HUNTINGTON BANCSHARES INC /MD/
For the period ended Mar 31, 2026. Filed Apr 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 30, 2026
HBANL$24.77+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-28.
0000049196-25-000079
IntroductionExecutive OverviewDiscussion of Results of OperationsRisk Management:Credit RiskMarket RiskLiquidity RiskOperational RiskCompliance RiskCapitalBusiness Segment DiscussionAdditional DisclosuresCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-30.
0000049196-26-000043
IntroductionExecutive OverviewDiscussion of Results of OperationsRisk Management:Credit RiskMarket RiskLiquidity RiskOperational RiskCompliance RiskCapitalBusiness Segment DiscussionAdditional DisclosuresNon-GAAP Financial MeasuresThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 290 previous paragraphs and 988 current paragraphs.
103 unchanged; 132 reworded; 325 added; 50 removed; 5 previous and 428 current paragraphs rearranged.
Tables are not compared: 25 previous and 25 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (325)
Current report
and services. As of March 31, 2026, we operated over 1,400 branches in 21 states, with our Commercial and Vehicle
Current report
Effective February 1, 2026, Huntington completed the acquisition of Cadence Bank (“Cadence”), a regional bank
Current report
to the conversion of certain Cadence equity awards into Huntington equity awards. Further, each outstanding share
Current report
Preferred Stock of Huntington. Consideration from the transaction totaled$8.3 billion.
Current report
Historical periods reflect results of legacy Huntington operations. Subsequent to the closing of each respective
Current report
acquisition, results reflect combined post-acquisition activity. For further information on the Veritex and Cadence
Current report
acquisitions, refer to Note 3 - “Business Combinations” of the Notes to Unaudited Consolidated Financial
Current report
(2)Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% tax rate.
Current report
For thefirst quarter of 2026, we reported net income attributable to Huntington of$523 million, or$0.25 per
Current report
Thefirst quarter of 2026 reported net income was impacted by$263 million, or$210 million after tax, of acquisition-
Current report
related expenses and$8 million, or$6 million after tax, of CECL initial provision expense related to the Cadence
Current report
acquisition, which reduced diluted earnings by$0.12 per common share.
Current report
Net interest income was$1.9 billion for thefirst quarter of 2026, anincrease of$465 million, or 33%, from the
Current report
year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $469 million, or 33%, from the
Current report
year-ago quarter. Theincrease in FTE net interest income primarily reflected a$50.7 billion, or 27%, increase in
Current report
average earning assets and a 14 basis point increase in the FTE NIM to 3.24%, partially offset by a$40.1 billion, or
Current report
27%, increase in average interest-bearing liabilities. The increases in average earning assets and interest-bearing
Current report
liabilities were attributable to a combination of the Cadence and Veritex acquisitions, as well as organic growth. The
Current report
The provision for credit losses increased $43 million, or 37%, from the year-ago quarter to$158 million in the
Current report
first quarter of 2026. The ACLincreased $890 million from the year-ago quarter to$3.4 billion, or 1.78% of total
Current report
loans and leases, in thefirst quarter of 2026, compared to$2.5 billion, or 1.87% of total loans and leases, for the
Current report
year-ago quarter. Theincrease in the ACL was driven by the ACL recorded for loans acquired in the Cadence and
Current report
Veritex transactions, in addition to loan and lease growth, partially offset by a decrease in the overall ACL coverage
Current report
Noninterest income, inclusive of the impact from the Cadence and Veritex acquisitions, was$682 million, an
Current report
increase of$188 million, or 38%, from the year-ago quarter. The increase in noninterest income was driven by
Current report
increases across all major noninterest income categories. Noninterest expense, inclusive of the impact from the
Current report
Cadence and Veritex acquisitions, was$1.8 billion, anincrease of$622 million, or 54%, from the year-ago quarter.
Current report
The increase in noninterest expense was primarily due to$263 million of acquisition-related expenses, in addition to
Current report
Total assets at March 31, 2026 were$285.4 billion, anincrease of$60.3 billion, or 27%, compared to
Current report
December 31, 2025. Theincrease in total assets was primarily driven by$51.3 billion of assets acquired as a result of
Current report
the completion of the Cadence acquisition, an increase in interest-earning deposits with banks, goodwill resulting
Current report
from the Cadence acquisition, and organic loan growth. Total liabilities at March 31, 2026 were$252.8 billion, an
Current report
increase of$52.1 billion, or 26%, compared to December 31, 2025. Theincrease in total liabilities was primarily
Showing the first 40 of 325 passages. Open the source sections for the rest.
Removed paragraphs (50)
Previous report
During the fourth quarter of 2024, we updated the presentation of our reported deposit categories to align more closely with how we strategically manage our business. As a result, we now report our deposit composition in the following categories: (1) demand deposits - noninterest bearing, (2) demand deposits - interest bearing, (3) money market, (4) savings, and (5) time deposits. Prior period results have been adjusted to conform to the current presentation.
