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) April 20, 2023

 ______________________________________________________________________________________________________________________________

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
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock)	HBANL	NASDAQ
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ

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

Item  2.02.     Results of Operations and Financial Condition.

On April 20, 2023, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2023. Also on April 20, 2023, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.

Huntington’s senior management will host an earnings conference call on April 20, 2023, at 11:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13737064. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 28, 2023 at (877) 660-6853 or (201) 612-7415; conference ID #13737064.

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

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including 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; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; transition away from LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect 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, 2022, which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.

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

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

Item  9.01.     Financial Statements and Exhibits.

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

(d)Exhibits.

Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 20, 2023.

Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2023.

EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	News release of Huntington Bancshares Incorporated, dated April 20, 2023
Exhibit 99.2	Quarterly Financial Supplement, March 31, 2023
Exhibit 104	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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

		HUNTINGTON BANCSHARES INCORPORATED
Date:	April 20, 2023	By:	/s/ Zachary Wasserman
			Zachary Wasserman
			Chief Financial Officer

EX-99.1

Exhibit 99.1

April 20, 2023

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

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

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2023 FIRST-QUARTER EARNINGS

Strong Q1 Results and Disciplined Execution Demonstrate Huntington's Stability and Robust Financial Performance

2023 First-Quarter Highlights:

•Earnings per common share (EPS) for the quarter were $0.39, a decrease of $0.03 from the prior quarter, and an increase of $0.10 from the year-ago quarter.Excluding the after tax impact of Notable Items, adjusted earnings per common share were $0.38.

•Net interest income decreased $53 million, or 4%, from the prior quarter, and increased $263 million, or 23%, from the year-ago quarter.The decrease from the prior quarter reflects lower net interest margin and two fewer days in the quarter.

•Pre-Provision Net Revenue (PPNR) decreased $49 million, or 5%, from the prior quarter to $844 million, and increased $244 million, or 41%, from the year-ago quarter. Excluding Notable Items, adjusted PPNR decreased $80 million, or 9%, from the prior quarter to $828 million, and increased $182 million, or 28%, from the year-ago quarter.

•Insured deposits of approximately $100 billion, or 69% of total deposits.

•Cash and cash equivalents and available contingent borrowing capacity of $61 billion at March 31, 2023, representing 136% of uninsured deposits.

•Average total deposits increased $472 million from the prior quarter and $3.2 billion from the year-ago quarter.

◦Average core deposits increased $381 million from the prior quarter reflecting continued momentum in consumer deposit gathering and ongoing focus on acquiring and deepening primary bank relationships.

•Average total loans and leases increased $1.5 billion, or 1%, from the prior quarter to $120.4 billion,and increased $9.3 billion, or 8%, from the year-ago quarter.

◦Average total commercial loans and leases increased $1.5 billion, or 2%, and average total consumer loans were flat from the prior quarter.

•Net charge-offs of 0.19% of average total loans and leases for the quarter.

•Nonperforming assets have declined for seven consecutive quarters.

•Allowance for credit losses (ACL) of $2.3 billion, or 1.90%, of total loans and leases at quarter end.

•Common Equity Tier 1 (CET1) risk-based capital ratio increased 19 basis points to 9.55%.

•Tangible common equity (TCE) ratio increased 22 basis points to 5.77%.

1

•Completed the voluntary retirement program, closed the sale of our retirement plan services ("RPS") business and entered into an ongoing partnership with the purchaser, and executed on our previously announced organizational realignment.

•Huntington National Bank earned the #1 ranking in customer satisfaction in the North Central region and Pennsylvania in the J.D. Power 2023 U.S. Retail Banking Satisfaction Study; Huntington has received this recognition for the seventh time in the North Central region and for the first time in Pennsylvania.

•Huntington Middle Market received 11 awards from Coalition Greenwich for 2022 in Excellence and Best Brand.

•Huntington was recognized by Newsweek as one of America’s 500 Most Responsible Companies for the fourth consecutive year.

•Huntington was ranked as one of the Most Sustainable U.S. Companies by Barron’s, a weekly publication by Dow Jones & Company; highest ranked regional bank and 2nd highest U.S. bank of any size.

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2023 first quarter of $602 million, or $0.39 per common share, an increase of $142 million, or $0.10 per common share from the year-ago quarter.

Return on average assets was 1.32%, return on average common equity was 14.6%, return on average tangible common equity (ROTCE) was 23.1%.

CEO Commentary:

"Our first quarter results reflect the strength and stability of Huntington and the continued execution of our strategy, despite the market disruption in March,” said Steve Steinour, chairman, president, and CEO.“Huntington’s solid capital levels, strong credit profile, and leading deposit and liquidity profile have positioned the company to enter this period from a position of strength. Our Fair Play philosophy, executed over a decade, has resulted in a granular, sticky consumer and small business deposit base. Our deposit base is highly diversified, and our available liquidity is at an industry leading percentage of insured deposit balances.

“At the core of our Purpose is making people's lives better, helping businesses thrive, and strengthening our communities, and we have a long track record of doing so.We are proud to be able to continue looking out for people in times such as these, including acquiring new customers and primary bank relationships.The core tenets of trust and customer satisfaction form the foundation of a long-term relationship with our customers.We are proud to have been once again recognized by J.D. Power for the number one customer satisfaction ranking in our region, and we received multiple Coalition Greenwich awards recognizing our leadership in commercial and middle market banking.These accolades are a testament to our colleagues and the customer experience they deliver.

“Over the course of the first quarter, we continued to execute on our key initiatives including our consistent and proactive approach to expense management.We consolidated 31 branches, completed the previously announced voluntary retirement program and executed on our organizational realignment.Collectively, these actions will support funding our continued investments to drive sustainable revenue growth.We will continue to actively manage our expense base to fund investments across our businesses to position us for growth in the future.

“Finally, over the past decade we have bolstered the foundation of the franchise to ensure Huntington is resilient across a range of economic environments.This work has positioned Huntington very well for times such as these with our long-standing approach to conservative and disciplined risk management.This strong foundation enables us to remain dynamic, capitalize on opportunities in front of us, and continue to grow and expand the company, aligned with our strategic objectives.”

2

Table 1 – Earnings Performance Summary

	2023			2022
(in millions, except per share data)	First			Fourth			Third			Second			First
	Quarter			Quarter			Quarter			Quarter			Quarter
Net income attributable to Huntington	$	602		$	645		$	594		$	539		$	460
Diluted earnings per common share	0.39			0.42			0.39			0.35			0.29
Return on average assets	1.32		%	1.41		%	1.31		%	1.22		%	1.05		%
Return on average common equity	14.6			16.0			13.9			12.8			10.4
Return on average tangible common equity	23.1			26.0			21.9			19.9			15.8
Net interest margin	3.40			3.52			3.42			3.15			2.88
Efficiency ratio	55.6			54.0			54.4			57.3			62.9
Tangible book value per common share	$	7.32		$	6.82		$	6.40		$	6.96		$	7.47
Cash dividends declared per common share	0.155			0.155			0.155			0.155			0.155
Average earning assets	$	169,112		$	165,545		$	164,024		$	161,225		$	162,414
Average loans and leases	120,420			118,907			116,964			113,949			111,142
Average core deposits	141,077			140,696			141,691			141,802			139,148
Tangible common equity / tangible assets ratio	5.77		%	5.55		%	5.32		%	5.80		%	6.28		%
Common equity Tier 1 risk-based capital ratio	9.55			9.36			9.27			9.05			9.22
NCOs as a % of average loans and leases	0.19		%	0.17		%	0.15		%	0.03		%	0.07		%
NAL ratio	0.44			0.48			0.51			0.57			0.60
ACL as a % of total loans and leases	1.90			1.90			1.89			1.87			1.87

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation).

Table 2 – Notable Items Influencing Earnings

		Pretax Impact (1)		After-tax Impact (1)
($ in millions, except per share)		Amount		Net Income		EPS (2)
Three Months Ended March 31, 2023				$	602	$	0.39
•	RPS sale (noninterest income)	$	57	$	44	$	0.03
•	Voluntary retirement program and organizational realignment expense (noninterest expense) (3)	(42)		(34)		(0.02)
Three Months Ended December 31, 2022				$	645	$	0.42
•	Acquisition-related expenses (4)	$	(15)	$	(12)	$	(0.01)
Three Months Ended March 31, 2022				$	460	$	0.29
•	Acquisition-related expenses (4)	$	(46)	$	(37)	$	(0.03)

(1)Favorable (unfavorable) impact.

(2)EPS reflected on a fully diluted basis.

