Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 1-34073 | ||
Entity Registrant Name | Huntington Bancshares Incorporated | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 31-0724920 | ||
Entity Address, Address Line One | 41 South High Street | ||
Entity Address, City or Town | Columbus, | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 43287 | ||
City Area Code | 614 | ||
Local Phone Number | 480-2265 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 17,092,209,908 | ||
Entity Common Stock, Shares Outstanding | 1,443,016,884 | ||
Entity Central Index Key | 0000049196 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Documents Incorporated by Reference | Part III of this Form 10-K incorporates by reference certain information from the registrant’s definitive Proxy Statement for the 2023 Annual Shareholders’ Meeting. | ||
Depositary Shares (each representing a 1/40th interest in a share of 6.250% Series D Non-Cumulative, perpetual preferred stock) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares (each representing a 1/40th interest in a share of 4.500% Series H Non-Cumulative, perpetual preferred stock) | ||
Trading Symbol | HBANP | ||
Security Exchange Name | NASDAQ | ||
Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares (each representing a 1/1000th interest in a share of 5.70% Series I Non-Cumulative, perpetual preferred stock) | ||
Trading Symbol | HBANM | ||
Security Exchange Name | NASDAQ | ||
Common Stock—Par Value $0.01 per Share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock—Par Value $0.01 per Share | ||
Trading Symbol | HBAN | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Columbus, Ohio |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 1,796 | $ 1,811 | |
Interest-bearing deposits at Federal Reserve Bank | 4,908 | 3,711 | |
Interest-bearing deposits in banks | 214 | 392 | |
Trading account securities | 19 | 46 | |
Available-for-sale securities | 23,423 | 28,460 | |
Held-to-maturity securities | 17,052 | 12,447 | |
Other securities | 854 | 648 | |
Loans held for sale (includes $520 and $1,270 respectively, measured at fair value)(1) | [1] | 529 | 1,676 |
Loans and leases (includes $185 and $171 respectively, measured at fair value)(1) | [1] | 119,523 | 111,267 |
Allowance for loan and lease losses | (2,121) | (2,030) | |
Net loans and leases | 117,402 | 109,237 | |
Bank owned life insurance | 2,753 | 2,765 | |
Accrued income and other receivables | 1,573 | 1,319 | |
Premises and equipment | 1,156 | 1,164 | |
Goodwill | 5,571 | 5,349 | |
Servicing rights and other intangible assets | 712 | 611 | |
Other assets | 4,944 | 4,428 | |
Total assets | 182,906 | 174,064 | |
Deposits: | |||
Demand deposits—noninterest-bearing | 38,242 | 43,236 | |
Interest-bearing | 109,672 | 100,027 | |
Total deposits | 147,914 | 143,263 | |
Short-term borrowings | 2,027 | 334 | |
Long-term debt | 9,686 | 7,108 | |
Other liabilities | 5,510 | 4,041 | |
Total liabilities | 165,137 | 154,746 | |
Commitments and Contingent Liabilities (Note 22) | |||
Shareholders’ equity | |||
Preferred stock | 2,167 | 2,167 | |
Common stock | 14 | 14 | |
Capital surplus | 15,309 | 15,222 | |
Less treasury shares, at cost | (80) | (79) | |
Accumulated other comprehensive (loss) gain | (3,098) | (229) | |
Retained earnings | 3,419 | 2,202 | |
Total Huntington Bancshares Inc shareholders’ equity | 17,731 | 19,297 | |
Non-controlling interest | 38 | 21 | |
Total equity | 17,769 | 19,318 | |
Total liabilities and shareholders’ equity | $ 182,906 | $ 174,064 | |
Common shares authorized (par value of $0.01) (in shares) | 2,250,000,000 | 2,250,000,000 | |
Common shares outstanding (in shares) | 1,443,068,036 | 1,437,742,172 | |
Treasury shares outstanding (in shares) | 6,322,052 | 6,298,288 | |
Preferred stock, authorized shares (in shares) | 6,617,808 | 6,617,808 | |
Preferred shares outstanding (in shares) | 557,500 | 557,500 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 19 “ Fair Values of Assets and Liabilities .” |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Loans held for sale, fair value | $ 520 | $ 1,270 |
Loans Accounted for Under FVO | $ 185 | $ 171 |
Shareholders’ equity | ||
Common stock, par value (in usd per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest and fee income: | |||
Loans and leases | $ 4,816,000 | $ 3,636,000 | $ 3,085,000 |
Available-for-sale securities | |||
Taxable | 576,000 | 261,000 | 237,000 |
Tax-exempt | 74,000 | 56,000 | 61,000 |
Held-to-maturity securities-taxable | 351,000 | 174,000 | 215,000 |
Other securities-taxable | 27,000 | 10,000 | 6,000 |
Other interest income | 125,000 | 54,000 | 43,000 |
Total interest income | 5,969,000 | 4,191,000 | 3,647,000 |
Interest expense | |||
Deposits | 363,000 | 45,000 | 197,000 |
Short-term borrowings | 46,000 | 1,000 | 13,000 |
Long-term debt | 287,000 | 43,000 | 213,000 |
Total interest expense | 696,000 | 89,000 | 423,000 |
Net interest income | 5,273,000 | 4,102,000 | 3,224,000 |
Provision for credit losses | 289,000 | 25,000 | 1,048,000 |
Net interest income after provision for credit losses | 4,984,000 | 4,077,000 | 2,176,000 |
Service charges on deposit accounts | 384,000 | 372,000 | 301,000 |
Card and payment processing income | 374,000 | 334,000 | 248,000 |
Capital markets fees | 252,000 | 151,000 | 125,000 |
Trust and investment management services | 249,000 | 232,000 | 189,000 |
Mortgage banking income | 144,000 | 309,000 | 366,000 |
Leasing revenue | 126,000 | 99,000 | 21,000 |
Insurance income | 117,000 | 105,000 | 97,000 |
Gain on sale of loans | 57,000 | 9,000 | 42,000 |
Bank owned life insurance income | 56,000 | 69,000 | 64,000 |
Net gains (losses) on sales of securities | 0 | 9,000 | (1,000) |
Other noninterest income | 222,000 | 200,000 | 139,000 |
Total noninterest income | 1,981,000 | 1,889,000 | 1,591,000 |
Personnel costs | 2,401,000 | 2,335,000 | 1,692,000 |
Outside data processing and other services | 610,000 | 850,000 | 384,000 |
Equipment | 269,000 | 248,000 | 180,000 |
Net occupancy | 246,000 | 277,000 | 158,000 |
Marketing | 91,000 | 89,000 | 38,000 |
Professional services | 77,000 | 113,000 | 55,000 |
Deposit and other insurance expense | 67,000 | 51,000 | 32,000 |
Amortization of intangibles | 53,000 | 48,000 | 41,000 |
Lease financing equipment depreciation | 45,000 | 41,000 | 1,000 |
Other noninterest expense | 342,000 | 323,000 | 214,000 |
Total noninterest expense | 4,201,000 | 4,375,000 | 2,795,000 |
Income before income taxes | 2,764,000 | 1,591,000 | 972,000 |
Provision for income taxes | 515,000 | 294,000 | 155,000 |
Income after income taxes | 2,249,000 | 1,297,000 | 817,000 |
Income attributable to non-controlling interest | 11,000 | 2,000 | 0 |
Net income attributable to Huntington Bancshares Inc | 2,238,000 | 1,295,000 | 817,000 |
Dividends on preferred shares | 113,000 | 131,000 | 100,000 |
Impact of preferred stock redemption | 0 | 11,000 | 0 |
Net income available to common shares | $ 2,125,000 | $ 1,153,000 | $ 717,000 |
Average common shares—basic (in shares) | 1,441,279 | 1,262,435 | 1,017,117 |
Average common shares—diluted (in shares) | 1,465,220 | 1,286,733 | 1,032,683 |
Per common share: | |||
Net income - basic (in USD per share) | $ 1.47 | $ 0.91 | $ 0.71 |
Net income - diluted (in USD per share) | $ 1.45 | $ 0.90 | $ 0.69 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income attributable to Huntington Bancshares Inc | $ 2,238 | $ 1,295 | $ 817 |
Other comprehensive income, net of tax: | |||
Net unrealized (losses) gains on available-for-sale securities | (2,849) | (341) | 216 |
Net impact of hedges on available-for-sale securities | 665 | 87 | 2 |
Gains (losses) recognized in OCI | (695) | (192) | 232 |
Translations adjustments, net of hedges | (5) | (3) | 0 |
Change in accumulated unrealized gains (losses) for pension and other post-retirement obligations | 15 | 28 | (2) |
Other comprehensive (loss) income, net of tax | (2,869) | (421) | 448 |
Comprehensive (loss) income attributable to Huntington Bancshares | (631) | 874 | 1,265 |
Comprehensive income attributed to non-controlling interest | 11 | 2 | 0 |
Comprehensive (loss) income | $ (620) | $ 876 | $ 1,265 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Millions | Total | Cumulative Effect, Period of Adoption, Adjustment | Total | Total Cumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Common Stock | Capital Surplus | Treasury Stock | AOCI | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Noncontrolling Interest | Series I Preferred Stock | Series I Preferred Stock Total | Series I Preferred Stock Preferred Stock | Series I Preferred Stock Capital Surplus | Series D Preferred Stock | Series D Preferred Stock Total | Series D Preferred Stock Preferred Stock | Series D Preferred Stock Capital Surplus | Series D Preferred Stock Retained Earnings | Common Stock | Common Stock Total | Common Stock Common Stock | Common Stock Capital Surplus | Common Stock Treasury Stock | Series E Preferred Stock | Series E Preferred Stock Preferred Stock |
Balance, beginning of year at Dec. 31, 2019 | $ 11,795 | $ (306) | $ 11,795 | $ (306) | $ 1,203 | $ 10 | $ 8,806 | $ (56) | $ (256) | $ 2,088 | $ (306) | $ 0 | ||||||||||||||||
Balance, beginning of year (in shares) at Dec. 31, 2019 | 1,024,541,000 | |||||||||||||||||||||||||||
Balance, beginning of year, treasury stock (in shares) at Dec. 31, 2019 | (4,537,000) | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Net income | 817 | 817 | 817 | |||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | 448 | 448 | 448 | |||||||||||||||||||||||||
Net proceeds from issuance of Series H Preferred Stock | 988 | 988 | $ 988 | |||||||||||||||||||||||||
Repurchase of common stock (in shares) | (7,504,000) | |||||||||||||||||||||||||||
Repurchase/redemption of stock (in shares) | (92) | (92) | $ 0 | (92) | ||||||||||||||||||||||||
Dividends, Cash [Abstract] | ||||||||||||||||||||||||||||
Cash dividends declared, common stock | (621) | (621) | (621) | |||||||||||||||||||||||||
Cash dividends declared, preferred stock | (100) | (100) | (100) | $ 0 | $ (37) | $ (29) | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | 77 | 77 | 77 | |||||||||||||||||||||||||
Other share-based compensation activity (in shares) | 5,372,000 | |||||||||||||||||||||||||||
Other share-based compensation activity | (9) | (9) | (9) | |||||||||||||||||||||||||
Other (in shares) | (151,000) | (525,000) | ||||||||||||||||||||||||||
Other | (4) | (4) | (1) | $ (3) | ||||||||||||||||||||||||
Balance, end of year (in shares) at Dec. 31, 2020 | 1,022,258,000 | |||||||||||||||||||||||||||
Balance, end of year, treasury stock (in shares) at Dec. 31, 2020 | (5,062,000) | |||||||||||||||||||||||||||
Balance, end of year at Dec. 31, 2020 | 12,993 | 12,993 | 2,191 | $ 10 | 8,781 | $ (59) | 192 | 1,878 | 0 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Net income | 1,297 | 1,295 | 1,295 | 2 | ||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (421) | (421) | (421) | |||||||||||||||||||||||||
Issuance of common stock (in shares) | 458,171,000 | |||||||||||||||||||||||||||
Issuance of stock | 185 | $ 185 | $ 175 | $ 10 | $ 6,961 | $ 6,961 | $ 5 | $ 6,993 | $ (37) | |||||||||||||||||||
Non-controlling interest acquired | 22 | 22 | ||||||||||||||||||||||||||
Net proceeds from issuance of Series H Preferred Stock | 486 | 486 | 486 | |||||||||||||||||||||||||
Repurchase of common stock (in shares) | (43,139,000) | |||||||||||||||||||||||||||
Repurchase/redemption of stock (in shares) | (650) | (650) | $ 0 | (650) | (700) | $ (700) | $ (685) | $ (4) | $ (11) | |||||||||||||||||||
Dividends, Cash [Abstract] | ||||||||||||||||||||||||||||
Cash dividends declared, common stock | (826) | (826) | (826) | |||||||||||||||||||||||||
Cash dividends declared, preferred stock | (131) | (131) | (131) | (7) | (18) | (29) | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | 129 | 129 | 129 | |||||||||||||||||||||||||
Other share-based compensation activity (in shares) | 6,750,000 | |||||||||||||||||||||||||||
Other share-based compensation activity | (38) | (38) | $ (1) | (37) | 0 | |||||||||||||||||||||||
Other (in shares) | (1,236,000) | |||||||||||||||||||||||||||
Other | $ 11 | 14 | $ 17 | (3) | (3) | |||||||||||||||||||||||
Balance, end of year (in shares) at Dec. 31, 2021 | 1,437,742,172 | 1,444,040,000 | ||||||||||||||||||||||||||
Balance, end of year, treasury stock (in shares) at Dec. 31, 2021 | (6,298,288) | (6,298,000) | ||||||||||||||||||||||||||
Balance, end of year at Dec. 31, 2021 | $ 19,318 | 19,297 | 2,167 | $ 14 | 15,222 | $ (79) | (229) | 2,202 | 21 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Net income | 2,249 | 2,238 | 2,238 | 11 | ||||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | (2,869) | (2,869) | (2,869) | |||||||||||||||||||||||||
Dividends, Cash [Abstract] | ||||||||||||||||||||||||||||
Cash dividends declared, common stock | (908) | (908) | (908) | |||||||||||||||||||||||||
Cash dividends declared, preferred stock | (113) | (113) | (113) | $ (10) | $ 0 | $ (29) | ||||||||||||||||||||||
Recognition of the fair value of share-based compensation | 105 | 105 | 105 | |||||||||||||||||||||||||
Other share-based compensation activity (in shares) | 5,350,000 | |||||||||||||||||||||||||||
Other share-based compensation activity | (19) | (19) | (19) | |||||||||||||||||||||||||
Other (in shares) | (24,000) | |||||||||||||||||||||||||||
Other | $ 6 | 0 | 1 | $ (1) | 6 | |||||||||||||||||||||||
Balance, end of year (in shares) at Dec. 31, 2022 | 1,443,068,036 | 1,449,390,000 | ||||||||||||||||||||||||||
Balance, end of year, treasury stock (in shares) at Dec. 31, 2022 | (6,322,052) | (6,322,000) | ||||||||||||||||||||||||||
Balance, end of year at Dec. 31, 2022 | $ 17,769 | $ 17,731 | $ 2,167 | $ 14 | $ 15,309 | $ (80) | $ (3,098) | $ 3,419 | $ 38 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, cash dividend per share (in USD per share) | $ 0.62 | $ 0.605 | $ 0.60 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income | $ 2,249 | $ 1,297 | $ 817 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Provision for credit losses | 289 | 25 | 1,048 |
Depreciation and amortization | 484 | 391 | 367 |
Share-based compensation expense | 105 | 129 | 77 |
Deferred income tax expense (benefit) | 319 | (76) | (93) |
Net change in: | |||
Trading account securities | 27 | 16 | 37 |
Loans held for sale | 675 | (56) | (534) |
Other assets | (1,156) | 366 | (1,077) |
Other liabilities | 1,024 | 27 | 683 |
Other, net | 11 | (57) | (2) |
Net cash provided by operating activities | 4,027 | 2,062 | 1,323 |
Investing activities | |||
Change in interest bearing deposits in banks | 332 | 716 | (81) |
Net cash (paid) received from business acquisition | (223) | ||
Net cash (paid) received from business acquisition | 466 | 0 | |
Proceeds from: | |||
Maturities and calls of available-for-sale securities | 4,053 | 7,275 | 5,697 |
Maturities and calls of held-to-maturity securities | 2,803 | 4,151 | 3,042 |
Maturities and calls of other securities | 832 | 0 | 0 |
Sales of available-for-sale securities | 0 | 5,892 | 392 |
Purchases of available-for-sale securities | (7,107) | (19,936) | (11,104) |
Purchases of held-to-maturity securities | (3,229) | (4,777) | 0 |
Purchases of other securities | (1,080) | (126) | (68) |
Net proceeds from sales of portfolio loans and leases | 995 | 517 | 1,113 |
Principal payments received under direct finance and sales-type leases | 1,882 | 1,055 | 704 |
Net loan and lease activity, excluding sales and purchases | (10,169) | 3,303 | (6,844) |
Purchases of premises and equipment | (214) | (247) | (119) |
Purchases of loans and leases | (610) | (1,197) | (1,506) |
Net accrued income and other receivables activity | (66) | (653) | 0 |
Net cash paid for branch disposition | 0 | (618) | 0 |
Other, net | 192 | 217 | 135 |
Net cash used in investing activities | (11,609) | (3,962) | (8,639) |
Financing activities | |||
Increase in deposits | 4,651 | 6,501 | 16,601 |
Increase (decrease) in short-term borrowings | 2,161 | (1,245) | (2,373) |
Net proceeds from issuance of long-term debt | 11,004 | 775 | 1,386 |
Maturity/redemption of long-term debt | (8,017) | (3,404) | (3,052) |
Dividends paid on preferred stock | (113) | (138) | (84) |
Dividends paid on common stock | (897) | (750) | (614) |
Repurchases of common stock | 0 | (650) | (92) |
Payment to repurchase preferred stock | 0 | (700) | 0 |
Net proceeds from issuance of preferred stock | 0 | 486 | 988 |
Other, net | (25) | (48) | (19) |
Net cash provided by financing activities | 8,764 | 827 | 12,741 |
Increase (decrease) in cash and cash equivalents | 1,182 | (1,073) | 5,425 |
Cash and cash equivalents at beginning of period | 5,522 | 6,595 | 1,170 |
Cash and cash equivalents at end of period | 6,704 | 5,522 | 6,595 |
Supplemental disclosures: | |||
Interest paid | 627 | 185 | 453 |
Income taxes (refunded) paid | (109) | 269 | 81 |
Non-cash activities | |||
Loans transferred to held-for-sale from portfolio | 748 | 872 | 1,139 |
Loans transferred to portfolio from held-for-sale | 126 | 102 | 53 |
Transfer of securities from available-for-sale to held-to-maturity | $ 4,225 | $ 3,007 | $ 2,842 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
TCF Financial Corporation | |
Business Combination (1) | |
Fair value of tangible assets acquired | $ 46,300 |
Goodwill and other intangible assets | 3,500 |
Liabilities assumed | 42,600 |
Common Stock-Par Value $0.01 per share | |
Business Combination (1) | |
Stock issued in business combination | 7,000 |
Preferred Stock | |
Business Combination (1) | |
Stock issued in business combination | $ 185 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Nature of Operations — Huntington Bancshares Incorporated (Huntington or the Company) is a multi-state diversified regional bank holding company organized under Maryland law in 1966 and headquartered in Columbus, Ohio. Through its subsidiaries, including its bank subsidiary, The Huntington National Bank (the Bank), Huntington is engaged in providing full-service commercial and consumer banking services, 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. Huntington’s 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 other states. Basis of Presentation — The Consolidated Financial Statements include the accounts of Huntington and its majority-owned subsidiaries and are presented in accordance with GAAP. All intercompany transactions and balances are eliminated in consolidation. Entities in which Huntington holds a controlling financial interest are consolidated. For a voting interest entity, a controlling financial interest is generally where Huntington holds, directly or indirectly, more than 50 percent of the outstanding voting shares. For a VIE, a controlling financial interest is where Huntington has the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE. For consolidated entities where Huntington holds less than a 100% interest, Huntington recognizes non-controlling interest (included in shareholders’ equity) for the equity held by minority shareholders and non-controlling profit or loss (included in income attributable to non-controlling interest) for the portion of the entity’s earnings attributable to minority interests. Investments in companies that are not consolidated are accounted for using the equity method when Huntington has the ability to exert significant influence. Investments in non-marketable equity securities for which Huntington does not have the ability to exert significant influence are generally accounted for using the cost method adjusted for impairment and other changes in observable prices. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and Huntington’s earnings in equity investments are included in other noninterest income. Investments accounted for under the cost and equity methods are periodically evaluated for impairment. Effective in the 2022, a new classification within the Consolidated Balance Sheet of accrued income and other receivables was established comprised of activity that was previously classified as loans and leases (other consumer loans and leases) and other assets. All prior period amounts and all related metrics have been reclassified to conform to the current presentation. Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that significantly affect amounts reported in the Consolidated Financial Statements. Huntington utilizes processes that involve the use of significant estimates and the judgments of management in determining the amount of its allowance for credit losses, income taxes, as well as fair value measurements of investment securities, derivative instruments, goodwill, other intangible assets, pension assets and liabilities, short-term borrowings, mortgage servicing rights, and loans held for sale. As with any estimate, actual results could differ from those estimates. Cash and cash equivalents —For statements of cash flows purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank. Securities — Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The unrealized gains or losses on trading account securities are recorded in other noninterest income. Debt securities purchased that Huntington has the positive intent and ability to hold to their maturity are classified as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost. All other debt securities are classified as available-for-sale securities. Available-for-sale securities are recognized and measured at fair value with any change in the fair value recognized in other comprehensive income. All equity securities are classified as other securities. Securities transactions are recognized on the trade date (the date the order to buy or sell is executed). The carrying value plus any related accumulated OCI balance of sold securities is used to compute realized gains and losses. Interest on securities, including amortization of premiums and accretion of discounts using the effective interest method over the period to maturity, is included in interest income. Non-marketable equity securities include stock held for membership and regulatory purposes, such as FHLB stock and Federal Reserve Bank stock. These securities are accounted for at cost, evaluated for impairment, and are included in other securities. Other securities also include mutual funds and other marketable equity securities. These securities are carried at fair value, with changes in fair value recognized in other noninterest income. Loans and Leases — Loans for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, except loans for which the fair value option has been elected, are carried at the principal amount outstanding, net of charge-offs, unamortized deferred loan origination fees and costs, premiums and discounts, and unearned income. Direct financing leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases. Renewal options for leases are at the option of the lessee and are typically not included in the measurement of the lease receivable as they are not considered reasonably certain of exercise. Purchase options are typically at fair value, and as such those options are not considered in the measurement of lease receivables or in lease classification. Interest income is accrued as earned using the interest method. Huntington defers the fees it receives from the origination of loans and leases, as well as the direct costs of those activities. Huntington also acquires loans at premiums and/or discounts to their contractual values. Huntington amortizes loan discounts, premiums, and net loan origination fees and costs over the contractual lives of the related loans using the effective interest method. Troubled debt restructurings are loans for which the original contractual terms have been modified to provide a concession to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided are not available to the borrower through either normal channels or other sources. However, not all loan modifications are TDRs. Modifications resulting in troubled debt restructurings may include changes to one or more terms of the loan, including, but not limited to, an interest rate concession, an extension of the repayment period, a reduction in payment amount, and partial forgiveness or deferment of principal or accrued interest. Impairment of the residual values of direct financing leases is evaluated quarterly, with impairment arising if the expected fair value is less than the carrying amount. Huntington assesses net investments in leases (including residual values) for impairment and recognizes impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an allowance for credit losses, with changes recognized as provision expense. For leased equipment, the residual component of a direct financing lease represents the estimated fair value of the leased equipment at the end of the lease term. Huntington uses industry data, historical experience, and independent appraisals to establish these residual value estimates. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer, or purchase of the residual asset by the lessee or another party. Huntington also purchases insurance guaranteeing the value of certain residual assets. Loans Held for Sale — Loans in which Huntington does not have the intent and ability to hold for the foreseeable future are classified as loans held for sale. Loans held for sale are carried at (a) the lower of cost or fair value less costs to sell, or (b) fair value where the fair value option is elected. The fair value option is generally elected for mortgage loans originated with the intent to sell. Nonaccrual and Past Due Loans — Loans are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. Any loan in any portfolio may be placed on nonaccrual status prior to the policies described below when collection of principal or interest is in doubt. When a borrower with debt is discharged in a Chapter 7 bankruptcy and the debt is not reaffirmed by the borrower, the loan is determined to be collateral dependent and placed on nonaccrual status, unless there is a co-borrower or the repayment is likely to occur based on objective evidence. All classes within the commercial loan and lease portfolio are placed on nonaccrual status at 90-days past due. First-lien home equity loans are placed on nonaccrual status at 150-days past due. Junior-lien home equity loans are placed on nonaccrual status at the earlier of 120-days past due or when the related first-lien loan has been identified as nonaccrual. Automobile, RV and marine, and other consumer loans are generally fully charged-off at 120-days past due, and if not fully charged-off are placed on non-accrual. Residential mortgage loans are placed on nonaccrual status at 150-days past due, with the exception of residential mortgages guaranteed by government agencies which continue to accrue interest at the rate guaranteed by the government agency. For all classes within all loan portfolios, when a loan is placed on nonaccrual status, any accrued interest is reversed and charged against interest income. For all classes within all loan portfolios, cash receipts on NALs are applied against principal until the loan or lease has been collected in full, including the charged-off portion, after which time any additional cash receipts are recognized as interest income. However, for secured non-reaffirmed debt in a Chapter 7 bankruptcy, payments are applied to principal and interest when the borrower has demonstrated a capacity to continue payment of the debt and collection of the debt is reasonably assured. For unsecured non-reaffirmed debt in a Chapter 7 bankruptcy where the carrying value has been fully charged-off, payments are recorded as loan recoveries. Management monitors several factors to evaluate a borrower’s financial condition and their ability to make principal and interest payments. When, in management’s judgment, the borrower’s ability to make required principal and interest payments resumes and collectability is no longer in doubt, supported by sustained repayment history, the loan is returned to accrual status. For loans that are returned to accrual status, cash receipts are applied according to the contractual terms of the loan. Collateral-dependent Loans — Certain commercial and consumer loans for which repayment is expected to be provided substantially through the operation or sale of the loan collateral are considered to be collateral-dependent. Allowance for Credit Losses — Huntington performs an ACL evaluation on its loan and lease portfolio, held-to-maturity securities as well as on available-for-sale securities. The ACL on loan and lease portfolio and held-to-maturity securities are provided through an expected loss methodology referred to as CECL methodology. The ACL on AFS securities is provided when a credit loss is deemed to have occurred for securities which Huntington does not intend to sell or is not required to sell. The CECL methodology also applies to credit exposures on off-balance-sheet loan commitments, financial guarantees not accounted for as insurance, including standby letters of credit, and other similar instruments not recognized as derivative financial instruments. On January 1, 2020, Huntington adopted ASC Topic 326 using the modified retrospective method for all financial assets in scope of the standard. Upon adoption, Huntington recorded an increase to the ACL of $393 million and a corresponding decrease to retained earnings of $306 million, net of tax. Loans - The ACL is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount Huntington expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, and deferred fees and costs. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Management estimates the allowance by utilizing models dependent upon loan risk characteristics and economic parameters. Commercial loan risk characteristics include but are not limited to risk ratings, industry type and maturity type. Consumer loan risk characteristics include but are not limited to FICO scores, LTV, and loan vintages. The economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Huntington’s reasonable and supportable forecast period reverts to a historical norm based on inputs within approximately two to three years. The reversion period is dependent on the state of the economy at the beginning of the forecast. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in the micro- and macroeconomic environments. The contractual terms of financial assets are adjusted for expected prepayments and any extensions outside of Huntington’s control. The ACL is measured on a collective basis when similar risk characteristics exist. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by management. If a loan is determined to be collateral dependent or meets the criteria to apply the collateral dependent practical expedient, expected credit losses are determined based on the fair value of the collateral at the reporting date, less costs to sell as appropriate. Management believes the products within each of the entity’s portfolio classes exhibit similar risk characteristics. Huntington has identified its portfolio classes as disclosed in Note 5 - “ Loans and Leases .” In addition to the transactional reserve described above, Huntington also maintains a general reserve that consists of various risk-profile reserve components. The risk-profile components consider items unique to Huntington’s structure, policies, processes, and portfolio composition, as well as qualitative measurements and assessments of the loan portfolios including, but not limited to, economic uncertainty, concentrations, portfolio composition, industry comparisons and internal review functions. Huntington has elected to exclude accrued interest receivable from the measurement of its ACL given the well-defined non-accrual policies in place for all loan portfolios which results in timely reversal of outstanding interest through interest income. The estimate for the off-balance sheet exposures, the AULC, is determined using the same procedures and methodologies as used for the loan and lease portfolio supplemented by the information related to future draws and related credit loss expectations. The AULC is recorded in other liabilities in the Consolidated Balance Sheets. HTM Securities - The allowance for held-to-maturity debt securities is estimated using a CECL methodology. Any expected credit loss is provided through the allowance for credit loss on HTM securities and is deducted from the amortized cost basis of the security so that the balance sheet reflects the net amount Huntington expects to collect. Nearly all of Huntington’s HTM debt securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, there is a zero credit loss expectation on these securities. AFS Securitie s - Huntington evaluates its available-for-sale investment securities portfolio on a quarterly basis for indicators of impairment. Huntington assesses whether an impairment has occurred when the fair value of a debt security is less than the amortized cost at the balance sheet date. Management reviews the amount of unrealized loss, the credit rating history, market trends of similar security classes, time remaining to maturity, and the source of both interest and principal payments to identify securities which could potentially be impaired. For those debt securities that Huntington intends to sell or is more likely than not required to sell, before the recovery of their amortized cost basis, the difference between fair value and amortized cost is considered to be impaired and is recognized in provision for credit losses. For those debt securities that Huntington does not intend to sell or is not more likely than not required to sell, prior to expected recovery of amortized cost basis, the credit portion of the impairment is recognized through an allowance in provision for credit losses while the noncredit portion is recognized in OCI. In determining the credit portion, Huntington uses a discounted cash flow analysis, which includes evaluating the timing and amount of the expected cash flows. Non-credit-related impairment results from other factors, including increased liquidity spreads and higher interest rates. Charge-off of Uncollectible Loans — Any loan in any portfolio may be charged-off prior to the policies described below if a loss confirming event has occurred. Loss confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, foreclosure, or receipt of an asset valuation indicating a collateral deficiency and that asset is the sole source of repayment. Additionally, discharged, collateral dependent non-reaffirmed debt in Chapter 7 bankruptcy filings will result in a charge-off to estimated collateral value, less anticipated selling costs, unless the repayment is likely to occur based on objective evidence. Commercial loans and leases are generally either charged-off or written down to net realizable value at 90-days past due. Automobile, RV and marine, and other consumer loans are generally charged-off at 120-days past due. First-lien and junior-lien home equity loans are charged-off to the estimated fair value of the collateral, less anticipated selling costs, at 150-days past due and 120-days past due, respectively. Residential mortgages are charged-off to the estimated fair value of the collateral at 150-days past due. Collateral — Huntington pledges assets as collateral as required for various transactions including security repurchase agreements, public deposits, loan notes, derivative financial instruments, short-term borrowings, and long-term borrowings. Assets that have been pledged as collateral, including those that can be sold or repledged by the secured party, continue to be reported on the Consolidated Balance Sheets. Huntington also accepts collateral, primarily as part of various transactions including derivative instruments and security resale agreements. Collateral received is excluded from the Consolidated Balance Sheets. The market value of collateral accepted or pledged is regularly monitored and additional collateral is obtained or provided as necessary to ensure appropriate collateral coverage in these transactions. Premises and Equipment — Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the related assets. Buildings and building improvements are depreciated over an average of 30 to 40 years and 10 to 30 years, respectively. Land improvements and furniture and fixtures are depreciated over an average of 5 to 20 years, while equipment is depreciated over a range of 3 to 10 years. Leasehold improvements are amortized over the lesser of the asset’s useful life or the lease term, including any renewal periods for which renewal is reasonably assured. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Mortgage Servicing Rights — Huntington recognizes the rights to service mortgage loans as an asset when servicing is contractually separated from the underlying mortgage loans by sale or securitization of the loans with servicing rights retained or when purchased. MSRs are included in servicing rights and other intangible assets in the Consolidated Balance Sheets. All MSR assets are recorded using the fair value method. Any change in the fair value of MSRs during the period is recorded in mortgage banking income. Goodwill and Other Intangible Assets — Under the acquisition method of accounting, the net assets of entities acquired by Huntington are recorded at their estimated fair value at the date of acquisition. The excess cost of consideration paid over the fair value of net assets acquired is recorded as goodwill. Goodwill is evaluated for impairment on an annual basis at October 1 st of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Operating Leases (Lessee) — Huntington has elected not to include non-lease components in the measurement of right-of-use assets, and as such allocates the costs attributable to such components, where those costs are not separately identifiable, via per-square-foot costing analysis developed by the entity for owned and leased spaces. Huntington uses a portfolio approach to develop discount rates as its lease portfolio is comprised of substantially all branch space and office space used in the entity’s operations. That rate, an input used in the measurement of the entity’s right-of-use assets, leverages an incremental borrowing rate of appropriate tenor and collateralization. Derivative Financial Instruments — A variety of derivative financial instruments, principally interest rate swaps, caps, floors, and swaption collars, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in interest rates without exposure to loss of principal and higher funding requirements. Huntington also uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate lock commitments are carried at fair value on the Consolidated Balance Sheets with changes in fair value reflected in mortgage banking income. Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income. Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in other assets and other liabilities, respectively) and measured at fair value. Accounting for changes in fair value of derivatives depends on whether the derivative is designated and qualifies in a hedging relationship. At inception a derivative contract can be designated as: • a qualifying hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge); • a qualifying hedge of the variability of cash flows to be received or paid related to a recognized asset, liability or forecasted transaction (cash flow hedge); or • a qualifying hedge of Huntington’s investment in non-U.S. dollar functional currency entities (net investment hedge). Changes in the fair value of a derivative that has been designated and qualifies as a fair value hedge, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that has been designated and qualifies as a cash flow hedge are recorded in other comprehensive income, net of income taxes, and reclassified into earnings in the period during which the hedged item affects earnings. Changes in the fair value of derivatives that have been designated as net investment hedges are recorded in other comprehensive income, net of income taxes, and reclassified into earnings during the period the foreign entity is substantially liquidated or other elements of the currency translation adjustment are reclassified into earnings. Changes in the fair value of derivatives held for trading purposes or which do not qualify for hedge accounting are reported in current period earnings. For those derivatives to which hedge accounting is applied, Huntington formally documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and, unless the hedge meets all of the criteria to assume there is no ineffectiveness, the method that will be used to assess the effectiveness of the hedging instrument. Huntington typically assesses effectiveness using statistical regression at inception and on an ongoing basis. Hedge accounting is discontinued prospectively when: • the derivative is no longer effective or expected to be effective in offsetting changes in the fair value, cash flows or changes in net investment of a hedged item (including firm commitments or forecasted transactions); • the derivative expires, is sold, terminated, or exercised; • the forecasted transaction is no longer probable of occurring by the end of the originally specified time period; • the hedged firm commitment no longer meets the definition of a firm commitment; or • the designation of the derivative as a hedging instrument is removed. When hedge accounting is discontinued and the derivative no longer qualifies as an effective fair value, cash flow or net investment hedge, the derivative continues to be carried on the balance sheet at fair value and changes in fair value will be recorded in current period earnings unless re-designated. Like other financial instruments, derivatives contain an element of credit risk, which is the possibility that Huntington will incur a loss because the counterparty fails to meet its contractual obligations. Notional values of interest rate swaps and other off-balance sheet financial instruments significantly exceed the credit risk associated with these instruments and represent contractual balances on which calculations of amounts to be exchanged are based. Credit exposure is limited to the sum of the aggregate fair value of positions that have become favorable to Huntington, including any accrued interest receivable due from counterparties. Potential credit losses are mitigated by derivatives through central clearing parties, careful evaluation of counterparty credit standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and other contract provisions. Huntington considers the value of collateral held and collateral provided in determining the net carrying value of derivatives. Huntington offsets the fair value amounts recognized for derivative instruments and the fair value for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement. Fair Value Measurements — The Company records or discloses certain of its assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified within one of three levels in a valuation hierarchy based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Bank Owned Life Insurance — Huntington’s bank owned life insurance policies are recorded at their cash surrender value. Huntington recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. A portion of the cash surrender value is supported by holdings in separate accounts. Book value protection for the separate accounts is provided by the insurance carriers and a highly rated major bank. Transfers of Financial Assets and Securitizations — Transfers of financial assets in which we have surrendered control over the transferred assets are accounted for as sales. In assessing whether control has been surrendered, Huntington considers whether the transferee would be a consolidated affiliate, the existence and extent of any continuing involvement in the transferred financial assets, and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. Control is generally considered to have been surrendered when (i) the transferred assets have been legally isolated from Huntington or any of its consolidated affiliates, even in bankruptcy or other receivership, (ii) the transferee (or, if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing that is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exch |
ACCOUNTING STANDARDS UPDATE
ACCOUNTING STANDARDS UPDATE | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
ACCOUNTING STANDARDS UPDATE | ACCOUNTING STANDARDS UPDATE Accounting standards adopted in the current period Standard Summary of guidance Effects on financial Statements ASU 2021-08-Business Combinations (Topic 805) Issued October 2021 • The amendments in this update require that an acquirer apply topic 606 to the recognition and measurement of revenue contract assets and liabilities acquired in a business combination. • Management adopted the guidance during the second quarter 2022. • The ASU has been applied to all business combinations occurring during 2022 and will be applied prospectively to all future business combinations. • The adoption did not result in a material impact on Huntington’s Consolidated Financial Statements. ASU 2022-01-Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method Issued March 2022 • The amendments in this update expand the current last-of-layer method to allow for multiple hedge layers in a single closed portfolio. To reflect the expansion, the last-of-layer method has been renamed the portfolio layer method. The standard also expands the scope of the portfolio layer method to nonprepayable financial assets. • Management early adopted the guidance during the second quarter of 2022 using the modified retrospective basis. There was no impact to Huntington’s Consolidated Financial Statements as a result of the adoption. Amendments related to disclosures were applied prospectively from the initial adoption date. • Huntington did not elect to reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category. Accounting standards yet to be adopted Standard Summary of guidance Effects on financial statements ASU 2022-02- Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures Issued March 2022 • The amendments in this update eliminate TDR accounting for entities that have adopted Update 2016-13, while enhancing disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. The ASU also requires disclosure of current period gross write-offs by year of origination for financing receivables and net investment in leases. • Effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. • Adoption of the ASU will be applied prospectively, except for the portion of the standard related to the recognition and measurement of TDRs an entity may elect to use a modified retrospective transition method with a cumulative effect adjustment to retained earnings at the beginning of the period of adoption. • Huntington adopted the standard effective January 1, 2023, using the modified retrospective method the impact of the adoption on the Consolidated Financial Statements was not material. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS Capstone Partners On June 15, 2022, Huntington acquired Capstone Partners, a leading middle market investment bank and advisory firm dedicated to servicing middle market companies throughout their full business lifecycle. The acquisition resulted in $192 million of goodwill, allocated to the Commercial segment, which approximates total consideration. The goodwill recognized is deductible for tax purposes. As of December 31, 2022, management completed its review of information relating to events or circumstances existing at the acquisition date. TCF Financial Corporation On June 9, 2021, Huntington closed the acquisition of TCF Financial Corporation in an all-stock transaction valued at $7.2 billion. TCF was a financial holding company headquartered in Detroit, Michigan with operations across the Midwest. The acquisition brought increased scale and market density, as well as added new markets and capabilities. Under the terms of the agreement, TCF shareholders received 3.0028 shares of Huntington common stock for each share of TCF common stock. Holders of TCF common stock also received cash in lieu of fractional shares. In addition, each outstanding share of 5.70% Series C Non-Cumulative Perpetual Preferred Stock of TCF was converted into one share of a newly created series of preferred stock of Huntington, Series I Preferred Stock. The acquisition of TCF constituted a business combination. We recorded the estimate of fair value based on initial valuations available at June 9, 2021, the acquisition date. The determination of estimated fair value required management to make assumptions related to discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature. As of December 31, 2021, management completed its review of information relating to events or circumstances existing at the acquisition date. |
INVESTMENT SECURITIES AND OTHER
INVESTMENT SECURITIES AND OTHER SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities and Other Securities | INVESTMENT SECURITIES AND OTHER SECURITIES Debt securities purchased in which Huntington has the intent and ability to hold to their maturity are classified as held-to-maturity securities. All other debt and equity securities are classified as either available-for-sale or other securities. The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category. Unrealized (dollar amounts in millions) Amortized Gross Gains Gross Losses Fair Value At December 31, 2022 Available-for-sale securities: U.S. Treasury $ 103 $ — $ — $ 103 Federal agencies: Residential CMO 3,336 — (422) 2,914 Residential MBS 14,349 4 (2,090) 12,263 Commercial MBS 2,565 — (612) 1,953 Other agencies 190 1 (9) 182 Total U.S. Treasury, federal agency, and other agency securities 20,543 5 (3,133) 17,415 Municipal securities 3,527 1 (238) 3,290 Private-label CMO 146 — (18) 128 Asset-backed securities 416 — (44) 372 Corporate debt 2,467 132 (385) 2,214 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 27,103 $ 138 $ (3,818) $ 23,423 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,970 $ 4 $ (714) $ 4,260 Residential MBS 10,295 — (1,375) 8,920 Commercial MBS 1,652 — (204) 1,448 Other agencies 133 — (9) 124 Total federal agency and other agency securities 17,050 4 (2,302) 14,752 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,052 $ 4 $ (2,302) $ 14,754 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 312 $ — $ — $ 312 Federal Reserve Bank stock 500 — — 500 Equity securities 10 — — 10 Other securities, at fair value Mutual funds 31 — — 31 Equity securities 1 — — 1 Total other securities $ 854 $ — $ — $ 854 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 million, respectively. (2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $849 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value At December 31, 2021 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 4,649 40 (40) 4,649 Residential MBS 15,533 135 (160) 15,508 Commercial MBS 1,896 7 (38) 1,865 Other agencies 248 1 (1) 248 Total U.S. Treasury, federal agency, and other agency securities 22,331 183 (239) 22,275 Municipal securities 3,497 62 (33) 3,526 Private-label CMO 106 1 (1) 106 Asset-backed securities 385 1 (4) 382 Corporate debt 2,183 22 (38) 2,167 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 28,506 $ 269 $ (315) $ 28,460 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,602 $ 35 $ (20) $ 2,617 Residential MBS 7,475 41 (59) 7,457 Commercial MBS 2,175 45 (5) 2,215 Other agencies 193 5 — 198 Total federal agency and other agency securities 12,445 126 (84) 12,487 Municipal securities 2 — — 2 Total held-to-maturity securities $ 12,447 $ 126 $ (84) $ 12,489 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 52 $ — $ — $ 52 Federal Reserve Bank stock 512 — — 512 Equity securities 12 — — 12 Other securities, at fair value Mutual funds 65 — — 65 Equity securities 6 1 — 7 Total other securities $ 647 $ 1 $ — $ 648 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $26 million, respectively. The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. At December 31, 2022 2021 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 518 $ 511 $ 377 $ 374 After 1 year through 5 years 2,182 2,033 1,888 1,880 After 5 years through 10 years 3,106 2,814 3,166 3,180 After 10 years 21,297 18,065 23,075 23,026 Total available-for-sale securities $ 27,103 $ 23,423 $ 28,506 $ 28,460 Held-to-maturity securities: Under 1 year $ — $ — $ 2 $ 2 After 1 year through 5 years 72 68 162 164 After 5 years through 10 years 71 66 44 45 After 10 years 16,909 14,620 12,239 12,278 Total held-to-maturity securities $ 17,052 $ 14,754 $ 12,447 $ 12,489 The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position. Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,096 $ (224) $ 818 $ (198) $ 2,914 $ (422) Residential MBS 2,455 (286) 9,490 (1,804) 11,945 (2,090) Commercial MBS 1,090 (249) 863 (363) 1,953 (612) Other agencies 40 (1) 56 (8) 96 (9) Total federal agency and other agency securities 5,681 (760) 11,227 (2,373) 16,908 (3,133) Municipal securities 2,298 (174) 807 (64) 3,105 (238) Private-label CMO 64 (13) 43 (5) 107 (18) Asset-backed securities 174 (10) 199 (34) 373 (44) Corporate debt 727 (105) 1,487 (280) 2,214 (385) Total temporarily impaired available-for-sale securities $ 8,944 $ (1,062) $ 13,763 $ (2,756) $ 22,707 $ (3,818) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,702 $ (238) $ 2,283 $ (476) $ 3,985 $ (714) Residential MBS 4,151 (462) 4,711 (913) 8,862 (1,375) Commercial MBS 1,201 (154) 247 (50) 1,448 (204) Other agencies 124 (9) — — 124 (9) Total federal agency and other agency securities 7,178 (863) 7,241 (1,439) 14,419 (2,302) Total temporarily impaired held-to-maturity securities $ 7,178 $ (863) $ 7,241 $ (1,439) $ 14,419 $ (2,302) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2021 Available-for-sale securities: Federal agencies: Residential CMO $ 2,925 $ (40) $ — $ — $ 2,925 $ (40) Residential MBS 13,491 (160) — — 13,491 (160) Commercial MBS 1,251 (38) — — 1,251 (38) Other agencies 140 (1) — — 140 (1) Total federal agency and other agency securities 17,807 (239) — — 17,807 (239) Municipal securities 859 (22) 319 (11) 1,178 (33) Private-label CMO 78 (1) — — 78 (1) Asset-backed securities 237 (4) — — 237 (4) Corporate debt 1,766 (38) — — 1,766 (38) Total temporarily impaired available-for-sale securities $ 20,747 $ (304) $ 319 $ (11) $ 21,066 $ (315) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,453 $ (20) $ — $ — $ 1,453 $ (20) Residential MBS 5,837 (59) — — 5,837 (59) Commercial MBS 318 (5) — — 318 (5) Total federal agency and other agency securities 7,608 (84) — — 7,608 (84) Total temporarily impaired held-to-maturity securities $ 7,608 $ (84) $ — $ — $ 7,608 $ (84) During 2022 and 2021, Huntington transferred $4.2 billion and $3.0 billion, respectively, of securities from the AFS portfolio to the HTM portfolio. At the time of the transfers, AOCI included $58 million of net unrealized losses and $2 million of unrealized gains, respectively, attributed to these securities. The gain or loss will be amortized into interest income over the remaining life of the securities. At December 31, 2022 and December 31, 2021, the carrying value of investment securities pledged to secure public and trust deposits, trading account liabilities, U.S. Treasury demand notes, security repurchase agreements and to support borrowing capacity totaled $26.9 billion and $21.7 billion, respectively. There were no securities of a single issuer, which were not governmental or government-sponsored, that exceeded 10% of shareholders’ equity at either December 31, 2022 or December 31, 2021. At December 31, 2022, all HTM debt securities are considered AAA rated. In addition, there were no HTM debt securities considered past due at December 31, 2022. Based on an evaluation of available information including security type, counterparty credit quality, past events, current conditions, and reasonable and supportable forecasts that are relevant to collectability of cash flows, as of December 31, 2022, Huntington has concluded that except for one municipal bond classified as an AFS debt security for which a charge-off of $4 million was recognized during 2022, it expects to receive all contractual cash flows from each security held in its AFS and HTM debt securities portfolio. There was no allowance related to securities as of December 31, 2022 or December 31, 2021. |
