Huntington Bancshares Q2 2024 Assets Top $199B

TL;DR

HBAN Q2 assets hit $199.5B. All good.

AI Summary

Huntington Bancshares Inc. reported its Q2 2024 results, with total assets reaching $199.5 billion as of June 30, 2024. The company's filing covers the period from January 1, 2024, to June 30, 2024, and includes detailed financial information for various preferred stock series and common stock.

Why It Matters

This filing provides a snapshot of Huntington Bancshares' financial health and asset base at the end of the second quarter of 2024, which is crucial for investors and analysts assessing the bank's performance and stability.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate red flags or significant negative events indicated.

Key Numbers

• $199.5B — Total Assets (As of June 30, 2024)
• 2024-06-30 — Reporting Period End Date (End of Q2 2024)
• 2024-01-01 — Reporting Period Start Date (Beginning of Q2 2024)

Key Players & Entities

• HUNTINGTON BANCSHARES INC /MD/ (company) — Filer
• COLUMBUS (location) — Business Address City
• OH (location) — Business Address State
• 43287 (location) — Business Address Zip
• 199.5 billion (dollar_amount) — Total Assets as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — k) HBANL NASDAQ Common Stock—Par Value $0.01 per Share HBAN NASDAQ Indicate by che
• $474 m — rter of 2024, we reported net income of $474 million, or $0.30 per diluted common shar
• $0.30 — reported net income of $474 million, or $0.30 per diluted common share, compared with
• $559 m — per diluted common share, compared with $559 million, or $0.35 per diluted common shar
• $0.35 — n share, compared with $559 million, or $0.35 per diluted common share, in the year-a
• $1.3 billion — r-ago quarter. Net interest income was $1.3 billion for the second quarter of 2024, a decre
• $34 m — e second quarter of 2024, a decrease of $34 million, or 3%, from the year-ago quarter
• $32 m — a non-GAAP financial measure, decreased $32 million, or 2%, from the year-ago quarter
• $7.8 b — decrease in the FTE NIM to 2.99% and a $7.8 billion, or 6%, increase in average inter
• $3.2 b — ring liabilities, partially offset by a $3.2 billion, or 2%, increase in average earni
• $8 m — e provision for credit losses increased $8 million, or 9%, from the year-ago quarter
• $100 million — on, or 9%, from the year-ago quarter to $100 million in the second quarter of 2024. The ACL
• $81 million — cond quarter of 2024. The ACL increased $81 million from the year-ago quarter to $2.4 billi
• $2.4 billion — 81 million from the year-ago quarter to $2.4 billion in the second quarter of 2024, or 1.95%
• $2.3 b — of total loans and leases, compared to $2.3 billion, or 1.93% of total loans and leas

Filing Documents

• hban-20240630.htm (10-Q) — 6042KB
• ex102garytorgowletteragree.htm (EX-10.2) — 15KB
• hban20240630_10qex311.htm (EX-31.1) — 10KB
• hban20240630_10qex312.htm (EX-31.2) — 10KB
• hban20240630_10qex321.htm (EX-32.1) — 4KB
• hban20240630_10qex322.htm (EX-32.2) — 4KB
• hban-20240630_g1.jpg (GRAPHIC) — 10KB
• 0000049196-24-000076.txt ( ) — 27416KB
• hban-20240630.xsd (EX-101.SCH) — 77KB
• hban-20240630_cal.xml (EX-101.CAL) — 157KB
• hban-20240630_def.xml (EX-101.DEF) — 619KB
• hban-20240630_lab.xml (EX-101.LAB) — 1105KB
• hban-20240630_pre.xml (EX-101.PRE) — 894KB
• hban-20240630_htm.xml (XML) — 7538KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 38 Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 38 Consolidated Statements of Income for the three and six months ended June 30, 2024 and 2023 39 Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2024 and 2023 40 Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 41 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 43 Notes to Unaudited Consolidated Financial Statements 45

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 5 Executive Overview 5 Discussion of Results of Operations 8 Risk Management and Capital: 15 Credit Risk 15 Market Risk 22 Liquidity Risk 25 Operational Risk 28 Compliance Risk 29 Capital 29 Business Segment Discussion 31 Additional Disclosures 34