(3)Voluntary retirement program ($36 million) and organizational realignment expense ($6 million).

(4)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

	2023		2022
($ in millions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Net interest income	$	1,409	$	1,462	$	1,404	$	1,261	$	1,146	(4)	%	23	%
FTE adjustment	9		9		8		6		8		—		13
Net interest income - FTE	1,418		1,471		1,412		1,267		1,154		(4)		23
Noninterest income	512		499		498		485		499		3		3
Total revenue - FTE	$	1,930	$	1,970	$	1,910	$	1,752	$	1,653	(2)	%	17	%

	2023		2022
	First		Fourth		Third		Second		First		Change (bp)
Yield / Cost	Quarter		Quarter		Quarter		Quarter		Quarter		LQ	YOY
Total earning assets	4.89	%	4.46	%	3.86	%	3.33	%	3.00	%	43	189
Total loans and leases	5.27		4.86		4.28		3.77		3.64		41	163
Total securities	3.56		3.26		2.74		2.24		1.72		30	184
Total interest-bearing liabilities	2.02		1.31		0.64		0.25		0.18		71	184
Total interest-bearing deposits	1.52		0.88		0.35		0.10		0.04		64	148
Net interest rate spread	2.87		3.15		3.22		3.08		2.82		(28)	5
Impact of noninterest-bearing funds on margin	0.53		0.37		0.20		0.07		0.06		16	47
Net interest margin	3.40	%	3.52	%	3.42	%	3.15	%	2.88	%	(12)	52

See Pages 7-8 of Quarterly Financial Supplement for additional detail.

Fully-taxable equivalent (FTE) net interest income for the 2023 first quarter increased $264 million, or 23%, from the 2022 first quarter.The results primarily reflect a 52 basis point increase in the FTE net interest margin (NIM) to 3.40% and a $6.7 billion, or 4%, 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 2023 first quarter included $10 million of net interest income from purchase accounting accretion and PPP loan fees recognized upon forgiveness payments, compared to $30 million in the 2022 first quarter.

Compared to the 2022 fourth quarter, FTE net interest income decreased $53 million, or 4%,reflecting a 12 basis point decrease in NIM and two fewer days in the quarter. The NIM decrease was driven by higher cost of funds, partially offset by higher loan and lease and investment security yields. Net interest income in the 2022 fourth quarterincluded $12 million of net interest income from purchase accounting accretion and PPP loan fees recognized upon forgiveness payments.

4

Table 4 – Average Earning Assets

	2023		2022
($ in billions)	First		Fourth		Third		Second		First		Change (%)
	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Commercial and industrial	$	46.1	$	44.7	$	43.6	$	42.7	$	41.4	3	%	11	%
Commercial real estate	16.6		16.6		16.1		15.3		15.1		—		10
Lease financing	5.2		5.1		5.0		4.9		4.9		3		6
Total commercial	67.9		66.4		64.7		62.9		61.4		2		11
Residential mortgage	22.3		22.0		21.6		20.5		19.5		1		14
Automobile	13.2		13.3		13.5		13.6		13.5		—		(2)
Home equity	10.3		10.4		10.4		10.4		10.4		(2)		(1)
RV and marine	5.4		5.4		5.5		5.3		5.1		(1)		5
Other consumer	1.3		1.3		1.3		1.3		1.3		(3)		2
Total consumer	52.5		52.5		52.3		51.1		49.8		—		5
Total loans and leases	120.4		118.9		117.0		113.9		111.1		1		8
Total securities	41.9		41.1		42.6		42.6		42.7		2		(2)
Held-for-sale and other earning assets	6.8		5.6		4.5		4.7		8.6		22		(21)
Total earning assets	$	169.1	$	165.5	$	164.0	$	161.2	$	162.4	2	%	4	%

See Page 6 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2023 first quarter increased $6.7 billion, or 4%, from the year-ago quarter, primarily reflecting a $9.3 billion, or 8%, increase in average total loans and leases, partially offset by a $1.1 billion, or 15%, decrease in deposits held at the Federal Reserve Bank, a $793 million, or 64%, decrease in loans held for sale, and a $768 million, or 2%, decrease in average securities. Average loan and lease balance increases were primarily due to organic growth in average commercial loans and leases of $6.5 billion, or 11%, and average consumer loans of $2.7 billion, or 5%.

Compared to the 2022 fourth quarter, average earning assets increased $3.6 billion primarily reflecting a $1.5 billion, or 1%, increase in average total loans and leases, $1.5 billion, or 32%, increase in deposits held at the Federal Reserve Bank, and $811 million, or 2%, increase in average securities. Average loan and lease balance increases were due to growth in average commercial loans and leases of $1.5 billion, or 2%.

5

Table 5 – Liabilities

	2023		2022
	First		Fourth		Third		Second		First		Change (%)
($ in billions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Average balances:
Demand deposits - noninterest-bearing	$	37.5	$	39.9	$	42.1	$	42.4	$	42.0	(6)	%	(11)	%
Demand deposits - interest-bearing	40.7		42.7		42.1		41.7		40.6		(5)		0
Total demand deposits	78.2		82.6		84.2		84.1		82.6		(5)		(5)
Money market deposits	37.3		34.4		34.1		33.8		32.7		8		14
Savings and other domestic deposits	19.9		20.8		21.4		21.7		21.3		(5)		(7)
Core certificates of deposit	5.7		2.9		2.0		2.2		2.6		96		124
Total core deposits	141.1		140.7		141.7		141.8		139.1		—		1
Other domestic deposits of $250,000 or more	0.3		0.2		0.2		0.2		0.3		27		(20)
Negotiable CDs, brokered and other deposits	4.8		4.8		4.1		3.0		3.5		1		39
Total deposits	$	146.2	$	145.7	$	146.0	$	145.0	$	142.9	—	%	2	%
Short-term borrowings	$	4.4	$	0.5	$	2.6	$	2.1	$	4.7	702	%	(8)	%
Long-term debt	11.0		12.7		8.3		7.0		6.9		(13)		60
Total debt	$	15.4	$	13.2	$	10.9	$	9.1	$	11.6	17	%	32	%
Total interest-bearing liabilities	$	124.1	$	119.0	$	114.8	$	111.7	$	112.6	4	%	10	%
Period end balances:
Total core deposits	$	140.4	$	142.1	$	141.6	$	141.5	$	143.4	(1)	%	(2)	%
Other deposits	4.9		5.8		4.7		3.9		3.6		(16)		38
Total deposits	$	145.3	$	147.9	$	146.3	$	145.4	$	147.0	(2)	%	(1)	%

See Pages 5-6 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2023 first quarter increased $11.5 billion, or 10%, from the year-ago quarter. Average total deposits increased $3.2 billion, or 2%, while average total core deposits increased $1.9 billion, or 1%. The average total core deposit increase was primarily driven by higher average commercial core deposits of $1.7 billion, or 3%. Average total debt increased $3.8 billion, or 32%, driven by new debt issuances and higher FHLB borrowings, reflecting actions taken as part of normal management of funding needs.

Compared to the 2022 fourth quarter, average total interest-bearing liabilities increased $5.0 billion, or 4%. Average total deposits increased $472 million, while average total core deposits increased $381 million. The average total core deposit increase was primarily driven by higher average consumer core deposits of $2.1 billion, or 3%, partially offset by lower average commercial core deposits $1.7 billion, or 3%. Average total debt increased $2.2 billion, or 17%, driven by higher short-term FHLB borrowings.

Ending total deposits as of March 31, 2023 decreased $1.7 billion, or 1%, compared to a year ago. The decrease was driven by a $2.9 billion, or 5%, decrease in core commercial deposits, partially offset by a $1.3 billion increase other deposits.

Compared to December 31, 2022, ending total deposits decreased $2.6 billion, or 2%. The decrease was primarily driven by a $3.0 billion, or 5%, decrease in commercial core deposits and a $914 million decrease in other deposits, partially offset by higher consumer core deposits of $1.3 billion, or 2%.

6

Noninterest Income

Table 6 – Noninterest Income

	2023		2022
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Service charges on deposit accounts	$	83	$	89	$	93	$	105	$	97	(7)	%	(14)	%
Card and payment processing income	93		96		96		96		86		(3)		8
Capital markets fees	59		83		73		54		42		(29)		40
Trust and investment management services	62		61		60		63		65		2		(5)
Mortgage banking income	26		25		26		44		49		4		(47)
Leasing revenue	26		35		29		27		35		(26)		(26)
Insurance income	34		31		28		27		31		10		10
Gain on sale of loans	3		2		15		12		28		50		(89)
Bank owned life insurance income	16		15		13		11		17		7		(6)
Net gains on sales of securities	1		—		—		—		—		100		100
Other noninterest income	109		62		65		46		49		76		122
Total noninterest income	$	512	$	499	$	498	$	485	$	499	3	%	3	%
Impact of Notable Item:
RPS sale (other noninterest income)	$	57	$	—	$	—	$	—	$	—	NM		NM
Total adjusted noninterest income (Non-GAAP)	$	455	$	499	$	498	$	485	$	499	(9)	%	(9)	%

NM - Not meaningful

See Page 10 of Quarterly Financial Supplement for additional detail.

