SEC EDGAR · 10-Q

10-Q – 2026-07-28 – hban-20260630.htm

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Omsättning
  • Note 7 - Mortgage Loan Sales and Servicing Rights
  • Note 13 - Revenue from Contracts with Customers
  • Unregistered Sales of Equity Securities and Use of Proceeds
  • Internal Revenue Service
  • 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 and the efficiency and tangible common | equity ratios. These financial measures are not required by or calculated in accordance with GAAP, and may not be
  • Revenue and Net Interest Income—FTE | (non-GAAP)
  • Total revenue, FTE (non-GAAP) (2)
  • Payments and cash management revenue
Periodens resultat
  • Net income attributable to Huntington
  • Net income applicable to common | shares
  • Net income per common share—basic
  • Net income per common share—diluted
  • (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’
  • Summary of 2026 Second Quarter Results Compared to 2025 Second Quarter | For the second quarter of 2026 , we reported net income attributable to Huntington of $727 million , or $0.33 per | diluted common share, compared with $536 million , or $0.34 per diluted common share, in the year-ago quarter.
  • diluted common share, compared with $536 million , or $0.34 per diluted common share, in the year-ago quarter. | The second quarter of 2026 reported net income was impacted by $152 million , or $116 million after tax, of | acquisition-related expenses, which reduced diluted earnings by $0.06 per common share, while the second quarter
  • Net Income (Loss) by Business Segment | Net income (loss) by business segment is presented in the following table.
Resultat per aktie
  • Note 12 - Earnings Per Share
  • 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
  • 12 . EARNINGS PER SHARE | Basic earnings per share is the amount of earnings (adjusted for preferred stock dividends and the impact of
  • 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
  • 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.
  • 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.
  • antidilutive. | The following table shows t he calculation of basic and diluted earnings per share.
  • (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.
Kassaflöde
  • As of June 30, 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.
  • sold from time to time as authorized by Huntington’s Board of Directors. | As of June 30, 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.
  • 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.
  • Net change related to cash flow hedges on loans
  • 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.
  • 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
  • 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
  • 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.
Likvida medel
  • 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
  • Cash and Cash Equivalents and Investment Securities | Cash and cash equivalents were $15.6 billion and $13.5 billion at June 30, 2026 and December 31, 2025 ,
  • Cash and Cash Equivalents and Investment Securities | Cash and cash equivalents were $15.6 billion and $13.5 billion at June 30, 2026 and December 31, 2025 , | respectively. The $2.1 billion increase in cash and cash equivalents was largely due to higher branch cash on hand
  • Cash and cash equivalents were $15.6 billion and $13.5 billion at June 30, 2026 and December 31, 2025 , | respectively. The $2.1 billion increase in cash and cash equivalents was largely due to higher branch cash on hand | and float balances at the end of the 2026 second quarter to support customer activity in conjunction with the
  • 76% of total assets ( 114% 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
  • 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 $4.1 billion and $3.6 billion at June 30, 2026 and | December 31, 2025 , respectively.
  • Net cash and cash equivalents received from business combinations
  • Increase (decrease) in cash and cash equivalents
Nettoskuld
  • Adjustments to reconcile net income to net cash provided by operating activities:
  • Net cash provided by operating activities
  • Net cash and cash equivalents received from business combinations
  • Net cash used in investing activities
  • Net cash provided by financing activities
Eget kapital
  • Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June | 30, 2026 and 2025
  • Note 11 - Shareholders’ Equity
  • Return on average common | shareholders’ equity
  • Return on average tangible common | shareholders’ equity (1)
  • (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
  • ratio. | Our shareholders’ equity to total assets ratio was 11.5% at June 30, 2026 , compared to 10.8% at December 31, | 2025 . The tangible common equity to tangible assets ratio, a non-GAAP measure, was 7.1% at both June 30, 2026
  • Liabilities and shareholders’ equity:
  • Total Huntington shareholders’ equity
Antal aktier
  • Common shares outstanding
  • Treasury shares outstanding
  • Preferred shares outstanding
  • (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.
  • Total Number of Shares | Purchased
  • Total Number of Shares | Purchased as Part of
Antal anställda
  • FTE
  • 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 and the efficiency and tangible common | equity ratios. These financial measures are not required by or calculated in accordance with GAAP, and may not be
  • Revenue and Net Interest Income—FTE | (non-GAAP)
  • FTE adjustment (2)
  • Net interest income, FTE (non-GAAP) (2)
  • Total revenue, FTE (non-GAAP) (2)
  • 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
  • (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 .
Organisk tillväxt
  • our differentiated super regional bank model, which combines national expertise with local delivery, we continue to | accelerate organic growth across our core footprint and expansion markets, while remaining focused on driving our | proven flywheel of value creation to deliver sustained growth and long-term value for our customers, colleagues,
  • assets and average interest-bearing liabilities were attributable to a combination of the Cadence and Veritex | acquisitions and organic growth. The increase in the NIM was driven by lower funding costs, partially offset by lower | yields on interest earning assets.
  • 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
  • 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
  • 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 increased $92 million primarily due to | loan and lease growth. Noninterest income increased $188 million , or 55% , primarily due to the contributions of
  • 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 six months of 2026. The consumer ACL was | $ 940 million at June 30, 2026 , an increase of $ 73 million from December 31, 2025 , with the increase due primarily to

