Huntington Bancshares Discloses Stock and Capital Information

TL;DR

HBAN filed an 8-K detailing preferred and common stock info as of March 28, 2024.

AI Summary

On March 28, 2024, Huntington Bancshares Inc. (HBAN) filed an 8-K to disclose information regarding its Series H, I, and J Preferred Stock, as well as its Common Stock. The filing details the company's capital structure and related stock information as of the reporting date.

Why It Matters

This filing provides transparency into Huntington Bancshares' equity structure, which is important for investors to understand the company's financial health and potential dilution.

Risk Assessment

Risk Level: low — The filing is a routine disclosure of stock information and does not indicate any new or unusual risks.

Key Players & Entities

• Huntington Bancshares Inc. (company) — Filer of the 8-K
• March 28, 2024 (date) — Date of report
• Series H Preferred Stock (stock) — Disclosed in the filing
• Series I Preferred Stock (stock) — Disclosed in the filing
• Series J Preferred Stock (stock) — Disclosed in the filing
• Common Stock (stock) — Disclosed in the filing

FAQ

Key Financial Figures

• $0.01 — k) HBANL NASDAQ Common Stock—Par Value $0.01 per Share HBAN NASDAQ Indicate by che
• $5 billion — 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The rule provide
• $214 million — ty and related expense of approximately $214 million in the fourth quarter of 2023. Because
• $32 m — an additional expense of approximately $32 million, on a pre-tax basis, will be reco
• $356.25 — tual Preferred Stock (Nasdaq: HBANM) of $356.25 per share (equivalent to $0.35625 per d
• $0.35625 — NM) of $356.25 per share (equivalent to $0.35625 per depositary share) payable June 3, 2

Filing Documents

• hban-20240328.htm (8-K) — 40KB
• hban-2024x03x28xex991.htm (EX-99.1) — 4KB
• hban-20240328_g1.jpg (GRAPHIC) — 10KB
• huntingtonlogo.jpg (GRAPHIC) — 10KB
• 0000049196-24-000027.txt ( ) — 279KB
• hban-20240328.xsd (EX-101.SCH) — 3KB
• hban-20240328_def.xml (EX-101.DEF) — 19KB
• hban-20240328_lab.xml (EX-101.LAB) — 33KB
• hban-20240328_pre.xml (EX-101.PRE) — 19KB
• hban-20240328_htm.xml (XML) — 6KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. As previously disclosed by Huntington Bancshares Incorporated ("Huntington") in its 2023 Annual Report on Form 10-K, the Federal Deposit Insurance Corporation ("FDIC") issued a final rule in November 2023 to implement a special assessment to recoup losses to the Deposit Insurance Fund ("DIF") associated with bank failures in the first half of 2023. Under the final rule, the assessment base for the special assessment is equal to an insured depository institution's estimated uninsured deposits reported as of December 31, 2022, adjusted to exclude the first $5 billion of uninsured deposits. The rule provides that the FDIC will collect the special assessment at a quarterly rate of 3.36 basis points over eight quarterly assessment periods, subject to change depending on any adjustments to the loss estimate, mergers or failures, or amendments to reported estimates of uninsured deposits. Based on the reported uninsured deposits as of December 31, 2022 of Huntington's only bank subsidiary, The Huntington National Bank, Huntington recognized an accrued liability and related expense of approximately $214 million in the fourth quarter of 2023. Because the losses to the DIF are estimated, the FDIC may periodically adjust the estimates, which could result in extending the special assessment for additional quarters, imposing an additional special assessment, or ceasing collection early if the FDIC has collected enough to recover actual losses. In late February 2024, subsequent to the filing of Huntington's 2023 Annual Report on Form 10-K, the FDIC provided updated estimates on the uninsured deposit losses and recoverable assets related to the 2023 closures of Silicon Valley Bank and Signature Bank. As a result, Huntington estimates that an additional expense of approximately $32 million, on a pre-tax basis, will be recognized during the first quarter of 2024 related to the FDIC DIF special assessment. The information contained in this Item 7

Forward-Looking Statements

Forward-Looking Statements The information contained in this item 7.01 contains certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; the impact of pandemics, including the COVID-19 pandemic and related variants and mutations, and their impact on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts t

01 Other Events

Item 8.01 Other Events. On March 28, 2024, Huntington announced that the Board of Directors declared and set aside a quarterly cash dividend on Huntington's 5.70% Series I Non-Cumulative Perpetual Preferred Stock (Nasdaq: HBANM) of $356.25 per share (equivalent to $0.35625 per depositary share) payable June 3, 2024, to shareholders of record on May 15, 2024. A copy of the press release is attached as Exhibit 99.1 hereto.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit 99.1 – News release of Huntington Bancshares Incorporated, dated March 28, 2024. EXHIBIT INDEX Exhibit No. Description Exhibit 99.1 News release of Huntington Bancshares Incorporated, dated March 28, 2024 Exhibit 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HUNTINGTON BANCSHARES INCORPORATED Date: March 28, 2024 By: /s/ Zachary Wasserman Zachary Wasserman Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR