hban-20201022
HUNTINGTON BANCSHARES INC/MD0000049196false00000491962020-10-222020-10-220000049196us-gaap:CommonStockMember2020-10-222020-10-220000049196us-gaap:SeriesCPreferredStockMember2020-10-222020-10-220000049196us-gaap:SeriesDPreferredStockMember2020-10-222020-10-22

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) October 22, 2020
 ______________________________________________________________________________________________________________________________
hban-20201022_g1.jpg
Huntington Bancshares Incorporated
(Exact name of registrant as specified in its charter)
 _______________________________________________________________________________________________________________________________
Maryland1-3407331-0724920
(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 classTrading
Symbol(s)		Name of exchange on which registered
Common Stock—Par Value $0.01 per ShareHBANNASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock)HBANNNASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock)HBANONASDAQ
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. o


Item  2.02.     Results of Operations and Financial Condition.
On October 22, 2020, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2020. Also on October 22, 2020, 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 October 22, 2020, at 10:00 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 13709770. 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 October 30, 2020 at (877) 660-6853 or (201) 612-7415 conference ID 13709770.
The information contained or incorporated by reference in this Current Report on Form 8-K contains certain forward-looking statements, including certain plans, expectations, goals, projections, and statements, which are subject to numerous assumptions, risks, and uncertainties. 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.
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; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; 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; 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 our future results. Additional factors that could cause results to differ materially from those described above can be found in our 2019 Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020, and for the quarter ended June 30, 2020, as well as our subsequent Securities and Exchange Commission ("SEC") filings, which are on file with the SEC and available in the “Investor Relations” section of our website, http://www.huntington.com, under the heading “Publications and Filings.”
All forward-looking statements speak only as of the date they are made and are based on information available at that time. We do 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 October 22, 2020.
Exhibit 99.2 – Quarterly Financial Supplement, September 30, 2020.


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:October 22, 2020By:
/s/ Zachary Wasserman
Zachary Wasserman
Chief Financial Officer



Exhibit 99.1
huntingtonlogo1.jpg


October 22, 2020
Analysts: Mark Muth ([email protected]), 614.480.4720
Media: Matt Samson ([email protected]), 312.263.0203

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2020 THIRD-QUARTER EARNINGS
Results Include 5% Revenue Growth, 7% Average Loan Growth, and 14% Average Core Deposit Growth
COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2020 third quarter of $303 million, a 19% decrease from the year-ago quarter. Earnings per common share for the 2020 third quarter were $0.27, down 21% from the year-ago quarter. Tangible book value per common share as of 2020 third quarter-end was $8.43, a 2% year-over-year increase. Return on average assets was 1.01%, return on average common equity was 10.2%, and return on average tangible common equity was 13.2%. Third-quarter results were impacted by elevated credit provisioning related to the ongoing uncertain economic outlook.

CEO Commentary:
“Our colleagues remain highly engaged and focused on our customers and, as a result, delivered solid third-quarter results in a challenging economic environment. Our underlying earnings power remains strong. We grew revenues 5% in the face of material headwinds and actively managed our expense base to fund investments across our businesses for future growth,” said Steve Steinour, chairman, president, and CEO. "I am particularly pleased with the 7% average loan growth and the robust 14% average core deposit growth as we continue to add and deepen customer relationships across the Bank."
"Our past experience of helping customers in difficult economic moments builds long-term relationships which fuel our growth. During the third quarter, we extended 24-hour Grace for consumers to our business customers. We also introduced our no-fee overdraft $50 Safety Zone for consumers and businesses. These innovative features, among others, help position Huntington as an industry leader in looking out for our customers and advance our vision to make peoples' lives better, help businesses thrive, and strengthen the communities we serve. This is consistent with Huntington's strategy to build the leading People-First, Digitally-Powered bank."
"As we look forward, we are optimistic that business activity and the economic recovery will continue to improve. Small businesses will be essential to the recovery, and we are pleased once again to be the largest SBA 7(a) lender in the nation in fiscal year 2020. During the third quarter, we originated a new record amount of residential mortgages, helping customers realize their dreams of home ownership or refinancing their existing mortgages to help solidify their financial well-being. We also continued to work with customers who have been challenged by the pandemic and are encouraged by the substantial number of customers exiting deferrals."



1

2020 Third-Quarter Highlights compared with 2019 Third Quarter:
•Fully-taxable equivalent total revenue increased $58 million, or 5%.
•Fully-taxable equivalent net interest income increased $17 million, or 2%.
•Net interest margin decreased 24 basis points to 2.96%.
•Noninterest income increased $41 million, or 11%, driven by a $68 million, or 126%, increase in mortgage banking income.
•Noninterest expense increased $45 million, or 7%, including approximately $15 million of expense related to the implementation of position reductions and planned branch consolidations.
•Efficiency ratio of 56.1%, up from 54.7%.
•Average loans and leases increased $5.4 billion, or 7%, including a $4.3 billion, or 12%, increase in average commercial loans and a $1.1 billion, or 3%, increase in average consumer loans.
•Average core deposits increased $11.4 billion, or 14%, including an $11.6 billion, or 29%, increase in average demand deposits.
•Net charge-offs equated to 0.56% of average loans and leases, up from 0.39%.
•Nonperforming asset ratio of 0.74%, up from 0.64%.
•Provision for credit losses increased $95 million year-over-year to $177 million.
•Allowance for loan and lease losses (ALLL) increased $1.0 billion to $1.8 billion, or 2.21% of total loans and leases; allowance for credit losses (ACL) increased to $1.9 billion, or 2.31% of total loans and leases.
•Common Equity Tier 1 (CET1) risk-based capital ratio of 9.89%, down from 10.02% and consistent with our 9% to 10% operating guideline.
•Tangible common equity (TCE) ratio of 7.27%, down from 8.00%.
•Tangible book value per common share increased $0.18, or 2%, to $8.43.
•In September, Huntington announced the planned consolidation of 27 branches, which are expected to be completed in the 2021 first quarter.


2

Table 1 – Earnings Performance Summary
20202019
(in millions, except per share data)ThirdSecondFirstFourthThird
QuarterQuarterQuarterQuarterQuarter
Net Income$303 $150 $48 $317 $372 
Diluted earnings per common share0.27 0.13 0.03 0.28 0.34 
Return on average assets1.01 %0.51 %0.17 %1.15 %1.37 %
Return on average common equity10.2 5.0 1.1 11.1 13.4 
Return on average tangible common equity13.2 6.7 1.8 14.3 17.3 
Net interest margin2.96 2.94 3.14 3.12 3.20 
Efficiency ratio56.1 55.9 55.4 58.4 54.7 
Tangible book value per common share$8.43 $8.32 $8.28 $8.25 $8.25 
Cash dividends declared per common share0.15 0.15 0.15 0.15 0.15 
Average diluted shares outstanding1,031 1,029 1,035 1,047 1,051 
Average earning assets$110,665 $109,038 $101,783 $100,062 $99,692 
Average loans and leases80,542 80,199 75,696 75,103 75,096 
Average core deposits90,692 88,878 79,528 79,690 79,335 
Tangible common equity / tangible assets ratio7.27 %7.28 %7.52 %7.88 %8.00 %
Common equity Tier 1 risk-based capital ratio9.89 9.84 9.47 9.88 10.02 
NCOs as a % of average loans and leases0.56 %0.54 %0.62 %0.39 %0.39 %
NAL ratio0.70 0.81 0.72 0.62 0.58 
ACL as a % of total loans and leases2.31 2.27 2.05 1.18 1.18 




3

Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 2 – Net Interest Income and Net Interest Margin Performance Summary – Year-over-Year Increase in Average Earning Assets Outpaced Net Interest Margin Compression
20202019
($ in millions)ThirdSecondFirstFourthThirdChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Net interest income$817 $792 $790 $780 $799 3 %2 %
FTE adjustment5 5 6 6 6 0 (17)
Net interest income - FTE822 797 796 786 805 3 2 
Noninterest income430 391 361 372 389 10 11 
Total revenue - FTE$1,252 $1,188 $1,157 $1,158 $1,194 5 %5 %
Change (bp)
Yield / CostLQYOY
Total earning assets3.22 %3.35 %3.88 %4.03 %4.21 %(13)(99)
Total loans and leases3.75 3.75 4.29 4.47 4.67 — (92)
Total securities2.13 2.35 2.64 2.68 2.74 (22)(61)
Total interest-bearing liabilities0.39 0.57 0.98 1.24 1.36 (18)(97)
Total interest-bearing deposits0.18 0.28 0.68 0.87 0.98 (10)(80)
Net interest rate spread2.83 2.78 2.90 2.79 2.85 5 (2)
Impact of noninterest-bearing funds on margin0.13 0.16 0.24 0.33 0.35 (3)(22)
Net interest margin2.96 %2.94 %3.14 %3.12 %3.20 %2 (24)
See Pages 7-9 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2020 third quarter increased $17 million, or 2%, from the 2019 third quarter. This increase reflected the benefit of an $11.0 billion, or 11%, increase in average earning assets, partially offset by a 24 basis point decrease in the FTE net interest margin (NIM) to 2.96%. The NIM compression reflected a 99 basis point year-over-year decrease in average earning asset yields and a 22 basis point decrease in the benefit from noninterest-bearing funds, partially offset by a 97 basis point decrease in average interest-bearing liability costs. The decrease in earning asset yields was primarily driven by the impact of lower interest rates on commercial loan, home equity loan, and security yields and elevated deposits at the Federal Reserve Bank. The decrease in average interest-bearing liability costs primarily reflected lower interest-bearing deposit costs (down 80 basis points) and lower long-term debt costs (down 172 basis points), both due to the impact of lower interest rates.
Compared to the 2020 second quarter, FTE net interest income increased $25 million, or 3%, reflecting a 1% increase in average earning assets and 2 basis points of NIM expansion. The NIM expansion reflected an 18 basis point decrease in average interest-bearing liability costs, partially offset by a 13 basis point decrease in average earning asset yields and a 3 basis point decrease in the benefit from noninterest-bearing funds. The decrease in average interest-bearing liability costs primarily reflects lower interest-bearing deposit costs (down 10 basis points) and lower long-term borrowings costs (down 71 basis points), both due to the impact of lower interest rates. The decrease in earning asset yields was primarily driven by the impact of lower interest rates on securities yields as well as elevated deposits at the Federal Reserve Bank.

