Form 8-K filed by HUNTINGTON BANCSHARES INC /MD/ on 2022-04-21
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ______________________________________________________________________________________________________________________________
FORM 8-K
 _______________________________________________________________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 21, 2022
 ______________________________________________________________________________________________________________________________
https://cdn.kscope.io/bdce26245b906e8cd1db76e797de3887-hban-20220421_g1.jpg
Huntington Bancshares Incorporated
(Exact name of registrant as specified in its charter)
 _______________________________________________________________________________________________________________________________
Maryland1-3407331-0724920
(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: (614480-2265
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 classTrading
Symbol(s)
Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)HBANPNASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)HBANMNASDAQ
Common Stock—Par Value $0.01 per ShareHBANNASDAQ
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§24012b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item  2.02.     Results of Operations and Financial Condition.
On April 21, 2022, Huntington Bancshares Incorporated (“Huntington”) issued a news release announcing its earnings for the quarter ended March 31, 2022. Also on April 21, 2022, Huntington made a Quarterly Financial Supplement available in the Investor Relations section of Huntington’s website. Copies of Huntington's news release and quarterly financial supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated by reference in this Item 2.02.
Huntington’s senior management will host an earnings conference call on April 21, 2022, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13728287. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 28, 2022 at (877) 660-6853 or (201) 612-7415; conference ID #13728287.
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 related variants and mutations and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the possibility that the anticipated benefits of the transaction with TCF are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington does business; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2021 which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.
All forward-looking statements speak only as of the date they are made and are based on information available at that time. Huntington does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
The information contained or incorporated by reference in Item 2.02 of this Form 8-K shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.




Item  9.01.     Financial Statements and Exhibits.
The exhibits referenced below shall be treated as “furnished” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(d)Exhibits.
Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated April 21, 2022.
Exhibit 99.2 – Quarterly Financial Supplement, March 31, 2022.

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:April 21, 2022By:
/s/ Zachary Wasserman
Zachary Wasserman
Chief Financial Officer

Document

Exhibit 99.1
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April 21, 2022
Analysts: Tim Sedabres (timothy.sedabres@huntington.com), 952.745.2766
Media: Allison Gabrys (corpmedia@huntington.com), 248.961.3978

HUNTINGTON BANCSHARES INCORPORATED REPORTS 2022 FIRST-QUARTER EARNINGS
Momentum Continues into Q1, with 2% Average Loan Growth or +10% Annualized, ex PPP.
Increased Net Interest Income and Consecutive Expense Reductions Drive Record PPNR

2022 First-Quarter Highlights:
Earnings per common share (EPS) for the quarter were $0.29, an increase of $0.03 from the prior quarter. Excluding $0.03 per common share after tax of Notable Items, adjusted earnings per common share were $0.32.
Net interest income increased $14 million, or 1%, from the prior quarter, reflecting increased average earning assets and net interest margin expansion of 3 basis points to 2.88%.
Noninterest expense decreased $168 million from the fourth quarter, or 14% to $1.1 billion. Excluding Notable Items, noninterest expense decreased $27 million, or 3%, to $1.0 billion reflecting realization of cost synergies related to the TCF acquisition.
Pre-Provision Net Revenue (PPNR) growth, excluding Notable Items, increased 4% from the prior quarter.
Average total loans and leases increased $1.7 billion, or 2%, to $111.1 billion. Excluding the decrease in PPP loans, average total loans and leases increased $2.6 billion, or 2% from the prior quarter.
Average total commercial loans increased 2%. Excluding the decrease in PPP loans, average total commercial loans increased 4%.
Average deposits increased $614 million. Ending deposits increased $3.7 billion or 3% from the prior quarter.
Record low net charge-offs of 0.07% of average total loans and leases, down 5 basis points from the prior quarter. Nonperforming assets down the past three consecutive quarters.
On March 1, Huntington announced the signing of a definitive agreement to acquire Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction is expected to close toward the end of the second quarter.
Huntington was awarded by Forbes for 2022 America's Best Large Employers, ranked #7 in Banking and Financial Services, reflecting our commitment to People-First.
Huntington Middle Market and Small Business Banking received 22 awards from Greenwich Associates for 2021 Greenwich Excellence and Best Brand.
Huntington was recognized for outstanding diversity, equity, and inclusion through 2022 BISA Diversity and Inclusion Award, and Donald Dennis, Huntington's Chief DEI Officer, was named by National Diversity Council as a Top 100 Diversity Officer.



