HBAN 8-K
Huntington Bancshares Inc /Md/ (HBAN)
8-K
2025-04-17
For: 2025-04-17
View Original
Added on
July 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________________________________
FORM 8-K
_______________________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 17, 2025
______________________________________________________________________________________________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________________________________________________________
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
Registrant's address: 41 South High Street , Columbus , Ohio 43287
Registrant’s telephone number, including area code: (614 ) 480-2265
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
_______________________________________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of class | Trading Symbol(s) | Name of exchange on which registered | ||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2). | |||||||||||||||||
| Emerging growth company | |||||||||||||||||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ | |||||||||||||||||
Item 2.02. Results of Operations and Financial Condition.
On April 17, 2025, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2025. Also on April 17, 2025, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.
Huntington’s senior management will host an earnings conference call on April 17, 2025, at 11:00 a.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 #13752707. 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 April 25, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13752707.
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; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; 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, 2024, which is 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.
The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item 9.01. Financial Statements and Exhibits.
The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
(d)Exhibits.
Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 17, 2025.
Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2025.
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HUNTINGTON BANCSHARES INCORPORATED | |||||||||||||||||
| Date: | April 17, 2025 | By: | /s/ Zachary Wasserman | ||||||||||||||
| Zachary Wasserman | |||||||||||||||||
| Chief Financial Officer | |||||||||||||||||
Exhibit 99.1
April 17, 2025
Analysts: Tim Sedabres ([email protected]), 952.745.2766
Media: Tracy Pesho ([email protected]), 216.276.3301
Huntington Bancshares Incorporated Reports 2025 First-Quarter Earnings
Exceptional Q1 Results Highlighted by Growth in Loans and Deposits, Expanded Net Interest Income, and Continued Strong Performance in Fee Revenue, Driving Robust Year-Over-Year Profit Growth
2025 First-Quarter Highlights:
•Earnings per common share (EPS) for the quarter were $0.34, unchanged from the prior quarter, and $0.08 higher than the year-ago quarter. Excluding the after-tax impact of Notable Items, EPS was higher by $0.06 from the year-ago quarter.
•Net interest income increased $31 million, or 2%, from the prior quarter, and $139 million, or 11%, from the year-ago quarter.
•Total deposit costs were 2.03%, down 13 basis points from the prior quarter.
•Noninterest income decreased $65 million, or 12%, from the prior quarter, to $494 million. From the year-ago quarter, noninterest income increased $27 million, or 6%.
•Average total loans and leases increased $2.7 billion, or 2%, from the prior quarter to $130.9 billion, and increased $8.9 billion, or 7%, from the year-ago quarter.
◦Average commercial loans grew $2.2 billion or 3% from the prior quarter and $5.8 billion or 8% from the year-ago quarter.
◦Average consumer loans grew $491 million or 1% from the prior quarter and $3.1 billion or 6% from the year-ago quarter.
•Average total deposits increased $2.2 billion, or 1%, from the prior quarter and $10.9 billion, or 7%, from the year-ago quarter.
•Net charge-offs of 0.26% of average total loans and leases for the quarter, 4 basis points lower than the prior quarter.
•Nonperforming asset ratio of 0.61% at quarter end, 2 basis points lower than the prior quarter.
•Allowance for credit losses (ACL) of $2.5 billion, or 1.87% of total loans and leases, at quarter end, an increase of $32 million from the prior quarter.
•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.6%, at March 31, 2025, up from 10.5% in the prior quarter. Adjusted Common Equity Tier 1, including the effect of AOCI, was 8.9%, up from 8.7% in the prior quarter.
•Tangible common equity (TCE) ratio of 6.3%, up from 6.1% in the prior quarter and 6.0% from a year ago.
•Tangible book value per share of $8.80, up $0.47, or 6%, from the prior quarter and up $1.03, or 13%, from a year ago.
•The Board of Directors approved a $1 billion share repurchase authorization.
1
COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2025 first quarter of $527 million, or $0.34 per common share, a decrease of $3 million from the prior quarter, and an increase of $108 million, or 26%, from the year-ago quarter.
Return on average assets was 1.04%, return on average common equity was 11.3%, and return on average tangible common equity (ROTCE) was 16.7%.
CEO Commentary:
“Our first quarter results were highlighted by continued profit growth driven by increased loans and deposits, expanded net interest margin, growth of fee revenues, and rigorous expense management," said Steve Steinour, chairman, president, and CEO. "Our outlook for the year remains positive as our organic growth continues to significantly outpace our peer group driven by both our existing businesses and new initiatives. Our teams are executing exceptionally well as we manage overall funding costs lower and drive fee revenues higher. While we closely monitor the external environment, we are very well positioned to operate across a range of potential economic scenarios."
“We have continued to invest in new revenue-producing opportunities and have expanded our capabilities in the commercial and regional bank. These investments are delivering results, evidenced by robust loans and deposits across North Carolina, South Carolina and Texas regions, new commercial specialty banking areas, as well as fee businesses."
“Credit quality performed very well, with improved net-charge offs compared to the previous quarter and 2024 overall, reflecting our credit management approach in line with our aggregate moderate-to-low risk appetite. This is a competitive advantage and we are confident in our ability to outperform through-the-cycle.”
“We are operating from a position of strength. Over many years Huntington has maintained a disciplined approach to risk, which has driven our robust capital and liquidity metrics and has resulted in top quartile credit performance. Huntington has demonstrated our ability to execute and capitalize on disruptions in the market, and we believe we are very well positioned to manage through the evolving economic outlook."
2
Table 1 – Earnings Performance Summary
| 2025 | 2024 | ||||||||||||||||||||||||||||
| (in millions, except per share data) | First | Fourth | Third | Second | First | ||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
| Net income attributable to Huntington | $ | 527 | $ | 530 | $ | 517 | $ | 474 | $ | 419 | |||||||||||||||||||
| Diluted earnings per common share | 0.34 | 0.34 | 0.33 | 0.30 | 0.26 | ||||||||||||||||||||||||
| Return on average assets | 1.04 | % | 1.05 | % | 1.04 | % | 0.98 | % | 0.89 | % | |||||||||||||||||||
| Return on average common equity | 11.3 | 11.0 | 10.8 | 10.4 | 9.2 | ||||||||||||||||||||||||
| Return on average tangible common equity | 16.7 | 16.4 | 16.2 | 16.1 | 14.2 | ||||||||||||||||||||||||
| Net interest margin | 3.10 | 3.03 | 2.98 | 2.99 | 3.01 | ||||||||||||||||||||||||
| Efficiency ratio | 58.9 | 58.6 | 59.4 | 60.8 | 63.7 | ||||||||||||||||||||||||
| Tangible book value per common share | $ | 8.80 | $ | 8.33 | $ | 8.65 | $ | 7.89 | $ | 7.77 | |||||||||||||||||||
| Cash dividends declared per common share | 0.155 | 0.155 | 0.155 | 0.155 | 0.155 | ||||||||||||||||||||||||
| Average earning assets | $ | 188,299 | $ | 185,222 | $ | 181,891 | $ | 178,062 | $ | 173,764 | |||||||||||||||||||
| Average loans and leases | 130,862 | 128,158 | 124,507 | 123,376 | 121,930 | ||||||||||||||||||||||||
Average total deposits | 161,600 | 159,405 | 156,488 | 153,578 | 150,728 | ||||||||||||||||||||||||
| Tangible common equity / tangible assets ratio | 6.3 | % | 6.1 | % | 6.4 | % | 6.0 | % | 6.0 | % | |||||||||||||||||||
Common equity Tier 1 risk-based capital ratio (1) | 10.6 | 10.5 | 10.4 | 10.4 | 10.2 | ||||||||||||||||||||||||
| NCOs as a % of average loans and leases | 0.26 | % | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | % | |||||||||||||||||||
| NAL ratio | 0.56 | 0.60 | 0.58 | 0.59 | 0.58 | ||||||||||||||||||||||||
| ACL as a % of total loans and leases | 1.87 | 1.88 | 1.93 | 1.95 | 1.97 | ||||||||||||||||||||||||
(1)March 31, 2025 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) | Amount | Net Income | EPS (2) | ||||||||||||||||||||
Three Months Ended March 31, 2025 | $ | 527 | $ | 0.34 | |||||||||||||||||||
| • | FDIC Deposit Insurance Fund (DIF) special assessment (3) | $ | (3) | $ | (2) | $ | — | ||||||||||||||||
Three Months Ended December 31, 2024 | $ | 530 | $ | 0.34 | |||||||||||||||||||
| • | FDIC Deposit Insurance Fund (DIF) special assessment (3) | $ | 3 | $ | 2 | $ | — | ||||||||||||||||
| Three Months Ended March 31, 2024 | $ | 419 | $ | 0.26 | |||||||||||||||||||
| • | FDIC DIF special assessment (3) | $ | (32) | $ | (25) | $ | (0.02) | ||||||||||||||||
| • | Staffing efficiencies expense (4) | (7) | (5) | — | |||||||||||||||||||
(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.
3
Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 3 – Net Interest Income and Total Revenue
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| ($ in millions) | First | Fourth | Third | Second | First | Change (%) | |||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | |||||||||||||||||||||||||||||||||||
| Net interest income | $ | 1,426 | $ | 1,395 | $ | 1,351 | $ | 1,312 | $ | 1,287 | 2 | % | 11 | % | |||||||||||||||||||||||||||
| FTE adjustment | 15 | 14 | 13 | 13 | 13 | 7 | 15 | ||||||||||||||||||||||||||||||||||
| Net interest income - FTE | 1,441 | 1,409 | 1,364 | 1,325 | 1,300 | 2 | 11 | ||||||||||||||||||||||||||||||||||
| Noninterest income | 494 | 559 | 523 | 491 | 467 | (12) | 6 | ||||||||||||||||||||||||||||||||||
| Total revenue - FTE | $ | 1,935 | $ | 1,968 | $ | 1,887 | $ | 1,816 | $ | 1,767 | (2) | % | 10 | % | |||||||||||||||||||||||||||
Table 4 – Net Interest Margin Summary
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | Change (bp) | ||||||||||||||||||||||||||||||||||||
| Yield / Cost | Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | ||||||||||||||||||||||||||||||||||
| Total earning assets | 5.39 | % | 5.42 | % | 5.62 | % | 5.62 | % | 5.54 | % | (3) | (15) | |||||||||||||||||||||||||||||
| Total loans and leases | 5.87 | 5.89 | 6.05 | 6.01 | 5.92 | (2) | (5) | ||||||||||||||||||||||||||||||||||
| Total securities | 4.01 | 4.10 | 4.26 | 4.29 | 4.19 | (9) | (18) | ||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 2.86 | 3.01 | 3.32 | 3.34 | 3.23 | (15) | (37) | ||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 2.48 | 2.65 | 2.94 | 2.94 | 2.85 | (17) | (37) | ||||||||||||||||||||||||||||||||||
| Net interest rate spread | 2.53 | 2.41 | 2.30 | 2.28 | 2.31 | 12 | 22 | ||||||||||||||||||||||||||||||||||
| Impact of noninterest-bearing funds on margin | 0.57 | 0.62 | 0.68 | 0.71 | 0.70 | (5) | (13) | ||||||||||||||||||||||||||||||||||
| Net interest margin | 3.10 | % | 3.03 | % | 2.98 | % | 2.99 | % | 3.01 | % | 7 | 9 | |||||||||||||||||||||||||||||
Fully-taxable equivalent (FTE) net interest income for the 2025 first quarter increased $141 million, or 11%, from the 2024 first quarter. The results primarily reflect a $14.5 billion, or 8%, increase in average earning assets and a 9 basis point increase in the net interest margin (NIM) to 3.10%, partially offset by a $15.1 billion, or 11%, increase in average interest-bearing liabilities. The 9 basis point increase in NIM was reflective of a decrease in cost of funding, the impact of hedging, and the benefit of higher interest recoveries and other activity, partially offset by a decrease in yields on interest earning assets.