LOANS AND LEASES
LOANS AND LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
LOANS AND LEASES | LOANS AND LEASES The following table provides a detailed listing of Huntington’s loan and lease portfolio. At December 31, (dollar amounts in millions) 2022 2021 Commercial loan and lease portfolio: Commercial and industrial $ 45,127 $ 41,688 Commercial real estate 16,634 14,961 Lease financing 5,252 5,000 Total commercial loan and lease portfolio 67,013 61,649 Consumer loan portfolio: Residential mortgage 22,226 19,256 Automobile 13,154 13,434 Home equity 10,375 10,550 RV and marine 5,376 5,058 Other consumer 1,379 1,320 Total consumer loan portfolio 52,510 49,618 Total loans and leases (1)(2) 119,523 111,267 Allowance for loan and lease losses (2,121) (2,030) Net loans and leases $ 117,402 $ 109,237 (1) Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net premium (discount) of $3 million and $(111) million at December 31, 2022 and 2021, respectively. (2) The total amount of accrued interest recorded for these loans and leases at December 31, 2022, was $274 million and $186 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2021, was $148 million and $150 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Condensed Consolidated Balance Sheet s. Lease Financing The following table presents net investments in lease financing receivables by category. At December 31, (dollar amounts in millions) 2022 2021 Lease payments receivable $ 4,916 $ 4,620 Estimated residual value of leased assets 788 774 Gross investment in lease financing receivables 5,704 5,394 Deferred origination costs 46 36 Deferred fees, unearned income and other (498) (430) Total lease financing receivables $ 5,252 $ 5,000 The carrying value of residual values guaranteed was $466 million and $473 million as of December 31, 2022 and December 31, 2021, respectively. The future lease rental payments due from customers on sales-type and direct financing leases at December 31, 2022, totaled $4.9 billion and were due as follows: $834 million in 2023, $781 million in 2024, $749 million in 2025, $725 million in 2026, $730 million in 2027, and $1.1 billion thereafter. Interest income recognized for these types of leases was $249 million, $193 million, and $106 million for the years 2022, 2021, and 2020, respectively. Nonaccrual and Past Due Loans and Leases The following table presents NALs by class. At December 31, 2022 At December 31, 2021 (dollar amounts in millions) Nonaccrual loans with no ACL Total nonaccrual loans Nonaccrual loans with no ACL Total nonaccrual loans Commercial and industrial $ 49 $ 288 $ 81 $ 370 Commercial real estate 63 92 80 104 Lease financing — 18 3 48 Residential mortgage — 90 — 111 Automobile — 4 — 3 Home Equity — 76 — 79 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 112 $ 569 $ 164 $ 716 The total amount of interest recorded to interest income for NAL loans was $23 million, $10 million, and $6 million in 2022, 2021, and 2020, respectively. The following tables present an aging analysis of loans and leases, by class. At December 31, 2022 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 53 $ 19 $ 108 $ 180 $ 44,947 $ — $ 45,127 $ 23 (2) Commercial real estate 2 1 9 12 16,622 — 16,634 — Lease financing 36 18 10 64 5,188 — 5,252 9 (3) Residential mortgage 246 69 199 514 21,528 184 22,226 146 (4) Automobile 88 20 11 119 13,035 — 13,154 9 Home equity 56 30 66 152 10,222 1 10,375 15 RV and marine 15 5 3 23 5,353 — 5,376 3 Other consumer 13 3 3 19 1,360 — 1,379 2 Total loans and leases $ 509 $ 165 $ 409 $ 1,083 $ 118,255 $ 185 $ 119,523 $ 207 At December 31, 2021 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial $ 72 $ 69 $ 107 $ 248 $ 41,440 $ — $ 41,688 $ 13 (2) Commercial real estate 9 1 9 19 14,942 — 14,961 — Lease financing 39 13 17 69 4,931 — 5,000 11 (3) Residential mortgage 151 49 233 433 18,653 170 19,256 157 (4) Automobile 79 18 8 105 13,329 — 13,434 6 Home equity 48 35 76 159 10,390 1 10,550 17 RV and marine 14 4 3 21 5,037 — 5,058 3 Other consumer 13 2 3 18 1,302 — 1,320 3 Total loans and leases $ 425 $ 191 $ 456 $ 1,072 $ 110,024 $ 171 $ 111,267 $ 210 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include PPP and other SBA loans and leases. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. (4) Amounts include mortgage loans insured by U.S. government agencies. Credit Quality Indicators To facilitate the monitoring of credit quality for commercial loans, and for purposes of determining an appropriate ACL level for these loans, Huntington utilizes the following internally defined categories of credit grades: • Pass - Higher quality loans that do not fit any of the other categories described below. • OLEM - The credit risk may be relatively minor yet represents a risk given certain specific circumstances. If the potential weaknesses are not monitored or mitigated, the loan may weaken or the collateral may be inadequate to protect Huntington’s position in the future. For these reasons, Huntington considers the loans to be potential problem loans. • Substandard - Inadequately protected loans resulting from the borrower’s ability to repay, equity, and/or the collateral pledged to secure the loan. These loans have identified weaknesses that could hinder normal repayment or collection of the debt. It is likely Huntington will sustain some loss if any identified weaknesses are not mitigated. • Doubtful - Loans that have all of the weaknesses inherent in those loans classified as Substandard, with the added elements of the full collection of the loan is improbable and that the possibility of loss is high. Loans are generally assigned a category of “Pass” rating upon initial approval and subsequently updated as appropriate based on the borrower’s financial performance. Commercial loans categorized as OLEM, Substandard, or Doubtful are considered Criticized loans. Commercial loans categorized as Substandard or Doubtful are both considered Classified loans. For all classes within the consumer loan portfolios, borrower credit bureau scores are monitored as an indicator of credit quality. A credit bureau score is a credit score developed by FICO based on data provided by the credit bureaus. The credit bureau score is widely accepted as the standard measure of consumer credit risk used by lenders, regulators, rating agencies, and consumers. The higher the credit bureau score, the higher likelihood of repayment and therefore, an indicator of higher credit quality. Huntington assesses the risk in the loan portfolio by utilizing numerous risk characteristics. The classifications described above, and also presented in the table below, represent one of those characteristics that are closely monitored in the overall credit risk management processes. The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator. At December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2022 2021 2020 2019 2018 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 16,480 $ 6,597 $ 3,279 $ 2,040 $ 1,068 $ 1,163 $ 12,077 $ 3 $ 42,707 OLEM 108 139 72 21 49 26 112 — 527 Substandard 364 181 189 212 141 255 550 — 1,892 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 16,952 $ 6,917 $ 3,540 $ 2,273 $ 1,258 $ 1,445 $ 12,739 $ 3 $ 45,127 Commercial real estate Credit Quality Indicator (1): Pass $ 5,634 $ 3,260 $ 1,616 $ 1,728 $ 917 $ 1,044 $ 1,502 $ — $ 15,701 OLEM 61 53 1 43 6 9 — — 173 Substandard 235 118 105 75 85 140 2 — 760 Total Commercial real estate $ 5,930 $ 3,431 $ 1,722 $ 1,846 $ 1,008 $ 1,193 $ 1,504 $ — $ 16,634 Lease financing Credit Quality Indicator (1): Pass $ 1,930 $ 1,291 $ 952 $ 447 $ 186 $ 143 $ — $ — $ 4,949 OLEM 32 9 15 18 6 3 — — 83 Substandard 65 37 74 24 9 11 — — 220 Total Lease financing $ 2,027 $ 1,337 $ 1,041 $ 489 $ 201 $ 157 $ — $ — $ 5,252 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,666 $ 6,274 $ 3,566 $ 846 $ 469 $ 2,070 $ — $ — $ 16,891 650-749 1,394 1,172 617 211 137 777 — — 4,308 <650 49 68 61 95 90 480 — — 843 Total Residential mortgage $ 5,109 $ 7,514 $ 4,244 $ 1,152 $ 696 $ 3,327 $ — $ — $ 22,042 Automobile Credit Quality Indicator (2): 750+ $ 2,770 $ 2,212 $ 1,243 $ 777 $ 289 $ 98 $ — $ — $ 7,389 650-749 1,944 1,508 683 367 162 52 — — 4,716 <650 307 352 173 115 67 35 — — 1,049 Total Automobile $ 5,021 $ 4,072 $ 2,099 $ 1,259 $ 518 $ 185 $ — $ — $ 13,154 Home Equity Credit Quality Indicator (2): 750+ $ 463 $ 573 $ 611 $ 23 $ 20 $ 301 $ 4,787 $ 252 $ 7,030 650-749 131 88 68 9 8 122 2,129 261 2,816 <650 3 3 3 2 2 51 335 129 528 Total Home equity $ 597 $ 664 $ 682 $ 34 $ 30 $ 474 $ 7,251 $ 642 $ 10,374 RV and marine Credit Quality Indicator (2): 750+ $ 1,148 $ 1,031 $ 731 $ 361 $ 354 $ 438 $ — $ — $ 4,063 650-749 290 315 200 118 113 169 — — 1,205 <650 5 18 15 17 17 36 — — 108 Total RV and marine $ 1,443 $ 1,364 $ 946 $ 496 $ 484 $ 643 $ — $ — $ 5,376 Other consumer Credit Quality Indicator (2): 750+ $ 207 $ 64 $ 35 $ 34 $ 13 $ 52 $ 393 $ 3 $ 801 650-749 71 30 12 15 4 14 355 16 517 <650 3 3 2 3 1 2 33 14 61 Total Other consumer $ 281 $ 97 $ 49 $ 52 $ 18 $ 68 $ 781 $ 33 $ 1,379 At December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2021 2020 2019 2018 2017 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 15,435 $ 5,677 $ 3,682 $ 1,983 $ 1,080 $ 1,134 $ 9,945 $ 3 $ 38,939 OLEM 183 178 87 83 38 73 166 — 808 Substandard 336 203 344 206 125 167 552 — 1,933 Doubtful 5 1 1 1 — — — — 8 Total Commercial and industrial $ 15,959 $ 6,059 $ 4,114 $ 2,273 $ 1,243 $ 1,374 $ 10,663 $ 3 $ 41,688 Commercial real estate Credit Quality Indicator (1): Pass $ 4,144 $ 2,367 $ 2,593 $ 1,456 $ 761 $ 1,124 $ 798 $ — $ 13,243 OLEM 76 48 42 83 73 19 — — 341 Substandard 224 362 448 115 151 46 30 — 1,376 Doubtful — — — 1 — — — — 1 Total Commercial real estate $ 4,444 $ 2,777 $ 3,083 $ 1,655 $ 985 $ 1,189 $ 828 $ — $ 14,961 Lease financing Credit Quality Indicator (1): Pass $ 1,851 $ 1,441 $ 809 $ 417 $ 226 $ 131 $ — $ — $ 4,875 OLEM 8 32 12 4 2 — — — 58 Substandard 6 23 19 2 9 8 — — 67 Total Lease financing $ 1,865 $ 1,496 $ 840 $ 423 $ 237 $ 139 $ — $ — $ 5,000 Residential mortgage Credit Quality Indicator (2): 750+ $ 5,532 $ 3,857 $ 978 $ 554 $ 687 $ 1,704 $ — $ — $ 13,312 650-749 1,862 993 409 269 254 1,028 — — 4,815 <650 48 56 104 120 99 532 — — 959 Total Residential mortgage $ 7,442 $ 4,906 $ 1,491 $ 943 $ 1,040 $ 3,264 $ — $ — $ 19,086 Automobile Credit Quality Indicator (2): 750+ $ 2,993 $ 1,927 $ 1,381 $ 666 $ 345 $ 129 $ — $ — $ 7,441 650-749 2,393 1,237 736 380 168 55 — — 4,969 <650 380 234 178 128 70 34 — — 1,024 Total Automobile $ 5,766 $ 3,398 $ 2,295 $ 1,174 $ 583 $ 218 $ — $ — $ 13,434 Home equity Credit Quality Indicator (2): 750+ $ 645 $ 701 $ 32 $ 31 $ 34 $ 387 $ 4,772 $ 272 $ 6,874 650-749 129 94 15 13 13 161 2,324 324 3,073 <650 3 2 2 1 1 67 361 165 602 Total Home equity $ 777 $ 797 $ 49 $ 45 $ 48 $ 615 $ 7,457 $ 761 $ 10,549 RV and marine Credit Quality Indicator (2): 750+ $ 1,257 $ 933 $ 470 $ 468 $ 268 $ 319 $ — $ — $ 3,715 650-749 393 273 171 157 106 150 — — 1,250 <650 6 11 13 18 18 27 — — 93 Total RV and marine $ 1,656 $ 1,217 $ 654 $ 643 $ 392 $ 496 $ — $ — $ 5,058 Other consumer Credit Quality Indicator (2): 750+ $ 211 $ 34 $ 50 $ 13 $ 10 $ 27 $ 326 $ 3 $ 674 650-749 88 52 50 23 17 41 295 24 590 <650 2 2 5 2 — 1 27 17 56 Total Other consumer $ 301 $ 88 $ 105 $ 38 $ 27 $ 69 $ 648 $ 44 $ 1,320 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. TDR Loans TDR Concession Types The Company’s standards relating to loan modifications consider, among other factors, minimum verified income requirements, cash flow analyses, and collateral valuations. Each potential loan modification is reviewed individually and the terms of the loan are modified to meet a borrower’s specific circumstances at a point in time. All commercial TDRs are reviewed and approved by our FRG. Following is a description of TDRs by the different loan types: Commercial loan TDRs – Our strategy involving commercial TDR borrowers includes working with these borrowers to allow them to refinance elsewhere, as well as allow them time to improve their financial position and remain a Huntington customer through refinancing their notes according to market terms and conditions in the future. A subsequent refinancing or modification of a loan may occur when either the loan matures according to the terms of the TDR-modified agreement, or the borrower requests a change to the loan agreements. At that time, the loan is evaluated to determine if the borrower is creditworthy. It is subjected to the normal underwriting standards and processes for other similar credit extensions, both new and existing. The refinanced note is evaluated to determine if it is considered a new loan or a continuation of the prior loan. Consumer loan TDRs – Residential mortgage TDRs represent loan modifications associated with traditional first-lien mortgage loans in which a concession has been provided to the borrower. The primary concessions given to residential mortgage borrowers are amortization, maturity date, and interest rate concessions. Residential mortgages identified as TDRs involve borrowers unable to refinance their mortgages through the Company’s normal mortgage origination channels or through other independent sources. Some, but not all, of the loans may be delinquent. The Company may make similar interest rate, term, and principal concessions for Automobile, Home Equity, RV and Marine, and Other Consumer loan TDRs. TDR Impact on Credit Quality Huntington’s ALLL is influenced by loan level characteristics that inform the assessed propensity to default. As such, the provision for credit losses is impacted primarily by changes in such loan level characteristics, such as payment performance, rather than the TDR classification. TDRs can be classified as either accrual or nonaccrual loans. Nonaccrual TDRs are included in NALs whereas accruing TDRs are excluded from NALs as it is probable that all contractual principal and interest due under the restructured terms will be collected. The Company’s TDRs may include multiple concessions and the disclosure classifications are presented based on the primary concession provided to the borrower. The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification. New Troubled Debt Restructurings (1) Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate concession Amortization or maturity date concession Chapter 7 bankruptcy Other Total Year Ended December 31, 2022 Commercial and industrial 313 $ 92 $ 62 $ — $ 15 $ 169 Commercial real estate 26 62 27 — — 89 Residential mortgage 806 — 109 5 — 114 Automobile 2,368 — 17 3 — 20 Home equity 228 — 8 4 — 12 RV and marine 137 — 2 1 — 3 Other consumer 127 — — — 1 1 Total new TDRs 4,005 $ 154 $ 225 $ 13 $ 16 $ 408 Year Ended December 31, 2021 Commercial and industrial 76 $ 29 $ 25 $ — $ — $ 54 Commercial real estate 5 — — — — — Residential mortgage 320 — 39 6 — 45 Automobile 2,442 — 16 4 — 20 Home equity 214 — 4 7 — 11 RV and marine 138 1 2 1 — 4 Other consumer 270 — — — 1 1 Total new TDRs 3,465 $ 30 $ 86 $ 18 $ 1 $ 135 (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Post-modification balances approximate pre-modification balances. Pledged Loans The Bank has access to the Federal Reserve’s discount window and advances from the FHLB. As of December 31, 2022 and 2021, these borrowings and advances are secured by $70.9 billion and $61.1 billion, respectively, of loans. |
ALLOWANCE FOR CREDIT LOSSES
ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES The following table presents ACL activity by portfolio segment. (dollar amounts in millions) Commercial Consumer Total Year ended December 31, 2022: ALLL balance, beginning of period $ 1,462 $ 568 $ 2,030 Loan and lease charge-offs (129) (184) (313) Recoveries of loans and leases previously charged-off 114 78 192 Provision (benefit) for loan and lease losses (23) 235 212 ALLL balance, end of period $ 1,424 $ 697 $ 2,121 AULC balance, beginning of period $ 41 $ 36 $ 77 Provision for unfunded lending commitments 30 43 73 AULC balance, end of period $ 71 $ 79 $ 150 ACL balance, end of period $ 1,495 $ 776 $ 2,271 Year ended December 31, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (243) (139) (382) Recoveries of loans and leases previously charged-off 83 84 167 Provision (benefit) for loan and lease losses 12 (13) (1) Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,462 $ 568 $ 2,030 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision for unfunded lending commitments 8 18 26 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 41 $ 36 $ 77 ACL balance, end of period $ 1,503 $ 604 $ 2,107 Year ended December 31, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) 180 211 391 Loan and lease charge-offs (374) (166) (540) Recoveries of loans and leases previously charged-off 32 59 91 Provision for loan and lease losses 846 243 1,089 ALLL balance, end of period $ 1,236 $ 578 $ 1,814 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) (38) 40 2 Provision (benefit) for unfunded lending commitments (17) (24) (41) Unfunded lending commitment losses (13) — (13) AULC balance, end of period $ 34 $ 18 $ 52 ACL balance, end of period $ 1,270 $ 596 $ 1,866 (1) Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13. At December 31, 2022, the ACL was $2.3 billion, an increase of $164 million from the December 31, 2021 balance of $2.1 billion. The increase was primarily driven by loan and lease growth of $8.3 billion, but also recognizes the increased near-term recessionary risks at the end of 2022. The Commercial ACL was $1.5 billion at both December 31, 2022 and December 31, 2021. The impacts of strong commercial loan and lease growth of $5.4 billion and a generally more pessimistic economic forecast were offset by reductions in qualitative reserves related to the CRE portfolio as more clarity with respect to COVID-related impacts emerged throughout 2022. The Consumer ACL balance was $776 million at December 31, 2022, an increase of $172 million from the December 31, 2021 balance of $604 million. The increase is attributable to a combination of strong consumer loan growth over the course of 2022 of $2.9 billion, while also reflecting a deterioration in the economic forecast resulting in increased near-term recessionary risks for the consumer portfolio. |
MORTGAGE LOAN SALES AND SERVICI
MORTGAGE LOAN SALES AND SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
MORTGAGE LOAN SALES AND SERVICING RIGHTS | MORTGAGE LOAN SALES AND SERVICING RIGHTS Residential Mortgage Portfolio The following table summarizes activity relating to residential mortgage loans sold with servicing retained. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Residential mortgage loans sold with servicing retained $ 5,686 $ 9,702 $ 8,436 Pretax gains resulting from above loan sales (1) 137 356 311 (1) Recorded in mortgage banking income. The following table summarizes the changes in MSRs recorded using the fair value method: Year Ended December 31, (dollar amounts in millions) 2022 2021 Fair value, beginning of period $ 351 $ 210 Servicing assets obtained in acquisition — 59 New servicing assets created 85 135 Change in fair value during the period due to: Time decay (1) (22) (15) Payoffs (2) (34) (65) Changes in valuation inputs or assumptions (3) 114 27 Fair value, end of period $ 494 $ 351 (1) Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns. (2) Represents decrease in value associated with loans that paid off during the period. (3) Represents change in value resulting primarily from market-driven changes in interest rates. MSRs do not trade in an active, open market with readily observable prices. Therefore, the fair value of MSRs is estimated using a discounted future cash flow model. Changes in the assumptions used may have a significant impact on the valuation of MSRs. MSR values are sensitive to movement in interest rates as expected future net servicing income depends on the projected outstanding principal balances of the underlying loans, which are impacted by the level of prepayments. The following table summarizes the key assumptions and the sensitivity of the MSR value to changes in these assumptions. At December 31, 2022 At December 31, 2021 Decline in fair value due to Decline in fair value due to (dollar amounts in millions) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 7.05 % $ (13) $ (25) 12.28 % $ (17) $ (32) Spread over forward interest rate swap rates 578 bps (12) (22) 466 bps (7) (13) |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Business segments are based on segment leadership structure, which reflects how segment performance is monitored and assessed. We have four major business segments: Consumer and Business Banking, Commercial Banking, Vehicle Finance, and Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. A rollforward of goodwill by business segment for which goodwill is allocated is presented in the table below. No goodwill impairment was recorded in 2022 or 2021. Consumer & Commercial Huntington (dollar amounts in millions) Business Banking Banking RBHPCG Consolidated Balance, January 1, 2020 $ 1,393 $ 427 $ 170 $ 1,990 TCF acquisition 2,026 1,272 61 3,359 Balance, December 31, 2021 3,419 1,699 231 5,349 Acquisitions — 222 — 222 Balance, December 31, 2022 $ 3,419 $ 1,921 $ 231 $ 5,571 For additional information on the acquisitions, refer to Note 3 “ Business Combinations .” Huntington’s other intangible assets consisted of the following: (dollar amounts in millions) Gross Accumulated Net At December 31, 2022 Core deposit intangible $ 385 $ (216) $ 169 Customer relationship 107 (81) 26 Total other intangible assets $ 492 $ (297) $ 195 At December 31, 2021 Core deposit intangible $ 389 $ (175) $ 214 Customer relationship 108 (80) 28 Total other intangible assets $ 497 $ (255) $ 242 The estimated amortization expense of other intangible assets for the next five years is as follows: (dollar amounts in millions) Amortization Expense 2023 $ 51 2024 47 2025 44 2026 29 2027 10 |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment were comprised of the following: At December 31, (dollar amounts in millions) 2022 2021 Land and land improvements $ 337 $ 335 Buildings 776 807 Leasehold improvements 269 219 Equipment 896 852 Total premises and equipment 2,278 2,213 Less accumulated depreciation and amortization (1,122) (1,049) Net premises and equipment $ 1,156 $ 1,164 Depreciation and amortization charged to expense and rental income credited to net occupancy expense were as follows: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Total depreciation and amortization of premises and equipment $ 182 $ 178 $ 119 Rental income credited to net occupancy expense 10 9 10 |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | OPERATING LEASES At December 31, 2022, Huntington was obligated under non-cancelable leases for branch and office space. These leases are all classified as operating due to the amount of time such spaces are occupied relative to the underlying assets useful lives. Many of these leases contain renewal options, most of which are not included in measurement of the right-of-use asset as they are not considered reasonably certain of exercise (i.e., Huntington does not currently have a significant economic incentive to exercise these options). Net lease assets and liabilities are as follows: At December 31, (dollar amounts in millions) Classification 2022 2021 Assets Operating lease assets Other assets $ 279 $ 316 Liabilities Lease liabilities Other liabilities $ 401 $ 441 Net lease cost are as follows: Year Ended December 31, (dollar amounts in millions) Classification 2022 2021 Operating lease cost Net occupancy $ 81 $ 102 Short-term lease cost Net occupancy 2 3 Net lease cost $ 83 $ 105 Maturity of lease liabilities at December 31, 2022 are as follows: (dollar amounts in millions) Total 2023 $ 70 2024 67 2025 58 2026 43 2027 36 Thereafter 262 Total lease payments 536 Less: Interest (135) Total lease liabilities $ 401 Additional supplemental information related to the Company’s operating leases is as follows: Year Ended December 31, (dollar amounts in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for operating cash flows $ (80) $ (50) Right-of-use assets obtained in exchange for lease obligations for operating leases 22 174 Weighted-average remaining lease term (years) for operating leases 11.48 11.24 Weighted-average discount rate for operating leases 4.64 % 3.87 % |
BORROWINGS
BORROWINGS | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Borrowings | BORROWINGS Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following: At December 31, (dollar amounts in millions) 2022 2021 Federal funds purchased and securities sold under agreements to repurchase $ 253 $ 320 FHLB advances 1,700 — Other borrowings 74 14 Total short-term borrowings $ 2,027 $ 334 Huntington’s long-term debt consisted of the following: At December 31, (dollar amounts in millions) 2022 2021 The Parent Company: Senior Notes: 2.67% Huntington Bancshares Incorporated senior notes due 2024 $ 762 $ 812 4.05% Huntington Bancshares Incorporated senior notes due 2025 481 527 4.51% Huntington Bancshares Incorporated senior notes due 2028 704 — 2.60% Huntington Bancshares Incorporated senior notes due 2030 679 744 5.08% Huntington Bancshares Incorporated senior notes due 2033 379 — Subordinated Notes: 3.55% Huntington Bancshares Incorporated subordinated notes due 2023 225 227 Huntington Capital I Trust Preferred 5.47% junior subordinated debentures due 2027 (1) (8) 69 69 Huntington Capital II Trust Preferred 5.39% junior subordinated debentures due 2028 (2) (8) 32 32 Sky Financial Capital Trust III 6.17% junior subordinated debentures due 2036 (3) (8) 72 72 Sky Financial Capital Trust IV 6.17% junior subordinated debentures due 2036 (3) (8) 74 74 2.49% Huntington Bancshares Incorporated subordinated notes due 2036 1 554 2.53% Huntington Bancshares Incorporated subordinated notes due 2036 502 — Total notes issued by the parent 3,980 3,111 The Bank: Senior Notes: 2.55% Huntington National Bank senior notes due 2022 — 703 3.16% Huntington National Bank senior notes due 2022 — 500 1.83% Huntington National Bank senior notes due 2023 — 483 3.60% Huntington National Bank senior notes due 2023 735 748 5.42% Huntington National Bank senior notes due 2025 299 — 4.11% Huntington National Bank senior notes due 2025 486 — 5.70% Huntington National Bank senior notes due 2025 1,094 — 4.55% Huntington National Bank senior notes due 2028 766 — 5.76% Huntington National Bank senior notes due 2030 892 — Subordinated Notes: 0.64% Huntington National Bank subordinated notes due 2022 — 113 0.96% Huntington National Bank subordinated notes due 2025 129 142 3.86% Huntington National Bank subordinated notes due 2026 218 226 3.03% Huntington National Bank subordinated notes due 2029 153 161 3.75% Huntington National Bank subordinated notes due 2030 151 169 Total notes issued by the bank 4,923 3,245 FHLB Advances: 1.04% weighted average rate, varying maturities greater than one year 211 215 Other: Huntington Technology Finance nonrecourse debt, 3.93% weighted average interest rate, varying maturities 337 287 2.09% Huntington Preferred Capital II - Class F securities — 75 6.65% Huntington Preferred Capital II - Class G securities (4) 50 50 6.77% Huntington Preferred Capital II - Class I securities (5) 50 50 6.90% Huntington Preferred Capital II - Class J securities (6) 75 75 7.40% Huntington Preferred Capital II - Class L Securities (7) 60 — Total long-term debt $ 9,686 $ 7,108 (1) Variable effective rate at December 31, 2022, based on three-month LIBOR +0.70%. (2) Variable effective rate at December 31, 2022, based on three-month LIBOR +0.625%. (3) Variable effective rate at December 31, 2022, based on three-month LIBOR +1.40%. (4) Variable effective rate at December 31, 2022, based on three-month LIBOR +1.88%. (5) Variable effective rate at December 31, 2022, based on three-month LIBOR +2.00%. (6) Variable effective rate at December 31, 2022, based on three-month SOFR +2.60%. (7) Variable effective rate at December 31, 2022 based on three-month SOFR +3.10%. (8) Represents the outstanding amount of debentures issued to each trust and related trust-preferred securities. Refer to Note 21 “ Variable Interest Entity Amounts above are net of unamortized discounts and adjustments related to hedging with derivative financial instruments. We use interest rate swaps to hedge interest rate risk of certain fixed-rate debt by converting the debt to a variable rate. See Note 20 - “ Derivative Financial Instruments “ for more information regarding such financial instruments. Long-term debt maturities for the next five years and thereafter are as follows: (dollar amounts in millions) 2023 2024 2025 2026 2027 Thereafter Total The Parent Company: Senior notes $ — $ 800 $ 500 $ — $ — $ 1,900 $ 3,200 Subordinated notes 225 — — — 70 739 1,034 The Bank: Senior notes 724 — 1,900 — — 1,700 4,324 Subordinated notes — — 130 239 — 300 669 FHLB Advances 1 — 200 — — 1 202 Other 85 106 97 137 143 5 573 Total $ 1,035 $ 906 $ 2,827 $ 376 $ 213 $ 4,645 $ 10,002 These maturities are based upon the par values of the long-term debt. The terms of certain long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional debt, dividend payments, and the disposition of subsidiaries. As of December 31, 2022, Huntington was in compliance with all such covenants. |
OTHER COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME The components of Huntington’s OCI were as follows: (dollar amounts in millions) Pretax Tax (expense) benefit After-tax Year Ended December 31, 2022 Unrealized losses on available-for-sale securities arising during the period $ (3,799) $ 873 $ (2,926) Reclassification adjustment for realized net losses included in net income 100 (23) 77 Total unrealized losses on available-for-sale securities (3,699) 850 (2,849) Net impact of hedges on available-for-sale securities 865 (200) 665 Change in fair value of cash flow hedges on loans (896) 201 (695) Foreign currency translation adjustment (1) (15) — (15) Net unrealized gains (losses) on net investment hedges 10 — 10 Translation adjustments, net of hedges (1) (5) — (5) Change in accumulated unrealized gains for pension and other post retirement obligations 19 (4) 15 Other comprehensive loss $ (3,716) $ 847 $ (2,869) Year Ended December 31, 2021 Unrealized losses on available-for-sale securities arising during the period $ (474) $ 107 $ (367) Reclassification adjustment for realized net losses included in net income 34 (8) 26 Total unrealized losses on available-for-sale securities (440) 99 (341) Net impact of hedges on available-for-sale securities 113 (26) 87 Change in fair value of cash flow hedges on loans (257) 65 (192) Foreign currency translation adjustment (1) (12) — (12) Net unrealized gains (losses) on net investment hedges 9 — 9 Translation adjustments, net of hedges (1) (3) — (3) Change in accumulated unrealized gains for pension and other post retirement obligations 36 (8) 28 Other comprehensive income $ (551) $ 130 $ (421) Year Ended December 31, 2020 Unrealized losses on available-for-sale securities arising during the period $ 235 $ (52) $ 183 Reclassification adjustment for realized net losses included in net income 42 (9) 33 Total unrealized losses on available-for-sale securities 277 (61) 216 Net impact of hedges on available-for-sale securities 3 (1) 2 Change in fair value of cash flow hedges on loans 299 (67) 232 Change in accumulated unrealized gains for pension and other post retirement obligations (2) (3) 1 (2) Other comprehensive income $ 576 $ (128) $ 448 (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. (2) Includes a settlement gain recognized in other noninterest income on the Consolidated Statements of Income. Activity in accumulated OCI were as follows: (dollar amounts in millions) Unrealized (losses) Net impact of hedges on available-for-sale securities Change in fair value of cash flow hedges on loans Translation adjustments, net of hedges Unrealized Total December 31, 2019 $ (28) $ — $ 23 $ — $ (251) $ (256) Other comprehensive income before reclassifications 183 2 232 — — 417 Amounts reclassified from accumulated OCI to earnings 33 — — — (2) 31 Period change 216 2 232 — (2) 448 December 31, 2020 188 2 255 — (253) 192 Other comprehensive income (loss) before reclassifications (367) 87 (192) (3) — (475) Amounts reclassified from accumulated OCI to earnings 26 — — — 28 54 Period change (341) 87 (192) (3) 28 (421) December 31, 2021 (153) 89 63 (3) (225) (229) Other comprehensive income before reclassifications (2,926) 665 (695) (5) — (2,961) Amounts reclassified from accumulated OCI to earnings 77 — — — 15 92 Period change (2,849) 665 (695) (5) 15 (2,869) December 31, 2022 $ (3,002) $ 754 $ (632) $ (8) $ (210) $ (3,098) (1) AOCI amounts at December 31, 2022, 2021, and 2020 include $66 million, $27 million, and $53 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding. (dollar amounts in millions) Carrying Amount Series Issuance Date Shares Outstanding Dividend Rate Earliest Optional Redemption Date (1) December 31, 2022 December 31, 2021 Series B (2) 12/28/2011 35,500 3-mo. LIBOR + 270 bps 1/15/2017 $ 23 $ 23 Series E (3) 2/27/2018 5,000 5.70 4/15/2023 495 495 Series F (3) 5/27/2020 5,000 5.625 7/15/2030 494 494 Series G (3) 8/3/2020 5,000 4.45 10/15/2027 494 494 Series H (2) 2/2/2021 500,000 4.50 4/15/2026 486 486 Series I (4) 6/9/2021 7,000 5.70 12/01/2022 175 175 Total 557,500 $ 2,167 $ 2,167 (1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter. Earlier redemption is solely at Huntington’s option, subject to any required prior approval of Federal Reserve. (2) Series B and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. (3) Series E, F, and G, preferred stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. (4) Series I preferred stock has a liquidation value and redemption price per share of $25,000, plus any declared and unpaid dividends. The following table presents the dividends declared for each series of Preferred shares. Year Ended December 31, 2022 2021 2020 (amounts in millions, except per share data) Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Series B $ 46.68 $ (2) $ 28.69 $ (1) $ 35.91 $ (1) Series C — — 44.07 (4) 58.76 (6) Series D — — 31.25 (18) 62.50 (37) Series E 5,700.00 (29) 5,700.00 (29) 5,700.00 (29) Series F 5,625.00 (28) 5,625.00 (28) 3,468.75 (17) Series G 4,450.00 (22) 4,450.00 (23) 1,915.97 (10) Series H 45.00 (22) 42.00 (21) — — Series I 1,425.00 (10) 1,068.75 (7) — — Total $ (113) $ (131) $ (100) On July 15, 2021, all $600 million of outstanding 6.250% Series D Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. On October 15, 2021, all $100 million of outstanding 5.875% Series C Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share, were redeemed. Treasury shares Treasury shares includes shares held for deferred compensation plans, at cost, of $80 million at December 31, 2022 and $79 million at December 31, 2021. Non-controlling Interest in Subsidiaries Through the acquisition of TCF, Huntington acquired a joint venture in which Huntington maintains a 55% ownership interest. As Huntington has a controlling financial interest, its financial results are consolidated in Huntington's financial statements and the other party’s 45% ownership interest is reported as a non-controlling interest within equity. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHAREBasic earnings per share is the amount of earnings (adjusted for dividends declared on preferred stock and impact of preferred stock redemption) available to each share of common stock outstanding during the reporting period. Diluted earnings per share is the amount of earnings available to each share of common stock outstanding during the reporting period adjusted to include the effect of potentially dilutive common shares. Potentially dilutive common shares include incremental shares issued for stock options, restricted stock units and awards, and distributions from deferred compensation plans. Potentially dilutive common shares are excluded from the computation of diluted earnings per share in periods in which the effect would be antidilutive. The calculation of basic and diluted earnings per share is as follows: Year Ended December 31, (dollar amounts in millions, except per share data, share count in thousands) 2022 2021 2020 Basic earnings per common share: Net income attributable to Huntington Bancshares Inc $ 2,238 $ 1,295 $ 817 Dividends on preferred shares 113 131 100 Impact of preferred stock redemption — 11 — Net income available to common shares $ 2,125 $ 1,153 $ 717 Average common shares issued and outstanding 1,441,279 1,262,435 1,017,117 Basic earnings per common share $ 1.47 $ 0.91 $ 0.71 Diluted earnings per common share: Dilutive potential common shares Stock options and restricted stock units and awards 17,534 18,185 10,613 Shares held in deferred compensation plans 6,407 6,113 4,953 Dilutive potential common shares 23,941 24,298 15,566 Total diluted average common shares issued and outstanding 1,465,220 1,286,733 1,032,683 Diluted earnings per common share $ 1.45 $ 0.90 $ 0.69 Anti-dilutive awards (1) 5,303 2,674 9,760 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME
NONINTEREST INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
NONINTEREST INCOME | NONINTEREST INCOME Huntington earns a variety of revenue including interest and fees from customers as well as revenues from non-customers. Certain sources of revenue are recognized within interest or fee income and are outside of the scope of ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Other sources of revenue fall within the scope of ASC 606 and are generally recognized within noninterest income. These revenues are included within various sections of the Consolidated Financial Statements. Refer to Note 1, “ Significant Accounting Policies ” for details of these revenues. The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Noninterest income Noninterest income from contracts with customers $ 1,318 $ 1,113 $ 884 Noninterest income within the scope of other GAAP topics 663 776 707 Total noninterest income $ 1,981 $ 1,889 $ 1,591 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 25 - “ Segment Reporting ”: Year Ended December 31, 2022 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 85 $ 288 $ 7 $ 4 $ — $ 384 Card and payment processing income 24 324 — — — 348 Capital markets fees 90 8 2 2 (3) 99 Trust and investment management services 4 67 — 178 — 249 Insurance income 9 59 — 50 (1) 117 Other noninterest income 94 26 1 2 (2) 121 Net revenue from contracts with customers $ 306 $ 772 $ 10 $ 236 $ (6) $ 1,318 Noninterest income within the scope of other GAAP topics 364 245 3 3 48 663 Total noninterest income $ 670 $ 1,017 $ 13 $ 239 $ 42 $ 1,981 Year Ended December 31, 2021 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 85 $ 278 $ 6 $ 3 $ — $ 372 Card and payment processing income 19 292 — — — 311 Capital markets fees 16 6 2 1 — 25 Trust and investment management services 3 63 — 166 — 232 Insurance Income 7 48 — 49 1 105 Other noninterest income 29 20 1 7 11 68 Net revenue from contracts with customers $ 159 $ 707 $ 9 $ 226 $ 12 $ 1,113 Noninterest income within the scope of other GAAP topics 364 338 4 1 69 776 Total noninterest income $ 523 $ 1,045 $ 13 $ 227 $ 81 $ 1,889 Year Ended December 31, 2020 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 74 $ 217 $ 6 $ 4 $ — $ 301 Card and payment processing income 15 221 — — — 236 Capital markets fees 10 5 2 1 — 18 Trust and investment management services 5 44 — 140 — 189 Insurance Income 7 43 — 46 1 97 Other noninterest income 12 21 — 10 — 43 Net revenue from contracts with customers $ 123 $ 551 $ 8 $ 201 $ 1 $ 884 Noninterest income within the scope of other GAAP topics 241 394 1 — 71 707 Total noninterest income $ 364 $ 945 $ 9 $ 201 $ 72 $ 1,591 Huntington generally provides services for customers in which it acts as principal. Payment terms and conditions vary amongst services and customers, and thus impact the timing and amount of revenue recognition. Some fees may be paid before any service is rendered and accordingly, such fees are deferred until the obligations pertaining to those fees are satisfied. Most Huntington contracts with customers are cancelable by either party without penalty or they are short-term in nature, with a contract duration of less than one year. Accordingly, most revenue deferred for the reporting period ended December 31, 2022 is expected to be earned within one year. Huntington does not have significant balances of contract assets or contract liabilities and any change in those balances during the reporting period ended December 31, 2022 was determined to be immaterial. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION Share-based awards are eligible for issuance under the Huntington Bancshares Incorporated 2018 Long Term Incentive Plan. This plan provides for the granting of stock options, restricted stock awards, restricted stock units, performance share units and other awards to officers, directors, and other employees. In connection with the TCF acquisition in 2021, equity awards granted under the TCF equity plans were assumed subject to the same terms and conditions applicable to such awards prior to the date of acquisition. At December 31, 2022, 21 million shares were available for future grants. Huntington issues shares to fulfill share-based award vesting from available authorized common shares. At December 31, 2022, Huntington believes there are adequate authorized common shares to satisfy anticipated share-based award vesting in 2023. The following table presents total share-based compensation expense and related tax benefit. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Share-based compensation expense (1) $ 119 $ 138 $ 77 Tax benefit 20 22 13 (1) Compensation costs are included in personnel costs on the Consolidated Statements of Income. Stock Options Stock options, awarded by Huntington, are granted at the closing market price on the date of the grant and vest ratably over four years or when other conditions are met. Options assumed in the TCF acquisition vest ratably over a five-year period. Stock options, which represented a portion of the grant values, have no intrinsic value until the stock price increases. All options have a contractual term of ten years from the date of grant. Huntington’s stock option activity and related information was as follows: (dollar amounts in millions, except per share and options amounts in thousands) Options Weighted- Weighted-Average Contractual Life (Years) Aggregate Outstanding at January 1, 2022 14,466 $ 12.34 Granted 74 15.54 Exercised (912) 10.08 Forfeited/expired (170) 13.20 Outstanding at December 31, 2022 13,458 $ 12.50 6.0 $ 28 Expected to vest (1) 4,076 $ 12.09 7.5 $ 11 Exercisable at December 31, 2022 9,336 $ 12.68 5.3 $ 17 (1) The number of options expected to vest reflect an estimate of 46,000 shares expected to be forfeited. Restricted Stock Awards, Restricted Stock Units and Performance Share Units Restricted stock units and performance share units awarded by Huntington are granted at the closing market price on the date of the grant. Restricted stock units and awards can be settled in shares or cash depending on the award. Restricted stock units, for the most part, provide either accumulated cash dividends during the vesting period or, accrue a dividend equivalent that is paid upon vesting. Both restricted stock awards and restricted stock units are subject to certain service restrictions. Performance share units are payable contingent upon Huntington achieving certain predefined performance objectives over a three-year measurement period. The fair value of these awards and units reflects the closing market price of Huntington’s common stock on the grant or assumption date. The following table summarizes the status of Huntington’s restricted stock awards, restricted stock units, and performance share units as of December 31, 2022, and activity for the year ended December 31, 2022: Restricted Stock Awards Restricted Stock Units Performance Share Units (amounts in thousands, except per share amounts) Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 356 $ 14.46 19,098 $ 12.85 3,126 $ 12.06 Granted — — 12,592 13.37 1,743 14.39 Vested (212) 14.72 (5,848) 14.31 (1,342) 13.72 Forfeited (20) 14.39 (1,621) 12.69 (58) 13.50 Nonvested at December 31, 2022 124 $ 14.37 24,221 $ 12.70 3,469 $ 12.40 The weighted-average fair value at grant date of nonvested shares granted for the years ended December 31, 2022, 2021, and 2020 were $13.47, $15.78, and $8.90, respectively. The total fair value of awards vested during the years ended December 31, 2022, 2021, and 2020 was $105 million, $135 million, and $86 million, respectively. As of December 31, 2022, the total unrecognized compensation cost related to nonvested shares was $151 million with a weighted-average expense recognition period of 2.7 years. |
BENEFIT PLANS
BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
BENEFIT PLANS | BENEFIT PLANS Huntington sponsors a non-contributory defined benefit pension plan covering substantially all employees hired or rehired prior to January 1, 2010. The Plan, which was modified in 2013, no longer accrues service benefits to participants and provides benefits based upon length of service and compensation levels. Huntington’s funding policy is to contribute an annual amount that is at least equal to the minimum funding requirements but not more than the amount deductible under the Internal Revenue Code. There were no required minimum contributions during 2022. The following table shows the weighted-average assumptions used to determine the benefit obligation and the net periodic benefit cost: At December 31, 2022 2021 Weighted-average assumptions used to determine benefit obligations Discount rate 5.41 % 2.86 % Weighted-average assumptions used to determine net periodic benefit cost Discount rate 2.86 2.50 Expected return on plan assets 4.50 4.50 The following table reconciles the beginning and ending balances of the benefit obligation of the Plan with the amounts recognized in the consolidated balance sheets: At December 31, (dollar amounts in millions) 2022 2021 Projected benefit obligation at beginning of measurement year $ 956 $ 1,026 Changes due to: Service cost 3 3 Interest cost 22 19 Benefits paid (32) (30) Settlements (29) (25) Actuarial gains (228) (37) Total changes (264) (70) Projected benefit obligation at end of measurement year $ 692 $ 956 The following table reconciles the beginning and ending balances of the fair value of Plan assets: At December 31, (dollar amounts in millions) 2022 2021 Fair value of plan assets at beginning of measurement year $ 1,007 $ 1,050 Changes due to: Actual return on plan assets (197) 15 Settlements (38) (28) Benefits paid (32) (30) Total changes (267) (43) Fair value of plan assets at end of measurement year $ 740 $ 1,007 As of December 31, 2022, the difference between the accumulated benefit obligation and the fair value of Plan assets was $48 million and is recorded in other assets. The following table shows the components of net periodic benefit costs recognized: Year Ended December 31, (1) (dollar amounts in millions) 2022 2021 2020 Service cost $ 3 $ 3 $ 3 Interest cost 22 19 26 Expected return on plan assets (41) (40) (42) Amortization of loss 9 12 9 Settlements 15 8 5 Benefit costs $ 8 $ 2 $ 1 (1) The pension costs are recognized in other noninterest income in the Consolidated Statements of Income . At December 31, 2022 and 2021, The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of cash equivalent, corporate and government fixed income, and equity investments as follows: Fair Value at December 31, (dollar amounts in millions) 2022 2021 Cash equivalents: Mutual funds-money market $ 23 3 % $ 45 5 % Fixed income: Corporate obligations 414 57 559 55 U.S. Government obligations 154 21 208 21 Municipal obligations 3 — 5 — Collective trust funds 62 8 13 1 Equities: Common stock — — 52 5 Limited liability companies 9 1 36 4 Collective trust funds 27 4 30 3 Limited partnerships 48 6 58 6 Fair value of plan assets $ 740 100 % $ 1,007 100 % Investments of the Plan are accounted for at cost on the trade date and are reported at fair value. The valuation methodologies used to measure the fair value of pension plan assets vary depending on the type of asset. At December 31, 2022, mutual money market funds are valued at the closing price reported from an actively traded exchange and are classified as Level 1. Fixed income investments are valued using unadjusted quoted prices from active markets for similar assets are classified as Level 2. Common stock is valued using the year-end closing price as determined by a national securities exchange and are classified as Level 1. Collective trust funds and limited liability companies are valued at net asset value per unit as a practical expedient, which is calculated based on the fair values of the underlying investments held by the fund less its liabilities as reported by the issuer of the fund. The investment in the limited partnerships is reported at net asset value per share as determined by the general partners of each limited partnership, based on their proportionate share of the partnership’s fair value as recorded in the partnership’s audited financial statements. The investment objective of the Plan is to maximize the return on Plan assets over a long-time period, while meeting the Plan obligations. At December 31, 2022, Plan assets were invested 3% in cash equivalents, 11% in equity investments, and 86% in fixed income investments, with an average duration of 10.9 years on investments. The estimated life of benefit obligations was 10.3 years. Although it may fluctuate with market conditions, Huntington has targeted a long-term allocation of Plan assets of 10% in equity investments and 90% in bond investments. The allocation of Plan assets between equity investments and fixed income investments will change from time to time. At December 31, 2022, the following table shows when benefit payments are expected to be paid: (dollar amounts in millions) Pension Benefits 2023 $ 50 2024 50 2025 50 2026 50 2027 50 2027 through 2030 239 Huntington has a defined contribution plan that is available to eligible employees. Huntington’s expense related to the defined contribution plans for the years ended December 31, 2022, 2021, and 2020 was $58 million, $70 million, and $47 million, respectively. The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan: At December 31, (dollar amounts in millions, share amounts in thousands) 2022 2021 Shares in Huntington common stock 9,451 9,526 Market value of Huntington common stock $ 133 $ 147 Dividends received on shares of Huntington stock 6 6 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The following is a summary of the provision for income taxes: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Current tax provision (benefit) Federal $ 129 $ 356 $ 236 State 62 13 12 Foreign 5 1 — Total current tax provision 196 370 248 Deferred tax provision (benefit) Federal 319 (104) (103) State — 28 10 Total deferred tax provision (benefit) 319 (76) (93) Provision for income taxes $ 515 $ 294 $ 155 The following is a reconciliation for provision for income taxes: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Provision for income taxes computed at the statutory rate $ 580 $ 334 $ 204 Increases (decreases): General business credits (164) (126) (99) Capital loss (60) (32) (25) Tax-exempt income (21) (18) (17) Tax-exempt bank owned life insurance income (11) (14) (13) Affordable housing investment amortization, net of tax benefits 129 102 78 State income taxes, net 49 32 17 Other 13 16 10 Provision for income taxes $ 515 $ 294 $ 155 The significant components of deferred tax assets and liabilities were as follows: At December 31, (dollar amounts in millions) 2022 2021 Deferred tax assets: Fair value adjustments $ 917 $ 65 Allowances for credit losses 526 518 Purchase accounting and other intangibles 167 107 Net operating and other loss carryforward 136 143 Lease liability 96 143 Pension and other employee benefits 68 46 Tax credit carryforward 59 194 Other assets 13 14 Total deferred tax assets 1,982 1,230 Deferred tax liabilities: Lease financing 955 712 Operating assets 133 116 Mortgage servicing rights 112 84 Loan origination costs 97 115 Right-of-use asset 67 113 Securities adjustments 42 40 Other liabilities 10 14 Total deferred tax liabilities 1,416 1,194 Net deferred tax asset (liability) before valuation allowance 566 36 Valuation allowance (32) (35) Net deferred tax asset $ 534 $ 1 At December 31, 2022, Huntington’s net deferred tax asset related to loss and other carryforwards was $195 million. This was comprised of federal net operating loss carryforwards of $60 million, which will begin expiring in 2025, state net operating loss carryforwards of $48 million, which will begin expiring in 2023, a federal capital loss carryforward of $22 million, which will expire in 2025, state capital loss carryforwards of $6 million, which will begin expiring in 2023, and general business credits of $59 million, which will expire in 2042. The Company has established a valuation allowance on its state deferred tax assets as it believes it is more likely than not, portions will not be realized. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state, city, and foreign jurisdictions. Federal income tax audits have been completed for tax years through 2009. The 2010-2017 tax years remain open as Huntington is currently appealing certain IRS positions related to these years. The 2018- 2021 tax years remain open under the standard statute of limitations. Also, with few exceptions, the Company is no longer subject to state, city, or foreign income tax examinations for tax years before 2018. The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: Year Ended December 31, (dollar amounts in millions) 2022 2021 Unrecognized tax benefits at beginning of year $ 93 $ 46 Gross increases for tax positions taken during prior years 1 47 Unrecognized tax benefits at end of year $ 94 $ 93 Due to the complexities of some of these uncertainties, the ultimate resolution may result in a liability that is materially different from the current estimate of the tax liabilities. Certain proposed adjustments resulting from the IRS examination of our 2010 through 2011 tax returns have received approval by the Joint Committee on Taxation of the U.S. Congress. The Company is currently working with the IRS to finalize settlement calculations and anticipate all unrecognized tax benefits associated with the exam will be settled within the next twelve months. Any interest and penalties on income tax assessments or income tax refunds are recognized in the Consolidated Statements of Income as a component of provision for income taxes. The amounts of accrued tax-related interest and penalties were immaterial at December 31, 2022 and 2021. Further, the amount of net interest and penalties related to unrecognized tax benefits was immaterial for all periods presented. All of the gross unrecognized tax benefits would impact the Company’s effective tax rate if recognized. At December 31, 2022, retained earnings included approximately $182 million of base year reserves of acquired thrift institutions, for which no deferred federal income tax liability has been recognized. Under current law, if these bad debt reserves are used for purposes other than to absorb bad debt losses, they will be subject to federal income tax at the corporate rate enacted at the time. The amount of unrecognized deferred tax liability relating to the cumulative bad debt deduction was approximately $38 million at December 31, 2022. |
