HUNTINGTON BANCSHARES INC/MD0000049196false00000491962021-01-222021-01-220000049196us-gaap:CommonStockMember2021-01-222021-01-220000049196us-gaap:SeriesCPreferredStockMember2021-01-222021-01-220000049196us-gaap:SeriesDPreferredStockMember2021-01-222021-01-22

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________________________________________________________________________________________________
FORM 8-K
 _______________________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 22, 2021
 ______________________________________________________________________________________________________________________________
HBAN-20210122_G1.JPG
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
Common Stock—Par Value $0.01 per Share HBAN NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 5.875% Series C Non-Cumulative, perpetual preferred stock) HBANN NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock) HBANO NASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item  2.02.     Results of Operations and Financial Condition.
On January 22, 2021, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended December 31, 2020. Also on January 22, 2021, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.
Huntington’s senior management will host an earnings conference call on January 22, 2021, at 8:30 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID 13714293. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2021 at (877) 660-6853 or (201) 612-7415 conference ID 13714293.
The information contained or incorporated by reference in this Current Report on Form 8-K contains certain forward-looking statements, including certain plans, expectations, goals, projections, and statements, which are subject to numerous assumptions, risks, and uncertainties. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and TCF; the outcome of any legal proceedings that may be instituted against Huntington or TCF; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC, and in TCF’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the SEC and available in the “Investor Relations” section of TCF’s website, http://www.tcfbank.com, under the heading “Financial



Information” and in other documents TCF files with the SEC. available in the “Investor Relations” section of our website, http://www.huntington.com, under the heading “Publications and Filings.”
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
Item  9.01.     Financial Statements and Exhibits.
The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(d)Exhibits.
Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated January 22, 2021.
Exhibit 99.2 – Quarterly Financial Supplement, December 31, 2020.



EXHIBIT INDEX
Exhibit No. Description
Exhibit 104
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
HUNTINGTON BANCSHARES INCORPORATED
Date: January 22, 2021 By:
/s/ Zachary Wasserman
Zachary Wasserman
Chief Financial Officer



Exhibit 99.1
IMAGE21A.JPG
FOR IMMEDIATE RELEASE
January 22, 2021
Analysts: Mark Muth (mark.muth@huntington.com), 614.480.4720
Media:    Matt Samson (matt.b.samson@huntington.com), 312.263.0203

HUNTINGTON BANCSHARES INCORPORATED REPORTS FULL YEAR 2020 EARNINGS
Results Include Record Annual Revenue (+3%), a 6% Increase in Average Loans,
and an 11% Increase in Average Core Deposits

Full year 2020 highlights compared to full year 2019:
Net income was $817 million, and earnings per common share (EPS) for the year were $0.69.
Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%.
Tangible book value per common share (TBVPS) increased 3% to $8.51 at 2020 year end.
Fully-taxable equivalent total revenue increased $143 million, or 3%, to $4.8 billion.
Fully-taxable equivalent net interest income increased $6 million, or less than 1%, to $3.2 billion.
Net interest margin decreased 27 basis points to 2.99%.
Noninterest income increased $137 million, or 9%, to $1.6 billion, driven by a $199 million, or 119%, increase in mortgage banking income.
Noninterest expense increased $74 million, or 3%, to $2.8 billion.
Delivered annual positive operating leverage.
Efficiency ratio of 56.9%.
Average loans and leases increased $4.4 billion, or 6%, to $79.4 billion
Average commercial loans increased $3.5 billion, or 9%, to $41.0 billion and average consumer loans increased $0.9 billion, or 2%, to $38.4 billion.
Average total core deposits increased $8.7 billion, or 11%, to $87.9 billion and average total deposits increased $9.6 billion, or 12%, to $91.9 billion.
Average demand deposits increased $8.9 billion, or 29%, to $48.9 billion.
Allowance for credit losses (ACL) increased to $1.9 billion, or 2.29% of total loans and leases.
Nonperforming asset (NPA) ratio was 0.69%.
Net charge-offs (NCOs) equated to 0.57% of average loans and leases.
Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at year end.
Tangible common equity (TCE) ratio was 7.16% at year end.


