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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

huntingtonlogo.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: (614480-2265
Securities registered pursuant to Section 12(b) of the Act
Title of class
Trading
Symbol(s)
Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)HBANPNASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)HBANMNASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock)HBANLNASDAQ
Common Stock—Par Value $0.01 per ShareHBANNASDAQ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days.    x  Yes      No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    x  Yes      No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated FilerxAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).      Yes    x  No
There were 1,449,254,147 shares of the registrant’s common stock ($0.01 par value) outstanding on March 31, 2024.



HUNTINGTON BANCSHARES INCORPORATED
INDEX
 
2 Huntington Bancshares Incorporated

Table of Contents
Glossary of Acronyms and Terms

The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: 
ACL  Allowance for Credit Losses
AFS  Available-for-Sale
ALCOAsset-Liability Management Committee
ALLL  Allowance for Loan and Lease Losses
AOCIAccumulated Other Comprehensive Income (Loss)
ASC  Accounting Standards Codification
ASUAccounting Standards Update
AULC  Allowance for Unfunded Lending Commitments
Basel III  Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013
C&I  Commercial and Industrial
CDs  Certificates of Deposit
CDS
Credit Default Swap
CECLCurrent Expected Credit Losses
CET1  Common Equity Tier 1 on a Basel III basis
CFPB
Bureau of Consumer Financial Protection
CME
Chicago Mercantile Exchange
CMO  Collateralized Mortgage Obligations
CODM
Chief Operating Decision Maker
CRE  Commercial Real Estate
DIF
Deposit Insurance Fund
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act
EOPEnd of Period
EVE  Economic Value of Equity
FDIC  Federal Deposit Insurance Corporation
Federal ReserveBoard of Governors of the Federal Reserve System
FFIEC
Federal Financial Institutions Examination Council
FHLB  Federal Home Loan Bank
FICO  Fair Isaac Corporation
FRB  
Federal Reserve Bank
FTE  Fully-Taxable Equivalent
FTP  Funds Transfer Pricing
FVOFair Value Option
GAAP  Generally Accepted Accounting Principles in the United States of America
GDPGross Domestic Product
HTM  Held-to-Maturity
IRS  Internal Revenue Service
LIBOR  London Interbank Offered Rate
LIHTC  Low Income Housing Tax Credit
MBS  Mortgage-Backed Securities
MD&A  Management’s Discussion and Analysis of Financial Condition and Results of Operations
MSR  Mortgage Servicing Right
NAICS  North American Industry Classification System
NALs  Nonaccrual Loans
NCO  Net Charge-off
NII  Net Interest Income
2024 1Q Form 10-Q 3


Table of Contents
NIM  Net Interest Margin
NMNot Meaningful
NPAs  Nonperforming Assets
OCC  Office of the Comptroller of the Currency
OCI  Other Comprehensive Income (Loss)
OLEM  Other Loans Especially Mentioned
RBHPCG  Regional Banking and The Huntington Private Client Group
REITReal Estate Investment Trust
ROCRisk Oversight Committee
RPSRetirement Plan Services
RVRecreational vehicle
SBA  Small Business Administration
SEC  Securities and Exchange Commission
SOFRSecured Overnight Financing Rate
SPE
Special Purpose Entity
TBA
To Be Announced
U.S. Treasury  U.S. Department of the Treasury
VIE  Variable Interest Entity
XBRL  eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated

Table of Contents
PART I. FINANCIAL INFORMATION
When we refer to “we,” “our,” “us,” “Huntington,” and “the Company” in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the “Bank” in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.

Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations
INTRODUCTION
We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. These include, but are not limited to, payments, mortgage banking, automobile, recreational vehicle and marine financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. As of March 31, 2024, we have approximately 970 full-service branches and private client group offices which are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. Select financial services and other activities are also conducted in various other states.
This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2023 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2023 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report.
EXECUTIVE OVERVIEW
Reporting Updates
During the fourth quarter of 2023, we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically manage our business. For a description of each updated noninterest income revenue stream, refer to Note 15 - “Revenue from Contracts with Customers” of the Notes to Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K.
During the fourth quarter of 2023, we revised our FTP methodology for non-maturity deposits, which has been enhanced to consider the internally modeled weighted average life by non-maturity deposit type. In general, the impact of the FTP methodology revision resulted in a net higher cost of funds allocation as compared with the previous method.
To align with our strategic priorities, during the second quarter of 2023, we completed an organizational realignment and now report on two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, and other unallocated assets, liabilities, revenue, and expense. Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The organizational realignment primarily involved consolidating our previously reported Consumer and Business Banking, Vehicle Finance and RBHPCG, into one new business segment called Consumer & Regional Banking.
For the reporting updates discussed above, prior period results have been adjusted to conform to the current presentation.
2024 1Q Form 10-Q 5


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Financial Performance Review
Selected Financial Data
Table 1 - Selected Quarterly Income Statement Data
 Three months ended March 31,Change
(amounts in millions, except per share data)20242023AmountPercent
Interest income$2,380 $2,028 $352 17 %
Interest expense1,093 619 474 77 
Net interest income1,287 1,409 (122)(9)
Provision for credit losses107 85 22 26 
Net interest income after provision for credit losses1,180 1,324 (144)(11)
Noninterest income467 512 (45)(9)
Noninterest expense1,137 1,086 51 
Income before income taxes510 750 (240)(32)
Provision for income taxes86 144 (58)(40)
Income after income taxes424 606 (182)(30)
Income attributable to non-controlling interest25 
Net income attributable to Huntington419 602 (183)(30)
Dividends on preferred shares36 29 24 
Net income applicable to common shares$383 $573 $(190)(33)%
Average common shares—basic1,448 1,443 — %
Average common shares—diluted1,473 1,469 — 
Net income per common share—basic$0.26 $0.40 $(0.14)(35)
Net income per common share—diluted0.26 0.39 (0.13)(33)
Return on average total assets0.89 %1.32 %
Return on average common shareholders’ equity9.2 14.6 
Return on average tangible common shareholders’ equity (1)14.2 23.1 
Net interest margin (2)3.01 3.40 
Efficiency ratio (3)63.7 55.6 
Revenue and Net Interest Income—FTE (non-GAAP)
Net interest income$1,287 $1,409 $(122)(9)%
FTE adjustment (2)13 44 
Net interest income, FTE (non-GAAP) (2)1,300 1,418 (118)(8)
Noninterest income467 512 (45)(9)
Total revenue, FTE (non-GAAP) (2)$1,767 $1,930 $(163)(8)%
(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 an 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.
For the first quarter of 2024, we reported net income of $419 million, or $0.26 per diluted common share, compared with $602 million, or $0.39 per diluted common share, in the year-ago quarter. The first quarter of 2024 reported net income was negatively impacted by the recognition of additional FDIC DIF special assessment expense totaling $32 million, or $25 million after tax ($0.02 per common share), based on updated FDIC estimates to recover the costs associated with the 2023 bank failures, and staffing efficiency related expense of $7 million, or $5 million after tax. The year-ago quarter reported net income was positively impacted by the sale of our RPS business resulting in a $57 million gain, or $44 million after tax ($0.03 per common share), and negatively impacted by voluntary retirement program and organization realignment expense of $42 million, or $34 million after tax ($0.02 per common share).
6 Huntington Bancshares Incorporated

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Net interest income was $1.3 billion for the first quarter of 2024, a decrease of $122 million, or 9%, from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, decreased $118 million, or 8%, from the year-ago quarter. The decrease in FTE net interest income primarily reflected a 39 basis point decrease in the FTE NIM to 3.01% and a $11.8 billion, or 10%, increase in average interest-bearing liabilities, partially offset by a $4.7 billion, or 3%, increase in average earning assets.
The provision for credit losses increased $22 million, or 26%, from the year-ago quarter to $107 million in the first quarter of 2024. The ACL increased $116 million from the year-ago quarter to $2.4 billion in the first quarter of 2024, or 1.97% of total loans and leases, compared to $2.3 billion, or 1.90% of total loans and leases. The increase in the total ACL was driven by a combination of loan and lease growth and modest builds in overall coverage ratios that are reflective of the current macroeconomic environment and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve.
Noninterest income of $467 million, decreased $45 million, or 9%, from the year-ago quarter, primarily due to the $57 million gain associated with the sale of the RPS business recognized in the year-ago quarter included within other noninterest income, and a decrease in capital markets and advisory fees, partially offset by increases in payments and cash management revenue and wealth and asset management revenue. Noninterest expense of $1.1 billion, increased $51 million, or 5%, from the year-ago quarter, primarily due to the aforementioned $32 million of FDIC DIF special assessment expense and an increase in outside data processing and other services.
Total assets at March 31, 2024 were $193.5 billion, an increase of $4.2 billion, or 2%, compared to December 31, 2023. The increase in total assets was primarily driven by increases in interest-earning deposits with banks of $2.5 billion, or 28%, total investment securities of $1.2 billion, or 3%, and loans and leases of $785 million, or 1%. Total liabilities at March 31, 2024 were $174.1 billion, an increase of $4.2 billion, or 2%, compared to December 31, 2023. The increase in total liabilities was primarily driven by increases in long-term debt of $2.5 billion, or 20%, and total deposits of $2.0 billion, or 1%, partially offset by a decrease in short-term borrowings of $438 million, or 71%.
The tangible common equity to tangible assets ratio decreased slightly to 6.0% at March 31, 2024, compared to 6.1% at December 31, 2023, primarily due to higher tangible assets and a change in AOCI driven by changes in interest rates, partially offset by current period earnings, net of dividends. CET1 risk-based capital ratio was 10.2% at both March 31, 2024 and December 31, 2023, as an increase in risk-weighted assets, driven by loan growth, and the CECL transitional amount, was offset by current period earnings, net of dividends.
General
Our general business objectives are to:
Build on our vision to be the country’s leading people-first, digitally powered bank;
Drive sustainable long-term revenue growth and efficiency;
Deliver a Category of One customer experience through our distinguished brand and culture;
Extend our digital leadership with focus on ease of use, access to information, and self-service across products and services;
Leverage expertise and capabilities to acquire and deepen relationships and launch of select partnerships;
Maintain positive operating leverage and execute disciplined capital management; and
Provide stability and resilience through risk management, maintaining an aggregate moderate-to-low, through-the-cycle risk appetite.
Economy
Inflation remained high in the first quarter of 2024 while the labor market showed some signs of slowing, but remained strong overall. The Federal Reserve reiterates that data drives its interest rate policy. Until the data demonstrates that inflation will near the Federal Reserve’s 2% target, the Federal Reserve indicated that it is unlikely to take action to lower interest rates. The economy as a whole is doing well and consumer spending continues to surprise to the upside. Equity markets rallied in the first quarter of 2024 as the soft landing scenario looks more likely. Further banking regulation has been delayed with clarity on proposed amendment to the regulatory capital rule and long-term debt requirements for banks anticipated later in 2024.
The consensus economic outlook assumes a soft landing in the second half of 2024 to early 2025. Inflation expectations have risen, which has pushed expectations for the first Federal Reserve rate cuts to late 2024 or early 2025. The delay in rate cuts could eventually lead to lower GDP growth and higher unemployment.
2024 1Q Form 10-Q 7


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Our quarterly results reflect continued execution of our growth strategy and leveraging the strength of our balance sheet, delivered through sustained organic deposit and loan growth. We have continued our disciplined approach to managing credit quality consistent with our aggregate moderate-to-low, through-the-cycle risk appetite. With our disciplined and proactive approach, we believe Huntington is well positioned to perform well through the dynamic environment. We remain focused on delivering profitable growth and driving value for our shareholders.
DISCUSSION OF RESULTS OF OPERATIONS
This section provides a review of financial performance on a consolidated basis. Key unaudited consolidated balance sheet and unaudited income statement trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion.”



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Average Balance Sheet / Net Interest Income
The following tables detail the change in our average balance sheet and the net interest margin.
Table 2 - Consolidated Quarterly Average Balance Sheet and Net Interest Margin Analysis
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
Average
Interest Income
Yield/Average
Interest Income
Yield/
Change in Average Balances
(dollar amounts in millions)Balances
(FTE) (1)
Rate (2)
Balances
(FTE) (1)
Rate (2)
AmountPercent
Assets:
Interest-earning deposits with banks
$9,761 $134 5.50 %$6,350 $76 4.81 %$3,411 54 %
Securities:
Trading account securities133 5.15 21 — 5.37 112 NM
Available-for-sale securities:
Taxable22,515 296 5.26 21,368 232 4.34 1,147 
Tax-exempt2,676 34 5.05 2,640 29 4.40 36 
Total available-for-sale securities25,191 330 5.24 24,008 261 4.35 1,183 
Held-to-maturity securities—taxable15,567 95 2.44 16,977 102 2.41 (1,410)(8)
Other securities724 5.23 886 10 4.35 (162)(18)
Total securities41,615 436 4.19 41,892 373 3.56 (277)(1)
Loans held for sale458 6.51 450 5.85 
Loans and leases: (3)
Commercial:
Commercial and industrial50,625 801 6.26 49,028 686 5.60 1,597 
Commercial real estate12,563 240 7.56 13,682 233 6.80 (1,119)(8)
Lease financing5,081 79 6.13 5,209 68 5.25 (128)(2)
Total commercial68,269 1,120 6.49 67,919 987 5.82 350 
Consumer:
Residential mortgage23,710 227 3.83 22,327 190 3.41 1,383 
Automobile12,553 158 5.05 13,245 129 3.94 (692)(5)
Home equity10,072 195 7.77 10,258 181 7.14 (186)(2)
RV and marine5,892 74 5.04 5,366 58 4.42 526 10 
Other consumer1,434 42 11.91 1,305 36 11.18 129 10 
Total consumer53,661 696 5.20 52,501 594 4.57 1,160 
Total loans and leases121,930 1,816 5.92 120,420 1,581 5.27 1,510 
Total earning assets173,764 2,393 5.54 169,112 2,037 4.89 4,652 
Cash and due from banks1,493 1,598 (105)(7)
Goodwill and other intangible assets5,697 5,759 (62)(1)
All other assets11,619 10,568 1,051 10 
Allowance for loan and lease losses(2,267)(2,143)(124)(6)
Total assets$190,306 $184,894 $5,412 %
Liabilities and shareholders’ equity:
Interest-bearing deposits:
Demand deposits—interest-bearing$38,488 $200 2.09 %$40,654 $132 1.32 %$(2,166)(5)%
Money market deposits46,100 413 3.61 37,301 172 1.87 8,799 24 
Savings and other domestic deposits16,595 10 0.24 19,877 0.07 (3,282)(17)
Core certificates of deposit (4)
13,867 160 4.64 5,747 43 3.01 8,120 141 
Other domestic deposits of $250,000 or more461 4.18 252 2.45 209 83 
Negotiable CDs, brokered and other deposits
5,307 69 5.19 4,815 54 4.56 492 10 
Total interest-bearing deposits120,818 857 2.85 108,646 406 1.52 12,172 11 
Short-term borrowings1,300 19 5.95 4,371 60 5.56 (3,071)(70)
Long-term debt13,777 217 6.30 11,047 153 5.52 2,730 25 
Total interest-bearing liabilities135,895 1,093 3.23 124,064 619 2.02 11,831 10 
Demand deposits—noninterest-bearing29,910 37,498 (7,588)(20)
All other liabilities5,239 5,056 183 
Total liabilities171,044 166,618 4,426 
Total Huntington shareholders’ equity19,213 18,231 982 
Non-controlling interest49 45 
Total equity19,262 18,276 986 
Total liabilities and equity$190,306 $184,894 $5,412 %
Net interest rate spread2.31 2.87 
Impact of noninterest-bearing funds on margin0.70 0.53 
Net interest margin/NII (FTE)$1,300 3.01 %$1,418 3.40 %
(1)FTE yields are calculated assuming a 21% tax rate.
(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include impact of applicable non-deferrable and amortized fees.
(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
(4)Includes consumer certificates of deposit of $250,000 or more.