FAIR VALUES OF ASSETS AND LIABI
FAIR VALUES OF ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF ASSETS AND LIABILITIES | FAIR VALUES OF ASSETS AND LIABILITIES Following is a description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy. Assets and liabilities measured at fair value rarely transfer between Level 1 and Level 2 measurements. There were no such transfers during the years ended December 31, 2022 and 2021. Loans held for sale Huntington has elected to apply the fair value option for mortgage loans originated with the intent to sell which are included in loans held for sale. Mortgage loans held for sale are classified as Level 2 and are estimated using security prices for similar product types. Loans held for investment Certain mortgage loans originated with the intent to sell for which the FVO was elected have been reclassified to mortgage loans held for investment. These loans continue to be measured at fair value. The fair value is determined using fair value of similar mortgage-backed securities adjusted for loan specific variables. Available-for-sale and trading account securities Securities accounted for at fair value include both the available-for-sale and trading account portfolios. Huntington determines the fair value of securities utilizing quoted market prices obtained for identical or similar assets, third-party pricing services, third-party valuation specialists and other observable inputs such as recent trade observations. AFS and trading securities classified as Level 1 use quoted market prices (unadjusted) in active markets for identical securities at the measurement date. Level 1 positions in these portfolios consist of U.S. Treasury securities. When quoted market prices are not available, fair values are classified as Level 2 using quoted prices for similar assets in active markets, quoted prices of identical or similar assets in markets that are not active, and inputs that are observable for the asset, either directly or indirectly, for substantially the full term of the financial instrument. Level 2 positions in these portfolios consist of U.S. Government and agency debt securities, agency mortgage backed securities, private-label asset-backed securities, certain municipal securities, and other securities. For Level 2 securities Huntington primarily uses prices obtained from third-party pricing services to determine the fair value of securities. Huntington independently evaluates and corroborates the fair value received from pricing services through various methods and techniques, including references to dealer or other market quotes, by reviewing valuations of comparable instruments, and by comparing the prices realized on the sale of similar securities. If relevant market prices are limited or unavailable, valuations may require significant management judgment or estimation to determine fair value, in which case the fair values are classified as Level 3. The Level 3 positions predominantly consist of direct purchase municipal securities. A significant change in the unobservable inputs for these securities may result in a significant change in the ending fair value measurement of these securities. The direct purchase municipal securities are classified as Level 3 and require estimates to determine fair value which results in greater subjectivity. The fair value is determined by utilizing a discounted cash flow valuation technique employed by a third-party valuation specialist. The third-party specialist uses assumptions related to yield, prepayment speed, conditional default rates and loss severity based on certain factors such as, credit worthiness of the counterparty, prevailing market rates, and analysis of similar securities. Huntington evaluates the fair values provided by the third-party specialist for reasonableness. Derivative assets and liabilities Derivatives classified as Level 2 consists of interest rate contracts, which are valued using a discounted cash flow method that incorporates current market interest rates. In addition, Level 2 includes foreign exchange and commodity contracts, which are valued using exchange traded swaps, exchange traded options, and futures market data. Level 2 also includes exchange traded options and forward commitments to deliver mortgage-backed securities, which are valued using quoted prices. Derivatives classified as Level 3 consist of interest rate lock agreements related to mortgage loan commitments and the Visa ® share swap. MSRs MSRs are accounted for using the fair value method and are classified as Level 3. Refer to Note 7, “ Mor t gage Loan Sales an d Servicing Rights ” for information on valuation methodology. Assets and Liabilities measured at fair value on a recurring basis Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities: U.S. Treasury securities 103 — — — 103 Residential CMO — 2,914 — — 2,914 Residential MBS — 12,263 — — 12,263 Commercial MBS — 1,953 — — 1,953 Other agencies — 182 — — 182 Municipal securities — 42 3,248 — 3,290 Private-label CMO — 108 20 — 128 Asset-backed securities — 298 74 — 372 Corporate debt — 2,214 — — 2,214 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 103 19,978 3,342 — 23,423 Other securities 31 1 — — 32 Loans held for sale — 520 — — 520 Loans held for investment — 169 16 — 185 MSRs — — 494 — 494 Other assets: Derivative assets — 2,161 3 (1,808) 356 Assets held in trust for deferred compensation plans 155 — — — 155 Liabilities Derivative liabilities — 2,332 5 (1,345) 992 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 46 $ — $ — $ 46 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 4,649 — — 4,649 Residential MBS — 15,508 — — 15,508 Commercial MBS — 1,865 — — 1,865 Other agencies — 248 — — 248 Municipal securities — 49 3,477 — 3,526 Private-label CMO — 86 20 — 106 Asset-backed securities — 312 70 — 382 Corporate debt — 2,167 — — 2,167 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 24,888 3,567 — 28,460 Other securities 65 7 — — 72 Loans held for sale — 1,270 — — 1,270 Loans held for investment — 152 19 — 171 MSRs — — 351 — 351 Other assets: Derivative assets — 1,055 10 (465) 600 Assets held in trust for deferred compensation plans 156 — — — 156 Liabilities Derivative liabilities — 737 6 (624) 119 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. The following tables present a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative Municipal Private- Asset- Year Ended December 31, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Transfers out of Level 3 (1) — (3) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 114 (3) — — — 1 Interest and fee income — — (5) (3) — — Provision for credit losses — — (4) — — — Included in OCI — — (262) — (1) — Purchases/originations 85 — 1,087 4 31 — Repayments — — — — — (4) Settlements (56) — (1,045) (1) (26) — Closing balance $ 494 $ (2) $ 3,248 $ 20 $ 74 $ 16 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 114 $ (8) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (257) — (1) — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- Asset- backed securities Year Ended December 31, 2021 Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (132) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 27 88 — — — — Interest and fee income — — (1) (2) — — Included in OCI — — (46) — — — Purchases/originations/acquisitions 194 7 1,835 11 115 — Sales — — (369) — — — Repayments — — — — — (4) Settlements (80) — (893) 2 (55) — Closing balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (41) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (47) — — — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Year Ended December 31, 2020 Opening balance $ 7 $ 6 $ 2,999 $ 2 $ 48 $ 26 Fair value election for servicing assets previously measured using the amortized method 205 — — — — — Transfers out of Level 3 (1) — (198) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income (104) 233 — — — — Interest and fee income — — (2) — — — Included in OCI — — 65 — — — Purchases/originations 102 — 623 7 28 — Repayments — — — — — (3) Settlements — — (734) — (66) — Closing balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (104) $ 34 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — 68 — — — (1) Transfers out of Level 3 represent the settlement value of the derivative instruments (i.e., interest rate lock agreements) that are transferred to loans held for sale, which is classified as Level 2. Assets and liabilities under the fair value option The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: Total Loans Loans that are 90 or more days past due (dollar amounts in millions) Fair value Aggregate Difference Fair value Aggregate Difference At December 31, 2022 Assets Loans held for sale $ 520 $ 513 $ 7 $ — $ — $ — Loans held for investment 185 190 (5) 11 11 — At December 31, 2021 Assets Loans held for sale $ 1,270 $ 1,237 $ 33 $ — $ — $ — Loans held for investment 171 177 $ (6) 4 4 — The following table presents the net (losses) gains from fair value changes: Net (losses) gains from fair value (dollar amounts in millions) 2022 2021 2020 Assets Loans held for sale (1) $ (26) $ (31) $ 38 Loans held for investment 1 (1) 1 (1) The net (losses) gains from fair value changes are included in Mortgage banking income on the Consolidated Statements of Income. Assets and Liabilities measured at fair value on a nonrecurring basis Certain assets and liabilities may be required to be measured at fair value on a nonrecurring basis in periods subsequent to their initial recognition. These assets and liabilities are not measured at fair value on an ongoing basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence of impairment. The gains (losses) represent the amounts recorded during the period regardless of whether the asset is still held at period end. The amounts measured at fair value on a nonrecurring basis were as follows: Fair Value Measurements Using Significant Other Unobservable Inputs (Level 3) Total Gains/(Losses) Year Ended (dollar amounts in millions) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2020 Collateral-dependent loans $ 16 $ 39 $ (1) $ (4) $ (43) Loans held for sale — — — — (63) Huntington records nonrecurring adjustments of collateral-dependent loans held for investment. Such amounts are generally based on the fair value of the underlying collateral supporting the loan. Appraisals are generally obtained to support the fair value of the collateral and incorporate measures such as recent sales prices for comparable properties and cost of construction. Periodically, in cases where the carrying value exceeds the fair value of the collateral less cost to sell, an impairment charge is recognized in the form of a charge-off. Significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis: Quantitative Information about Level 3 Fair Value Measurements At December 31, 2022(1) At December 31, 2021(1) (dollar amounts in millions) Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Measured at fair value on a recurring basis: MSRs Discounted cash flow Constant prepayment rate 5 % - 40 % 7 % 8 % - 23 % 12 % Spread over forward interest rate swap rates 5 % - 13 % 6 % 3 % - 11 % 5 % Municipal securities and asset-backed securities Discounted cash flow Discount rate 5 % - 5 % 5 % — % - 2 % 1 % Cumulative default — % - 64 % 7 % — % - 64 % 5 % Loss given default 20 % - 20 % 20 % 5 % - 80 % 23 % (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. The following provides a general description of the impact of a change in an unobservable input on the fair value measurement and the interrelationship between unobservable inputs, where relevant/significant. Interrelationships may also exist between observable and unobservable inputs. Credit loss estimates, such as probability of default, constant default, cumulative default, loss given default, cure given deferral, and loss severity, are driven by the ability of the borrowers to pay their loans and the value of the underlying collateral and are impacted by changes in macroeconomic conditions, typically increasing when economic conditions worsen and decreasing when conditions improve. An increase in the estimated prepayment rate typically results in a decrease in estimated credit losses and vice versa. Higher credit loss estimates generally result in lower fair values. Credit spreads generally increase when liquidity risks and market volatility increase and decrease when liquidity conditions and market volatility improve. Discount rates and spread over forward interest rate swap rates typically increase when market interest rates increase and/or credit and liquidity risks increase, and decrease when market interest rates decline and/or credit and liquidity conditions improve. Higher discount rates and credit spreads generally result in lower fair market values. Fair values of financial instruments Many of the assets and liabilities subject to the disclosure requirements are not actively traded, requiring fair values to be estimated by management. These estimations necessarily involve the use of judgment about a wide variety of factors, including, but not limited to, relevancy of market prices of comparable instruments, expected future cash flows, and appropriate discount rates. The short-term nature of certain assets and liabilities result in their carrying value approximating fair value. These include trading account securities, customers’ acceptance liabilities, short-term borrowings, bank acceptances outstanding, FHLB advances, and cash and short-term assets, which include cash and due from banks, interest-bearing deposits in banks, interest-bearing deposits at the Federal Reserve Bank, and federal funds sold. Loan commitments and letters-of-credit generally have short-term, variable-rate features and contain clauses that limit Huntington’s exposure to changes in customer credit quality. Accordingly, their carrying values, which are immaterial at the respective balance sheet dates, are reasonable estimates of fair value. Certain assets, the most significant being operating lease assets, bank owned life insurance, and premises and equipment, do not meet the definition of a financial instrument and are excluded from this disclosure. Similarly, mortgage servicing rights and relationship intangibles are not considered financial instruments and are not included below. Accordingly, this fair value information is not intended to, and does not, represent Huntington’s underlying value. The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments: (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value At December 31, 2022 Financial Assets Cash and short-term assets $ 6,918 $ — $ — $ 6,918 $ 6,918 Trading account securities — — 19 19 19 Available-for-sale securities — — 23,423 23,423 23,423 Held-to-maturity securities 17,052 — — 17,052 14,754 Other securities 822 — 32 854 854 Loans held for sale — 9 520 529 529 Net loans and leases (1) 117,217 — 185 117,402 112,591 Derivative assets — — 356 356 356 Assets held in trust for deferred compensation plans — — 155 155 155 Financial Liabilities Deposits 147,914 — — 147,914 147,796 Short-term borrowings 2,027 — — 2,027 2,027 Long-term debt 9,686 — — 9,686 9,564 Derivative liabilities — — 992 992 992 At December 31, 2021 Financial Assets Cash and short-term assets $ 5,914 $ — $ — $ 5,914 $ 5,914 Trading account securities — — 46 46 46 Available-for-sale securities — — 28,460 28,460 28,460 Held-to-maturity securities 12,447 — — 12,447 12,489 Other securities 576 — 72 648 648 Loans held for sale — 406 1,270 1,676 1,621 Net loans and leases (1) 109,066 — 171 109,237 109,695 Derivative assets — — 600 600 600 Assets held in trust for deferred compensation plans — — 156 156 156 Financial Liabilities Deposits 143,263 — — 143,263 143,574 Short-term borrowings 334 — — 334 334 Long-term debt 7,108 — — 7,108 7,319 Derivative liabilities — — 119 119 119 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for estimated fair values: Estimated Fair Value Measurements at Reporting Date Using Netting Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 Adjustments (1) At December 31, 2022 Financial Assets Trading account securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities 103 19,978 3,342 — 23,423 Held-to-maturity securities — 14,754 — — 14,754 Other securities (2) 31 1 — — 32 Loans held for sale — 520 9 — 529 Net loans and leases — 169 112,422 — 112,591 Derivative assets — 2,161 3 (1,808) 356 Financial Liabilities Deposits — 142,081 5,715 — 147,796 Short-term borrowings — 2,027 — — 2,027 Long-term debt — 8,680 884 — 9,564 Derivative liabilities — 2,332 5 (1,345) 992 At December 31, 2021 Financial Assets Trading account securities $ — $ 46 $ — $ — $ 46 Available-for-sale securities 5 24,888 3,567 — 28,460 Held-to-maturity securities — 12,489 — — 12,489 Other securities (2) 65 7 — — 72 Loans held for sale — 1,270 351 — 1,621 Net loans and leases — 152 109,543 — 109,695 Derivative assets — 1,055 10 (465) 600 Financial Liabilities Deposits — 139,047 4,527 — 143,574 Short-term borrowings — 334 — — 334 Long-term debt — 6,441 878 — 7,319 Derivative liabilities — 737 6 (624) 119 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. (2) Excludes securities without readily determinable fair values. |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE FINANCIAL INSTRUMENTS | DERIVATIVE FINANCIAL INSTRUMENTS Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in other assets or other liabilities, respectively) and measured at fair value. Derivative financial instruments can be designated as accounting hedges under GAAP. Designating a derivative as an accounting hedge allows Huntington to recognize gains and losses on the hedging instruments in the income statement line item where the gains and losses on the hedged item are recognized. Gains and losses on derivatives that are not designated in an effective hedge relationship under GAAP immediately impact earnings within the period they occur. The following table presents the fair values and notional values of all derivative instruments included in the Consolidated Balance Sheets. Amounts in the table below are presented gross without the impact of any net collateral arrangements. At December 31, 2022 At December 31, 2021 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 42,461 $ 1,008 $ 1,145 $ 21,306 $ 258 $ 32 Foreign exchange contracts 202 2 — 210 1 — Derivatives not designated as Hedging Instruments Interest rate contracts 37,562 968 1,008 45,286 587 498 Foreign exchange contracts 4,889 68 68 3,524 29 31 Commodities contracts 762 114 113 1,077 178 177 Equity contracts 636 4 3 685 12 5 Total Contracts $ 86,512 $ 2,164 $ 2,337 $ 72,088 $ 1,065 $ 743 The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Consolidated Income Statement. Location of Gain or (Loss) Recognized in Income on Derivatives Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Interest rate contracts: Customer Capital markets fees $ 47 $ 50 $ 47 Mortgage banking Mortgage banking income (109) (26) 52 Interest rate floors Interest and fee income on loans and leases — (8) (2) Interest rate caps Interest expense on long-term debt — 89 5 Foreign exchange contracts Capital markets fees 45 32 27 Commodities contracts Capital markets fees 5 3 4 Equity contracts Other noninterest expense (9) (8) (4) Total $ (21) $ 132 $ 129 Derivatives used in asset and liability management activities Huntington engages in balance sheet hedging activity, principally for asset and liability management purposes. Balance sheet hedging activity is generally arranged to receive hedge accounting treatment that can be classified as either fair value or cash flow hedges. Fair value hedges are executed to hedge changes in fair value of outstanding fixed-rate debt and investment securities caused by fluctuations in market interest rates. Cash flow hedges are executed to modify interest rate characteristics of designated commercial loans in order to reduce the impact of changes in future cash flows due to market interest rate changes. The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities, identified by the underlying interest rate-sensitive instruments: At December 31, 2022 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 10,407 $ — $ — $ 10,407 Loans — 24,325 175 24,500 Long-term debt 7,729 — — 7,729 Total notional value at December 31, 2022 $ 18,136 $ 24,325 $ 175 $ 42,636 At December 31, 2021 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 8,228 $ — $ — $ 8,228 Loans — 11,150 271 11,421 Long-term debt 1,928 — — 1,928 Total notional value at December 31, 2021 $ 10,156 $ 11,150 $ 271 $ 21,577 These derivative financial instruments were entered into for the purpose of managing the interest rate risk of assets and liabilities. Net amounts receivable or payable on contracts hedging either interest earning assets or interest bearing liabilities were accrued as an adjustment to either interest income or interest expense. Adjustments to interest income were also recorded for the amounts related to the amortization of premiums for swaption collars, floors, and forward-starting floors that were excluded from the hedge effectiveness, changes in the fair value of economic hedges, as well as the amounts related to terminated hedges reclassified from AOCI. The net amounts resulted in an increase to net interest income of $76 million, $337 million, and $239 million for the years ended December 31, 2022, 2021, and 2020, respectively. Fair Value Hedges The changes in fair value of the fair value hedges are recorded through earnings and offset against changes in the fair value of the hedged item. Huntington has designated $9.5 billion of interest rate swaps as fair value hedges of fixed-rate investment securities using the portfolio layer method. This approach allows the Company to designate as the hedged item a stated amount of the assets that are not expected to be affected by prepayments, defaults and other factors affecting the timing and amount of cash flows. The fair value portfolio level basis adjustment on our hedged mortgage-backed securities portfolio has not been attributed to the individual available-for-sale securities in our Consolidated Statements of Financial Condition. Huntington has also designated $869 million of interest rate swaps as fair value hedges of fixed-rate corporate bonds. The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 875 $ 108 $ 6 Change in fair value of hedged investment securities (1) (862) (114) 3 Change in fair value of interest rate swaps hedging long-term debt (2) (300) (184) 113 Change in fair value of hedged long term debt (2) 300 187 (118) (1) Recognized in Interest income—available-for-sale securities—taxable in the Consolidated Statements of Income . (2) Recognized in Interest expense - long-term debt in the Consolidated Statements of Income . The following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items At December 31, At December 31, (dollar amounts in millions) 2022 2021 2022 2021 Assets Investment securities (1) $ 18,029 $ 17,150 $ (979) $ (117) Liabilities Long-term debt (2) 7,175 1,981 (256) 45 (1) Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.2 billion, the cumulative basis adjustments associated with these hedging relationships was $849 million and represented a reduction to the amortized cost, and the amounts of the designated hedging instruments were $9.5 billion. (2) Excluded from the above table are the cumulative amount of fair value hedge adjustments remaining for long-term debt for which hedge accounting has been discontinued in the amounts of $(70) million at December 31, 2022 and $17 million at December 31, 2021. Cash Flow Hedges At December 31, 2022, Huntington had $24.3 billion of interest rate swaps and swaption collars. These are designated as cash flow hedges for variable rate commercial loans. The change in the fair value of a derivative instrument designated as a cash flow hedge is initially recognized in OCI and is reclassified into income when the hedged item impacts earnings. The initial premium paid for the interest rate swaption collar contracts represents the time value of the contracts and is not included in the measurement of hedge effectiveness. Any change in fair value related to time value is recognized in OCI. The initial premium paid is amortized on a straight line basis as a reduction to interest income over the contractual life of these contracts. Gains and (losses) on interest rate floors, floor spreads, and swaps recognized in other comprehensive income (loss) after-tax were $(695) million and $(192) million for the year ended December 31, 2022 and December 31, 2021, respectively. At December 31, 2022, the net gains recognized in AOCI that are expected to be reclassified into earnings within the next 12 months were $10 million. Derivatives used in mortgage banking activities Mortgage loan origination hedging activity Huntington’s mortgage origination hedging activity is related to economically hedging Huntington’s mortgage pricing commitments to customers and the secondary sale to third parties. The value of a newly originated mortgage is not firm until the interest rate is committed or locked. Forward commitments to sell economically hedge the possible loss on interest rate lock commitments due to interest rate change. The position of these derivatives was a net liability of $3 million and a net asset of $15 million at December 31, 2022 and December 31, 2021, respectively. At December 31, 2022 and December 31, 2021, Huntington had commitments to sell residential real estate loans of $766 million and $2.1 billion, respectively. These contracts mature in less than one year. MSR hedging activity Huntington’s MSR economic hedging activity uses securities and derivatives to manage the value of the MSR asset and to mitigate the various types of risk inherent in the MSR asset, including risks related to duration, basis, convexity, volatility, and yield curve. The hedging instruments include forward commitments, TBA securities, Treasury futures contracts, interest rate swaps, and options on interest rate swaps. MSR hedging trading assets and liabilities are included in other assets and other liabilities, respectively, in the Consolidated Balance Sheets. Trading (losses) gains are included in mortgage banking income in the Consolidated Statement of Income. The notional value of the derivative financial instruments, the corresponding trading assets and liabilities positions, and net trading (losses) gains related to MSR hedging activity is summarized in the following table: At December 31, (dollar amounts in millions) 2022 2021 Notional value $ 1,120 $ 1,330 Trading assets 4 19 Trading liabilities (78) — Year December 31, (dollar amounts in millions) 2022 2021 2020 Trading (losses) gains $ (109) $ (26) $ 52 Derivatives used in customer related activities Various derivative financial instruments are offered to enable customers to meet their financing and investing objectives and for their risk management purposes. Derivative financial instruments used in customer related activities consist of commodity, interest rate, and foreign exchange contracts. Huntington enters into offsetting third-party contracts with approved, reputable counterparties with substantially matching terms and currencies in order to economically hedge significant exposure related to derivatives used in customer related activities. The interest rate or price risk of customer derivatives is mitigated by entering into similar derivatives having offsetting terms with other counterparties. The credit risk to these customers is evaluated and included in the calculation of fair value. Foreign currency derivatives help the customer hedge risk and reduce exposure to fluctuations in exchange rates. Transactions are primarily in liquid currencies with Canadian dollars and Euros comprising a majority of all transactions. Commodity derivatives help the customer hedge risk and reduce exposure to fluctuations in the price of various commodities. Hedging of energy-related products and base metals comprise the majority of these transactions. The net fair values of these derivative financial instruments, for which the gross amounts are included in other assets or other liabilities at December 31, 2022 and December 31, 2021, were $59 million and $51 million, respectively. The total notional values of derivative financial instruments used by Huntington on behalf of customers, including offsetting derivatives, were $40.7 billion and $45.1 billion at December 31, 2022 and December 31, 2021, respectively. Huntington’s credit risk from customer derivatives was $118 million and $551 million at the same dates, respectively. Financial assets and liabilities that are offset in the Consolidated Balance Sheets Huntington records derivatives at fair value as further described in Note 19 “ Fair Values of Assets and Liabilities .” Derivative balances are presented on a net basis taking into consideration the effects of legally enforceable master netting agreements. Additionally, collateral exchanged with counterparties is also netted against the applicable derivative fair values. Huntington enters into derivative transactions with two primary groups: broker-dealers and banks, and Huntington’s customers. Different methods are utilized for managing counterparty credit exposure and credit risk for each of these groups. Huntington enters into transactions with broker-dealers and banks for various risk management purposes. These types of transactions generally are high dollar volume. Huntington enters into collateral and master netting agreements with these counterparties, and routinely exchanges cash and high quality securities collateral. Huntington enters into transactions with customers to meet their financing, investing, payment and risk management needs. These types of transactions generally are low dollar volume. Huntington enters into master netting agreements with customer counterparties; however, collateral is generally not exchanged with customer counterparties. In addition to the customer derivative credit exposure, aggregate credit risk associated with broker-dealer and bank derivative transactions, net of collateral that has been pledged by the counterparty, was $227 million and $44 million at December 31, 2022 and December 31, 2021, respectively. The credit risk associated with derivatives is calculated after considering master netting agreements and is reduced by collateral that has been pledged by the counterparty. At December 31, 2022, Huntington pledged $236 million of investment securities and cash collateral to counterparties, while other counterparties pledged $574 million of investment securities and cash collateral to Huntington to satisfy collateral netting agreements. In the event of credit downgrades, Huntington would not be required to provide additional collateral. The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Balance Sheets. Offsetting of Financial Assets and Derivative Assets Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Gross amounts not offset in the consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount At December 31, 2022 $ 2,164 $ (1,808) $ 356 $ (7) $ (56) $ 293 At December 31, 2021 1,065 (465) 600 (65) (31) 504 Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the consolidated balance sheets Net amounts of liabilities presented in the consolidated balance sheets Gross amounts not offset in the consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount At December 31, 2022 $ 2,337 $ (1,345) $ 992 $ (79) $ (118) $ 795 At December 31, 2021 743 (624) 119 (3) (116) — |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities Unconsolidated VIEs The following tables provide a summary of the assets and liabilities included in Huntington’s Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary of, the VIE. At December 31, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,036 $ 1,260 $ 2,036 Trust Preferred Securities 14 248 — Other Investments 522 141 522 Total $ 2,572 $ 1,649 $ 2,558 At December 31, 2021 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 1,652 $ 949 $ 1,652 Trust Preferred Securities 14 248 — Other Investments 484 146 484 Total $ 2,150 $ 1,343 $ 2,136 Trust-Preferred Securities Huntington has certain trusts whose assets, liabilities, equity, income, and expenses are not included within Huntington’s Consolidated Financial Statements. These trusts have been formed for the sole purpose of issuing trust-preferred securities, from which the proceeds are then invested in Huntington junior subordinated debentures, which are reflected in Huntington’s Consolidated Balance Sheet as long-term debt. Refer to Note 11 “ Borrowings ” for the outstanding amount of debentures issued to each trust and corresponding trust securities. The trust securities are the obligations of the trusts, and as such, are not consolidated within Huntington’s Consolidated Financial Statements. Each issue of the junior subordinated debentures has an interest rate equal to the corresponding trust securities distribution rate. Huntington has the right to defer payment of interest on the debentures at any time, or from time-to-time for a period not exceeding five years provided that no extension period may extend beyond the stated maturity of the related debentures. During any such extension period, distributions to the trust securities will also be deferred and Huntington’s ability to pay dividends on its common stock will be restricted. Periodic cash payments and payments upon liquidation or redemption with respect to trust securities are guaranteed by Huntington to the extent of funds held by the trusts. The guarantee ranks subordinate and junior in right of payment to all indebtedness of the Company to the same extent as the junior subordinated debt. The guarantee does not place a limitation on the amount of additional indebtedness that may be incurred by Huntington. Affordable Housing Tax Credit Partnerships Huntington makes certain equity investments in various limited partnerships that sponsor affordable housing projects utilizing the LIHTC pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is to achieve a satisfactory return on capital, to facilitate the sale of additional affordable housing product offerings, and to assist in achieving goals associated with the Community Reinvestment Act. The primary activities of the limited partnerships include the identification, development, and operation of multi-family housing that is leased to qualifying residential tenants. Generally, these types of investments are funded through a combination of debt and equity. Huntington uses the proportional amortization method to account for a majority of its investments in these entities. These investments are included in other assets. Investments that do not meet the requirements of the proportional amortization method are accounted for using the equity method. Investment losses are included in Other noninterest income in the Consolidated Statements of Income. The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments. At December 31, (dollar amounts in millions) 2022 2021 Affordable housing tax credit investments $ 2,891 $ 2,376 Less: amortization (855) (724) Net affordable housing tax credit investments $ 2,036 $ 1,652 Unfunded commitments $ 1,260 $ 949 The following table presents other information relating to Huntington’s affordable housing tax credit investments. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Tax credits and other tax benefits recognized $ 203 $ 144 $ 113 Proportional amortization expense included in provision for income taxes 170 126 97 There was no impairment recognized for the years ended December 31, 2022 and 2021, and 2020. Other Investments Other investments determined to be VIE’s include investments in Small Business Investment Companies, Historic Tax Credit Investments, certain equity method investments, renewable energy financings, and other miscellaneous investments. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES Commitments to extend credit In the ordinary course of business, Huntington makes various commitments to extend credit that are not reflected in the Consolidated Financial Statements. The contract amounts of these financial agreements were as follows: At December 31, (dollar amounts in millions) 2022 2021 Contract amount representing credit risk Commitments to extend credit: Commercial $ 32,500 $ 27,933 Consumer 19,064 18,513 Commercial real estate 3,393 3,042 Standby letters of credit and guarantees on industrial revenue bonds 714 694 Commercial letters of credit 15 36 Commitments to extend credit generally have fixed expiration dates, are variable-rate, and contain clauses that permit Huntington to terminate or otherwise renegotiate the contracts in the event of a significant deterioration in the customer’s credit quality. These arrangements normally require the payment of a fee by the customer, the pricing of which is based on prevailing market conditions, credit quality, probability of funding, and other relevant factors. Since many of these commitments are expected to expire without being drawn upon, the contract amounts are not necessarily indicative of future cash requirements. The interest rate risk arising from these financial instruments is insignificant as a result of their predominantly short-term, variable-rate nature. Collateral to secure any funding of these commitments predominately consists of residential and commercial real estate mortgage loans. Standby letters of credit and guarantees on industrial revenue bonds are conditional commitments issued to guarantee the performance of a customer to a third-party. These guarantees are primarily issued to support public and private borrowing arrangements, including commercial paper, bond financing, and similar transactions. Most of these arrangements mature within two years. Since the conditions under which Huntington is required to fund these commitments may not materialize, the cash requirements are expected to be less than the total outstanding commitments. The carrying amount of deferred revenue associated with these guarantees was $27 million and $7 million at December 31, 2022 and December 31, 2021, respectively. Commercial letters of credit represent short-term, self-liquidating instruments that facilitate customer trade transactions and generally have maturities of no longer than 90 days. The goods or cargo being traded normally secure these instruments. Litigation and Regulatory Matters In the ordinary course of business, Huntington is or may be a defendant in or party to pending and threatened legal and regulatory actions and proceedings. In view of the inherent difficulty of predicting the outcome of such matters, particularly where the claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, Huntington generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual loss, fines, or penalties related to each matter may be. Huntington establishes an accrued liability when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Huntington thereafter continues to monitor the matter for further developments that could affect the amount of the accrued liability that has been previously established. For certain matters, Huntington is able to estimate a range of possible loss. In cases in which Huntington possesses information to estimate a range of possible loss, that estimate is aggregated and disclosed below. There may be other matters for which a loss is probable or reasonably possible but such an estimate of the range of possible loss may not be possible. For those matters where an estimate of the range of possible loss is possible, management currently estimates the aggregate range of reasonably possible loss is $0 to $10 million at December 31, 2022 in excess of the accrued liability (if any) related to those matters. This estimated range of possible loss is based upon currently available information and is subject to significant judgment, a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. The estimated range of possible loss does not represent Huntington’s maximum loss exposure. Based on current knowledge, management does not believe that loss contingencies arising from pending matters will have a material adverse effect on the consolidated financial position of Huntington. Further, management believes that amounts accrued are adequate to address Huntington’s contingent liabilities. However, in light of the inherent uncertainties involved in these matters, some of which are beyond Huntington’s control, and the large or indeterminate damages sought in some of these matters, an adverse outcome in one or more of these matters could be material to Huntington’s results of operations for any particular reporting period. |
OTHER REGULATORY MATTERS
OTHER REGULATORY MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
BankingRegulation [Abstract] | |
OTHER REGULATORY MATTERS | OTHER REGULATORY MATTERS Huntington and the Bank are subject to certain risk-based capital and leverage ratio requirements under the U.S. Basel III capital rules adopted by the Federal Reserve, for Huntington, and by the OCC, for the Bank. These rules implement the Basel III international regulatory capital standards in the United States, as well as certain provisions of the Dodd-Frank Act. These quantitative calculations are minimums, and the Federal Reserve and OCC may determine that a banking organization, based on its size, complexity, or risk profile, must maintain a higher level of capital in order to operate in a safe and sound manner. Under the U.S. Basel III capital rules, Huntington’s and the Bank’s assets, exposures and certain off-balance sheet items are subject to risk weights used to determine the institutions’ risk-weighted assets. Failure to be well-capitalized or to meet minimum capital requirements could result in certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have an adverse material effect on our operations or financial condition. Failure to be well-capitalized or to meet minimum capital requirements could also result in restrictions on Huntington’s or the Bank’s ability to pay dividends or otherwise distribute capital or to receive regulatory approval of applications. In addition to meeting the minimum capital requirements, under the U.S. Basel III capital rules Huntington and the Bank must also maintain the applicable capital buffer requirements, SCB or CCB, to avoid becoming subject to restrictions on capital distributions and certain discretionary bonus payments to management. As of December 31, 2022, Huntington’s and the Bank’s regulatory capital ratios were above the well-capitalized standards and met the applicable capital buffer requirements. Please refer to the table below for a summary of Huntington’s and the Bank’s regulatory capital ratios. Minimum Minimum Ratio+ Basel III Regulatory Capital Buffer (1) Well- At December 31, Capital At December 31, Capitalized 2022 2021 (dollar amounts in millions) Ratios 2022 2021 Minimums Ratio Amount Ratio Amount CET1 risk-based capital Consolidated 4.50 % 7.80 % 7.00 % N/A 9.36 % $ 13,290 9.33 % $ 12,249 Bank 4.50 7.00 7.00 6.50 % 9.98 14,133 10.15 13,261 Tier 1 risk-based capital Consolidated 6.00 9.30 8.50 6.00 10.90 15,467 10.99 14,426 Bank 6.00 8.50 8.50 8.00 10.83 15,334 11.06 14,445 Total risk-based capital Consolidated 8.00 11.30 10.50 10.00 13.09 18,573 13.14 17,246 Bank 8.00 10.50 10.50 10.00 12.47 17,647 12.58 16,427 Tier 1 leverage Consolidated 4.00 N/A N/A N/A 8.60 15,467 8.56 14,426 Bank 4.00 N/A N/A 5.00 8.54 15,334 8.60 14,445 (1) The SCB, applicable to Huntington, was 3.3% and 2.5% at December 31, 2022 and December 31, 2021, respectively. The CCB, applicable to the Bank, was 2.5% at both December 31, 2022 and December 31, 2021. Huntington and its subsidiaries are also subject to various regulatory requirements that impose restrictions on cash, debt, and dividends. The Bank is required to maintain cash reserves based on the level of certain of its deposits. This reserve requirement may be met by holding cash in banking offices or on deposit at the Federal Reserve Bank. At December 31, 2022, the balance of these deposits was $4.9 billion. Under current Federal Reserve regulations, the Bank is limited as to the amount and type of loans it may make to the parent company and nonbank subsidiaries. At December 31, 2022, the Bank could lend $1.8 billion to a single affiliate, subject to the qualifying collateral requirements defined in the regulations. |
PARENT-ONLY FINANCIAL STATEMENT
