☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

Maryland | 1-34073 | 31-0724920 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) | HBANP | The Nasdaq Stock Market LLC | ||
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) | HBANM | The Nasdaq Stock Market LLC | ||
Depositary Shares (each representing a 1/40th interest in a share of 6.875% Series J Non-Cumulative, perpetual preferred stock) | HBANL | The Nasdaq Stock Market LLC | ||
Depositary Shares (each representing a 1/1000th interest in a share of 5.50% Series L Non-Cumulative, perpetual preferred stock) | HBANZ | The Nasdaq Stock Market LLC | ||
Common Stock—Par Value $0.01 per Share | HBAN | The Nasdaq Stock Market LLC | ||
Nasdaq Texas, LLC |
Large accelerated filer | x | Accelerated filer | ☐ | ||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||
Emerging growth company | ☐ | ||||
Page Number | ||
PART I. FINANCIAL INFORMATION | ||
PART II. OTHER INFORMATION | ||
ACL | Allowance for Credit Losses | NAICS | North American Industry Classification System | |
AFS | Available-for-Sale | NALs | Nonaccrual Loans | |
ALCO | Asset-Liability Management Committee | NCO | Net Charge-off | |
ALLL | Allowance for Loan and Lease Losses | NII | Net Interest Income | |
AOCI | Accumulated Other Comprehensive Income (Loss) | NIM | Net Interest Margin | |
ASC | Accounting Standards Codification | NM | Not Meaningful | |
ASU | Accounting Standards Update | NPAs | Nonperforming Assets | |
AULC | Allowance for Unfunded Lending Commitments | OCC | Office of the Comptroller of the Currency | |
Basel III | Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013 | OCI | Other Comprehensive Income (Loss) | |
Board | Board of Directors | OLEM | Other Loans Especially Mentioned | |
C&I | Commercial and Industrial | PCD | Purchased Credit Deteriorated | |
Cadence | Cadence Bank | ROC | Risk Oversight Committee | |
CDI | Core Deposit Intangible | RV | Recreational Vehicle | |
CDS | Credit Default Swap | SBA | Small Business Administration | |
CECL | Current Expected Credit Losses | SCB | Stress Capital Buffer | |
CET1 | Common Equity Tier 1 | SEC | Securities and Exchange Commission | |
CFPB | Bureau of Consumer Financial Protection | SOFR | Secured Overnight Financing Rate | |
CLN | Credit Linked Note | SPE | Special Purpose Entity | |
CME | Chicago Mercantile Exchange | TBA | To Be Announced | |
CMO | Collateralized Mortgage Obligations | U.S. | United States of America | |
CRE | Commercial Real Estate | U.S. Treasury | U.S. Department of the Treasury | |
EOP | End of Period | Veritex | Veritex Holdings, Inc. | |
EVE | Economic Value of Equity | VIE | Variable Interest Entity | |
FDIC | Federal Deposit Insurance Corporation | XBRL | eXtensible Business Reporting Language | |
Fed Fund | The targeted rate by the Federal Reserve to secure overnight funding | |||
Federal Reserve | Board of Governors of the Federal Reserve System | |||
FFIEC | Federal Financial Institutions Examination Council | |||
FHLB | Federal Home Loan Bank | |||
FOMC | Federal Open Market Committee | |||
FRB | Federal Reserve Bank | |||
FTE | Fully-Taxable Equivalent | |||
FTP | Funds Transfer Pricing | |||
FVO | Fair Value Option | |||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||
GDP | Gross Domestic Product | |||
HTM | Held-to-Maturity | |||
IRS | Internal Revenue Service | |||
Janney | Janney Montgomery Scott LLC | |||
LIHTC | Low Income Housing Tax Credit | |||
MBS | Mortgage-Backed Securities | |||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
MSR | Mortgage Servicing Right |
Table 1 - Selected Quarterly Income Statement Data | |||||||
Three Months Ended | |||||||
(amounts in millions, except per share data) | March 31, 2026 | March 31, 2025 | Change | ||||
Amount | Percent | ||||||
Interest income | $3,086 | $2,489 | $597 | 24% | |||
Interest expense | 1,195 | 1,063 | 132 | 12 | |||
Net interest income | 1,891 | 1,426 | 465 | 33 | |||
Provision for credit losses | 158 | 115 | 43 | 37 | |||
Net interest income after provision for credit losses | 1,733 | 1,311 | 422 | 32 | |||
Noninterest income | 682 | 494 | 188 | 38 | |||
Noninterest expense | 1,774 | 1,152 | 622 | 54 | |||
Income before income taxes | 641 | 653 | (12) | (2) | |||
Provision for income taxes | 114 | 122 | (8) | (7) | |||
Income after income taxes | 527 | 531 | (4) | (1) | |||
Income attributable to non-controlling interest | 4 | 4 | — | — | |||
Net income attributable to Huntington | 523 | 527 | (4) | (1) | |||
Dividends on preferred shares | 41 | 27 | 14 | 52 | |||
Net income applicable to common shares | $482 | $500 | $(18) | (4)% | |||
Average common shares—basic | 1,869 | 1,454 | 415 | 29% | |||
Average common shares—diluted | 1,901 | 1,482 | 419 | 28 | |||
Net income per common share—basic | $0.26 | $0.34 | $(0.08) | (24) | |||
Net income per common share—diluted | 0.25 | 0.34 | (0.09) | (26) | |||
Cash dividends declared per common share | 0.155 | 0.155 | — | — | |||
Return on average total assets | 0.81% | 1.04% | |||||
Return on average common shareholders’ equity | 7.2 | 11.3 | |||||
Return on average tangible common shareholders’ equity (1) | 11.6 | 16.7 | |||||
Net interest margin (2) | 3.24 | 3.10 | |||||
Efficiency ratio (3) | 67.2 | 58.9 | |||||
Revenue and Net Interest Income—FTE (non-GAAP) | |||||||
Net interest income | $1,891 | $1,426 | $465 | 33% | |||
FTE adjustment (2) | 19 | 15 | 4 | 27 | |||
Net interest income, FTE (non-GAAP) (2) | 1,910 | 1,441 | 469 | 33 | |||
Noninterest income | 682 | 494 | 188 | 38 | |||
Total revenue, FTE (non-GAAP) (2) | $2,592 | $1,935 | $657 | 34% | |||
Table 3 - Provision for Credit Losses | |||
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Provision for loan and lease losses | $250 | $105 | |
Provision (benefit) for unfunded lending commitments | (92) | 13 | |
Provision (benefit) for securities | — | (3) | |
Total provision for credit losses | $158 | $115 | |
Table 4 - Noninterest Income | |||||
Three Months Ended | |||||
March 31, | March 31, | Change | |||
(dollar amounts in millions) | 2026 | 2025 | Percent | ||
Payments and cash management revenue | $187 | $155 | 21% | ||
Wealth and asset management revenue | 120 | 101 | 19 | ||
Customer deposit and loan fees | 110 | 86 | 28 | ||
Capital markets and advisory fees | 132 | 67 | 97 | ||
Mortgage banking income | 32 | 31 | 3 | ||
Insurance income | 21 | 20 | 5 | ||
Leasing revenue | 13 | 14 | (7) | ||
Net gains (losses) on sales of securities | 13 | — | NM | ||
Other noninterest income | 54 | 20 | 170 | ||
Total noninterest income | $682 | $494 | 38% | ||
Table 5 - Noninterest Expense | |||||
Three Months Ended | |||||
March 31, | March 31, | Change | |||
(dollar amounts in millions) | 2026 | 2025 | Percent | ||
Personnel costs | $992 | $671 | 48% | ||
Outside data processing and other services | 311 | 170 | 83 | ||
Equipment | 93 | 67 | 39 | ||
Net occupancy | 85 | 65 | 31 | ||
Professional services | 44 | 22 | 100 | ||
Marketing | 37 | 29 | 28 | ||
Deposit and other insurance expense | 35 | 37 | (5) | ||
Amortization of intangibles | 41 | 11 | 273 | ||
Lease financing equipment depreciation | 3 | 4 | (25) | ||
Other noninterest expense | 133 | 76 | 75 | ||
Total noninterest expense | $1,774 | $1,152 | 54% | ||
Number of employees (average full-time equivalent) | 24,641 | 20,092 | 23% | ||
Table 6 - Impact of Acquisition-related Expenses | |
(dollar amounts in millions) | 2026 |
Personnel costs | $97 |
Outside data processing and other services | 88 |
Equipment | 19 |
Net occupancy | 2 |
Professional services | 18 |
Marketing | 6 |
Other noninterest expense | 33 |
Total impact of acquisition-related expenses | $263 |
Table 10 - Commercial Real Estate Portfolio by Geographic Location | |||||||
At March 31, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Amount by Location (1) | % of Total CRE Loans and Leases | Amount by Location (1) | % of Total CRE Loans and Leases | |||
Texas | $7,411 | 30% | $4,090 | 27% | |||
Ohio | 2,223 | 9 | 2,176 | 14 | |||
Michigan | 1,793 | 7 | 1,872 | 12 | |||
Florida | 1,686 | 7 | 830 | 5 | |||
Georgia | 1,597 | 7 | 347 | 2 | |||
Alabama | 800 | 3 | 186 | 1 | |||
Illinois | 777 | 3 | 787 | 5 | |||
Colorado | 683 | 3 | 555 | 4 | |||
California | 609 | 3 | 406 | 3 | |||
Arizona | 561 | 2 | 350 | 2 | |||
Other | 6,197 | 26 | 3,610 | 25 | |||