1


COLUMBUS, Ohio – Huntington Bancshares Incorporated (Nasdaq: HBAN) reported net income for the 2022 first quarter of $460 million, or $0.29 per common share, a decrease of $72 million, or $0.19 per common share from the year-ago quarter. The 2022 first quarter benefited from the TCF acquisition and organic growth, while the 2021 first quarter results were favorably impacted by the provision for credit losses benefit and the mark-to-market of interest rate caps. In the 2022 first quarter, adjusted earnings per common share were $0.32, excluding $0.03 per common share of after tax of Notable Items. Specifically, $37 million of after tax acquisition-related expenses.
Return on average assets was 1.05%, return on average common equity was 10.4%, return on average tangible common equity (ROTCE) was 15.8%, and adjusted ROTCE was 17.1%.
CEO Commentary:
"We delivered exceptional results this quarter, driven by continued execution of our strategic initiatives and loan growth across our businesses," said Steve Steinour, chairman, president and CEO. "Additionally, we saw net interest income expansion, deposit growth and demonstrated disciplined expense management with continued sequential quarter reductions in noninterest expense, driving record PPNR.
"During the quarter we announced a definitive agreement to acquire Capstone Partners, a top tier middle market investment bank and advisory firm, which will add scale in key verticals and significant capabilities to Huntington allowing us to serve our customers throughout their full business lifecycle," said Steinour.
"Huntington is proud to be ranked #7 by Forbes for 2022 America's Best Large Employers in Banking and Financial Services, in addition to receiving a total of 22 awards from Greenwich for 2021 Best Brand and Excellence. We were also pleased to receive the 2022 BISA Diversity and Inclusion Award, recognizing our outstanding leadership and successful diversity efforts. These accolades are a testament to our colleagues and the customer experience they deliver.
"As we look forward to the remainder of the year, we remain confident in our outlook for revenue and continued profit growth. Credit continues to perform exceptionally well in keeping with our aggregate moderate-to-low risk profile through-the-cycle. Through our disciplined and proactive approach, Huntington is well positioned to manage through the uncertainty in the global macro-environment. We continue to look forward with optimism and remain focused on delivering profitable growth."















2


Table 1 – Earnings Performance Summary
20222021
(in millions, except per share data)FirstFourthThirdSecondFirst
QuarterQuarterQuarterQuarterQuarter
Net income (loss) attributable to Huntington Bancshares Inc$460 $401 $377 $(15)$532 
Diluted earnings (loss) per common share0.29 0.26 0.22 (0.05)0.48 
Return on average assets1.05 %0.92 %0.86 %(0.05)%1.76 %
Return on average common equity10.4 8.7 7.6 (1.9)18.7 
Return on average tangible common equity15.8 13.2 11.5 (2.1)23.7 
Net interest margin2.88 2.85 2.91 2.66 3.48 
Efficiency ratio62.9 73.0 74.9 83.1 57.0 
Tangible book value per common share$7.47 $8.06 $8.09 $8.22 $8.64 
Cash dividends declared per common share0.155 0.155 0.15 0.15 0.15 
Average earning assets (1)
$162,414 $158,692 $159,148 $127,378 $114,105 
Average loans and leases (1)
111,142 109,488 109,668 87,394 80,261 
Average core deposits139,148 138,008 137,816 109,433 95,815 
Tangible common equity / tangible assets ratio6.28 %6.88 %6.95 %7.15 %7.11 %
Common equity Tier 1 risk-based capital ratio9.22 9.33 9.57 9.98 10.32 
NCOs as a % of average loans and leases0.07 %0.12 %0.20 %0.28 %0.32 %
NAL ratio0.60 0.64 0.79 0.88 0.64 
ACL as a % of total loans and leases1.87 1.89 2.01 2.09 2.17 
(1)Effective for the first quarter of 2022, the categorization of Early Pay related assets was updated to non-earning assets (accrued income and other receivables) from earning assets (other consumer loans and leases). All prior period amounts and all related metrics have been revised to conform to the current presentation. Our Early Pay product allows customers with direct deposit availability to their paycheck up to two days early at no cost.

Table 2 lists certain items that we believe are important to understanding corporate performance and trends (see Basis of Presentation). There was one Notable Item in the 2022 first quarter: $46 million of acquisition-related pretax expense. There were two Notable Items in the 2021 fourth quarter: $177 million of acquisition-related pretax expense, and $10 million of pretax expense related to the exit of a strategic distribution relationship. There was one Notable Item in the 2021 first quarter: $21 million of acquisition-related pretax net expense.

3


Table 2 – Notable Items Influencing Earnings
Three Months Ended
Pretax Impact (1)
After Tax Impact (1)
($ in millions, except per share)AmountNet Income
EPS (2)
March 31, 2022 $460 $0.29 
Acquisition-related expenses (3)
$(46)$(37)$(0.03)
December 31, 2021$401 $0.26 
Acquisition-related expenses$(177)$(139)$(0.09)
Exit of strategic distribution relationship(10)$(8)$(0.01)
March 31, 2021$532 $0.48 
Acquisition-related net expenses$(21)$(17)$(0.02)
(1)Favorable (unfavorable) impact.
(2)EPS reflected on a fully diluted basis.
(3)Includes TCF and Capstone acquisition-related expenses.


