8-K

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) January 22, 2021

______________________________________________________________________________________________________________________________

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

_______________________________________________________________________________________________________________________________

Maryland	1-34073	31-0724920
(State or other jurisdiction of<br>incorporation or organization)	(Commission<br>File Number)	(I.R.S. Employer<br>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<br>Symbol(s)	Name of exchange on which registered
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ
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		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 January 22, 2021, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended December 31, 2020. Also on January 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 January 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 13714293. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2021 at (877) 660-6853 or (201) 612-7415 conference ID 13714293.

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 obtain shareholder approvals or to satisfy any of the other 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, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of 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, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the SEC and available in the “Investor Relations” section of TCF’s website, http://www.tcfbank.com, under the heading “Financial

Information” and in other documents TCF files with the SEC. 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. 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 January 22, 2021.

Exhibit 99.2 – Quarterly Financial Supplement, December 31, 2020.

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, dated January 22, 2021
Exhibit 99.2	Quarterly Financial Supplement, December 31, 2020
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:	January 22, 2021	By:	/s/ Zachary Wasserman
			Zachary Wasserman
			Chief Financial Officer

Document

Exhibit 99.1

FOR IMMEDIATE RELEASE

January 22, 2021

Analysts: Mark Muth (mark.muth@huntington.com), 614.480.4720

Media:    Matt Samson (matt.b.samson@huntington.com), 312.263.0203

HUNTINGTON BANCSHARES INCORPORATED REPORTS FULL YEAR 2020 EARNINGS

Results Include Record Annual Revenue (+3%), a 6% Increase in Average Loans, and an 11% Increase in Average Core Deposits

Full year 2020 highlights compared to full year 2019:

•Net income was $817 million, and earnings per common share (EPS) for the year were $0.69.

•Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%.

•Tangible book value per common share (TBVPS) increased 3% to $8.51 at 2020 year end.

•Fully-taxable equivalent total revenue increased $143 million, or 3%, to $4.8 billion.

◦Fully-taxable equivalent net interest income increased $6 million, or less than 1%, to $3.2 billion.

◦Net interest margin decreased 27 basis points to 2.99%.

◦Noninterest income increased $137 million, or 9%, to $1.6 billion, driven by a $199 million, or 119%, increase in mortgage banking income.

•Noninterest expense increased $74 million, or 3%, to $2.8 billion.

•Delivered annual positive operating leverage.

•Efficiency ratio of 56.9%.

•Average loans and leases increased $4.4 billion, or 6%, to $79.4 billion

◦Average commercial loans increased $3.5 billion, or 9%, to $41.0 billion and average consumer loans increased $0.9 billion, or 2%, to $38.4 billion.

•Average total core deposits increased $8.7 billion, or 11%, to $87.9 billion and average total deposits increased $9.6 billion, or 12%, to $91.9 billion.

◦Average demand deposits increased $8.9 billion, or 29%, to $48.9 billion.

•Allowance for credit losses (ACL) increased to $1.9 billion, or 2.29% of total loans and leases.

•Nonperforming asset (NPA) ratio was 0.69%.

•Net charge-offs (NCOs) equated to 0.57% of average loans and leases.

•Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at year end.

•Tangible common equity (TCE) ratio was 7.16% at year end.

2020 Fourth Quarter highlights compared to 2019 Fourth Quarter:

•Net income was $316 million, consistent with the year ago quarter

•Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%.

•Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%.

•Fully-taxable equivalent total revenue increased $81 million, or 7%.

◦Fully-taxable equivalent net interest income increased $44 million, or 6%.

◦Net interest margin decreased 18 basis points to 2.94%.

◦Noninterest income increased $37 million, or 10%.

•Noninterest expense increased $55 million, or 8%.

•Average loans and leases increased $6.0 billion, or 8%, including a $4.8 billion, or 13%, increase in commercial loans and a $1.2 billion, or 3%, increase in consumer loans.

•Average core deposits increased $12.6 billion, or 16%, including a $12.5 billion, or 31%, increase in total demand deposits.

•NCOs equated to 0.55% of average loans and leases, up from 0.39%

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported 2020 full-year net income of $817 million, a decrease of 42% from the prior year. Earnings per common share for the year were $0.69, a decrease of 46% from the prior year. Tangible book value per common share as of 2020 year-end was $8.51, a 3% year-over-year increase. Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%. Full-year 2020 results were impacted by elevated credit provisioning (+265% year-over-year) related to the economic impact of the COVID-19 pandemic.

Net income for the 2020 fourth quarter was $316 million, consistent with the year-ago quarter. Earnings per common share were $0.27, down $0.01, or 4%, year-over-year. Return on average assets was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%.

CEO Commentary:

"We are pleased with our performance throughout both the fourth quarter and the full year given the pandemic and economic challenges faced by our customers, colleagues, communities, and the country. We proactively managed through the continued low interest rate environment and unprecedented economic volatility experienced in the wake of the pandemic," said Steve Steinour, chairman, president, and CEO. "The economy in our footprint continues to strengthen as demonstrated by the strong close to the year in commercial lending, our increasing loan pipelines, and more broadly our conversations with our customers, many of whom are expressing optimism on the economic outlook."

"We delivered positive operating leverage for the eighth consecutive year, increased revenues 7% annually, and continued to invest in our revenue-driving businesses. Average loans increased 6%, and average core deposits increased 11%. A record year of mortgage originations and continued strong auto, RV, and marine loan originations, as well as the $6 billion of PPP loans, helped drive our 2020 results."

"Huntington enters 2021 on strong footing with momentum across our businesses. We believe this year provides an important opportunity to advance the strategic positioning and long-term financial performance of the company through investments in technology, digital innovation, marketing, and people, as well as our recently-announced acquisition of TCF Financial. We remain committed to delivering on our purpose to look out for people and executing our strategies to build the leading People-First, Digitally-Powered bank."

Table 1 – Earnings Performance Summary

	Full Year						2020						2019
(in millions, except per share data)	2020			2019			Fourth Quarter			Third Quarter			Fourth Quarter
Net income	$	817		$	1,411		$	316		$	303		$	317
Diluted earnings per common share	0.69			1.27			0.27			0.27			0.28
Return on average assets	0.70		%	1.31		%	1.04		%	1.01		%	1.15		%
Return on average common equity	6.8			12.9			10.4			10.2			11.1
Return on average tangible common equity	8.9			16.9			13.3			13.2			14.3
Net interest margin	2.99			3.26			2.94			2.96			3.12
Efficiency ratio	56.9			56.6			60.2			56.1			58.4
Tangible book value per common share	$	8.51		$	8.25		$	8.51		$	8.43		$	8.25
Cash dividends declared per common share	0.60			0.58			0.15			0.15			0.15
Average diluted shares outstanding	1,033			1,056			1,036			1,031			1,047
Average earning assets	$	108,443		$	99,541		$	112,222		$	110,665		$	100,062
Average loans and leases	79,395			74,978			81,116			80,542			75,103
Average core deposits	87,876			79,197			92,325			90,692			79,690
Tangible common equity / tangible assets ratio	7.16		%	7.88		%	7.16		%	7.27		%	7.88		%
Common equity Tier 1 risk-based capital ratio	10.00			9.88			10.00			9.89			9.88
NCOs as a % of average loans and leases	0.57		%	0.35		%	0.55		%	0.56		%	0.39		%
NAL ratio	0.65			0.62			0.65			0.70			0.62
ALLL as a % of total loans and leases	2.22			1.04			2.22			2.21			1.04

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

Table 2 – Net Interest Income and Net Interest Margin Performance Summary – Year-over-Year Average Earning Asset Growth Outpaced Net Interest Margin Compression

	2020		2019				2020				2019
( in millions)	Full Year		Full Year		Change YOY		Fourth Quarter		Third Quarter		Fourth Quarter		Change (%)
				YOY
Net interest income	$	3,224	$	3,213	—	%	$	825	$	817	$	780	1	%	6	%
FTE adjustment	21		26		(19)		5		5		6		0		17
Net interest income - FTE	3,245		3,239		—		830		822		786		1		6
Noninterest income	1,591		1,454		9		409		430		372		(17)		10
Total revenue - FTE	$	4,836	$	4,693	3	%	$	1,239	$	1,252	$	1,158	(1)	%	7	%

All values are in US Dollars.

	2020			2019				2020				2019
	Full Year			Full Year		Change YOY bp		Fourth Quarter		Third Quarter		Fourth Quarter		Change bp
Yield / Cost			LQ				YOY
Total earning assets	3.38	%		4.25	%	(87)		3.13	%	3.22	%	4.03	%	(9)	(90)
Total loans and leases	3.89			4.73		(84)		3.70		3.75		4.47		(5)	(77)
Total securities	2.25			2.76		(51)		1.87		2.13		2.68		(26)	(81)
Total interest-bearing liabilities	0.55			1.34		(79)		0.27		0.39		1.24		(12)	(97)
Total interest-bearing deposits	0.30			0.94		(64)		0.08		0.18		0.87		(10)	(79)
Net interest rate spread	2.83			2.91		(8)		2.86		2.83		2.79		3	7
Impact of noninterest-bearing funds on margin	0.16			0.35		(19)		0.08		0.13		0.33		(5)	(25)
Net interest margin	2.99	%		3.26	%	(27)		2.94	%	2.96	%	3.12	%	(2)	(18)

See Pages 7-9 and 18-20 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2020 fourth quarter increased $44 million, or 6%, from the 2019 fourth quarter. This reflected a $12.2 billion, or 12%, increase in average earning assets, partially offset by an 18 basis point decrease in the FTE net interest margin (NIM) to 2.94%. The NIM compression reflected a 90 basis point decrease in average earning asset yields and a 25 basis point decrease in the benefit of non-interest bearing funding sources, partially offset by a 97 basis point decrease in the cost of interest bearing liabilities. These decreases 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 third quarter, FTE net interest income increased $8 million, or 1%, reflecting the 1% increase in average earning assets partially offset by 2 basis points of NIM compression. The NIM compression reflected an 9 basis point decrease in average earning asset yields and a 5 basis point decrease in the benefit from noninterest-bearing funds, partially offset by a 12 basis point decrease in average interest-bearing liability costs. These decreases 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 third quarter, interest income for Paycheck Protection Program (PPP) loans decreased from $53 million to $49 million. The decrease was driven by a change in PPP loan terms to delay the initial repayment, reducing deferred loan fee amortization by $9 million, resulting in a 3 basis point decline in NIM. Further, deferred loan fees on PPP loans totaling $5 million were recognized upon receipt of forgiveness payments from the US Small Business Administration (SBA), resulting in a 2 basis point increase in NIM.

