☒ | 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 | NPAs | Nonperforming Assets | |
ASU | Accounting Standards Update | OCC | Office of the Comptroller of the Currency | |
AULC | Allowance for Unfunded Lending Commitments | OCI | Other Comprehensive Income (Loss) | |
Basel III | Refers to the final rule issued by the FRB and OCC and published in the Federal Register on October 11, 2013 | OLEM | Other Loans Especially Mentioned | |
Board | Board of Directors | PCD | Purchased Credit Deteriorated | |
C&I | Commercial and Industrial | ROC | Risk Oversight Committee | |
Cadence | Cadence Bank | RV | Recreational Vehicle | |
CCAR | Comprehensive Capital Analysis and Review | SBA | Small Business Administration | |
CDI | Core Deposit Intangible | SCB | Stress Capital Buffer | |
CDS | Credit Default Swap | SEC | Securities and Exchange Commission | |
CET1 | Common Equity Tier 1 | SOFR | Secured Overnight Financing Rate | |
CFPB | Bureau of Consumer Financial Protection | SPE | Special Purpose Entity | |
CLN | Credit Linked Note | TBA | To Be Announced | |
CME | Chicago Mercantile Exchange | U.S. | United States of America | |
CMO | Collateralized Mortgage Obligations | U.S. Treasury | U.S. Department of the Treasury | |
CRE | Commercial Real Estate | Veritex | Veritex Holdings, Inc. | |
EOP | End of Period | VIE | Variable Interest Entity | |
EVE | Economic Value of Equity | XBRL | eXtensible Business Reporting Language | |
FDIC | Federal Deposit Insurance Corporation | |||
Fed Fund | The targeted rate by the Federal Reserve to secure overnight funding | |||
Federal Reserve | Board of Governors of the Federal Reserve System | |||
FFIEC | Federal Financial Institutions Examination Council | |||
FHLB | Federal Home Loan Bank | |||
FOMC | Federal Open Market Committee | |||
FRB | Federal Reserve Bank | |||
FTE | Fully-Taxable Equivalent | |||
FTP | Funds Transfer Pricing | |||
FVO | Fair Value Option | |||
GAAP | Generally Accepted Accounting Principles in the United States of America | |||
GDP | Gross Domestic Product | |||
HTM | Held-to-Maturity | |||
IRS | Internal Revenue Service | |||
Janney | Janney Montgomery Scott LLC | |||
LIHTC | Low Income Housing Tax Credit | |||
MBS | Mortgage-Backed Securities | |||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |||
MSR | Mortgage Servicing Right |
Table 1 - Selected Quarterly and Year-to-Date Income Statement Data | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
(amounts in millions, except per share data) | June 30, 2026 | June 30, 2025 | Change | June 30, 2026 | June 30, 2025 | Change | |||||||||
Amount | Percent | Amount | Percent | ||||||||||||
Interest income | $3,382 | $2,556 | $826 | 32% | $6,468 | $5,045 | $1,423 | 28% | |||||||
Interest expense | 1,330 | 1,089 | 241 | 22 | 2,525 | 2,152 | 373 | 17 | |||||||
Net interest income | 2,052 | 1,467 | 585 | 40 | 3,943 | 2,893 | 1,050 | 36 | |||||||
Provision for credit losses | 132 | 103 | 29 | 28 | 290 | 218 | 72 | 33 | |||||||
Net interest income after provision for credit losses | 1,920 | 1,364 | 556 | 41 | 3,653 | 2,675 | 978 | 37 | |||||||
Noninterest income | 785 | 471 | 314 | 67 | 1,467 | 965 | 502 | 52 | |||||||
Noninterest expense | 1,809 | 1,197 | 612 | 51 | 3,583 | 2,349 | 1,234 | 53 | |||||||
Income before income taxes | 896 | 638 | 258 | 40 | 1,537 | 1,291 | 246 | 19 | |||||||
Provision for income taxes | 165 | 96 | 69 | 72 | 279 | 218 | 61 | 28 | |||||||
Income after income taxes | 731 | 542 | 189 | 35 | 1,258 | 1,073 | 185 | 17 | |||||||
Income attributable to non-controlling interest | 4 | 6 | (2) | (33) | 8 | 10 | (2) | (20) | |||||||
Net income attributable to Huntington | 727 | 536 | 191 | 36 | 1,250 | 1,063 | 187 | 18 | |||||||
Dividends on preferred shares | 41 | 27 | 14 | 52 | 82 | 54 | 28 | 52 | |||||||
Net income applicable to common shares | $686 | $509 | $177 | 35% | $1,168 | $1,009 | $159 | 16% | |||||||
Average common shares—basic | 2,021 | 1,457 | 564 | 39% | 1,946 | 1,456 | 490 | 34% | |||||||
Average common shares—diluted | 2,048 | 1,481 | 567 | 38 | 1,975 | 1,482 | 493 | 33 | |||||||
Net income per common share—basic | $0.34 | $0.35 | $(0.01) | (3) | $0.60 | $0.69 | $(0.09) | (13) | |||||||
Net income per common share—diluted | 0.33 | 0.34 | (0.01) | (3) | 0.59 | 0.68 | (0.09) | (13) | |||||||
Cash dividends declared per common share | 0.155 | 0.155 | — | — | 0.31 | 0.31 | — | — | |||||||
Return on average total assets | 1.02% | 1.04% | 0.92% | 1.04% | |||||||||||
Return on average common shareholders’ equity | 9.3 | 11.0 | 8.3 | 11.1 | |||||||||||
Return on average tangible common shareholders’ equity (1) | 15.1 | 16.1 | 13.4 | 16.4 | |||||||||||
Net interest margin (2) | 3.21 | 3.11 | 3.23 | 3.11 | |||||||||||
Efficiency ratio (3) | 61.5 | 59.0 | 64.2 | 58.9 | |||||||||||
Revenue and Net Interest Income—FTE (non-GAAP) | |||||||||||||||
Net interest income | $2,052 | $1,467 | $585 | 40% | $3,943 | $2,893 | $1,050 | 36% | |||||||
FTE adjustment (2) | 20 | 16 | 4 | 25 | 39 | 31 | 8 | 26 | |||||||
Net interest income, FTE (non-GAAP) (2) | 2,072 | 1,483 | 589 | 40 | 3,982 | 2,924 | 1,058 | 36 | |||||||
Noninterest income | 785 | 471 | 314 | 67 | 1,467 | 965 | 502 | 52 | |||||||
Total revenue, FTE (non-GAAP) (2) | $2,857 | $1,954 | $903 | 46% | $5,449 | $3,889 | $1,560 | 40% | |||||||
Table 4 - Provision for Credit Losses | |||||||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Provision for loan and lease losses | $125 | $134 | $375 | $239 | |||
Provision (benefit) for unfunded lending commitments | 7 | (31) | (85) | (18) | |||
Provision (benefit) for securities | — | — | — | (3) | |||
Total provision for credit losses | $132 | $103 | $290 | $218 | |||
Table 5 - Noninterest Income | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | Change | June 30, | June 30, | Change | ||||||
(dollar amounts in millions) | 2026 | 2025 | Percent | 2026 | 2025 | Percent | |||||
Payments and cash management revenue | $204 | $165 | 24% | $391 | $320 | 22% | |||||
Wealth and asset management revenue | 134 | 102 | 31 | 254 | 203 | 25 | |||||
Customer deposit and loan fees | 128 | 95 | 35 | 238 | 181 | 31 | |||||
Capital markets and advisory fees | 140 | 84 | 67 | 272 | 151 | 80 | |||||
Mortgage banking income | 53 | 28 | 89 | 85 | 59 | 44 | |||||
Insurance income | 21 | 19 | 11 | 42 | 39 | 8 | |||||
Leasing revenue | 29 | 10 | 190 | 42 | 24 | 75 | |||||
Net gains (losses) on sales of securities | 2 | (58) | 103 | 15 | (58) | 126 | |||||
Other noninterest income | 74 | 26 | 185 | 128 | 46 | 178 | |||||
Total noninterest income | $785 | $471 | 67% | $1,467 | $965 | 52% | |||||
Table 6 - Noninterest Expense | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | Change | June 30, | June 30, | Change | ||||||
(dollar amounts in millions) | 2026 | 2025 | Percent | 2026 | 2025 | Percent | |||||
Personnel costs | $1,010 | $722 | 40% | $2,002 | $1,393 | 44% | |||||
Outside data processing and other services | 326 | 182 | 79 | 637 | 352 | 81 | |||||
Equipment | 96 | 68 | 41 | 189 | 135 | 40 | |||||
Net occupancy | 90 | 54 | 67 | 175 | 119 | 47 | |||||
Professional services | 31 | 22 | 41 | 75 | 44 | 70 | |||||
Marketing | 38 | 28 | 36 | 75 | 57 | 32 | |||||
Deposit and other insurance expense | 38 | 20 | 90 | 73 | 57 | 28 | |||||
Amortization of intangibles | 54 | 11 | 391 | 95 | 22 | 332 | |||||
Lease financing equipment depreciation | 2 | 2 | — | 5 | 6 | (17) | |||||
Other noninterest expense | 124 | 88 | 41 | 257 | 164 | 57 | |||||
Total noninterest expense | $1,809 | $1,197 | 51% | $3,583 | $2,349 | 53% | |||||
Number of employees (average full-time equivalent) | 26,407 | 20,242 | 30% | 25,527 | 20,166 | 27% | |||||
Table 7 - Impact of Acquisition-related Expenses | Three Months Ended | Six Months Ended | |
June 30, | June 30, | ||
(dollar amounts in millions) | 2026 | 2026 | |
Personnel costs | $38 | $135 | |
Outside data processing and other services | 74 | 162 | |
Equipment | 15 | 34 | |
Net occupancy | 2 | 4 | |
Professional services | 4 | 22 | |
Marketing | 8 | 14 | |
Deposit and other insurance expense | 7 | 7 | |
Other noninterest expense | 4 | 37 | |
Total impact of acquisition-related expenses | $152 | $415 |
Table 11 - Commercial Real Estate Portfolio by Geographic Location | |||||||
At June 30, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Amount by Location (1) | % of Total CRE Loans and Leases | Amount by Location (1) | % of Total CRE Loans and Leases | |||
Texas | $7,090 | 30% | $4,090 | 27% | |||
Ohio | 2,331 | 10 | 2,176 | 14 | |||
Michigan | 1,782 | 8 | 1,872 | 12 | |||
Florida | 1,714 | 7 | 830 | 5 | |||
Georgia | 1,479 | 6 | 347 | 2 | |||
Illinois | 724 | 3 | 787 | 5 | |||
Alabama | 702 | 3 | 186 | 1 | |||
Colorado | 625 | 3 | 555 | 4 | |||
Tennessee | 485 | 2 | 73 | — | |||
North Carolina | 483 | 2 | 269 | 2 | |||
Other | 6,042 | 26 | 4,024 | 28 | |||
Total commercial real estate loans and leases | $23,457 | 100% | $15,209 | 100% | |||
Table 15 - Net Charge-off Analysis | |||||||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Net charge-offs (recoveries) by loan and lease type: | |||||||
Commercial: | |||||||
Commercial and industrial (1) | $66 | $32 | $120 | $80 | |||
Commercial real estate | 3 | (3) | 5 | (11) | |||
Lease financing | (3) | 2 | (3) | 6 | |||
Total commercial | 66 | 31 | 122 | 75 | |||
Consumer: | |||||||
Residential mortgage | 3 | 1 | 4 | 1 | |||
Automobile | 12 | 7 | 27 | 20 | |||
Home equity | 1 | — | 1 | — | |||
RV and marine | 6 | 5 | 13 | 12 | |||
Other consumer | 31 | 22 | 63 | 44 | |||
Total consumer | 53 | 35 | 108 | 77 | |||
Total net charge-offs | $119 | $66 | $230 | $152 | |||
Net charge-offs (recoveries) - annualized percentages: | |||||||
Commercial: | |||||||
Commercial and industrial | 0.29% | 0.22% | 0.28% | 0.28% | |||
Commercial real estate | 0.06 | (0.14) | 0.04 | (0.20) | |||
Lease financing | (0.18) | 0.12 | (0.08) | 0.22 | |||
Total commercial | 0.22 | 0.16 | 0.21 | 0.20 | |||
Consumer: | |||||||
Residential mortgage | 0.03 | 0.01 | 0.02 | 0.01 | |||
Automobile | 0.32 | 0.19 | 0.35 | 0.27 | |||
Home equity | 0.01 | 0.01 | 0.02 | 0.01 | |||
RV and marine | 0.44 | 0.33 | 0.47 | 0.39 | |||
Other consumer | 4.88 | 4.86 | 5.08 | 4.87 | |||
Total consumer | 0.30 | 0.25 | 0.32 | 0.27 | |||
Net charge-offs as a % of average loans and leases | 0.25% | 0.20% | 0.25% | 0.23% | |||
Table 17 - Economic Value of Equity at Risk | |||||||
Economic Value of Equity at Risk (%) | |||||||
Basis point change scenario | -200 | -100 | +100 | +200 | |||
At June 30, 2026 | -2.0% | 0.6% | -2.4% | -6.3% | |||
At December 31, 2025 | 0.3 | 1.7 | -3.5 | -8.3 | |||
Table 19 - Deposit Composition | |||||||
(dollar amounts in millions) | At June 30, 2026 | At December 31, 2025 | |||||
By type: | |||||||
Demand deposits—noninterest-bearing | $40,129 | 18% | $32,205 | 18% | |||
Demand deposits—interest-bearing | 62,395 | 28 | 48,510 | 27 | |||
Money market deposits | 75,717 | 34 | 65,123 | 37 | |||
Savings deposits | 18,820 | 9 | 15,426 | 9 | |||
Time deposits | 25,405 | 11 | 15,346 | 9 | |||
Total deposits | $222,466 | 100% | $176,610 | 100% | |||
Total deposits (insured/uninsured): | |||||||
Insured deposits | $153,290 | 69% | $123,744 | 70% | |||
Uninsured deposits (1) | 69,176 | 31 | 52,866 | 30 | |||
Total deposits | $222,466 | 100% | $176,610 | 100% | |||
Table 21 - Credit Ratings and Outlook | |||||||
At June 30, 2026 | |||||||
Moody’s | Standard & Poor’s | Fitch | DBRS Morningstar | ||||
Huntington Bancshares Incorporated | |||||||
Senior unsecured notes | Baa1 | BBB+ | A- | A | |||
Subordinated notes | Baa1 | BBB | BBB+ | A (low) | |||
Commercial paper | NR | NR | F1 | R-1 (low) | |||
Ratings outlook | Negative | Stable | Stable | Stable | |||
The Huntington National Bank | |||||||
Senior unsecured notes | A3 | A- | A- | A (high) | |||
Long-term deposits | A1 | NR (1) | A | A (high) | |||
Short-term deposits | P-1 | NR (1) | F1 | R-1 (middle) | |||
Ratings outlook | Negative | Stable | Stable | Stable | |||
Table 23 - Net Income (Loss) by Business Segment | |||
Six Months Ended | |||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | |
Consumer & Regional Banking | $1,010 | $616 | |
Commercial Banking | 708 | 552 | |
Treasury / Other | (468) | (105) | |
Net income attributable to Huntington | $1,250 | $1,063 | |
Consumer & Regional Banking | |||||||
Table 24 - Key Performance Indicators for Consumer & Regional Banking | |||||||
Six Months Ended | Change | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | Amount | Percent | |||
Net interest income | $2,823 | $1,957 | $866 | 44% | |||
Provision for credit losses | 164 | 185 | (21) | (11) | |||
Net interest income after provision for credit losses | 2,659 | 1,772 | 887 | 50 | |||
Noninterest income | 844 | 666 | 178 | 27 | |||
Noninterest expense: | |||||||
Direct personnel costs | 789 | 599 | 190 | 32 | |||
Other noninterest expense, including corporate allocations | 1,435 | 1,060 | 375 | 35 | |||
Total noninterest expense | 2,224 | 1,659 | 565 | 34 | |||
Income before income taxes | 1,279 | 779 | 500 | 64 | |||
Provision for income taxes | 269 | 163 | 106 | 65 | |||
Net income attributable to Huntington | $1,010 | $616 | $394 | 64% | |||
Number of employees (average full-time equivalent) | 13,725 | 11,261 | 2,464 | 22% | |||
Total average assets | $109,218 | $78,511 | $30,707 | 39 | |||
Total average loans/leases | 100,143 | 72,601 | 27,542 | 38 | |||
Total average deposits | 145,615 | 111,558 | 34,057 | 31 | |||
Net interest margin | 3.80% | 3.48% | 0.32% | 9 | |||
NCOs | $189 | $118 | $71 | 60 | |||
NCOs as a % of average loans and leases | 0.38% | 0.33% | 0.05% | 15 | |||
Total assets under management (in billions)—eop | $49.6 | $35.3 | $14.3 | 41 | |||
Total trust assets (in billions)—eop | 68.9 | 182.8 | (113.9) | (62) | |||
June 30, | December 31, | ||
(dollar amounts in millions) | 2026 | 2025 | |
Calculation of tangible equity / asset ratio: | |||
Total Huntington shareholders’ equity | $32,624 | $24,342 | |
Goodwill and other intangible assets | (10,442) | (6,142) | |
Deferred tax liability on other intangible assets (1) | 192 | 30 | |
Total tangible equity | 22,374 | 18,230 | |
Preferred equity | (2,881) | (2,731) | |
Total tangible common equity | $19,493 | $15,499 | |
Total assets | $283,984 | $225,106 | |
Goodwill and other intangible assets | (10,442) | (6,142) | |
Deferred tax liability on other intangible assets (1) | 192 | 30 | |
Total tangible assets | $273,734 | $218,994 | |
Shareholders' equity / total assets | 11.5% | 10.8% | |
Tangible equity / tangible asset ratio | 8.2 | 8.3 | |
Tangible common equity / tangible asset ratio | 7.1 | 7.1 |
Three Months Ended | Six Months Ended | ||||||
(amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Noninterest expense (GAAP) | $1,809 | $1,197 | $3,583 | $2,349 | |||
Less: Intangible amortization | 54 | 11 | 95 | 22 | |||
Noninterest expense less amortization of intangibles (non-GAAP) | $1,755 | $1,186 | $3,488 | $2,327 | |||
Net interest income | $2,052 | $1,467 | $3,943 | $2,893 | |||
Noninterest income | 785 | 471 | 1,467 | 965 | |||
Total Revenue (GAAP) | 2,837 | 1,938 | 5,410 | 3,858 | |||
Add: FTE adjustment (1) | 20 | 16 | 39 | 31 | |||
Less: Gains (losses) on sales of securities | 2 | (58) | 15 | (58) | |||
FTE revenue less gains (losses) on sales of securities (non-GAAP) | $2,855 | $2,012 | $5,434 | $3,947 | |||
Efficiency Ratio (2) | 61.5% | 59.0% | 64.2% | 58.9% | |||
At June 30, | At December 31, | ||
(dollar amounts in millions) | 2026 | 2025 | |
Assets | |||
