Item 1. Financial Statements

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Item 1. Financial Statements

Huntington Bancshares Incorporated

Consolidated Balance Sheets (Unaudited)


	At September 30,		At December 31,
(dollar amounts in millions)	2025		2024
Assets
Cash and due from banks	$	1,696	$	1,685
Interest-earning deposits with banks	11,536		11,647
Trading account securities	81		53
Available-for-sale securities	26,085		27,273
Held-to-maturity securities	15,597		16,368


Other securities	870		823
Loans held for sale (includes $817 and $652, respectively, measured at fair value)	823		654
Loans and leases (includes $171 and $173, respectively, measured at fair value)	137,956		130,042
Allowance for loan and lease losses	(2,374)		(2,244)
Net loans and leases (1)	135,582		127,798
Bank-owned life insurance	2,810		2,793
Accrued income and other receivables	1,819		2,190
Premises and equipment	1,112		1,066
Goodwill	5,547		5,561
Servicing rights and other intangible assets	644		677
Other assets (1)	6,026		5,642
Total assets	$	210,228	$	204,230
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing	$	28,596	$	29,345
Interest-bearing	136,616		133,103
Total deposits	165,212		162,448
Short-term borrowings	252		199
Long-term debt (1) (includes $1,299 and $821, respectively, measured at fair value)	17,315		16,374
Other liabilities (1)	5,163		5,427
Total liabilities	187,942		184,448
Commitments and Contingent Liabilities (Note 16)
Shareholders’ Equity
Preferred stock	2,731		1,989
Common stock	15		15
Capital surplus	15,537		15,484
Less treasury shares, at cost	(87)		(86)
Accumulated other comprehensive income (loss)	(2,071)		(2,866)
Retained earnings	6,123		5,204
Total Huntington shareholders’ equity	22,248		19,740
Non-controlling interest	38		42
Total equity	22,286		19,782
Total liabilities and equity	$	210,228	$	204,230
Common shares authorized (par value of $0.01)	2,250,000,000		2,250,000,000

Common shares outstanding	1,459,390,757		1,453,635,809
Treasury shares outstanding	6,907,525		6,984,102
Preferred stock, authorized shares	6,617,808		6,617,808

Preferred shares outstanding	885,000		877,500

(1)Includes VIE balances in net loans and leases, other assets, long-term debt, and other liabilities of $769 million, $334 million, $694 million, and $123 million, respectively, at September 30, 2025, and $1.1 billion, $264 million, $1.0 billion, and $109 million, respectively, at December 31, 2024. See Note 15 - “Variable Interest Entities” for additional information.

See Notes to Unaudited Consolidated Financial Statements

2025 3Q Form 10-Q 39

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Huntington Bancshares Incorporated
Consolidated Statements of Income (Unaudited)
	Three Months Ended				Nine Months Ended
(dollar amounts in millions, except per share data, share count in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest and fee income:
Loans and leases	$	2,050	$	1,906	$	5,926	$	5,574
Available-for-sale securities
Taxable	246		331		811		949
Tax-exempt	33		27		98		81
Held-to-maturity securities—taxable	105		93		320		281
Other securities—taxable	12		11		36		30

Other	154		187		454		496
Total interest income	2,600		2,555		7,645		7,411
Interest expense:
Deposits	830		945		2,462		2,709
Short-term borrowings	13		14		40		52

Long-term debt	251		245		744		700

Total interest expense	1,094		1,204		3,246		3,461
Net interest income	1,506		1,351		4,399		3,950
Provision for credit losses	122		106		340		313
Net interest income after provision for credit losses	1,384		1,245		4,059		3,637
Noninterest income:
Payments and cash management revenue	174		158		494		458
Wealth and asset management revenue	104		93		307		271
Customer deposit and loan fees	102		86		283		246
Capital markets and advisory fees	94		78		245		207
Mortgage banking income	43		38		102		99
Leasing revenue	23		19		47		60
Insurance income	20		18		59		55


Net gains (losses) on sales of securities	—		—		(58)		—

Other noninterest income	68		33		114		85
Total noninterest income	628		523		1,593		1,481
Noninterest expense:
Personnel costs	757		684		2,150		1,986
Outside data processing and other services	198		167		550		498
Equipment	66		65		201		197
Net occupancy	57		57		176		165
Marketing	34		33		91		88
Deposit and other insurance expense	9		15		66		94
Professional services	31		21		75		72
Amortization of intangibles	11		11		33		35
Lease financing equipment depreciation	4		4		10		12

Other noninterest expense	79		73		243		237
Total noninterest expense	1,246		1,130		3,595		3,384
Income before income taxes	766		638		2,057		1,734
Provision for income taxes	133		116		351		308
Income after income taxes	633		522		1,706		1,426
Income attributable to non-controlling interest	4		5		14		16
Net income attributable to Huntington	629		517		1,692		1,410
Dividends on preferred shares	27		36		81		107

Net income applicable to common shares	$	602	$	481	$	1,611	$	1,303
Average common shares—basic	1,459,129		1,452,682		1,456,979		1,450,794
Average common shares—diluted	1,484,587		1,476,982		1,482,677		1,474,859
Per common share:
Net income—basic	$	0.41	$	0.33	$	1.11	$	0.90
Net income—diluted	0.41		0.33		1.09		0.88

See Notes to Unaudited Consolidated Financial Statements

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Huntington Bancshares Incorporated

Consolidated Statements of Comprehensive Income (Unaudited)


	Three Months Ended				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Net income attributable to Huntington	$	629	$	517	$	1,692	$	1,410
Other comprehensive income, net of tax:


Unrealized gains on available-for-sale securities, net of hedges	153		445		505		247
Net change related to cash flow hedges on loans	23		360		283		324
Translation adjustments, net of hedges	(1)		2		6		—
Change in accumulated unrealized losses for pension and other post-retirement obligations	—		—		1		1
Other comprehensive income, net of tax	175		807		795		572
Comprehensive income attributable to Huntington	804		1,324		2,487		1,982
Comprehensive income attributed to non-controlling interest	4		5		14		16
Comprehensive income	$	808	$	1,329	$	2,501	$	1,998

See Notes to Unaudited Consolidated Financial Statements

2025 3Q Form 10-Q 41

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Huntington Bancshares Incorporated

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)


(dollar amounts in millions, share amounts in thousands)	Preferred Stock			Common Stock				Capital Surplus		Treasury Stock			AOCI		Retained Earnings		Huntington Shareholders’ Equity		Non-controlling Interest		Total Equity
Amount			Shares		Amount			Shares		Amount
Three months ended September 30, 2025
Balance, beginning of period	$	1,989		1,465,773		$	15	$	15,506	(6,973)	$	(87)	$	(2,246)	$	5,751	$	20,928	$	42	$	20,970
Net income															629		629		4		633
Other comprehensive income, net of tax													175				175				175



Net proceeds from issuance of Series K preferred stock	741																741				741



Cash dividends declared:
Common ($0.155 per share)															(230)		(230)				(230)
Preferred															(27)		(27)				(27)
Recognition of the fair value of share-based compensation								31									31				31

Other share-based compensation activity				525		—		—									—				—

Other	1							—		65	—						1		(8)		(7)
Balance, end of period	$	2,731		1,466,298		$	15	$	15,537	(6,908)	$	(87)	$	(2,071)	$	6,123	$	22,248	$	38	$	22,286

Three months ended September 30, 2024
Balance, beginning of period	$	2,394		1,459,756		$	15	$	15,425	(7,323)	$	(90)	$	(2,911)	$	4,682	$	19,515	$	48	$	19,563
Net income															517		517		5		522
Other comprehensive income, net of tax													807				807				807

Cash dividends declared:
Common ($0.155 per share)															(229)		(229)				(229)
Preferred															(36)		(36)				(36)
Recognition of the fair value of share-based compensation								28									28				28
Other share-based compensation activity				230		—		2							1		3				3
Other								—		149	1						1		(7)		(6)
Balance, end of period	$	2,394		1,459,986		$	15	$	15,455	(7,174)	$	(89)	$	(2,104)	$	4,935	$	20,606	$	46	$	20,652

See Notes to Unaudited Consolidated Financial Statements

42 Huntington Bancshares Incorporated

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(dollar amounts in millions, share amounts in thousands)	Preferred Stock			Common Stock				Capital Surplus		Treasury Stock			AOCI		Retained Earnings		Huntington Shareholders’ Equity		Non-controlling Interest		Total Equity
Amount			Shares		Amount			Shares		Amount
Nine months ended September 30, 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															1,692		1,692		14		1,706
Other comprehensive income, net of tax													795				795				795




Net proceeds from issuance of Series K Preferred Stock	741																741				741



