hban-20210422

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________________________________________________________________________________________________________________________

FORM 8-K

_______________________________________________________________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 22, 2021

______________________________________________________________________________________________________________________________

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________________________________


Maryland	1-34073	31-0724920
(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 class	Trading Symbol(s)	Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock)	HBANN	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock)	HBANO	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)	HBANP	NASDAQ
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ

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 April 22, 2021, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2021. Also on April 22, 2021, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.

Huntington’s senior management will host an earnings conference call on April 22, 2021, at 8:30 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 13716636. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 30, 2021 at (877) 660-6853 or (201) 612-7415 conference ID 13716636.

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; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and TCF; the outcome of any legal proceedings that may be instituted against Huntington or TCF; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to satisfy any of the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC, and in TCF’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the SEC and available on TCF’s investor relations website, http://ir.tcfbank.com, under the heading “Financial Information” and in other documents TCF files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(d)Exhibits.

Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 22, 2021.

Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2021.

EXHIBIT INDEX


Exhibit No.			Description

Exhibit 99.1			News release of Huntington Bancshares Incorporated, dated April 22, 2021
Exhibit 99.2			Quarterly Financial Supplement, March 31, 2021






Exhibit 104			Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

HUNTINGTON BANCSHARES INCORPORATED

Date:

April 22, 2021

By:

/s/ Zachary Wasserman

Zachary Wasserman

Chief Financial Officer

Exhibit 99.1

April 22, 2021

Analysts: Mark Muth ([email protected]), 614.480.4720

Media: Matt Samson ([email protected]), 312.263.0203

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2021 FIRST-QUARTER EARNINGS

Results Include 19% Revenue Growth, 6% Average Loan Growth, and 20% Average Core Deposit Growth

2021 First-Quarter Highlights (compared with 2020 First Quarter):

•Net income was $532 million, up $484 million from the year ago quarter.

•Earnings per common share (EPS) for the quarter were $0.48, an increase of $0.45.

•Return on average assets for the quarter was 1.76%, return on average common equity was 18.7%, and return on average tangible common equity was 23.7%.

•Tangible book value per common share increased $0.36, or 4%, to $8.64.

•Fully-taxable equivalent total revenue increased $216 million, or 19%.

◦Fully-taxable equivalent net interest income increased $182 million, or 23%, including the benefit of the $144 million mark-to-market of interest rate caps and $45 million of accelerated accretion from PPP loan forgiveness.

◦Net interest margin increased 34 basis points to 3.48%, including the 51 basis point benefit of the mark-to-market of interest rate caps and the 16 basis point benefit from accelerated accretion from PPP loan forgiveness.

◦Noninterest income increased $34 million, or 9%, driven by a $42 million, or 72%, increase in mortgage banking income.

•Noninterest expense increased $141 million, or 22%, including approximately $21 million of Significant Items expense related to the TCF acquisition.

•Efficiency ratio of 57.0%, up from 55.4%.

•Average loans and leases increased $4.6 billion, or 6%.

◦Average commercial loans increased $3.9 billion, or 11%, and average consumer loans increased $0.6 billion, or 2%.

•Average core deposits increased $16.3 billion, or 20%.

◦Average demand deposits increased $14.7 billion, or 36%.

•Net charge-offs equated to 0.32% of average loans and leases, down from 0.62%.

•Nonperforming asset ratio of 0.68%, down from 0.75%.

•Provision for credit losses decreased $501 million year-over-year to $(60) million.

•Allowance for credit losses (ACL) increased $199 million to $1.7 billion, or 2.17% of total loans and leases.

•Common Equity Tier 1 (CET1) risk-based capital ratio of 10.33%, up from 9.47% and modestly above our 9% to 10% operating guideline.

•Tangible common equity (TCE) ratio of 7.11%, down from 7.52%.

•In March, Huntington shareholders approved the planned acquisition of TCF Financial.

•In March, Huntington announced the planned consolidation of 44 Meijer in-store branches, which are expected to be completed in the 2021 second quarter.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported net income for the 2021 first quarter of $532 million, an increase of $484 million from the year-ago quarter. Earnings per common share for the 2021 first quarter were $0.48, up $0.45 from the year-ago quarter. Tangible book value per common share as of 2021 first quarter-end was $8.64, a 4% year-over-year increase. Return on average assets was 1.76%, return on average common equity was 18.7%, and return on average tangible common equity was 23.7%. First-quarter results were favorably impacted by a $144 million positive mark-to-market of interest rate caps within the hedging program, $60 million of negative credit provisioning related to the improving economic outlook, and $45 million of accelerated accretion from Paycheck Protection Program (PPP) loan forgiveness, partially offset by $21 million of costs related to the pending TCF Financial acquisition.

CEO Commentary:

“Our first-quarter results reflected a very strong beginning to what will be an important year for Huntington. The economic recovery continues to gain its footing, and we are seeing encouraging signs throughout our footprint and our individual businesses. Our lending pipelines are up across the board, and customer sentiment is improving—supporting our confidence in more robust loan demand later in the year. Additionally, we continue to see strong core deposit inflows and expect this elevated level of liquidity will remain for some time,” said Steve Steinour, chairman, president, and CEO.

"We continue to make substantial progress with our pending acquisition of TCF. We recently received approval of the transaction from the shareholders of both companies. Our integration-planning teams are on track for a conversion later this year. We anticipate that we will receive the regulatory approvals and complete the acquisition as planned late in the second quarter."

"Our overall confidence in our performance and long-term strategy continues to drive our progress in extending digital capabilities across all parts of Huntington – from the development of digital-only tools in the Consumer and Business Bank to digital sales and service enhancements in Commercial Banking, Wealth Management, and Vehicle Finance. The increased digital and product investments will further differentiate the experience we provide to existing and acquired customers on our journey to become the leading people-first, digitally powered bank in the country.”

Table 1 – Earnings Performance Summary


	2021			2020
(in millions, except per share data)	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Net Income	$	532		$	316		$	303		$	150		$	48
Diluted earnings per common share	0.48			0.27			0.27			0.13			0.03

Return on average assets	1.76		%	1.04		%	1.01		%	0.51		%	0.17		%
Return on average common equity	18.7			10.4			10.2			5.0			1.1
Return on average tangible common equity	23.7			13.3			13.2			6.7			1.8
Net interest margin	3.48			2.94			2.96			2.94			3.14
Efficiency ratio	57.0			60.2			56.1			55.9			55.4

Tangible book value per common share	$	8.64		$	8.51		$	8.43		$	8.32		$	8.28
Cash dividends declared per common share	0.15			0.15			0.15			0.15			0.15
Average diluted shares outstanding	1,041			1,036			1,031			1,029			1,035

Average earning assets	$	114,105		$	112,222		$	110,665		$	109,038		$	101,783
Average loans and leases	80,261			81,116			80,542			80,199			75,696
Average core deposits	95,815			92,325			90,692			88,878			79,528

Tangible common equity / tangible assets ratio	7.11		%	7.16		%	7.27		%	7.28		%	7.52		%
Common equity Tier 1 risk-based capital ratio	10.33			10.00			9.89			9.84			9.47

NCOs as a % of average loans and leases	0.32		%	0.55		%	0.56		%	0.54		%	0.62		%
NAL ratio	0.64			0.65			0.70			0.81			0.72
ACL as a % of total loans and leases	2.17			2.29			2.31			2.27			2.06

Table 2 lists certain items that we believe are significant in understanding corporate performance and trends (see Basis of Presentation). There was one Significant Item in the 2021 first quarter: $21 million of TCF acquisition-related net pretax expense. There were no Significant Items in the other quarters presented.

Table 2 – Significant Items Influencing Earnings


Three Months Ended		Pre-Tax Impact		After-Tax Impact
($ in millions, except per share)		Amount		Amount (1)		EPS (2)
March 31, 2021 – net income				$	532	$	0.48
•	TCF acquisition-related net expenses	$	(21)	(17)		(0.02)

(1)Favorable (unfavorable) impact on net income.

(2)EPS reflected on a fully diluted basis.

