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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 March 31, 2026
OR

  ☐

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 each class

Trading
Symbol(s)

Name of each 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

The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/1000th interest in a share of
5.70% Series I Non-Cumulative, perpetual preferred stock)

HBANM

The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/40th interest in a share of
6.875% Series J Non-Cumulative, perpetual preferred stock)

HBANL

The Nasdaq Stock Market LLC

Depositary Shares (each representing a 1/1000th interest in a share of
5.50% Series L Non-Cumulative, perpetual preferred stock)

HBANZ

The Nasdaq Stock Market LLC

Common Stock—Par Value $0.01 per Share

HBAN

The Nasdaq Stock Market LLC

Nasdaq Texas, LLC

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

x

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 2,027,130,587 shares of the registrant’s common stock ($0.01 par value) outstanding on March 31, 2026 .

2     Huntington Bancshares Incorporated

Table of Contents

TABLE OF CONTENTS
HUNTINGTON BANCSHARES INCORPORATED
Form 10-Q for the quarter ended March 31, 2026

Page
Number

Glossary of Acronyms and Terms

3

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

37

Consolidated Balance Sheets at March 31, 2026 and December 31, 2025

37

Consolidated Statements of Income for the three months ended March 31, 2026 and 2025

38

Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and
2025

39

Consolidated Statements of Changes in Shareholders’ Equity for the three months ended March 31,
2026 and 2025

40

Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025

41

Notes to Unaudited Consolidated Financial Statements :

43

Note 1 - Basis of Presentation

43

Note 2 - Accounting Standards Update

43

Note 3 - Business Combinations

43

Note 4 - Investment Securities and Other Securities

49

Note 5 - Loans and Leases

53

Note 6 - Allowance for Credit Losses

60

Note 7 - Mortgage Loan Sales and Servicing Rights

61

Note 8 - Goodwill and Other Intangible Assets

62

Note 9 - Borrowings

62

Note 10 - Other Comprehensive Income

64

Note 11 - Shareholders’ Equity

65

Note 12 - Earnings Per Share

66

Note 13 - Revenue from Contracts with Customers

67

Note 14 - Fair Value of Assets and Liabilities

68

Note 15- Derivative Financial Instruments

75

Note 16 - Variable Interest Entities

79

Note 17 - Commitments and Contingent Liabilities

81

Note 18 - Segment Reporting

83

Item 2.

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

4

Introduction

4

Executive Overview

4

Discussion of Results of Operations

8

Risk Management:

12

Credit Risk

12

Market Risk

19

Liquidity Risk

22

Operational Risk

26

Compliance Risk

27

Capital

27

Business Segment Discussion

29

Additional Disclosures

32

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

84

Item 4.

Controls and Procedures

84

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

84

Item 1A.

Risk Factors

84

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

85

Item 5.

Other Information

85

Item 6.

Exhibits

86

Signatures

87

2026 1Q Form 10-Q    3

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

NAICS

North American Industry Classification System

AFS

Available-for-Sale

NALs

Nonaccrual Loans

ALCO

Asset-Liability Management Committee

NCO

Net Charge-off

ALLL

Allowance for Loan and Lease Losses

NII

Net Interest Income

AOCI

Accumulated Other Comprehensive Income (Loss)

NIM

Net Interest Margin

ASC

Accounting Standards Codification

NM

Not Meaningful

ASU

Accounting Standards Update

NPAs

Nonperforming Assets

AULC

Allowance for Unfunded Lending Commitments

OCC

Office of the Comptroller of the Currency

Basel III

Refers to the final rule issued by the FRB and OCC
and published in the Federal Register on October 11,
2013

OCI

Other Comprehensive Income (Loss)

Board

Board of Directors

OLEM

Other Loans Especially Mentioned

C&I

Commercial and Industrial

PCD

Purchased Credit Deteriorated

Cadence

Cadence Bank

ROC

Risk Oversight Committee

CDI

Core Deposit Intangible

RV

Recreational Vehicle

CDS

Credit Default Swap

SBA

Small Business Administration

CECL

Current Expected Credit Losses

SCB

Stress Capital Buffer

CET1

Common Equity Tier 1

SEC

Securities and Exchange Commission

CFPB

Bureau of Consumer Financial Protection

SOFR

Secured Overnight Financing Rate

CLN

Credit Linked Note

SPE

Special Purpose Entity

CME

Chicago Mercantile Exchange

TBA

To Be Announced

CMO

Collateralized Mortgage Obligations

U.S.

United States of America

CRE

Commercial Real Estate

U.S. Treasury

U.S. Department of the Treasury

EOP

End of Period

Veritex

Veritex Holdings, Inc.

EVE

Economic Value of Equity

VIE

Variable Interest Entity

FDIC

Federal Deposit Insurance Corporation

XBRL

eXtensible Business Reporting Language

Fed Fund

The targeted rate by the Federal Reserve to secure
overnight funding

Federal Reserve

Board of Governors of the Federal Reserve System

FFIEC

Federal Financial Institutions Examination Council

FHLB

Federal Home Loan Bank

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

Janney

Janney Montgomery Scott LLC

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

4     Huntington Bancshares Incorporated

Table of Contents

PART I. FINANCIAL INFORMATION
When we refer to “we,” “our,” “us,” “Huntington,” and “the Company” in this Quarterly Report on Form 10-Q
(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 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 and financial 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 March 31, 2026 , we operated over 1,400 branches in 21 states, with our Commercial and Vehicle
Finance businesses delivering expertise nationally.
This MD&A provides information we believe necessary for understanding our financial condition, changes in
financial condition, results of operations, and cash flows. This MD&A provides only material updates to the MD&A
included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “ 2025 Annual Report on
Form 10-K”), and therefore, should be read in conjunction with the 2025 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.
In this MD&A we refer to FTE net interest income and FTE total revenue. These financial measures are not
required by, or calculated in accordance with GAAP, and may not be calculated the same as similarly titled measures
used by other companies. These financial measures should thus be considered as supplemental in nature and not
considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For
a further description of these non-GAAP financial measures, see the " Non-GAAP Financial Measures " within the
“ Additional Disclosures ” section below.

EXECUTIVE OVERVIEW
Veritex and Cadence Acquisitions
Effective October 20, 2025, Huntington completed the acquisition of Veritex Holdings, Inc. (“Veritex”), a bank
holding company headquartered in Dallas, Texas, whereby Veritex merged with and into Huntington, with
Huntington as the surviving entity. Upon completion of the merger, Huntington issued 107 million shares of its
common stock to Veritex shareholders of record as of the merger date, in addition to 1 million shares issued upon
the conversion of certain Veritex equity awards, resulting in total consideration from the transaction of $1.7 billion.
Effective February 1, 2026, Huntington completed the acquisition of Cadence Bank (“Cadence”), a regional bank
headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence merged with and into Huntington
National Bank, with Huntington National Bank as the surviving bank. Upon completion of the merger, Huntington
issued 462 million shares of its common stock to Cadence shareholders of record as of the merger date, in addition
to the conversion of certain Cadence equity awards into Huntington equity awards. Further, each outstanding share
of 5.50% Series A Non-Cumulative Perpetual Preferred Stock of Cadence was converted into the right to receive one
depositary share representing 1/1000 of a share of a newly created 5.50% Series L Non-Cumulative Perpetual
Preferred Stock of Huntington. Consideration from the transaction totaled $8.3 billion .
Historical periods reflect results of legacy Huntington operations. Subsequent to the closing of each respective
acquisition, results reflect combined post-acquisition activity. For further information on the Veritex and Cadence
acquisitions, refer to Note 3 - “ Business Combinations ” of the Notes to Unaudited Consolidated Financial
Statements.

2026 1Q Form 10-Q    5

Table of Contents

Financial Performance Review
Selected Financial Data

Table 1 - Selected Quarterly Income Statement Data

Three Months Ended

(amounts in millions, except per share data)

March 31, 2026

March 31, 2025

Change

Amount

Percent

Interest income

$ 3,086

$ 2,489

$ 597

24 %

Interest expense

1,195

1,063

132

12

Net interest income

1,891

1,426

465

33

Provision for credit losses

158

115

43

37

Net interest income after provision for credit losses

1,733

1,311

422

32

Noninterest income

682

494

188

38

Noninterest expense

1,774

1,152

622

54

Income before income taxes

641

653

(12)

(2)

Provision for income taxes

114

122

(8)

(7)

Income after income taxes

527

531

(4)

(1)

Income attributable to non-controlling interest

4

4

—

—

Net income attributable to Huntington

523

527

(4)

(1)

Dividends on preferred shares

41

27

14

52

Net income applicable to common shares

$ 482

$ 500

$ (18)

(4) %

Average common shares—basic

1,869

1,454

415

29 %

Average common shares—diluted

1,901

1,482

419

28

Net income per common share—basic

$ 0.26

$ 0.34

$ (0.08)

(24)

Net income per common share—diluted

0.25

0.34

(0.09)

(26)

Cash dividends declared per common share

0.155

0.155

—

—

Return on average total assets

0.81 %

1.04 %

Return on average common shareholders’ equity

7.2

11.3

Return on average tangible common shareholders’ equity (1)

11.6

16.7

Net interest margin (2)

3.24

3.10

Efficiency ratio (3)

67.2

58.9

Revenue and Net Interest Income—FTE (non-GAAP)

Net interest income

$ 1,891

$ 1,426

$ 465

33 %

FTE adjustment (2)

19

15

4

27

Net interest income, FTE (non-GAAP) (2)

1,910

1,441

469

33

Noninterest income

682

494

188

38

Total revenue, FTE (non-GAAP) (2)

$ 2,592

$ 1,935

$ 657

34 %

(1) Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common
shareholders’ equity, which represents a non-GAAP measure. 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 taxes and
calculated assuming a 21% tax rate.
(2) Calculated on an FTE basis, which represents a non-GAAP measure, 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
(losses), which represents a non-GAAP measure.

6     Huntington Bancshares Incorporated

Table of Contents

Summary of 2026 First Quarter Results Compared to 2025 First Quarter
For the first quarter of 2026 , we reported net income attributable to Huntington of $523 million , or $0.25 per
diluted common share, compared with $527 million , or $0.34 per diluted common share, in the year-ago quarter.
The first quarter of 2026 reported net income was impacted by $263 million , or $210 million after tax, of acquisition-
related expenses and $8 million , or $6 million after tax, of CECL initial provision expense related to the Cadence
acquisition, which reduced diluted earnings by $0.12 per common share.
Net interest income was $1.9 billion for the first quarter of 2026 , an increase of $465 million , or 33% , from the
year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $469 million , or 33% , from the
year-ago quarter. The increase in FTE net interest income primarily reflected a $50.7 billion , or 27% , increase in
average earning assets and a 14 basis point increase in the FTE NIM to 3.24% , partially offset by a $40.1 billion , or
27% , increase in average interest-bearing liabilities. The increases in average earning assets and interest-bearing
liabilities were attributable to a combination of the Cadence and Veritex acquisitions, as well as organic growth. The
NIM increase was primarily due to a decrease in funding costs, partially offset by a decrease in yields on earning
assets.
The provision for credit losses increased $43 million , or 37% , from the year-ago quarter to $158 million in the
first quarter of 2026 . The ACL increased $890 million from the year-ago quarter to $3.4 billion , or 1.78% of total
loans and leases, in the first quarter of 2026 , compared to $2.5 billion , or 1.87% of total loans and leases, for the
year-ago quarter. The increase in the ACL was driven by the ACL recorded for loans acquired in the Cadence and
Veritex transactions, in addition to loan and lease growth, partially offset by a decrease in the overall ACL coverage
ratio.
Noninterest income, inclusive of the impact from the Cadence and Veritex acquisitions, was $682 million , an
increase of $188 million , or 38% , from the year-ago quarter. The increase in noninterest income was driven by
increases across all major noninterest income categories . Noninterest expense, inclusive of the impact from the
Cadence and Veritex acquisitions, was $1.8 billion , an increase of $622 million , or 54% , from the year-ago quarter.
The increase in noninterest expense was primarily due to $263 million of acquisition-related expenses, in addition to
higher personnel costs, outside data processing and other services, and amortization of intangibles.
Consolidated Balance Sheet and Capital Ratios as of March 31, 2026 Compared to Prior Year End
Total assets at March 31, 2026 were $285.4 billion , an increase of $60.3 billion , or 27% , compared to
December 31, 2025 . The increase in total assets was primarily driven by $51.3 billion of assets acquired as a result of
the completion of the Cadence acquisition, an increase in interest-earning deposits with banks, goodwill resulting
from the Cadence acquisition, and organic loan growth. Total liabilities at March 31, 2026 were $252.8 billion , an
increase of $52.1 billion , or 26% , compared to December 31, 2025 . The increase in total liabilities was primarily
driven by $46.5 billion of liabilities assumed as a result of the completion of the Cadence acquisition, additional
short- and long-term borrowings, and organic deposit growth.
The tangible common equity to tangible assets ratio, a non-GAAP measure, was 7.0% at March 31, 2026 , down
slightly compared to 7.1% at December 31, 2025 , as an increase in tangible common equity from current period
earnings, net of dividends, and the impact of the Cadence acquisition, were offset by a decline in AOCI, common
share repurchases, and an increase in tangible assets. The CET1 risk-based capital ratio was 10.2% at March 31,
2026 , compared to 10.4% at December 31, 2025 , with the decrease driven by the impact of the Cadence acquisition
and share repurchases, partially offset by an increase in regulatory capital from current period earnings, net of
dividends.

2026 1Q Form 10-Q    7

Table of Contents

General
Our general business objectives are to:
• Deliver our Culture, Purpose, and Vision through a Differentiated Operating Model;
• Build on our vision to be the leading People-First, Customer-Centered bank in the country;
• Deliver top quartile performance through sustainable long-term profitable growth;
• Differentiate our culture, brand, and customer experience through expanded product offerings to
drive digital acquisition, deepening, and retention, and leveraging partnerships and technology to
grow customers and market share;
• Leverage our regional banking model and national franchise to drive scale, growth and expansion;
• Anticipate evolving customer needs to drive profitable growth;
• Maintain positive operating leverage and execute disciplined capital management; and
• Provide stability and resilience through disciplined risk management, while maintaining an aggregate
moderate-to-low risk appetite.
Our quarterly results reflect continued progress across our organic growth initiatives, supported by the
combination of existing and new business, and our partnerships with Cadence and Veritex. Driven by our robust
liquidity, capital, and credit, we continued to invest in building existing business relationships, adding new
relationships, and expanding capabilities and expertise through both geographic expansion and the addition of new
commercial verticals. Credit continues to perform well, consistent with our aggregate moderate-to-low risk appetite.
Our differentiated super regional bank model, which combines national expertise with local delivery, has enabled us
to accelerate organic growth across our core footprint and expand new markets and verticals, while we remain
focused on driving our proven flywheel of value creation to deliver profitable growth and long-term value for our
customers, colleagues, and shareholders.

Economy
Economic conditions in the first quarter brought uncertainty, including global energy constraints related to U.S.
military action in the Middle East contributing to increased market volatility. Labor market conditions softened
further but did not sharply deteriorate. Payroll growth has been volatile month‑to‑month, reflecting strikes, weather
effects, and revisions, but underlying trends point to a low‑hire, low‑fire environment. Nonfarm payrolls declined in
February before rebounding in March, while the unemployment rate remained in the 4.3%–4.4% range. U.S.
economic activity in the first quarter remained resilient but uneven, supported by consumer spending and continued
investment tied to artificial intelligence and infrastructure, even as policy uncertainty and elevated energy prices
weighed on confidence.
The FOMC maintained the federal funds rate at 3.50%–3.75% in both of its first‑quarter meetings, noting
uncertainty regarding the economic effects of geopolitical events. At its March meeting, FOMC participants
projected one rate cut in 2026, while market consensus currently has none projected for the remainder of this year.
The Federal Reserve has indicated that the current federal funds rate is nearing a neutral level.
Recession risk indicators remain elevated, amid persistent energy-driven inflation pressures, softened job
growth, and ongoing geopolitical instability.
Regulatory Update
On March 19, 2026, the federal banking agencies issued a series of proposed rulemakings intended to modernize
the U.S. regulatory capital framework applicable to banking organizations of all sizes. The proposals are intended to
streamline regulatory capital requirements, enhance risk sensitivity, and better align capital levels with institutions’
underlying business models, while maintaining overall safety and soundness. For Category III and Category IV
banking organizations, such as Huntington and the Bank, the proposals focus primarily on (i) revisions to the
standardized approach for calculating risk‑based capital ratios, including a new loan‑to‑value-based framework for
residential mortgages, reduced risk weights for corporate and retail exposures, and a uniform 250% risk weight for
mortgage servicing assets rather than threshold‑based deductions, and (ii) requiring banking organizations to
recognize most elements of AOCI associated with unrealized gains and losses on certain securities in their regulatory
capital, subject to a five‑year transition period. Huntington and the Bank would have the option under the proposals
to apply the expanded risk-based approach, which would be required for Category I and II banking organizations
under the proposals, in lieu of the revised standardized approach. We are in the process of evaluating these
proposed rulemakings and their potential effects on Huntington and the Bank.

8     Huntington Bancshares Incorporated

Table of Contents

DISCUSSION OF RESULTS OF OPERATIONS
This section provides a review of financial performance on a consolidated basis. Key unaudited interim
consolidated balance sheet and unaudited interim 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 .”

Quarterly Average Balance Sheet / Net Interest Income
The following table details the change in our quarterly average balance sheet and the net interest margin.

Table 2 - Consolidated Quarterly Average Balance Sheet and Net Interest Margin Analysis

Three Months Ended March 31, 2026

Three Months Ended March 31, 2025

Average

Interest
Income/
Expense

Yield/

Average

Interest
Income/
Expense

Yield/

Change in Average
Balances

(dollar amounts in millions)

Balances

(FTE) (1)

Rate (1)(2)

Balances

(FTE) (1)

Rate (1)(2)

Amount

Percent

Assets:

Interest-earning deposits with banks

$ 15,634

$ 141

3.62 %

$ 11,632

$ 129

4.45 %

$ 4,002

34 %

Securities:

Trading account securities

235

2

3.70

487

4

3.67

(252)

(52)

Available-for-sale securities:

Taxable

28,063

258

3.67

24,245

287

4.73

3,818

16

Tax-exempt

3,441

42

4.86

3,254

42

5.22

187

6

Total available-for-sale securities

31,504

300

3.80

27,499

329

4.79

4,005

15

Held-to-maturity securities—taxable

14,975

99

2.65

16,358

108

2.64

(1,383)

(8)

Other securities

1,219

16

5.17

877

12

5.28

342

39

Total securities

47,933

417

3.48

45,221

453

4.01

2,712

6

Loans held for sale

1,190

18

6.19

584

9

6.48

606

104

Loans and leases (3):

Commercial:

Commercial and industrial

81,535

1,191

5.85

57,555

873

6.07

23,980

42

Commercial real estate

21,138

327

6.17

11,021

185

6.72

10,117

92

Lease financing

5,754

99

6.86

5,476

89

6.49

278

5

Total commercial

108,427

1,617

5.96

74,052

1,147

6.19

34,375

46

Consumer:

Residential mortgage

30,392

353

4.65

24,299

250

4.11

6,093

25

Automobile

16,056

232

5.86

14,665

207

5.71

1,391

9

Home equity

11,325

193

6.89

10,123

183

7.33

1,202

12

RV and marine

5,631

76

5.44

5,951

78

5.34

(320)

(5)

Other consumer

2,385

58

9.88

1,772

48

11.01

613

35

Total consumer

65,789

912

5.59

56,810

766

5.44

8,979

16

Total loans and leases

174,216

2,529

5.82

130,862

1,913

5.87

43,354

33

Total earning assets

238,973

3,105

5.27

188,299

2,504

5.39

50,674

27

Cash and due from banks

1,778

1,404

374

27

Goodwill and other intangible assets

9,175

5,651

3,524

62

All other assets

12,244

9,733

2,511

26

Total assets

$ 262,170

$ 205,087

$ 57,083

28 %

Liabilities and shareholders’ equity:

Interest-bearing deposits:

Demand deposits—interest-bearing

$ 52,985

$ 246

1.88 %

$ 43,582

$ 205

1.91 %

$ 9,403

22 %

Money market deposits

75,216

446

2.41

60,213

458

3.08

15,003

25

Savings deposits

18,033

30

0.68

14,866

7

0.20

3,167

21

Time deposits

22,864

198

3.50

13,993

140

4.06

8,871

63

Total interest-bearing deposits

169,098

920

2.21

132,654

810

2.48

36,444

27

Short-term borrowings

1,745

16

3.83

1,439

14

3.87

306

21

Long-term debt

20,248

259

5.09

16,901

239

5.68

3,347

20

Total interest-bearing liabilities

191,091

1,195

2.53

150,994

1,063

2.86

40,097

27

Demand deposits—noninterest-bearing

35,518

28,946

6,572

23

All other liabilities

5,624

5,102

522

10

Total liabilities

232,233

185,042

47,191

26

Total Huntington shareholders’ equity

29,896

19,997

9,899

50

Non-controlling interest

41

48

(7)

(15)

Total equity

29,937

20,045

9,892

49

Total liabilities and equity

$ 262,170

$ 205,087

$ 57,083

28 %

Net interest rate spread

2.74

2.53

Impact of noninterest-bearing funds on NIM

0.50

0.57

NII/NIM (FTE)

$ 1,910

3.24 %

$ 1,441

3.10 %

(1) Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% tax rate.
(2) Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include the impact of applicable non-
deferrable and amortized fees.
(3) For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

2026 1Q Form 10-Q    9

Table of Contents

Quarterly Net Interest Income
Net interest income for the first quarter of 2026 increased $465 million , or 33% , from the first quarter of 2025 .
FTE net interest income, a non-GAAP financial measure, for the first quarter of 2026 increased $469 million , or 33% ,
from the first quarter of 2025 . The increase in FTE net interest income primarily reflected a $50.7 billion , or 27% ,
increase in average earning assets and a 14 basis point increase in the FTE NIM to 3.24% , partially offset by a $40.1
billion , or 27% , increase in average interest-bearing liabilities. The increase in average earning assets and average
interest-bearing liabilities each included the impact of earning assets and interest-bearing liabilities acquired in
connection with the Cadence and Veritex transaction s, as well as organic growth. The higher NIM was driven by
lower cost of funds, partially offset by lower yields on earning assets .
Quarterly Average Balance Sheet
Average assets for the first quarter of 2026 were $262.2 billion , an increase of $57.1 billion , or 28% , from the
first quarter of 2025 . Average assets were impacted by $51.3 billion of total assets acquired in connection with the
Cadence transaction which was effective February 1, 2026, and $12.0 billion of total assets acquired in connection
with the Veritex transaction which was effective October 20, 2025. The increase in average assets was primarily due
to an increases in average loans and leases of $43.4 billion , or 33% , average interest-earning deposits with banks of
$4.0 billion , or 34% , and average goodwill and other intangible assets of $3.5 billion , or 62% . The increase in average
loans and leases, inclusive of acquired Cadence and Veritex loans and leases, included growth in average commercial
loans and leases of $34.4 billion , or 46% , and average consumer loans of $9.0 billion , or 16% . The Cadence
acquisition added $36.9 billion of loans as of the acquisition date, including $26.4 billion of commercial loans and
$10.5 billion of consumer loans. The Veritex acquisition added $9.3 billion of loans as of the acquisition date,
including $8.2 billion of commercial loans and $1.1 billion of consumer loans.
Average liabilities for the first quarter of 2026 increased $47.2 billion , or 26% , from the first quarter of 2025 .
Average liability increases were also impacted by the Cadence and Veritex acquisitions. The increase in average
liabilities was primarily due to increases in average deposits of $43.0 billion , or 27% , and average total borrowings of
$3.7 billion , or 20% . The increase in average deposits included an increase in average interest-bearing deposits of
$36.4 billion , or 27% , and an increase in noninterest-bearing deposits of $6.6 billion , or 23% . The increase in average
interest-bearing deposits was primarily due to increases in average money market, interest-bearing demand and
time deposits. The increase in average total borrowings was driven by holding company and bank debt issuances, an
increase in FHLB borrowings, and CLN transactions over the last year. The Cadence acquisition added $43.5 billion of
deposits as of the acquisition date, including $8.8 billion of noninterest-bearing deposits and $34.7 billion of
interest-bearing deposits . The Veritex acquisition added $10.5 billion of deposits as of the acquisition date, including
$2.4 billion of noninterest-bearing deposits and $8.1 billion of interest-bearing deposits. Following completion of the
acquisitions, certain higher-cost acquired Cadence and Veritex deposits were allowed to run-off in order to optimize
our funding mix.
Average shareholders’ equity for the first quarter of 2026 increased $9.9 billion , or 50% , from the first quarter of
2025 , primarily due to the impact of common stock issued in connection with the Cadence and Veritex acquisitions,
earnings, net of dividends, the impact of issued and acquired preferred stock, and the benefit from a decrease in
average accumulated other comprehensive loss.

10     Huntington Bancshares Incorporated

Table of Contents

Provision for Credit Losses
(This section should be read in conjunction with the “ Credit Risk ” section.)
The provision for credit losses for the first quarter of 2026 was $158 million , an increase of $43 million , or 37% ,
compared to the first quarter of 2025 . The increase in provision expense in the first quarter of 2026 , compared to
the first quarter of 2025 , is reflective of loan growth and higher net loan charge-offs, partially offset by a lower
overall reserve coverage. The provision for credit losses in the first quarter of 2026 also included $8 million of
expense associated with certain acquired Cadence loans that are not within the scope of ASU 2025-08, which
Huntington adopted on October 1, 2025.
The following table presents the components of the provision for credit losses.

Table 3 - Provision for Credit Losses

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Provision for loan and lease losses

$ 250

$ 105

Provision (benefit) for unfunded lending commitments

(92)

13

Provision (benefit) for securities

—

(3)

Total provision for credit losses

$ 158

$ 115

Noninterest Income
The following table reflects noninterest income for each of the periods presented.

