10-Q – 2026-07-28 – hban-20260630.htm

Excluding acquisition-related expenses, noninterest expense for the second quarter of 2026 was $1.7 billion , an
increase of $460 million , or 38% , from the year-ago quarter, inclusive of the impact of the Cadence and Veritex
acquisitions. Personnel costs increased $250 million , or 35% , primarily due to higher salary, benefit, and incentive
compensation expense. Outside data processing and other services increased $70 million , or 38% , primarily
reflecting higher technology and data expense. Amortization of intangibles increased $43 million primarily due to
the impact from the addition of core deposit intangibles from the acquisitions. Net occupancy increased $34 million ,
or 63% , largely due to increases in lease and depreciation expense. Other noninterest expense increased $32 million ,
or 36% , primarily due to an increased volume of expense activity driven by the impact of the acquisitions.

14     Huntington Bancshares Incorporated

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Excluding acquisition-related expenses, noninterest expense for the first six-month period of 2026 was $3.2
billion , an increase of $819 million , or 35% , from the year-ago period , inclusive of the impact of the Cadence and
Veritex acquisitions . P ersonnel costs increased $474 million , or 34% , primarily due to higher salary, benefit, and
incentive compensation expense. Outside data processing increased $123 million , or 35% , primarily due to higher
technology and data expense. Amortization of intangibles increased $73 million primarily due to the impact from the
addition of core deposit intangibles from the acquisitions. Net occupancy expense increased $52 million , or 44% ,
primarily due to increases in lease and depreciation expense. Equipment expense increased $20 million , or 15% ,
primarily due to an increase in depreciation expense. Other noninterest expense increased $56 million , or 34% ,
primarily due to an increased volume of expense activity driven by the impact of the acquisitions.

Provision for Income Taxes
The provision for income taxes and effective tax rate were $165 million and 18.4% , respectively , in the second
quarter of 2026 , compared to $96 million and 15.0% , respectively, in the second quarter of 2025 . The provision for
income taxes and effective tax rate were $279 million and 18.1% , respectively, for the six-month period ended
June 30, 2026 , compared to $218 million and 16.8% , respectively, for the six-month period ended June 30, 2025. The
increases in the effective tax rates in both current year periods , compared to the prior year periods, related primarily
to higher income before taxes in the current year periods and the benefit from remeasurement of deferred tax
assets for changes in certain state tax laws which were enacted in the prior year periods. All periods included the
benefits from general business credits, tax-exempt income, tax-exempt bank-owned life insurance income, and
investments in qualified affordable housing projects.
The net federal deferred tax asset was $1.3 billion and the net state deferred tax asset was $129 million at
June 30, 2026 , compared to a net federal deferred tax asset of $856 million and a net state deferred tax asset of $92
million at December 31, 2025.
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax
audits have been completed for tax years through 2019. T he 2020-2024 tax years remain open under the statute of
limitations. Also, with few exceptions, the Company is no longer subject to state, city, or foreign income tax
examinations for tax years before 2021.

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

Credit Risk
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial
obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of
credit risk is central to profitable lending. A number of other products expose the Company to credit risk, including
investment securities and derivatives. Credit exposure is limited to the sum of the aggregate fair value of positions
that have become favorable to us, including any accrued interest receivable due from  counterparties. Potential
credit losses are mitigated by derivatives through central clearing parties, careful evaluation of counterparty credit
standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and
other contract provisions.

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We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to
the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities,
and portfolio diversification, we use quantitative measurement capabilities utilizing external data sources, enhanced
modeling technology, and internal stress testing processes. Our disciplined portfolio management processes are
central to our commitment to maintaining an aggregate moderate-to-low risk appetite. In our efforts to identify risk
mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent
or stressed borrowers.
Loan and Lease Credit Exposure Mix
Refer to the “ Loan and Lease Credit Exposure Mix ” section of our 2025 Annual Report on Form 10-K for a
description of each port folio segme nt.
At June 30, 2026 , our loans and leases totaled $189.4 billion , representing a $39.8 billion , or 27% , increase
compared to $149.6 billion at December 31, 2025 . The increase was driven by a combination of the Cadence
acquisition and organic growth. As of the Cadence acquisition date, acquired loans totaled $36.9 billion , including
$17.4 billion of commercial and industrial loans, $9.4 billion of commercial real estate loans, $131 million of lease
financing loans, $8.2 billion of residential mortgage loans, $1.5 billion of home equity loans, and $264 million of
other consumer loans.
The table below provides the composition of our total loan and lease portfolio. 

Table 8 - Loan and Lease Portfolio Composition

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Commercial:

Commercial and industrial

$ 91,378

49 %

$ 69,442

46 %

Commercial real estate

23,457

12

15,209

10

Lease financing

5,714

3

5,727

4

Total commercial

120,549

64

90,378

60

Consumer:

Residential mortgage

33,221

18

24,777

17

Automobile

15,460

8

16,168

11

Home equity

11,884

6

10,395

7

RV and marine

5,706

3

5,682

4

Other consumer

2,602

1

2,242

1

Total consumer

68,873

36

59,264

40

Total loans and leases

$ 189,422

100 %

$ 149,642

100 %

Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall
credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types,
collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage
of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential
real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically
tracked components of our concentration management process. As of June 30, 2026 , there were no identified
concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the
ROC and is used to ensure a high quality, well diversified portfolio that is consistent with our overall objective of
maintaining an aggregate moderate-to-low risk appetite. Changes to existing concentration limits and incorporating
specific information relating to the potential impact on the overall portfolio composition and performance metrics
require the approval of the ROC prior to implementation.

16     Huntington Bancshares Incorporated

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

Table 9 - Loan and Lease Portfolio by Industry Type

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Commercial loans and leases:

Real estate and rental and leasing

$ 28,802

15 %

$ 20,237

14 %

Finance and insurance

15,922

9

10,489

7

Retail trade (1)

13,119

7

12,181

8

Manufacturing

8,706

5

8,265

6

Health care and social assistance

7,705

4

5,920

4

Wholesale trade

6,314

3

5,842

4

Accommodation and food services

6,293

3

4,228

3

Construction

4,756

3

2,369

2

Utilities

4,506

2

3,156

2

Transportation and warehousing

4,327

2

3,288

2

Other services

3,552

2

3,617

2

Professional, scientific, and technical services

3,180

2

2,296

2

Information

2,887

2

1,937

1

Arts, entertainment, and recreation

2,537

2

1,923

1

Admin./support/waste mgmt. and remediation services

2,402

1

1,844

1

Management of companies and enterprises

1,217

1

243

—

Public administration

1,097

1

816

1

Educational services

895

—

738

—

Agriculture, forestry, fishing, and hunting

862

—

410

—

Mining, quarrying, and oil and gas extraction

734

—

147

—

Unclassified/Other

736

—

432

—

Total commercial loans and leases by industry category

120,549

64

90,378

60

Residential mortgage

33,221

18

24,777

17

Automobile

15,460

8

16,168

11

Home equity

11,884

6

10,395

7

RV and marine

5,706

3

5,682

4

Other consumer loans

2,602

1

2,242

1

Total loans and leases

$ 189,422

100 %

$ 149,642

100 %

(1) Amounts include $5.8 billion and $4.3 billion of auto dealer services loans at June 30, 2026 and December 31, 2025 , respectively.
The following tables present our commercial real estate portfolio by property type and geographic location.

Table 10 - Commercial Real Estate Portfolio by Property Type

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Amount by
Property Type

% of Total Loans
and Leases

Amount by
Property Type

% of Total Loans
and Leases

Multi-family

$ 6,733

4 %

$ 4,822

3 %

Warehouse/Industrial

4,629

2

3,054

2

Retail

3,536

2

2,224

1

Office

2,633

1

1,804

1

Hotel

1,904

1

1,438

1

Other

4,022

2

1,867

1

Total commercial real estate loans and leases

$ 23,457

12 %

$ 15,209

9 %

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Table 11 - Commercial Real Estate Portfolio by Geographic Location

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Amount by
Location (1)

% of Total CRE
Loans and Leases

Amount by
Location (1)

% of Total CRE
Loans and Leases

Texas

$ 7,090

30 %

$ 4,090

27 %

Ohio

2,331

10

2,176

14

Michigan

1,782

8

1,872

12

Florida

1,714

7

830

5

Georgia

1,479

6

347

2

Illinois

724

3

787

5

Alabama

702

3

186

1

Colorado

625

3

555

4

Tennessee

485

2

73

—

North Carolina

483

2

269

2

Other

6,042

26

4,024

28

Total commercial real estate loans and leases

$ 23,457

100 %

$ 15,209

100 %

(1) Geographic location based on location of underlying collateral.
Our CRE portfolio totaled $23.5 billion at June 30, 2026 , an increase of $8.2 billion , or 54% , compared to
December 31, 2025 , driven by $9.4 billion of loans acquired as a result of the completion of the Cadence acquisition.
The CRE portfolio had an associated allowance coverage of 3.4% and 3.7% at June 30, 2026 and December 31, 2025 ,
respectively.
Credit Quality
(This section should be read in conjunction with Note 5 - “ Loans and Leases ” and Note 6 - “ Allowance for Credit
Losses ” of the Notes to Unaudited Consolidated Financial Statements.)
We believe the most meaningful way to assess overall credit quality performance is through an analysis of
specific performance ratios. This approach forms the basis of the discussion in the sections immediately following:
NALs and NPAs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns,
product segmentation, and origination trends in the analysis of our credit quality performance.

18     Huntington Bancshares Incorporated

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

Table 12 - Nonaccrual Loans and Leases and Nonperforming Assets

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Nonaccrual loans and leases (NALs):

Commercial and industrial

$ 986

$ 562

Commercial real estate

243

133

Lease financing

8

8

Residential mortgage

223

107

Automobile

7

6

Home equity

120

113

RV and marine

2

2

Total nonaccrual loans and leases

1,589

931

Other real estate, net

23

13

Other NPAs (1)

—

1

Total nonperforming assets

$ 1,612

$ 945

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

0.84 %

0.62 %

NPA ratio (2)

0.85

0.63

(1) Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
(2) Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
NPAs totaled $1.6 billion at June 30, 2026 , an increase of $667 million , or 71% , from December 31, 2025 , with
the increase primarily due to $295 million of NPAs assumed in the Cadence acquisition and additional increases in
commercial and industrial, commercial real estate, and residential mortgage NALs.
ACL
Our ACL is comprised of two different components, the ALLL and the AULC, both of which in our judgment are
appropriate to absorb lifetime expected credit losses in our loan and lease portfolio. We utilize an independent
third-party forecast that projects future economic conditions and considers multiple macroeconomic scenarios.
These macroeconomic scenarios contain certain variables that are influential to our modeling process, the most
significant being unemployment rates and GDP.
For purposes of determining our ACL at June 30, 2026, we utilized a baseline economic scenario that assumes
the labor market has softened, with the unemployment rate peaking at 4.6% in the fourth quarter of 2026 and
expected to remain elevated at 4.6% in the first half of 2027. The Federal Reserve is projected to continue the
current cycle of rate cuts, but cuts are expected later in 2026 and 2027, with the federal funds rate projected to
return to 3% by 2028. Inflation is forecasted to remain above the Federal Reserve’s target level of 2%, with inflation
still at or near 3% by the end of 2026. Forecasted GDP growth moderated from the first quarter, with growth
projected at approximately 2.2% in 2026 before easing below 2% in 2027. The economic outlook became more
uncertain during the second quarter as energy prices remained above prior expectations, while ongoing
developments in the Middle East present risks to the outlook and contribute to elevated uncertainty.  

2026 2Q Form 10-Q    19

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The table below shows the forecasted path of unemployment and GDP in the baseline economic scenario
compared to the end of 2025 .

Table 13 - Forecasted Key Macroeconomic Variables

2025

2026

2027

Baseline scenario forecast

Q4

Q2

Q4

Q2

Q4

Unemployment rate (1)

2Q 2026

N/A

4.3

4.6

4.6

4.5

4Q 2025

4.3 %

4.6 %

4.8 %

4.7 %

4.6 %

Gross Domestic Product (1)

2Q 2026

N/A

2.6

1.6

1.8

1.9

4Q 2025

0.5 %

2.3 %

1.8 %

1.9 %

2.0 %

(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.
Management continues to assess the uncertainty in the macroeconomic environment, including ongoing risks in
the commercial real estate environment, current inflation levels, the impacts of U.S. trade policies, including tariffs,
the impact of higher oil prices, political uncertainty, and geopolitical instability, considering multiple macroeconomic
forecasts that reflect a range of possible outcomes. While we have incorporated estimates of economic uncertainty
into our ACL, the ultimate impact that specific challenges will have on the economy remains unknown.
Management develops additional analytics to support adjustments to our modeled results. Our Allowance for
Credit Loss Development Methodology Committee reviewed model results of each economic scenario for
appropriate usage, concluding that the quantitative transaction reserve will continue to utilize scenario weighting.
Given the uncertainty associated with key economic scenario assumptions, the June 30, 2026 ACL included a general
reserve that consists of various risk profile components, including profiles to capture uncertainty not addressed
within the quantitative transaction reserve.
The most significant risk profile components included within our qualitative reserve at June 30, 2026 relate to
business banking loans, including SBA guaranteed loans, and leveraged lending within the C&I portfolio. The
business banking risk profile addresses a modest upward trend in default rates resulting from the current interest
rate environment and inflationary impacts on customers. The leveraged lending risk profile addresses concerns
relating to the current interest rate environment and macroeconomic environment.
Our ACL evaluation process includes the on-going assessment of credit quality metrics and a comparison of
certain ACL benchmarks to current performance.

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The table below reflects the allocation of our ACL among our various loan and lease categories as well as certain
coverage metrics of the reported ALLL and ACL.

Table 14 - Allocation of Allowance for Credit Losses

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Allocation of
Allowance

% of Total ALLL

% of Total Loans
and Leases (1)

Allocation of
Allowance

% of Total ALLL

% of Total Loans
and Leases (1)

Commercial

Commercial and industrial

$ 1,443

44 %

49 %

$ 1,070

42 %

46 %

Commercial real estate

800

25

12

569

22

10

Lease financing

96

3

3

92

4

4

Total commercial

2,339

72

64

1,731

68

60

Consumer

Residential mortgage

259

8

18

205

9

17

Automobile

169

5

8

181

7

11

Home equity

174

5

6

149

6

7

RV and marine

129

4

3

136

5

4

Other consumer

179

6

1

135

5

1

Total consumer

910

28

36

806

32

40

Total ALLL

3,249

2,537

AULC

132

206

Total ACL

$ 3,381

$ 2,743

Total ALLL as a % of:

Total loans and leases

1.72 %

1.70 %

Nonaccrual loans and leases

204

272

NPAs

202

269

Total ACL as % of:

Total loans and leases

1.78 %

1.83 %

Nonaccrual loans and leases

213

295

NPAs

210

290

(1) Percentages represent the percentage of each loan and lease category to total loans and leases.
At June 30, 2026 , the ACL was $3.4 billion , or 1.78% of total loans and leases, compared to $2.7 billion , or 1.83% ,
at December 31, 2025 . The increase in the ACL was driven by $578 million of ACL recorded for loans and
commitments acquired in the Cadence transaction, as well as organic loan and lease growth. The ACL coverage ratio
at June 30, 2026 is reflective of the current macroeconomic forecast and changes in various risk profiles intended to
capture uncertainty not addressed within the quantitative reserve.

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NCOs
The table below reflects NCO detail.

