Huntington Bancshares Incorporated (HBAN): PESTLE Analysis [Nov-2025 Updated]

You're looking for the hard, clear analysis on Huntington Bancshares Incorporated (HBAN) for your investment or strategy deck, so let's cut straight to the six core forces shaping their 2025 trajectory. The near-term story is one of aggressive M&A, digital reinvestment, and navigating a complex regulatory landscape while targeting up to 8% to 9% Net Interest Income (NII) growth. This isn't about vague trends; it's about concrete numbers and near-term policy shifts you need to see.

Political Analysis: M&A Tailwinds vs. Populist Scrutiny

The political landscape for Huntington Bancshares Incorporated is defintely a double-edged sword right now. The big takeaway is that an anticipated easing of bank merger review under the new administration creates a clear tailwind for their scale strategy, making the Veritex combination path smoother. But still, you have to watch the populist scrutiny; any large M&A deal that looks like it could hurt US jobs will draw fire from Congress. Plus, potential federal tax cuts are a simple boost to post-tax profitability, which helps finance future M&A.

The main limit here is Congressional gridlock. It keeps policy uncertain, especially around future financial regulation, so planning long-term capital deployment gets tricky. You have the opportunity for growth, but the political risk is that one high-profile deal could derail the momentum. M&A is easier, but the political spotlight is hotter.

Economic Analysis: Loan Growth Fuels NII Target

Huntington Bancshares Incorporated's economic picture for 2025 is strong, and the numbers show it. They raised the Net Interest Income (NII) growth outlook to a solid 8% to 9%. This isn't just hope; it's grounded in their loan performance. Average total loans hit $135.9 billion in Q3 2025, showing a strong 9% year-over-year growth. Here's the quick math: more loans means more interest income, so they increased their loan growth guidance for 2025 to a 6% to 8% range.

The industry-wide M&A surge is also a clear economic opportunity. It validates their strategy and provides a clear path for the Veritex combination, letting them expand their footprint and revenue base. The risk is if the broader economy slows, those loan growth targets become much harder to hit. Loan growth is fueling a 9% NII target.

Sociological Analysis: $40 Billion Community Bet

Sociologically, Huntington Bancshares Incorporated is making a big bet on reputation and community. They committed to a five-year, $40 billion Community Plan focused on economic inclusion and lending. This isn't just charity; it's a strategic investment in social capital, especially by supporting affordable housing and small businesses.

The reality is that customer loyalty across the entire banking sector is decreasing, so this kind of visible, people-first purpose matters more than ever. Their focus on Societal Infrastructure, Taxes, and Jobs creates significant positive social value, which helps offset the reputational risks that come with being a larger bank. They have to keep investing in digital and service to keep those customers they win over. $40 billion in community lending buys real loyalty.

Technological Analysis: Digital Reinvestment for 100K+ Households

Technology is where Huntington Bancshares Incorporated is putting its money to work. They are reinvesting cost savings directly into digital technology and marketing initiatives. The goal is clear: acquire over 100K+ incremental consumer households digitally by 2030. That's a measurable target for digital conversion.

They are already managing a high volume of over 1 billion digital customer interactions annually, so the platform is stressed and needs constant upgrades. The branch modernization efforts are a smart complement to the digital push; it shows they understand that a hybrid approach-digital convenience backed by physical presence-is what most customers want. The risk is always in the execution of these massive tech rollouts. Digital investment is targeting 100K+ new households.

Legal Analysis: Strong Capital and Regulatory Relief

From a legal and regulatory standpoint, Huntington Bancshares Incorporated is in a position of strength. Their Common Equity Tier 1 (CET1) ratio-which is a key measure of a bank's financial strength-was a robust 10.6% in Q3 2025. That's well above regulatory minimums, giving them a strong capital cushion. They are subject to a 2.5% Stress Capital Buffer (SCB) requirement through September 2025, which is standard for a bank of their size.

The big opportunity is the anticipated regulatory easing on Basel III 'Endgame' provisions. If that happens, it could free up a significant amount of capital for lending and M&A, accelerating their growth plans. Still, they operate under the strict oversight of multiple bodies, including the Federal Reserve and the OCC (Office of the Comptroller of the Currency), so compliance costs are always high. Capital is strong, and regulatory relief is on the horizon.