Cash dividends declared:
Common ($0.465 per share)															(690)		(690)				(690)
Preferred															(81)		(81)				(81)

Recognition of the fair value of share-based compensation								84									84				84
Other share-based compensation activity				5,678		—		(33)							(2)		(35)				(35)

Other	1							2		76	(1)						2		(18)		(16)
Balance, end of period	$	2,731		1,466,298		$	15	$	15,537	(6,908)	$	(87)	$	(2,071)	$	6,123	$	22,248	$	38	$	22,286

Nine months ended September 30, 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															1,410		1,410		16		1,426
Other comprehensive income, net of tax													572				572				572








Cash dividends declared:
Common ($0.465 per share)															(687)		(687)				(687)
Preferred															(107)		(107)				(107)

Recognition of the fair value of share-based compensation								81									81				81
Other share-based compensation activity				4,263		—		(15)							(3)		(18)				(18)

Other								—		229	2						2		(15)		(13)
Balance, end of period	$	2,394		1,459,986		$	15	$	15,455	(7,174)	$	(89)	$	(2,104)	$	4,935	$	20,606	$	46	$	20,652

See Notes to Unaudited Consolidated Financial Statements

2025 3Q Form 10-Q 43

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Huntington Bancshares Incorporated

Consolidated Statements of Cash Flows (Unaudited)


	Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024
Operating activities
Net income	$	1,706	$	1,426
Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses	340		313
Depreciation, amortization, and accretion	572		492
Share-based compensation expense	84		81
Deferred income tax benefit	(267)		(55)
Net gains (losses) on sales of securities	58		—
Gain from early extinguishment of debt	(11)		(8)

Net change in:
Trading account securities	(28)		(347)
Loans held for sale	(182)		(199)

Other assets	(427)		(636)
Short-term borrowings	48		390
Other liabilities	(264)		(751)


Other, net	(75)		15
Net cash provided by operating activities	1,554		721
Investing activities
Change in interest-earning deposits with banks	285		(44)

Proceeds from:
Maturities and calls of available-for-sale securities	5,339		8,166
Maturities and calls of held-to-maturity securities	1,298		1,054
Maturities and calls of other securities	107		54
Sales of available-for-sale securities	860		10

Purchases of available-for-sale securities	(4,069)		(10,678)
Purchases of held-to-maturity securities	(515)		(995)
Purchases of other securities	(159)		(155)

Net proceeds from sales of loans and leases	376		268
Principal payments received under direct finance leases	1,362		1,344
Net loan and lease activity, excluding sales and purchases	(9,542)		(6,043)
Purchases of premises and equipment	(149)		(116)
Purchases of loans and leases	(627)		(347)
Net accrued income and other receivables activity	472		87


Other, net	51		60
Net cash used in investing activities	(4,911)		(7,335)
Financing activities
Increase in deposits	2,764		7,121
Decrease in short-term borrowings	(126)		(342)

Net proceeds from issuance of long-term debt	2,462		5,374
Repayment of long-term debt	(1,759)		(2,253)

Dividends paid on preferred stock	(81)		(107)
Dividends paid on common stock	(680)		(677)



Net proceeds from issuance of preferred stock	741		—


Other, net	(73)		(46)
Net cash provided by financing activities	3,248		9,070
(Decrease) increase in cash and cash equivalents	(109)		2,456
Cash and cash equivalents at beginning of period (1)	12,847		10,129
Cash and cash equivalents at end of period (1)	$	12,738	$	12,585

44 Huntington Bancshares Incorporated

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	Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024
Supplemental disclosures:
Interest paid	$	3,260	$	3,454
Income taxes paid	220		104

Non-cash activities
Loans transferred to held-for-sale from portfolio	383		268
Loans transferred to portfolio from held-for-sale	20		27

(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

2025 3Q Form 10-Q 45

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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 other material subsequent events to disclose for the current period.

2. ACCOUNTING STANDARDS UPDATE

Accounting standards adopted


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 17 - “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, including amounts in each jurisdiction where net taxes paid are equal to or greater than 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 is not expected to result in a material impact on Huntington’s Consolidated Financial Statements.

46 Huntington Bancshares Incorporated

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3. BUSINESS COMBINATIONS

Veritex Acquisition

Effective October 20, 2025, Huntington completed its previously announced merger with Veritex Holdings, Inc. (“Veritex”), a bank holding company headquartered in Dallas, Texas, pursuant to the Agreement and Plan of Merger dated July 13, 2025 (“Merger Agreement”). On October 20, 2025, Veritex merged with and into Huntington, with Huntington as the surviving company, immediately followed by the merger of Veritex’s wholly owned subsidiary bank, Veritex Community Bank, with and into Huntington’s wholly owned subsidiary bank, The Huntington National Bank, with the Bank as the surviving bank.

Pursuant to the Merger Agreement, Huntington issued 1.95 shares of its common stock for each outstanding share of Veritex common stock (“Merger Consideration”), with cash paid in lieu of fractional shares. In addition, each holder of an outstanding Veritex stock option received cash equal to the per-share value of the Merger Consideration over the per-share exercise price, while any Veritex stock option with a per-share exercise price that was equal to or greater than the per share value of the Merger Consideration was cancelled for no consideration, and each outstanding restricted stock unit representing a right to receive Veritex common stock was converted into a restricted stock unit representing a right to receive Huntington’s common stock as adjusted by the 1.95 exchange ratio.

Upon completion of the merger, Huntington issued 107 million shares of its common stock to Veritex shareholders of record as of the merger date, in addition to 1 million shares issued upon the conversion of certain Veritex equity awards, resulting in total consideration from the transaction of approximately $1.7 billion based on the closing price of the Company’s common stock on October 17, 2025. As of September 30, 2025, Veritex had $12.8 billion in assets, including $9.6 billion in loans, and $10.8 billion in deposits. The Merger will be accounted for under ASC 805 as a business combination. Due to the recent closing of the merger, the initial accounting for the business combination, including the purchase price allocation, is incomplete and is expected to be completed in the fourth quarter of 2025.

Pending Acquisition of Cadence

On October 27, 2025, Huntington announced entry into a definitive merger agreement with The Huntington National Bank, Huntington’s wholly owned subsidiary bank, and Cadence Bank (“Cadence”), a regional bank headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence will merge with and into The Huntington National Bank, with The Huntington National Bank as the surviving bank. Under the terms of the agreement, Huntington will issue 2.475 shares for each outstanding share of Cadence in a 100% stock transaction. Each outstanding share of 5.50% Series A Non-Cumulative Perpetual Preferred Stock of Cadence will be converted into the right to receive 1/1000 of a share of a newly created series of preferred stock of Huntington. As of September 30, 2025, Cadence had $53 billion in assets, including $37 billion in loans, and $44 billion in deposits. The merger is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions, including receipt of customary required regulatory approvals and the approval of the definitive merger agreement by the Huntington and Cadence shareholders.

2025 3Q Form 10-Q 47

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4. 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 September 30, 2025
Available-for-sale securities:
U.S. Treasury	$	5,371	$	42	$	(3)	$	5,410
Federal agencies:
Residential MBS	11,133		3		(1,461)		9,675
Residential CMO	4,761		5		(324)		4,442
Commercial MBS	2,445		—		(663)		1,782
Other agencies	116		—		(3)		113
Total U.S. Treasury, federal agency, and other agency securities	23,826		50		(2,454)		21,422
Municipal securities	4,194		8		(87)		4,115
Corporate debt	192		—		(17)		175
Asset-backed securities	269		—		(10)		259
Private-label CMO	111		—		(7)		104
Other securities/sovereign debt	10		—		—		10
Total available-for-sale securities	$	28,602	$	58	$	(2,575)	$	26,085

Held-to-maturity securities:
U.S. Treasury	$	2,339	$	16	$	(1)	$	2,354
Federal agencies:
Residential MBS	7,919		—		(1,005)		6,914
Residential CMO	3,971		4		(543)		3,432
Commercial MBS	1,314		—		(196)		1,118
Other agencies	53		—		(3)		50
Total U.S. Treasury, federal agency, and other agency securities	15,596		20		(1,748)		13,868
Municipal securities	1		—		—		1
Total held-to-maturity securities	$	15,597	$	20	$	(1,748)	$	13,869

Other securities, at cost:
Non-marketable equity securities:
FRB stock	$	575	$	—	$	—	$	575
FHLB stock	237		—		—		237
Other non-marketable equity securities	26		—		—		26
Other securities, at fair value:
Mutual funds	30		—		—		30
Equity securities	2		—		—		2
Total other securities	$	870	$	—	$	—	$	870

(1)Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited Consolidated Balance Sheets. At September 30, 2025, accrued interest receivable on AFS securities and HTM securities totaled $89 million and $41 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 $160 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities.