Cash and due from banks | $3,330 | $1,783 | |
Interest-earning deposits with banks | 12,714 | 12,295 | |
Trading account assets | 326 | 63 | |
Available-for-sale securities | 35,206 | 26,132 | |
Held-to-maturity securities | 14,384 | 15,258 | |
Other securities | 1,383 | 994 | |
Loans held for sale (includes $1,287 and $885, respectively, measured at fair value) | 1,886 | 1,415 | |
Loans and leases (includes $164 and $167, respectively, measured at fair value) | 189,422 | 149,642 | |
Allowance for loan and lease losses | (3,249) | (2,537) | |
Net loans and leases (1) | 186,173 | 147,105 | |
Bank-owned life insurance | 3,676 | 2,902 | |
Accrued income and other receivables | 2,960 | 2,621 | |
Premises and equipment | 2,171 | 1,321 | |
Goodwill | 9,527 | 5,997 | |
Servicing rights and other intangible assets | 1,691 | 752 | |
Other assets (1) | 8,557 | 6,468 | |
Total assets | $283,984 | $225,106 | |
Liabilities and shareholders’ equity | |||
Liabilities | |||
Deposits: | |||
Demand deposits—noninterest-bearing | $40,129 | $32,205 | |
Interest-bearing | 182,337 | 144,405 | |
Total deposits | 222,466 | 176,610 | |
Short-term borrowings | 3,111 | 1,261 | |
Long-term debt (1) (includes $1,250 and $1,161, respectively, measured at fair value) | 18,738 | 17,221 | |
Other liabilities (1) | 7,004 | 5,635 | |
Total liabilities | 251,319 | 200,727 | |
Commitments and Contingent Liabilities (Note 17) | |||
Shareholders’ equity | |||
Preferred stock | 2,881 | 2,731 | |
Common stock | 20 | 16 | |
Capital surplus | 25,150 | 17,244 | |
Less treasury shares, at cost | (94) | (92) | |
Accumulated other comprehensive income (loss) | (2,213) | (1,908) | |
Retained earnings | 6,880 | 6,351 | |
Total Huntington shareholders’ equity | 32,624 | 24,342 | |
Non-controlling interest | 41 | 37 | |
Total equity | 32,665 | 24,379 | |
Total liabilities and equity | $283,984 | $225,106 | |
Common shares authorized (par value of $0.01) | 2,250,000,000 | 2,250,000,000 | |
Common shares outstanding | 2,020,414,826 | 1,567,732,506 | |
Treasury shares outstanding | 7,152,410 | 7,187,541 | |
Preferred stock, authorized shares | 6,617,808 | 6,617,808 | |
Preferred shares outstanding | 891,900 | 885,000 |
Huntington Bancshares Incorporated | |||||||
Consolidated Statements of Income (Unaudited) | |||||||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions, except per share data, share count in thousands) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Interest and fee income: | |||||||
Loans and leases | $2,772 | $1,971 | $5,290 | $3,876 | |||
Available-for-sale securities | |||||||
Taxable | 285 | 278 | 543 | 565 | |||
Tax-exempt | 34 | 31 | 67 | 65 | |||
Held-to-maturity securities—taxable | 97 | 107 | 196 | 215 | |||
Other securities—taxable | 17 | 12 | 33 | 24 | |||
Other | 177 | 157 | 339 | 300 | |||
Total interest income | 3,382 | 2,556 | 6,468 | 5,045 | |||
Interest expense: | |||||||
Deposits | 1,048 | 822 | 1,968 | 1,632 | |||
Short-term borrowings | 18 | 13 | 34 | 27 | |||
Long-term debt | 264 | 254 | 523 | 493 | |||
Total interest expense | 1,330 | 1,089 | 2,525 | 2,152 | |||
Net interest income | 2,052 | 1,467 | 3,943 | 2,893 | |||
Provision for credit losses | 132 | 103 | 290 | 218 | |||
Net interest income after provision for credit losses | 1,920 | 1,364 | 3,653 | 2,675 | |||
Noninterest income: | |||||||
Payments and cash management revenue | 204 | 165 | 391 | 320 | |||
Wealth and asset management revenue | 134 | 102 | 254 | 203 | |||
Customer deposit and loan fees | 128 | 95 | 238 | 181 | |||
Capital markets and advisory fees | 140 | 84 | 272 | 151 | |||
Mortgage banking income | 53 | 28 | 85 | 59 | |||
Insurance income | 21 | 19 | 42 | 39 | |||
Leasing revenue | 29 | 10 | 42 | 24 | |||
Net gains (losses) on sales of securities | 2 | (58) | 15 | (58) | |||
Other noninterest income | 74 | 26 | 128 | 46 | |||
Total noninterest income | 785 | 471 | 1,467 | 965 | |||
Noninterest expense: | |||||||
Personnel costs | 1,010 | 722 | 2,002 | 1,393 | |||
Outside data processing and other services | 326 | 182 | 637 | 352 | |||
Equipment | 96 | 68 | 189 | 135 | |||
Net occupancy | 90 | 54 | 175 | 119 | |||
Professional services | 31 | 22 | 75 | 44 | |||
Marketing | 38 | 28 | 75 | 57 | |||
Deposit and other insurance expense | 38 | 20 | 73 | 57 | |||
Amortization of intangibles | 54 | 11 | 95 | 22 | |||
Lease financing equipment depreciation | 2 | 2 | 5 | 6 | |||
Other noninterest expense | 124 | 88 | 257 | 164 | |||
Total noninterest expense | 1,809 | 1,197 | 3,583 | 2,349 | |||
Income before income taxes | 896 | 638 | 1,537 | 1,291 | |||
Provision for income taxes | 165 | 96 | 279 | 218 | |||
Income after income taxes | 731 | 542 | 1,258 | 1,073 | |||
Income attributable to non-controlling interest | 4 | 6 | 8 | 10 | |||
Net income attributable to Huntington | 727 | 536 | 1,250 | 1,063 | |||
Dividends on preferred shares | 41 | 27 | 82 | 54 | |||
Net income applicable to common shares | $686 | $509 | $1,168 | $1,009 | |||
Average common shares—basic | 2,021,373 | 1,457,309 | 1,945,805 | 1,455,904 | |||
Average common shares—diluted | 2,048,311 | 1,480,996 | 1,974,952 | 1,481,541 | |||
Per common share: | |||||||
Net income—basic | $0.34 | $0.35 | $0.60 | $0.69 | |||
Net income—diluted | 0.33 | 0.34 | 0.59 | 0.68 | |||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Net income attributable to Huntington | $727 | $536 | $1,250 | $1,063 | |||
Other comprehensive (loss) income, net of tax: | |||||||
Unrealized (losses) gains on available-for-sale securities, net of hedges | (36) | 97 | (112) | 352 | |||
Net change related to cash flow hedges on loans | (118) | 83 | (194) | 260 | |||
Translation adjustments, net of hedges | (1) | 6 | (1) | 7 | |||
Change in accumulated unrealized losses for pension and other post-retirement obligations | 1 | 1 | 2 | 1 | |||
Other comprehensive (loss) income, net of tax | (154) | 187 | (305) | 620 | |||
Comprehensive income attributable to Huntington | 573 | 723 | 945 | 1,683 | |||
Comprehensive income attributed to non-controlling interest | 4 | 6 | 8 | 10 | |||
Comprehensive income | $577 | $729 | $953 | $1,693 | |||
(dollar amounts in millions, share amounts in thousands) | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | AOCI | Retained Earnings | Huntington Shareholders’ Equity | Non- controlling Interest | Total Equity | ||||||||||||
Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Three months ended June 30, 2026 | |||||||||||||||||||||
Balance, beginning of period | $2,881 | 2,034,400 | $20 | $25,273 | (7,269) | $(95) | $(2,059) | $6,515 | $32,535 | $46 | $32,581 | ||||||||||
Net income | 727 | 727 | 4 | 731 | |||||||||||||||||
Other comprehensive loss, net of tax | (154) | (154) | (154) | ||||||||||||||||||
Repurchases of common stock | (9,763) | — | (159) | (159) | (159) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.155 per share) | (319) | (319) | (319) | ||||||||||||||||||
Preferred | (41) | (41) | (41) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 50 | 50 | 50 | ||||||||||||||||||
Other share-based compensation activity | 2,930 | — | (15) | (2) | (17) | (17) | |||||||||||||||
Other | 1 | 117 | 1 | 2 | (9) | (7) | |||||||||||||||
Balance, end of period | $2,881 | 2,027,567 | $20 | $25,150 | (7,152) | $(94) | $(2,213) | $6,880 | $32,624 | $41 | $32,665 | ||||||||||
Three months ended June 30, 2025 | |||||||||||||||||||||
Balance, beginning of period | $1,989 | 1,463,976 | $15 | $15,479 | (7,164) | $(90) | $(2,433) | $5,474 | $20,434 | $52 | $20,486 | ||||||||||
Net income | 536 | 536 | 6 | 542 | |||||||||||||||||
Other comprehensive income, net of tax | 187 | 187 | 187 | ||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.155 per share) | (230) | (230) | (230) | ||||||||||||||||||
