1.22  %
Return on average common shareholders’ equity 10.8  12.4  10.2  13.2 
Return on average tangible common shareholders’ equity (1) 16.2  19.5  15.5  20.8 
Net interest margin (2) 2.98  3.20  3.00  3.24 
Efficiency ratio (3) 59.4  57.0  61.2  56.2 
Revenue and Net Interest Income—FTE (non-GAAP)
Net interest income $ 1,351  $ 1,368  $ (17) (1) % $ 3,950  $ 4,123  $ (173) (4) %
FTE adjustment (2) 13  11  2  18  39  31  8  26 
Net interest income, FTE (non-GAAP) (2)
 1,364  1,379  (15) (1) 3,989  4,154  (165) (4)
Noninterest income 523  509  14  3  1,481  1,516  (35) (2)
Total revenue, FTE (non-GAAP) (2) $ 1,887  $ 1,888  $ (1) —  % $ 5,470  $ 5,670  $ (200) (4) %
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability and calculated assuming a 21% tax rate.
(2)On an FTE basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains.
6 Huntington Bancshares Incorporated
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Summary of 2024 Third Quarter Results Compared to 2023 Third Quarter
For the third quarter of 2024, we reported net income of $517 million, or $0.33 per diluted common share, compared with $547 million, or $0.35 per diluted common share, in the year-ago quarter.
Net interest income was $1.4 billion for the third quarter of 2024, a decrease of $17 million, or 1%, from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, decreased $15 million, or 1%, from the year-ago quarter. The decrease in FTE net interest income primarily reflected a 22 basis point decrease in the FTE NIM to 2.98% and a $14.4 billion, or 11%, increase in average interest-bearing liabilities, partially offset by a $10.9 billion, or 6%, increase in average earning assets.
The provision for credit losses increased $7 million, or 7%, from the year-ago quarter to $106 million in the third quarter of 2024. The ACL increased $68 million from the year-ago quarter to $2.4 billion in the third quarter of 2024, or 1.93% of total loans and leases, compared to $2.4 billion, or 1.96% of total loans and leases, for the year-ago quarter.
Noninterest income was $523 million, an increase of $14 million, or 3%, from the year-ago quarter, primarily due increases in capital markets and advisory fees, wealth and asset management revenue, and mortgage banking income, partially offset by the $33 million favorable mark-to-market on pay-fixed swaptions recognized in the year-ago quarter. Noninterest expense was $1.1 billion, an increase of $40 million, or 4%, from the year-ago quarter, primarily due to increases in personnel costs and outside data processing and other services, partially offset by decreases in deposit and other insurance expense and net occupancy.
Consolidated Balance Sheet and Capital Ratios as of September 30, 2024 Compared to Prior Year End
Total assets at September 30, 2024 were $200.5 billion, an increase of $11.2 billion, or 6%, compared to December 31, 2023. The increase in total assets was primarily driven by increases in loans and leases of $4.4 billion, or 4%, total investment securities of $3.5 billion, or 8%, and interest-earning deposits with banks of $2.4 billion, or 27%. Total liabilities at September 30, 2024 were $179.9 billion, an increase of $9.9 billion, or 6%, compared to December 31, 2023. The increase in total liabilities was primarily driven by increases in total deposits of $7.1 billion, or 5%, and long-term debt of $3.3 billion, or 26%.
The tangible common equity to tangible assets ratio increased to 6.4% at September 30, 2024, compared to 6.1% at December 31, 2023, primarily due to an improvement in AOCI driven by changes in interest rates, and an increase in tangible common equity from current period earnings, net of dividends, partially offset by an increase in tangible assets. CET1 risk-based capital ratio was 10.4% at September 30, 2024, compared to 10.2% at December 31, 2023. The increase in CET1 is primarily due to current period earnings, net of dividends, partially offset by an increase in risk-weighted assets and a reduction in the CECL transitional amount. The increase in risk-weighted assets was driven by loan growth, partially offset by the impact of the second quarter 2024 CLN transaction.
General
Our general business objectives are to:
•Build on our vision to be the country’s leading people-first, digitally powered bank;
•Drive sustainable long-term revenue growth and efficiency;
•Deliver a Category of One customer experience through our distinguished brand and culture;
•Extend our digital leadership with focus on ease of use, access to information, and self-service across products and services;
•Leverage expertise and capabilities to acquire and deepen relationships and launch of select partnerships;
•Maintain positive operating leverage and execute disciplined capital management; and
•Provide stability and resilience through risk management, maintaining an aggregate moderate-to-low, through-the-cycle risk appetite.
Our quarterly results reflect continued execution of our growth strategy and leveraging the strength of our balance sheet, delivered through increasing loan and deposit balances, in addition to expanding net interest income and noninterest income. We have continued our disciplined and proactive approach to managing credit quality consistent with our through the cycle aggregate moderate-to-low risk appetite. We remain focused on delivering profitable growth and driving value for our shareholders and believe Huntington is positioned to perform well through the dynamic environment.
2024 3Q Form 10-Q 7

Table of Contents
Economy
The rate cutting cycle began with the Federal Reserve cutting the federal funds rate by 50 basis points at the September FOMC meeting. Inflation is still not to the Federal Reserve’s 2% target, however, it has been continuing to move lower. On the other side of the Federal Reserve’s dual mandate, employment data has deteriorated recently. The unemployment rate has increased from a cyclical low of 3.4% to 4.1% at September 30, 2024, including reaching 4.3% during the quarter. While the unemployment rate is still low by historical standards, the Federal Reserve has mentioned that risks have shifted to be more balanced and thus should likely warrant a less restrictive monetary policy. The Federal Reserve maintains that economic data will continue to drive their decision making process for rates.
The recent economic data has been mixed. Core manufacturing continues to contract, but the services sector is still slowly expanding. Overall U.S. consumer spending continues to be resilient defying expectations of a slowdown, although personal savings rates have been trending down over the course of 2024, which helps explain some of the resiliency. In addition, overall U.S. credit card balances and delinquency rates are both increasing. While overall risks are increasing, most economists still expect either a soft landing or a short and shallow recession.
Other Recent Developments
In June 2024, the FDIC adopted a final rule to modify the required frequency and informational content of resolution plan submissions applicable to insured depository institutions with $50 billion or more in total assets, which describe the insured depository institution’s strategy for a rapid and orderly resolution in the event of material financial distress or failure. As a result of the final rule, the Bank will be required to submit to the FDIC full resolution plans every three years and interim targeted information between full resolution plan submissions. In addition, the final rule introduces a new credibility standard that will be used to evaluate full resolution plan submissions, which would be subject to potential FDIC enforcement action. The final rule became effective October 1, 2024 and the deadline for the first resolution plan submission is July 1, 2025.
DISCUSSION OF RESULTS OF OPERATIONS
This section provides a review of financial performance on a consolidated basis. Key unaudited interim consolidated balance sheet and unaudited interim income statement trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion.”

8 Huntington Bancshares Incorporated
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Average Balance Sheet / Net Interest Income
The following tables detail the change in our average balance sheet and the net interest margin.
Table 2 - Consolidated Quarterly Average Balance Sheets and Net Interest Margin Analysis
Three Months Ended September 30, 2024 Three Months Ended September 30, 2023
Average
Interest Income/Expense
 Yield/ Average
Interest Income/Expense
 Yield/
Change in Average Balances
(dollar amounts in millions) Balances
(FTE) (1)
Rate (2)
 Balances
(FTE) (1)
Rate (2)
 Amount Percent
Assets:
Interest-earning deposits with banks
 $ 12,532  $ 174  5.55  % $ 9,547  $ 131  5.48  % $ 2,985  31  %
Securities:
Trading account securities 136  1  3.28  128  1  4.98  8  6 
Available-for-sale securities:
Taxable 25,434  331  5.21  19,834  259  5.22  5,600  28 
Tax-exempt 2,699  35  5.23  2,807  37  5.08  (108) (4)
Total available-for-sale securities 28,133  366  5.21  22,641  296  5.20  5,492  24 
Held-to-maturity securities—taxable 15,078  93  2.47  16,356  99  2.43  (1,278) (8)
Other securities 829  11  4.86  859  19  9.22  (30) (3)
Total securities 44,176  471  4.26  39,984  415  4.15  4,192  10 
Loans held for sale 676  12  6.92  633  10  6.42  43  7 
Loans and leases: (3)
Commercial:
Commercial and industrial 52,194  840  6.31  49,448  776  6.15  2,746  6 
Commercial real estate 11,744  227  7.55  12,955  253  7.63  (1,211) (9)
Lease financing 5,180  86  6.51  5,050  73  5.60  130  3 
Total commercial 69,118  1,153  6.53  67,453  1,102  6.39  1,665  2 
Consumer:
Residential mortgage 24,074  241  4.00  23,278  213  3.66  796  3 
Automobile 13,584  191  5.59  12,747  145  4.51  837  7 
Home equity 10,089  199  7.86  10,108  195  7.66  (19) — 
RV and marine 6,046  79  5.24  5,813  73  4.96  233  4 
Other consumer 1,596  48  11.69  1,385  40  11.67  211  15 
Total consumer 55,389  758  5.45  53,331  666  4.97  2,058  4 
Total loans and leases 124,507  1,911  6.05  120,784  1,768  5.76  3,723  3 
Total earning assets 181,891  2,568  5.62  170,948  2,324  5.39  10,943  6 
Cash and due from banks 1,407  1,559  (152) (10)
Goodwill and other intangible assets 5,674  5,722  (48) (1)
All other assets 11,620  10,576  1,044  10 
Allowance for loan and lease losses (2,314) (2,206) (108) (5)
Total assets $ 198,278  $ 186,599  $ 11,679  6  %
Liabilities and shareholders’ equity:
Interest-bearing deposits:
Demand deposits—interest-bearing $ 40,918  $ 228  2.22  % $ 39,757  $ 199  1.98  % $ 1,161  3  %
Money market deposits 50,334  451  3.56  41,445  327  3.12  8,889  21 
Savings and other domestic deposits 15,863  13  0.33  17,774  6  0.15  (1,911) (11)
Core certificates of deposit (4)
 13,819  165  4.74  11,348  119  4.17  2,471  22 
Other domestic deposits of $250,000 or more 455  5  4.37  406  4  3.78  49  12 
Negotiable CDs, brokered and other deposits
 6,299  83  5.27  4,634  58  4.93  1,665  36 
Total interest-bearing deposits 127,688  945  2.94  115,364  713  2.45  12,324  11 
Short-term borrowings 826  14  6.52  859  17  7.60  (33) (4)
Long-term debt 15,878  245  6.19  13,772  215  6.27  2,106  15 
Total interest-bearing liabilities 144,392  1,204  3.32  129,995  945  2.88  14,397  11 
Demand deposits—noninterest-bearing 28,800  32,786  (3,986) (12)
All other liabilities 4,925  5,028  (103) (2)
Total liabilities 178,117  167,809  10,308  6 
Total Huntington shareholders’ equity 20,113  18,741  1,372  7 
Non-controlling interest 48  49  (1) (2)
Total equity 20,161  18,790  1,371  7 
Total liabilities and equity $ 198,278  $ 186,599  $ 11,679  6  %
Net interest rate spread 2.30  2.51 
Impact of noninterest-bearing funds on margin 0.68  0.69 
Net interest margin/NII (FTE) $ 1,364  2.98  % $ 1,379  3.20  %
(1)FTE yields are calculated assuming a 21% tax rate.
(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include impact of applicable non-deferrable and amortized fees.
(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.

2024 3Q Form 10-Q 9

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Quarterly Net Interest Income
Net interest income for the third quarter of 2024 decreased $17 million, or 1%, from the third quarter of 2023. FTE net interest income, a non-GAAP financial measure, for the third quarter of 2024 decreased $15 million, or 1%, from the third quarter of 2023. The decrease in FTE net interest income primarily reflected a 22 basis point decrease in the FTE NIM to 2.98% and a $14.4 billion, or 11%, increase in average interest-bearing liabilities, partially offset by a $10.9 billion, or 6%, increase in average earning assets. The lower NIM was primarily driven by higher cost of funds given the higher interest rate environment and a $12.3 billion, or 11%, increase in interest-bearing deposits, partially offset by higher loan and lease and investment security yields.
Quarterly Average Balance Sheet
Average assets for the third quarter of 2024 were $198.3 billion, an increase of $11.7 billion, or 6%, from the third quarter of 2023, primarily due to increases in average total securities of $4.2 billion, or 10%, average loans and leases of $3.7 billion, or 3%, and average interest-earning deposits with banks of $3.0 billion, or 31%. The increase in average loans and leases was driven by growth in average consumer loans of $2.1 billion, or 4%, and average commercial loans and leases of $1.7 billion, or 2%.
Average liabilities for the third quarter of 2024 increased $10.3 billion, or 6%, from the third quarter of 2023, primarily due to increases in average deposits of $8.3 billion, or 6%, and in total borrowings of $2.1 billion, or 14%. Average deposits increased due to an increase in average interest-bearing deposits of $12.3 billion, or 11%, partially offset by a decrease in noninterest-bearing deposits of $4.0 billion, or 12%. The increase in average interest-bearing deposits was primarily due to increases in average money market deposits and certificates of deposits, partially offset by decreases in savings and other domestic deposits. The increase in total borrowings was primarily due to the addition of auto securitization trust in the first quarter of 2024 and the normal management of funding needs.
Average shareholders’ equity for the third quarter of 2024 increased $1.4 billion, or 7%, from the third quarter of 2023, primarily due to the benefit from a decrease in average accumulated other comprehensive loss and earnings, net of dividends.
10 Huntington Bancshares Incorporated
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Table 3 - Consolidated YTD Average Balance Sheets and Net Interest Margin
Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023
Average
Interest Income/Expense
 Yield/ Average
Interest Income/Expense
 Yield/
Change in Average Balances
(dollar amounts in millions) Balances
(FTE) (1)
Rate (2)
 Balances
(FTE) (1)
Rate (2)
 Amount Percent
Assets:
Interest-earning deposits with banks
 $ 11,141  $ 462  5.53  % $ 9,071  $ 353  5.19  % $ 2,070  23  %
Securities:
Trading account securities 137  5  4.52  61  2  4.98  76  125 
Available-for-sale securities:
Taxable 24,049  949  5.26  20,702  743  4.79  3,347  16 
Tax-exempt 2,686  103  5.12  2,731  99  4.79  (45) (2)
Total available-for-sale securities 26,735  1,052  5.25  23,433  842  4.79  3,302  14 
Held-to-maturity securities—taxable 15,285  281  2.45  16,696  303  2.42  (1,411) (8)
Other securities 777  30  5.09  1,003  40  5.37  (226) (23)
Total securities 42,934  1,368  4.25  41,193  1,187  3.84  1,741  4 
Loans held for sale 569  29  6.77  548  25  6.13  21  4 
Loans and leases: (3)
Commercial:
Commercial and industrial 51,517  2,470  6.30  49,559  2,208  5.88  1,958  4 
Commercial real estate 12,155  700  7.57  13,323  729  7.21  (1,168) (9)
Lease financing 5,111  247  6.35  5,137  212  5.44  (26) (1)
Total commercial 68,783  3,417  6.53  68,019  3,149  6.10  764  1 
Consumer:
Residential mortgage 23,898  700  3.91  22,793  603  3.53  1,105  5 
Automobile 13,044  521  5.33  12,971  408  4.20  73  1 
Home equity 10,072  590  7.83  10,173  563  7.40  (101) (1)
RV and marine 5,968  229  5.13  5,554  194  4.67  414  7 
Other consumer 1,511  134  11.78  1,341  115  11.49  170  13 
Total consumer 54,493  2,174  5.33  52,832  1,883  4.76  1,661  3 
Total loans and leases 123,276  5,591  6.00  120,851  5,032  5.52  2,425  2 
Total earning assets 177,920  7,450  5.59  171,663  6,597  5.14  6,257  4 
Cash and due from banks 1,413  1,598  (185) (12)
Goodwill and other intangible assets 5,686  5,738  (52) (1)
All other assets 11,671  10,594  1,077  10 
Allowance for loan and lease losses (2,295) (2,174) (121) (6)
Total assets $ 194,395  $ 187,419  $ 6,976  4  %
Liabilities and shareholders’ equity:
Interest-bearing deposits:
Demand deposits—interest-bearing $ 39,501  $ 634  2.14  % $ 40,058  $ 498  1.66  % $ (557) (1) %
Money market deposits 48,240  1,306  3.61  39,181  754  2.57  9,059  23 
Savings and other domestic deposits 16,281  35  0.29  18,818  15  0.11  (2,537) (13)
Core certificates of deposit (4)
 13,905  491  4.72  8,659  245  3.79  5,246  61 
Other domestic deposits of $250,000 or more 455  15  4.33  326  8  3.27  129  40 
Negotiable CDs, brokered and other deposits
 5,783  228  5.27  4,650  169  4.85  1,133  24 
Total interest-bearing deposits 124,165  2,709  2.91  111,692  1,689  2.02  12,473  11 
Short-term borrowings 1,112  52  6.22  3,478  151  5.80  (2,366) (68)
Long-term debt 14,936  700  6.25  13,700  603  5.87  1,236  9 
Total interest-bearing liabilities 140,213  3,461  3.30  128,870  2,443  2.53  11,343  9 
Demand deposits—noninterest-bearing 29,444  34,933  (5,489) (16)
All other liabilities 5,160  4,960  200  4 
Total liabilities 174,817  168,763  6,054  4 
Total Huntington shareholders’ equity 19,529  18,607  922  5 
Non-controlling interest 49  49  —  — 
Total equity 19,578  18,656  922  5 
Total liabilities and shareholders’ equity $ 194,395  $ 187,419  $ 6,976  4  %
Net interest rate spread 2.29  2.61 
Impact of noninterest-bearing funds on margin 0.71  0.63 
Net interest margin/NII $ 3,989  3.00  % $ 4,154  3.24  %
(1)FTE yields are calculated assuming a 21% tax rate.
(2)Average yield rates include the impact of applicable derivatives. Loan and lease and deposit average yield rates also include impact of applicable non-deferrable and amortized fees.
(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.


2024 3Q Form 10-Q 11

Table of Contents
Year to Date Net Interest Income
Net interest income for the first nine-month period of 2024 decreased $173 million, or 4%, from the year-ago period. FTE net interest income, a non-GAAP financial measure, for the first nine-month period of 2024 decreased $165 million, or 4%, from the year-ago period. The decrease in FTE net interest income reflected a 24 basis point decrease in the FTE NIM to 3.00% and a $11.3 billion, or 9%, increase in interest-bearing liabilities, partially offset by a $6.3 billion, or 4%, increase in average total earning assets. The NIM compression was primarily due to the higher rate environment driving higher cost of funds, partially offset by an increase in loans and lease and investment security yields.
Year to Date Average Balance Sheet
Average assets for the first nine-month period of 2024 were $194.4 billion, an increase of $7.0 billion, or 4%, from the year-ago period, primarily due to increases in average loans and leases of $2.4 billion, or 2%, interest-earning deposits with banks of $2.0 billion, or 23%, and total securities of $1.7 billion, or 4%. The increase in average loans and leases included growth in average consumer loans of $1.7 billion, or 3%, and average commercial loans and leases of $764 million, or 1%.
Average liabilities for the first nine-month period of 2024 increased $6.1 billion, or 4%, from the year-ago period, primarily due to an increase in average deposits. Total average deposits increased $7.0 billion, or 5%, due to an increase in average interest-bearing deposits of $12.5 billion, or 11%, partially offset by a decrease in noninterest-bearing deposits of $5.5 billion, or 16%. The increase in average interest-bearing deposits was driven by increases in average money market deposits and certificates of deposits, partially offset by a decrease in savings and other domestic deposits.
Average shareholders’ equity for the first nine-month period of 2024 increased $922 million, or 5%, from the year-ago period primarily due to earnings, net of dividends, and the benefit from a decrease in average accumulated other comprehensive loss.
Provision for Credit Losses
(This section should be read in conjunction with the “Credit Risk” section.)
The provision for credit losses for the third quarter of 2024 was $106 million, an increase of $7 million, or 7%, compared to the third quarter of 2023. Provision for credit losses for the first nine-month period of 2024 was $313 million, an increase of $37 million, or 13%, compared to the year-ago period. The increase over the prior year-to-date period reflects increased charge-off activity in the current year partially offset by a slightly higher allowance build in the year-ago period. Overall coverage ratios remain reflective of the current macroeconomic environment including recognition of near-term recessionary risks.
The components of the provision for credit losses were as follows:
Table 4 - Provision for Credit Losses
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Provision for loan and lease losses $ 24  $ 104  $ 255  $ 266 
Provision (benefit) for unfunded lending commitments
 82  (5) 56  10 
Provision for securities —  —  2  — 
Total provision for credit losses $ 106  $ 99  $ 313  $ 276 
12 Huntington Bancshares Incorporated
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Noninterest Income
The following table reflects noninterest income for each of the periods presented: 

Table 5 - Noninterest Income
Three Months Ended Nine Months Ended
September 30, September 30, Change September 30, September 30, Change
(dollar amounts in millions) 2024 2023 Percent 2024 2023 Percent
Payments and cash management revenue $ 158  $ 152  4  % $ 458  $ 435  5  %
Wealth and asset management revenue 93  79  18  271  242  12 
Customer deposit and loan fees 86  80  8  246  232  6 
Capital markets and advisory fees 78  52  50  207  179  16 
Leasing revenue 19  32  (41) 60  83  (28)
Mortgage banking income 38  27  41  99  86  15 
Insurance income 18  18  —  55  55  — 
Bank owned life insurance income 20  18  11  53  50  6 
Gain on sale of loans 7  2  250  14  13  8 
Net gains (losses) on sales of securities
 —  —  —  —  (4)      NM
Other noninterest income 6  49  (88) 18  145  (88)
Total noninterest income $ 523  $ 509  3  % $ 1,481  $ 1,516  (2) %
Noninterest income for the third quarter of 2024 was $523 million, an increase of $14 million, or 3%, from the year-ago quarter. Capital markets and advisory fees increased $26 million, or 50%, primarily due to higher underwriting and interest rate derivative fees. Wealth and asset management revenue increased $14 million, or 18%, reflecting an increase in assets under management and higher fixed annuity commissions. Mortgage banking income increased $11 million, or 41%, primarily due to higher saleable spreads. Payments and cash management revenue increased $6 million, or 4%, primarily reflecting higher card and merchant acquiring transaction revenue. Customer deposit and loan fees increased $6 million, or 8%, primarily due to higher loan commitment fees. Partially offsetting these increases, other noninterest income decreased $43 million, or 88%. Other noninterest income in the third quarter of 2023 included a $33 million favorable mark-to-market on pay-fixed swaptions, while the third quarter of 2024 included $8 million of contra-revenue related to premium costs and mark-to-market associated with credit risk transfer transactions. Leasing revenue also decreased $13 million, or 41%, driven by lower income from terminated leases.
Noninterest income for the first nine-month period of 2024 decreased $35 million, or 2%, from the year-ago period. Other noninterest income decreased $127 million, or 88%, primarily due to a $57 million gain on the sale of our RPS business and an $18 million favorable mark-to-market on pay-fixed swaptions recognized in the first nine-month period of 2023, and $19 million of contra-revenue related to premium costs and mark-to-market associated with credit risk transfer transactions recognized in the first nine-month period of 2024. Leasing revenue decreased $23 million, or 28%, driven by lower income on terminated leases and operating lease income. Partially offsetting these decreases, wealth and asset management revenue increased $29 million, or 12%, reflecting higher fixed annuity commissions and an increase in assets under management. Capital markets and advisory fees increased $28 million, or 16%, primarily due to higher underwriting fees. Payments and cash management revenue increased $23 million, or 5%, reflecting higher commercial treasury management and card transaction revenue. Customer deposit and loan fees increased $14 million, or 6%, primarily reflecting higher deposit fees. Mortgage banking income increased $13 million, or 15%, primarily reflecting increases in net servicing income and saleable spreads.
2024 3Q Form 10-Q 13

Table of Contents
Noninterest Expense
The following table reflects noninterest expense for each of the periods presented: 
Table 6 - Noninterest Expense
Three Months Ended Nine Months Ended
September 30, September 30, Change September 30, September 30, Change
(dollar amounts in millions) 2024 2023 Percent 2024 2023 Percent
Personnel costs $ 684  $ 622  10  % $ 1,986  $ 1,884  5  %
Outside data processing and other services 167  149  12  498  448  11 
Deposit and other insurance expense 15  25  (40) 94  68  38 
Equipment 65  65  —  197  193  2 
Net occupancy 57  67  (15) 165  181  (9)
Marketing 33  29  14  88  86  2 
Professional services 21  27  (22) 72  64  13 
Amortization of intangibles 11  12  (8) 35  38  (8)
Lease financing equipment depreciation 4  6  (33) 12  22  (45)
Other noninterest expense 73  88  (17) 237  242  (2)
Total noninterest expense $ 1,130  $ 1,090  4  % $ 3,384  $ 3,226  5  %
Number of employees (average full-time equivalent) 20,043  19,826  1  % 19,896  20,073  (1) %
Noninterest expense for the third quarter of 2024 was $1.1 billion, an increase of $40 million, or 4%, from the year-ago quarter. Personnel costs increased $62 million, or 10%, primarily due to higher salary, benefit, and incentive compensation expense. Outside data processing and other services increased $18 million, or 12%, reflecting higher technology and data expense. Partially offsetting these increases, other noninterest expense decreased $15 million, or 17%, largely due to a gain from the call of subordinated debt and lower franchise and other taxes, deposit and other insurance expense decreased $10 million, or 40%, primarily due to $7 million of expense reduction attributable to the FDIC DIF special assessment, and net occupancy expense decreased $10 million, or 15%, primarily due to a decrease in corporate real estate consolidation expense.
Noninterest expense for the first nine-month period of 2024 increased $158 million, or 5%, from the year-ago period. Personnel costs increased $102 million, or 5%, primarily due to increases in salary, incentive compensation, and benefit expense, partially offset by a $31 million decrease in severance expense related to staffing efficiencies. Outside data processing increased $50 million, or 11%, primarily due to higher technology and data expense. Deposit and other insurance expense increased $26 million, or 38%, primarily due to $31 million of additional expense attributable to the FDIC DIF special assessment. Partially offsetting these increases, lease financing equipment depreciation expense decreased $10 million, or 45%.
Provision for Income Taxes
The provision for income taxes in the third quarter of 2024 was $116 million, compared to $136 million in the third quarter of 2023. The provision for income taxes for the nine-month periods ended September 30, 2024 and September 30, 2023 was $308 million and $414 million, respectively. All periods included the benefits from general business credits, tax-exempt income, tax-exempt bank owned life insurance income, and investments in qualified affordable housing projects. The effective tax rate for the third quarter of 2024 and third quarter of 2023 was 18.2% and 19.7%, respectively. The effective tax rates for the nine-month periods ended September 30, 2024 and September 30, 2023 were 17.8% and 19.4%, respectively. The variances between the third quarter of 2024 compared to the third quarter of 2023 related primarily to lower pretax income and capital losses. The variances between the nine-month period ended September 30, 2024 compared to the nine-month period ended September 30, 2023 related primarily to lower pretax income, stock-based compensation, and discrete tax benefits.
The net federal deferred tax asset was $515 million, and the net state deferred tax asset was $80 million at September 30, 2024.
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax audits have been completed for tax years through 2016. Also, with few exceptions, the Company is no longer subject to state and local income tax examinations for tax years before 2019.
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RISK MANAGEMENT AND CAPITAL
Risk awareness, identification and assessment, reporting, and active management are key elements in overall risk management. Controls include, among others, effective segregation of duties, access management, and authorization and reconciliation procedures, as well as staff education and a disciplined assessment process. We use a multi-faceted approach to risk governance. It begins with the Board of Directors, which has defined our risk appetite as aggregate moderate-to-low, through-the-cycle.
We classify / aggregate risk into seven risk pillars: credit, market, liquidity, operational, compliance, strategic, and reputation. More information on risk can be found in Item 1A Risk Factors below, the Risk Factors section included in Item 1A of our 2023 Annual Report on Form 10-K and subsequent filings with the SEC. The MD&A included in our 2023 Annual Report on Form 10-K should be read in conjunction with this MD&A, as this discussion provides only material updates to the 2023 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented in the 2023 Annual Report on Form 10-K.
Credit Risk
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of credit risk is central to profitable lending. We also have credit risk associated with our investment securities portfolios (see Note 3 - “Investment Securities and Other Securities” of the Notes to the Unaudited Consolidated Financial Statements). We engage with other financial counterparties for a variety of purposes including investing, asset and liability management, mortgage banking, and trading activities. A variety of derivative financial instruments, principally interest rate swaps, caps, swaptions, swaption collars, floors, forward contracts, and forward starting interest rate swaps, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. We also use derivatives, principally loan sale commitments, in hedging our mortgage loan interest rate lock commitments and mortgage loans held for sale. While there is credit risk associated with derivative activity, we believe this exposure is minimal.
We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities, and portfolio diversification, we use quantitative measurement capabilities that utilize external data sources, enhanced modeling technology, and internal stress testing processes. Our disciplined portfolio management processes are central to our commitment to maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. In our efforts to identify risk mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent or stressed borrowers.
Loan and Lease Credit Exposure Mix
Refer to the “Loan and Lease Credit Exposure Mix” section of our 2023 Annual Report on Form 10-K for a description of each portfolio segment.
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At September 30, 2024, our loans and leases totaled $126.4 billion, representing a $4.4 billion, or 4%, increase compared to $122.0 billion at December 31, 2023.
The table below provides the composition of our total loan and lease portfolio: 
Table 7 - Loan and Lease Portfolio Composition
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Commercial:
Commercial and industrial $ 53,601  43  % $ 50,657  42  %
Commercial real estate 11,543  9  12,422  10 
Lease financing 5,342  4  5,228  4 
Total commercial 70,486  56  68,307  56 
Consumer:
Residential mortgage 24,100  19  23,720  20 
Automobile 14,003  11  12,482  10 
Home equity 10,129  8  10,113  8 
RV and marine 6,042  5  5,899  5 
Other consumer 1,627  1  1,461  1 
Total consumer 55,901  44  53,675  44 
Total loans and leases $ 126,387  100  % $ 121,982  100  %
Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types, collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the ROC and is used to ensure a high quality, well-diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. Changes to existing concentration limits, incorporating specific information relating to the potential impact on the overall portfolio composition and performance metrics, require the approval of the ROC prior to implementation.

