Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 185

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 185
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 other services665 60 10 605 (5)(1)610 Equipment267 4 2263 (6)(2)269 Net occupancy221 (25)(10)246 — — 246 Marketing116 1 1 115 24 26 91 Deposit and other insurance expense114 (188)(62)302 235    NM67 Professional services99 — — 99 22 29 77 Amortization of intangibles47 (3)(6)50 (3)(6)53 Lease financing equipment depreciation15 (12)(44)27 (18)(40)45 Other noninterest expense317 (21)(6)338 (4)(1)342 Total noninterest expense$4,562 $(12)— %$4,574 $373 9 %$4,201 Number of employees (average full-time equivalent)19,932 (23)— %19,955 35 — %19,920 

Noninterest expense was $4.6 billion, a decrease of $12 million from the prior year. Deposit and other insurance expense decreased $188 million, or 62%, primarily due to a reduction in the FDIC DIF special assessment. The FDIC DIF special assessment expense was $28 million in 2024, compared to $214 million in 2023. Net occupancy decreased $25 million, or 10%, primarily due to higher corporate real estate and branch consolidation expenses recognized in the prior year. Other noninterest expense decreased $21 million, or 6%, largely due to lower franchise and other taxes. Partially offsetting these decreases, personnel costs increased $172 million, or 7%, primarily due to increases in salary, incentive compensation, and benefit expense, partially offset by a $33 million decrease in severance expense related to staffing efficiencies. Outside data processing and other services increased $60 million, or 10%, primarily due to higher technology and data expense.

Provision for Income Taxes

(This section should be read in conjunction with Note 1 - “Significant Accounting Policies” and Note 17 - “Income Taxes” of the Notes to Consolidated Financial Statements.)

The provision for income taxes was $443 million for 2024, compared with $413 million in 2023. The effective tax rates for 2024 and 2023 were 18.4% and 17