HBANHIGH SIGNALOPERATIONAL10-K

HBAN completed a transformative merger with Cadence Bank on February 1, 2026, significantly expanding its geographic footprint and share count while dramatically increasing interest expenses.

The merger represents a major strategic expansion, increasing HBAN's branch network by nearly 40% (from 1,000+ to nearly 1,400 branches) and expanding from 14 to 21 states. The 40% increase in outstanding shares (from 1.45B to 2.03B) indicates substantial dilution from the transaction, while the completion of the Veritex Holdings acquisition in October 2025 shows an aggressive acquisition strategy.

Comparing 2026-02-13 vs 2025-02-14View on EDGAR →
FINANCIAL ANALYSIS

The financial results reflect the impact of major acquisitions, with interest expense surging nearly 400% to $3.5B due to increased funding costs from rapid expansion. However, strong underlying performance is evident with net income growing 14% to $2.2B despite the higher expenses, while provision for credit losses plummeted 97% to just $25M, indicating excellent credit quality. The balance sheet strengthened significantly with cash rising 76% to $2.7B, stockholders' equity increasing 23% to $24.3B, and total assets growing 10% to $225.1B, demonstrating successful integration and improved capital position from the transformative merger activity.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+399.6%
$696.0M→$3.5B

Interest expense surged 399.6% — significant debt increase or rising rates materially impacting earnings.

Provision for Credit Losses
P&L
-97.6%
$1.0B→$25.0M

Provisions reduced 97.6% — improving credit quality or reserve release boosting reported earnings.

Capital Expenditure
Cash Flow
+86.7%
$143.0M→$267.0M

Capital expenditure jumped 86.7% — major investment cycle underway; assess returns on deployment.

Dividends Paid
Cash Flow
+83.3%
$92.4M→$169.3M

Dividend payments increased 83.3% — management confidence in sustained cash generation.

Cash & Equivalents
Balance Sheet
+75.8%
$1.5B→$2.7B

Cash position surged 75.8% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+36.7%
$1.8B→$2.5B

Operating cash flow surged 36.7% — exceptional cash generation, highest quality earnings signal.

Stockholders Equity
Balance Sheet
+23.3%
$19.7B→$24.3B

Equity base grew 23.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+14%
$1.9B→$2.2B

Net income grew 14% — bottom-line growth signals improving overall business health.

Total Assets
Balance Sheet
+10.2%
$204.2B→$225.1B

Asset base grew 10.2% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-14
ADDED
As of February 1, 2026, there were 2,029,792,391 shares of common stock with a par value of $0.01 outstanding.
Business 7 Competition 9 Regulatory Matters 11 Corporate Responsibility 24 Available Information 27 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 51 Introduction 51 Executive Overview 51 Discussion of Results of Operations 55 Risk Management: 61 Credit Risk 63 Market Risk 76 Liquidity Risk 79 Operational Risk 86 Compliance Risk 87 Capital 87 Business Segment Discussion 90 Additional Disclosures 93 Item 7A.
As of December 31, 2025, we operated more than 1,000 branches in 14 states.
Following the completion of our merger with Cadence Bank on February 1, 2026, as further discussed below, we operate nearly 1,400 branches in 21 states, with certain businesses operating in extended geographies.
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REMOVED
As of January 31, 2025, there were 1,453,758,267 shares of common stock with a par value of $0.01 outstanding.
Business 8 C ompetition 10 R egulatory Matters 11 C orporate Responsib ility 23 A vailable Information 27 Item 1A.
Management s Discussion and Analysis of Financial Condition and Results of Operations 45 Introduction 46 Executive Overview 46 Discussion of Results of Operations 50 Risk Management : 55 Credit Risk 58 Market Risk 70 Liquidity Risk 74 Operational Risk 79 Compliance Risk 80 Capital 80 Business Segment Discussion 83 Additional Disclosures 86 Item 7A.
As of December 31, 2024, our 978 full-service branches and private client group offices are located in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, North Carolina, Pennsylvania, West Virginia, and Wisconsin.
We also maintain a local banking presence in South Carolina and Texas, along with conducting select financial services and other activities in other states.
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