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.

(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 2Q Form 10-Q 9

Quarterly Net Interest Income

Net interest income for thesecond quarter of 2026 increased $585 million, or 40%, from thesecond quarter of

2025. FTE net interest income, a non-GAAP financial measure, for thesecond quarter of 2026 increased $589

million, or 40%, from thesecond quarter of 2025. Theincrease in FTE net interest income primarily reflected a$67.5

billion, or 35%, increase in average earning assets and a 10 basis point increase in the FTE NIM to 3.21%, partially

offset by a$53.0 billion, or 35%, increase in average interest-bearing liabilities. The increases in average earning

assets and average interest-bearing liabilities were attributable to a combination of the Cadence and Veritex

acquisitions and organic growth. The increase in the NIM was driven by lower funding costs, partially offset by lower

yields on interest earning assets.

Quarterly Average Balance Sheet

Average assets for thesecond quarter of 2026 were$284.5 billion, anincrease of$76.6 billion, or 37%, from the

second 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 increases in average loans and leases of$56.1 billion, or 42%, average investment and other

securities of $6.6 billion, or 15%, average goodwill and other intangible assets of$4.8 billion, or 86%, and average

interest-earning deposits with banks of$4.7 billion, or 38%. 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$44.4

billion, or 59%, and average consumer loans of$11.7 billion, or 20%. 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 thesecond quarter of 2026 increased$64.6 billion, or 35%, from thesecond 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$60.0 billion, or 37%, and average total

borrowings of$3.8 billion, or 20%. The increase in average deposits included anincrease in average interest-bearing

deposits of$49.2 billion, or 37%, primarily due to increases in average money market, interest-bearing demand, and

time deposits, and anincrease in noninterest-bearing deposits of$10.8 billion, or 37%. 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 thesecond quarter of 2026 increased $12.0 billion, or 58%, from thesecond

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

acquisitions, earnings, net of dividends, and the impact of issuedand acquired preferred stock.

10 Huntington Bancshares Incorporated

Year-to-Date Average Balance Sheet / Net Interest Income

The following table details the change in our year-to-date average balance sheet and the net interest margin.

(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 2Q Form 10-Q 11

Year-to-Date Net Interest Income

Net interest income for the firstsix-month period of 2026 increased $1.1 billion, or 36%, from the year-ago

period. FTE net interest income, a non-GAAP financial measure, for the firstsix-month period of 2026 also increased

$1.1 billion, or 36%, from the year-ago period. Theincrease in FTE net interest income reflecteda 12 basis point

increase in the FTE NIM to 3.23% and a$59.1 billion, or 31%, increase in average total earning assets, partially offset

by a$46.6 billion, or 31%, increase in interest-bearing liabilities. The higher NIM was driven by lower funding costs,

partially offset by the decrease in yields on interest earning assets.

Year-to-Date Average Balance Sheet

Average assets for the firstsix-month period of 2026, inclusive of the impacts of the Cadence and Veritex

acquisitions, were $273.4 billion, anincrease of$66.9 billion, or 32%, from the year-ago period, with the increase

primarily due to increases in average loans and leases of$49.8 billion, or 38%, total investment and other securities

of$4.8 billion, or 11%, and average interest-earning deposits with banks of$4.4 billion, or 36%. The increase in

average loans and leases included growth in average commercial loans and leases of$39.4 billion, or 53%, and

average consumer loans of$10.3 billion, or 18%.

Average liabilities for the firstsix-month period of 2026, inclusive of theimpacts of the Cadence and Veritex

acquisitions, increased$56.0 billion, or 30%, from the year-ago period, primarily due to increases in average deposits

of$51.5 billion, or 32%, and in average total borrowings of$3.7 billion or 20%. Average deposits increased due to an

increase in average interest-bearing deposits of$42.9 billion, or 32%, primarily driven by increases in average money

market, interest-bearing demand, time, and savings deposits, and an increase in noninterest-bearing deposits of

$8.7 billion, or 30%. The increase in average total borrowings was driven by an increase in short- and long-term FHLB

advances and long-term debt issuances used to support asset growth.

Average shareholders’ equity for the firstsix-month period of 2026 increased $11.0 billion, or 54%, from the

year-ago period primarily due to the impact of common stock issued in connection with the Cadence and Veritex

acquisitions, earnings, net of dividends and the impact of issued and acquired preferred stock.

Provision for Credit Losses

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

The provision for credit losses for thesecond quarter of 2026 was$132 million, anincrease of$29 million, or

28%, compared to thesecond quarter of 2025. The provision for credit losses for the first six-month period of 2026

was$290 million, anincrease of$72 million, or 33%, compared to the year-ago period. Theincrease in provision

expensein thesecond quarter of 2026, compared to thesecond quarter of 2025, and for the first six months of

2026, compared to the year-ago period, is reflective of loan growth and higher net loan charge-offs, partially offset

by a lower overall reserve coverage. The provision for credit losses is also impacted by fluctuations in the provision

for unfunded lending commitments.