Table 15 - Net Charge-off Analysis

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

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

Commercial:

Commercial and industrial (1)

$ 66

$ 32

$ 120

$ 80

Commercial real estate

3

(3)

5

(11)

Lease financing

(3)

2

(3)

6

Total commercial

66

31

122

75

Consumer:

Residential mortgage

3

1

4

1

Automobile

12

7

27

20

Home equity

1

—

1

—

RV and marine

6

5

13

12

Other consumer

31

22

63

44

Total consumer

53

35

108

77

Total net charge-offs

$ 119

$ 66

$ 230

$ 152

Net charge-offs (recoveries) - annualized percentages:

Commercial:

Commercial and industrial

0.29 %

0.22 %

0.28 %

0.28 %

Commercial real estate

0.06

(0.14)

0.04

(0.20)

Lease financing

(0.18)

0.12

(0.08)

0.22

Total commercial

0.22

0.16

0.21

0.20

Consumer:

Residential mortgage

0.03

0.01

0.02

0.01

Automobile

0.32

0.19

0.35

0.27

Home equity

0.01

0.01

0.02

0.01

RV and marine

0.44

0.33

0.47

0.39

Other consumer

4.88

4.86

5.08

4.87

Total consumer

0.30

0.25

0.32

0.27

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

0.25 %

0.20 %

0.25 %

0.23 %

(1) Net charge-offs for the six months ended June 30, 2026 include $23 million of charge-offs on certain loans previously charged off by Cadence, which were
written up to the unpaid principal balance at acquisition and then immediately charged off by Huntington as required by purchase accounting.
NCOs were $119 million , or 0.25% of average total loans and leases on an annualized basis, in the second
quarter of 2026 , an increase of $53 million compared to $66 million , or 0.20% of average total loans and leases on an
annualized basis, i n the year-ago quarter. The increase reflects a $35 million increase in commercial NCOs to $66
million , and an $18 million increase in consumer NCOs to $53 million , in the second quarter of 2026 . As a percentage
of average loans and leases, annualized NCOs for commercial loans and leases were 0.22% in the second quarter of
2026 , compared to 0.16% in the year-ago quarter, while annualized consumer loan NCOs were 0.30% in the second
quarter of 2026 , compared to 0.25% in the year-ago quarter.

22     Huntington Bancshares Incorporated

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NCOs were $230 million , or 0.25% of average total loans and leases on an annualized basis, in the six-month
period ended June 30, 2026 , an increase of $78 million compared to $152 million , or 0.23% of average total loans
and leases on an annualized basis, in the six-month period ended June 30, 2025. The increase reflects a $47 million
increase in commercial NCOs to $122 million , and a $31 million increase in consumer NCOs to $108 million , in the
six-month period ended June 30, 2026 . As a percentage of average loans and leases, annualized NCOs for
commercial loans and leases were 0.21% for the first six-month period of 2026 , compared to 0.20% in the year-ago
period, while annualized consumer loan NCOs were 0.32% in the first six-month period of 2026 , compared to 0.27%
in the year-ago period.

Market Risk
Market risk refers to potential losses arising from changes in interest rates, credit spreads, foreign exchange
rates, equity prices, and commodity prices, including the correlation among these factors and their volatility. When
the value of an instrument is tied to such external factors, the holder faces market risk. We are exposed primarily to
interest rate risk as a result of offering a wide array of financial products to our customers, and secondarily to price
risk from trading securities, securities owned by our broker-dealer subsidiaries, foreign exchange positions, equity
investments, and investments in securities backed by mortgage loans.
We measure market risk exposure via financial simulation models that provide management with insights on the
potential impact to net interest income and other key metrics as a result of changes in market interest rates. Models
are used to simulate cash flows and accrual characteristics of the balance sheet based on assumptions regarding the
slope or shape of the yield curve, the direction and volatility of interest rates, and the changing composition and
characteristics of the balance sheet resulting from strategic objectives and customer behavior. Our models
incorporate market-based assumptions that include the impact of changing interest rates on prepayment rates of
assets and runoff rates of deposits. The models also include our projections of the future volume and pricing of
various business lines.
In measuring the financial risks associated with interest rate sensitivity in our balance sheet, we compare a set of
alternative interest rate scenarios to the results of a base case scenario derived using market forward rates. The
market forward rates reflect the general market consensus regarding the future level and slope of the yield curve
across a range of tenor points. The standard set of interest rate scenarios includes two types: “shock” scenarios,
which are immediate parallel rate shifts, and “ramp” scenarios, where the parallel shift is applied gradually over the
first 12 months of the forecast on a pro-rata basis. In both shock and ramp scenarios with falling rates, we presume
that market rates will not go below 0%. The scenarios include all executed interest rate risk hedging activities.
Forward-starting hedges are included to the extent that they have been transacted and that they start within the
measurement horizon.
A key driver of our interest rate risk profile is our assumption of interest-bearing deposit repricing sensitivity to
changes in interest rates, otherwise known as deposit beta. In addition, our interest expense is impacted by the
composition of both interest-bearing and noninterest-bearing deposits in relation to our total deposits. Accordingly,
we consider the impacts from both interest-bearing and noninterest-bearing deposits on our total deposit beta.
Following the start of the current falling rate cycle , which began in the third quarter of 2024, our cumulative total
deposit beta (total cost of deposits) through the second quarter of 2026 was 30 %.
We use two approaches to model interest rate risk: net interest income at risk (NII at Risk) and economic value
of equity at risk modeling sensitivity analysis (EVE at Risk).
NII at Risk is used by management to measure the risk and impact to earnings over the next 12 months, using a
wide range of interest rate scenarios, including instantaneous and gradual, as well as parallel and non-parallel,
changes in interest rates. The NII at Risk results included in the table below present select gradual “ramp” -200, -100,
+100 and +200 basis point parallel shift scenarios, implied by the forward yield curve over the next 12 months.

2026 2Q Form 10-Q    23

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Table 16 - Net Interest Income at Risk

At June 30, 2026

At December 31, 2025

Federal Funds Rate

Federal Funds Rate

Basis point change scenario

Starting Point

Month 12 (1)

NII at Risk (%)

Starting Point

Month 12 (1)

NII at Risk (%)

+200

3.75 %

6.00 %

2.8 %

3.75 %

5.25 %

2.5 %

+100

3.75

5.00

1.4

3.75

4.25

0.9

Base

3.75

4.00

—

3.75

3.25

—

-100

3.75

3.00

-1.0

3.75

2.25

-0.6

-200

3.75

2.00

-1.8

3.75

1.25

-1.9

(1) Represents the federal funds rate in month 12 given a gradual, parallel “ramp” relative to the base implied forward scenario.
The NII at Risk shows that the balance sheet is asset-sensitive at both June 30, 2026 , and December 31, 2025 .
The primary drivers to the change in sensitivity from December 31, 2025 include current and projected balance
sheet composition, including impacts from the Cadence acquisition, over the simulation horizon and market rates.
EVE at Risk is used by management to measure the impact of interest rate changes on the net present value of
assets and liabilities, including derivative exposures, using a wide range of scenarios. The EVE results included in the
table below present select immediate -200, -100, +100 and +200 basis point parallel “shock” scenarios from the yield
curve term points at the specific point in time that EVE sensitivity is measured.

Table 17 - Economic Value of Equity at Risk

 

Economic Value of Equity at Risk (%)

Basis point change scenario

-200

-100

+100

+200

At June 30, 2026

-2.0 %

0.6 %

-2.4 %

-6.3 %

At December 31, 2025

0.3

1.7

-3.5

-8.3

The change in sensitivity from December 31, 2025 was driven primarily by market rates and changes to actual
balance sheet composition, in part due to impacts from the Cadence acquisition.
Use of Derivatives to Manage Interest Rate Risk
An integral component of our interest rate risk management strategy is the use of derivative instruments to
minimize significant fluctuations in earnings caused by changes in market interest rates. A variety of derivative
financial instruments, principally interest rate swaps, swaptions, floors, forward contracts, and forward-starting
interest rate swaps, are used in asset and liability management activities to protect against the risk of adverse price
or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in
interest rates without exposure to loss of principal and higher funding requirements.
Table 18 shows all swap and floor positions that are utilized for purposes of managing our exposures to the
variability of interest rates. The interest rate variability may impact either the fair value of the assets and liabilities or
the cash flows attributable to net interest margin. These positions are used to protect the fair value of assets and
liabilities by converting the contractual interest rate on a specified amount of assets and liabilities (i.e., notional
amounts) to another interest rate index. The positions are also used to hedge the variability in cash flows
attributable to the contractually specified interest rate by converting the variable-rate index into a fixed rate. The
volume, maturity, and mix of derivative positions change frequently as we adjust our broader interest rate risk
management objectives and the balance sheet positions to be hedged. For further information, including the
notional amount and fair values of these derivatives, refer to Note 15 - “ Derivative Financial Instruments ” of the
Notes to Unaudited Consolidated Financial Statements.

24     Huntington Bancshares Incorporated

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

Table 18 - Information on Asset Liability Management Instruments

Weighted-
Average
Maturity (years)

Weighted-
Average
Fixed Rate

(dollar amounts in millions)

Notional
Value

Fair Value

At June 30, 2026

Asset conversion swaps

Securities (1):

Pay Fixed - Receive SOFR

$ 1,500

7.73

$ 149

2.14 %

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

4,122

12.08

73

3.81

Loans:

Receive Fixed - Pay SOFR

16,025

1.75

(151)

3.22

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

4,600

3.58

(71)

3.37

Liability conversion swaps

Receive Fixed - Pay SOFR

10,099

2.61

(136)

3.45

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

2,300

3.82

(43)

3.38

Purchased floor spreads (4)

Purchased Floor Spread - SOFR

4,950

2.91

34

2.65 / 3.75

Basis swaps (5)

Pay SOFR - Receive Fed Fund (economic hedges)

27

4.33

—

3.65

Pay Fed Fund - Receive SOFR (economic hedges)

1

9.31

—

3.73

Total swap portfolio

$ 43,624

$ (145)

At December 31, 2025

Asset conversion swaps

Securities (1):

Pay Fixed - Receive SOFR

$ 3,987

3.92

$ 130

2.48 %

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

1,160

12.47

44

3.36

Loans:

Receive Fixed - Pay SOFR

15,800

2.05

(2)

3.18

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

2,500

4.21

(3)

3.30

Liability conversion swaps

Receive Fixed - Pay SOFR

10,599

2.97

(22)

3.51

Purchased floor spreads (4)

Purchased Floor Spread - SOFR

6,750

1.06

30

2.80 / 3.87

Purchased Floor Spread - SOFR forward-starting (7)

3,200

3.49

51

2.83 / 3.83

Basis swaps (5)

Pay SOFR - Receive Fed Fund (economic hedges)

27

4.83

—

3.81

Pay Fed Fund - Receive SOFR (economic hedges)

1

9.81

—

3.99

Total swap portfolio

$ 44,024

$ 228

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

2026 2Q Form 10-Q    25

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MSRs
(This section should be read in conjunction with Note 7 - “ Mortgage Loan Sales and Servicing Rights ” of Notes to
Unaudited Consolidated Financial Statements .)
At June 30, 2026 , we had a total of $752 million of capitalized MSRs representing the right to service $43.4
billion in mortgage loans.
MSR fair values are sensitive to movements in interest rates, as expected future net servicing income depends
on the projected outstanding principal balances of the underlying loans, which can be reduced by prepayments and
declines in credit quality. Prepayments usually increase when mortgage interest rates decline and decrease when
mortgage interest rates rise. We also employ hedging strategies to reduce the risk of MSR fair value changes.
However, volatile changes in interest rates can diminish the effectiveness of these economic hedges. We report
changes in the MSR value net of hedge-related trading activity in the mortgage banking income category of
noninterest income.
MSR assets are included in servicing rights and other intangible assets in the Unaudited Consolidated Financial
Statements.
Price Risk
Price risk represents the risk of loss arising from adverse movements in the prices of financial instruments that
are carried at fair value and are subject to fair value accounting. We have price risk from trading securities, securities
owned by our broker-dealer subsidiaries, foreign exchange positions, derivative instruments, and equity
investments. We have established loss limits on the trading portfolio, on the amount of foreign exchange exposure
that can be maintained, and on the amount of marketable equity securities that can be held.

Liquidity Risk
Liquidity risk is the possibility of us being unable to meet current and future financial obligations in a timely
manner. The goal of liquidity management is to ensure adequate, stable, reliable, and cost-effective sources of funds
to satisfy changes in loan and lease demand, unexpected levels of deposit withdrawals, investment opportunities,
and other contractual obligations. We consider core earnings, strong capital ratios, and credit quality essential for
maintaining high credit ratings, which allow us cost-effective access to market-based liquidity. We mitigate liquidity
risk by maintaining a large, stable customer deposit base and a diversified base of readily available wholesale
funding sources, including secured funding sources from the FHLB and FRB through pledged borrowing capacity,
issuance through dealers in the capital markets, and access to deposits issued through brokers. We further mitigate
liquidity risk by maintaining liquid assets in the form of cash and cash equivalents and securities.
The Board of Directors is responsible for establishing an acceptable level of liquidity risk at Huntington, including
approval of the liquidity risk appetite at least annually. The liquidity risk appetite includes liquidity risk metrics that
are designed and monitored to ensure Huntington maintains adequate liquidity to meet current and future funding
needs, including during periods of potential stress. The Board receives and reviews information on at least a semi-
annual basis to ensure Huntington is operating in accordance with its established risk tolerance. Further, the ALCO is
appointed by the ROC to oversee liquidity risk management, including the establishment of liquidity risk policies and
additional liquidity risk metrics and limits to support our overall liquidity risk appetite. Liquidity risk appetite metrics
are monitored by senior management daily and are reported to the Board at least semi-annually and to ROC on a
more frequent basis.
Liquidity risk is reviewed and managed continuously for the Bank and the parent company, as well as its
subsidiaries. In addition, liquidity working groups meet regularly to identify and monitor liquidity positions, provide
policy guidance, review funding strategies, and oversee the adherence to, and maintenance of, contingency funding
plans. At June 30, 2026 , m anagement believes current sources of liquidity are sufficient to meet Huntington’s on-
and off-balance sheet obligations over the next 12 months and for the foreseeable future.

26     Huntington Bancshares Incorporated

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We maintain a contingency funding plan that provides for liquidity stress testing, which assesses the potential
erosion of funds in the event of an institution-specific event or systemic financial market crisis. Examples of
institution specific events could include a downgrade in our public credit rating by a rating agency, a large charge to
earnings, declines in profitability or other financial measures, declines in liquidity sources including reductions in
deposit balances or access to contingent funding sources, or a significant merger or acquisition. Examples of
systemic events unrelated to us that could have an effect on our access to liquidity would be terrorism or war,
natural disasters, political events, failure of a major financial institution, or the default or bankruptcy of a major
corporation, mutual fund, or hedge fund. Similarly, market speculation or rumors about us, or the banking industry
in general, may adversely affect the cost and availability of normal funding sources. The contingency funding plan,
which is reviewed and approved by the ROC at least annually, outlines the process for addressing a liquidity crisis
and provides for an evaluation of funding sources under various market conditions. It also assigns specific roles and
responsibilities and communication protocols for effectively managing liquidity through a problem period and
outlines early warning indicators that are used to monitor emerging liquidity stress events.
Deposits
Our largest source of liquidity on a consolidated basis is customer deposits, which provide stable and lower-cost
funding. Our customer deposits come from a base of primary bank customer relationships, and we continue to focus
on acquiring and deepening those relationships, resulting in a diversified deposit base. Total de posits were $222.5
billion at June 30, 2026 , compared to $176.6 billion at December 31, 2025 . The $45.9 billion , or 26% , increase in total
deposits, compared to December 31, 2025 , was primarily driven by $43.5 billion of deposits acquired in the Cadence
acquisition, in addition to organic deposit growth . Total deposits included $5.8 billion of brokered deposits primarily
consisting of brokered money market and time deposit balances at June 30, 2026 , compared to $5.9 billion at
December 31, 2025 . The level of brokered deposits was below our established liquidity risk metric limits at June 30,
2026 .
Insured deposits comprised approximately 69% and 70% of our total deposits at June 30, 2026 and
December 31, 2025 , respectively. The composition of our deposits is presented in the table below.