Total commercial real estate loans and leases | $24,337 | 100% | $15,209 | 100% | |||
Table 14 - Net Charge-off Analysis | |||
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Net charge-offs (recoveries) by loan and lease type: | |||
Commercial: | |||
Commercial and industrial (1) | $54 | $48 | |
Commercial real estate | 2 | (8) | |
Lease financing | — | 4 | |
Total commercial | 56 | 44 | |
Consumer: | |||
Residential mortgage | 1 | — | |
Automobile | 15 | 13 | |
Home equity | — | — | |
RV and marine | 7 | 7 | |
Other consumer | 32 | 22 | |
Total consumer | 55 | 42 | |
Total net charge-offs | $111 | $86 | |
Net charge-offs (recoveries) - annualized percentages: | |||
Commercial: | |||
Commercial and industrial | 0.26% | 0.33% | |
Commercial real estate | 0.03 | (0.26) | |
Lease financing | 0.01 | 0.33 | |
Total commercial | 0.21 | 0.24 | |
Consumer: | |||
Residential mortgage | 0.02 | — | |
Automobile | 0.38 | 0.35 | |
Home equity | 0.02 | — | |
RV and marine | 0.51 | 0.45 | |
Other consumer | 5.30 | 4.89 | |
Total consumer | 0.34 | 0.29 | |
Net charge-offs as a % of average loans and leases | 0.26% | 0.26% | |
Table 16 - Economic Value of Equity at Risk | |||||||
Economic Value of Equity at Risk (%) | |||||||
Basis point change scenario | -200 | -100 | +100 | +200 | |||
At March 31, 2026 | -1.0% | 0.9% | -2.7% | -6.7% | |||
At December 31, 2025 | 0.3 | 1.7 | -3.5 | -8.3 | |||
Table 18 - Deposit Composition | |||||||
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |||||
By type: | |||||||
Demand deposits—noninterest-bearing | $40,839 | 18% | $32,205 | 18% | |||
Demand deposits—interest-bearing | 61,086 | 27 | 48,510 | 27 | |||
Money market deposits | 75,554 | 34 | 65,123 | 37 | |||
Savings deposits | 18,971 | 9 | 15,426 | 9 | |||
Time deposits | 27,032 | 12 | 15,346 | 9 | |||
Total deposits | $223,482 | 100% | $176,610 | 100% | |||
Total deposits (insured/uninsured): | |||||||
Insured deposits | $155,223 | 69% | $123,744 | 70% | |||
Uninsured deposits (1) | 68,259 | 31 | 52,866 | 30 | |||
Total deposits | $223,482 | 100% | $176,610 | 100% | |||
Table 20 - Credit Ratings and Outlook | |||||||
At March 31, 2026 | |||||||
Moody’s | Standard & Poor’s | Fitch | DBRS Morningstar | ||||
Huntington Bancshares Incorporated | |||||||
Senior unsecured notes | Baa1 | BBB+ | A- | A | |||
Subordinated notes | Baa1 | BBB | BBB+ | A (low) | |||
Commercial paper | NR | NR | F1 | R-1 (low) | |||
Ratings outlook | Negative | Stable | Stable | Positive | |||
The Huntington National Bank | |||||||
Senior unsecured notes | A3 | A- | A- | A (high) | |||
Long-term deposits | A1 | NR (1) | A | A (high) | |||
Short-term deposits | P-1 | NR (1) | F1 | R-1 (middle) | |||
Ratings outlook | Negative | Stable | Stable | Positive | |||
At March 31, | At December 31, | ||
(dollar amounts in millions) | 2026 | 2025 | |
Assets | |||
Cash and due from banks | $2,096 | $1,783 | |
Interest-earning deposits with banks | 17,579 | 12,295 | |
Trading account securities | 199 | 63 | |
Available-for-sale securities | 35,557 | 26,132 | |
Held-to-maturity securities | 14,768 | 15,258 | |
Other securities | 1,281 | 994 | |
Loans held for sale (includes $1,068 and $885, respectively, measured at fair value) | 1,073 | 1,415 | |
Loans and leases (includes $166 and $167, respectively, measured at fair value) | 188,818 | 149,642 | |
Allowance for loan and lease losses | (3,243) | (2,537) | |
Net loans and leases (1) | 185,575 | 147,105 | |
Bank-owned life insurance | 3,673 | 2,902 | |
Accrued income and other receivables | 2,197 | 2,621 | |
Premises and equipment | 2,138 | 1,321 | |
Goodwill | 9,527 | 5,997 | |
Servicing rights and other intangible assets | 1,727 | 752 | |
Other assets (1) | 7,982 | 6,468 | |
Total assets | $285,372 | $225,106 | |
Liabilities and shareholders’ equity | |||
Liabilities | |||
Deposits: | |||
Demand deposits—noninterest-bearing | $40,839 | $32,205 | |
Interest-bearing | 182,643 | 144,405 | |
Total deposits | 223,482 | 176,610 | |
Short-term borrowings | 1,875 | 1,261 | |
Long-term debt (1) (includes $1,434 and $1,161, respectively, measured at fair value) | 21,594 | 17,221 | |
Other liabilities (1) | 5,840 | 5,635 | |
Total liabilities | 252,791 | 200,727 | |
Commitments and Contingent Liabilities (Note 17) | |||
Shareholders’ equity | |||
Preferred stock | 2,881 | 2,731 | |
Common stock | 20 | 16 | |
Capital surplus | 25,273 | 17,244 | |
Less treasury shares, at cost | (95) | (92) | |
Accumulated other comprehensive income (loss) | (2,059) | (1,908) | |
Retained earnings | 6,515 | 6,351 | |
Total Huntington shareholders’ equity | 32,535 | 24,342 | |
Non-controlling interest | 46 | 37 | |
Total equity | 32,581 | 24,379 | |
Total liabilities and equity | $285,372 | $225,106 | |
Common shares authorized (par value of $0.01) | 2,250,000,000 | 2,250,000,000 | |
Common shares outstanding | 2,027,130,587 | 1,567,732,506 | |
Treasury shares outstanding | 7,269,138 | 7,187,541 | |
Preferred stock, authorized shares | 6,617,808 | 6,617,808 | |
Preferred shares outstanding | 891,900 | 885,000 |
Huntington Bancshares Incorporated | |||
Consolidated Statements of Income (Unaudited) | |||
Three Months Ended | |||
(dollar amounts in millions, except per share data, share count in thousands) | March 31, 2026 | March 31, 2025 | |
Interest and fee income: | |||
Loans and leases | $2,518 | $1,905 | |
Available-for-sale securities | |||
Taxable | 258 | 287 | |
Tax-exempt | 33 | 34 | |
Held-to-maturity securities—taxable | 99 | 108 | |
Other securities—taxable | 16 | 12 | |
Other | 162 | 143 | |
Total interest income | 3,086 | 2,489 | |
Interest expense: | |||
Deposits | 920 | 810 | |
Short-term borrowings | 16 | 14 | |
Long-term debt | 259 | 239 | |
Total interest expense | 1,195 | 1,063 | |
Net interest income | 1,891 | 1,426 | |
Provision for credit losses | 158 | 115 | |
Net interest income after provision for credit losses | 1,733 | 1,311 | |
Noninterest income: | |||
Payments and cash management revenue | 187 | 155 | |
Wealth and asset management revenue | 120 | 101 | |
Customer deposit and loan fees | 110 | 86 | |
Capital markets and advisory fees | 132 | 67 | |
Mortgage banking income | 32 | 31 | |
Insurance income | 21 | 20 | |
Leasing revenue | 13 | 14 | |
Net gains (losses) on sales of securities | 13 | — | |
Other noninterest income | 54 | 20 | |
Total noninterest income | 682 | 494 | |
Noninterest expense: | |||
Personnel costs | 992 | 671 | |
Outside data processing and other services | 311 | 170 | |
Equipment | 93 | 67 | |
Net occupancy | 85 | 65 | |
Professional services | 44 | 22 | |
Marketing | 37 | 29 | |
Deposit and other insurance expense | 35 | 37 | |
Amortization of intangibles | 41 | 11 | |
Lease financing equipment depreciation | 3 | 4 | |
Other noninterest expense | 133 | 76 | |
Total noninterest expense | 1,774 | 1,152 | |
Income before income taxes | 641 | 653 | |
Provision for income taxes | 114 | 122 | |
Income after income taxes | 527 | 531 | |
Income attributable to non-controlling interest | 4 | 4 | |
Net income attributable to Huntington | 523 | 527 | |
Dividends on preferred shares | 41 | 27 | |
Net income applicable to common shares | $482 | $500 | |
Average common shares—basic | 1,869,397 | 1,454,498 | |
Average common shares—diluted | 1,900,647 | 1,481,879 | |
Per common share: | |||
Net income—basic | $0.26 | $0.34 | |
Net income—diluted | 0.25 | 0.34 | |
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Net income attributable to Huntington | $523 | $527 | |
Other comprehensive (loss) income, net of tax: | |||
Unrealized (losses) gains on available-for-sale securities, net of hedges | (76) | 255 | |
Net change related to cash flow hedges on loans | (76) | 177 | |
Translation adjustments, net of hedges | — | 1 | |
Change in accumulated unrealized losses for pension and other post-retirement obligations | 1 | — | |
Other comprehensive (loss) income, net of tax | (151) | 433 | |
Comprehensive income attributable to Huntington | 372 | 960 | |
Comprehensive income attributed to non-controlling interest | 4 | 4 | |
Comprehensive income | $376 | $964 | |
(dollar amounts in millions, share amounts in thousands) | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | AOCI | Retained Earnings | Huntington Shareholders’ Equity | Non- controlling Interest | Total Equity | ||||||||||||
Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Three months ended March 31, 2026 | |||||||||||||||||||||
Balance, beginning of period | $2,731 | 1,574,920 | $16 | $17,244 | (7,188) | $(92) | $(1,908) | $6,351 | $24,342 | $37 | $24,379 | ||||||||||
Net income | 523 | 523 | 4 | 527 | |||||||||||||||||
Other comprehensive loss, net of tax | (151) | (151) | (151) | ||||||||||||||||||
Cadence acquisition: | |||||||||||||||||||||
Issuance of common stock | 461,548 | 4 | 8,064 | 8,068 | 8,068 | ||||||||||||||||
Conversion of equity awards | 117 | 117 | 117 | ||||||||||||||||||
Issuance of Series L Preferred Stock | 150 | — | 150 | 150 | |||||||||||||||||
Repurchases of common stock | (8,953) | — | (150) | (150) | (150) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.155 per share) | (318) | (318) | (318) | ||||||||||||||||||
Preferred | (41) | (41) | (41) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 45 | 45 | 45 | ||||||||||||||||||
Other share-based compensation activity | 6,885 | — | (49) | — | (49) | (49) | |||||||||||||||
Other | 2 | (81) | (3) | (1) | 5 | 4 | |||||||||||||||
Balance, end of period | $2,881 | 2,034,400 | $20 | $25,273 | (7,269) | $(95) | $(2,059) | $6,515 | $32,535 | $46 | $32,581 | ||||||||||
Three months ended March 31, 2025 | |||||||||||||||||||||
Balance, beginning of period | $1,989 | 1,460,620 | $15 | $15,484 | (6,984) | $(86) | $(2,866) | $5,204 | $19,740 | $42 | $19,782 | ||||||||||
Net income | 527 | 527 | 4 | 531 | |||||||||||||||||
Other comprehensive income, net of tax | 433 | 433 | 433 | ||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.155 per share) | (230) | (230) | (230) | ||||||||||||||||||
Preferred | (27) | (27) | (27) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 21 | 21 | 21 | ||||||||||||||||||
Other share-based compensation activity | 3,356 | — | (26) | — | (26) | (26) | |||||||||||||||
Other | — | (180) | (4) | (4) | 6 | 2 | |||||||||||||||
Balance, end of period | $1,989 | 1,463,976 | $15 | $15,479 | (7,164) | $(90) | $(2,433) | $5,474 | $20,434 | $52 | $20,486 | ||||||||||
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Operating activities | |||
Net income | $527 | $531 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 158 | 115 | |
Depreciation, amortization, and accretion | 191 | 209 | |
Share-based compensation expense | 45 | 21 | |
Deferred income tax benefit | (83) | (25) | |
Net gains on sales of securities | (13) | — | |
Net change in: | |||
Trading account securities | (136) | (424) | |
Loans held for sale | 468 | 70 | |
Other assets | (780) | 52 | |
Short-term borrowings | 144 | 503 | |
Other liabilities | 47 | (543) | |
Other, net | (44) | 4 | |
Net cash provided by operating activities | 524 | 513 | |
Investing activities | |||
Change in interest-earning deposits with banks | 149 | 183 | |
Proceeds from: | |||
Maturities and calls of available-for-sale securities | 1,994 | 1,481 | |
Maturities and calls of held-to-maturity securities | 494 | 571 | |
Maturities and calls of other securities | 197 | 40 | |
Sales of available-for-sale securities | 4,531 | — | |
Purchases of available-for-sale securities | (7,071) | (1,577) | |
Purchases of held-to-maturity securities | — | (515) | |
Purchases of other securities | (225) | (97) | |
Net proceeds from sales of loans and leases | 133 | 49 | |
Principal payments received under direct finance leases | 428 | 356 | |
Net loan and lease activity, excluding sales and purchases | (2,825) | (2,883) | |
Purchases of premises and equipment | (124) | (54) | |
Purchases of loans and leases | (164) | (195) | |
Net accrued income and other receivables activity | 676 | 476 | |
Net cash and cash equivalents received from business combinations | 1,680 | — | |
Other, net | (8) | 15 | |
Net cash used in investing activities | (135) | (2,150) | |
Financing activities | |||
Increase in deposits | 3,342 | 2,889 | |
Decrease in short-term borrowings | (1,053) | (82) | |
Net proceeds from issuance of long-term debt | 5,364 | 1,953 | |
Repayment of long-term debt | (1,852) | (378) | |
Dividends paid on preferred stock | (43) | (27) | |
Dividends paid on common stock | (248) | (226) | |
Repurchases of common stock | (150) | — | |
Other, net | (58) | (29) | |
Net cash provided by financing activities | 5,302 | 4,100 | |
Increase in cash and cash equivalents | 5,691 | 2,463 | |
Cash and cash equivalents at beginning of period (1) | 13,495 | 12,847 | |
Cash and cash equivalents at end of period (1) | $19,186 | $15,310 | |
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Supplemental disclosures: | |||
Interest paid | $1,226 | $1,092 | |
Income taxes paid | 30 | 34 | |
Non-cash activities | |||
Loans transferred to held-for-sale from portfolio | 140 | 73 | |
Loans transferred to portfolio from held-for-sale | 32 | 8 | |
Business combination: | |||
Fair value of tangible assets acquired | 50,341 | — | |
Goodwill and other intangible assets | 4,502 | — | |
Fair value of liabilities assumed | 46,508 | — | |
Common stock and equity-based awards issued | 8,185 | — | |
Preferred stock issued | 150 | — | |
(dollar amounts in millions) | Fair Value | |
Purchase consideration | ||
Fair value of common stock issued | $1,659 | |
Fair value of equity-based awards | 23 | |
Cash | 2 | |
Total consideration | 1,684 | |
Assets acquired | ||
Cash and due from banks | 19 | |
Interest-earning deposits with banks | 943 | |
Available-for-sale securities | 1,274 | |
Other securities | 76 | |
Loans held for sale | 83 | |
Loans and leases | 9,300 | |
Allowance for loan and lease losses | (143) | |
Net loans and leases | 9,157 | |
Bank-owned life insurance | 87 | |
Premises and equipment | 135 | |
Servicing rights and other intangible assets | 105 | |
Other assets | 147 | |
Total assets acquired | 12,026 | |
Liabilities assumed | ||
Deposits | 10,516 | |
Long-term debt | 159 | |
Other liabilities | 117 | |
Total liabilities assumed | 10,792 | |
Preliminary fair value of net assets acquired | 1,234 | |
Preliminary goodwill | $450 |
(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 |
(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 |
Unaudited Pro Forma Combined Results | ||||
Three months ended | ||||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | ||
Net interest income | $2,042 | $1,914 | ||
Noninterest income | 739 | 594 | ||
Net income attributable to Huntington | 485 | 665 | ||
Unrealized | |||||||
(dollar amounts in millions) | Amortized Cost (1)(2) | Gross Gains | Gross Losses | Fair Value | |||
At March 31, 2026 | |||||||
Available-for-sale securities: | |||||||
U.S. Treasury | $8,484 | $9 | $(7) | $8,486 | |||
Federal agencies: | |||||||
Residential MBS | 13,978 | 2 | (1,383) | 12,597 | |||
Residential CMO | 6,775 | 10 | (337) | 6,448 | |||
Commercial MBS | 3,365 | — | (660) | 2,705 | |||
Other agencies | 520 | 1 | (2) | 519 | |||
Total U.S. Treasury, federal agency, and other agency securities | 33,122 | 22 | (2,389) | 30,755 | |||
Municipal securities | 4,436 | 4 | (102) | 4,338 | |||
Corporate debt | 193 | — | (17) | 176 | |||
Asset-backed securities | 189 | — | (7) | 182 | |||
Private-label CMO | 103 | — | (7) | 96 | |||
Other securities/sovereign debt | 10 | — | — | 10 | |||
Total available-for-sale securities | $38,053 | $26 | $(2,522) | $35,557 | |||
Held-to-maturity securities: | |||||||
U.S. Treasury | $2,158 | $8 | $(3) | $2,163 | |||
Federal agencies: | |||||||
Residential MBS | 7,546 | — | (947) | 6,599 | |||
Residential CMO | 3,772 | 2 | (549) | 3,225 | |||
Commercial MBS | 1,249 | — | (187) | 1,062 | |||
Other agencies | 42 | — | (2) | 40 | |||
Total U.S. Treasury, federal agency, and other agency securities | 14,767 | 10 | (1,688) | 13,089 | |||
Municipal securities | 1 | — | — | 1 | |||
Total held-to-maturity securities | $14,768 | $10 | $(1,688) | $13,090 | |||
Other securities, at cost: | |||||||
Non-marketable equity securities: | |||||||
FRB stock | $719 | $— | $— | $719 | |||
FHLB stock | 436 | — | — | 436 | |||
Other non-marketable equity securities | 62 | — | — | 62 | |||
Other securities, at fair value: | |||||||
Mutual funds | 29 | — | — | 29 | |||
Equity securities | 35 | — | — | 35 | |||
Total other securities | $1,281 | $— | $— | $1,281 | |||
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 | |||
At March 31, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||
