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 3Q Form 10-Q 9

Quarterly Net Interest Income

Net interest income for thethird quarter of 2026 increased $563 million, or 37%, from thethird quarter of 2025.

FTE net interest income, a non-GAAP financial measure, for thethird quarter of 2026 increased $567 million, or 37%,

from thethird quarter of 2025. Theincrease in FTE net interest income primarily reflected a$62.5 billion, or 32%,

increase in average earning assets and a 12 basis point increase in the FTE NIM to 3.25%, partially offset by a$48.5

billion, or 31%, 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 a decrease in deposit rates, partially offset by lower yields on interest

earning assets.

Quarterly Average Balance Sheet

Average assets for thethird quarter of 2026 increased$72.5 billion, or 35%, from thethird quarter of 2025.

Average earning assets for thethird quarter of 2026 increased$62.5 billion, or 32%, from thethird quarter of 2025.

The increases in average assets and average earning assets were primarily due to$51.3 billion of total assets,

including$36.9 billion of loans, acquired in connection with the Cadence transaction, and$12.0 billion of total

assets, including$9.3 billion of loans, acquired in connection with the Veritex transaction, in addition to organic loan

growth over the last year.

Average liabilities for thethird quarter of 2026 increased$61.2 billion, or 33%, from thethird quarter of 2025.

Average deposits for thethird quarter of 2026 increased$59.0 billion, or 36%, from thethird quarter of 2025. The

increases in average liabilities were primarily due to$43.5 billion of deposits, including $8.8 billion of noninterest-

bearing deposits and $34.7 billion of interest-bearing deposits, acquired in connection with the Cadence transaction,

and$10.5 billion of deposits, including $2.4 billion of noninterest-bearing deposits and $8.1 billion of interest-

bearing deposits, acquired in the Veritex transaction, in addition to organic deposit growth over the last year.

Average shareholders’ equity for thethird quarter of 2026 increased $11.3 billion, or 53%, from thethird quarter

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

acquisitions, and earnings, net of dividends and share repurchases, over the last year.

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 3Q Form 10-Q 11

Year-to-Date Net Interest Income

Net interest income for the first nine-month period of 2026 increased $1.6 billion, or 37%, from the year-ago

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

increased $1.6 billion, or 37%, from the year-ago period. Theincrease in FTE net interest income reflectedan 11

basis point increase in the FTE NIM to 3.23% and a$60.3 billion, or 32%, increase in average total earning assets,

partially offset by a$47.2 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 and average earning assets for the first nine-month period of 2026, inclusive of the impacts of

the Cadence and Veritex acquisitions, increased$68.8 billion, or 33%, and$60.3 billion, or 32%, respectively, from

the year-ago period, with the increases primarily due to increases in average loans and leases of$50.7 billion, or

38%, and total investment and other securities of$5.6 billion, or 13%. The increase in average loans and leases

included growth in average commercial loans and leases of$40.3 billion, or 53%, and average consumer loans of

$10.4 billion, or 18%.

Average liabilities and average deposits for the first nine-month period of 2026, inclusive of the impacts of the

Cadence and Veritex acquisitions, increased$57.7 billion, or 31%, and$54.1 billion, or 33%, respectively, from the

year-ago period. The increase in average deposits was driven by an increase in average interest-bearing deposits of

$44.5 billion, or 33%, and an increase in noninterest-bearing deposits of$9.5 billion, or 33%.

Average shareholders’ equity for the first nine-month period of 2026 increased $11.1 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, and earnings, net of dividends and share repurchases, over the last year.

Provision for Credit Losses

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

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

The provision for credit losses for thethird quarter of 2026 increased$1 million, or 1%, compared to thethird

quarter of 2025. The provision for credit losses for the first nine-month period of 2026 increased $73 million, or 21%,

compared to the year-ago period. Theincreases in current period provision expense were 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.

12 Huntington Bancshares Incorporated

Noninterest Income

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

(1)In the third quarter of 2026, we reclassified insurance income and leasing revenue into other noninterest income. Prior period amounts have been revised

to conform with the current period presentation.