Net Interest Income, Net Interest Margin, and Average Balance Sheet

Table 3 – Net Interest Income and Net Interest Margin Performance Summary – Year-over-Year Increase in Average Earning Assets Combined with Net Interest Margin Expansion Drive Net Interest Income Growth


	2021		2020
($ in millions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	972	$	825	$	817	$	792	$	790	18	%	23	%
FTE adjustment	6		5		5		5		6		20		0
Net interest income - FTE	978		830		822		797		796		18		23
Noninterest income	395		409		430		391		361		(3)		9
Total revenue - FTE	$	1,373	$	1,239	$	1,252	$	1,188	$	1,157	11	%	19	%


	2021		2020
	First		Fourth		Third		Second		First		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	3.11	%	3.13	%	3.22	%	3.35	%	3.88	%	(2)	(77)
Total loans and leases	3.78		3.70		3.75		3.75		4.29		8	(51)
Total securities	1.67		1.87		2.13		2.35		2.64		(20)	(97)
Total interest-bearing liabilities	(0.53)		0.27		0.39		0.57		0.98		(80)	(151)
Total interest-bearing deposits	0.06		0.08		0.18		0.28		0.68		(2)	(62)

Net interest rate spread	3.64		2.86		2.83		2.78		2.90		78	74
Impact of noninterest-bearing funds on margin	(0.16)		0.08		0.13		0.16		0.24		(24)	(40)
Net interest margin	3.48	%	2.94	%	2.96	%	2.94	%	3.14	%	54	34

See Pages 6-8 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2021 first quarter increased $182 million, or 23%, from the 2020 first quarter. This increase reflected the benefit of a $12.3 billion, or 12%, increase in average earning assets and a 34 basis point increase in the FTE net interest margin (NIM) to 3.48%. Net interest income in the 2021 first quarter included a $144 million mark-to-market of interest rate caps, which favorably impacted the NIM by approximately 51 basis points (and reduced reported long-term debt costs by approximately 741 basis points), and $45 million of deferred PPP loan fees recognized upon receipt of forgiveness payments from the US Small Business Administration (SBA), which favorably impacted the NIM by approximately 16 basis points. The year-over-year decreases in average earning asset yields and average liability costs also reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank.

Compared to the 2020 fourth quarter, FTE net interest income increased $148 million, or 18%, reflecting a $1.9 billion, or 2%, increase in average earning assets and 54 basis points of NIM expansion. Both the net interest income increase and the NIM expansion primarily reflected the net impacts of the mark-to-market of interest rate caps and the deferred PPP loan fees recognized upon receipt of forgiveness payments from the SBA. The mark-to-market of interest rate caps was $144 million in the 2021 first quarter compared to $5 million in the 2020 fourth quarter. The deferred PPP loan fees were $45 million in the 2021 first quarter compared to $5 million in the 2020 fourth quarter.

Table 4 – Average Earning Assets – Elevated Deposits at the Federal Reserve Bank and PPP Loans Drive Year-Over-Year Earning Asset Growth


	2021		2020
($ in billions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	34.4	$	34.9	$	34.7	$	35.3	$	30.8	(1)	%	11	%
Commercial real estate	7.2		7.2		7.2		7.1		6.7		0		7
Total commercial	41.5		42.0		41.9		42.4		37.6		(1)		11
Automobile	12.7		12.9		12.9		12.7		12.9		(1)		(2)
Home equity	8.8		8.9		8.9		8.9		9.0		(1)		(2)
Residential mortgage	12.1		12.1		11.8		11.5		11.4		0		6
RV and marine	4.2		4.2		4.0		3.7		3.6		0		17
Other consumer	1.0		1.0		1.0		1.1		1.2		(6)		(18)
Total consumer	38.7		39.1		38.7		37.8		38.1		(1)		2
Total loans and leases	80.3		81.1		80.5		80.2		75.7		(1)		6
Total securities	26.2		24.1		22.8		24.2		24.4		9		7
Held-for-sale and other earning assets	7.6		7.0		7.3		4.6		1.7		9		350
Total earning assets	$	114.1	$	112.2	$	110.7	$	109.0	$	101.8	2	%	12	%

See Page 6 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2021 first quarter increased $12.3 billion, or 12%, from the year-ago quarter, primarily reflecting a $5.4 billion, or 792%, increase in interest-bearing deposits at the Federal Reserve Bank, a $4.6 billion, or 6%, increase in average total loans and leases, and a $1.8 billion, or 7%, increase in average securities. Average commercial & industrial (C&I) loans increased $3.5 billion, or 11%, primarily reflecting the $5.8 billion of average PPP loans partially offset by lower C&I and dealer floorplan utilization rates. Average residential mortgage loans increased $0.7 billion, or 6%, reflecting continued robust portfolio mortgage production. Average RV and marine loans increased $0.6 billion, or 17%, reflecting strong consumer demand and continued strong production levels.

Compared to the 2020 fourth quarter, average earning assets increased $1.9 billion, or 2%, primarily reflecting a $2.1 billion, or 9%, increase in average securities, partially offset by a $0.9 billion, or 1%, decrease in average loans and leases. The increase in average securities reflected the purchase of securities to deploy excess liquidity. Average C&I loans decreased $0.5 billion, or 1%, primarily reflecting the $0.4 billion decrease in average PPP loans.

Huntington received forgiveness payments from the SBA for approximately $2.2 billion of PPP loans during the 2021 first quarter compared to $226 million of PPP loans during the 2020 fourth quarter. During the 2021 first quarter, $1.8 billion of "Round 2" PPP loans were originated.

Table 5 – Average Liabilities – Demand Deposits Drive Robust Year-over-Year Growth in Core Deposits


	2021		2020
	First		Fourth		Third		Second		First		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Demand deposits - noninterest-bearing	$	29.1	$	28.1	$	27.4	$	25.7	$	20.1	3	%	45	%
Demand deposits - interest-bearing	26.8		25.1		23.9		23.9		21.2		7		26
Total demand deposits	55.9		53.2		51.3		49.6		41.3		5		36
Money market deposits	26.2		26.1		26.2		25.7		24.7		—		6
Savings and other domestic deposits	12.3		11.5		11.2		10.6		9.6		7		27
Core certificates of deposit	1.4		1.5		2.0		3.0		3.9		(6)		(65)
Total core deposits	95.8		92.3		90.7		88.9		79.5		4		20
Other domestic deposits of $250,000 or more	0.1		0.1		0.2		0.2		0.3		(17)		(64)
Brokered deposits and negotiable CDs	3.4		4.1		4.2		4.1		2.9		(18)		16

Total deposits	$	99.3	$	96.5	$	95.1	$	93.2	$	82.7	3	%	20	%

Short-term borrowings	$	0.2	$	0.2	$	0.2	$	0.8	$	3.4	(13)	%	(94)	%
Long-term debt	7.8		8.8		9.3		9.8		10.1		(12)		(23)
Total debt	$	8.0	$	9.0	$	9.5	$	10.6	$	13.5	(12)	%	(41)	%

Total interest-bearing liabilities	$	78.2	$	77.5	$	77.1	$	78.2	$	76.1	1	%	3	%

See Page 6 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2021 first quarter increased $2.0 billion, or 3%, from the year-ago quarter. Average total deposits increased $16.6 billion, or 20%, while average total core deposits increased $16.3 billion, or 20%. The increase in average total core deposits was primarily driven by increased liquidity levels in reaction to the economic downturn, business and commercial growth related to the PPP loans, 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 $14.7 billion, or 36%, average savings and other domestic deposits increased $2.6 billion, or 27%, and average money market deposits increased $1.6 billion, or 6%. Partially offsetting these increases, average core certificates of deposit (CDs) decreased $2.6 billion, or 65%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average total debt decreased $5.5 billion, or 41%, reflecting the repayment of short-term borrowings, the maturity and issuance of $3.2 billion and $1.3 billion of long-term debt, respectively, over the past five quarters, and the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, all due to the strong core deposit growth.

Compared to the 2020 fourth quarter, average total interest-bearing liabilities increased $0.7 billion, or 1%. Average total deposits increased $2.7 billion, or 3%, and average total core deposits increased $3.5 billion, or 4%. The increase in average total core deposits was primarily driven by consumer growth largely related to government stimulus, increased liquidity levels among our commercial customers, seasonality in government banking, and improved consumer and business banking account retention. Specifically, within core deposits, average total demand deposits increased $2.7 billion, or 5%. Average total debt decreased $1.1 billion, or 12%, primarily reflecting the maturity of $1.1 billion of long-term debt, the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, and the repayment of short-term borrowings, all due to the strong core deposit growth.

