Financial Performance - For Q2 2024, net income was $474 million, or $0.30 per diluted common share, down from $559 million, or $0.35 per diluted common share in Q2 2023, representing a 15% decrease in net income [21]. - Net income attributable to Huntington for the first six months of 2024 was $893 million, a decrease of $268 million, or 23%, compared to $1,161 million in the same period of 2023 [167]. - Net income for the six months ended June 30, 2024, was $904 million, a decrease of 22.8% compared to $1,171 million for the same period in 2023 [201]. - Comprehensive income attributable to Huntington for the three months ended June 30, 2024, was $442 million, compared to $308 million for the same period in 2023, representing an increase of 43.5% [198]. Income and Expenses - Noninterest income was $491 million, a decrease of $4 million, or 1%, primarily due to a prior year favorable mark-to-market adjustment [24]. - Total noninterest expense for Q2 2024 was $1.1 billion, an increase of $67 million, or 6%, from Q2 2023 [55]. - The provision for credit losses increased to $100 million for the three months ended June 30, 2024, compared to $92 million for the same period in 2023, indicating a rise of 8.7% [197]. - The provision for credit losses for the first six months of 2024 was $207 million, an increase of $30 million, or 17%, compared to the prior year, reflecting increased charge-off activity [49]. Assets and Liabilities - Total assets as of June 30, 2024, were $196.3 billion, an increase of $6.9 billion, or 4%, compared to December 31, 2023 [25]. - Total liabilities increased to $176.7 billion, up $6.8 billion, or 4%, primarily driven by a $4.1 billion increase in long-term debt [25]. - Average assets for Q2 2024 were $194.6 billion, an increase of $3.8 billion, or 2%, from Q2 2023, driven by a $2.0 billion, or 2%, increase in average loans and leases [38]. - Total loans and leases as of June 30, 2024, amounted to $124.4 billion, a $2.4 billion, or 2%, increase from December 31, 2023 [66]. Capital and Equity - The CET1 risk-based capital ratio improved to 10.4% as of June 30, 2024, from 10.2% at December 31, 2023, due to current period earnings [26]. - Shareholders' equity totaled $19.5 billion at June 30, 2024, an increase of $162 million compared to December 31, 2023 [156]. - The total Allowance for Loan and Lease Losses (ALLL) was $2.304 billion as of June 30, 2024, compared to $2.255 billion at the end of 2023 [86]. Credit Quality - The provision for credit losses increased by $8 million, or 9%, to $100 million in Q2 2024, with the allowance for credit losses rising to $2.4 billion, or 1.95% of total loans and leases [23]. - Nonaccrual loans and leases (NALs) increased to $733 million, representing 0.59% of total loans and leases, compared to 0.55% at December 31, 2023 [77]. - Net charge-offs (NCOs) for Q2 2024 were $90 million, or 0.29% of average total loans and leases, an increase from $49 million, or 0.16%, in the same quarter last year [74]. Deposits and Funding - Total deposits increased to $154.4 billion at June 30, 2024, compared to $151.2 billion at December 31, 2023 [124]. - Average interest-bearing deposits rose by $13.0 billion, or 12%, while noninterest-bearing deposits decreased by $4.9 billion, or 14% [39]. - Core deposits totaled $147.5 billion, representing 96% of total deposits, an increase of $2.1 billion or 1% from $145.5 billion at December 31, 2023 [122]. Economic Environment and Strategy - The company aims to enhance its digital leadership and customer experience while maintaining a moderate-to-low risk appetite [27]. - The company continues to assess macroeconomic uncertainties, including risks in the commercial real estate environment and inflation levels [81]. - The economic environment remains highly uncertain, impacting the ability to predict credit losses accurately [192]. Investment and Securities - Total investment securities increased by $1.5 billion to $42.6 billion at June 30, 2024, driven by higher investments in U.S. Treasury securities [130]. - As of June 30, 2024, total available-for-sale securities amounted to $31,001 million, with gross unrealized losses of $3,639 million [209]. - The fair value of held-to-maturity securities as of June 30, 2024, was $12,730 million, with gross unrealized losses of $2,307 million [209].