Net Interest Income, Net Interest Margin, and Average Balance Sheet
Table 3 – Net Interest Income and Net Interest Margin Performance Summary
20222021
($ in millions)FirstFourthThirdSecondFirstChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Net interest income$1,146 $1,132 $1,160 $838 $972 %18 %
FTE adjustment33 33 
Net interest income - FTE1,154 1,138 1,167 844 978 18 
Noninterest income499 515 535 444 395 (3)26 
Total revenue - FTE$1,653 $1,653 $1,702 $1,288 $1,373 — %20 %
20222021
FirstFourthThirdSecondFirstChange (bp)
Yield / CostQuarterQuarterQuarterQuarterQuarterLQYOY
Total earning assets3.00 %2.97 %3.02 %2.96 %3.11 %(11)
Total loans and leases3.64 3.69 3.80 3.68 3.78 (5)(14)
Total securities1.72 1.49 1.52 1.59 1.67 23 
Total interest-bearing liabilities0.18 0.18 0.17 0.45 (0.53)— 71 
Total interest-bearing deposits0.04 0.05 0.05 0.06 0.06 (1)(2)
Net interest rate spread2.82 2.79 2.85 2.51 3.64 (82)
Impact of noninterest-bearing funds on margin0.06 0.06 0.06 0.15 (0.16)— 22 
Net interest margin2.88 %2.85 %2.91 %2.66 %3.48 %(60)
See Pages 7-8 of Quarterly Financial Supplement for additional detail.


4


Fully-taxable equivalent (FTE) net interest income for the 2022 first quarter increased $176 million, or 18%, from the 2021 first quarter. This increase reflected the benefit of a $48.3 billion, or 42%, increase in average earning assets, partially offset by a 60 basis point decrease in the FTE net interest margin (NIM) to 2.88%. The year-over-year decrease in NIM was driven by the 2021 first quarter benefit of a $144 million mark-to-market of interest rate caps and the decrease in accelerated PPP loan fees recognized upon forgiveness payments, partially offset by the benefit of $19 million of net interest income from purchase accounting accretion. Net interest income in the 2022 first quarter included $11 million of PPP loan fees recognized upon forgiveness payments, compared to $45 million of PPP loan fees recognized upon forgiveness in the 2021 first quarter.
Compared to the 2021 fourth quarter, FTE net interest income increased $16 million, or 1%, reflecting 3 basis points of NIM expansion and a $3.7 billion, or 2%, increase in average earning assets. The expansion in NIM was impacted by an increase in securities yields, partially offset by a decrease in loan and lease yields. Net interest income in the 2021 fourth quarter included $25 million of net interest income from purchase accounting accretion and $20 million of PPP loan fees recognized upon forgiveness payments. Additionally, derivative ineffectiveness negatively impacted net interest income $12 million in the 2022 first quarter, compared to a negative impact of $4 million in the 2021 fourth quarter.
Table 4 – Average Earning Assets
20222021
($ in billions)FirstFourthThirdSecondFirstChange (%)
QuarterQuarterQuarterQuarterQuarterLQYOY
Commercial and industrial$41.4 $40.6 $40.6 $34.1 $32.2 %29 %
Commercial real estate15.1 14.6 14.7 9.1 7.2 110 
Lease financing4.9 4.9 5.0 2.8 2.2 — 123 
Total commercial61.4 60.1 60.3 46.0 41.5 48 
Residential mortgage19.5 19.0 18.9 13.8 12.1 61 
Automobile13.5 13.4 13.2 12.8 12.7 
Home equity10.4 10.7 11.1 9.4 8.8 (3)18 
RV and marine5.1 5.0 5.0 4.4 4.2 22 
Other consumer1.3 1.3 1.2 1.0 1.0 (1)32 
Total consumer49.8 49.4 49.4 41.4 38.7 28 
Total loans and leases111.1 109.5 109.7 87.4 80.3 38 
Total securities42.7 40.1 36.0 30.7 26.2 63 
Held-for-sale and other earning assets8.6 9.1 13.5 9.2 7.6 (6)13 
Total earning assets$162.4 $158.7 $159.1 $127.4 $114.1 %42 %
See Page 7 of Quarterly Financial Supplement for additional detail.

Average earning assets for the 2022 first quarter increased $48.3 billion, or 42%, from the year-ago quarter, primarily reflecting a $30.9 billion, or 38%, increase in average total loans and leases and a $16.5 billion, or 63%, increase in average securities. Average loan and lease balance increases across categories reflect the impact of the TCF acquisition and organic growth. Average commercial loans increased $19.8 billion, or 48%, partially offset by a $4.8 billion decrease in average PPP loans primarily related to forgiveness. The increase in average securities was driven by the redeployment of excess liquidity into securities.
Compared to the 2021 fourth quarter, average earning assets increased $3.7 billion primarily reflecting a $2.6 billion, or 6%, increase in average securities and a $1.7 billion, or 2%, increase in average total loans and leases. The change in average securities is primarily reflective of managing liquidity needs.
Huntington received forgiveness payments for $734 million of PPP loans during the 2022 first quarter compared to forgiveness payments for $970 million of PPP loans during the 2021 fourth quarter.

