EX-99.2 3 hban20230331_8kex992.htm EX-99.2 Document

Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2023
Table of Contents


Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures.  Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes.  The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.  The FTE basis assumes a federal statutory tax rate of 21%.
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.
2023202220224Q221Q22
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 losses85 91 25 (7)240 
Noninterest income512 499 499 3 3 
Noninterest expense1,086 1,077 1,053 1 3 
Income before income taxes750 793 567 (5)32 
Provision for income taxes144 144 105 — 37 
Income after income taxes606 649 462 (7)31 
Income attributable to non-controlling interest4 4 2 — 100 
Net income attributable to Huntington602 645 460 (7)31 
Dividends on preferred shares29 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 rate19.2 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 period1.90 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)20232022
Percent Changes
(Unaudited)
Assets
Cash and due from banks
$1,568 $1,796 (13)%
Interest-bearing deposits at Federal Reserve Bank8,801 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 receivables1,521 1,573 (3)
Premises and equipment
1,136 1,156 (2)
Goodwill
5,561 5,571 — 
Servicing rights and other intangible assets685 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 earnings3,764 3,419 10 
Total Huntington shareholders’ equity18,758 17,731 6 
Non-controlling interest53 38 39 
Total equity18,811 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)20232022202220222022
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 financing5,244 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 mortgage22,472 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)20232022202220222022
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 Banking32,236 27 32,386 27 32,115 27 32,144 28 31,756 29 
Vehicle Finance22,071 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 / Other193 — 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 Banking32,235 27 32,259 27 32,116 27 31,926 28 32,134 29 
Vehicle Finance21,969 18 21,721 18 21,748 19 21,601 19 21,155 19 
RBHPCG9,778 8 9,666 8 9,416 8 8,786 8 8,178 7 
Treasury / Other292 — 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)20232022202220222022
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-bearing39,827 28 43,136 29 43,673 30 41,433 28 42,099 29 
Money market deposits37,276 26 36,082 24 33,811 23 34,257 24 33,444 23 
Savings and other domestic deposits19,546 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 deposits140,419 97 142,141 96 141,635 97 141,507 97 143,441 98 
Other domestic deposits of $250,000 or more282 — 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 %
Consumer79,287 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 Banking94,729 65 93,676 64 93,854 65 95,693 66 96,907 65 
Vehicle Finance1,018 1 1,136 1 1,173 1 1,291 1 1,323 1 
RBHPCG9,009 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 %
Consumer77,654 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 Banking93,210 64 92,654 64 93,924 65 95,263 65 94,464 66 
Vehicle Finance1,101 1 1,171 1 1,252 1 1,257 1 1,289 1 
RBHPCG9,231 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)202320222022202220224Q221Q22
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 securities886 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 financing5,209 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 
Automobile13,245 13,284 13,514 13,557 13,463 — (2)
Home equity10,258 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 assets5,759 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 liabilities166,618 163,796 161,208 158,303 158,523 2 5 
Total Huntington shareholders’ equity18,231 17,458 18,317 18,228 19,064 4 (4)
Non-controlling interest45 38 32 30 25 18 80 
Total equity18,276 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)20232022202220222022
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 securities10 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 industrial643 578 490 415 392 
Commercial real estate:
Commercial250 220 169 115 97 
Construction26 28 21 16 17 
Commercial real estate276 248 190 131 114 
Lease financing68 66 63 61 61 
Total commercial987 892 743 607 567 
Consumer:
Residential mortgage190 183 174 158 146 
Automobile129 125 120 115 112 
Home equity181 172 143 115 102 
RV and marine58 61 59 55 52 
Other consumer36 36 32 30 28 
Total consumer594 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 deposits172 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 liabilities619 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)
20232022202220222022
Assets
Interest-bearing deposits at Federal Reserve Bank4.65 %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 securities4.35 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 industrial5.58 5.05 4.40 3.84 3.79 
Commercial real estate:
Commercial6.58 5.78 4.57 3.38 2.94 
Construction7.40 6.54 4.95 3.70 3.52 
Commercial real estate6.65 5.85 4.61 3.41 3.01 
Lease financing5.25 5.02 4.95 4.98 4.93 
Total commercial5.82 5.25 4.50 3.83 3.69 
Consumer:
Residential mortgage3.41 3.33 3.23 3.09 2.99 
Automobile3.94 3.74 3.53 3.40 3.38 
Home equity7.14 6.57 5.43 4.44 3.99 