Noninterest Income

Table 6 – Noninterest Income – Continued Strength in Mortgage Banking Income Drives Year-over-year Growth in Noninterest Income


	2021		2020
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Mortgage banking income	$	100	$	90	$	122	$	96	$	58	11	%	72	%
Service charges on deposit accounts	69		78		76		60		87		(12)		(21)
Card and payment processing income	65		65		66		59		58		0		12
Trust and investment management services	52		49		48		45		47		6		11
Capital markets fees	29		34		27		31		33		(15)		(12)
Insurance income	27		25		24		25		23		8		17
Bank owned life insurance income	16		14		17		17		16		14		0
Gain on sale of loans	3		13		13		8		8		(77)		(63)
Net (losses) gains on sales of securities	0		0		0		(1)		0		NM		NM
Other noninterest income	34		41		37		51		31		(17)		10
Total noninterest income	$	395	$	409	$	430	$	391	$	361	(3)	%	9	%

See Pages 9-10 of Quarterly Financial Supplement for additional detail.

Reported total noninterest income for the 2021 first quarter increased $34 million, or 9%, from the year-ago quarter. Mortgage banking income increased $42 million, or 72%, primarily reflecting an 89% increase in salable mortgage originations and higher secondary marketing spreads offset by lower net mortgage servicing income. Card and payment processing income increased $7 million, or 12%, reflecting higher debit card usage. Trust and investment management services increased $5 million, or 11%, reflecting record net asset flows and positive equity market performance over the prior twelve months. Partially offsetting these increases, service charges on deposit accounts decreased $18 million, or 21%, primarily reflecting reduced customer activity and elevated deposits. Gain on sale of loans decreased $5 million, or 63%, primarily reflecting the lower SBA loan sales resulting from the strategic decision to retain SBA loans on the balance sheet.

Compared to the 2020 fourth quarter, reported total noninterest income decreased $14 million, or 3%. Gain on sale of loans decreased $10 million, or 77%, primarily reflecting lower SBA loan sales resulting from the strategic decision to retain SBA loans on the balance sheet. Service charges on deposit accounts decreased $9 million, or 12%, primarily reflecting reduced customer activity and elevated deposits. Other noninterest income decreased $7 million, or 17%, primarily reflecting a $6 million unfavorable Visa Class B derivative fair value adjustment. Capital markets fees decreased $5 million, or 15%, reflecting lower loan syndication fees and customer derivatives activity. Partially offsetting these decreases, mortgage banking income increased $10 million, or 11%, primarily reflecting a $10 million increase in net MSR risk management activities.

Noninterest Expense

Table 7 – Noninterest Expense – Continued Investment in Talent and Technology Drive Noninterest Expense


	2021		2020
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	468	$	426	$	453	$	418	$	395	10	%	18	%
Outside data processing and other services	115		111		98		90		85		4		35
Equipment	46		49		44		46		41		(6)		12
Net occupancy	42		39		40		39		40		8		5
Professional services	17		21		12		11		11		(19)		55
Amortization of intangibles	10		10		10		10		11		0		(9)
Marketing	14		15		9		5		9		(7)		56
Deposit and other insurance expense	8		8		6		9		9		0		(11)
Other noninterest expense	73		77		40		47		51		(5)		43
Total noninterest expense	$	793	$	756	$	712	$	675	$	652	5	%	22	%
(in thousands)
Average full-time equivalent employees	15.4		15.5		15.7		15.7		15.4		(1)	%	0	%

See Page 9 of Quarterly Financial Supplement for additional detail.

Table 8 - Impacts of Significant Items


	2021		2020
	First		Fourth		Third		Second		First
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	—	$	—	$	—	$	—	$	—
Outside data processing and other services	8		—		—		—		—
Equipment	1		—		—		—		—
Net occupancy	3		—		—		—		—
Professional services	8		—		—		—		—
Amortization of intangibles	—		—		—		—		—
Marketing	—		—		—		—		—
Deposit and other insurance expense	—		—		—		—		—
Other noninterest expense	1		—		—		—		—
Total noninterest expense	$	21	$	—	$	—	$	—	$	—

Table 9 - Adjusted Noninterest Expense (Non-GAAP)


	2021		2020
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	468	$	426	$	453	$	418	$	395	10	%	18	%
Outside data processing and other services	107		111		98		90		85		(4)		26
Equipment	45		49		44		46		41		(8)		10
Net occupancy	39		39		40		39		40		0		(3)
Professional services	9		21		12		11		11		(57)		(18)
Amortization of intangibles	10		10		10		10		11		0		(9)
Marketing	14		15		9		5		9		(7)		56
Deposit and other insurance expense	8		8		6		9		9		0		(11)
Other noninterest expense	72		77		40		47		51		(6)		41
Total noninterest expense	$	772	$	756	$	712	$	675	$	652	2	%	18	%

Reported total noninterest expense for the 2021 first quarter increased $141 million, or 22%, from the year-ago quarter. Personnel costs increased $73 million, or 18%, primarily reflecting increased incentives and commissions, a timing change implemented in the 2021 first quarter with respect to moving forward the annual grant of equity compensation from May to March, and higher benefits costs. Outside data processing and other services increased $30 million, or 35%, reflecting technology investments and $8 million of TCF acquisition-related expense. Other noninterest expense increased $22 million, or 43%, primarily reflecting a $25 million donation to The Columbus Foundation. Professional services expense increased $6 million, or 55%, reflecting $8 million of acquisition-related legal expense. Equipment expense increased $5 million, or 12%, primarily reflecting technology investments. Marketing expense increased $5 million, or 56%, reflecting a return to pre-pandemic levels and additional investment in strategic marketing initiatives including new Fair Play product launches.

Reported total noninterest expense increased $37 million, or 5%, from the 2020 fourth quarter. Personnel costs increased $42 million, or 10%, primarily reflecting increased incentives and commissions, a timing change implemented in the 2021 first quarter with respect to moving forward the annual grant of equity compensation from May to March, and higher benefits costs.

Credit Quality

Table 10 – Credit Quality Metrics – Improvements in Economic Outlook and Underlying Credit Metrics Drive Credit Reserve Release


	2021			2020
($ in millions)	March 31,			December 31,			September 30,			June 30,			March 31,
Total nonaccrual loans and leases	$	516		$	532		$	569		$	648		$	558
Total other real estate	2			4			5			7			10
Other NPAs (1)	26			27			28			58			18
Total nonperforming assets	544			563			602			713			586
Accruing loans and leases past due 90+ days	154			171			175			194			167
NPAs + accruing loans & leases past due 90+ days	$	698		$	734		$	777		$	907		$	753
NAL ratio (2)	0.64		%	0.65		%	0.70		%	0.81		%	0.72		%
NPA ratio (3)	0.68			0.69			0.74			0.89			0.75
(NPAs+90 days)/(Loans+OREO)	0.87			0.90			0.96			1.13			0.96


Provision for credit losses	$	(60)		$	103		$	177		$	327		$	441
Net charge-offs	64			112			113			107			117
Net charge-offs / Average total loans	0.32		%	0.55		%	0.56		%	0.54		%	0.62		%
Allowance for loans and lease losses (ALLL)	$	1,703		$	1,814		$	1,796		$	1,702		$	1,504
Allowance for unfunded loan commitments and letters of credit	38			52			82			119			99
Allowance for credit losses (ACL)	$	1,741		$	1,866		$	1,878		$	1,821		$	1,603
ALLL as a % of:
Total loans and leases	2.12		%	2.22		%	2.21		%	2.12		%	1.93		%
NALs	330			341			316			263			270
NPAs	313			323			298			239			257
ACL as a % of:
Total loans and leases	2.17		%	2.29		%	2.31		%	2.27		%	2.06		%
NALs	338			351			330			281			287
NPAs	320			332			311			255			273

(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.

(2)Total NALs as a % of total loans and leases.

(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.

See Pages 11-14 of Quarterly Financial Supplement for additional detail.

