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Huntington Bancshares Incorporated

HBAN Financial Services Q4 2024

Document 991

EX-99.1 2 hban20241231_8kex991.htm EX-99.1 Document

Exhibit 99.1
huntingtonlogo.jpg


January 17, 2025
Analysts: Tim Sedabres ([email protected]), 952.745.2766
Media: Tracy Pesho ([email protected]), 216.276.3301

Huntington Bancshares Incorporated Reports 2024 Fourth-Quarter Earnings
Q4 Results Highlighted by Record Fees and Loan Growth, Sustained Deposit Growth and Sequential Expansion of Net Interest Income

2024 Fourth-Quarter Highlights:
•Earnings per common share (EPS) for the quarter were $0.34, higher by $0.01 from the prior quarter, and $0.19 higher than the year-ago quarter. Excluding the after-tax impact of Notable Items, EPS was higher by $0.07 from the year-ago quarter.
•The previously announced sale of approximately $1 billion of corporate debt investment securities decreased pre-tax income by $21 million, or $0.01 on an after-tax EPS basis.
•Net interest income increased $44 million, or 3%, from the prior quarter, and increased $79 million, or 6%, from the year-ago quarter.
•Total deposit costs were 2.16%, down 24 basis points from the prior quarter.
•Noninterest income increased $36 million, or 7%, from the prior quarter, to $559 million. From the year-ago quarter, noninterest income increased $154 million, or 38%. Excluding the impact of mark-to-market on pay-fixed swaptions, credit risk transfer transactions, and the loss on sales of securities, noninterest income increased by $49 million, or 9%, from the prior quarter and $96 million, or 20%, from the year-ago quarter.
•Average total loans and leases increased $3.7 billion, or 3%, from the prior quarter to $128.2 billion,and increased $6.9 billion, or 6%, from the year-ago quarter.
◦Average commercial loans grew $2.7 billion or 4% from the prior quarter and $4.3 billion or 6% from the year-ago quarter.
◦Average consumer loans grew $930 million or 2% from the prior quarter and $2.7 billion or 5% from the year-ago quarter.
•Average total deposits increased $2.9 billion, or 2%, from the prior quarter and $9.8 billion, or 7%, from the year-ago quarter.
•Net charge-offs of 0.30% of average total loans and leases for the quarter.
•Nonperforming asset ratio of 0.63% at quarter end.
•Allowance for credit losses (ACL) of $2.4 billion, or 1.88% of total loans and leases, at quarter end.
•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5%, at December 31, 2024, up from 10.4% in the prior quarter. Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.7%, down from 8.9% in the prior quarter.
•Tangible common equity (TCE) ratio of 6.1%, down from 6.4%in the prior quarter and equal to a year ago.

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•Tangible book value per share of $8.33, down $0.32, or 4%, from the prior quarter and up $0.54, or 7%, from a year ago.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2024 fourth quarter of $530 million, or $0.34 per common share, an increase of $13 million from the prior quarter, and an increase of $287 million, or $0.19, from the year-ago quarter.
Return on average assets was 1.05%, return on average common equity was 11.0%, and return on average tangible common equity (ROTCE) was 16.4%.
CEO Commentary:
“We delivered exceptional fourth quarter results highlighted by record fee income, accelerated loan growth, and sustained deposit gathering," said Steve Steinour, chairman, president, and CEO. “Our results reflect the success of our core businesses and investments in new geographies and commercial verticals. Our teams have executed very well, managing overall funding costs lower and increasing fee revenues from payments, wealth management, and capital markets. Additionally, our capital markets team delivered record revenue during the quarter."

"During 2024, we delivered peer-leading organic growth, across both loans and deposits, supported by the combination of existing and new businesses. Throughout the year, we leveraged our position of strength, with strong liquidity, capital and credit, and invested in building existing businesses while adding new ones. These strategic growth investments helped drive results in the fourth quarter and will grow revenues in future years.We delivered strong fee growth in our core, while adding capabilities, products, and services. We believe we have a multi-year opportunity to leverage our investments and momentum."

“Our credit continues to perform well, consistent with our aggregate moderate-to-low risk appetite. Our credit results for the quarter, including net charge-offs, reflect stability, supported by a positive economic environment.”

“We expect the momentum from our core businesses and our strategic investments to carry us through 2025 and beyond, with a robust growth outlook and expanded profitability. ”


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Table 1 – Earnings Performance Summary
20242023
(in millions, except per share data)FourthThirdSecondFirstFourth
QuarterQuarterQuarterQuarterQuarter
Net income attributable to Huntington$530 $517 $474 $419 $243 
Diluted earnings per common share0.34 0.33 0.30 0.26 0.15 
Return on average assets1.05 %1.04 %0.98 %0.89 %0.51 %
Return on average common equity11.0 10.8 10.4 9.2 5.2 
Return on average tangible common equity16.4 16.2 16.1 14.2 8.4 
Net interest margin3.03 2.98 2.99 3.01 3.07 
Efficiency ratio58.6 59.4 60.8 63.7 77.0 
Tangible book value per common share$8.33 $8.65 $7.89 $7.77 $7.79 
Cash dividends declared per common share0.155 0.155 0.155 0.155 0.155 
Average earning assets$185,222 $181,891 $178,062 $173,764 $171,360 
Average loans and leases128,158 124,507 123,376 121,930 121,229 
Average total deposits
159,405 156,488 153,578 150,728 149,654 
Tangible common equity / tangible assets ratio6.1 %6.4 %6.0 %6.0 %6.1 %
Common equity Tier 1 risk-based capital ratio (1)
10.5 10.4 10.4 10.2 10.2 
NCOs as a % of average loans and leases0.30 %0.30 %0.29 %0.30 %0.31 %
NAL ratio0.60 0.58 0.59 0.58 0.55 
ACL as a % of total loans and leases1.88 1.93 1.95 1.97 1.97 
(1)December 31, 2024 figure is estimated.
Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation).
Table 2 – Notable Items Influencing Earnings
Pretax Impact (1)
After-tax Impact (1)
($ in millions, except per share)AmountNet Income
EPS (2)
Three Months Ended December 31, 2024
$530 $0.34 
•
FDIC Deposit Insurance Fund (DIF) special assessment (3)
$3 $2 $— 
Three Months Ended September 30, 2024
$517 $0.33 
•
Staffing efficiencies and corporate real estate consolidation expense (4)
$(13)$(10)$— 
•
FDIC DIF special assessment (3)
7 6 — 
Three Months Ended December 31, 2023$243 $0.15 
•
FDIC DIF special assessment (3)
$(214)$(169)$(0.11)
•
Staffing efficiencies and corporate real estate consolidation expense (4)
(12)(9)(0.01)
(1)Favorable (unfavorable) impact.
(2)EPS reflected on a fully diluted basis.
(3)Represents the updated estimates on the uninsured deposit losses and recoverable assets related to the FDIC DIF special assessment. These amounts are recorded in deposit and other insurance expense.
(4)Staffing efficiencies includes severance expense recorded in personnel costs and corporate real estate consolidation expense recorded in net occupancy expense. See Table 8 for details.