Preferred | (27) | (27) | (27) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 32 | 32 | 32 | ||||||||||||||||||
Other share-based compensation activity | 1,797 | — | (7) | (2) | (9) | (9) | |||||||||||||||
Other | 2 | 191 | 3 | 5 | (16) | (11) | |||||||||||||||
Balance, end of period | $1,989 | 1,465,773 | $15 | $15,506 | (6,973) | $(87) | $(2,246) | $5,751 | $20,928 | $42 | $20,970 | ||||||||||
(dollar amounts in millions, share amounts in thousands) | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | AOCI | Retained Earnings | Huntington Shareholders’ Equity | Non- controlling Interest | Total Equity | ||||||||||||
Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Six months ended June 30, 2026 | |||||||||||||||||||||
Balance, beginning of period | $2,731 | 1,574,920 | $16 | $17,244 | (7,188) | $(92) | $(1,908) | $6,351 | $24,342 | $37 | $24,379 | ||||||||||
Net income | 1,250 | 1,250 | 8 | 1,258 | |||||||||||||||||
Other comprehensive loss, net of tax | (305) | (305) | (305) | ||||||||||||||||||
Cadence acquisition: | |||||||||||||||||||||
Issuance of common stock | 461,548 | 4 | 8,064 | 8,068 | 8,068 | ||||||||||||||||
Conversion of equity awards | 117 | 117 | 117 | ||||||||||||||||||
Issuance of Series L Preferred Stock | 150 | — | 150 | 150 | |||||||||||||||||
Repurchases of common stock | (18,716) | — | (309) | (309) | (309) | ||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.31 per share) | (637) | (637) | (637) | ||||||||||||||||||
Preferred | (82) | (82) | (82) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 95 | 95 | 95 | ||||||||||||||||||
Other share-based compensation activity | 9,815 | — | (64) | (2) | (66) | (66) | |||||||||||||||
Other | 3 | 36 | (2) | 1 | (4) | (3) | |||||||||||||||
Balance, end of period | $2,881 | 2,027,567 | $20 | $25,150 | (7,152) | $(94) | $(2,213) | $6,880 | $32,624 | $41 | $32,665 | ||||||||||
Six months ended June 30, 2025 | |||||||||||||||||||||
Balance, beginning of period | $1,989 | 1,460,620 | $15 | $15,484 | (6,984) | $(86) | $(2,866) | $5,204 | $19,740 | $42 | $19,782 | ||||||||||
Net income | 1,063 | 1,063 | 10 | 1,073 | |||||||||||||||||
Other comprehensive income, net of tax | 620 | 620 | 620 | ||||||||||||||||||
Cash dividends declared: | |||||||||||||||||||||
Common ($0.31 per share) | (460) | (460) | (460) | ||||||||||||||||||
Preferred | (54) | (54) | (54) | ||||||||||||||||||
Recognition of the fair value of share-based compensation | 53 | 53 | 53 | ||||||||||||||||||
Other share-based compensation activity | 5,153 | — | (33) | (2) | (35) | (35) | |||||||||||||||
Other | 2 | 11 | (1) | 1 | (10) | (9) | |||||||||||||||
Balance, end of period | $1,989 | 1,465,773 | $15 | $15,506 | (6,973) | $(87) | $(2,246) | $5,751 | $20,928 | $42 | $20,970 | ||||||||||
Six Months Ended | |||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | |
Operating activities | |||
Net income | $1,258 | $1,073 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 290 | 218 | |
Depreciation, amortization, and accretion | 383 | 397 | |
Share-based compensation expense | 95 | 53 | |
Deferred income tax benefit | (203) | (173) | |
Net gains on sales of securities | (15) | 58 | |
Net change in: | |||
Trading account assets | (263) | (428) | |
Loans held for sale | 289 | (226) | |
Other assets | (1,132) | (210) | |
Short-term borrowings | 191 | 403 | |
Other liabilities | 847 | (81) | |
Other, net | (93) | (17) | |
Net cash provided by operating activities | 1,647 | 1,067 | |
Investing activities | |||
Change in interest-earning deposits with banks | 50 | 185 | |
Proceeds from: | |||
Maturities and calls of available-for-sale securities | 9,137 | 2,694 | |
Maturities and calls of held-to-maturity securities | 882 | 925 | |
Maturities and calls of other securities | 419 | 65 | |
Sales of available-for-sale securities | 4,538 | 850 | |
Sales of other securities | 17 | — | |
Purchases of available-for-sale securities | (13,917) | (3,907) | |
Purchases of held-to-maturity securities | — | (515) | |
Purchases of other securities | (553) | (120) | |
Net proceeds from sales of loans and leases | 335 | 161 | |
Principal payments received under direct finance leases | 972 | 740 | |
Net loan and lease activity, excluding sales and purchases | (4,848) | (5,861) | |
Purchases of premises and equipment | (220) | (108) | |
Purchases of loans and leases | (302) | (317) | |
Net accrued income and other receivables activity | (4) | 532 | |
Net cash and cash equivalents received from business combinations | 1,680 | — | |
Other, net | 24 | 31 | |
Net cash used in investing activities | (1,790) | (4,645) | |
Financing activities | |||
Increase in deposits | 2,326 | 932 | |
Net change in short-term borrowings | 182 | (138) | |
Net proceeds from issuance of long-term debt | 6,914 | 2,001 | |
Repayment of long-term debt | (6,151) | (1,136) | |
Dividends paid on preferred stock | (84) | (54) | |
Dividends paid on common stock | (564) | (453) | |
Repurchases of common stock | (309) | — | |
Other, net | (67) | (62) | |
Net cash provided by financing activities | 2,247 | 1,090 | |
Increase (decrease) in cash and cash equivalents | 2,104 | (2,488) | |
Cash and cash equivalents at beginning of period (1) | 13,495 | 12,847 | |
Cash and cash equivalents at end of period (1) | $15,599 | $10,359 | |
Six Months Ended | |||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | |
Supplemental disclosures: | |||
Interest paid | $2,496 | $2,122 | |
Income taxes paid | 95 | 159 | |
Non-cash activities | |||
Loans transferred to held-for-sale from portfolio | 983 | 168 | |
Loans transferred to portfolio from held-for-sale | 36 | 11 | |
Business combination: | |||
Fair value of tangible assets acquired | 50,341 | — | |
Goodwill and other intangible assets | 4,502 | — | |
Fair value of liabilities assumed | 46,508 | — | |
Common stock and equity-based awards issued | 8,185 | — | |
Preferred stock issued | 150 | — | |
(dollar amounts in millions) | Fair Value | |
Purchase consideration | ||
Fair value of common stock issued | $1,659 | |
Fair value of equity-based awards | 23 | |
Cash | 2 | |
Total consideration | 1,684 | |
Assets acquired | ||
Cash and due from banks | 19 | |
Interest-earning deposits with banks | 943 | |
Available-for-sale securities | 1,274 | |
Other securities | 76 | |
Loans held for sale | 83 | |
Loans and leases | 9,300 | |
Allowance for loan and lease losses | (143) | |
Net loans and leases | 9,157 | |
Bank-owned life insurance | 87 | |
Premises and equipment | 135 | |
Servicing rights and other intangible assets | 105 | |
Other assets | 147 | |
Total assets acquired | 12,026 | |
Liabilities assumed | ||
Deposits | 10,516 | |
Long-term debt | 159 | |
Other liabilities | 117 | |
Total liabilities assumed | 10,792 | |
Fair value of net assets acquired | 1,234 | |
Goodwill | $450 |
(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 | Six months ended | |||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||
Net interest income | $2,044 | $1,969 | $4,077 | $3,881 | ||||
Noninterest income | 785 | 584 | 1,524 | 1,179 | ||||
Net income attributable to Huntington | 726 | 677 | 1,200 | 1,341 | ||||
Unrealized | |||||||
(dollar amounts in millions) | Amortized Cost (1)(2) | Gross Gains | Gross Losses | Fair Value | |||
At June 30, 2026 | |||||||
Available-for-sale securities: | |||||||
U.S. Treasury | $8,799 | $3 | $(25) | $8,777 | |||
Federal agencies: | |||||||
Residential MBS | 13,377 | 3 | (1,425) | 11,955 | |||
Residential CMO | 6,660 | 13 | (340) | 6,333 | |||
Commercial MBS | 3,232 | 1 | (666) | 2,567 | |||
Other agencies | 477 | — | (3) | 474 | |||
Total U.S. Treasury, federal agency, and other agency securities | 32,545 | 20 | (2,459) | 30,106 | |||
Municipal securities | 4,752 | 5 | (108) | 4,649 | |||