Table 4 - Noninterest Income

Three Months Ended

March 31,

March 31,

Change

(dollar amounts in millions)

2026

2025

Percent

Payments and cash management revenue

$ 187

$ 155

21 %

Wealth and asset management revenue

120

101

19

Customer deposit and loan fees

110

86

28

Capital markets and advisory fees

132

67

97

Mortgage banking income

32

31

3

Insurance income

21

20

5

Leasing revenue

13

14

(7)

Net gains (losses) on sales of securities

13

—

NM

Other noninterest income

54

20

170

Total noninterest income

$ 682

$ 494

38 %

Noninterest income for the first quarter of 2026 was $682 million , an increase of $188 million , or 38% , from the
year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory fees
increased $65 million , or 97% , primarily due to higher advisory fees, which included the impact of three strategic
business units acquired from Janney in January 2026. Payments and cash management revenue increased $32
million , or 21% , driven by higher cash management and interchange revenue. Customer deposit and loan fees
increased $24 million , or 28% , primarily due to an increase in the volume of personal service charges. Wealth and
asset management revenue increased $19 million , or 19% , primarily due to higher investment management and
trust income. Other noninterest income increased $34 million largely due to the net impact of credit risk transfer
transactions, an increase in bank owned life insurance income, and changes in valuation adjustments for strategic
and other investments. In addition, the first quarter of 2026 included a $13 million gain from the sale of certain
investment securities as part of ongoing portfolio positioning.

2026 1Q Form 10-Q    11

Table of Contents

Noninterest Expense
The following table reflects noninterest expense for each of the periods presented.  

Table 5 - Noninterest Expense

Three Months Ended

March 31,

March 31,

Change

(dollar amounts in millions)

2026

2025

Percent

Personnel costs

$ 992

$ 671

48 %

Outside data processing and other services

311

170

83

Equipment

93

67

39

Net occupancy

85

65

31

Professional services

44

22

100

Marketing

37

29

28

Deposit and other insurance expense

35

37

(5)

Amortization of intangibles

41

11

273

Lease financing equipment depreciation

3

4

(25)

Other noninterest expense

133

76

75

Total noninterest expense

$ 1,774

$ 1,152

54 %

Number of employees (average full-time equivalent)

24,641

20,092

23 %

Noninterest expense in the first quarter of 2026 was $1.8 billion , an increase of $622 million , or 54% , from the
prior year. Noninterest expense for the first quarter of 2026 included $263 million of acquisition-related expenses,
as detailed in the following table. There were no acquisition-related expenses in the first quarter of 2025.

Table 6 - Impact of Acquisition-related Expenses

Three Months
Ended March 31,

(dollar amounts in millions)

2026

Personnel costs

$ 97

Outside data processing and other services

88

Equipment

19

Net occupancy

2

Professional services

18

Marketing

6

Other noninterest expense

33

Total impact of acquisition-related expenses

$ 263

Excluding acquisition-related expenses, noninterest expense for the first quarter of 2026 was $1.5 billion , an
increase of $359 million , or 31% , from the year-ago quarter, inclusive of the impact of the Cadence and Veritex
acquisitions. Personnel costs increased $224 million , or 33% , primarily due to higher salary and benefit expense.
Outside data processing and other services increased $53 million , or 31% , primarily reflecting higher technology and
data expense. Amortization of intangibles increased $30 million primarily due to the impact from the addition of
core deposit intangibles from the acquisitions. Net occupancy increased $18 million , or 28% , largely due to increases
in lease and depreciation expense. Other noninterest expense increased $24 million , or 32% , primarily due to an
increased volume of expense activity driven by the impact of the acquisitions.

12     Huntington Bancshares Incorporated

Table of Contents

Provision for Income Taxes
The provision for income taxes in the first quarter of 2026 was $114 million , compared to $122 million in the
first quarter of 2025 . Both periods included the benefits from general business credits, tax-exempt income, tax-
exempt bank-owned life insurance income, and investments in qualified affordable housing projects. The effective
tax rates for the first quarter of 2026 and first quarter of 2025 were 17.8% and 18.6% , respectively. The decreases in
both the provision for income taxes and the effective tax rate in the first quarter of 2026 , compared to the first
quarter of 2025 , related primarily to increased benefits from general business credits.
The net federal deferred tax asset was $1.1 billion , and the net state deferred tax asset was $118 million at
March 31, 2026 .
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax
audits have been completed for tax years through 2019. T he 2020-2024 tax years remain open under the statute of
limitations. Also, with few exceptions, the Company is no longer subject to state, city, or foreign income tax
examinations for tax years before 2021.

RISK MANAGEMENT
Our Risk Governance Framework and Risk Appetite Statement are foundational to the risk management
program. The Risk Governance Framework defines the three lines of defense structure, roles, responsibilities, and
requirements. The Risk Appetite Statement is approved by our Board and defines the level and types of risks we are
willing to assume to achieve our corporate objectives through defined risk limits for the key risk categories to which
we are exposed: credit, market, liquidity, operational, compliance, and strategic. More information on our risk
management can be found in Item 1A: Risk Factors , the Risk Factors section included in Item 1A of our 2025 Annual
Report on Form 10-K, and subsequent filings with the SEC. Our definition, philosophy, and approach to risk
management have not materially changed from the discussion presented in the 2025 Annual Report on Form 10-K.

Credit Risk
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial
obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of
credit risk is central to profitable lending. A number of other products expose the Company to credit risk, including
investment securities and derivatives. Credit exposure is limited to the sum of the aggregate fair value of positions
that have become favorable to us, including any accrued interest receivable due from  counterparties. Potential
credit losses are mitigated by derivatives through central clearing parties, careful evaluation of counterparty credit
standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and
other contract provisions.
We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to
the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities,
and portfolio diversification, we use quantitative measurement capabilities utilizing external data sources, enhanced
modeling technology, and internal stress testing processes. Our disciplined portfolio management processes are
central to our commitment to maintaining an aggregate moderate-to-low risk appetite. In our efforts to identify risk
mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent
or stressed borrowers.

2026 1Q Form 10-Q    13

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Loan and Lease Credit Exposure Mix
Refer to the “ Loan and Lease Credit Exposure Mix ” section of our 2025 Annual Report on Form 10-K for a
description of each port folio segme nt.
At March 31, 2026 , our loans and leases totaled $188.8 billion , representing a $39.2 billion , or 26% , increase
compared to $149.6 billion at December 31, 2025 . The increase was driven by a combination of the Cadence
acquisition and organic growth. As of the Cadence acquisition date, acquired loans totaled $36.9 billion , including
$17.4 billion of commercial and industrial loans, $9.4 billion of commercial real estate loans, $131 million of lease
financing loans, $8.2 billion of residential mortgage loans, $1.5 billion of home equity loans, and $264 million of
other consumer loans.
The table below provides the composition of our total loan and lease portfolio. 

Table 7 - Loan and Lease Portfolio Composition

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Commercial:

Commercial and industrial

$ 89,282

47 %

$ 69,442

46 %

Commercial real estate

24,337

13

15,209

10

Lease financing

5,796

3

5,727

4

Total commercial

119,415

63

90,378

60

Consumer:

Residential mortgage

33,458

19

24,777

17

Automobile

15,953

8

16,168

11

Home equity

11,831

6

10,395

7

RV and marine

5,627

3

5,682

4

Other consumer

2,534

1

2,242

1

Total consumer

69,403

37

59,264

40

Total loans and leases

$ 188,818

100 %

$ 149,642

100 %

Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall
credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types,
collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage
of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential
real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically
tracked components of our concentration management process. As of March 31, 2026 , there were no identified
concentrations that exceed the assigned exposure limit . Our concentration management policy is approved by the
ROC and is used to ensure a high quality, well diversified portfolio that is consistent with our overall objective of
maintaining an aggregate moderate-to-low risk appetite. Changes to existing concentration limits and incorporating
specific information relating to the potential impact on the overall portfolio composition and performance metrics
require the approval of the ROC prior to implementation.

14     Huntington Bancshares Incorporated

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The table below provides our total loan and lease portfolio segregated by industry type. The changes in the
industry composition from December 31, 2025 are consistent with the portfolio growth metrics.

Table 8 - Loan and Lease Portfolio by Industry Type

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Commercial loans and leases:

Real estate and rental and leasing

$ 29,734

17 %

$ 20,237

14 %

Finance and insurance

14,701

8

10,489

7

Retail trade (1)

13,999

7

12,181

8

Manufacturing

8,573

5

8,265

6

Health care and social assistance

7,900

4

5,920

4

Wholesale trade

6,245

3

5,842

4

Accommodation and food services

6,137

3

4,228

3

Construction

4,662

2

2,369

2

Transportation and warehousing

4,467

2

3,288

2

Utilities

4,455

2

3,156

2

Other services

3,363

2

3,617

2

Professional, scientific, and technical services

3,068

2

2,296

2

Information

2,597

1

1,937

1

Arts, entertainment, and recreation

2,470

1

1,923

1

Admin./support/waste mgmt. and remediation services

2,240

1

1,844

1

Public administration

1,124

1

816

1

Mining, quarrying, and oil and gas extraction

870

1

147

—

Educational services

853

1

738

—

Agriculture, forestry, fishing, and hunting

831

—

410

—

Management of companies and enterprises

682

—

243

—

Unclassified/Other

444

—

432

—

Total commercial loans and leases by industry category

119,415

63

90,378

60

Residential mortgage

33,458

19

24,777

17

Automobile

15,953

8

16,168

11

Home equity

11,831

6

10,395

7

RV and marine

5,627

3

5,682

4

Other consumer loans

2,534

1

2,242

1

Total loans and leases

$ 188,818

100 %

$ 149,642

100 %

(1) Amounts include $4.4 billion and $4.3 billion of auto dealer services loans at March 31, 2026 and December 31, 2025 , respectively.
The following tables present our commercial real estate portfolio by property type and geographic location.

Table 9 - Commercial Real Estate Portfolio by Property Type

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Amount by
Property Type

% of Total Loans
and Leases

Amount by
Property Type

% of Total Loans
and Leases

Multi-family

$ 6,951

4 %

$ 4,822

3 %

Warehouse/Industrial

3,835

2

3,054

2

Retail

3,732

2

2,224

1

Office

2,951

2

1,804

1

Hotel

1,885

1

1,438

1

Other

4,983

2

1,867

1

Total commercial real estate loans and leases

$ 24,337

13 %

$ 15,209

9 %

2026 1Q Form 10-Q    15

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Table 10 - Commercial Real Estate Portfolio by Geographic Location

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Amount by
Location (1)

% of Total CRE
Loans and Leases

Amount by
Location (1)

% of Total CRE
Loans and Leases

Texas

$ 7,411

30 %

$ 4,090

27 %

Ohio

2,223

9

2,176

14

Michigan

1,793

7

1,872

12

Florida

1,686

7

830

5

Georgia

1,597

7

347

2

Alabama

800

3

186

1

Illinois

777

3

787

5

Colorado

683

3

555

4

California

609

3

406

3

Arizona

561

2

350

2

Other

6,197

26

3,610

25

Total commercial real estate loans and leases

$ 24,337

100 %

$ 15,209

100 %

(1) Geographic location based on location of underlying collateral.
Our CRE portfolio totaled $24.3 billion at March 31, 2026 , an increase of $9.1 billion , or 60% , compared to
December 31, 2025 , driven by $9.4 billion of loans acquired as a result of the completion of the Cadence acquisition.
The CRE portfolio had an associated allowance coverage of 3.4% and 3.7% at March 31, 2026 and December 31,
2025 , respectively.
Credit Quality
(This section should be read in conjunction with Note 5 - “ Loans and Leases ” and Note 6 - “ Allowance for Credit
Losses ” of the Notes to Unaudited Consolidated Financial Statements.)
We believe the most meaningful way to assess overall credit quality performance is through an analysis of
specific performance ratios. This approach forms the basis of the discussion in the sections immediately following:
NALs and NPAs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns,
product segmentation, and origination trends in the analysis of our credit quality performance.
Credit quality performance in the first quarter of 2026 reflected NCOs of $111 million , or 0.26% of average total
loans and leases, annualized, an increase of $25 million , compared to $86 million , or 0.26% of average total loans
and leases, annualized, i n the year-ago quarter. The increase reflects a $13 million increase in consumer NCOs to $55
million , and a $12 million increase in commercial NCOs to $56 million in the first quarter of 2026 . NPAs totaled $1.4
billion at March 31, 2026 , an increase of $412 million , or 44% , from December 31, 2025 , with the increase primarily
due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in commercial and
industrial and commercial real estate NALs.

16     Huntington Bancshares Incorporated

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NALs and NPAs
The following table presents the details of our NALs and NPAs.

Table 11 - Nonaccrual Loans and Leases and Nonperforming Assets

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Nonaccrual loans and leases (NALs):

Commercial and industrial

$ 824

$ 562

Commercial real estate

188

133

Lease financing

9

8

Residential mortgage

185

107

Automobile

6

6

Home equity

117

113

RV and marine

2

2

Other consumer

1

—

Total nonaccrual loans and leases

1,332

931

Other real estate, net

22

13

Other NPAs (1)

3

1

Total nonperforming assets

$ 1,357

$ 945

Nonaccrual loans and leases as a % of total loans and leases

0.71 %

0.62 %

NPA ratio (2)

0.72

0.63

(1) Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
(2) Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
ACL
Our ACL is comprised of two different components, the ALLL and the AULC, both of which in our judgment are
appropriate to absorb lifetime expected credit losses in our loan and lease portfolio. We utilize an independent
third-party baseline forecast that projects future economic conditions and considers multiple macroeconomic
scenarios. These macroeconomic scenarios contain certain variables that are influential to our modeling process, the
most significant being unemployment rates and GDP.
The baseline economic scenario used to estimate our March 31, 2026 ACL assumes continued tariff uncertainty,
but reflects marginal improved performance of the U.S. economy in the near term with minimal change in the
overall outlook. In this scenario, the unemployment rate is expected to remain at 4.5% throughout 2026 before
declining slightly in 2027. The Federal Reserve restarts rate cuts in 2026, resulting in an average federal funds rate of
3.2% for 2026. The inflation outlook stabilizes slightly as the impacts of tariffs and other trade policies moderate,
and near-term inflation declines but remains above the Federal Reserve’s 2% target throughout 2026. After slow
GDP growth to end 2025, GDP growth accelerates in the first quarter of 2026 but is expected to decline over the
remainder of 2026 and remain below 2% for all of 2027. 
The table below is intended to show how the forecasted path of unemployment and GDP in the baseline
scenario has changed since the end of 2025 .

Table 12 - Forecasted Key Macroeconomic Variables

2025

2026

2027

Baseline scenario forecast

Q4

Q2

Q4

Q2

Q4

Unemployment rate (1)

4Q 2025

4.3 %

4.6 %

4.8 %

4.7 %

4.6 %

1Q 2026

N/A

4.5

4.5

4.4

4.4

Gross Domestic Product (1)

4Q 2025

0.5 %

2.3 %

1.8 %

1.9 %

2.0 %

1Q 2026

N/A

2.5

1.7

1.7

1.8

(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.

2026 1Q Form 10-Q    17

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Management continues to assess the uncertainty in the macroeconomic environment, including ongoing risks in
the commercial real estate environment, current inflation levels, the impacts of U.S. trade policies, including tariffs,
the impact of higher oil prices, political uncertainty, and geopolitical instability , considering multiple macroeconomic
forecasts that reflect a range of possible outcomes. While we have incorporated estimates of economic uncertainty
into our ACL, the ultimate impact that specific challenges will have on the economy remains unknown.
Management develops additional analytics to support adjustments to our modeled results. Our Allowance for
Credit Loss Development Methodology Committee reviewed model results of each economic scenario for
appropriate usage, concluding that the quantitative transaction reserve will continue to utilize scenario weighting.
Given the uncertainty associated with key economic scenario assumptions, the March 31, 2026 ACL included a
general reserve that consists of various risk profile components, including profiles to capture uncertainty not
addressed within the quantitative transaction reserve.
The most significant risk profiles the Company maintains at March 31, 2026 relate to business banking loans
within the C&I portfolio and office loans within the CRE portfolio. The business banking risk profile addresses a
modest upward trend in default rates resulting from the current interest rate environment and inflationary impacts
on customers. The office portfolio risk profile addresses concerns relating to the current interest rate environment,
upcoming maturities, falling property values, and uncertainty about demand for office space.
Our ACL evaluation process includes the on-going assessment of credit quality metrics and a comparison of
certain ACL benchmarks to current performance.
The table below reflects the allocation of our ACL among our various loan and lease categories as well as certain
coverage metrics of the reported ALLL and ACL.

Table 13 - Allocation of Allowance for Credit Losses

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Allocation of
Allowance

% of Total ALLL

% of Total Loans
and Leases (1)

Allocation of
Allowance

% of Total ALLL

% of Total Loans
and Leases (1)

Commercial

Commercial and industrial

$ 1,390

43 %

47 %

$ 1,070

42 %

46 %

Commercial real estate

819

25

13

569

22

10

Lease financing

96

3

3

92

4

4

Total commercial

2,305

71

63

1,731

68

60

Consumer

Residential mortgage

291

9

19

205

9

17

Automobile

178

6

8

181

7

11

Home equity

171

5

6

149

6

7

RV and marine

134

4

3

136

5

4

Other consumer

164

5

1

135

5

1

Total consumer

938

29

37

806

32

40

Total ALLL

3,243

2,537

AULC

125

206

Total ACL

$ 3,368

$ 2,743

Total ALLL as a % of:

Total loans and leases

1.72 %

1.70 %

Nonaccrual loans and leases

243

272

NPAs

239

269

Total ACL as % of:

Total loans and leases

1.78 %

1.83 %

Nonaccrual loans and leases

253

295

NPAs

248

290

(1) Percentages represent the percentage of each loan and lease category to total loans and leases.

18     Huntington Bancshares Incorporated

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At March 31, 2026 , the ACL was $3.4 billion , or 1.78% of total loans and leases, compared to $2.7 billion , or
1.83% , at December 31, 2025 . The increase in the ACL was driven by $578 million of ACL recorded for loans and
commitments acquired in the Cadence transaction, as well as organic loan and lease growth. The ACL coverage ratio
at March 31, 2026 is reflective of the current macroeconomic forecast and changes in various risk profiles intended
to capture uncertainty not addressed within the quantitative reserve.
NCOs
The table below reflects NCO detail.

Table 14 - Net Charge-off Analysis

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Net charge-offs (recoveries) by loan and lease type:

Commercial:

Commercial and industrial (1)

$ 54

$ 48

Commercial real estate

2

(8)

Lease financing

—

4

Total commercial

56

44

Consumer:

Residential mortgage

1

—

Automobile

15

13

Home equity

—

—

RV and marine

7

7

Other consumer

32

22

Total consumer

55

42

Total net charge-offs

$ 111

$ 86

Net charge-offs (recoveries) - annualized percentages:

Commercial:

Commercial and industrial

0.26 %

0.33 %

Commercial real estate

0.03

(0.26)

Lease financing

0.01

0.33

Total commercial

0.21

0.24

Consumer:

Residential mortgage

0.02

—

Automobile

0.38

0.35

Home equity

0.02

—

RV and marine

0.51

0.45

Other consumer

5.30

4.89

Total consumer

0.34

0.29

Net charge-offs as a % of average loans and leases

0.26 %

0.26 %

(1) Includes charge-offs of $23 million on certain loans previously charged off by Cadence, which were written up to the unpaid principal balance at acquisition
and then immediately written off as required by purchase accounting.
NCOs were an annualized 0.26% of average loans and leases in the first quarter of 2026 , unchanged from the
year-ago quarter. As a percentage of average loans and leases, NCOs for commercial loans and leases were lower,
with annualized commercial loan and lease NCOs of 0.21% in the first quarter of 2026 , compared to 0.24% in the
year-ago quarter, while annualized consumer loan NCOs of 0.34% in the first quarter of 2026 increased from 0.29%
in the year-ago quarter.

2026 1Q Form 10-Q    19

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Market Risk
Market risk refers to potential losses arising from changes in interest rates, credit spreads, foreign exchange
rates, equity prices, and commodity prices, including the correlation among these factors and their volatility. When
the value of an instrument is tied to such external factors, the holder faces market risk. We are exposed primarily to
interest rate risk as a result of offering a wide array of financial products to our customers, and secondarily to price
risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity
investments, and investments in securities backed by mortgage loans.
We measure market risk exposure via financial simulation models that provide management with insights on the
potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models
are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the
slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and
characteristics of the balance sheet resulting from strategic objectives and customer behavior. Our models
incorporate market-based assumptions that include the impact of changing interest rates on prepayment rates of
assets and runoff rates of deposits. The models also include our projections of the future volume and pricing of
various business lines.
In measuring the financial risks associated with interest rate sensitivity in our balance sheet, we compare a set of
alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The
market forward rates reflect the general market consensus regarding the future level and slope of the yield curve
across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios,
which are immediate parallel rate shifts, and “ramp” scenarios, where the parallel shift is applied gradually over the
first 12 months of the forecast on a pro-rata basis. In both shock and ramp scenarios with falling rates, we presume
that market rates will not go below 0%. The scenarios include all executed interest rate risk hedging activities.
Forward-starting hedges are included to the extent that they have been transacted and that they start within the
measurement horizon.
A key driver of our interest rate risk profile is our assumption of interest-bearing deposit repricing sensitivity to
changes in interest rates, otherwise known as deposit beta. In addition, our interest expense is impacted by the
composition of both interest-bearing and noninterest-bearing deposits in relation to our total deposits. Accordingly,
we consider the impacts from both interest-bearing and noninterest-bearing deposits on our total deposit beta.
Following the start of the current falling rate cycle, which began in the third quarter of 2024, our cumulative total
deposit beta (total cost of deposits) through the first quarter of 2026 was 33%.
We use two approaches to model interest rate risk: net interest income at risk (NII at Risk) and economic value
of equity at risk modeling sensitivity analysis (EVE at Risk).
NII at Risk is used by management to measure the risk and impact to earnings over the next 12 months, using a
wide range of interest rate scenarios, including instantaneous and gradual, as well as parallel and non-parallel,
changes in interest rates. The NII at Risk results included in the table below present select gradual “ramp” -200, -100,
+100 and +200 basis point parallel shift scenarios, implied by the forward yield curve over the next 12 months.

Table 15 - Net Interest Income at Risk

At March 31, 2026

At December 31, 2025

Federal Funds Rate

Federal Funds Rate

Basis point change scenario

Starting Point

Month 12 (1)

NII at Risk (%)

Starting Point

Month 12 (1)

NII at Risk (%)

+200

3.75 %

5.50 %

2.6 %

3.75 %

5.25 %

2.5 %

+100

3.75

4.50

1.3

3.75

4.25

0.9

Base

3.75

3.50

—

3.75

3.25

—

-100

3.75

2.50

-0.5

3.75

2.25

-0.6

-200

3.75

1.50

-1.4

3.75

1.25

-1.9

(1) Represents the federal funds rate in month 12 given a gradual, parallel “ramp” relative to the base implied forward scenario.
The NII at Risk shows that the balance sheet is asset-sensitive at both March 31, 2026 , and December 31, 2025 .
The primary drivers to the change in sensitivity from December 31, 2025 include current and projected balance
sheet composition, including impacts from the Cadence acquisition, over the simulation horizon and market rates.

20     Huntington Bancshares Incorporated

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EVE at Risk is used by management to measure the impact of interest rate changes on the net present value of
assets and liab ilities, including derivative exposures, using a wide range of scenarios. The EVE results included in the
table below present select immediate -200, -100, +100 and +200 basis point parallel “shock” scenarios from the yield
curve term points at the specific point in time that EVE sensitivity is measured.

Table 16 - Economic Value of Equity at Risk

 

Economic Value of Equity at Risk (%)

Basis point change scenario

-200

-100

+100

+200

At March 31, 2026

-1.0 %

0.9 %

-2.7 %

-6.7 %

At December 31, 2025

0.3

1.7

-3.5

-8.3

The change in sensitivity from December 31, 2025 was driven primarily by market rates and changes to actual
balance sheet composition, in part due to impacts from the Cadence acquisition.
Use of Derivatives to Manage Interest Rate Risk
An integral component of our interest rate risk management strategy is the use of derivative instruments to
minimize significant fluctuations in earnings caused by changes in market interest rates. A variety of derivative
financial instruments, principally interest rate swaps, swaptions, floors, forward contracts, and forward-starting
interest rate swaps, are used in asset and liability management activities to protect against the risk of adverse price
or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in
interest rates without exposure to loss of principal and higher funding requirements.
Table 17 shows all swap and floor positions that are utilized for purposes of managing our exposures to the
variability of interest rates. The interest rate variability may impact either the fair value of the assets and liabilities or
the cash flows attributable to net interest margin. These positions are used to protect the fair value of assets and
liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional
amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows
attributable to the contractually specified interest rate by converting the variable-rate index into a fixed rate. The
volume, maturity, and mix of derivative positions change frequently as we adjust our broader interest rate risk
management objectives and the balance sheet positions to be hedged. For further information, including the
notional amount and fair values of these derivatives, refer to Note 15 - “ Derivative Financial Instruments ” of the
Notes to Unaudited Consolidated Financial Statements.

2026 1Q Form 10-Q    21

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The following presents additional information about the interest rate swaps and floors used in Huntington’s
asset and liability management activities.

