10-Q – 2026-07-28 – hban-20260630.htm

Amounts reclassified from AOCI to earnings

51

30

—

—

81

Period change

352

260

7

1

620

Balance, end of period

$ ( 2,013 )

$ ( 7 )

$ ( 5 )

$ ( 221 )

$ ( 2,246 )

(1) AOCI amounts at June 30, 2026 and June 30, 2025 include $ 41 million and $ 47 million , respectively, of net unrealized losses (after-tax) on securities
previously transferred from the AFS securities portfolio to the HTM securities portfolio. The net unrealized losses will be recognized in earnings over the
remaining life of the security using the effective interest method.

72     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

Issuance Date

Shares
Outstanding

Dividend Rate

Earliest Redemption
Date (1)

Carrying Amount

Preferred Series

At June 30, 2026

At December 31, 2025

Series B (2)

12/28/2011

35,500

Variable (3)

1/15/2017

$ 24

$ 24

Series F (4)

5/27/2020

5,000

5.625 %

7/15/2030

494

494

Series G (4)

8/3/2020

5,000

4.45

10/15/2027

494

494

Series H (2)

2/2/2021

500,000

4.50

4/15/2026

486

486

Series I (5)

6/9/2021

7,000

5.70

12/01/2022

175

175

Series J (2)

3/6/2023

325,000

6.875

4/15/2028

317

317

Series K (4)

9/11/2025

7,500

6.25

10/15/2030

741

741

Series L (5)

2/1/2026

6,900

5.50

(6)

150

—

Total

891,900

$ 2,881

$ 2,731

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

Three Months Ended

Six Months Ended

(amounts in millions, except per share
data)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Cash
Dividend
Declared
Per Share

Cash
Dividend
Declared
Per Share

Cash
Dividend
Declared
Per Share

Cash
Dividend
Declared
Per Share

Preferred Series

Amount

Amount

Amount

Amount ($)

Series B

$ 16.59

$ 1

$ 18.04

$ 1

$ 33.17

$ 2

$ 36.20

$ 2

Series F

1,406.25

7

1,406.25

8

2,812.50

14

2,812.50

14

Series G

1,112.50

6

1,112.50

5

2,225.00

12

2,225.00

11

Series H

11.25

6

11.25

5

22.50

12

22.50

11

Series I

356.25

2

356.25

3

712.50

4

712.50

5

Series J

17.19

6

17.19

5

34.38

12

34.38

11

Series K (1)

1,562.50

11

3,125.00

22

Series L (2)

343.75

2

687.50

4

Total

$ 41

$ 27

$ 82

$ 54

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

2026 2Q Form 10-Q    73

Table of Contents

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

Three Months Ended

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

Basic earnings per common share:

Net income attributable to Huntington

$ 727

$ 536

$ 1,250

$ 1,063

Dividends on preferred shares

41

27

82

54

Net income available to common shareholders

$ 686

$ 509

$ 1,168

$ 1,009

Average common shares issued and outstanding

2,021,373

1,457,309

1,945,805

1,455,904

Basic earnings per common share

$ 0.34

$ 0.35

$ 0.60

$ 0.69

Diluted earnings per common share:

Average dilutive potential common shares:

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

19,719

16,587

21,956

18,567

Shares held in deferred compensation plans

7,219

7,100

7,191

7,070

Average dilutive potential common shares

26,938

23,687

29,147

25,637

Total diluted average common shares issued and outstanding

2,048,311

1,480,996

1,974,952

1,481,541

Diluted earnings per common share

$ 0.33

$ 0.34

$ 0.59

$ 0.68

Anti-dilutive awards (1)

874

7,135

1,099

4,750

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

74     Huntington Bancshares Incorporated

Table of Contents

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

(dollar amounts in millions)

Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

Major Revenue Streams

Three months ended June 30, 2026

Payments and cash management revenue

$ 134

$ 59

$ —

$ 193

Wealth and asset management revenue

128

6

—

134

Customer deposit and loan fees

72

5

—

77

Capital markets and advisory fees

7

65

—

72

Leasing revenue

2

( 1 )

—

1

Insurance income

17

3

1

21

Other noninterest income

2

( 1 )

3

4

Net revenue from contracts with customers

362

136

4

502

Noninterest income within the scope of other GAAP topics

95

139

49

283

Total noninterest income

$ 457

$ 275

$ 53

$ 785

Three months ended June 30, 2025

Payments and cash management revenue

$ 117

$ 33

$ —

$ 150

Wealth and asset management revenue

98

4

—

102

Customer deposit and loan fees

58

4

—

62

Capital markets and advisory fees

2

39

—

41

Leasing revenue

—

3

—

3

Insurance income

19

—

—

19

Other noninterest income

1

1

( 2 )

—

Net revenue from contracts with customers

295

84

( 2 )

377

Noninterest income within the scope of other GAAP topics

44

93

( 43 )

94

Total noninterest income

$ 339

$ 177

$ ( 45 )

$ 471

2026 2Q Form 10-Q    75

Table of Contents

(dollar amounts in millions)

Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

Major Revenue Streams

Six Months Ended June 30, 2026

Payments and cash management revenue

$ 254

$ 116

$ —

$ 370

Wealth and asset management revenue

242

12

—

254

Customer deposit and loan fees

138

9

—

147

Capital markets and advisory fees

14

132

—

146

Leasing revenue

4

—

—

4

Insurance income

35

6

1

42

Other noninterest income

4

4

3

11

Net revenue from contracts with customers

691

279

4

974

Noninterest income within the scope of other GAAP topics

153

248

92

493

Total noninterest income

$ 844

$ 527

$ 96

$ 1,467

Six Months Ended June 30, 2025

Payments and cash management revenue

$ 225

$ 65

$ —

$ 290

Wealth and asset management revenue

193

10

—

203

Customer deposit and loan fees

110

6

—

116

Capital markets and advisory fees

6

65

—

71

Leasing revenue

1

6

—

7

Insurance income

36

3

—

39

Other noninterest income

2

2

( 2 )

2

Net revenue from contracts with customers

573

157

( 2 )

728

Noninterest income within the scope of other GAAP topics

93

182

( 38 )

237

Total noninterest income

$ 666

$ 339

$ ( 40 )

$ 965

Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions
vary amongst services and customers and thus impact the timing and amount of revenue recognition. Some fees
may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to
those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or
they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for
the reporting period ended June 30, 2026 is expected to be earned within one year. Huntington does not have
significant balances of contract assets or contract liabilities, and any change in those balances during the reporting
period ended June 30, 2026 was determined to be immaterial.

