HUNTINGTON BANCSHARES INC MD

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

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 16, 2024

HBANL$24.80+0.1%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 8. Consolidated Financial Statements

Consolidated Balance Sheets

	At December 31,
(dollar amounts in millions)	2023	2022
Assets
Cash and due from banks	$1,558	$1,796
Interest-earning deposits with banks	8,765	5,122
Trading account securities	125	19
Available-for-sale securities	25,305	23,423
Held-to-maturity securities	15,750	17,052
Other securities	725	854
Loans held for sale (includes $506 and $520 respectively, measured at fair value)(1)	516	529
Loans and leases (includes $174 and $185 respectively, measured at fair value)(1)	121,982	119,523
Allowance for loan and lease losses	(2,255)	(2,121)
Net loans and leases	119,727	117,402
Bank owned life insurance	2,759	2,753
Accrued income and other receivables	1,646	1,573
Premises and equipment	1,109	1,156
Goodwill	5,561	5,571
Servicing rights and other intangible assets	672	712
Other assets	5,150	4,944
Total assets	$189,368	$182,906
Liabilities and shareholders’ equity
Liabilities
Deposits:
Demand deposits—noninterest-bearing	$30,967	$38,242
Interest-bearing	120,263	109,672
Total deposits	151,230	147,914
Short-term borrowings	620	2,027
Long-term debt	12,394	9,686
Other liabilities	5,726	5,510
Total liabilities	169,970	165,137
Commitments and Contingent Liabilities (Note 22)
Shareholders’ equity
Preferred stock	2,394	2,167
Common stock	15	14
Capital surplus	15,389	15,309
Less treasury shares, at cost	(91)	(80)
Accumulated other comprehensive income (loss)	(2,676)	(3,098)
Retained earnings	4,322	3,419
Total Huntington Bancshares Inc shareholders’ equity	19,353	17,731
Non-controlling interest	45	38
Total equity	19,398	17,769
Total liabilities and shareholders’ equity	$189,368	$182,906
Common shares authorized (par value of $0.01)	2,250,000,000	2,250,000,000
Common shares outstanding	1,448,319,953	1,443,068,036
Treasury shares outstanding	7,403,008	6,322,052
Preferred stock, authorized shares	6,617,808	6,617,808
Preferred shares outstanding	881,587	557,500

(1)Amounts represent loans for which Huntington has elected the fair value option. See Note 19 - “Fair Values of Assets and Liabilities.”

92 Huntington Bancshares Incorporated

Consolidated Statements of Income

	Year Ended December 31,
(dollar amounts in millions, except per share data, share amounts in thousands)	2023	2022	2021
Interest and fee income:
Loans and leases	$6,811	$4,816	$3,636
Available-for-sale securities
Taxable	1,016	576	261
Tax-exempt	104	74	56
Held-to-maturity securities-taxable	401	351	174
Other securities-taxable	53	27	10
Other interest income	531	125	54
Total interest income	8,916	5,969	4,191
Interest expense
Deposits	2,497	363	45
Short-term borrowings	179	46	1
Long-term debt	801	287	43
Total interest expense	3,477	696	89
Net interest income	5,439	5,273	4,102
Provision for credit losses	402	289	25
Net interest income after provision for credit losses	5,037	4,984	4,077
Payments and cash management revenue	585	561	501
Wealth and asset management revenue	328	300	269
Customer deposit and loan fees	312	350	310
Capital markets and advisory fees	248	265	156
Leasing revenue	112	126	99
Mortgage banking income	109	144	309
Insurance income	74	79	82
Bank owned life insurance income	66	56	69
Gain on sale of loans	14	57	9
Net gains (losses) on sales of securities	(7)	—	9
Other noninterest income	80	43	76
Total noninterest income	1,921	1,981	1,889
Personnel costs	2,529	2,401	2,335
Outside data processing and other services	605	610	850
Deposit and other insurance expense	302	67	51
Equipment	263	269	248
Net occupancy	246	246	277
Marketing	115	91	89
Professional services	99	77	113
Amortization of intangibles	50	53	48
Lease financing equipment depreciation	27	45	41
Other noninterest expense	338	342	323
Total noninterest expense	4,574	4,201	4,375
Income before income taxes	2,384	2,764	1,591
Provision for income taxes	413	515	294
Income after income taxes	1,971	2,249	1,297
Income attributable to non-controlling interest	20	11	2
Net income attributable to Huntington Bancshares Inc	1,951	2,238	1,295
Dividends on preferred shares	142	113	131
Impact of preferred stock redemption	(8)	—	11
Net income applicable to common shares	$1,817	$2,125	$1,153
Average common shares—basic	1,446,449	1,441,279	1,262,435
Average common shares—diluted	1,468,016	1,465,220	1,286,733
Per common share:
Net income—basic	$1.26	$1.47	$0.91
Net income—diluted	1.24	1.45	0.90

