Form: 8-K

Current report filing

January 17, 2025

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
December 31, 2024
Table of Contents
Quarterly Accruing Past Due Loans and Leases


Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates.
During the fourth quarter 2024, Huntington updated the presentation of our reported deposit categories to align more closely with how we strategically manage our business. As a result, we now report our deposit composition in the following categories: (1) demand deposits - noninterest bearing, (2) demand deposits - interest bearing, (3) money market, (4) savings, and (5) time deposits. Prior period results have been adjusted to conform to the current presentation.
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 a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21%.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets using Basel III definition, and
•Adjusted common equity tier 1 (CET1).
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. The tangible common equity ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. The adjusted CET1 ratio differs from the defined CET1 regulatory capital ratio the Company is subject to by including the impact of accumulated other comprehensive income (loss) (AOCI) excluding cash flow hedges in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.





Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) December 31, September 30, December 31, Percent Changes vs.
2024 2024 2023 3Q24 4Q23
Net interest income (1) $ 1,409  $ 1,364  $ 1,327  3  % 6  %
FTE adjustment (14) (13) (11) (8) (27)
Net interest income 1,395  1,351  1,316  3  6 
Provision for credit losses 107  106  126  1  (15)
Noninterest income 559  523  405  7  38 
Noninterest expense 1,178  1,130  1,348  4  (13)
Income before income taxes 669  638  247  5  171 
Provision (benefit) for income taxes
 135  116  (1) 16  NM
Income after income taxes 534  522  248  2  115 
Income attributable to non-controlling interest 4  5  5  (20) (20)
Net income attributable to Huntington 530  517  243  3  118 
Dividends on preferred shares 27  36  36  NM NM
Impact of preferred stock redemptions and repurchases
 5  —  (8) NM NM
Net income applicable to common shares $ 498  $ 481  $ 215  4  % 132  %
Net income per common share - diluted $ 0.34  $ 0.33  $ 0.15  3  % 127  %
Cash dividends declared per common share 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period 8.33  8.65  7.79  (4) 7 
Average common shares - basic 1,453  1,453  1,448  —  — 
Average common shares - diluted 1,481  1,477  1,469  —  1 
Ending common shares outstanding 1,454  1,453  1,448  —  — 
Return on average assets 1.05  % 1.04  % 0.51  %
Return on average common shareholders’ equity 11.0  10.8  5.2 
Return on average tangible common shareholders’ equity (2) 16.4  16.2  8.4 
Net interest margin (1) 3.03  2.98  3.07 
Efficiency ratio (3) 58.6  59.4  77.0 
Effective tax rate 20.1  18.2  (0.5)
Average total assets $ 201,815  $ 198,278  $ 187,962  2  7 
Average earning assets 185,222  181,891  171,360  2  8 
Average loans and leases 128,158  124,507  121,229  3  6 
Average total deposits 159,405  156,488  149,654  2  7 
Average Huntington shareholders’ equity 20,013  20,113  18,713  —  7 
Average common shareholders' equity
 17,979  17,719  16,275  1  10 
Average tangible common shareholders' equity 12,338  12,069  10,597  2  16 
Total assets at end of period 204,230  200,535  189,368  2  8 
Total Huntington shareholders’ equity at end of period 19,740  20,606  19,353  (4) 2 
NCOs as a % of average loans and leases 0.30  % 0.30  % 0.31  %
NAL ratio 0.60  0.58  0.55 
NPA ratio (4)
 0.63  0.62  0.58 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period 1.73  1.77  1.85 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.88  1.93  1.97 
Common equity tier 1 risk-based capital ratio (5)
 10.5  10.4  10.2 
Tangible common equity / tangible asset ratio (6)
 6.1  6.4  6.1 
NM - Not Meaningful
See Notes to the Quarterly and Year to Date Key Statistics.
1

Huntington Bancshares Incorporated
Annual Key Statistics
(Unaudited)
Year Ended December 31, Change
(dollar amounts in millions, except per share data) 2024 2023 Amount Percent
Net interest income (1) $ 5,398  $ 5,481  $ (83) (2) %
FTE adjustment (53) (42) (11) (26)
Net interest income 5,345  5,439  (94) (2)
Provision for credit losses 420  402  18  4 
Noninterest income 2,040  1,921  119  6 
Noninterest expense 4,562  4,574  (12) — 
Income before income taxes 2,403  2,384  19  1 
Provision for income taxes 443  413  30  7 
Income after income taxes 1,960  1,971  (11) (1)
Income attributable to non-controlling interest 20  20  —  — 
Net income attributable to Huntington 1,940  1,951  (11) (1)
Dividends on preferred shares 134  142  (8) (6)
Impact of preferred stock redemptions and repurchases
 5  (8) 13  NM
Net income applicable to common shares $ 1,801  $ 1,817  $ (16) (1) %
Net income per common share - diluted $ 1.22  $ 1.24  $ (0.02) (2) %
Cash dividends declared per common share 0.62  0.62  —  — 
Average common shares - basic 1,451  1,446  5  — 
Average common shares - diluted 1,476  1,468  8  1 
Return on average assets 0.99  % 1.04  %
Return on average common shareholders’ equity 10.4  11.2 
Return on average tangible common shareholders’ equity (2) 15.8  17.6 
Net interest margin (1) 3.00  3.19 
Efficiency ratio (3) 60.5  61.0 
Effective tax rate 18.4  17.3 
Average total assets $ 196,260  $ 187,556  $ 8,704  5  %
Average earning assets 179,756  171,586  8,170  5 
Average loans and leases 124,503  120,947  3,556  3 
Average total deposits 155,066  147,388  7,678  5 
Average Huntington shareholders’ equity 19,651  18,634  1,017  5 
Average common shareholders' equity
17,347  16,217  1,130  7 
Average tangible common shareholders' equity 11,693  10,521  1,172  11 
NCOs as a % of average loans and leases 0.30  % 0.23  %
NAL ratio 0.60  0.55 
NPA ratio (4)
 0.63  0.58 
NM - Not Meaningful
See Notes to the Quarterly and Year to Date Key Statistics.