4

Table 3 – Average Earning Assets – Commercial & Industrial Loans and Elevated Deposits at the Federal Reserve Bank Drive Year-Over-Year Earning Asset Growth
20202019
($ in billions)ThirdSecondFirstFourthThirdChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Commercial and industrial$34.7 $35.3 $30.8 $30.4 $30.6 (2)%13 %
Commercial real estate7.2 7.1 6.7 6.8 6.9 2 4 
Total commercial41.9 42.4 37.6 37.2 37.6 (1)12 
Automobile12.9 12.7 12.9 12.6 12.2 2 6 
Home equity8.9 8.9 9.0 9.2 9.4 0 (5)
Residential mortgage11.8 11.5 11.4 11.3 11.2 3 5 
RV and marine4.0 3.7 3.6 3.6 3.5 8 14 
Other consumer1.0 1.1 1.2 1.2 1.3 (3)(17)
Total consumer38.7 37.8 38.1 37.9 37.5 2 3 
Total loans and leases80.5 80.2 75.7 75.1 75.1 0 7 
Total securities22.8 24.2 24.4 23.2 23.1 (6)(1)
Held-for-sale and other earning assets7.3 4.6 1.7 1.8 1.5 58 374 
Total earning assets$110.7 $109.0 $101.8 $100.1 $99.7 1 %11 %
See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2020 third quarter increased $11.0 billion, or 11%, from the year-ago quarter, primarily reflecting a $5.4 billion, or 7%, increase in average total loans and leases and a $5.3 billion, or 1039%, increase in interest-bearing deposits at the Federal Reserve Bank. Average commercial & industrial (C&I) loans increased $4.0 billion, or 13%, primarily reflecting the $6.1 billion of average Payroll Protection Program (PPP) loans. Average automobile loans increased $0.7 billion, or 6%, driven by strong production over the past year. Average residential mortgage loans increased $0.6 billion, or 5%, reflecting continued robust portfolio mortgage production. Average RV and marine loans increased $0.5 billion, or 14%, reflecting strong consumer demand and continued strong production levels. Partially offsetting these increases, average home equity loans and lines of credit decreased $0.5 billion, or 5%, reflecting a shift in consumer preferences.
Compared to the 2020 second quarter, average earning assets increased $1.6 billion, or 1%, primarily reflecting a $2.4 billion, or 72%, increase in interest-bearing deposits at the Federal Reserve Bank. Partially offsetting this increase, average securities decreased $1.4 billion, or 6%, reflecting accelerated cash flows within the existing portfolio. Average C&I loans decreased $0.6 billion, or 2%, primarily reflecting lower commercial utilization rates, mainly within dealer floorplan, partially offset by the full quarter impact of $6.1 billion of PPP loans.
While not affecting quarterly average balances, Huntington completed the acquisition of a $0.5 billion equipment finance loan portfolio on September 30, 2020.


5

Table 4 – Average Liabilities – Demand Deposits Drive Robust Year-over-Year Growth in Core Deposits
20202019
ThirdSecondFirstFourthThirdChange (%)
($ in billions)QuarterQuarterQuarterQuarterQuarterLQYOY
Demand deposits - noninterest-bearing$27.4 $25.7 $20.1 $20.6 $19.9 7 %38 %
Demand deposits - interest-bearing23.9 23.9 21.2 20.1 19.8 0 21 
Total demand deposits51.3 49.6 41.3 40.7 39.7 4 29 
Money market deposits26.2 25.7 24.7 24.6 24.3 2 8 
Savings and other domestic deposits11.2 10.6 9.6 9.6 9.7 5 15 
Core certificates of deposit2.0 3.0 3.9 4.8 5.7 (32)(64)
Total core deposits90.7 88.9 79.5 79.7 79.3 2 14 
Other domestic deposits of $250,000 or more0.2 0.2 0.3 0.3 0.3 (24)(44)
Brokered deposits and negotiable CDs4.2 4.1 2.9 2.6 2.6 2 61 
Total deposits$95.1 $93.2 $82.7 $82.6 $82.2 2 %16 %
Short-term borrowings$0.2 $0.8 $3.4 $2.0 $2.3 (80)%(93)%
Long-term debt9.3 9.8 10.1 9.9 9.5 (5)(2)
Total debt$9.5 $10.6 $13.5 $11.9 $11.8 (11)%(20)%
Total interest-bearing liabilities$77.1 $78.2 $76.1 $73.8 $74.2 (1)%4 %
See Page 7 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2020 third quarter increased $2.9 billion, or 4%, from the year-ago quarter. Average total deposits increased $12.8 billion, or 16%, while average total core deposits increased $11.4 billion, or 14%. The increase in average total core deposits was primarily driven by business and commercial growth related to the PPP loans and increased liquidity levels in reaction to the economic downturn, consumer growth largely related to government stimulus, increased consumer and business banking account production, and reduced attrition. Specifically within core deposits, average total demand deposits increased $11.6 billion, or 29%, average money market deposits increased $1.9 billion, or 8%, and average savings and other domestic deposits increased $1.5 billion, or 15%. Partially offsetting these increases, average core certificates of deposit (CDs) decreased $3.6 billion, or 64%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average brokered deposits and negotiable CDs increased $1.6 billion, or 61%, reflecting balance growth in new and existing brokered deposit accounts. Average total debt decreased $2.4 billion, or 20%, reflecting the repayment of short-term borrowings due to the strong core deposit growth.
Compared to the 2020 second quarter, average total interest-bearing liabilities decreased $1.1 billion, or 1%. Both average total deposits and average total core deposits increased $1.8 billion, or 2%. The increase in average total core deposits was primarily driven by increased consumer and business banking account production, low attrition, increased liquidity levels among our business banking customers, and the seasonal increase in public funds. Specifically within core deposits, average total demand deposits increased $1.8 billion, or 4%, average money market deposits increased $0.5 billion, or 2%, and average savings and other domestic deposits increased $0.5 billion, or 5%. Partially offsetting these increases, average core CDs decreased $1.0 billion, or 32%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average total debt decreased $1.1 billion, or 11%, due to the repayment of short-term borrowings as a result of the strong core deposit inflows and a $500 million long-term debt maturity in the 2020 third quarter.


6

Noninterest Income
Table 5 – Noninterest Income – Record Mortgage Banking Income Drives Growth in Noninterest Income
20202019
ThirdSecondFirstFourthThirdChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Service charges on deposit accounts $76 $60 $87 $95 $98 27 %(22)%
Card and payment processing income66 59 58 64 64 12 3 
Mortgage banking income122 96 58 58 54 27 126 
Trust and investment management services48 45 47 47 44 7 9 
Insurance income24 25 23 24 20 (4)20 
Capital markets fees27 31 33 31 36 (13)(25)
Bank owned life insurance income17 17 16 17 18 0 (6)
Gain on sale of loans and leases13 8 8 16 13 63 0 
Net (losses) gains on sales of securities0 (1)0 (22)0 NMNM
Other noninterest income37 51 31 42 42 (27)(12)
Total noninterest income$430 $391 $361 $372 $389 10 %11 %
See Pages 10-11 of Quarterly Financial Supplement for additional detail.

Total noninterest income for the 2020 third quarter increased $41 million, or 11%, from the year-ago quarter. Mortgage banking income increased $68 million, or 126%, primarily reflecting higher secondary marketing spreads and a 73% increase in salable mortgage originations. Partially offsetting this increase, service charges on deposit accounts decreased $22 million, or 22%, primarily reflecting reduced customer activity and elevated deposits. Capital markets fees decreased $9 million, or 25%, primarily reflecting reduced customer derivatives activity.
Compared to the 2020 second quarter, total noninterest income increased $39 million, or 10%. Mortgage banking income increased $26 million, or 27%, primarily reflecting higher secondary marketing spreads and a 6% increase in salable mortgage originations. Service charges on deposit accounts increased $16 million, or 27%, primarily reflecting a rebound in customer activity and pandemic-related fee waivers in the prior quarter. Card and payment processing income increased $7 million, or 12%, primarily reflecting increased debit card and ATM usage. Partially offsetting these increases, other noninterest income decreased $14 million, or 27%, primarily reflecting the $13 million gain on the annuitization of a retiree health plan and $5 million gain on the sale of the retirement plan services recordkeeping business, both in the prior quarter.


7

Noninterest Expense
Table 6 – Noninterest Expense – Continued Investment in Talent and Technology Drive Noninterest Expense
20202019
ThirdSecondFirstFourthThirdChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Personnel costs$453 $418 $395 $426 $406 8 %12 %
Outside data processing and other services98 90 85 89 87 9 13 
Equipment44 46 41 42 41 (4)7 
Net occupancy40 39 40 41 38 3 5 
Professional services12 11 11 14 16 9 (25)
Amortization of intangibles10 10 11 12 12 0 (17)
Marketing9 5 9 9 10 80 (10)
Deposit and other insurance expense6 9 9 10 8 (33)(25)
Other noninterest expense40 47 51 58 49 (15)(18)
Total noninterest expense$712 $675 $652 $701 $667 5 %7 %
(in thousands)
Average full-time equivalent employees15.7 15.7 15.4 15.5 15.7 0 %0 %
See Page 10 of Quarterly Financial Supplement for additional detail.

Total noninterest expense for the 2020 third quarter increased $45 million, or 7%, from the year-ago quarter. Personnel costs increased $47 million, or 12%, primarily reflecting increased incentives and commissions, contract help, overtime, and equity compensation expense as well as $11 million of expense related to position reductions. Outside data processing and other services increased $11 million, or 13%, primarily reflecting the impact of increased technology costs. Partially offsetting these increases, other noninterest expense decreased $9 million, or 18%, primarily as a result of lower travel and business development expense and a $7 million insurance recovery.
Total noninterest expense increased $37 million, or 5%, from the 2020 second quarter. Personnel costs increased $35 million, or 8%, primarily reflecting increased incentive compensation as well as $11 million of expense related to position reductions.