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			Unrealized
(dollar amounts in millions)	Amortized Cost (1)(2)		Gross Gains		Gross Losses		Fair Value
At December 31, 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 AFS securities and HTM 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.

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


	At September 30, 2025				At December 31, 2024
(dollar amounts in millions)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Available-for-sale securities:
Under 1 year	$	2,101	$	2,096	$	3,620	$	3,624
After 1 year through 5 years	5,628		5,637		5,993		5,844
After 5 years through 10 years	1,921		1,796		1,857		1,732
After 10 years	18,952		16,556		19,273		16,073
Total available-for-sale securities	$	28,602	$	26,085	$	30,743	$	27,273

Held-to-maturity securities:
Under 1 year	$	404	$	404	$	255	$	256
After 1 year through 5 years	1,967		1,981		1,818		1,796
After 5 years through 10 years	146		134		65		60
After 10 years	13,080		11,350		14,230		11,974
Total held-to-maturity securities	$	15,597	$	13,869	$	16,368	$	14,086

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 September 30, 2025
Available-for-sale securities:
U.S. Treasury	$	98	$	(1)	$	798	$	(2)	$	896	$	(3)
Federal agencies:
Residential MBS	15		—		9,356		(1,461)		9,371		(1,461)
Residential CMO	218		—		2,692		(324)		2,910		(324)
Commercial MBS	—		—		1,782		(663)		1,782		(663)
Other agencies	29		—		65		(3)		94		(3)
Total U.S. Treasury, federal agency, and other agency securities	360		(1)		14,693		(2,453)		15,053		(2,454)
Municipal securities	862		(12)		2,167		(75)		3,029		(87)
Corporate debt	—		—		175		(17)		175		(17)
Asset-backed securities	—		—		254		(10)		254		(10)
Private-label CMO	—		—		81		(7)		81		(7)

Total temporarily impaired available-for-sale securities	$	1,222	$	(13)	$	17,370	$	(2,562)	$	18,592	$	(2,575)

Held-to-maturity securities:
U.S. Treasury	$	94	$	—	$	362	$	(1)	$	456	$	(1)
Federal agencies:
Residential MBS	45		(1)		6,822		(1,004)		6,867		(1,005)
Residential CMO	50		—		3,019		(543)		3,069		(543)
Commercial MBS	—		—		1,117		(196)		1,117		(196)
Other agencies	—		—		50		(3)		50		(3)
Total U.S. Treasury, federal agency, and other agency securities	189		(1)		11,370		(1,747)		11,559		(1,748)
Municipal securities	—		—		1		—		1		—
Total temporarily impaired held-to-maturity securities	$	189	$	(1)	$	11,371	$	(1,747)	$	11,560	$	(1,748)

50 Huntington Bancshares Incorporated

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	Less than 12 Months				Over 12 Months				Total
(dollar amounts in millions)	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
At December 31, 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 September 30, 2025 and December 31, 2024, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, and security repurchase agreements, and to support borrowing capacity, totaled $30.8 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 September 30, 2025 or December 31, 2024. At September 30, 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 September 30, 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 September 30, 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 securities as of September 30, 2025 or December 31, 2024.

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5. LOANS AND LEASES

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


(dollar amounts in millions)	At September 30, 2025		At December 31, 2024


















Commercial loan and lease portfolio:
Commercial and industrial	$	62,978	$	56,809
Commercial real estate	10,732		11,078
Lease financing	5,515		5,454
Total commercial loan and lease portfolio	79,225		73,341
Consumer loan portfolio:
Residential mortgage	24,502		24,242
Automobile	15,996		14,564
Home equity	10,314		10,142
RV and marine	5,805		5,982
Other consumer	2,114		1,771
Total consumer loan portfolio	58,731		56,701
Total loans and leases (1)(2)	137,956		130,042
Allowance for loan and lease losses	(2,374)		(2,244)
Net loans and leases	$	135,582	$	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 $638 million and $468 million at September 30, 2025 and December 31, 2024, respectively.

(2)The total amount of accrued interest recorded for loans and leases at September 30, 2025 was $319 million and $250 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 September 30, 2025		At December 31, 2024

Lease payments receivable	$	5,209	$	5,189
Estimated residual value of leased assets	951		884
Gross investment in lease financing receivables	6,160		6,073
Deferred origination costs	55		56
Deferred fees, unearned income, and other	(700)		(675)
Total lease financing receivables	$	5,515	$	5,454

The carrying value of residual values guaranteed was $428 million and $517 million as of September 30, 2025 and December 31, 2024, respectively. The future lease rental payments due from customers on direct financing leases at September 30, 2025 totaled $5.2 billion and were due as follows: $601 million in 2025, $934 million in 2026, $927 million in 2027, $956 million in 2028, $848 million in 2029, and $943 million thereafter. Interest income recognized for these types of leases was $93 million and $86 million for the three-month periods ended September 30, 2025 and 2024, respectively. For the nine-month periods ended September 30, 2025 and 2025, interest income recognized for these types of leases was $274 million and $246 million, respectively.

52 Huntington Bancshares Incorporated

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Nonaccrual and Past Due Loans and Leases

The following table presents NALs by loan class.


	At September 30, 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	$	22	$	455	$	71	$	457
Commercial real estate	56		131		75		118
Lease financing	—		10		—		10
Residential mortgage	3		97		—		83
Automobile	—		6		—		6
Home equity	—		108		—		107
RV and marine	—		1		—		2

Total nonaccrual loans and leases	$	81	$	808	$	146	$	783

The following table presents an aging analysis of loans and leases, by loan 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 September 30, 2025
Commercial and industrial	$	104	$	59	$	250	$	413	$	62,565	$	—	$	62,978	$	1	(2)
Commercial real estate	1		—		35		36		10,696		—		10,732		—
Lease financing	37		11		9		57		5,458		—		5,515		6
Residential mortgage	216		86		248		550		23,781		171		24,502		187		(3)
Automobile	114		28		15		157		15,839		—		15,996		12
Home equity	53		33		89		175		10,139		—		10,314		20
RV and marine	21		6		3		30		5,775		—		5,805		3
Other consumer	16		7		5		28		2,086		—		2,114		5
Total loans and leases	$	562	$	230	$	654	$	1,446	$	136,339	$	171	$	137,956	$	234
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.

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


	At September 30, 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	$	14,836	$	9,997	$	5,627	$	4,737	$	2,052	$	2,679	$	19,907	$	7	$	59,842
OLEM	120		206		85		56		14		13		233		—		727
Substandard	412		392		336		284		136		146		703		—		2,409

Total Commercial and industrial	$	15,368	$	10,595	$	6,048	$	5,077	$	2,202	$	2,838	$	20,843	$	7	$	62,978
Commercial real estate
Credit Quality Indicator:
Pass	$	1,567	$	1,224	$	735	$	1,946	$	955	$	2,225	$	645	$	—	$	9,297
OLEM	112		37		61		152		102		83		19		—		566
Substandard	95		147		147		188		85		169		38		—		869

Total Commercial real estate	$	1,774	$	1,408	$	943	$	2,286	$	1,142	$	2,477	$	702	$	—	$	10,732
Lease financing
Credit Quality Indicator:
Pass	$	1,598	$	1,576	$	1,243	$	436	$	289	$	321	$	—	$	—	$	5,463
OLEM	—		22		1		1		—		—		—		—		24
Substandard	—		5		4		14		1		4		—		—		28

Total Lease financing	$	1,598	$	1,603	$	1,248	$	451	$	290	$	325	$	—	$	—	$	5,515
Residential mortgage
Credit Quality Indicator:
750+	$	1,245	$	1,871	$	2,106	$	3,705	$	5,290	$	5,086	$	—	$	—	$	19,303
650-749	634		528		414		617		690		1,048		—		—		3,931
<650	53		95		81		148		107		613		—		—		1,097

Total Residential mortgage	$	1,932	$	2,494	$	2,601	$	4,470	$	6,087	$	6,747	$	—	$	—	$	24,331
Automobile
Credit Quality Indicator:
750+	$	3,312	$	2,965	$	1,178	$	886	$	529	$	163	$	—	$	—	$	9,033
650-749	2,276		1,822		632		437		251		77		—		—		5,495
<650	381		445		234		207		145		56		—		—		1,468

Total Automobile	$	5,969	$	5,232	$	2,044	$	1,530	$	925	$	296	$	—	$	—	$	15,996
Home equity
Credit Quality Indicator:
750+	$	139	$	176	$	265	$	333	$	392	$	564	$	4,817	$	237	$	6,923
650-749	45		57		77		65		46		103		2,090		207		2,690
<650	1		6		13		13		6		40		477		145		701

Total Home equity	$	185	$	239	$	355	$	411	$	444	$	707	$	7,384	$	589	$	10,314
RV and marine
Credit Quality Indicator:
750+	$	624	$	761	$	750	$	704	$	614	$	968	$	—	$	—	$	4,421
650-749	135		213		220		171		169		280		—		—		1,188
<650	4		18		32		29		38		75		—		—		196

Total RV and marine	$	763	$	992	$	1,002	$	904	$	821	$	1,323	$	—	$	—	$	5,805
Other consumer
Credit Quality Indicator:
750+	$	319	$	204	$	63	$	30	$	14	$	53	$	554	$	1	$	1,238
650-749	145		99		34		12		4		9		462		3		768
<650	9		16		9		4		1		1		63		5		108

Total Other consumer	$	473	$	319	$	106	$	46	$	19	$	63	$	1,079	$	9	$	2,114

54 Huntington Bancshares Incorporated

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	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

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The following tables present the gross charge-offs of loans and leases by vintage.