Compared to the 2024 fourth quarter, FTE net interest income increased $32 million, or 2%, driven by an increase in NIM of 7 basis points to 3.10%, and an increase in average earning assets of $3.1 billion, or 2%, partially offset by an increase in average interest-bearing liabilities of $3.8 billion, or 3%. The 7 basis point increase in NIM was reflective of a decrease in cost of funding, the impact of hedging, and the benefit of higher interest recoveries and other activity, partially offset by a decrease in yields on interest earning assets.
4
Table 5 – Average Earning Assets
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| ($ in billions) | First | Fourth | Third | Second | First | Change (%) | |||||||||||||||||||||||||||||||||||
| Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | |||||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 57.6 | $ | 55.1 | $ | 52.2 | $ | 51.7 | $ | 50.6 | 4 | % | 14 | % | |||||||||||||||||||||||||||
| Commercial real estate | 11.0 | 11.3 | 11.7 | 12.2 | 12.6 | (2) | (12) | ||||||||||||||||||||||||||||||||||
| Lease financing | 5.5 | 5.4 | 5.2 | 5.1 | 5.1 | 1 | 8 | ||||||||||||||||||||||||||||||||||
| Total commercial | 74.1 | 71.8 | 69.1 | 69.0 | 68.3 | 3 | 8 | ||||||||||||||||||||||||||||||||||
| Residential mortgage | 24.3 | 24.1 | 24.1 | 23.9 | 23.7 | 1 | 2 | ||||||||||||||||||||||||||||||||||
| Automobile | 14.7 | 14.4 | 13.6 | 13.0 | 12.6 | 2 | 17 | ||||||||||||||||||||||||||||||||||
| Home equity | 10.1 | 10.1 | 10.1 | 10.1 | 10.1 | — | 1 | ||||||||||||||||||||||||||||||||||
RV and marine | 6.0 | 6.0 | 6.0 | 6.0 | 5.9 | (1) | 1 | ||||||||||||||||||||||||||||||||||
| Other consumer | 1.8 | 1.7 | 1.6 | 1.5 | 1.4 | 4 | 24 | ||||||||||||||||||||||||||||||||||
| Total consumer | 56.8 | 56.3 | 55.4 | 54.4 | 53.7 | 1 | 6 | ||||||||||||||||||||||||||||||||||
| Total loans and leases | 130.9 | 128.2 | 124.5 | 123.4 | 121.9 | 2 | 7 | ||||||||||||||||||||||||||||||||||
| Total securities | 45.2 | 45.4 | 44.2 | 43.0 | 41.6 | — | 9 | ||||||||||||||||||||||||||||||||||
Interest-earning deposits with banks | 11.6 | 11.0 | 12.5 | 11.1 | 9.8 | 5 | 19 | ||||||||||||||||||||||||||||||||||
| Other earning assets | 0.6 | 0.7 | 0.7 | 0.6 | 0.5 | (14) | 28 | ||||||||||||||||||||||||||||||||||
| Total earning assets | $ | 188.3 | $ | 185.2 | $ | 181.9 | $ | 178.1 | $ | 173.8 | 2 | % | 8 | % | |||||||||||||||||||||||||||
See Page 6 of Quarterly Financial Supplement for additional detail.
Average earning assets for the 2025 first quarter increased $14.5 billion, or 8%, from the year-ago quarter, primarily reflecting a $8.9 billion, or 7%, increase in average total loans and leases and a $3.6 billion, or 9%, increase in average total securities. Average loan and lease balance increases were led by growth in average commercial loans of $5.8 billion, or 8%, primarily driven by a $6.9 billion, or 14%, increase in average commercial and industrial loans, partially offset by a $1.5 billion, or 12%, decrease in average commercial real estate loans. Additionally, average consumer loans increased by $3.1 billion, or 6%, primarily driven by a $2.1 billion, or 17%, increase in average automobile loans.
Compared to the 2024 fourth quarter, average earning assets increased $3.1 billion, or 2%, primarily reflecting a $2.7 billion, or 2%, increase in average total loans and leases. Average loan and lease balance increases were driven by an increase in average commercial loan balances of $2.2 billion, or 3%, primarily driven by a $2.4 billion, or 4%, increase in average commercial and industrial loans. Average consumer loans increased $491 million or 1%, primarily due to an increase in average automobile loans.
5
Table 6 – Liabilities
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | Change (%) | ||||||||||||||||||||||||||||||||||||
| ($ in billions) | Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | ||||||||||||||||||||||||||||||||||
| Average balances: | |||||||||||||||||||||||||||||||||||||||||
| Demand deposits - noninterest-bearing | $ | 28.9 | $ | 29.6 | $ | 28.8 | $ | 29.6 | $ | 29.9 | (2) | % | (3) | % | |||||||||||||||||||||||||||
| Demand deposits - interest-bearing | 43.6 | 41.8 | 41.9 | 39.4 | 38.5 | 4 | 13 | ||||||||||||||||||||||||||||||||||
| Total demand deposits | 72.5 | 71.4 | 70.7 | 69.0 | 68.4 | 2 | 6 | ||||||||||||||||||||||||||||||||||
| Money market deposits | 60.2 | 58.3 | 55.5 | 53.6 | 51.3 | 3 | 17 | ||||||||||||||||||||||||||||||||||
Savings deposits | 14.9 | 14.6 | 14.9 | 15.4 | 15.6 | 1 | (5) | ||||||||||||||||||||||||||||||||||
Time deposits | 14.0 | 15.1 | 15.3 | 15.6 | 15.4 | (7) | (9) | ||||||||||||||||||||||||||||||||||
| Total deposits | $ | 161.6 | $ | 159.4 | $ | 156.5 | $ | 153.6 | $ | 150.7 | 1 | % | 7 | % | |||||||||||||||||||||||||||
| Short-term borrowings | $ | 1.4 | $ | 1.2 | $ | 0.8 | $ | 1.2 | $ | 1.3 | 15 | % | 11 | % | |||||||||||||||||||||||||||
| Long-term debt | 16.9 | 16.1 | 15.9 | 15.1 | 13.8 | 5 | 23 | ||||||||||||||||||||||||||||||||||
| Total debt | $ | 18.3 | $ | 17.3 | $ | 16.7 | $ | 16.3 | $ | 15.1 | 6 | % | 22 | % | |||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 151.0 | $ | 147.2 | $ | 144.4 | $ | 140.3 | $ | 135.9 | 3 | % | 11 | % | |||||||||||||||||||||||||||
Total liabilities | 185.0 | 181.8 | 178.1 | 175.3 | 171.0 | 2 | 8 | ||||||||||||||||||||||||||||||||||
See Page 6 of Quarterly Financial Supplement for additional detail.
Average total liabilities for the 2025 first quarter increased $14.0 billion, or 8%, from the year-ago quarter, driven by increases in average total deposits of $10.9 billion, or 7%, and in average total debt of $3.3 billion, or 22%.
Compared to the 2024 fourth quarter, average total liabilities increased $3.3 billion, or 2%, driven by increases in average total deposits of $2.2 billion, or 1%, and in average total debt of $1.0 billion, or 6%.
Noninterest Income
Table 7 – Noninterest Income
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | Change (%) | ||||||||||||||||||||||||||||||||||||
| ($ in millions) | Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | ||||||||||||||||||||||||||||||||||
| Payments and cash management revenue | $ | 155 | $ | 162 | $ | 158 | $ | 154 | $ | 146 | (4) | % | 6 | % | |||||||||||||||||||||||||||
| Wealth and asset management revenue | 101 | 93 | 93 | 90 | 88 | 9 | 15 | ||||||||||||||||||||||||||||||||||
| Customer deposit and loan fees | 86 | 88 | 86 | 83 | 77 | (2) | 12 | ||||||||||||||||||||||||||||||||||
| Capital markets and advisory fees | 67 | 120 | 78 | 73 | 56 | (44) | 20 | ||||||||||||||||||||||||||||||||||
| Mortgage banking income | 31 | 31 | 38 | 30 | 31 | — | — | ||||||||||||||||||||||||||||||||||
| Leasing revenue | 14 | 19 | 19 | 19 | 22 | (26) | (36) | ||||||||||||||||||||||||||||||||||
| Insurance income | 20 | 22 | 18 | 18 | 19 | (9) | 5 | ||||||||||||||||||||||||||||||||||
| Net gains (losses) on sales of securities | — | (21) | — | — | — | NM | — | ||||||||||||||||||||||||||||||||||
| Other noninterest income | 20 | 45 | 33 | 24 | 28 | (56) | (29) | ||||||||||||||||||||||||||||||||||
| Total noninterest income | $ | 494 | $ | 559 | $ | 523 | $ | 491 | $ | 467 | (12) | % | 6 | % | |||||||||||||||||||||||||||
Additional information: | |||||||||||||||||||||||||||||||||||||||||
Impact of mark-to-market and premiums from credit risk transfer transactions (included in other noninterest income) | $ | (3) | $ | — | $ | (8) | $ | (9) | $ | (2) | NM | 50 | % | ||||||||||||||||||||||||||||
NM - Not Meaningful
6
Total noninterest income for the 2025 first quarter increased $27 million, or 6%, from the year-ago quarter. Wealth and asset management increased $13 million, or 15%, primarily due to increases in trust and investment management account fees. Capital markets and advisory fees increased $11 million, or 20%, primarily due to commercial loan production related capital market activities.
Total noninterest income decreased $65 million, or 12%, compared to the 2024 fourth quarter. Capital markets and advisory fees decreased $53 million, or 44%, primarily due to higher advisory fees in the 2024 fourth quarter. Other noninterest income decreased $25 million, or 56%, due to items including equity and mezzanine investment valuations. These decreases were partially offset by the 2024 fourth quarter recognition of $21 million of net loss on sale of securities as a result of corporate debt securities repositioning.