2024 1Q Form 10-Q 9


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Quarterly Net Interest Income
Net interest income for the first quarter of 2024 decreased $122 million, or 9%, from the first quarter of 2023. FTE net interest income, a non-GAAP financial measure, for the first quarter of 2024 decreased $118 million, or 8%, from the first quarter of 2023. The decrease in FTE net interest income primarily reflected a 39 basis point decrease in the FTE NIM to 3.01% and a $11.8 billion, or 10%, increase in average interest-bearing liabilities, partially offset by a $4.7 billion, or 3%, increase in average earning assets. The lower NIM was primarily driven by higher cost of funds with the higher interest rate environment and an increase in deposits held at the Federal Reserve Bank, partially offset by higher loan and lease and investment security yields.
Quarterly Average Balance Sheet
Average assets for the first quarter of 2024 increased $5.4 billion, or 3%, to $190.3 billion from the first quarter of 2023, primarily due to increases in average interest-earning deposits with banks of $3.4 billion, or 54%, and average loans and leases of $1.5 billion, or 1%. The increase in average loans and leases was driven by growth in average consumer loans of $1.2 billion, or 2%, and average commercial loans and leases of $350 million, or 1%.
Average liabilities for the first quarter of 2024 increased $4.4 billion, or 3%, from the first quarter of 2023, primarily due to an increase in average deposits. Average deposits increased $4.6 billion, or 3%, primarily due to an increase in average interest-bearing deposits of $12.2 billion, or 11%, partially offset by a decrease in noninterest-bearing deposits of $7.6 billion, or 20%. The increase in average interest-bearing deposits was primarily due to increases in average money market deposits and certificates of deposits, partially offset by decreases in savings and other domestic deposits and interest-bearing demand deposits.
Average shareholders’ equity for the first quarter of 2024 increased $982 million, or 5%, from the first quarter of 2023 primarily due to earnings.
Provision for Credit Losses
(This section should be read in conjunction with the “Credit Risk” section.)
The provision for credit losses for the first quarter of 2024 was $107 million, an increase of $22 million, or 26%, compared to the first quarter of 2023. The increase in provision expense over the prior year quarter reflects increased charge-off activity in the current quarter, primarily in the Commercial portfolio compared to the year ago quarter.
The components of the provision for credit losses were as follows:
Table 3 - Provision for Credit Losses
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Provision for loan and lease losses$117 $78 
Provision (benefit) for unfunded lending commitments
(10)
Total provision for credit losses$107 $85 
10 Huntington Bancshares Incorporated

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Noninterest Income
The following table reflects noninterest income for each of the periods presented: 

Table 4 - Noninterest Income
Three Months Ended
March 31,March 31,Change
(dollar amounts in millions)20242023Percent
Payments and cash management revenue$146 $137 %
Wealth and asset management revenue88 80 10 
Customer deposit and loan fees77 76 
Capital markets and advisory fees56 65 (14)
Leasing revenue22 26 (15)
Mortgage banking income31 26 19 
Insurance income19 19 — 
Bank owned life insurance income16 16 — 
Gain on sale of loans67 
Net gains on sales of securities
— — 
Other noninterest income63 (89)
Total noninterest income$467 $512 (9)%
Noninterest income for the first quarter of 2024 was $467 million, a decrease of $45 million, or 9%, from the year-ago quarter. Other noninterest income decreased $56 million, or 89%, primarily due to a $57 million gain on the sale of our RPS business recognized in the first quarter of 2023. Capital markets and advisory fees decreased $9 million, or 14%, primarily due to lower advisory fees. Partially offsetting these decreases, payments and cash management revenue increased $9 million, or 7%, reflecting higher debit card transaction revenue and commercial treasury management revenue, and wealth and asset management revenue increased $8 million, or 10%, reflecting higher assets under management and fixed annuity commissions.
Noninterest Expense
The following table reflects noninterest expense for each of the periods presented: 
Table 5 - Noninterest Expense
Three Months Ended
March 31,March 31,Change
(dollar amounts in millions)20242023Percent
Personnel costs$639 $649 (2)%
Outside data processing and other services166 151 10 
Deposit and other insurance expense54 20 170 
Equipment70 64 
Net occupancy57 60 (5)
Marketing28 25 12 
Professional services25 16 56 
Amortization of intangibles12 13 (8)
Lease financing equipment depreciation(50)
Other noninterest expense82 80 
Total noninterest expense$1,137 $1,086 %
Number of employees (average full-time equivalent)19,719 20,198 (2)%
2024 1Q Form 10-Q 11


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Noninterest expense for the first quarter of 2024 was $1.1 billion, an increase of $51 million, or 5%, from the year-ago quarter. Deposit and other insurance expense increased $34 million primarily due to the recognition of additional FDIC DIF special assessment expense totaling $32 million based on updated FDIC estimates to recover the costs associated with the 2023 bank failures. Outside data processing and other services increased $15 million, or 10%, reflecting higher technology and data expense. Professional services increased $9 million, or 56%, largely due to an increase in consulting fees. Partially offsetting these increases, personnel costs decreased $10 million, or 2%, primarily reflecting a $35 million reduction in severance expense related to staffing efficiencies, partially offset by higher salary and benefit expense.
Provision for Income Taxes
The provision for income taxes in the first quarter of 2024 was $86 million, compared to $144 million in the first quarter of 2023. Both periods included the benefits from general business credits, tax-exempt income, tax-exempt bank owned life insurance income, and investments in qualified affordable housing projects. The effective tax rate for the first quarter of 2024 and first quarter of 2023 were 16.8% and 19.2%, respectively. The variance between the first quarter of 2024 compared to the first quarter of 2023 provision for income taxes and effective tax rates related primarily to lower pretax income and discrete tax benefits, while the 2023 first quarter reflected the benefit of capital losses recognized.
The net federal deferred tax asset was $686 million, and the net state deferred tax asset was $114 million at March 31, 2024.
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax audits have been completed for tax years through 2016. Also, with few exceptions, the Company is no longer subject to state and local income tax examinations for tax years before 2019.
RISK MANAGEMENT AND CAPITAL
Risk awareness, identification and assessment, reporting, and active management are key elements in overall risk management. Controls include, among others, effective segregation of duties, access management, and authorization and reconciliation procedures, as well as staff education and a disciplined assessment process. We use a multi-faceted approach to risk governance. It begins with the Board of Directors, which has defined our risk appetite as aggregate moderate-to-low, through-the-cycle.
We classify/aggregate risk into seven risk pillars: credit, market; liquidity, operational, compliance, strategic, and reputation. More information on risk can be found in Item 1A Risk Factors below, the Risk Factors section included in Item 1A of our 2023 Annual Report on Form 10-K and subsequent filings with the SEC. The MD&A included in our 2023 Annual Report on Form 10-K should be read in conjunction with this MD&A, as this discussion provides only material updates to the 2023 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented in the 2023 Annual Report on Form 10-K.
Credit Risk
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of credit risk is central to profitable lending. We also have credit risk associated with our investment securities portfolios (see Note 3 - “Investment Securities and Other Securities” of the Notes to the Unaudited Consolidated Financial Statements). We engage with other financial counterparties for a variety of purposes including investing, asset and liability management, mortgage banking, and trading activities. A variety of derivative financial instruments, principally interest rate swaps, caps, swaptions, swaption collars, floors, forward contracts, and forward starting interest rate swaps are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. We also use derivatives, principally loan sale commitments, in hedging our mortgage loan interest rate lock commitments and mortgage loans held for sale. While there is credit risk associated with derivative activity, we believe this exposure is minimal.
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We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities, and portfolio diversification, we use quantitative measurement capabilities that utilize external data sources, enhanced modeling technology, and internal stress testing processes. Our disciplined portfolio management processes are central to our commitment to maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. In our efforts to identify risk mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent or stressed borrowers.
Loan and Lease Credit Exposure Mix
Refer to the “Loan and Lease Credit Exposure Mix” section of our 2023 Annual Report on Form 10-K for a description of each portfolio segment.
At March 31, 2024, our loans and leases totaled $122.8 billion, representing a $785 million, or 1%, increase compared to $122.0 billion at December 31, 2023.
The table below provides the composition of our total loan and lease portfolio: 
Table 6 - Loan and Lease Portfolio Composition
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Commercial:
Commercial and industrial$51,500 42 %$50,657 42 %
Commercial real estate12,342 10 12,422 10 
Lease financing5,133 5,228 
Total commercial68,975 56 68,307 56 
Consumer:
Residential mortgage23,744 20 23,720 20 
Automobile12,662 10 12,482 10 
Home equity10,047 10,113 
RV and marine5,887 5,899 
Other consumer1,452 1,461 
Total consumer53,792 44 53,675 44 
Total loans and leases$122,767 100 %$121,982 100 %
Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types, collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. There are no identified concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the ROC and is used to ensure a high quality, well diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low, through-the-cycle risk appetite. Changes to existing concentration limits, incorporating specific information relating to the potential impact on the overall portfolio composition and performance metrics, require the approval of the ROC prior to implementation.