Financial Performance - For Q1 2024, net income was $419 million, or $0.26 per diluted common share, down from $602 million, or $0.39 per diluted common share in Q1 2023, reflecting a 30% decrease [22]. - Total noninterest income for Q1 2024 was $467 million, a decrease of $45 million, or 9%, from the previous year, primarily due to a significant drop in other noninterest income [44]. - Comprehensive income attributable to Huntington for Q1 2024 was $216 million, down 77.2% from $945 million in Q1 2023 [182]. - Net income for the three months ended March 31, 2024, was $424 million, a decrease of 30% compared to $606 million in the same period of 2023 [184]. Income and Expenses - Net interest income decreased by $122 million, or 9%, to $1.3 billion in Q1 2024, primarily due to a 39 basis point decrease in the net interest margin (NIM) to 3.01% [24]. - Noninterest expense for Q1 2024 was $1.1 billion, an increase of $51 million, or 5%, from Q1 2023 [46]. - The provision for income taxes in Q1 2024 was $86 million, down from $144 million in Q1 2023, with an effective tax rate of 16.8% compared to 19.2% in the prior year [47]. - Total noninterest income for Q1 2024 was $467 million, a decrease of 8.8% from $512 million in Q1 2023 [181]. Credit Losses and Provisions - Provision for credit losses increased by $22 million, or 26%, to $107 million in Q1 2024, with the allowance for credit losses (ACL) rising to $2.4 billion, or 1.97% of total loans and leases [25]. - The provision for credit losses increased to $107 million in Q1 2024 from $85 million in Q1 2023, reflecting a rise of 25.9% [184]. - Net charge-offs (NCOs) for Q1 2024 were $92 million, or 0.30% of average total loans and leases, an increase from $57 million, or 0.19%, in Q1 2023 [76]. - The allowance for loan and lease losses (ACL) was $2.280 billion, up from $2.255 billion at the end of 2023, indicating a slight increase in provisions for credit losses [179]. Assets and Liabilities - Total assets increased by $4.2 billion, or 2%, to $193.5 billion as of March 31, 2024, driven by a $2.5 billion increase in interest-earning deposits [27]. - Total liabilities also rose by $4.2 billion, or 2%, to $174.1 billion, primarily due to a $2.5 billion increase in long-term debt [27]. - Average assets for Q1 2024 increased by $5.4 billion, or 3%, to $190.3 billion, driven by a $3.4 billion, or 54%, increase in average interest-earning deposits with banks [39]. - Total deposits increased to $153.225 billion at March 31, 2024, up from $151.230 billion at December 31, 2023, representing a growth of 1.3% [109]. Capital and Equity - CET1 risk-based capital for the consolidated entity was $14.283 billion, with a CET1 risk-based capital ratio of 10.2% as of March 31, 2024 [133]. - Total risk-based capital for the consolidated entity was $19.713 billion, with a total risk-based capital ratio of 14.1% [133]. - As of March 31, 2024, shareholders' equity totaled $19.3 billion, a decrease of $31 million compared to December 31, 2023, primarily due to changes in accumulated other comprehensive income from interest rate fluctuations [139]. - The company reported a total shareholders' equity of $19.373 billion, slightly down from $19.398 billion at the end of 2023 [179]. Economic Outlook - The consensus economic outlook anticipates a soft landing in the economy in late 2024 to early 2025, with inflation expectations rising [30]. - The unemployment rate is projected to peak at 4.1% in 2025, with GDP forecasted to be 2.0% by Q4 2025 [67]. - The unemployment rate is projected to rise to 7.2% by the end of 2024, which is about 3.2% higher than baseline projections [173]. - The company anticipates four 25 basis points cuts in the federal funds rate by the end of 2024, with further cuts expected in 2025 and 2026 [67]. Deposits and Funding - Core deposits increased by $1.8 billion, or 1%, to $147.3 billion, representing 96% of total deposits [107]. - Non-core deposits were $6.0 billion, or 4% of total deposits, at March 31, 2024, compared to $5.8 billion at December 31, 2023 [108]. - Total available-for-sale securities amounted to $30,294 million, with a fair value of $26,801 million, indicating unrealized losses of $3,597 million [191]. - The total investment securities pledged to secure various liabilities was $36.2 billion as of March 31, 2024, up from $35.1 billion at December 31, 2023 [200]. Operational Highlights - The average number of employees decreased by 479, or 2%, to 19,719 compared to the previous year [46]. - The company aims to drive sustainable long-term revenue growth and enhance customer experience through digital leadership and disciplined capital management [31]. - The company does not expect to utilize the share repurchase program through 2024, focusing instead on funding loan and lease growth [141]. - The company employs derivative instruments such as interest rate swaps and caps to manage interest rate risk [91].