2023 Form 10-K 93

Consolidated Statements of Comprehensive Income

	Year Ended December 31,
(dollar amounts in millions)	2023	2022	2021
Net income attributable to Huntington Bancshares Inc	$1,951	$2,238	$1,295
Other comprehensive income, net of tax:
Unrealized (losses) gains on available-for-sale securities, net of hedges	154	(2,184)	(254)
Net change related to cash flow hedges on loans	269	(695)	(192)
Translations adjustments, net of hedges	2	(5)	(3)
Change in accumulated unrealized gains for pension and other post-retirement obligations	(3)	15	28
Other comprehensive income (loss), net of tax	422	(2,869)	(421)
Comprehensive (loss) income attributable to Huntington Bancshares	2,373	(631)	874
Comprehensive income attributed to non-controlling interest	20	11	2
Comprehensive income (loss)	$2,393	$(620)	$876

94 Huntington Bancshares Incorporated

Consolidated Statements of Changes in Shareholders’ Equity

Preferred Stock · Common Stock · AOCI · Non-controlling
(dollar amounts in millions, except per share data, share amounts in thousands) · Capital · Treasury Stock · Retained · Total
Amount · Shares · Amount · Surplus · Shares · Amount · Earnings · Total · Interest · Equity
Balance, beginning of year	$2,167		1,449,390		$14			$15,309	(6,322)			$(80)			$(3,098)			$3,419			$17,731			$38	$17,769
Net income											1,951			1,951			20			1,971
Other comprehensive income, net of tax									422					422					422
Net proceeds from issuance of Series J Preferred Stock	317													317					317
Repurchase of preferred stock	(90)					—							8			(82)					(82)
Cash dividends declared:
Common ($0.62 per share)											(911)			(911)					(911)
Preferred											(142)			(142)					(142)
Recognition of the fair value of share-based compensation					97									97					97
Other share-based compensation activity		6,333		1			(17)							(3)			(19)					(19)
Other					—			(1,081)	(11)							(11)			(13)			(24)
Balance, end of year	$2,394		1,455,723		$15			$15,389	(7,403)			$(91)			$(2,676)			$4,322			$19,353			$45	$19,398
Balance, beginning of year	$2,167		1,444,040		$14			$15,222	(6,298)			$(79)			$(229)			$2,202			$19,297			$21	$19,318
Net income											2,238			2,238			11			2,249
Other comprehensive (loss) income, net of tax									(2,869)					(2,869)					(2,869)
Cash dividends declared:
Common ($0.62 per share)											(908)			(908)					(908)
Preferred											(113)			(113)					(113)
Recognition of the fair value of share-based compensation					105									105					105
Other share-based compensation activity		5,350				(19)									(19)					(19)
Other					1			(24)	(1)							—			6			6
Balance, end of year	$2,167		1,449,390		$14			$15,309	(6,322)			$(80)			$(3,098)			$3,419			$17,731			$38	$17,769
Balance, beginning of year	$2,191		1,022,258		$10			$8,781	(5,062)			$(59)			$192			$1,878			$12,993			$—	$12,993
Net income											1,295			1,295			2			1,297
Other comprehensive (loss) income, net of tax									(421)					(421)					(421)
TCF Financial Corp Acquisition:
Issuance of common stock		458,171		5			6,993			(37)							6,961					6,961
Issuance of Series I Preferred Stock	175					10									185					185
Non-controlling interest acquired													—			22			22
Net proceeds from issuance of Series H Preferred Stock	486													486					486
Redemption of preferred stock	(685)					(4)							(11)			(700)					(700)
Repurchases of common stock		(43,139)		—			(650)									(650)					(650)
Cash dividends declared:
Common ($0.605 per share)											(826)			(826)					(826)
Preferred											(131)			(131)					(131)
Recognition of the fair value of share-based compensation					129									129					129
Other share-based compensation activity		6,750		(1)			(37)							—			(38)					(38)
Other					—			(1,236)	17					(3)			14			$(3)			11
Balance, end of year	$2,167		1,444,040		$14			$15,222	(6,298)			$(79)			$(229)			$2,202			$19,297			$21	$19,318

