Form: 8-K

Current report

April 17, 2025

Documents


Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2025
Table of Contents


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.
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) March 31, December 31, March 31, Percent Changes vs.
2025 2024 2024 4Q24 1Q24
Net interest income (1) $ 1,441  $ 1,409  $ 1,300  2  % 11  %
FTE adjustment (15) (14) (13) (7) (15)
Net interest income 1,426  1,395  1,287  2  11 
Provision for credit losses 115  107  107  7  7 
Noninterest income 494  559  467  (12) 6 
Noninterest expense 1,152  1,178  1,137  (2) 1 
Income before income taxes 653  669  510  (2) 28 
Provision for income taxes
 122  135  86  (10) 42 
Income after income taxes 531  534  424  (1) 25 
Income attributable to non-controlling interest 4  4  5  —  (20)
Net income attributable to Huntington 527  530  419  (1) 26 
Dividends on preferred shares 27  27  36  —  (25)
Impact of preferred stock redemptions
 —  5  —  NM — 
Net income applicable to common shares $ 500  $ 498  $ 383  —  % 31  %
Net income per common share - diluted $ 0.34  $ 0.34  $ 0.26  —  % 31  %
Cash dividends declared per common share 0.155  0.155  0.155  —  — 
Tangible book value per common share at end of period 8.80  8.33  7.77  6  13 
Average common shares - basic 1,454  1,453  1,448  —  — 
Average common shares - diluted 1,482  1,481  1,473  —  1 
Ending common shares outstanding 1,457  1,454  1,449  —  1 
Return on average assets 1.04  % 1.05  % 0.89  %
Return on average common shareholders’ equity 11.3  11.0  9.2 
Return on average tangible common shareholders’ equity (2) 16.7  16.4  14.2 
Net interest margin (1) 3.10  3.03  3.01 
Efficiency ratio (3) 58.9  58.6  63.7 
Effective tax rate 18.6  20.1  16.8 
Average total assets $ 205,087  $ 201,815  $ 190,306  2  8 
Average earning assets 188,299  185,222  173,764  2  8 
Average loans and leases 130,862  128,158  121,930  2  7 
Average total deposits 161,600  159,405  150,728  1  7 
Average Huntington shareholders’ equity 19,997  20,013  19,213  —  4 
Average common shareholders' equity
 18,007  17,979  16,819  —  7 
Average tangible common shareholders' equity 12,375  12,338  11,151  —  11 
Total assets at end of period 209,596  204,230  193,519  3  8 
Total Huntington shareholders’ equity at end of period 20,434  19,740  19,322  4  6 
NCOs as a % of average loans and leases 0.26  % 0.30  % 0.30  %
NAL ratio 0.56  0.60  0.58 
NPA ratio (4)
 0.61  0.63  0.60 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period 1.71  1.73  1.86 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period 1.87  1.88  1.97 
Common equity tier 1 risk-based capital ratio (5)
 10.6  10.5  10.2 
Tangible common equity / tangible asset ratio (6)
 6.3  6.1  6.0 
NM - Not Meaningful
See Notes to the Quarterly Key Statistics.
1

Notes to the Quarterly Key Statistics
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(2)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(5)March 31, 2025 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.
2