Table 3 – Average Earning Assets – C&I, Residential Mortgage, and RV and Marine Loan Growth Drive Year-over-Year Loan Growth

	2020			2019						2020						2019
( in billions)	Full			Full			YOY			Fourth			Third			Fourth		Change (%)
			Year			Change			Quarter			Quarter			Quarter		LQ		YOY
Commercial and industrial	$	33.9		$	30.5		11	%		$	34.9		$	34.7		30.4		1	%	15	%
Commercial real estate	7.1			6.9			3			7.2			7.2			6.8		(1)		5
Total commercial	41.0			37.4			9			42.0			41.9			37.2		0		13
Automobile	12.8			12.3			4			12.9			12.9			12.6		0		2
Home equity	8.9			9.4			(5)			8.9			8.9			9.2		0		(3)
Residential mortgage	11.7			11.1			5			12.1			11.8			11.3		2		7
RV and marine	3.9			3.5			12			4.2			4.0			3.6		4		17
Other consumer	1.1			1.3			(14)			1.0			1.0			1.2		(2)		(16)
Total consumer	38.4			37.6			2			39.1			38.7			37.9		1		3
Total loans and leases	79.4			75.0			6			81.1			80.5			75.1		1		8
Total securities	23.9			23.1			4			24.1			22.8			23.2		5		4
Held-for-sale and other earning assets	5.2			1.5			242			7.0			7.3			1.8		(4)		291
Total earning assets	$	108.4		$	99.5		9	%		$	112.2		$	110.7		$	100.1	1	%	12	%

All values are in US Dollars.

See Pages 7 and 18 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2020 fourth quarter increased $12.2 billion, or 12%, from the year-ago quarter, primarily reflecting a $6.0 billion, or 8%, increase in average total loans and leases. Average commercial and industrial (C&I) loans increased $4.5 billion, or 15%, primarily reflecting $6.2 billion of average PPP loans, partially offset by a $0.9 billion decrease in dealer floorplan loans. Average residential mortgage loans increased $0.8 billion, or 7%, reflecting robust mortgage production in the second half of 2020. Average RV and marine loans increased $0.6 billion, or 17%, reflecting strong consumer demand and continued strong production levels. Average held-for-sale and other earning assets increased $5.2 billion, or 291%, primarily reflecting the $4.8 billion increase in interest bearing deposits at the Federal Reserve Bank. Average total securities increased $0.9 billion, or 4%, primarily reflecting the net purchase of securities during the 2020 fourth quarter and the $0.2 billion mark-to-market of the available-for-sale portfolio.

Compared to the 2020 third quarter, average earning assets increased $1.6 billion, or 1%, primarily reflecting a $1.2 billion, or 5%, increase in average securities. The increase in securities reflected purchases completed during the 2020 fourth quarter.

While not materially impacting quarterly averages, Huntington received forgiveness payments from the SBA for approximately $225 million of PPP loans during the 2020 fourth quarter.

Table 4 – Average Liabilities – Demand Deposits Drive Continued Year-over-Year Growth in Core Deposits

	2020		2019				2020				2019
	Full		Full		YOY		Fourth		Third		Fourth		Change (%)
($ in billions)	Year		Year		Change		Quarter		Quarter		Quarter		LQ		YOY
Demand deposits - noninterest bearing	$	25.3	$	20.1	26	%	$	28.1	$	27.4	$	20.6	3	%	36	%
Demand deposits - interest bearing	23.5		19.9		18		25.1		23.9		20.1		5		25
Total demand deposits	48.9		39.9		22		53.2		51.3		40.8		4		31
Money market deposits	25.7		23.8		8		26.1		26.2		24.6		0		6
Savings and other domestic deposits	10.7		9.9		8		11.5		11.2		9.6		3		20
Core certificates of deposit	2.6		5.6		(53)		1.5		2.0		4.8		(27)		(69)
Total core deposits	87.9		79.2		11		92.3		90.7		79.7		2		16
Other domestic deposits of $250,000 or more	0.2		0.3		(32)		0.1		0.2		0.3		(21)		(56)
Brokered deposits and negotiable CDs	3.8		2.8		36		4.1		4.2		2.6		(2)		58
Total deposits	$	91.9	$	82.3	12	%	$	96.5	$	95.1	$	82.6	2	%	17	%
Short-term borrowings	$	1.1	$	2.4	(53)	%	$	0.2	$	0.2	$	2.0	48	%	(88)	%
Long-term debt	9.5		9.3		2		8.8		9.3		9.9		(6)		(11)
Total debt	$	10.6	$	11.7	(9)	%	$	9.0	$	9.5	$	11.9	(5)	%	(24)	%
Total Interest-bearing liabilities	$	77.2	$	74.0	4	%	$	77.5	$	77.1	$	73.8	—	%	5	%

See Pages 7 and 18 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2020 fourth quarter increased $3.7 billion, or 5%, from the year-ago quarter. Average total deposits increased $14.0 billion, or 17%, while average total core deposits increased $12.6 billion, or 16%. 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 $12.5 billion, or 31%, average savings and other domestic deposits increased $1.9 billion, or 20%, and average money market deposits increased $1.6 billion, or 6%. Average brokered deposits and negotiable CDs increased $1.5 billion, or 58%, reflecting balance growth in new and existing brokered deposit accounts. Partially offsetting these increases, average core CDs decreased $3.3 billion, or 69%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average total debt decreased $2.8 billion, or 24%, reflecting the repayment of short‐term borrowings, the maturity and issuance of $2.1 billion and $1.2 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 third quarter, average total interest-bearing liabilities increased $0.4 billion, or less than 1%. Average total deposits increased $1.5 billion, or 2%, and average total core deposits increased $1.6 billion, or 2%. The increase in average total core deposits was primarily driven by increased liquidity levels among our commercial customers and improved consumer and business banking account retention. Specifically within core deposits, average total demand deposits increased $1.9 billion, or 4%, while average core CDs decreased $0.6 billion, or 27%, reflecting the maturity of the balances tied to the 2018 consumer deposit growth initiatives. Average long-term debt decreased $0.5 billion, or 6%, primarily reflecting the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020.

Noninterest Income

Table 5 – Noninterest Income – Mortgage Banking Income Remained Robust

	2020		2019				2020				2019
	Full		Full		YOY		Fourth		Third		Fourth		Change (%)
($ in millions)	Year		Year		Change		Quarter		Quarter		Quarter		LQ		YOY
Mortgage banking income	$	366	$	167	119	%	$	90	$	122	$	58	(26)	%	55	%
Service charges on deposit accounts	301		372		(19)		78		76		95		3		(18)
Card and payment processing income	248		246		1		65		66		64		(2)		2
Trust and investment management services	189		178		6		49		48		47		2		4
Capital markets fees	125		123		2		34		27		31		26		10
Insurance income	97		88		10		25		24		24		4		4
Bank owned life insurance income	64		66		(3)		14		17		17		(18)		(18)
Gain on sale of loans	42		55		(24)		13		13		16		0		(19)
Net (losses) gains on sales of securities	(1)		(24)		96		—		0		(22)		0		100
Other noninterest income	160		183		(13)		41		37		42		11		(2)
Total noninterest income	$	1,591	$	1,454	9	%	$	409	$	430	$	372	(5)	%	10	%

See Pages 10-11 and 21-22 of Quarterly Financial Supplement for additional detail.

Noninterest income for the 2020 fourth quarter increased $37 million, or 10%, from the year-ago quarter. Mortgage banking income increased $32 million, or 55%, reflecting higher volume and overall salable spreads, partially offset by a $16 million decrease in income from net mortgage servicing rights (MSR) risk management. The 2020 fourth quarter included no net gains or losses on sales of securities, while the year-ago quarter included $22 million of net losses related to the $2 billion portfolio repositioning completed in the quarter. Service charges on deposits accounts decreased $17 million, or 18%, primarily reflecting reduced customer activity and elevated deposits.

Compared to the 2020 third quarter, total noninterest income decreased $21 million, or 5%. Mortgage banking income decreased $32 million, or 26%, primarily reflecting lower overall salable spreads and a $7 million decrease in income from net MSR risk management. Capital markets fees increased $7 million, or 26%, reflecting increased loan syndication fees and increased commodities and foreign exchange derivatives activity.

Noninterest Expense

Table 6 – Noninterest Expense – Year-over-Year Variance Driven by Continued Technology Investments

	2020		2019				2020				2019
	Full		Full		YOY		Fourth		Third		Fourth		Change (%)
($ in millions)	Year		Year		Change		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	1,692	$	1,654	2	%	$	426	$	453	$	426	(6)	%	—	%
Outside data processing and other services	384		346		11		111		98		89		13		25
Equipment	180		163		(1)		49		44		42		11		17
Net occupancy	158		159		(1)		39		40		41		(3)		(5)
Professional services	55		54		2		21		12		14		75		50
Amortization of intangibles	41		49		(8)		10		10		12		0		(17)
Marketing	38		37		3		15		9		9		67		67
Deposit and other insurance expense	32		34		(46)		8		6		10		33		(20)
Other noninterest expense	215		225		(4)		77		40		58		93		33
Total noninterest expense	$	2,795	$	2,721	3	%	$	756	$	712	$	701	6	%	8	%
(in thousands)
Number of employees (Average full-time equivalent)	15.6		15.7		(1)	%	15.5		15.7		15.5		(1)	%	—	%

See Pages 10 and 21 of Quarterly Financial Supplement for additional detail.

Noninterest expense for the 2020 fourth quarter increased $55 million, or 8%, from the year-ago quarter. Outside data processing and other services expense increased $22 million, or 25%, primarily driven by expenses related to technology investments. Other noninterest expense increased $19 million, or 33%, primarily reflecting a $20 million donation to The Columbus Foundation and $7 million of expense from the November 2020 debt tender, partially offset by a $4 million final true-up of the earn out related to the Hutchinson, Shockey, Erley & Co. (HSE) acquisition in the year-ago quarter. Equipment expense increased $7 million, or 17%, primarily reflecting increased depreciation expense related to technology investments as well as $1 million of expense related to the branch and facilities consolidations announced in the 2020 third quarter. Professional services expense increased $7 million, or 50%, due to $8 million of TCF Financial Corporation ("TCF") merger-related expense. Marketing increased $6 million, or 67%, primarily reflecting strategic marketing campaigns. The 2020 fourth quarter and 2019 fourth quarter included $6 million and $25 million of total noninterest expense, respectively, related to the previously-announced position reductions and consolidation of branches and other corporate facilities.

Noninterest expense increased $44 million, or 6%, from the 2020 third quarter. Other noninterest expense increased $37 million, or 93%, primarily driven by a $20 million donation to The Columbus Foundation, $7 million of expense from the November 2020 debt tender, and the $7 million insurance recovery in the prior quarter. Outside data processing and other services expense increased $13 million, or 13%, primarily driven by expenses related to technology investments. Professional services expense increased $9 million, or 75%, due to $8 million of TCF merger-related expense. Marketing expense increased $6 million, or 67%, primarily reflecting strategic marketing campaigns. Partially offsetting these increases, personnel costs decreased $27 million, or 6%, primarily reflecting lower benefits costs and incentive compensation as well as an $11 million net decrease in expense related to previously-announced position reductions.