8

Table 7 – Credit Quality Metrics – Further Deterioration in Economic Outlook Drives Increase in Allowance
20202019
($ in millions)September 30,June 30,March 31,December 31,September 30,
Total nonaccrual loans and leases$569 $648 $558 $468 $438 
Total other real estate5 7 10 11 12 
Other NPAs (1)28 58 18 19 32 
Total nonperforming assets602 713 586 498 482 
Accruing loans and leases past due 90+ days175 194 167 171 163 
NPAs + accruing loans & leases past due 90+ days$777 $907 $753 $669 $645 
NAL ratio (2)0.70 %0.81 %0.72 %0.62 %0.58 %
NPA ratio (3)0.74 0.89 0.75 0.66 0.64 
(NPAs+90 days)/(Loans+OREO)0.96 1.13 0.96 0.89 0.86 
Provision for credit losses$177 $327 $441 $79 $82 
Net charge-offs113 107 117 73 73 
Net charge-offs / Average total loans0.56 %0.54 %0.62 %0.39 %0.39 %
Allowance for loans and lease losses (ALLL)$1,796 $1,702 $1,504 $783 $783 
Allowance for unfunded loan commitments and letters of credit82 119 99 104 101 
Allowance for credit losses (ACL)$1,878 $1,821 $1,603 $887 $884 
ALLL as a % of:
Total loans and leases2.21 %2.12 %1.93 %1.04 %1.05 %
NALs316 263 270 167 179 
NPAs298 239 257 157 163 
ACL as a % of:
Total loans and leases2.31 %2.27 %2.05 %1.18 %1.18 %
NALs330 281 287 190 202 
NPAs311 255 273 178 184 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Total NALs as a % of total loans and leases.
(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
See Pages 12-15 of Quarterly Financial Supplement for additional detail.

Asset quality performance continues to be impacted by our oil and gas portfolio, while the remainder of the commercial portfolio has performed in line with expectations. The favorable consumer portfolio metrics continue to reflect our focus on high quality borrowers, who have held up well over the past two quarters.
Nonperforming assets (NPAs) increased to $602 million, or 0.74% of total loans and leases and OREO, from $482 million, or 0.64%, a year ago. Nonaccrual loans and leases (NALs) increased $131 million, or 30%, to $569 million, or 0.70% of total loans and leases. The year-over-year increase was primarily in the commercial portfolio, particularly the oil and gas portfolio. OREO balances decreased $7 million, or 58%, from the year-ago quarter. On a linked quarter basis, NALs decreased $79 million, or 12%, while NPAs decreased $111 million, or 16%.
The provision for credit losses increased $95 million year-over-year to $177 million in the 2020 third quarter. Net charge-offs (NCOs) increased $40 million to $113 million. The oil and gas portfolio accounted for approximately 44% of the $89 million of commercial NCOs, nearly all of which resulted from charge-offs on loans sold in the quarter or under contract to be sold. Consumer NCOs of $24 million were down on both a year-over-year and linked quarter basis, consistent with our expectations. NCOs represented an annualized 0.56% of average loans and leases in the current quarter, up from 0.54% in the prior quarter and up from 0.39% in the year-ago quarter. We remain confident in the long-term credit performance of our loan portfolios.
The allowance for loan and lease losses (ALLL) increased $1.0 billion from the year-ago quarter to $1.8 billion, or 2.21% of total loans and leases. The ALLL as a percentage of period-end total NALs increased to 316% from 179% over the same period. The allowance for credit losses (ACL) increased by $994 million from the year-

9

ago quarter to $1.9 billion, or 2.31% of total loans and leases. On a linked quarter basis, the ACL increased $57 million. We believe the levels of the ALLL and ACL are appropriate given the current level of problem loans and the economic outlook.


Capital
Table 8 – Capital Ratios – Ratios Remain within Targeted Operating Ranges
20202019
($ in billions)September 30,June 30,March 31,December 31,September 30,
Tangible common equity / tangible assets ratio7.27 %7.28 %7.52 %7.88 %8.00 %
Common equity tier 1 risk-based capital ratio (1)
9.89 %9.84 %9.47 %9.88 %10.02 %
Regulatory Tier 1 risk-based capital ratio (1)
12.37 %11.79 %10.81 %11.26 %11.41 %
Regulatory Total risk-based capital ratio (1)
14.39 %13.84 %12.74 %13.04 %13.29 %
Total risk-weighted assets (1)
$88.4 $87.3 $90.2 $87.5 $86.7 
(1)September 30, 2020 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The 2020 capital ratios reflect Huntington’s election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. 
See Pages 16-17 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 7.27% at September 30, 2020, down 73 basis points from a year ago due to year-over-year balance sheet growth. Common Equity Tier 1 (CET1) risk-based capital ratio was 9.89%, down from 10.02% a year ago. The regulatory Tier 1 risk-based capital ratio was 12.37% compared to 11.41% at September 30, 2019. The balance sheet growth impact on regulatory capital ratios was largely offset by a change in asset mix during 2020 related to the PPP loans and elevated deposits at the Federal Reserve (both of which are 0% risk weighted). The capital impact of the repurchase of $284 million of common stock over the last four quarters (none in the 2020 second quarter or 2020 third quarter) and cash dividends effectively offset earnings, adjusted for the CECL transition, on a year-over-year basis.  The regulatory Tier 1 risk-based capital and total risk-based capital ratios also reflect the issuance of $500 million of Series F preferred stock in the 2020 second quarter and $500 million of Series G preferred stock in the 2020 third quarter.
The Board has authorized the repurchase of common shares during the 2020 fourth quarter to offset compensation plan-related share issuances as permitted by the Federal Reserve Board. We may, at our discretion, repurchase common shares as permitted by this Board authorization. Purchases of common shares under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. We currently expect to repurchase approximately $5 million of common shares during the 2020 fourth quarter to offset compensation plan-related share issuances.

Income Taxes
The provision for income taxes was $55 million in the 2020 third quarter and $67 million in the 2019 third quarter. The effective tax rates for the 2020 third quarter and 2019 third quarter were 15.2% and 15.4%, respectively. The variance between the 2020 third quarter and the 2019 third quarter provision for income taxes and effective tax rates relates primarily to lower pre-tax income and the impact of stock-based compensation.
At September 30, 2020, we had a net federal deferred tax liability of $155 million and a net state deferred tax asset of $32 million.




10

Expectations - 2020
Full year 2020 revenue is expected to increase approximately 3.0% to 3.5% from the prior year. Full year 2020 noninterest expense is expected to increase approximately 2.0% to 2.5% year-over-year.
Average loans and leases are expected to increase approximately 6% year-over-year. Average total deposits are expected to increase approximately 10% compared to full year 2019.
Asset quality metrics are expected to continue to be impacted by COVID-19 and other broader economic conditions. Full year results have been impacted by the oil & gas portfolio. Net charge-offs are expected to be approximately 50 to 55 basis points for the full year 2020.

Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on October 22, 2020, at 10:00 a.m. (Eastern Daylight 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 #13709770. 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 October 30, 2020 at (877) 660-6853 or (201) 612-7415; conference ID #13709770.
Please see the 2020 Third 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.

About Huntington
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $120 billion of assets and a network of 839 full-service branches, including 11 Private Client Group offices, and 1,330 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Visit huntington.com for more information.

Caution regarding Forward-Looking Statements
This communication 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; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and

11

credit markets; movements in interest rates; reform of LIBOR; 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; 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 our future results. Additional factors that could cause results to differ materially from those described above can be found in our 2019 Annual Report on Form 10-K, and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2020, and for the quarter ended June 30, 2020, as well as our subsequent Securities and Exchange Commission ("SEC") filings, which are on file with the SEC and available in the “Investor Relations” section of our website, http://www.huntington.com, under the heading “Publications and Filings.”
All forward-looking statements speak only as of the date they are made and are based on information available at that time. We do 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.

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, 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 columns of data in this document may not add due to rounding.

12

Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
September 30, 2020
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. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
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 percent.
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, and
•Tangible common equity to risk-weighted assets using Basel III definition.
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. These 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. 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)September 30,June 30,September 30,
Percent Changes vs.
2020202020192Q203Q19
Net interest income (2)
$822 $797 $805 3 %2 %
FTE adjustment
(5)(5)(6)— 17 
Net interest income
817 792 799 3 2 
Provision for credit losses
177 327 82 (46)116 
Noninterest income
430 391 389 10 11 
Noninterest expense
712 675 667 5 7 
Income before income taxes
358 181 439 98 (18)
Provision for income taxes
55 31 67 77 (18)
Net income
303 150 372 102 (19)
Dividends on preferred shares
28 19 18 47 56 
Net income applicable to common shares
$275 $131 $354 110 %(22)%
Net income per common share - diluted
$0.27 $0.13 $0.34 108 %(21)%
Cash dividends declared per common share
0.15 0.15 0.15 — — 
Tangible book value per common share at end of period
8.43 8.32 8.25 1 2 
Number of common shares repurchased
— — 5,213 — (100)
Average common shares - basic
1,017 1,016 1,035 — (2)
Average common shares - diluted
1,031 1,029 1,051 — (2)
Ending common shares outstanding
1,017 1,017 1,033 — (2)
Return on average assets
1.01 %0.51 %1.37 %
Return on average common shareholders’ equity
10.2 5.0 13.4 
Return on average tangible common shareholders’ equity (1)
13.2 6.7 17.3 
Net interest margin (2)
2.96 2.94 3.20 
Efficiency ratio (3)
56.1 55.9 54.7 
Effective tax rate
15.2 17.2 15.4 
Average total assets
$119,529 $118,191 $108,166 1 11 
Average earning assets
110,665 109,038 99,692 1 11 
Average loans and leases
80,542 80,199 75,096 — 7 
Average loans and leases - linked quarter annualized growth rate
1.7 %23.8 %0.9 %
Average total deposits
$95,049 $93,222 $82,249 2 16 
Average core deposits (4)
90,692 88,878 79,335 2 14 
Average core deposits - linked quarter annualized growth rate
8.2 %47.0 %3.1 %
Average shareholders’ equity
12,678 11,945 11,714 6 8 
Average common total shareholders' equity
10,701 10,590 10,510 1 2 
Average tangible common shareholders' equity
8,549 8,429 8,323 1 3 
Total assets at end of period
120,116 118,425 108,735 1 10 
Total shareholders’ equity at end of period
12,917 12,314 11,909 5 8 
NCOs as a % of average loans and leases
0.56 %0.54 %0.39 %
NAL ratio
0.70 0.81 0.58 
NPA ratio (5)
0.74 0.89 0.64 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
2.21 2.12 1.05 
Common equity tier 1 risk-based capital ratio (6)
9.89 9.84 10.02 
Tangible common equity / tangible asset ratio (7)
7.27 7.28 8.00 
See Notes to the Quarterly Key Statistics.
1