Noninterest Expense
Table 8 – Noninterest Expense
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | Change (%) | ||||||||||||||||||||||||||||||||||||
| ($ in millions) | Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | ||||||||||||||||||||||||||||||||||
| Personnel costs | $ | 671 | $ | 715 | $ | 684 | $ | 663 | $ | 639 | (6) | % | 5 | % | |||||||||||||||||||||||||||
| Outside data processing and other services | 170 | 167 | 167 | 165 | 166 | 2 | 2 | ||||||||||||||||||||||||||||||||||
| Equipment | 67 | 70 | 65 | 62 | 70 | (4) | (4) | ||||||||||||||||||||||||||||||||||
| Net occupancy | 65 | 56 | 57 | 51 | 57 | 16 | 14 | ||||||||||||||||||||||||||||||||||
| Marketing | 29 | 28 | 33 | 27 | 28 | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Deposit and other insurance expense | 37 | 20 | 15 | 25 | 54 | 85 | (31) | ||||||||||||||||||||||||||||||||||
| Professional services | 22 | 27 | 21 | 26 | 25 | (19) | (12) | ||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 11 | 12 | 11 | 12 | 12 | (8) | (8) | ||||||||||||||||||||||||||||||||||
| Lease financing equipment depreciation | 4 | 3 | 4 | 4 | 4 | 33 | — | ||||||||||||||||||||||||||||||||||
| Other noninterest expense | 76 | 80 | 73 | 82 | 82 | (5) | (7) | ||||||||||||||||||||||||||||||||||
| Total noninterest expense | $ | 1,152 | $ | 1,178 | $ | 1,130 | $ | 1,117 | $ | 1,137 | (2) | % | 1 | % | |||||||||||||||||||||||||||
| (in thousands) | |||||||||||||||||||||||||||||||||||||||||
| Average full-time equivalent employees | 20.1 | 20.0 | 20.0 | 19.9 | 19.7 | 1 | % | 2 | % | ||||||||||||||||||||||||||||||||
Table 9 - Impact of Notable Items
| 2025 | 2024 | ||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | |||||||||||||||||||||||||
| ($ in millions) | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||
| Personnel costs | $ | — | $ | — | $ | 12 | $ | — | $ | 7 | |||||||||||||||||||
| Net occupancy | — | — | 1 | — | — | ||||||||||||||||||||||||
| Deposit and other insurance expense | 3 | (3) | (7) | 6 | 32 | ||||||||||||||||||||||||
| Total noninterest expense | $ | 3 | $ | (3) | $ | 6 | $ | 6 | $ | 39 | |||||||||||||||||||
7
Table 10 - Adjusted Noninterest Expense (Non-GAAP)
| 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||
| First | Fourth | Third | Second | First | Change (%) | ||||||||||||||||||||||||||||||||||||
| ($ in millions) | Quarter | Quarter | Quarter | Quarter | Quarter | LQ | YOY | ||||||||||||||||||||||||||||||||||
| Personnel costs | $ | 671 | $ | 715 | $ | 672 | $ | 663 | $ | 632 | (6) | % | 6 | % | |||||||||||||||||||||||||||
| Outside data processing and other services | 170 | 167 | 167 | 165 | 166 | 2 | 2 | ||||||||||||||||||||||||||||||||||
| Equipment | 67 | 70 | 65 | 62 | 70 | (4) | (4) | ||||||||||||||||||||||||||||||||||
| Net occupancy | 65 | 56 | 56 | 51 | 57 | 16 | 14 | ||||||||||||||||||||||||||||||||||
| Marketing | 29 | 28 | 33 | 27 | 28 | 4 | 4 | ||||||||||||||||||||||||||||||||||
| Deposit and other insurance expense | 34 | 23 | 22 | 19 | 22 | 48 | 55 | ||||||||||||||||||||||||||||||||||
| Professional services | 22 | 27 | 21 | 26 | 25 | (19) | (12) | ||||||||||||||||||||||||||||||||||
| Amortization of intangibles | 11 | 12 | 11 | 12 | 12 | (8) | (8) | ||||||||||||||||||||||||||||||||||
| Lease financing equipment depreciation | 4 | 3 | 4 | 4 | 4 | 33 | 0 | ||||||||||||||||||||||||||||||||||
| Other noninterest expense | 76 | 80 | 73 | 82 | 82 | (5) | (7) | ||||||||||||||||||||||||||||||||||
| Total adjusted noninterest expense | $ | 1,149 | $ | 1,181 | $ | 1,124 | $ | 1,111 | $ | 1,098 | (3) | % | 5 | % | |||||||||||||||||||||||||||
Reported total noninterest expense for the 2025 first quarter increased $15 million, or 1%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $51 million, or 5%, primarily driven by higher personnel costs of $39 million, or 6%, due to higher incentive compensation and salary expense, and deposit and other insurance expense increased $12 million, or 55%, impacted by non-recurring adjustments to FDIC insurance expense.
Reported total noninterest expense decreased $26 million, or 2%, from the 2024 fourth quarter. Excluding the impact from Notable Items, noninterest expense decreased $32 million, or 3%, primarily driven by lower personnel costs of $44 million, or 6%, due primarily to a decrease in incentive compensation. Partially offsetting this decrease, deposit and other insurance expense increased $11 million, or 48%, impacted by non-recurring adjustments to FDIC insurance expense.
8
Credit Quality
Table 11 – Credit Quality Metrics
| 2025 | 2024 | ||||||||||||||||||||||||||||
| ($ in millions) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
| Total nonaccrual loans and leases | $ | 748 | $ | 783 | $ | 738 | $ | 733 | $ | 716 | |||||||||||||||||||
| Total other real estate, net | 8 | 8 | 8 | 10 | 10 | ||||||||||||||||||||||||
Other NPAs (1) | 48 | 31 | 38 | 37 | 12 | ||||||||||||||||||||||||
| Total nonperforming assets | 804 | 822 | 784 | 780 | 738 | ||||||||||||||||||||||||
| Accruing loans and leases past due 90+ days | 220 | 239 | 224 | 175 | 183 | ||||||||||||||||||||||||
| NPAs + accruing loans & leases past due 90+ days | $ | 1,024 | $ | 1,061 | $ | 1,008 | $ | 955 | $ | 921 | |||||||||||||||||||
NAL ratio (2) | 0.56 | % | 0.60 | % | 0.58 | % | 0.59 | % | 0.58 | % | |||||||||||||||||||
NPA ratio (3) | 0.61 | 0.63 | 0.62 | 0.63 | 0.60 | ||||||||||||||||||||||||
| (NPAs+90 days)/(Loans+OREO) | 0.77 | 0.82 | 0.80 | 0.77 | 0.75 | ||||||||||||||||||||||||
| Provision for credit losses | $ | 115 | $ | 107 | $ | 106 | $ | 100 | $ | 107 | |||||||||||||||||||
| Net charge-offs | 86 | 97 | 93 | 90 | 92 | ||||||||||||||||||||||||
| Net charge-offs / Average total loans and leases | 0.26 | % | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | % | |||||||||||||||||||
| Allowance for loans and lease losses (ALLL) | $ | 2,263 | $ | 2,244 | $ | 2,235 | $ | 2,304 | $ | 2,280 | |||||||||||||||||||
| Allowance for unfunded lending commitments | 215 | 202 | 201 | 119 | 135 | ||||||||||||||||||||||||
| Allowance for credit losses (ACL) | $ | 2,478 | $ | 2,446 | $ | 2,436 | $ | 2,423 | $ | 2,415 | |||||||||||||||||||
| ALLL as a % of: | |||||||||||||||||||||||||||||
| Total loans and leases | 1.71 | % | 1.73 | % | 1.77 | % | 1.85 | % | 1.86 | % | |||||||||||||||||||
| NALs | 302 | 286 | 303 | 314 | 318 | ||||||||||||||||||||||||
| NPAs | 281 | 273 | 285 | 296 | 309 | ||||||||||||||||||||||||
| ACL as a % of: | |||||||||||||||||||||||||||||
| Total loans and leases | 1.87 | % | 1.88 | % | 1.93 | % | 1.95 | % | 1.97 | % | |||||||||||||||||||
| NALs | 331 | 312 | 330 | 331 | 337 | ||||||||||||||||||||||||
| NPAs | 308 | 297 | 311 | 311 | 327 | ||||||||||||||||||||||||
(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 11-14 of Quarterly Financial Supplement for additional detail.
Nonperforming assets (NPAs) were $804 million, or 0.61%, of total loans and leases, OREO and other NPAs, compared to $738 million, or 0.60%, a year-ago. Nonaccrual loans and leases (NALs) were $748 million, or 0.56% of total loans and leases, compared to $716 million, or 0.58% of total loans and leases, a year-ago. The increase in NPAs was driven by increases in other NPAs and commercial and industrial NALs. On a linked quarter basis, NPAs decreased $18 million, or 2%, and NALs decreased $35 million, or 4%. The decrease in NPAs was primarily driven by a decrease in commercial and industrial NALs.
The provision for credit losses increased $8 million on both a year-over-year and quarter-over-quarter basis to $115 million in the 2025 first quarter. Net charge-offs (NCOs) decreased $6 million year-over-year and $11 million quarter-over-quarter to $86 million. NCOs represented an annualized 0.26% of average loans and leases in the current quarter, down from 0.30% in each of the year-ago quarter and prior quarter. Commercial and consumer net charge-offs were 0.24% and 0.29%, respectively, for the 2025 first quarter.
The allowance for loan and lease losses (ALLL) decreased $17 million from the year-ago quarter to $2.3 billion, or 1.71% of total loans and leases. The allowance for credit losses (ACL) increased by $63 million from the year-ago quarter to $2.5 billion, or 1.87% of total loans and leases, 1 basis point lower than the prior quarter and 10 basis points lower than the year-ago quarter.
9
Capital
Table 12 – Capital Ratios
| 2025 | 2024 | |||||||||||||||||||||||||||||||
| ($ in billions) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||
| Tangible common equity / tangible assets ratio | 6.3 | % | 6.1 | % | 6.4 | % | 6.0 | % | 6.0 | % | ||||||||||||||||||||||
Common equity tier 1 risk-based capital ratio (1) | 10.6 | 10.5 | 10.4 | 10.4 | 10.2 | |||||||||||||||||||||||||||
Regulatory Tier 1 risk-based capital ratio (1) | 11.9 | 11.9 | 12.1 | 12.1 | 12.0 | |||||||||||||||||||||||||||
Regulatory Total risk-based capital ratio (1) | 14.3 | 14.3 | 14.1 | 14.3 | 14.1 | |||||||||||||||||||||||||||
Total risk-weighted assets (1) | $ | 144.6 | $ | 143.7 | $ | 142.5 | $ | 139.4 | $ | 139.6 | ||||||||||||||||||||||
(1)March 31, 2025 figures are estimated. The capital ratios reflect Huntington’s election to delay the impact of CECL on regulatory capital. As of March 31, 2025, the impact of the CECL deferral was fully phased in, while 75% of the impact of the CECL deferral was phased in at December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024.
See Pages 15-16 of Quarterly Financial Supplement for additional detail.
The tangible common equity to tangible assets ratio was 6.3% at March 31, 2025, an increase from 6.1% at December 31, 2024, driven by changes in accumulated other comprehensive income and an increase in tangible common equity from current period earnings, net of dividends, partially offset by an increase in tangible assets. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.6% at March 31, 2025, an increase from 10.5% at December 31, 2024, driven by current period earnings, net of dividends, partially offset by the CECL transition adjustment and higher risk-weighted assets during the quarter.
In the first quarter of 2025, Huntington completed a credit linked note transaction, related to an approximately $3.5 billion pool of on-balance sheet prime indirect auto loans, as part of the company's capital optimization strategy. The transaction reduced the risk-weighting on the reference pool of assets by approximately 75%.
The Board of Directors approved a repurchase authorization of up to $1 billion of common shares. The new repurchase authorization does not have an expiration date and may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs, and is subject to the Federal Reserve's capital regulations. The timing of repurchases will be discretionary and depend on factors, including the macroeconomic and interest rate environment, the pace of loan growth, and other factors.
Income Taxes
The provision for income taxes was $122 million in the 2025 first quarter compared to $135 million in the 2024 fourth quarter. The effective tax rate for the 2025 first quarter was 18.6%, compared to 20.1% for the 2024 fourth quarter, with the decrease quarter-over-quarter driven by discrete tax expenses recognized in the prior quarter.
At March 31, 2025, we had a net federal deferred tax asset of $598 million and a net state deferred tax asset of $91 million.
Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on April 17, 2025, at 11:00 a.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 #13752707. 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 April 25, 2025 at (877) 660-6853 or (201) 612-7415; conference ID #13752707.
Please see the 2025 First 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 $210 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 968 branches in 13 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; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; 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, 2024, which is 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
Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2025
Table of Contents
Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates.
Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found herein.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures. Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21%.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
•Tangible common equity to tangible assets,
•Tangible common equity to risk-weighted assets using Basel III definition, and
•Adjusted common equity tier 1 (CET1).
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. The tangible common equity ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. The adjusted CET1 ratio differs from the defined CET1 regulatory capital ratio the Company is subject to by including the impact of accumulated other comprehensive income (loss) (AOCI) excluding cash flow hedges in the calculation of the capital ratio. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.