	Term Loans Gross Charge-offs by Origination Year												Revolver Gross Charge-offs		Revolver Converted to Term Loans Gross Charge-offs
(dollar amounts in millions)	2025		2024		2023		2022		2021		Prior				Total
Three months ended September 30, 2025
Commercial and industrial	$	4	$	6	$	30	$	4	$	3	$	3	$	9	$	3	$	62
Commercial real estate	—		—		—		1		—		16		—		—		17
Lease financing	—		—		—		1		—		—		—		—		1
Residential mortgage	—		—		—		—		—		—		—		—		—
Automobile	2		6		4		3		3		1		—		—		19
Home equity	—		—		—		—		—		—		—		2		2
RV and marine	—		1		2		—		1		3		—		—		7
Other consumer	4		6		3		2		1		4		—		9		29
Total	$	10	$	19	$	39	$	11	$	8	$	27	$	9	$	14	$	137
Nine months ended September 30, 2025
Commercial and industrial	$	6	$	17	$	54	$	47	$	8	$	16	$	27	$	5	$	180
Commercial real estate	2		—		—		1		1		16		1		—		21
Lease financing	—		1		1		4		1		2		—		—		9
Residential mortgage	—		—		—		—		—		2		—		—		2
Automobile	2		16		13		12		9		3		—		—		55
Home equity	—		—		—		—		—		—		1		4		5
RV and marine	—		2		6		3		4		10		—		—		25
Other consumer	8		17		12		6		3		10		—		28		84
Total	$	18	$	53	$	86	$	73	$	26	$	59	$	29	$	37	$	381

	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 September 30, 2024
Commercial and industrial	$	1	$	7	$	30	$	13	$	1	$	2	$	8	$	1	$	63
Commercial real estate	2		2		—		1		—		—		4		—		9
Lease financing	—		1		—		1		—		—		—		—		2
Residential mortgage	—		—		—		—		—		—		—		—		—
Automobile	2		5		4		3		1		1		—		—		16
Home equity	—		—		—		—		—		1		—		1		2
RV and marine	—		1		1		2		1		2		—		—		7
Other consumer	5		6		4		2		1		4		—		8		30
Total	$	10	$	22	$	39	$	22	$	4	$	10	$	12	$	10	$	129
Nine months ended September 30, 2024
Commercial and industrial	$	1	$	17	$	60	$	35	$	12	$	6	$	28	$	2	$	161
Commercial real estate	11		4		30		3		—		24		4		—		76
Lease financing	—		2		1		2		—		1		—		—		6
Residential mortgage	—		—		—		—		—		2		—		—		2
Automobile	2		13		13		10		4		3		—		—		45
Home equity	—		—		—		—		—		1		1		4		6
RV and marine	—		2		3		5		3		8		—		—		21
Other consumer	8		19		12		6		3		11		—		26		85
Total	$	22	$	57	$	119	$	61	$	22	$	56	$	33	$	32	$	402

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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 September 30, 2025
Commercial and industrial	$	24	$	105	$	—	$	1	$	130	0.21	%
Commercial real estate	—		125		—		—		125		1.16
Residential mortgage	—		18		3		1		22		0.09
Automobile	—		4		—		—		4		0.03
Home equity	—		2		—		3		5		0.05
RV and marine	—		1		—		—		1		0.02

Total loans to borrowers experiencing financial difficulty to which modifications were made	$	24	$	255	$	3	$	5	$	287	0.21	%
Three months ended September 30, 2024
Commercial and industrial	$	22	$	165	$	—	$	17	$	204	0.38	%
Commercial real estate	—		168		—		11		179		1.55
Residential mortgage	—		15		1		1		17		0.07
Automobile	—		3		—		—		3		0.02
Home equity	—		1		—		3		4		0.04

Other consumer	1		—		—		—		1		0.06
Total loans to borrowers experiencing financial difficulty to which modifications were made	$	23	$	352	$	1	$	32	$	408	0.34	%
Nine months ended September 30, 2025
Commercial and industrial	$	91	$	261	$	—	$	2	$	354	0.56	%
Commercial real estate	—		213		—		—		213		1.98
Residential mortgage	—		38		14		4		56		0.23
Automobile	—		6		—		—		6		0.04
Home equity	—		6		—		7		13		0.13
RV and marine	—		1		—		—		1		0.02
Other consumer	1		—		—		—		1		0.05
Total loans to borrowers experiencing financial difficulty in which modifications were made	$	92	$	525	$	14	$	13	$	644	0.47	%
Nine months ended September 30, 2024
Commercial and industrial	$	42	$	240	$	—	$	63	$	345	0.64	%
Commercial real estate	—		228		—		25		253		2.19
Residential mortgage	—		37		5		3		45		0.19
Automobile	—		10		—		1		11		0.08
Home equity	—		4		—		9		13		0.13
RV and marine	—		1		—		—		1		0.02
Other consumer	1		—		—		—		1		0.06
Total loans to borrowers experiencing financial difficulty in which modifications were made	$	43	$	520	$	5	$	101	$	669	0.55	%

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

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


	Interest Rate Reduction (1)				Term Extension (1)
	Weighted-average contractual interest rate				Weighted-average years added to the life
	From		To
Three months ended September 30, 2025
Commercial and industrial	9.93	%	8.16	%	0.7
Commercial real estate					0.3
Residential mortgage					6.1




Three months ended September 30, 2024
Commercial and industrial	7.81	%	6.56	%	0.7
Commercial real estate					1.0
Residential mortgage					5.8




Nine months ended September 30, 2025
Commercial and industrial	8.67	%	7.32	%	1.1
Commercial real estate					0.8
Residential mortgage					6.2




Nine months ended September 30, 2024
Commercial and industrial	8.80	%	7.60	%	0.8
Commercial real estate	8.26		7.90		1.0
Residential mortgage					6.9

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

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The performance of loans made to borrowers experiencing financial difficulty 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 September 30, 2025
Commercial and industrial	$	21	$	8	$	9	$	38	$	397	$	435
Commercial real estate	—		—		1		1		219		220
Residential mortgage	13		6		18		37		33		70
Automobile	1		—		—		1		7		8
Home equity	2		1		1		4		12		16
RV and marine	—		—		—		—		1		1
Other consumer	—		—		—		—		1		1
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended September 30, 2025	$	37	$	15	$	29	$	81	$	670	$	751
At September 30, 2024
Commercial and industrial	$	1	$	2	$	4	$	7	$	418	$	425
Commercial real estate	9		—		5		14		245		259
Residential mortgage	10		4		11		25		29		54
Automobile	2		1		—		3		12		15
Home equity	1		—		4		5		11		16
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 September 30, 2024	$	23	$	7	$	24	$	54	$	718	$	772

Pledged Loans

The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the FHLB. As of September 30, 2025 and December 31, 2024, loans and leases totaling $107.3 billion and $105.4 billion, respectively, were pledged to the FRB and FHLB for access to these contingent funding sources.

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6. ALLOWANCE FOR CREDIT LOSSES

The following table presents ACL activity by portfolio segment.


