Item 1. Financial Statements

275K characters. Original on sec.gov · Markdown

Item 1. Financial Statements

Huntington Bancshares Incorporated

Consolidated Balance Sheets (Unaudited)


	At March 31,		At December 31,
(dollar amounts in millions)	2025		2024
Assets
Cash and due from banks	$	1,598	$	1,685
Interest-earning deposits with banks	14,330		11,647
Trading account securities	477		53
Available-for-sale securities	27,839		27,273
Held-to-maturity securities	16,315		16,368


Other securities	880		823
Loans held for sale (includes $555 and $652, respectively, measured at fair value)	580		654
Loans and leases (includes $175 and $173, respectively, measured at fair value)	132,505		130,042
Allowance for loan and lease losses	(2,263)		(2,244)
Net loans and leases (1)	130,242		127,798
Bank-owned life insurance	2,799		2,793
Accrued income and other receivables	1,716		2,190
Premises and equipment	1,085		1,066
Goodwill	5,561		5,561
Servicing rights and other intangible assets	656		677
Other assets (1)	5,518		5,642
Total assets	$	209,596	$	204,230
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing	$	30,217	$	29,345
Interest-bearing	135,120		133,103
Total deposits	165,337		162,448
Short-term borrowings	664		199
Long-term debt (1) (includes $1,143 and $821, respectively, measured at fair value)	18,096		16,374
Other liabilities (1)	5,013		5,427
Total liabilities	189,110		184,448
Commitments and Contingent Liabilities (Note 15)
Shareholders’ Equity
Preferred stock	1,989		1,989
Common stock	15		15
Capital surplus	15,479		15,484
Less treasury shares, at cost	(90)		(86)
Accumulated other comprehensive income (loss)	(2,433)		(2,866)
Retained earnings	5,474		5,204
Total Huntington shareholders’ equity	20,434		19,740
Non-controlling interest	52		42
Total equity	20,486		19,782
Total liabilities and equity	$	209,596	$	204,230
Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000

Common shares outstanding	1,456,811,621		1,453,635,809
Treasury shares outstanding	7,164,203		6,984,102
Preferred stock, authorized shares	6,617,808		6,617,808

Preferred shares outstanding	877,500		877,500

(1)Includes VIE balances in net loans and leases, other assets, long-term debt, and other liabilities of $998 million, $260 million, $911 million, and $98 million, respectively, at March 31, 2025, and $1.1 billion, $264 million, $1.0 billion, $109 million, respectively, at December 31, 2024. See Note 14 - “Variable Interest Entities” for additional information.

See Notes to Unaudited Consolidated Financial Statements

2025 1Q Form 10-Q 37

Table of Contents


Huntington Bancshares Incorporated
Consolidated Statements of Income (Unaudited)
	Three Months Ended
(dollar amounts in millions, except per share data, share count in thousands)	March 31, 2025		March 31, 2024
Interest and fee income:
Loans and leases	$	1,905	$	1,809
Available-for-sale securities
Taxable	287		296
Tax-exempt	34		27
Held-to-maturity securities—taxable	108		95
Other securities—taxable	12		9

Other	143		144
Total interest income	2,489		2,380
Interest expense:
Deposits	810		857
Short-term borrowings	14		19

Long-term debt	239		217

Total interest expense	1,063		1,093
Net interest income	1,426		1,287
Provision for credit losses	115		107
Net interest income after provision for credit losses	1,311		1,180
Noninterest income:
Payments and cash management revenue	155		146
Wealth and asset management revenue	101		88
Customer deposit and loan fees	86		77
Capital markets and advisory fees	67		56
Mortgage banking income	31		31
Leasing revenue	14		22
Insurance income	20		19




Other noninterest income	20		28
Total noninterest income	494		467
Noninterest expense:
Personnel costs	671		639
Outside data processing and other services	170		166
Equipment	67		70
Net occupancy	65		57
Marketing	29		28
Deposit and other insurance expense	37		54
Professional services	22		25
Amortization of intangibles	11		12
Lease financing equipment depreciation	4		4

Other noninterest expense	76		82
Total noninterest expense	1,152		1,137
Income before income taxes	653		510
Provision for income taxes	122		86
Income after income taxes	531		424
Income attributable to non-controlling interest	4		5
Net income attributable to Huntington	527		419
Dividends on preferred shares	27		36

Net income applicable to common shares	$	500	$	383
Average common shares—basic	1,454,498		1,448,492
Average common shares—diluted	1,481,879		1,473,335
Per common share:
Net income—basic	$	0.34	$	0.26
Net income—diluted	0.34		0.26

See Notes to Unaudited Consolidated Financial Statements

38 Huntington Bancshares Incorporated

Table of Contents

Huntington Bancshares Incorporated

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Net income attributable to Huntington	$	527	$	419
Other comprehensive income (loss), net of tax:



Unrealized gains (losses) on available-for-sale securities, net of hedges	255		(128)

Net change related to cash flow hedges on loans	177		(73)


Translation adjustments, net of hedges	1		(2)

Other comprehensive income (loss), net of tax	433		(203)
Comprehensive income attributable to Huntington	960		216
Comprehensive income attributed to non-controlling interest	4		5
Comprehensive income	$	964	$	221

See Notes to Unaudited Consolidated Financial Statements

2025 1Q Form 10-Q 39

Table of Contents

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 Interest		Total Equity
Amount			Shares		Amount			Shares		Amount
Three months ended March 31, 2025
Balance, beginning of period	$	1,989		1,460,620		$	15	$	15,484	(6,984)	$	(86)	$	(2,866)	$	5,204	$	19,740	$	42	$	19,782
Net income															527		527		4		531
Other comprehensive income, net of tax													433				433				433







Cash dividends declared:
Common ($0.155 per share)															(230)		(230)				(230)
Preferred															(27)		(27)				(27)
Recognition of the fair value of share-based compensation								21									21				21

Other share-based compensation activity				3,356		—		(26)									(26)				(26)

Other								—		(180)	(4)						(4)		6		2
Balance, end of period	$	1,989		1,463,976		$	15	$	15,479	(7,164)	$	(90)	$	(2,433)	$	5,474	$	20,434	$	52	$	20,486

Three months ended March 31, 2024
Balance, beginning of period	$	2,394		1,455,723		$	15	$	15,389	(7,403)	$	(91)	$	(2,676)	$	4,322	$	19,353	$	45	$	19,398
Net income															419		419		5		424
Other comprehensive loss, net of tax													(203)				(203)				(203)

Cash dividends declared:
Common ($0.155 per share)															(228)		(228)				(228)
Preferred															(36)		(36)				(36)
Recognition of the fair value of share-based compensation								20									20				20
Other share-based compensation activity				945		—		(2)							(1)		(3)				(3)
Other								—		(11)	—						—		1		1
Balance, end of period	$	2,394		1,456,668		$	15	$	15,407	(7,414)	$	(91)	$	(2,879)	$	4,476	$	19,322	$	51	$	19,373

See Notes to Unaudited Consolidated Financial Statements

40 Huntington Bancshares Incorporated

Table of Contents

Huntington Bancshares Incorporated

Consolidated Statements of Cash Flows (Unaudited)


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Operating activities
Net income	$	531	$	424
Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses	115		107
Depreciation, amortization, and accretion	209		190
Share-based compensation expense	21		20
Deferred income tax benefit	(25)		(29)


Net change in:
Trading account securities	(424)		(42)
Loans held for sale	70		(2)

Other assets	52		(385)
Short-term borrowings	503		18
Other liabilities	(543)		184


Other, net	4		(3)
Net cash provided by operating activities	513		482
Investing activities
Change in interest earning deposits with banks	183		(15)

Proceeds from:
Maturities and calls of available-for-sale securities	1,481		1,589
Maturities and calls of held-to-maturity securities	571		327
Maturities and calls of other securities	40		9


Purchases of available-for-sale securities	(1,577)		(3,303)
Purchases of held-to-maturity securities	(515)		—
Purchases of other securities	(97)		(11)

Net proceeds from sales of loans and leases	49		71
Principal payments received under direct finance leases	356		447
Net loan and lease activity, excluding sales and purchases	(2,883)		(1,398)

Purchases of premises and equipment	(54)		(32)

Purchases of loans and leases	(195)		(23)
Net accrued income and other receivables activity	476		59


Other, net	15		18
Net cash used in investing activities	(2,150)		(2,262)
Financing activities
Increase in deposits	2,889		1,995
Decrease in short-term borrowings	(82)		(523)

Net proceeds from issuance of long-term debt	1,953		2,786
Maturity/redemption of long-term debt	(378)		(156)
Dividends paid on preferred stock	(27)		(36)
Dividends paid on common stock	(226)		(226)






Other, net	(29)		(9)
Net cash provided by financing activities	4,100		3,831
Increase in cash and cash equivalents	2,463		2,051
Cash and cash equivalents at beginning of period (1)	12,847		10,129
Cash and cash equivalents at end of period (1)	$	15,310	$	12,180

2025 1Q Form 10-Q 41

Table of Contents


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Supplemental disclosures:
Interest paid	$	1,092	$	1,070
Income taxes paid	34		47

Non-cash activities
Loans transferred to held-for-sale from portfolio	73		64
Loans transferred to portfolio from held-for-sale	8		11

(1)Includes cash and due from banks and interest-earning deposits at the FRB, included within interest-earning deposits with banks on our Unaudited Consolidated Balance Sheets.