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The table below provides our total loan and lease portfolio segregated by industry type:
Table 8 - Loan and Lease Portfolio by Industry Type
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Commercial loans and leases:
Real estate and rental and leasing (1) $ 15,505  13  % $ 15,897  13  %
Retail trade (2) 11,682  9  11,417  9 
Manufacturing 7,350  6  7,183  6 
Finance and insurance (1) 6,602  5  5,025  4 
Health care and social assistance (1) 4,775  4  4,464  4 
Wholesale Trade 3,823  3  3,647  3 
Accommodation and food services 3,150  2  3,107  3 
Transportation and warehousing 3,108  2  3,107  3 
Utilities 2,000  2  2,533  2 
Professional, scientific, and technical services 1,951  2  2,035  2 
Other Services 1,930  2  1,864  2 
Construction 1,811  1  1,738  1 
Admin./Support/Waste Mgmt. and Remediation Services 1,701  1  1,498  1 
Arts, entertainment, and recreation 1,496  1  1,366  1 
Information 1,458  1  1,291  1 
Public administration 647  1  704  1 
Educational Services 502  1  448  — 
Agriculture, forestry, fishing, and hunting 440  —  454  — 
Management of companies and enterprises 239  —  122  — 
Mining, quarrying, and oil and gas extraction 136  —  102  — 
Unclassified/other 180  —  305  — 
Total commercial loans and leases by industry category 70,486  56  68,307  56 
Residential mortgage 24,100  19  23,720  20 
Automobile 14,003  11  12,482  10 
Home equity 10,129  8  10,113  8 
RV and marine 6,042  5  5,899  5 
Other consumer loans 1,627  1  1,461  1 
Total loans and leases $ 126,387  100  % $ 121,982  100  %
(1)     Non-real estate secured commercial loans to REITs, which are classified in the C&I loan category, are included in the real estate, finance and insurance, and health care industry types.
(2)    Amounts include $4.1 billion and $3.3 billion of auto dealer services loans at September 30, 2024 and December 31, 2023, respectively.
The following tables present our commercial real estate portfolio by property-type and geographic location.
Table 9 - Commercial Real Estate Portfolio by Property-type
At September 30, 2024 At December 31, 2023
(dollar amounts in millions)
Amount by Property-Type
% of Total Loans and Leases
Amount by Property-Type
% of Total Loans and Leases
Multi-family $ 4,524  3  % $ 4,708  4  %
Warehouse/Industrial 1,954  2  2,029  2 
Office 1,601  1  1,825  1 
Retail 1,580  1  1,725  1 
Hotel 853  1  938  1 
Other 1,031  1  1,197  1 
Total commercial real estate loans and leases $ 11,543  9  % $ 12,422  10  %
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Table 10 - Commercial Real Estate Portfolio by Geographic Location
At September 30, 2024 At December 31, 2023
(dollar amounts in millions)
Amount by Location (1)
% of Total CRE loans and leases
Amount by Location (1)
% of Total CRE loans and leases
Ohio $ 2,228  19  % $ 2,364  19  %
Michigan 2,183  19  2,498  20 
Florida 823  7  733  6 
Illinois 731  6  904  7 
Texas 619  5  605  5 
Virginia 427  4  393  3 
Georgia 422  4  368  3 
Minnesota 419  4  462  4 
Pennsylvania 407  4  358  3 
Colorado 399  3  398  3 
Other 2,885  25  3,339  27 
Total commercial real estate loans and leases $ 11,543  100  % $ 12,422  100  %
(1)    Geographic location based on location of underlying collateral.
Our CRE portfolio totaled $11.5 billion at September 30, 2024, a decrease of $879 million, or 7%, compared to December 31, 2023, driven by loan pay-offs and low demand for new originations. The CRE portfolio had an associated allowance coverage of 4.4% and 4.2% at September 30, 2024 and December 31, 2023, respectively.
With remote work options leading to increased vacancy rates and underutilization of office space across the country, the office sector continues to be an area of uncertainty. Our office portfolio, which is predominantly suburban and multi-tenant loans, totaled $1.6 billion, or 1% of total loans and leases, as of September 30, 2024, compared to $1.8 billion, or 1% of total loans and leases, at December 31, 2023. We have established ACL reserves of approximately 11% for our CRE office portfolio as of September 30, 2024, compared to approximately 10% at December 31, 2023. At September 30, 2024, there was $31 million of outstanding balances in the office portfolio that were 30 or more days past due.
Credit Quality
(This section should be read in conjunction with Note 4 - “Loans and Leases” and Note 5 - “Allowance for Credit Losses” of the Notes to Unaudited Consolidated Financial Statements.)
We believe the most meaningful way to assess overall credit quality performance is through an analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: NPAs, NALs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns, product segmentation, and origination trends in the analysis of our credit quality performance.
Credit quality performance in the third quarter of 2024 reflected NCOs of $93 million, or 0.30% of average total loans and leases, annualized, an increase of $20 million, compared to $73 million, or 0.24%, in the year-ago quarter. The increase reflects an $11 million increase in consumer NCOs to $39 million and a $9 million increase in commercial NCOs to $54 million in the third quarter of 2024. NPAs increased from December 31, 2023 by $73 million, or 10%, primarily driven by a $64 million increase in commercial and industrial NALs.
NPAs and NALs
Commercial loans and leases are placed on nonaccrual status at 90-days past due, or earlier if repayment of principal and interest is in doubt. Of the $549 million of commercial related NALs at September 30, 2024, $267 million, or 49%, represented loans and leases that were less than 30-days past due, demonstrating our continued commitment to proactive credit risk management.
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The following table reflects period-end NALs and NPAs detail:
Table 11 - Nonaccrual Loans and Leases and Nonperforming Assets
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 408  $ 344 
Commercial real estate 132  140 
Lease financing 9  14 
Residential mortgage 82  72 
Automobile 5  4 
Home equity 100  91 
RV and marine 2  2 
Total nonaccrual loans and leases 738  667 
Other real estate, net 8  10 
Other NPAs (1) 38  34 
Total nonperforming assets $ 784  $ 711 
Nonaccrual loans and leases as a % of total loans and leases 0.58  % 0.55  %
NPA ratio (2) 0.62  0.58 
(1)    Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
(2)    Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
ACL
The baseline scenario used in the September 30, 2024 ACL determination assumes the labor market has softened with the unemployment rate peaking at 4.2% in the third quarter of this year. Marginal improvement is expected moving forward with unemployment returning to 4.0% by 2026. The Federal Reserve is projected to enter into a cycle of rate cuts, with regular cuts forecast throughout the remainder of 2024 through 2026 until reaching 3% by 2027. Inflation is forecasted to approach the Federal Reserve’s target level of 2% by the end of 2024 and stabilize in 2025. The GDP is forecasted to continue to slow from 1.8% in the third quarter to 1.5% by the end of 2024. GDP is then forecasted to show marginal improvement throughout 2025, ending the fourth quarter of 2025 at 1.7%.
Management uses a probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario when formulating the quantitative estimate for the allowance. The table below is intended to show how the forecasted path of unemployment and GDP in the baseline scenario has changed since the end of 2023:
Table 12 - Forecasted Key Macroeconomic Variables
2023 2024 2025
Baseline scenario forecast Q4 Q2 Q4 Q2 Q4
Unemployment rate (1)
4Q 2023 3.8  % 3.9  % 4.0  % 4.1  % 4.0  %
3Q 2024 N/A N/A 4.1  4.1  4.1 
Gross Domestic Product (1)
4Q 2023 0.8  % 1.2  % 1.5  % 1.9  % 2.2  %
3Q 2024 N/A N/A 1.5  1.7  1.7 
(1)    Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.
Management continues to assess the uncertainty in the macroeconomic environment, including ongoing risks in the commercial real estate environment, current inflation levels, political uncertainty, and geopolitical instability, considering multiple macroeconomic forecasts that reflect a range of possible outcomes. While we have incorporated estimates of economic uncertainty into our ACL, the ultimate impact that specific challenges will have on the economy remains unknown, including those related to the commercial real estate industry, recent inflation levels, higher interest rates, and the significant conflicts on-going around the world.
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Management develops additional analytics to support adjustments to our modeled results. Our Allowance for Credit Loss Development Methodology Committee reviewed model results of each economic scenario for appropriate usage, concluding that the quantitative transaction reserve will continue to utilize scenario weighting. Given the uncertainty associated with key economic scenario assumptions, the September 30, 2024 ACL included a general reserve that consists of various risk profile components, including profiles to capture uncertainty not addressed within the quantitative transaction reserve.
Our ACL evaluation process includes the on-going assessment of credit quality metrics and a comparison of certain ACL benchmarks to current performance.
The table below reflects the allocation of our ALLL among our various loan and lease categories as well as certain coverage metrics of the reported ALLL and ACL:
Table 13 - Allocation of Allowance for Credit Losses
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Allocation of Allowance % of Total ALLL % of Total Loans and Leases (1) Allocation of Allowance % of Total ALLL % of Total Loans and Leases (1)
Commercial
Commercial and industrial $ 937  42  % 43  % $ 993  44  % 42  %
Commercial real estate 510  23  9  522  23  10 
Lease financing 51  2  4  48  2  4 
Total commercial 1,498  67  56  1,563  69  56 
Consumer
Residential mortgage 193  8  19  188  8  20 
Automobile 138  6  11  142  7  10 
Home equity 149  7  8  114  5  8 
RV and marine 150  7  5  148  7  5 
Other consumer 107  5  1  100  4  1 
Total consumer 737  33  44  692  31  % 44  %
Total ALLL 2,235  2,255 
AULC 201  145 
Total ACL $ 2,436  $ 2,400 
Total ALLL as a % of
Total loans and leases 1.77  % 1.85  %
Nonaccrual loans and leases 303  338 
NPAs 285  317 
Total ACL as % of
Total loans and leases 1.93  % 1.97  %
Nonaccrual loans and leases 330  360 
NPAs 311  337 
(1)Percentages represent the percentage of each loan and lease category to total loans and leases.
The ACL was $2.4 billion, or 1.93% of total loans and leases, at September 30, 2024, compared to $2.4 billion, or 1.97% of total loans and leases, at December 31, 2023. The marginal absolute increase in the total ACL was driven by loan and lease portfolio growth during the first nine months of 2024. The reduction in the ACL coverage ratio at September 30, 2024 is reflective of the current macro-economic environment and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve.
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NCOs
The table below reflects NCO detail for each of the periods presented: 
Table 14 - Net Charge-off Analysis
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 51  $ 32  $ 114  $ 68 
Commercial real estate 5  11  54  36 
Lease financing (2) 2  (2) (3)
Total commercial 54  45  166  101 
Consumer:
Residential mortgage —  1  1  2 
Automobile 8  4  23  12 
Home equity (1) —  (1) (1)
RV and marine 6  3  15  7 
Other consumer 26  20  71  58 
Total consumer 39  28  109  78 
Total net charge-offs $ 93  $ 73  $ 275  $ 179 
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.39  % 0.26  % 0.29  % 0.18  %
Commercial real estate 0.17  0.35  0.59  0.37 
Lease financing (0.18) 0.12  (0.05) (0.08)
Total commercial 0.31  0.27  0.32  0.20 
Consumer:
Residential mortgage —  0.01  —  0.01 
Automobile 0.24  0.14  0.24  0.13 
Home equity (0.02) (0.01) —  (0.02)
RV and marine 0.37  0.16  0.33  0.16 
Other consumer 6.38  6.09  6.25  5.88 
Total consumer 0.28  0.21  0.27  0.20 
Net charge-offs as a % of average loans and leases 0.30  % 0.24  % 0.30  % 0.20  %
NCOs were an annualized 0.30% of average loans and leases in the third quarter of 2024, up from 0.24% in the year-ago quarter, reflecting the continued normalization of net charge-offs. NCOs for commercial loans and leases and consumer loans were higher, with annualized commercial loan and lease NCOs of 0.31% in the third quarter of 2024, compared to 0.27% in the year-ago quarter, and annualized consumer loan NCOs of 0.28% in the third quarter of 2024, compared to 0.21% in the year-ago quarter.