Credit Quality

Table 7 – Credit Quality Metrics – NCOs Remain Near High End of Average Through-the-Cycle Target Range

	2020												2019
($ in millions)	December 31,			September 30,			June 30,			March 31,			December 31,
Total nonaccrual loans and leases	$	532		$	569		$	648		$	558		$	468
Total other real estate	4			5			7			10			11
Other NPAs (1)	27			28			58			18			19
Total nonperforming assets	563			602			713			586			498
Accruing loans and leases past due 90+ days	171			175			194			167			171
NPAs + accruing loans and lease past due 90+ days	$	734		$	777		$	907		$	753		$	669
NAL ratio (2)	0.65		%	0.70		%	0.81		%	0.72		%	0.62		%
NPA ratio (3)	0.69			0.74			0.89			0.75			0.66
(NPAs+90 days)/(Loans+OREO)	0.90			0.96			1.13			0.96			0.89
Provision for credit losses	$	103		$	177		$	327		$	441		$	79
Net charge-offs	112			113			107			117			73
Net charge-offs / Average total loans	0.55		%	0.56		%	0.54		%	0.62		%	0.39		%
Allowance for loans and lease losses (ALLL)	$	1,814		$	1,796		$	1,702		$	1,504		$	783
Allowance for unfunded loan commitments and letters of credit	52			82			119			99			104
Allowance for credit losses (ACL)	$	1,866		$	1,878		$	1,821		$	1,603		$	887
ALLL as % of:
Total loans and leases	2.22		%	2.21		%	2.12		%	1.93		%	1.04		%
NALs	341			316			263			270			167
NPAs	323			298			239			257			157

(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 and 23-26 of Quarterly Financial Supplement for additional detail.

Overall asset quality performance showed continued improvement for the second consecutive quarter. The majority of the charge-offs in 2020 were related to the Commercial portfolio, specifically the Oil and Gas component. The Consumer portion of the loan portfolio exhibited continued consistent asset quality performance.

Nonperforming assets (NPAs) were $563 million at 2020 year end. NPAs decreased $39 million, or 6%, on a linked quarter basis, and were $150 million, or 21%, lower than the 2020 peak at the end of the second quarter, driven by a reduction in the Oil and Gas portfolio. The resulting NPA ratio of 0.69% of total loans and leases and OREO as of 2020 year end shows a clear decline on a linked quarter basis and is only slightly higher than the 2019 year end ratio of 0.66%. On a linked quarter basis, nonaccrual loans and leases (NALs) decreased $37 million, or 7%, to $532 million, while OREO and Other NPAs decreased slightly. The year-over-year increase in NALs was primarily in the C&I portfolio. OREO balances decreased $7 million, or 64%, from the year-ago quarter.

The provision for credit losses increased $24 million year-over-year to $103 million. NCOs increased $39 million year-over-year to $112 million. The increase in commercial NCOs was related to the loss incurred on loan sales from one retail mall REIT relationship, while the decrease in consumer NCOs reflected continued strong performance in those portfolios. NCOs represented an annualized 0.55% of average loans and leases in the current quarter, relatively unchanged from the prior quarter and up from 0.39% in the year-ago quarter. We remain confident in the long-term performance of our credit portfolios.

The allowance for loan and lease losses (ALLL) increased by $1.0 billion from the year ago quarter, increasing as a percentage of total loans and leases to 2.22% compared to 1.04% a year ago. The ALLL as a percentage of period-end total NALs increased to 341% from 167% over the same period. The allowance for credit losses (ACL) increased by $1.0 billion from the year-ago quarter to $1.9 billion, or 2.29% of total loans and leases. On a linked quarter basis, the ACL decreased $12 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 – Managing Capital Ratios within Targeted Ranges

	2020												2019
($ in billions)	December 31,			September 30,			June 30,			March 31,			December 31,
Tangible common equity / tangible assets ratio	7.16		%	7.27		%	7.28		%	7.52		%	7.88		%
Regulatory Common Equity Tier 1 risk-based capital ratio (1)	10.00		%	9.89		%	9.84		%	9.47		%	9.88		%
Regulatory Tier 1 risk-based capital ratio (1)	12.47		%	12.37		%	11.79		%	10.81		%	11.26		%
Regulatory Total risk-based capital ratio (1)	14.46		%	14.39		%	13.84		%	12.74		%	13.04		%
Total risk-weighted assets (1)	$	88.9		$	88.4		$	87.3		$	90.2		$	87.5

(1)December 31, 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 7.16% at December 31, 2020, down 72 basis points from a year ago. The regulatory Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at December 31, 2020, compared to 9.88% at December 31, 2019. The regulatory Tier 1 risk-based capital ratio was 12.47% compared to 11.26% at December 31, 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 earnings, adjusted for CECL transition, was largely offset by the repurchase of $92 million of common stock over the last four quarters (including $5 million repurchased during the 2020 fourth quarter to offset compensation plan-related share issuances) and cash dividends. 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.

Income Taxes

The provision for income taxes was $59 million in the 2020 fourth quarter compared to $55 million in the 2019 fourth quarter. The effective tax rates for the 2020 fourth quarter and 2019 fourth quarter were 15.8% and 14.8%, respectively.

At December 31, 2020, the Company had a net federal deferred tax liability of $158 million and a net state deferred tax asset of $24 million.

Expectations – Full Year 2021 (Huntington standalone)

Full-year revenue is expected to increase approximately 1% to 3%. Full-year noninterest expense is expected to increase approximately 3% to 5%.

Average loans and leases are expected to increase approximately 2% to 4% on an annual basis. Average total deposits are expected to increase approximately 5% to 7% on an annual basis.

Asset quality metrics are expected to remain strong, with net charge-offs around the middle of the average through-the-cycle target range of approximately 35 to 55 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 January 22, 2021, at 8:30 a.m. (Eastern Standard 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# 13714293. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2021 at (877) 660-6853 or (201) 612-7415; conference ID# 13714293.

Please see the 2020 Fourth Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington’s website, www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 branches, including 11 Private Client Group offices, and 1,322 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 may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Huntington and TCF, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements 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 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 obtain shareholder approvals or to satisfy any of the other 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, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of 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, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the SEC and available in the “Investor Relations” section of TCF’s website, http://www.tcfbank.com, under the heading “Financial Information” and in other documents TCF files with the SEC. 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. 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.

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.

Earnings per Share Equivalent Data

Significant income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total corporate earnings per share performance excluding the impact of such items. Investors may also find this information helpful in their evaluation of our financial performance against published earnings per share mean estimate amounts, which typically exclude the impact of Significant Items. Earnings per share equivalents are usually calculated by applying an effective tax rate to a pre-tax amount to derive an after-tax amount, which is divided by the average shares outstanding during the respective reporting period. Occasionally, when the item involves special tax treatment, the after-tax amount is disclosed separately, with this then being the amount used to calculate the earnings per share equivalent.

Rounding

Please note that columns of data in this document may not add due to rounding.

13

Document

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

December 31, 2020

Table of Contents

Quarterly Key Statistics	1
Annual Key Statistics	2
Consolidated Balance Sheets	4
Loans and Leases Composition	5
Deposits Composition	6
Consolidated Quarterly Average Balance Sheets	7
Consolidated Quarterly Net Interest Margin - Interest Income / Expense	8
Consolidated Quarterly Net Interest Margin - Yield	9
Selected Quarterly Income Statement Data	10
Quarterly Mortgage Banking Income	11
Quarterly Credit Reserves Analysis	12
Quarterly Net Charge-Off Analysis	13
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)	14
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans	15
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data	16
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data	17
Consolidated Annual Average Balance Sheets	18
Consolidated Annual Net Interest Margin - Interest Income / Expense	19
Consolidated Annual Net Interest Margin - Yield	20
Selected Annual Income Statement Data	21
Annual Mortgage Banking Income	22
Annual Credit Reserves Analysis	23
Annual Net Charge-Off Analysis	24
Annual Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)	25
Annual Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans	26

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)		December 31,				September 30,				December 31,				Percent Changes vs.
	2020				2020				2019				3Q20			4Q19
Net interest income (2)		$	830			$	822			$	786			1	%		6	%
FTE adjustment		(5)				(5)				(6)				—			17
Net interest income		825				817				780				1			6
Provision for credit losses		103				177				79				(42)			30
Noninterest income		409				430				372				(5)			10
Noninterest expense		756				712				701				6			8
Income before income taxes		375				358				372				5			1
Provision for income taxes		59				55				55				7			7
Net income		316				303				317				4			—
Dividends on preferred shares		35				28				19				25			84
Net income applicable to common shares		$	281			$	275			$	298			2	%		(6)	%
Net income per common share - diluted		$	0.27			$	0.27			$	0.28			—	%		(4)	%
Cash dividends declared per common share		0.15				0.15				0.15				—			—
Tangible book value per common share at end of period		8.51				8.43				8.25				1			3
Number of common shares repurchased		415				—				13,104				100			(97)
Average common shares - basic		1,017				1,017				1,029				—			(1)
Average common shares - diluted		1,036				1,031				1,047				—			(1)
Ending common shares outstanding		1,017				1,017				1,020				—			—
Return on average assets		1.04		%		1.01		%		1.15		%
Return on average common shareholders’ equity		10.4				10.2				11.1
Return on average tangible common shareholders’ equity (1)		13.3				13.2				14.3
Net interest margin (2)		2.94				2.96				3.12
Efficiency ratio (3)		60.2				56.1				58.4
Effective tax rate		15.8				15.2				14.8
Average total assets		$	120,995			$	119,529			$	108,713			1			11
Average earning assets		112,222				110,665				100,062				1			12
Average loans and leases		81,116				80,542				75,103				1			8
Average loans and leases - linked quarter annualized growth rate		2.9		%		1.7		%		—		%
Average total deposits		$	96,564			$	95,049			$	82,592			2			17
Average core deposits (4)		92,325				90,692				79,690				2			16
Average core deposits - linked quarter annualized growth rate		7.2		%		8.2		%		1.8		%
Average shareholders’ equity		12,941				12,678				11,884				2			9
Average common total shareholders' equity		10,749				10,701				10,681				—			1
Average tangible common shareholders' equity		8,605				8,549				8,503				1			1
Total assets at end of period		123,038				120,116				109,002				2			13
Total shareholders’ equity at end of period		12,993				12,917				11,795				1			10
NCOs as a % of average loans and leases		0.55		%		0.56		%		0.39		%
NAL ratio		0.65				0.70				0.62
NPA ratio (5)		0.69				0.74				0.66
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period		2.22				2.21				1.04
Common equity tier 1 risk-based capital ratio (6)		10.00				9.89				9.88
Tangible common equity / tangible asset ratio (7)		7.16				7.27				7.88

See Notes to the Quarterly Key Statistics.