Table 19 - Deposit Composition

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

By type:

Demand deposits—noninterest-bearing

$ 40,129

18 %

$ 32,205

18 %

Demand deposits—interest-bearing

62,395

28

48,510

27

Money market deposits

75,717

34

65,123

37

Savings deposits

18,820

9

15,426

9

Time deposits

25,405

11

15,346

9

Total deposits

$ 222,466

100 %

$ 176,610

100 %

Total deposits (insured/uninsured):

Insured deposits

$ 153,290

69 %

$ 123,744

70 %

Uninsured deposits (1)

69,176

31

52,866

30

Total deposits

$ 222,466

100 %

$ 176,610

100 %

(1) Represents consolidated Huntington uninsured deposits, determined by adjusting the amounts reported in the Bank Call Report (FFIEC 031) by inter-
company deposits, which are not customer deposits and are therefore eliminated through consolidation. As of June 30, 2026 , the Bank Call Report
estimated uninsured deposit balance was $73.7 billion , which includes $4.6 billion of inter-company deposits. As of December 31, 2025 , the Bank Call
Report estimated uninsured deposit balance was $56.9 billion , which includes $4.1 billion of inter-company deposits.
Wholesale Funding
Sources of wholesale funding include non-customer brokered deposits, short-term borrowings, and long-term
debt. Our wholesale funding totaled $27.6 billion at June 30, 2026 , an increase of $3.2 billion compared to $24.4
billion at December 31, 2025 . The increase from year end was primarily due to a $1.9 billion increase in short-term
borrowings, primarily comprised of short-term FHLB advances, and a $1.5 billion increase in long-term debt driven
by $1.8 billion of senior and subordinated debt issuances, partially offset by maturities and repayments .

2026 2Q Form 10-Q    27

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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
and float balances at the end of the 2026 second quarter to support customer activity in conjunction with the
Cadence systems and branch conversions, as well as higher interest-earning deposits held at the FRB as part of
prudent liquidity risk management to support our strong liquidity position.
Our investment securities portfolio is evaluated under established ALCO objectives. Changing market conditions
could affect the profitability of the portfolio, as well as the level of interest rate risk exposure.
Total investment securities, comprised of AFS and HTM securities, were $49.6 billion at June 30, 2026 , compared
to $41.4 billion at December 31, 2025 . The $8.2 billion increase in investment securities, compared to December 31,
2025 , was largely driven by $9.0 billion of investment securities acquired in the Cadence transaction. A t June 30,
2026 , the duration of the investment securities portfolio, net of hedging, was 3.2 years. Securities are pledged to
secure borrowing capacity with the FHLB and the FRB, discussed further in the Bank Liquidity and Sources of Funding
section below.
Bank Liquidity and Sources of Funding
Our primary source of funding for the Bank is customer deposits. At June 30, 2026 , customer deposits funded
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
intercompany notes or parent company deposits placed at the Bank.
The Bank maintains borrowing capacity at both the FHLB and the FRB secured by pledged loans and securities.
While the Bank does not consider borrowing capacity at the FRB a primary source of funding, it could be used as a
potential source of liquidity in a stressed environment or during a market disruption. The amount of available
contingent borrowing capacity may fluctuate based on the level of borrowings outstanding and level of assets
pledged.
A summary of the Bank’s selected contingent liquidity sources is presented in the following table.

Table 20 - Selected Contingent Liquidity Sources

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Unused secured borrowing capacity:

FRB

$ 80,905

$ 71,296

FHLB

22,789

16,212

Unpledged investment securities (at market value)

11,675

11,743

Interest-earning deposits held at FRB

12,269

11,712

Selected contingent liquidity sources

$ 127,638

$ 110,963

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.
Parent Company Liquidity
The parent company’s primary financial obligations consist of dividends to shareholders, debt service, income
taxes, operating expenses, funding of nonbank subsidiaries, repurchases of our stock, and acquisitions. The parent
company obtains funding to meet obligations from dividends and interest received from the Bank, interest and
dividends received from direct subsidiaries, net taxes collected from subsidiaries included in the federal consolidated
tax return, fees for services provided to subsidiaries, and the issuance of debt and equity instruments.
The parent company had cash and cash equivalents of $4.1 billion and $3.6 billion at June 30, 2026 and
December 31, 2025 , respectively.

28     Huntington Bancshares Incorporated

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On July 22, 2026 , our Board of Directors declared a quarterly cash dividend on our common stock of $0.155 per
common share, payable on October 1, 2026 to shareholders of record on September 17, 2026 . Additionally, on
July 22, 2026 , our Board of Directors declared quarterly dividends on our Series B, F, G, H, J, and K preferred stock,
payable on October 15, 2026 to shareholders of record on October 1, 2026 , and a quarterly dividend on our Series L
preferred stock, payable on November 20, 2026 to shareholders of record on November 5, 2026 . On June 24, 2026 ,
our Board of Directors declared a quarterly dividend on our Series I preferred stock, payable on September 1, 2026
to shareholders of record on August 15, 2026 . Current quarterly dividend declarations are expected to total
approximately $354 million .
During the first six months of 2026 , the Bank paid common dividends to the parent company of $550 million .
During the first quarter of 2026 , the Bank redeemed all of its preferred stock outstanding that had previously been
held by the parent company. To meet any additional liquidity needs, the parent company may issue debt or equity
securities. To support the parent company’s ability to issue debt or equity securities, we have filed an automatic
shelf registration statement with the SEC covering an indeterminate amount or number of securities to be offered or
sold from time to time as authorized by Huntington’s Board of Directors.
As of 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.
Credit Ratings
Credit ratings represent evaluations by rating agencies based on a number of factors, including financial strength
and the ability to generate earnings, as well as factors not entirely within our control, including conditions affecting
the financial services industry, the economy, and changes in rating methodologies. Credit ratings are subject to
change at any time. Our credit ratings impact our availability and cost of financing, as well as collateral requirements
for certain derivative instruments and deposit products. A downgrade to our credit ratings could adversely affect our
access to capital, increase our cost of funds, or trigger additional collateral or funding requirements.
The following table presents our credit ratings and rating agency outlooks.

Table 21 - Credit Ratings and Outlook

 

At June 30, 2026

Moody’s

Standard & Poor’s

Fitch

DBRS Morningstar

Huntington Bancshares Incorporated

Senior unsecured notes

Baa1

BBB+

A-

A

Subordinated notes

Baa1

BBB

BBB+

A (low)

Commercial paper

NR

NR

F1

R-1 (low)

Ratings outlook

Negative

Stable

Stable

Stable

The Huntington National Bank

Senior unsecured notes

A3

A-

A-

A (high)

Long-term deposits

A1

NR (1)

A

A (high)

Short-term deposits

P-1

NR (1)

F1

R-1 (middle)

Ratings outlook

Negative

Stable

Stable

Stable

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

2026 2Q Form 10-Q    29

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

30     Huntington Bancshares Incorporated

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

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

2026 2Q Form 10-Q    31

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

Table 22 - Regulatory Capital Information

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Consolidated:

CET1 risk-based capital ratio

10.0 %

10.4 %

Tier 1 risk-based capital ratio

11.3

12.0

Total risk-based capital ratio

13.6

14.2

Tier 1 leverage ratio

8.8

9.3

CET1 risk-based capital

$ 21,388

$ 17,286

Tier 1 risk-based capital

24,279

20,027

Total risk-based capital

29,076

23,593

Total risk-weighted assets

214,138

166,684

Bank:

CET1 risk-based capital ratio

11.8 %

11.7 %

Tier 1 risk-based capital ratio

12.0

12.4

Total risk-based capital ratio

13.8

14.0

Tier 1 leverage ratio

9.3

9.6

CET1 risk-based capital

$ 25,197

$ 19,426

Tier 1 risk-based capital

25,622

20,626

Total risk-based capital

29,502

23,165

Total risk-weighted assets

213,211

165,701

At June 30, 2026 , Huntington and the Bank maintained capital ratios in excess of the well-capitalized standards
established by the Federal Reserve. Our c onsolidated CET1 risk-based capital ratio was 10.0% at June 30, 2026 ,
compared to 10.4% at December 31, 2025 , with the decrease driven by higher risk-weighted assets primarily
resulting from loan growth, the impact of the Cadence acquisition, and share repurchases, partially offset by an
increase in regulatory capital from current period earnings, net of dividends. The Bank CET1 risk-based capital ratio
of 11.8% increased approximately 10 basis points from year-end driven by bank earnings, net of upstream dividends
to the parent, and a $780 million capital contribution from the parent, which the Bank in turn used to redeem its
outstanding preferred stock held by the parent, partially offset by higher risk-weighted assets and the impact of the
Cadence acquisition.
We are authorized to make capital distributions that are consistent with the requirements in the Federal
Reserve’s capital rule, including the SCB requirement. Our SCB requirement is 2.5%.
Shareholders’ Equity
We generate shareholders’ equity primarily through the retention of earnings, net of dividends and share
repurchases. Other potential sources of shareholders’ equity include issuances of common and preferred stock. Our
objective is to maintain capital at an amount commensurate with our risk appetite and risk tolerance objectives, to
meet both regulatory and market expectations, and to provide the flexibility needed for future growth and business
opportunities.
Shareholders’ equity totaled $32.6 billion at June 30, 2026 , an increase of $8.3 billion , or 34% , when compared
with December 31, 2025 . The increase was primarily driven by $8.3 billion of common and preferred equity issued as
consideration for the Cadence acquisition, in addition to earnings, net of dividends, that were partially offset by
share repurchases and a reduction in accumulated other comprehensive income driven by changes in interest rates.
Our common dividend and total payout ratios were 55% and 81%, respectively, for the first six-month period of
2026 , compared to 46% for both ratios for the same period of 2025 . The year-over-year increase in the common
dividend payout ratio was due to the impact of acquisition-related expenses on earnings.

32     Huntington Bancshares Incorporated

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Share Repurchases
From time to time, our Board of Directors authorizes the Company to repurchase shares of our common stock.
Although we announce when our Board authorizes share repurchases, we typically do not give any public notice
before we repurchase our shares at any particular time. Share repurchases may include open market purchases,
through block trades, in privately negotiated transactions, and pursuant to any trading plan that may be adopted by
the Company’s management in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or
otherwise, and is subject to the Federal Reserve’s capital regulations. The timing of repurchases will be discretionary
and depend on several factors, including the macroeconomic and interest rate environment, the pace of loan
growth, and other factors.
On April 22, 2026, our Board approved the repurchase of up to $3.0 billion of common shares with no expiration
date. During the six months ended June 30, 2026 , we repurchased 18.8 million shares totaling $309 million. As of
June 30, 2026 , we had $2.95 billion of common shares available for repurchase under the current Board-approved
authorization.

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

2026 2Q Form 10-Q    33

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Net Income (Loss) by Business Segment
Net income (loss) by business segment is presented in the following table.

Table 23 - Net Income (Loss) by Business Segment

 

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Consumer & Regional Banking

$ 1,010

$ 616

Commercial Banking

708

552

Treasury / Other

(468)

(105)

Net income attributable to Huntington

$ 1,250

$ 1,063

Consumer & Regional Banking

Table 24 - Key Performance Indicators for Consumer & Regional Banking

 

Six Months Ended

Change

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Amount

Percent

Net interest income

$ 2,823

$ 1,957

$ 866

44 %

Provision for credit losses

164

185

(21)

(11)

Net interest income after provision for credit losses

2,659

1,772

887

50

Noninterest income

844

666

178

27

Noninterest expense:

Direct personnel costs

789

599

190

32

Other noninterest expense, including corporate allocations

1,435

1,060

375

35

Total noninterest expense

2,224

1,659

565

34

Income before income taxes

1,279

779

500

64

Provision for income taxes

269

163

106

65

Net income attributable to Huntington

$ 1,010

$ 616

$ 394

64 %

Number of employees (average full-time equivalent)

13,725

11,261

2,464

22 %

Total average assets

$ 109,218

$ 78,511

$ 30,707

39

Total average loans/leases

100,143

72,601

27,542

38

Total average deposits

145,615

111,558

34,057

31

Net interest margin

3.80 %

3.48 %

0.32 %

9

NCOs

$ 189

$ 118

$ 71

60

NCOs as a % of average loans and leases

0.38 %

0.33 %

0.05 %

15

Total assets under management (in billions)—eop

$ 49.6

$ 35.3

$ 14.3

41

Total trust assets (in billions)—eop

68.9

182.8

(113.9)

(62)

Consumer & Regional Banking net income was $1.0 billion in the six-month period of 2026 , an increase of $394
million , or 64% , compared to the year-ago period. Segment net interest income increased $866 million , or 44% ,
primarily due to a $27.5 billion , or 38% , increase in average loans and leases, which includes the Cadence and
Veritex acquisitions, and a 32 basis point increase in NIM. Provision for credit losses decreased $21 million due to
changes in the loan portfolio, partially offset by net charge-of fs. Noninterest income increased $178 million , or 27% ,
primarily due to the impact of the Cadence and Veritex acquisitions, as well as growth in customer deposit fee
income, wealth and asset management revenue, and payments and cash management revenue . Noninterest
expense increased $565 million , or 34% , primarily due to incremental expenses associated with the Cadence and
Veritex acquisitions, along with higher personnel costs and indirect expense allocations .

34     Huntington Bancshares Incorporated

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Commercial Banking

Table 25 - Key Performance Indicators for Commercial Banking

 

Six Months Ended

Change

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Amount

Percent

Net interest income

$ 1,359

$ 1,026

$ 333

32 %

Provision for credit losses

125

33

92

279

Net interest income after provision for credit losses

1,234

993

241

24

Noninterest income

527

339

188

55

Noninterest expense:

Direct personnel costs

393

288

105

36

Other noninterest expense, including corporate allocations

462

332

130

39

Total noninterest expense

855

620

235

38

Income before income taxes

906

712

194

27

Provision for income taxes

190

150

40

27

Income attributable to non-controlling interest

8

10

(2)

(20)

Net income attributable to Huntington

$ 708

$ 552

$ 156

28 %

Number of employees (average full-time equivalent)

2,689

2,179

510

23 %

Total average assets

$ 91,627

$ 68,697

$ 22,930

33

Total average loans/leases

81,386

59,201

22,185

37

Total average deposits

59,132

43,002

16,130

38

Net interest margin

3.28 %

3.34 %

(0.06) %

(2)

NCOs

$ 40

$ 34

$ 6

18

NCOs as a % of average loans and leases

0.10 %

0.12 %

(0.02) %

(17)

Commercial Banking net income was $708 million in the first six-month period of 2026 , an increase of $156
million , or 28% , compared to the year-ago period. Segment net interest income increased $333 million , or 32% ,
primarily driven by a $22.2 billion , or 37% , increase in average loans and leases and a $16.1 billion , or 38% , increase
in average deposits. The increases in loans and leases and deposits were driven by the impact of the Cadence and
Veritex acquisitions, as well as organic growth. Th e provision for credit losses increased $92 million primarily due to
loan and lease growth. Noninterest income increased $188 million , or 55% , primarily due to the contributions of
Cadence and Veritex, and an additional increase in capital markets and advisory fees, which included the impact of
three strategic business units acquired from Janney in January 2026. Customer deposit and loan fees, payment and
cash management, and leasing revenue were also higher. Noninterest expense increased $235 million , or 38% ,
primarily driven by higher personnel expense related to the recent acquisitions and higher allocated overhead.

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

2026 2Q Form 10-Q    35

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Table 26 - Key Performance Indicators for Treasury / Other

 

Six Months Ended

Change

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Amount

Percent

Net interest loss

$ (239)

$ (90)

$ (149)

(166) %

Noninterest income

96

(40)

136

340

Noninterest expense:

Direct personnel costs

820

506

314

62

Other noninterest expense, including corporate allocations

(316)

(436)

120

28

Total noninterest expense

504

70

434

620

Loss before income taxes

(648)

(200)

(448)

(224)

Benefit for income taxes

(180)

(95)

(85)

(89)

Net loss attributable to Huntington

$ (468)

$ (105)

$ (363)

(346) %

Number of employees (average full-time equivalent)

9,113

6,726

2,387

35 %

Total average assets

$ 72,542

$ 59,269

$ 13,273

22

Treasury / Other had a net loss of $468 million in the first six-month period of 2026 , compared to a net loss of
$105 million in the year-ago period, driven by acquisition-related expenses, a decrease in net interest income, and a
reduction in corporate allocations, partially offset by higher noninterest income and an increase in the benefit for
income taxes. Net interest loss increased $149 million primarily due to the net impact of FTP credits assigned to each
business segment . The increase in noninterest income was largely due to the addition of Cadence and Veritex, while
the increase in noninterest expense was largely due to acquisition-related expenses. The benefit for income taxes
increased $85 million primarily due to an increase in pre-tax loss.