NCOs were an annualized 0.30% of average loans and leases for the first nine-month period of 2024, up from 0.20% in the year ago period. NCOs for the commercial loans and leases and consumer loans were higher, with annualized commercial loan and lease NCOs of 0.32% in the current period, compared to 0.20% in the year-ago period, and annualized consumer loan NCOs of 0.27% in the current period, compared to 0.20% in the year-ago period.
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Market Risk
Market risk refers to potential losses arising from changes in interest rates, credit spreads, foreign exchange rates, equity prices, and commodity prices, including the correlation among these factors and their volatility. When the value of an instrument is tied to such external factors, the holder faces market risk. We are primarily exposed to interest rate risk as a result of offering a wide array of financial products to our customers and secondarily to price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity investments, and investments in securities backed by mortgage loans.
We measure market risk exposure via financial simulation models, which provide management with insights on the potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and characteristics of the balance sheet resulting from strategic objectives and customer behavior. Our models incorporate market-based assumptions that include the impact of changing interest rates on prepayment rates of assets and runoff rates of deposits. The models also include our projections of the future volume and pricing of various business lines.
In measuring the financial risks associated with interest rate sensitivity in our balance sheet, we compare a set of alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The market forward rates reflect the market consensus regarding the future level and slope of the yield curve across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios which are immediate parallel rate shifts, and “ramp” scenarios where the parallel shift is applied gradually over the first 12 months of the forecast on a pro rata basis. In both shock and ramp scenarios with falling rates, we presume that market rates will not go below 0%. The scenarios are inclusive of all executed interest rate risk hedging activities. Forward starting hedges are included to the extent that they have been transacted and that they start within the measurement horizon.
A key driver of our interest rate risk profile is our interest-bearing deposit repricing sensitivity assumptions to changes in interest rates, otherwise known as deposit beta. In addition, our interest expense is impacted by the composition of both interest-bearing and noninterest-bearing deposits in relation to our total deposits. Accordingly, we consider the impacts from both interest-bearing and noninterest-bearing deposits on our total deposit beta. Our cumulative to-date total deposit beta (total cost of deposits) is 46% through the most recent rising rate cycle, which started in March 2022 and concluded in September 2024.
We use two approaches to model interest rate risk: Net interest income at risk (NII at Risk) and economic value of equity at risk modeling sensitivity analysis (EVE at Risk).
NII at Risk is used by management to measure the risk and impact to earnings over the next 12 months, using a variety of interest rate scenarios. The NII at Risk results included in the table below reflect the analysis used monthly by management. It models gradual “ramp” -200, -100, +100 and +200 basis point parallel shift scenarios, implied by the forward yield curve over the next 12 months.
Table 15 - Net Interest Income at Risk
At September 30, 2024 At December 31, 2023
Federal Funds Rate (1) Federal Funds Rate (1)
Basis point change scenario Starting Point (2) Month 12 (3) NII at Risk (%) Starting Point (2) Month 12 (3) NII at Risk (%)
+200 5.00  % 5.00  % 2.7  % 5.50  % 5.75  % 5.5  %
+100 5.00  4.00  1.4  5.50  4.75  3.0 
Base 5.00  3.00  —  5.50  3.75  — 
-100 5.00  2.00  -1.6  5.50  2.75  -2.8 
-200 5.00  1.00  -3.5  5.50  1.75  -5.6 
(1)Represents the upper bound.
(2)Represents the spot federal funds rate.
(3)Represents the federal funds rate in month 12 given a gradual, parallel “ramp” relative to the base implied forward scenario.
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The NII at Risk shows that the balance sheet is asset sensitive at both September 30, 2024, and December 31, 2023. The primary drivers to the change in sensitivity include current and projected balance sheet composition over the simulation horizon, including longer securities portfolio reinvestment duration and executed hedging activity.
EVE at Risk is used by management to measure the impact of interest rate changes on the net present value of assets and liabilities, including derivative exposures. The EVE results included in the table below reflect the analysis used monthly by management. It models immediate -200, -100, +100 and +200 basis point parallel “shock” scenarios from the yield curve term points at the specific point in time that EVE sensitivity is measured.
Table 16 - Economic Value of Equity at Risk
  Economic Value of Equity at Risk (%)
Basis point change scenario -200 -100 +100 +200
At September 30, 2024 -2.6  % 0.7  % -3.6  % -9.2  %
At December 31, 2023 0.1  1.6  -3.8  -8.8 
The change in sensitivity from December 31, 2023 was driven primarily by market rates, ongoing balance sheet modeling assumption enhancements, such as updated credit spread discounting methodology and BOLI sensitivity measurement, and changes to actual balance sheet composition.
Use of Derivatives to Manage Interest Rate Risk
An integral component of our interest rate risk management strategy is the use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. A variety of derivative financial instruments, principally interest rate swaps, caps, swaptions, swaption collars, floors, forward contracts, and forward starting interest rate swaps, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements.
Table 17 shows all swap and floor positions that are utilized for purposes of managing our exposures to the variability of interest rates. The interest rate variability may impact either the fair value of the assets and liabilities or impact the cash flows attributable to net interest margin. These positions are used to protect the fair value of asset and liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows attributable to the contractually specified interest rate by converting the variable rate index into a fixed rate. The volume, maturity, and mix of derivative positions change frequently as we adjust our broader interest rate risk management objectives and the balance sheet positions to be hedged. For further information, including the notional amount and fair values of these derivatives, refer to Note 13 - “Derivative Financial Instruments” of the Notes to Unaudited Consolidated Financial Statements.
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The following presents additional information about the interest rate swaps and floors used in Huntington’s asset and liability management activities.
Table 17 - Information on Asset Liability Management Instruments
 Weighted Average Maturity (years)
Weighted-Average
Fixed Rate
 Weighted-Average Reset Rate
(dollar amounts in millions) Notional Value Fair Value
At September 30, 2024
Asset conversion swaps
Securities (1):
Pay Fixed - Receive SOFR $ 10,711  2.36  $ 423  1.38  % 5.37  %
Pay Fixed - Receive SOFR - forward starting (2) 928  7.71  16  2.81  — 
Loans:
Receive Fixed - Pay SOFR 10,075  2.43  (132) 2.75  5.33 
Receive Fixed - Pay SOFR - forward starting (3) 4,725  4.45  108  3.71  — 
Liability conversion swaps
Receive Fixed - Pay SOFR 8,338  3.06  (42) 3.45  5.36 
Receive Fixed - Pay SOFR - forward starting (3) 2,875  4.16  40  3.53  — 
Purchased floor spreads (4)
Purchased Floor Spread - SOFR 6,000  2.08  57   2.79 / 3.87 — 
Basis swaps (5)
Pay SOFR- Receive Fed Fund (economic hedges) 174  1.83  —  5.37  5.37 
Pay Fed Fund - Receive SOFR (economic hedges) 1  11.06  —  5.41  5.33 
Total swap portfolio $ 43,827  $ 470 
At December 31, 2023
Asset conversion swaps
Securities (1):
Pay Fixed - Receive SOFR $ 10,721  3.11  $ 683  1.37  % 5.42  %
Pay Fixed - Receive SOFR - forward starting (2) 928  8.46  18  2.81  — 
Loans:
Receive Fixed - Pay SOFR 9,275  3.06  (243) 2.77  5.34 
Receive Fixed - Pay SOFR - forward starting (6) 1,400  4.20  (19) 2.90  — 
Liability conversion swaps
Receive Fixed - Pay SOFR 7,568  3.40  (199) 2.95  5.14 
Receive Fixed - Pay SOFR - forward starting (6) 2,125  3.16  45  4.33  — 
Purchased floor spreads (4)
Purchased Floor Spread - SOFR 5,000  2.29  38  2.97/3.97 — 
Purchased Floor Spread - SOFR forward starting (7) 1,000  5.54  26  1.88/3.38 — 
Basis swaps (5)
Pay SOFR- Receive Fed Fund (economic hedges) 174  2.58  —  5.33  5.41 
Pay Fed Fund - Receive SOFR (economic hedges) 1  11.81  —  5.45  5.33 
Total swap portfolio $ 38,192  $ 349 
(1)Amounts include interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method.
(2)Forward starting swaps effective starting from April 2025 to October 2027.
(3)Forward starting swaps effective starting from January 2025 to June 2026.
(4)The weighted average fixed rates for floor spreads are the weighted average strike rates for the upper and lower bounds of the instruments.
(5)Basis swaps have variable pay and variable receive resets. Weighted average fixed fate column represents pay rate reset.
(6)Forward starting swaps effective starting April 2024 to January 2025.
(7)Forward starting floor spreads effective starting from May 2024 to September 2024.
Use of Derivatives to Manage Credit Risk
We may utilize credit derivatives as a tool to manage credit risk within the portfolio by purchasing credit protection over certain types of loan products. When we purchase credit protection, such as a CDS, we pay a fee to the seller, or CDS counterparty, in return for the right to receive a payment if a specified credit event occurs.
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MSRs
(This section should be read in conjunction with Note 6 - “Mortgage Loan Sales and Servicing Rights” of Notes to the Unaudited Consolidated Financial Statements.)
At September 30, 2024, we had a total of $515 million of capitalized MSRs representing the right to service $33.6 billion in mortgage loans.
MSR fair values are sensitive to movements in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments and declines in credit quality. Prepayments usually increase when mortgage interest rates decline and decrease when mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes or impairment. However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of noninterest income.
MSR assets are included in servicing rights and other intangible assets in the Unaudited Consolidated Financial Statements.
Price Risk
Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure that can be maintained, and on the amount of marketable equity securities that can be held.
Liquidity Risk
Liquidity risk is the possibility of us being unable to meet current and future financial obligations in a timely manner. The goal of liquidity management is to ensure adequate, stable, reliable, and cost-effective sources of funds to satisfy changes in loan and lease demand, unexpected levels of deposit withdrawals, investment opportunities, and other contractual obligations. We consider core earnings, strong capital ratios, and credit quality essential for maintaining high credit ratings, which allows us cost-effective access to market-based liquidity. We mitigate liquidity risk by maintaining liquid assets in the form of cash, cash equivalents, and securities. In addition, we maintain a large, stable core deposit base and a diversified base of readily available wholesale funding sources, including secured funding sources from the FHLB and Federal Reserve through pledged borrowing capacity, issuance through dealers in the capital markets, and access to certificates of deposit issued through brokers.
The Board of Directors is responsible for establishing an acceptable level of liquidity risk at Huntington, including approval of the liquidity risk appetite at least annually. The liquidity risk appetite includes certain structural and contingent liquidity risk metrics and limits that are designed and monitored to ensure Huntington maintains adequate liquidity to meet current and future funding needs, including during periods of potential stress. Further, the Board receives and reviews information on at least a semi-annual basis to ensure Huntington is operating in accordance with its established risk tolerance.
Liquidity risk is reviewed and managed continuously for the Bank and the parent company, as well as its subsidiaries. In addition, liquidity working groups meet regularly to identify and monitor liquidity positions, provide policy guidance, review funding strategies, and oversee the adherence to, and maintenance of, contingency funding plans. At September 30, 2024, management believes current sources of liquidity are sufficient to meet Huntington’s on and off-balance sheet obligations.
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We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war, natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund. Similarly, market speculation or rumors about us, or the banking industry in general, may adversely affect the cost and availability of normal funding sources. The contingency funding plan, which is reviewed and approved by the ROC at least annually, outlines the process for addressing a liquidity crisis and provides for an evaluation of funding sources under various market conditions. It also assigns specific roles and responsibilities and communication protocols for effectively managing liquidity through a problem period and outlines early warning indicators that are used to monitor emerging liquidity stress events.
Our largest source of liquidity on a consolidated basis is core deposits, which provide stable and lower-cost funding. Core deposits were $151.3 billion at September 30, 2024, which comprised 96% of total deposits, compared to $145.5 billion, and 96% of total deposits, at December 31, 2023. The $5.8 billion, or 4%, increase in core deposits, compared to December 31, 2023 was primarily driven by an increase in money market deposits. Our core deposits come from a base of primary bank customer relationships, and we continue to focus on acquiring and deepening those relationships resulting in our granular and diversified deposit base.
Non-core deposits consist primarily of brokered money market balances. Non-core deposits were $7.1 billion, or 4% of total deposits, at September 30, 2024, compared to $5.8 billion, or 4% of total deposits, at December 31, 2023. Non-core deposits were below our established liquidity risk metric limits at September 30, 2024.
Insured deposits comprised approximately 69% and 70% of our total deposits at September 30, 2024 and December 31, 2023, respectively.
Table 18 - Deposit Composition
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
By type:
Demand deposits—noninterest-bearing $ 29,047  18  % $ 30,967  20  %
Demand deposits—interest-bearing 41,262  26  39,190  26 
Money market deposits 51,005  33  44,947  30 
Savings and other domestic deposits 15,650  10  16,722  11 
Core certificates of deposit (1) 14,326  9  13,626  9 
Total core deposits: 151,290  96  145,452  96 
Other domestic deposits of $250,000 or more 500  —  447  — 
Negotiable CDs, brokered and other deposits
 6,561  4  5,331  4 
Total deposits $ 158,351  100  % $ 151,230  100  %
Total core deposits:
Commercial $ 66,421  44  % $ 60,547  42  %
Consumer 84,869  56  84,905  58 
Total core deposits $ 151,290  100  % $ 145,452  100  %
Total deposits (insured/uninsured):
Insured deposits $ 109,668  69  % $ 105,986  70  %
Uninsured deposits (2) 48,683  31  45,244  30 
Total deposits $ 158,351  100  % $ 151,230  100  %
(1)Includes consumer certificates of deposit of $250,000 or more.
(2)Represents consolidated Huntington uninsured deposits, determined by adjusting the amounts reported in the Bank Call Report (FFIEC 031) by inter-company deposits, which are not customer deposits and are therefore eliminated through consolidation. As of September 30, 2024, the Bank Call Report estimated uninsured deposit balance was $53.3 billion, which includes $4.6 billion of inter-company deposits. As of December 31, 2023, the Bank Call Report estimated uninsured deposit balance was $49.8 billion, which includes $4.6 billion of inter-company deposits.
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Cash and cash equivalents were $12.6 billion and $10.1 billion at September 30, 2024 and December 31, 2023, respectively. The $2.5 billion increase in cash and cash equivalents is primarily due to an increase in interest-bearing deposits at the Federal Reserve Bank to support short-term liquidity.
Our investment securities portfolio is evaluated under established ALCO objectives. Changing market conditions could affect the profitability of the portfolio, as well as the level of interest rate risk exposure.
Total investment securities were $44.6 billion at September 30, 2024, compared to $41.2 billion at December 31, 2023. The $3.5 billion increase in securities compared to December 31, 2023, was primarily due to increased investment in U.S. Treasury securities. At September 30, 2024, the duration of the investment securities portfolio was 4.3 years, or 3.7 years net of hedging. Securities are pledged to secure borrowing capacity with the FHLB and the Federal Reserve, discussed further in the Bank Liquidity and Sources of Funding section below. At September 30, 2024, investment securities with a market value of $7.2 billion were unpledged.
Sources of wholesale funding include non-core deposits (other domestic deposits of $250,000 or more, negotiable CDs, brokered and other deposits), short-term borrowings, and long-term debt. Our wholesale funding totaled $23.6 billion at September 30, 2024, compared to $18.8 billion at December 31, 2023. The increase from year end is primarily due to increases in FHLB borrowings and collateralized borrowings.
Bank Liquidity and Sources of Funding
Our primary sources of funding for the Bank are consumer and commercial core deposits. At September 30, 2024, these core deposits funded 75% of total assets (120% of total loans and leases). To the extent we are unable to obtain sufficient liquidity through core deposits and cash and cash equivalents, we may meet our liquidity needs through sources of wholesale funding and asset securitization or sale.
The Bank maintains borrowing capacity at both the FHLB and the Federal Reserve secured by pledged loans and securities. The Bank does not consider borrowing capacity at the Federal Reserve a primary source of funding; however, it could be used as a potential source of liquidity in a stressed environment or during a market disruption. At September 30, 2024, the Bank’s available contingent borrowing capacity at the FHLB and Federal Reserve totaled $82.2 billion, compared to $83.0 billion at December 31, 2023. The amount of available contingent borrowing capacity may fluctuate based on the level of borrowings outstanding and level of assets pledged.
At September 30, 2024, we believe the Bank has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.
Parent Company Liquidity
The parent company’s funding requirements consist primarily of dividends to shareholders, debt service, income taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent company obtains funding to meet obligations from dividends and interest received from the Bank, interest and dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated tax return, fees for services provided to subsidiaries, and the issuance of debt securities.
The parent company had cash and cash equivalents of $4.2 billion and $4.0 billion at September 30, 2024 and December 31, 2023, respectively.
On October 16, 2024, our Board of Directors declared a quarterly common stock cash dividend of $0.155 per common share. The dividend is payable on January 2, 2025, to shareholders of record on December 18, 2024. Based on the current quarterly dividend of $0.155 per common share, cash demands required for common stock dividends are estimated to be approximately $225 million per quarter. Additionally, on October 16, 2024, our Board of Directors declared a quarterly Series B, Series F, Series G, Series H, and Series J Preferred Stock dividend payable on January 15, 2025 to shareholders of record on January 1, 2025. On September 11, 2024, our Board of Directors declared a quarterly dividend for the Series I Preferred Stock payable on December 2, 2024 to shareholders of record on November 15, 2024. Total cash demands required for preferred stock dividends are expected to be approximately $27 million per quarter.
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During the first nine months of 2024, the Bank paid common and preferred dividends to the parent company of $1.8 billion and $34 million, respectively. To meet any additional liquidity needs, the parent company may issue debt or equity securities. To support the parent company’s ability to issue debt or equity securities, we have filed with the SEC an automatic registration statement covering an indeterminate amount or number of securities to be offered or sold from time to time as authorized by Huntington’s Board of Directors.
At September 30, 2024, we believe the Company has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.
Contractual Obligations and Commitments
In the normal course of business, we enter into various contractual obligations and commitments that could impact our liquidity and capital resources. These arrangements include commitments to extend credit, interest rate swaps, floors, financial guarantees contained in standby letters-of-credit issued by the Bank, commitments by the Bank to sell mortgage loans, operating lease payments, and other purchase and marketing obligations.
Operational Risk
Operational risk is the risk of loss due to human error, third-party performance failures, or inadequate or failed internal systems and controls, including the use of financial or other quantitative methodologies that may not adequately predict future results; violations of, or noncompliance with, laws, rules, regulations, prescribed practices, or ethical standards; and external influences such as market conditions, fraudulent activities, disasters, failed business contingency plans, and security risks. We continuously strive to test and strengthen our system of internal controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, and to reduce our exposure to fraud and improve the oversight of our operational risk.
To govern operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance Committee, a Funds Movement Committee, a Fraud Risk Committee, an Information and Technology Risk Committee, and a Third Party Risk Management Committee. The responsibilities of these committees, among other duties, include establishing and maintaining management information systems to monitor material risks and to identify potential concerns, risks, or trends that may have a significant impact, and ensuring that recommendations are developed to address the identified issues. In addition, we have a Model Risk Oversight Committee that is responsible for policies and procedures describing how model risk is evaluated and managed and the application of the governance process to implement these practices throughout the enterprise. These committees report any significant findings and remediation recommendations to the Risk Management Committee. Potential concerns may be escalated to our ROC and our Audit Committee, as appropriate.
The goal of this framework is to implement effective operational risk-monitoring; minimize operational, fraud, and legal losses; minimize the impact of inadequately designed models; and enhance our overall performance.
Cybersecurity
Cybersecurity represents an important component of Huntington’s overall cross-functional approach to risk management. We actively manage a cybersecurity operation designed to detect, contain, and respond to cybersecurity threats and incidents in a prompt and effective manner with the goal of minimizing disruptions to our business. We actively monitor cyberattacks, such as attempts related to online deception and loss of sensitive customer data. We evaluate our technology, processes, and controls to mitigate loss from cyberattacks and, to date, have not experienced any material losses. Cybersecurity threats continue to evolve and increase across the entire digital landscape. We actively monitor our environment for malicious content and implement specific cybersecurity and fraud capabilities, including the monitoring of phishing email campaigns. In addition, we have implemented specific cybersecurity and fraud monitoring of remote connections by geography and volume of connections to detect anomalous remote logins, since a significant portion of our workforce has the option to work remotely. 
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Our objective for managing cybersecurity risk is to avoid or minimize the impacts of both internal and external threat events or other efforts to penetrate our systems. We work to achieve this objective by hardening networks and systems against attack, and by diligently managing visibility and monitoring controls within our data and communications environment to recognize events and respond before an attacker has the opportunity to plan and execute on their objectives. To this end, we employ a set of defense-in-depth strategies, which include efforts to make us less attractive as a target and less vulnerable to threats, while investing in threat analytic capabilities for rapid detection and response. Potential concerns related to cybersecurity may be escalated to our Board-level ROC and / or Technology Committee, as appropriate.
As a complement to the overall cybersecurity risk management, we use a number of internal training methods, both formally through mandatory courses and informally through written communications and other updates, to ensure awareness of the risks of cybersecurity threats at all levels across the organization. Internal policies and procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks. We use third-party services to test the effectiveness of our cybersecurity risk management framework and controls. We also require third-party vendors to comply with our policies regarding information security and confidentiality.
Compliance Risk
Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment. The volume and complexity of recent regulatory changes have increased our overall compliance risk. As such, we utilize various resources to help ensure expectations are met, including a team of compliance experts dedicated to ensuring our conformance with all applicable laws, rules, and regulations. Our colleagues receive training for several broad-based laws and regulations including, but not limited to, anti-money laundering and customer privacy. Additionally, colleagues engaged in lending activities receive training for laws and regulations related to flood disaster protection, equal credit opportunity, fair lending, and/or other courses related to the extension of credit. We hold ourselves to a high standard for adherence to compliance management and seek to continuously enhance our performance.
Capital
Our primary capital objective is to maintain appropriate levels of capital within our Board-approved risk appetite to support the Bank’s operations, absorb unanticipated losses and declines in asset values, and provide protection to uninsured depositors and debt holders in the event of liquidation, while also funding organic growth and providing appropriate returns to our shareholders. Both regulatory capital and shareholders’ equity are managed at the Bank and on a consolidated basis. We have an active program for managing capital and maintain a comprehensive process for assessing our overall capital adequacy, including the monitoring and reporting of capital risk metrics to the Board and ROC that we believe are useful for evaluating capital adequacy and making capital decisions. In addition to as-reported regulatory capital and tangible common equity metrics, we also actively monitor other measures of capital, such as tangible common equity including the mark-to-market impact on HTM securities and CET1 inclusive of AOCI excluding cash flow hedges. We believe our current levels of both regulatory capital and shareholders’ equity are adequate.
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The following table presents certain regulatory capital data at the consolidated and Bank level:
Table 19 - Regulatory Capital Data (1)
(dollar amounts in millions)   At September 30, 2024 At December 31, 2023
Total risk-weighted assets Consolidated $ 142,543  $ 138,706 
Bank 141,861  138,462 
CET1 risk-based capital Consolidated 14,803  14,212 
Bank 14,427  14,671 
Tier 1 risk-based capital Consolidated 17,207  16,616 
Bank 15,636  15,879 
Tier 2 risk-based capital Consolidated 2,903  3,042 
Bank 2,104  2,247 
Total risk-based capital Consolidated 20,110  19,657 
Bank 17,741  18,126 
CET1 risk-based capital ratio Consolidated 10.4  % 10.2  %
Bank 10.2  10.6 
Tier 1 risk-based capital ratio Consolidated 12.1  12.0 
Bank 11.0  11.5 
Total risk-based capital ratio Consolidated 14.1  14.2 
Bank 12.5  13.1 
Tier 1 leverage ratio Consolidated 8.8  9.3 
Bank 8.0  8.5 
(1)    Huntington elected to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period which began January 1, 2022 pursuant to a rule that allows bank holding companies and banks to delay for two years 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. As of September 30, 2024 and December 31, 2023, we have phased in 75% and 50%, respectively, of the cumulative CECL deferral with the remaining impact to be recognized through the first quarter of 2025.
At September 30, 2024, we, at both the consolidated and Bank level, maintained Basel III capital ratios in excess of the well-capitalized standards established by the Federal Reserve. Consolidated CET1 risk-based capital ratio increased to 10.4%, compared to the prior year end of 10.2%, due primarily to current period earnings, net of dividends, partially offset by an increase in risk-weighted assets and a reduction in the CECL transitional amount. The increase in risk-weighted assets was driven by loan growth, partially offset by the impact of the CLN transaction.
We are authorized to make capital distributions that are consistent with the requirements in the Federal Reserve’s capital rule, inclusive of the SCB requirement. Effective for the period October 1, 2023 through September 30, 2024, our SCB requirement was 3.2%. On April 5, 2024, we submitted our 2024 Capital Plan to the Federal Reserve for supervisory review. By notice dated June 26, 2024, the Federal Reserve informed us that our indicative SCB requirement associated with our 2024 Capital Plan is 2.5%, effective for the period October 1, 2024 through September 30, 2025.
Shareholders’ Equity
We generate shareholders’ equity primarily through the retention of earnings, net of dividends, and share repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our objective is to maintain capital at an amount commensurate with our risk appetite and risk tolerance objectives, to meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business opportunities.
Shareholders’ equity totaled $20.6 billion at September 30, 2024, an increase of $1.3 billion, when compared with December 31, 2023. The increase was primarily driven by earnings, net of dividends, and an improvement in accumulated other comprehensive income driven by changes in interest rates.
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Share Repurchases
From time to time, our Board of Directors authorizes the Company to repurchase shares of our common stock. Although we announce when our Board authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market repurchases, including block transactions, accelerated or delayed block transactions, forward transactions, and similar transactions. Various factors determine the amount and timing of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations.
On January 18, 2023, our Board authorized the repurchase of up to $1.0 billion of common shares within the eight quarter period ending December 31, 2024, subject to the Federal Reserve’s capital regulations. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. During the nine months ended September 30, 2024, we repurchased no shares of common stock under the current repurchase authorization. As part of the 2024 Capital Plan and our current expectation that organic capital will be used for funding loan and lease growth and proposed changes to regulatory capital requirements, we do not expect to utilize the share repurchase program through 2024. However, we may at our discretion resume share repurchases at any time while considering factors including, but not limited to, capital requirements and market conditions.
BUSINESS SEGMENT DISCUSSION
Overview
Our business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. We have two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, and other unallocated assets, liabilities, revenue, and expense.
Business segment results are determined based upon our management practices, which assigns balance sheet and income statement items to each of the business segments. The process is designed around our organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions.
Revenue Sharing
Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to or providing service to customers. Results of operations for the business segments reflect these fee sharing allocations.
Expense Allocation
The management process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to the business segments from Treasury / Other. We utilize a full-allocation methodology, where all Treasury / Other expenses, except reported acquisition-related expenses, if any, and a small amount of other residual unallocated expenses, are allocated to the business segments.
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Funds Transfer Pricing (FTP)
We use an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing modeled duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). The primary components of the FTP rate include a base (market) rate, a liquidity premium, and option cost.
Net Income by Business Segment
Net income by business segment is presented in the following table.
Table 20 - Net Income (Loss) by Business Segment
  Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023
Consumer & Regional Banking $ 1,098  $ 966 
Commercial Banking 853  935 
Treasury / Other (541) (193)
Net income attributable to Huntington $ 1,410  $ 1,708 
Consumer & Regional Banking
Table 21 - Key Performance Indicators for Consumer & Regional Banking
  Nine Months Ended Change
(dollar amounts in millions) September 30, 2024 September 30, 2023 Amount Percent
Net interest income $ 3,013  $ 2,745  $ 268  10  %
Provision for credit losses 227  192  35  18 
Noninterest income 968  953  15  2 
Noninterest expense 2,364  2,283  81  4 
Provision for income taxes 292  257  35  14 
Net income attributable to Huntington $ 1,098  $ 966  $ 132  14  %
Number of employees (average full-time equivalent) 11,181  11,673  (492) (4) %
Total average assets $ 74,245  $ 70,791  $ 3,454  5 
Total average loans/leases 68,438  64,914  3,524  5 
Total average deposits 109,988  105,019  4,969  5 
Net interest margin 3.60  % 3.44  % 0.16  % 5 
NCOs $ 154  $ 106  $ 48  45 
NCOs as a % of average loans and leases 0.30  % 0.22  % 0.08  % 36 
Total assets under management (in billions)—eop $ 33.2  $ 27.1  $ 6.1  22 
Total trust assets (in billions)—eop 188.0  163.4  24.6  15 
Consumer & Regional Banking reported net income of $1.1 billion in the nine-month period of 2024, an increase of $132 million, or 14%, compared to the year-ago period. Segment net interest income increased $268 million, or 10%, primarily due to a $3.5 billion, or 5%, increase in average loans and leases and a 16 basis point increase in NIM. Provision for credit losses increased $35 million, or 18%, primarily driven by an increase in charge-off activity compared to the year-ago period. Noninterest income increased $15 million, or 2%, primarily due to increases in wealth and asset management revenue, reflecting higher fixed income commissions and assets under management, payments and cash management revenue, reflecting higher card transaction revenue, mortgage banking income, and customer deposit and loan fees, partially offset by a $57 million gain on the sale of our RPS business recognized in the nine-month period of 2023. Noninterest expense increased $81 million, or 4%, primarily due to the allocation of higher indirect expenses.
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Commercial Banking
Table 22 - Key Performance Indicators for Commercial Banking
  Nine Months Ended Change
(dollar amounts in millions) September 30, 2024 September 30, 2023 Amount Percent
Net interest income $ 1,579  $ 1,637  $ (58) (4) %
Provision for credit losses 86  84  2  2 
Noninterest income 490  479  11  2 
Noninterest expense 883  830  53  6 
Provision for income taxes 231  252  (21) (8)
Income attributable to non-controlling interest 16  15  1  7 
Net income attributable to Huntington $ 853  $ 935  $ (82) (9) %
Number of employees (average full-time equivalent) 2,376  2,258  118  5  %
Total average assets $ 62,929  $ 64,184  $ (1,255) (2)
Total average loans/leases 54,600  55,719  (1,119) (2)
Total average deposits 37,721  36,242  1,479  4 
Net interest margin 3.68  % 3.76  % (0.08) % (2)
NCOs $ 120  $ 73  $ 47  64 
NCOs as a % of average loans and leases 0.29  % 0.17  % 0.12  % 71 
Commercial Banking reported net income of $853 million in the first nine-month period of 2024, a decrease of $82 million, or 9%, compared to the year-ago period. Segment net interest income decreased $58 million, or 4%, primarily due to a $1.1 billion, or 2%, decrease in average loans and leases and an 8 basis point decrease in NIM driven primarily by higher deposit rates. Noninterest income increased $11 million, or 2%, primarily due to increases in capital markets and advisory fees, commitment and other loan fees, and payment and cash management fees, partially offset by a decrease in leasing revenue. Noninterest expense increased $53 million, or 6%, primarily due to higher personnel expense reflecting an investment in teams related to expansion across new geographies and industry verticals, higher incentive compensation mainly due to increased capital markets and advisory fees, and higher allocation of indirect expenses. Outside data and other processing services expense also increased, primarily due to increased capital markets activity.
Treasury / Other
The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives, and equity not directly assigned or allocated to one of the business segments. Assets include investment securities and bank owned life insurance.
Net interest income includes the impact of administering our investment securities portfolios, the net impact of derivatives used to hedge interest rate sensitivity as well as the financial impact associated with our FTP methodology, as described above. Noninterest income includes miscellaneous fee income not allocated to other business segments, such as bank owned life insurance income and securities and trading asset gains or losses. Noninterest expense includes certain corporate administrative, acquisition-related expenses, if any, and other miscellaneous expenses not allocated to other business segments. The provision for income taxes for the business segments is calculated at a statutory 21% tax rate, although our overall effective tax rate is lower.
Treasury / Other reported a net loss of $541 million in the first nine-month period of 2024, an increase in net loss of $348 million, compared to the year-ago period, driven by a decrease net interest income, partially offset by an increase in provision benefit for income taxes. Net interest income decreased $383 million primarily due to a higher cost of funds. Provision benefit for income taxes increased $120 million primarily due to lower pre-tax income.
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ADDITIONAL DISCLOSURES
Forward-Looking Statements
This report, including MD&A, contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management believes net interest income on an FTE basis provides an insightful 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%. We encourage readers to consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.
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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.
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 non-regulatory capital ratios allows readers to compare our capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, 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, non-regulatory capital ratios disclosed by the Company are considered non-GAAP financial measures.
Because there are no standardized definitions for 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, we encourage readers to consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.
Critical Accounting Policies and Use of Significant Estimates
Our Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements. Note 1 - “Significant Accounting Policies” of the Notes to Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K, as supplemented by this report including this MD&A, describes the significant accounting policies we used in our Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on the Consolidated Financial Statements. Estimates are made under facts and circumstances at a point in time, and changes in those facts and circumstances could produce results substantially different from those estimates. Our critical accounting policies include the allowance for credit losses and goodwill. The policies, assumptions, and judgments related to goodwill are described in the Critical Accounting Policies and Use of Significant Estimates section within the MD&A of Huntington’s 2023 Annual Report on Form 10-K. The following details the policies, assumption, and judgments related to the allowance for credit losses.
Allowance for Credit Losses
Our ACL at September 30, 2024 represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded lending commitments. Management estimates the ACL by projecting probability of default, loss given default and exposure at default conditional on economic parameters, for the remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of outstanding balances, the portfolio performance, and assigned risk ratings. We utilize statistically-based models that employ assumptions about current and future economic conditions throughout the contractual life of our loan portfolio. As part of our model risk oversight, we perform ongoing monitoring of model performance to assess modeling approaches and identify potential model enhancements, which may result in updates to our statistically-based models from time-to-time.
One of the most significant judgments influencing the ACL estimate is the macroeconomic forecasts. Key external economic parameters that directly impact our loss modeling framework include forecasted unemployment rates and GDP. Changes in the economic forecasts could significantly affect the estimated credit losses, which could potentially lead to materially different allowance levels from one reporting period to the next.
Given the dynamic relationship between macroeconomic variables within our modeling framework, it is difficult to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario when formulating the quantitative estimate.
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However, to illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. This scenario contemplates elevated interest rates weakening credit-sensitive consumer spending and confidence much more than expected in the baseline scenario. Concerns about the banking industry uncertainty also impact consumer confidence and causes banks to tighten lending standards. Increased geopolitical tensions between China and Taiwan briefly impact the supply chain for semiconductors and the threat of a wider conflict causes consumer confidence to fall. Additionally, the Russian invasion of Ukraine lasts longer than in the baseline scenario and concerns increase around the current conflict in the Middle East leading to a broader war in the region. The combination of still elevated interest rates, political tensions, and tightening lending standards cause the stock market to fall. The economy falls into a recession in the fourth quarter of 2024. In response to the recession, the Federal Reserve cuts the federal funds rate aggressively with rates significantly below the baseline forecast starting in the first quarter of 2025. Under this scenario, as an example, the unemployment rate increases from baseline levels and remains elevated for a prolonged period, the rate is estimated at 5.9% and 8.0% at the end of 2024 and 2025, respectively. This represents unemployment rates that are approximately 1.8% and 3.9% higher than baseline scenario projections of 4.1% for both of the respective time periods.
To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at September 30, 2024, management calculated the difference between our quantitative ACL and this 100% adverse scenario. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our ACL of approximately $0.8 billion at September 30, 2024.
The resulting difference is not intended to represent an expected increase in allowance levels for a number of reasons including the following:
•Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation process;
•The highly uncertain economic environment;
•The difficulty in predicting the inter-relationships between the economic parameters used in the various economic scenarios; and
•The sensitivity estimate does not account for any general reserve components and associated risk profile adjustments incorporated by management as part of its overall allowance framework.
We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events adversely affecting specific customers, industries, or our markets such as geopolitical instability or risks of elevated interest rates for longer including a near-term recession, could severely impact our current expectations. If the credit quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers changes materially, our net income and capital could be materially adversely affected which, in turn could have a material adverse effect on our financial condition and results of operations. The extent to which the geopolitical instability and risks of elevated interest rates for longer will continue to negatively impact our businesses, financial condition, liquidity, and results will depend on future developments, which are highly uncertain and cannot be forecasted with precision at this time. For more information, see Note 4 - “Loans and Leases” and Note 5 - “Allowance For Credit Losses” of the Notes to the Unaudited Consolidated Financial Statements.
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Recent Accounting Pronouncements and Developments
Note 2 - “Accounting Standards Update” of the Notes to Unaudited Consolidated Financial Statements discusses new accounting pronouncements adopted during 2024 and the expected impact of accounting pronouncements recently issued but not yet required to be adopted. To the extent the adoption of new accounting standards materially affects financial condition, results of operations, or liquidity, the impacts are discussed in the applicable section of this MD&A and the Notes to the Unaudited Consolidated Financial Statements.
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Item 1: Financial Statements
Huntington Bancshares Incorporated
Consolidated Balance Sheets (Unaudited)
At September 30, At December 31,
(dollar amounts in millions) 2024 2023
Assets
Cash and due from banks $ 1,677  $ 1,558 
Interest-earning deposits with banks 11,163  8,765 
Trading account securities 472  125 
Available-for-sale securities 28,492  25,305 
Held-to-maturity securities 15,670  15,750 
Other securities 826  725 
Loans held for sale (includes $649 and $506 respectively, measured at fair value)
 655  516 
Loans and leases (includes $175 and $174 respectively, measured at fair value)
 126,387  121,982 
Allowance for loan and lease losses (2,235) (2,255)
Net loans and leases (1)
 124,152  119,727 
Bank owned life insurance 2,782  2,759 
Accrued income and other receivables 1,633  1,646 
Premises and equipment 1,093  1,109 
Goodwill 5,561  5,561 
Servicing rights and other intangible assets 633  672 
Other assets (1)
 5,726  5,150 
Total assets $ 200,535  $ 189,368 
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing $ 29,047  $ 30,967 
Interest-bearing 129,304  120,263 
Total deposits 158,351  151,230 
Short-term borrowings 868  620 
Long-term debt (1) (includes $416 and $0 respectively, measured at fair value)
 15,656  12,394 
Other liabilities (1)
 5,008  5,726 
Total liabilities 179,883  169,970 
Commitments and Contingent Liabilities (Note 15)
Shareholders’ Equity
Preferred stock 2,394  2,394 
Common stock 15  15 
Capital surplus 15,455  15,389 
Less treasury shares, at cost (89) (91)
Accumulated other comprehensive income (loss) (2,104) (2,676)
Retained earnings 4,935  4,322 
Total Huntington shareholders’ equity 20,606  19,353 
Non-controlling interest 46  45 
Total equity 20,652  19,398 
Total liabilities and equity $ 200,535  $ 189,368 
Common shares authorized (par value of $0.01)
 2,250,000,000  2,250,000,000 
Common shares outstanding 1,452,811,392  1,448,319,953 
Treasury shares outstanding 7,174,374  7,403,008 
Preferred stock, authorized shares 6,617,808  6,617,808 
Preferred shares outstanding 881,587  881,587 
(1)Includes VIE balances in net loans and leases and long-term debt of $1.3 billion and $1.1 billion, respectively, at September 30, 2024, and VIE balances in other assets of $267 million and $82 million, and other liabilities of $121 million and $57 million, at September 30, 2024 and December 31, 2023, respectively. See Note 14 - “Variable Interest Entities” for additional information.

