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) October 21, 2022

 ______________________________________________________________________________________________________________________________

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

 _______________________________________________________________________________________________________________________________

Maryland	1-34073	31-0724920
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

Registrant's address: 41 South High Street, Columbus, Ohio 43287

Registrant’s telephone number, including area code: (614) 480-2265

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 _______________________________________________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:

Title of class	Trading Symbol(s)	Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)	HBANP	NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)	HBANM	NASDAQ
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2).
	Emerging growth company	☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item  2.02.     Results of Operations and Financial Condition.

On October 21, 2022, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended September 30, 2022. Also on October 21, 2022, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.

Huntington’s senior management will host an earnings conference call on October 21, 2022, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13732539. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through October 28, 2022 at (877) 660-6853 or (201) 612-7415; conference ID #13732539.

The information contained or incorporated by reference in this Current Report on Form 8-K contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and related variants and mutations and their 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 possibility that the anticipated benefits of the transaction with TCF 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 does business; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2021, and in its subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, 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.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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

Item  9.01.     Financial Statements and Exhibits.

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

(d)Exhibits.

Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated October 21, 2022.

Exhibit 99.2 – Quarterly Financial Supplement, September 30, 2022.

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, dated October 21, 2022
Exhibit 99.2	Quarterly Financial Supplement, September 30, 2022
Exhibit 104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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

		HUNTINGTON BANCSHARES INCORPORATED
Date:	October 21, 2022	By:	/s/ Zachary Wasserman
			Zachary Wasserman
			Chief Financial Officer

EX-99.1

Exhibit 99.1

October 21, 2022

Analysts: Tim Sedabres (timothy.sedabres@huntington.com), 952.745.2766

Media: Seth Seymour (corpmedia@huntington.com), 614.480.3538

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2022 THIRD-QUARTER EARNINGS

Second Consecutive Quarter of Record Net Income with Total Revenue Up 9% Sequentially

2022 Third-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.39, an increase of $0.04 from the prior quarter.

•Net interest income increased $143 million, or 11%, from the prior quarter, reflecting net interest margin expansion of 27 basis points to 3.42% and higher average total loans and leases.

•Noninterest income increased $13 million, or 3%, from the prior quarter, reflecting strength in capital markets supported by full quarter impact of Capstone.

•Pre-Provision Net Revenue (PPNR), excluding Notable Items, increased $109 million, or 14%, from the prior quarter to $867 million.

•Average total loans and leases increased $3.0 billion, or 3%, from the prior quarter to $117.0 billion. Excluding the decrease in PPP loans, average total loans and leases increased $3.3 billion, or 3%, from the prior quarter.

◦Average total commercial loans increased $1.8 billion, or 3%, and average total consumer loans increased $1.2 billion, or 2%, from the prior quarter.

•Average total deposits increased $1.0 billion from the prior quarter.

•Net charge-offs of 0.15% of average total loans and leases for the quarter, and 0.08% year to date.

•Nonperforming assets have declined five consecutive quarters.

•Allowance for credit losses (ACL) $2.2 billion, or 1.89% of total loans and leases at quarter end.

•Common Equity Tier 1 (CET1) risk-based capital ratio increased to 9.27%, within our 9% to 10% operating guideline.

•Ranked first nationally for SBA 7(a) loan origination by volume for the fifth year in a row for SBA fiscal year 2022 and the 14th year in a row that Huntington has been the largest originator, by volume, of SBA 7(a) loans within footprint.

•Huntington was named a Fortune Best Workplaces in Financial Services & Insurance 2022, reflecting our commitment to colleagues.

1

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2022 third quarter of $594 million, or $0.39 per common share, an increase of $217 million, or $0.17 per common share from the year-ago quarter.

Return on average assets was 1.31%, return on average common equity was 13.9%, return on average tangible common equity (ROTCE) was 21.9%, and adjusted ROTCE was 22.2%.

CEO Commentary:

"We are very pleased with our performance this quarter, which included record net earnings for the second consecutive quarter," said Steve Steinour, chairman, president and CEO. "We successfully executed on our business strategies, delivering robust loan growth, higher deposit balances, and expanded fee income. These results, and the benefit from the higher interest rate environment, combined to produce sequential pre-provision net revenue growth of 14% for the quarter when excluding Notable Items.

"We continue to make strategic investments to drive sustainable revenue growth, which resulted in broad-based commercial loan growth across geographies and sectors. Our recent addition of Capstone Partners has expanded the expertise we bring to customers, benefiting our deepening efforts with commercial customers and bolstering our fee income opportunities. In the consumer bank this quarter, we implemented additional Fair Play enhancements that offer a compelling value proposition for customers.

"Credit continues to perform very well with five consecutive quarters of declining nonperforming assets, reflecting our aggregate moderate-to-low risk appetite through the cycle. Capital levels increased during the quarter and credit reserves are robust allowing us to continue supporting customers and economic growth in the communities we serve. Looking forward, we are well positioned with a high quality balance sheet, and earnings power to drive long-term performance and generate significant value for our shareholders in a variety of economic scenarios.

“Finally, Huntington is proud to have been ranked as the largest Small Business Administration 7(a) lender by volume nationally for the fifth consecutive year. This reinforces our commitment to support small businesses and reflects the successful efforts to expand into new geographies, such as Colorado and Minnesota where we are already rank first and third, respectively."

2

Table 1 – Earnings Performance Summary

	2022									2021
(in millions, except per share data)	Third			Second			First			Fourth			Third
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington Bancshares Inc	$	594		$	539		$	460		$	401		$	377
Diluted earnings per common share	0.39			0.35			0.29			0.26			0.22
Return on average assets	1.31		%	1.22		%	1.05		%	0.92		%	0.86		%
Return on average common equity	13.9			12.8			10.4			8.7			7.6
Return on average tangible common equity	21.9			19.9			15.8			13.2			11.5
Net interest margin	3.42			3.15			2.88			2.85			2.91
Efficiency ratio	54.4			57.3			62.9			73.0			74.9
Tangible book value per common share	$	6.40		$	6.96		$	7.47		$	8.06		$	8.09
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.15
Average earning assets	$	164,024		$	161,225		$	162,414		$	158,692		$	159,148
Average loans and leases	116,964			113,949			111,142			109,488			109,668
Average core deposits	141,691			141,802			139,148			138,008			137,816
Tangible common equity / tangible assets ratio	5.32		%	5.80		%	6.28		%	6.88		%	6.95		%
Common equity Tier 1 risk-based capital ratio	9.27			9.05			9.22			9.33			9.57
NCOs as a % of average loans and leases	0.15		%	0.03		%	0.07		%	0.12		%	0.20		%
NAL ratio	0.51			0.57			0.60			0.64			0.79
ACL as a % of total loans and leases	1.89			1.87			1.87			1.89			2.01

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation). There was one Notable Item in each of the 2022 third quarter, 2022 second quarter and 2021 third quarter: acquisition-related pretax expense of $10 million, $24 million, and $234 million, respectively.

Table 2 – Notable Items Influencing Earnings

Three Months Ended		Pretax Impact (1)		After-tax Impact (1)
($ in millions, except per share)		Amount		Net Income		EPS (2)
September 30, 2022				$	594	$	0.39
•	Acquisition-related expenses (3)	$	(10)	$	(8)	$	—
June 30, 2022				$	539	$	0.35
•	Acquisition-related expenses (3)	$	(24)	$	(19)	$	(0.01)
September 30, 2021				$	377	$	0.22
•	Acquisition-related expenses	$	(234)	$	(192)	$	(0.13)

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

(3)Includes TCF and Capstone acquisition-related expenses.

3

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

Table 3 – Net Interest Income and Net Interest Margin Performance Summary

	2022						2021
($ in millions)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,404	$	1,261	$	1,146	$	1,132	$	1,160	11	%	21	%
FTE adjustment	8		6		8		6		7		33		14
Net interest income - FTE	1,412		1,267		1,154		1,138		1,167		11		21
Noninterest income	498		485		499		515		535		3		(7)
Total revenue - FTE	$	1,910	$	1,752	$	1,653	$	1,653	$	1,702	9	%	12	%

	2022						2021
	Third		Second		First		Fourth		Third		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	3.86	%	3.33	%	3.00	%	2.97	%	3.02	%	53	84
Total loans and leases	4.28		3.77		3.64		3.69		3.80		51	48
Total securities	2.74		2.24		1.72		1.49		1.52		50	122
Total interest-bearing liabilities	0.64		0.25		0.18		0.18		0.17		39	47
Total interest-bearing deposits	0.35		0.10		0.04		0.05		0.05		25	30
Net interest rate spread	3.22		3.08		2.82		2.79		2.85		14	37
Impact of noninterest-bearing funds on margin	0.20		0.07		0.06		0.06		0.06		13	14
Net interest margin	3.42	%	3.15	%	2.88	%	2.85	%	2.91	%	27	51

See Pages 8-9 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2022 third quarter increased $245 million, or 21%, from the 2021 third quarter.The results primarily reflect a 51 basis point increase in the FTE net interest margin (NIM) to 3.42% and a $4.9 billion, or 3% increase in average earning assets. The expansion in NIM was driven by the higher rate environment driving an increase in loan and lease and investment security yields, partially offset by higher cost of funds. Net interest income in the 2022 third quarter included $15 million of net interest income from purchase accounting accretion and $4 million of PPP loan fees recognized upon forgiveness payments, compared to$36 million and $30 million, respectively, in the 2021 third quarter.Additionally, derivative ineffectiveness benefited net interest income $17 million in the 2022 third quarter, compared to $2 million in the 2021 third quarter.

Compared to the 2022 second quarter, FTE net interest income increased $145 million, or 11%,reflecting 27 basis points of NIM expansion and a $2.8 billion, or 2%, increase in average earning assets. The expansion in NIM was driven by the higher interest rate environment resulting in increase in loan and lease and investment security yields, partially offset by higher cost of funds. Net interest income in the 2022 second quarterincluded$16 million of net interest income from purchase accounting accretion and $5 million of PPP loan fees recognized upon forgiveness payments.Additionally, derivative ineffectiveness benefited net interest income $17 million in the 2022 third quarter, compared to $8 million in the 2022 second quarter.