See Notes to Unaudited Consolidated Financial Statements

42 Huntington Bancshares Incorporated

Table of Contents

Huntington Bancshares Incorporated

Notes to Unaudited Consolidated Financial Statements

1. BASIS OF PRESENTATION

The accompanying interim 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 interim 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 2024 Annual Report on Form 10-K, which include descriptions of significant accounting policies, as updated by the information contained in this report, should be read in conjunction with these interim financial statements.

In conjunction with applicable accounting standards, all material subsequent events have been either recognized in the interim Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited Consolidated Financial Statements. There were no material subsequent events to disclose for the current period.

2. ACCOUNTING STANDARDS UPDATE

Accounting standards adopted in the current period


Standard	Summary of guidance	Effects on financial Statements
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments	•Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided. •Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment. •Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.	•Huntington adopted the standard effective for the year ended December 31, 2024 and the first interim period beginning in 2025. •The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements. •The amendments have been applied retrospectively to all periods presented and segment expense categories are based on the categories identified at adoption. •Refer to Note 16 - “Segment Reporting” of this Quarterly Report on Form 10-Q and Note 24 - “Segment Reporting” of our 2024 Annual Report on Form 10-K for additional disclosure information.

Accounting standards not yet effective


Standard	Summary of guidance	Effects on financial Statements
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures	•Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria. •Requires disclosure of the amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold. •Requires disclosure of pre-tax income disaggregated between domestic and foreign tax jurisdictions, as well as income tax expense disaggregated by federal, state, and foreign jurisdictions.	•Effective for fiscal years beginning after December 15, 2024, with first disclosure additions to be included in the 2025 Annual Report on Form 10-K. •The amendments should be applied on a prospective basis, but retrospective application is permitted. •The adoption will not result in a material impact on Huntington’s Consolidated Financial Statements.

2025 1Q Form 10-Q 43

Table of Contents

3. INVESTMENT SECURITIES AND OTHER SECURITIES

Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category.


			Unrealized
(dollar amounts in millions)	Amortized Cost (1)(2)		Gross Gains		Gross Losses		Fair Value
At March 31, 2025
Available-for-sale securities:
U.S. Treasury	$	6,625	$	28	$	(14)	$	6,639
Federal agencies:
Residential MBS	11,727		2		(1,700)		10,029
Residential CMO	4,198		1		(377)		3,822
Commercial MBS	2,514		—		(719)		1,795
Other agencies	127		—		(4)		123
Total U.S. Treasury, federal agency, and other agency securities	25,191		31		(2,814)		22,408
Municipal securities	4,088		—		(126)		3,962
Corporate debt	1,138		—		(86)		1,052
Asset-backed securities	313		—		(15)		298
Private-label CMO	117		1		(9)		109
Other securities/sovereign debt	10		—		—		10
Total available-for-sale securities	$	30,857	$	32	$	(3,050)	$	27,839

Held-to-maturity securities:
U.S. Treasury	$	2,320	$	8	$	(7)	$	2,321
Federal agencies:
Residential MBS	8,338		—		(1,156)		7,182
Residential CMO	4,201		8		(610)		3,599
Commercial MBS	1,388		—		(211)		1,177
Other agencies	67		—		(3)		64
Total federal agency and other agency securities	16,314		16		(1,987)		14,343
Municipal securities	1		—		—		1
Total held-to-maturity securities	$	16,315	$	16	$	(1,987)	$	14,344

Other securities, at cost:
Non-marketable equity securities:
FRB stock	$	574	$	—	$	—	$	574
FHLB stock	252		—		—		252
Other non-marketable equity securities	23		—		—		23
Other securities, at fair value:
Mutual funds	29		—		—		29
Equity securities	2		—		—		2
Total other securities	$	880	$	—	$	—	$	880

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At March 31, 2025, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $99 million and $43 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 $336 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.

44 Huntington Bancshares Incorporated

Table of Contents


			Unrealized
(dollar amounts in millions)	Amortized Cost (1)(2)		Gross Gains		Gross Losses		Fair Value
At December 31, 2024
Available-for-sale securities:
U.S. Treasury	$	6,588	$	11	$	(43)	$	6,556
Federal agencies:
Residential MBS	11,988		—		(1,971)		10,017
Residential CMO	3,778		1		(434)		3,345
Commercial MBS	2,519		—		(767)		1,752
Other agencies	135		—		(5)		130
Total U.S. Treasury, federal agency, and other agency securities	25,008		12		(3,220)		21,800
Municipal securities	4,119		1		(132)		3,988
Corporate debt	1,157		—		(102)		1,055
Asset-backed securities	330		—		(19)		311
Private-label CMO	119		—		(10)		109
Other securities/sovereign debt	10		—		—		10
Total available-for-sale securities	$	30,743	$	13	$	(3,483)	$	27,273

Held-to-maturity securities:
U.S. Treasury	$	2,045	$	—	$	(22)	$	2,023
Federal agencies:
Residential MBS	8,533		—		(1,336)		7,197
Residential CMO	4,309		3		(691)		3,621
Commercial MBS	1,407		—		(231)		1,176
Other agencies	73		—		(5)		68
Total U.S. Treasury, federal agency, and other agency securities	16,367		3		(2,285)		14,085
Municipal securities	1		—		—		1
Total held-to-maturity securities	$	16,368	$	3	$	(2,285)	$	14,086

Other securities, at cost:
Non-marketable equity securities:
FRB stock	$	521	$	—	$	—	$	521
FHLB stock	246		—		—		246
Other non-marketable equity securities	25		—		—		25
Other securities, at fair value:
Mutual funds	29		—		—		29
Equity securities	1		1		—		2
Total other securities	$	822	$	1	$	—	$	823

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At December 31, 2024, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $89 million and $46 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 $458 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.

2025 1Q Form 10-Q 45

Table of Contents

The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties.


	At March 31, 2025				At December 31, 2024
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	3,073	$	3,071	$	3,620	$	3,624
After 1 year through 5 years	6,716		6,627		5,993		5,844
After 5 years through 10 years	1,666		1,554		1,857		1,732
After 10 years	19,402		16,587		19,273		16,073
Total available-for-sale securities	$	30,857	$	27,839	$	30,743	$	27,273

Held-to-maturity securities:
Under 1 year	$	201	$	200	$	255	$	256
After 1 year through 5 years	2,143		2,144		1,818		1,796
After 5 years through 10 years	67		64		65		60
After 10 years	13,904		11,936		14,230		11,974
Total held-to-maturity securities	$	16,315	$	14,344	$	16,368	$	14,086

46 Huntington Bancshares Incorporated

Table of Contents

The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position.


	Less than 12 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 March 31, 2025
Available-for-sale securities:
U.S. Treasury	$	1,975	$	(14)	$	—	$	—	$	1,975	$	(14)
Federal agencies:
Residential MBS	215		(2)		9,692		(1,698)		9,907		(1,700)
Residential CMO	665		(1)		2,792		(376)		3,457		(377)
Commercial MBS	—		—		1,795		(719)		1,795		(719)
Other agencies	20		—		66		(4)		86		(4)
Total U.S. Treasury, federal agency, and other agency securities	2,875		(17)		14,345		(2,797)		17,220		(2,814)
Municipal securities	1,349		(25)		2,266		(101)		3,615		(126)
Corporate debt	—		—		1,037		(86)		1,037		(86)
Asset-backed securities	—		—		298		(15)		298		(15)
Private-label CMO	—		—		86		(9)		86		(9)

Total temporarily impaired available-for-sale securities	$	4,224	$	(42)	$	18,032	$	(3,008)	$	22,256	$	(3,050)

Held-to-maturity securities:
U.S. Treasury	$	1,125	$	(7)	$	—	$	—	$	1,125	$	(7)
Federal agencies:
Residential MBS	56		(1)		7,084		(1,155)		7,140		(1,156)
Residential CMO	—		—		3,142		(610)		3,142		(610)
Commercial MBS	—		—		1,177		(211)		1,177		(211)
Other agencies	—		—		64		(3)		64		(3)
Total U.S. Treasury, federal agency, and other agency securities	1,181		(8)		11,467		(1,979)		12,648		(1,987)
Municipal securities	—		—		1		—		1		—
Total temporarily impaired held-to-maturity securities	$	1,181	$	(8)	$	11,468	$	(1,979)	$	12,649	$	(1,987)

2025 1Q Form 10-Q 47

Table of Contents


	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, 2024
Available-for-sale securities:
U.S. Treasury	$	3,153	$	(43)	$	—	$	—	$	3,153	$	(43)
Federal agencies:
Residential MBS	275		(5)		9,676		(1,966)		9,951		(1,971)
Residential CMO	243		(1)		2,802		(433)		3,045		(434)
Commercial MBS	—		—		1,752		(767)		1,752		(767)
Other agencies	21		—		69		(5)		90		(5)
Total U.S. Treasury, federal agency, and other agency securities	3,692		(49)		14,299		(3,171)		17,991		(3,220)
Municipal securities	985		(25)		2,336		(107)		3,321		(132)
Corporate debt	—		—		1,053		(102)		1,053		(102)
Asset-backed securities	49		—		263		(19)		312		(19)
Private-label CMO	—		—		87		(10)		87		(10)

Total temporarily impaired available-for-sale securities	$	4,726	$	(74)	$	18,038	$	(3,409)	$	22,764	$	(3,483)

Held-to-maturity securities:
U.S. Treasury	$	1,581	$	(22)	$	—	$	—	$	1,581	$	(22)
Federal agencies:
Residential MBS	99		(2)		7,097		(1,334)		7,196		(1,336)
Residential CMO	163		(1)		3,152		(690)		3,315		(691)
Commercial MBS	—		—		1,176		(231)		1,176		(231)
Other agencies	—		—		69		(5)		69		(5)
Total U.S. Treasury, federal agency, and other agency securities	1,843		(25)		11,494		(2,260)		13,337		(2,285)
Municipal securities	—		—		1		—		1		—
Total temporarily impaired held-to-maturity securities	$	1,843	$	(25)	$	11,495	$	(2,260)	$	13,338	$	(2,285)

At March 31, 2025 and December 31, 2024, the carrying value of investment securities pledged to secure certain public trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $33.2 billion and $37.7 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either March 31, 2025 or December 31, 2024. At March 31, 2025, substantially all HTM debt securities are comprised of securities issued by government sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt securities considered past due at March 31, 2025.

Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of March 31, 2025, Huntington has concluded that, except for one municipal bond classified as an AFS debt security for which $2 million of write-downs were recognized during 2024, it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. Huntington recognized a $3 million recovery during the first quarter of 2025 related to one AFS municipal security that had previously been written down. There was no allowance related to investment securities as of March 31, 2025 or December 31, 2024.

48 Huntington Bancshares Incorporated

Table of Contents

4. LOANS AND LEASES

The following table provides a detailed listing of Huntington’s loan and lease portfolio.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024


















Commercial loan and lease portfolio:
Commercial and industrial	$	58,948	$	56,809
Commercial real estate	10,968		11,078
Lease financing	5,451		5,454
Total commercial loan and lease portfolio	75,367		73,341
Consumer loan portfolio:
Residential mortgage	24,369		24,242
Automobile	14,877		14,564
Home equity	10,130		10,142
RV and marine	5,939		5,982
Other consumer	1,823		1,771
Total consumer loan portfolio	57,138		56,701
Total loans and leases (1)(2)	132,505		130,042
Allowance for loan and lease losses	(2,263)		(2,244)
Net loans and leases	$	130,242	$	127,798

(1)Loans and leases are reported at principal amount outstanding, including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of $509 million and $468 million at March 31, 2025 and December 31, 2024, respectively.

(2)The total amount of accrued interest recorded for these loans and leases at March 31, 2025 was $313 million and $236 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2024 was $316 million and $235 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheets.

Lease Financing

The following table presents net investments in lease financing receivables by category.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024

Lease payments receivable	$	5,160	$	5,189
Estimated residual value of leased assets	924		884
Gross investment in lease financing receivables	6,084		6,073
Deferred origination costs	54		56
Deferred fees, unearned income, and other	(687)		(675)
Total lease financing receivables	$	5,451	$	5,454

The carrying value of residual values guaranteed was $490 million and $517 million as of March 31, 2025 and December 31, 2024, respectively. The future lease rental payments due from customers on direct financing leases at March 31, 2025 totaled $5.2 billion and were due as follows: $700 million in 2025, $988 million in 2026, $972 million in 2027, $992 million in 2028, $814 million in 2029, and $694 million thereafter. Interest income recognized for these types of leases was $89 million and $79 million for the three-month periods ended March 31, 2025 and 2024, respectively.

2025 1Q Form 10-Q 49

Table of Contents

Nonaccrual and Past Due Loans and Leases

The following table presents NALs by class.


	At March 31, 2025				At December 31, 2024
(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	$	51	$	413	$	71	$	457
Commercial real estate	74		118		75		118
Lease financing	1		11		—		10
Residential mortgage	—		90		—		83
Automobile	—		4		—		6
Home equity	—		110		—		107
RV and marine	—		2		—		2

Total nonaccrual loans and leases	$	126	$	748	$	146	$	783

The following table presents an aging analysis of loans and leases, by class.


	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 March 31, 2025
Commercial and industrial	$	137	$	54	$	222	$	413	$	58,535	$	—	$	58,948	$	2	(2)
Commercial real estate	17		1		31		49		10,919		—		10,968		—
Lease financing	46		29		11		86		5,365		—		5,451		8
Residential mortgage	228		91		234		553		23,641		175		24,369		177		(3)
Automobile	99		21		11		131		14,746		—		14,877		8
Home equity	52		27		92		171		9,959		—		10,130		18
RV and marine	22		6		4		32		5,907		—		5,939		3
Other consumer	13		5		4		22		1,801		—		1,823		4
Total loans and leases	$	614	$	234	$	609	$	1,457	$	130,873	$	175	$	132,505	$	220
At December 31, 2024
Commercial and industrial	$	96	$	46	$	232	$	374	$	56,435	$	—	$	56,809	$	3	(2)
Commercial real estate	35		—		39		74		11,004		—		11,078		—
Lease financing	56		23		14		93		5,361		—		5,454		11
Residential mortgage	196		98		242		536		23,533		173		24,242		185		(3)
Automobile	117		27		16		160		14,404		—		14,564		12
Home equity	64		32		92		188		9,954		—		10,142		20
RV and marine	26		7		5		38		5,944		—		5,982		4
Other consumer	13		5		4		22		1,749		—		1,771		4
Total loans and leases	$	603	$	238	$	644	$	1,485	$	128,384	$	173	$	130,042	$	239

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

(2)Amounts include SBA loans and leases.

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

Credit Quality Indicators

Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. See Note 4 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2024 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.

50 Huntington Bancshares Incorporated

Table of Contents

The following tables present the amortized cost basis of loans and leases by vintage and internally defined credit quality indicator.


	At March 31, 2025
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2025		2024		2023		2022		2021		Prior				Total
Commercial and industrial
Credit Quality Indicator:
Pass	$	5,599	$	13,302	$	6,845	$	5,797	$	2,191	$	3,048	$	18,636	$	6	$	55,424
OLEM	26		169		88		75		16		31		200		—		605
Substandard	173		507		394		433		217		198		976		—		2,898
Doubtful	—		—		—		1		—		—		20		—		21
Total Commercial and industrial	$	5,798	$	13,978	$	7,327	$	6,306	$	2,424	$	3,277	$	19,832	$	6	$	58,948
Commercial real estate
Credit Quality Indicator:
Pass	$	545	$	1,435	$	1,008	$	2,269	$	1,195	$	2,637	$	644	$	—	$	9,733
OLEM	19		6		112		202		44		106		46		—		535
Substandard	48		123		60		275		62		121		11		—		700

Total Commercial real estate	$	612	$	1,564	$	1,180	$	2,746	$	1,301	$	2,864	$	701	$	—	$	10,968
Lease financing
Credit Quality Indicator:
Pass	$	244	$	1,931	$	1,373	$	774	$	531	$	526	$	—	$	—	$	5,379
OLEM	—		3		5		3		3		3		—		—		17
Substandard	2		3		12		21		4		13		—		—		55

Total Lease financing	$	246	$	1,937	$	1,390	$	798	$	538	$	542	$	—	$	—	$	5,451
Residential mortgage
Credit Quality Indicator:
750+	$	353	$	1,831	$	2,223	$	3,884	$	5,532	$	5,383	$	—	$	—	$	19,206
650-749	140		710		487		685		748		1,196		—		—		3,966
<650	11		66		77		129		112		627		—		—		1,022

Total Residential mortgage	$	504	$	2,607	$	2,787	$	4,698	$	6,392	$	7,206	$	—	$	—	$	24,194
Automobile
Credit Quality Indicator:
750+	$	1,186	$	3,558	$	1,492	$	1,186	$	778	$	335	$	—	$	—	$	8,535
650-749	614		2,463		863		618		387		160		—		—		5,105
<650	60		417		245		238		185		92		—		—		1,237

Total Automobile	$	1,860	$	6,438	$	2,600	$	2,042	$	1,350	$	587	$	—	$	—	$	14,877
Home equity
Credit Quality Indicator:
750+	$	39	$	206	$	302	$	362	$	429	$	626	$	4,579	$	225	$	6,768
650-749	22		67		89		74		49		118		2,074		211		2,704
<650	—		3		10		11		5		43		445		141		658

Total Home equity	$	61	$	276	$	401	$	447	$	483	$	787	$	7,098	$	577	$	10,130
RV and marine
Credit Quality Indicator:
750+	$	219	$	858	$	856	$	782	$	684	$	1,109	$	—	$	—	$	4,508
650-749	28		254		253		193		192		332		—		—		1,252
<650	—		13		26		26		36		78		—		—		179

Total RV and marine	$	247	$	1,125	$	1,135	$	1,001	$	912	$	1,519	$	—	$	—	$	5,939
Other consumer
Credit Quality Indicator:
750+	$	125	$	259	$	84	$	41	$	18	$	54	$	451	$	2	$	1,034
650-749	55		135		48		19		7		11		422		4		701
<650	1		12		10		4		2		1		52		6		88

