HUNTINGTON BANCSHARES INC /MD/ [HBANM] Filings

10-Q 1 hban-20230930.htm 10-Q hban-20230930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Huntington Bancshares Incorporated

(Exact name of registrant as specified in its charter)


Maryland	1-34073	31-0724920
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

Registrant’s address: 41 South High Street, Columbus, Ohio 43287

Registrant’s telephone number, including area code: (614) 480-2265

Securities registered pursuant to Section 12(b) of the Act


Title of class	Trading Symbol(s)	Name of exchange on which registered


Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock)	HBANP	NASDAQ
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock)	HBANM	NASDAQ
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock)	HBANL	NASDAQ
Common Stock—Par Value $0.01 per Share	HBAN	NASDAQ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. x Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). ☐ Yes x No

There were 1,448,075,093 shares of the registrant’s common stock ($0.01 par value) outstanding on September 30, 2023.

HUNTINGTON BANCSHARES INCORPORATED

INDEX


Glossary of Acronyms and Terms			3
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited)			40
Consolidated Balance Sheets at September 30, 2023 and December 31, 2022			40
Consolidated Statements of Income for the three and nine months ended S eptember 30, 2023 and 2022			41
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2023 and 2022			42
Consolidated Statements of Changes in Shareholders’ Equity for the three and nine months ended September 30, 2023 and 2022			43
Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022			45
Notes to Unaudited Consolidated Financial Statements			47
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:			17
Credit Risk			17
Market Risk			24
Liquidity Risk			27
Operational Risk			30
Compliance Risk			31
Capital			31
Business Segment Discussion			32
Additional Disclosures			36
Item 3. Quantitative and Qualitative Disclosures about Market Risk			88
Item 4. Controls and Procedures			88
PART II. OTHER INFORMATION
Item 1. Legal Proceedings			88
Item 1A. Risk Factors			88
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			88
Item 5. Other Information			89
Item 6. Exhibits			90
Signatures			91

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

ALLL						Allowance for Loan and Lease Losses

AOCI						Accumulated Other Comprehensive Income (Loss)
ASC						Accounting Standards Codification


ASU						Accounting Standards Update
ATM						Automated Teller Machine
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


Capstone Partners						Capstone Enterprises LLC

C&I						Commercial and Industrial



CDs						Certificates of Deposit

CECL						Current Expected Credit Losses
CET1						Common Equity Tier 1 on a Basel III basis
CFPB						Bureau of Consumer Financial Protection

CFO						Chief Financial Officer

CMO						Collateralized Mortgage Obligations
COVID-19						Coronavirus Disease 2019



CRE						Commercial Real Estate


CRO						Chief Risk Officer
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

FHLB						Federal Home Loan Bank
FICO						Fair Isaac Corporation




FRB						Federal Reserve Bank or the Federal Reserve Board
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						Nonaccrual Loans
NCO						Net Charge-off
NII						Net Interest Income
NIM						Net Interest Margin

2023 3Q Form 10-Q 3

Table of Contents


NM						Not Meaningful
NPAs						Nonperforming Assets

OCC						Office of the Comptroller of the Currency
OCI						Other Comprehensive Income (Loss)


OLEM						Other Loans Especially Mentioned







PPP						Paycheck Protection Program





RBHPCG						Regional Banking and The Huntington Private Client Group


REIT						Real estate investment trust
ROC						Risk Oversight Committee



RPS						Retirement Plan Services
RV						Recreational vehicle
SBA						Small Business Administration
SCB						Stress Capital Buffer
SEC						Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate

TBA						To Be Announced
TDR						Troubled Debt Restructuring
Torana						Digital Payments Torana, Inc.
U.S. Treasury						U.S. Department of the Treasury


VIE						Variable Interest Entity
XBRL						eXtensible Business Reporting Language

4 Huntington Bancshares Incorporated

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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.

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 have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services. This includes, but is 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. At September 30, 2023, our 1,001 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 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 2022 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 2022 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

Acquisitions and Divestitures

In May 2022, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments. This acquisition, along with the formation of our enterprise-wide payments group, reflects one of our strategic priorities to accelerate our payments capabilities and expand the services provided to our customers.

In June 2022, Huntington completed the acquisition of Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction brings a national scale to serve middle market business owners throughout the corporate lifecycle, building on Huntington’s regional banking foundation. Capstone Partners related revenue, including mergers and acquisitions, capital raising and other advisory-related fees, is recognized within capital markets fees in the Consolidated Statements of Income.