5


Table 5 – Average Liabilities
20222021
FirstFourthThirdSecondFirstChange (%)
($ in billions)QuarterQuarterQuarterQuarterQuarterLQYOY
Demand deposits - noninterest-bearing$42.0 $43.4 $44.6 $34.6 $29.1 (3)%44 %
Demand deposits - interest-bearing40.6 38.4 35.7 29.7 26.8 52 
Total demand deposits82.6 81.8 80.3 64.3 55.9 48 
Money market deposits32.7 32.4 33.3 28.1 26.2 24 
Savings and other domestic deposits21.3 20.9 20.9 15.2 12.3 74 
Core certificates of deposit2.6 2.9 3.3 1.8 1.4 (12)85 
Total core deposits139.1 138.0 137.8 109.4 95.8 45 
Other domestic deposits of $250,000 or more0.3 0.5 0.6 0.3 0.1 (30)175 
Negotiable CDs, brokered and other deposits
3.5 3.8 3.9 3.0 3.4 (10)
Total deposits$142.9 $142.3 $142.3 $112.7 $99.3 — %44 %
Short-term borrowings$4.7 $0.3 $0.3 $0.2 $0.2 NMNM
Long-term debt6.9 7.7 7.6 6.9 7.8 (10)(11)
Total debt$11.6 $8.0 $7.9 $7.1 $8.0 45 %46 %
Total interest-bearing liabilities$112.6 $107.0 $105.6 $85.2 $78.2 %44 %
See Page 7 of Quarterly Financial Supplement for additional detail.

Average total interest-bearing liabilities for the 2022 first quarter increased $34.4 billion, or 44%, from the year-ago quarter. Average total deposits increased $43.6 billion, or 44%, while average total core deposits increased $43.3 billion, or 45%. Increases across categories reflect the impact of the TCF acquisition, in addition to elevated balances in core deposits largely related to strong retention and the impact of new deposit products. Average total debt increased $3.7 billion, or 46%, primarily reflecting short-term FHLB advances and repayment during the quarter, the acquisition of $1.5 billion of long-term debt from TCF in the 2021 second quarter and a subordinated debt issuance of $500 million in the 2021 third quarter, partially offset by the repayment and maturity of $3.7 billion of long-term debt over the past five quarters due to strong core deposit growth.
Compared to the 2021 fourth quarter, average total interest-bearing liabilities increased $5.6 billion, or 5%. The increase primarily reflected short-term FHLB advances and repayment during the quarter and an increase in average total core deposits. Within total core deposits, average total demand deposits increased $797 million, or 1%, primarily due to seasonality.


6


Noninterest Income
Table 6 – Noninterest Income
20222021
FirstFourthThirdSecondFirstChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Service charges on deposit accounts $97 $101 $114 $88 $69 (4)%41 %
Card and payment processing income86 93 96 80 65 (8)32 
Mortgage banking income49 61 81 67 100 (20)(51)
Trust and investment management services65 63 61 56 52 25 
Capital markets fees42 47 40 35 29 (11)45 
Insurance income31 28 25 25 27 11 15 
Leasing revenue35 41 42 12 (15)NM
Bank owned life insurance income17 22 15 16 16 (23)
Gain on sale of loans28 NMNM
Net gains (losses) on sales of securities— (1)— 10 — 100 — 
Other noninterest income49 59 59 52 30 (17)63 
Total noninterest income$499 $515 $535 $444 $395 (3)%26 %
NM - Not Meaningful
See Page 10 of Quarterly Financial Supplement for additional detail.

Total noninterest income for the 2022 first quarter increased $104 million, or 26%, from the year-ago quarter. Noninterest income for the 2022 first quarter was impacted by the June 2021 acquisition of TCF. Leasing revenue increased $31 million, primarily reflecting the addition of TCF’s portfolio of products. Increases in service charges on deposit accounts of $28 million, or 41%, and card and payment processing income of $21 million, or 32%, were driven by the addition of TCF customers. Income from gain on sale of loans increased $25 million, primarily due to resuming the sale of SBA loans in the 2022 first quarter. Other noninterest income increased $19 million, or 63%, primarily reflecting purchase accounting accretion from acquired unfunded loan commitments and increased amortization of upfront card-related contract renewal fees, partially offset by decreased mezzanine investment income. Trust and investment management services increased $13 million, or 25%, reflecting continued strong sales, positive equity market performance, and the TCF acquisition. Capital markets fees increased $13 million, or 45%, primarily reflecting higher interest rate derivative fees, foreign exchange fees and loan syndication. Partially offsetting these increases, mortgage banking income decreased $51 million, or 51%, primarily reflecting lower secondary marketing spreads and lower saleable volume.
Compared to the 2021 fourth quarter, total noninterest income decreased $16 million, or 3%. Mortgage banking income decreased $12 million, or 20%, primarily reflecting lower salable volume. Other noninterest income decreased $10 million, or 17%, primarily due to decreased mezzanine investment income. Card and payment processing income decreased $7 million, or 8%, primarily due to seasonality. Partially offsetting these decreases, gain on sale of loans increased $27 million due to resuming the sale of SBA loans in the 2022 first quarter.