2024 1Q Form 10-Q 13


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The table below provides our total loan and lease portfolio segregated by industry type:
Table 7 - Loan and Lease Portfolio by Industry Type
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Commercial loans and leases:
Real estate and rental and leasing (1)$15,847 13 %$15,897 13 %
Retail trade (2)12,084 10 11,417 
Manufacturing7,109 7,183 
Finance and insurance (1)5,063 5,025 
Health care and social assistance (1)4,645 4,464 
Wholesale Trade3,904 3,647 
Accommodation and food services3,170 3,107 
Transportation and warehousing3,052 3,107 
Utilities2,230 2,533 
Professional, scientific, and technical services2,043 2,035 
Other Services1,894 1,864 
Construction1,766 1,738 
Admin./Support/Waste Mgmt. and Remediation Services1,581 1,498 
Arts, entertainment, and recreation1,341 1,366 
Information1,268 1,291 
Public administration695 704 
Educational Services445 — 448 — 
Agriculture, forestry, fishing, and hunting443 — 454 — 
Management of companies and enterprises115 — 122 — 
Mining, quarrying, and oil and gas extraction101 — 102 — 
Unclassified/other179 — 305 — 
Total commercial loans and leases by industry category68,975 56 68,307 56 
Residential mortgage23,744 20 23,720 20 
Automobile12,662 10 12,482 10 
Home equity10,047 10,113 
RV and marine5,887 5,899 
Other consumer loans1,452 1,461 
Total loans and leases$122,767 100 %$121,982 100 %
(1)     Non-real estate secured commercial loans to REITs, which are classified in the C&I loan category, are included in the real estate, finance and insurance, and health care industry types.
(2)    Amounts include $3.5 billion and $3.3 billion of auto dealer services loans at March 31, 2024 and December 31, 2023, respectively.
The following tables present our commercial real estate portfolio by property-type and geographic location.
Table 8 - Commercial Real Estate Portfolio by Property-type
At March 31, 2024At December 31, 2023
(dollar amounts in millions)
Amount by Property-Type
% of Total Loans and Leases
Amount by Property-Type
% of Total Loans and Leases
Multi-family$4,692 %$4,708 %
Warehouse/Industrial2,007 2,029 
Office1,766 1,825 
Retail1,692 1,725 
Hotel946 938 
Other1,239 1,197 
Total commercial real estate loans and leases$12,342 10 %$12,422 10 %
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Table 9 - Commercial Real Estate Portfolio by Geographic Location
At March 31, 2024At December 31, 2023
(dollar amounts in millions)
Amount by Location (1)
% of Total CRE loans and leases
Amount by Location (1)
% of Total CRE loans and leases
Michigan$2,322 19 %$2,498 20 %
Ohio2,313 19 2,364 19 
Illinois921 904 
Florida779 733 
Texas619 605 
Virginia478 393 
Minnesota441 462 
Pennsylvania402 358 
Wisconsin402 407 
Colorado391 398 
Other3,274 27 3,300 26 
Total commercial real estate loans and leases$12,342 100 %$12,422 100 %
(1)    Geographic location based on location of underlying collateral.
At March 31, 2024, our $12.3 billion CRE portfolio had an associated ACL of 4.6%. With remote work options leading to increased vacancy rates and underutilization of office space across the country, the office sector continues to be an area of uncertainty. Our office portfolio, which is predominantly suburban and multi-tenant loans, totaled $1.8 billion, or 1%, of total loans and leases, as of March 31, 2024. We have established ACL reserves of approximately 12% for our CRE office portfolio. At March 31, 2024, there was $76 million of outstanding balances in the office portfolio that were 30 or more days past due.
Credit Quality
(This section should be read in conjunction with Note 4 - “Loans and Leases” and Note 5 - “Allowance for Credit Losses” of the Notes to Unaudited Consolidated Financial Statements.)
We believe the most meaningful way to assess overall credit quality performance is through an analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: NPAs, NALs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns, product segmentation, and origination trends in the analysis of our credit quality performance.
Credit quality performance in the first quarter of 2024 reflected NCOs of $92 million, or 0.30% of average total loans and leases, annualized, an increase of $35 million, compared to $57 million, or 0.19%, in the year-ago quarter. The increase was primarily due to a $26 million increase in commercial NCOs to $55 million in the first quarter of 2024. NPAs increased from December 31, 2023 by $27 million, or 4%, primarily driven by an increase in commercial NALs.
NPAs and NALs
Commercial loans and leases are placed on nonaccrual status at 90-days past due, or earlier if repayment of principal and interest is in doubt. Of the $540 million of commercial related NALs at March 31, 2024, $264 million, or 49%, represented loans and leases that were less than 30-days past due, demonstrating our continued commitment to proactive credit risk management.
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The following table reflects period-end NALs and NPAs detail:
Table 10 - Nonaccrual Loans and Leases and Nonperforming Assets
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Nonaccrual loans and leases (NALs):
Commercial and industrial$376 $344 
Commercial real estate154 140 
Lease financing10 14 
Residential mortgage75 72 
Automobile
Home equity96 91 
RV and marine
Total nonaccrual loans and leases716 667 
Other real estate, net10 10 
Other NPAs (1)12 34 
Total nonperforming assets$738 $711 
Nonaccrual loans and leases as a % of total loans and leases0.58 %0.55 %
NPA ratio (2)0.60 0.58 
(1)    Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
(2)    Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
ACL
The baseline scenario used in the March 31, 2024 ACL determination assumes softening of the labor market is underway and will continue through early 2025 causing the unemployment rate to gradually increase, peaking at 4.1% in 2025 before marginally improving to 4.0% by 2026. The overnight federal funds rate is forecasted to have peaked during the third quarter of 2023, remaining at this terminal level through mid-2024 as the Federal Reserve continues to address inflation levels and tightness in the labor market. The Federal Reserve is expected to complete a total of four 25 basis points cuts by the end of 2024. Further subsequent cuts of 25 basis points per quarter are expected in 2025 and 2026 until reaching 3% by the second half of 2026. Inflation is forecasted to drop from 2.9% in first quarter 2024, approaching the Federal Reserve target level of 2% by fourth quarter 2024. The GDP forecast for the second quarter of 2024 into 2025 is broadly consistent with year end, a result of elevated interest rates and tightening credit conditions. GDP is now forecasted to be 2.0% by the fourth quarter of 2025.
Management uses a probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario when formulating the quantitative estimate for the allowance. The table below is intended to show how the forecasted path of unemployment and GDP in the baseline scenario has changed since the end of 2023:
Table 11 - Forecasted Key Macroeconomic Variables
202320242025
Baseline scenario forecastQ4Q2Q4Q2Q4
Unemployment rate (1)
4Q 20233.8 %3.9 %4.0 %4.1 %4.0 %
1Q 2024N/A3.9 4.0 4.1 4.1 
Gross Domestic Product (1)
4Q 20230.8 %1.2 %1.5 %1.9 %2.2 %
1Q 2024N/A1.5 1.5 1.8 2.0 
(1)    Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.
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Management continues to assess the uncertainty in the macroeconomic environment, including ongoing risks in the commercial real estate environment, current inflation levels, political uncertainty, and geopolitical instability, considering multiple macroeconomic forecasts that reflect a range of possible outcomes. While we have incorporated estimates of economic uncertainty into our ACL, the ultimate impact of specific challenges in the commercial real estate industry, recent inflation levels, higher interest rates, and the significant conflicts on-going around the world will have on the economy remains unknown.
Management develops additional analytics to support adjustments to our modeled results. Our Allowance for Credit Loss Development Methodology Committee reviewed model results of each economic scenario for appropriate usage, concluding that the quantitative transaction reserve will continue to utilize scenario weighting. Given the uncertainty associated with key economic scenario assumptions, the March 31, 2024 ACL included a general reserve that consists of various risk profile components, including profiles to capture uncertainty not addressed within the quantitative transaction reserve.
Our ACL evaluation process includes the on-going assessment of credit quality metrics, and a comparison of certain ACL benchmarks to current performance.
The table below reflects the allocation of our ALLL among our various loan and lease categories as well as certain coverage metrics of the reported ALLL and ACL:
Table 12 - Allocation of Allowance for Credit Losses
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Allocation of Allowance% of Total ALLL% of Total Loans and Leases (1) Allocation of Allowance% of Total ALLL% of Total Loans and Leases (1)
Commercial
Commercial and industrial$974 43 %42 %$993 44 %42 %
Commercial real estate564 25 10 522 23 10 
Lease financing51 48 
Total commercial1,589 70 56 1,563 69 56 
Consumer
Residential mortgage163 20 188 20 
Automobile146 10 142 10 
Home equity137 114 
RV and marine148 148 
Other consumer97 100 
Total consumer691 30 %44 %692 31 %44 %
Total ALLL2,280 2,255 
AULC135 145 
Total ACL$2,415 $2,400 
Total ALLL as a % of
Total loans and leases1.86 %1.85 %
Nonaccrual loans and leases318 338 
NPAs309 317 
Total ACL as % of
Total loans and leases1.97 %1.97 %
Nonaccrual loans and leases337 360 
NPAs327 337 
(1)Percentages represent the percentage of each loan and lease category to total loans and leases.
The ACL was $2.4 billion, or 1.97% of total loans and leases at March 31, 2024, consistent with December 31, 2023. The marginal absolute increase in the total ACL was driven by loan and lease portfolio growth during first quarter of 2024. The ACL coverage ratio at March 31, 2024 is reflective of the current macro-economic environment and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve.
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NCOs
The table below reflects NCO detail for each of the periods presented: 
Table 13 - Net Charge-off Analysis
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial$42 $16 
Commercial real estate13 18 
Lease financing— (5)
Total commercial55 29 
Consumer:
Residential mortgage— — 
Automobile
Home equity— (1)
RV and marine
Other consumer23 22 
Total consumer37 28 
Total net charge-offs$92 $57 
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial0.33 %0.13 %
Commercial real estate0.41 0.51 
Lease financing0.01 (0.37)
Total commercial0.32 0.17 
Consumer:
Residential mortgage— 0.01 
Automobile0.27 0.14 
Home equity0.01 (0.02)
RV and marine0.36 0.18 
Other consumer6.39 6.37 
Total consumer0.28 0.21 
Net charge-offs as a % of average loans and leases0.30 %0.19 %
NCOs were an annualized 0.30% of average loans and leases in the first quarter of 2024, up from 0.19% in the year-ago quarter. NCOs for commercial loans and leases were higher, with annualized net charge-offs of 0.32% in the first quarter of 2024, compared to 0.17% in the year-ago quarter, reflecting the continued normalization of net charge-offs. NCOs for consumer loans were modestly higher, with annualized net charge-offs of 0.28% in the first quarter of 2024, compared to 0.21% in the year-ago quarter.
Market Risk
Market risk refers to potential losses arising from changes in interest rates, foreign exchange rates, equity prices and commodity prices, including the correlation among these factors and their volatility. When the value of an instrument is tied to such external factors, the holder faces market risk. We are primarily exposed to interest rate risk as a result of offering a wide array of financial products to our customers and secondarily to price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity investments, and investments in securities backed by mortgage loans.
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We measure market risk exposure via financial simulation models, which provide management with insights on the potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and characteristics of the balance sheet resulting from strategic objectives and customer behavior. Our models incorporate market-based assumptions that include the impact of changing interest rates on prepayment rates of assets and runoff rates of deposits. The models also include our projections of the future volume and pricing of various business lines.
In measuring the financial risks associated with interest rate sensitivity in our balance sheet, we compare a set of alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The market forward rates reflect the market consensus regarding the future level and slope of the yield curve across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios which are immediate parallel rate shifts, and “ramp” scenarios where the parallel shift is applied gradually over the first 12 months of the forecast on a pro rata basis. In both shock and ramp scenarios with falling rates, we presume that market rates will not go below 0%. The scenarios are inclusive of all executed interest rate risk hedging activities. Forward starting hedges are included to the extent that they have been transacted and that they start within the measurement horizon.
A key driver of our interest rate risk profile is our interest-bearing deposit repricing sensitivity assumptions to changes in interest rates, otherwise known as deposit beta. In addition, our interest expense is impacted by the composition of both interest-bearing and noninterest-bearing deposits in relation to our total deposits. Accordingly, we consider the impacts from both interest-bearing and noninterest-bearing deposits on our total deposit beta. Our cumulative to-date total deposit beta (total cost of deposits) is 43% within the current cycle, which started in March 2022.
We use two approaches to model interest rate risk: Net interest income at risk (NII at Risk) and economic value of equity at risk modeling sensitivity analysis (EVE at Risk).
NII at Risk is used by management to measure the risk and impact to earnings over the next 12 months, using a variety of interest rate scenarios. The NII at Risk results included in the table below reflect the analysis used monthly by management. It models gradual “ramp” -200, -100, +100 and +200 basis point parallel shift scenarios, implied by the forward yield curve over the next 12 months.
Table 14 - Net Interest Income at Risk
At March 31, 2024At December 31, 2023
Federal Funds Rate (1)Federal Funds Rate (1)
Basis point change scenarioStarting Point (2)Month 12 (3)NII at Risk (%)Starting Point (2)Month 12 (3)NII at Risk (%)
+2005.506.504.9 5.505.755.5 
+1005.505.502.4 5.504.753.0 
Base5.504.50— 5.503.75— 
-1005.503.50-3.1 5.502.75-2.8 
-2005.502.50-5.9 5.501.75-5.6 
(1)Represents the upper bound.
(2)Represents the spot federal funds rate.
(3)Represents the federal funds rate in month 12 given a gradual, parallel “ramp” relative to the base implied forward scenario.
The NII at Risk shows that the balance sheet is asset sensitive at both March 31, 2024, and December 31, 2023. The primary drivers to the change in sensitivity include market rates, mortgage prepayment assumptions, deposit modeling assumptions, projected balance sheet composition over the simulation horizon, and hedging activity.
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EVE at Risk is used by management to measure the impact of interest rate changes on the net present value of assets and liabilities, including derivative exposures. The EVE results included in the table below reflect the analysis used monthly by management. It models immediate -200, -100, +100 and +200 basis point parallel “shock” scenarios from the yield curve term points at the specific point in time that EVE sensitivity is measured.
Table 15 - Economic Value of Equity at Risk
 Economic Value of Equity at Risk (%)
Basis point change scenario-200-100+100+200
At March 31, 20241.2 2.1 -4.0 -9.4 
At December 31, 20230.1 1.6 -3.8 -8.8 
The change in sensitivity from December 31, 2023 was driven primarily by market rates, mortgage prepayment assumptions, deposit modeling assumptions, actual balance sheet composition, and hedging activity.
Use of Derivatives to Manage Interest Rate Risk
An integral component of our interest rate risk management strategy is the use of derivative instruments to minimize significant fluctuations in earnings caused by changes in market interest rates. Examples of derivative instruments that we may use as part of our interest rate risk management strategy include interest rate swaps, caps and floors, collars, forward contracts, and forward starting interest rate swaps.
Table 16 shows all swap, swaption, swaption collar, and floor positions that are utilized for purposes of managing our exposures to the variability of interest rates. The interest rate variability may impact either the fair value of the assets and liabilities or impact the cash flows attributable to net interest margin. These positions are used to protect the fair value of asset and liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows attributable to the contractually specified interest rate by converting the variable rate index into a fixed rate. The volume, maturity, and mix of derivative positions change frequently as we adjust our broader interest rate risk management objectives and the balance sheet positions to be hedged. For further information, including the notional amount and fair values of these derivatives, refer to Note 13 - “Derivative Financial Instruments” of the Notes to Unaudited Consolidated Financial Statements.
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The following presents additional information about the interest rate swaps, swaptions, swaption collars, and floors used in Huntington’s asset and liability management activities.
Table 16 - Information on Asset Liability Management Instruments
At March 31, 2024
 Weighted Average Maturity (years)
Weighted-Average
Fixed Rate
Weighted-Average Reset Rate
(dollar amounts in millions)Notional ValueFair Value
At March 31, 2024
Asset conversion swaps
Securities (1):
Pay Fixed - Receive SOFR$10,721 2.86 $747 1.37 %5.40 %
Pay Fixed - Receive SOFR - forward starting (2)928 8.21 28 2.81 — 
Loans:
Receive Fixed - Pay SOFR9,275 2.81 (349)2.77 5.32 
Receive Fixed - Pay SOFR - forward starting (3)2,025 4.21 (46)3.13 — 
Liability conversion swaps
Receive Fixed - Pay SOFR7,568 3.15 (267)2.95 5.35 
Receive Fixed - Pay SOFR - forward starting (3)5,000 3.92 (10)3.87 — 
Purchased floor spreads (4)
Purchased Floor Spread - SOFR 5,000 2.04 19 2.97 / 3.97— 
Purchased Floor Spread - SOFR forward starting (5)1,000 5.29 16 1.88 / 3.38— 
Basis swaps (6)
Pay SOFR- Receive Fed Fund (economic hedges)174 2.33 — 5.33 5.34 
Pay Fed Fund - Receive SOFR (economic hedges) 11.56 — 5.38 5.33 
Total swap portfolio$41,692 $138 
At December 31, 2023
Asset conversion swaps
Securities (1):
Pay Fixed - Receive SOFR$10,721 3.11 $683 1.37 %5.42 %
Pay Fixed - Receive SOFR - forward starting (2)928 8.46 18 2.81 — 
Loans:
Receive Fixed - Pay SOFR9,275 3.06 (243)2.77 5.34 
Receive Fixed - Pay SOFR - forward starting (7)1,400 4.20 (19)2.90 — 
Liability conversion swaps
Receive Fixed - Pay SOFR7,568 3.40 (199)2.95 5.14 
Receive Fixed - Pay SOFR - forward starting (7)2,125 3.16 45 4.33 — 
Purchased floor spreads (4)
Purchased Floor Spread - SOFR5,000 2.29 38 2.97/3.97— 
Purchased Floor Spread - SOFR forward starting (5)1,000 5.54 26 1.88/3.38— 
Basis swaps (6)
Pay SOFR- Receive Fed Fund (economic hedges) 174 2.58 — 5.33 5.41 
Pay Fed Fund - Receive SOFR (economic hedges) 11.81 — 5.45 5.33 
Total swap portfolio$38,192 $349 
(1)Amounts include interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method.
(2)Forward starting swaps effective starting from April 2025 to October 2027.
(3)Forward starting swaps effective starting from April 2024 to April 2025.
(4)The weighted average fixed rates for floor spreads are the weighted average strike rates for the upper and lower bounds of the instruments.
(5)Forward starting floor spreads effecting starting from April 2024 to September 2024
(6)Basis swaps have variable pay and variable receive resets. Weighted average fixed fate column represents pay rate reset.
(7)Forward starting swaps effective starting from April 2024 to March 2025.
Use of Derivatives to Manage Credit Risk
We may utilize credit derivatives as a tool to manage credit risk within the portfolio by purchasing credit protection over certain types of loan products. When we purchase credit protection, such as a CDS, we pay a fee to the seller, or CDS counterparty, in return for the right to receive a payment if a specified credit event occurs.
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MSRs
(This section should be read in conjunction with Note 6 - “Mortgage Loan Sales and Servicing Rights” of Notes to the Unaudited Consolidated Financial Statements.)
At March 31, 2024, we had a total of $534 million of capitalized MSRs representing the right to service $33.3 billion in mortgage loans.
MSR fair values are sensitive to movements in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments and declines in credit quality. Prepayments usually increase when mortgage interest rates decline and decrease when mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes or impairment. However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of noninterest income.
MSR assets are included in servicing rights and other intangible assets in the Unaudited Consolidated Financial Statements.
Price Risk
Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure that can be maintained, and on the amount of marketable equity securities that can be held.
Liquidity Risk
Liquidity risk is the possibility of us being unable to meet current and future financial obligations in a timely manner. The goal of liquidity management is to ensure adequate, stable, reliable, and cost-effective sources of funds to satisfy changes in loan and lease demand, unexpected levels of deposit withdrawals, investment opportunities, and other contractual obligations. We consider core earnings, strong capital ratios, and credit quality essential for maintaining high credit ratings, which allows us cost-effective access to market-based liquidity. We mitigate liquidity risk by maintaining liquid assets in the form of cash, cash equivalents, and securities. In addition, we maintain a large, stable core deposit base and a diversified base of readily available wholesale funding sources, including secured funding sources from the FHLB and Federal Reserve through pledged borrowing capacity, issuance through dealers in the capital markets, and access to certificates of deposit issued through brokers.
Liquidity risk is reviewed and managed continuously for the Bank and the parent company, as well as its subsidiaries. In addition, liquidity working groups meet regularly to identify and monitor liquidity positions, provide policy guidance, review funding strategies, and oversee the adherence to, and maintenance of, contingency funding plans. At March 31, 2024, management believes current sources of liquidity are sufficient to meet Huntington’s on and off-balance sheet obligations.
We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war, natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major corporation, mutual fund, or hedge fund. Similarly, market speculation or rumors about us, or the banking industry in general, may adversely affect the cost and availability of normal funding sources. The contingency funding plan, which is reviewed and approved by the ROC at least annually, outlines the process for addressing a liquidity crisis and provides for an evaluation of funding sources under various market conditions. It also assigns specific roles and responsibilities and communication protocols for effectively managing liquidity through a problem period and outlines early warning indicators that are used to monitor emerging liquidity stress events.
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Our largest source of liquidity on a consolidated basis is core deposits, which provide stable and lower-cost funding. Core deposits were $147.3 billion at March 31, 2024 which comprised 96% of total deposits, compared to $145.5 billion, and 96% of total deposits, at December 31, 2023. The $1.8 billion, or 1%, increase in core deposits, compared to December 31, 2023, was primarily driven by an increase in consumer core deposits. Our core deposits come from a base of primary bank customer relationships, and we continue to focus on acquiring and deepening those relationships resulting in our granular and diversified deposit base.
Non-core deposits consist primarily of brokered money market balances. Non-core deposits were $6.0 billion, or 4% of total deposits, at March 31, 2024, compared to $5.8 billion, or 4% of total deposits, at December 31, 2023. Non-core deposits were below our established liquidity risk metric limits at March 31, 2024.
Insured deposits comprised approximately 70% of our total deposits at both March 31, 2024 and December 31, 2023.
Table 17 - Deposit Composition
(dollar amounts in millions)At March 31, 2024At December 31, 2023
By type:
Demand deposits—noninterest-bearing$29,739 19 %$30,967 20 %
Demand deposits—interest-bearing39,200 26 39,190 26 
Money market deposits47,520 31 44,947 30 
Savings and other domestic deposits16,728 11 16,722 11 
Core certificates of deposit (1)14,082 13,626 
Total core deposits:147,269 96 145,452 96 
Other domestic deposits of $250,000 or more487 — 447 — 
Negotiable CDs, brokered and other deposits
5,469 5,331 
Total deposits$153,225 100 %$151,230 100 %
Total core deposits:
Commercial$60,184 41 %$60,547 42 %
Consumer87,085 59 84,905 58 
Total core deposits$147,269 100 %$145,452 100 %
Total deposits (insured/uninsured):
Insured deposits$107,358 70 %$105,986 70 %
Uninsured deposits (2)45,867 30 45,244 30 
Total deposits$153,225 100 %$151,230 100 %
(1)Includes consumer certificates of deposit of $250,000 or more.
(2)Represents consolidated Huntington uninsured deposits, determined by adjusting the amounts reported in the Bank Call Report (FFIEC 031) by inter-company deposits, which are not customer deposits and are therefore eliminated through consolidation. As of March 31, 2024, the Bank Call Report uninsured deposit balance was $50.4 billion, which includes $4.6 billion of inter-company deposits. As of December 31, 2023, the Bank Call Report uninsured deposit balance was $49.8 billion, which includes $4.6 billion of inter-company deposits.
Cash and cash equivalents were $12.2 billion and $10.1 billion at March 31, 2024 and December 31, 2023, respectively. The $2.1 billion increase in cash and cash equivalents is primarily due to an increase in interest-bearing deposits at the Federal Reserve Bank to support short-term liquidity.
Our investment securities portfolio is evaluated under established ALCO objectives. Changing market conditions could affect the profitability of the portfolio, as well as the level of interest rate risk exposure.
Total investment securities were $42.4 billion at March 31, 2024, compared to $41.2 billion at December 31, 2023. The $1.2 billion increase in securities compared to December 31, 2023, was primarily due to increased investment in U.S. Treasury securities. At March 31, 2024, the duration of the investment securities portfolio was 4.2 years, or 3.5 years net of hedging. Securities are pledged to secure borrowing capacity with the FHLB and the Federal Reserve, discussed further in the Bank Liquidity and Sources of Funding section below. At March 31, 2024, investment securities with market value of $5.9 billion were unpledged.
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Sources of wholesale funding include non-core deposits (other domestic deposits of $250,000 or more, negotiable CDs, brokered and other deposits), short-term borrowings, and long-term debt. Our wholesale funding totaled $21.0 billion at March 31, 2024, compared to $18.8 billion at December 31, 2023. The increase from year end is primarily due to increases in collateralized borrowings and senior notes, partially offset by a decrease in repurchase agreements.
Bank Liquidity and Sources of Funding
Our primary sources of funding for the Bank are consumer and commercial core deposits. At March 31, 2024, these core deposits funded 76% of total assets (120% of total loans and leases). To the extent we are unable to obtain sufficient liquidity through core deposits and cash and cash equivalents, we may meet our liquidity needs through sources of wholesale funding and asset securitization or sale.
The Bank maintains borrowing capacity at both the FHLB and the Federal Reserve secured by pledged loans and securities. The Bank does not consider borrowing capacity at the Federal Reserve a primary source of funding; however, it could be used as a potential source of liquidity in a stressed environment or during a market disruption. At March 31, 2024, the Bank’s available contingent borrowing capacity at the FHLB and Federal Reserve totaled $81.9 billion, compared to $83.0 billion at December 31, 2023. The amount of available contingent borrowing capacity may fluctuate based on the level of borrowings outstanding and level of assets pledged.
At March 31, 2024, we believe the Bank has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.
Parent Company Liquidity
The parent company’s funding requirements consist primarily of dividends to shareholders, debt service, income taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent company obtains funding to meet obligations from dividends and interest received from the Bank, interest and dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated tax return, fees for services provided to subsidiaries, and the issuance of debt securities.
The parent company had cash and cash equivalents of $4.1 billion and $4.0 billion at March 31, 2024 and December 31, 2023, respectively.
On April 17, 2024, our Board of Directors declared a quarterly common stock cash dividend of $0.155 per common share. The dividend is payable on July 1, 2024, to shareholders of record on June 17, 2024. Based on the current quarterly dividend of $0.155 per common share, cash demands required for common stock dividends are estimated to be approximately $225 million per quarter. Additionally, on April 17, 2024, our Board of Directors declared a quarterly Series B, Series E, Series F, Series G, Series H, and Series J Preferred Stock dividend payable on July 15, 2024 to shareholders of record on July 1, 2024. On March 27, 2024, our Board of Directors declared a quarterly dividend for the Series I Preferred Stock payable on June 3, 2024 to shareholders of record on May 15, 2024. Total cash demands required for preferred stock dividends are expected to be approximately $36 million per quarter.
During the first three months of 2024, the Bank paid preferred and common dividends to the parent company of $11 million and $600 million, respectively. To meet any additional liquidity needs, the parent company may issue debt or equity securities. To support the parent company’s ability to issue debt or equity securities, we have filed with the SEC an automatic registration statement covering an indeterminate amount or number of securities to be offered or sold from time to time as authorized by Huntington’s Board of Directors.
At March 31, 2024, we believe the Company has sufficient liquidity and capital resources to meet its cash flow obligations over the next 12 months and for the foreseeable future.
Off-Balance Sheet Arrangements
In the normal course of business, we enter into various off-balance sheet arrangements. These arrangements include commitments to extend credit, interest rate swaps, caps and floors, swaption collars, financial guarantees contained in standby letters-of-credit issued by the Bank, and commitments by the Bank to sell mortgage loans.
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Operational Risk
Operational risk is the risk of loss due to human error, third-party performance failures, or inadequate or failed internal systems and controls, including the use of financial or other quantitative methodologies that may not adequately predict future results; violations of, or noncompliance with, laws, rules, regulations, prescribed practices, or ethical standards; and external influences such as market conditions, fraudulent activities, disasters, failed business contingency plans, and security risks. We continuously strive to test and strengthen our system of internal controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, and to reduce our exposure to fraud and improve the oversight of our operational risk.
To govern operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance Committee, a Funds Movement Committee, a Fraud Risk Committee, an Information and Technology Risk Committee, and a Third Party Risk Management Committee. The responsibilities of these committees, among other duties, include establishing and maintaining management information systems to monitor material risks and to identify potential concerns, risks, or trends that may have a significant impact, and ensuring that recommendations are developed to address the identified issues. In addition, we have a Model Risk Oversight Committee that is responsible for policies and procedures describing how model risk is evaluated and managed and the application of the governance process to implement these practices throughout the enterprise. These committees report any significant findings and remediation recommendations to the Risk Management Committee. Potential concerns may be escalated to our ROC and our Audit Committee, as appropriate.
The goal of this framework is to implement effective operational risk-monitoring; minimize operational, fraud, and legal losses; minimize the impact of inadequately designed models and enhance our overall performance.
Cybersecurity
Cybersecurity represents an important component of Huntington’s overall cross-functional approach to risk management. We actively manage a cybersecurity operation designed to detect, contain, and respond to cybersecurity threats and incidents in a prompt and effective manner with the goal of minimizing disruptions to our business. We actively monitor cyberattacks, such as attempts related to online deception and loss of sensitive customer data. We evaluate our technology, processes, and controls to mitigate loss from cyberattacks and, to date, have not experienced any material losses. Cybersecurity threats continue to evolve and increase across the entire digital landscape. We actively monitor our environment for malicious content and implement specific cybersecurity and fraud capabilities, including the monitoring of phishing email campaigns. In addition, we have implemented specific cybersecurity and fraud monitoring of remote connections by geography and volume of connections to detect anomalous remote logins, since a significant portion of our workforce has the option to work remotely. 
Our objective for managing cybersecurity risk is to avoid or minimize the impacts of both internal and external threat events or other efforts to penetrate our systems. We work to achieve this objective by hardening networks and systems against attack, and by diligently managing visibility and monitoring controls within our data and communications environment to recognize events and respond before an attacker has the opportunity to plan and execute on their objectives. To this end, we employ a set of defense-in-depth strategies, which include efforts to make us less attractive as a target and less vulnerable to threats, while investing in threat analytic capabilities for rapid detection and response. Potential concerns related to cybersecurity may be escalated to our Board-level Technology Committee, as appropriate.
As a complement to the overall cybersecurity risk management, we use a number of internal training methods, both formally through mandatory courses and informally through written communications and other updates, to ensure awareness of the risks of cybersecurity threats at all levels across the organization. Internal policies and procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks. We use third-party services to test the effectiveness of our cybersecurity risk management framework and controls. We also require third-party vendors to comply with our policies regarding information security and confidentiality.