1


2020 Fourth Quarter highlights compared to 2019 Fourth Quarter:
Net income was $316 million, consistent with the year ago quarter
Earnings per common share (EPS) for the quarter were $0.27, a decrease of $0.01, or 4%.
Return on average assets for the quarter was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%%.
Fully-taxable equivalent total revenue increased $81 million, or 7%.
Fully-taxable equivalent net interest income increased $44 million, or 6%.
Net interest margin decreased 18 basis points to 2.94%.
Noninterest income increased $37 million, or 10%.
Noninterest expense increased $55 million, or 8%.
Average loans and leases increased $6.0 billion, or 8%, including a $4.8 billion, or 13%, increase in commercial loans and a $1.2 billion, or 3%, increase in consumer loans.
Average core deposits increased $12.6 billion, or 16%, including a $12.5 billion, or 31%, increase in total demand deposits.
NCOs equated to 0.55% of average loans and leases, up from 0.39%

COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN; www.huntington.com) reported 2020 full-year net income of $817 million, a decrease of 42% from the prior year. Earnings per common share for the year were $0.69, a decrease of 46% from the prior year. Tangible book value per common share as of 2020 year-end was $8.51, a 3% year-over-year increase. Return on average assets for 2020 was 0.70%, return on average common equity was 6.8%, and return on average tangible common equity was 8.9%. Full-year 2020 results were impacted by elevated credit provisioning (+265% year-over-year) related to the economic impact of the COVID-19 pandemic.
Net income for the 2020 fourth quarter was $316 million, consistent with the year-ago quarter. Earnings per common share were $0.27, down $0.01, or 4%, year-over-year. Return on average assets was 1.04%, return on average common equity was 10.4%, and return on average tangible common equity was 13.3%.
CEO Commentary:
"We are pleased with our performance throughout both the fourth quarter and the full year given the pandemic and economic challenges faced by our customers, colleagues, communities, and the country. We proactively managed through the continued low interest rate environment and unprecedented economic volatility experienced in the wake of the pandemic," said Steve Steinour, chairman, president, and CEO. "The economy in our footprint continues to strengthen as demonstrated by the strong close to the year in commercial lending, our increasing loan pipelines, and more broadly our conversations with our customers, many of whom are expressing optimism on the economic outlook."
"We delivered positive operating leverage for the eighth consecutive year, increased revenues 7% annually, and continued to invest in our revenue-driving businesses. Average loans increased 6%, and average core deposits increased 11%. A record year of mortgage originations and continued strong auto, RV, and marine loan originations, as well as the $6 billion of PPP loans, helped drive our 2020 results."
"Huntington enters 2021 on strong footing with momentum across our businesses. We believe this year provides an important opportunity to advance the strategic positioning and long-term financial performance of the company through investments in technology, digital innovation, marketing, and people, as well as our recently-announced acquisition of TCF Financial. We remain committed to delivering on our purpose to look out for people and executing our strategies to build the leading People-First, Digitally-Powered bank."

2


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


3


Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 2 – Net Interest Income and Net Interest Margin Performance Summary – Year-over-Year Average Earning Asset Growth Outpaced Net Interest Margin Compression
2020 2019 2020 2019
($ in millions) Full Year Full Year Change YOY Fourth Quarter Third Quarter Fourth Quarter Change (%)
LQ YOY
Net interest income $ 3,224  $ 3,213  —  % $ 825  $ 817  $ 780  % %
FTE adjustment 21  26  (19) 17 
Net interest income - FTE 3,245  3,239  —  830  822  786 
Noninterest income 1,591  1,454  409  430  372  (17) 10 
Total revenue - FTE $ 4,836  $ 4,693  % $ 1,239  $ 1,252  $ 1,158  (1) % %
2020 2019 2020 2019
Full Year Full Year Change YOY bp Fourth Quarter Third Quarter Fourth Quarter Change bp
Yield / Cost LQ YOY
Total earning assets 3.38  % 4.25  % (87) 3.13  % 3.22  % 4.03  % (9) (90)
Total loans and leases 3.89  4.73  (84) 3.70  3.75  4.47  (5) (77)
Total securities 2.25  2.76  (51) 1.87  2.13  2.68  (26) (81)
Total interest-bearing liabilities 0.55  1.34  (79) 0.27  0.39  1.24  (12) (97)
Total interest-bearing deposits 0.30  0.94  (64) 0.08  0.18  0.87  (10) (79)
Net interest rate spread 2.83  2.91  (8) 2.86  2.83  2.79  3 7
Impact of noninterest-bearing funds on margin 0.16  0.35  (19) 0.08  0.13  0.33  (5) (25)
Net interest margin 2.99  % 3.26  % (27) 2.94  % 2.96  % 3.12  % (2) (18)
See Pages 7-9 and 18-20 of Quarterly Financial Supplement for additional detail.
Fully-taxable equivalent (FTE) net interest income for the 2020 fourth quarter increased $44 million, or 6%, from the 2019 fourth quarter. This reflected a $12.2 billion, or 12%, increase in average earning assets, partially offset by an 18 basis point decrease in the FTE net interest margin (NIM) to 2.94%. The NIM compression reflected a 90 basis point decrease in average earning asset yields and a 25 basis point decrease in the benefit of non-interest bearing funding sources, partially offset by a 97 basis point decrease in the cost of interest bearing liabilities. These decreases reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank.
Compared to the 2020 third quarter, FTE net interest income increased $8 million, or 1%, reflecting the 1% increase in average earning assets partially offset by 2 basis points of NIM compression. The NIM compression reflected an 9 basis point decrease in average earning asset yields and a 5 basis point decrease in the benefit from noninterest-bearing funds, partially offset by a 12 basis point decrease in average interest-bearing liability costs. These decreases reflected the impact of lower interest rates and changes in balance sheet mix, including elevated deposits at the Federal Reserve Bank.
Compared to the 2020 third quarter, interest income for Paycheck Protection Program (PPP) loans decreased from $53 million to $49 million. The decrease was driven by a change in PPP loan terms to delay the initial repayment, reducing deferred loan fee amortization by $9 million, resulting in a 3 basis point decline in NIM. Further, deferred loan fees on PPP loans totaling $5 million were recognized upon receipt of forgiveness payments from the US Small Business Administration (SBA), resulting in a 2 basis point increase in NIM.