In March 2023, we closed the sale of our RPS business and entered into an ongoing partnership with the purchaser. The sale of our RPS business resulted in a $57 million gain including associated goodwill allocation, recorded within other noninterest income.

Summary of 2023 Third Quarter Results Compared to 2022 Third Quarter

For the quarter, we reported net income of $547 million, or $0.35 per diluted common share, compared with $594 million, or $0.39 per diluted common share, in the year-ago quarter.

Net interest income was $1.4 billion, a decrease of $36 million, or 3%, from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, decreased $33 million, or 2%, from the year-ago quarter. The decrease in FTE net interest income primarily reflects a 22 basis point decrease in the FTE NIM to 3.20% and a $15.2 billion, or 13%, increase in average interest-bearing liabilities, partially offset by a $6.9 billion, or 4%, increase in average earning assets.

2023 3Q Form 10-Q 5

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The provision for credit losses decreased $7 million from the year-ago quarter to $99 million in the 2023 third quarter. The ACL increased $138 million from the year-ago quarter to $2.4 billion in the 2023 third quarter, or 1.96% of total loans and leases, compared to $2.2 billion, or 1.89% of total loans and leases. The increase in the total ACL was driven by a combination of loan and lease growth and increasing coverage levels that recognize the near-term recessionary risks.

Noninterest income was $509 million, an increase of $11 million, or 2%, and noninterest expense increased $37 million, or 4%, from the year-ago quarter. The increase in noninterest income was primarily due to a $33 million increase from favorable mark-to-market on pay-fixed swaptions, included within other noninterest income, and additional increases in card and payments processing, bank owned life insurance, and service charges on deposit accounts, partially offset by decreases in capital markets fees and gain on sale of loans. The increase in noninterest expense was primarily due to increases in personnel costs, deposit and other insurance expense, professional services, equipment expense and outside data processing and other services.

Total assets at September 30, 2023 were $186.7 billion, an increase of $3.7 billion, or 2%, compared to December 31, 2022. The increase in total assets was primarily driven by increases in interest-bearing deposits at the Federal Reserve Bank of $4.9 billion, or 100%, and loans and leases of $1.3 billion, or 1%, partially offset by a decrease in total investment securities of $2.4 billion, or 6%. Total liabilities at September 30, 2023 were $168.1 billion, an increase of $3.0 billion, or 2%, compared to December 31, 2022. The increase in total liabilities was primarily driven by increases in long-term debt of $3.1 billion, or 32%, and total deposits of $1.0 billion, or 1%, partially offset by a decrease in short-term borrowings of $1.3 billion, or 66%.

The tangible common equity to tangible assets ratio was 5.70% at September 30, 2023, up 15 basis points from December 31, 2022, driven by current period earnings, partially offset by dividends and AOCI impacts driven by higher interest rates. CET1 risk-based capital ratio was 10.10%, up from 9.36% from December 31, 2022. The increase in regulatory capital ratios was primarily driven by current period earnings and a decline in risk-weighted assets, partially offset by dividends and the CECL transitional amount.

General

Our general business objectives are to:

•Build on our vision to be the country’s leading people-first, digitally powered bank

•Drive sustainable long-term revenue growth and efficiency

•Deliver a Category of One customer experience through our distinguished brand and culture

•Extend our digital leadership with focus on ease of use, access to information, and self-service across products and services

•Leverage expertise and capabilities to acquire and deepen relationships and launching of select partnerships

•Maintain positive operating leverage and execute disciplined capital management

•Stability and resilience through risk management, maintaining an aggregate moderate-to-low, through-the-cycle risk appetite

Economy

During the recent quarter, inflation continued to trend lower while remaining at elevated levels above the Federal Reserve’s target. The Federal Reserve raised interest rates one time in July and paused in September to further evaluate the impact of their tightening and the overall health of the economy. The economy has continued to expand with second quarter 2023 GDP growth of 2.4%. Market volatility has picked up as the yield curve has steepened. Loan growth and deposits have stabilized across the banking sector and further banking regulation has been proposed with the release of amendments to the regulatory capital rule and long-term debt requirements for banks.