4

Table 4 – Average Earning Assets

	2022						2021
($ in billions)	Third		Second		First		Fourth		Third		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	43.6	$	42.7	$	41.4	$	40.6	$	40.6	2	%	7	%
Commercial real estate	16.1		15.3		15.1		14.6		14.7		5		10
Lease financing	5.0		4.9		4.9		4.9		5.0		1		0
Total commercial	64.7		62.9		61.4		60.1		60.3		3		7
Residential mortgage	21.6		20.5		19.5		19.0		18.9		5		14
Automobile	13.5		13.6		13.5		13.4		13.2		0		2
Home equity	10.4		10.4		10.4		10.7		11.1		1		(6)
RV and marine	5.5		5.3		5.1		5.0		5.0		3		9
Other consumer	1.3		1.3		1.3		1.3		1.2		3		11
Total consumer	52.3		51.1		49.8		49.4		49.4		2		6
Total loans and leases	117.0		113.9		111.1		109.5		109.7		3		7
Total securities	42.6		42.6		42.7		40.1		36.0		—		19
Held-for-sale and other earning assets	4.5		4.7		8.6		9.1		13.5		(6)		(67)
Total earning assets	$	164.0	$	161.2	$	162.4	$	158.7	$	159.1	2	%	3	%

See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2022 third quarter increased $4.9 billion, or 3%, from the year-ago quarter, primarily reflecting a $7.3 billion, or 7%, increase in average total loans and leases and a $6.7 billion, or 19%, increase in average securities, partially offset by an $8.3 billion, or 72%, decrease in deposits held at the Federal Reserve Bank. Average loan and lease balance increases are primarily due to organic growth in average commercial loans and leases of $4.4 billion, or 7%, and average consumer loans of $2.9 billion, or 6%, partially offset by a $3.1 billion decrease in average PPP loans. The increase in average securities was driven by the redeployment of excess liquidity into securities in the second half of 2021.

Compared to the 2022 second quarter, average earning assets increased $2.8 billion primarily reflecting a $3.0 billion, or 3%, increase in average total loans and leases.

5

Table 5 – Average Liabilities

	2022						2021
	Third		Second		First		Fourth		Third		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Demand deposits - noninterest-bearing	$	42.1	$	42.4	$	42.0	$	43.4	$	44.6	(1)	%	(6)	%
Demand deposits - interest-bearing	42.1		41.7		40.6		38.4		35.7		1		18
Total demand deposits	84.2		84.1		82.6		81.8		80.3		—		5
Money market deposits	34.1		33.8		32.7		32.4		33.3		1		2
Savings and other domestic deposits	21.4		21.7		21.3		20.9		20.9		(1)		2
Core certificates of deposit	2.0		2.2		2.6		2.9		3.3		(8)		(39)
Total core deposits	141.7		141.8		139.1		138.0		137.8		0		3
Other domestic deposits of $250,000 or more	0.2		0.2		0.3		0.5		0.6		(14)		(67)
Negotiable CDs, brokered and other deposits	4.1		3.0		3.5		3.8		3.9		38		6
Total deposits	$	146.0	$	145.0	$	142.9	$	142.3	$	142.3	1	%	3	%
Short-term borrowings	$	2.6	$	2.1	$	4.7	$	0.3	$	0.3	24	%	NM
Long-term debt	8.3		7.0		6.9		7.7		7.6		17		9
Total debt	$	10.9	$	9.1	$	11.6	$	8.0	$	7.9	19	%	37	%
Total interest-bearing liabilities	$	114.8	$	111.7	$	112.6	$	107.0	$	105.6	3	%	9	%

NM - Not Meaningful

See Page 7 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2022 third quarter increased $9.1 billion, or 9%, from the year-ago quarter. Average total deposits increased $3.7 billion, or 3%, while average total core deposits increased $3.9 billion, or 3%. These increases were led by higher average commercial deposits of $3.9 billion. Average total debt increased $3.0 billion, or 37%, reflecting higher FHLB borrowings and new debt issuances, which are used as part of the liquidity management program to optimize the funding profile.

Compared to the 2022 second quarter, average total interest-bearing liabilities increased $3.0 billion, or 3%. The increase was primarily due to higher average commercial and brokered deposits more than offsetting lower average consumer deposits. Additionally, new debt issuances and higher average FHLB borrowings were leveraged during the quarter to optimize the funding profile.

6

Noninterest Income

Table 6 – Noninterest Income

	2022						2021
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Service charges on deposit accounts	$	93	$	105	$	97	$	101	$	114	(11)	%	(18)	%
Card and payment processing income	96		96		86		93		96		—		0
Mortgage banking income	26		44		49		61		81		(41)		(68)
Trust and investment management services	60		63		65		63		61		(5)		(2)
Capital markets fees	73		54		42		47		40		35		83
Insurance income	28		27		31		28		25		4		12
Leasing revenue	29		27		35		41		42		7		(31)
Bank owned life insurance income	13		11		17		22		15		18		(13)
Gain on sale of loans	15		12		28		1		2		25		NM
Net gains (losses) on sales of securities	—		—		—		(1)		—		—		—
Other noninterest income	65		46		49		59		59		41		10
Total noninterest income	$	498	$	485	$	499	$	515	$	535	3	%	(7)	%

NM - Not Meaningful

See Page 11 of Quarterly Financial Supplement for additional detail.

Total noninterest income for the 2022 third quarter decreased $37 million, or 7%, from the year-ago quarter. Capital markets fees increased $33 million, or 83%, primarily reflecting higher advisory fees, and income from gain on sale of loans increased $13 million, primarily due to resuming the sale of SBA loans in 2022. Offsetting these increases: mortgage banking income decreased $55 million, or 68%, primarily reflecting lower secondary marketing spreads and lower salable volume. Service charges on deposit accounts decreased $21 million, or 18%, primarily reflecting impact from Fair Play enhancements implemented in July and conversion of TCF customers to Huntington's Fair Play product and service set in October 2021. Leasing revenue decreased $13 million, primarily reflecting decrease in operating leases.

Total noninterest income increased $13 million, or 3%, to $498 million for the 2022 third quarter, compared to $485 million for the 2022 second quarter. The increase was primarily driven by higher capital markets fees which increased $19 million, or 35%, due to higher advisory fees and an increase in other noninterest income of $19 million, or 41%, primarily due to higher mezzanine investment income. Partially offsetting these increases: mortgage banking income decreased $18 million, or 41%, to $26 million due to lower net MSR risk management and service charges on deposit accounts decreased $12 million, or 11% , to $93 million primarily due to the Fair Play enhancements implemented in July.

7

Noninterest Expense

Table 7 – Noninterest Expense

	2022						2021
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	614	$	577	$	580	$	632	$	643	6	%	(5)	%
Outside data processing and other services	145		153		165		269		304		(5)		(52)
Net occupancy	63		58		64		68		95		9		(34)
Equipment	60		61		81		68		79		(2)		(24)
Professional services	18		19		19		22		26		(5)		(31)
Marketing	24		24		21		35		25		0		(4)
Deposit and other insurance expense	15		20		18		18		17		(25)		(12)
Amortization of intangibles	13		13		14		14		13		0		0
Lease financing equipment depreciation	11		11		14		17		19		0		(42)
Other noninterest expense	90		82		77		78		68		10		32
Total noninterest expense	$	1,053	$	1,018	$	1,053	$	1,221	$	1,289	3	%	(18)	%
(in thousands)
Average full-time equivalent employees	20.0		19.9		19.7		20.3		20.9		1	%	(4)	%

Table 8 - Impact of Notable Items

	2022						2021
	Third		Second		First		Fourth		Third
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	1	$	2	$	5	$	32	$	36
Outside data processing and other services	2		12		25		122		140
Net occupancy	6		6		10		16		36
Equipment	1		—		2		8		5
Professional services	—		1		2		4		9
Marketing	—		—		—		2		3
Deposit and other insurance expense	—		1		—		—		—
Other noninterest expense	—		2		2		3		5
Total noninterest expense	$	10	$	24	$	46	$	187	$	234

8

Table 9 - Adjusted Noninterest Expense (Non-GAAP)

	2022						2021
	Third		Second		First		Fourth		Third		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	613	$	575	$	575	$	600	$	607	7	%	1	%
Outside data processing and other services	143		141		140		147		164		1		(13)
Net occupancy	57		52		54		52		59		10		(3)
Equipment	59		61		79		60		74		(3)		(20)
Professional services	18		18		17		18		17		—		6
Marketing	24		24		21		33		22		—		9
Deposit and other insurance expense	15		19		18		18		17		(21)		(12)
Amortization of intangibles	13		13		14		14		13		—		—
Lease financing equipment depreciation	11		11		14		17		19		—		(42)
Other noninterest expense	90		80		75		75		63		13		43
Total adjusted noninterest expense	$	1,043	$	994	$	1,007	$	1,034	$	1,055	5	%	(1)	%

Reported total noninterest expense for the 2022 third quarter decreased $236 million, or 18%, from the year-ago quarter. The decrease primarily reflects the $224 million decrease in Notable Items and execution of cost reduction initiatives associated with the TCF acquisition.

Reported total noninterest expense increased $35 million, or 3%, from the 2022 second quarter, reflecting a $14 million reduction in Notable Items to $10 million. Excluding the impact from Notable Items, noninterest expense increased $49 million, or 5%, primarily driven by personnel costs and other noninterest expense reflecting the full quarter impact from Capstone and Torana, additional increases in personnel costs largely due to revenue and production driven compensation, and a full quarter impact of merit increases.