Available-for-sale securities: | |||||||
Under 1 year | $5,140 | $5,135 | $1,369 | $1,365 | |||
After 1 year through 5 years | 6,605 | 6,558 | 5,581 | 5,595 | |||
After 5 years through 10 years | 2,217 | 2,089 | 1,899 | 1,784 | |||
After 10 years | 24,091 | 21,775 | 19,661 | 17,388 | |||
Total available-for-sale securities | $38,053 | $35,557 | $28,510 | $26,132 | |||
Held-to-maturity securities: | |||||||
Under 1 year | $502 | $503 | $603 | $604 | |||
After 1 year through 5 years | 1,679 | 1,683 | 1,773 | 1,791 | |||
After 5 years through 10 years | 136 | 128 | 144 | 134 | |||
After 10 years | 12,451 | 10,776 | 12,738 | 11,107 | |||
Total held-to-maturity securities | $14,768 | $13,090 | $15,258 | $13,636 | |||
Less than 12 Months | Over 12 Months | Total | |||||||||
(dollar amounts in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||
At March 31, 2026 | |||||||||||
Available-for-sale securities: | |||||||||||
U.S. Treasury | $3,883 | $(7) | $— | $— | $3,883 | $(7) | |||||
Federal agencies: | |||||||||||
Residential MBS | 3,290 | (20) | 8,946 | (1,363) | 12,236 | (1,383) | |||||
Residential CMO | 1,606 | (6) | 2,406 | (331) | 4,012 | (337) | |||||
Commercial MBS | 870 | (4) | 1,776 | (656) | 2,646 | (660) | |||||
Other agencies | 61 | — | 69 | (2) | 130 | (2) | |||||
Total U.S. Treasury, federal agency, and other agency securities | 9,710 | (37) | 13,197 | (2,352) | 22,907 | (2,389) | |||||
Municipal securities | 1,358 | (16) | 2,307 | (86) | 3,665 | (102) | |||||
Corporate debt | 2 | — | 174 | (17) | 176 | (17) | |||||
Asset-backed securities | — | — | 149 | (7) | 149 | (7) | |||||
Private-label CMO | 3 | — | 73 | (7) | 76 | (7) | |||||
Total temporarily impaired available-for-sale securities | $11,073 | $(53) | $15,900 | $(2,469) | $26,973 | $(2,522) | |||||
Held-to-maturity securities: | |||||||||||
U.S. Treasury | $747 | $(3) | $— | $— | $747 | $(3) | |||||
Federal agencies: | |||||||||||
Residential MBS | 67 | (1) | 6,489 | (946) | 6,556 | (947) | |||||
Residential CMO | 71 | (1) | 2,852 | (548) | 2,923 | (549) | |||||
Commercial MBS | — | — | 1,062 | (187) | 1,062 | (187) | |||||
Other agencies | — | — | 40 | (2) | 40 | (2) | |||||
Total U.S. Treasury, federal agency, and other agency securities | 885 | (5) | 10,443 | (1,683) | 11,328 | (1,688) | |||||
Municipal securities | — | — | 1 | — | 1 | — | |||||
Total temporarily impaired held-to-maturity securities | $885 | $(5) | $10,444 | $(1,683) | $11,329 | $(1,688) | |||||
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) | |||||
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
Commercial loan and lease portfolio: | |||
Commercial and industrial | $89,282 | $69,442 | |
Commercial real estate | 24,337 | 15,209 | |
Lease financing | 5,796 | 5,727 | |
Total commercial loan and lease portfolio | 119,415 | 90,378 | |
Consumer loan portfolio: | |||
Residential mortgage | 33,458 | 24,777 | |
Automobile | 15,953 | 16,168 | |
Home equity | 11,831 | 10,395 | |
RV and marine | 5,627 | 5,682 | |
Other consumer | 2,534 | 2,242 | |
Total consumer loan portfolio | 69,403 | 59,264 | |
Total loans and leases (1)(2) | 188,818 | 149,642 | |
Allowance for loan and lease losses | (3,243) | (2,537) | |
Net loans and leases | $185,575 | $147,105 |
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
Lease payments receivable | $5,417 | $5,379 | |
Estimated residual value of leased assets | 1,030 | 1,011 | |
Gross investment in lease financing receivables | 6,447 | 6,390 | |
Deferred origination costs | 57 | 58 | |
Deferred fees, unearned income, and other | (708) | (721) | |
Total lease financing receivables | $5,796 | $5,727 |
At March 31, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Nonaccrual loans and leases with no ACL | Total nonaccrual loans and leases | Nonaccrual loans and leases with no ACL | Total nonaccrual loans and leases | |||
Commercial and industrial | $117 | $824 | $76 | $562 | |||
Commercial real estate | 34 | 188 | 81 | 133 | |||
Lease financing | 2 | 9 | 4 | 8 | |||
Residential mortgage | 3 | 185 | 5 | 107 | |||
Automobile | — | 6 | — | 6 | |||
Home equity | — | 117 | — | 113 | |||
RV and marine | — | 2 | — | 2 | |||
Other consumer | — | 1 | — | — | |||
Total nonaccrual loans and leases | $156 | $1,332 | $166 | $931 | |||
Past Due (1) | Loans Accounted for Under FVO | Total Loans and Leases | 90 or more days past due and accruing | |||||||||||||
(dollar amounts in millions) | 30-59 Days | 60-89 Days | 90 or more days | Total | Current | |||||||||||
At March 31, 2026 | ||||||||||||||||
Commercial and industrial | $273 | $108 | $468 | $849 | $88,433 | $— | $89,282 | $2 | (2) | |||||||
Commercial real estate | 61 | 37 | 64 | 162 | 24,175 | — | 24,337 | 3 | ||||||||
Lease financing | 37 | 9 | 8 | 54 | 5,742 | — | 5,796 | 5 | ||||||||
Residential mortgage | 330 | 124 | 493 | 947 | 32,345 | 166 | 33,458 | 368 | (3) | |||||||
Automobile | 128 | 30 | 15 | 173 | 15,780 | — | 15,953 | 12 | ||||||||
Home equity | 77 | 37 | 105 | 219 | 11,612 | — | 11,831 | 22 | ||||||||
RV and marine | 26 | 8 | 4 | 38 | 5,589 | — | 5,627 | 3 | ||||||||
Other consumer | 23 | 8 | 7 | 38 | 2,496 | — | 2,534 | 6 | ||||||||
Total loans and leases | $955 | $361 | $1,164 | $2,480 | $186,172 | $166 | $188,818 | $421 | ||||||||
At December 31, 2025 | ||||||||||||||||
Commercial and industrial | $144 | $78 | $332 | $554 | $68,888 | $— | $69,442 | $1 | (2) | |||||||
Commercial real estate | 31 | 2 | 101 | 134 | 15,075 | — | 15,209 | — | ||||||||
Lease financing | 30 | 32 | 10 | 72 | 5,655 | — | 5,727 | 9 | ||||||||
Residential mortgage | 239 | 100 | 305 | 644 | 23,966 | 167 | 24,777 | 232 | (3) | |||||||
Automobile | 132 | 33 | 18 | 183 | 15,985 | — | 16,168 | 14 | ||||||||
Home equity | 60 | 30 | 89 | 179 | 10,216 | — | 10,395 | 16 | ||||||||
RV and marine | 25 | 10 | 5 | 40 | 5,642 | — | 5,682 | 4 | ||||||||
Other consumer | 18 | 6 | 7 | 31 | 2,211 | — | 2,242 | 6 | ||||||||
Total loans and leases | $679 | $291 | $867 | $1,837 | $147,638 | $167 | $149,642 | $282 | ||||||||
At March 31, 2026 | |||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolver Total at Amortized Cost Basis | Revolver Total Converted to Term Loans | |||||||||||||||
(dollar amounts in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | ||||||||||
Commercial and industrial | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $7,007 | $19,650 | $10,233 | $6,015 | $5,502 | $6,826 | $29,569 | $20 | $84,822 | ||||||||
OLEM | 89 | 139 | 240 | 86 | 113 | 105 | 295 | — | 1,067 | ||||||||
Substandard | 235 | 490 | 582 | 417 | 337 | 439 | 866 | 27 | 3,393 | ||||||||
Total Commercial and industrial | $7,331 | $20,279 | $11,055 | $6,518 | $5,952 | $7,370 | $30,730 | $47 | $89,282 | ||||||||
Commercial real estate | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $1,089 | $5,699 | $3,111 | $1,411 | $3,847 | $5,330 | $1,132 | $— | $21,619 | ||||||||
OLEM | 53 | 179 | 22 | 81 | 499 | 290 | — | — | 1,124 | ||||||||
Substandard | 68 | 274 | 160 | 118 | 517 | 454 | 3 | — | 1,594 | ||||||||
Total Commercial real estate | $1,210 | $6,152 | $3,293 | $1,610 | $4,863 | $6,074 | $1,135 | $— | $24,337 | ||||||||
Lease financing | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $393 | $1,975 | $1,499 | $1,000 | $315 | $551 | $— | $— | $5,733 | ||||||||
OLEM | — | — | 6 | 1 | — | — | — | — | 7 | ||||||||
Substandard | — | 2 | 7 | 22 | 9 | 16 | — | — | 56 | ||||||||
Total Lease financing | $393 | $1,977 | $1,512 | $1,023 | $324 | $567 | $— | $— | $5,796 | ||||||||
Residential mortgage | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $371 | $2,425 | $2,384 | $2,637 | $4,569 | $11,796 | $320 | $— | $24,502 | ||||||||
650-749 | 146 | 1,032 | 731 | 617 | 945 | 2,573 | 73 | — | 6,117 | ||||||||
<650 | 234 | 477 | 294 | 193 | 298 | 1,141 | 36 | — | 2,673 | ||||||||
Total Residential mortgage | $751 | $3,934 | $3,409 | $3,447 | $5,812 | $15,510 | $429 | $— | $33,292 | ||||||||
Automobile | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $1,069 | $3,439 | $2,403 | $898 | $626 | $392 | $— | $— | $8,827 | ||||||||
650-749 | 502 | 2,714 | 1,375 | 466 | 311 | 190 | — | — | 5,558 | ||||||||
<650 | 42 | 613 | 415 | 204 | 163 | 131 | — | — | 1,568 | ||||||||
Total Automobile | $1,613 | $6,766 | $4,193 | $1,568 | $1,100 | $713 | $— | $— | $15,953 | ||||||||