Overall asset quality showed improvement for the third consecutive quarter. Nonperforming assets (NPAs) decreased to $544 million, or 0.68% of total loans and leases and OREO, from $586 million, or 0.75%, a year ago. Nonaccrual loans and leases (NALs) decreased $42 million, or 8%, to $516 million, or 0.64% of total loans and leases. OREO balances decreased $8 million, or 80%, from the year-ago quarter. On a linked quarter basis, NALs decreased $16 million, or 3%, while NPAs decreased $19 million, or 3%. The linked quarter decrease in NALs was primarily within the commercial portfolio.

The provision for credit losses decreased $501 million year-over-year to $(60) million in the 2021 first quarter. Net charge-offs (NCOs) decreased $53 million to $64 million. NCOs represented an annualized 0.32% of average loans and leases in the current quarter, down from 0.55% in the prior quarter and down from 0.62% in the year-ago quarter. Both commercial and consumer NCOs showed improvement on a year-over-year and linked quarter basis. We remain confident in the long-term credit performance of our loan portfolios.

The allowance for loan and lease losses (ALLL) increased $199 million from the year-ago quarter to $1.7 billion, or 2.12% of total loans and leases. The ALLL as a percentage of period-end total NALs increased to 330% from 270% over the same period. The allowance for credit losses (ACL) increased by $138 million from the year-ago quarter to $1.7 billion, or 2.17% of total loans and leases. On a linked quarter basis, the ACL decreased $125 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 11 – Capital Ratios – Ratios Remain within Targeted Operating Ranges


	2021			2020
($ in billions)	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible common equity / tangible assets ratio	7.11		%	7.16		%	7.27		%	7.28		%	7.52		%
Common equity tier 1 risk-based capital ratio (1)	10.33		%	10.00		%	9.89		%	9.84		%	9.47		%
Regulatory Tier 1 risk-based capital ratio (1)	13.32		%	12.47		%	12.37		%	11.79		%	10.81		%
Regulatory Total risk-based capital ratio (1)	15.25		%	14.46		%	14.39		%	13.84		%	12.74		%
Total risk-weighted assets (1)	$	89.5		$	88.9		$	88.4		$	87.3		$	90.2

(1)March 31, 2021 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The 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 15-16 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 7.11% at March 31, 2021, down 41 basis points from a year ago due to year-over-year balance sheet growth. Common Equity Tier 1 (CET1) risk-based capital ratio was 10.33%, up from 9.47% a year ago. The regulatory Tier 1 risk-based capital ratio was 13.32% compared to 10.81% at March 31, 2020. The increase in regulatory capital ratios was driven by earnings, adjusted for CECL transition, offset by the repurchase of $5 million of common stock over the last four quarters (all during the 2020 fourth quarter) and cash dividends. 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 Bank (both of which are 0% risk weighted). 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, $500 million of Series G preferred stock in the 2020 third quarter, and $500 million of Series H preferred stock in the 2021 first quarter.

Income Taxes

The provision for income taxes was $102 million in the 2021 first quarter and $10 million in the 2020 first quarter. The effective tax rates for the 2021 first quarter and 2020 first quarter were 16.1% and 17.0%, respectively. The variance between the 2021 first quarter and the 2020 first quarter provision for income taxes and effective tax rates relates primarily to higher pre-tax income and the impact of stock-based compensation.

At March 31, 2021, we had a net federal deferred tax liability of $149 million and a net state deferred tax asset of $24 million.

Expectations - Full Year 2021 (Huntington Standalone)

Full year 2021 revenue is expected to increase approximately 3% to 5% from the prior year. Full year 2021 noninterest expense is expected to increase approximately 7% to 9% year-over-year.

Average loans and leases are expected to increase approximately 1% to 3% year-over-year. Average total deposits are expected to increase approximately 9% to 11% compared to full year 2020.

Asset quality metrics are expected to remain strong, with net charge-offs in a range of approximately 30 to 40 basis points, with some moderate quarterly volatility.

The effective tax rate for full year 2021 is expected to be in the range of 16% to 17%.

Conference Call / Webcast Information

Huntington’s senior management will host an earnings conference call on April 22, 2021, at 8:30 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 #13716636. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 30, 2021 at (877) 660-6853 or (201) 612-7415; conference ID #13716636.

Please see the 2021 First Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $126 billion of assets and a network of 814 full-service branches, including 11 Private Client Group offices, and 1,314 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.

the conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website,

http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC, and in TCF’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the SEC and available on TCF’s investor relations website, http://ir.tcfbank.com, under the heading “Financial Information” and in other documents TCF files with the SEC.

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.

Significant Items

From time to time, revenue, expenses, or taxes are impacted by items judged by management to be outside of ordinary banking activities and/or by items that, while they may be associated with ordinary banking activities, are so unusually large that their outsized impact is believed by management at that time to be infrequent or short term in nature. We refer to such items as “Significant Items.” Most often, these Significant Items result from factors originating outside the company – e.g., regulatory actions/assessments, windfall gains, changes in accounting principles, one-time tax assessments/refunds, litigation actions, etc. In other cases they may result from management decisions associated with significant corporate actions out of the ordinary course of business – e.g., merger/restructuring charges, recapitalization actions, goodwill impairment, etc.

Even though certain revenue and expense items are naturally subject to more volatility than others due to changes in market and economic environment conditions, as a general rule volatility alone does not define a Significant Item. For example, changes in the provision for credit losses, gains/losses from investment activities, asset valuation write-downs, etc., reflect ordinary banking activities and are, therefore, typically excluded from consideration as a Significant Item.

Management believes the disclosure of “Significant Items”, when appropriate, aids analysts/investors in better understanding corporate performance and trends so that they can ascertain which of such items, if any, they may wish to include/exclude from their analysis of the company’s performance - i.e., within the context of determining how that performance differed from their expectations, as well as how, if at all, to adjust their estimates of future performance accordingly. To this end, management has adopted a practice of listing “Significant Items” in its external disclosure documents (e.g., earnings press releases, quarterly performance discussions, investor presentations, Forms 10-Q and 10-K).

“Significant Items” for any particular period are not intended to be a complete list of items that may materially impact current or future period performance. A number of items could materially impact these periods, including those described in Huntington’s 2020 Annual Report on Form 10-K and other factors described from time to time in Huntington’s other filings with the Securities and Exchange Commission.

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

March 31, 2021

Table of Contents


Quarterly Key Statistics			1



Consolidated Balance Sheets			3

Loans and Leases Composition			4

Deposits Composition			5

Consolidated Quarterly Average Balance Sheets			6

Consolidated Quarterly Net Interest Margin - Interest Income / Expense			7

Consolidated Quarterly Net Interest Margin - Yield			8

Selected Quarterly Income Statement Data			9

Quarterly Mortgage Banking Income			10

Quarterly Credit Reserves Analysis			11

Quarterly Net Charge-Off Analysis			12

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)			13

Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans			14

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data			15

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data			16

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%.

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)	March 31,			December 31,			March 31,			Percent Changes vs.
	2021			2020			2020			4Q20		1Q20
Net interest income (2)	$	978		$	830		$	796		18	%	23	%
FTE adjustment	(6)			(5)			(6)			(20)		—
Net interest income	972			825			790			18		23
Provision for credit losses	(60)			103			441			(158)		(114)
Noninterest income	395			409			361			(3)		9
Noninterest expense	793			756			652			5		22
Income before income taxes	634			375			58			69		993
Provision for income taxes	102			59			10			73		920
Net income	532			316			48			68		1,008
Dividends on preferred shares	31			35			18			(11)		72
Net income applicable to common shares	$	501		$	281		$	30		78	%	1,570	%