9

Credit Quality

Table 10 – Credit Quality Metrics

	2022									2021
($ in millions)	September 30,			June 30,			March 31,			December 31,			September 30,
Total nonaccrual loans and leases	$	602		$	657		$	682		$	716		$	861
Total other real estate, net	11			11			11			9			7
Other NPAs (1)	14			14			15			25			25
Total nonperforming assets	627			682			708			750			893
Accruing loans and leases past due 90+ days	223			212			280			210			175
NPAs + accruing loans & leases past due 90+ days	$	850		$	894		$	988		$	960		$	1,068
NAL ratio (2)	0.51		%	0.57		%	0.60		%	0.64		%	0.79		%
NPA ratio (3)	0.53			0.59			0.63			0.67			0.82
(NPAs+90 days)/(Loans+OREO)	0.72			0.77			0.88			0.86			0.97
Provision for credit losses	$	106		$	67		$	25		$	(64)		$	(62)
Net charge-offs	44			8			19			34			55
Net charge-offs / Average total loans and leases	0.15		%	0.03		%	0.07		%	0.12		%	0.20		%
Allowance for loans and lease losses (ALLL)	$	2,110		$	2,074		$	2,018		$	2,030		$	2,107
Allowance for unfunded lending commitments	120			94			91			77			98
Allowance for credit losses (ACL)	$	2,230		$	2,168		$	2,109		$	2,107		$	2,205
ALLL as a % of:
Total loans and leases	1.79		%	1.78		%	1.79		%	1.82		%	1.92		%
NALs	351			316			296			284			245
NPAs	336			304			285			271			236
ACL as a % of:
Total loans and leases	1.89		%	1.87		%	1.87		%	1.89		%	2.01		%
NALs	371			330			309			294			256
NPAs	355			318			298			281			247

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

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

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

See Pages 12-15 of Quarterly Financial Supplement for additional detail.

Nonperforming assets (NPAs) were $627 million, or 0.53%, of total loans and leases, OREO and other NPAs, compared to $893 million, or 0.82%, a year-ago. Nonaccrual loans and leases (NALs) were $602 million, or 0.51% of total loans and leases, compared to $861 million, or 0.79% of total loans and leases. On a linked quarter basis, NALs decreased $55 million, or 8%, and NPAs decreased $55 million, or 8%. The linked quarter decrease in NALs was primarily due to a decline in commercial and industrial.

The provision for credit losses increased $168 million year-over-year to $106 million in the 2022 third quarter. Net charge-offs (NCOs) decreased $11 million year-over-year and increased $36 million quarter-over-quarter to $44 million. NCOs represented an annualized 0.15% of average loans and leases in the current quarter, down from 0.20% in the year-ago quarter and up from 0.03% in the prior quarter. Commercial and consumer net charge-offs remained low at 0.10% and 0.22%, respectively, for the 2022 third quarter. We remain confident in the long-term credit performance of our loan and lease portfolios.

10

The allowance for loan and lease losses (ALLL) increased $3 million from the year-ago quarter to $2.1 billion, or 1.79%, while allowance for credit losses (ACL) increased by $25 million from the year-ago quarter to $2.2 billion, or 1.89% of total loans and leases, primarily driven by loan and lease growth, partially offset by overall improved credit quality. On a linked quarter basis, the ALLL increased $36 million, and ACL increased $62 million driven primarily by loan and lease growth. The coverage ratio was 2 basis points higher recognizing the uncertainty in the near-term macro-economic outlook, while reflecting the credit performance of the loan and lease portfolios.

Capital

Table 11 – Capital Ratios

	2022									2021
($ in billions)	September 30,			June 30,			March 31,			December 31,			September 30,
Tangible common equity / tangible assets ratio	5.32		%	5.80		%	6.28		%	6.88		%	6.95		%
Common equity tier 1 risk-based capital ratio (1)	9.27		%	9.05		%	9.22		%	9.33		%	9.57		%
Regulatory Tier 1 risk-based capital ratio (1)	10.83		%	10.63		%	10.84		%	10.99		%	11.35		%
Regulatory Total risk-based capital ratio (1)	13.05		%	12.81		%	13.03		%	13.14		%	13.57		%
Total risk-weighted assets (1)	$	138.8		$	137.8		$	134.5		$	131.3		$	128.0

(1)September 30, 2022 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The capital ratios reflect Huntington’s 2020 election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. As of March 31, 2022, June 30, 2022, and September 30, 2022, 25% of the cumulative CECL deferral has been phased in.

See Page 16 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 5.32% at September 30, 2022, down 48 basis points from last quarter due primarily to a decrease in tangible common equity related to higher interest rates causing a decrease in accumulated other comprehensive income, partially offset by earnings. Common Equity Tier 1 (CET1) risk-based capital ratio was 9.27%, up from 9.05% from the prior quarter. The increase in regulatory capital ratios was primarily driven by current period earnings.

Income Taxes

The provision for income taxes was $146 million in the 2022 third quarter compared to $120 million in the 2022 second quarter The effective tax rate for the 2022 third quarter and 2022 second quarter was 19.7% and 18.1%, respectively. The variance between the linked quarter provision for income taxes and effective tax rate was primarily driven by higher pre-tax income and the impact of discrete tax benefit in the prior quarter.

At September 30, 2022, we had a net federal deferred tax asset of $658 million and a net state deferred tax asset of $84 million.

11

Conference Call / Webcast Information

Huntington’s senior management will host an earnings conference call on October 21, 2022, at 9:00a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13732539. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through October 28, 2022 at (877) 660-6853 or (201) 612-7415; conference ID #13732539.

Please see the 2022 Third Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

About Huntington

Huntington Bancshares Incorporated is a $179 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.

Caution regarding Forward-Looking Statements

This communication contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

12

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 related variants and mutations and their 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 possibility that the anticipated benefits of the transaction with TCF 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 does business; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2021, and in its subsequent Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, 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.

All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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.

13

Rounding

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

Notable Items

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

14

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

September 30, 2022

Table of Contents

Quarterly Key Statistics	1
Year to Date 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	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 Year to Date Average Balance Sheets	18
Consolidated Year to Date Net Interest Margin - Interest Income / Expense	19
Consolidated Year to Date Net Interest Margin - Yield	20
Selected Year to Date Income Statement Data	21
Year to Date Mortgage Banking Noninterest Income	22
Year to Date Credit Reserves Analysis	23
Year to Date Net Charge-Off Analysis	24
Year to Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)	25
Reconciliation of Non-GAAP Financial Measures	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%.

Non-Regulatory Capital Ratios

In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:

•Tangible common equity to tangible assets, and

•Tangible common equity to risk-weighted assets using Basel III definition.

These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.

Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.

Huntington Bancshares Incorporated

Quarterly Key Statistics

(Unaudited)

	Three Months Ended
(dollar amounts in millions, except per share data)	September 30,			June 30,			September 30,			Percent Changes vs.
	2022			2022			2021			2Q22		3Q21
Net interest income (2)	$	1,412		$	1,267		$	1,167		11	%	21	%
FTE adjustment	(8)			(6)			(7)			(33)		(14)
Net interest income	1,404			1,261			1,160			11		21
Provision for credit losses	106			67			(62)			58		271
Noninterest income	498			485			535			3		(7)
Noninterest expense	1,053			1,018			1,289			3		(18)
Income before income taxes	743			661			468			12		59
Provision for income taxes	146			120			90			22		62
Income after income taxes	597			541			378			10		58
Income attributable to non-controlling interest	3			2			1			50		NM
Net income attributable to Huntington Bancshares Inc	594			539			377			10		58
Dividends on preferred shares	29			28			29			4		—
Impact of preferred stock redemption	—			—			15			—		(100)
Net income applicable to common shares	$	565		$	511		$	333		11	%	70
Net income per common share - diluted	$	0.39		$	0.35		$	0.22		11	%	77	%
Cash dividends declared per common share	0.155			0.155			0.15			—		3
Tangible book value per common share at end of period	6.40			6.96			8.09			(8)		(21)
Number of common shares repurchased	—			—			33			—		(100)
Average common shares - basic	1,443			1,441			1,463			—		(1)
Average common shares - diluted	1,465			1,463			1,487			—		(1)
Ending common shares outstanding	1,443			1,442			1,446			—		—
Return on average assets	1.31		%	1.22		%	0.86		%
Return on average common shareholders’ equity	13.9			12.8			7.6
Return on average tangible common shareholders’ equity (1)	21.9			19.9			11.5
Net interest margin (2)	3.42			3.15			2.91
Efficiency ratio (3)	54.4			57.3			74.9
Effective tax rate	19.7			18.1			19.0
Average total assets	$	179,557		$	176,561		$	173,833		2		3
Average earning assets	164,024			161,225			159,148			2		3
Average loans and leases	116,964			113,949			109,668			3		7
Average loans and leases - linked quarter annualized growth rate	10.6		%	10.1		%	102.0		%
Average total deposits	$	146,008		$	145,008		$	142,303		1		3
Average core deposits (4)	141,691			141,802			137,816			—		3
Average core deposits - linked quarter annualized growth rate	(0.3)		%	7.6		%	103.7		%
Average shareholders’ equity	18,317			18,228			19,783			—		(7)
Average common total shareholders' equity	16,150			16,062			17,428			1		(7)
Average tangible common shareholders' equity	10,413			10,496			11,905			(1)		(13)
Total assets at end of period	179,402			178,782			173,878			—		3
Total shareholders’ equity at end of period	17,136			17,950			19,479			(5)		(12)
NCOs as a % of average loans and leases	0.15		%	0.03		%	0.20		%
NAL ratio	0.51			0.57			0.79
NPA ratio (5)	0.53			0.59			0.82
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.79			1.78			1.92
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.89			1.87			2.01
Common equity tier 1 risk-based capital ratio (6)	9.27			9.05			9.57
Tangible common equity / tangible asset ratio (7)	5.32			5.80			6.95

NM - Not Meaningful

See Notes to the Quarterly Key Statistics.