(dollar amounts in millions)	Commercial		Consumer		Total
Three months ended September 30, 2025
ALLL balance, beginning of period	$	1,548	$	783	$	2,331

Loan and lease charge-offs	(80)		(57)		(137)
Recoveries of loans and leases previously charged-off	44		18		62
Provision for loan and lease losses	56		62		118


ALLL balance, end of period	$	1,568	$	806	$	2,374
AULC balance, beginning of period	$	124	$	60	$	184

Provision for unfunded lending commitments	1		3		4


AULC balance, end of period	$	125	$	63	$	188
ACL balance, end of period	$	1,693	$	869	$	2,562
Three months ended September 30, 2024
ALLL balance, beginning of period	$	1,587	$	717	$	2,304

Loan and lease charge-offs	(74)		(55)		(129)
Recoveries of loans and leases previously charged-off	20		16		36
Provision (benefit) for loan and lease losses	(35)		59		24


ALLL balance, end of period	$	1,498	$	737	$	2,235
AULC balance, beginning of period	$	64	$	55	$	119

Provision for unfunded lending commitments	76		6		82


AULC balance, end of period	$	140	$	61	$	201
ACL balance, end of period	$	1,638	$	798	$	2,436
Nine months ended September 30, 2025
ALLL balance, beginning of period	$	1,484	$	760	$	2,244
Loan and lease charge-offs	(210)		(171)		(381)
Recoveries of loans and leases previously charged-off	99		55		154
Provision for loan and lease losses	195		162		357
ALLL balance, end of period	$	1,568	$	806	$	2,374
AULC balance, beginning of period	$	144	$	58	$	202
Provision (benefit) for unfunded lending commitments	(19)		5		(14)
AULC balance, end of period	$	125	$	63	$	188
ACL balance, end of period	$	1,693	$	869	$	2,562
Nine months ended September 30, 2024
ALLL balance, beginning of period	$	1,563	$	692	$	2,255
Loan and lease charge-offs	(243)		(159)		(402)
Recoveries of loans and leases previously charged-off	77		50		127
Provision for loan and lease losses	101		154		255
ALLL balance, end of period	$	1,498	$	737	$	2,235
AULC balance, beginning of period	$	66	$	79	$	145
Provision (benefit) for unfunded lending commitments	74		(18)		56
AULC balance, end of period	$	140	$	61	$	201
ACL balance, end of period	$	1,638	$	798	$	2,436

At September 30, 2025, the ACL was $2.6 billion, a $116 million increase compared to December 31, 2024. The increase in the ACL was driven by loan and lease growth, partially offset by a modest reduction in overall coverage ratios. The ACL coverage ratio at September 30, 2025 is reflective of the current macroeconomic forecast and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative reserve.

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The commercial ACL was $1.7 billion at September 30, 2025, a $65 million increase compared to December 31, 2024, with the increase primarily due to loan growth, partially offset by a modest reduction in overall coverage ratios. The consumer ACL was $869 million at September 30, 2025, a $51 million increase compared to December 31, 2024, with the increase primarily due to loan growth.

The baseline economic scenario used in the September 30, 2025 ACL determination assumes continued tariff uncertainty, but reflects marginal improved performance of the U.S. economy in the near term with minimal change in the overall outlook. In this scenario, the unemployment rate is expected to end 2025 at 4.4%, with peak unemployment of 4.8% through the end of 2026. The Federal Reserve restarted rate cuts in the third quarter of 2025 and is expected to continue with future rate cuts until reaching a federal funds rate of 3% by the end of 2026. The inflation outlook deteriorates slightly as the impacts of tariffs and other trade policies are expected to cascade through the economy, with near-term inflation expected to rise further above the Federal Reserve’s 2% target until the rate begins to decline in the second half of 2026 but still remaining above target. GDP growth, while positive, has slowed to a current level of approximately 1% and is forecasted to remain below 2% through the end of 2026.

The economic scenarios used included elevated levels of economic uncertainty, such as 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 September 30, 2025 ACL included a general reserve that consists of various risk profile components to address uncertainty not measured within the quantitative transaction reserve.

7. 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				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Residential mortgage loans sold with servicing retained	$	1,514	$	1,150	$	3,691	$	2,944
Pretax gains resulting from above loan sales (1)	24		17		66		49
Total servicing, late, and other ancillary fees (1)	27		27		80		78

(1)Included in mortgage banking income.

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


	Three Months Ended				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Fair value, beginning of period	$	567	$	543	$	573	$	515


New servicing assets created	27		12		67		33
Change in fair value during the period due to:
Time decay (1)	(6)		(6)		(20)		(19)
Payoffs (2)	(11)		(9)		(28)		(21)
Changes in valuation inputs or assumptions (3)	(1)		(25)		(16)		7
Fair value, end of period	$	576	$	515	$	576	$	515
Related loans serviced for third parties, unpaid principal balance, end of period	$	34,370	$	33,565	$	34,370	$	33,565

(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.

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


	At September 30, 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)	8.51	%		$	(16)	$	(32)	7.54	%		$	(14)	$	(28)
Spread over forward interest rate swap rates	566		bps	(14)		(27)		568		bps	(13)		(26)

8. 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 September 30, 2025		At December 31, 2024
Securities sold under agreements to repurchase	$	144	$	142


Other borrowings	108		57
Total short-term borrowings	$	252	$	199

The carrying value of assets pledged as collateral against repurchase agreements totaled $205 million and $224 million as of September 30, 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.

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


(dollar amounts in millions)	At September 30, 2025		At December 31, 2024
The Parent Company:
Senior Notes	$	5,514	$	5,836





Subordinated Notes	1,374		1,341







Total notes issued by the Parent Company	6,888		7,177
The Bank:
Senior Notes	3,190		1,654











Subordinated Notes	231		515


Total notes issued by the Bank	3,421		2,169
FHLB Advances	4,514		4,696

Auto Loan Securitization Trust (1)	694		1,023
Credit Linked Notes (2)	1,299		821
Other	499		488





Total long-term debt	$	17,315	$	16,374

(1) Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.22% due through 2029. See Note 15- “Variable Interest Entities” for additional information.

(2) As of September 30, 2025, the weighted average contractual interest rate on the CLNs was 5.80%. 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.

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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.

During the third 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 five classes of notes, each maturing in September 2033. One note class bears interest at a fixed rate of 4.835% and the remaining four note classes bear interest at SOFR plus a spread rate that ranges from 1.20% to 6.60% (weighted average spread of 3.04%). 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.

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9. 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 September 30, 2025

Unrealized gains on available-for-sale securities arising during the period, net of hedges	$	197	$	(46)	$	151
Reclassification adjustment for realized net losses included in net income	2		—		2
Total unrealized gains on available-for-sale securities, net of hedges	199		(46)		153
Unrealized gains on cash flow hedges during the period	23		(6)		17
Reclassification adjustment for cash flow hedges included in net income	7		(1)		6
Net change related to cash flow hedges on loans	30		(7)		23
Translation adjustments, net of hedges (1)	(2)		1		(1)


Other comprehensive income	$	227	$	(52)	$	175
Three months ended September 30, 2024

Unrealized gains on available-for-sale securities during the period, net of hedges	$	573	$	(131)	$	442
Reclassification adjustment for realized net losses included in net income	4		(1)		3
Total unrealized gains on available-for-sale securities, net of hedges	577		(132)		445


Unrealized gains on cash flow hedges during the period	412		(95)		317
Reclassification adjustment for cash flow hedges included in net income	55		(12)		43
Net change related to cash flow hedges on loans	467		(107)		360
Translation adjustments, net of hedges (1)	2		—		2
Change in accumulated unrealized gains for pension and other post-retirement obligations	1		(1)		—
Other comprehensive income	$	1,047	$	(240)	$	807
Nine months ended September 30, 2025

Unrealized gains on available-for-sale securities arising during the period, net of hedges	$	591	$	(139)	$	452
Reclassification adjustment for realized net losses included in net income	69		(16)		53
Total unrealized gains on available-for-sale securities, net of hedges	660		(155)		505
Unrealized gains on cash flow hedges during the period	324		(77)		247
Reclassification adjustment for cash flow hedges included in net income	46		(10)		36
Net change related to cash flow hedges on loans	370		(87)		283
Translation adjustments, net of hedges (1)	7		(1)		6
Change in accumulated unrealized gains for pension and other post-retirement obligations	1		—		1
Other comprehensive income	$	1,038	$	(243)	$	795
Nine months ended September 30, 2024

Unrealized gains on available-for-sale securities arising during the period, net of hedges	$	310	$	(70)	$	240
Reclassification adjustment for realized net losses included in net income	9		(2)		7
Total unrealized gains on available-for-sale securities, net of hedges	319		(72)		247
Unrealized gains on cash flow hedges during the period	231		(53)		178
Reclassification adjustment for cash flow hedges included in net income	190		(44)		146
Net change related to cash flow hedges on loans	421		(97)		324

Change in accumulated unrealized gains for pension and other post-retirement obligations	2		(1)		1
Other comprehensive income	$	742	$	(170)	$	572

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

64 Huntington Bancshares Incorporated

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The following table summarizes the activity in AOCI.