2026 2Q Form 10-Q    76

Table of Contents

14 . FAIR VALUES OF ASSETS AND LIABILITIES
See Note 19 - “Fair Value of Assets and Liabilities” to the Consolidated Financial Statements appearing in
Huntington’s 2025 Annual Report on Form 10-K for a description of the valuation methodologies used for
instruments measured at fair value. Assets and liabilities measured at fair value rarely transfer between Level 1 and
Level 2 measurements. There were no such transfers during the three-month and six-month periods ended June 30,
2026 and 2025 .
Assets and Liabilities measured at fair value on a recurring basis
The following tables present our assets and liabilities measured at fair value on a recurring basis, including
instruments where we have elected the fair value option.

Fair Value Measurements at Reporting Date Using

Netting
Adjustments (1)

Total

(dollar amounts in millions)

Level 1

Level 2

Level 3

At June 30, 2026

Assets

Trading account assets

$ 10

$ 316

$ —

$ —

$ 326

Available-for-sale securities:

U.S. Treasury

8,777

—

—

—

8,777

Residential MBS

—

11,955

—

—

11,955

Residential CMO

—

6,333

—

—

6,333

Commercial MBS

—

2,567

—

—

2,567

Other agencies

—

474

—

—

474

Municipal securities

—

84

4,565

—

4,649

Corporate debt

—

169

—

—

169

Asset-backed securities

—

136

43

—

179

Private-label CMO

—

73

20

—

93

Other securities/sovereign debt

—

10

—

—

10

Total available-for-sale securities

8,777

21,801

4,628

—

35,206

Other securities

30

43

—

—

73

Loans held for sale

—

1,287

—

—

1,287

Loans held for investment

—

102

62

—

164

MSRs

—

—

752

—

752

Other assets:

Derivative assets

—

547

12

( 322 )

237

Assets held in trust for deferred compensation plans

236

—

—

—

236

Liabilities

Short-term borrowings

260

70

—

—

330

Long-term debt

—

1,250

—

—

1,250

Derivative liabilities

—

975

3

( 238 )

740

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

2026 2Q Form 10-Q    77

Table of Contents

Fair Value Measurements at Reporting Date Using

Netting
Adjustments (1)

Total

(dollar amounts in millions)

Level 1

Level 2

Level 3

At December 31, 2025

Assets

Trading account assets

$ —

$ 63

$ —

$ —

$ 63

Available-for-sale securities:

U.S. Treasury

4,635

—

—

—

4,635

Residential MBS

—

9,669

—

—

9,669

Residential CMO

—

5,197

—

—

5,197

Commercial MBS

—

1,831

—

—

1,831

Other agencies

—

150

—

—

150

Municipal securities

—

82

4,061

—

4,143

Corporate debt

—

178

—

—

178

Asset-backed securities

—

193

28

—

221

Private-label CMO

—

79

19

—

98

Other securities/sovereign debt

—

10

—

—

10

Total available-for-sale securities

4,635

17,389

4,108

—

26,132

Other securities

30

12

—

—

42

Loans held for sale

—

885

—

—

885

Loans held for investment

—

105

62

—

167

MSRs

—

—

593

—

593

Other assets:

Derivative assets

—

499

8

( 260 )

247

Assets held in trust for deferred compensation plans

216

—

—

—

216

Liabilities

Short-term borrowings

131

7

—

—

138

Long-term debt

—

1,161

—

—

1,161

Derivative liabilities

—

514

5

( 169 )

350

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

2026 2Q Form 10-Q    78

Table of Contents

Level 3 Fair Value Measurements

Available-for-sale securities

Loans held
for
investment

(dollar amounts in millions)

MSRs

Derivative
instruments

Municipal
securities

Private-
label CMO

Asset-backed
securities

Three months ended June 30, 2026

Opening balance

$ 735

$ 6

$ 4,251

$ 20

$ 19

$ 61

Transfers into Level 3

—

—

—

—

—

3

Transfers out of Level 3 (1)

—

( 15 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Mortgage banking income

1

17

—

—

—

—

Included in OCI

—

—

( 6 )

—

—

—

Purchases/originations

40

—

663

—

24

—

Repayments

—

—

—

—

—

( 2 )

Settlements

( 24 )

1

( 343 )

—

—

—

Closing balance

$ 752

$ 9

$ 4,565

$ 20

$ 43

$ 62

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

$ 1

$ 3

$ —

$ —

$ —

$ —

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

—

—

( 8 )

—

—

—

Three months ended June 30, 2025

Opening balance

$ 564

$ 3

$ 3,929

$ 22

$ 47

$ 63

Transfers into Level 3

—

—

—

—

—

1

Transfers out of Level 3 (1)

—

( 10 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Interest and fee income

—

—

( 1 )

—

—

—

Mortgage banking income

—

12

—

—

—

—

Other noninterest income

—

( 1 )