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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 June 30, 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 2,020,414,826 shares of the registrant’s common stock ($0.01 par value) outstanding on June 30, 2026 .

2     Huntington Bancshares Incorporated

Table of Contents

TABLE OF CONTENTS
HUNTINGTON BANCSHARES INCORPORATED
Form 10-Q for the quarter ended June 30, 2026

Page
Number

Glossary of Acronyms and Terms

3

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

41

Consolidated Balance Sheets at June 30, 2026 and December 31, 2025

41

Consolidated Statements of Income for the three and six months ended June 30, 2026 and 2025

42

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026
and 2025

43

Consolidated Statements of Changes in Shareholders’ Equity for the three and six months ended June
30, 2026 and 2025

44

Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025

46

Notes to Unaudited Consolidated Financial Statements :

48

Note 1 - Basis of Presentation

48

Note 2 - Accounting Standards Update

48

Note 3 - Business Combinations

48

Note 4 - Investment and Other Securities

54

Note 5 - Loans and Leases

58

Note 6 - Allowance for Credit Losses

66

Note 7 - Mortgage Loan Sales and Servicing Rights

67

Note 8 - Goodwill and Other Intangible Assets

68

Note 9 - Borrowings

68

Note 10 - Other Comprehensive Income

70

Note 11 - Shareholders’ Equity

72

Note 12 - Earnings Per Share

73

Note 13 - Revenue from Contracts with Customers

74

Note 14 - Fair Value of Assets and Liabilities

76

Note 15 - Derivative Financial Instruments

84

Note 16 - Variable Interest Entities

88

Note 17 - Commitments and Contingent Liabilities

90

Note 18 - Segment Reporting

92

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:

14

Credit Risk

14

Market Risk

22

Liquidity Risk

25

Operational Risk

29

Compliance Risk

30

Capital

30

Business Segment Discussion

32

Additional Disclosures

35

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

94

Item 4.

Controls and Procedures

94

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

94

Item 1A.

Risk Factors

94

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

95

Item 5.

Other Information

95

Item 6.

Exhibits

96

Signatures

97

2026 2Q 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

NPAs

Nonperforming Assets

ASU

Accounting Standards Update

OCC

Office of the Comptroller of the Currency

AULC

Allowance for Unfunded Lending Commitments

OCI

Other Comprehensive Income (Loss)

Basel III

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

OLEM

Other Loans Especially Mentioned

Board

Board of Directors

PCD

Purchased Credit Deteriorated

C&I

Commercial and Industrial

ROC

Risk Oversight Committee

Cadence

Cadence Bank

RV

Recreational Vehicle

CCAR

Comprehensive Capital Analysis and Review

SBA

Small Business Administration

CDI

Core Deposit Intangible

SCB

Stress Capital Buffer

CDS

Credit Default Swap

SEC

Securities and Exchange Commission

CET1

Common Equity Tier 1

SOFR

Secured Overnight Financing Rate

CFPB

Bureau of Consumer Financial Protection

SPE

Special Purpose Entity

CLN

Credit Linked Note

TBA

To Be Announced

CME

Chicago Mercantile Exchange

U.S.

United States of America

CMO

Collateralized Mortgage Obligations

U.S. Treasury

U.S. Department of the Treasury

CRE

Commercial Real Estate

Veritex

Veritex Holdings, Inc.