Corporate debt | 186 | — | (17) | 169 | |||
Asset-backed securities | 186 | — | (7) | 179 | |||
Private-label CMO | 100 | — | (7) | 93 | |||
Other securities/sovereign debt | 10 | — | — | 10 | |||
Total available-for-sale securities | $37,779 | $25 | $(2,598) | $35,206 | |||
Held-to-maturity securities: | |||||||
U.S. Treasury | $2,117 | $2 | $(8) | $2,111 | |||
Federal agencies: | |||||||
Residential MBS | 7,350 | — | (964) | 6,386 | |||
Residential CMO | 3,665 | — | (548) | 3,117 | |||
Commercial MBS | 1,213 | — | (187) | 1,026 | |||
Other agencies | 38 | — | (2) | 36 | |||
Total U.S. Treasury, federal agency, and other agency securities | 14,383 | 2 | (1,709) | 12,676 | |||
Municipal securities | 1 | — | — | 1 | |||
Total held-to-maturity securities | $14,384 | $2 | $(1,709) | $12,677 | |||
Other securities, at cost: | |||||||
Non-marketable equity securities: | |||||||
FRB stock | $882 | $— | $— | $882 | |||
FHLB stock | 367 | — | — | 367 | |||
Other non-marketable equity securities | 61 | — | — | 61 | |||
Other securities, at fair value: | |||||||
Mutual funds | 30 | — | — | 30 | |||
Equity securities | 33 | 10 | — | 43 | |||
Total other securities | $1,373 | $10 | $— | $1,383 | |||
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 June 30, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||
Available-for-sale securities: | |||||||
Under 1 year | $5,114 | $5,107 | $1,369 | $1,365 | |||
After 1 year through 5 years | 7,140 | 7,069 | 5,581 | 5,595 | |||
After 5 years through 10 years | 2,222 | 2,088 | 1,899 | 1,784 | |||
After 10 years | 23,303 | 20,942 | 19,661 | 17,388 | |||
Total available-for-sale securities | $37,779 | $35,206 | $28,510 | $26,132 | |||
Held-to-maturity securities: | |||||||
Under 1 year | $551 | $552 | $603 | $604 | |||
After 1 year through 5 years | 1,587 | 1,580 | 1,773 | 1,791 | |||
After 5 years through 10 years | 129 | 119 | 144 | 134 | |||
After 10 years | 12,117 | 10,426 | 12,738 | 11,107 | |||
Total held-to-maturity securities | $14,384 | $12,677 | $15,258 | $13,636 | |||
Less than 12 Months | Over 12 Months | Total | |||||||||
(dollar amounts in millions) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||
At June 30, 2026 | |||||||||||
Available-for-sale securities: | |||||||||||
U.S. Treasury | $5,724 | $(25) | $— | $— | $5,724 | $(25) | |||||
Federal agencies: | |||||||||||
Residential MBS | 2,945 | (34) | 8,645 | (1,391) | 11,590 | (1,425) | |||||
Residential CMO | 1,754 | (9) | 2,335 | (331) | 4,089 | (340) | |||||
Commercial MBS | 637 | (5) | 1,767 | (661) | 2,404 | (666) | |||||
Other agencies | 370 | (1) | 73 | (2) | 443 | (3) | |||||
Total U.S. Treasury, federal agency, and other agency securities | 11,430 | (74) | 12,820 | (2,385) | 24,250 | (2,459) | |||||
Municipal securities | 1,433 | (22) | 2,122 | (86) | 3,555 | (108) | |||||
Corporate debt | — | — | 169 | (17) | 169 | (17) | |||||
Asset-backed securities | — | — | 176 | (7) | 176 | (7) | |||||
Private-label CMO | 3 | — | 70 | (7) | 73 | (7) | |||||
Total temporarily impaired available-for-sale securities | $12,866 | $(96) | $15,357 | $(2,502) | $28,223 | $(2,598) | |||||
Held-to-maturity securities: | |||||||||||
U.S. Treasury | $1,230 | $(8) | $— | $— | $1,230 | $(8) | |||||
Federal agencies: | |||||||||||
Residential MBS | 73 | (1) | 6,282 | (963) | 6,355 | (964) | |||||
Residential CMO | 233 | (1) | 2,765 | (547) | 2,998 | (548) | |||||
Commercial MBS | — | — | 1,027 | (187) | 1,027 | (187) | |||||
Other agencies | — | — | 36 | (2) | 36 | (2) | |||||
Total U.S. Treasury, federal agency, and other agency securities | 1,536 | (10) | 10,110 | (1,699) | 11,646 | (1,709) | |||||
Municipal securities | — | — | 1 | — | 1 | — | |||||
Total temporarily impaired held-to-maturity securities | $1,536 | $(10) | $10,111 | $(1,699) | $11,647 | $(1,709) | |||||
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 June 30, 2026 | At December 31, 2025 | |
Commercial loan and lease portfolio: | |||
Commercial and industrial | $91,378 | $69,442 | |
Commercial real estate | 23,457 | 15,209 | |
Lease financing | 5,714 | 5,727 | |
Total commercial loan and lease portfolio | 120,549 | 90,378 | |
Consumer loan portfolio: | |||
Residential mortgage | 33,221 | 24,777 | |
Automobile | 15,460 | 16,168 | |
Home equity | 11,884 | 10,395 | |
RV and marine | 5,706 | 5,682 | |
Other consumer | 2,602 | 2,242 | |
Total consumer loan portfolio | 68,873 | 59,264 | |
Total loans and leases (1)(2) | 189,422 | 149,642 | |
Allowance for loan and lease losses | (3,249) | (2,537) | |
Net loans and leases | $186,173 | $147,105 |
(dollar amounts in millions) | At June 30, 2026 | At December 31, 2025 | |
Lease payments receivable | $5,319 | $5,379 | |
Estimated residual value of leased assets | 1,034 | 1,011 | |
Gross investment in lease financing receivables | 6,353 | 6,390 | |
Deferred origination costs | 60 | 58 | |
Deferred fees, unearned income, and other | (699) | (721) | |
Total lease financing receivables | $5,714 | $5,727 |
At June 30, 2026 | At December 31, 2025 | ||||||
(dollar amounts in millions) | Nonaccrual loans and leases with no ACL | Total nonaccrual loans and leases | Nonaccrual loans and leases with no ACL | Total nonaccrual loans and leases | |||
Commercial and industrial | $196 | $986 | $76 | $562 | |||
Commercial real estate | 27 | 243 | 81 | 133 | |||
Lease financing | 2 | 8 | 4 | 8 | |||
Residential mortgage | 4 | 223 | 5 | 107 | |||
Automobile | — | 7 | — | 6 | |||
Home equity | — | 120 | — | 113 | |||
RV and marine | — | 2 | — | 2 | |||
Total nonaccrual loans and leases | $229 | $1,589 | $166 | $931 | |||
Past Due (1) | Loans Accounted for Under FVO | Total Loans and Leases | 90 or more days past due and accruing | |||||||||||||
(dollar amounts in millions) | 30-59 Days | 60-89 Days | 90 or more days | Total | Current | |||||||||||
At June 30, 2026 | ||||||||||||||||
Commercial and industrial | $257 | $99 | $623 | $979 | $90,399 | $— | $91,378 | $2 | (2) | |||||||
Commercial real estate | 123 | 22 | 167 | 312 | 23,145 | — | 23,457 | — | ||||||||
Lease financing | 31 | 9 | 8 | 48 | 5,666 | — | 5,714 | 6 | ||||||||
Residential mortgage | 454 | 156 | 559 | 1,169 | 31,888 | 164 | 33,221 | 391 | (3) | |||||||
Automobile | 124 | 34 | 16 | 174 | 15,286 | — | 15,460 | 12 | ||||||||
Home equity | 92 | 42 | 106 | 240 | 11,644 | — | 11,884 | 24 | ||||||||
RV and marine | 20 | 10 | 4 | 34 | 5,672 | — | 5,706 | 3 | ||||||||
Other consumer | 22 | 9 | 5 | 36 | 2,566 | — | 2,602 | 5 | ||||||||
Total loans and leases | $1,123 | $381 | $1,488 | $2,992 | $186,266 | $164 | $189,422 | $443 | ||||||||
At December 31, 2025 | ||||||||||||||||
Commercial and industrial | $144 | $78 | $332 | $554 | $68,888 | $— | $69,442 | $1 | (2) | |||||||
Commercial real estate | 31 | 2 | 101 | 134 | 15,075 | — | 15,209 | — | ||||||||
Lease financing | 30 | 32 | 10 | 72 | 5,655 | — | 5,727 | 9 | ||||||||
Residential mortgage | 239 | 100 | 305 | 644 | 23,966 | 167 | 24,777 | 232 | (3) | |||||||
Automobile | 132 | 33 | 18 | 183 | 15,985 | — | 16,168 | 14 | ||||||||
Home equity | 60 | 30 | 89 | 179 | 10,216 | — | 10,395 | 16 | ||||||||
RV and marine | 25 | 10 | 5 | 40 | 5,642 | — | 5,682 | 4 | ||||||||
Other consumer | 18 | 6 | 7 | 31 | 2,211 | — | 2,242 | 6 | ||||||||
Total loans and leases | $679 | $291 | $867 | $1,837 | $147,638 | $167 | $149,642 | $282 | ||||||||
At June 30, 2026 | |||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolver Total at Amortized Cost Basis | Revolver Total Converted to Term Loans | |||||||||||||||
(dollar amounts in millions) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | ||||||||||
Commercial and industrial | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $14,429 | $17,461 | $9,093 | $5,246 | $4,815 | $5,585 | $30,359 | $12 | $87,000 | ||||||||
