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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 September 30, 2023

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)

Maryland			1-34073			31-0724920
(State or other jurisdiction of incorporation or organization)			(Commission File Number)			(I.R.S. Employer Identification No.)

Registrant’s address: 41 South High Street, Columbus, Ohio 43287

Registrant’s telephone number, including area code: (614) 480-2265

Securities registered pursuant to Section 12(b) of the Act

Title of class			Trading Symbol(s)			Name of exchange on which registered
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)			HBANP			NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)			HBANM			NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock)			HBANL			NASDAQ
Common Stock—Par Value $0.01 per Share			HBAN			NASDAQ

Indicate by check mark whether the registrant (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 Filer

x

Accelerated filer

☐

Non-accelerated filer

☐

Smaller 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 1,448,075,093 shares of the registrant’s common stock ($0.01 par value) outstanding on September 30, 2023.

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HUNTINGTON BANCSHARES INCORPORATED

INDEX

 

Glossary of Acronyms and Terms			3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			40
Consolidated Balance Sheets at September 30, 2023 and December 31, 2022			40
Consolidated Statements of Income for the three and nine months ended September 30, 2023 and 2022			41
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022			42
Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022			43
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022			45
Notes to Unaudited Consolidated Financial Statements			47
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			5
Executive Overview			5
Discussion of Results of Operations			8
Risk Management and Capital:			17
Credit Risk			17
Market Risk			24
Liquidity Risk			27
Operational Risk			30
Compliance Risk			31
Capital			31
Business Segment Discussion			32
Additional Disclosures			36
Item 3. Quantitative and Qualitative Disclosures about Market Risk			88
Item 4. Controls and Procedures			88
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			88
Item 1A. Risk Factors			88
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			88
Item 5. Other Information			89
Item 6. Exhibits			90
Signatures			91

2 Huntington Bancshares Incorporated

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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
ALLL						Allowance for Loan and Lease Losses
AOCI						Accumulated Other Comprehensive Income (Loss)
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
ATM						Automated Teller Machine
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
Capstone Partners						Capstone Enterprises LLC
C&I						Commercial and Industrial
CDs						Certificates of Deposit
CECL						Current Expected Credit Losses
CET1						Common Equity Tier 1 on a Basel III basis
CFPB						Bureau of Consumer Financial Protection
CFO						Chief Financial Officer
CMO						Collateralized Mortgage Obligations
COVID-19						Coronavirus Disease 2019
CRE						Commercial Real Estate
CRO						Chief Risk Officer
Dodd-Frank Act						Dodd-Frank Wall Street Reform and Consumer Protection Act
EOP						End of Period
EVE						Economic Value of Equity
FDIC						Federal Deposit Insurance Corporation
Federal Reserve						Board of Governors of the Federal Reserve System
FHLB						Federal Home Loan Bank
FICO						Fair Isaac Corporation
FRB						Federal Reserve Bank or the Federal Reserve Board
FTE						Fully-Taxable Equivalent
FTP						Funds Transfer Pricing
FVO						Fair Value Option
GAAP						Generally Accepted Accounting Principles in the United States of America
GDP						Gross 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
NIM						Net Interest Margin

2023 3Q Form 10-Q 3

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Table of Contents

NM						Not Meaningful
NPAs						Nonperforming Assets
OCC						Office of the Comptroller of the Currency
OCI						Other Comprehensive Income (Loss)
OLEM						Other Loans Especially Mentioned
PPP						Paycheck Protection Program
RBHPCG						Regional Banking and The Huntington Private Client Group
REIT						Real estate investment trust
ROC						Risk Oversight Committee
RPS						Retirement Plan Services
RV						Recreational vehicle
SBA						Small Business Administration
SCB						Stress Capital Buffer
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
TBA						To Be Announced
TDR						Troubled Debt Restructuring
Torana						Digital Payments Torana, Inc.
U.S. Treasury						U.S. Department of the Treasury
VIE						Variable Interest Entity
XBRL						eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated

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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 have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. This includes, but is 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. At September 30, 2023, our 1,001 full-service branches and private client group offices 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 2022 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2022 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

Acquisitions and Divestitures

In May 2022, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments. This acquisition, along with the formation of our enterprise-wide payments group, reflects one of our strategic priorities to accelerate our payments capabilities and expand the services provided to our customers.

In June 2022, Huntington completed the acquisition of Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction brings a national scale to serve middle market business owners throughout the corporate lifecycle, building on Huntington’s regional banking foundation. Capstone Partners related revenue, including mergers and acquisitions, capital raising and other advisory-related fees, is recognized within capital markets fees in the Consolidated Statements of Income.

In March 2023, we closed the sale of our RPS business and entered into an ongoing partnership with the purchaser. The sale of our RPS business resulted in a $57 million gain including associated goodwill allocation, recorded within other noninterest income.

Summary of 2023 Third Quarter Results Compared to 2022 Third Quarter

For the quarter, we reported net income of $547 million, or $0.35 per diluted common share, compared with $594 million, or $0.39 per diluted common share, in the year-ago quarter.

Net interest income was $1.4 billion, a decrease of $36 million, or 3%, from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, decreased $33 million, or 2%, from the year-ago quarter. The decrease in FTE net interest income primarily reflects a 22 basis point decrease in the FTE NIM to 3.20% and a $15.2 billion, or 13%, increase in average interest-bearing liabilities, partially offset by a $6.9 billion, or 4%, increase in average earning assets.

2023 3Q Form 10-Q 5

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The provision for credit losses decreased $7 million from the year-ago quarter to $99 million in the 2023 third quarter. The ACL increased $138 million from the year-ago quarter to $2.4 billion in the 2023 third quarter, or 1.96% of total loans and leases, compared to $2.2 billion, or 1.89% of total loans and leases. The increase in the total ACL was driven by a combination of loan and lease growth and increasing coverage levels that recognize the near-term recessionary risks.

Noninterest income was $509 million, an increase of $11 million, or 2%, and noninterest expense increased $37 million, or 4%, from the year-ago quarter. The increase in noninterest income was primarily due to a $33 million increase from favorable mark-to-market on pay-fixed swaptions, included within other noninterest income, and additional increases in card and payments processing, bank owned life insurance, and service charges on deposit accounts, partially offset by decreases in capital markets fees and gain on sale of loans. The increase in noninterest expense was primarily due to increases in personnel costs, deposit and other insurance expense, professional services, equipment expense and outside data processing and other services.

Total assets at September 30, 2023 were $186.7 billion, an increase of $3.7 billion, or 2%, compared to December 31, 2022. The increase in total assets was primarily driven by increases in interest-bearing deposits at the Federal Reserve Bank of $4.9 billion, or 100%, and loans and leases of $1.3 billion, or 1%, partially offset by a decrease in total investment securities of $2.4 billion, or 6%. Total liabilities at September 30, 2023 were $168.1 billion, an increase of $3.0 billion, or 2%, compared to December 31, 2022. The increase in total liabilities was primarily driven by increases in long-term debt of $3.1 billion, or 32%, and total deposits of $1.0 billion, or 1%, partially offset by a decrease in short-term borrowings of $1.3 billion, or 66%.

The tangible common equity to tangible assets ratio was 5.70% at September 30, 2023, up 15 basis points from December 31, 2022, driven by current period earnings, partially offset by dividends and AOCI impacts driven by higher interest rates. CET1 risk-based capital ratio was 10.10%, up from 9.36% from December 31, 2022. The increase in regulatory capital ratios was primarily driven by current period earnings and a decline in risk-weighted assets, partially offset by dividends and the CECL transitional amount.

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 launching of select partnerships

•Maintain positive operating leverage and execute disciplined capital management

•Stability and resilience through risk management, maintaining an aggregate moderate-to-low, through-the-cycle risk appetite

Economy

During the recent quarter, inflation continued to trend lower while remaining at elevated levels above the Federal Reserve’s target. The Federal Reserve raised interest rates one time in July and paused in September to further evaluate the impact of their tightening and the overall health of the economy. The economy has continued to expand with second quarter 2023 GDP growth of 2.4%. Market volatility has picked up as the yield curve has steepened. Loan growth and deposits have stabilized across the banking sector and further banking regulation has been proposed with the release of amendments to the regulatory capital rule and long-term debt requirements for banks.

The consensus economic outlook assumes a slowdown over the next three quarters with a return to modest growth in the second half of 2024. Inflation is expected to continue to fall, approaching target levels of 2% by the third quarter of 2024, as the Federal Reserve actions will likely result in lower GDP growth and higher unemployment.

6 Huntington Bancshares Incorporated

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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 core deposit growth and expansion of common equity tier 1 driven to above 10% by earnings and capital optimization. We have continued our disciplined management of credit consistent with our aggregate moderate-to-low, through-the-cycle risk appetite. With our disciplined and proactive approach, including balance sheet and other efficiency efforts to increase capital, we believe Huntington is well positioned to manage through the dynamic environment. We remain focused on delivering profitable growth and driving value for our shareholders.

Other Recent Developments

Following the failure of several financial institutions in the first half of 2023 and resulting losses to the FDIC’s Deposit Insurance Fund, the FDIC issued a notice of proposed rulemaking in May 2023 that would implement a special assessment to recover the cost associated with protecting uninsured depositors as part of those financial institution failures. Under the proposed rule, the assessment base for the special assessment would be equal to an insured depository institution’s estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The $5 billion exclusion would be applied once to the aggregate amount of uninsured deposits. The special assessment would be applied at an annual rate of approximately 12.5 basis points and assessed over eight quarters, subject to change depending on any adjustments to the loss estimate, mergers or failures, or amendments to reported estimates of uninsured deposits. As proposed and based on The Huntington National Bank reported uninsured deposits as of December 31, 2022, the estimated impact of the special assessment is approximately $199 million. Any change to the terms of the final rule impacting the determination of uninsured deposits, exclusionary criteria, annual rate, or term of annual rate application would have a direct impact on the estimate of Huntington’s special assessment. We continue to monitor the status of the proposed rule and the impact to our future operating results. We expect to record the impact when the final rule is enacted.

On July 27, 2023, the Federal Banking Agencies, the FDIC, the Federal Reserve, and the OCC, released a notice of proposed rulemaking that would make significant amendments to the Basel III Capital Rules applicable to both the Company and the Bank. In general, the proposed rule would align the regulatory capital calculation methodology for Category III and IV banking organizations with the methodology applicable to Category I and II banking organizations. In addition to calculating risk-weighted assets under the current U.S. standardized approach, the proposal introduces a new “Expanded Risk-Based Approach,” including standardized approaches for credit risk, operational risk and credit valuation adjustment risk, as well as a new approach for market risk that would be based upon internal models and standardized supervisory models. If adopted as proposed, Huntington would be required to calculate its risk-based capital ratios under both the current U.S. standardized approach and the Expanded Risk-Based Approach and would be subject to the lower of the two resulting ratios for each risk-based capital ratio. In addition, the proposal would require banking organizations to recognize most elements of AOCI in regulatory capital, including unrealized gains and losses on available-for-sale securities, and lower thresholds for deductions from CET1 capital for mortgage servicing assets and deferred tax assets, among other things. The proposal, if enacted, would have an effective date of July 1, 2025, with certain elements, such as the recognition of AOCI in regulatory capital and changes in risk-weighted assets calculated under the Expanded Risk-Based Approach, having a three-year phase-in period. We are in the process of evaluating this proposed rulemaking and assessing its potential impact on the Company and the Bank if adopted as proposed.

2023 3Q Form 10-Q 7

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On August 29, 2023, the Federal Banking Agencies released a notice of proposed rulemaking that would require certain large banking organizations such as Huntington to issue and maintain minimum amounts of eligible long-term debt and comply with clean holding company requirements similar to requirements currently applicable to U.S. global systemically important banking organizations. Under the proposal, the Company and the Bank would each be required to maintain a minimum amount of eligible long-term debt equal to the greater of 6% of total risk-weighted assets, 3.5% of average total consolidated assets, and 2.5% of total leverage exposure (if subject to the supplementary leverage ratio). To comply with the requirement, the Bank would be required to issue incremental eligible long-term debt to the Company, and the Company would be required to issue incremental eligible long-term debt externally. The proposed rule would also allow banking organizations to include, as part of the required minimum amounts, certain existing long-term debt. Once the rule is finalized, covered institutions would have three years to comply with the new requirements following a phased-in approach, with 25% of the long-term debt requirement by one year after finalization of the rule, 50% after two years, and 100% after three years. In addition, the clean holding company requirements would limit or prohibit the Company from entering into certain transactions that could impede its orderly resolution, including, for example, prohibiting the Company from issuing short-term debt to, or entering into qualified financial contracts with, non-affiliates and entering into contracts that could spread losses to subsidiaries, as well as limiting the amount of the Company’s liabilities that are not eligible long-term debt. We are in the process of evaluating this proposed rulemaking and assessing its potential impact on the Company and the Bank if adopted as proposed.

On October 25, 2023, the Federal Reserve released a notice of proposed rulemaking that would lower the maximum interchange fee that a large debit card issuer can receive on a debit card transaction. Under the proposal, the base component would initially decrease from 21.0 cents to 14.4 cents, the ad valorem component would decrease from 5.0 basis points to 4.0 basis points multiplied by the value of the transaction, and the fraud-prevention adjustment would increase from 1.0 cents to 1.3 cents for debit card transactions performed from the effective date of the final rule to June 30, 2025. In addition, the proposal would adopt an approach for future adjustments to the interchange fee cap, which would occur every other year based on issuer cost data gathered from large debit card issuers. We will continue to monitor the status of the proposed rule and are beginning the process of evaluating this proposed rulemaking and assessing the scale of its adverse impact on the Company and the Bank.

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.”

8 Huntington Bancshares Incorporated

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Table 1 - Selected Quarterly Income Statement Data
			Three months ended September 30,												Change
(amounts in millions, except per share data)			2023																								2022						Amount						Percent
Interest income			$	2,313																							$	1,589					$	724					46		%
Interest expense			945																								185						760						NM
Net interest income			1,368																								1,404						(36)						(3)
Provision for credit losses			99																								106						(7)						(7)
Net interest income after provision for credit losses			1,269																								1,298						(29)						(2)
Service charges on deposit accounts			97																								93						4						4
Card and payment processing income			103																								96						7						7
Capital markets fees			49																								73						(24)						(33)
Trust and investment management services			62																								60						2						3
Mortgage banking income			27																								26						1						4
Leasing revenue			32																								29						3						10
Insurance income			31																								28						3						11
Gain on sale of loans			2																								15						(13)						(87)
Bank owned life insurance income			18																								13						5						38
Other noninterest income			88																								65						23						35
Total noninterest income			509																								498						11						2
Personnel costs			622																								614						8						1
Outside data processing and other services			149																								145						4						3
Equipment			65																								60						5						8
Net occupancy			67																								63						4						6
Marketing			29																								24						5						21
Professional services			27																								18						9						50
Deposit and other insurance expense			25																								15						10						67
Amortization of intangibles			12																								13						(1)						(8)
Lease financing equipment depreciation			6																								11						(5)						(45)
Other noninterest expense			88																								90						(2)						(2)
Total noninterest expense			1,090																								1,053						37						4
Income before income taxes			688																								743						(55)						(7)
Provision for income taxes			136																								146						(10)						(7)
Income after income taxes			552																								597						(45)						(8)
Income attributable to non-controlling interest			5																								3						2						67
Net income attributable to Huntington			547																								594						(47)						(8)
Dividends on preferred shares			37																								29						8						28
Net income applicable to common shares			$	510																							$	565					$	(55)					(10)		%
Average common shares—basic			1,448																								1,443						5						—		%
Average common shares—diluted			1,468																								1,465						3						—
Net income per common share—basic			$	0.35																							$	0.39					$	(0.04)					(10)
Net income per common share—diluted			0.35																								0.39						(0.04)						(10)
Return on average total assets			1.16		%																						1.31		%
Return on average common shareholders’ equity			12.4																								13.9
Return on average tangible common shareholders’ equity (1)			19.5																								21.9
Net interest margin (2)			3.20																								3.42
Efficiency ratio (3)			57.0																								54.4
Revenue and Net Interest Income—FTE (non-GAAP)
Net interest income			$	1,368																							$	1,404					$	(36)					(3)		%
FTE adjustment (2)			11																								8						3						38
Net interest income, FTE (non-GAAP) (2)			1,379																								1,412						(33)						(2)
Noninterest income			509																								498						11						2
Total revenue, FTE (non-GAAP) (2)			$	1,888																							$	1,910					$	(22)					(1)		%

(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.

2023 3Q Form 10-Q 9

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Table 2 - Selected Year to Date Income Statement Data
			Nine months ended September 30,												Change
(amounts in millions, except per share data)			2023						2022						Amount						Percent
Interest income			$	6,566					$	4,115					$	2,451					60		%
Interest expense			2,443						304						2,139						NM
Net interest income			4,123						3,811						312						8
Provision for credit losses			276						198						78						39
Net interest income after provision for credit losses			3,847						3,613						234						6
Service charges on deposit accounts			267						295						(28)						(9)
Card and payment processing income			298						278						20						7
Capital markets fees			165						169						(4)						(2)
Trust and investment management services			192						188						4						2
Mortgage banking income			86						119						(33)						(28)
Leasing revenue			83						91						(8)						(9)
Insurance income			95						86						9						10
Gain on sale of loans			13						55						(42)						(76)
Bank owned life insurance income			50						41						9						22
Net (losses) gains on sales of securities			(4)						—						(4)						NM
Other noninterest income			271						160						111						69
Total noninterest income			1,516						1,482						34						2
Personnel costs			1,884						1,771						113						6
Outside data processing and other services			448						463						(15)						(3)
Equipment			193						202						(9)						(4)
Net occupancy			181						185						(4)						(2)
Marketing			86						69						17						25
Professional services			64						56						8						14
Deposit and other insurance expense			68						53						15						28
Amortization of intangibles			38						40						(2)						(5)
Lease financing equipment depreciation			22						36						(14)						(39)
Other noninterest expense			242						249						(7)						(3)
Total noninterest expense			3,226						3,124						102						3
Income before income taxes			2,137						1,971						166						8
Provision for income taxes			414						371						43						12
Income after income taxes			1,723						1,600						123						8
Income attributable to non-controlling interest			15						7						8						114
Net income attributable to Huntington			1,708						1,593						115						7
Dividends on preferred shares			106						85						21						25
Net income applicable to common shares			$	1,602					$	1,508					$	94					6		%
Average common shares—basic			1,446						1,441						5						—		%
Average common shares—diluted			1,468						1,464						4						—
Net income per common share—basic			$	1.11					$	1.05					$	0.06					6
Net income per common share—diluted			1.09						1.03						0.06						6
Revenue and Net Interest Income—FTE (Non-GAAP)
Net interest income			$	4,123					$	3,811					$	312					8		%
FTE adjustment			31						22						9						41
Net interest income, FTE (non-GAAP) (1)			4,154						3,833						321						8
Noninterest income			1,516						1,482						34						2
Total revenue, FTE (non-GAAP) (1)			$	5,670					$	5,315					$	355					7		%

(1)On an FTE basis assuming a 21% tax rate.