Branch Operations and Market Position - As of December 31, 2023, the company operates 999 full-service branches across multiple states, primarily in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin [18]. - The company is the 1 SBA lender in the nation by loan volume as of September 30, 2023 [25]. - The company holds a 40% market share in Columbus, OH, with deposits amounting to $41,638 million as of June 30, 2023 [36]. Organizational Structure and Segments - The organizational realignment in Q2 2023 consolidated several segments into two main segments: Consumer & Regional Banking and Commercial Banking [20]. - The Consumer & Regional Banking segment offers a wide array of financial products, including deposits, lending, and investment management, emphasizing a "Fair Play" banking philosophy [21]. - The Commercial Banking segment provides services to mid-market and large corporates, leveraging internal partnerships for wealth management, trust, and payments [28]. Technology and Innovation - The company continues to invest in technology and innovation to remain competitive against FinTechs and other financial service providers [38]. - The company aims to develop and launch new products and services through an active corporate development program focused on technology-driven partnerships [38]. Capital and Regulatory Compliance - Huntington's CET1 risk-based capital ratio as of December 31, 2023, is 10.25%, exceeding the minimum requirement of 4.50% [66]. - The total risk-based capital ratio for Huntington is 14.17%, significantly above the minimum requirement of 8.00% [66]. - Huntington is subject to a stress capital buffer (SCB) of 3.2% effective from October 1, 2023, through September 30, 2024 [63]. - The Bank's total risk-based capital ratio is 13.09%, also above the well-capitalized minimum of 10.00% [66]. - Huntington must maintain a minimum outstanding eligible long-term debt amount of no less than 6% of total risk-weighted assets if the proposed long-term debt requirements are adopted [57]. - The proposed Basel III endgame rules may require Huntington to calculate risk-based capital ratios under both the current U.S. standardized approach and an expanded risk-based approach [69]. - Huntington's capital planning is subject to the Federal Reserve's Comprehensive Capital Analysis and Review (CCAR) process, which evaluates capital adequacy under stress scenarios [71]. - As of December 31, 2023, Huntington's capital ratios are above the well-capitalized standards and meet applicable capital buffer requirements [67]. - The Federal Reserve may require Huntington to maintain capital ratios substantially in excess of mandated minimum levels based on economic conditions and the company's risk profile [61]. - Huntington is exempt from certain liquidity requirements due to its classification as a Category IV banking organization [56]. - Huntington's indicative SCB requirement for the 2023 Capital Plan is 3.2%, down from 3.3% [73]. - The Federal Reserve allows Huntington to make capital distributions without prior approval, provided it complies with capital rules [74]. - Huntington's ability to pay dividends is contingent on receiving dividends from its subsidiaries, which face various federal limitations [75]. Risk Management and Compliance - The FDIC requires the Bank to maintain enhanced recordkeeping for prompt payment of insured deposits in case of failure [97]. - The FDIC's DIF reserve ratio is at risk of not meeting the statutory minimum of 1.35% by September 30, 2028, without increasing deposit insurance assessment rates [98]. - The Bank submitted its most recent resolution plan to the FDIC on November 30, 2022, in compliance with new proposed rules [80]. - Huntington is required to serve as a source of financial strength to the Bank, potentially necessitating capital injections during financial distress [81]. - The Volcker Rule prohibits Huntington from engaging in short-term proprietary trading and imposes compliance obligations [79]. - The Anti-Money Laundering Act of 2020 may significantly alter due diligence and reporting requirements for the Bank [90]. - The CCPA allows California residents to access, delete, and opt out of sharing their personal information, with penalties for violations [94]. - The FDIC's special assessment for bank failures in H1 2023 will be based on estimated uninsured deposits, with a total accrued liability of approximately $214 million recognized in Q4 2023 [99]. - The CRA framework will be revised, affecting large banks' ratings, with new assessment areas and data collection requirements expected to take effect on April 1, 2024 [107]. Community Commitment and ESG Initiatives - Huntington committed $40 billion over five years to its Community Plan, with $13.6 billion allocated to affordable housing financing