Previous report
The provision for credit losses increased $16 million, or 15%, from the year-ago quarter to $122 million in the third quarter of 2025. The ACL increased $126 million from the year-ago quarter to $2.6 billion, or 1.86% of total loans and leases, in the third quarter of 2025, compared to $2.4 billion, or 1.93% of total loans and leases, for the year-ago quarter.
Previous report
Total assets at September 30, 2025 were $210.2 billion, an increase of $6.0 billion, or 3%, compared to December 31, 2024. The increase in total assets was primarily driven by increases in loans and leases of $7.9 billion, or 6%, partially offset by a decrease in investment securities of $1.9 billion, or 4%. Total liabilities at September 30, 2025 were $187.9 billion, an increase of $3.5 billion, or 2%, compared to December 31, 2024. The increase in total liabilities was primarily driven by increases in total deposits of $2.8 billion, or 2%, and long-term debt of $941 million, or 6%.
Previous report
Despite persistent elevated levels of uncertainty, the market has demonstrated considerable resilience. Broad-based equity indices have been trading in proximity to record highs, while corporate credit spreads are near historically narrow levels. Tariffs continue to serve as a dynamic variable, with the potential to influence both the financial markets and the broader economic landscape.
Previous report
At its September 2025 meeting, the Federal Reserve enacted a 25 basis point reduction in the federal funds rate, marking the first such adjustment since December 2024. Although inflation remains above the Federal Reserve’s stated 2% target and is not anticipated to fall below that threshold until 2028, the central bank cited a weakening labor market as a key reason for adopting a less restrictive monetary position.
Previous report
Throughout 2025, the labor market has faced challenges, with the unemployment rate rising to 4.3%. The manufacturing sector, while experiencing mild contraction, has largely stabilized and is well-positioned to benefit from renewed investment and innovation. Meanwhile, the services sector continues to show slow and steady expansion, underscoring the economy’s underlying strength. Consumer spending has remained relatively robust, supported by strong demand, even as consumer debt and delinquency rates have increased. Collectively, these indicators suggest a transitional phase rather than a downturn, with many economists now anticipating a soft landing and a return to moderate GDP growth as fiscal and monetary policies begin to support renewed momentum.
Previous report
(1)FTE yields are calculated assuming a 21% tax rate.
Previous report
Average assets for the third quarter of 2025 were $209.7 billion, an increase of $11.4 billion, or 6%, from the third quarter of 2024, primarily due to an increase in average loans and leases of $11.4 billion, or 9%. The increase in average loans and leases was driven by growth in average commercial loans and leases of $8.5 billion, or 12%, and average consumer loans of $2.9 billion, or 5%.
Previous report
(1)FTE yields are calculated assuming a 21% tax rate.
Previous report
Net interest income for the first nine-month period of 2025 increased $449 million, or 11%, from the year-ago period. FTE net interest income, a non-GAAP financial measure, for the first nine-month period of 2025 increased $458 million, or 11%, from the year-ago period. The increase in FTE net interest income reflected a 12 basis point increase in the FTE NIM to 3.12% and a $12.8 billion, or 7%, increase in average total earning assets, partially offset by a $12.7 billion, or 9%, increase in interest-bearing liabilities. The higher NIM was driven by a lower cost of funds and an increase in average earning assets, partially offset by the decrease in yields on earning assets and an increase in average interest-bearing liabilities.
Previous report
Year-to-Date Average Balance Sheet
Previous report
Average assets for the first nine-month period of 2025 were $207.6 billion, an increase of $13.2 billion, or 7%, from the year-ago period, primarily due to increases in average loans and leases of $10.1 billion, or 8%, and total securities of $1.8 billion, or 4%. The increase in average loans and leases included growth in average commercial loans and leases of $7.0 billion, or 10%, and average consumer loans of $3.1 billion, or 6%.
Previous report
Average liabilities for the first nine-month period of 2025 increased $12.1 billion, or 7%, from the year-ago period, primarily due to increases in average deposits of $9.7 billion, or 6%, and in average total borrowings of $2.6 billion or 16%. Average deposits increased due to an increase in average interest-bearing deposits of $10.1 billion, or 8%, partially offset by a decrease in noninterest-bearing deposits of $377 million, or 1%. The increase in average interest-bearing deposits was primarily driven by increases in average money market deposits and demand deposits, partially offset by a decrease in time deposits. The increase in average total borrowings was driven by an increase in long-term FHLB advances, debt issuances, and auto loan securitization and CLN transactions used to support asset growth.