1

Huntington Bancshares Incorporated

Year to Date Key Statistics

(Unaudited)

	Nine Months Ended September 30,						Change
(dollar amounts in millions, except per share data)	2022			2021			Amount		Percent
Net interest income (2)	$	3,833		$	2,989		$	844	28	%
FTE adjustment	(22)			(19)			(3)		(16)
Net interest income	3,811			2,970			841		28
Provision for credit losses	198			89			109		122
Noninterest income	1,482			1,374			108		8
Noninterest expense	3,124			3,154			(30)		(1)
Income before income taxes	1,971			1,101			870		79
Provision for income taxes	371			206			165		80
Income after income taxes	1,600			895			705		79
Income attributable to non-controlling interest	7			1			6		NM
Net income attributable to Huntington Bancshares Inc	1,593			894			699		78
Dividends on preferred shares	85			103			(18)		(17)
Impact of preferred stock redemption	—			15			(15)		(100)
Net income applicable to common shares	$	1,508		$	776		$	732	94	%
Net income per common share - diluted	$	1.03		$	0.63		$	0.40	63	%
Cash dividends declared per common share	0.465			0.45			0.015		3
Average common shares - basic	1,441			1,202			239		20
Average common shares - diluted	1,464			1,225			239		20
Return on average assets	1.20		%	0.82		%
Return on average common shareholders’ equity	12.3			7.5
Return on average tangible common shareholders’ equity (1)	19.1			10.6
Net interest margin (2)	3.15			2.99
Efficiency ratio (3)	58.0			71.7
Effective tax rate	18.8			18.7
Average total assets	$	177,917		$	145,072		$	32,845	23	%
Average earning assets	162,560			133,709			28,851		22
Average loans and leases	114,039			92,548			21,491		23
Average total deposits	144,656			118,246			26,410		22
Average core deposits (4)	140,890			114,509			26,381		23
Average shareholders’ equity	18,534			16,196			2,338		14
Average common total shareholders' equity	16,367			13,685			2,682		20
Average tangible common shareholders' equity	10,754			10,116			638		6
NCOs as a % of average loans and leases	0.08		%	0.26		%
NAL ratio	0.51			0.79
NPA ratio (5)	0.53			0.82

NM - Not Meaningful

See Notes to the Year to Date and Quarterly Key Statistics.

2

Key Statistics Footnotes

(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.

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

(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).

(4)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.

(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.

(6)September 30, 2022, figures are estimated.

(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.

3

Huntington Bancshares Incorporated

Consolidated Balance Sheets

	September 30,		December 31,
(dollar amounts in millions)	2022		2021		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,685	$	1,811	(7)	%
Interest-bearing deposits at Federal Reserve Bank	2,691		3,711		(27)
Interest-bearing deposits in banks	216		392		(45)
Trading account securities	32		46		(30)
Available-for-sale securities	23,306		28,460		(18)
Held-to-maturity securities	17,173		12,447		38
Other securities	818		648		26
Loans held for sale	893		1,676		(47)
Loans and leases (1)	118,147		111,267		6
Allowance for loan and lease losses	(2,110)		(2,030)		(4)
Net loans and leases	116,037		109,237		6
Bank owned life insurance	2,768		2,765		—
Accrued income and other receivables	1,352		1,319		3
Premises and equipment	1,171		1,164		1
Goodwill	5,571		5,349		4
Servicing rights and other intangible assets	715		611		17
Other assets	4,974		4,428		12
Total assets	$	179,402	$	174,064	3	%
Liabilities and shareholders’ equity
Liabilities
Deposits (2)	$	146,313	$	143,263	2	%
Short-term borrowings	426		334		28
Long-term debt	10,168		7,108		43
Other liabilities	5,324		4,041		32
Total liabilities	162,231		154,746		5
Shareholders' equity
Preferred stock	2,167		2,167		—
Common stock	14		14		—
Capital surplus	15,282		15,222		—
Less treasury shares, at cost	(80)		(79)		(1)
Accumulated other comprehensive income (loss)	(3,276)		(229)		(1,331)
Retained earnings	3,029		2,202		38
Total Huntington Bancshares Inc shareholders’ equity	17,136		19,297		(11)
Non-controlling interest	35		21		67
Total equity	17,171		19,318		(11)
Total liabilities and shareholders’ equity	$	179,402	$	174,064	3	%
Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,442,734,255		1,437,742,172
Treasury shares outstanding	6,341,958		6,298,288
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	557,500		557,500

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

(2)See page 6 for detail of deposits.

4

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)

	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2022				2022				2022				2021				2021
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial	$	44,144	38	%	$	43,440	38	%	$	42,236	37	%	$	41,688	37	%	$	40,452	36	%
Commercial real estate:
Commercial	14,717		12		14,173		12		13,381		12		13,090		12		12,882		12
Construction	1,739		2		1,522		1		2,010		2		1,871		2		1,812		2
Commercial real estate	16,456		14		15,695		13		15,391		14		14,961		14		14,694		14
Lease financing	5,093		4		5,043		4		4,978		4		5,000		4		4,991		5
Total commercial	65,693		56		64,178		55		62,605		55		61,649		55		60,137		55
Consumer:
Residential mortgage	21,816		18		21,220		18		19,942		18		19,256		17		18,922		17
Automobile	13,430		11		13,622		12		13,480		12		13,434		12		13,305		12
Home equity	10,440		9		10,426		9		10,343		9		10,550		9		10,919		10
RV and marine	5,436		5		5,453		5		5,191		5		5,058		5		5,052		5
Other consumer	1,332		1		1,322		1		1,256		1		1,320		2		1,223		1
Total consumer	52,454		44		52,043		45		50,212		45		49,618		45		49,421		45
Total loans and leases	$	118,147	100	%	$	116,221	100	%	$	112,817	100	%	$	111,267	100	%	$	109,558	100	%

	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2022				2022				2022				2021				2021
Ending Balances by Business Segment:
Commercial Banking	$	54,515	47	%	$	52,845	45	%	$	51,132	45	%	$	49,372	44	%	$	46,988	43	%
Consumer and Business Banking	32,115		27		32,144		28		31,756		29		32,715		30		34,267		31
Vehicle Finance	21,707		18		21,848		19		21,344		19		20,968		19		20,353		19
RBHPCG (Regional Banking and The Huntington Private Client Group)	9,586		8		9,181		8		8,435		7		8,012		7		7,743		7
Treasury / Other	224		—		203		—		150		—		200		—		207		—
Total loans and leases	$	118,147	100	%	$	116,221	100	%	$	112,817	100	%	$	111,267	100	%	$	109,558	100	%
Average Balances by Business Segment:
Commercial Banking	$	53,255	46	%	$	51,280	45	%	$	49,515	45	%	$	47,281	43	%	$	46,180	43	%
Consumer and Business Banking	32,116		27		31,926		28		32,134		29		33,434		31		35,544		32
Vehicle Finance	21,748		19		21,601		19		21,155		19		20,598		19		20,219		18
RBHPCG	9,416		8		8,786		8		8,178		7		7,842		7		7,527		7
Treasury / Other	429		—		356		—		160		—		333		—		198		—
Total loans and leases	$	116,964	100	%	$	113,949	100	%	$	111,142	100	%	$	109,488	100	%	$	109,668	100	%

5

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)

	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2022				2022				2022				2021				2021
Ending Balances by Type:
Demand deposits - noninterest-bearing	$	40,762	28	%	$	42,131	29	%	$	43,824	29	%	$	43,236	30	%	$	44,560	31	%
Demand deposits - interest-bearing	43,673		30		41,433		28		42,099		29		39,837		28		36,423		26
Money market deposits	33,811		23		34,257		24		33,444		23		32,522		23		32,662		23
Savings and other domestic deposits	21,274		15		21,583		15		21,716		15		21,088		15		20,773		15
Core certificates of deposit (1)	2,115		1		2,103		1		2,358		2		2,740		2		3,080		2
Total core deposits	141,635		97		141,507		97		143,441		98		139,423		98		137,498		97
Other domestic deposits of $250,000 or more	186		—		221		—		274		—		359		—		521		—
Negotiable CDS, brokered and other deposits	4,492		3		3,707		3		3,250		2		3,481		2		3,879		3
Total deposits	$	146,313	100	%	$	145,435	100	%	$	146,965	100	%	$	143,263	100	%	$	141,898	100	%
Total core deposits:
Commercial	$	65,151	46	%	$	63,629	45	%	$	64,013	45	%	$	61,521	44	%	$	61,210	45	%
Consumer	76,484		54		77,878		55		79,428		55		77,902		56		76,288		55
Total core deposits	$	141,635	100	%	$	141,507	100	%	$	143,441	100	%	$	139,423	100	%	$	137,498	100	%

	September 30,				June 30,				March 31,				December 31,				September 30,
(dollar amounts in millions)	2022				2022				2022				2021				2021
Ending Balances by Business Segment:
Commercial Banking	$	37,194	25	%	$	34,670	24	%	$	35,034	24	%	$	31,845	22	%	$	32,531	23	%
Consumer and Business Banking	93,854		65		95,693		66		96,907		65		95,352		67		94,439		67
Vehicle Finance	1,173		1		1,291		1		1,323		1		1,401		1		1,437		1
RBHPCG	8,982		6		9,226		6		9,672		7		10,162		7		9,025		6
Treasury / Other (2)	5,110		3		4,555		3		4,029		3		4,503		3		4,466		3
Total deposits	$	146,313	100	%	$	145,435	100	%	$	146,965	100	%	$	143,263	100	%	$	141,898	100	%
Average Balances by Business Segment:
Commercial Banking	$	36,636	25	%	$	35,156	24	%	$	33,355	23	%	$	31,950	22	%	$	32,867	23	%
Consumer and Business Banking	93,924		65		95,263		65		94,464		66		94,593		67		94,719		67
Vehicle Finance	1,252		1		1,257		1		1,289		1		1,501		1		1,328		1
RBHPCG	9,242		6		9,493		7		9,520		7		9,505		7		8,587		6
Treasury / Other (2)	4,954		3		3,839		3		4,289		3		4,754		3		4,802		3
Total deposits	$	146,008	100	%	$	145,008	100	%	$	142,917	100	%	$	142,303	100	%	$	142,303	100	%

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

(2)Comprised primarily of national market deposits.