Noninterest income for thethird quarter of 2026 increased$94 million, or 15%, from the year-ago quarter,

inclusive of the impact of the Cadence and Veritex acquisitions. Payments and cash management revenue increased

$37 million, or 21%, driven by higher cash management and interchange revenue. Capital markets and advisory fees

increased $28 million, or 30%, primarily due to higher advisory fees from the legacy business and the impact of three

strategic business units acquired from Janney in January 2026, in addition to higher syndication fees. Wealth and

asset management revenue increased $27 million, or 26%, primarily due to higher investment management and

trust income. Customer deposit and loan fees increased $22 million, or 22%, primarily due to an increase in

commitment fees and the volume of personal service charges. Lastly, other noninterest income decreased $22

million, or 20%, largely due to a $24 million gain on the sale of a portion of our trust and custody business that

occurred during the year-ago quarter.

Noninterest income for the first nine-month period of 2026 increased $596 million, or 37%, from the year-ago

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

$149 million, or 61%, 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 $108 million, or 22%, reflecting higher cash management and interchange revenue. Customer deposit and

loan fees increased $79 million, or 28%, primarily reflecting an increase in the volume of personal service charges

and an increase in commitment fees. Wealth and asset management revenue increased $78 million, or 25%,

reflecting higher investment management and trust income. Mortgage banking income increased $28 million, or

27%, due to an increase in net origination and secondary marketing income. Other noninterest income increased

$81 million, or 37%, primarily due to the favorable net impact of credit risk transfer transactions, valuation changes

on strategic and other investments, and bank owned life insurance income. In addition, the first nine-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 3Q Form 10-Q 13

Noninterest Expense

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

(1)In the third quarter of 2026, we reclassified deposit and other insurance expense and lease financing equipment depreciation into other noninterest

expense. Prior period amounts have been revised to conform with the current period presentation.

Noninterest expense in thethird quarter of 2026 increased$526 million, or 42%, from the year-ago quarter and

noninterest expensefor the first nine-month period of 2026 increased$1.8 billion, or 49%, from the year-ago period.

Noninterest expenses for each period presented include acquisition-related expenses, as detailed in the following

table.

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

increase of$423 million, or 34%, from the year-ago quarter, inclusive of the impact of the Cadence and Veritex

acquisitions. Personnel costs increased $200 million, or 26%, primarily due to higher salary and benefit expense.

Outside data processing and other services increased$43 million, or 22%, primarily reflecting higher technology and

data expense. Amortization of intangibles increased$38 million primarily due to the impact from the addition of

core deposit intangibles from the acquisitions. Net occupancy increased$29 million, or 51%, largely due to increases

in lease and depreciation expense. Lastly, other noninterest expense increased$72 million, or 79%, 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 first nine-month period of 2026 was$4.8

billion, an increase of$1.2 billion, or 35%, from the year-ago period, inclusive of the impact of the Cadence and

Veritex acquisitions. Personnel costs increased$674 million, or 31%, primarily due to higher salary, benefit, and

incentive compensation expense. Outside data processing and other services increased$166 million, or 30%,

primarily due to higher technology and data expense. Amortization of intangibles increased$111 million primarily

due to the impact from the addition of core deposit intangibles from the acquisitions. Net occupancy expense

increased$81 million, or 46%, primarily due to increases in lease and depreciation expense. Equipment expense

increased$32 million, or 16%, primarily due to an increase in depreciation expense. Other noninterest expense

increased$136 million, or 43%, 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$172 million and 19.3%, respectively, in thethird

quarter of 2026, compared to$133 million and 17.4%, respectively, in thethird quarter of 2025. The provision for

income taxes and effective tax rate were$451 million and 18.5%, respectively, for thenine-month period ended

September 30, 2026, compared to$351 million and 17.0%, respectively, for thenine-month period ended

September 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, acquisition-related nondeductible expenses, and the

absence of certain prior-year tax benefits. 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$1.6 billion and the net state deferred tax asset was$170 million at

September 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.