7


Noninterest Expense
Table 7 – Noninterest Expense
20222021
FirstFourthThirdSecondFirstChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Personnel costs$580 $632 $643 $592 $468 (8)%24 %
Outside data processing and other services165 269 304 162 115 (39)43 
Net occupancy64 68 95 72 42 (6)52 
Equipment81 68 79 55 46 19 76 
Professional services19 22 26 48 17 (14)12 
Marketing21 35 25 15 14 (40)50 
Deposit and other insurance expense18 18 17 125 
Amortization of intangibles14 14 13 11 10 40 
Lease financing equipment depreciation14 17 19 — (18)NM
Other noninterest expense77 78 68 104 73 (1)
Total noninterest expense$1,053 $1,221 $1,289 $1,072 $793 (14)%33 %
(in thousands)
Average full-time equivalent employees19.7 20.3 20.9 17.0 15.4 (3)%28 %
NM - Not Meaningful

Table 8 - Impact of Notable Items
20222021
FirstFourthThirdSecondFirst
($ in millions)QuarterQuarterQuarterQuarterQuarter
Personnel costs$$32 $36 $110 $— 
Outside data processing and other services25 122 140 33 
Net occupancy10 16 36 35 
Equipment
Professional services36 
Marketing— — — 
Other noninterest expense52 
Total noninterest expense$46 $187 $234 $269 $21 

8


Table 9 - Adjusted Noninterest Expense (Non-GAAP)
20222021
FirstFourthThirdSecondFirstChange (%)
($ in millions)QuarterQuarterQuarterQuarterQuarterLQYOY
Personnel costs$575 $600 $607 $482 $468 (4)%23 %
Outside data processing and other services140 147 164 129 107 (5)31 
Net occupancy54 52 59 37 39 38 
Equipment79 60 74 52 45 32 76 
Professional services17 18 17 12 (6)89 
Marketing21 33 22 15 14 (36)50 
Deposit and other insurance expense18 18 17 125 
Amortization of intangibles14 14 13 11 10 40 
Lease financing equipment depreciation14 17 19 — (18)NM
Other noninterest expense75 75 63 52 72 
Total adjusted noninterest expense$1,007 $1,034 $1,055 $803 $772 (3)%30 %
NM - Not Meaningful
Reported total noninterest expense for the 2022 first quarter increased $260 million, or 33%, from the year-ago quarter, primarily reflecting the impact of the TCF acquisition including a $25 million increase in Notable Items. Personnel costs increased $112 million, or 24%, primarily reflecting a 28% increase in average full-time equivalent employees as a result of the TCF acquisition. Outside data processing and other services increased $50 million, or 43%, reflecting acquisition-related expenses and technology related expenses. Equipment expense increased $35 million, or 76%, reflecting acquisition-related expenses and timing of technology equipment purchases and amortization. All other increases were primarily a result of the impact of the TCF acquisition.
Reported total noninterest expense decreased $168 million, or 14%, from the 2021 fourth quarter, reflecting a $141 million reduction in Notable Items to $46 million. Outside data processing and other services decreased $104 million, or 39%, reflecting an $97 million decrease in Notable Items from the prior quarter and elevated costs in the prior quarter related to TCF branch and major systems conversion. Personnel costs decreased $52 million, or 8%, reflecting a $27 million decrease in Notable Items and decreases in incentive compensation, salaries and medical insurance expense, partially offset by an increase in share-based compensation. Marketing expense decreased $14 million, or 40%, primarily reflecting elevated brand marketing in new markets in the 2021 fourth quarter. Partially offsetting these decreases, equipment expense increased $13 million, or 19%, primarily reflecting timing of technology equipment purchases and amortization.



9


Credit Quality
Table 10 – Credit Quality Metrics
20222021
($ in millions)March 31,December 31,September 30,June 30,March 31,
Total nonaccrual loans and leases$682 $716 $861 $977 $516 
Total other real estate, net11 
Other NPAs (1)
15 25 25 30 26 
Total nonperforming assets708 750 893 1,014 544 
Accruing loans and leases past due 90+ days280 210 175 148 154 
NPAs + accruing loans & leases past due 90+ days$988 $960 $1,068 $1,162 $698 
NAL ratio (2)
0.60 %0.64 %0.79 %0.88 %0.64 %
NPA ratio (3)
0.63 0.67 0.82 0.91 0.68 
(NPAs+90 days)/(Loans+OREO)0.88 0.86 0.97 1.05 0.87 
Provision for credit losses$25 $(64)$(62)$211 $(60)
Net charge-offs19 34 55 62 64 
Net charge-offs / Average total loans0.07 %0.12 %0.20 %0.28 %0.32 %
Allowance for loans and lease losses (ALLL)$2,018 $2,030 $2,107 $2,218 $1,703 
Allowance for unfunded lending commitments91 77 98 104 38 
Allowance for credit losses (ACL)$2,109 $2,107 $2,205 $2,322 $1,741 
ALLL as a % of:
Total loans and leases1.79 %1.82 %1.92 %2.00 %2.12 %
NALs296 284 245 227 330 
NPAs285 271 236 219 313 
ACL as a % of:
Total loans and leases1.87 %1.89 %2.01 %2.09 %2.17 %
NALs309 294 256 238 338 
NPAs298 281 247 229 320 
(1)Other nonperforming assets include certain impaired securities and/or nonaccrual loans held-for-sale.
(2)Total NALs as a % of total loans and leases.
(3)Total NPAs as a % of sum of loans and leases, other real estate owned, and other NPAs.
See Pages 11-14 of Quarterly Financial Supplement for additional detail.