Net income per common share - diluted	$	0.48		$	0.27		$	0.03		78	%	1,500	%
Cash dividends declared per common share	0.15			0.15			0.15			—		—
Tangible book value per common share at end of period	8.64			8.51			8.28			2		4
Number of common shares repurchased	—			415			7,088			(100)		(100)
Average common shares - basic	1,018			1,017			1,018			—		—
Average common shares - diluted	1,041			1,036			1,035			—		1
Ending common shares outstanding	1,018			1,017			1,014			—		—
Return on average assets	1.76		%	1.04		%	0.17		%
Return on average common shareholders’ equity	18.7			10.4			1.1
Return on average tangible common shareholders’ equity (1)	23.7			13.3			1.8
Net interest margin (2)	3.48			2.94			3.14
Efficiency ratio (3)	57.0			60.2			55.4
Effective tax rate	16.1			15.8			17.0
Average total assets	$	122,995		$	120,995		$	110,147		2		12
Average earning assets	114,105			112,222			101,783			2		12
Average loans and leases	80,261			81,116			75,696			(1)		6
Average loans and leases - linked quarter annualized growth rate	(4.2)		%	2.9		%	3.2		%
Average total deposits	$	99,285		$	96,564		$	82,733		3		20
Average core deposits (4)	95,815			92,325			79,528			4		20
Average core deposits - linked quarter annualized growth rate	15.1		%	7.2		%	(0.8)		%
Average shareholders’ equity	13,324			12,941			11,636			3		15
Average common total shareholders' equity	10,858			10,749			10,433			1		4
Average tangible common shareholders' equity	8,722			8,605			8,264			1		6
Total assets at end of period	125,768			123,038			113,897			2		10
Total shareholders’ equity at end of period	13,600			12,993			11,769			5		16

NCOs as a % of average loans and leases	0.32		%	0.55		%	0.62		%
NAL ratio	0.64			0.65			0.72
NPA ratio (5)	0.68			0.69			0.75
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	2.12			2.22			1.93
Common equity tier 1 risk-based capital ratio (6)	10.33			10.00			9.47
Tangible common equity / tangible asset ratio (7)	7.11			7.16			7.52

See Notes to the Quarterly Key Statistics.

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)March 31, 2021, 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.

Huntington Bancshares Incorporated

Consolidated Balance Sheets


	March 31,		December 31,
(dollar amounts in millions)	2021		2020		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,096	$	1,319	(17)	%
Interest-bearing deposits in Federal Reserve Bank	7,493		5,276		42
Interest-bearing deposits in banks	52		117		(56)
Trading account securities	51		62		(18)
Available-for-sale securities	19,375		16,485		18
Held-to-maturity securities	7,815		8,861		(12)


Other securities	411		418		(2)
Loans held for sale	1,537		1,275		21
Loans and leases (1)	80,230		81,608		(2)
Allowance for loan and lease losses	(1,703)		(1,814)		6
Net loans and leases	78,527		79,794		(2)
Bank owned life insurance	2,581		2,577		—
Premises and equipment	747		757		(1)
Goodwill	1,990		1,990		—
Service rights and other intangible assets	480		428		12
Other assets	3,613		3,679		(2)
Total assets	$	125,768	$	123,038	2	%

Liabilities and shareholders’ equity
Liabilities
Deposits (2)	$	102,184	$	98,948	3	%
Short-term borrowings	219		183		20
Long-term debt	7,210		8,352		(14)
Other liabilities	2,555		2,562		—
Total liabilities	112,168		110,045		2

Shareholders' equity
Preferred stock	2,676		2,191		22
Common stock	10		10		—
Capital surplus	8,806		8,781		—
Less treasury shares, at cost	(59)		(59)		—
Accumulated other comprehensive gain (loss)	(56)		192		(129)
Retained earnings (deficit)	2,223		1,878		18
Total shareholders’ equity	13,600		12,993		5
Total liabilities and shareholders’ equity	$	125,768	$	123,038	2	%

Common shares authorized (par value of $0.01)	2,250,000,000		1,500,000,000
Common shares outstanding	1,018,052,923		1,017,196,776
Treasury shares outstanding	5,041,104		5,062,054
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	1,250,500		750,500

(1)See page 5 for detail of loans and leases.

(2)See page 6 for detail of deposits.

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2021				2020				2020				2020				2020
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial	$	34,464	43	%	$	35,373	43	%	$	34,895	43	%	$	34,879	44	%	$	32,959	42	%
Commercial real estate:
Construction	1,083		1		1,035		1		1,154		1		1,200		1		1,180		2
Commercial	6,096		8		6,164		8		6,055		7		5,979		7		5,793		7
Commercial real estate	7,179		9		7,199		9		7,209		8		7,179		8		6,973		9
Total commercial	41,643		52		42,572		52		42,104		51		42,058		52		39,932		51
Consumer:
Automobile	12,591		16		12,778		16		12,925		17		12,678		16		12,907		17
Home equity	8,727		11		8,894		11		8,904		11		8,866		11		9,010		11
Residential mortgage	12,092		15		12,141		15		12,031		15		11,621		15		11,398		15
RV and marine	4,218		5		4,190		5		4,146		5		3,843		5		3,643		5
Other consumer	959		1		1,033		1		1,046		1		1,073		1		1,145		1
Total consumer	38,587		48		39,036		48		39,052		49		38,081		48		38,103		49
Total loans and leases	$	80,230	100	%	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2021				2020				2020				2020				2020
Ending Balances by Business Segment:
Consumer and Business Banking	$	26,658	33	%	$	27,230	33	%	$	27,517	34	%	$	27,173	34	%	$	21,544	28	%
Commercial Banking	27,318		34		27,374		34		26,847		33		26,916		34		29,421		38
Vehicle Finance	19,474		24		20,027		25		19,891		25		19,345		24		20,552		26
RBHPCG	6,587		8		6,809		8		6,682		8		6,576		8		6,457		8
Treasury / Other	193		1		168		—		219		—		129		—		61		—
Total loans and leases	$	80,230	100	%	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%

Average Balances by Business Segment:
Consumer and Business Banking	$	27,069	34	%	$	27,483	34	%	$	27,315	34	%	$	25,379	32	%	$	21,593	29	%
Commercial Banking	26,694		33		26,727		33		26,809		34		28,173		35		27,238		36
Vehicle Finance	19,735		25		19,977		25		19,651		24		19,822		25		20,307		27
RBHPCG	6,568		8		6,751		8		6,630		8		6,498		8		6,415		8
Treasury / Other	195		—		178		—		137		—		327		—		143		—
Total loans and leases	$	80,261	100	%	$	81,116	100	%	$	80,542	100	%	$	80,199	100	%	$	75,696	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2021				2020				2020				2020				2020
Ending Balances by Type:
Demand deposits - noninterest-bearing	$	31,226	30	%	$	28,553	29	%	$	27,466	29	%	$	27,574	29	%	$	21,039	24	%
Demand deposits - interest-bearing	27,493		27		26,757		27		24,242		25		22,961		25		23,115		27
Money market deposits	26,268		26		26,248		27		26,230		28		25,312		27		25,068		29
Savings and other domestic deposits	13,115		13		11,722		12		11,268		12		11,034		12		9,845		11
Core certificates of deposit (1)	1,329		1		1,425		1		1,586		2		2,478		3		3,599		4
Total core deposits	99,431		97		94,705		96		90,792		96		89,359		96		82,666		95
Other domestic deposits of $250,000 or more	105		—		131		—		156		—		209		—		276		—
Brokered deposits and negotiable CDs	2,648		3		4,112		4		4,206		4		4,123		4		3,888		5

Total deposits	$	102,184	100	%	$	98,948	100	%	$	95,154	100	%	$	93,691	100	%	$	86,830	100	%
Total core deposits:
Commercial	$	46,539	47	%	$	44,698	47	%	$	43,018	47	%	$	41,630	47	%	$	38,064	46	%
Consumer	52,892		53		50,007		53		47,774		53		47,729		53		44,602		54
Total core deposits	$	99,431	100	%	$	94,705	100	%	$	90,792	100	%	$	89,359	100	%	$	82,666	100	%


	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2021				2020				2020				2020				2020
Ending Balances by Business Segment:
Consumer and Business Banking	$	65,437	64	%	$	60,910	61	%	$	59,302	62	%	$	59,202	63	%	$	51,898	60	%
Commercial Banking	25,420		25		24,766		25		23,599		25		22,041		24		23,530		27
Vehicle Finance	849		1		722		1		777		1		824		1		525		1
RBHPCG	7,163		7		7,635		8		6,623		7		6,834		7		6,265		7
Treasury / Other (2)	3,315		3		4,915		5		4,853		5		4,790		5		4,612		5
Total deposits	$	102,184	100	%	$	98,948	100	%	$	95,154	100	%	$	93,691	100	%	$	86,830	100	%

Average Balances by Business Segment:
Consumer and Business Banking	$	62,333	63	%	$	60,163	62	%	$	59,460	63	%	$	56,858	61	%	$	51,296	62	%
Commercial Banking	25,100		25		24,051		25		23,285		24		24,414		26		21,525		26
Vehicle Finance	768		1		760		1		839		1		646		1		366		—
RBHPCG	7,059		7		6,850		7		6,605		7		6,565		7		6,100		7
Treasury / Other (2)	4,025		4		4,740		5		4,860		5		4,739		5		3,446		5
Total deposits	$	99,285	100	%	$	96,564	100	%	$	95,049	100	%	$	93,222	100	%	$	82,733	100	%

(1)Includes consumer certificates of deposit of $250,000 or more.