2

Notes to the Quarterly and Year to Date Key Statistics
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(2)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(5)December 31, 2024 figure is estimated.
(6)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
3

Huntington Bancshares Incorporated
Consolidated Balance Sheets
December 31, December 31,
(dollar amounts in millions) 2024 2023 Percent Changes
(Unaudited)
Assets
Cash and due from banks $ 1,685  $ 1,558  8  %
Interest-earning deposits with banks 11,647  8,765  33 
Trading account securities 53  125  (58)
Available-for-sale securities 27,273  25,305  8 
Held-to-maturity securities 16,368  15,750  4 
Other securities 823  725  14 
Loans held for sale 654  516  27 
Loans and leases (1) 130,042  121,982  7 
Allowance for loan and lease losses (2,244) (2,255) — 
Net loans and leases 127,798  119,727  7 
Bank owned life insurance 2,793  2,759  1 
Accrued income and other receivables 2,190  1,646  33 
Premises and equipment 1,066  1,109  (4)
Goodwill 5,561  5,561  — 
Servicing rights and other intangible assets 677  672  1 
Other assets 5,642  5,150  10 
Total assets $ 204,230  $ 189,368  8  %
Liabilities and shareholders' equity
Liabilities
Deposits (2) $ 162,448  $ 151,230  7  %
Short-term borrowings 199  620  (68)
Long-term debt 16,374  12,394  32 
Other liabilities 5,427  5,726  (5)
Total liabilities 184,448  169,970  9 
Shareholders' equity
Preferred stock 1,989  2,394  (17)
Common stock 15  15  — 
Capital surplus 15,484  15,389  1 
Less treasury shares, at cost (86) (91) 5 
Accumulated other comprehensive income (loss) (2,866) (2,676) (7)
Retained earnings 5,204  4,322  20 
Total Huntington shareholders’ equity 19,740  19,353  2 
Non-controlling interest 42  45  (7)
Total equity 19,782  19,398  2 
Total liabilities and equity $ 204,230  $ 189,368  8  %
Common shares authorized (par value of $0.01) 2,250,000,000  2,250,000,000 
Common shares outstanding 1,453,635,809  1,448,319,953 
Treasury shares outstanding 6,984,102  7,403,008 
Preferred stock, authorized shares 6,617,808  6,617,808 
Preferred shares outstanding 877,500  881,587 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 56,809  43  % $ 53,601  43  % $ 52,307  42  % $ 51,500  42  % $ 50,657  42  %
Commercial real estate:
Commercial 10,215  8  10,647  8  10,997  9  11,339  9  11,092  9 
Construction 863  1  896  1  936  1  1,003  1  1,330  1 
Commercial real estate 11,078  9  11,543  9  11,933  10  12,342  10  12,422  10 
Lease financing 5,454  4  5,342  4  5,202  4  5,133  4  5,228  4 
Total commercial 73,341  56  70,486  56  69,442  56  68,975  56  68,307  56 
Consumer:
Residential mortgage 24,242  19  24,100  19  24,069  19  23,744  20  23,720  20 
Automobile 14,564  11  14,003  11  13,233  11  12,662  10  12,482  10 
Home equity 10,142  8  10,129  8  10,076  8  10,047  8  10,113  8 
RV and marine
 5,982  5  6,042  5  6,042  5  5,887  5  5,899  5 
Other consumer 1,771  1  1,627  1  1,560  1  1,452  1  1,461  1 
Total consumer 56,701  44  55,901  44  54,980  44  53,792  44  53,675  44 
Total loans and leases $ 130,042  100  % $ 126,387  100  % $ 124,422  100  % $ 122,767  100  % $ 121,982  100  %
Ending balances by business segment:
Consumer & Regional Banking $ 72,051  56  % $ 70,742  56  % $ 69,328  56  % $ 67,512  55  % $ 67,108  55  %
Commercial Banking 57,858  44  55,441  44  54,941  44  54,994  45  54,743  45 
Treasury / Other 133  —  204  —  153  —  261  —  131  — 
Total loans and leases $ 130,042  100  % $ 126,387  100  % $ 124,422  100  % $ 122,767  100  % $ 121,982  100  %
Average balances by business segment:
Consumer & Regional Banking $ 71,390  56  % $ 69,759  56  % $ 68,405  56  % $ 67,136  55  % $ 66,638  55  %
Commercial Banking 56,492  44  54,464  44  54,748  44  54,584  45  54,395  45 
Treasury / Other 276  —  284  —  223  —  210  —  196  — 
Total loans and leases $ 128,158  100  % $ 124,507  100  % $ 123,376  100  % $ 121,930  100  % $ 121,229  100  %

5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Ending balances by type:
Total deposits
Demand deposits - noninterest-bearing $ 29,345  18  % $ 29,047  18  % $ 28,636  19  % $ 29,739  19  % $ 30,967  20  %
Demand deposits - interest-bearing 43,378  27  42,292  27  40,943  27  39,200  26  39,190  26 
Money market deposits 60,730  37  56,434  36  54,469  35  52,897  35  50,185  34 
Savings deposits
 14,723  9  14,679  9  15,201  10  15,752  10  15,763  10 
Time deposits
 14,272  9  15,899  10  15,118  9  15,637  10  15,125  10 
Total deposits $ 162,448  100  % $ 158,351  100  % $ 154,367  100  % $ 153,225  100  % $ 151,230  100  %
Ending balances by business segment:
Consumer & Regional Banking $ 111,390  69  % $ 110,107  70  % $ 110,913  72  % $ 112,032  73  % $ 110,157  73  %
Commercial Banking 43,366  26  41,597  26  38,110  25  35,619  23  35,466  23 
Treasury / Other 7,692  5  6,647  4  5,344  3  5,574  4  5,607  4 
Total deposits $ 162,448  100  % $ 158,351  100  % $ 154,367  100  % $ 153,225  100  % $ 151,230  100  %
Average balances by business segment:
Consumer & Regional Banking $ 110,750  70  % $ 109,884  70  % $ 110,819  72  % $ 109,263  73  % $ 108,198  72  %
Commercial Banking 41,741  26  40,153  26  36,765  24  35,656  23  35,886  24 
Treasury / Other 6,914  4  6,451  4  5,994  4  5,809  4  5,570  4 
Total deposits $ 159,405  100  % $ 156,488  100  % $ 153,578  100  % $ 150,728  100  % $ 149,654  100  %