Huntington Bancshares Incorporated
Consolidated Balance Sheets
March 31, December 31,
(dollar amounts in millions) 2025 2024 Percent Changes
(Unaudited)
Assets
Cash and due from banks $ 1,598  $ 1,685  (5) %
Interest-earning deposits with banks 14,330  11,647  23 
Trading account securities 477  53  NM
Available-for-sale securities 27,839  27,273  2 
Held-to-maturity securities 16,315  16,368  — 
Other securities 880  823  7 
Loans held for sale 580  654  (11)
Loans and leases (1) 132,505  130,042  2 
Allowance for loan and lease losses (2,263) (2,244) 1 
Net loans and leases 130,242  127,798  2 
Bank owned life insurance 2,799  2,793  — 
Accrued income and other receivables 1,716  2,190  (22)
Premises and equipment 1,085  1,066  2 
Goodwill 5,561  5,561  — 
Servicing rights and other intangible assets 656  677  (3)
Other assets 5,518  5,642  (2)
Total assets $ 209,596  $ 204,230  3  %
Liabilities and shareholders' equity
Liabilities
Deposits (2) $ 165,337  $ 162,448  2  %
Short-term borrowings 664  199  234 
Long-term debt 18,096  16,374  11 
Other liabilities 5,013  5,427  (8)
Total liabilities 189,110  184,448  3 
Shareholders' equity
Preferred stock 1,989  1,989  — 
Common stock 15  15  — 
Capital surplus 15,479  15,484  — 
Less treasury shares, at cost (90) (86) (5)
Accumulated other comprehensive income (loss) (2,433) (2,866) 15 
Retained earnings 5,474  5,204  5 
Total Huntington shareholders’ equity 20,434  19,740  4 
Non-controlling interest 52  42  24 
Total equity 20,486  19,782  4 
Total liabilities and equity $ 209,596  $ 204,230  3  %
Common shares authorized (par value of $0.01) 2,250,000,000  2,250,000,000 
Common shares outstanding 1,456,811,621  1,453,635,809 
Treasury shares outstanding 7,164,203  6,984,102 
Preferred stock, authorized shares 6,617,808  6,617,808 
Preferred shares outstanding 877,500  877,500 
(1)See page 4 for detail of loans and leases.
(2)See page 5 for detail of deposits.
3

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial $ 58,948  45  % $ 56,809  43  % $ 53,601  43  % $ 52,307  42  % $ 51,500  42  %
Commercial real estate:
Commercial 10,196  7  10,215  8  10,647  8  10,997  9  11,339  9 
Construction 772  1  863  1  896  1  936  1  1,003  1 
Commercial real estate 10,968  8  11,078  9  11,543  9  11,933  10  12,342  10 
Lease financing 5,451  4  5,454  4  5,342  4  5,202  4  5,133  4 
Total commercial 75,367  57  73,341  56  70,486  56  69,442  56  68,975  56 
Consumer:
Residential mortgage 24,369  19  24,242  19  24,100  19  24,069  19  23,744  20 
Automobile 14,877  11  14,564  11  14,003  11  13,233  11  12,662  10 
Home equity 10,130  8  10,142  8  10,129  8  10,076  8  10,047  8 
RV and marine
 5,939  4  5,982  5  6,042  5  6,042  5  5,887  5 
Other consumer 1,823  1  1,771  1  1,627  1  1,560  1  1,452  1 
Total consumer 57,138  43  56,701  44  55,901  44  54,980  44  53,792  44 
Total loans and leases $ 132,505  100  % $ 130,042  100  % $ 126,387  100  % $ 124,422  100  % $ 122,767  100  %
Ending balances by business segment:
Consumer & Regional Banking $ 72,653  55  % $ 72,051  56  % $ 70,742  56  % $ 69,328  56  % $ 67,512  55  %
Commercial Banking 59,726  45  57,858  44  55,441  44  54,941  44  54,994  45 
Treasury / Other 126  —  133  —  204  —  153  —  261  — 
Total loans and leases $ 132,505  100  % $ 130,042  100  % $ 126,387  100  % $ 124,422  100  % $ 122,767  100  %
Average balances by business segment:
Consumer & Regional Banking $ 72,043  55  % $ 71,390  56  % $ 69,759  56  % $ 68,405  56  % $ 67,136  55  %
Commercial Banking 58,588  45  56,492  44  54,464  44  54,748  44  54,584  45 
Treasury / Other 231  —  276  —  284  —  223  —  210  — 
Total loans and leases $ 130,862  100  % $ 128,158  100  % $ 124,507  100  % $ 123,376  100  % $ 121,930  100  %