EOP

End of Period

VIE

Variable Interest Entity

EVE

Economic Value of Equity

XBRL

eXtensible Business Reporting Language

FDIC

Federal Deposit Insurance Corporation

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 June 30, 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 and the efficiency and tangible common
equity ratios. 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 and
reconciliations to the most directly comparable GAAP measure , 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 2Q Form 10-Q    5

Table of Contents

Financial Performance Review
Selected Financial Data

Table 1 - Selected Quarterly and Year-to-Date Income Statement Data

Three Months Ended

Six Months Ended

(amounts in millions, except per share data)

June 30,
2026

June 30,
2025

Change

June 30,
2026

June 30,
2025

Change

Amount

Percent

Amount

Percent

Interest income

$ 3,382

$ 2,556

$ 826

32 %

$ 6,468

$ 5,045

$ 1,423

28 %

Interest expense

1,330

1,089

241

22

2,525

2,152

373

17

Net interest income

2,052

1,467

585

40

3,943

2,893

1,050

36

Provision for credit losses

132

103

29

28

290

218

72

33

Net interest income after provision for
credit losses

1,920

1,364

556

41

3,653

2,675

978

37

Noninterest income

785

471

314

67

1,467

965

502

52

Noninterest expense

1,809

1,197

612

51

3,583

2,349

1,234

53

Income before income taxes

896

638

258

40

1,537

1,291

246

19

Provision for income taxes

165

96

69

72

279

218

61

28

Income after income taxes

731

542

189

35

1,258

1,073

185

17

Income attributable to non-controlling
interest

4

6

(2)

(33)

8

10

(2)

(20)

Net income attributable to Huntington

727

536

191

36

1,250

1,063

187

18

Dividends on preferred shares

41

27

14

52

82

54

28

52

Net income applicable to common
shares

$ 686

$ 509

$ 177

35 %

$ 1,168

$ 1,009

$ 159

16 %

Average common shares—basic

2,021

1,457

564

39 %

1,946

1,456

490

34 %

Average common shares—diluted

2,048

1,481

567

38

1,975

1,482

493

33

Net income per common share—basic

$ 0.34

$ 0.35

$ (0.01)

(3)

$ 0.60

$ 0.69

$ (0.09)

(13)

Net income per common share—diluted

0.33

0.34

(0.01)

(3)

0.59

0.68

(0.09)

(13)

Cash dividends declared per common
share

0.155

0.155

—

—

0.31

0.31

—

—

Return on average total assets

1.02 %

1.04 %

0.92 %

1.04 %

Return on average common
shareholders’ equity

9.3

11.0

8.3

11.1

Return on average tangible common
shareholders’ equity (1)

15.1

16.1

13.4

16.4

Net interest margin (2)

3.21

3.11

3.23

3.11

Efficiency ratio (3)

61.5

59.0

64.2

58.9

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

Net interest income

$ 2,052

$ 1,467

$ 585

40 %

$ 3,943

$ 2,893

$ 1,050

36 %

FTE adjustment (2)