PARENT-ONLY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT-ONLY FINANCIAL STATEMENTS | PARENT-ONLY FINANCIAL STATEMENTS The parent-only financial statements, which include transactions with subsidiaries, are as follows: Balance Sheets At December 31, (dollar amounts in millions) 2022 2021 Assets Cash and due from banks $ 3,525 $ 2,832 Due from The Huntington National Bank 969 297 Due from non-bank subsidiaries 25 35 Investment in The Huntington National Bank 17,384 19,297 Investment in non-bank subsidiaries 242 217 Accrued interest receivable and other assets 664 544 Total assets $ 22,809 $ 23,222 Liabilities and shareholders’ equity Long-term borrowings $ 3,980 $ 3,111 Dividends payable, accrued expenses, and other liabilities 1,098 815 Total liabilities 5,078 3,926 Shareholders’ equity (1) 17,731 19,296 Total liabilities and shareholders’ equity $ 22,809 $ 23,222 (1) See Consolidated Statements of Changes in Shareholders’ Equity. Statements of Income Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Income Dividends from: The Huntington National Bank $ 1,566 $ 1,394 $ 1,527 Non-bank subsidiaries 19 19 36 Interest from: The Huntington National Bank 16 3 4 Non-bank subsidiaries 1 1 1 Other (1) — 11 Total income 1,601 1,417 1,579 Expense Personnel costs 8 6 17 Interest on borrowings 107 60 115 Other 169 230 123 Total expense 284 296 255 Income before income taxes and equity in undistributed net income of subsidiaries 1,317 1,121 1,324 Provision (benefit) for income taxes (44) (56) (46) Income before equity in undistributed net income of subsidiaries 1,361 1,177 1,370 Increase (decrease) in undistributed net income (loss) of: The Huntington National Bank 853 97 (547) Non-bank subsidiaries 24 21 (6) Net income $ 2,238 $ 1,295 $ 817 Other comprehensive (loss) income (1) (2,869) (421) 448 Comprehensive (loss) income $ (631) $ 874 $ 1,265 (1) See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail. Statements of Cash Flows Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Operating activities Net income $ 2,238 $ 1,295 $ 817 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (877) (118) 553 Depreciation and amortization (22) 23 — Other, net (55) (217) 89 Net cash provided by operating activities 1,284 983 1,459 Investing activities Repayments from subsidiaries 14 8 8 Advances to subsidiaries (503) (59) (256) (Purchases)/Proceeds from sale of securities (20) (28) (1) Net cash received from business combination (194) 248 — Other, net (1) — — Net cash (used for) provided by investing activities (704) 169 (249) Financing activities Net proceeds from issuance of medium-term notes 1,144 513 747 Payment of long-term debt — (1,508) (800) Dividends paid on common and preferred stock (1,010) (888) (698) Repurchases of common stock — (650) (92) Net proceeds from issuance of preferred stock — 486 988 Payment to repurchase preferred stock — (700) — Other, net (21) (39) (8) Net cash provided by (used for) financing activities 113 (2,786) 137 Increase (decrease) in cash and cash equivalents 693 (1,634) 1,347 Cash and cash equivalents at beginning of year 2,832 4,466 3,119 Cash and cash equivalents at end of year $ 3,525 $ 2,832 $ 4,466 Supplemental disclosure: Interest paid $ 89 $ 71 $ 113 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Huntington’s business segments are based on our internally-aligned segment leadership structure, which is how management monitors results and assesses performance. The Company has four major business segments: Commercial Banking, Consumer and Business Banking, Vehicle Finance, Regional Banking and The Huntington Private Client Group (RBHPCG). The Treasury / Other function includes technology and operations, other unallocated assets, liabilities, revenue, and expense. Business segment results are determined based upon Huntington’s management reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around the organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. Additionally, because of the interrelationships of the various segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. Revenue is recorded in the business segment responsible for the related product or service. Fee sharing is recorded to allocate portions of such revenue to other business segments involved in selling to, or providing service to, customers. Results of operations for the business segments reflect these fee sharing allocations. The management process that develops the business segment reporting utilizes various estimates and allocation methodologies to measure the performance of the business segments. Expenses are allocated to business segments using a two-phase approach. The first phase consists of measuring and assigning unit costs (activity-based costs) to activities related to product origination and servicing. These activity-based costs are then extended, based on volumes, with the resulting amount allocated to business segments that own the related products. The second phase consists of the allocation of overhead costs to all four business segments from Treasury / Other. Huntington utilizes a full-allocation methodology, where all Treasury / Other expenses, except reported acquisition-related net expenses, if any, and a small amount of other residual unallocated expenses, are allocated to the four business segments. The management policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to GAAP. As a result, reported segment results are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures result in changes in reported segment financial data. Accordingly, certain amounts have been reclassified to conform to the current period presentation. Huntington uses an active and centralized FTP methodology to attribute appropriate net interest income to the business segments. The intent of the FTP methodology is to transfer interest rate risk from the business segments by providing matched duration funding of assets and liabilities. The result is to centralize the financial impact, management, and reporting of interest rate risk in the Treasury / Other function where it can be centrally monitored and managed. The Treasury / Other function charges (credits) an internal cost of funds for assets held in (or pays for funding provided by) each business segment. The FTP rate is based on prevailing market interest rates for comparable duration assets (or liabilities). Commercial Banking - The Commercial Banking segment provides expertise through bankers, capabilities, and digital channels, which include a comprehensive set of product offerings. Our target clients span from mid-market to large corporate (greater than $2 billion in revenue) across a national footprint. The Commercial Banking segment leverages internal partnerships for wealth management, trust, insurance, payments, and treasury management capabilities. The segment is divided into five business units: (1) Middle Market Banking, (2) Corporate, Specialty, and Government Banking, (3) Asset Finance, (4) Commercial Real Estate Banking, and (5) Capital Markets. Consumer and Business Banking - The Consumer and Business Banking segment provides a wide array of financial products and services to consumer and small business customers including, but not limited to, checking accounts, savings accounts, money market accounts, CDs, investments, consumer loans, credit cards, and small business loans. Other financial services available to customers include mortgages, insurance, interest rate risk protection, foreign exchange, and treasury management. Business Banking is defined as serving companies with revenues up to $20 million. Consumer and Business Banking also supports origination and servicing of consumer loans and mortgages for customers who are generally located in our primary banking markets across all segments. Vehicle Finance - Our products and services include providing financing to consumers for the purchase of automobiles, light-duty trucks, recreational vehicles, marine craft, and powersports at franchised and other select dealerships, and providing financing to franchised dealerships for the acquisition of new and used inventory. Products and services are delivered through highly specialized relationship-focused bankers and product partners. Regional Banking and The Huntington Private Client Group - The core business of The Huntington Private Client Group is The Huntington Private Bank, which consists of Private Banking, Wealth & Investment Management, and Retirement Plan Services. The Huntington Private Bank provides high net-worth customers with deposit, lending (including specialized lending options), and banking services. The Huntington Private Bank also delivers wealth management and legacy planning through investment and portfolio management, fiduciary administration, and trust services. This group also provides retirement plan services to corporate businesses. The Huntington Private Client Group provides corporate trust services and institutional and mutual fund custody services. Listed in the table below is certain operating basis financial information reconciled to Huntington’s, reported results by business segment. Income Statements (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Year Ended December 31, 2022 Net interest income $ 1,879 $ 2,577 $ 477 $ 232 $ 108 $ 5,273 Provision for credit losses 28 161 83 17 — 289 Noninterest income 670 1,017 13 239 42 1,981 Noninterest expense 1,061 2,434 165 320 221 4,201 Provision (benefit) for income taxes 307 210 51 28 (81) 515 Income attributable to non-controlling interest 10 — — — 1 11 Net income attributable to Huntington Bancshares Inc $ 1,143 $ 789 $ 191 $ 106 $ 9 $ 2,238 Year Ended December 31, 2021 Net interest income $ 1,284 $ 1,667 $ 468 $ 159 $ 524 $ 4,102 Provision for credit losses 4 91 (86) 16 — 25 Noninterest income 523 1,045 13 227 81 1,889 Noninterest expense 791 2,231 163 300 890 4,375 Provision (benefit) for income taxes 212 82 85 15 (100) 294 Income attributable to non-controlling interest 2 — — — — 2 Net income attributable to Huntington Bancshares Inc $ 798 $ 308 $ 319 $ 55 $ (185) $ 1,295 Year Ended December 31, 2020 Net interest income $ 903 $ 1,436 $ 430 $ 160 $ 295 $ 3,224 Provision for credit losses 626 265 146 11 — 1,048 Noninterest income 364 945 9 201 72 1,591 Noninterest expense 542 1,774 141 243 95 2,795 Provision for income taxes 21 72 32 22 8 155 Net income $ 78 $ 270 $ 120 $ 85 $ 264 $ 817 Assets at December 31, Deposits at December 31, (dollar amounts in millions) 2022 2021 2022 2021 Commercial Banking $ 63,812 $ 57,071 $ 37,509 $ 31,845 Consumer & Business Banking 38,561 39,929 93,676 95,352 Vehicle Finance 21,461 20,752 1,136 1,401 RBHPCG 10,045 8,325 9,550 10,162 Treasury / Other 49,027 47,987 6,043 4,503 Total $ 182,906 $ 174,064 $ 147,914 $ 143,263 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The Consolidated Financial Statements include the accounts of Huntington and its majority-owned subsidiaries and are presented in accordance with GAAP. All intercompany transactions and balances are eliminated in consolidation. Entities in which Huntington holds a controlling financial interest are consolidated. For a voting interest entity, a controlling financial interest is generally where Huntington holds, directly or indirectly, more than 50 percent of the outstanding voting shares. For a VIE, a controlling financial interest is where Huntington has the power to direct the activities of an entity that most significantly impact the entity’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE. For consolidated entities where Huntington holds less than a 100% interest, Huntington recognizes non-controlling interest (included in shareholders’ equity) for the equity held by minority shareholders and non-controlling profit or loss (included in income attributable to non-controlling interest) for the portion of the entity’s earnings attributable to minority interests. Investments in companies that are not consolidated are accounted for using the equity method when Huntington has the ability to exert significant influence. Investments in non-marketable equity securities for which Huntington does not have the ability to exert significant influence are generally accounted for using the cost method adjusted for impairment and other changes in observable prices. Investments in private investment partnerships that are accounted for under the equity method or the cost method are included in other assets and Huntington’s earnings in equity investments are included in other noninterest income. Investments accounted for under the cost and equity methods are periodically evaluated for impairment. Effective in the 2022, a new classification within the Consolidated Balance Sheet of accrued income and other receivables was established comprised of activity that was previously classified as loans and leases (other consumer loans and leases) and other assets. All prior period amounts and all related metrics have been reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates —The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that significantly affect amounts reported in the Consolidated Financial Statements. Huntington utilizes processes that involve the use of significant estimates and the judgments of management in determining the amount of its allowance for credit losses, income taxes, as well as fair value measurements of investment securities, derivative instruments, goodwill, other intangible assets, pension assets and liabilities, short-term borrowings, mortgage servicing rights, and loans held for sale. As with any estimate, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents —For statements of cash flows purposes, cash and cash equivalents are defined as the sum of cash and due from banks and interest-bearing deposits at Federal Reserve Bank. |
Securities | Securities — Securities purchased with the intention of recognizing short-term profits or which are actively bought and sold are classified as trading account securities and reported at fair value. The unrealized gains or losses on trading account securities are recorded in other noninterest income. Debt securities purchased that Huntington has the positive intent and ability to hold to their maturity are classified as held-to-maturity securities. Held-to-maturity securities are recorded at amortized cost. All other debt securities are classified as available-for-sale securities. Available-for-sale securities are recognized and measured at fair value with any change in the fair value recognized in other comprehensive income. All equity securities are classified as other securities. Securities transactions are recognized on the trade date (the date the order to buy or sell is executed). The carrying value plus any related accumulated OCI balance of sold securities is used to compute realized gains and losses. Interest on securities, including amortization of premiums and accretion of discounts using the effective interest method over the period to maturity, is included in interest income. Non-marketable equity securities include stock held for membership and regulatory purposes, such as FHLB stock and Federal Reserve Bank stock. These securities are accounted for at cost, evaluated for impairment, and are included in other securities. Other securities also include mutual funds and other marketable equity securities. These securities are carried at fair value, with changes in fair value recognized in other noninterest income. |
Loans and Leases, Nonaccrual and Past Due Loans, Allowance for Credit Losses, Charge-off of Uncollectible Loans | Loans and Leases — Loans for which Huntington has the intent and ability to hold for the foreseeable future, or until maturity or payoff, except loans for which the fair value option has been elected, are carried at the principal amount outstanding, net of charge-offs, unamortized deferred loan origination fees and costs, premiums and discounts, and unearned income. Direct financing leases are reported at the aggregate of lease payments receivable and estimated residual values, net of unearned and deferred income, and any initial direct costs incurred to originate these leases. Renewal options for leases are at the option of the lessee and are typically not included in the measurement of the lease receivable as they are not considered reasonably certain of exercise. Purchase options are typically at fair value, and as such those options are not considered in the measurement of lease receivables or in lease classification. Interest income is accrued as earned using the interest method. Huntington defers the fees it receives from the origination of loans and leases, as well as the direct costs of those activities. Huntington also acquires loans at premiums and/or discounts to their contractual values. Huntington amortizes loan discounts, premiums, and net loan origination fees and costs over the contractual lives of the related loans using the effective interest method. Troubled debt restructurings are loans for which the original contractual terms have been modified to provide a concession to a borrower experiencing financial difficulties. Loan modifications are considered TDRs when the concessions provided are not available to the borrower through either normal channels or other sources. However, not all loan modifications are TDRs. Modifications resulting in troubled debt restructurings may include changes to one or more terms of the loan, including, but not limited to, an interest rate concession, an extension of the repayment period, a reduction in payment amount, and partial forgiveness or deferment of principal or accrued interest. Impairment of the residual values of direct financing leases is evaluated quarterly, with impairment arising if the expected fair value is less than the carrying amount. Huntington assesses net investments in leases (including residual values) for impairment and recognizes impairment losses in accordance with the impairment guidance for financial instruments. As such, net investments in leases may be reduced by an allowance for credit losses, with changes recognized as provision expense. For leased equipment, the residual component of a direct financing lease represents the estimated fair value of the leased equipment at the end of the lease term. Huntington uses industry data, historical experience, and independent appraisals to establish these residual value estimates. Upon expiration of a lease, residual assets are remarketed, resulting in an extension of the lease by the lessee, a lease to a new customer, or purchase of the residual asset by the lessee or another party. Huntington also purchases insurance guaranteeing the value of certain residual assets. Nonaccrual and Past Due Loans — Loans are considered past due when the contractual amounts due with respect to principal and interest are not received within 30 days of the contractual due date. Any loan in any portfolio may be placed on nonaccrual status prior to the policies described below when collection of principal or interest is in doubt. When a borrower with debt is discharged in a Chapter 7 bankruptcy and the debt is not reaffirmed by the borrower, the loan is determined to be collateral dependent and placed on nonaccrual status, unless there is a co-borrower or the repayment is likely to occur based on objective evidence. All classes within the commercial loan and lease portfolio are placed on nonaccrual status at 90-days past due. First-lien home equity loans are placed on nonaccrual status at 150-days past due. Junior-lien home equity loans are placed on nonaccrual status at the earlier of 120-days past due or when the related first-lien loan has been identified as nonaccrual. Automobile, RV and marine, and other consumer loans are generally fully charged-off at 120-days past due, and if not fully charged-off are placed on non-accrual. Residential mortgage loans are placed on nonaccrual status at 150-days past due, with the exception of residential mortgages guaranteed by government agencies which continue to accrue interest at the rate guaranteed by the government agency. For all classes within all loan portfolios, when a loan is placed on nonaccrual status, any accrued interest is reversed and charged against interest income. For all classes within all loan portfolios, cash receipts on NALs are applied against principal until the loan or lease has been collected in full, including the charged-off portion, after which time any additional cash receipts are recognized as interest income. However, for secured non-reaffirmed debt in a Chapter 7 bankruptcy, payments are applied to principal and interest when the borrower has demonstrated a capacity to continue payment of the debt and collection of the debt is reasonably assured. For unsecured non-reaffirmed debt in a Chapter 7 bankruptcy where the carrying value has been fully charged-off, payments are recorded as loan recoveries. Management monitors several factors to evaluate a borrower’s financial condition and their ability to make principal and interest payments. When, in management’s judgment, the borrower’s ability to make required principal and interest payments resumes and collectability is no longer in doubt, supported by sustained repayment history, the loan is returned to accrual status. For loans that are returned to accrual status, cash receipts are applied according to the contractual terms of the loan. Collateral-dependent Loans — Certain commercial and consumer loans for which repayment is expected to be provided substantially through the operation or sale of the loan collateral are considered to be collateral-dependent. Allowance for Credit Losses — Huntington performs an ACL evaluation on its loan and lease portfolio, held-to-maturity securities as well as on available-for-sale securities. The ACL on loan and lease portfolio and held-to-maturity securities are provided through an expected loss methodology referred to as CECL methodology. The ACL on AFS securities is provided when a credit loss is deemed to have occurred for securities which Huntington does not intend to sell or is not required to sell. The CECL methodology also applies to credit exposures on off-balance-sheet loan commitments, financial guarantees not accounted for as insurance, including standby letters of credit, and other similar instruments not recognized as derivative financial instruments. On January 1, 2020, Huntington adopted ASC Topic 326 using the modified retrospective method for all financial assets in scope of the standard. Upon adoption, Huntington recorded an increase to the ACL of $393 million and a corresponding decrease to retained earnings of $306 million, net of tax. Loans - The ACL is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount Huntington expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, and deferred fees and costs. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Management estimates the allowance by utilizing models dependent upon loan risk characteristics and economic parameters. Commercial loan risk characteristics include but are not limited to risk ratings, industry type and maturity type. Consumer loan risk characteristics include but are not limited to FICO scores, LTV, and loan vintages. The economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Huntington’s reasonable and supportable forecast period reverts to a historical norm based on inputs within approximately two to three years. The reversion period is dependent on the state of the economy at the beginning of the forecast. Historical credit experience provides the basis for the estimation of expected credit losses, with adjustments made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in the micro- and macroeconomic environments. The contractual terms of financial assets are adjusted for expected prepayments and any extensions outside of Huntington’s control. The ACL is measured on a collective basis when similar risk characteristics exist. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by management. If a loan is determined to be collateral dependent or meets the criteria to apply the collateral dependent practical expedient, expected credit losses are determined based on the fair value of the collateral at the reporting date, less costs to sell as appropriate. Management believes the products within each of the entity’s portfolio classes exhibit similar risk characteristics. Huntington has identified its portfolio classes as disclosed in Note 5 - “ Loans and Leases .” In addition to the transactional reserve described above, Huntington also maintains a general reserve that consists of various risk-profile reserve components. The risk-profile components consider items unique to Huntington’s structure, policies, processes, and portfolio composition, as well as qualitative measurements and assessments of the loan portfolios including, but not limited to, economic uncertainty, concentrations, portfolio composition, industry comparisons and internal review functions. Huntington has elected to exclude accrued interest receivable from the measurement of its ACL given the well-defined non-accrual policies in place for all loan portfolios which results in timely reversal of outstanding interest through interest income. The estimate for the off-balance sheet exposures, the AULC, is determined using the same procedures and methodologies as used for the loan and lease portfolio supplemented by the information related to future draws and related credit loss expectations. The AULC is recorded in other liabilities in the Consolidated Balance Sheets. HTM Securities - The allowance for held-to-maturity debt securities is estimated using a CECL methodology. Any expected credit loss is provided through the allowance for credit loss on HTM securities and is deducted from the amortized cost basis of the security so that the balance sheet reflects the net amount Huntington expects to collect. Nearly all of Huntington’s HTM debt securities are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies, and have a long history of no credit losses. Accordingly, there is a zero credit loss expectation on these securities. AFS Securitie s - Huntington evaluates its available-for-sale investment securities portfolio on a quarterly basis for indicators of impairment. Huntington assesses whether an impairment has occurred when the fair value of a debt security is less than the amortized cost at the balance sheet date. Management reviews the amount of unrealized loss, the credit rating history, market trends of similar security classes, time remaining to maturity, and the source of both interest and principal payments to identify securities which could potentially be impaired. For those debt securities that Huntington intends to sell or is more likely than not required to sell, before the recovery of their amortized cost basis, the difference between fair value and amortized cost is considered to be impaired and is recognized in provision for credit losses. For those debt securities that Huntington does not intend to sell or is not more likely than not required to sell, prior to expected recovery of amortized cost basis, the credit portion of the impairment is recognized through an allowance in provision for credit losses while the noncredit portion is recognized in OCI. In determining the credit portion, Huntington uses a discounted cash flow analysis, which includes evaluating the timing and amount of the expected cash flows. Non-credit-related impairment results from other factors, including increased liquidity spreads and higher interest rates. Charge-off of Uncollectible Loans — Any loan in any portfolio may be charged-off prior to the policies described below if a loss confirming event has occurred. Loss confirming events include, but are not limited to, bankruptcy (unsecured), continued delinquency, foreclosure, or receipt of an asset valuation indicating a collateral deficiency and that asset is the sole source of repayment. Additionally, discharged, collateral dependent non-reaffirmed debt in Chapter 7 bankruptcy filings will result in a charge-off to estimated collateral value, less anticipated selling costs, unless the repayment is likely to occur based on objective evidence. Commercial loans and leases are generally either charged-off or written down to net realizable value at 90-days past due. Automobile, RV and marine, and other consumer loans are generally charged-off at 120-days past due. First-lien and junior-lien home equity loans are charged-off to the estimated fair value of the collateral, less anticipated selling costs, at 150-days past due and 120-days past due, respectively. Residential mortgages are charged-off to the estimated fair value of the collateral at 150-days past due. |
Loans Held for Sale | Loans Held for Sale — Loans in which Huntington does not have the intent and ability to hold for the foreseeable future are classified as loans held for sale. Loans held for sale are carried at (a) the lower of cost or fair value less costs to sell, or (b) fair value where the fair value option is elected. The fair value option is generally elected for mortgage loans originated with the intent to sell. |
Collateral | Collateral — Huntington pledges assets as collateral as required for various transactions including security repurchase agreements, public deposits, loan notes, derivative financial instruments, short-term borrowings, and long-term borrowings. Assets that have been pledged as collateral, including those that can be sold or repledged by the secured party, continue to be reported on the Consolidated Balance Sheets. Huntington also accepts collateral, primarily as part of various transactions including derivative instruments and security resale agreements. Collateral received is excluded from the Consolidated Balance Sheets. |
Premises and Equipment | Premises and Equipment — Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the related assets. Buildings and building improvements are depreciated over an average of 30 to 40 years and 10 to 30 years, respectively. Land improvements and furniture and fixtures are depreciated over an average of 5 to 20 years, while equipment is depreciated over a range of 3 to 10 years. Leasehold improvements are amortized over the lesser of the asset’s useful life or the lease term, including any renewal periods for which renewal is reasonably assured. Premises and equipment are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Mortgage Servicing Rights | Mortgage Servicing Rights — Huntington recognizes the rights to service mortgage loans as an asset when servicing is contractually separated from the underlying mortgage loans by sale or securitization of the loans with servicing rights retained or when purchased. MSRs are included in servicing rights and other intangible assets in the Consolidated Balance Sheets. All MSR assets are recorded using the fair value method. Any change in the fair value of MSRs during the period is recorded in mortgage banking income. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — Under the acquisition method of accounting, the net assets of entities acquired by Huntington are recorded at their estimated fair value at the date of acquisition. The excess cost of consideration paid over the fair value of net assets acquired is recorded as goodwill. Goodwill is evaluated for impairment on an annual basis at October 1 st of each year or whenever events or changes in circumstances indicate the carrying value may not be recoverable. Other intangible assets with finite useful lives are amortized either on an accelerated or straight-line basis over their estimated useful lives. Other intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. |
Operating Leases (Lessee) | Operating Leases (Lessee) — Huntington has elected not to include non-lease components in the measurement of right-of-use assets, and as such allocates the costs attributable to such components, where those costs are not separately identifiable, via per-square-foot costing analysis developed by the entity for owned and leased spaces. Huntington uses a portfolio approach to develop discount rates as its lease portfolio is comprised of substantially all branch space and office space used in the entity’s operations. That rate, an input used in the measurement of the entity’s right-of-use assets, leverages an incremental borrowing rate of appropriate tenor and collateralization. |
Derivative Financial Instruments | Derivative Financial Instruments — A variety of derivative financial instruments, principally interest rate swaps, caps, floors, and swaption collars, are used in asset and liability management activities to protect against the risk of adverse price or interest rate movements. These instruments provide flexibility in adjusting Huntington’s sensitivity to changes in interest rates without exposure to loss of principal and higher funding requirements. Huntington also uses derivatives, principally loan sale commitments, in hedging its mortgage loan interest rate lock commitments and its mortgage loans held for sale. Mortgage loan sale commitments and the related interest rate lock commitments are carried at fair value on the Consolidated Balance Sheets with changes in fair value reflected in mortgage banking income. Huntington also uses certain derivative financial instruments to offset changes in value of its MSRs. These derivatives consist primarily of forward interest rate agreements and forward mortgage contracts. The derivative instruments used are not designated as qualifying hedges. Accordingly, such derivatives are recorded at fair value with changes in fair value reflected in mortgage banking income. Derivative financial instruments are recorded in the Consolidated Balance Sheets as either an asset or a liability (in other assets and other liabilities, respectively) and measured at fair value. Accounting for changes in fair value of derivatives depends on whether the derivative is designated and qualifies in a hedging relationship. At inception a derivative contract can be designated as: • a qualifying hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge); • a qualifying hedge of the variability of cash flows to be received or paid related to a recognized asset, liability or forecasted transaction (cash flow hedge); or • a qualifying hedge of Huntington’s investment in non-U.S. dollar functional currency entities (net investment hedge). Changes in the fair value of a derivative that has been designated and qualifies as a fair value hedge, along with the changes in the fair value of the hedged asset or liability that is attributable to the hedged risk, are recorded in current period earnings. Changes in the fair value of a derivative that has been designated and qualifies as a cash flow hedge are recorded in other comprehensive income, net of income taxes, and reclassified into earnings in the period during which the hedged item affects earnings. Changes in the fair value of derivatives that have been designated as net investment hedges are recorded in other comprehensive income, net of income taxes, and reclassified into earnings during the period the foreign entity is substantially liquidated or other elements of the currency translation adjustment are reclassified into earnings. Changes in the fair value of derivatives held for trading purposes or which do not qualify for hedge accounting are reported in current period earnings. For those derivatives to which hedge accounting is applied, Huntington formally documents the hedging relationship and the risk management objective and strategy for undertaking the hedge. This documentation identifies the hedging instrument, the hedged item or transaction, the nature of the risk being hedged, and, unless the hedge meets all of the criteria to assume there is no ineffectiveness, the method that will be used to assess the effectiveness of the hedging instrument. Huntington typically assesses effectiveness using statistical regression at inception and on an ongoing basis. Hedge accounting is discontinued prospectively when: • the derivative is no longer effective or expected to be effective in offsetting changes in the fair value, cash flows or changes in net investment of a hedged item (including firm commitments or forecasted transactions); • the derivative expires, is sold, terminated, or exercised; • the forecasted transaction is no longer probable of occurring by the end of the originally specified time period; • the hedged firm commitment no longer meets the definition of a firm commitment; or • the designation of the derivative as a hedging instrument is removed. When hedge accounting is discontinued and the derivative no longer qualifies as an effective fair value, cash flow or net investment hedge, the derivative continues to be carried on the balance sheet at fair value and changes in fair value will be recorded in current period earnings unless re-designated. Like other financial instruments, derivatives contain an element of credit risk, which is the possibility that Huntington will incur a loss because the counterparty fails to meet its contractual obligations. Notional values of interest rate swaps and other off-balance sheet financial instruments significantly exceed the credit risk associated with these instruments and represent contractual balances on which calculations of amounts to be exchanged are based. Credit exposure is limited to the sum of the aggregate fair value of positions that have become favorable to Huntington, including any accrued interest receivable due from counterparties. Potential credit losses are mitigated by derivatives through central clearing parties, careful evaluation of counterparty credit standing, selection of counterparties from a limited group of high quality institutions, collateral agreements, and other contract provisions. Huntington considers the value of collateral held and collateral provided in determining the net carrying value of derivatives. Huntington offsets the fair value amounts recognized for derivative instruments and the fair value for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement. |
Fair Value Measurements | Fair Value Measurements — The Company records or discloses certain of its assets and liabilities at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified within one of three levels in a valuation hierarchy based upon the observability of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Bank Owned Life Insurance | Bank Owned Life Insurance — Huntington’s bank owned life insurance policies are recorded at their cash surrender value. Huntington recognizes tax-exempt income from the periodic increases in the cash surrender value of these policies and from death benefits. A portion of the cash surrender value is supported by holdings in separate accounts. Book value protection for the separate accounts is provided by the insurance carriers and a highly rated major bank. |
Transfers of Financial Assets and Securitizations | Transfers of Financial Assets and Securitizations — Transfers of financial assets in which we have surrendered control over the transferred assets are accounted for as sales. In assessing whether control has been surrendered, Huntington considers whether the transferee would be a consolidated affiliate, the existence and extent of any continuing involvement in the transferred financial assets, and the impact of all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of transfer. Control is generally considered to have been surrendered when (i) the transferred assets have been legally isolated from Huntington or any of its consolidated affiliates, even in bankruptcy or other receivership, (ii) the transferee (or, if the transferee is an entity whose sole purpose is to engage in securitization or asset-backed financing that is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the assets (or beneficial interests) it received without any constraints that provide more than a trivial benefit to Huntington, and (iii) neither Huntington nor its consolidated affiliates and agents have (a) both the right and obligation under any agreement to repurchase or redeem the transferred assets before their maturity, (b) the unilateral ability to cause the holder to return specific financial assets that also provides Huntington with a more-than-trivial benefit (other than through a cleanup call) or (c) an agreement that permits the transferee to require Huntington to repurchase the transferred assets at a price so favorable that it is probable that it will require Huntington to repurchase them. If the sale criteria are met, the transferred financial assets are removed from the balance sheet and a gain or loss on sale is recognized. If the sale criteria are not met, the transfer is recorded as a secured borrowing in which the assets remain on the balance sheet and the proceeds from the transaction are recognized as a liability. For the majority of financial asset transfers, it is clear whether or not Huntington has surrendered control. For other transfers, such as in the case of complex transactions or where Huntington have continuing involvement, we generally obtain a legal opinion as to whether the transfer results in a true sale by law. Gains and losses on the loans and leases sold and servicing rights associated with loan and lease sales are determined when the related loans or leases are sold to either a securitization trust or third-party. For loan or lease sales with servicing retained, a servicing asset is recorded at fair value for the right to service the loans sold. |
Pension and Other Postretirement Benefits | Pension and Other Postretirement Benefits — Huntington recognizes the funded status of the postretirement benefit plans on the Consolidated Balance Sheets. Net postretirement benefit cost charged to current earnings related to these plans is predominantly based on various actuarial assumptions regarding expected future experience. Certain employees are participants in various defined contribution and other non-qualified supplemental retirement plans. Contributions to defined contribution plans are charged to current earnings. In addition, Huntington maintains a 401(k) plan covering substantially all employees. Employer contributions to the plan are charged to current earnings. |
Noninterest Income | Noninterest Income — Huntington recognizes revenue when the performance obligations related to the transfer of goods or services under the terms of a contract are satisfied. Some obligations are satisfied at a point in time while others are satisfied over a period of time. Revenue is recognized as the amount of consideration to which Huntington expects to be entitled to in exchange for transferring goods or services to a customer. When consideration includes a variable component, the amount of consideration attributable to variability is included in the transaction price only to the extent it is probable that significant revenue recognized will not be reversed when uncertainty associated with the variable consideration is subsequently resolved. Generally, the variability relating to the consideration is explicitly stated in the contracts, but may also arise from Huntington’s customer business practices, for example, waiving certain fees related to customer’s deposit accounts such as NSF fees. Huntington’s contracts generally do not contain terms that require significant judgement to determine the variability impacting the transaction price. Revenue is segregated based on the nature of product and services offered as part of contractual arrangements. Revenue from contracts with customers is broadly segregated as follows: • Service charges on deposit accounts include fees and other charges Huntington receives to provide various services, including, but not limited to, maintaining an account with a customer, providing overdraft services, wire transfer, transferring funds, and accepting and executing stop-payment orders. The consideration includes both fixed (e.g., account maintenance fee) and transaction fees (e.g., wire-transfer fee). The fixed fee is recognized over a period of time while the transaction fee is recognized when a specific service (e.g., execution of wire-transfer) is rendered to the customer. Huntington may, from time to time, waive certain fees (e.g., NSF fee) for customers but generally does not reduce the transaction price to reflect variability for future reversals due to the insignificance of the amounts. Waiver of fees reduces the revenue in the period the waiver is granted to the customer. • Card and payment processing income includes interchange fees earned on debit cards and credit cards. All other fees (e.g., annual fees), and interest income are recognized in accordance with ASC 310. Huntington recognizes interchange fees for services performed related to authorization and settlement of a cardholder’s transaction with a merchant. Revenue is recognized when a cardholder’s transaction is approved and settled. Certain volume or transaction based interchange expenses (net of rebates) paid to the payment network reduce the interchange revenue and are presented net on the income statement. Similarly, rewards payable under a reward program to cardholders are recognized as a reduction of the transaction price and are presented net against the interchange revenue. • Capital markets fees includes advisory fees, interest rate derivative fees, underwriting fees, foreign exchange fees and loan syndication fees. We recognize these fees when the related transaction closes. • Trust and investment management services includes fee income generated from personal, corporate, and institutional customers. Huntington also provides investment management services, cash management services and tax reporting to customers. Services are rendered over a period of time, over which revenue is recognized. Huntington may also recognize revenue from referring a customer to outside third-parties including mutual fund companies that pay distribution (12b-1) fees and other expenses. 12b-1 fees are recognized in the period earned, this is generally upon initial placement into the fund and at specified future dates as long as the customer remains invested in the fund. • Insurance income includes agency commissions that are recognized when Huntington sells insurance policies to customers. Huntington is also entitled to renewal commissions and, in some cases, profit sharing which are recognized in subsequent periods. The initial commission is recognized when the insurance policy is sold to a customer. Renewal commission is variable consideration and is recognized in subsequent periods when the uncertainty around variable consideration is subsequently resolved (i.e., when customer renews the policy). Profit sharing is also variable consideration that is not recognized until the variability surrounding realization of revenue is resolved (i.e., Huntington has reached a minimum volume of sales). • Other noninterest income includes a variety of other revenue streams including miscellaneous consumer fees, marketing allowance revenue, and leasing revenue (including income from operating lease payments, other lease revenue, gain and losses on sales-type leases and sales of leased equipment). Revenue is recognized when, or as, the performance obligation is satisfied. Inherent variability in the transaction price is not recognized until the uncertainty affecting the variability is resolved. Control is transferred to a customer either at a point in time or over time. A performance obligation is deemed satisfied when the control over goods or services is transferred to the customer. To determine when control is transferred at a point in time, Huntington considers indicators, including, but not limited to, the right to payment for the asset, transfer of significant risk and rewards of ownership of the asset and acceptance of the asset by the customer. Revenue is recorded in the business segment responsible for the related product or service. Fee sharing arrangements exist to allocate portions of such revenue to other business segments involved in selling to, or providing service to, customers. Business segment results are determined based upon management’s reporting system, which assigns balance sheet and income statement items to each of the business segments. The process is designed around Huntington’s organizational and management structure and, accordingly, the results derived are not necessarily comparable with similar information published by other financial institutions. |
Income Taxes | Income Taxes — Income taxes are accounted for under the asset and liability method. Accordingly, deferred tax assets and liabilities are recognized for the future book and tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are determined using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income at the time of enactment of such change in tax rates. |
Share-Based Compensation | Share-Based Compensation — Huntington uses the fair value based method of accounting for awards of HBAN stock granted to employees under various share-based compensation plans. Share-based compensation costs are recognized prospectively for all new awards granted under these plans. Compensation expense relating to stock options is calculated using a methodology that is based on the underlying assumptions of the Black-Scholes option pricing model and is charged to expense over the requisite service period (e.g., vesting period) taking into account retirement eligibility . Compensation expense relating to restricted stock awards is based upon the fair value of the awards on the date of grant and is charged to earnings over the requisite service period (e.g., vesting period) taking into account the retirement eligibility of the award. |
Stock Repurchases | Stock Repurchases — Acquisitions of Huntington stock are recorded at cost. |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table provides the allocation of consideration paid for the fair value of assets acquired and liabilities and equity assumed from TCF as of June 9, 2021. TCF (dollar amounts in millions) UPB Fair Value Assets acquired: Cash and due from banks $ 466 Interest-bearing deposits at Federal Reserve Bank 719 Interest-bearing deposits in banks 312 Available-for-sale securities 8,900 Other securities 358 Loans held for sale 363 Loans and leases: Commercial: Commercial and industrial $ 12,726 12,441 Commercial real estate 8,125 7,869 Lease financing 2,929 2,912 Total commercial 23,780 23,222 Consumer: Residential mortgage 6,267 6,273 Automobile 322 317 Home equity 2,644 2,607 RV and marine 581 570 Other consumer 179 167 Total consumer 9,993 9,934 Total loans and leases $ 33,773 33,156 Bank owned life insurance 181 Premises and equipment 360 Core deposit intangible 92 Other intangible assets 6 Servicing rights 59 Servicing rights and other intangible assets 157 Other assets 1,441 Total assets acquired 46,413 Liabilities and equity assumed: Deposits 38,663 Short-term borrowings 1,306 Long-term debt 1,516 Other liabilities 1,082 Total liabilities 42,567 Non-controlling interest 22 Net assets acquired $ 3,824 Consideration: Fair value of common stock issued $ 6,998 Fair value of preferred stock exchange 185 Total consideration 7,183 Goodwill $ 3,359 |
Schedule Of Financing Receivables Purchased With Credit Deterioration | The following table provides a summary of loans and leases purchased as part of the TCF acquisition with credit deterioration at acquisition: (dollar amounts in millions) Commercial Consumer Total Par value (UPB) $ 7,931 $ 1,333 $ 9,264 ALLL at acquisition (374) (58) (432) Non-credit (discount) (219) (68) (287) Fair value $ 7,338 $ 1,207 $ 8,545 |
Business Acquisition, Pro Forma Information | The pro forma information does not necessarily reflect the results of operations that would have occurred had Huntington acquired TCF on January 1, 2020. Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma amounts. Unaudited Pro Forma for Year Ended December 31, (dollar amounts in millions) 2021 2020 Net interest income $ 4,713 $ 4,774 Noninterest income 2,112 2,127 Net income attributable to Huntington Bancshares Inc 1,624 834 |
INVESTMENT SECURITIES AND OTH_2
INVESTMENT SECURITIES AND OTHER SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The following tables provide amortized cost, fair value, and gross unrealized gains and losses by investment category. Unrealized (dollar amounts in millions) Amortized Gross Gains Gross Losses Fair Value At December 31, 2022 Available-for-sale securities: U.S. Treasury $ 103 $ — $ — $ 103 Federal agencies: Residential CMO 3,336 — (422) 2,914 Residential MBS 14,349 4 (2,090) 12,263 Commercial MBS 2,565 — (612) 1,953 Other agencies 190 1 (9) 182 Total U.S. Treasury, federal agency, and other agency securities 20,543 5 (3,133) 17,415 Municipal securities 3,527 1 (238) 3,290 Private-label CMO 146 — (18) 128 Asset-backed securities 416 — (44) 372 Corporate debt 2,467 132 (385) 2,214 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 27,103 $ 138 $ (3,818) $ 23,423 Held-to-maturity securities: Federal agencies: Residential CMO $ 4,970 $ 4 $ (714) $ 4,260 Residential MBS 10,295 — (1,375) 8,920 Commercial MBS 1,652 — (204) 1,448 Other agencies 133 — (9) 124 Total federal agency and other agency securities 17,050 4 (2,302) 14,752 Municipal securities 2 — — 2 Total held-to-maturity securities $ 17,052 $ 4 $ (2,302) $ 14,754 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 312 $ — $ — $ 312 Federal Reserve Bank stock 500 — — 500 Equity securities 10 — — 10 Other securities, at fair value Mutual funds 31 — — 31 Equity securities 1 — — 1 Total other securities $ 854 $ — $ — $ 854 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2022, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $64 million and $39 million, respectively. (2) Excluded from the amortized cost are portfolio level basis adjustments for securities designated in fair value hedges under the portfolio layer method. The basis adjustments totaled $849 million and represent a reduction to the amortized cost of the securities being hedged. The securities being hedged under the portfolio layer method are primarily Residential CMO and Residential MBS securities. Unrealized (dollar amounts in millions) Amortized Gross Gross Fair Value At December 31, 2021 Available-for-sale securities: U.S. Treasury $ 5 $ — $ — $ 5 Federal agencies: Residential CMO 4,649 40 (40) 4,649 Residential MBS 15,533 135 (160) 15,508 Commercial MBS 1,896 7 (38) 1,865 Other agencies 248 1 (1) 248 Total U.S. Treasury, federal agency, and other agency securities 22,331 183 (239) 22,275 Municipal securities 3,497 62 (33) 3,526 Private-label CMO 106 1 (1) 106 Asset-backed securities 385 1 (4) 382 Corporate debt 2,183 22 (38) 2,167 Other securities/Sovereign debt 4 — — 4 Total available-for-sale securities $ 28,506 $ 269 $ (315) $ 28,460 Held-to-maturity securities: Federal agencies: Residential CMO $ 2,602 $ 35 $ (20) $ 2,617 Residential MBS 7,475 41 (59) 7,457 Commercial MBS 2,175 45 (5) 2,215 Other agencies 193 5 — 198 Total federal agency and other agency securities 12,445 126 (84) 12,487 Municipal securities 2 — — 2 Total held-to-maturity securities $ 12,447 $ 126 $ (84) $ 12,489 Other securities, at cost: Non-marketable equity securities: Federal Home Loan Bank stock $ 52 $ — $ — $ 52 Federal Reserve Bank stock 512 — — 512 Equity securities 12 — — 12 Other securities, at fair value Mutual funds 65 — — 65 Equity securities 6 1 — 7 Total other securities $ 647 $ 1 $ — $ 648 (1) Amortized cost amounts exclude accrued interest receivable, which is recorded within accrued income and other receivables on the Consolidated Balance Sheet s . At December 31, 2021, accrued interest receivable on available-for-sale securities and held-to-maturity securities totaled $62 million and $26 million, respectively. |
Investments Classified by Contractual Maturity Date | The following table provides the amortized cost and fair value of securities by contractual maturity. Expected maturities may differ from contractual maturities as issuers may have the right to call or prepay obligations with or without incurring penalties. At December 31, 2022 2021 (dollar amounts in millions) Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities: Under 1 year $ 518 $ 511 $ 377 $ 374 After 1 year through 5 years 2,182 2,033 1,888 1,880 After 5 years through 10 years 3,106 2,814 3,166 3,180 After 10 years 21,297 18,065 23,075 23,026 Total available-for-sale securities $ 27,103 $ 23,423 $ 28,506 $ 28,460 Held-to-maturity securities: Under 1 year $ — $ — $ 2 $ 2 After 1 year through 5 years 72 68 162 164 After 5 years through 10 years 71 66 44 45 After 10 years 16,909 14,620 12,239 12,278 Total held-to-maturity securities $ 17,052 $ 14,754 $ 12,447 $ 12,489 |
Schedule of Unrealized Loss on Investments | The following tables provide detail on investment securities with unrealized losses aggregated by investment category and the length of time the individual securities have been in a continuous loss position. Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2022 Available-for-sale securities: Federal agencies: Residential CMO $ 2,096 $ (224) $ 818 $ (198) $ 2,914 $ (422) Residential MBS 2,455 (286) 9,490 (1,804) 11,945 (2,090) Commercial MBS 1,090 (249) 863 (363) 1,953 (612) Other agencies 40 (1) 56 (8) 96 (9) Total federal agency and other agency securities 5,681 (760) 11,227 (2,373) 16,908 (3,133) Municipal securities 2,298 (174) 807 (64) 3,105 (238) Private-label CMO 64 (13) 43 (5) 107 (18) Asset-backed securities 174 (10) 199 (34) 373 (44) Corporate debt 727 (105) 1,487 (280) 2,214 (385) Total temporarily impaired available-for-sale securities $ 8,944 $ (1,062) $ 13,763 $ (2,756) $ 22,707 $ (3,818) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,702 $ (238) $ 2,283 $ (476) $ 3,985 $ (714) Residential MBS 4,151 (462) 4,711 (913) 8,862 (1,375) Commercial MBS 1,201 (154) 247 (50) 1,448 (204) Other agencies 124 (9) — — 124 (9) Total federal agency and other agency securities 7,178 (863) 7,241 (1,439) 14,419 (2,302) Total temporarily impaired held-to-maturity securities $ 7,178 $ (863) $ 7,241 $ (1,439) $ 14,419 $ (2,302) Less than 12 Months Over 12 Months Total (dollar amounts in millions) Fair Gross Unrealized Fair Gross Unrealized Fair Gross Unrealized At December 31, 2021 Available-for-sale securities: Federal agencies: Residential CMO $ 2,925 $ (40) $ — $ — $ 2,925 $ (40) Residential MBS 13,491 (160) — — 13,491 (160) Commercial MBS 1,251 (38) — — 1,251 (38) Other agencies 140 (1) — — 140 (1) Total federal agency and other agency securities 17,807 (239) — — 17,807 (239) Municipal securities 859 (22) 319 (11) 1,178 (33) Private-label CMO 78 (1) — — 78 (1) Asset-backed securities 237 (4) — — 237 (4) Corporate debt 1,766 (38) — — 1,766 (38) Total temporarily impaired available-for-sale securities $ 20,747 $ (304) $ 319 $ (11) $ 21,066 $ (315) Held-to-maturity securities: Federal agencies: Residential CMO $ 1,453 $ (20) $ — $ — $ 1,453 $ (20) Residential MBS 5,837 (59) — — 5,837 (59) Commercial MBS 318 (5) — — 318 (5) Total federal agency and other agency securities 7,608 (84) — — 7,608 (84) Total temporarily impaired held-to-maturity securities $ 7,608 $ (84) $ — $ — $ 7,608 $ (84) |