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Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 3 – Net Interest Income and Total Revenue
20242023
($ in millions)FourthThirdSecondFirstFourthChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Net interest income$1,395 $1,351 $1,312 $1,287 $1,316 3 %6 %
FTE adjustment14 13 13 13 11 8 27 
Net interest income - FTE1,409 1,364 1,325 1,300 1,327 3 6 
Noninterest income559 523 491 467 405 7 38 
Total revenue - FTE$1,968 $1,887 $1,816 $1,767 $1,732 4 %14 %
Table 4 – Net Interest Margin Summary
20242023
FourthThirdSecondFirstFourthChange (bp)
Yield / CostQuarterQuarterQuarterQuarterQuarterLQYOY
Total earning assets5.42 %5.62 %5.62 %5.54 %5.47 %(20)(5)
Total loans and leases5.89 6.05 6.01 5.92 5.82 (16)7 
Total securities4.10 4.26 4.29 4.19 4.23 (16)(13)
Total interest-bearing liabilities3.01 3.32 3.34 3.23 3.09 (31)(8)
Total interest-bearing deposits2.65 2.94 2.94 2.85 2.71 (29)(6)
Net interest rate spread2.41 2.30 2.28 2.31 2.38 11 3 
Impact of noninterest-bearing funds on margin0.62 0.68 0.71 0.70 0.69 (6)(7)
Net interest margin3.03 %2.98 %2.99 %3.01 %3.07 %5 (4)
See Page 9 of Quarterly Financial Supplement for additional detail.
Fully-taxable equivalent (FTE) net interest income for the 2024 fourth quarter increased $82 million, or 6%, from the 2023 fourth quarter.The results primarily reflect a $13.9 billion, or 8%, increase in average earning assets, partially offset by a $14.6 billion, or 11%, increase in average interest-bearing liabilities and a 4 basis point decrease in the net interest margin (NIM) to 3.03%. The 4 basis point decrease in NIM was reflective of a decrease in non-interest bearing deposits as a percentage of total deposits and a decrease in yields on interest earning assets, partially offset by a decrease in cost of funding.
Compared to the 2024 third quarter, FTE net interest income increased $45 million, or 3%, driven by an increase in average earnings assets of $3.3 billion, or 2% and an increase in NIM of 5 basis points to 3.03%, partially offset by an increase in average interest-bearing liabilities of $2.8 billion, or 2%. The 5 basis point increase in NIM was reflective of a decrease in cost of funding, partially offset by an increase in interest-bearing liabilities and a decrease in yields on interest-bearing assets.

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Table 5 – Average Earning Assets
20242023
($ in billions)FourthThirdSecondFirstFourthChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Commercial and industrial$55.1 $52.2 $51.7 $50.6 $49.9 6 %11 %
Commercial real estate11.3 11.7 12.2 12.6 12.6 (4)(10)
Lease financing5.4 5.2 5.1 5.1 5.1 5 6 
Total commercial71.8 69.1 69.0 68.3 67.6 4 6 
Residential mortgage24.1 24.1 23.9 23.7 23.6 — 2 
Automobile14.4 13.6 13.0 12.6 12.6 6 14 
Home equity10.1 10.1 10.1 10.1 10.1 — — 
RV and marine
6.0 6.0 6.0 5.9 5.9 (1)1 
Other consumer1.7 1.6 1.5 1.4 1.4 6 19 
Total consumer56.3 55.4 54.4 53.7 53.7 2 5 
Total loans and leases128.2 124.5 123.4 121.9 121.2 3 6 
Total securities45.4 44.2 43.0 41.6 39.5 3 15 
Interest-earning deposits with banks
11.0 12.5 11.1 9.8 10.0 (12)10 
Other earning assets0.7 0.7 0.6 0.5 0.6 1 19 
Total earning assets$185.2 $181.9 $178.1 $173.8 $171.4 2 %8 %
See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2024 fourth quarter increased $13.9 billion, or 8%, from the year-ago quarter, primarily reflecting a$6.9 billion, or 6%, increase in average total loans and leases and a $5.8 billion, or 15%, increase in average total securities. Average loan and lease balance increases were led by growth in average commercial loans of $4.3 billion, or 6%, primarily driven by a $5.3 billion increase in average commercial and industrial loans, partially offset by a $1.3 billion, or 10%, decrease in average commercial real estate loans. Additionally, average consumer loans increased by $2.7 billion, or 5%, primarily driven by a $1.7 billion, or 14%, increase in average automobile loans and a $554 million, or 2%, increase in average residential mortgage loans.
Compared to the 2024 third quarter, average earning assets increased $3.3 billion, or 2%, primarily reflecting a $3.7 billion, or 3%, increase in average total loans and leases and a $1.2 billion, or 3%, increase in average total securities. This was partially offset by a $1.5 billion, or 12%, decrease in average interest-earning deposits with banks. Average loan and lease balance increases were driven by an increase in average commercial loan balances of $2.7 billion, or 4%, primarily driven by an increase in average commercial and industrial loans, partially offset by a decrease in average commercial real estate. Average consumer loans increased $930 million or 2%, primarily due to an increase in average automobile loans.



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Table 6 – Liabilities
20242023
FourthThirdSecondFirstFourthChange (%)
($ in billions)QuarterQuarterQuarterQuarterQuarterLQYOY
Average balances:
Demand deposits - noninterest-bearing$29.6 $28.8 $29.6 $29.9 $31.2 3 %(5)%
Demand deposits - interest-bearing41.8 41.9 39.4 38.5 39.1 — 7 
Total demand deposits71.4 70.7 69.0 68.4 70.3 1 2 
Money market deposits58.3 55.5 53.6 51.3 48.8 5 20 
Savings deposits
14.6 14.9 15.4 15.6 16.0 (2)(3)
Time deposits
15.1 15.3 15.6 15.4 14.6 — 0 
Total deposits$159.4 $156.4 $153.6 $150.7 $149.7 2 %7 %
Short-term borrowings$1.2 $0.8 $1.2 $1.3 $1.9 51 %(34)%
Long-term debt16.1 15.9 15.1 13.8 12.2 1 32 
Total debt$17.3 $16.7 $16.3 $15.1 $14.1 4 %23 %
Total interest-bearing liabilities$147.2 $144.4 $140.3 $135.9 $132.6 2 %11 %
Total liabilities
181.8 178.1 175.3 171.0 169.2 2 7 
See Pages 6-7 of Quarterly Financial Supplement for additional detail.