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Compliance Risk
Financial institutions are subject to many laws, rules, and regulations at both the federal and state levels. These broad-based laws, rules, and regulations include, but are not limited to, expectations relating to anti-money laundering, lending limits, client privacy, fair lending, prohibitions against unfair, deceptive, or abusive acts or practices, protections for military members as they enter active duty, and community reinvestment. The volume and complexity of recent regulatory changes have increased our overall compliance risk. As such, we utilize various resources to help ensure expectations are met, including a team of compliance experts dedicated to ensuring our conformance with all applicable laws, rules, and regulations. Our colleagues receive training for several broad-based laws and regulations including, but not limited to, anti-money laundering and customer privacy. Additionally, colleagues engaged in lending activities receive training for laws and regulations related to flood disaster protection, equal credit opportunity, fair lending, and/or other courses related to the extension of credit. We hold ourselves to a high standard for adherence to compliance management and seek to continuously enhance our performance.
Capital
Our primary capital objective is to maintain appropriate levels of capital within our Board-approved risk appetite to support the Bank’s operations, absorb unanticipated losses and declines in asset values, and provide protection to uninsured depositors and debt holders in the event of liquidation, while also funding organic growth and providing appropriate returns to our shareholders. Both regulatory capital and shareholders’ equity are managed at the Bank and on a consolidated basis. We have an active program for managing capital and maintain a comprehensive process for assessing our overall capital adequacy, including the monitoring and reporting of capital risk metrics to the Board and ROC that we believe are useful for evaluating capital adequacy and making capital decisions. In addition to as-reported regulatory capital and tangible common equity metrics, we also actively monitor other measures of capital, such as tangible common equity including the mark-to-market impact on HTM securities and CET1 inclusive of AOCI excluding cash flow hedges. We believe our current levels of both regulatory capital and shareholders’ equity are adequate.
The following table presents certain regulatory capital data at the consolidated and Bank level:
Table 18 - Regulatory Capital Data (1)
(dollar amounts in millions) At March 31, 2024At December 31, 2023
Total risk-weighted assetsConsolidated$139,622 $138,706 
Bank139,309 138,462 
CET1 risk-based capitalConsolidated14,283 14,212 
Bank14,463 14,671 
Tier 1 risk-based capitalConsolidated16,687 16,616 
Bank15,677 15,879 
Tier 2 risk-based capitalConsolidated3,026 3,042 
Bank2,231 2,247 
Total risk-based capitalConsolidated19,713 19,657 
Bank17,908 18,126 
CET1 risk-based capital ratioConsolidated10.2 %10.2 %
Bank10.4 10.6 
Tier 1 risk-based capital ratioConsolidated12.0 12.0 
Bank11.3 11.5 
Total risk-based capital ratioConsolidated14.1 14.2 
Bank12.9 13.1 
Tier 1 leverage ratioConsolidated8.9 9.3 
Bank8.3 8.5 
(1)    Huntington elected to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a three-year transition period which began January 1, 2022 pursuant to a rule that allows bank holding companies and banks to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CECL. As of March 31, 2024 and December 31, 2023, we have phased in 75% and 50%, respectively, of the cumulative CECL deferral with the remaining impact to be recognized through the first quarter of 2025.
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At March 31, 2024, we, at both the consolidated and Bank level, maintained Basel III capital ratios in excess of the well-capitalized standards established by the Federal Reserve. The consolidated CET1 risk-based capital ratio was stable compared to the prior year end, as an increase in risk-weighted assets, driven by loan growth, and the CECL transitional amount, were offset by current period earnings, net of dividends.
Shareholders’ Equity
We generate shareholders’ equity primarily through the retention of earnings, net of dividends and share repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our objective is to maintain capital at an amount commensurate with our risk appetite and risk tolerance objectives, to meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business opportunities.
Shareholders’ equity totaled $19.3 billion at March 31, 2024, a decrease of $31 million, when compared with December 31, 2023. The decrease was primarily driven by changes in accumulated other comprehensive income driven by changes in interest rates, partially offset by earnings, net of dividends.
Share Repurchases
From time to time, our Board of Directors authorizes the Company to repurchase shares of our common stock. Although we announce when our Board authorizes share repurchases, we typically do not give any public notice before we repurchase our shares. Future stock repurchases may be private or open-market repurchases, including block transactions, accelerated or delayed block transactions, forward transactions, and similar transactions. Various factors determine the amount and timing of our share repurchases, including our capital requirements, the number of shares we expect to issue for employee benefit plans and acquisitions, market conditions (including the trading price of our stock), and regulatory and legal considerations.
On January 18, 2023, our Board authorized the repurchase of up to $1.0 billion of common shares within the eight quarter period ending December 31, 2024, subject to the Federal Reserve’s capital regulations. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs. During the three months ended March 31, 2024, we repurchased no shares of common stock under the current repurchase authorization. As part of the 2024 capital plan and our current expectation that organic capital will be used for funding loan and lease growth and proposed changes to regulatory capital requirements, we do not expect to utilize the share repurchase program through 2024. However, we may at our discretion resume share repurchases at any time while considering factors including, but not limited to, capital requirements and market conditions.
BUSINESS SEGMENT DISCUSSION
Overview
Our business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. We have two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, and other unallocated assets, liabilities, revenue, and expense.
Business segment results are determined based upon our management practices, which assigns balance sheet and income statement items to each of the business segments. The process is designed around our organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions.
Revenue Sharing
Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to or providing service to customers. Results of operations for the business segments reflect these fee sharing allocations.
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Expense Allocation
The management process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to the business segments from Treasury / Other. We utilize a full-allocation methodology, where all Treasury / Other expenses, except reported acquisition-related expenses, if any, and a small amount of other residual unallocated expenses, are allocated to the business segments.
Funds Transfer Pricing (FTP)
We use an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing modeled duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). The primary components of the FTP rate include a base (market) rate, a liquidity premium, and option cost.
Net Income by Business Segment
Net income by business segment is presented in the following table.
Table 19 - Net Income (Loss) by Business Segment
 Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Consumer & Regional Banking$348 $328 
Commercial Banking242 296 
Treasury / Other(171)(22)
Net income attributable to Huntington$419 $602 
Consumer & Regional Banking
Table 20 - Key Performance Indicators for Consumer & Regional Banking
 Three Months EndedChange
(dollar amounts in millions)March 31, 2024March 31, 2023AmountPercent
Net interest income$956 $871 $85 10 %
Provision for credit losses46 46 — — 
Noninterest income308 344 (36)(10)
Noninterest expense777 754 23 
Provision for income taxes93 87 
Net income attributable to Huntington$348 $328 $20 %
Number of employees (average full-time equivalent)11,098 11,920 (822)(7)%
Total average assets$72,868 $70,048 $2,820 
Total average loans/leases67,136 64,208 2,928 
Total average deposits109,263 104,151 5,112 
Net interest margin3.46 %3.33 %0.13 %
NCOs$51 $35 $16 46 
NCOs as a % of average loans and leases0.30 %0.22 %0.08 %36 
Total assets under management (in billions)—eop$30.8 $27.5 $3.3 12 
Total trust assets (in billions)—eop179.8 150.3 29.5 20 
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Consumer & Regional Banking reported net income of $348 million in the three-month period of 2024, an increase of $20 million, or 6%, compared to the year-ago period. Segment net interest income increased $85 million, or 10%, primarily due to a 13 basis point increase in NIM driven by the higher rate environment and a $2.9 billion, or 5%, increase in average loans and leases. Noninterest income decreased $36 million, or 10%, primarily due to a $57 million gain on the sale of our RPS business in the three-month period of 2023, partially offset by increases in payments and cash management revenue, reflecting higher debit card transaction revenue, and wealth and asset management revenue, reflecting higher assets under management and fixed income commissions. Noninterest expense increased $23 million, or 3%, primarily due to the allocation of higher indirect expenses.
Commercial Banking
Table 21 - Key Performance Indicators for Commercial Banking
 Three Months EndedChange
(dollar amounts in millions)March 31, 2024March 31, 2023AmountPercent
Net interest income$523 $541 $(18)(3)%
Provision for credit losses61 39 22 NM
Noninterest income145 156 (11)(7)
Noninterest expense294 278 16 
Provision for income taxes66 80 (14)(18)
Income attributable to non-controlling interest25 
Net income attributable to Huntington$242 $296 $(54)(18)%
Number of employees (average full-time equivalent)2,340 2,213 127 %
Total average assets$62,862 $64,193 $(1,331)(2)
Total average loans/leases54,584 55,919 (1,335)(2)
Total average deposits35,656 36,288 (632)(2)
Net interest margin3.71 %3.76 %(0.05)%(1)
NCOs $42 $21 $21 NM
NCOs as a % of average loans and leases0.30 %0.15 %0.15 %NM
Commercial Banking reported net income of $242 million in the first three-month period of 2024, a decrease of $54 million, or 18%, compared to the year-ago period. Segment net interest income decreased $18 million, or 3%, primarily due to a decrease in average loans and leases and deposits as well as a 5 basis point decrease in NIM driven by a lower spread on deposits primarily due to shift in product mix. The provision for credit losses increased $22 million, primarily due to increased charge-off activity in the current quarter. Noninterest income decreased $11 million, or 7%, primarily due to decreases in capital markets and other advisory fees and customer deposits and loan fees, partially offset by an increase in payments and cash management revenue, reflecting higher commercial treasury management revenue. Noninterest expense increased $16 million, or 6%, primarily due to an increase in personnel costs reflecting an increase in average full-time equivalent employees. Also higher were allocated overhead and outside data and other processing services. These increases were partially offset by a decrease in lease financing equipment depreciation.
Treasury / Other
The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives, and equity not directly assigned or allocated to one of the business segments. Assets include investment securities and bank owned life insurance.
Net interest income includes the impact of administering our investment securities portfolios, the net impact of derivatives used to hedge interest rate sensitivity as well as the financial impact associated with our FTP methodology, as described above. Noninterest income includes miscellaneous fee income not allocated to other business segments, such as bank owned life insurance income and securities and trading asset gains or losses. Noninterest expense includes certain corporate administrative, acquisition-related expenses, if any, and other miscellaneous expenses not allocated to other business segments. The provision for income taxes for the business segments is calculated at a statutory 21% tax rate, although our overall effective tax rate is lower.
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Treasury / Other reported a net loss of $171 million in the first three-month period of 2024, an increase in net loss of $149 million, compared to the year-ago period, driven by a decrease in net interest income, partially offset by a decrease in provision for income taxes. Net interest income decreased $189 million primarily due to a higher cost of funds. Provision for income taxes decreased $50 million primarily due to lower pre-tax income.
ADDITIONAL DISCLOSURES
Forward-Looking Statements
This report, including MD&A, contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington.
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.
Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures where management believes it to be helpful in understanding our 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 herein.
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Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management believes net interest income on an FTE basis provides an insightful 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%. We encourage readers to consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.
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,
Tangible equity to tangible assets, and
Tangible common equity to risk-weighted assets using Basel III definitions.
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 our capitalization to other financial services companies. These ratios differ from capital ratios defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, 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 are 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, we encourage readers to consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and not to rely on any single financial measure.
Critical Accounting Policies and Use of Significant Estimates
Our Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our Consolidated Financial Statements. Note 1 - “Significant Accounting Policies” of the Notes to Consolidated Financial Statements included in our 2023 Annual Report on Form 10-K, as supplemented by this report including this MD&A, describes the significant accounting policies we used in our Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on the Consolidated Financial Statements. Estimates are made under facts and circumstances at a point in time, and changes in those facts and circumstances could produce results substantially different from those estimates. Our critical accounting policies include the allowance for credit losses and goodwill. The policies, assumptions, and judgments related to goodwill are described in the Critical Accounting Policies and Use of Significant Estimates section within the MD&A of Huntington’s 2023 Annual Report on Form 10-K. The following details the policies, assumption, and judgments related to the allowance for credit losses.
Allowance for Credit Losses
Our ACL at March 31, 2024 represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded lending commitments. Management estimates the ACL by projecting probability of default, loss given default and exposure at default conditional on economic parameters, for the remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of outstanding balances, the portfolio performance and assigned risk ratings.
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One of the most significant judgments influencing the ACL estimate is the macroeconomic forecasts. Key external economic parameters that directly impact our loss modeling framework include forecasted unemployment rates and GDP. Changes in the economic forecasts could significantly affect the estimated credit losses, which could potentially lead to materially different allowance levels from one reporting period to the next.
Given the dynamic relationship between macroeconomic variables within our modeling framework, it is difficult to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario when formulating the quantitative estimate.
However, to illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. This scenario contemplates an increased risk of an extended government shutdown. Concerns about bank failures raise fears of further collapse in the banking industry, reducing consumer confidence and causing banks to tighten lending standards. Increased geopolitical tensions between China and Taiwan briefly impact the supply chain for semiconductors and the threat of a wider conflict causes consumer confidence to fall. Additionally, the Russian invasion of Ukraine lasts longer than in the baseline scenario and concerns increase around the Hamas-Israel conflict leading to a broader war in the Middle East. The combination of the risk of federal shutdown, political tensions and tightening lending standards cause the stock market to fall. The economy falls into a recession in the second quarter of 2024. In response to the recession, the Federal Reserve starts lowering the federal funds rate in the second quarter of 2024, with significant rate reductions by the end of 2024. Under this scenario, as an example, the unemployment rate increases from baseline levels and remains elevated for a prolonged period, the rate is estimated at 7.2% and 7.3% at the end of 2024 and 2025, respectively. This forecast reflects unemployment rates that are approximately 3.2% higher than baseline scenario projections of 4.0% and 4.1%, respectively, for the same time periods.
To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at March 31, 2024, management calculated the difference between our quantitative ACL and this 100% adverse scenario. Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our ACL of approximately $1.1 billion at March 31, 2024. This hypothetical increase is reflective of the sensitivity of the rate of change in the unemployment variable on our models.
The resulting difference is not intended to represent an expected increase in allowance levels for a number of reasons including the following:
Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation process;
The highly uncertain economic environment;
The difficulty in predicting the inter-relationships between the economic parameters used in the various economic scenarios; and
The sensitivity estimate does not account for any general reserve components and associated risk profile adjustments incorporated by management as part of its overall allowance framework.
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We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category, the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each reporting date. There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events adversely affecting specific customers, industries, or our markets such as geopolitical instability or risks of inflation including a near-term recession, could severely impact our current expectations. If the credit quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers changes materially, our net income and capital could be materially adversely affected which, in turn could have a material adverse effect on our financial condition and results of operations. The extent to which the geopolitical instability and risks of inflation will continue to negatively impact our businesses, financial condition, liquidity, and results will depend on future developments, which are highly uncertain and cannot be forecasted with precision at this time. For more information, see Note 4 - “Loans and Leases” and Note 5 - “Allowance For Credit Losses” of the Notes to the Unaudited Consolidated Financial Statements.
Recent Accounting Pronouncements and Developments
Note 2 - “Accounting Standards Update” of the Notes to Unaudited Consolidated Financial Statements discusses new accounting pronouncements adopted during 2024 and the expected impact of accounting pronouncements recently issued but not yet required to be adopted. To the extent the adoption of new accounting standards materially affects financial condition, results of operations, or liquidity, the impacts are discussed in the applicable section of this MD&A and the Notes to the Unaudited Consolidated Financial Statements.
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Item 1: Financial Statements
Huntington Bancshares Incorporated
Consolidated Balance Sheets
(Unaudited)
At March 31, At December 31,
(dollar amounts in millions)20242023
Assets
Cash and due from banks$1,189 $1,558 
Interest-earning deposits with banks11,216 8,765 
Trading account securities167 125 
Available-for-sale securities26,801 25,305 
Held-to-maturity securities15,416 15,750 
Other securities727 725 
Loans held for sale (includes $487 and $506 respectively, measured at fair value)(1)
490 516 
Loans and leases (includes $175 and $174 respectively, measured at fair value)(1)
122,767 121,982 
Allowance for loan and lease losses(2,280)(2,255)
Net loans and leases (2)120,487 119,727 
Bank owned life insurance2,767 2,759 
Accrued income and other receivables1,616 1,646 
Premises and equipment1,095 1,109 
Goodwill5,561 5,561 
Servicing rights and other intangible assets677 672 
Other assets (2)5,310 5,150 
Total assets$193,519 $189,368 
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing$29,739 $30,967 
Interest-bearing123,486 120,263 
Total deposits153,225 151,230 
Short-term borrowings182 620 
Long-term debt (2)14,894 12,394 
Other liabilities (2)5,845 5,726 
Total liabilities174,146 169,970 
Commitments and Contingent Liabilities (Note 15)
Shareholders’ Equity
Preferred stock2,394 2,394 
Common stock15 15 
Capital surplus15,407 15,389 
Less treasury shares, at cost(91)(91)
Accumulated other comprehensive income (loss)(2,879)(2,676)
Retained earnings4,476 4,322 
Total Huntington shareholders’ equity19,322 19,353 
Non-controlling interest51 45 
Total equity19,373 19,398 
Total liabilities and equity$193,519 $189,368 
Common shares authorized (par value of $0.01)
2,250,000,000 2,250,000,000 
Common shares outstanding1,449,254,147 1,448,319,953 
Treasury shares outstanding7,413,634 7,403,008 
Preferred stock, authorized shares6,617,808 6,617,808 
Preferred shares outstanding881,587 881,587 
(1)Amounts represent loans for which Huntington has elected the fair value option. See Note 12 - “Fair Values of Assets and Liabilities”.
(2)Includes VIE balances in net loans and leases and long-term debt of $1.5 billion and $1.4 billion, respectively, at March 31, 2024, and VIE balances in other assets of $136 million and $82 million, and other liabilities of $55 million and $57 million, at March 31, 2024 and December 31, 2023, respectively. See Note 14 - “Variable Interest Entities” for additional information.
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Income
(Unaudited)
Three Months Ended
(dollar amounts in millions, except per share data, share count in thousands)March 31, 2024March 31, 2023
Interest and fee income:
Loans and leases$1,809 $1,579 
Available-for-sale securities
Taxable296 232 
Tax-exempt27 23 
Held-to-maturity securities—taxable95 102 
Other securities—taxable9 10 
Other144 82 
Total interest income2,380 2,028 
Interest expense:
Deposits857 406 
Short-term borrowings19 60 
Long-term debt217 153 
Total interest expense1,093 619 
Net interest income1,287 1,409 
Provision for credit losses107 85 
Net interest income after provision for credit losses1,180 1,324 
Payments and cash management revenue146 137 
Wealth and asset management revenue88 80 
Customer deposit and loan fees77 76 
Capital markets and advisory fees56 65 
Leasing revenue22 26 
Mortgage banking income31 26 
Insurance income19 19 
Bank owned life insurance income16 16 
Gain on sale of loans5 3 
Net gains on sales of securities
 1 
Other noninterest income7 63 
Total noninterest income467 512 
Personnel costs639 649 
Outside data processing and other services166 151 
Deposit and other insurance expense54 20 
Equipment70 64 
Net occupancy57 60 
Marketing28 25 
Professional services25 16 
Amortization of intangibles12 13 
Lease financing equipment depreciation4 8 
Other noninterest expense82 80 
Total noninterest expense1,137 1,086 
Income before income taxes510 750 
Provision for income taxes86 144 
Income after income taxes424 606 
Income attributable to non-controlling interest5 4 
Net income attributable to Huntington419 602 
Dividends on preferred shares36 29 
Net income applicable to common shares$383 $573 
Average common shares—basic1,448,492 1,443,268 
Average common shares—diluted1,473,335 1,469,279 
Per common share:
Net income—basic$0.26 $0.40 
Net income—diluted0.26 0.39 
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Comprehensive Income
(Unaudited)
 Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Net income attributable to Huntington$419 $602 
Other comprehensive income (loss), net of tax:
Unrealized (losses) gains on available-for-sale securities, net of hedges
(128)154 
Net change related to cash flow hedges on loans(73)189 
Translation adjustments, net of hedges(2) 
Other comprehensive income (loss), net of tax(203)343 
Comprehensive income attributable to Huntington
216 945 
Comprehensive income attributed to non-controlling interest5 4 
Comprehensive income
$221 $949 
See Notes to Unaudited Consolidated Financial Statements
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Huntington Bancshares Incorporated
Consolidated Statements of Changes in Shareholders’ Equity
(Unaudited)
(dollar amounts in millions, share amounts in thousands)Preferred StockCommon StockCapital SurplusTreasury StockAOCI
Retained Earnings
Huntington Shareholders’ Equity
Non-controlling Interest
Total Equity
AmountSharesAmountSharesAmount
Three months ended March 31, 2024
Balance, beginning of period$2,394 1,455,723 $15 $15,389 (7,403)$(91)$(2,676)$4,322 $19,353 $45 $19,398 
Net income419 419 5 424 
Other comprehensive income (loss), net of tax(203)(203)(203)
Cash dividends declared:
Common ($0.155 per share)
(228)(228)(228)
Preferred(36)(36)(36)
Recognition of the fair value of share-based compensation20 20 20 
Other share-based compensation activity945 — (2)(1)(3)(3)
Other— (11)— — 1 1 
Balance, end of period$2,394 1,456,668 $15 $15,407 (7,414)$(91)$(2,879)$4,476 $19,322 $51 $19,373 
Three months ended March 31, 2023
Balance, beginning of period$2,167 1,449,390 $14 $15,309 (6,322)$(80)$(3,098)$3,419 $17,731 $38 $17,769 
Net income602 602 4 606 
Other comprehensive income, net of tax343343 343 
Net proceeds from issuance of Series J preferred stock317317 317 
Cash dividends declared:
Common ($0.155 per share)
(228)(228)(228)
Preferred(29)(29)(29)
Recognition of the fair value of share-based compensation25 25 25 
Other share-based compensation activity690 1 (2)(1)(1)
Other— (143)(2)(2)11 9 
Balance, end of period$2,484 1,450,080 $15 $15,332 (6,465)$(82)$(2,755)$3,764 $18,758 $53 $18,811 
See Notes to Unaudited Consolidated Financial Statements





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Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows
(Unaudited)
 Three Months Ended March 31,
(dollar amounts in millions)20242023
Operating activities
Net income$424 $606 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses107 85 
Depreciation and amortization190 142 
Share-based compensation expense20 25 
Deferred income tax (benefit) expense
(29)55 
Net change in:
Trading account securities(42)1 
Loans held for sale(2)44 
Other assets(385)(348)
Other liabilities184 (456)
Other, net(3)(24)
Net cash provided by operating activities464 130 
Investing activities
Change in interest bearing deposits in banks(15)(6)
Proceeds from:
Maturities and calls of available-for-sale securities1,589 432 
Maturities and calls of held-to-maturity securities327 320 
Maturities and calls of other securities9  
Sales of available-for-sale securities 435 
Sales of other securities 141 
Purchases of available-for-sale securities(3,303)(1,168)
Purchases of held-to-maturity securities (254)
Purchases of other securities(11)(586)
Net proceeds from sales of portfolio loans and leases71 89 
Principal payments received under direct finance and sales-type leases447 487 
Net loan and lease activity, excluding sales and purchases(1,398)(2,272)
Purchases of premises and equipment(32)(25)
Purchases of loans and leases(23)(12)
Net accrued income and other receivables activity59 92 
Other, net18 28 
Net cash used in investing activities
(2,262)(2,299)
Financing activities
Increase (decrease) in deposits
1,995 (2,636)
Increase (decrease) in short-term borrowings(505)5,128 
Net proceeds from issuance of long-term debt2,786 3,541 
Maturity/redemption of long-term debt(156)(268)
Dividends paid on preferred stock(36)(29)
Dividends paid on common stock(226)(225)
Net proceeds from issuance of preferred stock 317 
Other, net(9)6 
Net cash provided by financing activities3,849 5,834 
Increase in cash and cash equivalents
2,051 3,665 
Cash and cash equivalents at beginning of period10,129 6,704 
Cash and cash equivalents at end of period$12,180 $10,369 
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 Three Months Ended March 31,
(dollar amounts in millions)20242023
Supplemental disclosures:
Interest paid$1,070 $562 
Income taxes paid (received)
47 (59)
Non-cash activities
Loans transferred to held-for-sale from portfolio64 80 
Loans transferred to portfolio from held-for-sale11 6 
See Notes to Unaudited Consolidated Financial Statements


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Huntington Bancshares Incorporated
Notes to Unaudited Consolidated Financial Statements
1. BASIS OF PRESENTATION
The accompanying Unaudited Consolidated Financial Statements of Huntington reflect all adjustments consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of the consolidated financial position, the results of operations, and cash flows for the periods presented. These Unaudited Consolidated Financial Statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.
In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited Consolidated Financial Statements. There were no material subsequent events to disclose for the current period.
2. ACCOUNTING STANDARDS UPDATE
Accounting standards adopted in the current period
StandardSummary of guidanceEffects on financial Statements
ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023
Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria.
Requires that the election be made on a tax-credit-program-by-tax-credit-program basis.
Receipt of tax credits must be accounted for using the flow through method.
Requires that a liability be recorded for delayed equity contributions.
Expands disclosure requirements for the nature of investments and financial statement effect.
Huntington adopted the standard effective January 1, 2024 on a modified retrospective basis.
The adoption did not result in a material impact on Huntington’s Unaudited Consolidated Financial Statements.


Accounting standards yet to be adopted
Standard
Summary of guidance
Summary of guidance
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments
Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided.
Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment.
Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.

Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
Early adoption is permitted.
The amendments are to be applied retrospectively to all periods presented and segment expense categories should be based on the categories identified at adoption.
Huntington does not expect adoption of the standard to have a material impact on its Unaudited Consolidated Financial Statements.
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures
Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.
The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold.
The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign.
The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences.
Effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted in any annual period where financial statements have not yet been issued.
The amendments should be applied on a prospective basis but retrospective application is permitted.
Huntington does not expect adoption of the standard to have a material impact on its Unaudited Consolidated Financial Statements.
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3. INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category.
Unrealized
(dollar amounts in millions)
Amortized
Cost (1)(2)
Gross
Gains
Gross
Losses
Fair Value
At March 31, 2024
Available-for-sale securities:
U.S. Treasury$5,027 $ $ $5,027 
Federal agencies:
Residential CMO3,519  (444)3,075 
Residential MBS12,893 1 (1,964)10,930 
Commercial MBS2,530  (735)1,795 
Other agencies154  (7)147 
Total U.S. Treasury, federal agency, and other agency securities
24,123 1 (3,150)20,974 
Municipal securities3,475 13 (157)3,331 
Private-label CMO128 1 (12)117 
Asset-backed securities379  (28)351 
Corporate debt2,179 89 (250)2,018 
Other securities/Sovereign debt10   10 
Total available-for-sale securities$30,294 $104 $(3,597)$26,801 
Held-to-maturity securities:
Federal agencies:
Residential CMO$4,664 $1 $(706)$3,959 
Residential MBS9,175  (1,301)7,874 
Commercial MBS1,482  (232)1,250 
Other agencies93  (7)86 
Total federal agency and other agency securities15,414 1 (2,246)13,169 
Municipal securities2   2 
Total held-to-maturity securities$15,416 $1 $(2,246)$13,171 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$159 $ $ $159 
Federal Reserve Bank stock518   518 
Equity securities18   18 
Other securities, at fair value:
Mutual funds31   31 
Equity securities1   1 
Total other securities$727 $ $ $727 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At March 31, 2024, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $72 million and $35 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $680 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
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Unrealized
(dollar amounts in millions)Amortized
Cost (1)(2)
Gross
Gains
Gross
Losses
Fair Value
At December 31, 2023
Available-for-sale securities:
U.S. Treasury$2,855 $1 $ $2,856 
Federal agencies:
Residential CMO3,592  (408)3,184 
Residential MBS13,155 3 (1,776)11,382 
Commercial MBS2,536  (709)1,827 
Other agencies161  (6)155 
Total U.S. Treasury, federal agency, and other agency securities22,299 4 (2,899)19,404 
Municipal securities3,536 2 (165)3,373 
Private-label CMO131  (12)119 
Asset-backed securities387  (31)356 
Corporate debt2,202 79 (238)2,043 
Other securities/Sovereign debt10   10 
Total available-for-sale securities$28,565 $85 $(3,345)$25,305 
Held-to-maturity securities:
Federal agencies:
Residential CMO$4,770 $6 $(664)$4,112 
Residential MBS9,368 1 (1,145)8,224 
Commercial MBS1,509  (224)1,285 
Other agencies101  (6)95 
Total federal agency and other agency securities15,748 7 (2,039)13,716 
Municipal securities2   2 
Total held-to-maturity securities$15,750 $7 $(2,039)$13,718 
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock$169 $ $ $169 
Federal Reserve Bank stock507   507 
Other non-marketable equity securities17   17 
Other securities, at fair value:
Mutual funds30   30 
Equity securities1 1  2 
Total other securities$724 $1 $ $725 
(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At December 31, 2023, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $61 million and $36 million, respectively.
(2)Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $619 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.
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The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.
At March 31, 2024At December 31, 2023
(dollar amounts in millions)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Available-for-sale securities:
Under 1 year$5,093 $5,084 $3,380 $3,372 
After 1 year through 5 years2,995 2,842 2,484 2,338 
After 5 years through 10 years2,312 2,192 2,392 2,255 
After 10 years19,894 16,683 20,309 17,340 
Total available-for-sale securities$30,294 $26,801 $28,565 $25,305 
Held-to-maturity securities:
Under 1 year$ $ $1 $1 
After 1 year through 5 years42 40 48 46 
After 5 years through 10 years66 62 69 66 
After 10 years15,308 13,069 15,632 13,605 
Total held-to-maturity securities$15,416 $13,171 $15,750 $13,718 
The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position.
Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
At March 31, 2024
Available-for-sale securities:
Federal agencies:
Residential CMO$364 $(4)$2,711 $(440)$3,075 $(444)
Residential MBS238 (2)10,554 (1,962)10,792 (1,964)
Commercial MBS  1,795 (735)1,795 (735)
Other agencies  78 (7)78 (7)
Total federal agency and other agency securities602 (6)15,138 (3,144)15,740 (3,150)
Municipal securities613 (14)2,522 (143)3,135 (157)
Private-label CMO  96 (12)96 (12)
Asset-backed securities  279 (28)279 (28)
Corporate debt  2,018 (250)2,018 (250)
Total temporarily impaired available-for-sale securities$1,215 $(20)$20,053 $(3,577)$21,268 $(3,597)
Held-to-maturity securities:
Federal agencies:
Residential CMO$159 $(2)$3,532 $(704)$3,691 $(706)
Residential MBS  7,778 (1,301)7,778 (1,301)
Commercial MBS  1,250 (232)1,250 (232)
Other agencies  86 (7)86 (7)
Total federal agency and other agency securities159 (2)12,646 (2,244)12,805 (2,246)
Total temporarily impaired held-to-maturity securities$159 $(2)$12,646 $(2,244)$12,805 $(2,246)
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Less than 12 MonthsOver 12 MonthsTotal
(dollar amounts in millions)Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
Fair
Value
Gross Unrealized
Losses
At December 31, 2023
Available-for-sale securities:
Federal agencies:
Residential CMO$543 $(7)$2,641 $(401)$3,184 $(408)
Residential MBS207 (2)10,913 (1,774)11,120 (1,776)
Commercial MBS  1,827 (709)1,827 (709)
Other agencies  81 (6)81 (6)
Total federal agency and other agency securities750 (9)15,462 (2,890)16,212 (2,899)
Municipal securities625 (19)2,496 (146)3,121 (165)
Private-label CMO  99 (12)99 (12)
Asset-backed securities  281 (31)281 (31)
Corporate debt  2,043 (238)2,043 (238)
Total temporarily impaired available-for-sale securities$1,375 $(28)$20,381 $(3,317)$21,756 $(3,345)
Held-to-maturity securities:
Federal agencies:
Residential CMO$156 $(1)$3,542 $(663)$3,698 $(664)
Residential MBS  8,108 (1,145)8,108 (1,145)
Commercial MBS  1,285 (224)1,285 (224)
Other agencies  95 (6)95 (6)
Total federal agency and other agency securities156 (1)13,030 (2,038)13,186 (2,039)
Total temporarily impaired held-to-maturity securities$156 $(1)$13,030 $(2,038)$13,186 $(2,039)
At March 31, 2024 and December 31, 2023, the carrying value of investment securities pledged to secure certain public trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $36.2 billion and $35.1 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2024 or December 31, 2023. At March 31, 2024, all HTM debt securities are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt securities considered past due at March 31, 2024.
Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of March 31, 2024, Huntington has concluded that it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to investment securities as of March 31, 2024 or December 31, 2023.
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4. LOANS AND LEASES
The following table provides a detailed listing of Huntington’s loan and lease portfolio.
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Commercial loan and lease portfolio:
Commercial and industrial$51,500 $50,657 
Commercial real estate12,342 12,422 
Lease financing5,133 5,228 
Total commercial loan and lease portfolio68,975 68,307 
Consumer loan portfolio:
Residential mortgage23,744 23,720 
Automobile12,662 12,482 
Home equity10,047 10,113 
RV and marine5,887 5,899 
Other consumer1,452 1,461 
Total consumer loan portfolio53,792 53,675 
Total loans and leases (1)(2)122,767 121,982 
Allowance for loan and lease losses(2,280)(2,255)
Net loans and leases$120,487 $119,727 
(1)Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of $349 million and $323 million at March 31, 2024 and December 31, 2023, respectively.
(2)The total amount of accrued interest recorded for these loans and leases at March 31, 2024, was $340 million and $222 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2023, was $333 million and $220 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheets.
Lease Financing
The following table presents net investments in lease financing receivables by category.
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Lease payments receivable$4,880 $4,980 
Estimated residual value of leased assets803 804 
Gross investment in lease financing receivables5,683 5,784 
Deferred origination costs54 54 
Deferred fees, unearned income and other(604)(610)
Total lease financing receivables$5,133 $5,228 
The carrying value of residual values guaranteed was $475 million and $478 million as of March 31, 2024 and December 31, 2023, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at March 31, 2024, totaled $4.9 billion and were due as follows: $782 million in 2024, $902 million in 2025, $859 million in 2026, $859 million in 2027, $794 million in 2028, and $684 million thereafter. Interest income recognized for these types of leases was $79 million and $68 million for the three-month periods ended March 31, 2024 and 2023, respectively.
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Nonaccrual and Past Due Loans and Leases
The following table presents NALs by class.
At March 31, 2024At December 31, 2023
(dollar amounts in millions)Nonaccrual loans and leases with no ACLTotal nonaccrual loans and leasesNonaccrual loans and leases with no ACLTotal nonaccrual loans and leases
Commercial and industrial$68 $376 $66 $344 
Commercial real estate37 154 64 140 
Lease financing 10 3 14 
Residential mortgage 75  72 
Automobile 4  4 
Home equity 96  91 
RV and marine 1  2 
Total nonaccrual loans and leases$105 $716 $133 $667 
The following tables present an aging analysis of loans and leases, by class.
Past Due (1) Loans Accounted for Under FVOTotal Loans
and Leases
90 or
more days
past due
and accruing
(dollar amounts in millions)30-59
 Days
60-89
 Days
90 or 
more days
TotalCurrent
At March 31, 2024
Commercial and industrial$57 $36 $137 $230 $51,270 $ $51,500 $1 
(2)
Commercial real estate18 32 96 146 12,196  12,342  
Lease financing27 14 5 46 5,087  5,133 3 
Residential mortgage205 68 195 468 23,101 175 23,744 148 (3)
Automobile75 17 10 102 12,560  12,662 8 
Home equity56 29 83 168 9,879  10,047 17 
RV and marine17 4 3 24 5,863  5,887 2 
Other consumer11 4 4 19 1,433  1,452 4 
Total loans and leases$466 $204 $533 $1,203 $121,389 $175 $122,767 $183 
At December 31, 2023
Commercial and industrial$90 $48 $90 $228 $50,429 $ $50,657 $1 
(2)
Commercial real estate28 20 32 80 12,342  12,422  
Lease financing35 15 9 59 5,169  5,228 4 
Residential mortgage205 88 193 486 23,060 174 23,720 146 (3)
Automobile89 23 12 124 12,358  12,482 9 
Home equity66 32 83 181 9,932  10,113 22 
RV and marine17 5 4 26 5,873  5,899 3 
Other consumer13 4 4 21 1,440  1,461 4 
Total loans and leases$543 $235 $427 $1,205 $120,603 $174 $121,982 $189 
(1)NALs are included in this aging analysis based on the loan’s past due status.
(2)Amounts include SBA loans and leases.
(3)Amounts include mortgage loans insured by U.S. government agencies.
Credit Quality Indicators
See Note 5 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining an appropriate ACL level.
For all classes within the consumer loan portfolios, borrower credit bureau scores are monitored as an indicator of credit quality. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality.
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Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes.
The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator.
At March 31, 2024
Term Loans Amortized Cost Basis by Origination YearRevolver Total at Amortized Cost BasisRevolver Total Converted to Term Loans
(dollar amounts in millions)20242023202220212020PriorTotal
Commercial and industrial
Credit Quality Indicator (1):
Pass$4,493 $12,002 $8,692 $3,364 $1,976 $2,458 $15,168 $5 $48,158 
OLEM25 211 243 74 30 37 256  876 
Substandard118 380 428 230 148 209 952  2,465 
Doubtful     1   1 
Total Commercial and industrial$4,636 $12,593 $9,363 $3,668 $2,154 $2,705 $16,376 $5 $51,500 
Commercial real estate
Credit Quality Indicator (1):
Pass$356 $1,264 $3,235 $1,674 $1,011 $2,286 $557 $ $10,383 
OLEM11 80 410 133 55 121 60  870 
Substandard17 213 379 176 24 264 16  1,089 
Total Commercial real estate$384 $1,557 $4,024 $1,983 $1,090 $2,671 $633 $ $12,342 
Lease financing
Credit Quality Indicator (1):
Pass$384 $1,924 $1,159 $724 $502 $272 $ $ $4,965 
OLEM 15 19 3 1 10   48 
Substandard1 26 46 22 13 12   120 
Total Lease financing$385 $1,965 $1,224 $749 $516 $294 $ $ $5,133 
Residential mortgage
Credit Quality Indicator (2):
750+$212 $2,257 $4,041 $5,995 $3,252 $2,877 $ $ $18,634 
650-74988 781 903 894 471 901   4,038 
<6507 43 84 97 74 592   897 
Total Residential mortgage
$307 $3,081 $5,028 $6,986 $3,797 $4,370 $ $ $23,569 
Automobile
Credit Quality Indicator (2):
750+$1,045 $2,156 $1,831 $1,372 $630 $339 $ $ $7,373 
650-749412 1,493 1,092 753 300 160   4,210 
<65031 274 303 273 114 84   1,079 
Total Automobile
$1,488 $3,923 $3,226 $2,398 $1,044 $583 $ $ $12,662 
Home equity
Credit Quality Indicator (2):
750+$43 $393 $414 $496 $517 $247 $4,404 $226 $6,740 
650-74920 107 95 62 53 96 2,035 225 2,693 
<650 4 9 5 4 46 413 133 614 
Total Home equity$63 $504 $518 $563 $574 $389 $6,852 $584 $10,047 
RV and marine
Credit Quality Indicator (2):
750+$226 $1,059 $934 $816 $557 $847 $ $ $4,439 
650-74938 353 232 246 147 284   1,300 
<650 13 19 30 23 63   148 
Total RV and marine$264 $1,425 $1,185 $1,092 $727 $1,194 $ $ $5,887 
Other consumer
Credit Quality Indicator (2):
750+$69 $141 $70 $34 $16 $56 $409 $1 $796 
650-74929 82 37 14 5 14 386 12 579 
<6501 9 6 3 1 2 41 14 77 
Total Other consumer$99 $232 $113 $51 $22 $72 $836 $27 $1,452 
2024 1Q Form 10-Q 47