OLEM | 120 | 207 | 142 | 86 | 69 | 66 | 303 | — | 993 | ||||||||
Substandard | 395 | 481 | 606 | 434 | 332 | 381 | 756 | — | 3,385 | ||||||||
Total Commercial and industrial | $14,944 | $18,149 | $9,841 | $5,766 | $5,216 | $6,032 | $31,418 | $12 | $91,378 | ||||||||
Commercial real estate | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $2,516 | $5,939 | $2,859 | $1,296 | $2,834 | $4,317 | $1,242 | $— | $21,003 | ||||||||
OLEM | 189 | 177 | 60 | 39 | 279 | 178 | 1 | — | 923 | ||||||||
Substandard | 290 | 268 | 113 | 141 | 358 | 356 | 5 | — | 1,531 | ||||||||
Total Commercial real estate | $2,995 | $6,384 | $3,032 | $1,476 | $3,471 | $4,851 | $1,248 | $— | $23,457 | ||||||||
Lease financing | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
Pass | $805 | $1,900 | $1,398 | $940 | $266 | $369 | $— | $— | $5,678 | ||||||||
OLEM | — | — | 2 | — | — | — | — | — | 2 | ||||||||
Substandard | — | 2 | 6 | 7 | 5 | 14 | — | — | 34 | ||||||||
Total Lease financing | $805 | $1,902 | $1,406 | $947 | $271 | $383 | $— | $— | $5,714 | ||||||||
Residential mortgage | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $1,499 | $2,818 | $2,350 | $2,518 | $4,291 | $11,405 | $21 | $— | $24,902 | ||||||||
650-749 | 580 | 1,007 | 759 | 669 | 1,147 | 2,609 | — | — | 6,771 | ||||||||
<650 | 31 | 110 | 124 | 110 | 178 | 831 | — | — | 1,384 | ||||||||
Total Residential mortgage | $2,110 | $3,935 | $3,233 | $3,297 | $5,616 | $14,845 | $21 | $— | $33,057 | ||||||||
Automobile | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $1,689 | $3,175 | $2,156 | $781 | $522 | $283 | $— | $— | $8,606 | ||||||||
650-749 | 1,020 | 2,355 | 1,185 | 395 | 251 | 137 | — | — | 5,343 | ||||||||
<650 | 134 | 581 | 379 | 180 | 137 | 100 | — | — | 1,511 | ||||||||
Total Automobile | $2,843 | $6,111 | $3,720 | $1,356 | $910 | $520 | $— | $— | $15,460 | ||||||||
Home equity | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $78 | $195 | $159 | $236 | $321 | $867 | $5,838 | $234 | $7,928 | ||||||||
650-749 | 24 | 49 | 45 | 61 | 52 | 138 | 2,655 | 209 | 3,233 | ||||||||
<650 | — | 2 | 8 | 14 | 12 | 44 | 498 | 145 | 723 | ||||||||
Total Home equity | $102 | $246 | $212 | $311 | $385 | $1,049 | $8,991 | $588 | $11,884 | ||||||||
RV and marine | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $547 | $609 | $632 | $620 | $603 | $1,320 | $— | $— | $4,331 | ||||||||
650-749 | 120 | 166 | 173 | 191 | 152 | 378 | — | — | 1,180 | ||||||||
<650 | 1 | 8 | 22 | 33 | 29 | 102 | — | — | 195 | ||||||||
Total RV and marine | $668 | $783 | $827 | $844 | $784 | $1,800 | $— | $— | $5,706 | ||||||||
Other consumer | |||||||||||||||||
Credit Quality Indicator: | |||||||||||||||||
750+ | $249 | $303 | $149 | $46 | $22 | $62 | $676 | $2 | $1,509 | ||||||||
650-749 | 103 | 159 | 74 | 25 | 8 | 15 | 539 | 10 | 933 | ||||||||
<650 | 6 | 23 | 17 | 8 | 5 | 6 | 78 | 17 | 160 | ||||||||
Total Other consumer | $358 | $485 | $240 | $79 | $35 | $83 | $1,293 | $29 | $2,602 | ||||||||
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 June 30, 2026 | ||||||||||||||||||
Commercial and industrial | $3 | $6 | $7 | $10 | $9 | $36 | $37 | $1 | $109 | |||||||||
Commercial real estate | — | — | — | 1 | 3 | 1 | 1 | — | 6 | |||||||||
Lease financing | — | — | — | — | 1 | — | — | — | 1 | |||||||||
Residential mortgage | — | 1 | 1 | — | 1 | — | — | — | 3 | |||||||||
Automobile | — | 10 | 6 | 3 | 2 | 1 | — | — | 22 | |||||||||
Home equity | — | — | — | — | — | — | 1 | 2 | 3 | |||||||||
RV and marine | — | 1 | 1 | 2 | 2 | 4 | — | — | 10 | |||||||||
Other consumer | 5 | 8 | 4 | 2 | 2 | 4 | — | 12 | 37 | |||||||||
Total | $8 | $26 | $19 | $18 | $20 | $46 | $39 | $15 | $191 | |||||||||
Six months ended June 30, 2026 | ||||||||||||||||||
Commercial and industrial | $4 | $18 | $13 | $17 | $11 | $85 | $52 | $1 | $201 | |||||||||
Commercial real estate | — | — | — | 1 | 4 | 5 | 1 | — | 11 | |||||||||
Lease financing | — | — | — | — | 1 | 1 | — | — | 2 | |||||||||
Residential mortgage | — | 1 | 1 | — | 1 | 1 | — | — | 4 | |||||||||
Automobile | — | 19 | 12 | 7 | 5 | 4 | — | — | 47 | |||||||||
Home equity | — | — | — | — | — | — | 1 | 3 | 4 | |||||||||
RV and marine | — | 1 | 2 | 4 | 3 | 9 | — | — | 19 | |||||||||
Other consumer | 6 | 17 | 10 | 5 | 3 | 8 | 2 | 25 | 76 | |||||||||
Total | $10 | $56 | $38 | $34 | $28 | $113 | $56 | $29 | $364 | |||||||||
Term Loans Gross Charge-offs by Origination Year | Revolver Gross Charge-offs | Revolver Converted to Term Loans Gross Charge-offs | ||||||||||||||||
(dollar amounts in millions) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | |||||||||||
Three months ended June 30, 2025 | ||||||||||||||||||
Commercial and industrial | $2 | $5 | $16 | $10 | $2 | $4 | $9 | $1 | $49 | |||||||||
Commercial real estate | 2 | — | — | — | — | — | 1 | — | 3 | |||||||||
Lease financing | — | — | — | 1 | 1 | 2 | — | — | 4 | |||||||||
Residential mortgage | — | — | — | — | — | 1 | — | — | 1 | |||||||||
Automobile | — | 5 | 4 | 3 | 3 | 1 | — | — | 16 | |||||||||
Home equity | — | — | — | — | — | — | — | 1 | 1 | |||||||||
RV and marine | — | 1 | 2 | 2 | 1 | 3 | — | — | 9 | |||||||||
Other consumer | 3 | 5 | 4 | 2 | 1 | 3 | — | 10 | 28 | |||||||||
Total | $7 | $16 | $26 | $18 | $8 | $14 | $10 | $12 | $111 | |||||||||
Six months ended June 30, 2025 | ||||||||||||||||||
Commercial and industrial | $2 | $11 | $24 | $43 | $5 | $13 | $18 | $2 | $118 | |||||||||
Commercial real estate | 2 | — | — | — | 1 | — | 1 | — | 4 | |||||||||
Lease financing | — | 1 | 1 | 3 | 1 | 2 | — | — | 8 | |||||||||
Residential mortgage | — | — | — | — | — | 2 | — | — | 2 | |||||||||
Automobile | — | 10 | 9 | 9 | 6 | 2 | — | — | 36 | |||||||||
Home equity | — | — | — | — | — | — | 1 | 2 | 3 | |||||||||
RV and marine | — | 1 | 4 | 3 | 3 | 7 | — | — | 18 | |||||||||
Other consumer | 4 | 11 | 9 | 4 | 2 | 6 | — | 19 | 55 | |||||||||
Total | $8 | $34 | $47 | $62 | $18 | $32 | $20 | $23 | $244 | |||||||||
Amortized Cost | |||||||||||
(dollar amounts in millions) | Interest rate reduction | Term extension | Payment deferral | Combo - interest rate reduction and term extension | Total | % of total loan class (1) | |||||
Three months ended June 30, 2026 | |||||||||||
Commercial and industrial | $42 | $152 | $— | $35 | $229 | 0.25% | |||||
Commercial real estate | 6 | 259 | — | 2 | 267 | 1.14 | |||||
Residential mortgage | — | 19 | 4 | 3 | 26 | 0.08 | |||||
Automobile | — | 4 | — | — | 4 | 0.03 | |||||
Home equity | — | 2 | — | 2 | 4 | 0.03 | |||||
Other consumer | 1 | — | — | — | 1 | 0.04 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made | $49 | $436 | $4 | $42 | $531 | 0.28% | |||||
Three months ended June 30, 2025 | |||||||||||
Commercial and industrial | $44 | $158 | $— | $1 | $203 | 0.33% | |||||
Commercial real estate | — | 69 | — | — | 69 | 0.64 | |||||
Residential mortgage | — | 12 | 3 | 2 | 17 | 0.07 | |||||
Automobile | — | 1 | — | — | 1 | 0.01 | |||||
Home equity | — | 2 | — | 2 | 4 | 0.04 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made | $44 | $242 | $3 | $5 | $294 | 0.22% | |||||
Six months ended June 30, 2026 | |||||||||||
Commercial and industrial | $67 | $212 | $— | $90 | $369 | 0.40% | |||||
Commercial real estate | 6 | 299 | — | 2 | 307 | 1.31 | |||||
Residential mortgage | — | 23 | 5 | 3 | 31 | 0.09 | |||||
Automobile | — | 7 | — | 1 | 8 | 0.05 | |||||
Home equity | — | 4 | — | 3 | 7 | 0.06 | |||||
Other consumer | 1 | — | — | — | 1 | 0.04 | |||||
Total loans to borrowers experiencing financial difficulty in which modifications were made | $74 | $545 | $5 | $99 | $723 | 0.38% | |||||
Six months ended June 30, 2025 | |||||||||||
Commercial and industrial | $91 | $289 | $— | $5 | $385 | 0.63% | |||||
Commercial real estate | — | 140 | — | — | 140 | 1.31 | |||||
Residential mortgage | — | 24 | 11 | 3 | 38 | 0.15 | |||||