(2)Comprised primarily of national market deposits.

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)


	Quarterly Average Balances (1)
	March 31,		December 31,		September 30,		June 30,		March 31,		Percent Changes vs.
(dollar amounts in millions)	2021		2020		2020		2020		2020		4Q20		1Q20
Assets
Interest-bearing deposits in Federal Reserve Bank	$	6,065	$	5,507	$	5,857	$	3,413	$	680	10	%	792	%
Interest-bearing deposits in banks	177		205		177		169		150		(14)		18
Securities:
Trading account securities	52		53		49		39		95		(2)		(45)
Available-for-sale securities:
Taxable	14,827		12,048		10,670		11,179		11,671		23		27
Tax-exempt	2,650		2,710		2,749		2,728		2,753		(2)		(4)
Total available-for-sale securities	17,477		14,758		13,419		13,907		14,424		18		21


Held-to-maturity securities - taxable	8,269		8,844		8,932		9,798		9,428		(7)		(12)





Other securities	412		420		430		474		445		(2)		(7)
Total securities	26,210		24,075		22,830		24,218		24,392		9		7
Loans held for sale	1,392		1,319		1,259		1,039		865		6		61
Loans and leases: (2)
Commercial:
Commercial and industrial	34,352		34,850		34,669		35,284		30,849		(1)		11
Commercial real estate:
Construction	1,053		1,085		1,175		1,201		1,165		(3)		(10)
Commercial	6,122		6,092		6,045		5,885		5,566		—		10
Commercial real estate	7,175		7,177		7,220		7,086		6,731		—		7
Total commercial	41,527		42,027		41,889		42,370		37,580		(1)		11
Consumer:
Automobile	12,665		12,857		12,889		12,681		12,924		(1)		(2)
Home equity	8,809		8,919		8,878		8,897		9,026		(1)		(2)
Residential mortgage	12,094		12,100		11,817		11,463		11,391		—		6
RV and marine	4,193		4,181		4,020		3,706		3,590		—		17
Other consumer	973		1,032		1,049		1,082		1,185		(6)		(18)
Total consumer	38,734		39,089		38,653		37,829		38,116		(1)		2
Total loans and leases	80,261		81,116		80,542		80,199		75,696		(1)		6
Allowance for loan and lease losses	(1,809)		(1,804)		(1,720)		(1,557)		(1,239)		—		(46)
Net loans and leases	78,452		79,312		78,822		78,642		74,457		(1)		5
Total earning assets	114,105		112,222		110,665		109,038		101,783		2		12
Cash and due from banks	1,080		1,113		1,173		1,299		914		(3)		18
Intangible assets	2,176		2,185		2,195		2,206		2,217		—		(2)
All other assets	7,443		7,279		7,216		7,205		6,472		2		15
Total assets	$	122,995	$	120,995	$	119,529	$	118,191	$	110,147	2	%	12	%
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	26,812	$	25,094	$	23,865	$	23,878	$	21,202	7	%	26	%
Money market deposits	26,247		26,144		26,200		25,728		24,697		—		6
Savings and other domestic deposits	12,277		11,468		11,157		10,609		9,632		7		27
Core certificates of deposit (3)	1,384		1,479		2,035		3,003		3,943		(6)		(65)

Other domestic deposits of $250,000 or more	115		139		175		230		321		(17)		(64)
Brokered deposits and negotiable CDs	3,355		4,100		4,182		4,114		2,884		(18)		16

Total interest-bearing deposits	70,190		68,424		67,614		67,562		62,679		3		12
Short-term borrowings	208		239		162		826		3,383		(13)		(94)
Long-term debt	7,766		8,799		9,318		9,802		10,076		(12)		(23)
Total interest-bearing liabilities	78,164		77,462		77,094		78,190		76,138		1		3
Demand deposits - noninterest-bearing	29,095		28,140		27,435		25,660		20,054		3		45
All other liabilities	2,412		2,452		2,322		2,396		2,319		(2)		4
Shareholders’ equity	13,324		12,941		12,678		11,945		11,636		3		15
Total liabilities and shareholders’ equity	$	122,995	$	120,995	$	119,529	$	118,191	$	110,147	2	%	12	%

(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.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Interest Income / Expense (1)(2)

(Unaudited)


	Quarterly Interest Income / Expense
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2021		2020		2020		2020		2020
Assets
Interest-bearing deposits in Federal Reserve Bank	$	2	$	2	$	1	$	1	$	2
Interest-bearing deposits in banks	—		—		—		—		1
Securities:
Trading account securities	—		1		—		—		1
Available-for-sale securities:
Taxable	49		46		50		65		76
Tax-exempt	17		17		18		19		23
Total available-for-sale securities	66		63		68		84		99
Held-to-maturity securities - taxable	42		47		52		58		59



Other securities	2		2		1		1		2
Total securities	110		113		121		143		161
Loans held for sale	9		9		9		9		7
Loans and leases:
Commercial:
Commercial and industrial	343		324		325		323		318
Commercial real estate:
Construction	9		9		10		11		14
Commercial	40		41		41		43		56
Commercial real estate	49		50		51		54		70
Total commercial	392		374		376		377		388
Consumer:
Automobile	116		125		128		121		130
Home equity	80		85		84		82		107
Residential mortgage	95		99		101		101		105
RV and marine	44		47		47		43		44
Other consumer	27		29		30		30		36
Total consumer	362		385		390		377		422
Total loans and leases	754		759		766		754		810
Total earning assets	$	875	$	883	$	897	$	907	$	981

Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	2	$	2	$	3	$	4	$	23
Money market deposits	4		7		18		25		50
Savings and other domestic deposits	1		1		2		3		4
Core certificates of deposit (3)	2		2		6		11		19

Other domestic deposits of $250,000 or more	—		1		—		1		1
Brokered deposits and negotiable CDs	2		2		2		3		8

Total interest-bearing deposits	11		15		31		47		105
Short-term borrowings	—		—		—		1		12
Long-term debt	(114)		38		44		62		68
Total interest bearing liabilities	(103)		53		75		110		185
Net interest income	$	978	$	830	$	822	$	797	$	796

(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 9 for the FTE adjustment.

(2)Amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3)Includes consumer certificates of deposit of $250,000 or more.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)


	Quarterly Average Rates
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2021		2020		2020		2020		2020
Assets
Interest-bearing deposits in Federal Reserve Bank	0.10	%	0.10	%	0.10	%	0.10	%	1.08	%
Interest-bearing deposits in banks	0.08		0.12		0.13		0.33		1.52
Securities:
Trading account securities	3.64		3.65		3.18		1.99		3.21
Available-for-sale securities:
Taxable	1.32		1.53		1.89		2.30		2.62
Tax-exempt	2.52		2.59		2.71		2.75		3.30
Total available-for-sale securities	1.50		1.72		2.06		2.39		2.75
Held-to-maturity securities - taxable	2.02		2.11		2.28		2.39		2.50



Other securities	1.66		1.85		1.23		0.57		2.07
Total securities	1.67		1.87		2.13		2.35		2.64
Loans held for sale	2.64		2.96		2.82		3.22		3.39
Loans and leases: (3)
Commercial:
Commercial and industrial	3.99		3.64		3.67		3.62		4.12
Commercial real estate:
Construction	3.41		3.36		3.40		3.66		4.75
Commercial	2.64		2.62		2.63		2.94		4.00
Commercial real estate	2.75		2.73		2.75		3.06		4.13
Total commercial	3.78		3.48		3.52		3.53		4.12
Consumer:
Automobile	3.71		3.88		3.93		3.84		4.05
Home equity	3.71		3.76		3.79		3.73		4.75
Residential mortgage	3.13		3.27		3.41		3.51		3.70
RV and marine	4.30		4.53		4.60		4.71		4.91
Other consumer	11.17		11.12		11.23		11.10		12.39
Total consumer	3.78		3.93		4.00		4.00		4.45
Total loans and leases	3.78		3.70		3.75		3.75		4.29
Total earning assets	3.11		3.13		3.22		3.35		3.88
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	0.04		0.04		0.05		0.07		0.43
Money market deposits	0.06		0.10		0.28		0.40		0.81
Savings and other domestic deposits	0.04		0.05		0.06		0.10		0.17
Core certificates of deposit (4)	0.51		0.56		1.03		1.55		1.91