—

—

—

—

Included in OCI

—

—

12

—

—

—

Purchases/originations

20

—

421

—

—

—

Repayments

—

—

—

—

—

( 2 )

Settlements

( 17 )

3

( 294 )

( 1 )

( 9 )

—

Closing balance

$ 567

$ 7

$ 4,067

$ 21

$ 38

$ 62

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

$ —

$ 2

$ —

$ —

$ —

$ —

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

—

—

10

—

—

—

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

2026 2Q Form 10-Q    79

Table of Contents

Level 3 Fair Value Measurements

Available-for-sale securities

Loans held
for
investment

(dollar amounts in millions)

MSRs

Derivative
instruments

Municipal
securities

Private-
label CMO

Asset-backed
securities

Six months ended June 30, 2026

Opening balance

$ 593

$ 3

$ 4,061

$ 19

$ 28

$ 62

Transfers into Level 3

—

—

—

—

—

4

Transfers out of Level 3 (1)

—

( 28 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Mortgage banking income

( 4 )

30

—

—

—

—

Included in OCI

—

—

( 32 )

—

—

—

Acquisition

140

1

—

—

—

—

Purchases/originations

68

—

989

—

24

—

Repayments

—

—

—

—

—

( 4 )

Settlements

( 45 )

3

( 453 )

1

( 9 )

—

Closing balance

$ 752

$ 9

$ 4,565

$ 20

$ 43

$ 62

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

$ ( 4 )

$ 4

$ —

$ —

$ —

$ —

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

—

—

( 34 )

—

—

—

Six months ended June 30, 2025

Opening balance

$ 573

$ 2

$ 3,954

$ 21

$ 49

$ 61

Transfers into Level 3

—

—

—

—

—

4

Transfers out of Level 3 (1)

—

( 17 )

—

—

—

—

Total gains (losses) for the period:

Included in earnings:

Interest and fee income

—

—

( 1 )

—

—

—

Mortgage banking income

( 15 )

22

—

—

—

—

Other noninterest income

—

( 6 )

—

—

—

—

Included in OCI

—

—

17

—

—

—

Purchases/originations

40

—

639

—

Repayments

—

—

—

—

—

( 3 )

Settlements

( 31 )

6

( 542 )

—

( 11 )

—

Closing balance

$ 567

$ 7

$ 4,067

$ 21

$ 38

$ 62

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

$ ( 15 )

$ 5

$ —

$ —

$ —

$ —

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

—

—

14

—

—

—

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

2026 2Q Form 10-Q    80

Table of Contents

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

Total Loans

Loans that are 90 or more days past due

(dollar amounts in millions)

Fair value
carrying
amount

Aggregate
unpaid
principal

Difference

Fair value
carrying
amount

Aggregate
unpaid
principal

Difference

At June 30, 2026

Assets

Loans held for sale

$ 1,287

$ 1,253

$ 34

$ —

$ —

$ —

Loans held for investment

164

176

( 12 )

6

7

( 1 )

Liabilities

Long-term debt

1,250

1,258

8

At December 31, 2025

Assets

Loans held for sale

$ 885

$ 855

$ 30

$ —

$ —

$ —

Loans held for investment

167

179

( 12 )

3

4

( 1 )

Liabilities

Long-term debt

1,161

1,151

( 10 )

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

Three Months Ended

Six Months Ended

(dollar amounts in millions)

Classification

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Loans held for sale

Mortgage banking income

$ 12

$ 9

$ 4

$ 15

Loans held for investment

Mortgage banking income

( 1 )

—

—

( 1 )

Long-term debt

Other noninterest income

( 7 )

( 4 )

18

( 5 )

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

Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)

Total Losses

Three Months Ended

Six Months Ended

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Collateral-dependent loans

$ 143

$ 74

$ ( 51 )

$ ( 20 )

$ ( 88 )

$ ( 43 )

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

2026 2Q Form 10-Q    81

Table of Contents

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

Quantitative Information about Level 3 Fair Value Measurements (1)

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Valuation Technique

Significant Unobservable Input

Range

Weighted
 Average

Range

Weighted
 Average

Measured at fair value on a recurring basis:

MSRs

Discounted cash flow

Constant prepayment rate

7 %

-

64 %

8 %

6 %

-

61 %

8 %

Spread over forward interest 
rate swap rates

5 %

-

11 %

5 %

5 %

-

11 %

5 %

Municipal securities and asset-
backed securities

Discounted cash flow

Discount rate

4 %

-

5 %

4 %

4 %

-

4 %

4 %

Cumulative default

— %

-

64 %

3 %

— %

-

64 %

3 %

Loss given default (2)

20 %

20 %

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

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

(dollar amounts in millions)

Amortized Cost

Lower of Cost or
Market

Fair Value or
Fair Value Option

Total Carrying
Amount

Estimated Fair
Value

At June 30, 2026

Financial Assets

Cash and short-term assets

$ 16,044

$ —

$ —

$ 16,044

$ 16,044

Trading account assets

—

—

326

326

326

Available-for-sale securities

—

—

35,206

35,206

35,206

Held-to-maturity securities

14,384

—

—

14,384

12,677

Other securities

1,310

—

73

1,383

1,383

Loans held for sale

—

599

1,287

1,886

1,886

Net loans and leases (1)

186,009

—

164

186,173

185,314

Derivative assets

—

—

237

237

237

Assets held in trust for deferred compensation
plans

—

—

236

236

236

Financial Liabilities

Deposits (2)

