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

PARENT-ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2024

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


Balance Sheets	At December 31,
(dollar amounts in millions)	2024		2023
Assets
Cash and due from banks	$	4,103	$	4,001
Due from The Huntington National Bank	2,817		2,163
Due from non-bank subsidiaries	18		25
Investment in The Huntington National Bank	20,127		18,388
Investment in non-bank subsidiaries	331		263
Accrued interest receivable and other assets	811		718
Total assets	$	28,207	$	25,558
Liabilities and shareholders’ equity
Long-term borrowings	$	7,177	$	4,993
Dividends payable, accrued expenses, and other liabilities	1,290		1,212
Total liabilities	8,467		6,205
Shareholders’ equity (1)	19,740		19,353
Total liabilities and shareholders’ equity	$	28,207	$	25,558

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


Statements of Income	Year Ended December 31,
(dollar amounts in millions)	2024		2023		2022
Income
Dividends from:
The Huntington National Bank	$	2,041	$	1,706	$	1,566
Non-bank subsidiaries	15		27		19
Interest from:
The Huntington National Bank	204		77		16
Non-bank subsidiaries	2		2		1
Other	3		(1)		(1)
Total income	2,265		1,811		1,601
Expense
Personnel costs	7		5		8
Interest on borrowings	365		252		107
Other	176		191		169
Total expense	548		448		284
Income before income taxes and equity in undistributed net income of subsidiaries	1,717		1,363		1,317
Provision (benefit) for income taxes	(73)		(75)		(44)
Income before equity in undistributed net income of subsidiaries	1,790		1,438		1,361
Increase in undistributed net income of:
The Huntington National Bank	78		486		853
Non-bank subsidiaries	72		27		24
Net income	$	1,940	$	1,951	$	2,238
Other comprehensive (loss) income (1)	(190)		422		(2,869)
Comprehensive income (loss)	$	1,750	$	2,373	$	(631)

(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)	2024		2023		2022
Operating activities
Net income	$	1,940	$	1,951	$	2,238
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(150)		(513)		(877)
Depreciation and amortization	7		—		(22)

Other, net	(121)		192		(55)
Net cash provided by operating activities	1,676		1,630		1,284
Investing activities
Investment in subsidiaries	(1,750)		—		—
Repayments from subsidiaries	1,107		503		14
Advances to subsidiaries	(1,700)		(1,753)		(503)
Net purchases of securities	—		—		(20)
Net cash paid in business combination	—		—		(194)

Other, net	(21)		(10)		(1)
Net cash used for investing activities	(2,364)		(1,260)		(704)
Financing activities

Proceeds from issuance of long-term debt	2,995		1,250		1,144




Payment of long-term debt	(734)		(323)		—
Dividends paid on common and preferred stock	(1,047)		(1,034)		(1,010)

Net proceeds from issuance of preferred stock	—		317		—

Redemption/repurchase of preferred stock	(410)		(82)		—
Other, net	(14)		(22)		(21)
Net cash provided by financing activities	790		106		113
Increase in cash and cash equivalents	102		476		693
Cash and cash equivalents at beginning of year	4,001		3,525		2,832
Cash and cash equivalents at end of year	$	4,103	$	4,001	$	3,525

Supplemental disclosure: Interest paid	$	332	$	228	$	89