The consensus economic outlook assumes a slowdown over the next three quarters with a return to modest growth in the second half of 2024. Inflation is expected to continue to fall, approaching target levels of 2% by the third quarter of 2024, as the Federal Reserve actions will likely result in lower GDP growth and higher unemployment.

6 Huntington Bancshares Incorporated

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Our quarterly results reflect continued execution of our growth strategy and leveraging the strength of our balance sheet, delivered through sustained core deposit growth and expansion of common equity tier 1 driven to above 10% by earnings and capital optimization. We have continued our disciplined management of credit consistent with our aggregate moderate-to-low, through-the-cycle risk appetite. With our disciplined and proactive approach, including balance sheet and other efficiency efforts to increase capital, we believe Huntington is well positioned to manage through the dynamic environment. We remain focused on delivering profitable growth and driving value for our shareholders.

Other Recent Developments

Following the failure of several financial institutions in the first half of 2023 and resulting losses to the FDIC’s Deposit Insurance Fund, the FDIC issued a notice of proposed rulemaking in May 2023 that would implement a special assessment to recover the cost associated with protecting uninsured depositors as part of those financial institution failures. Under the proposed rule, the assessment base for the special assessment would be 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 $5 billion exclusion would be applied once to the aggregate amount of uninsured deposits. The special assessment would be applied at an annual rate of approximately 12.5 basis points and assessed over eight quarters, subject to change depending on any adjustments to the loss estimate, mergers or failures, or amendments to reported estimates of uninsured deposits. As proposed and based on The Huntington National Bank reported uninsured deposits as of December 31, 2022, the estimated impact of the special assessment is approximately $199 million. Any change to the terms of the final rule impacting the determination of uninsured deposits, exclusionary criteria, annual rate, or term of annual rate application would have a direct impact on the estimate of Huntington’s special assessment. We continue to monitor the status of the proposed rule and the impact to our future operating results. We expect to record the impact when the final rule is enacted.

On July 27, 2023, the Federal Banking Agencies, the FDIC, the Federal Reserve, and the OCC, released a notice of proposed rulemaking that would make significant amendments to the Basel III Capital Rules applicable to both the Company and the Bank. In general, the proposed rule would align the regulatory capital calculation methodology for Category III and IV banking organizations with the methodology applicable to Category I and II banking organizations. In addition to calculating risk-weighted assets under the current U.S. standardized approach, the proposal introduces a new “Expanded Risk-Based Approach,” including standardized approaches for credit risk, operational risk and credit valuation adjustment risk, as well as a new approach for market risk that would be based upon internal models and standardized supervisory models. If adopted as proposed, Huntington would be required to calculate its risk-based capital ratios under both the current U.S. standardized approach and the Expanded Risk-Based Approach and would be subject to the lower of the two resulting ratios for each risk-based capital ratio. In addition, the proposal would require banking organizations to recognize most elements of AOCI in regulatory capital, including unrealized gains and losses on available-for-sale securities, and lower thresholds for deductions from CET1 capital for mortgage servicing assets and deferred tax assets, among other things. The proposal, if enacted, would have an effective date of July 1, 2025, with certain elements, such as the recognition of AOCI in regulatory capital and changes in risk-weighted assets calculated under the Expanded Risk-Based Approach, having a three-year phase-in period. We are in the process of evaluating this proposed rulemaking and assessing its potential impact on the Company and the Bank if adopted as proposed.

2023 3Q Form 10-Q 7

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On August 29, 2023, the Federal Banking Agencies released a notice of proposed rulemaking that would require certain large banking organizations such as Huntington to issue and maintain minimum amounts of eligible long-term debt and comply with clean holding company requirements similar to requirements currently applicable to U.S. global systemically important banking organizations. Under the proposal, the Company and the Bank would each be required to maintain a minimum amount of eligible long-term debt equal to the greater of 6% of total risk-weighted assets, 3.5% of average total consolidated assets, and 2.5% of total leverage exposure (if subject to the supplementary leverage ratio). To comply with the requirement, the Bank would be required to issue incremental eligible long-term debt to the Company, and the Company would be required to issue incremental eligible long-term debt externally. The proposed rule would also allow banking organizations to include, as part of the required minimum amounts, certain existing long-term debt. Once the rule is finalized, covered institutions would have three years to comply with the new requirements following a phased-in approach, with 25% of the long-term debt requirement by one year after finalization of the rule, 50% after two years, and 100% after three years. In addition, the clean holding company requirements would limit or prohibit the Company from entering into certain transactions that could impede its orderly resolution, including, for example, prohibiting the Company from issuing short-term debt to, or entering into qualified financial contracts with, non-affiliates and entering into contracts that could spread losses to subsidiaries, as well as limiting the amount of the Company’s liabilities that are not eligible long-term debt. We are in the process of evaluating this proposed rulemaking and assessing its potential impact on the Company and the Bank if adopted as proposed.