Average total liabilities for the 2024 fourth quarter increased $12.6 billion, or 7%, from the year-ago quarter, driven by increases in average total deposits of $9.8 billion, or 7%, and in average total debt of $3.2 billion, or 23%.
Compared to the 2024 third quarter, average total liabilities increased $3.6 billion, or 2%, driven by an increase in average total deposits of $2.9 billion, or 2%.
Noninterest Income
Table 7 – Noninterest Income
20242023
FourthThirdSecondFirstFourthChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Payments and cash management revenue$162 $158 $154 $146 $150 3 %8 %
Wealth and asset management revenue93 93 90 88 86 — 8 
Customer deposit and loan fees88 86 83 77 80 2 10 
Capital markets and advisory fees120 78 73 56 69 54 74 
Mortgage banking income31 38 30 31 23 (18)35 
Leasing revenue19 19 19 22 29 — (34)
Insurance income22 18 18 19 19 22 16 
Net gains (losses) on sales of securities(21)— — — (3)NMNM
Other noninterest income45 33 24 28 (48)36 194 
Total noninterest income$559 $523 $491 $467 $405 7 %38 %
Additional information:
Impact of mark-to-market and premiums from credit risk transfer transactions (included in other noninterest income)
$— $(8)$(9)$(2)$(2)NMNM
Impact of mark-to-market on pay-fixed swaptions (included in other noninterest income)
$— $— $— $— $(74)— NM
NM - Not Meaningful

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During the quarter, Huntington sold approximately $1.0 billion of corporate debt investment securities, resulting in a pre-tax loss of $21 million. Huntington has subsequently completed the re-investment of proceeds in the first quarter of 2025, re-investing in 0% risk-weighted investment securities, with an expected earn-back from the transaction of less than 2 years.
Total noninterest income for the 2024 fourth quarter increased $154 million, or 38%, from the year-ago quarter.The 2024 fourth quarter included a $21 million loss on the sale of investment securities discussed previously, while the 2023 fourth quarter included a $74 million mark-to-market adjustment on pay-fixed swaptions, $2 million of contra revenue related to premium costs and mark-to-market associated with credit risk transfer transactions, and a $3 million loss on sales of securities. Excluding the impact from these items, noninterest income increased $96 million, or 20%, compared to the year-ago quarter. Capital markets and advisory fees increased $51 million, or 74%, primarily due to higher advisory and underwriting fees. Payments and cash management revenue increased by $12 million, or 8%, reflecting higher card and merchant acquiring transaction revenue.
Total noninterest income increased $36 million, or 7%, compared to the 2024 third quarter. The 2024 fourth quarter included a $21 million loss on the sale of investment securities discussed previously, while the 2024 third quarter included $8 million of contra revenue related to premium costs and mark-to-market associated with credit risk transfer transactions. Excluding the impact from these items, noninterest income increased $49 million, or 9%, over the prior quarter, with the increase primarily driven by higher capital markets and advisory fees. Capital markets and advisory fees increased$42 million, or 54%, primarily due to higher advisory fees, partially offset by a decrease in interest rate derivative fees.
Noninterest Expense
Table 8 – Noninterest Expense
20242023
FourthThirdSecondFirstFourthChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Personnel costs$715 $684 $663 $639 $645 5 %11 %
Outside data processing and other services167 167 165 166 157 — 6 
Equipment70 65 62 70 70 8 — 
Net occupancy56 57 51 57 65 (2)(14)
Marketing28 33 27 28 29 (15)(3)
Deposit and other insurance expense20 15 25 54 234 33 (91)
Professional services27 21 26 25 35 29 (23)
Amortization of intangibles12 11 12 12 12 9 — 
Lease financing equipment depreciation3 4 4 4 5 (25)(40)
Other noninterest expense80 73 82 82 96 10 (17)
Total noninterest expense$1,178 $1,130 $1,117 $1,137 $1,348 4 %(13)%
(in thousands)
Average full-time equivalent employees20.0 20.0 19.9 19.7 19.6 — %2 %

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Table 9 - Impact of Notable Items
20242023
FourthThirdSecondFirstFourth
($ in millions)QuarterQuarterQuarterQuarterQuarter
Personnel costs$— $12 $— $7 $2 
Equipment— — — — 1 
Net occupancy— 1 — — 8 
Deposit and other insurance expense(3)(7)6 32 214 
Other noninterest expense— — — — 1 
Total noninterest expense$(3)$6 $6 $39 $226 
Table 10 - Adjusted Noninterest Expense (Non-GAAP)
20242023
FourthThirdSecondFirstFourthChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Personnel costs$715 $672 $663 $632 $643 6 %11 %
Outside data processing and other services167 167 165 166 157 — 6 
Equipment70 65 62 70 69 8 1 
Net occupancy56 56 51 57 57 — (2)
Marketing28 33 27 28 29 (15)(3)
Deposit and other insurance expense23 22 19 22 20 5 15 
Professional services27 21 26 25 35 29 (23)
Amortization of intangibles12 11 12 12 12 9 — 
Lease financing equipment depreciation3 4 4 4 5 (25)(40)
Other noninterest expense80 73 82 82 95 10 (16)
Total adjusted noninterest expense$1,181 $1,124 $1,111 $1,098 $1,122 5 %5 %
        
Reported total noninterest expense for the 2024 fourth quarter decreased $170 million, or 13%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $59 million, or 5%, primarily driven by higher personnel costs of $72 million, or 11%, due to higher incentive compensation and salary expense, and higher outside data processing and other services of $10 million, or 6%, reflecting higher technology and data expense. Partially offsetting these increases, other noninterest expense decreased $15 million, largely due to lower franchise and other taxes.
Reported total noninterest expense increased $48 million, or 4%, from the 2024 third quarter. Excluding the impact from Notable Items, noninterest expense increased $57 million, or 5%, primarily driven by higher personnel costs of $43 million, or 6%, due primarily to higher incentive compensation.