20

16

4

25

39

31

8

26

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

2,072

1,483

589

40

3,982

2,924

1,058

36

Noninterest income

785

471

314

67

1,467

965

502

52

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

$ 2,857

$ 1,954

$ 903

46 %

$ 5,449

$ 3,889

$ 1,560

40 %

(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 Second Quarter Results Compared to 2025 Second Quarter
For the second quarter of 2026 , we reported net income attributable to Huntington of $727 million , or $0.33 per
diluted common share, compared with $536 million , or $0.34 per diluted common share, in the year-ago quarter.
The second quarter of 2026 reported net income was impacted by $152 million , or $116 million after tax, of
acquisition-related expenses, which reduced diluted earnings by $0.06 per common share, while the second quarter
of 2025 was impacted by $6 million of staffing efficiencies expense, partially offset by $3 million of favorable FDIC
Deposit Insurance Fund special assessment adjustments, which combined reduced diluted earnings on an after tax
basis by $0.01 per common share.
Net interest income was $2.1 billion for the second quarter of 2026 , an increase of $585 million , or 40% , from
the year-ago quarter . FTE net interest income, a non-GAAP financial measure, increased $589 million , or 40% , from
the year-ago quarter. The increase in FTE net interest income primarily reflected a $67.5 billion , or 35% , increase in
average earning assets and a 10 basis point increase in the FTE NIM to 3.21% , partially offset by a $53.0 billion , or
35% , increase in average interest-bearing liabilities. The increases in average earning assets and average 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
interest earning assets.
The provision for credit losses was $132 million in the second quarter of 2026 , an increase of $29 million , or
28% , from the year-ago quarter, with the increase driven by loan growth and higher NCOs in the current year
quarter, partially offset by a lower overall reserve coverage, and fluctuations in the provision for unfunded
commitments. NCOs were $119 million and represented 0.25% of average loans and leases in the second quarter of
2026 , compared to $66 million , or 0.20% of average loans and leases, in the year-ago quarter .
Noninterest income was $785 million in the second quarter of 2026 , an increase of $314 million , or 67% , from
the year-ago quarter. The increase in noninterest income was driven by increases across all major noninterest
income categories, in part due to the impact from the Cadence and Veritex acquisitions. Noninterest expense,
inclusive of the impact from the Cadence and Veritex acquisitions, was $1.8 billion in the second quarter of 2026 , an
increase of $612 million , or 51% , from the year-ago quarter. The increase in noninterest expense was primarily
driven by $152 million of acquisition-related expenses and other impacts from the Cadence and Veritex acquisitions.
Consolidated Balance Sheet, Credit Quality, and Capital Ratios as of June 30, 2026 Compared to Prior Year End
Total assets at June 30, 2026 were $284.0 billion , an increase of $58.9 billion , or 26% , 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, goodwill resulting from the Cadence acquisition, and organic loan
growth. Total liabilities at June 30, 2026 were $251.3 billion , an increase of $50.6 billion , or 25% , 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.
NPAs totaled $1.6 billion at June 30, 2026 , an increase of $667 million , or 71% , from December 31, 2025 , with
the increase due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in commercial
and industrial, commercial real estate, and residential mortgage NALs. The ACL was $3.4 billion , or 1.78% of total
loans and leases, at June 30, 2026 , an increase of $638 million compared to $2.7 billion , or 1.83% of total loans and
leases, at December 31, 2025 . The increase in the ACL was driven by the ACL recorded for loans acquired in the
Cadence transaction, in addition to loan and lease growth, partially offset by a decrease in the overall ACL coverage
ratio.
Our shareholders’ equity to total assets ratio was 11.5% at June 30, 2026 , compared to 10.8% at December 31,
2025 . The tangible common equity to tangible assets ratio, a non-GAAP measure, was 7.1% at both June 30, 2026
and 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 common share repurchases, a decline in AOCI, and an
increase in tangible assets. The CET1 risk-based capital ratio was 10.0% at June 30, 2026 , compared to 10.4% at
December 31, 2025 , with the decrease driven by higher risk-weighted assets, 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 2Q 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 strong execution , supported by growth in our legacy organizatio n and the
successful integrations of Cadence and Veritex. Our robust liquidity, capital, and credit profiles allowed us to
continue to invest in deepening existing customer relationships, adding new business, and expanding our capabilities
and expertise. Credit performance remained strong, consistent with our aggregate moderate-to-low risk appetite.
Our balance sheet remains a source of strength, as demonstrated by the results of the recent CCAR stress test. With
our differentiated super regional bank model, which combines national expertise with local delivery, we continue to
accelerate organic growth across our core footprint and expansion markets, while remaining focused on driving our
proven flywheel of value creation to deliver sustained growth and long-term value for our customers, colleagues,
and shareholders.

Economy
Economic conditions during the second quarter proved resilient despite continued uncertainty tied to the U.S.-
Iran conflict. Consumer spending, business investment, and continued investment in artificial intelligence and
infrastructure supported economic activity, while geopolitical developments in the Middle East, elevated energy
prices, and increasing inflation expectation s impacted business and consumer confidenc e. Labor market conditions
remained relatively stable, with continued payroll growth and unemployment remaining near historically low levels.
The Federal Reserve maintained its current monetary stance during the quarter, resulting in interest rates
remaining elevated relative to historical levels . Persistent inflation alongside a solid labor market shifted market
expectations away from rate cuts and toward a potential rate increase in the second half of the yea r.
Economic growth expectations remain positive, although risks persist related to inflation, monetary policy,
geopolitical developments, and broader economic conditions.