Huntington Bancshares Incorporated

Annual Key Statistics

(Unaudited)

	Year Ended December 31,						Change
(dollar amounts in millions, except per share data)	2020			2019			Amount		Percent
Net interest income (2)	$	3,245		$	3,239		$	6	—	%
FTE adjustment	(21)			(26)			5		19
Net interest income	3,224			3,213			11		—
Provision for credit losses	1,048			287			761		265
Noninterest income	1,591			1,454			137		9
Noninterest expense	2,795			2,721			74		3
Income before income taxes	972			1,659			(687)		(41)
Provision for income taxes	155			248			(93)		(38)
Net Income	817			1,411			(594)		(42)
Dividends on preferred shares	100			74			26		35
Net income applicable to common shares	$	717		$	1,337		$	(620)	(46)	%
Net income per common share - diluted	$	0.69		$	1.27		$	(0.58)	(46)	%
Cash dividends declared per common share	0.60			0.58			0.02		3
Average common shares - basic	1,017			1,039			(22)		(2)
Average common shares - diluted	1,033			1,056			(23)		(2)
Return on average assets	0.70		%	1.31		%
Return on average common shareholders’ equity	6.8			12.9
Return on average tangible common shareholders’ equity (1)	8.9			16.9
Net interest margin (2)	2.99			3.26
Efficiency ratio (3)	56.9			56.6
Effective tax rate	15.9			15.0
Average total assets	$	117,232		$	107,971		$	9,261	9
Average earning assets	108,443			99,541			8,902		9
Average loans and leases	79,395			74,978			4,417		6
Average total deposits	91,913			82,332			9,581		12
Average core deposits (4)	87,876			79,197			8,679		11
Average shareholders’ equity	12,303			11,560			743		6
Average common total shareholders' equity	10,619			10,357			262		3
Average tangible common shareholders' equity	8,462			8,164			298		4
NCOs as a % of average loans and leases	0.57		%	0.35		%
NAL ratio	0.65			0.62
NPA ratio (5)	0.69			0.66

See Notes to the Annual and 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)December 31, 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.

Huntington Bancshares Incorporated

Consolidated Balance Sheets

	December 31,		December 31,
(dollar amounts in millions)	2020		2019		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,319	$	1,045	26	%
Interest-bearing deposits in Federal Reserve Bank	5,276		125		4,121
Interest-bearing deposits in banks	117		102		15
Trading account securities	62		99		(37)
Available-for-sale securities	16,485		14,149		17
Held-to-maturity securities	8,861		9,070		(2)
Other securities	418		441		(5)
Loans held for sale	1,275		877		45
Loans and leases (1)	81,608		75,404		8
Allowance for loan and lease losses	(1,814)		(783)		(132)
Net loans and leases	79,794		74,621		7
Bank owned life insurance	2,577		2,542		1
Premises and equipment	757		763		(1)
Goodwill	1,990		1,990		—
Service rights and other intangible assets	428		475		(10)
Other assets	3,679		2,703		36
Total assets	$	123,038	$	109,002	13	%
Liabilities and shareholders’ equity
Liabilities
Deposits (2)	$	98,948	$	82,347	20	%
Short-term borrowings	183		2,606		(93)
Long-term debt	8,352		9,849		(15)
Other liabilities	2,562		2,405		7
Total liabilities	110,045		97,207		13
Shareholders' equity
Preferred stock	2,191		1,203		82
Common stock	10		10		—
Capital surplus	8,781		8,806		—
Less treasury shares, at cost	(59)		(56)		(5)
Accumulated other comprehensive gain (loss)	192		(256)		175
Retained earnings (deficit)	1,878		2,088		(10)
Total shareholders’ equity	12,993		11,795		10
Total liabilities and shareholders’ equity	$	123,038	$	109,002	13	%
Common shares authorized (par value of $0.01)	1,500,000,000		1,500,000,000
Common shares outstanding	1,017,196,776		1,020,003,482
Treasury shares outstanding	5,062,054		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.

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)

	December 31,				September 30,				June 30,				March 31,				December 31,
(dollar amounts in millions)	2020				2020				2020				2020				2019
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial	$	35,373	43	%	$	34,895	43	%	$	34,879	44	%	$	32,959	42	%	$	30,664	41	%
Commercial real estate:
Construction	1,035		1		1,154		1		1,200		1		1,180		2		1,123		1
Commercial	6,164		8		6,055		7		5,979		7		5,793		7		5,551		7
Commercial real estate	7,199		9		7,209		8		7,179		8		6,973		9		6,674		8
Total commercial	42,572		52		42,104		51		42,058		52		39,932		51		37,338		49
Consumer:
Automobile	12,778		16		12,925		17		12,678		16		12,907		17		12,797		17
Home equity	8,894		11		8,904		11		8,866		11		9,010		11		9,093		12
Residential mortgage	12,141		15		12,031		15		11,621		15		11,398		15		11,376		15
RV and marine	4,190		5		4,146		5		3,843		5		3,643		5		3,563		5
Other consumer	1,033		1		1,046		1		1,073		1		1,145		1		1,237		2
Total consumer	39,036		48		39,052		49		38,081		48		38,103		49		38,066		51
Total loans and leases	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%	$	75,404	100	%			December 31,				September 30,				June 30,				March 31,				December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(dollar amounts in millions)	2020				2020				2020				2020				2019
Ending Balances by Business Segment:
Consumer and Business Banking	$	27,230	33	%	$	27,517	34	%	$	27,173	34	%	$	21,544	28	%	$	21,716	29	%
Commercial Banking	27,374		34		26,847		33		26,916		34		29,421		38		27,050		36
Vehicle Finance	20,027		25		19,891		25		19,345		24		20,552		26		20,190		27
RBHPCG	6,809		8		6,682		8		6,576		8		6,457		8		6,366		8
Treasury / Other	168		—		219		—		129		—		61		—		82		—
Total loans and leases	$	81,608	100	%	$	81,156	100	%	$	80,139	100	%	$	78,035	100	%	$	75,404	100	%
Average Balances by Business Segment:
Consumer and Business Banking	$	27,483	34	%	$	27,315	34	%	$	25,379	32	%	$	21,593	29	%	$	21,845	30	%
Commercial Banking	26,727		33		26,809		34		28,173		35		27,238		36		26,993		36
Vehicle Finance	19,977		25		19,651		24		19,822		25		20,307		27		19,852		26
RBHPCG	6,751		8		6,630		8		6,498		8		6,415		8		6,314		8
Treasury / Other	178		—		137		—		327		—		143		—		99		—
Total loans and leases	$	81,116	100	%	$	80,542	100	%	$	80,199	100	%	$	75,696	100	%	$	75,103	100	%

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)

	December 31,				September 30,				June 30,				March 31,				December 31,
(dollar amounts in millions)	2020				2020				2020				2020				2019
Ending Balances by Type:
Demand deposits - noninterest-bearing	$	28,553	29	%	$	27,466	29	%	$	27,574	29	%	$	21,039	24	%	$	20,247	25	%
Demand deposits - interest-bearing	26,757		27		24,242		25		22,961		25		23,115		27		20,583		25
Money market deposits	26,248		27		26,230		28		25,312		27		25,068		29		24,726		30
Savings and other domestic deposits	11,722		12		11,268		12		11,034		12		9,845		11		9,549		12
Core certificates of deposit (1)	1,425		1		1,586		2		2,478		3		3,599		4		4,356		5
Total core deposits	94,705		96		90,792		96		89,359		96		82,666		95		79,461		97
Other domestic deposits of $250,000 or more	131		—		156		—		209		—		276		—		313		—
Brokered deposits and negotiable CDs	4,112		4		4,206		4		4,123		4		3,888		5		2,573		3
Total deposits	$	98,948	100	%	$	95,154	100	%	$	93,691	100	%	$	86,830	100	%	$	82,347	100	%
Total core deposits:
Commercial	$	44,698	47	%	$	43,018	47	%	$	41,630	47	%	$	38,064	46	%	$	34,957	44	%
Consumer	50,007		53		47,774		53		47,729		53		44,602		54		44,504		56
Total core deposits	$	94,705	100	%	$	90,792	100	%	$	89,359	100	%	$	82,666	100	%	$	79,461	100	%
Ending Balances by Business Segment:
Consumer and Business Banking	$	60,910	61	%	$	59,302	62	%	$	59,202	63	%	$	51,898	60	%	$	51,675	63	%
Commercial Banking	24,766		25		23,599		25		22,041		24		23,530		27		20,762		25
Vehicle Finance	722		1		777		1		824		1		525		1		376		—
RBHPCG	7,635		8		6,623		7		6,834		7		6,265		7		6,370		8
Treasury / Other (2)	4,915		5		4,853		5		4,790		5		4,612		5		3,164		4
Total deposits	$	98,948	100	%	$	95,154	100	%	$	93,691	100	%	$	86,830	100	%	$	82,347	100	%			December 31,				September 30,				June 30,				March 31,				December 31,
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
(dollar amounts in millions)	2020				2020				2020				2020				2019
Average Balances by Business Segment:
Consumer and Business Banking	$	60,163	62	%	$	59,460	63	%	$	56,858	61	%	$	51,296	62	%	$	52,059	63	%
Commercial Banking	24,051		25		23,285		24		24,414		26		21,525		26		20,974		25
Vehicle Finance	760		1		839		1		646		1		366		—		347		—
RBHPCG	6,850		7		6,605		7		6,565		7		6,100		7		6,113		7
Treasury / Other (2)	4,740		5		4,860		5		4,739		5		3,446		5		3,099		5
Total deposits	$	96,564	100	%	$	95,049	100	%	$	93,222	100	%	$	82,733	100	%	$	82,592	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)
	December 31,		September 30,		June 30,		March 31,		December 31,		Percent Changes vs.
(dollar amounts in millions)	2020		2020		2020		2020		2019		3Q20		4Q19
Assets
Interest-bearing deposits in Federal Reserve Bank	$	5,507	$	5,857	$	3,413	$	680	$	672	(6)	%	719	%
Interest-bearing deposits in banks	205		177		169		150		176		16		16
Securities:
Trading account securities	53		49		39		95		109		8		(51)
Available-for-sale securities:
Taxable	12,048		10,670		11,179		11,671		11,221		13		7
Tax-exempt	2,710		2,749		2,728		2,753		2,791		(1)		(3)
Total available-for-sale securities	14,758		13,419		13,907		14,424		14,012		10		5
Held-to-maturity securities - taxable	8,844		8,932		9,798		9,428		8,592		(1)		3
Other securities	420		430		474		445		448		(2)		(6)
Total securities	24,075		22,830		24,218		24,392		23,161		5		4
Loans held for sale	1,319		1,259		1,039		865		950		5		39
Loans and leases: (2)
Commercial:
Commercial and industrial	34,850		34,669		35,284		30,849		30,373		1		15
Commercial real estate:
Construction	1,085		1,175		1,201		1,165		1,181		(8)		(8)
Commercial	6,092		6,045		5,885		5,566		5,625		1		8
Commercial real estate	7,177		7,220		7,086		6,731		6,806		(1)		5
Total commercial	42,027		41,889		42,370		37,580		37,179		—		13
Consumer:
Automobile	12,857		12,889		12,681		12,924		12,607		—		2
Home equity	8,919		8,878		8,897		9,026		9,192		—		(3)
Residential mortgage	12,100		11,817		11,463		11,391		11,330		2		7
RV and marine	4,181		4,020		3,706		3,590		3,564		4		17
Other consumer	1,032		1,049		1,082		1,185		1,231		(2)		(16)
Total consumer	39,089		38,653		37,829		38,116		37,924		1		3
Total loans and leases	81,116		80,542		80,199		75,696		75,103		1		8
Allowance for loan and lease losses	(1,804)		(1,720)		(1,557)		(1,239)		(787)		(5)		(129)
Net loans and leases	79,312		78,822		78,642		74,457		74,316		1		7
Total earning assets	112,222		110,665		109,038		101,783		100,062		1		12
Cash and due from banks	1,113		1,173		1,299		914		864		(5)		29
Intangible assets	2,185		2,195		2,206		2,217		2,228		—		(2)
All other assets	7,279		7,216		7,205		6,472		6,346		1		15
Total assets	$	120,995	$	119,529	$	118,191	$	110,147	$	108,713	1	%	11	%
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	25,094	$	23,865	$	23,878	$	21,202	$	20,140	5	%	25	%
Money market deposits	26,144		26,200		25,728		24,697		24,560		—		6
Savings and other domestic deposits	11,468		11,157		10,609		9,632		9,552		3		20
Core certificates of deposit (3)	1,479		2,035		3,003		3,943		4,795		(27)		(69)
Other domestic deposits of $250,000 or more	139		175		230		321		313		(21)		(56)
Brokered deposits and negotiable CDs	4,100		4,182		4,114		2,884		2,589		(2)		58
Total interest-bearing deposits	68,424		67,614		67,562		62,679		61,949		1		10
Short-term borrowings	239		162		826		3,383		1,965		48		(88)
Long-term debt	8,799		9,318		9,802		10,076		9,886		(6)		(11)
Total interest-bearing liabilities	77,462		77,094		78,190		76,138		73,800		—		5
Demand deposits - noninterest-bearing	28,140		27,435		25,660		20,054		20,643		3		36
All other liabilities	2,452		2,322		2,396		2,319		2,386		6		3
Shareholders’ equity	12,941		12,678		11,945		11,636		11,884		2		9
Total liabilities and shareholders’ equity	$	120,995	$	119,529	$	118,191	$	110,147	$	108,713	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.