Reported total noninterest income for the 2023 first quarter increased $13 million, or 3%, from the year-ago quarter primarily reflecting the gain associated with the sale of the RPS business and growth in areas of strategic focus, including an increase in capital markets fees of $17 million, or 40%, primarily reflecting Capstone related advisory fees and an increase in card and payments processing of $7 million, or 8%. Partially offsetting these increases was a decrease in gain on sale of loans of $25 million, or 89%, resulting from the strategic decision to retain SBA loans. Mortgage banking income decreased $23 million, or 47%, primarily reflecting lower salable volume and salable spreads. Service charges on deposit accounts decreased $14 million, or 14%, primarily reflecting impact from deposit pricing and program changes. Leasing revenue decreased $9 million, or 26%, primarily driven by decreases in operating lease income and income on terminated leases.

Total noninterest income increased $13 million, to $512 million for the 2023 first quarter, compared to $499 million for the 2022 fourth quarter. The increase was primarily driven by the gain associated with the sale of the RPS business. Partially offsetting this increase was a decrease in capital markets fees of $24 million, or 29%, due to lower advisory fees. Leasing revenue decreased $9 million, or 26%, reflecting a decrease in income on terminated leases. Service charges on deposit accounts decreased $6 million, or 7%, primarily reflecting impact from deposit pricing and program changes.

7

Noninterest Expense

Table 7 – Noninterest Expense

	2023		2022
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	649	$	630	$	614	$	577	$	580	3	%	12	%
Outside data processing and other services	151		147		145		153		165		3		(8)
Equipment	64		67		60		61		81		(4)		(21)
Net occupancy	60		61		63		58		64		(2)		(6)
Marketing	25		22		24		24		21		14		19
Professional services	16		21		18		19		19		(24)		(16)
Deposit and other insurance expense	20		14		15		20		18		43		11
Amortization of intangibles	13		13		13		13		14		—		(7)
Lease financing equipment depreciation	8		9		11		11		14		(11)		(43)
Other noninterest expense	80		93		90		82		77		(14)		4
Total noninterest expense	$	1,086	$	1,077	$	1,053	$	1,018	$	1,053	1	%	3	%
(in thousands)
Average full-time equivalent employees	20.2		20.0		20.0		19.9		19.7		1	%	3	%

Table 8 - Impact of Notable Items

	2023		2022
	First		Fourth		Third		Second		First
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter
Personnel costs	$	42	$	—	$	1	$	2	$	5
Outside data processing and other services	—		2		2		12		25
Equipment	—		2		1		—		2
Net occupancy	—		10		6		6		10
Professional services	—		1		—		1		2
Deposit and other insurance expense	—		—		—		1		—
Other noninterest expense	—		—		—		2		2
Total noninterest expense	$	42	$	15	$	10	$	24	$	46

8

Table 9 - Adjusted Noninterest Expense (Non-GAAP)

	2023		2022
	First		Fourth		Third		Second		First		Change (%)
($ in millions)	Quarter		Quarter		Quarter		Quarter		Quarter		LQ		YOY
Personnel costs	$	607	$	630	$	613	$	575	$	575	(4)	%	6	%
Outside data processing and other services	151		145		143		141		140		4		8
Equipment	64		65		59		61		79		(2)		(19)
Net occupancy	60		51		57		52		54		18		11
Marketing	25		22		24		24		21		14		19
Professional services	16		20		18		18		17		(20)		(6)
Deposit and other insurance expense	20		14		15		19		18		43		11
Amortization of intangibles	13		13		13		13		14		—		(7)
Lease financing equipment depreciation	8		9		11		11		14		(11)		(43)
Other noninterest expense	80		93		90		80		75		(14)		7
Total adjusted noninterest expense	$	1,044	$	1,062	$	1,043	$	994	$	1,007	(2)	%	4	%

Reported total noninterest expense for the 2023 first quarter increased $33 million, or 3%, from the year-ago quarter. Excluding the impact from Notable Items, noninterest expense increased $37 million, or 4%, primarily driven by higher personnel costs of $32 million, or 6%, due to the impact of the Capstone acquisition and outside data processing and other services increase of $11 million, or 8%, driven by higher technology investments. Partially offsetting these increases was $15 million, or 19%, lower equipment expense reflecting timing of technology equipment purchases and amortization.

Reported total noninterest expense increased $9 million, or 1%, from the 2022 fourth quarter. Excluding the impact from Notable Items, noninterest expense decreased $18 million, or 2%, primarily driven by lower personnel costs and other noninterest expense reflecting reduced incentive compensation and Capstone expenses attributable to revenue activity. Partially offsetting these decreases were increases of $9 million, or 18%, in net occupancy driven by prior quarter gains associated with sale of assets, and $6 million, or 43%, in deposit and other insurance expense due to increase in FDIC insurance rate.

9

Credit Quality

Table 10 – Credit Quality Metrics

	2023			2022
($ in millions)	March 31,			December 31,			September 30,			June 30,			March 31,
Total nonaccrual loans and leases	$	533		$	569		$	602		$	657		$	682
Total other real estate, net	20			11			11			11			11
Other NPAs (1)	25			14			14			14			15
Total nonperforming assets	578			594			627			682			708
Accruing loans and leases past due 90+ days	185			207			223			212			280
NPAs + accruing loans & leases past due 90+ days	$	763		$	801		$	850		$	894		$	988
NAL ratio (2)	0.44		%	0.48		%	0.51		%	0.57		%	0.60		%
NPA ratio (3)	0.48			0.50			0.53			0.59			0.63
(NPAs+90 days)/(Loans+OREO)	0.63			0.67			0.72			0.77			0.88
Provision for credit losses	$	85		$	91		$	106		$	67		$	25
Net charge-offs	57			50			44			8			19
Net charge-offs / Average total loans and leases	0.19		%	0.17		%	0.15		%	0.03		%	0.07		%
Allowance for loans and lease losses (ALLL)	$	2,142		$	2,121		$	2,110		$	2,074		$	2,018
Allowance for unfunded lending commitments	157			150			120			94			91
Allowance for credit losses (ACL)	$	2,299		$	2,271		$	2,230		$	2,168		$	2,109
ALLL as a % of:
Total loans and leases	1.77		%	1.77		%	1.79		%	1.78		%	1.79		%
NALs	402			373			351			316			296
NPAs	371			357			336			304			285
ACL as a % of:
Total loans and leases	1.90		%	1.90		%	1.89		%	1.87		%	1.87		%
NALs	431			400			371			330			309
NPAs	398			382			355			318			298

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

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

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

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

Nonperforming assets (NPAs) were $578 million, or 0.48%, of total loans and leases, OREO and other NPAs, compared to $708 million, or 0.63%, a year-ago. Nonaccrual loans and leases (NALs) were $533 million, or 0.44% of total loans and leases, compared to $682 million, or 0.60% of total loans and leases, a year-ago. On a linked quarter basis, NPAs decreased $16 million, or 3%, and NALs decreased $36 million, or 6%.

The provision for credit losses increased $60 million year-over-year and decreased $6 million quarter-over-quarter to $85 million in the 2023 first quarter. Net charge-offs (NCOs) increased $38 million year-over-year and increased $7 million quarter-over-quarter to $57 million. NCOs represented an annualized 0.19% of average loans and leases in the current quarter, up from 0.07% in the year-ago quarter and up from 0.17% in the prior quarter. The increase in NCOs reflects the continued normalization of net charge-offs. Commercial and consumer net charge-offs remained low at 0.17% and 0.21%, respectively, for the 2023 first quarter.

The allowance for loan and lease losses (ALLL) increased $124 million from the year-ago quarter to $2.1 billion, or 1.77%, and allowance for credit losses (ACL) increased by $190 million from the year-ago quarter to $2.3 billion, or 1.90% of total loans and leases, primarily driven by loan and lease portfolio growth and recognition of increased near-term recessionary risks. On a linked quarter basis, the ACL increased $28 million, resulting in the ACL coverage ratio being flat at 1.90%.