Home equity | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $32 | $242 | $168 | $239 | $320 | $887 | $5,606 | $233 | $7,727 | ||||||||
650-749 | 37 | 85 | 64 | 80 | 70 | 148 | 2,582 | 207 | 3,273 | ||||||||
<650 | — | 8 | 11 | 17 | 14 | 49 | 588 | 144 | 831 | ||||||||
Total Home equity | $69 | $335 | $243 | $336 | $404 | $1,084 | $8,776 | $584 | $11,831 | ||||||||
RV and marine | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $223 | $647 | $673 | $660 | $641 | $1,400 | $— | $— | $4,244 | ||||||||
650-749 | 27 | 184 | 190 | 207 | 159 | 415 | — | — | 1,182 | ||||||||
<650 | — | 7 | 22 | 32 | 30 | 110 | — | — | 201 | ||||||||
Total RV and marine | $250 | $838 | $885 | $899 | $830 | $1,925 | $— | $— | $5,627 | ||||||||
Other consumer | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $140 | $332 | $164 | $51 | $24 | $59 | $634 | $7 | $1,411 | ||||||||
650-749 | 56 | 186 | 89 | 31 | 10 | 16 | 534 | 4 | 926 | ||||||||
<650 | 4 | 29 | 22 | 11 | 5 | 6 | 112 | 8 | 197 | ||||||||
Total Other consumer | $200 | $547 | $275 | $93 | $39 | $81 | $1,280 | $19 | $2,534 | ||||||||
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 | ||||||||
Term Loans Gross Charge-offs by Origination Year | Revolver Gross Charge-offs | Revolver Converted to Term Loans Gross Charge-offs | ||||||||||||||||
(dollar amounts in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | |||||||||||
Three months ended March 31, 2026 | ||||||||||||||||||
Commercial and industrial | $1 | $12 | $6 | $7 | $2 | $49 | $15 | $— | $92 | |||||||||
Commercial real estate | — | — | — | — | 1 | 4 | — | — | 5 | |||||||||
Lease financing | — | — | — | — | — | 1 | — | — | 1 | |||||||||
Residential mortgage | — | — | — | — | — | 1 | — | — | 1 | |||||||||
Automobile | — | 9 | 6 | 4 | 3 | 3 | — | — | 25 | |||||||||
Home equity | — | — | — | — | — | — | — | 1 | 1 | |||||||||
RV and marine | — | — | 1 | 2 | 1 | 5 | — | — | 9 | |||||||||
Other consumer | 1 | 9 | 6 | 3 | 1 | 4 | 2 | 13 | 39 | |||||||||
Total | $2 | $30 | $19 | $16 | $8 | $67 | $17 | $14 | $173 | |||||||||
Term Loans Gross Charge-offs by Origination Year | Revolver Gross Charge-offs | Revolver Converted to Term Loans Gross Charge-offs | ||||||||||||||||
(dollar amounts in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |||||||||||
Three months ended March 31, 2025 | ||||||||||||||||||
Commercial and industrial | $— | $6 | $8 | $33 | $3 | $9 | $9 | $1 | $69 | |||||||||
Commercial real estate | — | — | — | — | 1 | — | — | — | 1 | |||||||||
Lease financing | — | 1 | 1 | 2 | — | — | — | — | 4 | |||||||||
Residential mortgage | — | — | — | — | — | 1 | — | — | 1 | |||||||||
Automobile | — | 5 | 5 | 6 | 3 | 1 | — | — | 20 | |||||||||
Home equity | — | — | — | — | — | — | 1 | 1 | 2 | |||||||||
RV and marine | — | — | 2 | 1 | 2 | 4 | — | — | 9 | |||||||||
Other consumer | 1 | 6 | 5 | 2 | 1 | 3 | — | 9 | 27 | |||||||||
Total | $1 | $18 | $21 | $44 | $10 | $18 | $10 | $11 | $133 | |||||||||
Amortized Cost | |||||||||||
(dollar amounts in millions) | Interest rate reduction | Term extension | Payment deferral | Combo - interest rate reduction and term extension | Total | % of total loan class (1) | |||||
Three months ended March 31, 2026 | |||||||||||
Commercial and industrial | $33 | $82 | $— | $57 | $172 | 0.19% | |||||
Commercial real estate | — | 54 | — | — | 54 | 0.22 | |||||
Residential mortgage | — | 12 | 5 | 1 | 18 | 0.05 | |||||
Automobile | — | 4 | — | 1 | 5 | 0.03 | |||||
Home equity | — | 2 | — | 1 | 3 | 0.03 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made | $33 | $154 | $5 | $60 | $252 | 0.13% | |||||
Three months ended March 31, 2025 | |||||||||||
Commercial and industrial | $47 | $173 | $— | $— | $220 | 0.37% | |||||
Commercial real estate | — | 97 | — | — | 97 | 0.88 | |||||
Residential mortgage | — | 16 | 7 | 1 | 24 | 0.10 | |||||
Automobile | — | 2 | — | — | 2 | 0.01 | |||||
Home equity | — | 2 | — | 2 | 4 | 0.04 | |||||
Other consumer | 1 | — | — | — | 1 | 0.05 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made | $48 | $290 | $7 | $3 | $348 | 0.26% | |||||
Interest Rate Reduction (1) | Term Extension (1) | ||||
Weighted-average contractual interest rate | Weighted-average years added to the life | ||||
From | To | ||||
Three months ended March 31, 2026 | |||||
Commercial and industrial | 10.54% | 7.53% | 0.8 | ||
Commercial real estate | 0.5 | ||||
Three months ended March 31, 2025 | |||||
Commercial and industrial | 7.90% | 7.61% | 0.9 | ||
Commercial real estate | 1.0 | ||||
Residential mortgage | 6.5 | ||||
Past Due | |||||||||||
(dollar amounts in millions) | 30-59 Days | 60-89 Days | 90 or more days | Total | Current | Total | |||||
At March 31, 2026 | |||||||||||
Commercial and industrial | $11 | $1 | $5 | $17 | $297 | $314 | |||||
Commercial real estate | 7 | 1 | 26 | 34 | 115 | 149 | |||||
Residential mortgage | 12 | 6 | 20 | 38 | 35 | 73 | |||||
Automobile | 1 | — | — | 1 | 11 | 12 | |||||
Home equity | 2 | 1 | 3 | 6 | 12 | 18 | |||||
RV and marine | — | — | — | — | 1 | 1 | |||||
Other consumer | — | — | — | — | 1 | 1 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended March 31, 2026 | $33 | $9 | $54 | $96 | $472 | $568 | |||||
At March 31, 2025 | |||||||||||
Commercial and industrial | $8 | $— | $5 | $13 | $483 | $496 | |||||
Commercial real estate | 12 | — | 2 | 14 | 244 | 258 | |||||
Residential mortgage | 9 | 9 | 15 | 33 | 39 | 72 | |||||
Automobile | 2 | — | — | 2 | 9 | 11 | |||||
Home equity | 1 | 1 | 1 | 3 | 12 | 15 | |||||
RV and marine | — | — | — | — | 1 | 1 | |||||
Other consumer | — | — | — | — | 2 | 2 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended March 31, 2025 | $32 | $10 | $23 | $65 | $790 | $855 | |||||
(dollar amounts in millions) | Commercial | Consumer | Total | ||
Three months ended March 31, 2026 | |||||
ALLL balance, beginning of period | $1,731 | $806 | $2,537 | ||
Loan and lease charge-offs (1) | (98) | (75) | (173) | ||
Recoveries of loans and leases previously charged-off | 42 | 20 | 62 | ||
Provision for loan and lease losses | 192 | 58 | 250 | ||
Allowance on PCD loans and leases at acquisition | 268 | 54 | 322 | ||
Allowance on purchased seasoned loans and leases at acquisition | 170 | 75 | 245 | ||
ALLL balance, end of period | $2,305 | $938 | $3,243 | ||
AULC balance, beginning of period | $145 | $61 | $206 | ||
Provision (benefit) for unfunded lending commitments | (50) | (42) | (92) | ||
Acquired unfunded lending commitments | 3 | 8 | 11 | ||
AULC balance, end of period | $98 | $27 | $125 | ||
ACL balance, end of period | $2,403 | $965 | $3,368 | ||
Three months ended March 31, 2025 | |||||
ALLL balance, beginning of period | $1,484 | $760 | $2,244 | ||
Loan and lease charge-offs | (74) | (59) | (133) | ||
Recoveries of loans and leases previously charged-off | 30 | 17 | 47 | ||
Provision for loan and lease losses | 80 | 25 | 105 | ||
ALLL balance, end of period | $1,520 | $743 | $2,263 | ||
AULC balance, beginning of period | $144 | $58 | $202 | ||
Provision (benefit) for unfunded lending commitments | 14 | (1) | 13 | ||
AULC balance, end of period | $158 | $57 | $215 | ||
ACL balance, end of period | $1,678 | $800 | $2,478 |
Three Months Ended | ||||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | ||
Residential mortgage loans sold with servicing retained | $1,309 | $1,009 | ||
Pretax gains resulting from above loan sales (1) | 28 | 19 | ||
Total servicing, late, and other ancillary fees (1) | 33 | 27 | ||
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Fair value, beginning of period | $593 | $573 | |
Servicing assets obtained in acquisition | 140 | ` ` | — |
New servicing assets created | 28 | 20 | |
Change in fair value during the period due to: | |||
Time decay (1) | (7) | (7) | |
Payoffs (2) | (14) | (7) | |
Changes in valuation inputs or assumptions (3) | (5) | (15) | |
Fair value, end of period | $735 | $564 | |
Related loans serviced for third parties, unpaid principal balance, end of period | $42,796 | $33,864 | |
At March 31, 2026 | At December 31, 2025 | ||||||||||||
Decline in fair value due to | Decline in fair value due to | ||||||||||||
(dollar amounts in millions) | Actual | 10% adverse change | 20% adverse change | Actual | 10% adverse change | 20% adverse change | |||||||
Constant prepayment rate (annualized) | 8.14% | $(21) | $(40) | 8.09% | $(17) | $(33) | |||||||