Huntington Bancshares Incorporated
Year to Date Key Statistics
(Unaudited)
Nine Months Ended September 30,
Change
(dollar amounts in millions, except per share data)20202019
Amount
Percent
Net interest income (2)
$2,415 $2,453 $(38)(2)%
FTE adjustment
(16)(20)4 20 
Net interest income
2,399 2,433 (34)(1)
Provision for credit losses
945 208 737 354 
Noninterest income
1,182 1,082 100 9 
Noninterest expense
2,039 2,020 19 1 
Income before income taxes
597 1,287 (690)(54)
Provision for income taxes
96 193 (97)(50)
Net Income
501 1,094 (593)(54)
Dividends on preferred shares
65 55 10 18 
Net income applicable to common shares
$436 $1,039 $(603)(58)%
Net income per common share - diluted
$0.42 $0.98 $(0.56)(57)%
Cash dividends declared per common share
0.45 0.43 0.02 5 
Average common shares - basic
1,017 1,042 (25)(2)
Average common shares - diluted
1,032 1,059 (27)(3)
Return on average assets
0.58 %1.36 %
Return on average common shareholders’ equity
5.5 13.6 
Return on average tangible common shareholders’ equity (1)
7.3 17.7 
Net interest margin (2)
3.01 3.30 
Efficiency ratio (3)
55.8 56.0 
Effective tax rate
16.0 15.0 
Average total assets
$115,969 $107,721 $8,248 8 
Average earning assets
107,175 99,366 7,809 8 
Average loans and leases
78,818 74,936 3,882 5 
Average total deposits
90,352 82,244 8,108 10 
Average core deposits (4)
86,382 79,031 7,351 9 
Average shareholders’ equity
12,088 11,450 638 6 
Average common total shareholders' equity
10,575 10,247 328 3 
Average tangible common shareholders' equity
8,415 8,050 365 5 
NCOs as a % of average loans and leases
0.57 %0.34 %
NAL ratio
0.70 0.58 
NPA ratio (5)
0.74 0.64 
See Notes to the Year to Date and Quarterly Key Statistics.

2

Key Statistics Footnotes
(1)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.
(2)On a fully-taxable equivalent (FTE) basis 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)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.
(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(6)September 30, 2020, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.


3

Huntington Bancshares Incorporated
Consolidated Balance Sheets
September 30,December 31,
(dollar amounts in millions)20202019
Percent Changes
(Unaudited)
Assets
Cash and due from banks
$1,029 $1,045 (2)%
Interest-bearing deposits in Federal Reserve Bank
5,246 125 4,097 
Interest-bearing deposits in banks
109 102 7 
Trading account securities
54 99 (45)
Available-for-sale securities
14,807 14,149 5 
Held-to-maturity securities
8,557 9,070 (6)
Other securities
421 441 (5)
Loans held for sale
1,303 877 49 
Loans and leases (1)
81,156 75,404 8 
Allowance for loan and lease losses
(1,796)(783)(129)
Net loans and leases
79,360 74,621 6 
Bank owned life insurance
2,567 2,542 1 
Premises and equipment
752 763 (1)
Goodwill
1,990 1,990 — 
Service rights and other intangible assets
419 475 (12)
Other assets
3,502 2,703 30 
Total assets
$120,116 $109,002 10 %
Liabilities and shareholders’ equity
Liabilities
Deposits (2)
$95,154 $82,347 16 %
Short-term borrowings
222 2,606 (91)
Long-term debt
9,174 9,849 (7)
Other liabilities
2,649 2,405 10 
Total liabilities
107,199 97,207 10 
Shareholders' equity
Preferred stock
2,191 1,203 82 
Common stock
10 10 — 
Capital surplus
8,766 8,806 — 
Less treasury shares, at cost
(59)(56)(5)
Accumulated other comprehensive gain (loss)
257 (256)200 
Retained earnings (deficit)
1,752 2,088 (16)
Total shareholders’ equity
12,917 11,795 10 
Total liabilities and shareholders’ equity
$120,116 $109,002 10 %
Common shares authorized (par value of $0.01)
1,500,000,000 1,500,000,000 
Common shares outstanding
1,017,310,599 1,020,003,482 
Treasury shares outstanding
5,066,072 4,537,605 
Preferred stock, authorized shares
6,617,808 6,617,808 
Preferred shares outstanding
750,500 740,500 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4

Huntington Bancshares Incorporated
Loans and Leases Composition
(Unaudited)
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial
$34,895 43 %$34,879 44 %$32,959 42 %$30,664 41 %$30,394 41 %
Commercial real estate:
Construction
1,154 1 1,200 1 1,180 2 1,123 1 1,157 2 
Commercial
6,055 7 5,979 7 5,793 7 5,551 7 5,698 8 
Commercial real estate
7,209 8 7,179 8 6,973 9 6,674 8 6,855 10 
Total commercial
42,104 51 42,058 52 39,932 51 37,338 49 37,249 51 
Consumer:
Automobile
12,925 17 12,678 16 12,907 17 12,797 17 12,292 15 
Home equity
8,904 11 8,866 11 9,010 11 9,093 12 9,300 12 
Residential mortgage
12,031 15 11,621 15 11,398 15 11,376 15 11,247 15 
RV and marine
4,146 5 3,843 5 3,643 5 3,563 5 3,553 5 
Other consumer
1,046 1 1,073 1 1,145 1 1,237 2 1,251 2 
Total consumer
39,052 49 38,081 48 38,103 49 38,066 51 37,643 49 
Total loans and leases
$81,156 100 %$80,139 100 %$78,035 100 %$75,404 100 %$74,892 100 %
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Ending Balances by Business Segment:
Consumer and Business Banking$27,517 34 %$27,173 34 %$21,544 28 %$21,716 29 %$21,963 30 %
Commercial Banking26,847 33 26,916 34 29,421 38 27,050 36 27,090 36 
Vehicle Finance19,891 25 19,345 24 20,552 26 20,190 27 19,484 26 
RBHPCG6,682 8 6,576 8 6,457 8 6,366 8 6,294 8 
Treasury / Other219 — 129 — 61 — 82 — 61 — 
Total loans and leases$81,156 100 %$80,139 100 %$78,035 100 %$75,404 100 %$74,892 100 %
Average Balances by Business Segment:
Consumer and Business Banking$27,315 34 %$25,379 32 %$21,593 29 %$21,845 30 %$22,092 30 %
Commercial Banking26,809 34 28,173 35 27,238 36 26,993 36 27,295 36 
Vehicle Finance19,651 24 19,822 25 20,307 27 19,852 26 19,370 26 
RBHPCG6,630 8 6,498 8 6,415 8 6,314 8 6,237 8 
Treasury / Other137 — 327 — 143 — 99 — 102 — 
Total loans and leases
$80,542 100 %$80,199 100 %$75,696 100 %$75,103 100 %$75,096 100 %

5

Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Ending Balances by Type:
Demand deposits - noninterest-bearing
$27,466 29 %$27,574 29 %$21,039 24 %$20,247 25 %$20,553 25 %
Demand deposits - interest-bearing
24,242 25 22,961 25 23,115 27 20,583 25 19,976 24 
Money market deposits26,230 28 25,312 27 25,068 29 24,726 30 23,977 29 
Savings and other domestic deposits
11,268 12 11,034 12 9,845 11 9,549 12 9,566 12 
Core certificates of deposit (1)
1,586 2 2,478 3 3,599 4 4,356 5 5,443 7 
Total core deposits
90,792 96 89,359 96 82,666 95 79,461 97 79,515 97 
Other domestic deposits of $250,000 or more
156 — 209 — 276 — 313 — 326 — 
Brokered deposits and negotiable CDs
4,206 4 4,123 4 3,888 5 2,573 3 2,554 3 
Total deposits
$95,154 100 %$93,691 100 %$86,830 100 %$82,347 100 %$82,395 100 %
Total core deposits:
Commercial
$43,018 47 %$41,630 47 %$38,064 46 %$34,957 44 %$35,247 44 %
Consumer
47,774 53 47,729 53 44,602 54 44,504 56 44,268 56 
Total core deposits
$90,792 100 %$89,359 100 %$82,666 100 %$79,461 100 %$79,515 100 %
Ending Balances by Business Segment:
Consumer and Business Banking$59,302 62 %$59,202 63 %$51,898 60 %$51,675 63 %$51,671 63 %
Commercial Banking23,599 25 22,041 24 23,530 27 20,762 25 21,088 26 
Vehicle Finance777 1 824 1 525 1 376 — 363 — 
RBHPCG6,623 7 6,834 7 6,265 7 6,370 8 6,101 7 
Treasury / Other (2)4,853 5 4,790 5 4,612 5 3,164 4 3,172 4 
Total deposits
$95,154 100 %$93,691 100 %$86,830 100 %$82,347 100 %$82,395 100 %
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Average Balances by Business Segment:
Consumer and Business Banking$59,460 63 %$56,858 61 %$51,296 62 %$52,059 63 %$51,604 63 %
Commercial Banking23,285 24 24,414 26 21,525 26 20,974 25 21,227 26 
Vehicle Finance839 1 646 1 366 — 347 — 359 — 
RBHPCG6,605 7 6,565 7 6,100 7 6,113 7 5,958 7 
Treasury / Other (2)4,860 5 4,739 5 3,446 5 3,099 5 3,101 4 
Total deposits
$95,049 100 %$93,222 100 %$82,733 100 %$82,592 100 %$82,249 100 %
(1)Includes consumer certificates of deposit of $250,000 or more.
(2)Comprised primarily of national market deposits.
6

