The acquisition of Capstone Partners in June 2022 brought a national scale to serve middle market business owners, building on Huntington's regional banking foundation. This strategic move aims to enhance service offerings throughout the corporate lifecycle.

In March 2023, Huntington completed the sale of the RPS business, resulting in a $57 million gain. This move also established an ongoing partnership, indicating a shift in strategic focus.

Huntington updated the presentation of reported deposit categories to align more closely with how they strategically manage the business. This change provides better insight into deposit composition and management.

The efficiency ratio decreased from 61.0% to 60.5%, reflecting improved operational effectiveness. This indicates better cost management relative to revenue generation.

Huntington has made significant progress on its Community Plan, with $18.2 billion provided in affordable housing financing and consumer lending, and $8.2 billion in small business lending. These commitments demonstrate progress towards stated objectives.

As of December 31, 2024, the ELT and Board were both 50% diverse by race and gender, indicating a commitment to diversity and inclusion in leadership.

The 10K notes that the ACL may not be adequate over time to cover lifetime losses of the portfolio because of unanticipated adverse changes in the economy, market conditions, or events adversely affecting specific customers, industries, or markets.

The 10K states that continued economic uncertainty and a recessionary or stagnant economy could adversely affect the business, financial condition, and results of operations.

The 10K notes that changes in interest rates could reduce net interest income, reduce transactional income, and negatively impact the value of loans, securities, and other assets.

The 10K notes that profitability depends on the ability to compete successfully in a highly competitive environment, and expects competition to intensify.

The 10K states that changes in Huntington's financial condition or in the general banking industry, or changes in interest rates, could result in a loss of depositor confidence.

The 10K notes that Huntington is an entity separate and distinct from the Bank, and depends upon dividends from the Bank to service Huntington's operating costs and to pay dividends to Huntington's shareholders.

The 10K notes that cybersecurity and data privacy are also areas of increasing state legislative focus.

The 10K states that we are exposed to many types of operational risks, including the risk of fraud or theft by colleagues or outsiders, unauthorized transactions by colleagues or outsiders, operational errors by colleagues, business disruption, and system failures.

The 10K notes that we rely on third-party service providers, both domestically and offshore, to leverage subject matter expertise and industry best practice, provide enhanced products and services, and reduce costs.

The 10K notes that FinTechs continue to emerge in key areas of banking. In addition, larger established technology platform companies continue to evaluate, and in some cases, create businesses focused on banking products.

The 10K states that we use Al in connection with our business and operations, which exposes us to inherent risks that may expose us to material harm.

The 10K notes that cybersecurity risks for banking organizations have significantly increased in recent years in part because of the proliferation of new technologies, including Al, and the use of the internet and telecommunications technologies to conduct financial transactions.

Huntington does not expect to have share repurchases through 2025, prioritizing capital for loan and lease growth and increasing overall capital levels.

As of December 31, 2024, Huntington's and the Bank's regulatory capital ratios were above the well-capitalized standards and met the applicable capital buffer requirements.

The 10K notes that the Basel III endgame proposal is aimed at significantly increasing capital requirements for large banks, particularly in the US, by mandating them to hold more capital against potential risks like credit, market, and operational risks.

Huntington published its third standalone Climate Report, organized around the TCFD framework, based on 2023 data. The report updated progress against Scope 1 and Scope 2 emissions reductions, water consumption, and landfill waste goals.

Huntington continues to execute on its Community Plan, committing $24 billion in affordable housing financing and consumer lending, and expanding Small Business lending programs.

Colleague engagement remains strong, with 85%, 82%, and 82% of colleagues responding favorably on trust, culture, and engagement, respectively, placing Huntington in the top quartile of favorability for Culture and Trust among its benchmark peer group.

The rate cutting cycle began in 2024, with a September 50 basis point cut and two fourth quarter 25 basis point cuts, bringing the cumulative amount of rate cuts to 100 basis points since the September FOMC meeting.

Expectations are for the economy to hold up well for the first half of 2025, with more risks of a potential slowdown in the back half of the year.

We expect the Trump administration will seek to implement a regulatory reform agenda that is significantly different than that of the Biden administration.