Table 17 - Information on Asset Liability Management Instruments

Weighted-
Average
Maturity (years)

Weighted-
Average
Fixed Rate

(dollar amounts in millions)

Notional
Value

Fair Value

At March 31, 2026

Asset conversion swaps

Securities (1):

Pay Fixed - Receive SOFR

$ 1,505

7.95

$ 134

2.14 %

Pay Fixed - Receive SOFR - forward-starting (2)

2,852

13.81

59

3.75

Loans:

Receive Fixed - Pay SOFR

16,050

1.83

(66)

3.19

Receive Fixed - Pay SOFR - forward-starting (3)

3,825

3.88

(22)

3.32

Liability conversion swaps

Receive Fixed - Pay SOFR

10,099

2.86

(59)

3.45

Receive Fixed - Pay SOFR - forward-starting (3)

2,300

4.07

(16)

3.38

Purchased floor spreads (4)

Purchased Floor Spread - SOFR

7,150

1.59

44

2.80 / 3.87

Purchased Floor Spread - SOFR forward-starting (3)

1,250

3.63

15

2.73 / 3.73

Basis swaps (5)

Pay SOFR - Receive Fed Fund (economic hedges)

27

4.58

—

3.66

Pay Fed Fund - Receive SOFR (economic hedges)

1

9.56

—

3.76

Total swap portfolio

$ 45,059

$ 89

At December 31, 2025

Asset conversion swaps

Securities (1):

Pay Fixed - Receive SOFR

$ 3,987

3.92

$ 130

2.48 %

Pay Fixed - Receive SOFR - forward-starting (6)

1,160

12.47

44

3.36

Loans:

Receive Fixed - Pay SOFR

15,800

2.05

(2)

3.18

Receive Fixed - Pay SOFR - forward-starting (7)

2,500

4.21

(3)

3.30

Liability conversion swaps

Receive Fixed - Pay SOFR

10,599

2.97

(22)

3.51

Purchased floor spreads (4)

Purchased Floor Spread - SOFR

6,750

1.06

30

2.80 / 3.87

Purchased Floor Spread - SOFR forward-starting (7)

3,200

3.49

51

2.83 / 3.83

Basis swaps (5)

Pay SOFR - Receive Fed Fund (economic hedges)

27

4.83

—

3.81

Pay Fed Fund - Receive SOFR (economic hedges)

1

9.81

—

3.99

Total swap portfolio

$ 44,024

$ 228

(1) Amounts include interest rate swaps as fair value hedges of fixed rate investment securities using the portfolio layer method.
(2) Forward-starting swaps effective starting from July 2026 to April 2029.
(3) Forward-starting swaps and forward-starting floor spreads effective starting from April 2026 to January 2027.
(4) The weighted-average fixed rates for floor spreads are the weighted-average strike rates for the upper and lower bounds of the instruments.
(5) Basis swaps have variable pay and variable receive resets. Weighted-average fixed rate column represents pay rate reset.
(6) Forward-starting swaps effective starting from February 2026 to October 2027.
(7) Forward-starting swaps and forward-starting floor spreads effective starting from January 2026 to December 2026.
Use of Derivatives to Manage Credit Risk
We may utilize credit derivatives as a tool to manage credit risk within the portfolio by purchasing credit
protection over certain types of loan products. When we purchase credit protection, such as a CDS, we pay a fee to
the seller, or CDS counterparty, in return for the right to receive a payment if a specified credit event occurs.

22     Huntington Bancshares Incorporated

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MSRs
(This section should be read in conjunction with Note 7 - “ Mortgage Loan Sales and Servicing Rights ” of Notes to
Unaudited Consolidated Financial Statements .)
At March 31, 2026 , we had a total of $735 million of capitalized MSRs representing the right to service $42.8
billion in mortgage loans.
MSR fair values are sensitive to movements in interest rates, as expected future net servicing income depends
on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments and
declines in credit quality. Prepayments usually increase when mortgage interest rates decline and decrease when
mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes.
However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report
changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of
noninterest income.
MSR assets are included in servicing rights and other intangible assets in the Unaudited Consolidated Financial
Statements.
Price Risk
Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that
are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities
owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity
investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure
that can be maintained, and on the amount of marketable equity securities that can be held.

Liquidity Risk
Liquidity risk is the possibility of us being unable to meet current and future financial obligations in a timely
manner. The goal of liquidity management is to ensure adequate, stable, reliable, and cost-effective sources of funds
to satisfy changes in loan and lease demand, unexpected levels of deposit withdrawals, investment opportunities,
and other contractual obligations. We consider core earnings, strong capital ratios, and credit quality essential for
maintaining high credit ratings, which allow us cost-effective access to market-based liquidity. We mitigate liquidity
risk by maintaining a large, stable customer deposit base and a diversified base of readily available wholesale
funding sources, including secured funding sources from the FHLB and FRB through pledged borrowing capacity,
issuance through dealers in the capital markets, and access to deposits issued through brokers. We further mitigate
liquidity risk by maintaining liquid assets in the form of cash and cash equivalents and securities.
The Board of Directors is responsible for establishing an acceptable level of liquidity risk at Huntington, including
approval of the liquidity risk appetite at least annually. The liquidity risk appetite includes liquidity risk metrics that
are designed and monitored to ensure Huntington maintains adequate liquidity to meet current and future funding
needs, including during periods of potential stress. The Board receives and reviews information on at least a semi-
annual basis to ensure Huntington is operating in accordance with its established risk tolerance. Further, the ALCO is
appointed by the ROC to oversee liquidity risk management, including the establishment of liquidity risk policies and
additional liquidity risk metrics and limits to support our overall liquidity risk appetite. Liquidity risk appetite metrics
are monitored by senior management daily and are reported to the Board at least semi-annually and to ROC on a
more frequent basis.
Liquidity risk is reviewed and managed continuously for the Bank and the parent company, as well as its
subsidiaries. In addition, liquidity working groups meet regularly to identify and monitor liquidity positions, provide
policy guidance, review funding strategies, and oversee the adherence to, and maintenance of, contingency funding
plans. At March 31, 2026 , m anagement believes current sources of liquidity are sufficient to meet Huntington’s on-
and off-balance sheet obligations over the next 12 months and for the foreseeable future.

2026 1Q Form 10-Q    23

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We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential
erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of
institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to
earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in
deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of
systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war,
natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major
corporation, mutual fund, or hedge fund. Similarly, market speculation or rumors about us, or the banking industry
in general, may adversely affect the cost and availability of normal funding sources. The contingency funding plan,
which is reviewed and approved by the ROC at least annually, outlines the process for addressing a liquidity crisis
and provides for an evaluation of funding sources under various market conditions. It also assigns specific roles and
responsibilities and communication protocols for effectively managing liquidity through a problem period and
outlines early warning indicators that are used to monitor emerging liquidity stress events.
Deposits
Our largest source of liquidity on a consolidated basis is customer deposits, which provide stable and lower-cost
funding. Our customer deposits come from a base of primary bank customer relationships, and we continue to focus
on acquiring and deepening those relationships, resulting in a diversified deposit base. Total de posits were $223.5
billion at March 31, 2026 , compared to $176.6 billion at December 31, 2025 . The $46.9 billion , or 27% , increase in
total deposits, compared to December 31, 2025 , was primarily driven by the $43.5 billion of deposits acquired in the
Cadence acquisition and additional increases in interest-bearing demand and time deposits . Total deposits included
$6.3 billion of brokered deposits primarily consisting of brokered money market and time deposit balances at
March 31, 2026 , compared to $5.9 billion at December 31, 2025 . The level of brokered deposits was below our
established liquidity risk metric limits at March 31, 2026 .
Insured deposits comprised approximately 69% and 70% of our total deposits at March 31, 2026 and
December 31, 2025 , respectively. The composition of our deposits is presented in the table below.

Table 18 - Deposit Composition

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

By type:

Demand deposits—noninterest-bearing

$ 40,839

18 %

$ 32,205

18 %

Demand deposits—interest-bearing

61,086

27

48,510

27

Money market deposits

75,554

34

65,123

37

Savings deposits

18,971

9

15,426

9

Time deposits

27,032

12

15,346

9

Total deposits

$ 223,482

100 %

$ 176,610

100 %

Total deposits (insured/uninsured):

Insured deposits

$ 155,223

69 %

$ 123,744

70 %

Uninsured deposits (1)

68,259

31

52,866

30

Total deposits

$ 223,482

100 %

$ 176,610

100 %

(1) Represents consolidated Huntington uninsured deposits, determined by adjusting the amounts reported in the Bank Call Report (FFIEC 031) by inter-
company deposits, which are not customer deposits and are therefore eliminated through consolidation. As of March 31, 2026 , the Bank Call Report
estimated uninsured deposit balance was $72.3 billion , which includes $4.0 billion of inter-company deposits. As of December 31, 2025 , the Bank Call
Report estimated uninsured deposit balance was $56.9 billion , which includes $4.1 billion of inter-company deposits.
Wholesale Funding
Sources of wholesale funding include non-customer brokered deposits, short-term borrowings, and long-term
debt. Our wholesale funding totaled $29.8 billion at March 31, 2026 , an increase of $5.4 billion compared to $24.4
billion at December 31, 2025 . The increase from year end was primarily due to a $4.4 billion increase in long-term
debt driven by $2.6 billion of long-term FHLB advances and $1.8 billion of senior and subordinated debt issuances,
partially offset by maturities and repayments .

24     Huntington Bancshares Incorporated

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Cash and Cash Equivalents and Investment Securities
Cash and cash equivalents were $19.2 billion and $13.5 billion at March 31, 2026 and December 31, 2025 ,
respectively. The $5.7 billion increase in cash and cash equivalents was primarily due to an increase in interest-
earning deposits held at the FRB as part of prudent liquidity risk management to support our strong liquidity position
amid continued growth and external uncertainty.
Our investment securities portfolio is evaluated under established ALCO objectives. Changing market conditions
could affect the profitability of the portfolio, as well as the level of interest rate risk exposure.
Total investment securities were $50.5 billion at March 31, 2026 , compared to $41.5 billion at December 31,
2025 . The $9.1 billion increase in investment securities, compared to December 31, 2025 , was largely driven by $9.2
billion of investment securities acquired in the Cadence transaction. A t March 31, 2026 , the duration of the
investment securities portfolio, net of hedging, was 3.3 years . Securities are pledged to secure borrowing capacity
with the FHLB and the FRB, discussed further in the Bank Liquidity and Sources of Funding section below.
Bank Liquidity and Sources of Funding
Our primary source of funding for the Bank is customer deposits. At March 31, 2026 , customer deposits funded
76% of total assets ( 115% of total loans and leases). To the extent we are unable to obtain sufficient liquidity
through customer deposits, cash and cash equivalents, and investment securities, we may meet our liquidity needs
through wholesale funding and asset securitization or sale. Additionally, the Bank may also access funding through
intercompany notes or parent company deposits placed at the Bank.
The Bank maintains borrowing capacity at both the FHLB and the FRB secured by pledged loans and securities.
While the Bank does not consider borrowing capacity at the FRB a primary source of funding, it could be used as a
potential source of liquidity in a stressed environment or during a market disruption. The amount of available
contingent borrowing capacity may fluctuate based on the level of borrowings outstanding and level of assets
pledged.
A summary of the Bank’s selected contingent liquidity sources is presented in the following table.

Table 19 - Selected Contingent Liquidity Sources

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Unused secured borrowing capacity:

FRB

$ 77,666

$ 71,296

FHLB

21,242

16,212

Unpledged investment securities (at market value)

13,258

11,743

Interest-earning deposits held at FRB

17,090

11,712

Selected contingent liquidity sources

$ 129,256

$ 110,963

As of March 31, 2026 , we believe the Bank has sufficient liquidity and capital resources to meet its cash flow
obligations over the next 12 months and for the foreseeable future.
Parent Company Liquidity
The parent company’s primary financial obligations consist of dividends to shareholders, debt service, income
taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent
company obtains funding to meet obligations from dividends and interest received from the Bank, interest and
dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated
tax return, fees for services provided to subsidiaries, and the issuance of debt and equity instruments.
The parent company had cash and cash equivalents of $3.6 billion at both March 31, 2026 and December 31,
2025 .

2026 1Q Form 10-Q    25

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On April 22, 2026 , our Board of Directors declared a quarterly cash dividend on our common stock of $0.155 per
common share, payable on July 1, 2026 to shareholders of record on June 17, 2026 . Additionally, on April 22, 2026 ,
our Board of Directors declared quarterly dividends on our Series B, F, G, H, J, and K preferred stock, payable on
July 15, 2026 to shareholders of record on July 1, 2026 , and a quarterly dividend on our Series L preferred stock,
payable on August 20, 2026 to shareholders of record on August 5, 2026 . On March 25, 2026 , our Board of Directors
declared a quarterly dividend on our Series I preferred stock, payable on June 1, 2026 to shareholders of record on
May 15, 2026 . Current quarterly dividend declarations are expected to total approximately $355 million .
During the first three months of 2026 , there were no Bank dividends paid to the parent company. During the
first quarter of 2026 , the Bank redeemed all of its preferred stock outstanding that had previously been held by the
parent company. To meet any additional liquidity needs, the parent company may issue debt or equity securities. To
support the parent company’s ability to issue debt or equity securities, we have filed an automatic shelf registration
statement with the SEC covering an indeterminate amount or number of securities to be offered or sold from time
to time as authorized by Huntington’s Board of Directors.
As of March 31, 2026 , we believe the Company has sufficient liquidity and capital resources to meet its cash flow
obligations over the next 12 months and for the foreseeable future.
Credit Ratings
Credit ratings represent evaluations by rating agencies based on a number of factors, including financial strength
and the ability to generate earnings, as well as factors not entirely within our control, including conditions affecting
the financial services industry, the economy, and changes in rating methodologies. Credit ratings are subject to
change at any time. Our credit ratings impact our availability and cost of financing, as well as collateral requirements
for certain derivative instruments and deposit products. A downgrade to our credit ratings could adversely affect our
access to capital, increase our cost of funds, or trigger additional collateral or funding requirements.
The following table presents our credit ratings and rating agency outlooks.

Table 20 - Credit Ratings and Outlook

 

At March 31, 2026

Moody’s

Standard & Poor’s

Fitch

DBRS Morningstar

Huntington Bancshares Incorporated

Senior unsecured notes

Baa1

BBB+

A-

A

Subordinated notes

Baa1

BBB

BBB+

A (low)

Commercial paper

NR

NR

F1

R-1 (low)

Ratings outlook

Negative

Stable

Stable

Positive

The Huntington National Bank

Senior unsecured notes

A3

A-

A-

A (high)

Long-term deposits

A1

NR (1)

A

A (high)

Short-term deposits

P-1

NR (1)

F1

R-1 (middle)

Ratings outlook

Negative

Stable

Stable

Positive

NR - Not Rated
(1) Standard & Poor’s does not provide a depositor rating. The Bank’s issuer credit rating is A- .
Contractual Obligations and Commitments
In the normal course of business, we enter into various contractual obligations and commitments that could
impact our liquidity and capital resources. These arrangements include commitments to extend credit, interest rate
swaps, floors, financial guarantees contained in standby letters-of-credit issued by the Bank, commitments by the
Bank to sell mortgage loans, operating lease payments, and other purchase and marketing obligations.

26     Huntington Bancshares Incorporated

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Operational Risk
Operational risk is the risk of loss due to human error, third-party performance failures, or inadequate or failed
internal systems and controls, including the use of financial or other quantitative methodologies that may not
adequately predict future results; violations of, or noncompliance with, laws, rules, regulations, prescribed practices,
or ethical standards; and external influences such as market conditions, fraudulent activities, disasters, failed
business contingency plans, and security risks. We continuously strive to test and strengthen our system of internal
controls to ensure compliance with significant contracts, agreements, laws, rules, and regulations, to reduce our
exposure to fraud and to improve the oversight of our operational risk.
To govern operational risks, we have an Operational Risk Committee, a Legal, Regulatory, and Compliance
Committee, a Funds Movement Committee, a Fraud Risk Committee, an Information and Technology Risk
Committee, an Artificial Intelligence Risk Committee, a Regulatory and Data Oversight Committee, and a Third Party
Risk Management Committee. The responsibilities of these committees, among other duties, include establishing
and maintaining management information systems to monitor material risks and to identify potential concerns,
risks, or trends that may have a significant impact and ensuring that recommendations are developed to address the
identified issues. In addition, we have a Model Risk Oversight Committee that is responsible for policies and
procedures describing how model risk is evaluated and managed and the application of the governance process to
implement these practices throughout the enterprise. These committees report any significant findings and
remediation recommendations to the Risk Management Committee. Potential concerns may be escalated to our
ROC and our Audit Committee, as appropriate.
The goal of this framework is to implement effective operational risk monitoring; minimize operational, fraud,
and legal losses; minimize the impact of inadequately designed models; and enhance our overall performance.
Cybersecurity
Cybersecurity represents an important component of Huntington’s overall cross-functional approach to risk
management. We actively manage a cybersecurity operation designed to detect, contain, and respond to
cybersecurity threats and incidents in a prompt and effective manner with the goal of minimizing disruptions to our
business. We actively monitor cyberattacks, such as attempts related to online deception and loss of sensitive
customer data. We evaluate our technology, processes, and controls to mitigate loss from cyberattacks. Although to
date we have not experienced any material losses, with the increasing sophistication, acceleration, and complexity
of cyber events, we cannot ensure that there will not be a material loss in the future. Cybersecurity threats continue
to evolve and increase across the entire digital landscape. We actively monitor our environment for malicious
content and implement specific cybersecurity and fraud capabilities, including the monitoring of phishing email
campaigns. In addition, we have implemented specific cybersecurity and fraud monitoring of remote connections by
geography and volume of connections to detect anomalous remote logins, since a portion of our workforce works
remotely from time to time. 
Our objective for managing cybersecurity risk is to avoid or minimize the impacts of both internal and external
threat events or other efforts to penetrate our systems. We work to achieve this objective by hardening networks
and systems against attack and by diligently managing visibility and monitoring controls within our data and
communications environment to recognize events and respond before the attacker has the opportunity to plan and
execute on its own goals. To this end, we employ a set of defense-in-depth strategies, which include efforts to make
us less attractive as a target and less vulnerable to threats, while investing in threat analytic capabilities for rapid
detection and response. Potential concerns related to cybersecurity may be escalated to our board-level ROC and/or
Technology Committee, as appropriate.
As a complement to the overall cybersecurity risk management, we use a number of internal training methods,
both formally through mandatory courses and informally through written communications and other updates, to
ensure awareness of the risks of cybersecurity threats at all levels across the organization. Internal policies and
procedures have been implemented to encourage the reporting of potential phishing attacks or other security risks.
We also use third-party services to test the effectiveness of our cybersecurity risk management framework, and any
such third-parties are required to comply with our policies regarding information security and confidentiality.

2026 1Q Form 10-Q    27

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Compliance Risk
Compliance risk arises from the possibility that we may fail to comply with the extensive federal and state laws,
rules, and regulations that govern our operations. These requirements span a broad range of obligations, including
anti‑money laundering, consumer protection, lending and servicing standards, client privacy, fair lending,
prohibitions against unfair, deceptive, or abusive acts or practices, protections for military service members, and
community reinvestment expectations.
We maintain a comprehensive compliance management framework designed to identify, assess, monitor, and
report compliance risk across the Company. This framework is supported by dedicated compliance professionals
who partner with our business segments to implement and maintain effective policies, procedures, and controls
consistent with applicable regulatory requirements. Our colleagues receive mandatory training on core regulatory
obligations such as anti‑money laundering and customer privacy, with additional targeted training for those engaged
in lending activities, including flood disaster protection, equal credit opportunity, and fair lending.
We continue to invest in systems, processes, and governance to support compliance with evolving regulatory
expectations. Ongoing changes in regulatory requirements and supervisory priorities may affect our compliance risk
profile. We remain committed to maintaining strong compliance practices and to enhancing our compliance
program as necessary to align with applicable laws, rules, and regulations and to support our aggregate
moderate‑to‑low, through‑the‑cycle risk appetite.

CAPITAL
Our primary capital objective is to maintain appropriate levels of capital within our Board-approved risk appetite
to support the Bank’s operations, absorb unanticipated losses and declines in asset values, and provide protection to
uninsured depositors and debt holders in the event of liquidation, while also funding organic growth and providing
appropriate returns to our shareholders. We manage regulatory capital and shareholders’ equity at the Bank and on
a consolidated basis. We have an active program for managing capital, and we maintain a comprehensive process
for assessing our overall capital adequacy, including the monitoring and reporting of capital risk metrics to the Board
and ROC that we believe are useful for evaluating capital adequacy and making capital decisions. In addition to as-
reported regulatory capital and tangible common equity metrics, we also actively monitor other measures of capital,
such as tangible common equity including the mark-to-market impact on HTM securities and CET1 including the
impact of AOCI excluding cash flow hedges. We believe our current levels of both regulatory capital and
shareholders’ equity are adequate.

28     Huntington Bancshares Incorporated

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The following table presents certain regulatory capital information at both the consolidated and Bank level.

Table 21 - Regulatory Capital Information

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Consolidated:

CET1 risk-based capital ratio

10.2 %

10.4 %

Tier 1 risk-based capital ratio

11.6

12.0

Total risk-based capital ratio

13.8

14.2

Tier 1 leverage ratio

9.5

9.3

CET1 risk-based capital

$ 21,160

$ 17,286

Tier 1 risk-based capital

24,051

20,027

Total risk-based capital

28,772

23,593

Total risk-weighted assets

208,132

166,684

Bank:

CET1 risk-based capital ratio

12.0 %

11.7 %

Tier 1 risk-based capital ratio

12.3

12.4

Total risk-based capital ratio

14.1

14.0

Tier 1 leverage ratio

10.2

9.6

CET1 risk-based capital

$ 24,918

$ 19,426

Tier 1 risk-based capital

25,347

20,626

Total risk-based capital

29,147

23,165

Total risk-weighted assets

206,828

165,701

At March 31, 2026 , Huntington and the Bank maintained capital ratios in excess of the well-capitalized standards
established by the Federal Reserve. Our c onsolidated CET1 risk-based capital ratio was 10.2% at March 31, 2026 ,
compared to 10.4% at December 31, 2025 , with the decrease driven by the impact of the Cadence acquisition and
share repurchases, partially offset by current period earnings, net of dividends. The Bank CET1 risk-based capital
ratio of 12.0% increased approximately 30 basis points from year-end driven by a $780 million capital contribution
from the parent, which the Bank in turn used to redeem its outstanding preferred stock held by the parent, and net
income, partially offset by the impact of the Cadence acquisition.
We are authorized to make capital distributions that are consistent with the requirements in the Federal
Reserve’s capital rule, including the SCB requirement. Our SCB requirement is 2.5%.
Shareholders’ Equity
We generate shareholders’ equity primarily through the retention of earnings, net of dividends and share
repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our
objective is to maintain capital at an amount commensurate with our risk appetite and risk tolerance objectives, to
meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business
opportunities.
Shareholders’ equity totaled $32.5 billion at March 31, 2026 , an increase of $8.2 billion , or 34% , when compared
with December 31, 2025 . The increase was primarily driven by $8.3 billion of common and preferred equity issued as
consideration for the Cadence acquisition, in addition to earnings, net of dividends and share repurchases, partially
offset by a reduction in accumulated other comprehensive income driven by changes in interest rates.
Share Repurchases
From time to time, our Board of Directors authorizes the Company to repurchase shares of our common stock.
Although we announce when our Board authorizes share repurchases, we typically do not give any public notice
before we repurchase our shares at any particular time. Share repurchases may include open market purchases,
through block trades, in privately negotiated transactions, and pursuant to any trading plan that may be adopted by
the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or
otherwise, and is subject to the Federal Reserve’s capital regulations. The timing of repurchases will be discretionary
and depend on several factors, including the macroeconomic and interest rate environment, the pace of loan
growth, and other factors.

2026 1Q Form 10-Q    29

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On April 16, 2025, our Board approved the repurchase of up to $1.0 billion of common shares with no expiration
date. During the three months ended March 31, 2026 , we repurchased 9.0 million shares totaling $150 million . As of
March 31, 2026 , we had $850 million of common shares available for repurchase under this authorization.
On April 22, 2026, our Board approved a new share repurchase authorization of up to $3.0 billion of our
common shares with no expiration date, replacing the previous repurchase authorization.

BUSINESS SEGMENT DISCUSSION
Overview
Our business segments are based on our internally aligned segment leadership structure, which is how
management monitors results and assesses performance. We have two business segments: Consumer & Regional
Banking and Commercial Banking . All other items not included within our two business segments are reported
within the Treasury / Other function, which primarily includes technology and operations and other unallocated
assets, liabilities, revenue, and expense.
Business segment results are determined based on our management practices, which assign balance sheet and
income statement items to each of the business segments. The process is designed around our organizational and
management structure and, accordingly, the results derived are not necessarily comparable with similar information
published by other financial institutions.
Revenue Sharing
Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is
recorded to allocate portions of such revenue to other business segments involved in selling to or providing service
to customers. Results of operations for the business segments reflect these fee-sharing allocations.
Expense Allocation
The management process that develops the business segment reporting utilizes various estimates and allocation
methodologies to measure the performance of the business segments. Expenses are allocated to business segments
using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to
activities related to product origination and servicing. These activity-based costs are then extended, based on
volumes, with the resulting amount allocated to business segments that own the related products. The second
phase consists of the allocation of overhead costs to the business segments from Treasury / Other . We utilize a full-
allocation methodology, where all Treasury / Other expenses, except reported acquisition-related expenses, if any,
and a small amount of other residual unallocated expenses, are allocated to the business segments.
Funds Transfer Pricing (FTP)
We use an active and centralized FTP methodology to attribute appropriate net interest income to the business
segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by
providing modeled duration funding of assets and liabilities. The result is to centralize the financial impact,
management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored
and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for
funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for
comparable duration assets (or liabilities). The primary components of the FTP rate include a base (market) rate, a
liquidity premium, contingent liquidity and collateral charges, and option cost.
Net Income (Loss) by Business Segment
Net income (loss) by business segment is presented in the following table.

Table 22 - Net Income (Loss) by Business Segment

 

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Consumer & Regional Banking

$ 446

$ 319

Commercial Banking

346

236

Treasury / Other

(269)

(28)

Net income attributable to Huntington

$ 523

$ 527

30     Huntington Bancshares Incorporated

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Consumer & Regional Banking

Table 23 - Key Performance Indicators for Consumer & Regional Banking

 

Three Months Ended

Change

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Amount

Percent

Net interest income

$ 1,365

$ 943

$ 422

45 %

Provision for credit losses

120

47

73

155

Net interest income after provision for credit losses

1,245

896

349

39

Noninterest income

387

327

60

18

Noninterest expense:

Direct personnel costs

373

294

79

27

Other noninterest expense, including corporate allocations

694

525

169

32

Total noninterest expense

1,067

819

248

30

Income before income taxes

565

404

161

40

Provision for income taxes

119

85

34

40

Net income attributable to Huntington

$ 446

$ 319

$ 127

40 %

Number of employees (average full-time equivalent)

13,123

11,227

1,896

17 %

Total average assets

$ 103,408

$ 77,910

$ 25,498

33

Total average loans/leases

95,969

72,043

23,926

33

Total average deposits

138,557

110,974

27,583

25

Net interest margin

3.83 %

3.39 %

0.44 %

13

NCOs

$ 96

$ 56

$ 40

71

NCOs as a % of average loans and leases

0.40 %

0.31 %

0.09 %

29

Total assets under management (in billions)—eop

$ 44.0

$ 32.7

$ 11.3

35

Total trust assets (in billions)—eop

67.7

179.5

(111.8)

(62)

Consumer & Regional Banking reported net income of $446 million in the three-month period of 2026 , an
increase of $127 million , or 40% , compared to the year-ago period. Segment net interest income increased $422
million , or 45% , primarily due to a $23.9 billion , or 33% , increase in average loans and leases, which includes the
Veritex and Cadence acquisitions, and a 44 basis point increase in NIM . The provision for credit losses increased $73
million due primarily to higher loan growth and net charge-offs. Noninterest income increased $60 million , or 18% ,
primarily due to the addition of Veritex and Cadence, and additional increases in customer deposit fee income,
wealth and asset management revenue, and payments and cash management revenue . Noninterest expense
increased $248 million , or 30% , primarily due to incremental expenses from the Veritex and Cadence acquisitions,
and additional increases in direct personnel costs and indirect expense allocations .