Previous report
The provision for credit losses for the third quarter of 2025 was $122 million, an increase of $16 million, or 15%, compared to the third quarter of 2024. The provision for credit losses for the first nine-month period of 2025 was $340 million, an increase of $27 million, or 9%, compared to the year-ago period. The increase in provision expense in the third quarter of 2025, compared to the third quarter of 2024, and the nine-month period ended September 30, 2025, compared to September 30, 2024, is reflective of loan growth, partially offset by lower reserve coverage.
Previous report
Noninterest income for the first nine-month period of 2025 increased $112 million, or 8%, from the year-ago period. Capital markets and advisory fees increased $38 million, or 18%, primarily due to higher syndication fees and commercial loan production related activities. Customer deposit and loan fees increased $37 million, or 15%, primarily reflecting higher loan commitment fees. Payments and cash management revenue increased $36 million, or 8%, reflecting higher merchant acquiring, commercial treasury management, and card transaction revenue. Wealth and asset management revenue increased $36 million, or 13%, reflecting higher trust and investment management account income. Other noninterest income increased $29 million, or 34%, primarily due to a $24 million gain on the sale of a portion of our trust and custody business. Partially offsetting these increases, net gains (losses) on sales of securities included $58 million of net loss on sale of securities as a result of corporate debt securities repositioning in the second quarter of 2025, and leasing revenue decreased $13 million, or 22%, driven by lower operating lease income.
Previous report
Noninterest expense for the third quarter of 2025 was $1.2 billion, an increase of $116 million, or 10%, from the year-ago quarter. Noninterest expense for the third quarter of 2025 included $14 million of Veritex acquisition-related expenses, primarily within professional services. Personnel costs increased $73 million, or 11%, primarily due to higher incentive compensation and salary expense. Outside data processing and other services increased $31 million, or 19%, primarily due to higher technology and data expense.
Previous report
Noninterest expense for the first nine-month period of 2025 increased $211 million, or 6%, from the year-ago period. Personnel costs increased $164 million, or 8%, primarily due to increases in incentive compensation and salary expense, partially offset by a decline in benefits expense. Outside data processing increased $52 million, or 10%, primarily due to higher technology and data expense. Partially offsetting these increases, deposit and other insurance expense decreased $28 million, or 30%, primarily due to a $6 million benefit, compared to $31 million of additional expense, attributable to the ongoing adjustments related to the FDIC DIF special assessment recognized in the first nine-month periods of 2025 and 2024, respectively.
Previous report
(1) Includes non-real estate secured commercial loans to REITs, which are classified in the C&I loan category.
Previous report
With declines in demand and property values of office space across the country, the office sector continues to be an area of uncertainty. Our office portfolio, which is predominantly suburban and multi-tenant loans, totaled $1.4 billion, or 1% of total loans and leases, as of September 30, 2025, compared to $1.6 billion, or 1% of total loans and leases, at December 31, 2024. We have established ACL reserves of approximately 11% for our CRE office portfolio at both September 30, 2025 and December 31, 2024. As of September 30, 2025, there was $15 million of outstanding balances in the office portfolio that were 30 or more days past due.
Previous report
Credit quality performance in the third quarter of 2025 reflected NCOs of $75 million, or 0.22% of average total loans and leases, annualized, a decrease of $18 million, compared to $93 million, or 0.30%, in the year-ago quarter. The decrease reflects an $18 million decrease in commercial NCOs to $36 million in the third quarter of 2025. NPAs decreased from December 31, 2024 by $1 million, which included a $28 million decrease in other NPAs, partially offset by increases in residential mortgage of $14 million and commercial real estate of $13 million.
Previous report
NCOs were an annualized 0.23% of average loans and leases for the first nine-month period of 2025, down from 0.30% in the year ago period largely due to net recoveries in commercial real estate loans in the current period. NCOs for the commercial loans and leases were lower, with annualized commercial loan and lease NCOs of 0.20% in the current period, compared to 0.32% in the year-ago period. Annualized consumer loan NCOs of 0.27% were consistent with the year-ago period.
Previous report
Cash and cash equivalents were $12.7 billion and $12.8 billion at September 30, 2025 and December 31, 2024, respectively.
Showing the first 40 of 50 passages. Open the source sections for the rest.
Reworded paragraphs (132)
Previous wording
We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking and financial services. These include, but are not limited to, payments, mortgage banking, direct and indirect consumer financing, investment banking, capital markets, advisory, equipment financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products and services. As of September 30, 2025, our 972 full-service branches and private client group offices are located in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Pennsylvania, South Carolina, West Virginia, and Wisconsin. We also maintain a local banking presence in Texas and conduct select financial services and other activities in other states.
Current wording
We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and
Previous wording
This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. This MD&A provides only material updates to the MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Annual Report on Form 10-K”), and therefore, should be read in conjunction with the 2024 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited Consolidated Financial Statements, and other information contained in this report.