222,466

—

—

222,466

222,463

Short-term borrowings

2,781

—

330

3,111

3,111

Long-term debt

17,488

—

1,250

18,738

18,951

Derivative liabilities

—

—

740

740

740

At December 31, 2025

Financial Assets

Cash and short-term assets

$ 14,078

$ —

$ —

$ 14,078

$ 14,078

Trading account assets

—

—

63

63

63

Available-for-sale securities

—

—

26,132

26,132

26,132

Held-to-maturity securities

15,258

—

—

15,258

13,636

Other securities

952

—

42

994

994

Loans held for sale

—

530

885

1,415

1,420

Net loans and leases (1)

146,938

—

167

147,105

146,273

Derivative assets

—

—

247

247

247

Assets held in trust for deferred compensation
plans

—

—

216

216

216

Financial Liabilities

Deposits (2)

176,610

—

—

176,610

176,610

Short-term borrowings

1,123

—

138

1,261

1,261

Long-term debt

16,060

—

1,161

17,221

17,479

Derivative liabilities

—

—

350

350

350

(1) Includes collateral-dependent loans.
(2) Includes $ 4.4 billion and $ 2.1 billion in time deposits in excess of the FDIC insurance coverage limit at June 30, 2026 and December 31, 2025 , respectively.

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

Estimated Fair Value Measurements at Reporting Date Using

Netting

Estimated Fair Value

(dollar amounts in millions)

Level 1

Level 2

Level 3

Adjustments (1)

At June 30, 2026

Financial Assets

Trading account assets

$ 10

$ 316

$ —

$ —

$ 326

Available-for-sale securities

8,777

21,801

4,628

—

35,206

Held-to-maturity securities

2,111

10,566

—

—

12,677

Other securities (2)

30

43

—

—

73

Loans held for sale

—

1,287

599

—

1,886

Net loans and leases

—

102

185,212

—

185,314

Derivative assets

—

547

12

( 322 )

237

Financial Liabilities

Deposits

—

192,922

29,541

—

222,463

Short-term borrowings

260

2,851

—

—

3,111

Long-term debt

—

13,698

5,253

—

18,951

Derivative liabilities

—

975

3

( 238 )

740

At December 31, 2025

Financial Assets

Trading account assets

$ —

$ 63

$ —

$ —

$ 63

Available-for-sale securities

4,635

17,389

4,108

—

26,132

Held-to-maturity securities

2,368

11,268

—

—

13,636

Other securities (2)

30

12

—

—

42

Loans held for sale

—

885

535

—

1,420

Net loans and leases

—

105

146,168

—

146,273

Derivative assets

—

499

8

( 260 )

247

Financial Liabilities

Deposits

—

158,472

18,138

—

176,610

Short-term borrowings

131

1,130

—

—

1,261

Long-term debt

—

12,336

5,143

—

17,479

Derivative liabilities

—

514

5

( 169 )

350

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

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

At June 30, 2026

At December 31, 2025

(dollar amounts in millions)

Notional Value

Asset

Liability

Notional Value

Asset

Liability

Derivatives designated as Hedging Instruments

Interest rate contracts

$ 43,596

$ 44

$ 207

$ 43,996

$ 109

$ 28

Foreign exchange contracts

273

—

5

809

4

—

Derivatives not designated as Hedging Instruments

Interest rate contracts

57,916

314

625

49,284

260

389

Foreign exchange contracts

7,956

98

76

7,085

58

60

Equity contracts

878

36

3

912

33

5

Commodities contracts

1,175

64

62

822

40

37

Credit contracts

93

3

—

139

3

—

Total contracts

$ 111,887

$ 559

$ 978

$ 103,047

$ 507

$ 519

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

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

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

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Interest rate contracts:

Customer

Capital markets and advisory fees

$ 18

$ 13

$ 30

$ 21

Mortgage banking

Mortgage banking income

( 18 )

( 21 )

( 10 )

—

Foreign exchange contracts

Capital markets and advisory fees

14

13

27

24

Equity contracts

Other noninterest income and other
noninterest expense

3

4

( 4 )

1

Commodities contracts

Capital markets and advisory fees

1

1

2

2

Credit contracts

Other noninterest income

( 1 )

( 2 )

( 2 )

( 4 )

Total

$ 17

$ 8

$ 43

$ 44

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

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The following table presents the gross notional values of derivatives used in Huntington’s asset and liability
management activities at June 30, 2026 and December 31, 2025 , identified by the underlying interest rate-sensitive
instruments.

(dollar amounts in millions)

Fair Value Hedges

Cash Flow Hedges

Economic Hedges

Total

At June 30, 2026

Instruments associated with:

Investment securities

$ 5,622

$ —

$ —

$ 5,622

Loans

—

25,575

28

25,603

Long-term debt

12,399

—

—

12,399

Total notional value

$ 18,021

$ 25,575

$ 28

$ 43,624

At December 31, 2025

Instruments associated with:

Investment securities

$ 5,147

$ —

$ —

$ 5,147

Loans

—

28,250

28

28,278

Long-term debt

10,599

—

—

10,599

Total notional value

$ 15,746

$ 28,250

$ 28

$ 44,024

These derivative financial instruments were entered into for the purpose of managing the interest rate risk of
assets and liabilities. Net amounts receivable or payable on contracts hedging either interest-earning assets or
interest-bearing liabilities were accrued as an adjustment to either interest income or interest expense. Adjustments
to interest income were also recorded for the amounts related to the amortization of premiums for floors that were
not included in the measurement of hedge effectiveness, as well as the amounts related to terminated hedges
reclassified from AOCI. The net amounts resulted in decreases to net interest income of $ 18 million and $ 7 million
for the three-month periods ended June 30, 2026 , and 2025 , respectively, and decreases to net income of $ 33
million and $ 25 million for the six-month periods ended June 30, 2026 , and 2025 , respectively.
Fair Value Hedges
The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in
the fair value of the hedged item.
Huntington has designated $ 5.6 billion of interest rate swaps as fair value hedges of fixed-rate investment
securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a
stated amount of the assets that are not expected to be affected by prepayments, defaults, or other factors affecting
the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged MBS portfolio
has not been attributed to the individual AFS securities in our Unaudited Consolidated Balance Sheets.
The following table presents the change in fair value for derivatives designated as fair value hedges as well as
the offsetting change in fair value on the hedged item.