Environmental Analysis: Financed Emissions Challenge

The Environmental factor is now a core part of governance for Huntington Bancshares Incorporated. They formalized their climate strategy, aligning it with TCFD (Task Force on Climate-related Financial Disclosures) recommendations, and established a Joint Nominating and ESG Committee in January 2025. This shows a serious commitment from the top.

What this estimate hides is the inherent negative impact on greenhouse gas (GHG) emissions tied to their core financing activities, like Car loans and Mortgages. They are a bank, so their emissions are in their loan book, not their power bill. They report progress on their climate strategy to support the transition to a low-carbon economy, but the market will demand clear, measurable reductions in financed emissions over time. This is a long-term risk that needs action now. Climate governance is set, but financed emissions are the challenge.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Political factors

New administration expected to ease bank merger review, favoring HBAN's scale strategy.

The political shift in Washington D.C. has defintely created a tailwind for Huntington Bancshares Incorporated's (HBAN) growth-by-acquisition strategy. For years, bank mergers and acquisitions (M&A) faced heightened regulatory scrutiny, slowing down the process and raising the risk of outright denial.

But that's changing fast. The new administration and a unified Congress have already acted to roll back the stricter policies. In June 2025, the President signed a resolution overturning the 2024 Office of the Comptroller of the Currency (OCC) rule that had banned expedited bank merger reviews. This move essentially removes a major hurdle for large regional banks like Huntington Bancshares Incorporated, which is actively pursuing scale. Just look at the announced $7.4 billion acquisition of Cadence Bank in October 2025; the new, more favorable regulatory environment makes closing and integrating a deal of that size much smoother.

Risk of populist scrutiny on large M&A deals that could impact US jobs.

Still, a less hostile regulatory environment doesn't mean a free pass. There's a real, palpable risk of populist scrutiny, especially from certain members of Congress and the administration, on mega-deals that could be perceived as impacting US jobs or local communities. Banks need to be ready to demonstrate the tangible benefits of consolidation-not just the cost savings.

For Huntington Bancshares Incorporated, this means the cost-cutting portion of its integration plan for any new acquisition must be balanced with clear, public commitments to new job creation or investment in the combined entity's geographic footprint. The M&A process must be managed with a strong public relations strategy to counter any narrative that the deal is purely about eliminating headcount. It's a political tightrope walk; you have to get the deal done, but you also have to win the public argument.

Potential federal tax cuts could boost post-tax profitability and M&A financing.

The most immediate financial opportunity from the current political climate is the potential for significant federal tax cuts. The key provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) are set to expire at the end of 2025. The new administration has signaled a strong intent to not only extend those cuts but potentially reduce the corporate tax rate even further.

If the corporate tax rate were to drop from the current 21% to the proposed 15% for companies manufacturing in the US, Huntington Bancshares Incorporated's post-tax profitability would get a massive boost. Here's the quick math on the potential impact on M&A financing, assuming a hypothetical deal with a pre-tax net income of $1 billion:

A higher post-tax net income makes acquisition targets more valuable and makes the financing of large deals, like the Cadence Bank transaction, more attractive by improving the projected return on investment.

Congressional gridlock still creates policy uncertainty around future financial regulation.

While the administration has made moves on M&A and tax, the broader legislative environment is still messy. Congressional gridlock, which even led to a 43-day government shutdown in late 2025, continues to create policy uncertainty around future financial regulation. You got a repeal of the OCC merger rule, which is great, but a comprehensive, simplified framework for all financial oversight is not yet in place.

This uncertainty forces Huntington Bancshares Incorporated to maintain a flexible capital and compliance strategy. What this estimate hides is the risk of sudden, non-legislative regulatory changes from agencies like the Federal Reserve or the FDIC, which can still move the goalposts on capital requirements or stress tests without a new law. The key areas of ongoing regulatory uncertainty include:

• Future capital requirements (like the potential for a revised Basel III Endgame).
• The long-term fate of the $10,000 cap on State and Local Tax (SALT) deductions.
• The speed and extent of deregulation in fintech and crypto, which could introduce new competitors.

The repeal of the OCC rule was a tactical win, but the strategic regulatory environment remains volatile. Finance: model the Cadence Bank deal with both a 21% and a 15% corporate tax rate by the end of the week to quantify the upside.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Economic factors

You are seeing a clear acceleration in Huntington Bancshares Incorporated's (HBAN) core financial engine, which is a direct reflection of a surprisingly resilient US economy and smart capital deployment. The economic landscape for regional banks in 2025 is defined by strong loan demand and strategic consolidation, and HBAN is capitalizing on both.