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Credit Quality
Table 11 – Credit Quality Metrics
20242023
($ in millions)December 31,September 30,June 30,March 31,December 31,
Total nonaccrual loans and leases$783 $738 $733 $716 $667 
Total other real estate, net8 8 10 10 10 
Other NPAs (1)
31 38 37 12 34 
Total nonperforming assets822 784 780 738 711 
Accruing loans and leases past due 90+ days239 224 175 183 189 
NPAs + accruing loans & leases past due 90+ days$1,061 $1,008 $955 $921 $900 
NAL ratio (2)
0.60 %0.58 %0.59 %0.58 %0.55 %
NPA ratio (3)
0.63 0.62 0.63 0.60 0.58 
(NPAs+90 days)/(Loans+OREO)0.82 0.80 0.77 0.75 0.74 
Provision for credit losses$107 $106 $100 $107 $126 
Net charge-offs97 93 90 92 94 
Net charge-offs / Average total loans and leases0.30 %0.30 %0.29 %0.30 %0.31 %
Allowance for loans and lease losses (ALLL)$2,244 $2,235 $2,304 $2,280 $2,255 
Allowance for unfunded lending commitments202 201 119 135 145 
Allowance for credit losses (ACL)$2,446 $2,436 $2,423 $2,415 $2,400 
ALLL as a % of:
Total loans and leases1.73 %1.77 %1.85 %1.86 %1.85 %
NALs286 303 314 318 338 
NPAs273 285 296 309 317 
ACL as a % of:
Total loans and leases1.88 %1.93 %1.95 %1.97 %1.97 %
NALs312 330 331 337 360 
NPAs297 311 311 327 337 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Total NALs as a % of total loans and leases.
(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
See Pages 12-15 of Quarterly Financial Supplement for additional detail.
Nonperforming assets (NPAs) were $822 million, or 0.63%, of total loans and leases, OREO and other NPAs, compared to $711 million, or 0.58%, a year-ago. Nonaccrual loans and leases (NALs) were $783 million, or 0.60% of total loans and leases, compared to $667 million, or 0.55% of total loans and leases, a year-ago. The increase in NPAs was driven by increases in commercial and industrial and home equity NALs, partially offset by a decrease in commercial real estate NALs. On a linked quarter basis, NPAs increased $38 million, or 5%, and NALs increased $45 million, or 6%. The increase in NPAs was primarily driven by increase in commercial and industrial NALs, partially offset by a decrease in commercial real estate NALs.
The provision for credit losses decreased $19 million year-over-year and increased $1 million quarter-over-quarter to $107 million in the 2024 fourth quarter. Net charge-offs (NCOs) increased $3 million year-over-year and $4 million quarter-over-quarter to $97 million. NCOs represented an annualized 0.30% of average loans and leases in the current quarter, down from 0.31% in the year-ago quarter and unchanged from the prior quarter. Commercial and consumer net charge-offs were 0.29% and 0.32%, respectively, for the 2024 fourth quarter.
The allowance for loan and lease losses (ALLL) increased $11 million from the year-ago quarter to $2.2 billion, or 1.73% of total loans and leases. The allowance for credit losses (ACL) increased by $46 million from the year-ago quarter to $2.4 billion, or 1.88% of total loans and leases. The ACL coverage ratio was 1.88%, 5 basis points lower than the prior quarter and 9 basis points lower than the year-ago quarter, reflective of the current macroeconomic environment.

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Capital
Table 12 – Capital Ratios
20242023
($ in billions)December 31,September 30,June 30,March 31,December 31,
Tangible common equity / tangible assets ratio6.1 %6.4 %6.0 %6.0 %6.1 %
Common equity tier 1 risk-based capital ratio (1)
10.5 10.4 10.4 10.2 10.2 
Regulatory Tier 1 risk-based capital ratio (1)
11.9 12.1 12.1 12.0 12.0 
Regulatory Total risk-based capital ratio (1)
14.3 14.1 14.3 14.1 14.2 
Total risk-weighted assets (1)
$143.7 $142.5 $139.4 $139.6 $138.7 
(1)December 31, 2024 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The capital ratios reflect Huntington’s 2020 election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a 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.
See Pages 16-17 of Quarterly Financial Supplement for additional detail.
The tangible common equity to tangible assets ratio was 6.1% at December 31, 2024, a decrease from 6.4%at September 30, 2024, driven by changes in accumulated other comprehensive income and an increase in tangible assets, partially offset by an increase in tangible common equity from current period earnings, net of dividends. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.5% at December 31, 2024, an increase from 10.4%at September 30, 2024, driven by current period earnings, net of dividends, partially offset by higher risk-weighted assets during the quarter.
In the quarter, Huntington completed a credit linked note transaction, related to an approximately $4 billion pool of on-balance sheet prime indirect auto loans as part of the company's capital optimization strategy. The transaction reduced risk-weighted assets by approximately $3 billion.

Income Taxes
The provision for income taxes was $135 million in the 2024 fourth quarter compared to $116 million in the 2024 third quarter. The effective tax rate for the 2024 fourth quarter was 20.1%, compared to 18.2% for the 2024 third quarter, with the increase quarter-over-quarter driven by discrete tax expenses recognized in the current quarter.
At December 31, 2024, we had a net federal deferred tax asset of $684 millionand a net state deferred tax asset of $109 million.

Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on January 17, 2025, at 9:00a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13750835. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 25, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13750835.
Please see the 2024 Fourth Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

10

About Huntington
Huntington Bancshares Incorporated is a $204 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates 978 branches in 12 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
Caution regarding Forward-Looking Statements
The information contained or incorporated by reference in this Press Release on Form 8-K contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and September 30, 2024, which are on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

11

Basis of Presentation

Use of Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s 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 in this document, the financial supplement, conference call slides, or the Form 8-K related to this document, all of which can be found in the Investor Relations section of Huntington’s website, http://www.huntington.com.

Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis.This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.For example, loan and deposit growth rates, as well as net charge-off percentages, are most often expressed in terms of an annual rate like 8%.As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.

Fully-Taxable Equivalent Interest Income and Net Interest Margin
Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.

Rounding
Please note that items in this document may not add due to rounding.

Notable Items
From time to time, revenue, expenses, or taxes are impacted by items judged by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at that time to be infrequent or short term in nature.We refer to such items as “Notable Items.”Management believes it is useful to consider certain financial metrics with and without Notable Items, in order to enable a better understanding of company results, increase comparability of period-to-period results, and to evaluate and forecast those results.