See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Income (Unaudited)
Three Months Ended Nine Months Ended
(dollar amounts in millions, except per share data, share count in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Interest and fee income:
Loans and leases $ 1,906  $ 1,764  $ 5,574  $ 5,022 
Available-for-sale securities
Taxable 331  259  949  743 
Tax-exempt 27  29  81  78 
Held-to-maturity securities—taxable 93  99  281  303 
Other securities—taxable 11  19  30  40 
Other 187  143  496  380 
Total interest income 2,555  2,313  7,411  6,566 
Interest expense:
Deposits 945  713  2,709  1,689 
Short-term borrowings 14  17  52  151 
Long-term debt 245  215  700  603 
Total interest expense 1,204  945  3,461  2,443 
Net interest income 1,351  1,368  3,950  4,123 
Provision for credit losses 106  99  313  276 
Net interest income after provision for credit losses 1,245  1,269  3,637  3,847 
Payments and cash management revenue 158  152  458  435 
Wealth and asset management revenue 93  79  271  242 
Customer deposit and loan fees 86  80  246  232 
Capital markets and advisory fees 78  52  207  179 
Leasing revenue 19  32  60  83 
Mortgage banking income 38  27  99  86 
Insurance income 18  18  55  55 
Bank owned life insurance income 20  18  53  50 
Gain on sale of loans 7  2  14  13 
Net gains (losses) on sales of securities
 —  —  —  (4)
Other noninterest income 6  49  18  145 
Total noninterest income 523  509  1,481  1,516 
Personnel costs 684  622  1,986  1,884 
Outside data processing and other services 167  149  498  448 
Deposit and other insurance expense 15  25  94  68 
Equipment 65  65  197  193 
Net occupancy 57  67  165  181 
Marketing 33  29  88  86 
Professional services 21  27  72  64 
Amortization of intangibles 11  12  35  38 
Lease financing equipment depreciation 4  6  12  22 
Other noninterest expense 73  88  237  242 
Total noninterest expense 1,130  1,090  3,384  3,226 
Income before income taxes 638  688  1,734  2,137 
Provision for income taxes 116  136  308  414 
Income after income taxes 522  552  1,426  1,723 
Income attributable to non-controlling interest 5  5  16  15 
Net income attributable to Huntington 517  547  1,410  1,708 
Dividends on preferred shares 36  37  107  106 
Net income applicable to common shares $ 481  $ 510  $ 1,303  $ 1,602 
Average common shares—basic 1,452,682  1,447,993  1,450,794  1,445,878 
Average common shares—diluted 1,476,982  1,467,611  1,474,859  1,467,537 
Per common share:
Net income—basic $ 0.33  $ 0.35  $ 0.90  $ 1.11 
Net income—diluted 0.33  0.35  0.88  1.09 
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Comprehensive Income (Unaudited)
  Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Net income attributable to Huntington $ 517  $ 547  $ 1,410  $ 1,708 
Other comprehensive income (loss), net of tax:
Unrealized gains (losses) on available-for-sale securities, net of hedges
 445  (566) 247  (495)
Net change related to cash flow hedges on loans 360  (50) 324  (30)
Translation adjustments, net of hedges 2  (1) —  — 
Change in accumulated unrealized gains for pension and other post-retirement obligations —  1  1  1 
Other comprehensive income (loss), net of tax 807  (616) 572  (524)
Comprehensive income (loss) attributable to Huntington
1,324  (69) 1,982  1,184 
Comprehensive income attributed to non-controlling interest 5  5  16  15 
Comprehensive income (loss)
 $ 1,329  $ (64) $ 1,998  $ 1,199 
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)
(dollar amounts in millions, share amounts in thousands) Preferred Stock Common Stock Capital Surplus Treasury Stock AOCI
Retained Earnings
 Huntington Shareholders’ Equity
Non-controlling Interest
Total Equity
Amount Shares Amount Shares Amount
Three months ended September 30, 2024
Balance, beginning of period $ 2,394  1,459,756  $ 15  $ 15,425  (7,323) $ (90) $ (2,911) $ 4,682  $ 19,515  $ 48  $ 19,563 
Net income 517  517  5  522 
Other comprehensive income, net of tax
 807  807  807 
Cash dividends declared:
Common ($0.155 per share)
 (229) (229) (229)
Preferred (36) (36) (36)
Recognition of the fair value of share-based compensation 28  28  28 
Other share-based compensation activity 230  —  2  1  3  3 
Other —  149  1  —  1  (7) (6)
Balance, end of period $ 2,394  1,459,986  $ 15  $ 15,455  (7,174) $ (89) $ (2,104) $ 4,935  $ 20,606  $ 46  $ 20,652 
Three months ended September 30, 2023
Balance, beginning of period $ 2,484  1,455,312  $ 15  $ 15,335  (7,430) $ (92) $ (3,006) $ 4,052  $ 18,788  $ 50  $ 18,838 
Net income 547  547  5  552 
Other comprehensive income (loss), net of tax (616) (616) (616)
Cash dividends declared:
Common ($0.155 per share)
 (228) (228) (228)
Preferred (37) (37) (37)
Recognition of the fair value of share-based compensation 26  26  26 
Other share-based compensation activity 155  —  2  —  2  2 
Other —  38  1  —  1  (8) (7)
Balance, end of period $ 2,484  1,455,467  $ 15  $ 15,363  (7,392) $ (91) $ (3,622) $ 4,334  $ 18,483  $ 47  $ 18,530 
See Notes to Unaudited Consolidated Financial Statements