4


Table 3 – Average Earning Assets – C&I, Residential Mortgage, and RV and Marine Loan Growth Drive Year-over-Year Loan Growth
2020 2019 2020 2019
($ in billions) Full Full YOY Fourth Third Fourth Change (%)
Year Year Change Quarter Quarter Quarter LQ YOY
Commercial and industrial $ 33.9  $ 30.5  11  % $ 34.9  $ 34.7  30.4  % 15  %
Commercial real estate 7.1  6.9  7.2  7.2  6.8  (1)
Total commercial 41.0  37.4  42.0  41.9  37.2  13 
Automobile 12.8  12.3  12.9  12.9  12.6 
Home equity 8.9  9.4  (5) 8.9  8.9  9.2  (3)
Residential mortgage 11.7  11.1  12.1  11.8  11.3 
RV and marine 3.9  3.5  12  4.2  4.0  3.6  17 
Other consumer 1.1  1.3  (14) 1.0  1.0  1.2  (2) (16)
Total consumer 38.4  37.6  39.1  38.7  37.9 
Total loans and leases 79.4  75.0  81.1  80.5  75.1 
Total securities 23.9  23.1  24.1  22.8  23.2 
Held-for-sale and other earning assets 5.2  1.5  242  7.0  7.3  1.8  (4) 291 
Total earning assets $ 108.4  $ 99.5  % $ 112.2  $ 110.7  $ 100.1  % 12  %
See Pages 7 and 18 of Quarterly Financial Supplement for additional detail.
Average earning assets for the 2020 fourth quarter increased $12.2 billion, or 12%, from the year-ago quarter, primarily reflecting a $6.0 billion, or 8%, increase in average total loans and leases. Average commercial and industrial (C&I) loans increased $4.5 billion, or 15%, primarily reflecting $6.2 billion of average PPP loans, partially offset by a $0.9 billion decrease in dealer floorplan loans. Average residential mortgage loans increased $0.8 billion, or 7%, reflecting robust mortgage production in the second half of 2020. Average RV and marine loans increased $0.6 billion, or 17%, reflecting strong consumer demand and continued strong production levels. Average held-for-sale and other earning assets increased $5.2 billion, or 291%, primarily reflecting the $4.8 billion increase in interest bearing deposits at the Federal Reserve Bank. Average total securities increased $0.9 billion, or 4%, primarily reflecting the net purchase of securities during the 2020 fourth quarter and the $0.2 billion mark-to-market of the available-for-sale portfolio.
Compared to the 2020 third quarter, average earning assets increased $1.6 billion, or 1%, primarily reflecting a $1.2 billion, or 5%, increase in average securities. The increase in securities reflected purchases completed during the 2020 fourth quarter.
While not materially impacting quarterly averages, Huntington received forgiveness payments from the SBA for approximately $225 million of PPP loans during the 2020 fourth quarter.