Current wording
This MD&A provides information we believe necessary for understanding our financial condition, changes in
Previous wording
In this MD&A we refer to FTE net interest income and FTE total revenue. These financial measures are not required by, or calculated in accordance with GAAP and may not be calculated the same as similarly titled measures used by other companies. These financial measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For a further description of these non-GAAP financial measures, see the "Non-GAAP Financial Measures" section below.
Current wording
In this MD&A we refer to FTE net interest income and FTE total revenue. These financial measures are not
Previous wording
Effective October 20, 2025, Huntington completed its previously announced acquisition of Veritex Holdings, Inc. (“Veritex”), a bank holding company headquartered in Dallas, Texas, whereby Veritex merged with and into Huntington, with Huntington as the surviving entity. Upon completion of the merger, Huntington issued 107 million shares of its common stock to Veritex shareholders of record as of the merger date, in addition to 1 million shares issued upon the conversion of certain Veritex equity awards, resulting in total consideration from the transaction of approximately $1.7 billion. As of September 30, 2025, Veritex had $12.8 billion in assets, including $9.6 billion in loans, and $10.8 billion in deposits.
Current wording
Effective October 20, 2025, Huntington completed the acquisition of Veritex Holdings, Inc. (“Veritex”), a bank
Previous wording
On October 27, 2025, Huntington announced entry into a definitive merger agreement with The Huntington National Bank, Huntington’s wholly owned subsidiary bank, and Cadence Bank (“Cadence”), a regional bank headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence will merge with and into The Huntington National Bank, with The Huntington National Bank as the surviving bank. Under the terms of the agreement, Huntington will issue 2.475 shares for each outstanding share of Cadence in a 100% stock transaction. Based on Huntington’s closing price of $16.07 as of October 24, 2025, the consideration is valued at approximately $7.4 billion. Each outstanding share of 5.50% Series A Non-Cumulative Perpetual Preferred Stock of Cadence will be converted into the right to receive 1/1000 of a share of a newly created series of preferred stock of Huntington. As of September 30, 2025, Cadence had $53 billion in assets, including $37 billion in loans, and $44 billion in deposits. The merger is expected to close in the first quarter of 2026, subject to satisfaction of closing conditions, including receipt of customary required regulatory approvals and the approval of the definitive merger agreement by the Huntington and Cadence shareholders.
Current wording
headquartered in Houston, Texas and Tupelo, Mississippi, whereby Cadence merged with and into Huntington
Previous wording
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common shareholders’ equity. Average tangible common shareholders’ equity equals average total common shareholders’ equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred taxes and calculated assuming a 21% tax rate.
Current wording
(1)Net income applicable to common shares excluding expense for amortization of intangibles for the period divided by average tangible common
Previous wording
Summary of 2025 Third Quarter Results Compared to 2024 Third Quarter
Current wording
Summary of 2026 First Quarter Results Compared to 2025 First Quarter
Previous wording
For the third quarter of 2025, we reported net income of $629 million, or $0.41 per diluted common share, compared with $517 million, or $0.33 per diluted common share, in the year-ago quarter.
Current wording
diluted common share, compared with$527 million, or$0.34 per diluted common share, in the year-ago quarter.
Previous wording
Net interest income was $1.5 billion for the third quarter of 2025, an increase of $155 million, or 11%, from the year-ago quarter. FTE net interest income, a non-GAAP financial measure, increased $159 million, or 12%, from the year-ago quarter. The increase in FTE net interest income primarily reflected a 15 basis point increase in the FTE NIM to 3.13% and a $10.8 billion, or 6%, increase in average earning assets, partially offset by a $10.1 billion, or 7%, increase in average interest-bearing liabilities. The NIM increase was primarily due to a decrease in cost of funding, partially offset by a decrease in yields on earning assets and net hedging activity.
Current wording
NIM increase was primarily due to a decrease in funding costs, partially offset by a decrease in yields on earning
Previous wording
Noninterest income was $628 million, an increase of $105 million, or 20%, from the year-ago quarter, driven by a $24 million gain on the sale of a portion of our trust and custody business, included within other noninterest income, and increases in payments and cash management revenue, capital markets and advisory fees, customer deposit and loan fees, and wealth and asset management revenue. Noninterest expense was $1.2 billion, an increase of $116 million, or 10%, from the year-ago quarter, primarily due to higher personnel costs and outside data processing and other services, in addition to $14 million of Veritex acquisition-related expenses recognized during the current year quarter.
Current wording
higher personnel costs, outside data processing and other services, and amortization of intangibles.