Huntington Bancshares Incorporated

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

(Unaudited)

	Quarterly Interest Income / Expense
	December 31,		September 30,		June 30,		March 31,		December 31,
(dollar amounts in millions)	2020		2020		2020		2020		2019
Assets
Interest-bearing deposits in Federal Reserve Bank	$	2	$	1	$	1	$	2	$	3
Interest-bearing deposits in banks	—		—		—		1		1
Securities:
Trading account securities	1		—		—		1		1
Available-for-sale securities:
Taxable	46		50		65		76		73
Tax-exempt	17		18		19		23		24
Total available-for-sale securities	63		68		84		99		97
Held-to-maturity securities - taxable	47		52		58		59		54
Other securities	2		1		1		2		3
Total securities	113		121		143		161		155
Loans held for sale	9		9		9		7		8
Loans and leases:
Commercial:
Commercial and industrial	324		325		323		318		335
Commercial real estate:
Construction	9		10		11		14		15
Commercial	41		41		43		56		63
Commercial real estate	50		51		54		70		78
Total commercial	374		376		377		388		413
Consumer:
Automobile	125		128		121		130		131
Home equity	85		84		82		107		117
Residential mortgage	99		101		101		105		105
RV and marine	47		47		43		44		45
Other consumer	29		30		30		36		39
Total consumer	385		390		377		422		437
Total loans and leases	759		766		754		810		850
Total earning assets	$	883	$	897	$	907	$	981	$	1,017
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	2	$	3	$	4	$	23	$	32
Money market deposits	7		18		25		50		61
Savings and other domestic deposits	1		2		3		4		5
Core certificates of deposit (3)	2		6		11		19		25
Other domestic deposits of $250,000 or more	1		—		1		1		3
Brokered deposits and negotiable CDs	2		2		3		8		10
Total interest-bearing deposits	15		31		47		105		136
Short-term borrowings	—		—		1		12		8
Long-term debt	38		44		62		68		87
Total interest bearing liabilities	53		75		110		185		231
Net interest income	$	830	$	822	$	797	$	796	$	786

(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.

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)

	Quarterly Average Rates
	December 31,		September 30,		June 30,		March 31,		December 31,
Fully-taxable equivalent basis (1)	2020		2020		2020		2020		2019
Assets
Interest-bearing deposits in Federal Reserve Bank	0.10	%	0.10	%	0.10	%	1.08	%	1.66	%
Interest-bearing deposits in banks	0.12		0.13		0.33		1.52		1.81
Securities:
Trading account securities	3.65		3.18		1.99		3.21		2.45
Available-for-sale securities:
Taxable	1.53		1.89		2.30		2.62		2.63
Tax-exempt	2.59		2.71		2.75		3.30		3.43
Total available-for-sale securities	1.72		2.06		2.39		2.75		2.79
Held-to-maturity securities - taxable	2.11		2.28		2.39		2.50		2.50
Other securities	1.85		1.23		0.57		2.07		2.57
Total securities	1.87		2.13		2.35		2.64		2.68
Loans held for sale	2.96		2.82		3.22		3.39		3.40
Loans and leases: (3)
Commercial:
Commercial and industrial	3.64		3.67		3.62		4.12		4.31
Commercial real estate:
Construction	3.36		3.40		3.66		4.75		5.07
Commercial	2.62		2.63		2.94		4.00		4.36
Commercial real estate	2.73		2.75		3.06		4.13		4.48
Total commercial	3.48		3.52		3.53		4.12		4.34
Consumer:
Automobile	3.88		3.93		3.84		4.05		4.15
Home equity	3.76		3.79		3.73		4.75		5.03
Residential mortgage	3.27		3.41		3.51		3.70		3.73
RV and marine	4.53		4.60		4.71		4.91		4.96
Other consumer	11.12		11.23		11.10		12.39		12.71
Total consumer	3.93		4.00		4.00		4.45		4.59
Total loans and leases	3.70		3.75		3.75		4.29		4.47
Total earning assets	3.13		3.22		3.35		3.88		4.03
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	0.04		0.05		0.07		0.43		0.63
Money market deposits	0.10		0.28		0.40		0.81		0.99
Savings and other domestic deposits	0.05		0.06		0.10		0.17		0.20
Core certificates of deposit (4)	0.56		1.03		1.55		1.91		2.09
Other domestic deposits of $250,000 or more	0.51		0.92		1.25		1.56		1.70
Brokered deposits and negotiable CDs	0.19		0.19		0.18		1.22		1.67
Total interest-bearing deposits	0.08		0.18		0.28		0.68		0.87
Short-term borrowings	0.26		0.30		0.47		1.46		1.66
Long-term debt	1.72		1.87		2.58		2.70		3.50
Total interest-bearing liabilities	0.27		0.39		0.57		0.98		1.24
Net interest rate spread	2.86		2.83		2.78		2.90		2.79
Impact of noninterest-bearing funds on margin	0.08		0.13		0.16		0.24		0.33
Net interest margin	2.94	%	2.96	%	2.94	%	3.14	%	3.12	%		Commercial Loan Derivative Impact
---	---	---	---	---	---	---	---	---	---	---
(Unaudited)
	Average Rates
	2020		2020		2020		2020		2019
Fully-taxable equivalent basis (1)	Fourth		Third		Second		First		Fourth
Commercial loans (2)(3)	2.92	%	3.01	%	3.17	%	4.08	%	4.36	%
Impact of commercial loan derivatives	0.56		0.51		0.36		0.04		(0.02)
Total commercial - as reported	3.48	%	3.52	%	3.53	%	4.12	%	4.34	%
Average 1 Month LIBOR	0.15	%	0.16	%	0.36	%	1.41	%	1.79	%

(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.

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)

		Three Months Ended
(dollar amounts in millions, except per share data)		December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Interest income		$	878		$	892		$	902		$	975		$	1,011
Interest expense		53			75			110			185			231
Net interest income		825			817			792			790			780
Provision for credit losses		103			177			327			441			79
Net interest income after provision for credit losses		722			640			465			349			701
Mortgage banking income		90			122			96			58			58
Service charges on deposit accounts		78			76			60			87			95
Card and payment processing income		65			66			59			58			64
Trust and investment management services		49			48			45			47			47
Capital markets fees		34			27			31			33			31
Insurance income		25			24			25			23			24
Bank owned life insurance income		14			17			17			16			17
Gain on sale of loans		13			13			8			8			16
Net (losses) gains on sales of securities		—			—			(1)			—			(22)
Other noninterest income		41			37			51			31			42
Total noninterest income		409			430			391			361			372
Personnel costs		426			453			418			395			426
Outside data processing and other services		111			98			90			85			89
Equipment		49			44			46			41			42
Net occupancy		39			40			39			40			41
Professional services		21			12			11			11			14
Amortization of intangibles		10			10			10			11			12
Marketing		15			9			5			9			9
Deposit and other insurance expense		8			6			9			9			10
Other noninterest expense		77			40			47			51			58
Total noninterest expense		756			712			675			652			701
Income before income taxes		375			358			181			58			372
Provision for income taxes		59			55			31			10			55
Net income		316			303			150			48			317
Dividends on preferred shares		35			28			19			18			19
Net income applicable to common shares		$	281		$	275		$	131		$	30		$	298
Average common shares - basic		1,017			1,017			1,016			1,018			1,029
Average common shares - diluted		1,036			1,031			1,029			1,035			1,047
Per common share
Net income - basic		$	0.28		$	0.27		$	0.13		$	0.03		$	0.29
Net income - diluted		0.27			0.27			0.13			0.03			0.28
Cash dividends declared		0.15			0.15			0.15			0.15			0.15
Revenue - fully-taxable equivalent (FTE)
Net interest income		$	825		$	817		$	792		$	790		$	780
FTE adjustment		5			5			5			6			6
Net interest income (1)		830			822			797			796			786
Noninterest income		409			430			391			361			372
Total revenue (1)		$	1,239		$	1,252		$	1,188		$	1,157		$	1,158

