On this page of StockholderLetter.com we present the latest annual shareholder letter from HUNTINGTON BANCSHARES INC /MD/ — ticker symbol HBAN. Reading current and past HBAN letters to shareholders can bring important insights into the investment thesis.

 •  3/6/2025 Letter Continued (Full PDF)
 •  3/9/2023 HBAN Stockholder Letter
 •  3/7/2024 HBAN Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters

HBAN Shareholder/Stockholder Letter Transcript:

2024
huntington bancshares incorporated
Annual Report

CONSOLIDATED FINANCIAL HIGHLIGHTS
(In millions, except per share amount)
Selected income statement data
Total revenue
2024

(1)
7,438
2023

7,402
2022

7,285
Total noninterest expense
4,562
4,574
4,201
Pre-provision net revenue(1)(2)
2,876
2,828
3,084
Adjusted pre-provision net revenue
2,964
3,087
3,179
420
402
289
1,940
1,951
2,238
Provision for credit losses
Net income attributable to Huntington Bancshares Inc.
Per common share data
Net income per common share - diluted

1.22

1.24

1.45
Tangible book value per common share
8.33
7.79
6.82
Cash dividends declared per common share
0.62
0.62
0.62
0.99 %
1.04 %
1.25 %
15.7
17.6
20.7
Common equity Tier 1 capital ratio
10.5
10.2
9.4
Tier 1 capital ratio
11.9
12.0
10.9
Total capital ratio
14.3
14.2
13.1
Net charge-offs as a % of average loans and leases
0.30
0.23
0.11
Selected ratios
Return on average assets
Return on average tangible common equity (ROTCE)
(3)
Selected balance sheet data (period-end)
Total assets

204,230

189,368

182,906
Loans and leases
130,042
121,982
119,523
Deposits
162,448
151,230
147,914
19,782
19,398
17,769
Total shareholders    equity
Market data
Closing share price
Market capitalization

16.27
23,651

12.72
18,423

14.10
20,347
(1)
On a fully-taxable equivalent (FTE) basis assuming a 21% tax rate.
(2)
Non-GAAP. See page 8 for reconciliation.
(3)
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 tax liability, and calculated assuming a 21% tax rate.

Purpose
We make people   s lives better,
help businesses thrive and
strengthen the communities
we serve.
st
exi
e
yw
Wh
Values
Vision
Can-Do Attitude
Service Heart
Forward Thinking
To be the leading People-first,
Customer-centered bank
in the country
g
oin
g
e   re
w
e
er
Wh
ork
w
e
ww
o
H
Ambitions
Be the most Trusted financial institution
Have the most Caring and
Inclusive Culture
Be an Indispensable Partner
for customers and communities
Deliver Value through top quartile
core performance
be
t to
n
a
ew
w
at
Wh
Huntington   s
WHY.
2024 annual report
1

A Letter from
Our Chairman
Deposits
+11.8%
+10 ppt
Dear Fellow Owners and Friends:
+1.4%
During 2024, Huntington delivered peer leading growth
over the course of the year. We entered the year well
positioned to capitalize on disruption in the market.
We executed our plans well, including investments in
growth initiatives. Our position of strength, highlighted
by a granular and diversified deposit base and liquidity
profile, strong capital ratios, and very good credit
quality, enabled our ability to drive accelerated growth.
We delivered sequential revenue expansion, capped
by an exceptional performance in the fourth quarter, as
fee revenues achieved a record level and we expanded
total adjusted revenue(1) by 10% year over year.
2024: Delivered Peer Leading Growth
Loans
+7.3%
+10 ppt
1Q23 2Q23 3Q23 4Q23
1Q24 2Q24 3Q24 4Q24
Huntington
Peer Median(2)
Top & Bottom Quartiles
These exceptional results were supported by
both strength in our existing businesses as well
as increasing contributions from our new markets
and specialty lending teams. Throughout 2024,
we added top talent across the bank as we
expanded into new regions   North Carolina, South
Carolina, and Texas   with approximately 80 new
customer-facing bankers in these states in our first
year. Additionally, we expanded our capabilities
and launched eight new commercial specialty
banking groups, comprised of 60 new colleagues.
These groups are:
-2.8%
    Fund Finance
    Native American Financial Services
1Q23 2Q23 3Q23 4Q23
1Q24 2Q24 3Q24 4Q24
(2)
2
    Mortgage Servicing Deposits
Huntington
    Mortgage Servicing Lending
Peer Median(2)
    National Deposits including Escrow, Title, and
Homeowners Associations
Top & Bottom Quartiles
(1)
    Healthcare Asset-Based Lending
Non-GAAP measure. See page 8 for reconciliation.
End of period balances. Source: S&P Global Market Intelligence
and filings. Peers include CFG, CMA, FITB, KEY, MTB, PNC, RF, TFC,
USB, ZION.
huntington bancshares incorporated
    Aerospace & Defense
    Financial Institutions
We are pleased with the early results of these new
teams, and we believe their growth will carry forward
for many years to come. These new initiatives
collectively contributed 38% average loan growth in
the fourth quarter from a year ago.
This success builds upon the strong execution
in our existing businesses, which had very good