4

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Ending balances by type:
Total deposits
Demand deposits - noninterest-bearing $ 30,217  18  % $ 29,345  18  % $ 29,047  18  % $ 28,636  19  % $ 29,739  19  %
Demand deposits - interest-bearing 44,992  28  43,378  27  42,292  27  40,943  27  39,200  26 
Money market deposits 61,608  37  60,730  37  56,434  36  54,469  35  52,897  35 
Savings deposits 15,179  9  14,723  9  14,679  9  15,201  10  15,752  10 
Time deposits 13,341  8  14,272  9  15,899  10  15,118  9  15,637  10 
Total deposits $ 165,337  100  % $ 162,448  100  % $ 158,351  100  % $ 154,367  100  % $ 153,225  100  %
Ending balances by business segment:
Consumer & Regional Banking $ 112,972  68  % $ 111,390  69  % $ 110,107  70  % $ 110,913  72  % $ 112,032  73  %
Commercial Banking 44,090  27  43,366  26  41,597  26  38,110  25  35,619  23 
Treasury / Other 8,275  5  7,692  5  6,647  4  5,344  3  5,574  4 
Total deposits $ 165,337  100  % $ 162,448  100  % $ 158,351  100  % $ 154,367  100  % $ 153,225  100  %
Average balances by business segment:
Consumer & Regional Banking $ 110,974  69  % $ 110,750  70  % $ 109,884  70  % $ 110,819  72  % $ 109,263  73  %
Commercial Banking 42,714  26  41,741  26  40,153  26  36,765  24  35,656  23 
Treasury / Other 7,912  5  6,914  4  6,451  4  5,994  4  5,809  4 
Total deposits $ 161,600  100  % $ 159,405  100  % $ 156,488  100  % $ 153,578  100  % $ 150,728  100  %



5

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
March 31, December 31, September 30, June 30, March 31, Percent Changes vs.
(dollar amounts in millions) 2025 2024 2024 2024 2024 4Q24 1Q24
Assets
Interest-earning deposits with banks $ 11,632  $ 11,027  $ 12,532  $ 11,116  $ 9,761  5  % 19  %
Securities:
Trading account securities 487  645  136  143  133  (24) NM
Available-for-sale securities:
Taxable 24,245  24,778  25,434  24,184  22,515  (2) 8 
Tax-exempt 3,254  3,056  2,699  2,684  2,676  6  22 
Total available-for-sale securities 27,499  27,834  28,133  26,868  25,191  (1) 9 
Held-to-maturity securities - taxable 16,358  16,053  15,078  15,211  15,567  2  5 
Other securities 877  824  829  776  724  6  21 
Total securities 45,221  45,356  44,176  42,998  41,615  —  9 
Loans held for sale 584  681  676  572  458  (14) 28 
Loans and leases: (2)
Commercial:
Commercial and industrial 57,555  55,136  52,194  51,724  50,625  4  14 
Commercial real estate:
Commercial 10,206  10,461  10,835  11,247  11,365  (2) (10)
Construction 815  818  909  916  1,198  —  (32)
Commercial real estate 11,021  11,279  11,744  12,163  12,563  (2) (12)
Lease financing 5,476  5,424  5,180  5,071  5,081  1  8 
Total commercial 74,052  71,839  69,118  68,958  68,269  3  8 
Consumer:
Residential mortgage 24,299  24,127  24,074  23,909  23,710  1  2 
Automobile 14,665  14,350  13,584  12,989  12,553  2  17 
Home equity 10,123  10,134  10,089  10,056  10,072  —  1 
RV and marine
 5,951  6,009  6,046  5,966  5,892  (1) 1 
Other consumer 1,772  1,699  1,596  1,498  1,434  4  24 
Total consumer 56,810  56,319  55,389  54,418  53,661  1  6 
Total loans and leases 130,862  128,158  124,507  123,376  121,930  2  7 
Total earning assets 188,299  185,222  181,891  178,062  173,764  2  8 
Cash and due from banks 1,404  1,348  1,407  1,340  1,493  4  (6)
Goodwill and other intangible assets 5,651  5,662  5,674  5,685  5,697  —  (1)
All other assets
 $ 9,733  $ 9,583  $ 9,306  $ 9,471  $ 9,352  2  4 
Total assets $ 205,087  $ 201,815  $ 198,278  $ 194,558  $ 190,306  2  % 8  %
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing $ 43,582  $ 41,802  $ 41,850  $ 39,431  $ 38,488  4  % 13  %
Money market deposits 60,213  58,297  55,599  53,553  51,310  3  17 
Savings deposits
 14,866  14,648  14,891  15,408  15,625  1  (5)
Time deposits
 13,993  15,076  15,348  15,556  15,395  (7) (9)
Total interest-bearing deposits 132,654  129,823  127,688  123,948  120,818  2  10 
Short-term borrowings 1,439  1,249  826  1,214  1,300  15  11 
Long-term debt 16,901  16,081  15,878  15,146  13,777  5  23 
Total interest-bearing liabilities 150,994  147,153  144,392  140,308  135,895  3  11 
Demand deposits - noninterest-bearing 28,946  29,582  28,800  29,630  29,910  (2) (3)
All other liabilities 5,102  5,020  4,925  5,314  5,239  2  (3)
Total liabilities 185,042  181,755  178,117  175,252  171,044  2  8 
Total Huntington shareholders’ equity 19,997  20,013  20,113  19,254  19,213  —  4 
Non-controlling interest 48  47  48  52  49  2  (2)
Total equity 20,045  20,060  20,161  19,306  19,262  —  4 
Total liabilities and equity $ 205,087  $ 201,815  $ 198,278  $ 194,558  $ 190,306  2  % 8  %
(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.
6