10 Huntington Bancshares Incorporated

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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 3 - Consolidated Quarterly Average Balance Sheet and Net Interest Margin (1)
			Three months ended September 30, 2023																		Three months ended September 30, 2022																		Change in
			Average						Interest						Yield/						Average						Interest						Yield/						Average Balances
(dollar amounts in millions)			Balances						Income (FTE) (2)						Rate (3)						Balances						Income (FTE) (2)						Rate (3)						Amount						Percent
Assets:
Interest-bearing deposits at Federal Reserve Bank			$	9,286					$	127					5.45		%				$	3,204					$	19					2.39		%				$	6,082					NM
Interest-bearing deposits in banks			261						4						6.59						260						2						3.31						1						—
Securities:
Trading account securities			128						1						4.98						24						—						4.12						104						NM
Available-for-sale securities:
Taxable			19,834						259						5.22						21,677						165						3.06						(1,843)						(9)
Tax-exempt			2,807						37						5.08						2,917						25						3.39						(110)						(4)
Total available-for-sale securities			22,641						296						5.20						24,594						190						3.09						(1,953)						(8)
Held-to-maturity securities—taxable			16,356						99						2.43						17,188						95						2.21						(832)						(5)
Other securities			859						19						9.22						804						7						3.21						55						7
Total securities			39,984						415						4.15						42,610						292						2.74						(2,626)						(6)
Loans held for sale			633						10						6.42						986						13						4.98						(353)						(36)
Loans and leases: (4)
Commercial:
Commercial and industrial			49,448						776						6.15						46,029						515						4.37						3,419						7
Commercial real estate			12,955						253						7.63						13,671						165						4.75						(716)						(5)
Lease financing			5,050						73						5.60						4,981						63						4.95						69						1
Total commercial			67,453						1,102						6.39						64,681						743						4.50						2,772						4
Consumer:
Residential mortgage			23,278						213						3.66						21,552						174						3.23						1,726						8
Automobile			12,747						145						4.51						13,514						120						3.53						(767)						(6)
Home equity			10,108						195						7.66						10,431						143						5.43						(323)						(3)
RV and marine			5,813						73						4.96						5,454						59						4.29						359						7
Other consumer			1,385						40						11.67						1,332						32						9.55						53						4
Total consumer			53,331						666						4.97						52,283						528						4.02						1,048						2
Total loans and leases			120,784						1,768						5.76						116,964						1,271						4.28						3,820						3
Total earning assets			170,948						2,324						5.39						164,024						1,597						3.86						6,924						4
Cash and due from banks			1,559																		1,697																		(138)						(8)
Goodwill and other intangible assets			5,722																		5,781																		(59)						(1)
All other assets			10,576																		10,154																		422						4
Allowance for loan and lease losses			(2,206)																		(2,099)																		(107)						(5)
Total assets			$	186,599																	$	179,557																	$	7,042					4		%
Liabilities and shareholders’ equity:
Interest-bearing deposits:
Demand deposits—interest-bearing			$	39,757					$	199					1.98		%				$	42,038					$	42					0.40		%				$	(2,281)					(5)		%
Money market deposits			41,445						327						3.12						34,058						25						0.29						7,387						22
Savings and other domestic deposits			17,774						6						0.15						21,439						1						0.02						(3,665)						(17)
Core certificates of deposit (5)			11,348						119						4.17						2,040						1						0.10						9,308						NM
Other domestic deposits of $250,000 or more			406						4						3.78						193						—						0.35						213						110
Negotiable CDs, brokered and other deposits			4,634						58						4.93						4,124						23						2.25						510						12
Total interest-bearing deposits			115,364						713						2.45						103,892						92						0.35						11,472						11
Short-term borrowings			859						17						7.60						2,609						22						3.31						(1,750)						(67)
Long-term debt			13,772						215						6.27						8,251						71						3.40						5,521						67
Total interest-bearing liabilities			129,995						945						2.88						114,752						185						0.64						15,243						13
Demand deposits—noninterest-bearing			32,786																		42,116																		(9,330)						(22)
All other liabilities			5,028																		4,340																		688						16
Total liabilities			167,809																		161,208																		6,601						4
Total Huntington shareholders’ equity			18,741																		18,317																		424						2
Non-controlling interest			49																		32																		17						53
Total equity			18,790																		18,349																		441						2
Total liabilities and equity			$	186,599																	$	179,557																	$	7,042					4		%
Net interest rate spread															2.51																		3.22
Impact of noninterest-bearing funds on margin															0.69																		0.20
Net interest margin/NII (FTE)									$	1,379					3.20		%										$	1,412					3.42		%

(1)During the 2023 second quarter, the process for assessing and monitoring the risk and performance of non-real estate secured commercial loans was revised, primarily loans to REITs. These loans were reclassified from CRE to the C&I loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.

(2)FTE yields are calculated assuming a 21% tax rate.

(3)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.

(4)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

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

2023 3Q Form 10-Q 11

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Quarterly Net Interest Income

Net interest income for the 2023 third quarter decreased $36 million, or 3%, from the 2022 third quarter. FTE net interest income, a non-GAAP financial measure, for the 2023 third quarter decreased $33 million, or 2%, from the 2022 third quarter. The decrease in FTE net interest income primarily reflects a 22 basis point decrease in the FTE NIM to 3.20% and a $15.2 billion, or 13%, increase in average interest-bearing liabilities, partially offset by a $6.9 billion, or 4%, increase in average earning assets. The NIM compression was primarily driven by higher cost of funds and an increase in deposits held at the Federal Reserve Bank, partially offset by the higher rate environment driving an increase in loan and lease and investment security yields.

Quarterly Average Balance Sheet

Average assets for the 2023 third quarter increased $7.0 billion, or 4%, to $186.6 billion from the 2022 third quarter, primarily due to an increase in average interest-bearing deposits at the Federal Reserve Bank of $6.1 billion, and average loans and leases of $3.8 billion, or 3%, partially offset by a decrease in average total securities of $2.6 billion, or 6%. The increase in average loans and leases was driven by growth in average commercial loans and leases of $2.8 billion, or 4%, and average consumer loans of $1.0 billion, or 2%.

Average liabilities for the 2023 third quarter increased $6.6 billion, or 4%, from the 2022 third quarter, primarily due to increases in average borrowings and deposits. Average borrowings increased $3.8 billion, or 35%, driven by new debt issuances and additional FHLB borrowings reflecting actions taken as part of normal management of funding needs. Average deposits increased $2.1 billion, primarily due to an increase in average interest-bearing deposits of $11.5 billion, or 11%, partially offset by a decrease in noninterest-bearing deposits of $9.3 billion, or 22%. The increase in average deposits was primarily due to increases in average certificate of deposits and money market deposits, partially offset by decreases in savings and other domestic deposits and interest-bearing demand deposits.

Average shareholders’ equity for the 2023 third quarter increased $424 million, or 2%, from the 2022 third quarter primarily due to earnings, partially offset by an increase in average accumulated other comprehensive loss driven by changes in interest rates.

12 Huntington Bancshares Incorporated

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Table 4 - Consolidated YTD Average Balance Sheets and Net Interest Margin (1)
			Nine months ended
			September 30, 2023																		September 30, 2022																		Change in
			Average						Interest						Yield/						Average						Interest						Yield/						Average Balances
(dollar amounts in millions)			Balances						Income (FTE) (2)						Rate (2)						Balances						Income (FTE) (2)						Rate (3)						Amount						Percent
Assets:
Interest-bearing deposits at Federal Reserve Bank			$	8,825					$	339					5.12		%				$	4,629					$	29					0.84		%				$	4,196					91		%
Interest-bearing deposits in banks			246						14						7.60						200						3						1.85						46						23
Securities:
Trading account securities			61						2						4.98						33						1						3.75						28						85
Available-for-sale securities:
Taxable			20,702						743						4.79						22,509						378						2.24						(1,807)						(8)
Tax-exempt			2,731						99						4.79						2,887						66						3.04						(156)						(5)
Total available-for-sale securities			23,433						842						4.79						25,396						444						2.33						(1,963)						(8)
Held-to-maturity securities—taxable			16,696						303						2.42						16,336						251						2.05						360						2
Other securities			1,003						40						5.37						841						18						2.83						162						19
Total securities			41,193						1,187						3.84						42,606						714						2.23						(1,413)						(3)
Loans held for sale			548						25						6.13						1,086						33						4.00						(538)						(50)
Loans and leases: (4)
Commercial:
Commercial and industrial			49,559						2,208						5.88						44,641						1,343						3.97						4,918						11
Commercial real estate			13,323						729						7.21						13,412						389						3.83						(89)						(1)
Lease financing			5,137						212						5.44						4,938						185						4.95						199						4
Total commercial			68,019						3,149						6.10						62,991						1,917						4.01						5,028						8
Consumer:
Residential mortgage			22,793						603						3.53						20,536						478						3.10						2,257						11
Automobile			12,971						408						4.20						13,512						347						3.44						(541)						(4)
Home equity			10,173						563						7.40						10,406						360						4.62						(233)						(2)
RV and marine			5,554						194						4.67						5,293						166						4.19						261						5
Other consumer			1,341						115						11.49						1,301						90						9.21						40						3
Total consumer			52,832						1,883						4.76						51,048						1,441						3.77						1,784						3
Total loans and leases			120,851						5,032						5.52						114,039						3,358						3.91						6,812						6
Total earning assets			171,663						6,597						5.14						162,560						4,137						3.40						9,103						6
Cash and due from banks			1,598																		1,672																		(74)						(4)
Goodwill and other intangible assets			5,738																		5,660																		78						1
All other assets			10,594																		10,092																		502						5
Allowance for loan and lease losses			(2,174)																		(2,067)																		(107)						(5)
Total assets			$	187,419																	$	177,917																	$	9,502					5		%
Liabilities and Shareholders’ Equity:
Interest-bearing deposits:
Demand deposits—interest-bearing			$	40,058					$	498					1.66		%				$	41,467					$	56					0.18		%				$	(1,409)					(3)		%
Money market deposits			39,181						754						2.57						33,512						37						0.15						5,669						17
Savings and other domestic deposits			18,818						15						0.11						21,480						3						0.02						(2,662)						(12)
Core certificates of deposit (5)			8,659						245						3.79						2,274						2						0.10						6,385						NM
Other domestic deposits of $250,000 or more			326						8						3.27						244						—						0.24						82						34
Negotiable CDs, brokered and other deposits			4,650						169						4.85						3,522						30						1.14						1,128						32
Total interest-bearing deposits			111,692						1,689						2.02						102,499						128						0.17						9,193						9
Short-term borrowings			3,478						151						5.80						3,139						36						1.52						339						11
Long-term debt			13,700						603						5.87						7,401						140						2.51						6,299						85
Total interest-bearing liabilities			128,870						2,443						2.53						113,039						304						0.36						15,831						14
Demand deposits—noninterest-bearing			34,933																		42,157																		(7,224)						(17)
All other liabilities			4,960																		4,158																		802						19
Total liabilities			168,763																		159,354																		9,409						6
Total Huntington shareholders’ equity			18,607																		18,534																		73						—
Non-controlling interest			49																		29																		20						69
Total equity			18,656																		18,563																		93						1
Total liabilities and shareholders’ equity			$	187,419																	$	177,917																	$	9,502					5		%
Net interest rate spread															2.61																		3.04
Impact of noninterest-bearing funds on margin															0.63																		0.11
Net interest margin/NII									$	4,154					3.24		%										$	3,833					3.15		%

(1)During the 2023 second quarter, the process for assessing and monitoring the risk and performance of non-real estate secured commercial loans was revised, primarily loans to REITs. These loans were reclassified from CRE to the C&I loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.

(2)FTE yields are calculated assuming a 21% tax rate.

(3)Average 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.

(4)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

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

2023 3Q Form 10-Q 13

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Year to Date Net Interest Income

Net interest income for the first nine-month period of 2023 increased $312 million, or 8%, from the year-ago period. FTE net interest income, a non-GAAP financial measure, for the first nine-month period of 2023 increased $321 million, or 8%, from the year-ago period. The increase in FTE net interest income reflected the benefit of a 9 basis point increase in the FTE NIM to 3.24% and a $9.1 billion, or 6%, increase in average total earning assets, partially offset by a $15.8 billion, or 14%, increase in interest-bearing liabilities and lower purchase accounting accretion and accelerated PPP loan fees recognized upon forgiveness payments from the SBA.

The NIM expansion was driven by the higher rate environment driving an increase in loans and lease and investment security yields, partially offset by higher cost of funds and an increase in deposits held at the Federal Reserve Bank.

Net interest income for the first nine-month period of 2023 included $24 million of net interest income from purchase accounting accretion, compared to $50 million and $20 million from purchase accounting accretion and accelerated PPP loan fees recognized upon forgiveness payments from the SBA, respectively, in the year-ago period.

Year to Date Average Balance Sheet

Average assets for the first nine-month period of 2023 increased $9.5 billion, or 5%, to $187.4 billion from the year-ago period, primarily due to increases in average loans and leases of $6.8 billion, or 6%, and interest-bearing deposits at the Federal Reserve Bank of $4.2 billion, or 91%, partially offset by a decrease in total securities of $1.4 billion, or 3%. The increase in average loans and leases was driven by growth in average commercial loans and leases of $5.0 billion, or 8%, and average consumer loans of $1.8 billion, or 3%.

Average liabilities for the first nine-month period of 2023 increased $9.4 billion, or 6%, from the year-ago period, primarily due to increases in average borrowings and deposits. Average borrowings increased $6.6 billion, or 63%, driven by higher long-term FHLB borrowings and new debt issuances reflecting actions taken as part of normal management of funding needs. Total average deposits increased $2.0 billion, or 1%, primarily due to an increase in average interest-bearing deposits of $9.2 billion, or 9%, largely due to increases in average certificates of deposits and money market deposits, partially offset by a decrease in noninterest-bearing deposits of $7.2 billion, or 17%.

Average shareholders’ equity for the first nine-month of 2023 increased $73 million from the year-ago period primarily due to earnings, partially offset by an increase in average accumulated other comprehensive loss driven by changes in interest rates.

Provision for Credit Losses

(This section should be read in conjunction with the “Credit Risk” section.)

The provision for credit losses for the 2023 third quarter was $99 million, a decrease of $7 million, compared to the 2022 third quarter. On a year-to-date basis, the provision for credit losses for the first nine-month period of 2023 was $276 million, an increase of $78 million, or 39%, compared to the year-ago period. The decrease in provision expense over the prior year quarter was driven by a marginal reduction in loan and lease balances during the 2023 third quarter, compared to strong loan and lease growth in third quarter 2022. The increase over the prior year-to-date period was driven by modest allowance builds and higher levels of Commercial charge-off activity in 2023.

The components of the provision for credit losses were as follows:

Table 5 - Provision for Credit Losses
			Three months ended												Nine months ended
			September 30,																								September 30,						September 30,						September 30,
(dollar amounts in millions)			2023																								2022						2023						2022
Provision for loan and lease losses			$	104																							$	80					$	266					$	151
Provision for unfunded lending commitments			(5)																								26						10						43
Provision for securities			—																								—						—						4
Total provision for credit losses			$	99																							$	106					$	276					$	198

14 Huntington Bancshares Incorporated

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Noninterest Income

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

Table 6 - Noninterest Income
			Three months ended																		Nine months ended
			September 30,																								September 30,						Change						September 30,						September 30,						Change
(dollar amounts in millions)			2023																								2022						Percent						2023						2022						Percent
Service charges on deposit accounts			$	97																							$	93					4		%				$	267					$	295					(9)		%
Card and payment processing income			103																								96						7						298						278						7
Capital markets fees			49																								73						(33)						165						169						(2)
Trust and investment management services			62																								60						3						192						188						2
Mortgage banking income			27																								26						4						86						119						(28)
Leasing revenue			32																								29						10						83						91						(9)
Insurance income			31																								28						11						95						86						10
Gain on sale of loans			2																								15						(87)						13						55						(76)
Bank owned life insurance income			18																								13						38						50						41						22
Net (losses) gains on sales of securities			—																								—						—						(4)						—						(100)
Other noninterest income			88																								65						35						271						160						69
Total noninterest income			$	509																							$	498					2		%				$	1,516					$	1,482					2		%

Noninterest income for the 2023 third quarter was $509 million, an increase of $11 million, or 2%, from the year-ago quarter. Other noninterest income increased $23 million, or 35%, primarily due to a $33 million increase from favorable mark-to-market on pay-fixed swaptions. Additional increases included card and payment processing income of $7 million, or 7%, primarily driven by an increase in debit card usage, bank owned life insurance income of $5 million, or 38%, and service charges on deposit accounts of $4 million, or 4%. Partially offsetting these increases, capital markets fees decreased $24 million, or 33%, primarily driven by lower syndication and interest rate derivative fees, and gain on sale of loans decreased $13 million, or 87%, primarily resulting from the strategic decision to retain the guaranteed portion of SBA loans at origination.

Noninterest income for the first nine-month period of 2023 increased $34 million, or 2%, from the year-ago period. Other noninterest income increased $111 million, or 69%, primarily due to a $57 million gain on the sale of our RPS business, including associated goodwill allocation, and a $50 million increase from favorable mark-to-market on pay-fixed swaptions. Card and payments processing income increased $20 million, or 7%, largely due to an increase in debit card usage. Partially offsetting these increases, gain on sale of loans decreased $42 million, or 76%, primarily resulting from the strategic decision to retain the guaranteed portion of SBA loans at origination. Mortgage banking decreased $33 million, or 28%, primarily reflecting lower salable volume and spreads. Service charges on deposits accounts decreased $28 million, or 9%, primarily reflecting the impact from program changes.

2023 3Q Form 10-Q 15

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Noninterest Expense

The following table reflects noninterest expense for each of the periods presented: 

Table 7 - Noninterest Expense
			Three months ended																					Nine months ended
			September 30,																								September 30,						Change									September 30,						September 30,						Change
(dollar amounts in millions)			2023																								2022						Percent															2023						2022						Percent
Personnel costs			$	622																							$	614					1		%													$	1,884					$	1,771					6		%
Outside data processing and other services			149																								145						3															448						463						(3)
Equipment			65																								60						8															193						202						(4)
Net occupancy			67																								63						6															181						185						(2)
Marketing			29																								24						21															86						69						25
Professional services			27																								18						50															64						56						14
Deposit and other insurance expense			25																								15						67															68						53						28
Amortization of intangibles			12																								13						(8)															38						40						(5)
Lease financing equipment depreciation			6																								11						(45)															22						36						(39)
Other noninterest expense			88																								90						(2)															242						249						(3)
Total noninterest expense			$	1,090																							$	1,053					4		%													$	3,226					$	3,124					3		%
Number of employees (average full-time equivalent)			19,826																								19,997						(1)		%													20,073						19,884						1		%

Noninterest expense for the 2023 third quarter was $1.1 billion, an increase of $37 million, or 4%, from the year-ago quarter. There were no acquisition-related expenses for the 2023 third quarter, compared to $10 million in the year-ago quarter. Deposit and other insurance expense increased $10 million, or 67%, primarily due to the 2 basis point higher base assessment rate enacted for the banking industry at the beginning of 2023 and a shift in balance sheet mix. Professional services increased $9 million, or 50%, largely due to an increase in consulting fees. Personnel costs increased $8 million, or 1%, primarily reflecting $8 million of severance expense related to staffing efficiencies. Additionally, net occupancy expense for the 2023 third quarter included $7 million of corporate real estate consolidation expense.

Noninterest expense for the first nine-month period of 2023 increased $102 million, or 3%, from the year-ago period. There were no acquisition-related expenses for the first nine-month period of 2023, compared to $80 million in the year-ago period. Personnel costs increased $113 million, or 6%, primarily due to $50 million of expense related to staffing efficiencies, the impact of Capstone Partners acquisition, and merit increases, partially offset by an $8 million decrease in acquisition-related expenses. Marketing expense increased $17 million, or 25%, primarily reflecting actions taken to deepen and acquire new customer relationships. Deposit and other insurance expense increased $15 million, or 28%, primarily due to the 2 basis point higher base assessment rate enacted for the banking industry at the beginning of 2023 and a shift in balance sheet mix. Partially offsetting these increases, outside data processing decreased $15 million, or 3%, primarily due to a decrease of $39 million in acquisition-related expenses, partially offset by higher technology investments, and lease financing equipment depreciation decreased $14 million, or 39%. Net occupancy decreased $4 million, or 2%, primarily due to a $22 million decrease in acquisition-related expenses, partially offset by an increase in corporate real estate and branch consolidation expense and a decrease in gain on sale of fixed assets.

Provision for Income Taxes

The provision for income taxes in the 2023 third quarter was $136 million, compared to $146 million in the 2022 third quarter. The provision for income taxes for the nine-month periods ended September 30, 2023 and September 30, 2022 were $414 million and $371 million, respectively. All 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 both the 2023 third quarter and 2022 third quarter was 19.7%. The effective tax rates for the nine-month periods ended September 30, 2023 and September 30, 2022 were 19.4% and 18.8%, respectively. The variance between the nine-month period ended September 30, 2023 compared to the nine-month period ended September 30, 2022 provision for income taxes and effective tax rates relates primarily to a reduction in capital losses, partially offset by an increase in tax credits.

16 Huntington Bancshares Incorporated

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The net federal deferred tax asset was $570 million, and the net state deferred tax asset was $108 million at September 30, 2023.

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 2018.

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 defining 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 2022 Annual Report on Form 10-K and subsequent filings with the SEC. The MD&A included in our 2022 Annual Report on Form 10-K should be read in conjunction with this MD&A, as this discussion provides only material updates to the 2022 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 2022 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, swaptions, swaption collars, and floors 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.

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 utilizing 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 2022 Annual Report on Form 10-K for a brief description of each portfolio segment. During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from CRE to the C&I loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.

2023 3Q Form 10-Q 17

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The table below provides the composition of our total loan and lease portfolio: 

Table 8 - Loan and Lease Portfolio Composition
(dollar amounts in millions)			At September 30, 2023												At December 31, 2022
Commercial:
Commercial and industrial			$	49,422					41		%				$	48,121					41		%
Commercial real estate			12,668						11						13,640						11
Lease financing			5,161						4						5,252						4
Total commercial			67,251						56						67,013						56
Consumer:
Residential mortgage			23,427						19						22,226						19
Automobile			12,724						11						13,154						11
Home equity			10,118						8						10,375						9
RV and marine			5,937						5						5,376						4
Other consumer			1,396						1						1,379						1
Total consumer			53,602						44						52,510						44
Total loans and leases			$	120,853					100		%				$	119,523					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.