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Interest rate contracts

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

$ 5

$ ( 140 )

$ 27

$ ( 262 )

Change in fair value of hedged investment securities (1)

( 9 )

138

( 27 )

261

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

( 33 )

72

( 103 )

215

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

33

( 72 )

104

( 215 )

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

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

Amortized Cost

Cumulative Amount of Fair Value Hedging
Adjustment To Hedged Items

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

At June 30, 2026

At December 31, 2025

Assets

Available-for-sale securities (1)

$ 15,525

$ 11,402

$ ( 222 )

$ ( 177 )

Liabilities

Long-term debt (2)

15,545

11,066

( 173 )

1

(1) Amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged
item is a layer of the closed portfolio that is expected to be remaining at the end of the hedging relationship.
(2) Excluded from the above table are the cumulative amounts of fair value hedge adjustments remaining for long-term debt for which hedge accounting has
been discontinued in the amounts of $( 35 ) million at June 30, 2026 and $( 42 ) million at December 31, 2025 .
Cash Flow Hedges
At June 30, 2026 , Huntington had $ 25.6 billion of interest rate swaps and floors that are designated as cash flow
hedges for variable-rate commercial loans. The change in the fair value of a derivative instrument designated as a
cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings.
The initial premium paid for the interest rate floor contracts represents the time value of the contracts and is not
included in the measurement of hedge effectiveness. The initial premium paid is amortized on a straight-line basis as
a reduction to interest income over the contractual life of these contracts.
At June 30, 2026 , net losses recognized in AOCI that are expected to be reclassified into earnings within the next
12 months totaled $ 11 million .
Derivatives used in mortgage banking activities
Mortgage loan origination hedging activity
Huntington uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock
commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate
lock commitments are carried at fair value on the Unaudited Consolidated Balance Sheets with changes in fair value
reflected in mortgage banking income. Huntington’s mortgage origination hedging activity is related to economically
hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The
value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward
commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate
change. These derivatives were in a net asset position of $ 4 million at June 30, 2026 and $ 2 million at December 31,
2025 . At June 30, 2026 and December 31, 2025 , Huntington had commitments to sell residential real estate loans of
$ 1.9 billion and $ 1.2 billion , respectively. These contracts mature in less than one year .
MSR hedging activity
Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These
derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative
instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value
with changes in fair value reflected in mortgage banking income. Huntington’s MSR economic hedging activity uses
securities and derivatives to manage volatility of the MSR asset value to mitigate the risks inherent in the MSR
assets, which include duration, basis, convexity, and volatility. The hedging instruments include forward
commitments, TBA securities, Treasury future contracts, and interest rate swaps.

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Notional value

$ 2,525

$ 2,658

Trading liabilities

21

18

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Trading gains (losses)

$ 8

$ ( 6 )

$ ( 2 )

$ 9

Derivatives used in customer-related activities
Various derivative financial instruments are offered to enable customers to meet their financing and investing
objectives and for their risk-management purposes. Derivative financial instruments used in trading activities consist
of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts
with approved, reputable counterparties with substantially matching terms and currencies in order to economically
hedge significant exposure related to derivatives used in trading activities.
The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having
offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the
calculation of fair value.
The net fair values of these derivative financial instruments, for which the gross amounts are included in other
assets or other liabilities at June 30, 2026 and December 31, 2025 , were $ 69 million and $ 58 million , respectively.
The total notional values of derivative financial instruments used by Huntington on behalf of customers, including
offsetting derivatives, were $ 61.8 billion and $ 52.8 billion at June 30, 2026 and December 31, 2025 , respectively.
Huntington’s credit risk from customer derivatives was $ 99 million and $ 168 million at the same dates, respectively.
Credit derivative instruments
Huntington enters into credit default swaps to hedge credit risk associated with certain loans and leases. These
contracts are accounted for as derivatives, and accordingly, these contracts are recorded at fair value.
Financial assets and liabilities that are offset in the Unaudited Consolidated Balance Sheets
Huntington records derivatives at fair value as further described in Note 14 - “ Fair Values of Assets and
Liabilities ”.
Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable
master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the
applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: 1) broker-
dealers and banks and 2) Huntington’s customers. Different methods are utilized for managing counterparty credit
exposure and credit risk for each of these groups.
Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These
types of transactions generally are high dollar volume. Huntington enters into collateral and master netting
agreements with these counterparties and routinely exchanges cash and high quality securities collateral.
Huntington also enters into transactions with customers to meet their financing, investing, payment, and risk-
management needs. These types of transactions generally are low dollar volume. Huntington enters into master
netting agreements with customer counterparties; however, collateral is generally not exchanged with customer
counterparties.
In addition, Huntington clears certain derivative transactions through a clearinghouse, rather than directly with
counterparties. Transactions cleared through a clearinghouse require initial margin collateral and variation margin
payments depending on the contracts being in a net asset or liability position.

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In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and
bank derivative transactions was net credit risk of $ 60 million and $ 73 million at June 30, 2026 and December 31,
2025 , respectively. The net credit risk associated with derivatives is calculated after considering master netting
agreements and is reduced by collateral that has been pledged by the counterparty.
At June 30, 2026 , Huntington pledged $ 467 million of investment securities and cash collateral to
counterparties, while other counterparties pledged $ 237 million of investment securities and cash collateral to
Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be
required to provide additional collateral.
The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net
amounts recognized in the Unaudited Consolidated Balance Sheets.