5


Table 4 – Average Liabilities – Demand Deposits Drive Continued Year-over-Year Growth in Core Deposits
2020 2019 2020 2019
Full Full YOY Fourth Third Fourth Change (%)
($ in billions) Year Year Change Quarter Quarter Quarter LQ YOY
Demand deposits - noninterest bearing $ 25.3  $ 20.1  26  % $ 28.1  $ 27.4  $ 20.6  % 36  %
Demand deposits - interest bearing 23.5  19.9  18  25.1  23.9  20.1  25 
Total demand deposits 48.9  39.9  22  53.2  51.3  40.8  31 
Money market deposits 25.7  23.8  26.1  26.2  24.6 
Savings and other domestic deposits 10.7  9.9  11.5  11.2  9.6  20 
Core certificates of deposit 2.6  5.6  (53) 1.5  2.0  4.8  (27) (69)
Total core deposits 87.9  79.2  11  92.3  90.7  79.7  16 
Other domestic deposits of $250,000 or more 0.2  0.3  (32) 0.1  0.2  0.3  (21) (56)
Brokered deposits and negotiable CDs 3.8  2.8  36  4.1  4.2  2.6  (2) 58 
Total deposits $ 91.9  $ 82.3  12  % $ 96.5  $ 95.1  $ 82.6  % 17  %
Short-term borrowings $ 1.1  $ 2.4  (53) % $ 0.2  $ 0.2  $ 2.0  48  % (88) %
Long-term debt 9.5  9.3  8.8  9.3  9.9  (6) (11)
Total debt $ 10.6  $ 11.7  (9) % $ 9.0  $ 9.5  $ 11.9  (5) % (24) %
Total Interest-bearing liabilities $ 77.2  $ 74.0  % $ 77.5  $ 77.1  $ 73.8  —  % %
See Pages 7 and 18 of Quarterly Financial Supplement for additional detail.
Average total interest-bearing liabilities for the 2020 fourth quarter increased $3.7 billion, or 5%, from the year-ago quarter. Average total deposits increased $14.0 billion, or 17%, while average total core deposits increased $12.6 billion, or 16%. The increase in average total core deposits was primarily driven by business and commercial growth related to the PPP loans and increased liquidity levels in reaction to the economic downturn, consumer growth largely related to government stimulus, increased consumer and business banking account production, and reduced attrition. Specifically within core deposits, average total demand deposits increased $12.5 billion, or 31%, average savings and other domestic deposits increased $1.9 billion, or 20%, and average money market deposits increased $1.6 billion, or 6%. Average brokered deposits and negotiable CDs increased $1.5 billion, or 58%, reflecting balance growth in new and existing brokered deposit accounts. Partially offsetting these increases, average core CDs decreased $3.3 billion, or 69%, reflecting the maturity of balances related to the 2018 consumer deposit growth initiatives. Average total debt decreased $2.8 billion, or 24%, reflecting the repayment of short‐term borrowings, the maturity and issuance of $2.1 billion and $1.2 billion of long-term debt, respectively, over the past five quarters, and the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020, all due to the strong core deposit growth.
Compared to the 2020 third quarter, average total interest-bearing liabilities increased $0.4 billion, or less than 1%. Average total deposits increased $1.5 billion, or 2%, and average total core deposits increased $1.6 billion, or 2%. The increase in average total core deposits was primarily driven by increased liquidity levels among our commercial customers and improved consumer and business banking account retention. Specifically within core deposits, average total demand deposits increased $1.9 billion, or 4%, while average core CDs decreased $0.6 billion, or 27%, reflecting the maturity of the balances tied to the 2018 consumer deposit growth initiatives. Average long-term debt decreased $0.5 billion, or 6%, primarily reflecting the purchase of $0.5 billion of long-term debt under the tender offer completed in November 2020.

6


Noninterest Income
Table 5 – Noninterest Income – Mortgage Banking Income Remained Robust
2020 2019 2020 2019
Full Full YOY Fourth Third Fourth Change (%)
($ in millions) Year Year Change Quarter Quarter Quarter LQ YOY
Mortgage banking income $ 366  $ 167  119  % $ 90  $ 122  $ 58  (26) % 55  %
Service charges on deposit accounts 301  372  (19) 78  76  95  (18)
Card and payment processing income 248  246  65  66  64  (2)
Trust and investment management services 189  178  49  48  47 
Capital markets fees 125  123  34  27  31  26  10 
Insurance income 97  88  10  25  24  24 
Bank owned life insurance income 64  66  (3) 14  17  17  (18) (18)
Gain on sale of loans 42  55  (24) 13  13  16  (19)
Net (losses) gains on sales of securities (1) (24) 96  —  (22) 100 
Other noninterest income 160  183  (13) 41  37  42  11  (2)
Total noninterest income $ 1,591  $ 1,454  % $ 409  $ 430  $ 372  (5) % 10  %
See Pages 10-11 and 21-22 of Quarterly Financial Supplement for additional detail.
Noninterest income for the 2020 fourth quarter increased $37 million, or 10%, from the year-ago quarter. Mortgage banking income increased $32 million, or 55%, reflecting higher volume and overall salable spreads, partially offset by a $16 million decrease in income from net mortgage servicing rights (MSR) risk management. The 2020 fourth quarter included no net gains or losses on sales of securities, while the year-ago quarter included $22 million of net losses related to the $2 billion portfolio repositioning completed in the quarter. Service charges on deposits accounts decreased $17 million, or 18%, primarily reflecting reduced customer activity and elevated deposits.
Compared to the 2020 third quarter, total noninterest income decreased $21 million, or 5%. Mortgage banking income decreased $32 million, or 26%, primarily reflecting lower overall salable spreads and a $7 million decrease in income from net MSR risk management. Capital markets fees increased $7 million, or 26%, reflecting increased loan syndication fees and increased commodities and foreign exchange derivatives activity.