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Assets
Interest-earning deposits with banks $ 129  $ 136  $ 174  $ 154  $ 134 
Securities:
Trading account securities 4  8  1  2  2 
Available-for-sale securities:
Taxable 287  302  331  322  296 
Tax-exempt 42  38  35  34  34 
Total available-for-sale securities 329  340  366  356  330 
Held-to-maturity securities - taxable 108  104  93  93  95 
Other securities 12  12  11  10  9 
Total securities 453  464  471  461  436 
Loans held for sale 9  11  12  10  7 
Loans and leases:
Commercial:
Commercial and industrial 873  851  840  829  801 
Commercial real estate:
Commercial 170  185  207  214  215 
Construction 15  22  20  19  25 
Commercial real estate 185  207  227  233  240 
Lease financing 89  89  86  82  79 
Total commercial 1,147  1,147  1,153  1,144  1,120 
Consumer:
Residential mortgage 250  243  241  232  227 
Automobile 207  205  191  172  158 
Home equity 183  190  199  196  195 
RV and marine
 78  81  79  76  74 
Other consumer 48  47  48  44  42 
Total consumer 766  766  758  720  696 
Total loans and leases 1,913  1,913  1,911  1,864  1,816 
Total earning assets $ 2,504  $ 2,524  $ 2,568  $ 2,489  $ 2,393 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing $ 205  $ 209  $ 239  $ 210  $ 200 
Money market deposits 458  479  521  513  481 
Savings deposits
 7  6  4  3  2 
Time deposits
 140  169  181  181  174 
Total interest-bearing deposits 810  863  945  907  857 
Short-term borrowings 14  17  14  19  19 
Long-term debt 239  235  245  238  217 
Total interest-bearing liabilities 1,063  1,115  1,204  1,164  1,093 
Net interest income $ 1,441  $ 1,409  $ 1,364  $ 1,325  $ 1,300 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.


7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
March 31, December 31, September 30, June 30, March 31,
Fully-taxable equivalent basis (1) 2025 2024 2024 2024 2024
Assets
Interest-earning deposits with banks 4.45  % 4.92  % 5.55  % 5.55  % 5.50  %
Securities:
Trading account securities 3.67  5.39  3.28  5.10  5.15 
Available-for-sale securities:
Taxable 4.73  4.87  5.21  5.33  5.26 
Tax-exempt 5.22  5.00  5.23  5.07  5.05 
Total available-for-sale securities 4.79  4.89  5.21  5.30  5.24 
Held-to-maturity securities - taxable 2.64  2.59  2.47  2.44  2.44 
Other securities 5.28  6.01  4.86  5.21  5.23 
Total securities 4.01  4.10  4.26  4.29  4.19 
Loans held for sale 6.48  6.28  6.92  6.81  6.51 
Loans and leases: (2)
Commercial:
Commercial and industrial 6.07  6.05  6.31  6.33  6.26 
Commercial real estate:
Commercial 6.66  6.91  7.47  7.53  7.49 
Construction 7.47  10.64  8.52  8.41  8.23 
Commercial real estate 6.72  7.18  7.55  7.60  7.56 
Lease financing 6.49  6.38  6.51  6.41  6.13 
Total commercial 6.19  6.25  6.53  6.56  6.49 
Consumer:
Residential mortgage 4.11  4.03  4.00  3.89  3.83 
Automobile 5.71  5.70  5.59  5.34  5.05 
Home equity 7.33  7.42  7.86  7.86  7.77 
RV and marine
 5.34  5.35  5.24  5.11  5.04 
Other consumer 11.01  11.18  11.69  11.75  11.91 
Total consumer 5.44  5.42  5.45  5.32  5.20 
Total loans and leases 5.87  5.89  6.05  6.01  5.92 
Total earning assets 5.39  5.42  5.62  5.62  5.54 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing 1.91  1.99  2.28  2.13  2.09 
Money market deposits 3.08  3.27  3.73  3.85  3.77 
Savings deposits
 0.20  0.16  0.12  0.09  0.04 
Time deposits
 4.06  4.47  4.66  4.70  4.55 
Total interest-bearing deposits 2.48  2.65  2.94  2.94  2.85 
Short-term borrowings 3.87  5.37  6.52  6.31  5.95 
Long-term debt 5.68  5.83  6.19  6.28  6.30 
Total interest-bearing liabilities 2.86  3.01  3.32  3.34  3.23 
Net interest rate spread 2.53  2.41  2.30  2.28  2.31 
Impact of noninterest-bearing funds on margin 0.57  0.62  0.68  0.71  0.70 
Net interest margin 3.10  % 3.03  % 2.98  % 2.99  % 3.01  %
Additional information:
Commercial Loan Derivative Impact
Commercial loans (2)(3)
 6.57  % 6.77  % 7.21  % 7.29  % 7.22  %
Impact of commercial loan derivatives (0.38) (0.52) (0.68) (0.73) (0.73)
Total commercial - as reported 6.19  % 6.25  % 6.53  % 6.56  % 6.49  %
Average SOFR 4.33  % 4.68  % 5.28  % 5.32  % 5.32  %
Total cost of deposits (4)
 2.03  % 2.16  % 2.40  % 2.38  % 2.29  %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)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.
8