Spread over forward interest rate swap rates | 544 | bps | (17) | (34) | 538 | bps | (14) | (27) | |||||
(dollar amounts in millions) | Consumer & Regional Banking | Commercial Banking | Huntington Consolidated | ||
Balance, December 31, 2025 | $3,855 | $2,142 | $5,997 | ||
Cadence acquisition (1) | 2,597 | 900 | 3,497 | ||
Other activity | — | 33 | 33 | ||
Balance, March 31, 2026 | $6,452 | $3,075 | $9,527 |
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
Securities sold under agreements to repurchase | $12 | $22 | |
FHLB advances | 1,500 | 1,000 | |
Other borrowings | 363 | 239 | |
Total short-term borrowings | $1,875 | $1,261 |
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
The Parent Company: | |||
Senior Notes | $6,469 | $5,514 | |
Subordinated Notes | 2,106 | 1,510 | |
Total notes issued by the Parent Company | 8,575 | 7,024 | |
The Bank: | |||
Senior Notes | 3,185 | 3,192 | |
Subordinated Notes | 234 | 233 | |
Total notes issued by the Bank | 3,419 | 3,425 | |
FHLB Advances | 7,156 | 4,514 | |
Credit linked notes (1) | 1,434 | 1,161 | |
Auto loan securitization trust (2) | 512 | 600 | |
Other | 498 | 497 | |
Total long-term debt | $21,594 | $17,221 |
(dollar amounts in millions) | Pretax | Tax (expense) benefit | After-tax | ||
Three months ended March 31, 2026 | |||||
Unrealized losses on available-for-sale securities arising during the period, net of hedges | $(74) | $17 | $(57) | ||
Reclassification adjustment for realized net gains included in net income | (25) | 6 | (19) | ||
Total unrealized losses on available-for-sale securities, net of hedges | (99) | 23 | (76) | ||
Unrealized losses on cash flow hedges during the period | (106) | 25 | (81) | ||
Reclassification adjustment for cash flow hedges included in net income | 6 | (1) | 5 | ||
Net change related to cash flow hedges on loans | (100) | 24 | (76) | ||
Translation adjustments, net of hedges (1) | (1) | 1 | — | ||
Change in accumulated unrealized gains for pension and other post-retirement obligations | 2 | (1) | 1 | ||
Other comprehensive loss | $(198) | $47 | $(151) | ||
Three months ended March 31, 2025 | |||||
Unrealized gains on available-for-sale securities during the period, net of hedges | $329 | $(76) | $253 | ||
Reclassification adjustment for realized net losses included in net income | 2 | — | 2 | ||
Total unrealized gains on available-for-sale securities, net of hedges | 331 | (76) | 255 | ||
Unrealized gains on cash flow hedges during the period | 202 | (47) | 155 | ||
Reclassification adjustment for cash flow hedges included in net income | 28 | (6) | 22 | ||
Net change related to cash flow hedges on loans | 230 | (53) | 177 | ||
Translation adjustments, net of hedges (1) | 1 | — | 1 | ||
Other comprehensive income | $562 | $(129) | $433 |
(dollar amounts in millions) | Unrealized gains (losses) on available-for-sale securities, net of hedges (1) | Net change related to cash flow hedges on loans | Translation adjustments, net of hedges | Unrealized losses for pension and other post- retirement obligations | Total | ||||
Three months ended March 31, 2026 | |||||||||
Balance, beginning of period | $(1,738) | $27 | $(4) | $(193) | $(1,908) | ||||
Other comprehensive loss before reclassifications | (57) | (81) | — | 1 | (137) | ||||
Amounts reclassified from AOCI to earnings | (19) | 5 | — | — | (14) | ||||
Period change | (76) | (76) | — | 1 | (151) | ||||
Balance, end of period | $(1,814) | $(49) | $(4) | $(192) | $(2,059) | ||||
Three months ended March 31, 2025 | |||||||||
Balance, beginning of period | $(2,365) | $(267) | $(12) | $(222) | $(2,866) | ||||
Other comprehensive income before reclassifications | 253 | 155 | 1 | — | 409 | ||||
Amounts reclassified from AOCI to earnings | 2 | 22 | — | — | 24 | ||||
Period change | 255 | 177 | 1 | — | 433 | ||||
Balance, end of period | $(2,110) | $(90) | $(11) | $(222) | $(2,433) |
(dollar amounts in millions) | Issuance Date | Shares Outstanding | Dividend Rate | Earliest Redemption Date (1) | Carrying Amount | |||||||
Preferred Series | At March 31, 2026 | At December 31, 2025 | ||||||||||
Series B (2) | 12/28/2011 | 35,500 | Variable (3) | 1/15/2017 | $24 | $24 | ||||||
Series F (4) | 5/27/2020 | 5,000 | 5.625% | 7/15/2030 | 494 | 494 | ||||||
Series G (4) | 8/3/2020 | 5,000 | 4.45 | 10/15/2027 | 494 | 494 | ||||||
Series H (2) | 2/2/2021 | 500,000 | 4.50 | 4/15/2026 | 486 | 486 | ||||||
Series I (5) | 6/9/2021 | 7,000 | 5.70 | 12/01/2022 | 175 | 175 | ||||||
Series J (2) | 3/6/2023 | 325,000 | 6.875 | 4/15/2028 | 317 | 317 | ||||||
Series K (4) | 9/11/2025 | 7,500 | 6.25 | 10/15/2030 | 741 | 741 | ||||||
Series L (5) | 2/1/2026 | 6,900 | 5.50 | (6) | 150 | — | ||||||
Total | 891,900 | $2,881 | $2,731 | |||||||||
Three Months Ended | ||||||||
(amounts in millions, except per share data) | March 31, 2026 | March 31, 2025 | ||||||
Cash Dividend Declared Per Share | Cash Dividend Declared Per Share | |||||||
Preferred Series | Amount | Amount | ||||||
Series B | $16.58 | $1 | $18.16 | $1 | ||||
Series F | 1,406.25 | 7 | 1,406.25 | 6 | ||||
Series G | 1,112.50 | 6 | 1,112.50 | 6 | ||||
Series H | 11.25 | 6 | 11.25 | 6 | ||||
Series I | 356.25 | 2 | 356.25 | 2 | ||||
Series J | 17.19 | 6 | 17.19 | 6 | ||||
Series K (1) | 1,562.50 | 11 | ||||||
Series L (2) | 343.75 | 2 | ||||||
Total | $41 | $27 | ||||||
Three Months Ended | |||
(dollar amounts in millions, except per share data, share count in thousands) | March 31, 2026 | March 31, 2025 | |
Basic earnings per common share: | |||
Net income attributable to Huntington | $523 | $527 | |
Dividends on preferred shares | 41 | 27 | |
Net income available to common shareholders | $482 | $500 | |
Average common shares issued and outstanding | 1,869,397 | 1,454,498 | |
Basic earnings per common share | $0.26 | $0.34 | |
Diluted earnings per common share: | |||
Average dilutive potential common shares: | |||
Stock options, restricted stock units and awards, and performance share units | 24,087 | 20,340 | |
Shares held in deferred compensation plans | 7,163 | 7,041 | |
Average dilutive potential common shares | 31,250 | 27,381 | |
Total diluted average common shares issued and outstanding | 1,900,647 | 1,481,879 | |
Diluted earnings per common share | $0.25 | $0.34 | |
Anti-dilutive awards (1) | 1,175 | 3,486 | |
Fair Value Measurements at Reporting Date Using | Netting Adjustments (1) | Total | |||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | ||||||
At March 31, 2026 | |||||||||
Assets | |||||||||
Trading account securities | $30 | $169 | $— | $— | $199 | ||||
Available-for-sale securities: | |||||||||
U.S. Treasury | 8,486 | — | — | — | 8,486 | ||||
Residential MBS | — | 12,597 | — | — | 12,597 | ||||
Residential CMO | — | 6,448 | — | — | 6,448 | ||||
Commercial MBS | — | 2,705 | — | — | 2,705 | ||||
Other agencies | — | 519 | — | — | 519 | ||||
Municipal securities | — | 87 | 4,251 | — | 4,338 | ||||
Corporate debt | — | 176 | — | — | 176 | ||||
Asset-backed securities | — | 163 | 19 | — | 182 | ||||
Private-label CMO | — | 76 | 20 | — | 96 | ||||
Other securities/sovereign debt | — | 10 | — | — | 10 | ||||
Total available-for-sale securities | 8,486 | 22,781 | 4,290 | — | 35,557 | ||||
Other securities | 29 | 35 | — | — | 64 | ||||
Loans held for sale | — | 1,068 | — | — | 1,068 | ||||
Loans held for investment | — | 105 | 61 | — | 166 | ||||
MSRs | — | — | 735 | — | 735 | ||||
Other assets: | |||||||||
Derivative assets | — | 551 | 10 | (295) | 266 | ||||
Assets held in trust for deferred compensation plans | 212 | — | — | — | 212 | ||||
Liabilities | |||||||||
Short-term borrowings | 261 | 22 | — | — | 283 | ||||
Long-term debt | — | 1,434 | — | — | 1,434 | ||||
Derivative liabilities | — | 568 | 4 | (175) | 397 | ||||
Fair Value Measurements at Reporting Date Using | Netting Adjustments (1) | Total | |||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | ||||||
At December 31, 2025 | |||||||||
Assets | |||||||||
Trading account securities | $— | $63 | $— | $— | $63 | ||||
Available-for-sale securities: | |||||||||
U.S. Treasury | 4,635 | — | — | — | 4,635 | ||||
Residential MBS | — | 9,669 | — | — | 9,669 | ||||
Residential CMO | — | 5,197 | — | — | 5,197 | ||||
Commercial MBS | — | 1,831 | — | — | 1,831 | ||||
Other agencies | — | 150 | — | — | 150 | ||||
Municipal securities | — | 82 | 4,061 | — | 4,143 | ||||