7


Noninterest Expense
Table 6 – Noninterest Expense – Year-over-Year Variance Driven by Continued Technology Investments
2020 2019 2020 2019
Full Full YOY Fourth Third Fourth Change (%)
($ in millions) Year Year Change Quarter Quarter Quarter LQ YOY
Personnel costs $ 1,692  $ 1,654  % $ 426  $ 453  $ 426  (6) % —  %
Outside data processing and other services 384  346  11  111  98  89  13  25 
Equipment 180  163  (1) 49  44  42  11  17 
Net occupancy 158  159  (1) 39  40  41  (3) (5)
Professional services 55  54  21  12  14  75  50 
Amortization of intangibles 41  49  (8) 10  10  12  (17)
Marketing 38  37  15  67  67 
Deposit and other insurance expense 32  34  (46) 10  33  (20)
Other noninterest expense 215  225  (4) 77  40  58  93  33 
Total noninterest expense $ 2,795  $ 2,721  % $ 756  $ 712  $ 701  % %
(in thousands)
Number of employees (Average full-time equivalent) 15.6  15.7  (1) % 15.5  15.7  15.5  (1) % —  %
See Pages 10 and 21 of Quarterly Financial Supplement for additional detail.
Noninterest expense for the 2020 fourth quarter increased $55 million, or 8%, from the year-ago quarter. Outside data processing and other services expense increased $22 million, or 25%, primarily driven by expenses related to technology investments. Other noninterest expense increased $19 million, or 33%, primarily reflecting a $20 million donation to The Columbus Foundation and $7 million of expense from the November 2020 debt tender, partially offset by a $4 million final true-up of the earn out related to the Hutchinson, Shockey, Erley & Co. (HSE) acquisition in the year-ago quarter. Equipment expense increased $7 million, or 17%, primarily reflecting increased depreciation expense related to technology investments as well as $1 million of expense related to the branch and facilities consolidations announced in the 2020 third quarter. Professional services expense increased $7 million, or 50%, due to $8 million of TCF Financial Corporation ("TCF") merger-related expense. Marketing increased $6 million, or 67%, primarily reflecting strategic marketing campaigns. The 2020 fourth quarter and 2019 fourth quarter included $6 million and $25 million of total noninterest expense, respectively, related to the previously-announced position reductions and consolidation of branches and other corporate facilities.
Noninterest expense increased $44 million, or 6%, from the 2020 third quarter. Other noninterest expense increased $37 million, or 93%, primarily driven by a $20 million donation to The Columbus Foundation, $7 million of expense from the November 2020 debt tender, and the $7 million insurance recovery in the prior quarter. Outside data processing and other services expense increased $13 million, or 13%, primarily driven by expenses related to technology investments. Professional services expense increased $9 million, or 75%, due to $8 million of TCF merger-related expense. Marketing expense increased $6 million, or 67%, primarily reflecting strategic marketing campaigns. Partially offsetting these increases, personnel costs decreased $27 million, or 6%, primarily reflecting lower benefits costs and incentive compensation as well as an $11 million net decrease in expense related to previously-announced position reductions.


