Huntington Bancshares Incorporated Annual report pursuant to Section 13 and 15(d)

PARENT-ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

The parent-only financial statements, which include transactions with subsidiaries, are as follows:


Balance Sheets	At December 31,
(dollar amounts in millions)	2023		2022
Assets
Cash and due from banks	$	4,001	$	3,525
Due from The Huntington National Bank	2,163		969
Due from non-bank subsidiaries	25		25
Investment in The Huntington National Bank	18,388		17,384
Investment in non-bank subsidiaries	263		242
Accrued interest receivable and other assets	718		664
Total assets	$	25,558	$	22,809
Liabilities and shareholders’ equity
Long-term borrowings	$	4,993	$	3,980
Dividends payable, accrued expenses, and other liabilities	1,212		1,098
Total liabilities	6,205		5,078
Shareholders’ equity (1)	19,353		17,731
Total liabilities and shareholders’ equity	$	25,558	$	22,809

(1)See Consolidated Statements of Changes in Shareholders’ Equity.


Statements of Income	Year Ended December 31,
(dollar amounts in millions)	2023		2022		2021
Income
Dividends from:
The Huntington National Bank	$	1,706	$	1,566	$	1,394
Non-bank subsidiaries	27		19		19
Interest from:
The Huntington National Bank	77		16		3
Non-bank subsidiaries	2		1		1
Other	(1)		(1)		—
Total income	1,811		1,601		1,417
Expense
Personnel costs	5		8		6
Interest on borrowings	252		107		60
Other	191		169		230
Total expense	448		284		296
Income before income taxes and equity in undistributed net income of subsidiaries	1,363		1,317		1,121
Provision (benefit) for income taxes	(75)		(44)		(56)
Income before equity in undistributed net income of subsidiaries	1,438		1,361		1,177
Increase in undistributed net income of:
The Huntington National Bank	486		853		97
Non-bank subsidiaries	27		24		21
Net income	$	1,951	$	2,238	$	1,295
Other comprehensive income (loss)(1)	422		(2,869)		(421)
Comprehensive income (loss)	$	2,373	$	(631)	$	874

(1)See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail.


Statements of Cash Flows	Year Ended December 31,
(dollar amounts in millions)	2023		2022		2021
Operating activities
Net income	$	1,951	$	2,238	$	1,295
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net income of subsidiaries	(513)		(877)		(118)
Depreciation and amortization	—		(22)		23

Other, net	192		(55)		(217)
Net cash provided by operating activities	1,630		1,284		983
Investing activities
Repayments from subsidiaries	503		14		8
Advances to subsidiaries	(1,753)		(503)		(59)
Net purchases of securities	—		(20)		(28)
Net cash (paid) received from business combination	—		(194)		248

Other, net	(10)		(1)		—
Net cash (used for) provided by investing activities	(1,260)		(704)		169
Financing activities

Proceeds from issuance of long-term debt	1,250		1,144		513




Payment of long-term debt	(323)		—		(1,508)
Dividends paid on common and preferred stock	(1,034)		(1,010)		(888)
Repurchases of common stock	—		—		(650)
Net proceeds from issuance of preferred stock	317		—		486

Repurchase/redemption of preferred stock	(82)		—		(700)
Other, net	(22)		(21)		(39)
Net cash provided by (used for) financing activities	106		113		(2,786)
Increase (decrease) in cash and cash equivalents	476		693		(1,634)
Cash and cash equivalents at beginning of year	3,525		2,832		4,466
Cash and cash equivalents at end of year	$	4,001	$	3,525	$	2,832

Supplemental disclosure: Interest paid	$	228	$	89	$	71