Overall asset quality metrics were impacted by the TCF acquisition on a year-over-year basis, but showed improvement in each subsequent quarter. Nonperforming assets (NPAs) were $708 million, or 0.63% of total loans and leases, OREO and other NPAs, compared to $544 million, or 0.68%, a year-ago. Nonaccrual loans and leases (NALs) were $682 million, or 0.60% of total loans and leases, compared to $516 million, or 0.64% of total loans and leases. On a linked quarter basis, NALs decreased $34 million, or 5%, and NPAs decreased $42 million, or 6%. The linked quarter decrease in NALs was primarily due to a decline in commercial and industrial NALs.
The provision for credit losses increased $85 million year-over-year to $25 million in the 2022 first quarter. Net charge-offs (NCOs) decreased $45 million year-over-year and $15 million quarter-over-quarter to $19 million. NCOs represented an annualized 0.07% of average loans and leases in the current quarter, down from 0.12% in the prior quarter and down from 0.32% in the year-ago quarter. Commercial NCOs showed improvement on a year-over-year and linked quarter basis, with net recoveries in the 2022 first quarter. Consumer net charge-offs increased on a year-over-year basis, and were flat with the prior quarter. We remain confident in the long-term credit performance of our loan portfolios.

10


The allowance for loan and lease losses (ALLL) increased $315 million from the year-ago quarter to $2.0 billion due to the impact of the TCF acquisition, while the ALLL as a percentage of period-end total NALs decreased to 296% from 330% over the same period. The allowance for credit losses (ACL) increased by $368 million from the year-ago quarter to $2.1 billion, or 1.87%, of total loans and leases, compared to $2.1 billion, or 1.89% at the prior year end, and $1.7 billion, or 2.17% of total loans and leases a year-ago. On a linked quarter basis, the ACL as a percentage of total loans and leases decreased 2 basis points reflecting the overall continued general improvement in economic conditions, however both inflationary and geopolitical tail risks remain. We believe levels of the ALLL and ACL are appropriate given the current level of problem loans and the economic outlook.


Capital
Table 11 – Capital Ratios
20222021
($ in billions)March 31,December 31,September 30,June 30,March 31,
Tangible common equity / tangible assets ratio6.28 %6.88 %6.95 %7.15 %7.11 %
Common equity tier 1 risk-based capital ratio (1)
9.22 %9.33 %9.57 %9.98 %10.32 %
Regulatory Tier 1 risk-based capital ratio (1)
10.84 %10.99 %11.35 %12.25 %13.32 %
Regulatory Total risk-based capital ratio (1)
13.03 %13.14 %13.57 %14.15 %15.25 %
Total risk-weighted assets (1)
$134.5 $131.3 $128.0 $126.2 $89.5 
(1)March 31, 2022 figures are estimated. Amounts are presented on a Basel III standardized approach basis for calculating risk-weighted assets. The capital ratios reflect Huntington’s 2020 election of a five-year transition to delay for two years the full impact of CECL on regulatory capital, followed by a three-year transition period. As of March 31, 2022, 25% of the cumulative CECL deferral has been phased in.
See Page 15 of Quarterly Financial Supplement for additional detail.

The tangible common equity to tangible assets ratio was 6.28% at March 31, 2022, down 60 basis points from last quarter due primarily to a decrease in tangible common equity related to higher interest rates causing a decrease in accumulated other comprehensive income. Common Equity Tier 1 (CET1) risk-based capital ratio was 9.22%, down from 9.33% from last quarter. The regulatory Tier 1 risk-based capital ratio was 10.84% compared to 10.99% at December 31, 2021. The decrease in regulatory capital ratios was primarily driven by asset growth.
During the 2022 first quarter, Huntington repurchased no shares of common stock, under the current repurchase authorization of $800 million of common shares which began the third quarter of 2021 and goes through the second quarter of 2022. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. As of March 31, 2022, Huntington has completed $650 million of the share repurchase authorization.


Income Taxes
The provision for income taxes was $105 million in the 2022 first quarter compared to $102 million in the 2021 first quarter. The effective tax rates for the 2022 first quarter and 2021 first quarter were 18.5% and 16.1%, respectively.
At March 31, 2022, we had a net federal deferred tax asset of $242 million and a net state deferred tax asset of $33 million.


11


Conference Call / Webcast Information
Huntington’s senior management will host an earnings conference call on April 21, 2022, at 9:00 a.m. (Eastern Time). The call may be accessed via a live Internet webcast at the Investor Relations section of Huntington’s website, www.huntington.com, or through a dial-in telephone number at (877) 407-8029; Conference ID #13728287. Slides will be available in the Investor Relations section of Huntington’s website about an hour prior to the call. A replay of the webcast will be archived in the Investor Relations section of Huntington’s website. A telephone replay will be available approximately two hours after the completion of the call through April 28, 2022 at (877) 660-6853 or (201) 612-7415; conference ID #13728287.
Please see the 2022 First Quarter Quarterly Financial Supplement for additional detailed financial performance metrics. This document can be found on the Investor Relations section of Huntington's website, http://www.huntington.com.