Commercial Credit

Refer to the “Commercial Credit” section of our 2022 Annual Report on Form 10-K for our commercial credit underwriting and on-going credit management processes.

Consumer Credit

Refer to the “Consumer Credit” section of our 2022 Annual Report on Form 10-K for our consumer credit underwriting and on-going credit management processes.

18 Huntington Bancshares Incorporated

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The table below provides our total loan and lease portfolio by industry type:

Table 9 - Loan and Lease Portfolio by Industry Type
(dollar amounts in millions)			At September 30, 2023												At December 31, 2022
Commercial loans and leases:
Real estate and rental and leasing (1)			$	16,272					13		%				$	16,310					14		%
Retail trade (2)			10,776						9						9,894						8
Manufacturing			7,564						6						7,809						7
Finance and insurance (1)			4,856						4						5,005						4
Health care and social assistance (1)			4,370						4						4,293						4
Wholesale Trade			3,656						3						3,922						3
Accommodation and food services			3,137						3						3,335						3
Transportation and warehousing			3,101						3						3,246						3
Professional, scientific, and technical services			1,998						2						1,899						2
Utilities			1,932						2						1,298						1
Other Services			1,816						2						2,097						2
Construction			1,679						1						1,757						1
Admin./Support/Waste Mgmt. and Remediation Services			1,446						1						1,370						1
Arts, entertainment, and recreation			1,357						1						1,424						1
Information			1,246						1						1,167						1
Public administration			651						1						667						1
Educational services			434						—						513						—
Agriculture, forestry, fishing, and hunting			407						—						455						—
Management of companies and enterprises			128						—						127						—
Mining, quarrying, and oil and gas extraction			123						—						196						—
Unclassified/other			302						—						229						—
Total commercial loans and leases by industry category			67,251						56						67,013						56
Residential mortgage			23,427						19						22,226						19
Automobile			12,724						11						13,154						11
Home equity			10,118						8						10,375						9
RV and marine			5,937						5						5,376						4
Other consumer loans			1,396						1						1,379						1
Total loans and leases			$	120,853					100		%				$	119,523					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 $2.9 billion and $2.3 billion of auto dealer services loans at September 30, 2023 and December 31, 2022, respectively.

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 2023 third quarter reflected NCOs of $73 million, or 0.24% of average total loans and leases, annualized, an increase of $29 million, compared to $44 million, or 0.15%, in the year-ago quarter. The increase was driven by a $30 million increase in commercial NCOs to $45 million in the 2023 third quarter. NPAs increased from December 31, 2022 by $40 million, or 7%, largely driven by an increase in commercial NALs.

2023 3Q Form 10-Q 19

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NPAs and NALs

(This section should be read in conjunction with Note 4 “Loans and Leases” and Note 5 “Allowance for Credit Losses” of the Notes to Consolidated Financial Statements and “Credit Quality” section appearing in Huntington’s 2022 Annual Report on Form 10-K.)

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 $430 million of commercial related NALs at September 30, 2023, $286 million, or 67%, represent loans and leases that were less than 30-days past due, demonstrating our continued commitment to proactive credit risk management.

The following table reflects period-end NALs and NPAs detail:

Table 10 - Nonaccrual Loans and Leases and Nonperforming Assets
(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Nonaccrual loans and leases (NALs):
Commercial and industrial			$	314					$	288
Commercial real estate			102						92
Lease financing			14						18
Residential mortgage			75						90
Automobile			4						4
Home equity			82						76
RV and marine			1						1
Total nonaccrual loans and leases			592						569
Other real estate, net			14						11
Other NPAs (1)			28						14
Total nonperforming assets			$	634					$	594
Nonaccrual loans and leases as a % of total loans and leases			0.49		%				0.48		%
NPA ratio (2)			0.52						0.50

(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 for the 2023 third quarter assumes softening of the labor market is underway and will continue through the middle of 2025 causing the unemployment rate to gradually increase, peaking at 4.2% in mid-2025 and remaining at that level through 2027. The overnight federal funds rate is forecasted to have peaked during the third quarter of 2023, remaining at this terminal level until mid-2024 as the Federal Reserve continues to address inflation levels and tightness in the labor market. The expectation is that the Federal Reserve would then start to cut rates in the second half of 2024, although monetary policy remains restrictive until the end of 2026. The federal funds rate is forecasted to return to its neutral rate of 2.5% in early 2027. Inflation is forecasted to drop from an average of 4.1% in 2023 to 2.7% in 2024, approaching the Federal Reserve target level of 2% by third quarter 2024, as a result of the Federal Reserve’s actions. The GDP forecast for the fourth quarter of 2023 into 2024 has fallen somewhat from year end, a result of elevated interest rates and tightening credit conditions. GDP is now forecasted to be 1.9% by the fourth quarter of 2024.

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Management uses a probability-weighted approach that incorporates a baseline, an adverse and a more favorable economic scenario when formulating that 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 2022:

Table 11 - Forecasted Key Macroeconomic Variables
Baseline scenario forecast			2022						2023												2024
			Q4						Q2						Q4						Q2						Q4
Unemployment rate (1)
4Q 2022			3.7		%				3.9		%				4.1		%				4.1		%				3.9		%
3Q 2023			N/A						N/A						3.7						4.0						4.2
Gross Domestic Product (1)
4Q 2022			(0.1)		%				0.4		%				2.0		%				2.3		%				2.7		%
3Q 2023			N/A						N/A						0.3						1.5						1.9
(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.

Management continues to assess the uncertainty in the macroeconomic environment, including political uncertainty, geopolitical instability, and current inflation levels, considering multiple macroeconomic forecasts that reflected a range of possible outcomes. While we have incorporated estimates of economic uncertainty into our ACL, the ultimate impact of 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 governance committees reviewed model results of each economic scenario for appropriate usage, concluding that the quantitative transactional reserve will continue to utilize scenario weighting. Given the uncertainty associated with key economic scenario assumptions, the September 30, 2023 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.

2023 3Q Form 10-Q 21

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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 September 30, 2023																		At December 31, 2022
			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			$	973					44		%				41		%				$	939					45		%				41		%
Commercial real estate			483						22						11						433						20						11
Lease financing			48						2						4						52						2						4
Total commercial			1,504						68						56						1,424						67						56
Consumer
Residential mortgage			200						10						19						187						8						19
Automobile			143						6						11						141						7						11
Home equity			115						5						8						105						5						9
RV and marine			151						7						5						143						7						4
Other consumer			95						4						1						121						6						1
Total consumer			704						32		%				44		%				697						33		%				44		%
Total ALLL			2,208																		2,121
AULC			160																		150
Total ACL			$	2,368																	$	2,271
Total ALLL as a % of
Total loans and leases			1.83		%																1.77		%
Nonaccrual loans and leases			373																		373
NPAs			348																		357
Total ACL as % of
Total loans and leases			1.96		%																1.90		%
Nonaccrual loans and leases			400																		400
NPAs			373																		382

(1)Percentages represent the percentage of each loan and lease category to total loans and leases.

At September 30, 2023, the ACL was $2.4 billion, or 1.96% of total loans and leases, compared to $2.3 billion, or 1.90%, at December 31, 2022. The increase in the total ACL was driven by a combination of loan and lease growth and modest overall coverage ratio builds throughout 2023. The ACL coverage ratio at September 30, 2023 is reflective of the current macro-economic environment including recognition of the near-term recessionary risks.

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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												Nine months ended
			September 30,																								September 30,						September 30,						September 30,
(dollar amounts in millions)			2023																								2022						2023						2022
Net charge-offs (recoveries) by loan and lease type:
Commercial:
Commercial and industrial			$	32																							$	16					$	68					$	(11)
Commercial real estate			11																								(3)						36						1
Lease financing			2																								2						(3)						4
Total commercial			45																								15						101						(6)
Consumer:
Residential mortgage			1																								(1)						2						(2)
Automobile			4																								3						12						3
Home equity			—																								(2)						(1)						(5)
RV and marine			3																								2						7						6
Other consumer			20																								27						58						75
Total consumer			28																								29						78						77
Total net charge-offs			$	73																							$	44					$	179					$	71
Net charge-offs (recoveries) - annualized percentages:
Commercial:
Commercial and industrial			0.26		%																						0.14		%				0.18		%				(0.03)		%
Commercial real estate			0.35																								(0.07)						0.37						0.01
Lease financing			0.12																								0.17						(0.08)						0.11
Total commercial			0.27																								0.10						0.20						(0.01)
Consumer:
Residential mortgage			0.01																								(0.02)						0.01						(0.01)
Automobile			0.14																								0.07						0.13						0.03
Home equity			(0.01)																								(0.07)						(0.02)						(0.06)
RV and marine			0.16																								0.17						0.16						0.16
Other consumer			6.09																								8.09						5.88						7.72
Total consumer			0.21																								0.22						0.20						0.20
Net charge-offs as a % of average loans and leases			0.24		%																						0.15		%				0.20		%				0.08		%

NCOs were an annualized 0.24% of average loans and leases in the current quarter, up from 0.15% in the 2022 third quarter. NCOs for the commercial portfolios were higher, with annualized net charge-offs of 0.27% in the current quarter, compared to 0.10% in the year-ago quarter, reflecting the continued normalization of net charge-offs. Consumer charge-offs were modestly lower in the quarter, compared to the year-ago quarter.

NCOs were an annualized 0.20% of average loans and leases for the first nine-month period of 2023, up from 0.08% in the year ago period. NCOs for the commercial portfolios were higher with annualized net charge-offs of 0.20% in the current period compared to net recoveries of 0.01% in the year-ago period. Consumer charge-offs remained consistent in the period, compared to the year-ago period.

2023 3Q Form 10-Q 23

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Market Risk

(This section should be read in conjunction with the “Market Risk” section appearing in Huntington’s 2022 Annual Report on Form 10-K for our on-going market risk management processes.)

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.

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 reflects 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.

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).

Table 14 - Net Interest Income at Risk
			Net Interest Income at Risk (%)
Basis point change scenario			-200						-100												+100						+200
At September 30, 2023			-5.3						-2.7												2.9						5.6
At December 31, 2022			-4.1						-2.0												2.0						4.0

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 above 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.

The NII at Risk shows that the balance sheet is asset sensitive at both September 30, 2023, and December 31, 2022. A key driver of the change in sensitivity can be attributed to hedging activity, which has supported an increase to asset sensitivity in rising rate scenarios, while minimizing the impact to falling rate scenarios. Other drivers to the change in sensitivity include changes in the funding mix, deposit modeling assumptions, and market rates.

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Table 15 - Economic Value of Equity at Risk
			Economic Value of Equity at Risk (%)
Basis point change scenario			-200						-100												+100						+200
At September 30, 2023			1.7						1.9												-3.2						-6.7
At December 31, 2022			9.0						5.9												-8.0						-17.3

EVE at Risk provides a sensitivity analysis on shareholder’s equity for longer-term interest rate risk in the banking book. The EVE results included in the table above reflect the analysis used monthly by management. It models immediate -200, -100, +100 and +200 basis point parallel “shock” scenarios.

The change in sensitivity from December 31, 2022 was driven primarily by updated deposit modeling assumptions and market rates, as well as changes in the funding mix and hedging activity.

To address the discontinuance of LIBOR, we established a LIBOR transition team and project plan under the oversight of the CRO and CFO, providing periodic updates to the ROC. Contract remediation efforts coordinated by the LIBOR transition team were complete as of June 2023. Upon the discontinuation of LIBOR, loans and leases that reference LIBOR were transitioned to a SOFR-based replacement rate as set forth in the related contract. For further details on the transition of notional derivatives, refer to the Use of Derivatives to Manage Interest Rate Risk section below.

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 rates 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.

In the second quarter of 2023, all cleared derivatives that referenced LIBOR transitioned from LIBOR to a SOFR-based replacement rate in accordance with the conventions established by the applicable clearinghouse. Upon the discontinuation of LIBOR, all over-the-counter derivatives that referenced LIBOR were transitioned to a SOFR-based replacement rate as set forth in the related contract. Those derivatives that did not have a clearly defined or practicable replacement benchmark rate set forth in the related contract used the LIBOR Act to replace LIBOR with a SOFR-based rate established by FRB rulemaking. For every LIBOR referenced instrument with a reset date after the LIBOR cessation date, counterparties received a LIBOR referenced instrument maturing on the first reset date after the LIBOR cessation date, and a forward starting SOFR instrument. The instruments received through the transition were economically similar to the instruments held prior to the transition.

2023 3Q Form 10-Q 25

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The following table presents additional information about the interest rate swaps, swaptions, swaption collars, and floors used in Huntington’s asset and liability management activities at September 30, 2023 and December 31, 2022.

Table 16 - Weighted-Average Maturity, Receive Rate and SOFR/LIBOR Reset Rate on Asset Liability Management Instruments
									Average Maturity (years)												Weighted-Average Fixed Rate						Weighted-Average Reset Rate
(dollar amounts in millions)			Notional Value												Fair Value
At September 30, 2023
Asset conversion swaps
Securities (1):
Pay Fixed - Receive SOFR			$	10,791					3.34						$	992					1.37		%				5.40		%
Pay Fixed - Receive SOFR - forward starting (2)			928						8.71						43						2.81						—
Loans:
Receive Fixed - Pay SOFR - forward starting (3)			1,400						4.45						(53)						2.90						—
Receive Fixed - Pay SOFR			9,275						3.31						(486)						2.77						5.31
Liability conversion swaps
Receive Fixed - Pay SOFR			7,568						3.65						(400)						2.95						4.82
Purchased swaption collars
Purchased Interest Rate Swaption Collars (4)			2,000						0.41						(12)						3.20 / 4.50						—
Purchased floors
Purchased Floor Spread - SOFR (4)			5,000						2.54						24						2.97 / 3.97						—
Basis swaps
Pay SOFR- Receive Fed Fund (economic hedges) (5)			174						2.83						—						5.33						5.32
Pay Fed Fund - Receive SOFR (economic hedges) (5)			1						12.06						—						5.36						5.33
Purchased swaptions
Pay Fixed - Receive SOFR Swaptions (economic hedges)			15,450						0.71						98						5.03						—
Total swap portfolio			$	52,587											$	206

At December 31, 2022
Asset conversion swaps
Securities (1):
Pay Fixed - Receive 1 month LIBOR			$	8,024					3.89						$	834					0.93		%				4.37		%
Pay Fixed - Receive SOFR			366						7.02						49						1.46						3.82
Pay Fixed - Receive 1 month LIBOR - forward starting (6)			91						7.31						12						1.62						—
Pay Fixed - Receive SOFR - forward starting (7)			1,926						6.17						85						2.17						—
Loans:
Receive Fixed - Pay SOFR - forward starting (8)			2,950						4.91						(109)						2.64						—
Receive Fixed - Pay 1 month LIBOR			7,875						1.41						(390)						1.21						4.20
Receive Fixed - Pay SOFR			8,700						3.55						(351)						2.57						3.90
Liability conversion swaps
Receive Fixed - Pay 1 month LIBOR			1,430						1.85						(60)						2.01						4.25
Receive Fixed - Pay SOFR			6,299						4.91						(201)						3.16						3.36
Purchased swaption collars
Purchased Interest Rate Swaption Collars (4)			4,800						0.27						(6)						2.87 / 4.05						—
Basis swaps
Pay SOFR- Receive Fed Fund (economic hedges) (5)			174						3.58						—						4.33						4.31
Pay Fed Fund - Receive SOFR (economic hedges) (5)			1						12.81						—						4.35						4.33
Total swap portfolio			$	42,636											$	(137)

(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 July 2024 to January 2025.

(4)The weighted average fixed rates for floor spread and swaption collars are the weighted average strike rates for the upper and lower bounds of the instruments.

(5)Swaps have variable pay and variable receive resets. Weighted average fixed fate column represents pay rate reset.

(6)Forward starting swaps effective starting from January 2023 to February 2023.

(7)Forward starting swaps effective starting from January 2023 to October 2027.

(8)Forward starting swaps effective starting from January 2023 to July 2024.

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As of September 30, 2023, we have $15.5 billion of interest rate swaptions with an average strike price of 5.03% to reduce the impact on capital from rising rates. These swaptions are economic hedges of interest rate risk attributable to our investment securities with the change in value of these instruments recorded in other noninterest income.

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 September 30, 2023, we had a total of $547 million of capitalized MSRs representing the right to service $33.0 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

(This section should be read in conjunction with the “Liquidity Risk” section appearing in Huntington’s 2022 Annual Report on Form 10-K for our on-going liquidity risk management processes.)

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 and 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. At September 30, 2023, management believes current sources of liquidity are sufficient to meet Huntington’s on and off-balance sheet obligations.

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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, seizure 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 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.

Our largest source of liquidity on a consolidated basis is core deposits, which provide stable and lower-cost funding. Core deposits were $144.2 billion at September 30, 2023 which comprised 97% of total deposits, compared to $142.1 billion, and 96% of total deposits, at December 31, 2022. The $2.1 billion increase in core deposits, compared to December 31, 2022, was primarily driven by an increase in consumer core deposits, partially offset by a decrease in commercial core deposits driven by shifts to off-balance sheet liquidity solutions we provide for our customers. 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.

The following table reflects deposit composition detail.

Table 17 - Deposit Composition
(dollar amounts in millions)			At September 30, 2023												At December 31, 2022
Total deposits by type:
Demand deposits—noninterest-bearing			$	31,666					21		%				$	38,242					26		%
Demand deposits—interest-bearing			39,822						27						43,136						29
Money market deposits			42,996						29						36,082						24
Savings and other domestic deposits			17,350						12						20,357						14
Core certificates of deposit (1)			12,372						8						4,324						3
Total core deposits:			144,206						97						142,141						96
Other domestic deposits of $250,000 or more			446						—						220						—
Negotiable CDs, brokered and other deposits			4,215						3						5,553						4
Total deposits			$	148,867					100		%				$	147,914					100		%
Total core deposits:
Commercial			$	61,379					43		%				$	64,107					45		%
Consumer			82,827						57						78,034						55
Total core deposits			$	144,206					100		%				$	142,141					100		%
Total deposits (insured/uninsured):
Insured deposits			$	104,183					70		%				$	100,631					68		%
Uninsured deposits (2)			44,684						30						47,283						32
Total deposits			$	148,867					100		%				$	147,914					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 September 30, 2023, the Bank Call Report uninsured deposit balance was $49.1 billion, which includes $4.5 billion of inter-company deposits. As of December 31, 2022, the Bank Call Report uninsured deposit balance was $84.6 billion, which includes $37.3 billion of inter-company deposits.

Cash and cash equivalents were $11.4 billion and $6.7 billion at September 30, 2023 and December 31, 2022, respectively. The $4.7 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.

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Total investment securities were $38.1 billion at September 30, 2023, compared to $40.5 billion at December 31, 2022. The $2.4 billion decrease in securities compared to December 31, 2022, was primarily due to runoff during the period. At September 30, 2023, the duration of the investment securities portfolio was 4.5 years, or 3.6 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 September 30, 2023, investment securities with market value of $5.2 billion were unpledged.

Sources of wholesale funding include 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 $18.2 billion at September 30, 2023, compared to $17.5 billion at December 31, 2022. The increase from year-end is primarily due to increases in long-term FHLB borrowings and senior notes, partially offset by decreases in negotiable CDs, brokered and other deposits, and short-term FHLB borrowings.

Bank Liquidity and Sources of Funding

Our primary sources of funding for the Bank are consumer and commercial core deposits. At September 30, 2023, these core deposits funded 77% of total assets (119% 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 September 30, 2023, the Bank’s available contingent borrowing capacity at the FHLB and Federal Reserve totaled $79.9 billion, compared to $53.5 billion at December 31, 2022. The increase reflects our optimization of contingent borrowing capacity through the pledge of incremental assets. The amount of available contingent borrowing capacity may fluctuate based on the level of borrowings outstanding and level of assets pledged.

Following the first quarter 2023 bank failures, the Federal Reserve Bank established the Bank Term Funding Program as an additional source of available liquidity to support depository institutions through pledging qualifying assets as collateral. The Bank has taken steps to support readiness but has not participated through September 30, 2023.

At September 30, 2023, 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 $4.1 billion and $3.5 billion at September 30, 2023 and December 31, 2022 in cash and cash equivalents, respectively.

On October 18, 2023, our Board of Directors declared a quarterly common stock cash dividend of $0.155 per common share. The dividend is payable on January 2, 2024, to shareholders of record on December 18, 2023. Based on the current quarterly dividend of $0.155 per common share, cash demands required for common stock dividends are estimated to be approximately $224 million per quarter. Additionally, on October 18, 2023, 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 January 16, 2024 to shareholders of record on January 1, 2024. On September 12, 2023, our Board of Directors declared a quarterly dividend for the Series I Preferred Stock payable on December 1, 2023 to shareholders of record on November 15, 2023. Total cash demands required for preferred stock dividends are expected to be approximately $38 million per quarter.