Net Interest Income (NII) growth outlook for 2025 was raised to 10% to 11%.

Huntington's ability to manage its funding costs while expanding its loan portfolio has been a major tailwind. Following the Q3 2025 results, the company significantly raised its full-year Net Interest Income (NII) guidance, which is the profit from lending versus the cost of funding. The outlook was revised upward to a growth range of 10% to 11%, a notable increase from the prior 8% to 9% target.

Here's the quick math: based on the FY24 NII baseline of $5.398 billion, this new guidance implies a full-year 2025 NII between approximately $5.94 billion and $5.99 billion. This positive revision, driven by better-than-expected loan growth and an expanded Net Interest Margin (NIM) of 3.13% in Q3 2025, shows real operating leverage. Honestly, that kind of upward revision in a competitive rate environment is a strong signal of execution.

Average total loans hit $135.9 billion in Q3 2025, reflecting 9% year-over-year growth.

The core of any bank's economic health is its loan book. Huntington reported average total loans of $135.9 billion in the third quarter of 2025. This figure represents robust growth of 9% year-over-year, which is outpacing many peers in the regional banking space.

This growth wasn't narrow, either. It was broad-based, with new initiatives-like geographic expansion in Texas and North and South Carolina, plus strength in the Financial Institutions Group-accounting for a significant $1.2 billion, or approximately 40%, of the sequential loan growth in Q3 2025. The remaining $1.6 billion in growth came from core segments like Corporate and Specialty Banking, Auto, and Regional Banking.

Loan growth guidance for 2025 was increased to a 6% to 8% range.

The company's confidence in the economic activity across its footprint is evident in its forward-looking guidance. Management increased its full-year loan growth outlook to a range of 6% to 8%. This is a realistic but aggressive target that reflects strong pipelines, particularly in commercial lending. This momentum suggests that even with a potentially slowing national economy, Huntington's specific markets and commercial verticals are still seeing healthy capital demand.

The table below summarizes the key economic performance metrics driving the 2025 outlook:

Industry-wide M&A is set to surge, providing a clear path for HBAN's Veritex combination.

The economic environment is also ripe for consolidation, and Huntington is not sitting still. The strategic acquisition of Veritex Holdings, Inc. (Veritex) is a major economic move, valued at approximately $1.9 billion in an all-stock deal. This combination was set to close on October 20, 2025, having secured all necessary regulatory approvals. This is a decisive move to accelerate growth.

The Veritex deal is a clear example of a regional bank using M&A to enter a high-growth market, specifically Texas, which will become Huntington's third-largest state by deposits post-close. Veritex brought approximately $13 billion in assets, $9 billion in loans, and $11 billion in deposits to the table as of March 31, 2025. This is a massive springboard for future commercial and consumer expansion. Plus, M&A activity is expected to be more active in 2025, with about 74% of dealmakers anticipating a surge, so Huntington is moving with the trend.

• Accelerates Texas expansion in Dallas/Fort Worth and Houston.
• Adds approximately $9 billion in loans to the portfolio.
• Texas will become the company's third-largest deposit market.
• All-stock deal valued at approximately $1.9 billion.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Social factors

Commitment to a five-year, $40 billion Community Plan for economic inclusion and lending.

You need to see where a bank's stated purpose translates into real capital flow, and Huntington Bancshares Incorporated's (HBAN) commitment to its five-year Community Plan is a clear indicator. Launched in June 2021, the plan pledged $40 billion in loans and investments to strengthen under-resourced communities and small businesses across its footprint. This isn't just a target; it's a social contract.

Honestly, the bank has been aggressive in its execution. As of the first 51 months of the plan, Huntington Bancshares has already exceeded the total commitment, deploying $42.3 billion in community support. That's a strong signal of institutional priority. The commitment to racial and social equity is also significant, with a dedicated $16 billion goal for loans and investments to minority and under-resourced populations, a goal they've also surpassed, reaching $18.5 billion in the same period. This is defintely a core pillar of their social license to operate.

Focus on Societal Infrastructure, Taxes, and Jobs creates significant positive social value.