12

Document 992

EX-99.2 3 hban20241231_8kex992.htm EX-99.2 Document

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.
2024202420233Q244Q23
Net interest income (1)$1,409 $1,364 $1,327 3 %6 %
FTE adjustment(14)(13)(11)(8)(27)
Net interest income1,395 1,351 1,316 3 6 
Provision for credit losses107 106 126 1 (15)
Noninterest income559 523 405 7 38 
Noninterest expense1,178 1,130 1,348 4 (13)
Income before income taxes669 638 247 5 171 
Provision (benefit) for income taxes
135 116 (1)16 NM
Income after income taxes534 522 248 2 115 
Income attributable to non-controlling interest4 5 5 (20)(20)
Net income attributable to Huntington530 517 243 3 118 
Dividends on preferred shares27 36 36 NMNM
Impact of preferred stock redemptions and repurchases
5 — (8)NMNM
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 share0.155 0.155 0.155 — — 
Tangible book value per common share at end of period8.33 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 assets1.05 %1.04 %0.51 %
Return on average common shareholders’ equity11.0 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 rate20.1 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 leases0.30 %0.30 %0.31 %
NAL ratio0.60 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 period1.73 1.77 1.85 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period1.88 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)20242023AmountPercent
Net interest income (1)$5,398 $5,481 $(83)(2)%
FTE adjustment(53)(42)(11)(26)
Net interest income5,345 5,439 (94)(2)
Provision for credit losses420 402 18 4 
Noninterest income2,040 1,921 119 6 
Noninterest expense4,562 4,574 (12)— 
Income before income taxes2,403 2,384 19 1 
Provision for income taxes443 413 30 7 
Income after income taxes1,960 1,971 (11)(1)
Income attributable to non-controlling interest20 20 — — 
Net income attributable to Huntington1,940 1,951 (11)(1)
Dividends on preferred shares134 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 share0.62 0.62 — — 
Average common shares - basic1,451 1,446 5 — 
Average common shares - diluted 1,476 1,468 8 1 
Return on average assets0.99 %1.04 %
Return on average common shareholders’ equity10.4 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 rate18.4 17.3 
Average total assets $196,260 $187,556 $8,704 5 %
Average earning assets179,756 171,586 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 leases0.30 %0.23 %
NAL ratio0.60 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)20242023Percent Changes
(Unaudited)
Assets
Cash and due from banks$1,685 $1,558 8 %
Interest-earning deposits with banks11,647 8,765 33 
Trading account securities53 125 (58)
Available-for-sale securities27,273 25,305 8 
Held-to-maturity securities16,368 15,750 4 
Other securities823 725 14 
Loans held for sale654 516 27 
Loans and leases (1)130,042 121,982 7 
Allowance for loan and lease losses(2,244)(2,255)— 
Net loans and leases127,798 119,727 7 
Bank owned life insurance2,793 2,759 1 
Accrued income and other receivables2,190 1,646 33 
Premises and equipment1,066 1,109 (4)
Goodwill5,561 5,561 — 
Servicing rights and other intangible assets677 672 1 
Other assets5,642 5,150 10 
Total assets$204,230 $189,368 8 %
Liabilities and shareholders' equity
Liabilities
Deposits (2)$162,448 $151,230 7 %
Short-term borrowings199 620 (68)
Long-term debt16,374 12,394 32 
Other liabilities5,427 5,726 (5)
Total liabilities184,448 169,970 9 
Shareholders' equity
Preferred stock1,989 2,394 (17)
Common stock15 15 — 
Capital surplus15,484 15,389 1 
Less treasury shares, at cost(86)(91)5 
Accumulated other comprehensive income (loss)(2,866)(2,676)(7)
Retained earnings5,204 4,322 20 
Total Huntington shareholders’ equity19,740 19,353 2 
Non-controlling interest42 45 (7)
Total equity19,782 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 outstanding1,453,635,809 1,448,319,953 
Treasury shares outstanding6,984,102 7,403,008 
Preferred stock, authorized shares6,617,808 6,617,808 
Preferred shares outstanding877,500 881,587 
(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)20242024202420242023
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:
Commercial10,215 8 10,647 8 10,997 9 11,339 9 11,092 9 
Construction863 1 896 1 936 1 1,003 1 1,330 1 
Commercial real estate11,078 9 11,543 9 11,933 10 12,342 10 12,422 10 
Lease financing5,454 4 5,342 4 5,202 4 5,133 4 5,228 4 
Total commercial73,341 56 70,486 56 69,442 56 68,975 56 68,307 56 
Consumer:
Residential mortgage24,242 19 24,100 19 24,069 19 23,744 20 23,720 20 
Automobile14,564 11 14,003 11 13,233 11 12,662 10 12,482 10 
Home equity10,142 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 consumer1,771 1 1,627 1 1,560 1 1,452 1 1,461 1 
Total consumer56,701 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 Banking57,858 44 55,441 44 54,941 44 54,994 45 54,743 45 
Treasury / Other133 — 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 Banking56,492 44 54,464 44 54,748 44 54,584 45 54,395 45 
Treasury / Other276 — 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)20242024202420242023
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-bearing43,378 27 42,292 27 40,943 27 39,200 26 39,190 26 
Money market deposits60,730 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 Banking43,366 26 41,597 26 38,110 25 35,619 23 35,466 23 
Treasury / Other7,692 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 Banking41,741 26 40,153 26 36,765 24 35,656 23 35,886 24 
Treasury / Other6,914 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)202420242024202420233Q244Q23
Assets
Interest-earning deposits with banks$11,027 $12,532 $11,116 $9,761 $10,019 (12)%10 %
Securities:
Trading account securities645 136 143 133 125 374 416 
Available-for-sale securities:
Taxable24,778 25,434 24,184 22,515 20,056 (3)24 
Tax-exempt3,056 2,699 2,684 2,676 2,686 13 14 
Total available-for-sale securities27,834 28,133 26,868 25,191 22,742 (1)22 
Held-to-maturity securities - taxable16,053 15,078 15,211 15,567 15,947 6 1 
Other securities824 829 776 724 727 (1)13 
Total securities45,356 44,176 42,998 41,615 39,541 3 15 
Loans held for sale681 676 572 458 571 1 19 
Loans and leases: (2)
Commercial:
Commercial and industrial55,136 52,194 51,724 50,625 49,882 6 11 
Commercial real estate:
Commercial10,461 10,835 11,247 11,365 11,309 (3)(7)
Construction818 909 916 1,198 1,285 (10)(36)
Commercial real estate11,279 11,744 12,163 12,563 12,594 (4)(10)
Lease financing5,424 5,180 5,071 5,081 5,102 5 6 
Total commercial71,839 69,118 68,958 68,269 67,578 4 6 
Consumer:
Residential mortgage24,127 24,074 23,909 23,710 23,573 — 2 
Automobile14,350 13,584 12,989 12,553 12,612 6 14 
Home equity10,134 10,089 10,056 10,072 10,107 — — 
RV and marine
6,009 6,046 5,966 5,892 5,934 (1)1 
Other consumer1,699 1,596 1,498 1,434 1,425 6 19 
Total consumer56,319 55,389 54,418 53,661 53,651 2 5 