and consumer lending as of September 30, 2023 [117]. - The bank has reached $5.6 billion of its $10 billion commitment to expand small business lending programs through September 30, 2023 [117]. - Huntington's Lift Local Business® program has committed $100 million to support under-resourced entrepreneurs, with $89 million reached by October 31, 2023 [118]. - The bank's Climate Risk Director is responsible for assessing climate-related risks and emissions calculations, contributing to sustainability efforts [115]. - Huntington's ESG strategy includes a Chief ESG Officer overseeing compliance and goal setting, with a focus on environmental and social issues [114]. - The bank's commitment to diversity, equity, and inclusion initiatives has reached $10.2 billion as of September 30, 2023 [117]. - The total workforce at Huntington was 67% diverse, with middle, senior, and executive management levels being 48% diverse as of December 31, 2023 [131]. - In 2023, Huntington colleagues completed over 500,000 training hours as part of their development programs [127]. - Huntington offers a minimum hourly wage of $20, alongside competitive compensation and benefits to enhance employee retention [128]. - The company is committed to pay equity, conducting annual pay equity analyses to ensure fairness across gender and race [129]. Economic and Market Risks - Economic uncertainties, including inflation and rising interest rates, could adversely affect Huntington's business and financial condition [141]. - Changes in interest rates could significantly impact Huntington's net interest income and the value of its loans and securities [144]. - Prolonged inflation may negatively affect Huntington's profitability and stock price due to increased fixed costs and decreased consumer purchasing power [151]. - Competition in the financial services sector is expected to intensify, impacting Huntington's ability to attract and retain customers [152]. - A reduction in access to capital markets could hinder the ability to meet cash flow requirements and fund corporate expansion [156]. - Rising interest rates and disruptions in financial markets may negatively impact Huntington's ability to raise additional capital on acceptable terms [158]. - A downgrade in credit ratings could adversely affect access to liquidity and increase the cost of funds, impacting growth and profitability [159]. - Global economic instability and geopolitical matters could materially affect Huntington's results of operations and financial condition [161]. Operational and Cybersecurity Risks - Operational risks exist due to reliance on internal and third-party systems, which could disrupt business and impact liquidity [162]. - Cybersecurity risks have significantly increased, with potential for serious reputational harm and financial exposure due to cyber-attacks [165]. - Legislative and regulatory focus on cybersecurity and data privacy is increasing, with proposed regulations enhancing cyber risk management standards [171]. - The company faces significant operational risks, including fraud, unauthorized transactions, and system failures, which could lead to financial loss and litigation [174]. - Compliance with laws and regulations is costly and complex, potentially leading to fines and restrictions that adversely affect financial results [188]. - The company relies on third-party service providers for key business infrastructure, which poses risks that could impact service delivery and increase costs [181]. - Legislative and regulatory changes may materially affect the company by increasing costs and limiting business opportunities [191]. - The company is subject to heightened regulatory scrutiny regarding consumer practices, which could lead to increased costs and potential revenue loss [190]. Strategic Planning and Governance - The success of the company's strategic plan depends on the retention of key personnel; loss of executive officers could adversely affect business operations and stock value [202]. - Capital and liquidity regulations, including the CCAR assessment process, may require the company to maintain higher capital levels, impacting dividend payments and stock repurchases [203]. - Proposed changes to capital and liquidity requirements could increase operational costs and affect the company's financial results and ability to distribute capital [205]. - Cybersecurity is a critical component of the company's risk management strategy, with ongoing assessments and third-party reviews to ensure effectiveness [209]. - The company maintains a global cybersecurity threat operation to promptly detect and respond to incidents, minimizing disruptions to business [212]. - The company's headquarters is located in the Huntington Center, with a lease term expiring in 2030 and options for renewal [215].