Offsetting of Financial Assets and Derivative Assets

Gross amounts
of recognized
assets

Gross amounts
offset in the
unaudited
consolidated
balance sheets

Net amounts of
assets
presented in
the unaudited
consolidated
balance sheets

Gross amounts not offset in the
unaudited consolidated
balance sheets

(dollar amounts in millions)

Financial
instruments

Cash collateral
received

Net amount

At June 30, 2026

$ 559

$ ( 322 )

$ 237

$ ( 8 )

$ ( 67 )

$ 162

At December 31, 2025

507

( 260 )

247

( 2 )

( 100 )

145

Offsetting of Financial Liabilities and Derivative Liabilities

Gross amounts
of recognized
liabilities

Gross amounts
offset in the
unaudited
consolidated
balance sheets

Net amounts of
liabilities
presented in the
unaudited
consolidated
balance sheets

Gross amounts not offset in the
unaudited consolidated
balance sheets

(dollar amounts in millions)

Financial
instruments

Cash collateral
delivered

Net amount

At June 30, 2026

$ 978

$ ( 238 )

$ 740

$ ( 256 )

$ ( 199 )

$ 285

At December 31, 2025

519

( 169 )

350

( 120 )

( 15 )

215

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Assets

Net loans and leases

$ 493

$ 669

Other assets

468

431

Total assets

$ 961

$ 1,100

Liabilities

Long-term borrowings

$ 428

$ 600

Other liabilities

134

152

Total liabilities

$ 562

$ 752

Huntington previously completed a securitization transaction by transferring automobile loans to a SPE which
was deemed to be a VIE, with the SPE in turn issuing asset-backed notes. The primary purpose of the VIE in the
securitization transaction was to issue asset-backed securities with varying levels of credit subordination and
payment priority. Huntington retained notes and residual interest in the VIE and, therefore, has an obligation to
absorb losses and a right to receive benefits that could potentially be significant to the VIE. In addition, Huntington
retained servicing rights for the underlying loans and, therefore, holds the power to direct the activities of the VIE
that most significantly impact the economic performance of the VIE. The assets of the VIE are restricted to the
settlement of the asset-backed securities and other obligations of the VIE. Third-party holders of the asset-backed
notes do not have recourse to the general assets of Huntington.

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The economic performance of the VIE is most significantly impacted by the performance of the underlying loans.
The VIE is exposed to credit and prepayment risk, which are managed through credit enhancements in the form of
reserve accounts, over-collateralization, excess interest on the loans, and the subordination of certain classes of
asset-backed securities.
Consolidated VIEs at June 30, 2026 and December 31, 2025 also included investments in LIHTC operating entities
that were syndicated and where we serve as the general partner and manager. As manager of these entities, we
have the power to direct the activities that most significantly impact economic performance, as well as an obligation
to absorb significant expected losses, of the entities.
Unconsolidated VIEs
The following tables provide a summary of the assets and liabilities included in Huntington’s Unaudited
Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related
to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary.

(dollar amounts in millions)

Total Assets

Total Liabilities

Maximum
Exposure to Loss

At June 30, 2026

Affordable housing tax credit partnerships

$ 3,097

$ 1,269

$ 3,097

Trust preferred securities

14

248

—

Other investments

1,925

338

1,925

Total

$ 5,036

$ 1,855

$ 5,022

At December 31, 2025

Affordable housing tax credit partnerships

$ 2,453

$ 946

$ 2,453

Trust preferred securities

14

262

—

Other investments

1,465

196

1,465

Total

$ 3,932

$ 1,404

$ 3,918

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Affordable housing tax credit investments

$ 4,680

$ 3,898

Less: amortization

( 1,583 )

( 1,445 )

Net affordable housing tax credit investments

$ 3,097

$ 2,453

Unfunded commitments

$ 1,269

$ 946

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

Three Months Ended

Six Months Ended

(dollar amounts in millions)

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Tax credits and other tax benefits recognized

$ 110

$ 87

$ 221

$ 173

Proportional amortization expense included in provision for income
taxes

85

71

167

141

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

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

(dollar amounts in millions)

At June 30, 2026

At December 31, 2025

Contract amount representing credit risk

Commitments to extend credit:

Commercial and industrial

$ 56,581

$ 47,736

Consumer loan portfolio

24,954

21,659

Commercial real estate

6,409

4,036

Standby letters of credit and guarantees on industrial revenue bonds

1,488

895

Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that
permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in
the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the
pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant
factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts
are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial
instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Certain commitments
to extend credit are secured by collateral, including residential and commercial real estate, inventory, receivables,
cash and securities, and other business assets.
Standby letters-of-credit and guarantees on industrial revenue bonds are conditional commitments issued to
guarantee the performance of a customer to a third-party. These conditional commitments are primarily issued to
support public and private borrowing arrangements, including commercial paper, bond financing, and similar
transactions and mature within two years . Since the conditions under which Huntington is required to fund these
conditional commitments may not materialize, the cash requirements are expected to be less than the total
outstanding commitments. The carrying amount of deferred revenue associated with these conditional
commitments was $ 34 million and $ 31 million at June 30, 2026 and December 31, 2025 , respectively.

2026 2Q Form 10-Q    91

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Other Guarantees
Huntington provides guarantees to certain third-party investors in connection with the sale of syndicated
affordable housing tax credits. These guarantees are generally in the form of make-whole provisions that are
triggered if the underlying performance of LIHTC properties result in a shortfall to the third-party investors and
remain in effect until the final associated tax credits are realized. The maximum amount guaranteed by the Company
under these arrangements total approximately $ 405 million and $ 366 million at June 30, 2026 and December 31,
2025 , respectively, and represents the guaranteed portion in these transactions where the make-whole provisions
have not yet expired. As of June 30, 2026 , the Company did not expect to be subject to any make-whole provisions
under these guarantees.
Litigation and Regulatory Matters
In the ordinary course of business, Huntington is, or may be a defendant in, or party to pending and threatened
legal and regulatory actions and proceedings.
In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants
seek very large or indeterminate damages or where the matters present novel legal theories or involve a large
number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be,
what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties
related to each matter may be.
Huntington establishes an accrued liability when those matters present loss contingencies that are both
probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued.
Huntington thereafter continues to monitor the matter for further developments that could affect the amount of
the accrued liability that has been previously established.
For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington
possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There
may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of
possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible,
management currently estimates the aggregate range of reasonably possible loss is $ 0 to $ 75 million at June 30,
2026 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based
upon currently available information and is subject to significant judgment, a variety of assumptions, and known and
unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual
results may vary significantly from the current estimate. The estimated range of possible loss does not represent
Huntington’s maximum loss exposure.
Based on current knowledge, management does not believe that loss contingencies arising from pending
matters will have a material adverse effect on the consolidated financial position of Huntington. Further,
management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However,
in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and
the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these
matters could be material to Huntington’s results of operations for any particular reporting period. 
The following is a description of a legal proceeding in which Huntington or its predecessors are involved:
Donelon v. Americas Insurance Co. , No. 714,982 (19th Jud. Dist. Ct., Parish of E. Baton Rouge, La.), consolidated
with C adence Bank v. Bostick , No. 717212 (19th Jud. Dist. Ct., Parish of E. Baton Rouge, La.) (filed January 13, 2023). 
This action arises from an $ 8  million loan Cadence Bank made in November 2020 under the Federal Reserve’s
Main Street Lending Program (“MSLP”) to a holding company, which owned an insurance carrier, which carrier was
later placed into receivership following substantial losses associated with the August 2021 Category 4 Hurricane Ida. 
The action, brought by the receiver on behalf of the Louisiana Insurance Commission, alleges the MSLP loan required
insurance regulatory approval that was not properly obtained by the insurance company. The receiver alleges the
MSLP loan improperly enabled the insurer to continue operations, which allegedly may not have occurred but for
the MSLP loan.

2026 2Q Form 10-Q    92

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All claims against Cadence, aside from conspiracy to commit fraud and conspiracy to commit breach of fiduciary
duty, have either been dismissed or withdrawn. The receiver seeks approximately $ 350  million in compensatory
damages, as well as punitive damages. The trial court heard Cadence’s challenge to the remaining claims on July 1,
2026, and took the matter under advisement. Cadence also disputes the availability of punitive damages, and a
hearing on that issue is set for August 4, 2026, in the Louisiana First Circuit Court of Appeal.
Trial is currently scheduled to commence on November 4, 2026. Cadence has consistently denied all allegations
of wrongdoing, denies that any alleged damages were the result of the MSLP loan, and intends to continue
vigorously defending the litigation.

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

Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

(dollar amounts in millions)

Three months ended June 30, 2026

Net interest income (loss)

$ 1,458

$ 719

$ ( 125 )

$ 2,052

Provision for credit losses

44

87

1

132

Net interest income (loss) after provision for credit losses

1,414

632

( 126 )

1,920

Noninterest income

457

275

53

785

Noninterest expense:

Direct personnel costs

416

200

394

1,010

Other noninterest expense, including corporate allocations

741

244

( 186 )

799

Total noninterest expense

1,157

444

208

1,809

Income (loss) before income taxes

714

463

( 281 )

896

Provision (benefit) for income taxes

150

97

( 82 )

165

Income attributable to non-controlling interest

—

4

—

4

Net income (loss) attributable to Huntington

$ 564

$ 362

$ ( 199 )

$ 727

Three months ended June 30, 2025

Net interest income (loss)

$ 1,014

$ 513

$ ( 60 )

$ 1,467

Provision (benefit) for credit losses

138

( 35 )

—

103

Net interest income (loss) after provision for credit losses

876

548

( 60 )

1,364

Noninterest income

339

177

( 45 )

471

Noninterest expense:

Direct personnel costs

305

149

268

722

Other noninterest expense, including corporate allocations

535

168

( 228 )

475

Total noninterest expense

840

317

40

1,197

Income (loss) before income taxes

375

408

( 145 )

638

Provision (benefit) for income taxes

78

86

( 68 )

96

Income attributable to non-controlling interest

—

6

—

6

Net income (loss) attributable to Huntington

$ 297

$ 316

$ ( 77 )

$ 536

2026 2Q Form 10-Q    93

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Consumer &
Regional Banking

Commercial
Banking

Treasury / Other

Huntington
Consolidated

(dollar amounts in millions)

Six months ended June 30, 2026

Net interest income (loss)

$ 2,823

$ 1,359

$ ( 239 )

$ 3,943

Provision for credit losses

164

125

1

290

Net interest income (loss) after provision for credit losses

2,659

1,234

( 240 )

3,653

Noninterest income

844

527

96

1,467

Noninterest expense:

Direct personnel costs

789

393

820

2,002

Other noninterest expense, including corporate allocations

1,435

462

( 316 )

1,581

Total noninterest expense

2,224

855

504

3,583

Income (loss) before income taxes

1,279

906

( 648 )

1,537

Provision (benefit) for income taxes

269

190

( 180 )

279

Income attributable to non-controlling interest

—

8

—

8

Net income (loss) attributable to Huntington

$ 1,010

$ 708

$ ( 468 )

$ 1,250

Six months ended June 30, 2025

Net interest income (loss)

$ 1,957

$ 1,026

$ ( 90 )