Previous wording
The tangible common equity to tangible assets ratio increased to 6.8% at September 30, 2025, compared to 6.1% at December 31, 2024, primarily due to an increase in tangible common equity from year-to-date earnings, net of dividends, and an improvement in AOCI, partially offset by an increase in tangible assets. The CET1 risk-based capital ratio was 10.6% at September 30, 2025, compared to 10.5% at December 31, 2024, with an increase in regulatory capital from year-to-date earnings, net of dividends, partially offset by an increase in risk-weighted assets.
Current wording
share repurchases, and an increase in tangible assets. The CET1 risk-based capital ratiowas 10.2% at March 31,
Previous wording
•Differentiate our culture, brand, and customer experience through expanded product offerings to drive digital acquisition, deepening, and retention, and leveraging partnerships and technology to grow customers and market share;
Current wording
•Differentiate our culture, brand, and customer experience through expanded product offerings to
Previous wording
•Provide stability and resilience through disciplined risk management, while maintaining an aggregate moderate-to-low risk appetite.
Current wording
•Provide stability and resilience through disciplined risk management, while maintaining an aggregate
Previous wording
Our quarterly results reflect the strength of our differentiated operating model with growth investments and continued execution of our core strategies, including leveraging the strength of our balance sheet, highlighted by growth in loans and average deposits, continued expansion of our net interest income, and strong performance in fee revenue. Our credit continues to perform well, driven by our ongoing disciplined approach to managing credit quality consistent with our aggregate moderate-to-low risk appetite. Our approach of combining national expertise with local delivery has enabled us to accelerate organic growth across our core footprint and expand new markets and verticals, while remaining focused on delivering profitable growth and driving value for our shareholders. We believe Huntington is well positioned to outperform through a range of potential economic and interest rate scenarios.
Current wording
commercial verticals. Credit continues to perform well, consistent with our aggregate moderate-to-low risk appetite.
Previous wording
This section provides a review of financial performance on a consolidated basis. Key unaudited interim consolidated balance sheet and unaudited interim income statement trends are discussed. All earnings per share data are reported on a diluted basis. For additional insight on financial performance, please read this section in conjunction with the “Business Segment Discussion.”
Current wording
This section provides a review of financial performance on a consolidated basis. Key unaudited interim
Previous wording
(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include the impact of applicable non-deferrable and amortized fees.
Current wording
(2)Yield/rates include the impact of applicable derivatives. Loan and lease and deposit average yield/rates also include the impact of applicable non-
Previous wording
Net interest income for the third quarter of 2025 increased $155 million, or 11%, from the third quarter of 2024. FTE net interest income, a non-GAAP financial measure, for the third quarter of 2025 increased $159 million, or 12%, from the third quarter of 2024. The increase in FTE net interest income primarily reflected a 15 basis point increase in the FTE NIM to 3.13% and a $10.8 billion, or 6%, increase in average earning assets, partially offset by a $10.1 billion, or 7%, increase in average interest-bearing liabilities. The higher NIM was driven by lower cost of funds, partially offset by a decrease in yields on earning assets and net hedging activity.
Current wording
lower cost of funds, partially offset by lower yields on earning assets.
Previous wording
Average liabilities for the third quarter of 2025 increased $10.2 billion, or 6%, from the third quarter of 2024, primarily due to increases in average deposits of $8.3 billion, or 5%, and in average total borrowings of $2.0 billion, or 12%. The increase in average deposits included an increase in average interest-bearing deposits of $8.1 billion, or 6%, and an increase in noninterest-bearing deposits of $208 million, or 1%. The increase in average interest-bearing deposits was primarily due to increases in average money market and interest-bearing demand deposits, partially offset by a decrease in average time deposits. The increase in average total borrowings was driven by holding company and bank debt issuances and CLN transactions over the last year.
Current wording
interest-bearing deposits was primarily due to increases in average money market, interest-bearing demand and
Previous wording
Noninterest income for the third quarter of 2025 was $628 million, an increase of $105 million, or 20%, from the year-ago quarter. Other noninterest income increased $35 million, or 106%, primarily due to a $24 million gain on the sale of a portion of our trust and custody business. Payments and cash management revenue increased $16 million, or 10%, driven by higher merchant acquiring and cash management revenue. Capital markets and advisory fees increased $16 million, or 21%, primarily due to higher syndication and advisory fees. Customer deposit and loan fees increased $16 million, or 19%, primarily due to higher loan commitment fees. Wealth and asset management revenue increased $11 million, or 12%, primarily due to higher trust and investment management income.