Other domestic deposits of $250,000 or more	0.22		0.51		0.92		1.25		1.56
Brokered deposits and negotiable CDs	0.18		0.19		0.19		0.18		1.22

Total interest-bearing deposits	0.06		0.08		0.18		0.28		0.68
Short-term borrowings	0.19		0.26		0.30		0.47		1.46
Long-term debt	(5.88)		1.72		1.87		2.58		2.70
Total interest-bearing liabilities	(0.53)		0.27		0.39		0.57		0.98

Net interest rate spread	3.64		2.86		2.83		2.78		2.90
Impact of noninterest-bearing funds on margin	(0.16)		0.08		0.13		0.16		0.24
Net interest margin	3.48	%	2.94	%	2.96	%	2.94	%	3.14	%


Commercial Loan Derivative Impact
(Unaudited)
	Average Rates
	2021		2020		2020		2020		2020
Fully-taxable equivalent basis (1)	First		Fourth		Third		Second		First
Commercial loans (2)(3)	3.22	%	2.92	%	3.01	%	3.17	%	4.08	%
Impact of commercial loan derivatives	0.56		0.56		0.51		0.36		0.04
Total commercial - as reported	3.78	%	3.48	%	3.52	%	3.53	%	4.12	%
Average 1 Month LIBOR	0.12	%	0.15	%	0.16	%	0.36	%	1.41	%

(1)Fully-taxable equivalent (FTE) yields are calculated assuming a 21% tax rate. See page 9 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.

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)


	Three Months Ended
(dollar amounts in millions, except per share data)	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Interest income	$	869	$	878	$	892	$	902	$	975
Interest expense	(103)		53		75		110		185
Net interest income	972		825		817		792		790
Provision for credit losses	(60)		103		177		327		441
Net interest income after provision for credit losses	1,032		722		640		465		349
Mortgage banking income	100		90		122		96		58
Service charges on deposit accounts	69		78		76		60		87
Card and payment processing income	65		65		66		59		58
Trust and investment management services	52		49		48		45		47
Capital markets fees	29		34		27		31		33
Insurance income	27		25		24		25		23
Bank owned life insurance income	16		14		17		17		16
Gain on sale of loans	3		13		13		8		8
Net (losses) gains on sales of securities	—		—		—		(1)		—
Other noninterest income	34		41		37		51		31
Total noninterest income	395		409		430		391		361
Personnel costs	468		426		453		418		395
Outside data processing and other services	115		111		98		90		85
Equipment	46		49		44		46		41
Net occupancy	42		39		40		39		40
Professional services	17		21		12		11		11
Amortization of intangibles	10		10		10		10		11
Marketing	14		15		9		5		9
Deposit and other insurance expense	8		8		6		9		9
Other noninterest expense	73		77		40		47		51
Total noninterest expense	793		756		712		675		652
Income before income taxes	634		375		358		181		58
Provision for income taxes	102		59		55		31		10
Net income	532		316		303		150		48
Dividends on preferred shares	31		35		28		19		18
Net income applicable to common shares	$	501	$	281	$	275	$	131	$	30

Average common shares - basic	1,018		1,017		1,017		1,016		1,018
Average common shares - diluted	1,041		1,036		1,031		1,029		1,035

Per common share
Net income - basic	$	0.49	$	0.28	$	0.27	$	0.13	$	0.03
Net income - diluted	0.48		0.27		0.27		0.13		0.03
Cash dividends declared	0.15		0.15		0.15		0.15		0.15

Revenue - fully-taxable equivalent (FTE)
Net interest income	$	972	$	825	$	817	$	792	$	790
FTE adjustment	6		5		5		5		6
Net interest income (1)	978		830		822		797		796
Noninterest income	395		409		430		391		361
Total revenue (1)	$	1,373	$	1,239	$	1,252	$	1,188	$	1,157

(1)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.

Huntington Bancshares Incorporated

Quarterly Mortgage Banking Noninterest Income

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			Percent Changes vs.
(dollar amounts in millions)	2021			2020			2020			2020			2020			4Q20		1Q20
Net origination and secondary marketing income	$	94		$	92		$	118		$	91		$	45		2	%	109	%
Net mortgage servicing income
Loan servicing income	17			16			15			14			16			6		6
Amortization of capitalized servicing	(20)			(17)			(15)			(12)			(9)			(18)		(122)
Operating income	(3)			(1)			—			2			7			(200)		(143)
MSR valuation adjustment (1)	51			4			3			(6)			(53)			1,175		196
Gains (losses) due to MSR hedging	(46)			(9)			(1)			6			57			(411)		(181)
Net MSR risk management	5			(5)			2			—			4			200		25
Total net mortgage servicing income	$	2		$	(6)		$	2		$	2		$	11		133	%	(82)	%
All other	4			4			2			3			2			—		100
Mortgage banking income	$	100		$	90		$	122		$	96		$	58		11	%	72	%

Mortgage origination volume	$	4,042		$	3,741		$	3,811		$	3,802		$	2,136		8	%	89	%
Mortgage origination volume for sale	2,669			2,444			2,568			2,421			1,409			9		89

Third party mortgage loans serviced (2)	23,585			23,471			23,334			23,184			22,775			—		4
Mortgage servicing rights (2)	274			210			191			172			165			30		66
MSR % of investor servicing portfolio (2)	1.16		%	0.89		%	0.82		%	0.74		%	0.72		%	30	%	61	%

(1)The change in fair value for the period represents the MSR valuation adjustment, net of amortization of capitalized servicing.

(2)At period end.

Huntington Bancshares Incorporated

Quarterly Credit Reserves Analysis

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Allowance for loan and lease losses, beginning of period	$	1,814		$	1,796		$	1,702		$	1,504		$	783
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)	—			—			—			—			391
Loan and lease losses	(95)			(140)			(141)			(123)			(136)
Recoveries of loans previously charged off	31			28			28			16			19
Net loan and lease losses	(64)			(112)			(113)			(107)			(117)
Provision for loan and lease losses	(47)			130			207			305			447
Allowance of assets sold or transferred to loans held for sale	—			—			—			—			—
Allowance for loan and lease losses, end of period	1,703			1,814			1,796			1,702			1,504
Allowance for unfunded loan commitments and letters of credit, beginning of period	52			82			119			99			104
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	(13)			(27)			(30)			22			(6)
Unfunded commitment losses	(1)			(3)			(7)			(2)			(1)
Allowance for unfunded loan commitments and letters of credit, end of period	38			52			82			119			99
Total allowance for credit losses, end of period	$	1,741		$	1,866		$	1,878		$	1,821		$	1,603
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	2.12		%	2.22		%	2.21		%	2.12		%	1.93		%
Nonaccrual loans and leases (NALs)	330			341			316			263			270
Nonperforming assets (NPAs)	313			323			298			239			257
Total allowance for credit losses (ACL) as % of:
Total loans and leases	2.17		%	2.29		%	2.31		%	2.27		%	2.06		%
Nonaccrual loans and leases (NALs)	338			351			330			281			287
Nonperforming assets (NPAs)	320			332			311			255			273

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial	$	52		$	58		$	77		$	80		$	84
Commercial real estate:
Construction	—			—			(1)			1			—
Commercial	(3)			32			13			(1)			(1)
Commercial real estate	(3)			32			12			—			(1)
Total commercial	49			90			89			80			83
Consumer:
Automobile	2			6			10			10			7
Home equity	—			1			—			—			5
Residential mortgage	—			1			1			—			1
RV and marine	3			2			4			4			2
Other consumer	10			12			9			13			19
Total consumer	15			22			24			27			34
Total net charge-offs	$	64		$	112		$	113		$	107		$	117