On October 25, 2023, the Federal Reserve released a notice of proposed rulemaking that would lower the maximum interchange fee that a large debit card issuer can receive on a debit card transaction. Under the proposal, the base component would initially decrease from 21.0 cents to 14.4 cents, the ad valorem component would decrease from 5.0 basis points to 4.0 basis points multiplied by the value of the transaction, and the fraud-prevention adjustment would increase from 1.0 cents to 1.3 cents for debit card transactions performed from the effective date of the final rule to June 30, 2025. In addition, the proposal would adopt an approach for future adjustments to the interchange fee cap, which would occur every other year based on issuer cost data gathered from large debit card issuers. We will continue to monitor the status of the proposed rule and are beginning the process of evaluating this proposed rulemaking and assessing the scale of its adverse impact on the Company and the Bank.

DISCUSSION OF RESULTS OF OPERATIONS

This section provides a review of financial performance on a consolidated basis. Key unaudited consolidated balance sheet and unaudited income statement trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion.”

8 Huntington Bancshares Incorporated

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Table 1 - Selected Quarterly Income Statement Data

	Three months ended September 30,			Change
(amounts in millions, except per share data)	2023				2022			Amount		Percent
Interest income	$	2,313			$	1,589		$	724	46	%
Interest expense	945				185			760		NM
Net interest income	1,368				1,404			(36)		(3)
Provision for credit losses	99				106			(7)		(7)
Net interest income after provision for credit losses	1,269				1,298			(29)		(2)
Service charges on deposit accounts	97				93			4		4
Card and payment processing income	103				96			7		7
Capital markets fees	49				73			(24)		(33)
Trust and investment management services	62				60			2		3
Mortgage banking income	27				26			1		4
Leasing revenue	32				29			3		10
Insurance income	31				28			3		11
Gain on sale of loans	2				15			(13)		(87)
Bank owned life insurance income	18				13			5		38

Other noninterest income	88				65			23		35
Total noninterest income	509				498			11		2
Personnel costs	622				614			8		1
Outside data processing and other services	149				145			4		3
Equipment	65				60			5		8
Net occupancy	67				63			4		6
Marketing	29				24			5		21
Professional services	27				18			9		50
Deposit and other insurance expense	25				15			10		67
Amortization of intangibles	12				13			(1)		(8)
Lease financing equipment depreciation	6				11			(5)		(45)
Other noninterest expense	88				90			(2)		(2)
Total noninterest expense	1,090				1,053			37		4
Income before income taxes	688				743			(55)		(7)
Provision for income taxes	136				146			(10)		(7)
Income after income taxes	552				597			(45)		(8)
Income attributable to non-controlling interest	5				3			2		67
Net income attributable to Huntington	547				594			(47)		(8)
Dividends on preferred shares	37				29			8		28

Net income applicable to common shares	$	510			$	565		$	(55)	(10)	%

Average common shares—basic	1,448				1,443			5		—	%
Average common shares—diluted	1,468				1,465			3		—
Net income per common share—basic	$	0.35			$	0.39		$	(0.04)	(10)
Net income per common share—diluted	0.35				0.39			(0.04)		(10)
Return on average total assets	1.16		%		1.31		%
Return on average common shareholders’ equity	12.4				13.9
Return on average tangible common shareholders’ equity (1)	19.5				21.9
Net interest margin (2)	3.20				3.42
Efficiency ratio (3)	57.0				54.4


Revenue and Net Interest Income—FTE (non-GAAP)
Net interest income	$	1,368			$	1,404		$	(36)	(3)	%
FTE adjustment (2)	11				8			3		38
Net interest income, FTE (non-GAAP) (2)	1,379				1,412			(33)		(2)
Noninterest income	509				498			11		2
Total revenue, FTE (non-GAAP) (2)	$	1,888			$	1,910		$	(22)	(1)	%

(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred tax liability and calculated assuming a 21% tax rate.