Current wording
asset management revenue increased $19 million, or 19%, primarily due to higher investment management and
Previous wording
The provision for income taxes in the third quarter of 2025 was $133 million, compared to $116 million in the third quarter of 2024. The provision for income taxes for the nine-month periods ended September 30, 2025 and September 30, 2024 was $351 million and $308 million, respectively. All periods included the benefits from general business credits, tax-exempt income, tax-exempt bank-owned life insurance income, and investments in qualified affordable housing projects. The effective tax rates for the third quarter of 2025 and third quarter of 2024 were 17.4% and 18.2%, respectively. The effective tax rates for the nine-month periods ended September 30, 2025 and September 30, 2024 were 17.0% and 17.8%, respectively. The decrease in the effective tax rate in the third quarter of 2025, compared to the third quarter of 2024, and the nine-month period ended September 30, 2025, compared to the nine-month period ended September 30, 2024, related primarily to increased benefits from general business credit and the benefits of capital losses recognized.
Current wording
first quarter of 2025. Both periods included the benefits from general business credits, tax-exempt income, tax-
Previous wording
The net federal deferred tax asset was $712 million, and the net state deferred tax asset was $107 million at September 30, 2025.
Current wording
The net federal deferred tax asset was$1.1 billion, and the net state deferred tax asset was$118 million at
Previous wording
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax audits have been completed for tax years through 2019. The 2020-2024 tax years remain open under the statute of limitations. Also, with few exceptions, the Company is no longer subject to state, city, or foreign income tax examinations for tax years before 2020.
Current wording
We file income tax returns with the IRS and various state, city, and foreign jurisdictions. Federal income tax
Previous wording
Our Risk Governance Framework and Risk Appetite Statement are foundational to our risk management program. Risk Governance Framework defines the three lines of defense structure, roles, responsibilities, and requirements. The Risk Appetite Statement is approved by our Board and defines the level and types of risks we are willing to assume to achieve our corporate objectives through defined risk limits for the seven key risk categories to which we are exposed: credit, market, liquidity, operational, compliance, strategic, and reputation. More information on our risk management can be found in Item 1A Risk Factors, the Risk Factors section included in Item 1A of our 2024 Annual Report on Form 10-K, and subsequent filings with the SEC. Our definition, philosophy, and approach to risk management have not materially changed from the discussion presented in the 2024 Annual Report on Form 10-K.
Current wording
Our Risk Governance Framework and Risk Appetite Statement are foundational to the risk management
Previous wording
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial obligation. The majority of our credit risk is associated with lending activities, as the acceptance and management of credit risk is central to profitable lending. A number of other products expose the Company to credit risk, including investment securities and derivatives. The credit exposure of our derivatives is limited to the aggregate sum of net asset values with counterparties in which we are in a net asset position. Potential credit losses are mitigated by derivatives through central clearing parties, careful evaluation of counterparty credit standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and other contract provisions.
Current wording
Credit risk is the risk of financial loss if a counterparty is not able to meet the agreed upon terms of the financial
Previous wording
We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to the traditional credit risk mitigation strategies of credit policies and processes, market risk management activities, and portfolio diversification, we use quantitative measurement capabilities that utilize external data sources, enhanced modeling technology, and internal stress testing processes. Our disciplined portfolio management processes are central to our commitment to maintaining an aggregate moderate-to-low risk appetite. In our efforts to identify risk mitigation techniques, we have focused on product design features, origination policies, and solutions for delinquent or stressed borrowers.
Current wording
We focus on the early identification, monitoring, and management of all aspects of our credit risk. In addition to
Previous wording
Refer to the “Loan and Lease Credit Exposure Mix” section of our 2024 Annual Report on Form 10-K for a description of each portfolio segment.
Current wording
Refer to the “Loan and Lease Credit Exposure Mix” section of our 2025 Annual Report on Form 10-K for a
Previous wording
At September 30, 2025, our loans and leases totaled $138.0 billion, representing a $7.9 billion, or 6%, increase compared to $130.0 billion at December 31, 2024.
Current wording
At March 31, 2026, our loans and leases totaled$188.8 billion, representing a$39.2 billion, or 26%, increase
Previous wording
Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall credit exposure and portfolio composition via a credit concentration policy. The policy designates specific loan types, collateral types, and loan structures to be formally tracked and assigned maximum exposure limits as a percentage of capital. Commercial lending by NAICS categories, specific limits for CRE project types, loans secured by residential real estate, large dollar exposures, and designated high risk loan categories represent examples of specifically tracked components of our concentration management process. As of September 30, 2025, there were no identified concentrations that exceed the assigned exposure limit. Our concentration management policy is approved by the ROC and is used to ensure a high quality, well-diversified portfolio that is consistent with our overall objective of maintaining an aggregate moderate-to-low risk appetite. Changes to existing concentration limits and incorporating specific information relating to the potential impact on the overall portfolio composition and performance metrics require the approval of the ROC prior to implementation.
Current wording
Our loan and lease portfolio is a managed mix of consumer and commercial credits. We manage the overall
Previous wording
The table below provides our total loan and lease portfolio segregated by industry type. The changes in the industry composition from December 31, 2024 are consistent with the portfolio growth metrics.