Huntington Bancshares Incorporated
Consolidated Quarterly Average Balance Sheets
(Unaudited)
Quarterly Average Balances (1)
September 30,June 30,March 31,December 31,September 30,Percent Changes vs.
(dollar amounts in millions)202020202020201920192Q203Q19
Assets
Interest-bearing deposits in Federal Reserve Bank $5,857 $3,413 $680 $672 $514 72 %1,039 %
Interest-bearing deposits in banks
177 169 150 176 149 5 19 
Securities:
Trading account securities
49 39 95 109 137 26 (64)
Available-for-sale securities:
Taxable
10,670 11,179 11,671 11,221 11,096 (5)(4)
Tax-exempt
2,749 2,728 2,753 2,791 2,820 1 (3)
Total available-for-sale securities
13,419 13,907 14,424 14,012 13,916 (4)(4)
Held-to-maturity securities - taxable
8,932 9,798 9,428 8,592 8,566 (9)4 
Other securities430 474 445 448 437 (9)(2)
Total securities
22,830 24,218 24,392 23,161 23,056 (6)(1)
Loans held for sale
1,259 1,039 865 950 877 21 44 
Loans and leases: (2)
Commercial:
Commercial and industrial
34,669 35,284 30,849 30,373 30,632 (2)13 
Commercial real estate:
Construction
1,175 1,201 1,165 1,181 1,165 (2)1 
Commercial
6,045 5,885 5,566 5,625 5,762 3 5 
Commercial real estate
7,220 7,086 6,731 6,806 6,927 2 4 
Total commercial
41,889 42,370 37,580 37,179 37,559 (1)12 
Consumer:
Automobile
12,889 12,681 12,924 12,607 12,181 2 6 
Home equity
8,878 8,897 9,026 9,192 9,353 — (5)
Residential mortgage
11,817 11,463 11,391 11,330 11,214 3 5 
RV and marine 4,020 3,706 3,590 3,564 3,528 8 14 
Other consumer
1,049 1,082 1,185 1,231 1,261 (3)(17)
Total consumer
38,653 37,829 38,116 37,924 37,537 2 3 
Total loans and leases
80,542 80,199 75,696 75,103 75,096 — 7 
Allowance for loan and lease losses
(1,720)(1,557)(1,239)(787)(799)(10)(115)
Net loans and leases
78,822 78,642 74,457 74,316 74,297 — 6 
Total earning assets
110,665 109,038 101,783 100,062 99,692 1 11 
Cash and due from banks
1,173 1,299 914 864 817 (10)44 
Intangible assets
2,195 2,206 2,217 2,228 2,240 — (2)
All other assets
7,216 7,205 6,472 6,346 6,216 — 16 
Total assets
$119,529 $118,191 $110,147 $108,713 $108,166 1 %11 %
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing
$23,865 $23,878 $21,202 $20,140 $19,796 — %21 %
Money market deposits
26,200 25,728 24,697 24,560 24,266 2 8 
Savings and other domestic deposits
11,157 10,609 9,632 9,552 9,681 5 15 
Core certificates of deposit (3)
2,035 3,003 3,943 4,795 5,666 (32)(64)
Other domestic deposits of $250,000 or more
175 230 321 313 315 (24)(44)
Brokered deposits and negotiable CDs
4,182 4,114 2,884 2,589 2,599 2 61 
Total interest-bearing deposits
67,614 67,562 62,679 61,949 62,323 — 8 
Short-term borrowings
162 826 3,383 1,965 2,331 (80)(93)
Long-term debt
9,318 9,802 10,076 9,886 9,536 (5)(2)
Total interest-bearing liabilities
77,094 78,190 76,138 73,800 74,190 (1)4 
Demand deposits - noninterest-bearing
27,435 25,660 20,054 20,643 19,926 7 38 
All other liabilities
2,322 2,396 2,319 2,386 2,336 (3)(1)
Shareholders’ equity
12,678 11,945 11,636 11,884 11,714 6 8 
Total liabilities and shareholders’ equity
$119,529 $118,191 $110,147 $108,713 $108,166 1 %11 %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans.
(3)Includes consumer certificates of deposit of $250,000 or more.
7

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
Quarterly Interest Income / Expense
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Assets
Interest-bearing deposits in Federal Reserve Bank $1 $1 $2 $3 $3 
Interest-bearing deposits in banks
— — 1 1 1 
Securities:
Trading account securities
— — 1 1 — 
Available-for-sale securities:
Taxable
50 65 76 73 74 
Tax-exempt
18 19 23 24 26 
Total available-for-sale securities
68 84 99 97 100 
Held-to-maturity securities - taxable
52 58 59 54 54 
Other securities1 1 2 3 3 
Total securities
121 143 161 155 157 
Loans held for sale
9 9 7 8 9 
Loans and leases:
Commercial:
Commercial and industrial
325 323 318 335 358 
Commercial real estate:
Construction
10 11 14 15 16 
Commercial
41 43 56 63 68 
Commercial real estate
51 54 70 78 84 
Total commercial
376 377 388 413 442 
Consumer:
Automobile
128 121 130 131 126 
Home equity
84 82 107 117 127 
Residential mortgage
101 101 105 105 107 
RV and marine
47 43 44 45 44 
Other consumer
30 30 36 39 42 
Total consumer
390 377 422 437 446 
Total loans and leases
766 754 810 850 888 
Total earning assets
$897 $907 $981 $1,017 $1,058 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
$3 $4 $23 $32 $29 
Money market deposits18 25 50 61 73 
Savings and other domestic deposits
2 3 4 5 5 
Core certificates of deposit (3)
6 11 19 25 31 
Other domestic deposits of $250,000 or more
— 1 1 3 1 
Brokered deposits and negotiable CDs
2 3 8 10 15 
Total interest-bearing deposits
31 47 105 136 154 
Short-term borrowings
— 1 12 8 13 
Long-term debt
44 62 68 87 86 
Total interest bearing liabilities
75 110 185 231 253 
Net interest income
$822 $797 $796 $786 $805 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.


8

Huntington Bancshares Incorporated
Consolidated Quarterly Net Interest Margin - Yield
(Unaudited)
 Quarterly Average Rates
September 30,June 30,March 31,December 31,September 30,
Fully-taxable equivalent basis (1)
20202020202020192019
Assets
Interest-bearing deposits in Federal Reserve Bank0.10 %0.10 %1.08 %1.66 %2.19 %
Interest-bearing deposits in banks
0.13 0.33 1.52 1.81 2.38 
Securities:
Trading account securities
3.18 1.99 3.21 2.45 2.36 
Available-for-sale securities:
Taxable
1.89 2.30 2.62 2.63 2.67 
Tax-exempt
2.71 2.75 3.30 3.43 3.63 
Total available-for-sale securities
2.06 2.39 2.75 2.79 2.87 
Held-to-maturity securities - taxable
2.28 2.39 2.50 2.50 2.51 
Other securities1.23 0.57 2.07 2.57 3.15 
Total securities
2.13 2.35 2.64 2.68 2.74 
Loans held for sale
2.82 3.22 3.39 3.40 3.69 
Loans and leases: (3)
Commercial:
Commercial and industrial
3.67 3.62 4.12 4.31 4.57 
Commercial real estate:
Construction
3.40 3.66 4.75 5.07 5.50 
Commercial
2.63 2.94 4.00 4.36 4.67 
Commercial real estate
2.75 3.06 4.13 4.48 4.81 
Total commercial
3.52 3.53 4.12 4.34 4.61 
Consumer:
Automobile
3.93 3.84 4.05 4.15 4.09 
Home equity
3.79 3.73 4.75 5.03 5.38 
Residential mortgage
3.41 3.51 3.70 3.73 3.80 
RV and marine 4.60 4.71 4.91 4.96 4.96 
Other consumer
11.23 11.10 12.39 12.71 13.34 
Total consumer
4.00 4.00 4.45 4.59 4.72 
Total loans and leases
3.75 3.75 4.29 4.47 4.67 
Total earning assets
3.22 3.35 3.88 4.03 4.21 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
0.05 0.07 0.43 0.63 0.57 
Money market deposits0.28 0.40 0.81 0.99 1.20 
Savings and other domestic deposits
0.06 0.10 0.17 0.20 0.22 
Core certificates of deposit (4)
1.03 1.55 1.91 2.09 2.17 
Other domestic deposits of $250,000 or more
0.92 1.25 1.56 1.70 1.85 
Brokered deposits and negotiable CDs
0.19 0.18 1.22 1.67 2.21 
Total interest-bearing deposits
0.18 0.28 0.68 0.87 0.98 
Short-term borrowings
0.30 0.47 1.46 1.66 2.28 
Long-term debt
1.87 2.58 2.70 3.50 3.59 
Total interest-bearing liabilities
0.39 0.57 0.98 1.24 1.36 
Net interest rate spread
2.83 2.78 2.90 2.79 2.85 
Impact of noninterest-bearing funds on margin
0.13 0.16 0.24 0.33 0.35 
Net interest margin
2.96 %2.94 %3.14 %3.12 %3.20 %
Commercial Loan Derivative Impact
(Unaudited)
Average Rates
20202020202020192019
Fully-taxable equivalent basis (1)
ThirdSecondFirstFourthThird
Commercial loans (2)(3)
3.01 %3.17 %4.08 %4.36 %4.70 %
Impact of commercial loan derivatives
0.51 0.36 0.04 (0.02)(0.09)
Total commercial - as reported
3.52 %3.53 %4.12 %4.34 %4.61 %
Average 1 Month LIBOR
0.16 %0.36 %1.41 %1.79 %2.18 %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes nonaccrual loans.
(4)Includes consumer certificates of deposit of $250,000 or more.
9

