Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 232

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 232
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518 (33)(2)1,389 Provision for income taxes312 319 (7)(2)292 Income attributable to non-controlling interest20 20 — — 10 Net income attributable to Huntington$1,153 $1,179 $(26)(2)%$1,087 Number of employees (average full-time equivalent)2,408 2,276 132 6 %2,100 Total average assets$63,652 $63,932 $(280)— $59,772 Total average loans/leases55,075 55,385 (310)(1)52,094 Total average deposits38,731 36,152 2,579 7 34,771 Net interest margin3.66 %3.74 %(0.08)%(2)3.30 %NCOs$156 $119 $37 31 $2 NCOs as a % of average loans and leases0.28 %0.21 %0.07 %33 — %

Commercial Banking reported net income of $1.2 billion in 2024, a decrease of $26 million, or 2%, compared to the year-ago period. Segment net interest income decreased $39 million, or 2%, primarily due to an 8 basis point decrease in NIM driven by higher deposit rates and a $310 million decrease in average loans and leases, partially offset by a $2.6 billion, or 7%, increase in average deposits. The provision for credit losses decreased $20 million due to a modest reduction in coverage ratio in the commercial portfolio, reflecting the current macroeconomic environment, partially offset by an increase in charge-off activity in 2024. Noninterest income increased $70 million, or 11%, primarily due to increases in capital markets and advisory fees, commitment and other loan fees, and payment and cash management fees, partially offset by a decrease in leasing revenue. Noninterest expense increased $84 million, or 7%, primarily due to increased personnel expense reflecting higher incentive compensation due to increased capital markets and advisory fees, investment in industry verticals, and new teams related to expansion across new geographies. 

Treasury / Other 

The Treasury / Other function includes revenue and expense related to assets, liabilities, derivatives (including mark-to-market of interest rate swaps, as applicable), and equity not directly assigned or allocated to one of the business