During the first nine months of 2023, the Bank paid preferred and common dividends to the parent company of $34 million and $1.4 billion, respectively. To meet any additional liquidity needs, the parent company may issue debt or equity securities.

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At September 30, 2023, 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.

Operational Risk

Operational risk is the risk of loss due to human error, third-party performance failures, 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 strengthen our system of internal controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, and to improve the oversight of our operational risk.

We actively monitor cyberattacks such as attempts related to online deception and loss of sensitive customer data. We evaluate internal systems, processes, and controls to mitigate loss from cyberattacks and, to date, have not experienced any material losses. Cybersecurity threats have increased, primarily through phishing campaigns. We are actively monitoring our email gateways for malicious phishing email campaigns. We have also increased our cybersecurity and fraud monitoring activities through the implementation of specific 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 cyber security risk is to avoid or minimize the impacts of 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 the attacker has the opportunity to plan and execute on its own goals. 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 cyber security may be escalated to our board-level Technology Committee, as appropriate. As a complement to the overall cyber security risk management, we use a number of internal training methods, both formally through mandatory courses and informally through written communications and other updates. Internal policies and procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks. We also use third-party services to test the effectiveness of our cyber security risk management framework, and any such third parties are required to comply with our policies regarding information security and confidentiality.

To govern operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance Committee, a Funds Movement 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. Significant findings or issues are escalated by the Third Party Risk Management Committee to the Technology Committee of the Board of Directors, 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.

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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

We consider disciplined capital management as a key objective. 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. We believe our current levels of both regulatory capital and shareholders’ equity are adequate.

The following table presents certain regulatory capital data at both the consolidated and Bank levels for each of the periods presented:

Table 18 - Regulatory Capital Data (1)
(dollar amounts in millions)									At September 30, 2023						At December 31, 2022
Total risk-weighted assets			Consolidated						$	140,688					$	141,940
			Bank						140,738						141,571
CET1 risk-based capital			Consolidated						14,211						13,290
			Bank						14,574						14,133
Tier 1 risk-based capital			Consolidated						16,705						15,467
			Bank						15,785						15,334
Tier 2 risk-based capital			Consolidated						3,141						3,106
			Bank						2,350						2,313
Total risk-based capital			Consolidated						19,846						18,573
			Bank						18,135						17,647
CET1 risk-based capital ratio			Consolidated						10.10		%				9.36		%
			Bank						10.36						9.98
Tier 1 risk-based capital ratio			Consolidated						11.87						10.90
			Bank						11.22						10.83
Total risk-based capital ratio			Consolidated						14.11						13.09
			Bank						12.89						12.47
Tier 1 leverage ratio			Consolidated						9.43						8.60
			Bank						8.53						8.54

(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 September 30, 2023 and December 31, 2022, we have phased in 50% and 25%, respectively, of the cumulative CECL deferral with the remaining impact to be recognized over the remainder of the three-year transition period.

At September 30, 2023, at both the consolidated and Bank level, we maintained Basel III capital ratios in excess of the well-capitalized standards established by the Federal Reserve. The increase in the consolidated CET1 risk-based capital ratio, compared to the prior year end, was primarily driven by current period earnings and a decline in risk-weighted assets, partially offset by dividends and the CECL transitional amount.

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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 $18.5 billion at September 30, 2023, an increase of $752 million, or 4%, when compared with December 31, 2022. The increase was primarily driven by earnings, net of dividends, and the issuance of perpetual preferred stock, partially offset by accumulated other comprehensive loss driven by changes in interest rates.

Huntington is authorized to make capital distributions that are consistent with the requirements in the Federal Reserve’s capital rule, inclusive of the SCB requirement. Huntington’s SCB requirement associated with its 2022 Capital Plan is 3.3%, effective for the period of October 1, 2022 through September 30, 2023. On April 5, 2023, Huntington submitted its 2023 Capital Plan to the Federal Reserve for supervisory review. By notice dated June 28, 2023, the Federal Reserve informed Huntington that its indicative SCB requirement associated with its 2023 Capital Plan is 3.2%, effective for the period of October 1, 2023 through September 30, 2024. Although we were not subject to the Federal Reserve’s 2023 supervisory stress test, our indicative SCB was updated for 2023 based on the dividend add-on component of the SCB.

Share Repurchases

From time to time, our Board of Directors authorizes the Company to repurchase shares of our common stock. Although we announce when the Board of Directors 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 nine months ended September 30, 2023, we repurchased no shares of common stock under the current repurchase authorization. As part of the 2023 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

To align with our strategic priorities, during the second quarter 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. 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. Prior period results have been adjusted to conform to the new segment presentation.

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Following is a description of our business segments and the Treasury/Other function:

Consumer & Regional Banking - The Consumer & Regional Banking segment provides a wide array of financial products and services to consumer and business customers including, but not limited to, deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services. We serve our customers through our network of channels, including branches, online banking, mobile banking, telephone banking, and ATMs.

We have a “Fair Play” banking philosophy: providing differentiated products and services, built on a strong foundation of customer friendly products and advocacy. Our brand resonates with consumers and businesses, helping us acquire new customers and deepen relationships with current customers. Our Fair Play banking suite of products includes 24-Hour Grace®, Perks and Asterisk-Free Checking®, Money Scout℠, $50 Safety Zone℠, Standby Cash®, Early Pay, Instant Access, The Hub, and Huntington Heads Up®.

Consumer & Regional Banking offers a comprehensive set of digitally powered consumer and business financial solutions to Consumer Lending, Regional Banking, Branch Banking, and Wealth Management customers.

Consumer Lending provides direct and indirect consumer loans, as well as dealer finance loans and deposits. The direct consumer loan products, including mortgage and home equity, are originated through branch, online, and third-party channels. Indirect consumer loans are originated through deep relationships with dealerships to finance consumer purchases of automobiles, recreational vehicles, marine craft, and powersports. We also provide dealer finance loans (including floorplan loans), deposits, and other financial products to these dealerships and their owners.

Regional Banking, along with our business and specialty banking offerings, is a dynamic part of our business and we are committed to being the bank of choice for businesses in our markets. Regional Banking is defined as serving small to mid-sized businesses. Beyond conventional lending solutions, Huntington offers access to capital markets, practice finance and SBA lending capabilities. We are the #1 SBA lender in the nation in units as of federal fiscal year end September 30, 2022. In addition, our payments business provides credit and debit cards and treasury management services to our customers. Huntington continues to develop products and services that are designed specifically to meet the needs of business customers and looks for ways to help companies find solutions to their financing needs.

Branch Banking provides a full range of financial products and services to consumer and business customers through our extensive branch and ATM network. The branch network offers full-service branches that are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin.

Wealth Management has a comprehensive product offering, including private banking, wealth management and legacy planning through investment and portfolio management, fiduciary administration and trust services, institutional custody services, and full-service retail brokerage investments.

Commercial Banking - The Commercial Banking segment provides expertise through bankers, capabilities, and digital channels, and includes a comprehensive set of product offerings. Our target clients span from mid-market to large corporates across a national footprint. The Commercial Banking segment leverages internal partnerships for wealth management, trust, insurance, payments, and treasury management capabilities. In particular, our payments capabilities continue to expand as we develop unique solutions for our diverse client segments, including Huntington ChoicePay. This segment includes customers in Middle Market Banking, Corporate, Specialty, and Government Banking, Asset Finance, Commercial Real Estate Banking, and Capital Markets.

Middle Market Banking serves the banking needs of mid-sized clients who reside in our geographic footprint. We leverage our local presence to serve our clients, extending our full suite of banking products including lending, liquidity, treasury management and other payment services, and capital markets.

Corporate, Specialty, and Government Banking serves medium to large enterprises. We focus on specific industry verticals such as government and non-profits, healthcare, technology and telecommunications, franchises, financial sponsors, and global services. Our expertise in these markets allows us to uniquely serve our clients’ sophisticated banking, capital markets, and payments requirements.

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Asset Finance serves our clients’ capital expenditure and working capital needs through equipment financing, asset-based lending, distribution finance, structured lending, and municipal financing solutions. Our relationship with large manufacturers is bolstered by a strong commitment to their dealers and financing needs.

Commercial Real Estate Banking provides banking solutions to commercial real estate developers and institutional sponsors across the nation. Within this group, Huntington Community Development improves the quality of life for our communities and the residents of low-to-moderate income neighborhoods by developing and delivering innovative products and services to support affordable housing and neighborhood stabilization, including tax credit investments.

Capital Markets delivers corporate risk management, institutional sales and trading, debt and equity issuance, and additional advisory services.

Treasury / Other - The Treasury / Other function includes technology and operations, 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.

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).

Net Income by Business Segment

Net income by business segment for the nine-month periods ending September 30, 2023 and September 30, 2022 is presented in the following table:

Table 19 - Net Income by Business Segment
			Nine months ended September 30,
(dollar amounts in millions)			2023						2022
Consumer & Regional Banking			$	1,617					$	670
Commercial Banking			1,002						803
Treasury / Other			(911)						120
Net income attributable to Huntington			$	1,708					$	1,593

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Consumer & Regional Banking
Table 20 - Key Performance Indicators for Consumer & Regional Banking
			Nine months ended September 30,												Change
(dollar amounts in millions)			2023						2022						Amount						Percent
Net interest income			$	3,569					$	2,237					$	1,332					60		%
Provision for credit losses			192						189						3						2
Noninterest income			953						979						(26)						(3)
Noninterest expense			2,283						2,179						104						5
Provision for income taxes			430						178						252						142		%
Net income attributable to Huntington			$	1,617					$	670					$	947					141		%
Number of employees (average full-time equivalent)			11,673						12,002						(329)						(3)		%
Total average assets			$	70,791					$	68,967					$	1,824					3
Total average loans/leases			64,914						62,558						2,356						4
Total average deposits			105,019						106,025						(1,006)						(1)
Net interest margin			4.47		%				2.77		%				1.70		%				61
NCOs			$	106					$	85					$	21					25
NCOs as a % of average loans and leases			0.22		%				0.18		%				0.04		%				22
Total assets under management (in billions)—eop			$	22.3					$	20.2					$	2.1					10
Total trust assets (in billions)—eop			163.4						138.2						25.2						18

Consumer & Regional Banking reported net income of $1.6 billion in the nine-month period of 2023, an increase of $947 million, or 141%, compared to the year-ago period. Segment net interest income increased $1.3 billion, or 60%, primarily due to a 170 basis point increase in NIM driven by the higher rate environment and a $2.4 billion, or 4%, increase in average loans and leases. Noninterest income decreased $26 million, or 3%, primarily due to decreases in service charges primarily reflecting the impact from program changes, lower mortgage banking income primarily reflecting lower salable volume, and in gain on sale of loans resulting from the strategic decision to retain the guaranteed portion of SBA loans at origination, partially offset by a $57 million gain on the sale of our RPS business and an increase in card and payment processing income. Noninterest expense increased $104 million, or 5%, primarily due to gains from branch sales in the nine-month period of 2022, in addition to increases in personnel expense, deposit and other insurance expense, and overhead allocations.

Commercial Banking
Table 21 - Key Performance Indicators for Commercial Banking
			Nine months ended September 30,												Change
(dollar amounts in millions)			2023						2022						Amount						Percent
Net interest income			$	1,722					$	1,327					$	395					30		%
Provision for credit losses			84						9						75						NM
Noninterest income			479						470						9						2
Noninterest expense			830						763						67						9
Provision for income taxes			270						215						55						26
Income attributable to non-controlling interest			15						7						8						114		%
Net income attributable to Huntington			$	1,002					$	803					$	199					25		%
Number of employees (average full-time equivalent)			2,258						2,079						179						9		%
Total average assets			$	64,184					$	58,699					$	5,485					9
Total average loans/leases			55,719						51,185						4,534						9
Total average deposits			36,242						34,269						1,973						6
Net interest margin			3.95		%				3.29		%				0.66		%				20
NCOs			$	73					$	(13)					$	86					NM
NCOs as a % of average loans and leases			0.17		%				(0.03)		%				0.20		%				NM

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Commercial Banking reported net income of $1.0 billion in the nine-month period of 2023, compared to $803 million in the year-ago period. Segment net interest income increased $395 million, or 30%, primarily due to a 66 basis point increase in NIM, driven by the higher rate environment resulting in an increase in spreads and an increase in average loans and leases, partially offset by an increase in average deposits. The provision for credit losses increased $75 million, due to a combination of coverage level builds in the commercial real estate portfolio and C&I loan growth during 2023. Noninterest income increased $9 million, or 2%, primarily due to increases in capital markets fees, primarily due to higher advisory fees supported by the impact of the Capstone Partners acquisition, partially offset by lower interest rate derivative and syndication fees, and in trust and investment management services. Partially offsetting these increases was a decrease in service charges on deposit accounts. Noninterest expense increased $67 million, or 9%, primarily due to an increase in personnel costs reflecting the impact of the Capstone Partners acquisition and an increase in average full-time equivalent employees, partially offset by lower lease financing equipment depreciation, equipment expense, and outside data and other processing services.

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 two 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.

Treasury / Other reported a net loss of $911 million in the nine-month period of 2023, a decrease of $1.0 billion, compared to the year-ago period, driven by a decrease in net interest income, partially offset by a decrease in provision for income tax. Treasury / Other net interest income decreased $1.4 billion, primarily due to an increase in FTP credit rates on deposits allocated to the business segments.

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.

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While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including the COVID-19 pandemic and related variants and mutations, and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs, 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; rising 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; transition away from LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; and other factors that may affect the future results of Huntington.

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.

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 percent. 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.

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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 of the Notes to Consolidated Financial Statements included in our 2022 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, fair value measurement, and goodwill. The policies, assumptions, and judgments related to fair value measurement and goodwill are described in the Critical Accounting Policies and Use of Significant Estimates section within the MD&A of Huntington’s 2022 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 September 30, 2023 represents our current estimate of the lifetime credit losses expected from our loan and lease portfolio and our unfunded lending commitments.

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.

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However, to illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. This scenario contemplates persisting inflation concerns at the Federal Reserve causing the federal funds rate to remain elevated through fourth quarter of 2023, ongoing banking industry uncertainty and the tightening of lending standards. Increased geopolitical tensions between China and Taiwan impact the supply chain for semiconductors. The threat of a wider conflict causes consumer confidence to fall. Additionally, the Russian invasion lasts longer than in the baseline scenario further impacting the supply chain. The combination of elevated inflation, banking industry uncertainty, increasing supply chain shortages, political tensions and the federal funds rate remaining elevated cause the stock market to fall. The economy falls into a recession in the fourth quarter of 2023. In response to the recession, the Federal Reserve starts lowering the federal funds rate in the first 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 5.5% and 7.8% at the end of 2023 and 2024, respectively. This forecast reflects unemployment rates that are approximately 1.8% and 3.6% higher than baseline scenario projections of 3.7% and 4.2%, respectively, for the same time periods.

To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at September 30, 2023, 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 September 30, 2023. 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.

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.

2023 3Q Form 10-Q 39

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Item 1: Financial Statements

Huntington Bancshares Incorporated

Consolidated Balance Sheets

(Unaudited)

			At September 30,						At December 31,
(dollar amounts in millions)			2023						2022
Assets
Cash and due from banks			$	1,602					$	1,796
Interest-bearing deposits at Federal Reserve Bank			9,833						4,908
Interest-bearing deposits in banks			258						214
Trading account securities			121						19
Available-for-sale securities			21,863						23,423
Held-to-maturity securities			16,148						17,052
Other securities			718						854
Loans held for sale (includes $601 and $520 respectively, measured at fair value)(1)			603						529
Loans and leases (includes $175 and $185 respectively, measured at fair value)(1)			120,853						119,523
Allowance for loan and lease losses			(2,208)						(2,121)
Net loans and leases			118,645						117,402
Bank owned life insurance			2,757						2,753
Accrued income and other receivables			1,496						1,573
Premises and equipment			1,096						1,156
Goodwill			5,561						5,571
Servicing rights and other intangible assets			718						712
Other assets			5,231						4,944
Total assets			$	186,650					$	182,906
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing			$	31,666					$	38,242
Interest-bearing			117,201						109,672
Total deposits			148,867						147,914
Short-term borrowings			681						2,027
Long-term debt			12,822						9,686
Other liabilities			5,750						5,510
Total liabilities			168,120						165,137
Commitments and Contingent Liabilities (Note 15)
Shareholders’ Equity
Preferred stock			2,484						2,167
Common stock			15						14
Capital surplus			15,363						15,309
Less treasury shares, at cost			(91)						(80)
Accumulated other comprehensive income (loss)			(3,622)						(3,098)
Retained earnings			4,334						3,419
Total Huntington shareholders’ equity			18,483						17,731
Non-controlling interest			47						38
Total equity			18,530						17,769
Total liabilities and equity			$	186,650					$	182,906
Common shares authorized (par value of $0.01)			2,250,000,000						2,250,000,000
Common shares outstanding			1,448,075,093						1,443,068,036
Treasury shares outstanding			7,391,874						6,322,052
Preferred stock, authorized shares			6,617,808						6,617,808
Preferred shares outstanding			882,500						557,500

(1)Amounts represent loans for which Huntington has elected the fair value option. See Note 12 “Fair Values of Assets and Liabilities”.

See Notes to Unaudited Consolidated Financial Statements

40 Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated
Consolidated Statements of Income
(Unaudited)
			Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions, except per share data, share count in thousands)			2023						2022						2023						2022
Interest and fee income:
Loans and leases			$	1,764					$	1,268					$	5,022					$	3,350
Available-for-sale securities
Taxable			259						165						743						378
Tax-exempt			29						20						78						52
Held-to-maturity securities—taxable			99						95						303						251
Other securities—taxable			19						7						40						18
Other			143						34						380						66
Total interest income			2,313						1,589						6,566						4,115
Interest expense:
Deposits			713						92						1,689						128
Short-term borrowings			17						22						151						36
Long-term debt			215						71						603						140
Total interest expense			945						185						2,443						304
Net interest income			1,368						1,404						4,123						3,811
Provision for credit losses			99						106						276						198
Net interest income after provision for credit losses			1,269						1,298						3,847						3,613
Service charges on deposit accounts			97						93						267						295
Card and payment processing income			103						96						298						278
Capital markets fees			49						73						165						169
Trust and investment management services			62						60						192						188
Mortgage banking income			27						26						86						119
Leasing revenue			32						29						83						91
Insurance income			31						28						95						86
Gain on sale of loans			2						15						13						55
Bank owned life insurance income			18						13						50						41
Net (losses) gains on sales of securities			—						—						(4)						—
Other noninterest income			88						65						271						160
Total noninterest income			509						498						1,516						1,482
Personnel costs			622						614						1,884						1,771
Outside data processing and other services			149						145						448						463
Equipment			65						60						193						202
Net occupancy			67						63						181						185
Marketing			29						24						86						69
Professional services			27						18						64						56
Deposit and other insurance expense			25						15						68						53
Amortization of intangibles			12						13						38						40
Lease financing equipment depreciation			6						11						22						36
Other noninterest expense			88						90						242						249
Total noninterest expense			1,090						1,053						3,226						3,124
Income before income taxes			688						743						2,137						1,971
Provision for income taxes			136						146						414						371
Income after income taxes			552						597						1,723						1,600
Income attributable to non-controlling interest			5						3						15						7
Net income attributable to Huntington			547						594						1,708						1,593
Dividends on preferred shares			37						29						106						85
Net income applicable to common shares			$	510					$	565					$	1,602					$	1,508
Average common shares—basic			1,447,993						1,442,591						1,445,878						1,440,740
Average common shares—diluted			1,467,611						1,465,083						1,467,537						1,464,234
Per common share:
Net income—basic			$	0.35					$	0.39					$	1.11					$	1.05
Net income—diluted			0.35						0.39						1.09						1.03
See Notes to Unaudited Consolidated Financial Statements

2023 3Q Form 10-Q 41

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Huntington Bancshares Incorporated

Consolidated Statements of Comprehensive Income

(Unaudited)

			Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)			2023						2022						2023						2022
Net income attributable to Huntington			$	547					$	594					$	1,708					$	1,593
Other comprehensive income (loss), net of tax:
Net unrealized gains (losses) on available-for-sale securities			(633)						(971)						(529)						(2,970)
Net impact of fair value hedges on available-for-sale securities			67						250						34						705
Net change related to cash flow hedges on loans			(50)						(456)						(30)						(782)
Translation adjustments, net of hedges			(1)						(4)						—						(6)
Change in accumulated unrealized gains for pension and other post-retirement obligations			1						3						1						6
Other comprehensive income (loss), net of tax			(616)						(1,178)						(524)						(3,047)
Comprehensive income (loss) attributable to Huntington			(69)						(584)						1,184						(1,454)
Comprehensive income attributed to non-controlling interest			5						3						15						7
Comprehensive income (loss)			$	(64)					$	(581)					$	1,199					$	(1,447)