10

Capital

Table 11 – Capital Ratios

	2023			2022
($ in billions)	March 31,			December 31,			September 30,			June 30,			March 31,
Tangible common equity / tangible assets ratio	5.77		%	5.55		%	5.32		%	5.80		%	6.28		%
Common equity tier 1 risk-based capital ratio (1)	9.55			9.36			9.27			9.05			9.22
Regulatory Tier 1 risk-based capital ratio (1)	11.30			10.90			10.84			10.63			10.84
Regulatory Total risk-based capital ratio (1)	13.53			13.09			13.05			12.81			13.03
Total risk-weighted assets (1)	$	142.3		$	141.9		$	138.8		$	137.8		$	134.5

(1)March 31, 2023 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, 2023, 50% of the cumulative CECL deferral has been phased in. As of March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022 25% of the cumulative CECL deferral has been phased in.

See Page 15 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 5.77% at March 31, 2023, up 22 basis points from last quarter due primarily to current period earnings and improved accumulated other comprehensive income (AOCI). Common Equity Tier 1 (CET1) risk-based capital ratio was 9.55%, up from 9.36% from the prior quarter. The increase in regulatory capital ratios was primarily driven by current period earnings, partially offset by the CECL transitional amount.

Income Taxes

The provision for income taxes was $144 million in the 2023 first quarter compared to $144 million in the 2022 fourth quarter. The effective tax rate for the 2023 first quarter and 2022 fourth quarter were 19.2% and 18.2%, respectively. The variance to the linked quarter effective tax rate relates primarily to higher state tax expense and nondeductible items.

At March 31, 2023, we had a net federal deferred tax asset of $294 million and a net state deferred tax asset of $82 million.

Conference Call / Webcast Information

Huntington’s senior management will host an earnings conference call on April 20, 2023, at 11:00a.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 #13737064. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 28, 2023 at (877) 660-6853 or (201) 612-7415; conference ID #13737064.

Please see the 2023 First Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

11

About Huntington

Huntington Bancshares Incorporated is a $189 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

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

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages; instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including 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; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; transition away from LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect 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, 2022, 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.

12

Basis of Presentation

Use of Non-GAAP Financial Measures

This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding Huntington’s results of operations or financial position.Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this document, the financial supplement, conference call slides, or the Form 8-K related to this document, all of which can be found in the Investor Relations section of Huntington’s website, http://www.huntington.com.

Annualized Data

Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis.This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts.For example, loan and deposit growth rates, as well as net charge-off percentages, are most often expressed in terms of an annual rate like 8%.As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.

Fully-Taxable Equivalent Interest Income and Net Interest Margin

Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. This adjustment puts all earning assets, most notably tax-exempt municipal securities, and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.

Rounding

Please note that 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.

13

EX-99.2

Exhibit 99.2

HUNTINGTON BANCSHARES INCORPORATED

Quarterly Financial Supplement

March 31, 2023

Table of Contents

Quarterly Key Statistics	1
Consolidated Balance Sheets	3
Loans and Leases Composition	4
Deposits Composition	5
Consolidated Quarterly Average Balance Sheets	6
Consolidated Quarterly Net Interest Margin - Interest Income / Expense	7
Consolidated Quarterly Net Interest Margin - Yield	8
Selected Quarterly Income Statement Data	9
Quarterly Mortgage Banking Noninterest Income	10
Quarterly Credit Reserves Analysis	11
Quarterly Net Charge-Off Analysis	12
Quarterly Nonaccrual Loans and Leases (NALs) and Nonperforming Assets (NPAs)	13
Quarterly Accruing Past Due Loans and Leases	14
Quarterly Capital Under Current Regulatory Standards (Basel III) and Other Capital Data	15
Quarterly Common Stock Summary, Non-Regulatory Capital, and Other Data	16
Reconciliation of Non-GAAP Financial Measures	17

Notes:

The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.

Fully-Taxable Equivalent Basis

Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures.  Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes.  The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.  The FTE basis assumes a federal statutory tax rate of 21%.

Non-Regulatory Capital Ratios

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

•Tangible common equity to tangible assets, and

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

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

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

Huntington Bancshares Incorporated

Quarterly Key Statistics

(Unaudited)

	Three Months Ended
(dollar amounts in millions, except per share data)	March 31,			December 31,			March 31,			Percent Changes vs.
	2023			2022			2022			4Q22		1Q22
Net interest income (2)	$	1,418		$	1,471		$	1,154		(4)	%	23	%
FTE adjustment	(9)			(9)			(8)			—		(13)
Net interest income	1,409			1,462			1,146			(4)		23
Provision for credit losses	85			91			25			(7)		240
Noninterest income	512			499			499			3		3
Noninterest expense	1,086			1,077			1,053			1		3
Income before income taxes	750			793			567			(5)		32
Provision for income taxes	144			144			105			—		37
Income after income taxes	606			649			462			(7)		31
Income attributable to non-controlling interest	4			4			2			—		100
Net income attributable to Huntington	602			645			460			(7)		31
Dividends on preferred shares	29			28			28			4		4
Net income applicable to common shares	$	573		$	617		$	432		(7)	%	33
Net income per common share - diluted	$	0.39		$	0.42		$	0.29		(7)	%	34	%
Cash dividends declared per common share	0.155			0.155			0.155			—		—
Tangible book value per common share at end of period	7.32			6.82			7.47			7		(2)
Average common shares - basic	1,443			1,443			1,438			—		—
Average common shares - diluted	1,469			1,468			1,464			—		—
Ending common shares outstanding	1,444			1,443			1,439			—		—
Return on average assets	1.32		%	1.41		%	1.05		%
Return on average common shareholders’ equity	14.6			16.0			10.4
Return on average tangible common shareholders’ equity (1)	23.1			26.0			15.8
Net interest margin (2)	3.40			3.52			2.88
Efficiency ratio (3)	55.6			54.0			62.9
Effective tax rate	19.2			18.2			18.5
Average total assets	$	184,894		$	181,292		$	177,612		2		4
Average earning assets	169,112			165,545			162,414			2		4
Average loans and leases	120,420			118,907			111,142			1		8
Average loans and leases - linked quarter annualized growth rate	5.1		%	6.6		%	6.0		%
Average total deposits	$	146,144		$	145,672		$	142,917		—		2
Average core deposits (4)	141,077			140,696			139,148			—		1
Average Huntington shareholders’ equity	18,231			17,458			19,064			4		(4)
Average common total shareholders' equity	15,973			15,292			16,898			4		(5)
Average tangible common shareholders' equity	10,253			9,563			11,364			7		(10)
Total assets at end of period	189,070			182,906			176,856			3		7
Total Huntington shareholders’ equity at end of period	18,758			17,731			18,452			6		2
NCOs as a % of average loans and leases	0.19		%	0.17		%	0.07		%
NAL ratio	0.44			0.48			0.60
NPA ratio (5)	0.48			0.50			0.63
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period	1.77			1.77			1.79
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period	1.90			1.90			1.87
Common equity tier 1 risk-based capital ratio (6)	9.55			9.36			9.22
Tangible common equity / tangible asset ratio (7)	5.77			5.55			6.28

See Notes to the Quarterly Key Statistics.

1

Key Statistics Footnotes

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

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

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

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

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

(6)March 31, 2023, 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.

2

Huntington Bancshares Incorporated

Consolidated Balance Sheets

	March 31,		December 31,
(dollar amounts in millions)	2023		2022		Percent Changes
	(Unaudited)
Assets
Cash and due from banks	$	1,568	$	1,796	(13)	%
Interest-bearing deposits at Federal Reserve Bank	8,801		4,908		79
Interest-bearing deposits in banks	203		214		(5)
Trading account securities	18		19		(5)
Available-for-sale securities	24,086		23,423		3
Held-to-maturity securities	16,977		17,052		—
Other securities	1,299		854		52
Loans held for sale	457		529		(14)
Loans and leases (1)	121,179		119,523		1
Allowance for loan and lease losses	(2,142)		(2,121)		(1)
Net loans and leases	119,037		117,402		1
Bank owned life insurance	2,753		2,753		—
Accrued income and other receivables	1,521		1,573		(3)
Premises and equipment	1,136		1,156		(2)
Goodwill	5,561		5,571		—
Servicing rights and other intangible assets	685		712		(4)
Other assets	4,968		4,944		—
Total assets	$	189,070	$	182,906	3	%
Liabilities and shareholders' equity
Liabilities
Deposits (2)	$	145,278	$	147,914	(2)	%
Short-term borrowings	6,898		2,027		240
Long-term debt	13,072		9,686		35
Other liabilities	5,011		5,510		(9)
Total liabilities	170,259		165,137		3
Shareholders' equity
Preferred stock	2,484		2,167		15
Common stock	15		14		7
Capital surplus	15,332		15,309		—
Less treasury shares, at cost	(82)		(80)		(3)
Accumulated other comprehensive income (loss)	(2,755)		(3,098)		11
Retained earnings	3,764		3,419		10
Total Huntington shareholders’ equity	18,758		17,731		6
Non-controlling interest	53		38		39
Total equity	18,811		17,769		6
Total liabilities and equity	$	189,070	$	182,906	3	%
Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000
Common shares outstanding	1,443,614,966		1,443,068,036
Treasury shares outstanding	6,465,176		6,322,052
Preferred stock, authorized shares	6,617,808		6,617,808
Preferred shares outstanding	882,500		557,500

(1)See page 4 for detail of loans and leases.