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 June 30, 2026

Three Months Ended June 30, 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

$ 16,977

$ 156

3.67 %

$ 12,264

$ 139

4.52 %

$ 4,713

38 %

Trading account assets

281

3

3.97

634

6

3.72

(353)

(56)

Investment and other securities:

Available-for-sale securities:

Taxable

31,486

285

3.62

24,015

278

4.62

7,471

31

Tax-exempt

3,487

43

4.92

3,251

41

4.93

236

7

Total available-for-sale securities

34,973

328

3.75

27,266

319

4.66

7,707

28

Held-to-maturity securities—taxable

14,571

97

2.65

16,130

107

2.66

(1,559)

(10)

Other securities

1,369

17

5.00

881

12

5.85

488

55

Total investment and other securities

50,913

442

3.47

44,277

438

3.95

6,636

15

Loans held for sale

1,174

19

6.16

746

12

6.43

428

57

Loans and leases (3):

Commercial:

Commercial and industrial

90,371

1,336

5.85

59,393

914

6.09

30,978

52

Commercial real estate

23,925

370

6.12

10,785

183

6.71

13,140

122

Lease financing

5,726

101

6.98

5,458

92

6.66

268

5

Total commercial

120,022

1,807

5.96

75,636

1,189

6.22

44,386

59

Consumer:

Residential mortgage

33,515

404

4.81

24,423

253

4.15

9,092

37

Automobile

15,650

229

5.87

15,132

219

5.82

518

3

Home equity

11,878

202

6.85

10,196

186

7.32

1,682

16

RV and marine

5,646

76

5.44

5,921

79

5.31

(275)

(5)

Other consumer

2,544

64

10.09

1,863

51

10.88

681

37

Total consumer

69,233

975

5.65

57,535

788

5.49

11,698

20

Total loans and leases

189,255

2,782

5.84

133,171

1,977

5.91

56,084

42

Total earning assets

258,600

3,402

5.28

191,092

2,572

5.40

67,508

35

Cash and due from banks

2,036

1,407

629

45

Goodwill and other intangible assets

10,468

5,640

4,828

86

All other assets

13,377

9,713

3,664

38

Total assets

$ 284,481

$ 207,852

$ 76,629

37 %

Liabilities and shareholders’ equity:

Interest-bearing deposits:

Demand deposits—interest-bearing

$ 62,388

$ 285

1.83 %

$ 44,677

$ 223

2.00 %

$ 17,711

40 %

Money market deposits

75,309

493

2.62

61,090

464

3.05

14,219

23

Savings deposits

18,940

39

0.83

15,127

11

0.28

3,813

25

Time deposits

26,758

231

3.46

13,290

124

3.74

13,468

101

Total interest-bearing deposits

183,395

1,048

2.29

134,184

822

2.46

49,211

37

Short-term borrowings

1,887

18

3.65

1,261

13

4.37

626

50

Long-term debt

20,971

264

5.06

17,776

254

5.69

3,195

18

Total interest-bearing liabilities

206,253

1,330

2.59

153,221

1,089

2.85

53,032

35

Demand deposits—noninterest-bearing

40,008

29,245

10,763

37

All other liabilities

5,620

4,788

832

17

Total liabilities

251,881

187,254

64,627

35

Total Huntington shareholders’ equity

32,555

20,548

12,007

58

Non-controlling interest

45

50

(5)

(10)

Total equity

32,600

20,598

12,002

58

Total liabilities and equity

$ 284,481

$ 207,852

$ 76,629

37 %

Net interest rate spread

2.69

2.55

Impact of noninterest-bearing funds on NIM

0.52

0.56

NII/NIM (FTE)

$ 2,072

3.21 %

$ 1,483

3.11 %

(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 2Q Form 10-Q    9

Table of Contents

Quarterly Net Interest Income
Net interest income for the second quarter of 2026 increased $585 million , or 40% , from the second quarter of
2025 . FTE net interest income, a non-GAAP financial measure, for the second quarter of 2026 increased $589
million , or 40% , from the second quarter of 2025 . The increase in FTE net interest income primarily reflected a $67.5
billion , or 35% , increase in average earning assets and a 10 basis point increase in the FTE NIM to 3.21% , partially
offset by a $53.0 billion , or 35% , increase in average interest-bearing liabilities. The increases in average earning
assets and average interest-bearing liabilities were attributable to a combination of the Cadence and Veritex
acquisitions and organic growth. The increase in the NIM was driven by lower funding costs, partially offset by lower
yields on interest earning assets.
Quarterly Average Balance Sheet
Average assets for the second quarter of 2026 were $284.5 billion , an increase of $76.6 billion , or 37% , from the
second 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 increases in average loans and leases of $56.1 billion , or 42% , average investment and other
securities of $6.6 billion, or 15%, average goodwill and other intangible assets of $4.8 billion , or 86% , and average
interest-earning deposits with banks of $4.7 billion , or 38% . 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 $44.4
billion , or 59% , and average consumer loans of $11.7 billion , or 20% . 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 second quarter of 2026 increased $64.6 billion , or 35% , from the second 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 $60.0 billion , or 37% , and average total
borrowings of $3.8 billion , or 20% . The increase in average deposits included an increase in average interest-bearing
deposits of $49.2 billion , or 37% , primarily due to increases in average money market, interest-bearing demand, and
time deposits , and an increase in noninterest-bearing deposits of $10.8 billion , or 37% . 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 second quarter of 2026 increased $12.0 billion , or 58% , from the second
quarter of 2025 , primarily due to the impact of common stock issued in connection with the Cadence and Veritex
acquisitions, earnings, net of dividends, and the impact of issued and acquired preferred stock.