ADDITIONAL DISCLOSURES
Forward-Looking Statements
This Quarterly Report on Form 10-Q, including MD&A, contains certain forward-looking statements, including,
but not limited to, certain plans, expectations, goals, projections, and statements, which are not historical facts and
are subject to numerous assumptions, risks, estimates, and uncertainties that are beyond the control of Huntington.
Statements that do not describe historical or current facts, including statements about beliefs and expectations, are
forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate,
continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or
conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking
statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

36     Huntington Bancshares Incorporated

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While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain
factors which could cause actual results to differ materially from those contained or implied in the forward-looking
statements or historical performance: changes in general economic, political, regulatory, or industry conditions;
deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor
shortages, instability in global economic conditions and geopolitical conditions, including U.S. direct involvement in
war and other conflicts, as well as volatility in financial markets; changes in U.S. trade policies, including the
imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on
the global economy and financial market conditions and our business, results of operations, and financial condition;
the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory
requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital
requirements; potential impacts to macroeconomic conditions, which could affect the ability of depository
institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of
deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively
impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could
negatively impact market perceptions of us and could lead to deposit withdrawals; market perceptions of us and
banks generally, including from the effects of social media; cybersecurity risks; uncertainty in U.S. fiscal and
monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global
capital, foreign exchange, and credit markets; movements in interest rates; competitive pressures on product pricing
and services; success, impact, and timing of our business strategies, including market acceptance of any new
products or services including those implementing our “Fair Play” banking philosophy; introduction of new
competitive products, such as stablecoins, and new competitors, such as financial technology companies and other
“nontraditional” bank competitors; changes in policies and standards for regulatory review of bank mergers; the
nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and
interpretations, including those related to the Dodd-Frank Act and the Basel III regulatory capital reforms, as well as
those involving the SEC, the OCC, the Federal Reserve, the FDIC, the CFPB, and state-level regulators; the possibility
that the anticipated benefits of recent or proposed acquisitions are not realized when expected or at all, including as
a result of the impact of, or problems arising from, the integration of the companies or as a result of the strength of
the economy and competitive factors in the areas where the companies do business; and other factors that may
affect the future results of Huntington.
All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth
above. Forward-looking statements speak only as of the date they are made and are based on information available
at that time. Huntington does not assume any obligation to update forward-looking statements to reflect actual
results, new information or future events, changes in assumptions or changes in circumstances or other factors
affecting forward-looking statements that occur after the date the forward-looking statements were made or to
reflect the occurrence of unanticipated events except as required by federal securities laws. If Huntington updates
one or more forward-looking statements, no inference should be drawn that Huntington will make additional
updates with respect to those or other forward-looking statements. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.
Non-GAAP Financial Measures
This document contains GAAP financial measures and non-GAAP financial measures, including FTE net interest
income, FTE total revenue, and the efficiency and tangible common equity ratios, where management believes it to
be helpful in understanding our results of operations or financial position. Where non-GAAP financial measures are
used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial
measure, for FTE net interest income and FTE total revenue can be found in Table 1 in this report and in the
reconciliation below for the efficiency and tangible common equity ratios.

2026 2Q Form 10-Q    37

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Fully-Taxable Equivalent Basis
Interest income, yields, and ratios on an FTE basis are considered non-GAAP financial measures. Management
believes net interest income on an FTE basis provides an insightful picture of the interest margin for comparison
purposes. The FTE basis also allows management to assess the comparability of revenue arising from both taxable
and tax-exempt sources. The FTE basis assumes a federal statutory tax rate of 21%. We encourage readers to
consider the Unaudited Consolidated Financial Statements and other financial information contained in this Form
10-Q in their entirety, and not to rely on any single financial measure.
Non-Regulatory Capital Ratios
In addition to capital ratios defined by banking regulators, the Company considers various other measures when
evaluating capital utilization and adequacy, including tangible common equity to tangible assets.
Non-regulatory capital ratios are viewed by management as useful additional methods of reflecting the level of
capital available to withstand unexpected market conditions. Additionally, presentation of these ratios allows
readers to compare our capitalization to other financial services companies. These ratios differ from capital ratios
defined by banking regulators principally in that the numerator excludes goodwill and other intangible assets, the
nature and extent of which varies among different financial services companies. These ratios are not defined in
GAAP or federal banking regulations. As a result, non-regulatory capital ratios disclosed by the Company are
considered non-GAAP financial measures.
Because there are no standardized definitions for non-regulatory capital ratios, the Company’s calculation
methods may differ from those used by other financial services companies. Also, there may be limits in the
usefulness of these measures to investors. As a result, we encourage readers to consider the Unaudited
Consolidated Financial Statements and other financial information contained in this Form 10-Q in their entirety, and
not to rely on any single financial measure.
The following table provides a reconciliation of the Company’s tangible common equity to tangible assets ratio.

June 30,

December 31,

(dollar amounts in millions)

2026

2025

Calculation of tangible equity / asset ratio:

Total Huntington shareholders’ equity

$ 32,624

$ 24,342

Goodwill and other intangible assets

(10,442)

(6,142)

Deferred tax liability on other intangible assets (1)

192

30

Total tangible equity

22,374

18,230

Preferred equity

(2,881)

(2,731)

Total tangible common equity

$ 19,493

$ 15,499

Total assets

$ 283,984

$ 225,106

Goodwill and other intangible assets

(10,442)

(6,142)

Deferred tax liability on other intangible assets (1)

192

30

Total tangible assets

$ 273,734

$ 218,994

Shareholders' equity / total assets

11.5 %

10.8 %

Tangible equity / tangible asset ratio

8.2

8.3

Tangible common equity / tangible asset ratio

7.1

7.1

(1) Deferred tax liability related to other intangible assets is calculated at a 21% tax rate.

38     Huntington Bancshares Incorporated

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Efficiency Ratio
The following table provides a reconciliation of the Company’s efficiency ratio.

Three Months Ended

Six Months Ended

(amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Noninterest expense (GAAP)

$ 1,809

$ 1,197

$ 3,583

$ 2,349

Less: Intangible amortization

54

11

95

22

Noninterest expense less amortization of intangibles (non-GAAP)

$ 1,755

$ 1,186

$ 3,488

$ 2,327

Net interest income

$ 2,052

$ 1,467

$ 3,943

$ 2,893

Noninterest income

785

471

1,467

965

Total Revenue (GAAP)

2,837

1,938

5,410

3,858

Add: FTE adjustment (1)

20

16

39

31

Less: Gains (losses) on sales of securities

2

(58)

15

(58)

FTE revenue less gains (losses) on sales of securities (non-GAAP)

$ 2,855

$ 2,012

$ 5,434

$ 3,947

Efficiency Ratio (2)

61.5 %

59.0 %

64.2 %

58.9 %

(1) Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% tax rate.
(2) Noninterest expense less amortization of intangibles divided by the sum of FTE net interest income and noninterest income excluding gains (losses) on
sales of securities, which represents a non-GAAP measure.
Critical Accounting Policies and Use of Significant Estimates
Our Unaudited Consolidated Financial Statements are prepared in accordance with GAAP. The preparation of
financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that
affect amounts reported in our Unaudited Consolidated Financial Statements. Note 1 - “ Significant Accounting
Policies” of the Notes to Consolidated Financial Statements included in our 2025 Annual Report on Form 10-K, as
supplemented by this report including this MD&A, describes the significant accounting policies we used in our
Unaudited Consolidated Financial Statements.
An accounting estimate requires assumptions and judgments about uncertain matters that could have a material
effect on the Unaudited Consolidated Financial Statements. Estimates are made under facts and circumstances at a
point in time, and changes in those facts and circumstances could produce results substantially different from those
estimates. Our critical accounting policies include the allowance for credit losses, fair value measurements of certain
acquired assets, and goodwill. The following details the policies, assumptions, and judgments related to the
allowance for credit losses and acquisition fair value measurements. The policies, assumptions, and judgments
related to goodwill are described in the Critical Accounting Policies and Use of Significant Estimates section within
the MD&A of Huntington’s 2025 Annual Report on Form 10-K.
Allowance for Credit Losses
Our ACL at June 30, 2026 represents our current estimate of the lifetime credit losses expected from our loan
and lease portfolio and our unfunded lending commitments. Management estimates the ACL by projecting
probability of default, loss given default, and exposure at default, conditional on economic parameters, for the
remaining contractual term. Internal factors that impact the quarterly allowance estimate include the level of
outstanding balances, the portfolio performance, and assigned risk ratings. We utilize statistically based models that
employ assumptions about current and future economic conditions throughout the contractual life of our loan
portfolio. As part of our model risk oversight, we perform ongoing monitoring of model performance to assess
modeling approaches and identify potential model enhancements, which may result in updates to our statistically
based models from time to time.
One of the most significant judgments influencing the ACL estimate is the macroeconomic forecasts. Key
external economic parameters that directly impact our loss modeling framework include forecasted unemployment
rates and GDP. Changes in the economic forecasts could significantly affect the estimated credit losses, which could
potentially lead to materially different allowance levels from one reporting period to the next.

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Given the dynamic relationship between macroeconomic variables within our modeling framework, it is difficult
to estimate the impact of a change in any one individual variable on the allowance. As a result, management uses a
probability-weighted approach that incorporates a baseline, an adverse, and a more favorable economic scenario
when formulating the quantitative estimate.
To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100%
weighting applied to an adverse scenario reflecting an amount of stress in excess of current expectations. This
scenario contemplates elevated interest rates weakening credit-sensitive consumer spending and confidence more
than expected. In this scenario, the impact of tariffs on the economy is significantly worse than expected, causing
inflation to increase. In response, the Federal Reserve lowers rates. Increased geopolitical tensions heighten the risk
that China might block the Taiwan strait, limiting the supply chain for semiconductors and raising fears of a broader
conflict. Additionally, concerns grow that the Russian invasion of Ukraine lasts longer than in the baseline scenario
and that the Middle East conflict will widen resulting in sustained increases in energy prices. The combination of
tariffs, rising inflation, political tensions, still elevated interest rates, and reduced credit availability causes the
economy to fall into a recession in mid-2026. Under this scenario, as an example, the unemployment rate increases
significantly from baseline levels peaking in the second quarter of 2027 and GDP declines significantly. The
unemployment rate in this adverse scenario is projected to peak at 8.5% in the second quarter of 2027. This is
approximately 3.9% higher than the baseline scenario projections of 4.6% at the end of 2026 and 4.0% higher than
the baseline projection of 4.5% at the end of 2027. In addition, GDP is significantly lower in the adverse scenario,
with GDP turning negative for the remainder of 2026 before turning positive in 2027 but staying below 2%.
To demonstrate the sensitivity to key economic parameters used in the calculation of our ACL at June 30, 2026 ,
management calculated the difference between our quantitative ACL and this 100% adverse scenario. Excluding
consideration of qualitative adjustments, this sensitivity analysis would result in a hypothetical increase in our ACL of
approximately $1.3 billion at June 30, 2026 .
The resulting difference is not intended to represent an expected increase in allowance levels for a number of
reasons including the following:
• Management uses a weighted approach applied to multiple economic scenarios for its allowance estimation
process;
• The highly uncertain economic environment;
• The difficulty in predicting the inter-relationships between the economic parameters used in the various
economic scenarios; and
• The sensitivity estimate does not account for any general reserve components and associated risk profile
adjustments incorporated by management as part of its overall allowance framework.
We regularly review our ACL for appropriateness by performing on-going evaluations of the loan and lease
portfolio. In doing so, we consider factors such as the differing economic risks associated with each loan category,
the financial condition of specific borrowers, the level of delinquent loans, the value of any collateral and, where
applicable, the existence of any guarantees or other documented support. We also evaluate the impact of changes
in key economic parameters and overall economic conditions on the ability of borrowers to meet their financial
obligations when quantifying our exposure to credit losses and assessing the appropriateness of our ACL at each
reporting date. Large loan exposures may be addressed through a portfolio heterogeneity reserve. We also consider
how significant changes in underwriting policies and procedures could impact the ACL, including consideration of
material changes in portfolio growth rates or credit terms. Any changes to management and staffing that could
impact lending, collections, or other relevant departments that could increase risk within the allowance process are
also contemplated. Observed changes in the quality of the credit review process identified by the second and third
line reviews are also given appropriate consideration.

40     Huntington Bancshares Incorporated

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There is no certainty that our ACL will be appropriate over time to cover losses in our portfolio as economic and
market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events
adversely affecting specific customers, industries, or our markets such as geopolitical instability or risks of elevated
interest rates for longer including a near-term recession, could severely impact our current expectations. If the credit
quality of our customer base materially deteriorates or the risk profile of a market, industry, or group of customers
changes materially, our net income and capital could be materially adversely affected which, in turn could have a
material adverse effect on our financial condition and results of operations. The extent to which the geopolitical
instability and risks of elevated interest rates will continue to negatively impact our businesses, financial condition,
liquidity, and results will depend on future developments, which are highly uncertain and cannot be forecasted with
precision at this time. For more information, see Note 5 - “Loans and Leases” and Note 6 - “Allowance For Credit
Losses ” of the Notes to Unaudited Consolidated Financial Statements.
Acquisition Fair Value Measurements
The acquisition method of accounting requires assets and liabilities in business combinations to be recorded at
their estimated fair values as of the date of acquisition. To estimate fair value, we apply various valuation
methodologies to assets acquired and liabilities assumed that often involve significant judgment. Examples of such
estimates include loans and core deposit intangible assets, both of which we developed using an income approach.
To value loans, management incorporated assumptions such as discount rates, prepayment speeds, expected credit
losses, and recovery speeds based on recent origination and market data. The methodology used to value CDI assets
considered the cost savings generated from the deposits relative to an alternative source of funds. Management
incorporated assumptions in the CDI valuation such as customer attrition, discount rates, alternative cost of funding,
and net maintenance costs. Changes in these assumptions could result in materially different fair value
measurements that may impact the Company’s financial condition, results of operations, or disclosures. Discussion
of the assumptions and estimates used by us to assess and determine fair values associated with business
combinations can be found in Note 3 - “Business Combinations” of the Notes to Unaudited Consolidated Financial
Statements.
Goodwill
Subsequent to the completion of our annual impairment test, as described in the Critical Accounting Policies and
Use of Significant Estimates section within the MD&A of Huntington’s 2025 Annual Report on Form 10-K , we
completed the acquisitions of Veritex and Cadence, which resulted in the recognition of additional goodwill of $450
million and $3.5 billion , respectively. Because this goodwill arose after our annual testing date, it was not included in
the annual impairment analysis performed as of October 1, 2025. However, the additions of Veritex and Cadence did
not change our conclusion with respect to goodwill impairment and no triggering event occurred through the end of
the second quarter of 2026 that required a reassessment of goodwill. The goodwill recognized in connection with
the acquisitions has been assigned to our reporting units based on our assessment of how the acquired business will
be integrated and how its operations will be managed. For more information, see Note 8 - “ Goodwill and Other
Intangible Assets ” of the Notes to the Unaudited Consolidated Financial Statements.
Recent Accounting Pronouncements and Developments
Note 2 - “ Accounting Standards Update ” of the Notes to Unaudited Consolidated Financial Statements discusses,
if applicable, new accounting pronouncements adopted during 2026 and the expected impact of accounting
pronouncements recently issued but not yet required to be adopted. To the extent the adoption of new accounting
standards materially affects financial condition, results of operations, or liquidity, the impacts are discussed in the
applicable section of this MD&A and the Notes to Unaudited Consolidated Financial Statements .