Current wording
The table below provides our total loan and lease portfolio segregated by industry type. The changes in the
Previous wording
(2) Amounts include $4.1 billion and $4.2 billion of auto dealer services loans at September 30, 2025 and December 31, 2024, respectively.
Current wording
(1)Amounts include$4.4 billion and$4.3 billion of auto dealer services loans at March 31, 2026 and December 31, 2025, respectively.
Previous wording
(1) Geographic location based on location of underlying collateral.
Current wording
(1)Geographic location based on location of underlying collateral.
Previous wording
Our CRE portfolio totaled $10.7 billion at September 30, 2025, a decrease of $346 million, or 3%, compared to December 31, 2024. The CRE portfolio had an associated allowance coverage of 3.9% and 4.3% at September 30, 2025 and December 31, 2024, respectively.
Current wording
The CRE portfolio had an associated allowance coverage of 3.4% and 3.7% at March 31, 2026 and December 31,
Previous wording
(This section should be read in conjunction with Note 5 - “Loans and Leases” and Note 6 - “Allowance for Credit Losses” of the Notes to Unaudited Consolidated Financial Statements.)
Current wording
(This section should be read in conjunction with Note 5 - “Loans and Leases” and Note 6 - “Allowance for Credit
Previous wording
We believe the most meaningful way to assess overall credit quality performance is through an analysis of specific performance ratios. This approach forms the basis of the discussion in the sections immediately following: NALs and NPAs, ACL, and NCOs. In addition, we utilize delinquency rates, risk distribution and migration patterns, product segmentation, and origination trends in the analysis of our credit quality performance.
Current wording
We believe the most meaningful way to assess overall credit quality performance is through an analysis of
Previous wording
(1) Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
Current wording
(1)Other nonperforming assets include certain impaired investment securities and/or nonaccrual loans held-for-sale.
Previous wording
(2) Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
Current wording
(2)Nonperforming assets divided by the sum of loans and leases, other real estate owned, and other NPAs.
Previous wording
Our ACL is comprised of two different components, the ALLL and the AULC, both of which in our judgment are appropriate to absorb lifetime expected credit losses in our loan and lease portfolio. We utilize an independent third-party baseline forecast that projects future economic conditions and considers multiple macroeconomic scenarios. These macroeconomic scenarios contain certain variables that are influential to our modeling process, the most significant being unemployment rates and GDP.
Current wording
Our ACL is comprised of two different components, the ALLL and the AULC, both of which in our judgment are
Previous wording
The baseline economic scenario used in the September 30, 2025 ACL determination assumes continued tariff uncertainty, but reflects marginal improved performance of the U.S. economy in the near term with minimal change in the overall outlook. In this scenario, the unemployment rate is expected to end 2025 at 4.4%, with peak unemployment of 4.8% through the end of 2026. The Federal Reserve restarted rate cuts in the third quarter of 2025 and is expected to continue with future rate cuts until reaching the federal funds rate of 3% by the end of 2026. The inflation outlook deteriorates slightly as the impacts of tariffs and other trade policies are expected to cascade through the economy, with near-term inflation expected to rise further above the Federal Reserve’s 2% target until the rate begins to decline in the second half of 2026 but still remaining above target. GDP growth, while positive, has slowed to a current level of approximately 1% and is forecasted to remain below 2% through the end of 2026.
Current wording
The baseline economic scenario used to estimate our March 31, 2026 ACL assumes continued tariff uncertainty,
Previous wording
The table below is intended to show how the forecasted path of unemployment and GDP in the baseline scenario has changed since the end of 2024.
Current wording
The table below is intended to show how the forecasted path of unemployment and GDP in the baseline
Previous wording
(1) Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.
Current wording
(1)Values reflect the baseline scenario forecast inputs for each period presented, not updated for subsequent actual amounts.
Showing the first 40 of 132 pairs. Open the source sections for the rest.
Rearranged current paragraphs (428)
Current report — wording carried from elsewhere
headquartered in Columbus, Ohio. Through the Bank, we are committed to making people’s lives better, helping
Current report — wording carried from elsewhere
businesses thrive, and strengthening the communities we serve, and we have been servicing the financial needs of
Current report — wording carried from elsewhere
our customers since 1866. Through our subsidiaries, we provide full-service commercial and consumer deposit,
Current report — wording carried from elsewhere
lending, and other banking and financial services. These include, but are not limited to, payments, mortgage
Current report — wording carried from elsewhere
banking, direct and indirect consumer financing, investment banking, capital markets, advisory, equipment
Current report — wording carried from elsewhere
financing, distribution finance, investment management, trust, brokerage, insurance, and other financial products
Current report — wording carried from elsewhere
financial condition, results of operations, and cash flows. This MD&A provides only material updates to the MD&A
Current report — wording carried from elsewhere
included in our Annual Report on Form 10-K for the year ended December 31,2025 (the “2025 Annual Report on
Current report — wording carried from elsewhere
Form 10-K”), and therefore, should be read in conjunction with the 2025 Annual Report on Form 10-K. This MD&A
Current report — wording carried from elsewhere
should also be read in conjunction with the Unaudited Consolidated Financial Statements, Notes to Unaudited
Current report — wording carried from elsewhere
Consolidated Financial Statements, and other information contained in this report.