(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 September 30, 2025
Balance, beginning of period	$	(2,013)	$	(7)	$	(5)	$	(221)	$	(2,246)

Other comprehensive income (loss) before reclassifications	151		17		(1)		—		167
Amounts reclassified from AOCI to earnings	2		6		—		—		8
Period change	153		23		(1)		—		175
Balance, end of period	$	(1,860)	$	16	$	(6)	$	(221)	$	(2,071)

Three months ended September 30, 2024
Balance, beginning of period	$	(2,292)	$	(399)	$	(8)	$	(212)	$	(2,911)

Other comprehensive income before reclassifications	442		317		2		—		761
Amounts reclassified from AOCI to earnings	3		43		—		—		46
Period change	445		360		2		—		807

Balance, end of period	$	(1,847)	$	(39)	$	(6)	$	(212)	$	(2,104)
Nine months ended September 30, 2025
Balance, beginning of period	$	(2,365)	$	(267)	$	(12)	$	(222)	$	(2,866)
Other comprehensive income before reclassifications	452		247		6		1		706
Amounts reclassified from AOCI to earnings	53		36		—		—		89
Period change	505		283		6		1		795
Balance, end of period	$	(1,860)	$	16	$	(6)	$	(221)	$	(2,071)
Nine months ended September 30, 2024
Balance, beginning of period	$	(2,094)	$	(363)	$	(6)	$	(213)	$	(2,676)
Other comprehensive income before reclassifications	240		178		—		—		418
Amounts reclassified from AOCI to earnings	7		146		—		1		154
Period change	247		324		—		1		572
Balance, end of period	$	(1,847)	$	(39)	$	(6)	$	(212)	$	(2,104)

(1)AOCI amounts at September 30, 2025 and September 30, 2024 include $45 million and $52 million, respectively, of net unrealized losses (after-tax) on securities transferred from the AFS securities portfolio to the HTM securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method.

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10. 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
Preferred Series			At September 30, 2025		At December 31, 2024
Series B (2)	12/28/2011	35,500	Variable (3)		1/15/2017	$	24	$	23




Series F (4)	5/27/2020	5,000	5.625	%	7/15/2030	494		494
Series G (4)	8/3/2020	5,000	4.45		10/15/2027	494		494
Series H (2)	2/2/2021	500,000	4.50		4/15/2026	486		486
Series I (5)	6/9/2021	7,000	5.70		12/01/2022	175		175
Series J (2)	3/6/2023	325,000	6.875		4/15/2028	317		317
Series K (4)	9/11/2025	7,500	6.25		10/15/2030	741		—
Total		885,000				$	2,731	$	1,989

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

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

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

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

(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											Nine Months Ended
(amounts in millions, except per share data)		September 30, 2025						September 30, 2024					September 30, 2025					September 30, 2024
	Cash Dividend Declared Per Share						Cash Dividend Declared Per Share					Cash Dividend Declared Per Share					Cash Dividend Declared Per Share
Preferred Series				Amount				Amount ($)				Amount			Amount ($)
Series B		$	18.20		$	—		$	20.66	$	1		$	54.40	$	2		$	62.08	$	2


Series E (1)								2,157.65		9								6,412.62		26
Series F		1,406.25			7			1,406.25		7			4,218.75		21			4,218.75		21
Series G		1,112.50			6			1,112.50		6			3,337.50		17			3,337.50		17
Series H		11.25			6			11.25		5			33.75		17			33.75		17
Series I		356.25			2			356.25		2			1,068.75		7			1,068.75		7
Series J		17.19			6			17.19		6			51.57		17			51.57		17
Series K (2)		—			—								—		—
Total					$	27				$	36				$	81				$	107

(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.

(2) Series K was issued during the third quarter of 2025. The first dividend declaration for the Series K begins in the fourth quarter of 2025.

66 Huntington Bancshares Incorporated

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11. 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				Nine Months Ended
(dollar amounts in millions, except per share data, share count in thousands)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Basic earnings per common share:
Net income attributable to Huntington	$	629	$	517	$	1,692	$	1,410
Dividends on preferred shares	27		36		81		107

Net income available to common shareholders	$	602	$	481	$	1,611	$	1,303
Average common shares issued and outstanding	1,459,129		1,452,682		1,456,979		1,450,794
Basic earnings per common share	$	0.41	$	0.33	$	1.11	$	0.90
Diluted earnings per common share:




Average dilutive potential common shares:
Stock options, restricted stock units, and performance share units	18,491		17,061		18,662		16,622
Shares held in deferred compensation plans	6,967		7,239		7,036		7,443


Average dilutive potential common shares	25,458		24,300		25,698		24,065
Total diluted average common shares issued and outstanding	1,484,587		1,476,982		1,482,677		1,474,859
Diluted earnings per common share	$	0.41	$	0.33	$	1.09	$	0.88
Anti-dilutive awards (1)	230		4,253		1,693		7,002

(1)Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive.

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12. REVENUE FROM CONTRACTS WITH CUSTOMERS

Revenue is segregated based on the nature of the 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 tables present 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 September 30, 2025
Payments and cash management revenue	$	120	$	41	$	—	$	161
Wealth and asset management revenue	96		8		—		104
Customer deposit and loan fees	62		4		—		66
Capital markets and advisory fees	10		37		(1)		46
Leasing revenue	1		1		—		2
Insurance income	16		4		—		20
Other noninterest income	25		1		(1)		25
Net revenue from contracts with customers	330		96		(2)		424
Noninterest income within the scope of other GAAP topics	63		122		19		204
Total noninterest income	$	393	$	218	$	17	$	628
Three months ended September 30, 2024
Payments and cash management revenue	$	114	$	29	$	—	$	143
Wealth and asset management revenue	89		4		—		93
Customer deposit and loan fees	57		1		—		58
Capital markets and advisory fees	5		32		—		37
Leasing revenue	1		9		—		10
Insurance income	15		3		(1)		17
Other noninterest income	2		3		(1)		4
Net revenue from contracts with customers	283		81		(2)		362
Noninterest income within the scope of other GAAP topics	55		100		6		161
Total noninterest income	$	338	$	181	$	4	$	523

68 Huntington Bancshares Incorporated

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(dollar amounts in millions)	Consumer & Regional Banking		Commercial Banking		Treasury / Other		Huntington Consolidated
Major Revenue Streams
Nine Months Ended September 30, 2025
Payments and cash management revenue	$	345	$	106	$	—	$	451
Wealth and asset management revenue	289		18		—		307
Customer deposit and loan fees	172		10		—		182
Capital markets and advisory fees	16		102		(1)		117
Leasing revenue	2		7		—		9
Insurance income	52		7		—		59
Other noninterest income	27		3		(3)		27
Net revenue from contracts with customers	903		253		(4)		1,152
Noninterest income within the scope of other GAAP topics	156		304		(19)		441
Total noninterest income	$	1,059	$	557	$	(23)	$	1,593
Nine Months Ended September 30, 2024
Payments and cash management revenue	$	335	$	84	$	—	$	419
Wealth and asset management revenue	262		9		—		271
Customer deposit and loan fees	160		8		—		168
Capital markets and advisory fees	16		93		—		109
Leasing revenue	2		28		—		30
Insurance income	47		8		(1)		54
Other noninterest income	6		3		(2)		7
Net revenue from contracts with customers	828		233		(3)		1,058
Noninterest income within the scope of other GAAP topics	140		257		26		423
Total noninterest income	$	968	$	490	$	23	$	1,481

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended September 30, 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 September 30, 2025 was determined to be immaterial.

13. 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 and nine-month periods ended September 30, 2025 and 2024.

Assets and Liabilities measured at fair value on a recurring basis

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

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	Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Total
(dollar amounts in millions)	Level 1		Level 2		Level 3
At September 30, 2025
Assets



Trading account securities	$	2	$	79	$	—	$	—	$	81
Available-for-sale securities:
U.S. Treasury securities	5,410		—		—		—		5,410
Residential MBS	—		9,675		—		—		9,675
Residential CMO	—		4,442		—		—		4,442
Commercial MBS	—		1,782		—		—		1,782
Other agencies	—		113		—		—		113
Municipal securities	—		25		4,090		—		4,115
Corporate debt	—		175		—		—		175
Asset-backed securities	—		221		38		—		259
Private-label CMO	—		81		23		—		104
Other securities/sovereign debt	—		10		—		—		10
Total available-for-sale securities	5,410		16,524		4,151		—		26,085
Other securities	30		2		—		—		32
Loans held for sale	—		817		—		—		817
Loans held for investment	—		108		63		—		171
MSRs	—		—		576		—		576
Other assets:
Derivative assets	—		493		9		(291)		211
Assets held in trust for deferred compensation plans	211		—		—		—		211
Liabilities
Short-term borrowings (2)	57		12		—		—		69
Long-term debt	—		1,299		—		—		1,299


Derivative liabilities	—		502		6		(163)		345

(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.

