We are a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through the Bank, we have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer banking services, mortgage banking services, automobile financing, recreational vehicle and marine financing, equipment financing, inventory finance, investment management, trust services, brokerage services, insurance products and services, and other financial products and services. Our 8391,239 full-service branches and private client group offices are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, South Dakota, West Virginia and West Virginia.Wisconsin. Select financial services and other activities are also conducted in various other states. International banking services are available through the headquarters office in Columbus, Ohio. Our foreign banking activities, in total or with any individual country, are not significant.

This MD&A provides information we believe necessary for understanding our financial condition, changes in financial condition, results of operations, and cash flows. The MD&A included in our 20192020 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 20192020 Annual Report on Form 10-K. This MD&A should also be read in conjunction with the Unaudited Condensed Consolidated Financial Statements, Notes to Unaudited Condensed Consolidated Financial Statements, and other information contained in this report.

For the quarter, we reported net loss of $15 million, compared with net income of $303$150 million or $0.27in the year-ago quarter. Loss per common share compared with $372 million, or $0.34for the 2021 second quarter was ($0.05), down $0.18 from earnings of $0.13 per common share, in the year-ago quarter. The reported net loss was impacted by TCF acquisition-related expenses totaling $269 million, or $218 million, after tax ($(0.19) per common share), in addition to the TCF acquisition initial provision for credit losses of $294 million, or $239 million after tax ($(0.21) per common share).

Fully-taxable equivalentNet interest income was $838 million, up $46 million, or 6% from the year-ago quarter. FTE net interest income was $822$844 million, down $17up $47 million, or 2%6%, from the year-ago quarter. This decreaseThe increase in FTE net interest income reflected the benefit from the $18.4 billion, or 17%, increase in average earning assets, partially offset by a 2428 basis point decrease in the FTE net interest margin to 2.96%, partially offset by the benefit from the $11.02.66%. Average earning asset growth included a $7.2 billion, or 11%9%, increase in average earning assets.loans and leases and a $6.5 billion, or 27% increase in average securities, both of which were impacted by the late-quarter TCF acquisition.

The provision for credit losses increased $95decreased $116 million year-over-year to $177$211 million in the 2020 third2021 second quarter. Net charge-offs increased $40 million to $113 million. The oil and gas portfolio accounted for approximately $44 million ofdecrease reflected the $89 million of commercial NCOs, nearly all of which resultedbenefit from charge-offs on loans soldimprovement in the quarter or under contract to be sold. Consumer NCOs of $24 million were down on both a year-over-yearmacro economic forecast and linked quarter basis. Total NCOs represented an annualized 0.56% of average loans and leasesreduction in the current quarter, up from 0.39% in the year-ago quarter.

Common Equity Tier 1 risk-based capital ratio was 9.89%9.97%, downup from 10.02%9.84% a year ago. The regulatory Tier 1 risk-based capital ratio was 12.37%12.24% compared to 11.41%11.79% at SeptemberJune 30, 2019.2020. The increase in regulatory capital ratios was driven by earnings, adjusted for CECL transition, offset by cash dividends. The balance sheet growth we experiencedas a result of the TCF acquisition was driven predominatelylargely offset by the common stock issued related to the acquisition, net of goodwill and intangibles, as well as the change in asset mix during 2020 related to the PPP loans and elevated deposits at the Federal Reserve bothBank (both of which are 0% risk weighted, and as such did not have a material impact on the regulatory capital ratios. The capital impact of the repurchase of $284 million of common stock over the last four quarters (none in the 2020 second or third quarter) and cash dividends effectively offset earnings, adjusted for the CECL transition, on a year-over-year basis.weighted). The regulatory Tier 1 risk-based capital ratioand total risk-based capital ratios also reflectsreflect the issuance of $500 million of Series F preferred stock and $500 million of Series G preferred stock in the 2020 third quarter, $500 million of Series H preferred stock in the 2021 first quarter, and the issuance of $175 million of Series I preferred stock in the 2021 second quarter resulting from the conversion of TCF preferred stock.

Subsequent to quarter end, Huntington redeemed $600 million of Series D preferred stock on July 15, 2021, which represented all of the Series D preferred stock issued and thirdoutstanding.

In addition, subsequent to quarter respectively.end, the Board approved the repurchase of up to $800 million of common shares over the next four quarters. Purchases of common stock under the authorization may include open market purchases, privately negotiated transactions, and accelerated share repurchase programs.

Huntington was able to react quickly to thesethe changes required by the pandemic because of the commitment and flexibility of its workforce coupled with well-prepared business continuity plans. To ensure the safety of our branch colleagues, while still meeting the needs of our customers, we moved to the use ofOur branches with drive-thru only, with in-person meetings by appointment during shelter-in-place orders. For other colleagues, we have implemented a work-from-home approach with increased communication to keep them informed, engaged, productive and connected. Additional benefits have been provided, including medical, emergency paid time off and other programs for those whose families have been directly impacted by the virus. While state and local governments have partially eased temporary business closures and shelter in place requirementsreopened and we have openedare making plans for colleagues to safely return to our branches, we expectoffices in a large portion of our colleagues willphased approach. We continue to operate remotely. Temporary business closuresmonitor the impact of the resurgence of the virus and shelter in place requirements could be reinstated if there is an increase in cases, and it remains unknownevolving guidelines which contributes a level of uncertainty to when there will be a return to normalhistorical norms of economic and social activity.

For our customers,Throughout the pandemic, we have established a variety of temporary relief programs which include loan payment deferrals, late fee and overdraft waivers and the suspension of foreclosure and repossessions. We continue to workworked with our customers to originate and renew business loans as well as originatedoriginate loans made available through the Small Business Administration Paycheck Protection Program,SBA PPP, a lending program established as part of the relief to American consumers and businesses in the Coronavirus Aid, Relief,CARES Act. Several subsequent congressional acts have reopened and Economic Security Act (“CARES Act”).