8


Credit Quality
Table 7 – Credit Quality Metrics – NCOs Remain Near High End of Average Through-the-Cycle Target Range
2020 2019
($ in millions) December 31, September 30, June 30, March 31, December 31,
Total nonaccrual loans and leases $ 532  $ 569  $ 648  $ 558  $ 468 
Total other real estate 10  11 
Other NPAs (1)
27  28  58  18  19 
Total nonperforming assets 563  602  713  586  498 
Accruing loans and leases past due 90+ days 171  175  194  167  171 
NPAs + accruing loans and lease past due 90+ days $ 734  $ 777  $ 907  $ 753  $ 669 
NAL ratio (2)
0.65  % 0.70  % 0.81  % 0.72  % 0.62  %
NPA ratio (3)
0.69  0.74  0.89  0.75  0.66 
(NPAs+90 days)/(Loans+OREO) 0.90  0.96  1.13  0.96  0.89 
Provision for credit losses $ 103  $ 177  $ 327  $ 441  $ 79 
Net charge-offs 112  113  107  117  73 
Net charge-offs / Average total loans 0.55  % 0.56  % 0.54  % 0.62  % 0.39  %
Allowance for loans and lease losses (ALLL) $ 1,814  $ 1,796  $ 1,702  $ 1,504  $ 783 
Allowance for unfunded loan commitments and letters of credit 52  82  119  99  104 
Allowance for credit losses (ACL) $ 1,866  $ 1,878  $ 1,821  $ 1,603  $ 887 
ALLL as % of:
Total loans and leases 2.22  % 2.21  % 2.12  % 1.93  % 1.04  %
NALs 341  316  263  270  167 
NPAs 323  298  239  257  157 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Total NALs as a % of total loans and leases.
(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
See Pages 12-15 and 23-26 of Quarterly Financial Supplement for additional detail.
Overall asset quality performance showed continued improvement for the second consecutive quarter. The majority of the charge-offs in 2020 were related to the Commercial portfolio, specifically the Oil and Gas component. The Consumer portion of the loan portfolio exhibited continued consistent asset quality performance.
Nonperforming assets (NPAs) were $563 million at 2020 year end. NPAs decreased $39 million, or 6%, on a linked quarter basis, and were $150 million, or 21%, lower than the 2020 peak at the end of the second quarter, driven by a reduction in the Oil and Gas portfolio. The resulting NPA ratio of 0.69% of total loans and leases and OREO as of 2020 year end shows a clear decline on a linked quarter basis and is only slightly higher than the 2019 year end ratio of 0.66%. On a linked quarter basis, nonaccrual loans and leases (NALs) decreased $37 million, or 7%, to $532 million, while OREO and Other NPAs decreased slightly. The year-over-year increase in NALs was primarily in the C&I portfolio. OREO balances decreased $7 million, or 64%, from the year-ago quarter.
The provision for credit losses increased $24 million year-over-year to $103 million. NCOs increased $39 million year-over-year to $112 million. The increase in commercial NCOs was related to the loss incurred on loan sales from one retail mall REIT relationship, while the decrease in consumer NCOs reflected continued strong performance in those portfolios. NCOs represented an annualized 0.55% of average loans and leases in the current quarter, relatively unchanged from the prior quarter and up from 0.39% in the year-ago quarter. We remain confident in the long-term performance of our credit portfolios.

9


The allowance for loan and lease losses (ALLL) increased by $1.0 billion from the year ago quarter, increasing as a percentage of total loans and leases to 2.22% compared to 1.04% a year ago. The ALLL as a percentage of period-end total NALs increased to 341% from 167% over the same period. The allowance for credit losses (ACL) increased by $1.0 billion from the year-ago quarter to $1.9 billion, or 2.29% of total loans and leases. On a linked quarter basis, the ACL decreased $12 million. We believe the levels of the ALLL and ACL are appropriate given the current level of problem loans and the economic outlook.

Capital
Table 8 – Capital Ratios – Managing Capital Ratios within Targeted Ranges
2020 2019
($ in billions) December 31, September 30, June 30, March 31, December 31,
Tangible common equity / tangible assets ratio 7.16  % 7.27  % 7.28  % 7.52  % 7.88  %
Regulatory Common Equity Tier 1 risk-based capital ratio (1)
10.00  % 9.89  % 9.84  % 9.47  % 9.88  %
Regulatory Tier 1 risk-based capital ratio (1) 12.47  % 12.37  % 11.79  % 10.81  % 11.26  %
Regulatory Total risk-based capital ratio (1)
14.46  % 14.39  % 13.84  % 12.74  % 13.04  %
Total risk-weighted assets (1) $ 88.9  $ 88.4  $ 87.3  $ 90.2  $ 87.5 
(1)December 31, 2020 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The 2020 capital ratios reflect Huntington’s election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period.
See Pages 16-17 of Quarterly Financial Supplement for additional detail.
The tangible common equity to tangible assets ratio was 7.16% at December 31, 2020, down 72 basis points from a year ago. The regulatory Common Equity Tier 1 (CET1) risk-based capital ratio was 10.00% at December 31, 2020, compared to 9.88% at December 31, 2019. The regulatory Tier 1 risk-based capital ratio was 12.47% compared to 11.26% at December 31, 2019. The balance sheet growth impact on regulatory capital ratios was largely offset by a change in asset mix during 2020 related to the PPP loans and elevated deposits at the Federal Reserve (both of which are 0% risk weighted). The capital impact of earnings, adjusted for CECL transition, was largely offset by the repurchase of $92 million of common stock over the last four quarters (including $5 million repurchased during the 2020 fourth quarter to offset compensation plan-related share issuances) and cash dividends. The regulatory Tier 1 risk-based capital and total risk‐based capital ratios also reflect the issuance of $500 million of Series F preferred stock in the 2020 second quarter and $500 million of Series G preferred stock in the 2020 third quarter.