Total Other consumer	$	181	$	406	$	142	$	64	$	27	$	66	$	925	$	12	$	1,823

2025 1Q Form 10-Q 51

Table of Contents


	At December 31, 2024
	Term Loans Amortized Cost Basis by Origination Year												Revolver Total at Amortized Cost Basis		Revolver Total Converted to Term Loans
(dollar amounts in millions)	2024		2023		2022		2021		2020		Prior				Total
Commercial and industrial
Credit Quality Indicator:
Pass	$	16,097	$	7,939	$	6,587	$	2,747	$	1,708	$	1,846	$	16,790	$	4	$	53,718
OLEM	124		80		82		24		7		23		273		—		613
Substandard	445		385		440		209		107		164		690		—		2,440
Doubtful	—		—		2		—		—		—		36		—		38
Total Commercial and industrial	$	16,666	$	8,404	$	7,111	$	2,980	$	1,822	$	2,033	$	17,789	$	4	$	56,809
Commercial real estate
Credit Quality Indicator:
Pass	$	1,415	$	1,010	$	2,754	$	1,380	$	947	$	1,877	$	635	$	—	$	10,018
OLEM	—		78		114		66		2		64		4		—		328
Substandard	218		37		280		52		10		124		11		—		732

Total Commercial real estate	$	1,633	$	1,125	$	3,148	$	1,498	$	959	$	2,065	$	650	$	—	$	11,078
Lease financing
Credit Quality Indicator:
Pass	$	2,100	$	1,610	$	709	$	449	$	349	$	184	$	—	$	—	$	5,401
OLEM	7		2		2		1		1		—		—		—		13
Substandard	1		6		23		2		7		1		—		—		40

Total Lease financing	$	2,108	$	1,618	$	734	$	452	$	357	$	185	$	—	$	—	$	5,454
Residential mortgage
Credit Quality Indicator:
750+	$	1,725	$	2,249	$	3,913	$	5,617	$	3,011	$	2,525	$	—	$	—	$	19,040
650-749	768		542		748		781		423		791		—		—		4,053
<650	55		64		111		110		68		568		—		—		976

Total Residential mortgage	$	2,548	$	2,855	$	4,772	$	6,508	$	3,502	$	3,884	$	—	$	—	$	24,069
Automobile
Credit Quality Indicator:
750+	$	4,091	$	1,663	$	1,343	$	920	$	347	$	113	$	—	$	—	$	8,477
650-749	2,560		981		716		459		159		56		—		—		4,931
<650	336		250		252		205		76		37		—		—		1,156

Total Automobile	$	6,987	$	2,894	$	2,311	$	1,584	$	582	$	206	$	—	$	—	$	14,564
Home equity
Credit Quality Indicator:
750+	$	214	$	323	$	378	$	445	$	466	$	195	$	4,581	$	226	$	6,828
650-749	70		92		74		50		44		78		2,051		214		2,673
<650	2		8		11		6		4		40		431		139		641

Total Home equity	$	286	$	423	$	463	$	501	$	514	$	313	$	7,063	$	579	$	10,142
RV and marine
Credit Quality Indicator:
750+	$	928	$	909	$	816	$	718	$	476	$	704	$	—	$	—	$	4,551
650-749	247		268		201		198		123		226		—		—		1,263
<650	7		23		24		35		23		56		—		—		168

Total RV and marine	$	1,182	$	1,200	$	1,041	$	951	$	622	$	986	$	—	$	—	$	5,982
Other consumer
Credit Quality Indicator:
750+	$	321	$	97	$	48	$	22	$	10	$	49	$	467	$	—	$	1,014
650-749	148		55		21		8		2		9		423		7		673
<650	9		10		5		2		1		1		48		8		84

Total Other consumer	$	478	$	162	$	74	$	32	$	13	$	59	$	938	$	15	$	1,771

52 Huntington Bancshares Incorporated

Table of Contents

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)	2025		2024		2023		2022		2021		Prior				Total
Three months ended March 31, 2025
Commercial and industrial	$	—	$	6	$	8	$	33	$	3	$	9	$	9	$	1	$	69
Commercial real estate	—		—		—		—		1		—		—		—		1
Lease financing	—		1		1		2		—		—		—		—		4
Residential mortgage	—		—		—		—		—		1		—		—		1
Automobile	—		5		5		6		3		1		—		—		20
Home equity	—		—		—		—		—		—		1		1		2
RV and marine	—		—		2		1		2		4		—		—		9
Other consumer	1		6		5		2		1		3		—		9		27
Total	$	1	$	18	$	21	$	44	$	10	$	18	$	10	$	11	$	133











	Term Loans Gross Charge-offs by Origination Year												Revolver Gross Charge-offs		Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions)	2024		2023		2022		2021		2020		Prior				Total
Three months ended March 31, 2024
Commercial and industrial	$	—	$	5	$	11	$	15	$	11	$	2	$	10	$	1	$	55
Commercial real estate	—		1		9		1		—		6		—		—		17
Lease financing	—		—		—		1		—		1		—		—		2
Residential mortgage	—		—		—		—		—		1		—		—		1
Automobile	—		4		5		4		2		—		—		—		15
Home equity	—		—		—		—		—		—		—		2		2
RV and marine	—		1		1		2		1		3		—		—		8
Other consumer	1		7		5		2		1		3		—		9		28
Total	$	1	$	18	$	31	$	25	$	15	$	16	$	10	$	12	$	128

2025 1Q Form 10-Q 53

Table of Contents

Modifications to Debtors Experiencing Financial Difficulty

See Note 4 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2024 Annual Report on Form 10-K for a description of reported modification types and the impact on credit quality of borrowers experiencing financial difficulty.

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 March 31, 2025
Commercial and industrial	$	47	$	173	$	—	$	—	$	220	0.37	%
Commercial real estate	—		97		—		—		97		0.88
Residential mortgage	—		16		7		1		24		0.10
Automobile	—		2		—		—		2		0.01
Home equity	—		2		—		2		4		0.04

Other consumer	1		—		—		—		1		0.05
Total loans to borrowers experiencing financial difficulty to which modifications were made	$	48	$	290	$	7	$	3	$	348	0.26	%
Three months ended March 31, 2024
Commercial and industrial	$	87	$	154	$	—	$	7	$	248	0.48	%
Commercial real estate	—		31		—		—		31		0.25
Residential mortgage	—		10		3		1		14		0.06
Automobile	—		4		—		—		4		0.03
Home equity	—		1		—		4		5		0.05


Total loans to borrowers experiencing financial difficulty to which modifications were made	$	87	$	200	$	3	$	12	$	302	0.25	%

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

The following table describes the financial effect of the modification made to borrowers experiencing financial difficulty.


	Interest Rate Reduction (1)				Term Extension (1)
	Weighted-average contractual interest rate				Weighted-average years added to the life
	From		To
Three months ended March 31, 2025
Commercial and industrial	7.90	%	7.61	%	0.9
Commercial real estate					1.0
Residential mortgage					6.5




Three months ended March 31, 2024
Commercial and industrial	8.24		7.28		0.4
Commercial real estate					0.6
Residential mortgage					8.6

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

54 Huntington Bancshares Incorporated

Table of Contents

The performance of loans made to borrowers experiencing financial difficulty to which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 or more days past due. The following table depicts the performance of loans that have been modified during the identified period.


	Past Due
(dollar amounts in millions)	30-59 Days		60-89 Days		90 or more days		Total		Current		Total
At March 31, 2025
Commercial and industrial	$	8	$	—	$	5	$	13	$	483	$	496
Commercial real estate	12		—		2		14		244		258
Residential mortgage	9		9		15		33		39		72
Automobile	2		—		—		2		9		11
Home equity	1		1		1		3		12		15
RV and marine	—		—		—		—		1		1
Other consumer	—		—		—		—		2		2
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended March 31, 2025	$	32	$	10	$	23	$	65	$	790	$	855
At March 31, 2024
Commercial and industrial	$	2	$	11	$	11	$	24	$	449	$	473
Commercial real estate	2		7		—		9		118		127
Residential mortgage	8		5		9		22		31		53
Automobile	2		—		—		2		14		16
Home equity	1		1		1		3		11		14
RV and marine	—		—		—		—		1		1


Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended March 31, 2024	$	15	$	24	$	21	$	60	$	624	$	684

Pledged Loans

The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the FHLB. As of March 31, 2025 and December 31, 2024, loans and leases totaling $107.4 billion and $105.4 billion, respectively, were pledged to the FRB and FHLB for access to these contingent funding sources.

2025 1Q Form 10-Q 55

Table of Contents

5. ALLOWANCE FOR CREDIT LOSSES

The following table presents ACL activity by portfolio segment.


(dollar amounts in millions)	Commercial		Consumer		Total
Three months ended March 31, 2025
ALLL balance, beginning of period	$	1,484	$	760	$	2,244

Loan and lease charge-offs	(74)		(59)		(133)
Recoveries of loans and leases previously charged-off	30		17		47
Provision for loan and lease losses	80		25		105


ALLL balance, end of period	$	1,520	$	743	$	2,263
AULC balance, beginning of period	$	144	$	58	$	202

Provision (benefit) for unfunded lending commitments	14		(1)		13


AULC balance, end of period	$	158	$	57	$	215
ACL balance, end of period	$	1,678	$	800	$	2,478




Three months ended March 31, 2024
ALLL balance, beginning of period	$	1,563	$	692	$	2,255

Loan and lease charge-offs	(74)		(54)		(128)
Recoveries of loans and leases previously charged-off	19		17		36
Provision for loan and lease losses	81		36		117


ALLL balance, end of period	$	1,589	$	691	$	2,280
AULC balance, beginning of period	$	66	$	79	$	145

Provision (benefit) for unfunded lending commitments	3		(13)		(10)


AULC balance, end of period	$	69	$	66	$	135
ACL balance, end of period	$	1,658	$	757	$	2,415

At March 31, 2025, the ACL was $2.5 billion, an increase of $32 million from December 31, 2024. The increase in the total ACL was driven by loan and lease growth, partially offset by a modest reduction in overall coverage ratios. The ACL coverage ratio at March 31, 2025 is reflective of the current macro-economic forecast and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve.

