Huntington Bancshares Incorporated Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2022

The parent-only financial statements, which include transactions with subsidiaries, are as follows:


Balance Sheets	At December 31,
(dollar amounts in millions)	2022		2021
Assets
Cash and due from banks	$	3,525	$	2,832
Due from The Huntington National Bank	969		297
Due from non-bank subsidiaries	25		35
Investment in The Huntington National Bank	17,384		19,297
Investment in non-bank subsidiaries	242		217
Accrued interest receivable and other assets	664		544
Total assets	$	22,809	$	23,222
Liabilities and shareholders’ equity
Long-term borrowings	$	3,980	$	3,111
Dividends payable, accrued expenses, and other liabilities	1,098		815
Total liabilities	5,078		3,926
Shareholders’ equity (1)	17,731		19,296
Total liabilities and shareholders’ equity	$	22,809	$	23,222

(1)See Consolidated Statements of Changes in Shareholders’ Equity.


Statements of Income	Year Ended December 31,
(dollar amounts in millions)	2022		2021		2020
Income
Dividends from:
The Huntington National Bank	$	1,566	$	1,394	$	1,527
Non-bank subsidiaries	19		19		36
Interest from:
The Huntington National Bank	16		3		4
Non-bank subsidiaries	1		1		1
Other	(1)		—		11
Total income	1,601		1,417		1,579
Expense
Personnel costs	8		6		17
Interest on borrowings	107		60		115
Other	169		230		123
Total expense	284		296		255
Income before income taxes and equity in undistributed net income of subsidiaries	1,317		1,121		1,324
Provision (benefit) for income taxes	(44)		(56)		(46)
Income before equity in undistributed net income of subsidiaries	1,361		1,177		1,370
Increase (decrease) in undistributed net income (loss) of:
The Huntington National Bank	853		97		(547)
Non-bank subsidiaries	24		21		(6)
Net income	$	2,238	$	1,295	$	817
Other comprehensive (loss) income (1)	(2,869)		(421)		448
Comprehensive (loss) income	$	(631)	$	874	$	1,265

(1)See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.


Statements of Cash Flows	Year Ended December 31,
(dollar amounts in millions)	2022		2021		2020
Operating activities
Net income	$	2,238	$	1,295	$	817
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(877)		(118)		553
Depreciation and amortization	(22)		23		—

Other, net	(55)		(217)		89
Net cash provided by operating activities	1,284		983		1,459
Investing activities
Repayments from subsidiaries	14		8		8
Advances to subsidiaries	(503)		(59)		(256)
(Purchases)/Proceeds from sale of securities	(20)		(28)		(1)
Net cash received from business combination	(194)		248		—

Other, net	(1)		—		—
Net cash (used for) provided by investing activities	(704)		169		(249)
Financing activities

Net proceeds from issuance of medium-term notes	1,144		513		747




Payment of long-term debt	—		(1,508)		(800)
Dividends paid on common and preferred stock	(1,010)		(888)		(698)
Repurchases of common stock	—		(650)		(92)
Net proceeds from issuance of preferred stock	—		486		988

Payment to repurchase preferred stock	—		(700)		—
Other, net	(21)		(39)		(8)
Net cash provided by (used for) financing activities	113		(2,786)		137
Increase (decrease) in cash and cash equivalents	693		(1,634)		1,347
Cash and cash equivalents at beginning of year	2,832		4,466		3,119
Cash and cash equivalents at end of year	$	3,525	$	2,832	$	4,466
Supplemental disclosure:
Interest paid	$	89	$	71	$	113