Huntington Bancshares Incorporated
Quarterly Key Statistics
(Unaudited)
| Three Months Ended | ||||||||||||||||||||||||||||||||
| (dollar amounts in millions, except per share data) | March 31, | December 31, | March 31, | Percent Changes vs. | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 4Q24 | 1Q24 | ||||||||||||||||||||||||||||
| Net interest income (1) | $ | 1,441 | $ | 1,409 | $ | 1,300 | 2 | % | 11 | % | ||||||||||||||||||||||
| FTE adjustment | (15) | (14) | (13) | (7) | (15) | |||||||||||||||||||||||||||
| Net interest income | 1,426 | 1,395 | 1,287 | 2 | 11 | |||||||||||||||||||||||||||
| Provision for credit losses | 115 | 107 | 107 | 7 | 7 | |||||||||||||||||||||||||||
| Noninterest income | 494 | 559 | 467 | (12) | 6 | |||||||||||||||||||||||||||
| Noninterest expense | 1,152 | 1,178 | 1,137 | (2) | 1 | |||||||||||||||||||||||||||
| Income before income taxes | 653 | 669 | 510 | (2) | 28 | |||||||||||||||||||||||||||
Provision for income taxes | 122 | 135 | 86 | (10) | 42 | |||||||||||||||||||||||||||
| Income after income taxes | 531 | 534 | 424 | (1) | 25 | |||||||||||||||||||||||||||
| Income attributable to non-controlling interest | 4 | 4 | 5 | — | (20) | |||||||||||||||||||||||||||
| Net income attributable to Huntington | 527 | 530 | 419 | (1) | 26 | |||||||||||||||||||||||||||
| Dividends on preferred shares | 27 | 27 | 36 | — | (25) | |||||||||||||||||||||||||||
Impact of preferred stock redemptions | — | 5 | — | NM | — | |||||||||||||||||||||||||||
| Net income applicable to common shares | $ | 500 | $ | 498 | $ | 383 | — | % | 31 | % | ||||||||||||||||||||||
| Net income per common share - diluted | $ | 0.34 | $ | 0.34 | $ | 0.26 | — | % | 31 | % | ||||||||||||||||||||||
| Cash dividends declared per common share | 0.155 | 0.155 | 0.155 | — | — | |||||||||||||||||||||||||||
| Tangible book value per common share at end of period | 8.80 | 8.33 | 7.77 | 6 | 13 | |||||||||||||||||||||||||||
| Average common shares - basic | 1,454 | 1,453 | 1,448 | — | — | |||||||||||||||||||||||||||
| Average common shares - diluted | 1,482 | 1,481 | 1,473 | — | 1 | |||||||||||||||||||||||||||
| Ending common shares outstanding | 1,457 | 1,454 | 1,449 | — | 1 | |||||||||||||||||||||||||||
| Return on average assets | 1.04 | % | 1.05 | % | 0.89 | % | ||||||||||||||||||||||||||
| Return on average common shareholders’ equity | 11.3 | 11.0 | 9.2 | |||||||||||||||||||||||||||||
| Return on average tangible common shareholders’ equity (2) | 16.7 | 16.4 | 14.2 | |||||||||||||||||||||||||||||
| Net interest margin (1) | 3.10 | 3.03 | 3.01 | |||||||||||||||||||||||||||||
| Efficiency ratio (3) | 58.9 | 58.6 | 63.7 | |||||||||||||||||||||||||||||
| Effective tax rate | 18.6 | 20.1 | 16.8 | |||||||||||||||||||||||||||||
| Average total assets | $ | 205,087 | $ | 201,815 | $ | 190,306 | 2 | 8 | ||||||||||||||||||||||||
| Average earning assets | 188,299 | 185,222 | 173,764 | 2 | 8 | |||||||||||||||||||||||||||
| Average loans and leases | 130,862 | 128,158 | 121,930 | 2 | 7 | |||||||||||||||||||||||||||
| Average total deposits | 161,600 | 159,405 | 150,728 | 1 | 7 | |||||||||||||||||||||||||||
| Average Huntington shareholders’ equity | 19,997 | 20,013 | 19,213 | — | 4 | |||||||||||||||||||||||||||
Average common shareholders' equity | 18,007 | 17,979 | 16,819 | — | 7 | |||||||||||||||||||||||||||
| Average tangible common shareholders' equity | 12,375 | 12,338 | 11,151 | — | 11 | |||||||||||||||||||||||||||
| Total assets at end of period | 209,596 | 204,230 | 193,519 | 3 | 8 | |||||||||||||||||||||||||||
| Total Huntington shareholders’ equity at end of period | 20,434 | 19,740 | 19,322 | 4 | 6 | |||||||||||||||||||||||||||
| NCOs as a % of average loans and leases | 0.26 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||
| NAL ratio | 0.56 | 0.60 | 0.58 | |||||||||||||||||||||||||||||
NPA ratio (4) | 0.61 | 0.63 | 0.60 | |||||||||||||||||||||||||||||
| Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period | 1.71 | 1.73 | 1.86 | |||||||||||||||||||||||||||||
| Allowance for credit losses (ACL) as a % of total loans and leases at the end of period | 1.87 | 1.88 | 1.97 | |||||||||||||||||||||||||||||
Common equity tier 1 risk-based capital ratio (5) | 10.6 | 10.5 | 10.2 | |||||||||||||||||||||||||||||
Tangible common equity / tangible asset ratio (6) | 6.3 | 6.1 | 6.0 | |||||||||||||||||||||||||||||
NM - Not Meaningful
See Notes to the Quarterly Key Statistics.
1
Notes to the Quarterly Key Statistics
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(2)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(5)March 31, 2025 figure is estimated.
(6)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
2
Huntington Bancshares Incorporated
Consolidated Balance Sheets
| March 31, | December 31, | ||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | Percent Changes | ||||||||||||||
| (Unaudited) | |||||||||||||||||
| Assets | |||||||||||||||||
| Cash and due from banks | $ | 1,598 | $ | 1,685 | (5) | % | |||||||||||
| Interest-earning deposits with banks | 14,330 | 11,647 | 23 | ||||||||||||||
| Trading account securities | 477 | 53 | NM | ||||||||||||||
| Available-for-sale securities | 27,839 | 27,273 | 2 | ||||||||||||||
| Held-to-maturity securities | 16,315 | 16,368 | — | ||||||||||||||
| Other securities | 880 | 823 | 7 | ||||||||||||||
| Loans held for sale | 580 | 654 | (11) | ||||||||||||||
| Loans and leases (1) | 132,505 | 130,042 | 2 | ||||||||||||||
| Allowance for loan and lease losses | (2,263) | (2,244) | 1 | ||||||||||||||
| Net loans and leases | 130,242 | 127,798 | 2 | ||||||||||||||
| Bank owned life insurance | 2,799 | 2,793 | — | ||||||||||||||
| Accrued income and other receivables | 1,716 | 2,190 | (22) | ||||||||||||||
| Premises and equipment | 1,085 | 1,066 | 2 | ||||||||||||||
| Goodwill | 5,561 | 5,561 | — | ||||||||||||||
| Servicing rights and other intangible assets | 656 | 677 | (3) | ||||||||||||||
| Other assets | 5,518 | 5,642 | (2) | ||||||||||||||
| Total assets | $ | 209,596 | $ | 204,230 | 3 | % | |||||||||||
| Liabilities and shareholders' equity | |||||||||||||||||
| Liabilities | |||||||||||||||||
| Deposits (2) | $ | 165,337 | $ | 162,448 | 2 | % | |||||||||||
| Short-term borrowings | 664 | 199 | 234 | ||||||||||||||
| Long-term debt | 18,096 | 16,374 | 11 | ||||||||||||||
| Other liabilities | 5,013 | 5,427 | (8) | ||||||||||||||
| Total liabilities | 189,110 | 184,448 | 3 | ||||||||||||||
| Shareholders' equity | |||||||||||||||||
| Preferred stock | 1,989 | 1,989 | — | ||||||||||||||
| Common stock | 15 | 15 | — | ||||||||||||||
| Capital surplus | 15,479 | 15,484 | — | ||||||||||||||
| Less treasury shares, at cost | (90) | (86) | (5) | ||||||||||||||
| Accumulated other comprehensive income (loss) | (2,433) | (2,866) | 15 | ||||||||||||||
| Retained earnings | 5,474 | 5,204 | 5 | ||||||||||||||
| Total Huntington shareholders’ equity | 20,434 | 19,740 | 4 | ||||||||||||||
| Non-controlling interest | 52 | 42 | 24 | ||||||||||||||
| Total equity | 20,486 | 19,782 | 4 | ||||||||||||||
| Total liabilities and equity | $ | 209,596 | $ | 204,230 | 3 | % | |||||||||||
| Common shares authorized (par value of $0.01) | 2,250,000,000 | 2,250,000,000 | |||||||||||||||
| Common shares outstanding | 1,456,811,621 | 1,453,635,809 | |||||||||||||||
| Treasury shares outstanding | 7,164,203 | 6,984,102 | |||||||||||||||
| Preferred stock, authorized shares | 6,617,808 | 6,617,808 | |||||||||||||||
| Preferred shares outstanding | 877,500 | 877,500 | |||||||||||||||
(1)See page 4 for detail of loans and leases.
(2)See page 5 for detail of deposits.