(2)On an FTE basis assuming a 21% tax rate.

(3)Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding securities gains.

2023 3Q Form 10-Q 9

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Table 2 - Selected Year to Date Income Statement Data

	Nine months ended September 30,				Change
(amounts in millions, except per share data)	2023		2022		Amount		Percent
Interest income	$	6,566	$	4,115	$	2,451	60	%
Interest expense	2,443		304		2,139		NM
Net interest income	4,123		3,811		312		8
Provision for credit losses	276		198		78		39
Net interest income after provision for credit losses	3,847		3,613		234		6
Service charges on deposit accounts	267		295		(28)		(9)
Card and payment processing income	298		278		20		7
Capital markets fees	165		169		(4)		(2)
Trust and investment management services	192		188		4		2
Mortgage banking income	86		119		(33)		(28)
Leasing revenue	83		91		(8)		(9)
Insurance income	95		86		9		10
Gain on sale of loans	13		55		(42)		(76)
Bank owned life insurance income	50		41		9		22
Net (losses) gains on sales of securities	(4)		—		(4)		NM
Other noninterest income	271		160		111		69
Total noninterest income	1,516		1,482		34		2
Personnel costs	1,884		1,771		113		6
Outside data processing and other services	448		463		(15)		(3)
Equipment	193		202		(9)		(4)
Net occupancy	181		185		(4)		(2)
Marketing	86		69		17		25
Professional services	64		56		8		14
Deposit and other insurance expense	68		53		15		28
Amortization of intangibles	38		40		(2)		(5)
Lease financing equipment depreciation	22		36		(14)		(39)
Other noninterest expense	242		249		(7)		(3)
Total noninterest expense	3,226		3,124		102		3
Income before income taxes	2,137		1,971		166		8
Provision for income taxes	414		371		43		12
Income after income taxes	1,723		1,600		123		8
Income attributable to non-controlling interest	15		7		8		114
Net income attributable to Huntington	1,708		1,593		115		7
Dividends on preferred shares	106		85		21		25

Net income applicable to common shares	$	1,602	$	1,508	$	94	6	%

Average common shares—basic	1,446		1,441		5		—	%
Average common shares—diluted	1,468		1,464		4		—
Net income per common share—basic	$	1.11	$	1.05	$	0.06	6
Net income per common share—diluted	1.09		1.03		0.06		6


Revenue and Net Interest Income—FTE (Non-GAAP)
Net interest income	$	4,123	$	3,811	$	312	8	%
FTE adjustment	31		22		9		41
Net interest income, FTE (non-GAAP) (1)	4,154

HUNTINGTON BANCSHARES INC /MD/ [HBANM] Filings
HUNTINGTON BANCSHARES INC /MD/ [HBAN] Filings
HUNTINGTON BANCSHARES INC /MD/ [HBANL] Filings
HUNTINGTON BANCSHARES INC /MD/ [HBANP] Filings
10-Q	[2023-10-27]
10-Q	[2023-07-28]
10-Q	[2023-04-28]
10-K	[2023-02-17]
10-Q	[2022-10-28]
10-Q	[2022-07-29]
10-Q	[2022-04-29]
10-K	[2022-02-18]
10-Q	[2021-11-05]
10-Q	[2021-08-06]
10-Q	[2021-04-30]
10-K	[2021-02-26]
10-Q	[2020-10-30]
10-Q	[2020-07-31]
10-Q	[2020-05-01]
10-K	[2020-02-14]
10-Q	[2019-10-28]
10-Q	[2019-07-29]
10-Q	[2019-04-29]
10-K	[2019-02-15]
10-Q	[2018-10-30]
10-Q	[2018-07-30]
10-Q	[2018-04-30]
10-K	[2018-02-16]
10-Q	[2017-10-30]
10-Q	[2017-07-31]
10-Q	[2017-04-28]
10-K	[2017-02-22]
10-Q	[2016-11-08]
10-Q	[2016-07-29]
10-Q	[2016-04-29]
10-K	[2016-02-17]
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HUNTINGTON BANCSHARES INC /MD/ [HBANM] Filings

HUNTINGTON BANCSHARES INC /MD/ [HBAN] Filings

HUNTINGTON BANCSHARES INC /MD/ [HBANL] Filings

HUNTINGTON BANCSHARES INC /MD/ [HBANP] Filings