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At December 31, 2023
Term Loans Amortized Cost Basis by Origination YearRevolver Total at Amortized Cost BasisRevolver Total Converted to Term Loans
(dollar amounts in millions)20232022202120202019PriorTotal
Commercial and industrial
Credit Quality Indicator (1):
Pass$14,677 $9,889 $3,673 $2,151 $1,187 $1,431 $14,563 $3 $47,574 
OLEM213 239 64 20 12 20 462  1,030 
Substandard393 305 188 150 83 184 750  2,053 
Total Commercial and industrial$15,283 $10,433 $3,925 $2,321 $1,282 $1,635 $15,775 $3 $50,657 
Commercial real estate
Credit Quality Indicator (1):
Pass$1,395 $3,253 $1,774 $1,063 $1,152 $1,288 $585 $ $10,510 
OLEM163 406 112 65 32 54 60  892 
Substandard164 404 176 10 137 114 15  1,020 
Total Commercial real estate$1,722 $4,063 $2,062 $1,138 $1,321 $1,456 $660 $ $12,422 
Lease financing
Credit Quality Indicator (1):
Pass$1,973 $1,284 $828 $583 $243 $106 $ $ $5,017 
OLEM16 22 6 5 2 9   60 
Substandard20 66 31 16 13 5   151 
Total Lease financing$2,009 $1,372 $865 $604 $258 $120 $ $ $5,228 
Residential mortgage
Credit Quality Indicator (2):
750+$2,077 $3,963 $6,028 $3,292 $749 $2,191 $ $ $18,300 
650-749950 1,024 964 510 186 775   4,409 
<65024 79 82 64 85 503   837 
Total Residential mortgage$3,051 $5,066 $7,074 $3,866 $1,020 $3,469 $ $ $23,546 
Automobile
Credit Quality Indicator (2):
750+$2,624 $1,964 $1,525 $740 $367 $85 $ $ $7,305 
650-7491,438 1,305 907 370 168 53   4,241 
<650170 281 266 118 64 37   936 
Total Automobile$4,232 $3,550 $2,698 $1,228 $599 $175 $ $ $12,482 
Home equity
Credit Quality Indicator (2):
750+$381 $429 $512 $534 $17 $244 $4,454 $233 $6,804 
650-749136 100 65 57 7 101 2,083 230 2,779 
<6502 6 3 3 2 43 344 127 530 
Total Home equity$519 $535 $580 $594 $26 $388 $6,881 $590 $10,113 
RV and marine
Credit Quality Indicator (2):
750+$1,206 $971 $867 $588 $295 $612 $ $ $4,539 
650-749289 248 252 158 91 210   1,248 
<6504 12 21 18 14 43   112 
Total RV and marine$1,499 $1,231 $1,140 $764 $400 $865 $ $ $5,899 
Other consumer
Credit Quality Indicator (2):
750+$186 $80 $39 $19 $17 $48 $424 $3 $816 
650-74998 43 17 6 5 12 383 13 577 
<6504 5 3 1 1 1 39 14 68 
Total Other consumer$288 $128 $59 $26 $23 $61 $846 $30 $1,461 
(1)Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades.
(2)Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly.