Total loans and leases128,158 124,507 123,376 121,930 121,229 3 6 
Total earning assets185,222 181,891 178,062 173,764 171,360 2 8 
Cash and due from banks1,348 1,407 1,340 1,493 1,508 (4)(11)
Goodwill and other intangible assets5,662 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 deposits58,297 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 deposits129,823 127,688 123,948 120,818 118,480 2 10 
Short-term borrowings1,249 826 1,214 1,300 1,906 51 (34)
Long-term debt16,081 15,878 15,146 13,777 12,205 1 32 
Total interest-bearing liabilities147,153 144,392 140,308 135,895 132,591 2 11 
Demand deposits - noninterest-bearing29,582 28,800 29,630 29,910 31,174 3 (5)
All other liabilities5,020 4,925 5,314 5,239 5,435 2 (8)
Total liabilities181,755 178,117 175,252 171,044 169,200 2 7 
Total Huntington shareholders’ equity20,013 20,113 19,254 19,213 18,713 — 7 
Non-controlling interest47 48 52 49 49 (2)(4)
Total equity20,060 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)20242024202420242023
Assets
Interest-earning deposits with banks$136 $174 $154 $134 $139 
Securities:
Trading account securities8 1 2 2 2 
Available-for-sale securities:
Taxable302 331 322 296 273 
Tax-exempt38 35 34 34 33 
Total available-for-sale securities340 366 356 330 306 
Held-to-maturity securities - taxable104 93 93 95 98 
Other securities12 11 10 9 13 
Total securities464 471 461 436 419 
Loans held for sale11 12 10 7 10 
Loans and leases:
Commercial:
Commercial and industrial851 840 829 801 783 
Commercial real estate:
Commercial185 207 214 215 216 
Construction22 20 19 25 27 
Commercial real estate207 227 233 240 243 
Lease financing89 86 82 79 77 
Total commercial1,147 1,153 1,144 1,120 1,103 
Consumer:
Residential mortgage243 241 232 227 222 
Automobile205 191 172 158 153 
Home equity190 199 196 195 197 
RV and marine
81 79 76 74 77 
Other consumer47 48 44 42 41 
Total consumer766 758 720 696 690 
Total loans and leases1,913 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 deposits479 521 513 481 446 
Savings deposits
6 4 3 2 — 
Time deposits
169 181 181 174 158 
Total interest-bearing deposits863 945 907 857 808 
Short-term borrowings17 14 19 19 28 
Long-term debt235 245 238 217 198 
Total interest-bearing liabilities1,115 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)20242024202420242023
Assets
Interest-earning deposits with banks4.92 %5.55 %5.55 %5.50 %5.59 %
Securities:
Trading account securities5.39 3.28 5.10 5.15 5.40 
Available-for-sale securities:
Taxable4.87 5.21 5.33 5.26 5.43 
Tax-exempt5.00 5.23 5.07 5.05 5.01 
Total available-for-sale securities4.89 5.21 5.30 5.24 5.38 
Held-to-maturity securities - taxable2.59 2.47 2.44 2.44 2.45 
Other securities6.01 4.86 5.21 5.23 7.04 
Total securities4.10 4.26 4.29 4.19 4.23 
Loans held for sale6.28 6.92 6.81 6.51 6.95 
Loans and leases: (2)
Commercial:
Commercial and industrial6.05 6.31 6.33 6.26 6.14 
Commercial real estate:
Commercial6.91 7.47 7.53 7.49 7.48 
Construction10.64 8.52 8.41 8.23 8.40 
Commercial real estate7.18 7.55 7.60 7.56 7.57 
Lease financing6.38 6.51 6.41 6.13 5.90 
Total commercial6.25 6.53 6.56 6.49 6.39 
Consumer:
Residential mortgage4.03 4.00 3.89 3.83 3.76 
Automobile5.70 5.59 5.34 5.05 4.82 
Home equity7.42 7.86 7.86 7.77 7.70 
RV and marine
5.35 5.24 5.11 5.04 5.13 
Other consumer11.18 11.69 11.75 11.91 11.67 
Total consumer5.42 5.45 5.32 5.20 5.12 
Total loans and leases5.89 6.05 6.01 5.92 5.82 
Total earning assets5.42 5.62 5.62 5.54 5.47 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing1.99 2.28 2.13 2.09 2.06 
Money market deposits3.27 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 deposits2.65 2.94 2.94 2.85 2.71 
Short-term borrowings5.37 6.52 6.31 5.95 5.84 
Long-term debt5.83 6.19 6.28 6.30 6.46 
Total interest-bearing liabilities3.01 3.32 3.34 3.23 3.09 
Net interest rate spread2.41 2.30 2.28 2.31 2.38 
Impact of noninterest-bearing funds on margin0.62 0.68 0.71 0.70 0.69 
Net interest margin3.03 %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 reported6.25 %6.53 %6.56 %6.49 %6.39 %
Average SOFR4.68 %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,
20242024202420242023
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 income1,395 1,351 1,312 1,287 1,316 
Provision for credit losses107 106 100 107 126 
Net interest income after provision for credit losses1,288 1,245 1,212 1,180 1,190 
Payments and cash management revenue162 158 154 146 150 
Wealth and asset management revenue93 93 90 88 86 
Customer deposit and loan fees88 86 83 77 80 
Capital markets and advisory fees120 78 73 56 69 
Mortgage banking income31 38 30 31 23 
Leasing revenue19 19 19 22 29 
Insurance income22 18 18 19 19 
Net gains (losses) on sales of securities(21)— — — (3)
Other noninterest income45 33 24 28 (48)
Total noninterest income
559 523 491 467 405 
Personnel costs715 684 663 639 645 
Outside data processing and other services167 167 165 166 157 
Equipment70 65 62 70 70 
Net occupancy56 57 51 57 65 
Marketing28 33 27 28 29 
Deposit and other insurance expense20 15 25 54 234 
Professional services27 21 26 25 35 
Amortization of intangibles12 11 12 12 12 
Lease financing equipment depreciation3 4 4 4 5 
Other noninterest expense80 73 82 82 96 
Total noninterest expense
1,178 1,130 1,117 1,137 1,348 
Income before income taxes669 638 586 510 247 
Provision (benefit) for income taxes
135 116 106 86 (1)
Income after income taxes534 522 480 424 248 
Income attributable to non-controlling interest4 5 6 5 5 
Net income attributable to Huntington530 517 474 419 243 
Dividends on preferred shares27 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 - diluted0.34 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 adjustment14 13 13 13 11 
Net interest income (1)1,409 1,364 1,325 1,300 1,327 
Noninterest income559 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)
202420242024202420233Q244Q23
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 income6 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 sale1,220 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)20242024202420242023
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-off32 36 55 36 38 
Net loan and lease charge-offs(97)(93)(90)(92)(94)
Provision for loan and lease losses106 24 114 117 141 
Allowance for loan and lease losses, end of period2,244 2,235 2,304 2,280 2,255 
Allowance for unfunded lending commitments, beginning of period201 119 135 145 160 
Provision for unfunded lending commitments1 82 (16)(10)(15)
Allowance for unfunded lending commitments, end of period202 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 leases1.73 %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 leases1.88 %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)20242024202420242023
Allocation of allowance for credit losses
Commercial
Commercial and industrial$947 $937 $995 $974 $993 