Huntington Bancshares Incorporated
Selected Quarterly Income Statement Data
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data)September 30,June 30,March 31,December 31,September 30,
20202020202020192019
Interest income
$892 $902 $975 $1,011 $1,052 
Interest expense
75 110 185 231 253 
Net interest income
817 792 790 780 799 
Provision for credit losses
177 327 441 79 82 
Net interest income after provision for credit losses
640 465 349 701 717 
Service charges on deposit accounts 76 60 87 95 98 
Card and payment processing income66 59 58 64 64 
Trust and investment management services48 45 47 47 44 
Mortgage banking income122 96 58 58 54 
Capital markets fees27 31 33 31 36 
Insurance income24 25 23 24 20 
Bank owned life insurance income17 17 16 17 18 
Gain on sale of loans and leases13 8 8 16 13 
Net (losses) gains on sales of securities— (1)— (22)— 
Other noninterest income37 51 31 42 42 
Total noninterest income
430 391 361 372 389 
Personnel costs453 418 395 426 406 
Outside data processing and other services98 90 85 89 87 
Equipment44 46 41 42 41 
Net occupancy40 39 40 41 38 
Professional services12 11 11 14 16 
Amortization of intangibles10 10 11 12 12 
Marketing9 5 9 9 10 
Deposit and other insurance expense6 9 9 10 8 
Other noninterest expense40 47 51 58 49 
Total noninterest expense
712 675 652 701 667 
Income before income taxes
358 181 58 372 439 
Provision for income taxes
55 31 10 55 67 
Net income
303 150 48 317 372 
Dividends on preferred shares
28 19 18 19 18 
Net income applicable to common shares
$275 $131 $30 $298 $354 
Average common shares - basic
1,017 1,016 1,018 1,029 1,035 
Average common shares - diluted
1,031 1,029 1,035 1,047 1,051 
Per common share
Net income - basic
$0.27 $0.13 $0.03 $0.29 $0.34 
Net income - diluted
0.27 0.13 0.03 0.28 0.34 
Cash dividends declared
0.15 0.15 0.15 0.15 0.15 
Revenue - fully-taxable equivalent (FTE)
Net interest income
$817 $792 $790 $780 $799 
FTE adjustment
5 5 6 6 6 
Net interest income (1)
822 797 796 786 805 
Noninterest income
430 391 361 372 389 
Total revenue (1)
$1,252 $1,188 $1,157 $1,158 $1,194 
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

10

Huntington Bancshares Incorporated
Quarterly Mortgage Banking Noninterest Income
(Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
Percent Changes vs.
(dollar amounts in millions)
202020202020201920192Q203Q19
Net origination and secondary marketing income
$118 $91 $45 $43 $42 30 %181 %
Net mortgage servicing income
          Loan servicing income
15 14 16 15 15 7 — 
          Amortization of capitalized servicing(15)(12)(9)(13)(13)(25)(15)
    Operating income
— 2 7 2 2 (100)(100)
          MSR valuation adjustment (1)3 (6)(53)25 (11)150 127 
          Gains (losses) due to MSR hedging
(1)6 57 (14)19 (117)(105)
     Net MSR risk management 2 — 4 11 8 100 (75)
Total net mortgage servicing income
$2 $2 $11 $13 $10 — %(80)%
All other2 3 2 2 2 (33)— 
Mortgage banking income
$122 $96 $58 $58 $54 27 %126 %
Mortgage origination volume$3,811 $3,802 $2,136 $2,490 $2,097 — %82 %
Mortgage origination volume for sale
2,568 2,268 1,409 1,518 1,483 13 73 
Third party mortgage loans serviced (2)23,334 23,184 22,775 22,425 21,674 1 8 
Mortgage servicing rights (2)191 172 165 212 180 11 6 
MSR % of investor servicing portfolio (2)0.82 %0.74 %0.72 %0.95 %0.83 %11 %(1)%
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
11

Huntington Bancshares Incorporated
Quarterly Credit Reserves Analysis
(Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Allowance for loan and lease losses, beginning of period
$1,702 $1,504 $783 $783 $774 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)— — 391 — — 
Loan and lease losses
(141)(123)(136)(93)(102)
Recoveries of loans previously charged off
28 16 19 20 29 
Net loan and lease losses
(113)(107)(117)(73)(73)
Provision for loan and lease losses
207 305 447 74 82 
Allowance of assets sold or transferred to loans held for sale
— — — (1)— 
Allowance for loan and lease losses, end of period
1,796 1,702 1,504 783 783 
Allowance for unfunded loan commitments and letters of credit, beginning of period
119 99 104 101 101 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)— — 2 — — 
Provision for (reduction in) unfunded loan commitments and letters of credit losses
(30)22 (6)5 — 
Unfunded commitment losses(7)(2)(1)(2)— 
Allowance for unfunded loan commitments and letters of credit, end of period
82 119 99 104 101 
Total allowance for credit losses, end of period
$1,878 $1,821 $1,603 $887 $884 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
2.21 %2.12 %1.93 %1.04 %1.05 %
Nonaccrual loans and leases (NALs)
316 263 270 167 179 
Nonperforming assets (NPAs)
298 239 257 157 163 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
2.31 %2.27 %2.05 %1.18 %1.18 %
Nonaccrual loans and leases (NALs)330 281 287 190 202 
Nonperforming assets (NPAs)311 255 273 178 184 

12

Huntington Bancshares Incorporated
Quarterly Net Charge-Off Analysis
(Unaudited)
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial
$77 $80 $84 $36 $40 
Commercial real estate:
Construction
(1)1 — — (1)
Commercial
13 (1)(1)— (1)
Commercial real estate
12 — (1)— (2)
Total commercial
89 80 83 36 38 
Consumer:
Automobile
10 10 7 9 8 
Home equity
— — 5 1 2 
Residential mortgage
1 — 1 1 1 
RV and marine
4 4 2 4 2 
Other consumer
9 13 19 22 22 
Total consumer
24 27 34 37 35 
Total net charge-offs
$113 $107 $117 $73 $73 
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
20202020202020192019
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial
0.90 %0.90 %1.09 %0.47 %0.52 %
Commercial real estate:
Construction
(0.25)(0.01)0.08 (0.03)(0.40)
Commercial
0.80 (0.03)(0.06)0.01 (0.09)
Commercial real estate
0.63 (0.03)(0.03)— (0.14)
Total commercial
0.85 0.75 0.89 0.38 0.40 
Consumer:
Automobile
0.31 0.31 0.22 0.30 0.26 
Home equity
(0.02)0.08 0.19 0.02 0.11 
Residential mortgage
0.03 0.02 0.02 0.04 0.03 
RV and marine
0.38 0.37 0.27 0.39 0.23 
Other consumer
3.55 4.80 6.45 7.26 7.07 
Total consumer
0.24 0.30 0.35 0.39 0.38 
Net charge-offs as a % of average loans
0.56 %0.54 %0.62 %0.39 %0.39 %

13

Huntington Bancshares Incorporated
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)(1)
(Unaudited)
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)
20202020202020192019
Nonaccrual loans and leases (NALs):
Commercial and industrial
$388 $485 $396 $323 $291 
Commercial real estate
16 28 30 10 12 
Automobile
5 8 6 4 5 
Home equity
71 59 58 59 60 
Residential mortgage
88 66 66 71 69 
RV and marine
1 2 2 1 1 
Other consumer
— — — — — 
Total nonaccrual loans and leases
569 648 558 468 438 
Other real estate, net:
Residential
4 5 8 9 10 
Commercial
1 2 2 2 2 
Total other real estate, net
5 7 10 11 12 
Other NPAs (2)
28 58 18 19 32 
Total nonperforming assets
$602 $713 $586 $498 $482 
Nonaccrual loans and leases as a % of total loans and leases
0.70 %0.81 %0.72 %0.62 %0.58 %
NPA ratio (3)
0.74 0.89 0.75 0.66 0.64 
(NPA+90days)/(Loan+OREO) (4)
0.96 1.13 0.96 0.89 0.86 
Three Months Ended
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Nonperforming assets, beginning of period
$713 $586 $498 $482 $460 
New nonperforming assets
190 279 274 175 165 
Returns to accruing status
(47)(25)(18)(20)(24)
Loan and lease losses
(102)(61)(91)(48)(66)
Payments
(77)(63)(70)(63)(38)
Sales
(75)(3)(7)(28)(15)
Nonperforming assets, end of period
$602 $713 $586 $498 $482 
(1)Generally excludes loans that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.
(2)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.
(4)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

14

Huntington Bancshares Incorporated
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans
(Unaudited)
 September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Accruing loans and leases past due 90+ days:
Commercial and industrial
$10 $13 $10 $11 $9 
Commercial real estate
— — — — — 
Automobile
8 8 8 8 8 
Home equity11 10 12 14 13 
Residential mortgage (excluding loans guaranteed by the U.S. Government)
18 17 21 20 23 
RV and marine2 2 2 2 1 
Other consumer
2 3 4 7 7 
Total, excl. loans guaranteed by the U.S. Government
51 53 57 62 61 
Add: loans guaranteed by U.S. Government
124 141 110 109 102 
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government
$175 $194 $167 $171 $163 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases
0.06 %0.07 %0.07 %0.08 %0.08 %
Guaranteed by U.S. Government, as a percent of total loans and leases
0.15 0.18 0.14 0.14 0.14 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases
0.22 0.24 0.21 0.23 0.22 
Accruing troubled debt restructured loans:
Commercial and industrial
$189 $192 $219 $213 $225 
Commercial real estate
34 35 37 37 40 
Automobile
53 52 42 40 39 
Home equity
199 209 219 226 233 
Residential mortgage
256 229 227 223 221 
RV and marine6 6 3 3 3 
Other consumer
10 10 11 11 10 
Total accruing troubled debt restructured loans
$747 $733 $758 $753 $771 
Nonaccruing troubled debt restructured loans:
Commercial and industrial
$146 $169 $119 $109 $84 
Commercial real estate
3 3 4 6 6 
Automobile
2 2 2 2 3 
Home equity
29 26 25 26 26 
Residential mortgage
48 43 42 42 44 
RV and marine1 1 2 1 1 
Other consumer
— — — — — 
Total nonaccruing troubled debt restructured loans
$229 $244 $194 $186 $164 

