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 are committed to making people’s lives better, helping businesses thrive, and strengthening the communities we serve and have over 150 years of servicing the financial needs of our customers. Through our subsidiaries, we provide full-service commercial and consumer deposit, lending, and other banking services,services. This includes, but is not limited to, payments, mortgage banking, services, automobile, financing, recreational vehicle and marine financing, investment banking, capital markets, and advisory, services, equipment financing, distribution finance, (formerly referred to as inventory finance), investment management, trust, services, brokerage, services, insurance, products and services, and other financial products and services. At September 30, 2022,2023, our 1,0321,001 full-service branches and private client group offices are primarily located in Ohio, Colorado, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and 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 20212022 Annual Report on Form 10-K should be read in conjunction with this MD&A as this discussion provides only material updates to the 20212022 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.

In May 2022, Huntington completed the acquisition of Torana, now known as Huntington Choice Pay, a digital payments business focused on business to consumer payments. This acquisition, along with the formation of our enterprise-wide payments group, reflects one of our strategic priorities to accelerate our payments capabilities and expand the services provided to our customers.

In June 2022, Huntington completed the acquisition of Capstone Partners, a top tier middle market investment bank and advisory firm. The transaction brings a national scale to serve middle market business owners throughout the corporate lifecycle, building on Huntington’s regional banking foundation. Capstone Partners related revenue, including mergers and acquisitions, capital raising and other advisory-related fees, is recognized within capital markets fees in the Consolidated Statements of Income.

For the quarter, we reported net income of $594$547 million, or $0.39$0.35 per diluted common share, compared with $377$594 million, or $0.22$0.39 per diluted common share, in the year-ago quarter.

Noninterest income was $498$509 million, a decreasean increase of $37$11 million, or 7%2%, and noninterest expense decreased $236increased $37 million, or 18%4%, from the year-ago quarter. The decreaseincrease in noninterest income was primarily due to decreasesa $33 million increase from favorable mark-to-market on pay-fixed swaptions, included within other noninterest income, and additional increases in mortgage banking incomecard and payments processing, bank owned life insurance, and service charges on deposit accounts, partially offset by an increasedecreases in capital markets fees.fees and gain on sale of loans. The decreaseincrease in noninterest expense was primarily due to increases in personnel costs, deposit and other insurance expense, professional services, equipment expense and outside data processing and other services.

Total assets at September 30, 2023 were $186.7 billion, an increase of $3.7 billion, or 2%, compared to December 31, 2022. The increase in total assets was primarily driven by increases in interest-bearing deposits at the Federal Reserve Bank of $4.9 billion, or 100%, and loans and leases of $1.3 billion, or 1%, partially offset by a reductiondecrease in acquisition-related expensestotal investment securities of $224 million$2.4 billion, or 6%. Total liabilities at September 30, 2023 were $168.1 billion, an increase of $3.0 billion, or 2%, compared to December 31, 2022. The increase in total liabilities was primarily driven by increases in long-term debt of $3.1 billion, or 32%, and executiontotal deposits of cost reduction initiatives associated with the TCF acquisition.$1.0 billion, or 1%, partially offset by a decrease in short-term borrowings of $1.3 billion, or 66%.