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data) March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
Interest income
 $ 2,489  $ 2,510  $ 2,555  $ 2,476  $ 2,380 
Interest expense
 1,063  1,115  1,204  1,164  1,093 
Net interest income 1,426  1,395  1,351  1,312  1,287 
Provision for credit losses 115  107  106  100  107 
Net interest income after provision for credit losses 1,311  1,288  1,245  1,212  1,180 
Payments and cash management revenue 155  162  158  154  146 
Wealth and asset management revenue 101  93  93  90  88 
Customer deposit and loan fees 86  88  86  83  77 
Capital markets and advisory fees 67  120  78  73  56 
Mortgage banking income 31  31  38  30  31 
Leasing revenue 14  19  19  19  22 
Insurance income 20  22  18  18  19 
Net gains (losses) on sales of securities —  (21) —  —  — 
Other noninterest income 20  45  33  24  28 
Total noninterest income
 494  559  523  491  467 
Personnel costs 671  715  684  663  639 
Outside data processing and other services 170  167  167  165  166 
Equipment 67  70  65  62  70 
Net occupancy 65  56  57  51  57 
Marketing 29  28  33  27  28 
Deposit and other insurance expense 37  20  15  25  54 
Professional services 22  27  21  26  25 
Amortization of intangibles 11  12  11  12  12 
Lease financing equipment depreciation 4  3  4  4  4 
Other noninterest expense 76  80  73  82  82 
Total noninterest expense
 1,152  1,178  1,130  1,117  1,137 
Income before income taxes 653  669  638  586  510 
Provision for income taxes
 122  135  116  106  86 
Income after income taxes 531  534  522  480  424 
Income attributable to non-controlling interest 4  4  5  6  5 
Net income attributable to Huntington 527  530  517  474  419 
Dividends on preferred shares 27  27  36  35  36 
Impact of preferred stock redemptions
 —  5  —  —  — 
Net income applicable to common shares $ 500  $ 498  $ 481  $ 439  $ 383 
Average common shares - basic
 1,454  1,453  1,453  1,451  1,448 
Average common shares - diluted
1,482  1,481  1,477  1,474  1,473 
Per common share
Net income - basic $ 0.34  $ 0.34  $ 0.33  $ 0.30  $ 0.26 
Net income - diluted 0.34  0.34  0.33  0.30  0.26 
Cash dividends declared
 0.155  0.155  0.155  0.155  0.155 
Revenue - fully-taxable equivalent (FTE)
Net interest income $ 1,426  $ 1,395  $ 1,351  $ 1,312  $ 1,287 
FTE adjustment 15  14  13  13  13 
Net interest income (1) 1,441  1,409  1,364  1,325  1,300 
Noninterest income 494  559  523  491  467 
Total revenue (1) $ 1,935  $ 1,968  $ 1,887  $ 1,816  $ 1,767 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
9