About Huntington
Huntington Bancshares Incorporated is a $177 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle‐market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information.
Caution regarding Forward-Looking Statements

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

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and related variants and mutations and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the possibility that the anticipated benefits of the transaction with TCF are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Huntington does business; and other factors that may affect the future results of Huntington. Additional factors that could cause results to differ materially from those described above can be found in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2021 which is on file with the Securities and Exchange Commission

12


(the “SEC”) and available in the “Investor Relations” section of Huntington’s website http://www.huntington.com, under the heading “Publications and Filings” and in other documents Huntington files with the SEC.

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

Basis of Presentation

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

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

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

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

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


13
Document

Exhibit 99.2
HUNTINGTON BANCSHARES INCORPORATED
Quarterly Financial Supplement
March 31, 2022
Table of Contents
Quarterly Accruing Past Due Loans and Leases



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.
2022202120214Q211Q21
Net interest income (2)
$1,154 $1,138 $978 %18 %
FTE adjustment(8)(6)(6)(33)(33)
Net interest income
1,146 1,132 972 18 
Provision for credit losses25 (64)(60)139 142 
Noninterest income499 515 395 (3)26 
Noninterest expense1,053 1,221 793 (14)33 
Income before income taxes567 490 634 16 (11)
Provision for income taxes105 88 102 19 
Income after income taxes462 402 532 15 (13)
Income attributable to non-controlling interest— 100 100 
Net income attributable to Huntington Bancshares Inc460 401 532 15 (14)
Dividends on preferred shares28 28 31 — (10)
Impact of preferred stock redemption— (4)— 100 — 
Net income applicable to common shares$432 $377 $501 15 %(14)%
Net income per common share - diluted$0.29 $0.26 $0.48 12 %(40)%
Cash dividends declared per common share
0.155 0.155 0.15 — 
Tangible book value per common share at end of period
7.47 8.06 8.64 (7)(14)
Number of common shares repurchased
— 10 — (100)— 
Average common shares - basic
1,438 1,444 1,018 — 41 
Average common shares - diluted
1,464 1,471 1,041 — 41 
Ending common shares outstanding
1,439 1,438 1,018 — 41 
Return on average assets
1.05 %0.92 %1.76 %
Return on average common shareholders’ equity
10.4 8.7 18.7 
Return on average tangible common shareholders’ equity (1)
15.8 13.2 23.7 
Net interest margin (2)
2.88 2.85 3.48 
Efficiency ratio (3)
62.9 73.0 57.0 
Effective tax rate18.5 18.0 16.1 
Average total assets
$177,612 $173,672 $122,995 44 
Average earning assets
162,414 158,692 114,105 42 
Average loans and leases
111,142 109,488 80,261 38 
Average loans and leases - linked quarter annualized growth rate
6.0 %(0.7)%(4.2)%
Average total deposits
$142,917 $142,303 $99,285 — 44 
Average core deposits (4) 139,148 138,008 95,815 45 
Average core deposits - linked quarter annualized growth rate
3.3 %0.6 %15.1 %
Average shareholders’ equity
19,064 19,375 13,324 (2)43 
Average common total shareholders' equity
16,898 17,193 10,858 (2)56 
Average tangible common shareholders' equity
11,364 11,675 8,722 (3)30 
Total assets at end of period
176,856 174,064 125,768 41 
Total shareholders’ equity at end of period
18,452 19,297 13,600 (4)36 
NCOs as a % of average loans and leases
0.07 %0.12 %0.32 %
NAL ratio
0.60 0.64 0.64 
NPA ratio (5)0.63 0.67 0.68 
Allowance for loan and lease losses (ALLL) as a % of total loans and leases at the end of period
1.79 1.82 2.12 
Allowance for credit losses (ACL) as a % of total loans and leases at the end of period1.87 1.89 2.17 
Common equity tier 1 risk-based capital ratio (6)9.22 9.33 10.32 
Tangible common equity / tangible asset ratio (7)6.28 6.88 7.11 
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, 2022, figures are estimated.
(7)Tangible common equity (total common equity less goodwill and other intangible assets) divided by tangible assets (total assets less goodwill and other intangible assets). Other intangible assets are net of deferred tax liability, calculated at a 21% tax rate.
2