The bank's social impact extends beyond direct lending into broader societal infrastructure and job creation, which is a key component of its Community Development Lending and Investing (CDLI) strategy. This is about building the foundation for economic vitality. The CDLI commitment stands at $6.7 billion over the five-year period, with $2 billion specifically earmarked for minority initiatives in these areas.

This capital is channeled into projects that provide tangible community benefits, such as affordable housing units, community services for food security, and workforce development programs. For small and mid-sized businesses, the bank's role is to provide the resources to grow, which directly translates into local job creation and a stronger tax base for the communities they serve. It's a virtuous cycle: fund the business, create the job, strengthen the community.

Decreasing customer loyalty across the sector necessitates continuous digital and service investment.

The social environment for banking has fundamentally changed. Customer loyalty is a moving target in 2025, especially with new Consumer Financial Protection Bureau (CFPB) rules making it easier for customers to port their financial data and switch banks for free. This means that a great digital experience is no longer a luxury; it's the price of entry.

Huntington Bancshares must continuously invest in its digital channels to retain its customer base against fintech disruptors and larger national banks. The trend is clear: as of Q4 2023, the bank reported 2.4 million active digital banking users, and 67% of all customer interactions now occur through digital channels. That's a huge volume of traffic that must be seamless, personalized, and fast, or else churn risk rises. The mobile app is the branch for a growing segment of customers, particularly Millennials and Gen Z who demand frictionless service.

• Retaining customers is harder in 2025 due to easier switching.
• Mobile banking usage increased 18.3% year-over-year (Q4 2023).
• 67% of customer interactions are now digital.
• Digital-only US bank customers rose to 41% post-pandemic.

Strong emphasis on a people-first purpose, supporting affordable housing and small businesses.

At its core, Huntington Bancshares operates with a 'people-first' purpose, which is the unifying theme of its social strategy. This isn't just a slogan; it's the driver behind their specific lending targets. Their economic impact is defined by helping families achieve financial stability and homeownership, and giving small businesses the capital to thrive.

For affordable housing, the bank committed $24 billion in financing, a direct response to a critical social need in their markets. For small businesses, the backbone of local economies, the $10 billion in dedicated lending is key to supporting entrepreneurs and local growth. By focusing on these two areas-housing and small business-Huntington Bancshares embeds itself as a genuine partner, not just a provider, which is the only way to build long-term trust and loyalty in this environment.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Technological factors

Reinvesting cost savings directly into digital technology and marketing initiatives.

Huntington Bancshares Incorporated is defintely a realist about where future growth comes from, so they are executing a clear strategy: take efficiency savings and pour them right back into the digital channels and marketing that drive new customer acquisition. This isn't just a general cost-cutting exercise; it's a strategic funding mechanism for growth.

The bank is actively managing expenses to create this internal funding. For instance, costs associated with their aggressive branch expansion in the Carolinas are being absorbed within their existing business-as-usual investment capacity for 2025 and beyond. This capital discipline allows them to invest in key digital areas like the 'digital storefront' to enable frictionless originations and access to colleagues. It's a pragmatic approach: use the core business to fund the future digital one.

Here's the quick math on their digital position as they move through 2025:

Goal to acquire over 100K+ incremental consumer households digitally by 2030.

The stated, long-term ambition is to acquire over 100K+ incremental consumer households digitally by 2030. This is a massive push, and it's built on the success they've already seen. As of 2024, 50% of all new consumer checking households already originate through digital channels. That's a strong starting point.

The real opportunity here, and the risk, is moving those digitally acquired customers from 'skinny' relationships-where they might only have a single product-to full, primary banking relationships. Huntington's strategy is to improve digital household quality by aiming to triple the average deposits from new digital households by 2030. They are focusing on:

• Building an 'Ecommerce Experience' for banking.
• Prioritizing mobile-first customer acquisition.
• Expanding 'One-Tap Originations' for simple product sign-ups.

This is a marathon, not a sprint, but the early numbers show they are on the right track.

Ongoing branch modernization efforts complement the push for digital adoption.

To be fair, Huntington Bancshares Incorporated isn't abandoning the physical world; they view themselves as a 'People-First, Digitally Powered Bank.' The branch network is still critical, especially since a significant portion of their most valuable, multi-product accounts are opened there. They are managing a dual-channel strategy.

