HUNTINGTON BANCSHARES INC MD

For the period ended Dec 31, 2023. Filed Feb 16, 2024.

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FY2023 · Filed Feb 16, 2024

HBANL$24.77+0.9%Stored close · as of Nov 6, 2026

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Contents

Accounting Standards Update

ACCOUNTING STANDARDS UPDATE

Accounting standards adopted in the current period

Standard	Summary of guidance	Effects on financial Statements
ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage DisclosuresIssued March 2022	•The amendments in this update eliminate TDR accounting while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross charge-offs by year of origination for financing receivables and net investments in leases.	•Management adopted the guidance during the first quarter of 2023. •The ASU has been applied prospectively, except the portion of the standard related to the recognition and measurement of TDRs where we elected to use a modified retrospective transition method. •The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements.

Accounting standards yet to be adopted

Standard	Summary of guidance	Effects on financial statements
ASU 2023-02 - Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method Issued: March 2023	•Permits the election of the proportional amortization method for any tax equity investment that meets specific criteria. •Requires that the election be made on a tax-credit-program-by-tax-credit-program basis. •Receipt of tax credits must be accounted for using the flow through method. •Requires that a liability be recorded for delayed equity contributions. •Expands disclosure requirements for the nature of investments and financial statement effect.	•Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. •Huntington adopted the standard effective January 1, 2024. on a modified retrospective basis.•Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.
ASU 2023-07 - Segment Reporting (Topic 280): Improvement to Reportable Segments	•Requires disclosure of the position and title of the CODM and significant segment expenses that the CODM is regularly provided. •Requires the disclosure of other segment items representing the difference between segment revenue and expense and the profit and loss measure of the segment. •Allows for the CODM to use more than one measure of segment profit and loss, as long as one measure is consistent with GAAP.	•Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.•Early adoption is permitted.•The amendments are to be applied retrospectively to all periods presented and segment expense categories should be based on the categories identified at adoption. •Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.
ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures	•Requires a tabular rate reconciliation using both percentages and reporting currency amounts between the reported amount of income tax expense (or benefit) to the amount of statutory federal income tax at current rates for specified categories using specified disaggregation criteria.•The amount of net income taxes paid for federal, state, and foreign taxes, as well as the amount paid to any jurisdiction that net taxes exceed a 5% quantitative threshold. •The amendments will require the disclosure of pre-tax income disaggregated between domestic and foreign, as well as income tax expense disaggregated by federal, state, and foreign. •The amendment also eliminates certain disclosures related to unrecognized tax benefits and certain temporary differences.	•Effective for fiscal years beginning after December 15, 2024.•Early adoption is permitted in any annual period where financial statements have not yet been issued.•The amendments should be applied on a prospective basis but retrospective application is permitted.•Huntington does not expect adoption of the standard to have a material impact on its Consolidated Financial Statements.

2023 Form 10-K 106

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