$ 2,893

Provision for credit losses

185

33

—

218

Net interest income (loss) after provision for credit losses

1,772

993

( 90 )

2,675

Noninterest income

666

339

( 40 )

965

Noninterest expense:

Direct personnel costs

599

288

506

1,393

Other noninterest expense, including corporate allocations

1,060

332

( 436 )

956

Total noninterest expense

1,659

620

70

2,349

Income (loss) before income taxes

779

712

( 200 )

1,291

Provision (benefit) for income taxes

163

150

( 95 )

218

Income attributable to non-controlling interest

—

10

—

10

Net income (loss) attributable to Huntington

$ 616

$ 552

$ ( 105 )

$ 1,063

Assets

Deposits

(dollar amounts in millions)

At June 30, 2026

At December 31,
2025

At June 30, 2026

At December 31,
2025

Consumer & Regional Banking

$ 116,050

$ 87,307

$ 150,687

$ 117,188

Commercial Banking

98,134

79,798

62,713

50,657

Treasury / Other

69,800

58,001

9,066

8,765

Total

$ 283,984

$ 225,106

$ 222,466

$ 176,610

2026 2Q Form 10-Q    94

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

Item 4: Controls and Procedures
Disclosure Controls and Procedures
Huntington maintains disclosure controls and procedures designed to ensure that the information required to be
disclosed in the reports that it files or submits under the Securities Exchange Act of 1934, as amended (the Exchange
Act), is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and
forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure
that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is
accumulated and communicated to the issuer’s management, including its principal executive and principal financial
officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required
disclosure. Huntington’s management, with the participation of its Chief Executive Officer and Chief Financial
Officer, evaluated the effectiveness of Huntington’s disclosure controls and procedures (as such term is defined in
Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2026 . Based upon such evaluation,
Huntington’s Chief Executive Officer and Chief Financial Officer have concluded that, as of June 30, 2026 ,
Huntington’s disclosure controls and procedures were effective.
Changes in Internal Controls Over Financial Reporting
There have not been any changes in our internal control over financial reporting (as such term is defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2026 that have materially
affected, or are reasonably likely to materially affect, internal control over financial reporting.

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

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

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

2026 2Q Form 10-Q    95

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) and (b)
Not Applicable
(c) In April 2025, our Board of Directors authorized the repurchase of up to $1.0 billion of our common shares. On
April 22, 2026, our Board of Directors approved a new share repurchase authorization of up to $3.0 billion of our
common shares, replacing the prior authorization. The timing of share repurchases depends upon marketplace
conditions and other factors, and the program remains subject to the discretion of our Board of Directors.
The table below presents information with respect to purchases made by or on behalf of the Company or any
“affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), for each of the three months in the period ended June 30, 2026 :

(dollars in millions, except per share data, shares in
thousands)

Total Number of Shares
Purchased

Average
Price Paid
Per Share

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

Approximate Dollar
Value that may yet be
Purchased Under the
Plans or Programs (1)

April 1, 2026 to April 30, 2026 (2)

6,642

$ 16.46

6,642

$ 3,000

May 1, 2026 to May 31, 2026

3,121

16.01

3,121

2,950

June 1, 2026 to June 30, 2026

—

—

—

2,950

Total

9,763

$ 16.32

9,763

(1) The number shown represents, as of the end of each period, the approximate dollar value of Common Stock that may yet be purchased under publicly-
announced share repurchase authorizations.
(2) Common shares repurchased in April 2026 occurred under the $1.0 billion authorization. Prior to the new $3.0 billion share repurchase authorization,
which became effective April 22, 2026, $741 million of capacity remained under the prior authorization . 

Item 5. Other Information
Trading Plans
During the three months ended June 30, 2026 , no director or officer (as defined in Rule 16a-1(f) under the
Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1
trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

2026 2Q Form 10-Q    96

Table of Contents

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

Exhibit
Number

Document Description

Report or Registration
Statement

SEC File or
Registration
Number

Exhibit
Reference

2.1

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

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

001-34073

2.1

2.2

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

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

001-34073

2.1

3.1

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

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

001-34073

3.2

3.2

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

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

001-34073

3. 1

3.3

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

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

001-34073

3.1

3.4

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

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

001-34073

3.1

3.5

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

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

001-34073

3.1

3.6

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

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

001-34073

3.2

3.7

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

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

001-34073

3.1

3.8

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

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

001-34073

3.1

3.9

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

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

001-34073

4.2

3.10

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

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

001-34073

3.1

4.1

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

22

Subsidiary Issuers of Guaranteed Securities

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

001-34073

22

31.1

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

31.2

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

32.1

** Section 1350 Certification – Chief Executive Officer.

32.2

** Section 1350 Certification – Chief Financial Officer.

101.INS

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

101.SCH

*Inline XBRL Taxonomy Extension Schema Document

101.CAL

*Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

*Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

*Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE

*Inline XBRL Taxonomy Extension Presentation Linkbase Document

104

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

*            Filed herewith
**          Furnished herewith
*** The following material from Huntington’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026 formatted in Inline XBRL: (1)
Unaudited Consolidated Balance Sheets , (2) Unaudited Consolidated Statements of Income , (3) Unaudited Consolidated Statements of Comprehensive
Income (4) Unaudited Consolidated Statement of Changes in Shareholders’ Equity , (5) Unaudited Consolidated Statements of Cash Flows , and (6) the
Notes to Unaudited Consolidated Financial Statements .

2026 2Q Form 10-Q    97

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

Date:

July 28, 2026

 

/s/ Stephen D. Steinour

 

Stephen D. Steinour

 

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

Date:

July 28, 2026

 

/s/ Zachary Wasserman

 

Zachary Wasserman

 

Chief Financial Officer
(Principal Financial Officer)