LOANS AND LEASES (Tables)
LOANS AND LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of financing receivable portfolio segments | The following table provides a detailed listing of Huntington’s loan and lease portfolio. At December 31, (dollar amounts in millions) 2022 2021 Commercial loan and lease portfolio: Commercial and industrial $ 45,127 $ 41,688 Commercial real estate 16,634 14,961 Lease financing 5,252 5,000 Total commercial loan and lease portfolio 67,013 61,649 Consumer loan portfolio: Residential mortgage 22,226 19,256 Automobile 13,154 13,434 Home equity 10,375 10,550 RV and marine 5,376 5,058 Other consumer 1,379 1,320 Total consumer loan portfolio 52,510 49,618 Total loans and leases (1)(2) 119,523 111,267 Allowance for loan and lease losses (2,121) (2,030) Net loans and leases $ 117,402 $ 109,237 (1) Loans and leases are reported at principal amount outstanding including unamortized purchase premiums and discounts, unearned income, and net direct fees and costs associated with originating and acquiring loans and leases. The aggregate amount of these loan and lease adjustments was a net premium (discount) of $3 million and $(111) million at December 31, 2022 and 2021, respectively. (2) The total amount of accrued interest recorded for these loans and leases at December 31, 2022, was $274 million and $186 million of commercial and consumer loan and lease portfolios, respectively, and at December 31, 2021, was $148 million and $150 million of commercial and consumer loan and lease portfolios, respectively. Accrued interest is presented in accrued income and other receivables within the Condensed Consolidated Balance Sheet |
Lease financing receivables | The following table presents net investments in lease financing receivables by category. At December 31, (dollar amounts in millions) 2022 2021 Lease payments receivable $ 4,916 $ 4,620 Estimated residual value of leased assets 788 774 Gross investment in lease financing receivables 5,704 5,394 Deferred origination costs 46 36 Deferred fees, unearned income and other (498) (430) Total lease financing receivables $ 5,252 $ 5,000 |
Nonaccrual loans by loan class | The following table presents NALs by class. At December 31, 2022 At December 31, 2021 (dollar amounts in millions) Nonaccrual loans with no ACL Total nonaccrual loans Nonaccrual loans with no ACL Total nonaccrual loans Commercial and industrial $ 49 $ 288 $ 81 $ 370 Commercial real estate 63 92 80 104 Lease financing — 18 3 48 Residential mortgage — 90 — 111 Automobile — 4 — 3 Home Equity — 76 — 79 RV and marine — 1 — 1 Total nonaccrual loans and leases $ 112 $ 569 $ 164 $ 716 |
Aging analysis of loans and leases | The following tables present an aging analysis of loans and leases, by class. At December 31, 2022 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 60-89 90 or Total Current Commercial and industrial $ 53 $ 19 $ 108 $ 180 $ 44,947 $ — $ 45,127 $ 23 (2) Commercial real estate 2 1 9 12 16,622 — 16,634 — Lease financing 36 18 10 64 5,188 — 5,252 9 (3) Residential mortgage 246 69 199 514 21,528 184 22,226 146 (4) Automobile 88 20 11 119 13,035 — 13,154 9 Home equity 56 30 66 152 10,222 1 10,375 15 RV and marine 15 5 3 23 5,353 — 5,376 3 Other consumer 13 3 3 19 1,360 — 1,379 2 Total loans and leases $ 509 $ 165 $ 409 $ 1,083 $ 118,255 $ 185 $ 119,523 $ 207 At December 31, 2021 Past Due (1) Loans Accounted for Under FVO Total Loans 90 or (dollar amounts in millions) 30-59 Days 60-89 Days 90 or more days Total Current Commercial and industrial $ 72 $ 69 $ 107 $ 248 $ 41,440 $ — $ 41,688 $ 13 (2) Commercial real estate 9 1 9 19 14,942 — 14,961 — Lease financing 39 13 17 69 4,931 — 5,000 11 (3) Residential mortgage 151 49 233 433 18,653 170 19,256 157 (4) Automobile 79 18 8 105 13,329 — 13,434 6 Home equity 48 35 76 159 10,390 1 10,550 17 RV and marine 14 4 3 21 5,037 — 5,058 3 Other consumer 13 2 3 18 1,302 — 1,320 3 Total loans and leases $ 425 $ 191 $ 456 $ 1,072 $ 110,024 $ 171 $ 111,267 $ 210 (1) NALs are included in this aging analysis based on the loan’s past due status. (2) Amounts include PPP and other SBA loans and leases. (3) Amounts include Huntington Technology Finance administrative lease delinquencies. (4) Amounts include mortgage loans insured by U.S. government agencies. |
Loan and lease balances by credit quality indicator | The following tables present the amortized cost basis of loans and leases by vintage and credit quality indicator. At December 31, 2022 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2022 2021 2020 2019 2018 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 16,480 $ 6,597 $ 3,279 $ 2,040 $ 1,068 $ 1,163 $ 12,077 $ 3 $ 42,707 OLEM 108 139 72 21 49 26 112 — 527 Substandard 364 181 189 212 141 255 550 — 1,892 Doubtful — — — — — 1 — — 1 Total Commercial and industrial $ 16,952 $ 6,917 $ 3,540 $ 2,273 $ 1,258 $ 1,445 $ 12,739 $ 3 $ 45,127 Commercial real estate Credit Quality Indicator (1): Pass $ 5,634 $ 3,260 $ 1,616 $ 1,728 $ 917 $ 1,044 $ 1,502 $ — $ 15,701 OLEM 61 53 1 43 6 9 — — 173 Substandard 235 118 105 75 85 140 2 — 760 Total Commercial real estate $ 5,930 $ 3,431 $ 1,722 $ 1,846 $ 1,008 $ 1,193 $ 1,504 $ — $ 16,634 Lease financing Credit Quality Indicator (1): Pass $ 1,930 $ 1,291 $ 952 $ 447 $ 186 $ 143 $ — $ — $ 4,949 OLEM 32 9 15 18 6 3 — — 83 Substandard 65 37 74 24 9 11 — — 220 Total Lease financing $ 2,027 $ 1,337 $ 1,041 $ 489 $ 201 $ 157 $ — $ — $ 5,252 Residential mortgage Credit Quality Indicator (2): 750+ $ 3,666 $ 6,274 $ 3,566 $ 846 $ 469 $ 2,070 $ — $ — $ 16,891 650-749 1,394 1,172 617 211 137 777 — — 4,308 <650 49 68 61 95 90 480 — — 843 Total Residential mortgage $ 5,109 $ 7,514 $ 4,244 $ 1,152 $ 696 $ 3,327 $ — $ — $ 22,042 Automobile Credit Quality Indicator (2): 750+ $ 2,770 $ 2,212 $ 1,243 $ 777 $ 289 $ 98 $ — $ — $ 7,389 650-749 1,944 1,508 683 367 162 52 — — 4,716 <650 307 352 173 115 67 35 — — 1,049 Total Automobile $ 5,021 $ 4,072 $ 2,099 $ 1,259 $ 518 $ 185 $ — $ — $ 13,154 Home Equity Credit Quality Indicator (2): 750+ $ 463 $ 573 $ 611 $ 23 $ 20 $ 301 $ 4,787 $ 252 $ 7,030 650-749 131 88 68 9 8 122 2,129 261 2,816 <650 3 3 3 2 2 51 335 129 528 Total Home equity $ 597 $ 664 $ 682 $ 34 $ 30 $ 474 $ 7,251 $ 642 $ 10,374 RV and marine Credit Quality Indicator (2): 750+ $ 1,148 $ 1,031 $ 731 $ 361 $ 354 $ 438 $ — $ — $ 4,063 650-749 290 315 200 118 113 169 — — 1,205 <650 5 18 15 17 17 36 — — 108 Total RV and marine $ 1,443 $ 1,364 $ 946 $ 496 $ 484 $ 643 $ — $ — $ 5,376 Other consumer Credit Quality Indicator (2): 750+ $ 207 $ 64 $ 35 $ 34 $ 13 $ 52 $ 393 $ 3 $ 801 650-749 71 30 12 15 4 14 355 16 517 <650 3 3 2 3 1 2 33 14 61 Total Other consumer $ 281 $ 97 $ 49 $ 52 $ 18 $ 68 $ 781 $ 33 $ 1,379 At December 31, 2021 Term Loans Amortized Cost Basis by Origination Year Revolver Total at Amortized Cost Basis Revolver Total Converted to Term Loans (dollar amounts in millions) 2021 2020 2019 2018 2017 Prior Total Commercial and industrial Credit Quality Indicator (1): Pass $ 15,435 $ 5,677 $ 3,682 $ 1,983 $ 1,080 $ 1,134 $ 9,945 $ 3 $ 38,939 OLEM 183 178 87 83 38 73 166 — 808 Substandard 336 203 344 206 125 167 552 — 1,933 Doubtful 5 1 1 1 — — — — 8 Total Commercial and industrial $ 15,959 $ 6,059 $ 4,114 $ 2,273 $ 1,243 $ 1,374 $ 10,663 $ 3 $ 41,688 Commercial real estate Credit Quality Indicator (1): Pass $ 4,144 $ 2,367 $ 2,593 $ 1,456 $ 761 $ 1,124 $ 798 $ — $ 13,243 OLEM 76 48 42 83 73 19 — — 341 Substandard 224 362 448 115 151 46 30 — 1,376 Doubtful — — — 1 — — — — 1 Total Commercial real estate $ 4,444 $ 2,777 $ 3,083 $ 1,655 $ 985 $ 1,189 $ 828 $ — $ 14,961 Lease financing Credit Quality Indicator (1): Pass $ 1,851 $ 1,441 $ 809 $ 417 $ 226 $ 131 $ — $ — $ 4,875 OLEM 8 32 12 4 2 — — — 58 Substandard 6 23 19 2 9 8 — — 67 Total Lease financing $ 1,865 $ 1,496 $ 840 $ 423 $ 237 $ 139 $ — $ — $ 5,000 Residential mortgage Credit Quality Indicator (2): 750+ $ 5,532 $ 3,857 $ 978 $ 554 $ 687 $ 1,704 $ — $ — $ 13,312 650-749 1,862 993 409 269 254 1,028 — — 4,815 <650 48 56 104 120 99 532 — — 959 Total Residential mortgage $ 7,442 $ 4,906 $ 1,491 $ 943 $ 1,040 $ 3,264 $ — $ — $ 19,086 Automobile Credit Quality Indicator (2): 750+ $ 2,993 $ 1,927 $ 1,381 $ 666 $ 345 $ 129 $ — $ — $ 7,441 650-749 2,393 1,237 736 380 168 55 — — 4,969 <650 380 234 178 128 70 34 — — 1,024 Total Automobile $ 5,766 $ 3,398 $ 2,295 $ 1,174 $ 583 $ 218 $ — $ — $ 13,434 Home equity Credit Quality Indicator (2): 750+ $ 645 $ 701 $ 32 $ 31 $ 34 $ 387 $ 4,772 $ 272 $ 6,874 650-749 129 94 15 13 13 161 2,324 324 3,073 <650 3 2 2 1 1 67 361 165 602 Total Home equity $ 777 $ 797 $ 49 $ 45 $ 48 $ 615 $ 7,457 $ 761 $ 10,549 RV and marine Credit Quality Indicator (2): 750+ $ 1,257 $ 933 $ 470 $ 468 $ 268 $ 319 $ — $ — $ 3,715 650-749 393 273 171 157 106 150 — — 1,250 <650 6 11 13 18 18 27 — — 93 Total RV and marine $ 1,656 $ 1,217 $ 654 $ 643 $ 392 $ 496 $ — $ — $ 5,058 Other consumer Credit Quality Indicator (2): 750+ $ 211 $ 34 $ 50 $ 13 $ 10 $ 27 $ 326 $ 3 $ 674 650-749 88 52 50 23 17 41 295 24 590 <650 2 2 5 2 — 1 27 17 56 Total Other consumer $ 301 $ 88 $ 105 $ 38 $ 27 $ 69 $ 648 $ 44 $ 1,320 (1) Consistent with the credit quality disclosures, indicators for the Commercial portfolio are based on internally defined categories of credit grades which are generally refreshed at least semi-annually. (2) Consistent with the credit quality disclosures, indicators for the Consumer portfolio are based on updated customer credit scores refreshed at least quarterly. |
Detailed troubled debt restructuring information by class | The following table presents, by class and modification type, the number of contracts, post-modification outstanding balance, and the financial effects of the modification. New Troubled Debt Restructurings (1) Number of Post-modification Outstanding Recorded Investment (2) (dollar amounts in millions) Interest rate concession Amortization or maturity date concession Chapter 7 bankruptcy Other Total Year Ended December 31, 2022 Commercial and industrial 313 $ 92 $ 62 $ — $ 15 $ 169 Commercial real estate 26 62 27 — — 89 Residential mortgage 806 — 109 5 — 114 Automobile 2,368 — 17 3 — 20 Home equity 228 — 8 4 — 12 RV and marine 137 — 2 1 — 3 Other consumer 127 — — — 1 1 Total new TDRs 4,005 $ 154 $ 225 $ 13 $ 16 $ 408 Year Ended December 31, 2021 Commercial and industrial 76 $ 29 $ 25 $ — $ — $ 54 Commercial real estate 5 — — — — — Residential mortgage 320 — 39 6 — 45 Automobile 2,442 — 16 4 — 20 Home equity 214 — 4 7 — 11 RV and marine 138 1 2 1 — 4 Other consumer 270 — — — 1 1 Total new TDRs 3,465 $ 30 $ 86 $ 18 $ 1 $ 135 (1) TDRs may include multiple concessions and the disclosure classifications are based on the primary concession provided to the borrower. (2) Post-modification balances approximate pre-modification balances. |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Allowance Roll-forward | The following table presents ACL activity by portfolio segment. (dollar amounts in millions) Commercial Consumer Total Year ended December 31, 2022: ALLL balance, beginning of period $ 1,462 $ 568 $ 2,030 Loan and lease charge-offs (129) (184) (313) Recoveries of loans and leases previously charged-off 114 78 192 Provision (benefit) for loan and lease losses (23) 235 212 ALLL balance, end of period $ 1,424 $ 697 $ 2,121 AULC balance, beginning of period $ 41 $ 36 $ 77 Provision for unfunded lending commitments 30 43 73 AULC balance, end of period $ 71 $ 79 $ 150 ACL balance, end of period $ 1,495 $ 776 $ 2,271 Year ended December 31, 2021: ALLL balance, beginning of period $ 1,236 $ 578 $ 1,814 Loan and lease charge-offs (243) (139) (382) Recoveries of loans and leases previously charged-off 83 84 167 Provision (benefit) for loan and lease losses 12 (13) (1) Allowance on PCD loans and leases at acquisition 374 58 432 ALLL balance, end of period $ 1,462 $ 568 $ 2,030 AULC balance, beginning of period $ 34 $ 18 $ 52 Provision for unfunded lending commitments 8 18 26 Unfunded lending commitment losses (1) — (1) AULC balance, end of period $ 41 $ 36 $ 77 ACL balance, end of period $ 1,503 $ 604 $ 2,107 Year ended December 31, 2020: ALLL balance, beginning of period $ 552 $ 231 $ 783 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) 180 211 391 Loan and lease charge-offs (374) (166) (540) Recoveries of loans and leases previously charged-off 32 59 91 Provision for loan and lease losses 846 243 1,089 ALLL balance, end of period $ 1,236 $ 578 $ 1,814 AULC balance, beginning of period $ 102 $ 2 $ 104 Cumulative-effect of change in accounting principle for financial instruments - credit losses (1) (38) 40 2 Provision (benefit) for unfunded lending commitments (17) (24) (41) Unfunded lending commitment losses (13) — (13) AULC balance, end of period $ 34 $ 18 $ 52 ACL balance, end of period $ 1,270 $ 596 $ 1,866 (1) Relates to day one impact of the CECL adjustment as a result of the implementation of ASU 2016-13. |
MORTGAGE LOAN SALES AND SERVI_2
MORTGAGE LOAN SALES AND SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Schedule of activity relating to loans securitized sold with servicing rights | The following table summarizes activity relating to residential mortgage loans sold with servicing retained. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Residential mortgage loans sold with servicing retained $ 5,686 $ 9,702 $ 8,436 Pretax gains resulting from above loan sales (1) 137 356 311 (1) Recorded in mortgage banking income. |
Schedule of Servicing Assets at Fair Value | The following table summarizes the changes in MSRs recorded using the fair value method: Year Ended December 31, (dollar amounts in millions) 2022 2021 Fair value, beginning of period $ 351 $ 210 Servicing assets obtained in acquisition — 59 New servicing assets created 85 135 Change in fair value during the period due to: Time decay (1) (22) (15) Payoffs (2) (34) (65) Changes in valuation inputs or assumptions (3) 114 27 Fair value, end of period $ 494 $ 351 (1) Represents decrease in value due to passage of time, including the impact from both regularly scheduled principal payments and partial loan paydowns. (2) Represents decrease in value associated with loans that paid off during the period. (3) Represents change in value resulting primarily from market-driven changes in interest rates. |
Summary of key assumptions and the sensitivity analysis of servicing rights | The following table summarizes the key assumptions and the sensitivity of the MSR value to changes in these assumptions. At December 31, 2022 At December 31, 2021 Decline in fair value due to Decline in fair value due to (dollar amounts in millions) Actual 10% 20% Actual 10% 20% Constant prepayment rate (annualized) 7.05 % $ (13) $ (25) 12.28 % $ (17) $ (32) Spread over forward interest rate swap rates 578 bps (12) (22) 466 bps (7) (13) |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill by business segment | A rollforward of goodwill by business segment for which goodwill is allocated is presented in the table below. No goodwill impairment was recorded in 2022 or 2021. Consumer & Commercial Huntington (dollar amounts in millions) Business Banking Banking RBHPCG Consolidated Balance, January 1, 2020 $ 1,393 $ 427 $ 170 $ 1,990 TCF acquisition 2,026 1,272 61 3,359 Balance, December 31, 2021 3,419 1,699 231 5,349 Acquisitions — 222 — 222 Balance, December 31, 2022 $ 3,419 $ 1,921 $ 231 $ 5,571 |
Summary of other intangible assets | Huntington’s other intangible assets consisted of the following: (dollar amounts in millions) Gross Accumulated Net At December 31, 2022 Core deposit intangible $ 385 $ (216) $ 169 Customer relationship 107 (81) 26 Total other intangible assets $ 492 $ (297) $ 195 At December 31, 2021 Core deposit intangible $ 389 $ (175) $ 214 Customer relationship 108 (80) 28 Total other intangible assets $ 497 $ (255) $ 242 |
Estimated amortization expense of other intangible assets | The estimated amortization expense of other intangible assets for the next five years is as follows: (dollar amounts in millions) Amortization Expense 2023 $ 51 2024 47 2025 44 2026 29 2027 10 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant and equipment | Premises and equipment were comprised of the following: At December 31, (dollar amounts in millions) 2022 2021 Land and land improvements $ 337 $ 335 Buildings 776 807 Leasehold improvements 269 219 Equipment 896 852 Total premises and equipment 2,278 2,213 Less accumulated depreciation and amortization (1,122) (1,049) Net premises and equipment $ 1,156 $ 1,164 |
Depreciation and amortization charged to expense and rental income credited to net occupancy expense | Depreciation and amortization charged to expense and rental income credited to net occupancy expense were as follows: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Total depreciation and amortization of premises and equipment $ 182 $ 178 $ 119 Rental income credited to net occupancy expense 10 9 10 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Assets And Liabilities, Lessee | Net lease assets and liabilities are as follows: At December 31, (dollar amounts in millions) Classification 2022 2021 Assets Operating lease assets Other assets $ 279 $ 316 Liabilities Lease liabilities Other liabilities $ 401 $ 441 |
Schedule of Lease Cost | Net lease cost are as follows: Year Ended December 31, (dollar amounts in millions) Classification 2022 2021 Operating lease cost Net occupancy $ 81 $ 102 Short-term lease cost Net occupancy 2 3 Net lease cost $ 83 $ 105 Additional supplemental information related to the Company’s operating leases is as follows: Year Ended December 31, (dollar amounts in millions) 2022 2021 Cash paid for amounts included in the measurement of lease liabilities for operating cash flows $ (80) $ (50) Right-of-use assets obtained in exchange for lease obligations for operating leases 22 174 Weighted-average remaining lease term (years) for operating leases 11.48 11.24 Weighted-average discount rate for operating leases 4.64 % 3.87 % |
Schedule of Operating Lease Liability Maturities, Lessee | Maturity of lease liabilities at December 31, 2022 are as follows: (dollar amounts in millions) Total 2023 $ 70 2024 67 2025 58 2026 43 2027 36 Thereafter 262 Total lease payments 536 Less: Interest (135) Total lease liabilities $ 401 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Instruments [Abstract] | |
Schedule of Short-term Debt | Borrowings with original maturities of one year or less are classified as short-term and were comprised of the following: At December 31, (dollar amounts in millions) 2022 2021 Federal funds purchased and securities sold under agreements to repurchase $ 253 $ 320 FHLB advances 1,700 — Other borrowings 74 14 Total short-term borrowings $ 2,027 $ 334 |
Schedule of Long-Term Debt | Huntington’s long-term debt consisted of the following: At December 31, (dollar amounts in millions) 2022 2021 The Parent Company: Senior Notes: 2.67% Huntington Bancshares Incorporated senior notes due 2024 $ 762 $ 812 4.05% Huntington Bancshares Incorporated senior notes due 2025 481 527 4.51% Huntington Bancshares Incorporated senior notes due 2028 704 — 2.60% Huntington Bancshares Incorporated senior notes due 2030 679 744 5.08% Huntington Bancshares Incorporated senior notes due 2033 379 — Subordinated Notes: 3.55% Huntington Bancshares Incorporated subordinated notes due 2023 225 227 Huntington Capital I Trust Preferred 5.47% junior subordinated debentures due 2027 (1) (8) 69 69 Huntington Capital II Trust Preferred 5.39% junior subordinated debentures due 2028 (2) (8) 32 32 Sky Financial Capital Trust III 6.17% junior subordinated debentures due 2036 (3) (8) 72 72 Sky Financial Capital Trust IV 6.17% junior subordinated debentures due 2036 (3) (8) 74 74 2.49% Huntington Bancshares Incorporated subordinated notes due 2036 1 554 2.53% Huntington Bancshares Incorporated subordinated notes due 2036 502 — Total notes issued by the parent 3,980 3,111 The Bank: Senior Notes: 2.55% Huntington National Bank senior notes due 2022 — 703 3.16% Huntington National Bank senior notes due 2022 — 500 1.83% Huntington National Bank senior notes due 2023 — 483 3.60% Huntington National Bank senior notes due 2023 735 748 5.42% Huntington National Bank senior notes due 2025 299 — 4.11% Huntington National Bank senior notes due 2025 486 — 5.70% Huntington National Bank senior notes due 2025 1,094 — 4.55% Huntington National Bank senior notes due 2028 766 — 5.76% Huntington National Bank senior notes due 2030 892 — Subordinated Notes: 0.64% Huntington National Bank subordinated notes due 2022 — 113 0.96% Huntington National Bank subordinated notes due 2025 129 142 3.86% Huntington National Bank subordinated notes due 2026 218 226 3.03% Huntington National Bank subordinated notes due 2029 153 161 3.75% Huntington National Bank subordinated notes due 2030 151 169 Total notes issued by the bank 4,923 3,245 FHLB Advances: 1.04% weighted average rate, varying maturities greater than one year 211 215 Other: Huntington Technology Finance nonrecourse debt, 3.93% weighted average interest rate, varying maturities 337 287 2.09% Huntington Preferred Capital II - Class F securities — 75 6.65% Huntington Preferred Capital II - Class G securities (4) 50 50 6.77% Huntington Preferred Capital II - Class I securities (5) 50 50 6.90% Huntington Preferred Capital II - Class J securities (6) 75 75 7.40% Huntington Preferred Capital II - Class L Securities (7) 60 — Total long-term debt $ 9,686 $ 7,108 (1) Variable effective rate at December 31, 2022, based on three-month LIBOR +0.70%. (2) Variable effective rate at December 31, 2022, based on three-month LIBOR +0.625%. (3) Variable effective rate at December 31, 2022, based on three-month LIBOR +1.40%. (4) Variable effective rate at December 31, 2022, based on three-month LIBOR +1.88%. (5) Variable effective rate at December 31, 2022, based on three-month LIBOR +2.00%. (6) Variable effective rate at December 31, 2022, based on three-month SOFR +2.60%. (7) Variable effective rate at December 31, 2022 based on three-month SOFR +3.10%. (8) Represents the outstanding amount of debentures issued to each trust and related trust-preferred securities. Refer to Note 21 “ Variable Interest Entity |
Schedule of Maturities of Long-term Debt | Long-term debt maturities for the next five years and thereafter are as follows: (dollar amounts in millions) 2023 2024 2025 2026 2027 Thereafter Total The Parent Company: Senior notes $ — $ 800 $ 500 $ — $ — $ 1,900 $ 3,200 Subordinated notes 225 — — — 70 739 1,034 The Bank: Senior notes 724 — 1,900 — — 1,700 4,324 Subordinated notes — — 130 239 — 300 669 FHLB Advances 1 — 200 — — 1 202 Other 85 106 97 137 143 5 573 Total $ 1,035 $ 906 $ 2,827 $ 376 $ 213 $ 4,645 $ 10,002 |
OTHER COMPREHENSIVE INCOME (Tab
OTHER COMPREHENSIVE INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Income | The components of Huntington’s OCI were as follows: (dollar amounts in millions) Pretax Tax (expense) benefit After-tax Year Ended December 31, 2022 Unrealized losses on available-for-sale securities arising during the period $ (3,799) $ 873 $ (2,926) Reclassification adjustment for realized net losses included in net income 100 (23) 77 Total unrealized losses on available-for-sale securities (3,699) 850 (2,849) Net impact of hedges on available-for-sale securities 865 (200) 665 Change in fair value of cash flow hedges on loans (896) 201 (695) Foreign currency translation adjustment (1) (15) — (15) Net unrealized gains (losses) on net investment hedges 10 — 10 Translation adjustments, net of hedges (1) (5) — (5) Change in accumulated unrealized gains for pension and other post retirement obligations 19 (4) 15 Other comprehensive loss $ (3,716) $ 847 $ (2,869) Year Ended December 31, 2021 Unrealized losses on available-for-sale securities arising during the period $ (474) $ 107 $ (367) Reclassification adjustment for realized net losses included in net income 34 (8) 26 Total unrealized losses on available-for-sale securities (440) 99 (341) Net impact of hedges on available-for-sale securities 113 (26) 87 Change in fair value of cash flow hedges on loans (257) 65 (192) Foreign currency translation adjustment (1) (12) — (12) Net unrealized gains (losses) on net investment hedges 9 — 9 Translation adjustments, net of hedges (1) (3) — (3) Change in accumulated unrealized gains for pension and other post retirement obligations 36 (8) 28 Other comprehensive income $ (551) $ 130 $ (421) Year Ended December 31, 2020 Unrealized losses on available-for-sale securities arising during the period $ 235 $ (52) $ 183 Reclassification adjustment for realized net losses included in net income 42 (9) 33 Total unrealized losses on available-for-sale securities 277 (61) 216 Net impact of hedges on available-for-sale securities 3 (1) 2 Change in fair value of cash flow hedges on loans 299 (67) 232 Change in accumulated unrealized gains for pension and other post retirement obligations (2) (3) 1 (2) Other comprehensive income $ 576 $ (128) $ 448 (1) Foreign investments are deemed to be permanent in nature and, therefore, Huntington does not provide for taxes on foreign currency translation adjustments. (2) Includes a settlement gain recognized in other noninterest income on the Consolidated Statements of Income. |
Activity in Accumulated Other Comprehensive Income | Activity in accumulated OCI were as follows: (dollar amounts in millions) Unrealized (losses) Net impact of hedges on available-for-sale securities Change in fair value of cash flow hedges on loans Translation adjustments, net of hedges Unrealized Total December 31, 2019 $ (28) $ — $ 23 $ — $ (251) $ (256) Other comprehensive income before reclassifications 183 2 232 — — 417 Amounts reclassified from accumulated OCI to earnings 33 — — — (2) 31 Period change 216 2 232 — (2) 448 December 31, 2020 188 2 255 — (253) 192 Other comprehensive income (loss) before reclassifications (367) 87 (192) (3) — (475) Amounts reclassified from accumulated OCI to earnings 26 — — — 28 54 Period change (341) 87 (192) (3) 28 (421) December 31, 2021 (153) 89 63 (3) (225) (229) Other comprehensive income before reclassifications (2,926) 665 (695) (5) — (2,961) Amounts reclassified from accumulated OCI to earnings 77 — — — 15 92 Period change (2,849) 665 (695) (5) 15 (2,869) December 31, 2022 $ (3,002) $ 754 $ (632) $ (8) $ (210) $ (3,098) (1) AOCI amounts at December 31, 2022, 2021, and 2020 include $66 million, $27 million, and $53 million, respectively, of net unrealized losses (after-tax) on securities transferred from the available-for-sale securities portfolio to the held-to-maturity securities portfolio. The net unrealized losses will be recognized in earnings over the remaining life of the security using the effective interest method. |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Stock by Class | The following is a summary of Huntington’s non-cumulative, non-voting, perpetual preferred stock outstanding. (dollar amounts in millions) Carrying Amount Series Issuance Date Shares Outstanding Dividend Rate Earliest Optional Redemption Date (1) December 31, 2022 December 31, 2021 Series B (2) 12/28/2011 35,500 3-mo. LIBOR + 270 bps 1/15/2017 $ 23 $ 23 Series E (3) 2/27/2018 5,000 5.70 4/15/2023 495 495 Series F (3) 5/27/2020 5,000 5.625 7/15/2030 494 494 Series G (3) 8/3/2020 5,000 4.45 10/15/2027 494 494 Series H (2) 2/2/2021 500,000 4.50 4/15/2026 486 486 Series I (4) 6/9/2021 7,000 5.70 12/01/2022 175 175 Total 557,500 $ 2,167 $ 2,167 (1) Redeemable at Huntington’s option on the date stated or on a quarterly basis thereafter. Earlier redemption is solely at Huntington’s option, subject to any required prior approval of Federal Reserve. (2) Series B and H of preferred stock have a liquidation value and redemption price per share of $1,000, plus any declared and unpaid dividends. (3) Series E, F, and G, preferred stock have a liquidation value and redemption price per share of $100,000, plus any declared and unpaid dividends. |
Dividends Declared | The following table presents the dividends declared for each series of Preferred shares. Year Ended December 31, 2022 2021 2020 (amounts in millions, except per share data) Cash Dividend Declared Per Share Cash Dividend Declared Per Share Cash Dividend Declared Per Share Preferred Series Amount ($) Amount ($) Amount ($) Series B $ 46.68 $ (2) $ 28.69 $ (1) $ 35.91 $ (1) Series C — — 44.07 (4) 58.76 (6) Series D — — 31.25 (18) 62.50 (37) Series E 5,700.00 (29) 5,700.00 (29) 5,700.00 (29) Series F 5,625.00 (28) 5,625.00 (28) 3,468.75 (17) Series G 4,450.00 (22) 4,450.00 (23) 1,915.97 (10) Series H 45.00 (22) 42.00 (21) — — Series I 1,425.00 (10) 1,068.75 (7) — — Total $ (113) $ (131) $ (100) |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Basic and diluted earnings loss per share | The calculation of basic and diluted earnings per share is as follows: Year Ended December 31, (dollar amounts in millions, except per share data, share count in thousands) 2022 2021 2020 Basic earnings per common share: Net income attributable to Huntington Bancshares Inc $ 2,238 $ 1,295 $ 817 Dividends on preferred shares 113 131 100 Impact of preferred stock redemption — 11 — Net income available to common shares $ 2,125 $ 1,153 $ 717 Average common shares issued and outstanding 1,441,279 1,262,435 1,017,117 Basic earnings per common share $ 1.47 $ 0.91 $ 0.71 Diluted earnings per common share: Dilutive potential common shares Stock options and restricted stock units and awards 17,534 18,185 10,613 Shares held in deferred compensation plans 6,407 6,113 4,953 Dilutive potential common shares 23,941 24,298 15,566 Total diluted average common shares issued and outstanding 1,465,220 1,286,733 1,032,683 Diluted earnings per common share $ 1.45 $ 0.90 $ 0.69 Anti-dilutive awards (1) 5,303 2,674 9,760 (1) Reflects the total number of shares related to outstanding options that have been excluded from the computation of diluted earnings per share because the impact would have been anti-dilutive. |
NONINTEREST INCOME (Tables)
NONINTEREST INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-interest Income | The following table shows Huntington’s total noninterest income segregated between contracts with customers within the scope of ASC 606 and those within the scope of other GAAP Topics. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Noninterest income Noninterest income from contracts with customers $ 1,318 $ 1,113 $ 884 Noninterest income within the scope of other GAAP topics 663 776 707 Total noninterest income $ 1,981 $ 1,889 $ 1,591 The following table illustrates the disaggregation by operating segment and major revenue stream and reconciles disaggregated revenue to segment revenue presented in Note 25 - “ Segment Reporting ”: Year Ended December 31, 2022 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 85 $ 288 $ 7 $ 4 $ — $ 384 Card and payment processing income 24 324 — — — 348 Capital markets fees 90 8 2 2 (3) 99 Trust and investment management services 4 67 — 178 — 249 Insurance income 9 59 — 50 (1) 117 Other noninterest income 94 26 1 2 (2) 121 Net revenue from contracts with customers $ 306 $ 772 $ 10 $ 236 $ (6) $ 1,318 Noninterest income within the scope of other GAAP topics 364 245 3 3 48 663 Total noninterest income $ 670 $ 1,017 $ 13 $ 239 $ 42 $ 1,981 Year Ended December 31, 2021 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 85 $ 278 $ 6 $ 3 $ — $ 372 Card and payment processing income 19 292 — — — 311 Capital markets fees 16 6 2 1 — 25 Trust and investment management services 3 63 — 166 — 232 Insurance Income 7 48 — 49 1 105 Other noninterest income 29 20 1 7 11 68 Net revenue from contracts with customers $ 159 $ 707 $ 9 $ 226 $ 12 $ 1,113 Noninterest income within the scope of other GAAP topics 364 338 4 1 69 776 Total noninterest income $ 523 $ 1,045 $ 13 $ 227 $ 81 $ 1,889 Year Ended December 31, 2020 (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Major Revenue Streams Service charges on deposit accounts $ 74 $ 217 $ 6 $ 4 $ — $ 301 Card and payment processing income 15 221 — — — 236 Capital markets fees 10 5 2 1 — 18 Trust and investment management services 5 44 — 140 — 189 Insurance Income 7 43 — 46 1 97 Other noninterest income 12 21 — 10 — 43 Net revenue from contracts with customers $ 123 $ 551 $ 8 $ 201 $ 1 $ 884 Noninterest income within the scope of other GAAP topics 241 394 1 — 71 707 Total noninterest income $ 364 $ 945 $ 9 $ 201 $ 72 $ 1,591 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share based compensation expense and related tax benefit | The following table presents total share-based compensation expense and related tax benefit. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Share-based compensation expense (1) $ 119 $ 138 $ 77 Tax benefit 20 22 13 (1) Compensation costs are included in personnel costs on the Consolidated Statements of Income. |
Stock option activity and related information | Huntington’s stock option activity and related information was as follows: (dollar amounts in millions, except per share and options amounts in thousands) Options Weighted- Weighted-Average Contractual Life (Years) Aggregate Outstanding at January 1, 2022 14,466 $ 12.34 Granted 74 15.54 Exercised (912) 10.08 Forfeited/expired (170) 13.20 Outstanding at December 31, 2022 13,458 $ 12.50 6.0 $ 28 Expected to vest (1) 4,076 $ 12.09 7.5 $ 11 Exercisable at December 31, 2022 9,336 $ 12.68 5.3 $ 17 (1) The number of options expected to vest reflect an estimate of 46,000 shares expected to be forfeited. |
Schedule of restricted stock, restricted stock units, and performance shares | The following table summarizes the status of Huntington’s restricted stock awards, restricted stock units, and performance share units as of December 31, 2022, and activity for the year ended December 31, 2022: Restricted Stock Awards Restricted Stock Units Performance Share Units (amounts in thousands, except per share amounts) Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Quantity Weighted- Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 356 $ 14.46 19,098 $ 12.85 3,126 $ 12.06 Granted — — 12,592 13.37 1,743 14.39 Vested (212) 14.72 (5,848) 14.31 (1,342) 13.72 Forfeited (20) 14.39 (1,621) 12.69 (58) 13.50 Nonvested at December 31, 2022 124 $ 14.37 24,221 $ 12.70 3,469 $ 12.40 |
BENEFIT PLANS (Tables)
BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used | The following table shows the weighted-average assumptions used to determine the benefit obligation and the net periodic benefit cost: At December 31, 2022 2021 Weighted-average assumptions used to determine benefit obligations Discount rate 5.41 % 2.86 % Weighted-average assumptions used to determine net periodic benefit cost Discount rate 2.86 2.50 Expected return on plan assets 4.50 4.50 |
Schedule of changes in projected benefit obligation | The following table reconciles the beginning and ending balances of the benefit obligation of the Plan with the amounts recognized in the consolidated balance sheets: At December 31, (dollar amounts in millions) 2022 2021 Projected benefit obligation at beginning of measurement year $ 956 $ 1,026 Changes due to: Service cost 3 3 Interest cost 22 19 Benefits paid (32) (30) Settlements (29) (25) Actuarial gains (228) (37) Total changes (264) (70) Projected benefit obligation at end of measurement year $ 692 $ 956 |
Schedule of changes in fair value of plan assets | The following table reconciles the beginning and ending balances of the fair value of Plan assets: At December 31, (dollar amounts in millions) 2022 2021 Fair value of plan assets at beginning of measurement year $ 1,007 $ 1,050 Changes due to: Actual return on plan assets (197) 15 Settlements (38) (28) Benefits paid (32) (30) Total changes (267) (43) Fair value of plan assets at end of measurement year $ 740 $ 1,007 |
Schedule of net periodic benefit costs | The following table shows the components of net periodic benefit costs recognized: Year Ended December 31, (1) (dollar amounts in millions) 2022 2021 2020 Service cost $ 3 $ 3 $ 3 Interest cost 22 19 26 Expected return on plan assets (41) (40) (42) Amortization of loss 9 12 9 Settlements 15 8 5 Benefit costs $ 8 $ 2 $ 1 (1) The pension costs are recognized in other noninterest income in the Consolidated Statements of Income . |
Schedule of allocation of plan assets | At December 31, 2022 and 2021, The Huntington National Bank, as trustee, held all Plan assets. The Plan assets consisted of investments in a variety of cash equivalent, corporate and government fixed income, and equity investments as follows: Fair Value at December 31, (dollar amounts in millions) 2022 2021 Cash equivalents: Mutual funds-money market $ 23 3 % $ 45 5 % Fixed income: Corporate obligations 414 57 559 55 U.S. Government obligations 154 21 208 21 Municipal obligations 3 — 5 — Collective trust funds 62 8 13 1 Equities: Common stock — — 52 5 Limited liability companies 9 1 36 4 Collective trust funds 27 4 30 3 Limited partnerships 48 6 58 6 Fair value of plan assets $ 740 100 % $ 1,007 100 % |
Schedule of expected benefit payments | At December 31, 2022, the following table shows when benefit payments are expected to be paid: (dollar amounts in millions) Pension Benefits 2023 $ 50 2024 50 2025 50 2026 50 2027 50 2027 through 2030 239 |
Schedule of Huntington stock statistics for defined contribution plan | The following table shows the number of shares, market value, and dividends received on shares of Huntington stock held by the defined contribution plan: At December 31, (dollar amounts in millions, share amounts in thousands) 2022 2021 Shares in Huntington common stock 9,451 9,526 Market value of Huntington common stock $ 133 $ 147 Dividends received on shares of Huntington stock 6 6 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of provision (benefit) for income taxes | The following is a summary of the provision for income taxes: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Current tax provision (benefit) Federal $ 129 $ 356 $ 236 State 62 13 12 Foreign 5 1 — Total current tax provision 196 370 248 Deferred tax provision (benefit) Federal 319 (104) (103) State — 28 10 Total deferred tax provision (benefit) 319 (76) (93) Provision for income taxes $ 515 $ 294 $ 155 |
Reconcilement of provision (benefit) for income taxes | The following is a reconciliation for provision for income taxes: Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Provision for income taxes computed at the statutory rate $ 580 $ 334 $ 204 Increases (decreases): General business credits (164) (126) (99) Capital loss (60) (32) (25) Tax-exempt income (21) (18) (17) Tax-exempt bank owned life insurance income (11) (14) (13) Affordable housing investment amortization, net of tax benefits 129 102 78 State income taxes, net 49 32 17 Other 13 16 10 Provision for income taxes $ 515 $ 294 $ 155 |
Significant components of deferred tax assets and liabilities | The significant components of deferred tax assets and liabilities were as follows: At December 31, (dollar amounts in millions) 2022 2021 Deferred tax assets: Fair value adjustments $ 917 $ 65 Allowances for credit losses 526 518 Purchase accounting and other intangibles 167 107 Net operating and other loss carryforward 136 143 Lease liability 96 143 Pension and other employee benefits 68 46 Tax credit carryforward 59 194 Other assets 13 14 Total deferred tax assets 1,982 1,230 Deferred tax liabilities: Lease financing 955 712 Operating assets 133 116 Mortgage servicing rights 112 84 Loan origination costs 97 115 Right-of-use asset 67 113 Securities adjustments 42 40 Other liabilities 10 14 Total deferred tax liabilities 1,416 1,194 Net deferred tax asset (liability) before valuation allowance 566 36 Valuation allowance (32) (35) Net deferred tax asset $ 534 $ 1 |
Reconciliation of gross unrecognized tax benefits | The following table provides a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits: Year Ended December 31, (dollar amounts in millions) 2022 2021 Unrecognized tax benefits at beginning of year $ 93 $ 46 Gross increases for tax positions taken during prior years 1 47 Unrecognized tax benefits at end of year $ 94 $ 93 |
FAIR VALUES OF ASSETS AND LIA_2
FAIR VALUES OF ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2022 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities: U.S. Treasury securities 103 — — — 103 Residential CMO — 2,914 — — 2,914 Residential MBS — 12,263 — — 12,263 Commercial MBS — 1,953 — — 1,953 Other agencies — 182 — — 182 Municipal securities — 42 3,248 — 3,290 Private-label CMO — 108 20 — 128 Asset-backed securities — 298 74 — 372 Corporate debt — 2,214 — — 2,214 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 103 19,978 3,342 — 23,423 Other securities 31 1 — — 32 Loans held for sale — 520 — — 520 Loans held for investment — 169 16 — 185 MSRs — — 494 — 494 Other assets: Derivative assets — 2,161 3 (1,808) 356 Assets held in trust for deferred compensation plans 155 — — — 155 Liabilities Derivative liabilities — 2,332 5 (1,345) 992 Fair Value Measurements at Reporting Date Using Netting Adjustments (1) At December 31, 2021 (dollar amounts in millions) Level 1 Level 2 Level 3 Assets Trading account securities: Municipal securities $ — $ 46 $ — $ — $ 46 Available-for-sale securities: U.S. Treasury securities 5 — — — 5 Residential CMOs — 4,649 — — 4,649 Residential MBS — 15,508 — — 15,508 Commercial MBS — 1,865 — — 1,865 Other agencies — 248 — — 248 Municipal securities — 49 3,477 — 3,526 Private-label CMO — 86 20 — 106 Asset-backed securities — 312 70 — 382 Corporate debt — 2,167 — — 2,167 Other securities/sovereign debt — 4 — — 4 Total available-for-sale securities 5 24,888 3,567 — 28,460 Other securities 65 7 — — 72 Loans held for sale — 1,270 — — 1,270 Loans held for investment — 152 19 — 171 MSRs — — 351 — 351 Other assets: Derivative assets — 1,055 10 (465) 600 Assets held in trust for deferred compensation plans 156 — — — 156 Liabilities Derivative liabilities — 737 6 (624) 119 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. |
Roll forward of derivatives measured on a recurring basis and classified as Level 3 | The following tables present a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on the significance of the unobservable inputs to the overall fair value measurement. However, Level 3 measurements may also include observable components of value that can be validated externally. Accordingly, the gains and losses in the table below include changes in fair value due in part to observable factors that are part of the valuation methodology. Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative Municipal Private- Asset- Year Ended December 31, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Transfers out of Level 3 (1) — (3) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 114 (3) — — — 1 Interest and fee income — — (5) (3) — — Provision for credit losses — — (4) — — — Included in OCI — — (262) — (1) — Purchases/originations 85 — 1,087 4 31 — Repayments — — — — — (4) Settlements (56) — (1,045) (1) (26) — Closing balance $ 494 $ (2) $ 3,248 $ 20 $ 74 $ 16 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 114 $ (8) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (257) — (1) — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- Asset- backed securities Year Ended December 31, 2021 Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (132) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 27 88 — — — — Interest and fee income — — (1) (2) — — Included in OCI — — (46) — — — Purchases/originations/acquisitions 194 7 1,835 11 115 — Sales — — (369) — — — Repayments — — — — — (4) Settlements (80) — (893) 2 (55) — Closing balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (41) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (47) — — — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Year Ended December 31, 2020 Opening balance $ 7 $ 6 $ 2,999 $ 2 $ 48 $ 26 Fair value election for servicing assets previously measured using the amortized method 205 — — — — — Transfers out of Level 3 (1) — (198) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income (104) 233 — — — — Interest and fee income — — (2) — — — Included in OCI — — 65 — — — Purchases/originations 102 — 623 7 28 — Repayments — — — — — (3) Settlements — — (734) — (66) — Closing balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (104) $ 34 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — 68 — — — (1) |
Roll forward of assets measured on a recurring basis and classified as Level 3 | Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative Municipal Private- Asset- Year Ended December 31, 2022 Opening balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Transfers out of Level 3 (1) — (3) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 114 (3) — — — 1 Interest and fee income — — (5) (3) — — Provision for credit losses — — (4) — — — Included in OCI — — (262) — (1) — Purchases/originations 85 — 1,087 4 31 — Repayments — — — — — (4) Settlements (56) — (1,045) (1) (26) — Closing balance $ 494 $ (2) $ 3,248 $ 20 $ 74 $ 16 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 114 $ (8) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (257) — (1) — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private- Asset- backed securities Year Ended December 31, 2021 Opening balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Transfers out of Level 3 (1) — (132) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income 27 88 — — — — Interest and fee income — — (1) (2) — — Included in OCI — — (46) — — — Purchases/originations/acquisitions 194 7 1,835 11 115 — Sales — — (369) — — — Repayments — — — — — (4) Settlements (80) — (893) 2 (55) — Closing balance $ 351 $ 4 $ 3,477 $ 20 $ 70 $ 19 Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date $ 27 $ (41) $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — (47) — — — Level 3 Fair Value Measurements Available-for-sale securities Loans held for investment (dollar amounts in millions) MSRs Derivative instruments Municipal securities Private label CMO Asset- backed securities Year Ended December 31, 2020 Opening balance $ 7 $ 6 $ 2,999 $ 2 $ 48 $ 26 Fair value election for servicing assets previously measured using the amortized method 205 — — — — — Transfers out of Level 3 (1) — (198) — — — — Total gains/losses for the period: Included in earnings: Mortgage banking income (104) 233 — — — — Interest and fee income — — (2) — — — Included in OCI — — 65 — — — Purchases/originations 102 — 623 7 28 — Repayments — — — — — (3) Settlements — — (734) — (66) — Closing balance $ 210 $ 41 $ 2,951 $ 9 $ 10 $ 23 Change in unrealized gains or losses for the period included in earnings (or changes in net assets) for assets held at end of the reporting date $ (104) $ 34 $ — $ — $ — $ — Change in unrealized gains or losses for the period included in other comprehensive income for assets held at the end of the reporting period — — 68 — — — (1) |
Assets and liabilities under the fair value option | The following table presents the fair value and aggregate principal balance of certain assets and liabilities under the fair value option: Total Loans Loans that are 90 or more days past due (dollar amounts in millions) Fair value Aggregate Difference Fair value Aggregate Difference At December 31, 2022 Assets Loans held for sale $ 520 $ 513 $ 7 $ — $ — $ — Loans held for investment 185 190 (5) 11 11 — At December 31, 2021 Assets Loans held for sale $ 1,270 $ 1,237 $ 33 $ — $ — $ — Loans held for investment 171 177 $ (6) 4 4 — The following table presents the net (losses) gains from fair value changes: Net (losses) gains from fair value (dollar amounts in millions) 2022 2021 2020 Assets Loans held for sale (1) $ (26) $ (31) $ 38 Loans held for investment 1 (1) 1 (1) The net (losses) gains from fair value changes are included in Mortgage banking income on the Consolidated Statements of Income. |
Assets measured at fair value on a nonrecurring basis | The amounts measured at fair value on a nonrecurring basis were as follows: Fair Value Measurements Using Significant Other Unobservable Inputs (Level 3) Total Gains/(Losses) Year Ended (dollar amounts in millions) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 December 31, 2020 Collateral-dependent loans $ 16 $ 39 $ (1) $ (4) $ (43) Loans held for sale — — — — (63) |
Quantitative information about significant unobservable level 3 fair value measurement inputs | The following table presents quantitative information about the significant unobservable inputs for assets and liabilities measured at fair value on a recurring and nonrecurring basis: Quantitative Information about Level 3 Fair Value Measurements At December 31, 2022(1) At December 31, 2021(1) (dollar amounts in millions) Valuation Technique Significant Unobservable Input Range Weighted Average Range Weighted Average Measured at fair value on a recurring basis: MSRs Discounted cash flow Constant prepayment rate 5 % - 40 % 7 % 8 % - 23 % 12 % Spread over forward interest rate swap rates 5 % - 13 % 6 % 3 % - 11 % 5 % Municipal securities and asset-backed securities Discounted cash flow Discount rate 5 % - 5 % 5 % — % - 2 % 1 % Cumulative default — % - 64 % 7 % — % - 64 % 5 % Loss given default 20 % - 20 % 20 % 5 % - 80 % 23 % (1) Certain disclosures related to quantitative level 3 fair value measurements do not include those deemed to be immaterial. |
Fair value by balance sheet grouping | The following table provides the carrying amounts and estimated fair values of Huntington’s financial instruments: (dollar amounts in millions) Amortized Cost Lower of Cost or Market Fair Value or Fair Value Option Total Carrying Amount Estimated Fair Value At December 31, 2022 Financial Assets Cash and short-term assets $ 6,918 $ — $ — $ 6,918 $ 6,918 Trading account securities — — 19 19 19 Available-for-sale securities — — 23,423 23,423 23,423 Held-to-maturity securities 17,052 — — 17,052 14,754 Other securities 822 — 32 854 854 Loans held for sale — 9 520 529 529 Net loans and leases (1) 117,217 — 185 117,402 112,591 Derivative assets — — 356 356 356 Assets held in trust for deferred compensation plans — — 155 155 155 Financial Liabilities Deposits 147,914 — — 147,914 147,796 Short-term borrowings 2,027 — — 2,027 2,027 Long-term debt 9,686 — — 9,686 9,564 Derivative liabilities — — 992 992 992 At December 31, 2021 Financial Assets Cash and short-term assets $ 5,914 $ — $ — $ 5,914 $ 5,914 Trading account securities — — 46 46 46 Available-for-sale securities — — 28,460 28,460 28,460 Held-to-maturity securities 12,447 — — 12,447 12,489 Other securities 576 — 72 648 648 Loans held for sale — 406 1,270 1,676 1,621 Net loans and leases (1) 109,066 — 171 109,237 109,695 Derivative assets — — 600 600 600 Assets held in trust for deferred compensation plans — — 156 156 156 Financial Liabilities Deposits 143,263 — — 143,263 143,574 Short-term borrowings 334 — — 334 334 Long-term debt 7,108 — — 7,108 7,319 Derivative liabilities — — 119 119 119 (1) Includes collateral-dependent loans. The following table presents the level in the fair value hierarchy for estimated fair values: Estimated Fair Value Measurements at Reporting Date Using Netting Presented Balance (dollar amounts in millions) Level 1 Level 2 Level 3 Adjustments (1) At December 31, 2022 Financial Assets Trading account securities $ — $ 19 $ — $ — $ 19 Available-for-sale securities 103 19,978 3,342 — 23,423 Held-to-maturity securities — 14,754 — — 14,754 Other securities (2) 31 1 — — 32 Loans held for sale — 520 9 — 529 Net loans and leases — 169 112,422 — 112,591 Derivative assets — 2,161 3 (1,808) 356 Financial Liabilities Deposits — 142,081 5,715 — 147,796 Short-term borrowings — 2,027 — — 2,027 Long-term debt — 8,680 884 — 9,564 Derivative liabilities — 2,332 5 (1,345) 992 At December 31, 2021 Financial Assets Trading account securities $ — $ 46 $ — $ — $ 46 Available-for-sale securities 5 24,888 3,567 — 28,460 Held-to-maturity securities — 12,489 — — 12,489 Other securities (2) 65 7 — — 72 Loans held for sale — 1,270 351 — 1,621 Net loans and leases — 152 109,543 — 109,695 Derivative assets — 1,055 10 (465) 600 Financial Liabilities Deposits — 139,047 4,527 — 143,574 Short-term borrowings — 334 — — 334 Long-term debt — 6,441 878 — 7,319 Derivative liabilities — 737 6 (624) 119 (1) Amounts represent the impact of legally enforceable master netting agreements that allow the Company to settle positive and negative positions and cash collateral held or placed with the same counterparties. (2) Excludes securities without readily determinable fair values. |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Asset and liability derivatives included in accrued income and other assets | The following table presents the fair values and notional values of all derivative instruments included in the Consolidated Balance Sheets. Amounts in the table below are presented gross without the impact of any net collateral arrangements. At December 31, 2022 At December 31, 2021 (dollar amounts in millions) Notional Value Asset Liability Notional Value Asset Liability Derivatives designated as Hedging Instruments Interest rate contracts $ 42,461 $ 1,008 $ 1,145 $ 21,306 $ 258 $ 32 Foreign exchange contracts 202 2 — 210 1 — Derivatives not designated as Hedging Instruments Interest rate contracts 37,562 968 1,008 45,286 587 498 Foreign exchange contracts 4,889 68 68 3,524 29 31 Commodities contracts 762 114 113 1,077 178 177 Equity contracts 636 4 3 685 12 5 Total Contracts $ 86,512 $ 2,164 $ 2,337 $ 72,088 $ 1,065 $ 743 |