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(dollar amounts in millions, share amounts in thousands) Preferred Stock Common Stock Capital Surplus Treasury Stock AOCI Retained Earnings Huntington Shareholders’ Equity Non-controlling Interest Total Equity
Amount Shares Amount Shares Amount
Nine months ended September 30, 2024
Balance, beginning of period $ 2,394  1,455,723  $ 15  $ 15,389  (7,403) $ (91) $ (2,676) $ 4,322  $ 19,353  $ 45  $ 19,398 
Net income 1,410  1,410  16  1,426 
Other comprehensive income, net of tax 572  572  572 
Cash dividends declared:
Common ($0.465 per share)
 (687) (687) (687)
Preferred (107) (107) (107)
Recognition of the fair value of share-based compensation 81  81  81 
Other share-based compensation activity 4,263  —  (15) (3) (18) (18)
Other —  229  2  —  2  (15) (13)
Balance, end of period $ 2,394  1,459,986  $ 15  $ 15,455  (7,174) $ (89) $ (2,104) $ 4,935  $ 20,606  $ 46  $ 20,652 
Nine months ended September 30, 2023
Balance, beginning of period $ 2,167  1,449,390  $ 14  $ 15,309  (6,322) $ (80) $ (3,098) $ 3,419  $ 17,731  $ 38  $ 17,769 
Net income 1,708  1,708  15  1,723 
Other comprehensive income (loss), net of tax
 (524) (524) (524)
Net proceeds from issuance of Series J preferred stock 317  317  317 
Cash dividends declared:
Common ($0.465 per share)
 (683) (683) (683)
Preferred (106) (106) (106)
Recognition of the fair value of share-based compensation 73  73  73 
Other share-based compensation activity 6,077  1  (19) (4) (22) (22)
Other —  (1,070) (11) —  (11) (6) (17)
Balance, end of period $ 2,484  1,455,467  $ 15  $ 15,363  (7,392) $ (91) $ (3,622) $ 4,334  $ 18,483  $ 47  $ 18,530 
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows (Unaudited)
  Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023
Operating activities
Net income $ 1,426  $ 1,723 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses 313  276 
Depreciation and amortization 492  558 
Share-based compensation expense 81  73 
Deferred income tax (benefit) expense
 (55) 12 
Net change in:
Trading account securities (347) (102)
Loans held for sale (199) (159)
Other assets (636) (915)
Other liabilities (751) 289 
Other, net 7  4 
Net cash provided by operating activities 331  1,759 
Investing activities
Change in interest bearing deposits in banks (44) (24)
Proceeds from:
Maturities and calls of available-for-sale securities 8,166  1,743 
Maturities and calls of held-to-maturity securities 1,054  1,132 
Maturities and calls of other securities 54  596 
Sales of available-for-sale securities 10  738 
Sales of other securities —  143 
Purchases of available-for-sale securities (10,678) (1,710)
Purchases of held-to-maturity securities (995) (255)
Purchases of other securities (155) (603)
Net proceeds from sales of portfolio loans and leases 268  355 
Principal payments received under direct finance and sales-type leases 1,344  1,411 
Net loan and lease activity, excluding sales and purchases (6,043) (3,273)
Purchases of premises and equipment (116) (80)
Purchases of loans and leases (347) (52)
Net accrued income and other receivables activity 87  126 
Other, net 60  65 
Net cash by provided by (used in) investing activities
 (7,335) 312 
Financing activities
Increase in deposits
 7,121  953 
Increase (decrease) in short-term borrowings
 48  (1,066)
Net proceeds from issuance of long-term debt 5,374  14,897 
Maturity/redemption of long-term debt (2,253) (11,632)
Dividends paid on preferred stock (107) (97)
Dividends paid on common stock (677) (674)
Net proceeds from issuance of preferred stock —  317 
Other, net (46) (38)
Net cash provided by financing activities 9,460  2,660 
Increase in cash and cash equivalents
 2,456  4,731 
Cash and cash equivalents at beginning of period (1)
 10,129  6,704 
Cash and cash equivalents at end of period (1)
 $ 12,585  $ 11,435 
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  Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023
Supplemental disclosures:
Interest paid $ 3,454  $ 2,342 
Income taxes paid
 104  6 
Non-cash activities
Loans transferred to held-for-sale from portfolio 268  336 
Loans transferred to portfolio from held-for-sale 27  18 
(1)Includes cash and due from banks and interest-earning deposits at the Federal Reserve Bank, included within interest-earning deposits with banks on our Unaudited Consolidated Balance Sheets.

See Notes to Unaudited Consolidated Financial Statements


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Huntington Bancshares Incorporated
Notes to Unaudited Consolidated Financial Statements
1. BASIS OF PRESENTATION
The accompanying interim Unaudited Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These interim Unaudited Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.
In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the interim Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited Consolidated Financial Statements. There were no material subsequent events to disclose for the current period.
2. ACCOUNTING STANDARDS UPDATE
Accounting standards adopted in the current period
Standard Summary of guidance Effects on financial Statements
ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023
•Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria.
•Requires that the election be made on a tax-credit-program-by-tax-credit-program basis.
•Receipt of tax credits must be accounted for using the flow through method.
•Requires that a liability be recorded for delayed equity contributions.
•Expands disclosure requirements for the nature of investments and financial statement effect.
•Huntington adopted the standard effective January 1, 2024 on a modified retrospective basis.
•The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements.


Accounting standards yet to be adopted
Standard
Summary of guidance
 Summary of guidance
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments
•Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided.
•Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment.
•Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.

•Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
•Early adoption is permitted.
•The amendments are to be applied retrospectively to all periods presented and segment expense categories should be based on the categories identified at adoption.
•Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures
•Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.
•The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold.
•The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.
•The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences.
•Effective for fiscal years beginning after December 15, 2024.
•Early adoption is permitted in any annual period where financial statements have not yet been issued.
•The amendments should be applied on a prospective basis but retrospective application is permitted.
•Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.
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3. INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category.
Unrealized
(dollar amounts in millions)
Amortized
Cost (1)(2)
 Gross
Gains		 Gross
Losses		 Fair Value
At September 30, 2024
Available-for-sale securities:
U.S. Treasury $ 6,508  $ 24  $ (2) $ 6,530 
Federal agencies:
Residential CMO 3,363  —  (341) 3,022 
Residential MBS 12,277  5  (1,497) 10,785 
Commercial MBS 2,521  —  (651) 1,870 
Other agencies 140  —  (4) 136 
Total U.S. Treasury, federal agency, and other agency securities
 24,809  29  (2,495) 22,343 
Municipal securities 3,756  4  (112) 3,648 
Private-label CMO 122  —  (8) 114 
Asset-backed securities 323  —  (17) 306 
Corporate debt 2,179  62  (170) 2,071 
Other securities/sovereign debt
 10  —  —  10 
Total available-for-sale securities $ 31,199  $ 95  $ (2,802) $ 28,492 
Held-to-maturity securities:
U.S. Treasury $ 996  $ 2  $ (1) $ 997 
Federal agencies:
Residential CMO 4,429  11  (570) 3,870 
Residential MBS 8,735  1  (983) 7,753 
Commercial MBS 1,428  —  (192) 1,236 
Other agencies 80  —  (4) 76 
Total federal agency and other agency securities 15,668  14  (1,750) 13,932 
Municipal securities 2  —  (1) 1 
Total held-to-maturity securities $ 15,670  $ 14  $ (1,751) $ 13,933 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock $ 249  $ —  $ —  $ 249 
Federal Reserve Bank stock 520  —  —  520 
Other non-marketable equity securities
 25  —  —  25 
Other securities, at fair value:
Mutual funds 31  —  —  31 
Equity securities 1  —  —  1 
Total other securities $ 826  $ —  $ —  $ 826 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At September 30, 2024, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $88 million and $38 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $377 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
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Unrealized
(dollar amounts in millions) Amortized
Cost (1)(2)		 Gross
Gains		 Gross
Losses		 Fair Value
At December 31, 2023
Available-for-sale securities:
U.S. Treasury $ 2,855  $ 1  $ —  $ 2,856 
Federal agencies:
Residential CMO 3,592  —  (408) 3,184 
Residential MBS 13,155  3  (1,776) 11,382 
Commercial MBS 2,536  —  (709) 1,827 
Other agencies 161  —  (6) 155 
Total U.S. Treasury, federal agency, and other agency securities 22,299  4  (2,899) 19,404 
Municipal securities 3,536  2  (165) 3,373 
Private-label CMO 131  —  (12) 119 
Asset-backed securities 387  —  (31) 356 
Corporate debt 2,202  79  (238) 2,043 
Other securities/sovereign debt
 10  —  —  10 
Total available-for-sale securities $ 28,565  $ 85  $ (3,345) $ 25,305 
Held-to-maturity securities:
Federal agencies:
Residential CMO 4,770  6  (664) 4,112 
Residential MBS 9,368  1  (1,145) 8,224 
Commercial MBS 1,509  —  (224) 1,285 
Other agencies 101  —  (6) 95 
Total U.S. Treasury, federal agency, and other agency securities 15,748  7  (2,039) 13,716 
Municipal securities 2  —  —  2 
Total held-to-maturity securities $ 15,750  $ 7  $ (2,039) $ 13,718 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock $ 169  $ —  $ —  $ 169 
Federal Reserve Bank stock 507  —  —  507 
Other non-marketable equity securities 17  —  —  17 
Other securities, at fair value:
Mutual funds 30  —  —  30 
Equity securities 1  1  —  2 
Total other securities $ 724  $ 1  $ —  $ 725 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At December 31, 2023, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $61 million and $36 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $619 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
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The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
At September 30, 2024 At December 31, 2023
(dollar amounts in millions) Amortized
Cost		 Fair
Value		 Amortized
Cost		 Fair
Value
Available-for-sale securities:
Under 1 year $ 4,936  $ 4,939  $ 3,380  $ 3,372 
After 1 year through 5 years 4,817  4,717  2,484  2,338 
After 5 years through 10 years 2,392  2,286  2,392  2,255 
After 10 years 19,054  16,550  20,309  17,340 
Total available-for-sale securities $ 31,199  $ 28,492  $ 28,565  $ 25,305 
Held-to-maturity securities:
Under 1 year $ 245  $ 245  $ 1  $ 1 
After 1 year through 5 years 784  784  48  46 
After 5 years through 10 years 63  60  69  66 
After 10 years 14,578  12,844  15,632  13,605 
Total held-to-maturity securities $ 15,670  $ 13,933  $ 15,750  $ 13,718 
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position.
Less than 12 Months Over 12 Months Total
(dollar amounts in millions) Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses
At September 30, 2024
Available-for-sale securities:
U.S. Treasury $ 885  $ (2) $ —  $ —  $ 885  $ (2)
Federal agencies:
Residential CMO —  —  2,977  (341) 2,977  (341)
Residential MBS —  —  10,422  (1,497) 10,422  (1,497)
Commercial MBS —  —  1,870  (651) 1,870  (651)
Other agencies —  —  71  (4) 71  (4)
Total U.S. Treasury, federal agency, and other agency securities 885  (2) 15,340  (2,493) 16,225  (2,495)
Municipal securities 504  (7) 2,536  (105) 3,040  (112)
Private-label CMO —  —  92  (8) 92  (8)
Asset-backed securities —  —  272  (17) 272  (17)
Corporate debt —  —  2,071  (170) 2,071  (170)
Total temporarily impaired available-for-sale securities $ 1,389  $ (9) $ 20,311  $ (2,793) $ 21,700  $ (2,802)
Held-to-maturity securities:
U.S. Treasury $ 554  $ (1) $ —  $ —  $ 554  $ (1)
Federal agencies:
Residential CMO —  —  3,366  (570) 3,366  (570)
Residential MBS —  —  7,646  (983) 7,646  (983)
Commercial MBS —  —  1,236  (192) 1,236  (192)
Other agencies —  —  76  (4) 76  (4)
Total U.S. Treasury, federal agency, and other agency securities 554  (1) 12,324  (1,749) 12,878  (1,750)
Municipal securities —  —  1  (1) 1  (1)
Total temporarily impaired held-to-maturity securities $ 554  $ (1) $ 12,325  $ (1,750) $ 12,879  $ (1,751)
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Less than 12 Months Over 12 Months Total
(dollar amounts in millions) Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses		 Fair
Value		 Gross Unrealized
Losses
At December 31, 2023
Available-for-sale securities:
Federal agencies:
Residential CMO $ 543  $ (7) $ 2,641  $ (401) $ 3,184  $ (408)
Residential MBS 207  (2) 10,913  (1,774) 11,120  (1,776)
Commercial MBS —  —  1,827  (709) 1,827  (709)
Other agencies —  —  81  (6) 81  (6)
Total federal agency and other agency securities 750  (9) 15,462  (2,890) 16,212  (2,899)
Municipal securities 625  (19) 2,496  (146) 3,121  (165)
Private-label CMO —  —  99  (12) 99  (12)
Asset-backed securities —  —  281  (31) 281  (31)
Corporate debt —  —  2,043  (238) 2,043  (238)
Total temporarily impaired available-for-sale securities $ 1,375  $ (28) $ 20,381  $ (3,317) $ 21,756  $ (3,345)
Held-to-maturity securities:
Federal agencies:
Residential CMO $ 156  $ (1) $ 3,542  $ (663) $ 3,698  $ (664)
Residential MBS —  —  8,108  (1,145) 8,108  (1,145)
Commercial MBS —  —  1,285  (224) 1,285  (224)
Other agencies —  —  95  (6) 95  (6)
Total federal agency and other agency securities 156  (1) 13,030  (2,038) 13,186  (2,039)
Total temporarily impaired held-to-maturity securities $ 156  $ (1) $ 13,030  $ (2,038) $ 13,186  $ (2,039)
At September 30, 2024 and December 31, 2023, the carrying value of investment securities pledged to secure certain public trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $36.8 billion and $35.1 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either September 30, 2024 or December 31, 2023. At September 30, 2024, all HTM debt securities are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt securities considered past due at September 30, 2024.
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of September 30, 2024, Huntington has concluded that, except for one municipal bond classified as an AFS debt security for which $2 million of write-downs were recognized during 2024, it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to investment securities as of September 30, 2024 or December 31, 2023.
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4. LOANS AND LEASES
The following table provides a detailed listing of Huntington’s loan and lease portfolio.
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Commercial loan and lease portfolio:
Commercial and industrial $ 53,601  $ 50,657 
Commercial real estate 11,543  12,422 
Lease financing 5,342  5,228 
Total commercial loan and lease portfolio 70,486  68,307 
Consumer loan portfolio:
Residential mortgage 24,100  23,720 
Automobile 14,003  12,482 
Home equity 10,129  10,113 
RV and marine 6,042  5,899 
Other consumer 1,627  1,461 
Total consumer loan portfolio 55,901  53,675 
Total loans and leases (1)(2) 126,387  121,982 
Allowance for loan and lease losses (2,235) (2,255)
Net loans and leases $ 124,152  $ 119,727 
(1)Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of $348 million and $323 million at September 30, 2024 and December 31, 2023, respectively.
(2)The total amount of accrued interest recorded for these loans and leases at September 30, 2024 was $314 million and $229 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2023 was $333 million and $220 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheets.
Lease Financing
The following table presents net investments in lease financing receivables by category.
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Lease payments receivable $ 5,091  $ 4,980 
Estimated residual value of leased assets 868  804 
Gross investment in lease financing receivables 5,959  5,784 
Deferred origination costs 53  54 
Deferred fees, unearned income and other (670) (610)
Total lease financing receivables $ 5,342  $ 5,228 
The carrying value of residual values guaranteed was $513 million and $478 million as of September 30, 2024 and December 31, 2023, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at September 30, 2024, totaled $5.1 billion and were due as follows: $818 million in 2024, $775 million in 2025, $781 million in 2026, $813 million in 2027, $851 million in 2028, and $1.1 billion thereafter. Interest income recognized for these types of leases was $86 million and $73 million for the three-month periods ended September 30, 2024 and 2023, respectively. For the nine-month periods ended September 30, 2024 and 2023, interest income recognized for these types of leases was $246 million and $211 million, respectively.
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Nonaccrual and Past Due Loans and Leases
The following table presents NALs by class.
At September 30, 2024 At December 31, 2023
(dollar amounts in millions) Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases Nonaccrual loans and leases with no ACL Total nonaccrual loans and leases
Commercial and industrial $ 86  $ 408  $ 66  $ 344 
Commercial real estate 39  132  64  140 
Lease financing —  9  3  14 
Residential mortgage —  82  —  72 
Automobile —  5  —  4 
Home equity —  100  —  91 
RV and marine —  2  —  2 
Total nonaccrual loans and leases $ 125  $ 738  $ 133  $ 667 
The following tables present an aging analysis of loans and leases, by class.
Past Due (1)  Loans Accounted for Under FVO Total Loans
and Leases		 90 or
more days
past due
and accruing
(dollar amounts in millions) 30-59
 Days		 60-89
 Days		 90 or 
more days		 Total Current
At September 30, 2024
Commercial and industrial $ 83  $ 34  $ 172  $ 289  $ 53,312  $ —  $ 53,601  $ 6  (2)
Commercial real estate 9  13  39  61  11,482  —  11,543  — 
Lease financing 30  10  17  57  5,285  —  5,342  16 
Residential mortgage 198  77  214  489  23,436  175  24,100  164  (3)
Automobile 96  24  13  133  13,870  —  14,003  10 
Home equity 60  34  86  180  9,949  —  10,129  20 
RV and marine 22  6  4  32  6,010  —  6,042  3 
Other consumer 13  6  5  24  1,603  —  1,627  5 
Total loans and leases $ 511  $ 204  $ 550  $ 1,265  $ 124,947  $ 175  $ 126,387  $ 224 
At December 31, 2023
Commercial and industrial $ 90  $ 48  $ 90  $ 228  $ 50,429  $ —  $ 50,657  $ 1  (2)
Commercial real estate 28  20  32  80  12,342  —  12,422  — 
Lease financing 35  15  9  59  5,169  —  5,228  4 
Residential mortgage 205  88  193  486  23,060  174  23,720  146  (3)
Automobile 89  23  12  124  12,358  —  12,482  9 
Home equity 66  32  83  181  9,932  —  10,113  22 
RV and marine 17  5  4  26  5,873  —  5,899  3 
Other consumer 13  4  4  21  1,440  —  1,461  4 
Total loans and leases $ 543  $ 235  $ 427  $ 1,205  $ 120,603  $ 174  $ 121,982  $ 189 
(1)NALs are included in this aging analysis based on the loan’s past due status.
(2)Amounts include SBA loans and leases.
(3)Amounts include mortgage loans insured by U.S. government agencies.
Credit Quality Indicators
See Note 5 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level.
For all classes within the consumer loan portfolios, borrower credit bureau scores are monitored as an indicator of credit quality. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality.
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Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes.
The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator.
At September 30, 2024
Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans
(dollar amounts in millions) 2024 2023 2022 2021 2020 Prior Total
Commercial and industrial
Credit Quality Indicator (1):
Pass $ 11,336  $ 8,855  $ 7,091  $ 2,722  $ 1,695  $ 1,938  $ 16,729  $ 6  $ 50,372 
OLEM 94  157  152  50  13  28  215  —  709 
Substandard 354  396  409  169  100  184  895  —  2,507 
Doubtful —  5  7  —  —  1  —  —  13 
Total Commercial and industrial $ 11,784  $ 9,413  $ 7,659  $ 2,941  $ 1,808  $ 2,151  $ 17,839  $ 6  $ 53,601 
Commercial real estate
Credit Quality Indicator (1):
Pass $ 934  $ 1,166  $ 3,076  $ 1,425  $ 996  $ 1,999  $ 571  $ —  $ 10,167 
OLEM 8  75  259  142  —  65  —  —  549 
Substandard 222  37  269  123  4  161  11  —  827 
Total Commercial real estate $ 1,164  $ 1,278  $ 3,604  $ 1,690  $ 1,000  $ 2,225  $ 582  $ —  $ 11,543 
Lease financing
Credit Quality Indicator (1):
Pass $ 1,349  $ 1,728  $ 990  $ 610  $ 400  $ 185  $ —  $ —  $ 5,262 
OLEM 1  2  3  2  6  1  —  —  15 
Substandard 2  14  29  6  6  8  —  —  65 
Total Lease financing $ 1,352  $ 1,744  $ 1,022  $ 618  $ 412  $ 194  $ —  $ —  $ 5,342 
Residential mortgage
Credit Quality Indicator (2):
750+ $ 1,148  $ 2,354  $ 4,010  $ 5,733  $ 3,068  $ 2,649  $ —  $ —  $ 18,962 
650-749 592  617  746  800  452  818  —  —  4,025 
<650 36  55  110  106  67  564  —  —  938 
Total Residential mortgage
 $ 1,776  $ 3,026  $ 4,866  $ 6,639  $ 3,587  $ 4,031  $ —  $ —  $ 23,925 
Automobile
Credit Quality Indicator (2):
750+ $ 3,249  $ 1,817  $ 1,503  $ 1,065  $ 432  $ 167  $ —  $ —  $ 8,233 
650-749 1,872  1,138  827  544  201  82  —  —  4,664 
<650 217  258  267  227  87  50  —  —  1,106 
Total Automobile
 $ 5,338  $ 3,213  $ 2,597  $ 1,836  $ 720  $ 299  $ —  $ —  $ 14,003 
Home equity
Credit Quality Indicator (2):
750+ $ 154  $ 350  $ 388  $ 464  $ 482  $ 212  $ 4,543  $ 230  $ 6,823 
650-749 57  98  82  52  47  82  2,039  220  2,677 
<650 2  7  10  4  4  42  422  138  629 
Total Home equity $ 213  $ 455  $ 480  $ 520  $ 533  $ 336  $ 7,004  $ 588  $ 10,129 
RV and marine
Credit Quality Indicator (2):
750+ $ 805  $ 956  $ 850  $ 745  $ 499  $ 745  $ —  $ —  $ 4,600 
650-749 201  293  208  213  130  240  —  —  1,285 
<650 4  19  22  32  22  58  —  —  157 
Total RV and marine $ 1,010  $ 1,268  $ 1,080  $ 990  $ 651  $ 1,043  $ —  $ —  $ 6,042 
Other consumer
Credit Quality Indicator (2):
750+ $ 228  $ 110  $ 56  $ 26  $ 12  $ 52  $ 430  $ 2  $ 916 
650-749 104  64  26  10  3  10  407  8  632 
<650 5  10  5  2  1  2  45  9  79 
Total Other consumer $ 337  $ 184  $ 87  $ 38  $ 16  $ 64  $ 882  $ 19  $ 1,627 
52 Huntington Bancshares Incorporated

