stockrowWhat it does
Huntington Bancshares is a multi-state diversified regional bank holding company headquartered in Columbus, Ohio. Through Huntington National Bank and subsidiaries, it provides deposit accounts, loans and other financial services to consumers, small and mid-sized businesses, larger companies, government entities and institutional clients.
Its Consumer & Regional Banking business offers everyday banking, payments, mortgages, home-equity lending, auto and other consumer finance, dealer finance, wealth management, trust, brokerage and insurance. Customers can use branches, ATMs, online and mobile banking, call centers and national partnerships. Its commercial business provides lending, liquidity, treasury management, payments, capital-markets, equipment-finance and advisory services.
The company completed the acquisition of Veritex in October 2025 and Cadence in February 2026. It operates nearly 1,400 branches in 21 states following the Cadence transaction, while some businesses serve customers beyond those states. Management said on the call that its geographic model now spans 21 states and that its commercial business continues to operate nationally.
How it makes money
Huntington’s primary revenue source is net interest income: interest earned on loans, leases and securities less interest paid on deposits and borrowings. Deposit accounts are therefore a funding source as well as a customer product. Interest rates, loan and deposit volumes, asset yields and funding costs affect this income.
The company operates through Consumer & Regional Banking and Commercial Banking, with technology, operations and unallocated items in Treasury / Other. Consumer & Regional Banking earns interest income from consumer, mortgage, home-equity, dealer and business lending, alongside fees from payments, mortgage banking, wealth management, trust, brokerage, insurance and other services. Commercial Banking serves mid-market through large corporate customers through lending, liquidity, treasury management, payments, asset finance, commercial real estate, capital markets and settlement administration.
Recurring revenue includes interest on outstanding loans and securities, deposit and loan fees, payments and cash-management revenue, treasury management, merchant services, wealth and asset-management fees, and capital-markets and advisory fees. The company competes for loans and deposits through pricing, service, convenience and broader customer relationships.
In 2025, Huntington reported net income of $2.2 billion and net interest income of $6.0 billion; in the third quarter of 2026, net interest income was approximately $2.1 billion and noninterest expense was $1.7 billion. Management said on the call that value-added fee revenues increased more than 15% year over year on a reported basis.
Customers and how it sells
Huntington serves consumers, small to mid-sized businesses, mid-market companies, large corporates, government and non-profit organizations, institutional sponsors, manufacturers and their dealers, law firms, claims administrators and regulatory agencies. Commercial clients span a national footprint, while its regional banking model combines local banking teams with national specialty-finance and product capabilities.
The branch footprint expanded from more than 1,000 branches in 14 states at December 31, 2025 to nearly 1,400 branches in 21 states after Cadence closed. The company reaches customers through branches and ATMs, digital banking, call centers and strategic partnerships. It also serves consumer and business customers through payments platforms including RTP and Zelle.
Management said on the call that Consumer primary-bank relationships increased 4% year over year, Business Banking primary-bank relationships increased 5% and commercial primary-bank relationships increased 7%. Management also said that the company is present in 12 of the country’s 25 fastest-growing metropolitan statistical areas. Its reported deposit market shares include 44% in Columbus and 18% in Grand Rapids as of June 30, 2025.
Suppliers and costs
Huntington’s principal funding source is customer deposits. At December 31, 2025, customer deposits funded 76% of total assets and 114% of total loans. It can also use cash, securities, wholesale funding, asset securitization or sales, secured borrowing capacity with the FHLB and FRB, brokered deposits, and capital-markets debt issuance.
Its costs include interest paid on deposits and borrowings, employee compensation, technology and operations, outside data processing and other services, marketing, deposit insurance, provision for credit losses and acquisition-related expenses. Noninterest expense was $5.0 billion in 2025, including $168 million of acquisition-related expenses. Management said on the call that it completed Cadence expense-synergy actions during the third quarter of 2026, with the full run-rate benefit beginning in the fourth quarter.
Huntington employed 20,424 people in FY2025.
- Revenue$12.5B
- Cost of revenue−$4.3B
- Selling, general and administrative−$5.4B
- Other operating costs−$46.0M
- Operating income$2.7B
Competitive position
Huntington competes with banks, savings and loans, credit unions, finance and trust companies, mortgage banking companies, equipment and auto-finance companies, insurance companies, mutual funds, investment advisers, brokerage firms, non-bank lenders and financial technology companies. It competes for lending and deposits through pricing, value, service, customer relationships, branches, ATMs and digital convenience.
