Huntington Bancshares Q3 2024: $179B Assets

TL;DR

HBAN Q3 2024: $179B assets, detailed stock and CRE portfolio info filed.

AI Summary

Huntington Bancshares Inc. reported its Q3 2024 results, with total assets standing at $179 billion as of September 30, 2024. The company's filing covers the period from January 1, 2024, to September 30, 2024, and includes details on various preferred stock series and common stock. The filing also segments commercial real estate portfolios and variable interest entities.

Why It Matters

This 10-Q filing provides a detailed financial snapshot of Huntington Bancshares for the third quarter of 2024, crucial for investors and analysts assessing the bank's performance and financial health.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• $179B — Total Assets (As of September 30, 2024)
• 2024-09-30 — Reporting Period End Date (Indicates the end of the third quarter for 2024)
• 2024-01-01 — Reporting Period Start Date (Indicates the start of the fiscal year for 2024)

Key Players & Entities

• HUNTINGTON BANCSHARES INC /MD/ (company) — Filer
• 0000049196 (company) — Central Index Key
• COLUMBUS (location) — Business Address City
• 41 S HIGH ST HC0917 (address) — Business Address Street 1
• 20240930 (date) — Period of Report
• 20241029 (date) — Filed as of Date
• $179 billion (dollar_amount) — Total Assets as of 2024-09-30

FAQ

Key Financial Figures

• $0.01 — k) HBANL NASDAQ Common Stock—Par Value $0.01 per Share HBAN NASDAQ Indicate by che
• $517 m — rter of 2024, we reported net income of $517 million, or $0.33 per diluted common shar
• $0.33 — reported net income of $517 million, or $0.33 per diluted common share, compared with
• $547 m — per diluted common share, compared with $547 million, or $0.35 per diluted common shar
• $0.35 — n share, compared with $547 million, or $0.35 per diluted common share, in the year-a
• $1.4 billion — r-ago quarter. Net interest income was $1.4 billion for the third quarter of 2024, a decrea
• $17 m — he third quarter of 2024, a decrease of $17 million, or 1%, from the year-ago quarter
• $15 m — a non-GAAP financial measure, decreased $15 million, or 1%, from the year-ago quarter
• $14.4 b — decrease in the FTE NIM to 2.98% and a $14.4 billion, or 11%, increase in average inte
• $10.9 b — ring liabilities, partially offset by a $10.9 billion, or 6%, increase in average earni
• $7 m — e provision for credit losses increased $7 million, or 7%, from the year-ago quarter
• $106 million — on, or 7%, from the year-ago quarter to $106 million in the third quarter of 2024. The ACL i
• $68 million — hird quarter of 2024. The ACL increased $68 million from the year-ago quarter to $2.4 billi
• $2.4 billion — 68 million from the year-ago quarter to $2.4 billion in the third quarter of 2024, or 1.93%
• $2.4 b — of total loans and leases, compared to $2.4 billion, or 1.96% of total loans and leas

Filing Documents

• hban-20240930.htm (10-Q) — 6049KB
• hban20240930_10qex311.htm (EX-31.1) — 10KB
• hban20240930_10qex312.htm (EX-31.2) — 10KB
• hban20240930_10qex321.htm (EX-32.1) — 4KB
• hban20240930_10qex322.htm (EX-32.2) — 4KB
• hban-20240930_g1.jpg (GRAPHIC) — 10KB
• 0000049196-24-000095.txt ( ) — 27438KB
• hban-20240930.xsd (EX-101.SCH) — 76KB
• hban-20240930_cal.xml (EX-101.CAL) — 158KB
• hban-20240930_def.xml (EX-101.DEF) — 614KB
• hban-20240930_lab.xml (EX-101.LAB) — 1106KB
• hban-20240930_pre.xml (EX-101.PRE) — 890KB
• hban-20240930_htm.xml (XML) — 7565KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) 38 Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 38 Consolidated Statements of Income for the three and nine months ended September 30, 2024 and 2023 39 Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2024 and 2023 40 Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2024 and 2023 41 Consolidated Statements of Cash Flows for the nine months ended September 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 BOLI Bank Owned Life Insurance 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 FOMC Federal Open Market Committee 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

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 September 30, 2024, we have 975 full-service branches and private client group offices which are located in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, 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 strategica

Selected Financial Data

Selected Financial Data Table 1 - Selected Quarterly and Year to Date Income Statement Data Three Months Ended Nine Months Ended (amounts in millions, except per share data) September 30, 2024 September 30, 2023 Change September 30, 2024 September 30, 2023 Change Amount Percent Amount Percent Interest income $ 2,555 $ 2,313 $ 242 10 % $ 7,411 $ 6,566 $ 845 13 % Interest expense 1,204 945 259 27 3,461 2,443 1,018 42 Net interest income 1,351 1,368 (17) (1) 3,950 4,123 (173) (4) Provision for credit losses 106 99 7 7 313 276 37 13 Net interest income after provision for credit losses 1,245 1,269 (24) (2) 3,637 3,847 (210) (5) Noninterest income 523 509 14 3 1,481 1,516 (35) (2) Noninterest expense 1,130 1,090 40 4 3,384 3,226 158 5 Income before income taxes 638 688 (50) (7) 1,734 2,137 (403) (19) Provision for income taxes 116 136 (20) (15) 308 414 (106) (26) Income after income taxes 522 552 (30) (5) 1,426 1,723 (297) (17) Income attributable to non-controlling interest 5 5 — — 16 15 1 7 Net income attributable to Huntington 517 547 (30) (5) 1,410 1,708 (298) (17) Dividends on preferred shares 36 37 (1) (3) 107 106 1 1 Net income applicable to common shares $ 481 $ 510 $ (29) (6) % $ 1,303 $ 1,602 $ (299) (19) % Average common shares—basic 1,453 1,448 5 — % 1,451 1,446 5 — % Average common shares—diluted 1,477 1,468 9 1 1,475 1,468 7 — Net income per common share—basic $ 0.33 $ 0.35 $ (0.02) (6) $ 0.90 $ 1.11 $ (0.21) (19) Net income per common share—diluted 0.33 0.35 (0.02) (6) 0.88 1.09 (0.21) (19) Return on average total assets 1.04 % 1.16 % 0.97 % 1.22 % Return on average common shareholders' equity 10.8 12.4 10.2 13.2 Return on average tangible common shareholders' equity (1) 16.2 19.5 15.5 20.8 Net interest margin (2) 2.98 3.20 3.00 3.24 Efficiency ratio (3) 59.4 57.0 61.2 56.2 Revenue and Net Interest Income—FTE (non-GAAP) Net interest income $ 1,351 $ 1,368 $ (17) (1) % $ 3,950 $ 4,123 $ (173) (4) % FTE adjustment (2) 13

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