Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Income

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Consolidated Statements of Income - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Interest and fee income:      
Loans and leases $ 6,811,000 $ 4,816,000 $ 3,636,000
Available-for-sale securities      
Taxable 1,016,000 576,000 261,000
Tax-exempt 104,000 74,000 56,000
Held-to-maturity securities-taxable 401,000 351,000 174,000
Other securities-taxable 53,000 27,000 10,000
Other interest income 531,000 125,000 54,000
Total interest income 8,916,000 5,969,000 4,191,000
Interest expense      
Deposits 2,497,000 363,000 45,000
Short-term borrowings 179,000 46,000 1,000
Long-term debt 801,000 287,000 43,000
Total interest expense 3,477,000 696,000 89,000
Net interest income 5,439,000 5,273,000 4,102,000
Provision for credit losses 402,000 289,000 25,000
Net interest income after provision for credit losses 5,037,000 4,984,000 4,077,000
Payments and cash management revenue 585,000 561,000 501,000
Net revenue from contracts with customers 1,400,000 1,318,000 1,113,000
Customer deposit and loan fees 312,000 350,000 310,000
Capital markets and advisory fees 248,000 265,000 156,000
Leasing revenue 112,000 126,000 99,000
Mortgage banking income 109,000 144,000 309,000
Bank owned life insurance income 66,000 56,000 69,000
Gain on sale of loans 14,000 57,000 9,000
Net gains (losses) on sales of securities (7,000) 0 9,000
Other noninterest income 80,000 43,000 76,000
Total noninterest income 1,921,000 1,981,000 1,889,000
Personnel costs 2,529,000 2,401,000 2,335,000
Outside data processing and other services 605,000 610,000 850,000
Deposit and other insurance expense 302,000 67,000 51,000
Equipment 263,000 269,000 248,000
Net occupancy 246,000 246,000 277,000
Marketing 115,000 91,000 89,000
Professional services 99,000 77,000 113,000
Amortization of intangibles 50,000 53,000 48,000
Lease financing equipment depreciation 27,000 45,000 41,000
Other noninterest expense 338,000 342,000 323,000
Total noninterest expense 4,574,000 4,201,000 4,375,000
Income before income taxes 2,384,000 2,764,000 1,591,000
Provision for income taxes 413,000 515,000 294,000
Income after income taxes 1,971,000 2,249,000 1,297,000
Income attributable to non-controlling interest 20,000 11,000 2,000
Net income attributable to Huntington Bancshares Inc 1,951,000 2,238,000 1,295,000
Dividends on preferred shares 142,000 113,000 131,000
Impact of preferred stock redemption (8,000) 0 11,000
Net income available to common shareholders $ 1,817,000 $ 2,125,000 $ 1,153,000
Average common shares—basic (in shares) 1,446,449 1,441,279 1,262,435
Average common shares—diluted (in shares) 1,468,016 1,465,220 1,286,733
Per common share:      
Net income - basic (in USD per share) $ 1.26 $ 1.47 $ 0.91
Net income - diluted (in USD per share) $ 1.24 $ 1.45 $ 0.90
Wealth and asset management revenue      
Interest expense      
Net revenue from contracts with customers $ 328,000 $ 300,000 $ 269,000
Insurance income      
Interest expense      
Net revenue from contracts with customers $ 74,000 $ 79,000 $ 82,000