6

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)

	Quarterly Average Balances (1)
	September 30,		June 30,		March 31,		December 31,		September 30,		Percent Changes vs.
(dollar amounts in millions)	2022		2022		2022		2021		2021		2Q22		3Q21
Assets
Interest-bearing deposits at Federal Reserve Bank	$	3,204	$	3,532	$	7,195	$	7,227	$	11,536	(9)	%	(72)	%
Interest-bearing deposits in banks	260		161		174		521		466		61		(44)
Securities:
Trading account securities	24		30		46		51		49		(20)		(51)
Available-for-sale securities:
Taxable	21,677		21,672		24,205		23,895		20,147		—		8
Tax-exempt	2,917		2,859		2,886		3,057		3,116		2		(6)
Total available-for-sale securities	24,594		24,531		27,091		26,952		23,263		—		6
Held-to-maturity securities - taxable	17,188		17,234		14,556		12,421		11,964		—		44
Other securities	804		755		967		651		677		6		19
Total securities	42,610		42,550		42,660		40,075		35,953		—		19
Loans held for sale	986		1,033		1,243		1,381		1,525		(5)		(35)
Loans and leases: (2)
Commercial:
Commercial and industrial	43,598		42,689		41,397		40,582		40,597		2		7
Commercial real estate:
Commercial	14,405		13,516		13,186		12,758		12,891		7		12
Construction	1,697		1,760		1,877		1,820		1,803		(4)		(6)
Commercial real estate	16,102		15,276		15,063		14,578		14,694		5		10
Lease financing	4,981		4,919		4,912		4,933		4,983		1		—
Total commercial	64,681		62,884		61,372		60,093		60,274		3		7
Consumer:
Residential mortgage	21,552		20,527		19,505		18,955		18,886		5		14
Automobile	13,514		13,557		13,463		13,355		13,209		—		2
Home equity	10,431		10,373		10,414		10,748		11,106		1		(6)
RV and marine	5,454		5,317		5,103		5,040		4,998		3		9
Other consumer	1,332		1,291		1,285		1,297		1,195		3		11
Total consumer	52,283		51,065		49,770		49,395		49,394		2		6
Total loans and leases	116,964		113,949		111,142		109,488		109,668		3		7
Allowance for loan and lease losses	(2,099)		(2,053)		(2,047)		(2,112)		(2,219)		(2)		5
Net loans and leases	114,865		111,896		109,095		107,376		107,449		3		7
Total earning assets	164,024		161,225		162,414		158,692		159,148		2		3
Cash and due from banks	1,697		1,669		1,648		1,695		1,535		2		11
Goodwill and other intangible assets	5,781		5,613		5,584		5,570		5,578		3		4
All other assets	10,154		10,107		10,013		9,827		9,791		—		4
Total assets	$	179,557	$	176,561	$	177,612	$	173,672	$	173,833	2	%	3	%
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	42,038	$	41,712	$	40,634	$	38,441	$	35,690	1	%	18	%
Money market deposits	34,058		33,791		32,672		32,400		33,281		1		2
Savings and other domestic deposits	21,439		21,683		21,316		20,896		20,931		(1)		2
Core certificates of deposit (3)	2,040		2,228		2,560		2,909		3,319		(8)		(39)
Other domestic deposits of $250,000 or more	193		225		316		452		582		(14)		(67)
Negotiable CDS, brokered and other deposits	4,124		2,981		3,453		3,843		3,905		38		6
Total interest-bearing deposits	103,892		102,620		100,951		98,941		97,708		1		6
Short-term borrowings	2,609		2,103		4,728		342		317		24		723
Long-term debt	8,251		7,024		6,914		7,674		7,587		17		9
Total interest-bearing liabilities	114,752		111,747		112,593		106,957		105,612		3		9
Demand deposits - noninterest-bearing	42,116		42,388		41,966		43,362		44,595		(1)		(6)
All other liabilities	4,340		4,168		3,964		3,957		3,823		4		14
Total Huntington Bancshares Inc shareholders’ equity	18,317		18,228		19,064		19,375		19,783		—		(7)
Non-controlling interest	32		30		25		21		20		7		60
Total equity	18,349		18,258		19,089		19,396		19,803		—		(7)
Total liabilities and shareholders’ equity	$	179,557	$	176,561	$	177,612	$	173,672	$	173,833	2	%	3	%

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

(2)Includes nonaccrual loans and leases.

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

7

Huntington Bancshares Incorporated

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

(Unaudited)

	Quarterly Interest Income / Expense
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2022		2022		2022		2021		2021
Assets
Interest-bearing deposits at Federal Reserve Bank	$	19	$	7	$	3	$	3	$	4
Interest-bearing deposits in banks	2		1		—		—		1
Securities:
Trading account securities	—		1		—		—		—
Available-for-sale securities:
Taxable	165		123		90		77		68
Tax-exempt	25		19		22		19		18
Total available-for-sale securities	190		142		112		96		86
Held-to-maturity securities - taxable	95		90		66		50		47
Other securities	7		6		5		4		2
Total securities	292		239		183		150		135
Loans held for sale	13		10		10		10		13
Loans and leases:
Commercial:
Commercial and industrial	490		415		392		393		419
Commercial real estate:
Commercial	169		115		97		102		105
Construction	21		16		17		17		17
Commercial real estate	190		131		114		119		122
Lease financing	63		61		61		61		61
Total commercial	743		607		567		573		602
Consumer:
Residential mortgage	174		158		146		141		139
Automobile	120		115		112		119		121
Home equity	143		115		102		109		113
RV and marine	59		55		52		54		55
Other consumer	32		30		28		29		29
Total consumer	528		473		440		452		457
Total loans and leases	1,271		1,080		1,007		1,025		1,059
Total earning assets	$	1,597	$	1,337	$	1,203	$	1,188	$	1,212
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	42	$	11	$	3	$	3	$	3
Money market deposits	25		8		4		6		7
Savings and other domestic deposits	1		1		1		1		1
Core certificates of deposit (3)	1		—		1		—		(2)
Other domestic deposits of $250,000 or more	—		—		—		—		1
Negotiable CDS, brokered and other deposits	23		5		2		1		1
Total interest-bearing deposits	92		25		11		11		11
Short-term borrowings	22		7		7		1		—
Long-term debt	71		38		31		38		34
Total interest-bearing liabilities	185		70		49		50		45
Net interest income	$	1,412	$	1,267	$	1,154	$	1,138	$	1,167

(1)Fully-taxable equivalent (FTE) income and expense calculated assuming a 21% tax rate. See page 10 for the FTE adjustment.

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

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

8

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)

	Quarterly Average Rates
	September 30,		June 30,		March 31,		December 31,		September 30,
Fully-taxable equivalent basis (1)	2022		2022		2022		2021		2021
Assets
Interest-bearing deposits at Federal Reserve Bank	2.39	%	0.80	%	0.17	%	0.15	%	0.17	%
Interest-bearing deposits in banks	3.31		1.32		0.15		0.06		0.04
Securities:
Trading account securities	4.12		3.99		3.39		3.67		2.98
Available-for-sale securities:
Taxable	3.06		2.25		1.49		1.29		1.34
Tax-exempt	3.39		2.71		3.00		2.40		2.37
Total available-for-sale securities	3.09		2.30		1.65		1.42		1.48
Held-to-maturity securities - taxable	2.21		2.10		1.81		1.59		1.58
Other securities	3.21		3.62		1.88		2.18		1.43
Total securities	2.74		2.24		1.72		1.49		1.52
Loans held for sale	4.98		4.08		3.15		3.14		3.23
Loans and leases: (3)
Commercial:
Commercial and industrial	4.40		3.84		3.79		3.79		4.04
Commercial real estate:
Commercial	4.57		3.38		2.94		3.14		3.17
Construction	4.95		3.70		3.52		3.71		3.68
Commercial real estate	4.61		3.41		3.01		3.21		3.23
Lease financing	4.95		4.98		4.93		4.81		4.84
Total commercial	4.50		3.83		3.69		3.73		3.91
Consumer:
Residential mortgage	3.23		3.09		2.99		2.97		2.95
Automobile	3.53		3.40		3.38		3.53		3.62
Home equity	5.43		4.44		3.99		4.01		4.03
RV and marine	4.29		4.12		4.15		4.31		4.33
Other consumer	9.55		9.08		8.96		9.06		9.72
Total consumer	4.02		3.70		3.57		3.64		3.67
Total loans and leases	4.28		3.77		3.64		3.69		3.80
Total earning assets	3.86		3.33		3.00		2.97		3.02
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	0.40		0.10		0.03		0.03		0.04
Money market deposits	0.29		0.09		0.05		0.08		0.08
Savings and other domestic deposits	0.02		0.02		0.02		0.02		0.03
Core certificates of deposit (4)	0.10		0.07		0.14		—		(0.23)
Other domestic deposits of $250,000 or more	0.35		0.23		0.08		0.18		0.21
Negotiable CDS, brokered and other deposits	2.25		0.72		0.17		0.14		0.15
Total interest-bearing deposits	0.35		0.10		0.04		0.05		0.05
Short-term borrowings	3.31		1.40		0.57		0.09		0.14
Long-term debt	3.40		2.16		1.83		1.93		1.81
Total interest-bearing liabilities	0.64		0.25		0.18		0.18		0.17
Net interest rate spread	3.22		3.08		2.82		2.79		2.85
Impact of noninterest-bearing funds on margin	0.20		0.07		0.06		0.06		0.06
Net interest margin	3.42	%	3.15	%	2.88	%	2.85	%	2.91	%

Commercial Loan Derivative Impact
(Unaudited)
	Average Rates
	2022		2022		2022		2021		2021
Fully-taxable equivalent basis (1)	Third		Second		First		Fourth		Third
Commercial loans (2)(3)	4.62	%	3.69	%	3.47	%	3.53	%	3.65	%
Impact of commercial loan derivatives	(0.12)		0.14		0.22		0.20		0.26
Total commercial - as reported	4.50	%	3.83	%	3.69	%	3.73	%	3.91	%
Average 1 Month LIBOR	2.46	%	1.01	%	0.23	%	0.09	%	0.09	%

(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 and leases.

