Huntington Bancshares Files 2024 10-K

TL;DR

HBAN filed its 2024 10-K, detailing financials for the year ending Dec 31, 2024.

AI Summary

Huntington Bancshares Inc. filed its 2024 10-K on February 14, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in Columbus, Ohio, operates as a national commercial bank. The filing details its financial performance and business operations for the year.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Huntington Bancshares' financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing providing historical data and does not inherently present new risks.

Key Players & Entities

• HUNTINGTON BANCSHARES INC /MD/ (company) — Filer
• COLUMBUS (location) — Headquarters City
• OH (location) — Headquarters State
• 43287 (location) — Headquarters Zip Code
• 6144802265 (phone_number) — Business Phone
• 0000049196-25-000020 (filing_id) — Accession Number
• 20241231 (date) — Fiscal Year End
• 20250214 (date) — Filing Date

FAQ

Key Financial Figures

• $0.01 — HBANL NASDAQ Common Stock—Par Value $0.01 per Share HBAN NASDAQ Indicate by che
• $13 — d by using a per share closing price of $13.18, 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-20241231.htm (10-K) — 7182KB
• hban20241231ex42-10k.htm (EX-4.2) — 68KB
• exhibit19insidertradingp.htm (EX-19) — 17KB
• hban20241231ex211-10k.htm (EX-21.1) — 26KB
• hban20241231ex22-10k.htm (EX-22) — 5KB
• hban20241231ex231-10k.htm (EX-23.1) — 2KB
• hban20241231ex241-10k.htm (EX-24.1) — 18KB
• hban20241231ex311-10k.htm (EX-31.1) — 9KB
• hban20241231ex312-10k.htm (EX-31.2) — 9KB
• hban20241231ex321-10k.htm (EX-32.1) — 4KB
• hban20241231ex322-10k.htm (EX-32.2) — 4KB
• exhibit19insidertradingp001.jpg (GRAPHIC) — 229KB
• exhibit19insidertradingp002.jpg (GRAPHIC) — 265KB
• exhibit19insidertradingp003.jpg (GRAPHIC) — 243KB
• exhibit19insidertradingp004.jpg (GRAPHIC) — 236KB
• exhibit19insidertradingp005.jpg (GRAPHIC) — 115KB
• exhibit19insidertradingp006.jpg (GRAPHIC) — 77KB
• hban-20241231_g1.jpg (GRAPHIC) — 10KB
• hban-20241231_g2.jpg (GRAPHIC) — 93KB
• hban-20241231_g3.jpg (GRAPHIC) — 9KB
• hban-20241231_g4.jpg (GRAPHIC) — 80KB
• hban-20241231_g5.jpg (GRAPHIC) — 9KB
• 0000049196-25-000020.txt ( ) — 35571KB
• hban-20241231.xsd (EX-101.SCH) — 124KB
• hban-20241231_cal.xml (EX-101.CAL) — 219KB
• hban-20241231_def.xml (EX-101.DEF) — 853KB
• hban-20241231_lab.xml (EX-101.LAB) — 1642KB
• hban-20241231_pre.xml (EX-101.PRE) — 1270KB
• hban-20241231_htm.xml (XML) — 8305KB

Business

Business 8 C ompetition 10 R egulatory Matters 11 C orporate Responsib ility 23 A vailable Information 27 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 43 Item 1C. Cybersecurity 43 Item 2.

Properties

Properties 44 Item 3.

Legal Proceedings

Legal Proceedings 44 Item 4. Mine Safety Disclosures 44 Part II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 45 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 45 Introduction 46 Executive Overview 46 Discussion of Results of Operations 50 Risk Management : 55 Credit Risk 58 Market Risk 70 Liquidity Risk 74 Operational Risk 79 Compliance Risk 80 Capital 80 Business Segment Discussion 83 Additional Disclosures 86 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 90 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 90 C on solidated Balance Sheets 94 Consolidated St atem ents of Income 95 Consolidated Stat ement s of Comprehensive Income 96 Consolidated State ments of C hanges in Shareholders ' Equity 97 C onsolidated Statements of Cash Flows 98 N ote 1 - Significant Accounting P olicies 100 Note 2 - Accounting Standards Update 108 N ote 3 - Investment S ecu rities and Other Securities 109 N ote 4 - Loans and Leases 113 N ote 5 - Allowance for Credit Losses 122 Note 6 - Mortgage Loan Sales and Servicing Rights 123 Note 7 - Goodwill and Other Intangible Assets 124 Note 8 - Premises and Equipment 124 Table of Contents Note 9 - Operating Leases 125 N ote 10 - Borrowings 125 N ote 11 - Other Comprehensive Income 128 N ote 12 - Shareholders ' Equi ty 129 Note 13 - Earnings Per Share 130 N ote 14 - Revenue from Contracts with Customers 131 N ote 15 - Share-Based Compens ation 133 N ote 16 - Benefit Plans 134 N ote 17 - Income Taxes 136 N ote 18 - Fair Values of Assets and Liabil ities 138 N ote 1 9 - Derivative Financial Instruments 147 N ote 20 - Variable Interest Entities 153 Note 21 - Commitments and Contingent Liabilities 155 N ote 22 - Other Regulatory Matters 156 N ote 23 - Parent-Only Financial State ments 157 Note 24 - Segment Reporting 159 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 162 Item 9A.

Controls and Procedures

Controls and Procedures 162 Item 9B. Other Information 162 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 162 Part III. Item 10. Directors, Executive Officers, and Corporate Governance 163 Item 11.

Executive Compensation

Executive Compensation 163 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 163 Item 13. Certain Relationships and Related Transactions, and Director Independence 163 Item 14. Principal Accounting Fees and Services 164 Part IV. Item 15. Exhibits and Financial Statement Schedules 164 Item 16. Form 10-K Summary 164

Signatures

Signatures 168 Table of Contents Glossary of Acronyms and Terms The following listing provides a comprehensive reference of common acronyms and terms used throughout the document: 2024 Banking Addendum 2024 Banking Addendum to 2023 Merger Guidelines ACL Allowance for Credit Losses AFS Available-for-Sale AI Artificial Intelligence 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 Board Board of Directors BOLI Bank Owned Life Insurance Capstone Partners Together, Capstone Corporate Finance LLC, Capstone Capital Markets LLC, CRS Capstone Partners LLC, Capstone Partners LLC, and Amherst Consulting 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 CFPB Bureau of Consumer Financial Protection CIRCIA Cyber Incident Reporting for Critical Infrastructure Act CISA Cybersecurity Information Sharing Act CISA Agency Cybersecurity and Infrastructure Security Agency CLN Credit Linked Note CME Chicago Mercantile Exchange CMO Collateralized Mortgage Obligations CODM Chief Operating Decision Maker CRA Community Reinvestment Act CRE Commercial Real Estate DI

: 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, direct and indirect consumer 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, 2024, our 978 full-service branches and private client group offices are located in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Pennsylvania, West Virginia, and Wisconsin. We also maintain a local banking presence in South Carolina and Texas, along with conducting select financial services and other activities 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

View Full Filing

View this 10-K filing on SEC EDGAR