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At December 31, 2023
Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans
(dollar amounts in millions) 2023 2022 2021 2020 2019 Prior Total
Commercial and industrial
Credit Quality Indicator (1):
Pass $ 14,677  $ 9,889  $ 3,673  $ 2,151  $ 1,187  $ 1,431  $ 14,563  $ 3  $ 47,574 
OLEM 213  239  64  20  12  20  462  —  1,030 
Substandard 393  305  188  150  83  184  750  —  2,053 
Total Commercial and industrial $ 15,283  $ 10,433  $ 3,925  $ 2,321  $ 1,282  $ 1,635  $ 15,775  $ 3  $ 50,657 
Commercial real estate
Credit Quality Indicator (1):
Pass $ 1,395  $ 3,253  $ 1,774  $ 1,063  $ 1,152  $ 1,288  $ 585  $ —  $ 10,510 
OLEM 163  406  112  65  32  54  60  —  892 
Substandard 164  404  176  10  137  114  15  —  1,020 
Total Commercial real estate $ 1,722  $ 4,063  $ 2,062  $ 1,138  $ 1,321  $ 1,456  $ 660  $ —  $ 12,422 
Lease financing
Credit Quality Indicator (1):
Pass $ 1,973  $ 1,284  $ 828  $ 583  $ 243  $ 106  $ —  $ —  $ 5,017 
OLEM 16  22  6  5  2  9  —  —  60 
Substandard 20  66  31  16  13  5  —  —  151 
Total Lease financing $ 2,009  $ 1,372  $ 865  $ 604  $ 258  $ 120  $ —  $ —  $ 5,228 
Residential mortgage
Credit Quality Indicator (2):
750+ $ 2,077  $ 3,963  $ 6,028  $ 3,292  $ 749  $ 2,191  $ —  $ —  $ 18,300 
650-749 950  1,024  964  510  186  775  —  —  4,409 
<650 24  79  82  64  85  503  —  —  837 
Total Residential mortgage $ 3,051  $ 5,066  $ 7,074  $ 3,866  $ 1,020  $ 3,469  $ —  $ —  $ 23,546 
Automobile
Credit Quality Indicator (2):
750+ $ 2,624  $ 1,964  $ 1,525  $ 740  $ 367  $ 85  $ —  $ —  $ 7,305 
650-749 1,438  1,305  907  370  168  53  —  —  4,241 
<650 170  281  266  118  64  37  —  —  936 
Total Automobile $ 4,232  $ 3,550  $ 2,698  $ 1,228  $ 599  $ 175  $ —  $ —  $ 12,482 
Home equity
Credit Quality Indicator (2):
750+ $ 381  $ 429  $ 512  $ 534  $ 17  $ 244  $ 4,454  $ 233  $ 6,804 
650-749 136  100  65  57  7  101  2,083  230  2,779 
<650 2  6  3  3  2  43  344  127  530 
Total Home equity $ 519  $ 535  $ 580  $ 594  $ 26  $ 388  $ 6,881  $ 590  $ 10,113 
RV and marine
Credit Quality Indicator (2):
750+ $ 1,206  $ 971  $ 867  $ 588  $ 295  $ 612  $ —  $ —  $ 4,539 
650-749 289  248  252  158  91  210  —  —  1,248 
<650 4  12  21  18  14  43  —  —  112 
Total RV and marine $ 1,499  $ 1,231  $ 1,140  $ 764  $ 400  $ 865  $ —  $ —  $ 5,899 
Other consumer
Credit Quality Indicator (2):
750+ $ 186  $ 80  $ 39  $ 19  $ 17  $ 48  $ 424  $ 3  $ 816 
650-749 98  43  17  6  5  12  383  13  577 
<650 4  5  3  1  1  1  39  14  68 
Total Other consumer $ 288  $ 128  $ 59  $ 26  $ 23  $ 61  $ 846  $ 30  $ 1,461 
(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades.
(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.


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The following tables present the gross charge-offs of loans and leases by vintage.
Term Loans Gross Charge-offs by Origination Year
Revolver Gross Charge-offs
Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions) 2024 2023 2022 2021 2020 Prior Total
Three months ended September 30, 2024
Commercial and industrial $ 1  $ 7  $ 30  $ 13  $ 1  $ 2  $ 8  $ 1  $ 63 
Commercial real estate 2  2  —  1  —  —  4  —  9 
Lease financing
 —  1  —  1  —  —  —  —  2 
Residential mortgage —  —  —  —  —  —  —  —  — 
Automobile 2  5  4  3  1  1  —  —  16 
Home equity —  —  —  —  —  1  —  1  2 
RV and marine —  1  1  2  1  2  —  —  7 
Other consumer 5  6  4  2  1  4  —  8  30 
Total $ 10  $ 22  $ 39  $ 22  $ 4  $ 10  $ 12  $ 10  $ 129 
Nine months ended September 30, 2024
Commercial and industrial $ 1  $ 17  $ 60  $ 35  $ 12  $ 6  $ 28  $ 2  $ 161 
Commercial real estate
 11  4  30  3  —  24  4  —  76 
Lease financing
 —  2  1  2  —  1  —  —  6 
Residential mortgage —  —  —  —  —  2  —  —  2 
Automobile
 2  13  13  10  4  3  —  —  45 
Home equity —  —  —  —  —  1  1  4  6 
RV and marine —  2  3  5  3  8  —  —  21 
Other consumer 8  19  12  6  3  11  —  26  85 
Total $ 22  $ 57  $ 119  $ 61  $ 22  $ 56  $ 33  $ 32  $ 402 
Term Loans Gross Charge-offs by Origination Year
 Revolver Gross Charge-offs Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions) 2023 2022 2021 2020 2019
Prior
Total
Three months ended September 30, 2023
Commercial and industrial $ 2  $ 21  $ 6  $ 6  $ 15  $ 1  $ 3  $ —  $ 54 
Commercial real estate 5  6  —  —  10  —  7  —  28 
Lease financing
 —  3  —  —  —  —  —  —  3 
Residential mortgage —  —  —  —  —  1  —  —  1 
Automobile 1  5  3  1  1  1  —  —  12 
Home equity —  —  —  —  —  1  —  1  2 
RV and marine —  —  1  1  1  2  —  —  5 
Other consumer 5  5  3  1  1  4  —  7  26 
Total $ 13  $ 40  $ 13  $ 9  $ 28  $ 10  $ 10  $ 8  $ 131 
Nine months ended September 30, 2023
Commercial and industrial $ 4  $ 39  $ 23  $ 13  $ 26  $ 11  $ 7  $ 1  $ 124 
Commercial real estate
 5  9  19  —  15  5  7  —  60 
Lease financing
 —  3  1  1  —  1  —  —  6 
Residential mortgage
 —  —  1  —  —  3  —  —  4 
Automobile
 1  11  11  5  4  3  —  —  35 
Home equity
 —  —  —  —  —  1  1  4  6 
RV and marine —  1  2  2  2  5  —  —  12 
Other consumer 8  18  11  4  4  10  —  20  75 
Total $ 18  $ 81  $ 68  $ 25  $ 51  $ 39  $ 15  $ 25  $ 322 
54 Huntington Bancshares Incorporated

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Modifications to Debtors Experiencing Financial Difficulty
See Note 5 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of reported modification types and the impact on credit quality of borrowers experiencing financial difficulty.
The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification.
Amortized Cost
(dollar amounts in millions) Interest rate reduction Term extension Payment deferral Combo - interest rate reduction and term extension Total % of total loan class (1)
Three months ended September 30, 2024
Commercial and industrial $ 22  $ 165  $ —  $ 17  $ 204  0.38  %
Commercial real estate —  168  —  11  179  1.55 
Residential mortgage —  15  1  1  17  0.07 
Automobile —  3  —  —  3  0.02 
Home equity —  1  —  3  4  0.04 
Other consumer 1  —  —  —  1  0.06 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 23  $ 352  $ 1  $ 32  $ 408  0.34  %
Three months ended September 30, 2023
Commercial and industrial $ 1  $ 147  $ —  $ 1  $ 149  0.30  %
Commercial real estate —  52  —  4  56  0.44 
Residential mortgage —  15  —  1  16  0.07 
Automobile
 —  4  —  —  4  0.03 
Home equity —  —  —  3  3  0.03 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 1  $ 218  $ —  $ 9  $ 228  0.20  %
Nine months ended September 30, 2024
Commercial and industrial $ 42  $ 240  $ —  $ 63  $ 345  0.64  %
Commercial real estate —  228  —  25  253  2.19 
Residential mortgage
 —  37  5  3  45  0.19 
Automobile —  10  —  1  11  0.08 
Home equity —  4  —  9  13  0.13 
RV and marine —  1  —  —  1  0.02 
Other consumer 1  —  —  —  1  0.06 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 43  $ 520  $ 5  $ 101  $ 669  0.55  %
Nine months ended September 30, 2023
Commercial and industrial $ 33  $ 291  $ —  $ 4  $ 328  0.66  %
Commercial real estate —  138  —  4  142  1.12 
Residential mortgage
 —  50  2  3  55  0.23 
Automobile
 —  11  —  1  12  0.09 
Home equity —  1  —  8  9  0.09 
RV and marine —  1  —  —  1  0.02 
Other consumer 1  —  —  —  1  0.07 
Total loans to borrowers experiencing financial difficulty in which modifications were made $ 34  $ 492  $ 2  $ 20  $ 548  0.47  %
(1)Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.
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The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty.
Interest Rate Reduction (1)
Term Extension (1)
Weighted-average contractual interest rate Weighted-average years added to the life
From To
Three months ended September 30, 2024
Commercial and industrial 7.81  % 6.56  % 0.7
Commercial real estate 8.60  % 7.96  % 1.0
Residential mortgage 5.8
Three months ended September 30, 2023
Commercial and industrial     1.0
Commercial real estate     0.6
Residential mortgage     8.4
Nine months ended September 30, 2024
Commercial and industrial 8.80  % 7.60  % 0.8
Commercial real estate 8.26  % 7.90  % 1.0
Residential mortgage 6.9
Automobile 1.6
Home equity 12.7
Nine months ended September 30, 2023
Commercial and industrial 7.96  % 7.25  % 1.0
Commercial real estate     0.7
Residential mortgage     7.6
Automobile     2.0
(1)     Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.
56 Huntington Bancshares Incorporated

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The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 or more days past due. The following table depicts the performance of loans that have been modified during the identified period.
Past Due
(dollar amounts in millions) 30-59
 Days		 60-89
 Days		 90 or 
more days		 Total Current Total
At September 30, 2024
Commercial and industrial $ 1  $ 2  $ 4  $ 7  $ 418  $ 425 
Commercial real estate 9  —  5  14  245  259 
Residential mortgage 10  4  11  25  29  54 
Automobile 2  1  —  3  12  15 
Home equity 1  —  4  5  11  16 
RV and marine —  —  —  —  1  1 
Other consumer —  —  —  —  2  2 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended September 30, 2024
 $ 23  $ 7  $ 24  $ 54  $ 718  $ 772 
At September 30, 2023 (1)
Commercial and industrial $ 2  $ 1  $ 3  $ 6  $ 322  $ 328 
Commercial real estate —  5  1  6  136  142 
Residential mortgage 10  5  7  22  33  55 
Automobile 1  —  —  1  11  12 
Home equity —  —  1  1  8  9 
RV and marine —  —  —  —  1  1 
Other consumer
 —  —  —  —  1  1 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the nine months ended September 30, 2023 (1)
 $ 13  $ 11  $ 12  $ 36  $ 512  $ 548 
(1)     Huntington adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023, therefore, the September 30, 2023 presentation only includes loans since guidance became effective.
Pledged Loans
The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the FHLB. As of September 30, 2024 and December 31, 2023, loans and leases totaling $102.2 billion and $101.8 billion, respectively, were pledged to the Federal Reserve and FHLB for access to these contingent funding sources.
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5. ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses - Roll-forward
The following tables present ACL activity by portfolio segment.
(dollar amounts in millions) Commercial Consumer Total
Three months ended September 30, 2024
ALLL balance, beginning of period $ 1,587  $ 717  $ 2,304 
Loan and lease charge-offs (74) (55) (129)
Recoveries of loans and leases previously charged-off 20  16  36 
Provision (benefit) for loan and lease losses (35) 59  24 
ALLL balance, end of period $ 1,498  $ 737  $ 2,235 
AULC balance, beginning of period $ 64  $ 55  $ 119 
Provision for unfunded lending commitments 76  6  82 
AULC balance, end of period $ 140  $ 61  $ 201 
ACL balance, end of period $ 1,638  $ 798  $ 2,436 
Three months ended September 30, 2023
ALLL balance, beginning of period $ 1,483  $ 694  $ 2,177 
Loan and lease charge-offs (85) (46) (131)
Recoveries of loans and leases previously charged-off 40  18  58 
Provision for loan and lease losses 66  38  104 
ALLL balance, end of period $ 1,504  $ 704  $ 2,208 
AULC balance, beginning of period $ 78  $ 87  $ 165 
Provision (benefit) for unfunded lending commitments (2) (3) (5)
AULC balance, end of period $ 76  $ 84  $ 160 
ACL balance, end of period $ 1,580  $ 788  $ 2,368 
(dollar amounts in millions) Commercial Consumer Total
Nine months ended September 30, 2024
ALLL balance, beginning of period $ 1,563  $ 692  $ 2,255 
Loan and lease charge-offs (243) (159) (402)
Recoveries of loans and leases previously charged-off 77  50  127 
Provision for loan and lease losses 101  154  255 
ALLL balance, end of period $ 1,498  $ 737  $ 2,235 
AULC balance, beginning of period $ 66  $ 79  $ 145 
Provision (benefit) for unfunded lending commitments 74  (18) 56 
AULC balance, end of period $ 140  $ 61  $ 201 
ACL balance, end of period $ 1,638  $ 798  $ 2,436 
Nine months ended September 30, 2023
ALLL balance, beginning of period $ 1,424  $ 697  $ 2,121 
Loan and lease charge-offs (190) (132) (322)
Recoveries of loans and leases previously charged-off 89  54  143 
Provision for loan and lease losses 181  85  266 
ALLL balance, end of period $ 1,504  $ 704  $ 2,208 
AULC balance, beginning of period $ 71  $ 79  $ 150 
Provision for unfunded lending commitments 5  5  10 
AULC balance, end of period $ 76  $ 84  $ 160 
ACL balance, end of period $ 1,580  $ 788  $ 2,368 
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At September 30, 2024, the ACL was $2.4 billion, an increase of $36 million driven by loan and lease portfolio growth compared to December 31, 2023. The commercial ACL was $1.6 billion at both September 30, 2024 and December 31, 2023. The consumer ACL was $798 million at September 30, 2024 and $771 million at December 31, 2023.
The baseline economic scenario used in the September 30, 2024 ACL determination projected the Federal Reserve to have entered into a cycle of rate cuts, with regular cuts forecast throughout the remainder of 2024 through 2026 until reaching a federal funds rate of 3% by 2027. Inflation is forecasted to approach the Federal Reserve’s target level of 2% by the end of 2024. Unemployment is projected to have peaked at 4.2% in the third quarter of 2024. Marginal improvement is expected with unemployment returning to 4.0% by 2026.
The economic scenarios used included elevated levels of uncertainty including the impact of specific challenges in the commercial real estate Industry, recent inflation levels, the U.S. labor market, the expected path of interest rate changes by the Federal Reserve, and the impact of significant conflicts on-going around the world. Given the uncertainty associated with key economic scenario assumptions, the September 30, 2024 ACL included a general reserve that consists of various risk profile components to address uncertainty not measured within the quantitative transaction reserve.
6. MORTGAGE LOAN SALES AND SERVICING RIGHTS
Residential Mortgage Portfolio
The following table summarizes activity relating to residential mortgage loans sold with servicing retained.
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Residential mortgage loans sold with servicing retained $ 1,150  $ 1,100  $ 2,944  $ 3,079 
Pretax gains resulting from above loan sales (1) 17  21  49  43 
Total servicing, late, and other ancillary fees (1)
 27  25  78  72 
(1)Included in mortgage banking income.
The following table summarizes the changes in MSRs recorded using the fair value method.
Three Months Ended Nine Months Ended
(dollar amounts in millions) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Fair value, beginning of period $ 543  $ 505  $ 515  $ 494 
New servicing assets created 12  17  33  48 
Change in fair value during the period due to:
Time decay (1) (6) (6) (19) (18)
Payoffs (2) (9) (7) (21) (18)
Changes in valuation inputs or assumptions (3) (25) 38  7  41 
Fair value, end of period $ 515  $ 547  $ 515  $ 547 
Loans serviced for third parties, unpaid principal balance, end of period
 $ 33,565  $ 32,965  $ 33,565  $ 32,965 
(1)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
(2)Represents decrease in value associated with loans that paid off during the period.
(3)Represents change in value resulting primarily from market-driven changes in interest rates.
A summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions follows:
At September 30, 2024 At December 31, 2023
Decline in fair value due to Decline in fair value due to
(dollar amounts in millions) Actual 10%
adverse
change		 20%
adverse
change		 Actual 10%
adverse
change		 20%
adverse
change
Constant prepayment rate (annualized)
9.29  % $ (14) $ (28) 8.61  % $ (15) $ (28)
Spread over forward interest rate swap rates 570  bps (12) (23) 538  bps (11) (22)
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7. BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
Securities sold under agreements to repurchase
 $ 142  $ 618 
Other borrowings 726  2 
Total short-term borrowings $ 868  $ 620 
The carrying value of assets pledged as collateral against repurchase agreements totaled $189 million and $840 million as of September 30, 2024 and December 31, 2023, respectively. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.
Huntington’s long-term debt consisted of the following:
(dollar amounts in millions) At September 30, 2024 At December 31, 2023
The Parent Company:
Senior Notes $ 4,834  $ 4,233 
Subordinated Notes 772  760 
Total notes issued by the parent 5,606  4,993 
The Bank:
Senior Notes 2,762  3,480 
Subordinated Notes 516  662 
Total notes issued by the bank 3,278  4,142 
FHLB Advances
 4,734  2,731 
Auto Loan Securitization Trust (1)
 1,142  — 
Credit Linked Notes (2)
 416  — 
Other 480  528 
Total long-term debt $ 15,656  $ 12,394 
(1)     Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.38% due through 2029. See Note 14 - “Variable Interest Entities” for additional information.
(2)    Represents notes issued in a CLN transaction on a $4.0 billion reference pool of Huntington’s auto-secured loans. There are five classes of notes, each maturing on May 20, 2032. One note class bears interest at a fixed rate of 6.153% and the remaining four note classes bear interest at SOFR plus a spread rate that ranges from 1.40% to 8.25% (weighted average spread of 3.04%). As of September 30, 2024, the weighted average contractual interest rate on the CLNs was 6.98%. Huntington has elected the fair value option for these notes. See Note 12 - “Fair Values of Assets and Liabilities” for additional information. To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.