2023 Form 10-K 95

Consolidated Statements of Cash Flows

	Year Ended December 31,
(dollar amounts in millions)	2023	2022	2021
Operating activities
Net income	$1,971	$2,249	$1,297
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	402	289	25
Depreciation and amortization	798	484	391
Share-based compensation expense	97	105	129
Deferred income tax expense (benefit)	(302)	319	(76)
Net change in:
Trading account securities	(106)	27	16
Loans held for sale	(83)	675	(56)
Other assets	(491)	(1,156)	366
Other liabilities	341	1,024	27
Other, net	30	11	(57)
Net cash provided by operating activities	2,657	4,027	2,062
Investing activities
Change in interest bearing deposits in banks	23	332	716
Net cash (paid) received from business acquisition	—	(223)	466
Proceeds from:
Maturities and calls of available-for-sale securities	2,689	4,053	7,275
Maturities and calls of held-to-maturity securities	1,523	2,803	4,151
Maturities and calls of other securities	615	832	—
Sales of available-for-sale securities	767	—	5,892
Sales of other securities	144	41	98
Purchases of available-for-sale securities	(4,965)	(7,107)	(19,936)
Purchases of held-to-maturity securities	(256)	(3,229)	(4,777)
Purchases of other securities	(630)	(1,080)	(126)
Net proceeds from sales of portfolio loans and leases	450	995	517
Principal payments received under direct finance and sales-type leases	1,891	1,882	1,055
Purchases of loans and leases	(71)	(610)	(1,197)
Net loan and lease activity, excluding sales and purchases	(5,108)	(10,169)	3,303
Purchases of premises and equipment	(140)	(214)	(247)
Net accrued income and other receivables activity	(17)	(66)	(653)
Net cash paid for branch disposition	—	—	(618)
Other, net	88	151	119
Net cash used in investing activities	(2,997)	(11,609)	(3,962)
Financing activities
Increase in deposits	3,316	4,651	6,501
Increase (decrease) in short-term borrowings	(1,295)	2,161	(1,245)
Net proceeds from issuance of long-term debt	14,965	11,004	775
Maturity/redemption of long-term debt	(12,376)	(8,017)	(3,404)
Dividends paid on preferred stock	(134)	(113)	(138)
Dividends paid on common stock	(900)	(897)	(750)
Repurchases of common stock	—	—	(650)
Repurchase/redemption of preferred stock	(82)	—	(700)
Net proceeds from issuance of preferred stock	317	—	486
Other, net	(46)	(25)	(48)
Net cash provided by financing activities	3,765	8,764	827
Increase (decrease) in cash and cash equivalents	3,425	1,182	(1,073)
Cash and cash equivalents at beginning of period (1)	6,704	5,522	6,595
Cash and cash equivalents at end of period (1)	$10,129	$6,704	$5,522

	Year Ended December 31,
(dollar amounts in millions)	2023	2022	2021
Supplemental disclosures:
Interest paid	$3,359	$627	$185
Income taxes (refunded) paid	90	(109)	269
Non-cash activities
Loans transferred to held-for-sale from portfolio	439	748	872
Loans transferred to portfolio from held-for-sale	22	126	102
Transfer of securities from available-for-sale to held-to-maturity	—	4,225	3,007
Business Combination (2)

(1)Includes cash and due from banks and interest-earning deposits at the Federal Reserve Bank, included within Interest-earning deposits with banks on our Consolidated Balance Sheets.

(2) In the year ended 2021, the TCF acquisition included fair value of tangible assets acquired of $46.3 billion, goodwill and other intangible assets of $3.5 billion, liabilities assumed $42.6 billion, preferred stock of $185 million, and common stock of $7.0 billion.

2023 Form 10-K 96

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.