2026 1Q Form 10-Q    31

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Commercial Banking

Table 24 - Key Performance Indicators for Commercial Banking

 

Three Months Ended

Change

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Amount

Percent

Net interest income

$ 640

$ 513

$ 127

25 %

Provision for credit losses

38

68

(30)

(44)

Net interest income after provision for credit losses

602

445

157

35

Noninterest income

252

162

90

56

Noninterest expense:

Direct personnel costs

193

139

54

39

Other noninterest expense, including corporate allocations

218

164

54

33

Total noninterest expense

411

303

108

36

Income before income taxes

443

304

139

46

Provision for income taxes

93

64

29

45

Income attributable to non-controlling interest

4

4

—

—

Net income attributable to Huntington

$ 346

$ 236

$ 110

47 %

Number of employees (average full-time equivalent)

2,653

2,164

489

23 %

Total average assets

$ 87,645

$ 68,094

$ 19,551

29

Total average loans/leases

78,029

58,588

19,441

33

Total average deposits

56,622

42,714

13,908

33

Net interest margin

3.24 %

3.40 %

(0.16) %

(5)

NCOs

$ 15

$ 30

$ (15)

(50)

NCOs as a % of average loans and leases

0.07 %

0.21 %

(0.14) %

(67)

Commercial Banking reported net income of $346 million in the first three-month period of 2026 , an increase of
$110 million , or 47% , compared to the year-ago period. Segment net interest income increased $127 million , or 25% ,
primarily driven by a $19.4 billion, or 33%, increase in average loans and leases and a $13.9 billion , or 33% , increase
in average deposits. The increases in loans and leases and deposits were driven by the impact of the Cadence and
Veritex acquisitions as well as organic growth. Th e provision for credit losses decreased $30 million , or 44% , due
primarily to lower net charge-offs and a lower ACL coverage ratio, partially offset by loan and lease growth.
Noninterest income increased $90 million , or 56% , primarily due to increases in capital markets and advisory fees,
which included the impact of three strategic business units acquired from Janney in January 2026. C ustomer deposit
and loan fees and payment and cash management revenue were also higher . Noninterest expense increased $108
million , or 36% , primarily driven by higher personnel expense related to the recent acquisitions and higher allocated
overhead .

Treasury / Other
The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives (including
mark-to-market of interest rate swaps, as applicable) , and equity not directly assigned or allocated to one of the
business segments. Assets include investment securities and bank-owned life insurance.
Net interest income includes the impact of administering our investment securities portfolios, the net impact of
derivatives used to hedge interest rate sensitivity, and the financial impact associated with our FTP methodology, as
described above. Noninterest income includes miscellaneous fee income not allocated to other business segments,
such as bank-owned life insurance income and securities and trading asset gains or losses. Noninterest expense
includes certain corporate administrative expenses, acquisition-related expenses, if any, and other miscellaneous
expenses not allocated to other business segments. The provision for income taxes for the business segments is
calculated at a statutory 21% tax rate, although our overall effective tax rate is lower.

32     Huntington Bancshares Incorporated

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Table 25 - Key Performance Indicators for Treasury / Other

 

Three Months Ended

Change

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Amount

Percent

Net interest loss

$ (114)

$ (30)

$ (84)

(280) %

Noninterest income

43

5

38

760

Noninterest expense:

Direct personnel costs

426

238

188

79

Other noninterest expense, including corporate allocations

(130)

(208)

78

38

Total noninterest expense

296

30

266

887

Loss before income taxes

(367)

(55)

(312)

(567)

Benefit for income taxes

(98)

(27)

(71)

(263)

Net loss attributable to Huntington

$ (269)

$ (28)

$ (241)

(861) %

Number of employees (average full-time equivalent)

8,865

6,701

2,164

32 %

Total average assets

$ 71,114

$ 59,083

$ 12,031

20

Treasury / Other reported a net loss of $269 million in the first three-month period of 2026 , compared to a net
loss of $28 million in the year-ago period, driven by acquisition-related expenses, a decrease in net interest income,
and a reduction in corporate allocations, partially offset by higher noninterest income and an increase in the benefit
for income taxes. Net interest loss increased $84 million primarily due to the net impact of FTP credits assigned to
each business segment . T he increase in noninterest income was largely due to the addition of Veritex and Cadence,
while the increase in noninterest expense was largely due to acquisition-related expenses. The b enefit for income
taxes increased $71 million primarily due to an increase in pre-tax loss.

ADDITIONAL DISCLOSURES
Forward-Looking Statements
This Quarterly Report on Form 10-Q, including MD&A, 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, estimates, and uncertainties that are beyond the control of Huntington.
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,
continue, believe, intend, estimate, plan, trend, objective, 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.

2026 1Q Form 10-Q    33

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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 or historical performance: changes in general economic, political, regulatory, 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 conditions, including U.S. direct involvement in
war and other conflicts, as well as volatility in financial markets; changes in U.S. trade policies, including the
imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on
the global economy and financial market conditions and our business, results of operations, and financial condition;
the impacts related to or resulting from 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; potential impacts to macroeconomic conditions, which could affect the ability of depository
institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of
uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could
negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio
which could negatively impact market perceptions of us and could lead to deposit withdrawals;  the effects of social
media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary
policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign
exchange, and credit markets; movements in interest rates; competitive pressures on product pricing and services;
success, impact, and timing of our business strategies, including market acceptance of any new products or services
including those implementing our “Fair Play” banking philosophy; introduction of new competitive products, such as
stablecoins, and new competitors, such as financial technology companies and other “nontraditional” bank
competitors; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing,
and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including
those related to the Dodd-Frank Act and the Basel III regulatory capital reforms, as well as those involving the SEC,
the OCC, the Federal Reserve, the FDIC, and the CFPB, and state-level regulators; the possibility that the anticipated
benefits of recent or proposed acquisitions are not realized when expected or at all, including as a result of the
impact of, or problems arising from, the integration of the companies or as a result of the strength of the economy
and competitive factors in the areas where the companies do business; and other factors that may affect the future
results of Huntington.
All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth
above. Forward-looking statements speak only as of the date they are made and are based on information available
at that time. Huntington does not assume any obligation to update forward-looking statements to reflect actual
results, new information or future events, changes in assumptions or changes in circumstances or other factors
affecting forward-looking statements that occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required by federal securities laws. If Huntington updates
one or more forward-looking statements, no inference should be drawn that Huntington will make additional
updates with respect to those or other forward-looking statements. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures, including FTE net interest
income and FTE total revenue, where management believes it to be helpful in understanding our results of
operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial
measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in Table 1 in this
report.
Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management
believes net interest income on an FTE basis provides an insightful picture of the interest margin for comparison
purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable
and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21%. We encourage readers to
consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form
10-Q in their entirety, and not to rely on any single financial measure.

34     Huntington Bancshares Incorporated

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Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when
evaluating capital utilization and adequacy, including tangible common equity to tangible assets.
Non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of
capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows
readers to compare our capitalization to other financial services companies. These ratios differ from capital ratios
defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, the
nature and extent of which varies among different financial services companies. These ratios are not defined in
GAAP or federal banking regulations. As a result, non-regulatory capital ratios disclosed by the Company are
considered non-GAAP financial measures.
Because there are no standardized definitions for non-regulatory capital ratios, the Company’s calculation
methods may differ from those used by other financial services companies. Also, there may be limits in the
usefulness of these measures to investors. As a result, we encourage readers to consider the Unaudited
Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and
not to rely on any single financial measure.
Critical Accounting Policies and Use of Significant Estimates
Our Unaudited Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of
financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that
affect amounts reported in our Unaudited Consolidated Financial Statements. Note 1 - “ Significant Accounting
Policies” of the Notes to Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K, as
supplemented by this report including this MD&A, describes the significant accounting policies we used in our
Unaudited Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material
effect on the Unaudited Consolidated Financial Statements. Estimates are made under facts and circumstances at a
point in time, and changes in those facts and circumstances could produce results substantially different from those
estimates. Our critical accounting policies include the allowance for credit losses, fair value measurements of certain
acquired assets, and goodwill. The following details the policies, assumptions, and judgments related to the
allowance for credit losses and acquisition fair value measurements. The policies, assumptions, and judgments
related to goodwill are described in the Critical Accounting Policies and Use of Significant Estimates section within
the MD&A of Huntington’s 2025 Annual Report on Form 10-K.
Allowance for Credit Losses
Our ACL at March 31, 2026 represents our current estimate of the lifetime credit losses expected from our loan
and lease portfolio and our unfunded lending commitments. Management estimates the ACL by projecting
probability of default, loss given default, and exposure at default, conditional on economic parameters, for the
remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of
outstanding balances, the portfolio performance, and assigned risk ratings. We utilize statistically based models that
employ assumptions about current and future economic conditions throughout the contractual life of our loan
portfolio. As part of our model risk oversight, we perform ongoing monitoring of model performance to assess
modeling approaches and identify potential model enhancements, which may result in updates to our statistically
based models from time to time.
One of the most significant judgments influencing the ACL estimate is the macroeconomic forecasts. Key
external economic parameters that directly impact our loss modeling framework include forecasted unemployment
rates and GDP. Changes in the economic forecasts could significantly affect the estimated credit losses, which could
potentially lead to materially different allowance levels from one reporting period to the next.
Given the dynamic relationship between macroeconomic variables within our modeling framework, it is difficult
to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a
probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario
when formulating the quantitative estimate.

2026 1Q Form 10-Q    35

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To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100%
weighting applied to an adverse scenario reflecting an amount of stress in excess of current expectations. This
scenario contemplates elevated interest rates weakening credit-sensitive consumer spending and confidence more
than expected. In this scenario, the impact of tariffs on the economy is significantly worse than expected, causing
inflation to increase. In response, the Federal Reserve lowers rates. Increased geopolitical tensions heighten the risk
that China might block the Taiwan strait, limiting the supply chain for semiconductors and raising fears of a broader
conflict. Additionally, concerns grow that the Russian invasion of Ukraine lasts longer than in the baseline scenario
and that the Middle East conflict will widen. The combination of tariffs, rising inflation, political tensions, still
elevated interest rates, and reduced credit availability causes the economy to fall into a recession in early 2026.
Under this scenario, as an example, the unemployment rate increases significantly from baseline levels peaking in
the second quarter of 2027 and GDP declines significantly. The unemployment rate in this adverse scenario is
projected to peak at 8.5% in the second quarter of 2027. This is approximately 4.0% higher than the baseline
scenario projections of 4.5% at the end of 2026 and 4.1% higher than the baseline projection of 4.4% at the end of
2027 . In addition, GDP is significantly lower in the adverse scenario, with GDP turning negative for the remainder of
2026 before turning positive in 2027 but staying below 2%.
To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at March 31,
2026 , management calculated the difference between our quantitative ACL and this 100% adverse scenario.
Excluding consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in
our ACL of approximately $1.2 billion at March 31, 2026 .
The resulting difference is not intended to represent an expected increase in allowance levels for a number of
reasons including the following:
• Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation
process;
• The highly uncertain economic environment;
• The difficulty in predicting the inter-relationships between the economic parameters used in the various
economic scenarios; and
• The sensitivity estimate does not account for any general reserve components and associated risk profile
adjustments incorporated by management as part of its overall allowance framework.
We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease
portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category,
the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where
applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes
in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial
obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each
reporting date. Large loan exposures may be addressed through a portfolio heterogeneity reserve. We also consider
how significant changes in underwriting policies and procedures could impact the ACL, including consideration of
material changes in portfolio growth rates or credit terms. Any changes to management and staffing that could
impact lending, collections, or other relevant departments that could increase risk within the allowance process are
also contemplated. Observed changes in the quality of the credit review process identified by the second and third
line reviews are also given appropriate consideration.
There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and
market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events
adversely affecting specific customers, industries, or our markets such as geopolitical instability or risks of elevated
interest rates for longer including a near-term recession, could severely impact our current expectations. If the credit
quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers
changes materially, our net income and capital could be materially adversely affected which, in turn could have a
material adverse effect on our financial condition and results of operations. The extent to which the geopolitical
instability and risks of elevated interest rates will continue to negatively impact our businesses, financial condition,
liquidity, and results will depend on future developments, which are highly uncertain and cannot be forecasted with
precision at this time. For more information, see Note 5 - “ Loans and Leases ” and Note 6 - “ Allowance For Credit
Losses ” of the Notes to Unaudited Consolidated Financial Statements.

36     Huntington Bancshares Incorporated

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Acquisition Fair Value Measurements
The acquisition method of accounting requires assets and liabilities in business combinations to be recorded at
their estimated fair values as of the date of acquisition. To estimate fair value, we apply various valuation
methodologies to assets acquired and liabilities assumed that often involve significant judgment. Examples of such
estimates include loans and core deposit intangible assets, both of which we developed using an income approach.
To value loans, management incorporated assumptions such as discount rates, prepayment speeds , expected credit
losses, and recovery speeds based on recent origination and market data. The methodology used to value CDI assets
considered the cost savings generated from the deposits relative to an alternative source of funds. Management
incorporated assumptions in the CDI valuation such as customer attrition, discount rates, alternative cost of funding,
and net maintenance costs. Changes in these assumptions could result in materially different fair value
measurements that may impact the Company’s financial condition, results of operations, or disclosures. Discussion
of the assumptions and estimates used by us to assess and determine fair values associated with business
combinations can be found in Note 3 - “ Business Combinations ” of the Notes to Unaudited Consolidated Financial
Statements.
Goodwill
Subsequent to the completion of our annual impairment test, as described in the Critical Accounting Policies and
Use of Significant Estimates section within the MD&A of Huntington’s 2025 Annual Report on Form 10-K , we
completed the acquisitions of Veritex and Cadence, which resulted in the recognition of additional goodwill of $450
million and $3.5 billion , respectively. Because this goodwill arose after our annual testing date, it was not included in
the annual impairment analysis performed as of October 1, 2025. However, the additions of Veritex and Cadence did
not change our conclusion with respect to goodwill impairment and no triggering event occurred through the end of
the first quarter of 2026 that required a reassessment of goodwill. The goodwill recognized in connection with the
acquisitions has been assigned to our reporting units based on our assessment of how the acquired business will be
integrated and how its operations will be managed. For more information, see Note 8 - “ Goodwill and Other
Intangible Assets ” to the Notes to the Unaudited Consolidated Financial Statements.
Recent Accounting Pronouncements and Developments
Note 2 - “ Accounting Standards Update ” of the Notes to Unaudited Consolidated Financial Statements discusses,
if applicable, new accounting pronouncements adopted during 2026 and the expected impact of accounting
pronouncements recently issued but not yet required to be adopted. To the extent the adoption of new accounting
standards materially affects financial condition, results of operations, or liquidity, the impacts are discussed in the
applicable section of this MD&A and the Notes to Unaudited Consolidated Financial Statements .

2026 1Q Form 10-Q    37

Table of Contents

Item 1: Financial Statements

Huntington Bancshares Incorporated
Consolidated Balance Sheets (Unaudited)

At March 31,

At December 31,

(dollar amounts in millions)

2026

2025

Assets

Cash and due from banks

$ 2,096

$ 1,783

Interest-earning deposits with banks

17,579

12,295

Trading account securities

199

63

Available-for-sale securities

35,557

26,132

Held-to-maturity securities

14,768

15,258

Other securities

1,281

994

Loans held for sale (includes $ 1,068 and $ 885 , respectively, measured at fair value)

1,073

1,415

Loans and leases (includes $ 166 and $ 167 , respectively, measured at fair value)

188,818

149,642

Allowance for loan and lease losses

( 3,243 )

( 2,537 )

Net loans and leases (1)

185,575

147,105

Bank-owned life insurance

3,673

2,902

Accrued income and other receivables

2,197

2,621

Premises and equipment

2,138

1,321

Goodwill

9,527

5,997

Servicing rights and other intangible assets

1,727

752

Other assets (1)

7,982

6,468

Total assets

$ 285,372

$ 225,106

Liabilities and shareholders’ equity

Liabilities

Deposits:

Demand deposits—noninterest-bearing

$ 40,839

$ 32,205

Interest-bearing

182,643

144,405

Total deposits

223,482

176,610

Short-term borrowings

1,875

1,261

Long-term debt (1) (includes $ 1,434 and $ 1,161 , respectively, measured at fair value)

21,594

17,221

Other liabilities (1)

5,840

5,635

Total liabilities

252,791

200,727

Commitments and Contingent Liabilities (Note 17)

Shareholders’ equity

Preferred stock

2,881

2,731

Common stock

20

16

Capital surplus

25,273

17,244

Less treasury shares, at cost

( 95 )

( 92 )

Accumulated other comprehensive income (loss)

( 2,059 )

( 1,908 )

Retained earnings

6,515

6,351

Total Huntington shareholders’ equity

32,535

24,342

Non-controlling interest

46

37

Total equity

32,581

24,379

Total liabilities and equity

$ 285,372

$ 225,106

Common shares authorized (par value of $ 0.01 )

2,250,000,000

2,250,000,000

Common shares outstanding

2,027,130,587

1,567,732,506

Treasury shares outstanding

7,269,138

7,187,541

Preferred stock, authorized shares

6,617,808

6,617,808

Preferred shares outstanding

891,900

885,000

(1) Includes VIE balances in net loans and leases, other assets, long-term debt, and other liabilities of $ 576 million , $ 421 million , $ 512 million , and $ 147
million , respectively, at March 31, 2026 , and $ 669 million , $ 431 million , $ 600 million , and $ 152 million , respectively, at December 31, 2025 . See Note 16 -
“ Variable Interest Entities ” for additional information.
          See Notes to Unaudited Consolidated Financial Statements

38     Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated

Consolidated Statements of Income (Unaudited)

Three Months Ended

(dollar amounts in millions, except per share data, share count in thousands)

March 31, 2026

March 31, 2025

Interest and fee income:

Loans and leases

$ 2,518

$ 1,905

Available-for-sale securities

Taxable

258

287

Tax-exempt

33

34

Held-to-maturity securities—taxable

99

108

Other securities—taxable

16

12

Other

162

143

Total interest income

3,086

2,489

Interest expense:

Deposits

920

810

Short-term borrowings

16

14

Long-term debt

259

239

Total interest expense

1,195

1,063

Net interest income

1,891

1,426

Provision for credit losses

158

115

Net interest income after provision for credit losses

1,733

1,311

Noninterest income:

Payments and cash management revenue

187

155

Wealth and asset management revenue

120

101

Customer deposit and loan fees

110

86

Capital markets and advisory fees

132

67

Mortgage banking income

32

31

Insurance income

21

20

Leasing revenue

13

14

Net gains (losses) on sales of securities

13

—

Other noninterest income

54

20

Total noninterest income

682

494

Noninterest expense:

Personnel costs

992

671

Outside data processing and other services

311

170

Equipment

93

67

Net occupancy

85

65

Professional services

44

22

Marketing

37

29

Deposit and other insurance expense

35

37

Amortization of intangibles

41

11

Lease financing equipment depreciation

3

4

Other noninterest expense

133

76

Total noninterest expense

1,774

1,152

Income before income taxes

641

653

Provision for income taxes

114

122

Income after income taxes

527

531

Income attributable to non-controlling interest

4

4

Net income attributable to Huntington

523

527

Dividends on preferred shares

41

27

Net income applicable to common shares

$ 482

$ 500

Average common shares—basic

1,869,397

1,454,498

Average common shares—diluted

1,900,647

1,481,879

Per common share:

Net income—basic

$ 0.26

$ 0.34

Net income—diluted

0.25

0.34

See Notes to Unaudited Consolidated Financial Statements

2026 1Q Form 10-Q    39

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Huntington Bancshares Incorporated
Consolidated Statements of Comprehensive Income (Unaudited)

 

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Net income attributable to Huntington

$ 523

$ 527

Other comprehensive (loss) income, net of tax:

Unrealized (losses) gains on available-for-sale securities, net of hedges

( 76 )

255

Net change related to cash flow hedges on loans

( 76 )

177

Translation adjustments, net of hedges

—

1

Change in accumulated unrealized losses for pension and other post-retirement obligations

1

—

Other comprehensive (loss) income, net of tax

( 151 )

433

Comprehensive income attributable to Huntington

372

960

Comprehensive income attributed to non-controlling interest

4

4

Comprehensive income

$ 376

$ 964

See Notes to Unaudited Consolidated Financial Statements

40     Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated
Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(dollar amounts in millions, share amounts in thousands)

Preferred
Stock

Common Stock

Capital
Surplus

Treasury Stock

AOCI

Retained
Earnings

Huntington
Shareholders’
Equity

Non-
controlling
Interest

Total
Equity

Amount

Shares

Amount

Shares

Amount

Three months ended March 31, 2026

Balance, beginning of period

$ 2,731

1,574,920

$ 16

$ 17,244

( 7,188 )

$ ( 92 )

$ ( 1,908 )

$ 6,351

$ 24,342

$ 37

$ 24,379

Net income

523

523

4

527

Other comprehensive loss, net of tax

( 151 )

( 151 )

( 151 )

Cadence acquisition:

Issuance of common stock

461,548

4

8,064

8,068

8,068

Conversion of equity awards

117

117

117

Issuance of Series L Preferred Stock

150

—

150

150

Repurchases of common stock

( 8,953 )

—

( 150 )

( 150 )

( 150 )

Cash dividends declared:

Common ( $ 0.155 per share)

( 318 )

( 318 )

( 318 )

Preferred

( 41 )

( 41 )

( 41 )

Recognition of the fair value of share-based compensation

45

45

45

Other share-based compensation activity

6,885

—

( 49 )

—

( 49 )

( 49 )

Other

2

( 81 )

( 3 )

( 1 )

5

4

Balance, end of period

$ 2,881

2,034,400

$ 20

$ 25,273

( 7,269 )

$ ( 95 )

$ ( 2,059 )

$ 6,515

$ 32,535

$ 46

$ 32,581

Three months ended March 31, 2025

Balance, beginning of period

$ 1,989

1,460,620

$ 15

$ 15,484

( 6,984 )

$ ( 86 )

$ ( 2,866 )

$ 5,204

$ 19,740

$ 42

$ 19,782

Net income

527

527

4

531

Other comprehensive income, net of tax

433

433

433

Cash dividends declared:

Common ( $ 0.155 per share)

( 230 )

( 230 )

( 230 )

Preferred

( 27 )

( 27 )

( 27 )

Recognition of the fair value of share-based compensation

21

21

21

Other share-based compensation activity

3,356

—

( 26 )

—

( 26 )

( 26 )

Other

—

( 180 )

( 4 )

( 4 )

6

2

Balance, end of period

$ 1,989

1,463,976

$ 15

$ 15,479

( 7,164 )

$ ( 90 )

$ ( 2,433 )

$ 5,474

$ 20,434

$ 52

$ 20,486

See Notes to Unaudited Consolidated Financial Statements

2026 1Q Form 10-Q    41

Table of Contents

Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows (Unaudited)

 

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Operating activities

Net income

$ 527

$ 531

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

158

115

Depreciation, amortization, and accretion

191

209

Share-based compensation expense

45

21

Deferred income tax benefit

( 83 )

( 25 )

Net gains on sales of securities

( 13 )

—

Net change in:

Trading account securities

( 136 )

( 424 )

Loans held for sale

468

70

Other assets

( 780 )

52

Short-term borrowings

144

503

Other liabilities

47

( 543 )

Other, net

( 44 )

4

Net cash provided by operating activities

524

513

Investing activities

Change in interest-earning deposits with banks

149

183

Proceeds from:

Maturities and calls of available-for-sale securities

1,994

1,481

Maturities and calls of held-to-maturity securities

494

571

Maturities and calls of other securities

197

40

Sales of available-for-sale securities

4,531

—

Purchases of available-for-sale securities

( 7,071 )

( 1,577 )

Purchases of held-to-maturity securities

—

( 515 )

Purchases of other securities

( 225 )

( 97 )

Net proceeds from sales of loans and leases

133

49

Principal payments received under direct finance leases

428

356

Net loan and lease activity, excluding sales and purchases

( 2,825 )

( 2,883 )

Purchases of premises and equipment

( 124 )

( 54 )

Purchases of loans and leases

( 164 )

( 195 )

Net accrued income and other receivables activity

676

476

Net cash and cash equivalents received from business combinations

1,680

—

Other, net

( 8 )

15

Net cash used in investing activities

( 135 )

( 2,150 )

Financing activities

Increase in deposits

3,342

2,889

Decrease in short-term borrowings

( 1,053 )

( 82 )

Net proceeds from issuance of long-term debt

5,364

1,953

Repayment of long-term debt

( 1,852 )

( 378 )

Dividends paid on preferred stock

( 43 )

( 27 )

Dividends paid on common stock

( 248 )

( 226 )

Repurchases of common stock

( 150 )

—

Other, net

( 58 )

( 29 )

Net cash provided by financing activities

5,302

4,100

Increase in cash and cash equivalents

5,691

2,463

Cash and cash equivalents at beginning of period (1)

13,495

12,847

Cash and cash equivalents at end of period (1)

$ 19,186

$ 15,310

42     Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows (continued) (Unaudited)

 

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Supplemental disclosures:

Interest paid

$ 1,226

$ 1,092

Income taxes paid

30

34

Non-cash activities

Loans transferred to held-for-sale from portfolio

140

73

Loans transferred to portfolio from held-for-sale

32

8

Business combination:

Fair value of tangible assets acquired

50,341

—

Goodwill and other intangible assets

4,502

—

Fair value of liabilities assumed

46,508

—

Common stock and equity-based awards issued

8,185

—

Preferred stock issued

150

—

(1) Includes cash and due from banks and interest-earning deposits at the FRB, included within Interest-earning deposits with banks on our Unaudited
Consolidated Balance Sheets.
See Notes to Unaudited Consolidated Financial Statements

2026 1Q Form 10-Q    43

Table of Contents

Huntington Bancshares Incorporated
Notes to Unaudited Consolidated Financial Statements

1 . BASIS OF PRESENTATION
The accompanying interim Unaudited Consolidated Financial Statements of Huntington reflect all adjustments
consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of
the consolidated financial position, the results of operations, and cash flows for the periods presented. These
interim Unaudited Consolidated Financial Statements have been prepared according to the rules and regulations of
the SEC and, therefore, certain information and footnote disclosures normally included in annual financial
statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements
appearing in Huntington’s 2025 Annual Report on Form 10-K, which include descriptions of significant accounting
policies, as updated by the information contained in this report, should be read in conjunction with these interim
financial statements.
In conjunction with applicable accounting standards, all material subsequent events have been either recognized
in the interim Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited Consolidated
Financial Statements. There were no other material subsequent events to disclose for the current period.