Income Taxes
The provision for income taxes was $59 million in the 2020 fourth quarter compared to $55 million in the 2019 fourth quarter. The effective tax rates for the 2020 fourth quarter and 2019 fourth quarter were 15.8% and 14.8%, respectively.
At December 31, 2020, the Company had a net federal deferred tax liability of $158 million and a net state deferred tax asset of $24 million.



10


Expectations – Full Year 2021 (Huntington standalone)
Full-year revenue is expected to increase approximately 1% to 3%. Full-year noninterest expense is expected to increase approximately 3% to 5%.
Average loans and leases are expected to increase approximately 2% to 4% on an annual basis. Average total deposits are expected to increase approximately 5% to 7% on an annual basis.
Asset quality metrics are expected to remain strong, with net charge-offs around the middle of the average through-the-cycle target range of approximately 35 to 55 basis points, with some moderate quarterly volatility.
The effective tax rate for full year 2021 is expected to be in the range of 16% to 17%.

Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on January 22, 2021, at 8:30 a.m. (Eastern Standard Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID# 13714293. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through January 31, 2021 at (877) 660-6853 or (201) 612-7415; conference ID# 13714293.
Please see the 2020 Fourth Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington’s website, www.huntington.com.

About Huntington
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $123 billion of assets and a network of 839 branches, including 11 Private Client Group offices, and 1,322 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Visit huntington.com for more information.

Caution regarding Forward-Looking Statements
This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Huntington and TCF, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and

11


our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Huntington and TCF; the outcome of any legal proceedings that may be instituted against Huntington or TCF; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain shareholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington and TCF do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Huntington and TCF successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Huntington and TCF. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC, and in TCF’s Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended September 30, 2020, each of which is on file with the SEC and available in the “Investor Relations” section of TCF’s website, http://www.tcfbank.com, under the heading “Financial Information” and in other documents TCF files with the SEC. available in the “Investor Relations” section of our website, http://www.huntington.com, under the heading “Publications and Filings.”
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Huntington nor TCF assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

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

12


Annualized Data
Certain returns, yields, performance ratios, or quarterly growth rates are presented on an “annualized” basis. This is done for analytical and decision-making purposes to better discern underlying performance trends when compared to full-year or year-over-year amounts. For example, loan and deposit growth rates, as well as net charge-off percentages, are most often expressed in terms of an annual rate like 8%. As such, a 2% growth rate for a quarter would represent an annualized 8% growth rate.
Fully-Taxable Equivalent Interest Income and Net Interest Margin
Income from tax-exempt earning assets is increased by an amount equivalent to the taxes that would have been paid if this income had been taxable at statutory rates. This adjustment puts all earning assets, most notably tax-exempt municipal securities and certain lease assets, on a common basis that facilitates comparison of results to results of competitors.
Earnings per Share Equivalent Data
Significant income or expense items may be expressed on a per common share basis. This is done for analytical and decision-making purposes to better discern underlying trends in total corporate earnings per share performance excluding the impact of such items. Investors may also find this information helpful in their evaluation of our financial performance against published earnings per share mean estimate amounts, which typically exclude the impact of Significant Items. Earnings per share equivalents are usually calculated by applying an effective tax rate to a pre-tax amount to derive an after-tax amount, which is divided by the average shares outstanding during the respective reporting period. Occasionally, when the item involves special tax treatment, the after-tax amount is disclosed separately, with this then being the amount used to calculate the earnings per share equivalent.
Rounding
Please note that columns of data in this document may not add due to rounding.

###

13

Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
December 31, 2020
Table of Contents
1
2
4
5
6
7
8
9
10
11
12
13
14
Quarterly Accruing Past Due Loans and Leases and Accruing and Nonaccruing Troubled Debt Restructured Loans
15
16
17
18
19
20
21
22
23
24
25
26



Notes:
The preparation of financial statement data in conformity with accounting principles generally accepted in the United States (GAAP) requires management to make estimates and assumptions that affect amounts reported. Actual results could differ from those estimates. Certain prior period amounts have been reclassified to conform to the current period’s presentation.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on a FTE basis are considered non-GAAP financial measures.  Management believes net interest income on a FTE basis provides a more accurate picture of the interest margin for comparison purposes.  The FTE basis also allows management to assess the comparability of revenue arising from both taxable and tax-exempt sources.  The FTE basis assumes a federal statutory tax rate of 21 percent.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when evaluating capital utilization and adequacy, including:
Tangible common equity to tangible assets, and
Tangible common equity to risk-weighted assets using Basel III definition.
These non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows readers to compare the Company’s capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes preferred securities, the nature and extent of which varies among different financial services companies. These ratios are not defined in GAAP or federal banking regulations. As a result, these non-regulatory capital ratios disclosed by the Company may be considered non-GAAP financial measures.
Because there are no standardized definitions for these non-regulatory capital ratios, the Company’s calculation methods may differ from those used by other financial services companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider the consolidated financial statements and other financial information contained in the related press release in their entirety, and not to rely on any single financial measure.