10     Huntington Bancshares Incorporated

Table of Contents

Year-to-Date Average Balance Sheet / Net Interest Income
The following table details the change in our year-to-date average balance sheet and the net interest margin.

Table 3 - Consolidated YTD Average Balance Sheet and Net Interest Margin Analysis

Six Months Ended June 30, 2026

Six Months Ended June 30, 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

$ 16,309

$ 297

3.65 %

$ 11,950

$ 268

4.49 %

4,359

36

Trading account assets

258

5

3.84

561

10

3.70

(303)

(54)

Investment and other securities:

Available-for-sale securities:

Taxable

29,784

543

3.65

24,130

565

4.68

5,654

23

Tax-exempt

3,464

85

4.89

3,252

83

5.08

212

7

Total available-for-sale securities

33,248

628

3.77

27,382

648

4.73

5,866

21

Held-to-maturity securities—taxable

14,772

196

2.65

16,243

215

2.65

(1,471)

(9)

Other securities

1,295

33

5.08

879

24

5.57

416

47

Total investment and other securities

49,315

857

3.47

44,504

887

3.98

4,811

11

Loans held for sale

1,182

37

6.18

665

21

6.45

517

78

Loans and leases (3):

Commercial:

Commercial and industrial

85,978

2,527

5.85

58,478

1,787

6.08

27,500

47

Commercial real estate

22,539

697

6.15

10,902

368

6.71

11,637

107

Lease financing

5,740

200

6.92

5,467

181

6.57

273

5

Total commercial

114,257

3,424

5.96

74,847

2,336

6.21

39,410

53

Consumer:

Residential mortgage

31,962

757

4.74

24,362

503

4.13

7,600

31

Automobile

15,852

461

5.87

14,900

426

5.77

952

6

Home equity

11,603

395

6.87

10,160

369

7.33

1,443

14

RV and marine

5,639

152

5.44

5,936

157

5.32

(297)

(5)

Other consumer

2,464

122

9.99

1,818

99

10.94

646

36

Total consumer

67,520

1,887

5.62

57,176

1,554

5.47

10,344

18

Total loans and leases

181,777

5,311

5.83

132,023

3,890

5.89

49,754

38

Total earning assets

248,841

6,507

5.27

189,703

5,076

5.40

59,138

31

Cash and due from banks

1,908

1,406

502

36

Goodwill and other intangible assets

9,825

5,646

4,179

74

All other assets

12,813

9,722

3,091

32

Total assets

$ 273,387

$ 206,477

$ 66,910

32 %

Liabilities and shareholders’ equity:

Interest-bearing deposits:

Demand deposits—interest-bearing

$ 57,711

$ 531

1.86 %

$ 44,132

$ 428

1.96 %

$ 13,579

31 %

Money market deposits

75,263

939

2.52

60,654

922

3.06

14,609

24

Savings deposits

18,489

69

0.76

14,998

18

0.24

3,491

23

Time deposits

24,822

429

3.48

13,639

264

3.90

11,183

82

Total interest-bearing deposits

176,285

1,968

2.25

133,423

1,632

2.47

42,862

32

Short-term borrowings

1,816

34

3.73

1,350

27

4.10

466

35

Long-term debt

20,611

523

5.07

17,341

493

5.68

3,270

19

Total interest-bearing liabilities

198,712

2,525

2.56

152,114

2,152

2.85

46,598

31

Demand deposits—noninterest-bearing

37,776

29,096

8,680

30

All other liabilities

5,623

4,944

679

14

Total liabilities

242,111

186,154

55,957

30

Total Huntington shareholders’ equity

31,233

20,274

10,959

54

Non-controlling interest

43

49

(6)