15

Huntington Bancshares Incorporated
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data
(Unaudited)
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity
$12,917 $12,314 $11,769 $11,795 $11,909 
Regulatory capital adjustments:
CECL transitional amount (2)456 442 386 — — 
Shareholders’ preferred equity
(2,195)(1,701)(1,207)(1,207)(1,207)
Accumulated other comprehensive income offset
(257)(290)(227)256 175 
Goodwill and other intangibles, net of related taxes
(2,118)(2,129)(2,141)(2,153)(2,162)
Deferred tax assets that arise from tax loss and credit carryforwards
(59)(40)(42)(44)(30)
Common equity tier 1 capital
8,744 8,596 8,538 8,647 8,685 
Additional tier 1 capital
Shareholders’ preferred equity
2,195 1,701 1,207 1,207 1,207 
Other
— — 1 — 1 
Tier 1 capital
10,939 10,297 9,746 9,854 9,893 
Long-term debt and other tier 2 qualifying instruments
677 697 619 672 750 
Qualifying allowance for loan and lease losses
1,107 1,093 1,127 887 884 
Tier 2 capital
1,784 1,790 1,746 1,559 1,634 
Total risk-based capital
$12,723 $12,087 $11,492 $11,413 $11,527 
Risk-weighted assets (RWA)(1)
$88,417 $87,323 $90,193 $87,512 $86,719 
Common equity tier 1 risk-based capital ratio (1)
9.89 %9.84 %9.47 %9.88 %10.02 %
Other regulatory capital data:
Tier 1 leverage ratio (1)
9.31 8.86 9.01 9.26 9.34 
Tier 1 risk-based capital ratio (1)
12.37 11.79 10.81 11.26 11.41 
Total risk-based capital ratio (1)
14.39 13.84 12.74 13.04 13.29 
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)
9.70 9.69 9.32 9.62 9.83 
(1)September 30, 2020, figures are estimated.
(2)The CECL transitional amount includes the impact of Huntington's adoption of the new CECL accounting standard on January 1, 2020 and 25 percent of the increase in reserves from January 1, 2020 through September 30, 2020.
16

Huntington Bancshares Incorporated
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data
(Unaudited)
Quarterly common stock summary
September 30,June 30,March 31,December 31,September 30,
20202020202020192019
Dividends, per share
Cash dividends declared per common share
$0.15 $0.15 $0.15 $0.15 $0.15 
Common shares outstanding
Average - basic
1,017 1,016 1,018 1,029 1,035 
Average - diluted
1,031 1,029 1,035 1,047 1,051 
Ending
1,017 1,017 1,014 1,020 1,033 
Tangible book value per common share (1)
$8.43 $8.32 $8.28 $8.25 $8.25 
Common share repurchases
Number of shares repurchased
— — 7 13 5 
Non-regulatory capital
September 30,June 30,March 31,December 31,September 30,
(dollar amounts in millions)20202020202020192019
Calculation of tangible equity / asset ratio:
Total shareholders’ equity
$12,917 $12,314 $11,769 $11,795 $11,909 
Less: goodwill
(1,990)(1,990)(1,990)(1,990)(1,990)
Less: other intangible assets
(201)(211)(222)(232)(244)
Add: related deferred tax liability (1)
42 44 47 49 51 
Total tangible equity
10,768 10,157 9,604 9,622 9,726 
Less: preferred equity
(2,192)(1,697)(1,203)(1,203)(1,203)
Total tangible common equity
$8,576 $8,460 $8,401 $8,419 $8,523 
Total assets
$120,116 $118,425 $113,897 $109,002 $108,735 
Less: goodwill
(1,990)(1,990)(1,990)(1,990)(1,990)
Less: other intangible assets
(201)(211)(222)(232)(244)
Add: related deferred tax liability (1)
42 44 47 49 51 
Total tangible assets
$117,967 $116,268 $111,732 $106,829 $106,552 
Tangible equity / tangible asset ratio
9.13 %8.74 %8.60 %9.01 %9.13 %
Tangible common equity / tangible asset ratio
7.27 7.28 7.52 7.88 8.00 
Other data:
Number of employees (Average full-time equivalent)
15,680 15,703 15,386 15,495 15,659 
Number of domestic full-service branches (2)
839 839 839 868 868 
ATM Count
1,330 1,344 1,434 1,448 1,442 
(1)Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
(2)Includes Regional Banking and The Huntington Private Client Group offices.



17

Huntington Bancshares Incorporated
Consolidated Year To Date Average Balance Sheets
(Unaudited)
YTD Average Balances (1)
Nine Months Ended September 30,
Change
(dollar amounts in millions)
20202019
Amount
Percent
Assets
Interest-bearing deposits in Federal Reserve Bank$3,326 $511 $2,815 551 %
Interest-bearing deposits in banks
166 131 35 27 
Securities:
Trading account securities
61 146 (85)(58)
Available-for-sale securities:
Taxable
11,171 10,784 387 4 
Tax-exempt
2,743 2,945 (202)(7)
Total available-for-sale securities
13,914 13,729 185 1 
Held-to-maturity securities - taxable
9,384 8,663 721 8 
Other securities450 479 (29)(6)
Total securities
23,809 23,017 977 3 
Loans held for sale
1,055 771 284 37 
Loans and leases: (2)
Commercial:
Commercial and industrial
33,604 30,608 2,996 10 
Commercial real estate:
Construction
1,180 1,169 11 1 
Commercial
5,833 5,727 106 2 
Commercial real estate
7,013 6,896 117 2 
Total commercial
40,617 37,504 3,113 8 
Consumer:
Automobile
12,832 12,253 579 5 
Home equity
8,933 9,491 (558)(6)
Residential mortgage
11,558 11,005 553 5 
RV and marine3,773 3,413 360 11 
Other consumer
1,105 1,270 (165)(13)
Total consumer
38,201 37,432 769 2 
Total loans and leases
78,818 74,936 3,882 5 
Allowance for loan and lease losses
(1,506)(786)(720)(92)
Net loans and leases
77,312 74,150 3,162 4 
Total earning assets
107,174 99,366 7,808 8 
Cash and due from banks
1,128 835 293 35 
Intangible assets
2,206 2,252 (46)(2)
All other assets
6,966 6,054 912 15 
Total assets
$115,968 $107,721 8,247 8 %
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing
$22,985 $19,763 $3,222 16 %
Money market deposits25,544 23,507 2,037 9 
Savings and other domestic deposits
10,468 10,039 429 4 
Core certificates of deposit (3)
2,990 5,858 (2,868)(49)
Other domestic deposits of $250,000 or more
242 320 (78)(24)
Brokered deposits and negotiable CDs
3,728 2,893 835 29 
Total interest-bearing deposits
65,957 62,380 3,577 6 
Short-term borrowings
1,452 2,605 (1,153)(44)
Long-term debt
9,730 9,145 585 6 
Total interest-bearing liabilities
77,139 74,130 3,009 4 
Demand deposits - noninterest-bearing
24,394 19,864 4,530 23 
All other liabilities
2,347 2,277 70 3 
Shareholders’ equity
12,088 11,450 638 6 
Total liabilities and shareholders’ equity
$115,968 $107,721 $8,247 8 %
(1)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(2)Includes nonaccrual loans.
(3)Includes consumer certificates of deposit of $250,000 or more.
18

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)
(Unaudited)
YTD Interest Income / Expense
Nine Months Ended September 30,
(dollar amounts in millions)
20202019
Assets
Interest-bearing deposits in Federal Reserve Bank $4 $9 
Interest-bearing deposits in banks
1 2 
Securities:
Trading account securities
1 2 
Available-for-sale securities:
Taxable
191 222 
Tax-exempt
60 81 
Total available-for-sale securities
251 303 
Held-to-maturity securities - taxable
169 164 
Other securities4 13 
Total securities
425 482 
Loans held for sale
25 23 
Loans and leases:
Commercial:
Commercial and industrial
966 1,106 
Commercial real estate:
Construction
35 49 
Commercial
140 210 
Commercial real estate
175 259 
Total commercial
1,141 1,365 
Consumer:
Automobile
379 369 
Home equity
273 391 
Residential mortgage
307 317 
RV and marine134 126 
Other consumer
96 126 
Total consumer
1,189 1,329 
Total loans and leases
2,330 2,694 
Total earning assets
$2,785 $3,210 
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
$30 $84 
Money market deposits93 199 
Savings and other domestic deposits
9 17 
Core certificates of deposit (3)
36 94 
Other domestic deposits of $250,000 or more
2 4 
Brokered deposits and negotiable CDs
13 51 
Total interest-bearing deposits
183 449 
Short-term borrowings
13 46 
Long-term debt
174 262 
Total interest-bearing liabilities
370 757 
Net interest income
$2,415 $2,453 
(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes consumer certificates of deposit of $250,000 or more.
19

