DEF: Huntington Bancshares Sets Date for 2025 Annual Meeting, Outlines Performance and Governance Initiatives

Huntington Bancshares Incorporated will hold its 2025 Annual Meeting of Shareholders virtually on April 16, 2025, focusing on director elections, executive compensation, and auditor ratification, while highlighting the company's 2024 performance and governance practices.

Summary

• Huntington Bancshares Incorporated will hold its 2025 Annual Meeting of Shareholders virtually on April 16, 2025.
• The meeting will address the election of directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers (PwC) as the independent registered public accounting firm for 2025.
• In 2024, Huntington achieved sequential revenue expansion and peer-leading loan and deposit growth, supported by investments in new regional markets and commercial verticals.
• Average loans grew by 6% and average deposits by 7% year-over-year in the fourth quarter of 2024.
• Full-year fee revenue increased from Payments (6%), Wealth Management (11%), and Capital Markets (32%).
• The company maintained strong credit, liquidity, and capital ratios, adhering to a moderate-to-low risk appetite.
• Huntington updated its Vision and added Ambitions to emphasize customer-centricity and trustworthiness.
• The Board of Directors will see the departure of Alanna Cotton, Gina France, Mike Hochschwender, and Rick King at the 2025 meeting.
• Shareholders of record as of February 18, 2025, are entitled to vote.
• The Board recommends voting for the election of each director nominee, the advisory resolution on executive compensation, and the ratification of PwC.

Sentiment

Score: 7

Explanation: The document presents a positive outlook for Huntington Bancshares, highlighting strong financial performance and strategic initiatives. While acknowledging potential risks, the overall tone is optimistic and confident.

Positives

• Huntington achieved sequential revenue expansion and peer-leading loan and deposit growth in 2024.
• The company scaled its national businesses in practice finance, SBA lending, outdoor equipment and powersports, and consumer direct and indirect automotive lending.
• Huntington maintained strong credit, liquidity, and capital ratios.
• The company is committed to strengthening its culture by caring for colleagues, customers, and communities.
• Fee revenue from Payments, Wealth Management, and Capital Markets increased by 6%, 11%, and 32%, respectively.

Negatives

• Four directors are leaving the Board at the 2025 Annual Meeting of Shareholders: Alanna Cotton, Gina France, J. Michael Hochschwender, and Richard King.

Risks

• The document mentions forward-looking statements are subject to numerous assumptions, risks, and uncertainties.
• These include changes in economic, political, or industry conditions, deterioration in business and economic conditions, and instability in global economic conditions and geopolitical matters.
• Other risks include cybersecurity risks, uncertainty in U.S. fiscal and monetary policy, and competitive pressures on product pricing and services.

Future Outlook

Huntington believes it is well-positioned to continue peer-leading growth in 2025 and beyond, focusing on customer-centered strategies and supporting customer growth.

Management Comments

• We drove accelerated growth throughout 2024, delivering sequential revenue expansion and peer-leading loan and deposit growth.
• We believe that we are well positioned to continue our peer leading growth in 2025 and beyond.
• We updated the Huntington Vision and added Huntingtons Ambitions to double down on our customer-centered focus to be the most trusted financial institution and an indispensable partner to our customers.

Industry Context

The announcement reflects Huntington's efforts to maintain a competitive edge in the banking sector through strategic investments, customer-focused initiatives, and strong risk management, aligning with broader industry trends of digital transformation and customer experience enhancement.

Comparison to Industry Standards

• The document states that Huntington achieved 'peer-leading loan and deposit growth', but does not provide specific data to compare against specific peers.
• The document states that Huntington is the '#1 SBA lender in the United States by volume for the seventh year in a row', but does not provide specific data to compare against specific peers.
• The document states that Huntington is 'ranking Highest in Customer Satisfaction with Retail Banking in Pennsylvania for the second consecutive year in the J.D. Power in 2024 U.S. Retail Banking Satisfaction Study', but does not provide specific data to compare against specific peers.
• The document states that Huntington 'received the top ranking in Overall Dealer Satisfaction for Non-Captive Regional Prime segment in the J.D. Power 2024 U.S. Dealer Financing Satisfaction Study', but does not provide specific data to compare against specific peers.

Management Changes

Related Party Transactions

• Paul McMahon, son-in-law of Director David L. Porteous, is employed by Huntington Bank as a Senior Vice President and Commercial Portfolio Manager Market Manager in the Commercial Banking Department and received compensation totaling $399,302 in 2024.

Stakeholder Impact

• Shareholders are encouraged to participate in the annual meeting and vote on key proposals.
• Colleagues are recognized for their commitment and contributions to the company's success.
• Customers are expected to benefit from the company's focus on customer-centric strategies and improved services.
• Communities are supported through the company's community development and philanthropic efforts.

Next Steps

• Shareholders are encouraged to vote on the proposals outlined in the Proxy Statement.
• The company will continue to focus on customer-centered strategies and supporting customer growth.
• Huntington will continue to monitor and adapt to regulatory changes and market trends.

Key Dates