6

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
December 31, September 30, June 30, March 31, December 31, Percent Changes vs.
(dollar amounts in millions) 2024 2024 2024 2024 2023 3Q24 4Q23
Assets
Interest-earning deposits with banks $ 11,027  $ 12,532  $ 11,116  $ 9,761  $ 10,019  (12) % 10  %
Securities:
Trading account securities 645  136  143  133  125  374  416 
Available-for-sale securities:
Taxable 24,778  25,434  24,184  22,515  20,056  (3) 24 
Tax-exempt 3,056  2,699  2,684  2,676  2,686  13  14 
Total available-for-sale securities 27,834  28,133  26,868  25,191  22,742  (1) 22 
Held-to-maturity securities - taxable 16,053  15,078  15,211  15,567  15,947  6  1 
Other securities 824  829  776  724  727  (1) 13 
Total securities 45,356  44,176  42,998  41,615  39,541  3  15 
Loans held for sale 681  676  572  458  571  1  19 
Loans and leases: (2)
Commercial:
Commercial and industrial 55,136  52,194  51,724  50,625  49,882  6  11 
Commercial real estate:
Commercial 10,461  10,835  11,247  11,365  11,309  (3) (7)
Construction 818  909  916  1,198  1,285  (10) (36)
Commercial real estate 11,279  11,744  12,163  12,563  12,594  (4) (10)
Lease financing 5,424  5,180  5,071  5,081  5,102  5  6 
Total commercial 71,839  69,118  68,958  68,269  67,578  4  6 
Consumer:
Residential mortgage 24,127  24,074  23,909  23,710  23,573  —  2 
Automobile 14,350  13,584  12,989  12,553  12,612  6  14 
Home equity 10,134  10,089  10,056  10,072  10,107  —  — 
RV and marine
 6,009  6,046  5,966  5,892  5,934  (1) 1 
Other consumer 1,699  1,596  1,498  1,434  1,425  6  19 
Total consumer 56,319  55,389  54,418  53,661  53,651  2  5 
Total loans and leases 128,158  124,507  123,376  121,930  121,229  3  6 
Total earning assets 185,222  181,891  178,062  173,764  171,360  2  8 
Cash and due from banks 1,348  1,407  1,340  1,493  1,508  (4) (11)
Goodwill and other intangible assets 5,662  5,674  5,685  5,697  5,710  —  (1)
All other assets
 $ 9,583  $ 9,306  $ 9,471  $ 9,352  $ 9,384  3  2 
Total assets $ 201,815  $ 198,278  $ 194,558  $ 190,306  $ 187,962  2  % 7  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 41,802  $ 41,850  $ 39,431  $ 38,488  $ 39,138  —  % 7  %
Money market deposits 58,297  55,599  53,553  51,310  48,759  5  20 
Savings deposits
 14,648  14,891  15,408  15,625  15,997  (2) (8)
Time deposits
 15,076  15,348  15,556  15,395  14,586  (2) 3 
Total interest-bearing deposits 129,823  127,688  123,948  120,818  118,480  2  10 
Short-term borrowings 1,249  826  1,214  1,300  1,906  51  (34)
Long-term debt 16,081  15,878  15,146  13,777  12,205  1  32 
Total interest-bearing liabilities 147,153  144,392  140,308  135,895  132,591  2  11 
Demand deposits - noninterest-bearing 29,582  28,800  29,630  29,910  31,174  3  (5)
All other liabilities 5,020  4,925  5,314  5,239  5,435  2  (8)
Total liabilities 181,755  178,117  175,252  171,044  169,200  2  7 
Total Huntington shareholders’ equity 20,013  20,113  19,254  19,213  18,713  —  7 
Non-controlling interest 47  48  52  49  49  (2) (4)
Total equity 20,060  20,161  19,306  19,262  18,762  (1) 7 
Total liabilities and equity $ 201,815  $ 198,278  $ 194,558  $ 190,306  $ 187,962  2  % 7  %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Assets
Interest-earning deposits with banks $ 136  $ 174  $ 154  $ 134  $ 139 
Securities:
Trading account securities 8  1  2  2  2 
Available-for-sale securities:
Taxable 302  331  322  296  273 
Tax-exempt 38  35  34  34  33 
Total available-for-sale securities 340  366  356  330  306 
Held-to-maturity securities - taxable 104  93  93  95  98 
Other securities 12  11  10  9  13 
Total securities 464  471  461  436  419 
Loans held for sale 11  12  10  7  10 
Loans and leases:
Commercial:
Commercial and industrial 851  840  829  801  783 
Commercial real estate:
Commercial 185  207  214  215  216 
Construction 22  20  19  25  27 
Commercial real estate 207  227  233  240  243 
Lease financing 89  86  82  79  77 
Total commercial 1,147  1,153  1,144  1,120  1,103 
Consumer:
Residential mortgage 243  241  232  227  222 
Automobile 205  191  172  158  153 
Home equity 190  199  196  195  197 
RV and marine
 81  79  76  74  77 
Other consumer 47  48  44  42  41 
Total consumer 766  758  720  696  690 
Total loans and leases 1,913  1,911  1,864  1,816  1,793 
Total earning assets $ 2,524  $ 2,568  $ 2,489  $ 2,393  $ 2,361 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 209  $ 239  $ 210  $ 200  $ 204 
Money market deposits 479  521  513  481  446 
Savings deposits
 6  4  3  2  — 
Time deposits
 169  181  181  174  158 
Total interest-bearing deposits 863  945  907  857  808 
Short-term borrowings 17  14  19  19  28 
Long-term debt 235  245  238  217  198 
Total interest-bearing liabilities 1,115  1,204  1,164  1,093  1,034 
Net interest income $ 1,409  $ 1,364  $ 1,325  $ 1,300  $ 1,327 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.


8

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
December 31, September 30, June 30, March 31, December 31,
Fully-taxable equivalent basis (1) 2024 2024 2024 2024 2023
Assets
Interest-earning deposits with banks 4.92  % 5.55  % 5.55  % 5.50  % 5.59  %
Securities:
Trading account securities 5.39  3.28  5.10  5.15  5.40 
Available-for-sale securities:
Taxable 4.87  5.21  5.33  5.26  5.43 
Tax-exempt 5.00  5.23  5.07  5.05  5.01 
Total available-for-sale securities 4.89  5.21  5.30  5.24  5.38 
Held-to-maturity securities - taxable 2.59  2.47  2.44  2.44  2.45 
Other securities 6.01  4.86  5.21  5.23  7.04 
Total securities 4.10  4.26  4.29  4.19  4.23 
Loans held for sale 6.28  6.92  6.81  6.51  6.95 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.05  6.31  6.33  6.26  6.14 
Commercial real estate:
Commercial 6.91  7.47  7.53  7.49  7.48 
Construction 10.64  8.52  8.41  8.23  8.40 
Commercial real estate 7.18  7.55  7.60  7.56  7.57 
Lease financing 6.38  6.51  6.41  6.13  5.90 
Total commercial 6.25  6.53  6.56  6.49  6.39 
Consumer:
Residential mortgage 4.03  4.00  3.89  3.83  3.76 
Automobile 5.70  5.59  5.34  5.05  4.82 
Home equity 7.42  7.86  7.86  7.77  7.70 
RV and marine
 5.35  5.24  5.11  5.04  5.13 
Other consumer 11.18  11.69  11.75  11.91  11.67 
Total consumer 5.42  5.45  5.32  5.20  5.12 
Total loans and leases 5.89  6.05  6.01  5.92  5.82 
Total earning assets 5.42  5.62  5.62  5.54  5.47 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing 1.99  2.28  2.13  2.09  2.06 
Money market deposits 3.27  3.73  3.85  3.77  3.63 
Savings deposits
 0.16  0.12  0.09  0.04  0.02 
Time deposits
 4.47  4.66  4.70  4.55  4.31 
Total interest-bearing deposits 2.65  2.94  2.94  2.85  2.71 
Short-term borrowings 5.37  6.52  6.31  5.95  5.84 
Long-term debt 5.83  6.19  6.28  6.30  6.46 
Total interest-bearing liabilities 3.01  3.32  3.34  3.23  3.09 
Net interest rate spread 2.41  2.30  2.28  2.31  2.38 
Impact of noninterest-bearing funds on margin 0.62  0.68  0.71  0.70  0.69 
Net interest margin 3.03  % 2.98  % 2.99  % 3.01  % 3.07  %
Additional information:
Commercial Loan Derivative Impact
Commercial loans (2)(3)
 6.77  % 7.21  % 7.29  % 7.22  % 7.14  %
Impact of commercial loan derivatives (0.52) (0.68) (0.73) (0.73) (0.75)
Total commercial - as reported 6.25  % 6.53  % 6.56  % 6.49  % 6.39  %
Average SOFR 4.68  % 5.28  % 5.32  % 5.32  % 5.32  %
Total cost of deposits (4)
 2.16  % 2.40  % 2.38  % 2.29  % 2.14  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(4)Includes noninterest-bearing and interest-bearing deposit balances.
9