See Notes to Unaudited Consolidated Financial Statements

42 Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated

Consolidated Statements of Changes in Shareholders’ Equity

(Unaudited)

(dollar amounts in millions, share amounts in thousands)			Preferred Stock						Common Stock												Capital Surplus						Treasury Stock												AOCI						Retained Earnings						Huntington Shareholders’ Equity						Non-controlling						Total
			Amount						Shares						Amount												Shares						Amount																								Interest						Equity
Three months ended September 30, 2023
Balance, beginning of period			$	2,484					1,455,312						$	15					$	15,335					(7,430)						$	(92)					$	(3,006)					$	4,052					$	18,788					$	50					$	18,838
Net income																																													547						547						5						552
Other comprehensive income (loss), net of tax																																							(616)												(616)												(616)
Cash dividends declared:
Common ($0.155 per share)																																													(228)						(228)												(228)
Preferred																																													(37)						(37)												(37)
Recognition of the fair value of share-based compensation																					26																														26												26
Other share-based compensation activity									155						—						2																								—						2												2
Other																					—						38						1						—						—						1						(8)						(7)
Balance, end of period			$	2,484					1,455,467						$	15					$	15,363					(7,392)						$	(91)					$	(3,622)					$	4,334					$	18,483					$	47					$	18,530
Three months ended September 30, 2022
Balance, beginning of period			$	2,167					1,448,885						$	14					$	15,261					(6,691)						$	(85)					$	(2,098)					$	2,691					$	17,950					$	29					$	17,979
Net income																																													594						594						3						597
Other comprehensive (loss) income, net of tax																																							(1,178)												(1,178)												(1,178)
Cash dividends declared:
Common ($0.155 per share)																																													(227)						(227)												(227)
Preferred																																													(29)						(29)												(29)
Recognition of the fair value of share-based compensation																					19																														19												19
Other share-based compensation activity									191						—						2																								—						2												2
Other																					—						349						5												—						5						3						8
Balance, end of period			$	2,167					1,449,076						$	14					$	15,282					(6,342)						$	(80)					$	(3,276)					$	3,029					$	17,136					$	35					$	17,171

See Notes to Unaudited Consolidated Financial Statements

2023 3Q Form 10-Q 43

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(dollar amounts in millions, share amounts in thousands)			Preferred Stock						Common Stock												Capital Surplus						Treasury Stock												AOCI						Retained Earnings						Huntington Shareholders’ Equity						Non-controlling Interest						Total Equity
			Amount						Shares						Amount												Shares						Amount
Nine months ended September 30, 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 income																																													1,708						1,708						15						1,723
Other comprehensive income (loss), net of tax																																							(524)												(524)												(524)
Net proceeds from issuance of Series J Preferred Stock			317																																																317												317
Cash dividends declared:
Common ($0.465 per share)																																													(683)						(683)												(683)
Preferred																																													(106)						(106)												(106)
Recognition of the fair value of share-based compensation																					73																														73												73
Other share-based compensation activity									6,077						1						(19)																								(4)						(22)												(22)
Other																					—						(1,070)						(11)						—						—						(11)						(6)						(17)
Balance, end of period			$	2,484					1,455,467						$	15					$	15,363					(7,392)						$	(91)					$	(3,622)					$	4,334					$	18,483					$	47					$	18,530
Nine months ended September 30, 2022
Balance, beginning of period			$	2,167					1,444,040						$	14					$	15,222					(6,298)						$	(79)					$	(229)					$	2,202					$	19,297					$	21					$	19,318
Net income																																													1,593						1,593						7						1,600
Other comprehensive income (loss), net of tax																																							(3,047)												(3,047)												(3,047)
Cash dividends declared:
Common ($0.465 per share)																																													(681)						(681)												(681)
Preferred																																													(85)						(85)												(85)
Recognition of the fair value of share-based compensation																					82																														82												82
Other share-based compensation activity									5,036						—						(22)																								—						(22)												(22)
Other																					—						(44)						(1)												—						(1)						7						6
Balance, end of period			$	2,167					1,449,076						$	14					$	15,282					(6,342)						$	(80)					$	(3,276)					$	3,029					$	17,136					$	35					$	17,171

See Notes to Unaudited Consolidated Financial Statements

44 Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated

Consolidated Statements of Cash Flows

(Unaudited)

			Nine months ended September 30,
(dollar amounts in millions)			2023						2022
Operating activities
Net income			$	1,723					$	1,600
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses			276						198
Depreciation and amortization			558						355
Share-based compensation expense			73						82
Deferred income tax expense			12						164
Net change in:
Trading account securities			(102)						15
Loans held for sale			(159)						464
Other assets			(915)						(1,109)
Other liabilities			289						893
Other, net			4						8
Net cash provided by operating activities			1,759						2,670
Investing activities
Change in interest bearing deposits in banks			(24)						287
Net cash paid from business combinations			—						(223)
Proceeds from:
Maturities and calls of available-for-sale securities			1,743						3,298
Maturities and calls of held-to-maturity securities			1,132						2,306
Maturities and calls of other securities			596						829
Sales of available-for-sale securities			738						—
Sales of other securities			143						9
Purchases of available-for-sale securities			(1,710)						(6,365)
Purchases of held-to-maturity securities			(255)						(2,845)
Purchases of other securities			(603)						(1,009)
Net proceeds from sales of portfolio loans and leases			355						937
Principal payments received under direct finance and sales-type leases			1,411						1,389
Net loan and lease activity, excluding sales and purchases			(3,273)						(8,375)
Purchases of premises and equipment			(80)						(165)
Purchases of loans and leases			(52)						(569)
Net accrued income and other receivables activity			126						96
Other, net			65						54
Net cash (used in) provided by investing activities			312						(10,346)
Financing activities
Increase in deposits			953						3,050
Increase (decrease) in short-term borrowings			(1,066)						783
Net proceeds from issuance of long-term debt			14,897						5,379
Maturity/redemption of long-term debt			(11,632)						(1,902)
Dividends paid on preferred stock			(97)						(84)
Dividends paid on common stock			(674)						(673)
Net proceeds from issuance of preferred stock			317						—
Other, net			(38)						(23)
Net cash provided by financing activities			2,660						6,530
Increase (decrease) in cash and cash equivalents			4,731						(1,146)
Cash and cash equivalents at beginning of period			6,704						5,522
Cash and cash equivalents at end of period			$	11,435					$	4,376

2023 3Q Form 10-Q 45

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			Nine months ended September 30,
(dollar amounts in millions)			2023						2022
Supplemental disclosures:
Interest paid			$	2,342					$	269
Income taxes (received) paid			6						(113)
Non-cash activities
Loans transferred to held-for-sale from portfolio			336						764
Loans transferred to portfolio from held-for-sale			18						65
Transfer of securities from available-for-sale to held-to-maturity			—						4,225

See Notes to Unaudited Consolidated Financial Statements

46 Huntington Bancshares Incorporated

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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 2022 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.

During the 2023 second quarter, Huntington revised its process for assessing and monitoring the risk and performance of non-real estate secured commercial loans, primarily loans to REITs. These loans were reclassified from commercial real estate to the commercial and industrial loan category to align reporting with this process revision. All prior period results have been adjusted to conform to the current presentation.

During the 2023 second quarter, Huntington completed an organizational realignment and now reports 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. 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. Prior period results have been adjusted to conform to the new segment presentation. See Note 16 “Segment Reporting” for a description of our business segments.

Effective January 1, 2023, Huntington adopted ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings (TDR) and Vintage Disclosures, which removed the existing measurement and disclosure requirements for TDR loans and added additional disclosure requirements related to modifications provided to borrowers experiencing financial difficulty. Prior to adoption a change in contractual terms of a loan where a borrower was experiencing financial difficulty and received a concession not available through other sources the loans was required to be disclosed as a TDR, whereas now a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed. Huntington may modify loans to borrowers experiencing financial difficulty as a way of managing risk and mitigating credit loss from the borrower. Huntington may make various types of modifications and may in certain circumstances use a combination of modification types in order to mitigate future loss. The amount of defined modifications given to borrowers experiencing financial difficulty is disclosed in the Notes to the Consolidated Financial Statements, along with the financial impact of those modifications.

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.

2023 3Q Form 10-Q 47

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2. ACCOUNTING STANDARDS UPDATE

Accounting standards adopted in the current period

Standard

Summary of guidance

Effects on financial Statements

ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022

•The amendments in this update eliminate TDR accounting while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross charge-offs by year of origination for financing receivables and net investments in leases.

•Management adopted the guidance during the first quarter 2023. •The ASU has been applied prospectively, except the portion of the standard related to the recognition and measurement of TDRs where we elected to use a modified retrospective transition method. •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

Effects 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. •Required that a liability be recorded for delayed equity contributions. •Expands disclosure requirements for the nature of investments and financial statement effect.

•Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. •Early adoption is permitted in any interim period. •If adopted in an interim period, it shall be adopted as if adopted at the beginning of the fiscal year. •The amendments can be applied in retrospective or modified retrospective basis, with a cumulative effect adjustment reflected in retained earnings. •Huntington does not expect adoption of the standard to have a material impact on its Unaudited Consolidated Financial Statements.

48 Huntington Bancshares Incorporated

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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 at September 30, 2023 and December 31, 2022:

									Unrealized
(dollar amounts in millions)			Amortized Cost (1)(2)						Gross Gains						Gross Losses						Fair Value
At September 30, 2023
Available-for-sale securities:
U.S. Treasury			$	5					$	—					$	—					$	5
Federal agencies:
Residential CMO			3,661						1						(531)						3,131
Residential MBS			13,445						—						(2,529)						10,916
Commercial MBS			2,544						—						(815)						1,729
Other agencies			168						—						(9)						159
Total U.S. Treasury, federal agency, and other agency securities			19,823						1						(3,884)						15,940
Municipal securities			3,702						1						(226)						3,477
Private-label CMO			133						—						(15)						118
Asset-backed securities			391						—						(40)						351
Corporate debt			2,209						109						(345)						1,973
Other securities/Sovereign debt			4						—						—						4
Total available-for-sale securities			$	26,262					$	111					$	(4,510)					$	21,863
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	4,881					$	—					$	(839)					$	4,042
Residential MBS			9,578						—						(1,691)						7,887
Commercial MBS			1,580						—						(300)						1,280
Other agencies			107						—						(9)						98
Total federal agency and other agency securities			16,146						—						(2,839)						13,307
Municipal securities			2						—						—						2
Total held-to-maturity securities			$	16,148					$	—					$	(2,839)					$	13,309
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock			$	156					$	—					$	—					$	156
Federal Reserve Bank stock			517						—						—						517
Equity securities			15						—						—						15
Other securities, at fair value:
Mutual funds			29						—						—						29
Equity securities			1						—						—						1
Total other securities			$	718					$	—					$	—					$	718

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At September 30, 2023, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $70 million and $37 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 $916 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, 2022
Available-for-sale securities:
U.S. Treasury			$	103					$	—					$	—					$	103
Federal agencies:
Residential CMO			3,336						—						(422)						2,914
Residential MBS			14,349						4						(2,090)						12,263
Commercial MBS			2,565						—						(612)						1,953
Other agencies			190						1						(9)						182
Total U.S. Treasury, federal agency, and other agency securities			20,543						5						(3,133)						17,415
Municipal securities			3,527						1						(238)						3,290
Private-label CMO			146						—						(18)						128
Asset-backed securities			416						—						(44)						372
Corporate debt			2,467						132						(385)						2,214
Other securities/Sovereign debt			4						—						—						4
Total available-for-sale securities			$	27,103					$	138					$	(3,818)					$	23,423
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	4,970					$	4					$	(714)					$	4,260
Residential MBS			10,295						—						(1,375)						8,920
Commercial MBS			1,652						—						(204)						1,448
Other agencies			133						—						(9)						124
Total federal agency and other agency securities			17,050						4						(2,302)						14,752
Municipal securities			2						—						—						2
Total held-to-maturity securities			$	17,052					$	4					$	(2,302)					$	14,754
Other securities, at cost:
Non-marketable equity securities:
Federal Home Loan Bank stock			$	312					$	—					$	—					$	312
Federal Reserve Bank stock			500						—						—						500
Equity securities			10						—						—						10
Other securities, at fair value:
Mutual funds			31						—						—						31
Equity securities			1						—						—						1
Total other securities			$	854					$	—					$	—					$	854

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheets. At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 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 $849 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 at September 30, 2023 and December 31, 2022. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.

			At September 30, 2023												At December 31, 2022
(dollar amounts in millions)			Amortized Cost						Fair Value						Amortized Cost						Fair Value
Available-for-sale securities:
Under 1 year			$	434					$	425					$	518					$	511
After 1 year through 5 years			2,636						2,437						2,182						2,033
After 5 years through 10 years			2,537						2,321						3,106						2,814
After 10 years			20,655						16,680						21,297						18,065
Total available-for-sale securities			$	26,262					$	21,863					$	27,103					$	23,423
Held-to-maturity securities:
Under 1 year			$	1					$	1					$	—					$	—
After 1 year through 5 years			52						49						72						68
After 5 years through 10 years			72						66						71						66
After 10 years			16,023						13,193						16,909						14,620
Total held-to-maturity securities			$	16,148					$	13,309					$	17,052					$	14,754

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 at September 30, 2023 and December 31, 2022:

			Less than 12 Months												Over 12 Months												Total
(dollar amounts in millions)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
At September 30, 2023
Available-for-sale securities:
Federal agencies:
Residential CMO			$	544					$	(16)					$	2,587					$	(515)					$	3,131					$	(531)
Residential MBS			456						(21)						10,461						(2,508)						10,917						(2,529)
Commercial MBS			—						—						1,729						(815)						1,729						(815)
Other agencies			16						—						73						(9)						89						(9)
Total federal agency and other agency securities			1,016						(37)						14,850						(3,847)						15,866						(3,884)
Municipal securities			713						(29)						2,665						(197)						3,378						(226)
Private-label CMO			—						—						95						(15)						95						(15)
Asset-backed securities			—						—						351						(40)						351						(40)
Corporate debt			—						—						1,973						(345)						1,973						(345)
Total temporarily impaired available-for-sale securities			$	1,729					$	(66)					$	19,934					$	(4,444)					$	21,663					$	(4,510)
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	561					$	(16)					$	3,481					$	(823)					$	4,042					$	(839)
Residential MBS			150						(7)						7,737						(1,684)						7,887						(1,691)
Commercial MBS			—						—						1,280						(300)						1,280						(300)
Other agencies			—						—						98						(9)						98						(9)
Total federal agency and other agency securities			711						(23)						12,596						(2,816)						13,307						(2,839)
Total temporarily impaired held-to-maturity securities			$	711					$	(23)					$	12,596					$	(2,816)					$	13,307					$	(2,839)

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			Less than 12 Months												Over 12 Months												Total
(dollar amounts in millions)			Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses						Fair Value						Gross Unrealized Losses
At December 31, 2022
Available-for-sale securities:
Federal agencies:
Residential CMO			$	2,096					$	(224)					$	818					$	(198)					$	2,914					$	(422)
Residential MBS			2,455						(286)						9,490						(1,804)						11,945						(2,090)
Commercial MBS			1,090						(249)						863						(363)						1,953						(612)
Other agencies			40						(1)						56						(8)						96						(9)
Total federal agency and other agency securities			5,681						(760)						11,227						(2,373)						16,908						(3,133)
Municipal securities			2,298						(174)						807						(64)						3,105						(238)
Private-label CMO			64						(13)						43						(5)						107						(18)
Asset-backed securities			174						(10)						199						(34)						373						(44)
Corporate debt			727						(105)						1,487						(280)						2,214						(385)
Total temporarily impaired available-for-sale securities			$	8,944					$	(1,062)					$	13,763					$	(2,756)					$	22,707					$	(3,818)
Held-to-maturity securities:
Federal agencies:
Residential CMO			$	1,702					$	(238)					$	2,283					$	(476)					$	3,985					$	(714)
Residential MBS			4,151						(462)						4,711						(913)						8,862						(1,375)
Commercial MBS			1,201						(154)						247						(50)						1,448						(204)
Other agencies			124						(9)						—						—						124						(9)
Total federal agency and other agency securities			7,178						(863)						7,241						(1,439)						14,419						(2,302)
Total temporarily impaired held-to-maturity securities			$	7,178					$	(863)					$	7,241					$	(1,439)					$	14,419					$	(2,302)

At September 30, 2023 and December 31, 2022, the carrying value of investment securities pledged: (i) to secure certain uninsured deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements, and (ii) to support borrowing capacity totaled $32.6 billion and $26.9 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 September 30, 2023 or December 31, 2022. At September 30, 2023, all HTM debt securities are considered investment grade. In addition, there were no HTM debt securities considered past due at September 30, 2023.

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 September 30, 2023, 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 September 30, 2023 or December 31, 2022. A $4 million charge-off was recognized during the 2022 first quarter for one municipal bond classified as an AFS debt security.

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4. LOANS AND LEASES

The following table provides a detailed listing of Huntington’s loan and lease portfolio at September 30, 2023 and December 31, 2022.

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Commercial loan and lease portfolio:
Commercial and industrial			$	49,422					$	48,121
Commercial real estate			12,668						13,640
Lease financing			5,161						5,252
Total commercial loan and lease portfolio			67,251						67,013
Consumer loan portfolio:
Residential mortgage			23,427						22,226
Automobile			12,724						13,154
Home equity			10,118						10,375
RV and marine			5,937						5,376
Other consumer			1,396						1,379
Total consumer loan portfolio			53,602						52,510
Total loans and leases (1)(2)			120,853						119,523
Allowance for loan and lease losses			(2,208)						(2,121)
Net loans and leases			$	118,645					$	117,402

(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) premium of $(150) million and $3 million at September 30, 2023 and December 31, 2022, respectively.

(2)The total amount of accrued interest recorded for these loans and leases at September 30, 2023, was $323 million and $209 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2022, was $274 million and $186 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Consolidated Balance Sheets.

Lease Financing

The following table presents net investments in lease financing receivables by category at September 30, 2023 and December 31, 2022.

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Lease payments receivable			$	4,867					$	4,916
Estimated residual value of leased assets			805						788
Gross investment in lease financing receivables			5,672						5,704
Deferred origination costs			53						46
Deferred fees, unearned income and other			(564)						(498)
Total lease financing receivables			$	5,161					$	5,252

The carrying value of residual values guaranteed was $481 million and $466 million as of September 30, 2023 and December 31, 2022, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at September 30, 2023, totaled $4.9 billion and were due as follows: $813 million in 2023, $792 million in 2024, $722 million in 2025, $778 million in 2026, $764 million in 2027, and $998 million thereafter. Interest income recognized for these types of leases was $73 million and $41 million for the three-month periods ended September 30, 2023 and 2022, respectively. For the nine-month periods ended September 30, 2023 and 2022, interest income recognized for these types of leases was $211 million and $117 million, respectively.

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Nonaccrual and Past Due Loans and Leases

The following table presents NALs by class at September 30, 2023 and December 31, 2022:

			At September 30, 2023												At December 31, 2022
(dollar amounts in millions)			Nonaccrual loans and leases with no ACL						Total nonaccrual loans and leases						Nonaccrual loans and leases with no ACL						Total nonaccrual loans and leases
Commercial and industrial			$	48					$	314					$	49					$	288
Commercial real estate			69						102						63						92
Lease financing			3						14						—						18
Residential mortgage			—						75						—						90
Automobile			—						4						—						4
Home equity			—						82						—						76
RV and marine			—						1						—						1
Total nonaccrual loans and leases			$	120					$	592					$	112					$	569

The following tables present an aging analysis of loans and leases, by class at September 30, 2023 and December 31, 2022:

			Past Due (1)																																				Loans Accounted for Under FVO						Total 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						Total						Current
At September 30, 2023
Commercial and industrial			$	45					$	31					$	81					$	157					$	49,265											$	—					$	49,422					$	—
Commercial real estate			21						5						27						53						12,615												—						12,668						—
Lease financing			39						18						9						66						5,095												—						5,161						7			(2)
Residential mortgage			230						68						170						468						22,785												174						23,427						124			(3)
Automobile			81						20						11						112						12,612												—						12,724						8
Home equity			56						28						76						160						9,957												1						10,118						19
RV and marine			17						5						3						25						5,912												—						5,937						2
Other consumer			11						5						3						19						1,377												—						1,396						3
Total loans and leases			$	500					$	180					$	380					$	1,060					$	119,618											$	175					$	120,853					$	163
At December 31, 2022
Commercial and industrial			$	53					$	19					$	108					$	180					$	47,941											$	—					$	48,121					$	23		(4)
Commercial real estate			2						1						9						12						13,628												—						13,640						—
Lease financing			36						18						10						64						5,188												—						5,252						9			(2)
Residential mortgage			246						69						199						514						21,528												184						22,226						146			(3)
Automobile			88						20						11						119						13,035												—						13,154						9
Home equity			56						30						66						152						10,222												1						10,375						15
RV and marine			15						5						3						23						5,353												—						5,376						3
Other consumer			13						3						3						19						1,360												—						1,379						2
Total loans and leases			$	509					$	165					$	409					$	1,083					$	118,255											$	185					$	119,523					$	207

(1)NALs are included in this aging analysis based on the loan’s past due status.