48 Huntington Bancshares Incorporated


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The following tables present the gross charge-offs of loans and leases by vintage.
Term Loans Gross Charge-offs by Origination Year
Revolver Gross Charge-offs
Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions)20242023202220212020PriorTotal
Three months ended March 31, 2024
Commercial and industrial$ $5 $11 $15 $11 $2 $10 $1 $55 
Commercial real estate 1 9 1  6   17 
Lease Financing   1  1   2 
Residential mortgage     1   1 
Automobile 4 5 4 2    15 
Home equity       2 2 
RV and marine 1 1 2 1 3   8 
Other consumer1 7 5 2 1 3  9 28 
Total $1 $18 $31 $25 $15 $16 $10 $12 $128 
Term Loans Gross Charge-offs by Origination Year
Revolver Gross Charge-offsRevolver Converted to Term Loans Gross Charge-offs
Three months ended March 31, 202320232022202120202019
Prior
Total
Commercial and industrial$1 $14 $3 $6 $4 $ $4 $ $32 
Commercial real estate  19      19 
Lease Financing     1   1 
Residential mortgage  1   1   2 
Automobile 3 4 2 1 2   12 
Home equity      1 1 2 
RV and marine  1 1 1 1   4 
Other consumer1 8 5 1 1 4  7 27 
Total $2 $25 $33 $10 $7 $9 $5 $8 $99 
Modifications to Debtors Experiencing Financial Difficulty
See Note 5 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of reported modification types and the impact on credit quality of borrowers experiencing financial difficulty.
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The following table summarizes the amortized cost basis of loans modified during the reporting period to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification.
Amortized Cost
(dollar amounts in millions)Interest rate reductionTerm extensionPayment deferralCombo - interest rate reduction and term extensionTotal% of total loan class (1)
Three months ended March 31, 2024
Commercial and industrial$87 $154 $ $7 $248 0.48 %
Commercial real estate 31   31 0.25 
Residential mortgage 10 3 1 14 0.06 
Automobile 4   4 0.03 
Home equity 1  4 5 0.05 
Total loans to borrowers experiencing financial difficulty in which modifications were made$87 $200 $3 $12 $302 0.25 %
Three months ended March 31, 2023
Commercial and industrial$35 $124 $ $3 $162 0.32 %
Commercial real estate 48   48 0.36 
Residential mortgage 23  1 24 0.11 
Automobile
 3   3 0.02 
Home equity   3 3 0.03 
RV and marine 1   1 0.02 
Total loans to borrowers experiencing financial difficulty in which modifications were made$35 $199 $ $7 $241 0.21 %
(1)Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.
The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty.
Interest Rate Reduction (1)
Term Extension (1)
Weighted-average contractual interest rateWeighted-average years added to the life
FromTo
Three months ended March 31, 2024
Commercial and industrial8.24 %7.28 %0.4
Commercial real estate  0.6
Residential mortgage7.25 5.20 8.6
Three months ended March 31, 2023
Commercial and industrial7.60 %6.80 %0.9
Commercial real estate  0.6
Residential mortgage5.36 4.14 6.3
(1)     Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.
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The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 or more days past due. The following table depicts the performance of loans that have been modified during the identified period.
At March 31, 2024
Past Due
(dollar amounts in millions)30-59
 Days
60-89
 Days
90 or 
more days
TotalCurrentTotal
Commercial and industrial$2 $11 $11 $24 $449 $473 
Commercial real estate2 7  9 118 127 
Residential mortgage8 5 9 22 31 53 
Automobile2   2 14 16 
Home equity1 1 1 3 11 14 
RV and marine    1 1 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the twelve months ended March 31, 2024
$15 $24 $21 $60 $624 $684 
At March 31, 2023 (1)
Past Due
(dollar amounts in millions)30-59
 Days
60-89
 Days
90 or 
more days
TotalCurrentTotal
Commercial and industrial$ $ $ $ $162 $162 
Commercial real estate    48 48 
Residential mortgage4 4  8 16 24 
Automobile    3 3 
Home equity    3 3 
RV and marine    1 1 
Total loans to borrowers experiencing financial difficulty in which modifications were made in the three months ended March 31, 2023
$4 $4 $ $8 $233 $241 
(1)     Huntington adopted ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures effective January 1, 2023, therefore, the at March 31, 2023 presentation only includes loans since guidance became effective.
Pledged Loans
The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the FHLB. As of March 31, 2024 and December 31, 2023, loans and leases totaling $99.5 billion and $101.8 billion, respectively, were pledged to the Federal Reserve and FHLB for access to these contingent funding sources.
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5. ALLOWANCE FOR CREDIT LOSSES
Allowance for Credit Losses - Roll-forward
The following tables present ACL activity by portfolio segment.
(dollar amounts in millions)CommercialConsumerTotal
Three months ended March 31, 2024
ALLL balance, beginning of period$1,563 $692 $2,255 
Loan and lease charge-offs(74)(54)(128)
Recoveries of loans and leases previously charged-off19 17 36 
Provision for loan and lease losses81 36 117 
ALLL balance, end of period$1,589 $691 $2,280 
AULC balance, beginning of period$66 $79 $145 
Provision (benefit) for unfunded lending commitments3 (13)(10)
AULC balance, end of period$69 $66 $135 
ACL balance, end of period$1,658 $757 $2,415 
Three months ended March 31, 2023
ALLL balance, beginning of period$1,424 $697 $2,121 
Loan and lease charge-offs (52)(47)(99)
Recoveries of loans and leases previously charged-off23 19 42 
Provision for loan and lease losses 62 16 78 
ALLL balance, end of period$1,457 $685 $2,142 
AULC balance, beginning of period$71 $79 $150 
Provision for unfunded lending commitments 4 3 7 
AULC balance, end of period$75 $82 $157 
ACL balance, end of period$1,532 $767 $2,299 
At March 31, 2024, the ACL was $2.4 billion, a marginal increase of $15 million compared to December 31, 2023. The increase in the total ACL was primarily driven by loan and lease portfolio growth.
The commercial ACL was $1.7 billion at March 31, 2024 and $1.6 billion at December 31, 2023. The increase of $29 million since year end was primarily due to loan growth in the commercial portfolio.
The consumer ACL was $757 million, a modest decrease from the December 31, 2023 balance of $771 million, with the decrease is primarily attributable to lower residential mortgage reserves based on the current macro-economic forecast.
The baseline economic scenario used in the March 31, 2024 ACL determination included the federal funds rate projected to have peaked during the third quarter of 2023, remaining at this terminal level until mid-2024 as the Federal Reserve has continued to address inflation levels and tightness in the labor market. The Federal Reserve is expected to complete four 25 basis point rate cuts by the end of 2024. Further subsequent cuts of 25 basis points per quarter are expected in 2025 and 2026 until reaching 3% by the second half of 2026. Inflation is forecasted to drop from 2.9% in first quarter of 2024, approaching the Federal Reserve’s target level of 2% by the fourth quarter of 2024. Unemployment is projected to gradually increase, peaking at 4.1% in the first quarter of 2025 before marginally improving to 4.0% by 2026.
The economic scenarios used included elevated levels of economic uncertainty including the impact of specific challenges in the commercial real estate Industry, recent inflation levels, the U.S. labor market, the expected path of interest rate changes by the Federal Reserve, and the impact of significant conflicts on-going around the world. Given the uncertainty associated with key economic scenario assumptions, the March 31, 2024 ACL included a general reserve that consists of various risk profile components to address uncertainty not measured within the quantitative transaction reserve.
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6. MORTGAGE LOAN SALES AND SERVICING RIGHTS
Residential Mortgage Portfolio
The following table summarizes activity relating to residential mortgage loans sold with servicing retained.
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Residential mortgage loans sold with servicing retained$811 $862 
Pretax gains resulting from above loan sales (1)13 7 
Total servicing, late, and other ancillary fees (1)
26 24 
(1)Included in mortgage banking income.
The following table summarizes the changes in MSRs recorded using the fair value method.
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Fair value, beginning of period$515 $494 
New servicing assets created10 13 
Change in fair value during the period due to:
Time decay (1)(6)(6)
Payoffs (2)(5)(4)
Changes in valuation inputs or assumptions (3)20 (12)
Fair value, end of period$534 $485 
Loans serviced for third parties, unpaid principal balance
$33,303 $33,237 
(1)Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
(2)Represents decrease in value associated with loans that paid off during the period.
(3)Represents change in value resulting primarily from market-driven changes in interest rates.
A summary of key assumptions and the sensitivity of the MSR value to changes in these assumptions follows:
At March 31, 2024At December 31, 2023
Decline in fair value due toDecline in fair value due to
(dollar amounts in millions)Actual10%
adverse
change
20%
adverse
change
Actual10%
adverse
change
20%
adverse
change
Constant prepayment rate (annualized)
8.15 %$(14)$(28)8.61 %$(15)$(28)
Spread over forward interest rate swap rates550 bps(12)(23)538 bps(11)(22)
7. BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following:
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Securities sold under agreements to repurchase
$134 $618 
Other borrowings48 2 
Total short-term borrowings$182 $620 
The carrying value of assets pledged as collateral against repurchase agreements totaled $156 million and $840 million as of March 31, 2024 and December 31, 2023, respectively. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.
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Huntington’s long-term debt consisted of the following:
(dollar amounts in millions)At March 31, 2024At December 31, 2023
The Parent Company:
Senior Notes$5,423 $4,233 
Subordinated Notes748 760 
Total notes issued by the parent6,171 4,993 
The Bank:
Senior Notes3,452 3,480 
Subordinated Notes661 662 
Total notes issued by the bank4,113 4,142 
FHLB Advances
2,699 2,731 
Auto Loan Securitization Trust (1)
1,401  
Other510 528 
Total long-term debt$14,894 $12,394 
(1)     Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.38% due through 2029. See Note 14 - “Variable Interest Entities” for additional information.
8. OTHER COMPREHENSIVE INCOME
The components of Huntington’s OCI were as follows:
(dollar amounts in millions)PretaxTax (expense) benefitAfter-tax
Three months ended March 31, 2024
Unrealized losses on available-for-sale securities arising during the period, net of hedges$(170)$40 $(130)
Reclassification adjustment for realized net losses included in net income3 (1)2 
Total unrealized losses on available-for-sale securities, net of hedges(167)39 (128)
Unrealized losses on cash flow hedges during the period(161)37 (124)
Reclassification adjustment for cash flow hedges included in net income67 (16)51 
Net change related to cash flow hedges on loans(94)21 (73)
Translation adjustments, net of hedges (1)(2) (2)
Other comprehensive loss$(263)$60 $(203)
Three months ended March 31, 2023
Unrealized gains on available-for-sale securities arising during the period, net of hedges$197 $(45)$152 
Reclassification adjustment for realized net losses included in net income3 (1)2 
Total unrealized gains on available-for-sale securities, net of hedges200 (46)154 
Unrealized gains on cash flow hedges during the period231 (53)178 
Reclassification adjustment for cash flow hedges included in net income12 (1)11 
Net change related to cash flow hedges on loans243 (54)189 
Other comprehensive income$443 $(100)$343 
(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.
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Activity in accumulated OCI was as follows:
(dollar amounts in millions)
Unrealized  gains (losses) on available-for-sale securities, net of hedges (1)
Net change related to cash flow hedges on loansTranslation adjustments, net of hedges
Unrealized losses for pension and other post-retirement obligations
Total
Three months ended March 31, 2024
Balance, beginning of period$(2,094)$(363)$(6)$(213)$(2,676)
Other comprehensive loss before reclassifications(130)(124)(2) (256)
Amounts reclassified from accumulated OCI to earnings2 51   53 
Period change(128)(73)(2) (203)
Balance, end of period$(2,222)$(436)$(8)$(213)$(2,879)
Three months ended March 31, 2023
Balance, beginning of period$(2,248)$(632)$(8)$(210)$(3,098)
Other comprehensive income before reclassifications152 178   330 
Amounts reclassified from accumulated OCI to earnings2 11   13 
Period change154 189   343 
Balance, end of period$(2,094)$(443)$(8)$(210)$(2,755)
(1)AOCI amounts at March 31, 2024 and March 31, 2023 include $56 million and $64 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.
9. SHAREHOLDERS' EQUITY
Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding.
(dollar amounts in millions)Issuance Date
Shares Outstanding
Dividend Rate
Earliest Redemption Date (1)
Carrying Amount
SeriesAt March 31, 2024At December 31, 2023
Series B (2)12/28/201135,500 Variable (3)1/15/2017$23 $23 
Series E (4)2/27/20184,087 Variable (5)4/15/2023405 405 
Series F (4)5/27/20205,000 5.625 %7/15/2030494 494 
Series G (4)8/3/20205,000 4.45 10/15/2027494 494 
Series H (2)2/2/2021500,000 4.50 4/15/2026486 486 
Series I (6)6/9/20217,000 5.70 12/01/2022175 175 
Series J (2)3/6/2023325,000 6.875 4/15/2028317 317 
Total881,587 $2,394 $2,394 
(1)     Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.
(2)     Liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.
(3)    Dividend rate converted to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 270 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR + 270 bps.
(4)     Liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.
(5)    Dividend rate converted to 3-month CME Term SOFR + 26 bps LIBOR spread adjustment + 288 bps effective July 15, 2023. Prior to July 15, 2023, the dividend rate was 3-mo. LIBOR +288 bps.
(6)     Liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.
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The following table presents the dividends declared for each series of Preferred shares.
Three Months Ended
(amounts in millions, except per share data)March 31, 2024March 31, 2023
Cash Dividend Declared Per ShareCash Dividend Declared Per Share
Preferred SeriesAmount ($)Amount ($)
Series B$20.69 $(1)$18.82 $(1)
Series E2,113.90 (8)1,425.00 (7)
Series F1,406.25 (7)1,406.25 (7)
Series G1,112.50 (6)1,112.50 (6)
Series H11.25 (6)11.25 (6)
Series I356.25 (2)356.25 (2)
Series J 17.19 (6)  
Total$(36)$(29)
10. EARNINGS PER SHARE
Basic earnings per share is the amount of earnings (adjusted for preferred stock dividends and the impact of preferred stock repurchases and redemptions) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.
The calculation of basic and diluted earnings per share was as follows:
Three Months Ended
(dollar amounts in millions, except per share data, share count in thousands)March 31, 2024March 31, 2023
Basic earnings per common share:
Net income attributable to Huntington$419 $602 
Preferred stock dividends36 29 
Net income available to common shareholders$383 $573 
Average common shares issued and outstanding1,448,492 1,443,268 
Basic earnings per common share$0.26 $0.40 
Diluted earnings per common share:
Average dilutive potential common shares:
Stock options and restricted stock units and awards17,396 19,613 
Shares held in deferred compensation plans7,447 6,398 
Average dilutive potential common shares24,843 26,011 
Total diluted average common shares issued and outstanding1,473,335 1,469,279 
Diluted earnings per common share$0.26 $0.39 
Anti-dilutive awards (1)9,794 9,344 
(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.
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11. REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Unaudited Consolidated Financial Statements. The following table shows Huntington’s total noninterest income segregated between revenue with contracts with customers within the scope of ASC 606 and revenue within the scope of other GAAP Topics.
(dollar amounts in millions)Three Months Ended
Noninterest incomeMarch 31, 2024March 31, 2023
Noninterest income from contracts with customers
$336 $377 
Noninterest income within the scope of other GAAP topics
131 135 
Total noninterest income$467 $512 
The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 16 - “Segment Reporting”. During the fourth quarter of 2023 we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically manage our business. Additionally, during the second quarter of 2023, we completed an organizational realignment and now report on two business segments. Prior period results for each reporting update have been adjusted to conform to the current presentation.
(dollar amounts in millions)Consumer & Regional BankingCommercial BankingTreasury / OtherHuntington Consolidated
Major Revenue Streams
Three months ended March 31, 2024
Payments and cash management revenue$107 $27 $ $134 
Wealth and asset management revenue85 3  88 
Customer deposit and loan fees50 4  54 
Capital markets and advisory fees4 25  29 
Leasing revenue1 9  10 
Insurance income16 3  19 
Other noninterest income2   2 
Net revenue from contracts with customers265 71  336 
Noninterest income within the scope of
other GAAP topics
43 74 14 131 
Total noninterest income$308 $145 $14 $467 
Three months ended March 31, 2023
Payments and cash management revenue$100 $25 $ $125 
Wealth and asset management revenue79 1  80 
Customer deposit and loan fees46 1  47 
Capital markets and advisory fees3 30  33 
Leasing revenue 14  14 
Insurance income17 2  19 
Other noninterest income59   59 
Net revenue from contracts with customers304 73  377 
Noninterest income within the scope of
other GAAP topics
40 83 12 135 
Total noninterest income$344 $156 $12 $512 
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Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended March 31, 2024 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended March 31, 2024 was determined to be immaterial.
12. FAIR VALUES OF ASSETS AND LIABILITIES
See Note 19 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K for a description of the valuation methodologies used for instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month periods ended March 31, 2024 and 2023.
Assets and Liabilities measured at fair value on a recurring basis
Fair Value Measurements at Reporting Date UsingNetting Adjustments (1)At March 31, 2024
(dollar amounts in millions)Level 1Level 2Level 3
Assets
Trading account securities:
U.S. Treasury securities$92 $ $ $— $92 
Municipal securities 51  — 51 
Corporate debt 24  — 24 
Total trading account securities
92 75  — 167 
Available-for-sale securities:
U.S. Treasury securities5,027   — 5,027 
Residential CMO 3,075  — 3,075 
Residential MBS 10,930  — 10,930 
Commercial MBS 1,795  — 1,795 
Other agencies 147  — 147 
Municipal securities 38 3,293 — 3,331 
Private-label CMO 97 20 — 117 
Asset-backed securities 279 72 — 351 
Corporate debt 2,018  — 2,018 
Other securities/sovereign debt 10  — 10 
Total available-for-sale securities
5,027 18,389 3,385 — 26,801 
Other securities31 1  — 32 
Loans held for sale 487  — 487 
Loans held for investment 117 58 — 175 
MSRs  534 — 534 
Other assets:
Derivative assets 1,734 6 (1,399)341 
Assets held in trust for deferred compensation plans186   — 186 
Liabilities
Derivative liabilities 1,624 2 (872)754 
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Fair Value Measurements at Reporting Date Using
Netting Adjustments (1)
At December 31, 2023
(dollar amounts in millions)
Level 1
Level 2
Level 3
Assets
Trading account securities:
U.S. Treasury securities$91 $ $ $— $91 
Other agencies 2  — 2 
Municipal securities 32  — 32 
Total trading account securities91 34  — 125 
Available-for-sale securities:
U.S. Treasury securities2,856   — 2,856 
Residential CMOs 3,184  — 3,184 
Residential MBS 11,382  — 11,382 
Commercial MBS 1,827  — 1,827 
Other agencies 155  — 155 
Municipal securities 38 3,335 — 3,373 
Private-label CMO 99 20 — 119 
Asset-backed securities 281 75 — 356 
Corporate debt 2,043  — 2,043 
Other securities/sovereign debt 10  — 10 
Total available-for-sale securities2,856 19,019 3,430 — 25,305 
Other securities30 2  — 32 
Loans held for sale 506  — 506 
Loans held for investment 120 54 — 174 
MSRs  515 — 515 
Other assets:
Derivative assets 1,720 3 (1,330)393 
Assets held in trust for deferred compensation plans177   — 177 
Liabilities
Derivative liabilities 1,416 5 (751)670 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
The following tables present a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology.
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Level 3 Fair Value Measurements
Available-for-sale securitiesLoans held for investment
(dollar amounts in millions)MSRs
Derivative
instruments
Municipal
securities
Private-
label CMO
Asset-backed
securities
Three months ended March 31, 2024
Opening balance$515 $(2)$3,335 $20 $75 $54 
Transfers into Level 3     4 
Transfers out of Level 3 (1) (5)    
Total gains/losses for the period:
Included in earnings:
Mortgage banking income20 7     
Noninterest income (2)    
Included in OCI  19    
Purchases/originations10  72    
Settlements(11)6 (133) (3) 
Closing balance$534 $4 $3,293 $20 $72 $58 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$20 $1 $— $— $— $ 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — 18   — 
Three months ended March 31, 2023
Opening balance$494 $(2)$3,248 $20 $74 $16 
Transfers out of Level 3 (1) (2)    
Total gains/losses for the period:
Included in earnings:
Mortgage banking income(12)7     
Interest and fee income   (1)  
Included in OCI  3    
Purchases/originations13  177    
Repayments     (1)
Settlements(10) (89)1   
Closing balance$485 $3 $3,339 $20 $74 $15 
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date$(12)$5 $— $— $— $ 
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period— — 3   — 
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.