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31, Percent Changes vs.
(dollar amounts in millions)
 2025 2024 2024 2024 2024 4Q24 1Q24
Net origination and secondary marketing income $ 18  $ 25  $ 25  $ 17  $ 16  (28) % 13  %
Net mortgage servicing income
Loan servicing income
 26  26  25  25  25  —  4 
Amortization of capitalized servicing
 (13) (16) (14) (14) (11) 19  (18)
Operating income
 13  10  11  11  14  30  (7)
MSR valuation adjustment (1)
 (15) 53  (25) 11  20  (128) (175)
(Losses) gains due to MSR hedging
 15  (57) 27  (10) (19) 126  179 
Net MSR risk management
—  (4) 2  1  1  100  (100)
Total net mortgage servicing income 13  6  13  12  15  117  (13)
All other —  —  —  1  —  —  — 
Mortgage banking income $ 31  $ 31  $ 38  $ 30  $ 31  —  % —  %
Mortgage origination volume $ 1,599  $ 2,093  $ 1,883  $ 2,164  $ 1,276  (24) % 25  %
Mortgage origination volume for sale 938  1,220  1,194  1,191  834  (23) 12 
Third party mortgage loans serviced (2) $ 33,864  $ 33,696  $ 33,565  $ 33,404  $ 33,303  —  % 2  %
Mortgage servicing rights (2) 564  573  515  543  534  (2) 6 
MSR % of investor servicing portfolio (2) 1.66  % 1.70  % 1.53  % 1.63  % 1.60  % (2) 4 
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
10

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Allowance for loan and lease losses, beginning of period $ 2,244  $ 2,235  $ 2,304  $ 2,280  $ 2,255 
Loan and lease charge-offs (133) (129) (129) (145) (128)
Recoveries of loans and leases previously charged-off
 47  32  36  55  36 
Net loan and lease charge-offs (86) (97) (93) (90) (92)
Provision for loan and lease losses 105  106  24  114  117 
Allowance for loan and lease losses, end of period 2,263  2,244  2,235  2,304  2,280 
Allowance for unfunded lending commitments, beginning of period 202  201  119  135  145 
Provision for unfunded lending commitments 13  1  82  (16) (10)
Allowance for unfunded lending commitments, end of period 215  202  201  119  135 
Total allowance for credit losses, end of period $ 2,478  $ 2,446  $ 2,436  $ 2,423  $ 2,415 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases 1.71  % 1.73  % 1.77  % 1.85  % 1.86  %
Nonaccrual loans and leases (NALs) 302  286  303  314  318 
Nonperforming assets (NPAs) 281  273  285  296  309 
Total allowance for credit losses (ACL) as % of:
Total loans and leases 1.87  % 1.88  % 1.93  % 1.95  % 1.97  %
Nonaccrual loans and leases (NALs) 331  312  330  331  337 
Nonperforming assets (NPAs) 308  297  311  311  327 

March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Allocation of allowance for credit losses
Commercial
Commercial and industrial $ 1,017  $ 947  $ 937  $ 995  $ 974 
Commercial real estate 443  473  510  542  564 
Lease financing 60  64  51  50  51 
Total commercial 1,520  1,484  1,498  1,587  1,589 
Consumer
Residential mortgage 199  205  193  199  163 
Automobile 150  145  138  127  146 
Home equity 140  148  149  142  137 
RV and marine
 146  150  150  146  148 
Other consumer 108  112  107  103  97 
Total consumer 743  760  737  717  691 
Total allowance for loan and lease losses 2,263  2,244  2,235  2,304  2,280 
Allowance for unfunded lending commitments 215  202  201  119  135 
Total allowance for credit losses $ 2,478  $ 2,446  $ 2,436  $ 2,423  $ 2,415 