Huntington Bancshares Incorporated
Consolidated Year To Date Net Interest Margin - Yield
(Unaudited)
YTD Average Rates
Nine Months Ended September 30,
Fully-taxable equivalent basis (1)
20202019
Assets
Interest-bearing deposits in Federal Reserve Bank0.17 %2.32 %
Interest-bearing deposits in banks
0.62 2.10 
Securities:
Trading account securities
2.94 2.10 
Available-for-sale securities:
Taxable
2.28 2.74 
Tax-exempt
2.92 3.66 
Total available-for-sale securities
2.41 2.94 
Held-to-maturity securities - taxable
2.39 2.52 
Other securities:
Other securities1.28 3.75 
Total securities
2.38 2.79 
Loans held for sale
3.11 3.90 
Loans and leases: (3)
Commercial:
Commercial and industrial
3.79 4.77 
Commercial real estate:
Construction
3.93 5.56 
Commercial
3.17 4.85 
Commercial real estate
3.29 4.97 
Total commercial
3.71 4.80 
Consumer:
Automobile
3.94 4.02 
Home equity
4.09 5.51 
Residential mortgage
3.54 3.83 
RV and marine4.73 4.95 
Other consumer
11.60 13.29 
Total consumer
4.15 4.74 
Total loans and leases
3.92 4.77 
Total earning assets
3.47 %4.32 %
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing
0.17 %0.57 %
Money market deposits0.49 1.13 
Savings and other domestic deposits
0.11 0.23 
Core certificates of deposit (4)
1.59 2.14 
Other domestic deposits of $250,000 or more
1.31 1.86 
Brokered deposits and negotiable CDs
0.45 2.33 
Total interest-bearing deposits
0.37 0.96 
Short-term borrowings
1.23 2.37 
Long-term debt
2.39 3.82 
Total interest-bearing liabilities
0.64 1.36 
Net interest rate spread
2.83 2.96 
Impact of noninterest-bearing funds on margin
0.18 0.34 
Net interest margin
3.01 %3.30 %
Commercial Loan Derivative Impact
 (Unaudited)
YTD Average Rates
Nine Months Ended September 30,
Fully-taxable equivalent basis (1)
20202019
Commercial loans (2)(3)
3.39 %4.84 %
Impact of commercial loan derivatives
0.32 (0.04)
Total commercial - as reported
3.71 %4.80 %
Average 1 Month LIBOR
0.65 %2.37 %
(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 21 for the FTE adjustment.
(2)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.
(3)Includes the impact of nonaccrual loans.
(4)Includes consumer certificates of deposit of $250,000 or more.
20

Huntington Bancshares Incorporated
Selected Year To Date Income Statement Data
(Unaudited)
Nine Months Ended September 30,Change
(dollar amounts in millions, except per share data)20202019AmountPercent
Interest income$2,769 $3,190 $(421)(13)%
Interest expense370 757 (387)(51)
Net interest income2,399 2,433 (34)(1)
Provision for credit losses945 208 737 354 
Net interest income after provision for credit losses1,454 2,225 (771)(35)
Service charges on deposit accounts 223 277 (54)(19)
Card and payment processing income183 183 — — 
Trust and investment management services140 131 9 7 
Mortgage banking income277 109 168 154 
Capital markets fees91 92 (1)(1)
Insurance income72 64 8 13 
Bank owned life insurance income49 49 — — 
Gain on sale of loans and leases30 39 (9)(23)
Net (losses) gains on sales of securities(1)(2)1 50 
Other noninterest income118 140 (22)(16)
Total noninterest income1,182 1,082 100 9 
Personnel costs1,267 1,228 39 3 
Outside data processing and other services273 257 16 6 
Equipment132 121 11 9 
Net occupancy119 118 1 1 
Professional services34 40 (6)(15)
Amortization of intangibles31 37 (6)(16)
Marketing23 28 (5)(18)
Deposit and other insurance expense24 24 — — 
Other noninterest expense136 167 (31)(19)
Total noninterest expense2,039 2,020 19 1 
Income before income taxes597 1,287 (690)(54)
Provision for income taxes96 193 (97)(50)
Net income501 1,094 (593)(54)
Dividends on preferred shares65 55 10 18 
Net income applicable to common shares$436 $1,039 $(603)(58)%
Average common shares - basic 1,017 1,042 (25)(2)
Average common shares - diluted1,032 1,059 (27)(3)
Per common share
Net income - basic$0.43 $1.00 $(0.57)(57)%
Net income - diluted0.42 0.98 (0.56)(57)
Cash dividends declared0.45 0.43 0.02 5 
Revenue - fully taxable equivalent (FTE)
Net interest income$2,399 $2,433 $(34)(1)%
FTE adjustment (1)16 20 (4)(20)
Net interest income2,415 2,453 (38)(2)
Noninterest income1,182 1,082 100 9 
Total revenue (1)$3,597 $3,535 $62 2 %
(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
21

Huntington Bancshares Incorporated
Year To Date Mortgage Banking Noninterest Income
(Unaudited)
Nine Months Ended September 30,Change
(dollar amounts in millions)
20202019AmountPercent
Net origination and secondary marketing income
$254 $89 165 185 %
Net mortgage servicing income
          Loan servicing income
45 44 1 2 
          Amortization of capitalized servicing
(36)(32)(4)(13)
     Operating income
9 12 (3)(25)
          MSR valuation adjustment (1)
(56)(40)(16)(40)
          Gains (losses) due to MSR hedging
62 43 19 44 
     Net MSR risk management
6 3 3 — 
Total net mortgage servicing income
$15 $15 $— — %
All other7 5 2 40 
Mortgage banking income
$276 $109 $167 153 %
Mortgage origination volume
$9,749 $5,254 $4,495 86 %
Mortgage origination volume for sale
6,245 3,420 2,825 83 
Third party mortgage loans serviced (2)
23,334 21,674 1,660 8 
Mortgage servicing rights (2)
191 180 11 6 
MSR % of investor servicing portfolio
0.82 %0.83 %(0.01)%(1)%
(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.
(2)At period end.
22

Huntington Bancshares Incorporated
Year To Date Credit Reserves Analysis
(Unaudited)
Nine Months Ended September 30,
(dollar amounts in millions)
20202019
Allowance for loan and lease losses, beginning of period
$783 $772 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)$391 $— 
Loan and lease losses
(400)(269)
Recoveries of loans previously charged off
63 77 
Net loan and lease losses
(337)(192)
Provision for loan and lease losses
959 203 
Allowance for loan and lease losses, end of period
1,796 783 
Allowance for unfunded loan commitments and letters of credit, beginning of period
$104 $96 
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)2 — 
Provision for (reduction in) unfunded loan commitments and letters of credit losses
(14)5 
Unfunded commitment losses(10)— 
Allowance for unfunded loan commitments and letters of credit, end of period82 101 
Total allowance for credit losses
$1,878 $884 
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases
2.21 %1.05 %
Nonaccrual loans and leases (NALs)
316 179 
Nonperforming assets (NPAs)
298 163 
Total allowance for credit losses (ACL) as % of:
Total loans and leases
2.31 %1.18 %
Nonaccrual loans and leases (NALs)330 202 
Nonperforming assets (NPAs)311 184 
23

Huntington Bancshares Incorporated
Year To Date Net Charge-Off Analysis
(Unaudited)
Nine Months Ended September 30,
(dollar amounts in millions)
20202019
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial$241 $92 
Commercial real estate:
Construction— (2)
Commercial11 (1)
Commercial real estate11 (3)
Total commercial
252 89 
Consumer:
Automobile27 23 
Home equity5 7 
Residential mortgage2 5 
RV and marine
10 7 
Other consumer41 61 
Total consumer
85 103 
Total net charge-offs$337 $192 
Nine Months Ended September 30,
20202019
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial0.96 %0.40 %
Commercial real estate:
Construction(0.06)(0.19)
Commercial0.25 (0.03)
Commercial real estate0.20 (0.06)
Total commercial0.83 0.32 
Consumer:
Automobile0.28 0.25 
Home equity0.09 0.10 
Residential mortgage0.02 0.06 
RV and marine
0.34 0.29 
Other consumer4.99 6.41 
Total consumer0.30 0.37 
Net charge-offs as a % of average loans0.57 %0.34 %
24

Huntington Bancshares Incorporated
Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)
(Unaudited)
September 30,
(dollar amounts in millions)
20202019
Nonaccrual loans and leases (NALs):
Commercial and industrial$388 $291 
Commercial real estate16 12 
Automobile5 5 
Home equity71 60 
Residential mortgage88 69 
RV and marine1 1 
Other consumer
— — 
Total nonaccrual loans and leases569 438 
Other real estate, net:
Residential4 10 
Commercial1 2 
Total other real estate, net5 12 
Other NPAs (1)
28 32 
Total nonperforming assets (3)
$602 $482 
Nonaccrual loans and leases as a % of total loans and leases0.70 %0.58 %
NPA ratio (2)
0.74 0.64 
Nine Months Ended September 30,
(dollar amounts in millions)
20202019
Nonperforming assets, beginning of period$498 $387 
New nonperforming assets743 500 
Returns to accruing status(90)(73)
Loan and lease losses(254)(146)
Payments(210)(125)
Sales and held-for-sale transfers
(85)(61)
Nonperforming assets, end of period (2)
$602 $482 
(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)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.
25

Huntington Bancshares Incorporated
Year To Date Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans
(Unaudited)
Nine Months Ended September 30,
(dollar amounts in millions)
20202019
Accruing loans and leases past due 90+ days:
Commercial and industrial$10 $9 
Commercial real estate— — 
Automobile8 8 
Home equity11 13 
Residential mortgage (excluding loans guaranteed by the U.S. Government)18 23 
RV and marine2 1 
Other consumer2 7 
Total, excl. loans guaranteed by the U.S. Government51 61 
Add: loans guaranteed by U.S. Government124 102 
Total accruing loans and leases past due 90 days or more, including loans guaranteed by the U.S. Government$175 $163 
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases0.06 %0.08 %
Guaranteed by U.S. Government, as a percent of total loans and leases0.15 0.14 
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases0.22 0.22 
Accruing troubled debt restructured loans:
Commercial and industrial$189 $225 
Commercial real estate34 40 
Automobile53 39 
Home equity199 233 
Residential mortgage256 221 
RV and marine6 3 
Other consumer10 10 
Total accruing troubled debt restructured loans$747 $771 
Nonaccruing troubled debt restructured loans:
Commercial and industrial$146 $84 
Commercial real estate3 6 
Automobile2 3 
Home equity29 26 
Residential mortgage48 44 
RV and marine1 1 
Other consumer— — 
Total nonaccruing troubled debt restructured loans$229 $164 




26