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) December 31, September 30, June 30, March 31, December 31,
2024 2024 2024 2024 2023
Interest income
 $ 2,510  $ 2,555  $ 2,476  $ 2,380  $ 2,350 
Interest expense
 1,115  1,204  1,164  1,093  1,034 
Net interest income 1,395  1,351  1,312  1,287  1,316 
Provision for credit losses 107  106  100  107  126 
Net interest income after provision for credit losses 1,288  1,245  1,212  1,180  1,190 
Payments and cash management revenue 162  158  154  146  150 
Wealth and asset management revenue 93  93  90  88  86 
Customer deposit and loan fees 88  86  83  77  80 
Capital markets and advisory fees 120  78  73  56  69 
Mortgage banking income 31  38  30  31  23 
Leasing revenue 19  19  19  22  29 
Insurance income 22  18  18  19  19 
Net gains (losses) on sales of securities (21) —  —  —  (3)
Other noninterest income 45  33  24  28  (48)
Total noninterest income
 559  523  491  467  405 
Personnel costs 715  684  663  639  645 
Outside data processing and other services 167  167  165  166  157 
Equipment 70  65  62  70  70 
Net occupancy 56  57  51  57  65 
Marketing 28  33  27  28  29 
Deposit and other insurance expense 20  15  25  54  234 
Professional services 27  21  26  25  35 
Amortization of intangibles 12  11  12  12  12 
Lease financing equipment depreciation 3  4  4  4  5 
Other noninterest expense 80  73  82  82  96 
Total noninterest expense
 1,178  1,130  1,117  1,137  1,348 
Income before income taxes 669  638  586  510  247 
Provision (benefit) for income taxes
 135  116  106  86  (1)
Income after income taxes 534  522  480  424  248 
Income attributable to non-controlling interest 4  5  6  5  5 
Net income attributable to Huntington 530  517  474  419  243 
Dividends on preferred shares 27  36  35  36  36 
Impact of preferred stock redemptions and repurchases
 5  —  —  —  (8)
Net income applicable to common shares $ 498  $ 481  $ 439  $ 383  $ 215 
Average common shares - basic
 1,453  1,453  1,451  1,448  1,448 
Average common shares - diluted
1,481  1,477  1,474  1,473  1,469 
Per common share
Net income - basic $ 0.34  $ 0.33  $ 0.30  $ 0.26  $ 0.15 
Net income - diluted 0.34  0.33  0.30  0.26  0.15 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income $ 1,395  $ 1,351  $ 1,312  $ 1,287  $ 1,316 
FTE adjustment 14  13  13  13  11 
Net interest income (1) 1,409  1,364  1,325  1,300  1,327 
Noninterest income 559  523  491  467  405 
Total revenue (1) $ 1,968  $ 1,887  $ 1,816  $ 1,767  $ 1,732 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
10

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
December 31, September 30, June 30, March 31, December 31, Percent Changes vs.
(dollar amounts in millions)
 2024 2024 2024 2024 2023 3Q24 4Q23
Net origination and secondary marketing income $ 25  $ 25  $ 17  $ 16  $ 12  —  % 108  %
Net mortgage servicing income
Loan servicing income
 26  25  25  25  24  4  8 
Amortization of capitalized servicing
 (16) (14) (14) (11) (13) (14) (23)
Operating income
 10  11  11  14  11  (9) (9)
MSR valuation adjustment (1)
 53  (25) 11  20  (34) 312  256 
(Losses) gains due to MSR hedging
 (57) 27  (10) (19) 34  (311) (268)
Net MSR risk management
(4) 2  1  1  —  (300) (100)
Total net mortgage servicing income 6  13  12  15  11  (54) (45)
All other —  —  1  —  —  —  — 
Mortgage banking income $ 31  $ 38  $ 30  $ 31  $ 23  (18) % 35  %
Mortgage origination volume $ 2,093  $ 1,883  $ 2,164  $ 1,276  $ 1,666  11  % 26  %
Mortgage origination volume for sale 1,220  1,194  1,191  834  962  2  27 
Third party mortgage loans serviced (2) $ 33,696  $ 33,565  $ 33,404  $ 33,303  $ 33,237  —  % 1  %
Mortgage servicing rights (2) 573  515  543  534  515  11  11 
MSR % of investor servicing portfolio (2) 1.70  % 1.53  % 1.63  % 1.60  % 1.55  % 11  10 
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
11

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Allowance for loan and lease losses, beginning of period $ 2,235  $ 2,304  $ 2,280  $ 2,255  $ 2,208 
Loan and lease charge-offs (129) (129) (145) (128) (132)
Recoveries of loans and leases previously charged-off 32  36  55  36  38 
Net loan and lease charge-offs (97) (93) (90) (92) (94)
Provision for loan and lease losses 106  24  114  117  141 
Allowance for loan and lease losses, end of period 2,244  2,235  2,304  2,280  2,255 
Allowance for unfunded lending commitments, beginning of period 201  119  135  145  160 
Provision for unfunded lending commitments 1  82  (16) (10) (15)
Allowance for unfunded lending commitments, end of period 202  201  119  135  145 
Total allowance for credit losses, end of period $ 2,446  $ 2,436  $ 2,423  $ 2,415  $ 2,400 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.73  % 1.77  % 1.85  % 1.86  % 1.85  %
Nonaccrual loans and leases (NALs) 286  303  314  318  338 
Nonperforming assets (NPAs) 273  285  296  309  317 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.88  % 1.93  % 1.95  % 1.97  % 1.97  %
Nonaccrual loans and leases (NALs) 312  330  331  337  360 
Nonperforming assets (NPAs) 297  311  311  327  337 