2 . ACCOUNTING STANDARDS UPDATE
Accounting standards not yet effective

Standard

Summary of guidance

Effects on financial Statements

ASU 2025-09 -
Derivatives and
Hedging (Topic 815):
Hedge Accounting
Improvements

• More closely aligns hedge accounting with the economics of an
entity’s risk management activities.
• Allows grouping of forecasted transactions with similar risk
exposure.
• Enables hedging of variable price components of forecasted
purchases or sales of nonfinancial assets.
• Introduces a model for hedging interest payments on debt
instruments with multiple rate options and allows a borrower to
select a documented interest rate index and/or tenor without
automatically discontinuing hedge accounting.
• Removes the requirement for net written option test in certain
compound derivative hedges.

• Effective for interim and annual reporting
periods beginning after December 15,
2026, with early adoption permitted on any
date on or after issuance of the ASU.
• The amendments should be applied
prospectively to all hedging relationships
beginning on or after the date of adoption.
• In the period of adoption, an entity must
disclose the nature of, and reason for, the
change in accounting principle and the
method of applying the change.
• Huntington is in the process of evaluating
the impact of this ASU on its consolidated
financial statements.

3 . BUSINESS COMBINATIONS
Veritex Acquisition
On October 20, 2025, Huntington completed the acquisition of Veritex Holdings, Inc. (“Veritex”), a bank holding
company headquartered in Dallas, Texas, pursuant to the Agreement and Plan of Merger dated July 13, 2025
(“Veritex Merger Agreement”). Upon completion of the acquisition, Veritex merged with and into Huntington, with
Huntington as the surviving company, immediately followed by the merger of Veritex’s wholly owned subsidiary
bank, Veritex Community Bank, with and into Huntington’s wholly owned subsidiary bank, Huntington National
Bank, with Huntington National Bank as the surviving bank.

44     Huntington Bancshares Incorporated

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Under the terms of the Veritex Merger Agreement, Huntington issued 1.95 shares of its common stock for each
outstanding share of Veritex common stock (“Veritex Merger Consideration”), in a 100% stock transaction, with cash
paid in lieu of fractional shares. In addition, each holder of an outstanding Veritex stock option received cash equal
to the per-share value of the Veritex Merger Consideration over the per-share exercise price, while any Veritex stock
option with a per-share exercise price that was equal to or greater than the per share value of the Merger
Consideration was cancelled for no consideration, and each outstanding restricted stock unit representing a right to
receive Veritex common stock was converted into a restricted stock unit representing a right to receive Huntington’s
common stock as adjusted by the 1.95 exchange ratio. Upon completion of the merger, Huntington issued 107
million shares of its common stock to Veritex shareholders of record as of the merger date, in addition to 1  million
shares issued upon the conversion of certain Veritex equity awards, resulting in total consideration from the
transaction of $ 1.7 billion based on the closing price of the Company’s common stock on October 17, 2025.
The acquisition of Veritex constituted a business combination in accordance with ASC Topic 805, Business
Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at fair value as of the
acquisition date. The determination of fair value requires management to make estimates related to discount rates,
expected future cash flows, market conditions and other future events that are highly subjective in nature and
subject to change. Fair value estimates related to the assets and liabilities from Veritex are subject to adjustment for
up to one year after the closing date of the acquisition as additional information becomes available. The purchase
consideration allocation is considered preliminary as certain estimates related to the assets acquired and liabilities
assumed are subject to continuing refinement. Valuations subject to refinement include, but are not limited to,
loans and certain other assets.
Preliminary Allocation of Purchase Consideration
The following table provides the preliminary allocation of the purchase consideration to the assets acquired and
liabilities assumed from Veritex as of October 20, 2025.

(dollar amounts in millions)

Fair Value

Purchase consideration

Fair value of common stock issued

$ 1,659

Fair value of equity-based awards

23

Cash

2

Total consideration

1,684

Assets acquired

Cash and due from banks

19

Interest-earning deposits with banks

943

Available-for-sale securities

1,274

Other securities

76

Loans held for sale

83

Loans and leases

9,300

Allowance for loan and lease losses

( 143 )

Net loans and leases

9,157

Bank-owned life insurance

87

Premises and equipment

135

Servicing rights and other intangible assets

105

Other assets

147

Total assets acquired

12,026

Liabilities assumed

Deposits

10,516

Long-term debt

159

Other liabilities

117

Total liabilities assumed

10,792

Preliminary fair value of net assets acquired

1,234

Preliminary goodwill

$ 450

2026 1Q Form 10-Q    45

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In connection with the Veritex acquisition, Huntington recorded preliminary goodwill of $ 450 million , none of
which is anticipated to be deductible for tax purposes. The preliminary goodwill is primarily attributable to expected
synergies, operational efficiencies, and other factors to arise from the transaction. See Note 8 - “Goodwill and Other
Intangible Assets” to the Consolidated Financial Statements appearing in Huntington’s 2025 Annual Report on Form
10-K for i nformation regarding the allocation of goodwill to the Company’s reportable segments as a result of the
acquisition, as well as the carrying amounts and amortization of core deposit and other intangible assets.
See Note 3 - “Business Combinations” to the Consolidated Financial Statements appearing in Huntington’s 2025
Annual Report on Form 10-K for descriptions of the methods used to determine the fair values of significant assets
acquired and liabilities assumed in the Veritex acquisition.
Cadence Acquisition
On February 1, 2026 , Huntington completed the acquisition of Cadence Bank (“Cadence”), a regional bank
headquartered in Houston, Texas and Tupelo, Mississippi, pursuant to an agreement by and among Huntington,
Huntington National Bank, and Cadence, whereby Cadence merged with and into Huntington National Bank, with
Huntington National Bank as the surviving bank (“Cadence Merger Agreement”) .
Under the terms of the Cadence Merger Agreement, Huntington issued 2.475 shares of common stock for each
outstanding common share of Cadence in a 100 % stock transaction, with cash paid in lieu of fractional shares. In
addition, each outstanding share of 5.50 % Series A Non-Cumulative Perpetual Preferred Stock of Cadence was
converted into the right to receive one depositary share representing 1/1000 of a share of a newly created 5.50 %
Series L Non-Cumulative Perpetual Preferred Stock of Huntington. Upon completion of the merger, Huntington
issued 462 million shares of its common stock to Cadence shareholders of record as of the merger date, in addition
to the conversion of certain Cadence equity awards into Huntington equity awards and the issuance of the
depositary shares representing the newly created Series L Preferred Stock, resulting in total consideration from the
transaction of $ 8.3 billion based on the closing price of the Company’s common stock on January 30, 2026 .
The acquisition of Cadence constituted a business combination in accordance with ASC Topic 805, Business
Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at fair value as of the
acquisition date. The determination of fair value requires management to make estimates related to discount rates,
expected future cash flows, market conditions and other future events that are highly subjective in nature and
subject to change. Fair value estimates related to the assets and liabilities from Cadence are subject to adjustment
for up to one year after the closing date of the acquisition as additional information becomes available. The
purchase consideration allocation is considered preliminary as certain estimates related to the assets acquired and
liabilities assumed are subject to continuing refinement. Valuations subject to refinement include, but are not
limited to, loans, certain deposits, certain other assets, and the core deposit intangible asset.

46     Huntington Bancshares Incorporated

Table of Contents

Preliminary Allocation of Purchase Consideration
The following table provides the preliminary allocation of the purchase consideration to the assets acquired and
liabilities assumed from Cadence as of February 1, 2026.

(dollar amounts in millions)

Fair Value

Purchase consideration

Fair value of common stock issued

$ 8,068

Fair value of equity-based awards

117

Fair value of preferred stock issued

150

Total consideration

8,335

Assets acquired

Cash and due from banks

490

Interest-earning deposits with banks

1,368

Available-for-sale securities

8,964

Other securities

259

Loans held for sale

151

Loans and leases

36,912

Allowance for loan and lease losses

( 567 )

Net loans and leases

36,345

Bank-owned life insurance

768

Premises and equipment

738

Servicing rights and other intangible assets

1,005

Other assets

1,258

Total assets acquired

51,346

Liabilities assumed

Deposits

43,530

Short-term borrowings

1,553

Long-term debt

945

Other liabilities

480

Total liabilities assumed

46,508

Preliminary fair value of net assets acquired

4,838

Preliminary goodwill

$ 3,497

In connection with the Cadence acquisition, Huntington recorded preliminary goodwill of $ 3.5 billion , none of
which is anticipated to be deductible for tax purposes. The preliminary goodwill is primarily attributable to expected
synergies, operational efficiencies, and other factors to arise from the transaction. Information regarding the
allocation of goodwill to the Company’s reportable segments as a result of the acquisition, as well as the carrying
amounts of core deposit and other intangible assets, are provided in Note 8 - “ Goodwill and Other Intangible Assets ”
of the Notes to Unaudited Consolidated Financial Statements.
The following is a description of the methods used to determine the fair values of significant assets acquired and
liabilities assumed.
Cash and due from banks and interest-earning deposits with banks: The carrying amount of these assets was a
reasonable estimate of fair value based on the short-term nature of these assets.
Securities: Fair values for securities were based on quoted market prices, where available. If quoted market prices
were not available, fair value estimates were based on observable inputs including quoted market prices for similar
instruments, quoted market prices that were not in an active market or other inputs that were observable in the
market. In the absence of observable inputs, fair value was estimated based on pricing models and/or discounted
cash flow methodologies.

2026 1Q Form 10-Q    47

Table of Contents

Loans and leases: Fair values for loans and leases were based on a discounted cash flow methodology that
considered factors including the type of loan and lease and related collateral, classification status, fixed or variable
interest rate, term, amortization status and current discount rates. Loans and leases were grouped together
according to similar characteristics when applying various valuation techniques. The discount rates used for loans
and leases were based on current market rates for new originations of comparable loans and leases and include
adjustments for liquidity. The discount rate does not include a factor for credit losses as that has been included as a
reduction to the estimated cash flows. Purchased loans and leases that reflect a more-than-insignificant
deterioration of credit from origination are considered PCD. For PCD loans and leases, the initial estimate of
expected credit losses is recognized in the ALLL on the date of acquisition using the same methodology as other
loans and leases held-for-investment. In addition, Huntington adopted ASU 2025-08 in the fourth quarter of 2025.
Accordingly, the initial estimate of expected credit losses recognized in the ALLL included both PCD and non-PCD
loans which were deemed purchased seasoned loans.
The following table includes the fair value and unpaid principal balance of the acquired loans and leases.

(dollar amounts in millions)

Unpaid principal
balance

Premium/
(discount)

Loans and leases

Allowance for
loan losses

Net loans and
leases

Non-PCD loans

$ 31,879

$ ( 390 )

$ 31,489

$ ( 245 )

$ 31,244

PCD loans

5,614

( 191 )

5,423

( 322 )

5,101

Total

$ 37,493

$ ( 581 )

$ 36,912

$ ( 567 )

$ 36,345

CDI: Huntington recorded a CDI of $ 855 million as of the acquisition date, which represents the low cost of funding
that acquired core deposits provide relative to the Company’s marginal cost of funds. The fair value was estimated
based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition
rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with
customer deposits. The CDI is being amortized over 10 years based upon the period over which estimated economic
benefits are estimated to be received.
Deposits: The fair values used for the demand and savings deposits by definition equal the amount payable on
demand at the acquisition date. The fair values for time deposits were estimated using a discounted cash flow
calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.

48     Huntington Bancshares Incorporated

Table of Contents

Pro Forma Financial Information (Unaudited)
Huntington's operating results for the quarter ended March 31, 2026 include the operating results of the
acquired assets and assumed liabilities of Veritex subsequent to the acquisition on October 20, 2025 and Cadence
subsequent to the acquisition on February 1, 2026. Due to the streamlining and integration of certain operating
activities into those of Huntington post-acquisition, historical reporting for the former Veritex and Cadence
operations is impracticable, and thus disclosures of the revenue from the assets acquired and income before income
taxes are impracticable for the periods subsequent to the acquisitions.
The following table presents unaudited pro forma combined information as if the acquisitions of Veritex and
Cadence had occurred on January 1, 2025 under the “Unaudited Pro Forma Combined Results” columns. The pro
forma adjustments give effect to any change in interest income due to the accretion of the net discount associated
with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated
premium amortization/discount accretion associated with the fair value adjustments to acquired interest-bearing
deposits and long-term debt, and the amortization of the CDI that would have resulted had the deposits been
acquired as of January 1, 2025. Pro forma combined results for the three months ended March 31, 2026 include
$ 321 million of acquisition-related expenses attributable to the acquisitions, which primarily included, but were not
limited to, severance costs, professional services, and data processing fees. Pro forma combined results also include
adjustments for the elimination of Veritex’s and Cadence’s intangible amortization expense and Cadence’s interest
income and interest expense related to premium amortization/discount accretion from prior acquisitions, and the
related income tax effects. The pro forma information does not necessarily reflect the results of operations that
would have occurred had Huntington acquired Veritex and Cadence on January 1, 2025. Furthermore, cost savings
and other business synergies related to the acquisition are not reflected in the pro forma combined amounts.

Unaudited Pro Forma Combined Results

Three months ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Net interest income

$ 2,042

$ 1,914

Noninterest income

739

594

Net income attributable to Huntington

485

665

2026 1Q Form 10-Q    49

Table of Contents

4 . INVESTMENT SECURITIES AND OTHER SECURITIES
Debt securities are classified as held-to-maturity when Huntington has the intent and ability to hold the
securities to their maturity. All other debt and equity securities are classified as either available-for-sale or other
securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by
investment category.

Unrealized

(dollar amounts in millions)

Amortized
Cost (1)(2)

Gross
Gains

Gross
Losses

Fair Value

At March 31, 2026

Available-for-sale securities:

U.S. Treasury

$ 8,484

$ 9

$ ( 7 )

$ 8,486

Federal agencies:

Residential MBS

13,978

2

( 1,383 )

12,597

Residential CMO

6,775

10

( 337 )

6,448

Commercial MBS

3,365

—

( 660 )

2,705

Other agencies

520

1

( 2 )

519

Total U.S. Treasury, federal agency, and other agency securities

33,122

22

( 2,389 )

30,755

Municipal securities

4,436

4

( 102 )

4,338

Corporate debt

193

—

( 17 )

176

Asset-backed securities

189

—

( 7 )

182

Private-label CMO

103

—

( 7 )

96

Other securities/sovereign debt

10

—

—

10

Total available-for-sale securities

$ 38,053

$ 26

$ ( 2,522 )

$ 35,557

Held-to-maturity securities:

U.S. Treasury

$ 2,158

$ 8

$ ( 3 )

$ 2,163

Federal agencies:

Residential MBS

7,546

—

( 947 )

6,599

Residential CMO

3,772

2

( 549 )

3,225

Commercial MBS

1,249

—

( 187 )

1,062

Other agencies

42

—

( 2 )

40

Total U.S. Treasury, federal agency, and other agency securities

14,767

10

( 1,688 )

13,089

Municipal securities

1

—

—

1

Total held-to-maturity securities

$ 14,768

$ 10

$ ( 1,688 )

$ 13,090

Other securities, at cost:

Non-marketable equity securities:

FRB stock

$ 719

$ —

$ —

$ 719

FHLB stock

436

—

—

436

Other non-marketable equity securities

62

—

—

62

Other securities, at fair value:

Mutual funds

29

—

—

29

Equity securities

35

—

—

35

Total other securities

$ 1,281

$ —

$ —

$ 1,281

(1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited
Consolidated Balance Sheet s . At March 31, 2026 , accrued interest receivable on AFS securities and HTM securities totaled $ 126 million and $ 39 million ,
respectively.
(2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The
basis adjustments totaled $ 196 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under
the portfolio layer method are primarily Residential CMO and Residential MBS securities.

50     Huntington Bancshares Incorporated

Table of Contents

Unrealized

(dollar amounts in millions)

Amortized
Cost (1)(2)

Gross
Gains

Gross
Losses

Fair Value

At December 31, 2025

Available-for-sale securities:

U.S. Treasury

$ 4,590

$ 45

$ —

$ 4,635

Federal agencies:

Residential MBS

11,031

3

( 1,365 )

9,669

Residential CMO

5,496

9

( 308 )

5,197

Commercial MBS

2,488

—

( 657 )

1,831

Other agencies

153

—

( 3 )

150

Total U.S. Treasury, federal agency, and other agency securities

23,758

57

( 2,333 )

21,482

Municipal securities

4,215

9

( 81 )

4,143

Corporate debt

193

—

( 15 )

178

Asset-backed securities

229

—

( 8 )

221

Private-label CMO

105

—

( 7 )

98

Other securities/sovereign debt

10

—

—

10

Total available-for-sale securities

$ 28,510

$ 66

$ ( 2,444 )

$ 26,132

Held-to-maturity securities:

U.S. Treasury

$ 2,349

$ 19

$ —

$ 2,368

Federal agencies:

Residential MBS

7,718

1

( 941 )

6,778

Residential CMO

3,865

5

( 520 )

3,350

Commercial MBS

1,278

—

( 184 )

1,094

Other agencies

47

—

( 2 )

45

Total U.S. Treasury, federal agency, and other agency securities

15,257

25

( 1,647 )

13,635

Municipal securities

1

—

—

1

Total held-to-maturity securities

$ 15,258

$ 25

$ ( 1,647 )

$ 13,636

Other securities, at cost:

Non-marketable equity securities:

FRB stock

$ 616

$ —

$ —

$ 616

FHLB stock

288

—

—

288

Other non-marketable equity securities

48

—

—

48

Other securities, at fair value:

Mutual funds

30

—

—

30

Equity securities

12

—

12

Total other securities

$ 994

$ —

$ —

$ 994

(1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited
Consolidated Balance Sheet s . At December 31, 2025 , accrued interest receivable on AFS securities and HTM securities totaled $ 106 million and $ 44 million ,
respectively.
(2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The
basis adjustments totaled $ 177 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under
the portfolio layer method are primarily Residential CMO and Residential MBS securities.

2026 1Q Form 10-Q    51

Table of Contents

The following table provides the amortized cost and fair value of securities by contractual maturity. Expected
maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or
without incurring penalties.

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Amortized Cost

Fair Value

Amortized Cost

Fair Value

Available-for-sale securities:

Under 1 year

$ 5,140

$ 5,135

$ 1,369

$ 1,365

After 1 year through 5 years

6,605

6,558

5,581

5,595

After 5 years through 10 years

2,217

2,089

1,899

1,784

After 10 years

24,091

21,775

19,661

17,388

Total available-for-sale securities

$ 38,053

$ 35,557

$ 28,510

$ 26,132

Held-to-maturity securities:

Under 1 year

$ 502

$ 503

$ 603

$ 604

After 1 year through 5 years

1,679

1,683

1,773

1,791

After 5 years through 10 years

136

128

144

134

After 10 years

12,451

10,776

12,738

11,107

Total held-to-maturity securities

$ 14,768

$ 13,090

$ 15,258

$ 13,636

The following tables provide detail on investment securities with unrealized losses aggregated by investment
category and the length of time the individual securities have been in a continuous loss position.

Less than 12 Months

Over 12 Months

Total

(dollar amounts in millions)

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

At March 31, 2026

Available-for-sale securities:

U.S. Treasury

$ 3,883

$ ( 7 )

$ —

$ —

$ 3,883

$ ( 7 )

Federal agencies:

Residential MBS

3,290

( 20 )

8,946

( 1,363 )

12,236

( 1,383 )

Residential CMO

1,606

( 6 )

2,406

( 331 )

4,012

( 337 )

Commercial MBS

870

( 4 )

1,776

( 656 )

2,646

( 660 )

Other agencies

61

—

69

( 2 )

130

( 2 )

Total U.S. Treasury, federal agency, and other agency
securities

9,710

( 37 )

13,197

( 2,352 )

22,907

( 2,389 )

Municipal securities

1,358

( 16 )

2,307

( 86 )

3,665

( 102 )

Corporate debt

2

—

174

( 17 )

176

( 17 )

Asset-backed securities

—

—

149

( 7 )

149

( 7 )

Private-label CMO

3

—

73

( 7 )

76

( 7 )

Total temporarily impaired available-for-sale securities

$ 11,073

$ ( 53 )

$ 15,900

$ ( 2,469 )

$ 26,973

$ ( 2,522 )

Held-to-maturity securities:

U.S. Treasury

$ 747

$ ( 3 )

$ —

$ —

$ 747

$ ( 3 )

Federal agencies:

Residential MBS

67

( 1 )

6,489

( 946 )

6,556

( 947 )

Residential CMO

71

( 1 )

2,852

( 548 )

2,923

( 549 )

Commercial MBS

—

—

1,062

( 187 )

1,062

( 187 )

Other agencies

—

—

40

( 2 )

40

( 2 )

Total U.S. Treasury, federal agency, and other agency
securities

885

( 5 )

10,443

( 1,683 )

11,328

( 1,688 )

Municipal securities

—

—

1

—

1

—

Total temporarily impaired held-to-maturity securities

$ 885

$ ( 5 )

$ 10,444

$ ( 1,683 )

$ 11,329

$ ( 1,688 )

52     Huntington Bancshares Incorporated

Table of Contents

Less than 12 Months

Over 12 Months

Total

(dollar amounts in millions)

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

At December 31, 2025

Available-for-sale securities:

U.S. Treasury

$ —

$ —

$ 439

$ —

$ 439

$ —

Federal agencies:

Residential MBS

55

—

9,185

( 1,365 )

9,240

( 1,365 )

Residential CMO

51

—

2,665

( 308 )

2,716

( 308 )

Commercial MBS

23

—

1,782

( 657 )

1,805

( 657 )

Other agencies

15

—

74

( 3 )

89

( 3 )

Total U.S. Treasury, federal agency, and other agency
securities

144

—

14,145

( 2,333 )

14,289

( 2,333 )

Municipal securities

1,043

( 14 )

1,892

( 67 )

2,935

( 81 )

Corporate debt

2

—

176

( 15 )

178

( 15 )

Asset-backed securities

9

—

207

( 8 )

216

( 8 )

Private-label CMO

—

—

79

( 7 )

79

( 7 )

Total temporarily impaired available-for-sale securities

$ 1,198

$ ( 14 )

$ 16,499

$ ( 2,430 )

$ 17,697

$ ( 2,444 )

Held-to-maturity securities:

U.S. Treasury

$ —

$ —

$ 289

$ —

$ 289

$ —

Federal agencies:

Residential MBS

—

—

6,694

( 941 )

6,694

( 941 )

Residential CMO

48

—

2,956

( 520 )

3,004

( 520 )

Commercial MBS

—

—

1,094

( 184 )

1,094

( 184 )

Other agencies

—

—

45

( 2 )

45

( 2 )

Total U.S. Treasury, federal agency, and other agency
securities

48

—

11,078

( 1,647 )

11,126

( 1,647 )

Municipal securities

—

—

1

—

1

—

Total temporarily impaired held-to-maturity securities

$ 48

$ —

$ 11,079

$ ( 1,647 )

$ 11,127

$ ( 1,647 )

At March 31, 2026 , substantially all HTM debt securities are comprised of securities issued by government-
sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt
securities considered past due at March 31, 2026 . Based on an evaluation of available information as of March 31,
2026 , including security type, counterparty credit quality, past events, current conditions, and reasonable and
supportable forecasts that are relevant to collectability of cash flows, Huntington does not expect to incur credit
losses on any security held in its AFS and HTM debt securities portfolio. There was no allowance related to securities
as of March 31, 2026 or December 31, 2025 .
The carrying value of investment securities pledged to secure public and trust deposits, trading account
liabilities, U.S. Treasury demand notes, and security repurchase agreements, and to support borrowing capacity,
totaled $ 36.5 billion at March 31, 2026 and $ 29.7 billion at December 31, 2025 .

2026 1Q Form 10-Q    53

Table of Contents

5 . LOANS AND LEASES
The following table provides a detailed listing of Huntington’s loan and lease portfolio.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Commercial loan and lease portfolio:

Commercial and industrial

$ 89,282

$ 69,442

Commercial real estate

24,337

15,209

Lease financing

5,796

5,727

Total commercial loan and lease portfolio

119,415

90,378

Consumer loan portfolio:

Residential mortgage

33,458

24,777

Automobile

15,953

16,168

Home equity

11,831

10,395

RV and marine

5,627

5,682

Other consumer

2,534

2,242

Total consumer loan portfolio

69,403

59,264

Total loans and leases (1)(2)

188,818

149,642

Allowance for loan and lease losses

( 3,243 )

( 2,537 )

Net loans and leases

$ 185,575

$ 147,105

(1) Loans and leases are reported at principal amount outstanding, including unamortized purchase premiums and discounts, unearned income, and net direct
fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of
$ 1.5 billion and $ 815 million at March 31, 2026 and December 31, 2025 , respectively.
(2) The total amount of accrued interest recorded for loans and leases at March 31, 2026 was $ 483 million and $ 342 million of commercial and consumer loan
and lease portfolios, respectively, and at December 31, 2025 was $ 358 million and $ 253 million of commercial and consumer loan and lease portfolios,
respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheet s.
Lease Financing
The following table presents net investments in lease financing receivables by category .

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Lease payments receivable

$ 5,417

$ 5,379

Estimated residual value of leased assets

1,030

1,011

Gross investment in lease financing receivables

6,447

6,390

Deferred origination costs

57

58

Deferred fees, unearned income, and other

( 708 )

( 721 )

Total lease financing receivables

$ 5,796

$ 5,727

The carrying value of residual values guaranteed was $ 400 million and $ 419 million as of March 31, 2026 and
December 31, 2025 , respectively. The future lease rental payments due from customers on direct financing leases at
March 31, 2026 totaled $ 5.4 billion and were due as follows: $ 975 million in 2026 , $ 1.1 billion in 2027 , $ 1.0 billion in
2028 , $ 919 million in 2029 , $ 660 million in 2030 , and $ 727 million thereafter. Interest income recognized for these
types of leases was $ 98 million and $ 89 million for the three-month periods ended March 31, 2026 and 2025 ,
respectively.