Automobile | — | 3 | — | — | 3 | 0.02 | |||||
Home equity | — | 4 | — | 4 | 8 | 0.08 | |||||
Other consumer | 1 | — | — | — | 1 | 0.05 | |||||
Total loans to borrowers experiencing financial difficulty in which modifications were made | $92 | $460 | $11 | $12 | $575 | 0.43% | |||||
Interest Rate Reduction (1) | Term Extension (1) | ||||
Weighted-average contractual interest rate | Weighted-average years added to the life | ||||
From | To | ||||
Three months ended June 30, 2026 | |||||
Commercial and industrial | 8.06% | 7.00% | 0.8 | ||
Commercial real estate | 0.9 | ||||
Residential mortgage | 7.1 | ||||
Three months ended June 30, 2025 | |||||
Commercial and industrial | 8.80% | 6.38% | 0.6 | ||
Commercial real estate | 0.8 | ||||
Residential mortgage | 7.1 | ||||
Six months ended June 30, 2026 | |||||
Commercial and industrial | 9.31% | 7.14% | 0.9 | ||
Commercial real estate | 0.9 | ||||
Residential mortgage | 7.2 | ||||
Six months ended June 30, 2025 | |||||
Commercial and industrial | 8.32% | 7.00% | 0.9 | ||
Commercial real estate | 1.0 | ||||
Residential mortgage | 6.5 | ||||
Past Due | |||||||||||
(dollar amounts in millions) | 30-59 Days | 60-89 Days | 90 or more days | Total | Current | Total | |||||
At June 30, 2026 | |||||||||||
Commercial and industrial | $8 | $39 | $15 | $62 | $394 | $456 | |||||
Commercial real estate | 7 | 2 | 34 | 43 | 319 | 362 | |||||
Residential mortgage | 7 | 5 | 10 | 22 | 25 | 47 | |||||
Automobile | 2 | — | — | 2 | 11 | 13 | |||||
Home equity | 1 | 1 | 3 | 5 | 10 | 15 | |||||
RV and marine | — | — | — | — | 1 | 1 | |||||
Other consumer | — | — | — | — | 1 | 1 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended June 30, 2026 | $25 | $47 | $62 | $134 | $761 | $895 | |||||
At June 30, 2025 | |||||||||||
Commercial and industrial | $2 | $1 | $5 | $8 | $534 | $542 | |||||
Commercial real estate | — | — | 23 | 23 | 211 | 234 | |||||
Residential mortgage | 11 | 6 | 17 | 34 | 35 | 69 | |||||
Automobile | 1 | — | — | 1 | 7 | 8 | |||||
Home equity | 1 | 1 | 1 | 3 | 12 | 15 | |||||
RV and marine | — | — | — | — | 1 | 1 | |||||
Other consumer | — | — | — | — | 2 | 2 | |||||
Total loans to borrowers experiencing financial difficulty to which modifications were made in the twelve months ended June 30, 2025 | $15 | $8 | $46 | $69 | $802 | $871 | |||||
(dollar amounts in millions) | Commercial | Consumer | Total | ||
Three months ended June 30, 2026 | |||||
ALLL balance, beginning of period | $2,305 | $938 | $3,243 | ||
Loan and lease charge-offs | (116) | (75) | (191) | ||
Recoveries of loans and leases previously charged-off | 50 | 22 | 72 | ||
Provision for loan and lease losses | 100 | 25 | 125 | ||
ALLL balance, end of period | $2,339 | $910 | $3,249 | ||
AULC balance, beginning of period | $98 | $27 | $125 | ||
Provision (benefit) for unfunded lending commitments | 4 | 3 | 7 | ||
AULC balance, end of period | $102 | $30 | $132 | ||
ACL balance, end of period | $2,441 | $940 | $3,381 | ||
Three months ended June 30, 2025 | |||||
ALLL balance, beginning of period | $1,520 | $743 | $2,263 | ||
Loan and lease charge-offs | (56) | (55) | (111) | ||
Recoveries of loans and leases previously charged-off | 25 | 20 | 45 | ||
Provision for loan and lease losses | 59 | 75 | 134 | ||
ALLL balance, end of period | $1,548 | $783 | $2,331 | ||
AULC balance, beginning of period | $158 | $57 | $215 | ||
Provision (benefit) for unfunded lending commitments | (34) | 3 | (31) | ||
AULC balance, end of period | $124 | $60 | $184 | ||
ACL balance, end of period | $1,672 | $843 | $2,515 | ||
Six months ended June 30, 2026 | |||||
ALLL balance, beginning of period | $1,731 | $806 | $2,537 | ||
Loan and lease charge-offs (1) | (214) | (150) | (364) | ||
Recoveries of loans and leases previously charged-off | 92 | 42 | 134 | ||
Provision for loan and lease losses | 292 | 83 | 375 | ||
Allowance on PCD loans and leases at acquisition | 268 | 54 | 322 | ||
Allowance on purchased seasoned loans and leases at acquisition | 170 | 75 | 245 | ||
ALLL balance, end of period | $2,339 | $910 | $3,249 | ||
AULC balance, beginning of period | $145 | $61 | $206 | ||
Provision (benefit) for unfunded lending commitments | (46) | (39) | (85) | ||
Allowance for unfunded lending commitments at acquisition | 3 | 8 | 11 | ||
AULC balance, end of period | $102 | $30 | $132 | ||
ACL balance, end of period | $2,441 | $940 | $3,381 | ||
Six months ended June 30, 2025 | |||||
ALLL balance, beginning of period | $1,484 | $760 | $2,244 | ||
Loan and lease charge-offs | (130) | (114) | (244) | ||
Recoveries of loans and leases previously charged-off | 55 | 37 | 92 | ||
Provision for loan and lease losses | 139 | 100 | 239 | ||
ALLL balance, end of period | $1,548 | $783 | $2,331 | ||
AULC balance, beginning of period | $144 | $58 | $202 | ||
Provision (benefit) for unfunded lending commitments | (20) | 2 | (18) | ||
AULC balance, end of period | $124 | $60 | $184 | ||
ACL balance, end of period | $1,672 | $843 | $2,515 | ||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Residential mortgage loans sold with servicing retained | $2,045 | $1,168 | $3,354 | $2,177 | |||
Pretax gains resulting from above loan sales (1) | 49 | 23 | 77 | 42 | |||
Total servicing, late, and other ancillary fees (1) | 34 | 26 | 67 | 53 | |||
Three Months Ended | Six Months Ended | ||||||
(dollar amounts in millions) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |||
Fair value, beginning of period | $735 | $564 | $593 | $573 | |||
Servicing assets obtained in acquisition | — | ` ` | — | 140 | — | ||
New servicing assets created | 40 | 20 | 68 | 40 | |||
Change in fair value during the period due to: | |||||||
Time decay (1) | (9) | (7) | (16) | (14) | |||
Payoffs (2) | (15) | (10) | (29) | (17) | |||
Changes in valuation inputs or assumptions (3) | 1 | — | (4) | (15) | |||
Fair value, end of period | $752 | $567 | $752 | $567 | |||
Related loans serviced for third parties, unpaid principal balance, end of period | $43,419 | $33,925 | $43,419 | $33,925 | |||
At June 30, 2026 | At December 31, 2025 | ||||||||||||
Decline in fair value due to | Decline in fair value due to | ||||||||||||
(dollar amounts in millions) | Actual | 10% adverse change | 20% adverse change | Actual | 10% adverse change | 20% adverse change | |||||||
Constant prepayment rate (annualized) | 8.16% | $(21) | $(40) | 8.09% | $(17) | $(33) | |||||||
Spread over forward interest rate swap rates | 544 | bps | (17) | (34) | 538 | bps | (14) | (27) | |||||
(dollar amounts in millions) | Consumer & Regional Banking | Commercial Banking | Huntington Consolidated | ||
Balance, December 31, 2025 | $3,855 | $2,142 | $5,997 | ||
Cadence acquisition (1) | 2,597 | 900 | 3,497 | ||
Other activity | — | 33 | 33 | ||
Balance, June 30, 2026 | $6,452 | $3,075 | $9,527 |
(dollar amounts in millions) | At June 30, 2026 | At December 31, 2025 | |
Securities sold under agreements to repurchase | $— | $22 | |
FHLB advances | 2,700 | 1,000 | |
Other borrowings | 411 | 239 | |
Total short-term borrowings | $3,111 | $1,261 |
(dollar amounts in millions) | At June 30, 2026 | At December 31, 2025 | |
The Parent Company: | |||
Senior Notes | $6,407 | $5,514 | |
Subordinated Notes | 2,085 | 1,510 | |
Total notes issued by the Parent Company | 8,492 | 7,024 | |
The Bank: | |||
Senior Notes | 3,174 | 3,192 | |
Subordinated Notes | 236 | 233 | |
Total notes issued by the Bank | 3,410 | 3,425 | |
FHLB Advances | 4,653 | 4,514 | |
Credit linked notes (1) | 1,250 | 1,161 | |
Auto loan securitization trust (2) | 428 | 600 | |
Other | 505 | 497 | |
Total long-term debt | $18,738 | $17,221 |
(dollar amounts in millions) | Pretax | Tax (expense) benefit | After-tax | ||
Three months ended June 30, 2026 | |||||