Financial Performance - For Q3 2023, net income was $547 million, or $0.35 per diluted common share, down from $594 million, or $0.39 per diluted common share in Q3 2022[18]. - Net income attributable to Huntington for Q3 2023 decreased to $547 million, an 8% decline from $594 million in Q3 2022[34]. - Year-to-date net income applicable to common shares for 2023 was $1,602 million, reflecting a 6% increase from $1,508 million in 2022[36]. - Net income for the nine months ended September 30, 2023, was $1,723 million, an increase from $1,600 million in the same period of 2022, representing a growth of approximately 7.7%[210]. - The provision for credit losses increased to $276 million in 2023 from $198 million in 2022, indicating a rise of 39.4%[210]. Revenue and Income Sources - Interest income for Q3 2023 increased to $2,313 million, a 46% rise from $1,589 million in Q3 2022[34]. - Noninterest income rose by $11 million, or 2%, to $509 million, driven by a $33 million increase from favorable mark-to-market on pay-fixed swaptions[21]. - Total noninterest income for Q3 2023 was $509 million, a slight increase of 2% compared to $498 million in Q3 2022[34]. - Noninterest income for Consumer & Regional Banking decreased by $26 million, or 3%, mainly due to lower mortgage banking income and service charges[178]. Credit Losses and Provisions - The provision for credit losses decreased by $7 million to $99 million, while the allowance for credit losses (ACL) increased by $138 million to $2.4 billion, or 1.96% of total loans and leases[20]. - The provision for credit losses for Q3 2023 was $99 million, a decrease of 7% from $106 million in Q3 2022[34]. - The total provision for credit losses for the third quarter of 2023 was $99 million, a decrease of $7 million compared to the third quarter of 2022[54]. - The allowance for credit losses (ACL) was $2.368 billion, or 1.96% of total loans and leases, as of September 30, 2023, up from $2.271 billion, or 1.90%, at December 31, 2022[92]. Assets and Liabilities - Total assets increased by $3.7 billion, or 2%, to $186.7 billion, with interest-bearing deposits at the Federal Reserve Bank rising by $4.9 billion, or 100%[22]. - Average assets for Q3 2023 increased by $7.0 billion, or 4%, to $186.6 billion, driven by a $6.1 billion increase in average interest-bearing deposits at the Federal Reserve Bank[41]. - Total loans and leases as of September 30, 2023, amounted to $120.853 billion, compared to $119.523 billion at the end of 2022[70]. - The total interest-bearing liabilities increased by $15.2 billion, or 13%, compared to the previous year[40]. Capital and Equity - The tangible common equity to tangible assets ratio improved to 5.70%, up 15 basis points from December 31, 2022, while the CET1 risk-based capital ratio increased to 10.10%[23]. - Shareholders' equity totaled $18.5 billion at September 30, 2023, an increase of $752 million, or 4%, compared to December 31, 2022[154]. - The consolidated CET1 risk-based capital ratio increased to 10.10% at September 30, 2023, from 9.36% at December 31, 2022[148]. - The total risk-based capital ratio for the consolidated entity was 14.11% at September 30, 2023, compared to 13.09% at December 31, 2022[148]. Market and Economic Outlook - The economic outlook anticipates a slowdown over the next three quarters, with inflation expected to approach 2% by Q3 2024[25]. - The unemployment rate is forecasted to peak at 4.2% in mid-2025, with GDP expected to be 1.9% by the fourth quarter of 2024[82]. - The unemployment rate is projected to rise to 5.5% by the end of 2023, reflecting a 1.8% increase from baseline projections[199]. Operational Efficiency - The efficiency ratio for Q3 2023 was 57.0%, compared to 54.4% in Q3 2022, indicating a decline in operational efficiency[34]. - Total noninterest expense for Q3 2023 was $1.1 billion, up 4% from $1.053 billion in Q3 2022[59]. - Personnel costs increased by $8 million, or 1%, in Q3 2023, reflecting $8 million of severance expense related to staffing efficiencies[59]. Dividends and Shareholder Returns - The quarterly common stock cash dividend declared on October 18, 2023, is $0.155 per share, with estimated cash demands of approximately $224 million per quarter[136]. - Total cash demands for preferred stock dividends are expected to be approximately $38 million per quarter[136]. - Cash dividends declared for common shares were $0.155 per share, totaling $228 million for Q3 2023[208]. Risk Management - The company utilizes various derivative instruments, including interest rate swaps and caps, to manage interest rate risk and minimize earnings fluctuations[106]. - The net interest income at risk for a -200 basis point change scenario was -5.3% as of September 30, 2023, compared to -4.1% at the end of 2022, indicating increased sensitivity to interest rate changes[100]. - Economic value of equity at risk for a +200 basis point change scenario was -6.7% at September 30, 2023, down from -17.3% at December 31, 2022, reflecting improved equity sensitivity[103].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Maryland 1-34073 31-0724920 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) Registrant's address: 41 South High Street, Columbus, Ohio 43287 For the quarterly period ended June 30, 2023 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHAN ...