Huntington Bancshares Incorporated
Consolidated Balance Sheets
March 31,December 31,
(dollar amounts in millions)20222021
Percent Changes
(Unaudited)
Assets
Cash and due from banks
$1,708 $1,811 (6)%
Interest-bearing deposits at Federal Reserve Bank2,816 3,711 (24)
Interest-bearing deposits in banks
98 392 (75)
Trading account securities
74 46 61 
Available-for-sale securities
25,152 28,460 (12)
Held-to-maturity securities
17,190 12,447 38 
Other securities
1,056 648 63 
Loans held for sale
1,070 1,676 (36)
Loans and leases (1)
112,817 111,267 
Allowance for loan and lease losses
(2,018)(2,030)
Net loans and leases
110,799 109,237 
Bank owned life insurance
2,762 2,765 — 
Accrued income and other receivables2,199 1,319 67 
Premises and equipment
1,173 1,164 
Goodwill
5,349 5,349 — 
Servicing rights and other intangible assets665 611 
Other assets
4,745 4,428 
Total assets
$176,856 $174,064 %
Liabilities and shareholders’ equity
Liabilities
Deposits (2)
$146,965 $143,263 %
Short-term borrowings
652 334 95 
Long-term debt
6,508 7,108 (8)
Other liabilities
4,250 4,041 
Total liabilities
158,375 154,746 
Shareholders' equity
Preferred stock
2,167 2,167 — 
Common stock
14 14 — 
Capital surplus
15,255 15,222 — 
Less treasury shares, at cost
(78)(79)
Accumulated other comprehensive income (loss)(1,314)(229)(474)
Retained earnings2,408 2,202 
Total Huntington Bancshares Inc shareholders’ equity18,452 19,297 (4)
Non-controlling interest29 21 38 
Total equity18,481 19,318 (4)
Total liabilities and shareholders’ equity
$176,856 $174,064 %
Common shares authorized (par value of $0.01)
2,250,000,000 2,250,000,000 
Common shares outstanding
1,439,174,659 1,437,742,172 
Treasury shares outstanding
6,211,714 6,298,288 
Preferred stock, authorized shares
6,617,808 6,617,808 
Preferred shares outstanding
557,500 557,500 
(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)20222021202120212021
Ending Balances by Type:
Total loans
Commercial:
Commercial and industrial
$42,236 37 %$41,688 37 %$40,452 37 %$41,900 37 %$32,297 40 %
Commercial real estate:
Construction
2,010 1,871 1,812 1,926 1,083 
Commercial
13,381 12 13,090 12 12,882 11 12,848 12 6,096 
Commercial real estate
15,391 14 14,961 14 14,694 13 14,774 14 7,179 
Lease financing4,978 5,000 4,991 5,027 2,167 
Total commercial
62,605 55 61,649 55 60,137 55 61,701 56 41,643 52 
Consumer:
Residential mortgage19,942 18 19,256 17 18,922 17 18,729 17 12,092 15 
Automobile
13,480 12 13,434 12 13,305 12 13,174 12 12,591 16 
Home equity
10,343 10,550 10,919 10 11,317 10 8,727 11 
RV and marine
5,191 5,058 5,052 4,960 4,218 
Other consumer
1,256 1,320 1,223 1,187 959 
Total consumer
50,212 45 49,618 45 49,421 45 49,367 44 38,587 48 
Total loans and leases
$112,817 100 %$111,267 100 %$109,558 100 %$111,068 100 %$80,230 100 %
March 31,December 31,September 30,June 30,March 31,
(dollar amounts in millions)20222021202120212021
Ending Balances by Business Segment:
Commercial Banking$51,132 45 %$49,372 44 %$46,988 43 %$46,559 42 %$27,318 34 %
Consumer and Business Banking31,756 29 32,715 30 34,267 31 35,961 32 26,658 33 
Vehicle Finance21,344 19 20,968 19 20,353 19 20,196 18 19,474 24 
RBHPCG (Regional Banking and The Huntington Private Client Group)8,435 8,012 7,743 7,394 6,587 
Treasury / Other150 — 200 — 207 — 958 193 
Total loans and leases$112,817 100 %$111,267 100 %$109,558 100 %$111,068 100 %$80,230 100 %
Average Balances by Business Segment:
Commercial Banking$49,515 45 %$47,281 43 %$46,180 43 %$31,896 37 %$26,694 33 %
Consumer and Business Banking32,134 29 33,434 31 35,544 32 28,905 33 27,069 34 
Vehicle Finance21,155 19 20,598 19 20,219 18 19,548 22 19,735 25 
RBHPCG8,178 7,842 7,527 6,840 6,568 
Treasury / Other160 — 333 — 198 — 205 — 195 — 
Total loans and leases
$111,142 100 %$109,488 100 %$109,668 100 %$87,394 100 %$80,261 100 %

4


Huntington Bancshares Incorporated
Deposits Composition
(Unaudited)
March 31,December 31,September 30,June 30,March 31,
(dollar amounts in millions)20222021202120212021
Ending Balances by Type:
Demand deposits - noninterest-bearing
$43,824 29 %$43,236 30 %$44,560 31 %$45,249 32 %$31,226 30 %
Demand deposits - interest-bearing
42,099 29 39,837 28 36,423 26 34,938 24 27,493 27 
Money market deposits33,444 23 32,522 23 32,662 23 33,616 24 26,268 26 
Savings and other domestic deposits
21,716 15 21,088 15 20,773 15 20,876 15 13,115 13 
Core certificates of deposit (1)
2,358 2,740 3,080 3,537 1,329 
Total core deposits143,441 98 139,423 98 137,498 97 138,216 97 99,431 97 
Other domestic deposits of $250,000 or more274 — 359 — 521 — 675 — 105 — 
Negotiable CDS, brokered and other deposits
3,250 3,481 3,879 3,914 2,648 
Total deposits
$146,965 100 %$143,263 100 %$141,898 100 %$142,805 100 %$102,184 100 %
Total core deposits:
Commercial$64,013 45 %$61,521 44 %$61,210 45 %$61,055 44 %$46,539 47 %
Consumer79,428 55 77,902 56 76,288 55 77,161 56 52,892 53 
Total core deposits
$143,441 100 %$139,423 100 %$137,498 100 %$138,216 100 %$99,431