December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 947  $ 937  $ 995  $ 974  $ 993 
Commercial real estate 473  510  542  564  522 
Lease financing 64  51  50  51  48 
Total commercial 1,484  1,498  1,587  1,589  1,563 
Consumer
Residential mortgage 205  193  199  163  188 
Automobile 145  138  127  146  142 
Home equity 148  149  142  137  114 
RV and marine
 150  150  146  148  148 
Other consumer 112  107  103  97  100 
Total consumer 760  737  717  691  692 
Total allowance for loan and lease losses 2,244  2,235  2,304  2,280  2,255 
Allowance for unfunded lending commitments 202  201  119  135  145 
Total allowance for credit losses $ 2,446  $ 2,436  $ 2,423  $ 2,415  $ 2,400 


12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 52  $ 51  $ 21  $ 42  $ 39 
Commercial real estate (2) 5  36  13  21 
Lease financing 1  (2) —  —  (3)
Total commercial 51  54  57  55  57 
Consumer:
Residential mortgage —  —  1  —  — 
Automobile 12  8  6  9  9 
Home equity —  (1) —  —  — 
RV and marine
 7  6  4  5  5 
Other consumer 27  26  22  23  23 
Total consumer 46  39  33  37  37 
Total net charge-offs $ 97  $ 93  $ 90  $ 92  $ 94 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
2024 2024 2024 2024 2023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.39  % 0.39  % 0.16  % 0.33  % 0.32  %
Commercial real estate (0.08) 0.17  1.19  0.41  0.65 
Lease financing 0.06  (0.18) 0.02  0.01  (0.24)
Total commercial 0.29  0.31  0.33  0.32  0.34 
Consumer:
Residential mortgage 0.01  —  0.01  —  0.01 
Automobile 0.32  0.24  0.20  0.27  0.27 
Home equity (0.02) (0.02) (0.01) 0.01  0.01 
RV and marine
 0.43  0.37  0.25  0.36  0.34 
Other consumer 6.51  6.38  5.98  6.39  6.48 
Total consumer 0.32  0.28  0.24  0.28  0.28 
Net charge-offs as a % of average loans and leases 0.30  % 0.30  % 0.29  % 0.30  % 0.31  %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 457  $ 408  $ 346  $ 376  $ 344 
Commercial real estate 118  132  194  154  140 
Lease financing 10  9  13  10  14 
Residential mortgage 83  82  80  75  72 
Automobile 6  5  4  4  4 
Home equity 107  100  95  96  91 
RV and marine
 2  2  1  1  2 
Total nonaccrual loans and leases 783  738  733  716  667 
Other real estate, net 8  8  10  10  10 
Other NPAs (1) 31  38  37  12  34 
Total nonperforming assets $ 822  $ 784  $ 780  $ 738  $ 711 
Nonaccrual loans and leases as a % of total loans and leases 0.60  % 0.58  % 0.59  % 0.58  % 0.55  %
NPA ratio (2) 0.63  0.62  0.63  0.60  0.58 
(NPA+90days)/(Loan+OREO) (3) 0.82  0.80  0.77  0.75  0.74 
Three Months Ended
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Nonperforming assets, beginning of period $ 784  $ 780  $ 738  $ 711  $ 634 
New nonperforming assets 271  254  316  263  300 
Returns to accruing status (46) (55) (55) (68) (47)
Charge-offs (37) (53) (82) (64) (73)
Payments (146) (139) (135) (102) (98)
Sales (4) (3) (2) (2) (5)
Nonperforming assets, end of period $ 822  $ 784  $ 780  $ 738  $ 711 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

14

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Accruing loans and leases past due 90+ days:
Commercial and industrial $ 3  $ 6  $ 1  $ 1  $ 1 
Lease financing 11  16  4  3  4 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 34  28  22  26  27 
Automobile 12  10  8  8  9 
Home equity 20  20  18  17  22 
RV and marine
 4  3  3  2  3 
Other consumer 4  5  3  4  4 
Total, excl. loans guaranteed by the U.S. Government 88  88  59  61  70 
Add: loans guaranteed by U.S. Government 151  136  116  122  119 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 239  $ 224  $ 175  $ 183  $ 189 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.07  % 0.07  % 0.05  % 0.05  % 0.06  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.12  0.11  0.09  0.10  0.10 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.18  0.18  0.14  0.15  0.15 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 19,740  $ 20,606  $ 19,515  $ 19,322  $ 19,353 
Regulatory capital adjustments:
CECL transitional amount (2) 109  109  109  109  219 
Shareholders’ preferred equity and related surplus (1,999) (2,404) (2,404) (2,404) (2,404)
Accumulated other comprehensive loss 2,866  2,104  2,911  2,879  2,676 
Goodwill and other intangibles, net of taxes (5,534) (5,546) (5,561) (5,575) (5,591)
Deferred tax assets from tax loss and credit carryforwards (55) (66) (49) (48) (41)
Common equity tier 1 capital 15,127  14,803  14,521  14,283  14,212 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 1,999  2,404  2,404  2,404  2,404 
Tier 1 capital 17,126  17,207  16,925  16,687  16,616 
Long-term debt and other tier 2 qualifying instruments 1,641  1,119  1,278  1,279  1,306 
Qualifying allowance for loan and lease losses 1,798  1,784  1,743  1,747  1,735 
Tier 2 capital 3,439  2,903  3,021  3,026  3,041 
Total risk-based capital $ 20,565  $ 20,110  $ 19,946  $ 19,713  $ 19,657 
Risk-weighted assets (RWA)(1) $ 143,664  $ 142,543  $ 139,374  $ 139,622  $ 138,706 
Common equity tier 1 risk-based capital ratio (1) 10.5  % 10.4  % 10.4  % 10.2  % 10.2  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 8.6  8.8  8.8  8.9  9.3 
Tier 1 risk-based capital ratio (1) 11.9  12.1  12.1  12.0  12.0 
Total risk-based capital ratio (1) 14.3  14.1  14.3  14.1  14.2 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 8.4  8.8  8.2  8.1  8.1 
Reconciliation of Non-GAAP Measure (3)
Common equity tier 1 (CET1) capital (A) $ 15,127  $ 14,803  $ 14,521  $ 14,283  $ 14,212 
Add: Accumulated other comprehensive income (loss) (AOCI) (2,866) (2,104) (2,911) (2,879) (2,676)
Less: AOCI cash flow hedge (267) (39) (399) (436) (363)
Adjusted common equity tier 1 (B) 12,528  12,738  12,009  11,840  11,899 
Risk weighted assets (C) 143,664  142,543  139,374  139,622  138,706 
CET1 ratio (A/C) 10.5  % 10.4  % 10.4  % 10.2  % 10.2  %
Adjusted CET1 ratio (B/C) 8.7  8.9  8.6  8.5  8.6 
(1)December 31, 2024 figures are estimated.
(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized over the three-year transition period, with the cumulative CECL deferral fully phased in beginning January 1, 2025. As of December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024, 75% of the cumulative CECL deferral has been phased in. As of December 31, 2023, 50% of the cumulative CECL deferral has been phased in.
(3)Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following provides the comparable regulatory financial measure, as well as the reconciliation to the comparable regulatory financial measure.
16