Current report — wording carried from elsewhere
required by, or calculated in accordance with GAAP, and may not be calculated the same as similarly titled measures
Current report — wording carried from elsewhere
used by other companies. These financial measures should thus be considered as supplemental in nature and not
Current report — wording carried from elsewhere
considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. For
Current report — wording carried from elsewhere
a further description of these non-GAAP financial measures, see the "Non-GAAP Financial Measures" within the
Current report — wording carried from elsewhere
holding company headquartered in Dallas, Texas, whereby Veritex merged with and into Huntington, with
Current report — wording carried from elsewhere
Huntington as the surviving entity. Upon completion of the merger, Huntington issued 107 million shares of its
Current report — wording carried from elsewhere
common stock to Veritex shareholders of record as of the merger date, in addition to 1 million shares issued upon
Current report — wording carried from elsewhere
the conversion of certain Veritex equity awards, resulting in total consideration from the transaction of $1.7 billion.
Current report — wording carried from elsewhere
National Bank, with Huntington National Bank as the surviving bank. Upon completion of the merger, Huntington
Current report — wording carried from elsewhere
issued 462 million shares of its common stock to Cadence shareholders of record as of the merger date, in addition
Current report — wording carried from elsewhere
of 5.50% Series A Non-Cumulative Perpetual Preferred Stock of Cadence was converted into the right to receive one
Current report — wording carried from elsewhere
depositary share representing 1/1000 of a share of a newly created 5.50% Series L Non-Cumulative Perpetual
Current report — wording carried from elsewhere
shareholders’ equity, which represents a non-GAAP measure. Average tangible common shareholders’ equity equals average total common shareholders’
Current report — wording carried from elsewhere
equity less average intangible assets and goodwill. Expense for amortization of intangibles and average intangible assets are net of deferred taxes and
Current report — wording carried from elsewhere
calculated assuming a 21% tax rate.
Current report — wording carried from elsewhere
drive digital acquisition, deepening, and retention, and leveraging partnerships and technology to
Current report — wording carried from elsewhere
Our differentiated super regional bank model, which combines national expertise with local delivery, has enabled us
Current report — wording carried from elsewhere
to accelerate organic growth across our core footprint and expand new markets and verticals, while we remain
Current report — wording carried from elsewhere
consolidated balance sheet and unaudited interim income statement trends are discussed. All earnings per share
Current report — wording carried from elsewhere
data are reported on a diluted basis. For additional insight on financial performance, please read this section in
Current report — wording carried from elsewhere
conjunction with the “Business Segment Discussion.”
Current report — wording carried from elsewhere
time deposits. The increase in average total borrowings was driven by holding company and bank debt issuances, an
Current report — wording carried from elsewhere
exempt bank-owned life insurance income, and investments in qualified affordable housing projects. The effective
Current report — wording carried from elsewhere
quarter of 2025, related primarily to increased benefits from general business credits.
Current report — wording carried from elsewhere
audits have been completed for tax years through 2019. The 2020-2024 tax years remain open under the statute of
Current report — wording carried from elsewhere
limitations. Also, with few exceptions, the Company is no longer subject to state, city, or foreign income tax
Current report — wording carried from elsewhere
examinations for tax years before 2021.
Current report — wording carried from elsewhere
program. The Risk Governance Framework defines the three lines of defense structure, roles, responsibilities, and
Current report — wording carried from elsewhere
requirements. The Risk Appetite Statement is approved by our Board and defines the level and types of risks we are
Showing the first 40 of 428 passages. Open the source sections for the rest.
Rearranged previous paragraphs (5)
Previous report — wording carried elsewhere
Year-to-Date Average Balance Sheet / Net Interest Income
Previous report — wording carried elsewhere
The following table details the change in our year-to-date average balance sheet and the net interest margin.
Previous report — wording carried elsewhere
(2)Average yield rates include the impact of applicable derivatives. Loan and lease and deposit average yield rates also include the impact of applicable non-deferrable and amortized fees.
Previous report — wording carried elsewhere
(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.
Previous report — wording carried elsewhere
(7)Forward-starting swaps effective starting from January 2025 to June 2026.