Commercial real estate473 510 542 564 522 
Lease financing64 51 50 51 48 
Total commercial1,484 1,498 1,587 1,589 1,563 
Consumer
Residential mortgage205 193 199 163 188 
Automobile145 138 127 146 142 
Home equity148 149 142 137 114 
RV and marine
150 150 146 148 148 
Other consumer112 107 103 97 100 
Total consumer760 737 717 691 692 
Total allowance for loan and lease losses2,244 2,235 2,304 2,280 2,255 
Allowance for unfunded lending commitments202 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)20242024202420242023
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 financing1 (2)— — (3)
Total commercial51 54 57 55 57 
Consumer:
Residential mortgage— — 1 — — 
Automobile12 8 6 9 9 
Home equity— (1)— — — 
RV and marine
7 6 4 5 5 
Other consumer27 26 22 23 23 
Total consumer46 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,
20242024202420242023
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial0.39 %0.39 %0.16 %0.33 %0.32 %
Commercial real estate(0.08)0.17 1.19 0.41 0.65 
Lease financing0.06 (0.18)0.02 0.01 (0.24)
Total commercial0.29 0.31 0.33 0.32 0.34 
Consumer:
Residential mortgage0.01 — 0.01 — 0.01 
Automobile0.32 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 consumer6.51 6.38 5.98 6.39 6.48 
Total consumer0.32 0.28 0.24 0.28 0.28 
Net charge-offs as a % of average loans and leases0.30 %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)20242024202420242023
Nonaccrual loans and leases (NALs):
Commercial and industrial$457 $408 $346 $376 $344 
Commercial real estate118 132 194 154 140 
Lease financing10 9 13 10 14 
Residential mortgage83 82 80 75 72 
Automobile6 5 4 4 4 
Home equity107 100 95 96 91 
RV and marine
2 2 1 1 2 
Total nonaccrual loans and leases783 738 733 716 667 
Other real estate, net8 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 leases0.60 %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)20242024202420242023
Nonperforming assets, beginning of period$784 $780 $738 $711 $634 
New nonperforming assets271 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)20242024202420242023
Accruing loans and leases past due 90+ days:
Commercial and industrial$3 $6 $1 $1 $1 
Lease financing11 16 4 3 4 
Residential mortgage (excluding loans guaranteed by the U.S. Government)34 28 22 26 27 
Automobile12 10 8 8 9 
Home equity20 20 18 17 22 
RV and marine
4 3 3 2 3 
Other consumer4 5 3 4 4 
Total, excl. loans guaranteed by the U.S. Government88 88 59 61 70 
Add: loans guaranteed by U.S. Government151 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 leases0.07 %0.07 %0.05 %0.05 %0.06 %
Guaranteed by U.S. Government, as a percent of total loans and leases0.12 0.11 0.09 0.10 0.10 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases0.18 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)20242024202420242023
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 loss2,866 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 capital15,127 14,803 14,521 14,283 14,212 
Additional tier 1 capital
Shareholders’ preferred equity and related surplus1,999 2,404 2,404 2,404 2,404 
Tier 1 capital17,126 17,207 16,925 16,687 16,616 
Long-term debt and other tier 2 qualifying instruments1,641 1,119 1,278 1,279 1,306 
Qualifying allowance for loan and lease losses1,798 1,784 1,743 1,747 1,735 
Tier 2 capital3,439 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,
20242024202420242023
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)20242024202420242023
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 equity14,103 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 ratio7.1 %7.7 %7.3 %7.3 %7.4 %
Tangible common equity / tangible asset ratio6.1 %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 Count1,577 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 2023Change from 2022
(dollar amounts in millions)2024AmountPercent2023AmountPercent2022
Assets
Interest-earning deposits with banks$11,113 $1,804 19 %$9,309 $4,457 92 %$4,852 
Securities:
Trading account securities265 188 244 77 45 141 32 
Available-for-sale securities:
Taxable24,232 3,693 18 20,539 (1,455)(7)21,994 
Tax-exempt2,779 59 2 2,720 (122)(4)2,842 
Total available-for-sale securities27,011 3,752 16 23,259 (1,577)(6)24,836 
Held-to-maturity securities - taxable15,478 (1,029)(6)16,507 (2)— 16,509 
Other securities789 (144)(15)933 88 10 845 
Total securities43,543 2,767 7 40,776 (1,446)(3)42,222 
Loans held for sale597 43 8 554 (419)(43)973 
Loans and leases:(2)
Commercial:
Commercial and industrial52,426 2,786 6 49,640 4,278 9 45,362 
Commercial real estate:
Commercial10,975 (841)(7)11,816 43 — 11,773 
Construction960 (364)(27)1,324 (427)(24)1,751 
Commercial real estate11,935 (1,205)(9)13,140 (384)(3)13,524 
Lease financing5,190 62 1 5,128 154 3 4,974 
Total commercial69,551 1,643 2 67,908 4,048 6 63,860 
Consumer:
Residential mortgage23,956 966 4 22,990 2,083 10 20,907 
Automobile13,372 491 4 12,881 (573)(4)13,454 
Home equity10,088 (68)(1)10,156 (253)(2)10,409 
RV and marine5,979 329 6 5,650 328 6 5,322 
Other consumer1,557 195 14 1,362 48 4 1,314 
Total consumer54,952 1,913 4 53,039 1,633 3 51,406 
Total loans and leases124,503 3,556 3 120,947 5,681 5 115,266 
Total earning assets179,756 8,170 5 171,586 8,273 5 163,313 
Cash and due from banks1,397 (179)(11)1,576 (90)(5)1,666 
Goodwill and other intangible assets5,680 (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 deposits54,702 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 deposits125,587 12,184 11 113,403 10,065 10 103,338 
Short-term borrowings1,147 (1,934)(63)3,081 596 24 2,485 
Long-term debt15,224 1,900 14 13,324 4,600 53 8,724 
Total interest-bearing liabilities141,958 12,150 9 129,808 15,261 13 114,547 
Demand deposits - noninterest-bearing29,479 (4,506)(13)33,985 (7,589)(18)41,574 
All other liabilities5,123 43 1 5,080 727 17 4,353 
Total Huntington shareholders’ equity19,651 1,017 5 18,634 371 2 18,263 
Non-controlling interest49 — — 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)202420232022
Assets
Interest-earning deposits with banks$598 $492 $83 
Securities:
Trading account securities13 4 1 
Available-for-sale securities:
Taxable1,251 1,016 576 
Tax-exempt141 132 94 
Total available-for-sale securities1,392 1,148 670 
Held-to-maturity securities - taxable385 401 351 
Other securities42 53 27 
Total securities1,832 1,606 1,049 
Loans held for sale40 35 41 
Loans and leases:
Commercial:
Commercial and industrial3,321 2,991 1,956 
Commercial real estate:
Commercial821 865 520 
Construction86 107 82 
Commercial real estate907 972 602 
Lease Financing336 289 251 
Total commercial4,564 4,252 2,809 
Consumer:
Residential mortgage943 825 661 
Automobile726 561 472 
Home equity780 760 532 
RV and marine
310 271 227 
Other consumer181 156 126 
Total consumer2,940 2,573 2,018 