3
Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balances by type: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | $ | 58,948 | 45 | % | $ | 56,809 | 43 | % | $ | 53,601 | 43 | % | $ | 52,307 | 42 | % | $ | 51,500 | 42 | % | |||||||||||||||||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial | 10,196 | 7 | 10,215 | 8 | 10,647 | 8 | 10,997 | 9 | 11,339 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Construction | 772 | 1 | 863 | 1 | 896 | 1 | 936 | 1 | 1,003 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial real estate | 10,968 | 8 | 11,078 | 9 | 11,543 | 9 | 11,933 | 10 | 12,342 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Lease financing | 5,451 | 4 | 5,454 | 4 | 5,342 | 4 | 5,202 | 4 | 5,133 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total commercial | 75,367 | 57 | 73,341 | 56 | 70,486 | 56 | 69,442 | 56 | 68,975 | 56 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage | 24,369 | 19 | 24,242 | 19 | 24,100 | 19 | 24,069 | 19 | 23,744 | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Automobile | 14,877 | 11 | 14,564 | 11 | 14,003 | 11 | 13,233 | 11 | 12,662 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Home equity | 10,130 | 8 | 10,142 | 8 | 10,129 | 8 | 10,076 | 8 | 10,047 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
RV and marine | 5,939 | 4 | 5,982 | 5 | 6,042 | 5 | 6,042 | 5 | 5,887 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Other consumer | 1,823 | 1 | 1,771 | 1 | 1,627 | 1 | 1,560 | 1 | 1,452 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total consumer | 57,138 | 43 | 56,701 | 44 | 55,901 | 44 | 54,980 | 44 | 53,792 | 44 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases | $ | 132,505 | 100 | % | $ | 130,042 | 100 | % | $ | 126,387 | 100 | % | $ | 124,422 | 100 | % | $ | 122,767 | 100 | % | |||||||||||||||||||||||||||||||||||||||
| Ending balances by business segment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer & Regional Banking | $ | 72,653 | 55 | % | $ | 72,051 | 56 | % | $ | 70,742 | 56 | % | $ | 69,328 | 56 | % | $ | 67,512 | 55 | % | |||||||||||||||||||||||||||||||||||||||
| Commercial Banking | 59,726 | 45 | 57,858 | 44 | 55,441 | 44 | 54,941 | 44 | 54,994 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury / Other | 126 | — | 133 | — | 204 | — | 153 | — | 261 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases | $ | 132,505 | 100 | % | $ | 130,042 | 100 | % | $ | 126,387 | 100 | % | $ | 124,422 | 100 | % | $ | 122,767 | 100 | % | |||||||||||||||||||||||||||||||||||||||
| Average balances by business segment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer & Regional Banking | $ | 72,043 | 55 | % | $ | 71,390 | 56 | % | $ | 69,759 | 56 | % | $ | 68,405 | 56 | % | $ | 67,136 | 55 | % | |||||||||||||||||||||||||||||||||||||||
| Commercial Banking | 58,588 | 45 | 56,492 | 44 | 54,464 | 44 | 54,748 | 44 | 54,584 | 45 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury / Other | 231 | — | 276 | — | 284 | — | 223 | — | 210 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total loans and leases | $ | 130,862 | 100 | % | $ | 128,158 | 100 | % | $ | 124,507 | 100 | % | $ | 123,376 | 100 | % | $ | 121,930 | 100 | % | |||||||||||||||||||||||||||||||||||||||
4
Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balances by type: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Demand deposits - noninterest-bearing | $ | 30,217 | 18 | % | $ | 29,345 | 18 | % | $ | 29,047 | 18 | % | $ | 28,636 | 19 | % | $ | 29,739 | 19 | % | |||||||||||||||||||||||||||||||||||||||
| Demand deposits - interest-bearing | 44,992 | 28 | 43,378 | 27 | 42,292 | 27 | 40,943 | 27 | 39,200 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Money market deposits | 61,608 | 37 | 60,730 | 37 | 56,434 | 36 | 54,469 | 35 | 52,897 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Savings deposits | 15,179 | 9 | 14,723 | 9 | 14,679 | 9 | 15,201 | 10 | 15,752 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Time deposits | 13,341 | 8 | 14,272 | 9 | 15,899 | 10 | 15,118 | 9 | 15,637 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total deposits | $ | 165,337 | 100 | % | $ | 162,448 | 100 | % | $ | 158,351 | 100 | % | $ | 154,367 | 100 | % | $ | 153,225 | 100 | % | |||||||||||||||||||||||||||||||||||||||
Ending balances by business segment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer & Regional Banking | $ | 112,972 | 68 | % | $ | 111,390 | 69 | % | $ | 110,107 | 70 | % | $ | 110,913 | 72 | % | $ | 112,032 | 73 | % | |||||||||||||||||||||||||||||||||||||||
| Commercial Banking | 44,090 | 27 | 43,366 | 26 | 41,597 | 26 | 38,110 | 25 | 35,619 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury / Other | 8,275 | 5 | 7,692 | 5 | 6,647 | 4 | 5,344 | 3 | 5,574 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total deposits | $ | 165,337 | 100 | % | $ | 162,448 | 100 | % | $ | 158,351 | 100 | % | $ | 154,367 | 100 | % | $ | 153,225 | 100 | % | |||||||||||||||||||||||||||||||||||||||
Average balances by business segment: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consumer & Regional Banking | $ | 110,974 | 69 | % | $ | 110,750 | 70 | % | $ | 109,884 | 70 | % | $ | 110,819 | 72 | % | $ | 109,263 | 73 | % | |||||||||||||||||||||||||||||||||||||||
| Commercial Banking | 42,714 | 26 | 41,741 | 26 | 40,153 | 26 | 36,765 | 24 | 35,656 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Treasury / Other | 7,912 | 5 | 6,914 | 4 | 6,451 | 4 | 5,994 | 4 | 5,809 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total deposits | $ | 161,600 | 100 | % | $ | 159,405 | 100 | % | $ | 156,488 | 100 | % | $ | 153,578 | 100 | % | $ | 150,728 | 100 | % | |||||||||||||||||||||||||||||||||||||||
5
Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
| Quarterly Average Balances (1) | ||||||||||||||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | Percent Changes vs. | |||||||||||||||||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | 4Q24 | 1Q24 | |||||||||||||||||||||||||||||||||||||
| Assets | ||||||||||||||||||||||||||||||||||||||||||||
| Interest-earning deposits with banks | $ | 11,632 | $ | 11,027 | $ | 12,532 | $ | 11,116 | $ | 9,761 | 5 | % | 19 | % | ||||||||||||||||||||||||||||||
| Securities: | ||||||||||||||||||||||||||||||||||||||||||||
| Trading account securities | 487 | 645 | 136 | 143 | 133 | (24) | NM | |||||||||||||||||||||||||||||||||||||
| Available-for-sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
| Taxable | 24,245 | 24,778 | 25,434 | 24,184 | 22,515 | (2) | 8 | |||||||||||||||||||||||||||||||||||||
| Tax-exempt | 3,254 | 3,056 | 2,699 | 2,684 | 2,676 | 6 | 22 | |||||||||||||||||||||||||||||||||||||
| Total available-for-sale securities | 27,499 | 27,834 | 28,133 | 26,868 | 25,191 | (1) | 9 | |||||||||||||||||||||||||||||||||||||
| Held-to-maturity securities - taxable | 16,358 | 16,053 | 15,078 | 15,211 | 15,567 | 2 | 5 | |||||||||||||||||||||||||||||||||||||
| Other securities | 877 | 824 | 829 | 776 | 724 | 6 | 21 | |||||||||||||||||||||||||||||||||||||
| Total securities | 45,221 | 45,356 | 44,176 | 42,998 | 41,615 | — | 9 | |||||||||||||||||||||||||||||||||||||
| Loans held for sale | 584 | 681 | 676 | 572 | 458 | (14) | 28 | |||||||||||||||||||||||||||||||||||||
| Loans and leases: (2) | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial and industrial | 57,555 | 55,136 | 52,194 | 51,724 | 50,625 | 4 | 14 | |||||||||||||||||||||||||||||||||||||
| Commercial real estate: | ||||||||||||||||||||||||||||||||||||||||||||
| Commercial | 10,206 | 10,461 | 10,835 | 11,247 | 11,365 | (2) | (10) | |||||||||||||||||||||||||||||||||||||
| Construction | 815 | 818 | 909 | 916 | 1,198 | — | (32) | |||||||||||||||||||||||||||||||||||||
| Commercial real estate | 11,021 | 11,279 | 11,744 | 12,163 | 12,563 | (2) | (12) | |||||||||||||||||||||||||||||||||||||
| Lease financing | 5,476 | 5,424 | 5,180 | 5,071 | 5,081 | 1 | 8 | |||||||||||||||||||||||||||||||||||||
| Total commercial | 74,052 | 71,839 | 69,118 | 68,958 | 68,269 | 3 | 8 | |||||||||||||||||||||||||||||||||||||
| Consumer: | ||||||||||||||||||||||||||||||||||||||||||||
| Residential mortgage | 24,299 | 24,127 | 24,074 | 23,909 | 23,710 | 1 | 2 | |||||||||||||||||||||||||||||||||||||
| Automobile | 14,665 | 14,350 | 13,584 | 12,989 | 12,553 | 2 | 17 | |||||||||||||||||||||||||||||||||||||
| Home equity | 10,123 | 10,134 | 10,089 | 10,056 | 10,072 | — | 1 | |||||||||||||||||||||||||||||||||||||
RV and marine | 5,951 | 6,009 | 6,046 | 5,966 | 5,892 | (1) | 1 | |||||||||||||||||||||||||||||||||||||
| Other consumer | 1,772 | 1,699 | 1,596 | 1,498 | 1,434 | 4 | 24 | |||||||||||||||||||||||||||||||||||||
| Total consumer | 56,810 | 56,319 | 55,389 | 54,418 | 53,661 | 1 | 6 | |||||||||||||||||||||||||||||||||||||
| Total loans and leases | 130,862 | 128,158 | 124,507 | 123,376 | 121,930 | 2 | 7 | |||||||||||||||||||||||||||||||||||||
| Total earning assets | 188,299 | 185,222 | 181,891 | 178,062 | 173,764 | 2 | 8 | |||||||||||||||||||||||||||||||||||||
| Cash and due from banks | 1,404 | 1,348 | 1,407 | 1,340 | 1,493 | 4 | (6) | |||||||||||||||||||||||||||||||||||||
| Goodwill and other intangible assets | 5,651 | 5,662 | 5,674 | 5,685 | 5,697 | — | (1) | |||||||||||||||||||||||||||||||||||||
All other assets | $ | 9,733 | $ | 9,583 | $ | 9,306 | $ | 9,471 | $ | 9,352 | 2 | 4 | ||||||||||||||||||||||||||||||||
| Total assets | $ | 205,087 | $ | 201,815 | $ | 198,278 | $ | 194,558 | $ | 190,306 | 2 | % | 8 | % | ||||||||||||||||||||||||||||||
| Liabilities and shareholders' equity | ||||||||||||||||||||||||||||||||||||||||||||
| Interest-bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||
| Demand deposits - interest-bearing | $ | 43,582 | $ | 41,802 | $ | 41,850 | $ | 39,431 | $ | 38,488 | 4 | % | 13 | % | ||||||||||||||||||||||||||||||
| Money market deposits | 60,213 | 58,297 | 55,599 | 53,553 | 51,310 | 3 | 17 | |||||||||||||||||||||||||||||||||||||
Savings deposits | 14,866 | 14,648 | 14,891 | 15,408 | 15,625 | 1 | (5) | |||||||||||||||||||||||||||||||||||||
Time deposits | 13,993 | 15,076 | 15,348 | 15,556 | 15,395 | (7) | (9) | |||||||||||||||||||||||||||||||||||||
| Total interest-bearing deposits | 132,654 | 129,823 | 127,688 | 123,948 | 120,818 | 2 | 10 | |||||||||||||||||||||||||||||||||||||
| Short-term borrowings | 1,439 | 1,249 | 826 | 1,214 | 1,300 | 15 | 11 | |||||||||||||||||||||||||||||||||||||
| Long-term debt | 16,901 | 16,081 | 15,878 | 15,146 | 13,777 | 5 | 23 | |||||||||||||||||||||||||||||||||||||
| Total interest-bearing liabilities | 150,994 | 147,153 | 144,392 | 140,308 | 135,895 | 3 | 11 | |||||||||||||||||||||||||||||||||||||
| Demand deposits - noninterest-bearing | 28,946 | 29,582 | 28,800 | 29,630 | 29,910 | (2) | (3) | |||||||||||||||||||||||||||||||||||||
| All other liabilities | 5,102 | 5,020 | 4,925 | 5,314 | 5,239 | 2 | (3) | |||||||||||||||||||||||||||||||||||||
| Total liabilities | 185,042 | 181,755 | 178,117 | 175,252 | 171,044 | 2 | 8 | |||||||||||||||||||||||||||||||||||||
| Total Huntington shareholders’ equity | 19,997 | 20,013 | 20,113 | 19,254 | 19,213 | — | 4 | |||||||||||||||||||||||||||||||||||||
| Non-controlling interest | 48 | 47 | 48 | 52 | 49 | 2 | (2) | |||||||||||||||||||||||||||||||||||||
| Total equity | 20,045 | 20,060 | 20,161 | 19,306 | 19,262 | — | 4 | |||||||||||||||||||||||||||||||||||||
| Total liabilities and equity | $ | 205,087 | $ | 201,815 | $ | 198,278 | $ | 194,558 | $ | 190,306 | 2 | % | 8 | % | ||||||||||||||||||||||||||||||
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans and leases.