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

12 Huntington Bancshares Incorporated

Noninterest Income

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

Noninterest income for thesecond quarter of 2026 was$785 million, anincrease of$314 million, or 67%, from

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

fees increased $56 million, or 67%, primarily due to higher advisory fees from the legacy business and the impact of

three strategic business units acquired from Janney, in addition to higher syndication fees. Payments and cash

management revenue increased $39 million, or 24%, driven by higher cash management and interchange revenue.

Customer deposit and loan fees increased $33 million, or 35%, primarily due to an increase in commitment fees and

the volume of personal service charges. Wealth and asset management revenue increased $32 million, or 31%,

primarily due to higher investment management and trust income. Mortgage banking income increased $25 million,

or 89%, due to an increase in net origination and secondary marketing income. Other noninterest income increased

$48 million largely due to the net impact of credit risk transfer transactions, favorable valuation changes on strategic

and other investments, and an increase in bank owned life insurance income. Lastly, thesecond quarter of 2025

included a$58 million loss from the sale of certain investment securities as part of ongoing portfolio positioning.

Noninterest income for the firstsix-month period of 2026 increased $502 million, or 52%, from the year-ago

period, inclusive of the impact of the Cadence and Veritex acquisitions. Capital markets and advisory fees increased

$121 million, or 80%, primarily due to higher advisory fees and the impact of three strategic business units acquired

from Janney, in addition to higher syndication and underwriting fees. Payments and cash management revenue

increased $71 million, or 22%, reflecting higher cash management and interchange revenue. Customer deposit and

loan fees increased $57 million, or 31%, primarily reflecting an increase in the volume of personal service charges

and an increase in commitment fees. Wealth and asset management revenue increased $51 million, or 25%,

reflecting higher investment management and trust income. Mortgage banking income increased $26 million, or

44%, due to an increase in net origination and secondary marketing income. Other noninterest income increased

$82 million, or 178%, primarily due to the net impact of credit risk transfer transactions, favorable valuation changes

on strategic and other investments, and an increase in bank owned life insurance income. In addition, the firstsix-

month period of 2026 included a$15 million gain from the sale of certain investment securities compared to a$58

million loss from the year-ago period, both as part of ongoing portfolio positioning.

2026 2Q Form 10-Q 13

Noninterest Expense

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

Noninterest expense in the second quarter of 2026 was$1.8 billion, anincrease of$612 million, or 51%, from

the year-ago quarter. Noninterest expensefor the firstsix-month period of 2026 was$3.6 billion, anincrease of$1.2

billion, or 53%, from the year-ago period. Noninterest expense for the second quarter of 2026 and for the first six-

month period of 2026 included$152 million and$415 million, respectively, of acquisition-related expenses, as

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

Excluding acquisition-related expenses, noninterest expense for thesecond quarter of 2026 was$1.7 billion, an

increase of $460 million, or 38%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex

acquisitions. Personnel costs increased $250 million, or 35%, primarily due to higher salary, benefit, and incentive

compensation expense. Outside data processing and other services increased$70 million, or 38%, primarily

reflecting higher technology and data expense. Amortization of intangibles increased$43 million primarily due to

the impact from the addition of core deposit intangibles from the acquisitions. Net occupancy increased$34 million,

or 63%, largely due to increases in lease and depreciation expense. Other noninterest expense increased$32 million,

or 36%, primarily due to an increased volume of expense activity driven by the impact of the acquisitions.

14 Huntington Bancshares Incorporated

Excluding acquisition-related expenses, noninterest expense for the firstsix-month period of 2026 was$3.2

billion, an increase of$819 million, or 35%, from the year-ago period, inclusive of the impact of the Cadence and

Veritex acquisitions. Personnel costs increased$474 million, or 34%, primarily due to higher salary, benefit, and

incentive compensation expense. Outside data processing increased$123 million, or 35%, primarily due to higher

technology and data expense. Amortization of intangibles increased$73 million primarily due to the impact from the

addition of core deposit intangibles from the acquisitions. Net occupancy expense increased$52 million, or 44%,

primarily due to increases in lease and depreciation expense. Equipment expense increased$20 million, or 15%,

primarily due to an increase in depreciation expense. Other noninterest expense increased$56 million, or 34%,

primarily due to an increased volume of expense activity driven by the impact of the acquisitions.

Provision for Income Taxes

The provision for income taxes and effective tax rate were$165 million and 18.4%, respectively, in thesecond

quarter of 2026, compared to$96 million and 15.0%, respectively, in thesecond quarter of 2025. The provision for

income taxes and effective tax rate were$279 million and 18.1%, respectively, for thesix-month period ended

June 30, 2026, compared to$218 million and 16.8%, respectively, for thesix-month period ended June 30, 2025. The

increases in the effective tax rates in both current year periods, compared to the prior year periods, related primarily

to higher income before taxes in the current year periods and the benefit from remeasurement of deferred tax

assets for changes in certain state tax laws which were enacted in the prior year periods. 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 net federal deferred tax asset was$1.3 billion and the net state deferred tax asset was$129 million at

June 30, 2026, compared to a net federal deferred tax asset of $856 million and a net state deferred tax asset of $92

million at December 31, 2025.

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.