(2)See page 5 for detail of deposits.

3

Huntington Bancshares Incorporated

Loans and Leases Composition

(Unaudited)

	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2023				2022				2022				2022				2022
Ending balances by type:
Total loans and leases
Commercial:
Commercial and industrial	$	47,049	40	%	$	45,127	38	%	$	44,144	38	%	$	43,440	38	%	$	42,236	37	%
Commercial real estate:
Commercial	15,122		12		15,132		13		14,717		12		14,173		12		13,381		12
Construction	1,255		1		1,502		1		1,739		2		1,522		1		2,010		2
Commercial real estate	16,377		13		16,634		14		16,456		14		15,695		13		15,391		14
Lease financing	5,244		4		5,252		4		5,093		4		5,043		4		4,978		4
Total commercial	68,670		57		67,013		56		65,693		56		64,178		55		62,605		55
Consumer:
Residential mortgage	22,472		19		22,226		19		21,816		18		21,220		18		19,942		18
Automobile	13,187		11		13,154		11		13,430		11		13,622		12		13,480		12
Home equity	10,166		8		10,375		9		10,440		9		10,426		9		10,343		9
RV and marine	5,404		4		5,376		4		5,436		5		5,453		5		5,191		5
Other consumer	1,280		1		1,379		1		1,332		1		1,322		1		1,256		1
Total consumer	52,509		43		52,510		44		52,454		44		52,043		45		50,212		45
Total loans and leases	$	121,179	100	%	$	119,523	100	%	$	118,147	100	%	$	116,221	100	%	$	112,817	100	%

	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2023				2022				2022				2022				2022
Ending balances by business segment:
Commercial Banking	$	56,828	47	%	$	55,497	47	%	$	54,515	47	%	$	52,845	45	%	$	51,132	45	%
Consumer and Business Banking	32,236		27		32,386		27		32,115		27		32,144		28		31,756		29
Vehicle Finance	22,071		18		21,741		18		21,707		18		21,848		19		21,344		19
RBHPCG (Regional Banking and The Huntington Private Client Group)	9,851		8		9,760		8		9,586		8		9,181		8		8,435		7
Treasury / Other	193		—		139		—		224		—		203		—		150		—
Total loans and leases	$	121,179	100	%	$	119,523	100	%	$	118,147	100	%	$	116,221	100	%	$	112,817	100	%
Average balances by business segment:
Commercial Banking	$	56,146	47	%	$	54,979	47	%	$	53,255	46	%	$	51,280	45	%	$	49,515	45	%
Consumer and Business Banking	32,235		27		32,259		27		32,116		27		31,926		28		32,134		29
Vehicle Finance	21,969		18		21,721		18		21,748		19		21,601		19		21,155		19
RBHPCG	9,778		8		9,666		8		9,416		8		8,786		8		8,178		7
Treasury / Other	292		—		282		—		429		—		356		—		160		—
Total loans and leases	$	120,420	100	%	$	118,907	100	%	$	116,964	100	%	$	113,949	100	%	$	111,142	100	%

4

Huntington Bancshares Incorporated

Deposits Composition

(Unaudited)

	March 31,				December 31,				September 30,				June 30,				March 31,
(dollar amounts in millions)	2023				2022				2022				2022				2022
Ending balances:
Total deposits by type:
Demand deposits - noninterest-bearing	$	36,789	25	%	$	38,242	26	%	$	40,762	28	%	$	42,131	29	%	$	43,824	29	%
Demand deposits - interest-bearing	39,827		28		43,136		29		43,673		30		41,433		28		42,099		29
Money market deposits	37,276		26		36,082		24		33,811		23		34,257		24		33,444		23
Savings and other domestic deposits	19,546		13		20,357		14		21,274		15		21,583		15		21,716		15
Core certificates of deposit (1)	6,981		5		4,324		3		2,115		1		2,103		1		2,358		2
Total core deposits	140,419		97		142,141		96		141,635		97		141,507		97		143,441		98
Other domestic deposits of $250,000 or more	282		—		220		—		186		—		221		—		274		—
Negotiable CDS, brokered and other deposits	4,577		3		5,553		4		4,492		3		3,707		3		3,250		2
Total deposits	$	145,278	100	%	$	147,914	100	%	$	146,313	100	%	$	145,435	100	%	$	146,965	100	%
Total core deposits:
Commercial	$	61,132	44	%	$	64,107	45	%	$	65,151	46	%	$	63,629	45	%	$	64,013	45	%
Consumer	79,287		56		78,034		55		76,484		54		77,878		55		79,428		55
Total core deposits	$	140,419	100	%	$	142,141	100	%	$	141,635	100	%	$	141,507	100	%	$	143,441	100	%
Total deposits by business segment:
Commercial Banking	$	35,243	24	%	$	37,509	25	%	$	37,194	25	%	$	34,670	24	%	$	35,034	24	%
Consumer and Business Banking	94,729		65		93,676		64		93,854		65		95,693		66		96,907		65
Vehicle Finance	1,018		1		1,136		1		1,173		1		1,291		1		1,323		1
RBHPCG	9,009		6		9,550		6		8,982		6		9,226		6		9,672		7
Treasury / Other (2)	5,279		4		6,043		4		5,110		3		4,555		3		4,029		3
Total deposits	$	145,278	100	%	$	147,914	100	%	$	146,313	100	%	$	145,435	100	%	$	146,965	100	%
Average balances:
Total core deposits:
Commercial	$	63,423	45	%	$	65,128	46	%	$	65,278	46	%	$	63,921	45	%	$	61,772	44	%
Consumer	77,654		55		75,568		54		76,414		54		77,881		55		77,376		56
Total core deposits	$	141,077	100	%	$	140,696	100	%	$	141,692	100	%	$	141,802	100	%	$	139,148	100	%
Average deposits by business segment:
Commercial Banking	$	36,897	25	%	$	37,006	25	%	$	36,636	25	%	$	35,156	24	%	$	33,355	23	%
Consumer and Business Banking	93,210		64		92,654		64		93,924		65		95,263		65		94,464		66
Vehicle Finance	1,101		1		1,171		1		1,252		1		1,257		1		1,289		1
RBHPCG	9,231		6		9,249		6		9,242		6		9,493		7		9,520		7
Treasury / Other (2)	5,705		4		5,592		4		4,954		3		3,839		3		4,289		3
Total deposits	$	146,144	100	%	$	145,672	100	%	$	146,008	100	%	$	145,008	100	%	$	142,917	100	%

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

(2)Comprised primarily of national market deposits.