Corporate debt | — | 178 | — | — | 178 | ||||
Asset-backed securities | — | 193 | 28 | — | 221 | ||||
Private-label CMO | — | 79 | 19 | — | 98 | ||||
Other securities/sovereign debt | — | 10 | — | — | 10 | ||||
Total available-for-sale securities | 4,635 | 17,389 | 4,108 | — | 26,132 | ||||
Other securities | 30 | 12 | — | — | 42 | ||||
Loans held for sale | — | 885 | — | — | 885 | ||||
Loans held for investment | — | 105 | 62 | — | 167 | ||||
MSRs | — | — | 593 | — | 593 | ||||
Other assets: | |||||||||
Derivative assets | — | 499 | 8 | (260) | 247 | ||||
Assets held in trust for deferred compensation plans | 216 | — | — | — | 216 | ||||
Liabilities | |||||||||
Short-term borrowings | 131 | 7 | — | — | 138 | ||||
Long-term debt | — | 1,161 | — | — | 1,161 | ||||
Derivative liabilities | — | 514 | 5 | (169) | 350 | ||||
Level 3 Fair Value Measurements | |||||||||||
Available-for-sale securities | Loans held for investment | ||||||||||
(dollar amounts in millions) | MSRs | Derivative instruments | Municipal securities | Private- label CMO | Asset-backed securities | ||||||
Three months ended March 31, 2026 | |||||||||||
Opening balance | $593 | $3 | $4,061 | $19 | $28 | $62 | |||||
Transfers into Level 3 | — | — | — | — | — | 1 | |||||
Transfers out of Level 3 (1) | — | (13) | — | — | — | — | |||||
Total gains (losses) for the period: | |||||||||||
Included in earnings: | |||||||||||
Mortgage banking income | (5) | 13 | — | — | — | — | |||||
Included in OCI | — | — | (26) | — | — | — | |||||
Acquisition | 140 | 1 | — | — | — | — | |||||
Purchases/originations | 28 | — | 326 | — | — | — | |||||
Repayments | — | — | — | — | — | (2) | |||||
Settlements | (21) | 2 | (110) | 1 | (9) | — | |||||
Closing balance | $735 | $6 | $4,251 | $20 | $19 | $61 | |||||
Change in unrealized gains (losses) for the period included in earnings for assets held at end of the reporting date | $(5) | $1 | $— | $— | $— | $— | |||||
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period | — | — | (26) | — | — | — | |||||
Three months ended March 31, 2025 | |||||||||||
Opening balance | $573 | $2 | $3,954 | $21 | $49 | $61 | |||||
Transfers into Level 3 | — | — | — | — | — | 3 | |||||
Transfers out of Level 3 (1) | — | (7) | — | — | — | — | |||||
Total gains (losses) for the period: | |||||||||||
Included in earnings: | |||||||||||
Mortgage banking income | (15) | 10 | — | — | — | — | |||||
Other noninterest income | — | (5) | — | — | — | — | |||||
Included in OCI | — | — | 5 | — | — | — | |||||
Purchases/originations | 20 | — | 218 | — | — | — | |||||
Repayments | — | — | — | — | — | (1) | |||||
Settlements | (14) | 3 | (248) | 1 | (2) | — | |||||
Closing balance | $564 | $3 | $3,929 | $22 | $47 | $63 | |||||
Change in unrealized gains (losses) for the period included in earnings for assets held at end of the reporting date | $(15) | $3 | $— | $— | $— | $— | |||||
Change in unrealized gains (losses) for the period included in other comprehensive income for assets held at the end of the reporting period | — | — | 4 | — | — | — | |||||
Three Months Ended | |||||
(dollar amounts in millions) | Classification | March 31, 2026 | March 31, 2025 | ||
Loans held for sale | Mortgage banking income | $(8) | $6 | ||
Loans held for investment | Mortgage banking income | 1 | (1) | ||
Long-term debt | Other noninterest income | 9 | (1) | ||
Quantitative Information about Level 3 Fair Value Measurements (1) | |||||||||||||||
At March 31, 2026 | At December 31, 2025 | ||||||||||||||
(dollar amounts in millions) | Valuation Technique | Significant Unobservable Input | Range | Weighted Average | Range | Weighted Average | |||||||||
Measured at fair value on a recurring basis: | |||||||||||||||
MSRs | Discounted cash flow | Constant prepayment rate | 7% | - | 23% | 8% | 6% | - | 61% | 8% | |||||
Spread over forward interest rate swap rates | 5% | - | 11% | 5% | 5% | - | 11% | 5% | |||||||
Municipal securities and asset- backed securities | Discounted cash flow | Discount rate | 4% | - | 5% | 4% | 4% | - | 4% | 4% | |||||
Cumulative default | —% | - | 64% | 3% | —% | - | 64% | 3% | |||||||
(dollar amounts in millions) | Amortized Cost | Lower of Cost or Market | Fair Value or Fair Value Option | Total Carrying Amount | Estimated Fair Value | ||||
At March 31, 2026 | |||||||||
Financial Assets | |||||||||
Cash and short-term assets | $19,675 | $— | $— | $19,675 | $19,675 | ||||
Trading account securities | — | — | 199 | 199 | 199 | ||||
Available-for-sale securities | — | — | 35,557 | 35,557 | 35,557 | ||||
Held-to-maturity securities | 14,768 | — | — | 14,768 | 13,090 | ||||
Other securities | 1,217 | — | 64 | 1,281 | 1,281 | ||||
Loans held for sale | — | 5 | 1,068 | 1,073 | 1,073 | ||||
Net loans and leases (1) | 185,409 | — | 166 | 185,575 | 184,648 | ||||
Derivative assets | — | — | 266 | 266 | 266 | ||||
Assets held in trust for deferred compensation plans | — | — | 212 | 212 | 212 | ||||
Financial Liabilities | |||||||||
Deposits (2) | 223,482 | — | — | 223,482 | 223,471 | ||||
Short-term borrowings | 1,592 | — | 283 | 1,875 | 1,875 | ||||
Long-term debt | 20,160 | — | 1,434 | 21,594 | 21,760 | ||||
Derivative liabilities | — | — | 397 | 397 | 397 | ||||
At December 31, 2025 | |||||||||
Financial Assets | |||||||||
Cash and short-term assets | $14,078 | $— | $— | $14,078 | $14,078 | ||||
Trading account securities | — | — | 63 | 63 | 63 | ||||
Available-for-sale securities | — | — | 26,132 | 26,132 | 26,132 | ||||
Held-to-maturity securities | 15,258 | — | — | 15,258 | 13,636 | ||||
Other securities | 952 | — | 42 | 994 | 994 | ||||
Loans held for sale | — | 530 | 885 | 1,415 | 1,420 | ||||
Net loans and leases (1) | 146,938 | — | 167 | 147,105 | 146,273 | ||||
Derivative assets | — | — | 247 | 247 | 247 | ||||
Assets held in trust for deferred compensation plans | — | — | 216 | 216 | 216 | ||||
Financial Liabilities | |||||||||
Deposits (2) | 176,610 | — | — | 176,610 | 176,610 | ||||
Short-term borrowings | 1,123 | — | 138 | 1,261 | 1,261 | ||||
Long-term debt | 16,060 | — | 1,161 | 17,221 | 17,479 | ||||
Derivative liabilities | — | — | 350 | 350 | 350 |
Estimated Fair Value Measurements at Reporting Date Using | Netting | Estimated Fair Value | |||||||
(dollar amounts in millions) | Level 1 | Level 2 | Level 3 | Adjustments (1) | |||||
At March 31, 2026 | |||||||||
Financial Assets | |||||||||
Trading account securities | $30 | $169 | $— | $— | $199 | ||||
Available-for-sale securities | 8,486 | 22,781 | 4,290 | — | 35,557 | ||||
Held-to-maturity securities | 2,163 | 10,927 | — | — | 13,090 | ||||
Other securities (2) | 29 | 35 | — | — | 64 | ||||
Loans held for sale | — | 1,068 | 5 | — | 1,073 | ||||
Net loans and leases | — | 105 | 184,543 | — | 184,648 | ||||
Derivative assets | — | 551 | 10 | (295) | 266 | ||||
Financial Liabilities | |||||||||
Deposits | — | 193,967 | 29,504 | — | 223,471 | ||||
Short-term borrowings | 261 | 1,614 | — | — | 1,875 | ||||
Long-term debt | — | 13,975 | 7,785 | — | 21,760 | ||||
Derivative liabilities | — | 568 | 4 | (175) | 397 | ||||
At December 31, 2025 | |||||||||
Financial Assets | |||||||||
Trading account securities | $— | $63 | $— | $— | $63 | ||||
Available-for-sale securities | 4,635 | 17,389 | 4,108 | — | 26,132 | ||||
Held-to-maturity securities | 2,368 | 11,268 | — | — | 13,636 | ||||
Other securities (2) | 30 | 12 | — | — | 42 | ||||
Loans held for sale | — | 885 | 535 | — | 1,420 | ||||
Net loans and leases | — | 105 | 146,168 | — | 146,273 | ||||
Derivative assets | — | 499 | 8 | (260) | 247 | ||||
Financial Liabilities | |||||||||
Deposits | — | 158,472 | 18,138 | — | 176,610 | ||||
Short-term borrowings | 131 | 1,130 | — | — | 1,261 | ||||
Long-term debt | — | 12,336 | 5,143 | — | 17,479 | ||||
Derivative liabilities | — | 514 | 5 | (169) | 350 | ||||
At March 31, 2026 | At December 31, 2025 | ||||||||||
(dollar amounts in millions) | Notional Value | Asset | Liability | Notional Value | Asset | Liability | |||||
Derivatives designated as Hedging Instruments | |||||||||||
Interest rate contracts | $45,031 | $89 | $28 | $43,996 | $109 | $28 | |||||
Foreign exchange contracts | 278 | — | 7 | 809 | 4 | — | |||||
Derivatives not designated as Hedging Instruments | |||||||||||
Interest rate contracts | 56,363 | 300 | 410 | 49,284 | 260 | 389 | |||||
Foreign exchange contracts | 8,318 | 98 | 73 | 7,085 | 58 | 60 | |||||
