Company: HBAN
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000049196-25-000020
Chunk: 183

Company: HUNTINGTON BANCSHARES INC /MD/
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 183
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%, from 2023, primarily due to an increase in average deposits of $7.7 billion, or 5%, driven by an increase in average interest-bearing deposits of $12.2 billion, or 11%, partially offset by a decrease in noninterest-bearing deposits of $4.5 billion, or 13%. The increase in average interest-bearing deposits was driven by increases in average money market deposits and time deposits, partially offset by a decrease in average savings deposits.

Average shareholders’ equity for 2024 was $19.7 billion, an increase of $1.0 billion, or 5%, from 2023, primarily due to earnings, net of dividends, and the benefit from a decrease in average accumulated other comprehensive loss.

Provision for Credit Losses

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

The provision for credit losses is the expense necessary to maintain the ACL at levels appropriate to absorb our estimate of credit losses expected over the life of the loan and lease portfolio, securities portfolio, and unfunded lending commitments.

The provision for credit losses in 2024 was $420 million, an increase of $18 million, or 4%, from 2023. The increase in provision expense over the prior year was driven by a combination of current year loan and lease growth and increased net charge off activity in 2024. These increases were largely offset by a modest reduction in overall coverage ratios in 2024 that is reflective of the current macroeconomic environment.

2024 Form 10-K     53

Table of Contents

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

Table 4 - Provision for Credit LossesYear Ended December 31,(dollar amounts in millions)202420232022Provision for loan and lease losses$361 $407 $212 Provision (benefit) for unfunded lending commitments57 (5)73 Provision for securities2 — 4 Total provision for credit losses$420 $402 $289 

Noninterest Income

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

Table 5 - Noninterest Income Year Ended December 31,Change from 2023 Change from 2022 (dollar amounts in millions)2024AmountPercent2023AmountPercent2022Payments and cash management revenue$620 $35 6 %$585 $24 4 %$561 Wealth and asset management revenue364 36