Gains and (losses) recognized in other comprehensive income (loss) (OCI) for derivatives designated as effective cash flow hedges | The following table presents the amount of gain or loss recognized in income for derivatives not designated as hedging instruments under ASC Subtopic 815-10 in the Consolidated Income Statement. Location of Gain or (Loss) Recognized in Income on Derivatives Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Interest rate contracts: Customer Capital markets fees $ 47 $ 50 $ 47 Mortgage banking Mortgage banking income (109) (26) 52 Interest rate floors Interest and fee income on loans and leases — (8) (2) Interest rate caps Interest expense on long-term debt — 89 5 Foreign exchange contracts Capital markets fees 45 32 27 Commodities contracts Capital markets fees 5 3 4 Equity contracts Other noninterest expense (9) (8) (4) Total $ (21) $ 132 $ 129 |
Gross notional values of derivatives used in asset and liability management activities | The following table presents the gross notional values of derivatives used in Huntington’s asset and liability management activities, identified by the underlying interest rate-sensitive instruments: At December 31, 2022 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 10,407 $ — $ — $ 10,407 Loans — 24,325 175 24,500 Long-term debt 7,729 — — 7,729 Total notional value at December 31, 2022 $ 18,136 $ 24,325 $ 175 $ 42,636 At December 31, 2021 (dollar amounts in millions) Fair Value Hedges Cash Flow Hedges Economic Hedges Total Instruments associated with: Investment securities $ 8,228 $ — $ — $ 8,228 Loans — 11,150 271 11,421 Long-term debt 1,928 — — 1,928 Total notional value at December 31, 2021 $ 10,156 $ 11,150 $ 271 $ 21,577 |
Increase or (decrease) to interest expense for derivatives designated as fair value hedges | The following table presents the change in fair value for derivatives designated as fair value hedges as well as the offsetting change in fair value on the hedged item. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Interest rate contracts Change in fair value of interest rate swaps hedging investment securities (1) $ 875 $ 108 $ 6 Change in fair value of hedged investment securities (1) (862) (114) 3 Change in fair value of interest rate swaps hedging long-term debt (2) (300) (184) 113 Change in fair value of hedged long term debt (2) 300 187 (118) (1) Recognized in Interest income—available-for-sale securities—taxable in the Consolidated Statements of Income . (2) Recognized in Interest expense - long-term debt in the Consolidated Statements of Income . |
Amounts recorded on the balance sheet related to cumulative basis adjustments | he following amounts were recorded on the balance sheet related to cumulative basis adjustments for fair value hedges. Amortized Cost Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items At December 31, At December 31, (dollar amounts in millions) 2022 2021 2022 2021 Assets Investment securities (1) $ 18,029 $ 17,150 $ (979) $ (117) Liabilities Long-term debt (2) 7,175 1,981 (256) 45 (1) Amounts include the amortized cost basis of closed portfolios used to designate hedging relationships under the portfolio layer method. The hedged item is a layer of the closed portfolio which is expected to be remaining at the end of the hedging relationship. As of December 31, 2022, the amortized cost basis of the closed portfolios used in these hedging relationships was $17.2 billion, the cumulative basis adjustments associated with these hedging relationships was $849 million and represented a reduction to the amortized cost, and the amounts of the designated hedging instruments were $9.5 billion. (2) Excluded from the above table are the cumulative amount of fair value hedge adjustments remaining for long-term debt for which hedge accounting has been discontinued in the amounts of $(70) million at December 31, 2022 and $17 million at December 31, 2021. |
MSR Derivative Hedging | At December 31, (dollar amounts in millions) 2022 2021 Notional value $ 1,120 $ 1,330 Trading assets 4 19 Trading liabilities (78) — Year December 31, (dollar amounts in millions) 2022 2021 2020 Trading (losses) gains $ (109) $ (26) $ 52 |
Offsetting of financial assets and derivatives assets | The following tables present the gross amounts of these assets and liabilities with any offsets to arrive at the net amounts recognized in the Consolidated Balance Sheets. Offsetting of Financial Assets and Derivative Assets Gross amounts offset in the consolidated balance sheets Net amounts of assets presented in the consolidated balance sheets Gross amounts not offset in the consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized assets Financial instruments Cash collateral received Net amount At December 31, 2022 $ 2,164 $ (1,808) $ 356 $ (7) $ (56) $ 293 At December 31, 2021 1,065 (465) 600 (65) (31) 504 |
Offsetting of financial liabilities and derivative liabilities | Offsetting of Financial Liabilities and Derivative Liabilities Gross amounts offset in the consolidated balance sheets Net amounts of liabilities presented in the consolidated balance sheets Gross amounts not offset in the consolidated balance sheets (dollar amounts in millions) Gross amounts of recognized liabilities Financial instruments Cash collateral delivered Net amount At December 31, 2022 $ 2,337 $ (1,345) $ 992 $ (79) $ (118) $ 795 At December 31, 2021 743 (624) 119 (3) (116) — |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Carrying amount and classification of the trusts assets and liabilities, and affordable housing tax credit investments | The following tables provide a summary of the assets and liabilities included in Huntington’s Consolidated Financial Statements, as well as the maximum exposure to losses, associated with its interests related to unconsolidated VIEs for which Huntington holds an interest in, but is not the primary beneficiary of, the VIE. At December 31, 2022 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 2,036 $ 1,260 $ 2,036 Trust Preferred Securities 14 248 — Other Investments 522 141 522 Total $ 2,572 $ 1,649 $ 2,558 At December 31, 2021 (dollar amounts in millions) Total Assets Total Liabilities Maximum Exposure to Loss Affordable Housing Tax Credit Partnerships $ 1,652 $ 949 $ 1,652 Trust Preferred Securities 14 248 — Other Investments 484 146 484 Total $ 2,150 $ 1,343 $ 2,136 The following table presents the balances of Huntington’s affordable housing tax credit investments and related unfunded commitments. At December 31, (dollar amounts in millions) 2022 2021 Affordable housing tax credit investments $ 2,891 $ 2,376 Less: amortization (855) (724) Net affordable housing tax credit investments $ 2,036 $ 1,652 Unfunded commitments $ 1,260 $ 949 The following table presents other information relating to Huntington’s affordable housing tax credit investments. Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Tax credits and other tax benefits recognized $ 203 $ 144 $ 113 Proportional amortization expense included in provision for income taxes 170 126 97 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contract amounts of various commitments to extend credit | The contract amounts of these financial agreements were as follows: At December 31, (dollar amounts in millions) 2022 2021 Contract amount representing credit risk Commitments to extend credit: Commercial $ 32,500 $ 27,933 Consumer 19,064 18,513 Commercial real estate 3,393 3,042 Standby letters of credit and guarantees on industrial revenue bonds 714 694 Commercial letters of credit 15 36 |
OTHER REGULATORY MATTERS (Table
OTHER REGULATORY MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
BankingRegulation [Abstract] | |
Period-end capital amounts and capital ratios | Minimum Minimum Ratio+ Basel III Regulatory Capital Buffer (1) Well- At December 31, Capital At December 31, Capitalized 2022 2021 (dollar amounts in millions) Ratios 2022 2021 Minimums Ratio Amount Ratio Amount CET1 risk-based capital Consolidated 4.50 % 7.80 % 7.00 % N/A 9.36 % $ 13,290 9.33 % $ 12,249 Bank 4.50 7.00 7.00 6.50 % 9.98 14,133 10.15 13,261 Tier 1 risk-based capital Consolidated 6.00 9.30 8.50 6.00 10.90 15,467 10.99 14,426 Bank 6.00 8.50 8.50 8.00 10.83 15,334 11.06 14,445 Total risk-based capital Consolidated 8.00 11.30 10.50 10.00 13.09 18,573 13.14 17,246 Bank 8.00 10.50 10.50 10.00 12.47 17,647 12.58 16,427 Tier 1 leverage Consolidated 4.00 N/A N/A N/A 8.60 15,467 8.56 14,426 Bank 4.00 N/A N/A 5.00 8.54 15,334 8.60 14,445 (1) The SCB, applicable to Huntington, was 3.3% and 2.5% at December 31, 2022 and December 31, 2021, respectively. The CCB, applicable to the Bank, was 2.5% at both December 31, 2022 and December 31, 2021. |
PARENT-ONLY FINANCIAL STATEME_2
PARENT-ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Balance Sheets | The parent-only financial statements, which include transactions with subsidiaries, are as follows: Balance Sheets At December 31, (dollar amounts in millions) 2022 2021 Assets Cash and due from banks $ 3,525 $ 2,832 Due from The Huntington National Bank 969 297 Due from non-bank subsidiaries 25 35 Investment in The Huntington National Bank 17,384 19,297 Investment in non-bank subsidiaries 242 217 Accrued interest receivable and other assets 664 544 Total assets $ 22,809 $ 23,222 Liabilities and shareholders’ equity Long-term borrowings $ 3,980 $ 3,111 Dividends payable, accrued expenses, and other liabilities 1,098 815 Total liabilities 5,078 3,926 Shareholders’ equity (1) 17,731 19,296 Total liabilities and shareholders’ equity $ 22,809 $ 23,222 (1) See Consolidated Statements of Changes in Shareholders’ Equity. |
Statements of Income | Statements of Income Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Income Dividends from: The Huntington National Bank $ 1,566 $ 1,394 $ 1,527 Non-bank subsidiaries 19 19 36 Interest from: The Huntington National Bank 16 3 4 Non-bank subsidiaries 1 1 1 Other (1) — 11 Total income 1,601 1,417 1,579 Expense Personnel costs 8 6 17 Interest on borrowings 107 60 115 Other 169 230 123 Total expense 284 296 255 Income before income taxes and equity in undistributed net income of subsidiaries 1,317 1,121 1,324 Provision (benefit) for income taxes (44) (56) (46) Income before equity in undistributed net income of subsidiaries 1,361 1,177 1,370 Increase (decrease) in undistributed net income (loss) of: The Huntington National Bank 853 97 (547) Non-bank subsidiaries 24 21 (6) Net income $ 2,238 $ 1,295 $ 817 Other comprehensive (loss) income (1) (2,869) (421) 448 Comprehensive (loss) income $ (631) $ 874 $ 1,265 (1) See Consolidated Statements of Comprehensive Income for other comprehensive (loss) income detail. |
Statements of Cash Flows | Statements of Cash Flows Year Ended December 31, (dollar amounts in millions) 2022 2021 2020 Operating activities Net income $ 2,238 $ 1,295 $ 817 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (877) (118) 553 Depreciation and amortization (22) 23 — Other, net (55) (217) 89 Net cash provided by operating activities 1,284 983 1,459 Investing activities Repayments from subsidiaries 14 8 8 Advances to subsidiaries (503) (59) (256) (Purchases)/Proceeds from sale of securities (20) (28) (1) Net cash received from business combination (194) 248 — Other, net (1) — — Net cash (used for) provided by investing activities (704) 169 (249) Financing activities Net proceeds from issuance of medium-term notes 1,144 513 747 Payment of long-term debt — (1,508) (800) Dividends paid on common and preferred stock (1,010) (888) (698) Repurchases of common stock — (650) (92) Net proceeds from issuance of preferred stock — 486 988 Payment to repurchase preferred stock — (700) — Other, net (21) (39) (8) Net cash provided by (used for) financing activities 113 (2,786) 137 Increase (decrease) in cash and cash equivalents 693 (1,634) 1,347 Cash and cash equivalents at beginning of year 2,832 4,466 3,119 Cash and cash equivalents at end of year $ 3,525 $ 2,832 $ 4,466 Supplemental disclosure: Interest paid $ 89 $ 71 $ 113 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Business Segment Financial Information | Listed in the table below is certain operating basis financial information reconciled to Huntington’s, reported results by business segment. Income Statements (dollar amounts in millions) Commercial Banking Consumer & Business Banking Vehicle Finance RBHPCG Treasury / Other Huntington Consolidated Year Ended December 31, 2022 Net interest income $ 1,879 $ 2,577 $ 477 $ 232 $ 108 $ 5,273 Provision for credit losses 28 161 83 17 — 289 Noninterest income 670 1,017 13 239 42 1,981 Noninterest expense 1,061 2,434 165 320 221 4,201 Provision (benefit) for income taxes 307 210 51 28 (81) 515 Income attributable to non-controlling interest 10 — — — 1 11 Net income attributable to Huntington Bancshares Inc $ 1,143 $ 789 $ 191 $ 106 $ 9 $ 2,238 Year Ended December 31, 2021 Net interest income $ 1,284 $ 1,667 $ 468 $ 159 $ 524 $ 4,102 Provision for credit losses 4 91 (86) 16 — 25 Noninterest income 523 1,045 13 227 81 1,889 Noninterest expense 791 2,231 163 300 890 4,375 Provision (benefit) for income taxes 212 82 85 15 (100) 294 Income attributable to non-controlling interest 2 — — — — 2 Net income attributable to Huntington Bancshares Inc $ 798 $ 308 $ 319 $ 55 $ (185) $ 1,295 Year Ended December 31, 2020 Net interest income $ 903 $ 1,436 $ 430 $ 160 $ 295 $ 3,224 Provision for credit losses 626 265 146 11 — 1,048 Noninterest income 364 945 9 201 72 1,591 Noninterest expense 542 1,774 141 243 95 2,795 Provision for income taxes 21 72 32 22 8 155 Net income $ 78 $ 270 $ 120 $ 85 $ 264 $ 817 |
Segment Disclosure of Assets and Deposits | Assets at December 31, Deposits at December 31, (dollar amounts in millions) 2022 2021 2022 2021 Commercial Banking $ 63,812 $ 57,071 $ 37,509 $ 31,845 Consumer & Business Banking 38,561 39,929 93,676 95,352 Vehicle Finance 21,461 20,752 1,136 1,401 RBHPCG 10,045 8,325 9,550 10,162 Treasury / Other 49,027 47,987 6,043 4,503 Total $ 182,906 $ 174,064 $ 147,914 $ 143,263 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES - Loans and Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Past Due [Line Items] | |||||
Allowance for loan and lease losses | $ 2,121 | $ 2,030 | $ 1,814 | $ 783 | |
Retained earnings (accumulated deficit) | (3,419) | (2,202) | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for loan and lease losses | $ 393 | ||||
Retained earnings (accumulated deficit) | $ 306 | ||||
Commercial portfolio | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for loan and lease losses | $ 1,424 | 1,462 | 1,236 | 552 | |
Threshold period past due for nonperforming status | 90 days | ||||
Threshold past due for write-off | 90 days | ||||
Commercial real estate | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status | 90 days | ||||
Threshold past due for write-off | 90 days | ||||
Home Equity | First-lien home equity loan | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status | 150 days | ||||
Threshold past due for write-off | 150 days | ||||
Home Equity | Junior-lien home equity loan | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold past due for write-off | 120 days | ||||
Automobile | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold past due for write-off | 120 days | ||||
RV and marine | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold past due for write-off | 120 days | ||||
Residential Mortgage | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold period past due for nonperforming status | 150 days | ||||
Threshold past due for write-off | 150 days | ||||
Other consumer | |||||
Financing Receivable, Past Due [Line Items] | |||||
Threshold past due for write-off | 120 days | ||||
Consumer portfolio | |||||
Financing Receivable, Past Due [Line Items] | |||||
Allowance for loan and lease losses | $ 697 | $ 568 | $ 578 | $ 231 | |
Threshold past due for write-off | 120 days |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES - Property, Plant, and Equipment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Buildings | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Buildings | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Building Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 30 years |
Land Improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Land Improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 20 years |
Equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
BUSINESS COMBINATIONS - Narrati
BUSINESS COMBINATIONS - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Jun. 09, 2021 USD ($) | Dec. 31, 2022 USD ($) Rate | Dec. 31, 2021 USD ($) | Jun. 15, 2022 USD ($) | Dec. 31, 2020 USD ($) | |
Business Acquisition [Line Items] | |||||
Goodwill | $ 5,571 | $ 5,349 | $ 1,990 | ||
Series C Non-Cumulative Perpetual Preferred Stock | |||||
Business Acquisition [Line Items] | |||||
Preferred stock, dividend rate percentage | Rate | 5.875% | ||||
Capstone Partners | Commercial Banking | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 192 | ||||
TCF Financial Corporation | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 3,359 | ||||
Consideration transferred | $ 7,183 | ||||
Acquisition-related expenses | $ 701 | ||||
TCF Financial Corporation | Core deposit intangible | |||||
Business Acquisition [Line Items] | |||||
Useful life | 10 years | ||||
TCF Financial Corporation | Common Stock | |||||
Business Acquisition [Line Items] | |||||
Share issuance ratio | 3.0028 | ||||
TCF Financial Corporation | Newly created series of preferred stock | |||||
Business Acquisition [Line Items] | |||||
Share issuance ratio | 1 | ||||
TCF Financial Corporation | Series C Non-Cumulative Perpetual Preferred Stock | |||||
Business Acquisition [Line Items] | |||||
Preferred stock, dividend rate percentage | 5.70% |
BUSINESS COMBINATIONS - Assets
BUSINESS COMBINATIONS - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions | Jun. 09, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets acquired: | ||||
Loans and leases - UPB | $ 33,773 | |||
Loans and leases - fair value | 33,156 | |||
Consideration: | ||||
Goodwill | $ 5,571 | $ 5,349 | $ 1,990 | |
Commercial portfolio | ||||
Assets acquired: | ||||
Loans and leases - UPB | 23,780 | |||
Loans and leases - fair value | 23,222 | |||
Commercial portfolio | Commercial and industrial | ||||
Assets acquired: | ||||
Loans and leases - UPB | 12,726 | |||
Loans and leases - fair value | 12,441 | |||
Commercial portfolio | Commercial real estate | ||||
Assets acquired: | ||||
Loans and leases - UPB | 8,125 | |||
Loans and leases - fair value | 7,869 | |||
Commercial portfolio | Lease financing | ||||
Assets acquired: | ||||
Loans and leases - UPB | 2,929 | |||
Loans and leases - fair value | 2,912 | |||
Consumer portfolio | ||||
Assets acquired: | ||||
Loans and leases - UPB | 9,993 | |||
Loans and leases - fair value | 9,934 | |||
Consumer portfolio | Residential mortgage | ||||
Assets acquired: | ||||
Loans and leases - UPB | 6,267 | |||
Loans and leases - fair value | 6,273 | |||
Consumer portfolio | Automobile | ||||
Assets acquired: | ||||
Loans and leases - UPB | 322 | |||
Loans and leases - fair value | 317 | |||
Consumer portfolio | Home equity | ||||
Assets acquired: | ||||
Loans and leases - UPB | 2,644 | |||
Loans and leases - fair value | 2,607 | |||
Consumer portfolio | RV and marine | ||||
Assets acquired: | ||||
Loans and leases - UPB | 581 | |||
Loans and leases - fair value | 570 | |||
Consumer portfolio | Other consumer | ||||
Assets acquired: | ||||
Loans and leases - UPB | 179 | |||
Loans and leases - fair value | 167 | |||
TCF Financial Corporation | ||||
Assets acquired: | ||||
Cash and due from banks | 466 | |||
Interest-bearing deposits at Federal Reserve Bank | 719 | |||
Interest-bearing deposits in banks | 312 | |||
Available-for-sale securities | 8,900 | |||
Other securities | 358 | |||
Loans held for sale | 363 | |||
Bank owned life insurance | 181 | |||
Premises and equipment | 360 | |||
Intangible assets | 157 | |||
Other assets | 1,441 | |||
Total assets acquired | 46,413 | |||
Liabilities and equity assumed: | ||||
Deposits | 38,663 | |||
Short-term borrowings | 1,306 | |||
Long-term debt | 1,516 | |||
Other liabilities | 1,082 | |||
Total liabilities | 42,567 | |||
Non-controlling interest | 22 | |||
Net assets acquired | 3,824 | |||
Consideration: | ||||
Consideration transferred | 7,183 | |||
Goodwill | 3,359 | |||
TCF Financial Corporation | Common Stock | ||||
Consideration: | ||||
Fair value of common stock issued | 6,998 | |||
TCF Financial Corporation | Preferred Stock | ||||
Consideration: | ||||
Fair value of common stock issued | 185 | |||
TCF Financial Corporation | Core deposit intangible | ||||
Assets acquired: | ||||
Intangible assets | 92 | |||
TCF Financial Corporation | Other intangible assets | ||||
Assets acquired: | ||||
Intangible assets | 6 | |||
TCF Financial Corporation | Servicing rights | ||||
Assets acquired: | ||||
Intangible assets | $ 59 |
BUSINESS COMBINATIONS - PCD Loa
BUSINESS COMBINATIONS - PCD Loans (Details) - TCF Financial Corporation $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |
Par value (UPB) | $ 9,264 |
ALLL at acquisition | (432) |
Non-credit (discount) | (287) |
Fair value | 8,545 |
Commercial portfolio | |
Business Acquisition [Line Items] | |
Par value (UPB) | 7,931 |
ALLL at acquisition | (374) |
Non-credit (discount) | (219) |
Fair value | 7,338 |
Consumer portfolio | |
Business Acquisition [Line Items] | |
Par value (UPB) | 1,333 |
ALLL at acquisition | (58) |
Non-credit (discount) | (68) |
Fair value | $ 1,207 |
BUSINESS COMBINATIONS - Pro For
BUSINESS COMBINATIONS - Pro Forma (Details) - TCF Financial Corporation - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||
Net income attributable to Huntington Bancshares Inc | $ 1,624 | $ 834 |
Net interest income | ||
Business Acquisition [Line Items] | ||
Pro forma revenue | 4,713 | 4,774 |
Noninterest income | ||
Business Acquisition [Line Items] | ||
Pro forma revenue | $ 2,112 | $ 2,127 |
INVESTMENT SECURITIES AND OTH_3
INVESTMENT SECURITIES AND OTHER SECURITIES - Schedule of Amortized Cost, Fair Value, and Gross Unrealized Gains (Losses) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 27,103 | $ 28,506 |
Available-for-sale securities, Gross Gains | 138 | 269 |
Available-for-sale securities, Gross Losses | (3,818) | (315) |
Available-for-sale securities, Fair Value | 23,423 | 28,460 |
Held-to-maturity securities, Amortized Cost | 17,052 | 12,447 |
Held-to-maturity securities, Gross Gains | 4 | 126 |
Held-to-maturity securities, Gross Losses | (2,302) | (84) |
Held-to-maturity securities, Fair Value | 14,754 | 12,489 |
Other securities, Amortized Cost | 854 | 647 |
Other securities, Gross Gains | 0 | 1 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 854 | 648 |
Hedged asset, fair value hedge, last-of-layer, cumulative increase (decrease) | 849 | |
U.S. Treasury securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 103 | 5 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | 0 | 0 |
Available-for-sale securities, Fair Value | 103 | 5 |
Residential CMO | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 3,336 | 4,649 |
Available-for-sale securities, Gross Gains | 0 | 40 |
Available-for-sale securities, Gross Losses | (422) | (40) |
Available-for-sale securities, Fair Value | 2,914 | 4,649 |
Held-to-maturity securities, Amortized Cost | 4,970 | 2,602 |
Held-to-maturity securities, Gross Gains | 4 | 35 |
Held-to-maturity securities, Gross Losses | (714) | (20) |
Held-to-maturity securities, Fair Value | 4,260 | 2,617 |
Residential MBS | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 14,349 | 15,533 |
Available-for-sale securities, Gross Gains | 4 | 135 |
Available-for-sale securities, Gross Losses | (2,090) | (160) |
Available-for-sale securities, Fair Value | 12,263 | 15,508 |
Held-to-maturity securities, Amortized Cost | 10,295 | 7,475 |
Held-to-maturity securities, Gross Gains | 0 | 41 |
Held-to-maturity securities, Gross Losses | (1,375) | (59) |
Held-to-maturity securities, Fair Value | 8,920 | 7,457 |
Commercial MBS | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 2,565 | 1,896 |
Available-for-sale securities, Gross Gains | 0 | 7 |
Available-for-sale securities, Gross Losses | (612) | (38) |
Available-for-sale securities, Fair Value | 1,953 | 1,865 |
Held-to-maturity securities, Amortized Cost | 1,652 | 2,175 |
Held-to-maturity securities, Gross Gains | 0 | 45 |
Held-to-maturity securities, Gross Losses | (204) | (5) |
Held-to-maturity securities, Fair Value | 1,448 | 2,215 |
Other agencies | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 190 | 248 |
Available-for-sale securities, Gross Gains | 1 | 1 |
Available-for-sale securities, Gross Losses | (9) | (1) |
Available-for-sale securities, Fair Value | 182 | 248 |
Held-to-maturity securities, Amortized Cost | 133 | 193 |
Held-to-maturity securities, Gross Gains | 0 | 5 |
Held-to-maturity securities, Gross Losses | (9) | 0 |
Held-to-maturity securities, Fair Value | 124 | 198 |
Total U.S. Treasury, federal agency, and other agency securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 20,543 | 22,331 |
Available-for-sale securities, Gross Gains | 5 | 183 |
Available-for-sale securities, Gross Losses | (3,133) | (239) |
Available-for-sale securities, Fair Value | 17,415 | 22,275 |
Held-to-maturity securities, Amortized Cost | 17,050 | 12,445 |
Held-to-maturity securities, Gross Gains | 4 | 126 |
Held-to-maturity securities, Gross Losses | (2,302) | (84) |
Held-to-maturity securities, Fair Value | 14,752 | 12,487 |
Municipal securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 3,527 | 3,497 |
Available-for-sale securities, Gross Gains | 1 | 62 |
Available-for-sale securities, Gross Losses | (238) | (33) |
Available-for-sale securities, Fair Value | 3,290 | 3,526 |
Held-to-maturity securities, Amortized Cost | 2 | 2 |
Held-to-maturity securities, Gross Gains | 0 | 0 |
Held-to-maturity securities, Gross Losses | 0 | 0 |
Held-to-maturity securities, Fair Value | 2 | 2 |
Private-label CMO | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 146 | 106 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (18) | (1) |
Available-for-sale securities, Fair Value | 128 | 106 |
Asset-backed securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 416 | 385 |
Available-for-sale securities, Gross Gains | 0 | 1 |
Available-for-sale securities, Gross Losses | (44) | (4) |
Available-for-sale securities, Fair Value | 372 | 382 |
Corporate debt | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 2,467 | 2,183 |
Available-for-sale securities, Gross Gains | 132 | 22 |
Available-for-sale securities, Gross Losses | (385) | (38) |
Available-for-sale securities, Fair Value | 2,214 | 2,167 |
Other securities/Sovereign debt | ||
Schedule of investment securities and other securities [Line Items] | ||
Available-for-sale securities, Amortized Cost | 4 | 4 |
Available-for-sale securities, Gross Gains | 0 | 0 |
Available-for-sale securities, Gross Losses | 0 | 0 |
Available-for-sale securities, Fair Value | 4 | 4 |
Equity securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Other securities, Amortized Cost | 10 | 12 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 10 | 12 |
Mutual funds | ||
Schedule of investment securities and other securities [Line Items] | ||
Other securities, Amortized Cost | 31 | 65 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 31 | 65 |
Equity securities | ||
Schedule of investment securities and other securities [Line Items] | ||
Other securities, Amortized Cost | 1 | 6 |
Other securities, Gross Gains | 0 | 1 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 1 | 7 |
Debt Securities, Available-For-Sale | ||
Schedule of investment securities and other securities [Line Items] | ||
Accrued interest receivable | 64 | 62 |
Debt Securities, Held-To-Maturity Securitas | ||
Schedule of investment securities and other securities [Line Items] | ||
Accrued interest receivable | 39 | 26 |
Federal Home Loan Bank stock | Non-marketable equity securities: | ||
Schedule of investment securities and other securities [Line Items] | ||
Other securities, Amortized Cost | 312 | 52 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | 312 | 52 |
Federal Reserve Bank stock | Non-marketable equity securities: | ||
Schedule of investment securities and other securities [Line Items] | ||
Other securities, Amortized Cost | 500 | 512 |
Other securities, Gross Gains | 0 | 0 |
Other securities, Gross Losses | 0 | 0 |
Other securities, Fair Value | $ 500 | $ 512 |
INVESTMENT SECURITIES AND OTH_4
INVESTMENT SECURITIES AND OTHER SECURITIES - Contractual Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities, Under 1 year, Amortized Cost | $ 518 | $ 377 |
Available-for-sale securities, After 1 year through 5 years, Amortized Cost | 2,182 | 1,888 |
Available-for-sale securities, After 5 years through 10 years, Amortized Cost | 3,106 | 3,166 |
Available-for-sale securities, After 10 years, Amortized Cost | 21,297 | 23,075 |
Available-for-sale securities, Amortized Cost | 27,103 | 28,506 |
Available-for-sale securities, Under 1 year, Fair Value | 511 | 374 |
Available-for-sale securities, After 1 year through 5 years, Fair Value | 2,033 | 1,880 |
Available-for-sale securities, After 5 years through 10 years, Fair Value | 2,814 | 3,180 |
Available-for-sale securities, After 10 years, Fair Value | 18,065 | 23,026 |
Available-for-sale securities, Fair Value | 23,423 | 28,460 |
Held-to-maturity securities, Under 1 year, Amortized Cost | 0 | 2 |
Held-to-maturity securities, After 1 year through 5 years, Amortized Cost | 72 | 162 |
Held-to-maturity securities, After 5 years through 10 years, Amortized Cost | 71 | 44 |
Held-to-maturity securities, Amortized Cost | 17,052 | 12,447 |
Held-to-maturity securities, After 10 years, Amortized Cost | 16,909 | 12,239 |
Held-to-maturity securities, Under 1 year, Fair Value | 0 | 2 |
Held-to-maturity securities, After 1 year through 5 years, Fair Value | 68 | 164 |
Held-to-maturity securities, After 5 years through 10 years, Fair Value | 66 | 45 |
Held-to-maturity securities, After 10 years, Fair Value | 14,620 | 12,278 |
Held-to-maturity securities, Fair Value | $ 14,754 | $ 12,489 |
INVESTMENT SECURITIES AND OTH_5
INVESTMENT SECURITIES AND OTHER SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | $ 8,944 | $ 20,747 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (1,062) | (304) |
Available-for-sale securities, Over 12 Months, Fair Value | 13,763 | 319 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (2,756) | (11) |
Available-for-sale securities, Fair Value | 22,707 | 21,066 |
Available-for-sale securities, Gross Unrealized Losses | (3,818) | (315) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 7,178 | 7,608 |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (863) | (84) |
Held-to-maturity securities, Over 12 Months, Fair Value | 7,241 | 0 |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | (1,439) | 0 |
Held-to-maturity securities, Fair Value | 14,419 | 7,608 |
Held-to-maturity securities, Gross Unrealized Losses | (2,302) | (84) |
Residential CMO | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 2,096 | 2,925 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (224) | (40) |
Available-for-sale securities, Over 12 Months, Fair Value | 818 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (198) | 0 |
Available-for-sale securities, Fair Value | 2,914 | 2,925 |
Available-for-sale securities, Gross Unrealized Losses | (422) | (40) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 1,702 | 1,453 |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (238) | (20) |
Held-to-maturity securities, Over 12 Months, Fair Value | 2,283 | 0 |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | (476) | 0 |
Held-to-maturity securities, Fair Value | 3,985 | 1,453 |
Held-to-maturity securities, Gross Unrealized Losses | (714) | (20) |
Residential MBS | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 2,455 | 13,491 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (286) | (160) |
Available-for-sale securities, Over 12 Months, Fair Value | 9,490 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (1,804) | 0 |
Available-for-sale securities, Fair Value | 11,945 | 13,491 |
Available-for-sale securities, Gross Unrealized Losses | (2,090) | (160) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 4,151 | 5,837 |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (462) | (59) |
Held-to-maturity securities, Over 12 Months, Fair Value | 4,711 | 0 |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | (913) | 0 |
Held-to-maturity securities, Fair Value | 8,862 | 5,837 |
Held-to-maturity securities, Gross Unrealized Losses | (1,375) | (59) |
Commercial MBS | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 1,090 | 1,251 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (249) | (38) |
Available-for-sale securities, Over 12 Months, Fair Value | 863 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (363) | 0 |
Available-for-sale securities, Fair Value | 1,953 | 1,251 |
Available-for-sale securities, Gross Unrealized Losses | (612) | (38) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 1,201 | 318 |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (154) | (5) |
Held-to-maturity securities, Over 12 Months, Fair Value | 247 | 0 |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | (50) | 0 |
Held-to-maturity securities, Fair Value | 1,448 | 318 |
Held-to-maturity securities, Gross Unrealized Losses | (204) | (5) |
Other agencies | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 40 | 140 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (1) | (1) |
Available-for-sale securities, Over 12 Months, Fair Value | 56 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (8) | 0 |
Available-for-sale securities, Fair Value | 96 | 140 |
Available-for-sale securities, Gross Unrealized Losses | (9) | (1) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 124 | |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (9) | |
Held-to-maturity securities, Over 12 Months, Fair Value | 0 | |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | 0 | |
Held-to-maturity securities, Fair Value | 124 | |
Held-to-maturity securities, Gross Unrealized Losses | (9) | |
Total U.S. Treasury, federal agency, and other agency securities | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 5,681 | 17,807 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (760) | (239) |
Available-for-sale securities, Over 12 Months, Fair Value | 11,227 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (2,373) | 0 |
Available-for-sale securities, Fair Value | 16,908 | 17,807 |
Available-for-sale securities, Gross Unrealized Losses | (3,133) | (239) |
Held-to-maturity securities, Less than 12 Months, Fair Value | 7,178 | 7,608 |
Held-to-maturity securities, Less than 12 Months, Gross Unrealized Losses | (863) | (84) |
Held-to-maturity securities, Over 12 Months, Fair Value | 7,241 | 0 |
Held-to-maturity securities, Over 12 Months, Gross Unrealized Losses | (1,439) | 0 |
Held-to-maturity securities, Fair Value | 14,419 | 7,608 |
Held-to-maturity securities, Gross Unrealized Losses | (2,302) | (84) |
Municipal securities | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 2,298 | 859 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (174) | (22) |
Available-for-sale securities, Over 12 Months, Fair Value | 807 | 319 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (64) | (11) |
Available-for-sale securities, Fair Value | 3,105 | 1,178 |
Available-for-sale securities, Gross Unrealized Losses | (238) | (33) |
Private-label CMO | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 64 | 78 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (13) | (1) |
Available-for-sale securities, Over 12 Months, Fair Value | 43 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (5) | 0 |
Available-for-sale securities, Fair Value | 107 | 78 |
Available-for-sale securities, Gross Unrealized Losses | (18) | (1) |
Asset-backed Securities | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 174 | 237 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (10) | (4) |
Available-for-sale securities, Over 12 Months, Fair Value | 199 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (34) | 0 |
Available-for-sale securities, Fair Value | 373 | 237 |
Available-for-sale securities, Gross Unrealized Losses | (44) | (4) |
Corporate debt | ||
Investment securities and other securities disclosure [Line Items] | ||
Available-for-sale securities, Less than 12 Months, Fair Value | 727 | 1,766 |
Debt Securities, Available-for-sale securities, Less than 12 Months, Gross Unrealized Losses | (105) | (38) |
Available-for-sale securities, Over 12 Months, Fair Value | 1,487 | 0 |
Available-for-sale securities, Over 12 Months, Gross Unrealized Losses | (280) | 0 |
Available-for-sale securities, Fair Value | 2,214 | 1,766 |
Available-for-sale securities, Gross Unrealized Losses | $ (385) | $ (38) |
INVESTMENT SECURITIES AND OTH_6
INVESTMENT SECURITIES AND OTHER SECURITIES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-Sale [Line Items] | ||||
Transfer of securities from available-for-sale to held-to-maturity | $ 4,225 | $ 3,007 | $ 2,842 | |
Unrealized net gains recognized in OCI | (58) | 2 | ||
Charge-off | $ 4 | |||
Asset Pledged as Collateral | ||||
Debt Securities, Available-for-Sale [Line Items] | ||||
Investment securities | $ 26,900 | $ 21,700 |
LOANS AND LEASES - Loan and Lea
LOANS AND LEASES - Loan and Lease Portfolio Composition (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | [1] | $ 119,523 | $ 111,267 | ||
Allowance for loan and lease losses | (2,121) | (2,030) | $ (1,814) | $ (783) | |
Net loans and leases | 117,402 | 109,237 | |||
Loan and lease adjustments | 3 | (111) | |||
Commercial portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 67,013 | 61,649 | |||
Allowance for loan and lease losses | (1,424) | (1,462) | (1,236) | (552) | |
Accrued interest receivable | 274 | 148 | |||
Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 52,510 | 49,618 | |||
Allowance for loan and lease losses | (697) | (568) | $ (578) | $ (231) | |
Accrued interest receivable | 186 | 150 | |||
Commercial and industrial | Commercial portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 45,127 | 41,688 | |||
Commercial real estate | Commercial portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 16,634 | 14,961 | |||
Lease financing | Commercial portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 5,252 | 5,000 | |||
Residential mortgage | Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 22,226 | 19,256 | |||
Automobile | Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 13,154 | 13,434 | |||
Home equity | Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 10,375 | 10,550 | |||
RV and marine | Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 5,376 | 5,058 | |||
Other consumer | Consumer portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | $ 1,379 | $ 1,320 | |||
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 19 “ Fair Values of Assets and Liabilities .” |
LOANS AND LEASES - Net Investme
LOANS AND LEASES - Net Investments in Lease Financing Receivables (Details) - Commercial portfolio - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Lease payments receivable | $ 4,916 | $ 4,620 |
Estimated residual value of leased assets | 788 | 774 |
Gross investment in lease financing receivables | 5,704 | 5,394 |
Deferred origination costs | 46 | 36 |
Deferred fees, unearned income and other | (498) | (430) |
Total lease financing receivables | $ 5,252 | $ 5,000 |
LOANS AND LEASES - Nonaccrual L
LOANS AND LEASES - Nonaccrual Loans by Loan Class (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | $ 112 | $ 164 |
Total nonaccrual loans | 569 | 716 |
Commercial portfolio | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 49 | 81 |
Total nonaccrual loans | 288 | 370 |
Commercial portfolio | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 63 | 80 |
Total nonaccrual loans | 92 | 104 |
Commercial portfolio | Lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 0 | 3 |
Total nonaccrual loans | 18 | 48 |
Consumer | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Total nonaccrual loans | 90 | 111 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Total nonaccrual loans | 4 | 3 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Total nonaccrual loans | 76 | 79 |
Consumer | RV and marine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with no ACL | 0 | 0 |
Total nonaccrual loans | $ 1 | $ 1 |
LOANS AND LEASES - NALs Past Du
LOANS AND LEASES - NALs Past Due (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | [1] | $ 119,523 | $ 111,267 |
Loans Accounted for Under FVO | 185 | 171 | |
90 or more days past due and accruing | 207 | 210 | |
Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 1,083 | 1,072 | |
30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 509 | 425 | |
60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 165 | 191 | |
90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 409 | 456 | |
Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 118,255 | 110,024 | |
Commercial portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 67,013 | 61,649 | |
Commercial portfolio | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 45,127 | 41,688 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 23 | 13 | |
Commercial portfolio | Commercial and industrial | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 180 | 248 | |
Commercial portfolio | Commercial and industrial | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 53 | 72 | |
Commercial portfolio | Commercial and industrial | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 19 | 69 | |
Commercial portfolio | Commercial and industrial | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 108 | 107 | |
Commercial portfolio | Commercial and industrial | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 44,947 | 41,440 | |
Commercial portfolio | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 16,634 | 14,961 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 0 | 0 | |
Commercial portfolio | Commercial real estate | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 12 | 19 | |
Commercial portfolio | Commercial real estate | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 2 | 9 | |
Commercial portfolio | Commercial real estate | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 1 | 1 | |
Commercial portfolio | Commercial real estate | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 9 | 9 | |
Commercial portfolio | Commercial real estate | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 16,622 | 14,942 | |
Commercial portfolio | Lease financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 5,252 | 5,000 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 9 | 11 | |
Commercial portfolio | Lease financing | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 64 | 69 | |
Commercial portfolio | Lease financing | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 36 | 39 | |
Commercial portfolio | Lease financing | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 18 | 13 | |
Commercial portfolio | Lease financing | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 10 | 17 | |
Commercial portfolio | Lease financing | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 5,188 | 4,931 | |
Consumer portfolio | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 52,510 | 49,618 | |
Consumer portfolio | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 22,226 | 19,256 | |
Loans Accounted for Under FVO | 184 | 170 | |
90 or more days past due and accruing | 146 | 157 | |
Consumer portfolio | Residential mortgage | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 514 | 433 | |
Consumer portfolio | Residential mortgage | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 246 | 151 | |
Consumer portfolio | Residential mortgage | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 69 | 49 | |
Consumer portfolio | Residential mortgage | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 199 | 233 | |
Consumer portfolio | Residential mortgage | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 21,528 | 18,653 | |
Consumer portfolio | Automobile | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 13,154 | 13,434 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 9 | 6 | |
Consumer portfolio | Automobile | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 119 | 105 | |
Consumer portfolio | Automobile | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 88 | 79 | |
Consumer portfolio | Automobile | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 20 | 18 | |
Consumer portfolio | Automobile | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 11 | 8 | |
Consumer portfolio | Automobile | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 13,035 | 13,329 | |
Consumer portfolio | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 10,374 | 10,549 | |
Loans Accounted for Under FVO | 1 | 1 | |
Consumer portfolio | Home equity | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 152 | 159 | |
Consumer portfolio | Home equity | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 56 | 48 | |
Consumer portfolio | Home equity | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 30 | 35 | |
Consumer portfolio | Home equity | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 66 | 76 | |
Consumer portfolio | Home equity | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 10,222 | 10,390 | |
Consumer portfolio | Home equity | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 10,375 | 10,550 | |
90 or more days past due and accruing | 15 | 17 | |
Consumer portfolio | RV and marine | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 5,376 | 5,058 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 3 | 3 | |
Consumer portfolio | RV and marine | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 23 | 21 | |
Consumer portfolio | RV and marine | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 15 | 14 | |
Consumer portfolio | RV and marine | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 5 | 4 | |
Consumer portfolio | RV and marine | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3 | 3 | |
Consumer portfolio | RV and marine | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 5,353 | 5,037 | |
Consumer portfolio | Other consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 1,379 | 1,320 | |
Loans Accounted for Under FVO | 0 | 0 | |
90 or more days past due and accruing | 2 | 3 | |
Consumer portfolio | Other consumer | Total | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 19 | 18 | |
Consumer portfolio | Other consumer | 30-59 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 13 | 13 | |
Consumer portfolio | Other consumer | 60-89 Days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3 | 2 | |
Consumer portfolio | Other consumer | 90 or more days | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 3 | 3 | |
Consumer portfolio | Other consumer | Current | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | $ 1,360 | $ 1,302 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 19 “ Fair Values of Assets and Liabilities .” |
LOANS AND LEASES - Vintage Cred
LOANS AND LEASES - Vintage Credit Quality (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans and leases | [1] | $ 119,523 | $ 111,267 |
Commercial portfolio | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans and leases | 67,013 | 61,649 | |
Commercial portfolio | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 16,952 | 15,959 | |
Year before current year | 6,917 | 6,059 | |
Two years before current year | 3,540 | 4,114 | |
Three years before current year | 2,273 | 2,273 | |
Four years before current year | 1,258 | 1,243 | |
Five years before current year | 1,445 | 1,374 | |
Revolver Total at Amortized Cost Basis | 12,739 | 10,663 | |
Revolver Total Converted to Term Loans | 3 | 3 | |
Total loans and leases | 45,127 | 41,688 | |
Commercial portfolio | Commercial and industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 16,480 | 15,435 | |
Year before current year | 6,597 | 5,677 | |
Two years before current year | 3,279 | 3,682 | |
Three years before current year | 2,040 | 1,983 | |
Four years before current year | 1,068 | 1,080 | |
Five years before current year | 1,163 | 1,134 | |
Revolver Total at Amortized Cost Basis | 12,077 | 9,945 | |
Revolver Total Converted to Term Loans | 3 | 3 | |
Total loans and leases | 42,707 | 38,939 | |
Commercial portfolio | Commercial and industrial | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 108 | 183 | |
Year before current year | 139 | 178 | |
Two years before current year | 72 | 87 | |
Three years before current year | 21 | 83 | |
Four years before current year | 49 | 38 | |
Five years before current year | 26 | 73 | |
Revolver Total at Amortized Cost Basis | 112 | 166 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 527 | 808 | |
Commercial portfolio | Commercial and industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 364 | 336 | |
Year before current year | 181 | 203 | |
Two years before current year | 189 | 344 | |
Three years before current year | 212 | 206 | |
Four years before current year | 141 | 125 | |
Five years before current year | 255 | 167 | |
Revolver Total at Amortized Cost Basis | 550 | 552 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 1,892 | 1,933 | |
Commercial portfolio | Commercial and industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | 5 | |
Year before current year | 0 | 1 | |
Two years before current year | 0 | 1 | |
Three years before current year | 0 | 1 | |
Four years before current year | 0 | 0 | |
Five years before current year | 1 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 1 | 8 | |
Commercial portfolio | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 5,930 | 4,444 | |
Year before current year | 3,431 | 2,777 | |
Two years before current year | 1,722 | 3,083 | |
Three years before current year | 1,846 | 1,655 | |
Four years before current year | 1,008 | 985 | |
Five years before current year | 1,193 | 1,189 | |
Revolver Total at Amortized Cost Basis | 1,504 | 828 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 16,634 | 14,961 | |
Commercial portfolio | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 5,634 | 4,144 | |
Year before current year | 3,260 | 2,367 | |
Two years before current year | 1,616 | 2,593 | |
Three years before current year | 1,728 | 1,456 | |
Four years before current year | 917 | 761 | |
Five years before current year | 1,044 | 1,124 | |
Revolver Total at Amortized Cost Basis | 1,502 | 798 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 15,701 | 13,243 | |
Commercial portfolio | Commercial real estate | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 61 | 76 | |
Year before current year | 53 | 48 | |
Two years before current year | 1 | 42 | |
Three years before current year | 43 | 83 | |
Four years before current year | 6 | 73 | |
Five years before current year | 9 | 19 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 173 | 341 | |
Commercial portfolio | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 235 | 224 | |
Year before current year | 118 | 362 | |
Two years before current year | 105 | 448 | |
Three years before current year | 75 | 115 | |
Four years before current year | 85 | 151 | |
Five years before current year | 140 | 46 | |
Revolver Total at Amortized Cost Basis | 2 | 30 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 760 | 1,376 | |
Commercial portfolio | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 0 | ||
Year before current year | 0 | ||
Two years before current year | 0 | ||
Three years before current year | 1 | ||
Four years before current year | 0 | ||
Five years before current year | 0 | ||
Revolver Total at Amortized Cost Basis | 0 | ||
Revolver Total Converted to Term Loans | 0 | ||
Total loans and leases | 1 | ||
Commercial portfolio | Lease financing | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,027 | 1,865 | |
Year before current year | 1,337 | 1,496 | |
Two years before current year | 1,041 | 840 | |
Three years before current year | 489 | 423 | |
Four years before current year | 201 | 237 | |
Five years before current year | 157 | 139 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 5,252 | 5,000 | |
Commercial portfolio | Lease financing | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,930 | 1,851 | |
Year before current year | 1,291 | 1,441 | |
Two years before current year | 952 | 809 | |
Three years before current year | 447 | 417 | |
Four years before current year | 186 | 226 | |
Five years before current year | 143 | 131 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 4,949 | 4,875 | |
Commercial portfolio | Lease financing | OLEM | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 32 | 8 | |
Year before current year | 9 | 32 | |
Two years before current year | 15 | 12 | |
Three years before current year | 18 | 4 | |
Four years before current year | 6 | 2 | |
Five years before current year | 3 | 0 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 83 | 58 | |