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

9

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)

	Three Months Ended
(dollar amounts in millions, except per share data)	September 30,		June 30,		March 31,		December 31,		September 30,
	2022		2022		2022		2021		2021
Interest income	$	1,589	$	1,331	$	1,195	$	1,182	$	1,205
Interest expense	185		70		49		50		45
Net interest income	1,404		1,261		1,146		1,132		1,160
Provision for credit losses	106		67		25		(64)		(62)
Net interest income after provision for credit losses	1,298		1,194		1,121		1,196		1,222
Service charges on deposit accounts	93		105		97		101		114
Card and payment processing income	96		96		86		93		96
Mortgage banking income	26		44		49		61		81
Trust and investment management services	60		63		65		63		61
Capital markets fees	73		54		42		47		40
Insurance income	28		27		31		28		25
Leasing revenue	29		27		35		41		42
Bank owned life insurance income	13		11		17		22		15
Gain on sale of loans	15		12		28		1		2
Net gains (losses) on sales of securities	—		—		—		(1)		—
Other noninterest income	65		46		49		59		59
Total noninterest income	498		485		499		515		535
Personnel costs	614		577		580		632		643
Outside data processing and other services	145		153		165		269		304
Net occupancy	63		58		64		68		95
Equipment	60		61		81		68		79
Professional services	18		19		19		22		26
Marketing	24		24		21		35		25
Deposit and other insurance expense	15		20		18		18		17
Amortization of intangibles	13		13		14		14		13
Lease financing equipment depreciation	11		11		14		17		19
Other noninterest expense	90		82		77		78		68
Total noninterest expense	1,053		1,018		1,053		1,221		1,289
Income before income taxes	743		661		567		490		468
Provision for income taxes	146		120		105		88		90
Income after income taxes	597		541		462		402		378
Income attributable to non-controlling interest	3		2		2		1		1
Net income attributable to Huntington Bancshares Inc	594		539		460		401		377
Dividends on preferred shares	29		28		28		28		29
Impact of preferred stock redemption	—		—		—		(4)		15
Net income applicable to common shares	$	565	$	511	$	432	$	377	$	333
Average common shares - basic	1,443		1,441		1,438		1,444		1,463
Average common shares - diluted	1,465		1,463		1,464		1,471		1,487
Per common share
Net income - basic	$	0.39	$	0.35	$	0.30	$	0.26	$	0.23
Net income - diluted	0.39		0.35		0.29		0.26		0.22
Cash dividends declared	0.155		0.155		0.155		0.155		0.15
Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,404	$	1,261	$	1,146	$	1,132	$	1,160
FTE adjustment	8		6		8		6		7
Net interest income (1)	1,412		1,267		1,154		1,138		1,167
Noninterest income	498		485		499		515		535
Total revenue (1)	$	1,910	$	1,752	$	1,653	$	1,653	$	1,702

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

10

Huntington Bancshares Incorporated

Quarterly Mortgage Banking Noninterest Income

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,			Percent Changes vs.
(dollar amounts in millions)	2022			2022			2022			2021			2021			2Q22		3Q21
Net origination and secondary marketing income	$	25		$	27		$	37		$	56		$	80		(7)	%	(69)	%
Net mortgage servicing income
Loan servicing income	22			22			22			22			21			—		5
Amortization of capitalized servicing	(14)			(16)			(15)			(20)			(21)			13		33
Operating income	8			6			7			2			—			33		100
MSR valuation adjustment (1)	17			44			51			(1)			1			(61)		NM
(Losses) gains due to MSR hedging	(24)			(34)			(47)			2			(4)			29		NM
Net MSR risk management	(7)			10			4			1			(3)			(170)		(133)
Total net mortgage servicing income (expense)	$	1		$	16		$	11		$	3		$	(3)		(94)	%	133	%
All other	—			1			1			2			4			(100)		(100)
Mortgage banking income	$	26		$	44		$	49		$	61		$	81		(41)	%	(68)	%
Mortgage origination volume	$	2,491		$	3,366		$	2,881		$	3,880		$	4,467		(26)	%	(44)	%
Mortgage origination volume for sale	1,339			1,263			1,519			2,380			2,514			6		(47)
Third party mortgage loans serviced (2)	31,988			31,704			31,570			31,017			30,554			1		5
Mortgage servicing rights (2)	486			463			416			351			338			5		44
MSR % of investor servicing portfolio (2)	1.52		%	1.46		%	1.32		%	1.13		%	1.11		%	4	%	37	%

NM - Not Meaningful

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

(2)At period end.

11

Huntington Bancshares Incorporated

Quarterly Credit Reserves Analysis

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Allowance for loan and lease losses, beginning of period	$	2,074		$	2,018		$	2,030		$	2,107		$	2,218
Loan and lease charge-offs	(83)			(52)			(81)			(79)			(106)
Recoveries of loans and leases previously charged-off	39			44			62			45			51
Net loan and lease charge-offs	(44)			(8)			(19)			(34)			(55)
Provision (benefit) for loan and lease losses	80			64			7			(43)			(56)
Allowance for loan and lease losses, end of period	2,110			2,074			2,018			2,030			2,107
Allowance for unfunded lending commitments, beginning of period	94			91			77			98			104
Provision (reduction in allowance) for unfunded lending commitments	26			3			14			(21)			(6)
Allowance for unfunded lending commitments, end of period	120			94			91			77			98
Total allowance for credit losses, end of period	$	2,230		$	2,168		$	2,109		$	2,107		$	2,205
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.79		%	1.78		%	1.79		%	1.82		%	1.92		%
Nonaccrual loans and leases (NALs)	351			316			296			284			245
Nonperforming assets (NPAs)	336			304			285			271			236
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.89		%	1.87		%	1.87		%	1.89		%	2.01		%
Nonaccrual loans and leases (NALs)	371			330			309			294			256
Nonperforming assets (NPAs)	355			318			298			281			247

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2022		2022		2022		2021		2021
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	860	$	804	$	937	$	832	$	801
Commercial real estate	504		498		521		586		678
Lease financing	50		40		56		44		70
Total commercial	1,414		1,342		1,514		1,462		1,549
Consumer
Residential mortgage	178		177		139		145		127
Automobile	118		146		101		108		122
Home equity	126		131		60		88		108
RV and marine	127		147		96		105		111
Other consumer	147		131		108		122		90
Total consumer	696		732		504		568		558
Total allowance for loan and lease losses	2,110		2,074		2,018		2,030		2,107
Allowance for unfunded lending commitments	120		94		91		77		98
Total allowance for credit losses	$	2,230	$	2,168	$	2,109	$	2,107	$	2,205

12

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	16		$	(4)		$	(23)		$	6		$	28
Commercial real estate	(3)			(4)			8			(4)			7
Lease financing	2			(3)			5			3			12
Total commercial	15			(11)			(10)			5			47
Consumer:
Residential mortgage	(1)			(1)			—			(1)			—
Automobile	3			—			—			—			(4)
Home equity	(2)			(2)			(1)			(1)			(3)
RV and marine	2			1			3			2			—
Other consumer	27			21			27			29			15
Total consumer	29			19			29			29			8
Total net charge-offs	$	44		$	8		$	19		$	34		$	55
	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
	2022			2022			2022			2021			2021
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.15		%	(0.04)		%	(0.22)		%	0.06		%	0.28		%
Commercial real estate	(0.06)			(0.11)			0.22			(0.12)			0.21
Lease financing	0.17			(0.24)			0.40			0.24			0.87
Total commercial	0.10			(0.07)			(0.06)			0.03			0.31
Consumer:
Residential mortgage	(0.02)			(0.02)			—			(0.01)			—
Automobile	0.07			—			0.01			(0.03)			(0.10)
Home equity	(0.07)			(0.08)			(0.03)			(0.04)			(0.08)
RV and marine	0.17			0.10			0.20			0.13			(0.01)
Other consumer	8.09			6.60			8.46			9.21			4.84
Total consumer	0.22			0.15			0.23			0.23			0.07
Net charge-offs as a % of average loans and leases	0.15		%	0.03		%	0.07		%	0.12		%	0.20		%

13

Huntington Bancshares Incorporated

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

(Unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	288		$	324		$	323		$	370		$	494
Commercial real estate	110			117			114			104			103
Lease financing	30			22			38			48			60
Residential mortgage	94			111			117			111			108
Automobile	4			4			4			3			3
Home equity	75			78			84			79			87
RV and marine	1			1			2			1			6
Total nonaccrual loans and leases	602			657			682			716			861
Other real estate, net:
Residential	11			11			10			8			6
Commercial	—			—			1			1			1
Total other real estate, net	11			11			11			9			7
Other NPAs (2)	14			14			15			25			25
Total nonperforming assets	$	627		$	682		$	708		$	750		$	893
Nonaccrual loans and leases as a % of total loans and leases	0.51		%	0.57		%	0.60		%	0.64		%	0.79		%
NPA ratio (3)	0.53			0.59			0.63			0.67			0.82
(NPA+90days)/(Loan+OREO) (4)	0.72			0.77			0.88			0.86			0.97

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
(dollar amounts in millions)	2022		2022		2022		2021		2021
Nonperforming assets, beginning of period	$	682	$	708	$	750	$	893	$	1,014
New nonperforming assets	119		181		204		146		195
Returns to accruing status	(42)		(81)		(57)		(99)		(125)
Charge-offs	(39)		(26)		(32)		(35)		(51)
Payments	(89)		(97)		(155)		(152)		(128)
Sales	(4)		(3)		(2)		(3)		(12)
Nonperforming assets, end of period	$	627	$	682	$	708	$	750	$	893

(1)December 31, 2021 and all periods prior generally exclude loans and leases that were under payment deferral or granted other assistance, including amendments or waivers of financial covenants in response to the COVID-19 pandemic.

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

(3)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.

(4)The sum of nonperforming assets and total accruing loans and leases past due 90 days or more divided by the sum of loans and leases and other real estate.

14

Huntington Bancshares Incorporated

Quarterly Accruing Past Due Loans and Leases

(Unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	29		$	11		$	10		$	13		$	6
Lease financing	18			10			12			11			12
Residential mortgage (excluding loans guaranteed by the U.S. Government)	17			14			25			25			16
Automobile	6			6			6			6			5
Home equity	12			13			12			17			10
RV and marine	2			2			1			3			2
Other consumer	3			2			2			3			2
Total, excl. loans guaranteed by the U.S. Government	87			58			68			78			53
Add: loans guaranteed by U.S. Government	136			154			212			132			122
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	223		$	212		$	280		$	210		$	175
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.07		%	0.05		%	0.06		%	0.07		%	0.05		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.12			0.13			0.19			0.12			0.11
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.19			0.18			0.25			0.19			0.16

15

Huntington Bancshares Incorporated

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

(Unaudited)

	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Common equity tier 1 risk-based capital ratio: (1)
Total shareholders’ equity	$	17,136		$	17,950		$	18,452		$	19,297		$	19,479
Regulatory capital adjustments:
CECL transitional amount (2)	328			328			328			437			440
Shareholders’ preferred equity and related surplus	(2,177)			(2,177)			(2,177)			(2,177)			(2,281)
Accumulated other comprehensive loss offset	3,276			2,098			1,314			230			125
Goodwill and other intangibles, net of taxes	(5,675)			(5,686)			(5,474)			(5,484)			(5,477)
Deferred tax assets that arise from tax loss and credit carryforwards	(29)			(36)			(46)			(54)			(36)
Common equity tier 1 capital	12,859			12,477			12,397			12,249			12,250
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	2,177			2,177			2,177			2,177			2,281
Tier 1 capital	15,036			14,654			14,574			14,426			14,531
Long-term debt and other tier 2 qualifying instruments	1,441			1,462			1,464			1,539			1,552
Qualifying allowance for loan and lease losses	1,637			1,541			1,485			1,281			1,290
Tier 2 capital	3,078			3,003			2,949			2,820			2,842
Total risk-based capital	$	18,114		$	17,657		$	17,523		$	17,246		$	17,373
Risk-weighted assets (RWA)(1)	$	138,788		$	137,841		$	134,484		$	131,266		$	128,023
Common equity tier 1 risk-based capital ratio (1)	9.27		%	9.05		%	9.22		%	9.33		%	9.57		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	8.51			8.46			8.43			8.56			8.62
Tier 1 risk-based capital ratio (1)	10.83			10.63			10.84			10.99			11.35
Total risk-based capital ratio (1)	13.05			12.81			13.03			13.14			13.57
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	6.66			7.28			8.00			8.83			9.14

(1)September 30, 2022, figures are estimated.

(2)Upon adoption in 2020, Huntington elected to temporarily delay certain effects of CECL on regulatory capital, utilizing a two-year delay followed by a three-year transition period. January 1, 2022 began the three-year transition period, whereby 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL will be recognized over the three-year transition period. As of March 31, 2022, June 30, 2022 and September 30, 2022, 25% of the cumulative CECL deferral has been phased in.

16

Huntington Bancshares Incorporated

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

(Unaudited)

Quarterly common stock summary

	September 30,		June 30,		March 31,		December 31,		September 30,
	2022		2022		2022		2021		2021
Cash dividends declared per common share	$	0.155	$	0.155	$	0.155	$	0.155	$	0.15
Common shares outstanding (in millions)
Average - basic	1,443		1,441		1,438		1,444		1,463
Average - diluted	1,465		1,463		1,464		1,471		1,487
Ending	1,443		1,442		1,439		1,438		1,446
Tangible book value per common share (1)	$	6.40	$	6.96	$	7.47	$	8.06	$	8.09
Common share repurchases (in millions)
Number of shares repurchased	—		—		—		10		33

Non-regulatory capital

	September 30,			June 30,			March 31,			December 31,			September 30,
(dollar amounts in millions)	2022			2022			2022			2021			2021
Calculation of tangible equity / asset ratio:
Total shareholders’ equity	$	17,136		$	17,950		$	18,452		$	19,297		$	19,479
Goodwill and other intangible assets	(5,775)			(5,788)			(5,577)			(5,591)			(5,571)
Deferred tax liability on other intangible assets (1)	43			46			48			51			54
Total tangible equity	11,404			12,208			12,923			13,757			13,962
Preferred equity	(2,167)			(2,167)			(2,167)			(2,167)			(2,267)
Total tangible common equity	$	9,237		$	10,041		$	10,756		$	11,590		$	11,695
Total assets	$	179,402		$	178,782		$	176,856		$	174,064		$	173,878
Goodwill and other intangible assets	(5,775)			(5,788)			(5,577)			(5,591)			(5,571)
Deferred tax liability on other intangible assets (1)	43			46			48			51			54
Total tangible assets	$	173,670		$	173,040		$	171,327		$	168,524		$	168,361
Tangible equity / tangible asset ratio	6.57		%	7.06		%	7.54		%	8.16		%	8.29		%
Tangible common equity / tangible asset ratio	5.32			5.80			6.28			6.88			6.95
Other data:
Number of employees (Average full-time equivalent)	19,997			19,866			19,722			20,309			20,908
Number of domestic full-service branches (2)	1,032			1,032			1,030			1,092			1,236
ATM Count	1,715			1,731			1,729			1,756			2,317

(1)Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.

(2)Includes Regional Banking and The Huntington Private Client Group offices.

17

Huntington Bancshares Incorporated

Consolidated Year To Date Average Balance Sheets

(Unaudited)

	YTD Average Balances (1)
	Nine Months Ended September 30,				Change
(dollar amounts in millions)	2022		2021		Amount		Percent
Assets
Interest-bearing deposits at Federal Reserve Bank	$	4,629	$	8,432	$	(3,803)	(45)	%
Interest-bearing deposits in banks	200		322		(122)		(38)
Securities:
Trading account securities	33		50		(17)		(34)
Available-for-sale securities:
Taxable	22,509		18,376		4,133		22
Tax-exempt	2,887		2,868		19		1
Total available-for-sale securities	25,396		21,244		4,152		20
Held-to-maturity securities - taxable	16,336		9,185		7,151		78
Other securities	841		524		317		60
Total securities	42,606		31,003		11,603		37
Loans held for sale	1,086		1,404		(318)		(23)
Loans and leases: (2)
Commercial:
Commercial and industrial	42,569		35,657		6,912		19
Commercial real estate:
Commercial	13,707		8,953		4,754		53
Construction	1,777		1,392		385		28
Commercial real estate	15,484		10,345		5,139		50
Lease financing	4,938		3,336		1,602		48
Total commercial	62,991		49,338		13,653		28
Consumer:
Residential mortgage	20,536		14,941		5,595		37
Automobile	13,512		12,891		621		5
Home equity	10,406		9,771		635		6
RV and marine	5,293		4,549		744		16
Other consumer	1,301		1,058		243		23
Total consumer	51,048		43,210		7,838		18
Total loans and leases	114,039		92,548		21,491		23
Allowance for loan and lease losses	(2,067)		(1,953)		(114)		(6)
Net loans and leases	111,972		90,595		21,377		24
Total earning assets	162,560		133,709		28,851		22
Cash and due from banks	1,672		1,242		430		35
Goodwill and other intangible assets	5,660		3,615		2,045		57
All other assets	10,092		8,459		1,633		19
Total assets	$	177,917	$	145,072	$	32,845	23	%
Liabilities and shareholders’ equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	41,467	$	30,776	$	10,691	35	%
Money market deposits	33,512		29,243		4,269		15
Savings and other domestic deposits	21,480		16,165		5,315		33
Core certificates of deposit (3)	2,274		2,186		88		4
Other domestic deposits of $250,000 or more	244		320		(76)		(24)
Negotiable CDS, brokered and other deposits	3,522		3,417		105		3
Total interest-bearing deposits	102,499		82,107		20,392		25
Short-term borrowings	3,139		256		2,883		NM
Long-term debt	7,401		7,413		(12)		—
Total interest-bearing liabilities	113,039		89,776		23,263		26
Demand deposits - noninterest-bearing	42,157		36,139		6,018		17
All other liabilities	4,158		2,952		1,206		41
Total Huntington Bancshares Inc shareholders’ equity	18,534		16,196		2,338		14
Non-controlling interest	29		9		20		NM
Total equity	$	18,563	$	16,205	$	2,358	15
Total liabilities and shareholders’ equity	$	177,917	$	145,072	$	32,845	23	%

NM - Not Meaningful

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

(2)Includes nonaccrual loans and leases.

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

18

Huntington Bancshares Incorporated

Consolidated Year To Date Net Interest Margin - Interest Income / Expense (1)(2)

(Unaudited)

	YTD Interest Income / Expense
	Nine Months Ended September 30,
(dollar amounts in millions)	2022		2021
Assets
Interest-bearing deposits at Federal Reserve Bank	$	29	$	8
Interest-bearing deposits in banks	3		1
Securities:
Trading account securities	1		1
Available-for-sale securities:
Taxable	378		184
Tax-exempt	66		52
Total available-for-sale securities	444		236
Held-to-maturity securities - taxable	251		124
Other securities	18		6
Total securities	714		367
Loans held for sale	33		31
Loans and leases:
Commercial:
Commercial and industrial	1,297		1,053
Commercial real estate:
Commercial	381		205
Construction	54		38
Commercial real estate	435		243
Lease financing	185		125
Total commercial	1,917		1,421
Consumer:
Residential mortgage	478		338
Automobile	347		352
Home equity	360		282
RV and marine	166		145
Other consumer	90		83
Total consumer	1,441		1,200
Total loans and leases	3,358		2,621
Total earning assets	$	4,137	$	3,028
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	56	$	9
Money market deposits	37		15
Savings and other domestic deposits	3		4
Core certificates of deposit (3)	2		1
Other domestic deposits of $250,000 or more	—		1
Negotiable CDS, brokered and other deposits	30		4
Total interest-bearing deposits	128		34
Short-term borrowings	36		—
Long-term debt	140		5
Total interest-bearing liabilities	304		39
Net interest income	$	3,833	$	2,989

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

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

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

19

Huntington Bancshares Incorporated

Consolidated Year To Date Net Interest Margin - Yield

(Unaudited)

	YTD Average Rates
	Nine Months Ended September 30,
Fully-taxable equivalent basis (1)	2022		2021
Assets
Interest-bearing deposits in Federal Reserve Bank	0.84	%	0.13	%
Interest-bearing deposits in banks	1.85		0.04
Securities:
Trading account securities	3.75		3.21
Available-for-sale securities:
Taxable	2.24		1.33
Tax-exempt	3.04		2.43
Total available-for-sale securities	2.33		1.48
Held-to-maturity securities - taxable	2.05		1.81
Other securities	2.83		1.57
Total securities	2.23		1.58
Loans held for sale	4.00		2.90
Loans and leases: (3)
Commercial:
Commercial and industrial	4.02		3.90
Commercial real estate:
Commercial	3.66		3.02
Construction	4.04		3.58
Commercial real estate	3.70		3.09
Lease financing	4.95		4.96
Total commercial	4.01		3.80
Consumer:
Residential mortgage	3.10		3.02
Automobile	3.44		3.65
Home equity	4.62		3.86
RV and marine	4.19		4.26
Other consumer	9.21		10.44
Total consumer	3.77		3.71
Total loans and leases	3.91		3.76
Total earning assets	3.40	%	3.03	%
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	0.18	%	0.04	%
Money market deposits	0.15		0.07
Savings and other domestic deposits	0.02		0.03
Core certificates of deposit (4)	0.10		0.05
Other domestic deposits of $250,000 or more	0.24		0.23
Negotiable CDS, brokered and other deposits	1.14		0.16
Total interest-bearing deposits	0.17		0.05
Short-term borrowings	1.52		0.26
Long-term debt	2.51		0.10
Total interest-bearing liabilities	0.36		0.06
Net interest rate spread	3.04		2.97
Impact of noninterest-bearing funds on margin	0.11		0.02
Net interest margin	3.15	%	2.99	%

Commercial Loan Derivative Impact
(Unaudited)
	YTD Average Rates
	Nine Months Ended September 30,
Fully-taxable equivalent basis (1)	2022		2021
Commercial loans (2)(3)	3.93	%	3.41	%
Impact of commercial loan derivatives	0.08		0.39
Total commercial - as reported	4.01	%	3.80	%
Average 1 Month LIBOR	1.24	%	0.10	%

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

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

(3)Includes the impact of nonaccrual loans and leases.

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

20

Huntington Bancshares Incorporated

Selected Year To Date Income Statement Data

(Unaudited)

	Nine Months Ended September 30,				Change
(dollar amounts in millions, except per share data)	2022		2021		Amount		Percent
Interest income	$	4,115	$	3,009	$	1,106	37	%
Interest expense	304		39		265		NM
Net interest income	3,811		2,970		841		28
Provision for credit losses	198		89		109		122
Net interest income after provision for credit losses	3,613		2,881		732		25
Service charges on deposit accounts	295		271		24		9
Card and payment processing income	278		241		37		15
Mortgage banking income	119		248		(129)		(52)
Trust and investment management services	188		169		19		11
Capital markets fees	169		104		65		63
Insurance income	86		77		9		12
Leasing revenue	91		58		33		57
Bank owned life insurance income	41		47		(6)		(13)
Gain on sale of loans	55		8		47		NM
Net gains (losses) on sales of securities	—		10		(10)		(100)
Other noninterest income	160		141		19		13
Total noninterest income	1,482		1,374		108		8
Personnel costs	1,771		1,703		68		4
Outside data processing and other services	463		581		(118)		(20)
Net occupancy	185		209		(24)		(11)
Equipment	202		180		22		12
Professional services	56		91		(35)		(38)
Marketing	69		54		15		28
Deposit and other insurance expense	53		33		20		61
Amortization of intangibles	40		34		6		18
Lease financing equipment depreciation	36		24		12		50
Other noninterest expense	249		245		4		2
Total noninterest expense	3,124		3,154		(30)		(1)
Income before income taxes	1,971		1,101		870		79
Provision for income taxes	371		206		165		80
Income after income taxes	1,600		895		705		79
Income attributable to non-controlling interest	7		1		6		NM
Net income attributable to Huntington Bancshares Inc	1,593		894		699		78
Dividends on preferred shares	85		103		(18)		(17)
Impact of preferred stock redemption	—		15		(15)		(100)
Net income applicable to common shares	$	1,508	$	776	$	732	94	%
Average common shares - basic	1,441		1,202		239		20
Average common shares - diluted	1,464		1,225		239		20
Per common share
Net income - basic	$	1.05	$	0.65	$	0.40	62	%
Net income - diluted	1.03		0.63		0.40		63
Cash dividends declared	0.465		0.45		0.02		3
Revenue - fully taxable equivalent (FTE)
Net interest income	$	3,811	$	2,970	$	841	28	%
FTE adjustment (1)	22		19		3		16
Net interest income	3,833		2,989		844		28
Noninterest income	1,482		1,374		108		8
Total revenue (1)	$	5,315	$	4,363	$	952	22	%

NM - Not Meaningful

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

21

Huntington Bancshares Incorporated

Year To Date Mortgage Banking Noninterest Income

(Unaudited)

	Nine Months Ended September 30,						Change
(dollar amounts in millions)	2022			2021			Amount			Percent
Net origination and secondary marketing income	$	89		$	244		$	(155)		(64)	%
Net mortgage servicing income
Loan servicing income	66			55			11			20
Amortization of capitalized servicing	(45)			(61)			16			26
Operating (expense) income	21			(6)			27			NM
MSR valuation adjustment (1)	112			28			84			NM
(Losses) gains due to MSR hedging	(105)			(28)			(77)			NM
Net MSR risk management	7			—			7			—
Total net mortgage servicing income	$	28		$	(6)		$	34		NM
All other	2			10			(8)			(80)
Mortgage banking income	$	119		$	248		$	(129)		(52)	%
Mortgage origination volume	$	8,738		$	12,516		$	(3,778)		(30)	%
Mortgage origination volume for sale	4,121			7,448			(3,327)			(45)
Third party mortgage loans serviced (2)	31,988			30,554			1,434			5
Mortgage servicing rights (2)	486			338			148			44
MSR % of investor servicing portfolio (2)	1.52		%	1.11		%	0.41		%	37	%

NM - Not Meaningful

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

(2)At period end.

22

Huntington Bancshares Incorporated

Year To Date Credit Reserves Analysis

(Unaudited)

	Nine Months Ended September 30,
(dollar amounts in millions)	2022			2021
Allowance for loan and lease losses, beginning of period	$	2,030		$	1,814
Loan and lease charge-offs	(216)			(303)
Recoveries of loans and leases previously charged off	145			122
Net loan and lease charge-offs	(71)			(181)
Provision for loan and lease losses	151			42
Allowance on PCD loans and leases at acquisition	—			432
Allowance for loan and lease losses, end of period	2,110			2,107
Allowance for unfunded lending commitments, beginning of period	$	77		$	52
Provision for unfunded lending commitments	43			47
Unfunded lending commitment losses	—			(1)
Allowance for unfunded lending commitments, end of period	120			98
Total allowance for credit losses	$	2,230		$	2,205
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.79		%	1.92		%
Nonaccrual loans and leases (NALs)	351			245
Nonperforming assets (NPAs)	336			236
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.89		%	2.01		%
Nonaccrual loans and leases (NALs)	371			256
Nonperforming assets (NPAs)	355			246

23

Huntington Bancshares Incorporated

Year To Date Net Charge-Off Analysis

(Unaudited)

	Nine Months Ended September 30,
(dollar amounts in millions)	2022			2021
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	(11)		$	93
Commercial real estate	1			21
Lease financing	4			41
Total commercial	(6)			155
Consumer:
Residential mortgage	(2)			—
Automobile	3			(6)
Home equity	(5)			(4)
RV and marine	6			3
Other consumer	75			33
Total consumer	77			26
Total net charge-offs	$	71		$	181
	Nine Months Ended September 30,
	2022			2021
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	(0.04)		%	0.35		%
Commercial real estate	0.01			0.27
Lease financing	0.11			1.64
Total commercial	(0.01)			0.42
Consumer:
Residential mortgage	(0.01)			—
Automobile	0.03			(0.06)
Home equity	(0.06)			(0.05)
RV and marine	0.16			0.09
Other consumer	7.72			4.07
Total consumer	0.20			0.08
Net charge-offs as a % of average loans	0.08		%	0.26		%

24

Huntington Bancshares Incorporated

Year To Date Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)

(Unaudited)

	September 30,
(dollar amounts in millions)	2022			2021
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	288		$	494
Commercial real estate	110			103
Lease financing	30			60
Residential mortgage	94			108
Automobile	4			3
Home equity	75			87
RV and marine	1			6
Total nonaccrual loans and leases	602			861
Other real estate, net:
Residential	11			6
Commercial	—			1
Total other real estate, net	11			7
Other NPAs (1)	14			25
Total nonperforming assets (3)	$	627		$	893
Nonaccrual loans and leases as a % of total loans and leases	0.51		%	0.79		%
NPA ratio (2)	0.53			0.82

	Nine Months Ended September 30,
(dollar amounts in millions)	2022		2021
Nonperforming assets, beginning of period	$	750	$	563
New nonperforming assets	504		440
Acquired NPAs	—		629
Transfer to OREO	—		—
Returns to accruing status	(180)		(204)
Charge-offs	(97)		(180)
Payments	(341)		(264)
Sales and held-for-sale transfers	(9)		(91)
Nonperforming assets, end of period (2)	$	627	$	893

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

(2)Nonperforming assets divided by the sum of loans and leases, net other real estate owned, and other NPAs.

(3)Nonaccruing troubled debt restructured loans are included in the total nonperforming assets balance.

25

Huntington Bancshares Incorporated

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Huntington believes certain non-GAAP financial measures to be helpful in understanding Huntington’s results of operations. The following tables provide the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure.

	Three months ended					Change (%)
($ in millions)	September 30, 2022			June 30, 2022
Pre-Provision Net Revenue (PPNR)
Total revenue	$	1,902		$	1,746
FTE adjustment	8			6
Total revenue (FTE) (a)	1,910			1,752
Noninterest expense (b)	1,053			1,018
Less: Notable items	10			24
Noninterest expense, excluding notable items (c)	1,043			994
PPNR (a-b)	857			734
PPNR, adjusted (a-c)	867			758		14	%
Return on Tangible Common Equity (ROTCE)
Average common shareholders' equity	$	16,150
Less: intangible assets and goodwill, net of deferred tax	5,737
Average tangible common shareholders' equity (d)	$	10,413
Net income applicable to common shares	$	565
Add: amortization of intangibles, net of deferred tax	11
Net income, excluding amortization of intangibles (e)	576
Add: Notable items, after tax	8
Net income, excluding amortization of intangibles and notable items (f)	$	584
ROTCE, annualized (e/d)	21.9		%
Adjusted ROTCE, annualized (f/d)	22.2		%

26

XML

Cover Page	Oct. 21, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Oct. 21, 2022
Entity Registrant Name	Huntington Bancshares Incorporated
Entity Incorporation, State or Country Code	MD
Entity File Number	1-34073
Entity Tax Identification Number	31-0724920
Entity Address, Address Line One	41 South High Street
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43287
City Area Code	614
Local Phone Number	480-2265
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000049196
Amendment Flag	false
Common Stock-Par Value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Common Stock—Par Value $0.01 per Share
Trading Symbol	HBAN
Security Exchange Name	NASDAQ
Series H Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANP
Security Exchange Name	NASDAQ
Series I Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANM
Security Exchange Name	NASDAQ