The commercial ACL was $1.7 billion at March 31, 2025, an increase of $50 million from December 31, 2024. The increase was driven by commercial loan growth.

The consumer ACL was $800 million at March 31, 2025, a decrease of $17 million from December 31, 2024. The decrease was primarily due to improvement in the forecasted path of the HPI index which is impactful to consumer real estate secured loans.

The baseline economic scenario used in the March 31, 2025 ACL determination assumes the labor market has softened with the unemployment rate forecasted to remain at 4.1% throughout 2025 before marginally increasing to 4.2% in 2026. The Federal Reserve is projected to continue the cycle of rate cuts that started in September 2024, with further cuts forecast throughout for the second half of 2025 and throughout 2026 until reaching a federal funds rate of 3% by the end of 2026. Inflation is forecast to be 2.8% for the first quarter of 2025 and is expected to remain at similar levels throughout 2025 before approaching 2.5% by the end of 2026. GDP is forecast to decline from the estimated first quarter 2025 level of 2.5%, ending the fourth quarter of 2025 at 1.6% before marginally improving to 1.9% by the end of 2026.

The economic scenarios used included elevated levels of economic uncertainty including the impact of specific challenges in the commercial real estate Industry, recent inflation levels, the impacts of U.S. trade policies, the U.S. labor market, the expected path of interest rate changes by the Federal Reserve, and the impact of significant conflicts on-going around the world. Given the uncertainty associated with key economic scenario assumptions, the March 31, 2025 ACL included a general reserve that consists of various risk profile components to address uncertainty not measured within the quantitative transaction reserve.

56 Huntington Bancshares Incorporated

Table of Contents

6. MORTGAGE LOAN SALES AND SERVICING RIGHTS

Residential Mortgage Portfolio

The following table summarizes activity relating to residential mortgage loans sold with servicing retained.


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Residential mortgage loans sold with servicing retained	$	1,009	$	811
Pretax gains resulting from above loan sales (1)	19		13
Total servicing, late, and other ancillary fees (1)	27		26

(1)Included in mortgage banking income.

The following table summarizes the changes in MSRs recorded using the fair value method.


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Fair value, beginning of period	$	573	$	515


New servicing assets created	20		10
Change in fair value during the period due to:
Time decay (1)	(7)		(6)
Payoffs (2)	(7)		(5)
Changes in valuation inputs or assumptions (3)	(15)		20
Fair value, end of period	$	564	$	534
Loans serviced for third parties, unpaid principal balance, end of period	$	33,864	$	33,303

(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.

The following table summarizes key assumptions and the sensitivity of the MSR value to changes in these assumptions.


	At March 31, 2025							At December 31, 2024
				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)	8.20	%		$	(15)	$	(29)	7.54	%		$	(14)	$	(28)
Spread over forward interest rate swap rates	567		bps	(13)		(26)		568		bps	(13)		(26)

7. BORROWINGS

Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
Securities sold under agreements to repurchase	$	132	$	142


Other borrowings	532		57
Total short-term borrowings	$	664	$	199

The carrying value of assets pledged as collateral against repurchase agreements totaled $201 million and $224 million as of March 31, 2025 and December 31, 2024, respectively. Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days. No amounts have been offset against the agreements.

2025 1Q Form 10-Q 57

Table of Contents

The following table summarizes the composition of Huntington’s long-term debt.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
The Parent Company:
Senior Notes	$	5,922	$	5,836





Subordinated Notes	1,361		1,341







Total notes issued by the Parent Company	7,283		7,177
The Bank:
Senior Notes	3,172		1,654











Subordinated Notes	389		515


Total notes issued by the Bank	3,561		2,169
FHLB Advances	4,707		4,696

Auto Loan Securitization Trust (1)	911		1,023
Credit Linked Notes (2)	1,143		821
Other	491		488





Total long-term debt	$	18,096	$	16,374

(1) Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.29% due through 2029. See Note 14 - “Variable Interest Entities” for additional information.

(2) As of March 31, 2025, the weighted average contractual interest rate on the CLNs was 6.02%. Huntington has elected the fair value option for these notes. To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.

During the first quarter of 2025, the Bank issued $1.0 billion of fixed-to-floating rate senior notes due April 12, 2028. These notes bear an initial fixed rate of 4.871% until April 12, 2027, at which time they will reset to a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72.6 basis points. The Bank also issued $500 million of floating interest rate senior notes due April 12, 2028, which bear a floating rate equal to a benchmark rate based on the Compounded SOFR Index Rate plus 72 basis points.

During the first quarter of 2025, the Bank completed a CLN transaction whereby it issued $415 million of unsecured credit linked notes to third-party investors. There are four classes of notes, each maturing in March 2033. One note class bears interest at a fixed rate of 4.957% and the remaining three note classes bear interest at SOFR plus a spread rate that ranges from 2.25% to 7.15% (weighted average spread of 4.28%). These notes transfer a portion of the risk of losses to third-party investors on an initial $3.5 billion reference pool of Huntington’s auto-secured loans.

58 Huntington Bancshares Incorporated

Table of Contents

8. OTHER COMPREHENSIVE INCOME

The following table summarizes the components of Huntington’s OCI.


(dollar amounts in millions)	Pretax		Tax (expense) benefit		After-tax
Three months ended March 31, 2025

Unrealized gains on available-for-sale securities arising during the period, net of hedges	$	329	$	(76)	$	253
Reclassification adjustment for realized net losses included in net income	2		—		2
Total unrealized gains on available-for-sale securities, net of hedges	331		(76)		255


Unrealized gains on cash flow hedges during the period	202		(47)		155
Reclassification adjustment for cash flow hedges included in net income	28		(6)		22
Net change related to cash flow hedges on loans	230		(53)		177


Translation adjustments, net of hedges (1)	1		—		1

Other comprehensive income	$	562	$	(129)	$	433
Three months ended March 31, 2024

Unrealized losses on available-for-sale securities arising during the period, net of hedges	$	(170)	$	40	$	(130)
Reclassification adjustment for realized net losses included in net income	3		(1)		2
Total unrealized losses on available-for-sale securities, net of hedges	(167)		39		(128)


Unrealized losses on cash flow hedges during the period	(161)		37		(124)
Reclassification adjustment for cash flow hedges included in net income	67		(16)		51
Net change related to cash flow hedges on loans	(94)		21		(73)


Translation adjustments, net of hedges (1)	(2)		—		(2)

Other comprehensive loss	$	(263)	$	60	$	(203)

(1)Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments.

The following table summarizes the activity in accumulated OCI.


(dollar amounts in millions)	Unrealized gains (losses) on available-for-sale securities, net of hedges (1)		Net change related to cash flow hedges on loans		Translation adjustments, net of hedges		Unrealized losses for pension and other post-retirement obligations		Total
Three months ended March 31, 2025
Balance, beginning of period	$	(2,365)	$	(267)	$	(12)	$	(222)	$	(2,866)

Other comprehensive income before reclassifications	253		155		1		—		409
Amounts reclassified from accumulated OCI to earnings	2		22		—		—		24
Period change	255		177		1		—		433
Balance, end of period	$	(2,110)	$	(90)	$	(11)	$	(222)	$	(2,433)

Three months ended March 31, 2024
Balance, beginning of period	$	(2,094)	$	(363)	$	(6)	$	(213)	$	(2,676)

Other comprehensive income before reclassifications	(130)		(124)		(2)		—		(256)
Amounts reclassified from accumulated OCI to earnings	2		51		—		—		53
Period change	(128)		(73)		(2)		—		(203)

Balance, end of period	$	(2,222)	$	(436)	$	(8)	$	(213)	$	(2,879)

(1)AOCI amounts at March 31, 2025 and March 31, 2024 include $49 million and $56 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.

2025 1Q Form 10-Q 59

Table of Contents

9. SHAREHOLDERS' EQUITY

Preferred Stock

The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding.



(dollar amounts in millions)	Issuance Date	Shares Outstanding	Dividend Rate		Earliest Redemption Date (1)	Carrying Amount
Series			At March 31, 2025		At December 31, 2024
Series B (1)	12/28/2011	35,500	Variable (2)		1/15/2017	$	23	$	23




Series F (3)	5/27/2020	5,000	5.625	%	7/15/2030	494		494
Series G (3)	8/3/2020	5,000	4.45		10/15/2027	494		494
Series H (1)	2/2/2021	500,000	4.50		4/15/2026	486		486
Series I (5)	6/9/2021	7,000	5.70		12/01/2022	175		175
Series J (1)	3/6/2023	325,000	6.875		4/15/2028	317		317
Total		877,500				$	1,989	$	1,989

(1) Liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends.

(2) Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 270 bps.

(3) Liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends.

(4) Dividend rate converted to 3-month CME Term SOFR + 26 bps spread adjustment + 288 bps.

(5) 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.