Commercial portfolio | Lease financing | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 65 | 6 | |
Year before current year | 37 | 23 | |
Two years before current year | 74 | 19 | |
Three years before current year | 24 | 2 | |
Four years before current year | 9 | 9 | |
Five years before current year | 11 | 8 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 220 | 67 | |
Consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total loans and leases | 52,510 | 49,618 | |
Consumer | Residential mortgage | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 5,109 | 7,442 | |
Year before current year | 7,514 | 4,906 | |
Two years before current year | 4,244 | 1,491 | |
Three years before current year | 1,152 | 943 | |
Four years before current year | 696 | 1,040 | |
Five years before current year | 3,327 | 3,264 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 22,042 | 19,086 | |
Consumer | Residential mortgage | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3,666 | 5,532 | |
Year before current year | 6,274 | 3,857 | |
Two years before current year | 3,566 | 978 | |
Three years before current year | 846 | 554 | |
Four years before current year | 469 | 687 | |
Five years before current year | 2,070 | 1,704 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 16,891 | 13,312 | |
Consumer | Residential mortgage | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,394 | 1,862 | |
Year before current year | 1,172 | 993 | |
Two years before current year | 617 | 409 | |
Three years before current year | 211 | 269 | |
Four years before current year | 137 | 254 | |
Five years before current year | 777 | 1,028 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 4,308 | 4,815 | |
Consumer | Residential mortgage | 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 49 | 48 | |
Year before current year | 68 | 56 | |
Two years before current year | 61 | 104 | |
Three years before current year | 95 | 120 | |
Four years before current year | 90 | 99 | |
Five years before current year | 480 | 532 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 843 | 959 | |
Consumer | Automobile | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 5,021 | 5,766 | |
Year before current year | 4,072 | 3,398 | |
Two years before current year | 2,099 | 2,295 | |
Three years before current year | 1,259 | 1,174 | |
Four years before current year | 518 | 583 | |
Five years before current year | 185 | 218 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 13,154 | 13,434 | |
Consumer | Automobile | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,770 | 2,993 | |
Year before current year | 2,212 | 1,927 | |
Two years before current year | 1,243 | 1,381 | |
Three years before current year | 777 | 666 | |
Four years before current year | 289 | 345 | |
Five years before current year | 98 | 129 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 7,389 | 7,441 | |
Consumer | Automobile | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,944 | 2,393 | |
Year before current year | 1,508 | 1,237 | |
Two years before current year | 683 | 736 | |
Three years before current year | 367 | 380 | |
Four years before current year | 162 | 168 | |
Five years before current year | 52 | 55 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 4,716 | 4,969 | |
Consumer | Automobile | 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 307 | 380 | |
Year before current year | 352 | 234 | |
Two years before current year | 173 | 178 | |
Three years before current year | 115 | 128 | |
Four years before current year | 67 | 70 | |
Five years before current year | 35 | 34 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 1,049 | 1,024 | |
Consumer | Home equity | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 597 | 777 | |
Year before current year | 664 | 797 | |
Two years before current year | 682 | 49 | |
Three years before current year | 34 | 45 | |
Four years before current year | 30 | 48 | |
Five years before current year | 474 | 615 | |
Revolver Total at Amortized Cost Basis | 7,251 | 7,457 | |
Revolver Total Converted to Term Loans | 642 | 761 | |
Total loans and leases | 10,374 | 10,549 | |
Consumer | Home equity | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 463 | 645 | |
Year before current year | 573 | 701 | |
Two years before current year | 611 | 32 | |
Three years before current year | 23 | 31 | |
Four years before current year | 20 | 34 | |
Five years before current year | 301 | 387 | |
Revolver Total at Amortized Cost Basis | 4,787 | 4,772 | |
Revolver Total Converted to Term Loans | 252 | 272 | |
Total loans and leases | 7,030 | 6,874 | |
Consumer | Home equity | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 131 | 129 | |
Year before current year | 88 | 94 | |
Two years before current year | 68 | 15 | |
Three years before current year | 9 | 13 | |
Four years before current year | 8 | 13 | |
Five years before current year | 122 | 161 | |
Revolver Total at Amortized Cost Basis | 2,129 | 2,324 | |
Revolver Total Converted to Term Loans | 261 | 324 | |
Total loans and leases | 2,816 | 3,073 | |
Consumer | Home equity | 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3 | 3 | |
Year before current year | 3 | 2 | |
Two years before current year | 3 | 2 | |
Three years before current year | 2 | 1 | |
Four years before current year | 2 | 1 | |
Five years before current year | 51 | 67 | |
Revolver Total at Amortized Cost Basis | 335 | 361 | |
Revolver Total Converted to Term Loans | 129 | 165 | |
Total loans and leases | 528 | 602 | |
Consumer | RV and marine | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,443 | 1,656 | |
Year before current year | 1,364 | 1,217 | |
Two years before current year | 946 | 654 | |
Three years before current year | 496 | 643 | |
Four years before current year | 484 | 392 | |
Five years before current year | 643 | 496 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 5,376 | 5,058 | |
Consumer | RV and marine | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,148 | 1,257 | |
Year before current year | 1,031 | 933 | |
Two years before current year | 731 | 470 | |
Three years before current year | 361 | 468 | |
Four years before current year | 354 | 268 | |
Five years before current year | 438 | 319 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 4,063 | 3,715 | |
Consumer | RV and marine | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 290 | 393 | |
Year before current year | 315 | 273 | |
Two years before current year | 200 | 171 | |
Three years before current year | 118 | 157 | |
Four years before current year | 113 | 106 | |
Five years before current year | 169 | 150 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 1,205 | 1,250 | |
Consumer | RV and marine | 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 5 | 6 | |
Year before current year | 18 | 11 | |
Two years before current year | 15 | 13 | |
Three years before current year | 17 | 18 | |
Four years before current year | 17 | 18 | |
Five years before current year | 36 | 27 | |
Revolver Total at Amortized Cost Basis | 0 | 0 | |
Revolver Total Converted to Term Loans | 0 | 0 | |
Total loans and leases | 108 | 93 | |
Consumer | Other consumer | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 281 | 301 | |
Year before current year | 97 | 88 | |
Two years before current year | 49 | 105 | |
Three years before current year | 52 | 38 | |
Four years before current year | 18 | 27 | |
Five years before current year | 68 | 69 | |
Revolver Total at Amortized Cost Basis | 781 | 648 | |
Revolver Total Converted to Term Loans | 33 | 44 | |
Total loans and leases | 1,379 | 1,320 | |
Consumer | Other consumer | 750+ | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 207 | 211 | |
Year before current year | 64 | 34 | |
Two years before current year | 35 | 50 | |
Three years before current year | 34 | 13 | |
Four years before current year | 13 | 10 | |
Five years before current year | 52 | 27 | |
Revolver Total at Amortized Cost Basis | 393 | 326 | |
Revolver Total Converted to Term Loans | 3 | 3 | |
Total loans and leases | 801 | 674 | |
Consumer | Other consumer | 650-749 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 71 | 88 | |
Year before current year | 30 | 52 | |
Two years before current year | 12 | 50 | |
Three years before current year | 15 | 23 | |
Four years before current year | 4 | 17 | |
Five years before current year | 14 | 41 | |
Revolver Total at Amortized Cost Basis | 355 | 295 | |
Revolver Total Converted to Term Loans | 16 | 24 | |
Total loans and leases | 517 | 590 | |
Consumer | Other consumer | 650 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 3 | 2 | |
Year before current year | 3 | 2 | |
Two years before current year | 2 | 5 | |
Three years before current year | 3 | 2 | |
Four years before current year | 1 | 0 | |
Five years before current year | 2 | 1 | |
Revolver Total at Amortized Cost Basis | 33 | 27 | |
Revolver Total Converted to Term Loans | 14 | 17 | |
Total loans and leases | $ 61 | $ 56 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 19 “ Fair Values of Assets and Liabilities .” |
LOANS AND LEASES - TDRs (Detail
LOANS AND LEASES - TDRs (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 4,005 | 3,465 |
Post-modification Outstanding Recorded Investment | $ 408 | $ 135 |
Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 154 | 30 |
Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 225 | 86 |
Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 13 | 18 |
Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 16 | $ 1 |
Commercial portfolio | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 313 | 76 |
Post-modification Outstanding Recorded Investment | $ 169 | $ 54 |
Commercial portfolio | Commercial and industrial | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 92 | 29 |
Commercial portfolio | Commercial and industrial | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 62 | 25 |
Commercial portfolio | Commercial and industrial | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Commercial portfolio | Commercial and industrial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 15 | $ 0 |
Commercial portfolio | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 26 | 5 |
Post-modification Outstanding Recorded Investment | $ 89 | $ 0 |
Commercial portfolio | Commercial real estate | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 62 | 0 |
Commercial portfolio | Commercial real estate | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 27 | 0 |
Commercial portfolio | Commercial real estate | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Commercial portfolio | Commercial real estate | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer portfolio | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 806 | 320 |
Post-modification Outstanding Recorded Investment | $ 114 | $ 45 |
Consumer portfolio | Residential mortgage | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Residential mortgage | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 109 | 39 |
Consumer portfolio | Residential mortgage | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 5 | 6 |
Consumer portfolio | Residential mortgage | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer portfolio | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 2,368 | 2,442 |
Post-modification Outstanding Recorded Investment | $ 20 | $ 20 |
Consumer portfolio | Automobile | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Automobile | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 17 | 16 |
Consumer portfolio | Automobile | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 3 | 4 |
Consumer portfolio | Automobile | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer portfolio | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 228 | 214 |
Post-modification Outstanding Recorded Investment | $ 12 | $ 11 |
Consumer portfolio | Home equity | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Home equity | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 8 | 4 |
Consumer portfolio | Home equity | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 4 | 7 |
Consumer portfolio | Home equity | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer portfolio | RV and marine | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 137 | 138 |
Post-modification Outstanding Recorded Investment | $ 3 | $ 4 |
Consumer portfolio | RV and marine | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 1 |
Consumer portfolio | RV and marine | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 2 | 2 |
Consumer portfolio | RV and marine | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 1 | 1 |
Consumer portfolio | RV and marine | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer portfolio | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Contracts | contract | 127 | 270 |
Post-modification Outstanding Recorded Investment | $ 1 | $ 1 |
Consumer portfolio | Other consumer | Interest rate concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Other consumer | Amortization or maturity date concession | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Other consumer | Chapter 7 bankruptcy | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | 0 | 0 |
Consumer portfolio | Other consumer | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Post-modification Outstanding Recorded Investment | $ 1 | $ 1 |
LOANS AND LEASES - Narrative (D
LOANS AND LEASES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Residual values guaranteed | $ 466 | $ 473 | |
Future lease rental payments due | 4,900 | ||
Future lease rental payments due, in 2023 | 834 | ||
Future lease rental payments due, in 2024 | 781 | ||
Future lease rental payments due, in 2025 | 749 | ||
Future lease rental payments due, in 2026 | 725 | ||
Future lease rental payments due, in 2027 | 730 | ||
Future lease rental payments due, after 2027 | 1,100 | ||
Interest income | 249 | 193 | $ 106 |
Interest income recorded for NAL loans | 23 | 10 | $ 6 |
Collateral for secured loans | $ 70,900 | $ 61,100 |
ALLOWANCE FOR CREDIT LOSSES - A
ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | $ 2,030 | $ 1,814 | $ 783 |
Loan and lease charge-offs | (313) | (382) | (540) |
Recoveries of loans and leases previously charged-off | 192 | 167 | 91 |
Provision (benefit) for loan and lease losses | 212 | (1) | 1,089 |
Allowance on PCD loans and leases at acquisition | 432 | ||
ALLL balance, end of period | 2,121 | 2,030 | 1,814 |
AULC balance, beginning of period | 77 | 52 | 104 |
Provision for unfunded lending commitments | 73 | 26 | (41) |
Unfunded lending commitment losses | (1) | (13) | |
AULC balance, end of period | 150 | 77 | 52 |
ACL balance, end of period | 2,271 | 2,107 | 1,866 |
Increase in allowance for credit loss | 164 | ||
Consumer loan growth | 8,300 | ||
ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | 391 | ||
ALLL balance, end of period | 391 | ||
Commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | 1,462 | 1,236 | 552 |
Loan and lease charge-offs | (129) | (243) | (374) |
Recoveries of loans and leases previously charged-off | 114 | 83 | 32 |
Provision (benefit) for loan and lease losses | (23) | 12 | 846 |
Allowance on PCD loans and leases at acquisition | 374 | ||
ALLL balance, end of period | 1,424 | 1,462 | 1,236 |
AULC balance, beginning of period | 41 | 34 | 102 |
Provision for unfunded lending commitments | 30 | 8 | (17) |
Unfunded lending commitment losses | (1) | (13) | |
AULC balance, end of period | 71 | 41 | 34 |
ACL balance, end of period | 1,495 | 1,503 | 1,270 |
Consumer loan growth | 5,400 | ||
Commercial | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | 180 | ||
ALLL balance, end of period | 180 | ||
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | 568 | 578 | 231 |
Loan and lease charge-offs | (184) | (139) | (166) |
Recoveries of loans and leases previously charged-off | 78 | 84 | 59 |
Provision (benefit) for loan and lease losses | 235 | (13) | 243 |
Allowance on PCD loans and leases at acquisition | 58 | ||
ALLL balance, end of period | 697 | 568 | 578 |
AULC balance, beginning of period | 36 | 18 | 2 |
Provision for unfunded lending commitments | 43 | 18 | (24) |
Unfunded lending commitment losses | 0 | 0 | |
AULC balance, end of period | 79 | 36 | 18 |
ACL balance, end of period | 776 | 604 | 596 |
Increase in allowance for credit loss | 172 | ||
Consumer loan growth | $ 2,900 | ||
Consumer | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
ALLL balance, beginning of period | 211 | ||
ALLL balance, end of period | 211 | ||
Cumulative Effect, Period of Adoption, Adjustment | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
AULC balance, beginning of period | 2 | ||
AULC balance, end of period | 2 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
AULC balance, beginning of period | (38) | ||
AULC balance, end of period | (38) | ||
Cumulative Effect, Period of Adoption, Adjustment | Consumer | ASU 2016-13 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
AULC balance, beginning of period | $ 40 | ||
AULC balance, end of period | $ 40 |
MORTGAGE LOAN SALES AND SERVI_3
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Residential Mortgage Portfolio (Details) - Residential mortgage - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Residential mortgage loans sold with servicing retained | $ 5,686 | $ 9,702 | $ 8,436 |
Pretax gains resulting from above loan sales | $ 137 | $ 356 | $ 311 |
LOAN SALES AND SECURITIZATIONS
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method (Details) - Residential mortgage - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Fair value, beginning of year | $ 351 | $ 210 |
Servicing assets obtained in acquisition | 0 | 59 |
New servicing assets created | 85 | 135 |
Time decay | (22) | (15) |
Payoffs | (34) | (65) |
Changes in valuation inputs or assumptions | 114 | 27 |
Fair value, end of year | $ 494 | $ 351 |
LOAN SALES AND SECURITIZATION_2
LOAN SALES AND SECURITIZATIONS - Residential Mortgage Portfolio, MSRs Fair Value Method Assumptions (Details) - Residential mortgage - Sensitivity Analysis Fair Value Carrying Method - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Analysis of Fair Value of Interests Continued to be Held by Transferor, Servicing Assets or Liabilities, Impact of Adverse Change in Assumption [Line Items] | ||
Constant prepayment rate (annualized) | 7.05% | 12.28% |
Constant prepayment rate (annualized), Decline in fair value due to 10% adverse change | $ (13) | $ (17) |
Constant prepayment rate (annualized), Decline in fair value due to 20% adverse change | $ (25) | $ (32) |
Spread over forward interest rate swap rates | 5.78% | 4.66% |
Spread over forward interest rate swap rates, Decline in fair value due to 10% adverse change | $ (12) | $ (7) |
Spread over forward interest rate swap rates, Decline in fair value due to 20% adverse change | $ (22) | $ (13) |
MORTGAGE LOAN SALES AND SERVI_4
MORTGAGE LOAN SALES AND SERVICING RIGHTS - Narrative (Details) - Residential mortgage - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contractually Specified Servicing Fees, Late Fees, and Ancillary Fees Earned in Exchange for Servicing Financial Assets [Line Items] | |||
Servicing, late and other ancillary fees included in mortgage banking income | $ 91 | $ 79 | $ 64 |
Unpaid principal balance of third party serviced loans | $ 32,400 | $ 31,000 | $ 23,500 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill by business segment | ||
Beginning Balance | $ 5,349 | $ 1,990 |
TCF acquisition | 222 | 3,359 |
Ending Balance | 5,571 | 5,349 |
Operating Segments | Consumer & Business Banking | ||
Goodwill by business segment | ||
Beginning Balance | 3,419 | 1,393 |
TCF acquisition | 0 | 2,026 |
Ending Balance | 3,419 | 3,419 |
Operating Segments | Commercial Banking | ||
Goodwill by business segment | ||
Beginning Balance | 1,699 | 427 |
TCF acquisition | 222 | 1,272 |
Ending Balance | 1,921 | 1,699 |
Operating Segments | RBHPCG | ||
Goodwill by business segment | ||
Beginning Balance | 231 | 170 |
TCF acquisition | 0 | 61 |
Ending Balance | $ 231 | $ 231 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | $ 492 | $ 497 |
Total other intangible assets, accumulated amortization | (297) | (255) |
Total other intangible assets, net of carrying value | 195 | 242 |
Core deposit intangible | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | 385 | 389 |
Total other intangible assets, accumulated amortization | (216) | (175) |
Total other intangible assets, net of carrying value | 169 | 214 |
Customer relationship | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets, gross carrying amount | 107 | 108 |
Total other intangible assets, accumulated amortization | (81) | (80) |
Total other intangible assets, net of carrying value | $ 26 | $ 28 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization of Intangible Assets (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 51 |
2024 | 47 |
2025 | 44 |
2026 | 29 |
2027 | $ 10 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Business Combinations [Abstract] | ||
Number of reportable segments | segment | 4 | |
Impairment of goodwill | $ | $ 0 | $ 0 |
PREMISES AND EQUIPMENT (Details
PREMISES AND EQUIPMENT (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total premises and equipment | $ 2,278 | $ 2,213 | |
Less accumulated depreciation and amortization | (1,122) | (1,049) | |
Net premises and equipment | 1,156 | 1,164 | |
Property Plant and Equipment Income Statement Disclosures [Abstract] | |||
Total depreciation and amortization of premises and equipment | 182 | 178 | $ 119 |
Rental income credited to net occupancy expense | 10 | 9 | $ 10 |
Land and land improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total premises and equipment | 337 | 335 | |
Buildings | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total premises and equipment | 776 | 807 | |
Leasehold improvements | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total premises and equipment | 269 | 219 | |
Equipment | |||
Property, Plant and Equipment, Net, by Type [Abstract] | |||
Total premises and equipment | $ 896 | $ 852 |
OPERATING LEASES Net Operating
OPERATING LEASES Net Operating Lease Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Net Operating Lease Assets and Liabilities [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 279 | $ 316 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Total lease liabilities | $ 401 | $ 441 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
OPERATING LEASES Lease Cost (De
OPERATING LEASES Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease, Cost [Abstract] | ||
Operating lease cost | $ 81 | $ 102 |
Short-term lease cost | 2 | 3 |
Net lease cost | $ 83 | $ 105 |
OPERATING LEASES Maturity of Le
OPERATING LEASES Maturity of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Net Operating Lease Assets and Liabilities [Abstract] | ||
2023 | $ 70 | |
2024 | 67 | |
2025 | 58 | |
2026 | 43 | |
2027 | 36 | |
Thereafter | 262 | |
Total lease payments | 536 | |
Less: Interest | (135) | |
Total lease liabilities | $ 401 | $ 441 |
OPERATING LEASES Lease Cost and
OPERATING LEASES Lease Cost and Discount Rate (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Operating Lease Assets and Liabilities [Abstract] | ||
Cash paid for amounts included in the measurement of lease liabilities for operating cash flows | $ (80) | $ (50) |
Right-of-use assets obtained in exchange for lease obligations for operating leases | $ 22 | $ 174 |
Weighted-average remaining lease term (years) for operating leases | 11 years 5 months 23 days | 11 years 2 months 26 days |
Weighted-average discount rate for operating leases | 4.64% | 3.87% |
BORROWINGS - Schedule of Short-
BORROWINGS - Schedule of Short-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 2,027 | $ 334 |
Federal funds purchased and securities sold under agreements to repurchase | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 253 | 320 |
Other borrowings | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | 74 | 14 |
Federal Home Loan Bank Advances | ||
Short-term Debt [Line Items] | ||
Total short-term borrowings | $ 1,700 | $ 0 |
BORROWINGS - Schedule of Long-T
BORROWINGS - Schedule of Long-Term Debt and Debt Issuances (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt | $ 9,686 | $ 7,108 |
Senior Notes | 2.55% Huntington National Bank senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 703 |
Effective rate | 2.55% | |
Senior Notes | 3.16% Huntington National Bank senior notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 500 |
Effective rate | 3.16% | |
Senior Notes | 1.83% Huntington National Bank senior notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 483 |
Effective rate | 1.83% | |
Senior Notes | 3.60% Huntington National Bank senior notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 735 | 748 |
Effective rate | 3.60% | |
Senior Notes | 5.42% Huntington National Bank senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 299 | 0 |
Effective rate | 5.42% | |
Senior Notes | 4.11% Huntington National Bank senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 486 | 0 |
Effective rate | 4.11% | |
Senior Notes | 5.70% Huntington National Bank senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1,094 | 0 |
Effective rate | 5.70% | |
Senior Notes | 4.55% Huntington National Bank senior notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 766 | 0 |
Effective rate | 4.55% | |
Senior Notes | 5.76% Huntington National Bank senior notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 892 | 0 |
Effective rate | 5.76% | |
Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 4,923 | 3,245 |
Subordinated Notes | Huntington National Bank subordinated notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 113 |
Effective rate | 0.64% | |
Subordinated Notes | Huntington National Bank subordinated notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 129 | 142 |
Effective rate | 0.96% | |
Subordinated Notes | Huntington National Bank subordinated notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 218 | 226 |
Effective rate | 3.86% | |
Subordinated Notes | Huntington National Bank subordinated notes due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 153 | 161 |
Effective rate | 3.03% | |
Subordinated Notes | Huntington National Bank subordinated notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 151 | 169 |
Effective rate | 3.75% | |
Federal Home Loan Bank advances | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 211 | 215 |
Effective rate | 1.04% | |
Other borrowings | Huntington Technology Finance nonrecourse debt, 3.93% weighted average interest rate, varying maturities | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 337 | 287 |
Effective rate | 3.93% | |
Other borrowings | 2.09% Huntington Preferred Capital II - Class F securities | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | 75 |
Effective rate | 2.09% | |
Other borrowings | 6.65% Huntington Preferred Capital II - Class G securities (4) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 50 | 50 |
Effective rate | 6.65% | |
Other borrowings | 6.77% Huntington Preferred Capital II - Class I securities (5) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 50 | 50 |
Effective rate | 6.77% | |
Other borrowings | 6.90% Huntington Preferred Capital II - Class J securities (6) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 75 | 75 |
Effective rate | 6.90% | |
Other borrowings | 7.40% Huntington Preferred Capital II - Class L Securities (7) | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 60 | 0 |
Effective rate | 7.40% | |
Parent Company | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,980 | 3,111 |
Parent Company | Senior Notes | 2.67% Huntington Bancshares Incorporated senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 762 | 812 |
Effective rate | 2.67% | |
Parent Company | Senior Notes | 4.05% Huntington Bancshares Incorporated senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 481 | 527 |
Effective rate | 4.05% | |
Parent Company | Senior Notes | 4.51% Huntington Bancshares Incorporated senior notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 704 | 0 |
Effective rate | 4.51% | |
Parent Company | Senior Notes | 2.60% Huntington Bancshares Incorporated senior notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 679 | 744 |
Effective rate | 2.60% | |
Parent Company | Senior Notes | 5.08% Huntington Bancshares Incorporated senior notes due 2033 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 379 | 0 |
Effective rate | 5.08% | |
Parent Company | Subordinated Notes | 3.55% Huntington Bancshares Incorporated subordinated notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 225 | 227 |
Effective rate | 3.55% | |
Parent Company | Subordinated Notes | Huntington Capital I Trust Preferred 0.94% junior subordinated debentures due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 69 | 69 |
Effective rate | 5.47% | |
Parent Company | Subordinated Notes | Huntington Capital II Trust Preferred 0.86% junior subordinated debentures due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 32 | 32 |
Effective rate | 5.39% | |
Parent Company | Subordinated Notes | Sky Financial Capital Trust III 1.64% junior subordinated debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 72 | 72 |
Effective rate | 6.17% | |
Parent Company | Subordinated Notes | Sky Financial Capital Trust IV 1.64% junior subordinated debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 74 | 74 |
Effective rate | 6.17% | |
Parent Company | Subordinated Notes | 2.49% Huntington Bancshares Incorporated subordinated notes due 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 1 | 554 |
Effective rate | 2.49% | |
Parent Company | Subordinated Notes | 2.53% Huntington Bancshares Incorporated subordinated notes due 2036 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 502 | $ 0 |
Effective rate | 2.53% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | Huntington Capital I Trust Preferred 0.94% junior subordinated debentures due 2027 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.70% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | Huntington Capital II Trust Preferred 0.86% junior subordinated debentures due 2028 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.625% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | Sky Financial Capital Trust IV 1.64% junior subordinated debentures due 2036 | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | 6.65% Huntington Preferred Capital II - Class G securities (4) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.88% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | 6.77% Huntington Preferred Capital II - Class I securities (5) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2% | |
Parent Company | Subordinated Notes | London Interbank Offered Rate (LIBOR) | 6.90% Huntington Preferred Capital II - Class J securities (6) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.60% | |
Parent Company | Subordinated Notes | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | 7.40% Huntington Preferred Capital II - Class L Securities (7) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% |
BORROWINGS - Maturities (Detail
BORROWINGS - Maturities (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | $ 1,035 |
2024 | 906 |
2025 | 2,827 |
2026 | 376 |
2027 | 213 |
Thereafter | 4,645 |
Total | 10,002 |
Parent Company | Senior Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 0 |
2024 | 800 |
2025 | 500 |
2026 | 0 |
2027 | 0 |
Thereafter | 1,900 |
Total | 3,200 |
Parent Company | Subordinated Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 225 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 70 |
Thereafter | 739 |
Total | 1,034 |
Bank | Senior Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 724 |
2024 | 0 |
2025 | 1,900 |
2026 | 0 |
2027 | 0 |
Thereafter | 1,700 |
Total | 4,324 |
Bank | Subordinated Notes | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 0 |
2024 | 0 |
2025 | 130 |
2026 | 239 |
2027 | 0 |
Thereafter | 300 |
Total | 669 |
Bank | Federal Home Loan Bank advances | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 1 |
2024 | 0 |
2025 | 200 |
2026 | 0 |
2027 | 0 |
Thereafter | 1 |
Total | 202 |
Bank | Other borrowings | |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
2023 | 85 |
2024 | 106 |
2025 | 97 |
2026 | 137 |
2027 | 143 |
Thereafter | 5 |
Total | $ 573 |
OTHER COMPREHENSIVE INCOME - Ac
OTHER COMPREHENSIVE INCOME - Activity/Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pretax | |||
Total other comprehensive income (loss), pretax | $ (3,716) | $ (551) | $ 576 |
Tax (Expense) Benefit | |||
Other comprehensive loss | 847 | 130 | (128) |
After-tax | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (2,849) | (341) | 216 |
Foreign currency translation adjustment | (2,961) | (475) | 417 |
Net unrealized gains (losses) on net investment hedges | 92 | 54 | 31 |
Period change | (2,869) | (421) | 448 |
Other comprehensive (loss) income, net of tax | (2,869) | (421) | 448 |
AOCI, Derivative Qualifying as Hedge, Excluded Component, Parent | |||
Pretax | |||
Total other comprehensive income (loss), pretax | (896) | (257) | 299 |
Tax (Expense) Benefit | |||
Other comprehensive loss | 201 | 65 | (67) |
After-tax | |||
Other comprehensive (loss) income, net of tax | (695) | (192) | 232 |
Accumulated Foreign Currency Adjustment Attributable to Parent | |||
Pretax | |||
Foreign currency translation adjustment | (15) | ||
Net unrealized gains (losses) on net investment hedges | 10 | 9 | |
Translation adjustments, net of hedges | (5) | (3) | |
Tax (Expense) Benefit | |||
Reclassification from AOCI, Current Period, Tax | 0 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
After-tax | |||
Foreign currency translation adjustment | (15) | (12) | |
Net unrealized gains (losses) on net investment hedges | 10 | 9 | |
Period change | (5) | (3) | |
OCI, before Reclassifications, before Tax, Attributable to Parent | (12) | ||
Unrealized (losses) gains for pension and other post-retirement obligations | |||
Pretax | |||
Total other comprehensive income (loss), pretax | 19 | 36 | (3) |
Tax (Expense) Benefit | |||
Other comprehensive loss | (4) | (8) | 1 |
After-tax | |||
Foreign currency translation adjustment | 0 | 0 | 0 |
Net unrealized gains (losses) on net investment hedges | 15 | 28 | (2) |
Period change | 15 | 28 | (2) |
Other comprehensive (loss) income, net of tax | 15 | 28 | (2) |
Net impact of hedges on available-for-sale securities | |||
Pretax | |||
Total other comprehensive income (loss), pretax | 865 | 113 | 3 |
Tax (Expense) Benefit | |||
Other comprehensive loss | (200) | (26) | (1) |
After-tax | |||
Other comprehensive (loss) income, net of tax | 665 | 87 | 2 |
Debt securities | |||
Pretax | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (3,699) | (440) | 277 |
Tax (Expense) Benefit | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | 850 | 99 | (61) |
After-tax | |||
Net change in unrealized holding gains (losses) on available-for-sale debt/equity securities | (2,849) | (341) | 216 |
Debt securities | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | |||
Pretax | |||
Unrealized losses on available-for-sale securities arising during the period | (3,799) | (474) | 235 |
Reclassification adjustment for realized net losses included in net income | 100 | 34 | 42 |
Tax (Expense) Benefit | |||
Other Comprehensive Income (Loss) before Reclassifications, Tax | 873 | 107 | (52) |
Reclassification from AOCI, Current Period, Tax | (23) | (8) | (9) |
After-tax | |||
Unrealized losses on available-for-sale securities arising during the period | (2,926) | (367) | 183 |
Reclassification adjustment for realized net losses included in net income | 77 | 26 | 33 |
Foreign currency translation adjustment | (2,926) | (367) | 183 |
Net unrealized gains (losses) on net investment hedges | 77 | 26 | 33 |
Period change | (2,849) | (341) | 216 |
Debt securities | Net impact of hedges on available-for-sale securities | |||
After-tax | |||
Foreign currency translation adjustment | 665 | 87 | 2 |
Net unrealized gains (losses) on net investment hedges | 0 | 0 | 0 |
Period change | $ 665 | $ 87 | $ 2 |
OTHER COMPREHENSIVE INCOME - AO
OTHER COMPREHENSIVE INCOME - AOCI Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 19,297 | ||
Other comprehensive income before reclassifications | (2,961) | $ (475) | $ 417 |
Amounts reclassified from accumulated OCI to earnings | 92 | 54 | 31 |
Period change | (2,869) | (421) | 448 |
Ending balance | 17,731 | 19,297 | |
Transferred from AFS to HTM | (66) | (27) | (53) |
AOCI attributable to parent | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (229) | 192 | (256) |
Ending balance | (3,098) | (229) | 192 |
Unrealized gains and (losses) on securities | Debt securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (153) | 188 | (28) |
Other comprehensive income before reclassifications | (2,926) | (367) | 183 |
Amounts reclassified from accumulated OCI to earnings | 77 | 26 | 33 |
Period change | (2,849) | (341) | 216 |
Ending balance | (3,002) | (153) | 188 |
Net impact of hedges on available-for-sale securities | Debt securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 89 | 2 | 0 |
Other comprehensive income before reclassifications | 665 | 87 | 2 |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | 0 |
Period change | 665 | 87 | 2 |
Ending balance | 754 | 89 | 2 |
Change in fair value of cash flow hedges on loans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 63 | 255 | 23 |
Other comprehensive income before reclassifications | (695) | (192) | 232 |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | 0 |
Period change | (695) | (192) | 232 |
Ending balance | (632) | 63 | 255 |
Translation adjustments, net of hedges | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (3) | 0 | 0 |
Other comprehensive income before reclassifications | (5) | (3) | 0 |
Amounts reclassified from accumulated OCI to earnings | 0 | 0 | 0 |
Period change | (5) | (3) | 0 |
Ending balance | (8) | (3) | 0 |
Unrealized (losses) gains for pension and other post-retirement obligations | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (225) | (253) | (251) |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Amounts reclassified from accumulated OCI to earnings | 15 | 28 | (2) |
Period change | 15 | 28 | (2) |
Ending balance | $ (210) | $ (225) | $ (253) |
SHAREHOLDERS' EQUITY (Details)
SHAREHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Oct. 15, 2021 | Jul. 15, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Shares Outstanding | 557,500 | 557,500 | |||
Carrying Amount | $ 2,167 | $ 2,167 | |||
Amount | (113) | (131) | $ (100) | ||
Treasury stock, common, value | $ 80 | 79 | |||
Red Iron | |||||
Class of Stock [Line Items] | |||||
Ownership interest of parent | 55% | ||||
Ownership interest of non-controlling owners | 45% | ||||
Series B | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 35,500 | ||||
Preferred stock, redemption date | Jan. 15, 2017 | ||||
Carrying Amount | $ 23 | $ 23 | |||
Cash Dividend Declared Per Share | $ 46.68 | $ 28.69 | $ 35.91 | ||
Amount | $ (2) | $ (1) | $ (1) | ||
Series B | London Interbank Offered Rate (LIBOR) | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate percentage | 2.70% | ||||
Series C | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate percentage | 5.875% | ||||
Cash Dividend Declared Per Share | $ 0 | $ 44.07 | $ 58.76 | ||
Amount | $ 0 | $ (4) | $ (6) | ||
Stock redeemed (in shares) | 100,000,000 | ||||
Preferred stock par value (in USD per share) | $ 0.01 | ||||
Series D Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, dividend rate percentage | 6.25% | ||||
Cash Dividend Declared Per Share | $ 0 | $ 31.25 | $ 62.50 | ||
Amount | $ 0 | $ (18) | $ (37) | ||
Stock redeemed (in shares) | 600,000,000 | ||||
Preferred stock par value (in USD per share) | $ 0.01 | ||||
Series E (3) | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 5,000 | ||||
Preferred stock, dividend rate percentage | 5.70% | ||||
Preferred stock, redemption date | Apr. 15, 2023 | ||||
Carrying Amount | $ 495 | $ 495 | |||
Cash Dividend Declared Per Share | $ 5,700 | $ 5,700 | $ 5,700 | ||
Amount | $ (29) | $ (29) | $ (29) | ||
Series F (3) | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 5,000 | ||||
Preferred stock, dividend rate percentage | 5.625% | ||||
Preferred stock, redemption date | Jul. 15, 2030 | ||||
Carrying Amount | $ 494 | $ 494 | |||
Cash Dividend Declared Per Share | $ 5,625 | $ 5,625 | $ 3,468.75 | ||
Amount | $ (28) | $ (28) | $ (17) | ||
Series G (3) | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 5,000 | ||||
Preferred stock, dividend rate percentage | 4.45% | ||||
Preferred stock, redemption date | Oct. 15, 2027 | ||||
Carrying Amount | $ 494 | $ 494 | |||
Cash Dividend Declared Per Share | $ 4,450 | $ 4,450 | $ 1,915.97 | ||
Amount | $ (22) | $ (23) | $ (10) | ||
Series H Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 500,000 | ||||
Preferred stock, dividend rate percentage | 4.50% | ||||
Preferred stock, redemption date | Apr. 15, 2026 | ||||
Carrying Amount | $ 486 | $ 486 | |||
Cash Dividend Declared Per Share | $ 45 | $ 42 | $ 0 | ||
Amount | $ (22) | $ (21) | $ 0 | ||
Series I Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Shares Outstanding | 7,000 | ||||
Preferred stock, dividend rate percentage | 5.70% | ||||
Preferred stock, redemption date | Dec. 01, 2022 | ||||
Carrying Amount | $ 175 | $ 175 | |||
Preferred stock, liquidation preference per share (in dollars per share) | $ 25,000 | ||||
Cash Dividend Declared Per Share | $ 1,425 | $ 1,068.75 | $ 0 | ||
Amount | $ (10) | $ (7) | $ 0 | ||
Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | ||||
Series E, F and G Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 100,000 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Basic earnings per common share: | |||
Net income attributable to Huntington Bancshares Inc | $ 2,238 | $ 1,295 | $ 817 |
Dividends on preferred shares | 113 | 131 | 100 |
Impact of preferred stock redemption | 0 | 11 | 0 |
Net income available to common shares | $ 2,125 | $ 1,153 | $ 717 |
Average common shares issued and outstanding | 1,441,279 | 1,262,435 | 1,017,117 |
Basic earnings per common share (in USD per share) | $ 1.47 | $ 0.91 | $ 0.71 |
Dilutive potential common shares | |||
Stock options and restricted stock units and awards (in shares) | 17,534 | 18,185 | 10,613 |
Shares held in deferred compensation plans (in shares) | 6,407 | 6,113 | 4,953 |
Dilutive potential common shares: (in shares) | 23,941 | 24,298 | 15,566 |
Total diluted average common shares issued and outstanding (in shares) | 1,465,220 | 1,286,733 | 1,032,683 |
Diluted earnings per common share (in USD per share) | $ 1.45 | $ 0.90 | $ 0.69 |
Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Options outstanding to purchase common stock shares having antidilutive effect (in shares) | 5,303 | 2,674 | 9,760 |
NONINTEREST INCOME - Summary of
NONINTEREST INCOME - Summary of Noninterest Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |||
Noninterest income from contracts with customers | $ 1,318 | $ 1,113 | $ 884 |
Noninterest income within the scope of other GAAP topics | 663 | 776 | 707 |
Total noninterest income | $ 1,981 | $ 1,889 | $ 1,591 |
NONINTEREST INCOME - Disaggrega
NONINTEREST INCOME - Disaggregation by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | $ 1,318 | $ 1,113 | $ 884 |
Noninterest income within the scope of other GAAP topics | 663 | 776 | 707 |
Noninterest income | 1,981 | 1,889 | 1,591 |
Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 384 | 372 | 301 |
Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 348 | 311 | 236 |
Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 99 | 25 | 18 |
Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 249 | 232 | 189 |
Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 117 | 105 | 97 |
Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 121 | 68 | 43 |
Operating Segments | Commercial Banking | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 306 | 159 | 123 |
Noninterest income within the scope of other GAAP topics | 364 | 364 | 241 |
Noninterest income | 670 | 523 | 364 |
Operating Segments | Commercial Banking | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 85 | 85 | 74 |
Operating Segments | Commercial Banking | Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 24 | 19 | 15 |
Operating Segments | Commercial Banking | Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 90 | 16 | 10 |
Operating Segments | Commercial Banking | Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 4 | 3 | 5 |
Operating Segments | Commercial Banking | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 9 | 7 | 7 |
Operating Segments | Commercial Banking | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 94 | 29 | 12 |
Operating Segments | Consumer & Business Banking | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 772 | 707 | 551 |
Noninterest income within the scope of other GAAP topics | 245 | 338 | 394 |
Noninterest income | 1,017 | 1,045 | 945 |
Operating Segments | Consumer & Business Banking | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 288 | 278 | 217 |
Operating Segments | Consumer & Business Banking | Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 324 | 292 | 221 |
Operating Segments | Consumer & Business Banking | Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 8 | 6 | 5 |
Operating Segments | Consumer & Business Banking | Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 67 | 63 | 44 |
Operating Segments | Consumer & Business Banking | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 59 | 48 | 43 |
Operating Segments | Consumer & Business Banking | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 26 | 20 | 21 |
Operating Segments | Vehicle Finance | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 10 | 9 | 8 |
Noninterest income within the scope of other GAAP topics | 3 | 4 | 1 |
Noninterest income | 13 | 13 | 9 |
Operating Segments | Vehicle Finance | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 7 | 6 | 6 |
Operating Segments | Vehicle Finance | Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 2 | 2 | 2 |
Operating Segments | Vehicle Finance | Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Operating Segments | Vehicle Finance | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 1 | 1 | 0 |
Operating Segments | RBHPCG | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 236 | 226 | 201 |
Noninterest income within the scope of other GAAP topics | 3 | 1 | 0 |
Noninterest income | 239 | 227 | 201 |
Operating Segments | RBHPCG | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 4 | 3 | 4 |
Operating Segments | RBHPCG | Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Operating Segments | RBHPCG | Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 2 | 1 | 1 |
Operating Segments | RBHPCG | Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 178 | 166 | 140 |
Operating Segments | RBHPCG | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 50 | 49 | 46 |
Operating Segments | RBHPCG | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 2 | 7 | 10 |
Treasury / Other | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | (6) | 12 | 1 |
Noninterest income within the scope of other GAAP topics | 48 | 69 | 71 |
Noninterest income | 42 | 81 | 72 |
Treasury / Other | Service charges on deposit accounts | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Treasury / Other | Cards and payment processing income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Treasury / Other | Capital markets fees | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | (3) | 0 | 0 |
Treasury / Other | Trust and investment management services | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | 0 | 0 | 0 |
Treasury / Other | Insurance income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | (1) | 1 | 1 |
Treasury / Other | Other income | |||
Disaggregation of Revenue [Line Items] | |||
Net revenue from contracts with customers | $ (2) | $ 11 | $ 0 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for grant | 21 | ||
Granted (in USD per share) | $ 13.47 | $ 15.78 | $ 8.90 |
Total fair value of awards vested | $ 105 | $ 135 | $ 86 |
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years | ||
Total unrecognized compensation cost related to nonvested awards | $ 151 | ||
Cost not yet recognized period for recognition | 2 years 8 months 12 days | ||
TCF options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Awards expiration period | 10 years | ||
Performance Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Granted (in USD per share) | $ 14.39 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Share-based compensation expense | $ 119 | $ 138 | $ 77 |
Tax benefit | $ 20 | $ 22 | $ 13 |
SHARE-BASED COMPENSATION - Sche
SHARE-BASED COMPENSATION - Schedule of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Options (in shares): | |
Outstanding at beginning of period (in shares) | 14,466 |
Granted (in shares) | 74 |
Exercised (in shares) | (912) |
Forfeited/expired (in shares) | (170) |
Outstanding at end of period (in shares) | 13,458 |
Expected to vest at end of period (in shares) | 4,076 |
Exercisable at end of period (in shares) | 9,336 |
Weighted- Average Exercise Price (USD per share): | |
Outstanding at beginning of period (USD per share) | $ / shares | $ 12.34 |
Granted (USD per share) | $ / shares | 15.54 |
Exercised (USD per share) | $ / shares | 10.08 |
Forfeited/expired (USD per share) | $ / shares | 13.20 |
Outstanding at end of period (USD per share) | $ / shares | 12.50 |
Vested and expected to vest (USD per share) | $ / shares | 12.09 |
Exercisable (USD per share) | $ / shares | $ 12.68 |
Weighted-Average Remaining Contractual Life (Years)/Aggregate Intrinsic Value | |
Outstanding, weighted-average remaining contractual life (years) | 6 years |
Expected to vest, weighted-average remaining contractual period (years) | 7 years 6 months |
Exercisable, weighted-average remaining contractual term (years) | 5 years 3 months 18 days |
Outstanding aggregate intrinsic value | $ | $ 28 |
Expected to vest, aggregate intrinsic value | $ | 11 |
Exercisable, aggregate intrinsic value | $ | $ 17 |
Expected to be forfeited (in shares) | 46 |
SHARE-BASED COMPENSATION - Rest
SHARE-BASED COMPENSATION - Restricted Stock, RSUs, Performance Shares (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Granted (in USD per share) | $ 13.47 | $ 15.78 | $ 8.90 |
Restricted Stock Awards | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 356 | ||
Granted (in shares) | 0 | ||
Vested (in shares) | (212) | ||
Forfeited (in shares) | (20) | ||
Nonvested at end of period (in shares) | 124 | 356 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 14.46 | ||
Granted (in USD per share) | 0 | ||
Vested (in USD per share) | 14.72 | ||
Forfeited (in USD per share) | 14.39 | ||
Nonvested at end of period (in USD per share) | $ 14.37 | $ 14.46 | |
Restricted Stock Units | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 19,098 | ||
Granted (in shares) | 12,592 | ||
Vested (in shares) | (5,848) | ||
Forfeited (in shares) | (1,621) | ||
Nonvested at end of period (in shares) | 24,221 | 19,098 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 12.85 | ||
Granted (in USD per share) | 13.37 | ||
Vested (in USD per share) | 14.31 | ||
Forfeited (in USD per share) | 12.69 | ||
Nonvested at end of period (in USD per share) | $ 12.70 | $ 12.85 | |
Performance Share Units | |||
Shares: | |||
Nonvested at beginning of period (in shares) | 3,126 | ||
Granted (in shares) | 1,743 | ||
Vested (in shares) | (1,342) | ||
Forfeited (in shares) | (58) | ||
Nonvested at end of period (in shares) | 3,469 | 3,126 | |
Weighted-Average Grant Date Fair Value Per Share (USD per share): | |||
Nonvested at beginning of period (in USD per share) | $ 12.06 | ||
Granted (in USD per share) | 14.39 | ||
Vested (in USD per share) | 13.72 | ||
Forfeited (in USD per share) | 13.50 | ||
Nonvested at end of period (in USD per share) | $ 12.40 | $ 12.06 |
BENEFIT PLANS - Narrative (Deta
BENEFIT PLANS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer Contributions | $ 0 | ||
Average duration on investments | 10 years 10 months 24 days | ||
Estimated life of benefit obligations | 10 years 3 months 18 days | ||
Expense related to defined contribution plans | $ 58 | $ 70 | $ 47 |
Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations | 3% | ||
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations | 11% | ||
Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual plan asset allocations | 86% | ||
At December 31, | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligations in excess of plan assets, aggregate projected benefit obligation | $ 48 | ||
At December 31, | Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets percent | 10% | ||
At December 31, | Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Allocation of plan assets percent | 90% |
BENEFIT PLANS - Weighted Averag
BENEFIT PLANS - Weighted Average Assumptions (Details) - At December 31, | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Weighted-average assumptions used to determine benefit obligations | ||
Discount rate | 5.41% | 2.86% |
Weighted-average assumptions used to determine net periodic benefit cost | ||
Discount rate | 2.86% | 2.50% |
Expected return on plan assets | 4.50% | 4.50% |
BENEFIT PLANS - Projected Benef
BENEFIT PLANS - Projected Benefit Obligation (Details) - At December 31, - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of measurement year | $ 956 | $ 1,026 | |
Service cost | 3 | 3 | $ 3 |
Interest cost | 22 | 19 | 26 |
Benefits paid | (32) | (30) | |