(12)

Total equity

31,276

20,323

10,953

54

Total liabilities and equity

$ 273,387

$ 206,477

$ 66,910

32 %

Net interest rate spread

2.71

2.55

Impact of noninterest-bearing funds on NIM

0.52

0.56

NII/NIM (FTE)

$ 3,982

3.23 %

$ 2,924

3.11 %

(1) Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% ta x 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 2Q Form 10-Q    11

Table of Contents

Year-to-Date Net Interest Income
Net interest income for the first six-month period of 2026 increased $1.1 billion , or 36% , from the year-ago
period. FTE net interest income, a non-GAAP financial measure, for the first six-month period of 2026 also increased
$1.1 billion , or 36% , from the year-ago period. The increase in FTE net interest income reflected a 12 basis point
increase in the FTE NIM to 3.23% and a $59.1 billion , or 31% , increase in average total earning assets , partially offset
by a $46.6 billion , or 31% , increase in interest-bearing liabilities . The higher NIM was driven by lower funding costs,
partially offset by the decrease in yields on interest earning assets.
Year-to-Date Average Balance Sheet
Average assets for the first six-month period of 2026 , inclusive of the impacts of the Cadence and Veritex
acquisitions, were $273.4 billion , an increase of $66.9 billion , or 32% , from the year-ago period, with the increase
primarily due to increases in average loans and leases of $49.8 billion , or 38% , total investment and other securities
of $4.8 billion , or 11% , and average interest-earning deposits with banks of $4.4 billion , or 36% . The increase in
average loans and leases included growth in average commercial loans and leases of $39.4 billion , or 53% , and
average consumer loans of $10.3 billion , or 18% .
Average liabilities for the first six-month period of 2026 , inclusive of the impacts of the Cadence and Veritex
acquisitions, increased $56.0 billion , or 30% , from the year-ago period, primarily due to increases in average deposits
of $51.5 billion , or 32% , and in average total borrowings of $3.7 billion or 20% . Average deposits increased due to an
increase in average interest-bearing deposits of $42.9 billion , or 32% , primarily driven by increases in average money
market, interest-bearing demand, time, and savings deposits, and an increase in noninterest-bearing deposits of
$8.7 billion , or 30% . The increase in average total borrowings was driven by an increase in short- and long-term FHLB
advances and long-term debt issuances used to support asset growth.
Average shareholders’ equity for the first six-month period of 2026 increased $11.0 billion , or 54% , from the
year-ago period primarily due to the impact of common stock issued in connection with the Cadence and Veritex
acquisitions, earnings, net of dividends and the impact of issued and acquired preferred stock.

Provision for Credit Losses
(This section should be read in conjunction with the “ Credit Risk ” section.)
The provision for credit losses for the second quarter of 2026 was $132 million , an increase of $29 million , or
28% , compared to the second quarter of 2025 . The provision for credit losses for the first six-month period of 2026
was $290 million , an increase of $72 million , or 33% , compared to the year-ago period. The increase in provision
expense in the second quarter of 2026 , compared to the second quarter of 2025 , and for the first six months of
2026, compared to the year-ago peri od, is reflective of loan growth and higher net loan charge-offs, partially offset
by a lower overall reserve coverage. The provision for credit losses is also impacted by fluctuations in the provision
for unfunded lending commitments .
The following table presents the components of the provision for credit losses.

Table 4 - Provision for Credit Losses

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Provision for loan and lease losses

$ 125

$ 134

$ 375

$ 239

Provision (benefit) for unfunded lending commitments

7

(31)

(85)

(18)

Provision (benefit) for securities

—

—

—

(3)

Total provision for credit losses

$ 132

$ 103

$ 290

$ 218

12     Huntington Bancshares Incorporated

Table of Contents

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

Table 5 - Noninterest Income

Three Months Ended

Six Months Ended

June 30,

June 30,

Change

June 30,

June 30,

Change

(dollar amounts in millions)

2026

2025

Percent

2026

2025

Percent

Payments and cash management revenue

$ 204

$ 165

24 %

$ 391

$ 320

22 %

Wealth and asset management revenue

134

102

31

254

203

25

Customer deposit and loan fees

128

95

35

238

181

31

Capital markets and advisory fees

140

84

67

272

151

80

Mortgage banking income

53

28

89

85

59

44

Insurance income

21

19

11

42

39

8

Leasing revenue

29

10

190

42

24

75

Net gains (losses) on sales of securities

2

(58)