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	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	$	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

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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 September 30, 2025
Opening balance	$	567	$	7	$	4,067	$	21	$	38		$	62
Transfers into Level 3	—		—		—		—		—			3
Transfers out of Level 3 (1)	—		(14)		—		—		—			—
Total gains (losses) for the period:
Included in earnings:

Mortgage banking income	(1)		12		—		—		—			—

Other noninterest income	—		(4)		—		—		—			—

Included in OCI	—		—		35		—		—			—
Purchases/originations	27		—		160		—		—			—

Repayments	—		—		—		—		—			(2)

Settlements	(17)		2		(172)		2		—			—
Closing balance	$	576	$	3	$	4,090	$	23	$	38		$	63
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(1)	$	(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	—		—		34		—		—			—
Three months ended September 30, 2024
Opening balance	$	543	$	1	$	3,341	$	20	$	35		$	60
Transfers into Level 3	—		—		—		—		—			3
Transfers out of Level 3 (1)	—		(8)		—		—		—			—
Total gains (losses) for the period:
Included in earnings:

Mortgage banking income	(25)		10		—		—		—			—
Other noninterest income	—		(16)		—		—		—			—


Included in OCI	—		—		70		—		—			—
Purchases/originations	12		—		390		—		—			—

Repayments	—		—		—		—		—			(3)

Settlements	(15)		4		(190)		2		(1)			—
Closing balance	$	515	$	(9)	$	3,611	$	22	$	34		$	60
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(25)	$	2	$	—	$	—	$	—		$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		68		—		—			—
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.

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	Level 3 Fair Value Measurements
					Available-for-sale securities						Loans held for investment
(dollar amounts in millions)	MSRs		Derivative instruments		Municipal securities		Private- label CMO		Asset-backed securities
Nine months ended September 30, 2025
Opening balance	$	573	$	2	$	3,954	$	21	$	49	$	61
Transfers into Level 3	—		—		—		—		—		7
Transfers out of Level 3 (1)	—		(31)		—		—		—		—
Total gains (losses) for the period:
Included in earnings:
Interest and fee income	—		—		(1)		—		—		—
Mortgage banking income	(16)		34		—		—		—		—

Other noninterest income	—		(10)		—		—		—		—

Included in OCI	—		—		52		—		—		—
Purchases/originations	67		—		799		—		—		—
Repayments	—		—		—		—		—		(5)
Settlements	(48)		8		(714)		2		(11)		—
Closing balance	$	576	$	3	$	4,090	$	23	$	38	$	63
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	(16)	$	4	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		48		—		—		—
Nine months ended September 30, 2024
Opening balance	$	515	$	(2)	$	3,335	$	20	$	75	$	54
Transfers into Level 3	—		—		—		—		—		11
Transfers out of Level 3 (1)	—		(19)		—		—		—		—
Total gains (losses) for the period:
Included in earnings:
Interest and fee income	—		—		(1)		(1)		—		(1)
Mortgage banking income	7		21		—		—		—		—

Other noninterest income	—		(24)		—		—		—		—
Provision for credit losses	—		—		(2)		—		—		—
Included in OCI	—		—		56		—		—		—
Purchases/originations	33		—		690				—		—

Repayments	—		—		—		—		—		(4)

Settlements	(40)		15		(467)		3		(41)		—
Closing balance	$	515	$	(9)	$	3,611	$	22	$	34	$	60
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date	$	7	$	2	$	—	$	—	$	—	$	—
Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period	—		—		52		—		—		—
(1)Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2.

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Assets and liabilities under the fair value option

The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option.


	Total						Loans that are 90 or more days past due
(dollar amounts in millions)	Fair value carrying amount		Aggregate unpaid principal		Difference		Fair value carrying amount		Aggregate unpaid principal		Difference
At September 30, 2025
Assets
Loans held for sale	$	817	$	789	$	28	$	—	$	—	$	—
Loans held for investment	171		183		(12)		3		4		(1)
Liabilities
Long-term debt	1,299		1,290		(9)
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				Nine Months Ended
(dollar amounts in millions)	Classification	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Loans held for sale	Mortgage banking income	$	1	$	5	$	16	$	2
Loans held for investment	Mortgage banking income	—		—		(1)		(1)
Long-term debt	Other noninterest income	—		(3)		(5)		(5)

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			Nine Months Ended
(dollar amounts in millions)	At September 30, 2025		At December 31, 2024			September 30, 2025			September 30, 2024		September 30, 2025		September 30, 2024

Collateral-dependent loans	$	37	$	192		$	(14)		$	(4)	$	(57)	$	(45)

Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off.

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Significant unobservable inputs for assets and liabilities measured at fair value

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


	Quantitative Information about Level 3 Fair Value Measurements (1)
			At September 30, 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	%	-	59	%	9	%	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	%	-	4	%	4	%	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.

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The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments.


(dollar amounts in millions)	Amortized Cost		Lower of Cost or Market		Fair Value or Fair Value Option		Total Carrying Amount		Estimated Fair Value
At September 30, 2025
Financial Assets
Cash and short-term assets	$	13,232	$	—	$	—	$	13,232	$	13,232
Trading account securities	—		—		81		81		81
Available-for-sale securities	—		—		26,085		26,085		26,085
Held-to-maturity securities	15,597		—		—		15,597		13,869
Other securities	838		—		32		870		870
Loans held for sale	—		6		817		823		823
Net loans and leases (1)	135,411		—		171		135,582		134,953
Derivative assets	—		—		211		211		211
Assets held in trust for deferred compensation plans	—		—		211		211		211
Financial Liabilities
Deposits (2)	165,212		—		—		165,212		165,212
Short-term borrowings	183		—		69		252		252
Long-term debt	16,016		—		1,299		17,315		17,571
Derivative liabilities	—		—		345		345		345
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 $1.3 billion and $1.5 billion in time deposits in excess of the FDIC insurance coverage limit at September 30, 2025 and December 31, 2024, respectively.

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


	Estimated Fair Value Measurements at Reporting Date Using						Netting Adjustments (1)		Estimated Fair Value
(dollar amounts in millions)	Level 1		Level 2		Level 3
At September 30, 2025
Financial Assets
Trading account securities	$	2	$	79	$	—	$	—	$	81
Available-for-sale securities	5,410		16,524		4,151		—		26,085
Held-to-maturity securities	2,354		11,515		—		—		13,869
Other securities (2)	30		2		—		—		32
Loans held for sale	—		817		6		—		823
Net loans and leases	—		108		134,845		—		134,953
Derivative assets	—		493		9		(291)		211
Financial Liabilities
Deposits	—		151,413		13,799		—		165,212
Short-term borrowings	57		195		—		—		252
Long-term debt	—		12,415		5,156		—		17,571
Derivative liabilities	—		502		6		(163)		345
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.

14. DERIVATIVE FINANCIAL INSTRUMENTS

Derivative financial instruments are recorded in the Unaudited Consolidated Balance Sheets as either an asset or a liability (in other assets or other liabilities, respectively) and measured at fair value.

Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur.

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


	At September 30, 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	$	42,136	$	122	$	38	$	45,634	$	24	$	—
Foreign exchange contracts	266		—		2		250		—		5
Derivatives not designated as Hedging Instruments
Interest rate contracts	47,557		261		389		42,359		456		580
Foreign exchange contracts	6,287		61		52		5,465		79		54
Equity contracts	897		32		6		823		20		2
Commodities contracts	685		23		21		683		29		27
Credit contracts	160		3		—		247		2		—
Total contracts	$	97,988	$	502	$	508	$	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						Nine Months Ended
(dollar amounts in millions)		September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Interest rate contracts:
Customer	Capital markets and advisory fees		$	13		$	17		$	34		$	28
Mortgage banking	Mortgage banking income		9			28			9			5


Foreign exchange contracts	Capital markets and advisory fees		13			11			37			33
Equity contracts	Other noninterest income and other noninterest expense		3			(13)			4			(17)
Commodities contracts	Capital markets and advisory fees		—			1			2			3

Credit contracts	Other noninterest income		(2)			(6)			(6)			(14)
Total			$	36		$	38		$	80		$	38

Derivatives used in asset and liability management activities

Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes.

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The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities at September 30, 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 September 30, 2025
Instruments associated with:
Investment securities	$	5,287	$	—	$	—	$	5,287
Loans	—		26,250		175		26,425


Long-term debt	10,599		—		—		10,599

Total notional value	$	15,886	$	26,250	$	175	$	42,311



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 decreases to net interest income of $38 million and $57 million for the three-month periods ended September 30, 2025, and 2024, respectively, and decreases to net interest income of $63 million and $195 million for the nine-month periods ended September 30, 2025, and 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 $5.3 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 AFS 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				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Interest rate contracts
Change in fair value of interest rate swaps hedging investment securities (1)	$	(40)	$	(295)	$	(302)	$	(263)
Change in fair value of hedged investment securities (1)	38		293		299		259


Change in fair value of interest rate swaps hedging long-term debt (2)	16		301		231		142
Change in fair value of hedged long-term debt (2)	(16)		(302)		(231)		(143)

(1)Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Consolidated Statements of Income.