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 83

Controls and Procedures

Item 4. Controls and Procedures 83

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 83

Risk Factors

Item 1A. Risk Factors 83

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 83

Other Information

Item 5. Other Information 84

Exhibits

Item 6. Exhibits 85

Signatures

Signatures 86 2 Huntington Bancshares Incorporated 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 AOCI Accumulated Other Comprehensive Income (Loss) ASC Accounting Standards Codification ASU Accounting Standards Update AULC Allowance for Unfunded Lending Commitments Basel III Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013 C&I Commercial and Industrial CDs Certificates of Deposit CDS Credit Default Swap CECL Current Expected Credit Losses CET1 Common Equity Tier 1 on a Basel III basis CFPB Bureau of Consumer Financial Protection CLN Credit Linked Note CME Chicago Mercantile Exchange CMO Collateralized Mortgage Obligations CODM Chief Operating Decision Maker CRE Commercial Real Estate DIF Deposit Insurance Fund Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act EOP End of Period EVE Economic Value of Equity FDIC Federal Deposit Insurance Corporation Federal Reserve Board of Governors of the Federal Reserve System FFIEC Federal Financial Institutions Examination Council FHLB Federal Home Loan Bank FICO Fair Isaac Corporation FRB Federal Reserve Bank FTE Fully-Taxable Equivalent FTP Funds Transfer Pricing FVO Fair Value Option GAAP Generally Accepted Accounting Principles in the United States of America GDP Gross Domestic Product HTM Held-to-Maturity IRS Internal Revenue Service LIBOR London Interbank Offered Rate LIHTC Low Income Housing Tax Credit MBS Mortgage-Backed Securities MD&A Management's Discussion and Analysis of Financial Condition and Results of Operations MSR Mortgage Servicing Right NAICS North American Industry Classification System NALs Nonaccr

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION When we refer to "we," "our," "us," "Huntington," and "the Company" in this report, we mean Huntington Bancshares Incorporated and our consolidated subsidiaries, unless the context indicates that we refer only to the parent company, Huntington Bancshares Incorporated. When we refer to the "Bank" in this report, we mean our only bank subsidiary, The Huntington National Bank, and its subsidiaries.

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

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations INTRODUCTION 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 June 30, 2024, we have approximately 970 full-service branches and private client group offices which 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 various other states. This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 2023 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2023 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report. EXECUTIVE OVERVIEW Reporting Updates During the fourth quarter of 2023, we updated the presentation of our noninterest income categories to align product and service types more closely with how we strategically ma

Selected Financial Data

Selected Financial Data Table 1 - Selected Quarterly and Year to Date Income Statement Data Three Months Ended Six Months Ended (amounts in millions, except per share data) June 30, 2024 June 30, 2023 Change June 30, 2024 June 30, 2023 Change Amount Percent Amount Percent Interest income $ 2,476 $ 2,225 $ 251 11 % $ 4,856 $ 4,253 $ 603 14 % Interest expense 1,164 879 285 32 2,257 1,498 759 51 Net interest income 1,312 1,346 (34) (3) 2,599 2,755 (156) (6) Provision for credit losses 100 92 8 9 207 177 30 17 Net interest income after provision for credit losses 1,212 1,254 (42) (3) 2,392 2,578 (186) (7) Noninterest income 491 495 (4) (1) 958 1,007 (49) (5) Noninterest expense 1,117 1,050 67 6 2,254 2,136 118 6 Income before income taxes 586 699 (113) (16) 1,096 1,449 (353) (24) Provision for income taxes 106 134 (28) (21) 192 278 (86) (31) Income after income taxes 480 565 (85) (15) 904 1,171 (267) (23) Income attributable to non-controlling interest 6 6 — — 11 10 1 10 Net income attributable to Huntington 474 559 (85) (15) 893 1,161 (268) (23) Dividends on preferred shares 35 40 (5) (13) 71 69 2 3 Net income applicable to common shares $ 439 $ 519 $ (80) (15) % $ 822 $ 1,092 $ (270) (25) % Average common shares—basic 1,451 1,446 5 — % 1,450 1,445 5 — % Average common shares—diluted 1,474 1,466 8 1 1,474 1,468 6 — Net income per common share—basic $ 0.30 $ 0.36 $ (0.06) (17) $ 0.57 $ 0.76 $ (0.19) (25) Net income per common share—diluted 0.30 0.35 (0.05) (14) 0.56 0.74 (0.18) (24) Return on average total assets 0.98 % 1.18 % 0.93 % 1.25 % Return on average common shareholders' equity 10.4 12.7 9.8 13.6 Return on average tangible common shareholders' equity (1) 16.1 19.9 15.1 21.5 Net interest margin (2) 2.99 3.11 3.00 3.25 Efficiency ratio (3) 60.8 55.9 62.2 55.7 Revenue and Net Interest Income—FTE (non-GAAP) Net interest income $ 1,312 $ 1,346 $ (34) (3) % $ 2,599 $ 2,755 $ (156) (6) % FTE adjustment (2) 13 11 2 18 26 20 6 30 Net

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