The biggest physical investment is the accelerated expansion into new markets like North and South Carolina. They initially planned a five-year build-out of 55 branches but have pulled that plan into just three years, aiming for completion by 2027. This means a substantial number of new locations will open in 2025 and over 20 in both 2026 and 2027. This expansion is not just about real estate; it's about leveraging a local, human-driven approach-the 'people-first' part-to complement the digital efficiency they are building.

High volume of over 1 billion digital customer interactions annually.

The sheer scale of digital engagement is a key technological factor. Huntington is handling over 1 billion digital interactions with customers per year. This high volume is the engine for their data-driven technology strategy.

This massive data flow fuels their ability to offer personalized offers and real-time, trigger-based marketing, which is essential for the 'digital deepening' strategy. The focus is on using technology to provide better service, not just faster transactions. They are using this digital scale to create a more human experience, for example, by developing features like 'Caregiver Banking' to address complex, real-life needs. The growth in digitally active customers, up 8% since 2022, proves the adoption is sticking. Finance: draft a 13-week cash view by Friday that specifically isolates the capital expenditure timeline for the Carolinas branch build-out against the projected digital marketing spend.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Legal factors

You need to understand that regulatory compliance isn't just a cost center; for a bank like Huntington Bancshares Incorporated, it's a competitive moat. The legal landscape in 2025 is defined by strong capital buffers and the ongoing, complex debate around new international standards. Huntington Bancshares is defintely positioned well, holding capital significantly above the required minimums, which gives them flexibility others lack.

Common Equity Tier 1 (CET1) Ratio of 10.6% (Q3 2025) is Well Above Regulatory Minimums

Huntington Bancshares maintains a capital position that is robust, which is the core of regulatory health. Their Common Equity Tier 1 (CET1) ratio-the gold standard for a bank's ability to absorb unexpected losses-stood at a strong 10.6% as of September 30, 2025. This is materially higher than the minimum regulatory requirement, which is a good sign for stability and for future capital deployment.

Here's the quick math: the regulatory minimum for CET1 is 4.5%, plus the Capital Conservation Buffer (CCB) of 2.5%, for a total of 7.0%. Huntington Bancshares' 10.6% ratio gives them a substantial cushion of 3.6% over this minimum, which means they have significant capacity for lending, acquisitions, or share buybacks without triggering distribution constraints.

Subject to a 2.5% Stress Capital Buffer (SCB) Requirement Through September 2025

The Stress Capital Buffer (SCB) is a critical regulatory layer. It's the amount of capital a bank must hold above the minimum to survive a severe economic downturn, as determined by the Federal Reserve's annual stress tests (Comprehensive Capital Analysis and Review, or CCAR). Huntington Bancshares is subject to an SCB requirement of 2.5%, which was effective for the period from October 1, 2024, through September 30, 2025.

This 2.5% SCB is added to the minimum CET1 requirement of 4.5%, meaning the bank's effective minimum CET1 ratio to avoid restrictions on capital distributions is 7.0%. Their actual 10.6% ratio is far above this, showing management is running the bank with a deliberate, conservative capital strategy. That's a good thing for long-term investors.

Anticipated Regulatory Easing, Specifically on Basel III 'Endgame' Provisions, May Free Up Capital for Lending

The proposed Basel III 'Endgame' rules, which aim to significantly increase capital requirements for large banks, have been a major point of contention. The initial proposal, issued in July 2023, was met with overwhelmingly negative feedback from the industry, including regional banks like Huntington Bancshares.

Federal Reserve officials have publicly acknowledged the need for 'broad and material changes' to the proposal. So, while the final rule is not expected before the second half of 2025, the anticipated outcome is a less stringent set of requirements for regional banks than initially proposed. This potential easing of the final rule could effectively lower the future regulatory capital burden, which would free up capital for increased lending, investment, and strategic growth initiatives. It shifts the near-term risk from a capital crunch to a capital opportunity.

Oversight by Multiple Federal and State Regulators, Including the Federal Reserve and OCC

As a multi-state diversified regional bank holding company, Huntington Bancshares Incorporated (HBAN) is under the watchful eye of several powerful regulatory bodies. This multi-layered oversight ensures stability but also increases compliance costs and complexity.

The key federal regulators include:

• The Federal Reserve (Fed): Provides consolidated supervision of Huntington Bancshares Incorporated as a Bank Holding Company (BHC).
• Office of the Comptroller of the Currency (OCC): Primary regulator and examiner for its main subsidiary, The Huntington National Bank (HNB).
• Federal Deposit Insurance Corporation (FDIC): Oversees deposit insurance and resolution planning for The Huntington National Bank.
• Consumer Financial Protection Bureau (CFPB): Focuses on consumer protection laws across the bank's products and services.