54     Huntington Bancshares Incorporated

Table of Contents

Nonaccrual and Past Due Loans and Leases
The following table presents NALs by loan class.

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Nonaccrual loans and
leases with no ACL

Total nonaccrual
loans and leases

Nonaccrual loans and
leases with no ACL

Total nonaccrual
loans and leases

Commercial and industrial

$ 117

$ 824

$ 76

$ 562

Commercial real estate

34

188

81

133

Lease financing

2

9

4

8

Residential mortgage

3

185

5

107

Automobile

—

6

—

6

Home equity

—

117

—

113

RV and marine

—

2

—

2

Other consumer

—

1

—

—

Total nonaccrual loans and leases

$ 156

$ 1,332

$ 166

$ 931

The following table presents an aging analysis of loans and leases, by loan class.

Past Due (1)

Loans
Accounted
for Under
FVO

Total Loans
and Leases

90 or
more days
past due
and accruing

(dollar amounts in millions)

30-59
Days

60-89
 Days

90 or 
more days

Total

Current

At March 31, 2026

Commercial and industrial

$ 273

$ 108

$ 468

$ 849

$ 88,433

$ —

$ 89,282

$ 2

(2)

Commercial real estate

61

37

64

162

24,175

—

24,337

3

Lease financing

37

9

8

54

5,742

—

5,796

5

Residential mortgage

330

124

493

947

32,345

166

33,458

368

(3)

Automobile

128

30

15

173

15,780

—

15,953

12

Home equity

77

37

105

219

11,612

—

11,831

22

RV and marine

26

8

4

38

5,589

—

5,627

3

Other consumer

23

8

7

38

2,496

—

2,534

6

Total loans and leases

$ 955

$ 361

$ 1,164

$ 2,480

$ 186,172

$ 166

$ 188,818

$ 421

At December 31, 2025

Commercial and industrial

$ 144

$ 78

$ 332

$ 554

$ 68,888

$ —

$ 69,442

$ 1

(2)

Commercial real estate

31

2

101

134

15,075

—

15,209

—

Lease financing

30

32

10

72

5,655

—

5,727

9

Residential mortgage

239

100

305

644

23,966

167

24,777

232

(3)

Automobile

132

33

18

183

15,985

—

16,168

14

Home equity

60

30

89

179

10,216

—

10,395

16

RV and marine

25

10

5

40

5,642

—

5,682

4

Other consumer

18

6

7

31

2,211

—

2,242

6

Total loans and leases

$ 679

$ 291

$ 867

$ 1,837

$ 147,638

$ 167

$ 149,642

$ 282

(1) NALs are included in this aging analysis based on the loan’s past due status.
(2) Amounts include SBA loans and leases.
(3) Amounts include mortgage loans insured by U.S. government agencies.
Credit Quality Indicators
Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. See Note 5 - “Loans
and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2025 Annual Report on Form 10-K
for a description of the credit quality indicators Huntington utilizes for monitoring credit quality and for determining
an appropriate ACL level.

2026 1Q Form 10-Q    55

Table of Contents

The following tables present the amortized cost basis of loans and leases by vintage and internally defined credit
quality indicator.

At March 31, 2026

Term Loans Amortized Cost Basis by Origination Year

Revolver
Total at
Amortized
Cost Basis

Revolver
Total
Converted to
Term Loans

(dollar amounts in millions)

2026

2025

2024

2023

2022

Prior

Total

Commercial and industrial

Credit Quality Indicator:

Pass

$ 7,007

$ 19,650

$ 10,233

$ 6,015

$ 5,502

$ 6,826

$ 29,569

$ 20

$ 84,822

OLEM

89

139

240

86

113

105

295

—

1,067

Substandard

235

490

582

417

337

439

866

27

3,393

Total Commercial and industrial

$ 7,331

$ 20,279

$ 11,055

$ 6,518

$ 5,952

$ 7,370

$ 30,730

$ 47

$ 89,282

Commercial real estate

Credit Quality Indicator:

Pass

$ 1,089

$ 5,699

$ 3,111

$ 1,411

$ 3,847

$ 5,330

$ 1,132

$ —

$ 21,619

OLEM

53

179

22

81

499

290

—

—

1,124

Substandard

68

274

160

118

517

454

3

—

1,594

Total Commercial real estate

$ 1,210

$ 6,152

$ 3,293

$ 1,610

$ 4,863

$ 6,074

$ 1,135

$ —

$ 24,337

Lease financing

Credit Quality Indicator:

Pass

$ 393

$ 1,975

$ 1,499

$ 1,000

$ 315

$ 551

$ —

$ —

$ 5,733

OLEM

—

—

6

1

—

—

—

—

7

Substandard

—

2

7

22

9

16

—

—

56

Total Lease financing

$ 393

$ 1,977

$ 1,512

$ 1,023

$ 324

$ 567

$ —

$ —

$ 5,796

Residential mortgage

Credit Quality Indicator:

750+

$ 371

$ 2,425

$ 2,384

$ 2,637

$ 4,569

$ 11,796

$ 320

$ —

$ 24,502

650-749

146

1,032

731

617

945

2,573

73

—

6,117

<650

234

477

294

193

298

1,141

36

—

2,673

Total Residential mortgage

$ 751

$ 3,934

$ 3,409

$ 3,447

$ 5,812

$ 15,510

$ 429

$ —

$ 33,292

Automobile

Credit Quality Indicator:

750+

$ 1,069

$ 3,439

$ 2,403

$ 898

$ 626

$ 392

$ —

$ —

$ 8,827

650-749

502

2,714

1,375

466

311

190

—

—

5,558

<650

42

613

415

204

163

131

—

—

1,568

Total Automobile

$ 1,613

$ 6,766

$ 4,193

$ 1,568

$ 1,100

$ 713

$ —

$ —

$ 15,953

Home equity

Credit Quality Indicator:

750+

$ 32

$ 242

$ 168

$ 239

$ 320

$ 887

$ 5,606

$ 233

$ 7,727

650-749

37

85

64

80

70

148

2,582

207

3,273

<650

—

8

11

17

14

49

588

144

831

Total Home equity

$ 69

$ 335

$ 243

$ 336

$ 404

$ 1,084

$ 8,776

$ 584

$ 11,831

RV and marine

Credit Quality Indicator:

750+

$ 223

$ 647

$ 673

$ 660

$ 641

$ 1,400

$ —

$ —

$ 4,244

650-749

27

184

190

207

159

415

—

—

1,182

<650

—

7

22

32

30

110

—

—

201

Total RV and marine

$ 250

$ 838

$ 885

$ 899

$ 830

$ 1,925

$ —

$ —

$ 5,627

Other consumer

Credit Quality Indicator:

750+

$ 140

$ 332

$ 164

$ 51

$ 24

$ 59

$ 634

$ 7

$ 1,411

650-749

56

186

89

31

10

16

534

4

926

<650

4

29

22

11

5

6

112

8

197

Total Other consumer

$ 200

$ 547

$ 275

$ 93

$ 39

$ 81

$ 1,280

$ 19

$ 2,534

56     Huntington Bancshares Incorporated

Table of Contents

At December 31, 2025

Term Loans Amortized Cost Basis by Origination Year

Revolver
Total at
Amortized
Cost Basis

Revolver
Total
Converted to
Term Loans

(dollar amounts in millions)

2025

2024

2023

2022

2021

Prior

Total

Commercial and industrial

Credit Quality Indicator:

Pass

$ 19,465

$ 8,750

$ 4,561

$ 4,189

$ 1,601

$ 2,181

$ 25,228

$ 7

$ 65,982

OLEM

222

226

92

106

14

17

272

—

949

Substandard

513

406

326

285

137

127

717

—

2,511

Total Commercial and industrial

$ 20,200

$ 9,382

$ 4,979

$ 4,580

$ 1,752

$ 2,325

$ 26,217

$ 7

$ 69,442

Commercial real estate

Credit Quality Indicator:

Pass

$ 3,257

$ 1,813

$ 761

$ 2,491

$ 1,358

$ 2,429

$ 876

$ —

$ 12,985

OLEM

58

47

89

398

275

108

—

—

975

Substandard

178

87

125

366

197

289

7

—

1,249

Total Commercial real estate

$ 3,493

$ 1,947

$ 975

$ 3,255

$ 1,830

$ 2,826

$ 883

$ —

$ 15,209

Lease financing

Credit Quality Indicator:

Pass

$ 1,854

$ 1,506

$ 1,091

$ 547

$ 356

$ 303

$ —

$ —

$ 5,657

OLEM

—

7

10

2

3

9

—

—

31

Substandard

3

6

11

13

2

4

—

—

39

Total Lease financing

$ 1,857

$ 1,519

$ 1,112

$ 562

$ 361

$ 316

$ —

$ —

$ 5,727

Residential mortgage

Credit Quality Indicator:

750+

$ 1,515

$ 1,785

$ 2,028

$ 3,755

$ 5,331

$ 5,006

$ —

$ —

$ 19,420

650-749

638

441

397

638

727

1,076

—

—

3,917

<650

88

113

100

165

155

652

—

—

1,273

Total Residential mortgage

$ 2,241

$ 2,339

$ 2,525

$ 4,558

$ 6,213

$ 6,734

$ —

$ —

$ 24,610

Automobile

Credit Quality Indicator:

750+

$ 4,019

$ 2,692

$ 1,036

$ 754

$ 424

$ 107

$ —

$ —

$ 9,032

650-749

2,879

1,576

544

369

199

53

—

—

5,620

<650

523

428

217

184

123

41

—

—

1,516

Total Automobile

$ 7,421

$ 4,696

$ 1,797

$ 1,307

$ 746

$ 201

$ —

$ —

$ 16,168

Home equity

Credit Quality Indicator:

750+

$ 185

$ 164

$ 249

$ 321

$ 376

$ 542

$ 4,909

$ 228

$ 6,974

650-749

56

51

72

62

43

102

2,100

217

2,703

<650

3

8

14

29

7

41

474

142

718

Total Home equity

$ 244

$ 223

$ 335

$ 412

$ 426

$ 685

$ 7,483

$ 587

$ 10,395

RV and marine

Credit Quality Indicator:

750+

$ 709

$ 716

$ 709

$ 676

$ 586

$ 914

$ —

$ —

$ 4,310

650-749

172

204

209

164

164

264

—

—

1,177

<650

5

19

32

29

37

73

—

—

195

Total RV and marine

$ 886

$ 939

$ 950

$ 869

$ 787

$ 1,251

$ —

$ —

$ 5,682

Other consumer

Credit Quality Indicator:

750+

$ 388

$ 176

$ 52

$ 25

$ 11

$ 45

$ 619

$ 9

$ 1,325

650-749

172

87

29

9

3

10

485

4

799

<650

14

15

8

4

1

2

66

8

118

Total Other consumer

$ 574

$ 278

$ 89

$ 38

$ 15

$ 57

$ 1,170

$ 21

$ 2,242

2026 1Q Form 10-Q    57

Table of Contents

The following tables present the gross charge-offs of loans and leases by vintage.

Term Loans Gross Charge-offs by Origination Year

Revolver
Gross
Charge-offs

Revolver
Converted
to Term
Loans
Gross
Charge-offs

(dollar amounts in millions)

2026

2025

2024

2023

2022

Prior

Total

Three months ended March 31, 2026

Commercial and industrial

$ 1

$ 12

$ 6

$ 7

$ 2

$ 49

$ 15

$ —

$ 92

Commercial real estate

—

—

—

—

1

4

—

—

5

Lease financing

—

—

—

—

—

1

—

—

1

Residential mortgage

—

—

—

—

—

1

—

—

1

Automobile

—

9

6

4

3

3

—

—

25

Home equity

—

—

—

—

—

—

—

1

1

RV and marine

—

—

1

2

1

5

—

—

9

Other consumer

1

9

6

3

1

4

2

13

39

Total

$ 2

$ 30

$ 19

$ 16

$ 8

$ 67

$ 17

$ 14

$ 173

Term Loans Gross Charge-offs by Origination Year

Revolver
Gross
Charge-offs

Revolver
Converted
to Term
Loans Gross
Charge-offs

(dollar amounts in millions)

2025

2024

2023

2022

2021

Prior

Total

Three months ended March 31, 2025

Commercial and industrial

$ —

$ 6

$ 8

$ 33

$ 3

$ 9

$ 9

$ 1

$ 69

Commercial real estate

—

—

—

—

1

—

—

—

1

Lease financing

—

1

1

2

—

—

—

—

4

Residential mortgage

—

—

—

—

—

1

—

—

1

Automobile

—

5

5

6

3

1

—

—

20

Home equity

—

—

—

—

—

—

1

1

2

RV and marine

—

—

2

1

2

4

—

—

9

Other consumer

1

6

5

2

1

3

—

9

27

Total

$ 1

$ 18

$ 21

$ 44

$ 10

$ 18

$ 10

$ 11

$ 133

58     Huntington Bancshares Incorporated

Table of Contents

Modifications to Debtors Experiencing Financial Difficulty
See Note 5 - “Loans and Leases” to the Consolidated Financial Statements appearing in Huntington’s 2025
Annual Report on Form 10-K for a description of reported modification types and the impact on credit quality of
borrowers experiencing financial difficulty.
The following table summarizes the amortized cost basis of loans modified during the reporting period to
borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of modification.

Amortized Cost

(dollar amounts in millions)

Interest rate
reduction

Term
extension

Payment
deferral

Combo - interest
rate reduction and
term extension

Total

% of total
loan class
(1)

Three months ended March 31, 2026

Commercial and industrial

$ 33

$ 82

$ —

$ 57

$ 172

0.19 %

Commercial real estate

—

54

—

—

54

0.22

Residential mortgage

—

12

5

1

18

0.05

Automobile

—

4

—

1

5

0.03

Home equity

—

2

—

1

3

0.03

Total loans to borrowers experiencing financial
difficulty to which modifications were made

$ 33

$ 154

$ 5

$ 60

$ 252

0.13 %

Three months ended March 31, 2025

Commercial and industrial

$ 47

$ 173

$ —

$ —

$ 220

0.37 %

Commercial real estate

—

97

—

—

97

0.88

Residential mortgage

—

16

7

1

24

0.10

Automobile

—

2

—

—

2

0.01

Home equity

—

2

—

2

4

0.04

Other consumer

1

—

—

—

1

0.05

Total loans to borrowers experiencing financial
difficulty to which modifications were made

$ 48

$ 290

$ 7

$ 3

$ 348

0.26 %

(1) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.
The following table summarizes the weighted-average financial effects of loan modifications made to borrowers
experiencing financial difficulty.

Interest Rate Reduction (1)

Term Extension (1)

Weighted-average contractual
interest rate

Weighted-average
years added to the
life

From

To

Three months ended March 31, 2026

Commercial and industrial

10.54 %

7.53 %

0.8

Commercial real estate

0.5

Three months ended March 31, 2025

Commercial and industrial

7.90 %

7.61 %

0.9

Commercial real estate

1.0

Residential mortgage

6.5

(1) Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial.

2026 1Q Form 10-Q    59

Table of Contents

The performance of loans made to borrowers experiencing financial difficulty to which modifications were made
is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment
default at 90 or more days past due. The following table depicts the performance of loans that have been modified
during the identified period.

Past Due

(dollar amounts in millions)

30-59
Days

60-89
 Days

90 or 
more days

Total

Current

Total

At March 31, 2026

Commercial and industrial

$ 11

$ 1

$ 5

$ 17

$ 297

$ 314

Commercial real estate

7

1

26

34

115

149

Residential mortgage

12

6

20

38

35

73

Automobile

1

—

—

1

11

12

Home equity

2

1

3

6

12

18

RV and marine

—

—

—

—

1

1

Other consumer

—

—

—

—

1

1

Total loans to borrowers experiencing financial difficulty to
which modifications were made in the twelve months ended
March 31, 2026

$ 33

$ 9

$ 54

$ 96

$ 472

$ 568

At March 31, 2025

Commercial and industrial

$ 8

$ —

$ 5

$ 13

$ 483

$ 496

Commercial real estate

12

—

2

14

244

258

Residential mortgage

9

9

15

33

39

72

Automobile

2

—

—

2

9

11

Home equity

1

1

1

3

12

15

RV and marine

—

—

—

—

1

1

Other consumer

—

—

—

—

2

2

Total loans to borrowers experiencing financial difficulty to
which modifications were made in the twelve months ended
March 31, 2025

$ 32

$ 10

$ 23

$ 65

$ 790

$ 855

Pledged Loans
The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the
FHLB. As of March 31, 2026 and December 31, 2025 , loans and leases totaling $ 141.2 billion and $ 114.2 billion ,
respectively, were pledged to the FRB and FHLB for access to these contingent funding sources.

60     Huntington Bancshares Incorporated

Table of Contents

6 . ALLOWANCE FOR CREDIT LOSSES
The following table presents ACL activity by portfolio segment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

(dollar amounts in millions)

Commercial

Consumer

Total

Three months ended March 31, 2026

ALLL balance, beginning of period

$ 1,731

$ 806

$ 2,537

Loan and lease charge-offs (1)

( 98 )

( 75 )

( 173 )

Recoveries of loans and leases previously charged-off

42

20

62

Provision for loan and lease losses

192

58

250

Allowance on PCD loans and leases at acquisition

268

54

322

Allowance on purchased seasoned loans and leases at acquisition

170

75

245

ALLL balance, end of period

$ 2,305

$ 938

$ 3,243

AULC balance, beginning of period

$ 145

$ 61

$ 206

Provision (benefit) for unfunded lending commitments

( 50 )

( 42 )

( 92 )

Acquired unfunded lending commitments

3

8

11

AULC balance, end of period

$ 98

$ 27

$ 125

ACL balance, end of period

$ 2,403

$ 965

$ 3,368

Three months ended March 31, 2025

ALLL balance, beginning of period

$ 1,484

$ 760

$ 2,244

Loan and lease charge-offs

( 74 )

( 59 )

( 133 )

Recoveries of loans and leases previously charged-off

30

17

47

Provision for loan and lease losses

80

25

105

ALLL balance, end of period

$ 1,520

$ 743

$ 2,263

AULC balance, beginning of period

$ 144

$ 58

$ 202

Provision (benefit) for unfunded lending commitments

14

( 1 )

13

AULC balance, end of period

$ 158

$ 57

$ 215

ACL balance, end of period

$ 1,678

$ 800

$ 2,478

(1) Includes charge-offs of $ 23  million on certain commercial loans previously charged off by Cadence, which were written up to the unpaid principal balance
at acquisition and then immediately written off as required by purchase accounting.
At March 31, 2026 , the ACL was $ 3.4 billion , a $ 625 million increase compared to December 31, 2025 . The
increase in the ACL was driven by the ACL recorded for loans acquired in the Cadence transaction in addition to
organic loan and lease growth . The ACL coverage ratio at March 31, 2026 is reflective of the current macroeconomic
forecast and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative
reserve.
The commercial ACL was $ 2.4 billion at March 31, 2026 , a $ 527  million increase compared to December 31,
2025 , with the increase driven by $ 438  million of ALLL recorded for commercial loans acquired in the Cadence
transaction, as well as organic growth in commercial loans and leases during the first quarter of 2026. The consumer
ACL was $ 965 million at March 31, 2026 , an increase of $ 98 million from December 31, 2025 , with the increase due
to $ 129  million of ALLL recorded for consumer loans acquired in the Cadence transaction.
The baseline economic scenario used to estimate our March 31, 2026 ACL assumes continued tariff uncertainty,
but reflects marginal improved performance of the U.S. economy in the near term with minimal change in the
overall outlook. In this scenario, the unemployment rate is expected to remain at 4.5% throughout 2026 before
declining slightly in 2027. The Federal Reserve restarts rate cuts in 2026, resulting in an average federal funds rate of
3.2% for 2026. The inflation outlook stabilizes slightly as the impacts of tariffs and other trade policies moderate,
and near-term inflation declines but remains above the Federal Reserve’s 2% target throughout 2026. After slow
GDP growth to end 2025, GDP growth accelerates in the first quarter of 2026 but is expected to decline over the
remainder of 2026 and remain below 2% for all of 2027.

2026 1Q Form 10-Q    61

Table of Contents

The economic scenarios used included elevated levels of economic uncertainty including the impact of specific
challenges in the commercial real estate industry, recent inflation levels, the U.S. labor market, the expected path of
interest rate changes by the Federal Reserve, and the impact of significant conflicts on-going around the world.
Given the uncertainty associated with key economic scenario assumptions, the March 31, 2026 ACL included a
general reserve that consists of various risk profile components to address uncertainty not measured within the
quantitative transaction reserve.

7 . MORTGAGE LOAN SALES AND SERVICING RIGHTS
Residential Mortgage Portfolio
The following table summarizes activity relating to residential mortgage loans sold with servicing retained.

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Residential mortgage loans sold with servicing retained

$ 1,309

$ 1,009

Pretax gains resulting from above loan sales (1)

28

19

Total servicing, late, and other ancillary fees (1)

33

27

(1) Included in mortgage banking income.
The following table summarizes the changes in MSRs recorded using the fair value method.

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Fair value, beginning of period

$ 593

$ 573

Servicing assets obtained in acquisition

140

`
`

—

New servicing assets created

28

20

Change in fair value during the period due to:

Time decay (1)

( 7 )

( 7 )

Payoffs (2)

( 14 )

( 7 )

Changes in valuation inputs or assumptions (3)

( 5 )

( 15 )

Fair value, end of period

$ 735

$ 564

Related loans serviced for third parties, unpaid principal balance, end of period

$ 42,796

$ 33,864

(1) Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns.
(2) Represents decrease in value associated with loans that paid off during the period.
(3) Represents change in value resulting primarily from market-driven changes in interest rates .
The following table summarizes key assumptions and the sensitivity of the MSR value to changes in these
assumptions.

At March 31, 2026

At December 31, 2025

Decline in fair value due to

Decline in fair value due to

(dollar amounts in millions)

Actual

10%
adverse
change

20%
adverse
change

Actual

10%
adverse
change

20%
adverse
change

Constant prepayment rate (annualized)

8.14 %

$ ( 21 )

$ ( 40 )

8.09 %

$ ( 17 )

$ ( 33 )

Spread over forward interest rate swap rates

544

bps

( 17 )

( 34 )

538

bps

( 14 )

( 27 )

62     Huntington Bancshares Incorporated

Table of Contents

8 . GOODWILL AND OTHER INTANGIBLE ASSETS
In conjunction with the Cadence acquisition, Huntington recorded $ 3.5 billion of goodwill and $ 855 million of
core deposit intangible assets, which is included in servicing rights and other intangible assets on the Unaudited
Consolidated Balance Sheet s . For additional information on the Cadence acquisition, see Note 3 - “Business
Combinations” of the Notes to Unaudited Consolidated Financial Statements.
A rollforward of goodwill by business segment for which goodwill is allocated is presented in the table below.

(dollar amounts in millions)

Consumer &
Regional Banking

Commercial
Banking

Huntington
Consolidated

Balance, December 31, 2025

$ 3,855

$ 2,142

$ 5,997

Cadence acquisition (1)

2,597

900

3,497

Other activity

—

33

33

Balance, March 31, 2026

$ 6,452

$ 3,075

$ 9,527

(1) On February 1, 2026, Huntington completed the acquisition of Cadence. Fair value estimates related to the acquired assets and liabilities are subject to
adjustment during the one-year measurement period following the closing of the acquisition.
Huntington’s other intangible assets consisted of the following:

(dollar amounts in millions)

Gross
Carrying
Amount

Accumulated
Amortization

Net
Carrying
Value

At March 31, 2026

Core deposit intangible

$ 1,328

$ ( 375 )

$ 953

Other intangible assets

76

( 60 )

16

Total other intangible assets

$ 1,404

$ ( 435 )

$ 969

At December 31, 2025

Core deposit intangible

$ 473

$ ( 335 )

$ 138

Other intangible assets

66

( 59 )

7

Total other intangible assets

$ 539

$ ( 394 )

$ 145

9 . BORROWINGS
Borrowings with original maturities of one year or less are classified as short-term and were comprised of the
following.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Securities sold under agreements to repurchase

$ 12

$ 22

FHLB advances

1,500

1,000

Other borrowings

363

239

Total short-term borrowings

$ 1,875

$ 1,261

The carrying value of assets pledged as collateral against repurchase agreements total ed $ 40 million as of 
December 31, 2025 . There were no assets pledged as collateral against repurchase agreements as of March 31,
2026 . Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the
Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days . No amounts
have been offset against the agreements.

2026 1Q Form 10-Q    63

Table of Contents

The following table summarizes the composition of Huntington’s long-term debt.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

The Parent Company:

Senior Notes

$ 6,469

$ 5,514

Subordinated Notes

2,106

1,510

Total notes issued by the Parent Company

8,575

7,024

The Bank:

Senior Notes

3,185

3,192

Subordinated Notes

234

233

Total notes issued by the Bank

3,419

3,425

FHLB Advances

7,156

4,514

Credit linked notes (1)

1,434

1,161

Auto loan securitization trust (2)

512

600

Other

498

497

Total long-term debt

$ 21,594

$ 17,221

(1) As of March 31, 2026 , the weighted average contractual interest rate on the CLNs was 5.54 % . Huntington has elected the fair value option for these notes.
To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate
net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.
(2) Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.21 % due through 2029 . See Note 16 - “Variable Interest
Entities” for additional information.
During the first quarter of 2026, Huntington issued $ 1.0  billion of fixed-to-floating rate senior and $ 750  million
of fixed-rate subordinated notes. The fixed-to-floating senior notes are due January 28, 2032 and bear an initial fixed
interest rate of 4.623 % . Commencing January 28, 2031, the interest rate will reset to a floating rate equal to a
benchmark rate based on the Compounded SOFR Index Rate plus 99 basis points. The fixed-rate subordinated notes
are due January 28, 2041 and bear interest at 5.605 % .
During the first quarter of 2026, the Bank completed a CLN transaction whereby it issued $ 410  million of
unsecured credit linked notes to third-party investors. There are four classes of notes, each maturing in February
2034. One note class bears interest at a fixed rate of 4.550 % and the remaining three note classes bear interest at a
floating rate equal to SOFR plus a spread rate that ranges from 1.00 % to 8.65 % (weighted average spread of 4.15 % ).
These notes transfer a portion of the risk of losses to third-party investors on an initial $ 3.5  billion reference pool of
Huntington’s auto-secured loans.