5

Huntington Bancshares Incorporated

Consolidated Quarterly Average Balance Sheets

(Unaudited)

	Quarterly Average Balances (1)
	March 31,		December 31,		September 30,		June 30,		March 31,		Percent Changes vs.
(dollar amounts in millions)	2023		2022		2022		2022		2022		4Q22		1Q22
Assets
Interest-bearing deposits at Federal Reserve Bank	$	6,101	$	4,615	$	3,204	$	3,532	$	7,195	32	%	(15)	%
Interest-bearing deposits in banks	249		305		260		161		174		(18)		43
Securities:
Trading account securities	21		29		24		30		46		(28)		(54)
Available-for-sale securities:
Taxable	21,368		20,467		21,677		21,672		24,205		4		(12)
Tax-exempt	2,640		2,706		2,917		2,859		2,886		(2)		(9)
Total available-for-sale securities	24,008		23,173		24,594		24,531		27,091		4		(11)
Held-to-maturity securities - taxable	16,977		17,022		17,188		17,234		14,556		—		17
Other securities	886		857		804		755		967		3		(8)
Total securities	41,892		41,081		42,610		42,550		42,660		2		(2)
Loans held for sale	450		637		986		1,033		1,243		(29)		(64)
Loans and leases: (2)
Commercial:
Commercial and industrial	46,110		44,747		43,598		42,689		41,397		3		11
Commercial real estate:
Commercial	15,200		14,937		14,405		13,516		13,186		2		15
Construction	1,400		1,676		1,697		1,760		1,877		(16)		(25)
Commercial real estate	16,600		16,613		16,102		15,276		15,063		—		10
Lease financing	5,209		5,080		4,981		4,919		4,912		3		6
Total commercial	67,919		66,440		64,681		62,884		61,372		2		11
Consumer:
Residential mortgage	22,327		22,011		21,552		20,527		19,505		1		14
Automobile	13,245		13,284		13,514		13,557		13,463		—		(2)
Home equity	10,258		10,417		10,431		10,373		10,414		(2)		(1)
RV and marine	5,366		5,408		5,454		5,317		5,103		(1)		5
Other consumer	1,305		1,347		1,332		1,291		1,285		(3)		2
Total consumer	52,501		52,467		52,283		51,065		49,770		—		5
Total loans and leases	120,420		118,907		116,964		113,949		111,142		1		8
Total earning assets	169,112		165,545		164,024		161,225		162,414		2		4
Cash and due from banks	1,598		1,650		1,697		1,669		1,648		(3)		(3)
Goodwill and other intangible assets	5,759		5,771		5,781		5,613		5,584		—		3
All other assets	10,568		10,458		10,154		10,107		10,013		1		6
Allowance for loan and lease losses	(2,143)		(2,132)		(2,099)		(2,053)		(2,047)		(1)		(5)
Total assets	$	184,894	$	181,292	$	179,557	$	176,561	$	177,612	2	%	4	%
Liabilities and shareholders' equity
Interest-bearing deposits:
Demand deposits - interest-bearing	$	40,654	$	42,705	$	42,038	$	41,712	$	40,634	(5)	%	—	%
Money market deposits	37,301		34,390		34,058		33,791		32,672		8		14
Savings and other domestic deposits	19,877		20,831		21,439		21,683		21,316		(5)		(7)
Core certificates of deposit (3)	5,747		2,926		2,040		2,228		2,560		96		124
Other domestic deposits of $250,000 or more	252		198		193		225		316		27		(20)
Negotiable CDS, brokered and other deposits	4,815		4,777		4,124		2,981		3,453		1		39
Total interest-bearing deposits	108,646		105,827		103,892		102,620		100,951		3		8
Short-term borrowings	4,371		545		2,609		2,103		4,728		702		(8)
Long-term debt	11,047		12,650		8,251		7,024		6,914		(13)		60
Total interest-bearing liabilities	124,064		119,022		114,752		111,747		112,593		4		10
Demand deposits - noninterest-bearing	37,498		39,845		42,116		42,388		41,966		(6)		(11)
All other liabilities	5,056		4,929		4,340		4,168		3,964		3		28
Total liabilities	166,618		163,796		161,208		158,303		158,523		2		5
Total Huntington shareholders’ equity	18,231		17,458		18,317		18,228		19,064		4		(4)
Non-controlling interest	45		38		32		30		25		18		80
Total equity	18,276		17,496		18,349		18,258		19,089		4		(4)
Total liabilities and equity	$	184,894	$	181,292	$	179,557	$	176,561	$	177,612	2	%	4	%

(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.

6

Huntington Bancshares Incorporated

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

(Unaudited)

	Quarterly Interest Income / Expense
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2023		2022		2022		2022		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	$	71	$	46	$	19	$	7	$	3
Interest-bearing deposits in banks	5		5		2		1		—
Securities:
Trading account securities	—		—		—		1		—
Available-for-sale securities:
Taxable	232		198		165		123		90
Tax-exempt	29		28		25		19		22
Total available-for-sale securities	261		226		190		142		112
Held-to-maturity securities - taxable	102		100		95		90		66
Other securities	10		9		7		6		5
Total securities	373		335		292		239		183
Loans held for sale	7		8		13		10		10
Loans and leases:
Commercial:
Commercial and industrial	643		578		490		415		392
Commercial real estate:
Commercial	250		220		169		115		97
Construction	26		28		21		16		17
Commercial real estate	276		248		190		131		114
Lease financing	68		66		63		61		61
Total commercial	987		892		743		607		567
Consumer:
Residential mortgage	190		183		174		158		146
Automobile	129		125		120		115		112
Home equity	181		172		143		115		102
RV and marine	58		61		59		55		52
Other consumer	36		36		32		30		28
Total consumer	594		577		528		473		440
Total loans and leases	1,581		1,469		1,271		1,080		1,007
Total earning assets	$	2,037	$	1,863	$	1,597	$	1,337	$	1,203
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	$	132	$	102	$	42	$	11	$	3
Money market deposits	172		75		25		8		4
Savings and other domestic deposits	3		2		1		1		1
Core certificates of deposit (3)	43		10		1		—		1
Other domestic deposits of $250,000 or more	2		1		—		—		—
Negotiable CDS, brokered and other deposits	54		45		23		5		2
Total interest-bearing deposits	406		235		92		25		11
Short-term borrowings	60		10		22		7		7
Long-term debt	153		147		71		38		31
Total interest-bearing liabilities	619		392		185		70		49
Net interest income	$	1,418	$	1,471	$	1,412	$	1,267	$	1,154

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

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

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

7

Huntington Bancshares Incorporated

Consolidated Quarterly Net Interest Margin - Yield

(Unaudited)

	Quarterly Average Rates
	March 31,		December 31,		September 30,		June 30,		March 31,
Fully-taxable equivalent basis (1)	2023		2022		2022		2022		2022
Assets
Interest-bearing deposits at Federal Reserve Bank	4.65	%	3.99	%	2.39	%	0.80	%	0.17	%
Interest-bearing deposits in banks	8.50		5.72		3.31		1.32		0.15
Securities:
Trading account securities	5.37		5.45		4.12		3.99		3.39
Available-for-sale securities:
Taxable	4.34		3.87		3.06		2.25		1.49
Tax-exempt	4.40		4.21		3.39		2.71		3.00
Total available-for-sale securities	4.35		3.91		3.09		2.30		1.65
Held-to-maturity securities - taxable	2.41		2.34		2.21		2.10		1.81
Other securities	4.35		4.15		3.21		3.62		1.88
Total securities	3.56		3.26		2.74		2.24		1.72
Loans held for sale	5.85		5.42		4.98		4.08		3.15
Loans and leases: (3)
Commercial:
Commercial and industrial	5.58		5.05		4.40		3.84		3.79
Commercial real estate:
Commercial	6.58		5.78		4.57		3.38		2.94
Construction	7.40		6.54		4.95		3.70		3.52
Commercial real estate	6.65		5.85		4.61		3.41		3.01
Lease financing	5.25		5.02		4.95		4.98		4.93
Total commercial	5.82		5.25		4.50		3.83		3.69
Consumer:
Residential mortgage	3.41		3.33		3.23		3.09		2.99
Automobile	3.94		3.74		3.53		3.40		3.38
Home equity	7.14		6.57		5.43		4.44		3.99
RV and marine	4.42		4.45		4.29		4.12		4.15
Other consumer	11.18		10.38		9.55		9.08		8.96
Total consumer	4.57		4.37		4.02		3.70		3.57
Total loans and leases	5.27		4.86		4.28		3.77		3.64
Total earning assets	4.89		4.46		3.86		3.33		3.00
Liabilities
Interest-bearing deposits:
Demand deposits - interest-bearing	1.32		0.94		0.40		0.10		0.03
Money market deposits	1.87		0.86		0.29		0.09		0.05
Savings and other domestic deposits	0.07		0.03		0.02		0.02		0.02
Core certificates of deposit (4)	3.01		1.42		0.10		0.07		0.14
Other domestic deposits of $250,000 or more	2.45		1.31		0.35		0.23		0.08
Negotiable CDS, brokered and other deposits	4.56		3.74		2.25		0.72		0.17
Total interest-bearing deposits	1.52		0.88		0.35		0.10		0.04
Short-term borrowings	5.56		7.71		3.31		1.40		0.57
Long-term debt	5.52		4.66		3.40		2.16		1.83
Total interest-bearing liabilities	2.02		1.31		0.64		0.25		0.18
Net interest rate spread	2.87		3.15		3.22		3.08		2.82
Impact of noninterest-bearing funds on margin	0.53		0.37		0.20		0.07		0.06
Net interest margin	3.40	%	3.52	%	3.42	%	3.15	%	2.88	%

Commercial Loan Derivative Impact
(Unaudited)	Average Rates
	2023		2022		2022		2022		2022
Fully-taxable equivalent basis (1)	First		Fourth		Third		Second		First
Commercial loans (2)(3)	6.42	%	5.68	%	4.62	%	3.69	%	3.47	%
Impact of commercial loan derivatives	(0.60)		(0.43)		(0.12)		0.14		0.22
Total commercial - as reported	5.82	%	5.25	%	4.50	%	3.83	%	3.69	%
Average 1 Month LIBOR	4.62	%	3.89	%	2.46	%	1.01	%	0.23	%
Average SOFR	4.50	%	3.61	%	2.14	%	0.70	%	0.09	%

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

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

(3)Includes nonaccrual loans and leases.