The regulatory environment is also impacted by state-level banking and consumer protection laws across the bank's operating footprint, which spans multiple states, plus the ongoing scrutiny from the Securities and Exchange Commission (SEC) for its public company filings. Finance: Monitor the Basel III reproposal release date closely for capital planning adjustments.

Huntington Bancshares Incorporated (HBAN) - PESTLE Analysis: Environmental factors

When you analyze a major financial institution like Huntington Bancshares Incorporated, the 'E' in PESTLE-the environmental factors-is less about smokestacks and more about financed emissions (Scope 3) and governance maturity. It's a transition risk issue, pure and simple. The bank is defintely moving to mitigate this risk, aligning its strategy with global frameworks and formalizing oversight in 2025.

Here's the quick math: Huntington's total reported operational emissions (Scope 1 and 2) for 2023 were only 67,124 metric tons of $CO2e$ ($tCO2e$), but its financed emissions from the auto loan book alone were over 1.4 million $tCO2e$. That massive difference shows exactly where the environmental risk, and the opportunity for impact, sits.

Formal commitment to a climate strategy, aligning with TCFD (Task Force on Climate-related Financial Disclosures) recommendations.

Huntington Bancshares Incorporated has made a clear, formal commitment to a climate strategy, using the Task Force on Climate-related Financial Disclosures (TCFD) recommendations as the foundation for its reporting for the fourth consecutive year, as noted in its 2023 Climate Report. This commitment goes beyond simple disclosure; it integrates climate-related risks into the core of their risk management program, including credit exposure and scenario analysis. The bank also monitors emerging frameworks like the Taskforce on Nature-related Financial Disclosures (TNFD) and the International Sustainability Standards Board (ISSB) standards, preparing for future regulatory changes.

This alignment is a smart move for investor relations, but still, the real work is in the execution.

Governance is formalized with a Joint Nominating and ESG Committee established in January 2025.

The bank has formalized its environmental governance at the highest level. The Joint Nominating and ESG Committee Charter was approved on January 15, 2025, demonstrating a near-term commitment to board-level oversight of environmental, social, and governance (ESG) issues. This committee is responsible for overseeing the company's ESG practices and strategy, ensuring accountability. The Board and senior management also received their first-ever enterprise-wide climate risk training in 2024, which shows an effort to build internal capability to manage these complex risks.

The new committee structure ensures that climate strategy is a standing, high-priority item, not just an annual report footnote.

Negative impact on GHG emissions is tied to financing activities like Car loans and Mortgages.

The most significant environmental impact for Huntington Bancshares Incorporated is not from its own operations, but from its lending portfolio-specifically the Scope 3, Category 15 financed emissions. The bank is a major player in consumer direct and indirect automotive lending, and this portfolio represents the largest disclosed financed emissions category.

The bank is a member of the Partnership for Carbon Accounting Financials (PCAF), which enables the standardized assessment of these emissions. The data from the 2023 Climate Report shows the scale of this challenge:

What this estimate hides is the emissions from other major lending portfolios, like mortgages, which the Climate Risk team is still working to compute reliable, accurate estimates for, consistent with emerging regulatory expectations. The auto book alone accounts for over 80% of the total disclosed Scope 3 emissions.

Reports progress on its climate strategy to support the transition to a low-carbon economy.

Huntington Bancshares Incorporated is actively working to reduce its operational footprint and support the broader low-carbon transition. For its own operations, the bank reported a 7% decrease in Scopes 1 and 2 location-based greenhouse gas (GHG) emissions in 2023. They have a long-term goal to shift 50% of their electricity usage to renewable sources by 2035, and they have executed two power purchase agreements to make progress toward this goal.

On the lending side, the bank is leveraging its Renewable Energy Finance (REF) team, which has financed 24 renewable energy projects with a total capacity of 1,856 MW for companies across its footprint and the nation. This is how a bank can really move the needle on climate impact.

• Achieved a CDP's A- climate change rating.
• Financed 24 renewable energy projects with 1,856 MW capacity.
• Reduced Scope 1 and 2 GHG emissions by 7% in 2023.