		Three Months Ended					Three Months Ended
(amounts in millions, except per share data)		March 31, 2025						March 31, 2024
	Cash Dividend Declared Per Share								Cash Dividend Declared Per Share
Preferred Series				Amount					Amount
Series B		$	18.16		$	1				$	20.69	$	1


Series E (1)		—			—					2,113.90		8
Series F		1,406.25			6					1,406.25		7
Series G		1,112.50			6					1,112.50		6
Series H		11.25			6					11.25		6
Series I		356.25			2					356.25		2
Series J		17.19			6					17.19		6
Total					$	27						$	36

(1) During the fourth quarter of 2024, all remaining $405 million of outstanding Series E Preferred Stock, par value of $0.01 per share, was redeemed.

60 Huntington Bancshares Incorporated

Table of Contents

10. EARNINGS PER SHARE

Basic earnings per share is the amount of earnings (adjusted for preferred stock dividends and the impact of preferred stock repurchases and redemptions) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units, performance share units, and shares held in deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive.

The following table shows the calculation of basic and diluted earnings per share.


	Three Months Ended
(dollar amounts in millions, except per share data, share count in thousands)	March 31, 2025		March 31, 2024
Basic earnings per common share:
Net income attributable to Huntington	$	527	$	419
Dividends on preferred shares	27		36

Net income available to common shareholders	$	500	$	383
Average common shares issued and outstanding	1,454,498		1,448,492
Basic earnings per common share	$	0.34	$	0.26
Diluted earnings per common share:




Average dilutive potential common shares:
Stock options, restricted stock units, and performance share units	20,340		17,396
Shares held in deferred compensation plans	7,041		7,447


Average dilutive potential common shares	27,381		24,843
Total diluted average common shares issued and outstanding	1,481,879		1,473,335
Diluted earnings per common share	$	0.34	$	0.26
Anti-dilutive awards (1)	3,486		9,794

(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.

2025 1Q Form 10-Q 61

Table of Contents

11. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. The following table presents total noninterest income disaggregated by operating segment and segregated between revenue with contracts with customers within the scope of ASC 606 and revenue within the scope of other GAAP topics.


(dollar amounts in millions)	Consumer & Regional Banking		Commercial Banking		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Three months ended March 31, 2025
Payments and cash management revenue	$	108	$	32	$	—	$	140
Wealth and asset management revenue	95		6		—		101
Customer deposit and loan fees	52		2		—		54
Capital markets and advisory fees	4		26		—		30
Leasing revenue	1		3		—		4
Insurance income	17		3		—		20
Other noninterest income	1		1		—		2
Net revenue from contracts with customers	278		73		—		351
Noninterest income within the scope of other GAAP topics	49		89		5		143
Total noninterest income	$	327	$	162	$	5	$	494
Three months ended March 31, 2024
Payments and cash management revenue	$	107	$	27	$	—	$	134
Wealth and asset management revenue	85		3		—		88
Customer deposit and loan fees	50		4		—		54
Capital markets and advisory fees	4		25		—		29
Leasing revenue	1		9		—		10
Insurance income	16		3		—		19
Other noninterest income	2		—		—		2
Net revenue from contracts with customers	265		71		—		336
Noninterest income within the scope of other GAAP topics	43		74		14		131
Total noninterest income	$	308	$	145	$	14	$	467

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended March 31, 2025 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended March 31, 2025 was determined to be immaterial.

12. FAIR VALUES OF ASSETS AND LIABILITIES

See Note 18 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in Huntington’s 2024 Annual Report on Form 10-K for a description of the valuation methodologies used for instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the three-month periods ended March 31, 2025 and 2024.

Assets and Liabilities measured at fair value on a recurring basis

62 Huntington Bancshares Incorporated

Table of Contents

The following tables present our assets and liabilities measured at fair value on a recurring basis, including instruments we have elected the fair value option.


	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Total
(dollar amounts in millions)	Level 1		Level 2		Level 3
At March 31, 2025
Assets
Trading account securities:
U.S. Treasury securities	$	348	$	—	$	—	$	—	$	348
Other trading account securities	—		129		—		—		129
Total trading account securities	348		129		—		—		477
Available-for-sale securities:
U.S. Treasury securities	6,639		—		—		—		6,639
Residential MBS	—		10,029		—		—		10,029
Residential CMO	—		3,822		—		—		3,822
Commercial MBS	—		1,795		—		—		1,795
Other agencies	—		123		—		—		123
Municipal securities	—		33		3,929		—		3,962
Corporate debt	—		1,052		—		—		1,052
Asset-backed securities	—		251		47		—		298
Private-label CMO	—		87		22		—		109
Other securities/sovereign debt	—		10		—		—		10
Total available-for-sale securities	6,639		17,202		3,998		—		27,839
Other securities	29		2		—		—		31
Loans held for sale	—		555		—		—		555
Loans held for investment	—		112		63		—		175
MSRs	—		—		564		—		564
Other assets:
Derivative assets	—		500		7		(359)		148
Assets held in trust for deferred compensation plans	187		—		—		—		187
Liabilities
Short-term borrowings (2)	514		10		—		—		524
Long-term debt	—		1,143		—		—		1,143


Derivative liabilities	—		594		4		(145)		453

(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)Includes debt and equity securities held by our broker dealer in its trading inventory and securities sold short as a hedging strategy for purposes of supporting client trading activities. Level 1 fair value positions are determined by quoted market prices available in an active market for identical securities. When quoted market prices are not available, fair values are classified as Level 2 and are determined using quoted prices for similar assets in active markets.

2025 1Q Form 10-Q 63

Table of Contents


	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Total
(dollar amounts in millions)	Level 1		Level 2		Level 3
At December 31, 2024
Assets
Trading account securities:
U.S. Treasury securities	$	1	$	—	$	—	$	—	$	1
Other trading account securities	—		52		—		—		52
Total trading account securities	1		52		—		—		53
Available-for-sale securities:
U.S. Treasury securities	6,556		—		—		—		6,556
Residential MBS	—		10,017		—		—		10,017
Residential CMO	—		3,345		—		—		3,345
Commercial MBS	—		1,752		—		—		1,752
Other agencies	—		130		—		—		130
Municipal securities	—		34		3,954		—		3,988
Corporate debt	—		1,055		—		—		1,055
Asset-backed securities	—		262		49		—		311
Private-label CMO	—		88		21		—		109
Other securities/sovereign debt	—		10		—		—		10
Total available-for-sale securities	6,556		16,693		4,024		—		27,273
Other securities	29		2		—		—		31
Loans held for sale	—		652		—		—		652
Loans held for investment	—		112		61		—		173
MSRs	—		—		573		—		573
Other assets:
Derivative assets	—		606		4		(344)		266
Assets held in trust for deferred compensation plans	191		—		—		—		191
Liabilities
Long-term debt	—		821		—		—		821
Derivative liabilities	—		666		2		(90)		578

64 Huntington Bancshares Incorporated

Table of Contents

The following table presents 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.


	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 March 31, 2025
Opening balance	$	573	$	2	$	3,954	$	21	$	49		$	61
Transfers into Level 3	—		—		—		—		—			3
Transfers out of Level 3 (1)	—		(7)		—		—		—			—
Total gains/losses for the period:
Included in earnings:


Mortgage banking income	(15)		10		—		—		—			—

Other noninterest income	—		(5)		—		—		—			—
Included in OCI	—		—		5		—		—			—
Purchases/originations	20		—		218		—		—			—

Repayments	—		—		—		—		—			(1)

Settlements	(14)		3		(248)		1		(2)			—
Closing balance	$	564	$	3	$	3,929	$	22	$	47		$	63
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(15)	$	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	—		—		4		—		—			—
Three months ended March 31, 2024
Opening balance	$	515	$	(2)	$	3,335	$	20	$	75		$	54
Transfers into Level 3	—		—		—		—		—			4
Transfers out of Level 3 (1)	—		(5)		—		—		—			—
Total gains/losses for the period:
Included in earnings:


Mortgage banking income	20		7		—		—		—			—


Other noninterest income	—		(2)		—		—		—			—
Included in OCI	—		—		19		—		—			—
Purchases/originations	10		—		72		—		—			—



Settlements	(11)		6		(133)		—		(3)			—
Closing balance	$	534	$	4	$	3,293	$	20	$	72		$	58
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	20	$	1	$	—	$	—	$	—		$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		18		—		—			—
(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.

2025 1Q Form 10-Q 65

Table of Contents

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 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 March 31, 2025
Assets
Loans held for sale	$	555	$	537	$	18	$	—	$	—	$	—
Loans held for investment	175		187		(12)		4		5		(1)
Liabilities
Long-term debt	1,143		1,138		(5)
At December 31, 2024
Assets
Loans held for sale	$	652	$	640	$	12	$	—	$	—	$	—
Loans held for investment	173		184		(11)		4		4		—
Liabilities
Long-term debt	821		817		(4)

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



		Three Months Ended
(dollar amounts in millions)	Classification	March 31, 2025		March 31, 2024
Loans held for sale	Mortgage banking income	$	6	$	(7)
Loans held for investment	Mortgage banking income	(1)		(1)
Long-term debt	Other noninterest income	(1)		—

Assets and Liabilities measured at fair value on a nonrecurring basis

Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, for example, when there is evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end.

The amounts measured at fair value on a nonrecurring basis were as follows.


	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)					Total Losses
					Three Months Ended
(dollar amounts in millions)	At March 31, 2025		At December 31, 2024			March 31, 2025		March 31, 2024

Collateral-dependent loans	$	61	$	192		$	(23)	$	(25)

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.

66 Huntington Bancshares Incorporated

Table of Contents

Significant unobservable inputs for assets and liabilities measured at fair value

The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value.