64     Huntington Bancshares Incorporated

Table of Contents

10 . OTHER COMPREHENSIVE INCOME
The following table summarizes the components of Huntington’s OCI.

(dollar amounts in millions)

Pretax

Tax (expense)
benefit

After-tax

Three months ended March 31, 2026

Unrealized losses on available-for-sale securities arising during the period, net of hedges

$ ( 74 )

$ 17

$ ( 57 )

Reclassification adjustment for realized net gains included in net income

( 25 )

6

( 19 )

Total unrealized losses on available-for-sale securities, net of hedges

( 99 )

23

( 76 )

Unrealized losses on cash flow hedges during the period

( 106 )

25

( 81 )

Reclassification adjustment for cash flow hedges included in net income

6

( 1 )

5

Net change related to cash flow hedges on loans

( 100 )

24

( 76 )

Translation adjustments, net of hedges (1)

( 1 )

1

—

Change in accumulated unrealized gains for pension and other post-retirement obligations

2

( 1 )

1

Other comprehensive loss

$ ( 198 )

$ 47

$ ( 151 )

Three months ended March 31, 2025

Unrealized gains on available-for-sale securities during the period, net of hedges

$ 329

$ ( 76 )

$ 253

Reclassification adjustment for realized net losses included in net income

2

—

2

Total unrealized gains on available-for-sale securities, net of hedges

331

( 76 )

255

Unrealized gains on cash flow hedges during the period

202

( 47 )

155

Reclassification adjustment for cash flow hedges included in net income

28

( 6 )

22

Net change related to cash flow hedges on loans

230

( 53 )

177

Translation adjustments, net of hedges (1)

1

—

1

Other comprehensive income

$ 562

$ ( 129 )

$ 433

(1) A portion of foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on this portion of foreign
currency translation adjustments.
The following table summarizes the a ctivity in AOCI.

(dollar amounts in millions)

Unrealized gains
(losses) on
available-for-sale
securities, net of
hedges (1)

Net change
related to cash
flow hedges on
loans

Translation
adjustments,
net of hedges

Unrealized
losses for
pension and
other post-
retirement
obligations

Total

Three months ended March 31, 2026

Balance, beginning of period

$ ( 1,738 )

$ 27

$ ( 4 )

$ ( 193 )

$ ( 1,908 )

Other comprehensive loss before reclassifications

( 57 )

( 81 )

—

1

( 137 )

Amounts reclassified from AOCI to earnings

( 19 )

5

—

—

( 14 )

Period change

( 76 )

( 76 )

—

1

( 151 )

Balance, end of period

$ ( 1,814 )

$ ( 49 )

$ ( 4 )

$ ( 192 )

$ ( 2,059 )

Three months ended March 31, 2025

Balance, beginning of period

$ ( 2,365 )

$ ( 267 )

$ ( 12 )

$ ( 222 )

$ ( 2,866 )

Other comprehensive income before reclassifications

253

155

1

—

409

Amounts reclassified from AOCI to earnings

2

22

—

—

24

Period change

255

177

1

—

433

Balance, end of period

$ ( 2,110 )

$ ( 90 )

$ ( 11 )

$ ( 222 )

$ ( 2,433 )

(1) AOCI amounts at March 31, 2026 and March 31, 2025 include $ 42 million and $ 49 million , respectively, of net unrealized losses (after-tax) on securities
previously transferred from the AFS securities portfolio to the HTM securities portfolio. The net unrealized losses will be recognized in earnings over the
remaining life of the security using the effective interest method.

2026 1Q Form 10-Q    65

Table of Contents

11 . SHAREHOLDERS' EQUITY
Preferred Stock
The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding .

(dollar amounts in millions)

Issuance Date

Shares
Outstanding

Dividend Rate

Earliest Redemption
Date (1)

Carrying Amount

Preferred Series

At March 31, 2026

At December 31, 2025

Series B (2)

12/28/2011

35,500

Variable (3)

1/15/2017

$ 24

$ 24

Series F (4)

5/27/2020

5,000

5.625 %

7/15/2030

494

494

Series G (4)

8/3/2020

5,000

4.45

10/15/2027

494

494

Series H (2)

2/2/2021

500,000

4.50

4/15/2026

486

486

Series I (5)

6/9/2021

7,000

5.70

12/01/2022

175

175

Series J (2)

3/6/2023

325,000

6.875

4/15/2028

317

317

Series K (4)

9/11/2025

7,500

6.25

10/15/2030

741

741

Series L (5)

2/1/2026

6,900

5.50

(6)

150

—

Total

891,900

$ 2,881

$ 2,731

(1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter.
(2) Liquidation value and redemption price per share of $ 1,000 , plus any declared and unpaid dividends.
(3) 3-month CME Term SOFR + 26 bps spread adjustment + 270 bps.
(4) Liquidation value and redemption price per share of $ 100,000 , plus any declared and unpaid dividends.
(5) Liquidation value and redemption price per share of $ 25,000 , plus any declared and unpaid dividends.
(6) Redeemable on any dividend payment date.
The following table presents the dividends declared for each series of preferred shares.

Three Months Ended

(amounts in millions, except per share data)

March 31, 2026

March 31, 2025

Cash
Dividend
Declared
Per Share

Cash
Dividend
Declared
Per Share

Preferred Series

Amount

Amount

Series B

$ 16.58

$ 1

$ 18.16

$ 1

Series F

1,406.25

7

1,406.25

6

Series G

1,112.50

6

1,112.50

6

Series H

11.25

6

11.25

6

Series I

356.25

2

356.25

2

Series J

17.19

6

17.19

6

Series K (1)

1,562.50

11

Series L (2)

343.75

2

Total

$ 41

$ 27

(1) Series K was issued during the third quarter of 2025, with the first dividend declaration for the Series K occurring in the fourth quarter of 2025.
(2) Series L was issued during the first quarter of 2026 in conjunction with the Cadence acquisition, with the first dividend declaration for the Series L occurring
in the first quarter of 2026.

66     Huntington Bancshares Incorporated

Table of Contents

12 . EARNINGS PER SHARE
Basic earnings per share is the amount of earnings (adjusted for preferred stock dividends and the impact of
preferred stock repurchases and redemptions) available to each share of common stock outstanding during the
reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock
outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares.
Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and
awards, performance share units, and shares held in deferred compensation plans. Potentially dilutive common
shares are excluded from the computation of diluted earnings per share in periods in which the effect would be
antidilutive.
The following table shows t he calculation of basic and diluted earnings per share.

Three Months Ended

(dollar amounts in millions, except per share data, share count in thousands)

March 31, 2026

March 31, 2025

Basic earnings per common share:

Net income attributable to Huntington

$ 523

$ 527

Dividends on preferred shares

41

27

Net income available to common shareholders

$ 482

$ 500

Average common shares issued and outstanding

1,869,397

1,454,498

Basic earnings per common share

$ 0.26

$ 0.34

Diluted earnings per common share:

Average dilutive potential common shares:

Stock options, restricted stock units and awards, and performance share units

24,087

20,340

Shares held in deferred compensation plans

7,163

7,041

Average dilutive potential common shares

31,250

27,381

Total diluted average common shares issued and outstanding

1,900,647

1,481,879

Diluted earnings per common share

$ 0.25

$ 0.34

Anti-dilutive awards (1)

1,175

3,486

(1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because
the impact would have been anti-dilutive.

2026 1Q Form 10-Q    67

Table of Contents

13 . REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue is segregated based on the nature of the product and services offered as part of contractual
arrangements. Certain sources of revenue are recognized within interest or fee income and are outside of the scope
of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the
scope of the ASC 606 and are generally recognized within noninterest income. The following table presents total
noninterest income disaggregated by operating segment and segregated between revenue with contracts with
customers within the scope of ASC 606 and revenue within the scope of other GAAP topics.

(dollar amounts in millions)

Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

Major Revenue Streams

Three months ended March 31, 2026

Payments and cash management revenue

$ 120

$ 57

$ —

$ 177

Wealth and asset management revenue

114

6

—

120

Customer deposit and loan fees

66

4

—

70

Capital markets and advisory fees

7

67

—

74

Leasing revenue

2

1

—

3

Insurance income

18

3

—

21

Other noninterest income

2

5

—

7

Net revenue from contracts with customers

329

143

—

472

Noninterest income within the scope of other GAAP topics

58

109

43

210

Total noninterest income

$ 387

$ 252

$ 43

$ 682

Three months ended March 31, 2025

Payments and cash management revenue

$ 108

$ 32

$ —

$ 140

Wealth and asset management revenue

95

6

—

101

Customer deposit and loan fees

52

2

—

54

Capital markets and advisory fees

4

26

—

30

Leasing revenue

1

3

—

4

Insurance income

17

3

—

20

Other noninterest income

1

1

—

2

Net revenue from contracts with customers

278

73

—

351

Noninterest income within the scope of other GAAP topics

49

89

5

143

Total noninterest income

$ 327

$ 162

$ 5

$ 494

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions
vary amongst services and customers and thus impact the timing and amount of revenue recognition. Some fees
may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to
those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or
they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for
the reporting period ended March 31, 2026 is expected to be earned within one year. Huntington does not have
significant balances of contract assets or contract liabilities, and any change in those balances during the reporting
period ended March 31, 2026 was determined to be immaterial.

68     Huntington Bancshares Incorporated

Table of Contents

14 . FAIR VALUES OF ASSETS AND LIABILITIES
See Note 19 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in
Huntington’s 2025 Annual Report on Form 10-K for a description of the valuation methodologies used for
instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and
Level 2 measurements. There were no such transfers during the three-month periods ended March 31, 2026 and
2025 .
Assets and Liabilities measured at fair value on a recurring basis
The following tables present our assets and liabilities measured at fair value on a recurring basis, including
instruments where we have elected the fair value option.

Fair Value Measurements at Reporting Date Using

Netting
Adjustments (1)

Total

(dollar amounts in millions)

Level 1

Level 2

Level 3

At March 31, 2026

Assets

Trading account securities

$ 30

$ 169

$ —

$ —

$ 199

Available-for-sale securities:

U.S. Treasury

8,486

—

—

—

8,486

Residential MBS

—

12,597

—

—

12,597

Residential CMO

—

6,448

—

—

6,448

Commercial MBS

—

2,705

—

—

2,705

Other agencies

—

519

—

—

519

Municipal securities

—

87

4,251

—

4,338

Corporate debt

—

176

—

—

176

Asset-backed securities

—

163

19

—

182

Private-label CMO

—

76

20

—

96

Other securities/sovereign debt

—

10

—

—

10

Total available-for-sale securities

8,486

22,781

4,290

—

35,557

Other securities

29

35

—

—

64

Loans held for sale

—

1,068

—

—

1,068

Loans held for investment

—

105

61

—

166

MSRs

—

—

735

—

735

Other assets:

Derivative assets

—

551

10

( 295 )

266

Assets held in trust for deferred compensation plans

212

—

—

—

212

Liabilities

Short-term borrowings

261

22

—

—

283

Long-term debt

—

1,434

—

—

1,434

Derivative liabilities

—

568

4

( 175 )

397

(1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash
collateral held or placed with the same counterparties.

2026 1Q Form 10-Q    69

Table of Contents

Fair Value Measurements at Reporting Date Using

Netting
Adjustments (1)

Total

(dollar amounts in millions)

Level 1

Level 2

Level 3

At December 31, 2025

Assets

Trading account securities

$ —

$ 63

$ —

$ —

$ 63

Available-for-sale securities:

U.S. Treasury

4,635

—

—

—

4,635

Residential MBS

—

9,669

—

—

9,669

Residential CMO

—

5,197

—

—

5,197

Commercial MBS

—

1,831

—

—

1,831

Other agencies

—

150

—

—

150

Municipal securities

—

82

4,061

—

4,143

Corporate debt

—

178

—

—

178

Asset-backed securities

—

193

28

—

221

Private-label CMO

—

79

19

—

98

Other securities/sovereign debt

—

10

—

—

10

Total available-for-sale securities

4,635

17,389

4,108

—

26,132

Other securities

30

12

—

—

42

Loans held for sale

—

885

—

—

885

Loans held for investment

—

105

62

—

167

MSRs

—

—

593

—

593

Other assets:

Derivative assets

—

499

8

( 260 )

247

Assets held in trust for deferred compensation plans

216

—

—

—

216

Liabilities

Short-term borrowings

131

7

—

—

138

Long-term debt

—

1,161

—

—

1,161

Derivative liabilities

—

514

5

( 169 )

350

(1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash
collateral held or placed with the same counterparties.
The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring
basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable
inputs to the overall fair value measurement. However, Level 3 measurements may also include observable
components of value that can be validated externally. Accordingly, the gains and losses in the table below include
changes in fair value due in part to observable factors that are part of the valuation methodology.

70     Huntington Bancshares Incorporated

Table of Contents

Level 3 Fair Value Measurements

Available-for-sale securities

Loans held
for
investment

(dollar amounts in millions)

MSRs

Derivative
instruments

Municipal
securities

Private-
label CMO

Asset-backed
securities

Three months ended March 31, 2026

Opening balance

$ 593

$ 3

$ 4,061

$ 19

$ 28

$ 62

Transfers into Level 3

—

—

—

—

—

1

Transfers out of Level 3 (1)

—

( 13 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Mortgage banking income

( 5 )

13

—

—

—

—

Included in OCI

—

—

( 26 )

—

—

—

Acquisition

140

1

—

—

—

—

Purchases/originations

28

—

326

—

—

—

Repayments

—

—

—

—

—

( 2 )

Settlements

( 21 )

2

( 110 )

1

( 9 )

—

Closing balance

$ 735

$ 6

$ 4,251

$ 20

$ 19

$ 61

Change in unrealized gains (losses) for the period
included in earnings for assets held at end of the
reporting date

$ ( 5 )

$ 1

$ —

$ —

$ —

$ —

Change in unrealized gains (losses) for the period
included in other comprehensive income for assets held
at the end of the reporting period

—

—

( 26 )

—

—

—

Three months ended March 31, 2025

Opening balance

$ 573

$ 2

$ 3,954

$ 21

$ 49

$ 61

Transfers into Level 3

—

—

—

—

—

3

Transfers out of Level 3 (1)

—

( 7 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Mortgage banking income

( 15 )

10

—

—

—

—

Other noninterest income

—

( 5 )

—

—

—

—

Included in OCI

—

—

5

—

—

—

Purchases/originations

20

—

218

—

—

—

Repayments

—

—

—

—

—

( 1 )

Settlements

( 14 )

3

( 248 )

1

( 2 )

—

Closing balance

$ 564

$ 3

$ 3,929

$ 22

$ 47

$ 63

Change in unrealized gains (losses) for the period
included in earnings for assets held at end of the
reporting date

$ ( 15 )

$ 3

$ —

$ —

$ —

$ —

Change in unrealized gains (losses) for the period
included in other comprehensive income for assets held
at the end of the reporting period

—

—

4

—

—

—

(1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held
for sale, which is classified as Level 2.

2026 1Q Form 10-Q    71

Table of Contents

Assets and liabilities under the fair value option
The following table presents the fair value and aggregate principal balance of certain assets and liabilities under
the fair value option.

Total Loans

Loans that are 90 or more days past due

(dollar amounts in millions)

Fair value
carrying
amount

Aggregate
unpaid
principal

Difference

Fair value
carrying
amount

Aggregate
unpaid
principal

Difference

At March 31, 2026

Assets

Loans held for sale

$ 1,068

$ 1,046

$ 22

$ —

$ —

$ —

Loans held for investment

166

177

( 11 )

5

6

( 1 )

Liabilities

Long-term debt

1,434

1,433

( 1 )

At December 31, 2025

Assets

Loans held for sale

$ 885

$ 855

$ 30

$ —

$ —

$ —

Loans held for investment

167

179

( 12 )

3

4

( 1 )

Liabilities

Long-term debt

1,161

1,151

( 10 )

The following table presents the net gains (losses) from fair value changes.

Three Months Ended

(dollar amounts in millions)

Classification

March 31, 2026

March 31, 2025

Loans held for sale

Mortgage banking income

$ ( 8 )

$ 6

Loans held for investment

Mortgage banking income

1

( 1 )

Long-term debt

Other noninterest income

9

( 1 )

Assets and Liabilities measured at fair value on a nonrecurring basis
Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods
subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing
basis; however, they are subject to fair value adjustments in certain circumstances, for example, when there is
evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether
the asset is still held at period end.
The amounts measured at fair value on a nonrecurring basis were as follows.

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Total Losses

Three Months Ended

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

March 31, 2026

March 31, 2025

Collateral-dependent loans

$ 168

$ 74

$ ( 37 )

$ ( 23 )

Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts
are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally
obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for
comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair
value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off.

72     Huntington Bancshares Incorporated

Table of Contents

Significant unobservable inputs for assets and liabilities measured at fair value
The following table presents quantitative information about the significant unobservable inputs for assets and
liabilities measured at fair value.

Quantitative Information about Level 3 Fair Value Measurements (1)

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Valuation Technique

Significant Unobservable Input

Range

Weighted
 Average

Range

Weighted
 Average

Measured at fair value on a recurring basis:

MSRs

Discounted cash flow

Constant prepayment rate

7 %

-

23 %

8 %

6 %

-

61 %

8 %

Spread over forward interest 
rate swap rates

5 %

-

11 %

5 %

5 %

-

11 %

5 %

Municipal securities and asset-
backed securities

Discounted cash flow

Discount rate

4 %

-

5 %

4 %

4 %

-

4 %

4 %

Cumulative default

— %

-

64 %

3 %

— %

-

64 %

3 %

(1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial.
(2) The range is not meaningful for this unobservable input.
The following provides a general description of the impact of a change in an unobservable input on the fair value
measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships
may also exist between observable and unobservable inputs.
Components of credit loss estimates including probability of default, constant default, cumulative default, loss
given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and
the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing
when economic conditions worsen and decreasing when conditions improve. An increase in the estimated
prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates
generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility
increase and decrease when liquidity conditions and market volatility improve.
Discount rates and spread over forward interest rate swap rates typically increase when market interest rates
increase and/or credit and liquidity risks increase and decrease when market interest rates decline and/or credit and
liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values.
Fair values of financial instruments
Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair
values to be estimated by management. These estimations necessarily involve the use of judgment about a wide
variety of factors, including, but not limited to, relevancy of market prices of comparable instruments, expected
future cash flows, and appropriate discount rates.
The short-term nature of certain assets and liabilities result in their carrying value approximating fair value.
These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances
outstanding, and cash and short-term assets, which include cash and due from banks and interest-earning deposits
with banks. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain
clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values,
which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value.
Certain assets, the most significant being operating lease assets, bank-owned life insurance, and premises and
equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly,
mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included
in the following tables. Accordingly, this fair value information is not intended to, and does not, represent
Huntington’s underlying value.

2026 1Q Form 10-Q    73

Table of Contents

The following table provides the carrying amounts and estimated fair values of Huntington’s financial
instruments.

(dollar amounts in millions)

Amortized Cost

Lower of Cost or
Market

Fair Value or
Fair Value Option

Total Carrying
Amount

Estimated Fair
Value

At March 31, 2026

Financial Assets

Cash and short-term assets

$ 19,675

$ —

$ —

$ 19,675

$ 19,675

Trading account securities

—

—

199

199

199

Available-for-sale securities

—

—

35,557

35,557

35,557

Held-to-maturity securities

14,768

—

—

14,768

13,090

Other securities

1,217

—

64

1,281

1,281

Loans held for sale

—

5

1,068

1,073

1,073

Net loans and leases (1)

185,409

—

166

185,575

184,648

Derivative assets

—

—

266

266

266

Assets held in trust for deferred compensation
plans

—

—

212

212

212

Financial Liabilities

Deposits (2)

223,482

—

—

223,482

223,471

Short-term borrowings

1,592

—

283

1,875

1,875

Long-term debt

20,160

—

1,434

21,594

21,760

Derivative liabilities

—

—

397

397

397

At December 31, 2025

Financial Assets

Cash and short-term assets

$ 14,078

$ —

$ —

$ 14,078

$ 14,078

Trading account securities

—

—

63

63

63

Available-for-sale securities

—

—

26,132

26,132

26,132

Held-to-maturity securities

15,258

—

—

15,258

13,636

Other securities

952

—

42

994

994

Loans held for sale

—

530

885

1,415

1,420

Net loans and leases (1)

146,938

—

167

147,105

146,273

Derivative assets

—

—

247

247

247

Assets held in trust for deferred compensation
plans

—

—

216

216

216

Financial Liabilities

Deposits (2)

176,610

—

—

176,610

176,610

Short-term borrowings

1,123

—

138

1,261

1,261

Long-term debt

16,060

—

1,161

17,221

17,479

Derivative liabilities

—

—

350

350

350

(1) Includes collateral-dependent loans.
(2) Includes $ 4.2 billion and $ 2.1 billion in time deposits in excess of the FDIC insurance coverage limit at March 31, 2026 and December 31, 2025 ,
respectively.

74     Huntington Bancshares Incorporated

Table of Contents

The following table presents the level in the fair value hierarchy for the estimated fair values.

Estimated Fair Value Measurements at Reporting Date Using

Netting

Estimated Fair Value

(dollar amounts in millions)

Level 1

Level 2

Level 3

Adjustments (1)

At March 31, 2026

Financial Assets

Trading account securities

$ 30

$ 169

$ —

$ —

$ 199

Available-for-sale securities

8,486

22,781

4,290

—

35,557

Held-to-maturity securities

2,163

10,927

—

—

13,090

Other securities (2)

29

35

—

—

64

Loans held for sale

—

1,068

5

—

1,073

Net loans and leases

—

105

184,543

—

184,648

Derivative assets

—

551

10

( 295 )

266

Financial Liabilities

Deposits

—

193,967

29,504

—

223,471

Short-term borrowings

261

1,614

—

—

1,875

Long-term debt

—

13,975

7,785

—

21,760

Derivative liabilities

—

568

4

( 175 )

397

At December 31, 2025

Financial Assets

Trading account securities

$ —

$ 63

$ —

$ —

$ 63

Available-for-sale securities

4,635

17,389

4,108

—

26,132

Held-to-maturity securities

2,368

11,268

—

—

13,636

Other securities (2)

30

12

—

—

42

Loans held for sale

—

885

535

—

1,420

Net loans and leases

—

105

146,168

—

146,273

Derivative assets

—

499

8

( 260 )

247

Financial Liabilities

Deposits

—

158,472

18,138

—

176,610

Short-term borrowings

131

1,130

—

—

1,261

Long-term debt

—

12,336

5,143

—

17,479

Derivative liabilities

—

514

5

( 169 )

350

(1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash
collateral held or placed with the same counterparties.
(2) Excludes securities without readily determinable fair values.

2026 1Q Form 10-Q    75

Table of Contents

15 . DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are recorded in the Unaudited Consolidated Balance Sheets as either an asset or
a liability (in other assets or other liabilities, respectively) and measured at fair value.
Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative
as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income
statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives
that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the
period they occur.
The following table presents the fair values and notional values of all derivative instruments included in the
Unaudited Consolidated Balance Sheets. Amounts in the table below are presented gross without the impact of any
net collateral arrangements.

At March 31, 2026

At December 31, 2025

(dollar amounts in millions)

Notional Value

Asset

Liability

Notional Value

Asset

Liability

Derivatives designated as Hedging Instruments

Interest rate contracts

$ 45,031

$ 89

$ 28

$ 43,996

$ 109

$ 28

Foreign exchange contracts

278

—

7

809

4

—

Derivatives not designated as Hedging Instruments

Interest rate contracts

56,363

300

410

49,284

260

389

Foreign exchange contracts

8,318

98

73

7,085

58

60

Equity contracts

801

18

3

912

33

5

Commodities contracts

1,021

53

51

822

40

37

Credit contracts

114

3

—

139

3

—

Total contracts

$ 111,926

$ 561

$ 572

$ 103,047

$ 507

$ 519

The following table presents the amount of gain or loss recognized in income for derivatives not designated as
hedging instruments under ASC Subtopic 815-10 in the Unaudited Consolidated Income Statement.

Location of Gain or (Loss) Recognized in
Income on Derivatives

Amount of Gain or (Loss) Recognized in
Income on Derivatives

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Interest rate contracts:

Customer

Capital markets and advisory fees

$ 12

$ 8

Mortgage banking

Mortgage banking income

8

21

Foreign exchange contracts

Capital markets and advisory fees

13

11

Equity contracts

Other noninterest income and other
noninterest expense

( 7 )

( 3 )

Commodities contracts

Capital markets and advisory fees

1

1

Credit contracts

Other noninterest income

( 1 )

( 2 )

Total

$ 26

$ 36

Derivatives used in asset and liability management activities
Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes.
Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as
either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding
fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are
executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of
changes in future cash flows due to market interest rate changes.

76     Huntington Bancshares Incorporated

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The following table presents the gross notional values of derivatives used in Huntington’s asset and liability
management activities at March 31, 2026 and December 31, 2025 , identified by the underlying interest rate-
sensitive instruments.

(dollar amounts in millions)

Fair Value Hedges

Cash Flow Hedges

Economic Hedges

Total

At March 31, 2026

Instruments associated with:

Investment securities

$ 4,357

$ —

$ —

$ 4,357

Loans

—

28,275

28

28,303

Long-term debt

12,399

—

—

12,399

Total notional value

$ 16,756

$ 28,275

$ 28

$ 45,059

At December 31, 2025

Instruments associated with:

Investment securities

$ 5,147

$ —

$ —

$ 5,147

Loans

—

28,250

28

28,278

Long-term debt

10,599

—

—

10,599

Total notional value

$ 15,746

$ 28,250

$ 28

$ 44,024

These derivative financial instruments were entered into for the purpose of managing the interest rate risk of
assets and liabilities. Net amounts receivable or payable on contracts hedging either interest-earning assets or
interest-bearing liabilities were accrued as an adjustment to either interest income or interest expense. Adjustments
to interest income were also recorded for the amounts related to the amortization of premiums for floors that were
not included in the measurement of hedge effectiveness, as well as the amounts related to terminated hedges
reclassified from AOCI. The net amounts resulted in decreases to net interest income of $ 15 million and $ 18 million
for the three-month periods ended March 31, 2026 , and 2025 , respectively.
Fair Value Hedges
The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in
the fair value of the hedged item.
Huntington has designated $ 4.4 billion of interest rate swaps as fair value hedges of fixed-rate investment
securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a
stated amount of the assets that are not expected to be affected by prepayments, defaults, or other factors affecting
the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged MBS portfolio
has not been attributed to the individual AFS securities in our Unaudited Consolidated Balance Sheets.
The following table presents the change in fair value for derivatives designated as fair value hedges as well as
the offsetting change in fair value on the hedged item.

