Huntington Bancshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Huntington Bancshares Inc. filed its 2023 10-K report detailing financial performance and position.</b>

AI Summary

HUNTINGTON BANCSHARES INC /MD/ (HBANP) filed a Annual Report (10-K) with the SEC on February 16, 2024. The filing covers the fiscal year ending December 31, 2023. Huntington Bancshares Inc. is classified under National Commercial Banks (SIC 6021). The company's principal business address is Huntington Center, 41 S High St, Columbus, OH 43287. The filing includes financial data for the years 2021, 2022, and 2023. Key financial statement components like Preferred Stock, Common Stock, Additional Paid-In Capital, Treasury Stock, Accumulated Other Comprehensive Income, Retained Earnings, and Noncontrolling Interest are detailed for 2022 and 2023.

Why It Matters

For investors and stakeholders tracking HUNTINGTON BANCSHARES INC /MD/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Huntington Bancshares' financial health and operational results for the fiscal year 2023, crucial for investors assessing its stability and growth prospects. The detailed financial data, including breakdowns of equity and revenue segments, allows stakeholders to analyze trends and compare performance against previous years and industry benchmarks.

Risk Assessment

Risk Level: medium — HUNTINGTON BANCSHARES INC /MD/ shows moderate risk based on this filing. The filing is a standard annual report (10-K), which inherently contains detailed financial and operational information, but does not highlight immediate, significant positive or negative events beyond routine disclosures.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Huntington Bancshares' performance and outlook for 2024.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-16 — Filed As Of Date (Filing Date)
• 176 — Public Document Count (Filing Metadata)
• 001-34073 — SEC File Number (Filing Metadata)

Key Players & Entities

• HUNTINGTON BANCSHARES INC /MD/ (company) — Filer
• 0000049196 (company) — Central Index Key
• 6021 (company) — Standard Industrial Classification
• MD (company) — State of Incorporation
• COLUMBUS (company) — Business Address City
• OH (company) — Business Address State
• 43287 (company) — Business Address Zip
• 20231231 (date) — Conformed Period of Report

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K filing.
• 2024-02-16: Filing Date — Date the 10-K was officially filed with the SEC.

Key Financial Figures

• $0.01 — HBANL NASDAQ Common Stock—Par Value $0.01 per Share HBAN NASDAQ Indicate by che
• $10 — d by using a per share closing price of $10.78, as quoted by Nasdaq on that date, w
• $50 — e, Asterisk-Free Checking, Money Scout, $50 Safety Zone, Standby Cash, Early Pay, I
• $500 — rly, Instant Access, which allows up to $500 of a check deposit available to custome
• $100 — ot their credit score, which provides a $100 to $500 short-term line of credit free
• $100 billion — e requirements applicable to firms with $100 billion or more in total consolidated assets. O

Filing Documents

• hban-20231231.htm (10-K) — 6938KB
• hban20231231ex42-10k.htm (EX-4.2) — 68KB
• hban20231231ex1045-10k.htm (EX-10.45) — 5KB
• hban20231231ex211-10k.htm (EX-21.1) — 28KB
• hban20231231ex22-10k.htm (EX-22) — 5KB
• hban20231231ex231-10k.htm (EX-23.1) — 2KB
• hban20231231ex241-10k.htm (EX-24.1) — 16KB
• hban20231231ex311-10k.htm (EX-31.1) — 9KB
• hban20231231ex312-10k.htm (EX-31.2) — 9KB
• hban20231231ex321-10k.htm (EX-32.1) — 4KB
• hban20231231ex322-10k.htm (EX-32.2) — 4KB
• exhibit97financialrestatem.htm (EX-97) — 43KB
• hban-20231231_g1.jpg (GRAPHIC) — 10KB
• hban-20231231_g2.jpg (GRAPHIC) — 99KB
• hban-20231231_g3.jpg (GRAPHIC) — 9KB
• hban-20231231_g4.jpg (GRAPHIC) — 13KB
• hban-20231231_g5.jpg (GRAPHIC) — 9KB
• 0000049196-24-000020.txt (&nbsp;) — 33243KB
• hban-20231231.xsd (EX-101.SCH) — 124KB
• hban-20231231_cal.xml (EX-101.CAL) — 223KB
• hban-20231231_def.xml (EX-101.DEF) — 947KB
• hban-20231231_lab.xml (EX-101.LAB) — 1760KB
• hban-20231231_pre.xml (EX-101.PRE) — 1321KB
• hban-20231231_htm.xml (XML) — 7957KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 27 Item 1B. Unresolved Staff Comments 40 I tem 1C. Cybersecurity 41 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 43 Introduction 44 Executive Overview 44 Discussion of Results of Operations 47 Risk Management and Capital: 53 R isk Governance 53 Credit Risk 55 Market Risk 68 Liquidity Risk 71 Operational Risk 77 Compliance Risk 78 Capital 78 Business Segment Discussion 81 Additional Disclosures 85 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 88 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 88 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 160 Item 9A.