6
Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
| Quarterly Interest Income / Expense | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Interest-earning deposits with banks | $ | 129 | $ | 136 | $ | 174 | $ | 154 | $ | 134 | |||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||
| Trading account securities | 4 | 8 | 1 | 2 | 2 | ||||||||||||||||||||||||
| Available-for-sale securities: | |||||||||||||||||||||||||||||
| Taxable | 287 | 302 | 331 | 322 | 296 | ||||||||||||||||||||||||
| Tax-exempt | 42 | 38 | 35 | 34 | 34 | ||||||||||||||||||||||||
| Total available-for-sale securities | 329 | 340 | 366 | 356 | 330 | ||||||||||||||||||||||||
| Held-to-maturity securities - taxable | 108 | 104 | 93 | 93 | 95 | ||||||||||||||||||||||||
| Other securities | 12 | 12 | 11 | 10 | 9 | ||||||||||||||||||||||||
| Total securities | 453 | 464 | 471 | 461 | 436 | ||||||||||||||||||||||||
| Loans held for sale | 9 | 11 | 12 | 10 | 7 | ||||||||||||||||||||||||
| Loans and leases: | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | 873 | 851 | 840 | 829 | 801 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Commercial | 170 | 185 | 207 | 214 | 215 | ||||||||||||||||||||||||
| Construction | 15 | 22 | 20 | 19 | 25 | ||||||||||||||||||||||||
| Commercial real estate | 185 | 207 | 227 | 233 | 240 | ||||||||||||||||||||||||
| Lease financing | 89 | 89 | 86 | 82 | 79 | ||||||||||||||||||||||||
| Total commercial | 1,147 | 1,147 | 1,153 | 1,144 | 1,120 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| Residential mortgage | 250 | 243 | 241 | 232 | 227 | ||||||||||||||||||||||||
| Automobile | 207 | 205 | 191 | 172 | 158 | ||||||||||||||||||||||||
| Home equity | 183 | 190 | 199 | 196 | 195 | ||||||||||||||||||||||||
RV and marine | 78 | 81 | 79 | 76 | 74 | ||||||||||||||||||||||||
| Other consumer | 48 | 47 | 48 | 44 | 42 | ||||||||||||||||||||||||
| Total consumer | 766 | 766 | 758 | 720 | 696 | ||||||||||||||||||||||||
| Total loans and leases | 1,913 | 1,913 | 1,911 | 1,864 | 1,816 | ||||||||||||||||||||||||
| Total earning assets | $ | 2,504 | $ | 2,524 | $ | 2,568 | $ | 2,489 | $ | 2,393 | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||
| Demand deposits - interest-bearing | $ | 205 | $ | 209 | $ | 239 | $ | 210 | $ | 200 | |||||||||||||||||||
| Money market deposits | 458 | 479 | 521 | 513 | 481 | ||||||||||||||||||||||||
Savings deposits | 7 | 6 | 4 | 3 | 2 | ||||||||||||||||||||||||
Time deposits | 140 | 169 | 181 | 181 | 174 | ||||||||||||||||||||||||
| Total interest-bearing deposits | 810 | 863 | 945 | 907 | 857 | ||||||||||||||||||||||||
| Short-term borrowings | 14 | 17 | 14 | 19 | 19 | ||||||||||||||||||||||||
| Long-term debt | 239 | 235 | 245 | 238 | 217 | ||||||||||||||||||||||||
| Total interest-bearing liabilities | 1,063 | 1,115 | 1,204 | 1,164 | 1,093 | ||||||||||||||||||||||||
| Net interest income | $ | 1,441 | $ | 1,409 | $ | 1,364 | $ | 1,325 | $ | 1,300 | |||||||||||||||||||
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
7
Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
| Quarterly Average Rates | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| Fully-taxable equivalent basis (1) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Assets | |||||||||||||||||||||||||||||
| Interest-earning deposits with banks | 4.45 | % | 4.92 | % | 5.55 | % | 5.55 | % | 5.50 | % | |||||||||||||||||||
| Securities: | |||||||||||||||||||||||||||||
| Trading account securities | 3.67 | 5.39 | 3.28 | 5.10 | 5.15 | ||||||||||||||||||||||||
| Available-for-sale securities: | |||||||||||||||||||||||||||||
| Taxable | 4.73 | 4.87 | 5.21 | 5.33 | 5.26 | ||||||||||||||||||||||||
| Tax-exempt | 5.22 | 5.00 | 5.23 | 5.07 | 5.05 | ||||||||||||||||||||||||
| Total available-for-sale securities | 4.79 | 4.89 | 5.21 | 5.30 | 5.24 | ||||||||||||||||||||||||
| Held-to-maturity securities - taxable | 2.64 | 2.59 | 2.47 | 2.44 | 2.44 | ||||||||||||||||||||||||
| Other securities | 5.28 | 6.01 | 4.86 | 5.21 | 5.23 | ||||||||||||||||||||||||
| Total securities | 4.01 | 4.10 | 4.26 | 4.29 | 4.19 | ||||||||||||||||||||||||
| Loans held for sale | 6.48 | 6.28 | 6.92 | 6.81 | 6.51 | ||||||||||||||||||||||||
| Loans and leases: (2) | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | 6.07 | 6.05 | 6.31 | 6.33 | 6.26 | ||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||
| Commercial | 6.66 | 6.91 | 7.47 | 7.53 | 7.49 | ||||||||||||||||||||||||
| Construction | 7.47 | 10.64 | 8.52 | 8.41 | 8.23 | ||||||||||||||||||||||||
| Commercial real estate | 6.72 | 7.18 | 7.55 | 7.60 | 7.56 | ||||||||||||||||||||||||
| Lease financing | 6.49 | 6.38 | 6.51 | 6.41 | 6.13 | ||||||||||||||||||||||||
| Total commercial | 6.19 | 6.25 | 6.53 | 6.56 | 6.49 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| Residential mortgage | 4.11 | 4.03 | 4.00 | 3.89 | 3.83 | ||||||||||||||||||||||||
| Automobile | 5.71 | 5.70 | 5.59 | 5.34 | 5.05 | ||||||||||||||||||||||||
| Home equity | 7.33 | 7.42 | 7.86 | 7.86 | 7.77 | ||||||||||||||||||||||||
RV and marine | 5.34 | 5.35 | 5.24 | 5.11 | 5.04 | ||||||||||||||||||||||||
| Other consumer | 11.01 | 11.18 | 11.69 | 11.75 | 11.91 | ||||||||||||||||||||||||
| Total consumer | 5.44 | 5.42 | 5.45 | 5.32 | 5.20 | ||||||||||||||||||||||||
| Total loans and leases | 5.87 | 5.89 | 6.05 | 6.01 | 5.92 | ||||||||||||||||||||||||
| Total earning assets | 5.39 | 5.42 | 5.62 | 5.62 | 5.54 | ||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Interest-bearing deposits: | |||||||||||||||||||||||||||||
| Demand deposits - interest-bearing | 1.91 | 1.99 | 2.28 | 2.13 | 2.09 | ||||||||||||||||||||||||
| Money market deposits | 3.08 | 3.27 | 3.73 | 3.85 | 3.77 | ||||||||||||||||||||||||
Savings deposits | 0.20 | 0.16 | 0.12 | 0.09 | 0.04 | ||||||||||||||||||||||||
Time deposits | 4.06 | 4.47 | 4.66 | 4.70 | 4.55 | ||||||||||||||||||||||||
| Total interest-bearing deposits | 2.48 | 2.65 | 2.94 | 2.94 | 2.85 | ||||||||||||||||||||||||
| Short-term borrowings | 3.87 | 5.37 | 6.52 | 6.31 | 5.95 | ||||||||||||||||||||||||
| Long-term debt | 5.68 | 5.83 | 6.19 | 6.28 | 6.30 | ||||||||||||||||||||||||
| Total interest-bearing liabilities | 2.86 | 3.01 | 3.32 | 3.34 | 3.23 | ||||||||||||||||||||||||
| Net interest rate spread | 2.53 | 2.41 | 2.30 | 2.28 | 2.31 | ||||||||||||||||||||||||
| Impact of noninterest-bearing funds on margin | 0.57 | 0.62 | 0.68 | 0.71 | 0.70 | ||||||||||||||||||||||||
| Net interest margin | 3.10 | % | 3.03 | % | 2.98 | % | 2.99 | % | 3.01 | % | |||||||||||||||||||
| Additional information: | |||||||||||||||||||||||||||||
| Commercial Loan Derivative Impact | |||||||||||||||||||||||||||||
Commercial loans (2)(3) | 6.57 | % | 6.77 | % | 7.21 | % | 7.29 | % | 7.22 | % | |||||||||||||||||||
| Impact of commercial loan derivatives | (0.38) | (0.52) | (0.68) | (0.73) | (0.73) | ||||||||||||||||||||||||
| Total commercial - as reported | 6.19 | % | 6.25 | % | 6.53 | % | 6.56 | % | 6.49 | % | |||||||||||||||||||
| Average SOFR | 4.33 | % | 4.68 | % | 5.28 | % | 5.32 | % | 5.32 | % | |||||||||||||||||||
Total cost of deposits (4) | 2.03 | % | 2.16 | % | 2.40 | % | 2.38 | % | 2.29 | % | |||||||||||||||||||
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.
(2)Includes nonaccrual loans and leases.
(3)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(4)Includes noninterest-bearing and interest-bearing deposit balances.
8
Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| (dollar amounts in millions, except per share data) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||||||||||||
Interest income | $ | 2,489 | $ | 2,510 | $ | 2,555 | $ | 2,476 | $ | 2,380 | |||||||||||||||||||
Interest expense | 1,063 | 1,115 | 1,204 | 1,164 | 1,093 | ||||||||||||||||||||||||
| Net interest income | 1,426 | 1,395 | 1,351 | 1,312 | 1,287 | ||||||||||||||||||||||||
| Provision for credit losses | 115 | 107 | 106 | 100 | 107 | ||||||||||||||||||||||||
| Net interest income after provision for credit losses | 1,311 | 1,288 | 1,245 | 1,212 | 1,180 | ||||||||||||||||||||||||
| Payments and cash management revenue | 155 | 162 | 158 | 154 | 146 | ||||||||||||||||||||||||
| Wealth and asset management revenue | 101 | 93 | 93 | 90 | 88 | ||||||||||||||||||||||||
| Customer deposit and loan fees | 86 | 88 | 86 | 83 | 77 | ||||||||||||||||||||||||
| Capital markets and advisory fees | 67 | 120 | 78 | 73 | 56 | ||||||||||||||||||||||||
| Mortgage banking income | 31 | 31 | 38 | 30 | 31 | ||||||||||||||||||||||||
| Leasing revenue | 14 | 19 | 19 | 19 | 22 | ||||||||||||||||||||||||
| Insurance income | 20 | 22 | 18 | 18 | 19 | ||||||||||||||||||||||||
| Net gains (losses) on sales of securities | — | (21) | — | — | — | ||||||||||||||||||||||||
| Other noninterest income | 20 | 45 | 33 | 24 | 28 | ||||||||||||||||||||||||
Total noninterest income | 494 | 559 | 523 | 491 | 467 | ||||||||||||||||||||||||
| Personnel costs | 671 | 715 | 684 | 663 | 639 | ||||||||||||||||||||||||
| Outside data processing and other services | 170 | 167 | 167 | 165 | 166 | ||||||||||||||||||||||||
| Equipment | 67 | 70 | 65 | 62 | 70 | ||||||||||||||||||||||||
| Net occupancy | 65 | 56 | 57 | 51 | 57 | ||||||||||||||||||||||||
| Marketing | 29 | 28 | 33 | 27 | 28 | ||||||||||||||||||||||||
| Deposit and other insurance expense | 37 | 20 | 15 | 25 | 54 | ||||||||||||||||||||||||
| Professional services | 22 | 27 | 21 | 26 | 25 | ||||||||||||||||||||||||
| Amortization of intangibles | 11 | 12 | 11 | 12 | 12 | ||||||||||||||||||||||||
| Lease financing equipment depreciation | 4 | 3 | 4 | 4 | 4 | ||||||||||||||||||||||||
| Other noninterest expense | 76 | 80 | 73 | 82 | 82 | ||||||||||||||||||||||||
Total noninterest expense | 1,152 | 1,178 | 1,130 | 1,117 | 1,137 | ||||||||||||||||||||||||
| Income before income taxes | 653 | 669 | 638 | 586 | 510 | ||||||||||||||||||||||||
Provision for income taxes | 122 | 135 | 116 | 106 | 86 | ||||||||||||||||||||||||
| Income after income taxes | 531 | 534 | 522 | 480 | 424 | ||||||||||||||||||||||||
| Income attributable to non-controlling interest | 4 | 4 | 5 | 6 | 5 | ||||||||||||||||||||||||
| Net income attributable to Huntington | 527 | 530 | 517 | 474 | 419 | ||||||||||||||||||||||||
| Dividends on preferred shares | 27 | 27 | 36 | 35 | 36 | ||||||||||||||||||||||||
Impact of preferred stock redemptions | — | 5 | — | — | — | ||||||||||||||||||||||||
| Net income applicable to common shares | $ | 500 | $ | 498 | $ | 481 | $ | 439 | $ | 383 | |||||||||||||||||||
Average common shares - basic | 1,454 | 1,453 | 1,453 | 1,451 | 1,448 | ||||||||||||||||||||||||