	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2021			2020			2020			2020			2020
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial	0.60		%	0.67		%	0.90		%	0.90		%	1.09		%
Commercial real estate:
Construction	(0.04)			(0.04)			(0.25)			(0.01)			0.08
Commercial	(0.17)			2.14			0.80			(0.03)			(0.06)
Commercial real estate	(0.15)			1.81			0.63			(0.03)			(0.03)
Total commercial	0.47			0.86			0.85			0.75			0.89
Consumer:
Automobile	0.05			0.21			0.31			0.31			0.22
Home equity	0.02			0.01			(0.02)			0.08			0.19
Residential mortgage	0.01			0.05			0.03			0.02			0.02
RV and marine	0.29			0.21			0.38			0.37			0.27
Other consumer	3.99			4.35			3.55			4.80			6.45
Total consumer	0.16			0.22			0.24			0.30			0.35
Net charge-offs as a % of average loans	0.32		%	0.55		%	0.56		%	0.54		%	0.62		%

Huntington Bancshares Incorporated

Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)(1)

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	343		$	353		$	388		$	485		$	396
Commercial real estate	8			15			16			28			30
Automobile	3			4			5			8			6
Home equity	71			70			71			59			58
Residential mortgage	90			88			88			66			66
RV and marine	1			2			1			2			2
Other consumer	—			—			—			—			—
Total nonaccrual loans and leases	516			532			569			648			558

Other real estate, net:
Residential	2			4			4			5			8
Commercial	—			—			1			2			2
Total other real estate, net	2			4			5			7			10
Other NPAs (2)	26			27			28			58			18
Total nonperforming assets	$	544		$	563		$	602		$	713		$	586

Nonaccrual loans and leases as a % of total loans and leases	0.64		%	0.65		%	0.70		%	0.81		%	0.72		%
NPA ratio (3)	0.68			0.69			0.74			0.89			0.75
(NPA+90days)/(Loan+OREO) (4)	0.87			0.90			0.96			1.13			0.96


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2021		2020		2020		2020		2020
Nonperforming assets, beginning of period	$	563	$	602	$	713	$	586	$	498
New nonperforming assets	129		248		190		279		274
Returns to accruing status	(33)		(108)		(47)		(25)		(18)
Loan and lease losses	(52)		(73)		(102)		(61)		(91)
Payments	(55)		(82)		(77)		(63)		(70)
Sales	(8)		(24)		(75)		(3)		(7)

Nonperforming assets, end of period	$	544	$	563	$	602	$	713	$	586

(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.

Huntington Bancshares Incorporated

Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	8		$	10		$	10		$	13		$	10
Commercial real estate	—			—			—			—			—
Automobile	5			9			8			8			8
Home equity	10			14			11			10			12
Residential mortgage (excluding loans guaranteed by the U.S. Government)	18			30			18			17			21
RV and marine	1			3			2			2			2
Other consumer	2			3			2			3			4
Total, excl. loans guaranteed by the U.S. Government	44			69			51			53			57
Add: loans guaranteed by U.S. Government	110			102			124			141			110
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	154		$	171		$	175		$	194		$	167

Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.05		%	0.08		%	0.06		%	0.07		%	0.07		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.14			0.13			0.15			0.18			0.14
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.19			0.21			0.22			0.24			0.21

Accruing troubled debt restructured loans:
Commercial and industrial	$	127		$	193		$	189		$	192		$	219
Commercial real estate	32			33			34			35			37
Automobile	51			50			53			52			42
Home equity	179			187			199			209			219
Residential mortgage	249			248			256			229			227
RV and marine	7			6			6			6			3
Other consumer	8			9			10			10			11
Total accruing troubled debt restructured loans	$	653		$	726		$	747		$	733		$	758

Nonaccruing troubled debt restructured loans:
Commercial and industrial	$	101		$	95		$	146		$	169		$	119
Commercial real estate	3			3			3			3			4
Automobile	2			2			2			2			2
Home equity	30			30			29			26			25
Residential mortgage	51			51			48			43			42
RV and marine	1			1			1			1			2
Other consumer	—			—			—			—			—
Total nonaccruing troubled debt restructured loans	$	188		$	182		$	229		$	244		$	194

Huntington Bancshares Incorporated

Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data

(Unaudited)


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity	$	13,600		$	12,992		$	12,917		$	12,314		$	11,769
Regulatory capital adjustments:
CECL transitional amount (2)	422			453			456			442			386
Shareholders’ preferred equity	(2,680)			(2,196)			(2,195)			(1,701)			(1,207)
Accumulated other comprehensive income offset	56			(192)			(257)			(290)			(227)
Goodwill and other intangibles, net of related taxes	(2,095)			(2,107)			(2,118)			(2,129)			(2,141)
Deferred tax assets that arise from tax loss and credit carryforwards	(63)			(63)			(59)			(40)			(42)
Common equity tier 1 capital	9,240			8,887			8,744			8,596			8,538
Additional tier 1 capital
Shareholders’ preferred equity	2,680			2,196			2,195			1,701			1,207

Other	—			—			—			—			1
Tier 1 capital	11,920			11,083			10,939			10,297			9,746
Long-term debt and other tier 2 qualifying instruments	610			660			677			697			619
Qualifying allowance for loan and lease losses	1,119			1,113			1,107			1,093			1,127
Tier 2 capital	1,729			1,773			1,784			1,790			1,746
Total risk-based capital	$	13,649		$	12,856		$	12,723		$	12,087		$	11,492
Risk-weighted assets (RWA)(1)	$	89,485		$	88,878		$	88,417		$	87,323		$	90,193
Common equity tier 1 risk-based capital ratio (1)	10.33		%	10.00		%	9.89		%	9.84		%	9.47		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	9.85			9.32			9.31			8.86			9.01
Tier 1 risk-based capital ratio (1)	13.32			12.47			12.37			11.79			10.81
Total risk-based capital ratio (1)	15.25			14.46			14.39			13.84			12.74
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	9.83			9.74			9.70			9.69			9.32

(1)March 31, 2021, 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% of the cumulative change in the reported allowance for credit losses since adopting CECL. .

Huntington Bancshares Incorporated

Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data

(Unaudited)

Quarterly common stock summary


	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020





Dividends, per share
Cash dividends declared per common share	$	0.15	$	0.15	$	0.15	$	0.15	$	0.15
Common shares outstanding (in millions)
Average - basic	1,018		1,017		1,017		1,016		1,018
Average - diluted	1,041		1,036		1,031		1,029		1,035
Ending	1,018		1,017		1,017		1,017		1,014
Tangible book value per common share (1)	$	8.64	$	8.51	$	8.43	$	8.32	$	8.28
Common share repurchases (in millions)
Number of shares repurchased	—		—		—		—		7

Non-regulatory capital


	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2021			2020			2020			2020			2020
Calculation of tangible equity / asset ratio:
Total shareholders’ equity	$	13,600		$	12,992		$	12,917		$	12,314		$	11,769
Less: goodwill	(1,990)			(1,990)			(1,990)			(1,990)			(1,990)
Less: other intangible assets	(181)			(191)			(201)			(211)			(222)
Add: related deferred tax liability (1)	38			40			42			44			47
Total tangible equity	11,467			10,851			10,768			10,157			9,604
Less: preferred equity	(2,676)			(2,192)			(2,192)			(1,697)			(1,203)
Total tangible common equity	$	8,791		$	8,659		$	8,576		$	8,460		$	8,401
Total assets	$	125,768		$	123,038		$	120,116		$	118,425		$	113,897
Less: goodwill	(1,990)			(1,990)			(1,990)			(1,990)			(1,990)
Less: other intangible assets	(181)			(191)			(201)			(211)			(222)
Add: related deferred tax liability (1)	38			40			42			44			47
Total tangible assets	$	123,635		$	120,897		$	117,967		$	116,268		$	111,732
Tangible equity / tangible asset ratio	9.28		%	8.98		%	9.13		%	8.74		%	8.60		%
Tangible common equity / tangible asset ratio	7.11			7.16			7.27			7.28			7.52
Other data:
Number of employees (Average full-time equivalent)	15,449			15,477			15,680			15,703			15,386
Number of domestic full-service branches (2)	814			839			839			839			839
ATM Count	1,314			1,322			1,330			1,344			1,434

(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.