Controls and Procedures

Controls and Procedures 160 Item 9B. Other Information 160 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 160 Part III. Item 10. Directors, Executive Officers, and Corporate Governance 160 Item 11.

Executive Compensation

Executive Compensation 161 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 161 Item 13. Certain Relationships and Related Transactions, and Director Independence 161 Item 14. Principal Accounting Fees and Services 161 Part IV. Item 15. Exhibits and Financial Statement Schedules 162 Item 16. Form 10-K Summary 162

Signatures

Signatures 166 Table of Contents Glossary of Acronyms and Terms The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: ACL Allowance for Credit Losses AFS Available-for-Sale ALCO Asset-Liability Management Committee ALLL Allowance for Loan and Lease Losses AML Anti-Money Laundering AOCI Accumulated Other Comprehensive Income (Loss) ASC Accounting Standards Codification ASU Accounting Standards Update ATM Automated Teller Machine AULC Allowance for Unfunded Lending Commitments Bank Secrecy Act Financial Recordkeeping and Reporting of Currency and Foreign Transactions Act of 1970 Basel III Refers to the final rule issued by the Federal Reserve and OCC and published in the Federal Register on October 11, 2013 BHC Bank Holding Company BHC Act Bank Holding Company Act of 1956 BTFP Bank Term Funding Program Capstone Partners Capstone Enterprises LLC C&I Commercial and Industrial CCAR Comprehensive Capital Analysis and Review CCB Capital Conservation Buffer CCPA California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 CDs Certificates of Deposit CDS Credit Default Swap CECL Current Expected Credit Losses CEO Chief Executive Officer CET1 Common Equity Tier 1 on a Basel III basis CFO Chief Financial Officer CFPB Bureau of Consumer Financial Protection CISA Cybersecurity Information Sharing Act CMO Collateralized Mortgage Obligations CODM Chief Operating Decision Maker COVID-19 Coronavirus Disease 2019 CDP Carbon Disclosure Project CRA Community Reinvestment Act CRE Commercial Real Estate CRO Chief Risk Officer CRT Credit Risk Transfer DEI Diversity, Equity, and Inclusion DIF Deposit Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act EAD Exposure at Default Economic Growth Act Economic Growth, Regulatory Relief and Consumer Protection Act 4 Huntington Bancshares

: Business

Item 1: Business General Business Description We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people's lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. These include, but are not limited to, payments, mortgage banking, automobile, recreational vehicle and marine financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. As of December 31, 2023, our 999 full-service branches and private client group offices are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin. Select financial services and other activities are also conducted in other states. Business Segments Our business segments are based on our internally-aligned segment leadership structure, which is how we monitor results and assess performance. For each business segment, we expect the combination of our business model, investment in products and capabilities, and exceptional service to provide a competitive advantage that supports revenue and earnings growth. Our business model emphasizes the delivery of a complete set of banking products and services offered by larger banks but distinguished by local delivery and customer service. A key strategic emphasis has been for our business segments to operate in cooperation to provide products and services to our customers and to build stronger and more profitable relationships using our OCR sales and service process, which aligns to our vision to be the leading people-first, digitally powe

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View this 10-K filing on SEC EDGAR