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Interest rate contracts

Change in fair value of interest rate swaps hedging investment securities (1)

$ 22

$ ( 122 )

Change in fair value of hedged investment securities (1)

( 18 )

123

Change in fair value of interest rate swaps hedging long-term debt (2)

( 70 )

143

Change in fair value of hedged long-term debt (2)

71

( 143 )

(1) Recognized in Interest income—available-for-sale securities—taxable in the Unaudited Consolidated Statements of Income .
(2) Recognized in Interest expense—long-term debt in the Unaudited Consolidated Statements of Income .

2026 1Q Form 10-Q    77

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The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair
value hedges.

Amortized Cost

Cumulative Amount of Fair Value Hedging
Adjustment To Hedged Items

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

At March 31, 2026

At December 31, 2025

Assets

Available-for-sale securities (1)

$ 16,000

$ 11,402

$ ( 196 )

$ ( 177 )

Liabilities

Long-term debt (2)

12,249

11,066

( 69 )

1

(1) Amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged
item is a layer of the closed portfolio that is expected to be remaining at the end of the hedging relationship.
(2) Excluded from the above table are the cumulative amounts of fair value hedge adjustments remaining for long-term debt for which hedge accounting has
been discontinued in the amounts of $( 39 ) million at March 31, 2026 and $( 42 ) million at December 31, 2025 .
Cash Flow Hedges
At March 31, 2026 , Huntington had $ 28.3 billion of interest rate swaps and floors that are designated as cash
flow hedges for variable-rate commercial loans. The change in the fair value of a derivative instrument designated as
a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts
earnings. The initial premium paid for the interest rate floor contracts represents the time value of the contracts and
is not included in the measurement of hedge effectiveness. The initial premium paid is amortized on a straight-line
basis as a reduction to interest income over the contractual life of these contracts.
At March 31, 2026 , net losses recognized in AOCI that are expected to be reclassified into earnings within the
next 12 months totaled $ 11 million .
Derivatives used in mortgage banking activities
Mortgage loan origination hedging activity
Huntington uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock
commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate
lock commitments are carried at fair value on the Unaudited Consolidated Balance Sheets with changes in fair value
reflected in mortgage banking income. Huntington’s mortgage origination hedging activity is related to economically
hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The
value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward
commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate
change. These derivatives were in a net asset position of $ 20 million at March 31, 2026 and $ 2 million at
December 31, 2025 . At March 31, 2026 and December 31, 2025 , Huntington had commitments to sell residential
real estate loans of $ 1.8 billion and $ 1.2 billion , respectively. These contracts mature in less than one year .
MSR hedging activity
Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These
derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative
instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value
with changes in fair value reflected in mortgage banking income. Huntington’s MSR economic hedging activity uses
securities and derivatives to manage volatility of the MSR asset value to mitigate the risks inherent in the MSR
assets, which include duration, basis, convexity, and volatility. The hedging instruments include forward
commitments, TBA securities, Treasury future contracts, and interest rate swaps.

78     Huntington Bancshares Incorporated

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MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the
Unaudited Consolidated Balance Sheets. Trading gains (losses) are included in mortgage banking income in the
Unaudited Consolidated Statements of Income. The notional value of the derivative financial instruments, the
corresponding trading assets and liabilities positions, and net trading gains (losses) related to MSR hedging activity
are summarized in the following tables.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Notional value

$ 2,533

$ 2,658

Trading liabilities

27

18

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Trading gains (losses)

$ ( 10 )

$ 15

Derivatives used in customer-related activities
Various derivative financial instruments are offered to enable customers to meet their financing and investing
objectives and for their risk-management purposes. Derivative financial instruments used in trading activities consist
of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts
with approved, reputable counterparties with substantially matching terms and currencies in order to economically
hedge significant exposure related to derivatives used in trading activities.
The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having
offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the
calculation of fair value.
The net fair values of these derivative financial instruments, for which the gross amounts are included in other
assets or other liabilities at March 31, 2026 and December 31, 2025 , were $ 73 million and $ 58 million , respectively.
The total notional values of derivative financial instruments used by Huntington on behalf of customers, including
offsetting derivatives, were $ 60.5 billion and $ 52.8 billion at March 31, 2026 and December 31, 2025 , respectively.
Huntington’s credit risk from customer derivatives was $ 125 million and $ 168 million at the same dates,
respectively.
Credit derivative instruments
Huntington enters into credit default swaps to hedge credit risk associated with certain loans and leases. These
contracts are accounted for as derivatives, and accordingly, these contracts are recorded at fair value.
Financial assets and liabilities that are offset in the Unaudited Consolidated Balance Sheets
Huntington records derivatives at fair value as further described in Note 14 - “ Fair Values of Assets and
Liabilities ”.
Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable
master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the
applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: 1) broker-
dealers and banks and 2) Huntington’s customers. Different methods are utilized for managing counterparty credit
exposure and credit risk for each of these groups.
Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These
types of transactions generally are high dollar volume. Huntington enters into collateral and master netting
agreements with these counterparties and routinely exchanges cash and high quality securities collateral.
Huntington also enters into transactions with customers to meet their financing, investing, payment, and risk-
management needs. These types of transactions generally are low dollar volume. Huntington enters into master
netting agreements with customer counterparties; however, collateral is generally not exchanged with customer
counterparties.

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In addition, Huntington clears certain derivative transactions through a clearinghouse, rather than directly with
counterparties. Transactions cleared through a clearinghouse require initial margin collateral and variation margin
payments depending on the contracts being in a net asset or liability position.
In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and
bank derivative transactions was net credit risk of $ 91 million and $ 73 million at March 31, 2026 and December 31,
2025 , respectively. The net credit risk associated with derivatives is calculated after considering master netting
agreements and is reduced by collateral that has been pledged by the counterparty.
At March 31, 2026 , Huntington pledged $ 379 million of investment securities and cash collateral to
counterparties, while other counterparties pledged $ 212 million of investment securities and cash collateral to
Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be
required to provide additional collateral.
The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net
amounts recognized in the Unaudited Consolidated Balance Sheets.

Offsetting of Financial Assets and Derivative Assets

Gross amounts
of recognized
assets

Gross amounts
offset in the
unaudited
consolidated
balance sheets

Net amounts of
assets
presented in
the unaudited
consolidated
balance sheets

Gross amounts not offset in the
unaudited consolidated
balance sheets

(dollar amounts in millions)

Financial
instruments

Cash collateral
received

Net amount

At March 31, 2026

$ 561

$ ( 295 )

$ 266

$ ( 7 )

$ ( 73 )

$ 186

At December 31, 2025

507

( 260 )

247

( 2 )

( 100 )

145

Offsetting of Financial Liabilities and Derivative Liabilities

Gross amounts
of recognized
liabilities

Gross amounts
offset in the
unaudited
consolidated
balance sheets

Net amounts of
liabilities
presented in the
unaudited
consolidated
balance sheets

Gross amounts not offset in the
unaudited consolidated
balance sheets

(dollar amounts in millions)

Financial
instruments

Cash collateral
delivered

Net amount

At March 31, 2026

$ 572

$ ( 175 )

$ 397

$ ( 286 )

$ ( 77 )

$ 34

At December 31, 2025

519

( 169 )

350

( 120 )

( 15 )

215

16 . VARIABLE INTEREST ENTITIES
Consolidated VIEs
Huntington engages in activities with VIEs in the normal course of business that result in Huntington being the
primary beneficiary and which are consolidated in Huntington’s financial statements. The following table provides a
summary of the assets and liabilities of VIEs carried on Huntington’s Unaudited Consolidated Balance Sheets.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Assets

Net loans and leases

$ 576

$ 669

Other assets

421

431

Total assets

$ 997

$ 1,100

Liabilities

Long-term borrowings

$ 512

$ 600

Other liabilities

147

152

Total liabilities

$ 659

$ 752

80     Huntington Bancshares Incorporated

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Huntington previously completed a securitization transaction by transferring automobile loans to a SPE which
was deemed to be a VIE, with the SPE in turn issuing asset-backed notes. The primary purpose of the VIE in the
securitization transaction was to issue asset-backed securities with varying levels of credit subordination and
payment priority. Huntington retained notes and residual interest in the VIE and, therefore, has an obligation to
absorb losses and a right to receive benefits that could potentially be significant to the VIE. In addition, Huntington
retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIE
that most significantly impact the economic performance of the VIE. The assets of the VIE are restricted to the
settlement of the asset-backed securities and other obligations of the VIE. Third-party holders of the asset-backed
notes do not have recourse to the general assets of Huntington.
The economic performance of the VIE is most significantly impacted by the performance of the underlying loans.
The VIE is exposed to credit and prepayment risk, which are managed through credit enhancements in the form of
reserve accounts, over-collateralization, excess interest on the loans, and the subordination of certain classes of
asset-backed securities.
Consolidated VIEs at March 31, 2026 and December 31, 2025 also included investments in LIHTC operating
entities that were syndicated and where we serve as the general partner and manager. As manager of these entities,
we have the power to direct the activities that most significantly impact economic performance, as well as an
obligation to absorb significant expected losses, of the entities.
Unconsolidated VIEs
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited
Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related
to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.

(dollar amounts in millions)

Total Assets

Total Liabilities

Maximum
Exposure to Loss

At March 31, 2026

Affordable housing tax credit partnerships

$ 2,874

$ 1,034

$ 2,874

Trust preferred securities

14

248

—

Other investments

1,873

344

1,873

Total

$ 4,761

$ 1,626

$ 4,747

At December 31, 2025

Affordable housing tax credit partnerships

$ 2,453

$ 946

$ 2,453

Trust preferred securities

14

262

—

Other investments

1,465

196

1,465

Total

$ 3,932

$ 1,404

$ 3,918

Affordable Housing and Other Tax Credit Investments
Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing
projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments
is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings,
and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the
limited partnerships include the identification, development, and operation of multi-family housing that is leased to
qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and
equity.
Huntington uses the proportional amortization method to account for a majority of its investments in these
entities. These investments are included in other assets. Investments that do not meet the requirements of the
proportional amortization method are accounted for using the equity method. Investment losses are included in
Other noninterest income in the Unaudited Consolidated Statements of Income.

2026 1Q Form 10-Q    81

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The following table presents the balances of Huntington’s affordable housing tax credit investments and related
unfunded commitments.

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Affordable housing tax credit investments

$ 4,391

$ 3,898

Less: amortization

( 1,517 )

( 1,445 )

Net affordable housing tax credit investments

$ 2,874

$ 2,453

Unfunded commitments

$ 1,034

$ 946

The following table presents other information relating to Huntington’s affordable housing tax credit
investments.

Three Months Ended

(dollar amounts in millions)

March 31, 2026

March 31, 2025

Tax credits and other tax benefits recognized

$ 111

$ 86

Proportional amortization expense included in provision for income taxes

82

70

The initial investment in affordable housing tax credit investments and subsequent tax credits, benefits, and
amortization are included within operating activities in the Unaudited Consolidated Statements of Cash Flows.
Trust-Preferred Securities
Huntington has certain wholly-owned trusts whose assets, liabilities, equity, income, and expenses are not
included within Huntington’s Unaudited Consolidated Financial Statements. These trusts have been formed for the
sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior
subordinated debentures, which are reflected in Huntington’s Unaudited Consolidated Balance Sheet as long-term
debt. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s
Unaudited Consolidated Financial Statements.
Other Investments
Other investments determined to be VIEs include investments in Small Business Investment Companies, Historic
Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous
investments.

17 . COMMITMENTS AND CONTINGENT LIABILITIES
Commitments to Extend Credit
In the ordinary course of business, Huntington makes various commitments to extend credit that are not
reflected in the Unaudited Consolidated Financial Statements. The contract amounts of these financial agreements
were as follows:

(dollar amounts in millions)

At March 31, 2026

At December 31, 2025

Contract amount representing credit risk

Commitments to extend credit:

Commercial and industrial

$ 53,943

$ 47,736

Consumer loan portfolio

23,763

21,659

Commercial real estate

6,450

4,036

Standby letters of credit and guarantees on industrial revenue bonds

1,409

895

82     Huntington Bancshares Incorporated

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Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that
permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in
the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the
pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant
factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts
are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial
instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Certain commitments
to extend credit are secured by collateral, including residential and commercial real estate, inventory, receivables,
cash and securities, and other business assets.
Standby letters-of-credit and guarantees on industrial revenue bonds are conditional commitments issued to
guarantee the performance of a customer to a third-party. These conditional commitments are primarily issued to
support public and private borrowing arrangements, including commercial paper, bond financing, and similar
transactions and mature within two years . Since the conditions under which Huntington is required to fund these
conditional commitments may not materialize, the cash requirements are expected to be less than the total
outstanding commitments. The carrying amount of deferred revenue associated with these conditional
commitments was $ 28 million and $ 31 million at March 31, 2026 and December 31, 2025 , respectively.
Other Guarantees
Huntington provides guarantees to certain third-party investors in connection with the sale of syndicated
affordable housing tax credits. These guarantees are generally in the form of make-whole provisions that are
triggered if the underlying performance of LIHTC properties result in a shortfall to the third-party investors and
remain in effect until the final associated tax credits are realized. The maximum amount guaranteed by the Company
under these arrangements total approximately $ 366 million and $ 366 million at March 31, 2026 and December 31,
2025 , respectively, and represents the guaranteed portion in these transactions where the make-whole provisions
have not yet expired. As of March 31, 2026 , the Company did not expect to be subject to any make-whole provisions
under these guarantees.
Litigation and Regulatory Matters
In the ordinary course of business, Huntington is, or may be a defendant in, or party to pending and threatened
legal and regulatory actions and proceedings.
In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants
seek very large or indeterminate damages or where the matters present novel legal theories or involve a large
number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be,
what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties
related to each matter may be.
Huntington establishes an accrued liability when those matters present loss contingencies that are both
probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued.
Huntington thereafter continues to monitor the matter for further developments that could affect the amount of
the accrued liability that has been previously established.
For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington
possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There
may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of
possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible,
management currently estimates the aggregate range of reasonably possible loss is $ 0 to $ 55 million at March 31,
2026 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based
upon currently available information and is subject to significant judgment, a variety of assumptions, and known and
unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual
results may vary significantly from the current estimate. The estimated range of possible loss does not represent
Huntington’s maximum loss exposure.

2026 1Q Form 10-Q    83

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Based on current knowledge, management does not believe that loss contingencies arising from pending
matters will have a material adverse effect on the consolidated financial position of Huntington. Further,
management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However,
in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and
the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these
matters could be material to Huntington’s results of operations for any particular reporting period.

18 . SEGMENT REPORTING  
Huntington’s business segments are based on our internally aligned segment leadership structure, which is how
management monitors results and assesses performance. Huntington reports on two business segments: Consumer
& Regional Banking and Commercial Banking . All other items not included within our two business segments are
reported within the Treasury / Other function, which primarily includes technology and operations, other
unallocated assets, liabilities, revenue, and expenses. For a description of our business segments, s ee Note 25 -
“Segment Reporting” to the Consolidated Financial Statements appearing in Huntington’s 2025 Annual Report on
Form 10-K.
The following tables present certain operating basis financial information for each reportable business segment
reconciled to Huntington’s consolidated financial results.

Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

(dollar amounts in millions)

Three months ended March 31, 2026

Net interest income (loss)

$ 1,365

$ 640

$ ( 114 )

$ 1,891

Provision for credit losses

120

38

—

158

Net interest income (loss) after provision for credit losses

1,245

602

( 114 )

1,733

Noninterest income

387

252

43

682

Noninterest expense:

Direct personnel costs

373

193

426

992

Other noninterest expense, including corporate allocations

694

218

( 130 )

782

Total noninterest expense

1,067

411

296

1,774

Income (loss) before income taxes

565

443

( 367 )

641

Provision (benefit) for income taxes

119

93

( 98 )

114

Income attributable to non-controlling interest

—

4

—

4

Net income (loss) attributable to Huntington

$ 446

$ 346

$ ( 269 )

$ 523

Three months ended March 31, 2025

Net interest income (loss)

$ 943

$ 513

$ ( 30 )

$ 1,426

Provision for credit losses

47

68

—

115

Net interest income (loss) after provision for credit losses

896

445

( 30 )

1,311

Noninterest income

327

162

5

494

Noninterest expense:

Direct personnel costs

294

139

238

671

Other noninterest expense, including corporate allocations

525

164

( 208 )

481

Total noninterest expense

819

303

30

1,152

Income (loss) before income taxes

404

304

( 55 )

653

Provision (benefit) for income taxes

85

64

( 27 )

122

Income attributable to non-controlling interest

—

4

—

4

Net income (loss) attributable to Huntington

$ 319

$ 236

$ ( 28 )

$ 527

Assets

Deposits

(dollar amounts in millions)

At March 31,
2026

At December 31,
2025

At March 31,
2026

At December 31,
2025

Consumer & Regional Banking

$ 115,176

$ 87,307

$ 153,000

$ 117,188

Commercial Banking

94,845

79,798

60,775

50,657

Treasury / Other

75,351

58,001

9,707

8,765

Total

$ 285,372

$ 225,106

$ 223,482

$ 176,610

84     Huntington Bancshares Incorporated

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Item 3: Quantitative and Qualitative Disclosures about Market Risk
Quantitative and qualitative disclosures for the current period can be found in the Market Risk section of this
report, which includes changes in market risk exposures from disclosures presented in Huntington’s 2025 Annual
Report on Form 10-K.

Item 4: Controls and Procedures
Disclosure Controls and Procedures
Huntington maintains disclosure controls and procedures designed to ensure that the information required to be
disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange
Act), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and
forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is
accumulated and communicated to the issuer’s management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required
disclosure. Huntington’s management, with the participation of its Chief Executive Officer and Chief Financial
Officer, evaluated the effectiveness of Huntington’s disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of March 31, 2026 . Based upon such evaluation,
Huntington’s Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026 ,
Huntington’s disclosure controls and procedures were effective.
Changes in Internal Controls Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2026 that have materially
affected, or are reasonably likely to materially affect, internal control over financial reporting.

PART II. OTHER INFORMATION
In accordance with the instructions to Part II, the other specified items in this part have been omitted because
they are not applicable, or the information has been previously reported.

Item 1: Legal Proceedings
Information required by this item is set forth in Note 17 - “ Commitments and Contingent Liabilities ” of the Notes
to Unaudited Consolidated Financial Statements under the caption “ Litigation and Regulatory Matters ” and is
incorporated into this Item by reference.

Item 1A: Risk Factors
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully
consider the risk factors discussed in Part I, “Item 1A. Risk Factors” in our 2025 Annual Report on Form 10-K, which
could materially affect our business, financial condition, or results of operations. There have been no material
changes to the risk factors previously disclosed in our 2025 Annual Report on Form 10-K.

2026 1Q Form 10-Q    85

Table of Contents

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) and (b)
Not Applicable
(c) In April 2025, our Board of Directors authorized the repurchase of up to $1.0 billion of our common shares. The
timing of share repurchases depends upon marketplace conditions and other factors, and the program remains
subject to the discretion of our Board of Directors.
The table below presents information with respect to purchases made by or on behalf of the Company or any
“affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), for each of the three months in the period ended March 31, 2026 :

Period

Total Number of
Shares Purchased

Average
Price Paid
Per Share

Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs

Maximum Number of Shares (or
Approximate Dollar Value) that
May Yet Be Purchased Under the
Plans or Programs (1)

January 1, 2026 to January 31, 2026

—

$ —

$ —

$ 1,000,000,000

February 1, 2026 to February 28, 2026

1,490,392

16.77

1,490,392

975,000,016

March 1, 2026 to March 31, 2026

7,495,154

(2)

16.75

7,462,877

850,000,024

Total

8,985,546

$ 16.75

8,953,269

$ 850,000,024

(1) The number shown represents, as of the end of each period, the approximate dollar value of Common Stock that may yet be purchased under publicly-
announced share repurchase authorizations.
(2) Includes 32,277 shares purchased in open-market transactions by Stephen D. Steinour, our Chief Executive Officer, who may be deemed to be an
“affiliated purchaser” as defined in Rule 10b-18(a)(3) under the Exchange Act. The shares were not purchased as part of a repurchase plan or program.
On April 22, 2026, our Board of Directors approved a new share repurchase authorization of up to $3.0 billion of
our common shares, replacing the prior authorization. The timing of share repurchases depends upon marketplace
conditions and other factors, and the program remains subject to the discretion of our Board of Directors.

Item 5. Other Information
Trading Plans
During the three months ended March 31, 2026 , officer Marcy Hingst , Senior Executive Vice President and
General Counsel , adopted a trading plan on March 9, 2026 , intended to satisfy the conditions under Rule 10b5-1(c)
of the Exchange Act. Ms. Hingst’s plan is for the vesting and sale of up to 49,650 shares of common stock underlying
restricted share units in amounts and prices determined in accordance with formulae set forth in the plan. The plan
terminates on the earlier of the date all the shares under the plan are sold and March 19, 2027 .

86     Huntington Bancshares Incorporated

Table of Contents

Item 6. Exhibits
Exhibit Index
T his report incorporates by reference the documents listed below that we have previously filed with the SEC.
The SEC allows us to incorporate by reference information in this document. The information incorporated by
reference is considered to be a part of this document, except for any information that is superseded by information
that is included directly in this document.
The SEC maintains a website that contains reports, proxy statements, and other information about issuers, like
us, who file electronically with the SEC. The address of the website is http://www.sec.gov. The reports and other
information filed by us with the SEC are also available free of charge on the Investor Relations portion of our
website. The address of the website is http://www.ir.huntington.com. Except as specifically incorporated by
reference into this Quarterly Report on Form 10-Q, information on those websites is not part of this report. Our
reports, proxy statements, and other information about us are also available for inspection at the offices of the
Nasdaq National Market at 33 Whitehall Street, New York, New York 10004.

Exhibit
Number

Document Description

Report or Registration
Statement

SEC File or
Registration
Number

Exhibit
Reference

2.1

Agreement and Plan of Merger, dated as of July 13, 2025, by and between Huntington
Bancshares Incorporated and Veritex Holdings, Inc.

Current Report on Form 8-K
dated July 17, 2025.

001-34073

2.1

2.2

Agreement and Plan of Merger, dated as of October 26, 2025, by and among Huntington
Bancshares Incorporated, The Huntington National Bank, and Cadence Bank

Current Report on Form 8-K
dated October 26, 2025.

001-34073

2.1

3.1

Articles of Restatement of Huntington Bancshares Incorporated, as of January 18, 2019.

Current Report on Form 8-K
dated January 16, 2019.

001-34073

3.2

3.2

Articles Supplementary of Huntington Bancshares Incorporated, as of May 28, 2020.

Current Report on Form 8-K
dated May 28, 2020.

001-34073

3. 1

3.3

Articles Supplementary of Huntington Bancshares Incorporated, as of August 5, 2020.

Current Report on Form 8-K
dated August 5, 2020.

001-34073

3.1

3.4

Articles Supplementary of Huntington Bancshares Incorporated, as of February 5, 2021.

Current Report on Form 8-K
dated Februar y 5, 2021.

001-34073

3.1

3.5

Articles Supplementary of Huntington Bancshares Incorporated, as of June 8, 2021 .

Current Report on Form 8-K
dated June 8, 2021 .

001-34073

3.1

3.6

Articles of Amendment of Huntington Bancshares Incorporated to Articles of
Restatement of Huntington Bancshares Incorporated, as of June 8, 2021 .

Current Report on Form 8-K
dated June 8, 2021 .

001-34073

3.2

3.7

Articles Supplementary of Huntington Bancshares Incorporated, as of March 3, 2023.

Current Report on Form 8-K
dated March 2, 2023 .

001-34073

3.1

3.8

Articles Supplementary of Huntington Bancshares Incorporated, as of September 10,
2025.

Current Report on Form 8-K
dated September 10, 2025.

001-34073

3.1

3.9

Articles Supplementary of Huntington Bancshares Incorporated, effective as of February
1, 2026.

Registration Statement on Form
8-A filed January 30, 2026.

001-34073

4.2

3.10

Bylaws of Huntington Bancshares Incorporated, as amended and restated on July 17,
2024.

Current Report on Form 8-K
dated July 17, 2024 .

001-34073

3.1

4.1

Instruments defining the Rights of Security Holders—reference is made to Articles Fifth
and Eighth of Exhibit A to the Articles of Restatement of Huntington Bancshares
Incorporated, as amended and supplemented.

22

Subsidiary Issuers of Guaranteed Securities

Annual Report on Form 10-K for
year ended December 31, 2025

001-34073

22

31.1

* Rule 13a-14(a) Certification – Chief Executive Officer.

31.2

* Rule 13a-14(a) Certification – Chief Financial Officer.

32.1

** Section 1350 Certification – Chief Executive Officer.

32.2

** Section 1350 Certification – Chief Financial Officer.

101.INS

***The instance document does not appear in the interactive data file because its XBRL
tags are embedded within the Inline XBRL document

101.SCH

*Inline XBRL Taxonomy Extension Schema Document

101.CAL

*Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

*Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

*Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

*Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

*Cover Page Interactive Data File (formatted as Inline XBRL and contained within Exhibit
101 attachments)

*            Filed herewith
**          Furnished herewith
*** The following material from Huntington’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2026 formatted in Inline XBRL: (1)
Unaudited Consolidated Balance Sheets , (2) Unaudited Consolidated Statements of Income , (3) Unaudited Consolidated Statements of Comprehensive
Income (4) Unaudited Consolidated Statement of Changes in Shareholders’ Equity , (5) Unaudited Consolidated Statements of Cash Flows , and (6) the
Notes to Unaudited Consolidated Financial Statements .

2026 1Q Form 10-Q    87

Table of Contents

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
HUNTINGTON BANCSHARES INCORPORATED
(Registrant)
 

Date:

April 30, 2026

 

/s/ Stephen D. Steinour

 

Stephen D. Steinour

 

Chairman, President, and Chief Executive Officer
(Principal Executive Officer)

Date:

April 30, 2026

 

/s/ Zachary Wasserman

 

Zachary Wasserman

 

Chief Financial Officer
(Principal Financial Officer)