(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
	December 31,			September 30,			June 30,			March 31,			December 31,			Percent Changes vs.
(dollar amounts in millions)	2020			2020			2020			2020			2019			3Q20		4Q19
Net origination and secondary marketing income	$	92		$	118		$	91		$	45		$	43		(22)	%	114	%
Net mortgage servicing income
Loan servicing income	16			15			14			16			15			7		7
Amortization of capitalized servicing	(17)			(15)			(12)			(9)			(13)			(13)		(31)
Operating income	(1)			—			2			7			2			(100)		(150)
MSR valuation adjustment (1)	4			3			(6)			(53)			25			33		(84)
Gains (losses) due to MSR hedging	(9)			(1)			6			57			(14)			(800)		36
Net MSR risk management	(5)			2			—			4			11			(350)		(145)
Total net mortgage servicing income	$	(6)		$	2		$	2		$	11		$	13		(400)	%	(146)	%
All other	4			2			3			2			2			100		100
Mortgage banking income	$	90		$	122		$	96		$	58		$	58		(26)	%	55	%
Mortgage origination volume	$	3,741		$	3,811		$	3,802		$	2,136		$	2,490		(2)	%	50	%
Mortgage origination volume for sale	2,444			2,568			2,421			1,409			1,518			(5)		61
Third party mortgage loans serviced (2)	23,471			23,334			23,184			22,775			22,425			1		5
Mortgage servicing rights (2)	210			191			172			165			212			10		(1)
MSR % of investor servicing portfolio (2)	0.89		%	0.82		%	0.74		%	0.72		%	0.95		%	9	%	(6)	%

(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
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Allowance for loan and lease losses, beginning of period	$	1,796		$	1,702		$	1,504		$	783		$	783
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)	—			—			—			391			—
Loan and lease losses	(140)			(141)			(123)			(136)			(93)
Recoveries of loans previously charged off	28			28			16			19			20
Net loan and lease losses	(112)			(113)			(107)			(117)			(73)
Provision for loan and lease losses	130			207			305			447			74
Allowance of assets sold or transferred to loans held for sale	—			—			—			—			(1)
Allowance for loan and lease losses, end of period	1,814			1,796			1,702			1,504			783
Allowance for unfunded loan commitments and letters of credit, beginning of period	82			119			99			104			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	(27)			(30)			22			(6)			5
Unfunded commitment losses	(3)			(7)			(2)			(1)			(2)
Allowance for unfunded loan commitments and letters of credit, end of period	52			82			119			99			104
Total allowance for credit losses, end of period	$	1,866		$	1,878		$	1,821		$	1,603		$	887
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	2.22		%	2.21		%	2.12		%	1.93		%	1.04		%
Nonaccrual loans and leases (NALs)	341			316			263			270			167
Nonperforming assets (NPAs)	323			298			239			257			157
Total allowance for credit losses (ACL) as % of:
Total loans and leases	2.29		%	2.31		%	2.27		%	2.05		%	1.18		%
Nonaccrual loans and leases (NALs)	351			330			281			287			190
Nonperforming assets (NPAs)	331			311			255			273			178

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)

	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial	$	58		$	77		$	80		$	84		$	36
Commercial real estate:
Construction	—			(1)			1			—			—
Commercial	32			13			(1)			(1)			—
Commercial real estate	32			12			—			(1)			—
Total commercial	90			89			80			83			36
Consumer:
Automobile	6			10			10			7			9
Home equity	1			—			—			5			1
Residential mortgage	1			1			—			1			1
RV and marine	2			4			4			2			4
Other consumer	12			9			13			19			22
Total consumer	22			24			27			34			37
Total net charge-offs	$	112		$	113		$	107		$	117		$	73
	Three Months Ended
	December 31,			September 30,			June 30,			March 31,			December 31,
	2020			2020			2020			2020			2019
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial	0.67		%	0.90		%	0.90		%	1.09		%	0.47		%
Commercial real estate:
Construction	(0.04)			(0.25)			(0.01)			0.08			(0.03)
Commercial	2.14			0.80			(0.03)			(0.06)			0.01
Commercial real estate	1.81			0.63			(0.03)			(0.03)			—
Total commercial	0.86			0.85			0.75			0.89			0.38
Consumer:
Automobile	0.21			0.31			0.31			0.22			0.30
Home equity	0.01			(0.02)			0.08			0.19			0.02
Residential mortgage	0.05			0.03			0.02			0.02			0.04
RV and marine	0.21			0.38			0.37			0.27			0.39
Other consumer	4.35			3.55			4.80			6.45			7.26
Total consumer	0.22			0.24			0.30			0.35			0.39
Net charge-offs as a % of average loans	0.55		%	0.56		%	0.54		%	0.62		%	0.39		%

Huntington Bancshares Incorporated

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

(Unaudited)

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	353		$	388		$	485		$	396		$	323
Commercial real estate	15			16			28			30			10
Automobile	4			5			8			6			4
Home equity	70			71			59			58			59
Residential mortgage	88			88			66			66			71
RV and marine	2			1			2			2			1
Other consumer	—			—			—			—			—
Total nonaccrual loans and leases	532			569			648			558			468
Other real estate, net:
Residential	4			4			5			8			9
Commercial	—			1			2			2			2
Total other real estate, net	4			5			7			10			11
Other NPAs (2)	27			28			58			18			19
Total nonperforming assets	$	563		$	602		$	713		$	586		$	498
Nonaccrual loans and leases as a % of total loans and leases	0.65		%	0.70		%	0.81		%	0.72		%	0.62		%
NPA ratio (3)	0.69			0.74			0.89			0.75			0.66
(NPA+90days)/(Loan+OREO) (4)	0.90			0.96			1.13			0.96			0.89					Three Months Ended
---	---	---	---	---	---	---	---	---	---	---
	December 31,		September 30,		June 30,		March 31,		December 31,
(dollar amounts in millions)	2020		2020		2020		2020		2019
Nonperforming assets, beginning of period	$	602	$	713	$	586	$	498	$	482
New nonperforming assets	248		190		279		274		175
Returns to accruing status	(108)		(47)		(25)		(18)		(20)
Loan and lease losses	(73)		(102)		(61)		(91)		(48)
Payments	(82)		(77)		(63)		(70)		(63)
Sales	(24)		(75)		(3)		(7)		(28)
Nonperforming assets, end of period	$	563	$	602	$	713	$	586	$	498

(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)

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	10		$	10		$	13		$	10		$	11
Commercial real estate	—			—			—			—			—
Automobile	9			8			8			8			8
Home equity	14			11			10			12			14
Residential mortgage (excluding loans guaranteed by the U.S. Government)	30			18			17			21			20
RV and marine	3			2			2			2			2
Other consumer	3			2			3			4			7
Total, excl. loans guaranteed by the U.S. Government	69			51			53			57			62
Add: loans guaranteed by U.S. Government	102			124			141			110			109
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	171		$	175		$	194		$	167		$	171
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.08		%	0.06		%	0.07		%	0.07		%	0.08		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.13			0.15			0.18			0.14			0.14
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.21			0.22			0.24			0.21			0.23
Accruing troubled debt restructured loans:
Commercial and industrial	$	193		$	189		$	192		$	219		$	213
Commercial real estate	33			34			35			37			37
Automobile	50			53			52			42			40
Home equity	187			199			209			219			226
Residential mortgage	248			256			229			227			223
RV and marine	6			6			6			3			3
Other consumer	9			10			10			11			11
Total accruing troubled debt restructured loans	$	726		$	747		$	733		$	758		$	753
Nonaccruing troubled debt restructured loans:
Commercial and industrial	$	95		$	146		$	169		$	119		$	109
Commercial real estate	3			3			3			4			6
Automobile	2			2			2			2			2
Home equity	30			29			26			25			26
Residential mortgage	51			48			43			42			42
RV and marine	1			1			1			2			1
Other consumer	—			—			—			—			—
Total nonaccruing troubled debt restructured loans	$	182		$	229		$	244		$	194		$	186

Huntington Bancshares Incorporated

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

(Unaudited)

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity	$	12,992		$	12,917		$	12,314		$	11,769		$	11,795
Regulatory capital adjustments:
CECL transitional amount (2)	453			456			442			386			—
Shareholders’ preferred equity	(2,196)			(2,195)			(1,701)			(1,207)			(1,207)
Accumulated other comprehensive income offset	(192)			(257)			(290)			(227)			256
Goodwill and other intangibles, net of related taxes	(2,107)			(2,118)			(2,129)			(2,141)			(2,153)
Deferred tax assets that arise from tax loss and credit carryforwards	(63)			(59)			(40)			(42)			(44)
Common equity tier 1 capital	8,887			8,744			8,596			8,538			8,647
Additional tier 1 capital
Shareholders’ preferred equity	2,196			2,195			1,701			1,207			1,207
Other	—			—			—			1			—
Tier 1 capital	11,083			10,939			10,297			9,746			9,854
Long-term debt and other tier 2 qualifying instruments	660			677			697			619			672
Qualifying allowance for loan and lease losses	1,113			1,107			1,093			1,127			887
Tier 2 capital	1,773			1,784			1,790			1,746			1,559
Total risk-based capital	$	12,856		$	12,723		$	12,087		$	11,492		$	11,413
Risk-weighted assets (RWA)(1)	$	88,878		$	88,417		$	87,323		$	90,193		$	87,512
Common equity tier 1 risk-based capital ratio (1)	10.00		%	9.89		%	9.84		%	9.47		%	9.88		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	9.32			9.31			8.86			9.01			9.26
Tier 1 risk-based capital ratio (1)	12.47			12.37			11.79			10.81			11.26
Total risk-based capital ratio (1)	14.46			14.39			13.84			12.74			13.04
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	9.74			9.70			9.69			9.32			9.62

(1)December 31, 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 December 31, 2020.

Huntington Bancshares Incorporated

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

(Unaudited)

Quarterly common stock summary

	December 31,		September 30,		June 30,		March 31,		December 31,
	2020		2020		2020		2020		2019
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	1,017		1,017		1,016		1,018		1,029
Average - diluted	1,036		1,031		1,029		1,035		1,047
Ending	1,017		1,017		1,017		1,014		1,020
Tangible book value per common share (1)	$	8.51	$	8.43	$	8.32	$	8.28	$	8.25
Common share repurchases (in millions)
Number of shares repurchased	—		—		—		7		13

Non-regulatory capital

	December 31,			September 30,			June 30,			March 31,			December 31,
(dollar amounts in millions)	2020			2020			2020			2020			2019
Calculation of tangible equity / asset ratio:
Total shareholders’ equity	$	12,992		$	12,917		$	12,314		$	11,769		$	11,795
Less: goodwill	(1,990)			(1,990)			(1,990)			(1,990)			(1,990)
Less: other intangible assets	(191)			(201)			(211)			(222)			(232)
Add: related deferred tax liability (1)	40			42			44			47			49
Total tangible equity	10,851			10,768			10,157			9,604			9,622
Less: preferred equity	(2,192)			(2,192)			(1,697)			(1,203)			(1,203)
Total tangible common equity	$	8,659		$	8,576		$	8,460		$	8,401		$	8,419
Total assets	$	123,038		$	120,116		$	118,425		$	113,897		$	109,002
Less: goodwill	(1,990)			(1,990)			(1,990)			(1,990)			(1,990)
Less: other intangible assets	(191)			(201)			(211)			(222)			(232)
Add: related deferred tax liability (1)	40			42			44			47			49
Total tangible assets	$	120,897		$	117,967		$	116,268		$	111,732		$	106,829
Tangible equity / tangible asset ratio	8.98		%	9.13		%	8.74		%	8.60		%	9.01		%
Tangible common equity / tangible asset ratio	7.16			7.27			7.28			7.52			7.88
Other data:
Number of employees (Average full-time equivalent)	15,477			15,680			15,703			15,386			15,495
Number of domestic full-service branches (2)	839			839			839			839			868
ATM Count	1,322			1,330			1,344			1,434			1,448

(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.