Average common shares - diluted | 1,482 | 1,481 | 1,477 | 1,474 | 1,473 | ||||||||||||||||||||||||
Per common share | |||||||||||||||||||||||||||||
| Net income - basic | $ | 0.34 | $ | 0.34 | $ | 0.33 | $ | 0.30 | $ | 0.26 | |||||||||||||||||||
| Net income - diluted | 0.34 | 0.34 | 0.33 | 0.30 | 0.26 | ||||||||||||||||||||||||
Cash dividends declared | 0.155 | 0.155 | 0.155 | 0.155 | 0.155 | ||||||||||||||||||||||||
Revenue - fully-taxable equivalent (FTE) | |||||||||||||||||||||||||||||
| Net interest income | $ | 1,426 | $ | 1,395 | $ | 1,351 | $ | 1,312 | $ | 1,287 | |||||||||||||||||||
| FTE adjustment | 15 | 14 | 13 | 13 | 13 | ||||||||||||||||||||||||
| Net interest income (1) | 1,441 | 1,409 | 1,364 | 1,325 | 1,300 | ||||||||||||||||||||||||
| Noninterest income | 494 | 559 | 523 | 491 | 467 | ||||||||||||||||||||||||
| Total revenue (1) | $ | 1,935 | $ | 1,968 | $ | 1,887 | $ | 1,816 | $ | 1,767 | |||||||||||||||||||
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
9
Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
| Three Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | Percent Changes vs. | |||||||||||||||||||||||||||||||||||||||
(dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | 4Q24 | 1Q24 | |||||||||||||||||||||||||||||||||||||
| Net origination and secondary marketing income | $ | 18 | $ | 25 | $ | 25 | $ | 17 | $ | 16 | (28) | % | 13 | % | ||||||||||||||||||||||||||||||
| Net mortgage servicing income | ||||||||||||||||||||||||||||||||||||||||||||
Loan servicing income | 26 | 26 | 25 | 25 | 25 | — | 4 | |||||||||||||||||||||||||||||||||||||
Amortization of capitalized servicing | (13) | (16) | (14) | (14) | (11) | 19 | (18) | |||||||||||||||||||||||||||||||||||||
Operating income | 13 | 10 | 11 | 11 | 14 | 30 | (7) | |||||||||||||||||||||||||||||||||||||
MSR valuation adjustment (1) | (15) | 53 | (25) | 11 | 20 | (128) | (175) | |||||||||||||||||||||||||||||||||||||
(Losses) gains due to MSR hedging | 15 | (57) | 27 | (10) | (19) | 126 | 179 | |||||||||||||||||||||||||||||||||||||
Net MSR risk management | — | (4) | 2 | 1 | 1 | 100 | (100) | |||||||||||||||||||||||||||||||||||||
| Total net mortgage servicing income | 13 | 6 | 13 | 12 | 15 | 117 | (13) | |||||||||||||||||||||||||||||||||||||
| All other | — | — | — | 1 | — | — | — | |||||||||||||||||||||||||||||||||||||
| Mortgage banking income | $ | 31 | $ | 31 | $ | 38 | $ | 30 | $ | 31 | — | % | — | % | ||||||||||||||||||||||||||||||
| Mortgage origination volume | $ | 1,599 | $ | 2,093 | $ | 1,883 | $ | 2,164 | $ | 1,276 | (24) | % | 25 | % | ||||||||||||||||||||||||||||||
| Mortgage origination volume for sale | 938 | 1,220 | 1,194 | 1,191 | 834 | (23) | 12 | |||||||||||||||||||||||||||||||||||||
| Third party mortgage loans serviced (2) | $ | 33,864 | $ | 33,696 | $ | 33,565 | $ | 33,404 | $ | 33,303 | — | % | 2 | % | ||||||||||||||||||||||||||||||
| Mortgage servicing rights (2) | 564 | 573 | 515 | 543 | 534 | (2) | 6 | |||||||||||||||||||||||||||||||||||||
| MSR % of investor servicing portfolio (2) | 1.66 | % | 1.70 | % | 1.53 | % | 1.63 | % | 1.60 | % | (2) | 4 | ||||||||||||||||||||||||||||||||
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
10
Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Allowance for loan and lease losses, beginning of period | $ | 2,244 | $ | 2,235 | $ | 2,304 | $ | 2,280 | $ | 2,255 | |||||||||||||||||||
| Loan and lease charge-offs | (133) | (129) | (129) | (145) | (128) | ||||||||||||||||||||||||
Recoveries of loans and leases previously charged-off | 47 | 32 | 36 | 55 | 36 | ||||||||||||||||||||||||
| Net loan and lease charge-offs | (86) | (97) | (93) | (90) | (92) | ||||||||||||||||||||||||
| Provision for loan and lease losses | 105 | 106 | 24 | 114 | 117 | ||||||||||||||||||||||||
| Allowance for loan and lease losses, end of period | 2,263 | 2,244 | 2,235 | 2,304 | 2,280 | ||||||||||||||||||||||||
| Allowance for unfunded lending commitments, beginning of period | 202 | 201 | 119 | 135 | 145 | ||||||||||||||||||||||||
| Provision for unfunded lending commitments | 13 | 1 | 82 | (16) | (10) | ||||||||||||||||||||||||
| Allowance for unfunded lending commitments, end of period | 215 | 202 | 201 | 119 | 135 | ||||||||||||||||||||||||
| Total allowance for credit losses, end of period | $ | 2,478 | $ | 2,446 | $ | 2,436 | $ | 2,423 | $ | 2,415 | |||||||||||||||||||
| Allowance for loan and lease losses (ALLL) as % of: | |||||||||||||||||||||||||||||
| Total loans and leases | 1.71 | % | 1.73 | % | 1.77 | % | 1.85 | % | 1.86 | % | |||||||||||||||||||
| Nonaccrual loans and leases (NALs) | 302 | 286 | 303 | 314 | 318 | ||||||||||||||||||||||||
| Nonperforming assets (NPAs) | 281 | 273 | 285 | 296 | 309 | ||||||||||||||||||||||||
| Total allowance for credit losses (ACL) as % of: | |||||||||||||||||||||||||||||
| Total loans and leases | 1.87 | % | 1.88 | % | 1.93 | % | 1.95 | % | 1.97 | % | |||||||||||||||||||
| Nonaccrual loans and leases (NALs) | 331 | 312 | 330 | 331 | 337 | ||||||||||||||||||||||||
| Nonperforming assets (NPAs) | 308 | 297 | 311 | 311 | 327 | ||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Allocation of allowance for credit losses | |||||||||||||||||||||||||||||
| Commercial | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 1,017 | $ | 947 | $ | 937 | $ | 995 | $ | 974 | |||||||||||||||||||
| Commercial real estate | 443 | 473 | 510 | 542 | 564 | ||||||||||||||||||||||||
| Lease financing | 60 | 64 | 51 | 50 | 51 | ||||||||||||||||||||||||
| Total commercial | 1,520 | 1,484 | 1,498 | 1,587 | 1,589 | ||||||||||||||||||||||||
| Consumer | |||||||||||||||||||||||||||||
| Residential mortgage | 199 | 205 | 193 | 199 | 163 | ||||||||||||||||||||||||
| Automobile | 150 | 145 | 138 | 127 | 146 | ||||||||||||||||||||||||
| Home equity | 140 | 148 | 149 | 142 | 137 | ||||||||||||||||||||||||
RV and marine | 146 | 150 | 150 | 146 | 148 | ||||||||||||||||||||||||
| Other consumer | 108 | 112 | 107 | 103 | 97 | ||||||||||||||||||||||||
| Total consumer | 743 | 760 | 737 | 717 | 691 | ||||||||||||||||||||||||
| Total allowance for loan and lease losses | 2,263 | 2,244 | 2,235 | 2,304 | 2,280 | ||||||||||||||||||||||||
| Allowance for unfunded lending commitments | 215 | 202 | 201 | 119 | 135 | ||||||||||||||||||||||||
| Total allowance for credit losses | $ | 2,478 | $ | 2,446 | $ | 2,436 | $ | 2,423 | $ | 2,415 | |||||||||||||||||||
11
Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Net charge-offs (recoveries) by loan and lease type: | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 48 | $ | 52 | $ | 51 | $ | 21 | $ | 42 | |||||||||||||||||||
| Commercial real estate | (8) | (2) | 5 | 36 | 13 | ||||||||||||||||||||||||
| Lease financing | 4 | 1 | (2) | — | — | ||||||||||||||||||||||||
| Total commercial | 44 | 51 | 54 | 57 | 55 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| Residential mortgage | — | — | — | 1 | — | ||||||||||||||||||||||||
| Automobile | 13 | 12 | 8 | 6 | 9 | ||||||||||||||||||||||||
| Home equity | — | — | (1) | — | — | ||||||||||||||||||||||||
RV and marine | 7 | 7 | 6 | 4 | 5 | ||||||||||||||||||||||||
| Other consumer | 22 | 27 | 26 | 22 | 23 | ||||||||||||||||||||||||
| Total consumer | 42 | 46 | 39 | 33 | 37 | ||||||||||||||||||||||||
| Total net charge-offs | $ | 86 | $ | 97 | $ | 93 | $ | 90 | $ | 92 | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||||||||||||
| Net charge-offs (recoveries) - annualized percentages: | |||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||
| Commercial and industrial | 0.33 | % | 0.39 | % | 0.39 | % | 0.16 | % | 0.33 | % | |||||||||||||||||||
| Commercial real estate | (0.26) | (0.08) | 0.17 | 1.19 | 0.41 | ||||||||||||||||||||||||
| Lease financing | 0.33 | 0.06 | (0.18) | 0.02 | 0.01 | ||||||||||||||||||||||||
| Total commercial | 0.24 | 0.29 | 0.31 | 0.33 | 0.32 | ||||||||||||||||||||||||
| Consumer: | |||||||||||||||||||||||||||||
| Residential mortgage | — | 0.01 | — | 0.01 | — | ||||||||||||||||||||||||
| Automobile | 0.35 | 0.32 | 0.24 | 0.20 | 0.27 | ||||||||||||||||||||||||
| Home equity | — | (0.02) | (0.02) | (0.01) | 0.01 | ||||||||||||||||||||||||
RV and marine | 0.45 | 0.43 | 0.37 | 0.25 | 0.36 | ||||||||||||||||||||||||
| Other consumer | 4.89 | 6.51 | 6.38 | 5.98 | 6.39 | ||||||||||||||||||||||||
| Total consumer | 0.29 | 0.32 | 0.28 | 0.24 | 0.28 | ||||||||||||||||||||||||
| Net charge-offs as a % of average loans and leases | 0.26 | % | 0.30 | % | 0.30 | % | 0.29 | % | 0.30 | % | |||||||||||||||||||
12
Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs) (1)
(Unaudited)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Nonaccrual loans and leases (NALs): | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 413 | $ | 457 | $ | 408 | $ | 346 | $ | 376 | |||||||||||||||||||
| Commercial real estate | 118 | 118 | 132 | 194 | 154 | ||||||||||||||||||||||||
| Lease financing | 11 | 10 | 9 | 13 | 10 | ||||||||||||||||||||||||
| Residential mortgage | 90 | 83 | 82 | 80 | 75 | ||||||||||||||||||||||||
| Automobile | 4 | 6 | 5 | 4 | 4 | ||||||||||||||||||||||||
| Home equity | 110 | 107 | 100 | 95 | 96 | ||||||||||||||||||||||||
RV and marine | 2 | 2 | 2 | 1 | 1 | ||||||||||||||||||||||||
| Total nonaccrual loans and leases | 748 | 783 | 738 | 733 | 716 | ||||||||||||||||||||||||
| Other real estate, net | 8 | 8 | 8 | 10 | 10 | ||||||||||||||||||||||||
| Other NPAs (1) | 48 | 31 | 38 | 37 | 12 | ||||||||||||||||||||||||
| Total nonperforming assets | $ | 804 | $ | 822 | $ | 784 | $ | 780 | $ | 738 | |||||||||||||||||||
| Nonaccrual loans and leases as a % of total loans and leases | 0.56 | % | 0.60 | % | 0.58 | % | 0.59 | % | 0.58 | % | |||||||||||||||||||
| NPA ratio (2) | 0.61 | 0.63 | 0.62 | 0.63 | 0.60 | ||||||||||||||||||||||||
| (NPA+90days)/(Loan+OREO) (3) | 0.77 | 0.82 | 0.80 | 0.77 | 0.75 | ||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Nonperforming assets, beginning of period | $ | 822 | $ | 784 | $ | 780 | $ | 738 | $ | 711 | |||||||||||||||||||
| New nonperforming assets | 250 | 271 | 254 | 316 | 263 | ||||||||||||||||||||||||
| Returns to accruing status | (31) | (46) | (55) | (55) | (68) | ||||||||||||||||||||||||
| Charge-offs | (55) | (37) | (53) | (82) | (64) | ||||||||||||||||||||||||
| Payments | (178) | (146) | (139) | (135) | (102) | ||||||||||||||||||||||||
| Sales | (4) | (4) | (3) | (2) | (2) | ||||||||||||||||||||||||
| Nonperforming assets, end of period | $ | 804 | $ | 822 | $ | 784 | $ | 780 | $ | 738 | |||||||||||||||||||
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(3)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.