103

15

(58)

126

Other noninterest income

74

26

185

128

46

178

Total noninterest income

$ 785

$ 471

67 %

$ 1,467

$ 965

52 %

Noninterest income for the second quarter of 2026 was $785 million , an increase of $314 million , or 67% , from
the year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory
fees increased $56 million , or 67% , primarily due to higher advisory fees from the legacy business and the impact of
three strategic business units acquired from Jann ey , in addition to higher syndication fees. Payments and cash
management revenue increased $39 million , or 24% , driven by higher cash management and interchange revenue.
Customer deposit and loan fees increased $33 million , or 35% , primarily due to an increase in commitment fees and
the volume of personal service charges. Wealth and asset management revenue increased $32 million , or 31% ,
primarily due to higher investment management and trust income . Mortgage banking income increased $25 million ,
or 89% , due to an increase in net origination and secondary marketing income. Other noninterest income increased
$48 million largely due to the net impact of credit risk transfer transactions, favorable valuation changes on strategic
and other investments, and an increase in bank owned life insurance income. Lastly, the second quarter of 2025
included a $58 million loss from the sale of certain investment securities as part of ongoing portfolio positioning.

Noninterest income for the first six-month period of 2026 increased $502 million , or 52% , from the year-ago
period, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory fees increased
$121 million , or 80% , primarily due to higher advisory fees and the impact of three strategic business units acquired
from Janney, in addition to higher syndication and underwriting fees. Payments and cash management revenue
increased $71 million , or 22% , reflecting higher cash management and interchange revenue. Customer deposit and
loan fees increased $57 million , or 31% , primarily reflecting an increase in the volume of personal service charges
and an increase in commitment fees. W ealth and asset management revenue increased $51 million , or 25% ,
reflecting higher investment management and trust income. Mortgage banking income increased $26 million , or
44% , due to an increase in net origination and secondary marketing income. Other noninterest income increased
$82 million , or 178% , primarily due to the net impact of credit risk transfer transactions, favorable valuation changes
on strategic and other investments, and an increase in bank owned life insurance income. In addition, the first six-
month period of 2026 included a $15 million gain from the sale of certain investment securities compared to a $58
million loss from the year-ago period, both as part of ongoing portfolio positioning.

2026 2Q Form 10-Q    13

Table of Contents

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

Table 6 - Noninterest Expense

Three Months Ended

Six Months Ended

June 30,

June 30,

Change

June 30,

June 30,

Change

(dollar amounts in millions)

2026

2025

Percent

2026

2025

Percent

Personnel costs

$ 1,010

$ 722

40 %

$ 2,002

$ 1,393

44 %

Outside data processing and other services

326

182

79

637

352

81

Equipment

96

68

41

189

135

40

Net occupancy

90

54

67

175

119

47

Professional services

31

22

41

75

44

70

Marketing

38

28

36

75

57

32

Deposit and other insurance expense

38

20

90

73

57

28

Amortization of intangibles

54

11

391

95

22

332

Lease financing equipment depreciation

2

2

—

5

6

(17)

Other noninterest expense

124

88

41

257

164

57

Total noninterest expense

$ 1,809

$ 1,197

51 %

$ 3,583

$ 2,349

53 %

Number of employees (average full-time
equivalent)

26,407

20,242

30 %

25,527

20,166

27 %

Noninterest expense in the second quarter of 2026 was $1.8 billion , an increase of $612 million , or 51% , from
the year-ago quarter. Noninterest expense for the first six-month period of 2026 was $3.6 billion , an increase of $1.2
billion , or 53% , from the year-ago period. Noninterest expense for the second quarter of 2026 and for the first six-
month period of 2026 included $152 million and $415 million , respectively, of acquisition-related expenses, as
detailed in the following table. There were no acquisition-related expenses in the first six months of 2025.

Table 7 - Impact of Acquisition-related Expenses

Three Months Ended

Six Months Ended

June 30,

June 30,

(dollar amounts in millions)

2026

2026

Personnel costs

$ 38

$ 135

Outside data processing and other services

74

162

Equipment

15

34

Net occupancy

2

4

Professional services

4

22

Marketing

8

14

Deposit and other insurance expense

7

7

Other noninterest expense

4

37

Total impact of acquisition-related expenses

$ 152

$ 415