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


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

2


Key Statistics Footnotes
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability, and calculated assuming a 21% tax rate.
(2)On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains (losses).
(4)Includes noninterest-bearing and interest-bearing demand deposits, money market deposits, savings and other domestic deposits, and core certificates of deposit.
(5)NPAs include other nonperforming assets, which includes certain impaired securities and/or nonaccrual loans held for sale, and other real estate owned.
(6)December 31, 2020, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.


3


Huntington Bancshares Incorporated
Consolidated Balance Sheets
December 31, December 31,
(dollar amounts in millions) 2020 2019
Percent Changes
(Unaudited)
Assets
Cash and due from banks
$ 1,319  $ 1,045  26  %
Interest-bearing deposits in Federal Reserve Bank
5,276  125  4,121 
Interest-bearing deposits in banks
117  102  15 
Trading account securities
62  99  (37)
Available-for-sale securities
16,485  14,149  17 
Held-to-maturity securities
8,861  9,070  (2)
Other securities
418  441  (5)
Loans held for sale
1,275  877  45 
Loans and leases (1)
81,608  75,404 
Allowance for loan and lease losses
(1,814) (783) (132)
Net loans and leases
79,794  74,621 
Bank owned life insurance
2,577  2,542 
Premises and equipment
757  763  (1)
Goodwill
1,990  1,990  — 
Service rights and other intangible assets
428  475  (10)
Other assets
3,679  2,703  36 
Total assets
$ 123,038  $ 109,002  13  %
Liabilities and shareholders’ equity
Liabilities
Deposits (2)
$ 98,948  $ 82,347  20  %
Short-term borrowings
183  2,606  (93)
Long-term debt
8,352  9,849  (15)
Other liabilities
2,562  2,405 
Total liabilities
110,045  97,207  13 
Shareholders' equity
Preferred stock
2,191  1,203  82 
Common stock
10  10  — 
Capital surplus
8,781  8,806  — 
Less treasury shares, at cost
(59) (56) (5)
Accumulated other comprehensive gain (loss)
192  (256) 175 
Retained earnings (deficit)
1,878  2,088  (10)
Total shareholders’ equity
12,993  11,795  10 
Total liabilities and shareholders’ equity
$ 123,038  $ 109,002  13  %
Common shares authorized (par value of $0.01)
1,500,000,000  1,500,000,000 
Common shares outstanding
1,017,196,776  1,020,003,482 
Treasury shares outstanding
5,062,054  4,537,605 
Preferred stock, authorized shares
6,617,808  6,617,808 
Preferred shares outstanding
750,500  740,500 
(1)See page 5 for detail of loans and leases.
(2)See page 6 for detail of deposits.
4


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

5


Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
December 31, September 30, June 30, March 31, December 31,
(dollar amounts in millions) 2020 2020 2020 2020 2019
Ending Balances by Type:
Demand deposits - noninterest-bearing
$ 28,553  29  % $ 27,466  29  % $ 27,574  29  % $ 21,039  24  % $ 20,247  25  %
Demand deposits - interest-bearing
26,757  27  24,242  25  22,961  25  23,115  27  20,583  25 
Money market deposits 26,248  27  26,230  28  25,312  27  25,068  29  24,726  30 
Savings and other domestic deposits
11,722  12  11,268  12  11,034  12  9,845  11  9,549  12 
Core certificates of deposit (1)
1,425  1,586  2,478  3,599  4,356 
Total core deposits
94,705  96  90,792  96  89,359  96  82,666  95  79,461  97 
Other domestic deposits of $250,000 or more
131  —  156  —  209  —  276  —  313  — 
Brokered deposits and negotiable CDs
4,112  4,206  4,123  3,888  2,573 
Total deposits
$ 98,948  100  % $ 95,154  100  % $ 93,691  100  % $ 86,830  100  % $ 82,347  100  %
Total core deposits:
Commercial
$ 44,698  47  % $ 43,018  47  % $ 41,630  47  % $ 38,064  46  % $ 34,957  44  %
Consumer
50,007  53  47,774  53  47,729  53  44,602  54  44,504  56 
Total core deposits
$ 94,705  100  % $ 90,792  100  % $ 89,359  100  % $ 82,666  100  % $ 79,461  100  %
Ending Balances by Business Segment:
Consumer and Business Banking $ 60,910  61  % $ 59,302  62  % $ 59,202  63  % $ 51,898  60  % $ 51,675  63  %
Commercial Banking 24,766  25  23,599  25  22,041  24  23,530  27  20,762  25 
Vehicle Finance 722