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

8

Huntington Bancshares Incorporated

Selected Quarterly Income Statement Data

(Unaudited)

	Three Months Ended
(dollar amounts in millions, except per share data)	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
Interest income	$	2,028	$	1,854	$	1,589	$	1,331	$	1,195
Interest expense	619		392		185		70		49
Net interest income	1,409		1,462		1,404		1,261		1,146
Provision for credit losses	85		91		106		67		25
Net interest income after provision for credit losses	1,324		1,371		1,298		1,194		1,121
Service charges on deposit accounts	83		89		93		105		97
Card and payment processing income	93		96		96		96		86
Capital markets fees	59		83		73		54		42
Trust and investment management services	62		61		60		63		65
Mortgage banking income	26		25		26		44		49
Leasing revenue	26		35		29		27		35
Insurance income	34		31		28		27		31
Gain on sale of loans	3		2		15		12		28
Bank owned life insurance income	16		15		13		11		17
Net gains on sales of securities	1		—		—		—		—
Other noninterest income	109		62		65		46		49
Total noninterest income	512		499		498		485		499
Personnel costs	649		630		614		577		580
Outside data processing and other services	151		147		145		153		165
Equipment	64		67		60		61		81
Net occupancy	60		61		63		58		64
Marketing	25		22		24		24		21
Professional services	16		21		18		19		19
Deposit and other insurance expense	20		14		15		20		18
Amortization of intangibles	13		13		13		13		14
Lease financing equipment depreciation	8		9		11		11		14
Other noninterest expense	80		93		90		82		77
Total noninterest expense	1,086		1,077		1,053		1,018		1,053
Income before income taxes	750		793		743		661		567
Provision for income taxes	144		144		146		120		105
Income after income taxes	606		649		597		541		462
Income attributable to non-controlling interest	4		4		3		2		2
Net income attributable to Huntington	602		645		594		539		460
Dividends on preferred shares	29		28		29		28		28
Net income applicable to common shares	$	573	$	617	$	565	$	511	$	432
Average common shares - basic	1,443		1,443		1,443		1,441		1,438
Average common shares - diluted	1,469		1,468		1,465		1,463		1,464
Per common share
Net income - basic	$	0.40	$	0.43	$	0.39	$	0.35	$	0.30
Net income - diluted	0.39		0.42		0.39		0.35		0.29
Cash dividends declared	0.155		0.155		0.155		0.155		0.155
Revenue - fully-taxable equivalent (FTE)
Net interest income	$	1,409	$	1,462	$	1,404	$	1,261	$	1,146
FTE adjustment	9		9		8		6		8
Net interest income (1)	1,418		1,471		1,412		1,267		1,154
Noninterest income	512		499		498		485		499
Total revenue (1)	$	1,930	$	1,970	$	1,910	$	1,752	$	1,653

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

9

Huntington Bancshares Incorporated

Quarterly Mortgage Banking Noninterest Income

(Unaudited)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,			Percent Changes vs.
(dollar amounts in millions)	2023			2022			2022			2022			2022			4Q22		1Q22
Net origination and secondary marketing income	$	16		$	16		$	25		$	27		$	37		—	%	(57)	%
Net mortgage servicing income
Loan servicing income	23			22			22			22			22			5		5
Amortization of capitalized servicing	(10)			(11)			(14)			(16)			(15)			9		33
Operating income	13			11			8			6			7			18		86
MSR valuation adjustment (1)	(12)			2			17			44			51			(700)		(124)
Gains (losses) due to MSR hedging	9			(4)			(24)			(34)			(47)			325		119
Net MSR risk management	(3)			(2)			(7)			10			4			(50)		(175)
Total net mortgage servicing income	$	10		$	9		$	1		$	16		$	11		11	%	(9)	%
All other	—			—			—			1			1			—		(100)
Mortgage banking income	$	26		$	25		$	26		$	44		$	49		4	%	(47)	%
Mortgage origination volume	$	1,412		$	1,719		$	2,491		$	3,366		$	2,881		(18)	%	(51)	%
Mortgage origination volume for sale	809			889			1,339			1,263			1,519			(9)		(47)
Third party mortgage loans serviced (2)	32,496			32,354			31,988			31,704			31,570			—		3
Mortgage servicing rights (2)	485			494			486			463			416			(2)		17
MSR % of investor servicing portfolio (2)	1.49		%	1.53		%	1.52		%	1.46		%	1.32		%	(3)	%	13	%

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

(2)At period end.

10

Huntington Bancshares Incorporated

Quarterly Credit Reserves Analysis

(Unaudited)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Allowance for loan and lease losses, beginning of period	$	2,121		$	2,110		$	2,074		$	2,018		$	2,030
Loan and lease charge-offs	(99)			(97)			(83)			(52)			(81)
Recoveries of loans and leases previously charged-off	42			47			39			44			62
Net loan and lease charge-offs	(57)			(50)			(44)			(8)			(19)
Provision (benefit) for loan and lease losses	78			61			80			64			7
Allowance for loan and lease losses, end of period	2,142			2,121			2,110			2,074			2,018
Allowance for unfunded lending commitments, beginning of period	150			120			94			91			77
Provision for unfunded lending commitments	7			30			26			3			14
Allowance for unfunded lending commitments, end of period	157			150			120			94			91
Total allowance for credit losses, end of period	$	2,299		$	2,271		$	2,230		$	2,168		$	2,109
Allowance for loan and lease losses (ALLL) as % of:
Total loans and leases	1.77		%	1.77		%	1.79		%	1.78		%	1.79		%
Nonaccrual loans and leases (NALs)	402			373			351			316			296
Nonperforming assets (NPAs)	371			357			336			304			285
Total allowance for credit losses (ACL) as % of:
Total loans and leases	1.90		%	1.90		%	1.89		%	1.87		%	1.87		%
Nonaccrual loans and leases (NALs)	431			400			371			330			309
Nonperforming assets (NPAs)	398			382			355			318			298

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2023		2022		2022		2022		2022
Allocation of allowance for credit losses
Commercial
Commercial and industrial	$	915	$	890	$	860	$	804	$	937
Commercial real estate	492		482		504		498		521
Lease financing	50		52		50		40		56
Total commercial	1,457		1,424		1,414		1,342		1,514
Consumer
Residential mortgage	176		187		178		177		139
Automobile	151		141		118		146		101
Home equity	118		105		126		131		60
RV and marine	144		143		127		147		96
Other consumer	96		121		147		131		108
Total consumer	685		697		696		732		504
Total allowance for loan and lease losses	2,142		2,121		2,110		2,074		2,018
Allowance for unfunded lending commitments	157		150		120		94		91
Total allowance for credit losses	$	2,299	$	2,271	$	2,230	$	2,168	$	2,109

11

Huntington Bancshares Incorporated

Quarterly Net Charge-Off Analysis

(Unaudited)

	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial	$	16		$	9		$	16		$	(4)		$	(23)
Commercial real estate	18			7			(3)			(4)			8
Lease financing	(5)			5			2			(3)			5
Total commercial	29			21			15			(11)			(10)
Consumer:
Residential mortgage	—			—			(1)			(1)			—
Automobile	5			3			3			—			—
Home equity	(1)			—			(2)			(2)			(1)
RV and marine	2			2			2			1			3
Other consumer	22			24			27			21			27
Total consumer	28			29			29			19			29
Total net charge-offs	$	57		$	50		$	44		$	8		$	19
	Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
	2023			2022			2022			2022			2022
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial	0.14		%	0.08		%	0.15		%	(0.04)		%	(0.22)		%
Commercial real estate	0.42			0.17			(0.06)			(0.11)			0.22
Lease financing	(0.37)			0.40			0.17			(0.24)			0.40
Total commercial	0.17			0.13			0.10			(0.07)			(0.06)
Consumer:
Residential mortgage	0.01			(0.01)			(0.02)			(0.02)			—
Automobile	0.14			0.12			0.07			—			0.01
Home equity	(0.02)			(0.04)			(0.07)			(0.08)			(0.03)
RV and marine	0.18			0.15			0.17			0.10			0.20
Other consumer	6.37			7.08			8.09			6.60			8.46
Total consumer	0.21			0.22			0.22			0.15			0.23
Net charge-offs as a % of average loans and leases	0.19		%	0.17		%	0.15		%	0.03		%	0.07		%