	Quantitative Information about Level 3 Fair Value Measurements (1)
			At March 31, 2025							At December 31, 2024
(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	7	%	-	49	%	8	%	6	%	-	43	%	8	%
		Spread over forward interest rate swap rates	5	%	-	10	%	6	%	5	%	-	10	%	6	%






Municipal securities and asset-backed securities	Discounted cash flow	Discount rate	4	%	-	5	%	5	%	4	%	-	5	%	5	%
		Cumulative default	—	%	-	64	%	4	%	—	%	-	39	%	4	%
		Loss given default (2)						20	%						20	%

(1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.

(2) The range is not meaningful for this unobservable input.

The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs.

Components of credit loss estimates including probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve.

Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values.

Fair values of financial instruments

Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including, but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates.

The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, and cash and short-term assets, which include cash and due from banks and interest-earning deposits with banks. 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 the following tables. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value.

2025 1Q Form 10-Q 67

Table of Contents

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 March 31, 2025
Financial Assets
Cash and short-term assets	$	15,928	$	—	$	—	$	15,928	$	15,928
Trading account securities	—		—		477		477		477
Available-for-sale securities	—		—		27,839		27,839		27,839
Held-to-maturity securities	16,315		—		—		16,315		14,344
Other securities	849		—		31		880		880
Loans held for sale	—		25		555		580		580
Net loans and leases (1)	130,067		—		175		130,242		128,824
Derivative assets	—		—		148		148		148
Assets held in trust for deferred compensation plans	—		—		187		187		187
Financial Liabilities
Deposits (2)	165,337		—		—		165,337		165,343
Short-term borrowings	140		—		524		664		664
Long-term debt	16,953		—		1,143		18,096		18,165
Derivative liabilities	—		—		453		453		453
At December 31, 2024
Financial Assets
Cash and short-term assets	$	13,332	$	—	$	—	$	13,332	$	13,332
Trading account securities	—		—		53		53		53
Available-for-sale securities	—		—		27,273		27,273		27,273
Held-to-maturity securities	16,368		—		—		16,368		14,086
Other securities	792		—		31		823		823
Loans held for sale	—		2		652		654		654
Net loans and leases (1)	127,625		—		173		127,798		125,557
Derivative assets	—		—		266		266		266
Assets held in trust for deferred compensation plans	—		—		191		191		191
Financial Liabilities
Deposits (2)	162,448		—		—		162,448		162,455
Short-term borrowings	199		—		—		199		199
Long-term debt	15,553		—		821		16,374		16,573
Derivative liabilities	—		—		578		578		578

(1)Includes collateral-dependent loans.

(2)Includes $1.4 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at March 31, 2025 and December 31, 2024, respectively.

68 Huntington Bancshares Incorporated

Table of Contents

The following table presents the level in the fair value hierarchy for the estimated fair values.


	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Estimated Fair Value
(dollar amounts in millions)	Level 1		Level 2		Level 3
At March 31, 2025
Financial Assets
Trading account securities	$	348	$	129	$	—	$	—	$	477
Available-for-sale securities	6,639		17,202		3,998		—		27,839
Held-to-maturity securities	2,321		12,023		—		—		14,344
Other securities (2)	29		2		—		—		31
Loans held for sale	—		555		25		—		580
Net loans and leases	—		112		128,712		—		128,824
Derivative assets	—		500		7		(359)		148
Financial Liabilities
Deposits	—		151,509		13,834		—		165,343
Short-term borrowings	514		150		—		—		664
Long-term debt	—		12,814		5,351		—		18,165
Derivative liabilities	—		594		4		(145)		453
At December 31, 2024
Financial Assets
Trading account securities	$	1	$	52	$	—	$	—	$	53
Available-for-sale securities	6,556		16,693		4,024		—		27,273
Held-to-maturity securities	2,023		12,063		—		—		14,086
Other securities (2)	29		2		—		—		31
Loans held for sale	—		652		2		—		654
Net loans and leases	—		113		125,444		—		125,557
Derivative assets	—		606		4		(344)		266
Financial Liabilities
Deposits	—		147,045		15,410		—		162,455
Short-term borrowings	—		199		—		—		199
Long-term debt	—		11,242		5,331		—		16,573
Derivative liabilities	—		666		2		(90)		578

(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.

2025 1Q Form 10-Q 69

Table of Contents

The following table presents the fair values and notional values of all derivative instruments included in the Unaudited Consolidated Balance Sheets. Amounts in the table below are presented gross without the impact of any net collateral arrangements.


	At March 31, 2025						At December 31, 2024
(dollar amounts in millions)	Notional Value		Asset		Liability		Notional Value		Asset		Liability
Derivatives designated as Hedging Instruments
Interest rate contracts	$	48,454	$	138	$	54	$	45,634	$	24	$	—
Foreign exchange contracts	248		1		—		250		—		5
Derivatives not designated as Hedging Instruments
Interest rate contracts	46,198		270		463		42,359		456		580
Foreign exchange contracts	5,041		46		41		5,465		79		54
Equity contracts	929		12		4		823		20		2
Commodities contracts	689		38		36		683		29		27
Credit contracts	217		2		—		247		2		—
Total contracts	$	101,776	$	507	$	598	$	95,461	$	610	$	668

The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Unaudited Consolidated Income Statement.


	Location of Gain or (Loss) Recognized in Income on Derivative		Amount of Gain or (Loss) Recognized in Income on Derivative
		Three Months Ended
(dollar amounts in millions)		March 31, 2025			March 31, 2024
Interest rate contracts:
Customer	Capital markets and advisory fees		$	8		$	5
Mortgage banking	Mortgage banking income		21			(11)


Foreign exchange contracts	Capital markets and advisory fees		11			11
Credit contracts	Other noninterest income		(2)			(2)
Commodities contracts	Capital markets and advisory fees		1			1

Equity contracts	Other noninterest income and other noninterest expense		(3)			(2)
Total			$	36		$	2

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.

70 Huntington Bancshares Incorporated

Table of Contents

The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at March 31, 2025 and December 31, 2024, identified by the underlying interest rate-sensitive instruments.



(dollar amounts in millions)	Fair Value Hedges		Cash Flow Hedges		Economic Hedges		Total
At March 31, 2025
Instruments associated with:
Investment securities	$	10,987	$	—	$	—	$	10,987
Loans	—		26,250		175		26,425


Long-term debt	11,217		—		—		11,217

Total notional value	$	22,204	$	26,250	$	175	$	48,629



At December 31, 2024
Instruments associated with:
Investment securities	$	10,987	$	—	$	—	$	10,987
Loans	—		23,300		175		23,475


Long-term debt	11,347		—		—		11,347
Total notional value	$	22,334	$	23,300	$	175	$	45,809

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 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 $18 million and $68 million for the three-month periods ended March 31, 2025, and March 31, 2024, respectively.

Fair Value Hedges

The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item.

Huntington has designated $11.0 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults, or other factors affecting the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged MBS portfolio has not been attributed to the individual available-for-sale securities in our Unaudited Consolidated Balance Sheets.

The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item.


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)	$	(122)	$	71
Change in fair value of hedged investment securities (1)	123		(72)


Change in fair value of interest rate swaps hedging long-term debt (2)	143		(128)
Change in fair value of hedged long-term debt (2)	(143)		128

(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.

2025 1Q Form 10-Q 71

Table of Contents

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 March 31, 2025		At December 31, 2024		At March 31, 2025		At December 31, 2024
Assets
Investment securities (1)	$	16,198	$	16,390	$	(336)	$	(458)

Liabilities
Long-term debt (2)	11,606		11,589		(80)		(223)

(1)Amounts represent 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 that is expected to be remaining at the end of the hedging relationship.

(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 $(53) million at March 31, 2025 and $(56) million at December 31, 2024.

Cash Flow Hedges

At March 31, 2025, Huntington had $26.3 billion of interest rate swaps and floors. These are designated as cash flow hedges for variable-rate commercial loans. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. The initial premium paid is amortized on a straight-line basis as a reduction to interest income over the contractual life of these contracts.

At March 31, 2025, net losses recognized in AOCI that are expected to be reclassified into earnings within the next 12 months totaled $30 million.

Derivatives used in mortgage banking activities

Mortgage loan origination hedging activity

Huntington uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate lock commitments are carried at fair value on the Unaudited Consolidated Balance Sheets with changes in fair value reflected in mortgage banking income. 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 positions of these derivatives at March 31, 2025 and December 31, 2024 were net assets of $1 million and $7 million, respectively. At March 31, 2025 and December 31, 2024, Huntington had commitments to sell residential real estate loans of $1.0 billion and $869 million, respectively. These contracts mature in less than one year.

MSR hedging activity

Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income. 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.

72 Huntington Bancshares Incorporated

Table of Contents

MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited Consolidated Balance Sheets. Trading gains (losses) are included in mortgage banking income in the Unaudited Consolidated Statements 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 are summarized in the following tables.



(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
Notional value	$	1,855	$	1,780

Trading liabilities	26		45


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Trading gains (losses)	$	15	$	(19)

Derivatives used in customer-related activities

Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk-management purposes. Derivative financial instruments used in trading activities consist of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in trading activities.

The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions.

The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at March 31, 2025 and December 31, 2024, were $57 million and $72 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $48.3 billion and $45.2 billion at March 31, 2025 and December 31, 2024, respectively. Huntington’s credit risk from customer derivatives was $77 million and $76 million at the same dates, respectively.