Unrealized losses on available-for-sale securities arising during the period, net of hedges | $(51) | $13 | $(38) | ||
Reclassification adjustment for realized net losses included in net income | 3 | (1) | 2 | ||
Total unrealized losses on available-for-sale securities, net of hedges | (48) | 12 | (36) | ||
Unrealized losses on cash flow hedges during the period | (158) | 37 | (121) | ||
Reclassification adjustment for cash flow hedges included in net income | 4 | (1) | 3 | ||
Net change related to cash flow hedges on loans | (154) | 36 | (118) | ||
Translation adjustments, net of hedges (1) | (2) | 1 | (1) | ||
Change in accumulated unrealized gains for pension and other post-retirement obligations | 2 | (1) | 1 | ||
Other comprehensive loss | $(202) | $48 | $(154) | ||
Three months ended June 30, 2025 | |||||
Unrealized gains on available-for-sale securities during the period, net of hedges | $65 | $(17) | $48 | ||
Reclassification adjustment for realized net losses included in net income | 65 | (16) | 49 | ||
Total unrealized gains on available-for-sale securities, net of hedges | 130 | (33) | 97 | ||
Unrealized gains on cash flow hedges during the period | 99 | (24) | 75 | ||
Reclassification adjustment for cash flow hedges included in net income | 11 | (3) | 8 | ||
Net change related to cash flow hedges on loans | 110 | (27) | 83 | ||
Translation adjustments, net of hedges (1) | 8 | (2) | 6 | ||
Change in accumulated unrealized gains for pension and other post-retirement obligations | 1 | — | 1 | ||
Other comprehensive income | $249 | $(62) | $187 | ||
Six months ended June 30, 2026 | |||||
Unrealized losses on available-for-sale securities arising during the period, net of hedges | $(125) | $30 | $(95) | ||
Reclassification adjustment for realized net gains included in net income | (22) | 5 | (17) | ||
Total unrealized losses on available-for-sale securities, net of hedges | (147) | 35 | (112) | ||
Unrealized losses on cash flow hedges during the period | (264) | 62 | (202) | ||
Reclassification adjustment for cash flow hedges included in net income | 10 | (2) | 8 | ||
Net change related to cash flow hedges on loans | (254) | 60 | (194) | ||
Translation adjustments, net of hedges (1) | (3) | 2 | (1) | ||
Change in accumulated unrealized gains for pension and other post-retirement obligations | 4 | (2) | 2 | ||
Other comprehensive loss | $(400) | $95 | $(305) | ||
Six months ended June 30, 2025 | |||||
Unrealized gains on available-for-sale securities arising during the period, net of hedges | $394 | $(93) | $301 | ||
Reclassification adjustment for realized net losses included in net income | 67 | (16) | 51 | ||
Total unrealized gains on available-for-sale securities, net of hedges | 461 | (109) | 352 | ||
Unrealized gains on cash flow hedges during the period | 301 | (71) | 230 | ||
Reclassification adjustment for cash flow hedges included in net income | 39 | (9) | 30 | ||
Net change related to cash flow hedges on loans | 340 | (80) | 260 | ||
Translation adjustments, net of hedges (1) | 9 | (2) | 7 | ||
Change in accumulated unrealized gains for pension and other post-retirement obligations | 1 | — | 1 | ||
Other comprehensive income | $811 | $(191) | $620 |
(dollar amounts in millions) | Unrealized gains (losses) on available-for-sale securities, net of hedges (1) | Net change related to cash flow hedges on loans | Translation adjustments, net of hedges | Unrealized losses for pension and other post- retirement obligations | Total | ||||
Three months ended June 30, 2026 | |||||||||
Balance, beginning of period | $(1,814) | $(49) | $(4) | $(192) | $(2,059) | ||||
Other comprehensive (loss) income before reclassifications | (38) | (121) | (1) | 1 | (159) | ||||
Amounts reclassified from AOCI to earnings | 2 | 3 | — | — | 5 | ||||
Period change | (36) | (118) | (1) | 1 | (154) | ||||
Balance, end of period | $(1,850) | $(167) | $(5) | $(191) | $(2,213) | ||||
Three months ended June 30, 2025 | |||||||||
Balance, beginning of period | $(2,110) | $(90) | $(11) | $(222) | $(2,433) | ||||
Other comprehensive income before reclassifications | 48 | 75 | 6 | 1 | 130 | ||||
Amounts reclassified from AOCI to earnings | 49 | 8 | — | — | 57 | ||||
Period change | 97 | 83 | 6 | 1 | 187 | ||||
Balance, end of period | $(2,013) | $(7) | $(5) | $(221) | $(2,246) | ||||
Six months ended June 30, 2026 | |||||||||
Balance, beginning of period | $(1,738) | $27 | $(4) | $(193) | $(1,908) | ||||
Other comprehensive (loss) income before reclassifications | (95) | (202) | (1) | 2 | (296) | ||||
Amounts reclassified from AOCI to earnings | (17) | 8 | — | — | (9) | ||||
Period change | (112) | (194) | (1) | 2 | (305) | ||||
Balance, end of period | $(1,850) | $(167) | $(5) | $(191) | $(2,213) | ||||
Six months ended June 30, 2025 | |||||||||
Balance, beginning of period | $(2,365) | $(267) | $(12) | $(222) | $(2,866) | ||||
Other comprehensive income before reclassifications | 301 | 230 | 7 | 1 | 539 | ||||
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) |
(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 | $2,731 | |||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(amounts in millions, except per share data) | June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | ||||||||||||
Cash Dividend Declared Per Share | Cash Dividend Declared Per Share | Cash Dividend Declared Per Share | Cash Dividend Declared Per Share | |||||||||||||
Preferred Series | Amount | Amount | Amount | Amount ($) | ||||||||||||
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 | ||||||||||||
(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 |
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 | ||||
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 | ||||
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 | — | — | — | |||||
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) | ||||||||
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) | ||||
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% | |||||||||||||
(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 |
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 | ||||
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 | |||||
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 | ||||||
(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 |
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) | |||
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 | |||
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 | |||
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 June 30, 2026 | $978 | $(238) | $740 | $(256) | $(199) | $285 | |||||
At December 31, 2025 | 519 | (169) | 350 | (120) | (15) | 215 | |||||
(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 |
(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 |
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 | |||
(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 |
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 | |||
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 | |||
(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 |
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: | 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) | |||
| Date: | July 28, 2026 | |||||||||||||
| /s/ | Stephen D. Steinour | |||||||||||||
| Stephen D. Steinour | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| Date: | July 28, 2026 | |||||||||||||
| /s/ | Zachary Wasserman | |||||||||||||
| Zachary Wasserman | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| /s/ | Stephen D. Steinour | |||||||
| Stephen D. Steinour | ||||||||
| Chief Executive Officer | ||||||||
| July 28, 2026 | ||||||||
/s/ | Zachary Wasserman | |||||||
| Zachary Wasserman | ||||||||
| Chief Financial Officer | ||||||||
| July 28, 2026 | ||||||||