(2)Amounts include Huntington Technology Finance administrative lease delinquencies.

(3)Amounts include mortgage loans insured by U.S. government agencies.

(4)Amounts include SBA loans and leases.

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Credit Quality Indicators

See Note 5 “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2022 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.

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.

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The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator at September 30, 2023 and December 31, 2022 respectively:

						At September 30, 2023
						Term Loans Amortized Cost Basis by Origination Year																																				Revolver Total at Amortized Cost Basis						Revolver Total Converted to Term Loans
(dollar amounts in millions)						2023						2022						2021						2020						2019						Prior																		Total
Commercial and industrial
Credit Quality Indicator (1):
Pass						$	12,138					$	11,025					$	4,096					$	2,354					$	1,381					$	1,593					$	13,929					$	5					$	46,521
OLEM						98						214						81						31						15						13						344						—						796
Substandard						306						324						193						159						151						230						732						—						2,095
Doubtful						9						1						—						—						—						—						—						—						10
Total Commercial and industrial						$	12,551					$	11,564					$	4,370					$	2,544					$	1,547					$	1,836					$	15,005					$	5					$	49,422
Commercial real estate
Credit Quality Indicator (1):
Pass						$	1,200					$	3,562					$	2,050					$	1,154					$	1,294					$	1,469					$	533					$	—					$	11,262
OLEM						117						290						116						53						33						25						1						—						635
Substandard						152						234						103						18						133						115						16						—						771
Total Commercial real estate						$	1,469					$	4,086					$	2,269					$	1,225					$	1,460					$	1,609					$	550					$	—					$	12,668
Lease financing
Credit Quality Indicator (1):
Pass						$	1,449					$	1,479					$	933					$	680					$	298					$	155					$	—					$	—					$	4,994
OLEM						4						10						9						9						3						1						—						—						36
Substandard						8						49						38						13						14						8						—						—						130
Doubtful						—						—						1						—						—						—						—						—						1
Total Lease financing						$	1,461					$	1,538					$	981					$	702					$	315					$	164					$	—					$	—					$	5,161
Residential mortgage
Credit Quality Indicator (2):
750+						$	1,609					$	3,972					$	6,077					$	3,330					$	769					$	2,253					$	—					$	—					$	18,010
650-749						882						1,023						970						515						188						794						—						—						4,372
<650						54						72						81						64						86						514						—						—						871
Total Residential mortgage						$	2,545					$	5,067					$	7,128					$	3,909					$	1,043					$	3,561					$	—					$	—					$	23,253
Automobile
Credit Quality Indicator (2):
750+						$	1,993					$	2,158					$	1,709					$	862					$	457					$	135					$	—					$	—					$	7,314
650-749						1,250						1,423						1,007						426						205						78						—						—						4,389
<650						164						306						294						134						75						48						—						—						1,021
Total Automobile						$	3,407					$	3,887					$	3,010					$	1,422					$	737					$	261					$	—					$	—					$	12,724
Home equity
Credit Quality Indicator (2):
750+						$	322					$	443					$	530					$	553					$	18					$	261					$	4,490					$	231					$	6,848
650-749						99						103						68						59						7						105						2,046						231						2,718
<650						2						6						4						3						2						45						360						129						551
Total Home equity						$	423					$	552					$	602					$	615					$	27					$	411					$	6,896					$	591					$	10,117
RV and marine
Credit Quality Indicator (2):
750+						$	1,070					$	1,007					$	899					$	616					$	308					$	647					$	—					$	—					$	4,547
650-749						273						256						260						164						95						222						—						—						1,270
<650						4						13						22						19						15						47						—						—						120
Total RV and marine						$	1,347					$	1,276					$	1,181					$	799					$	418					$	916					$	—					$	—					$	5,937
Other consumer
Credit Quality Indicator (2):
750+						$	152					$	89					$	44					$	22					$	20					$	53					$	398					$	3					$	781
650-749						75						48						19						7						6						13						366						14						548
<650						4						6						3						1						2						1						37						13						67
Total Other consumer						$	231					$	143					$	66					$	30					$	28					$	67					$	801					$	30					$	1,396

(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.

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						At December 31, 2022
						Term Loans Amortized Cost Basis by Origination Year																																				Revolver Total at Amortized Cost Basis						Revolver Total Converted to Term Loans
(dollar amounts in millions)						2022						2021						2020						2019						2018						Prior																		Total
Commercial and industrial
Credit Quality Indicator (1):
Pass						$	18,092					$	6,742					$	3,332					$	2,107					$	1,156					$	1,186					$	13,060					$	3					$	45,678
OLEM						108						139						72						21						49						26						113						—						528
Substandard						368						183						203						212						142						256						550						—						1,914
Doubtful						—						—						—						—						—						1						—						—						1
Total Commercial and industrial						$	18,568					$	7,064					$	3,607					$	2,340					$	1,347					$	1,469					$	13,723					$	3					$	48,121
Commercial real estate
Credit Quality Indicator (1):
Pass						$	4,022					$	3,115					$	1,562					$	1,662					$	829					$	1,020					$	519					$	—					$	12,729
OLEM						61						53						1						43						6						9						—						—						173
Substandard						231						116						92						74						84						140						1						—						738
Total Commercial real estate						$	4,314					$	3,284					$	1,655					$	1,779					$	919					$	1,169					$	520					$	—					$	13,640
Lease financing
Credit Quality Indicator (1):
Pass						$	1,930					$	1,291					$	952					$	447					$	186					$	143					$	—					$	—					$	4,949
OLEM						32						9						15						18						6						3						—						—						83
Substandard						65						37						74						24						9						11						—						—						220
Total Lease financing						$	2,027					$	1,337					$	1,041					$	489					$	201					$	157					$	—					$	—					$	5,252
Residential mortgage
Credit Quality Indicator (2):
750+						$	3,666					$	6,274					$	3,566					$	846					$	469					$	2,070					$	—					$	—					$	16,891
650-749						1,394						1,172						617						211						137						777						—						—						4,308
<650						49						68						61						95						90						480						—						—						843
Total Residential mortgage						$	5,109					$	7,514					$	4,244					$	1,152					$	696					$	3,327					$	—					$	—					$	22,042
Automobile
Credit Quality Indicator (2):
750+						$	2,770					$	2,212					$	1,243					$	777					$	289					$	98					$	—					$	—					$	7,389
650-749						1,944						1,508						683						367						162						52						—						—						4,716
<650						307						352						173						115						67						35						—						—						1,049
Total Automobile						$	5,021					$	4,072					$	2,099					$	1,259					$	518					$	185					$	—					$	—					$	13,154
Home equity
Credit Quality Indicator (2):
750+						$	463					$	573					$	611					$	23					$	20					$	301					$	4,787					$	252					$	7,030
650-749						131						88						68						9						8						122						2,129						261						2,816
<650						3						3						3						2						2						51						335						129						528
Total Home equity						$	597					$	664					$	682					$	34					$	30					$	474					$	7,251					$	642					$	10,374
RV and marine
Credit Quality Indicator (2):
750+						$	1,148					$	1,031					$	731					$	361					$	354					$	438					$	—					$	—					$	4,063
650-749						290						315						200						118						113						169						—						—						1,205
<650						5						18						15						17						17						36						—						—						108
Total RV and marine						$	1,443					$	1,364					$	946					$	496					$	484					$	643					$	—					$	—					$	5,376
Other consumer
Credit Quality Indicator (2):
750+						$	207					$	64					$	35					$	34					$	13					$	52					$	393					$	3					$	801
650-749						71						30						12						15						4						14						355						16						517
<650						3						3						2						3						1						2						33						14						61
Total Other consumer						$	281					$	97					$	49					$	52					$	18					$	68					$	781					$	33					$	1,379

(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.

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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)						2023						2022						2021						2020						2019						Prior																		Total
Three months ended September 30, 2023
Commercial and industrial						$	2					$	21					$	6					$	6					$	15					$	1					$	3					$	—					$	54
Commercial real estate						5						6						—						—						10						—						7						—						28
Lease Financing						—						3						—						—						—						—						—						—						3
Residential mortgage						—						—						—						—						—						1						—						—						1
Automobile						1						5						3						1						1						1						—						—						12
Home equity						—						—						—						—						—						1						—						1						2
RV and marine						—						—						1						1						1						2						—						—						5
Other consumer						5						5						3						1						1						4						—						7						26
Total						$	13					$	40					$	13					$	9					$	28					$	10					$	10					$	8					$	131
Nine months ended September 30, 2023
Commercial and industrial						$	4					$	39					$	23					$	13					$	26					$	11					$	7					$	1					$	124
Commercial real estate						5						9						19						—						15						5						7						—						60
Lease Financing						—						3						1						1						—						1						—						—						6
Residential mortgage						—						—						1						—						—						3						—						—						4
Automobile						1						11						11						5						4						3						—						—						35
Home equity						—						—						—						—						—						1						1						4						6
RV and marine						—						1						2						2						2						5						—						—						12
Other consumer						8						18						11						4						4						10						—						20						75
Total						$	18					$	81					$	68					$	25					$	51					$	39					$	15					$	25					$	322

Modifications to Debtors Experiencing Financial Difficulty

Effective January 1, 2023, Huntington adopted ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. For additional information on the adoption, refer to both Note 1 “Basis of Presentation” and Note 2 “Accounting Standards Update.”

Huntington will modify the contractual terms of loans to a borrower experiencing financial difficulties as a way to mitigate loss, proactively work with borrowers in financial difficulty, or to comply with regulations regarding the treatment of certain bankruptcy filing and discharge situations.

A debtor is considered to be experiencing financial difficulty when there is significant doubt about the debtor’s ability to make required payments on the debt or to get equivalent financing from another creditor at a market rate for similar debt. A loan placed on nonaccrual because the borrower is experiencing financial difficulty may be returned to accrual status when all contractually due interest and principal has been paid and the borrower demonstrates the financial capacity to continue to pay as agreed, with the risk of loss diminished.

Reported Modification Types

Modifications in the form of principal forgiveness, an interest rate reduction, an other than insignificant payment delay or a term extension that have occurred in the current reporting period to a borrower experiencing financial difficulty are disclosed along with the financial impact of the modifications.

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Huntington will generally try other forms of relief before principal forgiveness but would define any contractual reduction in the amount of principal due without receiving payment or assets as forgiveness. For the purpose of the disclosure Huntington considers any contractual change in interest rate that results in the borrower receiving a below market rate to be an interest rate reduction. Many factors can go into what is considered an other than insignificant payment delay such as the significance of the restructured payment amount relative to the normal loan payment or the relative significance of the delay to the original loan terms. Generally, Huntington would consider any delay in payment of greater than 90 days in the last 12 months to be significant. For the purpose of the disclosure modification of contingent payment features or covenants that would have accelerated payment are not considered term extensions.

Following is a description of what is considered a borrower experiencing financial difficulty by the different loan types:

Commercial loan modifications – Our strategy involving commercial borrowers generally includes working with these borrowers to allow them time to improve their financial position and remain a Huntington customer through restructuring their notes or to restructure elsewhere if necessary. Borrowers that are rated substandard or worse in accordance with the regulatory definition, or that cannot otherwise restructure at market terms and conditions, are considered to be experiencing financial difficulty. A subsequent restructuring or modification of a loan may occur when either the loan matures according to the terms of the modified agreement, or the borrower requests a change to the loan agreements. It is subjected to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The restructured note is evaluated to determine if it is considered a new loan or a continuation of the prior loan. 

Consumer loan modifications – Consumer loans in which a borrower requires a modification as a result of negative changes to their financial condition or to avoid default, generally indicate the borrower is experiencing financial difficulty. The primary modifications made to consumer loans are amortization, maturity date and interest rate changes. Consumer borrowers identified as experiencing financial difficulty are unable to refinance their loans through the Company’s normal origination channels or through other independent sources. Most, but not all, of the loans may be delinquent. The Company’s primary loan categories that receive modifications are residential mortgage, automobile, home equity, RV and marine, and other consumer loans.

Impact on Credit Quality of Borrowers Experiencing Financial Difficulty

Huntington’s ALLL is influenced by loan level characteristics that inform the assessed propensity to default. As such, the provision for credit losses is impacted primarily by changes in such loan level characteristics, such as payment performance. Commercial borrowers experiencing financial difficulty are risk rated to reflect the increase in default characteristics so that that the ALLL reflects the future risk of loss. Borrowers experiencing financial difficulty can be classified as either accrual or nonaccrual loans.

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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 reduction						Term extension						Payment deferral												Combo - interest rate reduction and term extension																		Total						% of total loan class (1)
Three months ended September 30, 2023
Commercial and industrial			$	1					$	147					$	—											$	1																	$	149					0.30		%
Commercial real estate			—						52						—												4																		56						0.44
Residential mortgage			—						15						—												1																		16						0.07
Automobile			—						4						—												—																		4						0.03
Home equity			—						—						—												3																		3						0.03
Total loans to borrowers experiencing financial difficulty in which modifications were made			$	1					$	218					$	—											$	9																	$	228					0.19		%
Nine months ended September 30, 2023
Commercial and industrial			$	33					$	291					$	—											$	4																	$	328					0.66		%
Commercial real estate			—						138						—												4																		142						1.12
Residential mortgage			—						50						2												3																		55						0.23
Automobile			—						11						—												1																		12						0.09
Home equity			—						1						—												8																		9						0.09
RV and marine			—						1						—												—																		1						0.02
Other consumer			1						—						—												—																		1						0.07
Total loans to borrowers experiencing financial difficulty in which modifications were made			$	34					$	492					$	2											$	20																	$	548					0.45		%

(1)Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.

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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 rate												Weighted-average years added to the life
			From						To
Three months ended September 30, 2023
Commercial and industrial			10.56		%				8.11		%				1.0
Commercial real estate			13.78						9.12						0.6
Residential mortgage			6.98						5.14						8.4
Nine months ended September 30, 2023
Commercial and industrial			7.96		%				7.25		%				1.0
Commercial real estate			13.76						9.12						0.7
Residential mortgage			6.04						4.59						7.6
Automobile			6.53						6.18						2.0
Home equity			8.71						6.04						14.6

(1)     Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.

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 reporting period.

			At September 30, 2023
			Past Due
(dollar amounts in millions)			30-59  Days						60-89  Days						90 or  more days						Total						Current						Total
Commercial and industrial			$	2					$	1					$	3					$	6					$	322					$	328
Commercial real estate			—						5						1						6						136						142
Residential mortgage			10						5						7						22						33						55
Automobile			1						—						—						1						11						12
Home equity			—						—						1						1						8						9
RV and marine			—						—						—						—						1						1
Other consumer			—						—						—						—						1						1
Total loans to borrowers experiencing financial difficulty in which modifications were made in the nine months ended September 30, 2023			$	13					$	11					$	12					$	36					$	512					$	548

TDR Loans

The following provides additional disclosures previously required by ASC Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, related to the three-month and nine-month period ended September 30, 2022.

TDRs are modified loans where a concession was provided to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided would not otherwise be considered. However, not all loan modifications are TDRs. See Note 1 “Significant Accounting Policies” and Note 5 “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2022 Annual Report on Form 10-K for additional discussion of TDRs.

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The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification for the three-month and nine-month period ended September 30, 2022.

			New Troubled Debt Restructurings (1)
			Number of Contracts						Post-modification Outstanding Recorded Investment (2)
(dollar amounts in millions)									Interest rate reduction						Amortization or maturity date change						Chapter 7 bankruptcy						Other						Total
Three months ended September 30, 2022
Commercial and industrial			81						$	39					$	22					$	—					$	13					$	74
Commercial real estate			7						5						10						—						—						15
Residential mortgage			184						—						25						1						—						26
Automobile			697						—						6						1						—						7
Home equity			54						—						1						—						—						1
RV and marine			31						—						1						1						—						2
Other consumer			38						—						—						—						—						—
Total new TDRs			1,092						$	44					$	65					$	3					$	13					$	125
Nine months ended September 30, 2022
Commercial and industrial			222						$	69					$	37					$	—					$	14					$	120
Commercial real estate			12						42						10						—						—						52
Residential mortgage			629						—						85						5						—						90
Automobile			1,791						—						13						2						—						15
Home equity			166						—						5						3						—						8
RV and marine			105						—						2						1						—						3
Other consumer			91						—						—						—						—						—
Total new TDRs			3,016						$	111					$	152					$	11					$	14					$	288

(1)TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower.

(2)Post-modification balances approximate pre-modification balances.

Pledged Loans

The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of September 30, 2023 and December 31, 2022, these borrowings and advances are secured by $101.5 billion and $70.9 billion, respectively, of loans.

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5. ALLOWANCE FOR CREDIT LOSSES

Allowance for Credit Losses - Roll-forward

The following tables present ACL activity by portfolio segment for the three-month and nine-month periods ended September 30, 2023 and 2022.

(dollar amounts in millions)																																													Commercial						Consumer						Total
Three months ended September 30, 2023
ALLL balance, beginning of period																																													$	1,483					$	694					$	2,177
Loan and lease charge-offs																																													(85)						(46)						(131)
Recoveries of loans and leases previously charged-off																																													40						18						58
Provision for loan and lease losses																																													66						38						104
ALLL balance, end of period																																													$	1,504					$	704					$	2,208
AULC balance, beginning of period																																													$	78					$	87					$	165
Provision for unfunded lending commitments																																													(2)						(3)						(5)
AULC balance, end of period																																													$	76					$	84					$	160
ACL balance, end of period																																													$	1,580					$	788					$	2,368
Nine months ended September 30, 2023
ALLL balance, beginning of period																																													$	1,424					$	697					$	2,121
Loan and lease charge-offs																																													(190)						(132)						(322)
Recoveries of loans and leases previously charged-off																																													89						54						143
Provision for loan and lease losses																																													181						85						266
ALLL balance, end of period																																													$	1,504					$	704					$	2,208
AULC balance, beginning of period																																													$	71					$	79					$	150
Provision for unfunded lending commitments																																													5						5						10
AULC balance, end of period																																													$	76					$	84					$	160
ACL balance, end of period																																													$	1,580					$	788					$	2,368

(dollar amounts in millions)																																													Commercial						Consumer						Total
Three months ended September 30, 2022
ALLL balance, beginning of period																																													$	1,342					$	732					$	2,074
Loan and lease charge-offs																																													(35)						(48)						(83)
Recoveries of loans and leases previously charged-off																																													20						19						39
Provision (benefit) for loan and lease losses																																													87						(7)						80
ALLL balance, end of period																																													$	1,414					$	696					$	2,110
AULC balance, beginning of period																																													$	53					$	41					$	94
Provision (benefit) for unfunded lending commitments																																													8						18						26
AULC balance, end of period																																													$	61					$	59					$	120
ACL balance, end of period																																													$	1,475					$	755					$	2,230
Nine months ended September 30, 2022
ALLL balance, beginning of period																																													$	1,462					$	568					$	2,030
Loan and lease charge-offs																																													(77)						(139)						(216)
Recoveries of loans and leases previously charged-off																																													83						62						145
Provision (benefit) for loan and lease losses																																													(54)						205						151
ALLL balance, end of period																																													$	1,414					$	696					$	2,110
AULC balance, beginning of period																																													$	41					$	36					$	77
Provision for unfunded lending commitments																																													20						23						43
AULC balance, end of period																																													$	61					$	59					$	120
ACL balance, end of period																																													$	1,475					$	755					$	2,230

At September 30, 2023, the ACL was $2.4 billion, an increase of $97 million compared to December 31, 2022.

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The commercial ACL was $1.6 billion at September 30, 2023 and $1.5 billion at December 31, 2022. The increase of $85 million since year end was due to a combination of C&I loan growth and increased coverage levels in the commercial real estate portfolio during 2023.

The consumer ACL was $788 million, relatively flat compared to the December 31, 2022 balance of $776 million. The modest increase is attributable to loan and lease growth in the consumer portfolio.

The baseline economic scenario used in the September 30, 2023 ACL determination included the federal funds rate projected to peak in the third quarter of 2023 as the Federal Reserve continues to address inflation levels and tightness in the labor market. As a result, inflation is forecast to drop from an average of 4.1% in 2023 to 2.7% by 2024. However, unemployment is expected to gradually increase to a projected level of 4.2% by Q4 2024.

The economic scenarios used included elevated levels of economic uncertainty associated with geopolitical instability, high inflation readings, and the expected path of interest rate increases by the Federal Reserve. Given the uncertainty associated with key economic scenario assumptions, the September 30, 2023 ACL included a general reserve that consists of various risk profile components to capture uncertainty not addressed within the quantitative transaction reserve.