Credit derivative instruments

Huntington enters into credit default swaps to hedge credit risk associated with certain loans and leases. These contracts are accounted for as derivatives, and accordingly, these contracts are recorded at fair value. The total notional value of credit contracts was $217 million and $247 million at March 31, 2025 and December 31, 2024, respectively. The position of these derivatives was a net asset of $2 million at both March 31, 2025 and December 31, 2024, 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: 1) broker-dealers and banks and 2) 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.

2025 1Q Form 10-Q 73

Table of Contents

Huntington also enters into transactions with customers to meet their financing, investing, payment, and risk-management needs. These types of transactions generally are low dollar volume. Huntington enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties.

In addition, Huntington clears certain derivative transactions through a clearinghouse, rather than directly with counterparties. Transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position.

In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions was net credit risk of $61 million and $192 million at March 31, 2025 and December 31, 2024, respectively. The net credit risk associated with derivatives is calculated after considering master netting agreements and is reduced by collateral that has been pledged by the counterparty.

At March 31, 2025, Huntington pledged $207 million of investment securities and cash collateral to counterparties, while other counterparties pledged $239 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral.

The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Unaudited Consolidated Balance Sheets.


Offsetting of Financial Assets and Derivative Assets
			Gross amounts offset in the unaudited consolidated balance sheets		Net amounts of assets presented in the unaudited consolidated balance sheets		Gross amounts not offset in the unaudited consolidated balance sheets
(dollar amounts in millions)	Gross amounts of recognized assets				Financial instruments		Cash collateral received		Net amount
At March 31, 2025	$	507	$	(359)	$	148	$	(11)	$	(9)	$	128
At December 31, 2024	610		(344)		266		(5)		(35)		226


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 March 31, 2025	$	598	$	(145)	$	453	$	(67)	$	(135)	$	251
At December 31, 2024	668		(90)		578		(67)		(316)		195

14. VARIABLE INTEREST ENTITIES

Consolidated VIEs

Huntington engages in activities with VIEs in the normal course of business that result in Huntington being the primary beneficiary and which are consolidated in Huntington’s financial statements. The following table provides a summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
Assets
Net loans and leases	$	998	$	1,122
Other assets	260		264
Total assets	$	1,258	$	1,386
Liabilities
Long-term borrowings	$	911	$	1,023
Other liabilities	98		109
Total liabilities	$	1,009	$	1,132

74 Huntington Bancshares Incorporated

Table of Contents

As part of the securitization transaction completed in the first quarter of 2024, Huntington transferred $1.6 billion in aggregate automobile loans to a SPE which was deemed to be a VIE. This SPE then issued approximately $1.6 billion of asset-backed notes, of which approximately $128 million were retained by Huntington. The primary purpose of the VIE in the securitization transaction is to issue asset-backed securities with varying levels of credit subordination and payment priority. Huntington retained notes and residual interest in the VIE and, therefore, has an obligation to absorb losses and a right to receive benefits that could potentially be significant to the VIE. In addition, Huntington retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE. The assets of the VIE are restricted to the settlement of the asset-backed securities and other obligations of the VIE. Third-party holders of the asset-backed notes do not have recourse to the general assets of Huntington.

The economic performance of the VIE is most significantly impacted by the performance of the underlying loans. The VIE is exposed to credit and prepayment risk, which are managed through credit enhancements in the form of reserve accounts, over-collateralization, excess interest on the loans, and the subordination of certain classes of asset-backed securities.

Consolidated VIEs at March 31, 2025 and December 31, 2024 also included investments in LIHTC operating entities that were syndicated and where we serve as the general partner and manager. As manager of these entities, we have the power to direct the activities that most significantly impact economic performance, as well as an obligation to absorb significant expected losses, of the entities.

Unconsolidated VIEs

The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.


(dollar amounts in millions)	Total Assets		Total Liabilities		Maximum Exposure to Loss
At March 31, 2025
Affordable Housing Tax Credit Partnerships	$	2,413	$	1,024	$	2,413
Trust Preferred Securities	14		248		—
Other Investments	1,097		175		1,097
Total	$	3,524	$	1,447	$	3,510
At December 31, 2024
Affordable Housing Tax Credit Partnerships	$	2,382	$	1,065	$	2,382
Trust Preferred Securities	14		248		—
Other Investments	1,201		168		1,201
Total	$	3,597	$	1,481	$	3,583

Affordable Housing and Other Tax Credit Investments

Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity.

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.

2025 1Q Form 10-Q 75

Table of Contents

The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments.


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
Affordable housing tax credit investments	$	3,702	$	3,628
Less: amortization	(1,289)		(1,246)
Net affordable housing tax credit investments	$	2,413	$	2,382
Unfunded commitments	$	1,024	$	1,065

The following table presents other information relating to Huntington’s affordable housing tax credit investments.


	Three Months Ended
(dollar amounts in millions)	March 31, 2025		March 31, 2024
Tax credits and other tax benefits recognized	$	86	$	76

Proportional amortization expense included in provision for income taxes	70		63

There were no sales of affordable housing tax credit investments during the three-month periods ended March 31, 2025 and 2024. There was no impairment recognized for the three-month periods ended March 31, 2025 and 2024.

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 VIEs include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments.

15. COMMITMENTS AND CONTINGENT LIABILITIES

Commitments to Extend Credit

In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Unaudited Consolidated Financial Statements. The contract amounts of these financial agreements were as follows:


(dollar amounts in millions)	At March 31, 2025		At December 31, 2024
Contract amount representing credit risk
Commitments to extend credit:
Commercial and industrial	$	39,113	$	37,422
Consumer loan portfolio	20,493		19,993
Commercial real estate	2,145		2,089
Standby letters of credit and guarantees on industrial revenue bonds	760		725
Commercial letters of credit	10		17

76 Huntington Bancshares Incorporated

Table of Contents

Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Certain commitments to extend credit are secured by collateral, including residential and commercial real estate, inventory, receivables, cash and securities, and other business assets.

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 $27 million at both March 31, 2025 and December 31, 2024.

Other Guarantees

Huntington provides guarantees to certain third-party investors in connection with the sale of syndicated affordable housing tax credits. These guarantees are generally in the form of make-whole provisions that are triggered if the underlying performance of LIHTC properties result in a shortfall to the third-party investors and remain in effect until the final associated tax credits are realized. The maximum amount guaranteed by the Company under these arrangements total approximately $201 million at both March 31, 2025 and December 31, 2024, and represents the guaranteed portion in these transactions where the make-whole provisions have not yet expired.

Litigation and Regulatory Matters

In the ordinary course of business, Huntington is routinely a defendant in or party to pending and threatened legal and regulatory actions and proceedings.

In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each matter may be.

Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established.

For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $15 million at March 31, 2025 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.

2025 1Q Form 10-Q 77

Table of Contents

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.

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. Huntington reports on two business segments: Consumer & Regional Banking and Commercial Banking. All other items not included within our two business segments are reported within the Treasury / Other function, which primarily includes technology and operations and other unallocated assets, liabilities, revenue, and expense. For a description of our business segments, see Note 24 - “Segment Reporting” to the Consolidated Financial Statements appearing in Huntington’s 2024 Annual Report on Form 10-K.

The following tables present certain operating basis financial information for each reportable business segment reconciled to Huntington’s consolidated financial results.



	Consumer & Regional Banking		Commercial Banking		Treasury / Other		Huntington Consolidated
(dollar amounts in millions)
Three months ended March 31, 2025
Net interest income (loss)	$	943	$	513	$	(30)	$	1,426
Provision for credit losses	47		68		—		115
Net interest income (loss) after provision for credit losses	896		445		(30)		1,311
Noninterest income	327		162		5		494
Noninterest expense:
Direct personnel costs	294		139		238		671
Other noninterest expense, including corporate allocations	525		164		(208)		481
Total noninterest expense	819		303		30		1,152
Income (loss) before income taxes	404		304		(55)		653
Provision (benefit) for income taxes	85		64		(27)		122
Income attributable to non-controlling interest	—		4		—		4
Net income (loss) attributable to Huntington	$	319	$	236	$	(28)	$	527
Three months ended March 31, 2024
Net interest income (loss)	$	956	$	523	$	(192)	$	1,287
Provision for credit losses	46		61		—		107
Net interest income (loss) after provision for credit losses	910		462		(192)		1,180
Noninterest income	308		145		14		467
Noninterest expense:
Direct personnel costs	275		137		227		639
Other noninterest expense, including corporate allocations	502		157		(161)		498
Total noninterest expense	777		294		66		1,137
Income (loss) before income taxes	441		313		(244)		510
Provision (benefit) for income taxes	93		66		(73)		86
Income attributable to non-controlling interest	—		5		—		5
Net income (loss) attributable to Huntington	$	348	$	242	$	(171)	$	419

78 Huntington Bancshares Incorporated

Table of Contents


	Assets				Deposits
(dollar amounts in millions)	At March 31, 2025		At December 31, 2024		At March 31, 2025		At December 31, 2024
Consumer & Regional Banking	$	78,713	$	78,841	$	112,972	$	111,390
Commercial Banking	69,118		66,919		44,090		43,366
Treasury / Other	61,765		58,470		8,275		7,692
Total	$	209,596	$	204,230	$	165,337	$	162,448

2025 1Q Form 10-Q 79

Table of Contents

Previous: Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations · Next: Item 3. Quantitative and Qualitative Disclosures about Market Risk