11

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial $ 48  $ 52  $ 51  $ 21  $ 42 
Commercial real estate (8) (2) 5  36  13 
Lease financing 4  1  (2) —  — 
Total commercial 44  51  54  57  55 
Consumer:
Residential mortgage —  —  —  1  — 
Automobile 13  12  8  6  9 
Home equity —  —  (1) —  — 
RV and marine
 7  7  6  4  5 
Other consumer 22  27  26  22  23 
Total consumer 42  46  39  33  37 
Total net charge-offs $ 86  $ 97  $ 93  $ 90  $ 92 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial 0.33  % 0.39  % 0.39  % 0.16  % 0.33  %
Commercial real estate (0.26) (0.08) 0.17  1.19  0.41 
Lease financing 0.33  0.06  (0.18) 0.02  0.01 
Total commercial 0.24  0.29  0.31  0.33  0.32 
Consumer:
Residential mortgage —  0.01  —  0.01  — 
Automobile 0.35  0.32  0.24  0.20  0.27 
Home equity —  (0.02) (0.02) (0.01) 0.01 
RV and marine
 0.45  0.43  0.37  0.25  0.36 
Other consumer 4.89  6.51  6.38  5.98  6.39 
Total consumer 0.29  0.32  0.28  0.24  0.28 
Net charge-offs as a % of average loans and leases 0.26  % 0.30  % 0.30  % 0.29  % 0.30  %

12

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Nonaccrual loans and leases (NALs):
Commercial and industrial $ 413  $ 457  $ 408  $ 346  $ 376 
Commercial real estate 118  118  132  194  154 
Lease financing 11  10  9  13  10 
Residential mortgage 90  83  82  80  75 
Automobile 4  6  5  4  4 
Home equity 110  107  100  95  96 
RV and marine
 2  2  2  1  1 
Total nonaccrual loans and leases 748  783  738  733  716 
Other real estate, net 8  8  8  10  10 
Other NPAs (1) 48  31  38  37  12 
Total nonperforming assets $ 804  $ 822  $ 784  $ 780  $ 738 
Nonaccrual loans and leases as a % of total loans and leases 0.56  % 0.60  % 0.58  % 0.59  % 0.58  %
NPA ratio (2) 0.61  0.63  0.62  0.63  0.60 
(NPA+90days)/(Loan+OREO) (3) 0.77  0.82  0.80  0.77  0.75 
Three Months Ended
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Nonperforming assets, beginning of period $ 822  $ 784  $ 780  $ 738  $ 711 
New nonperforming assets 250  271  254  316  263 
Returns to accruing status (31) (46) (55) (55) (68)
Charge-offs (55) (37) (53) (82) (64)
Payments (178) (146) (139) (135) (102)
Sales (4) (4) (3) (2) (2)
Nonperforming assets, end of period $ 804  $ 822  $ 784  $ 780  $ 738 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

13

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
  March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Accruing loans and leases past due 90+ days:
Commercial and industrial $ 2  $ 3  $ 6  $ 1  $ 1 
Lease financing 8  11  16  4  3 
Residential mortgage (excluding loans guaranteed by the U.S. Government) 29  34  28  22  26 
Automobile 8  12  10  8  8 
Home equity 18  20  20  18  17 
RV and marine
 3  4  3  3  2 
Other consumer 4  4  5  3  4 
Total, excl. loans guaranteed by the U.S. Government 72  88  88  59  61 
Add: loans guaranteed by U.S. Government 148  151  136  116  122 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government $ 220  $ 239  $ 224  $ 175  $ 183 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.05  % 0.07  % 0.07  % 0.05  % 0.05  %
Guaranteed by U.S. Government, as a percent of total loans and leases 0.11  0.12  0.11  0.09  0.10 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases 0.17  0.18  0.18  0.14  0.15 