performance in 2024. We expanded relationships and
grew loans across Regional Banking, Auto Finance,
Equipment Finance, Distribution Finance, and many
other businesses.
Our Asset and Equipment Finance business contributed
to the net loan growth as we maintained our ranking of
the 6th largest bank-owned platform nationally.
We exited the year having delivered 6% average loan
growth year over year in the fourth quarter, which
totaled $6.9 billion.
Deposit growth was also robust as total average
deposits increased by $9.8 billion, or 7%, year over
year in the fourth quarter as we continued to acquire
and deepen customer relationships across the bank.
Total average commercial loans expanded by 6% year
over year in the fourth quarter, even as commercial real
estate balances declined by $1.3 billion. C&I average
loan balances increased by $5.3 billion from the fourth
quarter last year and represented an 11% growth rate.
Targeted fee businesses performed very well. Our
investments are yielding returns across Payments,
Wealth Management, and Capital Markets. Fee
revenues as a percent of total revenue increased from
26% in 2023 to 27% in 2024.
Within Regional Banking we are driving benefits from
our local-based approach across our 12 regions. Our
teams are led by Regional Presidents across the
footprint, who collectively, along with our experienced
bankers, bring the full set of Huntington   s capabilities
to our customers, delivered locally. We have further
empowered local management with decision making
to support our customers. In 2024, Regional Banking
delivered 11% average loan growth and set new
origination records each quarter sequentially over the
course of the year.
Fee Revenue
We have maintained our #1 SBA ranking nationally by
loan volume for the seventh consecutive year, and we
continue to expand into new markets. We have already
achieved the #1 ranking in Texas for SBA lending and are
top 5 ranked in both North Carolina and South Carolina.
SBA
#1 LENDER
in the nation
in number of 7(A) loans(3)
For 7 Years in a row
Within our Vehicle Finance business, we expanded
auto loans by 14% compared to the fourth quarter last
year, and we were ranked as a Top 10 auto finance
lender nationally.
(3)
Payments &
Cash Management
$620M
+6% YOY
Wealth & Asset
Management
$364M
+11% YOY
Capital Markets &
Advisory Fees
$327M
+32% YOY
Payments and cash management revenues increased
by 6% for the full year, driven by increased deepening
of treasury management solutions to our customers,
as well as the expansion of our merchant acquiring
business.
Wealth and asset management revenues increased
by 11% for the full year, which benefitted from higher
assets under management and totaled $34 billion. This
was driven by growth of wealth advisory households
which increased by 9% in the fourth quarter from a
year ago.
Capital markets and advisory fees increased by 32%
to a full-year record of $327 million. These results
were achieved due to the robust performance from
Capstone Partners in the advisory space, as well as
strong commercial banking related revenues tied
to the accelerated commercial loan production we
delivered.
Ranked first in loan origination by volume for the seventh year in a row.
2024 annual report
3



 3/6/2025 Letter Continued (Full PDF)