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
December 31, September 30, June 30, March 31, December 31,
2024 2024 2024 2024 2023
Cash dividends declared per common share $ 0.155  $ 0.155  $ 0.155  $ 0.155  $ 0.155 
Common shares outstanding (in millions):
Average - basic 1,453  1,453  1,451  1,448  1,448 
Average - diluted 1,481  1,477  1,474  1,473  1,469 
Ending 1,454  1,453  1,452  1,449  1,448 
Tangible book value per common share (1) $ 8.33  $ 8.65  $ 7.89  $ 7.77  $ 7.79 

Non-regulatory capital
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2024 2024 2024 2024 2023
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 19,740  $ 20,606  $ 19,515  $ 19,322  $ 19,353 
Goodwill and other intangible assets (5,657) (5,669) (5,680) (5,692) (5,704)
Deferred tax liability on other intangible assets (1) 20  23  25  28  30 
Total tangible equity 14,103  14,960  13,860  13,658  13,679 
Preferred equity (1,989) (2,394) (2,394) (2,394) (2,394)
Total tangible common equity $ 12,114  $ 12,566  $ 11,466  $ 11,264  $ 11,285 
Total assets $ 204,230  $ 200,535  $ 196,310  $ 193,519  $ 189,368 
Goodwill and other intangible assets (5,657) (5,669) (5,680) (5,692) (5,704)
Deferred tax liability on other intangible assets (1) 20  23  25  28  30 
Total tangible assets $ 198,593  $ 194,889  $ 190,655  $ 187,855  $ 183,694 
Tangible equity / tangible asset ratio 7.1  % 7.7  % 7.3  % 7.3  % 7.4  %
Tangible common equity / tangible asset ratio 6.1  % 6.4  % 6.0  % 6.0  % 6.1  %
Other data:
Number of employees (Average full-time equivalent) 20,045  20,043  19,889  19,719  19,612 
Number of domestic full-service branches (2) 978  975  972  969  999 
ATM Count 1,577  1,585  1,603  1,606  1,630 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Bank offices.


17


Huntington Bancshares Incorporated
Consolidated Annual Average Balance Sheets
(Unaudited)
Annual Average Balances (1)
Change from 2023 Change from 2022
(dollar amounts in millions) 2024 Amount Percent 2023 Amount Percent 2022
Assets
Interest-earning deposits with banks $ 11,113  $ 1,804  19  % $ 9,309  $ 4,457  92  % $ 4,852 
Securities:
Trading account securities 265  188  244  77  45  141  32 
Available-for-sale securities:
Taxable 24,232  3,693  18  20,539  (1,455) (7) 21,994 
Tax-exempt 2,779  59  2  2,720  (122) (4) 2,842 
Total available-for-sale securities 27,011  3,752  16  23,259  (1,577) (6) 24,836 
Held-to-maturity securities - taxable 15,478  (1,029) (6) 16,507  (2) —  16,509 
Other securities 789  (144) (15) 933  88  10  845 
Total securities 43,543  2,767  7  40,776  (1,446) (3) 42,222 
Loans held for sale 597  43  8  554  (419) (43) 973 
Loans and leases:(2)
Commercial:
Commercial and industrial 52,426  2,786  6  49,640  4,278  9  45,362 
Commercial real estate:
Commercial 10,975  (841) (7) 11,816  43  —  11,773 
Construction 960  (364) (27) 1,324  (427) (24) 1,751 
Commercial real estate 11,935  (1,205) (9) 13,140  (384) (3) 13,524 
Lease financing 5,190  62  1  5,128  154  3  4,974 
Total commercial 69,551  1,643  2  67,908  4,048  6  63,860 
Consumer:
Residential mortgage 23,956  966  4  22,990  2,083  10  20,907 
Automobile 13,372  491  4  12,881  (573) (4) 13,454 
Home equity 10,088  (68) (1) 10,156  (253) (2) 10,409 
RV and marine 5,979  329  6  5,650  328  6  5,322 
Other consumer 1,557  195  14  1,362  48  4  1,314 
Total consumer 54,952  1,913  4  53,039  1,633  3  51,406 
Total loans and leases 124,503  3,556  3  120,947  5,681  5  115,266 
Total earning assets 179,756  8,170  5  171,586  8,273  5  163,313 
Cash and due from banks 1,397  (179) (11) 1,576  (90) (5) 1,666 
Goodwill and other intangible assets 5,680  (51) (1) 5,731  43  1  5,688 
All other assets
 9,427  764  9  8,663  562  7  8,101 
Total assets $ 196,260  $ 8,704  5  % $ 187,556  $ 8,788  5  % $ 178,768 
Liabilities and equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 40,401  $ 500  1  % $ 39,901  $ (1,878) (4) % $ 41,779 
Money market deposits 54,702  9,744  22  44,958  7,403  20  37,555 
Savings deposits
 15,141  (2,361) (13) 17,502  (3,117) (15) 20,619 
Time deposits
 15,343  4,301  39  11,042  7,657  226  3,385 
Total interest-bearing deposits 125,587  12,184  11  113,403  10,065  10  103,338 
Short-term borrowings 1,147  (1,934) (63) 3,081  596  24  2,485 
Long-term debt 15,224  1,900  14  13,324  4,600  53  8,724 
Total interest-bearing liabilities 141,958  12,150  9  129,808  15,261  13  114,547 
Demand deposits - noninterest-bearing 29,479  (4,506) (13) 33,985  (7,589) (18) 41,574 
All other liabilities 5,123  43  1  5,080  727  17  4,353 
Total Huntington shareholders’ equity 19,651  1,017  5  18,634  371  2  18,263 
Non-controlling interest 49  —  —  49  18  58  31 
Total Equity $ 19,700  $ 1,017  5  % $ 18,683  $ 389  2  % $ 18,294 
Total liabilities and equity $ 196,260  $ 8,704  5  % $ 187,556  $ 8,788  5  % $ 178,768 
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans.
18