Management said on the call that the Midwest remained its most competitive deposit market, with certificate-of-deposit pricing pressure in Texas and the Southeast. Management also described competitive pressure in commercial real estate, indirect auto lending and residential mortgages, where it has reduced activity when risk-adjusted pricing does not meet its return requirements.
It was reported on 25 October 2026 that JPMorgan and Citigroup already compete for cross-border services that Huntington’s international corporate banking group plans to target. It was also reported on 25 October 2026 that PNC is a peer against which Huntington’s efficiency strategy is differentiated.
Our reading: Huntington’s branch network, local delivery and broad product set are meaningful distribution advantages, supported by its reported positions in several core metropolitan markets. These advantages face limits because customers can use banks, non-banks and FinTechs, often with fewer regulatory constraints or lower cost structures. [item1]
Our reading: Deposit funding and relationship-based cross-selling are important to the model, but pricing competition in deposits and selected lending categories can constrain their economic benefit. [item1, call_qa]
| Competitor | Where they compete | Threat (our reading) |
|---|---|---|
| JPMorgan | cross-border services for global corporate clients | Medium |
| Citigroup | cross-border services for global corporate clients | Medium |
| PNC | regional-bank efficiency and risk management | Medium |
Growth opportunities
Huntington’s growth plan centers on adding and deepening consumer, business and commercial relationships; expanding fee businesses; building commercial capabilities; using digital channels; and growing in new geographies. The Veritex and Cadence transactions expanded its reach in Texas and the South, as well as its branch footprint, loan base and deposit base.
Management said on the call that it is investing in commercial and wealth teams and capabilities in Texas and the South. It also said that Cadence expense synergies had been completed and that revenue synergies were tracking. In the Cadence footprint, the company completed more than 10 capital-markets transactions that generated approximately $12 million in fees, while providing customized treasury products, onboarding and training to more than 6,000 high-value commercial customers.
Management said on the call that monthly new checking-household acquisition across the Cadence footprint rose to 5,900 households from approximately 3,100 households per month since February. It expects return on tangible common equity to trend to 17% to 18% in 2027. Management also expects full-year 2026 loan growth of about 6% organically and approximately 36% on a reported basis.
The company is also adding digital features, including family and team banking and AI-powered savings-goal functionality, and has launched The 1866 Studio for small-business owners and entrepreneurs.
- $6.1BFY2021
- $8.0BFY2022
- $10.8BFY2023
- $12.0BFY2024
- $12.5BFY2025
Structural risks
-
Credit risk: Delinquencies, bankruptcies or defaults could increase nonperforming assets, net charge-offs, provisions for credit losses and valuation adjustments. The allowance for credit losses may prove inadequate.
-
Interest-rate and market risk: Changes in interest rates can reduce net interest income and transactional income, and affect the value of loans, securities and other assets. Management described a higher-rate and more competitive environment that has affected pricing and returns in selected lending categories.
-
Liquidity and deposit risk: Changes in Huntington’s financial condition, the banking industry or interest rates could reduce depositor confidence. Deposits are its primary bank funding source, while deposit pricing affects funding costs.
-
Cadence integration risk: The company expects substantial Cadence merger and integration costs. Realizing anticipated expense and revenue synergies depends on systems, customer and banker retention, pricing and operating execution.
-
Regulatory and compliance risk: Huntington operates in a highly regulated industry. Its growth beyond $250 billion in average consolidated assets is expected to move it to Category III standards after a transition period, adding prudential requirements.
-
Operational and technology risk: Huntington’s or third parties’ systems and infrastructure could fail or be breached, disrupting operations and causing financial, legal or reputational harm.
Bottom line
Our reading
Our reading: Huntington is a deposit-funded regional bank with consumer, business and national commercial operations, increasingly shaped by the Veritex and Cadence combinations. Its earnings model combines interest income from lending with fee businesses in payments, wealth, treasury management and capital markets. [item1, item7]
Our reading: The expanded footprint, customer-relationship growth and fee capabilities support the operating model, while credit discipline, deposit pricing, competition and Cadence integration remain central constraints. [call_prepared, call_qa, item1a]