RV and marine 4.42 4.45 4.29 4.12 4.15 
Other consumer11.18 10.38 9.55 9.08 8.96 
Total consumer4.57 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 deposits1.87 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
20232022202220222022
Fully-taxable equivalent basis (1)
FirstFourthThirdSecondFirst
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 SOFR4.50 %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,
20232022202220222022
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 losses85 91 106 67 25 
Net interest income after provision for credit losses1,324 1,371 1,298 1,194 1,121 
Service charges on deposit accounts 83 89 93 105 97 
Card and payment processing income93 96 96 96 86 
Capital markets fees59 83 73 54 42 
Trust and investment management services62 61 60 63 65 
Mortgage banking income26 25 26 44 49 
Leasing revenue26 35 29 27 35 
Insurance income34 31 28 27 31 
Gain on sale of loans3 2 15 12 28 
Bank owned life insurance income16 15 13 11 17 
Net gains on sales of securities1 — — — — 
Other noninterest income109 62 65 46 49 
Total noninterest income
512 499 498 485 499 
Personnel costs649 630 614 577 580 
Outside data processing and other services151 147 145 153 165 
Equipment64 67 60 61 81 
Net occupancy60 61 63 58 64 
Marketing25 22 24 24 21 
Professional services16 21 18 19 19 
Deposit and other insurance expense20 14 15 20 18 
Amortization of intangibles13 13 13 13 14 
Lease financing equipment depreciation8 9 11 11 14 
Other noninterest expense80 93 90 82 77 
Total noninterest expense
1,086 1,077 1,053 1,018 1,053 
Income before income taxes750 793 743 661 567 
Provision for income taxes144 144 146 120 105 
Income after income taxes606 649 597 541 462 
Income attributable to non-controlling interest4 4 3 2 2 
Net income attributable to Huntington602 645 594 539 460 
Dividends on preferred shares29 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 - diluted0.39 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)
202320222022202220224Q221Q22
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 income13 11 8 6 7 18 86 
          MSR valuation adjustment (1)(12)2 17 44 51 (700)(124)
          Gains (losses) due to MSR hedging9 (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)20232022202220222022
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-off42 47 39 44 62 
Net loan and lease charge-offs(57)(50)(44)(8)(19)
Provision (benefit) for loan and lease losses78 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 period150 120 94 91 77 
Provision for unfunded lending commitments7 30 26 3 14 
Allowance for unfunded lending commitments, end of period157 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 leases1.77 %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)20232022202220222022
Allocation of allowance for credit losses
Commercial
Commercial and industrial$915 $890 $860 $804 $937 
Commercial real estate492 482 504 498 521 
Lease financing50 52 50 40 56 
Total commercial1,457 1,424 1,414 1,342 1,514 
Consumer
Residential mortgage176 187 178 177 139 
Automobile151 141 118 146 101 
Home equity118 105 126 131 60 
RV and marine144 143 127 147 96 
Other consumer96 121 147 131 108 
Total consumer685 697 696 732 504 
Total allowance for loan and lease losses2,142 2,121 2,110 2,074 2,018 
Allowance for unfunded lending commitments157 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)20232022202220222022
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)— 
Automobile5 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,
20232022202220222022
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 mortgage0.01 (0.01)(0.02)(0.02)— 
Automobile0.14 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 leases0.19 %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)
20232022202220222022
Nonaccrual loans and leases (NALs):
Commercial and industrial
$273 $288 $288 $324 $323 
Commercial real estate
86 92 110 117 114 
Lease financing14 18 30 22 38 
Residential mortgage81 90 94 111 117 
Automobile4 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, net20 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)20232022202220222022
Nonperforming assets, beginning of period$594 $627 $682 $708 $750 
New nonperforming assets237 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)20232022202220222022
Accruing loans and leases past due 90+ days:
Commercial and industrial
$12 $23 $29 $11 $10 
Lease financing10 9 18 10 12 
Residential mortgage (excluding loans guaranteed by the U.S. Government)20 21 17 14 25 
Automobile7 9 6 6 6 
Home equity18 15 12 13 12 
RV and marine2 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)20232022202220222022
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 loss2,755 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 surplus2,494 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,
20232022202220222022
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)20232022202220222022
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, 2023December 31, 2022March 31, 20224Q221Q22
Pre-Provision Net Revenue (PPNR)
Total revenue (GAAP)$1,921 $1,961 $1,645 
FTE adjustment9 9 8 
Total revenue (FTE) (a)1,930 1,970 1,653 
Less: net gain/(loss) on securities1 — — 
Less: Notable items57 — — 
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 items42 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