Huntington Bancshares Incorporated
Consolidated Annual Net Interest Margin - Interest Income / Expense(1)(2)
(Unaudited)
Annual Interest Income / Expense
(dollar amounts in millions) 2024 2023 2022
Assets
Interest-earning deposits with banks $ 598  $ 492  $ 83 
Securities:
Trading account securities 13  4  1 
Available-for-sale securities:
Taxable 1,251  1,016  576 
Tax-exempt 141  132  94 
Total available-for-sale securities 1,392  1,148  670 
Held-to-maturity securities - taxable 385  401  351 
Other securities 42  53  27 
Total securities 1,832  1,606  1,049 
Loans held for sale 40  35  41 
Loans and leases:
Commercial:
Commercial and industrial 3,321  2,991  1,956 
Commercial real estate:
Commercial 821  865  520 
Construction 86  107  82 
Commercial real estate 907  972  602 
Lease Financing 336  289  251 
Total commercial 4,564  4,252  2,809 
Consumer:
Residential mortgage 943  825  661 
Automobile 726  561  472 
Home equity 780  760  532 
RV and marine
 310  271  227 
Other consumer 181  156  126 
Total consumer 2,940  2,573  2,018 
Total loans and leases 7,504  6,825  4,827 
Total earning assets $ 9,974  $ 8,958  $ 6,000 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 858  $ 703  $ 158 
Money market deposits 1,994  1,365  187 
Savings deposits
 15  3  3 
Time deposits
 705  426  15 
Total interest-bearing deposits 3,572  2,497  363 
Short-term borrowings 69  179  46 
Long-term debt 935  801  287 
Total interest-bearing liabilities 4,576  3,477  696 
Net interest income $ 5,398  $ 5,481  $ 5,304 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.


19

Huntington Bancshares Incorporated
Consolidated Annual Net Interest Margin - Yield
(Unaudited)
Annual Average Rates
Fully-taxable equivalent basis(1) 2024 2023 2022
Assets
Interest-earning deposits with banks 5.38  % 5.30  % 1.70  %
Securities:
Trading account securities 5.04  5.14  4.14 
Available-for-sale securities:
Taxable 5.16  4.95  2.62 
Tax-exempt 5.08  4.84  3.32 
Total available-for-sale securities 5.15  4.93  2.70 
Held-to-maturity securities - taxable 2.49  2.43  2.13 
Other securities 5.33  5.70  3.16 
Total securities 4.21  3.94  2.48 
Loans held for sale 6.63  6.34  4.24 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.33  6.03  4.31 
Commercial real estate:
Commercial 7.48  7.32  4.41 
Construction 9.01  8.12  4.71 
Commercial real estate 7.60  7.40  4.45 
Lease financing 6.47  5.63  5.04 
Total commercial 6.56  6.26  4.40 
Consumer:
Residential mortgage 3.94  3.59  3.16 
Automobile 5.43  4.36  3.51 
Home equity 7.73  7.48  5.11 
RV and marine
 5.19  4.79  4.26 
Other consumer 11.61  11.53  9.51 
Total consumer 5.35  4.85  3.92 
Total loans and leases 6.03  5.64  4.19 
Total earning assets 5.55  5.22  3.67 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing 2.12  % 1.76  % 0.38  %
Money market deposits 3.64  3.04  0.50 
Savings deposits
 0.10  0.02  0.01 
Time deposits
 4.60  3.86  0.45 
Total interest-bearing deposits 2.84  2.20  0.35 
Short-term borrowings 5.99  5.81  1.86 
Long-term debt 6.14  6.01  3.29 
Total interest bearing liabilities 3.22  2.68  0.61 
Net interest rate spread 2.33  2.54  3.06 
Impact of noninterest-bearing funds on margin 0.67  0.65  0.19 
Net interest margin 3.00  % 3.19  % 3.25  %
Additional Information:
Commercial Loan Derivative Impact
Commercial loans (2)(3) 7.23  % 6.95  % 4.45  %
Impact of commercial loan derivatives (0.67) (0.69) (0.05)
Total commercial - as reported 6.56  % 6.26  % 4.40  %
Average SOFR 5.15  % 5.00  % 1.63  %
Total cost of deposits (4)
 2.30  % 1.69  % 0.25  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(4)Includes noninterest-bearing and interest-bearing deposit balances.

20

Huntington Bancshares Incorporated
Selected Annual Income Statement Data (1)
(Unaudited)
Year Ended December 31,
(dollar amounts in millions, except per share data) Change Change
2024 Amount Percent 2023 Amount Percent 2022
Interest income $ 9,921  $ 1,005  11  % $ 8,916  $ 2,947  49  % $ 5,969 
Interest expense 4,576  1,099  32  3,477  2,781  400 696 
Net interest income 5,345  (94) (2) 5,439  166  3  5,273 
Provision for credit losses 420  18  4  402  113  39  289 
Net interest income after provision for credit losses 4,925  (112) (2) 5,037  53  1  4,984 
Payments and cash management revenue 620  35  6  585  24  4  561 
Wealth and asset management revenue 364  36  11  328  28  9  300 
Customer deposit and loan fees 334  22  7  312  (38) (11) 350 
Capital markets and advisory fees 327  79  32  248  (17) (6) 265 
Mortgage banking income 130  21  19  109  (35) (24) 144 
Leasing revenue 79  (33) (29) 112  (14) (11) 126 
Insurance income 77  3  4  74  (5) (6) 79 
Net gains (losses) on sales of securities (21) (14) NM (7) (7) NM — 
Other noninterest income 130  (30) (19) 160  4  3  156 
Total noninterest income 2,040  119  6  1,921  (60) (3) 1,981 
Personnel costs 2,701  172  7  2,529  128  5  2,401 
Outside data processing and other services 665  60  10  605  (5) (1) 610 
Equipment 267  4  2  263  (6) (2) 269 
Net occupancy 221  (25) (10) 246  —  —  246 
Marketing 116  1  1  115  24  26  91 
Deposit and other insurance expense 114  (188) (62) 302  235  NM 67 
Professional services 99  —  —  99  22  29  77 
Amortization of intangibles 47  (3) (6) 50  (3) (6) 53 
Lease financing equipment depreciation 15  (12) (44) 27  (18) (40) 45 
Other noninterest expense 317  (21) (6) 338  (4) (1) 342 
Total noninterest expense 4,562  (12) —  4,574  373  9  4,201 
Income before income taxes 2,403  19  1  2,384  (380) (14) 2,764 
Provision for income taxes 443  30  7  413  (102) (20) 515 
Income after income taxes 1,960  (11) (1) 1,971  (278) (12) 2,249 
Income attributable to non-controlling interest 20  —  —  20  9  82  11 
Net income attributable to Huntington 1,940  (11) (1) 1,951  (287) (13) 2,238 
Dividends on preferred shares 134  (8) (6) 142  29  26  113 
Impact of preferred stock redemptions and repurchases
 5  13  NM (8) (8) NM — 
Net income applicable to common shares $ 1,801  $ (16) (1) % $ 1,817  $ (308) (14) % $ 2,125 
Average common shares - basic 1,451  5  —  % 1,446  5  —  % 1,441 
Average common shares - diluted 1,476  8  1  1,468  3  —  1,465 
Per common share
Net income - basic $ 1.24  $ (0.02) (2) $ 1.26  $ (0.21) (14) $ 1.47 
Net income - diluted 1.22  (0.02) (2) 1.24  (0.21) (14) 1.45 
Cash dividends declared 0.62  —  —  0.62  —  —  0.620 
Revenue - fully taxable equivalent (FTE)
Net interest income $ 5,345  $ (94) (2) $ 5,439  $ 166  3  $ 5,273 
FTE adjustment (2) 53  11  26  42  11  35  31 
Net interest income 5,398  (83) (2) 5,481  177  3  5,304 
Noninterest income 2,040  119  6  1,921  (60) (3) 1,981 
Total revenue (2) $ 7,438  $ 36  —  % $ 7,402  $ 117  2  % $ 7,285 
NM - Not Meaningful
(1)During the 2023 fourth quarter, our noninterest income categories were updated to be based on product and service type. A description of each updated noninterest income category is included within the Notes to this Quarterly Financial Supplement. All prior period results have been adjusted to conform to the current presentation.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