2026 2Q Form 10-Q    41

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Item 1: Financial Statements

Huntington Bancshares Incorporated
Consolidated Balance Sheets (Unaudited)

At June 30,

At December 31,

(dollar amounts in millions)

2026

2025

Assets

Cash and due from banks

$ 3,330

$ 1,783

Interest-earning deposits with banks

12,714

12,295

Trading account assets

326

63

Available-for-sale securities

35,206

26,132

Held-to-maturity securities

14,384

15,258

Other securities

1,383

994

Loans held for sale (includes $ 1,287 and $ 885 , respectively, measured at fair value)

1,886

1,415

Loans and leases (includes $ 164 and $ 167 , respectively, measured at fair value)

189,422

149,642

Allowance for loan and lease losses

( 3,249 )

( 2,537 )

Net loans and leases (1)

186,173

147,105

Bank-owned life insurance

3,676

2,902

Accrued income and other receivables

2,960

2,621

Premises and equipment

2,171

1,321

Goodwill

9,527

5,997

Servicing rights and other intangible assets

1,691

752

Other assets (1)

8,557

6,468

Total assets

$ 283,984

$ 225,106

Liabilities and shareholders’ equity

Liabilities

Deposits:

Demand deposits—noninterest-bearing

$ 40,129

$ 32,205

Interest-bearing

182,337

144,405

Total deposits

222,466

176,610

Short-term borrowings

3,111

1,261

Long-term debt (1) (includes $ 1,250 and $ 1,161 , respectively, measured at fair value)

18,738

17,221

Other liabilities (1)

7,004

5,635

Total liabilities

251,319

200,727

Commitments and Contingent Liabilities (Note 17)

Shareholders’ equity

Preferred stock

2,881

2,731

Common stock

20

16

Capital surplus

25,150

17,244

Less treasury shares, at cost

( 94 )

( 92 )

Accumulated other comprehensive income (loss)

( 2,213 )

( 1,908 )

Retained earnings

6,880

6,351

Total Huntington shareholders’ equity

32,624

24,342

Non-controlling interest

41

37

Total equity

32,665

24,379

Total liabilities and equity

$ 283,984

$ 225,106

Common shares authorized (par value of $ 0.01 )

2,250,000,000

2,250,000,000

Common shares outstanding

2,020,414,826

1,567,732,506

Treasury shares outstanding

7,152,410

7,187,541

Preferred stock, authorized shares

6,617,808

6,617,808

Preferred shares outstanding

891,900

885,000

(1) Includes VIE balances in net loans and leases, other assets, long-term debt, and other liabilities of $ 493 million , $ 468 million , $ 428 million , and $ 134
million , respectively, at June 30, 2026 , and $ 669 million , $ 431 million , $ 600 million , and $ 152 million , respectively, at December 31, 2025 . See Note 16 -
“ Variable Interest Entities ” for additional information.
          See Notes to Unaudited Consolidated Financial Statements

42     Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated

Consolidated Statements of Income (Unaudited)

Three Months Ended

Six Months Ended

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

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Interest and fee income:

Loans and leases

$ 2,772

$ 1,971

$ 5,290

$ 3,876

Available-for-sale securities

Taxable

285

278

543

565

Tax-exempt

34

31

67

65

Held-to-maturity securities—taxable

97

107

196

215

Other securities—taxable

17

12

33

24

Other

177

157

339

300

Total interest income

3,382

2,556

6,468

5,045

Interest expense:

Deposits

1,048

822

1,968

1,632

Short-term borrowings

18

13

34

27

Long-term debt

264

254

523

493

Total interest expense

1,330

1,089

2,525

2,152

Net interest income

2,052

1,467

3,943

2,893

Provision for credit losses

132

103

290

218

Net interest income after provision for credit losses

1,920

1,364

3,653

2,675

Noninterest income:

Payments and cash management revenue

204

165

391

320

Wealth and asset management revenue

134

102

254

203

Customer deposit and loan fees

128

95

238

181

Capital markets and advisory fees

140

84

272

151

Mortgage banking income

53

28

85

59

Insurance income

21

19

42

39

Leasing revenue

29

10

42

24

Net gains (losses) on sales of securities

2

( 58 )

15

( 58 )

Other noninterest income

74

26

128

46

Total noninterest income

785

471

1,467

965

Noninterest expense:

Personnel costs

1,010

722

2,002

1,393

Outside data processing and other services

326

182

637

352

Equipment

96

68

189

135

Net occupancy

90

54

175

119

Professional services

31

22

75

44

Marketing

38

28

75

57

Deposit and other insurance expense

38

20

73

57

Amortization of intangibles

54

11

95

22

Lease financing equipment depreciation

2

2

5

6

Other noninterest expense

124

88

257

164

Total noninterest expense

1,809

1,197

3,583

2,349

Income before income taxes

896

638

1,537

1,291

Provision for income taxes

165

96

279

218

Income after income taxes

731

542

1,258

1,073

Income attributable to non-controlling interest

4

6

8

10

Net income attributable to Huntington

727

536

1,250

1,063

Dividends on preferred shares

41

27

82

54

Net income applicable to common shares

$ 686

$ 509

$ 1,168

$ 1,009

Average common shares—basic

2,021,373

1,457,309

1,945,805

1,455,904

Average common shares—diluted

2,048,311

1,480,996

1,974,952

1,481,541

Per common share:

Net income—basic

$ 0.34

$ 0.35

$ 0.60

$ 0.69

Net income—diluted

0.33

0.34

0.59

0.68

See Notes to Unaudited Consolidated Financial Statements

2026 2Q Form 10-Q    43

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Huntington Bancshares Incorporated
Consolidated Statements of Comprehensive Income (Unaudited)

 

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net income attributable to Huntington

$ 727

$ 536

$ 1,250

$ 1,063

Other comprehensive (loss) income, net of tax:

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

( 36 )

97

( 112 )

352

Net change related to cash flow hedges on loans

( 118 )

83

( 194 )

260

Translation adjustments, net of hedges

( 1 )

6

( 1 )

7

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

1

1

2

1

Other comprehensive (loss) income, net of tax

( 154 )

187

( 305 )

620

Comprehensive income attributable to Huntington

573

723

945

1,683

Comprehensive income attributed to non-controlling interest

4

6

8

10

Comprehensive income

$ 577

$ 729

$ 953

$ 1,693

See Notes to Unaudited Consolidated Financial Statements

44     Huntington Bancshares Incorporated

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

(dollar amounts in millions, share amounts in thousands)

Preferred
Stock

Common Stock

Capital
Surplus

Treasury Stock

AOCI

Retained
Earnings

Huntington
Shareholders’
Equity

Non-
controlling
Interest

Total
Equity

Amount

Shares

Amount

Shares

Amount

Three months ended June 30, 2026

Balance, beginning of period

$ 2,881

2,034,400

$ 20

$ 25,273

( 7,269 )

$ ( 95 )

$ ( 2,059 )

$ 6,515

$ 32,535

$ 46

$ 32,581

Net income

727

727

4

731

Other comprehensive loss, net of tax

( 154 )

( 154 )

( 154 )

Repurchases of common stock

( 9,763 )

—

( 159 )

( 159 )

( 159 )

Cash dividends declared:

Common ( $ 0.155 per share)

( 319 )

( 319 )

( 319 )

Preferred

( 41 )

( 41 )

( 41 )

Recognition of the fair value of share-based compensation

50

50

50

Other share-based compensation activity

2,930

—

( 15 )

( 2 )

( 17 )

( 17 )

Other

1

117

1

2

( 9 )

( 7 )

Balance, end of period

$ 2,881

2,027,567

$ 20

$ 25,150

( 7,152 )

$ ( 94 )

$ ( 2,213 )

$ 6,880

$ 32,624

$ 41

$ 32,665

Three months ended June 30, 2025

Balance, beginning of period

$ 1,989

1,463,976

$ 15

$ 15,479

( 7,164 )

$ ( 90 )

$ ( 2,433 )

$ 5,474

$ 20,434

$ 52

$ 20,486

Net income

536

536

6

542

Other comprehensive income, net of tax

187

187

187

Cash dividends declared:

Common ( $ 0.155 per share)

( 230 )

( 230 )

( 230 )

Preferred

( 27 )

( 27 )

( 27 )

Recognition of the fair value of share-based compensation

32

32

32

Other share-based compensation activity

1,797

—

( 7 )

( 2 )

( 9 )

( 9 )

Other

2

191

3

5

( 16 )

( 11 )

Balance, end of period

$ 1,989

1,465,773

$ 15

$ 15,506

( 6,973 )

$ ( 87 )

$ ( 2,246 )

$ 5,751

$ 20,928

$ 42

$ 20,970

See Notes to Unaudited Consolidated Financial Statements

2026 2Q Form 10-Q    45

Table of Contents

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

(dollar amounts in millions, share amounts in thousands)

Preferred
Stock

Common Stock

Capital
Surplus

Treasury Stock

AOCI

Retained
Earnings

Huntington
Shareholders’
Equity

Non-
controlling
Interest

Total
Equity

Amount

Shares

Amount

Shares

Amount

Six months ended June 30, 2026

Balance, beginning of period

$ 2,731

1,574,920

$ 16

$ 17,244

( 7,188 )

$ ( 92 )

$ ( 1,908 )

$ 6,351

$ 24,342

$ 37

$ 24,379

Net income

1,250

1,250

8

1,258

Other comprehensive loss, net of tax

( 305 )

( 305 )

( 305 )

Cadence acquisition:

Issuance of common stock

461,548

4

8,064

8,068

8,068

Conversion of equity awards

117

117

117

Issuance of Series L Preferred Stock

150

—

150

150

Repurchases of common stock

( 18,716 )

—

( 309 )

( 309 )

( 309 )

Cash dividends declared:

Common ( $ 0.31 per share)

( 637 )

( 637 )

( 637 )

Preferred

( 82 )

( 82 )

( 82 )

Recognition of the fair value of share-based compensation

95

95

95

Other share-based compensation activity

9,815

—

( 64 )

( 2 )

( 66 )

( 66 )

Other

3

36

( 2 )

1

( 4 )

( 3 )

Balance, end of period

$ 2,881

2,027,567

$ 20

$ 25,150

( 7,152 )

$ ( 94 )

$ ( 2,213 )

$ 6,880

$ 32,624

$ 41

$ 32,665

Six months ended June 30, 2025

Balance, beginning of period

$ 1,989

1,460,620

$ 15

$ 15,484

( 6,984 )

$ ( 86 )

$ ( 2,866 )

$ 5,204

$ 19,740

$ 42

$ 19,782

Net income

1,063

1,063

10

1,073

Other comprehensive income, net of tax

620

620

620

Cash dividends declared:

Common ( $ 0.31 per share)

( 460 )

( 460 )

( 460 )

Preferred

( 54 )

( 54 )

( 54 )

Recognition of the fair value of share-based compensation

53

53

53

Other share-based compensation activity

5,153

—

( 33 )

( 2 )

( 35 )

( 35 )

Other

2

11

( 1 )

1

( 10 )

( 9 )

Balance, end of period

$ 1,989

1,465,773

$ 15

$ 15,506

( 6,973 )

$ ( 87 )

$ ( 2,246 )

$ 5,751

$ 20,928

$ 42

$ 20,970

See Notes to Unaudited Consolidated Financial Statements

46     Huntington Bancshares Incorporated

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Huntington Bancshares Incorporated
Consolidated Statements of Cash Flows (Unaudited)

 

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Operating activities

Net income

$ 1,258

$ 1,073

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

Provision for credit losses

290

218

Depreciation, amortization, and accretion

383

397

Share-based compensation expense

95

53

Deferred income tax benefit

( 203 )

( 173 )

Net gains on sales of securities

( 15 )

58

Net change in:

Trading account assets

( 263 )

( 428 )

Loans held for sale

289

( 226 )

Other assets

( 1,132 )

( 210 )

Short-term borrowings

191

403

Other liabilities

847

( 81 )

Other, net

( 93 )

( 17 )

Net cash provided by operating activities

1,647

1,067

Investing activities

Change in interest-earning deposits with banks

50

185

Proceeds from:

Maturities and calls of available-for-sale securities

9,137

2,694

Maturities and calls of held-to-maturity securities

882

925

Maturities and calls of other securities

419

65

Sales of available-for-sale securities

4,538

850

Sales of other securities

17

—

Purchases of available-for-sale securities

( 13,917 )

( 3,907 )

Purchases of held-to-maturity securities

—

( 515 )

Purchases of other securities

( 553 )

( 120 )

Net proceeds from sales of loans and leases

335

161

Principal payments received under direct finance leases

972

740

Net loan and lease activity, excluding sales and purchases

( 4,848 )

( 5,861 )

Purchases of premises and equipment

( 220 )

( 108 )

Purchases of loans and leases

( 302 )

( 317 )

Net accrued income and other receivables activity

( 4 )

532

Net cash and cash equivalents received from business combinations

1,680

—

Other, net

24

31

Net cash used in investing activities

( 1,790 )

( 4,645 )

Financing activities

Increase in deposits

2,326

932

Net change in short-term borrowings

182

( 138 )

Net proceeds from issuance of long-term debt

6,914

2,001

Repayment of long-term debt

( 6,151 )

( 1,136 )

Dividends paid on preferred stock

( 84 )

( 54 )

Dividends paid on common stock

( 564 )

( 453 )

Repurchases of common stock

( 309 )

—

Other, net

( 67 )

( 62 )

Net cash provided by financing activities

2,247

1,090

Increase (decrease) in cash and cash equivalents

2,104

( 2,488 )

Cash and cash equivalents at beginning of period (1)

13,495

12,847

Cash and cash equivalents at end of period (1)

$ 15,599

$ 10,359

2026 2Q Form 10-Q    47

Table of Contents

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

 

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

Supplemental disclosures:

Interest paid

$ 2,496

$ 2,122

Income taxes paid

95

159

Non-cash activities

Loans transferred to held-for-sale from portfolio

983

168

Loans transferred to portfolio from held-for-sale

36

11

Business combination:

Fair value of tangible assets acquired

50,341

—

Goodwill and other intangible assets

4,502

—

Fair value of liabilities assumed

46,508

—

Common stock and equity-based awards issued

8,185

—

Preferred stock issued

150

—

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

48     Huntington Bancshares Incorporated

Table of Contents

Huntington Bancshares Incorporated
Notes to Unaudited Consolidated Financial Statements

1 . BASIS OF PRESENTATION
The accompanying interim Unaudited Consolidated Financial Statements of Huntington reflect all adjustments
consisting of normal recurring accruals which are, in the opinion of management, necessary for a fair statement of
the consolidated financial position, the results of operations, and cash flows for the periods presented. These
interim Unaudited Consolidated Financial Statements have been prepared according to the rules and regulations of
the SEC and, therefore, certain information and footnote disclosures normally included in annual financial
statements prepared in accordance with GAAP have been omitted. The Notes to Consolidated Financial Statements
appearing in Huntington’s 2025 Annual Report on Form 10-K, which include descriptions of significant accounting
policies, as updated by the information contained in this report, should be read in conjunction with these interim
financial statements.
In conjunction with applicable accounting standards, all material subsequent events have been either recognized
in the interim Unaudited Consolidated Financial Statements or disclosed in the Notes to Unaudited Consolidated
Financial Statements. There were no other material subsequent events to disclose for the curren t period.

2 . ACCOUNTING STANDARDS UPDATE
Accounting standards not yet effective

Standard

Summary of guidance

Effects on financial Statements

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

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

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

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

2026 2Q Form 10-Q    49

Table of Contents

Under the terms of the Veritex Merger Agreement, Huntington issued 1.95 shares of its common stock for each
outstanding share of Veritex common stock (“Veritex Merger Consideration”), in a 100% stock transaction, with cash
paid in lieu of fractional shares. In addition, each holder of an outstanding Veritex stock option received cash equal
to the per-share value of the Veritex Merger Consideration over the per-share exercise price, while any Veritex stock
option with a per-share exercise price that was equal to or greater than the per share value of the Merger
Consideration was cancelled for no consideration, and each outstanding restricted stock unit representing a right to
receive Veritex common stock was converted into a restricted stock unit representing a right to receive Huntington’s
common stock as adjusted by the 1.95 exchange ratio. Upon completion of the merger, Huntington issued 107
million shares of its common stock to Veritex shareholders of record as of the merger date, in addition to 1  million
shares issued upon the conversion of certain Veritex equity awards, resulting in total consideration from the
transaction of $ 1.7 billion based on the closing price of the Company’s common stock on October 17, 2025.
The acquisition of Veritex constituted a business combination in accordance with ASC Topic 805, Business
Combinations. Accordingly, the assets acquired and liabilities assumed were recorded at fair value as of the
acquisition date. The determination of fair value requires management to make estimates related to discount rates,
expected future cash flows, market conditions and other future events that are highly subjective in nature and
subject to change. Fair value estimates related to the assets and liabilities from Veritex are subject to adjustment for
up to one year after the closing date of the acquisition as additional information becomes available. As of June 30,
2026, management completed its review of information related to events or circumstances existing as of the
acquisition date.
Allocation of Purchase Consideration
The following table provides the allocation of the purchase consideration to the assets acquired and liabilities
assumed from Veritex as of October 20, 2025.

(dollar amounts in millions)

Fair Value

Purchase consideration

Fair value of common stock issued

$ 1,659

Fair value of equity-based awards

23

Cash

2

Total consideration

1,684

Assets acquired

Cash and due from banks

19

Interest-earning deposits with banks

943

Available-for-sale securities

1,274

Other securities

76

Loans held for sale

83

Loans and leases

9,300

Allowance for loan and lease losses

( 143 )

Net loans and leases

9,157

Bank-owned life insurance

87

Premises and equipment

135

Servicing rights and other intangible assets

105

Other assets

147

Total assets acquired

12,026

Liabilities assumed

Deposits

10,516

Long-term debt

159

Other liabilities

117

Total liabilities assumed

10,792

Fair value of net assets acquired

1,234

Goodwill

$ 450

50     Huntington Bancshares Incorporated

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

2026 2Q Form 10-Q    51

Table of Contents

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

(dollar amounts in millions)

Fair Value

Purchase consideration

Fair value of common stock issued

$ 8,068

Fair value of equity-based awards

117

Fair value of preferred stock issued

150

Total consideration

8,335

Assets acquired

Cash and due from banks

490

Interest-earning deposits with banks

1,368

Available-for-sale securities

8,964

Other securities

259

Loans held for sale

151

Loans and leases

36,912

Allowance for loan and lease losses

( 567 )

Net loans and leases

36,345

Bank-owned life insurance

768

Premises and equipment

738

Servicing rights and other intangible assets

1,005

Other assets

1,258

Total assets acquired

51,346

Liabilities assumed

Deposits

43,530

Short-term borrowings

1,553

Long-term debt

945

Other liabilities

480

Total liabilities assumed

46,508

Preliminary fair value of net assets acquired

4,838

Preliminary goodwill

$ 3,497

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

52     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

Unpaid principal
balance

Premium/
(discount)

Loans and leases

Allowance for
loan losses

Net loans and
leases

Non-PCD loans

$ 31,879

$ ( 390 )

$ 31,489

$ ( 245 )

$ 31,244

PCD loans

5,614

( 191 )

5,423

( 322 )

5,101

Total

$ 37,493

$ ( 581 )

$ 36,912

$ ( 567 )

$ 36,345

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

2026 2Q Form 10-Q    53

Table of Contents

Pro Forma Financial Information (Unaudited)
Huntington's operating results for the three and six months ended June 30, 2026 include the operating results of
the acquired assets and assumed liabilities of Veritex subsequent to the acquisition on October 20, 2025 and
Cadence subsequent to the acquisition on February 1, 2026. Due to the streamlining and integration of certain
operating activities into those of Huntington post-acquisition, historical reporting for the former Veritex and
Cadence operations is impracticable, and thus disclosures of the revenue from the assets acquired and income
before income taxes are impracticable for the periods subsequent to the acquisitions.
The following table presents unaudited pro forma combined information as if the acquisitions of Veritex and
Cadence had occurred on January 1, 2025 under the “Unaudited Pro Forma Combined Results” columns. The pro
forma adjustments give effect to any change in interest income due to the accretion of the net discount associated
with the fair value adjustments to acquired loans and leases, any change in interest expense due to estimated
premium amortization/discount accretion associated with the fair value adjustments to acquired interest-bearing
deposits and long-term debt, and the amortization of the CDI that would have resulted had the deposits been
acquired as of January 1, 2025. Pro forma combined results for the three and six months ended June 30, 2026
include $ 152 million and $ 473 million , respectively, of acquisition-related expenses attributable to the acquisitions,
which primarily included, but were not limited to, severance costs, professional services, and data processing fees.
Pro forma combined results also include adjustments for the elimination of Veritex’s and Cadence’s intangible
amortization expense and Cadence’s interest income and interest expense related to premium amortization/
discount accretion from prior acquisitions, and the related income tax effects. The pro forma information does not
necessarily reflect the results of operations that would have occurred had Huntington acquired Veritex and Cadence
on January 1, 2025. Furthermore, cost savings and other business synergies related to the acquisition are not
reflected in the pro forma combined amounts.

Unaudited Pro Forma Combined Results

Three months ended

Six months ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net interest income

$ 2,044

$ 1,969

$ 4,077

$ 3,881

Noninterest income

785

584

1,524

1,179

Net income attributable to Huntington

726

677

1,200

1,341

54     Huntington Bancshares Incorporated

Table of Contents

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

Unrealized

(dollar amounts in millions)

Amortized
Cost (1)(2)

Gross
Gains

Gross
Losses

Fair Value

At June 30, 2026

Available-for-sale securities:

U.S. Treasury

$ 8,799

$ 3

$ ( 25 )

$ 8,777

Federal agencies:

Residential MBS

13,377

3

( 1,425 )

11,955

Residential CMO

6,660

13

( 340 )

6,333

Commercial MBS

3,232

1

( 666 )

2,567

Other agencies

477

—

( 3 )

474

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

32,545

20

( 2,459 )

30,106

Municipal securities

4,752

5

( 108 )

4,649

Corporate debt

186

—

( 17 )

169

Asset-backed securities

186

—

( 7 )

179

Private-label CMO

100

—

( 7 )

93

Other securities/sovereign debt

10

—

—

10

Total available-for-sale securities

$ 37,779

$ 25

$ ( 2,598 )

$ 35,206

Held-to-maturity securities:

U.S. Treasury

$ 2,117

$ 2

$ ( 8 )

$ 2,111

Federal agencies:

Residential MBS

7,350

—

( 964 )

6,386

Residential CMO

3,665

—

( 548 )

3,117

Commercial MBS

1,213

—

( 187 )

1,026

Other agencies

38

—

( 2 )

36

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

14,383

2

( 1,709 )

12,676

Municipal securities

1

—

—

1

Total held-to-maturity securities

$ 14,384

$ 2

$ ( 1,709 )

$ 12,677

Other securities, at cost:

Non-marketable equity securities:

FRB stock

$ 882

$ —

$ —

$ 882

FHLB stock

367

—

—

367

Other non-marketable equity securities

61

—

—

61

Other securities, at fair value:

Mutual funds

30

—

—

30

Equity securities

33

10

—

43

Total other securities

$ 1,373

$ 10

$ —

$ 1,383

(1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Unaudited
Consolidated Balance Sheet s . At June 30, 2026 , accrued interest receivable on AFS securities and HTM securities totaled $ 140 million and $ 42 million ,
respectively.
(2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The
basis adjustments totaled $ 222 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under
the portfolio layer method are primarily Residential CMO and Residential MBS securities.

2026 2Q Form 10-Q    55

Table of Contents

Unrealized

(dollar amounts in millions)

Amortized
Cost (1)(2)

Gross
Gains

Gross
Losses

Fair Value

At December 31, 2025

Available-for-sale securities:

U.S. Treasury

$ 4,590

$ 45

$ —

$ 4,635

Federal agencies:

Residential MBS

11,031

3

( 1,365 )

9,669

Residential CMO

5,496

9

( 308 )

5,197

Commercial MBS

2,488

—

( 657 )

1,831

Other agencies

153

—

( 3 )

150

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

23,758

57

( 2,333 )

21,482

Municipal securities

4,215

9

( 81 )

4,143

Corporate debt

193

—

( 15 )

178

Asset-backed securities

229

—

( 8 )

221

Private-label CMO

105

—

( 7 )

98

Other securities/sovereign debt

10

—

—

10

Total available-for-sale securities

$ 28,510

$ 66

$ ( 2,444 )

$ 26,132

Held-to-maturity securities:

U.S. Treasury

$ 2,349

$ 19

$ —

$ 2,368

Federal agencies:

Residential MBS

7,718

1

( 941 )

6,778

Residential CMO

3,865

5

( 520 )

3,350

Commercial MBS

1,278

—

( 184 )

1,094

Other agencies

47

—

( 2 )

45

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

15,257

25

( 1,647 )

13,635

Municipal securities

1

—

—

1

Total held-to-maturity securities

$ 15,258

$ 25

$ ( 1,647 )

$ 13,636

Other securities, at cost:

Non-marketable equity securities:

FRB stock

$ 616

$ —

$ —

$ 616

FHLB stock

288

—

—

288

Other non-marketable equity securities

48

—

—

48

Other securities, at fair value:

Mutual funds

30

—

—

30

Equity securities

12

—

—

12

Total other securities

$ 994

$ —

$ —

$ 994

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

56     Huntington Bancshares Incorporated

Table of Contents

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

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Amortized Cost

Fair Value

Amortized Cost

Fair Value

Available-for-sale securities:

Under 1 year

$ 5,114

$ 5,107

$ 1,369

$ 1,365

After 1 year through 5 years

7,140

7,069

5,581

5,595

After 5 years through 10 years

2,222

2,088

1,899

1,784

After 10 years

23,303

20,942

19,661

17,388

Total available-for-sale securities

$ 37,779

$ 35,206

$ 28,510

$ 26,132

Held-to-maturity securities:

Under 1 year

$ 551

$ 552

$ 603

$ 604

After 1 year through 5 years

1,587

1,580

1,773

1,791

After 5 years through 10 years

129

119

144

134

After 10 years

12,117

10,426

12,738

11,107

Total held-to-maturity securities

$ 14,384

$ 12,677

$ 15,258

$ 13,636

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

Less than 12 Months

Over 12 Months

Total

(dollar amounts in millions)

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

At June 30, 2026

Available-for-sale securities:

U.S. Treasury

$ 5,724

$ ( 25 )

$ —

$ —

$ 5,724

$ ( 25 )

Federal agencies:

Residential MBS

2,945

( 34 )

8,645

( 1,391 )

11,590

( 1,425 )

Residential CMO

1,754

( 9 )

2,335

( 331 )

4,089

( 340 )

Commercial MBS

637

( 5 )

1,767

( 661 )

2,404

( 666 )

Other agencies

370

( 1 )

73

( 2 )

443

( 3 )

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

11,430

( 74 )

12,820

( 2,385 )

24,250

( 2,459 )

Municipal securities

1,433

( 22 )

2,122

( 86 )

3,555

( 108 )

Corporate debt

—

—

169

( 17 )

169

( 17 )

Asset-backed securities

—

—

176

( 7 )

176

( 7 )

Private-label CMO

3

—

70

( 7 )

73

( 7 )

Total temporarily impaired available-for-sale securities

$ 12,866

$ ( 96 )

$ 15,357

$ ( 2,502 )

$ 28,223

$ ( 2,598 )

Held-to-maturity securities:

U.S. Treasury

$ 1,230

$ ( 8 )

$ —

$ —

$ 1,230

$ ( 8 )

Federal agencies:

Residential MBS

73

( 1 )

6,282

( 963 )

6,355

( 964 )

Residential CMO

233

( 1 )

2,765

( 547 )

2,998

( 548 )

Commercial MBS

—

—

1,027

( 187 )

1,027

( 187 )

Other agencies

—

—

36

( 2 )

36

( 2 )

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

1,536

( 10 )

10,110

( 1,699 )

11,646

( 1,709 )

Municipal securities

—

—

1

—

1

—

Total temporarily impaired held-to-maturity securities

$ 1,536

$ ( 10 )

$ 10,111

$ ( 1,699 )

$ 11,647

$ ( 1,709 )

2026 2Q Form 10-Q    57

Table of Contents

Less than 12 Months

Over 12 Months

Total

(dollar amounts in millions)

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

Fair
Value

Gross
Unrealized
Losses

At December 31, 2025

Available-for-sale securities:

U.S. Treasury

$ —

$ —

$ 439

$ —

$ 439

$ —

Federal agencies:

Residential MBS

55

—

9,185

( 1,365 )

9,240

( 1,365 )

Residential CMO

51

—

2,665

( 308 )

2,716

( 308 )

Commercial MBS

23

—

1,782

( 657 )

1,805

( 657 )

Other agencies

15

—

74

( 3 )

89

( 3 )

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

144

—

14,145

( 2,333 )

14,289

( 2,333 )

Municipal securities

1,043

( 14 )

1,892

( 67 )

2,935

( 81 )

Corporate debt

2

—

176

( 15 )

178

( 15 )

Asset-backed securities

9

—

207

( 8 )

216

( 8 )

Private-label CMO

—

—

79

( 7 )

79

( 7 )

Total temporarily impaired available-for-sale securities

$ 1,198

$ ( 14 )

$ 16,499

$ ( 2,430 )

$ 17,697

$ ( 2,444 )

Held-to-maturity securities:

U.S. Treasury

$ —

$ —

$ 289

$ —

$ 289

$ —

Federal agencies:

Residential MBS

—

—

6,694

( 941 )

6,694

( 941 )

Residential CMO

48

—

2,956

( 520 )

3,004

( 520 )

Commercial MBS

—

—

1,094

( 184 )

1,094

( 184 )

Other agencies

—

—

45

( 2 )

45

( 2 )

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

48

—

11,078

( 1,647 )

11,126

( 1,647 )

Municipal securities

—

—

1

—

1

—

Total temporarily impaired held-to-maturity securities

$ 48

$ —

$ 11,079

$ ( 1,647 )

$ 11,127

$ ( 1,647 )

At June 30, 2026 , substantially all HTM debt securities are comprised of securities issued by government-
sponsored entities or are explicitly guaranteed by the U.S. government. In addition, there were no HTM debt
securities considered past due at June 30, 2026 . Based on an evaluation of available information as of June 30, 2026 ,
including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable
forecasts that are relevant to collectability of cash flows, Huntington does not expect to incur credit losses on any
security held in its AFS and HTM debt securities portfolio. T here was no allowance related to securities as of June 30,
2026 or December 31, 2025 .
The carrying value of investment securities pledged to secure public and trust deposits, trading account
liabilities, U.S. Treasury demand notes, and security repurchase agreements, and to support borrowing capacity,
totaled $ 37.6 billion at June 30, 2026 and $ 29.7 billion at December 31, 2025 .

58     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Commercial loan and lease portfolio:

Commercial and industrial

$ 91,378

$ 69,442

Commercial real estate

23,457

15,209

Lease financing

5,714

5,727

Total commercial loan and lease portfolio

120,549

90,378

Consumer loan portfolio:

Residential mortgage

33,221

24,777

Automobile

15,460

16,168

Home equity

11,884

10,395

RV and marine

5,706

5,682

Other consumer

2,602

2,242

Total consumer loan portfolio

68,873

59,264

Total loans and leases (1)(2)

189,422

149,642

Allowance for loan and lease losses

( 3,249 )

( 2,537 )

Net loans and leases

$ 186,173

$ 147,105

(1) Loans and leases are reported at principal amount outstanding, including unamortized purchase premiums and discounts, unearned income, and net direct
fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net discount of
$ 1.5 billion and $ 815 million at June 30, 2026 and December 31, 2025 , respectively.
(2) The total amount of accrued interest recorded for loans and leases at June 30, 2026 was $ 528 million and $ 298 million of commercial and consumer loan
and lease portfolios, respectively, and at December 31, 2025 was $ 358 million and $ 253 million of commercial and consumer loan and lease portfolios,
respectively. Accrued interest is presented in accrued income and other receivables within the Unaudited Consolidated Balance Sheet s.
Lease Financing
The following table presents net investments in lease financing receivables by category.

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Lease payments receivable

$ 5,319

$ 5,379

Estimated residual value of leased assets

1,034

1,011

Gross investment in lease financing receivables

6,353

6,390

Deferred origination costs

60

58

Deferred fees, unearned income, and other

( 699 )

( 721 )

Total lease financing receivables

$ 5,714

$ 5,727

The carrying value of residual values guaranteed was $ 418 million and $ 419 million as of June 30, 2026 and
December 31, 2025 , respectively. The future lease rental payments due from customers on direct financing leases at
June 30, 2026 totaled $ 5.3 billion and were due as follows: $ 887 million in 2026 , $ 1.0 billion in 2027 , $ 976 million in
2028 , $ 888 million in 2029 , $ 676 million in 2030 , and $ 862 million thereafter . Interest income recognized for these
types of leases was $ 101 million and $ 92 million for the three-month periods ended June 30, 2026 and 2025 ,
respectively. For the six-month periods ended June 30, 2026 and 2025 , interest income recognized for these types of
leases was $ 200 million and $ 181 million , respectively.