12

Huntington Bancshares Incorporated

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

(Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Nonaccrual loans and leases (NALs):
Commercial and industrial	$	273		$	288		$	288		$	324		$	323
Commercial real estate	86			92			110			117			114
Lease financing	14			18			30			22			38
Residential mortgage	81			90			94			111			117
Automobile	4			4			4			4			4
Home equity	74			76			75			78			84
RV and marine	1			1			1			1			2
Total nonaccrual loans and leases	533			569			602			657			682
Other real estate, net:
Residential	20			11			11			11			10
Commercial	—			—			—			—			1
Total other real estate, net	20			11			11			11			11
Other NPAs (1)	25			14			14			14			15
Total nonperforming assets	$	578		$	594		$	627		$	682		$	708
Nonaccrual loans and leases as a % of total loans and leases	0.44		%	0.48		%	0.51		%	0.57		%	0.60		%
NPA ratio (2)	0.48			0.50			0.53			0.59			0.63
(NPA+90days)/(Loan+OREO) (3)	0.63			0.67			0.72			0.77			0.88

	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
(dollar amounts in millions)	2023		2022		2022		2022		2022
Nonperforming assets, beginning of period	$	594	$	627	$	682	$	708	$	750
New nonperforming assets	237		251		119		181		204
Returns to accruing status	(73)		(84)		(42)		(81)		(57)
Charge-offs	(54)		(54)		(39)		(26)		(32)
Payments	(124)		(144)		(89)		(97)		(155)
Sales	(2)		(2)		(4)		(3)		(2)
Nonperforming assets, end of period	$	578	$	594	$	627	$	682	$	708

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

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

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

13

Huntington Bancshares Incorporated

Quarterly Accruing Past Due Loans and Leases

(Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Accruing loans and leases past due 90+ days:
Commercial and industrial	$	12		$	23		$	29		$	11		$	10
Lease financing	10			9			18			10			12
Residential mortgage (excluding loans guaranteed by the U.S. Government)	20			21			17			14			25
Automobile	7			9			6			6			6
Home equity	18			15			12			13			12
RV and marine	2			3			2			2			1
Other consumer	2			2			3			2			2
Total, excl. loans guaranteed by the U.S. Government	71			82			87			58			68
Add: loans guaranteed by U.S. Government	114			125			136			154			212
Total accruing loans and leases past due 90+ days, including loans guaranteed by the U.S. Government	$	185		$	207		$	223		$	212		$	280
Ratios:
Excluding loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.06		%	0.07		%	0.07		%	0.05		%	0.06		%
Guaranteed by U.S. Government, as a percent of total loans and leases	0.09			0.10			0.12			0.13			0.19
Including loans guaranteed by the U.S. Government, as a percent of total loans and leases	0.15			0.17			0.19			0.18			0.25

14

Huntington Bancshares Incorporated

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

(Unaudited)

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Common equity tier 1 risk-based capital ratio: (1)
Total Huntington shareholders’ equity	$	18,758		$	17,731		$	17,136		$	17,950		$	18,452
Regulatory capital adjustments:
CECL transitional amount (2)	219			328			328			328			328
Shareholders’ preferred equity and related surplus	(2,494)			(2,177)			(2,177)			(2,177)			(2,177)
Accumulated other comprehensive loss	2,755			3,098			3,276			2,098			1,314
Goodwill and other intangibles, net of taxes	(5,636)			(5,663)			(5,675)			(5,686)			(5,474)
Deferred tax assets from tax loss and credit carryforwards	(14)			(27)			(29)			(36)			(46)
Common equity tier 1 capital	13,588			13,290			12,859			12,477			12,397
Additional tier 1 capital
Shareholders’ preferred equity and related surplus	2,494			2,177			2,177			2,177			2,177
Tier 1 capital	16,082			15,467			15,036			14,654			14,574
Long-term debt and other tier 2 qualifying instruments	1,395			1,424			1,441			1,462			1,464
Qualifying allowance for loan and lease losses	1,779			1,682			1,637			1,541			1,485
Tier 2 capital	3,174			3,106			3,078			3,003			2,949
Total risk-based capital	$	19,256		$	18,573		$	18,114		$	17,657		$	17,523
Risk-weighted assets (RWA)(1)	$	142,335		$	141,940		$	138,759		$	137,841		$	134,484
Common equity tier 1 risk-based capital ratio (1)	9.55		%	9.36		%	9.27		%	9.05		%	9.22		%
Other regulatory capital data:
Tier 1 leverage ratio (1)	8.79			8.60			8.51			8.46			8.43
Tier 1 risk-based capital ratio (1)	11.30			10.90			10.84			10.63			10.84
Total risk-based capital ratio (1)	13.53			13.09			13.05			12.81			13.03
Non-regulatory capital data:
Tangible common equity / RWA ratio (1)	7.43			6.93			6.66			7.28			8.00

(1)March 31, 2023, 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, 2023, 50% of the cumulative CECL deferral has been phased in. As of March 31, 2022, June 30, 2022, September 30, 2022, and December 31, 2022 25% of the cumulative CECL deferral has been phased in.

15

Huntington Bancshares Incorporated

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

(Unaudited)

Quarterly common stock summary

	March 31,		December 31,		September 30,		June 30,		March 31,
	2023		2022		2022		2022		2022
Cash dividends declared per common share	$	0.155	$	0.155	$	0.155	$	0.155	$	0.155
Common shares outstanding (in millions)
Average - basic	1,443		1,443		1,443		1,441		1,438
Average - diluted	1,469		1,468		1,465		1,463		1,464
Ending	1,444		1,443		1,443		1,442		1,439
Tangible book value per common share (1)	$	7.32	$	6.82	$	6.40	$	6.96	$	7.47

Non-regulatory capital

	March 31,			December 31,			September 30,			June 30,			March 31,
(dollar amounts in millions)	2023			2022			2022			2022			2022
Calculation of tangible equity / asset ratio:
Total Huntington shareholders’ equity	$	18,758		$	17,731		$	17,136		$	17,950		$	18,452
Goodwill and other intangible assets	(5,741)			(5,766)			(5,775)			(5,788)			(5,577)
Deferred tax liability on other intangible assets (1)	38			41			43			46			48
Total tangible equity	13,055			12,006			11,404			12,208			12,923
Preferred equity	(2,484)			(2,167)			(2,167)			(2,167)			(2,167)
Total tangible common equity	$	10,571		$	9,839		$	9,237		$	10,041		$	10,756
Total assets	$	189,070		$	182,906		$	179,402		$	178,782		$	176,856
Goodwill and other intangible assets	(5,741)			(5,766)			(5,775)			(5,788)			(5,577)
Deferred tax liability on other intangible assets (1)	38			41			43			46			48
Total tangible assets	$	183,367		$	177,181		$	173,670		$	173,040		$	171,327
Tangible equity / tangible asset ratio	7.12		%	6.78		%	6.57		%	7.06		%	7.54		%
Tangible common equity / tangible asset ratio	5.77			5.55			5.32			5.80			6.28
Other data:
Number of employees (Average full-time equivalent)	20,198			20,007			19,997			19,866			19,722
Number of domestic full-service branches (2)	1,001			1,032			1,032			1,032			1,030
ATM Count	1,668			1,695			1,715			1,731			1,729

(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.

16

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						Percent Changes vs.
($ in millions)	March 31, 2023		December 31, 2022		March 31, 2022		4Q22		1Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP)	$	1,921	$	1,961	$	1,645
FTE adjustment	9		9		8
Total revenue (FTE) (a)	1,930		1,970		1,653
Less: net gain/(loss) on securities	1		—		—
Less: Notable items	57		—		—
Total revenue (FTE), excluding net gain/(loss) on securities and notable items (b)	1,872		1,970		1,653
Noninterest expense (GAAP) (c)	1,086		1,077		1,053
Less: Notable items	42		15		46
Noninterest expense, excluding notable items (d)	1,044		1,062		1,007
PPNR (a-c)	844		893		600		(5)	%	41	%
PPNR, adjusted (b-d)	828		908		646		(9)	%	28	%

17

XML

Cover Page	Apr. 20, 2023
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 20, 2023
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
Series J Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock)
Trading Symbol	HBANL
Security Exchange Name	NASDAQ