FULLTEXT DEL 1 AV 3
10-Q – 2026-07-28 – hban-20260630.htm
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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