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Assets and liabilities under the fair value option
The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option:
Total LoansLoans that are 90 or more days past due
(dollar amounts in millions)Fair value
carrying
amount
Aggregate
unpaid
principal
DifferenceFair value
carrying
amount
Aggregate
unpaid
principal
Difference
At March 31, 2024
Loans held for sale$487 $477 $10 $ $ $ 
Loans held for investment175 186 (11)3 3  
At December 31, 2023
Loans held for sale$506 $489 $17 $ $ $ 
Loans held for investment174 184 (10)2 3 (1)
The following table presents the net gains (losses) from fair value changes:
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Loans held for sale (1)$(7)$ 
Loans held for investment(1) 
(1)The net gains (losses) from fair value changes are included in mortgage banking income on the Unaudited Consolidated Statements of Income.
Assets and Liabilities measured at fair value on a nonrecurring basis
Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end.
The amounts measured at fair value on a nonrecurring basis were as follows:
Fair Value Measurements Using Significant Unobservable Inputs (Level 3)Total Losses
Three Months Ended
(dollar amounts in millions)At March 31, 2024At December 31, 2023March 31, 2024March 31, 2023
Collateral-dependent loans$68 $40 $(25)$(6)
Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off.
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Significant unobservable inputs for assets and liabilities measured at fair value
The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value.
Quantitative Information about Level 3 Fair Value Measurements (1)
At March 31, 2024
At December 31, 2023
(dollar amounts in millions)Valuation TechniqueSignificant Unobservable InputRange Weighted AverageRangeWeighted Average
Measured at fair value on a recurring basis:
MSRsDiscounted cash flowConstant prepayment rate4 %-41 %8 %4 %-37 %9 %
Spread over forward interest rate swap rates5 %-13 %6 %5 %-13 %5 %
Municipal securities and asset-backed securities Discounted cash flowDiscount rate5 %-6 %5 %4 %-6 %5 %
Cumulative default %-64 %6 % %-64 %6 %
Loss given default20 %20 %20 %20 %
(1)     Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.
The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs.
Components of credit loss estimates including probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve.
Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values.
Fair values of financial instruments
Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates.
The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, interest-bearing deposits at the Federal Reserve Bank, and federal funds sold. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value.
Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included in following tables. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value.
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The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments.
(dollar amounts in millions)Amortized CostLower of Cost or Market
Fair Value or
Fair Value Option
Total Carrying AmountEstimated Fair Value
At March 31, 2024
Financial Assets
Cash and short-term assets$12,405 $— $— $12,405 $12,405 
Trading account securities— — 167 167 167 
Available-for-sale securities— — 26,801 26,801 26,801 
Held-to-maturity securities15,416 — — 15,416 13,171 
Other securities695 — 32 727 727 
Loans held for sale— 3 487 490 490 
Net loans and leases (1)120,312 — 175 120,487 117,441 
Derivative assets— — 341 341 341 
Assets held in trust for deferred compensation plans— — 186 186 186 
Financial Liabilities
Deposits (2)153,225 — — 153,225 153,175 
Short-term borrowings182 — — 182 182 
Long-term debt14,894 — — 14,894 14,906 
Derivative liabilities— — 754 754 754 
At December 31, 2023
Financial Assets
Cash and short-term assets$10,323 $— $— $10,323 $10,323 
Trading account securities— — 125 125 125 
Available-for-sale securities— — 25,305 25,305 25,305 
Held-to-maturity securities15,750 — — 15,750 13,718 
Other securities693 — 32 725 725 
Loans held for sale— 10 506 516 516 
Net loans and leases (1)119,553 — 174 119,727 116,781 
Derivative assets— — 393 393 393 
Assets held in trust for deferred compensation plans— — 177 177 177 
Financial Liabilities
Deposits (2)151,230 — — 151,230 151,183 
Short-term borrowings620 — — 620 620 
Long-term debt12,394 — — 12,394 12,276 
Derivative liabilities— — 670 670 670 
(1)Includes collateral-dependent loans.
(2)Includes $1.4 billion in time deposits in excess of the FDIC insurance coverage limit at both March 31, 2024 and December 31, 2023.
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The following table presents the level in the fair value hierarchy for the estimated fair values.
Estimated Fair Value Measurements at Reporting Date UsingNetting Adjustments (1) Presented Balance
(dollar amounts in millions)Level 1Level 2Level 3
At March 31, 2024
Financial Assets
Trading account securities$92 $75 $ $— $167 
Available-for-sale securities5,027 18,389 3,385 — 26,801 
Held-to-maturity securities 13,171  — 13,171 
Other securities (2)31 1  — 32 
Loans held for sale 487 3 — 490 
Net loans and leases 117 117,324 — 117,441 
Derivative assets 1,734 6 (1,399)341 
Financial Liabilities
Deposits  137,131 16,044 — 153,175 
Short-term borrowings 182  — 182 
Long-term debt 11,583 3,323 — 14,906 
Derivative liabilities 1,624 2 (872)754 
At December 31, 2023
Financial Assets
Trading account securities$91 $34 $ $— $125 
Available-for-sale securities2,856 19,019 3,430 — 25,305 
Held-to-maturity securities 13,718  — 13,718 
Other securities (2)30 2  — 32 
Loans held for sale 506 10 — 516 
Net loans and leases 120 116,661 — 116,781 
Derivative assets 1,720 3 (1,330)393 
Financial Liabilities
Deposits 135,627 15,556 — 151,183 
Short-term borrowings 620  — 620 
Long-term debt 8,929 3,347 — 12,276 
Derivative liabilities 1,416 5 (751)670 
(1)Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties.
(2)Excludes securities without readily determinable fair values.
13. DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are recorded in the Unaudited Consolidated Balance Sheets as either an asset or a liability (in other assets or other liabilities, respectively) and measured at fair value.
Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur.
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The following table presents the fair values and notional values of all derivative instruments included in the Unaudited Consolidated Balance Sheets. Amounts in the table below are presented gross without the impact of any net collateral arrangements.
At March 31, 2024At December 31, 2023
(dollar amounts in millions)Notional ValueAssetLiabilityNotional ValueAssetLiability
Derivatives designated as Hedging Instruments
Interest rate contracts$41,517 $842 $704 $38,017 $868 $519 
Foreign exchange contracts230  2 222 6  
Derivatives not designated as Hedging Instruments
Interest rate contracts42,315 798 838 41,526 718 757 
Foreign exchange contracts4,640 47 34 5,257 69 76 
Credit contracts346 2  381  2 
Commodities contracts608 47 46 681 62 60 
Equity contracts820 4 2 759  7 
Total contracts$90,476 $1,740 $1,626 $86,843 $1,723 $1,421 
The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Consolidated Income Statement.
Location of Gain or (Loss) Recognized in Income
on Derivative
Amount of Gain or (Loss) Recognized in Income on Derivative
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Interest rate contracts:
CustomerCapital markets fees$5 $7 
Mortgage bankingMortgage banking income(11)9 
Interest rate swaptionsOther noninterest income (1)
Foreign exchange contractsCapital markets fees11 12 
Credit contracts
Other noninterest income
(2) 
Commodities contractsCapital markets fees1 2 
Equity contractsOther noninterest expense(2)(1)
Total$2 $28 
Derivatives used in asset and liability management activities
Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes.
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The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2024 and December 31, 2023, identified by the underlying interest rate-sensitive instruments.
(dollar amounts in millions)Fair Value HedgesCash Flow HedgesEconomic HedgesTotal
At March 31, 2024
Instruments associated with:
Investment securities$11,649 $ $ $11,649 
Loans 17,300 175 17,475 
Long-term debt12,568   12,568 
Total notional value$24,217 $17,300 $175 $41,692 
At December 31, 2023
Instruments associated with:
Investment securities$11,649 $ $ $11,649 
Loans 16,675 175 16,850 
Long-term debt9,693   9,693 
Total notional value$21,342 $16,675 $175 $38,192 
These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. Adjustments to interest income were also recorded for the amounts related to the amortization of premiums for collars and floors that were not included in the measurement of hedge effectiveness, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in a decrease to net interest income of $68 million and a decrease to net interest income of $52 million for the three-month periods ended March 31, 2024, and 2023, respectively.
Fair Value Hedges
The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item.
Huntington has designated $11.0 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged mortgage-backed securities portfolio has not been attributed to the individual available-for-sale securities in our Unaudited Consolidated Balance Sheets. Huntington has also designated $662 million of interest rate swaps as fair value hedges of fixed-rate corporate bonds.
The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item.
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)$71 $(182)
Change in fair value of hedged investment securities (1)(72)181 
Change in fair value of interest rate swaps hedging long-term debt (2)(128)116 
Change in fair value of hedged long term debt (2)128 (116)
(1)Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Consolidated Statements of Income.
(2)Recognized in Interest expense—long-term debt in the Unaudited Consolidated Statements of Income.
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The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.
Amortized CostCumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)At March 31, 2024At December 31, 2023At March 31, 2024At December 31, 2023
Assets
Investment securities (1)$17,967 $18,241 $(770)$(698)
Liabilities
Long-term debt (2)12,250 9,909 (243)(115)
(1)Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of March 31, 2024, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.4 billion, the cumulative basis adjustments associated with these hedging relationships was $680 million, and the notional amounts of the designated hedging instruments were $11.0 billion.
(2)Excluded from the above table are the cumulative amount of fair value hedge adjustments remaining for long-term debt for which hedge accounting has been discontinued in the amounts of $(66) million at March 31, 2024 and $(69) million at December 31, 2023.
Cash Flow Hedges
At March 31, 2024, Huntington has $17.3 billion of interest rate swaps and floors. These are designated as cash flow hedges for variable rate commercial loans. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts.
At March 31, 2024, the net losses recognized in AOCI that are expected to be reclassified into earnings within the next 12 months were $174 million.
Derivatives used in mortgage banking activities
Mortgage loan origination hedging activity
Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The position of these derivatives at March 31, 2024 and December 31, 2023 were a net asset of $4 million and a net liability of $4 million, respectively. At March 31, 2024 and December 31, 2023, Huntington had commitments to sell residential real estate loans of $714 million and $674 million, respectively. These contracts mature in less than one year.
MSR hedging activity
Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps.
MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Consolidated Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Consolidated Statement of Income. The notional value of the derivative financial instruments, the corresponding trading assets and liabilities positions, and net trading gains (losses) related to MSR hedging activity is summarized in the following tables.
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Notional value$1,428 $1,668 
Trading liabilities(77)(69)
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Trading (losses) gains
$(19)$9 
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Derivatives used in customer related activities
Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes. Derivative financial instruments used in trading activities consist of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in trading activities.
The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions.
The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at March 31, 2024 and December 31, 2023, were $57 million and $47 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $44.7 billion and $44.5 billion at March 31, 2024 and December 31, 2023, respectively. Huntington’s credit risk from customer derivatives was $78 million and $122 million at the same dates, respectively.
Credit derivative instruments
Huntington enters into credit default swaps to hedge credit risk associated with certain loans and leases. These contracts are accounted for as derivatives, and accordingly, these contracts are recorded at fair value. The total notional value of credit contracts was $346 million and $381 million at March 31, 2024 and December 31, 2023, respectively. The position of these derivatives was a net asset of $2 million and net liability of $2 million at March 31, 2024 and December 31, 2023, respectively.
Financial assets and liabilities that are offset in the Unaudited Consolidated Balance Sheets
Huntington records derivatives at fair value as further described in Note 12 - “Fair Values of Assets and Liabilities”.
Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: broker-dealers and banks, and Huntington’s customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups.
Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These types of transactions generally are high dollar volume. Huntington enters into collateral and master netting agreements with these counterparties, and routinely exchanges cash and high quality securities collateral. Huntington enters into transactions with customers to meet their financing, investing, payment and risk management needs. These types of transactions generally are low dollar volume. Huntington enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties.
In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions was net credit risk of $255 million and $238 million at March 31, 2024 and December 31, 2023, respectively. The net credit risk associated with derivatives is calculated after considering master netting agreements and is reduced by collateral that has been pledged by the counterparty.
At March 31, 2024, Huntington pledged $181 million of investment securities and cash collateral to counterparties, while other counterparties pledged $616 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral.
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The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Consolidated Balance Sheets.
Offsetting of Financial Assets and Derivative Assets
Gross amounts
offset in the unaudited
consolidated
balance sheets
Net amounts of
assets
presented in
the unaudited
consolidated
balance sheets
Gross amounts not offset in the
unaudited consolidated
balance sheets
(dollar amounts in millions)Gross amounts of recognized assetsFinancial instrumentsCash collateral receivedNet amount
At March 31, 2024$1,740 $(1,399)$341 $ $(10)$331 
At December 31, 20231,723 (1,330)393 (45)(4)344 
Offsetting of Financial Liabilities and Derivative Liabilities
Gross amounts offset in the unaudited consolidated balance sheetsNet amounts of liabilities presented in the unaudited consolidated balance sheetsGross amounts not offset in the
unaudited consolidated
balance sheets
(dollar amounts in millions)Gross amounts of recognized liabilitiesFinancial instrumentsCash collateral deliveredNet amount
At March 31, 2024$1,626 $(872)$754 $(23)$(87)$644 
At December 31, 20231,421 (751)670  (93)577 
14. VARIABLE INTEREST ENTITIES
Consolidated VIEs
During the first quarter of 2024, Huntington entered into an auto securitization involving a VIE. The VIE evaluation determined that Huntington is the primary beneficiary of the VIE, and therefore, must account for the VIE as a consolidated subsidiary. In addition, Huntington engages in activities with other VIEs in the normal course of business that result in Huntington being the primary beneficiary and which are consolidated in Huntington’s financial statements.
The following table provides a summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Assets
Net loans and leases$1,537 $ 
Other assets136 82 
Total assets$1,673 $82 
Liabilities
Long-term borrowings$1,401 $ 
Other liabilities55 57 
Total liabilities$1,456 $57 
As part of the securitization transaction, Huntington transferred $1.6 billion in aggregate automobile loans to a SPE which was deemed to be a VIE. This SPE then issued approximately $1.6 billion of asset-backed notes, of which approximately $128 million were retained by Huntington. The primary purpose of the VIE in the securitization transaction is to issue asset-backed securities with varying levels of credit subordination and payment priority. Huntington retained notes and residual interest in the VIE and, therefore, has an obligation to absorb losses and a right to receive benefits that could potentially be significant to the VIE. In addition, Huntington retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE. The assets of the VIE are restricted to the settlement of the asset-backed securities and other obligations of the VIE. Third-party holders of the asset-backed notes do not have recourse to the general assets of Huntington.
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The economic performance of the VIE is most significantly impacted by the performance of the underlying loans. The VIE is exposed to credit and prepayment risk, which are managed through credit enhancements in the form of reserve accounts, over-collateralization, excess interest on the loans, and the subordination of certain classes of asset-backed securities.
Consolidated VIEs at March 31, 2024 and December 31, 2023 also included investments in LIHTC operating entities that were syndicated and where we serve as the general partner and manager. As manager of these entities, we have the power to direct the activities that most significantly impact economic performance, as well as an obligation to absorb significant expected losses, of the entities.
Unconsolidated VIEs
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.
(dollar amounts in millions)Total AssetsTotal LiabilitiesMaximum Exposure to Loss
At March 31, 2024
Affordable Housing Tax Credit Partnerships$2,349 $1,267 $2,349 
Trust Preferred Securities14 248  
Other Investments922 146 922 
Total$3,285 $1,661 $3,271 
At December 31, 2023
Affordable Housing Tax Credit Partnerships$2,297 $1,279 $2,297 
Trust Preferred Securities14 248  
Other Investments894 140 894 
Total$3,205 $1,667 $3,191 
Affordable Housing and Other Tax Credit Investments
Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity.
In the first quarter of 2024, Huntington adopted ASU 2023-02 which expanded the proportional amortization method to tax credit programs beyond LIHTC investments. In addition to LIHTC investments, Huntington elected to apply the proportional amortization method to certain tax credit investments that combine LIHTC with other types of credits and historical tax credits. Huntington does not have a material amount of investments in these additional categories.
Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in other assets. Investments that do not meet the requirements of the proportional amortization method are accounted for using the equity method. Investment losses are included in Other noninterest income in the Unaudited Consolidated Statements of Income.
The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments.
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Affordable housing tax credit investments$3,450 $3,335 
Less: amortization(1,101)(1,038)
Net affordable housing tax credit investments$2,349 $2,297 
Unfunded commitments$1,267 $1,279 
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The following table presents other information relating to Huntington’s affordable housing tax credit investments.
Three Months Ended
(dollar amounts in millions)March 31, 2024March 31, 2023
Tax credits and other tax benefits recognized$76 $66 
Proportional amortization expense included in provision for income taxes63 54 
There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2024 and 2023. There was no impairment recognized for the three-month periods ended March 31, 2024 and 2023.
Trust-Preferred Securities
Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Unaudited Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Unaudited Consolidated Balance Sheet as long-term debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Unaudited Consolidated Financial Statements.
Other investments
Other investments determined to be VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments.
15. COMMITMENTS AND CONTINGENT LIABILITIES
Commitments to extend credit
In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Consolidated Financial Statements. The contract amounts of these financial agreements were as follows:
(dollar amounts in millions)At March 31, 2024At December 31, 2023
Contract amount representing credit risk
Commitments to extend credit:
Commercial$32,531 $32,344 
Consumer19,916 19,270 
Commercial real estate2,238 2,543 
Standby letters of credit and guarantees on industrial revenue bonds736 814 
Commercial letters of credit7 9 
Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Certain commitments to extend credit are secured by collateral, including residential and commercial real estate, inventory, receivables, cash and securities, and other business assets.
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Standby letters-of-credit and guarantees on industrial revenue bonds are conditional commitments issued to guarantee the performance of a customer to a third-party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most of these arrangements mature within two years. Since the conditions under which Huntington is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments. The carrying amount of deferred revenue associated with these guarantees was $13 million and $9 million at March 31, 2024 and December 31, 2023, respectively.
Other Guarantees
Huntington provides guarantees to certain third-party investors in connection with the sale of syndicated affordable housing tax credits. These guarantees are generally in the form of make-whole provisions that are triggered if the underlying performance of LIHTC properties result in a shortfall to the third-party investors and remain in effect until the final associated tax credits are realized. The maximum amount guaranteed by the Company under these arrangements total approximately $79 million at both March 31, 2024 and December 31, 2023, and represents the guaranteed portion in these transactions where the make-whole provisions have not yet expired.
Litigation and Regulatory Matters
In the ordinary course of business, Huntington is routinely a defendant in or party to pending and threatened legal and regulatory actions and proceedings.
In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines or penalties related to each matter may be.
Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.
For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $20 million at March 31, 2024 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The estimated range of possible loss does not represent Huntington’s maximum loss exposure.
Based on current knowledge, management does not believe that loss contingencies arising from pending matters will have a material adverse effect on the consolidated financial position of Huntington. Further, management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However, in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to Huntington’s results of operations for any particular reporting period.
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16. SEGMENT REPORTING
Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. During the second quarter of 2023, we completed an organizational realignment and now report on two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. For a description of our business segments, see Note 25 - “Segment Reporting” to the Consolidated Financial Statements appearing in Huntington’s 2023 Annual Report on Form 10-K. Prior period results have been adjusted to conform to the current presentation.
Listed in the following tables is certain operating basis financial information reconciled to Huntington’s, reported results by business segment.
Income Statements
Consumer & Regional BankingCommercial BankingTreasury / OtherHuntington Consolidated
(dollar amounts in millions)
Three months ended March 31, 2024
Net interest income (loss)
$956 $523 $(192)$1,287 
Provision for credit losses46 61  107 
Noninterest income
308 145 14 467 
Noninterest expense
777 294 66 1,137 
Provision (benefit) for income taxes
93 66 (73)86 
Income attributable to non-controlling interest 5  5 
Net income (loss) attributable to Huntington$348 $242 $(171)$419 
Three months ended March 31, 2023
Net interest income
$871 $541 $(3)$1,409 
Provision for credit losses
46 39  85 
Noninterest income
344 156 12 512 
Noninterest expense
754 278 54 1,086 
Provision (benefit) for income taxes
87 80 (23)144 
Income attributable to non-controlling interest 4  4 
Net income (loss) attributable to Huntington
$328 $296 $(22)$602 
Assets
Deposits
(dollar amounts in millions)At March 31, 2024At December 31, 2023At March 31, 2024At December 31, 2023
Consumer & Regional Banking$73,340 $73,082 $112,032 $110,157 
Commercial Banking63,365 63,377 35,619 35,466 
Treasury / Other56,814 52,909 5,574 5,607 
Total
$193,519 $189,368 $153,225 $151,230 

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Item 3: Quantitative and Qualitative Disclosures about Market Risk
Quantitative and qualitative disclosures for the current period can be found in the Market Risk section of this report, which includes changes in market risk exposures from disclosures presented in Huntington’s 2023 Annual Report on Form 10-K.
Item 4: Controls and Procedures
Disclosure Controls and Procedures
Huntington maintains disclosure controls and procedures designed to ensure that the information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange Act), are recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Huntington’s management, with the participation of its Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of Huntington’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2024. Based upon such evaluation, Huntington’s Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2024, Huntington’s disclosure controls and procedures were effective.
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.
PART II. OTHER INFORMATION
In accordance with the instructions to Part II, the other specified items in this part have been omitted because they are not applicable, or the information has been previously reported.
Item 1: Legal Proceedings
Information required by this item is set forth in Note 15 - “Commitments and Contingent Liabilities” of the Notes to Unaudited Consolidated Financial Statements under the caption “Litigation and Regulatory Matters” and is incorporated into this Item by reference.
Item 1A: Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our 2023 Annual Report on Form 10-K, which could materially affect our business, financial condition, or results of operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) and (b)
Not Applicable
(c)
PeriodTotal Number of Shares PurchasedAverage
Price Paid
Per Share
Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs (1)
January 1, 2024 to January 31, 2024— $— $1,000,000,000 
February 1, 2024 to February 29, 2024— — 1,000,000,000 
March 1, 2024 to March 31, 2024— — 1,000,000,000 
Total— $— 
(1)The number shown represents, as of the end of each period, the approximate dollar value of Common Stock that may yet be purchased under publicly-announced share repurchase authorizations. The shares may be purchased, from time-to-time, depending on market conditions.
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Item 6. Exhibits
Exhibit Index
This report incorporates by reference the documents listed below that we have previously filed with the SEC. The SEC allows us to incorporate by reference information in this document. The information incorporated by reference is considered to be a part of this document, except for any information that is superseded by information that is included directly in this document.
The SEC maintains an Internet web site that contains reports, proxy statements, and other information about issuers, like us, who file electronically with the SEC. The address of the site is http://www.sec.gov. The reports and other information filed by us with the SEC are also available free of charge at our internet web site. The address of the site is http://www.huntington.com. Except as specifically incorporated by reference into this Quarterly Report on Form 10-Q, information on those web sites is not part of this report. You also should be able to inspect reports, proxy statements, and other information about us at the offices of the Nasdaq National Market at 33 Whitehall Street, New York, New York 10004.
Exhibit
Number
Document DescriptionReport or Registration StatementSEC File or
Registration
Number
Exhibit
Reference
3.1
3.2
3.3
3.4
3.5
3.6
3.7
3.8
3.10
4.1(P)Instruments defining the Rights of Security Holders—reference is made to Articles Fifth, Eighth, and Tenth of Articles of Restatement of Charter, as amended and supplemented. Instruments defining the rights of holders of long-term debt will be furnished to the Securities and Exchange Commission upon request.
10.1
31.1
31.2
32.1
32.2
101.INS***The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH*Inline XBRL Taxonomy Extension Schema Document
101.CAL*Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*Cover Page Interactive Data File (formatted as Inline XBRL and contained within Exhibit 101 attachments)
* Filed herewith
** Furnished herewith
***    The following material from Huntington’s Form 10-Q Report for the quarterly period ended March 31, 2024 formatted in Inline XBRL: (1) Unaudited Consolidated Balance Sheets, (2) Unaudited Consolidated Statements of Income, (3) Unaudited Consolidated Statements of Comprehensive Income (4) Unaudited Consolidated Statement of Changes in Shareholders’ Equity, (5) Unaudited Consolidated Statements of Cash Flows, and (6) the Notes to Unaudited Consolidated Financial Statements.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HUNTINGTON BANCSHARES INCORPORATED
(Registrant)
 
Date:April 30, 2024 /s/ Stephen D. Steinour
 Stephen D. Steinour
 Chairman, President, and Chief Executive Officer (Principal Executive Officer)
Date:April 30, 2024 /s/ Zachary Wasserman
 Zachary Wasserman
 
Chief Financial Officer
(Principal Financial Officer)

76 Huntington Bancshares Incorporated