Huntington Bancshares Incorporated

Consolidated Annual Average Balance Sheets

(Unaudited)

	Annual Average Balances (1)
			Change from 2019						Change from 2018
(dollar amounts in millions)	2020		Amount		Percent		2019		Amount		Percent		2018
Assets
Interest-bearing deposits in Federal Reserve Bank (2)	$	3,874	$	3,322	602	%	$	552	$	430	352	%	$	122
Interest-bearing deposits in banks	176		34		24		142		54		61		88
Securities:
Trading account securities	59		(77)		(57)		136		40		42		96
Available-for-sale securities:
Taxable	11,392		498		5		10,894		194		2		10,700
Tax-exempt	2,735		(172)		(6)		2,907		(556)		(16)		3,463
Total available-for-sale securities	14,127		326		2		13,801		(362)		(3)		14,163
Held-to-maturity securities - taxable	9,248		603		7		8,645		2		—		8,643
Other securities	443		(28)		(6)		471		(113)		(19)		584
Total securities	23,877		824		4		23,053		(433)		(2)		23,486
Loans held for sale	1,121		305		37		816		181		29		635
Loans and leases:(3)
Commercial:
Commercial and industrial	33,917		3,368		11		30,549		1,662		6		28,887
Commercial real estate:
Construction	1,156		(15)		(1)		1,171		25		2		1,146
Commercial	5,898		196		3		5,702		(347)		(6)		6,049
Commercial real estate	7,054		181		3		6,873		(322)		(4)		7,195
Total commercial	40,971		3,549		9		37,422		1,340		4		36,082
Consumer:
Automobile	12,838		495		4		12,343		51		—		12,292
Home equity	8,930		(486)		(5)		9,416		(499)		(5)		9,915
Residential mortgage	11,694		607		5		11,087		1,180		12		9,907
RV and marine	3,876		425		12		3,451		604		21		2,847
Other consumer	1,086		(173)		(14)		1,259		56		5		1,203
Total consumer	38,424		868		2		37,556		1,392		4		36,164
Total loans and leases	79,395		4,417		6		74,978		2,732		4		72,246
Allowance for loan and lease losses	(1,581)		(795)		(101)		(786)		(39)		(5)		(747)
Net loans and leases	77,814		3,622		5		74,192		2,693		4		71,499
Total earning assets	108,443		8,902		9		99,541		2,964		3		96,577
Cash and due from banks	1,124		282		33		842		(342)		(29)		1,184
Intangible assets	2,201		(45)		(2)		2,246		(65)		(3)		2,311
All other assets	7,045		917		15		6,128		471		8		5,657
Total assets	$	117,232	$	9,261	9	%	$	107,971	$	2,989	3	%	$	104,982
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	23,514	$	3,656	18	%	$	19,858	$	563	3	%	$	19,295
Money market deposits	25,695		1,923		8		23,772		2,326		11		21,446
Savings and other domestic deposits	10,720		804		8		9,916		(1,167)		(11)		11,083
Core certificates of deposit (4)	2,610		(2,980)		(53)		5,590		1,402		33		4,188
Other domestic deposits of $250,000 or more	216		(103)		(32)		319		39		14		280
Brokered deposits and negotiable CDs	3,822		1,006		36		2,816		(687)		(20)		3,503
Total interest-bearing deposits	66,577		4,306		7		62,271		2,476		4		59,795
Short-term borrowings	1,147		(1,297)		(53)		2,444		(304)		(11)		2,748
Long-term debt	9,496		164		2		9,332		340		4		8,992
Total interest-bearing liabilities	77,220		3,173		4		74,047		2,512		4		71,535
Demand deposits - noninterest-bearing	25,336		5,275		26		20,061		(330)		(2)		20,391
All other liabilities	2,373		70		3		2,303		306		15		1,997
Shareholders’ equity	12,303		743		6		11,560		501		5		11,059
Total liabilities and shareholders’ equity	$	117,232	$	9,261	9	%	$	107,971	$	2,989	3	%	$	104,982

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

(2)Deposits in Federal Reserve Bank were treated as non-earning assets prior to 4Q 2018.

(3)Includes nonaccrual loans.

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

Huntington Bancshares Incorporated

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

(Unaudited)

	Annual Interest Income / Expense
(dollar amounts in millions)	2020		2019		2018
Assets
Interest-bearing deposits in Federal Reserve Bank (3)	$	6	$	12	$	3
Interest-bearing deposits in banks	1		3		2
Securities:
Trading account securities	2		3		1
Available-for-sale securities:
Taxable	237		295		280
Tax-exempt	77		105		122
Total available-for-sale securities	314		400		402
Held-to-maturity securities - taxable	216		218		211
Other securities	6		16		25
Total securities	538		637		639
Loans held for sale	34		31		26
Loans and leases:
Commercial:
Commercial and industrial	1,290		1,441		1,337
Commercial real estate:
Construction	44		64		60
Commercial	181		273		283
Commercial real estate	225		337		343
Total commercial	1,515		1,778		1,680
Consumer:
Automobile	504		500		456
Home equity	358		508		512
Residential mortgage	406		422		371
RV and marine	181		171		145
Other consumer	125		165		145
Total consumer	1,574		1,766		1,629
Total loans and leases	3,089		3,544		3,309
Total earning assets	$	3,668	$	4,227	$	3,979
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	32	$	116	$	78
Money market deposits	100		260		148
Savings and other domestic deposits	10		22		24
Core certificates of deposit	38		119		72
Other domestic deposits of $250,000 or more	3		7		3
Brokered deposits and negotiable CDs	15		61		66
Total interest-bearing deposits	198		585		391
Short-term borrowings	13		54		48
Long-term debt	212		349		321
Total interest-bearing liabilities	423		988		760
Net interest income	$	3,245	$	3,239	$	3,219

(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)Deposits in Federal Reserve Bank were treated as non-earning assets prior to 4Q 2018 and associated interest income was not material.

Huntington Bancshares Incorporated

Consolidated Annual Net Interest Margin - Yield

(Unaudited)

	Annual Average Rates(2)
Fully-taxable equivalent basis(1)	2020		2019		2018
Assets
Interest-bearing deposits in Federal Reserve Bank (2)	0.15	%	2.12	%	2.33	%
Interest-bearing deposits in banks	0.47		2.01		1.97
Securities:
Trading account securities	3.10		2.17		0.80
Available-for-sale securities:
Taxable	2.08		2.71		2.61
Tax-exempt	2.84		3.61		3.53
Total available-for-sale securities	2.23		2.90		2.84
Held-to-maturity securities - taxable	2.33		2.52		2.44
Other securities	1.41		3.47		4.34
Total securities	2.25		2.76		2.72
Loans held for sale	3.06		3.76		4.15
Loans and leases: (4)
Commercial:
Commercial and industrial	3.80		4.72		4.63
Commercial real estate:
Construction	3.84		5.51		5.26
Commercial	3.07		4.79		4.67
Commercial real estate	3.19		4.91		4.77
Total commercial	3.70		4.75		4.66
Consumer:
Automobile	3.93		4.05		3.71
Home equity	4.01		5.40		5.16
Residential mortgage	3.47		3.81		3.74
RV and marine	4.68		4.95		5.09
Other consumer	11.48		13.11		12.04
Total consumer	4.10		4.70		4.50
Total loans and leases	3.89		4.73		4.58
Total earning assets	3.38		4.25		4.12
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	0.14	%	0.58	%	0.40	%
Money market deposits	0.39		1.09		0.69
Savings and other domestic deposits	0.09		0.22		0.22
Core certificates of deposit (5)	1.44		2.13		1.72
Other domestic deposits of $250,000 or more	1.18		1.82		1.25
Brokered deposits and negotiable CDs	0.38		2.18		1.88
Total interest-bearing deposits	0.30		0.94		0.65
Short-term borrowings	1.18		2.23		1.74
Long-term debt	2.24		3.74		3.57
Total interest bearing liabilities	0.55		1.34		1.06
Demand deposits - noninterest-bearing	—		—		—
Net interest rate spread	2.83		2.91		3.06
Impact of noninterest-bearing funds on margin	0.16		0.35		0.27
Net interest margin	2.99	%	3.26	%	3.33	%		Commercial Loan Derivative Impact
---	---	---	---	---	---	---
(Unaudited)
	Annual Average Rates
Fully-taxable equivalent basis(1)	2020		2019		2018
Commercial loans (3)(4)	3.32	%	4.72	%	4.59	%
Impact of commercial loan derivatives	0.38		0.03		0.07
Total commercial - as reported	3.70	%	4.75	%	4.66	%
Average 1 Month LIBOR	0.52	%	2.22	%	2.02	%

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

(2)Deposits in Federal Reserve Bank were treated as non-earning assets prior to 4Q 2018.

(3)Yield/rates exclude the effects of hedge and risk management activities associated with the respective asset and liability categories.

(4)Includes the impact of nonacrrual loans.

(5)Includes consumer certificates of deposits of $250,000 or more.

