HUNTINGTON BANCSHARES INC /MD/

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.”

Quarterly Average Balance Sheet / Net Interest Income

The following table details the change in our quarterly average balance sheet and the net interest margin.

(1)Calculated on an FTE basis, which represents a non-GAAP measure, assuming a 21% tax rate.

(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.

(3)For purposes of this analysis, NALs are reflected in the average balances of loans and leases.

2026 1Q Form 10-Q 9

Quarterly Net Interest Income

Net interest income for thefirst quarter of 2026 increased $465 million, or 33%, from thefirst quarter of 2025.

FTE net interest income, a non-GAAP financial measure, for thefirst quarter of 2026 increased $469 million, or 33%,

from thefirst quarter of 2025. Theincrease in FTE net interest income primarily reflected a$50.7 billion, or 27%,

increase in average earning assets and a 14 basis point increase in the FTE NIM to 3.24%, partially offset by a$40.1

billion, or 27%, increase in average interest-bearing liabilities. The increase in average earning assets and average

interest-bearing liabilities each included the impact of earning assets and interest-bearing liabilities acquired in

connection with the Cadence and Veritex transactions, as well as organic growth. The higher NIM was driven by

lower cost of funds, partially offset by lower yields on earning assets.

Quarterly Average Balance Sheet

Average assets for thefirst quarter of 2026 were$262.2 billion, anincrease of$57.1 billion, or 28%, from the

first quarter of 2025. Average assets were impacted by$51.3 billion of total assets acquired in connection with the

Cadence transaction which was effective February 1, 2026, and$12.0 billion of total assets acquired in connection

with the Veritex transaction which was effective October 20, 2025. The increase in average assets was primarily due

to an increases in average loans and leases of$43.4 billion, or 33%, average interest-earning deposits with banks of

$4.0 billion, or 34%, and average goodwill and other intangible assets of$3.5 billion, or 62%. The increase in average

loans and leases, inclusive of acquired Cadence and Veritex loans and leases, included growth in average commercial

loans and leases of$34.4 billion, or 46%, and average consumer loans of$9.0 billion, or 16%. The Cadence

acquisition added$36.9 billion of loans as of the acquisition date, including $26.4 billion of commercial loans and

$10.5 billion of consumer loans. The Veritex acquisition added$9.3 billion of loans as of the acquisition date,

including $8.2 billion of commercial loans and $1.1 billion of consumer loans.

Average liabilities for thefirst quarter of 2026 increased$47.2 billion, or 26%, from thefirst quarter of 2025.

Average liability increases were also impacted by the Cadence and Veritex acquisitions. Theincrease in average

liabilities was primarily due to increases in average deposits of$43.0 billion, or 27%, and average total borrowings of

$3.7 billion, or 20%. The increase in average deposits included anincrease in average interest-bearing deposits of

$36.4 billion, or 27%, and anincrease in noninterest-bearing deposits of$6.6 billion, or 23%. The increase in average

interest-bearing deposits was primarily due to increases in average money market, interest-bearing demand and

time deposits. The increase in average total borrowings was driven by holding company and bank debt issuances, an

increase in FHLB borrowings, and CLN transactions over the last year. The Cadence acquisition added$43.5 billion of

deposits as of the acquisition date, including$8.8 billion of noninterest-bearing deposits and$34.7 billion of

interest-bearing deposits. The Veritex acquisition added$10.5 billion of deposits as of the acquisition date, including

$2.4 billion of noninterest-bearing deposits and $8.1 billion of interest-bearing deposits. Following completion of the

acquisitions, certain higher-cost acquired Cadence and Veritex deposits were allowed to run-off in order to optimize

our funding mix.

Average shareholders’ equity for thefirst quarter of 2026 increased $9.9 billion, or 50%, from thefirst quarter of

2025, primarily due to the impact of common stock issued in connection with the Cadence and Veritex acquisitions,

earnings, net of dividends, the impact of issued and acquired preferred stock, and the benefit from a decrease in

average accumulated other comprehensive loss.

10 Huntington Bancshares Incorporated

Provision for Credit Losses

(This section should be read in conjunction with the “Credit Risk” section.)

The provision for credit losses for thefirst quarter of 2026 was$158 million, anincrease of$43 million, or 37%,

compared to thefirst quarter of 2025. Theincrease in provision expensein thefirst quarter of 2026, compared to

thefirst quarter of 2025, is reflective of loan growth and higher net loan charge-offs, partially offset by a lower

overall reserve coverage. The provision for credit losses in the first quarter of 2026 also included $8 million of

expense associated with certain acquired Cadence loans that are not within the scope of ASU 2025-08, which

Huntington adopted on October 1, 2025.

The following table presents the components of the provision for credit losses.

Noninterest Income

The following table reflects noninterest income for each of the periods presented.

Noninterest income for thefirst quarter of 2026 was$682 million, anincrease of$188 million, or 38%, from the

year-ago quarter, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory fees

increased $65 million, or 97%, primarily due to higher advisory fees, which included the impact of three strategic

business units acquired from Janney in January 2026. Payments and cash management revenue increased $32

million, or 21%, driven by higher cash management and interchange revenue. Customer deposit and loan fees

increased $24 million, or 28%, primarily due to an increase in the volume of personal service charges. Wealth and

asset management revenue increased $19 million, or 19%, primarily due to higher investment management and

trust income. Other noninterest income increased $34 million largely due to the net impact of credit risk transfer

transactions, an increase in bank owned life insurance income, and changes in valuation adjustments for strategic

and other investments. In addition, thefirst quarter of 2026 included a$13 million gain from the sale of certain

investment securities as part of ongoing portfolio positioning.

2026 1Q Form 10-Q 11

Noninterest Expense

The following table reflects noninterest expense for each of the periods presented.

Noninterest expense in the first quarter of 2026 was$1.8 billion, anincrease of$622 million, or 54%, from the

prior year. Noninterest expense for the first quarter of 2026 included$263 million of acquisition-related expenses,

as detailed in the following table. There were no acquisition-related expenses in the first quarter of 2025.

Excluding acquisition-related expenses, noninterest expense for thefirst quarter of 2026 was$1.5 billion, an

increase of$359 million, or 31%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex

acquisitions. Personnel costs increased $224 million, or 33%, primarily due to higher salary and benefit expense.

Outside data processing and other services increased$53 million, or 31%, primarily reflecting higher technology and

data expense. Amortization of intangibles increased$30 million primarily due to the impact from the addition of

core deposit intangibles from the acquisitions. Net occupancy increased$18 million, or 28%, largely due to increases

in lease and depreciation expense. Other noninterest expense increased$24 million, or 32%, primarily due to an

increased volume of expense activity driven by the impact of the acquisitions.

12 Huntington Bancshares Incorporated

Provision for Income Taxes

The provision for income taxes in thefirst quarter of 2026 was$114 million, compared to$122 million in the

first quarter of 2025. Both 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 thefirst quarter of 2026 andfirst quarter of 2025 were 17.8% and 18.6%, respectively. The decreases in

both the provision for income taxes and the effective tax rate in thefirst quarter of 2026, compared to thefirst

quarter of 2025, related primarily to increased benefits from general business credits.

The net federal deferred tax asset was$1.1 billion, and the net state deferred tax asset was$118 million at

March 31, 2026.

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 2021.