Total loans and leases7,504 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 deposits1,994 1,365 187 
Savings deposits
15 3 3 
Time deposits
705 426 15 
Total interest-bearing deposits3,572 2,497 363 
Short-term borrowings69 179 46 
Long-term debt935 801 287 
Total interest-bearing liabilities4,576 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)202420232022
Assets
Interest-earning deposits with banks5.38 %5.30 %1.70 %
Securities:
Trading account securities5.04 5.14 4.14 
Available-for-sale securities:
Taxable5.16 4.95 2.62 
Tax-exempt5.08 4.84 3.32 
Total available-for-sale securities5.15 4.93 2.70 
Held-to-maturity securities - taxable2.49 2.43 2.13 
Other securities 5.33 5.70 3.16 
Total securities4.21 3.94 2.48 
Loans held for sale6.63 6.34 4.24 
Loans and leases: (2)
Commercial:
Commercial and industrial6.33 6.03 4.31 
Commercial real estate:
Commercial7.48 7.32 4.41 
Construction9.01 8.12 4.71 
Commercial real estate7.60 7.40 4.45 
Lease financing6.47 5.63 5.04 
Total commercial6.56 6.26 4.40 
Consumer:
Residential mortgage3.94 3.59 3.16 
Automobile5.43 4.36 3.51 
Home equity7.73 7.48 5.11 
RV and marine
5.19 4.79 4.26 
Other consumer11.61 11.53 9.51 
Total consumer5.35 4.85 3.92 
Total loans and leases6.03 5.64 4.19 
Total earning assets5.55 5.22 3.67 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing2.12 %1.76 %0.38 %
Money market deposits3.64 3.04 0.50 
Savings deposits
0.10 0.02 0.01 
Time deposits
4.60 3.86 0.45 
Total interest-bearing deposits2.84 2.20 0.35 
Short-term borrowings5.99 5.81 1.86 
Long-term debt6.14 6.01 3.29 
Total interest bearing liabilities3.22 2.68 0.61 
Net interest rate spread2.33 2.54 3.06 
Impact of noninterest-bearing funds on margin0.67 0.65 0.19 
Net interest margin3.00 %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 reported6.56 %6.26 %4.40 %
Average SOFR5.15 %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)ChangeChange
2024AmountPercent2023AmountPercent2022
Interest income$9,921 $1,005 11 %$8,916 $2,947 49 %$5,969 
Interest expense4,576 1,099 32 3,477 2,781 400696 
Net interest income5,345 (94)(2)5,439 166 3 5,273 
Provision for credit losses420 18 4 402 113 39 289 
Net interest income after provision for credit losses4,925 (112)(2)5,037 53 1 4,984 
Payments and cash management revenue620 35 6 585 24 4 561 
Wealth and asset management revenue364 36 11 328 28 9 300 
Customer deposit and loan fees334 22 7 312 (38)(11)350 
Capital markets and advisory fees327 79 32 248 (17)(6)265 
Mortgage banking income130 21 19 109 (35)(24)144 
Leasing revenue79 (33)(29)112 (14)(11)126 
Insurance income77 3 4 74 (5)(6)79 
Net gains (losses) on sales of securities(21)(14)NM(7)(7)NM— 
Other noninterest income130 (30)(19)160 4 3 156 
Total noninterest income2,040 119 6 1,921 (60)(3)1,981 
Personnel costs2,701 172 7 2,529 128 5 2,401 
Outside data processing and other services665 60 10 605 (5)(1)610 
Equipment267 4 2 263 (6)(2)269 
Net occupancy221 (25)(10)246 — — 246 
Marketing116 1 1 115 24 26 91 
Deposit and other insurance expense114 (188)(62)302 235 NM67 
Professional services99 — — 99 22 29 77 
Amortization of intangibles47 (3)(6)50 (3)(6)53 
Lease financing equipment depreciation15 (12)(44)27 (18)(40)45 
Other noninterest expense317 (21)(6)338 (4)(1)342 
Total noninterest expense4,562 (12)— 4,574 373 9 4,201 
Income before income taxes2,403 19 1 2,384 (380)(14)2,764 
Provision for income taxes443 30 7 413 (102)(20)515 
Income after income taxes1,960 (11)(1)1,971 (278)(12)2,249 
Income attributable to non-controlling interest20 — — 20 9 82 11 
Net income attributable to Huntington1,940 (11)(1)1,951 (287)(13)2,238 
Dividends on preferred shares134 (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 - diluted1.22 (0.02)(2)1.24 (0.21)(14)1.45 
Cash dividends declared0.62 — — 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 income5,398 (83)(2)5,481 177 3 5,304 
Noninterest income2,040 119 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)202420232022
Net origination and secondary marketing income$83 $69 $105 
Net mortgage servicing income
          Loan servicing income101 94 88 
          Amortization of capitalized servicing(55)(48)(56)
     Operating income46 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 other1 (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)202420232022
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 off159 181 192 
Net loan and lease charge-offs(372)(273)(121)
Provision for loan and lease losses361 407 212 
Allowance for loan and lease losses, end of period2,244 2,255 2,121 
Allowance for unfunded lending commitments, beginning of period145 150 77 
Provision for (reduction in) unfunded lending commitments57 (5)73 
Allowance for unfunded lending commitments, end of period202 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 leases1.73 %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 leases1.88 %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)202420232022
Allocation of allowance for credit losses
Commercial
Commercial and industrial$947 $993 $939 
Commercial real estate473 522 433 
Lease financing64 48 52 
Total commercial1,484 1,563 1,424 
Consumer
Residential mortgage205 188 187 
Automobile145 142 141 
Home equity148 114 105 
RV and marine
150 148 143 
Other consumer112 100 121 
Total consumer760 692 697 
Total allowance for loan and lease losses2,244 2,255 2,121 
Allowance for unfunded lending commitments202 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)202420232022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial$166 $107 $(2)
Commercial real estate52 57 8 
Lease financing(1)(6)9 
Total commercial217 158 15 
Consumer:
Residential mortgage1 2 (2)
Automobile35 21 6 
Home equity(1)(1)(5)
RV and marine
22 12 8 
Other consumer98 81 99 
Total consumer155 115 106 
Total net charge-offs$372 $273 $121 
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial0.32 %0.22 %— %
Commercial real estate0.43 0.43 0.06 
Lease financing(0.03)(0.12)0.18 
Total commercial0.31 0.23 0.03 
Consumer:
Residential mortgage0.01 0.01 (0.01)
Automobile0.26 0.16 0.05 
Home equity(0.01)(0.01)(0.05)
RV and marine
0.36 0.21 0.15 
Other consumer6.32 6.03 7.55 
Total consumer0.28 0.22 0.21 
Net charge-offs as a % of average loans0.30 %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)202420232022
Nonaccrual loans and leases (NALs):
Commercial and industrial$457 $344 $288 
Commercial real estate118 140 92 
Lease financing10 14 18 
Residential mortgage83 72 90 
Automobile6 4 4 
Home equity107 91 76 
RV and marine
2 2 1 
Total nonaccrual loans and leases783 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 leases0.60 %0.55 %0.48 %
NPA ratio (2)
0.63 0.58 0.50 

December 31,
(dollar amounts in millions)202420232022
Nonperforming assets, beginning of period$711 $594 $750 
New nonperforming assets1,104 977 755 
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