Huntington Bancshares Incorporated

Selected Annual Income Statement Data

(Unaudited)

		Year Ended December 31,
(dollar amounts in millions, except per share data)					Change									Change
	2020			Amount			Percent			2019			Amount			Percent			2018
Interest income		$	3,647		$	(554)		(13)	%		$	4,201		$	252		6	%		$	3,949
Interest expense		423			(565)			(57)			988			228			30			760
Net interest income		3,224			11			—			3,213			24			1			3,189
Provision for credit losses		1,048			761			265			287			52			22			235
Net interest income after provision for credit losses		2,176			(750)			(26)			2,926			(28)			(1)			2,954
Mortgage banking income		366			199			119			167			59			55			108
Service charges on deposit accounts		301			(71)			(19)			372			8			2			364
Card and payment processing income		248			2			1			246			22			10			224
Trust and investment management services		189			11			6			178			7			4			171
Capital markets fees		125			2			2			123			15			14			108
Insurance income		97			9			10			88			6			7			82
Bank owned life insurance income		64			(2)			(3)			66			(1)			(1)			67
Gain on sale of loans		42			(13)			(24)			55			—			—			55
Net (losses) gains on sales of securities		(1)			23			96			(24)			(3)			(14)			(21)
Other noninterest income		160			(23)			(13)			183			20			12			163
Total noninterest income		1,591			137			9			1,454			133			10			1,321
Personnel costs		1,692			38			2			1,654			95			6			1,559
Outside data processing and other services		384			38			11			346			52			18			294
Equipment		180			17			(1)			163			(1)			(1)			164
Net occupancy		158			(1)			(1)			159			(25)			(14)			184
Professional services		55			1			2			54			(6)			(10)			60
Amortization of intangibles		41			(8)			(8)			49			(4)			(8)			53
Marketing		38			1			3			37			(16)			(30)			53
Deposit and other insurance expense		32			(2)			(46)			34			(29)			(46)			63
Other noninterest expense		215			(10)			(4)			225			8			4			217
Total noninterest expense		2,795			74			3			2,721			74			3			2,647
Income before income taxes		972			(687)			(41)			1,659			31			2			1,628
Provision for income taxes		155			(93)			(38)			248			13			6			235
Net income		817			(594)			(42)			1,411			18			1			1,393
Dividends on preferred shares		100			26			35			74			4			6			70
Net income applicable to common shares		$	717		$	(620)		(46)	%		$	1,337		$	14		1	%		$	1,323
Average common shares - basic		1,017			(22)			(2)	%		1,039			(43)			(4)	%		1,082
Average common shares - diluted		1,033			(23)			(2)			1,056			(50)			(5)			1,106
Per common share
Net income - basic		$	0.71		$	(0.58)		(45)			$	1.29		$	0.07		6			$	1.22
Net income - diluted		0.69			(0.58)			(46)			1.27			0.07			6			1.20
Cash dividends declared		0.60			0.02			3			0.58			0.08			16			0.50
Revenue - fully taxable equivalent (FTE)
Net interest income		$	3,224		$	11		—			$	3,213		$	24		1			$	3,189
FTE adjustment (1)		21			(5)			(19)			26			(4)			(13)			30
Net interest income		3,245			6			—			3,239			20			1			3,219
Noninterest income		1,591			137			9			1,454			133			10			1,321
Total revenue (1)		$	4,836		$	143		3	%		$	4,693		$	153		3	%		$	4,540

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

Huntington Bancshares Incorporated

Annual Mortgage Banking Income

(Unaudited)

	Year Ended December 31,
(dollar amounts in millions)	2020			2019			2018			2017			2016
Net origination and secondary marketing income	$	346		$	132		$	79		$	95		$	100
Net mortgage servicing income
Loan servicing income	61			59			56			52			46
Amortization of capitalized servicing	(53)			(45)			(33)			(29)			(28)
Operating income	8			14			23			23			18
MSR valuation adjustment (1)	(52)			(15)			7			1			1
Gains (losses) due to MSR hedging	53			29			(8)			—			(1)
Net MSR risk management	1			14			(1)			1			—
Total net mortgage servicing income	$	9		$	28		$	22		$	24		$	18
All other	11			7			7			12			10
Mortgage banking income	$	366		$	167		$	108		$	131		$	128
Mortgage origination volume	$	13,489		$	7,744		$	6,996		$	6,634		$	5,822
Mortgage origination volume for sale	8,842			4,938			4,061			3,912			3,822
Third party mortgage loans serviced (2)	23,471			22,425			21,068			19,989			18,852
Mortgage servicing rights (2)	210			212			221			202			186
MSR % of investor servicing portfolio	0.89		%	0.95		%	1.05		%	1.01		%	0.99		%

(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

Annual Credit Reserves Analysis

(Unaudited)

	Year Ended December 31,
(dollar amounts in millions)	2020			2019			2018			2017			2016
Allowance for loan and lease losses, beginning of period	$	783		$	772		$	691		$	638		$	598
Cumulative-effect of change in accounting principle for financial instruments - credit losses (ASU 2016-13)	391
Loan and lease losses	(540)			(362)			(268)			(252)			(227)
Recoveries of loans previously charged off	91			97			123			93			118
Net loan and lease losses	(449)			(265)			(145)			(159)			(109)
Provision for loan and lease losses	1,089			277			226			212			169
Allowance of assets sold or transferred to loans held for sale	—			(1)			—			—			(20)
Allowance for loan and lease losses, end of period	1,814			783			772			691			638
Allowance for unfunded loan commitments and letters of credit, beginning of period	104			96			87			98			72
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	(41)			10			9			(11)			22
Fair value of acquired AULC							—			—			4
Unfunded commitment losses	(13)			(2)
Allowance for unfunded loan commitments and letters of credit, end of period	52			106			96			87			98
Total allowance for credit losses	$	1,866		$	889		$	868		$	778		$	736
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	2.22		%	1.04		%	1.03		%	0.99		%	0.95		%
Nonaccrual loans and leases (NALs)	341			167			228			198			151
Nonperforming assets (NPAs)	323			157			200			178			133
Total allowance for credit losses (ACL) as % of:
Total loans and leases	2.29		%	1.18		%	1.16		%	1.11		%	1.10		%
Nonaccrual loans and leases (NALs)	351			190			256			223			174
Nonperforming assets (NPAs)	331			178			225			200			153

Huntington Bancshares Incorporated

Annual Net Charge-Off Analysis

(Unaudited)

	Year Ended December 31,
(dollar amounts in millions)	2020			2019			2018			2017			2016
Net charge-offs by loan and lease type:
Commercial:
Commercial and industrial	$	299		$	128		$	32		$	42		$	45
Commercial real estate:
Construction	—			(2)			(1)			(5)			(2)
Commercial	43			(1)			(17)			(6)			(24)
Commercial real estate	43			(3)			(18)			(11)			(26)
Total commercial	342			125			14			31			19
Consumer:
Automobile	33			32			34			42			32
Home equity	6			8			6			5			9
Residential mortgage	3			6			6			6			6
RV and marine	12			11			9			10			2
Other consumer	53			83			76			65			41
Total consumer	107			140			131			128			90
Total net charge-offs	$	449		$	265		$	145		$	159		$	109
Net charge-offs - annualized percentages:
Commercial:
Commercial and industrial	0.88		%	0.42		%	0.11		%	0.15		%	0.19		%
Commercial real estate:
Construction	(0.05)			(0.15)			(0.13)			(0.36)			(0.19)
Commercial	0.74			(0.02)			(0.26)			(0.10)			(0.49)
Commercial real estate	0.61			(0.04)			(0.24)			(0.15)			(0.44)
Total commercial	0.84			0.33			0.04			0.09			0.06
Consumer:
Automobile	0.26			0.26			0.27			0.36			0.30
Home equity	0.07			0.08			0.06			0.05			0.10
Residential mortgage	0.03			0.06			0.06			0.08			0.09
RV and marine	0.31			0.31			0.32			0.48			0.33
Other consumer	4.84			6.62			6.27			6.36			5.53
Total consumer	0.28			0.37			0.36			0.39			0.32
Net charge-offs as a % of average loans	0.57		%	0.35		%	0.20		%	0.23		%	0.19		%

Huntington Bancshares Incorporated

Annual Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)

(Unaudited)

	December 31,
(dollar amounts in millions)	2020			2019			2018			2017			2016
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	353		$	323		$	188		$	161		$	234
Commercial real estate	15			10			15			29			20
Automobile	4			4			5			6			6
Home equity	70			59			62			68			72
Residential mortgage	88			71			69			84			91
RV and marine	2			1			1			1			—
Other consumer	—			—			—			—			—
Total nonaccrual loans and leases	532			468			340			349			423
Other real estate, net:
Residential	4			9			19			24			31
Commercial	—			2			4			9			20
Total other real estate, net	4			11			23			33			51
Other NPAs (1)	27			19			24			7			7
Total nonperforming assets (3)	$	563		$	498		$	387		$	389		$	481
Nonaccrual loans and leases as a % of total loans and leases	0.65		%	0.62		%	0.45		%	0.50		%	0.63		%
NPA ratio (2)	0.69			0.66			0.52			0.55			0.72					December 31,
---	---	---	---	---	---	---	---	---	---	---
(dollar amounts in millions)	2020		2019		2018		2017		2016
Nonperforming assets, beginning of period	$	498	$	387	$	389	$	481	$	399
New nonperforming assets	991		675		477		415		633
Returns to accruing status	(198)		(93)		(93)		(118)		(127)
Loan and lease losses	(327)		(194)		(114)		(95)		(135)
Payments	(292)		(188)		(245)		(252)		(210)
Sales and held-for-sale transfers	(109)		(89)		(27)		(42)		(79)
Nonperforming assets, end of period (2)	$	563	$	498	$	387	$	389	$	481

(1)Other nonperforming assets at December 31, 2019 and 2018 include certain nonaccrual loans held-for-sale. Amounts prior to December 31, 2018 includes certain impaired securities.

(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 nonperforming assets balance.

Huntington Bancshares Incorporated

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

(Unaudited)

	December 31,
(dollar amounts in millions)	2020			2019			2018			2017			2016
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	10		$	11		$	7		$	9		$	18
Commercial real estate	—			—			—			3			17
Automobile	9			8			8			7			10
Home equity	14			14			17			18			12
Residential mortgage (excluding loans guaranteed by the U.S. Government)	30			20			32			21			15
RV and marine	3			2			1			1			1
Other consumer	3			7			6			5			4
Total, excl. loans guaranteed by the U.S. Government	69			62			71			64			77
Add: loans guaranteed by U.S. Government	102			109			99			51			52
Total accruing loans and leases past due 90 days or more, including loans guaranteed by the U.S. Government	$	171		$	171		$	170		$	115		$	129
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.08		%	0.08		%	0.09		%	0.09		%	0.12		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.13			0.14			0.13			0.07			0.08
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.21			0.23			0.23			0.16			0.19
Accruing troubled debt restructured loans:
Commercial and industrial	$	193		$	213		$	269		$	300		$	210
Commercial real estate	33			37			54			78			77
Automobile	50			40			35			30			26
Home equity	187			226			252			265			270
Residential mortgage	248			223			218			224			243
RV and marine	6			3			2			1			—
Other consumer	9			11			9			8			4
Total accruing troubled debt restructured loans	$	726		$	753		$	839		$	906		$	830
Nonaccruing troubled debt restructured loans:
Commercial and industrial	$	95		$	109		$	97		$	82		$	107
Commercial real estate	3			6			6			15			5
Automobile	2			2			3			4			5
Home equity	30			26			28			28			28
Residential mortgage	51			42			44			55			59
RV and marine	1			1			—			—			—
Other consumer	—			—			—			—			—
Total nonaccruing troubled debt restructured loans	$	182		$	186		$	178		$	184		$	204

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