14

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity $ 20,434  $ 19,740  $ 20,606  $ 19,515  $ 19,322 
Regulatory capital adjustments:
CECL transitional amount (2) —  109  109  109  109 
Shareholders’ preferred equity and related surplus (1,999) (1,999) (2,404) (2,404) (2,404)
Accumulated other comprehensive loss 2,422  2,866  2,104  2,911  2,879 
Goodwill and other intangibles, net of taxes (5,520) (5,534) (5,546) (5,561) (5,575)
Deferred tax assets from tax loss and credit carryforwards (68) (55) (66) (49) (48)
Common equity tier 1 capital 15,269  15,127  14,803  14,521  14,283 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus 1,999  1,999  2,404  2,404  2,404 
Tier 1 capital 17,268  17,126  17,207  16,925  16,687 
Long-term debt and other tier 2 qualifying instruments 1,641  1,641  1,119  1,278  1,279 
Qualifying allowance for loan and lease losses 1,811  1,798  1,784  1,743  1,747 
Tier 2 capital 3,452  3,439  2,903  3,021  3,026 
Total risk-based capital $ 20,720  $ 20,565  $ 20,110  $ 19,946  $ 19,713 
Risk-weighted assets (RWA)(1) $ 144,632  $ 143,650  $ 142,543  $ 139,374  $ 139,622 
Common equity tier 1 risk-based capital ratio (1) 10.6  % 10.5  % 10.4  % 10.4  % 10.2  %
Other regulatory capital data:
Tier 1 leverage ratio (1) 8.5  8.6  8.8  8.8  8.9 
Tier 1 risk-based capital ratio (1) 11.9  11.9  12.1  12.1  12.0 
Total risk-based capital ratio (1) 14.3  14.3  14.1  14.3  14.1 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1) 8.9  8.4  8.8  8.2  8.1 
Reconciliation of Non-GAAP Measure (3)
Common equity tier 1 (CET1) capital (A) $ 15,269  $ 15,127  $ 14,803  $ 14,521  $ 14,283 
Add: Accumulated other comprehensive income (loss) (AOCI) (2,422) (2,866) (2,104) (2,911) (2,879)
Less: AOCI cash flow hedge (90) (267) (39) (399) (436)
Adjusted common equity tier 1 (B) 12,937  12,528  12,738  12,009  11,840 
Risk weighted assets (C) 144,632  143,650  142,543  139,374  139,622 
CET1 ratio (A/C) 10.6  % 10.5  % 10.4  % 10.4  % 10.2  %
Adjusted CET1 ratio (B/C) 8.9  8.7  8.9  8.6  8.5 
(1)March 31, 2025 figures are estimated.
(2)Huntington elected to temporarily delay certain effects of CECL on regulatory capital pursuant to a rule that allowed BHCs and banks to delay the impact of adopting CECL for two years, followed by a three-year transition period which began January 1, 2022. As of March 31, 2025, the impact of the CECL deferral was fully phased in, while 75% of the impact of the CECL deferral was phased in at December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024.
(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.
15

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
March 31, December 31, September 30, June 30, March 31,
2025 2024 2024 2024 2024
Cash dividends declared per common share $ 0.155  $ 0.155  $ 0.155  $ 0.155  $ 0.155 
Common shares outstanding (in millions):
Average - basic 1,454  1,453  1,453  1,451  1,448 
Average - diluted 1,482  1,481  1,477  1,474  1,473 
Ending 1,457  1,454  1,453  1,452  1,449 
Tangible book value per common share (1) $ 8.80  $ 8.33  $ 8.65  $ 7.89  $ 7.77 

Non-regulatory capital
March 31, December 31, September 30, June 30, March 31,
(dollar amounts in millions) 2025 2024 2024 2024 2024
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity $ 20,434  $ 19,740  $ 20,606  $ 19,515  $ 19,322 
Goodwill and other intangible assets (5,646) (5,657) (5,669) (5,680) (5,692)
Deferred tax liability on other intangible assets (1) 18  20  23  25  28 
Total tangible equity 14,806  14,103  14,960  13,860  13,658 
Preferred equity (1,989) (1,989) (2,394) (2,394) (2,394)
Total tangible common equity $ 12,817  $ 12,114  $ 12,566  $ 11,466  $ 11,264 
Total assets $ 209,596  $ 204,230  $ 200,535  $ 196,310  $ 193,519 
Goodwill and other intangible assets (5,646) (5,657) (5,669) (5,680) (5,692)
Deferred tax liability on other intangible assets (1) 18  20  23  25  28 
Total tangible assets $ 203,968  $ 198,593  $ 194,889  $ 190,655  $ 187,855 
Tangible equity / tangible asset ratio 7.3  % 7.1  % 7.7  % 7.3  % 7.3  %
Tangible common equity / tangible asset ratio 6.3  % 6.1  % 6.4  % 6.0  % 6.0  %
Other data:
Number of employees (Average full-time equivalent) 20,092  20,045  20,043  19,889  19,719 
Number of domestic full-service branches (2) 968  978  975  972  969 
ATM Count 1,560  1,577  1,585  1,603  1,606 
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Bank offices.


16