21

Huntington Bancshares Incorporated
Annual Mortgage Banking Noninterest Income
(Unaudited)
Year Ended December 31,
(dollar amounts in millions) 2024 2023 2022
Net origination and secondary marketing income $ 83  $ 69  $ 105 
Net mortgage servicing income
          Loan servicing income 101  94  88 
          Amortization of capitalized servicing (55) (48) (56)
     Operating income 46  46  32 
          MSR valuation adjustment (1) 59  7  114 
          Gains (losses) due to MSR hedging (59) (10) (109)
     Net MSR risk management —  (3) 5 
Total net mortgage servicing income (expense) $ 46  $ 43  $ 37 
All other 1  (3) 2 
Mortgage banking income $ 130  $ 109  $ 144 
Mortgage origination volume $ 7,416  $ 7,602  $ 10,457 
Mortgage origination volume for sale 4,439  4,205  5,010 
Third party mortgage loans serviced (2) $ 33,696  $ 33,237  $ 32,354 
Mortgage servicing rights (2) 573  515  494 
MSR % of investor servicing portfolio 1.70  % 1.55  % 1.53  %
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.

22

Huntington Bancshares Incorporated
Annual Credit Reserves Analysis
(Unaudited)
Year Ended December 31,
(dollar amounts in millions) 2024 2023 2022
Allowance for loan and lease losses, beginning of period $ 2,255  $ 2,121  $ 2,030 
Loan and lease charge-offs
 (531) (454) (313)
Recoveries of loans and leases previously charged off 159  181  192 
Net loan and lease charge-offs (372) (273) (121)
Provision for loan and lease losses 361  407  212 
Allowance for loan and lease losses, end of period 2,244  2,255  2,121 
Allowance for unfunded lending commitments, beginning of period 145  150  77 
Provision for (reduction in) unfunded lending commitments 57  (5) 73 
Allowance for unfunded lending commitments, end of period 202  145  150 
Total allowance for credit losses, end of period $ 2,446  $ 2,400  $ 2,271 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.73  % 1.85  % 1.77  %
Nonaccrual loans and leases (NALs) 286  338  373 
Nonperforming assets (NPAs) 273  317  357 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.88  % 1.97  % 1.90  %
Nonaccrual loans and leases (NALs) 312  360  400 
Nonperforming assets (NPAs) 297  337  382 
Year Ended December 31,
(dollar amounts in millions) 2024 2023 2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 947  $ 993  $ 939 
Commercial real estate 473  522  433 
Lease financing 64  48  52 
Total commercial 1,484  1,563  1,424 
Consumer
Residential mortgage 205  188  187 
Automobile 145  142  141 
Home equity 148  114  105 
RV and marine
 150  148  143 
Other consumer 112  100  121 
Total consumer 760  692  697 
Total allowance for loan and lease losses 2,244  2,255  2,121 
Allowance for unfunded lending commitments 202  145  150 
Total allowance for credit losses $ 2,446  $ 2,400  $ 2,271 

23

Huntington Bancshares Incorporated
Annual Net Charge-Off Analysis
(Unaudited)
Year Ended December 31,
(dollar amounts in millions) 2024 2023 2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 166  $ 107  $ (2)
Commercial real estate 52  57  8 
Lease financing (1) (6) 9 
Total commercial 217  158  15 
Consumer:
Residential mortgage 1  2  (2)
Automobile 35  21  6 
Home equity (1) (1) (5)
RV and marine
 22  12  8 
Other consumer 98  81  99 
Total consumer 155  115  106 
Total net charge-offs $ 372  $ 273  $ 121 
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.32  % 0.22  % —  %
Commercial real estate 0.43  0.43  0.06 
Lease financing (0.03) (0.12) 0.18 
Total commercial 0.31  0.23  0.03 
Consumer:
Residential mortgage 0.01  0.01  (0.01)
Automobile 0.26  0.16  0.05 
Home equity (0.01) (0.01) (0.05)
RV and marine
 0.36  0.21  0.15 
Other consumer 6.32  6.03  7.55 
Total consumer 0.28  0.22  0.21 
Net charge-offs as a % of average loans 0.30  % 0.23  % 0.11  %


24

Huntington Bancshares Incorporated
Annual Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
December 31,
(dollar amounts in millions) 2024 2023 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 457  $ 344  $ 288 
Commercial real estate 118  140  92 
Lease financing 10  14  18 
Residential mortgage 83  72  90 
Automobile 6  4  4 
Home equity 107  91  76 
RV and marine
 2  2  1 
Total nonaccrual loans and leases 783  667  569 
Other real estate, net
 8  10  11 
Other NPAs (1) 31  34  14 
Total nonperforming assets
 $ 822  $ 711  $ 594 
Nonaccrual loans and leases as a % of total loans and leases 0.60  % 0.55  % 0.48  %
NPA ratio (2)
 0.63  0.58  0.50 

December 31,
(dollar amounts in millions) 2024 2023 2022
Nonperforming assets, beginning of period $ 711  $ 594  $ 750 
New nonperforming assets 1,104  977  755 
Returns to accruing status (224) (177) (264)
Loan and lease losses (236) (231) (151)
Payments (522) (425) (485)
Sales and held-for-sale transfers (11) (27) (11)
Nonperforming assets, end of period
 $ 822  $ 711  $ 594 

(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.




25