Company: HBAN
Filing Date: 2025-04-29
Form Type: 10-Q
Source: 0000049196-25-000038
Chunk: 64

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-04-29
Form: 10-Q
Item: Part I, Item 2
Chunk 64
---
(dollar amounts in millions)20252024PercentPersonnel costs$671 $639 5 %Outside data processing and other services170 166 2 Equipment67 70 (4)Net occupancy65 57 14 Marketing29 28 4 Deposit and other insurance expense37 54 (31)Professional services22 25 (12)Amortization of intangibles11 12 (8)Lease financing equipment depreciation4 4 — Other noninterest expense76 82 (7)Total noninterest expense$1,152 $1,137 1 %Number of employees (average full-time equivalent)20,092 19,719 2 %

Noninterest expense for the first quarter of 2025 was $1.2 billion, an increase of $15 million, or 1%, from the year-ago quarter. Personnel costs increased $32 million, or 5%, primarily due to higher incentive compensation and salary expense. Partially offsetting this increase, deposit and other insurance expense decreased $17 million, or 31%, primarily due to a $29 million expense reduction attributable to the FDIC DIF special assessment, partially offset by non-recurring adjustments to FDIC insurance expense.

2025 1Q Form 10-Q     11

Provision for Income Taxes

The provision for income taxes in the first quarter of 2025 was $122 million, compared to $86 million in the first quarter of 2024. 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 rate for the first quarter of 2025 and first quarter of 2024 was 18.6% and 16.8%, respectively. The increases in both the provision for income taxes and effective tax rate in the first quarter of 2025, compared to the first quarter of 2024, related primarily to higher pretax income and lower discrete tax benefits. 

The net federal deferred tax asset was $598 million, and the net state deferred tax asset was $91 million at March 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 2020-2023 tax years remain open under the statute of limitations. Also, with few exceptions, the