2026 2Q Form 10-Q    59

Table of Contents

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

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Nonaccrual loans and
leases with no ACL

Total nonaccrual
loans and leases

Nonaccrual loans and
leases with no ACL

Total nonaccrual
loans and leases

Commercial and industrial

$ 196

$ 986

$ 76

$ 562

Commercial real estate

27

243

81

133

Lease financing

2

8

4

8

Residential mortgage

4

223

5

107

Automobile

—

7

—

6

Home equity

—

120

—

113

RV and marine

—

2

—

2

Total nonaccrual loans and leases

$ 229

$ 1,589

$ 166

$ 931

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

Past Due (1)

Loans
Accounted
for Under
FVO

Total Loans
and Leases

90 or
more days
past due
and accruing

(dollar amounts in millions)

30-59
Days

60-89
 Days

90 or 
more days

Total

Current

At June 30, 2026

Commercial and industrial

$ 257

$ 99

$ 623

$ 979

$ 90,399

$ —

$ 91,378

$ 2

(2)

Commercial real estate

123

22

167

312

23,145

—

23,457

—

Lease financing

31

9

8

48

5,666

—

5,714

6

Residential mortgage

454

156

559

1,169

31,888

164

33,221

391

(3)

Automobile

124

34

16

174

15,286

—

15,460

12

Home equity

92

42

106

240

11,644

—

11,884

24

RV and marine

20

10

4

34

5,672

—

5,706

3

Other consumer

22

9

5

36

2,566

—

2,602

5

Total loans and leases

$ 1,123

$ 381

$ 1,488

$ 2,992

$ 186,266

$ 164

$ 189,422

$ 443

At December 31, 2025

Commercial and industrial

$ 144

$ 78

$ 332

$ 554

$ 68,888

$ —

$ 69,442

$ 1

(2)

Commercial real estate

31

2

101

134

15,075

—

15,209

—

Lease financing

30

32

10

72

5,655

—

5,727

9

Residential mortgage

239

100

305

644

23,966

167

24,777

232

(3)

Automobile

132

33

18

183

15,985

—

16,168

14

Home equity

60

30

89

179

10,216

—

10,395

16

RV and marine

25

10

5

40

5,642

—

5,682

4

Other consumer

18

6

7

31

2,211

—

2,242

6

Total loans and leases

$ 679

$ 291

$ 867

$ 1,837

$ 147,638

$ 167

$ 149,642

$ 282

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

60     Huntington Bancshares Incorporated

Table of Contents

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

At June 30, 2026

Term Loans Amortized Cost Basis by Origination Year

Revolver
Total at
Amortized
Cost Basis

Revolver
Total
Converted to
Term Loans

(dollar amounts in millions)

2026

2025

2024

2023

2022

Prior

Total

Commercial and industrial

Credit Quality Indicator:

Pass

$ 14,429

$ 17,461

$ 9,093

$ 5,246

$ 4,815

$ 5,585

$ 30,359

$ 12

$ 87,000

OLEM

120

207

142

86

69

66

303

—

993

Substandard

395

481

606

434

332

381

756

—

3,385

Total Commercial and industrial

$ 14,944

$ 18,149

$ 9,841

$ 5,766

$ 5,216

$ 6,032

$ 31,418

$ 12

$ 91,378

Commercial real estate

Credit Quality Indicator:

Pass

$ 2,516

$ 5,939

$ 2,859

$ 1,296

$ 2,834

$ 4,317

$ 1,242

$ —

$ 21,003

OLEM

189

177

60

39

279

178

1

—

923

Substandard

290

268

113

141

358

356

5

—

1,531

Total Commercial real estate

$ 2,995

$ 6,384

$ 3,032

$ 1,476

$ 3,471

$ 4,851

$ 1,248

$ —

$ 23,457

Lease financing

Credit Quality Indicator:

Pass

$ 805

$ 1,900

$ 1,398

$ 940

$ 266

$ 369

$ —

$ —

$ 5,678

OLEM

—

—

2

—

—

—

—

—

2

Substandard

—

2

6

7

5

14

—

—

34

Total Lease financing

$ 805

$ 1,902

$ 1,406

$ 947

$ 271

$ 383

$ —

$ —

$ 5,714

Residential mortgage

Credit Quality Indicator:

750+

$ 1,499

$ 2,818

$ 2,350

$ 2,518

$ 4,291

$ 11,405

$ 21

$ —

$ 24,902

650-749

580

1,007

759

669

1,147

2,609

—

—

6,771

<650

31

110

124

110

178

831

—

—

1,384

Total Residential mortgage

$ 2,110

$ 3,935

$ 3,233

$ 3,297

$ 5,616

$ 14,845

$ 21

$ —

$ 33,057

Automobile

Credit Quality Indicator:

750+

$ 1,689

$ 3,175

$ 2,156

$ 781

$ 522

$ 283

$ —

$ —

$ 8,606

650-749

1,020

2,355

1,185

395

251

137

—

—

5,343

<650

134

581

379

180

137

100

—

—

1,511

Total Automobile

$ 2,843

$ 6,111

$ 3,720

$ 1,356

$ 910

$ 520

$ —

$ —

$ 15,460

Home equity

Credit Quality Indicator:

750+

$ 78

$ 195

$ 159

$ 236

$ 321

$ 867

$ 5,838

$ 234

$ 7,928

650-749

24

49

45

61

52

138

2,655

209

3,233

<650

—

2

8

14

12

44

498

145

723

Total Home equity

$ 102

$ 246

$ 212

$ 311

$ 385

$ 1,049

$ 8,991

$ 588

$ 11,884

RV and marine

Credit Quality Indicator:

750+

$ 547

$ 609

$ 632

$ 620

$ 603

$ 1,320

$ —

$ —

$ 4,331

650-749

120

166

173

191

152

378

—

—

1,180

<650

1

8

22

33

29

102

—

—

195

Total RV and marine

$ 668

$ 783

$ 827

$ 844

$ 784

$ 1,800

$ —

$ —

$ 5,706

Other consumer

Credit Quality Indicator:

750+

$ 249

$ 303

$ 149

$ 46

$ 22

$ 62

$ 676

$ 2

$ 1,509

650-749

103

159

74

25

8

15

539

10

933

<650

6

23

17

8

5

6

78

17

160

Total Other consumer

$ 358

$ 485

$ 240

$ 79

$ 35

$ 83

$ 1,293

$ 29

$ 2,602

2026 2Q Form 10-Q    61

Table of Contents

At December 31, 2025

Term Loans Amortized Cost Basis by Origination Year

Revolver
Total at
Amortized
Cost Basis

Revolver
Total
Converted to
Term Loans

(dollar amounts in millions)

2025

2024

2023

2022

2021

Prior

Total

Commercial and industrial

Credit Quality Indicator:

Pass

$ 19,465

$ 8,750

$ 4,561

$ 4,189

$ 1,601

$ 2,181

$ 25,228

$ 7

$ 65,982

OLEM

222

226

92

106

14

17

272

—

949

Substandard

513

406

326

285

137

127

717

—

2,511

Total Commercial and industrial

$ 20,200

$ 9,382

$ 4,979

$ 4,580

$ 1,752

$ 2,325

$ 26,217

$ 7

$ 69,442

Commercial real estate

Credit Quality Indicator:

Pass

$ 3,257

$ 1,813

$ 761

$ 2,491

$ 1,358

$ 2,429

$ 876

$ —

$ 12,985

OLEM

58

47

89

398

275

108

—

—

975

Substandard

178

87

125

366

197

289

7

—

1,249

Total Commercial real estate

$ 3,493

$ 1,947

$ 975

$ 3,255

$ 1,830

$ 2,826

$ 883

$ —

$ 15,209

Lease financing

Credit Quality Indicator:

Pass

$ 1,854

$ 1,506

$ 1,091

$ 547

$ 356

$ 303

$ —

$ —

$ 5,657

OLEM

—

7

10

2

3

9

—

—

31

Substandard

3

6

11

13

2

4

—

—

39

Total Lease financing

$ 1,857

$ 1,519

$ 1,112

$ 562

$ 361

$ 316

$ —

$ —

$ 5,727

Residential mortgage

Credit Quality Indicator:

750+

$ 1,515

$ 1,785

$ 2,028

$ 3,755

$ 5,331

$ 5,006

$ —

$ —

$ 19,420

650-749

638

441

397

638

727

1,076

—

—

3,917

<650

88

113

100

165

155

652

—

—

1,273

Total Residential mortgage

$ 2,241

$ 2,339

$ 2,525

$ 4,558

$ 6,213

$ 6,734

$ —

$ —

$ 24,610

Automobile

Credit Quality Indicator:

750+

$ 4,019

$ 2,692

$ 1,036

$ 754

$ 424

$ 107

$ —

$ —

$ 9,032

650-749

2,879

1,576

544

369

199

53

—

—

5,620

<650

523

428

217

184

123

41

—

—

1,516

Total Automobile

$ 7,421

$ 4,696

$ 1,797

$ 1,307

$ 746

$ 201

$ —

$ —

$ 16,168

Home equity

Credit Quality Indicator:

750+

$ 185

$ 164

$ 249

$ 321

$ 376

$ 542

$ 4,909

$ 228

$ 6,974

650-749

56

51

72

62

43

102

2,100

217

2,703

<650

3

8

14

29

7

41

474

142

718

Total Home equity

$ 244

$ 223

$ 335

$ 412

$ 426

$ 685

$ 7,483

$ 587

$ 10,395

RV and marine

Credit Quality Indicator:

750+

$ 709

$ 716

$ 709

$ 676

$ 586

$ 914

$ —

$ —

$ 4,310

650-749

172

204

209

164

164

264

—

—

1,177

<650

5

19

32

29

37

73

—

—

195

Total RV and marine

$ 886

$ 939

$ 950

$ 869

$ 787

$ 1,251

$ —

$ —

$ 5,682

Other consumer

Credit Quality Indicator:

750+

$ 388

$ 176

$ 52

$ 25

$ 11

$ 45

$ 619

$ 9

$ 1,325

650-749

172

87

29

9

3

10

485

4

799

<650

14

15

8

4

1

2

66

8

118

Total Other consumer

$ 574

$ 278

$ 89

$ 38

$ 15

$ 57

$ 1,170

$ 21

$ 2,242

62     Huntington Bancshares Incorporated

Table of Contents

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

Term Loans Gross Charge-offs by Origination Year

Revolver
Gross
Charge-offs

Revolver
Converted
to Term
Loans
Gross
Charge-offs

(dollar amounts in millions)

2026

2025

2024

2023

2022

Prior

Total

Three months ended June 30, 2026

Commercial and industrial

$ 3

$ 6

$ 7

$ 10

$ 9

$ 36

$ 37

$ 1

$ 109

Commercial real estate

—

—

—

1

3

1

1

—

6

Lease financing

—

—

—

—

1

—

—

—

1

Residential mortgage

—

1

1

—

1

—

—

—

3

Automobile

—

10

6

3

2

1

—

—

22

Home equity

—

—

—

—

—

—

1

2

3

RV and marine

—

1

1

2

2

4

—

—

10

Other consumer

5

8

4

2

2

4

—

12

37

Total

$ 8

$ 26

$ 19

$ 18

$ 20

$ 46

$ 39

$ 15

$ 191

Six months ended June 30, 2026

Commercial and industrial

$ 4

$ 18

$ 13

$ 17

$ 11

$ 85

$ 52

$ 1

$ 201

Commercial real estate

—

—

—

1

4

5

1

—

11

Lease financing

—

—

—

—

1

1

—

—

2

Residential mortgage

—

1

1

—

1

1

—

—

4

Automobile

—

19

12

7

5

4

—

—

47

Home equity

—

—

—

—

—

—

1

3

4

RV and marine

—

1

2

4

3

9

—

—

19

Other consumer

6

17

10

5

3

8

2

25

76

Total

$ 10

$ 56

$ 38

$ 34

$ 28

$ 113

$ 56

$ 29

$ 364

Term Loans Gross Charge-offs by Origination Year

Revolver
Gross
Charge-offs

Revolver
Converted
to Term
Loans Gross
Charge-offs

(dollar amounts in millions)

2025

2024

2023

2022

2021

Prior

Total

Three months ended June 30, 2025

Commercial and industrial

$ 2

$ 5

$ 16

$ 10

$ 2

$ 4

$ 9

$ 1

$ 49

Commercial real estate

2

—

—

—

—

—

1

—

3

Lease financing

—

—

—

1

1

2

—

—

4

Residential mortgage

—

—

—

—

—

1

—

—

1

Automobile

—

5

4

3

3

1

—

—

16

Home equity

—

—

—

—

—

—

—

1

1

RV and marine

—

1

2

2

1

3

—

—

9

Other consumer

3

5

4

2

1

3

—

10

28

Total

$ 7

$ 16

$ 26

$ 18

$ 8

$ 14

$ 10

$ 12

$ 111

Six months ended June 30, 2025

Commercial and industrial

$ 2

$ 11

$ 24

$ 43

$ 5

$ 13

$ 18

$ 2

$ 118

Commercial real estate

2

—

—

—

1

—

1

—

4

Lease financing

—

1

1

3

1

2

—

—

8

Residential mortgage

—

—

—

—

—

2

—

—

2

Automobile

—

10

9

9

6

2

—

—

36

Home equity

—

—

—

—

—

—

1

2

3

RV and marine

—

1

4

3

3

7

—

—

18

Other consumer

4

11

9

4

2

6

—

19

55

Total

$ 8

$ 34

$ 47

$ 62

$ 18

$ 32

$ 20

$ 23

$ 244

2026 2Q Form 10-Q    63

Table of Contents

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

Amortized Cost

(dollar amounts in millions)

Interest rate
reduction

Term
extension

Payment
deferral

Combo - interest
rate reduction and
term extension

Total

% of total
loan class
(1)

Three months ended June 30, 2026

Commercial and industrial

$ 42

$ 152

$ —

$ 35

$ 229

0.25 %

Commercial real estate

6

259

—

2

267

1.14

Residential mortgage

—

19

4

3

26

0.08

Automobile

—

4

—

—

4

0.03

Home equity

—

2

—

2

4

0.03

Other consumer

1

—

—

—

1

0.04

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

$ 49

$ 436

$ 4

$ 42

$ 531

0.28 %

Three months ended June 30, 2025

Commercial and industrial

$ 44

$ 158

$ —

$ 1

$ 203

0.33 %

Commercial real estate

—

69

—

—

69

0.64

Residential mortgage

—

12

3

2

17

0.07

Automobile

—

1

—

—

1

0.01

Home equity

—

2

—

2

4

0.04

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

$ 44

$ 242

$ 3

$ 5

$ 294

0.22 %

Six months ended June 30, 2026

Commercial and industrial

$ 67

$ 212

$ —

$ 90

$ 369

0.40 %

Commercial real estate

6

299

—

2

307

1.31

Residential mortgage

—

23

5

3

31

0.09

Automobile

—

7

—

1

8

0.05

Home equity

—

4

—

3

7

0.06

Other consumer

1

—

—

—

1

0.04

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

$ 74

$ 545

$ 5

$ 99

$ 723

0.38 %

Six months ended June 30, 2025

Commercial and industrial

$ 91

$ 289

$ —

$ 5

$ 385

0.63 %

Commercial real estate

—

140

—

—

140

1.31

Residential mortgage

—

24

11

3

38

0.15

Automobile

—

3

—

—

3

0.02

Home equity

—

4

—

4

8

0.08

Other consumer

1

—

—

—

1

0.05

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

$ 92

$ 460

$ 11

$ 12

$ 575

0.43 %

(1) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class.

64     Huntington Bancshares Incorporated

Table of Contents

The following table summarizes the weighted-average financial effects of loan modifications made to borrowers
experiencing financial difficulty.