6. MORTGAGE LOAN SALES AND SERVICING RIGHTS

Residential Mortgage Portfolio

The following table summarizes activity relating to residential mortgage loans sold with servicing retained for the three-month and nine-month periods ended September 30, 2023 and 2022:

						Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)						2023						2022						2023						2022
Residential mortgage loans sold with servicing retained						$	1,100					$	1,310					$	3,079					$	4,557
Pretax gains resulting from above loan sales (1)						21						11						43						110

(1)Recorded in mortgage banking income.

The following table summarizes the changes in MSRs recorded using the fair value method for the three-month and nine-month periods ended September 30, 2023 and 2022:

						Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)						2023						2022						2023						2022
Fair value, beginning of period						$	505					$	463					$	494					$	351
New servicing assets created						17						20						48						68
Change in fair value during the period due to:
Time decay (1)						(6)						(6)						(18)						(16)
Payoffs (2)						(7)						(8)						(18)						(29)
Changes in valuation inputs or assumptions (3)						38						17						41						112
Fair value, end of period						$	547					$	486					$	547					$	486

(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 at September 30, 2023, and December 31, 2022 follows:

			At September 30, 2023																					At December 31, 2022
												Decline in fair value due to																					Decline in fair value due to
(dollar amounts in millions)			Actual									10% adverse change						20% adverse change						Actual									10% adverse change						20% adverse change
Constant prepayment rate (annualized)			6.86		%							$	(13)					$	(26)					7.05		%							$	(13)					$	(25)
Spread over forward interest rate swap rates			557			bps						(12)						(24)						578			bps						(12)						(22)

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Total servicing, late and other ancillary fees included in mortgage banking income was $25 million and $23 million for the three-month periods ended September 30, 2023 and 2022, respectively. Total servicing, late and other ancillary fees included in mortgage banking income was $72 million and $68 million for the nine-month periods ended September 30, 2023 and 2022, respectively. The unpaid principal balance of residential mortgage loans serviced for third parties was $33 billion and $32.4 billion at September 30, 2023 and December 31, 2022, respectively.

7. BORROWINGS

Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following at September 30, 2023 and December 31, 2022, respectively: 

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Federal funds purchased and securities sold under agreements to repurchase			$	656					$	253
FHLB advances			—						1,700
Other borrowings			25						74
Total short-term borrowings			$	681					$	2,027

Huntington’s long-term debt consisted of the following at September 30, 2023 and December 31, 2022, respectively:

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
The Parent Company:
Senior Notes			$	4,116					$	3,005
Subordinated Notes			730						975
Total notes issued by the parent			4,846						3,980
The Bank:
Senior Notes			4,114						4,272
Subordinated Notes			651						651
Total notes issued by the bank			4,765						4,923
FHLB Advances (1)			2,707						211
Other			504						572
Total long-term debt			$	12,822					$	9,686

(1)    4.21% weighted average rate, varying maturities greater than one year.

During the 2023 third quarter, Huntington issued $1.3 billion of fixed-to-floating senior notes. The fixed-to-floating senior notes are due August 21, 2029 and bear an initial fixed interest rate of 6.208%. Commencing August 21, 2028, the interest rate will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 202 basis points.

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8. OTHER COMPREHENSIVE INCOME

The components of Huntington’s OCI for the three-month and nine-month periods ended September 30, 2023 and 2022, were as follows:

(dollar amounts in millions)			Pretax						Tax (expense) benefit						After-tax
Three months ended September 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period			$	(826)					$	190					$	(636)
Reclassification adjustment for realized net losses included in net income			3						—						3
Total unrealized gains (losses) on available-for-sale securities			(823)						190						(633)
Net impact of fair value hedges on available-for-sale securities			87						(20)						67
Unrealized gains (losses) on cash flow hedges during the period			(119)						28						(91)
Reclassification adjustment for cash flow hedges included in net income			67						(26)						41
Net change related to cash flow hedges on loans			(52)						2						(50)
Foreign currency translation adjustment (1)			(6)						—						(6)
Net unrealized gains (losses) on net investment hedges			5						—						5
Translation adjustments, net of hedges (1)			(1)						—						(1)
Change in accumulated unrealized gains for pension and other post-retirement obligations			1						—						1
Other comprehensive income (loss)			$	(788)					$	172					$	(616)
Three months ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period			$	(1,265)					$	291					$	(974)
Reclassification adjustment for realized net losses included in net income			4						(1)						3
Total unrealized losses on available-for-sale securities			(1,261)						290						(971)
Net impact of fair value hedges on available-for-sale securities			325						(75)						250
Net change related to cash flow hedges on loans			(591)						135						(456)
Translation adjustments, net of hedges (1)			(4)						—						(4)
Change in accumulated unrealized gains for pension and other post-retirement obligations			3						—						3
Other comprehensive income (loss)			$	(1,528)					$	350					$	(1,178)
Nine months ended September 30, 2023
Unrealized gains (losses) on available-for-sale securities arising during the period			$	(729)					$	168					$	(561)
Reclassification adjustment for realized net losses included in net income			41						(9)						32
Total unrealized gains (losses) on available-for-sale securities			(688)						159						(529)
Net impact of fair value hedges on available-for-sale securities			44						(10)						34
Unrealized gains (losses) on cash flow hedging relationships arising during the period			(154)						40						(114)
Reclassification adjustment for cash flow hedges included in net income			113						(29)						84
Net change related to cash flow hedges			(41)						11						(30)
Translation adjustments, net of hedges (1)			—						—						—
Change in accumulated unrealized gains for pension and other post-retirement obligations			1						—						1
Other comprehensive income (loss)			$	(684)					$	160					$	(524)
Nine months ended September 30, 2022
Unrealized losses on available-for-sale securities arising during the period			$	(3,952)					$	909					$	(3,043)
Reclassification adjustment for realized net losses included in net income			95						(22)						73
Total unrealized losses on available-for-sale securities			(3,857)						887						(2,970)
Net impact of fair value hedges on available-for-sale securities			917						(212)						705
Net change related to cash flow hedges			(1,012)						230						(782)
Translation adjustments, net of hedges (1)			(6)						—						(6)
Change in accumulated unrealized gains for pension and other post-retirement obligations			8						(2)						6
Other comprehensive income (loss)			$	(3,950)					$	903					$	(3,047)

(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 for the three-month and nine-month periods ended September 30, 2023 and 2022, were as follows:

(dollar amounts in millions)			Unrealized  gains (losses) on available-for-sale securities (1)						Net impact of fair value hedges on available-for-sale securities						Net change related to cash flow hedges on loans																		Translation adjustments, net of hedges						Unrealized  gains (losses) for pension and other post- retirement obligations						Total
Three months ended September 30, 2023
Balance, beginning of period			$	(2,898)					$	721					$	(612)																	$	(7)					$	(210)					$	(3,006)
Other comprehensive income (loss) before reclassifications			(636)						67						(91)																		(1)						—						(661)
Amounts reclassified from accumulated OCI to earnings			3						—						41																		—						1						45
Period change			(633)						67						(50)																		(1)						1						(616)
Balance, end of period			$	(3,531)					$	788					$	(662)																	$	(8)					$	(209)					$	(3,622)
Three months ended September 30, 2022
Balance, beginning of period			$	(2,152)					$	544					$	(263)																	$	(5)					$	(222)					$	(2,098)
Other comprehensive income (loss) before reclassifications			(974)						250						(456)																		(4)						—						(1,184)
Amounts reclassified from accumulated OCI to earnings			3						—						—																		—						3						6
Period change			(971)						250						(456)																		(4)						3						(1,178)
Balance, end of period			$	(3,123)					$	794					$	(719)																	$	(9)					$	(219)					$	(3,276)
Nine months ended September 30, 2023
Balance, beginning of period			$	(3,002)					$	754					$	(632)																	$	(8)					$	(210)					$	(3,098)
Other comprehensive income (loss) before reclassifications			(561)						34						(114)																		—						—						(641)
Amounts reclassified from accumulated OCI to earnings			32												84																		—						1						117
Period change			(529)						34						(30)																		—						1						(524)
Balance, end of period			$	(3,531)					$	788					$	(662)																	$	(8)					$	(209)					$	(3,622)
Nine months ended September 30, 2022
Balance, beginning of period			$	(153)					$	89					$	63																	$	(3)					$	(225)					$	(229)
Other comprehensive income (loss) before reclassifications			(3,043)						705						(782)																		(6)						—						(3,126)
Amounts reclassified from accumulated OCI to earnings			73						—						—																		—						6						79
Period change			(2,970)						705						(782)																		(6)						6						(3,047)
Balance, end of period			$	(3,123)					$	794					$	(719)																	$	(9)					$	(219)					$	(3,276)

(1)AOCI amounts at September 30, 2023 and September 30, 2022 include $60 million and $69 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.

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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)																														Carrying Amount
Series												Issuance Date						Shares Outstanding						Dividend Rate						Earliest Redemption Date (1)						At September 30, 2023						At December 31, 2022
Series B (2)												12/28/2011						35,500						Variable (3)						1/15/2017						$	23					$	23
Series E (4)												2/27/2018						5,000						Variable (5)						4/15/2023						495						495
Series F (4)												5/27/2020						5,000						5.625						7/15/2030						494						494
Series G (4)												8/3/2020						5,000						4.45						10/15/2027						494						494
Series H (2)												2/2/2021						500,000						4.50						4/15/2026						486						486
Series I (6)												6/9/2021						7,000						5.70						12/01/2022						175						175
Series J (2)												3/6/2023						325,000						6.875						4/15/2028						317						—
Total																		882,500																		$	2,484					$	2,167

(1)     Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.

(2)     Series B, H, and J preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.

(3)    Series B 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)     Series E, F, and G preferred stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.

(5)    Series E 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)     Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends.

The following table presents the dividends declared for each series of Preferred shares for the three-month and nine-month periods ended September 30, 2023 and 2022:

						Three months ended September 30,																								Nine months ended September 30,
(amounts in millions, except per share data)						2023												2022												2023												2022
						Cash Dividend Declared Per Share												Cash Dividend Declared Per Share												Cash Dividend Declared Per Share												Cash Dividend Declared Per Share
Preferred Series												Amount ($)												Amount ($)												Amount ($)												Amount ($)
Series B						$	20.67					$	(1)					$	16.95					$	—					$	59.39					$	(2)					$	39.34					$	—
Series E						2,112.39						(11)						1,425.00						(7)						5,572.46						(28)						4,275.00						(21)
Series F						1,406.25						(7)						1,406.25						(7)						4,218.75						(21)						4,218.75						(21)
Series G						1,112.50						(5)						1,112.50						(6)						3,337.50						(17)						3,337.50						(18)
Series H						11.25						(5)						11.25						(6)						33.75						(17)						33.75						(18)
Series I						356.25						(2)						356.25						(3)						1,068.75						(7)						1,068.75						(7)
Series J						17.19						(6)						—						—						41.83						(14)						—						—
Total												$	(37)											$	(29)											$	(106)											$	(85)

10. EARNINGS PER SHARE

Basic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock) 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.

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The calculation of basic and diluted earnings per share for the three-month and nine-month periods ended September 30, 2023 and 2022 was as follows:

			Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions, except per share data, share count in thousands)			2023						2022						2023						2022
Basic earnings per common share:
Net income attributable to Huntington			$	547					$	594					$	1,708					$	1,593
Preferred stock dividends			37						29						106						85
Net income available to common shareholders			$	510					$	565					$	1,602					$	1,508
Average common shares issued and outstanding			1,447,993						1,442,591						1,445,878						1,440,740
Basic earnings per common share			$	0.35					$	0.39					$	1.11					$	1.05
Diluted earnings per common share:
Average dilutive potential common shares:
Stock options and restricted stock units and awards			12,183						16,064						14,670						17,078
Shares held in deferred compensation plans			7,435						6,428						6,989						6,416
Average dilutive potential common shares			19,618						22,492						21,659						23,494
Total diluted average common shares issued and outstanding			1,467,611						1,465,083						1,467,537						1,464,234
Diluted earnings per common share			$	0.35					$	0.39					$	1.09					$	1.03
Anti-dilutive awards (1)			11,736						7,121						11,188						5,565

(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.

11. NONINTEREST INCOME

Huntington earns a variety of revenue including interest and fees from customers as well as revenues from non-customers. 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 contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics.

(dollar amounts in millions)						Three months ended September 30,												Nine months ended September 30,
Noninterest income						2023						2022						2023						2022
Noninterest income from contracts with customers						$	338					$	345					$	1,047					$	975
Noninterest income within the scope of other GAAP topics						171						153						469						507
Total noninterest income						$	509					$	498					$	1,516					$	1,482

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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”.

(dollar amounts in millions)			Consumer & Regional Banking						Commercial Banking																		Treasury / Other						Huntington Consolidated
Major Revenue Streams
Three months ended September 30, 2023
Service charges on deposit accounts			$	78					$	19																	$	—					$	97
Card and payment processing income			89						7																		—						96
Trust and investment management services			58						4																		—						62
Insurance income			29						2																		—						31
Capital markets fees			2						25																		(1)						26
Other noninterest income			9						18																		(1)						26
Net revenue from contracts with customers			265						75																		(2)						338
Noninterest income within the scope of other GAAP topics			42						81																		48						171
Total noninterest income			$	307					$	156																	$	46					$	509
Three months ended September 30, 2022
Service charges on deposit accounts			$	73					$	20																	$	—					$	93
Card and payment processing income			84						6																		—						90
Trust and investment management services			59						1																		—						60
Insurance income			25						2																		1						28
Capital markets fees			3						37																		(2)						38
Other noninterest income			8						29																		(1)						36
Net revenue from contracts with customers			252						95																		(2)						345
Noninterest income within the scope of other GAAP topics			53						85																		15						153
Total noninterest income			$	305					$	180																	$	13					$	498
Nine months ended September 30, 2023
Service charges on deposit accounts			$	211					$	56																	$	—					$	267
Card and payment processing income			258						20																		—						278
Trust and investment management services			181						11																		—						192
Insurance income			88						7																		—						95
Capital markets fees			9						71																		(1)						79
Other noninterest income			79						59																		(2)						136
Net revenue from contracts with customers			826						224																		(3)						1,047
Noninterest income within the scope of other GAAP topics			127						255																		87						469
Total noninterest income			$	953					$	479																	$	84					$	1,516
Nine months ended September 30, 2022
Service charges on deposit accounts			$	230					$	65																	$	—					$	295
Card and payment processing income			242						17																		—						259
Trust and investment management services			185						3																		—						188
Insurance income			79						6																		1						86
Capital markets fees			9						48																		(2)						55
Other noninterest income			21						72																		(1)						92
Net revenue from contracts with customers			766						211																		(2)						975
Noninterest income within the scope of other GAAP topics			213						259																		35						507
Total noninterest income			$	979					$	470																	$	33					$	1,482

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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 September 30, 2023 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 September 30, 2023 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 2022 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 and nine-month periods ended September 30, 2023 and 2022.

Assets and Liabilities measured at fair value on a recurring basis

			Fair Value Measurements at Reporting Date Using																		Netting Adjustments (1)						At September 30, 2023
(dollar amounts in millions)			Level 1						Level 2						Level 3
Assets
Trading account securities:
U.S. Treasury securities			$	90					$	—					$	—					$	—					$	90
Municipal securities			—						20						—						—						20
Corporate debt			—						11						—						—						11
Total trading account securities			90						31						—						—						121
Available-for-sale securities:
U.S. Treasury securities			5						—						—						—						5
Residential CMO			—						3,131						—						—						3,131
Residential MBS			—						10,916						—						—						10,916
Commercial MBS			—						1,729						—						—						1,729
Other agencies			—						159						—						—						159
Municipal securities			—						40						3,437						—						3,477
Private-label CMO			—						98						20						—						118
Asset-backed securities			—						276						75						—						351
Corporate debt			—						1,973						—						—						1,973
Other securities/sovereign debt			—						4						—						—						4
Total available-for-sale securities			5						18,326						3,532						—						21,863
Other securities			29						1						—						—						30
Loans held for sale			—						601						—						—						601
Loans held for investment			—						122						53						—						175
MSRs			—						—						547						—						547
Other assets:
Derivative assets			—						2,383						4						(1,923)						464
Assets held in trust for deferred compensation plans			161						—						—						—						161
Liabilities
Derivative liabilities			—						2,232						5						(1,160)						1,077

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			Fair Value Measurements at Reporting Date Using																		Netting Adjustments (1)						At December 31, 2022
(dollar amounts in millions)			Level 1						Level 2						Level 3
Assets
Trading account securities:
Municipal securities			$	—					$	19					$	—					$	—					$	19
Available-for-sale securities:
U.S. Treasury securities			103						—						—						—						103
Residential CMOs			—						2,914						—						—						2,914
Residential MBS			—						12,263						—						—						12,263
Commercial MBS			—						1,953						—						—						1,953
Other agencies			—						182						—						—						182
Municipal securities			—						42						3,248						—						3,290
Private-label CMO			—						108						20						—						128
Asset-backed securities			—						298						74						—						372
Corporate debt			—						2,214						—						—						2,214
Other securities/sovereign debt			—						4						—						—						4
Total available-for-sale securities			103						19,978						3,342						—						23,423
Other securities			31						1						—						—						32
Loans held for sale			—						520						—						—						520
Loans held for investment			—						169						16						—						185
MSRs			—						—						494						—						494
Other assets:
Derivative assets			—						2,161						3						(1,808)						356
Assets held in trust for deferred compensation plans			155						—						—						—						155
Liabilities
Derivative liabilities			—						2,332						5						(1,345)						992

(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 securities																					Loans held for investment
(dollar amounts in millions)			MSRs						Derivative instruments						Municipal securities						Private- label CMO						Asset-backed securities
Three months ended September 30, 2023
Opening balance			$	505					$	(2)					$	3,496					$	20					$	75											$	33
Transfers into Level 3			—						—						—						—						—												21
Transfers out of Level 3 (1)			—						(8)						—						—						—												—
Total gains/losses for the period:
Included in earnings:
Mortgage banking income			37						9						—						—						—												—
Interest and fee income			—						—						(2)						—						—												(3)
Included in OCI			—						—						17						—						—												—
Purchases/originations			18						—						160						—						—												—
Repayments			—						—						—						—						—												2
Settlements			(13)						—						(234)						—						—												—
Closing balance			$	547					$	(1)					$	3,437					$	20					$	75											$	53
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date			$	37					$	(3)					$	—					$	—					$	—											$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period			—						—						12						—						—												—
Three months ended September 30, 2022
Opening balance			$	463					$	(5)					$	3,377					$	22					$	44											$	17
Transfers out of Level 3 (1)			—						(6)						—						—						—												—
Total gains/losses for the period:
Included in earnings:
Mortgage banking income			17						2						—						—						—												—
Included in OCI			—						—						(66)						—						—												—
Purchases/originations			20						—						309						—						26												—
Repayments			—						—						—						—						—												(1)
Settlements			(14)						—						(288)						(1)						—												—
Closing balance			$	486					$	(9)					$	3,332					$	21					$	70											$	16
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date			$	17					$	(8)					$	—					$	—					$	—											$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period			—						—						(69)						—						(1)												—
(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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			Level 3 Fair Value Measurements
															Available-for-sale securities																		Loans held for investment
(dollar amounts in millions)			MSRs						Derivative instruments						Municipal securities						Private- label CMO						Asset-backed securities
Nine months ended September 30, 2023
Opening balance			$	494					$	(2)					$	3,248					$	20					$	74					$	16
Transfers into Level 3			—						—						—						—						—						40
Transfers out of Level 3 (1)			—						(18)						—						—						—						—
Total gains/losses for the period:
Included in earnings:
Mortgage banking income			40						19						—						—						—						—
Interest and fee income			—						—						(2)						(1)						—						(3)
Included in OCI			—						—						13						—						1						—
Purchases/originations			49						—						715						1						—						—
Settlements			(36)						—						(537)						—						—						—
Closing balance			$	547					$	(1)					$	3,437					$	20					$	75					$	53
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date			$	40					$	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			—						—						2						—						—						—
Nine months ended September 30, 2022
Opening balance			$	351					$	4					$	3,477					$	20					$	71					$	19
Transfers out of Level 3 (1)			—						(6)						—						—						—						—
Total gains/losses for the period:
Included in earnings
Mortgage banking income			112						(7)						—						—						—						—
Interest and fee income			—						—						(2)						(2)						—						—
Provision for credit losses			—						—						(4)						—						—						—
Included in OCI			—						—						(274)						—						(1)						—
Purchases/originations			68						—						867						4						26						—
Repayments			—						—						—						—						—						(3)
Settlements			(45)						—						(732)						(1)						(26)						—
Closing balance			$	486					$	(9)					$	3,332					$	21					$	70					$	16
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date			$	112					$	(17)					$	—					$	—					$	—					$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period			—						—						(274)						—						(1)						—
(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 Loans																		Loans that are 90 or more days past due
(dollar amounts in millions)			Fair value carrying amount						Aggregate unpaid principal						Difference						Fair value carrying amount						Aggregate unpaid principal						Difference
At September 30, 2023
Loans held for sale			$	601					$	598					$	3					$	—					$	—					$	—
Loans held for investment			175						185						(10)						3						3						—
At December 31, 2022
Loans held for sale			$	520					$	513					$	7					$	—					$	—					$	—
Loans held for investment			185						190						(5)						11						11						—

The following table presents the net gains (losses) from fair value changes.

						Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)						2023						2022						2023						2022
Loans held for sale (1)						$	(4)					$	(22)					$	(4)					$	(56)
Loans held for investment						(2)						—						(5)						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, such as when there is evidence of impairment. The amounts presented represent the fair value on the various measurement dates throughout the period. 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 Other Unobservable Inputs (Level 3)																		Total Losses
																																							Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)																					At September 30, 2023						At December 31, 2022												2023						2022						2023						2022
Collateral-dependent loans																					$	24					$	16											$	6					$	—					$	13					$	(1)
Loans held for sale																					—						—												—						1						—						1

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 on a recurring and nonrecurring basis

The table below presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis:

									Quantitative Information about Level 3 Fair Value Measurements
																					At September 30, 2023 (1)																		At December 31, 2022 (1)
(dollar amounts in millions)									Valuation Technique						Significant Unobservable Input						Range												Weighted Average						Range												Weighted Average
Measured at fair value on a recurring basis:
MSRs									Discounted cash flow						Constant prepayment rate						4		%	-			33		%				7		%				5		%	-			40		%				7		%
															Spread over forward interest rate swap rates						5		%	-			13		%				6		%				5		%	-			13		%				6		%
Municipal securities and asset-backed securities									Discounted cash flow						Discount rate						5		%	-			6		%				6		%				5		%	-			5		%				5		%
															Cumulative default						—		%	-			64		%				7		%				—		%	-			64		%				7		%
															Loss given default						20		%	-			20		%				20		%				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.

Credit loss estimates, such as 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 Cost						Lower of Cost or Market						Fair Value or Fair Value Option						Total Carrying Amount						Estimated Fair Value
At September 30, 2023
Financial Assets
Cash and short-term assets			$	11,693					$	—					$	—					$	11,693					$	11,693
Trading account securities			—						—						121						121						121
Available-for-sale securities			—						—						21,863						21,863						21,863
Held-to-maturity securities			16,148						—						—						16,148						13,309
Other securities			688						—						30						718						718
Loans held for sale			—						2						601						603						603
Net loans and leases (1)			118,470						—						175						118,645						114,540
Derivative assets			—						—						464						464						464
Assets held in trust for deferred compensation plans			—						—						161						161						161
Financial Liabilities
Deposits			148,867						—						—						148,867						148,771
Short-term borrowings			681						—						—						681						681
Long-term debt			12,822						—						—						12,822						12,584
Derivative liabilities			—						—						1,077						1,077						1,077
At December 31, 2022
Financial Assets
Cash and short-term assets			$	6,918					$	—					$	—					$	6,918					$	6,918
Trading account securities			—						—						19						19						19
Available-for-sale securities			—						—						23,423						23,423						23,423
Held-to-maturity securities			17,052						—						—						17,052						14,754
Other securities			822						—						32						854						854
Loans held for sale			—						9						520						529						529
Net loans and leases (1)			117,217						—						185						117,402						112,591
Derivative assets			—						—						356						356						356
Assets held in trust for deferred compensation plans			—						—						155						155						155
Financial Liabilities
Deposits			147,914						—						—						147,914						147,796
Short-term borrowings			2,027						—						—						2,027						2,027
Long-term debt			9,686						—						—						9,686						9,564
Derivative liabilities			—						—						992						992						992

(1)Includes collateral-dependent loans.

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The following table presents the level in the fair value hierarchy for the estimated fair values at September 30, 2023 and December 31, 2022:

			Estimated Fair Value Measurements at Reporting Date Using																		Netting Adjustments (1)						Presented Balance
(dollar amounts in millions)			Level 1						Level 2						Level 3
At September 30, 2023
Financial Assets
Trading account securities			$	90					$	31					$	—											$	121
Available-for-sale securities			5						18,326						3,532												21,863
Held-to-maturity securities			—						13,309						—												13,309
Other securities (2)			29						1						—												30
Loans held for sale			—						603						—												603
Net loans and leases			—						122						114,418												114,540
Derivative assets			—						2,383						4						$	(1,923)					464
Financial Liabilities
Deposits			—						134,529						14,242												148,771
Short-term borrowings			—						681						—												681
Long-term debt			—						9,275						3,309												12,584
Derivative liabilities			—						2,232						5						(1,160)						1,077
At December 31, 2022
Financial Assets
Trading account securities			$	—					$	19					$	—											$	19
Available-for-sale securities			103						19,978						3,342												23,423
Held-to-maturity securities			—						14,754						—												14,754
Other securities (2)			31						1						—												32
Loans held for sale			—						520						9												529
Net loans and leases			—						169						112,422												112,591
Derivative assets			—						2,161						3						$	(1,808)					356
Financial Liabilities
Deposits			—						142,081						5,715												147,796
Short-term borrowings			—						2,027						—												2,027
Long-term debt			—						8,680						884												9,564
Derivative liabilities			—						2,332						5						(1,345)						992

(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 at September 30, 2023 and December 31, 2022. Amounts in the table below are presented gross without the impact of any net collateral arrangements.

			At September 30, 2023																		At December 31, 2022
(dollar amounts in millions)			Notional Value						Asset						Liability						Notional Value						Asset						Liability
Derivatives designated as Hedging Instruments
Interest rate contracts			$	36,962					$	1,089					$	981					$	42,461					$	1,008					$	1,145
Foreign exchange contracts			216						—						—						202						2						—
Derivatives not designated as Hedging Instruments
Interest rate contracts			57,539						1,182						1,135						37,562						968						1,008
Foreign exchange contracts			4,654						65						50						4,889						68						68
Commodities contracts			688						51						49						762						114						113
Equity contracts			682						—						22						636						4						3
Total contracts			$	100,741					$	2,387					$	2,237					$	86,512					$	2,164					$	2,337

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 for the three-month and nine-month periods ended September 30, 2023 and 2022, respectively.

						Location of Gain or (Loss) Recognized in Income on Derivative						Amount of Gain or (Loss) Recognized in Income on Derivative
												Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)												2023						2022						2023						2022
Interest rate contracts:
Customer						Capital markets fees						$	6					$	12					$	23					$	37
Mortgage banking						Mortgage banking income						(37)						—						(28)						(80)
Interest rate swaptions						Other noninterest income						33						—						50						—
Foreign exchange contracts						Capital markets fees						9						12						34						32
Commodities contracts						Capital markets fees						1						1						4						4
Equity contracts						Other noninterest expense						(2)						(1)						(7)						(4)
Total												$	10					$	24					$	76					$	(11)

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 September 30, 2023 and December 31, 2022, identified by the underlying interest rate-sensitive instruments.

(dollar amounts in millions)			Fair Value Hedges						Cash Flow Hedges						Economic Hedges						Total
At September 30, 2023
Instruments associated with:
Investment securities			$	11,719					$	—					$	15,450					$	27,169
Loans			—						17,675						175						17,850
Long-term debt			7,568						—						—						7,568
Total notional value			$	19,287					$	17,675					$	15,625					$	52,587
At December 31, 2022
Instruments associated with:
Investment securities			$	10,407					$	—					$	—					$	10,407
Loans			—						24,325						175						24,500
Long-term debt			7,729						—						—						7,729
Total notional value			$	18,136					$	24,325					$	175					$	42,636

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 $62 million and an increase to net interest income of $21 million for the three-month periods ended September 30, 2023, and 2022, respectively. For the nine-month periods ended September 30, 2023, and 2022, the net amounts resulted in a decrease to net interest income of $178 million and an increase to net interest income of $108 million, 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 $11.1 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 Statements of Financial Condition. 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 for the three-month and nine-month periods ended September 30, 2023 and 2022.

						Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)						2023						2022						2023						2022
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)						$	88					$	340					$	44					$	926
Change in fair value of hedged investment securities (1)						(87)						(324)						(45)						(914)
Change in fair value of interest rate swaps hedging long-term debt (2)						(87)						(178)						(109)						(314)
Change in fair value of hedged long term debt (2)						87						178						109						315

(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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As of September 30, 2023 and December 31, 2022, the following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.

			Amortized Cost												Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)			At September 30, 2023						At December 31, 2022						At September 30, 2023						At December 31, 2022
Assets
Investment securities (1)			$	18,291					$	18,029					$	(1,024)					$	(979)
Liabilities
Long-term debt (2)			7,134						7,175						(365)						(256)

(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 September 30, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.7 billion, the cumulative basis adjustments associated with these hedging relationships was $916 million, and the amounts of the designated hedging instruments were $11.1 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 $(71) million at September 30, 2023 and $(70) million at December 31, 2022.

Cash Flow Hedges

At September 30, 2023, Huntington has $17.7 billion of interest rate swaps, swaption collars, 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 collar and 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 September 30, 2023, the net losses recognized in AOCI that are expected to be reclassified into earnings within the next 12 months were $261 million.

Economic Hedges

At September 30, 2023, Huntington has $15.5 billion of interest rate swaptions to reduce the impact on capital from rising rates. These swaptions are economic hedges of interest rate risk attributable to our investment securities with the change in value of these instruments recorded in other noninterest income.

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 September 30, 2023 and December 31, 2022 were a net asset of $12 million and a net liability of $3 million, respectively. At September 30, 2023 and December 31, 2022, Huntington had commitments to sell residential real estate loans of $893 million and $766 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.

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MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited 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 September 30, 2023						At December 31, 2022
Notional value			$	1,200					$	1,120
Trading assets			1						4
Trading liabilities			(102)						(78)

			Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)			2023						2022						2023						2022
Trading losses			$	(37)					$	(25)					$	(43)					$	(105)

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 both September 30, 2023 and December 31, 2022, were $61 million and $59 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $44.6 billion and $40.7 billion at September 30, 2023 and December 31, 2022, respectively. Huntington’s credit risk from customer derivatives was $64 million and $118 million at the same dates, 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.

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In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions was net credit risk of $359 million and $227 million at September 30, 2023 and December 31, 2022, 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 September 30, 2023, Huntington pledged $207 million of investment securities and cash collateral to counterparties, while other counterparties pledged $1.1 billion 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.

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 at September 30, 2023 and December 31, 2022.

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 assets																		Financial instruments						Cash collateral received						Net amount
At September 30, 2023						$	2,387					$	(1,923)					$	464					$	(267)					$	(12)					$	185
At December 31, 2022						2,164						(1,808)						356						(7)						(56)						293

Offsetting of Financial Liabilities and Derivative Liabilities
												Gross amounts offset in the unaudited consolidated balance sheets						Net amounts of liabilities 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 liabilities																		Financial instruments						Cash collateral delivered						Net amount
At September 30, 2023						$	2,237					$	(1,160)					$	1,077					$	—					$	(114)					$	963
At December 31, 2022						2,337						(1,345)						992						(79)						(118)						795

14. VARIABLE INTEREST 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, of the VIE at September 30, 2023, and December 31, 2022:

			At September 30, 2023
(dollar amounts in millions)			Total Assets						Total Liabilities						Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships			$	2,231					$	1,309					$	2,231
Trust Preferred Securities			14						248						—
Other Investments			777						136						777
Total			$	3,022					$	1,693					$	3,008

			At December 31, 2022
(dollar amounts in millions)			Total Assets						Total Liabilities						Maximum Exposure to Loss
Affordable Housing Tax Credit Partnerships			$	2,036					$	1,260					$	2,036
Trust Preferred Securities			14						248						—
Other Investments			522						141						522
Total			$	2,572					$	1,649					$	2,558

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Affordable Housing Tax Credit Partnerships

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.

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 at September 30, 2023 and December 31, 2022.

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Affordable housing tax credit investments			$	3,229					$	2,891
Less: amortization			(998)						(855)
Net affordable housing tax credit investments			$	2,231					$	2,036
Unfunded commitments			$	1,309					$	1,260

The following table presents other information relating to Huntington’s affordable housing tax credit investments for the three-month and nine-month periods ended September 30, 2023 and 2022.

						Three months ended September 30,												Nine months ended September 30,
(dollar amounts in millions)						2023						2022						2023						2022
Tax credits and other tax benefits recognized						$	66					$	52					$	197					$	159
Proportional amortization expense included in provision for income taxes						55						45						164						131

There were no sales of affordable housing tax credit investments during the three-month and nine-month periods ended September 30, 2023 and 2022. There was no impairment recognized for the three-month and nine-month periods ended September 30, 2023 and 2022.

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.

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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 at September 30, 2023 and December 31, 2022, were as follows:

(dollar amounts in millions)			At September 30, 2023						At December 31, 2022
Contract amount representing credit risk
Commitments to extend credit:
Commercial			$	32,426					$	32,500
Consumer			19,598						19,064
Commercial real estate			2,816						3,393
Standby letters of credit and guarantees on industrial revenue bonds			761						714
Commercial letters of credit			10						15

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. Collateral to secure any funding of these commitments predominately consists of residential and commercial real estate mortgage loans.

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 $27 million at September 30, 2023 and December 31, 2022, respectively.

Commercial letters-of-credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days. The goods or cargo being traded normally secure these instruments.

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.

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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 September 30, 2023 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.

Following the failure of several financial institutions in the first half of 2023, the FDIC issued a notice of proposed rulemaking in May 2023 that would implement a special assessment to recover the cost associated with protecting uninsured depositors as part of those financial institution failures. We continue to monitor the status of the proposed special assessment and the impact to our future operating results. We expect to record the impact when the final rule is enacted.

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. The Company has two business segments: Consumer & Regional Banking and Commercial Banking. The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. See Note 1 “Basis of Presentation” for a description of the changes made during the second quarter 2023. Prior period results have been adjusted to conform to the new segment presentation.

Consumer & Regional Banking - Consumer & Regional Banking offers a comprehensive set of digitally powered consumer and business financial solutions to Consumer Lending, Regional Banking, Branch Banking, and Wealth Management customers. The Consumer & Regional Banking segment provides a wide array of financial products and services to consumer and business customers including, but not limited to, deposits, lending, payments, mortgage banking, dealer financing, investment management, trust, brokerage, insurance, and other financial products and services. We serve our customers through our network of channels, including branches, online banking, mobile banking, telephone banking, and ATMs.

Commercial Banking - The Commercial Banking segment provides expertise through bankers, capabilities, and digital channels, and includes a comprehensive set of product offerings. Our target clients span from mid-market to large corporates across a national footprint. The Commercial Banking segment leverages internal partnerships for wealth management, trust, insurance, payments, and treasury management capabilities. In particular, our payments capabilities continue to expand as we develop unique solutions for our diverse client segments, including Huntington ChoicePay. This segment includes customers in Middle Market Banking, Corporate, Specialty, and Government Banking, Asset Finance, Commercial Real Estate Banking, and Capital Markets.

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Listed in the following tables is certain operating basis financial information reconciled to Huntington’s September 30, 2023, December 31, 2022, and September 30, 2022, reported results by business segment.

Income Statements			Consumer & Regional Banking						Commercial Banking																		Treasury / Other						Huntington Consolidated
(dollar amounts in millions)
Three months ended September 30, 2023
Net interest income (loss)			$	1,211					$	582																	$	(425)					$	1,368
Provision for credit losses			82						17																		—						99
Noninterest income			307						156																		46						509
Noninterest expense			764						278																		48						1,090
Provision (benefit) for income taxes			141						93																		(98)						136
Income attributable to non-controlling interest			—						5																		—						5
Net income (loss) attributable to Huntington			$	531					$	345																	$	(329)					$	547
Three months ended September 30, 2022
Net interest income			$	896					$	490																	$	18					$	1,404
Provision for credit losses			22						84																		—						106
Noninterest income			305						180																		13						498
Noninterest expense			726						270																		57						1,053
Provision (benefit) for income taxes			94						67																		(15)						146
Income attributable to non-controlling interest			—						3																		—						3
Net income (loss) attributable to Huntington			$	359					$	246																	$	(11)					$	594
Nine months ended September 30, 2023
Net interest income (loss)			$	3,569					$	1,722																	$	(1,168)					$	4,123
Provision for credit losses			192						84																		—						276
Noninterest income			953						479																		84						1,516
Noninterest expense			2,283						830																		113						3,226
Provision (benefit) for income taxes			430						270																		(286)						414
Income attributable to non-controlling interest			—						15																		—						15
Net income (loss) attributable to Huntington			$	1,617					$	1,002																	$	(911)					$	1,708
Nine months ended September 30, 2022
Net interest income			$	2,237					$	1,327																	$	247					$	3,811
Provision for credit losses			189						9																		—						198
Noninterest income			979						470																		33						1,482
Noninterest expense			2,179						763																		182						3,124
Provision (benefit) for income taxes			178						215																		(22)						371
Income attributable to non-controlling interest			—						7																		—						7
Net income attributable to Huntington			$	670					$	803																	$	120					$	1,593

			Assets at												Deposits at
(dollar amounts in millions)			September 30, 2023						December 31, 2022						September 30, 2023						December 31, 2022
Consumer & Regional Banking			$	72,192					$	70,268					$	108,182					$	105,064
Commercial Banking			63,473						63,611						36,023						36,807
Treasury / Other			50,985						49,027						4,662						6,043
Total			$	186,650					$	182,906					$	148,867					$	147,914

2023 3Q Form 10-Q 87

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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 2022 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 September 30, 2023. Based upon such evaluation, Huntington’s Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2023, 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 September 30, 2023, 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 2022 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)

Period			Total Number of Shares Purchased						Average Price Paid Per Share						Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs (1)
July 1, 2023 to July 31, 2023			—						$	—					$	1,000,000,000
August 1, 2023 to August 31, 2023			—						—						1,000,000,000
September 1, 2023 to September 30, 2023			—						—						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 5. Other Information

Trading Plans

During the three months ended September 30, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

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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 Description			Report or Registration Statement			SEC File or Registration Number			Exhibit Reference
3.1			Articles Supplementary of Huntington Bancshares Incorporated, as of January 18, 2019.			Current Report on Form 8-K dated January 16, 2019.			001-34073			3.1
3.2			Articles of Restatement of Huntington Bancshares Incorporated, as of January 18, 2019.			Current Report on Form 8-K dated January 16, 2019.			001-34073			3.2
3.3			Articles Supplementary of Huntington Bancshares Incorporated, as of May 28, 2020.			Current Report on Form 8-K dated May 28, 2020.			001-34073			3.1
3.4			Articles Supplementary of Huntington Bancshares Incorporated, as of August 5, 2020.			Current Report on Form 8-K dated August 10, 2020.			001-34073			3.1
3.5			Bylaws of Huntington Bancshares Incorporated, as amended and restated on January 16, 2019.			Current Report on Form 8-K dated January 16, 2019.			001-34073			3.3
3.6			Articles Supplementary of Huntington Bancshares Incorporated, as of February 5, 2021			Current Report on Form 8-K dated February 5, 2021.			001-34073			3.1
3.7			Articles Supplementary of Huntington Bancshares Incorporated, as of June 8, 2021			Current Report on Form 8-K dated June 8, 2021			001-34073			3.1
3.8			Articles of Amendment of Huntington Bancshares Incorporated to Articles of Restatement of Huntington Bancshares Incorporated, as of June 8, 2021			Current Report on Form 8-K dated June 8, 2021			001-34073			3.2
3.9			Articles Supplementary of Huntington Bancshares Incorporated, as of March 3, 2023.			Current Report on Form 8-K dated March 2, 2023			001-34073			3.1
3.10			Bylaws of Huntington Bancshares Incorporated, as amended and restated on July 19, 2023.			Current Report on Form 8-K dated July 21, 2023			001-34073			3.2
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			Separation Agreement dated August 7, 2023, by and between The Huntington National Bank and Sandra E. Pierce.
31.1			*Rule 13a-14(a) Certification – Chief Executive Officer.
31.2			*Rule 13a-14(a) Certification – Chief Financial Officer.
32.1			**Section 1350 Certification – Chief Executive Officer.
32.2			**Section 1350 Certification – Chief Financial Officer.
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 September 30, 2023 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:			October 27, 2023						/s/ Stephen D. Steinour
									Stephen D. Steinour
									Chairman, President, and Chief Executive Officer (Principal Executive Officer)
Date:			October 27, 2023						/s/ Zachary Wasserman
									Zachary Wasserman
									Chief Financial Officer (Principal Financial Officer)

2023 3Q Form 10-Q 91