Settlements | (29) | (25) | |
Actuarial gains | (228) | (37) | |
Total changes | (264) | (70) | |
Projected benefit obligation at end of measurement year | $ 692 | $ 956 | $ 1,026 |
BENEFIT PLANS - Fair Value of P
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes due to: | ||
Fair value of plan assets at beginning of measurement year | $ 1,007 | |
Fair value of plan assets at end of measurement year | 740 | $ 1,007 |
At December 31, | ||
Changes due to: | ||
Fair value of plan assets at beginning of measurement year | 1,007 | 1,050 |
Actual return on plan assets | (197) | 15 |
Settlements | (38) | (28) |
Benefits paid | (32) | (30) |
Total changes | (267) | (43) |
Fair value of plan assets at end of measurement year | $ 740 | $ 1,007 |
BENEFIT PLANS - Net Periodic Be
BENEFIT PLANS - Net Periodic Benefit Costs (Details) - At December 31, - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net periodic benefit expense [Abstract] | |||
Service cost | $ 3 | $ 3 | $ 3 |
Interest cost | 22 | 19 | 26 |
Expected return on plan assets | (41) | (40) | (42) |
Amortization of loss | 9 | 12 | 9 |
Settlements | 15 | 8 | 5 |
Benefit costs | $ 8 | $ 2 | $ 1 |
BENEFIT PLANS - Fair Value of_2
BENEFIT PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of plan assets investments | ||
Fair value of plan assets | $ 740 | $ 1,007 |
Fair value of plan assets, Percentage | 100% | 100% |
Mutual funds-money market | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 23 | $ 45 |
Fair value of plan assets, Percentage | 3% | 5% |
Corporate obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 414 | $ 559 |
Fair value of plan assets, Percentage | 57% | 55% |
U.S. Government obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 154 | $ 208 |
Fair value of plan assets, Percentage | 21% | 21% |
Municipal obligations | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 3 | $ 5 |
Fair value of plan assets, Percentage | 0% | 0% |
Collective trust funds | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 62 | $ 13 |
Fair value of plan assets, Percentage | 8% | 1% |
Common stock | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 0 | $ 52 |
Fair value of plan assets, Percentage | 0% | 5% |
Limited liability companies | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 9 | $ 36 |
Fair value of plan assets, Percentage | 1% | 4% |
Collective trust funds | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 27 | $ 30 |
Fair value of plan assets, Percentage | 4% | 3% |
Limited partnerships | ||
Summary of plan assets investments | ||
Fair value of plan assets | $ 48 | $ 58 |
Fair value of plan assets, Percentage | 6% | 6% |
BENEFIT PLANS - Expected Future
BENEFIT PLANS - Expected Future Benefit Payments (Details) - At December 31, $ in Millions | Dec. 31, 2022 USD ($) |
Estimated Future Benefit Payments [Abstract] | |
2023 | $ 50 |
2024 | 50 |
2025 | 50 |
2026 | 50 |
2027 | 50 |
2027 through 2030 | $ 239 |
BENEFIT PLANS - Defined Contrib
BENEFIT PLANS - Defined Contribution Plans (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Shares in Huntington common stock (in shares) | 9,451 | 9,526 |
Market value of Huntington common stock | $ 133 | $ 147 |
Dividends received on shares of Huntington stock | $ 6 | $ 6 |
INCOME TAXES - Provision (Benef
INCOME TAXES - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax provision (benefit) | |||
Federal | $ 129 | $ 356 | $ 236 |
State | 62 | 13 | 12 |
Foreign | 5 | 1 | 0 |
Total current tax provision | 196 | 370 | 248 |
Deferred tax provision (benefit) | |||
Federal | 319 | (104) | (103) |
State | 0 | 28 | 10 |
Total deferred tax provision (benefit) | 319 | (76) | (93) |
Provision for income taxes | $ 515 | $ 294 | $ 155 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes computed at the statutory rate | $ 580 | $ 334 | $ 204 |
Increases (decreases): | |||
General business credits | (164) | (126) | (99) |
Capital loss | (60) | (32) | (25) |
Tax-exempt income | (21) | (18) | (17) |
Tax-exempt bank owned life insurance income | (11) | (14) | (13) |
Affordable housing investment amortization, net of tax benefits | 129 | 102 | 78 |
State income taxes, net | 49 | 32 | 17 |
Other | 13 | 16 | 10 |
Provision for income taxes | $ 515 | $ 294 | $ 155 |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Fair value adjustments | $ 917 | $ 65 |
Tax credit carryforward | 59 | 194 |
Allowances for credit losses | 526 | 518 |
Purchase accounting and other intangibles | 167 | 107 |
Net operating and other loss carryforward | 136 | 143 |
Pension and other employee benefits | 68 | 46 |
Lease liability | 96 | 143 |
Other assets | 13 | 14 |
Total deferred tax assets | 1,982 | 1,230 |
Deferred tax liabilities: | ||
Lease financing | 955 | 712 |
Mortgage servicing rights | 112 | 84 |
Operating assets | 133 | 116 |
Loan origination costs | 97 | 115 |
Right-of-use asset | 67 | 113 |
Securities adjustments | 42 | 40 |
Other liabilities | 10 | 14 |
Total deferred tax liabilities | 1,416 | 1,194 |
Net deferred tax asset (liability) before valuation allowance | 566 | 36 |
Valuation allowance | (32) | (35) |
Net deferred tax asset | $ 534 | $ 1 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Net deferred tax asset, operating loss carryforwards | $ 195 |
Net deferred tax asset, operating loss carryforwards, domestic | 60 |
Net deferred tax asset, operating loss carryforwards, state and local | 48 |
General business credit | 59 |
Bad debt reserves with no federal income tax liability | 182 |
Unrecognized deferred tax liability from cumulative bad debt reduction | 38 |
Domestic Tax Authority | |
Tax Credit Carryforward [Line Items] | |
Capital loss carryforwards | 22 |
State and Local Jurisdiction | |
Tax Credit Carryforward [Line Items] | |
Capital loss carryforwards | $ 6 |
INCOME TAXES - Gross Unrecogniz
INCOME TAXES - Gross Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Unrecognized tax benefits at beginning of period | $ 93 | $ 46 |
Gross increases for tax positions taken during current period | 1 | 47 |
Unrecognized tax benefits at end of period | $ 94 | $ 93 |
FAIR VALUES OF ASSETS AND LIA_3
FAIR VALUES OF ASSETS AND LIABILITIES - Recurring basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 23,423 | $ 28,460 |
Loans held for sale | 520 | 1,270 |
Loans held for investment | 185 | 171 |
Derivative assets gross | 2,164 | 1,065 |
Derivative assets netting | (1,808) | (465) |
Derivative assets | 356 | 600 |
Total short-term borrowings | 2,027 | 334 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 2,337 | 743 |
Derivative liabilities netting | (1,345) | (624) |
Derivative liabilities | 992 | 119 |
U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 103 | 5 |
Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,263 | 15,508 |
Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,953 | 1,865 |
Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 182 | 248 |
Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,290 | 3,526 |
Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 128 | 106 |
Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 372 | 382 |
Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,214 | 2,167 |
Recurring | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 23,423 | 28,460 |
Other securities | 32 | 72 |
Loans held for sale | 520 | 1,270 |
Loans held for investment | 185 | 171 |
MSRs | 494 | 351 |
Derivative assets netting | (1,808) | (465) |
Derivative assets | 356 | 600 |
Assets held in trust for deferred compensation plans | 155 | 156 |
Liabilities measured at fair value on a recurring basis | ||
Derivative liabilities netting | (1,345) | (624) |
Derivative liabilities | 992 | 119 |
Recurring | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 103 | 5 |
Recurring | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,914 | 4,649 |
Recurring | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,263 | 15,508 |
Recurring | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,953 | 1,865 |
Recurring | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 182 | 248 |
Recurring | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 19 | 46 |
Available-for-sale securities | 3,290 | 3,526 |
Recurring | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 128 | 106 |
Recurring | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 372 | 382 |
Recurring | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,214 | 2,167 |
Recurring | Other securities/Sovereign debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Recurring | Level 1 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 103 | 5 |
Other securities | 31 | 65 |
Loans held for sale | 0 | 0 |
Loans held for investment | 0 | 0 |
MSRs | 0 | 0 |
Derivative assets gross | 0 | 0 |
Assets held in trust for deferred compensation plans | 155 | 156 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 0 | 0 |
Recurring | Level 1 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 103 | 5 |
Recurring | Level 1 | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 1 | Other securities/Sovereign debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 19,978 | 24,888 |
Other securities | 1 | 7 |
Loans held for sale | 520 | 1,270 |
Loans held for investment | 169 | 152 |
MSRs | 0 | 0 |
Derivative assets gross | 2,161 | 1,055 |
Assets held in trust for deferred compensation plans | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 2,332 | 737 |
Recurring | Level 2 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 2 | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,914 | 4,649 |
Recurring | Level 2 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 12,263 | 15,508 |
Recurring | Level 2 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 1,953 | 1,865 |
Recurring | Level 2 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 182 | 248 |
Recurring | Level 2 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 19 | 46 |
Available-for-sale securities | 42 | 49 |
Recurring | Level 2 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 108 | 86 |
Recurring | Level 2 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 298 | 312 |
Recurring | Level 2 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 2,214 | 2,167 |
Recurring | Level 2 | Other securities/Sovereign debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 4 | 4 |
Recurring | Level 3 | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 3,342 | 3,567 |
Other securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans held for investment | 16 | 19 |
MSRs | 494 | 351 |
Derivative assets gross | 3 | 10 |
Assets held in trust for deferred compensation plans | 0 | 0 |
Liabilities measured at fair value on a recurring basis | ||
Gross amounts of recognized liabilities | 5 | 6 |
Recurring | Level 3 | U.S. Treasury securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Residential CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Residential MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Commercial MBS | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Other agencies | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Municipal securities | ||
Assets measured at fair value on a recurring basis | ||
Trading account securities | 0 | 0 |
Available-for-sale securities | 3,248 | 3,477 |
Recurring | Level 3 | Private-label CMO | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 20 | 20 |
Recurring | Level 3 | Asset-backed securities | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 74 | 70 |
Recurring | Level 3 | Corporate debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | 0 | 0 |
Recurring | Level 3 | Other securities/Sovereign debt | ||
Assets measured at fair value on a recurring basis | ||
Available-for-sale securities | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_4
FAIR VALUES OF ASSETS AND LIABILITIES - Level 3 Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total gains/losses for the period: | ||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Debt and Equity Securities, Gain (Loss) | Debt and Equity Securities, Gain (Loss) | Debt and Equity Securities, Gain (Loss) | |
Derivative instruments | ||||
Opening balance | $ 4 | $ 41 | $ 6 | |
Transfers out of Level 3 | (3) | (132) | (198) | |
Total gains/losses for the period: | ||||
Included in OCI | 0 | 0 | 0 | |
Purchases/originations | 0 | 7 | 0 | |
Sales | 0 | |||
Repayments | 0 | 0 | 0 | |
Settlements | 0 | 0 | 0 | |
Opening balance | (2) | 4 | 41 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | $ (8) | $ (41) | $ 34 | |
Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Mortgage banking income | Mortgage banking income | Mortgage banking income | |
Total gains/losses for the period: | ||||
Included in earnings: | $ (3) | $ 88 | $ 233 | |
Interest and fee income | ||||
Total gains/losses for the period: | ||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | |
Total gains/losses for the period: | ||||
Included in earnings: | $ 0 | $ 0 | $ 0 | |
Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Provision (benefit) for loan and lease losses | |||
Total gains/losses for the period: | ||||
Included in earnings: | $ 0 | |||
Fair Value, Recurring | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | 494 | 351 | ||
Level 1 | Fair Value, Recurring | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | 0 | 0 | ||
Level 2 | Fair Value, Recurring | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | 0 | 0 | ||
Level 3 | Fair Value, Recurring | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | 494 | 351 | ||
Residential mortgage | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | 494 | 351 | 210 | |
Revision of Prior Period, Adjustment | Residential mortgage | ||||
Level 3 Assets Roll Forward: | ||||
Fair value election for servicing assets previously measured using the amortization method | $ 205 | |||
MSRs | ||||
Level 3 Assets Roll Forward: | ||||
Opening balance | 351 | 210 | 7 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Total gains/losses for the period: | ||||
Included in OCI | 0 | 0 | 0 | |
Purchases/originations | 85 | 194 | 102 | |
Sales | 0 | |||
Repayments | 0 | 0 | 0 | |
Settlements | (56) | (80) | 0 | |
Closing balance | 494 | 351 | 210 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 114 | 27 | (104) | |
MSRs | Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 114 | 27 | (104) | |
MSRs | Interest and fee income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | 0 | 0 | |
MSRs | Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | |||
Municipal securities | ||||
Level 3 Assets Roll Forward: | ||||
Opening balance | 3,477 | 2,951 | 2,999 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Total gains/losses for the period: | ||||
Included in OCI | (262) | (46) | 65 | |
Purchases/originations | 1,087 | 1,835 | 623 | |
Sales | (369) | |||
Repayments | 0 | 0 | 0 | |
Settlements | (1,045) | (893) | (734) | |
Closing balance | 3,248 | 3,477 | 2,951 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (257) | (47) | 68 | |
Municipal securities | Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | 0 | 0 | |
Municipal securities | Interest and fee income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | (5) | (1) | (2) | |
Municipal securities | Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Included in earnings: | (4) | |||
Private-label CMO | ||||
Level 3 Assets Roll Forward: | ||||
Opening balance | 20 | 9 | 2 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Total gains/losses for the period: | ||||
Included in OCI | 0 | 0 | 0 | |
Purchases/originations | 4 | 11 | 7 | |
Repayments | 0 | 0 | 0 | |
Settlements | (1) | 2 | 0 | |
Closing balance | 20 | 20 | 9 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | 0 | 0 | |
Private-label CMO | Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | 0 | 0 | |
Private-label CMO | Interest and fee income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | (3) | (2) | 0 | |
Private-label CMO | Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | |||
Asset-backed securities | ||||
Level 3 Assets Roll Forward: | ||||
Opening balance | 70 | 10 | 48 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Total gains/losses for the period: | ||||
Included in OCI | (1) | 0 | 0 | |
Purchases/originations | 31 | 115 | 28 | |
Sales | 0 | |||
Repayments | 0 | 0 | 0 | |
Settlements | (26) | (55) | (66) | |
Closing balance | 74 | 70 | 10 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | (1) | 0 | 0 | |
Asset-backed securities | Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | 0 | 0 | |
Asset-backed securities | Interest and fee income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | 0 | 0 | |
Asset-backed securities | Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | |||
Automobile | ||||
Total gains/losses for the period: | ||||
Sales | 0 | |||
Loans held for investment | ||||
Level 3 Assets Roll Forward: | ||||
Opening balance | 19 | 23 | 26 | |
Transfers out of Level 3 | 0 | 0 | 0 | |
Total gains/losses for the period: | ||||
Included in OCI | 0 | 0 | 0 | |
Purchases/originations | 0 | 0 | 0 | |
Repayments | (4) | (4) | (3) | |
Settlements | 0 | 0 | 0 | |
Closing balance | 16 | 19 | 23 | |
Change in unrealized gains or losses for the period included in earnings for assets held at end of the reporting date | 0 | 0 | 0 | |
Loans held for investment | Mortgage banking income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 1 | 0 | 0 | |
Loans held for investment | Interest and fee income | ||||
Total gains/losses for the period: | ||||
Included in earnings: | 0 | $ 0 | $ 0 | |
Loans held for investment | Provision for credit losses | ||||
Total gains/losses for the period: | ||||
Included in earnings: | $ 0 |
FAIR VALUES OF ASSETS AND LIA_5
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | $ 520 | $ 1,270 |
Loans held for investment, fair value | 185 | 171 |
Fair Value, Recurring | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | 520 | 1,270 |
Loans held for investment, fair value | 185 | 171 |
Fair Value, Recurring | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, aggregate unpaid principal | 513 | 1,237 |
Difference | 7 | 33 |
Fair Value, Recurring | Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value | 185 | 171 |
Loans held for investment, aggregate unpaid principal | 190 | 177 |
Difference | (5) | (6) |
Fair Value, Recurring | 90 or more days | Loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale, fair value | 0 | 0 |
Loans held for sale, aggregate unpaid principal | 0 | 0 |
Difference | 0 | 0 |
Fair Value, Recurring | 90 or more days | Loans held for investment | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for investment, fair value | 11 | 4 |
Loans held for investment, aggregate unpaid principal | 11 | 4 |
Difference | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_6
FAIR VALUES OF ASSETS AND LIABILITIES - Fair Value Option-Changes in Fair Value (Details) - Fair Value, Recurring - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans held for sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains (losses) from fair value changes | $ (26) | $ (31) | $ 38 |
Loans held for investment | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Net gains (losses) from fair value changes | $ 1 | $ (1) | $ 1 |
FAIR VALUES OF ASSETS AND LIA_7
FAIR VALUES OF ASSETS AND LIABILITIES - Non-recurring/Fair Values of Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held for sale | $ 520 | $ 1,270 | |
Nonrecurring | Total Gains/(Losses) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral-dependent loans, gains (losses) | (1) | (4) | $ (43) |
Loans held for sale, gains (losses) | 0 | 0 | $ (63) |
Nonrecurring | Level 3 | Estimated Fair Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Collateral-dependent loans | 16 | 39 | |
Loans held for sale | $ 0 | $ 0 |
FAIR VALUES OF ASSETS AND LIA_8
FAIR VALUES OF ASSETS AND LIABILITIES - Significant Unobservable Level 3 Inputs (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative assets gross | $ 2,164 | $ 1,065 |
Recurring | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
MSRs | 494 | 351 |
Recurring | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
MSRs | 494 | 351 |
Derivative assets gross | $ 3 | $ 10 |
Residential MBS | Measurement Input, Constant Prepayment Rate | Recurring | Maximum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.40 | 0.23 |
Residential MBS | Measurement Input, Constant Prepayment Rate | Recurring | Minimum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | 0.08 |
Residential MBS | Measurement Input, Constant Prepayment Rate | Recurring | Weighted Average | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.07 | 0.12 |
Residential MBS | Measurement Input, Option Adjusted Spread | Recurring | Maximum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.13 | 0.11 |
Residential MBS | Measurement Input, Option Adjusted Spread | Recurring | Minimum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.05 | 0.03 |
Residential MBS | Measurement Input, Option Adjusted Spread | Recurring | Weighted Average | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Servicing Asset, Measurement Input | 0.06 | 0.05 |
Corporate obligations | Measurement Input, Discount Rate | Recurring | Maximum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.02 |
Corporate obligations | Measurement Input, Discount Rate | Recurring | Minimum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0 |
Corporate obligations | Measurement Input, Discount Rate | Recurring | Weighted Average | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.05 | 0.01 |
Corporate obligations | Measurement Input, Default Rate | Recurring | Maximum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.64 | 0.64 |
Corporate obligations | Measurement Input, Default Rate | Recurring | Minimum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0 | 0 |
Corporate obligations | Measurement Input, Default Rate | Recurring | Weighted Average | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.07 | 0.05 |
Corporate obligations | Measurement Input, Loss Severity | Recurring | Maximum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.20 | 0.80 |
Corporate obligations | Measurement Input, Loss Severity | Recurring | Minimum | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.20 | 0.05 |
Corporate obligations | Measurement Input, Loss Severity | Recurring | Weighted Average | Valuation Technique, Discounted Cash Flow | Level 3 | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Debt Securities, Available-for-sale, Measurement Input | 0.20 | 0.23 |
FAIR VALUES OF ASSETS AND LIA_9
FAIR VALUES OF ASSETS AND LIABILITIES - Balance Sheet Location (Details) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Assets: | |||
Available-for-sale securities | $ 23,423 | $ 28,460 | |
Held-to-maturity securities | 17,052 | 12,447 | |
Loans held for sale | [1] | 529 | 1,676 |
Net loans and leases | 117,402 | 109,237 | |
Derivatives | 356 | 600 | |
Financial Liabilities: | |||
Deposits | 147,914 | 143,263 | |
Short-term borrowings | 2,027 | 334 | |
Long-term borrowings | $ 9,686 | $ 7,108 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | |
Derivatives | $ 992 | $ 119 | |
Gross amounts of recognized assets | 2,164 | 1,065 | |
Derivative assets netting | (1,808) | (465) | |
Gross amounts of recognized liabilities | 2,337 | 743 | |
Derivative liabilities netting | (1,345) | (624) | |
Fair Value, Recurring | |||
Financial Assets: | |||
Available-for-sale securities | 23,423 | 28,460 | |
Derivatives | 356 | 600 | |
Financial Liabilities: | |||
Derivatives | 992 | 119 | |
Derivative assets netting | (1,808) | (465) | |
Derivative liabilities netting | (1,345) | (624) | |
Level 1 | Fair Value, Recurring | |||
Financial Assets: | |||
Available-for-sale securities | 103 | 5 | |
Financial Liabilities: | |||
Gross amounts of recognized assets | 0 | 0 | |
Gross amounts of recognized liabilities | 0 | 0 | |
Level 2 | Fair Value, Recurring | |||
Financial Assets: | |||
Available-for-sale securities | 19,978 | 24,888 | |
Financial Liabilities: | |||
Gross amounts of recognized assets | 2,161 | 1,055 | |
Gross amounts of recognized liabilities | 2,332 | 737 | |
Level 3 | Fair Value, Recurring | |||
Financial Assets: | |||
Available-for-sale securities | 3,342 | 3,567 | |
Financial Liabilities: | |||
Gross amounts of recognized assets | 3 | 10 | |
Gross amounts of recognized liabilities | 5 | 6 | |
Carrying Amount | |||
Financial Assets: | |||
Cash and short term assets | 6,918 | 5,914 | |
Trading account securities | 19 | 46 | |
Available-for-sale securities | 23,423 | 28,460 | |
Held-to-maturity securities | 17,052 | 12,447 | |
Other Securities | 854 | 648 | |
Loans held for sale | 529 | 1,676 | |
Net loans and leases | 117,402 | 109,237 | |
Derivatives | 356 | 600 | |
Assets held in trust for deferred compensation plans | 155 | 156 | |
Financial Liabilities: | |||
Deposits | 147,914 | 143,263 | |
Short-term borrowings | 2,027 | 334 | |
Long-term borrowings | 9,686 | 7,108 | |
Derivatives | 992 | 119 | |
Fair Value | |||
Financial Assets: | |||
Cash and short term assets | 6,918 | 5,914 | |
Trading account securities | 19 | 46 | |
Available-for-sale securities | 23,423 | 28,460 | |
Held-to-maturity securities | 14,754 | 12,489 | |
Other Securities | 854 | 648 | |
Loans held for sale | 529 | 1,621 | |
Net loans and leases | 112,591 | 109,695 | |
Derivatives | 356 | 600 | |
Assets held in trust for deferred compensation plans | 155 | 156 | |
Financial Liabilities: | |||
Deposits | 147,796 | 143,574 | |
Short-term borrowings | 2,027 | 334 | |
Long-term borrowings | 9,564 | 7,319 | |
Derivatives | 992 | 119 | |
Other securities | 32 | 72 | |
Fair Value | Level 1 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 103 | 5 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Net loans and leases | 0 | 0 | |
Financial Liabilities: | |||
Deposits | 0 | 0 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 0 | 0 | |
Other securities | 31 | 65 | |
Fair Value | Level 2 | |||
Financial Assets: | |||
Trading account securities | 19 | 46 | |
Available-for-sale securities | 19,978 | 24,888 | |
Held-to-maturity securities | 14,754 | 12,489 | |
Loans held for sale | 520 | 1,270 | |
Net loans and leases | 169 | 152 | |
Financial Liabilities: | |||
Deposits | 142,081 | 139,047 | |
Short-term borrowings | 2,027 | 334 | |
Long-term borrowings | 8,680 | 6,441 | |
Other securities | 1 | 7 | |
Fair Value | Level 3 | |||
Financial Assets: | |||
Trading account securities | 0 | 0 | |
Available-for-sale securities | 3,342 | 3,567 | |
Held-to-maturity securities | 0 | 0 | |
Loans held for sale | 9 | 351 | |
Net loans and leases | 112,422 | 109,543 | |
Financial Liabilities: | |||
Deposits | 5,715 | 4,527 | |
Short-term borrowings | 0 | 0 | |
Long-term borrowings | 884 | 878 | |
Other securities | 0 | 0 | |
Amortized Cost | Carrying Amount | |||
Financial Assets: | |||
Cash and short term assets | 6,918 | 5,914 | |
Held-to-maturity securities | 17,052 | 12,447 | |
Other Securities | 822 | 576 | |
Net loans and leases | 117,217 | 109,066 | |
Financial Liabilities: | |||
Deposits | 147,914 | 143,263 | |
Short-term borrowings | 2,027 | 334 | |
Long-term borrowings | 9,686 | 7,108 | |
Lower of Cost or Market | Carrying Amount | |||
Financial Assets: | |||
Loans held for sale | 9 | 406 | |
Fair Value or Fair Value Option | Carrying Amount | |||
Financial Assets: | |||
Trading account securities | 19 | 46 | |
Available-for-sale securities | 23,423 | 28,460 | |
Other Securities | 32 | 72 | |
Loans held for sale | 520 | 1,270 | |
Net loans and leases | 185 | 171 | |
Derivatives | 356 | 600 | |
Assets held in trust for deferred compensation plans | 155 | 156 | |
Financial Liabilities: | |||
Derivatives | $ 992 | $ 119 | |
[1] Amounts represent loans for which Huntington has elected the fair value option. See Note 19 “ Fair Values of Assets and Liabilities .” |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Hedging instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional value | $ 42,636 | $ 21,577 |
Asset derivatives included in accrued income and other assets | ||
Total derivative assets | 2,164 | 1,065 |
Liability derivatives included in accrued expenses and other liabilities | ||
Total derivative liabilities | 2,337 | 743 |
Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts not designated as hedging instruments | 968 | 587 |
Foreign exchange contracts not designated as hedging instruments | 68 | 29 |
Commodities contracts not designated as hedging instruments | 114 | 178 |
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 4 | 12 |
Total derivative assets | 2,164 | 1,065 |
Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts not designated as hedging instruments | 1,008 | 498 |
Foreign exchange contracts not designated as hedging instruments | 68 | 31 |
Commodities contracts not designated as hedging instruments | 113 | 177 |
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3 | 5 |
Total derivative liabilities | 2,337 | 743 |
Interest rate contracts | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 1,008 | 258 |
Interest rate contracts | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 1,145 | 32 |
Foreign exchange contracts | Accrued income and other assets | ||
Asset derivatives included in accrued income and other assets | ||
Interest rate contracts designated as hedging instruments | 2 | 1 |
Foreign exchange contracts | Accrued expenses and other liabilities | ||
Liability derivatives included in accrued expenses and other liabilities | ||
Interest rate contracts designated as hedging instruments | 0 | 0 |
Derivatives designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 42,461 | 21,306 |
Derivatives designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 202 | 210 |
Derivatives not designated as Hedging Instruments | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 86,512 | 72,088 |
Derivatives not designated as Hedging Instruments | Interest rate contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 37,562 | 45,286 |
Derivatives not designated as Hedging Instruments | Foreign exchange contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 4,889 | 3,524 |
Derivatives not designated as Hedging Instruments | Commodities contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | 762 | 1,077 |
Derivatives not designated as Hedging Instruments | Equity contracts | Accrued income and other assets | ||
Derivatives, Fair Value [Line Items] | ||
Notional value | $ 636 | $ 685 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) (Details) - Derivatives not designated as Hedging Instruments - Fair Value Hedging - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (21) | $ 132 | $ 129 |
Interest rate contracts | Capital markets fees | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 47 | 50 | 47 |
Interest rate contracts | Mortgage banking income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (109) | (26) | 52 |
Interest rate floors | Interest and fee income on loans and leases | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | (8) | (2) |
Interest rate caps | Interest expense on long-term debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | 89 | 5 |
Foreign exchange contracts | Capital markets fees | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 45 | 32 | 27 |
Commodities contracts | Capital markets fees | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 5 | 3 | 4 |
Equity contracts | Other noninterest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (9) | $ (8) | $ (4) |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Notional Disclosures [Abstract] | ||
Notional value | $ 42,636 | $ 21,577 |
Derivatives designated as economic hedge | ||
Notional Disclosures [Abstract] | ||
Notional value | 175 | 271 |
Fair Value Hedging | ||
Notional Disclosures [Abstract] | ||
Notional value | 18,136 | 10,156 |
Cash Flow Hedging | ||
Notional Disclosures [Abstract] | ||
Notional value | 24,325 | 11,150 |
Loans | ||
Notional Disclosures [Abstract] | ||
Notional value | 24,500 | 11,421 |
Loans | Derivatives designated as economic hedge | ||
Notional Disclosures [Abstract] | ||
Notional value | 175 | 271 |
Loans | Fair Value Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | 0 | 0 |
Loans | Cash Flow Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | 24,325 | 11,150 |
Investment securities | ||
Notional Disclosures [Abstract] | ||
Notional value | 10,407 | 8,228 |
Investment securities | Derivatives designated as economic hedge | ||
Notional Disclosures [Abstract] | ||
Notional value | 0 | 0 |
Investment securities | Fair Value Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | 10,407 | 8,228 |
Investment securities | Cash Flow Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | 0 | 0 |
Long-term debt | ||
Notional Disclosures [Abstract] | ||
Notional value | 7,729 | 1,928 |
Long-term debt | Derivatives designated as economic hedge | ||
Notional Disclosures [Abstract] | ||
Notional value | 0 | 0 |
Long-term debt | Fair Value Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | 7,729 | 1,928 |
Long-term debt | Cash Flow Hedging | Derivatives designated as Hedging Instruments | ||
Notional Disclosures [Abstract] | ||
Notional value | $ 0 | $ 0 |
DERIVATIVE FINANCIAL INSTRUME_6
DERIVATIVE FINANCIAL INSTRUMENTS - Asset and Liability Management Add Info (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Increase decrease to net interest income due to derivative adjustment | $ 76 | $ 337 | $ 239 |
DERIVATIVE FINANCIAL INSTRUME_7
DERIVATIVE FINANCIAL INSTRUMENTS - Fair Value Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value hedge | $ 869 | ||
Hedged asset, fair value hedge, last-of-layer, cumulative increase (decrease) | 849 | ||
Fair value hedging adjustments | (70) | $ 17 | |
Investment Securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Designated hedged items | 9,500 | ||
Amortized Cost | 18,029 | 17,150 | |
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (979) | (117) | |
Amortized cost basis of the closed portfolios used in hedging relationships | 17,200 | ||
Hedged asset, fair value hedge, last-of-layer, cumulative increase (decrease) | (849) | ||
Subordinated notes | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amortized Cost | 7,175 | 1,981 | |
Cumulative Amount of Fair Value Hedging Adjustment To Hedged Items | (256) | 45 | |
Interest income available for sale securities taxable | Investment Securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value for derivatives designated as fair value hedges | 875 | 108 | $ 6 |
Interest income available for sale securities taxable | Hedged investment securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value for derivatives designated as fair value hedges | (862) | (114) | 3 |
Interest expense subordinated notes and other long term debt | Subordinated notes | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value for derivatives designated as fair value hedges | (300) | (184) | 113 |
Interest expense subordinated notes and other long term debt | Hedged Subordinated notes | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Change in fair value for derivatives designated as fair value hedges | $ 300 | $ 187 | $ (118) |
DERIVATIVE FINANCIAL INSTRUME_8
DERIVATIVE FINANCIAL INSTRUMENTS - Cash Flow Hedges (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional value | $ 42,636 | $ 21,577 |
Net gains recognized in AOCI expected to be reclassified into earnings within the next twelve months | 10 | |
Cash Flow Hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional value | 24,325 | 11,150 |
Investment securities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional value | $ 10,407 | $ 8,228 |
DERIVATIVE FINANCIAL INSTRUME_9
DERIVATIVE FINANCIAL INSTRUMENTS - MSR Hedging Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional value | $ 42,636 | $ 21,577 | |
Commitments to Sell Loans [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Commitments to sell residential real estate loans | 766 | 2,100 | |
Derivative used in Mortgage Banking Activities | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Notional value | 1,120 | 1,330 | |
Trading assets | 4 | 19 | |
Trading Liabilities | (78) | 0 | |
Trading (losses) gains | $ (109) | $ (26) | $ 52 |
DERIVATIVE FINANCIAL INSTRUM_10
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Asset [Abstract] | ||
Gross amounts of recognized assets | $ 2,164 | $ 1,065 |
Derivative Asset, Fair Value, Gross Liability and Obligation to Return Cash, Offset | (1,808) | (465) |
Derivative Asset, Total | 356 | 600 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Gross amounts not offset in the statement of financial position - financial instruments | (7) | (65) |
Gross amounts not offset in the statement of financial position - cash collateral received | (56) | (31) |
Net amount | $ 293 | $ 504 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
DERIVATIVE FINANCIAL INSTRUM_11
DERIVATIVE FINANCIAL INSTRUMENTS - Offsetting Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Liability [Abstract] | ||
Gross amounts of recognized liabilities | $ 2,337 | $ 743 |
Derivative Liability, Fair Value, Gross Asset and Right to Reclaim Cash, Offset | (1,345) | (624) |
Derivative Liability, Total | 992 | 119 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Gross amounts not offset in the consolidated balance sheets, financial instruments | (79) | (3) |
Gross amounts not offset in the consolidated balance sheets, cash collateral received | (118) | (116) |
Net amount | $ 795 | $ 0 |
DERIVATIVE FINANCIAL INSTRUM_12
DERIVATIVE FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Increase (decrease) to net interest income due to derivative adjustment | $ 76 | $ 337 | $ 239 |
Purchase of interest rate caps and derivative financial instruments, notional value | 42,636 | 21,577 | |
Credit risks from interest rate swaps used for trading purposes | 118 | 551 | |
Gains (losses) recognized in OCI | (695) | (192) | $ 232 |
Derivative liabilities | 992 | 119 | |
Aggregate credit risk, net of collateral | 227 | 44 | |
Investment securities and cash collateral pledged by Huntington | 236 | 574 | |
Investment securities | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 10,407 | 8,228 | |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 24,325 | 11,150 | |
Cash Flow Hedging | Derivatives designated as Hedging Instruments | Investment securities | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 0 | 0 | |
Derivative used in trading activity | |||
Derivative [Line Items] | |||
Net derivative asset (liability) | 59 | 51 | |
Derivative financial instruments used by Huntington on behalf of customers including offsetting derivatives, notional value | 40,700 | 45,100 | |
Derivative used in Mortgage Banking Activities | |||
Derivative [Line Items] | |||
Purchase of interest rate caps and derivative financial instruments, notional value | 1,120 | 1,330 | |
Net asset position | (3) | 15 | |
Investment Securities | |||
Derivative [Line Items] | |||
Designated hedged items | 9,500 | ||
Commitments to Sell Loans | |||
Derivative [Line Items] | |||
Commitments to sell residential real estate loans | $ 766 | $ 2,100 |
Variable Interest Entities - Un
Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Total assets | $ 182,906 | $ 174,064 |
Total Liabilities | 165,137 | 154,746 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2,572 | 2,150 |
Total Liabilities | 1,649 | 1,343 |
Maximum Exposure to Loss | 2,558 | 2,136 |
Affordable Housing Tax Credit Partnerships | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2,036 | 1,652 |
Total Liabilities | 1,260 | 949 |
Maximum Exposure to Loss | 2,036 | 1,652 |
Trust Preferred Securities | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 14 | 14 |
Total Liabilities | 248 | 248 |
Maximum Exposure to Loss | 0 | 0 |
Other Investments | Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Total assets | 522 | 484 |
Total Liabilities | 141 | 146 |
Maximum Exposure to Loss | $ 522 | $ 484 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Maximum year to defer payment of interest on Debenture | 5 years |
Variable Interest Entities - Lo
Variable Interest Entities - Low Income Housing Tax Credit Partnerships (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Affordable Housing Tax Credit Partnerships | |||
Variable Interest Entity [Line Items] | |||
Affordable housing tax credit investments | $ 2,891 | $ 2,376 | |
Less: amortization | (855) | (724) | |
Net affordable housing tax credit investments | 2,036 | 1,652 | |
Unfunded commitments | 1,260 | 949 | |
Tax credits and other tax benefits recognized | 203 | 144 | $ 113 |
Proportional Amortization Method | |||
Variable Interest Entity [Line Items] | |||
Proportional amortization expense included in provision for income taxes | $ 170 | $ 126 | $ 97 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES - Commitments to Extend Credit (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Commercial | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 32,500 | $ 27,933 |
Other consumer | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 19,064 | 18,513 |
Commercial real estate | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 3,393 | 3,042 |
Standby letters of credit and guarantees on industrial revenue bonds | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | 714 | 694 |
Commercial | Commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract amount represents credit risk | $ 15 | $ 36 |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Standby letters of credit and guarantees on industrial revenue bonds | ||
Loss Contingencies [Line Items] | ||
Outstanding standby letters of credit | $ 27 | $ 7 |
Minimum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | 0 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss Contingency, Estimate of Possible Loss | $ 10 |
OTHER REGULATORY MATTERS (Detai
OTHER REGULATORY MATTERS (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Conservation Buffer Plus Capital Required for Capital Adequacy to Risk Weighted Assets | 7.80% | 7% |
Common Equity Tier One Capital Ratio | 0.0936 | 0.0933 |
Common Equity Tier One Capital | $ 13,290 | $ 12,249 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | |
Tier One Risk Based Capital Conservation Buffer Plus Capital Required for Capital Adequacy to Risk Weighted Assets | 9.30% | 8.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0600 | |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1090 | 0.1099 |
Tier One Leverage Capital | $ 15,467 | $ 14,426 |
Tier One Risk Based Capital | $ 15,467 | $ 14,426 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | |
Capital Conservation Buffer Plus Capital required for Capital Adequacy to Risk Weighted Assets | 11.30% | 10.50% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | |
Capital to Risk Weighted Assets | 0.1309 | 0.1314 |
Capital | $ 18,573 | $ 17,246 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | |
Tier One Leverage Capital to Average Assets | 0.0860 | 0.0856 |
Stress capital buffer | 3.30% | 2.50% |
Capital conservation buffer | 0.025 | 0.025 |
Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Common Equity Tier One Risk Based Capital Conservation Buffer Plus Capital Required for Capital Adequacy to Risk Weighted Assets | 7% | 7% |
Common Equity Tier One Risked Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Common Equity Tier One Capital Ratio | 0.0998 | 0.1015 |
Common Equity Tier One Capital | $ 14,133 | $ 13,261 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0600 | |
Tier One Risk Based Capital Conservation Buffer Plus Capital Required for Capital Adequacy to Risk Weighted Assets | 8.50% | 8.50% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 0.0800 | |
Tier One Risk Based Capital to Risk Weighted Assets | 0.1083 | 0.1106 |
Tier One Leverage Capital | $ 15,334 | $ 14,445 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 0.0800 | |
Capital Conservation Buffer Plus Capital required for Capital Adequacy to Risk Weighted Assets | 10.50% | 10.50% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 0.1000 | |
Capital to Risk Weighted Assets | 0.1247 | 0.1258 |
Capital | $ 17,647 | $ 16,427 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 0.0400 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 0.0500 | |
Tier One Leverage Capital to Average Assets | 0.0854 | 0.0860 |
OTHER REGULATORY MATTERS - Narr
OTHER REGULATORY MATTERS - Narrative (Details) $ in Millions | Dec. 31, 2022 USD ($) |
BankingRegulation [Abstract] | |
Average required reserve balance on deposits | $ 4,900 |
Amount bank could lend to single affiliate | $ 1,800 |
PARENT-ONLY FINANCIAL STATEME_3
PARENT-ONLY FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Accrued interest receivable and other assets | $ 4,944 | $ 4,428 |
Total assets | 182,906 | 174,064 |
Liabilities and shareholders’ equity | ||
Long-term borrowings | 9,686 | 7,108 |
Other liabilities | 5,510 | 4,041 |
Total liabilities | 165,137 | 154,746 |
Shareholders’ equity | 17,731 | 19,297 |
Total liabilities and shareholders’ equity | 182,906 | 174,064 |
Parent Company | ||
Assets | ||
Cash and due from banks | 3,525 | 2,832 |
Due from The Huntington National Bank | 969 | 297 |
Due from non-bank subsidiaries | 25 | 35 |
Investment in The Huntington National Bank | 17,384 | 19,297 |
Investment in non-bank subsidiaries | 242 | 217 |
Accrued interest receivable and other assets | 664 | 544 |
Total assets | 22,809 | 23,222 |
Liabilities and shareholders’ equity | ||
Long-term borrowings | 3,980 | 3,111 |
Other liabilities | 1,098 | 815 |
Total liabilities | 5,078 | 3,926 |
Shareholders’ equity | 17,731 | 19,296 |
Total liabilities and shareholders’ equity | $ 22,809 | $ 23,222 |
PARENT-ONLY FINANCIAL STATEME_4
PARENT-ONLY FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest from: | |||
Other noninterest income | $ 222 | $ 200 | $ 139 |
Expense | |||
Personnel costs | 2,401 | 2,335 | 1,692 |
Other | 342 | 323 | 214 |
Total noninterest expense | 4,201 | 4,375 | 2,795 |
Provision (benefit) for income taxes | 515 | 294 | 155 |
Increase (decrease) in undistributed net income (loss) of: | |||
Net income attributable to Huntington Bancshares Inc | 2,238 | 1,295 | 817 |
Translation adjustments, net of hedges | (2,869) | (421) | 448 |
Comprehensive (loss) income attributable to Huntington Bancshares | (631) | 874 | 1,265 |
Parent Company | |||
Dividends from: | |||
The Huntington National Bank | 1,566 | 1,394 | 1,527 |
Non-bank subsidiaries | 19 | 19 | 36 |
Interest from: | |||
The Huntington National Bank | 16 | 3 | 4 |
Non-bank subsidiaries | 1 | 1 | 1 |
Other noninterest income | (1) | 0 | 11 |
Total income | 1,601 | 1,417 | 1,579 |
Expense | |||
Personnel costs | 8 | 6 | 17 |
Interest on borrowings | 107 | 60 | 115 |
Other | 169 | 230 | 123 |
Total noninterest expense | 284 | 296 | 255 |
Income before income taxes | 1,317 | 1,121 | 1,324 |
Provision (benefit) for income taxes | (44) | (56) | (46) |
Income before equity in undistributed net income of subsidiaries | 1,361 | 1,177 | 1,370 |
Increase (decrease) in undistributed net income (loss) of: | |||
The Huntington National Bank | 853 | 97 | (547) |
Non-bank subsidiaries | 24 | 21 | (6) |
Net income attributable to Huntington Bancshares Inc | 2,238 | 1,295 | 817 |
Translation adjustments, net of hedges | (2,869) | (421) | 448 |
Comprehensive (loss) income attributable to Huntington Bancshares | $ (631) | $ 874 | $ 1,265 |
PARENT-ONLY FINANCIAL STATEME_5
PARENT-ONLY FINANCIAL STATEMENTS - Cash Flow Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | |||
Net income attributable to Huntington Bancshares Inc | $ 2,238 | $ 1,295 | $ 817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 484 | 391 | 367 |
Net cash provided by operating activities | 4,027 | 2,062 | 1,323 |
Investing activities | |||
Sales of available-for-sale securities | 0 | 5,892 | 392 |
Net cash received from business combination | 466 | 0 | |
Other, net | 192 | 217 | 135 |
Net cash used in investing activities | (11,609) | (3,962) | (8,639) |
Financing activities | |||
Net proceeds from issuance of medium-term notes | 2,161 | (1,245) | (2,373) |
Payment of long-term debt | (8,017) | (3,404) | (3,052) |
Repurchases of common stock | 0 | (650) | (92) |
Net proceeds from issuance of preferred stock | 0 | 486 | 988 |
Payment to repurchase preferred stock | 0 | (700) | 0 |
Other, net | (25) | (48) | (19) |
Net cash provided by financing activities | 8,764 | 827 | 12,741 |
Increase (decrease) in cash and cash equivalents | 1,182 | (1,073) | 5,425 |
Cash and cash equivalents at beginning of period | 5,522 | 6,595 | 1,170 |
Cash and cash equivalents at end of period | 6,704 | 5,522 | 6,595 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 627 | 185 | 453 |
Parent Company | |||
Operating activities | |||
Net income attributable to Huntington Bancshares Inc | 2,238 | 1,295 | 817 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed net income of subsidiaries | (877) | (118) | 553 |
Depreciation and amortization | (22) | 23 | 0 |
Other, net | (55) | (217) | 89 |
Net cash provided by operating activities | 1,284 | 983 | 1,459 |
Investing activities | |||
Repayments from subsidiaries | 14 | 8 | 8 |
Advances to subsidiaries | (503) | (59) | (256) |
Sales of available-for-sale securities | (20) | (28) | (1) |
Net cash received from business combination | (194) | 248 | 0 |
Other, net | (1) | 0 | 0 |
Net cash used in investing activities | (704) | 169 | (249) |
Financing activities | |||
Net proceeds from issuance of medium-term notes | 1,144 | 513 | 747 |
Payment of long-term debt | 0 | (1,508) | (800) |
Net proceeds from issuance of long-term borrowings | (1,010) | (888) | (698) |
Repurchases of common stock | 0 | (650) | (92) |
Net proceeds from issuance of preferred stock | 0 | 486 | 988 |
Payment to repurchase preferred stock | 0 | (700) | 0 |
Other, net | (21) | (39) | (8) |
Net cash provided by financing activities | 113 | (2,786) | 137 |
Increase (decrease) in cash and cash equivalents | 693 | (1,634) | 1,347 |
Cash and cash equivalents at beginning of period | 2,832 | 4,466 | 3,119 |
Cash and cash equivalents at end of period | 3,525 | 2,832 | 4,466 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | $ 89 | $ 71 | $ 113 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment business_unit | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of reportable segments | segment | 4 | ||
Number of business units | business_unit | 5 | ||
Segment Reporting Information [Line Items] | |||
Net interest income | $ 5,273 | $ 4,102 | $ 3,224 |
Provision (benefit) for loan and lease losses | 289 | 25 | 1,048 |
Noninterest income | 1,981 | 1,889 | 1,591 |
Noninterest expense | 4,201 | 4,375 | 2,795 |
Provision (benefit) for income taxes | 515 | 294 | 155 |
Income attributable to non-controlling interest | 11 | 2 | 0 |
Net income attributable to Huntington Bancshares Inc | 2,238 | 1,295 | 817 |
Total assets | 182,906 | 174,064 | |
Deposits | 147,914 | 143,263 | |
Consumer & Business Banking | |||
Segment Reporting [Abstract] | |||
Revenues threshold | 20 | ||
Segment Reporting Information [Line Items] | |||
Revenues threshold | 20 | ||
Commercial Banking | |||
Segment Reporting [Abstract] | |||
Revenues threshold | 2,000 | ||
Segment Reporting Information [Line Items] | |||
Revenues threshold | 2,000 | ||
Operating Segments | Consumer & Business Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 2,577 | 1,667 | 1,436 |
Provision (benefit) for loan and lease losses | 161 | 91 | 265 |
Noninterest income | 1,017 | 1,045 | 945 |
Noninterest expense | 2,434 | 2,231 | 1,774 |
Provision (benefit) for income taxes | 210 | 82 | 72 |
Income attributable to non-controlling interest | 0 | 0 | |
Net income attributable to Huntington Bancshares Inc | 789 | 308 | 270 |
Total assets | 38,561 | 39,929 | |
Deposits | 93,676 | 95,352 | |
Operating Segments | Commercial Banking | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 1,879 | 1,284 | 903 |
Provision (benefit) for loan and lease losses | 28 | 4 | 626 |
Noninterest income | 670 | 523 | 364 |
Noninterest expense | 1,061 | 791 | 542 |
Provision (benefit) for income taxes | 307 | 212 | 21 |
Income attributable to non-controlling interest | 10 | 2 | |
Net income attributable to Huntington Bancshares Inc | 1,143 | 798 | 78 |
Total assets | 63,812 | 57,071 | |
Deposits | 37,509 | 31,845 | |
Operating Segments | Vehicle Finance | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 477 | 468 | 430 |
Provision (benefit) for loan and lease losses | 83 | (86) | 146 |
Noninterest income | 13 | 13 | 9 |
Noninterest expense | 165 | 163 | 141 |
Provision (benefit) for income taxes | 51 | 85 | 32 |
Income attributable to non-controlling interest | 0 | 0 | |
Net income attributable to Huntington Bancshares Inc | 191 | 319 | 120 |
Total assets | 21,461 | 20,752 | |
Deposits | 1,136 | 1,401 | |
Operating Segments | RBHPCG | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 232 | 159 | 160 |
Provision (benefit) for loan and lease losses | 17 | 16 | 11 |
Noninterest income | 239 | 227 | 201 |
Noninterest expense | 320 | 300 | 243 |
Provision (benefit) for income taxes | 28 | 15 | 22 |
Income attributable to non-controlling interest | 0 | 0 | |
Net income attributable to Huntington Bancshares Inc | 106 | 55 | 85 |
Total assets | 10,045 | 8,325 | |
Deposits | 9,550 | 10,162 | |
Treasury / Other | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 108 | 524 | 295 |
Provision (benefit) for loan and lease losses | 0 | 0 | 0 |
Noninterest income | 42 | 81 | 72 |
Noninterest expense | 221 | 890 | 95 |
Provision (benefit) for income taxes | (81) | (100) | 8 |
Income attributable to non-controlling interest | 1 | 0 | |
Net income attributable to Huntington Bancshares Inc | 9 | (185) | $ 264 |
Total assets | 49,027 | 47,987 | |
Deposits | $ 6,043 | $ 4,503 |