Equity contracts | 801 | 18 | 3 | 912 | 33 | 5 | |||||
Commodities contracts | 1,021 | 53 | 51 | 822 | 40 | 37 | |||||
Credit contracts | 114 | 3 | — | 139 | 3 | — | |||||
Total contracts | $111,926 | $561 | $572 | $103,047 | $507 | $519 | |||||
Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||
Three Months Ended | ||||||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | ||||
Interest rate contracts: | ||||||
Customer | Capital markets and advisory fees | $12 | $8 | |||
Mortgage banking | Mortgage banking income | 8 | 21 | |||
Foreign exchange contracts | Capital markets and advisory fees | 13 | 11 | |||
Equity contracts | Other noninterest income and other noninterest expense | (7) | (3) | |||
Commodities contracts | Capital markets and advisory fees | 1 | 1 | |||
Credit contracts | Other noninterest income | (1) | (2) | |||
Total | $26 | $36 | ||||
(dollar amounts in millions) | Fair Value Hedges | Cash Flow Hedges | Economic Hedges | Total | |||
At March 31, 2026 | |||||||
Instruments associated with: | |||||||
Investment securities | $4,357 | $— | $— | $4,357 | |||
Loans | — | 28,275 | 28 | 28,303 | |||
Long-term debt | 12,399 | — | — | 12,399 | |||
Total notional value | $16,756 | $28,275 | $28 | $45,059 | |||
At December 31, 2025 | |||||||
Instruments associated with: | |||||||
Investment securities | $5,147 | $— | $— | $5,147 | |||
Loans | — | 28,250 | 28 | 28,278 | |||
Long-term debt | 10,599 | — | — | 10,599 | |||
Total notional value | $15,746 | $28,250 | $28 | $44,024 |
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Interest rate contracts | |||
Change in fair value of interest rate swaps hedging investment securities (1) | $22 | $(122) | |
Change in fair value of hedged investment securities (1) | (18) | 123 | |
Change in fair value of interest rate swaps hedging long-term debt (2) | (70) | 143 | |
Change in fair value of hedged long-term debt (2) | 71 | (143) | |
Amortized Cost | Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | ||||||
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | At March 31, 2026 | At December 31, 2025 | |||
Assets | |||||||
Available-for-sale securities (1) | $16,000 | $11,402 | $(196) | $(177) | |||
Liabilities | |||||||
Long-term debt (2) | 12,249 | 11,066 | (69) | 1 | |||
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Trading gains (losses) | $(10) | $15 | |
Offsetting of Financial Liabilities and Derivative Liabilities | |||||||||||
Gross amounts offset in the unaudited consolidated balance sheets | Net amounts of liabilities presented in the unaudited consolidated balance sheets | Gross amounts not offset in the unaudited consolidated balance sheets | |||||||||
(dollar amounts in millions) | Financial instruments | Cash collateral delivered | Net amount | ||||||||
At March 31, 2026 | $572 | $(175) | $397 | $(286) | $(77) | $34 | |||||
At December 31, 2025 | 519 | (169) | 350 | (120) | (15) | 215 | |||||
(dollar amounts in millions) | Total Assets | Total Liabilities | Maximum Exposure to Loss | ||
At March 31, 2026 | |||||
Affordable housing tax credit partnerships | $2,874 | $1,034 | $2,874 | ||
Trust preferred securities | 14 | 248 | — | ||
Other investments | 1,873 | 344 | 1,873 | ||
Total | $4,761 | $1,626 | $4,747 | ||
At December 31, 2025 | |||||
Affordable housing tax credit partnerships | $2,453 | $946 | $2,453 | ||
Trust preferred securities | 14 | 262 | — | ||
Other investments | 1,465 | 196 | 1,465 | ||
Total | $3,932 | $1,404 | $3,918 |
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
Affordable housing tax credit investments | $4,391 | $3,898 | |
Less: amortization | (1,517) | (1,445) | |
Net affordable housing tax credit investments | $2,874 | $2,453 | |
Unfunded commitments | $1,034 | $946 |
Three Months Ended | |||
(dollar amounts in millions) | March 31, 2026 | March 31, 2025 | |
Tax credits and other tax benefits recognized | $111 | $86 | |
Proportional amortization expense included in provision for income taxes | 82 | 70 | |
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | |
Contract amount representing credit risk | |||
Commitments to extend credit: | |||
Commercial and industrial | $53,943 | $47,736 | |
Consumer loan portfolio | 23,763 | 21,659 | |
Commercial real estate | 6,450 | 4,036 | |
Standby letters of credit and guarantees on industrial revenue bonds | 1,409 | 895 |
Consumer & Regional Banking | Commercial Banking | Treasury / Other | Huntington Consolidated | ||||
(dollar amounts in millions) | |||||||
Three months ended March 31, 2026 | |||||||
Net interest income (loss) | $1,365 | $640 | $(114) | $1,891 | |||
Provision for credit losses | 120 | 38 | — | 158 | |||
Net interest income (loss) after provision for credit losses | 1,245 | 602 | (114) | 1,733 | |||
Noninterest income | 387 | 252 | 43 | 682 | |||
Noninterest expense: | |||||||
Direct personnel costs | 373 | 193 | 426 | 992 | |||
Other noninterest expense, including corporate allocations | 694 | 218 | (130) | 782 | |||
Total noninterest expense | 1,067 | 411 | 296 | 1,774 | |||
Income (loss) before income taxes | 565 | 443 | (367) | 641 | |||
Provision (benefit) for income taxes | 119 | 93 | (98) | 114 | |||
Income attributable to non-controlling interest | — | 4 | — | 4 | |||
Net income (loss) attributable to Huntington | $446 | $346 | $(269) | $523 | |||
Three months ended March 31, 2025 | |||||||
Net interest income (loss) | $943 | $513 | $(30) | $1,426 | |||
Provision for credit losses | 47 | 68 | — | 115 | |||
Net interest income (loss) after provision for credit losses | 896 | 445 | (30) | 1,311 | |||
Noninterest income | 327 | 162 | 5 | 494 | |||
Noninterest expense: | |||||||
Direct personnel costs | 294 | 139 | 238 | 671 | |||
Other noninterest expense, including corporate allocations | 525 | 164 | (208) | 481 | |||
Total noninterest expense | 819 | 303 | 30 | 1,152 | |||
Income (loss) before income taxes | 404 | 304 | (55) | 653 | |||
Provision (benefit) for income taxes | 85 | 64 | (27) | 122 | |||
Income attributable to non-controlling interest | — | 4 | — | 4 | |||
Net income (loss) attributable to Huntington | $319 | $236 | $(28) | $527 |
Assets | Deposits | ||||||
(dollar amounts in millions) | At March 31, 2026 | At December 31, 2025 | At March 31, 2026 | At December 31, 2025 | |||
Consumer & Regional Banking | $115,176 | $87,307 | $153,000 | $117,188 | |||
Commercial Banking | 94,845 | 79,798 | 60,775 | 50,657 | |||
Treasury / Other | 75,351 | 58,001 | 9,707 | 8,765 | |||
Total | $285,372 | $225,106 | $223,482 | $176,610 | |||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares (or Approximate Dollar Value) that May Yet Be Purchased Under the Plans or Programs (1) | |||
January 1, 2026 to January 31, 2026 | — | $— | $— | $1,000,000,000 | |||
February 1, 2026 to February 28, 2026 | 1,490,392 | 16.77 | 1,490,392 | 975,000,016 | |||
March 1, 2026 to March 31, 2026 | 7,495,154 | (2) | 16.75 | 7,462,877 | 850,000,024 | ||
Total | 8,985,546 | $16.75 | 8,953,269 | $850,000,024 |
Exhibit Number | Document Description | Report or Registration Statement | SEC File or Registration Number | Exhibit Reference |
2.2 | ||||
3.1 | ||||
3.2 | 3.1 | |||
3.3 | ||||
3.4 | dated February 5, 2021. | |||
3.5 | ||||
3.6 | ||||
3.7 | ||||
3.8 | ||||
3.9 | ||||
3.10 | ||||
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 | ||||
31.1 | ||||
31.2 | ||||
32.1 | ||||
32.2 | ||||
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) |
Date: | April 30, 2026 | /s/ Stephen D. Steinour | |
Stephen D. Steinour | |||
Chairman, President, and Chief Executive Officer (Principal Executive Officer) | |||
Date: | April 30, 2026 | /s/ Zachary Wasserman | |
Zachary Wasserman | |||
Chief Financial Officer (Principal Financial Officer) | |||
| Date: | April 30, 2026 | |||||||||||||
| /s/ | Stephen D. Steinour | |||||||||||||
| Stephen D. Steinour | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| Date: | April 30, 2026 | |||||||||||||
| /s/ | Zachary Wasserman | |||||||||||||
| Zachary Wasserman | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| /s/ | Stephen D. Steinour | |||||||
| Stephen D. Steinour | ||||||||
| Chief Executive Officer | ||||||||
| April 30, 2026 | ||||||||
/s/ | Zachary Wasserman | |||||||
| Zachary Wasserman | ||||||||
| Chief Financial Officer | ||||||||
| April 30, 2026 | ||||||||