Interest Rate Reduction (1)

Term Extension (1)

Weighted-average contractual
interest rate

Weighted-average
years added to the
life

From

To

Three months ended June 30, 2026

Commercial and industrial

8.06 %

7.00 %

0.8

Commercial real estate

0.9

Residential mortgage

7.1

Three months ended June 30, 2025

Commercial and industrial

8.80 %

6.38 %

0.6

Commercial real estate

0.8

Residential mortgage

7.1

Six months ended June 30, 2026

Commercial and industrial

9.31 %

7.14 %

0.9

Commercial real estate

0.9

Residential mortgage

7.2

Six months ended June 30, 2025

Commercial and industrial

8.32 %

7.00 %

0.9

Commercial real estate

1.0

Residential mortgage

6.5

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

2026 2Q Form 10-Q    65

Table of Contents

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

Past Due

(dollar amounts in millions)

30-59
Days

60-89
 Days

90 or 
more days

Total

Current

Total

At June 30, 2026

Commercial and industrial

$ 8

$ 39

$ 15

$ 62

$ 394

$ 456

Commercial real estate

7

2

34

43

319

362

Residential mortgage

7

5

10

22

25

47

Automobile

2

—

—

2

11

13

Home equity

1

1

3

5

10

15

RV and marine

—

—

—

—

1

1

Other consumer

—

—

—

—

1

1

Total loans to borrowers experiencing financial difficulty to
which modifications were made in the twelve months ended
June 30, 2026

$ 25

$ 47

$ 62

$ 134

$ 761

$ 895

At June 30, 2025

Commercial and industrial

$ 2

$ 1

$ 5

$ 8

$ 534

$ 542

Commercial real estate

—

—

23

23

211

234

Residential mortgage

11

6

17

34

35

69

Automobile

1

—

—

1

7

8

Home equity

1

1

1

3

12

15

RV and marine

—

—

—

—

1

1

Other consumer

—

—

—

—

2

2

Total loans to borrowers experiencing financial difficulty to
which modifications were made in the twelve months ended
June 30, 2025

$ 15

$ 8

$ 46

$ 69

$ 802

$ 871

Pledged Loans
The Bank has access to secured borrowings from the Federal Reserve’s discount window and advances from the
FHLB. As of June 30, 2026 and December 31, 2025 , loans and leases totaling $ 143.9 billion and $ 114.2 billion ,
respectively, were pledged to the FRB and FHLB for access to these contingent funding sources.

66     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

Commercial

Consumer

Total

Three months ended June 30, 2026

ALLL balance, beginning of period

$ 2,305

$ 938

$ 3,243

Loan and lease charge-offs

( 116 )

( 75 )

( 191 )

Recoveries of loans and leases previously charged-off

50

22

72

Provision for loan and lease losses

100

25

125

ALLL balance, end of period

$ 2,339

$ 910

$ 3,249

AULC balance, beginning of period

$ 98

$ 27

$ 125

Provision (benefit) for unfunded lending commitments

4

3

7

AULC balance, end of period

$ 102

$ 30

$ 132

ACL balance, end of period

$ 2,441

$ 940

$ 3,381

Three months ended June 30, 2025

ALLL balance, beginning of period

$ 1,520

$ 743

$ 2,263

Loan and lease charge-offs

( 56 )

( 55 )

( 111 )

Recoveries of loans and leases previously charged-off

25

20

45

Provision for loan and lease losses

59

75

134

ALLL balance, end of period

$ 1,548

$ 783

$ 2,331

AULC balance, beginning of period

$ 158

$ 57

$ 215

Provision (benefit) for unfunded lending commitments

( 34 )

3

( 31 )

AULC balance, end of period

$ 124

$ 60

$ 184

ACL balance, end of period

$ 1,672

$ 843

$ 2,515

Six months ended June 30, 2026

ALLL balance, beginning of period

$ 1,731

$ 806

$ 2,537

Loan and lease charge-offs (1)

( 214 )

( 150 )

( 364 )

Recoveries of loans and leases previously charged-off

92

42

134

Provision for loan and lease losses

292

83

375

Allowance on PCD loans and leases at acquisition

268

54

322

Allowance on purchased seasoned loans and leases at acquisition

170

75

245

ALLL balance, end of period

$ 2,339

$ 910

$ 3,249

AULC balance, beginning of period

$ 145

$ 61

$ 206

Provision (benefit) for unfunded lending commitments

( 46 )

( 39 )

( 85 )

Allowance for unfunded lending commitments at acquisition

3

8

11

AULC balance, end of period

$ 102

$ 30

$ 132

ACL balance, end of period

$ 2,441

$ 940

$ 3,381

Six months ended June 30, 2025

ALLL balance, beginning of period

$ 1,484

$ 760

$ 2,244

Loan and lease charge-offs

( 130 )

( 114 )

( 244 )

Recoveries of loans and leases previously charged-off

55

37

92

Provision for loan and lease losses

139

100

239

ALLL balance, end of period

$ 1,548

$ 783

$ 2,331

AULC balance, beginning of period

$ 144

$ 58

$ 202

Provision (benefit) for unfunded lending commitments

( 20 )

2

( 18 )

AULC balance, end of period

$ 124

$ 60

$ 184

ACL balance, end of period

$ 1,672

$ 843

$ 2,515

(1) Includes charge-offs of $ 23  million on certain commercial loans previously charged off by Cadence, which were written up to the unpaid principal balance
at acquisition and then immediately charged off by Huntington as required by purchase accounting.

2026 2Q Form 10-Q    67

Table of Contents

At June 30, 2026 , the ACL was $ 3.4 billion , a $ 638 million increase compared to December 31, 2025 . The
increase in the ACL was driven by the ACL recorded for loans acquired in the Cadence transaction in addition to
organic loan and lease growth . The ACL coverage ratio at June 30, 2026 is reflective of the current macroeconomic
forecast and changes in various risk profiles intended to capture uncertainty not addressed within the quantitative
reserve.
The commercial ACL was $ 2.4 billion at June 30, 2026 , a $ 565 million increase compared to December 31, 2025 ,
with the increase driven by $ 438  million of ALLL recorded for commercial loans acquired in the Cadence transaction,
as well as organic growth in commercial loans and leases during the first 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
$ 129  million of ALLL recorded for consumer loans acquired in the Cadence transaction.
For purposes of determining the ACL at June 30, 2026, we utilized a baseline economic scenario that assumes
the labor market has softened, with the unemployment rate peaking at 4.6% in the fourth quarter of 2026 and
expected to remain elevated at 4.6% in the first half of 2027. The Federal Reserve projected to continue the current
cycle of rate cuts, but cuts are expected later in 2026 and 2027, with the federal funds rate projected to return to 3%
by 2028. Inflation is forecasted to remain above the Federal Reserve’s target level of 2%, with inflation still at or near
3% by the end of 2026. Forecasted GDP growth moderated in the first quarter, with growth projected at
approximately 2.2% in 2026 before easing below 2% in 2027.
The economic scenarios used included elevated levels of economic uncertainty including the impact of specific
challenges in the commercial real estate industry, recent inflation levels, the U.S. labor market, the expected path of
interest rate changes by the Federal Reserve, and the impact of significant conflicts on-going around the world.
Given the uncertainty associated with key economic scenario assumptions, the June 30, 2026 ACL included a general
reserve that consists of various risk profile components to address uncertainty not measured within the quantitative
transaction reserve.

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

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Residential mortgage loans sold with servicing retained

$ 2,045

$ 1,168

$ 3,354

$ 2,177

Pretax gains resulting from above loan sales (1)

49

23

77

42

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

34

26

67

53

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

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Fair value, beginning of period

$ 735

$ 564

$ 593

$ 573

Servicing assets obtained in acquisition

—

`
`

—

140

—

New servicing assets created

40

20

68

40

Change in fair value during the period due to:

Time decay (1)

( 9 )

( 7 )

( 16 )

( 14 )

Payoffs (2)

( 15 )

( 10 )

( 29 )

( 17 )

Changes in valuation inputs or assumptions (3)

1

—

( 4 )

( 15 )

Fair value, end of period

$ 752

$ 567

$ 752

$ 567

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

$ 43,419

$ 33,925

$ 43,419

$ 33,925

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

68     Huntington Bancshares Incorporated

Table of Contents

The following table summarizes key assumptions and the sensitivity of the MSR value to changes in these
assumptions.

At June 30, 2026

At December 31, 2025

Decline in fair value due to

Decline in fair value due to

(dollar amounts in millions)

Actual

10%
adverse
change

20%
adverse
change

Actual

10%
adverse
change

20%
adverse
change

Constant prepayment rate (annualized)

8.16 %

$ ( 21 )

$ ( 40 )

8.09 %

$ ( 17 )

$ ( 33 )

Spread over forward interest rate swap rates

544

bps

( 17 )

( 34 )

538

bps

( 14 )

( 27 )

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

(dollar amounts in millions)

Consumer &
Regional Banking

Commercial
Banking

Huntington
Consolidated

Balance, December 31, 2025

$ 3,855

$ 2,142

$ 5,997

Cadence acquisition (1)

2,597

900

3,497

Other activity

—

33

33

Balance, June 30, 2026

$ 6,452

$ 3,075

$ 9,527

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

(dollar amounts in millions)

Gross
Carrying
Amount

Accumulated
Amortization

Net
Carrying
Value

At June 30, 2026

Core deposit intangible

$ 1,328

$ ( 427 )

$ 901

Other intangible assets

76

( 62 )

14

Total other intangible assets

$ 1,404

$ ( 489 )

$ 915

At December 31, 2025

Core deposit intangible

$ 473

$ ( 335 )

$ 138

Other intangible assets

66

( 59 )

7

Total other intangible assets

$ 539

$ ( 394 )

$ 145

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Securities sold under agreements to repurchase

$ —

$ 22

FHLB advances

2,700

1,000

Other borrowings

411

239

Total short-term borrowings

$ 3,111

$ 1,261

The carrying value of assets pledged as collateral against repurchase agreements totaled $ 40 million as of 
December 31, 2025 . There were no assets pledged as collateral against repurchase agreements as of June 30, 2026 .
Assets pledged as collateral are reported in available-for-sale securities and held-to-maturity securities on the
Unaudited Consolidated Balance Sheets. The repurchase agreements have maturities within 60 days . No amounts
have been offset against the agreements.

2026 2Q Form 10-Q    69

Table of Contents

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

The Parent Company:

Senior Notes

$ 6,407

$ 5,514

Subordinated Notes

2,085

1,510

Total notes issued by the Parent Company

8,492

7,024

The Bank:

Senior Notes

3,174

3,192

Subordinated Notes

236

233

Total notes issued by the Bank

3,410

3,425

FHLB Advances

4,653

4,514

Credit linked notes (1)

1,250

1,161

Auto loan securitization trust (2)

428

600

Other

505

497

Total long-term debt

$ 18,738

$ 17,221

(1) As of June 30, 2026 , the weighted average contractual interest rate on the CLNs was 5.53 % . Huntington has elected the fair value option for these notes.
To the extent losses exceed certain thresholds, the principal and interest payable on the notes may be reduced by a portion of the Company's aggregate
net losses on the reference pool of loans, with losses allocated to note classes in reverse order of payment priority.
(2) Represents secured borrowings collateralized by auto loans with a weighted average rate of 5.21 % due through 2029. See Note 16 - “Variable Interest
Entities” for additional information.
During the first quarter of 2026, Huntington issued $ 1.0  billion of fixed-to-floating rate senior and $ 750  million
of fixed-rate subordinated notes. The fixed-to-floating senior notes are due January 28, 2032 and bear an initial fixed
interest rate of 4.623 % . Commencing January 28, 2031, the interest rate will reset to a floating rate equal to a
benchmark rate based on the Compounded SOFR Index Rate plus 99 basis points. The fixed-rate subordinated notes
are due January 28, 2041 and bear interest at 5.605 % .
During the first quarter of 2026, the Bank completed a CLN transaction whereby it issued $ 410  million of
unsecured credit linked notes to third-party investors. There are four classes of notes, each maturing in February
2034. One note class bears interest at a fixed rate of 4.550 % and the remaining three note classes bear interest at a
floating rate equal to SOFR plus a spread rate that ranges from 1.00 % to 8.65 % (weighted average spread of 4.15 % ).
These notes transfer a portion of the risk of losses to third-party investors on an initial $ 3.5  billion reference pool of
Huntington’s auto-secured loans.

70     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

Pretax

Tax (expense)
benefit

After-tax

Three months ended June 30, 2026

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

$ ( 51 )

$ 13

$ ( 38 )

Reclassification adjustment for realized net losses included in net income

3

( 1 )

2

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

( 48 )

12

( 36 )

Unrealized losses on cash flow hedges during the period

( 158 )

37

( 121 )

Reclassification adjustment for cash flow hedges included in net income

4

( 1 )

3

Net change related to cash flow hedges on loans

( 154 )

36

( 118 )

Translation adjustments, net of hedges (1)

( 2 )

1

( 1 )

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

2

( 1 )

1

Other comprehensive loss

$ ( 202 )

$ 48

$ ( 154 )

Three months ended June 30, 2025

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

$ 65

$ ( 17 )

$ 48

Reclassification adjustment for realized net losses included in net income

65

( 16 )

49

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

130

( 33 )

97

Unrealized gains on cash flow hedges during the period

99

( 24 )

75

Reclassification adjustment for cash flow hedges included in net income

11

( 3 )

8

Net change related to cash flow hedges on loans

110

( 27 )

83

Translation adjustments, net of hedges (1)

8

( 2 )

6

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

1

—

1

Other comprehensive income

$ 249

$ ( 62 )

$ 187

Six months ended June 30, 2026

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

$ ( 125 )

$ 30

$ ( 95 )

Reclassification adjustment for realized net gains included in net income

( 22 )

5

( 17 )

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

( 147 )

35

( 112 )

Unrealized losses on cash flow hedges during the period

( 264 )

62

( 202 )

Reclassification adjustment for cash flow hedges included in net income

10

( 2 )

8

Net change related to cash flow hedges on loans

( 254 )

60

( 194 )

Translation adjustments, net of hedges (1)

( 3 )

2

( 1 )

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

4

( 2 )

2

Other comprehensive loss

$ ( 400 )

$ 95

$ ( 305 )

Six months ended June 30, 2025

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

$ 394

$ ( 93 )

$ 301

Reclassification adjustment for realized net losses included in net income

67

( 16 )

51

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

461

( 109 )

352

Unrealized gains on cash flow hedges during the period

301

( 71 )

230

Reclassification adjustment for cash flow hedges included in net income

39

( 9 )

30

Net change related to cash flow hedges on loans

340

( 80 )

260

Translation adjustments, net of hedges (1)

9

( 2 )

7

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

1

—

1

Other comprehensive income

$ 811

$ ( 191 )

$ 620

(1) A portion of foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on this portion of foreign
currency translation adjustments.

2026 2Q Form 10-Q    71

Table of Contents

The following table summarizes the a ctivity in AOCI.

(dollar amounts in millions)

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

Net change
related to cash
flow hedges on
loans

Translation
adjustments,
net of hedges

Unrealized
losses for
pension and
other post-
retirement
obligations

Total

Three months ended June 30, 2026

Balance, beginning of period

$ ( 1,814 )

$ ( 49 )

$ ( 4 )

$ ( 192 )

$ ( 2,059 )

Other comprehensive (loss) income before
reclassifications

( 38 )

( 121 )

( 1 )

1

( 159 )

Amounts reclassified from AOCI to earnings

2

3

—

—

5

Period change

( 36 )

( 118 )

( 1 )

1

( 154 )

Balance, end of period

$ ( 1,850 )

$ ( 167 )

$ ( 5 )

$ ( 191 )

$ ( 2,213 )

Three months ended June 30, 2025

Balance, beginning of period

$ ( 2,110 )

$ ( 90 )

$ ( 11 )

$ ( 222 )

$ ( 2,433 )

Other comprehensive income before reclassifications

48

75

6

1

130

Amounts reclassified from AOCI to earnings

49

8

—

—

57

Period change

97

83

6

1

187

Balance, end of period

$ ( 2,013 )

$ ( 7 )

$ ( 5 )

$ ( 221 )

$ ( 2,246 )

Six months ended June 30, 2026

Balance, beginning of period

$ ( 1,738 )

$ 27

$ ( 4 )

$ ( 193 )

$ ( 1,908 )

Other comprehensive (loss) income before
reclassifications

( 95 )

( 202 )

( 1 )

2

( 296 )

Amounts reclassified from AOCI to earnings

( 17 )

8

—

—

( 9 )

Period change

( 112 )

( 194 )

( 1 )

2

( 305 )

Balance, end of period

$ ( 1,850 )

$ ( 167 )

$ ( 5 )

$ ( 191 )

$ ( 2,213 )

Six months ended June 30, 2025

Balance, beginning of period

$ ( 2,365 )

$ ( 267 )

$ ( 12 )

$ ( 222 )

$ ( 2,866 )

Other comprehensive income before reclassifications

301

230

7

1

539