(2)Recognized in Interest expense—long-term debt in the Unaudited Consolidated Statements of Income.

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The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges.


	Amortized Cost				Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items
(dollar amounts in millions)	At September 30, 2025		At December 31, 2024		At September 30, 2025		At December 31, 2024
Assets
Available-for-sale securities (1)	$	8,478	$	16,390	$	(160)	$	(458)

Liabilities
Long-term debt (2)	11,074		11,589		8		(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 $(46) million at September 30, 2025 and $(56) million at December 31, 2024.

Cash Flow Hedges

At September 30, 2025, Huntington had $26.3 billion of interest rate swaps and floors that 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 September 30, 2025, net losses recognized in AOCI that are expected to be reclassified into earnings within the next 12 months totaled $19 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. These derivatives were in a net asset position of $3 million at September 30, 2025 and $7 million at December 31, 2024. At September 30, 2025 and December 31, 2024, Huntington had commitments to sell residential real estate loans of $1.6 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 assets and to mitigate the various types of risk inherent in the MSR assets, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps.

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MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Unaudited 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 September 30, 2025		At December 31, 2024
Notional value	$	2,350	$	1,780

Trading liabilities	15		45


	Three Months Ended				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Trading gains (losses)	$	4	$	26	$	13	$	(3)

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.

The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at September 30, 2025 and December 31, 2024, were $64 million and $72 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $49.7 billion and $45.2 billion at September 30, 2025 and December 31, 2024, respectively. Huntington’s credit risk from customer derivatives was $158 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 $160 million and $247 million at September 30, 2025 and December 31, 2024, respectively. The position of these derivatives was a net asset of $3 million at September 30, 2025 and $2 million at December 31, 2024.

Financial assets and liabilities that are offset in the Unaudited Consolidated Balance Sheets

Huntington records derivatives at fair value as further described in Note 13 - “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.

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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 $28 million and $192 million at September 30, 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 September 30, 2025, Huntington pledged $111 million of investment securities and cash collateral to counterparties, while other counterparties pledged $150 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 September 30, 2025	$	502	$	(291)	$	211	$	(2)	$	(25)	$	184
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 September 30, 2025	$	508	$	(163)	$	345	$	(65)	$	(40)	$	240
At December 31, 2024	668		(90)		578		(67)		(316)		195

15. 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 September 30, 2025		At December 31, 2024
Assets
Net loans and leases	$	769	$	1,122
Other assets	334		264
Total assets	$	1,103	$	1,386
Liabilities
Long-term borrowings	$	694	$	1,023
Other liabilities	123		109
Total liabilities	$	817	$	1,132

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Huntington previously completed a securitization transaction by transferring automobile loans to a SPE which was deemed to be a VIE, with the SPE in turn issuing asset-backed notes. The primary purpose of the VIE in the securitization transaction was 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 September 30, 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 September 30, 2025
Affordable housing tax credit partnerships	$	2,469	$	1,017	$	2,469
Trust preferred securities	14		248		—
Other investments	1,367		180		1,367
Total	$	3,850	$	1,445	$	3,836
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.

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


(dollar amounts in millions)	At September 30, 2025		At December 31, 2024
Affordable housing tax credit investments	$	3,880	$	3,628
Less: amortization	(1,411)		(1,246)
Net affordable housing tax credit investments	$	2,469	$	2,382
Unfunded commitments	$	1,017	$	1,065

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


	Three Months Ended				Nine Months Ended
(dollar amounts in millions)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Tax credits and other tax benefits recognized	$	86	$	78	$	259	$	230

Proportional amortization expense included in provision for income taxes	68		63		209		189

The initial investment in affordable housing tax credit investments and subsequent tax credits, benefits, and amortization are included within operating activities in the Unaudited Consolidated Statements of Cash Flows.

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.

16. 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 September 30, 2025		At December 31, 2024
Contract amount representing credit risk
Commitments to extend credit:
Commercial and industrial	$	42,656	$	37,422
Consumer loan portfolio	20,909		19,993
Commercial real estate	2,646		2,089
Standby letters of credit and guarantees on industrial revenue bonds	802		725

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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 conditional commitments are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions and mature within two years. Since the conditions under which Huntington is required to fund these conditional 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 conditional commitments was $31 million and $27 million at September 30, 2025 and December 31, 2024, respectively.

Other Guarantees

Huntington provides guarantees to certain third-party investors in connection with the sale of syndicated affordable housing tax credits. These guarantees are generally in the form of make-whole provisions that are triggered if the underlying performance of LIHTC properties result in a shortfall to the third-party investors and remain in effect until the final associated tax credits are realized. The maximum amount guaranteed by the Company under these arrangements total approximately $281 million and $201 million at September 30, 2025 and December 31, 2024, respectively, and represents the guaranteed portion in these transactions where the make-whole provisions have not yet expired. As of September 30, 2025, the Company did not expect to be subject to any make-whole provisions under these guarantees.

Litigation and Regulatory Matters

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

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

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

For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $20 million at September 30, 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.

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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.

17. 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 September 30, 2025
Net interest income (loss)	$	1,061	$	538	$	(93)	$	1,506
Provision for credit losses	121		1		—		122
Net interest income (loss) after provision (benefit) for credit losses	940		537		(93)		1,384
Noninterest income	393		218		17		628
Noninterest expense:
Direct personnel costs	308		152		297		757
Other noninterest expense, including corporate allocations	541		167		(219)		489
Total noninterest expense	849		319		78		1,246
Income (loss) before income taxes	484		436		(154)		766
Provision (benefit) for income taxes	102		91		(60)		133
Income attributable to non-controlling interest	—		4		—		4
Net income (loss) attributable to Huntington	$	382	$	341	$	(94)	$	629
Three months ended September 30, 2024
Net interest income (loss)	$	1,050	$	529	$	(228)	$	1,351
Provision for credit losses	105		1		—		106
Net interest income (loss) after provision for credit losses	945		528		(228)		1,245
Noninterest income	338		181		4		523
Noninterest expense:
Direct personnel costs	287		144		253		684
Other noninterest expense, including corporate allocations	512		145		(211)		446
Total noninterest expense	799		289		42		1,130
Income (loss) before income taxes	484		420		(266)		638
Provision (benefit) for income taxes	102		88		(74)		116
Income attributable to non-controlling interest	—		5		—		5
Net income (loss) attributable to Huntington	$	382	$	327	$	(192)	$	517

2025 3Q Form 10-Q 86

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	Consumer & Regional Banking		Commercial Banking		Treasury / Other		Huntington Consolidated
(dollar amounts in millions)
Nine months ended September 30, 2025
Net interest income (loss)	$	3,018	$	1,564	$	(183)	$	4,399
Provision for credit losses	306		34		—		340
Net interest income (loss) after provision for credit losses	2,712		1,530		(183)		4,059
Noninterest income	1,059		557		(23)		1,593
Noninterest expense:
Direct personnel costs	907		440		803		2,150
Other noninterest expense, including corporate allocations	1,601		499		(655)		1,445
Total noninterest expense	2,508		939		148		3,595
Income (loss) before income taxes	1,263		1,148		(354)		2,057
Provision (benefit) for income taxes	265		241		(155)		351
Income attributable to non-controlling interest	—		14		—		14
Net income (loss) attributable to Huntington	$	998	$	893	$	(199)	$	1,692
Nine months ended September 30, 2024
Net interest income (loss)	$	3,013	$	1,579	$	(642)	$	3,950
Provision for credit losses	227		86		—		313
Net interest income (loss) after provision for credit losses	2,786		1,493		(642)		3,637
Noninterest income	968		490		23		1,481
Noninterest expense:
Direct personnel costs	847		429		710		1,986
Other noninterest expense, including corporate allocations	1,517		454		(573)		1,398
Total noninterest expense	2,364		883		137		3,384
Income (loss) before income taxes	1,390		1,100		(756)		1,734
Provision (benefit) for income taxes	292		231		(215)		308
Income attributable to non-controlling interest	—		16		—		16
Net income (loss) attributable to Huntington	$	1,098	$	853	$	(541)	$	1,410


	Assets				Deposits
(dollar amounts in millions)	At September 30, 2025		At December 31, 2024		At September 30, 2025		At December 31, 2024
Consumer & Regional Banking	$	81,412	$	78,841	$	110,043	$	111,390
Commercial Banking	71,937		66,919		47,651		43,366
Treasury / Other	56,879		58,470		7,518		7,692
Total	$	210,228	$	204,230	$	165,212	$	162,448

2025 3Q Form 10-Q 87

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