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8. OTHER COMPREHENSIVE INCOME
The components of Huntington’s OCI were as follows:
(dollar amounts in millions) Pretax Tax (expense) benefit After-tax
Three months ended September 30, 2024
Unrealized gains on available-for-sale securities arising during the period, net of hedges $ 573  $ (131) $ 442 
Reclassification adjustment for realized net losses included in net income 4  (1) 3 
Total unrealized gains on available-for-sale securities, net of hedges 577  (132) 445 
Unrealized gains on cash flow hedges during the period 412  (95) 317 
Reclassification adjustment for cash flow hedges included in net income 55  (12) 43 
Net change related to cash flow hedges on loans 467  (107) 360 
Translation adjustments, net of hedges (1) 2  —  2 
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  (1) — 
Other comprehensive income $ 1,047  $ (240) $ 807 
Three months ended September 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (739) $ 170  $ (569)
Reclassification adjustment for realized net losses included in net income 3  —  3 
Total unrealized losses on available-for-sale securities, net of hedges (736) 170  (566)
Unrealized losses on cash flow hedges during the period (119) 28  (91)
Reclassification adjustment for cash flow hedges included in net income 67  (26) 41 
Net change related to cash flow hedges on loans (52) 2  (50)
Translation adjustments, net of hedges (1) (1) —  (1)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (788) $ 172  $ (616)
Nine months ended September 30, 2024
Unrealized gains on available-for-sale securities arising during the period, net of hedges $ 310  $ (70) $ 240 
Reclassification adjustment for realized net losses included in net income 9  (2) 7 
Total unrealized gains on available-for-sale securities, net of hedges 319  (72) 247 
Unrealized gains on cash flow hedges during the period 231  (53) 178 
Reclassification adjustment for cash flow hedges included in net income 190  (44) 146 
Net change related to cash flow hedges on loans 421  (97) 324 
Change in accumulated unrealized gains for pension and other post-retirement obligations 2  (1) 1 
Other comprehensive income $ 742  $ (170) $ 572 
Nine months ended September 30, 2023
Unrealized losses on available-for-sale securities arising during the period, net of hedges $ (685) $ 158  $ (527)
Reclassification adjustment for realized net losses included in net income 41  (9) 32 
Total unrealized losses on available-for-sale securities (644) 149  (495)
Unrealized losses on cash flow hedges during the period (154) 40  (114)
Reclassification adjustment for cash flow hedges included in net income 113  (29) 84 
Net change related to cash flow hedges on loans (41) 11  (30)
Change in accumulated unrealized gains for pension and other post-retirement obligations 1  —  1 
Other comprehensive loss $ (684) $ 160  $ (524)
(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
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Activity in accumulated OCI was as follows:
(dollar amounts in millions)
Unrealized  gains (losses) on available-for-sale securities, net of hedges (1)
 Net change related to cash flow hedges on loans Translation adjustments, net of hedges
Unrealized losses for pension and other post-retirement obligations
 Total
Three months ended September 30, 2024
Balance, beginning of period $ (2,292) $ (399) $ (8) $ (212) $ (2,911)
Other comprehensive income before reclassifications 442  317  2  —  761 
Amounts reclassified from accumulated OCI to earnings 3  43  —  —  46 
Period change 445  360  2  —  807 
Balance, end of period $ (1,847) $ (39) $ (6) $ (212) $ (2,104)
Three months ended September 30, 2023
Balance, beginning of period $ (2,177) $ (612) $ (7) $ (210) $ (3,006)
Other comprehensive loss before reclassifications (569) (91) (1) —  (661)
Amounts reclassified from accumulated OCI to earnings 3  41  —  1  45 
Period change (566) (50) (1) 1  (616)
Balance, end of period $ (2,743) $ (662) $ (8) $ (209) $ (3,622)
Nine months ended September 30, 2024
Balance, beginning of period $ (2,094) $ (363) $ (6) $ (213) $ (2,676)
Other comprehensive income before reclassifications 240  178  —  —  418 
Amounts reclassified from accumulated OCI to earnings 7  146  —  1  154 
Period change 247  324  —  1  572 
Balance, end of period $ (1,847) $ (39) $ (6) $ (212) $ (2,104)
Nine months ended September 30, 2023
Balance, beginning of period $ (2,248) $ (632) $ (8) $ (210) $ (3,098)
Other comprehensive loss before reclassifications (527) (114) —  —  (641)
Amounts reclassified from accumulated OCI to earnings 32  84  —  1  117 
Period change (495) (30) —  1  (524)
Balance, end of period $ (2,743) $ (662) $ (8) $ (209) $ (3,622)
(1)AOCI amounts at September 30, 2024 and September 30, 2023 include $52 million and $60 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.
62 Huntington Bancshares Incorporated

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9. SHAREHOLDERS' EQUITY
Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding.
(dollar amounts in millions) Issuance Date
Shares Outstanding
 Dividend Rate
Earliest Redemption Date (1)
Carrying Amount
Series At September 30, 2024 At December 31, 2023
Series B (2) 12/28/2011 35,500  Variable (3) 1/15/2017 $ 23  $ 23 
Series E (4) 2/27/2018 4,087  Variable (5) 4/15/2023 405  405 
Series F (4) 5/27/2020 5,000  5.625  % 7/15/2030 494  494 
Series G (4) 8/3/2020 5,000  4.45  10/15/2027 494  494 
Series H (2) 2/2/2021 500,000  4.50  4/15/2026 486  486 
Series I (6) 6/9/2021 7,000  5.70  12/01/2022 175  175 
Series J (2) 3/6/2023 325,000  6.875  4/15/2028 317  317 
Total 881,587  $ 2,394  $ 2,394 
(1)     Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.
(2)     Liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3)    Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 270 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR + 270 bps.
(4)     Liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.
(5)    Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 288 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR +288 bps.
(6)     Liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
On October 15, 2024, all 4,086.75 outstanding shares of Series E Preferred Stock, consisting of 408,675 depositary shares each representing a 1/100th interest in a share of Huntington’s 5.7000% Series E Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. The depositary shares were redeemed at par plus declared and unpaid dividends of $21.5765 per depositary share (equivalent to $2,157.65 per share of Series E Preferred Stock) for the period beginning on July 15, 2024 to, but not including, October 15, 2024. Effective October 15, 2024, all dividends on the shares of Series E Preferred Stock ceased to accrue.
The following table presents the dividends declared for each series of Preferred shares.
Three Months Ended Nine Months Ended
(amounts in millions, except per share data) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share
Preferred Series Amount ($) Amount ($) Amount ($) Amount ($)
Series B $ 20.66  $ 1  $ 20.67  $ 1  $ 62.08  $ 2  $ 59.39  $ 2 
Series E 2,157.65  9  2,112.39  11  6,412.62  26  5,572.46  28 
Series F 1,406.25  7  1,406.25  7  4,218.75  21  4,218.75  21 
Series G 1,112.50  6  1,112.50  5  3,337.50  17  3,337.50  17 
Series H 11.25  5  11.25  5  33.75  17  33.75  17 
Series I 356.25  2  356.25  2  1,068.75  7  1,068.75  7 
Series J 17.19  6  17.19  6  51.57  17  41.83  14 
Total $ 36  $ 37  $ 107  $ 106 
10. EARNINGS PER SHARE
Basic earnings per share is the amount of earnings (adjusted for preferred stock dividends and the impact of preferred stock repurchases and redemptions) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
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The calculation of basic and diluted earnings per share was as follows:
Three Months Ended Nine Months Ended
(dollar amounts in millions, except per share data, share count in thousands) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Basic earnings per common share:
Net income attributable to Huntington $ 517  $ 547  $ 1,410  $ 1,708 
Preferred stock dividends 36  37  107  106 
Net income available to common shareholders $ 481  $ 510  $ 1,303  $ 1,602 
Average common shares issued and outstanding 1,452,682  1,447,993  1,450,794  1,445,878 
Basic earnings per common share $ 0.33  $ 0.35  $ 0.90  $ 1.11 
Diluted earnings per common share:
Average dilutive potential common shares:
Stock options and restricted stock units and awards 17,061  12,183  16,622  14,670 
Shares held in deferred compensation plans 7,239  7,435  7,443  6,989 
Average dilutive potential common shares 24,300  19,618  24,065  21,659 
Total diluted average common shares issued and outstanding 1,476,982  1,467,611  1,474,859  1,467,537 
Diluted earnings per common share $ 0.33  $ 0.35  $ 0.88  $ 1.09 
Anti-dilutive awards (1) 4,253  11,736  7,002  11,188 
(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.
11. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between revenue with contracts with customers within the scope of ASC 606 and revenue within the scope of other GAAP Topics.
(dollar amounts in millions) Three Months Ended Nine Months Ended
Noninterest income September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023
Noninterest income from contracts with customers
 $ 362  $ 338  $ 1,058  $ 1,047 
Noninterest income within the scope of other GAAP topics
 161  171  423  469 
Total noninterest income $ 523  $ 509  $ 1,481  $ 1,516 
The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 16 - “Segment Reporting”. During the fourth quarter of 2023 we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically manage our business. Additionally, during the second quarter of 2023, we completed an organizational realignment and now report on two business segments. Prior period results for each reporting update have been adjusted to conform to the current presentation.
64 Huntington Bancshares Incorporated

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(dollar amounts in millions) Consumer & Regional Banking Commercial Banking Treasury / Other Huntington Consolidated
Major Revenue Streams
Three months ended September 30, 2024
Payments and cash management revenue $ 114  $ 29  $ —  $ 143 
Wealth and asset management revenue 89  4  —  93 
Customer deposit and loan fees 57  1  —  58 
Capital markets and advisory fees 5  32  —  37 
Leasing revenue 1  9  —  10 
Insurance income 15  3  (1) 17 
Other noninterest income 2  3  (1) 4 
Net revenue from contracts with customers 283  81  (2) 362 
Noninterest income within the scope of
other GAAP topics
 55  100  6  161 
Total noninterest income $ 338  $ 181  $ 4  $ 523 
Three months ended September 30, 2023
Payments and cash management revenue $ 112  $ 26  $ —  $ 138 
Wealth and asset management revenue 76  3  —  79 
Customer deposit and loan fees 55  2  —  57 
Capital markets and advisory fees 3  29  (1) 31 
Leasing revenue —  12  —  12 
Insurance income 17  2  (1) 18 
Other noninterest income 4  —  (1) 3 
Net revenue from contracts with customers 267  74  (3) 338 
Noninterest income within the scope of
other GAAP topics
 40  82  49  171 
Total noninterest income $ 307  $ 156  $ 46  $ 509 
Nine months ended September 30, 2024
Payments and cash management revenue $ 335  $ 84  $ —  $ 419 
Wealth and asset management revenue 262  9  —  271 
Customer deposit and loan fees 160  8  —  168 
Capital markets and advisory fees 16  93  —  109 
Leasing revenue 2  28  —  30 
Insurance income 47  8  (1) 54 
Other noninterest income 6  3  (2) 7 
Net revenue from contracts with customers 828  233  (3) 1,058 
Noninterest income within the scope of
other GAAP topics
 140  257  26  423 
Total noninterest income $ 968  $ 490  $ 23  $ 1,481 
Nine months ended September 30, 2023
Payments and cash management revenue $ 321  $ 76  $ —  $ 397 
Wealth and asset management revenue 231  11  —  242 
Customer deposit and loan fees 152  4  —  156 
Capital markets and advisory fees 11  82  (1) 92 
Leasing revenue 1  39  —  40 
Insurance income 49  7  (1) 55 
Other noninterest income 64  3  (2) 65 
Net revenue from contracts with customers 829  222  (4) 1,047 
Noninterest income within the scope of
other GAAP topics
 124  257  88  469 
Total noninterest income $ 953  $ 479  $ 84  $ 1,516 
2024 3Q Form 10-Q 65

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Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended September 30, 2024 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended September 30, 2024 was determined to be immaterial.
12. FAIR VALUES OF ASSETS AND LIABILITIES
See Note 19 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of the valuation methodologies used for instruments measured at fair value, with the exception of the below described long-term debt elected to be accounted for at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month and nine-month periods ended September 30, 2024 and 2023.
In the second quarter of 2024, Huntington elected the fair value option for CLNs structured as long-term debt. CLNs are classified as Level 2 using quoted prices for similar liabilities in active markets, quoted prices of similar liabilities in markets that are not active, and inputs that are observable for the assets, either directly or indirectly, for substantially the full term of the financial instrument.
Assets and Liabilities measured at fair value on a recurring basis
Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At September 30, 2024
(dollar amounts in millions) Level 1 Level 2 Level 3
Assets
Trading account securities:
U.S. Treasury securities $ 427  $ —  $ —  $ —  $ 427 
Other agencies —  1  —  —  1 
Municipal securities —  35  —  —  35 
Corporate debt —  9  —  —  9 
Total trading account securities
 427  45  —  —  472 
Available-for-sale securities:
U.S. Treasury securities 6,530  —  —  —  6,530 
Residential CMO —  3,022  —  —  3,022 
Residential MBS —  10,785  —  —  10,785 
Commercial MBS —  1,870  —  —  1,870 
Other agencies —  136  —  —  136 
Municipal securities —  37  3,611  —  3,648 
Private-label CMO —  92  22  —  114 
Asset-backed securities —  272  34  —  306 
Corporate debt —  2,071  —  —  2,071 
Other securities/sovereign debt —  10  —  —  10 
Total available-for-sale securities
 6,530  18,295  3,667  —  28,492 
Other securities 31  1  —  —  32 
Loans held for sale —  649  —  —  649 
Loans held for investment —  115  60  —  175 
MSRs —  —  515  —  515 
Other assets:
Derivative assets —  1,358  5  (888)