13
Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases
(Unaudited)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Accruing loans and leases past due 90+ days: | |||||||||||||||||||||||||||||
| Commercial and industrial | $ | 2 | $ | 3 | $ | 6 | $ | 1 | $ | 1 | |||||||||||||||||||
| Lease financing | 8 | 11 | 16 | 4 | 3 | ||||||||||||||||||||||||
| Residential mortgage (excluding loans guaranteed by the U.S. Government) | 29 | 34 | 28 | 22 | 26 | ||||||||||||||||||||||||
| Automobile | 8 | 12 | 10 | 8 | 8 | ||||||||||||||||||||||||
| Home equity | 18 | 20 | 20 | 18 | 17 | ||||||||||||||||||||||||
RV and marine | 3 | 4 | 3 | 3 | 2 | ||||||||||||||||||||||||
| Other consumer | 4 | 4 | 5 | 3 | 4 | ||||||||||||||||||||||||
| Total, excl. loans guaranteed by the U.S. Government | 72 | 88 | 88 | 59 | 61 | ||||||||||||||||||||||||
| Add: loans guaranteed by U.S. Government | 148 | 151 | 136 | 116 | 122 | ||||||||||||||||||||||||
| Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government | $ | 220 | $ | 239 | $ | 224 | $ | 175 | $ | 183 | |||||||||||||||||||
| Ratios: | |||||||||||||||||||||||||||||
| Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases | 0.05 | % | 0.07 | % | 0.07 | % | 0.05 | % | 0.05 | % | |||||||||||||||||||
| Guaranteed by U.S. Government, as a percent of total loans and leases | 0.11 | 0.12 | 0.11 | 0.09 | 0.10 | ||||||||||||||||||||||||
| Including loans guaranteed by the U.S. Government, as a percent of total loans and leases | 0.17 | 0.18 | 0.18 | 0.14 | 0.15 | ||||||||||||||||||||||||
14
Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Common equity tier 1 risk-based capital ratio: (1) | |||||||||||||||||||||||||||||
| Total Huntington shareholders’ equity | $ | 20,434 | $ | 19,740 | $ | 20,606 | $ | 19,515 | $ | 19,322 | |||||||||||||||||||
| Regulatory capital adjustments: | |||||||||||||||||||||||||||||
| CECL transitional amount (2) | — | 109 | 109 | 109 | 109 | ||||||||||||||||||||||||
| Shareholders’ preferred equity and related surplus | (1,999) | (1,999) | (2,404) | (2,404) | (2,404) | ||||||||||||||||||||||||
| Accumulated other comprehensive loss | 2,422 | 2,866 | 2,104 | 2,911 | 2,879 | ||||||||||||||||||||||||
| Goodwill and other intangibles, net of taxes | (5,520) | (5,534) | (5,546) | (5,561) | (5,575) | ||||||||||||||||||||||||
| Deferred tax assets from tax loss and credit carryforwards | (68) | (55) | (66) | (49) | (48) | ||||||||||||||||||||||||
| Common equity tier 1 capital | 15,269 | 15,127 | 14,803 | 14,521 | 14,283 | ||||||||||||||||||||||||
| Additional tier 1 capital | |||||||||||||||||||||||||||||
| Shareholders’ preferred equity and related surplus | 1,999 | 1,999 | 2,404 | 2,404 | 2,404 | ||||||||||||||||||||||||
| Tier 1 capital | 17,268 | 17,126 | 17,207 | 16,925 | 16,687 | ||||||||||||||||||||||||
| Long-term debt and other tier 2 qualifying instruments | 1,641 | 1,641 | 1,119 | 1,278 | 1,279 | ||||||||||||||||||||||||
| Qualifying allowance for loan and lease losses | 1,811 | 1,798 | 1,784 | 1,743 | 1,747 | ||||||||||||||||||||||||
| Tier 2 capital | 3,452 | 3,439 | 2,903 | 3,021 | 3,026 | ||||||||||||||||||||||||
| Total risk-based capital | $ | 20,720 | $ | 20,565 | $ | 20,110 | $ | 19,946 | $ | 19,713 | |||||||||||||||||||
| Risk-weighted assets (RWA)(1) | $ | 144,632 | $ | 143,650 | $ | 142,543 | $ | 139,374 | $ | 139,622 | |||||||||||||||||||
| Common equity tier 1 risk-based capital ratio (1) | 10.6 | % | 10.5 | % | 10.4 | % | 10.4 | % | 10.2 | % | |||||||||||||||||||
| Other regulatory capital data: | |||||||||||||||||||||||||||||
| Tier 1 leverage ratio (1) | 8.5 | 8.6 | 8.8 | 8.8 | 8.9 | ||||||||||||||||||||||||
| Tier 1 risk-based capital ratio (1) | 11.9 | 11.9 | 12.1 | 12.1 | 12.0 | ||||||||||||||||||||||||
| Total risk-based capital ratio (1) | 14.3 | 14.3 | 14.1 | 14.3 | 14.1 | ||||||||||||||||||||||||
Non-regulatory capital data: | |||||||||||||||||||||||||||||
| Tangible common equity / RWA ratio (1) | 8.9 | 8.4 | 8.8 | 8.2 | 8.1 | ||||||||||||||||||||||||
| Reconciliation of Non-GAAP Measure (3) | |||||||||||||||||||||||||||||
| Common equity tier 1 (CET1) capital (A) | $ | 15,269 | $ | 15,127 | $ | 14,803 | $ | 14,521 | $ | 14,283 | |||||||||||||||||||
| Add: Accumulated other comprehensive income (loss) (AOCI) | (2,422) | (2,866) | (2,104) | (2,911) | (2,879) | ||||||||||||||||||||||||
| Less: AOCI cash flow hedge | (90) | (267) | (39) | (399) | (436) | ||||||||||||||||||||||||
| Adjusted common equity tier 1 (B) | 12,937 | 12,528 | 12,738 | 12,009 | 11,840 | ||||||||||||||||||||||||
| Risk weighted assets (C) | 144,632 | 143,650 | 142,543 | 139,374 | 139,622 | ||||||||||||||||||||||||
| CET1 ratio (A/C) | 10.6 | % | 10.5 | % | 10.4 | % | 10.4 | % | 10.2 | % | |||||||||||||||||||
| Adjusted CET1 ratio (B/C) | 8.9 | 8.7 | 8.9 | 8.6 | 8.5 | ||||||||||||||||||||||||
(1)March 31, 2025 figures are estimated.
(2)Huntington elected to temporarily delay certain effects of CECL on regulatory capital pursuant to a rule that allowed BHCs and banks to delay the impact of adopting CECL for two years, followed by a three-year transition period which began January 1, 2022. As of March 31, 2025, the impact of the CECL deferral was fully phased in, while 75% of the impact of the CECL deferral was phased in at December 31, 2024, September 30, 2024, June 30, 2024, and March 31, 2024.
(3)Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following provides the comparable regulatory financial measure, as well as the reconciliation to the comparable regulatory financial measure.
15
Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||||||||||||
| Cash dividends declared per common share | $ | 0.155 | $ | 0.155 | $ | 0.155 | $ | 0.155 | $ | 0.155 | |||||||||||||||||||
| Common shares outstanding (in millions): | |||||||||||||||||||||||||||||
| Average - basic | 1,454 | 1,453 | 1,453 | 1,451 | 1,448 | ||||||||||||||||||||||||
| Average - diluted | 1,482 | 1,481 | 1,477 | 1,474 | 1,473 | ||||||||||||||||||||||||
| Ending | 1,457 | 1,454 | 1,453 | 1,452 | 1,449 | ||||||||||||||||||||||||
| Tangible book value per common share (1) | $ | 8.80 | $ | 8.33 | $ | 8.65 | $ | 7.89 | $ | 7.77 | |||||||||||||||||||
Non-regulatory capital
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||
| (dollar amounts in millions) | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||||||||||||||||
| Calculation of tangible equity / asset ratio: | |||||||||||||||||||||||||||||
| Total Huntington shareholders’ equity | $ | 20,434 | $ | 19,740 | $ | 20,606 | $ | 19,515 | $ | 19,322 | |||||||||||||||||||
| Goodwill and other intangible assets | (5,646) | (5,657) | (5,669) | (5,680) | (5,692) | ||||||||||||||||||||||||
| Deferred tax liability on other intangible assets (1) | 18 | 20 | 23 | 25 | 28 | ||||||||||||||||||||||||
| Total tangible equity | 14,806 | 14,103 | 14,960 | 13,860 | 13,658 | ||||||||||||||||||||||||
| Preferred equity | (1,989) | (1,989) | (2,394) | (2,394) | (2,394) | ||||||||||||||||||||||||
| Total tangible common equity | $ | 12,817 | $ | 12,114 | $ | 12,566 | $ | 11,466 | $ | 11,264 | |||||||||||||||||||
| Total assets | $ | 209,596 | $ | 204,230 | $ | 200,535 | $ | 196,310 | $ | 193,519 | |||||||||||||||||||
| Goodwill and other intangible assets | (5,646) | (5,657) | (5,669) | (5,680) | (5,692) | ||||||||||||||||||||||||
| Deferred tax liability on other intangible assets (1) | 18 | 20 | 23 | 25 | 28 | ||||||||||||||||||||||||
| Total tangible assets | $ | 203,968 | $ | 198,593 | $ | 194,889 | $ | 190,655 | $ | 187,855 | |||||||||||||||||||
| Tangible equity / tangible asset ratio | 7.3 | % | 7.1 | % | 7.7 | % | 7.3 | % | 7.3 | % | |||||||||||||||||||
| Tangible common equity / tangible asset ratio | 6.3 | % | 6.1 | % | 6.4 | % | 6.0 | % | 6.0 | % | |||||||||||||||||||
| Other data: | |||||||||||||||||||||||||||||
| Number of employees (Average full-time equivalent) | 20,092 | 20,045 | 20,043 | 19,889 | 19,719 | ||||||||||||||||||||||||
| Number of domestic full-service branches (2) | 968 | 978 | 975 | 972 | 969 | ||||||||||||||||||||||||
| ATM Count | 1,560 | 1,577 | 1,585 | 1,603 | 1,606 | ||||||||||||||||||||||||
(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Bank offices.
16