Financial Performance - Net income for Q1 2023 was $602 million, or $0.39 per diluted common share, compared to $460 million, or $0.29 per diluted common share in Q1 2022, representing a 31% increase [18]. - Noninterest income for Q1 2023 was $512 million, an increase of $13 million, or 3%, primarily due to the gain from the RPS business sale [22]. - The company reported net credit losses (NCOs) of $57 million, or 0.19% of average total loans and leases, an increase from $19 million, or 0.07%, in the prior year [59]. - The provision for income taxes in Q1 2023 was $144 million, with an effective tax rate of 19.2%, compared to $105 million and 18.5% in Q1 2022 [47]. - The company declared cash dividends of $228 million on common stock and $29 million on preferred stock in Q1 2023 [183]. Interest Income and Margin - Net interest income increased to $1.4 billion, up $263 million, or 23% from the previous year, driven by a 52 basis point increase in the net interest margin (NIM) to 3.40% [20]. - Average total earning assets rose by $6.7 billion, or 4%, contributing to the NIM expansion, which was influenced by higher loan and lease yields [37]. - Huntington's net interest margin (NIM) for Commercial Banking improved to 3.94%, a 22% increase from 3.24% in the previous year [146]. Loans and Credit Losses - The provision for credit losses rose to $85 million, an increase of $60 million from the year-ago quarter, reflecting higher realized net credit losses and allowance builds [21]. - The total provision for loan and lease losses was $78 million, with an additional $7 million for unfunded lending commitments [43]. - The total loan and lease portfolio increased to $121.2 billion at March 31, 2023, up from $119.5 billion at December 31, 2022 [57]. - Nonaccrual loans and leases (NALs) decreased to $533 million, or 0.44% of total loans and leases, from $569 million, or 0.48%, at December 31, 2022 [61]. Assets and Deposits - Total assets as of March 31, 2023, were $189.1 billion, an increase of $6.2 billion, or 3%, compared to December 31, 2022 [23]. - Total deposits decreased to $145.3 billion at March 31, 2023, down from $147.9 billion at December 31, 2022, representing a decline of 1.1% [109]. - Core deposits were $140.4 billion at March 31, 2023, comprising 97% of total deposits, a decrease from $142.1 billion at December 31, 2022 [107]. Economic Outlook - The company expects a mild recession in 2023, with growth anticipated to return in 2024, while inflation is expected to moderate [27]. - The baseline economic scenario forecasts an unemployment rate increase to 4.0% by the end of 2024 and a GDP growth of 2.6% by the same period [67]. - The unemployment rate is projected to reach 7.1% and 7.3% by the end of 2023 and 2024, respectively, under adverse economic conditions [173]. Organizational Changes - The company executed an organizational realignment, consolidating three business segments into a new segment called Consumer & Regional Banking, effective from Q2 2023 [140]. - The average number of employees increased by 476, or 2%, to 20,198 in Q1 2023 [46]. Shareholder Returns - The company authorized a share repurchase program of up to $1.0 billion, with no shares repurchased in the first quarter of 2023 [138]. - Shareholders' equity increased by $1.0 billion or 6% to $18.8 billion at March 31, 2023, driven by earnings and improved AOCI [135]. Securities and Investments - Total available-for-sale securities increased to $27,410 million at March 31, 2023, from $27,103 million at December 31, 2022, representing a growth of 1.14% [197]. - The total amount of past due loans and leases reached $1,029 million as of March 31, 2023, compared to $1,083 million as of December 31, 2022 [208]. Risk Management - The company maintains a contingency funding plan to address liquidity crises, assessing potential erosion of funds due to various events [106]. - The company continues to assess macroeconomic uncertainties, including geopolitical instability and inflation levels, which may impact the ACL estimates [71].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _________________________________________________________________________________________________________________________________________________________________________ FORM 10-K _________________________________________________________________________________________________________________________________________________________________________ ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchan ...